Table of Contents
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, 2012
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.
Table of Contents
Item 1. Reports to Stockholders.
Table of Contents
APRIL 30, 2012
GUGGENHEIM ETFS
SEMI-ANNUAL REPORT
RSP GUGGENHEIM S&P 500 EQUAL WEIGHT ETF
EWMD GUGGENHEIM S&P MIDCAP 400 EQUAL WEIGHT ETF
EWSM GUGGENHEIM S&P SMALLCAP 600 EQUAL WEIGHT ETF
EWRM GUGGENHEIM RUSSELL MIDCAP® EQUAL WEIGHT ETF
EWRI GUGGENHEIM RUSSELL 1000® EQUAL WEIGHT ETF
EWRS GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF
EWEF GUGGENHEIM MSCI EAFE 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
Table of Contents
|
2 | ||||
4 | ||||
6 | ||||
23 | ||||
117 | ||||
122 | ||||
127 | ||||
136 | ||||
153 | ||||
160 | ||||
162 |
GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 1 |
Table of Contents
|
To Our Shareholders:
A restructuring of Greece’s massive debt, continued accommodation by the world’s major central banks and better news on the U.S. economy helped support financial markets over the six months ended April 30, 2012. Market optimism peaked in early 2012, when several major equity indices pushed to multi-year highs. But the mood grew more cautious late in the period after first-quarter U.S. GDP came in lower than expected and the Federal Reserve suggested that it would not take any additional measures to stimulate the economy. “Operation Twist,” in which the Fed buys longer-dated Treasury securities in order to hold down long-term rates, is set to end in June, and recent history has shown that stocks struggle when stimulus ends.
U.S. equities last fall were rebounding from the loss of the U.S. AAA credit rating in August. But after touching the low for the period in mid-November, improving U.S. economic data and the European Central Bank’s injections of three-year loans into the continent’s banking system gave a boost to markets late in 2011, which carried over into a strong first quarter of 2012. The mild U.S. winter also may have pulled economic, and thus market, activity forward, a notion supported by underlying momentum in consumer spending.
Markets began to get choppy in April, and many investors remained cautious, remembering 2010 and 2011, when U.S. stocks started strong, then experienced broad-based corrections. Besides a continuation of weakness in employment and housing, adding to unsettled markets were softening economic data and concern about the “fiscal cliff” the U.S. faces in 2013 when tax rates will rise unless Congress steps in. In addition, the onset of recession in Europe is complicating that region’s efforts to manage the sovereign debt crisis. Emerging markets in the first quarter of 2012 had their best start in 20 years, but slipped in March on fears of eurozone market contagion and renewed concern that China’s economic growth might slow.
The Fed said in late April that it expected economic growth to remain moderate over coming quarters, but that the unemployment rate will subside gradually and that inflation was under control. To foster growth, the Federal Reserve has said it will leave its key interest rate close to zero at least through 2014, despite arguments by some Fed officials and investors that the Fed may have to consider raising rates much earlier than that to prevent inflation.
Signs that the U.S. economy was expanding at a slow, but sustainable, rate contributed to concern about future inflation, and both short-term and long-term Treasury yields generally moved higher over the first part of 2012. The continued accommodative stance of the Fed, combined with the slow, but stable, economic recovery, is supporting a positive outlook for U.S. fixed income, particularly among corporate issuers, as borrowing costs remain low, default rates currently hover around 2% and strong demand for primary issuance has enabled a steady wave of debt refinancing. Against an improving U.S. macroeconomic backdrop, investment-grade and high-yield corporates are expected to continue to outpace Treasuries.
Commodities, which had been slumping since mid-2011 due to slowing economic activity and the European debt crisis, rebounded in early 2012 on stronger macroeconomic data, but remain volatile. The price of a barrel of oil rose slightly over the six months ended in April, but investors have been shifting out of gold to assets with greater return potential. After peaking at above $1,900 last summer, the price per ounce has fallen back to around $1,600. The dollar strengthened slightly against a basket of other major currencies over the period, reflecting better economic performance in the U.S. versus other markets.
The U.S. economy seems to be decoupling from slowing growth in the rest of the world and from ongoing uncertainty in the European debt crisis, as well as the domestic debate over tax and spending policy. In this resiliency, we see potential in U.S. investments, including equities, high yield bonds, bank loans and other risk assets. It appears that the U.S. may have entered a period of self-sustaining, if modest, economic expansion, driven primarily by the aggressive monetary policy of the Fed and reinforced by the ECB, and is increasingly becoming the economic locomotive of the global economy.
2 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT |
Table of Contents
LETTER TO OUR SHAREHOLDERS (concluded)
|
We look forward to continuing our service to you. Thank you for investing in our funds.
Sincerely,
Donald C. Cacciapaglia
President
Performance displayed represents past performance which is no guarantee of future results. Of course, fund performance is subject to daily market volatility and may be better or worse since the end of the last quarter. For up-to-date fund performance, call us at 800.820.0888 or visit www.rydex-sgi.com.
Read each fund’s prospectus and summary prospectus (if available) carefully before investing. It contains the fund’s investment objectives, risks, charges, expenses and other information, which should be considered carefully before investing. Obtain a prospectus and summary prospectus (if available) at www.rydex-sgi.com or call 800.820.0888
The referenced funds are distributed by Rydex Distributors, LLC. Guggenheim Investments represents the investment management business of Guggenheim Partners, LLC, which includes Security Investors, LLC , the investment advisor to the referenced funds. Rydex Distributors, LLC, is affiliated with Guggenheim Partners, LLC and Security Investors, LLC.
GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 3 |
Table of Contents
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, 2011 and held for the six months ended April 30, 2012.
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.
Expense Ratio | Beginning Account Value 10/31/11 | Ending Account Value 4/30/12 | Expenses 10/31/11 to 4/30/12 | |||||||||||||
Actual | ||||||||||||||||
Guggenheim S&P 500 Equal Weight ETF | 0.40% | $ | 1,000.00 | $ | 1,109.10 | $ | 2.10 | |||||||||
Guggenheim S&P MidCap 400 Equal Weight ETF | 0.41% | 1,000.00 | 1,125.50 | 2.17 | ||||||||||||
Guggenheim S&P SmallCap 600 Equal Weight ETF | 0.41% | 1,000.00 | 1,118.80 | 2.16 | ||||||||||||
Guggenheim Russell MidCap® Equal Weight ETF | 0.41% | 1,000.00 | 1,107.00 | 2.15 | ||||||||||||
Guggenheim Russell 1000® Equal Weight ETF | 0.41% | 1,000.00 | 1,105.70 | 2.15 | ||||||||||||
Guggenheim Russell 2000® Equal Weight ETF | 0.41% | 1,000.00 | 1,089.80 | 2.13 | ||||||||||||
Guggenheim MSCI EAFE Equal Weight ETF | 0.56% | 1,000.00 | 1,027.50 | 2.82 | ||||||||||||
Guggenheim MSCI Emerging Markets Equal Weight ETF | 0.59% | 1,000.00 | 1,018.10 | 2.96 | ||||||||||||
Guggenheim S&P 500 Equal Weight Consumer Discretionary ETF | 0.50% | 1,000.00 | 1,161.00 | 2.69 | ||||||||||||
Guggenheim S&P 500 Equal Weight Consumer Staples ETF | 0.50% | 1,000.00 | 1,101.60 | 2.61 | ||||||||||||
Guggenheim S&P 500 Equal Weight Energy ETF | 0.50% | 1,000.00 | 1,003.00 | 2.49 |
4 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT |
Table of Contents
FEES AND EXPENSES (Unaudited) (concluded) |
Expense Ratio | Beginning Account Value 10/31/11 | Ending Account Value 4/30/12 | Expenses 10/31/11 to 4/30/12 | |||||||||||||
Guggenheim S&P 500 Equal Weight Financials ETF | 0.50% | $ | 1,000.00 | $ | 1,151.30 | $ | 2.67 | |||||||||
Guggenheim S&P 500 Equal Weight Health Care ETF | 0.50% | 1,000.00 | 1,122.70 | 2.64 | ||||||||||||
Guggenheim S&P 500 Equal Weight Industrials ETF | 0.50% | 1,000.00 | 1,113.50 | 2.63 | ||||||||||||
Guggenheim S&P 500 Equal Weight Materials ETF | 0.50% | 1,000.00 | 1,117.90 | 2.63 | ||||||||||||
Guggenheim S&P 500 Equal Weight Technology ETF | 0.50% | 1,000.00 | 1,086.20 | 2.59 | ||||||||||||
Guggenheim S&P 500 Equal Weight Utilities ETF | 0.50% | 1,000.00 | 1,039.80 | 2.54 | ||||||||||||
Hypothetical (assuming a 5% |
| |||||||||||||||
Guggenheim S&P 500 Equal Weight ETF | 0.40% | 1,000.00 | 1,022.87 | 2.01 | ||||||||||||
Guggenheim S&P MidCap 400 Equal Weight ETF | 0.41% | 1,000.00 | 1,022.82 | 2.06 | ||||||||||||
Guggenheim S&P SmallCap 600 Equal Weight ETF | 0.41% | 1,000.00 | 1,022.82 | 2.06 | ||||||||||||
Guggenheim Russell MidCap® Equal Weight ETF | 0.41% | 1,000.00 | 1,022.82 | 2.06 | ||||||||||||
Guggenheim Russell 1000® Equal Weight ETF | 0.41% | 1,000.00 | 1,022.82 | 2.06 | ||||||||||||
Guggenheim Russell 2000® Equal Weight ETF | 0.41% | 1,000.00 | 1,022.82 | 2.06 | ||||||||||||
Guggenheim MSCI EAFE Equal Weight ETF | 0.56% | 1,000.00 | 1,022.08 | 2.82 | ||||||||||||
Guggenheim MSCI Emerging Markets Equal Weight ETF | 0.59% | 1,000.00 | 1,021.93 | 2.97 | ||||||||||||
Guggenheim S&P 500 Equal Weight Consumer Discretionary ETF | 0.50% | 1,000.00 | 1,022.38 | 2.51 | ||||||||||||
Guggenheim S&P 500 Equal Weight Consumer Staples ETF | 0.50% | 1,000.00 | 1,022.38 | 2.51 | ||||||||||||
Guggenheim S&P 500 Equal Weight Energy ETF | 0.50% | 1,000.00 | 1,022.38 | 2.51 | ||||||||||||
Guggenheim S&P 500 Equal Weight Financials ETF | 0.50% | 1,000.00 | 1,022.38 | 2.51 | ||||||||||||
Guggenheim S&P 500 Equal Weight Health Care ETF | 0.50% | 1,000.00 | 1,022.38 | 2.51 | ||||||||||||
Guggenheim S&P 500 Equal Weight Industrials ETF | 0.50% | 1,000.00 | 1,022.38 | 2.51 | ||||||||||||
Guggenheim S&P 500 Equal Weight Materials ETF | 0.50% | 1,000.00 | 1,022.38 | 2.51 | ||||||||||||
Guggenheim S&P 500 Equal Weight Technology ETF | 0.50% | 1,000.00 | 1,022.38 | 2.51 | ||||||||||||
Guggenheim S&P 500 Equal Weight Utilities ETF | 0.50% | 1,000.00 | 1,022.38 | 2.51 |
* | Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 182/366 (to reflect one-half year period). |
GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 5 |
Table of Contents
|
GUGGENHEIM S&P 500 EQUAL WEIGHT ETF
Sector Allocations*
Top 10 Holdings* | ||||
Description | % of Net Assets | |||
Expedia, Inc. | 0.27% | |||
Watson Pharmaceuticals, Inc. | 0.25% | |||
Amazon.com, Inc. | 0.25% | |||
Sunoco, Inc. | 0.24% | |||
Tripadvisor, Inc. | 0.24% | |||
American International Group, Inc. | 0.24% | |||
Edwards Lifesciences Corp. | 0.24% | |||
Red Hat, Inc. | 0.23% | |||
Priceline.com, Inc. | 0.23% | |||
Family Dollar Stores, Inc. | 0.23% |
* | The Fund’s Top Ten Holdings are expressed as a percentage of net assets and the Sector Allocations are expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time. |
6 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT |
Table of Contents
PORTFOLIO SUMMARY (continued)
|
GUGGENHEIM S&P MIDCAP 400 EQUAL WEIGHT ETF
Sector Allocations*
Top 10 Holdings* | ||||
Description | % of Net Assets | |||
Barnes & Noble, Inc. | 0.38% | |||
AOl, Inc. | 0.35% | |||
Catalyst Health Solutions, Inc. | 0.34% | |||
Regeneron Pharmaceuticals, Inc. | 0.31% | |||
Newmarket Corp. | 0.31% | |||
Gen-Probe, Inc. | 0.30% | |||
Equinix, Inc. | 0.30% | |||
Polaris Industries, Inc. | 0.29% | |||
Factset Research Systems, Inc. | 0.29% | |||
Collective Brands, Inc. | 0.28% |
* | The Fund’s Top Ten Holdings are expressed as a percentage of net assets and the Sector Allocations are expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time. |
GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 7 |
Table of Contents
PORTFOLIO SUMMARY (continued)
|
GUGGENHEIM S&P SMALLCAP 600 EQUAL WEIGHT ETF
Sector Allocations*
Top 10 Holdings* | ||||
Description | % of Net Assets | |||
Skechers U.S.A., Inc. — Class A | 0.24% | |||
Marinemax, Inc. | 0.24% | |||
Stratasys, Inc. | 0.24% | |||
On Assignment, Inc. | 0.23% | |||
Overseas Shipholding Group, Inc. | 0.23% | |||
Spectrum Pharmaceuticals, Inc. | 0.22% | |||
Opentable, Inc. | 0.22% | |||
Sturm Ruger & Co., Inc. | 0.22% | |||
Movado Group, Inc. | 0.22% | |||
Blyth, Inc. | 0.22% |
* | The Fund’s Top Ten Holdings are expressed as a percentage of net assets and the Sector Allocations are expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time. |
8 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT |
Table of Contents
PORTFOLIO SUMMARY (continued)
|
GUGGENHEIM RUSSELL MIDCAP® EQUAL WEIGHT ETF
Sector Allocations*
Top 10 Holdings* | ||||
Description | % of Net Assets | |||
Northeast Utilities | 0.44% | |||
Hershey Co. (The) | 0.37% | |||
Coca-Cola Enterprises, Inc. | 0.36% | |||
Dr Pepper Snapple Group, Inc. | 0.36% | |||
Flowers Foods, Inc. | 0.36% | |||
Monster Beverage Corp. | 0.36% | |||
Mead Johnson Nutrition Co. | 0.35% | |||
Brown-Forman Corp. — Class B | 0.35% | |||
McCormick & Co., Inc. | 0.35% | |||
Church & Dwight Co., Inc. | 0.35% |
* | The Fund’s Top Ten Holdings are expressed as a percentage of net assets and the Sector Allocations are expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time. |
GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 9 |
Table of Contents
PORTFOLIO SUMMARY (continued)
|
GUGGENHEIM RUSSELL 1000® EQUAL WEIGHT ETF
Sector Allocations*
Top 10 Holdings* | ||||
Description | % of Net Assets | |||
Northeast Utilities | 0.35% | |||
Hershey Co. (The) | 0.25% | |||
Kimberly-Clark Corp. | 0.24% | |||
Coca-Cola Enterprises, Inc. | 0.24% | |||
Coca-Cola Co. (The) | 0.24% | |||
Altria Group, Inc. | 0.24% | |||
Dr Pepper Snapple Group, Inc. | 0.24% | |||
Flowers Foods, Inc. | 0.24% | |||
Monster Beverage Corp. | 0.24% | |||
Kraft Foods, Inc. — Class A | 0.24% |
* | The Fund’s Top Ten Holdings are expressed as a percentage of net assets and the Sector Allocations are expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time. |
10 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT |
Table of Contents
PORTFOLIO SUMMARY (continued)
|
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF
Sector Allocations*
Top 10 Holdings* | ||||
Description | % of Net Assets | |||
Roundy’s, Inc. | 0.27% | |||
GNC Holdings, Inc. — Class A | 0.26% | |||
Usana Health Sciences, Inc. | 0.26% | |||
Petmed Express, Inc. | 0.26% | |||
Medifast, Inc. | 0.26% | |||
J&J Snack Foods Corp. | 0.25% | |||
Hain Celestial Group, Inc. (The) | 0.25% | |||
Chefs’ Warehouse, Inc. (The) | 0.25% | |||
Fresh Market, Inc. (The) | 0.24% | |||
Andersons, Inc. (The) | 0.24% |
* | The Fund’s Top Ten Holdings are expressed as a percentage of net assets and the Sector Allocations are expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time. |
GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 11 |
Table of Contents
PORTFOLIO SUMMARY (continued)
|
GUGGENHEIM MSCI EAFE EQUAL WEIGHT ETF
Sector Allocations*
Top 10 Holdings* | ||||
Description | % of Net Assets | |||
Kyocera Corp. | 0.26% | |||
Nippon Building Fund, Inc. | 0.25% | |||
Ricoh Co., Ltd. | 0.24% | |||
Daito Trust Construction Co., Ltd. | 0.24% | |||
Nidec Corp. | 0.24% | |||
Sekisui Chemical Co., Ltd. | 0.24% | |||
Shimadzu Corp. | 0.24% | |||
Keppel Corp., Ltd. | 0.24% | |||
Japan Real Estate Investment Corp. | 0.23% | |||
Mitsubishi Electric Corp. | 0.23% |
* | The Fund’s Top Ten Holdings are expressed as a percentage of net assets and the Sector Allocations are expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time. |
12 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT |
Table of Contents
PORTFOLIO SUMMARY (continued)
|
GUGGENHEIM MSCI EMERGING MARKETS EQUAL WEIGHT ETF
Sector Allocations*
Top 10 Holdings* | ||||
Description | % of Net Assets | |||
Wisdomtree India Earnings Fund | 7.20% | |||
Ishares MSCI Brazil Index Fund | 5.80% | |||
OI SA ADR | 0.38% | |||
Tsingtao Brewery Co., Ltd. — Class H | 0.35% | |||
Asustek Computer, Inc. | 0.30% | |||
Hiwin Technologies Corp. | 0.28% | |||
Shandong Weigao Group Medical Polymer Co., Ltd. — Class H | 0.27% | |||
Mediatek, Inc. | 0.25% | |||
Want Want China Holdings Ltd. | 0.25% | |||
Zhuzhou CSR Times Electric Co., Ltd. — Class H | 0.25% |
* | The Fund’s Top Ten Holdings are expressed as a percentage of net assets and the Sector Allocations are expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time. |
GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 13 |
Table of Contents
PORTFOLIO SUMMARY (continued)
|
GUGGENHEIM S&P 500 EQUAL WEIGHT CONSUMER DISCRETIONARY ETF
Industry Allocations*
Top 10 Holdings* | ||||
Description | % of Net Assets | |||
Expedia, Inc. | 1.62% | |||
Amazon.com, Inc. | 1.51% | |||
Tripadvisor, Inc. | 1.47% | |||
Priceline.com, Inc. | 1.42% | |||
Family Dollar Stores, Inc. | 1.42% | |||
O’Reilly Automotive, Inc. | 1.40% | |||
Discovery Communications, Inc. — Class A | 1.39% | |||
Wyndham Worldwide Corp. | 1.37% | |||
Gap, Inc. (The) | 1.37% | |||
Bed Bath & Beyond, Inc. | 1.35% |
* | The Fund’s Top Ten Holds are expressed as a percentage of net assets and the Industry Allocations are expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time. |
14 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT |
Table of Contents
PORTFOLIO SUMMARY (continued)
|
GUGGENHEIM S&P 500 EQUAL WEIGHT CONSUMER STAPLES ETF
Industry Allocations*
Top 10 Holdings* | ||||
Description | % of Net Assets | |||
Avon Products, Inc. | 2.76% | |||
Hershey Co. (The) | 2.67% | |||
Estee Lauder Cos., Inc. (The) — Class A | 2.62% | |||
Coca-Cola Co. (The) | 2.60% | |||
McCormick & Co., Inc. | 2.60% | |||
Coca-Cola Enterprises, Inc. | 2.60% | |||
Kimberly-Clark Corp. | 2.59% | |||
Brown-Forman Corp. — Class B | 2.56% | |||
Mead Johnson Nutrition Co. | 2.55% | |||
Dr Pepper Snapple Group, Inc. | 2.53% |
* | The Fund’s Top Ten Holds are expressed as a percentage of net assets and the Industry Allocations are expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time. |
GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 15 |
Table of Contents
PORTFOLIO SUMMARY (continued)
|
GUGGENHEIM S&P 500 EQUAL WEIGHT ENERGY ETF
Industry Allocations*
Top 10 Holdings* | ||||
Description | % of Net Assets | |||
Sunoco, Inc. | 2.95% | |||
Williams Cos., Inc. (The) | 2.73% | |||
Pioneer Natural Resources Co. | 2.55% | |||
Range Resources Corp. | 2.51% | |||
Noble Energy, Inc. | 2.46% | |||
Exxon Mobil Corp. | 2.45% | |||
Newfield Exploration Co. | 2.42% | |||
El Paso Corp. | 2.42% | |||
Cabot Oil & Gas Corp. | 2.41% | |||
Peabody Energy Corp. | 2.39% |
* | The Fund’s Top Ten Holds are expressed as a percentage of net assets and the Industry Allocations are expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time. |
16 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT |
Table of Contents
PORTFOLIO SUMMARY (continued)
|
GUGGENHEIM S&P 500 EQUAL WEIGHT FINANCIALS ETF
Industry Allocations*
Top 10 Holdings* | ||||
Description | % of Net Assets | |||
American International Group, Inc. | 1.44% | |||
Regions Financial Corp. | 1.39% | |||
Huntington Bancshares, Inc. | 1.37% | |||
Simon Property Group, Inc. | 1.36% | |||
American Express Co. | 1.35% | |||
Travelers Cos., Inc. (The) | 1.34% | |||
PNC Financial Services Group, Inc. | 1.34% | |||
Capital One Financial Corp. | 1.33% | |||
Discover Financial Services | 1.33% | |||
E*Trade Financial Corp. | 1.32% |
* | The Fund’s Top Ten Holds are expressed as a percentage of net assets and the Industry Allocations are expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time. |
GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 17 |
Table of Contents
PORTFOLIO SUMMARY (continued)
|
GUGGENHEIM S&P 500 EQUAL WEIGHT HEALTH CARE ETF
Industry Allocations*
Top 10 Holdings* | ||||
Description | % of Net Assets | |||
Watson Pharmaceuticals, Inc. | 2.42% | |||
Edwards Lifesciences Corp. | 2.31% | |||
Gilead Sciences, Inc. | 2.16% | |||
Biogen Idec, Inc. | 2.13% | |||
Intuitive Surgical, Inc. | 2.11% | |||
Patterson Cos., Inc. | 2.10% | |||
Abbott Laboratories | 2.05% | |||
Pfizer, Inc. | 2.04% | |||
Dentsply International, Inc. | 2.04% | |||
McKesson Corp. | 2.03% |
* | The Fund’s Top Ten Holds are expressed as a percentage of net assets and the Industry Allocations are expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time. |
18 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT |
Table of Contents
PORTFOLIO SUMMARY (continued)
|
GUGGENHEIM S&P 500 EQUAL WEIGHT INDUSTRIALS ETF
Industry Allocations*
Top 10 Holdings* | ||||
Description | % of Net Assets | |||
Avery Dennison Corp. | 1.80% | |||
Norfolk Southern Corp. | 1.80% | |||
Masco Corp. | 1.79% | |||
Ingersoll-Rand Plc | 1.78% | |||
L-3 Communications Holdings, Inc. | 1.77% | |||
Equifax, Inc. | 1.76% | |||
Roper Industries, Inc. | 1.76% | |||
CSX Corp. | 1.75% | |||
Tyco International Ltd. | 1.74% | |||
Iron Mountain, Inc. | 1.73% |
* | The Fund’s Top Ten Holds are expressed as a percentage of net assets and the Industry Allocations are expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time. |
GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 19 |
Table of Contents
PORTFOLIO SUMMARY (continued)
|
GUGGENHEIM S&P 500 EQUAL WEIGHT MATERIALS ETF
Industry Allocations*
Top 10 Holdings* | ||||
Description | % of Net Assets | |||
PPG Industries, Inc. | 3.71% | |||
Sherwin-Williams Co. (The) | 3.71% | |||
FMC Corp. | 3.65% | |||
Airgas, Inc. | 3.61% | |||
CF Industries Holdings, Inc. | 3.54% | |||
International Flavors & Fragrances, Inc. | 3.51% | |||
Ecolab, Inc. | 3.49% | |||
Titanium Metals Corp. | 3.49% | |||
United States Steel Corp. | 3.45% | |||
Praxair, Inc. | 3.45% |
* | The Fund’s Top Ten Holds are expressed as a percentage of net assets and the Industry Allocations are expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time. |
20 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT |
Table of Contents
PORTFOLIO SUMMARY (continued)
|
GUGGENHEIM S&P 500 EQUAL WEIGHT TECHNOLOGY ETF
Industry Allocations*
Top 10 Holdings* | ||||
Description | % of Net Assets | |||
Red Hat, Inc. | 1.67% | |||
eBay, Inc. | 1.61% | |||
Citrix Systems, Inc. | 1.59% | |||
Verisign, Inc. | 1.58% | |||
BMC Software, Inc. | 1.55% | |||
Corning, Inc. | 1.53% | |||
Mastercard, Inc. — Class A | 1.53% | |||
Apple, Inc. | 1.52% | |||
Autodesk, Inc. | 1.52% | |||
Accenture Plc — Class A | 1.52% |
* | The Fund’s Top Ten Holds are expressed as a percentage of net assets and the Industry Allocations are expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time. |
GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 21 |
Table of Contents
PORTFOLIO SUMMARY (concluded)
|
GUGGENHEIM S&P 500 EQUAL WEIGHT UTILITIES ETF
Industry Allocations*
Top 10 Holdings* | ||||
Description | % of Net Assets | |||
Sempra Energy | 2.71% | |||
Nextera Energy, Inc. | 2.66% | |||
Wisconsin Energy Corp. | 2.62% | |||
AT&T, Inc. | 2.62% | |||
CMS Energy Corp. | 2.61% | |||
Centerpoint Energy, Inc. | 2.60% | |||
Firstenergy Corp. | 2.60% | |||
Crown Castle International Corp. | 2.58% | |||
Verizon Communications, Inc. | 2.56% | |||
Oneok, Inc. | 2.56% |
* | The Fund’s Top Ten Holds are expressed as a percentage of net assets and the Industry Allocations are expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time. |
22 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2012 |
GUGGENHEIM S&P 500 EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
COMMON STOCKS - 99.9% |
| |||||||
Aerospace & Defense - 2.4% |
| |||||||
Boeing Co. (The) | 84,515 | $ | 6,490,752 | |||||
General Dynamics Corp. | 86,270 | 5,823,225 | ||||||
Goodrich Corp. | 49,133 | 6,164,226 | ||||||
Honeywell International, Inc. | 103,605 | 6,284,679 | ||||||
L-3 Communications Holdings, Inc. | 90,828 | 6,679,491 | ||||||
Lockheed Martin Corp. | 69,635 | 6,304,753 | ||||||
Northrop Grumman Corp. | 102,906 | 6,511,892 | ||||||
Precision Castparts Corp. | 35,482 | 6,257,960 | ||||||
Raytheon Co. | 119,489 | 6,469,134 | ||||||
Rockwell Collins, Inc. | 105,230 | 5,881,305 | ||||||
Textron, Inc. | 229,307 | 6,108,739 | ||||||
United Technologies Corp. | 74,131 | 6,052,055 | ||||||
|
| |||||||
Total Aerospace & Defense | 75,028,211 | |||||||
|
| |||||||
Air Freight & Logistics - 0.8% |
| |||||||
C.H. Robinson Worldwide, Inc. | 93,335 | 5,575,833 | ||||||
Expeditors International of Washington, Inc. | 139,717 | 5,588,680 | ||||||
FedEx Corp. | 67,484 | 5,954,788 | ||||||
United Parcel Service, Inc. — Class B | 80,262 | 6,271,673 | ||||||
|
| |||||||
Total Air Freight & Logistics | 23,390,974 | |||||||
|
| |||||||
Airlines - 0.2% |
| |||||||
Southwest Airlines Co. | 730,322 | 6,047,066 | ||||||
|
| |||||||
Total Airlines | 6,047,066 | |||||||
|
| |||||||
Auto Components - 0.6% |
| |||||||
BorgWarner, Inc.* | 73,858 | 5,837,736 | ||||||
Goodyear Tire & Rubber Co. (The)* | 500,256 | 5,492,811 | ||||||
Johnson Controls, Inc. | 191,683 | 6,128,106 | ||||||
|
| |||||||
Total Auto Components | 17,458,653 | |||||||
|
| |||||||
Automobiles - 0.4% |
| |||||||
Ford Motor Co. | 492,288 | 5,553,009 | ||||||
Harley-Davidson, Inc. | 132,106 | 6,913,107 | ||||||
|
| |||||||
Total Automobiles | 12,466,116 | |||||||
|
| |||||||
Beverages - 1.7% |
| |||||||
Beam, Inc. | 110,304 | 6,263,061 | ||||||
Brown-Forman Corp. — Class B | 77,451 | 6,687,894 | ||||||
Coca-Cola Co. (The) | 89,081 | 6,798,662 | ||||||
Coca-Cola Enterprises, Inc. | 225,114 | 6,780,434 | ||||||
Constellation Brands, Inc. — Class A* | 277,232 | 5,988,211 | ||||||
Dr Pepper Snapple Group, Inc. | 162,604 | 6,598,470 | ||||||
Molson Coors Brewing Co. — Class B | 144,822 | 6,021,699 | ||||||
PepsiCo, Inc. | 98,075 | 6,472,950 | ||||||
|
| |||||||
Total Beverages | 51,611,381 | |||||||
|
| |||||||
Biotechnology - 0.8% |
| |||||||
Amgen, Inc. | 91,071 | 6,476,059 | ||||||
Biogen Idec, Inc.* | 51,335 | 6,879,403 |
SHARES | MARKET VALUE | |||||||
Celgene Corp.* | 82,373 | $ | 6,006,639 | |||||
Gilead Sciences, Inc.* | 134,369 | 6,988,532 | ||||||
|
| |||||||
Total Biotechnology | 26,350,633 | |||||||
|
| |||||||
Building Products - 0.2% |
| |||||||
Masco Corp. | 511,400 | 6,740,252 | ||||||
|
| |||||||
Total Building Products | 6,740,252 | |||||||
|
| |||||||
Capital Markets - 2.8% |
| |||||||
Ameriprise Financial, Inc. | 110,426 | 5,986,193 | ||||||
Bank of New York Mellon Corp. (The) | 276,237 | 6,533,005 | ||||||
BlackRock, Inc. | 31,463 | 6,027,682 | ||||||
Charles Schwab Corp. (The) | 438,294 | 6,267,604 | ||||||
E*Trade Financial Corp.* | 640,459 | 6,808,079 | ||||||
Federated Investors, Inc. — Class B | 301,661 | 6,660,675 | ||||||
Franklin Resources, Inc. | 51,427 | 6,454,603 | ||||||
Goldman Sachs Group, Inc. (The) | 52,786 | 6,078,308 | ||||||
Invesco Ltd. | 249,027 | 6,185,831 | ||||||
Legg Mason, Inc. | 225,379 | 5,875,631 | ||||||
Morgan Stanley | 337,135 | 5,825,693 | ||||||
Northern Trust Corp. | 139,869 | 6,656,366 | ||||||
State Street Corp. | 147,116 | 6,799,701 | ||||||
T. Rowe Price Group, Inc. | 98,135 | 6,193,790 | ||||||
|
| |||||||
Total Capital Markets | 88,353,161 | |||||||
|
| |||||||
Chemicals - 3.1% |
| |||||||
Air Products & Chemicals, Inc. | 69,239 | 5,919,242 | ||||||
Airgas, Inc. | 74,557 | 6,832,403 | ||||||
CF Industries Holdings, Inc. | 34,661 | 6,691,653 | ||||||
Dow Chemical Co. (The) | 181,838 | 6,160,671 | ||||||
Du Pont (E.I.) de Nemours & Co. | 120,240 | 6,428,030 | ||||||
Eastman Chemical Co. | 118,911 | 6,417,627 | ||||||
Ecolab, Inc. | 103,727 | 6,606,373 | ||||||
FMC Corp. | 62,479 | 6,900,806 | ||||||
International Flavors & Fragrances, Inc. | 110,213 | 6,635,925 | ||||||
Monsanto Co. | 78,089 | 5,948,820 | ||||||
Mosaic Co. (The) | 111,543 | 5,891,701 | ||||||
PPG Industries, Inc. | 66,763 | 7,026,138 | ||||||
Praxair, Inc. | 56,440 | 6,530,108 | ||||||
Sherwin-Williams Co. (The) | 58,400 | 7,024,352 | ||||||
Sigma-Aldrich Corp. | 86,483 | 6,131,645 | ||||||
|
| |||||||
Total Chemicals | 97,145,494 | |||||||
|
| |||||||
Commercial Banks - 2.7% |
| |||||||
BB&T Corp. | 210,225 | 6,735,609 | ||||||
Comerica, Inc. | 203,435 | 6,513,989 | ||||||
Fifth Third Bancorp | 450,098 | 6,404,895 | ||||||
First Horizon National Corp. | 613,796 | 5,634,647 | ||||||
Huntington Bancshares, Inc. | 1,056,860 | 7,070,393 | ||||||
KeyCorp | 772,231 | 6,208,737 | ||||||
M&T Bank Corp. | 76,152 | 6,569,633 | ||||||
PNC Financial Services Group, Inc. | 104,265 | 6,914,855 | ||||||
Regions Financial Corp. | 1,067,791 | 7,196,911 |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 23 |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | April 30, 2012 |
GUGGENHEIM S&P 500 EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
SunTrust Banks, Inc. | 276,115 | $ | 6,704,072 | |||||
US Bancorp | 208,379 | 6,703,553 | ||||||
Wells Fargo & Co. | 195,610 | 6,539,242 | ||||||
Zions Bancorp | 326,121 | 6,649,607 | ||||||
|
| |||||||
Total Commercial Banks | 85,846,143 | |||||||
|
| |||||||
Commercial Services & Supplies - 1.6% |
| |||||||
Avery Dennison Corp. | 212,458 | 6,794,407 | ||||||
Cintas Corp. | 157,591 | 6,172,839 | ||||||
Iron Mountain, Inc. | 215,178 | 6,534,956 | ||||||
Pitney Bowes, Inc. | 346,745 | 5,939,742 | ||||||
R.R. Donnelley & Sons Co. | 478,607 | 5,987,374 | ||||||
Republic Services, Inc. | 202,735 | 5,548,857 | ||||||
Stericycle, Inc.* | 70,569 | 6,111,275 | ||||||
Waste Management, Inc. | 177,463 | 6,069,235 | ||||||
|
| |||||||
Total Commercial Services & Supplies | 49,158,685 | |||||||
|
| |||||||
Communications Equipment - 1.6% |
| |||||||
Cisco Systems, Inc. | 312,774 | 6,302,396 | ||||||
F5 Networks, Inc.* | 49,307 | 6,603,686 | ||||||
Harris Corp. | 141,981 | 6,465,815 | ||||||
JDS Uniphase Corp.* | 458,075 | 5,565,611 | ||||||
Juniper Networks, Inc.* | 289,127 | 6,195,992 | ||||||
Motorola Mobility Holdings, Inc.* | 155,783 | 6,047,496 | ||||||
Motorola Solutions, Inc. | 122,056 | 6,228,518 | ||||||
QUALCOMM, Inc. | 96,867 | 6,183,989 | ||||||
|
| |||||||
Total Communications Equipment | 49,593,503 | |||||||
|
| |||||||
Computers & Peripherals - 1.5% |
| |||||||
Apple, Inc.* | 11,357 | 6,635,214 | ||||||
Dell, Inc.* | 365,796 | 5,988,080 | ||||||
EMC Corp.* | 213,484 | 6,022,384 | ||||||
Hewlett-Packard Co. | 256,121 | 6,341,556 | ||||||
Lexmark International, Inc. — Class A | 173,353 | 5,217,925 | ||||||
NetApp, Inc.* | 144,244 | 5,600,995 | ||||||
SanDisk Corp.* | 123,234 | 4,560,890 | ||||||
Western Digital Corp.* | 153,581 | 5,960,479 | ||||||
|
| |||||||
Total Computers & Peripherals | 46,327,523 | |||||||
|
| |||||||
Construction & Engineering - 0.6% |
| |||||||
Fluor Corp. | 101,455 | 5,859,026 | ||||||
Jacobs Engineering Group, Inc.* | 136,398 | 5,978,324 | ||||||
Quanta Services, Inc.* | 285,929 | 6,324,750 | ||||||
|
| |||||||
Total Construction & Engineering | 18,162,100 | |||||||
|
| |||||||
Construction Materials - 0.2% |
| |||||||
Vulcan Materials Co. | 134,673 | 5,765,351 | ||||||
|
| |||||||
Total Construction Materials | 5,765,351 | |||||||
|
| |||||||
Consumer Finance - 0.8% |
| |||||||
American Express Co. | 116,404 | 7,008,685 | ||||||
Capital One Financial Corp. | 124,290 | 6,895,609 | ||||||
Discover Financial Services | 202,340 | 6,859,326 | ||||||
SLM Corp. | 378,565 | 5,614,119 | ||||||
|
| |||||||
Total Consumer Finance | 26,377,739 | |||||||
|
|
SHARES | MARKET VALUE | |||||||
Containers & Packaging - 0.8% |
| |||||||
Ball Corp. | 155,905 | $ | 6,510,593 | |||||
Bemis Co., Inc. | 194,919 | 6,313,426 | ||||||
Owens-Illinois, Inc.* | 256,995 | 5,975,134 | ||||||
Sealed Air Corp. | 317,575 | 6,091,088 | ||||||
|
| |||||||
Total Containers & Packaging | 24,890,241 | |||||||
|
| |||||||
Distributors - 0.2% |
| |||||||
Genuine Parts Co. | 98,470 | 6,378,887 | ||||||
|
| |||||||
Total Distributors | 6,378,887 | |||||||
|
| |||||||
Diversified Consumer Services - 0.5% |
| |||||||
Apollo Group, Inc. — Class A* | 145,665 | 5,130,321 | ||||||
DeVry, Inc. | 175,556 | 5,644,126 | ||||||
H&R Block, Inc. | 389,526 | 5,726,032 | ||||||
|
| |||||||
Total Diversified Consumer Services | 16,500,479 | |||||||
|
| |||||||
Diversified Financial Services - 1.7% |
| |||||||
Bank of America Corp. | 769,336 | 6,239,315 | ||||||
Citigroup, Inc. | 181,086 | 5,983,081 | ||||||
CME Group, Inc. | 22,379 | 5,948,786 | ||||||
IntercontinentalExchange, Inc.* | 43,663 | 5,808,925 | ||||||
JPMorgan Chase & Co. | 150,922 | 6,486,628 | ||||||
Leucadia National Corp. | 229,702 | 5,710,392 | ||||||
Moody’s Corp. | 159,437 | 6,528,945 | ||||||
Nasdaq OMX Group, Inc. (The)* | 237,010 | 5,823,336 | ||||||
NYSE Euronext | 211,585 | 5,448,314 | ||||||
|
| |||||||
Total Diversified Financial Services | 53,977,722 | |||||||
|
| |||||||
Diversified Telecommunication |
| |||||||
AT&T, Inc. | 198,625 | 6,536,749 | ||||||
CenturyLink, Inc. | 158,738 | 6,120,937 | ||||||
Frontier Communications Corp. | 1,401,159 | 5,660,682 | ||||||
Verizon Communications, Inc. | 158,381 | 6,395,425 | ||||||
Windstream Corp. | 508,893 | 5,719,957 | ||||||
|
| |||||||
Total Diversified Telecommunication Services | 30,433,750 | |||||||
|
| |||||||
Electric Utilities - 2.6% |
| |||||||
American Electric Power Co., Inc. | 162,066 | 6,294,643 | ||||||
Duke Energy Corp. | 292,811 | 6,274,940 | ||||||
Edison International | 144,640 | 6,365,606 | ||||||
Entergy Corp. | 91,253 | 5,982,547 | ||||||
Exelon Corp. | 159,163 | 6,208,949 | ||||||
FirstEnergy Corp. | 138,509 | 6,484,991 | ||||||
NextEra Energy, Inc. | 103,210 | 6,641,563 | ||||||
Northeast Utilities | 168,105 | 6,181,221 | ||||||
Pepco Holdings, Inc. | 318,570 | 6,027,344 | ||||||
Pinnacle West Capital Corp. | 130,511 | 6,310,207 | ||||||
PPL Corp. | 219,136 | 5,993,370 | ||||||
Progress Energy, Inc. | 115,531 | 6,148,560 | ||||||
Southern Co. | 137,302 | 6,307,654 | ||||||
|
| |||||||
Total Electric Utilities | 81,221,595 | |||||||
|
| |||||||
Electrical Equipment - 0.8% |
| |||||||
Cooper Industries PLC | 102,693 | 6,425,501 | ||||||
Emerson Electric Co. | 123,894 | 6,509,391 |
24 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | April 30, 2012 |
GUGGENHEIM S&P 500 EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
Rockwell Automation, Inc. | 76,729 | $ | 5,934,221 | |||||
Roper Industries, Inc. | 65,160 | 6,639,804 | ||||||
|
| |||||||
Total Electrical Equipment | 25,508,917 | |||||||
|
| |||||||
Electronic Equipment, Instruments & Components - 1.2% |
| |||||||
Amphenol Corp. — Class A | 108,975 | 6,335,807 | ||||||
Corning, Inc. | 466,012 | 6,687,272 | ||||||
FLIR Systems, Inc. | 235,133 | 5,281,087 | ||||||
Jabil Circuit, Inc. | 236,736 | 5,551,459 | ||||||
Molex, Inc. | 226,952 | 6,261,606 | ||||||
TE Connectivity Ltd. | 171,789 | 6,263,427 | ||||||
|
| |||||||
Total Electronic Equipment, Instruments & Components | 36,380,658 | |||||||
|
| |||||||
Energy Equipment & Services - 2.0% |
| |||||||
Baker Hughes, Inc. | 126,918 | 5,598,353 | ||||||
Cameron International Corp.* | 114,141 | 5,849,726 | ||||||
Diamond Offshore Drilling, Inc. | 88,230 | 6,048,166 | ||||||
FMC Technologies, Inc.* | 119,458 | 5,614,526 | ||||||
Halliburton Co. | 177,554 | 6,075,898 | ||||||
Helmerich & Payne, Inc. | 101,789 | 5,230,937 | ||||||
Nabors Industries Ltd.* | 307,965 | 5,127,617 | ||||||
National-Oilwell Varco, Inc. | 76,121 | 5,766,927 | ||||||
Noble Corp.* | 158,017 | 6,014,127 | ||||||
Rowan Cos., Inc.* | 174,052 | 6,010,016 | ||||||
Schlumberger Ltd. | 81,652 | 6,053,679 | ||||||
|
| |||||||
Total Energy Equipment & Services | 63,389,972 | |||||||
|
| |||||||
Food & Staples Retailing - 1.6% |
| |||||||
Costco Wholesale Corp. | 69,331 | 6,112,914 | ||||||
CVS Caremark Corp. | 135,699 | 6,054,889 | ||||||
Kroger Co. (The) | 254,670 | 5,926,171 | ||||||
Safeway, Inc. | 284,600 | 5,785,918 | ||||||
Sysco Corp. | 206,906 | 5,979,584 | ||||||
Wal-Mart Stores, Inc. | 103,088 | 6,072,914 | ||||||
Walgreen Co. | 184,983 | 6,485,504 | ||||||
Whole Foods Market, Inc. | 73,858 | 6,135,384 | ||||||
|
| |||||||
Total Food & Staples Retailing | 48,553,278 | |||||||
|
| |||||||
Food Products - 3.0% |
| |||||||
Archer-Daniels-Midland Co. | 198,960 | 6,133,937 | ||||||
Campbell Soup Co. | 188,637 | 6,381,590 | ||||||
ConAgra Foods, Inc. | 236,645 | 6,110,174 | ||||||
Dean Foods Co.* | 515,662 | 6,332,329 | ||||||
General Mills, Inc. | 160,523 | 6,242,739 | ||||||
H.J. Heinz Co. | 116,708 | 6,221,704 | ||||||
Hershey Co. (The) | 104,113 | 6,976,612 | ||||||
Hormel Foods Corp. | 215,482 | 6,261,907 | ||||||
J.M. Smucker Co. (The) | 82,100 | 6,537,623 | ||||||
Kellogg Co. | 118,099 | 5,972,266 | ||||||
Kraft Foods, Inc. — Class A | 163,182 | 6,506,066 | ||||||
McCormick & Co., Inc. | 121,479 | 6,791,891 | ||||||
Mead Johnson Nutrition Co. | 77,968 | 6,670,942 | ||||||
Sara Lee Corp. | 289,674 | 6,384,415 | ||||||
Tyson Foods, Inc. — Class A | 311,832 | 5,690,934 | ||||||
|
| |||||||
Total Food Products | 95,215,129 | |||||||
|
|
SHARES | MARKET VALUE | |||||||
Gas Utilities - 0.4% |
| |||||||
AGL Resources, Inc. | 157,265 | $ | 6,200,959 | |||||
Oneok, Inc. | 74,375 | 6,388,069 | ||||||
|
| |||||||
Total Gas Utilities | 12,589,028 | |||||||
|
| |||||||
Health Care Equipment & Supplies - 2.9% |
| |||||||
Baxter International, Inc. | 105,169 | 5,827,414 | ||||||
Becton, Dickinson and Co. | 80,596 | 6,322,756 | ||||||
Boston Scientific Corp.* | 1,040,855 | 6,515,752 | ||||||
C.R. Bard, Inc. | 65,829 | 6,514,438 | ||||||
CareFusion Corp.* | 244,013 | 6,322,377 | ||||||
Covidien PLC | 118,220 | 6,529,291 | ||||||
DENTSPLY International, Inc. | 160,402 | 6,586,106 | ||||||
Edwards Lifesciences Corp.* | 89,863 | 7,455,933 | ||||||
Intuitive Surgical, Inc.* | 11,835 | 6,842,997 | ||||||
Medtronic, Inc. | 164,390 | 6,279,698 | ||||||
St Jude Medical, Inc. | 148,172 | 5,737,220 | ||||||
Stryker Corp. | 117,073 | 6,388,674 | ||||||
Varian Medical Systems, Inc.* | 92,218 | 5,848,465 | ||||||
Zimmer Holdings, Inc. | 100,612 | 6,331,513 | ||||||
|
| |||||||
Total Health Care Equipment & Supplies | 89,502,634 | |||||||
|
| |||||||
Health Care Providers & Services - 3.0% |
| |||||||
Aetna, Inc. | 132,166 | 5,820,591 | ||||||
AmerisourceBergen Corp. | 163,599 | 6,087,519 | ||||||
Cardinal Health, Inc. | 146,690 | 6,200,586 | ||||||
CIGNA Corp. | 137,089 | 6,337,624 | ||||||
Coventry Health Care, Inc. | 186,730 | 5,600,033 | ||||||
DaVita, Inc.* | 71,838 | 6,363,410 | ||||||
Express Scripts Holding Co.* | 114,293 | 6,376,406 | ||||||
Humana, Inc. | 71,138 | 5,739,414 | ||||||
Laboratory Corp. of America Holdings* | 69,787 | 6,133,579 | ||||||
McKesson Corp. | 71,685 | 6,552,726 | ||||||
Patterson Cos., Inc. | 199,507 | 6,801,194 | ||||||
Quest Diagnostics, Inc. | 105,200 | 6,068,988 | ||||||
Tenet Healthcare Corp.* | 1,132,199 | 5,876,113 | ||||||
UnitedHealth Group, Inc. | 111,034 | 6,234,559 | ||||||
WellPoint, Inc. | 95,476 | 6,475,182 | ||||||
|
| |||||||
Total Health Care Providers & Services | 92,667,924 | |||||||
|
| |||||||
Health Care Technology - 0.2% |
| |||||||
Cerner Corp.* | 80,566 | 6,533,097 | ||||||
|
| |||||||
Total Health Care Technology | 6,533,097 | |||||||
|
| |||||||
Hotels, Restaurants & Leisure - 2.3% |
| |||||||
Carnival Corp. | 202,583 | 6,581,922 | ||||||
Chipotle Mexican Grill, Inc.* | 15,549 | 6,439,618 | ||||||
Darden Restaurants, Inc. | 120,362 | 6,027,729 | ||||||
International Game Technology | 395,747 | 6,165,738 | ||||||
Marriott International, Inc. — Class A | 164,990 | 6,449,459 | ||||||
McDonald’s Corp. | 63,952 | 6,232,122 | ||||||
Starbucks Corp. | 119,458 | 6,854,500 |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 25 |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | April 30, 2012 |
GUGGENHEIM S&P 500 EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
Starwood Hotels & Resorts Worldwide, Inc. | 112,842 | $ | 6,680,247 | |||||
Wyndham Worldwide Corp. | 140,264 | 7,060,890 | ||||||
Wynn Resorts Ltd. | 51,275 | 6,840,085 | ||||||
Yum! Brands, Inc. | 91,884 | 6,682,723 | ||||||
|
| |||||||
Total Hotels, Restaurants & Leisure | 72,015,033 | |||||||
|
| |||||||
Household Durables - 1.4% |
| |||||||
DR Horton, Inc. | 400,335 | 6,545,477 | ||||||
Harman International Industries, Inc. | 128,938 | 6,392,746 | ||||||
Leggett & Platt, Inc. | 276,237 | 6,013,680 | ||||||
Lennar Corp. — Class A | 243,353 | 6,750,612 | ||||||
Newell Rubbermaid, Inc. | 345,598 | 6,289,884 | ||||||
Pulte Homes, Inc.* | 686,599 | 6,756,134 | ||||||
Whirlpool Corp. | 82,252 | 5,265,773 | ||||||
|
| |||||||
Total Household Durables | 44,014,306 | |||||||
|
| |||||||
Household Products - 0.8% |
| |||||||
Clorox Co. (The) | 91,193 | 6,392,629 | ||||||
Colgate-Palmolive Co. | 65,890 | 6,519,157 | ||||||
Kimberly-Clark Corp. | 86,301 | 6,772,039 | ||||||
Procter & Gamble Co. (The) | 92,522 | 5,888,100 | ||||||
|
| |||||||
Total Household Products | 25,571,925 | |||||||
|
| |||||||
Independent Power Producers & Energy Traders - 0.4% |
| |||||||
AES Corp. (The)* | 469,544 | 5,878,691 | ||||||
NRG Energy, Inc.* | 370,201 | 6,293,417 | ||||||
|
| |||||||
Total Independent Power Producers & Energy Traders | 12,172,108 | |||||||
|
| |||||||
Industrial Conglomerates - 0.8% |
| |||||||
3M Co. | 71,351 | 6,375,925 | ||||||
Danaher Corp. | 116,100 | 6,294,942 | ||||||
General Electric Co. | 325,270 | 6,368,787 | ||||||
Tyco International Ltd. | 117,012 | 6,567,884 | ||||||
|
| |||||||
Total Industrial Conglomerates | 25,607,538 | |||||||
|
| |||||||
Insurance - 4.4% |
| |||||||
ACE Ltd. | 86,392 | 6,563,200 | ||||||
AFLAC, Inc. | 137,150 | 6,177,236 | ||||||
Allstate Corp. (The) | 195,610 | 6,519,681 | ||||||
American International Group, Inc.* | 219,227 | 7,460,295 | ||||||
Aon PLC | 128,847 | 6,674,275 | ||||||
Assurant, Inc. | 148,749 | 6,000,535 | ||||||
Berkshire Hathaway, Inc. — Class B* | 77,998 | 6,274,939 | ||||||
Chubb Corp. (The) | 92,127 | 6,731,720 | ||||||
Cincinnati Financial Corp. | 176,742 | 6,295,550 | ||||||
Genworth Financial, Inc. — Class A* | 695,866 | 4,182,155 | ||||||
Hartford Financial Services Group, Inc. | 308,573 | 6,341,175 | ||||||
Lincoln National Corp. | 250,721 | 6,210,359 | ||||||
Loews Corp. | 160,250 | 6,591,083 |
SHARES | MARKET VALUE | |||||||
Marsh & McLennan Cos., Inc. | 192,048 | $ | 6,424,006 | |||||
MetLife, Inc. | 161,214 | 5,808,540 | ||||||
Principal Financial Group, Inc. | 228,190 | 6,314,017 | ||||||
Progressive Corp. (The) | 286,051 | 6,092,886 | ||||||
Prudential Financial, Inc. | 99,921 | 6,049,217 | ||||||
Torchmark Corp. | 127,001 | 6,186,219 | ||||||
Travelers Cos., Inc. (The) | 107,502 | 6,914,529 | ||||||
Unum Group | 260,679 | 6,188,519 | ||||||
XL Group PLC | 291,847 | 6,277,629 | ||||||
|
| |||||||
Total Insurance | 138,277,765 | |||||||
|
| |||||||
Internet & Catalog Retail - 1.1% |
| |||||||
Amazon.com, Inc.* | 33,605 | 7,793,000 | ||||||
Expedia, Inc. | 195,306 | 8,325,895 | ||||||
Netflix, Inc.* | 56,766 | 4,549,227 | ||||||
priceline.com, Inc.* | 9,571 | 7,281,808 | ||||||
TripAdvisor, Inc.* | 201,740 | 7,567,267 | ||||||
|
| |||||||
Total Internet & Catalog Retail | 35,517,197 | |||||||
|
| |||||||
Internet Software & Services - 1.0% |
| |||||||
Akamai Technologies, Inc.* | 168,105 | 5,480,223 | ||||||
eBay, Inc.* | 170,846 | 7,013,228 | ||||||
Google, Inc. — Class A* | 10,301 | 6,234,474 | ||||||
VeriSign, Inc. | 167,618 | 6,890,776 | ||||||
Yahoo!, Inc.* | 423,322 | 6,578,424 | ||||||
|
| |||||||
Total Internet Software & Services | 32,197,125 | |||||||
|
| |||||||
IT Services - 2.8% |
| |||||||
Accenture PLC — Class A | 101,759 | 6,609,247 | ||||||
Automatic Data Processing, Inc. | 112,720 | 6,269,486 | ||||||
Cognizant Technology Solutions Corp. — Class A* | 85,184 | 6,245,691 | ||||||
Computer Sciences Corp. | 196,788 | 5,521,871 | ||||||
Fidelity National Information Services, Inc. | 195,489 | 6,582,115 | ||||||
Fiserv, Inc.* | 91,101 | 6,403,489 | ||||||
International Business Machines Corp. | 30,864 | 6,391,317 | ||||||
Mastercard, Inc. — Class A | 14,767 | 6,678,671 | ||||||
Paychex, Inc. | 196,666 | 6,092,713 | ||||||
SAIC, Inc. | 490,746 | 5,967,471 | ||||||
Teradata Corp.* | 93,274 | 6,508,660 | ||||||
Total System Services, Inc. | 277,475 | 6,526,212 | ||||||
Visa, Inc. — Class A | 52,869 | 6,501,830 | ||||||
Western Union Co. (The) | 350,512 | 6,442,411 | ||||||
|
| |||||||
Total IT Services | 88,741,184 | |||||||
|
| |||||||
Leisure Equipment & Products - 0.4% |
| |||||||
Hasbro, Inc. | 176,042 | 6,467,783 | ||||||
Mattel, Inc. | 185,492 | 6,232,531 | ||||||
|
| |||||||
Total Leisure Equipment & Products | 12,700,314 | |||||||
|
| |||||||
Life Sciences Tools & Services - 1.0% |
| |||||||
Agilent Technologies, Inc. | 138,996 | 5,862,851 | ||||||
Life Technologies Corp.* | 132,926 | 6,162,449 | ||||||
PerkinElmer, Inc. | 231,449 | 6,387,992 |
26 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | April 30, 2012 |
GUGGENHEIM S&P 500 EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
Thermo Fisher Scientific, Inc. | 110,061 | $ | 6,124,895 | |||||
Waters Corp.* | 68,062 | 5,724,695 | ||||||
|
| |||||||
Total Life Sciences Tools & Services | 30,262,882 | |||||||
|
| |||||||
Machinery - 2.9% | ||||||||
Caterpillar, Inc. | 56,197 | 5,775,366 | ||||||
Cummins, Inc. | 52,087 | 6,033,237 | ||||||
Deere & Co. | 77,268 | 6,363,793 | ||||||
Dover Corp. | 98,105 | 6,147,259 | ||||||
Eaton Corp. | 126,371 | 6,088,555 | ||||||
Flowserve Corp. | 53,143 | 6,107,725 | ||||||
Illinois Tool Works, Inc. | 111,725 | 6,410,781 | ||||||
Ingersoll-Rand PLC | 157,834 | 6,711,102 | ||||||
Joy Global, Inc. | 77,094 | 5,455,942 | ||||||
PACCAR, Inc. | 135,068 | 5,802,521 | ||||||
Pall Corp. | 104,448 | 6,226,145 | ||||||
Parker Hannifin Corp. | 70,204 | 6,156,189 | ||||||
Snap-on, Inc. | 102,458 | 6,407,723 | ||||||
Stanley Black & Decker, Inc. | 79,775 | 5,836,339 | ||||||
Xylem, Inc. | 227,256 | 6,335,897 | ||||||
|
| |||||||
Total Machinery | 91,858,574 | |||||||
|
| |||||||
Media - 3.3% | ||||||||
Cablevision Systems Corp. — Class A | 429,778 | 6,369,310 | ||||||
CBS Corp. — Class B | 200,989 | 6,702,983 | ||||||
Comcast Corp. — Class A | 207,536 | 6,294,567 | ||||||
DIRECTV — Class A* | 131,354 | 6,471,812 | ||||||
Discovery Communications, Inc. — Class A* | 131,263 | 7,143,332 | ||||||
Gannett Co., Inc. | 431,890 | 5,968,720 | ||||||
Interpublic Group of Cos., Inc. (The) | 524,838 | 6,198,337 | ||||||
McGraw-Hill Cos., Inc. (The) | 132,896 | 6,534,496 | ||||||
News Corp. — Class A | 312,318 | 6,121,433 | ||||||
Omnicom Group, Inc. | 127,730 | 6,553,826 | ||||||
Scripps Networks Interactive, Inc. — Class A | 136,906 | 6,875,419 | ||||||
Time Warner Cable, Inc. | 77,724 | 6,252,896 | ||||||
Time Warner, Inc. | 168,674 | 6,318,528 | ||||||
Viacom, Inc. — Class B | 129,599 | 6,012,098 | ||||||
Walt Disney Co. (The) | 146,629 | 6,321,176 | ||||||
Washington Post Co. (The) — Class B | 16,005 | 6,052,611 | ||||||
|
| |||||||
Total Media | 102,191,544 | |||||||
|
| |||||||
Metals & Mining - 1.6% | ||||||||
Alcoa, Inc. | 631,306 | 6,142,607 | ||||||
Allegheny Technologies, Inc. | 149,957 | 6,439,154 | ||||||
Cliffs Natural Resources, Inc. | 96,775 | 6,025,211 | ||||||
Freeport-McMoRan Copper & Gold, Inc. | 159,680 | 6,115,744 | ||||||
Newmont Mining Corp. | 108,884 | 5,188,323 | ||||||
Nucor Corp. | 146,599 | 5,748,147 |
SHARES | MARKET VALUE | |||||||
Titanium Metals Corp. | 446,535 | $ | 6,595,322 | |||||
United States Steel Corp. | 230,667 | 6,534,796 | ||||||
|
| |||||||
Total Metals & Mining | 48,789,304 | |||||||
|
| |||||||
Multi-Utilities - 3.1% | ||||||||
Ameren Corp. | 194,037 | 6,362,473 | ||||||
CenterPoint Energy, Inc. | 321,555 | 6,498,627 | ||||||
CMS Energy Corp. | 282,936 | 6,504,699 | ||||||
Consolidated Edison, Inc. | 106,051 | 6,304,732 | ||||||
Dominion Resources, Inc. | 121,996 | 6,366,971 | ||||||
DTE Energy Co. | 111,816 | 6,304,186 | ||||||
Integrys Energy Group, Inc. | 115,683 | 6,320,919 | ||||||
NiSource, Inc. | 256,851 | 6,331,377 | ||||||
PG&E Corp. | 144,579 | 6,387,500 | ||||||
Public Service Enterprise Group, Inc. | 204,460 | 6,368,929 | ||||||
SCANA Corp. | 138,084 | 6,368,434 | ||||||
Sempra Energy | 104,661 | 6,775,753 | ||||||
TECO Energy, Inc. | 348,339 | 6,277,069 | ||||||
Wisconsin Energy Corp. | 177,706 | 6,546,689 | ||||||
Xcel Energy, Inc. | 232,026 | 6,278,624 | ||||||
|
| |||||||
Total Multi-Utilities | 95,996,982 | |||||||
|
| |||||||
Multiline Retail - 1.7% | ||||||||
Big Lots, Inc.* | 136,307 | 4,994,289 | ||||||
Dollar Tree, Inc.* | 66,520 | 6,762,423 | ||||||
Family Dollar Stores, Inc. | 107,737 | 7,277,634 | ||||||
J.C. Penney Co., Inc. | 164,451 | 5,930,103 | ||||||
Kohl’s Corp. | 123,264 | 6,179,224 | ||||||
Macy’s, Inc. | 156,140 | 6,404,863 | ||||||
Nordstrom, Inc. | 114,506 | 6,396,305 | ||||||
Sears Holdings Corp.* | 76,942 | 4,137,941 | ||||||
Target Corp. | 107,350 | 6,219,859 | ||||||
|
| |||||||
Total Multiline Retail | 54,302,641 | |||||||
|
| |||||||
Office Electronics - 0.2% | ||||||||
Xerox Corp. | 750,673 | 5,840,236 | ||||||
|
| |||||||
Total Office Electronics | 5,840,236 | |||||||
|
| |||||||
Oil, Gas & Consumable Fuels - 6.2% |
| |||||||
Alpha Natural Resources, Inc.* | 376,940 | 6,080,042 | ||||||
Anadarko Petroleum Corp. | 72,650 | 5,318,707 | ||||||
Apache Corp. | 57,618 | 5,527,871 | ||||||
Cabot Oil & Gas Corp. | 177,402 | 6,233,906 | ||||||
Chesapeake Energy Corp. | 252,285 | 4,652,135 | ||||||
Chevron Corp. | 56,523 | 6,023,091 | ||||||
ConocoPhillips | 80,262 | 5,749,167 | ||||||
CONSOL Energy, Inc. | 185,583 | 6,168,779 | ||||||
Denbury Resources, Inc.* | 322,732 | 6,144,817 | ||||||
Devon Energy Corp. | 86,240 | 6,023,864 | ||||||
El Paso Corp. | 210,651 | 6,250,015 | ||||||
EOG Resources, Inc. | 53,842 | 5,912,390 | ||||||
EQT Corp. | 119,367 | 5,946,864 | ||||||
Exxon Mobil Corp. | 73,441 | 6,340,896 | ||||||
Hess Corp. | 98,257 | 5,123,120 |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 27 |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | April 30, 2012 |
GUGGENHEIM S&P 500 EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
Marathon Oil Corp. | 185,765 | $ | 5,450,345 | |||||
Marathon Petroleum Corp. | 141,077 | 5,870,214 | ||||||
Murphy Oil Corp. | 102,549 | 5,637,119 | ||||||
Newfield Exploration Co.* | 174,204 | 6,253,924 | ||||||
Noble Energy, Inc. | 64,165 | 6,372,868 | ||||||
Occidental Petroleum Corp. | 61,506 | 5,610,577 | ||||||
Peabody Energy Corp. | 198,482 | 6,174,775 | ||||||
Phillips 66* | 130,437 | 4,441,380 | ||||||
Pioneer Natural Resources Co. | 57,040 | 6,606,373 | ||||||
QEP Resources, Inc. | 193,590 | 5,964,508 | ||||||
Range Resources Corp. | 97,505 | 6,499,683 | ||||||
Southwestern Energy Co.* | 184,770 | 5,835,037 | ||||||
Spectra Energy Corp. | 196,301 | 6,034,293 | ||||||
Sunoco, Inc. | 154,667 | 7,623,536 | ||||||
Tesoro Corp.* | 210,225 | 4,887,731 | ||||||
Valero Energy Corp. | 216,864 | 5,356,541 | ||||||
Williams Cos., Inc. (The) | 207,414 | 7,058,298 | ||||||
WPX Energy, Inc.* | 331,704 | 5,828,039 | ||||||
|
| |||||||
Total Oil, Gas & Consumable Fuels |
| 195,000,905 | ||||||
|
| |||||||
Paper & Forest Products - 0.4% |
| |||||||
International Paper Co. | 175,799 | 5,855,865 | ||||||
MeadWestvaco Corp. | 200,624 | 6,383,855 | ||||||
|
| |||||||
Total Paper & Forest Products |
| 12,239,720 | ||||||
|
| |||||||
Personal Products - 0.5% |
| |||||||
Avon Products, Inc. | 333,511 | 7,203,838 | ||||||
Estee Lauder Cos., Inc. | 104,843 | 6,851,490 | ||||||
|
| |||||||
Total Personal Products | 14,055,328 | |||||||
|
| |||||||
Pharmaceuticals - 2.5% |
| |||||||
Abbott Laboratories | 106,864 | 6,631,980 | ||||||
Allergan, Inc. | 67,402 | 6,470,592 | ||||||
Bristol-Myers Squibb Co. | 188,181 | 6,279,600 | ||||||
Eli Lilly & Co. | 156,565 | 6,480,225 | ||||||
Forest Laboratories, Inc.* | 185,135 | 6,448,252 | ||||||
Hospira, Inc.* | 172,328 | 6,052,159 | ||||||
Johnson & Johnson, Inc. | 95,659 | 6,226,444 | ||||||
Merck & Co., Inc. | 164,716 | 6,463,456 | ||||||
Mylan, Inc.* | 269,620 | 5,853,450 | ||||||
Perrigo Co. | 58,939 | 6,182,701 | ||||||
Pfizer, Inc. | 288,315 | 6,611,063 | ||||||
Watson Pharmaceuticals, Inc.* | 103,901 | 7,829,980 | ||||||
|
| |||||||
Total Pharmaceuticals | 77,529,902 | |||||||
|
| |||||||
Professional Services - 0.6% |
| |||||||
Dun & Bradstreet Corp. (The) | 73,167 | 5,690,929 | ||||||
Equifax, Inc. | 145,300 | 6,657,646 | ||||||
Robert Half International, Inc. | 210,795 | 6,281,691 | ||||||
|
| |||||||
Total Professional Services | 18,630,266 | |||||||
|
| |||||||
Real Estate Investment Trusts (REITs) - 3.4% |
| |||||||
American Tower Corp. | 99,526 | 6,526,915 | ||||||
Apartment Investment & Management Co. — Class A | 249,422 | 6,771,807 |
SHARES | MARKET VALUE | |||||||
AvalonBay Communities, Inc. | 44,932 | $ | 6,533,113 | |||||
Boston Properties, Inc. | 60,542 | 6,553,672 | ||||||
Equity Residential | 104,418 | 6,415,442 | ||||||
HCP, Inc. | 158,677 | 6,577,162 | ||||||
Health Care REIT, Inc. | 113,958 | 6,456,860 | ||||||
Host Hotels & Resorts, Inc. | 398,285 | 6,627,462 | ||||||
Kimco Realty Corp. | 340,849 | 6,615,879 | ||||||
Plum Creek Timber Co., Inc. | 154,059 | 6,476,640 | ||||||
ProLogis, Inc. | 181,390 | 6,490,134 | ||||||
Public Storage | 47,378 | 6,787,372 | ||||||
Simon Property Group, Inc. | 45,388 | 7,062,373 | ||||||
Ventas, Inc. | 111,816 | 6,573,663 | ||||||
Vornado Realty Trust | 77,390 | 6,643,158 | ||||||
Weyerhaeuser Co. | 288,315 | 5,870,093 | ||||||
|
| |||||||
Total Real Estate Investment Trusts (REITs) | 104,981,745 | |||||||
|
| |||||||
Real Estate Management & Development - 0.2% |
| |||||||
CBRE Group, Inc.* | 322,732 | 6,070,589 | ||||||
|
| |||||||
Total Real Estate Management & Development | 6,070,589 | |||||||
|
| |||||||
Road & Rail - 0.8% | ||||||||
CSX Corp. | 296,313 | 6,610,743 | ||||||
Norfolk Southern Corp. | 93,152 | 6,793,575 | ||||||
Ryder System, Inc. | 115,744 | 5,639,048 | ||||||
Union Pacific Corp. | 57,526 | 6,468,224 | ||||||
|
| |||||||
Total Road & Rail | 25,511,590 | |||||||
|
| |||||||
Semiconductors & Semiconductor |
| |||||||
Advanced Micro Devices, Inc.* | 817,041 | 6,013,422 | ||||||
Altera Corp. | 162,969 | 5,796,807 | ||||||
Analog Devices, Inc. | 159,255 | 6,207,760 | ||||||
Applied Materials, Inc. | 500,651 | 6,002,806 | ||||||
Broadcom Corp. — Class A* | 170,246 | 6,231,004 | ||||||
First Solar, Inc.* | 225,266 | 4,144,894 | ||||||
Intel Corp. | 228,768 | 6,497,011 | ||||||
KLA-Tencor Corp. | 125,224 | 6,530,432 | ||||||
Linear Technology Corp. | 186,730 | 6,107,938 | ||||||
LSI Corp.* | 709,426 | 5,703,785 | ||||||
Microchip Technology, Inc. | 171,424 | 6,058,124 | ||||||
Micron Technology, Inc.* | 743,487 | 4,899,579 | ||||||
Novellus Systems, Inc.* | 131,954 | 6,168,850 | ||||||
NVIDIA Corp.* | 417,883 | 5,432,479 | ||||||
Teradyne, Inc.* | 382,066 | 6,575,356 | ||||||
Texas Instruments, Inc. | 191,926 | 6,130,116 | ||||||
Xilinx, Inc. | 169,942 | 6,182,490 | ||||||
|
| |||||||
Total Semiconductors & Semiconductor Equipment | 100,682,853 | |||||||
|
| |||||||
Software - 2.4% | ||||||||
Adobe Systems, Inc.* | 184,101 | 6,178,429 | ||||||
Autodesk, Inc.* | 168,248 | 6,623,924 | ||||||
BMC Software, Inc.* | 163,660 | 6,752,612 | ||||||
CA, Inc. | 229,368 | 6,059,903 | ||||||
Citrix Systems, Inc.* | 81,196 | 6,951,189 |
28 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (concluded) | April 30, 2012 |
GUGGENHEIM S&P 500 EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
Electronic Arts, Inc.* | 358,792 | $ | 5,518,221 | |||||
Intuit, Inc. | 106,468 | 6,171,950 | ||||||
Microsoft Corp. | 193,590 | 6,198,752 | ||||||
Oracle Corp. | 205,546 | 6,040,997 | ||||||
Red Hat, Inc.* | 122,474 | 7,300,675 | ||||||
Salesforce.com, Inc.* | 42,030 | 6,545,332 | ||||||
Symantec Corp.* | 349,304 | 5,770,502 | ||||||
|
| |||||||
Total Software | 76,112,486 | |||||||
|
| |||||||
Specialty Retail - 3.5% |
| |||||||
Abercrombie & Fitch Co. — Class A | 121,935 | 6,117,479 | ||||||
AutoNation, Inc.* | 181,390 | 6,272,466 | ||||||
AutoZone, Inc.* | 16,188 | 6,413,038 | ||||||
Bed Bath & Beyond, Inc.* | 98,835 | 6,956,996 | ||||||
Best Buy Co., Inc. | 250,022 | 5,517,986 | ||||||
CarMax, Inc.* | 183,927 | 5,677,827 | ||||||
GameStop Corp. — Class A | 259,115 | 5,897,457 | ||||||
Gap, Inc. (The) | 247,728 | 7,060,248 | ||||||
Home Depot, Inc. | 128,756 | 6,668,273 | ||||||
Limited Brands, Inc. | 132,501 | 6,585,300 | ||||||
Lowe’s Cos., Inc. | 208,023 | 6,546,484 | ||||||
O’Reilly Automotive, Inc.* | 68,488 | 7,222,744 | ||||||
Ross Stores, Inc. | 110,639 | 6,814,256 | ||||||
Staples, Inc. | 402,151 | 6,193,125 | ||||||
Tiffany & Co. | 90,046 | 6,164,549 | ||||||
TJX Cos., Inc. | 162,483 | 6,777,166 | ||||||
Urban Outfitters, Inc.* | 209,952 | 6,080,210 | ||||||
|
| |||||||
Total Specialty Retail | 108,965,604 | |||||||
|
| |||||||
Textiles, Apparel & Luxury Goods - 1.0% |
| |||||||
Coach, Inc. | 80,110 | 5,860,848 | ||||||
Fossil, Inc.* | 50,758 | 6,632,548 | ||||||
NIKE, Inc. — Class B | 56,319 | 6,300,406 | ||||||
Ralph Lauren Corp. | 35,117 | 6,049,606 | ||||||
V.F. Corp. | 42,486 | 6,459,996 | ||||||
|
| |||||||
Total Textiles, Apparel & Luxury Goods |
| 31,303,404 | ||||||
|
| |||||||
Thrifts & Mortgage Finance - 0.4% |
| |||||||
Hudson City Bancorp, Inc. | 912,099 | 6,439,419 | ||||||
People’s United Financial, Inc. | 493,882 | 6,094,504 | ||||||
|
| |||||||
Total Thrifts & Mortgage Finance |
| 12,533,923 | ||||||
|
| |||||||
Tobacco - 0.8% |
| |||||||
Altria Group, Inc. | 203,313 | 6,548,712 | ||||||
Lorillard, Inc. | 48,038 | 6,499,061 | ||||||
Philip Morris International, Inc. | 73,197 | 6,551,863 | ||||||
Reynolds American, Inc. | 147,177 | 6,009,237 | ||||||
|
| |||||||
Total Tobacco | 25,608,873 | |||||||
|
|
SHARES | MARKET VALUE | |||||||
Trading Companies & Distributors - 0.4% |
| |||||||
Fastenal Co. | 117,104 | $ | 5,482,809 | |||||
W.W. Grainger, Inc. | 29,230 | 6,074,579 | ||||||
|
| |||||||
Total Trading Companies & Distributors | 11,557,388 | |||||||
|
| |||||||
Wireless Telecommunication Services - 0.5% |
| |||||||
Crown Castle International Corp.* | 113,776 | 6,440,859 | ||||||
MetroPCS Communications, Inc.* | 608,966 | 4,445,452 | ||||||
Sprint Nextel Corp.* | 2,227,740 | 5,524,795 | ||||||
|
| |||||||
Total Wireless Telecommunication Services | 16,411,106 | |||||||
|
| |||||||
Total Common Stocks | 3,122,818,636 | |||||||
|
| |||||||
SHORT TERM INVESTMENTS - 0.1% |
| |||||||
SSgA Government Money Market Fund | 3,998,054 | 3,998,054 | ||||||
|
| |||||||
Total Short Term Investments | 3,998,054 | |||||||
|
| |||||||
Total Investments - 100.0%a |
| 3,126,816,690 | ||||||
|
| |||||||
Other Assets and Liabilities, net - 0.0%b |
| 1,379,095 | ||||||
|
| |||||||
Net Assets - 100.0% | $ | 3,128,195,785 |
* | Non-Income Producing Security. |
a | Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs. |
b | Amount represents less than 0.05% of net assets. |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 29 |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2012 |
GUGGENHEIM S&P MIDCAP 400 EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
COMMON STOCKS - 99.8% |
| |||||||
Aerospace & defense - 1.5% |
| |||||||
Alliant Techsystems, Inc. | 135 | $ | 7,196 | |||||
BE Aerospace, Inc.* | 167 | 7,854 | ||||||
Esterline Technologies Corp.* | 115 | 7,876 | ||||||
Exelis, Inc. | 653 | 7,529 | ||||||
Huntington Ingalls Industries, Inc.* | 210 | 8,284 | ||||||
Triumph Group, Inc. | 124 | 7,790 | ||||||
|
| |||||||
Total Aerospace & Defense | 46,529 | |||||||
|
| |||||||
Air freight & logistics - 0.3% |
| |||||||
UTi Worldwide, Inc. | 500 | 8,335 | ||||||
|
| |||||||
Total Air Freight & Logistics | 8,335 | |||||||
|
| |||||||
Airlines - 0.5% |
| |||||||
Alaska Air Group, Inc.* | 226 | 7,639 | ||||||
JetBlue Airways Corp.* | 1,578 | 7,495 | ||||||
|
| |||||||
Total Airlines | 15,134 | |||||||
|
| |||||||
Auto Components - 0.2% |
| |||||||
Gentex Corp. | 319 | 7,008 | ||||||
|
| |||||||
Total Auto Components | 7,008 | |||||||
|
| |||||||
Automobiles - 0.3% |
| |||||||
Thor Industries, Inc. | 247 | 8,356 | ||||||
|
| |||||||
Total Automobiles | 8,356 | |||||||
|
| |||||||
Beverages - 0.3% |
| |||||||
Monster Beverage Corp.* | 132 | 8,575 | ||||||
|
| |||||||
Total Beverages | 8,575 | |||||||
|
| |||||||
Biotechnology - 0.8% |
| |||||||
Regeneron Pharmaceuticals, Inc.* | 73 | 9,874 | ||||||
United Therapeutics Corp.* | 168 | 7,350 | ||||||
Vertex Pharmaceuticals, Inc.* | 188 | 7,234 | ||||||
|
| |||||||
Total Biotechnology | 24,458 | |||||||
|
| |||||||
Building Products - 0.5% |
| |||||||
Fortune Brands Home & Security, Inc.* | 375 | 8,527 | ||||||
Lennox International, Inc. | 192 | 8,333 | ||||||
|
| |||||||
Total Building Products | 16,860 | |||||||
|
| |||||||
Capital Markets - 2.2% |
| |||||||
Affiliated Managers Group, Inc.* | 72 | 8,181 | ||||||
Apollo Investment Corp. | 1,126 | 8,163 | ||||||
Eaton Vance Corp. | 280 | 7,364 | ||||||
Greenhill & Co., Inc. | 180 | 6,993 | ||||||
Janus Capital Group, Inc. | 888 | 6,731 | ||||||
Jefferies Group, Inc. | 455 | 7,248 | ||||||
Raymond James Financial, Inc. | 222 | 8,130 | ||||||
SEI Investments Co. | 393 | 7,935 | ||||||
Waddell & Reed Financial, Inc. — Class A | 247 | 7,899 | ||||||
|
| |||||||
Total Capital Markets | 68,644 | |||||||
|
| |||||||
Chemicals - 3.2% |
| |||||||
Albemarle Corp. | 125 | 8,163 | ||||||
Ashland, Inc. | 127 | 8,365 | ||||||
Cabot Corp. | 187 | 8,065 | ||||||
Cytec Industries, Inc. | 128 | 8,137 | ||||||
Intrepid Potash, Inc.* | 334 | 8,300 |
SHARES | MARKET VALUE | |||||||
Minerals Technologies, Inc. | 122 | $ | 8,186 | |||||
NewMarket Corp. | 44 | 9,822 | ||||||
Olin Corp. | 362 | 7,588 | ||||||
RPM International, Inc. | 317 | 8,423 | ||||||
Scotts Miracle-Gro Co. (The) — Class A | 162 | 8,489 | ||||||
Sensient Technologies Corp. | 214 | 7,950 | ||||||
Valspar Corp. | 163 | 8,337 | ||||||
|
| |||||||
Total Chemicals | 99,825 | |||||||
|
| |||||||
Commercial Banks - 5.6% |
| |||||||
Associated Banc-Corp. | 592 | 7,891 | ||||||
BancorpSouth, Inc. | 642 | 8,648 | ||||||
Bank of Hawaii Corp. | 170 | 8,311 | ||||||
Cathay General Bancorp | 471 | 8,111 | ||||||
City National Corp. | 165 | 8,788 | ||||||
Commerce Bancshares, Inc. | 200 | 8,020 | ||||||
Cullen/Frost Bankers, Inc. | 135 | 7,960 | ||||||
East West Bancorp, Inc. | 349 | 7,947 | ||||||
First Niagara Financial Group, Inc. | 840 | 7,510 | ||||||
FirstMerit Corp. | 478 | 8,030 | ||||||
Fulton Financial Corp. | 795 | 8,340 | ||||||
Hancock Holding Co. | 228 | 7,337 | ||||||
International Bancshares Corp. | 403 | 7,951 | ||||||
Prosperity Bancshares, Inc. | 177 | 8,257 | ||||||
Signature Bank* | 128 | 8,408 | ||||||
SVB Financial Group* | 126 | 8,075 | ||||||
Synovus Financial Corp. | 3,971 | 8,339 | ||||||
TCF Financial Corp. | 733 | 8,408 | ||||||
Trustmark Corp. | 331 | 8,424 | ||||||
Valley National Bancorp | 633 | 7,976 | ||||||
Webster Financial Corp. | 354 | 8,046 | ||||||
Westamerica Bancorp | 166 | 7,614 | ||||||
|
| |||||||
Total Commercial Banks | 178,391 | |||||||
|
| |||||||
Commercial Services & Supplies - 2.5% |
| |||||||
Brink’s Co. (The) | 307 | 7,798 | ||||||
Clean Harbors, Inc.* | 113 | 7,711 | ||||||
Copart, Inc.* | 308 | 8,134 | ||||||
Corrections Corp. of America* | 305 | 8,811 | ||||||
Deluxe Corp. | 326 | 7,762 | ||||||
Herman Miller, Inc. | 362 | 7,070 | ||||||
HNI Corp. | 297 | 7,164 | ||||||
Mine Safety Appliances Co. | 206 | 8,747 | ||||||
Rollins, Inc. | 375 | 7,969 | ||||||
Waste Connections, Inc. | 240 | 7,735 | ||||||
|
| |||||||
Total Commercial Services & Supplies | 78,901 | |||||||
|
| |||||||
Communications Equipment - 1.3% |
| |||||||
ADTRAN, Inc. | 242 | 7,386 | ||||||
Ciena Corp.* | 525 | 7,781 | ||||||
Plantronics, Inc. | 209 | 8,009 | ||||||
Polycom, Inc.* | 416 | 5,520 | ||||||
Riverbed Technology, Inc.* | 289 | 5,702 | ||||||
Tellabs, Inc. | 2,000 | 7,540 | ||||||
|
| |||||||
Total Communications Equipment | 41,938 | |||||||
|
|
30 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | April 30, 2012 |
GUGGENHEIM S&P MIDCAP 400 EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
Computers & Peripherals - 0.8% |
| |||||||
Diebold, Inc. | 202 | $ | 7,969 | |||||
NCR Corp.* | 367 | 8,624 | ||||||
QLogic Corp.* | 447 | 7,711 | ||||||
|
| |||||||
Total Computers & Peripherals | 24,304 | |||||||
|
| |||||||
Construction & Engineering - 1.2% |
| |||||||
Aecom Technology Corp.* | 347 | 7,658 | ||||||
Granite Construction, Inc. | 272 | 7,573 | ||||||
KBR, Inc. | 218 | 7,381 | ||||||
Shaw Group, Inc. (The)* | 266 | 8,052 | ||||||
URS Corp. | 181 | 7,477 | ||||||
|
| |||||||
Total Construction & Engineering | 38,141 | |||||||
|
| |||||||
Construction Materials - 0.2% |
| |||||||
Martin Marietta Materials, Inc. | 90 | 7,459 | ||||||
|
| |||||||
Total Construction Materials | 7,459 | |||||||
|
| |||||||
Containers & Packaging - 1.5% |
| |||||||
AptarGroup, Inc. | 147 | 8,013 | ||||||
Greif, Inc. — Class A | 155 | 8,314 | ||||||
Packaging Corp. of America | 260 | 7,590 | ||||||
Rock-Tenn Co. — Class A | 109 | 6,794 | ||||||
Silgan Holdings, Inc. | 182 | 7,984 | ||||||
Sonoco Products Co. | 229 | 7,587 | ||||||
|
| |||||||
Total Containers & Packaging | 46,282 | |||||||
|
| |||||||
Distributors - 0.3% |
| |||||||
LKQ Corp.* | 250 | 8,362 | ||||||
|
| |||||||
Total Distributors | 8,362 | |||||||
|
| |||||||
Diversified Consumer Services - 1.5% |
| |||||||
ITT Educational Services, Inc.* | 123 | 8,121 | ||||||
Matthews International Corp. — Class A | 248 | 7,440 | ||||||
Regis Corp. | 439 | 8,056 | ||||||
Service Corp. International | 702 | 8,129 | ||||||
Sotheby’s | 204 | 8,021 | ||||||
Strayer Education, Inc. | 80 | 7,894 | ||||||
|
| |||||||
Total Diversified Consumer Services | 47,661 | |||||||
|
| |||||||
Diversified Financial Services - 0.5% |
| |||||||
CBOE Holdings, Inc. | 287 | 7,588 | ||||||
MSCI, Inc. — Class A* | 215 | 7,867 | ||||||
|
| |||||||
Total Diversified Financial Services | 15,455 | |||||||
|
| |||||||
Diversified Telecommunication Services - 0.2% |
| |||||||
tw telecom, Inc.* | 359 | 7,819 | ||||||
|
| |||||||
Total Diversified Telecommunication Services | 7,819 | |||||||
|
| |||||||
Electric Utilities - 2.0% |
| |||||||
Cleco Corp. | 201 | 8,201 | ||||||
Great Plains Energy, Inc. | 395 | 8,066 | ||||||
Hawaiian Electric Industries, Inc. | 310 | 8,227 | ||||||
IDACORP, Inc. | 191 | 7,781 | ||||||
NV Energy, Inc. | 498 | 8,292 | ||||||
OGE Energy Corp. | 149 | 8,040 |
SHARES | MARKET VALUE | |||||||
PNM Resources, Inc. | 422 | $ | 7,917 | |||||
Westar Energy, Inc. | 283 | 8,119 | ||||||
|
| |||||||
Total Electric Utilities | 64,643 | |||||||
|
| |||||||
Electrical Equipment - 1.5% |
| |||||||
Acuity Brands, Inc. | 125 | 6,946 | ||||||
AMETEK, Inc. | 163 | 8,204 | ||||||
General Cable Corp.* | 261 | 7,684 | ||||||
Hubbell, Inc. — Class B | 101 | 8,104 | ||||||
Regal-Beloit Corp. | 118 | 7,982 | ||||||
Thomas & Betts Corp.* | 109 | 7,838 | ||||||
|
| |||||||
Total Electrical Equipment | 46,758 | |||||||
|
| |||||||
Electronic Equipment, Instruments & Components - 2.0% |
| |||||||
Arrow Electronics, Inc.* | 191 | 8,031 | ||||||
Avnet, Inc.* | 221 | 7,974 | ||||||
Ingram Micro, Inc. — Class A* | 410 | 7,978 | ||||||
Itron, Inc.* | 170 | 6,936 | ||||||
National Instruments Corp. | 288 | 7,834 | ||||||
Tech Data Corp.* | 144 | 7,746 | ||||||
Trimble Navigation, Ltd.* | 155 | 8,392 | ||||||
Vishay Intertechnology, Inc.* | 676 | 7,585 | ||||||
|
| |||||||
Total Electronic Equipment, Instruments & Components | 62,476 | |||||||
|
| |||||||
Energy Equipment & Services - 2.6% |
| |||||||
Atwood Oceanics, Inc.* | 166 | 7,359 | ||||||
CARBO Ceramics, Inc. | 80 | 6,727 | ||||||
Dresser-Rand Group, Inc.* | 152 | 7,399 | ||||||
Dril-Quip, Inc.* | 115 | 7,750 | ||||||
Helix Energy Solutions Group, Inc.* | 425 | 8,674 | ||||||
Oceaneering International, Inc. | 143 | 7,383 | ||||||
Oil States International, Inc.* | 94 | 7,481 | ||||||
Patterson-UTI Energy, Inc. | 416 | 6,727 | ||||||
Superior Energy Services, Inc.* | 264 | 7,107 | ||||||
Tidewater, Inc. | 134 | 7,374 | ||||||
Unit Corp.* | 166 | 7,013 | ||||||
|
| |||||||
Total Energy Equipment & Services | 80,994 | |||||||
|
| |||||||
Food & Staples Retailing - 0.5% |
| |||||||
Harris Teeter Supermarkets, Inc. | 191 | 7,252 | ||||||
SUPERVALU, Inc. | 1,305 | 7,752 | ||||||
|
| |||||||
Total Food & Staples Retailing | 15,004 | |||||||
|
| |||||||
Food Products - 2.0% |
| |||||||
Corn Products International, Inc. | 137 | 7,817 | ||||||
Flowers Foods, Inc. | 401 | 8,602 | ||||||
Green Mountain Coffee Roasters, Inc.* | 150 | 7,313 | ||||||
Lancaster Colony Corp. | 120 | 7,825 | ||||||
Post Holdings, Inc.* | 256 | 7,616 | ||||||
Ralcorp Holdings, Inc.* | 106 | 7,718 | ||||||
Smithfield Foods, Inc.* | 344 | 7,210 | ||||||
Tootsie Roll Industries, Inc. | 347 | 8,262 | ||||||
|
| |||||||
Total Food Products | 62,363 | |||||||
|
|
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 31 |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | April 30, 2012 |
GUGGENHEIM S&P MIDCAP 400 EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
Gas Utilities - 1.2% |
| |||||||
Atmos Energy Corp. | 253 | $ | 8,243 | |||||
National Fuel Gas Co. | 154 | 7,287 | ||||||
Questar Corp. | 399 | 7,880 | ||||||
UGI Corp. | 281 | 8,200 | ||||||
WGL Holdings, Inc. | 191 | 7,661 | ||||||
|
| |||||||
Total Gas Utilities | 39,271 | |||||||
|
| |||||||
Health Care Equipment & Supplies - 2.6% |
| |||||||
Cooper Cos., Inc. (The) | 96 | 8,464 | ||||||
Gen-Probe, Inc.* | 117 | 9,541 | ||||||
Hill-Rom Holdings, Inc. | 226 | 7,334 | ||||||
Hologic, Inc.* | 374 | 7,151 | ||||||
IDEXX Laboratories, Inc.* | 92 | 8,090 | ||||||
Masimo Corp.* | 354 | 7,834 | ||||||
ResMed, Inc.* | 262 | 8,911 | ||||||
STERIS Corp. | 251 | 7,884 | ||||||
Teleflex, Inc. | 132 | 8,272 | ||||||
Thoratec Corp.* | 231 | 8,041 | ||||||
|
| |||||||
Total Health Care Equipment & Supplies | 81,522 | |||||||
|
| |||||||
Health Care Providers & Services - 3.7% |
| |||||||
AMERIGROUP Corp.* | 119 | 7,349 | ||||||
Catalyst Health Solutions, Inc.* | 124 | 10,710 | ||||||
Community Health Systems, Inc.* | 329 | 8,008 | ||||||
Health Management Associates, | 1,167 | 8,402 | ||||||
Health Net, Inc.* | 202 | 7,193 | ||||||
Henry Schein, Inc.* | 106 | 8,135 | ||||||
HMS Holdings Corp.* | 251 | 6,039 | ||||||
LifePoint Hospitals, Inc.* | 202 | 7,882 | ||||||
Lincare Holdings, Inc. | 294 | 7,174 | ||||||
Mednax, Inc.* | 107 | 7,516 | ||||||
Omnicare, Inc. | 232 | 8,083 | ||||||
Owens & Minor, Inc. | 260 | 7,602 | ||||||
Universal Health Services, Inc. — Class B | 180 | 7,688 | ||||||
VCA Antech, Inc.* | 353 | 8,352 | ||||||
WellCare Health Plans, Inc.* | 116 | 7,097 | ||||||
|
| |||||||
Total Health Care Providers & Services | 117,230 | |||||||
|
| |||||||
Health Care Technology - 0.1% |
| |||||||
Allscripts Healthcare Solutions, Inc.* | 423 | 4,687 | ||||||
|
| |||||||
Total Health Care Technology | 4,687 | |||||||
|
| |||||||
Hotels, Restaurants & Leisure - 2.5% |
| |||||||
Bally Technologies, Inc.* | 173 | 8,399 | ||||||
Bob Evans Farms, Inc. | 207 | 7,916 | ||||||
Brinker International, Inc. | 273 | �� | 8,592 | |||||
Cheesecake Factory, Inc. | 256 | 8,064 | ||||||
International Speedway Corp. — Class A | 306 | 8,167 | ||||||
Life Time Fitness, Inc.* | 162 | 7,543 | ||||||
Panera Bread Co. — Class A* | 49 | 7,738 | ||||||
Scientific Games Corp. — Class A* | 733 | 7,447 | ||||||
Wendy’s Co. (The) | 1,607 | 7,826 | ||||||
WMS Industries, Inc.* | 357 | 8,750 | ||||||
|
| |||||||
Total Hotels, Restaurants & Leisure | 80,442 | |||||||
|
|
SHARES | MARKET VALUE | |||||||
Household Durables - 1.5% |
| |||||||
KB Home | 665 | $ | 5,772 | |||||
MDC Holdings, Inc. | 313 | 8,798 | ||||||
Mohawk Industries, Inc.* | 124 | 8,311 | ||||||
NVR, Inc.* | 11 | 8,623 | ||||||
Toll Brothers, Inc.* | 327 | 8,306 | ||||||
Tupperware Brands Corp. | 123 | 7,662 | ||||||
|
| |||||||
Total Household Durables | 47,472 | |||||||
|
| |||||||
Household Products - 0.5% |
| |||||||
Church & Dwight Co., Inc. | 162 | 8,230 | ||||||
Energizer Holdings, Inc.* | 103 | 7,347 | ||||||
|
| |||||||
Total Household Products | 15,577 | |||||||
|
| |||||||
Industrial Conglomerates - 0.3% |
| |||||||
Carlisle Cos., Inc. | 161 | 8,865 | ||||||
|
| |||||||
Total Industrial Conglomerates | 8,865 | |||||||
|
| |||||||
Insurance - 4.4% |
| |||||||
Alleghany Corp.* | 24 | 8,230 | ||||||
American Financial Group, Inc. | 209 | 8,134 | ||||||
Arthur J. Gallagher & Co. | 224 | 8,413 | ||||||
Aspen Insurance Holdings Ltd. | 290 | 8,213 | ||||||
Brown & Brown, Inc. | 330 | 8,900 | ||||||
Everest Re Group Ltd. | 86 | 8,523 | ||||||
Fidelity National Financial, Inc. — Class A | 443 | 8,537 | ||||||
First American Financial Corp. | 487 | 8,157 | ||||||
Hanover Insurance Group, Inc. (The) | 195 | 7,870 | ||||||
HCC Insurance Holdings, Inc. | 254 | 8,118 | ||||||
Kemper Corp. | 269 | 8,067 | ||||||
Mercury General Corp. | 178 | 8,044 | ||||||
Old Republic International Corp. | 717 | 7,134 | ||||||
Protective Life Corp. | 278 | 8,134 | ||||||
Reinsurance Group of America, Inc. | 140 | 8,140 | ||||||
StanCorp Financial Group, Inc. | 197 | 7,561 | ||||||
W.R. Berkley Corp. | 222 | 8,360 | ||||||
|
| |||||||
Total Insurance | 138,535 | |||||||
|
| |||||||
Internet & Catalog Retail - 0.3% |
| |||||||
HSN, Inc. | 208 | 8,050 | ||||||
|
| |||||||
Total Internet & Catalog Retail | 8,050 | |||||||
|
| |||||||
Internet Software & Services - 1.4% |
| |||||||
AOL, Inc.* | 444 | 11,118 | ||||||
Equinix, Inc.* | 57 | 9,359 | ||||||
Monster Worldwide, Inc.* | 863 | 7,448 | ||||||
Rackspace Hosting, Inc.* | 147 | 8,539 | ||||||
ValueClick, Inc.* | 379 | 8,027 | ||||||
|
| |||||||
Total Internet Software & Services | 44,491 | |||||||
|
| |||||||
IT Services - 3.5% |
| |||||||
Acxiom Corp.* | 547 | 7,510 | ||||||
Alliance Data Systems Corp.* | 64 | 8,223 | ||||||
Broadridge Financial Solutions, Inc. | 323 | 7,497 | ||||||
Convergys Corp.* | 628 | 8,396 | ||||||
CoreLogic, Inc.* | 493 | 8,233 | ||||||
DST Systems, Inc. | 145 | 8,117 |
32 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | April 30, 2012 |
GUGGENHEIM S&P MIDCAP 400 EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
Gartner, Inc.* | 192 | $ | 8,410 | |||||
Global Payments, Inc. | 151 | 7,011 | ||||||
Jack Henry & Associates, Inc. | 233 | 7,913 | ||||||
Lender Processing Services, Inc. | 332 | 8,815 | ||||||
Mantech International Corp. — Class A | 228 | 7,164 | ||||||
NeuStar, Inc. — Class A* | 227 | 8,251 | ||||||
VeriFone Systems, Inc.* | 155 | 7,384 | ||||||
Wright Express Corp.* | 117 | 7,467 | ||||||
|
| |||||||
Total IT Services | 110,391 | |||||||
|
| |||||||
Leisure Equipment & Products - 0.3% |
| |||||||
Polaris Industries, Inc. | 117 | 9,294 | ||||||
|
| |||||||
Total Leisure Equipment & Products | 9,294 | |||||||
|
| |||||||
Life Sciences Tools & Services - 1.2% |
| |||||||
Bio-Rad Laboratories, Inc. — Class A* | 76 | 8,207 | ||||||
Charles River Laboratories International, Inc.* | 213 | 7,568 | ||||||
Covance, Inc.* | 161 | 7,529 | ||||||
Mettler-Toledo International, Inc.* | 44 | 7,890 | ||||||
Techne Corp. | 111 | 7,430 | ||||||
|
| |||||||
Total Life Sciences Tools & Services | 38,624 | |||||||
|
| |||||||
Machinery - 5.2% |
| |||||||
AGCO Corp.* | 160 | 7,451 | ||||||
CLARCOR, Inc. | 154 | 7,395 | ||||||
Crane Co. | 164 | 7,237 | ||||||
Donaldson Co., Inc. | 216 | 7,487 | ||||||
Gardner Denver, Inc. | 113 | 7,361 | ||||||
Graco, Inc. | 154 | 8,210 | ||||||
Harsco Corp. | 355 | 7,916 | ||||||
IDEX Corp. | 189 | 8,186 | ||||||
ITT Corp. | 344 | 7,726 | ||||||
Kennametal, Inc. | 174 | 7,348 | ||||||
Lincoln Electric Holdings, Inc. | 168 | 8,234 | ||||||
Nordson Corp. | 143 | 7,708 | ||||||
Oshkosh Corp.* | 344 | 7,854 | ||||||
Pentair, Inc. | 203 | 8,798 | ||||||
SPX Corp. | 104 | 7,985 | ||||||
Terex Corp.* | 331 | 7,494 | ||||||
Timken Co. | 150 | 8,476 | ||||||
Trinity Industries, Inc. | 232 | 6,867 | ||||||
Valmont Industries, Inc. | 69 | 8,551 | ||||||
Wabtec Corp. | 104 | 8,089 | ||||||
Woodward, Inc. | 185 | 7,694 | ||||||
|
| |||||||
Total Machinery | 164,067 | |||||||
|
| |||||||
Marine - 0.5% |
| |||||||
Alexander & Baldwin, Inc. | 169 | 8,646 | ||||||
Kirby Corp.* | 114 | 7,566 | ||||||
|
| |||||||
Total Marine | 16,212 | |||||||
|
| |||||||
Media - 2.1% |
| |||||||
AMC Networks, Inc. — Class A* | 172 | 7,310 | ||||||
Cinemark Holdings, Inc. | 344 | 7,898 | ||||||
DreamWorks Animation SKG, Inc. — Class A* | 457 | 8,231 |
SHARES | MARKET VALUE | |||||||
John Wiley & Sons, Inc. — Class A | 166 | $ | 7,501 | |||||
Lamar Advertising Co. — Class A* | 251 | 7,987 | ||||||
Meredith Corp. | 237 | 6,833 | ||||||
New York Times Co.(The) — Class A* | 1,180 | 7,446 | ||||||
Scholastic Corp. | 251 | 7,668 | ||||||
Valassis Communications, Inc.* | 335 | 6,700 | ||||||
|
| |||||||
Total Media | 67,574 | |||||||
|
| |||||||
Metals & Mining - 1.5% |
| |||||||
Carpenter Technology Corp. | 153 | 8,516 | ||||||
Commercial Metals Co. | 585 | 8,646 | ||||||
Compass Minerals International, Inc. | 109 | 8,341 | ||||||
Reliance Steel & Aluminum Co. | 146 | 8,160 | ||||||
Steel Dynamics, Inc. | 548 | 6,998 | ||||||
Worthington Industries, Inc. | 444 | 7,921 | ||||||
|
| |||||||
Total Metals & Mining | 48,582 | |||||||
|
| |||||||
Multi-Utilities - 1.0% |
| |||||||
Alliant Energy Corp. | 181 | 8,188 | ||||||
Black Hills Corp. | 233 | 7,691 | ||||||
MDU Resources Group, Inc. | 356 | 8,167 | ||||||
Vectren Corp. | 269 | 7,922 | ||||||
|
| |||||||
Total Multi-Utilities | 31,968 | |||||||
|
| |||||||
Multiline Retail - 0.2% |
| |||||||
Saks, Inc.* | 673 | 7,376 | ||||||
|
| |||||||
Total Multiline Retail | 7,376 | |||||||
|
| |||||||
Office Electronics - 0.2% |
| |||||||
Zebra Technologies Corp. — Class A* | 200 | 7,758 | ||||||
|
| |||||||
Total Office Electronics | 7,758 | |||||||
|
| |||||||
Oil, Gas & Consumable Fuels - 2.7% |
| |||||||
Arch Coal, Inc. | 651 | 6,354 | ||||||
Bill Barrett Corp.* | 270 | 6,475 | ||||||
Cimarex Energy Co. | 95 | 6,565 | ||||||
Energen Corp. | 150 | 7,857 | ||||||
Forest Oil Corp.* | 620 | 8,258 | ||||||
HollyFrontier Corp. | 219 | 6,750 | ||||||
Northern Oil and Gas, Inc.* | 337 | 6,548 | ||||||
Patriot Coal Corp.* | 1,203 | 7,013 | ||||||
Plains Exploration & Production Co.* | 173 | 7,067 | ||||||
Quicksilver Resources, Inc.* | 1,444 | 6,787 | ||||||
SM Energy Co. | 100 | 6,611 | ||||||
World Fuel Services Corp. | 187 | 8,239 | ||||||
|
| |||||||
Total Oil, Gas & Consumable Fuels | 84,524 | |||||||
|
| |||||||
Paper & Forest Products - 0.5% |
| |||||||
Domtar Corp. | 80 | 6,998 | ||||||
Louisiana-Pacific Corp.* | 911 | 8,245 | ||||||
|
| |||||||
Total Paper & Forest Products | 15,243 | |||||||
|
| |||||||
Pharmaceuticals - 0.5% |
| |||||||
Endo Pharmaceuticals Holdings, Inc.* | 211 | 7,414 | ||||||
Medicis Pharmaceutical Corp. — Class A | 214 | 8,233 | ||||||
|
| |||||||
Total Pharmaceuticals | 15,647 | |||||||
|
|
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 33 |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | April 30, 2012 |
GUGGENHEIM S&P MIDCAP 400 EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
Professional Services - 1.2% |
| |||||||
Corporate Executive Board Co. (The) | 186 | $ | 7,695 | |||||
FTI Consulting, Inc.* | 204 | 7,413 | ||||||
Korn/Ferry International* | 504 | 8,139 | ||||||
Manpower, Inc. | 178 | 7,583 | ||||||
Towers Watson & Co. — Class A | 122 | 7,979 | ||||||
|
| |||||||
Total Professional Services | 38,809 | |||||||
|
| |||||||
Real Estate Investment Trusts (REITs) - 7.1% |
| |||||||
Alexandria Real Estate Equities, Inc. | 110 | 8,241 | ||||||
American Campus Communities, Inc. | 184 | 8,179 | ||||||
BioMed Realty Trust, Inc. | 427 | 8,463 | ||||||
BRE Properties, Inc. | 158 | 8,295 | ||||||
Camden Property Trust | 124 | 8,391 | ||||||
Corporate Office Properties Trust | 332 | 7,819 | ||||||
Duke Realty Corp. | 567 | 8,403 | ||||||
Equity One, Inc. | 418 | 8,686 | ||||||
Essex Property Trust, Inc. | 54 | 8,530 | ||||||
Federal Realty Investment Trust | 82 | 8,254 | ||||||
Highwoods Properties, Inc. | 251 | 8,717 | ||||||
Home Properties, Inc. | 133 | 8,120 | ||||||
Hospitality Properties Trust | 313 | 8,633 | ||||||
Liberty Property Trust | 233 | 8,493 | ||||||
Macerich Co. (The) | 144 | 8,866 | ||||||
Mack-Cali Realty Corp. | 279 | 8,013 | ||||||
National Retail Properties, Inc. | 298 | 8,159 | ||||||
Omega Healthcare Investors, Inc. | 382 | 8,179 | ||||||
Potlatch Corp. | 253 | 7,919 | ||||||
Rayonier, Inc. | 175 | 7,936 | ||||||
Realty Income Corp. | 213 | 8,379 | ||||||
Regency Centers Corp. | 188 | 8,453 | ||||||
Senior Housing Properties Trust | 367 | 8,103 | ||||||
SL Green Realty Corp. | 102 | 8,409 | ||||||
Taubman Centers, Inc. | 113 | 8,721 | ||||||
UDR, Inc. | 307 | 8,083 | ||||||
Weingarten Realty Investors | 317 | 8,420 | ||||||
|
| |||||||
Total Real Estate Investment Trusts (REITs) | 224,864 | |||||||
|
| |||||||
Real Estate Management & Development - 0.2% |
| |||||||
Jones Lang LaSalle, Inc. | 95 | 7,594 | ||||||
|
| |||||||
Total Real Estate Management & Development | 7,594 | |||||||
|
| |||||||
Road & Rail - 1.3% |
| |||||||
Con-way, Inc. | 250 | 8,125 | ||||||
JB Hunt Transport Services, Inc. | 151 | 8,355 | ||||||
Kansas City Southern | 114 | 8,780 | ||||||
Landstar System, Inc. | 140 | 7,500 | ||||||
Werner Enterprises, Inc. | 311 | 7,346 | ||||||
|
| |||||||
Total Road & Rail | 40,106 | |||||||
|
| |||||||
Semiconductors & Semiconductor Equipment - 3.1% |
| |||||||
Atmel Corp.* | 786 | 6,972 | ||||||
Cree, Inc.* | 264 | 8,158 | ||||||
Cypress Semiconductor Corp.* | 493 | 7,641 | ||||||
Fairchild Semiconductor International, Inc.* | 581 | 8,233 |
SHARES | MARKET VALUE | |||||||
Integrated Device Technology, Inc.* | 1,151 | $ | 7,792 | |||||
International Rectifier Corp.* | 368 | 8,033 | ||||||
Intersil Corp. — Class A | 700 | 7,189 | ||||||
Lam Research Corp.* | 187 | 7,789 | ||||||
MEMC Electronic Materials, Inc.* | 2,031 | 7,291 | ||||||
RF Micro Devices, Inc.* | 1,690 | 7,318 | ||||||
Semtech Corp.* | 290 | 7,905 | ||||||
Silicon Laboratories, Inc.* | 188 | 6,672 | ||||||
Skyworks Solutions, Inc.* | 292 | 7,925 | ||||||
|
| |||||||
Total Semiconductors & Semiconductor Equipment | 98,918 | |||||||
|
| |||||||
Software - 4.2% |
| |||||||
ACI Worldwide, Inc.* | 201 | 8,012 | ||||||
Advent Software, Inc.* | 310 | 8,367 | ||||||
ANSYS, Inc.* | 124 | 8,317 | ||||||
Cadence Design Systems, Inc.* | 655 | 7,644 | ||||||
Compuware Corp.* | 840 | 7,325 | ||||||
Concur Technologies, Inc.* | 130 | 7,353 | ||||||
Factset Research Systems, Inc. | 87 | 9,123 | ||||||
Fair Isaac Corp. | 188 | 8,065 | ||||||
Informatica Corp.* | 159 | 7,317 | ||||||
Mentor Graphics Corp.* | 519 | 7,499 | ||||||
MICROS Systems, Inc.* | 146 | 8,297 | ||||||
Parametric Technology Corp.* | 288 | 6,215 | ||||||
Quest Software, Inc.* | 327 | 7,609 | ||||||
Rovi Corp.* | 230 | 6,578 | ||||||
Solera Holdings, Inc. | 168 | 7,550 | ||||||
Synopsys, Inc.* | 261 | 7,833 | ||||||
TIBCO Software, Inc.* | 261 | 8,587 | ||||||
|
| |||||||
Total Software | 131,691 | |||||||
|
| |||||||
Specialty Retail - 4.9% |
| |||||||
Aaron’s, Inc. | 299 | 8,124 | ||||||
Advance Auto Parts, Inc. | 90 | 8,262 | ||||||
Aeropostale, Inc.* | 402 | 8,916 | ||||||
American Eagle Outfitters, Inc. | 488 | 8,789 | ||||||
ANN, Inc.* | 287 | 7,947 | ||||||
Ascena Retail Group, Inc.* | 370 | 7,578 | ||||||
Barnes & Noble, Inc.* | 587 | 12,180 | ||||||
Chico’s FAS, Inc. | 510 | 7,834 | ||||||
Collective Brands, Inc.* | 432 | 8,973 | ||||||
Dick’s Sporting Goods, Inc. | 166 | 8,400 | ||||||
Foot Locker, Inc. | 260 | 7,953 | ||||||
Guess?, Inc. | 219 | 6,412 | ||||||
Office Depot, Inc.* | 2,412 | 7,332 | ||||||
PetSmart, Inc. | 135 | 7,865 | ||||||
RadioShack Corp. | 1,122 | 5,812 | ||||||
Rent-A-Center, Inc. | 226 | 7,731 | ||||||
Signet Jewelers Ltd. | 161 | 7,852 | ||||||
Tractor Supply Co. | 90 | 8,857 | ||||||
Williams-Sonoma, Inc. | 217 | 8,396 | ||||||
|
| |||||||
Total Specialty Retail | 155,213 | |||||||
|
|
34 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (concluded) | April 30, 2012 |
GUGGENHEIM S&P MIDCAP 400 EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
Textiles, Apparel & Luxury Goods - 1.4% |
| |||||||
Carter’s, Inc.* | 161 | $ | 8,742 | |||||
Deckers Outdoor Corp.* | 115 | 5,866 | ||||||
Hanesbrands, Inc.* | 275 | 7,761 | ||||||
PVH Corp. | 90 | 7,992 | ||||||
Under Armour, Inc. — Class A* | 83 | 8,128 | ||||||
Warnaco Group, Inc. (The)* | 135 | 7,150 | ||||||
|
| |||||||
Total Textiles, Apparel & Luxury Goods | 45,639 | |||||||
|
| |||||||
Thrifts & Mortgage Finance - 0.8% |
| |||||||
Astoria Financial Corp. | 868 | 8,411 | ||||||
New York Community Bancorp, Inc. | 605 | 8,161 | ||||||
Washington Federal, Inc. | 481 | 8,437 | ||||||
|
| |||||||
Total Thrifts & Mortgage Finance | 25,009 | |||||||
|
| |||||||
Tobacco - 0.2% |
| |||||||
Universal Corp. | 169 | 7,745 | ||||||
|
| |||||||
Total Tobacco | 7,745 | |||||||
|
| |||||||
Trading Companies & Distributors - 1.0% |
| |||||||
GATX Corp. | 180 | 7,717 | ||||||
MSC Industrial Direct Co. — Class A | 96 | 7,076 | ||||||
United Rentals, Inc.* | 183 | 8,542 | ||||||
Watsco, Inc. | 111 | 7,987 | ||||||
|
| |||||||
Total Trading Companies & Distributors | 31,322 | |||||||
|
| |||||||
Water Utilities - 0.3% |
| |||||||
Aqua America, Inc. | 354 | 8,039 | ||||||
|
| |||||||
Total Water Utilities | 8,039 | |||||||
|
| |||||||
Wireless Telecommunication Services - 0.2% |
| |||||||
Telephone & Data Systems, Inc. | 320 | 7,773 | ||||||
|
| |||||||
Total Wireless Telecommunication Services | 7,773 | |||||||
|
| |||||||
Total Common Stocks | 3,156,799 | |||||||
|
| |||||||
SHORT TERM INVESTMENTS - 0.2% |
| |||||||
SSgA Government Money Market Fund | 6,774 | 6,774 | ||||||
|
| |||||||
Total Short Term Investments | 6,774 | |||||||
|
| |||||||
Total Investments - 100.0%a | 3,163,573 | |||||||
|
| |||||||
Other Assets and Liabilities, net - 0.0%b |
| 797 | ||||||
|
| |||||||
Net Assets - 100.0% | $ | 3,164,370 |
* | Non-Income Producing Security. |
a | Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs. |
b | Amount represents less than 0.05% of net assets. |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 35 |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2012 |
GUGGENHEIM S&P SMALLCAP 600 EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
COMMON STOCKS - 99.9% |
| |||||||
Aerospace & Defense - 1.7% |
| |||||||
AAR Corp. | 474 | $ | 7,323 | |||||
Aerovironment, Inc.* | 398 | 9,679 | ||||||
American Science & Engineering, Inc. | 150 | 9,796 | ||||||
Ceradyne, Inc. | 353 | 8,938 | ||||||
Cubic Corp. | 220 | 10,171 | ||||||
Curtiss-Wright Corp. | 278 | 9,811 | ||||||
GenCorp, Inc.* | 1,693 | 11,631 | ||||||
Moog, Inc. — Class A* | 249 | 10,525 | ||||||
National Presto Industries, Inc. | 130 | 9,584 | ||||||
Orbital Sciences Corp.* | 750 | 9,420 | ||||||
Teledyne Technologies, Inc.* | 177 | 11,438 | ||||||
|
| |||||||
Total Aerospace & Defense | 108,316 | |||||||
|
| |||||||
Air Freight & Logistics - 0.3% |
| |||||||
Forward Air Corp. | 305 | 10,303 | ||||||
HUB Group, Inc. — Class A* | 293 | 10,255 | ||||||
|
| |||||||
Total Air Freight & Logistics | 20,558 | |||||||
|
| |||||||
Airlines - 0.3% |
| |||||||
Allegiant Travel Co.* | 209 | 12,281 | ||||||
SkyWest, Inc. | 927 | 8,333 | ||||||
|
| |||||||
Total Airlines | 20,614 | |||||||
|
| |||||||
Auto Components - 0.6% |
| |||||||
Drew Industries, Inc.* | 382 | 11,376 | ||||||
Spartan Motors, Inc. | 1,904 | 8,282 | ||||||
Standard Motor Products, Inc. | 503 | 7,580 | ||||||
Superior Industries International, Inc. | 568 | 9,719 | ||||||
|
| |||||||
Total Auto Components | 36,957 | |||||||
|
| |||||||
Automobiles - 0.2% |
| |||||||
Winnebago Industries, Inc.* | 1,214 | 11,836 | ||||||
|
| |||||||
Total Automobiles | 11,836 | |||||||
|
| |||||||
Beverages - 0.2% |
| |||||||
Boston Beer Co., Inc. — Class A* | 102 | 10,539 | ||||||
|
| |||||||
Total Beverages | 10,539 | |||||||
|
| |||||||
Biotechnology - 1.1% |
| |||||||
ArQule, Inc.* | 1,429 | 10,074 | ||||||
Cubist Pharmaceuticals, Inc.* | 241 | 10,190 | ||||||
Emergent Biosolutions, Inc.* | 651 | 9,153 | ||||||
Momenta Pharmaceuticals, Inc.* | 691 | 10,973 | ||||||
Savient Pharmaceuticals, Inc.* | 5,233 | 12,402 | ||||||
Spectrum Pharmaceuticals, Inc.* | 1,322 | 14,053 | ||||||
|
| |||||||
Total Biotechnology | 66,845 | |||||||
|
| |||||||
Building Products - 1.6% |
| |||||||
AAON, Inc. | 564 | 11,505 | ||||||
AO Smith Corp. | 233 | 11,091 | ||||||
Apogee Enterprises, Inc. | 799 | 12,273 | ||||||
Gibraltar Industries, Inc.* | 720 | 9,734 | ||||||
Griffon Corp. | 1,015 | 10,059 | ||||||
NCI Building Systems, Inc.* | 866 | 10,383 | ||||||
Quanex Building Products Corp. | 635 | 11,703 | ||||||
Simpson Manufacturing Co., Inc. | 334 | 10,364 | ||||||
Universal Forest Products, Inc. | 322 | 12,043 | ||||||
|
| |||||||
Total Building Products | 99,155 | |||||||
|
|
SHARES | MARKET VALUE | |||||||
Capital Markets - 1.3% |
| |||||||
Calamos Asset Management, Inc. — Class A | 819 | $ | 10,581 | |||||
Financial Engines, Inc.* | 474 | 10,826 | ||||||
Investment Technology Group, Inc.* | 938 | 9,568 | ||||||
Piper Jaffray Cos.* | 415 | 10,064 | ||||||
Prospect Capital Corp. | 993 | 10,844 | ||||||
Stifel Financial Corp.* | 287 | 10,452 | ||||||
SWS Group, Inc. | 2,026 | 11,427 | ||||||
Virtus Investment Partners, Inc.* | 130 | 10,972 | ||||||
|
| |||||||
Total Capital Markets | 84,734 | |||||||
|
| |||||||
Chemicals - 2.7% |
| |||||||
A. Schulman, Inc. | 405 | 9,967 | ||||||
American Vanguard Corp. | 530 | 13,250 | ||||||
Balchem Corp. | 366 | 10,577 | ||||||
Calgon Carbon Corp.* | 701 | 9,702 | ||||||
H.B. Fuller Co. | 338 | 11,120 | ||||||
Hawkins, Inc. | 288 | 10,002 | ||||||
Innophos Holdings, Inc. | 212 | 10,424 | ||||||
Koppers Holdings, Inc. | 286 | 11,120 | ||||||
Kraton Performance Polymers, Inc.* | 371 | 9,646 | ||||||
LSB Industries, Inc.* | 264 | 8,955 | ||||||
OM Group, Inc.* | 418 | 10,082 | ||||||
PolyOne Corp. | 787 | 10,908 | ||||||
Quaker Chemical Corp. | 288 | 12,499 | ||||||
Stepan Co. | 123 | 11,176 | ||||||
Tredegar Corp. | 528 | 9,161 | ||||||
Zep, Inc. | 694 | 9,890 | ||||||
|
| |||||||
Total Chemicals | 168,479 | |||||||
|
| |||||||
Commercial Banks - 6.0% |
| |||||||
Bank of the Ozarks, Inc. | 341 | 10,537 | ||||||
BBCN Bancorp, Inc.* | 1,011 | 11,101 | ||||||
Boston Private Financial Holdings, Inc. | 1,081 | 10,075 | ||||||
City Holding Co. | 301 | 10,038 | ||||||
Columbia Banking System, Inc. | 487 | 9,979 | ||||||
Community Bank System, Inc. | 382 | 10,742 | ||||||
CVB Financial Corp. | 948 | 10,968 | ||||||
First BanCorp* | 2,677 | 11,404 | ||||||
First Commonwealth Financial Corp. | 1,677 | 10,783 | ||||||
First Financial Bancorp | 610 | 10,254 | ||||||
First Financial Bankshares, Inc. | 305 | 10,321 | ||||||
First Midwest Bancorp, Inc. | 899 | 9,574 | ||||||
FNB Corp. | 884 | 10,033 | ||||||
Glacier Bancorp, Inc. | 733 | 10,922 | ||||||
Hanmi Financial Corp.* | 1,144 | 11,932 | ||||||
Home Bancshares, Inc. | 410 | 11,947 | ||||||
Independent Bank Corp. | 380 | 10,667 | ||||||
National Penn Bancshares, Inc. | 1,208 | 11,138 | ||||||
NBT Bancorp, Inc. | 483 | 9,926 | ||||||
Old National Bancorp | 860 | 11,025 | ||||||
PacWest Bancorp | 461 | 10,981 | ||||||
Pinnacle Financial Partners, Inc.* | 601 | 10,998 | ||||||
PrivateBancorp, Inc. | 722 | 11,357 | ||||||
S&T Bancorp, Inc. | 486 | 9,098 |
36 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | April 30, 2012 |
GUGGENHEIM S&P SMALLCAP 600 EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
Simmons First National Corp. — Class A | 400 | $ | 9,736 | |||||
Sterling Bancorp | 1,122 | 10,670 | ||||||
Susquehanna Bancshares, Inc. | 1,127 | 11,687 | ||||||
Texas Capital Bancshares, Inc.* | 301 | 11,351 | ||||||
Tompkins Financial Corp. | 259 | 9,803 | ||||||
UMB Financial Corp. | 241 | 11,580 | ||||||
Umpqua Holdings Corp. | 858 | 11,360 | ||||||
United Bankshares, Inc. | 350 | 9,251 | ||||||
United Community Banks, Inc.* | 1,147 | 10,793 | ||||||
Wilshire Bancorp, Inc.* | 2,299 | 12,323 | ||||||
Wintrust Financial Corp. | 305 | 11,020 | ||||||
|
| |||||||
Total Commercial Banks | 375,374 | |||||||
|
| |||||||
Commercial Services & Supplies - 2.3% |
| |||||||
ABM Industries, Inc. | 449 | 10,453 | ||||||
Consolidated Graphics, Inc.* | 218 | 8,718 | ||||||
Encore Capital Group, Inc.* | 466 | 11,044 | ||||||
G&K Services, Inc. — Class A | 313 | 10,285 | ||||||
Geo Group, Inc. (The)* | 596 | 12,343 | ||||||
Healthcare Services Group, Inc. | 505 | 10,716 | ||||||
Interface, Inc. — Class A | 838 | 11,866 | ||||||
Mobile Mini, Inc.* | 476 | 8,977 | ||||||
Portfolio Recovery Associates, Inc.* | 153 | 10,530 | ||||||
SYKES Enterprises, Inc.* | 697 | 11,047 | ||||||
Tetra Tech, Inc.* | 427 | 11,401 | ||||||
Unifirst Corp. | 175 | 10,633 | ||||||
United Stationers, Inc. | 353 | 10,011 | ||||||
Viad Corp. | 557 | 10,071 | ||||||
|
| |||||||
Total Commercial Services & Supplies | 148,095 | |||||||
|
| |||||||
Communications Equipment - 1.8% |
| |||||||
Arris Group, Inc.* | 923 | 11,934 | ||||||
Bel Fuse, Inc. — Class B | 586 | 10,425 | ||||||
Black Box Corp. | 393 | 8,886 | ||||||
Comtech Telecommunications Corp. | 317 | 9,802 | ||||||
Digi International, Inc.* | 975 | 9,048 | ||||||
Harmonic, Inc.* | 1,789 | 8,444 | ||||||
Netgear, Inc.* | 269 | 10,357 | ||||||
Oplink Communications, Inc.* | 631 | 9,995 | ||||||
PC-Tel, Inc. | 1,512 | 10,327 | ||||||
Symmetricom, Inc.* | 1,818 | 10,108 | ||||||
ViaSat, Inc.* | 231 | 11,157 | ||||||
|
| |||||||
Total Communications Equipment | 110,483 | |||||||
|
| |||||||
Computers & Peripherals - 1.3% |
| |||||||
3D Systems Corp.* | 435 | 12,828 | ||||||
Avid Technology, Inc.* | 950 | 8,256 | ||||||
Intermec, Inc.* | 1,429 | 7,602 | ||||||
Intevac, Inc.* | 1,381 | 11,131 | ||||||
Novatel Wireless, Inc.* | 3,127 | 9,037 | ||||||
Stratasys, Inc.* | 291 | 14,902 | ||||||
Super Micro Computer, Inc.* | 613 | 10,819 | ||||||
Synaptics, Inc.* | 281 | 8,630 | ||||||
|
| |||||||
Total Computers & Peripherals | 83,205 | |||||||
|
|
SHARES | MARKET VALUE | |||||||
Construction & Engineering - 0.8% |
| |||||||
Aegion Corp.* | 551 | $ | 10,056 | |||||
Comfort Systems USA, Inc. | 1,007 | 10,654 | ||||||
Dycom Industries, Inc.* | 462 | 10,806 | ||||||
EMCOR Group, Inc. | 378 | 11,083 | ||||||
Orion Marine Group, Inc.* | 1,387 | 9,598 | ||||||
|
| |||||||
Total Construction & Engineering | 52,197 | |||||||
|
| |||||||
Construction Materials - 0.5% |
| |||||||
Eagle Materials, Inc. | 320 | 11,270 | ||||||
Headwaters, Inc.* | 3,081 | 13,372 | ||||||
Texas Industries, Inc. | 295 | 9,915 | ||||||
|
| |||||||
Total Construction Materials | 34,557 | |||||||
|
| |||||||
Consumer Finance - 0.6% |
| |||||||
Cash America International, Inc. | 222 | 10,378 | ||||||
EZCORP, Inc. — Class A* | 332 | 8,894 | ||||||
First Cash Financial Services, Inc.* | 229 | 9,380 | ||||||
World Acceptance Corp.* | 160 | 10,642 | ||||||
|
| |||||||
Total Consumer Finance | 39,294 | |||||||
|
| |||||||
Containers & Packaging - 0.2% |
| |||||||
Myers Industries, Inc. | 752 | 12,430 | ||||||
|
| |||||||
Total Containers & Packaging | 12,430 | |||||||
|
| |||||||
Distributors - 0.3% |
| |||||||
Pool Corp. | 291 | 10,741 | ||||||
VOXX International Corp.* | 802 | 10,177 | ||||||
|
| |||||||
Total Distributors | 20,918 | |||||||
|
| |||||||
Diversified Consumer Services - 1.2% |
| |||||||
American Public Education, Inc.* | 267 | 9,270 | ||||||
Capella Education Co.* | 268 | 8,766 | ||||||
Career Education Corp.* | 1,289 | 9,191 | ||||||
Coinstar, Inc.* | 170 | 10,674 | ||||||
Corinthian Colleges, Inc.* | 2,394 | 9,193 | ||||||
Hillenbrand, Inc. | 449 | 9,402 | ||||||
Lincoln Educational Services Corp. | 1,325 | 9,726 | ||||||
Universal Technical Institute, Inc. | 776 | 9,312 | ||||||
|
| |||||||
Total Diversified Consumer Services | 75,534 | |||||||
|
| |||||||
Diversified Financial Services - 0.1% |
| |||||||
Interactive Brokers Group, Inc. — Class A | 629 | 9,542 | ||||||
|
| |||||||
Total Diversified Financial Services | 9,542 | |||||||
|
| |||||||
Diversified Telecommunication |
| |||||||
Atlantic Tele-Network, Inc. | 287 | 9,775 | ||||||
Cbeyond, Inc.* | 1,358 | 8,732 | ||||||
Cincinnati Bell, Inc.* | 2,584 | 9,819 | ||||||
General Communication, Inc. — Class A* | 1,016 | 7,722 | ||||||
Lumos Networks Corp. | 885 | 8,000 | ||||||
Neutral Tandem, Inc.* | 932 | 10,830 | ||||||
|
| |||||||
Total Diversified Telecommunication Services | 54,878 | |||||||
|
| |||||||
Electric Utilities - 0.8% |
| |||||||
Allete, Inc. | 249 | 10,262 | ||||||
Central Vermont Public Service Corp. | 295 | 10,399 |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 37 |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | April 30, 2012 |
GUGGENHEIM S&P SMALLCAP 600 EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
El Paso Electric Co. | 322 | $ | 9,866 | |||||
UIL Holdings Corp. | 298 | 10,242 | ||||||
Unisource Energy Corp. | 278 | 10,119 | ||||||
|
| |||||||
Total Electric Utilities | 50,888 | |||||||
|
| |||||||
Electrical Equipment - 1.4% |
| |||||||
AZZ, Inc. | 204 | 10,549 | ||||||
Belden, Inc. | 270 | 9,391 | ||||||
Brady Corp. — Class A | 318 | 9,867 | ||||||
Encore Wire Corp. | 351 | 8,947 | ||||||
EnerSys* | 301 | 10,520 | ||||||
Franklin Electric Co., Inc. | 204 | 10,231 | ||||||
II-VI, Inc.* | 452 | 9,225 | ||||||
Powell Industries, Inc.* | 310 | 10,109 | ||||||
Vicor Corp. | 1,300 | 9,061 | ||||||
|
| |||||||
Total Electrical Equipment | 87,900 | |||||||
|
| |||||||
Electronic Equipment, Instruments & Components - 4.9% |
| |||||||
Agilysys, Inc.* | 1,265 | 11,081 | ||||||
Anixter International, Inc.* | 147 | 10,081 | ||||||
Badger Meter, Inc. | 325 | 12,006 | ||||||
Benchmark Electronics, Inc.* | 624 | 9,909 | ||||||
Brightpoint, Inc.* | 1,258 | 7,699 | ||||||
Checkpoint Systems, Inc.* | 940 | 10,302 | ||||||
Cognex Corp. | 246 | 9,902 | ||||||
CTS Corp. | 1,088 | 11,674 | ||||||
Daktronics, Inc. | 1,203 | 9,792 | ||||||
DTS, Inc.* | 377 | 11,762 | ||||||
Electro Scientific Industries, Inc. | 731 | 10,424 | ||||||
FARO Technologies, Inc.* | 194 | 10,860 | ||||||
FEI Co.* | 231 | 11,589 | ||||||
Insight Enterprises, Inc.* | 495 | 10,054 | ||||||
Littelfuse, Inc. | 189 | 11,845 | ||||||
Measurement Specialties, Inc.* | 317 | 11,326 | ||||||
Mercury Computer Systems, Inc.* | 755 | 9,966 | ||||||
Methode Electronics, Inc. | 1,161 | 9,810 | ||||||
MTS Systems Corp. | 210 | 10,074 | ||||||
Newport Corp.* | 602 | 10,276 | ||||||
OSI Systems, Inc.* | 171 | 11,433 | ||||||
Park Electrochemical Corp. | 361 | 10,415 | ||||||
Plexus Corp.* | 297 | 9,614 | ||||||
Pulse Electronics Corp. | 3,871 | 7,936 | ||||||
Radisys Corp.* | 1,398 | 8,877 | ||||||
Rofin-Sinar Technologies, Inc.* | 419 | 10,559 | ||||||
Rogers Corp.* | 278 | 10,645 | ||||||
Scansource, Inc.* | 281 | 9,262 | ||||||
SYNNEX Corp.* | 250 | 9,523 | ||||||
TTM Technologies, Inc.* | 876 | 9,049 | ||||||
|
| |||||||
Total Electronic Equipment, Instruments & Components | 307,745 | |||||||
|
| |||||||
Energy Equipment & Services - 1.9% |
| |||||||
Basic Energy Services, Inc.* | 563 | 8,107 | ||||||
Bristow Group, Inc. | 221 | 10,796 | ||||||
Exterran Holdings, Inc.* | 748 | 10,106 | ||||||
Gulf Island Fabrication, Inc. | 353 | 9,891 |
SHARES | MARKET VALUE | |||||||
Hornbeck Offshore Services, Inc.* | 246 | $ | 10,241 | |||||
ION Geophysical Corp.* | 1,564 | 9,744 | ||||||
Lufkin Industries, Inc. | 135 | 10,373 | ||||||
Matrix Service Co.* | 773 | 10,551 | ||||||
OYO Geospace Corp.* | 95 | 10,946 | ||||||
Pioneer Drilling Co.* | 1,081 | 8,518 | ||||||
SEACOR Holdings, Inc.* | 108 | 10,036 | ||||||
Tetra Technologies, Inc.* | 1,084 | 9,442 | ||||||
|
| |||||||
Total Energy Equipment & Services | 118,751 | |||||||
|
| |||||||
Food & Staples Retailing - 0.9% |
| |||||||
Andersons, Inc. (The) | 233 | 11,743 | ||||||
Casey’s General Stores, Inc. | 199 | 11,214 | ||||||
Nash Finch Co. | 371 | 9,312 | ||||||
Spartan Stores, Inc. | 579 | 10,555 | ||||||
United Natural Foods, Inc.* | 222 | 10,942 | ||||||
|
| |||||||
Total Food & Staples Retailing | 53,766 | |||||||
|
| |||||||
Food Products - 1.8% |
| |||||||
B&G Foods, Inc. | 459 | 10,208 | ||||||
Cal-Maine Foods, Inc. | 254 | 9,152 | ||||||
Calavo Growers, Inc. | 384 | 11,013 | ||||||
Darling International, Inc.* | 606 | 9,926 | ||||||
Diamond Foods, Inc. | 433 | 9,050 | ||||||
Hain Celestial Group, Inc. (The)* | 252 | 11,920 | ||||||
J&J Snack Foods Corp. | 207 | 11,604 | ||||||
Sanderson Farms, Inc. | 196 | 10,115 | ||||||
Seneca Foods Corp. — Class A* | 433 | 10,085 | ||||||
Snyders-Lance, Inc. | 458 | 11,853 | ||||||
TreeHouse Foods, Inc.* | 182 | 10,467 | ||||||
|
| |||||||
Total Food Products | 115,393 | |||||||
|
| |||||||
Gas Utilities - 1.0% |
| |||||||
Laclede Group, Inc. (The) | 254 | 10,002 | ||||||
New Jersey Resources Corp. | 229 | 9,902 | ||||||
Northwest Natural Gas Co. | 227 | 10,374 | ||||||
Piedmont Natural Gas Co., Inc. | 322 | 9,815 | ||||||
South Jersey Industries, Inc. | 202 | 9,948 | ||||||
Southwest Gas Corp. | 241 | 10,127 | ||||||
|
| |||||||
Total Gas Utilities | 60,168 | |||||||
|
| |||||||
Health Care Equipment & Supplies - 3.9% |
| |||||||
Abaxis, Inc.* | 380 | 13,536 | ||||||
Align Technology, Inc.* | 392 | 12,430 | ||||||
Analogic Corp. | 162 | 11,050 | ||||||
Cantel Medical Corp. | 463 | 10,871 | ||||||
CONMED Corp. | 350 | 10,007 | ||||||
CryoLife, Inc.* | 1,939 | 10,257 | ||||||
Cyberonics, Inc.* | 275 | 10,532 | ||||||
Greatbatch, Inc.* | 436 | 10,154 | ||||||
Haemonetics Corp.* | 156 | 11,165 | ||||||
ICU Medical, Inc.* | 222 | 11,653 | ||||||
Integra LifeSciences Holdings Corp.* | 304 | 11,318 | ||||||
Invacare Corp. | 654 | 10,366 | ||||||
Kensey Nash Corp. | 432 | 12,282 | ||||||
Meridian Bioscience, Inc. | 581 | 11,940 | ||||||
Merit Medical Systems, Inc.* | 827 | 10,933 |
38 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | April 30, 2012 |
GUGGENHEIM S&P SMALLCAP 600 EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
Natus Medical, Inc.* | 992 | $ | 12,142 | |||||
Neogen Corp.* | 300 | 11,697 | ||||||
NuVasive, Inc.* | 670 | 11,102 | ||||||
Palomar Medical Technologies, Inc.* | 1,066 | 9,274 | ||||||
SurModics, Inc.* | 719 | 10,634 | ||||||
Symmetry Medical, Inc.* | 1,573 | 11,184 | ||||||
West Pharmaceutical Services, Inc. | 253 | 11,360 | ||||||
|
| |||||||
Total Health Care Equipment & Supplies | 245,887 | |||||||
|
| |||||||
Health Care Providers & Services - 3.8% |
| |||||||
Air Methods Corp.* | 114 | 9,588 | ||||||
Almost Family, Inc.* | 437 | 10,654 | ||||||
Amedisys, Inc.* | 798 | 11,754 | ||||||
AMN Healthcare Services, Inc.* | 2,018 | 13,541 | ||||||
Amsurg Corp.* | 398 | 11,446 | ||||||
Bio-Reference Labs, Inc.* | 451 | 9,615 | ||||||
Centene Corp.* | 223 | 8,829 | ||||||
Chemed Corp. | 170 | 10,258 | ||||||
CorVel Corp.* | 234 | 10,177 | ||||||
Cross Country Healthcare, Inc.* | 2,211 | 10,193 | ||||||
Ensign Group, Inc. (The) | 381 | 10,176 | ||||||
Gentiva Health Services, Inc.* | 1,488 | 12,321 | ||||||
Hanger Orthopedic Group, Inc.* | 491 | 11,563 | ||||||
Healthways, Inc.* | 1,335 | 8,904 | ||||||
IPC The Hospitalist Co., Inc.* | 290 | 11,139 | ||||||
Kindred Healthcare, Inc.* | 1,069 | 10,305 | ||||||
Landauer, Inc. | 197 | 10,386 | ||||||
LHC Group, Inc.* | 574 | 10,165 | ||||||
Magellan Health Services, Inc.* | 220 | 9,742 | ||||||
Molina Healthcare, Inc.* | 312 | 8,003 | ||||||
MWI Veterinary Supply, Inc.* | 124 | 11,706 | ||||||
PharMerica Corp.* | 824 | 9,781 | ||||||
PSS World Medical, Inc.* | 420 | 10,051 | ||||||
|
| |||||||
Total Health Care Providers & Services | 240,297 | |||||||
|
| |||||||
Health Care Technology - 0.6% |
| |||||||
Computer Programs & Systems, Inc. | 168 | 10,011 | ||||||
Medidata Solutions, Inc.* | 419 | 10,856 | ||||||
Omnicell, Inc.* | 704 | 10,046 | ||||||
Quality Systems, Inc. | 240 | 8,976 | ||||||
|
| |||||||
Total Health Care Technology | 39,889 | |||||||
|
| |||||||
Hotels, Restaurants & Leisure - 3.8% |
| |||||||
Biglari Holdings, Inc.* | 26 | 10,565 | ||||||
BJ’s Restaurants, Inc.* | 208 | 8,984 | ||||||
Boyd Gaming Corp.* | 1,325 | 10,189 | ||||||
Buffalo Wild Wings, Inc.* | 117 | 9,810 | ||||||
CEC Entertainment, Inc. | 278 | 10,625 | ||||||
Cracker Barrel Old Country Store, Inc. | 186 | 10,699 | ||||||
DineEquity, Inc.* | 202 | 9,813 | ||||||
Interval Leisure Group, Inc. | 671 | 11,595 | ||||||
Jack in the Box, Inc.* | 441 | 10,020 | ||||||
Marcus Corp. | 865 | 10,821 | ||||||
Marriott Vacations Worldwide Corp.* | 387 | 11,428 | ||||||
Monarch Casino & Resort, Inc.* | 1,027 | 9,941 |
SHARES | MARKET VALUE | |||||||
Multimedia Games Holding Co., Inc.* | 1,010 | $ | 11,474 | |||||
P.F. Chang’s China Bistro, Inc. | 261 | 10,359 | ||||||
Papa John’s International, Inc.* | 279 | 11,238 | ||||||
Peet’s Coffee & Tea, Inc.* | 154 | 11,830 | ||||||
Pinnacle Entertainment, Inc.* | 930 | 10,323 | ||||||
Red Robin Gourmet Burgers, Inc.* | 296 | 10,555 | ||||||
Ruby Tuesday, Inc.* | 1,307 | 8,888 | ||||||
Ruth’s Hospitality Group, Inc* | 1,552 | 10,740 | ||||||
Shuffle Master, Inc.* | 620 | 10,955 | ||||||
Sonic Corp.* | 1,429 | 10,317 | ||||||
Texas Roadhouse, Inc. | 622 | 10,730 | ||||||
|
| |||||||
Total Hotels, Restaurants & Leisure | 241,899 | |||||||
|
| |||||||
Household Durables - 1.8% |
| |||||||
American Greetings Corp. — Class A | 396 | 6,336 | ||||||
Blyth, Inc. | 154 | 13,547 | ||||||
Ethan Allen Interiors, Inc. | 419 | 9,721 | ||||||
Helen of Troy Ltd.* | 307 | 10,622 | ||||||
iRobot Corp.* | 392 | 9,255 | ||||||
La-Z-Boy, Inc.* | 735 | 11,077 | ||||||
M/I Homes, Inc.* | 804 | 10,693 | ||||||
Meritage Homes Corp.* | 380 | 10,788 | ||||||
Ryland Group, Inc. (The) | 545 | 12,268 | ||||||
Standard Pacific Corp.* | 2,279 | 11,532 | ||||||
Universal Electronics, Inc.* | 540 | 9,137 | ||||||
|
| |||||||
Total Household Durables | 114,976 | |||||||
|
| |||||||
Household Products - 0.4% |
| |||||||
Central Garden and Pet Co. — Class A* | 1,143 | 12,219 | ||||||
WD-40 Co. | 240 | 10,819 | ||||||
|
| |||||||
Total Household Products | 23,038 | |||||||
|
| |||||||
Industrial Conglomerates - 0.2% |
| |||||||
Standex International Corp. | 272 | 11,984 | ||||||
|
| |||||||
Total Industrial Conglomerates | 11,984 | |||||||
|
| |||||||
Insurance - 2.9% |
| |||||||
AMERISAFE, Inc.* | 439 | 11,730 | ||||||
Delphi Financial Group, Inc. — Class A | 232 | 10,537 | ||||||
eHealth, Inc.* | 649 | 11,500 | ||||||
Employers Holdings, Inc. | 621 | 10,756 | ||||||
Horace Mann Educators Corp. | 592 | 10,390 | ||||||
Infinity Property & Casualty Corp. | 195 | 10,415 | ||||||
Meadowbrook Insurance Group, Inc. | 1,116 | 9,854 | ||||||
National Financial Partners Corp.* | 691 | 10,192 | ||||||
Navigators Group, Inc. (The)* | 228 | 10,830 | ||||||
Presidential Life Corp. | 975 | 11,291 | ||||||
ProAssurance Corp. | 118 | 10,395 | ||||||
RLI Corp. | 147 | 10,125 | ||||||
Safety Insurance Group, Inc. | 248 | 9,883 | ||||||
Selective Insurance Group, Inc. | 607 | 10,616 | ||||||
Stewart Information Services Corp. | 785 | 11,555 | ||||||
Tower Group, Inc. | 470 | 10,143 | ||||||
United Fire Group, Inc. | 549 | 9,454 | ||||||
|
| |||||||
Total Insurance | 179,666 | |||||||
|
|
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 39 |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | April 30, 2012 |
GUGGENHEIM S&P SMALLCAP 600 EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
Internet & Catalog Retail - 0.5% |
| |||||||
Blue Nile, Inc.* | 297 | $ | 8,993 | |||||
Nutrisystem, Inc. | 989 | 11,453 | ||||||
PetMed Express, Inc. | 871 | 11,732 | ||||||
|
| |||||||
Total Internet & Catalog Retail | 32,178 | |||||||
|
| |||||||
Internet Software & Services - 2.2% |
| |||||||
comScore, Inc.* | 468 | 9,323 | ||||||
DealerTrack Holdings, Inc.* | 340 | 10,142 | ||||||
Digital River, Inc.* | 610 | 11,474 | ||||||
InfoSpace, Inc.* | 801 | 8,915 | ||||||
j2 Global, Inc. | 345 | 8,911 | ||||||
Liquidity Services, Inc.* | 234 | 12,479 | ||||||
LivePerson, Inc.* | 640 | 10,163 | ||||||
LogMeIn, Inc.* | 285 | 10,263 | ||||||
OpenTable, Inc.* | 312 | 13,956 | ||||||
Perficient, Inc.* | 840 | 10,088 | ||||||
Stamps.com, Inc.* | 365 | 10,596 | ||||||
United Online, Inc. | 2,152 | 10,201 | ||||||
XO Group, Inc.* | 1,111 | 10,299 | ||||||
|
| |||||||
Total Internet Software & Services | 136,810 | |||||||
|
| |||||||
IT Services - 1.9% |
| |||||||
CACI International, Inc. — Class A* | 171 | 10,453 | ||||||
Cardtronics, Inc.* | 380 | 10,017 | ||||||
CIBER, Inc.* | 2,356 | 9,801 | ||||||
CSG Systems International, Inc.* | 651 | 9,374 | ||||||
Forrester Research, Inc. | 318 | 11,273 | ||||||
Heartland Payment Systems, Inc. | 360 | 10,969 | ||||||
Higher One Holdings, Inc.* | 662 | 10,440 | ||||||
iGate Corp.* | 600 | 11,676 | ||||||
MAXIMUS, Inc. | 250 | 11,063 | ||||||
NCI, Inc. — Class A* | 1,431 | 7,098 | ||||||
TeleTech Holdings, Inc.* | 661 | 10,014 | ||||||
Virtusa Corp.* | 679 | 10,246 | ||||||
|
| |||||||
Total IT Services | 122,424 | |||||||
|
| |||||||
Leisure Equipment & Products - 0.9% |
| |||||||
Arctic Cat, Inc.* | 254 | 11,237 | ||||||
Brunswick Corp. | 435 | 11,436 | ||||||
Callaway Golf Co. | 1,488 | 9,121 | ||||||
Jakks Pacific, Inc. | 651 | 12,415 | ||||||
Sturm Ruger & Co., Inc. | 243 | 13,868 | ||||||
|
| |||||||
Total Leisure Equipment & Products | 58,077 | |||||||
|
| |||||||
Life Sciences Tools & Services - 0.9% |
| |||||||
Affymetrix, Inc.* | 2,474 | 10,935 | ||||||
Cambrex Corp.* | 1,514 | 9,811 | ||||||
Enzo Biochem, Inc.* | 3,760 | 10,302 | ||||||
eResearchTechnology, Inc.* | 1,538 | 12,150 | ||||||
PAREXEL International Corp.* | 415 | 11,180 | ||||||
|
| |||||||
Total Life Sciences Tools & Services | 54,378 | |||||||
|
| |||||||
Machinery - 3.1% |
| |||||||
Actuant Corp. — Class A | 369 | 10,063 | ||||||
Albany International Corp. — Class A | 441 | 10,628 | ||||||
Astec Industries, Inc.* | 281 | 8,793 |
SHARES | MARKET VALUE | |||||||
Barnes Group, Inc. | 390 | $ | 10,296 | |||||
Briggs & Stratton Corp. | 610 | 11,041 | ||||||
Cascade Corp. | 190 | 8,943 | ||||||
CIRCOR International, Inc. | 318 | 9,896 | ||||||
EnPro Industries, Inc.* | 283 | 11,719 | ||||||
ESCO Technologies, Inc. | 301 | 10,354 | ||||||
Federal Signal Corp.* | 2,351 | 12,131 | ||||||
John Bean Technologies Corp. | 681 | 10,889 | ||||||
Kaydon Corp. | 283 | 6,942 | ||||||
Lindsay Corp. | 169 | 11,288 | ||||||
Lydall, Inc.* | 1,139 | 12,016 | ||||||
Mueller Industries, Inc. | 227 | 10,376 | ||||||
Robbins & Myers, Inc. | 217 | 10,570 | ||||||
Tennant Co. | 250 | 11,075 | ||||||
Toro Co. (The) | 151 | 10,791 | ||||||
Watts Water Technologies, Inc. — Class A | 261 | 9,610 | ||||||
|
| |||||||
Total Machinery | 197,421 | |||||||
|
| |||||||
Media - 0.8% |
| |||||||
Arbitron, Inc. | 302 | 11,491 | ||||||
Digital Generation, Inc.* | 980 | 9,094 | ||||||
E.W. Scripps Co. — Class A* | 1,120 | 10,259 | ||||||
Harte-Hanks, Inc. | 1,201 | 10,089 | ||||||
Live Nation Entertainment, Inc.* | 1,109 | 10,048 | ||||||
|
| |||||||
Total Media | 50,981 | |||||||
|
| |||||||
Metals & Mining - 1.7% |
| |||||||
A.M. Castle & Co.* | 996 | 13,337 | ||||||
AK Steel Holding Corp. | 1,423 | 10,559 | ||||||
AMCOL International Corp. | 368 | 12,129 | ||||||
Century Aluminum Co.* | 1,142 | 10,506 | ||||||
Haynes International, Inc. | 166 | 10,353 | ||||||
Kaiser Aluminum Corp. | 216 | 11,355 | ||||||
Materion Corp.* | 375 | 9,266 | ||||||
Olympic Steel, Inc. | 442 | 9,340 | ||||||
RTI International Metals, Inc.* | 458 | 11,244 | ||||||
SunCoke Energy, Inc.* | 729 | 11,095 | ||||||
|
| |||||||
Total Metals & Mining | 109,184 | |||||||
|
| |||||||
Multi-Utilities - 0.5% |
| |||||||
Avista Corp. | 406 | 10,735 | ||||||
CH Energy Group, Inc. | 156 | 10,237 | ||||||
NorthWestern Corp. | 293 | 10,407 | ||||||
|
| |||||||
Total Multi-Utilities | 31,379 | |||||||
|
| |||||||
Multiline Retail - 0.4% |
| |||||||
Fred’s, Inc. — Class A | 757 | 10,840 | ||||||
Tuesday Morning Corp.* | 3,010 | 12,161 | ||||||
|
| |||||||
Total Multiline Retail | 23,001 | |||||||
|
| |||||||
Oil, Gas & Consumable Fuels - 2.0% |
| |||||||
Approach Resources, Inc.* | 294 | 10,549 | ||||||
Cloud Peak Energy, Inc.* | 606 | 9,326 | ||||||
Comstock Resources, Inc.* | 683 | 12,000 | ||||||
Contango Oil & Gas Co.* | 174 | 9,441 | ||||||
GeoResources, Inc.* | 308 | 11,615 | ||||||
Gulfport Energy Corp.* | 314 | 8,230 |
40 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | April 30, 2012 |
GUGGENHEIM S&P SMALLCAP 600 EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
Overseas Shipholding Group, Inc. | 1,224 | $ | 14,321 | |||||
Penn Virginia Corp. | 2,174 | 11,131 | ||||||
Petroleum Development Corp.* | 273 | 9,389 | ||||||
Petroquest Energy, Inc.* | 1,682 | 10,159 | ||||||
Stone Energy Corp.* | 328 | 9,200 | ||||||
Swift Energy Co.* | 340 | 10,285 | ||||||
|
| |||||||
Total Oil, Gas & Consumable Fuels | 125,646 | |||||||
|
| |||||||
Paper & Forest Products - 1.1% |
| |||||||
Buckeye Technologies, Inc. | 293 | 9,496 | ||||||
Clearwater Paper Corp.* | 299 | 9,858 | ||||||
Deltic Timber Corp. | 157 | 9,590 | ||||||
KapStone Paper and Packaging Corp.* | 512 | 9,247 | ||||||
Neenah Paper, Inc. | 347 | 9,910 | ||||||
Schweitzer-Mauduit International, Inc. | 143 | 9,698 | ||||||
Wausau Paper Corp. | 1,117 | 10,120 | ||||||
|
| |||||||
Total Paper & Forest Products | 67,919 | |||||||
|
| |||||||
Personal Products - 0.5% |
| |||||||
Inter Parfums, Inc. | 634 | 9,985 | ||||||
Medifast, Inc.* | 644 | 12,378 | ||||||
Prestige Brands Holdings, Inc.* | 638 | 10,840 | ||||||
|
| |||||||
Total Personal Products | 33,203 | |||||||
|
| |||||||
Pharmaceuticals - 1.2% |
| |||||||
Akorn, Inc.* | 874 | 10,602 | ||||||
Hi-Tech Pharmacal Co., Inc.* | 274 | 8,930 | ||||||
Medicines Co. (The)* | 501 | 11,067 | ||||||
Par Pharmaceutical Cos., Inc.* | 282 | 11,940 | ||||||
Questcor Pharmaceuticals, Inc.* | 291 | 13,066 | ||||||
Salix Pharmaceuticals Ltd.* | 211 | 10,423 | ||||||
ViroPharma, Inc.* | 351 | 7,634 | ||||||
|
| |||||||
Total Pharmaceuticals | 73,662 | |||||||
|
| |||||||
Professional Services - 1.7% |
| |||||||
CDI Corp. | 614 | 10,892 | ||||||
Dolan Co. (The)* | 1,113 | 8,915 | ||||||
Exponent, Inc.* | 217 | 10,373 | ||||||
Heidrick & Struggles International, Inc. | 498 | 9,711 | ||||||
Insperity, Inc. | 354 | 9,654 | ||||||
Kelly Services, Inc. — Class A | 702 | 9,821 | ||||||
Navigant Consulting, Inc.* | 768 | 10,691 | ||||||
On Assignment, Inc.* | 769 | 14,388 | ||||||
Resources Connection, Inc. | 831 | 10,786 | ||||||
TrueBlue, Inc.* | 597 | 10,304 | ||||||
|
| |||||||
Total Professional Services | 105,535 | |||||||
|
| |||||||
Real Estate Investment Trusts (REITs) - 4.9% |
| |||||||
Acadia Realty Trust | 485 | 11,242 | ||||||
Cedar Reality Trust, Inc. | 2,125 | 11,093 | ||||||
Colonial Properties Trust | 493 | 11,029 | ||||||
Cousins Properties, Inc. | 1,434 | 11,271 | ||||||
DiamondRock Hospitality Co. | 1,071 | 11,385 | ||||||
EastGroup Properties, Inc. | 211 | 10,613 | ||||||
Entertainment Properties Trust | 229 | 10,990 | ||||||
Extra Space Storage, Inc. | 395 | 11,988 | ||||||
Franklin Street Properties Corp. | 1,005 | 10,120 |
SHARES | MARKET VALUE | |||||||
Getty Realty Corp. | 662 | $ | 10,473 | |||||
Healthcare Realty Trust, Inc. | 504 | 10,826 | ||||||
Inland Real Estate Corp. | 1,227 | 10,552 | ||||||
Kilroy Realty Corp. | 234 | 11,103 | ||||||
Kite Realty Group Trust | 2,091 | 10,685 | ||||||
LaSalle Hotel Properties | 384 | 11,294 | ||||||
Lexington Realty Trust | 1,173 | 10,440 | ||||||
LTC Properties, Inc. | 341 | 11,349 | ||||||
Medical Properties Trust, Inc. | 1,085 | 10,177 | ||||||
Mid-America Apartment Communities, Inc. | 161 | 10,959 | ||||||
Parkway Properties, Inc. | 1,081 | 10,691 | ||||||
Pennsylvania Real Estate Investment Trust | 748 | 10,539 | ||||||
Post Properties, Inc. | 234 | 11,396 | ||||||
PS Business Parks, Inc. | 165 | 11,261 | ||||||
Saul Centers, Inc. | 280 | 11,203 | ||||||
Sovran Self Storage, Inc. | 219 | 11,541 | ||||||
Tanger Factory Outlet Centers | 354 | 11,087 | ||||||
Universal Health Realty Income Trust | 270 | 10,919 | ||||||
Urstadt Biddle Properties, Inc. — Class A | 542 | 10,428 | ||||||
|
| |||||||
Total Real Estate Investment Trusts (REITs) | 306,654 | |||||||
|
| |||||||
Real Estate Management & |
| |||||||
Forestar Group, Inc.* | 662 | 10,181 | ||||||
|
| |||||||
Total Real Estate Management & Development | 10,181 | |||||||
|
| |||||||
Road & Rail - 0.6% |
| |||||||
Arkansas Best Corp. | 562 | 8,621 | ||||||
Heartland Express, Inc. | 700 | 9,681 | ||||||
Knight Transportation, Inc. | 581 | 9,540 | ||||||
Old Dominion Freight Line, Inc.* | 221 | 9,828 | ||||||
|
| |||||||
Total Road & Rail | 37,670 | |||||||
|
| |||||||
Semiconductors & Semiconductor Equipment - 5.6% |
| |||||||
Advanced Energy Industries, Inc.* | 849 | 10,137 | ||||||
ATMI, Inc.* | 455 | 9,559 | ||||||
Brooks Automation, Inc. | 852 | 10,019 | ||||||
Cabot Microelectronics Corp. | 289 | 9,936 | ||||||
CEVA, Inc.* | 441 | 9,742 | ||||||
Cirrus Logic, Inc.* | 438 | 11,992 | ||||||
Cohu, Inc. | 899 | 9,871 | ||||||
Cymer, Inc.* | 219 | 11,353 | ||||||
Diodes, Inc.* | 441 | 9,830 | ||||||
DSP Group, Inc.* | 1,607 | 10,510 | ||||||
Entropic Communications, Inc.* | 1,693 | 7,161 | ||||||
Exar Corp.* | 1,429 | 11,318 | ||||||
GT Advanced Technologies, Inc.* | 1,284 | 8,359 | ||||||
Hittite Microwave Corp.* | 192 | 10,280 | ||||||
Kopin Corp.* | 3,072 | 10,967 | ||||||
Kulicke & Soffa Industries, Inc.* | 886 | 11,607 | ||||||
Micrel, Inc. | 1,016 | 11,064 | ||||||
Microsemi Corp.* | 500 | 10,760 | ||||||
MKS Instruments, Inc. | 359 | 9,926 | ||||||
Monolithic Power Systems, Inc.* | 576 | 11,935 | ||||||
Nanometrics, Inc.* | 589 | 9,135 |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 41 |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | April 30, 2012 |
GUGGENHEIM S&P SMALLCAP 600 EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
Pericom Semiconductor Corp.* | 1,374 | $ | 10,800 | |||||
Power Integrations, Inc. | 274 | 10,379 | ||||||
Rubicon Technology, Inc.* | 1,155 | 10,915 | ||||||
Rudolph Technologies, Inc.* | 1,047 | 11,308 | ||||||
Sigma Designs, Inc.* | 2,112 | 11,637 | ||||||
Standard Microsystems Corp.* | 416 | 11,016 | ||||||
STR Holdings, Inc.* | 1,653 | 6,314 | ||||||
Supertex, Inc.* | 579 | 11,852 | ||||||
Tessera Technologies, Inc.* | 662 | 10,354 | ||||||
TriQuint Semiconductor, Inc.* | 1,661 | 8,106 | ||||||
Ultratech, Inc.* | 374 | 11,945 | ||||||
Veeco Instruments, Inc.* | 349 | 10,536 | ||||||
Volterra Semiconductor Corp.* | 339 | 11,150 | ||||||
|
| |||||||
Total Semiconductors & Semiconductor Equipment | 351,773 | |||||||
|
| |||||||
Software - 3.0% |
| |||||||
Blackbaud, Inc. | 324 | 10,038 | ||||||
Bottomline Technologies, Inc.* | 361 | 8,494 | ||||||
CommVault Systems, Inc.* | 202 | 10,518 | ||||||
Ebix, Inc. | 466 | 9,530 | ||||||
EPIQ Systems, Inc. | 886 | 10,065 | ||||||
Interactive Intelligence Group* | 355 | 10,529 | ||||||
JDA Software Group, Inc.* | 405 | 11,696 | ||||||
Manhattan Associates, Inc.* | 212 | 10,632 | ||||||
MicroStrategy, Inc. — Class A* | 79 | 11,043 | ||||||
Monotype Imaging Holdings, Inc.* | 719 | 10,203 | ||||||
Netscout Systems, Inc.* | 486 | 10,055 | ||||||
OPNET Technologies, Inc. | 345 | 7,990 | ||||||
Progress Software Corp.* | 444 | 10,274 | ||||||
Sourcefire, Inc.* | 216 | 11,014 | ||||||
Synchronoss Technologies, Inc.* | 331 | 10,360 | ||||||
Take-Two Interactive Software, Inc.* | 658 | 9,278 | ||||||
Tyler Technologies, Inc.* | 275 | 10,986 | ||||||
VASCO Data Security International, Inc.* | 1,011 | 7,876 | ||||||
Websense, Inc.* | 539 | 11,179 | ||||||
|
| |||||||
Total Software | 191,760 | |||||||
|
| |||||||
Specialty Retail - 5.2% |
| |||||||
Big 5 Sporting Goods Corp. | 1,363 | 11,408 | ||||||
Brown Shoe Co., Inc. | 1,121 | 10,212 | ||||||
Buckle, Inc. (The) | 210 | 9,698 | ||||||
Cabela’s, Inc.* | 301 | 11,381 | ||||||
Cato Corp. (The) — Class A | 382 | 10,631 | ||||||
Children’s Place Retail Stores, Inc. (The)* | 204 | 9,380 | ||||||
Christopher & Banks Corp. | 4,983 | 9,318 | ||||||
Coldwater Creek, Inc.* | 9,918 | 9,819 | ||||||
Finish Line, Inc. (The) — Class A | 435 | 9,683 | ||||||
Genesco, Inc.* | 139 | 10,425 | ||||||
Group 1 Automotive, Inc. | 189 | 10,939 | ||||||
Haverty Furniture Cos., Inc. | 922 | 11,064 | ||||||
Hibbett Sports, Inc.* | 202 | 12,063 | ||||||
HOT Topic, Inc. | 1,040 | 10,192 | ||||||
JOS A Bank Clothiers, Inc.* | 197 | 9,367 | ||||||
Kirkland’s, Inc.* | 614 | 8,989 |
SHARES | MARKET VALUE | |||||||
Lithia Motors, Inc. — Class A | 414 | $ | 11,108 | |||||
Lumber Liquidators Holdings, Inc.* | 434 | 12,556 | ||||||
MarineMax, Inc.* | 1,413 | 15,063 | ||||||
Men’s Wearhouse, Inc. (The) | 267 | 9,890 | ||||||
Monro Muffler Brake, Inc. | 234 | 9,655 | ||||||
OfficeMax, Inc.* | 2,018 | 9,384 | ||||||
PEP Boys-Manny Moe & Jack | 692 | 10,331 | ||||||
Rue21, Inc.* | 380 | 11,533 | ||||||
Select Comfort Corp.* | 324 | 9,357 | ||||||
Sonic Automotive, Inc. — Class A | 569 | 9,571 | ||||||
Stage Stores, Inc. | 656 | 10,017 | ||||||
Stein Mart, Inc.* | 1,672 | 10,734 | ||||||
Vitamin Shoppe, Inc.* | 240 | 11,297 | ||||||
Zale Corp.* | 3,349 | 9,176 | ||||||
Zumiez, Inc.* | 303 | 11,108 | ||||||
|
| |||||||
Total Specialty Retail | 325,349 | |||||||
|
| |||||||
Textiles, Apparel & Luxury Goods - 2.3% |
| |||||||
Crocs, Inc.* | 558 | 11,272 | ||||||
Iconix Brand Group, Inc.* | 618 | 9,480 | ||||||
K-Swiss, Inc. — Class A* | 2,741 | 10,087 | ||||||
Liz Claiborne, Inc.* | 876 | 11,738 | ||||||
Maidenform Brands, Inc.* | 463 | 10,570 | ||||||
Movado Group, Inc. | 480 | 13,608 | ||||||
Oxford Industries, Inc. | 213 | 10,222 | ||||||
Perry Ellis International, Inc.* | 586 | 10,964 | ||||||
Quiksilver, Inc.* | 2,445 | 8,460 | ||||||
Skechers U.S.A., Inc. — Class A* | 825 | 15,403 | ||||||
Steven Madden Ltd.* | 239 | 10,327 | ||||||
True Religion Apparel, Inc.* | 397 | 10,783 | ||||||
Wolverine World Wide, Inc. | 271 | 11,368 | ||||||
|
| |||||||
Total Textiles, Apparel & Luxury Goods | 144,282 | |||||||
|
| |||||||
Thrifts & Mortgage Finance - 1.4% |
| |||||||
Bank Mutual Corp. | 2,670 | 10,413 | ||||||
Brookline Bancorp, Inc. | 1,142 | 10,255 | ||||||
Dime Community Bancshares, Inc. | 735 | 10,187 | ||||||
Northwest Bancshares, Inc. | 831 | 10,238 | ||||||
Oritani Financial Corp. | 792 | 11,738 | ||||||
Provident Financial Services, Inc. | 751 | 11,040 | ||||||
TrustCo Bank Corp. NY | 1,943 | 10,628 | ||||||
ViewPoint Financial Group | 676 | 10,755 | ||||||
|
| |||||||
Total Thrifts & Mortgage Finance | 85,254 | |||||||
|
| |||||||
Tobacco - 0.2% |
| |||||||
Alliance One International, Inc.* | 3,027 | 10,716 | ||||||
|
| |||||||
Total Tobacco | 10,716 | |||||||
|
| |||||||
Trading Companies & Distributors - 0.5% |
| |||||||
Applied Industrial Technologies, Inc. | 257 | 10,100 | ||||||
Kaman Corp. | 312 | 10,727 | ||||||
Lawson Products, Inc. | 647 | 9,420 | ||||||
|
| |||||||
Total Trading Companies & Distributors | 30,247 | |||||||
|
| |||||||
Water Utilities - 0.2% |
| |||||||
American States Water Co. | 278 | 10,130 | ||||||
|
| |||||||
Total Water Utilities | 10,130 | |||||||
|
|
42 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (concluded) | April 30, 2012 |
GUGGENHEIM S&P SMALLCAP 600 EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
Wireless Telecommunication Services - 0.3% |
| |||||||
NTELOS Holdings Corp. | 480 | $ | 9,706 | |||||
USA Mobility, Inc. | 774 | 10,000 | ||||||
|
| |||||||
Total Wireless Telecommunication Services | 19,706 | |||||||
|
| |||||||
Total Common Stocks | 6,282,307 | |||||||
|
| |||||||
SHORT TERM INVESTMENTS - 0.1% |
| |||||||
SSgA Government Money Market Fund | 8,132 | 8,132 | ||||||
|
| |||||||
Total Short Term Investments | 8,132 | |||||||
|
| |||||||
Total Investments - 100.0%a | 6,290,439 | |||||||
|
| |||||||
Other Assets and Liabilities, |
| (21 | ) | |||||
|
| |||||||
Net Assets - 100.0% | $ | 6,290,418 |
* | Non-Income Producing Security. |
a | Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs. |
b | Amount represents less than 0.05% of net assets. |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 43 |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2012 |
GUGGENHEIM RUSSELL MIDCAP® EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
COMMON STOCKS - 99.8% |
| |||||||
Aerospace & Defense - 1.0% |
| |||||||
Alliant Techsystems, Inc. | 1,135 | $ | 60,496 | |||||
BE Aerospace, Inc.* | 1,211 | 56,953 | ||||||
Exelis, Inc. | 4,582 | 52,830 | ||||||
Goodrich Corp. | 461 | 57,837 | ||||||
Huntington Ingalls Industries, Inc.* | 1,522 | 60,043 | ||||||
L-3 Communications Holdings, Inc. | 809 | 59,494 | ||||||
Rockwell Collins, Inc. | 984 | 54,996 | ||||||
Spirit Aerosystems Holdings, Inc. — Class A* | 2,301 | 57,525 | ||||||
Textron, Inc. | 2,077 | 55,331 | ||||||
TransDigm Group, Inc.* | 496 | 62,556 | ||||||
|
| |||||||
Total Aerospace & Defense | 578,061 | |||||||
|
| |||||||
Air Freight & Logistics - 0.3% |
| |||||||
C.H. Robinson Worldwide, Inc. | 883 | 52,750 | ||||||
Expeditors International of Washington, Inc. | 1,239 | 49,560 | ||||||
UTi Worldwide, Inc. | 3,368 | 56,145 | ||||||
|
| |||||||
Total Air Freight & Logistics | 158,455 | |||||||
|
| |||||||
Airlines - 0.4% |
| |||||||
Copa Holdings SA — Class A | 737 | 59,925 | ||||||
Delta Air Lines, Inc.* | 5,881 | 64,456 | ||||||
Southwest Airlines Co. | 7,010 | 58,043 | ||||||
United Continental Holdings, Inc.* | 2,756 | 60,412 | ||||||
|
| |||||||
Total Airlines | 242,836 | |||||||
|
| |||||||
Auto Components - 0.7% |
| |||||||
Autoliv, Inc. | 675 | 42,350 | ||||||
BorgWarner, Inc.* | 527 | 41,654 | ||||||
Delphi Automotive PLC* | 1,421 | 43,610 | ||||||
Federal-Mogul Corp.* | 2,545 | 32,907 | ||||||
Gentex Corp. | 1,829 | 40,183 | ||||||
Goodyear Tire & Rubber Co. (The)* | 3,822 | 41,966 | ||||||
Lear Corp. | 970 | 40,255 | ||||||
TRW Automotive Holdings Corp.* | 980 | 44,796 | ||||||
Visteon Corp.* | 843 | 42,293 | ||||||
|
| |||||||
Total Auto Components | 370,014 | |||||||
|
| |||||||
Automobiles - 0.2% |
| |||||||
Harley-Davidson, Inc. | 910 | 47,620 | ||||||
Tesla Motors, Inc.* | 1,195 | 39,591 | ||||||
Thor Industries, Inc. | 1,395 | 47,193 | ||||||
|
| |||||||
Total Automobiles | 134,404 | |||||||
|
| |||||||
Beverages - 2.4% |
| |||||||
Beam, Inc. | 3,299 | 187,317 | ||||||
Brown-Forman Corp. — Class B | 2,297 | 198,346 | ||||||
Coca-Cola Enterprises, Inc. | 6,781 | 204,243 | ||||||
Constellation Brands, Inc. — Class A* | 8,090 | 174,744 | ||||||
Dr Pepper Snapple Group, Inc. | 4,986 | 202,332 | ||||||
Molson Coors Brewing Co. — Class B | 4,250 | 176,715 | ||||||
Monster Beverage Corp.* | 3,107 | 201,831 | ||||||
|
| |||||||
Total Beverages | 1,345,528 | |||||||
|
|
SHARES | MARKET VALUE | |||||||
Biotechnology - 1.7% |
| |||||||
Alexion Pharmaceuticals, Inc.* | 986 | $ | 89,056 | |||||
Amylin Pharmaceuticals, Inc.* | 5,976 | 154,838 | ||||||
BioMarin Pharmaceutical, Inc.* | 2,626 | 91,122 | ||||||
Dendreon Corp.* | 9,097 | 105,980 | ||||||
Human Genome Sciences, Inc.* | 11,327 | 166,620 | ||||||
Myriad Genetics, Inc.* | 3,929 | 102,193 | ||||||
Regeneron Pharmaceuticals, Inc.* | 792 | 107,126 | ||||||
United Therapeutics Corp.* | 1,884 | 82,425 | ||||||
Vertex Pharmaceuticals, Inc.* | 2,246 | 86,426 | ||||||
|
| |||||||
Total Biotechnology | 985,786 | |||||||
|
| |||||||
Building Products - 0.8% |
| |||||||
Armstrong World Industries, Inc. | 1,755 | 77,290 | ||||||
Fortune Brands Home & Security, Inc.* | 2,094 | 47,618 | ||||||
Lennox International, Inc. | 2,516 | 109,194 | ||||||
Masco Corp. | 7,294 | 96,135 | ||||||
Owens Corning* | 2,768 | 95,081 | ||||||
|
| |||||||
Total Building Products | 425,318 | |||||||
|
| |||||||
Capital Markets - 1.3% |
| |||||||
Affiliated Managers Group, Inc.* | 335 | 38,063 | ||||||
American Capital Ltd.* | 4,302 | 42,719 | ||||||
Ameriprise Financial, Inc. | 655 | 35,507 | ||||||
Ares Capital Corp. | 2,301 | 36,908 | ||||||
E*Trade Financial Corp.* | 3,376 | 35,887 | ||||||
Eaton Vance Corp. | 1,291 | 33,953 | ||||||
Federated Investors, Inc. — Class B | 1,626 | 35,902 | ||||||
Greenhill & Co., Inc. | 833 | 32,362 | ||||||
Invesco Ltd. | 1,427 | 35,447 | ||||||
Janus Capital Group, Inc. | 4,049 | 30,691 | ||||||
Jefferies Group, Inc. | 1,977 | 31,493 | ||||||
Lazard Ltd. — Class A | 1,292 | 35,543 | ||||||
Legg Mason, Inc. | 1,299 | 33,865 | ||||||
LPL Investment Holdings, Inc.* | 985 | 35,352 | ||||||
Northern Trust Corp. | 796 | 37,882 | ||||||
Raymond James Financial, Inc. | 1,011 | 37,023 | ||||||
SEI Investments Co. | 1,785 | 36,039 | ||||||
T. Rowe Price Group, Inc. | 583 | 36,796 | ||||||
TD Ameritrade Holding Corp. | 1,877 | 35,269 | ||||||
Waddell & Reed Financial, Inc. — Class A | 1,144 | 36,585 | ||||||
|
| |||||||
Total Capital Markets | 713,286 | |||||||
|
| |||||||
Chemicals - 4.4% |
| |||||||
Airgas, Inc. | 1,126 | 103,187 | ||||||
Albemarle Corp. | 1,559 | 101,803 | ||||||
Ashland, Inc. | 1,611 | 106,117 | ||||||
Cabot Corp. | 2,346 | 101,183 | ||||||
Celanese Corp. — Series A | 2,231 | 108,114 | ||||||
CF Industries Holdings, Inc. | 537 | 103,673 | ||||||
Cytec Industries, Inc. | 1,621 | 103,047 | ||||||
Eastman Chemical Co. | 1,938 | 104,594 | ||||||
Ecolab, Inc. | 1,639 | 104,388 | ||||||
FMC Corp. | 953 | 105,259 |
44 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | April 30, 2012 |
GUGGENHEIM RUSSELL MIDCAP® EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
Huntsman Corp. | 6,843 | $ | 96,897 | |||||
International Flavors & Fragrances, Inc. | 1,718 | 103,441 | ||||||
Intrepid Potash, Inc.* | 4,060 | 100,891 | ||||||
Kronos Worldwide, Inc. | 4,077 | 96,788 | ||||||
PPG Industries, Inc. | 1,052 | 110,712 | ||||||
Rockwood Holdings, Inc.* | 1,931 | 106,861 | ||||||
RPM International, Inc. | 3,879 | 103,065 | ||||||
Scotts Miracle-Gro Co. (The) — Class A | 1,842 | 96,521 | ||||||
Sherwin-Williams Co. (The) | 919 | 110,537 | ||||||
Sigma-Aldrich Corp. | 1,360 | 96,424 | ||||||
Solutia, Inc. | 3,610 | 102,307 | ||||||
Valspar Corp. | 2,040 | 104,346 | ||||||
Westlake Chemical Corp. | 1,522 | 97,332 | ||||||
WR Grace & Co* | 1,718 | 102,410 | ||||||
|
| |||||||
Total Chemicals | 2,469,897 | |||||||
|
| |||||||
Commercial Banks - 1.7% |
| |||||||
Associated Banc-Corp. | 2,690 | 35,858 | ||||||
Bank of Hawaii Corp. | 788 | 38,525 | ||||||
BOK Financial Corp. | 668 | 38,096 | ||||||
CapitalSource, Inc. | 5,539 | 35,727 | ||||||
CIT Group, Inc.* | 914 | 34,595 | ||||||
City National Corp. | 709 | 37,761 | ||||||
Comerica, Inc. | 1,168 | 37,399 | ||||||
Commerce Bancshares, Inc. | 937 | 37,574 | ||||||
Cullen/Frost Bankers, Inc. | 646 | 38,088 | ||||||
East West Bancorp, Inc. | 1,616 | 36,796 | ||||||
Fifth Third Bancorp | 2,698 | 38,393 | ||||||
First Citizens BancShares, Inc. — Class A | 206 | 35,700 | ||||||
First Horizon National Corp. | 3,604 | 33,085 | ||||||
First Niagara Financial Group, Inc. | 3,835 | 34,285 | ||||||
First Republic Bank/San Franciso* | 1,143 | 37,753 | ||||||
Fulton Financial Corp. | 3,601 | 37,774 | ||||||
Huntington Bancshares, Inc. | 5,949 | 39,799 | ||||||
KeyCorp | 4,518 | 36,325 | ||||||
M&T Bank Corp. | 439 | 37,872 | ||||||
Popular, Inc.* | 18,204 | 32,403 | ||||||
Regions Financial Corp. | 5,741 | 38,694 | ||||||
SunTrust Banks, Inc. | 1,581 | 38,387 | ||||||
Synovus Financial Corp. | 17,988 | 37,775 | ||||||
TCF Financial Corp. | 3,094 | 35,488 | ||||||
Valley National Bancorp | 2,903 | 36,578 | ||||||
Zions Bancorp | 1,744 | 35,560 | ||||||
|
| |||||||
Total Commercial Banks | 956,290 | |||||||
|
| |||||||
Commercial Services & Supplies - 1.2% |
| |||||||
Avery Dennison Corp. | 1,900 | 60,762 | ||||||
Cintas Corp. | 1,450 | 56,797 | ||||||
Copart, Inc.* | 1,087 | 28,708 | ||||||
Corrections Corp. of America* | 2,177 | 62,894 | ||||||
Covanta Holding Corp. | 3,503 | 56,223 | ||||||
Iron Mountain, Inc. | 1,980 | 60,133 | ||||||
KAR Auction Services, Inc.* | 2,814 | 51,778 | ||||||
Pitney Bowes, Inc. | 3,196 | 54,747 |
SHARES | MARKET VALUE | |||||||
R.R. Donnelley & Sons Co. | 4,469 | $ | 55,907 | |||||
Republic Services, Inc. | 1,885 | 51,592 | ||||||
Stericycle, Inc.* | 675 | 58,455 | ||||||
Waste Connections, Inc. | 1,780 | 57,369 | ||||||
|
| |||||||
Total Commercial Services & Supplies | 655,365 | |||||||
|
| |||||||
Communications Equipment - 1.2% |
| |||||||
Acme Packet, Inc.* | 2,525 | 70,877 | ||||||
Brocade Communications Systems, Inc.* | 11,478 | 63,588 | ||||||
Ciena Corp.* | 4,051 | 60,036 | ||||||
EchoStar Corp. — Class A* | 2,327 | 67,599 | ||||||
F5 Networks, Inc.* | 498 | 66,697 | ||||||
Harris Corp. | 1,493 | 67,991 | ||||||
JDS Uniphase Corp.* | 4,517 | 54,881 | ||||||
Motorola Mobility Holdings, Inc.* | 1,702 | 66,072 | ||||||
Polycom, Inc.* | 3,367 | 44,680 | ||||||
Riverbed Technology, Inc.* | 2,401 | 47,372 | ||||||
Tellabs, Inc. | 16,617 | 62,646 | ||||||
|
| |||||||
Total Communications Equipment | 672,439 | |||||||
|
| |||||||
Computers & Peripherals - 0.8% |
| |||||||
Diebold, Inc. | 1,682 | 66,355 | ||||||
Fusion-io, Inc.* | 2,296 | 58,892 | ||||||
Lexmark International, Inc. — Class A | 1,712 | 51,531 | ||||||
NCR Corp.* | 3,090 | 72,615 | ||||||
QLogic Corp.* | 3,726 | 64,274 | ||||||
SanDisk Corp.* | 1,333 | 49,334 | ||||||
Western Digital Corp.* | 1,573 | 61,048 | ||||||
|
| |||||||
Total Computers & Peripherals | 424,049 | |||||||
|
| |||||||
Construction & Engineering - 0.8% |
| |||||||
Aecom Technology Corp.* | 2,512 | 55,440 | ||||||
Chicago Bridge & Iron Co. NV | 1,288 | 57,213 | ||||||
Fluor Corp. | 931 | 53,765 | ||||||
Jacobs Engineering Group, Inc.* | 1,242 | 54,437 | ||||||
KBR, Inc. | 1,574 | 53,296 | ||||||
Quanta Services, Inc.* | 2,701 | 59,746 | ||||||
Shaw Group, Inc. (The)* | 1,828 | 55,333 | ||||||
URS Corp. | 1,328 | 54,860 | ||||||
|
| |||||||
Total Construction & Engineering | 444,090 | |||||||
|
| |||||||
Construction Materials - 0.3% |
| |||||||
Martin Marietta Materials, Inc. | 1,150 | 95,312 | ||||||
Vulcan Materials Co. | 2,283 | 97,735 | ||||||
|
| |||||||
Total Construction Materials | 193,047 | |||||||
|
| |||||||
Consumer Finance - 0.2% |
| |||||||
Discover Financial Services | 1,117 | 37,866 | ||||||
Green Dot Corp. — Class A* | 1,419 | 37,448 | ||||||
SLM Corp. | 2,358 | 34,969 | ||||||
|
| |||||||
Total Consumer Finance | 110,283 | |||||||
|
| |||||||
Containers & Packaging - 1.9% |
| |||||||
AptarGroup, Inc. | 1,839 | 100,244 | ||||||
Ball Corp. | 2,379 | 99,347 | ||||||
Bemis Co., Inc. | 3,134 | 101,510 |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 45 |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | April 30, 2012 |
GUGGENHEIM RUSSELL MIDCAP® EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
Crown Holdings, Inc.* | 2,715 | $ | 100,401 | |||||
Greif, Inc. — Class A | 1,894 | 101,594 | ||||||
Owens-Illinois, Inc.* | 4,204 | 97,743 | ||||||
Packaging Corp. of America | 3,387 | 98,867 | ||||||
Rock-Tenn Co. — Class A | 1,482 | 92,373 | ||||||
Sealed Air Corp. | 5,108 | 97,971 | ||||||
Silgan Holdings, Inc. | 2,270 | 99,585 | ||||||
Sonoco Products Co. | 2,999 | 99,357 | ||||||
|
| |||||||
Total Containers & Packaging | 1,088,992 | |||||||
|
| |||||||
Distributors - 0.2% |
| |||||||
Genuine Parts Co. | 725 | 46,966 | ||||||
LKQ Corp.* | 1,425 | 47,666 | ||||||
|
| |||||||
Total Distributors | 94,632 | |||||||
|
| |||||||
Diversified Consumer Services - 0.6% |
| |||||||
Apollo Group, Inc. — Class A* | 1,146 | 40,362 | ||||||
Career Education Corp.* | 5,383 | 38,381 | ||||||
DeVry, Inc. | 1,270 | 40,830 | ||||||
Education Management Corp.* | 2,951 | 36,592 | ||||||
H&R Block, Inc. | 2,668 | 39,220 | ||||||
ITT Educational Services, Inc.* | 689 | 45,488 | ||||||
Service Corp. International | 4,026 | 46,621 | ||||||
Weight Watchers International, Inc. | 574 | 43,601 | ||||||
|
| |||||||
Total Diversified Consumer Services | 331,095 | |||||||
|
| |||||||
Diversified Financial Services - 0.5% |
| |||||||
CBOE Holdings, Inc. | 1,315 | 34,769 | ||||||
Interactive Brokers Group, Inc. — Class A | 2,178 | 33,040 | ||||||
IntercontinentalExchange, Inc.* | 275 | 36,586 | ||||||
Leucadia National Corp. | 1,400 | 34,804 | ||||||
Moody’s Corp. | 893 | 36,568 | ||||||
MSCI, Inc. — Class A* | 1,011 | 36,993 | ||||||
Nasdaq OMX Group, Inc. (The)* | 1,420 | 34,889 | ||||||
NYSE Euronext | 1,261 | 32,471 | ||||||
|
| |||||||
Total Diversified Financial Services | 280,120 | |||||||
|
| |||||||
Diversified Telecommunication Services - 0.8% |
| |||||||
Frontier Communications Corp. | 30,424 | 122,913 | ||||||
Level 3 Communications, Inc.* | 4,719 | 108,820 | ||||||
tw telecom, Inc.* | 5,582 | 121,576 | ||||||
Windstream Corp. | 10,318 | 115,974 | ||||||
|
| |||||||
Total Diversified Telecommunication Services | 469,283 | |||||||
|
| |||||||
Electric Utilities - 3.1% |
| |||||||
Edison International | 2,874 | 126,485 | ||||||
Entergy Corp. | 1,840 | 120,630 | ||||||
Great Plains Energy, Inc. | 6,124 | 125,052 | ||||||
Hawaiian Electric Industries, Inc. | 4,887 | 129,701 | ||||||
ITC Holdings Corp. | 1,602 | 124,091 | ||||||
Northeast Utilities | 6,700 | 246,359 | ||||||
NV Energy, Inc. | 7,748 | 129,004 | ||||||
OGE Energy Corp. | 2,337 | 126,105 | ||||||
Pepco Holdings, Inc. | 6,528 | 123,510 | ||||||
Pinnacle West Capital Corp. | 2,598 | 125,613 |
SHARES | MARKET VALUE | |||||||
PPL Corp. | 4,419 | $ | 120,860 | |||||
Progress Energy, Inc. | 2,343 | 124,694 | ||||||
Westar Energy, Inc. | 4,452 | 127,728 | ||||||
|
| |||||||
Total Electric Utilities | 1,749,832 | |||||||
|
| |||||||
Electrical Equipment - 1.2% |
| |||||||
AMETEK, Inc. | 1,188 | 59,792 | ||||||
Babcock & Wilcox Co. (The)* | 2,198 | 54,071 | ||||||
Cooper Industries PLC | 913 | 57,126 | ||||||
General Cable Corp.* | 2,009 | 59,145 | ||||||
GrafTech International Ltd.* | 4,852 | 56,963 | ||||||
Hubbell, Inc. — Class B | 737 | 59,137 | ||||||
Polypore International, Inc.* | 2,734 | 102,115 | ||||||
Regal-Beloit Corp. | 869 | 58,779 | ||||||
Rockwell Automation, Inc. | 714 | 55,221 | ||||||
Roper Industries, Inc. | 573 | 58,389 | ||||||
Thomas & Betts Corp.* | 806 | 57,959 | ||||||
|
| |||||||
Total Electrical Equipment | 678,697 | |||||||
|
| |||||||
Electronic Equipment, Instruments & Components - 1.6% |
| |||||||
Amphenol Corp. — Class A | 1,131 | 65,756 | ||||||
Arrow Electronics, Inc.* | 1,577 | 66,313 | ||||||
Avnet, Inc.* | 1,817 | 65,557 | ||||||
AVX Corp. | 5,004 | 63,551 | ||||||
Dolby Laboratories, Inc. — Class A* | 1,720 | 67,476 | ||||||
FLIR Systems, Inc. | 2,240 | 50,310 | ||||||
Ingram Micro, Inc. — Class A* | 3,615 | 70,348 | ||||||
IPG Photonics Corp.* | 1,238 | 59,919 | ||||||
Itron, Inc.* | 1,286 | 52,469 | ||||||
Jabil Circuit, Inc. | 2,615 | 61,322 | ||||||
Molex, Inc. | 2,354 | 64,947 | ||||||
National Instruments Corp. | 2,041 | 55,515 | ||||||
Tech Data Corp.* | 1,220 | 65,624 | ||||||
Trimble Navigation, Ltd.* | 1,041 | 56,360 | ||||||
Vishay Intertechnology, Inc.* | 5,507 | 61,788 | ||||||
|
| |||||||
Total Electronic Equipment, Instruments & Components | 927,255 | |||||||
|
| |||||||
Energy Equipment & Services - 3.8% |
| |||||||
Atwood Oceanics, Inc.* | 2,587 | 114,682 | ||||||
Cameron International Corp.* | 2,332 | 119,515 | ||||||
CARBO Ceramics, Inc. | 1,160 | 97,544 | ||||||
Core Laboratories NV | 920 | 126,022 | ||||||
Diamond Offshore Drilling, Inc. | 1,772 | 121,471 | ||||||
Dresser-Rand Group, Inc.* | 2,540 | 123,647 | ||||||
FMC Technologies, Inc.* | 2,441 | 114,727 | ||||||
Helmerich & Payne, Inc. | 2,195 | 112,801 | ||||||
IHS, Inc. — Class A* | 613 | 61,956 | ||||||
McDermott International, Inc.* | 4,434 | 50,104 | ||||||
Nabors Industries Ltd.* | 6,731 | 112,071 | ||||||
Oceaneering International, Inc. | 2,246 | 115,961 | ||||||
Oil States International, Inc.* | 1,499 | 119,290 | ||||||
Patterson-UTI Energy, Inc. | 6,823 | 110,328 | ||||||
Rowan Cos., Inc.* | 3,649 | 126,000 | ||||||
RPC, Inc. | 11,491 | 118,817 | ||||||
SEACOR Holdings, Inc.* | 1,252 | 116,348 |
46 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | April 30, 2012 |
GUGGENHEIM RUSSELL MIDCAP® EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
Superior Energy Services, Inc.* | 4,567 | $ | 122,944 | |||||
Tidewater, Inc. | 1,076 | 59,212 | ||||||
Unit Corp.* | 2,763 | 116,737 | ||||||
|
| |||||||
Total Energy Equipment & Services | 2,160,177 | |||||||
|
| |||||||
Food & Staples Retailing - 1.0% |
| |||||||
Safeway, Inc. | 9,422 | 191,549 | ||||||
SUPERVALU, Inc. | 30,868 | 183,356 | ||||||
Whole Foods Market, Inc. | 2,286 | 189,898 | ||||||
|
| |||||||
Total Food & Staples Retailing | 564,803 | |||||||
|
| |||||||
Food Products - 6.1% |
| |||||||
Bunge Ltd. | 2,854 | 184,083 | ||||||
Campbell Soup Co. | 5,819 | 196,857 | ||||||
ConAgra Foods, Inc. | 7,340 | 189,519 | ||||||
Corn Products International, Inc. | 3,375 | 192,577 | ||||||
Dean Foods Co.* | 15,750 | 193,410 | ||||||
Flowers Foods, Inc. | 9,427 | 202,209 | ||||||
Green Mountain Coffee Roasters, Inc.* | 3,705 | 180,619 | ||||||
H.J. Heinz Co. | 3,617 | 192,822 | ||||||
Hershey Co. (The) | 3,136 | 210,143 | ||||||
Hormel Foods Corp. | 6,534 | 189,878 | ||||||
J.M. Smucker Co. (The) | 2,385 | 189,918 | ||||||
McCormick & Co., Inc. | 3,547 | 198,313 | ||||||
Mead Johnson Nutrition Co. | 2,333 | 199,611 | ||||||
Post Holdings, Inc.* | 5,995 | 178,351 | ||||||
Ralcorp Holdings, Inc.* | 2,618 | 190,617 | ||||||
Sara Lee Corp. | 8,895 | 196,046 | ||||||
Smithfield Foods, Inc.* | 8,674 | 181,807 | ||||||
Tyson Foods, Inc. — Class A | 9,857 | 179,890 | ||||||
|
| |||||||
Total Food Products | 3,446,670 | |||||||
|
| |||||||
Gas Utilities - 1.4% |
| |||||||
AGL Resources, Inc. | 3,166 | 124,836 | ||||||
Atmos Energy Corp. | 4,000 | 130,320 | ||||||
National Fuel Gas Co. | 2,556 | 120,950 | ||||||
Oneok, Inc. | 1,510 | 129,694 | ||||||
Questar Corp. | 6,407 | 126,538 | ||||||
UGI Corp. | 4,517 | 131,806 | ||||||
|
| |||||||
Total Gas Utilities | 764,144 | |||||||
|
| |||||||
Health Care Equipment & Supplies - 3.0% |
| |||||||
Alere, Inc.* | 3,632 | 86,768 | ||||||
Boston Scientific Corp.* | 14,882 | 93,161 | ||||||
C.R. Bard, Inc. | 931 | 92,132 | ||||||
CareFusion Corp.* | 3,566 | 92,395 | ||||||
Cooper Cos., Inc. (The) | 1,150 | 101,396 | ||||||
DENTSPLY International, Inc. | 2,294 | 94,192 | ||||||
Edwards Lifesciences Corp.* | 1,242 | 103,049 | ||||||
Gen-Probe, Inc.* | 1,369 | 111,642 | ||||||
Hill-Rom Holdings, Inc. | 2,715 | 88,102 | ||||||
Hologic, Inc.* | 4,252 | 81,298 | ||||||
IDEXX Laboratories, Inc.* | 1,067 | 93,821 | ||||||
Intuitive Surgical, Inc.* | 168 | 97,138 | ||||||
ResMed, Inc.* | 2,920 | 99,309 |
SHARES | MARKET VALUE | |||||||
Sirona Dental Systems, Inc.* | 1,775 | $ | 89,655 | |||||
Teleflex, Inc. | 1,490 | 93,378 | ||||||
Thoratec Corp.* | 2,696 | 93,848 | ||||||
Varian Medical Systems, Inc.* | 1,314 | 83,334 | ||||||
Zimmer Holdings, Inc. | 1,431 | 90,053 | ||||||
|
| |||||||
Total Health Care Equipment & Supplies | 1,684,671 | |||||||
|
| |||||||
Health Care Providers & Services - 3.6% |
| |||||||
AMERIGROUP Corp.* | 1,381 | 85,291 | ||||||
AmerisourceBergen Corp. | 2,330 | 86,699 | ||||||
Brookdale Senior Living, Inc.* | 4,939 | 93,890 | ||||||
Catalyst Health Solutions, Inc.* | 1,439 | 124,286 | ||||||
CIGNA Corp. | 1,950 | 90,148 | ||||||
Community Health Systems, Inc.* | 4,073 | 99,137 | ||||||
Coventry Health Care, Inc. | 2,804 | 84,092 | ||||||
DaVita, Inc.* | 1,038 | 91,946 | ||||||
Health Management Associates, Inc. — Class A* | 13,525 | 97,380 | ||||||
Health Net, Inc.* | 2,399 | 85,428 | ||||||
Henry Schein, Inc.* | 1,204 | 92,395 | ||||||
Humana, Inc. | 1,044 | 84,230 | ||||||
Laboratory Corp. of America Holdings* | 1,004 | 88,242 | ||||||
LifePoint Hospitals, Inc.* | 2,331 | 90,956 | ||||||
Lincare Holdings, Inc. | 3,385 | 82,594 | ||||||
Mednax, Inc.* | 1,233 | 86,606 | ||||||
Omnicare, Inc. | 2,670 | 93,023 | ||||||
Patterson Cos., Inc. | 2,820 | 96,134 | ||||||
Quest Diagnostics, Inc. | 1,517 | 87,516 | ||||||
Tenet Healthcare Corp.* | 17,000 | 88,230 | ||||||
Universal Health Services, Inc. — Class B | 2,158 | 92,168 | ||||||
VCA Antech, Inc.* | 4,016 | 95,018 | ||||||
|
| |||||||
Total Health Care Providers & Services | 2,015,409 | |||||||
|
| |||||||
Health Care Technology - 0.5% |
| |||||||
Allscripts Healthcare Solutions, Inc.* | 5,274 | 58,436 | ||||||
Cerner Corp.* | 1,208 | 97,956 | ||||||
SXC Health Solutions Corp.* | 1,272 | 115,218 | ||||||
|
| |||||||
Total Health Care Technology | 271,610 | |||||||
|
| |||||||
Hotels, Restaurants & Leisure - 1.5% |
| |||||||
Bally Technologies, Inc.* | 963 | 46,754 | ||||||
Brinker International, Inc. | 1,627 | 51,202 | ||||||
Chipotle Mexican Grill, Inc.* | 108 | 44,728 | ||||||
Choice Hotels International, Inc. | 1,204 | 45,294 | ||||||
Darden Restaurants, Inc. | 892 | 44,671 | ||||||
Dunkin’ Brands Group, Inc. | 1,492 | 48,296 | ||||||
Hyatt Hotels Corp. — Class A* | 1,054 | 45,353 | ||||||
International Game Technology | 2,649 | 41,271 | ||||||
Marriott International, Inc. — Class A | 1,176 | 45,970 | ||||||
Marriott Vacations Worldwide Corp.* | 1,590 | 46,953 | ||||||
MGM Resorts International* | 3,126 | 41,951 | ||||||
Panera Bread Co. — Class A* | 279 | 44,060 | ||||||
Penn National Gaming, Inc.* | 1,016 | 45,700 | ||||||
Royal Caribbean Cruises Ltd. | 1,503 | 41,137 |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 47 |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | April 30, 2012 |
GUGGENHEIM RUSSELL MIDCAP® EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
Starwood Hotels & Resorts Worldwide, Inc. | 779 | $ | 46,117 | |||||
Wendy’s Co. (The) | 9,084 | 44,239 | ||||||
WMS Industries, Inc.* | 1,921 | 47,084 | ||||||
Wyndham Worldwide Corp. | 995 | 50,088 | ||||||
Wynn Resorts Ltd. | 352 | 46,957 | ||||||
|
| |||||||
Total Hotels, Restaurants & Leisure | 867,825 | |||||||
|
| |||||||
Household Durables - 1.1% |
| |||||||
DR Horton, Inc. | 2,874 | 46,990 | ||||||
Garmin Ltd. | 948 | 44,679 | ||||||
Harman International Industries, Inc. | 959 | 47,547 | ||||||
Jarden Corp. | 1,131 | 47,423 | ||||||
Leggett & Platt, Inc. | 1,979 | 43,083 | ||||||
Lennar Corp. — Class A | 1,641 | 45,521 | ||||||
Mohawk Industries, Inc.* | 675 | 45,238 | ||||||
Newell Rubbermaid, Inc. | 2,509 | 45,664 | ||||||
NVR, Inc.* | 61 | 47,820 | ||||||
Pulte Homes, Inc.* | 5,003 | 49,230 | ||||||
Tempur-Pedic International, Inc.* | 539 | 31,715 | ||||||
Toll Brothers, Inc.* | 1,858 | 47,193 | ||||||
Tupperware Brands Corp. | 721 | 44,911 | ||||||
Whirlpool Corp. | 592 | 37,900 | ||||||
|
| |||||||
Total Household Durables | 624,914 | |||||||
|
| |||||||
Household Products - 1.0% |
| |||||||
Church & Dwight Co., Inc. | 3,899 | 198,069 | ||||||
Clorox Co. (The) | 2,822 | 197,822 | ||||||
Energizer Holdings, Inc.* | 2,634 | 187,884 | ||||||
|
| |||||||
Total Household Products | 583,775 | |||||||
|
| |||||||
Independent Power Producers & Energy Traders - 0.9% |
| |||||||
AES Corp. (The)* | 9,448 | 118,289 | ||||||
Calpine Corp.* | 7,372 | 138,225 | ||||||
GenOn Energy, Inc.* | 53,867 | 114,737 | ||||||
NRG Energy, Inc.* | 7,541 | 128,197 | ||||||
|
| |||||||
Total Independent Power Producers & Energy Traders | 499,448 | |||||||
|
| |||||||
Industrial Conglomerates - 0.1% |
| |||||||
Carlisle Cos., Inc. | 1,140 | 62,768 | ||||||
|
| |||||||
Total Industrial Conglomerates | 62,768 | |||||||
|
| |||||||
Insurance - 2.8% |
| |||||||
Alleghany Corp.* | 114 | 39,091 | ||||||
Allied World Assurance Co. Holdings Ltd. | 542 | 39,002 | ||||||
American Financial Group, Inc. | 975 | 37,947 | ||||||
American National Insurance Co. | 514 | 36,083 | ||||||
Aon PLC | 777 | 40,249 | ||||||
Arch Capital Group Ltd.* | 1,025 | 40,262 | ||||||
Arthur J. Gallagher & Co. | 1,049 | 39,400 | ||||||
Aspen Insurance Holdings Ltd. | 1,337 | 37,864 | ||||||
Assurant, Inc. | 905 | 36,508 | ||||||
Assured Guaranty Ltd. | 2,250 | 31,905 | ||||||
Axis Capital Holdings Ltd. | 1,134 | 38,579 | ||||||
Brown & Brown, Inc. | 1,596 | 43,044 |
SHARES | MARKET VALUE | |||||||
Cincinnati Financial Corp. | 1,072 | $ | 38,185 | |||||
CNA Financial Corp. | 1,272 | 38,949 | ||||||
Endurance Specialty Holdings Ltd. | 932 | 37,448 | ||||||
Erie Indemnity Co. — Class A | 486 | 37,373 | ||||||
Everest Re Group Ltd. | 405 | 40,136 | ||||||
Fidelity National Financial, Inc. — Class A | 2,116 | 40,775 | ||||||
Genworth Financial, Inc. — Class A* | 4,322 | 25,975 | ||||||
Hanover Insurance Group, Inc. (The) | 919 | 37,091 | ||||||
Hartford Financial Services Group, Inc. | 1,757 | 36,106 | ||||||
HCC Insurance Holdings, Inc. | 1,206 | 38,544 | ||||||
Kemper Corp. | 1,237 | 37,098 | ||||||
Lincoln National Corp. | 1,397 | 34,604 | ||||||
Markel Corp.* | 89 | 39,185 | ||||||
Marsh & McLennan Cos., Inc. | 1,147 | 38,367 | ||||||
MBIA, Inc.* | 3,993 | 40,249 | ||||||
Mercury General Corp. | 865 | 39,089 | ||||||
Old Republic International Corp. | 3,550 | 35,323 | ||||||
PartnerRe Ltd. | 568 | 39,544 | ||||||
Principal Financial Group, Inc. | 1,282 | 35,473 | ||||||
Progressive Corp. (The) | 1,637 | 34,868 | ||||||
Protective Life Corp. | 1,249 | 36,546 | ||||||
Reinsurance Group of America, Inc. | 631 | 36,686 | ||||||
RenaissanceRe Holdings Ltd. | 508 | 39,654 | ||||||
StanCorp Financial Group, Inc. | 908 | 34,849 | ||||||
Torchmark Corp. | 751 | 36,581 | ||||||
Unum Group | 1,545 | 36,678 | ||||||
Validus Holdings Ltd. | 1,226 | 39,845 | ||||||
W.R. Berkley Corp. | 1,044 | 39,317 | ||||||
White Mountains Insurance Group Ltd. | 75 | 39,225 | ||||||
XL Group PLC | 1,773 | 38,137 | ||||||
|
| |||||||
Total Insurance | 1,581,834 | |||||||
|
| |||||||
Internet & Catalog Retail - 0.5% |
| |||||||
Expedia, Inc. | 1,329 | 56,655 | ||||||
Groupon, Inc.* | 3,654 | 39,134 | ||||||
HomeAway, Inc.* | 1,775 | 46,239 | ||||||
Liberty Interactive Corp. — Series A* | 2,309 | 43,501 | ||||||
Netflix, Inc.* | 376 | 30,133 | ||||||
TripAdvisor, Inc.* | 1,284 | 48,163 | ||||||
|
| |||||||
Total Internet & Catalog Retail | 263,825 | |||||||
|
| |||||||
Internet Software & Services - 1.2% |
| |||||||
Akamai Technologies, Inc.* | 1,773 | 57,800 | ||||||
AOL, Inc.* | 3,481 | 87,164 | ||||||
Equinix, Inc.* | 440 | 72,248 | ||||||
IAC/InterActiveCorp | 1,327 | 63,895 | ||||||
LinkedIn Corp. — Class A* | 647 | 70,167 | ||||||
Monster Worldwide, Inc.* | 5,863 | 50,598 | ||||||
Rackspace Hosting, Inc.* | 1,139 | 66,164 | ||||||
VeriSign, Inc. | 1,743 | 71,655 | ||||||
VistaPrint NV* | 1,139 | 42,473 | ||||||
WebMD Health Corp.* | 3,572 | 81,263 | ||||||
|
| |||||||
Total Internet Software & Services | 663,427 | |||||||
|
|
48 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | April 30, 2012 |
GUGGENHEIM RUSSELL MIDCAP® EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
IT Services - 1.9% |
| |||||||
Alliance Data Systems Corp.* | 301 | $ | 38,675 | |||||
Amdocs Ltd.* | 2,123 | 67,936 | ||||||
Booz Allen Hamilton Holding Corp. | 3,337 | 57,063 | ||||||
Broadridge Financial Solutions, Inc. | 1,544 | 35,836 | ||||||
Computer Sciences Corp. | 2,147 | 60,245 | ||||||
CoreLogic, Inc.* | 2,295 | 38,326 | ||||||
DST Systems, Inc. | 1,218 | 68,184 | ||||||
Fidelity National Information Services, Inc. | 1,139 | 38,350 | ||||||
Fiserv, Inc.* | 542 | 38,097 | ||||||
FleetCor Technologies, Inc.* | 947 | 37,454 | ||||||
Gartner, Inc.* | 1,554 | 68,065 | ||||||
Genpact Ltd.* | 3,482 | 58,080 | ||||||
Global Payments, Inc. | 709 | 32,919 | ||||||
Lender Processing Services, Inc. | 1,485 | 39,427 | ||||||
NeuStar, Inc. — Class A* | 1,791 | 65,103 | ||||||
Paychex, Inc. | 1,797 | 55,671 | ||||||
SAIC, Inc. | 4,993 | 60,715 | ||||||
Teradata Corp.* | 976 | 68,105 | ||||||
Total System Services, Inc. | 1,642 | 38,620 | ||||||
VeriFone Systems, Inc.* | 1,283 | 61,122 | ||||||
Western Union Co. (The) | 2,085 | 38,322 | ||||||
|
| |||||||
Total IT Services | 1,066,315 | |||||||
|
| |||||||
Leisure Equipment & Products - 0.2% |
| |||||||
Hasbro, Inc. | 1,214 | 44,602 | ||||||
Mattel, Inc. | 1,318 | 44,285 | ||||||
Polaris Industries, Inc. | 614 | 48,776 | ||||||
|
| |||||||
Total Leisure Equipment & Products | 137,663 | |||||||
|
| |||||||
Life Sciences Tools & Services - 1.7% |
| |||||||
Agilent Technologies, Inc. | 1,263 | 53,273 | ||||||
Bio-Rad Laboratories, Inc. — Class A* | 886 | 95,679 | ||||||
Bruker Corp.* | 5,918 | 88,948 | ||||||
Charles River Laboratories International, Inc.* | 2,537 | 90,140 | ||||||
Covance, Inc.* | 1,894 | 88,564 | ||||||
Illumina, Inc.* | 1,832 | 81,579 | ||||||
Life Technologies Corp.* | 1,887 | 87,481 | ||||||
Mettler-Toledo International, Inc.* | 304 | 54,513 | ||||||
PerkinElmer, Inc. | 3,302 | 91,135 | ||||||
QIAGEN NV* | 5,930 | 99,209 | ||||||
Techne Corp. | 1,307 | 87,491 | ||||||
Waters Corp.* | 620 | 52,148 | ||||||
|
| |||||||
Total Life Sciences Tools & Services | 970,160 | |||||||
|
| |||||||
Machinery - 3.5% |
| |||||||
AGCO Corp.* | 1,189 | 55,372 | ||||||
CNH Global NV* | 1,403 | 64,215 | ||||||
Crane Co. | 1,203 | 53,088 | ||||||
Donaldson Co., Inc. | 1,596 | 55,317 | ||||||
Dover Corp. | 916 | 57,397 | ||||||
Eaton Corp. | 1,151 | 55,455 | ||||||
Flowserve Corp. | 494 | 56,775 | ||||||
Gardner Denver, Inc. | 890 | 57,975 |
SHARES | MARKET VALUE | |||||||
Graco, Inc. | 1,092 | $ | 58,215 | |||||
Harsco Corp. | 2,421 | 53,988 | ||||||
IDEX Corp. | 1,375 | 59,551 | ||||||
Ingersoll-Rand PLC | 1,390 | 59,103 | ||||||
ITT Corp. | 2,524 | 56,689 | ||||||
Joy Global, Inc. | 781 | 55,271 | ||||||
Kennametal, Inc. | 1,291 | 54,519 | ||||||
Lincoln Electric Holdings, Inc. | 1,266 | 62,047 | ||||||
Manitowoc Co., Inc. (The) | 4,066 | 56,314 | ||||||
Navistar International Corp.* | 1,402 | 47,598 | ||||||
Nordson Corp. | 1,046 | 56,379 | ||||||
Oshkosh Corp.* | 2,490 | 56,847 | ||||||
Pall Corp. | 959 | 57,166 | ||||||
Parker Hannifin Corp. | 671 | 58,840 | ||||||
Pentair, Inc. | 1,433 | 62,106 | ||||||
Snap-on, Inc. | 734 | 45,904 | ||||||
SPX Corp. | 757 | 58,123 | ||||||
Stanley Black & Decker, Inc. | 575 | 42,067 | ||||||
Terex Corp.* | 2,450 | 55,468 | ||||||
Timken Co. | 1,927 | 108,895 | ||||||
Toro Co. (The) | 809 | 57,811 | ||||||
Trinity Industries, Inc. | 1,729 | 51,178 | ||||||
Valmont Industries, Inc. | 858 | 106,332 | ||||||
WABCO Holdings, Inc.* | 749 | 47,210 | ||||||
Wabtec Corp. | 763 | 59,346 | ||||||
Xylem, Inc. | 2,061 | 57,461 | ||||||
|
| |||||||
Total Machinery | 2,000,022 | |||||||
|
| |||||||
Marine - 0.2% |
| |||||||
Alexander & Baldwin, Inc. | 1,221 | 62,466 | ||||||
Kirby Corp.* | 874 | 58,008 | ||||||
|
| |||||||
Total Marine | 120,474 | |||||||
|
| |||||||
Media - 1.8% |
| |||||||
AMC Networks, Inc. — Class A* | 1,027 | 43,647 | ||||||
Cablevision Systems Corp. — Class A | 3,042 | 45,082 | ||||||
Charter Communications, Inc. — Class A* | 708 | 42,813 | ||||||
Clear Channel Outdoor Holdings, Inc. — Class A* | 5,666 | 42,892 | ||||||
Discovery Communications, Inc. — Class A* | 916 | 49,849 | ||||||
DISH Network Corp. — Class A | 1,393 | 44,534 | ||||||
DreamWorks Animation SKG, Inc. — Class A* | 2,477 | 44,611 | ||||||
Gannett Co., Inc. | 2,919 | 40,340 | ||||||
Interpublic Group of Cos., Inc. (The) | 3,888 | 45,917 | ||||||
John Wiley & Sons, Inc. — Class A | 955 | 43,156 | ||||||
Lamar Advertising Co. — Class A* | 1,381 | 43,943 | ||||||
Liberty Global, Inc. — Class A* | 898 | 44,729 | ||||||
Liberty Media Corp. — Liberty Capital — Series A* | 513 | 44,857 | ||||||
Madison Square Garden, Inc. (The) — Class A* | 1,343 | 48,308 | ||||||
McGraw-Hill Cos., Inc. (The) | 954 | 46,908 |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 49 |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | April 30, 2012 |
GUGGENHEIM RUSSELL MIDCAP® EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
Morningstar, Inc. | 608 | $ | 35,094 | |||||
Omnicom Group, Inc. | 890 | 45,666 | ||||||
Pandora Media, Inc.* | 4,325 | 37,195 | ||||||
Regal Entertainment Group — Class A | 3,321 | 45,199 | ||||||
Scripps Networks Interactive, Inc. — Class A | 921 | 46,253 | ||||||
Sirius XM Radio, Inc.* | 20,146 | 45,530 | ||||||
Virgin Media, Inc. | 1,855 | 45,559 | ||||||
Washington Post Co. (The) — Class B | 117 | 44,246 | ||||||
|
| |||||||
Total Media | 1,016,328 | |||||||
|
| |||||||
Metals & Mining - 2.8% |
| |||||||
AK Steel Holding Corp. | 13,082 | 97,068 | ||||||
Allegheny Technologies, Inc. | 2,397 | 102,927 | ||||||
Allied Nevada Gold Corp.* | 3,199 | 93,699 | ||||||
Carpenter Technology Corp. | 1,929 | 107,368 | ||||||
Cliffs Natural Resources, Inc. | 1,436 | 89,405 | ||||||
Commercial Metals Co. | 6,995 | 103,386 | ||||||
Compass Minerals International, Inc. | 1,424 | 108,965 | ||||||
Molycorp, Inc.* | 3,132 | 84,752 | ||||||
Nucor Corp. | 2,317 | 90,850 | ||||||
Reliance Steel & Aluminum Co. | 1,783 | 99,652 | ||||||
Royal Gold, Inc. | 1,557 | 96,472 | ||||||
Schnitzer Steel Industries, Inc. — Class A | 2,482 | 98,957 | ||||||
Steel Dynamics, Inc. | 6,885 | 87,922 | ||||||
Titanium Metals Corp. | 7,299 | 107,806 | ||||||
United States Steel Corp. | 3,434 | 97,285 | ||||||
Walter Energy, Inc. | 1,961 | 130,034 | ||||||
|
| |||||||
Total Metals & Mining | 1,596,548 | |||||||
|
| |||||||
Multi-Utilities - 3.4% |
| |||||||
Alliant Energy Corp. | 2,883 | 130,427 | ||||||
Ameren Corp. | 3,832 | 125,651 | ||||||
CenterPoint Energy, Inc. | 6,368 | 128,697 | ||||||
CMS Energy Corp. | 5,661 | 130,146 | ||||||
Consolidated Edison, Inc. | 2,152 | 127,937 | ||||||
DTE Energy Co. | 2,249 | 126,799 | ||||||
Integrys Energy Group, Inc. | 2,335 | 127,584 | ||||||
MDU Resources Group, Inc. | 5,580 | 128,005 | ||||||
NiSource, Inc. | 5,172 | 127,490 | ||||||
SCANA Corp. | 2,744 | 126,553 | ||||||
Sempra Energy | 2,107 | 136,407 | ||||||
TECO Energy, Inc. | 7,022 | 126,537 | ||||||
Vectren Corp. | 4,279 | 126,017 | ||||||
Wisconsin Energy Corp. | 3,532 | 130,119 | ||||||
Xcel Energy, Inc. | 4,701 | 127,209 | ||||||
|
| |||||||
Total Multi-Utilities | 1,925,578 | |||||||
|
| |||||||
Multiline Retail - 0.7% |
| |||||||
Big Lots, Inc.* | 968 | 35,468 | ||||||
Dillard’s, Inc. — Class A | 715 | 46,160 | ||||||
Dollar General Corp.* | 991 | 47,033 | ||||||
Dollar Tree, Inc.* | 474 | 48,187 | ||||||
Family Dollar Stores, Inc. | 778 | 52,554 |
SHARES | MARKET VALUE | |||||||
J.C. Penney Co., Inc. | 1,236 | $ | 44,570 | |||||
Macy’s, Inc. | 1,121 | 45,983 | ||||||
Nordstrom, Inc. | 818 | 45,694 | ||||||
Sears Holdings Corp.* | 617 | 33,182 | ||||||
|
| |||||||
Total Multiline Retail | 398,831 | |||||||
|
| |||||||
Office Electronics - 0.2% |
| |||||||
Xerox Corp. | 6,893 | 53,627 | ||||||
Zebra Technologies Corp. — Class A* | 1,387 | 53,802 | ||||||
|
| |||||||
Total Office Electronics | 107,429 | |||||||
|
| |||||||
Oil, Gas & Consumable Fuels - 7.3% |
| |||||||
Alpha Natural Resources, Inc.* | 7,715 | 124,443 | ||||||
Arch Coal, Inc. | 10,634 | 103,788 | ||||||
Cabot Oil & Gas Corp. | 3,736 | 131,283 | ||||||
Cimarex Energy Co. | 1,538 | 106,291 | ||||||
Cobalt International Energy, Inc.* | 3,997 | 106,960 | ||||||
Concho Resources, Inc.* | 1,181 | 126,579 | ||||||
CONSOL Energy, Inc. | 3,523 | 117,104 | ||||||
Continental Resources, Inc.* | 1,373 | 122,540 | ||||||
Denbury Resources, Inc.* | 6,515 | 124,046 | ||||||
El Paso Corp. | 4,001 | 118,710 | ||||||
Energen Corp. | 2,494 | 130,636 | ||||||
EQT Corp. | 2,425 | 120,813 | ||||||
EXCO Resources, Inc. | 17,353 | 127,371 | ||||||
Forest Oil Corp.* | 9,480 | 126,274 | ||||||
HollyFrontier Corp. | 3,589 | 110,613 | ||||||
Kosmos Energy Ltd.* | 9,010 | 109,742 | ||||||
Laredo Petroleum Holdings, Inc.* | 5,259 | 138,943 | ||||||
Murphy Oil Corp. | 2,114 | 116,207 | ||||||
Newfield Exploration Co.* | 3,444 | 123,640 | ||||||
Noble Energy, Inc. | 1,216 | 120,773 | ||||||
Peabody Energy Corp. | 4,011 | 124,782 | ||||||
Pioneer Natural Resources Co. | 1,123 | 130,066 | ||||||
Plains Exploration & Production Co.* | 2,736 | 111,766 | ||||||
QEP Resources, Inc. | 3,958 | 121,946 | ||||||
Quicksilver Resources, Inc.* | 22,549 | 105,980 | ||||||
Range Resources Corp. | 2,044 | 136,253 | ||||||
SandRidge Energy, Inc.* | 14,930 | 119,291 | ||||||
SM Energy Co. | 1,641 | 108,486 | ||||||
Spectra Energy Corp. | 3,751 | 115,306 | ||||||
Sunoco, Inc. | 3,081 | 151,862 | ||||||
Teekay Corp. | 1,727 | 62,345 | ||||||
Tesoro Corp.* | 4,181 | 97,208 | ||||||
Ultra Petroleum Corp.* | 5,095 | 100,677 | ||||||
Valero Energy Corp. | 4,351 | 107,470 | ||||||
Whiting Petroleum Corp.* | 2,177 | 124,524 | ||||||
|
| |||||||
Total Oil, Gas & Consumable Fuels | 4,124,718 | |||||||
|
| |||||||
Paper & Forest Products - 0.5% |
| |||||||
Domtar Corp. | 1,043 | 91,242 | ||||||
International Paper Co. | 2,819 | 93,901 | ||||||
MeadWestvaco Corp. | 3,188 | 101,442 | ||||||
|
| |||||||
Total Paper & Forest Products | 286,585 | |||||||
|
|
50 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | April 30, 2012 |
GUGGENHEIM RUSSELL MIDCAP® EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
Personal Products - 0.4% |
| |||||||
Avon Products, Inc. | 2,337 | $ | 50,479 | |||||
Herbalife Ltd. | 2,693 | 189,372 | ||||||
|
| |||||||
Total Personal Products | 239,851 | |||||||
|
| |||||||
Pharmaceuticals - 1.2% |
| |||||||
Endo Pharmaceuticals Holdings, Inc.* | 2,371 | 83,317 | ||||||
Forest Laboratories, Inc.* | 2,648 | 92,230 | ||||||
Hospira, Inc.* | 2,411 | 84,674 | ||||||
Mylan, Inc.* | 3,939 | 85,516 | ||||||
Perrigo Co. | 895 | 93,885 | ||||||
Warner Chilcott PLC — Class A* | 5,507 | 119,777 | ||||||
Watson Pharmaceuticals, Inc.* | 1,380 | 103,997 | ||||||
|
| |||||||
Total Pharmaceuticals | 663,396 | |||||||
|
| |||||||
Professional Services - 0.6% |
| |||||||
Dun & Bradstreet Corp. (The) | 448 | 34,845 | ||||||
Equifax, Inc. | 856 | 39,222 | ||||||
Manpower, Inc. | 1,222 | 52,057 | ||||||
Nielsen Holdings NV* | 1,496 | 43,713 | ||||||
Robert Half International, Inc. | 1,876 | 55,905 | ||||||
Towers Watson & Co. — Class A | 875 | 57,225 | ||||||
Verisk Analytics, Inc. — Class A* | 1,230 | 60,209 | ||||||
|
| |||||||
Total Professional Services | 343,176 | |||||||
|
| |||||||
Real Estate Investment Trusts (REITs) - 2.9% |
| |||||||
Alexandria Real Estate Equities, Inc. | 519 | 38,883 | ||||||
American Capital Agency Corp. | 1,288 | 40,237 | ||||||
Annaly Capital Management, Inc. | 2,326 | 37,960 | ||||||
Apartment Investment & Management Co. — Class A | 1,456 | 39,530 | ||||||
AvalonBay Communities, Inc. | 271 | 39,403 | ||||||
Boston Properties, Inc. | 363 | 39,295 | ||||||
Brandywine Realty Trust | 3,331 | 39,506 | ||||||
BRE Properties, Inc. | 761 | 39,953 | ||||||
Camden Property Trust | 588 | 39,790 | ||||||
Chimera Investment Corp. | 12,633 | 36,509 | ||||||
CommonWealth | 2,047 | 38,381 | ||||||
Corporate Office Properties Trust | 1,612 | 37,963 | ||||||
DDR Corp. | 2,535 | 37,518 | ||||||
Digital Realty Trust, Inc. | 515 | 38,671 | ||||||
Douglas Emmett, Inc. | 1,655 | 38,462 | ||||||
Duke Realty Corp. | 2,636 | 39,066 | ||||||
Equity Residential | 621 | 38,154 | ||||||
Essex Property Trust, Inc. | 252 | 39,808 | ||||||
Federal Realty Investment Trust | 388 | 39,056 | ||||||
General Growth Properties, Inc. | 2,247 | 39,997 | ||||||
HCP, Inc. | 947 | 39,253 | ||||||
Health Care REIT, Inc. | 689 | 39,039 | ||||||
Hospitality Properties Trust | 1,446 | 39,881 | ||||||
Host Hotels & Resorts, Inc. | 2,284 | 38,006 | ||||||
Kimco Realty Corp. | 1,935 | 37,558 | ||||||
Liberty Property Trust | 1,067 | 38,892 | ||||||
Macerich Co. (The) | 661 | 40,698 | ||||||
Mack-Cali Realty Corp. | 1,319 | 37,882 |
SHARES | MARKET VALUE | |||||||
Piedmont Office Realty Trust, | 2,104 | $ | 37,325 | |||||
Plum Creek Timber Co., Inc. | 911 | 38,298 | ||||||
ProLogis, Inc. | 1,066 | 38,141 | ||||||
Rayonier, Inc. | 854 | 38,729 | ||||||
Realty Income Corp. | 975 | 38,357 | ||||||
Regency Centers Corp. | 850 | 38,216 | ||||||
Rouse Properties, Inc.* | 2,679 | 36,006 | ||||||
Senior Housing Properties Trust | 1,725 | 38,088 | ||||||
SL Green Realty Corp. | 490 | 40,396 | ||||||
Taubman Centers, Inc. | 524 | 40,442 | ||||||
UDR, Inc. | 1,473 | 38,784 | ||||||
Ventas, Inc. | 662 | 38,919 | ||||||
Vornado Realty Trust | 449 | 38,542 | ||||||
Weingarten Realty Investors | 1,428 | 37,928 | ||||||
Weyerhaeuser Co. | 1,713 | 34,877 | ||||||
|
| |||||||
Total Real Estate Investment Trusts (REITs) | 1,662,399 | |||||||
|
| |||||||
Real Estate Management & Development - 0.3% |
| |||||||
CBRE Group, Inc.* | 1,850 | 34,799 | ||||||
Forest City Enterprises, Inc. — Class A* | 2,493 | 39,763 | ||||||
Howard Hughes Corp. (The)* | 590 | 39,595 | ||||||
Jones Lang LaSalle, Inc. | 447 | 35,733 | ||||||
St Joe Co. (The)* | 1,973 | 35,179 | ||||||
|
| |||||||
Total Real Estate Management & Development | 185,069 | |||||||
|
| |||||||
Road & Rail - 0.6% |
| |||||||
Con-way, Inc. | 1,737 | 56,453 | ||||||
Hertz Global Holdings, Inc.* | 3,034 | 46,754 | ||||||
JB Hunt Transport Services, Inc. | 1,052 | 58,207 | ||||||
Kansas City Southern | 803 | 61,847 | ||||||
Landstar System, Inc. | 992 | 53,141 | ||||||
Ryder System, Inc. | 1,087 | 52,959 | ||||||
|
| |||||||
Total Road & Rail | 329,361 | |||||||
|
| |||||||
Semiconductors & Semiconductor |
| |||||||
Advanced Micro Devices, Inc.* | 8,156 | 60,028 | ||||||
Altera Corp. | 1,698 | 60,398 | ||||||
Analog Devices, Inc. | 1,654 | 64,473 | ||||||
Atmel Corp.* | 6,429 | 57,025 | ||||||
Avago Technologies Ltd. | 1,723 | 59,409 | ||||||
Cree, Inc.* | 2,120 | 65,508 | ||||||
Cypress Semiconductor Corp.* | 4,220 | 65,410 | ||||||
Fairchild Semiconductor International, Inc.* | 4,483 | 63,524 | ||||||
First Solar, Inc.* | 4,586 | 84,382 | ||||||
Freescale Semiconductor | 4,188 | 51,973 | ||||||
International Rectifier Corp.* | 2,867 | 62,587 | ||||||
Intersil Corp. — Class A | 5,849 | 60,069 | ||||||
KLA-Tencor Corp. | 1,227 | 63,988 | ||||||
Lam Research Corp.* | 1,487 | 61,934 | ||||||
Linear Technology Corp. | 1,995 | 65,256 | ||||||
LSI Corp.* | 7,714 | 62,021 |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 51 |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | April 30, 2012 |
GUGGENHEIM RUSSELL MIDCAP® EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
Marvell Technology Group Ltd.* | 4,241 | $ | 63,657 | |||||
Maxim Integrated Products, Inc. | 2,313 | 68,419 | ||||||
MEMC Electronic Materials, Inc.* | 17,172 | 61,647 | ||||||
Microchip Technology, Inc. | 1,809 | 63,930 | ||||||
Micron Technology, Inc.* | 7,790 | 51,336 | ||||||
Novellus Systems, Inc.* | 1,333 | 62,318 | ||||||
NVIDIA Corp.* | 4,507 | 58,591 | ||||||
ON Semiconductor Corp.* | 7,406 | 61,174 | ||||||
PMC — Sierra, Inc.* | 9,214 | 65,143 | ||||||
Silicon Laboratories, Inc.* | 1,523 | 54,051 | ||||||
Skyworks Solutions, Inc.* | 2,335 | 63,372 | ||||||
SunPower Corp.* | 18,033 | 101,165 | ||||||
Teradyne, Inc.* | 3,875 | 66,689 | ||||||
Xilinx, Inc. | 1,834 | 66,721 | ||||||
|
| |||||||
Total Semiconductors & Semiconductor Equipment | 1,916,198 | |||||||
|
| |||||||
Software - 2.5% |
| |||||||
Activision Blizzard, Inc. | 5,194 | 66,847 | ||||||
ANSYS, Inc.* | 1,010 | 67,741 | ||||||
Ariba, Inc.* | 2,011 | 76,820 | ||||||
Autodesk, Inc.* | 1,583 | 62,323 | ||||||
BMC Software, Inc.* | 1,672 | 68,987 | ||||||
CA, Inc. | 2,396 | 63,302 | ||||||
Cadence Design Systems, Inc.* | 5,500 | 64,185 | ||||||
Citrix Systems, Inc.* | 842 | 72,084 | ||||||
Compuware Corp.* | 7,091 | 61,834 | ||||||
Electronic Arts, Inc.* | 3,925 | 60,366 | ||||||
Factset Research Systems, Inc. | 378 | 39,637 | ||||||
Fortinet, Inc.* | 2,463 | 64,334 | ||||||
Informatica Corp.* | 1,273 | 58,583 | ||||||
Intuit, Inc. | 1,123 | 65,100 | ||||||
MICROS Systems, Inc.* | 1,213 | 68,935 | ||||||
Nuance Communications, Inc.* | 2,608 | 63,739 | ||||||
Red Hat, Inc.* | 1,287 | 76,718 | ||||||
Rovi Corp.* | 2,054 | 58,744 | ||||||
Solera Holdings, Inc. | 1,418 | 63,725 | ||||||
Synopsys, Inc.* | 2,185 | 65,572 | ||||||
TIBCO Software, Inc.* | 2,120 | 69,748 | ||||||
Zynga, Inc. — Class A* | 5,131 | 42,793 | ||||||
|
| |||||||
Total Software | 1,402,117 | |||||||
|
| |||||||
Specialty Retail - 2.3% |
| |||||||
Aaron’s, Inc. | 1,739 | 47,249 | ||||||
Abercrombie & Fitch Co. — Class A | 887 | 44,501 | ||||||
Advance Auto Parts, Inc. | 501 | 45,992 | ||||||
American Eagle Outfitters, Inc. | 2,589 | 46,628 | ||||||
AutoNation, Inc.* | 1,280 | 44,262 | ||||||
AutoZone, Inc.* | 119 | 47,143 | ||||||
Bed Bath & Beyond, Inc.* | 673 | 47,372 | ||||||
Best Buy Co., Inc. | 1,683 | 37,144 | ||||||
CarMax, Inc.* | 1,303 | 40,224 | ||||||
Chico’s FAS, Inc. | 2,961 | 45,481 | ||||||
Dick’s Sporting Goods, Inc. | 924 | 46,754 | ||||||
DSW, Inc. — Class A | 825 | 46,415 |
SHARES | MARKET VALUE | |||||||
Foot Locker, Inc. | 1,434 | $ | 43,866 | |||||
GameStop Corp. — Class A | 1,908 | 43,426 | ||||||
Gap, Inc.(The) | 1,699 | 48,421 | ||||||
Guess?, Inc. | 1,425 | 41,724 | ||||||
Limited Brands, Inc. | 914 | 45,426 | ||||||
O’Reilly Automotive, Inc.* | 497 | 52,414 | ||||||
PetSmart, Inc. | 781 | 45,501 | ||||||
RadioShack Corp. | 6,995 | 36,234 | ||||||
Ross Stores, Inc. | 768 | 47,301 | ||||||
Sally Beauty Holdings, Inc.* | 1,799 | 47,853 | ||||||
Signet Jewelers Ltd. | 916 | 44,673 | ||||||
Staples, Inc. | 2,727 | 41,996 | ||||||
Tiffany & Co. | 632 | 43,267 | ||||||
Tractor Supply Co. | 498 | 49,008 | ||||||
Ulta Salon Cosmetics & Fragrance, Inc. | 482 | 42,503 | ||||||
Urban Outfitters, Inc.* | 1,525 | 44,164 | ||||||
Williams-Sonoma, Inc. | 1,165 | 45,074 | ||||||
|
| |||||||
Total Specialty Retail | 1,302,016 | |||||||
|
| |||||||
Textiles, Apparel & Luxury Goods - 0.6% |
| |||||||
Deckers Outdoor Corp.* | 689 | 35,146 | ||||||
Fossil, Inc.* | 338 | 44,166 | ||||||
Hanesbrands, Inc.* | 1,533 | 43,261 | ||||||
Michael Kors Holdings Ltd.* | 974 | 44,483 | ||||||
PVH Corp. | 505 | 44,844 | ||||||
Ralph Lauren Corp. | 257 | 44,273 | ||||||
Under Armour, Inc. — Class A* | 464 | 45,440 | ||||||
V.F. Corp. | 301 | 45,767 | ||||||
|
| |||||||
Total Textiles, Apparel & Luxury Goods | 347,380 | |||||||
|
| |||||||
Thrifts & Mortgage Finance - 0.5% |
| |||||||
BankUnited, Inc. | 1,532 | 37,687 | ||||||
Capitol Federal Financial, Inc. | 3,188 | 37,650 | ||||||
Hudson City Bancorp, Inc. | 5,196 | 36,684 | ||||||
New York Community Bancorp, Inc. | 2,769 | 37,354 | ||||||
People’s United Financial, Inc. | 2,836 | 34,996 | ||||||
TFS Financial Corp.* | 3,964 | 38,966 | ||||||
Washington Federal, Inc. | 2,248 | 39,430 | ||||||
|
| |||||||
Total Thrifts & Mortgage Finance | 262,767 | |||||||
|
| |||||||
Tobacco - 0.3% |
| |||||||
Lorillard, Inc. | 1,459 | 197,388 | ||||||
|
| |||||||
Total Tobacco | 197,388 | |||||||
|
| |||||||
Trading Companies & Distributors - 0.6% |
| |||||||
Air Lease Corp.* | 2,315 | 54,449 | ||||||
Fastenal Co. | 1,845 | 86,383 | ||||||
GATX Corp. | 1,382 | 59,246 | ||||||
MSC Industrial Direct Co. — Class A | 692 | 51,007 | ||||||
W.W. Grainger, Inc. | 263 | 54,657 | ||||||
WESCO International, Inc.* | 871 | 57,826 | ||||||
|
| |||||||
Total Trading Companies & Distributors | 363,568 | |||||||
|
| |||||||
Water Utilities - 0.4% |
| |||||||
American Water Works Co., Inc. | 3,655 | 125,147 | ||||||
Aqua America, Inc. | 5,560 | 126,268 | ||||||
|
| |||||||
Total Water Utilities | 251,415 | |||||||
|
|
52 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (concluded) | April 30, 2012 |
GUGGENHEIM RUSSELL MIDCAP® EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
Wireless Telecommunication Services - 1.2% |
| |||||||
Clearwire Corp. — Class A* | 53,176 | $ | 77,903 | |||||
Crown Castle International Corp.* | 1,257 | 71,159 | ||||||
MetroPCS Communications, Inc.* | 13,337 | 97,360 | ||||||
NII Holdings, Inc.* | 6,848 | 95,838 | ||||||
SBA Communications Corp. — Class A* | 1,318 | 70,829 | ||||||
Telephone & Data Systems, Inc. | 5,343 | 129,781 | ||||||
United States Cellular Corp.* | 3,042 | 119,307 | ||||||
|
| |||||||
Total Wireless Telecommunication Services | 662,177 | |||||||
|
| |||||||
Total Common Stocks | 56,433,283 | |||||||
|
| |||||||
SHORT TERM INVESTMENTS - 0.2% |
| |||||||
SSgA Government Money Market Fund | 111,950 | 111,950 | ||||||
|
| |||||||
Total Short Term Investments | 111,950 | |||||||
|
| |||||||
Total Investments - 100.0%a |
| 56,545,233 | ||||||
|
| |||||||
Other Assets and Liabilities, |
| 8,350 | ||||||
|
| |||||||
Net Assets - 100.0% | $ | 56,553,583 |
* | Non-Income Producing Security. |
a | Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs. |
b | Amount represents less than 0.05% of net assets. |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 53 |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2012 |
GUGGENHEIM RUSSELL 1000® EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
COMMON STOCKS - 99.9% |
| |||||||
Aerospace & Defense - 1.6% |
| |||||||
Alliant Techsystems, Inc. | 643 | $ | 34,272 | |||||
BE Aerospace, Inc.* | 686 | 32,263 | ||||||
Boeing Co. (The) | 437 | 33,562 | ||||||
Exelis, Inc. | 2,594 | 29,909 | ||||||
General Dynamics Corp. | 444 | 29,970 | ||||||
Goodrich Corp. | 261 | 32,745 | ||||||
Honeywell International, Inc. | 533 | 32,332 | ||||||
Huntington Ingalls Industries, Inc.* | 862 | 34,006 | ||||||
L-3 Communications Holdings, Inc. | 458 | 33,681 | ||||||
Lockheed Martin Corp. | 359 | 32,504 | ||||||
Northrop Grumman Corp. | 534 | 33,791 | ||||||
Precision Castparts Corp. | 336 | 59,260 | ||||||
Raytheon Co. | 617 | 33,404 | ||||||
Rockwell Collins, Inc. | 557 | 31,131 | ||||||
Spirit Aerosystems Holdings, Inc. — Class A* | 1,303 | 32,575 | ||||||
Textron, Inc. | 1,176 | 31,329 | ||||||
TransDigm Group, Inc.* | 281 | 35,440 | ||||||
United Technologies Corp. | 393 | 32,084 | ||||||
|
| |||||||
Total Aerospace & Defense | 614,258 | |||||||
|
| |||||||
Air Freight & Logistics - 0.4% |
| |||||||
C.H. Robinson Worldwide, Inc. | 500 | 29,870 | ||||||
Expeditors International of Washington, Inc. | 701 | 28,040 | ||||||
FedEx Corp. | 355 | 31,325 | ||||||
United Parcel Service, Inc. — Class B | 406 | 31,725 | ||||||
UTi Worldwide, Inc. | 1,907 | 31,790 | ||||||
|
| |||||||
Total Air Freight & Logistics | 152,750 | |||||||
|
| |||||||
Airlines - 0.4% |
| |||||||
Copa Holdings SA — Class A | 417 | 33,906 | ||||||
Delta Air Lines, Inc.* | 3,329 | 36,486 | ||||||
Southwest Airlines Co. | 3,968 | 32,855 | ||||||
United Continental Holdings, Inc.* | 1,560 | 34,195 | ||||||
|
| |||||||
Total Airlines | 137,442 | |||||||
|
| |||||||
Auto Components - 0.6% |
| |||||||
Autoliv, Inc. | 388 | 24,343 | ||||||
BorgWarner, Inc.* | 303 | 23,949 | ||||||
Delphi Automotive PLC* | 818 | 25,104 | ||||||
Federal-Mogul Corp.* | 1,465 | 18,943 | ||||||
Gentex Corp. | 1,053 | 23,134 | ||||||
Goodyear Tire & Rubber Co. (The)* | 2,200 | 24,156 | ||||||
Johnson Controls, Inc. | 802 | 25,640 | ||||||
Lear Corp. | 558 | 23,157 | ||||||
TRW Automotive Holdings Corp.* | 564 | 25,780 | ||||||
Visteon Corp.* | 485 | 24,333 | ||||||
|
| |||||||
Total Auto Components | 238,539 | |||||||
|
| |||||||
Automobiles - 0.3% |
| |||||||
Ford Motor Co. | 2,118 | 23,891 | ||||||
General Motors Co.* | 1,029 | 23,667 | ||||||
Harley-Davidson, Inc. | 524 | 27,421 | ||||||
Tesla Motors, Inc.* | 688 | 22,793 |
SHARES | MARKET VALUE | |||||||
Thor Industries, Inc. | 803 | $ | 27,166 | |||||
|
| |||||||
Total Automobiles | 124,938 | |||||||
|
| |||||||
Beverages - 2.1% |
| |||||||
Beam, Inc. | 1,544 | 87,668 | ||||||
Brown-Forman Corp. — Class B | 1,075 | 92,826 | ||||||
Coca-Cola Co. (The) | 1,252 | 95,553 | ||||||
Coca-Cola Enterprises, Inc. | 3,173 | 95,571 | ||||||
Constellation Brands, Inc. — Class A* | 3,785 | 81,756 | ||||||
Dr Pepper Snapple Group, Inc. | 2,333 | 94,673 | ||||||
Molson Coors Brewing Co. — Class B | 1,988 | 82,661 | ||||||
Monster Beverage Corp.* | 1,454 | 94,452 | ||||||
PepsiCo, Inc. | 1,363 | 89,958 | ||||||
|
| |||||||
Total Beverages | 815,118 | |||||||
|
| |||||||
Biotechnology - 1.8% |
| |||||||
Alexion Pharmaceuticals, Inc.* | 498 | 44,979 | ||||||
Amgen, Inc. | 684 | 48,639 | ||||||
Amylin Pharmaceuticals, Inc.* | 3,016 | 78,145 | ||||||
Biogen Idec, Inc.* | 368 | 49,316 | ||||||
BioMarin Pharmaceutical, Inc.* | 1,325 | 45,978 | ||||||
Celgene Corp.* | 595 | 43,387 | ||||||
Dendreon Corp.* | 4,591 | 53,485 | ||||||
Gilead Sciences, Inc.* | 979 | 50,918 | ||||||
Human Genome Sciences, Inc.* | 5,716 | 84,082 | ||||||
Myriad Genetics, Inc.* | 1,982 | 51,552 | ||||||
Regeneron Pharmaceuticals, Inc.* | 399 | 53,969 | ||||||
United Therapeutics Corp.* | 951 | 41,606 | ||||||
Vertex Pharmaceuticals, Inc.* | 1,133 | 43,598 | ||||||
|
| |||||||
Total Biotechnology | 689,654 | |||||||
|
| |||||||
Building Products - 0.6% |
| |||||||
Armstrong World Industries, Inc. | 1,024 | 45,097 | ||||||
Fortune Brands Home & Security, Inc.* | 1,205 | 27,402 | ||||||
Lennox International, Inc. | 1,468 | 63,711 | ||||||
Masco Corp. | 4,257 | 56,107 | ||||||
Owens Corning* | 1,615 | 55,475 | ||||||
|
| |||||||
Total Building Products | 247,792 | |||||||
|
| |||||||
Capital Markets - 1.4% |
| |||||||
Affiliated Managers Group, Inc.* | 195 | 22,156 | ||||||
American Capital Ltd.* | 2,498 | 24,805 | ||||||
Ameriprise Financial, Inc. | 380 | 20,600 | ||||||
Ares Capital Corp. | 1,361 | 21,830 | ||||||
Bank of New York Mellon Corp. (The) | 918 | 21,711 | ||||||
BlackRock, Inc. | 108 | 20,691 | ||||||
Charles Schwab Corp. (The) | 1,470 | 21,021 | ||||||
E*Trade Financial Corp.* | 1,960 | 20,835 | ||||||
Eaton Vance Corp. | 750 | 19,725 | ||||||
Federated Investors, Inc. — Class B | 944 | 20,843 | ||||||
Franklin Resources, Inc. | 175 | 21,964 | ||||||
Goldman Sachs Group, Inc. (The) | 174 | 20,036 | ||||||
Greenhill & Co., Inc. | 483 | 18,765 | ||||||
Invesco Ltd. | 829 | 20,592 | ||||||
Janus Capital Group, Inc. | 2,351 | 17,821 | ||||||
Jefferies Group, Inc. | 1,148 | 18,288 | ||||||
Lazard Ltd. — Class A | 750 | 20,632 |
54 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | April 30, 2012 |
GUGGENHEIM RUSSELL 1000® EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
Legg Mason, Inc. | 755 | $ | 19,683 | |||||
LPL Investment Holdings, Inc.* | 572 | 20,529 | ||||||
Morgan Stanley | 1,059 | 18,299 | ||||||
Northern Trust Corp. | 462 | 21,987 | ||||||
Raymond James Financial, Inc. | 587 | 21,496 | ||||||
SEI Investments Co. | 1,037 | 20,937 | ||||||
State Street Corp. | 482 | 22,278 | ||||||
T. Rowe Price Group, Inc. | 339 | 21,396 | ||||||
TD Ameritrade Holding Corp. | 1,090 | 20,481 | ||||||
Waddell & Reed Financial, Inc. — Class A | 664 | 21,235 | ||||||
|
| |||||||
Total Capital Markets | 560,636 | |||||||
|
| |||||||
Chemicals - 4.7% |
| |||||||
Air Products & Chemicals, Inc. | 641 | 54,799 | ||||||
Airgas, Inc. | 657 | 60,208 | ||||||
Albemarle Corp. | 910 | 59,423 | ||||||
Ashland, Inc. | 940 | 61,918 | ||||||
Cabot Corp. | 1,369 | 59,045 | ||||||
Celanese Corp. — Series A | 1,302 | 63,095 | ||||||
CF Industries Holdings, Inc. | 313 | 60,428 | ||||||
Cytec Industries, Inc. | 946 | 60,137 | ||||||
Dow Chemical Co. (The) | 1,672 | 56,647 | ||||||
Du Pont (E.I.) de Nemours & Co. | 1,103 | 58,966 | ||||||
Eastman Chemical Co. | 1,131 | 61,040 | ||||||
Ecolab, Inc. | 957 | 60,951 | ||||||
FMC Corp. | 556 | 61,410 | ||||||
Huntsman Corp. | 3,994 | 56,555 | ||||||
International Flavors & Fragrances, Inc. | 1,003 | 60,391 | ||||||
Intrepid Potash, Inc.* | 2,369 | 58,870 | ||||||
Kronos Worldwide, Inc. | 2,379 | 56,477 | ||||||
LyondellBasell Industries NV — Class A | 1,358 | 56,737 | ||||||
Monsanto Co. | 736 | 56,069 | ||||||
Mosaic Co. (The) | 1,004 | 53,031 | ||||||
PPG Industries, Inc. | 614 | 64,617 | ||||||
Praxair, Inc. | 513 | 59,354 | ||||||
Rockwood Holdings, Inc.* | 1,127 | 62,368 | ||||||
RPM International, Inc. | 2,264 | 60,155 | ||||||
Scotts Miracle-Gro Co. (The) — Class A | 1,075 | 56,330 | ||||||
Sherwin-Williams Co. (The) | 536 | 64,470 | ||||||
Sigma-Aldrich Corp. | 794 | 56,295 | ||||||
Solutia, Inc. | 2,107 | 59,712 | ||||||
Valspar Corp. | 1,191 | 60,920 | ||||||
Westlake Chemical Corp. | 888 | 56,788 | ||||||
WR Grace & Co* | 1,003 | 59,789 | ||||||
|
| |||||||
Total Chemicals | 1,836,995 | |||||||
|
| |||||||
Commercial Banks - 1.6% |
| |||||||
Associated Banc-Corp. | 1,562 | 20,822 | ||||||
Bank of Hawaii Corp. | 458 | 22,392 | ||||||
BB&T Corp. | 706 | 22,620 | ||||||
BOK Financial Corp. | 388 | 22,128 | ||||||
CapitalSource, Inc. | 3,216 | 20,743 | ||||||
CIT Group, Inc.* | 531 | 20,098 | ||||||
City National Corp. | 412 | 21,943 |
SHARES | MARKET VALUE | |||||||
Comerica, Inc. | 678 | $ | 21,710 | |||||
Commerce Bancshares, Inc. | 544 | 21,814 | ||||||
Cullen/Frost Bankers, Inc. | 375 | 22,110 | ||||||
East West Bancorp, Inc. | 939 | 21,381 | ||||||
Fifth Third Bancorp | 1,567 | 22,298 | ||||||
First Citizens BancShares Inc. — Class A | 120 | 20,796 | ||||||
First Horizon National Corp. | 2,093 | 19,214 | ||||||
First Niagara Financial Group, Inc. | 2,227 | 19,909 | ||||||
First Republic Bank/San Franciso* | 663 | 21,899 | ||||||
Fulton Financial Corp. | 2,091 | 21,935 | ||||||
Huntington Bancshares, Inc. | 3,454 | 23,107 | ||||||
KeyCorp | 2,624 | 21,097 | ||||||
M&T Bank Corp. | 255 | 21,999 | ||||||
PNC Financial Services Group, Inc. | 348 | 23,079 | ||||||
Popular, Inc.* | 10,570 | 18,815 | ||||||
Regions Financial Corp. | 3,334 | 22,471 | ||||||
SunTrust Banks, Inc. | 918 | 22,289 | ||||||
Synovus Financial Corp. | 10,444 | 21,932 | ||||||
TCF Financial Corp. | 1,796 | 20,600 | ||||||
US Bancorp | 692 | 22,262 | ||||||
Valley National Bancorp | 1,686 | 21,244 | ||||||
Wells Fargo & Co. | 645 | 21,562 | ||||||
Zions Bancorp | 1,013 | 20,655 | ||||||
|
| |||||||
Total Commercial Banks | 644,924 | |||||||
|
| |||||||
Commercial Services & Supplies - 1.0% |
| |||||||
Avery Dennison Corp. | 1,076 | 34,410 | ||||||
Cintas Corp. | 821 | 32,159 | ||||||
Copart, Inc.* | 615 | 16,242 | ||||||
Corrections Corp. of America* | 1,232 | 35,592 | ||||||
Covanta Holding Corp. | 1,983 | 31,827 | ||||||
Iron Mountain, Inc. | 1,121 | 34,045 | ||||||
KAR Auction Services, Inc.* | 1,619 | 29,790 | ||||||
Pitney Bowes, Inc. | 1,809 | 30,988 | ||||||
R.R. Donnelley & Sons Co. | 2,530 | 31,650 | ||||||
Republic Services, Inc. | 1,067 | 29,204 | ||||||
Stericycle, Inc.* | 382 | 33,081 | ||||||
Waste Connections, Inc. | 1,007 | 32,456 | ||||||
Waste Management, Inc. | 925 | 31,635 | ||||||
|
| |||||||
Total Commercial Services & Supplies | 403,079 | |||||||
|
| |||||||
Communications Equipment - 1.3% |
| |||||||
Acme Packet, Inc.* | 1,400 | 39,298 | ||||||
Brocade Communications Systems, Inc.* | 6,366 | 35,268 | ||||||
Ciena Corp.* | 2,247 | 33,300 | ||||||
Cisco Systems, Inc. | 1,772 | 35,706 | ||||||
EchoStar Corp. — Class A* | 1,290 | 37,474 | ||||||
F5 Networks, Inc.* | 276 | 36,965 | ||||||
Harris Corp. | 828 | 37,707 | ||||||
JDS Uniphase Corp.* | 2,505 | 30,436 | ||||||
Juniper Networks, Inc.* | 1,667 | 35,724 | ||||||
Motorola Mobility Holdings, Inc.* | 944 | 36,646 | ||||||
Motorola Solutions, Inc. | 723 | 36,895 | ||||||
Polycom, Inc.* | 1,867 | 24,775 |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 55 |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | April 30, 2012 |
GUGGENHEIM RUSSELL 1000® EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
QUALCOMM, Inc. | 541 | $ | 34,537 | |||||
Riverbed Technology, Inc.* | 1,332 | 26,280 | ||||||
Tellabs, Inc. | 9,215 | 34,741 | ||||||
|
| |||||||
Total Communications Equipment | 515,752 | |||||||
|
| |||||||
Computers & Peripherals - 1.1% |
| |||||||
Apple, Inc.* | 60 | 35,054 | ||||||
Dell, Inc.* | 2,224 | 36,407 | ||||||
Diebold, Inc. | 933 | 36,807 | ||||||
EMC Corp.* | 1,254 | 35,375 | ||||||
Fusion-io, Inc.* | 1,274 | 32,678 | ||||||
Hewlett-Packard Co. | 1,569 | 38,849 | ||||||
Lexmark International, Inc. — Class A | 969 | 29,167 | ||||||
NCR Corp.* | 1,714 | 40,279 | ||||||
NetApp, Inc.* | 804 | 31,219 | ||||||
QLogic Corp.* | 2,066 | 35,639 | ||||||
SanDisk Corp.* | 739 | 27,350 | ||||||
Western Digital Corp.* | 873 | 33,881 | ||||||
|
| |||||||
Total Computers & Peripherals | 412,705 | |||||||
|
| |||||||
Construction & Engineering - 0.6% |
| |||||||
Aecom Technology Corp.* | 1,422 | 31,384 | ||||||
Chicago Bridge & Iron Co. NV | 729 | 32,382 | ||||||
Fluor Corp. | 527 | 30,434 | ||||||
Jacobs Engineering Group, Inc.* | 703 | 30,813 | ||||||
KBR, Inc. | 891 | 30,169 | ||||||
Quanta Services, Inc.* | 1,529 | 33,822 | ||||||
Shaw Group, Inc. (The)* | 1,035 | 31,329 | ||||||
URS Corp. | 752 | 31,065 | ||||||
|
| |||||||
Total Construction & Engineering | 251,398 | |||||||
|
| |||||||
Construction Materials - 0.3% |
| |||||||
Martin Marietta Materials, Inc. | 671 | 55,612 | ||||||
Vulcan Materials Co. | 1,332 | 57,023 | ||||||
|
| |||||||
Total Construction Materials | 112,635 | |||||||
|
| |||||||
Consumer Finance - 0.3% |
| |||||||
American Express Co. | 377 | 22,699 | ||||||
Capital One Financial Corp. | 386 | 21,415 | ||||||
Discover Financial Services | 649 | 22,001 | ||||||
Green Dot Corp. — Class A* | 824 | 21,746 | ||||||
SLM Corp. | 1,369 | 20,302 | ||||||
|
| |||||||
Total Consumer Finance | 108,163 | |||||||
|
| |||||||
Containers & Packaging - 1.6% |
| |||||||
AptarGroup, Inc. | 1,073 | 58,489 | ||||||
Ball Corp. | 1,388 | 57,963 | ||||||
Bemis Co., Inc. | 1,829 | 59,241 | ||||||
Crown Holdings, Inc.* | 1,585 | 58,613 | ||||||
Greif, Inc. — Class A | 1,105 | 59,272 | ||||||
Owens-Illinois, Inc.* | 2,454 | 57,056 | ||||||
Packaging Corp. of America | 1,977 | 57,709 | ||||||
Rock-Tenn Co. — Class A | 865 | 53,915 | ||||||
Sealed Air Corp. | 2,981 | 57,176 | ||||||
Silgan Holdings, Inc. | 1,325 | 58,128 | ||||||
Sonoco Products Co. | 1,750 | 57,977 | ||||||
|
| |||||||
Total Containers & Packaging | 635,539 | |||||||
|
|
SHARES | MARKET VALUE | |||||||
Distributors - 0.1% |
| |||||||
Genuine Parts Co. | 417 | $ | 27,013 | |||||
LKQ Corp.* | 820 | 27,429 | ||||||
|
| |||||||
Total Distributors | 54,442 | |||||||
|
| |||||||
Diversified Consumer Services - 0.5% |
| |||||||
Apollo Group, Inc. — Class A* | 660 | 23,245 | ||||||
Career Education Corp.* | 3,098 | 22,089 | ||||||
DeVry, Inc. | 731 | 23,502 | ||||||
Education Management Corp.* | 1,698 | 21,055 | ||||||
H&R Block, Inc. | 1,536 | 22,579 | ||||||
ITT Educational Services, Inc.* | 397 | 26,210 | ||||||
Service Corp. International | 2,317 | 26,831 | ||||||
Weight Watchers International, Inc. | 330 | 25,067 | ||||||
|
| |||||||
Total Diversified Consumer Services | 190,578 | |||||||
|
| |||||||
Diversified Financial Services - 0.6% |
| |||||||
Bank of America Corp. | 2,285 | 18,531 | ||||||
CBOE Holdings, Inc. | 764 | 20,200 | ||||||
Citigroup, Inc. | 596 | 19,692 | ||||||
CME Group, Inc. | 75 | 19,937 | ||||||
Interactive Brokers Group, Inc. — Class A | 1,265 | 19,190 | ||||||
IntercontinentalExchange, Inc.* | 160 | 21,286 | ||||||
JPMorgan Chase & Co. | 478 | 20,545 | ||||||
Leucadia National Corp. | 813 | 20,211 | ||||||
Moody’s Corp. | 518 | 21,212 | ||||||
MSCI, Inc. — Class A* | 587 | 21,478 | ||||||
Nasdaq OMX Group, Inc. (The)* | 824 | 20,246 | ||||||
NYSE Euronext | 732 | 18,849 | ||||||
|
| |||||||
Total Diversified Financial Services | 241,377 | |||||||
|
| |||||||
Diversified Telecommunication Services - 1.2% |
| |||||||
AT&T, Inc. | 2,177 | 71,645 | ||||||
CenturyLink, Inc. | 1,761 | 67,904 | ||||||
Frontier Communications Corp. | 16,843 | 68,046 | ||||||
Level 3 Communications, Inc.* | 2,612 | 60,233 | ||||||
tw telecom, Inc.* | 3,091 | 67,322 | ||||||
Verizon Communications, Inc. | 1,782 | 71,957 | ||||||
Windstream Corp. | 5,712 | 64,203 | ||||||
|
| |||||||
Total Diversified Telecommunication Services | 471,310 | |||||||
|
| |||||||
Electric Utilities - 3.5% |
| |||||||
American Electric Power Co., Inc. | 1,782 | 69,213 | ||||||
Duke Energy Corp. | 3,271 | 70,098 | ||||||
Edison International | 1,591 | 70,020 | ||||||
Entergy Corp. | 1,018 | 66,740 | ||||||
Exelon Corp. | 1,762 | 68,736 | ||||||
FirstEnergy Corp. | 1,521 | 71,213 | ||||||
Great Plains Energy, Inc. | 3,390 | 69,224 | ||||||
Hawaiian Electric Industries, Inc. | 2,706 | 71,817 | ||||||
ITC Holdings Corp. | 887 | 68,707 | ||||||
NextEra Energy, Inc. | 1,130 | 72,715 | ||||||
Northeast Utilities | 3,703 | 136,159 | ||||||
NV Energy, Inc. | 4,290 | 71,429 |
56 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | April 30, 2012 |
GUGGENHEIM RUSSELL 1000® EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
OGE Energy Corp. | 1,294 | $ | 69,824 | |||||
Pepco Holdings, Inc. | 3,614 | 68,377 | ||||||
Pinnacle West Capital Corp. | 1,438 | 69,527 | ||||||
PPL Corp. | 2,446 | 66,898 | ||||||
Progress Energy, Inc. | 1,297 | 69,026 | ||||||
Southern Co. | 1,539 | 70,702 | ||||||
Westar Energy, Inc. | 2,465 | 70,721 | ||||||
|
| |||||||
Total Electric Utilities | 1,391,146 | |||||||
|
| |||||||
Electrical Equipment - 1.1% | ||||||||
AMETEK, Inc. | 672 | 33,822 | ||||||
Babcock & Wilcox Co. (The)* | 1,244 | 30,602 | ||||||
Cooper Industries PLC | 517 | 32,349 | ||||||
Emerson Electric Co. | 636 | 33,416 | ||||||
General Cable Corp.* | 1,137 | 33,473 | ||||||
GrafTech International Ltd.* | 2,747 | 32,250 | ||||||
Hubbell, Inc. — Class B | 417 | 33,460 | ||||||
Polypore International, Inc.* | 1,595 | 59,573 | ||||||
Regal-Beloit Corp. | 492 | 33,279 | ||||||
Rockwell Automation, Inc. | 404 | 31,245 | ||||||
Roper Industries, Inc. | 324 | 33,016 | ||||||
Thomas & Betts Corp.* | 456 | 32,791 | ||||||
|
| |||||||
Total Electrical Equipment | 419,276 | |||||||
|
| |||||||
Electronic Equipment, Instruments & Components - 1.4% |
| |||||||
Amphenol Corp. — Class A | 627 | 36,454 | ||||||
Arrow Electronics, Inc.* | 875 | 36,794 | ||||||
Avnet, Inc.* | 1,008 | 36,369 | ||||||
AVX Corp. | 2,775 | 35,243 | ||||||
Corning, Inc. | 2,607 | 37,410 | ||||||
Dolby Laboratories, Inc. — Class A* | 954 | 37,425 | ||||||
FLIR Systems, Inc. | 1,268 | 28,479 | ||||||
Ingram Micro, Inc. — Class A* | 2,005 | 39,017 | ||||||
IPG Photonics Corp.* | 687 | 33,251 | ||||||
Itron, Inc.* | 728 | 29,702 | ||||||
Jabil Circuit, Inc. | 1,450 | 34,003 | ||||||
Molex, Inc. | 1,305 | 36,005 | ||||||
National Instruments Corp. | 1,155 | 31,416 | ||||||
Tech Data Corp.* | 677 | 36,416 | ||||||
Trimble Navigation, Ltd.* | 589 | 31,888 | ||||||
Vishay Intertechnology, Inc.* | 3,054 | 34,266 | ||||||
|
| |||||||
Total Electronic Equipment, Instruments & Components | 554,138 | |||||||
|
| |||||||
Energy Equipment & Services - 3.4% |
| |||||||
Atwood Oceanics, Inc.* | 1,305 | 57,850 | ||||||
Baker Hughes, Inc. | 1,440 | 63,518 | ||||||
Cameron International Corp.* | 1,176 | 60,270 | ||||||
CARBO Ceramics, Inc. | 585 | 49,193 | ||||||
Core Laboratories NV | 464 | 63,559 | ||||||
Diamond Offshore Drilling, Inc. | 894 | 61,284 | ||||||
Dresser-Rand Group, Inc.* | 1,281 | 62,359 | ||||||
FMC Technologies, Inc.* | 1,231 | 57,857 | ||||||
Halliburton Co. | 1,840 | 62,965 | ||||||
Helmerich & Payne, Inc. | 1,107 | 56,889 | ||||||
IHS, Inc. — Class A* | 347 | 35,071 |
SHARES | MARKET VALUE | |||||||
McDermott International, Inc.* | 2,510 | $ | 28,363 | |||||
Nabors Industries Ltd.* | 3,395 | 56,527 | ||||||
National-Oilwell Varco, Inc. | 772 | 58,487 | ||||||
Oceaneering International, Inc. | 1,133 | 58,497 | ||||||
Oil States International, Inc.* | 756 | 60,162 | ||||||
Patterson-UTI Energy, Inc. | 3,441 | 55,641 | ||||||
Rowan Cos., Inc.* | 1,841 | 63,570 | ||||||
RPC, Inc. | 5,796 | 59,930 | ||||||
Schlumberger Ltd. | 863 | 63,983 | ||||||
SEACOR Holdings, Inc.* | 631 | 58,639 | ||||||
Superior Energy Services, Inc.* | 2,303 | 61,997 | ||||||
Tidewater, Inc. | 609 | 33,513 | ||||||
Unit Corp.* | 1,394 | 58,896 | ||||||
|
| |||||||
Total Energy Equipment & Services | 1,349,020 | |||||||
|
| |||||||
Food & Staples Retailing - 1.7% |
| |||||||
Costco Wholesale Corp. | 286 | 25,217 | ||||||
CVS Caremark Corp. | 1,985 | 88,571 | ||||||
Kroger Co. (The) | 3,704 | 86,192 | ||||||
Safeway, Inc. | 4,409 | 89,635 | ||||||
SUPERVALU, Inc. | 14,442 | 85,785 | ||||||
Sysco Corp. | 3,004 | 86,816 | ||||||
Wal-Mart Stores, Inc. | 427 | 25,154 | ||||||
Walgreen Co. | 2,586 | 90,665 | ||||||
Whole Foods Market, Inc. | 1,069 | 88,802 | ||||||
|
| |||||||
Total Food & Staples Retailing | 666,837 | |||||||
|
| |||||||
Food Products - 5.0% |
| |||||||
Archer-Daniels-Midland Co. | 2,823 | 87,033 | ||||||
Bunge Ltd. | 1,335 | 86,107 | ||||||
Campbell Soup Co. | 2,723 | 92,119 | ||||||
ConAgra Foods, Inc. | 3,434 | 88,666 | ||||||
Corn Products International, Inc. | 1,579 | 90,098 | ||||||
Dean Foods Co.* | 7,369 | 90,491 | ||||||
Flowers Foods, Inc. | 4,411 | 94,616 | ||||||
General Mills, Inc. | 2,301 | 89,486 | ||||||
Green Mountain Coffee Roasters, Inc.* | 1,733 | 84,484 | ||||||
H.J. Heinz Co. | 1,693 | 90,254 | ||||||
Hershey Co. (The) | 1,467 | 98,304 | ||||||
Hormel Foods Corp. | 3,057 | 88,836 | ||||||
J.M. Smucker Co. (The) | 1,116 | 88,867 | ||||||
Kellogg Co. | 1,694 | 85,666 | ||||||
Kraft Foods, Inc. — Class A | 2,346 | 93,535 | ||||||
McCormick & Co., Inc. | 1,660 | 92,811 | ||||||
Mead Johnson Nutrition Co. | 1,092 | 93,431 | ||||||
Post Holdings, Inc.* | 2,805 | 83,449 | ||||||
Ralcorp Holdings, Inc.* | 1,225 | 89,192 | ||||||
Sara Lee Corp. | 4,162 | 91,730 | ||||||
Smithfield Foods, Inc.* | 4,059 | 85,077 | ||||||
Tyson Foods, Inc. — Class A | 4,612 | 84,169 | ||||||
|
| |||||||
Total Food Products | 1,968,421 | |||||||
|
| |||||||
Gas Utilities - 1.1% |
| |||||||
AGL Resources, Inc. | 1,753 | 69,121 | ||||||
Atmos Energy Corp. | 2,214 | 72,132 | ||||||
National Fuel Gas Co. | 1,415 | 66,958 |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 57 |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | April 30, 2012 |
GUGGENHEIM RUSSELL 1000® EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
Oneok, Inc. | 836 | $ | 71,804 | |||||
Questar Corp. | 3,547 | 70,053 | ||||||
UGI Corp. | 2,501 | 72,979 | ||||||
|
| |||||||
Total Gas Utilities | 423,047 | |||||||
|
| |||||||
Health Care Equipment & Supplies - 2.9% |
| |||||||
Alere, Inc.* | 1,833 | 43,790 | ||||||
Baxter International, Inc. | 770 | 42,666 | ||||||
Becton, Dickinson and Co. | 597 | 46,835 | ||||||
Boston Scientific Corp.* | 7,510 | 47,013 | ||||||
C.R. Bard, Inc. | 470 | 46,511 | ||||||
CareFusion Corp.* | 1,800 | 46,638 | ||||||
Cooper Cos., Inc. (The) | 580 | 51,139 | ||||||
Covidien PLC | 853 | 47,111 | ||||||
DENTSPLY International, Inc. | 1,158 | 47,547 | ||||||
Edwards Lifesciences Corp.* | 627 | 52,022 | ||||||
Gen-Probe, Inc.* | 691 | 56,351 | ||||||
Hill-Rom Holdings, Inc. | 1,370 | 44,457 | ||||||
Hologic, Inc.* | 2,146 | 41,032 | ||||||
IDEXX Laboratories, Inc.* | 539 | 47,394 | ||||||
Intuitive Surgical, Inc.* | 85 | 49,147 | ||||||
Medtronic, Inc. | 1,173 | 44,809 | ||||||
ResMed, Inc.* | 1,473 | 50,097 | ||||||
Sirona Dental Systems, Inc.* | 896 | 45,257 | ||||||
St Jude Medical, Inc. | 1,042 | 40,346 | ||||||
Stryker Corp. | 839 | 45,784 | ||||||
Teleflex, Inc. | 752 | 47,128 | ||||||
Thoratec Corp.* | 1,361 | 47,376 | ||||||
Varian Medical Systems, Inc.* | 663 | 42,047 | ||||||
Zimmer Holdings, Inc. | 722 | 45,435 | ||||||
|
| |||||||
Total Health Care Equipment & Supplies | 1,117,932 | |||||||
|
| |||||||
Health Care Providers & Services - 3.5% |
| |||||||
Aetna, Inc. | 987 | 43,467 | ||||||
AMERIGROUP Corp.* | 697 | 43,047 | ||||||
AmerisourceBergen Corp. | 1,176 | 43,759 | ||||||
Brookdale Senior Living, Inc.* | 2,492 | 47,373 | ||||||
Cardinal Health, Inc. | 1,072 | 45,313 | ||||||
Catalyst Health Solutions, Inc.* | 726 | 62,705 | ||||||
CIGNA Corp. | 984 | 45,490 | ||||||
Community Health Systems, Inc.* | 2,055 | 50,019 | ||||||
Coventry Health Care, Inc. | 1,415 | 42,436 | ||||||
DaVita, Inc.* | 524 | 46,416 | ||||||
Express Scripts Holding Co.* | 1,418 | 79,110 | ||||||
HCA Holdings, Inc. | 1,911 | 51,444 | ||||||
Health Management Associates, Inc. — Class A* | 6,825 | 49,140 | ||||||
Health Net, Inc.* | 1,210 | 43,088 | ||||||
Henry Schein, Inc.* | 607 | 46,581 | ||||||
Humana, Inc. | 527 | 42,518 | ||||||
Laboratory Corp. of America Holdings* | 507 | 44,560 | ||||||
LifePoint Hospitals, Inc.* | 1,176 | 45,888 | ||||||
Lincare Holdings, Inc. | 1,708 | 41,675 | ||||||
McKesson Corp. | 526 | 48,082 | ||||||
Mednax, Inc.* | 622 | 43,689 | ||||||
Omnicare, Inc. | 1,348 | 46,964 |
SHARES | MARKET VALUE | |||||||
Patterson Cos., Inc. | 1,423 | $ | 48,510 | |||||
Quest Diagnostics, Inc. | 766 | 44,191 | ||||||
Tenet Healthcare Corp.* | 8,578 | 44,520 | ||||||
UnitedHealth Group, Inc. | 837 | 46,998 | ||||||
Universal Health Services, Inc. — Class B | 1,089 | 46,511 | ||||||
VCA Antech, Inc.* | 2,027 | 47,959 | ||||||
WellPoint, Inc. | 679 | 46,050 | ||||||
|
| |||||||
Total Health Care Providers & Services | 1,377,503 | |||||||
|
| |||||||
Health Care Technology - 0.4% |
| |||||||
Allscripts Healthcare Solutions, Inc.* | 2,661 | 29,484 | ||||||
Cerner Corp.* | 609 | 49,384 | ||||||
SXC Health Solutions Corp.* | 642 | 58,152 | ||||||
|
| |||||||
Total Health Care Technology | 137,020 | |||||||
|
| |||||||
Hotels, Restaurants & Leisure - 1.6% |
| |||||||
Bally Technologies, Inc.* | 554 | 26,897 | ||||||
Brinker International, Inc. | 936 | 29,456 | ||||||
Carnival Corp. | 804 | 26,122 | ||||||
Chipotle Mexican Grill, Inc.* | 62 | 25,677 | ||||||
Choice Hotels International, Inc. | 693 | 26,071 | ||||||
Darden Restaurants, Inc. | 513 | 25,691 | ||||||
Dunkin’ Brands Group, Inc. | 859 | 27,806 | ||||||
Hyatt Hotels Corp. — Class A* | 607 | 26,119 | ||||||
International Game Technology | 1,525 | 23,759 | ||||||
Las Vegas Sands Corp. | 444 | 24,638 | ||||||
Marriott International, Inc. — Class A | 677 | 26,464 | ||||||
Marriott Vacations Worldwide Corp.* | 915 | 27,020 | ||||||
McDonald’s Corp. | 268 | 26,117 | ||||||
MGM Resorts International* | 1,799 | 24,143 | ||||||
Panera Bread Co. — Class A* | 161 | 25,425 | ||||||
Penn National Gaming, Inc.* | 585 | 26,313 | ||||||
Royal Caribbean Cruises Ltd. | 865 | 23,675 | ||||||
Starbucks Corp. | 464 | 26,624 | ||||||
Starwood Hotels & Resorts Worldwide, Inc. | 448 | 26,522 | ||||||
Wendy’s Co. (The) | 5,228 | 25,460 | ||||||
WMS Industries, Inc.* | 1,105 | 27,083 | ||||||
Wyndham Worldwide Corp. | 573 | 28,845 | ||||||
Wynn Resorts Ltd. | 203 | 27,080 | ||||||
Yum! Brands, Inc. | 369 | 26,837 | ||||||
|
| |||||||
Total Hotels, Restaurants & Leisure | 629,844 | |||||||
|
| |||||||
Household Durables - 0.9% |
| |||||||
DR Horton, Inc. | 1,654 | 27,043 | ||||||
Garmin Ltd. | 546 | 25,733 | ||||||
Harman International Industries, Inc. | 552 | 27,368 | ||||||
Jarden Corp. | 651 | 27,296 | ||||||
Leggett & Platt, Inc. | 1,139 | 24,796 | ||||||
Lennar Corp. — Class A | 944 | 26,187 | ||||||
Mohawk Industries, Inc.* | 389 | 26,071 | ||||||
Newell Rubbermaid, Inc. | 1,444 | 26,281 | ||||||
NVR, Inc.* | 35 | 27,438 | ||||||
Pulte Homes, Inc.* | 2,880 | 28,339 | ||||||
Tempur-Pedic International, Inc.* | 310 | 18,240 |
58 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | April 30, 2012 |
GUGGENHEIM RUSSELL 1000® EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
Toll Brothers, Inc.* | 1,069 | $ | 27,153 | |||||
Tupperware Brands Corp. | 415 | 25,850 | ||||||
Whirlpool Corp. | 340 | 21,767 | ||||||
|
| |||||||
Total Household Durables | 359,562 | |||||||
|
| |||||||
Household Products - 1.4% |
| |||||||
Church & Dwight Co., Inc. | 1,824 | 92,659 | ||||||
Clorox Co. (The) | 1,320 | 92,532 | ||||||
Colgate-Palmolive Co. | 930 | 92,014 | ||||||
Energizer Holdings, Inc.* | 1,232 | 87,878 | ||||||
Kimberly-Clark Corp. | 1,221 | 95,812 | ||||||
Procter & Gamble Co. (The) | 1,340 | 85,278 | ||||||
|
| |||||||
Total Household Products | 546,173 | |||||||
|
| |||||||
Independent Power Producers & Energy Traders - 0.7% |
| |||||||
AES Corp. (The)* | 5,231 | 65,492 | ||||||
Calpine Corp.* | 4,081 | 76,519 | ||||||
GenOn Energy, Inc.* | 29,820 | 63,516 | ||||||
NRG Energy, Inc.* | 4,175 | 70,975 | ||||||
|
| |||||||
Total Independent Power Producers & Energy Traders | 276,502 | |||||||
|
| |||||||
Industrial Conglomerates - 0.4% |
| |||||||
3M Co. | 366 | 32,706 | ||||||
Carlisle Cos., Inc. | 645 | 35,514 | ||||||
Danaher Corp. | 591 | 32,044 | ||||||
General Electric Co. | 1,630 | 31,915 | ||||||
Tyco International Ltd. | 610 | 34,239 | ||||||
|
| |||||||
Total Industrial Conglomerates | 166,418 | |||||||
|
| |||||||
Insurance - 2.9% |
| |||||||
ACE Ltd. | 299 | 22,715 | ||||||
AFLAC, Inc. | 470 | 21,169 | ||||||
Alleghany Corp.* | 66 | 22,631 | ||||||
Allied World Assurance Co. Holdings Ltd. | 315 | 22,667 | ||||||
Allstate Corp. (The) | 664 | 22,131 | ||||||
American Financial Group, Inc. | 566 | 22,029 | ||||||
American International Group, Inc.* | 739 | 25,148 | ||||||
American National Insurance Co. | 298 | 20,920 | ||||||
Aon PLC | 451 | 23,362 | ||||||
Arch Capital Group Ltd.* | 595 | 23,372 | ||||||
Arthur J. Gallagher & Co. | 609 | 22,874 | ||||||
Aspen Insurance Holdings Ltd. | 776 | 21,976 | ||||||
Assurant, Inc. | 526 | 21,219 | ||||||
Assured Guaranty Ltd. | 1,306 | 18,519 | ||||||
Axis Capital Holdings Ltd. | 659 | 22,419 | ||||||
Berkshire Hathaway, Inc. — Class B* | 268 | 21,561 | ||||||
Brown & Brown, Inc. | 927 | 25,001 | ||||||
Chubb Corp. (The) | 319 | 23,309 | ||||||
Cincinnati Financial Corp. | 622 | 22,156 | ||||||
CNA Financial Corp. | 739 | 22,628 | ||||||
Endurance Specialty Holdings Ltd. | 541 | 21,737 | ||||||
Erie Indemnity Co. — Class A | 282 | 21,686 | ||||||
Everest Re Group Ltd. | 235 | 23,288 | ||||||
Fidelity National Financial, Inc. — Class A | 1,229 | 23,683 |
SHARES | MARKET VALUE | |||||||
Genworth Financial, Inc. — Class A* | 2,510 | $ | 15,085 | |||||
Hanover Insurance Group, Inc. (The) | 534 | 21,552 | ||||||
Hartford Financial Services Group, Inc. | 1,020 | 20,961 | ||||||
HCC Insurance Holdings, Inc. | 700 | 22,372 | ||||||
Kemper Corp. | 718 | 21,533 | ||||||
Lincoln National Corp. | 811 | 20,088 | ||||||
Loews Corp. | 553 | 22,745 | ||||||
Markel Corp.* | 52 | 22,895 | ||||||
Marsh & McLennan Cos., Inc. | 666 | 22,278 | ||||||
MBIA, Inc.* | 2,319 | 23,376 | ||||||
Mercury General Corp. | 502 | 22,685 | ||||||
MetLife, Inc. | 581 | 20,933 | ||||||
Old Republic International Corp. | 2,062 | 20,517 | ||||||
PartnerRe Ltd. | 330 | 22,975 | ||||||
Principal Financial Group, Inc. | 745 | 20,614 | ||||||
Progressive Corp. (The) | 951 | 20,256 | ||||||
Protective Life Corp. | 725 | 21,214 | ||||||
Prudential Financial, Inc. | 345 | 20,886 | ||||||
Reinsurance Group of America, Inc. | 367 | 21,337 | ||||||
RenaissanceRe Holdings Ltd. | 295 | 23,028 | ||||||
StanCorp Financial Group, Inc. | 527 | 20,226 | ||||||
Torchmark Corp. | 436 | 21,238 | ||||||
Travelers Cos., Inc. (The) | 375 | 24,120 | ||||||
Unum Group | 897 | 21,295 | ||||||
Validus Holdings Ltd. | 712 | 23,140 | ||||||
W.R. Berkley Corp. | 606 | 22,822 | ||||||
White Mountains Insurance Group Ltd. | 44 | 23,012 | ||||||
XL Group PLC | 1,029 | 22,134 | ||||||
|
| |||||||
Total Insurance | 1,143,517 | |||||||
|
| |||||||
Internet & Catalog Retail - 0.5% |
| |||||||
Amazon.com, Inc.* | 127 | 29,451 | ||||||
Expedia, Inc. | 765 | 32,612 | ||||||
Groupon, Inc.* | 2,027 | 21,709 | ||||||
HomeAway, Inc.* | 1,021 | 26,597 | ||||||
Liberty Interactive Corp. — Series A* | 1,329 | 25,039 | ||||||
Netflix, Inc.* | 216 | 17,310 | ||||||
priceline.com, Inc.* | 36 | 27,390 | ||||||
TripAdvisor, Inc.* | 739 | 27,720 | ||||||
|
| |||||||
Total Internet & Catalog Retail | 207,828 | |||||||
|
| |||||||
Internet Software & Services - 1.2% |
| |||||||
Akamai Technologies, Inc.* | 983 | 32,046 | ||||||
AOL, Inc.* | 1,931 | 48,352 | ||||||
eBay, Inc.* | 689 | 28,283 | ||||||
Equinix, Inc.* | 244 | 40,065 | ||||||
Google, Inc. — Class A* | 57 | 34,498 | ||||||
IAC/InterActiveCorp | 736 | 35,438 | ||||||
LinkedIn Corp. — Class A* | 359 | 38,934 | ||||||
Monster Worldwide, Inc.* | 3,319 | 28,643 | ||||||
Rackspace Hosting, Inc.* | 632 | 36,713 | ||||||
VeriSign, Inc. | 967 | 39,753 | ||||||
VistaPrint NV* | 655 | 24,425 | ||||||
WebMD Health Corp.* | 1,802 | 40,996 | ||||||
Yahoo!, Inc.* | 2,401 | 37,312 | ||||||
|
| |||||||
Total Internet Software & Services | 465,458 | |||||||
|
|
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 59 |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | April 30, 2012 |
GUGGENHEIM RUSSELL 1000® EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
IT Services - 2.0% |
| |||||||
Accenture PLC — Class A | 499 | $ | 32,410 | |||||
Alliance Data Systems Corp.* | 175 | 22,486 | ||||||
Amdocs Ltd.* | 1,177 | 37,664 | ||||||
Automatic Data Processing, Inc. | 586 | 32,593 | ||||||
Booz Allen Hamilton Holding Corp. | 1,889 | 32,302 | ||||||
Broadridge Financial Solutions, Inc. | 896 | 20,796 | ||||||
Cognizant Technology Solutions Corp. — Class A* | 479 | 35,120 | ||||||
Computer Sciences Corp. | 1,191 | 33,419 | ||||||
CoreLogic, Inc.* | 1,333 | 22,261 | ||||||
DST Systems, Inc. | 675 | 37,786 | ||||||
Fidelity National Information Services, Inc. | 662 | 22,290 | ||||||
Fiserv, Inc.* | 315 | 22,141 | ||||||
FleetCor Technologies, Inc.* | 550 | 21,753 | ||||||
Gartner, Inc.* | 862 | 37,756 | ||||||
Genpact Ltd.* | 1,971 | 32,876 | ||||||
Global Payments, Inc. | 434 | 20,151 | ||||||
International Business Machines Corp. | 179 | 37,067 | ||||||
Lender Processing Services, Inc. | 863 | 22,913 | ||||||
Mastercard, Inc. — Class A | 51 | 23,066 | ||||||
NeuStar, Inc. — Class A* | 994 | 36,132 | ||||||
Paychex, Inc. | 1,017 | 31,507 | ||||||
SAIC, Inc. | 2,769 | 33,671 | ||||||
Teradata Corp.* | 541 | 37,751 | ||||||
Total System Services, Inc. | 953 | 22,415 | ||||||
VeriFone Systems, Inc.* | 712 | 33,920 | ||||||
Visa, Inc. — Class A | 183 | 22,505 | ||||||
Western Union Co. (The) | 1,211 | 22,258 | ||||||
|
| |||||||
Total IT Services | 787,009 | |||||||
|
| |||||||
Leisure Equipment & Products - 0.2% |
| |||||||
Hasbro, Inc. | 699 | 25,681 | ||||||
Mattel, Inc. | 759 | 25,502 | ||||||
Polaris Industries, Inc. | 354 | 28,122 | ||||||
|
| |||||||
Total Leisure Equipment & Products | 79,305 | |||||||
|
| |||||||
Life Sciences Tools & Services - 1.4% |
| |||||||
Agilent Technologies, Inc. | 715 | 30,159 | ||||||
Bio-Rad Laboratories, Inc. — Class A* | 447 | 48,271 | ||||||
Bruker Corp.* | 2,986 | 44,880 | ||||||
Charles River Laboratories International, Inc.* | 1,280 | 45,478 | ||||||
Covance, Inc.* | 956 | 44,703 | ||||||
Illumina, Inc.* | 925 | 41,190 | ||||||
Life Technologies Corp.* | 952 | 44,135 | ||||||
Mettler-Toledo International, Inc.* | 172 | 30,843 | ||||||
PerkinElmer, Inc. | 1,666 | 45,982 | ||||||
QIAGEN NV* | 2,992 | 50,056 | ||||||
Techne Corp. | 660 | 44,180 | ||||||
Thermo Fisher Scientific, Inc. | 805 | 44,798 | ||||||
Waters Corp.* | 351 | 29,523 | ||||||
|
| |||||||
Total Life Sciences Tools & Services | 544,198 | |||||||
|
|
SHARES | MARKET VALUE | |||||||
Machinery - 3.3% |
| |||||||
AGCO Corp.* | 673 | $ | 31,342 | |||||
Caterpillar, Inc. | 302 | 31,037 | ||||||
CNH Global NV* | 794 | 36,341 | ||||||
Crane Co. | 681 | 30,052 | ||||||
Cummins, Inc. | 267 | 30,927 | ||||||
Deere & Co. | 396 | 32,615 | ||||||
Donaldson Co., Inc. | 904 | 31,333 | ||||||
Dover Corp. | 519 | 32,520 | ||||||
Eaton Corp. | 652 | 31,413 | ||||||
Flowserve Corp. | 280 | 32,180 | ||||||
Gardner Denver, Inc. | 504 | 32,831 | ||||||
Graco, Inc. | 618 | 32,946 | ||||||
Harsco Corp. | 1,370 | 30,551 | ||||||
IDEX Corp. | 778 | 33,695 | ||||||
Illinois Tool Works, Inc. | 565 | 32,420 | ||||||
Ingersoll-Rand PLC | 787 | 33,463 | ||||||
ITT Corp. | 1,429 | 32,095 | ||||||
Joy Global, Inc. | 442 | 31,280 | ||||||
Kennametal, Inc. | 731 | 30,870 | ||||||
Lincoln Electric Holdings, Inc. | 717 | 35,140 | ||||||
Manitowoc Co., Inc. (The) | 2,302 | 31,883 | ||||||
Navistar International Corp.* | 793 | 26,922 | ||||||
Nordson Corp. | 592 | 31,909 | ||||||
Oshkosh Corp.* | 1,410 | 32,190 | ||||||
PACCAR, Inc. | 690 | 29,642 | ||||||
Pall Corp. | 543 | 32,368 | ||||||
Parker Hannifin Corp. | 380 | 33,322 | ||||||
Pentair, Inc. | 811 | 35,149 | ||||||
Snap-on, Inc. | 422 | 26,392 | ||||||
SPX Corp. | 429 | 32,939 | ||||||
Stanley Black & Decker, Inc. | 331 | 24,216 | ||||||
Terex Corp.* | 1,387 | 31,402 | ||||||
Timken Co. | 1,124 | 63,517 | ||||||
Toro Co. (The) | 458 | 32,729 | ||||||
Trinity Industries, Inc. | 979 | 28,978 | ||||||
Valmont Industries, Inc. | 501 | 62,089 | ||||||
WABCO Holdings, Inc.* | 431 | 27,166 | ||||||
Wabtec Corp. | 432 | 33,601 | ||||||
Xylem, Inc. | 1,167 | 32,536 | ||||||
|
| |||||||
Total Machinery | 1,294,001 | |||||||
|
| |||||||
Marine - 0.2% |
| |||||||
Alexander & Baldwin, Inc. | 691 | 35,352 | ||||||
Kirby Corp.* | 495 | 32,853 | ||||||
|
| |||||||
Total Marine | 68,205 | |||||||
|
| |||||||
Media - 2.1% |
| |||||||
AMC Networks, Inc. — Class A* | 591 | 25,117 | ||||||
Cablevision Systems Corp. — Class A | 1,751 | 25,950 | ||||||
CBS Corp. — Class B | 803 | 26,780 | ||||||
Charter Communications, Inc. — Class A* | 408 | 24,672 | ||||||
Clear Channel Outdoor Holdings, Inc. — Class A* | 3,261 | 24,686 | ||||||
Comcast Corp. — Class A | 865 | 26,235 |
60 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | April 30, 2012 |
GUGGENHEIM RUSSELL 1000® EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
DIRECTV — Class A* | 541 | $ | 26,655 | |||||
Discovery Communications, Inc. — Class A* | 527 | 28,679 | ||||||
DISH Network Corp. — Class A | 802 | 25,640 | ||||||
DreamWorks Animation SKG, | 1,426 | 25,682 | ||||||
Gannett Co., Inc. | 1,680 | 23,218 | ||||||
Interpublic Group of Cos., Inc. (The) | 2,237 | 26,419 | ||||||
John Wiley & Sons, Inc. — Class A | 549 | 24,809 | ||||||
Lamar Advertising Co. — Class A* | 795 | 25,297 | ||||||
Liberty Global, Inc. — Class A* | 517 | 25,752 | ||||||
Liberty Media Corp. - Liberty Capital — Series A* | 295 | 25,795 | ||||||
Madison Square Garden, Inc. | 773 | 27,805 | ||||||
McGraw-Hill Cos., Inc. (The) | 549 | 26,994 | ||||||
Morningstar, Inc. | 353 | 20,375 | ||||||
News Corp. — Class A | 1,288 | 25,245 | ||||||
Omnicom Group, Inc. | 512 | 26,271 | ||||||
Pandora Media, Inc.* | 2,489 | 21,405 | ||||||
Regal Entertainment Group — Class A | 1,911 | 26,009 | ||||||
Scripps Networks Interactive, Inc. — Class A | 530 | 26,617 | ||||||
Sirius XM Radio, Inc.* | �� | 11,594 | 26,202 | |||||
Thomson Reuters Corp. | 741 | 22,097 | ||||||
Time Warner Cable, Inc. | 321 | 25,824 | ||||||
Time Warner, Inc. | 710 | 26,597 | ||||||
Viacom, Inc. — Class B | 548 | 25,422 | ||||||
Virgin Media, Inc. | 1,067 | 26,206 | ||||||
Walt Disney Co. (The) | 591 | 25,478 | ||||||
Washington Post Co. (The) — Class B | 67 | 25,337 | ||||||
|
| |||||||
Total Media | 815,270 | |||||||
|
| |||||||
Metals & Mining - 2.9% |
| |||||||
AK Steel Holding Corp. | 7,634 | 56,644 | ||||||
Alcoa, Inc. | 5,844 | 56,862 | ||||||
Allegheny Technologies, Inc. | 1,399 | 60,073 | ||||||
Allied Nevada Gold Corp.* | 1,867 | 54,684 | ||||||
Carpenter Technology Corp. | 1,126 | 62,673 | ||||||
Cliffs Natural Resources, Inc. | 838 | 52,174 | ||||||
Commercial Metals Co. | 4,082 | 60,332 | ||||||
Compass Minerals International, Inc. | 831 | 63,588 | ||||||
Freeport-McMoRan Copper & Gold, Inc. | 1,517 | 58,101 | ||||||
Molycorp, Inc.* | 1,828 | 49,466 | ||||||
Newmont Mining Corp. | 1,120 | 53,368 | ||||||
Nucor Corp. | 1,352 | 53,012 | ||||||
Reliance Steel & Aluminum Co. | 1,040 | 58,126 | ||||||
Royal Gold, Inc. | 909 | 56,322 | ||||||
Schnitzer Steel Industries, Inc. — Class A | 1,449 | 57,772 | ||||||
Southern Copper Corp. | 1,854 | 60,959 | ||||||
Steel Dynamics, Inc. | 4,018 | 51,310 | ||||||
Titanium Metals Corp. | 4,260 | 62,920 | ||||||
United States Steel Corp. | 2,004 | 56,773 |
SHARES | MARKET VALUE | |||||||
Walter Energy, Inc. | 989 | $ | 65,581 | |||||
|
| |||||||
Total Metals & Mining | 1,150,740 | |||||||
|
| |||||||
Multi-Utilities - 3.3% |
| |||||||
Alliant Energy Corp. | 1,596 | 72,203 | ||||||
Ameren Corp. | 2,122 | 69,580 | ||||||
CenterPoint Energy, Inc. | 3,526 | 71,260 | ||||||
CMS Energy Corp. | 3,134 | 72,051 | ||||||
Consolidated Edison, Inc. | 1,192 | 70,864 | ||||||
Dominion Resources, Inc. | 1,351 | 70,509 | ||||||
DTE Energy Co. | 1,245 | 70,193 | ||||||
Integrys Energy Group, Inc. | 1,293 | 70,649 | ||||||
MDU Resources Group, Inc. | 3,089 | 70,862 | ||||||
NiSource, Inc. | 2,863 | 70,573 | ||||||
PG&E Corp. | 1,576 | 69,628 | ||||||
Public Service Enterprise Group, Inc. | 2,278 | 70,960 | ||||||
SCANA Corp. | 1,519 | 70,056 | ||||||
Sempra Energy | 1,167 | 75,552 | ||||||
TECO Energy, Inc. | 3,888 | 70,062 | ||||||
Vectren Corp. | 2,369 | 69,767 | ||||||
Wisconsin Energy Corp. | 1,955 | 72,022 | ||||||
Xcel Energy, Inc. | 2,603 | 70,437 | ||||||
|
| |||||||
Total Multi-Utilities | 1,277,228 | |||||||
|
| |||||||
Multiline Retail - 0.7% |
| |||||||
Big Lots, Inc.* | 557 | 20,409 | ||||||
Dillard’s, Inc. — Class A | 412 | 26,599 | ||||||
Dollar General Corp.* | 570 | 27,052 | ||||||
Dollar Tree, Inc.* | 273 | 27,753 | ||||||
Family Dollar Stores, Inc. | 448 | 30,262 | ||||||
J.C. Penney Co., Inc. | 711 | 25,639 | ||||||
Kohl’s Corp. | 531 | 26,619 | ||||||
Macy’s, Inc. | 645 | 26,458 | ||||||
Nordstrom, Inc. | 471 | 26,310 | ||||||
Sears Holdings Corp.* | 355 | 19,092 | ||||||
Target Corp. | 448 | 25,957 | ||||||
|
| |||||||
Total Multiline Retail | 282,150 | |||||||
|
| |||||||
Office Electronics - 0.2% |
| |||||||
Xerox Corp. | 3,902 | 30,358 | ||||||
Zebra Technologies Corp. — Class A* | 785 | 30,450 | ||||||
|
| |||||||
Total Office Electronics | 60,808 | |||||||
|
| |||||||
Oil, Gas & Consumable Fuels - 7.7% |
| |||||||
Alpha Natural Resources, Inc.* | 3,892 | 62,778 | ||||||
Anadarko Petroleum Corp. | 771 | 56,445 | ||||||
Apache Corp. | 596 | 57,180 | ||||||
Arch Coal, Inc. | 5,364 | 52,353 | ||||||
Cabot Oil & Gas Corp. | 1,884 | 66,204 | ||||||
Chesapeake Energy Corp. | 2,492 | 45,952 | ||||||
Chevron Corp. | 564 | 60,100 | ||||||
Cimarex Energy Co. | 776 | 53,629 | ||||||
Cobalt International Energy, Inc.* | 2,016 | 53,948 | ||||||
Concho Resources, Inc.* | 596 | 63,879 | ||||||
ConocoPhillips | 786 | 56,301 | ||||||
CONSOL Energy, Inc. | 1,777 | 59,068 | ||||||
Continental Resources, Inc.* | 693 | 61,850 |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 61 |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | April 30, 2012 |
GUGGENHEIM RUSSELL 1000® EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
Denbury Resources, Inc.* | 3,286 | $ | 62,565 | |||||
Devon Energy Corp. | 849 | 59,303 | ||||||
El Paso Corp. | 2,018 | 59,874 | ||||||
Energen Corp. | 1,381 | 72,337 | ||||||
EOG Resources, Inc. | 543 | 59,627 | ||||||
EQT Corp. | 1,223 | 60,930 | ||||||
EXCO Resources, Inc. | 8,752 | 64,240 | ||||||
Exxon Mobil Corp. | 697 | 60,179 | ||||||
Forest Oil Corp.* | 4,782 | 63,696 | ||||||
Hess Corp. | 1,012 | 52,766 | ||||||
HollyFrontier Corp. | 1,810 | 55,784 | ||||||
Kinder Morgan, Inc. | 1,571 | 56,399 | ||||||
Kosmos Energy Ltd.* | 4,545 | 55,358 | ||||||
Laredo Petroleum Holdings, Inc.* | 2,652 | 70,066 | ||||||
Marathon Oil Corp. | 1,885 | 55,306 | ||||||
Marathon Petroleum Corp. | 1,373 | 57,131 | ||||||
Murphy Oil Corp. | 1,066 | 58,598 | ||||||
Newfield Exploration Co.* | 1,737 | 62,358 | ||||||
Noble Energy, Inc. | 613 | 60,883 | ||||||
Occidental Petroleum Corp. | 614 | 56,009 | ||||||
Peabody Energy Corp. | 2,023 | 62,936 | ||||||
Pioneer Natural Resources Co. | 566 | 65,554 | ||||||
Plains Exploration & Production Co.* | 1,380 | 56,373 | ||||||
QEP Resources, Inc. | 1,997 | 61,528 | ||||||
Quicksilver Resources, Inc.* | 11,373 | 53,453 | ||||||
Range Resources Corp. | 1,031 | 68,726 | ||||||
SandRidge Energy, Inc.* | 7,531 | 60,173 | ||||||
SM Energy Co. | 828 | 54,739 | ||||||
Southwestern Energy Co.* | 1,909 | 60,286 | ||||||
Spectra Energy Corp. | 1,892 | 58,160 | ||||||
Sunoco, Inc. | 1,554 | 76,597 | ||||||
Teekay Corp. | 978 | 35,306 | ||||||
Tesoro Corp.* | 2,109 | 49,034 | ||||||
Ultra Petroleum Corp.* | 2,570 | 50,783 | ||||||
Valero Energy Corp. | 2,195 | 54,217 | ||||||
Whiting Petroleum Corp.* | 1,098 | 62,806 | ||||||
Williams Cos., Inc. (The) | 1,949 | 66,324 | ||||||
WPX Energy, Inc.* | 3,085 | 54,203 | ||||||
|
| |||||||
Total Oil, Gas & Consumable Fuels | 3,004,294 | |||||||
�� |
|
| ||||||
Paper & Forest Products - 0.4% |
| |||||||
Domtar Corp. | 609 | 53,275 | ||||||
International Paper Co. | 1,645 | 54,795 | ||||||
MeadWestvaco Corp. | 1,860 | 59,185 | ||||||
|
| |||||||
Total Paper & Forest Products | 167,255 | |||||||
|
| |||||||
Personal Products - 0.4% |
| |||||||
Avon Products, Inc. | 1,345 | 29,052 | ||||||
Estee Lauder Cos., Inc. (The) — Class A | 417 | 27,251 | ||||||
Herbalife Ltd. | 1,260 | 88,603 | ||||||
|
| |||||||
Total Personal Products | 144,906 | |||||||
|
| |||||||
Pharmaceuticals - 1.7% |
| |||||||
Abbott Laboratories | 757 | 46,979 | ||||||
Allergan, Inc. | 492 | 47,232 | ||||||
Bristol-Myers Squibb Co. | 1,378 | 45,984 |
SHARES | MARKET VALUE | |||||||
Eli Lilly & Co. | 1,153 | $ | 47,723 | |||||
Endo Pharmaceuticals Holdings, Inc.* | 1,196 | 42,027 | ||||||
Forest Laboratories, Inc.* | 1,336 | 46,533 | ||||||
Hospira, Inc.* | 1,217 | 42,741 | ||||||
Johnson & Johnson, Inc. | 710 | 46,214 | ||||||
Merck & Co., Inc. | 1,196 | 46,931 | ||||||
Mylan, Inc.* | 1,988 | 43,159 | ||||||
Perrigo Co. | 452 | 47,415 | ||||||
Pfizer, Inc. | 2,063 | 47,305 | ||||||
Warner Chilcott PLC — Class A* | 2,779 | 60,443 | ||||||
Watson Pharmaceuticals, Inc.* | 696 | 52,451 | ||||||
|
| |||||||
Total Pharmaceuticals | 663,137 | |||||||
|
| |||||||
Professional Services - 0.5% |
| |||||||
Dun & Bradstreet Corp. (The) | 260 | 20,223 | ||||||
Equifax, Inc. | 497 | 22,773 | ||||||
Manpower, Inc. | 692 | 29,479 | ||||||
Nielsen Holdings NV* | 861 | 25,158 | ||||||
Robert Half International, Inc. | 1,062 | 31,648 | ||||||
Towers Watson & Co. — Class A | 495 | 32,373 | ||||||
Verisk Analytics, Inc. — Class A* | 697 | 34,118 | ||||||
|
| |||||||
Total Professional Services | 195,772 | |||||||
|
| |||||||
Real Estate Investment Trusts (REITs) - 2.6% |
| |||||||
Alexandria Real Estate Equities, Inc. | 301 | 22,551 | ||||||
American Capital Agency Corp. | 748 | 23,368 | ||||||
American Tower Corp. | 353 | 23,150 | ||||||
Annaly Capital Management, Inc. | 1,351 | 22,048 | ||||||
Apartment Investment & Management Co. — Class A | 846 | 22,969 | ||||||
AvalonBay Communities, Inc. | 158 | 22,973 | ||||||
Boston Properties, Inc. | 211 | 22,841 | ||||||
Brandywine Realty Trust | 1,934 | 22,937 | ||||||
BRE Properties, Inc. | 442 | 23,205 | ||||||
Camden Property Trust | 341 | 23,075 | ||||||
Chimera Investment Corp. | 7,336 | 21,201 | ||||||
CommonWealth | 1,189 | 22,294 | ||||||
Corporate Office Properties Trust | 936 | 22,043 | ||||||
DDR Corp. | 1,472 | 21,786 | ||||||
Digital Realty Trust, Inc. | 299 | 22,452 | ||||||
Douglas Emmett, Inc. | 961 | 22,334 | ||||||
Duke Realty Corp. | 1,531 | 22,689 | ||||||
Equity Residential | 361 | 22,180 | ||||||
Essex Property Trust, Inc. | 147 | 23,222 | ||||||
Federal Realty Investment Trust | 225 | 22,649 | ||||||
General Growth Properties, Inc. | 1,305 | 23,229 | ||||||
HCP, Inc. | 550 | 22,797 | ||||||
Health Care REIT, Inc. | 400 | 22,664 | ||||||
Hospitality Properties Trust | 840 | 23,167 | ||||||
Host Hotels & Resorts, Inc. | 1,326 | 22,065 | ||||||
Kimco Realty Corp. | 1,124 | 21,817 | ||||||
Liberty Property Trust | 620 | 22,599 | ||||||
Macerich Co. (The) | 384 | 23,643 | ||||||
Mack-Cali Realty Corp. | 766 | 22,000 | ||||||
Piedmont Office Realty Trust, | 1,222 | 21,678 |
62 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | April 30, 2012 |
GUGGENHEIM RUSSELL 1000® EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
Plum Creek Timber Co., Inc. | 529 | $ | 22,239 | |||||
ProLogis, Inc. | 619 | 22,148 | ||||||
Public Storage | 160 | 22,922 | ||||||
Rayonier, Inc. | 496 | 22,494 | ||||||
Realty Income Corp. | 566 | 22,266 | ||||||
Regency Centers Corp. | 494 | 22,210 | ||||||
Rouse Properties, Inc.* | 1,556 | 20,913 | ||||||
Senior Housing Properties Trust | 1,002 | 22,124 | ||||||
Simon Property Group, Inc. | 152 | 23,651 | ||||||
SL Green Realty Corp. | 285 | 23,495 | ||||||
Taubman Centers, Inc. | 304 | 23,463 | ||||||
UDR, Inc. | 856 | 22,538 | ||||||
Ventas, Inc. | 384 | 22,575 | ||||||
Vornado Realty Trust | 261 | 22,404 | ||||||
Weingarten Realty Investors | 829 | 22,018 | ||||||
Weyerhaeuser Co. | 995 | 20,258 | ||||||
|
| |||||||
Total Real Estate Investment Trusts (REITs) | 1,035,344 | |||||||
|
| |||||||
Real Estate Management & Development - 0.3% |
| |||||||
CBRE Group, Inc.* | 1,074 | 20,202 | ||||||
Forest City Enterprises, Inc. — Class A* | 1,448 | 23,096 | ||||||
Howard Hughes Corp. (The)* | 343 | 23,019 | ||||||
Jones Lang LaSalle, Inc. | 260 | 20,784 | ||||||
St Joe Co. (The)* | 1,145 | 20,415 | ||||||
|
| |||||||
Total Real Estate Management & Development | 107,516 | |||||||
|
| |||||||
Road & Rail - 0.7% |
| |||||||
Con-way, Inc. | 983 | 31,948 | ||||||
CSX Corp. | 1,480 | 33,019 | ||||||
Hertz Global Holdings, Inc.* | 1,746 | 26,906 | ||||||
JB Hunt Transport Services, Inc. | 595 | 32,921 | ||||||
Kansas City Southern | 455 | 35,044 | ||||||
Landstar System, Inc. | 562 | 30,106 | ||||||
Norfolk Southern Corp. | 493 | 35,954 | ||||||
Ryder System, Inc. | 616 | 30,012 | ||||||
Union Pacific Corp. | 296 | 33,282 | ||||||
|
| |||||||
Total Road & Rail | 289,192 | |||||||
|
| |||||||
Semiconductors & Semiconductor Equipment - 3.1% |
| |||||||
Advanced Micro Devices, Inc.* | 4,524 | 33,297 | ||||||
Altera Corp. | 942 | 33,507 | ||||||
Analog Devices, Inc. | 918 | 35,784 | ||||||
Applied Materials, Inc. | 2,890 | 34,651 | ||||||
Atmel Corp.* | 3,566 | 31,630 | ||||||
Avago Technologies Ltd. | 955 | 32,928 | ||||||
Broadcom Corp. — Class A* | 951 | 34,807 | ||||||
Cree, Inc.* | 1,176 | 36,338 | ||||||
Cypress Semiconductor Corp.* | 2,340 | 36,270 | ||||||
Fairchild Semiconductor International, Inc.* | 2,487 | 35,241 | ||||||
First Solar, Inc.* | 2,313 | 42,559 | ||||||
Freescale Semiconductor Holdings I Ltd.* | 2,323 | 28,829 | ||||||
Intel Corp. | 1,314 | 37,318 | ||||||
International Rectifier Corp.* | 1,590 | 34,710 | ||||||
Intersil Corp. — Class A | 3,244 | 33,316 |
SHARES | MARKET VALUE | |||||||
KLA-Tencor Corp. | 681 | $ | 35,514 | |||||
Lam Research Corp.* | 825 | 34,361 | ||||||
Linear Technology Corp. | 1,106 | 36,177 | ||||||
LSI Corp.* | 4,278 | 34,395 | ||||||
Marvell Technology Group Ltd.* | 2,352 | 35,304 | ||||||
Maxim Integrated Products, Inc. | 1,283 | 37,951 | ||||||
MEMC Electronic Materials, Inc.* | 9,523 | 34,188 | ||||||
Microchip Technology, Inc. | 1,004 | 35,481 | ||||||
Micron Technology, Inc.* | 4,321 | 28,475 | ||||||
Novellus Systems, Inc.* | 739 | 34,548 | ||||||
NVIDIA Corp.* | 2,500 | 32,500 | ||||||
ON Semiconductor Corp.* | 4,108 | 33,932 | ||||||
PMC — Sierra, Inc.* | 5,110 | 36,128 | ||||||
Silicon Laboratories, Inc.* | 845 | 29,989 | ||||||
Skyworks Solutions, Inc.* | 1,295 | 35,146 | ||||||
SunPower Corp.* | 9,095 | 51,023 | ||||||
Teradyne, Inc.* | 2,149 | 36,984 | ||||||
Texas Instruments, Inc. | 1,094 | 34,942 | ||||||
Xilinx, Inc. | 1,017 | 36,999 | ||||||
|
| |||||||
Total Semiconductors & Semiconductor Equipment | 1,195,222 | |||||||
|
| |||||||
Software - 2.5% |
| |||||||
Activision Blizzard, Inc. | 2,881 | 37,078 | ||||||
Adobe Systems, Inc.* | 1,070 | 35,909 | ||||||
ANSYS, Inc.* | 560 | 37,559 | ||||||
Ariba, Inc.* | 1,115 | 42,593 | ||||||
Autodesk, Inc.* | 878 | 34,567 | ||||||
BMC Software, Inc.* | 927 | 38,248 | ||||||
CA, Inc. | 1,329 | 35,112 | ||||||
Cadence Design Systems, Inc.* | 3,051 | 35,605 | ||||||
Citrix Systems, Inc.* | 467 | 39,980 | ||||||
Compuware Corp.* | 3,933 | 34,296 | ||||||
Electronic Arts, Inc.* | 2,177 | 33,482 | ||||||
Factset Research Systems, Inc. | 220 | 23,069 | ||||||
Fortinet, Inc.* | 1,366 | 35,680 | ||||||
Informatica Corp.* | 706 | 32,490 | ||||||
Intuit, Inc. | 623 | 36,115 | ||||||
MICROS Systems, Inc.* | 673 | 38,247 | ||||||
Microsoft Corp. | 1,139 | 36,471 | ||||||
Nuance Communications, Inc.* | 1,447 | 35,365 | ||||||
Oracle Corp. | 1,262 | 37,090 | ||||||
Red Hat, Inc.* | 714 | 42,562 | ||||||
Rovi Corp.* | 1,139 | 32,575 | ||||||
Salesforce.com, Inc.* | 241 | 37,531 | ||||||
Solera Holdings, Inc. | 786 | 35,323 | ||||||
Symantec Corp.* | 1,994 | 32,941 | ||||||
Synopsys, Inc.* | 1,212 | 36,372 | ||||||
TIBCO Software, Inc.* | 1,176 | 38,690 | ||||||
VMware, Inc. — Class A* | 341 | 38,097 | ||||||
Zynga, Inc. — Class A* | 2,846 | 23,736 | ||||||
|
| |||||||
Total Software | 996,783 | |||||||
|
| |||||||
Specialty Retail - 2.1% |
| |||||||
Aaron’s, Inc. | 1,001 | 27,197 | ||||||
Abercrombie & Fitch Co. — Class A | 510 | 25,587 |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 63 |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (concluded) | April 30, 2012 |
GUGGENHEIM RUSSELL 1000® EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
Advance Auto Parts, Inc. | 288 | $ | 26,438 | |||||
American Eagle Outfitters, Inc. | 1,490 | 26,835 | ||||||
AutoNation, Inc.* | 737 | 25,485 | ||||||
AutoZone, Inc.* | 69 | 27,335 | ||||||
Bed Bath & Beyond, Inc.* | 387 | 27,241 | ||||||
Best Buy Co., Inc. | 969 | 21,386 | ||||||
CarMax, Inc.* | 750 | 23,153 | ||||||
Chico’s FAS, Inc. | 1,704 | 26,173 | ||||||
Dick’s Sporting Goods, Inc. | 532 | 26,919 | ||||||
DSW, Inc. — Class A | 475 | 26,723 | ||||||
Foot Locker, Inc. | 825 | 25,237 | ||||||
GameStop Corp. — Class A | 1,098 | 24,990 | ||||||
Gap, Inc. (The) | 978 | 27,873 | ||||||
Guess?, Inc. | 820 | 24,010 | ||||||
Home Depot, Inc. | 521 | 26,983 | ||||||
Limited Brands, Inc. | 526 | 26,142 | ||||||
Lowe’s Cos., Inc. | 837 | 26,340 | ||||||
O’Reilly Automotive, Inc.* | 286 | 30,162 | ||||||
PetSmart, Inc. | 450 | 26,217 | ||||||
RadioShack Corp. | 4,026 | 20,855 | ||||||
Ross Stores, Inc. | 442 | 27,223 | ||||||
Sally Beauty Holdings, Inc.* | 1,035 | 27,531 | ||||||
Signet Jewelers Ltd. | 527 | 25,702 | ||||||
Staples, Inc. | 1,570 | 24,178 | ||||||
Tiffany & Co. | 364 | 24,919 | ||||||
TJX Cos., Inc. | 660 | 27,529 | ||||||
Tractor Supply Co. | 287 | 28,244 | ||||||
Ulta Salon Cosmetics & Fragrance, Inc. | 278 | 24,514 | ||||||
Urban Outfitters, Inc.* | 878 | 25,427 | ||||||
Williams-Sonoma, Inc. | 670 | 25,922 | ||||||
|
| |||||||
Total Specialty Retail | 830,470 | |||||||
|
| |||||||
Textiles, Apparel & Luxury Goods - 0.6% |
| |||||||
Coach, Inc. | 331 | 24,216 | ||||||
Deckers Outdoor Corp.* | 396 | 20,200 | ||||||
Fossil, Inc.* | 195 | 25,481 | ||||||
Hanesbrands, Inc.* | 883 | 24,918 | ||||||
Michael Kors Holdings Ltd.* | 561 | 25,621 | ||||||
NIKE, Inc. — Class B | 242 | 27,072 | ||||||
PVH Corp. | 290 | 25,752 | ||||||
Ralph Lauren Corp. | 148 | 25,496 | ||||||
Under Armour, Inc. — Class A* | 267 | 26,147 | ||||||
V.F. Corp. | 173 | 26,305 | ||||||
|
| |||||||
Total Textiles, Apparel & Luxury Goods | 251,208 | |||||||
|
| |||||||
Thrifts & Mortgage Finance - 0.4% |
| |||||||
BankUnited, Inc. | 890 | 21,894 | ||||||
Capitol Federal Financial, Inc. | 1,851 | 21,860 | ||||||
Hudson City Bancorp, Inc. | 3,017 | 21,300 |
SHARES | MARKET VALUE | |||||||
New York Community Bancorp, Inc. | 1,608 | $ | 21,692 | |||||
People’s United Financial, Inc. | 1,647 | 20,324 | ||||||
TFS Financial Corp.* | 2,302 | 22,629 | ||||||
Washington Federal, Inc. | 1,306 | 22,907 | ||||||
|
| |||||||
Total Thrifts & Mortgage Finance | 152,606 | |||||||
|
| |||||||
Tobacco - 0.9% |
| |||||||
Altria Group, Inc. | 2,940 | 94,698 | ||||||
Lorillard, Inc. | 683 | 92,403 | ||||||
Philip Morris International, Inc. | 1,028 | 92,016 | ||||||
Reynolds American, Inc. | 2,176 | 88,846 | ||||||
|
| |||||||
Total Tobacco | 367,963 | |||||||
|
| |||||||
Trading Companies & Distributors - 0.5% |
| |||||||
Air Lease Corp.* | 1,311 | 30,835 | ||||||
Fastenal Co. | 1,077 | 50,425 | ||||||
GATX Corp. | 782 | 33,525 | ||||||
MSC Industrial Direct Co. — Class A | 392 | 28,894 | ||||||
W.W. Grainger, Inc. | 149 | 30,965 | ||||||
WESCO International, Inc.* | 493 | 32,730 | ||||||
|
| |||||||
Total Trading Companies & Distributors | 207,374 | |||||||
|
| |||||||
Water Utilities - 0.4% |
| |||||||
American Water Works Co., Inc. | 2,024 | 69,302 | ||||||
Aqua America, Inc. | 3,078 | 69,901 | ||||||
|
| |||||||
Total Water Utilities | 139,203 | |||||||
|
| |||||||
Wireless Telecommunication Services - 1.1% |
| |||||||
Clearwire Corp. — Class A* | 29,438 | 43,127 | ||||||
Crown Castle International Corp.* | 697 | 39,457 | ||||||
MetroPCS Communications, Inc.* | 7,384 | 53,903 | ||||||
NII Holdings, Inc.* | 3,791 | 53,055 | ||||||
SBA Communications Corp. — Class A* | 731 | 39,284 | ||||||
Sprint Nextel Corp.* | 24,341 | 60,366 | ||||||
Telephone & Data Systems, Inc. | 2,958 | 71,850 | ||||||
United States Cellular Corp.* | 1,684 | 66,046 | ||||||
|
| |||||||
Total Wireless Telecommunication Services | 427,088 | |||||||
|
| |||||||
Total Common Stocks | 39,193,913 | |||||||
|
| |||||||
SHORT TERM INVESTMENTS - 0.1% |
| |||||||
SSgA Government Money Market Fund | 44,878 | 44,878 | ||||||
|
| |||||||
Total Short Term Investments | 44,878 | |||||||
|
| |||||||
Total Investments - 100.0%a | 39,238,791 | |||||||
|
| |||||||
Other Assets and Liabilities, net - 0.0%b |
| 11,138 | ||||||
|
| |||||||
Net Assets - 100.0% | $ | 39,249,929 |
* | Non-Income Producing Security. |
a | Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs. |
b | Amount represents less than 0.05% of net assets. |
REIT — Real Estate Investment Trust |
Tracking Stock — A security issued by a parent company that tracks the performance of a particular division. |
64 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2012 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
COMMON STOCKS - 99.6% |
| |||||||
Aerospace & Defense - 1.0% |
| |||||||
AAR Corp. | 450 | $ | 6,952 | |||||
Aerovironment, Inc.* | 312 | 7,588 | ||||||
American Science & Engineering, Inc. | 110 | 7,184 | ||||||
Astronics Corp.* | 234 | 7,429 | ||||||
Ceradyne, Inc. | 258 | 6,533 | ||||||
Cubic Corp. | 177 | 8,183 | ||||||
Curtiss-Wright Corp. | 222 | 7,834 | ||||||
DigitalGlobe, Inc.* | 571 | 7,006 | ||||||
Ducommun, Inc.* | 639 | 7,540 | ||||||
Esterline Technologies Corp.* | 114 | 7,808 | ||||||
GenCorp, Inc.* | 1,241 | 8,526 | ||||||
GeoEye, Inc.* | 311 | 7,128 | ||||||
HEICO Corp. | 198 | 7,963 | ||||||
Hexcel Corp.* | 748 | 20,480 | ||||||
KEYW Holding Corp. (The)* | 1,024 | 9,626 | ||||||
Kratos Defense & Security Solutions, Inc.* | 1,456 | 8,081 | ||||||
LMI Aerospace, Inc.* | 442 | 8,084 | ||||||
Moog, Inc. — Class A* | 189 | 7,989 | ||||||
National Presto Industries, Inc. | 98 | 7,225 | ||||||
Orbital Sciences Corp.* | 631 | 7,925 | ||||||
Taser International, Inc.* | 1,823 | 8,386 | ||||||
Teledyne Technologies, Inc.* | 134 | 8,659 | ||||||
Triumph Group, Inc. | 129 | 8,104 | ||||||
|
| |||||||
Total Aerospace & Defense | 192,233 | |||||||
|
| |||||||
Air Freight & Logistics - 0.3% |
| |||||||
Air Transport Services Group, Inc.* | 1,485 | 7,870 | ||||||
Atlas Air Worldwide Holdings, Inc.* | 172 | 7,921 | ||||||
Echo Global Logistics, Inc.* | 501 | 8,532 | ||||||
Forward Air Corp. | 232 | 7,837 | ||||||
HUB Group, Inc. — Class A* | 232 | 8,120 | ||||||
Pacer International, Inc.* | 1,366 | 8,210 | ||||||
Park-Ohio Holdings Corp.* | 407 | 8,787 | ||||||
|
| |||||||
Total Air Freight & Logistics | 57,277 | |||||||
|
| |||||||
Airlines - 0.4% |
| |||||||
Alaska Air Group, Inc.* | 236 | 7,977 | ||||||
Allegiant Travel Co.* | 156 | 9,167 | ||||||
Hawaiian Holdings, Inc.* | 1,589 | 8,994 | ||||||
JetBlue Airways Corp.* | 1,654 | 7,856 | ||||||
Republic Airways Holdings, Inc.* | 1,701 | 8,658 | ||||||
SkyWest, Inc. | 752 | 6,760 | ||||||
Spirit Airlines, Inc.* | 430 | 10,329 | ||||||
US Airways Group, Inc.* | 1,109 | 11,378 | ||||||
|
| |||||||
Total Airlines | 71,119 | |||||||
|
| |||||||
Auto Components - 0.6% |
| |||||||
American Axle & Manufacturing Holdings, Inc.* | 651 | 6,308 | ||||||
Amerigon, Inc.* | 481 | 6,878 | ||||||
Cooper Tire & Rubber Co. | 475 | 7,101 | ||||||
Dana Holding Corp. | 473 | 6,915 | ||||||
Dorman Products, Inc.* | 151 | 7,215 |
SHARES | MARKET VALUE | |||||||
Drew Industries, Inc.* | 277 | $ | 8,249 | |||||
Exide Technologies* | 2,407 | 6,932 | ||||||
Fuel Systems Solutions, Inc.* | 278 | 6,519 | ||||||
Modine Manufacturing Co.* | 949 | 7,497 | ||||||
Motorcar Parts of America, Inc.* | 769 | 5,814 | ||||||
Spartan Motors, Inc. | 1,522 | 6,621 | ||||||
Standard Motor Products, Inc. | 416 | 6,269 | ||||||
Stoneridge, Inc.* | 709 | 6,112 | ||||||
Superior Industries International, Inc. | 388 | 6,639 | ||||||
Tenneco, Inc.* | 201 | 6,197 | ||||||
Tower International, Inc.* | 577 | 6,139 | ||||||
|
| |||||||
Total Auto Components | 107,405 | |||||||
|
| |||||||
Automobiles - 0.0%a |
| |||||||
Winnebago Industries, Inc.* | 766 | 7,469 | ||||||
|
| |||||||
Total Automobiles | 7,469 | |||||||
|
| |||||||
Beverages - 0.9% |
| |||||||
Boston Beer Co., Inc. — Class A* | 422 | 43,601 | ||||||
Central European Distribution Corp.* | 8,205 | 40,040 | ||||||
Coca-Cola Bottling Co. Consolidated | 707 | 45,354 | ||||||
National Beverage Corp.* | 2,754 | 40,925 | ||||||
|
| |||||||
Total Beverages | 169,920 | |||||||
|
| |||||||
Biotechnology - 3.7% |
| |||||||
Achillion Pharmaceuticals, Inc.* | 778 | 5,174 | ||||||
Acorda Therapeutics, Inc.* | 291 | 7,345 | ||||||
Aegerion Pharmaceuticals, Inc.* | 542 | 6,748 | ||||||
Affymax, Inc.* | 550 | 7,211 | ||||||
Alkermes PLC* | 462 | 7,993 | ||||||
Allos Therapeutics, Inc.* | 5,306 | 9,657 | ||||||
Alnylam Pharmaceuticals, Inc.* | 693 | 7,893 | ||||||
AMAG Pharmaceuticals, Inc.* | 487 | 7,626 | ||||||
Amicus Therapeutics, Inc.* | 1,387 | 6,769 | ||||||
Anacor Pharmaceuticals, Inc.* | 1,231 | 6,832 | ||||||
Anthera Pharmaceuticals, Inc.* | 3,474 | 5,419 | ||||||
Ardea Biosciences, Inc.* | 341 | 10,864 | ||||||
Arena Pharmaceuticals, Inc.* | 2,409 | 5,878 | ||||||
Ariad Pharmaceuticals, Inc.* | 488 | 7,954 | ||||||
ArQule, Inc.* | 1,074 | 7,572 | ||||||
Array Biopharma, Inc.* | 2,409 | 8,407 | ||||||
Astex Pharmaceuticals, Inc.* | 4,387 | 7,721 | ||||||
AVEO Pharmaceuticals, Inc.* | 606 | 6,969 | ||||||
AVI BioPharma, Inc.* | 4,970 | 4,146 | ||||||
BioCryst Pharmaceuticals, Inc.* | 1,507 | 5,455 | ||||||
BioMimetic Therapeutics, Inc.* | 3,385 | 9,038 | ||||||
Biosante Pharmaceuticals, Inc.* | 11,036 | 6,070 | ||||||
Biospecifics Technologies Corp.* | 487 | 7,183 | ||||||
Biotime, Inc.* | 1,616 | 6,125 | ||||||
Cell Therapeutics, Inc.* | 5,774 | 6,409 | ||||||
Celldex Therapeutics, Inc.* | 1,482 | 6,758 | ||||||
Cepheid, Inc.* | 182 | 6,991 | ||||||
Chelsea Therapeutics International Ltd.* | 2,066 | 4,380 | ||||||
ChemoCentryx, Inc.* | 693 | 11,920 | ||||||
Cleveland Biolabs, Inc.* | 2,689 | 5,217 | ||||||
Clovis Oncology, Inc.* | 308 | 5,522 |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 65 |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | April 30, 2012 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
Codexis, Inc.* | 2,134 | $ | 7,725 | |||||
Cubist Pharmaceuticals, Inc.* | 178 | 7,526 | ||||||
Curis, Inc.* | 1,599 | 7,659 | ||||||
Cytori Therapeutics, Inc.* | 2,930 | 6,944 | ||||||
Dusa Pharmaceuticals, Inc.* | 1,227 | 7,190 | ||||||
Dyax Corp.* | 5,001 | 8,152 | ||||||
Dynavax Technologies Corp.* | 1,671 | 8,372 | ||||||
Emergent Biosolutions, Inc.* | 488 | 6,861 | ||||||
Enzon Pharmaceuticals, Inc.* | 1,088 | 6,778 | ||||||
Exact Sciences Corp.* | 768 | 8,271 | ||||||
Exelixis, Inc.* | 1,380 | 6,624 | ||||||
Genomic Health, Inc.* | 250 | 7,165 | ||||||
Geron Corp.* | 4,338 | 7,288 | ||||||
GTx, Inc.* | 2,040 | 6,385 | ||||||
Halozyme Therapeutics, Inc.* | 588 | 4,757 | ||||||
Idenix Pharmaceuticals, Inc.* | 750 | 6,578 | ||||||
Immunogen, Inc.* | 555 | 7,076 | ||||||
Immunomedics, Inc.* | 2,111 | 7,578 | ||||||
Incyte Corp., Ltd.* | 400 | 9,072 | ||||||
Infinity Pharmaceuticals, Inc.* | 669 | 9,032 | ||||||
Insmed, Inc.* | 2,105 | 6,083 | ||||||
InterMune, Inc.* | 551 | 5,752 | ||||||
Ironwood Pharmaceuticals, Inc.* | 570 | 7,530 | ||||||
Isis Pharmaceuticals, Inc.* | 860 | 6,880 | ||||||
Keryx Biopharmaceuticals, Inc.* | 1,619 | 2,558 | ||||||
Lexicon Pharmaceuticals, Inc.* | 4,027 | 6,524 | ||||||
Ligand Pharmaceuticals, Inc. — Class B* | 439 | 5,931 | ||||||
MannKind Corp.* | 3,128 | 7,038 | ||||||
Maxygen, Inc.* | 1,359 | 7,678 | ||||||
Medivation, Inc.* | 106 | 8,573 | ||||||
Metabolix, Inc.* | 2,351 | 6,371 | ||||||
Momenta Pharmaceuticals, Inc.* | 512 | 8,131 | ||||||
Nabi Biopharmaceuticals* | 4,244 | 7,087 | ||||||
Neurocrine Biosciences, Inc.* | 1,009 | 7,497 | ||||||
NewLink Genetics Corp.* | 831 | 9,673 | ||||||
Novavax, Inc.* | 5,949 | 8,091 | ||||||
NPS Pharmaceuticals, Inc.* | 1,128 | 8,076 | ||||||
Nymox Pharmaceutical Corp.* | 959 | 7,816 | ||||||
OncoGenex Pharmaceutical, Inc.* | 573 | 7,449 | ||||||
Oncothyreon, Inc.* | 1,757 | 7,538 | ||||||
Onyx Pharmaceuticals, Inc.* | 206 | 9,375 | ||||||
Opko Health, Inc.* | 1,636 | 7,771 | ||||||
Orexigen Therapeutics, Inc.* | 1,696 | 5,936 | ||||||
Osiris Therapeutics, Inc.* | 1,490 | 7,912 | ||||||
PDL BioPharma, Inc. | 1,225 | 7,705 | ||||||
Peregrine Pharmaceuticals, Inc.* | 14,277 | 6,710 | ||||||
Pharmacyclics, Inc.* | 274 | 7,551 | ||||||
PharmAthene, Inc.* | 4,619 | 7,483 | ||||||
Progenics Pharmaceuticals, Inc.* | 785 | 8,627 | ||||||
Raptor Pharmaceutical Corp.* | 1,130 | 6,622 | ||||||
Rigel Pharmaceuticals, Inc.* | 978 | 7,560 | ||||||
Sangamo Biosciences, Inc.* | 1,496 | 6,956 | ||||||
Savient Pharmaceuticals, Inc.* | 3,619 | 8,577 |
SHARES | MARKET VALUE | |||||||
Sciclone Pharmaceuticals, Inc.* | 1,229 | $ | 7,362 | |||||
Seattle Genetics, Inc.* | 378 | 7,473 | ||||||
SIGA Technologies, Inc.* | 2,337 | 7,712 | ||||||
Spectrum Pharmaceuticals, Inc.* | 606 | 6,442 | ||||||
Sunesis Pharmaceuticals, Inc.* | 3,104 | 8,536 | ||||||
Synta Pharmaceuticals Corp.* | 1,749 | 7,608 | ||||||
Targacept, Inc.* | 1,487 | 7,063 | ||||||
Theravance, Inc.* | 393 | 8,505 | ||||||
Trius Therapeutics, Inc.* | 1,534 | 8,238 | ||||||
Vanda Pharmaceuticals, Inc.* | 1,593 | 7,057 | ||||||
Verastem, Inc.* | 731 | 7,588 | ||||||
Vical, Inc.* | 2,365 | 7,379 | ||||||
Zalicus, Inc.* | 7,271 | 7,635 | ||||||
ZIOPHARM Oncology, Inc.* | 1,428 | 6,797 | ||||||
|
| |||||||
Total Biotechnology | 712,735 | |||||||
|
| |||||||
Building Products - 1.3% |
| |||||||
AAON, Inc. | 865 | 17,646 | ||||||
Ameresco, Inc. — Class A* | 1,496 | 18,236 | ||||||
American Woodmark Corp. | 407 | 7,306 | ||||||
AO Smith Corp. | 187 | 8,901 | ||||||
Apogee Enterprises, Inc. | 1,393 | 21,396 | ||||||
Builders FirstSource, Inc.* | 4,085 | 17,034 | ||||||
Gibraltar Industries, Inc.* | 1,184 | 16,008 | ||||||
Griffon Corp. | 1,687 | 16,718 | ||||||
Insteel Industries, Inc. | 1,473 | 16,748 | ||||||
NCI Building Systems, Inc.* | 1,537 | 18,429 | ||||||
Quanex Building Products Corp. | 1,037 | 19,112 | ||||||
Simpson Manufacturing Co., Inc. | 560 | 17,377 | ||||||
Trex Co., Inc.* | 565 | 18,080 | ||||||
Universal Forest Products, Inc. | 532 | 19,897 | ||||||
USG Corp.* | 991 | 17,888 | ||||||
|
| |||||||
Total Building Products | 250,776 | |||||||
|
| |||||||
Capital Markets - 1.6% |
| |||||||
Apollo Investment Corp. | 744 | 5,394 | ||||||
Arlington Asset Investment | 223 | 5,243 | ||||||
Artio Global Investors, Inc. | 1,021 | 3,696 | ||||||
BGC Partners, Inc. — Class A | 679 | 4,733 | ||||||
BlackRock Kelso Capital Corp. | 514 | 4,960 | ||||||
Calamos Asset Management, | 387 | 5,000 | ||||||
Capital Southwest Corp. | 53 | 5,073 | ||||||
CIFC Corp.* | 971 | 5,807 | ||||||
Cohen & Steers, Inc. | 162 | 5,709 | ||||||
Cowen Group, Inc. — Class A* | 1,756 | 4,425 | ||||||
Diamond Hill Investment Group, Inc. | 68 | 5,161 | ||||||
Duff & Phelps Corp. — Class A | 316 | 5,024 | ||||||
Edelman Financial Group, Inc. | 702 | 6,199 | ||||||
Epoch Holding Corp. | 199 | 5,373 | ||||||
Evercore Partners, Inc. — Class A | 169 | 4,467 | ||||||
FBR & Co.* | 1,969 | 5,218 | ||||||
Fidus Investment Corp. | 381 | 5,166 | ||||||
Fifth Street Finance Corp. | 518 | 5,087 |
66 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | April 30, 2012 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
Financial Engines, Inc.* | 223 | $ | 5,093 | |||||
FXCM, Inc. — Class A | 372 | 4,308 | ||||||
GAMCO Investors, Inc. — Class A | 103 | 4,641 | ||||||
GFI Group, Inc. | 1,311 | 4,326 | ||||||
Gladstone Capital Corp. | 609 | 4,878 | ||||||
Gladstone Investment Corp. | 643 | 4,771 | ||||||
Gleacher & Co., Inc.* | 3,612 | 3,756 | ||||||
Golub Capital BDC, Inc. | 346 | 5,142 | ||||||
Harris & Harris Group, Inc.* | 1,126 | 4,538 | ||||||
Hercules Technology Growth Capital, Inc. | 456 | 5,203 | ||||||
HFF, Inc. — Class A* | 305 | 4,984 | ||||||
ICG Group, Inc.* | 847 | 8,030 | ||||||
INTL FCStone, Inc.* | 228 | 4,902 | ||||||
Investment Technology Group, Inc.* | 411 | 4,192 | ||||||
JMP Group, Inc. | 661 | 4,898 | ||||||
KBW, Inc. | 267 | 4,550 | ||||||
Knight Capital Group, Inc. — Class A* | 378 | 4,967 | ||||||
Kohlberg Capital Corp. | 714 | 4,405 | ||||||
Ladenburg Thalmann Financial Services, Inc.* | 2,685 | 4,430 | ||||||
Main Street Capital Corp. | 206 | 5,276 | ||||||
Manning & Napier, Inc. | 335 | 4,858 | ||||||
MCG Capital Corp. | 1,146 | 4,802 | ||||||
Medallion Financial Corp. | 446 | 4,875 | ||||||
Medley Capital Corp. | 448 | 5,058 | ||||||
MVC Capital, Inc. | 382 | 5,042 | ||||||
New Mountain Finance Corp. | 379 | 5,120 | ||||||
NGP Capital Resources Co. | 746 | 4,543 | ||||||
Oppenheimer Holdings, Inc. — Class A | 275 | 4,692 | ||||||
PennantPark Investment Corp. | 474 | 4,953 | ||||||
Piper Jaffray Cos.* | 187 | 4,535 | ||||||
Prospect Capital Corp. | 461 | 5,034 | ||||||
Pzena Investment Management, Inc. — Class A | 796 | 4,688 | ||||||
Safeguard Scientifics, Inc.* | 440 | 7,198 | ||||||
Solar Capital Ltd. | 232 | 4,816 | ||||||
Solar Senior Capital Ltd. | 311 | 5,041 | ||||||
Stifel Financial Corp.* | 129 | 4,698 | ||||||
SWS Group, Inc. | 861 | 4,856 | ||||||
THL Credit, Inc. | 393 | 4,952 | ||||||
TICC Capital Corp. | 523 | 4,817 | ||||||
Triangle Capital Corp. | 260 | 5,255 | ||||||
Virtus Investment Partners, Inc.* | 61 | 5,148 | ||||||
Walter Investment Management Corp. | 214 | 4,329 | ||||||
Westwood Holdings Group, Inc. | 130 | 4,781 | ||||||
|
| |||||||
Total Capital Markets | 303,116 | |||||||
|
| |||||||
Chemicals - 3.2% |
| |||||||
A. Schulman, Inc. | 667 | 16,415 | ||||||
American Vanguard Corp. | 867 | 21,675 | ||||||
Balchem Corp. | 617 | 17,831 | ||||||
Calgon Carbon Corp.* | 1,162 | 16,082 | ||||||
Chase Corp. | 1,134 | 16,840 | ||||||
Chemtura Corp.* | 1,070 | 18,211 |
SHARES | MARKET VALUE | |||||||
Ferro Corp.* | 2,956 | $ | 15,342 | |||||
Flotek Industries, Inc.* | 1,658 | 22,615 | ||||||
FutureFuel Corp. | 1,649 | 16,226 | ||||||
Georgia Gulf Corp.* | 536 | 19,001 | ||||||
GSE Holding, Inc.* | 629 | 7,957 | ||||||
H.B. Fuller Co. | 579 | 19,049 | ||||||
Hawkins, Inc. | 477 | 16,566 | ||||||
Innophos Holdings, Inc. | 378 | 18,586 | ||||||
Innospec, Inc.* | 591 | 17,866 | ||||||
KMG Chemicals, Inc. | 967 | 16,671 | ||||||
Koppers Holdings, Inc. | 480 | 18,663 | ||||||
Kraton Performance Polymers, Inc.* | 682 | 17,732 | ||||||
Landec Corp.* | 2,773 | 17,858 | ||||||
LSB Industries, Inc.* | 467 | 15,841 | ||||||
Minerals Technologies, Inc. | 278 | 18,654 | ||||||
NewMarket Corp. | 97 | 21,652 | ||||||
Olin Corp. | 831 | 17,418 | ||||||
OM Group, Inc.* | 658 | 15,871 | ||||||
Omnova Solutions, Inc.* | 2,707 | 21,223 | ||||||
PolyOne Corp. | 1,268 | 17,575 | ||||||
Quaker Chemical Corp. | 464 | 20,138 | ||||||
Senomyx, Inc.* | 6,162 | 13,495 | ||||||
Sensient Technologies Corp. | 489 | 18,166 | ||||||
Spartech Corp.* | 3,466 | 16,914 | ||||||
Stepan Co. | 208 | 18,899 | ||||||
TPC Group, Inc.* | 431 | 18,093 | ||||||
Tredegar Corp. | 917 | 15,910 | ||||||
Zep, Inc. | 1,229 | 17,513 | ||||||
Zoltek Cos., Inc.* | 1,796 | 19,810 | ||||||
|
| |||||||
Total Chemicals | 618,358 | |||||||
|
| |||||||
Commercial Banks - 3.6% |
| |||||||
1st Source Corp. | 198 | 4,493 | ||||||
1st United Bancorp, Inc.* | 812 | 4,921 | ||||||
Alliance Financial Corp. | 162 | 4,943 | ||||||
Ameris Bancorp* | 379 | 4,700 | ||||||
Ames National Corp. | 219 | 4,836 | ||||||
Arrow Financial Corp. | 205 | 4,908 | ||||||
Bancfirst Corp. | 116 | 4,837 | ||||||
Banco Latinoamericano de Comercio Exterior SA — Class E | 237 | 4,941 | ||||||
Bancorp, Inc. (The)* | 513 | 5,269 | ||||||
BancorpSouth, Inc. | 366 | 4,930 | ||||||
Bank of Kentucky Financial Corp. | 181 | 4,563 | ||||||
Bank of Marin Bancorp | 126 | 4,671 | ||||||
Bank of the Ozarks, Inc. | 160 | 4,944 | ||||||
Banner Corp. | 224 | 4,917 | ||||||
BBCN Bancorp, Inc.* | 454 | 4,985 | ||||||
Boston Private Financial Holdings, Inc. | 503 | 4,688 | ||||||
Bridge Bancorp, Inc. | 228 | 4,441 | ||||||
Bridge Capital Holdings* | 384 | 5,871 | ||||||
Bryn Mawr Bank Corp. | 222 | 4,771 | ||||||
Camden National Corp. | 137 | 4,455 | ||||||
Capital Bank Corp.* | 2,232 | 5,134 | ||||||
Capital City Bank Group, Inc. | 681 | 5,686 |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 67 |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | April 30, 2012 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
Cardinal Financial Corp. | 448 | $ | 5,407 | |||||
Cascade Bancorp* | 837 | 4,763 | ||||||
Cathay General Bancorp | 282 | 4,856 | ||||||
Center Bancorp, Inc. | 490 | 5,179 | ||||||
Centerstate Banks, Inc. | 626 | 5,033 | ||||||
Central Pacific Financial Corp.* | 366 | 5,205 | ||||||
Century Bancorp, Inc. — Class A | 176 | 4,835 | ||||||
Chemical Financial Corp. | 217 | 4,789 | ||||||
Citizens & Northern Corp. | 241 | 4,565 | ||||||
City Holding Co. | 143 | 4,769 | ||||||
CNB Financial Corp. | 294 | 4,833 | ||||||
CoBiz Financial, Inc. | 705 | 4,406 | ||||||
Columbia Banking System, Inc. | 221 | 4,528 | ||||||
Community Bank System, Inc. | 173 | 4,865 | ||||||
Community Trust Bancorp, Inc. | 156 | 4,984 | ||||||
CVB Financial Corp. | 430 | 4,975 | ||||||
Eagle Bancorp, Inc.* | 290 | 5,159 | ||||||
Encore Bancshares, Inc.* | 247 | 5,066 | ||||||
Enterprise Bancorp, Inc. | 299 | 4,811 | ||||||
Enterprise Financial Services Corp. | 419 | 5,066 | ||||||
Financial Institutions, Inc. | 299 | 5,059 | ||||||
First Bancorp | 448 | 4,489 | ||||||
First Bancorp., Inc. | 332 | 4,817 | ||||||
First Busey Corp. | 998 | 4,631 | ||||||
First Commonwealth Financial Corp. | 800 | 5,144 | ||||||
First Community Bancshares, Inc. | 368 | 4,928 | ||||||
First Connecticut Bancorp, Inc. | 374 | 4,933 | ||||||
First Financial Bancorp | 292 | 4,909 | ||||||
First Financial Bankshares, Inc. | 141 | 4,771 | ||||||
First Financial Corp. | 156 | 4,680 | ||||||
First Interstate Bancsystem, Inc. | 335 | 4,720 | ||||||
First Merchants Corp. | 415 | 5,117 | ||||||
First Midwest Bancorp, Inc. | 412 | 4,388 | ||||||
First of Long Island Corp. (The) | 187 | 5,148 | ||||||
FirstMerit Corp. | 294 | 4,939 | ||||||
FNB Corp. | 411 | 4,665 | ||||||
German American Bancorp, Inc. | 244 | 4,646 | ||||||
Glacier Bancorp, Inc. | 334 | 4,977 | ||||||
Great Southern Bancorp, Inc. | 205 | 4,928 | ||||||
Hampton Roads Bankshares, Inc.* | 1,615 | 5,103 | ||||||
Hancock Holding Co. | 139 | 4,473 | ||||||
Hanmi Financial Corp.* | 493 | 5,142 | ||||||
Heartland Financial USA, Inc. | 291 | 5,389 | ||||||
Heritage Commerce Corp.* | 792 | 5,338 | ||||||
Heritage Financial Corp. | 364 | 4,768 | ||||||
Home Bancshares, Inc. | 187 | 5,449 | ||||||
Hudson Valley Holding Corp. | 305 | 5,591 | ||||||
Iberiabank Corp. | 92 | 4,698 | ||||||
Independent Bank Corp. | 175 | 4,912 | ||||||
International Bancshares Corp. | 231 | 4,558 | ||||||
Investors Bancorp, Inc.* | 334 | 5,157 | ||||||
Lakeland Bancorp, Inc. | 489 | 4,469 | ||||||
Lakeland Financial Corp. | 194 | 5,052 | ||||||
MainSource Financial Group, Inc. | 429 | 5,015 |
SHARES | MARKET VALUE | |||||||
MB Financial, Inc. | 236 | $ | 4,878 | |||||
Merchants Bancshares, Inc. | 181 | 4,865 | ||||||
Metro Bancorp, Inc.* | 427 | 4,940 | ||||||
Midsouth Bancorp, Inc. | 369 | 5,203 | ||||||
National Bankshares, Inc. | 169 | 5,021 | ||||||
National Penn Bancshares, Inc. | 559 | 5,154 | ||||||
NBT Bancorp, Inc. | 227 | 4,665 | ||||||
Old National Bancorp | 385 | 4,936 | ||||||
OmniAmerican Bancorp, Inc.* | 252 | 5,053 | ||||||
Oriental Financial Group, Inc. | 409 | 4,834 | ||||||
Orrstown Financial Services, Inc. | 546 | 4,221 | ||||||
Pacific Capital Bancorp NA* | 111 | 5,056 | ||||||
Pacific Continental Corp. | 523 | 4,649 | ||||||
PacWest Bancorp | 210 | 5,002 | ||||||
Park National Corp. | 71 | 4,775 | ||||||
Park Sterling Corp.* | 1,037 | 4,884 | ||||||
Penns Woods Bancorp, Inc. | 120 | 4,733 | ||||||
Peoples Bancorp, Inc. | 287 | 5,278 | ||||||
Pinnacle Financial Partners, Inc.* | 276 | 5,051 | ||||||
PrivateBancorp, Inc. | 329 | 5,175 | ||||||
Prosperity Bancshares, Inc. | 108 | 5,038 | ||||||
Renasant Corp. | 307 | 4,912 | ||||||
Republic Bancorp, Inc. — Class A | 206 | 4,847 | ||||||
S&T Bancorp, Inc. | 229 | 4,287 | ||||||
S.Y. Bancorp, Inc. | 214 | 4,965 | ||||||
Sandy Spring Bancorp, Inc. | 269 | 4,845 | ||||||
SCBT Financial Corp. | 151 | 5,193 | ||||||
Seacoast Banking Corp. of Florida* | 2,657 | 4,304 | ||||||
Sierra Bancorp | 501 | 4,589 | ||||||
Signature Bank* | 76 | 4,992 | ||||||
Simmons First National Corp. — Class A | 195 | 4,746 | ||||||
Southside Bancshares, Inc. | 238 | 4,862 | ||||||
Southwest Bancorp, Inc.* | 551 | 5,009 | ||||||
State Bank Financial Corp.* | 287 | 4,951 | ||||||
StellarOne Corp. | 413 | 5,167 | ||||||
Sterling Bancorp | 511 | 4,860 | ||||||
Sterling Financial Corp.* | 232 | 4,505 | ||||||
Suffolk Bancorp* | 366 | 4,348 | ||||||
Sun Bancorp, Inc.* | 1,451 | 4,193 | ||||||
Susquehanna Bancshares, Inc. | 495 | 5,133 | ||||||
SVB Financial Group* | 76 | 4,871 | ||||||
Taylor Capital Group, Inc.* | 351 | 4,886 | ||||||
Texas Capital Bancshares, Inc.* | 144 | 5,430 | ||||||
Tompkins Financial Corp. | 121 | 4,580 | ||||||
TowneBank | 351 | 4,570 | ||||||
Trico Bancshares | 293 | 4,817 | ||||||
Trustmark Corp. | 198 | 5,039 | ||||||
UMB Financial Corp. | 110 | 5,286 | ||||||
Umpqua Holdings Corp. | 368 | 4,872 | ||||||
Union First Market Bankshares Corp. | 349 | 4,872 | ||||||
United Bankshares, Inc. | 170 | 4,493 | ||||||
United Community Banks, Inc.* | 504 | 4,743 | ||||||
Univest Corp. of Pennsylvania | 294 | 4,733 |
68 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | April 30, 2012 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
Virginia Commerce Bancorp, Inc.* | 546 | $ | 4,275 | |||||
Washington Banking Co. | 356 | 4,963 | ||||||
Washington Trust Bancorp, Inc. | 204 | 4,829 | ||||||
Webster Financial Corp. | 225 | 5,114 | ||||||
WesBanco, Inc. | 244 | 4,997 | ||||||
West Bancorp, Inc. | 506 | 4,858 | ||||||
West Coast Bancorp* | 256 | 5,002 | ||||||
Westamerica Bancorp | 104 | 4,770 | ||||||
Western Alliance Bancorp* | 587 | 5,154 | ||||||
Wilshire Bancorp, Inc.* | 1,021 | 5,473 | ||||||
Wintrust Financial Corp. | 140 | 5,058 | ||||||
|
| |||||||
Total Commercial Banks | 684,805 | |||||||
|
| |||||||
Commercial Services & Supplies - 2.1% |
| |||||||
ABM Industries, Inc. | 346 | 8,055 | ||||||
ACCO Brands Corp.* | 659 | 6,952 | ||||||
American Reprographics Co.* | 1,349 | 7,366 | ||||||
AT Cross Co. — Class A* | 690 | 7,921 | ||||||
Brink’s Co. (The) | 333 | 8,458 | ||||||
Casella Waste Systems, Inc. — Class A* | 1,165 | 7,025 | ||||||
Cenveo, Inc.* | 2,326 | 6,652 | ||||||
Clean Harbors, Inc.* | 121 | 8,257 | ||||||
Consolidated Graphics, Inc.* | 182 | 7,278 | ||||||
Courier Corp. | 663 | 6,809 | ||||||
Deluxe Corp. | 348 | 8,286 | ||||||
Encore Capital Group, Inc.* | 224 | 5,309 | ||||||
EnergySolutions, Inc.* | 1,635 | 6,883 | ||||||
EnerNOC, Inc.* | 2,727 | 16,389 | ||||||
Ennis, Inc. | 524 | 8,258 | ||||||
Fuel Tech, Inc.* | 1,495 | 6,922 | ||||||
G&K Services, Inc. — Class A | 245 | 8,051 | ||||||
Geo Group, Inc. (The)* | 449 | 9,299 | ||||||
Healthcare Services Group, Inc. | 381 | 8,085 | ||||||
Heritage-Crystal Clean, Inc.* | 415 | 8,777 | ||||||
Herman Miller, Inc. | 365 | 7,128 | ||||||
HNI Corp. | 302 | 7,284 | ||||||
InnerWorkings, Inc.* | 719 | 8,276 | ||||||
Interface, Inc. — Class A | 1,349 | 19,102 | ||||||
Intersections, Inc. | 372 | 4,475 | ||||||
Kimball International, Inc. — Class B | 1,185 | 8,094 | ||||||
Knoll, Inc. | 506 | 7,484 | ||||||
McGrath Rentcorp | 257 | 7,561 | ||||||
Metalico, Inc.* | 1,915 | 6,205 | ||||||
Mine Safety Appliances Co. | 200 | 8,492 | ||||||
Mobile Mini, Inc.* | 387 | 7,299 | ||||||
Multi-Color Corp. | 363 | 7,739 | ||||||
NL Industries, Inc. | 1,207 | 16,982 | ||||||
Portfolio Recovery Associates, Inc.* | 69 | 4,749 | ||||||
Quad/Graphics, Inc. | 576 | 7,741 | ||||||
Rollins, Inc. | 396 | 8,415 | ||||||
Schawk, Inc. | 666 | 8,971 | ||||||
Standard Parking Corp.* | 405 | 7,719 | ||||||
Steelcase, Inc. — Class A | 866 | 7,482 | ||||||
Swisher Hygiene, Inc.* | 2,750 | 6,188 | ||||||
SYKES Enterprises, Inc.* | 541 | 8,575 |
SHARES | MARKET VALUE | |||||||
Team, Inc.* | 259 | $ | 7,674 | |||||
Tetra Tech, Inc.* | 321 | 8,571 | ||||||
TMS International Corp. — Class A* | 1,432 | 17,299 | ||||||
TRC Cos., Inc.* | 1,230 | 8,093 | ||||||
Unifirst Corp. | 139 | 8,446 | ||||||
United Stationers, Inc. | 275 | 7,799 | ||||||
US Ecology, Inc. | 390 | 8,455 | ||||||
Viad Corp. | 390 | 7,051 | ||||||
|
| |||||||
Total Commercial Services & Supplies | 410,381 | |||||||
|
| |||||||
Communications Equipment - 1.4% |
| |||||||
ADTRAN, Inc. | 246 | 7,508 | ||||||
Anaren, Inc.* | 426 | 7,685 | ||||||
Arris Group, Inc.* | 695 | 8,986 | ||||||
Aruba Networks, Inc.* | 325 | 6,864 | ||||||
Aviat Networks, Inc.* | 2,563 | 6,536 | ||||||
Bel Fuse, Inc. — Class B | 393 | 6,991 | ||||||
Black Box Corp. | 295 | 6,670 | ||||||
Calix, Inc.* | 828 | 6,591 | ||||||
Communications Systems, Inc. | 556 | 7,234 | ||||||
Comtech Telecommunications Corp. | 230 | 7,112 | ||||||
Digi International, Inc.* | 698 | 6,477 | ||||||
Emcore Corp.* | 1,580 | 7,142 | ||||||
Emulex Corp.* | 720 | 6,250 | ||||||
Extreme Networks* | 1,970 | 7,545 | ||||||
Finisar Corp.* | 380 | 6,278 | ||||||
Globecomm Systems, Inc.* | 530 | 7,515 | ||||||
Harmonic, Inc.* | 1,363 | 6,433 | ||||||
Infinera Corp.* | 939 | 6,723 | ||||||
InterDigital, Inc. | 214 | 5,932 | ||||||
Ixia* | 601 | 7,573 | ||||||
KVH Industries, Inc.* | 721 | 7,196 | ||||||
Loral Space & Communications, Inc. | 96 | 5,957 | ||||||
Meru Networks, Inc.* | 1,790 | 5,084 | ||||||
Netgear, Inc.* | 197 | 7,584 | ||||||
Numerex Corp. — Class A* | 762 | 7,224 | ||||||
Oclaro, Inc.* | 1,757 | 5,043 | ||||||
Oplink Communications, Inc.* | 443 | 7,017 | ||||||
Opnext, Inc.* | 4,429 | 5,270 | ||||||
Plantronics, Inc. | 192 | 7,357 | ||||||
Powerwave Technologies, Inc.* | 3,580 | 4,045 | ||||||
Procera Networks, Inc.* | 338 | 7,017 | ||||||
ShoreTel, Inc.* | 1,354 | 6,486 | ||||||
Sonus Networks, Inc.* | 2,642 | 7,477 | ||||||
Sycamore Networks, Inc.* | 421 | 6,563 | ||||||
Symmetricom, Inc.* | 1,321 | 7,345 | ||||||
Ubiquiti Networks, Inc.* | 239 | 7,892 | ||||||
ViaSat, Inc.* | 161 | 7,776 | ||||||
Westell Technologies, Inc. — Class A* | 3,219 | 7,339 | ||||||
|
| |||||||
Total Communications Equipment | 259,717 | |||||||
|
| |||||||
Computers & Peripherals - 0.7% |
| |||||||
3D Systems Corp.* | 325 | 9,584 | ||||||
Avid Technology, Inc.* | 683 | 5,935 | ||||||
Cray, Inc.* | 1,019 | 11,362 |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 69 |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | April 30, 2012 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
Dot Hill Systems Corp.* | 4,730 | $ | 5,912 | |||||
Electronics for Imaging, Inc.* | 508 | 9,068 | ||||||
Imation Corp.* | 1,214 | 7,041 | ||||||
Immersion Corp.* | 1,388 | 7,565 | ||||||
Intermec, Inc.* | 994 | 5,288 | ||||||
Intevac, Inc.* | 919 | 7,407 | ||||||
Novatel Wireless, Inc.* | 2,234 | 6,456 | ||||||
OCZ Technology Group, Inc.* | 1,055 | 6,224 | ||||||
Quantum Corp.* | 2,838 | 6,754 | ||||||
Rimage Corp. | 745 | 6,772 | ||||||
Silicon Graphics International Corp.* | 756 | 7,137 | ||||||
STEC, Inc.* | 800 | 6,632 | ||||||
Stratasys, Inc.* | 208 | 10,652 | ||||||
Super Micro Computer, Inc.* | 438 | 7,731 | ||||||
Synaptics, Inc.* | 218 | 6,695 | ||||||
Xyratex Ltd. | 459 | 6,665 | ||||||
|
| |||||||
Total Computers & Peripherals | 140,880 | |||||||
|
| |||||||
Construction & Engineering - 0.8% |
| |||||||
Aegion Corp.* | 462 | 8,432 | ||||||
Argan, Inc. | 548 | 7,990 | ||||||
Comfort Systems USA, Inc. | 1,655 | 17,510 | ||||||
Dycom Industries, Inc.* | 357 | 8,350 | ||||||
EMCOR Group, Inc. | 301 | 8,825 | ||||||
Furmanite Corp.* | 1,313 | 8,219 | ||||||
Granite Construction, Inc. | 287 | 7,990 | ||||||
Great Lakes Dredge & Dock Corp. | 1,078 | 7,988 | ||||||
Layne Christensen Co.* | 386 | 7,932 | ||||||
MasTec, Inc.* | 440 | 7,652 | ||||||
Michael Baker Corp.* | 345 | 7,773 | ||||||
MYR Group, Inc.* | 470 | 7,858 | ||||||
Northwest Pipe Co.* | 852 | 17,730 | ||||||
Orion Marine Group, Inc.* | 1,115 | 7,716 | ||||||
Primoris Services Corp. | 507 | 7,311 | ||||||
Sterling Construction Co., Inc.* | 852 | 8,341 | ||||||
Tutor Perini Corp.* | 545 | 8,290 | ||||||
|
| |||||||
Total Construction & Engineering | 155,907 | |||||||
|
| |||||||
Construction Materials - 0.4% | ||||||||
Eagle Materials, Inc. | 518 | 18,244 | ||||||
Headwaters, Inc.* | 4,159 | 18,050 | ||||||
Texas Industries, Inc. | 485 | 16,301 | ||||||
United States Lime & Minerals, Inc.* | 307 | 14,727 | ||||||
|
| |||||||
Total Construction Materials | 67,322 | |||||||
|
| |||||||
Consumer Finance - 0.3% |
| |||||||
Cash America International, Inc. | 103 | 4,815 | ||||||
Credit Acceptance Corp.* | 49 | 4,608 | ||||||
DFC Global Corp.* | 267 | 4,667 | ||||||
EZCORP, Inc. — Class A* | 154 | 4,126 | ||||||
First Cash Financial Services, Inc.* | 115 | 4,710 | ||||||
First Marblehead Corp. (The)* | 3,954 | 4,191 | ||||||
Imperial Holdings, Inc.* | 1,902 | 7,285 | ||||||
Nelnet, Inc. — Class A | 190 | 4,906 | ||||||
Netspend Holdings, Inc.* | 614 | 4,685 |
SHARES | MARKET VALUE | |||||||
Nicholas Financial, Inc. | 371 | $ | 4,908 | |||||
World Acceptance Corp.* | 79 | 5,254 | ||||||
|
| |||||||
Total Consumer Finance | 54,155 | |||||||
|
| |||||||
Containers & Packaging - 0.4% |
| |||||||
AEP Industries, Inc.* | 536 | 18,690 | ||||||
Boise, Inc. | 2,156 | 16,472 | ||||||
Graphic Packaging Holding Co.* | 3,339 | 17,864 | ||||||
Myers Industries, Inc. | 1,259 | 20,811 | ||||||
|
| |||||||
Total Containers & Packaging | 73,837 | |||||||
|
| |||||||
Distributors - 0.3% | ||||||||
Core-Mark Holding Co., Inc. | 1,071 | 41,341 | ||||||
Pool Corp. | 200 | 7,382 | ||||||
VOXX International Corp.* | 555 | 7,043 | ||||||
Weyco Group, Inc. | 306 | 7,463 | ||||||
|
| |||||||
Total Distributors | 63,229 | |||||||
|
| |||||||
Diversified Consumer Services - 0.8% |
| |||||||
American Public Education, Inc.* | 199 | 6,909 | ||||||
Archipelago Learning, Inc.* | 684 | 7,572 | ||||||
Ascent Capital Group, Inc. — Series A* | 172 | 8,858 | ||||||
Bridgepoint Education, Inc.* | 300 | 6,468 | ||||||
Cambium Learning Group, Inc.* | 2,819 | 6,399 | ||||||
Capella Education Co.* | 208 | 6,804 | ||||||
Coinstar, Inc.* | 119 | 7,472 | ||||||
Corinthian Colleges, Inc.* | 1,772 | 6,805 | ||||||
Grand Canyon Education, Inc.* | 424 | 7,373 | ||||||
Hillenbrand, Inc. | 330 | 6,910 | ||||||
K12, Inc.* | 304 | 7,752 | ||||||
Lincoln Educational Services Corp. | 960 | 7,046 | ||||||
Mac-Gray Corp. | 559 | 8,329 | ||||||
Matthews International Corp. — Class A | 237 | 7,110 | ||||||
National American University Holdings, Inc. | 1,096 | 5,732 | ||||||
Regis Corp. | 417 | 7,652 | ||||||
School Specialty, Inc.* | 2,022 | 6,612 | ||||||
Sotheby’s | 187 | 7,353 | ||||||
Steiner Leisure Ltd.* | 153 | 7,185 | ||||||
Stewart Enterprises, Inc. — Class A | 1,237 | 7,818 | ||||||
Strayer Education, Inc. | 79 | 7,796 | ||||||
Universal Technical Institute, Inc. | 565 | 6,780 | ||||||
|
| |||||||
Total Diversified Consumer Services | 158,735 | |||||||
|
| |||||||
Diversified Financial Services - 0.3% |
| |||||||
California First National Bancorp | 328 | 5,215 | ||||||
Compass Diversified Holdings | 559 | 8,206 | ||||||
FX Alliance, Inc.* | 324 | 5,621 | ||||||
Gain Capital Holdings, Inc. | 975 | 5,002 | ||||||
MarketAxess Holdings, Inc. | 134 | 4,598 | ||||||
Marlin Business Services Corp. | 541 | 7,942 | ||||||
NewStar Financial, Inc.* | 462 | 5,484 | ||||||
PHH Corp.* | 537 | 8,324 | ||||||
PICO Holdings, Inc.* | 217 | 5,210 | ||||||
|
| |||||||
Total Diversified Financial Services | 55,602 | |||||||
|
|
70 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | April 30, 2012 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
Diversified Telecommunication Services - 2.7% |
| |||||||
8x8, Inc.* | 10,781 | $ | 44,525 | |||||
AboveNet, Inc.* | 92 | 7,652 | ||||||
Atlantic Tele-Network, Inc. | 1,123 | 38,249 | ||||||
Cbeyond, Inc.* | 5,404 | 34,748 | ||||||
Cincinnati Bell, Inc.* | 10,311 | 39,182 | ||||||
Cogent Communications Group, Inc.* | 2,160 | 40,457 | ||||||
Consolidated Communications Holdings, Inc. | 2,151 | 41,622 | ||||||
General Communication, Inc. — Class A* | 4,540 | 34,504 | ||||||
inContact, Inc.* | 7,406 | 40,363 | ||||||
Iridium Communications, Inc.* | 4,726 | 41,541 | ||||||
Neutral Tandem, Inc.* | 3,445 | 40,031 | ||||||
Premiere Global Services, Inc.* | 4,659 | 41,698 | ||||||
SureWest Communications | 1,883 | 42,518 | ||||||
Vonage Holdings Corp.* | 19,268 | 39,307 | ||||||
|
| |||||||
Total Diversified Telecommunication Services | 526,397 | |||||||
|
| |||||||
Electric Utilities - 2.9% | ||||||||
Allete, Inc. | 1,026 | 42,281 | ||||||
Central Vermont Public Service Corp. | 1,210 | 42,653 | ||||||
Cleco Corp. | 1,076 | 43,901 | ||||||
El Paso Electric Co. | 1,317 | 40,353 | ||||||
Empire District Electric Co. (The) | 2,087 | 42,825 | ||||||
IDACORP, Inc. | 1,037 | 42,247 | ||||||
MGE Energy, Inc. | 955 | 43,682 | ||||||
Otter Tail Corp. | 1,908 | 41,900 | ||||||
PNM Resources, Inc. | 2,276 | 42,698 | ||||||
Portland General Electric Co. | 1,710 | 44,169 | ||||||
UIL Holdings Corp. | 1,221 | 41,966 | ||||||
Unisource Energy Corp. | 1,161 | 42,260 | ||||||
Unitil Corp. | 1,555 | 41,145 | ||||||
|
| |||||||
Total Electric Utilities | 552,080 | |||||||
|
| |||||||
Electrical Equipment - 1.3% |
| |||||||
A123 Systems, Inc.* | 5,991 | 6,111 | ||||||
Active Power, Inc.* | 9,448 | 8,361 | ||||||
Acuity Brands, Inc. | 286 | 15,893 | ||||||
American Superconductor Corp.* | 2,031 | 8,388 | ||||||
AZZ, Inc. | 160 | 8,274 | ||||||
Belden, Inc. | 460 | 15,999 | ||||||
Brady Corp. — Class A | 253 | 7,851 | ||||||
Broadwind Energy, Inc.* | 16,130 | 5,484 | ||||||
Capstone Turbine Corp.* | 19,895 | 21,685 | ||||||
Coleman Cable, Inc.* | 855 | 7,267 | ||||||
Encore Wire Corp. | 608 | 15,498 | ||||||
EnerSys* | 241 | 8,423 | ||||||
Franklin Electric Co., Inc. | 167 | 8,375 | ||||||
FuelCell Energy, Inc.* | 13,654 | 16,931 | ||||||
Generac Holdings, Inc.* | 337 | 8,115 | ||||||
Global Power Equipment Group, Inc.* | 301 | 7,528 | ||||||
II-VI, Inc.* | 321 | 6,552 | ||||||
LSI Industries, Inc. | 2,424 | 16,604 | ||||||
Powell Industries, Inc.* | 241 | 7,859 |
SHARES | MARKET VALUE | |||||||
PowerSecure International, Inc.* | 3,104 | $ | 16,110 | |||||
Preformed Line Products Co. | 120 | 6,928 | ||||||
Thermon Group Holdings, Inc.* | 419 | 9,310 | ||||||
Valence Technology, Inc.* | 9,868 | 7,204 | ||||||
Vicor Corp. | 1,029 | 7,172 | ||||||
|
| |||||||
Total Electrical Equipment | 247,922 | |||||||
|
| |||||||
Electronic Equipment, Instruments & Components - 2.1% |
| |||||||
Aeroflex Holding Corp.* | 672 | 7,526 | ||||||
Agilysys, Inc.* | 832 | 7,288 | ||||||
Anixter International, Inc.* | 104 | 7,132 | ||||||
Badger Meter, Inc. | 244 | 9,013 | ||||||
Benchmark Electronics, Inc.* | 456 | 7,241 | ||||||
Brightpoint, Inc.* | 932 | 5,704 | ||||||
Checkpoint Systems, Inc.* | 677 | 7,420 | ||||||
Cognex Corp. | 175 | 7,044 | ||||||
Coherent, Inc.* | 130 | 6,838 | ||||||
CTS Corp. | 741 | 7,951 | ||||||
Daktronics, Inc. | 878 | 7,147 | ||||||
DDi Corp. | 632 | 8,203 | ||||||
DTS, Inc.* | 248 | 7,738 | ||||||
Echelon Corp.* | 1,669 | 7,277 | ||||||
Electro Rent Corp. | 441 | 6,871 | ||||||
Electro Scientific Industries, Inc. | 509 | 7,258 | ||||||
eMagin Corp.* | 2,260 | 7,029 | ||||||
Fabrinet* | 414 | 6,963 | ||||||
FARO Technologies, Inc.* | 145 | 8,117 | ||||||
FEI Co.* | 155 | 7,776 | ||||||
GSI Group, Inc.* | 630 | 7,604 | ||||||
Identive Group, Inc.* | 3,793 | 7,814 | ||||||
Insight Enterprises, Inc.* | 347 | 7,048 | ||||||
InvenSense, Inc.* | 369 | 5,934 | ||||||
Kemet Corp.* | 830 | 7,063 | ||||||
LeCroy Corp.* | 722 | 7,466 | ||||||
Littelfuse, Inc. | 136 | 8,523 | ||||||
Maxwell Technologies, Inc.* | 454 | 4,318 | ||||||
Measurement Specialties, Inc.* | 243 | 8,682 | ||||||
Mercury Computer Systems, Inc.* | 568 | 7,498 | ||||||
Methode Electronics, Inc. | 816 | 6,895 | ||||||
Microvision, Inc.* | 2,589 | 4,816 | ||||||
MTS Systems Corp. | 156 | 7,483 | ||||||
Multi-Fineline Electronix, Inc.* | 271 | 7,179 | ||||||
NeoPhotonics Corp.* | 1,567 | 7,412 | ||||||
Newport Corp.* | 430 | 7,340 | ||||||
OSI Systems, Inc.* | 135 | 9,026 | ||||||
Park Electrochemical Corp. | 252 | 7,270 | ||||||
PC Connection, Inc. | 924 | 7,410 | ||||||
Plexus Corp.* | 215 | 6,960 | ||||||
Power-One, Inc.* | 1,726 | 7,387 | ||||||
Pulse Electronics Corp. | 2,993 | 6,136 | ||||||
Radisys Corp.* | 980 | 6,223 | ||||||
RealD, Inc.* | 600 | 7,248 | ||||||
Richardson Electronics Ltd. | 641 | 8,083 | ||||||
Rofin-Sinar Technologies, Inc.* | 288 | 7,258 | ||||||
Rogers Corp.* | 200 | 7,658 |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 71 |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | April 30, 2012 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
Sanmina-SCI Corp.* | 686 | $ | 6,105 | |||||
Scansource, Inc.* | 202 | 6,658 | ||||||
SYNNEX Corp.* | 176 | 6,704 | ||||||
TTM Technologies, Inc.* | 649 | 6,704 | ||||||
Universal Display Corp.* | 209 | 9,399 | ||||||
Viasystems Group, Inc.* | 401 | 8,938 | ||||||
Vishay Precision Group, Inc.* | 567 | 8,210 | ||||||
X-Rite, Inc.* | 1,819 | 10,077 | ||||||
Zygo Corp.* | 425 | 8,411 | ||||||
|
| |||||||
Total Electronic Equipment, Instruments & Components | 412,476 | |||||||
|
| |||||||
Energy Equipment & Services - 3.0% |
| |||||||
Basic Energy Services, Inc.* | 1,185 | 17,064 | ||||||
Bristow Group, Inc. | 174 | 8,500 | ||||||
C&J Energy Services, Inc.* | 1,173 | 22,111 | ||||||
Cal Dive International, Inc.* | 6,217 | 24,060 | ||||||
Dawson Geophysical Co.* | 606 | 16,271 | ||||||
Dril-Quip, Inc.* | 318 | 21,430 | ||||||
Exterran Holdings, Inc.* | 1,523 | 20,576 | ||||||
Global Geophysical Services, Inc.* | 1,897 | 18,154 | ||||||
Gulf Island Fabrication, Inc. | 710 | 19,894 | ||||||
Gulfmark Offshore, Inc. — Class A* | 181 | 8,719 | ||||||
Heckmann Corp.* | 4,663 | 17,719 | ||||||
Helix Energy Solutions Group, Inc.* | 1,161 | 23,696 | ||||||
Hercules Offshore, Inc.* | 4,272 | 21,702 | ||||||
Hornbeck Offshore Services, Inc.* | 497 | 20,690 | ||||||
ION Geophysical Corp.* | 3,090 | 19,251 | ||||||
Key Energy Services, Inc.* | 1,320 | 16,711 | ||||||
Lufkin Industries, Inc. | 267 | 20,516 | ||||||
Matrix Service Co.* | 1,450 | 19,793 | ||||||
Mitcham Industries, Inc.* | 936 | 22,239 | ||||||
Natural Gas Services Group, Inc.* | 1,569 | 20,460 | ||||||
Newpark Resources, Inc.* | 2,532 | 16,104 | ||||||
OYO Geospace Corp.* | 191 | 22,007 | ||||||
Parker Drilling Co.* | 3,419 | 17,676 | ||||||
PHI, Inc.* | 336 | 8,948 | ||||||
Pioneer Drilling Co.* | 2,371 | 18,683 | ||||||
RigNet, Inc.* | 1,176 | 20,086 | ||||||
Tesco Corp.* | 1,440 | 23,515 | ||||||
Tetra Technologies, Inc.* | 2,187 | 19,049 | ||||||
Vantage Drilling Co.* | 13,056 | 20,628 | ||||||
Willbros Group, Inc.* | 5,852 | 31,601 | ||||||
|
| |||||||
Total Energy Equipment & Services | 577,853 | |||||||
|
| |||||||
Food & Staples Retailing - 3.5% |
| |||||||
Andersons, Inc. (The) | 918 | 46,267 | ||||||
Casey’s General Stores, Inc. | 794 | 44,742 | ||||||
Chefs’ Warehouse, Inc. (The)* | 1,954 | 47,248 | ||||||
Fresh Market, Inc. (The)* | 905 | 46,309 | ||||||
Harris Teeter Supermarkets, Inc. | 1,095 | 41,577 | ||||||
Ingles Markets, Inc. — Class A | 2,441 | 42,449 | ||||||
Nash Finch Co. | 1,556 | 39,055 | ||||||
Pantry, Inc. (The)* | 3,422 | 43,665 | ||||||
Pricesmart, Inc. | 104 | 8,584 | ||||||
Rite Aid Corp.* | 24,468 | 35,479 |
SHARES | MARKET VALUE | |||||||
Roundy’s, Inc.* | 4,151 | $ | 51,389 | |||||
Spartan Stores, Inc. | 2,408 | 43,898 | ||||||
Susser Holdings Corp.* | 1,703 | 45,453 | ||||||
United Natural Foods, Inc.* | 937 | 46,185 | ||||||
Village Super Market, Inc. — Class A | 1,372 | 37,867 | ||||||
Weis Markets, Inc. | 1,008 | 44,957 | ||||||
|
| |||||||
Total Food & Staples Retailing | 665,124 | |||||||
|
| |||||||
Food Products - 3.9% |
| |||||||
B&G Foods, Inc. | 1,906 | 42,389 | ||||||
Cal-Maine Foods, Inc. | 1,085 | 39,093 | ||||||
Calavo Growers, Inc. | 1,612 | 46,232 | ||||||
Chiquita Brands International, Inc.* | 4,856 | 41,276 | ||||||
Darling International, Inc.* | 474 | 7,764 | ||||||
Diamond Foods, Inc. | 1,926 | 40,253 | ||||||
Dole Food Co., Inc.* | 4,355 | 36,930 | ||||||
Fresh Del Monte Produce, Inc. | 1,955 | 45,297 | ||||||
Griffin Land & Nurseries, Inc. | 195 | 4,696 | ||||||
Hain Celestial Group, Inc. (The)* | 1,000 | 47,300 | ||||||
J&J Snack Foods Corp. | 846 | 47,427 | ||||||
Lancaster Colony Corp. | 665 | 43,365 | ||||||
Pilgrim’s Pride Corp.* | 5,913 | 42,219 | ||||||
Sanderson Farms, Inc. | 824 | 42,527 | ||||||
Seneca Foods Corp. — Class A* | 1,621 | 37,753 | ||||||
Smart Balance, Inc.* | 6,920 | 40,828 | ||||||
Snyders-Lance, Inc. | 1,733 | 44,850 | ||||||
Tootsie Roll Industries, Inc. | 1,920 | 45,715 | ||||||
TreeHouse Foods, Inc.* | 747 | 42,960 | ||||||
|
| |||||||
Total Food Products | 738,874 | |||||||
|
| |||||||
Gas Utilities - 1.8% |
| |||||||
Chesapeake Utilities Corp. | 1,023 | 42,986 | ||||||
Laclede Group, Inc. (The) | 1,091 | 42,964 | ||||||
New Jersey Resources Corp. | 945 | 40,862 | ||||||
Northwest Natural Gas Co. | 936 | 42,775 | ||||||
Piedmont Natural Gas Co., Inc. | 1,361 | 41,483 | ||||||
South Jersey Industries, Inc. | 838 | 41,272 | ||||||
Southwest Gas Corp. | 994 | 41,768 | ||||||
WGL Holdings, Inc. | 1,044 | 41,875 | ||||||
|
| |||||||
Total Gas Utilities | 335,985 | |||||||
|
| |||||||
Health Care Equipment & Supplies - 2.7% |
| |||||||
Abaxis, Inc.* | 264 | 9,404 | ||||||
ABIOMED, Inc.* | 346 | 8,418 | ||||||
Accuray, Inc.* | 1,100 | 8,470 | ||||||
Align Technology, Inc.* | 279 | 8,847 | ||||||
Alphatec Holdings, Inc.* | 3,429 | 7,475 | ||||||
Analogic Corp. | 115 | 7,844 | ||||||
AngioDynamics, Inc.* | 630 | 7,799 | ||||||
Antares Pharma, Inc.* | 2,401 | 7,563 | ||||||
Arthrocare Corp.* | 293 | 7,313 | ||||||
AtriCure, Inc.* | 767 | 6,289 | ||||||
Atrion Corp. | 37 | 8,534 | ||||||
Bacterin International Holdings, Inc.* | 3,474 | 7,122 | ||||||
Biolase Technology, Inc.* | 2,784 | 7,238 | ||||||
Cantel Medical Corp. | 313 | 7,349 |
72 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | April 30, 2012 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
Cardiovascular Systems, Inc.* | 836 | $ | 8,243 | |||||
Cerus Corp.* | 1,901 | 7,490 | ||||||
Conceptus, Inc.* | 533 | 10,004 | ||||||
CONMED Corp. | 258 | 7,376 | ||||||
CryoLife, Inc.* | 1,479 | 7,824 | ||||||
Cyberonics, Inc.* | 202 | 7,737 | ||||||
Cynosure, Inc. — Class A* | 440 | 9,095 | ||||||
Delcath Systems, Inc.* | 2,446 | 6,873 | ||||||
DexCom, Inc.* | 732 | 7,166 | ||||||
Endologix, Inc.* | 555 | 8,314 | ||||||
Exactech, Inc.* | 477 | 7,393 | ||||||
Greatbatch, Inc.* | 323 | 7,523 | ||||||
Haemonetics Corp.* | 112 | 8,016 | ||||||
Hansen Medical, Inc.* | 2,566 | 8,109 | ||||||
HeartWare International, Inc.* | 118 | 9,199 | ||||||
ICU Medical, Inc.* | 159 | 8,346 | ||||||
Insulet Corp.* | 402 | 7,180 | ||||||
Integra LifeSciences Holdings Corp.* | 221 | 8,228 | ||||||
Invacare Corp. | 455 | 7,212 | ||||||
IRIS International, Inc.* | 595 | 7,783 | ||||||
Kensey Nash Corp. | 265 | 7,534 | ||||||
MAKO Surgical Corp.* | 179 | 7,394 | ||||||
Masimo Corp.* | 339 | 7,502 | ||||||
Medical Action Industries, Inc.* | 1,402 | 7,739 | ||||||
Meridian Bioscience, Inc. | 407 | 8,364 | ||||||
Merit Medical Systems, Inc.* | 649 | 8,580 | ||||||
Natus Medical, Inc.* | 660 | 8,078 | ||||||
Navidea Biopharmaceuticals, Inc.* | 2,337 | 7,291 | ||||||
Neogen Corp.* | 199 | 7,759 | ||||||
NuVasive, Inc.* | 452 | 7,490 | ||||||
NxStage Medical, Inc.* | 400 | 6,800 | ||||||
OraSure Technologies, Inc.* | 687 | 7,880 | ||||||
Orthofix International NV* | 204 | 8,409 | ||||||
Palomar Medical Technologies, Inc.* | 815 | 7,091 | ||||||
Quidel Corp.* | 430 | 7,104 | ||||||
Rockwell Medical Technologies, Inc.* | 832 | 7,696 | ||||||
RTI Biologics, Inc.* | 2,128 | 7,448 | ||||||
Solta Medical, Inc.* | 2,525 | 8,206 | ||||||
Spectranetics Corp.* | 741 | 7,773 | ||||||
Staar Surgical Co.* | 691 | 7,580 | ||||||
STERIS Corp. | 246 | 7,727 | ||||||
SurModics, Inc.* | 504 | 7,454 | ||||||
Symmetry Medical, Inc.* | 1,073 | 7,629 | ||||||
Synergetics USA, Inc.* | 1,225 | 7,987 | ||||||
Tornier NV* | 321 | 7,621 | ||||||
Unilife Corp.* | 2,066 | 8,842 | ||||||
Uroplasty, Inc.* | 2,454 | 7,460 | ||||||
Vascular Solutions, Inc.* | 713 | 8,093 | ||||||
Volcano Corp.* | 275 | 7,466 | ||||||
West Pharmaceutical Services, Inc. | 184 | 8,262 | ||||||
Wright Medical Group, Inc.* | 404 | 7,527 | ||||||
Young Innovations, Inc. | 248 | 8,432 | ||||||
Zeltiq Aesthetics, Inc.* | 1,352 | 8,409 | ||||||
|
| |||||||
Total Health Care Equipment & Supplies | 525,403 | |||||||
|
|
SHARES | MARKET VALUE | |||||||
Health Care Providers & Services - 2.0% |
| |||||||
Accretive Health, Inc.* | 324 | $ | 3,259 | |||||
Air Methods Corp.* | 88 | 7,402 | ||||||
Almost Family, Inc.* | 307 | 7,485 | ||||||
Amedisys, Inc.* | 549 | 8,087 | ||||||
AMN Healthcare Services, Inc.* | 1,283 | 8,609 | ||||||
Amsurg Corp.* | 281 | 8,082 | ||||||
Assisted Living Concepts, Inc. — Class A | 469 | 8,400 | ||||||
Bio-Reference Labs, Inc.* | 333 | 7,100 | ||||||
BioScrip, Inc.* | 1,183 | 8,766 | ||||||
Capital Senior Living Corp.* | 848 | 8,217 | ||||||
CardioNet, Inc.* | 2,501 | 7,053 | ||||||
Centene Corp.* | 168 | 6,651 | ||||||
Chemed Corp. | 125 | 7,542 | ||||||
Chindex International, Inc.* | 783 | 7,650 | ||||||
CorVel Corp.* | 192 | 8,350 | ||||||
Cross Country Healthcare, Inc.* | 1,558 | 7,182 | ||||||
Emeritus Corp.* | 441 | 7,585 | ||||||
Ensign Group, Inc. (The) | 293 | 7,826 | ||||||
ExamWorks Group, Inc.* | 616 | 7,170 | ||||||
Five Star Quality Care, Inc.* | 2,351 | 8,064 | ||||||
Gentiva Health Services, Inc.* | 889 | 7,361 | ||||||
Hanger Orthopedic Group, Inc.* | 359 | 8,454 | ||||||
HealthSouth Corp.* | 380 | 8,508 | ||||||
Healthways, Inc.* | 1,043 | 6,957 | ||||||
HMS Holdings Corp.* | 246 | 5,919 | ||||||
IPC The Hospitalist Co., Inc.* | 207 | 7,951 | ||||||
Kindred Healthcare, Inc.* | 858 | 8,271 | ||||||
Landauer, Inc. | 145 | 7,644 | ||||||
LHC Group, Inc.* | 425 | 7,527 | ||||||
Magellan Health Services, Inc.* | 164 | 7,262 | ||||||
Metropolitan Health Networks, Inc.* | 859 | 6,425 | ||||||
MModal, Inc.* | 726 | 9,264 | ||||||
Molina Healthcare, Inc.* | 232 | 5,951 | ||||||
MWI Veterinary Supply, Inc.* | 89 | 8,402 | ||||||
National Healthcare Corp. | 172 | 7,843 | ||||||
National Research Corp. | 185 | 8,943 | ||||||
Owens & Minor, Inc. | 258 | 7,544 | ||||||
PharMerica Corp.* | 634 | 7,526 | ||||||
Providence Service Corp. (The)* | 504 | 7,086 | ||||||
PSS World Medical, Inc.* | 305 | 7,299 | ||||||
RadNet, Inc.* | 2,365 | 7,308 | ||||||
Select Medical Holdings Corp.* | 947 | 8,116 | ||||||
Skilled Healthcare Group, Inc. — Class A* | 1,005 | 7,708 | ||||||
Sun Healthcare Group, Inc.* | 1,165 | 8,423 | ||||||
Sunrise Senior Living, Inc.* | 1,098 | 6,895 | ||||||
Team Health Holdings, Inc.* | 374 | 8,056 | ||||||
Triple-S Management Corp. — Class B* | 340 | 7,160 | ||||||
Universal American Corp. | 779 | 7,151 | ||||||
US Physical Therapy, Inc. | 341 | 8,314 | ||||||
Vanguard Health Systems, Inc.* | 781 | 6,935 | ||||||
WellCare Health Plans, Inc.* | 113 | 6,913 | ||||||
|
| |||||||
Total Health Care Providers & Services | 385,596 | |||||||
|
|
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 73 |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | April 30, 2012 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
Health Care Technology - 0.4% |
| |||||||
athenahealth, Inc.* | 105 | $ | 7,607 | |||||
Computer Programs & Systems, Inc. | 137 | 8,164 | ||||||
Epocrates, Inc.* | 926 | 7,538 | ||||||
Greenway Medical Technologies* | 529 | 8,147 | ||||||
HealthStream, Inc.* | 320 | 7,334 | ||||||
MedAssets, Inc.* | 590 | 7,440 | ||||||
Medidata Solutions, Inc.* | 285 | 7,384 | ||||||
Merge Healthcare, Inc.* | 1,309 | 5,629 | ||||||
Omnicell, Inc.* | 513 | 7,320 | ||||||
Quality Systems, Inc. | 180 | 6,732 | ||||||
|
| |||||||
Total Health Care Technology | 73,295 | |||||||
|
| |||||||
Hotels, Restaurants & Leisure - 2.2% |
| |||||||
AFC Enterprises, Inc.* | 454 | 7,754 | ||||||
Ambassadors Group, Inc. | 1,371 | 7,390 | ||||||
Ameristar Casinos, Inc. | 390 | 7,012 | ||||||
Benihana, Inc. | 586 | 8,081 | ||||||
Biglari Holdings, Inc.* | 18 | 7,314 | ||||||
BJ’s Restaurants, Inc.* | 151 | 6,522 | ||||||
Bob Evans Farms, Inc. | 201 | 7,686 | ||||||
Boyd Gaming Corp.* | 906 | 6,967 | ||||||
Bravo Brio Restaurant Group, Inc.* | 378 | 7,635 | ||||||
Buffalo Wild Wings, Inc.* | 82 | 6,876 | ||||||
Caesars Entertainment Corp.* | 584 | 8,550 | ||||||
Caribou Coffee Co., Inc.* | 423 | 6,941 | ||||||
Carrols Restaurant Group, Inc.* | 492 | 7,419 | ||||||
CEC Entertainment, Inc. | 195 | 7,453 | ||||||
Cheesecake Factory, Inc. (The)* | 254 | 8,001 | ||||||
Churchill Downs, Inc. | 133 | 7,895 | ||||||
Cracker Barrel Old Country Store, Inc. | 136 | 7,823 | ||||||
Denny’s Corp.* | 1,789 | 7,406 | ||||||
DineEquity, Inc.* | 145 | 7,044 | ||||||
Domino’s Pizza, Inc. | 211 | 7,978 | ||||||
Einstein Noah Restaurant Group, Inc. | 504 | 7,132 | ||||||
Gaylord Entertainment Co.* | 244 | 7,681 | ||||||
International Speedway Corp. — Class A | 289 | 7,713 | ||||||
Interval Leisure Group, Inc. | 443 | 7,655 | ||||||
Isle of Capri Casinos, Inc.* | 1,033 | 6,456 | ||||||
Jack in the Box, Inc.* | 319 | 7,248 | �� | |||||
Jamba, Inc.* | 3,594 | 6,685 | ||||||
Krispy Kreme Doughnuts, Inc.* | 1,037 | 7,601 | ||||||
Life Time Fitness, Inc.* | 146 | 6,798 | ||||||
Luby’s, Inc.* | 1,349 | 8,256 | ||||||
Marcus Corp. | 610 | 7,631 | ||||||
Monarch Casino & Resort, Inc.* | 726 | 7,028 | ||||||
Morgans Hotel Group Co.* | 1,464 | 7,261 | ||||||
Multimedia Games Holding Co., Inc.* | 680 | 7,725 | ||||||
Orient-Express Hotels Ltd. — Class A* | 727 | 7,772 | ||||||
P.F. Chang’s China Bistro, Inc. | 188 | 7,462 | ||||||
Papa John’s International, Inc.* | 200 | 8,056 | ||||||
Peet’s Coffee & Tea, Inc.* | 577 | 44,325 | ||||||
Pinnacle Entertainment, Inc.* | 695 | 7,714 | ||||||
Red Lion Hotels Corp.* | 953 | 7,948 |
SHARES | MARKET VALUE | |||||||
Red Robin Gourmet Burgers, Inc.* | 204 | $ | 7,275 | |||||
Ruby Tuesday, Inc.* | 852 | 5,794 | ||||||
Ruth’s Hospitality Group, Inc* | 998 | 6,906 | ||||||
Scientific Games Corp. — Class A* | 654 | 6,645 | ||||||
Shuffle Master, Inc.* | 426 | 7,527 | ||||||
Six Flags Entertainment Corp. | 161 | 7,713 | ||||||
Sonic Corp.* | 968 | 6,989 | ||||||
Speedway Motorsports, Inc. | 447 | 7,626 | ||||||
Texas Roadhouse, Inc. | 451 | 7,780 | ||||||
Town Sports International Holdings, Inc.* | 604 | 7,743 | ||||||
Vail Resorts, Inc. | 169 | 6,892 | ||||||
|
| |||||||
Total Hotels, Restaurants & Leisure | 414,784 | |||||||
|
| |||||||
Household Durables - 0.9% |
| |||||||
American Greetings Corp. — Class A | 484 | 7,744 | ||||||
Beazer Homes USA, Inc.* | 2,224 | 6,894 | ||||||
Blyth, Inc. | 97 | 8,533 | ||||||
Cavco Industries, Inc.* | 166 | 8,566 | ||||||
CSS Industries, Inc. | 381 | 7,296 | ||||||
Ethan Allen Interiors, Inc. | 291 | 6,751 | ||||||
Furniture Brands International, Inc.* | 4,309 | 6,808 | ||||||
Helen of Troy Ltd.* | 218 | 7,543 | ||||||
Hovnanian Enterprises, Inc. — Class A* | 2,905 | 5,810 | ||||||
iRobot Corp.* | 274 | 6,469 | ||||||
KB Home | 791 | 6,866 | ||||||
La-Z-Boy, Inc.* | 502 | 7,565 | ||||||
Libbey, Inc.* | 562 | 8,020 | ||||||
Lifetime Brands, Inc. | 685 | 7,980 | ||||||
M/I Homes, Inc.* | 587 | 7,807 | ||||||
MDC Holdings, Inc. | 287 | 8,068 | ||||||
Meritage Homes Corp.* | 268 | 7,608 | ||||||
Ryland Group, Inc. (The) | 374 | 8,419 | ||||||
Sealy Corp.* | 4,034 | 8,310 | ||||||
Skullcandy, Inc.* | 478 | 7,705 | ||||||
Skyline Corp. | 1,011 | 5,550 | ||||||
Standard Pacific Corp.* | 1,678 | 8,491 | ||||||
Universal Electronics, Inc.* | 381 | 6,447 | ||||||
Zagg, Inc.* | 686 | 8,939 | ||||||
|
| |||||||
Total Household Durables | 180,189 | |||||||
|
| |||||||
Household Products - 0.6% |
| |||||||
Central Garden and Pet Co. — Class A* | 807 | 8,627 | ||||||
Oil-Dri Corp. of America | 870 | 18,409 | ||||||
Spectrum Brands Holdings, Inc.* | 1,294 | 44,656 | ||||||
WD-40 Co. | 973 | 43,863 | ||||||
|
| |||||||
Total Household Products | 115,555 | |||||||
|
| |||||||
Independent Power Producers & Energy Traders - 0.4% |
| |||||||
Atlantic Power Corp.* | 3,022 | 43,154 | ||||||
Ormat Technologies, Inc. | 2,041 | 40,351 | ||||||
|
| |||||||
Total Independent Power Producers & Energy Traders | 83,505 | |||||||
|
| |||||||
Industrial Conglomerates - 0.3% |
| |||||||
Raven Industries, Inc. | 137 | 8,249 |
74 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | April 30, 2012 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
Seaboard Corp.* | 22 | $ | 43,789 | |||||
Standex International Corp. | 208 | 9,165 | ||||||
|
| |||||||
Total Industrial Conglomerates | 61,203 | |||||||
|
| |||||||
Insurance - 1.3% |
| |||||||
Alterra Capital Holdings Ltd. | 216 | 5,169 | ||||||
American Equity Investment Life Holding Co. | 394 | 4,830 | ||||||
American Safety Insurance Holdings Ltd.* | 264 | 4,997 | ||||||
AMERISAFE, Inc.* | 203 | 5,424 | ||||||
Amtrust Financial Services, Inc. | 184 | 5,012 | ||||||
Argo Group International Holdings Ltd. | 167 | 4,820 | ||||||
Baldwin & Lyons, Inc. — Class B | 216 | 4,702 | ||||||
Citizens, Inc.* | 470 | 4,517 | ||||||
CNO Financial Group, Inc.* | 625 | 4,544 | ||||||
Crawford & Co. — Class B | 947 | 4,517 | ||||||
Delphi Financial Group, Inc. — Class A | 112 | 5,087 | ||||||
Donegal Group, Inc. — Class A | 364 | 4,958 | ||||||
eHealth, Inc.* | 309 | 5,475 | ||||||
EMC Insurance Group, Inc. | 245 | 4,844 | ||||||
Employers Holdings, Inc. | 280 | 4,850 | ||||||
Enstar Group Ltd.* | 50 | 4,708 | ||||||
FBL Financial Group, Inc. — Class A | 144 | 4,193 | ||||||
First American Financial Corp. | 316 | 5,293 | ||||||
Flagstone Reinsurance Holdings SA | 632 | 4,740 | ||||||
Fortegra Financial Corp.* | 606 | 5,030 | ||||||
Global Indemnity PLC* | 253 | 4,556 | ||||||
Greenlight Capital Re, Ltd. — Class A* | 203 | 5,055 | ||||||
Hallmark Financial Services* | 636 | 4,783 | ||||||
Harleysville Group, Inc. | 87 | 5,215 | ||||||
Hilltop Holdings, Inc.* | 591 | 4,687 | ||||||
Horace Mann Educators Corp. | 281 | 4,932 | ||||||
Independence Holding Co. | 488 | 5,187 | ||||||
Infinity Property & Casualty Corp. | 95 | 5,074 | ||||||
Kansas City Life Insurance Co. | 150 | 4,881 | ||||||
Maiden Holdings Ltd. | 552 | 4,582 | ||||||
Meadowbrook Insurance Group, Inc. | 527 | 4,653 | ||||||
Montpelier Re Holdings Ltd. | 257 | 5,274 | ||||||
National Financial Partners Corp.* | 336 | 4,956 | ||||||
National Interstate Corp. | 192 | 4,608 | ||||||
National Western Life Insurance Co. — Class A | 36 | 4,898 | ||||||
Navigators Group, Inc. (The)* | 106 | 5,035 | ||||||
OneBeacon Insurance Group | 327 | 4,653 | ||||||
Phoenix Cos., Inc. (The)* | 2,049 | 4,303 | ||||||
Platinum Underwriters Holdings Ltd. | 135 | 4,944 | ||||||
Presidential Life Corp. | 432 | 5,003 | ||||||
Primerica, Inc. | 195 | 5,115 | ||||||
ProAssurance Corp. | 56 | 4,933 | ||||||
RLI Corp. | 70 | 4,822 | ||||||
Safety Insurance Group, Inc. | 120 | 4,782 | ||||||
SeaBright Holdings, Inc. | 555 | 4,989 | ||||||
Selective Insurance Group, Inc. | 284 | 4,967 |
SHARES | MARKET VALUE | |||||||
State Auto Financial Corp. | 344 | $ | 4,929 | |||||
Stewart Information Services Corp. | 376 | 5,535 | ||||||
Symetra Financial Corp. | 433 | 5,265 | ||||||
Tower Group, Inc. | 225 | 4,855 | ||||||
United Fire Group, Inc. | 273 | 4,701 | ||||||
Universal Insurance Holdings, Inc. | 1,357 | 5,618 | ||||||
|
| |||||||
Total Insurance | 255,500 | |||||||
|
| |||||||
Internet & Catalog Retail - 0.6% |
| |||||||
1-800-flowers.com, Inc. — Class A* | 2,536 | 7,557 | ||||||
Blue Nile, Inc.* | 223 | 6,752 | ||||||
Geeknet, Inc.* | 507 | 7,377 | ||||||
HSN, Inc. | 198 | 7,663 | ||||||
Nutrisystem, Inc. | 662 | 7,666 | ||||||
Orbitz Worldwide, Inc.* | 2,385 | 8,705 | ||||||
Overstock.com, Inc.* | 1,359 | 8,195 | ||||||
PetMed Express, Inc. | 3,697 | 49,798 | ||||||
Shutterfly, Inc.* | 230 | 7,158 | ||||||
US Auto Parts Network, Inc.* | 2,061 | 7,461 | ||||||
Valuevision Media, Inc. — Class A* | 3,663 | 5,934 | ||||||
|
| |||||||
Total Internet & Catalog Retail | 124,266 | |||||||
|
| |||||||
Internet Software & Services - 2.1% |
| |||||||
Active Network Inc. (The)* | 448 | 7,526 | ||||||
Ancestry.com, Inc.* | 332 | 8,864 | ||||||
Angie’s List, Inc.* | 469 | 6,542 | ||||||
Bankrate, Inc.* | 310 | 7,260 | ||||||
Bazaarvoice, Inc.* | 388 | 7,686 | ||||||
Brightcove, Inc.* | 343 | 6,431 | ||||||
Carbonite, Inc.* | 695 | 5,553 | ||||||
comScore, Inc.* | 346 | 6,892 | ||||||
Constant Contact, Inc.* | 251 | 6,067 | ||||||
Cornerstone OnDemand, Inc.* | 352 | 7,314 | ||||||
CoStar Group, Inc.* | 121 | 8,820 | ||||||
DealerTrack Holdings, Inc.* | 253 | 7,547 | ||||||
Demand Media, Inc.* | 1,057 | 8,784 | ||||||
Dice Holdings, Inc.* | 846 | 9,120 | ||||||
Digital River, Inc.* | 417 | 7,844 | ||||||
EarthLink, Inc. | 955 | 7,755 | ||||||
Envestnet, Inc.* | 607 | 7,594 | ||||||
InfoSpace, Inc.* | 585 | 6,511 | ||||||
Internap Network Services Corp.* | 1,033 | 7,272 | ||||||
IntraLinks Holdings, Inc.* | 1,401 | 6,529 | ||||||
j2 Global, Inc. | 1,419 | 36,653 | ||||||
Keynote Systems, Inc. | 387 | 7,121 | ||||||
KIT Digital, Inc.* | 1,147 | 7,777 | ||||||
Limelight Networks, Inc.* | 2,274 | 6,231 | ||||||
Liquidity Services, Inc.* | 177 | 9,439 | ||||||
LivePerson, Inc.* | 445 | 7,067 | ||||||
LogMeIn, Inc.* | 217 | 7,814 | ||||||
Marchex, Inc. — Class B | 1,681 | 5,850 | ||||||
Move, Inc.* | 790 | 6,873 | ||||||
NIC, Inc. | 619 | 6,927 | ||||||
OpenTable, Inc.* | 182 | 8,141 | ||||||
Openwave Systems, Inc.* | 3,331 | 8,594 |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 75 |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | April 30, 2012 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
Perficient, Inc.* | 624 | $ | 7,494 | |||||
QuinStreet, Inc.* | 734 | 7,714 | ||||||
RealNetworks, Inc. | 745 | 7,130 | ||||||
Responsys, Inc.* | 638 | 8,154 | ||||||
Saba Software, Inc.* | 599 | 5,822 | ||||||
SciQuest, Inc.* | 514 | 7,633 | ||||||
SPS Commerce, Inc.* | 281 | 7,817 | ||||||
Stamps.com, Inc.* | 270 | 7,838 | ||||||
support.com, Inc.* | 2,322 | 8,429 | ||||||
TechTarget, Inc.* | 1,055 | 7,849 | ||||||
Travelzoo, Inc.* | 308 | 7,996 | ||||||
United Online, Inc. | 1,514 | 7,176 | ||||||
ValueClick, Inc.* | 371 | 7,858 | ||||||
Vocus, Inc.* | 582 | 7,525 | ||||||
Web.com Group, Inc.* | 501 | 6,488 | ||||||
XO Group, Inc.* | 803 | 7,444 | ||||||
Zillow, Inc.* | 150 | 5,230 | ||||||
Zix Corp.* | 2,537 | 7,180 | ||||||
|
| |||||||
Total Internet Software & Services | 399,175 | |||||||
|
| |||||||
IT Services - 1.2% |
| |||||||
Acxiom Corp.* | 524 | 7,195 | ||||||
CACI International, Inc. — Class A* | 122 | 7,458 | ||||||
Cardtronics, Inc.* | 192 | 5,061 | ||||||
Cass Information Systems, Inc. | 122 | 4,996 | ||||||
CIBER, Inc.* | 1,761 | 7,326 | ||||||
Computer Task Group, Inc.* | 511 | 7,369 | ||||||
Convergys Corp.* | 621 | 8,303 | ||||||
CSG Systems International, Inc.* | 491 | 7,070 | ||||||
Dynamics Research Corp.* | 793 | 5,702 | ||||||
EPAM Systems, Inc.* | 363 | 7,492 | ||||||
Euronet Worldwide, Inc.* | 246 | 5,321 | ||||||
ExlService Holdings, Inc.* | 308 | 8,525 | ||||||
Forrester Research, Inc. | 254 | 9,004 | ||||||
Global Cash Access Holdings, Inc.* | 717 | 6,059 | ||||||
Hackett Group, Inc. (The)* | 1,377 | 7,863 | ||||||
Heartland Payment Systems, Inc. | 167 | 5,088 | ||||||
Higher One Holdings, Inc.* | 324 | 5,109 | ||||||
iGate Corp.* | 459 | 8,932 | ||||||
Jack Henry & Associates, Inc. | 145 | 4,924 | ||||||
Lionbridge Technologies, Inc.* | 2,546 | 7,002 | ||||||
Mantech International Corp. — Class A | 221 | 6,944 | ||||||
MAXIMUS, Inc. | 203 | 8,983 | ||||||
ModusLink Global Solutions, Inc.* | 1,396 | 6,910 | ||||||
MoneyGram International, Inc.* | 273 | 4,597 | ||||||
NCI, Inc. — Class A* | 1,230 | 6,101 | ||||||
PRGX Global, Inc.* | 1,366 | 8,633 | ||||||
Sapient Corp. | 606 | 7,254 | ||||||
ServiceSource International, Inc.* | 532 | 8,821 | ||||||
Syntel, Inc. | 139 | 8,325 | ||||||
TeleTech Holdings, Inc.* | 515 | 7,802 | ||||||
TNS, Inc.* | 346 | 7,058 | ||||||
Unisys Corp.* | 378 | 7,053 |
SHARES | MARKET VALUE | |||||||
Virtusa Corp.* | 448 | $ | 6,760 | |||||
Wright Express Corp.* | 80 | 5,106 | ||||||
|
| |||||||
Total IT Services | 236,146 | |||||||
|
| |||||||
Leisure Equipment & Products - 0.5% |
| |||||||
Arctic Cat, Inc.* | 177 | 7,830 | ||||||
Black Diamond, Inc.* | 790 | 7,845 | ||||||
Brunswick Corp. | 287 | 7,545 | ||||||
Callaway Golf Co. | 1,073 | 6,577 | ||||||
Jakks Pacific, Inc. | 437 | 8,334 | ||||||
Johnson Outdoors, Inc. — Class A* | 406 | 7,499 | ||||||
Leapfrog Enterprises, Inc.* | 904 | 8,443 | ||||||
Marine Products Corp. | 1,272 | 7,594 | ||||||
Smith & Wesson Holding Corp.* | 977 | 8,060 | ||||||
Steinway Musical Instruments, Inc.* | 299 | 7,538 | ||||||
Sturm Ruger & Co., Inc. | 155 | 8,846 | ||||||
Summer Infant, Inc.* | 1,294 | 6,923 | ||||||
|
| |||||||
Total Leisure Equipment & Products | 93,034 | |||||||
|
| |||||||
Life Sciences Tools & Services - 0.6% |
| |||||||
Affymetrix, Inc.* | 1,818 | 8,036 | ||||||
Albany Molecular Research, Inc.* | 2,689 | 8,578 | ||||||
BG Medicine, Inc.* | 1,254 | 8,314 | ||||||
Cambrex Corp.* | 1,123 | 7,277 | ||||||
Enzo Biochem, Inc.* | 2,898 | 7,941 | ||||||
eResearchTechnology, Inc.* | 994 | 7,853 | ||||||
Fluidigm Corp.* | 504 | 7,867 | ||||||
Furiex Pharmaceuticals, Inc.* | 325 | 4,670 | ||||||
Harvard Bioscience, Inc.* | 1,879 | 7,497 | ||||||
Luminex Corp.* | 336 | 8,413 | ||||||
Medtox Scientific, Inc.* | 454 | 10,033 | ||||||
Pacific Biosciences of California, Inc.* | 2,151 | 5,808 | ||||||
PAREXEL International Corp.* | 288 | 7,759 | ||||||
Sequenom, Inc.* | 1,934 | 9,902 | ||||||
|
| |||||||
Total Life Sciences Tools & Services | 109,948 | |||||||
|
| |||||||
Machinery - 2.9% |
| |||||||
Accuride Corp.* | 953 | 6,909 | ||||||
Actuant Corp. — Class A | 283 | 7,717 | ||||||
Alamo Group, Inc. | 282 | 9,498 | ||||||
Albany International Corp. — Class A | 363 | 8,748 | ||||||
Altra Holdings, Inc.* | 429 | 7,842 | ||||||
American Railcar Industries, Inc.* | 346 | 9,335 | ||||||
Ampco-Pittsburgh Corp. | 883 | 16,406 | ||||||
Astec Industries, Inc.* | 221 | 6,915 | ||||||
Barnes Group, Inc. | 315 | 8,316 | ||||||
Blount International, Inc.* | 491 | 7,939 | ||||||
Briggs & Stratton Corp. | 466 | 8,435 | ||||||
Cascade Corp. | 150 | 7,061 | ||||||
Chart Industries, Inc.* | 112 | 8,560 | ||||||
CIRCOR International, Inc. | 253 | 7,873 | ||||||
CLARCOR, Inc. | 371 | 17,815 | ||||||
Colfax Corp.* | 235 | 7,964 | ||||||
Columbus McKinnon Corp.* | 484 | 7,178 | ||||||
Commercial Vehicle Group, Inc.* | 686 | 7,299 |
76 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | April 30, 2012 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
Douglas Dynamics, Inc. | 612 | $ | 8,648 | |||||
Dynamic Materials Corp. | 837 | 15,300 | ||||||
Energy Recovery, Inc.* | 3,663 | 7,692 | ||||||
EnPro Industries, Inc.* | 206 | 8,530 | ||||||
ESCO Technologies, Inc. | 222 | 7,637 | ||||||
Federal Signal Corp.* | 1,539 | 7,941 | ||||||
Flow International Corp.* | 2,031 | 8,347 | ||||||
FreightCar America, Inc. | 359 | 7,754 | ||||||
Gorman-Rupp Co. (The) | 279 | 8,035 | ||||||
Graham Corp. | 355 | 7,838 | ||||||
Greenbrier Cos., Inc.* | 402 | 6,935 | ||||||
Hurco Cos., Inc.* | 300 | 7,899 | ||||||
John Bean Technologies Corp. | 520 | 8,315 | ||||||
Kadant, Inc.* | 349 | 9,029 | ||||||
Kaydon Corp. | 696 | 17,073 | ||||||
LB Foster Co. — Class A | 630 | 16,890 | ||||||
Lindsay Corp. | 126 | 8,416 | ||||||
Lydall, Inc.* | 821 | 8,662 | ||||||
Meritor, Inc.* | 926 | 6,028 | ||||||
Met-Pro Corp. | 817 | 8,137 | ||||||
Middleby Corp.* | 83 | 8,422 | ||||||
Miller Industries, Inc. | 491 | 8,052 | ||||||
Mueller Industries, Inc. | 394 | 18,010 | ||||||
Mueller Water Products, Inc. — Series A | 5,447 | 19,555 | ||||||
NACCO Industries, Inc. — Class A | 72 | 8,170 | ||||||
NN, Inc.* | 2,061 | 16,303 | ||||||
PMFG, Inc.* | 550 | 7,431 | ||||||
Proto Labs, Inc.* | 260 | 9,646 | ||||||
RBC Bearings, Inc.* | 391 | 18,330 | ||||||
Robbins & Myers, Inc. | 183 | 8,914 | ||||||
Sauer-Danfoss, Inc. | 170 | 7,363 | ||||||
Sun Hydraulics Corp. | 306 | 7,659 | ||||||
Tecumseh Products Co. — Class A* | 1,983 | 7,575 | ||||||
Tennant Co. | 195 | 8,639 | ||||||
Titan International, Inc. | 337 | 9,736 | ||||||
Trimas Corp.* | 361 | 7,946 | ||||||
Twin Disc, Inc. | 314 | 6,886 | ||||||
Wabash National Corp.* | 783 | 6,554 | ||||||
Watts Water Technologies, Inc. — Class A | 199 | 7,327 | ||||||
Woodward, Inc. | 193 | 8,027 | ||||||
Xerium Technologies, Inc.* | 1,269 | 5,964 | ||||||
|
| |||||||
Total Machinery | 553,425 | |||||||
|
| |||||||
Marine - 0.3% |
| |||||||
Baltic Trading Ltd. | 2,041 | 9,491 | ||||||
Eagle Bulk Shipping, Inc.* | 4,609 | 7,559 | ||||||
Excel Maritime Carriers Ltd.* | 4,462 | 8,344 | ||||||
Genco Shipping & Trading Ltd.* | 1,348 | 7,212 | ||||||
International Shipholding Corp. | 366 | 7,744 | ||||||
Ultrapetrol Bahamas Ltd.* | 3,994 | 7,628 | ||||||
|
| |||||||
Total Marine | 47,978 | |||||||
|
|
SHARES | MARKET VALUE | |||||||
Media - 1.3% |
| |||||||
AH Belo Corp. — Class A | 1,496 | $ | 6,597 | |||||
Arbitron, Inc. | 208 | 7,914 | ||||||
Belo Corp. — Class A | 1,033 | 6,962 | ||||||
Central European Media Enterprises Ltd. — Class A* | 1,039 | 8,219 | ||||||
Cinemark Holdings, Inc. | 339 | 7,784 | ||||||
Crown Media Holdings, Inc. — Class A* | 4,800 | 7,248 | ||||||
Cumulus Media, Inc. — Class A* | 2,095 | 7,605 | ||||||
Digital Generation, Inc.* | 712 | 6,607 | ||||||
E.W. Scripps Co. — Class A* | 759 | 6,953 | ||||||
Entercom Communications | 1,125 | 6,964 | ||||||
Entravision Communications | 4,409 | 6,922 | ||||||
Fisher Communications, Inc.* | 244 | 8,001 | ||||||
Global Sources Ltd.* | 1,300 | 8,008 | ||||||
Gray Television, Inc.* | 3,909 | 7,036 | ||||||
Harte-Hanks, Inc. | 797 | 6,695 | ||||||
Journal Communications, Inc. — Class A* | 1,379 | 5,778 | ||||||
Knology, Inc.* | 419 | 8,150 | ||||||
LIN TV Corp. — Class A* | 1,806 | 7,134 | ||||||
Lions Gate Entertainment Corp.* | 533 | 6,519 | ||||||
Live Nation Entertainment, Inc.* | 774 | 7,013 | ||||||
Martha Stewart Living | 1,939 | 6,922 | ||||||
McClatchy Co. (The) — Class A* | 2,624 | 7,137 | ||||||
MDC Partners, Inc. | 632 | 6,522 | ||||||
Meredith Corp. | 225 | 6,487 | ||||||
National CineMedia, Inc. | 497 | 7,102 | ||||||
New York Times Co. (The) — | 1,101 | 6,947 | ||||||
Nexstar Broadcasting Group, | 888 | 6,882 | ||||||
Outdoor Channel Holdings, Inc. | 991 | 7,333 | ||||||
ReachLocal, Inc.* | 993 | 7,507 | ||||||
Rentrak Corp.* | 329 | 6,225 | ||||||
Saga Communications, Inc. — Class A* | 208 | 7,833 | ||||||
Scholastic Corp. | 208 | 6,354 | ||||||
Sinclair Broadcast Group, Inc. — Class A | 655 | 6,733 | ||||||
Valassis Communications, Inc.* | 315 | 6,300 | ||||||
World Wrestling Entertainment, Inc. — Class A | 844 | 6,651 | ||||||
|
| |||||||
Total Media | 247,044 | |||||||
|
| |||||||
Metals & Mining - 2.7% |
| |||||||
A.M. Castle & Co.* | 682 | 9,132 | ||||||
AMCOL International Corp. | 627 | 20,666 | ||||||
Century Aluminum Co.* | 2,024 | 18,621 | ||||||
Coeur d’Alene Mines Corp.* | 760 | 16,378 | ||||||
General Moly, Inc.* | 5,414 | 17,541 | ||||||
Globe Specialty Metals, Inc. | 1,206 | 16,088 |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 77 |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | April 30, 2012 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
Gold Resource Corp. | 732 | $ | 19,852 | |||||
Golden Minerals Co.* | 2,118 | 15,821 | ||||||
Golden Star Resources Ltd.* | 9,683 | 14,815 | ||||||
Haynes International, Inc. | 291 | 18,150 | ||||||
Hecla Mining Co. | 3,961 | 16,953 | ||||||
Horsehead Holding Corp.* | 1,598 | 17,946 | ||||||
Jaguar Mining, Inc.* | 3,581 | 9,704 | ||||||
Kaiser Aluminum Corp. | 378 | 19,871 | ||||||
Materion Corp.* | 650 | 16,061 | ||||||
McEwen Mining, Inc.* | 4,316 | 16,358 | ||||||
Metals USA Holdings Corp.* | 1,307 | 19,710 | ||||||
Midway Gold Corp.* | 11,883 | 17,112 | ||||||
Noranda Aluminum Holding Corp. | 1,784 | 18,946 | ||||||
Olympic Steel, Inc. | 745 | 15,742 | ||||||
Paramount Gold and Silver Corp.* | 7,854 | 19,164 | ||||||
Revett Minerals, Inc.* | 4,296 | 17,055 | ||||||
RTI International Metals, Inc.* | 809 | 19,861 | ||||||
Stillwater Mining Co.* | 1,434 | 15,387 | ||||||
SunCoke Energy, Inc.* | 1,467 | 22,328 | ||||||
Thompson Creek Metals Co, Inc.* | 2,645 | 15,685 | ||||||
Universal Stainless & Alloy* | 432 | 20,045 | ||||||
US Silica Holdings, Inc.* | 837 | 15,166 | ||||||
Vista Gold Corp.* | 5,546 | 16,749 | ||||||
Worthington Industries, Inc. | 991 | 17,679 | ||||||
|
| |||||||
Total Metals & Mining | 514,586 | |||||||
|
| |||||||
Multi-Utilities - 0.9% |
| |||||||
Avista Corp. | 1,674 | 44,261 | ||||||
Black Hills Corp. | 1,257 | 41,494 | ||||||
CH Energy Group, Inc. | 636 | 41,734 | ||||||
NorthWestern Corp. | 1,201 | 42,659 | ||||||
|
| |||||||
Total Multi-Utilities | 170,148 | |||||||
|
| |||||||
Multiline Retail - 0.2% |
| |||||||
Bon-Ton Stores, Inc. (The) | 789 | 4,892 | ||||||
Fred’s, Inc. — Class A | 511 | 7,317 | ||||||
Gordmans Stores, Inc.* | 369 | 7,838 | ||||||
Saks, Inc.* | 644 | 7,058 | ||||||
Tuesday Morning Corp.* | 2,022 | 8,169 | ||||||
|
| |||||||
Total Multiline Retail | 35,274 | |||||||
|
| |||||||
Oil, Gas & Consumable Fuels - 7.9% |
| |||||||
Abraxas Petroleum Corp.* | 6,428 | 19,155 | ||||||
Alon USA Energy, Inc. | 2,306 | 20,846 | ||||||
Amyris, Inc.* | 3,710 | 11,612 | ||||||
Apco Oil and Gas International, Inc. | 298 | 12,501 | ||||||
Approach Resources, Inc.* | 565 | 20,272 | ||||||
ATP Oil & Gas Corp.* | 2,585 | 19,543 | ||||||
Berry Petroleum Co. — Class A | 421 | 19,177 | ||||||
Bill Barrett Corp.* | 782 | 18,752 | ||||||
Bonanza Creek Energy, Inc.* | 972 | 21,355 | ||||||
BPZ Resources, Inc.* | 4,939 | 20,003 | ||||||
Callon Petroleum Co.* | 3,209 | 18,644 | ||||||
Carrizo Oil & Gas, Inc.* | 722 | 20,245 | ||||||
Cheniere Energy, Inc.* | 1,383 | 25,323 | ||||||
Clayton Williams Energy, Inc.* | 252 | 18,532 |
SHARES | MARKET VALUE | |||||||
Clean Energy Fuels Corp.* | 908 | $ | 17,470 | |||||
Cloud Peak Energy, Inc.* | 1,258 | 19,361 | ||||||
Comstock Resources, Inc.* | 1,240 | 21,787 | ||||||
Contango Oil & Gas Co.* | 341 | 18,503 | ||||||
Crosstex Energy, Inc. | 1,469 | 21,888 | ||||||
CVR Energy, Inc.* | 798 | 24,227 | ||||||
Delek US Holdings, Inc. | 1,410 | 22,983 | ||||||
DHT Holdings, Inc. | 8,305 | 6,644 | ||||||
Endeavour International Corp.* | 1,748 | 21,815 | ||||||
Energy Partners Ltd.* | 1,217 | 19,813 | ||||||
Energy XXI Ltd.* | 584 | 22,005 | ||||||
Evolution Petroleum Corp.* | 2,263 | 20,005 | ||||||
Frontline Ltd. | 1,195 | 7,827 | ||||||
FX Energy, Inc.* | 3,583 | 20,351 | ||||||
Gastar Exploration Ltd.* | 6,674 | 18,754 | ||||||
GeoResources, Inc.* | 612 | 23,079 | ||||||
Golar LNG Ltd. | 542 | 20,043 | ||||||
Goodrich Petroleum Corp.* | 1,098 | 18,413 | ||||||
Green Plains Renewable Energy, Inc.* | 1,915 | 15,301 | ||||||
Gulfport Energy Corp.* | 691 | 18,111 | ||||||
Harvest Natural Resources, Inc.* | 2,938 | 20,213 | ||||||
Houston American Energy Corp.* | 3,665 | 8,466 | ||||||
Hyperdynamics Corp.* | 16,069 | 15,000 | ||||||
Isramco, Inc.* | 215 | 19,950 | ||||||
James River Coal Co.* | 3,934 | 19,513 | ||||||
KiOR, Inc. — Class A* | 1,677 | 16,435 | ||||||
Knightsbridge Tankers Ltd. | 589 | 7,457 | ||||||
Kodiak Oil & Gas Corp.* | 2,104 | 18,620 | ||||||
Magnum Hunter Resources Corp.* | 3,014 | 18,717 | ||||||
Matador Resources Co.* | 1,860 | 21,539 | ||||||
McMoRan Exploration Co.* | 1,860 | 16,368 | ||||||
Miller Energy Resources, Inc.* | 5,022 | 27,269 | ||||||
Nordic American Tanker Shipping Ltd. | 563 | 8,175 | ||||||
Northern Oil and Gas, Inc.* | 985 | 19,139 | ||||||
Oasis Petroleum, Inc.* | 673 | 22,256 | ||||||
Overseas Shipholding Group, Inc. | 712 | 8,330 | ||||||
Panhandle Oil and Gas, Inc. — Class A | 657 | 18,100 | ||||||
Patriot Coal Corp.* | 3,264 | 19,029 | ||||||
Penn Virginia Corp. | 4,325 | 22,144 | ||||||
Petroleum Development Corp.* | 535 | 18,399 | ||||||
Petroquest Energy, Inc.* | 3,229 | 19,503 | ||||||
Rentech, Inc.* | 8,592 | 19,848 | ||||||
Resolute Energy Corp.* | 1,832 | 19,438 | ||||||
REX American Resources Corp.* | 664 | 18,419 | ||||||
Rex Energy Corp.* | 1,870 | 19,654 | ||||||
Rosetta Resources, Inc.* | 402 | 20,209 | ||||||
Sanchez Energy Corp.* | 913 | 22,131 | ||||||
Scorpio Tankers, Inc.* | 1,163 | 7,874 | ||||||
SemGroup Corp. — Class A* | 708 | 22,514 | ||||||
Ship Finance International Ltd. | 553 | 7,659 | ||||||
Solazyme, Inc.* | 1,381 | 15,191 | ||||||
Stone Energy Corp.* | 708 | 19,859 | ||||||
Swift Energy Co.* | 726 | 21,961 | ||||||
Targa Resources Corp. | 459 | 22,073 |
78 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | April 30, 2012 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
Teekay Tankers Ltd. — Class A | 1,595 | $ | 8,230 | |||||
Triangle Petroleum Corp.* | 3,006 | 19,569 | ||||||
Ur-Energy, Inc.* | 14,640 | 15,958 | ||||||
Uranerz Energy Corp.* | 7,205 | 12,609 | ||||||
Uranium Energy Corp.* | 4,692 | 13,841 | ||||||
Uranium Resources, Inc.* | 19,083 | 16,602 | ||||||
USEC, Inc.* | 18,487 | 15,559 | ||||||
Vaalco Energy, Inc.* | 2,199 | 19,945 | ||||||
Venoco, Inc.* | 1,899 | 21,098 | ||||||
Voyager Oil & Gas, Inc.* | 7,853 | 19,947 | ||||||
W&T Offshore, Inc. | 962 | 19,019 | ||||||
Warren Resources, Inc.* | 6,199 | 19,155 | ||||||
Western Refining, Inc. | 1,105 | 21,050 | ||||||
Westmoreland Coal Co.* | 1,779 | 17,950 | ||||||
World Fuel Services Corp. | 498 | 21,942 | ||||||
|
| |||||||
Total Oil, Gas & Consumable Fuels | 1,508,266 | |||||||
|
| |||||||
Paper & Forest Products - 0.8% |
| |||||||
Buckeye Technologies, Inc. | 515 | 16,691 | ||||||
Clearwater Paper Corp.* | 552 | 18,199 | ||||||
Deltic Timber Corp. | 272 | 16,614 | ||||||
KapStone Paper and Packaging Corp.* | 882 | 15,929 | ||||||
Louisiana-Pacific Corp.* | 1,836 | 16,616 | ||||||
Neenah Paper, Inc. | 609 | 17,393 | ||||||
PH Glatfelter Co. | 1,132 | 17,637 | ||||||
Schweitzer-Mauduit International, Inc. | 260 | 17,633 | ||||||
Wausau Paper Corp. | 1,920 | 17,395 | ||||||
|
| |||||||
Total Paper & Forest Products | 154,107 | |||||||
|
| |||||||
Personal Products - 0.9% |
| |||||||
Elizabeth Arden, Inc.* | 209 | 8,147 | ||||||
Inter Parfums, Inc. | 476 | 7,497 | ||||||
Medifast, Inc.* | 2,576 | 49,511 | ||||||
Nature’s Sunshine Products, Inc.* | 2,630 | 40,712 | ||||||
Nu Skin Enterprises, Inc. — Class A | 125 | 6,663 | ||||||
Prestige Brands Holdings, Inc.* | 451 | 7,662 | ||||||
Revlon, Inc. — Class A* | 434 | 7,413 | ||||||
USANA Health Sciences, Inc.* | 1,196 | 49,873 | ||||||
|
| |||||||
Total Personal Products | 177,478 | |||||||
|
| |||||||
Pharmaceuticals - 1.5% |
| |||||||
Acura Pharmaceuticals, Inc.* | 944 | 3,049 | ||||||
Akorn, Inc.* | 646 | 7,836 | ||||||
Alimera Sciences, Inc.* | 2,019 | 6,239 | ||||||
Ampio Pharmaceuticals, Inc.* | 2,243 | 6,931 | ||||||
Auxilium Pharmaceuticals, Inc.* | 411 | 7,365 | ||||||
AVANIR Pharmaceuticals, Inc. — Class A* | 2,263 | 6,902 | ||||||
Cadence Pharmaceuticals, Inc.* | 2,083 | 7,686 | ||||||
Columbia Laboratories, Inc.* | 10,904 | 7,959 | ||||||
Corcept Therapeutics, Inc.* | 1,973 | 7,379 | ||||||
Cornerstone Therapeutics, Inc.* | 1,309 | 7,723 | ||||||
Depomed, Inc.* | 1,208 | 7,357 | ||||||
Durect Corp.* | 9,238 | 6,467 | ||||||
Endocyte, Inc.* | 1,412 | 10,082 | ||||||
Hi-Tech Pharmacal Co., Inc.* | 211 | 6,877 |
SHARES | MARKET VALUE | |||||||
Impax Laboratories, Inc.* | 324 | $ | 7,980 | |||||
ISTA Pharmaceuticals, Inc.* | 869 | 7,864 | ||||||
Jazz Pharmaceuticals PLC* | 163 | 8,318 | ||||||
KV Pharmaceutical Co. — Class A* | 6,040 | 6,946 | ||||||
Lannett Co., Inc.* | 1,839 | 7,246 | ||||||
MAP Pharmaceuticals, Inc.* | 478 | 6,128 | ||||||
Medicines Co. (The)* | 387 | 8,549 | ||||||
Medicis Pharmaceutical Corp. — Class A | 204 | 7,848 | ||||||
Nektar Therapeutics* | 956 | 7,285 | ||||||
Obagi Medical Products, Inc.* | 587 | 7,701 | ||||||
Optimer Pharmaceuticals, Inc.* | 569 | 8,421 | ||||||
Pacira Pharmaceuticals, Inc.* | 678 | 7,600 | ||||||
Pain Therapeutics, Inc.* | 2,187 | 8,857 | ||||||
Par Pharmaceutical Cos., Inc.* | 204 | 8,637 | ||||||
Pozen, Inc.* | 1,397 | 9,304 | ||||||
Questcor Pharmaceuticals, Inc.* | 201 | 9,025 | ||||||
Sagent Pharmaceuticals, Inc.* | 410 | 7,376 | ||||||
Salix Pharmaceuticals Ltd.* | 148 | 7,311 | ||||||
Santarus, Inc.* | 1,342 | 8,549 | ||||||
Sucampo Pharmaceuticals, Inc. — Class A* | 1,036 | 8,620 | ||||||
Transcept Pharmaceuticals, Inc.* | 776 | 6,976 | ||||||
ViroPharma, Inc.* | 257 | 5,590 | ||||||
Vivus, Inc.* | 377 | 9,131 | ||||||
XenoPort, Inc.* | 1,678 | 7,668 | ||||||
Zogenix, Inc.* | 3,586 | 6,562 | ||||||
|
| |||||||
Total Pharmaceuticals | 295,344 | |||||||
|
| |||||||
Professional Services - 1.2% |
| |||||||
Acacia Research - Acacia Technologies* | 180 | 7,380 | ||||||
Advisory Board Co. (The)* | 94 | 8,569 | ||||||
Barrett Business Services, Inc. | 420 | 8,316 | ||||||
CBIZ, Inc.* | 1,283 | 7,788 | ||||||
CDI Corp. | 471 | 8,356 | ||||||
Corporate Executive Board Co. (The) | 193 | 7,984 | ||||||
CRA International, Inc.* | 329 | 6,728 | ||||||
Dolan Co. (The)* | 821 | 6,576 | ||||||
Exponent, Inc.* | 170 | 8,126 | ||||||
Franklin Covey Co.* | 793 | 7,367 | ||||||
FTI Consulting, Inc.* | 220 | 7,995 | ||||||
GP Strategies Corp.* | 483 | 8,105 | ||||||
Heidrick & Struggles International, Inc. | 385 | 7,507 | ||||||
Hill International, Inc.* | 2,107 | 7,501 | ||||||
Hudson Global, Inc.* | 1,542 | 8,388 | ||||||
Huron Consulting Group, Inc.* | 219 | 7,718 | ||||||
ICF International, Inc.* | 330 | 8,230 | ||||||
Insperity, Inc. | 272 | 7,417 | ||||||
Kelly Services, Inc. — Class A | 540 | 7,555 | ||||||
Kforce, Inc.* | 569 | 8,233 | ||||||
Korn/Ferry International* | 513 | 8,285 | ||||||
Mistras Group, Inc.* | 342 | 8,027 | ||||||
Navigant Consulting, Inc.* | 596 | 8,296 | ||||||
Odyssey Marine Exploration, Inc.* | 2,697 | 8,199 | ||||||
On Assignment, Inc.* | 485 | 9,074 |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 79 |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | April 30, 2012 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
Resources Connection, Inc. | 621 | $ | 8,061 | |||||
RPX Corp.* | 490 | 8,467 | ||||||
TrueBlue, Inc.* | 479 | 8,268 | ||||||
VSE Corp. | 334 | 7,348 | ||||||
|
| |||||||
Total Professional Services | 229,864 | |||||||
|
| |||||||
Real Estate Investment Trusts (REITs) - 2.8% |
| |||||||
Acadia Realty Trust | 222 | 5,146 | ||||||
AG Mortgage Investment Trust, Inc. | 251 | 4,970 | ||||||
Agree Realty Corp. | 218 | 4,970 | ||||||
Alexander’s, Inc. | 13 | 5,065 | ||||||
American Assets Trust, Inc. | 220 | 5,172 | ||||||
American Campus Communities, Inc. | 114 | 5,067 | ||||||
American Capital Mortgage Investment Corp. | 230 | 5,228 | ||||||
Anworth Mortgage Asset Corp. | 769 | 5,183 | ||||||
Apollo Commercial Real Estate Finance, Inc. | 312 | 5,033 | ||||||
ARMOUR Residential REIT, Inc. | 751 | 5,242 | ||||||
Ashford Hospitality Trust, Inc. | 540 | 4,612 | ||||||
Associated Estates Realty Corp. | 312 | 5,282 | ||||||
BioMed Realty Trust, Inc. | 263 | 5,213 | ||||||
Campus Crest Communities, Inc. | 430 | 5,009 | ||||||
CapLease, Inc. | 1,240 | 5,146 | ||||||
Capstead Mortgage Corp. | 375 | 5,149 | ||||||
CBL & Associates Properties, Inc. | 260 | 4,844 | ||||||
Cedar Reality Trust, Inc. | 988 | 5,157 | ||||||
Chatham Lodging Trust | 375 | 4,875 | ||||||
Chesapeake Lodging Trust | 276 | 4,996 | ||||||
Colonial Properties Trust | 238 | 5,324 | ||||||
Colony Financial, Inc. | 299 | 5,080 | ||||||
Coresite Realty Corp. | 210 | 5,231 | ||||||
Cousins Properties, Inc. | 659 | 5,180 | ||||||
CreXus Investment Corp. | 476 | 4,993 | ||||||
CubeSmart | 417 | 5,238 | ||||||
CYS Investments, Inc. | 386 | 5,300 | ||||||
DCT Industrial Trust, Inc. | 869 | 5,153 | ||||||
DiamondRock Hospitality Co. | 491 | 5,219 | ||||||
DuPont Fabros Technology, Inc. | 205 | 5,566 | ||||||
Dynex Capital, Inc. | 532 | 5,017 | ||||||
EastGroup Properties, Inc. | 100 | 5,030 | ||||||
Education Realty Trust, Inc. | 473 | 5,331 | ||||||
Entertainment Properties Trust | 107 | 5,135 | ||||||
Equity Lifestyle Properties, Inc. | 73 | 5,106 | ||||||
Equity One, Inc. | 250 | 5,195 | ||||||
Excel Trust, Inc. | 401 | 4,808 | ||||||
Extra Space Storage, Inc. | 177 | 5,372 | ||||||
FelCor Lodging Trust, Inc.* | 1,395 | 5,887 | ||||||
First Industrial Realty Trust, Inc.* | 416 | 5,133 | ||||||
First Potomac Realty Trust | 403 | 5,013 | ||||||
Franklin Street Properties Corp. | 462 | 4,652 | ||||||
Getty Realty Corp. | 335 | 5,300 | ||||||
Gladstone Commercial Corp. | 281 | 4,774 | ||||||
Glimcher Realty Trust | 485 | 4,797 | ||||||
Government Properties Income Trust | 211 | 4,899 |
SHARES | MARKET VALUE | |||||||
Hatteras Financial Corp. | 183 | $ | 5,331 | |||||
Healthcare Realty Trust, Inc. | 230 | 4,940 | ||||||
Hersha Hospitality Trust | 923 | 5,307 | ||||||
Highwoods Properties, Inc. | 152 | 5,279 | ||||||
Home Properties, Inc. | 84 | 5,128 | ||||||
Hudson Pacific Properties, Inc. | 324 | 5,129 | ||||||
Inland Real Estate Corp. | 567 | 4,876 | ||||||
Invesco Mortgage Capital, Inc. | 290 | 5,116 | ||||||
Investors Real Estate Trust | 652 | 4,707 | ||||||
iStar Financial, Inc.* | 683 | 4,726 | ||||||
Kilroy Realty Corp. | 108 | 5,125 | ||||||
Kite Realty Group Trust | 947 | 4,839 | ||||||
LaSalle Hotel Properties | 175 | 5,147 | ||||||
Lexington Realty Trust | 548 | 4,877 | ||||||
LTC Properties, Inc. | 161 | 5,358 | ||||||
Medical Properties Trust, Inc. | 536 | 5,028 | ||||||
MFA Financial, Inc. | 666 | 4,915 | ||||||
Mid-America Apartment Communities, Inc. | 77 | 5,241 | ||||||
Mission West Properties, Inc. | 516 | 4,530 | ||||||
Monmouth Real Estate Investment Corp. — Class A | 516 | 5,294 | ||||||
MPG Office Trust, Inc.* | 2,033 | 4,290 | ||||||
National Health Investors, Inc. | 102 | 5,046 | ||||||
National Retail Properties, Inc. | 185 | 5,065 | ||||||
Newcastle Investment Corp. | 775 | 5,479 | ||||||
NorthStar Realty Finance Corp. | 939 | 5,352 | ||||||
Omega Healthcare Investors, Inc. | 234 | 5,010 | ||||||
One Liberty Properties, Inc. | 272 | 5,144 | ||||||
Parkway Properties, Inc. | 477 | 4,718 | ||||||
Pebblebrook Hotel Trust | 218 | 5,249 | ||||||
Pennsylvania Real Estate Investment Trust | 325 | 4,579 | ||||||
Pennymac Mortgage Investment Trust | 268 | 5,438 | ||||||
Post Properties, Inc. | 109 | 5,308 | ||||||
Potlatch Corp. | 159 | 4,977 | ||||||
PS Business Parks, Inc. | 78 | 5,323 | ||||||
RAIT Financial Trust | 969 | 4,690 | ||||||
Ramco-Gershenson Properties Trust | 414 | 4,985 | ||||||
Redwood Trust, Inc. | 446 | 5,209 | ||||||
Resource Capital Corp. | 878 | 4,741 | ||||||
Retail Opportunity Investments Corp. | 417 | 5,067 | ||||||
RLJ Lodging Trust | 270 | 5,071 | ||||||
Sabra Health Care REIT, Inc. | 308 | 5,156 | ||||||
Saul Centers, Inc. | 125 | 5,001 | ||||||
Sovran Self Storage, Inc. | 101 | 5,323 | ||||||
STAG Industrial, Inc. | 363 | 5,053 | ||||||
Starwood Property Trust, Inc. | 234 | 4,884 | ||||||
Strategic Hotels & Resorts, Inc.* | 771 | 5,251 | ||||||
Summit Hotel Properties, Inc. | 647 | 5,409 | ||||||
Sun Communities, Inc. | 116 | 5,075 | ||||||
Sunstone Hotel Investors, Inc.* | 514 | 5,243 | ||||||
Tanger Factory Outlet Centers | 167 | 5,230 |
80 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | April 30, 2012 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
Terreno Realty Corp. | 356 | $ | 5,091 | |||||
Two Harbors Investment Corp. | 499 | 5,220 | ||||||
UMH Properties, Inc. | 469 | 5,529 | ||||||
Universal Health Realty Income Trust | 127 | 5,136 | ||||||
Urstadt Biddle Properties, Inc. — Class A | 259 | 4,983 | ||||||
Washington Real Estate Investment Trust | 170 | 5,023 | ||||||
Whitestone REIT — Class B | 377 | 5,210 | ||||||
Winthrop Realty Trust | 436 | 4,652 | ||||||
|
| |||||||
Total Real Estate Investment Trusts (REITs) | 529,195 | |||||||
|
| |||||||
Real Estate Management & Development - 0.1% |
| |||||||
AV Homes, Inc.* | 401 | 5,000 | ||||||
Consolidated-Tomoka Land Co. | 159 | 4,675 | ||||||
Forestar Group, Inc.* | 324 | 4,983 | ||||||
Kennedy-Wilson Holdings, Inc. | 370 | 5,202 | ||||||
Tejon Ranch Co.* | 166 | 4,957 | ||||||
|
| |||||||
Total Real Estate Management & Development | 24,817 | |||||||
|
| |||||||
Road & Rail - 0.8% |
| |||||||
Amerco, Inc. | 70 | 7,031 | ||||||
Arkansas Best Corp. | 443 | 6,796 | ||||||
Avis Budget Group, Inc.* | 539 | 7,093 | ||||||
Celadon Group, Inc. | 518 | 8,096 | ||||||
Dollar Thrifty Automotive Group, Inc.* | 93 | 7,520 | ||||||
Genesee & Wyoming, Inc. — Class A* | 148 | 7,979 | ||||||
Heartland Express, Inc. | 563 | 7,786 | ||||||
Knight Transportation, Inc. | 464 | 7,619 | ||||||
Marten Transport Ltd. | 375 | 7,901 | ||||||
Old Dominion Freight Line, Inc.* | 175 | 7,782 | ||||||
Patriot Transportation Holding, Inc.* | 359 | 7,887 | ||||||
Quality Distribution, Inc.* | 605 | 6,758 | ||||||
RailAmerica, Inc.* | 381 | 8,832 | ||||||
Roadrunner Transportation Systems, Inc.* | 472 | 8,189 | ||||||
Saia, Inc.* | 491 | 9,221 | ||||||
Swift Transportation Co. — Class A* | 709 | 7,437 | ||||||
Universal Truckload Services, Inc. | 551 | 8,596 | ||||||
Werner Enterprises, Inc. | 325 | 7,677 | ||||||
Zipcar, Inc.* | 506 | 6,097 | ||||||
|
| |||||||
Total Road & Rail | 146,297 | |||||||
|
| |||||||
Semiconductors & Semiconductor Equipment - 2.7% |
| |||||||
Advanced Energy Industries, Inc.* | 626 | 7,474 | ||||||
Alpha & Omega Semiconductor Ltd.* | 759 | 7,506 | ||||||
Amkor Technology, Inc.* | 1,197 | 6,188 | ||||||
Amtech Systems, Inc.* | 922 | 6,435 | ||||||
Anadigics, Inc.* | 3,115 | 6,884 | ||||||
Applied Micro Circuits Corp.* | 1,070 | 5,971 | ||||||
ATMI, Inc.* | 328 | 6,891 | ||||||
Axcelis Technologies, Inc.* | 4,305 | 5,855 | ||||||
AXT, Inc.* | 1,152 | 5,864 |
SHARES | MARKET VALUE | |||||||
Brooks Automation, Inc. | 622 | $ | 7,315 | |||||
Cabot Microelectronics Corp. | 464 | 15,952 | ||||||
Cavium, Inc.* | 238 | 6,964 | ||||||
CEVA, Inc.* | 330 | 7,290 | ||||||
Cirrus Logic, Inc.* | 315 | 8,625 | ||||||
Cohu, Inc. | 662 | 7,269 | ||||||
Cymer, Inc.* | 155 | 8,035 | ||||||
Diodes, Inc.* | 317 | 7,066 | ||||||
DSP Group, Inc.* | 1,184 | 7,743 | ||||||
Entegris, Inc.* | 812 | 7,186 | ||||||
Entropic Communications, Inc.* | 1,252 | 5,296 | ||||||
Exar Corp.* | 920 | 7,286 | ||||||
Formfactor, Inc.* | 1,383 | 7,745 | ||||||
FSI International, Inc.* | 1,532 | 7,767 | ||||||
GSI Technology, Inc.* | 1,786 | 7,555 | ||||||
GT Advanced Technologies, Inc.* | 2,598 | 16,913 | ||||||
Hittite Microwave Corp.* | 139 | 7,442 | ||||||
Inphi Corp.* | 544 | 5,522 | ||||||
Integrated Device Technology, Inc.* | 1,033 | 6,993 | ||||||
Integrated Silicon Solution, Inc.* | 676 | 7,179 | ||||||
Intermolecular, Inc.* | 1,184 | 7,897 | ||||||
IXYS Corp.* | 584 | 7,277 | ||||||
Kopin Corp.* | 1,920 | 6,854 | ||||||
Kulicke & Soffa Industries, Inc.* | 618 | 8,096 | ||||||
Lattice Semiconductor Corp.* | 1,197 | 6,536 | ||||||
LTX-Credence Corp.* | 1,119 | 7,721 | ||||||
MaxLinear, Inc. — Class A* | 1,373 | 6,659 | ||||||
Micrel, Inc. | 745 | 8,113 | ||||||
Microsemi Corp.* | 350 | 7,532 | ||||||
Mindspeed Technologies, Inc.* | 1,205 | 6,037 | ||||||
MIPS Technologies, Inc.* | 1,366 | 8,934 | ||||||
MKS Instruments, Inc. | 255 | 7,051 | ||||||
Monolithic Power Systems, Inc.* | 391 | 8,101 | ||||||
MoSys, Inc.* | 1,883 | 6,779 | ||||||
Nanometrics, Inc.* | 409 | 6,344 | ||||||
NVE Corp.* | 142 | 7,196 | ||||||
Omnivision Technologies, Inc.* | 392 | 7,221 | ||||||
PDF Solutions, Inc.* | 908 | 8,008 | ||||||
Pericom Semiconductor Corp.* | 924 | 7,263 | ||||||
Photronics, Inc.* | 1,135 | 7,026 | ||||||
PLX Technology, Inc.* | 1,883 | 7,494 | ||||||
Power Integrations, Inc. | 203 | 7,690 | ||||||
Rambus, Inc.* | 1,142 | 5,813 | ||||||
RF Micro Devices, Inc.* | 1,545 | 6,690 | ||||||
Rubicon Technology, Inc.* | 726 | 6,861 | ||||||
Rudolph Technologies, Inc.* | 684 | 7,387 | ||||||
Semtech Corp.* | 264 | 7,197 | ||||||
Sigma Designs, Inc.* | 1,416 | 7,802 | ||||||
Silicon Image, Inc.* | 1,277 | 7,662 | ||||||
Spansion, Inc. — Class A* | 620 | 7,477 | ||||||
Standard Microsystems Corp.* | 301 | 7,970 | ||||||
STR Holdings, Inc.* | 4,632 | 17,694 | ||||||
Supertex, Inc.* | 417 | 8,536 | ||||||
Tessera Technologies, Inc.* | 445 | 6,960 |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 81 |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | April 30, 2012 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
TriQuint Semiconductor, Inc.* | 1,119 | $ | 5,461 | |||||
Ultra Clean Holdings* | 969 | 6,638 | ||||||
Ultratech, Inc.* | 267 | 8,528 | ||||||
Veeco Instruments, Inc.* | 257 | 7,759 | ||||||
Volterra Semiconductor Corp.* | 226 | 7,433 | ||||||
|
| |||||||
Total Semiconductors & Semiconductor Equipment | 517,908 | |||||||
|
| |||||||
Software - 2.5% |
| |||||||
Accelrys, Inc.* | 984 | 8,098 | ||||||
ACI Worldwide, Inc.* | 184 | 7,334 | ||||||
Actuate Corp.* | 1,242 | 8,818 | ||||||
Advent Software, Inc.* | 195 | 5,263 | ||||||
American Software, Inc. — Class A | 867 | 7,179 | ||||||
Aspen Technology, Inc.* | 367 | 7,259 | ||||||
AVG Technologies NV* | 514 | 7,119 | ||||||
Blackbaud, Inc. | 227 | 7,032 | ||||||
Bottomline Technologies, Inc.* | 269 | 6,330 | ||||||
BroadSoft, Inc.* | 191 | 8,177 | ||||||
Callidus Software, Inc.* | 934 | 7,397 | ||||||
CommVault Systems, Inc.* | 148 | 7,706 | ||||||
Concur Technologies, Inc.* | 130 | 7,353 | ||||||
Convio, Inc.* | 493 | 7,888 | ||||||
Deltek, Inc.* | 696 | 7,266 | ||||||
Digimarc Corp.* | 272 | 7,113 | ||||||
Ebix, Inc. | 321 | 6,564 | ||||||
Ellie Mae, Inc.* | 723 | 9,370 | ||||||
EPIQ Systems, Inc. | 621 | 7,055 | ||||||
ePlus, Inc.* | 234 | 6,940 | ||||||
Fair Isaac Corp. | 115 | 4,934 | ||||||
FalconStor Software, Inc.* | 2,093 | 6,886 | ||||||
Glu Mobile, Inc.* | 1,714 | 7,799 | ||||||
Guidance Software, Inc.* | 675 | 6,406 | ||||||
Guidewire Software, Inc.* | 219 | 5,961 | ||||||
Imperva, Inc.* | 193 | 6,711 | ||||||
Interactive Intelligence Group* | 245 | 7,267 | ||||||
JDA Software Group, Inc.* | 282 | 8,144 | ||||||
Jive Software, Inc.* | 286 | 6,810 | ||||||
Kenexa Corp.* | 241 | 7,873 | ||||||
Manhattan Associates, Inc.* | 158 | 7,924 | ||||||
Mentor Graphics Corp.* | 502 | 7,254 | ||||||
MicroStrategy, Inc. — Class A* | 55 | 7,688 | ||||||
Monotype Imaging Holdings, Inc.* | 492 | 6,981 | ||||||
Motricity, Inc.* | 6,721 | 6,923 | ||||||
Netscout Systems, Inc.* | 363 | 7,510 | ||||||
NetSuite, Inc.* | 150 | 6,657 | ||||||
OPNET Technologies, Inc. | 257 | 5,952 | ||||||
Parametric Technology Corp.* | 269 | 5,805 | ||||||
Pegasystems, Inc. | 202 | 7,512 | ||||||
Progress Software Corp.* | 314 | 7,266 | ||||||
PROS Holdings, Inc.* | 408 | 8,034 | ||||||
QAD, Inc. — Class A* | 568 | 7,015 | ||||||
QLIK Technologies, Inc.* | 238 | 6,857 | ||||||
Quest Software, Inc.* | 320 | 7,446 |
SHARES | MARKET VALUE | |||||||
RealPage, Inc.* | 400 | $ | 7,260 | |||||
Rosetta Stone, Inc.* | 734 | 7,678 | ||||||
SeaChange International, Inc.* | 951 | 7,817 | ||||||
Smith Micro Software, Inc.* | 3,053 | 6,137 | ||||||
SolarWinds, Inc.* | 190 | 8,913 | ||||||
Sourcefire, Inc.* | 156 | 7,954 | ||||||
SRS Labs, Inc.* | 1,078 | 10,273 | ||||||
SS&C Technologies Holdings, Inc.* | 330 | 7,844 | ||||||
Synchronoss Technologies, Inc.* | 227 | 7,105 | ||||||
Take-Two Interactive Software, Inc.* | 482 | 6,796 | ||||||
Tangoe, Inc.* | 414 | 8,479 | ||||||
TeleCommunication Systems, | 2,688 | 5,188 | ||||||
TeleNav, Inc.* | 1,093 | 7,400 | ||||||
THQ, Inc.* | 12,358 | 8,371 | ||||||
TiVo, Inc.* | 637 | 6,873 | ||||||
Tyler Technologies, Inc.* | 199 | 7,950 | ||||||
Ultimate Software Group, Inc.* | 103 | 7,948 | ||||||
VASCO Data Security International, Inc.* | 726 | 5,656 | ||||||
Verint Systems, Inc.* | 252 | 7,621 | ||||||
VirnetX Holding Corp.* | 297 | 7,377 | ||||||
Wave Systems Corp. — Class A* | 3,719 | 5,318 | ||||||
Websense, Inc.* | 358 | 7,425 | ||||||
|
| |||||||
Total Software | 486,259 | |||||||
|
| |||||||
Specialty Retail - 2.7% |
| |||||||
Aeropostale, Inc.* | 352 | 7,807 | ||||||
America’s Car-Mart, Inc.* | 166 | 7,626 | ||||||
ANN, Inc.* | 258 | 7,144 | ||||||
Asbury Automotive Group, Inc.* | 277 | 7,734 | ||||||
Ascena Retail Group, Inc.* | 336 | 6,881 | ||||||
Barnes & Noble, Inc.* | 535 | 11,101 | ||||||
Bebe Stores, Inc. | 816 | 6,691 | ||||||
Big 5 Sporting Goods Corp. | 904 | 7,567 | ||||||
Body Central Corp.* | 276 | 8,382 | ||||||
Brown Shoe Co., Inc. | 795 | 7,243 | ||||||
Buckle, Inc. (The) | 156 | 7,204 | ||||||
Build-A-Bear Workshop, Inc.* | 1,431 | 6,454 | ||||||
Cabela’s, Inc.* | 192 | 7,260 | ||||||
Casual Male Retail Group, Inc.* | 2,230 | 7,002 | ||||||
Cato Corp. (The) — Class A | 268 | 7,458 | ||||||
Charming Shoppes, Inc.* | 1,402 | 8,272 | ||||||
Children’s Place Retail Stores, Inc. (The)* | 146 | 6,713 | ||||||
Christopher & Banks Corp. | 3,213 | 6,008 | ||||||
Citi Trends, Inc.* | 626 | 6,974 | ||||||
Coldwater Creek, Inc.* | 6,481 | 6,416 | ||||||
Collective Brands, Inc.* | 420 | 8,723 | ||||||
Conn’s, Inc.* | 482 | 7,881 | ||||||
Cost Plus, Inc.* | 425 | 8,232 | ||||||
Destination Maternity Corp. | 401 | 7,956 | ||||||
Express, Inc.* | 298 | 7,039 | ||||||
Finish Line, Inc. (The) — Class A | 299 | 6,656 |
82 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | April 30, 2012 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
Francesca’s Holdings Corp.* | 240 | $ | 7,524 | |||||
Genesco, Inc.* | 104 | 7,800 | ||||||
GNC Holdings, Inc. — Class A | 1,277 | 49,880 | ||||||
Group 1 Automotive, Inc. | 134 | 7,756 | ||||||
Haverty Furniture Cos., Inc. | 625 | 7,500 | ||||||
hhgregg, Inc.* | 650 | 6,799 | ||||||
Hibbett Sports, Inc.* | 138 | 8,241 | ||||||
HOT Topic, Inc. | 735 | 7,203 | ||||||
JOS A Bank Clothiers, Inc.* | 139 | 6,609 | ||||||
Kirkland’s, Inc.* | 447 | 6,544 | ||||||
Lithia Motors, Inc. — Class A | 286 | 7,673 | ||||||
Lumber Liquidators Holdings, Inc.* | 301 | 8,708 | ||||||
MarineMax, Inc.* | 883 | 9,413 | ||||||
Mattress Firm Holding Corp.* | 201 | 8,048 | ||||||
Men’s Wearhouse, Inc. (The) | 189 | 7,001 | ||||||
Monro Muffler Brake, Inc. | 177 | 7,303 | ||||||
New York & Co., Inc.* | 2,033 | 8,030 | ||||||
Office Depot, Inc.* | 2,033 | 6,180 | ||||||
OfficeMax, Inc.* | 1,225 | 5,696 | ||||||
Pacific Sunwear of California, Inc.* | 4,213 | 6,193 | ||||||
Penske Automotive Group, Inc. | 303 | 8,011 | ||||||
PEP Boys-Manny Moe & Jack | 509 | 7,599 | ||||||
Pier 1 Imports, Inc. | 411 | 7,061 | ||||||
Rent-A-Center, Inc. | 198 | 6,774 | ||||||
Rue21, Inc.* | 258 | 7,830 | ||||||
Select Comfort Corp.* | 232 | 6,700 | ||||||
Shoe Carnival, Inc.* | 342 | 6,649 | ||||||
Sonic Automotive, Inc. — Class A | 415 | 6,980 | ||||||
Stage Stores, Inc. | 455 | 6,948 | ||||||
Stein Mart, Inc.* | 1,174 | 7,537 | ||||||
Systemax, Inc.* | 448 | 7,692 | ||||||
Talbots, Inc.* | 2,333 | 6,906 | ||||||
Teavana Holdings, Inc.* | 368 | 7,688 | ||||||
Vitamin Shoppe, Inc.* | 167 | 7,861 | ||||||
West Marine, Inc.* | 615 | 7,202 | ||||||
Wet Seal, Inc. (The) — Class A* | 2,270 | 7,468 | ||||||
Winmark Corp. | 132 | 7,569 | ||||||
Zale Corp.* | 2,362 | 6,472 | ||||||
Zumiez, Inc.* | 208 | 7,625 | ||||||
|
| |||||||
Total Specialty Retail | 523,097 | |||||||
|
| |||||||
Textiles, Apparel & Luxury Goods - 1.0% |
| |||||||
Carter’s, Inc.* | 156 | 8,471 | ||||||
Cherokee, Inc. | 669 | 8,684 | ||||||
Columbia Sportswear Co. | 158 | 7,442 | ||||||
Crocs, Inc.* | 357 | 7,211 | ||||||
Delta Apparel, Inc.* | 456 | 6,525 | ||||||
G-III Apparel Group Ltd.* | 260 | 6,981 | ||||||
Iconix Brand Group, Inc.* | 425 | 6,519 | ||||||
Jones Group, Inc. (The) | 675 | 7,573 | ||||||
K-Swiss, Inc. — Class A* | 1,704 | 6,271 | ||||||
Kenneth Cole Productions, Inc. — Class A* | 472 | 7,519 | ||||||
Liz Claiborne, Inc.* | 630 | 8,442 | ||||||
Maidenform Brands, Inc.* | 332 | 7,580 |
SHARES | MARKET VALUE | |||||||
Movado Group, Inc. | 339 | $ | 9,611 | |||||
Oxford Industries, Inc. | 153 | 7,342 | ||||||
Perry Ellis International, Inc.* | 411 | 7,690 | ||||||
Quiksilver, Inc.* | 1,759 | 6,086 | ||||||
R.G. Barry Corp. | 601 | 7,657 | ||||||
Skechers U.S.A., Inc. — Class A* | 579 | 10,810 | ||||||
Steven Madden Ltd.* | 172 | 7,432 | ||||||
True Religion Apparel, Inc.* | 293 | 7,958 | ||||||
Unifi, Inc.* | 1,816 | 20,194 | ||||||
Vera Bradley, Inc.* | 256 | 6,651 | ||||||
Warnaco Group, Inc. (The)* | 131 | 6,938 | ||||||
Wolverine World Wide, Inc. | 190 | 7,970 | ||||||
|
| |||||||
Total Textiles, Apparel & Luxury Goods | 195,557 | |||||||
|
| |||||||
Thrifts & Mortgage Finance - 1.2% |
| |||||||
Apollo Residential Mortgage, Inc. | 263 | 4,773 | ||||||
Astoria Financial Corp. | 512 | 4,961 | ||||||
Bank Mutual Corp. | 1,190 | 4,641 | ||||||
BankFinancial Corp. | 717 | 4,775 | ||||||
Beneficial Mutual Bancorp, Inc.* | 557 | 4,829 | ||||||
Berkshire Hills Bancorp, Inc. | 220 | 4,992 | ||||||
BofI Holding, Inc.* | 289 | 5,135 | ||||||
Brookline Bancorp, Inc. | 532 | 4,777 | ||||||
Cape Bancorp, Inc.* | 620 | 5,047 | ||||||
Charter Financial Corp. | 545 | 4,905 | ||||||
Clifton Savings Bancorp, Inc. | 487 | 4,977 | ||||||
Dime Community Bancshares, Inc. | 343 | 4,754 | ||||||
Doral Financial Corp.* | 3,119 | 5,708 | ||||||
ESB Financial Corp. | 357 | 4,794 | ||||||
ESSA Bancorp, Inc. | 511 | 4,982 | ||||||
Federal Agricultural Mortgage Corp. — Class C | 222 | 5,075 | ||||||
First Defiance Financial Corp. | 289 | 4,965 | ||||||
First Financial Holdings, Inc. | 435 | 5,020 | ||||||
First Pactrust Bancorp, Inc. | 421 | 4,627 | ||||||
Flagstar Bancorp, Inc.* | 5,176 | 4,505 | ||||||
Flushing Financial Corp. | 365 | 4,756 | ||||||
Fox Chase Bancorp, Inc. | 386 | 4,910 | ||||||
Franklin Financial Corp.* | 368 | 5,292 | ||||||
Home Federal Bancorp, Inc. | 476 | 4,660 | ||||||
Home Loan Servicing Solutions Ltd. | 360 | 4,990 | ||||||
HomeStreet, Inc.* | 184 | 6,425 | ||||||
Kearny Financial Corp. | 510 | 4,947 | ||||||
Meridian Interstate Bancorp, Inc.* | 374 | 5,012 | ||||||
MGIC Investment Corp.* | 1,023 | 3,540 | ||||||
Northfield Bancorp, Inc. | 355 | 4,956 | ||||||
Northwest Bancshares, Inc. | 391 | 4,817 | ||||||
OceanFirst Financial Corp. | 353 | 5,143 | ||||||
Ocwen Financial Corp.* | 323 | 4,816 | ||||||
Oritani Financial Corp. | 344 | 5,098 | ||||||
Provident Financial Services, Inc. | 343 | 5,042 | ||||||
Provident New York Bancorp | 575 | 4,853 | ||||||
Radian Group, Inc. | 1,126 | 3,513 | ||||||
Rockville Financial, Inc. | 428 | 5,012 | ||||||
Roma Financial Corp. | 498 | 4,701 |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 83 |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (concluded) | April 30, 2012 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
Territorial Bancorp, Inc. | 237 | $ | 5,148 | |||||
TrustCo Bank Corp. NY | 895 | 4,896 | ||||||
United Financial Bancorp, Inc. | 317 | 5,085 | ||||||
ViewPoint Financial Group | 327 | 5,202 | ||||||
Walker & Dunlop, Inc.* | 394 | 5,142 | ||||||
Westfield Financial, Inc. | 622 | 4,646 | ||||||
WSFS Financial Corp. | 127 | 5,069 | ||||||
|
| |||||||
Total Thrifts & Mortgage Finance | 225,913 | |||||||
|
| |||||||
Tobacco - 0.9% |
| |||||||
Alliance One International, Inc.* | 11,503 | 40,720 | ||||||
Star Scientific, Inc.* | 12,837 | 45,571 | ||||||
Universal Corp. | 949 | 43,493 | ||||||
Vector Group Ltd. | 2,505 | 43,462 | ||||||
|
| |||||||
Total Tobacco | 173,246 | |||||||
|
| |||||||
Trading Companies & Distributors - 1.0% |
| |||||||
Aceto Corp. | 1,920 | 17,280 | ||||||
Aircastle Ltd. | 658 | 7,995 | ||||||
Applied Industrial Technologies, Inc. | 202 | 7,939 | ||||||
Beacon Roofing Supply, Inc.* | 680 | 18,149 | ||||||
CAI International, Inc.* | 451 | 9,318 | ||||||
DXP Enterprises, Inc.* | 189 | 8,197 | ||||||
Essex Rental Corp.* | 2,031 | 7,982 | ||||||
H&E Equipment Services, Inc.* | 442 | 8,531 | ||||||
Houston Wire & Cable Co. | 596 | 7,325 | ||||||
Interline Brands, Inc.* | 835 | 17,568 | ||||||
Kaman Corp. | 240 | 8,251 | ||||||
Rush Enterprises, Inc. — Class A* | 371 | 6,708 | ||||||
SeaCube Container Leasing Ltd. | 471 | 8,737 | ||||||
TAL International Group, Inc. | 227 | 9,377 | ||||||
Textainer Group Holdings Ltd. | 250 | 8,767 | ||||||
Titan Machinery, Inc.* | 307 | 10,938 | ||||||
United Rentals, Inc.* | 199 | 9,289 | ||||||
Watsco, Inc. | 249 | 17,916 | ||||||
|
| |||||||
Total Trading Companies & Distributors | 190,267 | |||||||
|
| |||||||
Transportation Infrastructure - 0.0%a |
| |||||||
Wesco Aircraft Holdings, Inc.* | 531 | 8,384 | ||||||
|
| |||||||
Total Transportation Infrastructure | 8,384 | |||||||
|
| |||||||
Water Utilities - 1.3% |
| |||||||
American States Water Co. | 1,152 | 41,979 | ||||||
California Water Service Group | 2,316 | 41,943 | ||||||
Connecticut Water Service, Inc. | 1,461 | 40,543 | ||||||
Middlesex Water Co. | 2,263 | 42,001 | ||||||
SJW Corp. | 1,715 | 41,331 | ||||||
York Water Co. | 2,417 | 42,225 | ||||||
|
| |||||||
Total Water Utilities | 250,022 | |||||||
|
|
SHARES | MARKET VALUE | |||||||
Wireless Telecommunication Services - 0.9% |
| |||||||
Leap Wireless International, Inc.* | 4,584 | $ | 25,716 | |||||
NTELOS Holdings Corp. | 2,035 | 41,148 | ||||||
Pendrell Corp.* | 16,253 | 21,942 | ||||||
Shenandoah Telecom Co. | 3,868 | 43,128 | ||||||
USA Mobility, Inc. | 3,164 | 40,879 | ||||||
|
| |||||||
Total Wireless Telecommunication Services | 172,813 | |||||||
|
| |||||||
Total Common Stocks | 19,106,577 | |||||||
|
| |||||||
WARRANTS - 0.0%a | ||||||||
Oil, Gas & Consumable Fuels - 0.0%a |
| |||||||
Magnum Hunter Resources Corp., expires 10/14/2013* | 385 | — | ||||||
|
| |||||||
Total Oil, Gas & Consumable Fuels | — | |||||||
|
| |||||||
Total Warrants | — | |||||||
|
| |||||||
SHORT TERM INVESTMENTS - 0.2% |
| |||||||
SSgA Government Money Market Fund | 43,407 | 43,407 | ||||||
|
| |||||||
Total Short Term Investments | 43,407 | |||||||
|
| |||||||
Total Investments — 99.8%b | 19,149,984 | |||||||
|
| |||||||
Other Assets and Liabilities, net — 0.2% |
| 34,809 | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 19,184,793 |
84 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
* | Non-Income Producing Security. |
a | Amount represents less than 0.05% of net assets. |
b | Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs. |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2012 |
GUGGENHEIM MSCI EAFE EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
COMMON STOCKS - 98.5% |
| |||||||
Aerospace & Defense - 1.0% |
| |||||||
BAE Systems PLC | 2,993 | $ | 14,347 | |||||
Cobham PLC | 4,340 | 15,963 | ||||||
European Aeronautic Defence and Space Co. NV | 418 | 16,501 | ||||||
Finmeccanica SpA | 2,505 | 10,762 | ||||||
Meggitt PLC | 2,274 | 15,084 | ||||||
Rolls-Royce Group PLC — Class C* | 100,257 | 163 | ||||||
Rolls-Royce Holdings PLC* | 116,494 | 189 | ||||||
Rolls-Royce Holdings PLC* | 1,099 | 14,696 | ||||||
Safran SA | 421 | 15,602 | ||||||
Thales SA | 391 | 13,546 | ||||||
|
| |||||||
Total Aerospace & Defense | 116,853 | |||||||
|
| |||||||
Air Freight & Logistics - 0.5% |
| |||||||
Deutsche Post AG | 789 | 14,724 | ||||||
TNT Express NV | 1,107 | 13,421 | ||||||
Toll Holdings Ltd. | 2,301 | 14,038 | ||||||
Yamato Holdings Co., Ltd. | 900 | 13,943 | ||||||
|
| |||||||
Total Air Freight & Logistics | 56,126 | |||||||
|
| |||||||
Airlines - 1.0% |
| |||||||
All Nippon Airways Co., Ltd. | 6,000 | 17,584 | ||||||
Cathay Pacific Airways Ltd. | 6,000 | 10,178 | ||||||
Deutsche Lufthansa AG | 1,002 | 13,038 | ||||||
International Consolidated Airlines Group SA* | 5,266 | 15,124 | ||||||
Qantas Airways Ltd.* | 7,775 | 13,234 | ||||||
Ryanair Holdings PLC ADR* | 403 | 13,569 | ||||||
Singapore Airlines Ltd. | 3,000 | 25,944 | ||||||
|
| |||||||
Total Airlines | 108,671 | |||||||
|
| |||||||
Auto Components - 1.7% |
| |||||||
Aisin Seiki Co., Ltd. | 300 | 10,686 | ||||||
Bridgestone Corp. | 600 | 14,315 | ||||||
Cie Generale des Etablissements Michelin — Class B | 206 | 15,383 | ||||||
Continental AG | 150 | 14,537 | ||||||
Denso Corp. | 300 | 9,803 | ||||||
GKN PLC | 3,747 | 12,394 | ||||||
NHK SPRING Co., Ltd. | 1,200 | 12,624 | ||||||
NOK Corp. | 600 | 12,497 | ||||||
Nokian Renkaat OYJ | 309 | 14,654 | ||||||
Pirelli & C SpA | 1,373 | 16,718 | ||||||
Stanley Electric Co., Ltd. | 900 | 13,876 | ||||||
Sumitomo Rubber Industries Ltd. | 1,200 | 16,712 | ||||||
Toyota Boshoku Corp. | 1,200 | 14,834 | ||||||
Toyota Industries Corp. | 300 | 8,540 | ||||||
|
| |||||||
Total Auto Components | 187,573 | |||||||
|
| |||||||
Automobiles - 1.9% |
| |||||||
Bayerische Motoren Werke AG | 147 | 13,972 | ||||||
Daimler AG | 219 | 12,106 | ||||||
Fiat SpA* | 2,277 | 10,994 | ||||||
Fuji Heavy Industries Ltd. | 3,000 | 23,032 | ||||||
Honda Motor Co., Ltd. | 300 | 10,881 |
SHARES | MARKET VALUE | |||||||
Isuzu Motors Ltd. | 3,000 | $ | 17,246 | |||||
Mazda Motor Corp.* | 9,000 | 14,766 | ||||||
Mitsubishi Motors Corp.* | 12,000 | 13,526 | ||||||
Nissan Motor Co., Ltd. | 1,500 | 15,705 | ||||||
Peugeot SA | 713 | 8,559 | ||||||
Porsche Automobil Holding SE | 221 | 13,489 | ||||||
Renault SA | 261 | 11,858 | ||||||
Suzuki Motor Corp. | 600 | 14,255 | ||||||
Toyota Motor Corp. | 300 | 12,418 | ||||||
Volkswagen AG | 78 | 14,773 | ||||||
Yamaha Motor Co., Ltd. | 900 | 12,117 | ||||||
|
| |||||||
Total Automobiles | 219,697 | |||||||
|
| |||||||
Beverages - 1.1% |
| |||||||
Anheuser-Busch InBev NV | 203 | 14,630 | ||||||
Asahi Breweries Ltd. | 600 | 13,549 | ||||||
Carlsberg A/S — Class B | 170 | 14,651 | ||||||
Coca-Cola Amatil Ltd. | 1,012 | 13,117 | ||||||
Diageo PLC | 576 | 14,507 | ||||||
Heineken Holding NV | 308 | 14,260 | ||||||
Heineken NV | 269 | 14,709 | ||||||
Pernod-Ricard SA | 131 | 13,595 | ||||||
SABMiller PLC | 352 | 14,796 | ||||||
|
| |||||||
Total Beverages | 127,814 | |||||||
|
| |||||||
Biotechnology - 0.4% |
| |||||||
Actelion Ltd.* | 361 | 15,273 | ||||||
CSL Ltd. | 399 | 15,228 | ||||||
Grifols SA* | 684 | 17,223 | ||||||
Grifols SA* | 77 | 1,437 | ||||||
|
| |||||||
Total Biotechnology | 49,161 | |||||||
|
| |||||||
Building Products - 1.1% |
| |||||||
Asahi Glass Co., Ltd. | 3,000 | 23,784 | ||||||
Assa Abloy AB — Series B | 465 | 13,549 | ||||||
Cie de St-Gobain | 288 | 12,062 | ||||||
Daikin Industries Ltd. | 600 | 15,961 | ||||||
Geberit AG* | 63 | 13,320 | ||||||
JS Group Corp. | 600 | 11,820 | ||||||
Nippon Sheet Glass Co., Ltd. | 9,000 | 11,723 | ||||||
TOTO Ltd. | 3,000 | 22,243 | ||||||
|
| |||||||
Total Building Products | 124,462 | |||||||
|
| |||||||
Capital Markets - 1.9% |
| |||||||
3i Group PLC | 4,131 | 12,819 | ||||||
Credit Suisse Group AG* | 540 | 12,916 | ||||||
Daiwa Securities Group, Inc. | 3,000 | 11,422 | ||||||
Deutsche Bank AG | 297 | 12,921 | ||||||
GAM Holding AG* | 1,123 | 14,414 | ||||||
ICAP PLC | 2,271 | 14,003 | ||||||
Investec PLC | 2,253 | 12,995 | ||||||
Julius Baer Group Ltd.* | 334 | 12,787 | ||||||
Macquarie Group Ltd. | 483 | 14,688 | ||||||
Man Group PLC | 5,940 | 9,983 | ||||||
Mediobanca SpA | 2,007 | 9,802 | ||||||
Nomura Holdings, Inc. | 3,000 | 12,399 | ||||||
Partners Group Holding AG | 75 | 14,270 |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 85 |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | April 30, 2012 |
GUGGENHEIM MSCI EAFE EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
Ratos AB | 1,131 | $ | 13,239 | |||||
SBI Holdings, Inc. | 144 | 11,723 | ||||||
Schroders PLC | 561 | 12,918 | ||||||
UBS AG* | 1,063 | 13,269 | ||||||
|
| |||||||
Total Capital Markets | 216,568 | |||||||
|
| |||||||
Chemicals - 4.8% |
| |||||||
Air Liquide SA | 102 | 13,118 | ||||||
Akzo Nobel NV | 240 | 12,860 | ||||||
Arkema SA | 150 | 13,284 | ||||||
Asahi Kasei Corp. | 3,000 | 18,636 | ||||||
BASF SE | 162 | 13,334 | ||||||
Daicel Corp. | 3,000 | 19,087 | ||||||
Denki Kagaku Kogyo KK | 3,000 | 11,723 | ||||||
Givaudan SA* | 15 | 14,560 | ||||||
Hitachi Chemical Co., Ltd. | 600 | 11,204 | ||||||
Incitec Pivot Ltd. | 3,634 | 12,371 | ||||||
Israel Chemicals Ltd. | 1,154 | 13,215 | ||||||
Israel Corp., Ltd. (The) | 21 | 13,697 | ||||||
Johnson Matthey PLC | 378 | 14,204 | ||||||
JSR Corp. | 600 | 11,918 | ||||||
K+S AG | 270 | 13,492 | ||||||
Koninklijke DSM NV | 268 | 15,364 | ||||||
Kuraray Co., Ltd. | 900 | 12,895 | ||||||
Lanxess AG | 183 | 14,569 | ||||||
Linde AG | 84 | 14,375 | ||||||
Mitsubishi Chemical Holdings Corp. | 3,000 | 15,856 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 3,000 | 19,763 | ||||||
Mitsui Chemicals, Inc. | 3,000 | 8,679 | ||||||
Nitto Denko Corp. | 300 | 12,437 | ||||||
Novozymes A/S — Series B | 459 | 12,037 | ||||||
Orica Ltd. | 493 | 13,791 | ||||||
Shin-Etsu Chemical Co., Ltd. | 300 | 17,434 | ||||||
Showa Denko KK | 6,000 | 13,451 | ||||||
Sika AG | 6 | 12,712 | ||||||
Solvay SA | 114 | 13,871 | ||||||
Sumitomo Chemical Co., Ltd. | 3,000 | 12,437 | ||||||
Syngenta AG | 42 | 14,747 | ||||||
Taiyo Nippon Sanso Corp. | 3,000 | 20,815 | ||||||
Teijin Ltd. | 3,000 | 10,145 | ||||||
Toray Industries, Inc. | 3,000 | 23,182 | ||||||
Tosoh Corp. | 6,000 | 16,757 | ||||||
Ube Industries Ltd. | 6,000 | 15,405 | ||||||
Wacker Chemie AG | 128 | 10,316 | ||||||
Yara International ASA | 302 | 14,799 | ||||||
|
| |||||||
Total Chemicals | 542,540 | |||||||
|
| |||||||
Commercial Banks - 6.1% |
| |||||||
Aozora Bank Ltd. | 6,000 | 15,480 | ||||||
Australia & New Zealand Banking Group Ltd. | 632 | 15,731 | ||||||
Banca Monte dei Paschi di Siena SpA | 26,523 | 9,419 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 1,525 | 10,306 | ||||||
Banco de Sabadell SA | 3,871 | 9,140 | ||||||
Banco Espirito Santo SA* | 6,306 | 5,342 |
SHARES | MARKET VALUE | |||||||
Banco Popolare SC | 7,296 | $ | 10,835 | |||||
Banco Popular Espanol SA | 3,092 | 9,883 | ||||||
Banco Santander SA | 1,665 | 10,401 | ||||||
Bank Hapoalim BM | 4,224 | 15,679 | ||||||
Bank Leumi Le-Israel BM | 4,372 | 13,679 | ||||||
Bank of East Asia Ltd. | 3,600 | 13,434 | ||||||
Bank of Yokohama Ltd. (The) | 3,000 | 14,616 | ||||||
Bankia SA* | 3,408 | 11,696 | ||||||
Bankinter SA | 2,200 | 9,787 | ||||||
Barclays PLC | 3,564 | 12,631 | ||||||
Bendigo and Adelaide Bank Ltd. | 1,656 | 12,982 | ||||||
BNP Paribas SA | 282 | 11,328 | ||||||
BOC Hong Kong Holdings Ltd. | 4,500 | 13,951 | ||||||
CaixaBank | 2,889 | 9,957 | ||||||
Chiba Bank Ltd. (The) | 3,000 | 18,298 | ||||||
Commerzbank AG* | 5,355 | 11,588 | ||||||
Commonwealth Bank of Australia | 260 | 14,067 | ||||||
Credit Agricole SA | 2,130 | 10,947 | ||||||
Danske Bank A/S* | 866 | 14,060 | ||||||
DnB NOR ASA | 1,113 | 11,988 | ||||||
Erste Group Bank AG | 561 | 12,916 | ||||||
Fukuoka Financial Group, Inc. | 3,000 | 12,549 | ||||||
Hang Seng Bank Ltd. | 1,200 | 16,489 | ||||||
HSBC Holdings PLC | 1,535 | 13,836 | ||||||
Intesa Sanpaolo SpA | 6,978 | 10,556 | ||||||
KBC Groep NV | 603 | 11,660 | ||||||
Lloyds Banking Group PLC* | 24,705 | 12,440 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 2,700 | 13,087 | ||||||
Mizuho Financial Group, Inc. | 8,900 | 14,156 | ||||||
National Australia Bank Ltd. | 530 | 13,921 | ||||||
National Bank of Greece SA ADR* | 4,242 | 9,672 | ||||||
Natixis | 3,954 | 12,047 | ||||||
Nordea Bank AB | 1,452 | 12,871 | ||||||
Oversea-Chinese Banking Corp., Ltd. | 3,000 | 21,725 | ||||||
Raiffeisen Bank International AG | 393 | 13,048 | ||||||
Resona Holdings, Inc. | 3,000 | 12,812 | ||||||
Royal Bank of Scotland Group PLC* | 30,939 | 12,193 | ||||||
Seven Bank Ltd. | 6,300 | 15,623 | ||||||
Shinsei Bank Ltd. | 12,000 | 15,630 | ||||||
Skandinaviska Enskilda Banken AB — Class A | 1,875 | 12,650 | ||||||
Societe Generale | 426 | 10,070 | ||||||
Standard Chartered PLC | 540 | 13,206 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 300 | 9,709 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 3,000 | 8,867 | ||||||
Svenska Handelsbanken AB | 420 | 13,606 | ||||||
Swedbank AB | 819 | 13,558 | ||||||
UniCredit SpA | 2,670 | 10,623 | ||||||
Unione di Banche Italiane SCPA | 2,898 | 10,763 | ||||||
Westpac Banking Corp. | 606 | 14,340 | ||||||
|
| |||||||
Total Commercial Banks | 691,848 | |||||||
|
| |||||||
Commercial Services & Supplies - 1.3% |
| |||||||
Aggreko PLC | 425 | 15,535 | ||||||
Babcock International Group PLC | 1,102 | 14,870 |
86 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | April 30, 2012 |
GUGGENHEIM MSCI EAFE EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
Brambles Ltd. | 1,762 | $ | 13,262 | |||||
Edenred | 481 | 15,362 | ||||||
G4S PLC | 3,195 | 14,506 | ||||||
Secom Co., Ltd. | 300 | 14,278 | ||||||
Securitas AB | 1,343 | 12,305 | ||||||
Serco Group PLC | 1,599 | 14,086 | ||||||
Societe BIC SA | 143 | 15,749 | ||||||
Toppan Printing Co., Ltd. | 3,000 | 20,402 | ||||||
|
| |||||||
Total Commercial Services & Supplies | 150,355 | |||||||
|
| |||||||
Communications Equipment - 0.3% |
| |||||||
Alcatel-Lucent* | 5,322 | 8,199 | ||||||
Nokia OYJ | 2,403 | 8,632 | ||||||
Telefonaktiebolaget LM | 1,356 | 13,432 | ||||||
|
| |||||||
Total Communications Equipment | 30,263 | |||||||
|
| |||||||
Computers & Peripherals - 0.3% |
| |||||||
Fujitsu Ltd. | 3,000 | 14,653 | ||||||
Seiko Epson Corp. | 900 | 12,129 | ||||||
Toshiba Corp. | 3,000 | 12,361 | ||||||
|
| |||||||
Total Computers & Peripherals | 39,143 | |||||||
|
| |||||||
Construction & Engineering - 1.5% |
| |||||||
ACS Actividades de Construccion y Servicios SA | 456 | 8,359 | ||||||
Balfour Beatty PLC | 3,090 | 13,096 | ||||||
Bouygues SA | 388 | 10,538 | ||||||
Eiffage SA | 351 | 11,930 | ||||||
Ferrovial SA | 1,055 | 11,746 | ||||||
Fomento de Construcciones y Contratas SA | 492 | 8,404 | ||||||
Hochtief AG | 189 | 11,079 | ||||||
Kajima Corp. | 3,000 | 8,567 | ||||||
Koninklijke Boskalis Westminster NV | 379 | �� | 13,825 | |||||
Leighton Holdings Ltd. | 510 | 10,932 | ||||||
Obayashi Corp. | 3,000 | 12,737 | ||||||
Shimizu Corp. | 3,000 | 11,422 | ||||||
Skanska AB — Class B | 762 | 12,399 | ||||||
Taisei Corp. | 6,000 | 15,255 | ||||||
Vinci SA | 270 | 12,507 | ||||||
|
| |||||||
Total Construction & Engineering | 172,796 | |||||||
|
| |||||||
Construction Materials - 0.8% |
| |||||||
Boral Ltd. | 2,925 | 11,510 | ||||||
CRH PLC ADR | 645 | 13,113 | ||||||
Fletcher Building Ltd. | 2,649 | 13,567 | ||||||
HeidelbergCement AG | 261 | 14,348 | ||||||
Holcim Ltd.* | 216 | 13,446 | ||||||
James Hardie Industries SE | 1,722 | 13,427 | ||||||
Lafarge SA | 294 | 11,462 | ||||||
|
| |||||||
Total Construction Materials | 90,873 | |||||||
|
| |||||||
Consumer Finance - 0.3% |
| |||||||
Aeon Credit Service Co., Ltd. | 900 | 15,781 | ||||||
Credit Saison Co., Ltd. | 600 | 12,955 | ||||||
|
| |||||||
Total Consumer Finance | 28,736 | |||||||
|
|
SHARES | MARKET VALUE | |||||||
Containers & Packaging - 0.4% |
| |||||||
Amcor Ltd. | 1,669 | $ | 13,066 | |||||
Rexam PLC | 2,259 | 15,774 | ||||||
Toyo Seikan Kaisha Ltd. | 900 | 12,083 | ||||||
|
| |||||||
Total Containers & Packaging | 40,923 | |||||||
|
| |||||||
Distributors - 0.1% |
| |||||||
Li & Fung Ltd. | 6,000 | 12,839 | ||||||
|
| |||||||
Total Distributors | 12,839 | |||||||
|
| |||||||
Diversified Consumer Services - 0.1% |
| |||||||
Benesse Holdings, Inc. | 300 | 14,879 | ||||||
|
| |||||||
Total Diversified Consumer Services | 14,879 | |||||||
|
| |||||||
Diversified Financial Services - 1.9% |
| |||||||
ASX Ltd. | 403 | 13,425 | ||||||
Deutsche Boerse AG | 212 | 13,308 | ||||||
Exor SpA | 546 | 12,697 | ||||||
First Pacific Co., Ltd. | 11,910 | 12,942 | ||||||
Groupe Bruxelles Lambert SA | 176 | 12,209 | ||||||
Hong Kong Exchanges and Clearing Ltd. | 900 | 14,397 | ||||||
Industrivarden AB — Class C | 915 | 13,977 | ||||||
ING Groep NV* | 1,566 | 11,041 | ||||||
Investor AB — Series B | 674 | 13,433 | ||||||
Kinnevik Investment AB — Class B | 604 | 12,281 | ||||||
London Stock Exchange Group PLC | 898 | 15,865 | ||||||
Mitsubishi UFJ Lease & Finance Co., Ltd. | 300 | 12,512 | ||||||
ORIX Corp. | 150 | 14,428 | ||||||
Pohjola Bank PLC — Series A | 1,194 | 12,848 | ||||||
Singapore Exchange Ltd. | 3,000 | 16,245 | ||||||
Wendel SA | 162 | 12,119 | ||||||
|
| |||||||
Total Diversified Financial Services | 213,727 | |||||||
|
| |||||||
Diversified Telecommunication Services - 2.8% |
| |||||||
Belgacom SA | 394 | 11,191 | ||||||
Bezeq The Israeli Telecommunication Corp., Ltd. | 8,298 | 13,861 | ||||||
BT Group PLC | 4,204 | 14,391 | ||||||
Deutsche Telekom AG | 1,182 | 13,324 | ||||||
Elisa OYJ | 576 | 12,991 | ||||||
France Telecom SA | 885 | 12,106 | ||||||
HKT Trust & HKT Ltd.* | 717 | 557 | ||||||
Iliad SA | 102 | 13,129 | ||||||
Inmarsat PLC | 1,744 | 12,455 | ||||||
Koninklijke KPN NV | 1,284 | 11,524 | ||||||
Nippon Telegraph & Telephone Corp. | 300 | 13,620 | ||||||
PCCW Ltd. | 33,000 | 12,293 | ||||||
Portugal Telecom SGPS SA | 2,613 | 14,062 | ||||||
Singapore Telecommunications Ltd. | 6,000 | 15,130 | ||||||
Swisscom AG | 33 | 12,292 | ||||||
TDC A/S | 1,779 | 12,756 | ||||||
Tele2 AB — Class B | 629 | 11,984 | ||||||
Telecom Corp. of New Zealand Ltd. | 8,018 | 17,253 | ||||||
Telecom Italia SpA* | 11,206 | 12,733 | ||||||
Telefonica SA | 807 | 11,760 |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 87 |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | April 30, 2012 |
GUGGENHEIM MSCI EAFE EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
Telekom Austria AG | 1,182 | $ | 12,963 | |||||
Telenor ASA | 737 | 13,535 | ||||||
TeliaSonera AB | 1,941 | 12,971 | ||||||
Telstra Corp., Ltd. | 3,789 | 13,964 | ||||||
Vivendi SA | 630 | 11,644 | ||||||
|
| |||||||
Total Diversified Telecommunication Services | 314,489 | |||||||
|
| |||||||
Electric Utilities - 2.5% |
| |||||||
Acciona SA | 174 | 10,686 | ||||||
Cheung Kong Infrastructure Holdings Ltd. | 3,000 | 17,808 | ||||||
Chubu Electric Power Co., Inc. | 900 | 14,744 | ||||||
Chugoku Electric Power Co., Inc. (The) | 900 | 15,476 | ||||||
CLP Holdings Ltd. | 1,500 | 12,848 | ||||||
E.ON AG | 612 | 13,863 | ||||||
EDF SA | 558 | 11,806 | ||||||
EDP — Energias de Portugal SA | 4,773 | 13,645 | ||||||
Enel SpA | 3,408 | 11,186 | ||||||
Fortum OYJ | 555 | 11,937 | ||||||
Hokkaido Electric Power Co., Inc. | 900 | 12,670 | ||||||
Hokuriku Electric Power Co. | 600 | 10,272 | ||||||
Iberdrola SA | 2,307 | 10,739 | ||||||
Kansai Electric Power Co., Inc. (The) | 900 | 13,053 | ||||||
Kyushu Electric Power Co., Inc. | 900 | 11,959 | ||||||
Power Assets Holdings Ltd. | 1,500 | 11,215 | ||||||
Red Electrica Corp. SA | 268 | 11,667 | ||||||
Shikoku Electric Power Co., Inc. | 600 | 15,503 | ||||||
SSE PLC | 690 | 14,801 | ||||||
Terna Rete Elettrica Nazionale SpA | 3,660 | 13,612 | ||||||
Tohoku Electric Power Co., Inc.* | 1,200 | 12,609 | ||||||
Tokyo Electric Power Co., Inc. (The)* | 4,500 | 11,272 | ||||||
|
| |||||||
Total Electric Utilities | 283,371 | |||||||
|
| |||||||
Electrical Equipment - 1.9% |
| |||||||
ABB Ltd.* | 687 | 12,519 | ||||||
Alstom SA | 321 | 11,463 | ||||||
Bekaert SA | 420 | 12,441 | ||||||
Fuji Electric Co., Ltd. | 6,000 | 16,081 | ||||||
Furukawa Electric Co., Ltd. | 6,000 | 16,382 | ||||||
GS Yuasa Corp. | 3,000 | 15,555 | ||||||
Legrand SA | 382 | 12,893 | ||||||
Mitsubishi Electric Corp. | 3,000 | 26,564 | ||||||
Nidec Corp. | 300 | 27,052 | ||||||
Prysmian SpA | 801 | 13,040 | ||||||
Schneider Electric SA* | 204 | 12,531 | ||||||
Sumitomo Electric Industries Ltd. | 1,200 | 16,367 | ||||||
Ushio, Inc. | 900 | 11,824 | ||||||
Vestas Wind Systems A/S* | 1,326 | 11,704 | ||||||
|
| |||||||
Total Electrical Equipment | 216,416 | |||||||
|
| |||||||
Electronic Equipment, Instruments & Components - 2.0% |
| |||||||
Citizen Holdings Co., Ltd. | 2,400 | 15,119 | ||||||
FUJIFILM Holdings Corp. | 600 | 12,827 | ||||||
Hamamatsu Photonics KK | 300 | 12,005 | ||||||
Hexagon AB — Class B | 687 | 13,948 |
SHARES | MARKET VALUE | |||||||
Hitachi High-Technologies Corp. | 600 | $ | 15,157 | |||||
Hitachi Ltd. | 3,000 | 19,237 | ||||||
Hoya Corp. | 600 | 13,827 | ||||||
Ibiden Co., Ltd. | 600 | 12,392 | ||||||
Kyocera Corp. | 300 | 29,532 | ||||||
Murata Manufacturing Co., Ltd. | 300 | 17,265 | ||||||
Omron Corp. | 600 | 12,827 | ||||||
Shimadzu Corp. | 3,000 | 26,902 | ||||||
TDK Corp. | 300 | 15,856 | ||||||
Yokogawa Electric Corp. | 1,500 | 14,503 | ||||||
|
| |||||||
Total Electronic Equipment, Instruments & Components | 231,397 | |||||||
|
| |||||||
Energy Equipment & Services - 1.6% |
| |||||||
Aker Solutions ASA | 801 | 13,598 | ||||||
AMEC PLC | 786 | 14,486 | ||||||
Cie Generale de Geophysique — Veritas* | 447 | 12,726 | ||||||
Fugro NV | 192 | 13,992 | ||||||
Petrofac Ltd. | 573 | 16,143 | ||||||
Saipem SpA | 293 | 14,473 | ||||||
SBM Offshore NV | 783 | 14,224 | ||||||
Seadrill Ltd. | 367 | 14,191 | ||||||
Subsea 7 SA* | 588 | 15,223 | ||||||
Technip SA | 137 | 15,491 | ||||||
Tenaris SA | 723 | 14,000 | ||||||
Transocean Ltd. | 257 | 12,827 | ||||||
WorleyParsons Ltd. | 467 | 13,734 | ||||||
|
| |||||||
Total Energy Equipment & Services | 185,108 | |||||||
|
| |||||||
Food & Staples Retailing - 2.5% |
| |||||||
Aeon Co., Ltd. | 1,200 | 15,690 | ||||||
Carrefour SA | 567 | 11,388 | ||||||
Casino Guichard Perrachon SA* | 143 | 14,042 | ||||||
Colruyt SA | 360 | 14,747 | ||||||
Delhaize Group SA | 255 | 12,412 | ||||||
Distribuidora Internacional de Alimentacion SA* | 2,908 | 13,933 | ||||||
FamilyMart Co., Ltd. | 300 | 13,376 | ||||||
J Sainsbury PLC | 2,928 | 14,640 | ||||||
Jeronimo Martins SGPS SA | 786 | 14,720 | ||||||
Kesko OYJ | 411 | 10,977 | ||||||
Koninklijke Ahold NV | 958 | 12,150 | ||||||
Lawson, Inc. | 300 | 19,876 | ||||||
Metcash Ltd. | 3,046 | 12,557 | ||||||
Metro AG | 354 | 11,421 | ||||||
Olam International Ltd. | 9,000 | 16,512 | ||||||
Seven & I Holdings Co., Ltd. | 600 | 18,208 | ||||||
Tesco PLC | 2,775 | 14,300 | ||||||
Wesfarmers Ltd. | 447 | 14,091 | ||||||
WM Morrison Supermarkets PLC | 3,051 | 13,902 | ||||||
Woolworths Ltd. | 487 | 13,151 | ||||||
|
| |||||||
Total Food & Staples Retailing | 282,093 | |||||||
|
| |||||||
Food Products - 2.1% |
| |||||||
Aryzta AG* | 262 | 13,192 |
88 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | April 30, 2012 |
GUGGENHEIM MSCI EAFE EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
Associated British Foods PLC | 687 | $ | 13,599 | |||||
Barry Callebaut AG* | 15 | 14,436 | ||||||
Danone | 191 | 13,436 | ||||||
Golden Agri-Resources Ltd. | 24,000 | 14,257 | ||||||
Kerry Group PLC — Class A | 457 | 20,668 | ||||||
MEIJI Holdings Co., Ltd. | 300 | 13,319 | ||||||
Nestle SA | 215 | 13,170 | ||||||
Nisshin Seifun Group, Inc. | 1,500 | 18,373 | ||||||
Nissin Foods Holdings Co., Ltd. | 300 | 11,291 | ||||||
Suedzucker AG | 480 | 14,609 | ||||||
Tate & Lyle PLC | 1,266 | 14,195 | ||||||
Unilever NV | 417 | 14,278 | ||||||
Unilever PLC | 432 | 14,753 | ||||||
Wilmar International Ltd. | 3,000 | 11,808 | ||||||
Yakult Honsha Co., Ltd. | 600 | 22,153 | ||||||
|
| |||||||
Total Food Products | 237,537 | |||||||
|
| |||||||
Gas Utilities - 1.0% |
| |||||||
APA Group | 2,718 | 14,770 | ||||||
Enagas SA | 638 | 11,210 | ||||||
Gas Natural SDG SA | 822 | 11,445 | ||||||
Hong Kong & China Gas Co., Ltd. | 6,000 | 15,345 | ||||||
Osaka Gas Co., Ltd. | 3,000 | 12,136 | ||||||
Snam Rete Gas SpA | 2,747 | 13,067 | ||||||
Toho Gas Co., Ltd. | 3,000 | 18,110 | ||||||
Tokyo Gas Co., Ltd. | 3,000 | 14,503 | ||||||
|
| |||||||
Total Gas Utilities | 110,586 | |||||||
|
| |||||||
Health Care Equipment & Supplies - 1.5% |
| |||||||
Cie Generale d’Optique Essilor International SA | 170 | 14,972 | ||||||
Cochlear Ltd. | 224 | 15,309 | ||||||
Coloplast A/S — Class B | 81 | 14,988 | ||||||
Getinge AB — Class B | 499 | 13,389 | ||||||
Olympus Corp.* | 900 | 14,203 | ||||||
Smith & Nephew PLC | 1,307 | 12,872 | ||||||
Sonova Holding AG* | 119 | 13,137 | ||||||
Straumann Holding AG | 87 | 14,435 | ||||||
Synthes, Inc. | 75 | 12,932 | ||||||
Sysmex Corp. | 300 | 12,136 | ||||||
Terumo Corp. | 300 | 13,808 | ||||||
William Demant Holding A/S* | 154 | 14,535 | ||||||
|
| |||||||
Total Health Care Equipment & Supplies | 166,716 | |||||||
|
| |||||||
Health Care Providers & Services - 0.9% |
| |||||||
Celesio AG | 794 | 13,688 | ||||||
Fresenius Medical Care AG & Co. KGaA | 176 | 12,493 | ||||||
Fresenius SE & Co. KGaA | 127 | 12,674 | ||||||
Miraca Holdings, Inc. | 300 | 11,854 | ||||||
Ramsay Health Care Ltd. | 654 | 13,637 | ||||||
Sonic Healthcare Ltd. | 1,063 | 13,955 | ||||||
Suzuken Co., Ltd. | 600 | 18,185 | ||||||
|
| |||||||
Total Health Care Providers & Services | 96,486 | |||||||
|
| |||||||
Hotels, Restaurants & Leisure - 2.2% |
| |||||||
Accor SA | 399 | 13,781 | ||||||
Autogrill SpA | 1,356 | 13,496 |
SHARES | MARKET VALUE | |||||||
Carnival PLC | 471 | $ | 15,320 | |||||
Compass Group PLC | 1,352 | 14,139 | ||||||
Crown Ltd. | 1,460 | 13,831 | ||||||
Echo Entertainment Group Ltd. | 3,137 | 14,696 | ||||||
Galaxy Entertainment Group Ltd.* | 6,000 | 18,755 | ||||||
Genting Singapore PLC* | 12,000 | 16,779 | ||||||
Intercontinental Hotels Group PLC | 627 | 14,936 | ||||||
Sands China Ltd. | 3,600 | 14,154 | ||||||
SJM Holdings Ltd. | 6,000 | 13,179 | ||||||
Sodexo | 179 | 14,253 | ||||||
TABCORP Holdings Ltd. | 4,385 | 13,102 | ||||||
Tatts Group Ltd. | 5,275 | 14,168 | ||||||
TUI Travel PLC | 4,395 | 13,631 | ||||||
Whitbread PLC | 487 | 15,239 | ||||||
Wynn Macau Ltd. | 6,000 | 19,258 | ||||||
|
| |||||||
Total Hotels, Restaurants & Leisure | 252,717 | |||||||
|
| |||||||
Household Durables - 1.2% |
| |||||||
Casio Computer Co., Ltd.* | 2,100 | 14,071 | ||||||
Electrolux AB — Series B | 654 | 14,601 | ||||||
Husqvarna AB | 2,292 | 13,186 | ||||||
Panasonic Corp. | 1,500 | 11,685 | ||||||
Rinnai Corp. | 300 | 21,980 | ||||||
Sekisui Chemical Co., Ltd. | 3,000 | 27,052 | ||||||
Sharp Corp. | 3,000 | 19,388 | ||||||
Sony Corp. | 600 | 9,889 | ||||||
|
| |||||||
Total Household Durables | 131,852 | |||||||
|
| |||||||
Household Products - 0.4% |
| |||||||
Henkel AG & Co. KGaA | 212 | 15,769 | ||||||
Reckitt Benckiser Group PLC | 236 | 13,746 | ||||||
Unicharm Corp. | 300 | 16,758 | ||||||
|
| |||||||
Total Household Products | 46,273 | |||||||
|
| |||||||
Independent Power Producers & Energy |
| |||||||
Electric Power Development Co., Ltd. | 600 | 16,652 | ||||||
Enel Green Power SpA | 6,960 | 11,239 | ||||||
International Power PLC | 2,447 | 16,570 | ||||||
|
| |||||||
Total Independent Power Producers & Energy Traders | 44,461 | |||||||
|
| |||||||
Industrial Conglomerates - 0.9% |
| |||||||
Fraser and Neave Ltd. | 3,000 | 17,070 | ||||||
Keppel Corp., Ltd. | 3,000 | 26,792 | ||||||
Koninklijke Philips Electronics NV* | 644 | 12,786 | ||||||
Orkla ASA | 1,609 | 11,808 | ||||||
SembCorp Industries Ltd. | 3,000 | 12,244 | ||||||
Siemens AG | 127 | 11,761 | ||||||
Smiths Group PLC | 845 | 14,682 | ||||||
|
| |||||||
Total Industrial Conglomerates | 107,143 | |||||||
|
| |||||||
Insurance - 4.3% |
| |||||||
Admiral Group PLC | 844 | 16,597 | ||||||
Aegon NV* | 2,649 | 12,233 | ||||||
Ageas | 6,393 | 11,635 | ||||||
AIA Group Ltd. | 3,600 | 12,808 |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 89 |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | April 30, 2012 |
GUGGENHEIM MSCI EAFE EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
Allianz SE | 114 | $ | 12,701 | |||||
AMP Ltd. | 2,940 | 13,069 | ||||||
Assicurazioni Generali SpA | 852 | 11,604 | ||||||
Aviva PLC | 2,361 | 11,812 | ||||||
AXA SA* | 858 | 12,151 | ||||||
Baloise Holding AG | 176 | 13,622 | ||||||
Dai-ichi Life Insurance Co., Ltd. (The) | 12 | 15,209 | ||||||
Delta Lloyd NV | 734 | 12,372 | ||||||
Gjensidige Forsikring ASA | 1,090 | 12,273 | ||||||
Hannover Rueckversicherung AG | 248 | 14,989 | ||||||
Insurance Australia Group Ltd. | 4,123 | 15,195 | ||||||
Legal & General Group PLC | 7,698 | 14,700 | ||||||
Mapfre SA | 3,702 | 10,696 | ||||||
MS&AD Insurance Group Holdings | 600 | 11,144 | ||||||
Muenchener Rueckversicherungs AG | 96 | 13,932 | ||||||
NKSJ Holdings, Inc. | 600 | 12,437 | ||||||
Old Mutual PLC | 4,809 | 11,542 | ||||||
Prudential PLC | 1,224 | 14,996 | ||||||
QBE Insurance Group Ltd. | 1,125 | 16,209 | ||||||
Resolution Ltd. | 3,129 | 11,371 | ||||||
RSA Insurance Group PLC | 8,112 | 13,831 | ||||||
Sampo OYJ | 487 | 12,956 | ||||||
SCOR SE | 535 | 14,144 | ||||||
Sony Financial Holdings, Inc. | 900 | 14,744 | ||||||
Standard Life PLC | 4,025 | 14,615 | ||||||
Suncorp Group Ltd. | 1,517 | 12,855 | ||||||
Swiss Life Holding AG* | 125 | 12,787 | ||||||
Swiss Re Ltd.* | 246 | 15,422 | ||||||
T&D Holdings, Inc. | 1,200 | 13,030 | ||||||
Tokio Marine Holdings, Inc. | 600 | 15,473 | ||||||
Tryg A/S | 258 | 14,391 | ||||||
Zurich Financial Services AG* | 56 | 13,697 | ||||||
|
| |||||||
Total Insurance | 483,242 | |||||||
|
| |||||||
Internet & Catalog Retail - 0.2% |
| |||||||
Rakuten, Inc. | 15 | 16,720 | ||||||
|
| |||||||
Total Internet & Catalog Retail | 16,720 | |||||||
|
| |||||||
Internet Software & Services - 0.5% |
| |||||||
Dena Co., Ltd. | 300 | 9,405 | ||||||
Gree, Inc. | 600 | 16,164 | ||||||
United Internet AG | 648 | 12,813 | ||||||
Yahoo Japan Corp. | 45 | 13,532 | ||||||
|
| |||||||
Total Internet Software & Services | 51,914 | |||||||
|
| |||||||
IT Services - 1.1% |
| |||||||
Amadeus IT Holding SA — Series A | 743 | 15,184 | ||||||
Atos Origin SA | 240 | 15,455 | ||||||
Cap Gemini SA | 330 | 12,880 | ||||||
Computershare Ltd. | 1,689 | 14,788 | ||||||
Indra Sistemas SA | 892 | 9,254 | ||||||
Itochu Techno-Solutions Corp. | 300 | 13,695 | ||||||
Nomura Research Institute Ltd. | 600 | 13,864 | ||||||
NTT Data Corp. | 3 | 10,457 | ||||||
Otsuka Corp. | 300 | 24,159 | ||||||
|
| |||||||
Total IT Services | 129,736 | |||||||
|
|
SHARES | MARKET VALUE | |||||||
Leisure Equipment & Products - 0.8% |
| |||||||
Namco Bandai Holdings, Inc. | 900 | $ | 12,940 | |||||
Nikon Corp. | 600 | 17,982 | ||||||
Sankyo Co., Ltd. | 300 | 14,503 | ||||||
Sega Sammy Holdings, Inc. | 600 | 12,587 | ||||||
Shimano, Inc. | 300 | 19,763 | ||||||
Yamaha Corp. | 1,500 | 14,635 | ||||||
|
| |||||||
Total Leisure Equipment & Products | 92,410 | |||||||
|
| |||||||
Life Sciences Tools & Services - 0.2% |
| |||||||
Lonza Group AG* | 252 | 11,364 | ||||||
QIAGEN NV* | 854 | 14,117 | ||||||
|
| |||||||
Total Life Sciences Tools & Services | 25,481 | |||||||
|
| |||||||
Machinery - 4.5% |
| |||||||
Alfa Laval AB | 681 | 13,573 | ||||||
Amada Co., Ltd. | 3,000 | 20,515 | ||||||
Atlas Copco AB — Class A | 531 | 12,637 | ||||||
Cosco Corp. Singapore Ltd. | 15,000 | 12,547 | ||||||
Fiat Industrial SpA | 1,302 | 14,768 | ||||||
GEA Group AG | 439 | 14,485 | ||||||
Hino Motors Ltd. | 3,000 | 21,417 | ||||||
Hitachi Construction Machinery Co., Ltd. | 600 | 13,128 | ||||||
IHI Corp. | 6,000 | 14,578 | ||||||
Invensys PLC | 4,081 | 14,718 | ||||||
Japan Steel Works Ltd. (The) | 3,000 | 18,336 | ||||||
JTEKT Corp. | 1,200 | 13,271 | ||||||
Kawasaki Heavy Industries Ltd. | 3,000 | 9,093 | ||||||
Komatsu Ltd. | 600 | 17,396 | ||||||
Kone OYJ — Class B | 227 | 14,046 | ||||||
Kurita Water Industries Ltd. | 600 | 14,736 | ||||||
Makita Corp. | 300 | 11,610 | ||||||
MAN SE | 120 | 15,158 | ||||||
Metso OYJ | 291 | 12,479 | ||||||
Mitsubishi Heavy Industries Ltd. | 3,000 | 13,677 | ||||||
Nabtesco Corp. | 600 | 12,940 | ||||||
NSK Ltd. | 3,000 | 20,815 | ||||||
NTN Corp. | 3,000 | 11,460 | ||||||
Sandvik AB | 885 | 14,019 | ||||||
Scania AB — Class B | 711 | 14,530 | ||||||
Schindler Holding AG | 107 | 13,840 | ||||||
SembCorp Marine Ltd. | 3,000 | 12,317 | ||||||
SKF AB | 537 | 12,739 | ||||||
Sulzer AG | 99 | 14,234 | ||||||
Sumitomo Heavy Industries Ltd. | 3,000 | 15,555 | ||||||
THK Co., Ltd. | 600 | 12,053 | ||||||
Vallourec SA | 206 | 12,387 | ||||||
Volvo AB — Class B | 969 | 13,432 | ||||||
Wartsila OYJ | 403 | 16,311 | ||||||
Weir Group PLC (The) | 415 | 11,490 | ||||||
Yangzijiang Shipbuilding Holdings Ltd. | 12,000 | 11,444 | ||||||
|
| |||||||
Total Machinery | 511,734 | |||||||
|
| |||||||
Marine - 0.9% |
| |||||||
AP Moller - Maersk A/S — Class B | 3 | 23,464 |
90 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | April 30, 2012 |
GUGGENHEIM MSCI EAFE EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
Kawasaki Kisen Kaisha Ltd.* | 6,000 | $ | 12,775 | |||||
Kuehne + Nagel International AG | 104 | 12,638 | ||||||
Mitsui OSK Lines Ltd. | 3,000 | 11,723 | ||||||
Neptune Orient Lines Ltd.* | 12,000 | 11,978 | ||||||
Nippon Yusen KK | 6,000 | 17,884 | ||||||
Orient Overseas International Ltd. | 1,500 | 10,248 | ||||||
|
| |||||||
Total Marine | 100,710 | |||||||
|
| |||||||
Media - 2.3% |
| |||||||
Axel Springer AG | 298 | 13,588 | ||||||
British Sky Broadcasting Group PLC | 1,284 | 14,137 | ||||||
Dentsu, Inc. | 600 | 18,508 | ||||||
Eutelsat Communications SA | 366 | 13,026 | ||||||
Fairfax Media Ltd. | 16,443 | 11,811 | ||||||
ITV PLC | 11,019 | 14,977 | ||||||
Kabel Deutschland Holding AG* | 218 | 13,734 | ||||||
Lagardere SCA | 465 | 14,094 | ||||||
Mediaset SpA | 4,565 | 10,858 | ||||||
Modern Times Group AB — Class B | 287 | 13,950 | ||||||
Pearson PLC | 690 | 12,997 | ||||||
ProSiebenSat.1 Media AG | 552 | 14,013 | ||||||
Publicis Groupe SA | 264 | 13,613 | ||||||
Reed Elsevier NV | 1,098 | 12,947 | ||||||
Reed Elsevier PLC | 1,496 | 12,389 | ||||||
SES SA | 582 | 13,935 | ||||||
Singapore Press Holdings Ltd. | 6,000 | 19,252 | ||||||
Wolters Kluwer NV | 703 | 12,133 | ||||||
WPP PLC | 1,101 | 14,902 | ||||||
|
| |||||||
Total Media | 264,864 | |||||||
|
| |||||||
Metals & Mining - 4.1% |
| |||||||
Acerinox SA | 928 | 11,279 | ||||||
Alumina Ltd. | 10,542 | 12,731 | ||||||
Anglo American PLC | 321 | 12,343 | ||||||
Antofagasta PLC | 698 | 13,386 | ||||||
ArcelorMittal | 645 | 11,153 | ||||||
BHP Billiton Ltd. | 346 | 12,805 | ||||||
BHP Billiton PLC | 424 | 13,595 | ||||||
Boliden AB | 783 | 12,531 | ||||||
Daido Steel Co., Ltd. | 3,000 | 18,749 | ||||||
Eurasian Natural Resources Corp. PLC | 1,221 | 11,093 | ||||||
Fortescue Metals Group Ltd. | 2,620 | 15,383 | ||||||
Fresnillo PLC | 472 | 11,957 | ||||||
Glencore International PLC | 2,005 | 13,857 | ||||||
Iluka Resources Ltd. | 815 | 14,424 | ||||||
JFE Holdings, Inc. | 600 | 11,355 | ||||||
Kazakhmys PLC | 759 | 10,612 | ||||||
Kobe Steel Ltd. | 9,000 | 12,963 | ||||||
Lonmin PLC | 767 | 12,978 | ||||||
Lynas Corp., Ltd.* | 10,737 | 12,575 | ||||||
Mitsubishi Materials Corp. | 3,000 | 9,018 | ||||||
Newcrest Mining Ltd. | 352 | 9,638 | ||||||
Nippon Steel Corp. | 6,000 | 15,104 | ||||||
Norsk Hydro ASA | 2,280 | 11,081 | ||||||
OZ Minerals Ltd. | 1,208 | 11,733 |
SHARES | MARKET VALUE | |||||||
Randgold Resources Ltd. | 110 | $ | 9,690 | |||||
Rio Tinto Ltd. | 191 | 13,193 | ||||||
Rio Tinto PLC | 245 | 13,656 | ||||||
Salzgitter AG | 225 | 11,745 | ||||||
Sims Metal Management Ltd. | 870 | 12,879 | ||||||
SSAB AB — Class A | 1,287 | 13,132 | ||||||
Sumitomo Metal Industries Ltd. | 6,000 | 10,896 | ||||||
ThyssenKrupp AG | 508 | 12,035 | ||||||
Umicore SA | 264 | 14,324 | ||||||
Vedanta Resources PLC | 588 | 11,620 | ||||||
Voestalpine AG | 384 | 12,429 | ||||||
Xstrata PLC | 787 | 15,048 | ||||||
Yamato Kogyo Co., Ltd. | 300 | 8,582 | ||||||
|
| |||||||
Total Metals & Mining | 461,572 | |||||||
|
| |||||||
Multi-Utilities - 0.9% |
| |||||||
A2A SpA | 13,752 | 8,729 | ||||||
AGL Energy Ltd. | 957 | 14,924 | ||||||
Centrica PLC | 2,955 | 14,726 | ||||||
GDF Suez | 481 | 11,071 | ||||||
National Grid PLC | 1,368 | 14,784 | ||||||
RWE AG | 308 | 13,239 | ||||||
Suez Environnement Co. | 972 | 13,708 | ||||||
Veolia Environnement SA | 1,038 | 15,202 | ||||||
|
| |||||||
Total Multi-Utilities | 106,383 | |||||||
|
| |||||||
Multiline Retail - 1.1% |
| |||||||
Harvey Norman Holdings Ltd. | 6,121 | 12,872 | ||||||
Isetan Mitsukoshi Holdings Ltd. | 1,200 | 13,135 | ||||||
J Front Retailing Co., Ltd. | 3,000 | 15,480 | ||||||
Marks & Spencer Group PLC | 2,421 | 14,035 | ||||||
Marui Group Co., Ltd. | 1,800 | 14,338 | ||||||
Next PLC | 321 | 15,268 | ||||||
PPR | 81 | 13,546 | ||||||
Takashimaya Co., Ltd. | 3,000 | 22,844 | ||||||
|
| |||||||
Total Multiline Retail | 121,518 | |||||||
|
| |||||||
Office Electronics - 0.7% |
| |||||||
Brother Industries Ltd. | 1,200 | 16,262 | ||||||
Canon, Inc. | 300 | 13,789 | ||||||
Konica Minolta Holdings, Inc. | 1,500 | 12,286 | ||||||
Neopost SA | 201 | 11,555 | ||||||
Ricoh Co., Ltd. | 3,000 | 27,203 | ||||||
|
| |||||||
Total Office Electronics | 81,095 | |||||||
|
| |||||||
Oil, Gas & Consumable Fuels - 2.6% |
| |||||||
BG Group PLC | 597 | 14,062 | ||||||
BP PLC | 1,750 | 12,646 | ||||||
Caltex Australia Ltd. | 1,009 | 14,464 | ||||||
Cosmo Oil Co., Ltd. | 6,000 | 16,682 | ||||||
ENI SpA | 591 | 13,118 | ||||||
Essar Energy PLC* | 7,005 | 16,665 | ||||||
Galp Energia SGPS SA — Class B | 722 | 11,362 | ||||||
Inpex Corp. | 3 | 19,914 | ||||||
Japan Petroleum Exploration Co. | 300 | 13,771 | ||||||
JX Holdings, Inc. | 2,100 | 11,914 |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 91 |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | April 30, 2012 |
GUGGENHEIM MSCI EAFE EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
Lundin Petroleum AB* | 597 | $ | 11,872 | |||||
Neste Oil OYJ | 1,066 | 12,599 | ||||||
OMV AG | 360 | 12,186 | ||||||
Origin Energy Ltd. | 933 | 12,879 | ||||||
Repsol YPF SA | 504 | 9,639 | ||||||
Royal Dutch Shell PLC — Class A | 355 | 12,642 | ||||||
Santos Ltd. | 958 | 13,983 | ||||||
Showa Shell Sekiyu KK | 2,100 | 13,282 | ||||||
Statoil ASA | 490 | 13,070 | ||||||
Total SA | 245 | 11,696 | ||||||
Tullow Oil PLC | 594 | 14,797 | ||||||
Woodside Petroleum Ltd. | 343 | 12,469 | ||||||
|
| |||||||
Total Oil, Gas & Consumable Fuels | 295,712 | |||||||
|
| |||||||
Paper & Forest Products - 0.7% |
| |||||||
Holmen AB | 487 | 12,929 | ||||||
Nippon Paper Group, Inc. | 600 | 12,023 | ||||||
OJI Paper Co., Ltd. | 3,000 | 13,789 | ||||||
Stora Enso OYJ — Series R | 1,815 | 12,372 | ||||||
Svenska Cellulosa AB — Class B | 854 | 13,528 | ||||||
UPM-Kymmene OYJ | 1,062 | 13,592 | ||||||
|
| |||||||
Total Paper & Forest Products | 78,233 | |||||||
|
| |||||||
Personal Products - 0.5% |
| |||||||
Beiersdorf AG | 221 | 15,503 | ||||||
Kao Corp. | 600 | 16,134 | ||||||
L’Oreal SA | 120 | 14,435 | ||||||
Shiseido Co., Ltd. | 900 | 15,803 | ||||||
|
| |||||||
Total Personal Products | 61,875 | |||||||
|
| |||||||
Pharmaceuticals - 3.4% |
| |||||||
Astellas Pharma, Inc. | 300 | 12,192 | ||||||
AstraZeneca PLC | 281 | 12,318 | ||||||
Bayer AG | 200 | 14,085 | ||||||
Chugai Pharmaceutical Co., Ltd. | 900 | 16,277 | ||||||
Daiichi Sankyo Co., Ltd. | 900 | 15,487 | ||||||
Dainippon Sumitomo Pharma Co., Ltd. | 1,500 | 15,067 | ||||||
Eisai Co., Ltd. | 300 | 11,723 | ||||||
Elan Corp. PLC ADR* | 1,161 | 16,010 | ||||||
GlaxoSmithKline PLC | 630 | 14,578 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 300 | 13,376 | ||||||
Merck KGaA | 122 | 13,402 | ||||||
Mitsubishi Tanabe Pharma Corp. | 900 | 12,534 | ||||||
Novartis AG | 230 | 12,683 | ||||||
Novo Nordisk A/S | 96 | 14,159 | ||||||
Ono Pharmaceutical Co., Ltd. | 300 | 16,983 | ||||||
Orion OYJ — Class B | 612 | 12,482 | ||||||
Otsuka Holdings Co., Ltd. | 600 | 18,110 | ||||||
Roche Holding AG | 74 | 13,518 | ||||||
Sanofi SA | 179 | 13,661 | ||||||
Santen Pharmaceutical Co., Ltd. | 300 | 12,531 | ||||||
Shionogi & Co., Ltd. | 900 | 11,779 | ||||||
Shire PLC | 373 | 12,174 | ||||||
Taisho Pharmaceutical Holdings Co., Ltd. | 300 | 23,971 | ||||||
Takeda Pharmaceutical Co., Ltd. | 300 | 13,094 |
SHARES | MARKET VALUE | |||||||
Teva Pharmaceutical Industries Ltd. ADR | 321 | $ | 14,683 | |||||
Tsumura & Co. | 600 | 16,029 | ||||||
UCB SA | 339 | 15,832 | ||||||
|
| |||||||
Total Pharmaceuticals | 388,738 | |||||||
|
| |||||||
Professional Services - 1.0% |
| |||||||
Adecco SA* | 267 | 13,002 | ||||||
Bureau Veritas SA | 170 | 15,145 | ||||||
Campbell Brothers Ltd. | 222 | 15,847 | ||||||
Capita PLC | 1,206 | 12,984 | ||||||
Experian PLC | 958 | 15,129 | ||||||
Intertek Group PLC | 403 | 16,459 | ||||||
Randstad Holding NV | 369 | 12,776 | ||||||
SGS SA | 6 | 11,588 | ||||||
|
| |||||||
Total Professional Services | 112,930 | |||||||
|
| |||||||
Real Estate Investment Trusts (REITs) - 3.3% |
| |||||||
Ascendas Real Estate Investment Trust | 9,000 | 15,130 | ||||||
British Land Co. PLC | 1,842 | 14,639 | ||||||
Capital Shopping Centres Group PLC | 2,577 | 13,600 | ||||||
CapitaMall Trust | 9,000 | 13,093 | ||||||
CFS Retail Property Trust | 6,903 | 13,834 | ||||||
Corio NV | 302 | 13,514 | ||||||
Dexus Property Group | 14,498 | 14,112 | ||||||
Fonciere Des Regions | 189 | 14,646 | ||||||
Gecina SA | 141 | 13,069 | ||||||
Goodman Group | 4,076 | 15,276 | ||||||
GPT Group | 3,914 | 13,324 | ||||||
Hammerson PLC | 2,104 | 14,268 | ||||||
Japan Real Estate Investment Corp. | 3 | 26,602 | ||||||
Japan Retail Fund Investment Corp. | 9 | 14,372 | ||||||
Klepierre | 451 | 14,278 | ||||||
Land Securities Group PLC | 1,173 | 13,857 | ||||||
Link REIT (The) | 4,500 | 18,736 | ||||||
Mirvac Group | 10,983 | 14,807 | ||||||
Nippon Building Fund, Inc. | 3 | 28,593 | ||||||
Segro PLC | 3,600 | 12,925 | ||||||
Stockland | 4,191 | 13,525 | ||||||
Unibail-Rodamco SE | 67 | 12,521 | ||||||
Westfield Group | 1,496 | 14,390 | ||||||
Westfield Retail Trust | 5,313 | 15,045 | ||||||
|
| |||||||
Total Real Estate Investment Trusts (REITs) | 368,156 | |||||||
|
| |||||||
Real Estate Management & Development - 2.6% |
| |||||||
Aeon Mall Co., Ltd. | 600 | 13,383 | ||||||
CapitaLand Ltd. | 6,000 | 14,257 | ||||||
CapitaMalls Asia Ltd. | 12,000 | 14,936 | ||||||
City Developments Ltd. | 3,000 | 24,586 | ||||||
Daito Trust Construction Co., Ltd. | 300 | 27,090 | ||||||
Global Logistic Properties Ltd.* | 9,000 | 14,984 | ||||||
Hang Lung Properties Ltd. | 3,000 | 11,099 | ||||||
Henderson Land Development Co., Ltd. | 3,000 | 17,093 | ||||||
Hysan Development Co., Ltd. | 3,000 | 13,593 | ||||||
IMMOFINANZ AG* | 4,268 | 15,003 |
92 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | April 30, 2012 |
GUGGENHEIM MSCI EAFE EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
Keppel Land Ltd. | 6,000 | $ | 15,372 | |||||
Kerry Properties Ltd. | 3,000 | 13,709 | ||||||
Lend Lease Group | 1,599 | 12,402 | ||||||
New World Development Co., Ltd. | 9,000 | 11,218 | ||||||
Nomura Real Estate Holdings, Inc. | 900 | 15,859 | ||||||
Sino Land Co., Ltd. | 6,000 | 10,364 | ||||||
Swire Pacific Ltd. — Class A | 1,500 | 17,721 | ||||||
Tokyu Land Corp. | 3,000 | 14,578 | ||||||
Wharf Holdings Ltd. | 3,000 | 17,905 | ||||||
|
| |||||||
Total Real Estate Management & Development | 295,152 | |||||||
|
| |||||||
Road & Rail - 2.1% |
| |||||||
Asciano Ltd. | 2,676 | 13,177 | ||||||
Central Japan Railway Co. | 3 | 24,948 | ||||||
DSV A/S | 660 | 15,031 | ||||||
East Japan Railway Co. | 300 | 18,711 | ||||||
Keikyu Corp. | 3,000 | 25,775 | ||||||
Keio Corp. | 3,000 | 21,717 | ||||||
Keisei Electric Railway Co., Ltd. | 3,000 | 23,220 | ||||||
Kintetsu Corp. | 3,000 | 10,596 | ||||||
MTR Corp. | 4,500 | 16,010 | ||||||
Nippon Express Co., Ltd. | 3,000 | 11,385 | ||||||
QR National Ltd. | 3,327 | 12,607 | ||||||
Tobu Railway Co., Ltd. | 3,000 | 15,292 | ||||||
Tokyu Corp. | 3,000 | 14,052 | ||||||
West Japan Railway Co. | 300 | 12,343 | ||||||
|
| |||||||
Total Road & Rail | 234,864 | |||||||
|
| |||||||
Semiconductors & Semiconductor Equipment - 1.1% |
| |||||||
Advantest Corp. | 900 | 15,104 | ||||||
ARM Holdings PLC | 1,539 | 13,095 | ||||||
ASM Pacific Technology Ltd. | 900 | 12,193 | ||||||
ASML Holding NV | 313 | 15,925 | ||||||
Infineon Technologies AG | 1,371 | 13,647 | ||||||
Rohm Co., Ltd. | 300 | 13,601 | ||||||
STMicroelectronics NV | 2,013 | 11,417 | ||||||
Sumco Corp.* | 1,200 | 12,895 | ||||||
Tokyo Electron Ltd. | 300 | 16,739 | ||||||
|
| |||||||
Total Semiconductors & Semiconductor Equipment | 124,616 | |||||||
|
| |||||||
Software - 1.0% |
| |||||||
Dassault Systemes SA | 152 | 14,750 | ||||||
Konami Corp. | 600 | 17,509 | ||||||
NICE Systems Ltd. ADR* | 361 | 13,870 | ||||||
Oracle Corp. Japan | 300 | 11,610 | ||||||
Sage Group PLC (The) | 2,795 | 12,985 | ||||||
SAP AG | 209 | 13,856 | ||||||
Square Enix Holdings Co., Ltd. | 600 | 11,768 | ||||||
Trend Micro, Inc. | 600 | 18,290 | ||||||
|
| |||||||
Total Software | 114,638 | |||||||
|
| |||||||
Specialty Retail - 1.0% |
| |||||||
ABC-Mart, Inc. | 300 | 10,922 | ||||||
Hennes & Mauritz AB* | 384 | 13,188 | ||||||
Inditex SA | 146 | 13,131 |
SHARES | MARKET VALUE | |||||||
Kingfisher PLC | 3,015 | $ | 14,223 | |||||
Nitori Holdings Co., Ltd. | 150 | 13,808 | ||||||
Sanrio Co., Ltd. | 300 | 13,207 | ||||||
USS Co., Ltd. | 150 | 15,273 | ||||||
Yamada Denki Co., Ltd. | 210 | 13,676 | ||||||
|
| |||||||
Total Specialty Retail | 107,428 | |||||||
|
| |||||||
Textiles, Apparel & Luxury Goods - 1.0% |
| |||||||
Adidas AG | 179 | 14,926 | ||||||
Asics Corp. | 1,200 | 13,030 | ||||||
Burberry Group PLC | 606 | 14,613 | ||||||
Christian Dior SA | 96 | 14,466 | ||||||
Cie Financiere Richemont SA — Class A | 229 | 14,154 | ||||||
Luxottica Group SpA | 433 | 15,502 | ||||||
LVMH Moet Hennessy Louis Vuitton SA | 81 | 13,417 | ||||||
Swatch Group AG (The) | 30 | 13,836 | ||||||
|
| |||||||
Total Textiles, Apparel & Luxury Goods | 113,944 | |||||||
|
| |||||||
Tobacco - 0.5% |
| |||||||
British American Tobacco PLC | 263 | 13,491 | ||||||
Imperial Tobacco Group PLC | 331 | 13,244 | ||||||
Japan Tobacco, Inc. | 3 | 16,664 | ||||||
Swedish Match AB | 358 | 14,547 | ||||||
|
| |||||||
Total Tobacco | 57,946 | |||||||
|
| |||||||
Trading Companies & Distributors - 1.4% |
| |||||||
Brenntag AG | 124 | 15,444 | ||||||
Bunzl PLC | 935 | 15,532 | ||||||
ITOCHU Corp. | 1,200 | 13,616 | ||||||
Marubeni Corp. | 3,000 | 20,965 | ||||||
Mitsubishi Corp. | 600 | 13,098 | ||||||
Mitsui & Co., Ltd. | 900 | 14,135 | ||||||
Noble Group Ltd. | 12,000 | 11,444 | ||||||
Sojitz Corp. | 7,800 | 13,188 | ||||||
Sumitomo Corp. | 900 | 12,850 | ||||||
Toyota Tsusho Corp. | 600 | 11,971 | ||||||
Wolseley PLC | 360 | 13,697 | ||||||
|
| |||||||
Total Trading Companies & Distributors | 155,940 | |||||||
|
| |||||||
Transportation Infrastructure - 1.1% |
| |||||||
Abertis Infraestructuras SA | 803 | 12,424 | ||||||
Aeroports de Paris | 173 | 14,554 | ||||||
Atlantia SpA | 831 | 12,594 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 221 | 14,359 | ||||||
Groupe Eurotunnel SA | 1,659 | 13,958 | ||||||
Hutchison Port Holdings Trust | 18,000 | 13,590 | ||||||
Koninklijke Vopak NV | 233 | 15,017 | ||||||
Sydney Airport | 4,989 | 15,114 | ||||||
Transurban Group | 2,221 | 13,572 | ||||||
|
| |||||||
Total Transportation Infrastructure | 125,182 | |||||||
|
| |||||||
Water Utilities - 0.3% |
| |||||||
Severn Trent PLC | 573 | 15,725 | ||||||
United Utilities Group PLC | 1,464 | 14,704 | ||||||
|
| |||||||
Total Water Utilities | 30,429 | |||||||
|
|
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 93 |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | April 30, 2012 |
GUGGENHEIM MSCI EAFE EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
Wireless Telecommunication Services - 0.9% |
| |||||||
Cellcom Israel Ltd. | 981 | $ | 12,253 | |||||
KDDI Corp. | 3 | 19,726 | ||||||
Millicom International Cellular SA | 119 | 12,638 | ||||||
Mobistar SA | 288 | 10,890 | ||||||
NTT DoCoMo, Inc. | 9 | 15,352 | ||||||
Softbank Corp. | 600 | 18,005 | ||||||
Vodafone Group PLC | 5,139 | 14,228 | ||||||
|
| |||||||
Total Wireless Telecommunication Services | 103,092 | |||||||
|
| |||||||
Total Common Stocks | 11,158,746 | |||||||
|
| |||||||
SHORT TERM INVESTMENTS - 0.2% |
| |||||||
SSgA Government Money Market Fund | 21,677 | 21,677 | ||||||
|
| |||||||
Total Short Term Investments | 21,677 | |||||||
|
| |||||||
Total Investments — 98.7%a | 11,180,423 | |||||||
|
| |||||||
Other Assets and Liabilities, net — 1.3% |
| 143,497 | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 11,323,920 |
* | Non-Income Producing Security. |
a | Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs. |
ADR — American Depositary Receipt |
REIT — Real Estate Investment Trust |
94 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (concluded) | April 30, 2012 |
GUGGENHEIM MSCI EAFE EQUAL WEIGHT ETF
INVESTMENT CONCENTRATION
At April 30, 2012, the investment diversification of the Fund was as follows:
Country | % of Total Investments | |||
Japan | 33.52% | |||
Britain | 11.82% | |||
Australia | 7.95% | |||
France | 7.23% | |||
Germany | 5.68% | |||
Sweden | 3.79% | |||
Switzerland | 3.45% | |||
Hong Kong | 2.91% | |||
Singapore | 2.84% | |||
Netherlands | 2.77% | |||
Italy | 2.71% | |||
Spain | 2.65% | |||
Finland | 1.60% | |||
Belgium | 1.39% | |||
Denmark | 1.23% | |||
Israel | 0.99% | |||
Norway | 0.91% | |||
Jersey | 0.73% | |||
Austria | 0.70% | |||
Ireland | 0.69% | |||
Swaziland | 0.65% | |||
Bermuda | 0.60% | |||
Luxembourg | 0.60% | |||
Portugal | 0.53% | |||
Cayman Islands | 0.41% | |||
Slovenia | 0.35% | |||
United States | 0.31% | |||
New Zealand | 0.28% | |||
Isle Of Man | 0.15% | |||
Mauritius | 0.13% | |||
Georgia | 0.12% | |||
Niger Republic | 0.12% | |||
Guernsey | 0.10% | |||
Greece | 0.09% | |||
Total Investments | 100.00% |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 95 |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2012 |
GUGGENHEIM MSCI EMERGING MARKETS EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
COMMON STOCKS - 86.4% |
| |||||||
Aerospace & Defense - 0.4% |
| |||||||
Embraer SA ADR | 800 | $ | 27,712 | |||||
Korea Aerospace Industries Ltd. | 920 | 22,835 | ||||||
|
| |||||||
Total Aerospace & Defense | 50,547 | |||||||
|
| |||||||
Air Freight & Logistics - 0.2% |
| |||||||
Hyundai Glovis Co., Ltd. | 156 | 30,575 | ||||||
|
| |||||||
Total Air Freight & Logistics | 30,575 | |||||||
|
| |||||||
Airlines - 1.7% |
| |||||||
Air China Ltd. — Class H* | 32,000 | 23,223 | ||||||
AirAsia BHD | 21,200 | 23,330 | ||||||
China Airlines Ltd. | 56,000 | 21,761 | ||||||
China Southern Airlines Co., Ltd. — Class H* | 48,000 | 21,594 | ||||||
Eva Airways Corp. | 40,000 | 24,034 | ||||||
Gol Linhas Aereas Inteligentes SA ADR | 2,959 | 15,683 | ||||||
Korean Air Lines Co., Ltd.* | 544 | 21,421 | ||||||
Lan Airlines SA ADR | 956 | 26,949 | ||||||
TAM SA ADR* | 1,083 | 26,479 | ||||||
Turk Hava Yollari* | 16,508 | 25,246 | ||||||
|
| |||||||
Total Airlines | 229,720 | |||||||
|
| |||||||
Auto Components - 1.2% |
| |||||||
Cheng Shin Rubber Industry Co. Ltd. | 12,000 | 29,868 | ||||||
Hankook Tire Co., Ltd. | 680 | 28,821 | ||||||
Hyundai Mobis | 104 | 28,298 | ||||||
Hyundai Wia Corp. | 212 | 31,703 | ||||||
Mando Corp. | 176 | 28,188 | ||||||
Nan Kang Rubber Tire Co., Ltd. | 16,000 | 23,500 | ||||||
|
| |||||||
Total Auto Components | 170,378 | |||||||
|
| |||||||
Automobiles - 2.1% |
| |||||||
Astra International Tbk PT | 4,000 | 30,901 | ||||||
Brilliance China Automotive Holdings Ltd.* | 24,000 | 26,049 | ||||||
Byd Co., Ltd. — Class H* | 8,000 | 21,089 | ||||||
China Motor Corp. | 24,000 | 19,844 | ||||||
Dongfeng Motor Group Co., Ltd. — Class H | 16,000 | 31,555 | ||||||
Geely Automobile Holdings Ltd. | 60,000 | 22,352 | ||||||
Great Wall Motor Co., Ltd. — Class H* | 14,000 | 30,246 | ||||||
Guangzhou Automobile Group Co., Ltd. — Class H* | 24,000 | 26,637 | ||||||
Hyundai Motor Co. | 132 | 31,361 | ||||||
Kia Motors Corp. | 408 | 30,109 | ||||||
Yulon Motor Co., Ltd. | 12,000 | 19,227 | ||||||
|
| |||||||
Total Automobiles | 289,370 | |||||||
|
| |||||||
Beverages - 0.9% |
| |||||||
Coca-Cola Femsa SAB de CV ADR* | 252 | 26,699 | ||||||
Fomento Economico Mexicano SAB de CV ADR | 344 | 27,954 | ||||||
Grupo Modelo SAB de CV — Series C | 3,900 | 27,583 | ||||||
Tsingtao Brewery Co., Ltd. — Class H | 8,000 | 48,571 | ||||||
|
| |||||||
Total Beverages | 130,807 | |||||||
|
|
SHARES | MARKET VALUE | |||||||
Building Products - 0.2% |
| |||||||
KCC Corp. | 84 | $ | 21,630 | |||||
|
| |||||||
Total Building Products | 21,630 | |||||||
|
| |||||||
Capital Markets - 0.9% |
| |||||||
Daewoo Securities Co., Ltd.* | 2,040 | 20,759 | ||||||
Hyundai Securities Co.* | 2,590 | 21,405 | ||||||
Investec Ltd. | 3,960 | 22,804 | ||||||
Samsung Securities Co., Ltd.* | 473 | 21,010 | ||||||
Woori Investment & Securities Co., Ltd.* | 2,000 | 19,821 | ||||||
Yuanta Financial Holding Co., Ltd.* | 44,000 | 21,090 | ||||||
|
| |||||||
Total Capital Markets | 126,889 | |||||||
|
| |||||||
Chemicals - 3.9% |
| |||||||
Braskem SA ADR | 1,361 | 20,007 | ||||||
Cheil Industries, Inc. | 300 | 25,749 | ||||||
China Petrochemical Development Corp. | 19,500 | 19,695 | ||||||
Dongyue Group* | 23,934 | 17,925 | ||||||
Formosa Chemicals & Fibre Corp. | 8,000 | 23,199 | ||||||
Formosa Plastics Corp. | 8,000 | 22,733 | ||||||
Hanwha Chem Corp. | 920 | 18,154 | ||||||
Hanwha Corp. | 760 | 19,502 | ||||||
Honam Petrochemical Corp. | 80 | 19,254 | ||||||
Huabao International Holdings Ltd.a | 36,000 | 12,963 | ||||||
Hyosung Corp. | 420 | 21,518 | ||||||
Korea Kumho Petrochemical Co., Ltd. | 176 | 16,586 | ||||||
KP Chemical Corp. | 1,640 | 20,897 | ||||||
LCY Chemical Corp. | 16,000 | 24,705 | ||||||
LG Chem Ltd. | 72 | 18,125 | ||||||
Mexichem SAB de CV | 6,964 | 25,936 | ||||||
Nan Ya Plastics Corp. | 12,000 | 24,732 | ||||||
OCI Co., Ltd. | 108 | 20,451 | ||||||
Petronas Chemicals Group BHD | 11,200 | 24,169 | ||||||
PTT Global Chemical PCL | 10,812 | 24,173 | ||||||
Sociedad Quimica y Minera de Chile SA ADR | 428 | 24,948 | ||||||
Taiwan Fertilizer Co., Ltd. | 8,000 | 19,172 | ||||||
TSRC Corp. | 8,000 | 19,364 | ||||||
Uralkali OJSC GDR | 616 | 23,316 | ||||||
Yingde Gases | 22,000 | 25,580 | ||||||
|
| |||||||
Total Chemicals | 532,853 | |||||||
|
| |||||||
Commercial Banks - 10.8% |
| |||||||
ABSA Group Ltd. | 1,199 | 24,753 | ||||||
Agricultural Bank of China Ltd. — Class H | 52,000 | 24,734 | ||||||
Akbank TAS | 6,648 | 24,643 | ||||||
Asya Katilim Bankasi AS* | 24,896 | 25,335 | ||||||
Banco de Chile | 161,072 | 25,430 | ||||||
Banco Santander Brasil SA ADR | 2,428 | 19,594 | ||||||
Banco Santander Chile ADR | 316 | 25,852 | ||||||
BanColombia SA ADR | 396 | 26,861 | ||||||
Bangkok Bank PCL | 4,330 | 27,318 | ||||||
Bank Central Asia Tbk PT | 30,000 | 26,114 |
96 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | April 30, 2012 |
GUGGENHEIM MSCI EMERGING MARKETS EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
Bank Mandiri Tbk PT | 38,000 | $ | 30,597 | |||||
Bank Negara Indonesia Persero Tbk PT | 64,000 | 28,029 | ||||||
Bank of Ayudhya PCL | 32,200 | 29,582 | ||||||
Bank of China Ltd. — Class H | 60,000 | 25,136 | ||||||
Bank of Communications Co., Ltd. — Class H | 32,000 | 24,749 | ||||||
Bank Pekao SA | 516 | 24,330 | ||||||
Bank Rakyat Indonesia Persero Tbk PT | 34,000 | 24,601 | ||||||
BDO Unibank, Inc. | 16,840 | 26,405 | ||||||
BS Financial Group, Inc. | 2,030 | 20,926 | ||||||
Chang Hwa Commercial Bank | 44,000 | 24,404 | ||||||
China Citic Bank Corp., Ltd. — Class H | 40,000 | 25,471 | ||||||
China Construction Bank Corp. — Class H | 32,000 | 24,914 | ||||||
China Development Financial Holding Corp. | 76,000 | 19,255 | ||||||
China Merchants Bank Co., Ltd. — Class H* | 12,000 | 26,049 | ||||||
China Minsheng Banking Corp., Ltd. — Class H | 26,000 | 26,979 | ||||||
Chinatrust Financial Holding Co., Ltd. | 40,000 | 25,541 | ||||||
Chongqing Rural Commercial Bank Co., Ltd. — Class H* | 40,000 | 18,511 | ||||||
CIMB Group Holdings BHD | 10,800 | 26,447 | ||||||
Credicorp Ltd. | 208 | 27,229 | ||||||
E.Sun Financial Holding Co., Ltd. | 48,000 | 25,472 | ||||||
First Financial Holding Co., Ltd. | 40,000 | 23,966 | ||||||
Grupo Financiero Banorte SAB de CV — Class O | 6,173 | 29,952 | ||||||
Hana Financial Group, Inc. | 720 | 24,751 | ||||||
HDFC Bank Ltd. ADR | 736 | 25,267 | ||||||
Hua Nan Financial Holdings Co., Ltd. | 44,000 | 24,404 | ||||||
Industrial & Commercial Bank of China — Class H | 36,000 | 24,038 | ||||||
Industrial Bank of Korea | 2,200 | 24,334 | ||||||
Kasikornbank PCL | 5,200 | 27,564 | ||||||
KB Financial Group, Inc. ADR | 692 | 23,480 | ||||||
Komercni Banka AS | 132 | 24,274 | ||||||
Korea Exchange Bank | 3,520 | 26,755 | ||||||
Krung Thai Bank PCL | 45,200 | 26,459 | ||||||
Malayan Banking BHD | 8,800 | 25,097 | ||||||
Mega Financial Holding Co., Ltd. | 36,000 | 28,471 | ||||||
Nedbank Group Ltd. | 1,195 | 26,132 | ||||||
OTP Bank PLC | 1,360 | 23,967 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA | 2,324 | 24,908 | ||||||
Shinhan Financial Group Co., Ltd. ADR | 324 | 22,531 | ||||||
Siam Commercial Bank PCL | 6,000 | 29,366 | ||||||
Standard Bank Group Ltd. | 1,713 | 25,363 | ||||||
State Bank of India GDR | 290 | 23,577 | ||||||
Taishin Financial Holding Co., Ltd. | 64,000 | 24,760 | ||||||
Turkiye Garanti Bankasi AS* | 6,912 | 25,385 | ||||||
Turkiye Halk Bankasi AS | 3,772 | 26,377 | ||||||
Turkiye Is Bankasi | 11,236 | 25,679 |
SHARES | MARKET VALUE | |||||||
Turkiye Vakiflar Bankasi Tao | 15,224 | $ | 27,264 | |||||
VTB Bank OJSC GDR* | 4,987 | 20,901 | ||||||
Woori Finance Holdings Co., Ltd. | 2,350 | 24,849 | ||||||
Yapi ve Kredi Bankasi AS* | 13,996 | 25,860 | ||||||
|
| |||||||
Total Commercial Banks | 1,490,992 | |||||||
|
| |||||||
Communications Equipment - 0.2% |
| |||||||
ZTE Corp. — Class H* | 8,800 | 21,348 | ||||||
|
| |||||||
Total Communications Equipment | 21,348 | |||||||
|
| |||||||
Computers & Peripherals - 2.1% |
| |||||||
Acer, Inc. | 16,000 | 18,351 | ||||||
Asustek Computer, Inc. | 4,100 | 41,409 | ||||||
Catcher Technology Co., Ltd. | 4,000 | 25,609 | ||||||
Compal Electronics, Inc. | 20,000 | 23,007 | ||||||
Foxconn Technology Co., Ltd. | 4,000 | 14,106 | ||||||
Lenovo Group Ltd. | 32,000 | 30,772 | ||||||
Lite-On Technology Corp. | 20,000 | 24,411 | ||||||
Pegatron Corp. | 20,000 | 28,964 | ||||||
Quanta Computer, Inc. | 12,000 | 31,552 | ||||||
Simplo Technology Co., Ltd. | 4,000 | 30,813 | ||||||
Wistron Corp. | 16,000 | 24,020 | ||||||
|
| |||||||
Total Computers & Peripherals | 293,014 | |||||||
|
| |||||||
Construction & Engineering - 2.4% |
| |||||||
Aveng Ltd. | 5,492 | 28,175 | ||||||
China Communications Construction Co., Ltd. — Class H* | 24,000 | 24,131 | ||||||
China Railway Construction Corp., Ltd. — Class H | 32,000 | 25,533 | ||||||
China Railway Group Ltd. — Class H | 60,000 | 23,821 | ||||||
Daelim Industrial Co., Ltd. | 224 | 20,812 | ||||||
Daewoo Engineering & Construction Co., Ltd.* | 2,630 | 21,992 | ||||||
Doosan Heavy Industries and Construction Co., Ltd. | 404 | 19,054 | ||||||
GS Engineering & Construction Corp. | 292 | 21,781 | ||||||
Hyundai Development Co. | 1,200 | 25,325 | ||||||
Hyundai Engineering & Construction Co., Ltd. | 348 | 21,986 | ||||||
IJM Corp. BHD | 12,800 | 23,181 | ||||||
Larsen & Toubro Ltd. GDR | 928 | 21,697 | ||||||
Orascom Construction Industries GDR | 592 | 26,107 | ||||||
Samsung Engineering Co., Ltd. | 132 | 25,112 | ||||||
|
| |||||||
Total Construction & Engineering | 328,707 | |||||||
|
| |||||||
Construction Materials - 2.0% |
| |||||||
Anhui Conch Cement Co., Ltd. — Class H* | 8,000 | 26,812 | ||||||
Asia Cement Corp. | 19,500 | 23,467 | ||||||
BBMG Corp. — Class H | 26,000 | 22,455 | ||||||
Cemex SAB de CV ADR* | 3,606 | 26,071 | ||||||
China National Building Material Co., Ltd. — Class H* | 16,000 | 21,615 | ||||||
China Resources Cement Holdings Ltd. | 32,000 | 25,409 | ||||||
China Shanshui Cement Group Ltd. | 28,000 | 22,702 | ||||||
Indocement Tunggal Prakarsa Tbk PT | 14,000 | 27,496 |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 97 |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | April 30, 2012 |
GUGGENHEIM MSCI EMERGING MARKETS EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
Semen Gresik Persero Tbk PT | 22,000 | $ | 29,084 | |||||
Siam Cement PCL | 2,000 | 27,187 | ||||||
Taiwan Cement Corp. | 20,000 | 23,863 | ||||||
|
| |||||||
Total Construction Materials | 276,161 | |||||||
|
| |||||||
Consumer Finance - 0.2% |
| |||||||
Samsung Card Co. | 680 | 20,879 | ||||||
|
| |||||||
Total Consumer Finance | 20,879 | |||||||
|
| |||||||
Distributors - 0.4% |
| |||||||
Dah Chong Hong Holdings Ltd. | 20,000 | 21,295 | ||||||
Imperial Holdings Ltd. | 1,433 | 31,215 | ||||||
|
| |||||||
Total Distributors | 52,510 | |||||||
|
| |||||||
Diversified Financial Services - 1.5% |
| |||||||
African Bank Investments Ltd. | 4,913 | 24,628 | ||||||
AMMB Holdings BHD | 12,800 | 26,480 | ||||||
China Everbright Ltd. | 16,000 | 25,409 | ||||||
FirstRand Ltd. | 7,832 | 25,537 | ||||||
Fubon Financial Holding Co., Ltd. | 24,000 | 25,020 | ||||||
Haci Omer Sabanci Holding AS | 6,224 | 25,831 | ||||||
Remgro Ltd. | 1,437 | 24,412 | ||||||
RMB Holdings Ltd. | 6,084 | 26,376 | ||||||
|
| |||||||
Total Diversified Financial Services | 203,693 | |||||||
|
| |||||||
Diversified Telecommunication |
| |||||||
China Telecom Corp., Ltd. — Class H* | 40,000 | 21,553 | ||||||
China Unicom Hong Kong Ltd. ADR | 1,388 | 24,123 | ||||||
Chunghwa Telecom Co., Ltd. ADR | 852 | 26,395 | ||||||
KT Corp. ADR | 1,764 | 22,667 | ||||||
LG Uplus Corp. | 4,600 | 22,835 | ||||||
Oi SA ADR | 2,922 | 52,391 | ||||||
Oi SA ADR | 468 | 3,122 | ||||||
Telefonica Brasil SA ADR | 860 | 24,484 | ||||||
Telefonica Czech Republic AS | 1,168 | 23,556 | ||||||
Telekom Malaysia BHD | 15,200 | 27,075 | ||||||
Telekomunikacja Polska SA | 4,628 | 24,214 | ||||||
Telekomunikasi Indonesia Tbk PT ADR | 836 | 30,271 | ||||||
Turk Telekomunikasyon AS | 6,156 | 26,949 | ||||||
|
| |||||||
Total Diversified Telecommunication Services | 329,635 | |||||||
|
| |||||||
Electric Utilities - 1.7% |
| |||||||
Centrais Eletricas Brasileiras SA ADR | 2,215 | 18,872 | ||||||
CEZ AS | 580 | 23,388 | ||||||
Cia Energetica de Minas Gerais ADR | 1,112 | 27,433 | ||||||
Cia Paranaense de Energia ADR | 1,053 | 26,377 | ||||||
CPFL Energia SA ADR | 776 | 21,883 | ||||||
Enersis SA ADR | 1,296 | 26,270 | ||||||
Federal Hydrogenerating Co. JSC ADR | 6,260 | 21,785 | ||||||
Korea Electric Power Corp. ADR* | 2,260 | 21,470 | ||||||
PGE SA | 4,008 | 23,995 | ||||||
Tenaga Nasional BHD | 12,400 | 26,349 | ||||||
|
| |||||||
Total Electric Utilities | 237,822 | |||||||
|
| |||||||
Electrical Equipment - 0.9% |
| |||||||
Dongfang Electric Corp., Ltd. — Class H* | 9,600 | 26,173 |
SHARES | MARKET VALUE | |||||||
LS Corp. | 332 | $ | 22,239 | |||||
LS Industrial Systems Co., Ltd. | 444 | 22,708 | ||||||
Shanghai Electric Group Co., Ltd. — Class H* | 48,000 | 24,193 | ||||||
Zhuzhou CSR Times Electric Co., Ltd. — Class H | 12,000 | 34,030 | ||||||
|
| |||||||
Total Electrical Equipment | 129,343 | |||||||
|
| |||||||
Electronic Equipment, Instruments & Components - 2.9% |
| |||||||
AU Optronics Corp. ADR | 4,788 | 21,498 | ||||||
Cheng Uei Precision Industry Co., Ltd. | 12,149 | 24,956 | ||||||
Chimei Innolux Corp.* | 48,000 | 19,885 | ||||||
Delta Electronics, Inc. | 8,000 | 23,774 | ||||||
E Ink Holdings, Inc. | 16,000 | 17,529 | ||||||
Everlight Electronics Co., Ltd. | 12,000 | 24,650 | ||||||
Hon Hai Precision Industry Co., Ltd. GDR | 3,776 | 22,845 | ||||||
LG Display Co., Ltd. ADR* | 1,935 | 21,614 | ||||||
LG Innotek Co., Ltd.* | 308 | 22,185 | ||||||
Nan Ya Printed Circuit Board Corp. | 12,000 | 22,473 | ||||||
Samsung Electro-Mechanics Co., Ltd. | 318 | 30,812 | ||||||
Samsung SDI Co., Ltd. | 204 | 29,423 | ||||||
Synnex Technology International Corp. | 12,000 | 28,143 | ||||||
Tripod Technology Corp. | 8,000 | 23,555 | ||||||
Unimicron Technology Corp. | 20,000 | 22,767 | ||||||
Wintek Corp. | 27,498 | 17,934 | ||||||
WPG Holdings Ltd. | 20,350 | 27,799 | ||||||
|
| |||||||
Total Electronic Equipment, Instruments & Components | 401,842 | |||||||
|
| |||||||
Energy Equipment & Services - 0.4% |
| |||||||
Bumi Armada BHD* | 19,200 | 25,316 | ||||||
China Oilfield Services Ltd. — Class H | 16,000 | 25,946 | ||||||
|
| |||||||
Total Energy Equipment & Services | 51,262 | |||||||
|
| |||||||
Food & Staples Retailing - 2.3% |
| |||||||
BIM Birlesik Magazalar AS | 729 | 30,358 | ||||||
Cencosud SA | 4,036 | 25,738 | ||||||
China Resources Enterprise Ltd. | 8,000 | 29,081 | ||||||
Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR | 573 | 26,948 | ||||||
CP ALL PCL* | 12,380 | 30,698 | ||||||
E-Mart Co., Ltd. | 108 | 25,659 | ||||||
Magnit OJSC GDR | 880 | 25,766 | ||||||
Massmart Holdings Ltd. | 1,112 | 23,976 | ||||||
President Chain Store Corp. | 4,000 | 21,501 | ||||||
Shoprite Holdings Ltd. | 1,416 | 24,556 | ||||||
Sun Art Retail Group Ltd.* | 20,000 | 26,554 | ||||||
Wal-Mart de Mexico SAB de CV — Series V | 7,880 | 22,568 | ||||||
|
| |||||||
Total Food & Staples Retailing | 313,403 | |||||||
|
| |||||||
Food Products - 2.5% |
| |||||||
Charoen Pokphand Foods PCL | 21,946 | 29,083 | ||||||
China Mengniu Dairy Co., Ltd. | 8,000 | 24,749 | ||||||
China Yurun Food Group Ltd. | 16,000 | 20,480 |
98 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | April 30, 2012 |
GUGGENHEIM MSCI EMERGING MARKETS EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
CJ CheilJedang Corp. | 84 | $ | 27,799 | |||||
Indofood Sukses Makmur Tbk PT | 48,000 | 25,331 | ||||||
IOI Corp. BHD | 14,000 | 24,151 | ||||||
Kuala Lumpur Kepong BHD | 3,200 | 24,999 | ||||||
Orion Corp. | 40 | 31,784 | ||||||
Standard Foods Corp. | 8,000 | 24,924 | ||||||
Tiger Brands Ltd. | 772 | 28,389 | ||||||
Tingyi Cayman Islands Holding Corp. | 8,000 | 21,346 | ||||||
Uni-President Enterprises Corp. | 16,200 | 25,208 | ||||||
Want Want China Holdings Ltd. | 28,000 | 34,361 | ||||||
|
| |||||||
Total Food Products | 342,604 | |||||||
|
| |||||||
Gas Utilities - 0.8% |
| |||||||
China Gas Holdings Ltd. | 56,000 | 27,864 | ||||||
ENN Energy Holdings Ltd. | 8,000 | 28,153 | ||||||
Korea Gas Corp. | 720 | 28,128 | ||||||
Perusahaan Gas Negara PT | 64,000 | 23,328 | ||||||
|
| |||||||
Total Gas Utilities | 107,473 | |||||||
|
| |||||||
Health Care Equipment & Supplies - 0.3% |
| |||||||
Shandong Weigao Group Medical Polymer Co., Ltd. — Class H | 32,000 | 37,000 | ||||||
|
| |||||||
Total Health Care Equipment & Supplies | 37,000 | |||||||
|
| |||||||
Health Care Providers & Services - 0.4% |
| |||||||
Life Healthcare Group Holdings Ltd. | 8,880 | 30,799 | ||||||
Sinopharm Group Co. — Class H* | 9,600 | 25,182 | ||||||
|
| |||||||
Total Health Care Providers & Services | 55,981 | |||||||
|
| |||||||
Hotels, Restaurants & Leisure - 0.5% |
| |||||||
Genting BHD | 7,200 | 24,603 | ||||||
Genting Malaysia BHD | 20,000 | 25,380 | ||||||
Kangwon Land, Inc. | 1,080 | 23,174 | ||||||
|
| |||||||
Total Hotels, Restaurants & Leisure | 73,157 | |||||||
|
| |||||||
Household Durables - 0.8% |
| |||||||
Haier Electronics Group Co., Ltd.* | 19,922 | 20,852 | ||||||
LG Electronics, Inc. | 346 | 21,493 | ||||||
Skyworth Digital Holdings Ltd. | 48,000 | 19,676 | ||||||
Steinhoff International Holdings Ltd.* | 7,256 | 26,552 | ||||||
Woongjin Coway Co., Ltd. | 760 | 24,344 | ||||||
|
| |||||||
Total Household Durables | 112,917 | |||||||
|
| |||||||
Household Products - 0.2% |
| |||||||
LG Household & Health Care Ltd. | 60 | 31,483 | ||||||
|
| |||||||
Total Household Products | 31,483 | |||||||
|
| |||||||
Independent Power Producers & Energy Traders - 0.8% |
| |||||||
China Longyuan Power Group Corp. — Class H* | 32,000 | 25,286 | ||||||
China Resources Power Holdings Co., Ltd. | 16,000 | 29,204 | ||||||
Empresa Nacional de Electricidad SA ADR | 492 | 26,873 | ||||||
Huaneng Power International, Inc. — Class H* | 40,000 | 23,718 | ||||||
|
| |||||||
Total Independent Power Producers & Energy Traders | 105,081 | |||||||
|
|
SHARES | MARKET VALUE | |||||||
Industrial Conglomerates - 2.6% |
| |||||||
Alfa SAB de CV — Class A | 1,900 | $ | 27,164 | |||||
Beijing Enterprises Holdings Ltd. | 4,000 | 22,378 | ||||||
Bidvest Group Ltd. | 1,128 | 26,758 | ||||||
Citic Pacific Ltd. | 12,000 | 19,769 | ||||||
CJ Corp. | 340 | 23,496 | ||||||
Doosan Corp. | 172 | 21,003 | ||||||
Empresas COPEC SA | 1,545 | 25,062 | ||||||
Far Eastern New Century Corp. | 20,000 | 22,562 | ||||||
KOC Holding AS | 6,452 | 23,916 | ||||||
LG Corp. | 398 | 20,285 | ||||||
Samsung Techwin Co., Ltd. | 452 | 27,677 | ||||||
Shanghai Industrial Holdings Ltd. | 8,000 | 26,760 | ||||||
Sime Darby BHD | 8,000 | 25,750 | ||||||
SK Holdings Co., Ltd. | 180 | 19,352 | ||||||
SM Investments Corp. | 1,760 | 29,139 | ||||||
|
| |||||||
Total Industrial Conglomerates | 361,071 | |||||||
|
| |||||||
Insurance - 2.4% |
| |||||||
Cathay Financial Holding Co., Ltd. | 24,000 | 25,390 | ||||||
China Life Insurance Co., Ltd. | 24,375 | 21,781 | ||||||
China Life Insurance Co., Ltd. — Class H* | 8,000 | 21,656 | ||||||
China Pacific Insurance Group Co., Ltd. — Class H* | 7,200 | 23,527 | ||||||
Dongbu Insurance Co., Ltd. | 573 | 22,917 | ||||||
Hyundai Marine & Fire Insurance Co., Ltd. | 880 | 22,582 | ||||||
Korea Life Insurance Co., Ltd.* | 3,880 | 23,449 | ||||||
PICC Property & Casualty Co., Ltd. — Class H | 16,000 | 20,068 | ||||||
Ping An Insurance Group Co., Ltd. — Class H | 2,000 | 16,732 | ||||||
Powszechny Zaklad Ubezpieczen SA | 236 | 23,857 | ||||||
Samsung Fire & Marine Insurance Co., Ltd. | 136 | 25,994 | ||||||
Samsung Life Insurance Co., Ltd. | 324 | 28,669 | ||||||
Sanlam Ltd. | 6,276 | 27,079 | ||||||
Shin Kong Financial Holding Co., Ltd.* | 76,000 | 22,533 | ||||||
|
| |||||||
Total Insurance | 326,234 | |||||||
|
| |||||||
Internet Software & Services - 0.6% |
| |||||||
Alibaba.com Ltd.* | 14,000 | 24,038 | ||||||
NHN Corp. | 120 | 27,183 | ||||||
Tencent Holdings Ltd. | 800 | 25,141 | ||||||
|
| |||||||
Total Internet Software & Services | 76,362 | |||||||
|
| |||||||
IT Services - 0.3% |
| |||||||
SK C&C Co., Ltd. | 228 | 18,863 | ||||||
Wipro Ltd. ADR | 2,240 | 21,639 | ||||||
|
| |||||||
Total IT Services | 40,502 | |||||||
|
| |||||||
Machinery - 2.3% |
| |||||||
China Rongsheng Heavy Industry Group Holdings Co., Ltd. | 70,000 | 17,505 | ||||||
CSR Corp., Ltd. — Class H* | 32,000 | 25,822 |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 99 |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | April 30, 2012 |
GUGGENHEIM MSCI EMERGING MARKETS EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
Daewoo Shipbuilding & Marine Engineering Co., Ltd. | 920 | $ | 25,806 | |||||
Doosan Infracore Co., Ltd.* | 1,200 | 22,458 | ||||||
Hiwin Technologies Corp. | 4,000 | 37,934 | ||||||
Hyundai Heavy Industries Co., Ltd. | 92 | 23,038 | ||||||
Hyundai Mipo Dockyard | 200 | 21,767 | ||||||
Lonking Holdings Ltd. | 68,000 | 24,719 | ||||||
Samsung Heavy Industries Co., Ltd. | 760 | 28,043 | ||||||
Sany Heavy Equipment International Holdings Co., Ltd. | 32,000 | 24,708 | ||||||
United Tractors Tbk PT | 8,000 | 25,766 | ||||||
Weichai Power Co., Ltd. — Class H* | 4,000 | 18,846 | ||||||
Zoomlion Heavy Industry Science and Technology Co., Ltd. — Class H | 16,000 | 23,883 | ||||||
|
| |||||||
Total Machinery | 320,295 | |||||||
|
| |||||||
Marine - 1.0% |
| |||||||
China COSCO Holdings Co., Ltd. — Class H | 40,000 | 23,203 | ||||||
China Shipping Container Lines Co., Ltd. — Class H* | 80,000 | 26,090 | ||||||
China Shipping Development Co., Ltd. — Class H* | 32,000 | 20,831 | ||||||
Evergreen Marine Corp. Taiwan Ltd. | 39,499 | 23,260 | ||||||
STX Pan Ocean Co., Ltd. | 3,940 | 20,569 | ||||||
Yang Ming Marine Transport Corp. | 44,000 | 18,679 | ||||||
|
| |||||||
Total Marine | 132,632 | |||||||
|
| |||||||
Media - 0.6% |
| |||||||
BEC World PCL | 16,730 | 28,019 | ||||||
Grupo Televisa SA ADR | 1,228 | 26,979 | ||||||
Naspers Ltd. — Class N | 466 | 28,167 | ||||||
|
| |||||||
Total Media | 83,165 | |||||||
|
| |||||||
Metals & Mining - 6.0% |
| |||||||
African Rainbow Minerals Ltd. | 1,020 | 23,821 | ||||||
Aluminum Corp. of China Ltd. ADR* | 1,884 | 22,664 | ||||||
Angang Steel Co., Ltd. — Class H* | 32,000 | 21,903 | ||||||
Anglo American Platinum Ltd. | 328 | 21,330 | ||||||
AngloGold Ashanti Ltd. ADR | 592 | 20,353 | ||||||
ArcelorMittal South Africa Ltd. | 2,980 | 22,686 | ||||||
CAP SA | 589 | 24,737 | ||||||
China Steel Corp. | 24,000 | 23,870 | ||||||
Cia de Minas Buenaventura SA ADR | 608 | 25,092 | ||||||
Cia Siderurgica Nacional SA ADR | 2,516 | 22,443 | ||||||
Dongkuk Steel Mill Co., Ltd. | 1,200 | 18,741 | ||||||
Eregli Demir ve Celik Fabrikalari TAS* | 5,146 | 6,729 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 11,772 | 16,263 | ||||||
Exxaro Resources Ltd. | 947 | 25,294 | ||||||
Gerdau SA ADR | 2,444 | 22,949 | ||||||
Gold Fields Ltd. ADR | 1,608 | 20,695 | ||||||
Grupo Mexico SAB de CV — Series B | 7,993 | 24,698 | ||||||
Harmony Gold Mining Co., Ltd. ADR | 1,916 | 18,585 | ||||||
Hyundai Hysco Co., Ltd. | 720 | 25,452 | ||||||
Hyundai Steel Co. | 260 | 22,684 | ||||||
Impala Platinum Holdings Ltd. | 1,156 | 22,568 |
SHARES | MARKET VALUE | |||||||
Industrias Penoles SAB de CV | 504 | $ | 23,599 | |||||
Jiangxi Copper Co., Ltd. — Class H | 8,000 | 19,346 | ||||||
KGHM Polska Miedz SA | 552 | 24,295 | ||||||
Korea Zinc Co., Ltd. | 64 | 20,727 | ||||||
Koza Altin Isletmeleri AS | 1,388 | 29,986 | ||||||
Kumba Iron Ore Ltd. | 338 | 23,965 | ||||||
Mechel ADR* | 2,236 | 19,431 | ||||||
MMC Norilsk Nickel OJSC ADR | 1,296 | 22,991 | ||||||
Novolipetsk Steel OJSC GDR | 1,032 | 22,291 | ||||||
POSCO ADR | 276 | 22,977 | ||||||
Severstal OAO GDR | 1,724 | 23,326 | ||||||
Shougang Fushan Resources Group Ltd. | 56,000 | 19,635 | ||||||
Southern Copper Corp. | 768 | 25,252 | ||||||
Sterlite Industries (India) Ltd. ADR | 2,608 | 21,359 | ||||||
Vale SA ADR | 992 | 22,022 | ||||||
Zhaojin Mining Industry Co., Ltd. — Class H | 12,000 | 16,799 | ||||||
Zijin Mining Group Co., Ltd. — Class H* | 56,000 | 18,263 | ||||||
|
| |||||||
Total Metals & Mining | 829,821 | |||||||
|
| |||||||
Multiline Retail - 1.6% |
| |||||||
Far Eastern Department Stores Co., Ltd. | 20,000 | 21,569 | ||||||
Golden Eagle Retail Group Ltd. | 12,000 | 31,478 | ||||||
Hyundai Department Store Co., Ltd. | 164 | 23,146 | ||||||
Intime Department Store Group Co., Ltd. | 22,000 | 27,792 | ||||||
Lotte Shopping Co., Ltd. | 76 | 23,604 | ||||||
Parkson Retail Group Ltd. | 20,000 | 22,378 | ||||||
S.A.C.I. Falabella | 2,592 | 25,463 | ||||||
Shinsegae Co., Ltd. | 104 | 22,822 | ||||||
Woolworths Holdings Ltd. | 4,452 | 27,924 | ||||||
|
| |||||||
Total Multiline Retail | 226,176 | |||||||
|
| |||||||
Oil, Gas & Consumable Fuels - 5.6% |
| |||||||
Adaro Energy Tbk PT | 120,000 | 24,286 | ||||||
Banpu PCL | 1,180 | 21,336 | ||||||
Bumi Resources Tbk PT | 96,000 | 21,152 | ||||||
China Coal Energy Co., Ltd. — Class H* | 20,000 | 22,971 | ||||||
China Petroleum & Chemical Corp. — Class H | 24,000 | 25,863 | ||||||
China Shenhua Energy Co., Ltd. — Class H* | 6,000 | 26,644 | ||||||
CNOOC Ltd. ADR | 110 | 23,281 | ||||||
Ecopetrol SA ADR | 452 | 29,244 | ||||||
Formosa Petrochemical Corp. | 8,000 | 24,897 | ||||||
Gazprom OAO ADR | 1,920 | 22,157 | ||||||
GS Holdings | 432 | 22,783 | ||||||
Indo Tambangraya Megah PT | 6,000 | 25,951 | ||||||
IRPC PCL | 159,590 | 22,628 | ||||||
Kunlun Energy Co., Ltd. | 16,000 | 28,214 | ||||||
Lukoil OAO ADR | 396 | 24,295 | ||||||
MOL Hungarian Oil and Gas PLC* | 288 | 23,845 | ||||||
NovaTek OAO GDR | 176 | 22,370 | ||||||
PetroChina Co., Ltd. — Class H | 16,000 | 24,254 |
100 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | April 30, 2012 |
GUGGENHEIM MSCI EMERGING MARKETS EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
Petroleo Brasileiro SA ADR | 848 | $ | 19,962 | |||||
Polski Koncern Naftowy Orlen SA* | 2,212 | 25,805 | ||||||
Polskie Gornictwo Naftowe i Gazownictwo SA | 21,404 | 27,691 | ||||||
PTT Exploration & Production PCL | 3,940 | 22,743 | ||||||
PTT PCL | 2,000 | 22,764 | ||||||
Rosneft Oil Co. GDR* | 3,272 | 23,346 | ||||||
S-Oil Corp. | 212 | 18,365 | ||||||
Sasol Ltd. ADR | 484 | 22,956 | ||||||
SK Innovation Co., Ltd. | 152 | 21,251 | ||||||
Surgutneftegas OJSC ADR | 2,436 | 24,311 | ||||||
Tatneft ADR | 648 | 23,976 | ||||||
Thai Oil PCL | 10,440 | 22,917 | ||||||
Tupras Turkiye Petrol Rafinerileri AS | 1,028 | 21,449 | ||||||
Ultrapar Participacoes SA ADR | 1,174 | 26,579 | ||||||
Yanzhou Coal Mining Co., Ltd. — Class H* | 8,000 | 16,727 | ||||||
|
| |||||||
Total Oil, Gas & Consumable Fuels |
| 777,013 | ||||||
|
| |||||||
Paper & Forest Products - 0.7% |
| |||||||
Empresas CMPC SA | 5,773 | 23,757 | ||||||
Fibria Celulose SA ADR* | 2,825 | 22,431 | ||||||
Nine Dragons Paper Holdings Ltd. | 32,000 | 26,399 | ||||||
Sappi Ltd.* | 7,085 | 25,752 | ||||||
|
| |||||||
Total Paper & Forest Products | 98,339 | |||||||
|
| |||||||
Personal Products - 0.3% |
| |||||||
Amorepacific Corp. | 28 | 26,882 | ||||||
Hengan International Group Co., Ltd. | 2,000 | 21,179 | ||||||
|
| |||||||
Total Personal Products | 48,061 | |||||||
|
| |||||||
Pharmaceuticals - 0.6% |
| |||||||
Aspen Pharmacare Holdings Ltd.* | 1,775 | 28,789 | ||||||
Celltrion, Inc. | 780 | 21,982 | ||||||
Dr. Reddy’s Laboratories Ltd. ADR | 760 | 25,711 | ||||||
|
| |||||||
Total Pharmaceuticals | 76,482 | |||||||
|
| |||||||
Real Estate Investment Trusts (REITs) - 0.2% |
| |||||||
Emlak Konut Gayrimenkul Yatirim Ortakligi | 19,176 | 25,184 | ||||||
|
| |||||||
Total Real Estate Investment Trusts (REITs) | 25,184 | |||||||
|
| |||||||
Real Estate Management & |
| |||||||
Agile Property Holdings Ltd. | 16,000 | 20,913 | ||||||
China Overseas Land & Investment Ltd. | 8,000 | 17,345 | ||||||
China Resources Land Ltd. | 16,000 | 30,813 | ||||||
Country Garden Holdings Co., Ltd.* | 56,000 | 24,327 | ||||||
Evergrande Real Estate Group Ltd. | 44,000 | 25,466 | ||||||
Growthpoint Properties Ltd. | 9,596 | 26,002 | ||||||
Guangzhou R&F Properties Co., Ltd. — Class H | 19,200 | 25,641 | ||||||
Highwealth Construction Corp. | 12,000 | 20,131 | ||||||
Longfor Properties Co., Ltd.* | 18,000 | 28,632 | ||||||
Poly Hong Kong Investments Ltd.* | 40,000 | 20,934 | ||||||
Renhe Commercial Holdings Co., Ltd. | 216,000 | 12,529 |
SHARES | MARKET VALUE | |||||||
Ruentex Development Co., Ltd. | 20,000 | $ | 28,793 | |||||
Shimao Property Holdings Ltd. | 20,000 | 26,451 | ||||||
Soho China Ltd. | 36,000 | 27,982 | ||||||
UEM Land Holdings BHD* | 34,000 | 22,584 | ||||||
|
| |||||||
Total Real Estate Management & Development | 358,543 | |||||||
|
| |||||||
Semiconductors & Semiconductor Equipment - 3.6% |
| |||||||
Advanced Semiconductor Engineering, Inc. | 28,000 | 28,327 | ||||||
Epistar Corp. | 8,000 | 19,446 | ||||||
GCL-Poly Energy Holdings Ltd. | 76,000 | 19,691 | ||||||
Hynix Semiconductor, Inc.* | 1,000 | 24,820 | ||||||
Kinsus Interconnect Technology Corp. | 8,000 | 25,143 | ||||||
Macronix International | 60,000 | 19,803 | ||||||
MediaTek, Inc. | 4,000 | 34,648 | ||||||
Motech Industries, Inc. | 11,499 | 16,870 | ||||||
MStar Semiconductor, Inc. | 4,000 | 23,760 | ||||||
Novatek Microelectronics Corp. | 8,000 | 24,240 | ||||||
Phison Electronics Corp. | 4,000 | 28,485 | ||||||
Powertech Technology, Inc. | 12,000 | 20,398 | ||||||
Radiant Opto-Electronics Corp. | 7,969 | 33,558 | ||||||
Realtek Semiconductor Corp. | 12,000 | 26,047 | ||||||
Richtek Technology Corp. | 4,000 | 24,377 | ||||||
Samsung Electronics Co., Ltd. GDR | 48 | 29,328 | ||||||
Siliconware Precision Industries Co. ADR | 4,463 | 26,019 | ||||||
Sino-American Silicon Products, Inc. | 12,000 | 20,871 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 1,776 | 27,670 | ||||||
United Microelectronics Corp. ADR | 9,459 | 25,350 | ||||||
|
| |||||||
Total Semiconductors & Semiconductor Equipment | 498,851 | |||||||
|
| |||||||
Software - 0.2% |
| |||||||
NCSoft Corp. | 104 | 26,963 | ||||||
|
| |||||||
Total Software | 26,963 | |||||||
|
| |||||||
Specialty Retail - 1.4% |
| |||||||
Belle International Holdings Ltd. | 16,000 | 31,390 | ||||||
China ZhengTong Auto Services Holdings Ltd.* | 22,000 | 21,723 | ||||||
Foschini Group Ltd. (The) | 1,640 | 27,251 | ||||||
GOME Electrical Appliances Holdings Ltd. | 88,000 | 15,881 | ||||||
Grupo Elektra SA de CV | 288 | 17,845 | ||||||
Hengdeli Holdings Ltd. | 64,000 | 25,657 | ||||||
Truworths International Ltd. | 2,416 | 25,874 | ||||||
Zhongsheng Group Holdings Ltd. | 12,000 | 23,852 | ||||||
|
| |||||||
Total Specialty Retail | 189,473 | |||||||
|
| |||||||
Textiles, Apparel & Luxury Goods - 0.5% |
| |||||||
Anta Sports Products Ltd. | 24,000 | 23,728 | ||||||
Indorama Ventures PCL | 20,310 | 22,787 | ||||||
Ruentex Industries Ltd. | 12,000 | 20,912 | ||||||
|
| |||||||
Total Textiles, Apparel & Luxury Goods | 67,427 | |||||||
|
|
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 101 |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | April 30, 2012 |
GUGGENHEIM MSCI EMERGING MARKETS EQUAL WEIGHT ETF
SHARES | MARKET VALUE | |||||||
Tobacco - 0.4% |
| |||||||
Gudang Garam Tbk PT | 4,000 | $ | 25,766 | |||||
KT&G Corp. | 376 | 25,818 | ||||||
|
| |||||||
Total Tobacco | 51,584 | |||||||
|
| |||||||
Trading Companies & Distributors - 0.7% |
| |||||||
Barloworld Ltd. | 2,188 | 27,667 | ||||||
Daewoo International Corp. | 800 | 23,219 | ||||||
Samsung C&T Corp. | 366 | 24,872 | ||||||
SK Networks Co., Ltd. | 2,560 | 21,157 | ||||||
|
| |||||||
Total Trading Companies & Distributors | 96,915 | |||||||
|
| |||||||
Transportation Infrastructure - 0.4% |
| |||||||
China Merchants Holdings International Co., Ltd. | 8,000 | 25,884 | ||||||
COSCO Pacific Ltd. | 16,000 | 23,306 | ||||||
|
| |||||||
Total Transportation Infrastructure | 49,190 | |||||||
|
| |||||||
Water Utilities - 0.4% |
| |||||||
Cia de Saneamento Basico do Estado de Sao Paulo ADR | 340 | 26,914 | ||||||
Guangdong Investment Ltd. | 40,000 | 29,442 | ||||||
|
| |||||||
Total Water Utilities | 56,356 | |||||||
|
| |||||||
Wireless Telecommunication Services - 3.4% |
| |||||||
Advanced Info Service PCL | 5,210 | 31,006 | ||||||
America Movil SAB de CV ADR — Series L | 1,080 | 28,782 | ||||||
Axiata Group BHD | 14,800 | 25,971 | ||||||
China Mobile Ltd. ADR | 488 | 27,006 | ||||||
DiGi.Com BHD | 19,200 | 25,634 | ||||||
ENTEL Chile SA | 1,276 | 25,314 | ||||||
Far EasTone Telecommunications Co., Ltd. | 12,000 | 26,088 | ||||||
Maxis BHD | 12,800 | 25,888 | ||||||
Mobile Telesystems OJSC ADR | 1,388 | 27,149 | ||||||
MTN Group Ltd. | 1,440 | 25,249 | ||||||
Orascom Telecom Holding SAE GDR* | 7,821 | 21,899 | ||||||
Orascom Telecom Media* | 7,821 | 8,838 | ||||||
Philippine Long Distance Telephone Co. ADR | 388 | 23,559 | ||||||
Sistema JSFC GDR | 1,204 | 22,876 | ||||||
SK Telecom Co., Ltd. ADR | 1,824 | 24,660 | ||||||
Taiwan Mobile Co., Ltd. | 8,000 | 25,801 | ||||||
Tim Participacoes SA ADR | 860 | 25,740 |
SHARES | MARKET VALUE | |||||||
Turkcell Iletisim Hizmetleri AS ADR* | 1,892 | $ | 23,385 | |||||
Vodacom Group Ltd. | 1,908 | 26,613 | ||||||
|
| |||||||
Total Wireless Telecommunication Services | 471,458 | |||||||
|
| |||||||
Total Common Stocks | 11,887,173 | |||||||
|
| |||||||
EXCHANGE TRADED FUNDS - 13.0% |
| |||||||
iShares MSCI Brazil Index Fund | 13,236 | 797,601 | ||||||
WisdomTree India Earnings Fund | 54,000 | 989,820 | ||||||
|
| |||||||
Total Exchange Traded Funds | 1,787,421 | |||||||
|
| |||||||
SHORT TERM INVESTMENTS - 0.1% |
| |||||||
SSgA Government Money Market Fund | 17,653 | 17,653 | ||||||
|
| |||||||
Total Short Term Investments | 17,653 | |||||||
|
| |||||||
Total Investments - 99.5%b | 13,692,247 | |||||||
|
| |||||||
Other Assets and Liabilities, |
| 63,428 | ||||||
|
| |||||||
Net Assets - 100.0% | $ | 13,755,675 |
* | Non-Income Producing Security. |
a | Values determined based on Level 3 inputs. |
b | Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs. |
ADR — American Depositary Receipt
GDR — Global Depository Receipt
102 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (concluded) | April 30, 2012 |
GUGGENHEIM MSCI EMERGING MARKETS EQUAL WEIGHT ETF
INVESTMENT CONCENTRATION
At April 30, 2012, the investment diversification of the Fund was as follows:
Country | % of Total Investments | |||
Taiwan | 14.82% | |||
South Korea | 14.66% | |||
United States | 13.43% | |||
China | 9.32% | |||
South Africa | 6.26% | |||
Cayman Islands | 4.70% | |||
Thailand | 3.25% | |||
Hong Kong | 3.20% | |||
Turkey | 3.18% | |||
Indonesia | 2.91% | |||
Brazil | 2.88% | |||
Malaysia | 2.77% | |||
Russia | 2.70% | |||
Mexico | 2.45% | |||
Chile | 2.24% | |||
Bermuda | 1.67% | |||
Slovakia | 1.61% | |||
Poland | 1.45% | |||
Switzerland | 1.18% | |||
India | 1.02% | |||
Belize | 0.77% | |||
Saudi Arabia | 0.60% | |||
Philippines | 0.58% | |||
Morocco | 0.54% | |||
Czech | 0.52% | |||
Colombia | 0.41% | |||
Egypt | 0.35% | |||
Hungary | 0.35% | |||
Peru | 0.18% | |||
Total Investments | 100.00% |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 103 |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2012 |
GUGGENHEIM S&P 500 EQUAL WEIGHT CONSUMER DISCRETIONARY ETF
SHARES | MARKET VALUE | |||||||
COMMON STOCKS - 99.9% |
| |||||||
Auto Components - 3.4% |
| |||||||
BorgWarner, Inc.* | 8,692 | $ | 687,016 | |||||
Goodyear Tire & Rubber Co. (The)* | 58,877 | 646,469 | ||||||
Johnson Controls, Inc. | 22,560 | 721,243 | ||||||
|
| |||||||
Total Auto Components | 2,054,728 | |||||||
|
| |||||||
Automobiles - 2.4% |
| |||||||
Ford Motor Co. | 57,941 | 653,574 | ||||||
Harley-Davidson, Inc. | 15,548 | 813,627 | ||||||
|
| |||||||
Total Automobiles | 1,467,201 | |||||||
|
| |||||||
Distributors - 1.2% |
| |||||||
Genuine Parts Co. | 11,590 | 750,800 | ||||||
|
| |||||||
Total Distributors | 750,800 | |||||||
|
| |||||||
Diversified Consumer Services - 3.2% |
| |||||||
Apollo Group, Inc. — Class A* | 17,144 | 603,811 | ||||||
DeVry, Inc. | 20,660 | 664,219 | ||||||
H&R Block, Inc. | 45,844 | 673,907 | ||||||
|
| |||||||
Total Diversified Consumer Services | 1,941,937 | |||||||
|
| |||||||
Hotels, Restaurants & Leisure - 14.0% |
| |||||||
Carnival Corp. | 23,843 | 774,659 | ||||||
Chipotle Mexican Grill, Inc.* | 1,830 | 757,895 | ||||||
Darden Restaurants, Inc. | 14,167 | 709,483 | ||||||
International Game Technology | 46,577 | 725,670 | ||||||
Marriott International, Inc. — Class A | 19,418 | 759,050 | ||||||
McDonald’s Corp. | 7,526 | 733,409 | ||||||
Starbucks Corp. | 14,061 | 806,820 | ||||||
Starwood Hotels & Resorts Worldwide, Inc. | 13,281 | 786,235 | ||||||
Wyndham Worldwide Corp. | 16,510 | 831,113 | ||||||
Wynn Resorts Ltd. | 6,036 | 805,202 | ||||||
Yum! Brands, Inc. | 10,813 | 786,430 | ||||||
|
| |||||||
Total Hotels, Restaurants & Leisure | 8,475,966 | |||||||
|
| |||||||
Household Durables - 8.6% |
| |||||||
DR Horton, Inc. | 47,116 | 770,347 | ||||||
Harman International Industries, Inc. | 15,176 | 752,426 | ||||||
Leggett & Platt, Inc. | 32,512 | 707,786 | ||||||
Lennar Corp. — Class A | 28,642 | 794,529 | ||||||
Newell Rubbermaid, Inc. | 40,676 | 740,303 | ||||||
Pulte Homes, Inc.* | 80,810 | 795,170 | ||||||
Whirlpool Corp. | 9,680 | 619,714 | ||||||
|
| |||||||
Total Household Durables | 5,180,275 | |||||||
|
| |||||||
Internet & Catalog Retail - 6.9% |
| |||||||
Amazon.com, Inc.* | 3,954 | 916,933 | ||||||
Expedia, Inc. | 22,986 | 979,893 | ||||||
Netflix, Inc.* | 6,680 | 535,335 | ||||||
priceline.com, Inc.* | 1,126 | 856,683 | ||||||
TripAdvisor, Inc.* | 23,744 | 890,638 | ||||||
|
| |||||||
Total Internet & Catalog Retail | 4,179,482 | |||||||
|
| |||||||
Leisure Equipment & Products - 2.5% |
| |||||||
Hasbro, Inc. | 20,719 | 761,216 |
SHARES | MARKET VALUE | |||||||
Mattel, Inc. | 21,831 | $ | 733,522 | |||||
|
| |||||||
Total Leisure Equipment & Products | 1,494,738 | |||||||
|
| |||||||
Media - 19.9% |
| |||||||
Cablevision Systems Corp. — Class A | 50,582 | 749,625 | ||||||
CBS Corp. — Class B | 23,656 | 788,928 | ||||||
Comcast Corp. — Class A | 24,425 | 740,810 | ||||||
DIRECTV — Class A* | 15,460 | 761,714 | ||||||
Discovery Communications, Inc. — Class A* | 15,449 | 840,735 | ||||||
Gannett Co., Inc. | 50,830 | 702,471 | ||||||
Interpublic Group of Cos., Inc. (The) | 61,771 | 729,515 | ||||||
McGraw-Hill Cos., Inc. (The) | 15,643 | 769,166 | ||||||
News Corp. — Class A | 36,758 | 720,457 | ||||||
Omnicom Group, Inc. | 15,033 | 771,343 | ||||||
Scripps Networks Interactive, Inc. — Class A | 16,112 | 809,145 | ||||||
Time Warner Cable, Inc. | 9,148 | 735,957 | ||||||
Time Warner, Inc. | 19,852 | 743,656 | ||||||
Viacom, Inc. — Class B | 15,252 | 707,540 | ||||||
Walt Disney Co. (The) | 17,257 | 743,949 | ||||||
Washington Post Co. (The) — Class B | 1,884 | 712,472 | ||||||
|
| |||||||
Total Media | 12,027,483 | |||||||
|
| |||||||
Multiline Retail - 10.6% |
| |||||||
Big Lots, Inc.* | 16,043 | 587,816 | ||||||
Dollar Tree, Inc.* | 7,828 | 795,795 | ||||||
Family Dollar Stores, Inc. | 12,679 | 856,466 | ||||||
J.C. Penney Co., Inc. | 19,356 | 697,977 | ||||||
Kohl’s Corp. | 14,509 | 727,336 | ||||||
Macy’s, Inc. | 18,375 | 753,743 | ||||||
Nordstrom, Inc. | 13,477 | 752,825 | ||||||
Sears Holdings Corp.* | 9,057 | 487,085 | ||||||
Target Corp. | 12,635 | 732,072 | ||||||
|
| |||||||
Total Multiline Retail | 6,391,115 | |||||||
|
| |||||||
Specialty Retail - 21.2% |
| |||||||
Abercrombie & Fitch Co. — Class A | 14,352 | 720,040 | ||||||
AutoNation, Inc.* | 21,350 | 738,283 | ||||||
AutoZone, Inc.* | 1,906 | 755,081 | ||||||
Bed Bath & Beyond, Inc.* | 11,633 | 818,847 | ||||||
Best Buy Co., Inc. | 29,426 | 649,432 | ||||||
CarMax, Inc.* | 21,648 | 668,274 | ||||||
GameStop Corp. — Class A | 30,497 | 694,112 | ||||||
Gap, Inc. (The) | 29,156 | 830,946 | ||||||
Home Depot, Inc. | 15,154 | 784,826 | ||||||
Limited Brands, Inc. | 15,595 | 775,071 | ||||||
Lowe’s Cos., Inc. | 24,483 | 770,480 | ||||||
O’Reilly Automotive, Inc.* | 8,061 | 850,113 | ||||||
Ross Stores, Inc. | 13,022 | 802,025 | ||||||
Staples, Inc. | 47,331 | 728,897 | ||||||
Tiffany & Co. | 10,598 | 725,539 | ||||||
TJX Cos., Inc. | 19,122 | 797,579 | ||||||
Urban Outfitters, Inc.* | 24,710 | 715,601 | ||||||
|
| |||||||
Total Specialty Retail | 12,825,146 | |||||||
|
|
104 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (concluded) | April 30, 2012 |
GUGGENHEIM S&P 500 EQUAL WEIGHT CONSUMER DISCRETIONARY ETF
SHARES | MARKET VALUE | |||||||
Textiles, Apparel & Luxury Goods - 6.0% |
| |||||||
Coach, Inc. | 9,428 | $ | 689,753 | |||||
Fossil, Inc.* | 5,805 | 758,539 | ||||||
NIKE, Inc. — Class B | 6,630 | 741,698 | ||||||
Ralph Lauren Corp. | 4,133 | 711,992 | ||||||
V.F. Corp. | 5,001 | 760,402 | ||||||
|
| |||||||
Total Textiles, Apparel & Luxury Goods | 3,662,384 | |||||||
|
| |||||||
Total Common Stocks | 60,451,255 | |||||||
|
| |||||||
SHORT TERM INVESTMENTS - 0.1% |
| |||||||
SSgA Government Money Market Fund | 62,936 | 62,936 | ||||||
|
| |||||||
Total Short Term Investments | 62,936 | |||||||
|
| |||||||
Total Investments - 100.0%a | 60,514,191 | |||||||
|
| |||||||
Other Assets and Liabilities, |
| 13,002 | ||||||
|
| |||||||
Net Assets - 100.0% |
| $ | 60,527,193 |
* | Non-Income Producing Security. |
a | Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs. |
b | Amount represents less than 0.05% of net assets. |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 105 |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2012 |
GUGGENHEIM S&P 500 EQUAL WEIGHT CONSUMER STAPLES ETF
SHARES | MARKET VALUE | |||||||
COMMON STOCKS - 99.8% |
| |||||||
Beverages - 19.8% |
| |||||||
Beam, Inc. | 15,446 | $ | 877,024 | |||||
Brown-Forman Corp. — Class B | 10,845 | 936,466 | ||||||
Coca-Cola Co. (The) | 12,476 | 952,168 | ||||||
Coca-Cola Enterprises, Inc. | 31,525 | 949,533 | ||||||
Constellation Brands, Inc. — Class A* | 38,823 | 838,577 | ||||||
Dr Pepper Snapple Group, Inc. | 22,770 | 924,006 | ||||||
Molson Coors Brewing Co. — Class B | 20,281 | 843,284 | ||||||
PepsiCo, Inc. | 13,733 | 906,378 | ||||||
|
| |||||||
Total Beverages | 7,227,436 | |||||||
|
| |||||||
Food & Staples Retailing - 18.6% |
| |||||||
Costco Wholesale Corp. | 9,709 | 856,043 | ||||||
CVS Caremark Corp. | 19,002 | 847,869 | ||||||
Kroger Co. (The) | 35,662 | 829,855 | ||||||
Safeway, Inc. | 39,855 | 810,252 | ||||||
Sysco Corp. | 28,976 | 837,406 | ||||||
Wal-Mart Stores, Inc. | 14,436 | 850,425 | ||||||
Walgreen Co. | 25,905 | 908,229 | ||||||
Whole Foods Market, Inc. | 10,342 | 859,110 | ||||||
|
| |||||||
Total Food & Staples Retailing | 6,799,189 | |||||||
|
| |||||||
Food Products - 36.4% |
| |||||||
Archer-Daniels-Midland Co. | 27,861 | 858,955 | ||||||
Campbell Soup Co. | 26,417 | 893,687 | ||||||
ConAgra Foods, Inc. | 33,138 | 855,623 | ||||||
Dean Foods Co.* | 72,213 | 886,776 | ||||||
General Mills, Inc. | 22,480 | 874,247 | ||||||
H.J. Heinz Co. | 16,344 | 871,299 | ||||||
Hershey Co. (The) | 14,579 | 976,939 | ||||||
Hormel Foods Corp. | 30,177 | 876,943 | ||||||
J.M. Smucker Co. (The) | 11,496 | 915,426 | ||||||
Kellogg Co. | 16,539 | 836,377 | ||||||
Kraft Foods, Inc. — Class A | 22,853 | 911,149 | ||||||
McCormick & Co., Inc. | 17,012 | 951,141 | ||||||
Mead Johnson Nutrition Co. | 10,919 | 934,230 | ||||||
Sara Lee Corp. | 40,567 | 894,097 | ||||||
Tyson Foods, Inc. — Class A | 43,667 | 796,923 | ||||||
|
| |||||||
Total Food Products | 13,333,812 | |||||||
|
|
SHARES | MARKET VALUE | |||||||
Household Products - 9.8% |
| |||||||
Clorox Co. (The) | 12,771 | $ | 895,247 | |||||
Colgate-Palmolive Co. | 9,228 | 913,018 | ||||||
Kimberly-Clark Corp. | 12,085 | 948,310 | ||||||
Procter & Gamble Co. (The) | 12,957 | 824,584 | ||||||
|
| |||||||
Total Household Products | 3,581,159 | |||||||
|
| |||||||
Personal Products - 5.4% |
| |||||||
Avon Products, Inc. | 46,703 | 1,008,785 | ||||||
Estee Lauder Cos., Inc. (The) — Class A | 14,683 | 959,534 | ||||||
|
| |||||||
Total Personal Products | 1,968,319 | |||||||
|
| |||||||
Tobacco - 9.8% |
| |||||||
Altria Group, Inc. | 28,473 | 917,115 | ||||||
Lorillard, Inc. | 6,726 | 909,961 | ||||||
Philip Morris International, Inc. | 10,251 | 917,567 | ||||||
Reynolds American, Inc. | 20,611 | 841,547 | ||||||
|
| |||||||
Total Tobacco | 3,586,190 | |||||||
|
| |||||||
Total Common Stocks | 36,496,105 | |||||||
|
| |||||||
SHORT TERM INVESTMENTS - 0.1% |
| |||||||
SSgA Government Money Market Fund | 49,138 | 49,138 | ||||||
|
| |||||||
Total Short Term Investments | 49,138 | |||||||
|
| |||||||
Total Investments - 99.9%a |
| 36,545,243 | ||||||
|
| |||||||
Other Assets and Liabilities, |
| 23,983 | ||||||
|
| |||||||
Net Assets - 100.0% |
| $ | 36,569,226 |
* | Non-Income Producing Security. |
a | Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs. |
106 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2012 |
GUGGENHEIM S&P 500 EQUAL WEIGHT ENERGY ETF
SHARES | MARKET VALUE | |||||||
COMMON STOCKS - 99.9% |
| |||||||
Energy Equipment & Services - 24.5% |
| |||||||
Baker Hughes, Inc. | 17,299 | $ | 763,059 | |||||
Cameron International Corp.* | 15,556 | 797,245 | ||||||
Diamond Offshore Drilling, Inc. | 12,023 | 824,177 | ||||||
FMC Technologies, Inc.* | 16,282 | 765,254 | ||||||
Halliburton Co. | 24,199 | 828,090 | ||||||
Helmerich & Payne, Inc. | 13,872 | 712,882 | ||||||
Nabors Industries Ltd.* | 41,970 | 698,800 | ||||||
National-Oilwell Varco, Inc. | 10,373 | 785,858 | ||||||
Noble Corp.* | 21,536 | 819,660 | ||||||
Rowan Cos., Inc.* | 23,722 | 819,121 | ||||||
Schlumberger Ltd. | 11,129 | 825,104 | ||||||
|
| |||||||
Total Energy Equipment & Services | 8,639,250 | |||||||
|
| |||||||
Oil, Gas & Consumable Fuels - 75.4% |
| |||||||
Alpha Natural Resources, Inc.* | 51,373 | 828,646 | ||||||
Anadarko Petroleum Corp. | 9,901 | 724,852 | ||||||
Apache Corp. | 7,854 | 753,513 | ||||||
Cabot Oil & Gas Corp. | 24,178 | 849,615 | ||||||
Chesapeake Energy Corp. | 34,382 | 634,004 | ||||||
Chevron Corp. | 7,702 | 820,725 | ||||||
ConocoPhillips | 10,939 | 783,561 | ||||||
CONSOL Energy, Inc. | 25,292 | 840,706 | ||||||
Denbury Resources, Inc.* | 43,983 | 837,436 | ||||||
Devon Energy Corp. | 11,753 | 820,947 | ||||||
El Paso Corp. | 28,710 | 851,826 | ||||||
EOG Resources, Inc. | 7,339 | 805,896 | ||||||
EQT Corp. | 16,269 | 810,522 | ||||||
Exxon Mobil Corp. | 10,010 | 864,263 | ||||||
Hess Corp. | 13,391 | 698,207 | ||||||
Marathon Oil Corp. | 25,317 | 742,801 |
SHARES | MARKET VALUE | |||||||
Marathon Petroleum Corp. | 19,227 | $ | 800,035 | |||||
Murphy Oil Corp. | 13,977 | 768,316 | ||||||
Newfield Exploration Co.* | 23,743 | 852,374 | ||||||
Noble Energy, Inc. | 8,744 | 868,454 | ||||||
Occidental Petroleum Corp. | 8,381 | 764,515 | ||||||
Peabody Energy Corp. | 27,052 | 841,588 | ||||||
Phillips 66* | 18,105 | 616,475 | ||||||
Pioneer Natural Resources Co. | 7,774 | 900,385 | ||||||
QEP Resources, Inc. | 26,385 | 812,922 | ||||||
Range Resources Corp. | 13,290 | 885,911 | ||||||
Southwestern Energy Co.* | 25,182 | 795,247 | ||||||
Spectra Energy Corp. | 26,752 | 822,356 | ||||||
Sunoco, Inc. | 21,080 | 1,039,033 | ||||||
Tesoro Corp.* | 28,651 | 666,136 | ||||||
Valero Energy Corp. | 29,554 | 729,984 | ||||||
Williams Cos., Inc. (The) | 28,267 | 961,926 | ||||||
WPX Energy, Inc.* | 45,207 | 794,287 | ||||||
|
| |||||||
Total Oil, Gas & Consumable Fuels | 26,587,464 | |||||||
|
| |||||||
Total Common Stocks | 35,226,714 | |||||||
|
| |||||||
SHORT TERM INVESTMENTS - 0.1% |
| |||||||
SSgA Government Money Market Fund | 29,548 | 29,548 | ||||||
|
| |||||||
Total Short Term Investments | 29,548 | |||||||
|
| |||||||
Total Investments - 100.0%a |
| 35,256,262 | ||||||
|
| |||||||
Other Assets and Liabilities, |
| 3,735 | ||||||
|
| |||||||
Net Assets - 100.0% | $ | 35,259,997 |
* | Non-Income Producing Security. |
a | Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs. |
b | Amount represents less than 0.05% of net assets. |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 107 |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2012 |
GUGGENHEIM S&P 500 EQUAL WEIGHT FINANCIALS ETF
SHARES | MARKET VALUE | |||||||
COMMON STOCKS - 99.8% |
| |||||||
Capital Markets - 17.1% |
| |||||||
Ameriprise Financial, Inc. | 3,275 | $ | 177,538 | |||||
Bank of New York Mellon Corp. (The) | 8,193 | 193,764 | ||||||
BlackRock, Inc. | 933 | 178,744 | ||||||
Charles Schwab Corp. (The) | 12,999 | 185,886 | ||||||
E*Trade Financial Corp.* | 18,995 | 201,917 | ||||||
Federated Investors, Inc. — Class B | 8,947 | 197,550 | ||||||
Franklin Resources, Inc. | 1,525 | 191,403 | ||||||
Goldman Sachs Group, Inc. (The) | 1,566 | 180,325 | ||||||
Invesco Ltd. | 7,386 | 183,468 | ||||||
Legg Mason, Inc. | 6,684 | 174,252 | ||||||
Morgan Stanley | 9,999 | 172,783 | ||||||
Northern Trust Corp. | 4,148 | 197,403 | ||||||
State Street Corp. | 4,363 | 201,658 | ||||||
T. Rowe Price Group, Inc. | 2,910 | 183,664 | ||||||
|
| |||||||
Total Capital Markets | 2,620,355 | |||||||
|
| |||||||
Commercial Banks - 16.6% |
| |||||||
BB&T Corp. | 6,235 | 199,769 | ||||||
Comerica, Inc. | 6,034 | 193,209 | ||||||
Fifth Third Bancorp | 13,349 | 189,956 | ||||||
First Horizon National Corp. | 18,205 | 167,122 | ||||||
Huntington Bancshares, Inc. | 31,346 | 209,705 | ||||||
KeyCorp | 22,903 | 184,140 | ||||||
M&T Bank Corp. | 2,258 | 194,798 | ||||||
PNC Financial Services Group, Inc. | 3,092 | 205,061 | ||||||
Regions Financial Corp. | 31,670 | 213,456 | ||||||
SunTrust Banks, Inc. | 8,189 | 198,829 | ||||||
US Bancorp | 6,180 | 198,811 | ||||||
Wells Fargo & Co. | 5,802 | 193,961 | ||||||
Zions Bancorp | 9,673 | 197,232 | ||||||
|
| |||||||
Total Commercial Banks | 2,546,049 | |||||||
|
| |||||||
Consumer Finance - 5.1% |
| |||||||
American Express Co. | 3,452 | 207,845 | ||||||
Capital One Financial Corp. | 3,686 | 204,499 | ||||||
Discover Financial Services | 6,001 | 203,434 | ||||||
SLM Corp. | 11,227 | 166,497 | ||||||
|
| |||||||
Total Consumer Finance | 782,275 | |||||||
|
| |||||||
Diversified Financial Services - 10.4% |
| |||||||
Bank of America Corp. | 22,818 | 185,054 | ||||||
Citigroup, Inc. | 5,371 | 177,458 | ||||||
CME Group, Inc. | 664 | 176,504 | ||||||
IntercontinentalExchange, Inc.* | 1,295 | 172,287 | ||||||
JPMorgan Chase & Co. | 4,476 | 192,378 | ||||||
Leucadia National Corp. | 6,813 | 169,371 | ||||||
Moody’s Corp. | 4,729 | 193,653 | ||||||
Nasdaq OMX Group, Inc. | 7,029 | 172,703 | ||||||
NYSE Euronext | 6,275 | 161,581 | ||||||
|
| |||||||
Total Diversified Financial Services | 1,600,989 | |||||||
|
| |||||||
Insurance - 26.7% |
| |||||||
ACE Ltd. | 2,562 | 194,635 | ||||||
AFLAC, Inc. | 4,068 | 183,223 |
SHARES | MARKET VALUE | |||||||
Allstate Corp. (The) | 5,802 | $ | 193,381 | |||||
American International Group, Inc.* | 6,502 | 221,263 | ||||||
Aon PLC | 3,821 | 197,928 | ||||||
Assurant, Inc. | 4,412 | 177,980 | ||||||
Berkshire Hathaway, Inc. — Class B* | 2,313 | 186,081 | ||||||
Chubb Corp. (The) | 2,732 | 199,627 | ||||||
Cincinnati Financial Corp. | 5,242 | 186,720 | ||||||
Genworth Financial, Inc. — Class A* | 20,638 | 124,034 | ||||||
Hartford Financial Services Group, Inc. | 9,152 | 188,074 | ||||||
Lincoln National Corp. | 7,436 | 184,190 | ||||||
Loews Corp. | 4,753 | 195,491 | ||||||
Marsh & McLennan Cos., Inc. | 5,696 | 190,531 | ||||||
MetLife, Inc. | 4,781 | 172,259 | ||||||
Principal Financial Group, Inc. | 6,768 | 187,270 | ||||||
Progressive Corp. (The) | 8,484 | 180,709 | ||||||
Prudential Financial, Inc. | 2,964 | 179,441 | ||||||
Torchmark Corp. | 3,766 | 183,442 | ||||||
Travelers Cos., Inc. (The) | 3,189 | 205,116 | ||||||
Unum Group | 7,731 | 183,534 | ||||||
XL Group PLC | 8,656 | 186,191 | ||||||
|
| |||||||
Total Insurance | 4,101,120 | |||||||
|
| |||||||
Real Estate Investment Trusts (REITs) - 20.3% |
| |||||||
American Tower Corp. | 2,952 | 193,592 | ||||||
Apartment Investment & Management Co. — Class A | 7,398 | 200,856 | ||||||
AvalonBay Communities, Inc. | 1,333 | 193,818 | ||||||
Boston Properties, Inc. | 1,795 | 194,309 | ||||||
Equity Residential | 3,097 | 190,280 | ||||||
HCP, Inc. | 4,706 | 195,064 | ||||||
Health Care REIT, Inc. | 3,380 | 191,511 | ||||||
Host Hotels & Resorts, Inc. | 11,812 | 196,552 | ||||||
Kimco Realty Corp. | 10,109 | 196,216 | ||||||
Plum Creek Timber Co., Inc. | 4,569 | 192,081 | ||||||
ProLogis, Inc. | 5,380 | 192,496 | ||||||
Public Storage | 1,405 | 201,280 | ||||||
Simon Property Group, Inc. | 1,346 | 209,437 | ||||||
Ventas, Inc. | 3,316 | 194,947 | ||||||
Vornado Realty Trust | 2,295 | 197,003 | ||||||
Weyerhaeuser Co. | 8,551 | 174,098 | ||||||
|
| |||||||
Total Real Estate Investment Trusts (REITs) | 3,113,540 | |||||||
|
| |||||||
Real Estate Management & Development - 1.2% |
| |||||||
CBRE Group, Inc.* | 9,572 | 180,049 | ||||||
|
| |||||||
Total Real Estate Management & Development | 180,049 | |||||||
|
| |||||||
Thrifts & Mortgage Finance - 2.4% |
| |||||||
Hudson City Bancorp, Inc. | 27,053 | 190,994 | ||||||
People’s United Financial, Inc. | 14,648 | 180,756 | ||||||
|
| |||||||
Total Thrifts & Mortgage Finance | 371,750 | |||||||
|
| |||||||
Total Common Stocks | 15,316,127 | |||||||
|
|
108 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (concluded) | April 30, 2012 |
GUGGENHEIM S&P 500 EQUAL WEIGHT FINANCIALS ETF
SHARES | MARKET VALUE | |||||||
SHORT TERM INVESTMENTS - 0.2% |
| |||||||
SSgA Government Money Market Fund | 27,596 | $ | 27,596 | |||||
|
| |||||||
Total Short Term Investments | 27,596 | |||||||
|
| |||||||
Total Investments - 100.0%a |
| 15,343,723 | ||||||
|
| |||||||
Other Assets and Liabilities, net - 0.0%b |
| 4,652 | ||||||
|
| |||||||
Net Assets - 100.0% | $ | 15,348,375 |
* | Non-Income Producing Security. |
a | Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs. |
b | Amount represents less than 0.05% of net assets. |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 109 |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2012 |
GUGGENHEIM S&P 500 EQUAL WEIGHT HEALTH CARE ETF
SHARES | MARKET VALUE | |||||||
COMMON STOCKS - 99.8% |
| |||||||
Biotechnology - 8.1% |
| |||||||
Amgen, Inc. | 25,145 | $ | 1,788,061 | |||||
Biogen Idec, Inc.* | 14,179 | 1,900,128 | ||||||
Celgene Corp.* | 22,741 | 1,658,273 | ||||||
Gilead Sciences, Inc.* | 37,105 | 1,929,831 | ||||||
|
| |||||||
Total Biotechnology | 7,276,293 | |||||||
|
| |||||||
Health Care Equipment & Supplies - 27.7% |
| |||||||
Baxter International, Inc. | 29,040 | 1,609,106 | ||||||
Becton, Dickinson and Co. | 22,260 | 1,746,297 | ||||||
Boston Scientific Corp.* | 287,403 | 1,799,143 | ||||||
C.R. Bard, Inc. | 18,180 | 1,799,093 | ||||||
CareFusion Corp.* | 67,133 | 1,739,416 | ||||||
Covidien PLC | 32,651 | 1,803,315 | ||||||
DENTSPLY International, Inc. | 44,291 | 1,818,588 | ||||||
Edwards Lifesciences Corp.* | 24,812 | 2,058,652 | ||||||
Intuitive Surgical, Inc.* | 3,258 | 1,883,776 | ||||||
Medtronic, Inc. | 45,394 | 1,734,051 | ||||||
St Jude Medical, Inc. | 40,914 | 1,584,190 | ||||||
Stryker Corp. | 32,333 | 1,764,412 | ||||||
Varian Medical Systems, Inc.* | 25,462 | 1,614,800 | ||||||
Zimmer Holdings, Inc. | 27,778 | 1,748,069 | ||||||
|
| |||||||
Total Health Care Equipment & Supplies | 24,702,908 | |||||||
|
| |||||||
Health Care Providers & Services - 28.6% |
| |||||||
Aetna, Inc. | 36,493 | 1,607,152 | ||||||
AmerisourceBergen Corp. | 45,172 | 1,680,850 | ||||||
Cardinal Health, Inc. | 40,503 | 1,712,062 | ||||||
CIGNA Corp. | 37,851 | 1,749,852 | ||||||
Coventry Health Care, Inc. | 51,562 | 1,546,344 | ||||||
DaVita, Inc.* | 19,840 | 1,757,427 | ||||||
Express Scripts Holding Co.* | 31,563 | 1,760,900 | ||||||
Humana, Inc. | 19,643 | 1,584,797 | ||||||
Laboratory Corp. of America Holdings* | 19,270 | 1,693,640 | ||||||
McKesson Corp. | 19,799 | 1,809,827 | ||||||
Patterson Cos., Inc. | 55,090 | 1,878,018 | ||||||
Quest Diagnostics, Inc. | 29,050 | 1,675,895 | ||||||
Tenet Healthcare Corp.* | 312,626 | 1,622,529 | ||||||
UnitedHealth Group, Inc. | 30,660 | 1,721,559 | ||||||
WellPoint, Inc. | 26,365 | 1,788,074 | ||||||
|
| |||||||
Total Health Care Providers & Services | 25,588,926 | |||||||
|
|
SHARES | MARKET VALUE | |||||||
Health Care Technology - 2.0% |
| |||||||
Cerner Corp.* | 22,244 | $ | 1,803,766 | |||||
|
| |||||||
Total Health Care Technology | 1,803,766 | |||||||
|
| |||||||
Life Sciences Tools & Services - 9.4% |
| |||||||
Agilent Technologies, Inc. | 38,382 | 1,618,953 | ||||||
Life Technologies Corp.* | 36,706 | 1,701,690 | ||||||
PerkinElmer, Inc. | 63,909 | 1,763,888 | ||||||
Thermo Fisher Scientific, Inc. | 30,393 | 1,691,371 | ||||||
Waters Corp.* | 18,794 | 1,580,763 | ||||||
|
| |||||||
Total Life Sciences Tools & Services | 8,356,665 | |||||||
|
| |||||||
Pharmaceuticals - 24.0% |
| |||||||
Abbott Laboratories | 29,505 | 1,831,080 | ||||||
Allergan, Inc. | 18,617 | 1,787,232 | ||||||
Bristol-Myers Squibb Co. | 51,963 | 1,734,005 | ||||||
Eli Lilly & Co. | 43,231 | 1,789,331 | ||||||
Forest Laboratories, Inc.* | 51,125 | 1,780,684 | ||||||
Hospira, Inc.* | 47,589 | 1,671,326 | ||||||
Johnson & Johnson, Inc. | 26,409 | 1,718,962 | ||||||
Merck & Co., Inc. | 45,479 | 1,784,596 | ||||||
Mylan, Inc.* | 74,446 | 1,616,222 | ||||||
Perrigo Co. | 16,268 | 1,706,513 | ||||||
Pfizer, Inc. | 79,618 | 1,825,641 | ||||||
Watson Pharmaceuticals, Inc.* | 28,691 | 2,162,154 | ||||||
|
| |||||||
Total Pharmaceuticals | 21,407,746 | |||||||
|
| |||||||
Total Common Stocks | 89,136,304 | |||||||
|
| |||||||
SHORT TERM INVESTMENTS - 0.2% |
| |||||||
SSgA Government Money Market Fund | 119,528 | 119,528 | ||||||
|
| |||||||
Total Short Term Investments | 119,528 | |||||||
|
| |||||||
Total Investments — 100.0%a | 89,255,832 | |||||||
|
| |||||||
Other Assets and Liabilities, |
| 44,145 | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 89,299,977 |
* | Non-Income Producing Security. |
a | Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs. |
b | Amount represents less than 0.05% of net assets. |
110 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2012 |
GUGGENHEIM S&P 500 EQUAL WEIGHT INDUSTRIALS ETF
SHARES | MARKET VALUE | |||||||
COMMON STOCKS - 99.9% |
| |||||||
Aerospace & Defense - 19.9% |
| |||||||
Boeing Co. (The) | 8,268 | $ | 634,982 | |||||
General Dynamics Corp. | 8,441 | 569,767 | ||||||
Goodrich Corp. | 4,808 | 603,212 | ||||||
Honeywell International, Inc. | 10,138 | 614,971 | ||||||
L-3 Communications Holdings, Inc. | 8,887 | 653,550 | ||||||
Lockheed Martin Corp. | 6,814 | 616,940 | ||||||
Northrop Grumman Corp. | 10,069 | 637,166 | ||||||
Precision Castparts Corp. | 3,472 | 612,357 | ||||||
Raytheon Co. | 11,692 | 633,005 | ||||||
Rockwell Collins, Inc. | 10,295 | 575,388 | ||||||
Textron, Inc. | 22,436 | 597,695 | ||||||
United Technologies Corp. | 7,253 | 592,135 | ||||||
|
| |||||||
Total Aerospace & Defense | 7,341,168 | |||||||
|
| |||||||
Air Freight & Logistics - 6.2% |
| |||||||
C.H. Robinson Worldwide, Inc. | 9,132 | 545,546 | ||||||
Expeditors International of Washington, Inc. | 13,671 | 546,840 | ||||||
FedEx Corp. | 6,602 | 582,561 | ||||||
United Parcel Service, Inc. — Class B | 7,853 | 613,633 | ||||||
|
| |||||||
Total Air Freight & Logistics | 2,288,580 | |||||||
|
| |||||||
Airlines - 1.6% |
| |||||||
Southwest Airlines Co. | 71,458 | 591,672 | ||||||
|
| |||||||
Total Airlines | 591,672 | |||||||
|
| |||||||
Building Products - 1.8% |
| |||||||
Masco Corp. | 50,037 | 659,488 | ||||||
|
| |||||||
Total Building Products | 659,488 | |||||||
|
| |||||||
Commercial Services & Supplies - 13.0% |
| |||||||
Avery Dennison Corp. | 20,787 | 664,768 | ||||||
Cintas Corp. | 15,419 | 603,962 | ||||||
Iron Mountain, Inc. | 21,054 | 639,410 | ||||||
Pitney Bowes, Inc. | 33,928 | 581,187 | ||||||
R.R. Donnelley & Sons Co. | 46,829 | 585,831 | ||||||
Republic Services, Inc. | 19,836 | 542,911 | ||||||
Stericycle, Inc.* | 6,905 | 597,973 | ||||||
Waste Management, Inc. | 17,364 | 593,849 | ||||||
|
| |||||||
Total Commercial Services & Supplies | 4,809,891 | |||||||
|
| |||||||
Construction & Engineering - 4.8% |
| |||||||
Fluor Corp. | 9,926 | 573,227 | ||||||
Jacobs Engineering Group, Inc.* | 13,347 | 584,999 | ||||||
Quanta Services, Inc.* | 27,977 | 618,851 | ||||||
|
| |||||||
Total Construction & Engineering | 1,777,077 | |||||||
|
| |||||||
Electrical Equipment - 6.7% |
| |||||||
Cooper Industries PLC | 10,047 | 628,641 | ||||||
Emerson Electric Co. | 12,123 | 636,942 | ||||||
Rockwell Automation, Inc. | 7,508 | 580,669 | ||||||
Roper Industries, Inc. | 6,374 | 649,510 | ||||||
|
| |||||||
Total Electrical Equipment | 2,495,762 | |||||||
|
| |||||||
Industrial Conglomerates - 6.8% |
| |||||||
3M Co. | 6,981 | 623,822 | ||||||
Danaher Corp. | 11,359 | 615,885 |
SHARES | MARKET VALUE | |||||||
General Electric Co. | 31,825 | $ | 623,134 | |||||
Tyco International Ltd. | 11,450 | 642,688 | ||||||
|
| |||||||
Total Industrial Conglomerates | 2,505,529 | |||||||
|
| |||||||
Machinery - 24.3% |
| |||||||
Caterpillar, Inc. | 5,499 | 565,132 | ||||||
Cummins, Inc. | 5,096 | 590,270 | ||||||
Deere & Co. | 7,559 | 622,559 | ||||||
Dover Corp. | 9,598 | 601,411 | ||||||
Eaton Corp. | 12,364 | 595,697 | ||||||
Flowserve Corp. | 5,199 | 597,521 | ||||||
Illinois Tool Works, Inc. | 10,932 | 627,278 | ||||||
Ingersoll-Rand PLC | 15,443 | 656,636 | ||||||
Joy Global, Inc. | 7,544 | 533,889 | ||||||
PACCAR, Inc. | 13,216 | 567,759 | ||||||
Pall Corp. | 10,219 | 609,155 | ||||||
Parker Hannifin Corp. | 6,868 | 602,255 | ||||||
Snap-on, Inc. | 10,025 | 626,963 | ||||||
Stanley Black & Decker, Inc. | 7,804 | 570,941 | ||||||
Xylem, Inc. | 22,236 | 619,940 | ||||||
|
| |||||||
Total Machinery | 8,987,406 | |||||||
|
| |||||||
Professional Services - 4.9% |
| |||||||
Dun & Bradstreet Corp. (The) | 7,160 | 556,905 | ||||||
Equifax, Inc. | 14,216 | 651,377 | ||||||
Robert Half International, Inc. | 20,624 | 614,595 | ||||||
|
| |||||||
Total Professional Services | 1,822,877 | |||||||
|
| |||||||
Road & Rail - 6.8% |
| |||||||
CSX Corp. | 28,992 | 646,811 | ||||||
Norfolk Southern Corp. | 9,114 | 664,684 | ||||||
Ryder System, Inc. | 11,325 | 551,754 | ||||||
Union Pacific Corp. | 5,629 | 632,925 | ||||||
|
| |||||||
Total Road & Rail | 2,496,174 | |||||||
|
| |||||||
Trading Companies & Distributors - 3.1% |
| |||||||
Fastenal Co. | 11,459 | 536,511 | ||||||
W.W. Grainger, Inc. | 2,860 | 594,365 | ||||||
|
| |||||||
Total Trading Companies & Distributors | 1,130,876 | |||||||
|
| |||||||
Total Common Stocks | 36,906,500 | |||||||
|
| |||||||
SHORT TERM INVESTMENTS - 0.0%a |
| |||||||
SSgA Government Money Market Fund | 14,041 | 14,041 | ||||||
|
| |||||||
Total Short Term Investments | 14,041 | |||||||
|
| |||||||
Total Investments — 99.9%b |
| 36,920,541 | ||||||
|
| |||||||
Other Assets and Liabilities, |
| 19,871 | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 36,940,412 |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 111 |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (concluded) | April 30, 2012 |
GUGGENHEIM S&P 500 EQUAL WEIGHT INDUSTRIALS ETF
* | Non-Income Producing Security. |
a | Amount represents less than 0.05% of net assets. |
b | Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs. |
112 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2012 |
GUGGENHEIM S&P 500 EQUAL WEIGHT MATERIALS ETF
SHARES | MARKET VALUE | |||||||
COMMON STOCKS - 99.8% |
| |||||||
Chemicals - 51.3% |
| |||||||
Air Products & Chemicals, Inc. | 13,789 | $ | 1,178,822 | |||||
Airgas, Inc. | 14,849 | 1,360,762 | ||||||
CF Industries Holdings, Inc. | 6,900 | 1,332,114 | ||||||
Dow Chemical Co. (The) | 36,211 | 1,226,829 | ||||||
Du Pont (E.I.) de Nemours & Co. | 23,945 | 1,280,100 | ||||||
Eastman Chemical Co. | 23,680 | 1,278,009 | ||||||
Ecolab, Inc. | 20,658 | 1,315,708 | ||||||
FMC Corp. | 12,444 | 1,374,440 | ||||||
International Flavors & Fragrances, Inc. | 21,947 | 1,321,429 | ||||||
Monsanto Co. | 15,552 | 1,184,751 | ||||||
Mosaic Co. (The) | 22,212 | 1,173,238 | ||||||
PPG Industries, Inc. | 13,295 | 1,399,166 | ||||||
Praxair, Inc. | 11,242 | 1,300,699 | ||||||
Sherwin-Williams Co. (The) | 11,630 | 1,398,856 | ||||||
Sigma-Aldrich Corp. | 17,223 | 1,221,111 | ||||||
|
| |||||||
Total Chemicals | 19,346,034 | |||||||
|
| |||||||
Construction Materials - 3.0% |
| |||||||
Vulcan Materials Co. | 26,819 | 1,148,121 | ||||||
|
| |||||||
Total Construction Materials | 1,148,121 | |||||||
|
| |||||||
Containers & Packaging - 13.2% |
| |||||||
Ball Corp. | 31,049 | 1,296,606 | ||||||
Bemis Co., Inc. | 38,819 | 1,257,348 | ||||||
Owens-Illinois, Inc.* | 51,177 | 1,189,865 | ||||||
Sealed Air Corp. | 63,245 | 1,213,039 | ||||||
|
| |||||||
Total Containers & Packaging | 4,956,858 | |||||||
|
| |||||||
Metals & Mining - 25.8% |
| |||||||
Alcoa, Inc. | 125,720 | 1,223,256 | ||||||
Allegheny Technologies, Inc. | 29,865 | 1,282,403 | ||||||
Cliffs Natural Resources, Inc. | 19,271 | 1,199,812 | ||||||
Freeport-McMoRan Copper & Gold, Inc. | 31,801 | 1,217,978 | ||||||
Newmont Mining Corp. | 21,682 | 1,033,147 | ||||||
Nucor Corp. | 29,193 | 1,144,658 | ||||||
Titanium Metals Corp. | 88,923 | 1,313,393 | ||||||
United States Steel Corp. | 45,935 | 1,301,339 | ||||||
|
| |||||||
Total Metals & Mining | 9,715,986 | |||||||
|
|
SHARES | MARKET VALUE | |||||||
Paper & Forest Products - 6.5% |
| |||||||
International Paper Co. | 35,008 | $ | 1,166,117 | |||||
MeadWestvaco Corp. | 39,954 | 1,271,336 | ||||||
|
| |||||||
Total Paper & Forest Products | 2,437,453 | |||||||
|
| |||||||
Total Common Stocks | 37,604,452 | |||||||
|
| |||||||
SHORT TERM INVESTMENTS - 0.1% |
| |||||||
SSgA Government Money Market Fund | 41,610 | 41,610 | ||||||
|
| |||||||
Total Short Term Investments |
| 41,610 | ||||||
|
| |||||||
Total Investments - 99.9%a |
| 37,646,062 | ||||||
|
| |||||||
Other Assets and Liabilities, |
| 26,137 | ||||||
|
| |||||||
Net Assets - 100.0% | $ | 37,672,199 |
* | Non-Income Producing Security. |
a | Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs. |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 113 |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2012 |
GUGGENHEIM S&P 500 EQUAL WEIGHT TECHNOLOGY ETF
SHARES | MARKET VALUE | |||||||
COMMON STOCKS - 99.9% |
| |||||||
Communications Equipment - 11.4% |
| |||||||
Cisco Systems, Inc. | 103,524 | $ | 2,086,009 | |||||
F5 Networks, Inc.* | 16,316 | 2,185,202 | ||||||
Harris Corp. | 46,993 | 2,140,061 | ||||||
JDS Uniphase Corp.* | 151,615 | 1,842,122 | ||||||
Juniper Networks, Inc.* | 95,695 | 2,050,744 | ||||||
Motorola Mobility Holdings, Inc.* | 51,561 | 2,001,598 | ||||||
Motorola Solutions, Inc. | 40,399 | 2,061,561 | ||||||
QUALCOMM, Inc. | 32,060 | 2,046,710 | ||||||
|
| |||||||
Total Communications Equipment | 16,414,007 | |||||||
|
| |||||||
Computers & Peripherals - 10.6% |
| |||||||
Apple, Inc.* | 3,762 | 2,197,911 | ||||||
Dell, Inc.* | 121,074 | 1,981,981 | ||||||
EMC Corp.* | 70,657 | 1,993,234 | ||||||
Hewlett-Packard Co. | 84,771 | 2,098,930 | ||||||
Lexmark International, Inc. — Class A | 57,372 | 1,726,897 | ||||||
NetApp, Inc.* | 47,738 | 1,853,667 | ||||||
SanDisk Corp.* | 40,791 | 1,509,675 | ||||||
Western Digital Corp.* | 50,835 | 1,972,906 | ||||||
|
| |||||||
Total Computers & Peripherals | 15,335,201 | |||||||
|
| |||||||
Electronic Equipment, Instruments & |
| |||||||
Amphenol Corp. — Class A | 36,064 | 2,096,761 | ||||||
Corning, Inc. | 154,237 | 2,213,301 | ||||||
FLIR Systems, Inc. | 77,819 | 1,747,815 | ||||||
Jabil Circuit, Inc. | 78,354 | 1,837,401 | ||||||
Molex, Inc. | 75,113 | 2,072,368 | ||||||
TE Connectivity Ltd. | 56,860 | 2,073,115 | ||||||
|
| |||||||
Total Electronic Equipment, Instruments & Components | 12,040,761 | |||||||
|
| |||||||
Internet Software & Services - 7.4% |
| |||||||
Akamai Technologies, Inc.* | 55,640 | 1,813,864 | ||||||
eBay, Inc.* | 56,543 | 2,321,090 | ||||||
Google, Inc. — Class A* | 3,413 | 2,065,650 | ||||||
VeriSign, Inc. | 55,477 | 2,280,659 | ||||||
Yahoo!, Inc.* | 140,114 | 2,177,372 | ||||||
|
| |||||||
Total Internet Software & Services | 10,658,635 | |||||||
|
| |||||||
IT Services - 20.3% |
| |||||||
Accenture PLC — Class A | 33,680 | 2,187,516 | ||||||
Automatic Data Processing, Inc. | 37,308 | 2,075,071 | ||||||
Cognizant Technology Solutions Corp. — Class A* | 28,195 | 2,067,257 | ||||||
Computer Sciences Corp. | 65,135 | 1,827,688 | ||||||
Fidelity National Information Services, Inc. | 64,701 | 2,178,483 | ||||||
Fiserv, Inc.* | 30,143 | 2,118,752 | ||||||
International Business Machines Corp. | 10,216 | 2,115,529 | ||||||
Mastercard, Inc. — Class A | 4,889 | 2,211,148 | ||||||
Paychex, Inc. | 65,093 | 2,016,581 | ||||||
SAIC, Inc. | 162,428 | 1,975,125 | ||||||
Teradata Corp.* | 30,868 | 2,153,969 | ||||||
Total System Services, Inc. | 91,839 | 2,160,053 | ||||||
Visa, Inc. — Class A | 17,494 | 2,151,412 |
SHARES | MARKET VALUE | |||||||
Western Union Co. (The) | 116,007 | $ | 2,132,209 | |||||
|
| |||||||
Total IT Services | 29,370,793 | |||||||
|
| |||||||
Office Electronics - 1.3% |
| |||||||
Xerox Corp. | 248,456 | 1,932,988 | ||||||
|
| |||||||
Total Office Electronics | 1,932,988 | |||||||
|
| |||||||
Semiconductors & Semiconductor Equipment - 23.1% |
| |||||||
Advanced Micro Devices, Inc.* | 270,420 | 1,990,291 | ||||||
Altera Corp. | 53,940 | 1,918,646 | ||||||
Analog Devices, Inc. | 52,711 | 2,054,675 | ||||||
Applied Materials, Inc. | 165,706 | 1,986,815 | ||||||
Broadcom Corp. — Class A* | 56,348 | 2,062,337 | ||||||
First Solar, Inc.* | 74,552 | 1,371,757 | ||||||
Intel Corp. | 75,719 | 2,150,419 | ||||||
KLA-Tencor Corp. | 41,447 | 2,161,461 | ||||||
Linear Technology Corp. | 61,800 | 2,021,478 | ||||||
LSI Corp.* | 234,793 | 1,887,736 | ||||||
Microchip Technology, Inc. | 56,739 | 2,005,156 | ||||||
Micron Technology, Inc.* | 246,064 | 1,621,562 | ||||||
Novellus Systems, Inc.* | 43,661 | 2,041,152 | ||||||
NVIDIA Corp.* | 138,312 | 1,798,056 | ||||||
Teradyne, Inc.* | 126,452 | 2,176,239 | ||||||
Texas Instruments, Inc. | 63,523 | 2,028,924 | ||||||
Xilinx, Inc. | 56,245 | 2,046,193 | ||||||
|
| |||||||
Total Semiconductors & Semiconductor Equipment | 33,322,897 | |||||||
|
| |||||||
Software - 17.5% |
| |||||||
Adobe Systems, Inc.* | 60,930 | 2,044,811 | ||||||
Autodesk, Inc.* | 55,682 | 2,192,200 | ||||||
BMC Software, Inc.* | 54,148 | 2,234,146 | ||||||
CA, Inc. | 75,914 | 2,005,648 | ||||||
Citrix Systems, Inc.* | 26,872 | 2,300,512 | ||||||
Electronic Arts, Inc.* | 118,755 | 1,826,452 | ||||||
Intuit, Inc. | 35,235 | 2,042,573 | ||||||
Microsoft Corp. | 64,078 | 2,051,778 | ||||||
Oracle Corp. | 68,031 | 1,999,431 | ||||||
Red Hat, Inc.* | 40,534 | 2,416,232 | ||||||
Salesforce.com, Inc.* | 13,909 | 2,166,049 | ||||||
Symantec Corp.* | 115,612 | 1,909,910 | ||||||
|
| |||||||
Total Software | 25,189,742 | |||||||
|
| |||||||
Total Common Stocks | 144,265,024 | |||||||
|
| |||||||
SHORT TERM INVESTMENTS - 0.1% |
| |||||||
SSgA Government Money Market Fund | 100,112 | 100,112 | ||||||
Total Short Term Investments | 100,112 | |||||||
|
| |||||||
Total Investments - 100.0%a |
| 144,365,136 | ||||||
|
| |||||||
Other Assets and Liabilities, |
| (23,009 | ) | |||||
|
| |||||||
Net Assets - 100.0% | $ | 144,342,127 |
114 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (concluded) | April 30, 2012 |
GUGGENHEIM S&P 500 EQUAL WEIGHT TECHNOLOGY ETF
* | Non-Income Producing Security. |
a | Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs. |
b | Amount represents less than 0.05% of net assets. |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 115 |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2012 |
GUGGENHEIM S&P 500 EQUAL WEIGHT UTILITIES ETF
SHARES | MARKET VALUE | |||||||
COMMON STOCKS - 99.7% |
| |||||||
Diversified Telecommunication |
| |||||||
AT&T, Inc. | 35,136 | $ | 1,156,326 | |||||
CenturyLink, Inc. | 28,076 | 1,082,610 | ||||||
Frontier Communications Corp. | 247,876 | 1,001,419 | ||||||
Verizon Communications, Inc. | 28,020 | 1,131,448 | ||||||
Windstream Corp. | 90,013 | 1,011,746 | ||||||
|
| |||||||
Total Diversified Telecommunication Services | 5,383,549 | |||||||
|
| |||||||
Electric Utilities - 32.5% |
| |||||||
American Electric Power Co., Inc. | 28,672 | 1,113,620 | ||||||
Duke Energy Corp. | 51,800 | 1,110,074 | ||||||
Edison International | 25,588 | 1,126,128 | ||||||
Entergy Corp. | 16,144 | 1,058,401 | ||||||
Exelon Corp. | 28,157 | 1,098,405 | ||||||
FirstEnergy Corp. | 24,503 | 1,147,230 | ||||||
NextEra Energy, Inc. | 18,258 | 1,174,902 | ||||||
Northeast Utilities | 29,740 | 1,093,540 | ||||||
Pepco Holdings, Inc. | 56,358 | 1,066,293 | ||||||
Pinnacle West Capital Corp. | 23,090 | 1,116,401 | ||||||
PPL Corp. | 38,768 | 1,060,305 | ||||||
Progress Energy, Inc. | 20,439 | 1,087,764 | ||||||
Southern Co. | 24,290 | 1,115,883 | ||||||
|
| |||||||
Total Electric Utilities | 14,368,946 | |||||||
|
| |||||||
Gas Utilities - 5.0% |
| |||||||
AGL Resources, Inc. | 27,823 | 1,097,061 | ||||||
Oneok, Inc. | 13,158 | 1,130,141 | ||||||
|
| |||||||
Total Gas Utilities | 2,227,202 | |||||||
|
| |||||||
Independent Power Producers & Energy |
| |||||||
AES Corp.(The)* | 83,064 | 1,039,961 | ||||||
NRG Energy, Inc.* | 65,490 | 1,113,330 | ||||||
|
| |||||||
Total Independent Power Producers & Energy Traders | 2,153,291 | |||||||
|
| |||||||
Multi-Utilities - 38.5% |
| |||||||
Ameren Corp. | 34,325 | 1,125,517 | ||||||
CenterPoint Energy, Inc. | 56,884 | 1,149,625 | ||||||
CMS Energy Corp. | 50,053 | 1,150,718 | ||||||
Consolidated Edison, Inc. | 18,762 | 1,115,401 | ||||||
Dominion Resources, Inc. | 21,583 | 1,126,417 | ||||||
DTE Energy Co. | 19,781 | 1,115,253 | ||||||
Integrys Energy Group, Inc. | 20,466 | 1,118,262 | ||||||
NiSource, Inc. | 45,440 | 1,120,096 | ||||||
PG&E Corp. | 25,577 | 1,129,992 |
SHARES | MARKET VALUE | |||||||
Public Service Enterprise Group, Inc. | 36,172 | $ | 1,126,758 | |||||
SCANA Corp. | 24,427 | 1,126,573 | ||||||
Sempra Energy | 18,516 | 1,198,726 | ||||||
TECO Energy, Inc. | 61,623 | 1,110,446 | ||||||
Wisconsin Energy Corp. | 31,438 | 1,158,176 | ||||||
Xcel Energy, Inc. | 41,047 | 1,110,732 | ||||||
|
| |||||||
Total Multi-Utilities | 16,982,692 | |||||||
|
| |||||||
Wireless Telecommunication Services - 6.6% |
| |||||||
Crown Castle International Corp.* | 20,126 | 1,139,333 | ||||||
MetroPCS Communications, Inc.* | 107,731 | 786,436 | ||||||
Sprint Nextel Corp.* | 394,101 | 977,371 | ||||||
|
| |||||||
Total Wireless Telecommunication Services | 2,903,140 | |||||||
|
| |||||||
Total Common Stocks | 44,018,820 | |||||||
|
| |||||||
SHORT TERM INVESTMENTS - 0.2% |
| |||||||
SSgA Government Money Market Fund | 94,025 | 94,025 | ||||||
|
| |||||||
Total Short Term Investments | 94,025 | |||||||
|
| |||||||
Total Investments - 99.9%a |
| 44,112,845 | ||||||
|
| |||||||
Other Assets and Liabilities, |
| 42,273 | ||||||
|
| |||||||
Net Assets - 100.0% | $ | 44,155,118 |
* | Non-Income Producing Security. |
a | Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs. |
116 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
STATEMENT OF ASSETS AND LIABILITIES (Unaudited) | April 30, 2012 |
Guggenheim S&P 500 Equal Weight ETF | Guggenheim S&P MidCap 400 Equal Weight ETF | Guggenheim S&P SmallCap 600 Equal Weight ETF | Guggenheim Russell MidCap® Equal Weight ETF | |||||||||||||
ASSETS | ||||||||||||||||
Investments at market value* | $ | 3,126,816,690 | $ | 3,163,573 | $ | 6,290,439 | $ | 56,545,233 | ||||||||
Receivables: | ||||||||||||||||
Investments sold | 5,614,696 | 8,032 | 6,184 | — | ||||||||||||
Fund shares sold | 56,634,191 | — | — | — | ||||||||||||
Dividends | 2,264,127 | 1,545 | 2,185 | 26,702 | ||||||||||||
Total assets | 3,191,329,704 | 3,173,150 | 6,298,808 | 56,571,935 | ||||||||||||
LIABILITIES | ||||||||||||||||
Payables: | ||||||||||||||||
Investments purchased | 62,127,528 | 7,752 | 6,338 | — | ||||||||||||
Accrued management fees | 1,006,391 | 1,028 | 2,052 | 18,352 | ||||||||||||
Total liabilities | 63,133,919 | 8,780 | 8,390 | 18,352 | ||||||||||||
NET ASSETS | $ | 3,128,195,785 | $ | 3,164,370 | $ | 6,290,418 | $ | 56,553,583 | ||||||||
NETASSETSCONSISTOF: | ||||||||||||||||
Paid-in capital | $ | 3,483,720,588 | $ | 2,995,975 | $ | 5,629,931 | $ | 52,335,272 | ||||||||
Undistributed net investment income | 2,541,575 | 2,201 | 7,576 | 74,769 | ||||||||||||
Accumulated net realized gain (loss) on investment securities | (470,947,751 | ) | 110,074 | 79,758 | 1,041,551 | |||||||||||
Net unrealized appreciation (depreciation) on investment securities | 112,881,373 | 56,120 | 573,153 | 3,101,991 | ||||||||||||
NETASSETS | $ | 3,128,195,785 | $ | 3,164,370 | $ | 6,290,418 | $ | 56,553,583 | ||||||||
Shares outstanding (unlimited shares authorized), no par value | 60,758,863 | 100,000 | 200,000 | 1,650,000 | ||||||||||||
Net asset value, offering price and repurchase price per share | $51.49 | $31.64 | $31.45 | $34.27 | ||||||||||||
*Total cost of investments | $3,013,935,317 | $3,107,453 | $5,717,286 | $53,443,242 |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 117 |
Table of Contents
STATEMENT OF ASSETS AND LIABILITIES (Unaudited) (continued) | April 30, 2012 |
Guggenheim Russell 1000® Equal Weight ETF | Guggenheim Russell 2000® Equal Weight ETF | Guggenheim MSCI EAFE Equal Weight ETF | Guggenheim MSCI Emerging Markets Equal Weight ETF | |||||||||||||
ASSETS | ||||||||||||||||
Investments at market value* | $ | 39,238,791 | $ | 19,149,984 | $ | 11,180,423 | $ | 13,692,247 | ||||||||
Foreign currency, at value (cost $0, $0, $69,044 and $66,635, respectively) | — | — | 68,844 | 66,744 | ||||||||||||
Cash | — | 176 | — | — | ||||||||||||
Receivables: | ||||||||||||||||
Investments sold | — | 33,268 | — | — | ||||||||||||
Dividends | 23,888 | 7,849 | 79,917 | 19,421 | ||||||||||||
Receivable from manager | — | — | — | 1,248 | ||||||||||||
Total assets | 39,262,679 | 19,191,277 | 11,329,184 | 13,779,660 | ||||||||||||
LIABILITIES | ||||||||||||||||
Payables: | ||||||||||||||||
Investments purchased | — | — | 189 | — | ||||||||||||
Foreign currency overdraft, at value ($0, $226, $0 and $0, respectively) | — | 226 | — | — | ||||||||||||
Accrued management fees | 12,750 | 6,258 | 5,075 | 10,533 | ||||||||||||
Capital gains tax | — | — | — | 13,452 | ||||||||||||
Total liabilities | 12,750 | 6,484 | 5,264 | 23,985 | ||||||||||||
NET ASSETS | $ | 39,249,929 | $ | 19,184,793 | $ | 11,323,920 | $ | 13,755,675 | ||||||||
NETASSETSCONSISTOF: | ||||||||||||||||
Paid-in capital | $ | 37,556,520 | $ | 19,482,402 | $ | 12,897,138 | $ | 16,833,148 | ||||||||
Undistributed net investment income | 51,959 | 20,618 | 90,683 | 26,819 | ||||||||||||
Accumulated net realized gain (loss) on investment securities and foreign currency | 398,846 | 126,744 | (499,928 | ) | (2,139,608 | ) | ||||||||||
Net unrealized appreciation (depreciation) on investment securities and foreign currency | 1,242,604 | (444,971 | ) | (1,163,973 | ) | (964,684 | ) | |||||||||
NETASSETS | $ | 39,249,929 | $ | 19,184,793 | $ | 11,323,920 | $ | 13,755,675 | ||||||||
Shares outstanding (unlimited shares authorized), no par value | 1,150,000 | 600,000 | 300,000 | 400,000 | ||||||||||||
Net asset value, offering price and repurchase price per share | $34.13 | $31.97 | $37.75 | $34.39 | ||||||||||||
*Total cost of investments | $37,996,187 | $19,594,954 | $12,345,397 | $14,643,626 |
118 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
STATEMENT OF ASSETS AND LIABILITIES (Unaudited) (continued) | April 30, 2012 |
Guggenheim S&P 500 Equal Weight Consumer Discretionary ETF | Guggenheim S&P 500 Equal Weight Consumer Staples ETF | Guggenheim S&P 500 Equal Weight Energy ETF | ||||||||||
ASSETS | ||||||||||||
Investments at market value* | $ | 60,514,191 | $ | 36,545,243 | $ | 35,256,262 | ||||||
Receivables: | ||||||||||||
Investments sold | — | 783,798 | 622,584 | |||||||||
Dividends | 37,751 | 42,146 | 12,069 | |||||||||
Total assets | 60,551,942 | 37,371,187 | 35,890,915 | |||||||||
LIABILITIES | ||||||||||||
Payables: | ||||||||||||
Investments purchased | — | 787,079 | 616,837 | |||||||||
Accrued management fees | 24,749 | 14,882 | 14,081 | |||||||||
Total liabilities | 24,749 | 801,961 | 630,918 | |||||||||
NET ASSETS | $ | 60,527,193 | $ | 36,569,226 | $ | 35,259,997 | ||||||
NETASSETSCONSISTOF: | ||||||||||||
Paid-in capital | $ | 55,759,800 | $ | 31,871,025 | $ | 43,383,989 | ||||||
Undistributed (distributions in excess) of net investment income | 19,619 | 68,519 | (5,248 | ) | ||||||||
Accumulated net realized loss on investment securities | (1,582,043 | ) | (168,033 | ) | (2,881,807 | ) | ||||||
Net unrealized appreciation (depreciation) on investment securities | 6,329,817 | 4,797,715 | (5,236,937 | ) | ||||||||
NETASSETS | $ | 60,527,193 | $ | 36,569,226 | $ | 35,259,997 | ||||||
Shares outstanding (unlimited shares authorized), no par value | 1,100,000 | 550,000 | 550,005 | |||||||||
Net asset value, offering price and repurchase price per share | $55.02 | $66.49 | $64.11 | |||||||||
*Total cost of investments | $54,184,374 | $31,747,528 | $40,493,199 |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 119 |
Table of Contents
STATEMENT OF ASSETS AND LIABILITIES (Unaudited) (continued) | April 30, 2012 |
Guggenheim S&P 500 Equal Weight Financials ETF | Guggenheim S&P 500 Equal Weight Health Care ETF | Guggenheim S&P 500 Equal Weight Industrials ETF | Guggenheim S&P 500 Equal Weight Materials ETF | |||||||||||||
ASSETS | ||||||||||||||||
Investments at market value* | $ | 15,343,723 | $ | 89,255,832 | $ | 36,920,541 | $ | 37,646,062 | ||||||||
Receivables: | ||||||||||||||||
Fund shares sold | — | 18,604,162 | — | — | ||||||||||||
Dividends | 10,910 | 61,415 | 33,999 | 41,463 | ||||||||||||
Total assets | 15,354,633 | 107,921,409 | 36,954,540 | 37,687,525 | ||||||||||||
LIABILITIES | ||||||||||||||||
Payables: | ||||||||||||||||
Investments purchased | — | 18,580,008 | — | — | ||||||||||||
Accrued management fees | 6,258 | 41,424 | 14,128 | 15,326 | ||||||||||||
Total liabilities | 6,258 | 18,621,432 | 14,128 | 15,326 | ||||||||||||
NET ASSETS | $ | 15,348,375 | $ | 89,299,977 | $ | 36,940,412 | $ | 37,672,199 | ||||||||
NETASSETSCONSISTOF: | ||||||||||||||||
Paid-in capital | $ | 21,449,500 | $ | 89,325,467 | $ | 35,727,149 | $ | 31,766,530 | ||||||||
Undistributed (distributions in excess) of net investment income | (3,513 | ) | 90,104 | 27,817 | 40,659 | |||||||||||
Accumulated net realized gain (loss) on investment securities | (6,407,600 | ) | 1,988,931 | 447,923 | (846,612 | ) | ||||||||||
Net unrealized appreciation (depreciation) on investment securities | 309,988 | (2,104,525 | ) | 737,523 | 6,711,622 | |||||||||||
NETASSETS | $ | 15,348,375 | $ | 89,299,977 | $ | 36,940,412 | $ | 37,672,199 | ||||||||
Shares outstanding (unlimited shares authorized), no par value | 550,000 | 1,200,000 | 650,000 | 600,000 | ||||||||||||
Net asset value, offering price and repurchase price per share | $27.91 | $74.42 | $56.83 | $62.79 | ||||||||||||
*Total cost of investments | $15,033,735 | $91,360,357 | $36,183,018 | $30,934,440 |
120 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
STATEMENT OF ASSETS AND LIABILITIES (Unaudited) (concluded) | April 30, 2012 |
Guggenheim S&P 500 Equal Weight Technology ETF | Guggenheim S&P 500 Equal Weight Utilities ETF | |||||||
ASSETS | ||||||||
Investments at market value* | $ | 144,365,136 | $ | 44,112,845 | ||||
Receivables: | ||||||||
Investments sold | 22,739,380 | — | ||||||
Dividends | 41,829 | 60,025 | ||||||
Total assets | 167,146,345 | 44,172,870 | ||||||
LIABILITIES | ||||||||
Payables: | ||||||||
Fund shares repurchased | 22,743,134 | — | ||||||
Accrued management fees | 61,084 | 17,752 | ||||||
Total liabilities | 22,804,218 | 17,752 | ||||||
NET ASSETS | $ | 144,342,127 | $ | 44,155,118 | ||||
NETASSETSCONSISTOF: | ||||||||
Paid-in capital | $ | 139,620,146 | $ | 42,960,688 | ||||
Undistributed net investment income | 28,099 | 90,377 | ||||||
Accumulated net realized gain (loss) on investment securities | 9,110,618 | (171,724 | ) | |||||
Net unrealized appreciation (depreciation) on investment securities | (4,416,736 | ) | 1,275,777 | |||||
NETASSETS | $ | 144,342,127 | $ | 44,155,118 | ||||
Shares outstanding (unlimited shares authorized), no par value | 2,550,000 | 800,000 | ||||||
Net asset value, offering price and repurchase price per share | $56.60 | $55.19 | ||||||
*Total cost of investments | $148,781,872 | $42,837,068 |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 121 |
Table of Contents
STATEMENT OF OPERATIONS (Unaudited) |
For the Six Months Ended April 30, 2012
Guggenheim S&P 500 Equal Weight ETF | Guggenheim S&P MidCap 400 Equal Weight ETF | Guggenheim S&P SmallCap 600 Equal Weight ETF | Guggenheim Russell MidCap® Equal Weight ETF | |||||||||||||
INVESTMENT INCOME | ||||||||||||||||
Dividends, net of foreign taxes withheld | $ | 29,048,154 | $ | 22,270 | $ | 43,378 | $ | 465,300 | ||||||||
Interest | 46 | — | — | 1 | ||||||||||||
Total income | 29,048,200 | 22,270 | 43,378 | 465,301 | ||||||||||||
EXPENSES | ||||||||||||||||
Management fee | 5,776,409 | 5,750 | 11,934 | 109,152 | ||||||||||||
Trustee fees | — | 114 | 227 | 2,081 | ||||||||||||
5,776,409 | 5,864 | 12,161 | 111,233 | |||||||||||||
Net investment income | 23,271,791 | 16,406 | 31,217 | 354,068 | ||||||||||||
REALIZEDAND UNREALIZED GAIN (LOSS)ON INVESTMENTS | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments | (52,447,660 | ) | (12,089 | ) | 92,573 | (301,167 | ) | |||||||||
In-kind redemptions | 74,043,868 | 130,873 | — | 1,621,423 | ||||||||||||
Net realized gain | 21,596,208 | 118,784 | 92,573 | 1,320,256 | ||||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investment securities | 233,303,471 | 198,781 | 545,909 | 3,393,158 | ||||||||||||
Net realized and unrealized gain on investments | 254,899,679 | 317,565 | 638,482 | 4,713,414 | ||||||||||||
Net increase in net assets resulting from operations | $ | 278,171,470 | $ | 333,971 | $ | 669,699 | $ | 5,067,482 | ||||||||
Foreign taxes withheld | $ | (271 | ) | $ | — | $ | — | $ | 98 |
122 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
STATEMENT OF OPERATIONS (Unaudited) (continued) |
For the Six Months Ended April 30, 2012
Guggenheim Russell 1000® Equal Weight ETF | Guggenheim Russell 2000® Equal Weight ETF | Guggenheim MSCI EAFE Equal Weight ETF | Guggenheim MSCI Emerging Markets Equal Weight ETF | |||||||||||||
INVESTMENT INCOME | ||||||||||||||||
Dividends, net of foreign taxes withheld | $ | 347,967 | $ | 150,989 | $ | 172,479 | $ | 88,572 | ||||||||
Interest | 1 | — | — | — | ||||||||||||
Total income | 347,968 | 150,989 | 172,479 | 88,572 | ||||||||||||
EXPENSES | ||||||||||||||||
Management fee | 73,037 | 40,219 | 29,802 | 47,463 | ||||||||||||
Trustee fees | 1,264 | 773 | 526 | — | ||||||||||||
74,301 | 40,992 | 30,328 | 47,463 | |||||||||||||
Less: | ||||||||||||||||
Expenses waived by advisor | — | — | — | (7,459 | ) | |||||||||||
Net Investment Income | 273,667 | 109,997 | 142,151 | 48,568 | ||||||||||||
REALIZEDAND UNREALIZED GAIN (LOSS)ON INVESTMENTS | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments | (268,634 | ) | (437,326 | ) | (495,505 | ) | (993,660 | ) | ||||||||
In-kind redemptions | 699,042 | 835,802 | — | (559,885 | ) | |||||||||||
Capital gains tax | — | — | — | (4,491 | ) | |||||||||||
Foreign currency transactions | — | (14 | ) | (2,139 | ) | (21,105 | ) | |||||||||
Net realized gain (loss) | 430,408 | 398,462 | (497,644 | ) | (1,579,141 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investment securities | 2,852,583 | 1,100,895 | 655,566 | 1,295,158 | ||||||||||||
Capital gains tax | — | — | — | (10,733 | ) | |||||||||||
Foreign currency transactions | — | 14 | 1,537 | 83 | ||||||||||||
Net change in unrealized appreciation on investments | 2,852,583 | 1,100,909 | 657,103 | 1,284,508 | ||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency transactions | 3,282,991 | 1,499,371 | 159,459 | (294,633 | ) | |||||||||||
Net Increase (decrease) in net assets resulting from operations | $ | 3,556,658 | $ | 1,609,368 | $ | 301,610 | $ | (246,065 | ) | |||||||
Foreign taxes withheld | $ | 1,350 | $ | 268 | $ | 13,851 | $ | 8,091 |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 123 |
Table of Contents
STATEMENT OF OPERATIONS (Unaudited) (continued) |
For the Six Months Ended April 30, 2012
Guggenheim S&P 500 Equal Weight Consumer Discretionary ETF | Guggenheim S&P 500 Equal Weight Consumer Staples ETF | Guggenheim S&P 500 Equal Weight Energy ETF | ||||||||||
INVESTMENT INCOME | ||||||||||||
Dividends | $ | 356,779 | $ | 431,236 | $ | 210,517 | ||||||
Total income | 356,779 | 431,236 | 210,517 | |||||||||
EXPENSES | ||||||||||||
Management fee | 103,822 | 78,885 | 87,706 | |||||||||
Net investment income | 252,957 | 352,351 | 122,811 | |||||||||
REALIZEDAND UNREALIZED GAIN (LOSS)ON INVESTMENTS | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Investments | (354,349 | ) | (442,576 | ) | (580,752 | ) | ||||||
In-kind redemptions | 1,639,557 | 736,711 | — | |||||||||
Net realized gain (loss) | 1,285,208 | 294,135 | (580,752 | ) | ||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||
Investment securities | 5,198,588 | 2,368,916 | 561,845 | |||||||||
Net realized and unrealized gain (loss) on investments | 6,483,796 | 2,663,051 | (18,907 | ) | ||||||||
Net increase in net assets resulting from operations | $ | 6,736,753 | $ | 3,015,402 | $ | 103,904 |
124 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
STATEMENT OF OPERATIONS (Unaudited) (continued) |
For the Six Months Ended April 30, 2012
Guggenheim S&P 500 Equal Weight Financials ETF | Guggenheim S&P 500 Equal Weight Health Care ETF | Guggenheim S&P 500 Equal Weight Industrials ETF | Guggenheim S&P 500 Equal Weight Materials ETF | |||||||||||||
INVESTMENT INCOME | ||||||||||||||||
Dividends | $ | 188,818 | $ | 474,538 | $ | 294,415 | $ | 354,368 | ||||||||
Interest | — | 7 | — | — | ||||||||||||
Total income | 188,818 | 474,545 | 294,415 | 354,368 | ||||||||||||
EXPENSES | ||||||||||||||||
Management Fee | 38,863 | 207,298 | 67,562 | 89,577 | ||||||||||||
Net investment income | 149,955 | 267,247 | 226,853 | 264,791 | ||||||||||||
REALIZEDAND UNREALIZED GAIN (LOSS)ON INVESTMENTS | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments | (499,845 | ) | (307,935 | ) | (41,886 | ) | (587,407 | ) | ||||||||
In-kind redemptions | 362,180 | 6,849,515 | 1,647,529 | 783,685 | ||||||||||||
Net realized gain (loss) | (137,665 | ) | 6,541,580 | 1,605,643 | 196,278 | |||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investment securities | 2,057,964 | 211,829 | 884,701 | 3,591,244 | ||||||||||||
Net realized and unrealized gain on investments | 1,920,299 | 6,753,409 | 2,490,344 | 3,787,522 | ||||||||||||
Net increase in net assets resulting from operations | $ | 2,070,254 | $ | 7,020,656 | $ | 2,717,197 | $ | 4,052,313 | ||||||||
Foreign taxes withheld | $ | — | $ | — | $ | 229 | $ | — |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 125 |
Table of Contents
STATEMENT OF OPERATIONS (Unaudited) (concluded) |
For the Six Months Ended April 30, 2012
Guggenheim S&P 500 Equal Weight Technology ETF | Guggenheim S&P 500 Equal Weight Utilities ETF | |||||||
INVESTMENT INCOME | ||||||||
Dividends | $ | 624,255 | $ | 835,490 | ||||
Interest | 1 | 1 | ||||||
Total income | 624,256 | 835,491 | ||||||
EXPENSES | ||||||||
Management fee | 291,775 | 102,090 | ||||||
Net investment income | 332,481 | 733,401 | ||||||
REALIZEDAND UNREALIZED GAIN (LOSS)ON INVESTMENTS | ||||||||
Net realized gain (loss) from: | ||||||||
Investments | (3,830,116 | ) | (55,168 | ) | ||||
In-kind redemptions | 15,827,140 | 869,622 | ||||||
Net realized gain | 11,997,024 | 814,454 | ||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||
Investment securities | (3,637,643 | ) | (80,782 | ) | ||||
Net realized and unrealized gain on investments | 8,359,381 | 733,672 | ||||||
Net increase in net assets resulting from operations | $ | 8,691,862 | $ | 1,467,073 |
126 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS |
Guggenheim S&P 500 Equal Weight ETF | Guggenheim S&P MidCap 400 Equal Weight ETF | |||||||||||||||
Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, 2011 | Six Months Ended April 30, 2012 (Unaudited) | Period Ended October 31, 2011* | |||||||||||||
OPERATIONS | ||||||||||||||||
Net investment income | $ | 23,271,791 | $ | 42,464,646 | $ | 16,406 | $ | 7,921 | ||||||||
Net realized gain (loss) on investments | 21,596,208 | 277,178,204 | 118,784 | (9,545 | ) | |||||||||||
Net change in unrealized appreciation (depreciation) on investments | 233,303,471 | (197,398,983 | ) | 198,781 | (142,661 | ) | ||||||||||
Net increase (decrease) in net assets resulting from operations | 278,171,470 | 122,243,867 | 333,971 | (144,285 | ) | |||||||||||
DISTRIBUTIONSTO SHAREHOLDERSFROM: | ||||||||||||||||
Net investment income | (21,548,329 | ) | (40,649,421 | ) | (15,689 | ) | (5,601 | ) | ||||||||
SHAREHOLDERTRANSACTIONS | ||||||||||||||||
Proceeds from shares purchased | 573,116,366 | 2,816,559,505 | 1,583,308 | 2,976,024 | ||||||||||||
Value of shares redeemed | (765,352,575 | ) | (1,988,604,371 | ) | (1,563,358 | ) | — | |||||||||
Net increase (decrease) in net assets resulting from share transactions | (192,236,209 | ) | 827,955,134 | 19,950 | 2,976,024 | |||||||||||
Increase in net assets | 64,386,932 | 909,549,580 | 338,232 | 2,826,138 | ||||||||||||
NETASSETS | ||||||||||||||||
Beginning of period | 3,063,808,853 | 2,154,259,273 | 2,826,138 | — | ||||||||||||
End of period1 | $ | 3,128,195,785 | $ | 3,063,808,853 | $ | 3,164,370 | $ | 2,826,138 | ||||||||
1 Including undistributed net investment income | $ | 2,541,575 | $ | 818,113 | $ | 2,201 | $ | 1,484 | ||||||||
CHANGESINSHARESOUTSTANDING: | ||||||||||||||||
Shares purchased | 11,700,000 | 58,750,000 | 50,000 | 100,000 | ||||||||||||
Shares redeemed | (16,450,000 | ) | (42,350,000 | ) | (50,000 | ) | — | |||||||||
Shares outstanding, beginning of period | 65,508,863 | 49,108,863 | 100,000 | — | ||||||||||||
Shares outstanding, end of period | 60,758,863 | 65,508,863 | 100,000 | 100,000 |
* | The Fund commenced operations on August 1, 2011. |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 127 |
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS (continued) |
Guggenheim S&P SmallCap 600 Equal Weight ETF | Guggenheim Russell MidCap® Equal Weight ETF | |||||||||||||||
Six Months Ended April 30, 2012 (Unaudited) | Period Ended October 31, 2011* | Six Months Ended April 30, 2012 (Unaudited) | Period Ended October 31, 2011** | |||||||||||||
OPERATIONS | ||||||||||||||||
Net investment income | $ | 31,217 | $ | 9,727 | $ | 354,068 | $ | 212,148 | ||||||||
Net realized gain (loss) on investments | 92,573 | (13,809 | ) | 1,320,256 | (112,004 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) on investments | 545,909 | 27,244 | 3,393,158 | (291,167 | ) | |||||||||||
Net increase (decrease) in net assets resulting from operations | 669,699 | 23,162 | 5,067,482 | (191,023 | ) | |||||||||||
DISTRIBUTIONSTO SHAREHOLDERSFROM: | ||||||||||||||||
Net investment income | (26,211 | ) | (6,163 | ) | (316,284 | ) | (168,415 | ) | ||||||||
SHAREHOLDERTRANSACTIONS | ||||||||||||||||
Proceeds from shares purchased | — | 5,629,931 | 11,159,008 | 56,370,615 | ||||||||||||
Value of shares redeemed | — | — | (13,864,201 | ) | (1,503,599 | ) | ||||||||||
Net increase (decrease) in net assets Resulting from share transactions | — | 5,629,931 | (2,705,193 | ) | 54,867,016 | |||||||||||
Increase in net assets | 643,488 | 5,646,930 | 2,046,005 | 54,507,578 | ||||||||||||
NETASSETS | ||||||||||||||||
Beginning of period | 5,646,930 | — | 54,507,578 | — | ||||||||||||
End of period1 | $ | 6,290,418 | $ | 5,646,930 | $ | 56,553,583 | $ | 54,507,578 | ||||||||
1 Including undistributed net investment income | $ | 7,576 | $ | 2,570 | $ | 74,769 | $ | 36,985 | ||||||||
CHANGESINSHARESOUTSTANDING: | ||||||||||||||||
Shares purchased | — | 200,000 | 350,000 | 1,800,000 | ||||||||||||
Shares redeemed | — | — | (450,000 | ) | (50,000 | ) | ||||||||||
Shares outstanding, beginning of period | 200,000 | — | 1,750,000 | — | ||||||||||||
Shares outstanding, end of period | 200,000 | 200,000 | 1,650,000 | 1,750,000 |
* | The Fund commenced operations on August 1, 2011. |
** | The Fund commenced operations on December 3, 2010. |
128 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS (continued) |
Guggenheim Russell 1000® Equal Weight ETF | Guggenheim Russell 2000® Equal Weight ETF | |||||||||||||||
Six Months Ended April 30, 2012 (Unaudited) | Period Ended October 31, 2011* | Six Months Ended April 30, 2012 (Unaudited) | Period Ended October 31, 2011* | |||||||||||||
OPERATIONS | ||||||||||||||||
Net investment income | $ | 273,667 | $ | 191,289 | $ | 109,997 | $ | 97,504 | ||||||||
Net realized gain (loss) on investments | 430,408 | 70,622 | 398,462 | (275,792 | ) | |||||||||||
Net change in unrealized appreciation (depreciation) on investments | 2,852,583 | (1,609,979 | ) | 1,100,909 | (1,545,880 | ) | ||||||||||
Net increase (decrease) in net assets resulting from operations | 3,556,658 | (1,348,068 | ) | 1,609,368 | (1,724,168 | ) | ||||||||||
DISTRIBUTIONSTO SHAREHOLDERSFROM: | ||||||||||||||||
Net investment income | (242,900 | ) | (165,561 | ) | (100,640 | ) | (82,186 | ) | ||||||||
SHAREHOLDERTRANSACTIONS | ||||||||||||||||
Proceeds from shares purchased | 7,876,009 | 37,147,734 | — | 25,390,228 | ||||||||||||
Value of shares redeemed | (6,122,548 | ) | (1,451,395 | ) | (5,907,809 | ) | — | |||||||||
Net increase (decrease) in net assets resulting from share transactions | 1,753,461 | 35,696,339 | (5,907,809 | ) | 25,390,228 | |||||||||||
Increase (decrease) in net assets | 5,067,219 | 34,182,710 | (4,399,081 | ) | 23,583,874 | |||||||||||
NETASSETS | ||||||||||||||||
Beginning of period | 34,182,710 | — | 23,583,874 | — | ||||||||||||
End of period1 | $ | 39,249,929 | $ | 34,182,710 | $ | 19,184,793 | $ | 23,583,874 | ||||||||
1 Including undistributed net investment income | $ | 51,959 | $ | 21,192 | $ | 20,618 | $ | 11,261 | ||||||||
CHANGESINSHARESOUTSTANDING: | ||||||||||||||||
Shares purchased | 250,000 | 1,150,000 | — | 800,000 | ||||||||||||
Shares redeemed | (200,000 | ) | (50,000 | ) | (200,000 | ) | — | |||||||||
Shares outstanding, beginning of period | 1,100,000 | — | 800,000 | — | ||||||||||||
Shares outstanding, end of period | 1,150,000 | 1,100,000 | 600,000 | 800,000 |
* | The Fund commenced operations on December 3, 2010. |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 129 |
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS (continued) |
Guggenheim MSCI EAFE Equal Weight ETF | Guggenheim MSCI Emerging Markets Equal Weight ETF | |||||||||||||||
Six Months Ended April 30, 2012 (Unaudited) | Period Ended October 31, 2011* | Six Months Ended April 30, 2012 (Unaudited) | Period Ended October 31, 2011* | |||||||||||||
OPERATIONS | ||||||||||||||||
Net investment income | $ | 142,151 | $ | 483,530 | $ | 48,568 | $ | 288,754 | ||||||||
Net realized gain (loss) | (497,644 | ) | 338,989 | (1,579,141 | ) | (831,874 | ) | |||||||||
Net change in unrealized appreciation (depreciation) on investments | 657,103 | (1,821,076 | ) | 1,284,508 | (2,249,192 | ) | ||||||||||
Net increase (decrease) in net assets resulting from operations | 301,610 | (998,557 | ) | (246,065 | ) | (2,792,312 | ) | |||||||||
DISTRIBUTIONSTO SHAREHOLDERSFROM: | ||||||||||||||||
Net investment income | (70,516 | ) | (491,348 | ) | (21,377 | ) | (160,394 | ) | ||||||||
Capital | — | — | — | (155,130 | ) | |||||||||||
Total distributions to shareholders | (70,516 | ) | (491,348 | ) | (21,377 | ) | (315,524 | ) | ||||||||
SHAREHOLDERTRANSACTIONS | ||||||||||||||||
Proceeds from shares purchased | — | 24,728,819 | 3,217,848 | 27,283,677 | ||||||||||||
Value of shares redeemed | — | (12,146,088 | ) | (6,108,837 | ) | (7,261,735 | ) | |||||||||
Net increase (decrease) in net assets resulting from share transactions | — | 12,582,731 | (2,890,989 | ) | 20,021,942 | |||||||||||
Increase (decrease) in net assets | 231,094 | 11,092,826 | (3,158,431 | ) | 16,914,106 | |||||||||||
NETASSETS | ||||||||||||||||
Beginning of period | 11,092,826 | — | 16,914,106 | — | ||||||||||||
End of period1 | $ | 11,323,920 | $ | 11,092,826 | $ | 13,755,675 | $ | 16,914,106 | ||||||||
1 Including undistributed (distributions in excess) of net investment income | $ | 90,683 | $ | 19,048 | $ | 26,819 | $ | (372 | ) | |||||||
CHANGESINSHARESOUTSTANDING: | ||||||||||||||||
Shares purchased | — | 600,000 | 100,000 | 700,000 | ||||||||||||
Shares redeemed | — | (300,000 | ) | (200,000 | ) | (200,000 | ) | |||||||||
Shares outstanding, beginning of period | 300,000 | — | 500,000 | — | ||||||||||||
Shares outstanding, end of period | 300,000 | 300,000 | 400,000 | 500,000 |
* | The Fund commenced operations on December 3, 2010. |
130 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS (continued) |
Guggenheim S&P 500 Equal Weight Consumer Discretionary ETF | ||||||||
Six Months Ended April 30, 2012 (Unaudited) | Period Ended October 31, 2011* | |||||||
OPERATIONS | ||||||||
Net investment income | $ | 252,957 | $ | 299,451 | ||||
Net realized gain on investments | 1,285,208 | 2,977,327 | ||||||
Net change in unrealized appreciation (depreciation) on investments | 5,198,588 | (739,044 | ) | |||||
Net increase in net assets resulting from operations | 6,736,753 | 2,537,734 | ||||||
DISTRIBUTIONSTO SHAREHOLDERSFROM: | ||||||||
Net investment income | (246,336 | ) | (291,636 | ) | ||||
SHAREHOLDERTRANSACTIONS | ||||||||
Proceeds from shares purchased | 37,989,880 | 7,384,661 | ||||||
Value of shares redeemed | (5,419,842 | ) | (13,588,895 | ) | ||||
Net increase (decrease) in net assets resulting from share transactions | 32,570,038 | (6,204,234 | ) | |||||
Increase (decrease) in net assets | 39,060,455 | (3,958,136 | ) | |||||
NETASSETS | ||||||||
Beginning of period | 21,466,738 | 25,424,874 | ||||||
End of period1 | $ | 60,527,193 | $ | 21,466,738 | ||||
1 Including undistributed net investment income | $ | 19,619 | $ | 12,998 | ||||
CHANGESINSHARESOUTSTANDING: | ||||||||
Shares purchased | 750,000 | 150,000 | ||||||
Shares redeemed | (100,000 | ) | (300,000 | ) | ||||
Shares outstanding, beginning of period | 450,000 | 600,000 | ||||||
Shares outstanding, end of period | 1,100,000 | 450,000 |
* | The Fund commenced operations on January 7, 2011. |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 131 |
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS (continued) |
Guggenheim S&P 500 Equal Weight Consumer Staples ETF | Guggenheim S&P 500 Equal Weight Energy ETF | |||||||||||||||
Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, 2011 | Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, 2011 | |||||||||||||
OPERATIONS | ||||||||||||||||
Net investment income | $ | 352,351 | $ | 432,184 | $ | 122,811 | $ | 267,674 | ||||||||
Net realized gain (loss) on investments | 294,135 | 792,268 | (580,752 | ) | 4,427,435 | |||||||||||
Net change in unrealized appreciation (depreciation) on investments | 2,368,916 | 834,186 | 561,845 | (7,248,237 | ) | |||||||||||
Net increase (decrease) in net assets resulting from operations | 3,015,402 | 2,058,638 | 103,904 | (2,553,128 | ) | |||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||
Net investment income | (340,843 | ) | (404,016 | ) | (131,381 | ) | (267,926 | ) | ||||||||
SHAREHOLDERTRANSACTIONS | ||||||||||||||||
Proceeds from shares purchased | 6,407,223 | 18,142,268 | — | 99,253,072 | ||||||||||||
Value of shares redeemed | (3,019,730 | ) | (3,145,222 | ) | — | (77,266,420 | ) | |||||||||
Net increase in net assets resulting from share transactions | 3,387,493 | 14,997,046 | — | 21,986,652 | ||||||||||||
Increase (decrease) in net assets | 6,062,052 | 16,651,668 | (27,477 | ) | 19,165,598 | |||||||||||
NETASSETS | ||||||||||||||||
Beginning of period | 30,507,174 | 13,855,506 | 35,287,474 | 16,121,876 | ||||||||||||
End of period1 | $ | 36,569,226 | $ | 30,507,174 | $ | 35,259,997 | $ | 35,287,474 | ||||||||
1 Including undistributed (distributions in excess) of net investment income | $ | 68,519 | $ | 57,011 | $ | (5,248 | ) | $ | 3,322 | |||||||
CHANGESINSHARESOUTSTANDING: | ||||||||||||||||
Shares purchased | 100,000 | 300,000 | — | 1,400,000 | ||||||||||||
Shares redeemed | (50,000 | ) | (50,000 | ) | — | (1,150,000 | ) | |||||||||
Shares outstanding, beginning of period | 500,000 | 250,000 | 550,005 | 300,005 | ||||||||||||
Shares outstanding, end of period | 550,000 | 500,000 | 550,005 | 550,005 |
132 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS (continued) |
Guggenheim S&P 500 Equal Weight Financials ETF | Guggenheim S&P 500 Equal Weight Health Care ETF | |||||||||||||||
Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, 2011 | Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, 2011 | |||||||||||||
OPERATIONS | ||||||||||||||||
Net investment income | $ | 149,955 | $ | 293,728 | $ | 267,247 | $ | 251,237 | ||||||||
Net realized gain (loss) | (137,665 | ) | 1,299,016 | 6,541,580 | 3,987,029 | |||||||||||
Net change in unrealized appreciation (depreciation) on investments | 2,057,964 | (2,262,770 | ) | 211,829 | (524,200 | ) | ||||||||||
Net increase (decrease) in net assets resulting from operations | 2,070,254 | (670,026 | ) | 7,020,656 | 3,714,066 | |||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||
Net investment income | (153,468 | ) | (292,247 | ) | (214,017 | ) | (230,946 | ) | ||||||||
SHAREHOLDERTRANSACTIONS | ||||||||||||||||
Proceeds from shares purchased | — | 8,493,107 | 237,287,742 | 182,857,489 | ||||||||||||
Value of shares redeemed | (3,701,616 | ) | (6,907,580 | ) | (207,990,077 | ) | (186,914,915 | ) | ||||||||
Net increase (decrease) in net assets resulting from share transactions | (3,701,616 | ) | 1,585,527 | 29,297,665 | (4,057,426 | ) | ||||||||||
Increase (decrease) in net assets | (1,784,830 | ) | 623,254 | 36,104,304 | (574,306 | ) | ||||||||||
NETASSETS | ||||||||||||||||
Beginning of period | 17,133,205 | 16,509,951 | 53,195,673 | 53,769,979 | ||||||||||||
End of period1 | $ | 15,348,375 | $ | 17,133,205 | $ | 89,299,977 | $ | 53,195,673 | ||||||||
1 Including undistributed (distributions in excess) of net investment income | $ | (3,513 | ) | $ | — | $ | 90,104 | $ | 36,874 | |||||||
CHANGESINSHARESOUTSTANDING: | ||||||||||||||||
Shares purchased | — | 300,000 | 3,350,000 | 2,800,000 | ||||||||||||
Shares redeemed | (150,000 | ) | (250,000 | ) | (2,950,000 | ) | (2,900,000 | ) | ||||||||
Shares outstanding, beginning of period | 700,000 | 650,000 | 800,000 | 900,000 | ||||||||||||
Shares outstanding, end of period | 550,000 | 700,000 | 1,200,000 | 800,000 |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 133 |
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS (continued) |
Guggenheim S&P 500 Equal Weight Industrials ETF | Guggenheim S&P 500 Equal Weight Materials ETF | |||||||||||||||
Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, 2011 | Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, 2011 | |||||||||||||
OPERATIONS | ||||||||||||||||
Net investment income | $ | 226,853 | $ | 607,514 | $ | 264,791 | $ | 578,712 | ||||||||
Net realized gain on investments | 1,605,643 | 7,115,513 | 196,278 | 1,631,549 | ||||||||||||
Net change in unrealized appreciation (depreciation) on investments | 884,701 | (6,672,032 | ) | 3,591,244 | (2,893,215 | ) | ||||||||||
Net increase (decrease) in net assets resulting from operations | 2,717,197 | 1,050,995 | 4,052,313 | (682,954 | ) | |||||||||||
DISTRIBUTIONSTO SHAREHOLDERSFROM: | ||||||||||||||||
Net investment income | (206,563 | ) | (609,503 | ) | (253,144 | ) | (560,979 | ) | ||||||||
SHAREHOLDERTRANSACTIONS | ||||||||||||||||
Proceeds from shares purchased | 30,145,280 | 8,408,979 | — | 9,291,043 | ||||||||||||
Value of shares redeemed | (11,165,913 | ) | (35,505,013 | ) | (2,897,625 | ) | (5,671,266 | ) | ||||||||
Net increase (decrease) in net assets resulting from share transactions | 18,979,367 | (27,096,034 | ) | (2,897,625 | ) | 3,619,777 | ||||||||||
Increase (decrease) in net assets | 21,490,001 | (26,654,542 | ) | 901,544 | 2,375,844 | |||||||||||
NETASSETS | ||||||||||||||||
Beginning of period | 15,450,411 | 42,104,953 | 36,770,655 | 34,394,811 | ||||||||||||
End of period1 | $ | 36,940,412 | $ | 15,450,411 | $ | 37,672,199 | $ | 36,770,655 | ||||||||
1 Including undistributed net investment income | $ | 27,817 | $ | 7,527 | $ | 40,659 | $ | 29,012 | ||||||||
CHANGESINSHARESOUTSTANDING: | ||||||||||||||||
Shares purchased | 550,000 | 150,000 | — | 150,000 | ||||||||||||
Shares redeemed | (200,000 | ) | (700,000 | ) | (50,000 | ) | (100,000 | ) | ||||||||
Shares outstanding, beginning of period | 300,000 | 850,000 | 650,000 | 600,000 | ||||||||||||
Shares outstanding, end of period | 650,000 | 300,000 | 600,000 | 650,000 |
134 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS (concluded) |
Guggenheim S&P 500 Equal Weight Technology ETF | Guggenheim S&P 500 Equal Weight Utilities ETF | |||||||||||||||
Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, 2011 | Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, 2011 | |||||||||||||
OPERATIONS | ||||||||||||||||
Net investment income | $ | 332,481 | $ | 641,534 | $ | 733,401 | $ | 887,068 | ||||||||
Net realized gain on investments | 11,997,024 | 5,230,243 | 814,454 | 2,071,458 | ||||||||||||
Net change in unrealized depreciation on investments | (3,637,643 | ) | (7,130,337 | ) | (80,782 | ) | (334,844 | ) | ||||||||
Net increase (decrease) in net assets resulting from operations | 8,691,862 | (1,258,560 | ) | 1,467,073 | 2,623,682 | |||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||
Net investment income | (304,382 | ) | (622,234 | ) | (683,640 | ) | (868,554 | ) | ||||||||
SHAREHOLDERTRANSACTIONS | ||||||||||||||||
Proceeds from shares purchased | 121,477,948 | 68,792,638 | 16,436,665 | 18,642,716 | ||||||||||||
Value of shares redeemed | (95,208,626 | ) | (45,985,675 | ) | (5,482,218 | ) | (8,090,201 | ) | ||||||||
Net increase in net assets resulting from share transactions | 26,269,322 | 22,806,963 | 10,954,447 | 10,552,515 | ||||||||||||
Increase in net assets | 34,656,802 | 20,926,169 | 11,737,880 | 12,307,643 | ||||||||||||
NETASSETS | ||||||||||||||||
Beginning of period | 109,685,325 | 88,759,156 | 32,417,238 | 20,109,595 | ||||||||||||
End of period1 | $ | 144,342,127 | $ | 109,685,325 | $ | 44,155,118 | $ | 32,417,238 | ||||||||
1 Including undistributed net investment income | $ | 28,099 | $ | — | $ | 90,377 | $ | 40,616 | ||||||||
CHANGESINSHARESOUTSTANDING: | ||||||||||||||||
Shares purchased | 2,150,000 | 1,300,000 | 300,000 | 350,000 | ||||||||||||
Shares redeemed | (1,700,000 | ) | (950,000 | ) | (100,000 | ) | (150,000 | ) | ||||||||
Shares outstanding, beginning of period | 2,100,000 | 1,750,000 | 600,000 | 400,000 | ||||||||||||
Shares outstanding, end of period | 2,550,000 | 2,100,000 | 800,000 | 600,000 |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 135 |
Table of Contents
GUGGENHEIM S&P 500 EQUAL WEIGHT ETF
Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, 2011 | Year Ended October 31, 2010 | Year Ended October 31, 2009 | Year Ended October 31, 2008 | Year Ended October 31, 2007 | |||||||||||||||||||
Per Share Operating Performance: |
| |||||||||||||||||||||||
Net asset value at beginning of period | $46.77 | $43.87 | $35.99 | $30.01 | $50.63 | $46.06 | ||||||||||||||||||
Net investment income* | 0.39 | 0.69 | 0.60 | 0.54 | 0.72 | 0.59 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 4.70 | 2.87 | 7.87 | 5.98 | (20.64 | ) | 4.56 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 5.09 | 3.56 | 8.47 | 6.52 | (19.92 | ) | 5.15 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.37 | ) | (0.66 | ) | (0.59 | ) | (0.54 | ) | (0.70 | ) | (0.58 | ) | ||||||||||||
Net asset value at end of period | $51.49 | $46.77 | $43.87 | $35.99 | $30.01 | $50.63 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return** | 10.91% | 8.12% | 23.67% | 22.21% | (39.75% | ) | 11.23% | |||||||||||||||||
Ratios/Supplemental Data: |
| |||||||||||||||||||||||
Net assets at end of period | $3,128,196 | $3,063,809 | $2,154,259 | $1,499,351 | $843,417 | $2,177,693 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | 0.40% | *** | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% | |||||||||||||||||
Net investment income | 1.61% | *** | 1.45% | 1.48% | 1.75% | 1.65% | 1.22% | |||||||||||||||||
Portfolio turnover rate† | 9% | 21% | 20% | 37% | 32% | 25% |
* | Based on average shares outstanding. |
** | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. Total investment return calculated for a period of less than one year is not annualized. |
*** | Annualized. |
† | Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions. |
136 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
GUGGENHEIM S&P MIDCAP 400 EQUAL WEIGHT ETF
FINANCIAL HIGHLIGHTS (continued)
Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, 2011* | |||||||
Per Share Operating Performance: | ||||||||
Net asset value at beginning of period | $28.26 | $29.76 | ||||||
Net investment income** | 0.17 | 0.08 | ||||||
Net realized and unrealized gain (loss) on investments | 3.37 | (1.52 | ) | |||||
|
|
|
| |||||
Total from investment operations | 3.54 | (1.44 | ) | |||||
Distributions to shareholders from: | ||||||||
Net investment income | (0.16 | ) | (0.06 | ) | ||||
Net asset value at end of period | $31.64 | $28.26 | ||||||
|
|
|
| |||||
Total Return*** | 12.55% | (4.81% | ) | |||||
Ratios/Supplemental Data: | ||||||||
Net assets at end of period (000’s omitted) | $3,164 | $2,826 | ||||||
Ratio to average net assets of: | ||||||||
Expenses | 0.41% | **** | 0.40% | **** | ||||
Net investment income | 1.14% | **** | 1.20% | **** | ||||
Portfolio turnover rate† | 11% | 7% |
* | Fund commenced August 1, 2011. |
** | Based on average shares outstanding. |
*** | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. Total investment return calculated for a period of less than one year is not annualized. |
**** | Annualized. |
† | Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions. |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 137 |
Table of Contents
GUGGENHEIM S&P SMALLCAP 600 EQUAL WEIGHT ETF
FINANCIAL HIGHLIGHTS (continued)
Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, 2011* | |||||||
Per Share Operating Performance: | ||||||||
Net asset value at beginning of period | $28.23 | $29.85 | ||||||
Net investment income** | 0.16 | 0.05 | ||||||
Net realized and unrealized gain (loss) on investments | 3.19 | (1.64 | ) | |||||
|
|
|
| |||||
Total from investment operations | 3.35 | (1.59 | ) | |||||
Distributions to shareholders from: | ||||||||
Net investment income | (0.13 | ) | (0.03 | ) | ||||
Net asset value at end of period | $31.45 | $28.23 | ||||||
|
|
|
| |||||
Total Return*** | 11.88% | (5.30% | ) | |||||
Ratios/Supplemental Data: | ||||||||
Net assets at end of period (000’s omitted) | $6,290 | $5,647 | ||||||
Ratio to average net assets of: | ||||||||
Expenses | 0.41% | **** | 0.40% | **** | ||||
Net investment income | 1.05% | **** | 0.82% | **** | ||||
Portfolio turnover rate† | 14% | 8% |
* | Fund commenced August 1, 2011. |
** | Based on average shares outstanding. |
*** | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. Total investment return calculated for a period of less than one year is not annualized. |
**** | Annualized. |
† | Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions. |
138 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
GUGGENHEIM RUSSELL MIDCAP® EQUAL WEIGHT ETF
FINANCIAL HIGHLIGHTS (continued)
Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, 2011* | |||||||
Per Share Operating Performance: | ||||||||
Net asset value at beginning of period | $31.15 | $30.21 | ||||||
Net investment income** | 0.21 | 0.30 | ||||||
Net realized and unrealized gain on investments | 3.10 | 0.85 | ||||||
|
|
|
| |||||
Total from investment operations | 3.31 | 1.15 | ||||||
Distributions to shareholders from: | ||||||||
Net investment income | (0.19 | ) | (0.21 | ) | ||||
Net asset value at end of period | $34.27 | $31.15 | ||||||
|
|
|
| |||||
Total Return*** | 10.70% | 3.80% | ||||||
Ratios/Supplemental Data: | ||||||||
Net assets at end of period (000’s omitted) | $56,554 | $54,508 | ||||||
Ratio to average net assets of: | ||||||||
Expenses | 0.41% | **** | 0.41% | **** | ||||
Net investment income | 1.30% | **** | 1.06% | **** | ||||
Portfolio turnover rate† | 14% | 30% |
* | The Fund commenced operations on December 3, 2010. |
** | Based on average shares outstanding. |
*** | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. Total investment return calculated for a period of less than one year is not annualized. |
**** | Annualized. |
† | Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions. |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 139 |
Table of Contents
GUGGENHEIM RUSSELL 1000® EQUAL WEIGHT ETF
FINANCIAL HIGHLIGHTS (continued)
Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, 2011* | |||||||
Per Share Operating Performance: | ||||||||
Net asset value at beginning of period | $31.08 | $30.18 | ||||||
Net investment income** | 0.24 | 0.36 | ||||||
Net realized and unrealized gain on investments | 3.03 | 0.85 | ||||||
|
|
|
| |||||
Total from investment operations | 3.27 | 1.21 | ||||||
Distributions to shareholders from: | ||||||||
Net investment income | (0.22 | ) | (0.31 | ) | ||||
Net asset value at end of period | $34.13 | $31.08 | ||||||
|
|
|
| |||||
Total Return*** | 10.57% | 4.00% | ||||||
Ratios/Supplemental Data: | ||||||||
Net assets at end of period (000’s omitted) | $39,250 | $34,183 | ||||||
Ratio to average net assets of: | ||||||||
Expenses | 0.41% | **** | 0.41% | **** | ||||
Net investment income | 1.50% | **** | 1.26% | **** | ||||
Portfolio turnover rate† | 13% | 25% |
* | The Fund commenced operations on December 3, 2010. |
** | Based on average shares outstanding. |
*** | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. Total investment return calculated for a period of less than one year is not annualized. |
**** | Annualized. |
† | Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions. |
140 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF
FINANCIAL HIGHLIGHTS (continued)
Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, 2011* | |||||||
Per Share Operating Performance: | ||||||||
Net asset value at beginning of period | $29.48 | $30.19 | ||||||
Net investment income** | 0.17 | 0.22 | ||||||
Net realized and unrealized gain (loss) on investments | 2.46 | (0.75 | ) | |||||
|
|
|
| |||||
Total from investment operations | 2.63 | (0.53 | ) | |||||
Distributions to shareholders from: | ||||||||
Net investment income | (0.14 | ) | (0.18 | ) | ||||
Net asset value at end of period | $31.97 | $29.48 | ||||||
|
|
|
| |||||
Total Return*** | 8.98% | (1.78% | ) | |||||
Ratios/Supplemental Data: | ||||||||
Net assets at end of period (000’s omitted) | $19,185 | $23,584 | ||||||
Ratio to average net assets of: | ||||||||
Expenses | 0.41% | **** | 0.41% | **** | ||||
Net investment income | 1.09% | **** | 0.79% | **** | ||||
Portfolio turnover rate† | 20% | 38% |
* | The Fund commenced operations on December 3, 2010. |
** | Based on average shares outstanding. |
*** | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. Total investment return calculated for a period of less than one year is not annualized. |
**** | Annualized. |
† | Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions. |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 141 |
Table of Contents
GUGGENHEIM MSCI EAFE EQUAL WEIGHT ETF
FINANCIAL HIGHLIGHTS (continued)
Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, 2011* | |||||||
Per Share Operating Performance: | ||||||||
Net asset value at beginning of period | $36.98 | $40.63 | ||||||
Net investment income** | 0.47 | 1.11 | ||||||
Net realized and unrealized gain (loss) on investments | 0.54 | (3.57 | ) | |||||
|
|
|
| |||||
Total from investment operations | 1.01 | (2.46 | ) | |||||
Distributions to shareholders from: | ||||||||
Net investment income | (0.24 | ) | (1.19 | ) | ||||
Net asset value at end of period | $37.75 | $36.98 | ||||||
|
|
|
| |||||
Total Return*** | 2.75% | (6.33% | ) | |||||
Ratios/Supplemental Data: | ||||||||
Net assets at end of period (000’s omitted) | $11,324 | $11,093 | ||||||
Ratio to average net assets of: | ||||||||
Expenses | 0.56% | **** | 0.56% | **** | ||||
Net investment income | 2.62% | **** | 2.96% | **** | ||||
Portfolio turnover rate† | 15% | 24% |
* | The Fund commenced operations on December 3, 2010. |
** | Based on average shares outstanding. |
*** | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. Total investment return calculated for a period of less than one year is not annualized. |
**** | Annualized. |
† | Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions. |
142 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
GUGGENHEIM MSCI EMERGING MARKETS EQUAL WEIGHT ETF
FINANCIAL HIGHLIGHTS (continued)
Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, 2011* | |||||||
Per Share Operating Performance: | ||||||||
Net asset value at beginning of period | $33.83 | $40.21 | ||||||
Net investment income** | 0.12 | 0.69 | ||||||
Net realized and unrealized gain (loss) on investments | 0.49 | (6.35 | ) | |||||
|
|
|
| |||||
Total from investment operations | 0.61 | (5.66 | ) | |||||
Distributions to shareholders from: | ||||||||
Net investment income | (0.05 | ) | (0.36 | ) | ||||
Capital | — | (0.36 | ) | |||||
|
|
|
| |||||
Total distributions | (0.05 | ) | (0.72 | ) | ||||
Net asset value at end of period | $34.39 | $33.83 | ||||||
|
|
|
| |||||
Total Return*** | 1.81% | (14.13% | ) | |||||
Ratios/Supplemental Data: | ||||||||
Net assets at end of period (000’s omitted) | $13,756 | $16,914 | ||||||
Ratio to average net assets of: | ||||||||
Expenses | 0.70% | **** | 0.71% | **** | ||||
Net expenses***** | 0.59% | **** | 0.63% | **** | ||||
Net investment income | 0.72% | **** | 1.99% | **** | ||||
Portfolio turnover rate† | 25% | 63% |
* | The Fund commenced operations on January 7, 2011. |
** | Based on average shares outstanding. |
*** | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. Total investment return calculated for a period of less than one year is not annualized. |
**** | Annualized. |
***** | Net expense information reflects the expense ratios after expense waivers. |
† | Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions. |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 143 |
Table of Contents
GUGGENHEIM S&P 500 EQUAL WEIGHT CONSUMER DISCRETIONARY ETF
FINANCIAL HIGHLIGHTS (continued)
Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, 2011 | Year Ended October 31, 2010 | Year Ended October 31, 2009 | Year Ended October 31, 2008 | Year Ended October 31, 2007* | |||||||||||||||||||
Per Share Operating Performance: |
| |||||||||||||||||||||||
Net asset value at beginning of period | $47.70 | $42.37 | $32.78 | $24.82 | $44.50 | $44.98 | ||||||||||||||||||
Net investment income** | 0.31 | 0.56 | 0.35 | 0.40 | 0.53 | 0.32 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 7.34 | 5.31 | 9.56 | 7.93 | (19.59 | ) | (0.49 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 7.65 | 5.87 | 9.91 | 8.33 | (19.06 | ) | (0.17 | ) | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.33 | ) | (0.54 | ) | (0.32 | ) | (0.37 | ) | (0.62 | ) | (0.31 | ) | ||||||||||||
Net asset value at end of period | $55.02 | $47.70 | $42.37 | $32.78 | $24.82 | $44.50 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return*** | 16.10% | 13.91% | 30.35% | 34.20% | (43.27% | ) | (0.40% | ) | ||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $60,527 | $21,467 | $25,425 | $11,474 | $3,722 | $28,928 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | 0.50% | **** | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% | **** | ||||||||||||||||
Net investment income | 1.22% | **** | 1.20% | 0.89% | 1.61% | 1.44% | 0.67% | **** | ||||||||||||||||
Portfolio turnover rate† | 11% | 26% | 28% | 42% | 29% | 28% |
* | The Fund commenced operations on November 1, 2006. |
** | Based on average shares outstanding. |
*** | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. Total investment return calculated for a period of less than one year is not annualized. |
**** | Annualized. |
† | Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions. |
144 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
GUGGENHEIM S&P 500 EQUAL WEIGHT CONSUMER STAPLES ETF
FINANCIAL HIGHLIGHTS (continued)
Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, 2011 | Year Ended October 31, 2010 | Year Ended October 31, 2009 | Year Ended October 31, 2008 | Year Ended October 31, 2007* | |||||||||||||||||||
Per Share Operating Performance: |
| |||||||||||||||||||||||
Net asset value at beginning of period | $61.01 | $55.42 | $48.42 | $41.47 | $52.68 | $48.16 | ||||||||||||||||||
Net investment income** | 0.71 | 1.31 | 1.14 | 1.04 | 0.88 | 1.16 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 5.47 | 5.49 | 6.95 | 6.91 | (11.22 | ) | 4.32 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 6.18 | 6.80 | 8.09 | 7.95 | (10.34 | ) | 5.48 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.70 | ) | (1.21 | ) | (1.09 | ) | (1.00 | ) | (0.87 | ) | (0.96 | ) | ||||||||||||
Net asset value at end of period | $66.49 | $61.01 | $55.42 | $48.42 | $41.47 | $52.68 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return*** | 10.16% | 12.37% | 16.89% | 19.60% | (19.87% | ) | 11.45% | |||||||||||||||||
Ratios/Supplemental Data: |
| |||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $36,569 | $30,507 | $13,856 | $9,685 | $10,368 | $7,902 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | 0.50% | **** | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% | **** | ||||||||||||||||
Net investment income | 2.23% | **** | 2.20% | 2.20% | 2.52% | 1.78% | 2.29% | **** | ||||||||||||||||
Portfolio turnover rate† | 8% | 15% | 18% | 25% | 25% | 19% |
* | The Fund commenced operations on November 1, 2006. |
** | Based on average shares outstanding. |
*** | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. Total investment return calculated for a period of less than one year is not annualized. |
**** | Annualized. |
† | Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions. |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 145 |
Table of Contents
GUGGENHEIM S&P 500 EQUAL WEIGHT ENERGY ETF
FINANCIAL HIGHLIGHTS (continued)
Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, 2011 | Year Ended October 31, 2010 | Year Ended October 31, 2009 | Year Ended October 31, 2008 | Year Ended October 31, 2007* | |||||||||||||||||||
Per Share Operating Performance: |
| |||||||||||||||||||||||
Net asset value at beginning of period | $64.16 | $53.74 | $47.69 | $39.72 | $67.48 | $48.35 | ||||||||||||||||||
Net investment income** | 0.22 | 0.36 | 0.44 | 0.46 | 0.33 | 0.27 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.03) | 10.43 | 6.07 | 7.93 | (25.94 | ) | 19.14 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 0.19 | 10.79 | 6.51 | 8.39 | (25.61 | ) | 19.41 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.24 | ) | (0.37 | ) | (0.46 | ) | (0.42 | ) | (0.35 | ) | (0.28 | ) | ||||||||||||
Net realized gains | — | — | — | — | (1.80 | ) | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.24 | ) | (0.37 | ) | (0.46 | ) | (0.42 | ) | (2.15 | ) | (0.28 | ) | ||||||||||||
Net asset value at end of period | $64.11 | $64.16 | $53.74 | $47.69 | $39.72 | $67.48 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return*** | 0.30% | 20.09% | 13.74% | 21.39% | (39.28% | ) | 40.28% | |||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $35,260 | $35,287 | $16,122 | $11,922 | $5,958 | $10,122 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | 0.50% | **** | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% | **** | ||||||||||||||||
Net investment income | 0.70% | **** | 0.53% | 0.87% | 1.16% | 0.50% | 0.47% | **** | ||||||||||||||||
Portfolio turnover rate† | 13% | 23% | 31% | 33% | 38% | 34% |
* | The Fund commenced operations on November 1, 2006. |
** | Based on average shares outstanding. |
*** | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. Total investment return calculated for a period of less than one year is not annualized. |
**** | Annualized. |
† | Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions. |
146 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
GUGGENHEIM S&P 500 EQUAL WEIGHT FINANCIALS ETF
FINANCIAL HIGHLIGHTS (continued)
Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, 2011 | Year Ended October 31, 2010 | Year Ended October 31, 2009 | Year Ended October 31, 2008 | Year Ended October 31, 2007* | |||||||||||||||||||
Per Share Operating Performance: |
| |||||||||||||||||||||||
Net asset value at beginning of period | $24.48 | $25.40 | $21.53 | $21.41 | $46.67 | $48.57 | ||||||||||||||||||
Net investment income** | 0.25 | 0.42 | 0.31 | 0.36 | 1.02 | 0.92 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 3.46 | (0.96 | ) | 3.87 | 0.18 | (25.40 | ) | (1.95 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 3.71 | (0.54 | ) | 4.18 | 0.54 | (24.38 | ) | (1.03 | ) | |||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.28 | ) | (0.38 | ) | (0.31 | ) | (0.42 | ) | (0.88 | ) | (0.87 | ) | ||||||||||||
Net asset value at end of period | $27.91 | $24.48 | $25.40 | $21.53 | $21.41 | $46.67 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return*** | 15.13% | (2.25% | ) | 19.46% | 3.15% | (52.88% | ) | (2.23% | ) | |||||||||||||||
Ratios/Supplemental Data: |
| |||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $15,348 | $17,133 | $16,510 | $13,995 | $10,705 | $7,000 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | 0.50% | **** | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% | **** | ||||||||||||||||
Net investment income | 1.93% | **** | 1.59% | 1.26% | 2.00% | 3.09% | 1.84% | **** | ||||||||||||||||
Portfolio turnover rate† | 10% | 18% | 19% | 49% | 51% | 31% |
* | The Fund commenced operations on November 1, 2006. |
** | Based on average shares outstanding. |
*** | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. Total investment return calculated for a period of less than one year is not annualized. |
**** | Annualized. |
† | Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions. |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 147 |
Table of Contents
GUGGENHEIM S&P 500 EQUAL WEIGHT HEALTH CARE ETF
FINANCIAL HIGHLIGHTS (continued)
Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, 2011 | Year Ended October 31, 2010 | Year Ended October 31, 2009 | Year Ended October 31, 2008 | Year Ended October 31, 2007* | |||||||||||||||||||
Per Share Operating Performance: |
| |||||||||||||||||||||||
Net asset value at beginning of period | $66.49 | $59.74 | $50.56 | $42.21 | $57.94 | $49.46 | ||||||||||||||||||
Net investment income** | 0.23 | 0.32 | 0.20 | 0.19 | 0.14 | 0.11 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 7.92 | 6.73 | 9.20 | 8.35 | (15.74 | ) | 8.48 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 8.15 | 7.05 | 9.40 | 8.54 | (15.60 | ) | 8.59 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.22 | ) | (0.30 | ) | (0.22 | ) | (0.19 | ) | (0.13 | ) | (0.11 | ) | ||||||||||||
Net asset value at end of period | $74.42 | $66.49 | $59.74 | $50.56 | $42.21 | $57.94 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return*** | 12.27% | 11.80% | 18.64% | 20.31% | (26.98% | ) | 17.37% | |||||||||||||||||
Ratios/Supplemental Data: |
| |||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $89,300 | $53,196 | $53,770 | $73,308 | $48,537 | $17,383 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | 0.50% | **** | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% | **** | ||||||||||||||||
Net investment income | 0.64% | **** | 0.47% | 0.35% | 0.42% | 0.26% | 0.20% | **** | ||||||||||||||||
Portfolio turnover rate† | 8% | 19% | 20% | 38% | 26% | 55% |
* | The Fund commenced operations on November 1, 2006. |
** | Based on average shares outstanding. |
*** | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. Total investment return calculated for a period of less than one year is not annualized. |
**** | Annualized. |
† | Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions. |
148 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
GUGGENHEIM S&P 500 EQUAL WEIGHT INDUSTRIALS ETF
FINANCIAL HIGHLIGHTS (continued)
Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, 2011 | Year Ended October 31, 2010 | Year Ended October 31, 2009 | Year Ended October 31, 2008 | Year Ended October 31, 2007* | |||||||||||||||||||
Per Share Operating Performance: |
| |||||||||||||||||||||||
Net asset value at beginning of period | $51.50 | $49.54 | $39.76 | $35.73 | $59.37 | $49.15 | ||||||||||||||||||
Net investment income** | 0.46 | 0.83 | 0.61 | 0.67 | 0.61 | 0.56 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 5.36 | 2.05 | 9.78 | 4.12 | (21.82 | ) | 10.21 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 5.82 | 2.88 | 10.39 | 4.79 | (21.21 | ) | 10.77 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.49 | ) | (0.92 | ) | (0.61 | ) | (0.76 | ) | (0.65 | ) | (0.55 | ) | ||||||||||||
Net realized gains | — | — | — | — | (1.78 | ) | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.49 | ) | (0.92 | ) | (0.61 | ) | (0.76 | ) | (2.43 | ) | (0.55 | ) | ||||||||||||
Net asset value at end of period | $56.83 | $51.50 | $49.54 | $39.76 | $35.73 | $59.37 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return*** | 11.35% | 5.80% | 26.28% | 13.84% | (37.12% | ) | 22.00% | |||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $36,940 | $15,450 | $42,105 | $17,890 | $7,146 | $8,905 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | 0.50% | **** | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% | **** | ||||||||||||||||
Net investment income | 1.68% | **** | 1.52% | 1.34% | 1.88% | 1.17% | 1.02% | **** | ||||||||||||||||
Portfolio turnover rate† | 7% | 15% | 18% | 35% | 30% | 36% |
* | The Fund commenced operations on November 1, 2006. |
** | Based on average shares outstanding. |
*** | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. Total investment return calculated for a period of less than one year is not annualized. |
**** | Annualized. |
† | Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions. |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 149 |
Table of Contents
GUGGENHEIM S&P 500 EQUAL WEIGHT MATERIALS ETF
FINANCIAL HIGHLIGHTS (continued)
Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, 2011 | Year Ended October 31, 2010 | Year Ended October 31, 2009 | Year Ended October 31, 2008 | Year Ended October 31, 2007* | |||||||||||||||||||
Per Share Operating Performance: |
| |||||||||||||||||||||||
Net asset value at beginning of period | $56.57 | $57.32 | $45.78 | $34.37 | $59.42 | $48.43 | ||||||||||||||||||
Net investment income** | 0.44 | 0.82 | 1.52 | 0.60 | 1.40 | 0.85 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 6.20 | (0.76 | ) | 11.65 | 11.49 | (25.11 | ) | 10.74 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 6.64 | 0.06 | 13.17 | 12.09 | (23.71 | ) | 11.59 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.42 | ) | (0.81 | ) | (1.63 | ) | (0.68 | ) | (1.34 | ) | (0.60 | ) | ||||||||||||
Net asset value at end of period | $62.79 | $56.57 | $57.32 | $45.78 | $34.37 | $59.42 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return*** | 11.79% | 0.04% | 29.05% | 35.82% | (40.67% | ) | 24.02% | |||||||||||||||||
Ratios/Supplemental Data: |
| |||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $37,672 | $36,771 | $34,395 | $41,199 | $5,155 | $8,913 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | 0.50% | **** | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% | **** | ||||||||||||||||
Net investment income | 1.48% | **** | 1.33% | 2.88% | 1.41% | 2.69% | 1.53% | **** | ||||||||||||||||
Portfolio turnover rate† | 8% | 21% | 27% | 57% | 34% | 31% |
* | The Fund commenced operations on November 1, 2006. |
** | Based on average shares outstanding. |
*** | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. Total investment return calculated for a period of less than one year is not annualized. |
**** | Annualized. |
† | Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions. |
150 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
GUGGENHEIM S&P 500 EQUAL WEIGHT TECHNOLOGY ETF
FINANCIAL HIGHLIGHTS (continued)
Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, 2011 | Year Ended October 31, 2010 | Year Ended October 31, 2009 | Year Ended October 31, 2008 | Year Ended October 31, 2007* | |||||||||||||||||||
Per Share Operating Performance: |
| |||||||||||||||||||||||
Net asset value at beginning of period | $52.23 | $50.72 | $39.98 | $29.98 | $55.18 | $47.80 | ||||||||||||||||||
Net investment income (loss)** | 0.15 | 0.29 | 0.12 | 0.11 | 0.06 | (0.05 | ) | |||||||||||||||||
Net realized and unrealized gain (loss) on investments | 4.35 | 1.49 | 10.75 | 10.03 | (25.19 | ) | 7.43 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 4.50 | 1.78 | 10.87 | 10.14 | (25.13 | ) | 7.38 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.13 | ) | (0.27 | ) | (0.13 | ) | (0.14 | ) | (0.07 | ) | — | |||||||||||||
Net asset value at end of period | $56.60 | $52.23 | $50.72 | $39.98 | $29.98 | $55.18 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return*** | 8.62% | 3.51% | 27.23% | 33.94% | (45.58% | ) | 15.44% | |||||||||||||||||
Ratios/Supplemental Data: |
| |||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $144,342 | $109,685 | $88,759 | $53,969 | $7,495 | $19,312 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | 0.50% | **** | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% | **** | ||||||||||||||||
Net investment income | 0.57% | **** | 0.54% | 0.26% | 0.30% | 0.14% | (0.10%) | **** | ||||||||||||||||
Portfolio turnover rate† | 11% | 29% | 25% | 30% | 36% | 60% |
* | The Fund commenced operations on November 1, 2006. |
** | Based on average shares outstanding. |
*** | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. Total investment return calculated for a period of less than one year is not annualized. |
**** | Annualized. |
† | Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions. |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 151 |
Table of Contents
GUGGENHEIM S&P 500 EQUAL WEIGHT UTILITIES ETF
FINANCIAL HIGHLIGHTS (concluded)
Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, 2011 | Year Ended October 31, 2010 | Year Ended October 31, 2009 | Year Ended October 31, 2008 | Year Ended October 31, 2007* | |||||||||||||||||||
Per Share Operating Performance: |
| |||||||||||||||||||||||
Net asset value at beginning of period | $54.03 | $50.27 | $42.13 | $41.18 | $62.28 | $54.91 | ||||||||||||||||||
Net investment income** | 0.97 | 1.89 | 1.84 | 1.89 | 1.81 | 1.55 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.17 | 3.71 | 8.13 | 0.88 | (21.09 | ) | 7.38 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 2.14 | 5.60 | 9.97 | 2.77 | (19.28 | ) | 8.93 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.98 | ) | (1.84 | ) | (1.83 | ) | (1.82 | ) | (1.82 | ) | (1.56 | ) | ||||||||||||
Net asset value at end of period | $55.19 | $54.03 | $50.27 | $42.13 | $41.18 | $62.28 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return*** | 3.98% | 11.29% | 24.10% | 6.97% | (31.63% | ) | 16.41% | |||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $44,155 | $32,417 | $20,110 | $8,427 | $4,118 | $6,228 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | 0.50% | **** | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% | **** | ||||||||||||||||
Net investment income | 3.59% | **** | 3.60% | 3.95% | 4.64% | 3.30% | 2.59% | **** | ||||||||||||||||
Portfolio turnover rate† | 10% | 15% | 16% | 26% | 25% | 20% |
* | The Fund commenced operations on November 1, 2006. |
** | Based on average shares outstanding. |
*** | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. Total investment return calculated for a period of less than one year is not annualized. |
**** | Annualized. |
† | Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions. |
152 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
NOTES TO FINANCIAL STATEMENTS (Unaudited)
|
1. Organization
Rydex ETF Trust (the “Trust”) is an open-end, management investment company registered under the Investment Company Act of 1940 (the “1940 Act”). The Trust was organized as a Delaware statutory trust on November 22, 2002. As of April 30, 2012, the Trust offers twenty-six portfolios, each of which represents a separate series of beneficial interest in the Trust (each a “Fund”, and collectively, the “Funds”). The financial statements herein relate to the following funds: Guggenheim S&P 500 Equal Weight ETF, Guggenheim S&P MidCap 400 Equal Weight ETF, Guggenheim S&P SmallCap 600 Equal Weight ETF, Guggenheim Russell MidCap® Equal Weight ETF, Guggenheim Russell 1000® Equal Weight ETF, Guggenheim Russell 2000® Equal Weight ETF, Guggenheim MSCI EAFE Equal Weight ETF, Guggenheim MSCI Emerging Markets Equal Weight ETF, Guggenheim S&P 500 Equal Weight Consumer Discretionary ETF, Guggenheim S&P 500 Equal Weight Consumer Staples ETF, Guggenheim S&P 500 Equal Weight Energy ETF, Guggenheim S&P 500 Equal Weight Financials ETF, Guggenheim S&P 500 Equal Weight Health Care ETF, Guggenheim S&P 500 Equal Weight Industrials ETF, Guggenheim S&P 500 Equal Weight Materials ETF, Guggenheim S&P 500 Equal Weight Technology ETF and Guggenheim S&P 500 Equal Weight Utilities ETF. Guggenheim S&P 500 Equal Weight ETF commenced operations on April 24, 2003. Guggenheim S&P MidCap 400 Equal Weight and Guggenheim S&P SmallCap 600 Equal Weight commenced operations on August 1, 2011. Guggenheim Russell MidCap® Equal Weight ETF, Guggenheim Russell 1000® Equal Weight ETF, Guggenheim Russell 2000® Equal Weight ETF, Guggenheim MSCI EAFE Equal Weight ETF and Guggenheim MSCI Emerging Markets Equal Weight ETF commenced operations on December 3, 2010. Guggenheim S&P 500 Equal Weight Consumer Discretionary ETF, Guggenheim S&P 500 Equal Weight Consumer Staples ETF, Guggenheim S&P 500 Equal Weight Energy ETF, Guggenheim S&P 500 Equal Weight Financials ETF, Guggenheim S&P 500 Equal Weight Health Care ETF, Guggenheim S&P 500 Equal Weight Industrials ETF, Rydex S&P 500 Equal Weight Materials ETF, Rydex S&P 500 Equal Weight Technology ETF and Rydex S&P 500 Equal Weight Utilities ETF commenced operations on November 1, 2006.
The Funds’ 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”). The Guggenheim S&P 500 Equal Weight ETF tracks the S&P 500 Equal Weight Total Return Index, the Guggenheim S&P MidCap 400 Equal Weight ETF tracks the S&P MidCap 400® Equal Weight Index, the Guggenheim S&P SmallCap 600 Equal Weight ETF tracks the S&P SmallCap 600® Equal Weight Index, the Guggenheim Russell MidCap® Equal Weight ETF tracks the Russell MidCap Equal Weight Index, the Guggenheim Russell 1000® Equal Weight ETF tracks the Russell 1000® Equal Weight Index, the Guggenheim Russell
2000® Equal Weight ETF tracks the Russell 2000® Equal Weight Index, the Guggenheim MSCI EAFE Equal Weight ETF tracks the MSCI EAFE Equal Weighted Index, the Guggenheim MSCI Emerging Markets Equal Weight ETF tracks the MSCI Emerging Markets Equal Weighted Index, the Guggenheim S&P 500 Equal Weight Consumer Discretionary ETF tracks the S&P 500 Equal Weight Consumer Discretionary Index, the Guggenheim S&P 500 Equal Weight Consumer Staples ETF tracks the S&P 500 Equal Weight Consumer Staples Index, the Guggenheim S&P 500 Equal Weight Energy ETF tracks the S&P 500 Equal Weight Energy Index, the Guggenheim S&P 500 Equal Weight Financials ETF tracks the S&P 500 Equal Weight Financials Index, the Guggenheim S&P 500 Equal Weight Health Care ETF tracks the S&P 500 Equal Weight Health Care Index, the Guggenheim S&P 500 Equal Weight Industrials ETF tracks the S&P 500 Equal Weight Industrials Index, the Guggenheim S&P 500 Equal Weight Materials ETF tracks the S&P 500 Equal Weight Materials Index, the Guggenheim S&P 500 Equal Weight Technology ETF tracks the S&P 500 Equal Weight Information Technology Index and the Guggenheim S&P 500 Equal Weight Utilities ETF tracks the S&P 500 Equal Weight Telecommunication Services & Utilities Index. 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 called a “Creation Unit”. Creation Units are issued and redeemed principally in-kind for securities included in the Underlying Index.
Guggenheim Investments (“GI”) provides advisory services and Rydex Distributors, LLC (“RDL”) acts as principal underwriter for the Trust. GI and RDL are affiliated entities.
2. 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.
GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 153 |
Table of Contents
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
|
A. Security Valuation
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 on the valuation date. Equity securities listed on the NASDAQ market system are valued at the NASDAQ Official Closing Price on the valuation date.
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) using general information as to how these securities and assets trade; and (ii) using other information and considerations, including current values in related markets.
B. Security Transactions and Income Recognition
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. 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 discount, 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. Repurchase Agreements
The Funds may enter into repurchase agreements with financial institutions. In a repurchase agreement, a Fund buys a security and the seller simultaneously agrees to repurchase the security on a specified future date at an agreed-upon price. The repurchase price reflects an agreed-upon interest rate during the time the Fund’s money is invested in the security. Because the security constitutes collateral for the repurchase obligation, a repurchase agreement can be considered a collateralized loan. The Funds follow certain procedures designed to minimize the risks inherent in such agreements. These procedures include effecting repurchase transactions only with large, well-capitalized and well-established financial institutions whose condition will be continually monitored by GI. In addition, the value of the collateral underlying the repurchase agreement will always be at least equal to the repurchase price, including any accrued interest earned on the repurchase agreement. In the event of a default or bankruptcy by a selling financial institution, the Funds will seek to liquidate such collateral. However, the exercising of the Funds right to liquidate such collateral could involve certain costs or delays and, to the extent that proceeds from any sale upon a
default of the obligation to repurchase were less than the repurchase price, the Funds could suffer a loss. It is the current policy of the Funds not to invest in repurchase agreements that do not mature within seven days if any such investment, together with any other illiquid assets held by the Funds, amounts to more than 15% of the Funds net assets. The investments of the Funds in repurchase agreements, at times, may be substantial when, in the view of GI, liquidity or other considerations so warrant. For the period ended April 30, 2012, the Funds had not engaged in repurchase agreement transactions.
D. Federal Income Taxes
The Funds intend to comply with the provisions of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and will distribute substantially all taxable net investment income and capital gains sufficient to relieve the Funds from all, or substantially all, federal income, excise and state income taxes. Therefore, no provision for Federal or state income tax is required.
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 (fiscal years 2008 – 2011), and has concluded that no provision for income tax was required in the Funds’ financial statements.
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 and the tax reporting to their shareholders, and to improve the tax efficiency of certain fund structures. The changes are generally effective for taxable years beginning after the date of enactment.
One of the more prominent changes addresses capital loss carryforwards. Funds will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years 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 loss carryforwards may potentially expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.
154 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT |
Table of Contents
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued) |
For the period ended April 30, 2012, the Funds realized net capital gains resulting from in-kind redemptions and other transactions. Because gains from in-kind redemptions are non-taxable to the Funds, and are not distributed to existing Fund shareholders, the gains are reclassified from accumulated net realized gains to paid-in-capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or NAV. The in-kind net capital gains for the period ended April 30, 2012 are disclosed in the Fund’s Statement of Operations.
At April 30, 2012, the identified cost of investments in securities owned by each Fund for Federal income tax purposes and the gross unrealized appreciation and depreciation were as follows:
Identified Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | |||||||||||||
Guggenheim S&P 500 Equal Weight ETF | $ | 3,013,935,317 | $ | 279,397,423 | $ | (166,516,050) | $ | 112,881,373 | ||||||||
Guggenheim S&P MidCap 400 Equal Weight ETF | 3,107,453 | 204,598 | (148,478) | 56,120 | ||||||||||||
Guggenheim S&P SmallCap 600 Equal Weight ETF | 5,717,286 | 875,222 | (302,069) | 573,153 | ||||||||||||
Guggenheim Russell MidCap® Equal Weight ETF | 53,443,242 | 6,152,655 | (3,050,664) | 3,101,991 | ||||||||||||
Guggenheim Russell 1000® Equal Weight ETF | 37,996,187 | 3,443,631 | (2,201,027) | 1,242,604 | ||||||||||||
Guggenheim Russell 2000® Equal Weight ETF | 19,594,955 | 1,873,541 | (2,318,512) | (444,971 | ) | |||||||||||
Guggenheim MSCI EAFE Equal Weight ETF | 12,345,396 | 576,630 | (1,741,603) | (1,164,973 | ) | |||||||||||
Guggenheim MSCI Emerging Markets Equal Weight ETF | 14,643,626 | 756,157 | (1,707,536) | (951,379 | ) | |||||||||||
Guggenheim S&P 500 Equal Weight Consumer Discretionary ETF | 54,184,374 | 8,018,983 | (1,689,166) | 6,329,817 | ||||||||||||
Guggenheim S&P 500 Equal Weight Consumer Staples ETF | 31,747,528 | 5,008,527 | (210,812) | 4,797,715 | ||||||||||||
Guggenheim S&P 500 Equal Weight Energy ETF | 40,493,199 | 1,699,658 | (6,936,595) | (5,236,937 | ) | |||||||||||
Guggenheim S&P 500 Equal Weight Financials ETF | 15,033,735 | 1,473,923 | (1,163,935) | 309,988 | ||||||||||||
Guggenheim S&P 500 Equal Weight Health Care ETF | 91,360,357 | 1,076,667 | (3,181,192) | (2,104,525 | ) | |||||||||||
Guggenheim S&P 500 Equal Weight Industrials ETF | 36,183,018 | 1,666,538 | (929,015) | 737,523 | ||||||||||||
Guggenheim S&P 500 Equal Weight Materials ETF | 30,934,440 | 7,967,769 | (1,256,147) | 6,711,622 | ||||||||||||
Guggenheim S&P 500 Equal Weight Technology ETF | 148,781,872 | 4,610,178 | (9,026,914) | (4,416,736 | ) | |||||||||||
Guggenheim S&P 500 Equal Weight Utilities ETF | 42,837,068 | 2,793,857 | (1,518,080) | 1,275,777 |
E. Fair Value Measurement
In accordance with U.S. GAAP, fair value is defined as the price that the Fund would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal market, or, in the absence of a principal market, the most advantageous market for the investment or liability. A three-tier hierarchy is utilized to distinguish between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Funds’ investments. The inputs are summarized in the three broad levels listed below:
Level 1 — | quoted prices in active markets for identical securities. |
Level 2 — | other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). |
Level 3 — | significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). |
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following table summarizes the inputs used to value the Funds’ net assets as of April 30, 2012:
Fund | Level 1 Investments In Securities | Level 2 Investments In Securities | Level 3 Investments In Securities | Total | ||||||||||||
Guggenheim S&P 500 Equal Weight ETF | $ | 3,126,816,690 | $ | — | $ | — | $ | 3,126,816,690 | ||||||||
Guggenheim S&P MidCap 400 Equal Weight ETF | 3,163,573 | — | — | 3,163,573 | ||||||||||||
Guggenheim S&P SmallCap 600 Equal Weight ETF | 6,290,439 | — | — | 6,290,439 | ||||||||||||
Guggenheim Russell MidCap® Equal Weight ETF | 56,545,233 | — | — | 56,545,233 | ||||||||||||
Guggenheim Russell 1000® Equal Weight ETF | 39,238,791 | — | — | 39,238,791 | ||||||||||||
Guggenheim Russell 2000® Equal Weight ETF | 19,149,984 | — | — | 19,149,984 | ||||||||||||
Guggenheim MSCI EAFE Equal Weight ETF | 11,180,423 | — | — | 11,180,423 |
GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 155 |
Table of Contents
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
|
Fund | Level 1 Investments In Securities | Level 2 Investments In Securities | Level 3 Investments In Securities | Total | ||||||||||||
Guggenheim MSCI Emerging Markets Equal Weight ETF | 13,679,284 | — | 12,963 | 13,692,247 | ||||||||||||
Guggenheim S&P 500 Equal Weight Consumer Discretionary ETF | 60,514,191 | — | — | 60,514,191 | ||||||||||||
Guggenheim S&P 500 Equal Weight Consumer Staples ETF | 36,545,243 | — | — | 36,545,243 | ||||||||||||
Guggenheim S&P 500 Equal Weight Energy ETF | 35,256,262 | — | — | 35,256,262 | ||||||||||||
Guggenheim S&P 500 Equal Weight Financials ETF | 15,343,723 | — | — | 15,343,723 | ||||||||||||
Guggenheim S&P 500 Equal Weight Health Care ETF | 89,255,832 | — | — | 89,255,832 | ||||||||||||
Guggenheim S&P 500 Equal Weight Industrials ETF | 36,920,541 | — | — | 36,920,541 | ||||||||||||
Guggenheim S&P 500 Equal Weight Materials ETF | 37,646,062 | — | — | 37,646,062 | ||||||||||||
Guggenheim S&P 500 Equal Weight Technology ETF | 144,365,136 | — | — | 144,365,136 | ||||||||||||
Guggenheim S&P 500 Equal Weight Utilities ETF | 44,112,845 | — | — | 44,112,845 |
For the period ended April 30, 2012, there were no transfers between levels.
Summary of Fair Value Level 3 Activity
Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value for the period ended April 30, 2012:
Fund | Beginning Balance 10/31/2011 | Purchases | Sales | Accrued Discounts (Premiums) | Total Realized Gains (Losses) | Total Change in Unrealized Appreciation (Depreciation) | Transfers in to Level 3 | Transfers Out of Level 3 | Ending Balance 4/30/2012 | Net Change in Unrealized Appreciation (Depreciation) on Investments Held at 4/30/2012 | ||||||||||||||||||||||||||||||
Guggenheim MSCI Emerging | ||||||||||||||||||||||||||||||||||||||||
Markets Equal Weight ETF | $ | — | $ | 8,366 | $ | 8,391 | $ | — | $ | (1,906 | ) | $ | (23,609 | ) | $ | 22,537 | $ | — | $ | 12,963 | $ | (23,609 | ) | |||||||||||||||||
Total | $ | — | $ | 8,366 | $ | 8,391 | $ | — | $ | (1,906 | ) | $ | — | $ | 22,537 | $ | — | $ | 12,963 | $ | — |
The Funds disclose information about transfers in and out of all Levels of the fair value hierarchy on a gross basis and the reasons for the transfers as well as to disclosures about the valuation techniques and inputs used to measure fair value for investments that fall in either Level 2 or Level 3 fair value hierarchy. Purchases, sales, issuances and settlements are shown on a gross basis in a Level 3 roll forward rather than as one net number.
F. Dividends and Distributions
Distributions of net investment income and net realized gains, if any, in all the Funds, are declared at least annually and recorded on the ex-dividend date and are determined in accordance with income tax regulations which may differ from U.S. GAAP.
G. Risk and Uncertainties
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 ETFs are non-diversified funds, subjecting them to a greater risk than funds that are diversified.
H. Risk Disclosure
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.
3. Advisory, Administration 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.
Advisory Fee | ||||
Guggenheim S&P 500 Equal Weight ETF | 0.40% | |||
Guggenheim S&P MidCap 400 Equal Weight ETF | 0.40% |
156 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT |
Table of Contents
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued) |
Advisory Fee | ||||
Guggenheim S&P SmallCap 600 Equal Weight ETF | 0.40% | |||
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 EAFE Equal Weight ETF | 0.55% | |||
Guggenheim MSCI Emerging Markets Equal Weight ETF | 0.70% | |||
Guggenheim S&P 500 Equal Weight Consumer Discretionary ETF | 0.50% | |||
Guggenheim S&P 500 Equal Weight Consumer Staples ETF | 0.50% | |||
Guggenheim S&P 500 Equal Weight Energy ETF | 0.50% | |||
Guggenheim S&P 500 Equal Weight Financials ETF | 0.50% | |||
Guggenheim S&P 500 Equal Weight Health Care ETF | 0.50% | |||
Guggenheim S&P 500 Equal Weight Industrials ETF | 0.50% | |||
Guggenheim S&P 500 Equal Weight Materials ETF | 0.50% | |||
Guggenheim S&P 500 Equal Weight Technology ETF | 0.50% | |||
Guggenheim S&P 500 Equal Weight Utilities ETF | 0.50% |
GI pays all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except: interest, taxes, distribution fees or expenses and extraordinary expenses.
Under an Administration Agreement, State Street Bank and Trust Company (the “Administrator”) provides various administrative and accounting services for the maintenance and operations of the Funds. Under a Custodian Agreement with the Trust, the Administrator maintains cash, securities and other assets of the Funds in separate accounts for each Fund, keeps all necessary accounts and records, and provides other services. The Administrator 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, the Administrator 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 the Administrator directly for the foregoing services.
The Funds have adopted a Distribution Plan (the “Plan”) that allows the Funds to pay distribution fees to RDL and other firms that provide distribution services (“Service Providers”). If a Service Provider provides distribution services, the Funds will pay distribution fees to RDL at an annual rate not to exceed 0.25% of average daily net assets, pursuant to Rule 12b-1 of the 1940 Act. RDL will, in turn, pay the Service Provider out of its fees. No such fee is currently charged to the Funds.
4. Capital
At April 30, 2012, there were an unlimited number of no par value shares of beneficial interest authorized. 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 Fee | ||||
Guggenheim S&P 500 Equal Weight ETF | $ | 2,000 | ||
Guggenheim S&P MidCap 400 Equal Weight ETF | 1,250 | |||
Guggenheim S&P SmallCap 600 Equal Weight ETF | 2,000 | |||
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 EAFE Equal Weight ETF | 12,000 | |||
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 |
GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 157 |
Table of Contents
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued) |
5. Investment Transactions
For the period ended April 30, 2012, the Funds had investment transactions in-kind associated with subscriptions and redemptions as follows:
Subscriptions | Redemptions | |||||||
Guggenheim S&P 500 Equal Weight ETF | 523,411,946 | 714,928,095 | ||||||
Guggenheim S&P MidCap 400 Equal Weight ETF | 1,580,410 | 1,562,063 | ||||||
Guggenheim S&P SmallCap 600 Equal Weight ETF | — | — | ||||||
Guggenheim Russell MidCap® Equal Weight ETF | 9,598,715 | 12,288,616 | ||||||
Guggenheim Russell 1000® Equal Weight ETF | 7,866,466 | 6,113,902 | ||||||
Guggenheim Russell 2000® Equal Weight ETF | — | 5,906,644.37 | ||||||
Guggenheim MSCI EAFE Equal Weight ETF | — | — | ||||||
Guggenheim MSCI Emerging Markets Equal Weight ETF | 2,065,052 | 3,937,244 | ||||||
Guggenheim S&P 500 Equal Weight Consumer Discretionary ETF | 37,984,905 | 5,414,815 | ||||||
Guggenheim S&P 500 Equal Weight Consumer Staples ETF | 6,396,908 | 3,013,065 | ||||||
Guggenheim S&P 500 Equal Weight Energy ETF | — | — | ||||||
Guggenheim S&P 500 Equal Weight Financials ETF | — | 3,678,552 | ||||||
Guggenheim S&P 500 Equal Weight Health Care ETF | 237,141,454 | 207,819,099 | ||||||
Guggenheim S&P 500 Equal Weight Industrials ETF | 30,124,739 | 11,137,220 | ||||||
Guggenheim S&P 500 Equal Weight Materials ETF | — | 2,894,416 | ||||||
Guggenheim S&P 500 Equal Weight Technology ETF | 112,963,913 | 86,658,836 | ||||||
Guggenheim S&P 500 Equal Weight Utilities ETF | 16,415,657 | 5,450,834 |
Purchases and sales of investment securities (excluding short-term investments, U.S. government and government agency obligations) for the Funds were as follows:
Purchases | Sales | |||||||
Guggenheim S&P 500 Equal Weight ETF | $ | 265,385,090 | $ | 273,101,778 | ||||
Guggenheim S&P MidCap 400 Equal Weight ETF | 327,117 | 331,846 | ||||||
Guggenheim S&P SmallCap 600 Equal Weight ETF | 853,936 | 813,913 | ||||||
Guggenheim Russell MidCap® Equal Weight ETF | 7,792,792 | 7,835,537 | ||||||
Guggenheim Russell 1000® Equal Weight ETF | 4,667,494 | 4,657,043 | ||||||
Guggenheim Russell 2000® Equal Weight ETF | 4,140,551 | 4,089,278 | ||||||
Guggenheim MSCI EAFE Equal Weight ETF | 1,657,658 | 1,647,713 | ||||||
Guggenheim MSCI Emerging Markets Equal Weight ETF | 3,360,439 | 4,354,352 | ||||||
Guggenheim S&P 500 Equal Weight Consumer Discretionary ETF | 4,815,111 | 5,256,907 | ||||||
Guggenheim S&P 500 Equal Weight Consumer Staples ETF | 2,443,086 | 2,435,797 | ||||||
Guggenheim S&P 500 Equal Weight Energy ETF | 4,940,414 | 4,615,776 | ||||||
Guggenheim S&P 500 Equal Weight Financials ETF | 1,489,975 | 1,585,838 | ||||||
Guggenheim S&P 500 Equal Weight Health Care ETF | 7,498,219 | 6,504,234 | ||||||
Guggenheim S&P 500 Equal Weight Industrials ETF | 1,785,901 | 1,819,473 | ||||||
Guggenheim S&P 500 Equal Weight Materials ETF | 2,788,544 | 3,046,615 | ||||||
Guggenheim S&P 500 Equal Weight Technology ETF | 12,979,473 | 13,937,534 | ||||||
Guggenheim S&P 500 Equal Weight Utilities ETF | 4,484,786 | 4,011,046 |
There were no purchases or sales of U.S. government or government agency obligations for the six months ended April 30, 2012.
6. 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 Official Committee of Unsecured Creditors of Tribune Co. v. FitzSimons (In re Tribune Co.), Adv. Pro. No. 10-54010 (Bankr. D. Del.), as a result of ownership of shares in the Tribune Company (“Tribune”) in 2007 by certain series of the Rydex ETF Trust when Tribune effected a leveraged buyout transaction (“LBO”) by which Tribune converted to a privately-held company. In its complaint, the Unsecured Creditors Committee (the “UCC”) has alleged that, in connection with the LBO, insiders and major shareholders were overpaid for their Tribune stock using financing that the insiders knew would, and ultimately did, leave the Tribune insolvent. The UCC has asserted claims against certain insiders, major shareholders, professional advisers, and others involved in the LBO, and is attempting to obtain from these individuals and entities the proceeds paid out in connection with the LBO. This adversary proceeding in the Bankruptcy Court has been stayed pending further order of the Bankruptcy Court.
In June 2011, a group of Tribune creditors, not including the UCC, filed multiple actions involving state law constructive fraudulent conveyance claims against former Tribune shareholders. Rydex ETF Trust also has been named as a defendant in one or more of
158 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT |
Table of Contents
NOTES TO FINANCIAL STATEMENTS (Unaudited) (concluded) |
these suits. These cases have been consolidated in a multidistrict litigation proceeding in the United States District Court for the Southern District of New York and have been stayed pending further order of that court or of the Bankruptcy Court.
None of these lawsuits allege 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 and Guggenheim S&P 500 Equal Weight Consumer Discretionary Fund (the “Funds”). The value of the proceeds received by the foregoing Funds was $4,766,035 and $249,481, respectively. At this stage of the proceedings, Rydex ETF Trust is not able to make a reliable predication as to the outcome of these lawsuits or the effect, if any, on a Fund’s net asset value.
GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 159 |
Table of Contents
|
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. The information is also available from the EDGAR database on the SEC’s website at http://www.sec.gov.
At a special meeting of shareholders held on January 26, 2012, the shareholders of the Funds voted on whether to approve a new investment advisory agreement between Rydex ETF Trust and Security Investors, LLC. A description of the number of shares voted is as follows:
Fund | Shares For | Shares Against | Shares Abstained | |||||||||
Guggenheim S&P 500 Equal Weight ETF | 18,871,711 | 968,357 | 197,728 | |||||||||
Guggenheim S&P MidCap 400 Equal Weight ETF | 80,529 | 2,982 | 3,265 | |||||||||
Guggenheim S&P SmallCap 600 Equal Weight ETF | 858,854 | 22,777 | 30,665 | |||||||||
Guggenheim Russell MidCap® Equal Weight ETF | 782,962 | 9,645 | 10,716 | |||||||||
Guggenheim Russell 1000® Equal Weight ETF | 414,776 | 9,954 | 4,008 | |||||||||
Guggenheim Russell 2000® Equal Weight ETF | 272,509 | 7,255 | 1,752 | |||||||||
Guggenheim MSCI EAFE Equal Weight ETF | 142,893 | 321 | 504 | |||||||||
Guggenheim MSCI Emerging Markets Equal Weight ETF | 286,036 | 669 | 1,111 | |||||||||
Guggenheim S&P 500 Equal Weight Consumer Discretionary ETF | 244,945 | 1,344 | 2,209 | |||||||||
Guggenheim S&P 500 Equal Weight Consumer Staples ETF | 195,693 | 7,554 | 1,513 | |||||||||
Guggenheim S&P 500 Equal Weight Energy ETF | 213,363 | 2,406 | 20,887 | |||||||||
Guggenheim S&P 500 Equal Weight Financials ETF | 279,665 | 10,357 | 5,216 | |||||||||
Guggenheim S&P 500 Equal Weight Health Care ETF | 425,560 | 3,145 | 14,165 | |||||||||
Guggenheim S&P 500 Equal Weight Industrials ETF | 170,447 | 3,958 | 2,555 | |||||||||
Guggenheim S&P 500 Equal Weight Materials ETF | 234,735 | 1,998 | 4,965 | |||||||||
Guggenheim S&P 500 Equal Weight Technology ETF | 791,497 | 14,858 | 220,734 | |||||||||
Guggenheim S&P 500 Equal Weight Utilities ETF | 218,950 | 4,280 | 611 |
At a special meeting of shareholders held on November 22, 2011, the shareholders of the Funds also voted on whether to approve the election of nominees to the Board of Trustees. A description of the number of shares voted is as follows:
Donald C. Cacciapaglia | Corey A. Colehour | J. Kenneth Dalton | ||||||||||||||||||
For | 72,100,198 | For | 72,258,142 | For | 72,216,847 | |||||||||||||||
Withhold | 2,135,025 | Withhold | 1,977,081 | Withhold | 2,018,376 | |||||||||||||||
Total | 74,235,223 | Total | 74,235,223 | Total | 74,235,223 | |||||||||||||||
John O. Demaret | Richard M. Goldman | Werner E. Keller | ||||||||||||||||||
For | 72,234,406 | For | 72,161,702 | For | 72,220,467 | |||||||||||||||
Withhold | 2,000,817 | Withhold | 2,073,521 | Withhold | 2,014,756 | |||||||||||||||
Total | 74,235,223 | Total | 74,235,223 | Total | 74,235,223 | |||||||||||||||
Thomas F. Lydon | Patrick T. McCarville | Roger Somers | ||||||||||||||||||
For | 72,247,608 | For | 72,174,312 | For | 72,250,544 | |||||||||||||||
Withhold | 1,987,615 | Withhold | 2,060,911 | Withhold | 1,984,679 | |||||||||||||||
Total | 74,235,223 | Total | 74,235,223 | Total | 74,235,223 |
At a special meeting of shareholders held on January 26, 2012, the shareholders of the Funds also voted on whether to approve a “manager of managers” arrangement for each of the Funds. Although shareholder votes were placed, not enough votes were received to meet the minimum requirements to constitute a majority vote. As such, the matter was closed.
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.
160 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT |
Table of Contents
OTHER INFORMATION (Unaudited) (concluded) |
Office Locations
The offices of Guggenheim Investments can be found in the following locations:
40 East 52nd Street
16th Floor
New York, NY 10022
(Headquarters)
Four Irvington Centre
805 King Farm Boulevard
Suite 600
Rockville, MD 20850
9401 Indian Creek Parkway
40 Corporate Woods
Suite 850
Overland Park, KS 66210
Premium/Discount Information
Information about the differences between the daily market price on secondary markets for Shares and the NAV of each Fund can be found at www.guggenheimfunds.com.
Guggenheim Transaction
On September 20, 2011, Guggenheim Capital, LLC agreed to purchase the indirect holding company of Security Investors, LLC, the Fund’s investment manager (the “Investment Manager”) (the “Transaction”). Guggenheim Capital, LLC’s subsidiary, Guggenheim Partners, LLC (“Guggenheim”), is a global, independent, privately-held, diversified financial services firm with more than 1,500 dedicated professionals. The Transaction closed on February 29, 2012.
The Transaction should not result in material changes to the day-to-day management and operation of the Fund or any increase in fees.
In anticipation of the Transaction, the Board of Trustees of the Fund (the “Board”) called a special meeting of shareholders (the “Meeting”), at which shareholders of the Fund of record as of October 3, 2011 were asked to consider the approval of a new investment management agreement between the Fund and the Investment Manager (the “New Agreement”). This approval was necessary because, under the Investment Company Act of 1940 (the “1940 Act”), the Transaction could result in the termination of the Fund’s current investment management agreement with the Investment Manager (the “Current Agreement”). The Fund’s shareholders approved the New Agreement, the terms of which are substantially identical to the corresponding Current Agreement, except with respect to the date of execution.
Election of Board Members
The Board also approved a proposal to elect nine individuals to the Board. The Board proposed the election of the following nominees: Donald C. Cacciapaglia, Corey A. Colehour, J. Kenneth Dalton, John O. Demaret, Richard M. Goldman, Werner E. Keller, Thomas F. Lydon, Patrick T. McCarville and Roger Somers. Each of the nominees, other than Mr. Cacciapaglia, currently serves as a Trustee. In connection with the Transaction, the Board believes that expanding the Board to include Mr. Cacciapaglia, who is a member of senior management of Guggenheim’s investment management business, and who would serve on other boards in the Guggenheim Investments family of funds, would be appropriate. The Trusts’ shareholders ultimately approved the aforementioned proposal.
GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 161 |
Table of Contents
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)
|
A Board of Trustees oversees the Trust, as well as other trusts of GI, in which its members have no stated term of service, and continue to serve after election until resignation. The Statement of Additional Information includes further information about Fund Trustees and Officers, and can be obtained without charge by calling 800.820.0888.
All Trustees and Officers may be reached c/o Guggenheim Investments, 805 King Farm Boulevard, Suite 600, Rockville, MD 20850.
TRUSTEE AND OFFICER
Name, Position and | Length of Service | Number of | ||||||
Donald C. Cacciapaglia* | Rydex Series Funds – 2012 | 148 | ||||||
Trustee, President (1951) | Rydex Variable Trust – 2012 | |||||||
Rydex Dynamic Funds – 2012 | ||||||||
Rydex ETF Trust – 2012 |
Principal Occupations During Past Five Years: Security Investors, LLC: President and CEO from April 2012 to present; Guggenheim Investments: President and Chief Administrative Officer from February 2010 to present; Channel Capital Group, Inc.: Chairman and CEO from April 2002 to February 2010.
INDEPENDENT TRUSTEES
Name, Position and | Length of Service | Number of | ||||||
Corey A. Colehour | Rydex Series Funds – 1993 | 148 | ||||||
Trustee (1945) | Rydex Variable Trust – 1998 | |||||||
Rydex Dynamic Funds – 1999 | ||||||||
Rydex ETF Trust – 2003 |
Principal Occupations During Past Five Years: Retired; Member of the Audit, Governance and Nominating Committees (1995 to present)
J. Kenneth Dalton | Rydex Series Funds – 1995 | 148 | ||||||
Trustee (1941) | Rydex Variable Trust – 1998 | |||||||
Rydex Dynamic Funds – 1999 | ||||||||
Rydex ETF Trust – 2003 |
Principal Occupations During Past Five Years: Retired; Member of the Governance and Nominating Committees (1995 to present); Chairman of the Audit Committee (1997 to present); Member of the Risk Oversight Committee (2010 to present)
John O. Demaret | Rydex Series Funds – 1997 | 148 | ||||||
Trustee, Chairman of the | Rydex Variable Trust – 1998 | |||||||
Board (1941) | Rydex Dynamic Funds – 1999 | |||||||
Rydex ETF Trust – 2003 |
Principal Occupations During Past Five Years: Retired; Member of the Audit Committee (1997 to present); Member of the Risk Oversight Committee (2010 to present)
Werner E. Keller | Rydex Series Funds – 2005 | 148 | ||||||
Trustee (1940) | Rydex Variable Trust – 2005 | |||||||
Rydex Dynamic Funds – 2005 | ||||||||
Rydex ETF Trust – 2005 |
Principal Occupations During Past Five Years: Founder and President of Keller Partners, LLC (registered investment adviser) (2005 to present); Member of the Audit, Governance and Nominating Committees (2005 to present); Chairman and Member of the Risk Oversight Committee (2010 to present)
162 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT |
Table of Contents
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited) (continued) |
INDEPENDENT TRUSTEES – concluded
Name, Position and | Length of Service | Number of | ||||||
Thomas F. Lydon, Jr. | Rydex Series Funds – 2005 | 148 | ||||||
Trustee (1960) | Rydex Variable Trust – 2005 | |||||||
Rydex Dynamic Funds – 2005 | ||||||||
Rydex ETF Trust – 2005 |
Principal Occupations During Past Five Years: President, Global Trends Investments (1996 to present); Member of the Audit, Governance and Nominating Committees (2005 to present)
Patrick T. McCarville | Rydex Series Funds – 1997 | 148 | ||||||
Trustee (1942) | Rydex Variable Trust – 1998 | |||||||
Rydex Dynamic Funds – 1999 | ||||||||
Rydex ETF Trust – 2003 |
Principal Occupations During Past Five Years: CEO, Par Industries, Inc., d/b/a Par Leasing (1977 to 2010); Chairman of the Governance and Nominating Committees (1997 to present); Member of the Audit Committee (1997 to present)
Roger Somers | Rydex Series Funds – 1993 | 148 | ||||||
Trustee (1944) | Rydex Variable Trust – 1998 | |||||||
Rydex Dynamic Funds – 1999 | ||||||||
Rydex ETF Trust – 2003 |
Principal Occupations During Past Five Years: Founder and CEO of Arrow Limousine (1965 to present); Member of the Audit, Governance and Nominating Committees (1995 to present)
EXECUTIVE OFFICERS
Name, Position and | Principal Occupations During Past Five Years | |
Michael P. Byrum* Vice President (1970) | Current: President, Security Benefit Asset Management Holdings, LLC; Senior Vice President, Security Investors, LLC; President and Chief Investment Officer, Rydex Holdings, LLC; Director and Chairman of the Board, Advisor Research Center, Inc.; Manager, Rydex Specialized Products, LLC
Previous: Rydex Distributors, LLC (f/k/a Rydex Distributors, Inc.), Vice President (2009); Rydex Fund Services, LLC, Director (2009-2010), Secretary (2002- 2010), Executive Vice President (2002- 2006); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.), Director (2008-2010), Chief Investment Officer (2006-2010), President (2004-2010), Secretary (2002-2010); Rydex Advisors II, LLC (f/k/a PADCO Advisors II, Inc.), Director (2008-2010), Chief Investment Officer (2006-2010), President (2004-2010), Secretary (2002-2010); Rydex Capital Partners, LLC, President and Secretary (2003-2007); Rydex Capital Partners II, LLC, (2003-2007); Rydex Holdings, LLC (f/k/a Rydex Holdings, Inc.), Secretary (2005-2008), Executive Vice President (2005-2006); Advisor Research Center, Inc., Secretary (2006-2009), Executive Vice President (2006); Rydex Specialized Products, LLC, Secretary (2005-2008) |
GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 163 |
Table of Contents
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited) (concluded)
|
EXECUTIVE OFFICERS – concluded
Name, Position and | Principal Occupations During Past Five Years | |
Nikolaos Bonos* Vice President and Treasurer (1963) | Current: Senior Vice President, Security Investors, LLC; Chief Executive Officer and Manager, Rydex Specialized Products, LLC; Chief Executive Officer and President, Rydex Fund Services, LLC; Vice President, Rydex Holdings, LLC; Treasurer, SBL Fund; Security Equity Fund; Security Income Fund; Security Large Cap Value Fund and Security Mid Cap Growth Fund; Vice President, Security Benefit Asset Management Holdings, LLC
Previous: Guggenheim Investments, LLC, Senior Vice President (2010-2011); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.) Senior Vice President (2006-2011); Rydex Fund Services, LLC (f/k/a Rydex Fund Services, Inc.), Director (2009), Senior Vice President (2003-2006); Rydex Specialized Products, LLC, Chief Financial Officer (2005-2009) | |
Elisabeth Miller* Chief Compliance Officer (1968) | Current: Chief Compliance Officer, Rydex Series Funds, Rydex Dynamic Funds, Rydex Variable Trust, Rydex ETF Trust, Security Equity Fund, Security Income Fund, Security Large Cap Value Fund, Security Mid Cap Growth Fund, SBL Fund, Security Investors, LLC, and Rydex Distributors, LLC
Previous: Senior Manager, Security Investors, LLC and Rydex Distributors, LLC (2004-2009). | |
Amy J. Lee* Vice President and Assistant Secretary (1960) | Current: Senior Vice President and Secretary, Security Investors, LLC; Secretary and Chief Compliance Officer, Security Distributors, Inc.; Vice President, Associate General Counsel and Assistant Secretary, Security Benefit Life Insurance Company and Security Benefit Corporation; Associate General Counsel, First Security Benefit Life Insurance and Annuity of New York; Vice President and Secretary, SBL Fund; Security Equity Fund; Security Income Fund; Security Large Cap Value Fund and Security Mid Cap Growth Fund; Vice President and Secretary, Rydex Holdings, LLC; Secretary, Advisor Research Center, Inc., Rydex Specialized Products, LLC, Rydex Distributors, LLC and Rydex Fund Services, LLC; Assistant Secretary, Security Benefit Clinic and Hospital
Previous: Guggenheim Investments, LLC, Senior Vice President and Secretary (2007- 2011); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.) and Rydex Advisors II, LLC (f/k/a PADCO Advisors II, Inc.), Senior Vice President and Secretary (2010- 2011); Brecek and Young Advisors, Inc., Director (2004- 2008) | |
Joseph M. Arruda* Assistant Treasurer (1966) | Current: Assistant Treasurer, SBL Fund; Security Equity Fund; Security Income Fund; Security Large Cap Value Fund and Security Mid Cap Growth Fund; Vice President, Security Investors, LLC; Chief Financial Officer and Manager, Rydex Specialized Products, LLC
Previous: Guggenheim Investments, LLC, Vice President (2010-2011); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.) and Rydex Advisors II, LLC (f/k/a PADCO Advisors II, Inc.), Vice President (2004-2011) |
* | Officers of the Funds are deemed to be “interested persons” of the Trust, within the meaning of Section 2(a) (19) of the 1940 Act, inasmuch as this person is affiliated with Guggenheim Investments. |
164 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT |
Table of Contents
805 King Farm Boulevard, Suite 600
Rockville, MD 20850
www.rydex-sgi.com
800.820.0888
ETF-SEMI-0412x1012
Table of Contents
APRIL 30, 2012
GUGGENHEIM ETFS
SEMI-ANNUAL REPORT
XLG GUGGENHEIM RUSSELL TOP 50® 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
Table of Contents
TABLE OF CONTENTS |
2 | ||||
4 | ||||
6 | ||||
13 | ||||
33 | ||||
35 | ||||
37 | ||||
41 | ||||
48 | ||||
53 | ||||
55 |
GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 1 |
Table of Contents
|
To Our Shareholders:
A restructuring of Greece’s massive debt, continued accommodation by the world’s major central banks and better news on the U.S. economy helped support financial markets over the six months ended April 30, 2012. Market optimism peaked in early 2012, when several major equity indices pushed to multi-year highs. But the mood grew more cautious late in the period after first-quarter U.S. GDP came in lower than expected and the Federal Reserve suggested that it would not take any additional measures to stimulate the economy. “Operation Twist,” in which the Fed buys longer-dated Treasury securities in order to hold down long-term rates, is set to end in June, and recent history has shown that stocks struggle when stimulus ends.
U.S. equities last fall were rebounding from the loss of the U.S. AAA credit rating in August. But after touching the low for the period in mid-November, improving U.S. economic data and the European Central Bank’s injections of three-year loans into the continent’s banking system gave a boost to markets late in 2011, which carried over into a strong first quarter of 2012. The mild U.S. winter also may have pulled economic, and thus market, activity forward, a notion supported by underlying momentum in consumer spending.
Markets began to get choppy in April, and many investors remained cautious, remembering 2010 and 2011, when U.S. stocks started strong, then experienced broad-based corrections. Besides a continuation of weakness in employment and housing, adding to unsettled markets were softening economic data and concern about the “fiscal cliff” the U.S. faces in 2013 when tax rates will rise unless Congress steps in. In addition, the onset of recession in Europe is complicating that region’s efforts to manage the sovereign debt crisis. Emerging markets in the first quarter of 2012 had their best start in 20 years, but slipped in March on fears of eurozone market contagion and renewed concern that China’s economic growth might slow.
The Fed said in late April that it expected economic growth to remain moderate over coming quarters, but that the unemployment rate will subside gradually and that inflation was under control. To foster growth, the Federal Reserve has said it will leave its key interest rate close to zero at least through 2014, despite arguments by some Fed officials and investors that the Fed may have to consider raising rates much earlier than that to prevent inflation.
Signs that the U.S. economy was expanding at a slow, but sustainable, rate contributed to concern about future inflation, and both short-term and long-term Treasury yields generally moved higher over the first part of 2012. The continued accommodative stance of the Fed, combined with the slow, but stable, economic recovery, is supporting a positive outlook for U.S. fixed income, particularly among corporate issuers, as borrowing costs remain low, default rates currently hover around 2% and strong demand for primary issuance has enabled a steady wave of debt refinancing. Against an improving U.S. macroeconomic backdrop, investment-grade and high-yield corporates are expected to continue to outpace Treasuries.
Commodities, which had been slumping since mid-2011 due to slowing economic activity and the European debt crisis, rebounded in early 2012 on stronger macroeconomic data, but remain volatile. The price of a barrel of oil rose slightly over the six months ended in April, but investors have been shifting out of gold to assets with greater return potential. After peaking at above $1,900 last summer, the price per ounce has fallen back to around $1,600. The dollar strengthened slightly against a basket of other major currencies over the period, reflecting better economic performance in the U.S. versus other markets.
The U.S. economy seems to be decoupling from slowing growth in the rest of the world and from ongoing uncertainty in the European debt crisis, as well as the domestic debate over tax and spending policy. In this resiliency, we see potential in U.S. investments, including equities, high yield bonds, bank loans and other risk assets. It appears that the U.S. may have entered a period of self-sustaining, if modest, economic expansion, driven primarily by the aggressive monetary policy of the Fed and reinforced by the ECB, and is increasingly becoming the economic locomotive of the global economy.
2 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT |
Table of Contents
LETTER TO OUR SHAREHOLDERS (concluded)
|
We look forward to continuing our service to you. Thank you for investing in our funds.
Sincerely,
Donald C. Cacciapaglia
President
Performance displayed represents past performance which is no guarantee of future results. Of course, fund performance is subject to daily market volatility and may be better or worse since the end of the last quarter. For up-to-date fund performance, call us at 800.820.0888 or visit www.rydex-sgi.com.
Read each fund’s prospectus and summary prospectus (if available) carefully before investing. It contains the fund’s investment objectives, risks, charges, expenses and other information, which should be considered carefully before investing. Obtain a prospectus and summary prospectus (if available) at www.rydex-sgi.com or call 800.820.0888
The referenced funds are distributed by Rydex Distributors, LLC. Guggenheim Investments represents the investment management business of Guggenheim Partners, LLC, which includes Security Investors, LLC, the investment advisor to the referenced funds. Rydex Distributors, LLC, is affiliated with Guggenheim Partners, LLC and Security Investors, LLC.
GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 3 |
Table of Contents
|
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, 2011 and held for the six months ended April 30, 2012.
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.
Expense Ratio | Beginning Account Value 10/31/11 | Ending Account Value 4/30/12 | Expenses Paid During Six-Month Period* 10/31/11 to 4/30/12 | |||||||||||||
Actual | ||||||||||||||||
Guggenheim Russell Top 50® ETF | 0.20% | $ | 1,000.00 | $ | 1,147.70 | $ | 1.07 | |||||||||
Guggenheim S&P 500 Pure Value ETF | 0.35% | $ | 1,000.00 | $ | 1,102.40 | $ | 1.83 | |||||||||
Guggenheim S&P 500 Pure Growth ETF | 0.35% | $ | 1,000.00 | $ | 1,101.60 | $ | 1.83 | |||||||||
Guggenheim S&P MidCap 400 Pure Value ETF | 0.35% | $ | 1,000.00 | $ | 1,154.10 | $ | 1.87 | |||||||||
Guggenheim S&P MidCap 400 Pure Growth ETF | 0.35% | $ | 1,000.00 | �� | $ | 1,095.30 | $ | 1.82 | ||||||||
Guggenheim S&P SmallCap 600 Pure Value ETF | 0.35% | $ | 1,000.00 | $ | 1,117.60 | $ | 1.84 | |||||||||
Guggenheim S&P SmallCap 600 Pure Growth ETF | 0.35% | $ | 1,000.00 | $ | 1,101.60 | $ | 1.83 | |||||||||
Hypothetical (assuming a 5% return before expenses) |
| |||||||||||||||
Guggenheim Russell Top 50® ETF | 0.20% | $ | 1,000.00 | $ | 1,023.87 | $ | 1.01 | |||||||||
Guggenheim S&P 500 Pure Value ETF | 0.35% | $ | 1,000.00 | $ | 1,023.12 | $ | 1.76 | |||||||||
Guggenheim S&P 500 Pure Growth ETF | 0.35% | $ | 1,000.00 | $ | 1,023.12 | $ | 1.76 | |||||||||
Guggenheim S&P MidCap 400 Pure Value ETF | 0.35% | $ | 1,000.00 | $ | 1,023.12 | $ | 1.76 |
4 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT |
Table of Contents
FEES AND EXPENSES (Unaudited) (concluded)
|
Expense Ratio | Beginning Account Value 10/31/11 | Ending Account Value 4/30/12 | Expenses Paid During Six-Month Period* 10/31/11 to 4/30/12 | |||||||||||||
Guggenheim S&P MidCap 400 Pure Growth ETF | 0.35% | $ | 1,000.00 | $ | 1,023.12 | $ | 1.76 | |||||||||
Guggenheim S&P SmallCap 600 Pure Value ETF | 0.35% | $ | 1,000.00 | $ | 1,023.12 | $ | 1.76 | |||||||||
Guggenheim S&P SmallCap 600 Pure Growth ETF | 0.35% | $ | 1,000.00 | $ | 1,023.12 | $ | 1.76 |
* | Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 182/366 (to reflect one-half year period). |
GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 5 |
Table of Contents
|
XLG GUGGENHEIM RUSSELL TOP 50® ETF
Sector Allocations*
Top 10 Holdings* | ||||
Description | % of Net Assets | |||
Apple, Inc. | 8.55% | |||
Exxon Mobil Corp. | 6.73% | |||
International Business Machines Corp. | 3.97% | |||
Microsoft Corp. | 3.76% | |||
Chevron Corp. | 3.39% | |||
General Electric Co. | 3.29% | |||
AT&T, Inc. | 3.09% | |||
Pfizer, Inc. | 2.87% | |||
Johnson & Johnson, Inc. | 2.82% | |||
Procter & Gamble Co. (The) | 2.81% |
* | The Fund’s Top Ten Holdings are expressed as a percentage of net assets and the Sector Allocations are expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time. |
6 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT |
Table of Contents
PORTFOLIO SUMMARY (continued)
RPV GUGGENHEIM S&P 500 PURE VALUE ETF |
Sector Allocations*
Top 10 Holdings* | ||||
Description | % of Net Assets | |||
American International Group, Inc. | 3.00% | |||
Computer Sciences Corp. | 2.37% | |||
Whirlpool Corp. | 2.20% | |||
Hartford Financial Services Group, Inc. | 2.03% | |||
Valero Energy Corp. | 1.81% | |||
Sunoco, Inc. | 1.72% | |||
Lincoln National Corp. | 1.71% | |||
Marathon Oil Corp. | 1.66% | |||
Archer-Daniels-Midland Co. | 1.58% | |||
Bank of America Corp. | 1.53% |
* | The Fund’s Top Ten Holdings are expressed as a percentage of net assets and the Sector Allocations are expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time. |
GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 7 |
Table of Contents
PORTFOLIO SUMMARY (continued)
RPG GUGGENHEIM S&P 500 PURE GROWTH ETF |
Sector Allocations*
Top 10 Holdings* | ||||
Description | % of Net Assets | |||
Apple, Inc. | 1.77% | |||
Priceline.com, Inc. | 1.62% | |||
Visa, Inc. — Class A | 1.43% | |||
O’Reilly Automotive, Inc. | 1.39% | |||
Intuitive Surgical, Inc. | 1.36% | |||
Autozone, Inc. | 1.29% | |||
Ross Stores, Inc. | 1.27% | |||
Salesforce.com, Inc. | 1.27% | |||
Chipotle Mexican Grill, Inc. | 1.26% | |||
Biogen IDEC, Inc. | 1.25% |
* | The Fund’s Top Ten Holdings are expressed as a percentage of net assets and the Sector Allocations are expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time. |
8 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT |
Table of Contents
PORTFOLIO SUMMARY (continued)
RFV GUGGENHEIM S&P MIDCAP 400 PURE VALUE ETF |
Sector Allocations*
Top 10 Holdings* | ||||
Description | % of Net Assets | |||
Exelis, Inc. | 2.98% | |||
First American Financial Corp. | 2.95% | |||
ITT Corp. | 2.88% | |||
Community Health Systems, Inc. | 2.62% | |||
Collective Brands, Inc. | 2.53% | |||
URS Corp. | 2.15% | |||
Ingram Micro, Inc. — Class A | 2.13% | |||
Protective Life Corp. | 2.10% | |||
AVNET, Inc. | 2.02% | |||
Huntington Ingalls Industries, Inc. | 1.90% |
* | The Fund’s Top Ten Holdings are expressed as a percentage of net assets and the Sector Allocations are expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time. |
GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 9 |
Table of Contents
PORTFOLIO SUMMARY (continued)
RFG GUGGENHEIM S&P MIDCAP 400 PURE GROWTH ETF |
Sector Allocations*
Top 10 Holdings* | ||||
Description | % of Net Assets | |||
Regeneron Pharmaceuticals, Inc. | 3.54% | |||
Catalyst Health Solutions, Inc. | 2.40% | |||
Equinix, Inc. | 2.27% | |||
ITT Educational Services, Inc. | 2.23% | |||
Alliance Data Systems Corp. | 1.78% | |||
Gen-Probe, Inc. | 1.68% | |||
Advance Auto Parts, Inc. | 1.66% | |||
Under Armour, Inc. — Class A | 1.65% | |||
Monster Beverage Corp. | 1.64% | |||
Amerigroup Corp. | 1.62% |
* | The Fund’s Top Ten Holdings are expressed as a percentage of net assets and the Sector Allocations are expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time. |
10 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT |
Table of Contents
PORTFOLIO SUMMARY (continued)
RZV GUGGENHEIM S&P SMALLCAP 600 PURE VALUE ETF |
Sector Allocations*
Top 10 Holdings* | ||||
Description | % of Net Assets | |||
Voxx International Corp. | 2.21% | |||
Marriott Vacations Worldwide Corp. | 1.99% | |||
Gentiva Health Services, Inc. | 1.89% | |||
Amedisys, Inc. | 1.82% | |||
Tuesday Morning Corp. | 1.71% | |||
Perry Ellis International, Inc. | 1.66% | |||
Marinemax, Inc. | 1.63% | |||
Skechers U.S.A., Inc. — Class A | 1.57% | |||
Almost Family, Inc. | 1.44% | |||
Stewart Information Services Corp. | 1.36% |
* | The Fund���s Top Ten Holdings are expressed as a percentage of net assets and the Sector Allocations are expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time. |
GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 11 |
Table of Contents
PORTFOLIO SUMMARY (concluded)
RZG GUGGENHEIM S&P SMALLCAP 600 PURE GROWTH ETF |
Sector Allocations*
Top 10 Holdings* | ||||
Description | % of Net Assets | |||
Cirrus Logic, Inc. | 1.40% | |||
MWI Veterinary Supply, Inc. | 1.40% | |||
Coinstar, Inc. | 1.39% | |||
Buffalo Wild Wings, Inc. | 1.33% | |||
Veeco Instruments, Inc. | 1.24% | |||
Sturm Ruger & Co., Inc. | 1.20% | |||
Sourcefire, Inc. | 1.17% | |||
Allegiant Travel Co. | 1.16% | |||
Kulicke & Soffa Industries, Inc. | 1.07% | |||
Seacor Holdings, Inc. | 1.06% |
* | The Fund’s Top Ten Holdings are expressed as a percentage of net assets and the Sector Allocations are expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time. |
12 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2012 |
GUGGENHEIM RUSSELL TOP 50® ETF
SHARES | MARKET VALUE | |||||||
COMMON STOCKS - 99.7% |
| |||||||
Aerospace & Defense - 2.1% |
| |||||||
Boeing Co. (The) | 56,719 | $ | 4,356,019 | |||||
United Technologies Corp. | 70,316 | 5,740,598 | ||||||
|
| |||||||
Total Aerospace & Defense | 10,096,617 | |||||||
|
| |||||||
Air Freight & Logistics - 0.9% |
| |||||||
United Parcel Service, Inc. — Class B | 56,446 | 4,410,690 | ||||||
|
| |||||||
Total Air Freight & Logistics | 4,410,690 | |||||||
|
| |||||||
Automobiles - 0.7% |
| |||||||
Ford Motor Co. | 286,253 | 3,228,934 | ||||||
|
| |||||||
Total Automobiles | 3,228,934 | |||||||
|
| |||||||
Beverages - 4.0% |
| |||||||
Coca-Cola Co. (The) | 151,778 | 11,583,697 | ||||||
PepsiCo, Inc. | 121,433 | 8,014,578 | ||||||
|
| |||||||
Total Beverages | 19,598,275 | |||||||
|
| |||||||
Biotechnology - 0.9% |
| |||||||
Amgen, Inc. | 61,152 | 4,348,519 | ||||||
|
| |||||||
Total Biotechnology | 4,348,519 | |||||||
|
| |||||||
Capital Markets - 0.9% |
| |||||||
Goldman Sachs Group, Inc. (The) | 39,775 | 4,580,091 | ||||||
|
| |||||||
Total Capital Markets | 4,580,091 | |||||||
|
| |||||||
Commercial Banks - 2.6% |
| |||||||
Wells Fargo & Co. | 377,892 | 12,632,930 | ||||||
|
| |||||||
Total Commercial Banks | 12,632,930 | |||||||
|
| |||||||
Communications Equipment - 3.4% |
| |||||||
Cisco Systems, Inc. | 422,553 | 8,514,443 | ||||||
QUALCOMM, Inc. | 128,262 | 8,188,246 | ||||||
|
| |||||||
Total Communications Equipment | 16,702,689 | |||||||
|
| |||||||
Computers & Peripherals - 10.3% |
| |||||||
Apple, Inc.* | 71,043 | 41,506,163 | ||||||
EMC Corp.* | 158,072 | 4,459,211 | ||||||
Hewlett-Packard Co. | 152,649 | 3,779,589 | ||||||
|
| |||||||
Total Computers & Peripherals | 49,744,963 | |||||||
|
| |||||||
Consumer Finance - 1.0% |
| |||||||
American Express Co. | 80,718 | 4,860,031 | ||||||
|
| |||||||
Total Consumer Finance | 4,860,031 | |||||||
|
| |||||||
Diversified Financial Services - 5.6% |
| |||||||
Bank of America Corp. | 824,465 | 6,686,411 | ||||||
Citigroup, Inc. | 223,254 | 7,376,312 | ||||||
JPMorgan Chase & Co. | 305,279 | 13,120,892 | ||||||
|
| |||||||
Total Diversified Financial Services | 27,183,615 | |||||||
|
| |||||||
Diversified Telecommunication Services - 4.9% |
| |||||||
AT&T, Inc. | 454,959 | 14,972,701 | ||||||
Verizon Communications, Inc. | 217,345 | 8,776,391 | ||||||
|
| |||||||
Total Diversified Telecommunication Services | 23,749,092 | |||||||
|
| |||||||
Energy Equipment & Services - 1.6% |
| |||||||
Schlumberger Ltd. | 104,247 | 7,728,873 | ||||||
|
| |||||||
Total Energy Equipment & Services | 7,728,873 | |||||||
|
|
SHARES | MARKET VALUE | |||||||
Food & Staples Retailing - 1.7% |
| |||||||
Wal-Mart Stores, Inc. | 136,325 | $ | 8,030,906 | |||||
|
| |||||||
Total Food & Staples Retailing | 8,030,906 | |||||||
|
| |||||||
Food Products - 1.0% |
| |||||||
Kraft Foods, Inc. — Class A | 126,945 | 5,061,297 | ||||||
|
| |||||||
Total Food Products | 5,061,297 | |||||||
|
| |||||||
Hotels, Restaurants & Leisure - 1.6% |
| |||||||
McDonald’s Corp. | 79,712 | 7,767,934 | ||||||
|
| |||||||
Total Hotels, Restaurants & Leisure | 7,767,934 | |||||||
|
| |||||||
Household Products - 2.8% |
| |||||||
Procter & Gamble Co. (The) | 214,441 | 13,647,025 | ||||||
|
| |||||||
Total Household Products | 13,647,025 | |||||||
|
| |||||||
Industrial Conglomerates - 4.3% |
| |||||||
3M Co. | 54,590 | 4,878,162 | ||||||
General Electric Co. | 814,765 | 15,953,099 | ||||||
|
| |||||||
Total Industrial Conglomerates | 20,831,261 | |||||||
|
| |||||||
Insurance - 2.5% |
| |||||||
American International Group, Inc.* | 33,953 | 1,155,420 | ||||||
Berkshire Hathaway, Inc. — Class B* | 134,486 | 10,819,399 | ||||||
|
| |||||||
Total Insurance | 11,974,819 | |||||||
|
| |||||||
Internet & Catalog Retail - 1.3% |
| |||||||
Amazon.com, Inc.* | 27,921 | 6,474,880 | ||||||
|
| |||||||
Total Internet & Catalog Retail | 6,474,880 | |||||||
|
| |||||||
Internet Software & Services - 2.4% |
| |||||||
Google, Inc. — Class A* | 19,336 | 11,702,727 | ||||||
|
| |||||||
Total Internet Software & Services | 11,702,727 | |||||||
|
| |||||||
IT Services - 5.0% |
| |||||||
International Business Machines Corp. | 93,050 | 19,268,794 | ||||||
Visa, Inc. — Class A | 40,175 | 4,940,721 | ||||||
|
| |||||||
Total IT Services | 24,209,515 | |||||||
|
| |||||||
Machinery - 1.1% |
| |||||||
Caterpillar, Inc. | 49,529 | 5,090,095 | ||||||
|
| |||||||
Total Machinery | 5,090,095 | |||||||
|
| |||||||
Media - 2.5% |
| |||||||
Comcast Corp. — Class A | 211,876 | 6,426,199 | ||||||
Walt Disney Co. (The) | 137,500 | 5,927,625 | ||||||
|
| |||||||
Total Media | 12,353,824 | |||||||
|
| |||||||
Oil, Gas & Consumable Fuels - 12.8% |
| |||||||
Chevron Corp. | 154,437 | 16,456,807 | ||||||
ConocoPhillips | 102,005 | 7,306,618 | ||||||
Exxon Mobil Corp. | 378,448 | 32,675,200 | ||||||
Occidental Petroleum Corp. | 62,449 | 5,696,598 | ||||||
|
| |||||||
Total Oil, Gas & Consumable Fuels | 62,135,223 | |||||||
|
| |||||||
Pharmaceuticals - 9.1% |
| |||||||
Abbott Laboratories | 119,408 | 7,410,460 | ||||||
Johnson & Johnson, Inc. | 210,590 | 13,707,303 | ||||||
Merck & Co., Inc. | 237,127 | 9,304,864 | ||||||
Pfizer, Inc. | 607,006 | 13,918,648 | ||||||
|
| |||||||
Total Pharmaceuticals | 44,341,275 | |||||||
|
|
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 13 |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (concluded) | April 30, 2012 |
GUGGENHEIM RUSSELL TOP 50® ETF
SHARES | MARKET VALUE | |||||||
Semiconductors & Semiconductor Equipment - 2.2% |
| |||||||
Intel Corp. | 383,819 | $ | 10,900,460 | |||||
|
| |||||||
Total Semiconductors & Semiconductor Equipment | 10,900,460 | |||||||
|
| |||||||
Software - 5.6% |
| |||||||
Microsoft Corp. | 570,107 | 18,254,826 | ||||||
Oracle Corp. | 295,081 | 8,672,431 | ||||||
|
| |||||||
Total Software | 26,927,257 | |||||||
|
| |||||||
Specialty Retail - 1.3% |
| |||||||
Home Depot, Inc. | 122,771 | 6,358,310 | ||||||
|
| |||||||
Total Specialty Retail | 6,358,310 | |||||||
|
| |||||||
Tobacco - 3.6% |
| |||||||
Altria Group, Inc. | 160,824 | 5,180,141 | ||||||
Philip Morris International, Inc. | 136,626 | 12,229,393 | ||||||
|
| |||||||
Total Tobacco | 17,409,534 | |||||||
|
| |||||||
Total Common Stocks | 484,081,661 | |||||||
|
| |||||||
SHORT TERM INVESTMENTS - 0.2% |
| |||||||
SSgA Government Money Market Fund | 764,242 | 764,242 | ||||||
|
| |||||||
Total Short Term Investments | 764,242 | |||||||
|
| |||||||
Total Investments - 99.9%a | 484,845,903 | |||||||
|
| |||||||
Other Assets and Liabilities, net - 0.1% |
| 479,739 | ||||||
|
| |||||||
Net Assets - 100.0% | $ | 485,325,642 | ||||||
|
|
* | Non-Income Producing Security. |
a | Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs. |
14 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2012 |
GUGGENHEIM S&P 500 PURE VALUE ETF
SHARES | MARKET VALUE | |||||||
COMMON STOCKS - 99.8% |
| |||||||
Aerospace & Defense - 2.4% |
| |||||||
L-3 Communications Holdings, Inc. | 13,328 | $ | 980,141 | |||||
Northrop Grumman Corp. | 14,100 | 892,248 | ||||||
Textron, Inc. | 14,982 | 399,121 | ||||||
|
| |||||||
Total Aerospace & Defense | 2,271,510 | |||||||
|
| |||||||
Airlines - 0.8% |
| |||||||
Southwest Airlines Co. | 90,174 | 746,641 | ||||||
|
| |||||||
Total Airlines | 746,641 | |||||||
|
| |||||||
Auto Components - 0.7% |
| |||||||
Goodyear Tire & Rubber Co. (The)* | 23,771 | 261,005 | ||||||
Johnson Controls, Inc. | 12,912 | 412,797 | ||||||
|
| |||||||
Total Auto Components | 673,802 | |||||||
|
| |||||||
Automobiles - 0.8% |
| |||||||
Ford Motor Co. | 68,178 | 769,048 | ||||||
|
| |||||||
Total Automobiles | 769,048 | |||||||
|
| |||||||
Beverages - 0.4% |
| |||||||
Molson Coors Brewing Co. — Class B | 8,921 | 370,935 | ||||||
|
| |||||||
Total Beverages | 370,935 | |||||||
|
| |||||||
Capital Markets - 5.7% |
| |||||||
Ameriprise Financial, Inc. | 9,421 | 510,712 | ||||||
Bank of New York Mellon Corp. (The) | 35,976 | 850,832 | ||||||
E*Trade Financial Corp.* | 87,444 | 929,530 | ||||||
Goldman Sachs Group, Inc. (The) | 8,518 | 980,848 | ||||||
Legg Mason, Inc. | 25,441 | 663,247 | ||||||
Morgan Stanley | 80,399 | 1,389,295 | ||||||
|
| |||||||
Total Capital Markets | 5,324,464 | |||||||
|
| |||||||
Chemicals - 0.5% |
| |||||||
Dow Chemical Co. (The) | 12,366 | 418,960 | ||||||
|
| |||||||
Total Chemicals | 418,960 | |||||||
|
| |||||||
Commercial Banks - 6.1% |
| |||||||
BB&T Corp. | 13,747 | 440,454 | ||||||
Comerica, Inc. | 16,874 | 540,305 | ||||||
Fifth Third Bancorp | 31,513 | 448,430 | ||||||
First Horizon National Corp. | 37,794 | 346,949 | ||||||
Huntington Bancshares, Inc. | 61,437 | 411,014 | ||||||
KeyCorp | 84,700 | 680,988 | ||||||
PNC Financial Services Group, Inc. | 7,997 | 530,361 | ||||||
Regions Financial Corp. | 118,708 | 800,092 | ||||||
SunTrust Banks, Inc. | 42,822 | 1,039,718 | ||||||
Wells Fargo & Co. | 12,091 | 404,202 | ||||||
|
| |||||||
Total Commercial Banks | 5,642,513 | |||||||
|
| |||||||
Commercial Services & Supplies - 1.8% |
| |||||||
Avery Dennison Corp. | 26,165 | 836,756 | ||||||
R.R. Donnelley & Sons Co. | 65,684 | 821,707 | ||||||
|
| |||||||
Total Commercial Services & Supplies | 1,658,463 | |||||||
|
| |||||||
Communications Equipment - 0.5% |
| |||||||
Harris Corp. | 10,814 | 492,470 | ||||||
|
| |||||||
Total Communications Equipment | 492,470 | |||||||
|
| |||||||
Computers & Peripherals - 2.2% |
| |||||||
Dell, Inc.* | 18,193 | 297,820 |
SHARES | MARKET VALUE | |||||||
Hewlett-Packard Co. | 25,271 | $ | 625,710 | |||||
Lexmark International, Inc. — Class A | 13,362 | 402,196 | ||||||
Western Digital Corp.* | 18,247 | 708,166 | ||||||
|
| |||||||
Total Computers & Peripherals | 2,033,892 | |||||||
|
| |||||||
Construction & Engineering - 0.5% |
| |||||||
Jacobs Engineering Group, Inc.* | 11,280 | 494,402 | ||||||
|
| |||||||
Total Construction & Engineering | 494,402 | |||||||
|
| |||||||
Consumer Finance - 1.4% |
| |||||||
Capital One Financial Corp. | 17,381 | 964,298 | ||||||
SLM Corp. | 21,626 | 320,713 | ||||||
|
| |||||||
Total Consumer Finance | 1,285,011 | |||||||
|
| |||||||
Containers & Packaging - 1.7% |
| |||||||
Bemis Co., Inc. | 10,238 | 331,609 | ||||||
Owens-Illinois, Inc.* | 25,115 | 583,923 | ||||||
Sealed Air Corp. | 33,272 | 638,157 | ||||||
|
| |||||||
Total Containers & Packaging | 1,553,689 | |||||||
|
| |||||||
Diversified Financial Services - 5.8% |
| |||||||
Bank of America Corp. | 176,161 | 1,428,666 | ||||||
Citigroup, Inc. | 42,021 | 1,388,374 | ||||||
CME Group, Inc. | 1,280 | 340,249 | ||||||
JPMorgan Chase & Co. | 25,631 | 1,101,620 | ||||||
Leucadia National Corp. | 22,058 | 548,362 | ||||||
Nasdaq OMX Group, Inc. (The)* | 14,561 | 357,764 | ||||||
NYSE Euronext | 10,989 | 282,967 | ||||||
|
| |||||||
Total Diversified Financial Services | 5,448,002 | |||||||
|
| |||||||
Diversified Telecommunication Services - 0.6% |
| |||||||
CenturyLink, Inc. | 7,676 | 295,987 | ||||||
Frontier Communications Corp. | 59,411 | 240,020 | ||||||
|
| |||||||
Total Diversified Telecommunication Services | 536,007 | |||||||
|
| |||||||
Electric Utilities - 1.0% |
| |||||||
Edison International | 10,626 | 467,650 | ||||||
Pepco Holdings, Inc. | 25,221 | 477,182 | ||||||
|
| |||||||
Total Electric Utilities | 944,832 | |||||||
|
| |||||||
Electronic Equipment, Instruments & Components - 1.6% |
| |||||||
Corning, Inc. | 24,311 | 348,863 | ||||||
Jabil Circuit, Inc. | 48,527 | 1,137,958 | ||||||
|
| |||||||
Total Electronic Equipment, Instruments & Components | 1,486,821 | |||||||
|
| |||||||
Energy Equipment & Services - 0.3% |
| |||||||
Nabors Industries Ltd.* | 15,746 | 262,171 | ||||||
|
| |||||||
Total Energy Equipment & Services | 262,171 | |||||||
|
| |||||||
Food & Staples Retailing - 3.8% |
| |||||||
CVS Caremark Corp. | 12,995 | 579,837 | ||||||
Kroger Co. (The) | 38,343 | 892,241 | ||||||
Safeway, Inc. | 55,414 | 1,126,567 | ||||||
Sysco Corp. | 12,181 | 352,031 | ||||||
Walgreen Co. | 16,668 | 584,380 | ||||||
|
| |||||||
Total Food & Staples Retailing | 3,535,056 | |||||||
|
|
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 15 |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | April 30, 2012 |
GUGGENHEIM S&P 500 PURE VALUE ETF
SHARES | MARKET VALUE | |||||||
Food Products - 4.2% |
| |||||||
Archer-Daniels-Midland Co. | 47,763 | $ | 1,472,533 | |||||
Dean Foods Co.* | 106,750 | 1,310,890 | ||||||
Tyson Foods, Inc. — Class A | 62,596 | 1,142,377 | ||||||
|
| |||||||
Total Food Products | �� | 3,925,800 | ||||||
|
| |||||||
Health Care Providers & Services - 5.9% |
| |||||||
AmerisourceBergen Corp. | 22,859 | 850,583 | ||||||
Cardinal Health, Inc. | 21,376 | 903,564 | ||||||
CIGNA Corp. | 11,773 | 544,266 | ||||||
Coventry Health Care, Inc. | 28,620 | 858,314 | ||||||
McKesson Corp. | 10,251 | 937,044 | ||||||
Tenet Healthcare Corp.* | 267,939 | 1,390,603 | ||||||
|
| |||||||
Total Health Care Providers & Services | 5,484,374 | |||||||
|
| |||||||
Household Durables - 2.2% |
| |||||||
Whirlpool Corp. | 31,987 | 2,047,808 | ||||||
|
| |||||||
Total Household Durables | 2,047,808 | |||||||
|
| |||||||
Independent Power Producers & Energy |
| |||||||
NRG Energy, Inc.* | 65,408 | 1,111,936 | ||||||
|
| |||||||
Total Independent Power Producers & Energy Traders | 1,111,936 | |||||||
|
| |||||||
Insurance - 18.5% |
| |||||||
ACE Ltd. | 6,977 | 530,043 | ||||||
Allstate Corp. (The) | 38,959 | 1,298,503 | ||||||
American International Group, Inc.* | 82,256 | 2,799,172 | ||||||
Assurant, Inc. | 22,177 | 894,620 | ||||||
Cincinnati Financial Corp. | 15,522 | 552,894 | ||||||
Genworth Financial, Inc. — Class A* | 228,296 | 1,372,059 | ||||||
Hartford Financial Services Group, Inc. | 91,841 | 1,887,332 | ||||||
Lincoln National Corp. | 64,159 | 1,589,218 | ||||||
Loews Corp. | 15,137 | 622,585 | ||||||
MetLife, Inc. | 37,930 | 1,366,618 | ||||||
Principal Financial Group, Inc. | 29,975 | 829,408 | ||||||
Prudential Financial, Inc. | 20,076 | 1,215,401 | ||||||
Torchmark Corp. | 6,936 | 337,853 | ||||||
Unum Group | 40,877 | 970,420 | ||||||
XL Group PLC | 44,770 | 963,003 | ||||||
|
| |||||||
Total Insurance | 17,229,129 | |||||||
|
| |||||||
IT Services - 3.1% |
| |||||||
Computer Sciences Corp. | 78,778 | 2,210,511 | ||||||
SAIC, Inc. | 59,009 | 717,549 | ||||||
|
| |||||||
Total IT Services | 2,928,060 | |||||||
|
| |||||||
Life Sciences Tools & Services - 0.4% |
| |||||||
PerkinElmer, Inc. | 14,565 | 401,994 | ||||||
|
| |||||||
Total Life Sciences Tools & Services | 401,994 | |||||||
|
| |||||||
Machinery - 0.5% |
| |||||||
Ingersoll-Rand PLC | 11,073 | 470,824 | ||||||
|
| |||||||
Total Machinery | 470,824 | |||||||
|
| |||||||
Media - 1.7% |
| |||||||
Gannett Co., Inc. | 60,764 | 839,759 | ||||||
Washington Post Co. (The) — Class B | 1,936 | 732,137 | ||||||
|
| |||||||
Total Media | 1,571,896 | |||||||
|
|
SHARES | MARKET VALUE | |||||||
Metals & Mining - 1.7% |
| |||||||
Alcoa, Inc. | 91,003 | $ | 885,459 | |||||
United States Steel Corp. | 26,028 | 737,373 | ||||||
|
| |||||||
Total Metals & Mining | 1,622,832 | |||||||
|
| |||||||
Multi-utilities - 0.7% |
| |||||||
DTE Energy Co. | 5,381 | 303,381 | ||||||
Integrys Energy Group, Inc. | 6,217 | 339,697 | ||||||
|
| |||||||
Total Multi-Utilities | 643,078 | |||||||
|
| |||||||
Multiline Retail - 2.1% |
| |||||||
J.C. Penney Co., Inc. | 18,597 | 670,608 | ||||||
Sears Holdings Corp.* | 23,564 | 1,267,272 | ||||||
|
| |||||||
Total Multiline Retail | 1,937,880 | |||||||
|
| |||||||
Office Electronics - 0.8% |
| |||||||
Xerox Corp. | 92,800 | 721,984 | ||||||
|
| |||||||
Total Office Electronics | 721,984 | |||||||
|
| |||||||
Oil, Gas & Consumable Fuels - 10.2% |
| |||||||
Alpha Natural Resources, Inc.* | 16,615 | 268,000 | ||||||
ConocoPhillips | 7,668 | 549,259 | ||||||
Hess Corp. | 11,461 | 597,576 | ||||||
Marathon Oil Corp. | 52,684 | 1,545,749 | ||||||
Marathon Petroleum Corp. | 31,183 | 1,297,525 | ||||||
Murphy Oil Corp. | 12,239 | 672,778 | ||||||
Phillips 66* | 5,770 | 196,468 | ||||||
Sunoco, Inc. | 32,445 | 1,599,214 | ||||||
Tesoro Corp.* | 47,006 | 1,092,889 | ||||||
Valero Energy Corp. | 68,231 | 1,685,306 | ||||||
|
| |||||||
Total Oil, Gas & Consumable Fuels | 9,504,764 | |||||||
|
| |||||||
Paper & Forest Products - 0.5% |
| |||||||
International Paper Co. | 14,577 | 485,560 | ||||||
|
| |||||||
Total Paper & Forest Products | 485,560 | |||||||
|
| |||||||
Real Estate Investment Trusts (REITs) - 0.4% |
| |||||||
Weyerhaeuser Co. | 18,024 | 366,969 | ||||||
|
| |||||||
Total Real Estate Investment Trusts (REITs) | 366,969 | |||||||
|
| |||||||
Road & Rail - 0.3% |
| |||||||
Ryder System, Inc. | 6,134 | 298,848 | ||||||
|
| |||||||
Total Road & Rail | 298,848 | |||||||
|
| |||||||
Semiconductors & Semiconductor |
| |||||||
Micron Technology, Inc.* | 134,312 | 885,116 | ||||||
|
| |||||||
Total Semiconductors & Semiconductor Equipment | 885,116 | |||||||
|
| |||||||
Specialty Retail - 3.2% |
| |||||||
AutoNation, Inc.* | 8,444 | 291,993 | ||||||
Best Buy Co., Inc. | 43,011 | 949,253 | ||||||
GameStop Corp. — Class A | 43,611 | 992,586 | ||||||
Staples, Inc. | 47,549 | 732,255 | ||||||
|
| |||||||
Total Specialty Retail | 2,966,087 | |||||||
|
| |||||||
Thrifts & Mortgage Finance - 1.4% |
| |||||||
Hudson City Bancorp, Inc. | 190,119 | 1,342,240 | ||||||
|
| |||||||
Total Thrifts & Mortgage Finance | 1,342,240 | |||||||
|
|
16 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (concluded) | April 30, 2012 |
GUGGENHEIM S&P 500 PURE VALUE ETF
SHARES | MARKET VALUE | |||||||
Wireless Telecommunication Services - 1.2% |
| |||||||
MetroPCS Communications, Inc.* | 53,839 | $ | 393,024 | |||||
Sprint Nextel Corp.* | 305,214 | 756,931 | ||||||
|
| |||||||
Total Wireless Telecommunication Services | 1,149,955 | |||||||
|
| |||||||
Total Common Stocks |
| 93,045,823 | ||||||
|
| |||||||
SHORT TERM INVESTMENTS - 0.2% |
| |||||||
SSgA Government Money Market Fund | 191,794 | 191,794 | ||||||
|
| |||||||
Total Short Term Investments | 191,794 | |||||||
|
| |||||||
Total Investments - 100.0%a |
| 93,237,617 | ||||||
|
| |||||||
Other Assets and Liabilities, net - 0.0%b |
| (36,947 | ) | |||||
|
| |||||||
Net Assets - 100.0% | $ | 93,200,670 | ||||||
|
|
* | Non-Income Producing Security. |
a | Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs. |
b | Amount represents less than 0.05% of net assets. |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 17 |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2012 |
GUGGENHEIM S&P 500 PURE GROWTH ETF
SHARES | MARKET VALUE | |||||||
COMMON STOCKS - 99.9% |
| |||||||
Aerospace & Defense - 1.1% |
| |||||||
Goodrich Corp. | 10,485 | $ | 1,315,448 | |||||
Lockheed Martin Corp. | 23,399 | 2,118,546 | ||||||
|
| |||||||
Total Aerospace & Defense | 3,433,994 | |||||||
|
| |||||||
Air Freight & Logistics - 1.1% |
| |||||||
C.H. Robinson Worldwide, Inc. | 30,631 | 1,829,896 | ||||||
United Parcel Service, Inc. — Class B | 21,689 | 1,694,778 | ||||||
|
| |||||||
Total Air Freight & Logistics | 3,524,674 | |||||||
|
| |||||||
Beverages - 2.0% |
| |||||||
Brown-Forman Corp. — Class B | 15,456 | 1,334,625 | ||||||
Coca-Cola Co. (The) | 31,477 | 2,402,325 | ||||||
PepsiCo, Inc. | 42,859 | 2,828,694 | ||||||
|
| |||||||
Total Beverages | 6,565,644 | |||||||
|
| |||||||
Biotechnology - 4.3% |
| |||||||
Amgen, Inc. | 33,341 | 2,370,878 | ||||||
Biogen Idec, Inc.* | 29,984 | 4,018,156 | ||||||
Celgene Corp.* | 54,104 | 3,945,264 | ||||||
Gilead Sciences, Inc.* | 70,199 | 3,651,050 | ||||||
|
| |||||||
Total Biotechnology | 13,985,348 | |||||||
|
| |||||||
Capital Markets - 1.8% |
| |||||||
BlackRock, Inc. | 10,383 | 1,989,175 | ||||||
Franklin Resources, Inc. | 19,751 | 2,478,948 | ||||||
T. Rowe Price Group, Inc. | 21,305 | 1,344,665 | ||||||
|
| |||||||
Total Capital Markets | 5,812,788 | |||||||
|
| |||||||
Chemicals - 5.3% |
| |||||||
CF Industries Holdings, Inc. | 11,320 | 2,185,439 | ||||||
Ecolab, Inc. | 29,884 | 1,903,312 | ||||||
FMC Corp. | 21,732 | 2,400,299 | ||||||
International Flavors & Fragrances, Inc. | 35,213 | 2,120,175 | ||||||
Monsanto Co. | 14,591 | 1,111,542 | ||||||
PPG Industries, Inc. | 18,874 | 1,986,300 | ||||||
Praxair, Inc. | 13,156 | 1,522,149 | ||||||
Sherwin-Williams Co. (The) | 16,327 | 1,963,812 | ||||||
Sigma-Aldrich Corp. | 26,880 | 1,905,792 | ||||||
|
| |||||||
Total Chemicals | 17,098,820 | |||||||
|
| |||||||
Commercial Services & Supplies - 1.1% |
| |||||||
Stericycle, Inc.* | 40,345 | 3,493,877 | ||||||
|
| |||||||
Total Commercial Services & Supplies | 3,493,877 | |||||||
|
| |||||||
Communications Equipment - 2.0% |
| |||||||
F5 Networks, Inc.* | 29,396 | 3,937,006 | ||||||
QUALCOMM, Inc. | 38,676 | 2,469,076 | ||||||
|
| |||||||
Total Communications Equipment | 6,406,082 | |||||||
|
| |||||||
Computers & Peripherals - 3.0% |
| |||||||
Apple, Inc.* | 9,736 | 5,688,161 | ||||||
NetApp, Inc.* | 53,828 | 2,090,141 | ||||||
SanDisk Corp.* | 51,718 | 1,914,083 | ||||||
|
| |||||||
Total Computers & Peripherals | 9,692,385 | |||||||
|
|
SHARES | MARKET VALUE | |||||||
Diversified Consumer Services - 1.6% |
| |||||||
Apollo Group, Inc. — Class A* | 66,793 | $ | 2,352,450 | |||||
DeVry, Inc. | 84,209 | 2,707,319 | ||||||
|
| |||||||
Total Diversified Consumer Services | 5,059,769 | |||||||
|
| |||||||
Diversified Financial Services - 1.1% |
| |||||||
IntercontinentalExchange, Inc.* | 27,139 | 3,610,573 | ||||||
|
| |||||||
Total Diversified Financial Services | 3,610,573 | |||||||
|
| |||||||
Electrical Equipment - 0.9% |
| |||||||
Rockwell Automation, Inc. | 17,285 | 1,336,822 | ||||||
Roper Industries, Inc. | 14,496 | 1,477,142 | ||||||
|
| |||||||
Total Electrical Equipment | 2,813,964 | |||||||
|
| |||||||
Electronic Equipment, Instruments & |
| |||||||
Amphenol Corp. — Class A | 37,765 | 2,195,657 | ||||||
|
| |||||||
Total Electronic Equipment, Instruments & Components | 2,195,657 | |||||||
|
| |||||||
Energy Equipment & Services - 2.0% |
| |||||||
Cameron International Corp.* | 30,081 | 1,541,651 | ||||||
Diamond Offshore Drilling, Inc. | 34,186 | 2,343,451 | ||||||
Helmerich & Payne, Inc. | 27,672 | 1,422,064 | ||||||
Schlumberger Ltd. | 16,249 | 1,204,701 | ||||||
|
| |||||||
Total Energy Equipment & Services | 6,511,867 | |||||||
|
| |||||||
Food Products - 1.6% |
| |||||||
Hershey Co. (The) | 29,208 | 1,957,228 | ||||||
Kellogg Co. | 25,748 | 1,302,076 | ||||||
Mead Johnson Nutrition Co. | 21,525 | 1,841,679 | ||||||
|
| |||||||
Total Food Products | 5,100,983 | |||||||
|
| |||||||
Health Care Equipment & Supplies - 6.9% |
| |||||||
Baxter International, Inc. | 35,963 | 1,992,710 | ||||||
Becton, Dickinson and Co. | 24,621 | 1,931,517 | ||||||
C.R. Bard, Inc. | 27,671 | 2,738,322 | ||||||
Edwards Lifesciences Corp.* | 35,199 | 2,920,461 | ||||||
Intuitive Surgical, Inc.* | 7,538 | 4,358,472 | ||||||
St Jude Medical, Inc. | 44,690 | 1,730,397 | ||||||
Stryker Corp. | 37,015 | 2,019,908 | ||||||
Varian Medical Systems, Inc.* | 36,271 | 2,300,307 | ||||||
Zimmer Holdings, Inc. | 34,529 | 2,172,910 | ||||||
|
| |||||||
Total Health Care Equipment & Supplies | 22,165,004 | |||||||
|
| |||||||
Health Care Providers & Services - 4.2% |
| |||||||
DaVita, Inc.* | 26,167 | 2,317,873 | ||||||
Express Scripts Holding Co.* | 67,687 | 3,776,258 | ||||||
Laboratory Corp. of America Holdings* | 29,446 | 2,588,009 | ||||||
Quest Diagnostics, Inc. | 32,684 | 1,885,540 | ||||||
UnitedHealth Group, Inc. | 50,448 | 2,832,655 | ||||||
|
| |||||||
Total Health Care Providers & Services | 13,400,335 | |||||||
|
| |||||||
Health Care Technology - 0.7% |
| |||||||
Cerner Corp.* | 27,344 | 2,217,325 | ||||||
|
| |||||||
Total Health Care Technology | 2,217,325 | |||||||
|
|
18 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | April 30, 2012 |
GUGGENHEIM S&P 500 PURE GROWTH ETF
SHARES | MARKET VALUE | |||||||
Hotels, Restaurants & Leisure - 3.7% |
| |||||||
Chipotle Mexican Grill, Inc.* | 9,766 | $ | 4,044,589 | |||||
McDonald’s Corp. | 19,188 | 1,869,870 | ||||||
Starbucks Corp. | 23,652 | 1,357,152 | ||||||
Wynn Resorts Ltd. | 18,105 | 2,415,207 | ||||||
Yum! Brands, Inc. | 30,449 | 2,214,556 | ||||||
|
| |||||||
Total Hotels, Restaurants & Leisure | 11,901,374 | |||||||
|
| |||||||
Household Products - 1.1% |
| |||||||
Colgate-Palmolive Co. | 18,616 | 1,841,867 | ||||||
Kimberly-Clark Corp. | 21,695 | 1,702,407 | ||||||
|
| |||||||
Total Household Products | 3,544,274 | |||||||
|
| |||||||
Insurance - 0.7% |
| |||||||
AFLAC, Inc. | 50,191 | 2,260,603 | ||||||
|
| |||||||
Total Insurance | 2,260,603 | |||||||
|
| |||||||
Internet & Catalog Retail - 4.0% |
| |||||||
Amazon.com, Inc.* | 16,644 | 3,859,743 | ||||||
Netflix, Inc.* | 48,720 | 3,904,421 | ||||||
priceline.com, Inc.* | 6,857 | 5,216,943 | ||||||
|
| |||||||
Total Internet & Catalog Retail | 12,981,107 | |||||||
|
| |||||||
Internet Software & Services - 1.5% |
| |||||||
Akamai Technologies, Inc.* | 43,941 | 1,432,477 | ||||||
Google, Inc. — Class A* | 5,458 | 3,303,345 | ||||||
|
| |||||||
Total Internet Software & Services | 4,735,822 | |||||||
|
| |||||||
IT Services - 6.0% |
| |||||||
Automatic Data Processing, Inc. | 31,898 | 1,774,167 | ||||||
Cognizant Technology Solutions Corp. — Class A* | 48,186 | 3,532,998 | ||||||
Fiserv, Inc.* | 29,245 | 2,055,631 | ||||||
International Business Machines Corp. | 8,460 | 1,751,897 | ||||||
Mastercard, Inc. — Class A | 6,783 | 3,067,747 | ||||||
Teradata Corp.* | 35,862 | 2,502,450 | ||||||
Visa, Inc. — Class A | 37,272 | 4,583,711 | ||||||
|
| |||||||
Total IT Services | 19,268,601 | |||||||
|
| |||||||
Life Sciences Tools & Services - 1.3% |
| |||||||
Life Technologies Corp.* | 44,727 | 2,073,544 | ||||||
Waters Corp.* | 23,731 | 1,996,014 | ||||||
|
| |||||||
Total Life Sciences Tools & Services | 4,069,558 | |||||||
|
| |||||||
Machinery - 1.4% |
| |||||||
Deere & Co. | 22,998 | 1,894,115 | ||||||
Joy Global, Inc. | 14,337 | 1,014,630 | ||||||
Pall Corp. | 28,376 | 1,691,493 | ||||||
|
| |||||||
Total Machinery | 4,600,238 | |||||||
|
| |||||||
Media - 3.7% |
| |||||||
DIRECTV — Class A* | 66,025 | 3,253,052 | ||||||
Discovery Communications, Inc. — Class A* | 71,211 | 3,875,303 | ||||||
Scripps Networks Interactive, Inc. — Class A | 58,551 | 2,940,431 | ||||||
Viacom, Inc. — Class B | 35,968 | 1,668,555 | ||||||
|
| |||||||
Total Media | 11,737,341 | |||||||
|
|
SHARES | MARKET VALUE | |||||||
Metals & Mining - 1.6% |
| |||||||
Cliffs Natural Resources, Inc. | 35,226 | $ | 2,193,171 | |||||
Newmont Mining Corp. | 60,073 | 2,862,478 | ||||||
|
| |||||||
Total Metals & Mining | 5,055,649 | |||||||
|
| |||||||
Multiline Retail - 2.2% |
| |||||||
Dollar Tree, Inc.* | 38,909 | 3,955,489 | ||||||
Family Dollar Stores, Inc. | 44,509 | 3,006,583 | ||||||
|
| |||||||
Total Multiline Retail | 6,962,072 | |||||||
|
| |||||||
Oil, Gas & Consumable Fuels - 2.7% |
| |||||||
Cabot Oil & Gas Corp. | 27,058 | 950,818 | ||||||
EOG Resources, Inc. | 18,333 | 2,013,147 | ||||||
Peabody Energy Corp. | 57,241 | 1,780,768 | ||||||
Pioneer Natural Resources Co. | 15,538 | 1,799,611 | ||||||
Southwestern Energy Co.* | 68,262 | 2,155,714 | ||||||
|
| |||||||
Total Oil, Gas & Consumable Fuels | 8,700,058 | |||||||
|
| |||||||
Personal Products - 0.5% |
| |||||||
Estee Lauder Cos., Inc. (The) — Class A | 23,976 | 1,566,832 | ||||||
|
| |||||||
Total Personal Products | 1,566,832 | |||||||
|
| |||||||
Pharmaceuticals - 4.5% |
| |||||||
Abbott Laboratories | 42,397 | 2,631,158 | ||||||
Allergan, Inc. | 19,463 | 1,868,448 | ||||||
Johnson & Johnson, Inc. | 20,360 | 1,325,232 | ||||||
Mylan, Inc.* | 153,921 | 3,341,625 | ||||||
Perrigo Co. | 30,832 | 3,234,277 | ||||||
Watson Pharmaceuticals, Inc.* | 26,385 | 1,988,374 | ||||||
|
| |||||||
Total Pharmaceuticals | 14,389,114 | |||||||
|
| |||||||
Professional Services - 0.6% |
| |||||||
Dun & Bradstreet Corp. (The) | 24,196 | 1,881,965 | ||||||
|
| |||||||
Total Professional Services | 1,881,965 | |||||||
|
| |||||||
Real Estate Investment Trusts (REITs) - 1.2% |
| |||||||
American Tower Corp. | 42,444 | 2,783,477 | ||||||
Ventas, Inc. | 20,191 | 1,187,029 | ||||||
|
| |||||||
Total Real Estate Investment Trusts (REITs) | 3,970,506 | |||||||
|
| |||||||
Road & Rail - 0.5% |
| |||||||
Union Pacific Corp. | 14,940 | 1,679,854 | ||||||
|
| |||||||
Total Road & Rail | 1,679,854 | |||||||
|
| |||||||
Semiconductors & Semiconductor Equipment - 4.2% |
| |||||||
Altera Corp. | 72,862 | 2,591,701 | ||||||
Broadcom Corp. — Class A* | 74,358 | 2,721,503 | ||||||
First Solar, Inc.* | 87,999 | 1,619,182 | ||||||
KLA-Tencor Corp. | 51,563 | 2,689,010 | ||||||
Microchip Technology, Inc. | 60,791 | 2,148,354 | ||||||
Xilinx, Inc. | 47,223 | 1,717,973 | ||||||
|
| |||||||
Total Semiconductors & Semiconductor Equipment | 13,487,723 | |||||||
|
| |||||||
Software - 4.5% |
| |||||||
Citrix Systems, Inc.* | 29,090 | 2,490,395 | ||||||
Intuit, Inc. | 42,683 | 2,474,333 |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 19 |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (concluded) | April 30, 2012 |
GUGGENHEIM S&P 500 PURE GROWTH ETF
SHARES | MARKET VALUE | |||||||
Oracle Corp. | 60,779 | $ | 1,786,295 | |||||
Red Hat, Inc.* | 63,234 | 3,769,379 | ||||||
Salesforce.com, Inc.* | 26,129 | 4,069,069 | ||||||
|
| |||||||
Total Software | 14,589,471 | |||||||
|
| |||||||
Specialty Retail - 6.1% |
| |||||||
AutoZone, Inc.* | 10,434 | 4,133,534 | ||||||
Bed Bath & Beyond, Inc.* | 34,183 | 2,406,141 | ||||||
O’Reilly Automotive, Inc.* | 42,429 | 4,474,562 | ||||||
Ross Stores, Inc. | 66,261 | 4,081,015 | ||||||
Tiffany & Co. | 20,297 | 1,389,533 | ||||||
TJX Cos., Inc. | 72,417 | 3,020,513 | ||||||
|
| |||||||
Total Specialty Retail | 19,505,298 | |||||||
|
| |||||||
Textiles, Apparel & Luxury Goods - 3.9% |
| |||||||
Coach, Inc. | 50,057 | 3,662,170 | ||||||
Fossil, Inc.* | 27,175 | 3,550,957 | ||||||
NIKE, Inc. — Class B | 16,625 | 1,859,839 | ||||||
Ralph Lauren Corp. | 12,734 | 2,193,686 | ||||||
V.F. Corp. | 8,662 | 1,317,057 | ||||||
|
| |||||||
Total Textiles, Apparel & Luxury Goods | 12,583,709 | |||||||
|
| |||||||
Tobacco - 0.9% |
| |||||||
Philip Morris International, Inc. | 31,428 | 2,813,120 | ||||||
|
| |||||||
Total Tobacco | 2,813,120 | |||||||
|
| |||||||
Trading Companies & Distributors - 0.7% |
| |||||||
W.W. Grainger, Inc. | 11,416 | 2,372,473 | ||||||
|
| |||||||
Total Trading Companies & Distributors | 2,372,473 | |||||||
|
| |||||||
Wireless Telecommunication Services - 1.0% |
| |||||||
Crown Castle International Corp.* | 57,312 | 3,244,432 | ||||||
|
| |||||||
Total Wireless Telecommunication Services | 3,244,432 | |||||||
|
| |||||||
Total Common Stocks | 320,990,283 | |||||||
|
| |||||||
SHORT TERM INVESTMENTS - 0.1% |
| |||||||
SSgA Government Money Market Fund | 277,954 | 277,954 | ||||||
|
| |||||||
Total Short Term Investments | 277,954 | |||||||
|
| |||||||
Total Investments - 100.0%a |
| 321,268,237 | ||||||
|
| |||||||
Other Assets and Liabilities, net - 0.0%b |
| 23,522 | ||||||
|
| |||||||
Net Assets - 100.0% | $ | 321,291,759 | ||||||
|
|
* | Non-Income Producing Security. |
a | Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs. |
b | Amount represents less than 0.05% of net assets. |
20 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2012 |
GUGGENHEIM S&P MIDCAP 400 PURE VALUE ETF
SHARES | MARKET VALUE | |||||||
COMMON STOCKS - 99.8% |
| |||||||
Aerospace & Defense - 4.9% |
| |||||||
Exelis, Inc. | 91,744 | $ | 1,057,808 | |||||
Huntington Ingalls Industries, Inc.* | 17,093 | 674,319 | ||||||
|
| |||||||
Total Aerospace & Defense | 1,732,127 | |||||||
|
| |||||||
Air Freight & Logistics - 1.0% |
| |||||||
UTi Worldwide, Inc. | 20,588 | 343,202 | ||||||
|
| |||||||
Total Air Freight & Logistics | 343,202 | |||||||
|
| |||||||
Airlines - 1.8% |
| |||||||
JetBlue Airways Corp.* | 136,531 | 648,522 | ||||||
|
| |||||||
Total Airlines | 648,522 | |||||||
|
| |||||||
Automobiles - 0.9% |
| |||||||
Thor Industries, Inc. | 9,897 | 334,816 | ||||||
|
| |||||||
Total Automobiles | 334,816 | |||||||
|
| |||||||
Capital Markets - 2.8% |
| |||||||
Apollo Investment Corp. | 39,339 | 285,208 | ||||||
Janus Capital Group, Inc. | 33,683 | 255,317 | ||||||
Jefferies Group, Inc. | 28,195 | 449,146 | ||||||
|
| |||||||
Total Capital Markets | 989,671 | |||||||
|
| |||||||
Chemicals - 1.7% |
| |||||||
Ashland, Inc. | 3,820 | 251,623 | ||||||
Cabot Corp. | 3,948 | 170,277 | ||||||
Cytec Industries, Inc. | 2,736 | 173,928 | ||||||
|
| |||||||
Total Chemicals | 595,828 | |||||||
|
| |||||||
Commercial Banks - 4.4% |
| |||||||
Associated Banc-Corp. | 16,746 | 223,224 | ||||||
BancorpSouth, Inc. | 30,250 | 407,467 | ||||||
First Niagara Financial Group, Inc. | 35,720 | 319,337 | ||||||
Fulton Financial Corp. | 13,119 | 137,618 | ||||||
International Bancshares Corp. | 10,068 | 198,642 | ||||||
TCF Financial Corp. | 25,885 | 296,901 | ||||||
|
| |||||||
Total Commercial Banks | 1,583,189 | |||||||
|
| |||||||
Commercial Services & Supplies - 0.6% |
| |||||||
Brink’s Co. (The) | 8,554 | 217,272 | ||||||
|
| |||||||
Total Commercial Services & Supplies | 217,272 | |||||||
|
| |||||||
Communications Equipment - 1.0% |
| |||||||
Tellabs, Inc. | 91,943 | 346,625 | ||||||
|
| |||||||
Total Communications Equipment | 346,625 | |||||||
|
| |||||||
Construction & Engineering - 4.1% |
| |||||||
Aecom Technology Corp.* | 19,939 | 440,054 | ||||||
KBR, Inc. | 7,604 | 257,471 | ||||||
URS Corp. | 18,486 | 763,657 | ||||||
|
| |||||||
Total Construction & Engineering | 1,461,182 | |||||||
|
| |||||||
Containers & Packaging - 0.6% |
| |||||||
Greif, Inc. — Class A | 3,858 | 206,943 | ||||||
|
| |||||||
Total Containers & Packaging | 206,943 | |||||||
|
| |||||||
Diversified Consumer Services - 1.1% |
| |||||||
Regis Corp. | 20,914 | 383,772 | ||||||
|
| |||||||
Total Diversified Consumer Services | 383,772 | |||||||
|
|
SHARES | MARKET VALUE | |||||||
Electric Utilities - 0.9% |
| |||||||
Great Plains Energy, Inc. | 8,517 | $ | 173,917 | |||||
NV Energy, Inc. | 10,047 | 167,283 | ||||||
|
| |||||||
Total Electric Utilities | 341,200 | |||||||
|
| |||||||
Electrical Equipment - 1.7% |
| |||||||
General Cable Corp.* | 21,141 | 622,391 | ||||||
|
| |||||||
Total Electrical Equipment | 622,391 | |||||||
|
| |||||||
Electronic Equipment, Instruments & |
| |||||||
Arrow Electronics, Inc.* | 15,738 | 661,783 | ||||||
Avnet, Inc.* | 19,875 | 717,090 | ||||||
Ingram Micro, Inc. — Class A* | 38,861 | 756,235 | ||||||
Itron, Inc.* | 7,767 | 316,893 | ||||||
Tech Data Corp.* | 11,834 | 636,551 | ||||||
Vishay Intertechnology, Inc.* | 31,449 | 352,858 | ||||||
|
| |||||||
Total Electronic Equipment, Instruments & Components | 3,441,410 | |||||||
|
| |||||||
Food & Staples Retailing - 0.5% |
| |||||||
Harris Teeter Supermarkets, Inc. | 4,407 | 167,334 | ||||||
|
| |||||||
Total Food & Staples Retailing | 167,334 | |||||||
|
| |||||||
Food Products - 1.2% |
| |||||||
Smithfield Foods, Inc.* | 20,095 | 421,191 | ||||||
|
| |||||||
Total Food Products | 421,191 | |||||||
|
| |||||||
Gas Utilities - 1.0% |
| |||||||
Atmos Energy Corp. | 4,855 | 158,176 | ||||||
UGI Corp. | 6,310 | 184,126 | ||||||
|
| |||||||
Total Gas Utilities | 342,302 | |||||||
|
| |||||||
Health Care Providers & Services - 6.9% |
| |||||||
Community Health Systems, Inc.* | 38,272 | 931,540 | ||||||
Health Management Associates, Inc. — Class A* | 23,164 | 166,781 | ||||||
Health Net, Inc.* | 14,893 | 530,340 | ||||||
LifePoint Hospitals, Inc.* | 6,950 | 271,189 | ||||||
Omnicare, Inc. | 4,780 | 166,535 | ||||||
Owens & Minor, Inc. | 13,465 | 393,717 | ||||||
|
| |||||||
Total Health Care Providers & Services | 2,460,102 | |||||||
|
| |||||||
Hotels, Restaurants & Leisure - 1.0% |
| |||||||
Bob Evans Farms, Inc. | 4,717 | 180,378 | ||||||
Wendy’s Co. (The) | 37,066 | 180,512 | ||||||
|
| |||||||
Total Hotels, Restaurants & Leisure | 360,890 | |||||||
|
| |||||||
Household Durables - 1.3% |
| |||||||
KB Home | 27,431 | 238,101 | ||||||
Mohawk Industries, Inc.* | 3,265 | 218,820 | ||||||
|
| |||||||
Total Household Durables | 456,921 | |||||||
|
| |||||||
Insurance - 18.5% |
| |||||||
American Financial Group, Inc. | 9,270 | 360,788 | ||||||
Aspen Insurance Holdings Ltd. | 18,954 | 536,777 | ||||||
Everest Re Group Ltd. | 4,191 | 415,328 | ||||||
Fidelity National Financial, Inc. —Class A | 19,920 | 383,859 | ||||||
First American Financial Corp. | 62,584 | 1,048,282 |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 21 |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | April 30, 2012 |
GUGGENHEIM S&P MIDCAP 400 PURE VALUE ETF
SHARES | MARKET VALUE | |||||||
Hanover Insurance Group, Inc. (The) | 15,103 | $ | 609,557 | |||||
HCC Insurance Holdings, Inc. | 9,023 | 288,375 | ||||||
Kemper Corp. | 14,977 | 449,160 | ||||||
Old Republic International Corp. | 56,020 | 557,399 | ||||||
Protective Life Corp. | 25,451 | 744,696 | ||||||
Reinsurance Group of America, Inc. | 10,446 | 607,331 | ||||||
StanCorp Financial Group, Inc. | 11,170 | 428,705 | ||||||
W.R. Berkley Corp. | 4,198 | 158,097 | ||||||
|
| |||||||
Total Insurance | 6,588,354 | |||||||
|
| |||||||
Internet Software & Services - 0.5% |
| |||||||
Monster Worldwide, Inc.* | 19,087 | 164,721 | ||||||
|
| |||||||
Total Internet Software & Services | 164,721 | |||||||
|
| |||||||
IT Services - 0.6% |
| |||||||
CoreLogic, Inc.* | 12,319 | 205,727 | ||||||
|
| |||||||
Total IT Services | 205,727 | |||||||
|
| |||||||
Machinery - 6.6% |
| |||||||
AGCO Corp.* | 3,042 | 141,666 | ||||||
Harsco Corp. | 8,512 | 189,818 | ||||||
ITT Corp. | 45,514 | 1,022,244 | ||||||
Oshkosh Corp.* | 28,862 | 658,919 | ||||||
Terex Corp.* | 14,098 | 319,179 | ||||||
|
| |||||||
Total Machinery | 2,331,826 | |||||||
|
| |||||||
Media - 2.4% |
| |||||||
New York Times Co. (The) — Class A* | 37,256 | 235,086 | ||||||
Scholastic Corp. | 10,837 | 331,070 | ||||||
Valassis Communications, Inc.* | 14,854 | 297,080 | ||||||
|
| |||||||
Total Media | 863,236 | |||||||
|
| |||||||
Metals & Mining - 2.7% |
| |||||||
Commercial Metals Co. | 20,332 | 300,507 | ||||||
Reliance Steel & Aluminum Co. | 4,071 | 227,528 | ||||||
Steel Dynamics, Inc. | 18,683 | 238,582 | ||||||
Worthington Industries, Inc. | 11,030 | 196,775 | ||||||
|
| |||||||
Total Metals & Mining | 963,392 | |||||||
|
| |||||||
Multiline Retail - 0.6% |
| |||||||
Saks, Inc.* | 20,047 | 219,715 | ||||||
|
| |||||||
Total Multiline Retail | 219,715 | |||||||
|
| |||||||
Oil, Gas & Consumable Fuels - 2.8% |
| |||||||
Arch Coal, Inc. | 10,166 | 99,220 | ||||||
HollyFrontier Corp. | 11,006 | 339,205 | ||||||
Patriot Coal Corp.* | 15,333 | 89,391 | ||||||
Quicksilver Resources, Inc.* | 16,861 | 79,247 | ||||||
World Fuel Services Corp. | 8,870 | 390,812 | ||||||
|
| |||||||
Total Oil, Gas & Consumable Fuels | 997,875 | |||||||
|
| |||||||
Paper & Forest Products - 0.5% |
| |||||||
Louisiana-Pacific Corp.* | 20,287 | 183,597 | ||||||
|
| |||||||
Total Paper & Forest Products | 183,597 | |||||||
|
|
SHARES | MARKET VALUE | |||||||
Professional Services - 1.0% |
| |||||||
Manpower, Inc. | 8,254 | $ | 351,620 | |||||
|
| |||||||
Total Professional Services | 351,620 | |||||||
|
| |||||||
Road & Rail - 0.9% |
| |||||||
Con-way, Inc. | 9,749 | 316,843 | ||||||
|
| |||||||
Total Road & Rail | 316,843 | |||||||
|
| |||||||
Semiconductors & Semiconductor Equipment - 2.4% |
| |||||||
Fairchild Semiconductor International, Inc.* | 10,948 | 155,133 | ||||||
International Rectifier Corp.* | 9,960 | 217,427 | ||||||
MEMC Electronic Materials, Inc.* | 138,107 | 495,804 | ||||||
|
| |||||||
Total Semiconductors & Semiconductor Equipment | 868,364 | |||||||
|
| |||||||
Specialty Retail - 5.6% |
| |||||||
Barnes & Noble, Inc.* | 21,440 | 444,880 | ||||||
Collective Brands, Inc.* | 43,318 | 899,715 | ||||||
Office Depot, Inc.* | 143,842 | 437,280 | ||||||
RadioShack Corp. | 41,855 | 216,809 | ||||||
|
| |||||||
Total Specialty Retail | 1,998,684 | |||||||
|
| |||||||
Thrifts & Mortgage Finance - 3.3% |
| |||||||
Astoria Financial Corp. | 64,901 | 628,890 | ||||||
New York Community Bancorp, Inc. | 15,577 | 210,134 | ||||||
Washington Federal, Inc. | 18,283 | 320,684 | ||||||
|
| |||||||
Total Thrifts & Mortgage Finance | 1,159,708 | |||||||
|
| |||||||
Tobacco - 1.2% |
| |||||||
Universal Corp. | 9,183 | 420,857 | ||||||
|
| |||||||
Total Tobacco | 420,857 | |||||||
|
| |||||||
Wireless Telecommunication Services - 1.1% |
| |||||||
Telephone & Data Systems, Inc. | 16,596 | 403,117 | ||||||
|
| |||||||
Total Wireless Telecommunication Services | 403,117 | |||||||
|
| |||||||
Total Common Stocks | 35,494,526 | |||||||
|
| |||||||
SHORT TERM INVESTMENTS - 0.2% |
| |||||||
SSgA Government Money Market Fund | 64,721 | 64,721 | ||||||
|
| |||||||
Total Short Term Investments | 64,721 | |||||||
|
| |||||||
Total Investments - 100.0%a | 35,559,247 | |||||||
|
| |||||||
Other Assets and Liabilities, |
| (16,056 | ) | |||||
|
| |||||||
Net Assets - 100.0% | $ | 35,543,191 | ||||||
|
|
22 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (concluded) | April 30, 2012 |
GUGGENHEIM S&P MIDCAP 400 PURE VALUE ETF
* | Non-Income Producing Security. |
a | Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs. |
b | Amount represents less than 0.05% of net assets. |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 23 |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2012 |
GUGGENHEIM S&P MIDCAP 400 PURE GROWTH ETF
SHARES | MARKET VALUE | |||||||
COMMON STOCKS - 99.9% |
| |||||||
Aerospace & Defense - 1.6% |
| |||||||
Triumph Group, Inc. | 150,829 | $ | 9,475,078 | |||||
|
| |||||||
Total Aerospace & Defense | 9,475,078 | |||||||
|
| |||||||
Airlines - 1.0% |
| |||||||
Alaska Air Group, Inc.* | 179,465 | 6,065,917 | ||||||
|
| |||||||
Total Airlines | 6,065,917 | |||||||
|
| |||||||
Auto Components - 0.3% |
| |||||||
Gentex Corp. | 72,352 | 1,589,573 | ||||||
|
| |||||||
Total Auto Components | 1,589,573 | |||||||
|
| |||||||
Beverages - 1.6% |
| |||||||
Monster Beverage Corp.* | 152,462 | 9,903,932 | ||||||
|
| |||||||
Total Beverages | 9,903,932 | |||||||
|
| |||||||
Biotechnology - 4.9% |
| |||||||
Regeneron Pharmaceuticals, Inc.* | 157,567 | 21,312,513 | ||||||
United Therapeutics Corp.* | 181,459 | 7,938,831 | ||||||
|
| |||||||
Total Biotechnology | 29,251,344 | |||||||
|
| |||||||
Chemicals - 3.0% |
| |||||||
Albemarle Corp. | 74,141 | 4,841,407 | ||||||
Intrepid Potash, Inc.* | 169,483 | 4,211,653 | ||||||
NewMarket Corp. | 40,771 | 9,100,903 | ||||||
|
| |||||||
Total Chemicals | 18,153,963 | |||||||
|
| |||||||
Commercial Banks - 1.0% |
| |||||||
Signature Bank* | 90,806 | 5,965,046 | ||||||
|
| |||||||
Total Commercial Banks | 5,965,046 | |||||||
|
| |||||||
Commercial Services & Supplies - 2.2% |
| |||||||
Clean Harbors, Inc.* | 110,660 | 7,551,439 | ||||||
Copart, Inc.* | 204,403 | 5,398,283 | ||||||
|
| |||||||
Total Commercial Services & Supplies | 12,949,722 | |||||||
|
| |||||||
Communications Equipment - 1.1% |
| |||||||
ADTRAN, Inc. | 115,761 | 3,533,026 | ||||||
Riverbed Technology, Inc.* | 164,288 | 3,241,402 | ||||||
|
| |||||||
Total Communications Equipment | 6,774,428 | |||||||
|
| |||||||
Containers & Packaging - 2.0% |
| |||||||
AptarGroup, Inc. | 85,400 | 4,655,154 | ||||||
Rock-Tenn Co. — | 117,789 | 7,341,788 | ||||||
|
| |||||||
Total Containers & Packaging | 11,996,942 | |||||||
|
| |||||||
Distributors - 1.0% |
| |||||||
LKQ Corp.* | 173,114 | 5,790,663 | ||||||
|
| |||||||
Total Distributors | 5,790,663 | |||||||
|
| |||||||
Diversified Consumer Services - 3.8% |
| |||||||
ITT Educational Services, Inc.* | 203,675 | 13,446,623 | ||||||
Strayer Education, Inc. | 97,716 | 9,642,615 | ||||||
|
| |||||||
Total Diversified Consumer Services | 23,089,238 | |||||||
|
| |||||||
Diversified Financial Services - 0.6% |
| |||||||
MSCI, Inc. — | 104,825 | 3,835,547 | ||||||
|
| |||||||
Total Diversified Financial Services | 3,835,547 | |||||||
|
|
SHARES | MARKET VALUE | |||||||
Electrical Equipment - 0.6% |
| |||||||
AMETEK, Inc. | 74,980 | $ | 3,773,743 | |||||
|
| |||||||
Total Electrical Equipment | 3,773,743 | |||||||
|
| |||||||
Electronic Equipment, Instruments & Components - 0.4% |
| |||||||
Trimble Navigation, Ltd.* | 48,879 | 2,646,309 | ||||||
|
| |||||||
Total Electronic Equipment, Instruments & Components | 2,646,309 | |||||||
|
| |||||||
Energy Equipment & Services - 3.5% |
| |||||||
CARBO Ceramics, Inc. | 53,512 | 4,499,824 | ||||||
Dresser-Rand Group, Inc.* | 98,282 | 4,784,368 | ||||||
Dril-Quip, Inc.* | 61,507 | 4,144,957 | ||||||
Oceaneering International, Inc. | 72,297 | 3,732,694 | ||||||
Oil States International, Inc.* | 52,033 | 4,140,786 | ||||||
|
| |||||||
Total Energy Equipment & Services | 21,302,629 | |||||||
|
| |||||||
Food Products - 3.0% |
| |||||||
Corn Products International, Inc. | 98,326 | 5,610,482 | ||||||
Green Mountain Coffee Roasters, Inc.* | 153,380 | 7,477,275 | ||||||
Lancaster Colony Corp. | 76,859 | 5,011,975 | ||||||
|
| |||||||
Total Food Products | 18,099,732 | |||||||
|
| |||||||
Health Care Equipment & Supplies - 5.6% |
| |||||||
Cooper Cos., Inc. (The) | 70,598 | 6,224,626 | ||||||
Gen-Probe, Inc.* | 124,374 | 10,142,700 | ||||||
IDEXX Laboratories, Inc.* | 76,360 | 6,714,335 | ||||||
ResMed, Inc.* | 155,361 | 5,283,827 | ||||||
Thoratec Corp.* | 150,142 | 5,226,443 | ||||||
|
| |||||||
Total Health Care Equipment & Supplies | 33,591,931 | |||||||
|
| |||||||
Health Care Providers & Services - 7.2% |
| |||||||
AMERIGROUP Corp.* | 158,310 | 9,777,225 | ||||||
Catalyst Health Solutions, Inc.* | 167,618 | 14,477,167 | ||||||
Henry Schein, Inc.* | 86,290 | 6,621,895 | ||||||
HMS Holdings Corp.* | 160,519 | 3,862,087 | ||||||
Mednax, Inc.* | 125,728 | 8,831,135 | ||||||
|
| |||||||
Total Health Care Providers & Services | 43,569,509 | |||||||
|
| |||||||
Health Care Technology - 0.3% |
| |||||||
Allscripts Healthcare Solutions, Inc.* | 175,778 | 1,947,620 | ||||||
|
| |||||||
Total Health Care Technology | 1,947,620 | |||||||
|
| |||||||
Hotels, Restaurants & Leisure - 2.2% |
| |||||||
Life Time Fitness, Inc.* | 103,473 | 4,817,703 | ||||||
Panera Bread Co. — Class A* | 53,251 | 8,409,398 | ||||||
|
| |||||||
Total Hotels, Restaurants & Leisure | 13,227,101 | |||||||
|
| |||||||
Household Durables - 0.9% |
| |||||||
Tupperware Brands Corp. | 85,913 | 5,351,521 | ||||||
|
| |||||||
Total Household Durables | 5,351,521 | |||||||
|
| |||||||
Household Products - 0.5% |
| |||||||
Church & Dwight Co., Inc. | 64,645 | 3,283,966 | ||||||
|
| |||||||
Total Household Products | 3,283,966 | |||||||
|
|
24 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | April 30, 2012 |
GUGGENHEIM S&P MIDCAP 400 PURE GROWTH ETF
SHARES | MARKET VALUE | |||||||
Internet Software & Services - 3.8% |
| |||||||
Equinix, Inc.* | 83,283 | $ | 13,675,068 | |||||
Rackspace Hosting, Inc.* | 163,296 | 9,485,865 | ||||||
|
| |||||||
Total Internet Software & Services | 23,160,933 | |||||||
|
| |||||||
IT Services - 6.7% |
| |||||||
Alliance Data Systems Corp.* | 83,514 | 10,730,714 | ||||||
Gartner, Inc.* | 66,154 | 2,897,545 | ||||||
Global Payments, Inc. | 137,584 | 6,388,025 | ||||||
Jack Henry & Associates, Inc. | 95,627 | 3,247,493 | ||||||
NeuStar, Inc. — | 75,758 | 2,753,803 | ||||||
VeriFone Systems, Inc.* | 136,073 | 6,482,518 | ||||||
Wright Express Corp.* | 118,680 | 7,574,158 | ||||||
|
| |||||||
Total IT Services | 40,074,256 | |||||||
|
| |||||||
Leisure Equipment & Products - 1.1% |
| |||||||
Polaris Industries, Inc. | 80,850 | 6,422,724 | ||||||
|
| |||||||
Total Leisure Equipment & Products | 6,422,724 | |||||||
|
| |||||||
Life Sciences Tools & Services - 3.6% |
| |||||||
Bio-Rad Laboratories, Inc. — Class A* | 67,120 | 7,248,289 | ||||||
Covance, Inc.* | 76,401 | 3,572,510 | ||||||
Mettler-Toledo International, Inc.* | 33,187 | 5,951,093 | ||||||
Techne Corp. | 72,318 | 4,840,967 | ||||||
|
| |||||||
Total Life Sciences Tools & Services | 21,612,859 | |||||||
|
| |||||||
Machinery - 3.9% |
| |||||||
Donaldson Co., Inc. | 110,939 | 3,845,146 | ||||||
Gardner Denver, Inc. | 38,867 | 2,531,796 | ||||||
Valmont Industries, Inc. | 63,741 | 7,899,422 | ||||||
Wabtec Corp. | 62,325 | 4,847,639 | ||||||
Woodward, Inc. | 102,125 | 4,247,379 | ||||||
|
| |||||||
Total Machinery | 23,371,382 | |||||||
|
| |||||||
Metals & Mining - 1.0% |
| |||||||
Compass Minerals International, Inc. | 77,564 | 5,935,197 | ||||||
|
| |||||||
Total Metals & Mining | 5,935,197 | |||||||
|
| |||||||
Office Electronics - 0.6% |
| |||||||
Zebra Technologies Corp. — Class A* | 95,432 | 3,701,807 | ||||||
|
| |||||||
Total Office Electronics | 3,701,807 | |||||||
|
| |||||||
Oil, Gas & Consumable Fuels - 2.4% |
| |||||||
Bill Barrett Corp.* | 184,674 | 4,428,482 | ||||||
Cimarex Energy Co. | 67,617 | 4,673,011 | ||||||
Northern Oil and Gas, Inc.* | 164,323 | 3,192,796 | ||||||
SM Energy Co. | 33,501 | 2,214,751 | ||||||
|
| |||||||
Total Oil, Gas & Consumable Fuels | 14,509,040 | |||||||
|
| |||||||
Pharmaceuticals - 1.9% |
| |||||||
Endo Pharmaceuticals Holdings, Inc.* | 170,786 | 6,001,420 | ||||||
Medicis Pharmaceutical Corp. — Class A | 135,113 | 5,197,797 | ||||||
|
| |||||||
Total Pharmaceuticals | 11,199,217 | |||||||
|
|
SHARES | MARKET VALUE | |||||||
Professional Services - 0.6% |
| |||||||
FTI Consulting, Inc.* | 96,572 | $ | 3,509,427 | |||||
|
| |||||||
Total Professional Services | 3,509,427 | |||||||
|
| |||||||
Real Estate Investment Trusts (REITs) - 2.2% |
| |||||||
Essex Property Trust, Inc. | 17,312 | 2,734,777 | ||||||
Federal Realty Investment Trust | 37,673 | 3,792,164 | ||||||
Home Properties, Inc. | 43,492 | 2,655,187 | ||||||
Taubman Centers, Inc. | 51,925 | 4,007,571 | ||||||
|
| |||||||
Total Real Estate Investment Trusts (REITs) | 13,189,699 | |||||||
|
| |||||||
Road & Rail - 0.7% |
| |||||||
JB Hunt Transport Services, Inc. | 79,874 | 4,419,428 | ||||||
|
| |||||||
Total Road & Rail | 4,419,428 | |||||||
|
| |||||||
Semiconductors & Semiconductor |
| |||||||
Lam Research Corp.* | 132,752 | 5,529,121 | ||||||
Semtech Corp.* | 180,500 | 4,920,430 | ||||||
Silicon Laboratories, Inc.* | 171,725 | 6,094,520 | ||||||
|
| |||||||
Total Semiconductors & Semiconductor Equipment | 16,544,071 | |||||||
|
| |||||||
Software - 7.7% |
| |||||||
ACI Worldwide, Inc.* | 88,596 | 3,531,437 | ||||||
Advent Software, Inc.* | 81,483 | 2,199,226 | ||||||
ANSYS, Inc.* | 93,889 | 6,297,135 | ||||||
Concur Technologies, Inc.* | 95,902 | 5,424,217 | ||||||
Factset Research Systems, Inc. | 64,527 | 6,766,301 | ||||||
Informatica Corp.* | 163,186 | 7,509,820 | ||||||
MICROS Systems, Inc.* | 69,759 | 3,964,404 | ||||||
Rovi Corp.* | 210,735 | 6,027,021 | ||||||
Solera Holdings, Inc. | 102,696 | 4,615,158 | ||||||
|
| |||||||
Total Software | 46,334,719 | |||||||
|
| |||||||
Specialty Retail - 4.3% |
| |||||||
Advance Auto Parts, Inc. | 108,665 | 9,975,447 | ||||||
PetSmart, Inc. | 114,543 | 6,673,275 | ||||||
Tractor Supply Co. | 96,960 | 9,541,834 | ||||||
|
| |||||||
Total Specialty Retail | 26,190,556 | |||||||
|
| |||||||
Textiles, Apparel & Luxury Goods - 6.4% |
| |||||||
Carter’s, Inc.* | 171,178 | 9,294,965 | ||||||
Deckers Outdoor Corp.* | 86,768 | 4,426,036 | ||||||
PVH Corp. | 101,608 | 9,022,790 | ||||||
Under Armour, Inc. — Class A* | 101,254 | 9,915,804 | ||||||
Warnaco Group, Inc.(The)* | 108,407 | 5,741,235 | ||||||
|
| |||||||
Total Textiles, Apparel & Luxury Goods | 38,400,830 | |||||||
|
| |||||||
Trading Companies & Distributors - 2.0% |
| |||||||
MSC Industrial Direct Co. — Class A | 66,145 | 4,875,548 | ||||||
Watsco, Inc. | 97,517 | 7,016,348 | ||||||
|
| |||||||
Total Trading Companies & Distributors | 11,891,896 | |||||||
|
| |||||||
Total Common Stocks | 602,103,495 | |||||||
|
|
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 25 |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (concluded) | April 30, 2012 |
GUGGENHEIM S&P MIDCAP 400 PURE GROWTH ETF
SHARES | MARKET VALUE | |||||||
SHORT TERM INVESTMENTS - 0.1% |
| |||||||
SSgA Government Money Market Fund | 567,728 | $ | 567,728 | |||||
|
| |||||||
Total Short Term Investments | 567,728 | |||||||
|
| |||||||
Total Investments - 100.0%a | 602,671,223 | |||||||
|
| |||||||
Other Assets and Liabilities, |
| (111,695 | ) | |||||
|
| |||||||
Net Assets - 100.0% |
| $ | 602,559,528 | |||||
|
|
* | Non-Income Producing Security. |
a | Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs. |
b | Amount represents less than 0.05% of net assets. |
26 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2012 |
GUGGENHEIM S&P SMALLCAP 600 PURE VALUE ETF
SHARES | MARKET VALUE | |||||||
COMMON STOCKS - 99.9% |
| |||||||
Aerospace & Defense - 0.7% |
| |||||||
AAR Corp. | 33,950 | $ | 524,527 | |||||
|
| |||||||
Total Aerospace & Defense | 524,527 | |||||||
|
| |||||||
Airlines - 1.0% |
| |||||||
SkyWest, Inc. | 86,837 | 780,665 | ||||||
|
| |||||||
Total Airlines | 780,665 | |||||||
|
| |||||||
Auto Components - 1.1% |
| |||||||
Spartan Motors, Inc. | 108,007 | 469,830 | ||||||
Superior Industries International, Inc. | 21,861 | 374,042 | ||||||
|
| |||||||
Total Auto Components | 843,872 | |||||||
|
| |||||||
Automobiles - 0.6% |
| |||||||
Winnebago Industries, Inc.* | 45,132 | 440,037 | ||||||
|
| |||||||
Total Automobiles | 440,037 | |||||||
|
| |||||||
Building Products - 2.1% |
| |||||||
Apogee Enterprises, Inc. | 18,028 | 276,910 | ||||||
Griffon Corp. | 55,402 | 549,034 | ||||||
Universal Forest Products, Inc. | 20,606 | 770,664 | ||||||
|
| |||||||
Total Building Products | 1,596,608 | |||||||
|
| |||||||
Capital Markets - 2.4% |
| |||||||
Calamos Asset Management, Inc. — Class A | 16,816 | 217,263 | ||||||
Investment Technology Group, Inc.* | 45,122 | 460,244 | ||||||
Piper Jaffray Cos.* | 28,349 | 687,463 | ||||||
Prospect Capital Corp. | 18,678 | 203,964 | ||||||
SWS Group, Inc. | 45,375 | 255,915 | ||||||
|
| |||||||
Total Capital Markets | 1,824,849 | |||||||
|
| |||||||
Chemicals - 2.4% |
| |||||||
A. Schulman, Inc. | 26,327 | 647,907 | ||||||
OM Group, Inc.* | 31,106 | 750,277 | ||||||
PolyOne Corp. | 32,286 | 447,484 | ||||||
|
| |||||||
Total Chemicals | 1,845,668 | |||||||
|
| |||||||
Commercial Banks - 3.0% |
| |||||||
First BanCorp* | 94,755 | 403,656 | ||||||
First Commonwealth Financial Corp. | 70,860 | 455,630 | ||||||
PrivateBancorp, Inc. | 20,546 | 323,189 | ||||||
Susquehanna Bancshares, Inc. | 45,514 | 471,980 | ||||||
United Community Banks, Inc.* | 31,231 | 293,884 | ||||||
Wintrust Financial Corp. | 10,455 | 377,739 | ||||||
|
| |||||||
Total Commercial Banks | 2,326,078 | |||||||
|
| |||||||
Commercial Services & Supplies - 2.0% |
| |||||||
ABM Industries, Inc. | 18,802 | 437,711 | ||||||
G&K Services, Inc. — Class A | 8,016 | 263,406 | ||||||
Geo Group, Inc. (The)* | 10,793 | 223,523 | ||||||
United Stationers, Inc. | 11,145 | 316,072 | ||||||
Viad Corp. | 16,644 | 300,923 | ||||||
|
| |||||||
Total Commercial Services & Supplies | 1,541,635 | |||||||
|
|
SHARES | MARKET VALUE | |||||||
Communications Equipment - 1.0% |
| |||||||
Bel Fuse, Inc. — Class B | 13,751 | $ | 244,630 | |||||
Black Box Corp. | 23,749 | 536,965 | ||||||
|
| |||||||
Total Communications Equipment | 781,595 | |||||||
|
| |||||||
Computers & Peripherals - 1.3% |
| |||||||
Avid Technology, Inc.* | 31,789 | 276,246 | ||||||
Intevac, Inc.* | 58,301 | 469,906 | ||||||
Novatel Wireless, Inc.* | 96,518 | 278,937 | ||||||
|
| |||||||
Total Computers & Peripherals | 1,025,089 | |||||||
|
| |||||||
Construction & Engineering - 2.4% |
| |||||||
Aegion Corp.* | 22,578 | 412,048 | ||||||
Comfort Systems USA, Inc. | 33,946 | 359,149 | ||||||
EMCOR Group, Inc. | 7,969 | 233,651 | ||||||
Orion Marine Group, Inc.* | 118,541 | 820,304 | ||||||
|
| |||||||
Total Construction & Engineering | �� | 1,825,152 | ||||||
|
| |||||||
Distributors - 2.2% |
| |||||||
VOXX International Corp.* | 134,063 | 1,701,259 | ||||||
|
| |||||||
Total Distributors | 1,701,259 | |||||||
|
| |||||||
Diversified Consumer Services - 3.3% |
| |||||||
Career Education Corp.* | 142,300 | 1,014,599 | ||||||
Corinthian Colleges, Inc.* | 159,398 | 612,089 | ||||||
Lincoln Educational Services Corp. | 123,945 | 909,756 | ||||||
|
| |||||||
Total Diversified Consumer Services | 2,536,444 | |||||||
|
| |||||||
Electrical Equipment - 0.7% |
| |||||||
EnerSys* | 10,962 | 383,122 | ||||||
Powell Industries, Inc.* | 5,775 | 188,323 | ||||||
|
| |||||||
Total Electrical Equipment | 571,445 | |||||||
|
| |||||||
Electronic Equipment, Instruments & Components - 7.2% |
| |||||||
Anixter International, Inc.* | 3,749 | 257,106 | ||||||
Benchmark Electronics, Inc.* | 51,724 | 821,377 | ||||||
Brightpoint, Inc.* | 39,467 | 241,538 | ||||||
Checkpoint Systems, Inc.* | 32,777 | 359,236 | ||||||
CTS Corp. | 38,345 | 411,442 | ||||||
Insight Enterprises, Inc.* | 43,897 | 891,548 | ||||||
Plexus Corp.* | 9,200 | 297,804 | ||||||
Radisys Corp.* | 108,953 | 691,852 | ||||||
Scansource, Inc.* | 10,885 | 358,770 | ||||||
SYNNEX Corp.* | 25,603 | 975,218 | ||||||
TTM Technologies, Inc.* | 22,531 | 232,745 | ||||||
|
| |||||||
Total Electronic Equipment, Instruments & Components | 5,538,636 | |||||||
|
| |||||||
Energy Equipment & Services - 1.8% |
| |||||||
Exterran Holdings, Inc.* | 55,942 | 755,777 | ||||||
Matrix Service Co.* | 45,411 | 619,860 | ||||||
|
| |||||||
Total Energy Equipment & Services | 1,375,637 | |||||||
|
| |||||||
Food & Staples Retailing - 2.6% |
| |||||||
Andersons, Inc. (The) | 12,519 | 630,957 | ||||||
Nash Finch Co. | 28,879 | 724,863 | ||||||
Spartan Stores, Inc. | 33,964 | 619,164 | ||||||
|
| |||||||
Total Food & Staples Retailing | 1,974,984 | |||||||
|
|
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 27 |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | April 30, 2012 |
GUGGENHEIM S&P SMALLCAP 600 PURE VALUE ETF
SHARES | MARKET VALUE | |||||||
Food Products - 1.1% |
| |||||||
Seneca Foods Corp. — Class A* | 36,256 | $ | 844,402 | |||||
|
| |||||||
Total Food Products | 844,402 | |||||||
|
| |||||||
Gas Utilities - 0.2% |
| |||||||
Laclede Group, Inc. (The) | 4,731 | 186,307 | ||||||
|
| |||||||
Total Gas Utilities | 186,307 | |||||||
|
| |||||||
Health Care Equipment & Supplies - 1.1% |
| |||||||
Invacare Corp. | 20,390 | 323,182 | ||||||
Natus Medical, Inc.* | 22,219 | 271,961 | ||||||
Symmetry Medical, Inc.* | 30,986 | 220,310 | ||||||
|
| |||||||
Total Health Care Equipment & Supplies | 815,453 | |||||||
|
| |||||||
Health Care Providers & Services - 10.7% |
| |||||||
Almost Family, Inc.* | 45,471 | 1,108,583 | ||||||
Amedisys, Inc.* | 95,407 | 1,405,345 | ||||||
Cross Country Healthcare, Inc.* | 122,814 | 566,173 | ||||||
Gentiva Health Services, Inc.* | 176,481 | 1,461,263 | ||||||
Healthways, Inc.* | 148,923 | 993,316 | ||||||
Kindred Healthcare, Inc.* | 85,478 | 824,008 | ||||||
LHC Group, Inc.* | 41,554 | 735,921 | ||||||
Molina Healthcare, Inc.* | 26,482 | 679,263 | ||||||
PharMerica Corp.* | 37,688 | 447,357 | ||||||
|
| |||||||
Total Health Care Providers & Services | 8,221,229 | |||||||
|
| |||||||
Hotels, Restaurants & Leisure - 5.0% |
| |||||||
Boyd Gaming Corp.* | 133,809 | 1,028,991 | ||||||
Jack in the Box, Inc.* | 8,162 | 185,441 | ||||||
Marriott Vacations Worldwide Corp.* | 51,883 | 1,532,105 | ||||||
Red Robin Gourmet Burgers, Inc.* | 6,364 | 226,940 | ||||||
Ruby Tuesday, Inc.* | 92,788 | 630,959 | ||||||
Ruth’s Hospitality Group, Inc* | 39,208 | 271,319 | ||||||
|
| |||||||
Total Hotels, Restaurants & Leisure | 3,875,755 | |||||||
|
| |||||||
Household Durables - 3.0% |
| |||||||
American Greetings Corp. — Class A | 44,408 | 710,528 | ||||||
La-Z-Boy, Inc.* | 21,835 | 329,054 | ||||||
M/I Homes, Inc.* | 37,494 | 498,670 | ||||||
Standard Pacific Corp.* | 106,220 | 537,473 | ||||||
Universal Electronics, Inc.* | 13,532 | 228,961 | ||||||
|
| |||||||
Total Household Durables | 2,304,686 | |||||||
|
| |||||||
Household Products - 0.9% |
| |||||||
Central Garden and Pet Co. — Class A* | 68,173 | 728,769 | ||||||
|
| |||||||
Total Household Products | 728,769 | |||||||
|
| |||||||
Industrial Conglomerates - 0.3% |
| |||||||
Standex International Corp. | 5,283 | 232,769 | ||||||
|
| |||||||
Total Industrial Conglomerates | 232,769 | |||||||
|
| |||||||
Insurance - 6.6% |
| |||||||
Delphi Financial Group, Inc. — Class A | 11,494 | 522,057 |
SHARES | MARKET VALUE | |||||||
Horace Mann Educators Corp. | 57,335 | $ | 1,006,229 | |||||
Meadowbrook Insurance Group, Inc. | 31,535 | 278,454 | ||||||
National Financial Partners Corp.* | 13,172 | 194,287 | ||||||
Presidential Life Corp. | 47,020 | 544,492 | ||||||
Safety Insurance Group, Inc. | 5,859 | 233,481 | ||||||
Selective Insurance Group, Inc. | 26,119 | 456,821 | ||||||
Stewart Information Services Corp. | 71,132 | 1,047,063 | ||||||
Tower Group, Inc. | 22,913 | 494,463 | ||||||
United Fire Group, Inc. | 20,698 | 356,420 | ||||||
|
| |||||||
Total Insurance | 5,133,767 | |||||||
|
| |||||||
Internet Software & Services - 0.5% |
| |||||||
United Online, Inc. | 85,493 | 405,237 | ||||||
|
| |||||||
Total Internet Software & Services | 405,237 | |||||||
|
| |||||||
IT Services - 0.7% |
| |||||||
CIBER, Inc.* | 64,800 | 269,568 | ||||||
NCI, Inc. — Class A* | 58,541 | 290,363 | ||||||
|
| |||||||
Total IT Services | 559,931 | |||||||
|
| |||||||
Leisure Equipment & Products - 1.0% |
| |||||||
Callaway Golf Co. | 94,849 | 581,424 | ||||||
Jakks Pacific, Inc. | 11,579 | 220,812 | ||||||
|
| |||||||
Total Leisure Equipment & Products | 802,236 | |||||||
|
| |||||||
Machinery - 1.2% |
| |||||||
Briggs & Stratton Corp. | 28,383 | 513,732 | ||||||
Lydall, Inc.* | 38,152 | 402,504 | ||||||
|
| |||||||
Total Machinery | 916,236 | |||||||
|
| |||||||
Media - 1.4% |
| |||||||
Digital Generation, Inc.* | 36,984 | 343,211 | ||||||
E.W. Scripps Co. — Class A* | 36,637 | 335,595 | ||||||
Harte-Hanks, Inc. | 22,898 | 192,343 | ||||||
Live Nation Entertainment, Inc.* | 24,043 | 217,830 | ||||||
|
| |||||||
Total Media | 1,088,979 | |||||||
|
| |||||||
Metals & Mining - 2.5% |
| |||||||
A.M. Castle & Co.* | 32,573 | 436,152 | ||||||
AK Steel Holding Corp. | 22,838 | 169,458 | ||||||
Century Aluminum Co.* | 34,960 | 321,632 | ||||||
Materion Corp.* | 17,450 | 431,189 | ||||||
Olympic Steel, Inc. | 18,543 | 391,814 | ||||||
SunCoke Energy, Inc.* | 13,030 | 198,317 | ||||||
|
| |||||||
Total Metals & Mining | 1,948,562 | |||||||
|
| |||||||
Multiline Retail - 2.5% |
| |||||||
Fred’s, Inc. — Class A | 40,204 | 575,721 | ||||||
Tuesday Morning Corp.* | 326,343 | 1,318,426 | ||||||
|
| |||||||
Total Multiline Retail | 1,894,147 | |||||||
|
| |||||||
Oil, Gas & Consumable Fuels - 0.4% |
| |||||||
Overseas Shipholding Group, Inc. | 29,041 | 339,780 | ||||||
|
| |||||||
Total Oil, Gas & Consumable Fuels | 339,780 | |||||||
|
| |||||||
Paper & Forest Products - 1.2% |
| |||||||
Neenah Paper, Inc. | 15,231 | 434,998 | ||||||
Wausau Paper Corp. | 53,921 | 488,524 | ||||||
|
| |||||||
Total Paper & Forest Products | 923,522 | |||||||
|
|
28 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (concluded) | April 30, 2012 |
GUGGENHEIM S&P SMALLCAP 600 PURE VALUE ETF
SHARES | MARKET VALUE | |||||||
Professional Services - 2.1% |
| |||||||
CDI Corp. | 38,805 | $ | 688,400 | |||||
Insperity, Inc. | 6,981 | 190,372 | ||||||
Kelly Services, Inc. — Class A | 53,826 | 753,026 | ||||||
|
| |||||||
Total Professional Services | 1,631,798 | |||||||
|
| |||||||
Real Estate Investment Trusts (REITs) - 0.7% |
| |||||||
Cedar Reality Trust, Inc. | 61,518 | 321,124 | ||||||
Parkway Properties, Inc. | 25,608 | 253,263 | ||||||
|
| |||||||
Total Real Estate Investment Trusts (REITs) | 574,387 | |||||||
|
| |||||||
Road & Rail - 0.4% |
| |||||||
Arkansas Best Corp. | 20,076 | 307,966 | ||||||
|
| |||||||
Total Road & Rail | 307,966 | |||||||
|
| |||||||
Semiconductors & Semiconductor |
| |||||||
Advanced Energy Industries, Inc.* | 22,013 | 262,835 | ||||||
Cohu, Inc. | 33,788 | 370,992 | ||||||
DSP Group, Inc.* | 30,058 | 196,580 | ||||||
Pericom Semiconductor Corp.* | 36,548 | 287,267 | ||||||
Sigma Designs, Inc.* | 79,192 | 436,348 | ||||||
|
| |||||||
Total Semiconductors & Semiconductor Equipment | 1,554,022 | |||||||
|
| |||||||
Specialty Retail - 11.6% |
| |||||||
Big 5 Sporting Goods Corp. | 67,809 | 567,561 | ||||||
Brown Shoe Co., Inc. | 90,723 | 826,487 | ||||||
Cabela’s, Inc.* | 6,544 | 247,429 | ||||||
Christopher & Banks Corp. | 157,905 | 295,282 | ||||||
Coldwater Creek, Inc.* | 376,181 | 372,419 | ||||||
Group 1 Automotive, Inc. | 10,310 | 596,743 | ||||||
Haverty Furniture Cos., Inc. | 29,091 | 349,092 | ||||||
Lithia Motors, Inc. — Class A | 17,353 | 465,581 | ||||||
MarineMax, Inc.* | 118,227 | 1,260,300 | ||||||
OfficeMax, Inc.* | 190,554 | 886,076 |
SHARES | MARKET VALUE | |||||||
PEP Boys-Manny Moe & Jack | 48,201 | $ | 719,641 | |||||
Sonic Automotive, Inc. — Class A | 39,782 | 669,133 | ||||||
Stage Stores, Inc. | 46,458 | 709,414 | ||||||
Stein Mart, Inc.* | 107,713 | 691,517 | ||||||
Zale Corp.* | 96,455 | 264,287 | ||||||
|
| |||||||
Total Specialty Retail | 8,920,962 | |||||||
|
| |||||||
Textiles, Apparel & Luxury Goods - 4.1% |
| |||||||
Perry Ellis International, Inc.* | 68,619 | 1,283,862 | ||||||
Quiksilver, Inc.* | 193,772 | 670,451 | ||||||
Skechers U.S.A., Inc. — Class A* | 64,802 | 1,209,853 | ||||||
|
| |||||||
Total Textiles, Apparel & Luxury Goods | 3,164,166 | |||||||
|
| |||||||
Tobacco - 0.3% |
| |||||||
Alliance One International, Inc.* | 67,636 | 239,431 | ||||||
|
| |||||||
Total Tobacco | 239,431 | |||||||
|
| |||||||
Trading Companies & Distributors - 0.6% |
| |||||||
Lawson Products, Inc. | 29,878 | 435,024 | ||||||
|
| |||||||
Total Trading Companies & Distributors | 435,024 | |||||||
|
| |||||||
Total Common Stocks |
| 77,103,703 | ||||||
|
| |||||||
SHORT TERM INVESTMENTS - 0.2% |
| |||||||
SSgA Government Money Market Fund | 116,556 | 116,556 | ||||||
|
| |||||||
Total Short Term Investments | 116,556 | |||||||
|
| |||||||
Total Investments - 100.1%a |
| 77,220,259 | ||||||
|
| |||||||
Other Assets and Liabilities, |
| (76,326 | ) | |||||
|
| |||||||
Net Assets - 100.0% | $ | 77,143,933 | ||||||
|
|
* | Non-Income Producing Security. |
a | Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs. |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 29 |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2012 |
GUGGENHEIM S&P SMALLCAP 600 PURE GROWTH ETF
SHARES | MARKET VALUE | |||||||
COMMON STOCKS - 99.9% |
| |||||||
Aerospace & Defense - 3.1% |
| |||||||
Aerovironment, Inc.* | 8,434 | $ | 205,115 | |||||
American Science & Engineering, Inc. | 11,707 | 764,584 | ||||||
Cubic Corp. | 14,374 | 664,510 | ||||||
National Presto Industries, Inc. | 5,500 | 405,460 | ||||||
Teledyne Technologies, Inc.* | 6,569 | 424,489 | ||||||
|
| |||||||
Total Aerospace & Defense | 2,464,158 | |||||||
|
| |||||||
Air Freight & Logistics - 0.3% |
| |||||||
Forward Air Corp. | 7,417 | 250,546 | ||||||
|
| |||||||
Total Air Freight & Logistics | 250,546 | |||||||
|
| |||||||
Airlines - 1.2% |
| |||||||
Allegiant Travel Co.* | 15,706 | 922,885 | ||||||
|
| |||||||
Total Airlines | 922,885 | |||||||
|
| |||||||
Beverages - 0.8% |
| |||||||
Boston Beer Co., Inc. — Class A* | 6,472 | 668,687 | ||||||
|
| |||||||
Total Beverages | 668,687 | |||||||
|
| |||||||
Biotechnology - 2.9% |
| |||||||
ArQule, Inc.* | 68,308 | 481,571 | ||||||
Cubist Pharmaceuticals, Inc.* | 16,691 | 705,695 | ||||||
Momenta Pharmaceuticals, Inc.* | 47,361 | 752,093 | ||||||
Spectrum Pharmaceuticals, Inc.* | 33,433 | 355,393 | ||||||
|
| |||||||
Total Biotechnology | 2,294,752 | |||||||
|
| |||||||
Capital Markets - 0.6% |
| |||||||
Financial Engines, Inc.* | 21,467 | 490,306 | ||||||
|
| |||||||
Total Capital Markets | 490,306 | |||||||
|
| |||||||
Chemicals - 1.9% |
| |||||||
Balchem Corp. | 11,948 | 345,297 | ||||||
Hawkins, Inc. | 14,711 | 510,913 | ||||||
Innophos Holdings, Inc. | 12,755 | 627,164 | ||||||
|
| |||||||
Total Chemicals | 1,483,374 | |||||||
|
| |||||||
Commercial Services & Supplies - 0.9% |
| |||||||
Portfolio Recovery Associates, Inc.* | 11,024 | 758,672 | ||||||
|
| |||||||
Total Commercial Services & Supplies | 758,672 | |||||||
|
| |||||||
Communications Equipment - 0.8% |
| |||||||
Netgear, Inc.* | 8,714 | 335,489 | ||||||
ViaSat, Inc.* | 6,857 | 331,193 | ||||||
|
| |||||||
Total Communications Equipment | 666,682 | |||||||
|
| |||||||
Computers & Peripherals - 0.7% |
| |||||||
Synaptics, Inc.* | 17,436 | 535,460 | ||||||
|
| |||||||
Total Computers & Peripherals | 535,460 | |||||||
|
| |||||||
Consumer Finance - 2.7% |
| |||||||
Cash America International, Inc. | 12,609 | 589,470 | ||||||
EZCORP, Inc. — | 17,600 | 471,504 | ||||||
First Cash Financial Services, Inc.* | 8,604 | 352,420 | ||||||
World Acceptance Corp.* | 11,194 | 744,513 | ||||||
|
| |||||||
Total Consumer Finance | 2,157,907 | |||||||
|
|
SHARES | MARKET VALUE | |||||||
Diversified Consumer Services - 3.0% |
| |||||||
American Public Education, Inc.* | 17,185 | $ | 596,663 | |||||
Capella Education Co.* | 19,827 | 648,541 | ||||||
Coinstar, Inc.* | 17,632 | 1,107,114 | ||||||
|
| |||||||
Total Diversified Consumer Services | 2,352,318 | |||||||
|
| |||||||
Diversified Telecommunication Services - 0.6% |
| |||||||
Atlantic Tele-Network, Inc. | 15,005 | 511,070 | ||||||
|
| |||||||
Total Diversified Telecommunication Services | 511,070 | |||||||
|
| |||||||
Electrical Equipment - 1.5% |
| |||||||
AZZ, Inc. | 8,165 | 422,212 | ||||||
Franklin Electric Co., Inc. | 9,340 | 468,401 | ||||||
II-VI, Inc.* | 16,315 | 332,989 | ||||||
|
| |||||||
Total Electrical Equipment | 1,223,602 | |||||||
|
| |||||||
Electronic Equipment, Instruments & |
| |||||||
Cognex Corp. | 13,059 | 525,625 | ||||||
DTS, Inc.* | 17,672 | 551,366 | ||||||
FARO Technologies, Inc.* | 5,252 | 294,007 | ||||||
Littelfuse, Inc. | 9,980 | 625,446 | ||||||
MTS Systems Corp. | 8,300 | 398,151 | ||||||
OSI Systems, Inc.* | 6,824 | 456,253 | ||||||
|
| |||||||
Total Electronic Equipment, Instruments & Components | 2,850,848 | |||||||
|
| |||||||
Energy Equipment & Services - 2.1% |
| |||||||
Lufkin Industries, Inc. | 5,291 | 406,560 | ||||||
OYO Geospace Corp.* | 3,568 | 411,105 | ||||||
SEACOR Holdings, Inc.* | 9,073 | 843,154 | ||||||
|
| |||||||
Total Energy Equipment & Services | 1,660,819 | |||||||
|
| |||||||
Food & Staples Retailing - 0.9% |
| |||||||
Casey’s General Stores, Inc. | 12,739 | 717,843 | ||||||
|
| |||||||
Total Food & Staples Retailing | 717,843 | |||||||
|
| |||||||
Food Products - 2.3% |
| |||||||
J&J Snack Foods Corp. | 9,944 | 557,461 | ||||||
Sanderson Farms, Inc. | 13,120 | 677,123 | ||||||
TreeHouse Foods, Inc.* | 10,121 | 582,059 | ||||||
|
| |||||||
Total Food Products | 1,816,643 | |||||||
|
| |||||||
Gas Utilities - 0.4% |
| |||||||
South Jersey Industries, Inc. | 6,083 | 299,588 | ||||||
|
| |||||||
Total Gas Utilities | 299,588 | |||||||
|
| |||||||
Health Care Equipment & Supplies - 5.7% |
| |||||||
Abaxis, Inc.* | 10,821 | 385,444 | ||||||
Analogic Corp. | 8,562 | 584,014 | ||||||
Cyberonics, Inc.* | 16,682 | 638,921 | ||||||
Haemonetics Corp.* | 10,637 | 761,290 | ||||||
ICU Medical, Inc.* | 15,208 | 798,268 | ||||||
Neogen Corp.* | 16,010 | 624,230 | ||||||
NuVasive, Inc.* | 43,583 | 722,170 | ||||||
|
| |||||||
Total Health Care Equipment & Supplies | 4,514,337 | |||||||
|
|
30 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | April 30, 2012 |
GUGGENHEIM S&P SMALLCAP 600 PURE GROWTH ETF
SHARES | MARKET VALUE | |||||||
Health Care Providers & Services - 6.7% |
| |||||||
Air Methods Corp.* | 7,509 | $ | 631,582 | |||||
Chemed Corp. | 11,111 | 670,438 | ||||||
CorVel Corp.* | 13,858 | 602,684 | ||||||
Ensign Group, Inc. (The) | 18,257 | 487,645 | ||||||
IPC The Hospitalist Co., Inc.* | 16,254 | 624,316 | ||||||
Landauer, Inc. | 10,125 | 533,790 | ||||||
Magellan Health Services, Inc.* | 15,761 | 697,897 | ||||||
MWI Veterinary Supply, Inc.* | 11,747 | 1,108,917 | ||||||
|
| |||||||
Total Health Care Providers & Services | 5,357,269 | |||||||
|
| |||||||
Health Care Technology - 2.6% |
| |||||||
Computer Programs & Systems, Inc. | 11,914 | 709,955 | ||||||
Medidata Solutions, Inc.* | 29,447 | 762,972 | ||||||
Quality Systems, Inc. | 15,942 | 596,231 | ||||||
|
| |||||||
Total Health Care Technology | 2,069,158 | |||||||
|
| |||||||
Hotels, Restaurants & Leisure - 6.1% |
| |||||||
Biglari Holdings, Inc.* | 1,769 | 718,798 | ||||||
BJ’s Restaurants, Inc.* | 14,564 | 629,019 | ||||||
Buffalo Wild Wings, Inc.* | 12,620 | 1,058,187 | ||||||
CEC Entertainment, Inc. | 15,130 | 578,269 | ||||||
DineEquity, Inc.* | 14,008 | 680,509 | ||||||
Papa John’s International, Inc.* | 9,219 | 371,341 | ||||||
Peet’s Coffee & Tea, Inc.* | 10,832 | 832,114 | ||||||
|
| |||||||
Total Hotels, Restaurants & Leisure | 4,868,237 | |||||||
|
| |||||||
Household Durables - 0.5% |
| |||||||
iRobot Corp.* | 15,469 | 365,223 | ||||||
|
| |||||||
Total Household Durables | 365,223 | |||||||
|
| |||||||
Household Products - 0.4% |
| |||||||
WD-40 Co. | 6,769 | 305,146 | ||||||
|
| |||||||
Total Household Products | 305,146 | |||||||
|
| |||||||
Insurance - 1.7% |
| |||||||
Infinity Property & Casualty Corp. | 10,972 | 586,014 | ||||||
ProAssurance Corp. | 5,312 | 467,934 | ||||||
RLI Corp. | 4,660 | 320,981 | ||||||
|
| |||||||
Total Insurance | 1,374,929 | |||||||
|
| |||||||
Internet & Catalog Retail - 0.3% |
| |||||||
Blue Nile, Inc.* | 7,415 | 224,526 | ||||||
|
| |||||||
Total Internet & Catalog Retail | 224,526 | |||||||
|
| |||||||
Internet Software & Services - 4.2% |
| |||||||
comScore, Inc.* | 14,729 | 293,402 | ||||||
InfoSpace, Inc.* | 47,525 | 528,953 | ||||||
j2 Global, Inc. | 9,903 | 255,794 | ||||||
Liquidity Services, Inc.* | 5,484 | 292,462 | ||||||
LivePerson, Inc.* | 20,986 | 333,258 | ||||||
LogMeIn, Inc.* | 16,000 | 576,160 | ||||||
OpenTable, Inc.* | 16,126 | 721,316 | ||||||
Stamps.com, Inc.* | 12,028 | 349,173 | ||||||
|
| |||||||
Total Internet Software & Services | 3,350,518 | |||||||
|
|
SHARES | MARKET VALUE | |||||||
IT Services - 2.5% |
| |||||||
CACI International, Inc. — Class A* | 12,800 | $ | 782,464 | |||||
Forrester Research, Inc. | 7,638 | 270,767 | ||||||
Higher One Holdings, Inc.* | 20,672 | 325,998 | ||||||
MAXIMUS, Inc. | 13,353 | 590,870 | ||||||
|
| |||||||
Total IT Services | 1,970,099 | |||||||
|
| |||||||
Leisure Equipment & Products - 1.2% |
| |||||||
Sturm Ruger & Co., Inc. | 16,651 | 950,273 | ||||||
|
| |||||||
Total Leisure Equipment & Products | 950,273 | |||||||
|
| |||||||
Machinery - 1.1% |
| |||||||
Lindsay Corp. | 5,819 | 388,651 | ||||||
Toro Co. (The) | 6,480 | 463,061 | ||||||
|
| |||||||
Total Machinery | 851,712 | |||||||
|
| |||||||
Media - 0.5% |
| |||||||
Arbitron, Inc. | 9,929 | 377,798 | ||||||
|
| |||||||
Total Media | 377,798 | |||||||
|
| |||||||
Oil, Gas & Consumable Fuels - 2.2% |
| |||||||
Approach Resources, Inc.* | 10,222 | 366,765 | ||||||
Contango Oil & Gas Co.* | 11,632 | 631,152 | ||||||
GeoResources, Inc.* | 19,087 | 719,771 | ||||||
|
| |||||||
Total Oil, Gas & Consumable Fuels | 1,717,688 | |||||||
|
| |||||||
Paper & Forest Products - 1.1% |
| |||||||
Deltic Timber Corp. | 7,103 | 433,851 | ||||||
Schweitzer-Mauduit International, Inc. | 6,002 | 407,056 | ||||||
|
| |||||||
Total Paper & Forest Products | 840,907 | |||||||
|
| |||||||
Personal Products - 0.7% |
| |||||||
Medifast, Inc.* | 30,738 | 590,784 | ||||||
|
| |||||||
Total Personal Products | 590,784 | |||||||
|
| |||||||
Pharmaceuticals - 3.8% |
| |||||||
Akorn, Inc.* | 25,686 | 311,571 | ||||||
Hi-Tech Pharmacal Co., Inc.* | 21,038 | 685,628 | ||||||
Medicines Co. (The)* | 29,727 | 656,669 | ||||||
Questcor Pharmaceuticals, Inc.* | 15,091 | 677,586 | ||||||
Salix Pharmaceuticals Ltd.* | 5,922 | 292,547 | ||||||
ViroPharma, Inc.* | 17,922 | 389,804 | ||||||
|
| |||||||
Total Pharmaceuticals | 3,013,805 | |||||||
|
| |||||||
Professional Services - 1.3% |
| |||||||
Dolan Co. (The)* | 65,217 | 522,388 | ||||||
Exponent, Inc.* | 10,497 | 501,757 | ||||||
|
| |||||||
Total Professional Services | 1,024,145 | |||||||
|
| |||||||
Real Estate Investment Trusts (REITs) - 1.2% |
| |||||||
EastGroup Properties, Inc. | 5,416 | 272,425 | ||||||
Mid-America Apartment Communities, Inc. | 5,036 | 342,801 | ||||||
PS Business Parks, Inc. | 5,385 | 367,526 | ||||||
|
| |||||||
Total Real Estate Investment Trusts (REITs) | 982,752 | |||||||
|
|
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 31 |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (concluded) | April 30, 2012 |
GUGGENHEIM S&P SMALLCAP 600 PURE GROWTH ETF
SHARES | MARKET VALUE | |||||||
Semiconductors & Semiconductor |
| |||||||
Cabot Microelectronics Corp. | 9,197 | $ | 316,193 | |||||
CEVA, Inc.* | 9,151 | 202,145 | ||||||
Cirrus Logic, Inc.* | 40,705 | 1,114,503 | ||||||
Cymer, Inc.* | 8,601 | 445,876 | ||||||
Entropic Communications, Inc.* | 92,653 | 391,922 | ||||||
Exar Corp.* | 85,228 | 675,006 | ||||||
GT Advanced Technologies, Inc.* | 53,436 | 347,868 | ||||||
Hittite Microwave Corp.* | 14,729 | 788,591 | ||||||
Kulicke & Soffa Industries, Inc.* | 65,056 | 852,234 | ||||||
Power Integrations, Inc. | 16,858 | 638,581 | ||||||
Rubicon Technology, Inc.* | 51,722 | 488,773 | ||||||
Veeco Instruments, Inc.* | 32,540 | 982,383 | ||||||
Volterra Semiconductor Corp.* | 20,642 | 678,915 | ||||||
|
| |||||||
Total Semiconductors & Semiconductor Equipment | 7,922,990 | |||||||
|
| |||||||
Software - 7.5% |
| |||||||
Blackbaud, Inc. | 8,920 | 276,342 | ||||||
CommVault Systems, Inc.* | 14,832 | 772,302 | ||||||
Ebix, Inc. | 22,515 | 460,432 | ||||||
Interactive Intelligence Group* | 13,306 | 394,656 | ||||||
JDA Software Group, Inc.* | 9,821 | 283,630 | ||||||
Manhattan Associates, Inc.* | 7,027 | 352,404 | ||||||
MicroStrategy, Inc. — Class A* | 4,955 | 692,610 | ||||||
Netscout Systems, Inc.* | 17,357 | 359,116 | ||||||
OPNET Technologies, Inc. | 11,366 | 263,237 | ||||||
Sourcefire, Inc.* | 18,157 | 925,825 | ||||||
Synchronoss Technologies, Inc.* | 8,735 | 273,406 | ||||||
Tyler Technologies, Inc.* | 13,937 | 556,783 | ||||||
Websense, Inc.* | 18,716 | 388,170 | ||||||
|
| |||||||
Total Software | 5,998,913 | |||||||
|
|
SHARES | MARKET VALUE | |||||||
Specialty Retail - 6.0% |
| |||||||
Buckle, Inc. (The) | 14,861 | $ | 686,281 | |||||
Children’s Place Retail Stores, Inc. (The)* | 7,700 | 354,046 | ||||||
Genesco, Inc.* | 8,795 | 659,625 | ||||||
Hibbett Sports, Inc.* | 12,152 | 725,718 | ||||||
JOS A Bank Clothiers, Inc.* | 13,184 | 626,899 | ||||||
Monro Muffler Brake, Inc. | 13,532 | 558,330 | ||||||
Rue21, Inc.* | 20,402 | 619,201 | ||||||
Vitamin Shoppe, Inc.* | 11,190 | 526,713 | ||||||
|
| |||||||
Total Specialty Retail | 4,756,813 | |||||||
|
| |||||||
Textiles, Apparel & Luxury Goods - 1.9% |
| |||||||
Steven Madden Ltd.* | 17,314 | 748,138 | ||||||
True Religion Apparel, Inc.* | 16,330 | 443,523 | ||||||
Wolverine World Wide, Inc. | 7,287 | 305,689 | ||||||
|
| |||||||
Total Textiles, Apparel & Luxury Goods | 1,497,350 | |||||||
|
| |||||||
Water Utilities - 0.4% |
| |||||||
American States Water Co. | 8,489 | 309,339 | ||||||
|
| |||||||
Total Water Utilities | 309,339 | |||||||
|
| |||||||
Total Common Stocks | 79,360,871 | |||||||
|
| |||||||
SHORT TERM INVESTMENTS - 0.1% |
| |||||||
SSgA Government Money Market Fund | 45,037 | 45,037 | ||||||
|
| |||||||
Total Short Term Investments |
| 45,037 | ||||||
|
| |||||||
Total Investments - 100.0%a |
| 79,405,908 | ||||||
|
| |||||||
Other Assets and Liabilities, net - 0.0%b |
| (17,925 | ) | |||||
|
| |||||||
Net Assets - 100.0% | $ | 79,387,983 | ||||||
|
|
* | Non-Income Producing Security. |
a | Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs. |
b | Amount represents less than 0.05% of net assets. |
32 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
STATEMENT OF ASSETS AND LIABILITIES (Unaudited) | April 30, 2012 |
Guggenheim Russell Top 50® ETF | Guggenheim S&P 500 Pure Value ETF | Guggenheim S&P 500 Pure Growth ETF | Guggenheim S&P MidCap 400 Pure Value ETF | |||||||||||||
ASSETS | ||||||||||||||||
Investments at market value* | $ | 484,845,903 | $ | 93,237,617 | $ | 321,268,237 | $ | 35,559,247 | ||||||||
Receivables: | ||||||||||||||||
Investments sold | — | 123,385 | — | 432,672 | ||||||||||||
Fund shares sold | 5,119,129 | — | — | — | ||||||||||||
Dividends | 548,255 | 63,732 | 113,989 | 12,107 | ||||||||||||
Total assets | 490,513,287 | 93,424,734 | 321,382,226 | 36,004,026 | ||||||||||||
LIABILITIES | ||||||||||||||||
Payables: | ||||||||||||||||
Investments purchased | 5,111,014 | 197,426 | — | 449,901 | ||||||||||||
Accrued management fees | 76,631 | 26,638 | 90,467 | 10,934 | ||||||||||||
Total liabilities | 5,187,645 | 224,064 | 90,467 | 460,835 | ||||||||||||
NET ASSETS | $ | 485,325,642 | $ | 93,200,670 | $ | 321,291,759 | $ | 35,543,191 | ||||||||
NETASSETSCONSISTOF: | ||||||||||||||||
Paid-in capital | $ | 553,191,007 | $ | 99,858,494 | $ | 304,933,273 | $ | 36,489,125 | ||||||||
Undistributed net investment income | 739,997 | 94,108 | 62,879 | 11,475 | ||||||||||||
Accumulated net realized loss on investment securities | (67,675,096 | ) | (6,848,996 | ) | (17,505,956 | ) | (2,791,779 | ) | ||||||||
Net unrealized appreciation (depreciation) on investment securities | (930,266 | ) | 97,064 | 33,801,563 | 1,834,370 | |||||||||||
NETASSETS | $ | 485,325,642 | $ | 93,200,670 | $ | 321,291,759 | $ | 35,543,191 | ||||||||
Shares outstanding (unlimited shares authorized), no par value | 4,750,785 | 3,002,836 | 6,550,299 | 1,000,499 | ||||||||||||
Net asset value, offering price and repurchase price per share | $102.16 | $31.04 | $49.05 | $35.53 | ||||||||||||
*Total cost of investments | $ | 485,776,169 | $ | 93,140,553 | $ | 287,466,674 | $ | 33,724,877 |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 33 |
Table of Contents
STATEMENT OF ASSETS AND LIABILITIES (Unaudited) (concluded) | April 30, 2012 |
Guggenheim S&P MidCap 400 Pure Growth ETF | Guggenheim S&P SmallCap 600 Pure Value ETF | Guggenheim S&P SmallCap 600 Pure Growth ETF | ||||||||||
ASSETS | ||||||||||||
Investments at market value* | $ | 602,671,223 | $ | 77,220,259 | $ | 79,405,908 | ||||||
Receivables: | ||||||||||||
Investments sold | — | 637,821 | — | |||||||||
Dividends | 59,983 | 18,504 | 4,867 | |||||||||
Total assets | 602,731,206 | 77,876,584 | 79,410,775 | |||||||||
LIABILITIES | ||||||||||||
Payables: | ||||||||||||
Investments purchased | — | 710,699 | — | |||||||||
Accrued management fees | 171,678 | 21,952 | 22,792 | |||||||||
Total liabilities | 171,678 | 732,651 | 22,792 | |||||||||
NET ASSETS | $ | 602,559,528 | $ | 77,143,933 | $ | 79,387,983 | ||||||
NETASSETSCONSISTOF: | ||||||||||||
Paid-in capital | $ | 582,703,721 | $ | 101,950,658 | $ | 77,973,174 | ||||||
Undistributed (distributions in excess) of net investment income | (31,052 | ) | 20,892 | (3,425 | ) | |||||||
Accumulated net realized loss on investment securities | (39,451,708 | ) | (24,070,952 | ) | (2,637,605 | ) | ||||||
Net unrealized appreciation (depreciation) on investment securities | 59,338,567 | (756,665 | ) | 4,055,839 | ||||||||
NETASSETS | $ | 602,559,528 | $ | 77,143,933 | $ | 79,387,983 | ||||||
Shares outstanding (unlimited shares authorized), no par value | 6,700,021 | 1,950,040 | 1,450,004 | |||||||||
Net asset value, offering price and repurchase price per share | $89.93 | $39.56 | $54.75 | |||||||||
*Total cost of investments | $ | 543,332,656 | $ | 77,976,924 | $ | 75,350,069 |
34 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
STATEMENT OF OPERATIONS (Unaudited)
|
For the Six Months Ended April 30, 2012
Guggenheim Russell Top 50® ETF | Guggenheim S&P 500 Pure Value ETF | Guggenheim S&P 500 Pure Growth ETF | Guggenheim S&P MidCap 400 Pure Value ETF | |||||||||||||
INVESTMENT INCOME | ||||||||||||||||
Dividends | $ | 5,489,266 | $ | 831,618 | $ | 1,576,400 | $ | 345,951 | ||||||||
Interest | 6 | 1 | 12 | — | ||||||||||||
Total income | 5,489,272 | 831,619 | 1,576,412 | 345,951 | ||||||||||||
EXPENSES | ||||||||||||||||
Management fee | 462,860 | 147,009 | 503,039 | 69,587 | ||||||||||||
462,860 | 147,009 | 503,039 | 69,587 | |||||||||||||
Net investment income | 5,026,412 | 684,610 | 1,073,373 | 276,364 | ||||||||||||
REALIZEDAND UNREALIZED GAIN (LOSS)ON INVESTMENTS | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments | (939,285 | ) | (304,125 | ) | (18,426,127 | ) | (1,137,920 | ) | ||||||||
In-kind Redemptions | 33,570,582 | 1,637,601 | 3,527,365 | 1,182,720 | ||||||||||||
Net realized gain (loss) | 32,631,297 | 1,333,476 | (14,898,762 | ) | 44,800 | |||||||||||
Net change in unrealized appreciation on: | ||||||||||||||||
Investment securities | 24,055,450 | 5,638,730 | 41,661,810 | 5,410,215 | ||||||||||||
Net realized and unrealized gain on investments | 56,686,747 | 6,972,206 | 26,763,048 | 5,455,015 | ||||||||||||
Net increase in net assets resulting from operations | $ | 61,713,159 | $ | 7,656,816 | $ | 27,836,421 | $ | 5,731,379 |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 35 |
Table of Contents
STATEMENT OF OPERATIONS (Unaudited) (concluded)
|
For the Six Months Ended April 30, 2012
Guggenheim S&P MidCap 400 Pure Growth ETF | Guggenheim S&P SmallCap 600 Pure Value ETF | Guggenheim S&P SmallCap 600 Pure Growth ETF | ||||||||||
INVESTMENT INCOME | ||||||||||||
Dividends | $ | 1,462,423 | $ | 378,069 | $ | 305,143 | ||||||
Interest | 4 | — | 1 | |||||||||
Total income | 1,462,427 | 378,069 | 305,144 | |||||||||
EXPENSES | ||||||||||||
Management fee | 1,028,998 | 122,607 | 113,069 | |||||||||
1,028,998 | 122,607 | 113,069 | ||||||||||
Net investment income | 433,429 | 255,462 | 192,075 | |||||||||
REALIZEDAND UNREALIZED GAIN (LOSS)ON INVESTMENTS | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Investments | (54,244,070 | ) | (3,073,716 | ) | (2,143,451 | ) | ||||||
In-kind redemptions | 16,979,841 | — | 437,622 | |||||||||
Net realized loss | (37,264,229 | ) | (3,073,716 | ) | (1,705,829 | ) | ||||||
Net change in unrealized appreciation on: | ||||||||||||
Investment securities | 82,735,691 | 9,759,258 | 8,152,107 | |||||||||
Net realized and unrealized gain on investments | 45,471,462 | 6,685,542 | 6,446,278 | |||||||||
Net increase in net assets resulting from operations | $ | 45,904,891 | $ | 6,941,004 | $ | 6,638,353 |
36 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS |
Guggenheim Russell Top 50® ETF | Guggenheim S&P 500 Pure Value ETF | |||||||||||||||
Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, 2011 | Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, 2011 | |||||||||||||
OPERATIONS | ||||||||||||||||
Net investment income | $ | 5,026,412 | $ | 7,875,126 | $ | 684,610 | $ | 1,288,269 | ||||||||
Net realized gain (loss) on investments | 32,631,297 | (1,000,821 | ) | 1,333,476 | 1,122,980 | |||||||||||
Net change in unrealized appreciation (depreciation) on investments | 24,055,450 | 19,318,113 | 5,638,730 | (2,290,115 | ) | |||||||||||
Net increase in net assets | 61,713,159 | 26,192,418 | 7,656,816 | 121,134 | ||||||||||||
DISTRIBUTIONSTO SHAREHOLDERSFROM: | ||||||||||||||||
Net investment income | (5,076,826 | ) | (7,603,764 | ) | (672,022 | ) | (1,211,677 | ) | ||||||||
SHAREHOLDER TRANSACTIONS | ||||||||||||||||
Proceeds from shares purchased | 179,271,892 | 150,183,009 | 17,479,492 | 60,757,533 | ||||||||||||
Value of shares redeemed | (204,991,871 | ) | (38,031,580 | ) | (10,813,895 | ) | (35,992,276 | ) | ||||||||
Net increase (decrease) in net assets resulting from share transactions | (25,719,979 | ) | 112,151,429 | 6,665,597 | 24,765,257 | |||||||||||
Increase in net assets | 30,916,354 | 130,740,083 | 13,650,391 | 23,674,714 | ||||||||||||
NETASSETS | ||||||||||||||||
Beginning of period | 454,409,288 | 323,669,205 | 79,550,279 | 55,875,565 | ||||||||||||
End of period1 | $ | 485,325,642 | $ | 454,409,288 | $ | 93,200,670 | $ | 79,550,279 | ||||||||
1 Including undistributed net investment income | $ | 739,997 | $ | 790,411 | $ | 94,108 | $ | 81,520 | ||||||||
CHANGESINSHARESOUTSTANDING: | ||||||||||||||||
Shares purchased | 1,900,000 | 1,700,000 | 550,000 | 2,000,000 | ||||||||||||
Shares redeemed | (2,200,000 | ) | (450,000 | ) | (350,000 | ) | (1,350,000 | ) | ||||||||
Shares outstanding, beginning of period | 5,050,785 | 3,800,785 | 2,802,836 | 2,152,836 | ||||||||||||
Shares outstanding, end of period | 4,750,785 | 5,050,785 | 3,002,836 | 2,802,836 |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 37 |
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS (continued) |
Guggenheim S&P 500 Pure Growth ETF | Guggenheim S&P MidCap 400 Pure Value ETF | |||||||||||||||
Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, 2011 | Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, 2011 | |||||||||||||
OPERATIONS | ||||||||||||||||
Net Investment Income | $ | 1,073,373 | $ | 1,020,216 | $ | 276,364 | $ | 588,491 | ||||||||
Net realized gain (loss) on investments | (14,898,762 | ) | 23,480,072 | 44,800 | 1,240,256 | |||||||||||
Net change in unrealized appreciation (depreciation) on investments | 41,661,810 | (23,088,187 | ) | 5,410,215 | (2,426,037 | ) | ||||||||||
Net increase (decrease) in net assets resulting from operations | 27,836,421 | 1,412,101 | 5,731,379 | (597,290 | ) | |||||||||||
DISTRIBUTIONSTO SHAREHOLDERSFROM: | ||||||||||||||||
Net investment income | (1,025,692 | ) | (996,112 | ) | (293,225 | ) | (566,319 | ) | ||||||||
SHAREHOLDERTRANSACTIONS | ||||||||||||||||
Proceeds from shares purchased | 55,143,833 | 259,891,376 | 3,130,358 | 10,618,563 | ||||||||||||
Value of shares redeemed | (26,551,559 | ) | (141,889,014 | ) | (8,696,285 | ) | (16,872,735 | ) | ||||||||
Net increase (decrease) in net assets resulting from share transactions | 28,592,274 | 118,002,362 | (5,565,927 | ) | (6,254,172 | ) | ||||||||||
Increase (decrease) in net assets | 55,403,003 | 118,418,351 | (127,773 | ) | (7,417,781 | ) | ||||||||||
NETASSETS | ||||||||||||||||
Beginning of period | 265,888,756 | 147,470,405 | 35,670,964 | 43,088,745 | ||||||||||||
End of period1 | $ | 321,291,759 | $ | 265,888,756 | $ | 35,543,191 | $ | 35,670,964 | ||||||||
1 Including undistributed net investment income | $ | 62,879 | $ | 15,198 | $ | 11,475 | $ | 28,336 | ||||||||
CHANGESINSHARESOUTSTANDING: | ||||||||||||||||
Shares purchased | 1,200,000 | 5,700,000 | 100,000 | 300,000 | ||||||||||||
Shares redeemed | (600,000 | ) | (3,400,000 | ) | (250,000 | ) | (550,000 | ) | ||||||||
Shares outstanding, beginning of period | 5,950,299 | 3,650,299 | 1,150,499 | 1,400,499 | ||||||||||||
Shares outstanding, end of period | 6,550,299 | 5,950,299 | 1,000,499 | 1,150,499 |
38 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS (continued) |
Guggenheim S&P MidCap 400 Pure Growth ETF | Guggenheim S&P SmallCap 600 Pure Value ETF | |||||||||||||||
Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, 2011 | Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, 2011 | |||||||||||||
OPERATIONS | ||||||||||||||||
Net investment income | $ | 433,429 | $ | 494,420 | $ | 255,462 | $ | 444,600 | ||||||||
Net realized gain (loss) | (37,264,229 | ) | 69,090,697 | (3,073,716 | ) | 3,386,071 | ||||||||||
Net change in unrealized appreciation (depreciation) on Investments | 82,735,691 | (51,357,329 | ) | 9,759,258 | 849,778 | |||||||||||
Net increase in net assets resulting from operations | 45,904,891 | 18,227,788 | 6,941,004 | 4,680,449 | ||||||||||||
DISTRIBUTIONSTO SHAREHOLDERSFROM: | ||||||||||||||||
Net investment income | (464,481 | ) | (494,945 | ) | (234,570 | ) | (444,287 | ) | ||||||||
SHAREHOLDERTRANSACTIONS | ||||||||||||||||
Proceeds from shares purchased | 74,690,949 | 689,925,224 | 8,307,891 | 14,049,940 | ||||||||||||
Value of shares redeemed | (170,817,803 | ) | (346,841,356 | ) | — | (43,539,405 | ) | |||||||||
Net increase (decrease) in net assets resulting from share transactions | (96,126,854 | ) | 343,083,868 | 8,307,891 | (29,489,465 | ) | ||||||||||
Increase (decrease) in net assets | (50,686,444 | ) | 360,816,711 | 15,014,325 | (25,253,303 | ) | ||||||||||
NETASSETS | ||||||||||||||||
Beginning of period | 653,245,972 | 292,429,261 | 62,129,608 | 87,382,911 | ||||||||||||
End of period1 | $ | 602,559,528 | $ | 653,245,972 | $ | 77,143,933 | $ | 62,129,608 | ||||||||
1 Including undistributed (distributions in excess) of net investment income | $ | (31,052 | ) | $ | — | $ | 20,892 | $ | — | |||||||
CHANGESINSHARESOUTSTANDING: | ||||||||||||||||
Shares purchased | 900,000 | 8,250,000 | 200,000 | 350,000 | ||||||||||||
Shares redeemed | (2,150,000 | ) | (4,450,000 | ) | — | (1,150,000 | ) | |||||||||
Shares outstanding, beginning of period | 7,950,021 | 4,150,021 | 1,750,040 | 2,550,040 | ||||||||||||
Shares outstanding, end of period | 6,700,021 | 7,950,021 | 1,950,040 | 1,750,040 |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 39 |
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS (concluded) |
Guggenheim S&P SmallCap 600 Pure Growth ETF | ||||||||
Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, 2011 | |||||||
OPERATIONS | ||||||||
Net investment income | $ | 192,075 | $ | 12,081 | ||||
Net realized loss on investments | (1,705,829 | ) | (1,667,405 | ) | ||||
Net change in unrealized appreciation (depreciation) on investments | 8,152,107 | (6,355,046 | ) | |||||
Net increase (decrease) in net assets resulting from operations | 6,638,353 | (8,010,370 | ) | |||||
DISTRIBUTIONSTO SHAREHOLDERSFROM: | ||||||||
Net investment income | (195,500 | ) | (46,996 | ) | ||||
SHAREHOLDERTRANSACTIONS | ||||||||
Proceeds from shares purchased | 40,808,973 | 103,804,934 | ||||||
Value of shares redeemed | (2,736,392 | ) | (78,204,381 | ) | ||||
Net increase in net assets resulting from share transactions | 38,072,581 | 25,600,553 | ||||||
Increase in net assets | 44,515,434 | 17,543,187 | ||||||
NETASSETS | ||||||||
Beginning of period | 34,872,549 | 17,329,362 | ||||||
End of period1 | $ | 79,387,983 | $ | 34,872,549 | ||||
1 Including undistributed (distributions in excess) of net investment income | $ | (3,425 | ) | $ | — | |||
CHANGESINSHARESOUTSTANDING: | ||||||||
Shares purchased | 800,000 | 1,950,000 | ||||||
Shares redeemed | (50,000 | ) | (1,650,000 | ) | ||||
Shares outstanding, beginning of period | 700,004 | 400,004 | ||||||
Shares outstanding, end of period | 1,450,004 | 700,004 |
40 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
GUGGENHEIM RUSSELL TOP 50® ETF
FINANCIAL HIGHLIGHTS |
Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, 2011 | Year Ended October 31, 2010 | Year Ended October 31, 2009 | Year Ended October 31, 2008 | Year Ended October 31, 2007 | |||||||||||||||||||
Per Share Operating Performance: |
| |||||||||||||||||||||||
Net asset value at beginning of period | $89.97 | $85.16 | $78.90 | $76.29 | $116.47 | $104.15 | ||||||||||||||||||
Net investment income* | 1.03 | 1.87 | 1.72 | 1.95 | 2.34 | 2.15 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 12.20 | 4.74 | 6.26 | 2.61 | (40.20 | ) | 12.25 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 13.23 | 6.61 | 7.98 | 4.56 | (37.86 | ) | 14.40 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (1.04 | ) | (1.80 | ) | (1.72 | ) | (1.95 | ) | (2.32 | ) | (2.08 | ) | ||||||||||||
Net asset value at end of period | $102.16 | $89.97 | $85.16 | $78.90 | $76.29 | $116.47 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return** | 14.77% | 7.80% | 10.22% | 6.35% | (32.92% | ) | 13.96% | |||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $485,326 | $454,409 | $323,669 | $315,662 | $434,878 | $681,355 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | 0.20% | 0.20% | 0.20% | 0.20% | 0.20% | 0.20% | ||||||||||||||||||
Net investment income | 2.17% | 2.08% | 2.09% | 2.79% | 2.37% | 1.96% | ||||||||||||||||||
Portfolio turnover rate† | 1% | 6% | 9% | 12% | 10% | 8% |
* | Based on average shares outstanding. |
** | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. Total investment return calculated for a period of less than one year is not annualized. |
† | Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions. |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 41 |
Table of Contents
GUGGENHEIM S&P 500 PURE VALUE ETF
FINANCIAL HIGHLIGHTS (continued)
Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, 2011 | Year Ended October 31, 2010 | Year Ended October 31, 2009 | Year Ended 2008 | Year Ended October 31, | |||||||||||||||||||
Per Share Operating Performance: |
| |||||||||||||||||||||||
Net asset value at beginning of period | $28.38 | $25.95 | $21.46 | $17.98 | $34.46 | $32.66 | ||||||||||||||||||
Net investment income* | 0.24 | 0.42 | 0.35 | 0.49 | 1.00 | 0.75 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 2.66 | 2.40 | 4.49 | 3.53 | (16.44 | ) | 1.80 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 2.90 | 2.82 | 4.84 | 4.02 | (15.44 | ) | 2.55 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.24 | ) | (0.39 | ) | (0.35 | ) | (0.54 | ) | (1.04 | ) | (0.75 | ) | ||||||||||||
Net asset value at end of period | $31.04 | $28.38 | $25.95 | $21.46 | $17.98 | $34.46 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return** | 10.24% | 10.84% | 22.67% | 23.73% | (45.76% | ) | 7.79% | |||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $93,201 | $79,550 | $55,876 | $30,101 | $17,994 | $39,635 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% | ||||||||||||||||||
Net investment income | 1.63% | 1.44% | 1.38% | 2.92% | 3.63% | 2.15% | ||||||||||||||||||
Portfolio turnover rate† | 34% | 23% | 27% | 45% | 53% | 26% |
* | Based on average shares outstanding. |
** | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. Total investment return calculated for a period of less than one year is not annualized. |
† | Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions. |
42 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
GUGGENHEIM S&P 500 PURE GROWTH ETF |
FINANCIAL HIGHLIGHTS (continued)
Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, 2011 | Year Ended October 31, 2010 | Year Ended October 31, 2009 | Year Ended October 31, 2008 | Year Ended October 31, 2007 | |||||||||||||||||||
Per Share Operating Performance: |
| |||||||||||||||||||||||
Net asset value at beginning of period | $44.68 | $40.40 | $30.85 | $24.40 | $39.59 | $35.30 | ||||||||||||||||||
Net investment income* | 0.17 | 0.18 | 0.13 | 0.18 | 0.20 | 0.25 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 4.36 | 4.28 | 9.57 | 6.46 | (15.19 | ) | 4.26 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 4.53 | 4.46 | 9.70 | 6.64 | (14.99 | ) | 4.51 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.16 | ) | (0.18 | ) | (0.15 | ) | (0.19 | ) | (0.20 | ) | (0.22 | ) | ||||||||||||
Net asset value at end of period | $49.05 | $44.68 | $40.40 | $30.85 | $24.40 | $39.59 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return** | 10.16% | 11.06% | 31.51% | 27.41% | (38.00% | ) | 12.79% | |||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $321,292 | $265,889 | $147,470 | $38,568 | $24,398 | $63,340 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% | ||||||||||||||||||
Net investment income | 0.75% | 0.41% | 0.37% | 0.69% | 0.57% | 0.66% | ||||||||||||||||||
Portfolio turnover rate† | 34% | 21% | 31% | 27% | 30% | 24% |
* | Based on average shares outstanding. |
** | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. Total investment return calculated for a period of less than one year is not annualized. |
† | Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions. |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 43 |
Table of Contents
GUGGENHEIM S&P MIDCAP 400 PURE VALUE ETF
FINANCIAL HIGHLIGHTS (continued) |
Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, 2011 | Year Ended October 31, 2010 | Year Ended October 31, 2009 | Year Ended October 31, 2008 | Year Ended October 31, 2007 | |||||||||||||||||||
Per Share Operating Performance: |
| |||||||||||||||||||||||
Net asset value at beginning of period | $31.00 | $30.77 | $24.20 | $20.24 | $35.76 | $33.27 | ||||||||||||||||||
Net investment income* | 0.23 | 0.41 | 0.36 | 0.59 | 0.87 | 0.82 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 4.54 | 0.22 | 6.57 | 3.92 | (15.54 | ) | 2.48 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 4.77 | 0.63 | 6.93 | 4.51 | (14.67 | ) | 3.30 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.24 | ) | (0.40 | ) | (0.36 | ) | (0.55 | ) | (0.84 | ) | (0.81 | ) | ||||||||||||
Net asset value at end of period | $35.53 | $31.00 | $30.77 | $24.20 | $20.24 | $35.76 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return** | 15.41% | 2.03% | 28.75% | 23.32% | (41.75% | ) | 9.94% | |||||||||||||||||
Ratios/Supplemental Data: |
| |||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $35,543 | $35,671 | $43,089 | $22,997 | $10,126 | $21,458 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% | ||||||||||||||||||
Net investment income | 1.39% | 1.22% | 1.20% | 2.90% | 2.87% | 2.28% | ||||||||||||||||||
Portfolio turnover rate† | 42% | 49% | 35% | 57% | 64% | 46% |
* | Based on average shares outstanding. |
** | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. Total investment return calculated for a period of less than one year is not annualized. |
† | Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions. |
44 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
GUGGENHEIM S&P MIDCAP 400 PURE GROWTH ETF
FINANCIAL HIGHLIGHTS (continued) |
Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, 2011 | Year Ended October 31, 2010 | Year Ended October 31, 2009 | Year Ended October 31, 2008 | Year Ended October 31, 2007 | |||||||||||||||||||
Per Share Operating Performance: |
| |||||||||||||||||||||||
Net asset value at beginning of period | $82.17 | $70.46 | $52.89 | $39.10 | $59.75 | $50.10 | ||||||||||||||||||
Net investment income* | 0.06 | 0.07 | 0.02 | 0.09 | 0.02 | 0.33 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 7.77 | 11.72 | 17.59 | 13.79 | (20.63 | ) | 9.73 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 7.83 | 11.79 | 17.61 | 13.88 | (20.61 | ) | 10.06 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.07 | ) | (0.08 | ) | (0.04 | ) | (0.09 | ) | (0.04 | ) | (0.27 | ) | ||||||||||||
Net realized gains | — | — | — | — | — | (0.14 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.07 | ) | (0.08 | ) | (0.04 | ) | (0.09 | ) | (0.04 | ) | (0.41 | ) | ||||||||||||
Net asset value at end of period | $89.93 | $82.17 | $70.46 | $52.89 | $39.10 | $59.75 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return** | 9.53% | 16.73% | 33.32% | 35.59% | (34.52% | ) | 20.17% | |||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $602,560 | $653,246 | $292,429 | $108,432 | $17,596 | $20,914 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% | ||||||||||||||||||
Net investment income | 0.15% | 0.09% | 0.03% | 0.19% | 0.04% | 0.60% | ||||||||||||||||||
Portfolio turnover rate† | 41% | 45% | 51% | 29% | 52% | 53% |
* | Based on average shares outstanding. |
** | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. Total investment return calculated for a period of less than one year is not annualized. |
† | Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions. |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 45 |
Table of Contents
GUGGENHEIM S&P SMALLCAP 600 PURE VALUE ETF
FINANCIAL HIGHLIGHTS (continued)
Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, 2011 | Year Ended October 31, 2010 | Year Ended October 31, 2009 | Year Ended October 31, 2008 | Year Ended October 31, 2007 | |||||||||||||||||||
Per Share Operating Performance: |
| |||||||||||||||||||||||
Net asset value at beginning of period | $35.50 | $34.27 | $28.50 | $23.21 | $37.38 | $40.13 | ||||||||||||||||||
Net investment income* | 0.14 | 0.20 | 0.20 | 0.32 | 0.79 | 0.74 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 4.04 | 1.23 | 5.78 | 5.29 | (14.26 | ) | (2.85 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 4.18 | 1.43 | 5.98 | 5.61 | (13.47 | ) | (2.11 | ) | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.12 | ) | (0.20 | ) | (0.21 | ) | (0.32 | ) | (0.70 | ) | (0.62 | ) | ||||||||||||
Net realized gains | — | — | — | — | — | (0.02 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.12 | ) | (0.20 | ) | (0.21 | ) | (0.32 | ) | (0.70 | ) | (0.64 | ) | ||||||||||||
Net asset value at end of period | $39.56 | $35.50 | $34.27 | $28.50 | $23.21 | $37.38 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return** | 11.76% | 4.16% | 21.07% | 25.00% | (36.48% | ) | (5.38% | ) | ||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $77,144 | $62,130 | $87,383 | $108,284 | $25,527 | $22,426 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% | ||||||||||||||||||
Net investment income | 0.73% | 0.53% | 0.60% | 1.18% | 2.57% | 1.78% | ||||||||||||||||||
Portfolio turnover rate† | 44% | 76% | 62% | 43% | 50% | 37% |
* | Based on average shares outstanding. |
** | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. Total investment return calculated for a period of less than one year is not annualized. |
† | Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions. |
46 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
GUGGENHEIM S&P SMALLCAP 600 PURE GROWTH ETF
FINANCIAL HIGHLIGHTS (concluded) |
Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, 2011 | Year Ended October 31, 2010 | Year Ended October 31, 2009 | Year Ended October 31, 2008 | Year Ended October 31, 2007 | |||||||||||||||||||
Per Share Operating Performance: |
| |||||||||||||||||||||||
Net asset value at beginning of period | $49.82 | $43.32 | $34.13 | $29.03 | $44.92 | $39.10 | ||||||||||||||||||
Net investment income* | 0.16 | 0.02 | 0.06 | 0.06 | 0.17 | — | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 4.90 | 6.57 | 9.18 | 5.13 | (15.87 | ) | 5.84 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 5.06 | 6.59 | 9.24 | 5.19 | (15.70 | ) | 5.84 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.13 | ) | (0.09 | ) | (0.05 | ) | (0.09 | ) | (0.19 | ) | (0.02 | ) | ||||||||||||
Net asset value at end of period | $54.75 | $49.82 | $43.32 | $34.13 | $29.03 | $44.92 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return** | 10.16% | 15.22% | 27.11% | 17.93% | (35.05% | ) | 14.93% | |||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $79,388 | $34,873 | $17,329 | $11,945 | $7,257 | $11,229 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% | ||||||||||||||||||
Net investment income | 0.59% | 0.03% | 0.14% | 0.21% | 0.44% | —% | ||||||||||||||||||
Portfolio turnover rate† | 42% | 33% | 55% | 46% | 63% | 51% |
* | Based on average shares outstanding. |
** | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. Total investment return calculated for a period of less than one year is not annualized. |
† | Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions. |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 47 |
Table of Contents
NOTES TO FINANCIAL STATEMENTS (Unaudited)
|
1. Organization
Rydex ETF Trust (the “Trust”) is an open-end, management investment company registered under the Investment Company Act of 1940 (the “1940 Act”). The Trust was organized as a Delaware statutory trust on November 22, 2002. As of April 30, 2012, the Trust offers twenty-six portfolios, each of which represents a separate series of beneficial interest in the Trust (each a “Fund”, and collectively, the “Funds”). The financial statements herein relate to the following Funds: Guggenheim Russell Top 50® ETF, Guggenheim S&P 500 Pure Value ETF, Guggenheim S&P 500 Pure Growth ETF, Guggenheim S&P MidCap 400 Pure Value ETF, Guggenheim S&P 400 Pure Growth ETF, Guggenheim S&P SmallCap 600 Pure Value ETF and Guggenheim S&P SmallCap 600 Pure Growth ETF. Guggenheim Russell Top 50® ETF commenced operations on May 4, 2005. Guggenheim S&P 500 Pure Value ETF, Guggenheim S&P 500 Pure Growth ETF, Guggenheim S&P MidCap 400 Pure Value ETF, Guggenheim S&P MidCap 400 Pure Growth ETF, Guggenheim S&P SmallCap 600 Pure Value ETF and Guggenheim S&P SmallCap 600 Pure Growth ETF commenced operations on March 1, 2006.
The Funds’ 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”). The Guggenheim Russell Top 50® ETF tracks the Russell Top 50® Index. The Guggenheim S&P 500 Pure Value ETF tracks the S&P 500 Pure Value Index, the Guggenheim S&P 500 Pure Growth ETF tracks the S&P 500 Pure Growth Index, the Guggenheim S&P MidCap 400 Pure Value ETF tracks the S&P MidCap 400 Pure Value Index, the Guggenheim S&P MidCap 400 Pure Growth ETF tracks the S&P MidCap 400 Pure Growth Index, the Guggenheim S&P SmallCap 600 Pure Value ETF tracks the S&P SmallCap 600 Pure Value Index and the Guggenheim S&P SmallCap 600 Pure Growth ETF tracks the S&P SmallCap 600 Pure Growth Index. 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 called a “Creation Unit”. Creation Units are issued and redeemed principally in-kind for securities included in the Underlying Index.
Guggenheim Investments (“GI”) provides advisory services and Rydex Distributors, LLC (“RDL”) acts as principal underwriter for the Trust. GI and RDL are affiliated entities.
2. 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. Security Valuation
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 on the valuation date. Equity securities listed on the NASDAQ market system are valued at the NASDAQ Official Closing Price on the valuation date.
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) using general information as to how these securities and assets trade; and (ii) using other information and considerations, including current values in related markets.
B. Security Transactions and Income Recognition
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. 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 discount, 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. Repurchase Agreements
The Funds may enter into repurchase agreements with financial institutions. In a repurchase agreement, a Fund buys a security and the seller simultaneously agrees to repurchase the security on a specified future date at an agreed-upon price. The repurchase price reflects an agreed-upon interest rate during
48 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT |
Table of Contents
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued) |
the time the Fund’s money is invested in the security. Because the security constitutes collateral for the repurchase obligation, a repurchase agreement can be considered a collateralized loan. The Funds follow certain procedures designed to minimize the risks inherent in such agreements. These procedures include effecting repurchase transactions only with large, well-capitalized and well-established financial institutions whose condition will be continually monitored by GI. In addition, the value of the collateral underlying the repurchase agreement will always be at least equal to the repurchase price, including any accrued interest earned on the repurchase agreement. In the event of a default or bankruptcy by a selling financial institution, the Funds will seek to liquidate such collateral. However, the exercising of the Funds right to liquidate such collateral could involve certain costs or delays and, to the extent that proceeds from any sale upon a default of the obligation to repurchase were less than the repurchase price, the Funds could suffer a loss. It is the current policy of the Funds not to invest in repurchase agreements that do not mature within seven days if any such investment, together with any other illiquid assets held by the Funds, amounts to more than 15% of a Funds net assets. The investments of the Funds in repurchase agreements, at times, may be substantial when, in the view of GI, liquidity or other considerations so warrant. For the period ended April 30, 2012, the Funds had not engaged in repurchase agreement transactions.
D. Federal Income Taxes
The Funds intend to comply with the provisions of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and will distribute substantially all taxable net investment income and capital gains sufficient to relieve the Funds from all, or substantially all, federal income, excise and state income taxes. Therefore, no provision for Federal or state income tax is required.
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 (fiscal years 2008-2011), and has concluded that no provision for income tax was required in the Funds’ financial statements.
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 and the tax reporting to their shareholders, and to improve the tax efficiency of certain fund structures. The changes are generally effective for taxable years beginning after the date of enactment.
One of the more prominent changes addresses capital loss carryforwards. Funds will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years 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 loss carryforwards may potentially expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.
For the period ended April 30, 2012, the Funds realized net capital gains resulting from in-kind redemptions and other transactions. Because gains from in-kind redemptions are non-taxable to the Funds, and are not distributed to existing Fund shareholders, the gains are reclassified from accumulated net realized gains to paid-in-capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or NAV. The in-kind net capital gains for the period ended April 30, 2012 are disclosed in the Fund’s Statement of Operations.
At April 30, 2012, the identified cost of investments in securities owned by each Fund for Federal income tax purposes and the gross unrealized appreciation and depreciation were as follows:
Identified Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized (Depreciation) | |||||||||||||
Guggenheim Russell Top 50® ETF | $ | 485,776,169 | $ | 46,101,517 | $ | (47,031,783 | ) | $ | (930,266 | ) | ||||||
Guggenheim S&P 500 Pure Value ETF | 93,140,553 | 6,066,868 | (5,969,804 | ) | 97,064 | |||||||||||
Guggenheim S&P 500 Pure Growth ETF | 287,466,674 | 45,557,533 | (11,755,970 | ) | 33,801,563 | |||||||||||
Guggenheim S&P Midcap 400 Pure Value ETF | 33,724,877 | 3,513,868 | (1,679,498 | ) | 1,834,370 | |||||||||||
Guggenheim S&P Midcap 400 Pure Growth ETF | 543,332,656 | 89,011,820 | (29,673,253 | ) | 59,338,567 | |||||||||||
Guggenheim S&P Smallcap 600 Pure Value ETF | 77,976,924 | 7,607,344 | (8,364,009 | ) | (756,665) | |||||||||||
Guggenheim S&P Smallcap 600 Pure Growth ETF | 75,350,069 | 7,427,762 | (3,371,923 | ) | 4,055,839 |
E. Fair Value Measurement
In accordance with U.S. GAAP, fair value is defined as the price that the Fund would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal market, or, in the absence of a principal market, the most
GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 49 |
Table of Contents
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
|
advantageous market for the investment or liability. A three-tier hierarchy is utilized to distinguish between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Funds’ investments. The inputs are summarized in the three broad levels listed below:
Level 1 — | quoted prices in active markets for identical securities. |
Level 2 — | other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). |
Level 3 — | significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). |
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following table summarizes the inputs used to value the Funds’ net assets as of April 30, 2012:
Fund | Level 1 Investments in Securities | Level 2 Investments in Securities | Level 3 Investments in Securities | Total | ||||||||||||
Guggenheim Russell Top 50® ETF | $ | 484,845,903 | $ | — | $ | — | $ | 484,845,903 | ||||||||
Guggenheim S&P 500 Pure Value ETF | 93,237,617 | — | — | 93,237,617 | ||||||||||||
Guggenheim S&P 500 Pure Growth ETF | 321,268,237 | — | — | 321,268,237 | ||||||||||||
Guggenheim S&P MidCap 400 Pure Value ETF | 35,559,247 | — | — | 35,559,247 | ||||||||||||
Guggenheim S&P MidCap 400 Pure Growth ETF | 602,671,223 | — | — | 602,671,223 | ||||||||||||
Guggenheim S&P SmallCap 600 Pure Value ETF | 77,220,259 | — | — | 77,220,259 | ||||||||||||
Guggenheim S&P SmallCap 600 Pure Growth ETF | 79,405,908 | — | — | 79,405,908 |
For the period ended April 30, 2012, there were no transfers between levels.
F. Dividends and Distributions
Distributions of net investment income and net realized gains, if any, in all the Funds, are declared at least annually and recorded on the ex-dividend date and are determined in accordance with income tax regulations which may differ from U.S. GAAP.
G. Risk and Uncertainties
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® ETF is a non-diversified fund, subjecting it to a greater risk than a fund that is diversified.
H. Risk Disclosure
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.
3. Advisory, Administration 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.
Advisory Fee | ||||
Guggenheim Russell Top 50® ETF | 0.20 | % | ||
Guggenheim S&P 500 Pure Value ETF | 0.35 | % | ||
Guggenheim S&P 500 Pure Growth ETF | 0.35 | % | ||
Guggenheim S&P MidCap 400 Pure Value ETF | 0.35 | % | ||
Guggenheim S&P MidCap 400 Pure Growth ETF | 0.35 | % | ||
Guggenheim S&P SmallCap 600 Pure Value ETF | 0.35 | % | ||
Guggenheim S&P SmallCap 600 Pure Growth ETF | 0.35 | % |
GI pays all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except: interest, taxes, distribution fees or expenses and extraordinary expenses.
Under an Administration Agreement, State Street Bank and Trust Company (the “Administrator”) provides various administrative and accounting services for the maintenance and operations of the Funds. Under a Custodian Agreement with the Trust, the Administrator maintains cash, securities and
50 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT |
Table of Contents
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued) |
other assets of the Funds in separate accounts for each Fund, keeps all necessary accounts and records, and provides other services. The Administrator 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, the Administrator 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 the Administrator directly for the foregoing services.
The Funds have adopted a Distribution Plan (the “Plan”) that allows the Funds to pay distribution fees to RDL and other firms that provide distribution services (“Service Providers”). If a Service Provider provides distribution services, the Funds will pay distribution fees to RDL at an annual rate not to exceed 0.25% of average daily net assets, pursuant to Rule 12b-1 of the 1940 Act. RDL will, in turn, pay the Service Provider out of its fees. No such fee is currently charged to the Funds.
4. Capital
At April 30, 2012, there were an unlimited number of no par value shares of beneficial interest authorized. 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 Fee | ||||
Guggenheim Russell Top 50® 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 |
5. Investment Transactions
For the period ended April 30, 2012, the Funds had investment transactions in-kind associated with subscriptions and redemptions as follows:
Subscriptions | Redemptions | |||||||
Guggenheim Russell Top 50® ETF | 178,670,203 | 204,409,246 | ||||||
Guggenheim S&P 500 Pure Value ETF | 17,450,694 | 10,794,081 | ||||||
Guggenheim S&P 500 Pure Growth ETF | 55,121,084 | 26,521,975 | ||||||
Guggenheim S&P MidCap 400 Pure Value ETF | 3,124,192 | 8,686,567 | ||||||
Guggenheim S&P MidCap 400 Pure Growth ETF | 74,675,840 | 170,775,071 | ||||||
Guggenheim S&P SmallCap 600 Pure Value ETF | 8,290,896 | — | ||||||
Guggenheim S&P SmallCap 600 Pure Growth ETF | 40,735,432 | 2,728,541 |
Purchases and sales of investment securities (excluding short-term investments, U.S. government and government agency obligations) for the Funds were as follows:
Purchases | Sales | |||||||
Guggenheim Russell Top 50® ETF | $ | 6,073,884 | $ | 5,638,934 | ||||
Guggenheim S&P 500 Pure Value ETF | 28,423,576 | 31,857,144 | ||||||
Guggenheim S&P 500 Pure Growth ETF | 98,320,919 | 98,031,643 | ||||||
Guggenheim S&P MidCap 400 Pure Value ETF | 16,341,131 | 17,803,075 | ||||||
Guggenheim S&P MidCap 400 Pure Growth ETF | 260,697,666 | 243,944,473 | ||||||
Guggenheim S&P SmallCap 600 Pure Value ETF | 30,865,787 | 31,042,923 | ||||||
Guggenheim S&P SmallCap 600 Pure Growth ETF | 28,939,105 | 26,998,264 |
There were no purchases or sales of U.S. government or government agency obligations for the period ended April 30, 2012.
6. 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 Official Committee of Unsecured Creditors of Tribune Co. v. FitzSimons (In re Tribune Co.), Adv. Pro. No. 10-54010 (Bankr. D. Del.), as a result of ownership of shares in the Tribune Company (“Tribune”) in 2007 by certain series of the Rydex ETF Trust when Tribune effected a leveraged buyout transaction (“LBO”) by which Tribune converted to a privately-held company. In its complaint, the Unsecured Creditors Committee (the “UCC”) has alleged that, in connection with the LBO, insiders and major shareholders were overpaid for their Tribune stock using financing that the insiders knew would, and ultimately did, leave the Tribune insolvent. The UCC
GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 51 |
Table of Contents
NOTES TO FINANCIAL STATEMENTS (Unaudited) (concluded)
|
has asserted claims against certain insiders, major shareholders, professional advisers, and others involved in the LBO, and is attempting to obtain from these individuals and entities the proceeds paid out in connection with the LBO. This adversary proceeding in the Bankruptcy Court has been stayed pending further order of the Bankruptcy Court.
In June 2011, a group of Tribune creditors, not including the UCC, filed multiple actions involving state law constructive fraudulent conveyance claims against former Tribune shareholders. Rydex ETF Trust also has been named as a defendant in one or more of these suits. These cases have been consolidated in a multidistrict litigation proceeding in the United States District Court for the Southern District of New York and have been stayed pending further order of that court or of the Bankruptcy Court.
None of these lawsuits allege 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 Funds was $197,050. At this stage of the proceedings, Rydex ETF Trust is not able to make a reliable predication as to the outcome of these lawsuits or the effect, if any, on the Fund’s net asset value.
Lyondell Chemical Company
Rydex ETF Trust has been named as a defendant in Weisfelner, as Trustee of the LB Creditor Trust v. Fund 1 (In re Lyondell Co.), Adversary Proceeding No. 10-4609 (Bankr. S.D.N.Y.). In this action, the creditors of Lyondell Chemical Company (“Lyondell”) are seeking to recover money paid in connection with a pre-bankruptcy distribution by Lyondell to its shareholders pursuant to a December 2007 merger transaction. When the merger closed on December 20, 2007, all outstanding shares of Lyondell stock were converted into the right to receive $48 in cash. The creditors allege that the merged company, LyondellBasell Industries AF S.C.A., and many of its affiliates and subsidiaries filed for bankruptcy as a direct consequence of the merger transaction. The creditors allege that the shareholder payments constituted a fraud on creditors and should be paid back, and are advancing claims of constructive fraudulent transfer and intentional fraudulent transfer under state law.
This lawsuit does not allege any wrongdoing on the part of Rydex ETF Trust. The following series of Rydex ETF Trust received cash proceeds from the merger in the following amounts: Rydex S&P Midcap 400 Pure Value ETF Fund — $572,640. At this stage of the proceedings, Rydex ETF Trust is not able to make a reliable predication as to the outcome of this lawsuit or the effect, if any, on a fund’s net asset value.
52 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT |
Table of Contents
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. The information is also available from the EDGAR database on the SEC’s website at http://www.sec.gov.
At a special meeting of shareholders held on January 26, 2012, the shareholders of the Funds voted on whether to approve a new investment advisory agreement between Rydex ETF Trust and Security Investors, LLC. A description of the number of shares voted is as follows:
Fund | Shares For | Shares Against | Shares Abstained | |||||||||
Guggenheim Russell Top 50® ETF | 2,331,830 | 13,474 | 13,969 | |||||||||
Guggenheim S&P 500 Pure Value ETF | 1,470,710 | 27,115 | 45,005 | |||||||||
Guggenheim S&P 500 Pure Growth ETF | 2,877,038 | 31,565 | 27,507 | |||||||||
Guggenheim S&P MidCap 400 Pure Value ETF | 589,707 | 11,100 | 10,030 | |||||||||
Guggenheim S&P MidCap 400 Pure Growth ETF | 2,934,561 | 40,028 | 32,740 | |||||||||
Guggenheim S&P SmallCap 600 Pure Value ETF | 100,975 | 11 | — | |||||||||
Guggenheim S&P SmallCap 600 Pure Growth ETF | 297,409 | 4,342 | 4,050 |
At a special meeting of shareholders held on November 22, 2011, the shareholders of the Funds also voted on whether to approve the election of nominees to the Board of Trustees. A description of the number of shares voted is as follows:
Donald C. Cacciapaglia | Corey A. Colehour | J. Kenneth Dalton | ||||||||||||||||||
For | 72,100,198 | For | 72,258,142 | For | 72,216,847 | |||||||||||||||
Withhold | 2,135,025 | Withhold | 1,977,081 | Withhold | 2,018,376 | |||||||||||||||
Total | 74,235,223 | Total | 74,235,223 | Total | 74,235,223 | |||||||||||||||
John O. Demaret | Richard M. Goldman | Werner E. Keller | ||||||||||||||||||
For | 72,234,406 | For | 72,161,702 | For | 72,220,467 | |||||||||||||||
Withhold | 2,000,817 | Withhold | 2,073,521 | Withhold | 2,014,756 | |||||||||||||||
Total | 74,235,223 | Total | 74,235,223 | Total | 74,235,223 | |||||||||||||||
Thomas F. Lydon | Patrick T. McCarville | Roger Somers | ||||||||||||||||||
For | 72,247,608 | For | 72,174,312 | For | 72,250,544 | |||||||||||||||
Withhold | 1,987,615 | Withhold | 2,060,911 | Withhold | 1,984,679 | |||||||||||||||
Total | 74,235,223 | Total | 74,235,223 | Total | 74,235,223 |
At a special meeting of shareholders held on January 26, 2012, the shareholders of the Funds also voted on whether to approve a “manager of managers” arrangement for each of the Funds. Although shareholder votes were placed, not enough votes were received to meet the minimum requirements to constitute a majority vote. As such, the matter was closed.
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:
40 East 52nd Street
16th Floor
New York, NY 10022
(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
GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 53 |
Table of Contents
OTHER INFORMATION (Unaudited) (concluded)
Premium/Discount Information
Information about the differences between the daily market price on secondary markets for Shares and the NAV of each Fund can be found at www.guggenheimfunds.com.
Guggenheim Transaction
On September 20, 2011, Guggenheim Capital, LLC agreed to purchase the indirect holding company of Security Investors, LLC, the Fund’s investment manager (the “Investment Manager”) (the “Transaction”). Guggenheim Capital, LLC’s subsidiary, Guggenheim Partners, LLC (“Guggenheim”), is a global, independent, privately-held, diversified financial services firm with more than 1,500 dedicated professionals. The Transaction closed on February 29, 2012.
The Transaction should not result in material changes to the day-to-day management and operation of the Fund or any increase in fees.
In anticipation of the Transaction, the Board of Trustees of the Fund (the “Board”) called a special meeting of shareholders (the “Meeting”), at which shareholders of the Fund of record as of October 3, 2011 were asked to consider the approval of a new investment management agreement between the Fund and the Investment Manager (the “New Agreement”). This approval was necessary because, under the Investment Company Act of 1940 (the “1940 Act”), the Transaction could result in the termination of the Fund’s current investment management agreement with the Investment Manager (the “Current Agreement”). The Fund’s shareholders approved the New Agreement, the terms of which are substantially identical to the corresponding Current Agreement, except with respect to the date of execution.
Election of Board Members
The Board also approved a proposal to elect nine individuals to the Board. The Board proposed the election of the following nominees: Donald C. Cacciapaglia, Corey A. Colehour, J. Kenneth Dalton, John O. Demaret, Richard M. Goldman, Werner E. Keller, Thomas F. Lydon, Patrick T. McCarville and Roger Somers. Each of the nominees, other than Mr. Cacciapaglia, currently serves as a Trustee. In connection with the Transaction, the Board believes that expanding the Board to include Mr. Cacciapaglia, who is a member of senior management of Guggenheim’s investment management business, and who would serve on other boards in the Guggenheim Investments family of funds, would be appropriate. The Trusts’ shareholders ultimately approved the aforementioned proposal.
54 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT |
Table of Contents
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited) |
A Board of Trustees oversees the Trust, as well as other trusts of GI, in which its members have no stated term of service, and continue to serve after election until resignation. The Statement of Additional Information includes further information about Fund Trustees and Officers, and can be obtained without charge by calling 800.820.0888.
All Trustees and Officers may be reached c/o Guggenheim Investments, 805 King Farm Boulevard, Suite 600, Rockville, MD 20850.
TRUSTEE AND OFFICER
Name, Position and | Length of Service | Number of | ||||||
Donald C. Cacciapaglia* | Rydex Series Funds – 2012 | 148 | ||||||
Trustee, President (1951) | Rydex Variable Trust – 2012 | |||||||
Rydex Dynamic Funds – 2012 | ||||||||
Rydex ETF Trust – 2012 |
Principal Occupations During Past Five Years: Security Investors, LLC: President and CEO from April 2012 to present; Guggenheim Investments: President and Chief Administrative Officer from February 2010 to present; Channel Capital Group, Inc.: Chairman and CEO from April 2002 to February 2010.
INDEPENDENT TRUSTEES
Name, Position and | Length of Service | Number of | ||||||
Corey A. Colehour | Rydex Series Funds – 1993 | 148 | ||||||
Trustee (1945) | Rydex Variable Trust – 1998 | |||||||
Rydex Dynamic Funds – 1999 | ||||||||
Rydex ETF Trust – 2003 |
Principal Occupations During Past Five Years: Retired; Member of the Audit, Governance and Nominating Committees (1995 to present)
J. Kenneth Dalton | Rydex Series Funds – 1995 | 148 | ||||||
Trustee (1941) | Rydex Variable Trust – 1998 | |||||||
Rydex Dynamic Funds – 1999 | ||||||||
Rydex ETF Trust – 2003 |
Principal Occupations During Past Five Years: Retired; Member of the Governance and Nominating Committees (1995 to present); Chairman of the Audit Committee (1997 to present); Member of the Risk Oversight Committee (2010 to present)
John O. Demaret | Rydex Series Funds – 1997 | 148 | ||||||
Trustee, Chairman of the | Rydex Variable Trust – 1998 | |||||||
Board (1941) | Rydex Dynamic Funds – 1999 | |||||||
Rydex ETF Trust – 2003 |
Principal Occupations During Past Five Years: Retired; Member of the Audit Committee (1997 to present); Member of the Risk Oversight Committee (2010 to present)
Werner E. Keller | Rydex Series Funds – 2005 | 148 | ||||||
Trustee (1940) | Rydex Variable Trust – 2005 | |||||||
Rydex Dynamic Funds – 2005 | ||||||||
Rydex ETF Trust – 2005 |
Principal Occupations During Past Five Years: Founder and President of Keller Partners, LLC (registered investment adviser) (2005 to present); Member of the Audit, Governance and Nominating Committees (2005 to present); Chairman and Member of the Risk Oversight Committee (2010 to present)
GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 55 |
Table of Contents
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited) (continued) |
TRUSTEE AND OFFICER – concluded
Name, Position and | Length of Service | Number of | ||||||
Thomas F. Lydon, Jr. | Rydex Series Funds – 2005 | 148 | ||||||
Trustee (1960) | Rydex Variable Trust – 2005 | |||||||
Rydex Dynamic Funds – 2005 | ||||||||
Rydex ETF Trust – 2005 |
Principal Occupations During Past Five Years: President, Global Trends Investments (1996 to present); Member of the Audit, Governance and Nominating Committees (2005 to present)
Patrick T. McCarville | Rydex Series Funds – 1997 | 148 | ||||||
Trustee (1942) | Rydex Variable Trust – 1998 | |||||||
Rydex Dynamic Funds – 1999 | ||||||||
Rydex ETF Trust – 2003 |
Principal Occupations During Past Five Years: CEO, Par Industries, Inc., d/b/a Par Leasing (1977 to 2010); Chairman of the Governance and Nominating Committees (1997 to present); Member of the Audit Committee (1997 to present)
Roger Somers | Rydex Series Funds – 1993 | 148 | ||||||
Trustee (1944) | Rydex Variable Trust – 1998 | |||||||
Rydex Dynamic Funds – 1999 | ||||||||
Rydex ETF Trust – 2003 |
Principal Occupations During Past Five Years: Founder and CEO of Arrow Limousine (1965 to present); Member of the Audit, Governance and Nominating Committees (1995 to present)
EXECUTIVE OFFICERS
Name, Position and | Principal Occupations | |
Michael P. Byrum* Vice President (1970) | Current: President, Security Benefit Asset Management Holdings, LLC; Senior Vice President, Security Investors, LLC; President and Chief Investment Officer, Rydex Holdings, LLC; Director and Chairman of the Board, Advisor Research Center, Inc.; Manager, Rydex Specialized Products, LLC
Previous: Rydex Distributors, LLC (f/k/a Rydex Distributors, Inc.), Vice President (2009); Rydex Fund Services, LLC, Director (2009-2010), Secretary (2002- 2010), Executive Vice President (2002- 2006); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.), Director (2008-2010), Chief Investment Officer (2006-2010), President (2004-2010), Secretary (2002-2010); Rydex Advisors II, LLC (f/k/a PADCO Advisors II, Inc.), Director (2008-2010), Chief Investment Officer (2006-2010), President (2004-2010), Secretary (2002-2010); Rydex Capital Partners, LLC, President and Secretary (2003-2007); Rydex Capital Partners II, LLC, (2003-2007); Rydex Holdings, LLC (f/k/a Rydex Holdings, Inc.), Secretary (2005-2008), Executive Vice President (2005-2006); Advisor Research Center, Inc., Secretary (2006-2009), Executive Vice President (2006); Rydex Specialized Products, LLC, Secretary (2005-2008) |
56 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT |
Table of Contents
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited) (concluded) |
EXECUTIVE OFFICERS – concluded
Name, Position and | Principal Occupations | |
Nikolaos Bonos* Vice President and Treasurer (1963) | Current: Senior Vice President, Security Investors, LLC; Chief Executive Officer and Manager, Rydex Specialized Products, LLC; Chief Executive Officer and President, Rydex Fund Services, LLC; Vice President, Rydex Holdings, LLC; Treasurer, SBL Fund; Security Equity Fund; Security Income Fund; Security Large Cap Value Fund and Security Mid Cap Growth Fund; Vice President, Security Benefit Asset Management Holdings, LLC
Previous: Guggenheim Investments, LLC, Senior Vice President (2010-2011); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.) Senior Vice President (2006-2011); Rydex Fund Services, LLC (f/k/a Rydex Fund Services, Inc.), Director (2009), Senior Vice President (2003-2006); Rydex Specialized Products, LLC, Chief Financial Officer (2005-2009) | |
Elisabeth Miller* Chief Compliance Officer (1968) | Current: Chief Compliance Officer, Rydex Series Funds, Rydex Dynamic Funds, Rydex Variable Trust, Rydex ETF Trust, Security Equity Fund, Security Income Fund, Security Large Cap Value Fund, Security Mid Cap Growth Fund, SBL Fund, Security Investors, LLC, and Rydex Distributors, LLC
Previous: Senior Manager, Security Investors, LLC and Rydex Distributors, LLC (2004-2009). | |
Amy J. Lee* Vice President and Assistant Secretary (1960) | Current: Senior Vice President and Secretary, Security Investors, LLC; Secretary and Chief Compliance Officer, Security Distributors, Inc.; Vice President, Associate General Counsel and Assistant Secretary, Security Benefit Life Insurance Company and Security Benefit Corporation; Associate General Counsel, First Security Benefit Life Insurance and Annuity of New York; Vice President and Secretary, SBL Fund; Security Equity Fund; Security Income Fund; Security Large Cap Value Fund and Security Mid Cap Growth Fund; Vice President and Secretary, Rydex Holdings, LLC; Secretary, Advisor Research Center, Inc., Rydex Specialized Products, LLC, Rydex Distributors, LLC and Rydex Fund Services, LLC; Assistant Secretary, Security Benefit Clinic and Hospital
Previous: Guggenheim Investments, LLC, Senior Vice President and Secretary (2007- 2011); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.) and Rydex Advisors II, LLC (f/k/a PADCO Advisors II, Inc.), Senior Vice President and Secretary (2010- 2011); Brecek and Young Advisors, Inc., Director (2004-2008) | |
Joseph M. Arruda* Assistant Treasurer (1966) | Current: Assistant Treasurer, SBL Fund; Security Equity Fund; Security Income Fund; Security Large Cap Value Fund and Security Mid Cap Growth Fund; Vice President, Security Investors, LLC; Chief Financial Officer and Manager, Rydex Specialized Products, LLC
Previous: Guggenheim Investments, LLC, Vice President (2010-2011); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.) and Rydex Advisors II, LLC (f/k/a PADCO Advisors II, Inc.), Vice President (2004-2011) |
* | Officers of the Funds are deemed to be “interested persons” of the Trust, within the meaning of Section 2(a) (19) of the 1940 Act, inasmuch as this person is affiliated with Guggenheim Investments. |
GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 57 |
Table of Contents
805 King Farm Boulevard, Suite 600
Rockville, MD 20850
www.rydex-sgi.com
800.820.0888
ETF2-SEMI-0412x1012
Table of Contents
APRIL 30, 2012
GUGGENHEIM ETFS
SEMI-ANNUAL REPORT
RSU GUGGENHEIM 2x S&P 500 ETF
RSW GUGGENHEIM INVERSE 2x S&P 500 ETF
Table of Contents
|
2 | ||||
4 | ||||
5 | ||||
6 | ||||
7 | ||||
15 | ||||
16 | ||||
17 | ||||
18 | ||||
20 | ||||
27 | ||||
29 |
GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 1 |
Table of Contents
|
To Our Shareholders:
A restructuring of Greece’s massive debt, continued accommodation by the world’s major central banks and better news on the U.S. economy helped support financial markets over the six months ended April 30, 2012. Market optimism peaked in early 2012, when several major equity indices pushed to multi-year highs. But the mood grew more cautious late in the period after first-quarter U.S. GDP came in lower than expected and the Federal Reserve suggested that it would not take any additional measures to stimulate the economy. “Operation Twist,” in which the Fed buys longer-dated Treasury securities in order to hold down long-term rates, is set to end in June, and recent history has shown that stocks struggle when stimulus ends.
U.S. equities last fall were rebounding from the loss of the U.S. AAA credit rating in August. But after touching the low for the period in mid-November, improving U.S. economic data and the European Central Bank’s injections of three-year loans into the continent’s banking system gave a boost to markets late in 2011, which carried over into a strong first quarter of 2012. The mild U.S. winter also may have pulled economic, and thus market, activity forward, a notion supported by underlying momentum in consumer spending.
Markets began to get choppy in April, and many investors remained cautious, remembering 2010 and 2011, when U.S. stocks started strong, then experienced broad-based corrections. Besides a continuation of weakness in employment and housing, adding to unsettled markets were softening economic data and concern about the “fiscal cliff” the U.S. faces in 2013 when tax rates will rise unless Congress steps in. In addition, the onset of recession in Europe is complicating that region’s efforts to manage the sovereign debt crisis. Emerging markets in the first quarter of 2012 had their best start in 20 years, but slipped in March on fears of eurozone market contagion and renewed concern that China’s economic growth might slow.
The Fed said in late April that it expected economic growth to remain moderate over coming quarters, but that the unemployment rate will subside gradually and that inflation was under control. To foster growth, the Federal Reserve has said it will leave its key interest rate close to zero at least through 2014, despite arguments by some Fed officials and investors that the Fed may have to consider raising rates much earlier than that to prevent inflation.
Signs that the U.S. economy was expanding at a slow, but sustainable, rate contributed to concern about future inflation, and both short-term and long-term Treasury yields generally moved higher over the first part of 2012. The continued accommodative stance of the Fed, combined with the slow, but stable, economic recovery, is supporting a positive outlook for U.S. fixed income, particularly among corporate issuers, as borrowing costs remain low, default rates currently hover around 2% and strong demand for primary issuance has enabled a steady wave of debt refinancing. Against an improving U.S. macroeconomic backdrop, investment-grade and high-yield corporates are expected to continue to outpace Treasuries.
Commodities, which had been slumping since mid-2011 due to slowing economic activity and the European debt crisis, rebounded in early 2012 on stronger macroeconomic data, but remain volatile. The price of a barrel of oil rose slightly over the six months ended in April, but investors have been shifting out of gold to assets with greater return potential. After peaking at above $1,900 last summer, the price per ounce has fallen back to around $1,600. The dollar strengthened slightly against a basket of other major currencies over the period, reflecting better economic performance in the U.S. versus other markets.
The U.S. economy seems to be decoupling from slowing growth in the rest of the world and from ongoing uncertainty in the European debt crisis, as well as the domestic debate over tax and spending policy. In this resiliency, we see potential in U.S. investments, including equities, high yield bonds, bank loans and other risk assets. It appears that the U.S. may have entered a period of self-sustaining, if modest, economic expansion, driven primarily by the aggressive monetary policy of the Fed and reinforced by the ECB, and is increasingly becoming the economic locomotive of the global economy.
2 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT |
Table of Contents
LETTER TO OUR SHAREHOLDERS (concluded)
|
We look forward to continuing our service to you. Thank you for investing in our funds.
Sincerely,
Donald C. Cacciapaglia
President
Performance displayed represents past performance which is no guarantee of future results. Of course, fund performance is subject to daily market volatility and may be better or worse since the end of the last quarter. For up-to-date fund performance, call us at 800.820.0888 or visit www.rydex-sgi.com.
Read each fund’s prospectus and summary prospectus (if available) carefully before investing. It contains the fund’s investment objectives, risks, charges, expenses and other information, which should be considered carefully before investing. Obtain a prospectus and summary prospectus (if available) at www.rydex-sgi.com or call 800.820.0888
The referenced funds are distributed by Rydex Distributors, LLC. Guggenheim Investments represents the investment management business of Guggenheim Partners, LLC, which includes Security Investors, LLC, the investment advisor to the referenced funds. Rydex Distributors, LLC, is affiliated with Guggenheim Partners, LLC and Security Investors, LLC.
GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 3 |
Table of Contents
A BRIEF NOTE ON THE COMPOUNDING OF RETURNS (Unaudited)
|
The Funds described in this report are benchmarked daily to leveraged or inverse versions of published indices. To properly evaluate the performance of these funds, it is essential to understand the effect of mathematical compounding on their respective returns.
Because of the nonlinear effects of leverage applied over time, it is possible for a fund to perform in line with its benchmark for several individual periods in a row, yet seem to trail the benchmark over the entire period. It is also possible that a fund that performs in-line with its benchmark on a daily basis may seem to outperform its benchmark over longer periods.
An Example of Compounding
For example, consider a hypothetical fund that is designed to produce returns that correspond to 150% of an index. On the first day of a period, the index rises from a level of 100 to a level of 106, producing a 6% gain and an expectation that the fund will rise by 9%. On the same day, the fund’s Net Asset Value (“NAV”) increases from $10.00 to $10.90 for a gain of 9.0% — in line with its benchmark.
On day two, assume the index falls from 106 to 99 for a loss of about 6.6%. The fund, as expected, falls 9.9% to a price of $9.82. On each day, the fund performed exactly in line with its benchmark, but for the two-day period, the fund was down 1.8%, while the index was down only 1.0%. Without taking into account the daily compounding of returns, one would expect the fund to lose 1.5% and would see the fund as trailing by 0.3% when in fact it had performed perfectly. This example is summarized in the table below.
Index Level | Index Performance | Fund Expectation | Fund NAV | Fund Performance | Assessment | |||||||||||||||||||
Start | 100 | $ | 10.00 | |||||||||||||||||||||
Day 1 | 106 | 6.00% | 9.00% | $ | 10.90 | 9.00% | In Line | |||||||||||||||||
Day 2 | 99 | (6.60% | ) | (9.90% | ) | $ | 9.82 | (9.90% | ) | In Line | ||||||||||||||
Cumulative | (1.00% | ) | (1.50% | ) | (1.80% | ) | (0.30% | ) |
As illustrated by this simple example, the effect of leverage can make it difficult to form expectations or judgments about fund performance given only the returns of the unleveraged index.
Because certain funds seek to track the performance of their benchmark on a daily basis, mathematical compounding, especially with respect to those funds that use leverage as part of their investment strategy, may prevent a fund from correlating with the monthly, quarterly, annual or other period performance of its benchmark. Due to the compounding of daily returns, leveraged and inverse funds’ returns over periods other than one day will likely differ in amount and possibly direction from the benchmark return for the same period. Investors should monitor their leveraged and inverse funds’ holdings consistent with their strategies, as frequently as daily. For those funds that consistently apply leverage, the value of the fund’s shares will tend to increase or decrease more than the value of any increase or decrease in its benchmark index. For more on correlation, leverage and other risks, please read the prospectus.
In general, any change in direction in an index will produce compounding that seems to work against an investor. Were the index to move in the same direction (either up or down) for two or more periods in a row, the compounding of those returns would work in an investor’s favor, causing the fund to seemingly beat its benchmark.
As a general rule of thumb, more leverage in a fund will magnify the compounding effect, while less leverage will generally produce results that are more in line with expectations. In addition, periods of high volatility in an underlying index will also cause the effects of compounding to be more pronounced, while lower volatility will produce a more muted effect.
4 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT |
Table of Contents
|
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, 2011 and held for the six months ended April 30, 2012.
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.
Expense Ratio | Beginning Account Value 10/31/11 | Ending Account Value 4/30/12 | Expenses 10/31/11 to 4/30/12 | |||||||||||||
Actual | ||||||||||||||||
Guggenheim 2x S&P 500 ETF | 0.71% | $ | 1,000.00 | $ | 1,247.10 | $ | 3.97 | |||||||||
Guggenheim Inverse 2x S&P 500 ETF | 0.71% | $ | 1,000.00 | $ | 750.50 | $ | 3.09 | |||||||||
Hypothetical (assuming a 5% return before expenses) | ||||||||||||||||
Guggenheim 2x S&P 500 ETF | 0.71% | $ | 1,000.00 | $ | 1,021.33 | $ | 3.57 | |||||||||
Guggenheim Inverse 2x S&P 500 ETF | 0.71% | $ | 1,000.00 | $ | 1,021.33 | $ | 3.57 |
* | Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 182/366 (to reflect one-half year period). |
GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 5 |
Table of Contents
|
GUGGENHEIM 2x S&P 500 ETF |
Sector Allocations*
Top 10 Holdings* | ||||
Description | % of Net Assets | |||
Apple, Inc. | 3.57% | |||
Exxon Mobil Corp. | 2.66% | |||
International Business Machines Corp. | 1.57% | |||
Microsoft Corp. | 1.56% | |||
Chevron Corp. | 1.38% | |||
General Electric Co. | 1.36% | |||
AT&T, Inc. | 1.28% | |||
Johnson & Johnson, Inc. | 1.17% | |||
Wells Fargo & Co. | 1.15% | |||
Procter & Gamble Co. (The) | 1.15% |
6 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2012 |
GUGGENHEIM 2x S&P 500 ETF
SHARES | MARKET VALUE | |||||||
COMMON STOCKS - 82.6% |
| |||||||
Aerospace & Defense - 2.1% |
| |||||||
Boeing Co. (The) | 3,365 | $ | 258,432 | |||||
General Dynamics Corp. | 1,610 | 108,675 | ||||||
Goodrich Corp. | 567 | 71,136 | ||||||
Honeywell International, Inc. | 3,497 | 212,128 | ||||||
L-3 Communications Holdings, Inc. | 445 | 32,725 | ||||||
Lockheed Martin Corp. | 1,202 | 108,829 | ||||||
Northrop Grumman Corp. | 1,138 | 72,013 | ||||||
Precision Castparts Corp. | 654 | 115,346 | ||||||
Raytheon Co. | 1,535 | 83,105 | ||||||
Rockwell Collins, Inc. | 672 | 37,558 | ||||||
Textron, Inc. | 1,261 | 33,593 | ||||||
United Technologies Corp. | 4,106 | 335,214 | ||||||
|
| |||||||
Total Aerospace & Defense | 1,468,754 | |||||||
|
| |||||||
Air Freight & Logistics - 0.8% |
| |||||||
C.H. Robinson Worldwide, Inc. | 736 | 43,969 | ||||||
Expeditors International of Washington, Inc. | 958 | 38,320 | ||||||
FedEx Corp. | 1,420 | 125,301 | ||||||
United Parcel Service, Inc. — Class B | 4,323 | 337,799 | ||||||
|
| |||||||
Total Air Freight & Logistics | 545,389 | |||||||
|
| |||||||
Airlines - 0.0%a |
| |||||||
Southwest Airlines Co. | 3,488 | 28,881 | ||||||
|
| |||||||
Total Airlines | 28,881 | |||||||
|
| |||||||
Auto Components - 0.2% |
| |||||||
BorgWarner, Inc.* | 493 | 38,967 | ||||||
Goodyear Tire & Rubber Co. (The)* | 1,105 | 12,133 | ||||||
Johnson Controls, Inc. | 3,071 | 98,180 | ||||||
|
| |||||||
Total Auto Components | 149,280 | |||||||
|
| |||||||
Automobiles - 0.4% |
| |||||||
Ford Motor Co. | 17,146 | 193,407 | ||||||
Harley-Davidson, Inc. | 1,031 | 53,952 | ||||||
|
| |||||||
Total Automobiles | 247,359 | |||||||
|
| |||||||
Beverages - 2.1% |
| |||||||
Beam, Inc. | 705 | 40,030 | ||||||
Brown-Forman Corp. — Class B | 447 | 38,598 | ||||||
Coca-Cola Co. (The) | 10,208 | 779,074 | ||||||
Coca-Cola Enterprises, Inc. | 1,355 | 40,813 | ||||||
Constellation Brands, Inc. — Class A* | 775 | 16,740 | ||||||
Dr Pepper Snapple Group, Inc. | 958 | 38,876 | ||||||
Molson Coors Brewing Co. — Class B | 707 | 29,397 | ||||||
PepsiCo, Inc. | 7,084 | 467,544 | ||||||
|
| |||||||
Total Beverages | 1,451,072 | |||||||
|
| |||||||
Biotechnology - 1.0% |
| |||||||
Amgen, Inc. | 3,572 | 254,005 | ||||||
Biogen Idec, Inc.* | 1,075 | 144,061 |
SHARES | MARKET VALUE | |||||||
Celgene Corp.* | 1,979 | $ | 144,309 | |||||
Gilead Sciences, Inc.* | 3,416 | 177,666 | ||||||
|
| |||||||
Total Biotechnology | 720,041 | |||||||
|
| |||||||
Building Products - 0.0%a |
| |||||||
Masco Corp. | 1,612 | 21,246 | ||||||
|
| |||||||
Total Building Products | 21,246 | |||||||
|
| |||||||
Capital Markets - 1.6% |
| |||||||
Ameriprise Financial, Inc. | 1,000 | 54,210 | ||||||
Bank of New York Mellon Corp. (The) | 5,436 | 128,561 | ||||||
BlackRock, Inc. | 452 | 86,594 | ||||||
Charles Schwab Corp. (The) | 4,874 | 69,698 | ||||||
E*Trade Financial Corp.* | 1,145 | 12,171 | ||||||
Federated Investors, Inc. — Class B | 415 | 9,163 | ||||||
Franklin Resources, Inc. | 644 | 80,829 | ||||||
Goldman Sachs Group, Inc. (The) | 2,232 | 257,015 | ||||||
Invesco Ltd. | 2,013 | 50,003 | ||||||
Legg Mason, Inc. | 559 | 14,573 | ||||||
Morgan Stanley | 6,874 | 118,783 | ||||||
Northern Trust Corp. | 1,087 | 51,730 | ||||||
State Street Corp. | 2,199 | 101,638 | ||||||
T. Rowe Price Group, Inc. | 1,143 | 72,141 | ||||||
|
| |||||||
Total Capital Markets | 1,107,109 | |||||||
|
| |||||||
Chemicals - 1.9% |
| |||||||
Air Products & Chemicals, Inc. | 950 | 81,215 | ||||||
Airgas, Inc. | 309 | 28,317 | ||||||
CF Industries Holdings, Inc. | 297 | 57,339 | ||||||
Dow Chemical Co. (The) | 5,348 | 181,190 | ||||||
Du Pont (E.I.) de Nemours & Co. | 4,207 | 224,906 | ||||||
Eastman Chemical Co. | 616 | 33,246 | ||||||
Ecolab, Inc. | 1,313 | 83,625 | ||||||
FMC Corp. | 315 | 34,792 | ||||||
International Flavors & Fragrances, Inc. | 364 | 21,916 | ||||||
Monsanto Co. | 2,416 | 184,051 | ||||||
Mosaic Co. (The) | 1,342 | 70,884 | ||||||
PPG Industries, Inc. | 685 | 72,089 | ||||||
Praxair, Inc. | 1,346 | 155,732 | ||||||
Sherwin-Williams Co. (The) | 388 | 46,669 | ||||||
Sigma-Aldrich Corp. | 544 | 38,570 | ||||||
|
| |||||||
Total Chemicals | 1,314,541 | |||||||
|
| |||||||
Commercial Banks - 2.4% |
| |||||||
BB&T Corp. | 3,143 | 100,702 | ||||||
Comerica, Inc. | 892 | 28,562 | ||||||
Fifth Third Bancorp | 4,148 | 59,026 | ||||||
First Horizon National Corp. | 1,158 | 10,630 | ||||||
Huntington Bancshares, Inc. | 3,898 | 26,078 | ||||||
KeyCorp | 4,298 | 34,556 | ||||||
M&T Bank Corp. | 570 | 49,174 | ||||||
PNC Financial Services Group, Inc. | 2,379 | 157,775 | ||||||
Regions Financial Corp. | 5,588 | 37,663 |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 7 |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | April 30, 2012 |
GUGGENHEIM 2x S&P 500 ETF
SHARES | MARKET VALUE | |||||||
SunTrust Banks, Inc. | 2,400 | $ | 58,272 | |||||
US Bancorp | 8,621 | 277,337 | ||||||
Wells Fargo & Co. | 23,789 | 795,266 | ||||||
Zions Bancorp | 830 | 16,924 | ||||||
|
| |||||||
Total Commercial Banks | 1,651,965 | |||||||
|
| |||||||
Commercial Services & Supplies - 0.3% |
| |||||||
Avery Dennison Corp. | 479 | 15,318 | ||||||
Cintas Corp. | 499 | 19,546 | ||||||
Iron Mountain, Inc. | 771 | 23,415 | ||||||
Pitney Bowes, Inc. | 903 | 15,468 | ||||||
R.R. Donnelley & Sons Co. | 805 | 10,071 | ||||||
Republic Services, Inc. | 1,421 | 38,893 | ||||||
Stericycle, Inc.* | 384 | 33,254 | ||||||
Waste Management, Inc. | 2,083 | 71,239 | ||||||
|
| |||||||
Total Commercial Services & Supplies | 227,204 | |||||||
|
| |||||||
Communications Equipment - 1.8% |
| |||||||
Cisco Systems, Inc. | 24,297 | 489,584 | ||||||
F5 Networks, Inc.* | 359 | 48,081 | ||||||
Harris Corp. | 513 | 23,362 | ||||||
JDS Uniphase Corp.* | 1,037 | 12,600 | ||||||
Juniper Networks, Inc.* | 2,373 | 50,853 | ||||||
Motorola Mobility Holdings, Inc.* | 1,191 | 46,235 | ||||||
Motorola Solutions, Inc. | 1,328 | 67,768 | ||||||
QUALCOMM, Inc. | 7,629 | 487,035 | ||||||
|
| |||||||
Total Communications Equipment | 1,225,518 | |||||||
|
| |||||||
Computers & Peripherals - 4.7% |
| |||||||
Apple, Inc.* | 4,208 | 2,458,482 | ||||||
Dell, Inc.* | 6,888 | 112,756 | ||||||
EMC Corp.* | 9,260 | 261,225 | ||||||
Hewlett-Packard Co. | 8,917 | 220,785 | ||||||
Lexmark International, Inc. — Class A | 320 | 9,632 | ||||||
NetApp, Inc.* | 1,638 | 63,603 | ||||||
SanDisk Corp.* | 1,094 | 40,489 | ||||||
Western Digital Corp.* | 1,054 | 40,906 | ||||||
|
| |||||||
Total Computers & Peripherals | 3,207,878 | |||||||
|
| |||||||
Construction & Engineering - 0.1% |
| |||||||
Fluor Corp. | 761 | 43,948 | ||||||
Jacobs Engineering Group, Inc.* | 580 | 25,421 | ||||||
Quanta Services, Inc.* | 954 | 21,103 | ||||||
|
| |||||||
Total Construction & Engineering | 90,472 | |||||||
|
| |||||||
Construction Materials - 0.0%a |
| |||||||
Vulcan Materials Co. | 584 | 25,001 | ||||||
|
| |||||||
Total Construction Materials | 25,001 | |||||||
|
| |||||||
Consumer Finance - 0.8% |
| |||||||
American Express Co. | 4,580 | 275,762 | ||||||
Capital One Financial Corp. | 2,496 | 138,478 | ||||||
Discover Financial Services | 2,392 | 81,089 | ||||||
SLM Corp. | 2,298 | 34,079 | ||||||
|
| |||||||
Total Consumer Finance | 529,408 | |||||||
|
|
SHARES | MARKET VALUE | |||||||
Containers & Packaging - 0.1% |
| |||||||
Ball Corp. | 702 | $ | 29,316 | |||||
Bemis Co., Inc. | 466 | 15,094 | ||||||
Owens-Illinois, Inc.* | 741 | 17,228 | ||||||
Sealed Air Corp. | 867 | 16,629 | ||||||
|
| |||||||
Total Containers & Packaging | 78,267 | |||||||
|
| |||||||
Distributors - 0.1% | ||||||||
Genuine Parts Co. | 705 | 45,670 | ||||||
|
| |||||||
Total Distributors | 45,670 | |||||||
|
| |||||||
Diversified Consumer Services - 0.1% |
| |||||||
Apollo Group, Inc. — Class A* | 506 | 17,821 | ||||||
DeVry, Inc. | 271 | 8,713 | ||||||
H&R Block, Inc. | 1,321 | 19,419 | ||||||
|
| |||||||
Total Diversified Consumer Services | 45,953 | |||||||
|
| |||||||
Diversified Financial Services - 2.6% |
| |||||||
Bank of America Corp. | 48,414 | 392,638 | ||||||
Citigroup, Inc. | 13,212 | 436,524 | ||||||
CME Group, Inc. | 301 | 80,012 | ||||||
IntercontinentalExchange, Inc.* | 329 | 43,770 | ||||||
JPMorgan Chase & Co. | 17,219 | 740,073 | ||||||
Leucadia National Corp. | 894 | 22,225 | ||||||
Moody’s Corp. | 884 | 36,200 | ||||||
Nasdaq OMX Group, Inc. | 562 | 13,808 | ||||||
NYSE Euronext | 1,164 | 29,973 | ||||||
|
| |||||||
Total Diversified Financial Services | 1,795,223 | |||||||
|
| |||||||
Diversified Telecommunication Services - 2.3% |
| |||||||
AT&T, Inc. | 26,746 | 880,211 | ||||||
CenturyLink, Inc. | 2,796 | 107,814 | ||||||
Frontier Communications Corp. | 4,490 | 18,140 | ||||||
Verizon Communications, Inc. | 12,793 | 516,581 | ||||||
Windstream Corp. | 2,646 | 29,741 | ||||||
|
| |||||||
Total Diversified Telecommunication Services | 1,552,487 | |||||||
|
| |||||||
Electric Utilities - 1.5% | ||||||||
American Electric Power Co., Inc. | 2,181 | 84,710 | ||||||
Duke Energy Corp. | 6,025 | 129,116 | ||||||
Edison International | 1,470 | 64,695 | ||||||
Entergy Corp. | 796 | 52,186 | ||||||
Exelon Corp. | 2,875 | 112,154 | ||||||
FirstEnergy Corp. | 1,885 | 88,256 | ||||||
NextEra Energy, Inc. | 1,879 | 120,914 | ||||||
Northeast Utilities | 1,411 | 51,882 | ||||||
Pepco Holdings, Inc. | 1,026 | 19,412 | ||||||
Pinnacle West Capital Corp. | 494 | 23,885 | ||||||
PPL Corp. | 2,613 | 71,465 | ||||||
Progress Energy, Inc. | 1,333 | 70,942 | ||||||
Southern Co. | 3,910 | 179,625 | ||||||
|
| |||||||
Total Electric Utilities | 1,069,242 | |||||||
|
| |||||||
Electrical Equipment - 0.5% |
| |||||||
Cooper Industries PLC | 715 | 44,738 |
8 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | April 30, 2012 |
GUGGENHEIM 2x S&P 500 ETF
SHARES | MARKET VALUE | |||||||
Emerson Electric Co. | 3,315 | $ | 174,170 | |||||
Rockwell Automation, Inc. | 644 | 49,807 | ||||||
Roper Industries, Inc. | 438 | 44,632 | ||||||
|
| |||||||
Total Electrical Equipment | 313,347 | |||||||
|
| |||||||
Electronic Equipment, Instruments & Components - 0.4% |
| |||||||
Amphenol Corp. — Class A | 735 | 42,733 | ||||||
Corning, Inc. | 6,866 | 98,527 | ||||||
FLIR Systems, Inc. | 696 | 15,632 | ||||||
Jabil Circuit, Inc. | 832 | 19,510 | ||||||
Molex, Inc. | 618 | 17,051 | ||||||
TE Connectivity Ltd. | 1,922 | 70,076 | ||||||
|
| |||||||
Total Electronic Equipment, Instruments & Components | 263,529 | |||||||
|
| |||||||
Energy Equipment & Services - 1.5% |
| |||||||
Baker Hughes, Inc. | 1,973 | 87,029 | ||||||
Cameron International Corp.* | 1,109 | 56,836 | ||||||
Diamond Offshore Drilling, Inc. | 313 | 21,456 | ||||||
FMC Technologies, Inc.* | 1,077 | 50,619 | ||||||
Halliburton Co. | 4,164 | 142,492 | ||||||
Helmerich & Payne, Inc. | 484 | 24,873 | ||||||
Nabors Industries Ltd.* | 1,304 | 21,712 | ||||||
National-Oilwell Varco, Inc. | 1,912 | 144,853 | ||||||
Noble Corp.* | 1,136 | 43,236 | ||||||
Rowan Cos., Inc.* | 559 | 19,303 | ||||||
Schlumberger Ltd. | 6,015 | 445,952 | ||||||
|
| |||||||
Total Energy Equipment & Services | 1,058,361 | |||||||
|
| |||||||
Food & Staples Retailing - 1.8% |
| |||||||
Costco Wholesale Corp. | 1,963 | 173,078 | ||||||
CVS Caremark Corp. | 5,873 | 262,053 | ||||||
Kroger Co. (The) | 2,594 | 60,362 | ||||||
Safeway, Inc. | 1,209 | 24,579 | ||||||
Sysco Corp. | 2,636 | 76,180 | ||||||
Wal-Mart Stores, Inc. | 7,881 | 464,270 | ||||||
Walgreen Co. | 3,941 | 138,172 | ||||||
Whole Foods Market, Inc. | 734 | 60,973 | ||||||
|
| |||||||
Total Food & Staples Retailing | 1,259,667 | |||||||
|
| |||||||
Food Products - 1.5% | ||||||||
Archer-Daniels-Midland Co. | 2,984 | 91,997 | ||||||
Campbell Soup Co. | 805 | 27,233 | ||||||
ConAgra Foods, Inc. | 1,860 | 48,025 | ||||||
Dean Foods Co.* | 831 | 10,205 | ||||||
General Mills, Inc. | 2,909 | 113,131 | ||||||
H.J. Heinz Co. | 1,444 | 76,980 | ||||||
Hershey Co. (The) | 692 | 46,371 | ||||||
Hormel Foods Corp. | 618 | 17,959 | ||||||
J.M. Smucker Co. (The) | 511 | 40,691 | ||||||
Kellogg Co. | 1,111 | 56,183 | ||||||
Kraft Foods, Inc. — Class A | 7,976 | 318,003 | ||||||
McCormick & Co., Inc. | 600 | 33,546 | ||||||
Mead Johnson Nutrition Co. | 919 | 78,630 | ||||||
Sara Lee Corp. | 2,668 | 58,803 |
SHARES | MARKET VALUE | |||||||
Tyson Foods, Inc. — Class A | 1,314 | $ | 23,980 | |||||
|
| |||||||
Total Food Products | 1,041,737 | |||||||
|
| |||||||
Gas Utilities - 0.1% |
| |||||||
AGL Resources, Inc. | 530 | 20,898 | ||||||
Oneok, Inc. | 470 | 40,368 | ||||||
|
| |||||||
Total Gas Utilities | 61,266 | |||||||
|
| |||||||
Health Care Equipment & Supplies - 1.5% |
| |||||||
Baxter International, Inc. | 2,528 | 140,076 | ||||||
Becton, Dickinson and Co. | 948 | 74,371 | ||||||
Boston Scientific Corp.* | 6,547 | 40,984 | ||||||
C.R. Bard, Inc. | 380 | 37,605 | ||||||
CareFusion Corp.* | 1,015 | 26,299 | ||||||
Covidien PLC | 2,180 | 120,401 | ||||||
DENTSPLY International, Inc. | 642 | 26,361 | ||||||
Edwards Lifesciences Corp.* | 519 | 43,061 | ||||||
Intuitive Surgical, Inc.* | 178 | 102,920 | ||||||
Medtronic, Inc. | 4,696 | 179,387 | ||||||
St Jude Medical, Inc. | 1,447 | 56,028 | ||||||
Stryker Corp. | 1,460 | 79,672 | ||||||
Varian Medical Systems, Inc.* | 509 | 32,281 | ||||||
Zimmer Holdings, Inc. | 803 | 50,533 | ||||||
|
| |||||||
Total Health Care Equipment & Supplies | 1,009,979 | |||||||
|
| |||||||
Health Care Providers & Services - 1.6% |
| |||||||
Aetna, Inc. | 1,581 | 69,627 | ||||||
AmerisourceBergen Corp. | 1,161 | 43,201 | ||||||
Cardinal Health, Inc. | 1,561 | 65,983 | ||||||
CIGNA Corp. | 1,293 | 59,775 | ||||||
Coventry Health Care, Inc. | 638 | 19,134 | ||||||
DaVita, Inc.* | 422 | 37,381 | ||||||
Express Scripts Holding Co.* | 3,605 | 201,123 | ||||||
Humana, Inc. | 739 | 59,622 | ||||||
Laboratory Corp. of America Holdings* | 440 | 38,672 | ||||||
McKesson Corp. | 1,109 | 101,374 | ||||||
Patterson Cos., Inc. | 394 | 13,431 | ||||||
Quest Diagnostics, Inc. | 714 | 41,191 | ||||||
Tenet Healthcare Corp.* | 1,851 | 9,607 | ||||||
UnitedHealth Group, Inc. | 4,715 | 264,747 | ||||||
WellPoint, Inc. | 1,508 | 102,273 | ||||||
|
| |||||||
Total Health Care Providers & Services | 1,127,141 | |||||||
|
| |||||||
Health Care Technology - 0.1% |
| |||||||
Cerner Corp.* | 658 | 53,357 | ||||||
|
| |||||||
Total Health Care Technology | 53,357 | |||||||
|
| |||||||
Hotels, Restaurants & Leisure - 1.7% |
| |||||||
Carnival Corp. | 2,044 | 66,410 | ||||||
Chipotle Mexican Grill, Inc.* | 141 | 58,395 | ||||||
Darden Restaurants, Inc. | 580 | 29,046 | ||||||
International Game Technology | 1,341 | 20,893 | ||||||
Marriott International, Inc. — Class A | 1,205 | 47,103 | ||||||
McDonald’s Corp. | 4,595 | 447,783 |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 9 |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | April 30, 2012 |
GUGGENHEIM 2x S&P 500 ETF
SHARES | MARKET VALUE | |||||||
Starbucks Corp. | 3,400 | $ | 195,092 | |||||
Starwood Hotels & Resorts Worldwide, Inc. | 884 | 52,333 | ||||||
Wyndham Worldwide Corp. | 658 | 33,124 | ||||||
Wynn Resorts Ltd. | 360 | 48,024 | ||||||
Yum! Brands, Inc. | 2,078 | 151,133 | ||||||
|
| |||||||
Total Hotels, Restaurants & Leisure | 1,149,336 | |||||||
|
| |||||||
Household Durables - 0.2% |
| |||||||
DR Horton, Inc. | 1,257 | 20,552 | ||||||
Harman International Industries, Inc. | 317 | 15,717 | ||||||
Leggett & Platt, Inc. | 632 | 13,759 | ||||||
Lennar Corp. — Class A | 734 | 20,361 | ||||||
Newell Rubbermaid, Inc. | 1,302 | 23,696 | ||||||
Pulte Homes, Inc.* | 1,518 | 14,937 | ||||||
Whirlpool Corp. | 346 | 22,151 | ||||||
|
| |||||||
Total Household Durables | 131,173 | |||||||
|
| |||||||
Household Products - 1.7% |
| |||||||
Clorox Co. (The) | 587 | 41,149 | ||||||
Colgate-Palmolive Co. | 2,165 | 214,205 | ||||||
Kimberly-Clark Corp. | 1,775 | 139,284 | ||||||
Procter & Gamble Co. (The) | 12,424 | 790,663 | ||||||
|
| |||||||
Total Household Products | 1,185,301 | |||||||
|
| |||||||
Independent Power Producers & Energy Traders - 0.1% |
| |||||||
AES Corp. (The)* | 2,903 | 36,346 | ||||||
NRG Energy, Inc.* | 1,026 | 17,442 | ||||||
|
| |||||||
Total Independent Power Producers & Energy Traders | 53,788 | |||||||
|
| |||||||
Industrial Conglomerates - 2.1% |
| |||||||
3M Co. | 3,134 | 280,054 | ||||||
Danaher Corp. | 2,580 | 139,888 | ||||||
General Electric Co. | 47,734 | 934,632 | ||||||
Tyco International Ltd. | 2,081 | 116,806 | ||||||
|
| |||||||
Total Industrial Conglomerates | 1,471,380 | |||||||
|
| |||||||
Insurance - 2.9% |
| |||||||
ACE Ltd. | 1,521 | 115,550 | ||||||
AFLAC, Inc. | 2,109 | 94,989 | ||||||
Allstate Corp. (The) | 2,249 | 74,959 | ||||||
American International Group, Inc.* | 2,425 | 82,523 | ||||||
Aon PLC | 1,467 | 75,991 | ||||||
Assurant, Inc. | 394 | 15,894 | ||||||
Berkshire Hathaway, Inc. — Class B* | 7,932 | 638,129 | ||||||
Chubb Corp. (The) | 1,221 | 89,219 | ||||||
Cincinnati Financial Corp. | 734 | 26,145 | ||||||
Genworth Financial, Inc. — Class A* | 2,217 | 13,324 | ||||||
Hartford Financial Services Group, Inc. | 1,987 | 40,833 | ||||||
Lincoln National Corp. | 1,313 | 32,523 | ||||||
Loews Corp. | 1,378 | 56,677 |
SHARES | MARKET VALUE | |||||||
Marsh & McLennan Cos., Inc. | 2,453 | $ | 82,053 | |||||
MetLife, Inc. | 4,781 | 172,260 | ||||||
Principal Financial Group, Inc. | 1,361 | 37,659 | ||||||
Progressive Corp. (The) | 2,759 | 58,767 | ||||||
Prudential Financial, Inc. | 2,120 | 128,345 | ||||||
Torchmark Corp. | 451 | 21,968 | ||||||
Travelers Cos., Inc. (The) | 1,772 | 113,975 | ||||||
Unum Group | 1,310 | 31,099 | ||||||
XL Group PLC | 1,422 | 30,587 | ||||||
|
| |||||||
Total Insurance | 2,033,469 | |||||||
|
| |||||||
Internet & Catalog Retail - 0.9% |
| |||||||
Amazon.com, Inc.* | 1,643 | 381,012 | ||||||
Expedia, Inc. | 428 | 18,245 | ||||||
Netflix, Inc.* | 249 | 19,955 | ||||||
priceline.com, Inc.* | 224 | 170,424 | ||||||
TripAdvisor, Inc.* | 427 | 16,017 | ||||||
|
| |||||||
Total Internet & Catalog Retail | 605,653 | |||||||
|
| |||||||
Internet Software & Services - 1.5% |
| |||||||
Akamai Technologies, Inc.* | 802 | 26,145 | ||||||
eBay, Inc.* | 5,166 | 212,065 | ||||||
Google, Inc. — Class A* | 1,143 | 691,778 | ||||||
VeriSign, Inc. | 720 | 29,599 | ||||||
Yahoo!, Inc.* | 5,474 | 85,066 | ||||||
|
| |||||||
Total Internet Software & Services | 1,044,653 | |||||||
|
| |||||||
IT Services - 3.3% | ||||||||
Accenture PLC — Class A | 2,918 | 189,524 | ||||||
Automatic Data Processing, Inc. | 2,213 | 123,087 | ||||||
Cognizant Technology Solutions Corp. — Class A* | 1,367 | 100,228 | ||||||
Computer Sciences Corp. | 701 | 19,670 | ||||||
Fidelity National Information Services, Inc. | 1,057 | 35,589 | ||||||
Fiserv, Inc.* | 624 | 43,861 | ||||||
International Business Machines Corp. | 5,227 | 1,082,407 | ||||||
Mastercard, Inc. — Class A | 478 | 216,185 | ||||||
Paychex, Inc. | 1,454 | 45,045 | ||||||
SAIC, Inc. | 1,248 | 15,176 | ||||||
Teradata Corp.* | 756 | 52,754 | ||||||
Total System Services, Inc. | 725 | 17,052 | ||||||
Visa, Inc. — Class A | 2,245 | 276,090 | ||||||
Western Union Co. (The) | 2,800 | 51,464 | ||||||
|
| |||||||
Total IT Services | 2,268,132 | |||||||
|
| |||||||
Leisure Equipment & Products - 0.1% |
| |||||||
Hasbro, Inc. | 523 | 19,215 | ||||||
Mattel, Inc. | 1,530 | 51,408 | ||||||
|
| |||||||
Total Leisure Equipment & Products | 70,623 | |||||||
|
| |||||||
Life Sciences Tools & Services - 0.4% |
| |||||||
Agilent Technologies, Inc. | 1,567 | 66,096 | ||||||
Life Technologies Corp.* | 804 | 37,273 | ||||||
PerkinElmer, Inc. | 511 | 14,104 |
10 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | April 30, 2012 |
GUGGENHEIM 2x S&P 500 ETF
SHARES | MARKET VALUE | |||||||
Thermo Fisher Scientific, Inc. | 1,652 | $ | 91,934 | |||||
Waters Corp.* | 402 | 33,812 | ||||||
|
| |||||||
Total Life Sciences Tools & Services | 243,219 | |||||||
|
| |||||||
Machinery - 1.7% | ||||||||
Caterpillar, Inc. | 2,920 | 300,088 | ||||||
Cummins, Inc. | 866 | 100,309 | ||||||
Deere & Co. | 1,813 | 149,319 | ||||||
Dover Corp. | 828 | 51,882 | ||||||
Eaton Corp. | 1,508 | 72,655 | ||||||
Flowserve Corp. | 244 | 28,043 | ||||||
Illinois Tool Works, Inc. | 2,182 | 125,203 | ||||||
Ingersoll-Rand PLC | 1,340 | 56,977 | ||||||
Joy Global, Inc. | 476 | 33,686 | ||||||
PACCAR, Inc. | 1,610 | 69,166 | ||||||
Pall Corp. | 521 | 31,057 | ||||||
Parker Hannifin Corp. | 680 | 59,629 | ||||||
Snap-on, Inc. | 264 | 16,511 | ||||||
Stanley Black & Decker, Inc. | 763 | 55,821 | ||||||
Xylem, Inc. | 833 | 23,224 | ||||||
|
| |||||||
Total Machinery | 1,173,570 | |||||||
|
| |||||||
Media - 2.6% | ||||||||
Cablevision Systems Corp. — Class A | 978 | 14,494 | ||||||
CBS Corp. — Class B | 2,928 | 97,649 | ||||||
Comcast Corp. — Class A | 12,162 | 368,873 | ||||||
DIRECTV — Class A* | 3,052 | 150,372 | ||||||
Discovery Communications, Inc. —Class A* | 1,165 | 63,399 | ||||||
Gannett Co., Inc. | 1,070 | 14,787 | ||||||
Interpublic Group of Cos., Inc. (The) | 2,013 | 23,774 | ||||||
McGraw-Hill Cos., Inc. (The) | 1,253 | 61,610 | ||||||
News Corp. — Class A | 9,710 | 190,316 | ||||||
Omnicom Group, Inc. | 1,230 | 63,111 | ||||||
Scripps Networks Interactive, Inc. — Class A | 431 | 21,645 | ||||||
Time Warner Cable, Inc. | 1,418 | 114,078 | ||||||
Time Warner, Inc. | 4,375 | 163,888 | ||||||
Viacom, Inc. — Class B | 2,436 | 113,006 | ||||||
Walt Disney Co. (The) | 8,084 | 348,501 | ||||||
Washington Post Co. (The) — Class B | 21 | 7,942 | ||||||
|
| |||||||
Total Media | 1,817,445 | |||||||
|
| |||||||
Metals & Mining - 0.7% | ||||||||
Alcoa, Inc. | 4,811 | 46,811 | ||||||
Allegheny Technologies, Inc. | 480 | 20,611 | ||||||
Cliffs Natural Resources, Inc. | 642 | 39,971 | ||||||
Freeport-McMoRan Copper & Gold, Inc. | 4,276 | 163,771 | ||||||
Newmont Mining Corp. | 2,232 | 106,355 | ||||||
Nucor Corp. | 1,429 | 56,031 | ||||||
Titanium Metals Corp. | 371 | 5,479 |
SHARES | MARKET VALUE | |||||||
United States Steel Corp. | 648 | $ | 18,358 | |||||
|
| |||||||
Total Metals & Mining | 457,387 | |||||||
|
| |||||||
Multi-utilities - 1.1% | ||||||||
Ameren Corp. | 1,095 | 35,905 | ||||||
CenterPoint Energy, Inc. | 1,922 | 38,844 | ||||||
CMS Energy Corp. | 1,162 | 26,714 | ||||||
Consolidated Edison, Inc. | 1,321 | 78,533 | ||||||
Dominion Resources, Inc. | 2,570 | 134,128 | ||||||
DTE Energy Co. | 763 | 43,018 | ||||||
Integrys Energy Group, Inc. | 354 | 19,343 | ||||||
NiSource, Inc. | 1,274 | 31,404 | ||||||
PG&E Corp. | 1,858 | 82,086 | ||||||
Public Service Enterprise Group, Inc. | 2,285 | 71,178 | ||||||
SCANA Corp. | 524 | 24,167 | ||||||
Sempra Energy | 1,085 | 70,243 | ||||||
TECO Energy, Inc. | 973 | 17,533 | ||||||
Wisconsin Energy Corp. | 1,040 | 38,314 | ||||||
Xcel Energy, Inc. | 2,198 | 59,478 | ||||||
|
| |||||||
Total Multi-Utilities | 770,888 | |||||||
|
| |||||||
Multiline Retail - 0.7% | ||||||||
Big Lots, Inc.* | 297 | 10,882 | ||||||
Dollar Tree, Inc.* | 536 | 54,490 | ||||||
Family Dollar Stores, Inc. | 533 | 36,004 | ||||||
J.C. Penney Co., Inc. | 651 | 23,475 | ||||||
Kohl’s Corp. | 1,142 | 57,249 | ||||||
Macy’s, Inc. | 1,869 | 76,666 | ||||||
Nordstrom, Inc. | 722 | 40,331 | ||||||
Sears Holdings Corp.* | 173 | 9,304 | ||||||
Target Corp. | 3,028 | 175,442 | ||||||
|
| |||||||
Total Multiline Retail | 483,843 | |||||||
|
| |||||||
Office Electronics - 0.1% | ||||||||
Xerox Corp. | 6,009 | 46,750 | ||||||
|
| |||||||
Total Office Electronics | 46,750 | |||||||
|
| |||||||
Oil, Gas & Consumable Fuels - 7.7% |
| |||||||
Alpha Natural Resources, Inc.* | 991 | 15,985 | ||||||
Anadarko Petroleum Corp. | 2,250 | 164,723 | ||||||
Apache Corp. | 1,735 | 166,456 | ||||||
Cabot Oil & Gas Corp. | 946 | 33,242 | ||||||
Chesapeake Energy Corp. | 2,989 | 55,117 | ||||||
Chevron Corp. | 8,916 | 950,089 | ||||||
ConocoPhillips | 5,773 | 413,520 | ||||||
CONSOL Energy, Inc. | 1,023 | 34,005 | ||||||
Denbury Resources, Inc.* | 1,762 | 33,548 | ||||||
Devon Energy Corp. | 1,825 | 127,476 | ||||||
El Paso Corp. | 3,488 | 103,489 | ||||||
EOG Resources, Inc. | 1,215 | 133,419 | ||||||
EQT Corp. | 676 | 33,678 | ||||||
Exxon Mobil Corp. | 21,263 | 1,835,847 | ||||||
Hess Corp. | 1,363 | 71,067 | ||||||
Marathon Oil Corp. | 3,174 | 93,125 | ||||||
Marathon Petroleum Corp. | 1,567 | 65,203 | ||||||
Murphy Oil Corp. | 876 | 48,154 |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 11 |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued) | April 30, 2012 |
GUGGENHEIM 2x S&P 500 ETF
SHARES | MARKET VALUE | |||||||
Newfield Exploration Co.* | 597 | $ | 21,432 | |||||
Noble Energy, Inc. | 797 | 79,158 | ||||||
Occidental Petroleum Corp. | 3,660 | 333,865 | ||||||
Peabody Energy Corp. | 1,227 | 38,172 | ||||||
Pioneer Natural Resources Co. | 557 | 64,512 | ||||||
QEP Resources, Inc. | 800 | 24,648 | ||||||
Range Resources Corp. | 711 | 47,395 | ||||||
Southwestern Energy Co.* | 1,574 | 49,707 | ||||||
Spectra Energy Corp. | 2,939 | 90,345 | ||||||
Sunoco, Inc. | 481 | 23,709 | ||||||
Tesoro Corp.* | 626 | 14,555 | ||||||
Valero Energy Corp. | 2,505 | 61,874 | ||||||
Williams Cos., Inc. (The) | 2,671 | 90,894 | ||||||
WPX Energy, Inc.* | 897 | 15,760 | ||||||
|
| |||||||
Total Oil, Gas & Consumable Fuels |
| 5,334,169 | ||||||
|
| |||||||
Paper & Forest Products - 0.1% |
| |||||||
International Paper Co. | 1,970 | 65,621 | ||||||
MeadWestvaco Corp. | 771 | 24,533 | ||||||
|
| |||||||
Total Paper & Forest Products |
| 90,154 | ||||||
|
| |||||||
Personal Products - 0.2% | ||||||||
Avon Products, Inc. | 1,943 | 41,969 | ||||||
Estee Lauder Cos., Inc. (The) — Class A | 1,016 | 66,395 | ||||||
|
| |||||||
Total Personal Products | 108,364 | |||||||
|
| |||||||
Pharmaceuticals - 4.8% | ||||||||
Abbott Laboratories | 7,093 | 440,192 | ||||||
Allergan, Inc. | 1,373 | 131,808 | ||||||
Bristol-Myers Squibb Co. | 7,616 | 254,146 | ||||||
Eli Lilly & Co. | 4,608 | 190,725 | ||||||
Forest Laboratories, Inc.* | 1,197 | 41,691 | ||||||
Hospira, Inc.* | 743 | 26,094 | ||||||
Johnson & Johnson, Inc. | 12,384 | 806,075 | ||||||
Merck & Co., Inc. | 13,732 | 538,844 | ||||||
Mylan, Inc.* | 1,926 | 41,813 | ||||||
Perrigo Co. | 420 | 44,058 | ||||||
Pfizer, Inc. | 34,008 | 779,803 | ||||||
Watson Pharmaceuticals, Inc.* | 574 | 43,257 | ||||||
|
| |||||||
Total Pharmaceuticals | 3,338,506 | |||||||
|
| |||||||
Professional Services - 0.1% |
| |||||||
Dun & Bradstreet Corp. (The) | 217 | 16,878 | ||||||
Equifax, Inc. | 540 | 24,743 | ||||||
Robert Half International, Inc. | 643 | 19,161 | ||||||
|
| |||||||
Total Professional Services | 60,782 | |||||||
|
| |||||||
Real Estate Investment Trusts (REITs) - 1.7% |
| |||||||
American Tower Corp. | 1,775 | 116,405 | ||||||
Apartment Investment & Management | 547 | 14,851 | ||||||
AvalonBay Communities, Inc. | 429 | 62,377 | ||||||
Boston Properties, Inc. | 670 | 72,528 | ||||||
Equity Residential | 1,355 | 83,251 | ||||||
HCP, Inc. | 1,849 | 76,641 | ||||||
Health Care REIT, Inc. | 949 | 53,770 |
SHARES | MARKET VALUE | |||||||
Host Hotels & Resorts, Inc. | 3,192 | $ | 53,115 | |||||
Kimco Realty Corp. | 1,836 | 35,637 | ||||||
Plum Creek Timber Co., Inc. | 730 | 30,689 | ||||||
ProLogis, Inc. | 2,071 | 74,100 | ||||||
Public Storage | 643 | 92,116 | ||||||
Simon Property Group, Inc. | 1,382 | 215,039 | ||||||
Ventas, Inc. | 1,305 | 76,721 | ||||||
Vornado Realty Trust | 835 | 71,676 | ||||||
Weyerhaeuser Co. | 2,421 | 49,292 | ||||||
|
| |||||||
Total Real Estate Investment Trusts (REITs) | 1,178,208 | |||||||
|
| |||||||
Real Estate Management & Development - 0.0%a |
| |||||||
CBRE Group, Inc.* | 1,477 | 27,782 | ||||||
|
| |||||||
Total Real Estate Management & Development | 27,782 | |||||||
|
| |||||||
Road & Rail - 0.7% | ||||||||
CSX Corp. | 4,748 | 105,928 | ||||||
Norfolk Southern Corp. | 1,489 | 108,593 | ||||||
Ryder System, Inc. | 231 | 11,254 | ||||||
Union Pacific Corp. | 2,167 | 243,657 | ||||||
|
| |||||||
Total Road & Rail | 469,432 | |||||||
|
| |||||||
Semiconductors & Semiconductor Equipment - 2.0% |
| |||||||
Advanced Micro Devices, Inc.* | 2,647 | 19,482 | ||||||
Altera Corp. | 1,453 | 51,683 | ||||||
Analog Devices, Inc. | 1,343 | 52,350 | ||||||
Applied Materials, Inc. | 5,824 | 69,830 | ||||||
Broadcom Corp. — Class A* | 2,213 | 80,996 | ||||||
First Solar, Inc.* | 266 | 4,894 | ||||||
Intel Corp. | 22,537 | 640,051 | ||||||
KLA-Tencor Corp. | 753 | 39,269 | ||||||
Linear Technology Corp. | 1,033 | 33,789 | ||||||
LSI Corp.* | 2,557 | 20,558 | ||||||
Microchip Technology, Inc. | 867 | 30,640 | ||||||
Micron Technology, Inc.* | 4,457 | 29,372 | ||||||
Novellus Systems, Inc.* | 319 | 14,913 | ||||||
NVIDIA Corp.* | 2,754 | 35,802 | ||||||
Teradyne, Inc.* | 842 | 14,491 | ||||||
Texas Instruments, Inc. | 5,165 | 164,970 | ||||||
Xilinx, Inc. | 1,182 | 43,001 | ||||||
|
| |||||||
Total Semiconductors & Semiconductor Equipment | 1,346,091 | |||||||
|
| |||||||
Software - 3.1% | ||||||||
Adobe Systems, Inc.* | 2,226 | 74,705 | ||||||
Autodesk, Inc.* | 1,021 | 40,197 | ||||||
BMC Software, Inc.* | 740 | 30,532 | ||||||
CA, Inc. | 1,644 | 43,434 | ||||||
Citrix Systems, Inc.* | 838 | 71,741 | ||||||
Electronic Arts, Inc.* | 1,495 | 22,993 | ||||||
Intuit, Inc. | 1,332 | 77,216 | ||||||
Microsoft Corp. | 33,688 | 1,078,690 | ||||||
Oracle Corp. | 17,683 | 519,703 | ||||||
Red Hat, Inc.* | 873 | 52,040 | ||||||
Salesforce.com, Inc.* | 615 | 95,774 |
12 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (concluded) | April 30, 2012 |
GUGGENHEIM 2x S&P 500 ETF
SHARES | MARKET VALUE | |||||||
Symantec Corp.* | 3,289 | $ | 54,334 | |||||
|
| |||||||
Total Software | 2,161,359 | |||||||
|
| |||||||
Specialty Retail - 1.8% | ||||||||
Abercrombie & Fitch Co. — Class A | 388 | 19,466 | ||||||
AutoNation, Inc.* | 203 | 7,020 | ||||||
AutoZone, Inc.* | 124 | 49,124 | ||||||
Bed Bath & Beyond, Inc.* | 1,069 | 75,247 | ||||||
Best Buy Co., Inc. | 1,278 | 28,205 | ||||||
CarMax, Inc.* | 1,021 | 31,518 | ||||||
GameStop Corp. — Class A | 617 | 14,043 | ||||||
Gap, Inc.(The) | 1,499 | 42,722 | ||||||
Home Depot, Inc. | 6,955 | 360,199 | ||||||
Limited Brands, Inc. | 1,108 | 55,068 | ||||||
Lowe’s Cos., Inc. | 5,598 | 176,169 | ||||||
O’Reilly Automotive, Inc.* | 574 | 60,534 | ||||||
Ross Stores, Inc. | 1,031 | 63,499 | ||||||
Staples, Inc. | 3,131 | 48,217 | ||||||
Tiffany & Co. | 572 | 39,159 | ||||||
TJX Cos., Inc. | 3,405 | 142,023 | ||||||
Urban Outfitters, Inc.* | 503 | 14,567 | ||||||
|
| |||||||
Total Specialty Retail | 1,226,780 | |||||||
|
| |||||||
Textiles, Apparel & Luxury Goods - 0.6% |
| |||||||
Coach, Inc. | 1,299 | 95,035 | ||||||
Fossil, Inc.* | 234 | 30,577 | ||||||
NIKE, Inc. — Class B | 1,655 | 185,145 | ||||||
Ralph Lauren Corp. | 292 | 50,303 | ||||||
V.F. Corp. | 393 | 59,755 | ||||||
|
| |||||||
Total Textiles, Apparel & Luxury Goods |
| 420,815 | ||||||
|
| |||||||
Thrifts & Mortgage Finance - 0.1% |
| |||||||
Hudson City Bancorp, Inc. | 2,379 | 16,796 | ||||||
People’s United Financial, Inc. | 1,622 | 20,015 | ||||||
|
| |||||||
Total Thrifts & Mortgage Finance |
| 36,811 | ||||||
|
| |||||||
Tobacco - 1.6% | ||||||||
Altria Group, Inc. | 9,230 | 297,298 | ||||||
Lorillard, Inc. | 594 | 80,362 | ||||||
Philip Morris International, Inc. | 7,769 | 695,403 | ||||||
Reynolds American, Inc. | 1,509 | 61,613 | ||||||
|
| |||||||
Total Tobacco | 1,134,676 | |||||||
|
| |||||||
Trading Companies & Distributors - 0.2% |
| |||||||
Fastenal Co. | 1,334 | 62,458 | ||||||
W.W. Grainger, Inc. | 273 | 56,735 | ||||||
|
| |||||||
Total Trading Companies & Distributors | 119,193 | |||||||
|
| |||||||
Wireless Telecommunication Services - 0.2% |
| |||||||
Crown Castle International Corp.* | 1,131 | 64,026 |
SHARES | MARKET VALUE | |||||||
MetroPCS Communications, Inc.* | 1,325 | $ | 9,672 | |||||
Sprint Nextel Corp.* | 13,521 | 33,532 | ||||||
|
| |||||||
Total Wireless Telecommunication Services | 107,230 | |||||||
|
| |||||||
Total Common Stocks | 56,953,306 | |||||||
|
| |||||||
FACE AMOUNT | ||||||||
REPURCHASE AGREEMENTS - 4.4% |
| |||||||
State Street Bank & Trust Co., 0.010%, dated 04/30/12, to be repurchased at $3,032,001 on 05/01/12 collateralized by $2,745,000 FNMA at 4.375% due 10/15/2015 with a value of $3,094,988b | $3,032,000 | 3,032,000 | ||||||
|
| |||||||
Total Repurchase Agreements | 3,032,000 | |||||||
|
| |||||||
Total Investments - 87.0%c |
| 59,985,306 | ||||||
|
| |||||||
Other Assets and Liabilities, net - 13.0% |
| 8,958,041 | ||||||
|
| |||||||
Net Assets - 100.0% | $ | 68,943,347 | ||||||
CONTRACTS | UNREALIZED GAIN/ (LOSS) | |||||||
FUTURES CONTRACTS PURCHASED |
| |||||||
June 2012 S&P 500 Index | 362 | $ | 814,029 | |||||
UNITS | ||||||||
EQUITY INDEX SWAP AGREEMENTS PURCHASED |
| |||||||
Credit Suisse First Boston May 2012 S&P 500 Index Swap, Terminating 05/30/2012 (Notional Market Value $42,325,248)**,b | 30,278 | $ | (167,745 | ) | ||||
Goldman Sachs International May 2012 S&P 500 Index Swap, Terminating 05/29/2012 (Notional Market Value $13,244,051)**,b | 9,474 | (19,617 | ) | |||||
|
| |||||||
(Total Notional Market Value $55,569,299) | $ | (187,362 | ) | |||||
|
|
* | Non-Income Producing Security. |
** | Price return based on S&P 500 Index +/- financing at a variable rate. |
a | Amount represents less than 0.05% of net assets. |
b | Values determined based on Level 2 inputs. |
c | Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs. |
FNMA — Federal National Mortgage Association |
REIT — Real Estate Investment Trust |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 13 |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2012 |
GUGGENHEIM INVERSE 2x S&P 500 ETF
FACE AMOUNT | MARKET VALUE | |||||||
REPURCHASE AGREEMENTS - 75.4% |
| |||||||
State Street Bank & Trust Co., 0.010%, dated 04/30/12, to be repurchased at $28,780,008 on 05/01/12 collateralized by $26,040,000 FNMA at 4.375% due 10/15/15 with a value of $29,360,100a | $ | 28,780,000 | $ | 28,780,000 | ||||
|
| |||||||
Total Repurchase Agreements | 28,780,000 | |||||||
|
| |||||||
Total Investments - 75.4%b |
| 28,780,000 | ||||||
|
| |||||||
Other Assets and Liabilities, net - 24.6% |
| 9,403,465 | ||||||
|
| |||||||
Net Assets - 100.0% | $ | 38,183,465 | ||||||
CONTRACTS | UNREALIZED GAIN (LOSS) | |||||||
FUTURES CONTRACTS SOLD SHORT |
| |||||||
June 2012 S&P 500 Index E-Mini Futures Contracts (Aggregate Market Value of Contracts $21,228,000)b | 305 | $ | (649,847 | ) | ||||
UNITS | ||||||||
EQUITY INDEX SWAP AGREEMENTS SOLD SHORT |
| |||||||
Credit Suisse First Boston May 2012 S&P 500 Index Swap, Terminating 05/30/2012 (Notional Market Value $46,587,210)*,a | 33,326 | $ | 177,735 | |||||
Goldman Sachs International May 2012 S&P 500 Index Swap, Terminating 05/29/2012 (Notional Market Value $8,545,452)*,a | 6,113 | 12,657 | ||||||
|
| |||||||
(Total Notional Market Value $55,132,662) | $ | 190,392 | ||||||
|
|
* | Price return based on S&P 500 Index +/- financing at a variable rate. |
a | Values determined based on Level 2 inputs. |
b | Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs. |
FNMA — Federal National Mortgage Association |
14 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
STATEMENT OF ASSETS AND LIABILITIES (Unaudited) | April 30, 2012 |
Guggenheim 2x S&P 500 ETF | Guggenheim Inverse 2x S&P 500 ETF | |||||||
ASSETS | ||||||||
Investments at market value | $ | 56,953,306 | $ | — | ||||
Repurchase agreements | 3,032,000 | 28,780,000 | ||||||
Total investments* | 59,985,306 | 28,780,000 | ||||||
Cash | 456 | 49 | ||||||
Segregated cash for swaps | 7,970,972 | 8,069,862 | ||||||
Margin deposit for future contracts | 1,267,000 | 1,067,500 | ||||||
Unrealized appreciation on swap agreements | — | 190,392 | ||||||
Receivables: | ||||||||
Investments sold | 5,735 | — | ||||||
Dividends and interest | 57,541 | 8 | ||||||
Variation margin on futures contracts | — | 99,125 | ||||||
Equity index swap settlement | 1,013 | — | ||||||
Total assets | 69,288,023 | 38,206,936 | ||||||
LIABILITIES | ||||||||
Unrealized depreciation on swap agreements | 187,362 | — | ||||||
Payables: | ||||||||
Equity index swap settlement | — | 1,214 | ||||||
Variation margin on futures contracts | 117,650 | — | ||||||
Accrued management fees | 39,664 | 22,257 | ||||||
Total liabilities | 344,676 | 23,471 | ||||||
NET ASSETS | $ | 68,943,347 | $ | 38,183,465 | ||||
NETASSETSCONSISTOF: | ||||||||
Paid-in capital | $ | 46,957,387 | $ | 168,189,857 | ||||
Undistributed (distributions in excess) of net investment income | 17,790 | (160,155 | ) | |||||
Accumulated net realized gain (loss) on investment securities, futures and swaps | 7,813,131 | (129,386,782 | ) | |||||
Net unrealized appreciation (depreciation) on investment securities, futures and swaps | 14,155,039 | (459,455 | ) | |||||
NETASSETS | $ | 68,943,347 | $ | 38,183,465 | ||||
Shares outstanding (unlimited shares authorized), no par value | 1,400,002 | 1,550,000 | ||||||
Net asset value, offering price and repurchase price per share | $49.25 | $24.63 | ||||||
*Total cost of investments | $46,456,934 | $28,780,000 |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 15 |
Table of Contents
STATEMENT OF OPERATIONS (Unaudited) |
For the Six Months Ended April 30, 2012
Guggenheim 2x S&P 500 ETF | Guggenheim Inverse 2x S&P 500 ETF | |||||||
INVESTMENT INCOME | ||||||||
Dividends, net of foreign taxes withheld | $ | 674,055 | $ | — | ||||
Interest | 217 | 2,128 | ||||||
Total income | 674,272 | 2,128 | ||||||
EXPENSES | ||||||||
Management fee | 257,941 | 159,571 | ||||||
Trustee fees | 3,003 | 2,712 | ||||||
Total expenses | 260,944 | 162,283 | ||||||
Net investment income (loss) | 413,328 | (160,155 | ) | |||||
REALIZEDAND UNREALIZED GAIN (LOSS)ON INVESTMENTS | ||||||||
Net realized gain (loss) from: | ||||||||
Investments | (324,502 | ) | — | |||||
In-kind redemptions | 7,432,038 | — | ||||||
Futures contracts | 3,769,609 | (2,773,812 | ) | |||||
Swap contracts | 6,655,670 | (9,501,092 | ) | |||||
Net realized gain (loss) | 17,532,815 | �� | (12,274,904 | ) | ||||
Net change in unrealized appreciation (depreciation) on: | ||||||||
Investment securities | (492,338 | ) | — | |||||
Futures contracts | (641,924 | ) | 643,220 | |||||
Swap contracts | 343,653 | (1,079,198 | ) | |||||
Net change in unrealized (depreciation) | (790,609 | ) | (435,978 | ) | ||||
Net realized and unrealized gain (loss) on investments, futures and swap contracts | 16,742,206 | (12,710,882 | ) | |||||
Net increase (decrease) in net assets resulting from operations | $ | 17,155,534 | $ | (12,871,037 | ) | |||
Foreign taxes withheld | $ | (21 | ) | $ | — |
16 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
Guggenheim 2x S&P 500 ETF | Guggenheim Inverse 2x S&P 500 ETF | |||||||||||||||
Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, 2011 | Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, 2011 | |||||||||||||
OPERATIONS | ||||||||||||||||
Net investment income (loss) | $ | 413,328 | $ | 832,050 | $ | (160,155 | ) | $ | (414,624 | ) | ||||||
Net realized gain (loss) | 17,532,815 | 7,271,159 | (12,274,904 | ) | (21,831,711 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) | (790,609 | ) | 1,517,229 | (435,978 | ) | 1,679,620 | ||||||||||
Net increase (decrease) in net assets resulting from operations | 17,155,534 | 9,620,438 | (12,871,037 | ) | (20,566,715 | ) | ||||||||||
DISTRIBUTIONSTO SHAREHOLDERSFROM: | ||||||||||||||||
Net investment income | (397,864 | ) | (849,031 | ) | — | — | ||||||||||
SHAREHOLDERTRANSACTIONS | ||||||||||||||||
Proceeds from shares purchased | — | 2,087,505 | 2,590,440 | 22,017,345 | ||||||||||||
Value of shares redeemed | (27,201,702 | ) | (11,417,222 | ) | (7,337,448 | ) | (29,862,599 | ) | ||||||||
Net decrease in net assets resulting from share transactions | (27,201,702 | ) | (9,329,717 | ) | (4,747,008 | ) | (7,845,254 | ) | ||||||||
Decrease in net assets | (10,444,032 | ) | (558,310 | ) | (17,618,045 | ) | (28,411,969 | ) | ||||||||
NETASSETS | ||||||||||||||||
Beginning of period | 79,387,379 | 79,945,689 | 55,801,510 | 84,213,479 | ||||||||||||
End of period1 | $ | 68,943,347 | $ | 79,387,379 | $ | 38,183,465 | $ | 55,801,510 | ||||||||
1 Including undistributed (distributions in excess) of net investment income | $ | 17,790 | $ | 2,326 | $ | (160,155 | ) | $ | — | |||||||
CHANGESINSHARESOUTSTANDING: | ||||||||||||||||
Shares purchased | — | 50,000 | 100,000 | 600,000 | ||||||||||||
Shares redeemed | (600,000 | ) | (250,000 | ) | (250,000 | ) | (800,000 | ) | ||||||||
Shares outstanding, beginning of period | 2,000,002 | 2,200,002 | 1,700,000 | 1,900,000 | ||||||||||||
Shares outstanding, end of period | 1,400,002 | 2,000,002 | 1,550,000 | 1,700,000 |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 17 |
Table of Contents
GUGGENHEIM 2x S&P 500 ETF
Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, 2011 | Year Ended October 31, 2010 | Year Ended October 31, 2009 | Year Ended October 31, 2008* | ||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of period | $39.69 | $36.34 | $28.22 | $27.65 | $75.00 | |||||||||||||||
Net investment income** | 0.24 | 0.41 | 0.33 | 0.31 | 0.61 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | 9.55 | 3.36 | 8.13 | 0.57 | (47.27 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 9.79 | 3.77 | 8.46 | 0.88 | (46.66 | ) | ||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (0.23 | ) | (0.42 | ) | (0.34 | ) | (0.31 | ) | (0.69 | ) | ||||||||||
Net asset value at end of period | $49.25 | $39.69 | $36.34 | $28.22 | $27.65 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return*** | 24.71% | 10.36% | 30.12% | 3.51% | (62.68% | ) | ||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of period (000’s omitted) | $68,943 | $79,387 | $79,946 | $117,126 | $113,364 | |||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses | 0.71% | **** | 0.71% | 0.71% | 0.70% | 0.70% | **** | |||||||||||||
Net investment income | 1.12% | **** | 0.98% | 1.01% | 1.43% | 1.35% | **** | |||||||||||||
Portfolio turnover rate† | 6% | 41% | 23% | 69% | 44% |
* | The Fund commenced operations on November 5, 2007. |
** | Based on average shares outstanding. |
*** | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. Total investment return calculated for a period of less than one year is not annualized. |
**** | Annualized. |
† | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). |
18 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Table of Contents
GUGGENHEIM INVERSE 2x S&P 500 ETF
FINANCIAL HIGHLIGHTS (concluded)
Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, 2011 | Year Ended October 31, 2010 | Year Ended October 31, 2009 | Year Ended October 31, 2008* | ||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of period | $32.82 | $44.32 | $66.76 | $132.21 | $75.00 | |||||||||||||||
Net investment income (loss)** | (0.10 | ) | (0.25 | ) | (0.35 | ) | (0.61 | ) | 1.04 | |||||||||||
Net realized and unrealized gain (loss) on investments | (8.09 | ) | (11.25 | ) | (22.09 | ) | (46.79 | ) | 57.20 | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | (8.19 | ) | (11.50 | ) | (22.44 | ) | (47.40 | ) | 58.24 | |||||||||||
Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | — | — | — | — | (1.03 | ) | ||||||||||||||
Net realized gains | — | — | — | (18.05 | ) | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | — | — | — | (18.05 | ) | (1.03 | ) | |||||||||||||
Net asset value at end of period | $24.63 | $32.82 | $44.32 | $66.76 | $132.21 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return*** | (24.95% | ) | (25.94% | ) | (33.61% | ) | (41.45% | ) | 78.27% | |||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of period (000’s omitted) | $38,183 | $55,802 | $84,213 | $103,474 | $66,106 | |||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses | 0.71% | **** | 0.71% | 0.71% | 0.71% | 0.71% | **** | |||||||||||||
Net investment income | (0.70% | )**** | (0.68% | ) | (0.65% | ) | (0.64% | ) | 1.09% | **** | ||||||||||
Portfolio turnover rate† | —% | —% | —% | —% | —% |
* | The Fund commenced operations on November 5, 2007. |
** | Based on average shares outstanding. |
*** | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. Total investment return calculated for a period of less than one year is not annualized. |
**** | Annualized. |
† | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). |
See Notes to Financial Statements. | GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 19 |
Table of Contents
NOTES TO FINANCIAL STATEMENTS (Unaudited)
|
1. Organization
Rydex ETF Trust (the “Trust”) is an open-end, management investment company registered under the Investment Company Act of 1940 (the “1940 Act”). The Trust was organized as a Delaware statutory trust on November 22, 2002. As of April 30, 2012, the Trust offers twenty-six portfolios, each of which represents a separate series of beneficial interest in the Trust (each a “Fund”, and collectively, the “Funds”). The financial statements herein relate to the following Funds: Guggenheim 2x S&P 500 ETF and Guggenheim Inverse 2x S&P 500 ETF. Guggenheim 2x S&P 500 ETF and Guggenheim Inverse 2x S&P 500 ETF commenced operations on November 5, 2007.
The Funds’ 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”). The Funds’ investment objective is to provide investment results that match the performance of a specific benchmark, before fees and expenses, on a daily basis. For Guggenheim 2x S&P 500 ETF (a “Leveraged Fund”), the Fund’s benchmark is 200% of the daily performance of an index representing publicly traded securities (the “Underlying Index”). For Guggenheim Inverse 2x S&P 500 ETF (a “Leveraged Inverse Fund”), the Fund’s benchmark is 200% of the daily inverse (opposite) performance of its Underlying Index. The Underlying Index for Guggenheim 2x S&P 500 ETF and Guggenheim Inverse 2x S&P 500 ETF is the S&P 500 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 called a “Creation Unit”. Creation Units are issued and redeemed principally in-kind for securities included in the Underlying Index.
Guggenheim Investments (“GI”) provides advisory services and Rydex Distributors, LLC (“RDL”) acts as principal underwriter for the Trust. GI and RDL are affiliated entities.
2. 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. Security Valuation
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 on the valuation date. Equity securities listed on the NASDAQ market system are valued at the NASDAQ Official Closing Price on the valuation date.
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) using general information as to how these securities and assets trade; (ii) in connection with futures contracts and options thereupon, and other derivative investments, information as to how (a) these contracts and other derivative investments trade in the futures or other derivative markets, respectively, and (b) the securities underlying these contracts and other derivative investments trade in the cash market; and (iii) other information and considerations, including current values in related markets.
The value of futures contracts purchased and sold by the Funds are accounted for using the unrealized gain or loss on the contracts that is determined by marking the contracts to their current realized settlement prices. Financial futures contracts are valued at the 4:00 p.m. price on the valuation date. In the event that the exchange for a specific futures contract closes earlier than 4:00 p.m., the futures contract is valued at the Official Settlement Price of the exchange. However, the underlying securities from which the futures contract value is derived are monitored until 4:00 p.m. to determine if fair valuation would provide a more accurate valuation.
The value of swap agreements entered into by a Fund is accounted for using the unrealized gain or loss on the agreements that is determined by marking the agreements to the last quoted value of the index that the swap pertains to at the close the NYSE. The swap’s market value is then adjusted to include dividends accrued, financing charges and/or interest associated with the swap agreements.
Debt securities with a maturity of greater than 60 days at acquisition are valued at prices that reflect broker/dealer-supplied valuations or obtained from independent pricing services, which may consider the trade activity, treasury yields, yield or price of bonds of comparable quality, coupon, maturity, and type, as well as prices quoted by dealers who make markets in such securities. 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.
20 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT |
Table of Contents
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued) |
Certain U.S. Government and Agency Obligations are traded on a discount basis; the interest rates shown on the Schedules of Investments reflect the effective rates paid at the time of purchase by the Funds. Other securities bear interest at the rates shown, payable at fixed dates through maturity.
B. Security Transactions and Income Recognition
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. 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 discount, 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. Repurchase Agreements
The Funds may enter into repurchase agreements with financial institutions. In a repurchase agreement, a Fund buys a security and the seller simultaneously agrees to repurchase the security on a specified future date at an agreed-upon price. The repurchase price reflects an agreed-upon interest rate during the time the Fund’s money is invested in the security. Because the security constitutes collateral for the repurchase obligation, a repurchase agreement can be considered a collateralized loan. The Funds follow certain procedures designed to minimize the risks inherent in such agreements. These procedures include effecting repurchase transactions only with large, well-capitalized and well-established financial institutions whose condition will be continually monitored by GI. In addition, the value of the collateral underlying the repurchase agreement will always be at least equal to the repurchase price, including any accrued interest earned on the repurchase agreement. In the event of a default or bankruptcy by a selling financial institution, the Funds will seek to liquidate such collateral. However, the exercising of the Funds right to liquidate such collateral could involve certain costs or delays and, to the extent that proceeds from any sale upon a default of the obligation to repurchase were less than the repurchase price, the Funds could suffer a loss. It is the current policy of the Funds not to invest in repurchase agreements that do not mature within seven days if any such investment, together with any other illiquid assets held by the Funds, amounts to more than 15% of the Funds net assets. The investments of the Funds in repurchase agreements, at times, may be substantial when, in the view of GI, liquidity or other considerations so warrant. For the period
ended April 30, 2012, the Funds had not engaged in repurchase agreement transactions.
D. Futures Contracts
Upon entering into a contract, a Fund deposits and maintains as collateral such initial margin as required by the exchange on which the transaction is effected. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin and are recorded by the Fund as unrealized gains or losses. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.
E. Swap Agreements
The swap agreements are marked-to-market daily and the change, if any, is recorded as unrealized gain or loss. Payments received or made as a result of an agreement or termination of the agreement are recognized as realized gains or losses.
F. Federal Income Taxes
The Funds intend to comply with the provisions of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and will distribute substantially all taxable net investment income and capital gains sufficient to relieve the Funds from all, or substantially all, federal income, excise and state income taxes. Therefore, no provision for Federal or state income tax is required.
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 (fiscal years 2008 – 2011), and has concluded that no provision for income tax was required in the Funds’ financial statements.
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 and the tax reporting to their shareholders, and to improve the tax efficiency of certain fund structures. The changes are generally effective for taxable years beginning after the date of enactment.
GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 21 |
Table of Contents
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
|
One of the more prominent changes addresses capital loss carryforwards. Funds will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years 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 loss carryforwards may potentially expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.
For the period ended April 30, 2012, the Funds realized net capital gains resulting from in-kind redemptions and other transactions. Because gains from in-kind redemptions are non-taxable to the Funds, and are not distributed to existing Fund shareholders, the gains are reclassified from accumulated net realized gains to paid-in-capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or NAV. The in-kind net capital gains for the period ended April 30, 2012 are disclosed in the Fund’s Statement of Operations.
At April 30, 2012, the identified cost of investments in securities owned by each Fund for Federal income tax purposes and the gross unrealized appreciation and depreciation were as follows:
Identified Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | |||||||||||||
Guggenheim 2x S&P 500 ETF | $ | 46,456,934 | $ | 14,371,452 | $ | (843,080 | ) | $ | 13,528,372 | |||||||
Guggenheim Inverse 2x S&P 500 ETF | 28,780,000 | — | — | — |
G. Fair Value Measurement
In accordance with U.S. GAAP, fair value is defined as the price that the Fund would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal market, or, in the absence of a principal market, the most advantageous market for the investment or liability. A three-tier hierarchy is utilized to distinguish between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Funds’ investments. The inputs are summarized in the three broad levels listed below:
Level 1 — quoted prices in active markets for identical securities.
Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 — significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments).
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following table summarizes the inputs used to value the Funds’ net assets as of April 30, 2012:
Fund | Level 1 Investments in Securities | Level 1 Other Financial Instruments | Level 2 Investments in Securities | Level 2 Other Financial Instruments | Level 3 Investments in Securities | Total | ||||||||||||||||||
Assets | ||||||||||||||||||||||||
Guggenheim 2x S&P 500 ETF | $ | 56,953,306 | $ | 814,029 | $ | 3,032,000 | $ | — | $ | — | $ | 60,799,335 | ||||||||||||
Guggenheim Inverse 2x S&P 500 ETF | — | — | 28,780,000 | 190,392 | — | 28,970,392 | ||||||||||||||||||
Liabilities | ||||||||||||||||||||||||
Guggenheim 2x S&P 500 ETF | — | — | — | 187,362 | — | 187,362 | ||||||||||||||||||
Guggenheim Inverse 2x S&P 500 ETF | — | 649,847 | — | — | — | 649,847 |
For the period ended April 30, 2012, there were no securities transferred between any levels.
H. Dividends and Distributions
Distributions of net investment income and net realized gains, if any, in the Funds are declared at least annually and recorded on the ex-dividend date and are determined in accordance with income tax regulations which may differ from U.S. GAAP.
22 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT |
Table of Contents
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued) |
I. Risk and Uncertainties
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 risk inherent in the use of futures and options contracts, and swap agreements, include i) adverse changes in the value of such instruments; ii) imperfect correlation between the price of the instruments and movements in the price of the underlying securities, indices, or futures contracts; iii) the possible absence of a liquid secondary market for any particular instrument at any time; and iv) the potential of counterparty default. The Funds have established strict counterparty credit guidelines and enter into transactions only with financial institutions of investment grade or better. The Trust monitors the counterparty credit risk.
J. Risk Disclosure
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.
Financial Instruments
A futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities or other instruments at a set price for delivery at a future date. There are significant risks associated with a Fund’s or an underlying fund’s use of futures contracts and related options, including (i) there may be an imperfect or no correlation between the changes in market value of the underlying asset and the prices of futures contracts; (ii) there may not be a liquid secondary market for a futures contract; (iii) trading restrictions or limitations may be imposed by an exchange; and (iv) government regulations may restrict trading in futures contracts. When investing in futures, there is minimal counterparty credit risk to the Fund because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default.
A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. A credit default swap enables a Fund to buy or sell protection against a defined credit event of an issuer or a basket of securities. Generally, the seller of credit protection against an issuer or basket of securities receives a periodic payment from the buyer to compensate against potential default events. If a default event occurs, the seller must pay the buyer the full notional value of the reference obligation in exchange for the reference obligation. If no default occurs, the counterparty will pay the stream of payments and have no further obligations to the Fund selling the credit protection. A Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty, or in the case of a credit default swap in which the Fund is selling credit protection, the default of a third party issuer. Additionally, there is no guarantee that a Fund or an underlying fund could eliminate its exposure under an outstanding swap agreement by entering into an offsetting swap agreement with the same or another party.
In conjunction with the use of short sales, futures, and swap agreements, the Funds are required to maintain collateral in various forms. The Funds use, where appropriate, depending on the financial instrument utilized and the broker involved, margin deposits at the broker, cash and/or securities segregated at the custodian bank, discount notes, or the repurchase agreements allocated to each Fund.
Disclosures About Derivative Instruments and Hedging Activities
U.S. GAAP requires disclosures to enable investors to better understand how and why the Funds use derivative instruments, how these derivative instruments are accounted for and their effects on the Funds’ financial position and results of operations. None of the derivatives currently held by the Funds are being used as hedging instruments.
The Funds utilized derivatives for the following purposes:
Fund | Index Exposure | |||
Guggenheim 2x S&P 500 ETF | X | |||
Guggenheim Inverse 2x S&P 500 ETF | X |
GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 23 |
Table of Contents
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
|
The following table represents the notional amount of derivative instruments outstanding, as an approximate percentage of the Funds’ net assets on a daily basis, while the risk to the Fund is limited to the profit earned on such derivatives.
Approximate percentage of Fund’s net assets on a daily basis | ||||||||
Fund | Long | Short | ||||||
Guggenheim 2x S&P 500 ETF | 115% | — | ||||||
Guggenheim Inverse 2x S&P 500 ETF | — | 200% |
The following is a summary of the location of derivative investments on the Funds’ Statements of Assets and Liabilities as of April 30, 2012:
Location on the Statements of Assets and Liabilities | ||||
Derivative Investment Type | Asset Derivatives | Liability Derivatives | ||
Equity Contracts | Unrealized appreciation on swap agreements | Unrealized depreciation on swap agreements | ||
Variation margin | Variation margin |
The following table sets forth the fair value of the Funds’ derivative investments categorized by primary risk exposure at April 30, 2012:
Asset Derivative Investments Value | ||||||||||||
Portfolio | Total Value at April 30, 2012 | Swap Equity Contracts | Futures Equity Contracts* | |||||||||
Guggenheim 2x S&P 500 ETF | $ | 814,029 | $ | — | $ | 814,029 | ||||||
Guggenheim Inverse 2x S&P 500 ETF | 190,392 | 190,392 | — | |||||||||
Liability Derivative Investments Value | ||||||||||||
Portfolio | Total Value at April 30, 2012 | Swap Equity Contracts | Futures Equity Contracts* | |||||||||
Guggenheim 2x S&P 500 ETF | $ | 187,362 | $ | 187,362 | $ | — | ||||||
Guggenheim Inverse 2x S&P 500 ETF | 649,847 | — | 649,847 |
* | Includes cumulative appreciation (depreciation) of futures contracts as reported on the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
The following is a summary of the location of derivative investments on the Funds’ Statements of Operations for the period ended April 30, 2012:
Derivative Investment Type | Location of Gain (Loss) on Derivatives | |
Equity Contracts | Net realized gain (loss) on swap contracts and futures contracts | |
Net change in unrealized appreciation (depreciation) on swap contracts and futures contracts |
The following is a summary of the Funds’ realized gain (loss) and change in unrealized appreciation (depreciation) on derivative investments recognized on the Statements of Operations categorized by primary risk exposure for the period ended April 30, 2012:
Realized Gain (Loss) on Derivative Investments Recognized in the Statement of Operations | ||||||||||||
Portfolio | Total Value at October 31, 2011 | Swap Equity Contracts | Futures Equity Contracts | |||||||||
Guggenheim 2x S&P 500 ETF | $ | 10,425,279 | $ | 6,655,670 | $ | 3,769,609 | ||||||
Guggenheim Inverse 2x S&P 500 ETF | (12,274,904 | ) | (9,501,092 | ) | (2,773,812 | ) |
Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized in the Statement of Operations | ||||||||||||
Portfolio | Total Value at October 31, 2011 | Swap Equity Contracts | Futures Equity Contracts | |||||||||
Guggenheim 2x S&P 500 ETF | $ | (298,271 | ) | $ | 343,653 | $ | (641,924 | ) | ||||
Guggenheim Inverse 2x S&P 500 ETF | (435,978 | ) | (1,079,198 | ) | 643,220 |
3. Advisory, Administration 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
24 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT |
Table of Contents
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued) |
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.
Advisory Fee | ||||
Guggenheim 2x S&P 500 ETF | 0.70% | |||
Guggenheim Inverse 2x S&P 500 ETF | 0.70% |
GI pays all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except: interest, taxes, distribution fees or expenses and extraordinary expenses.
Under an Administration Agreement, State Street Bank and Trust Company (the “Administrator”) provides various administrative and accounting services for the maintenance and operations of the Funds. Under a Custodian Agreement with the Trust, the Administrator maintains cash, securities and other assets of the Funds in separate accounts for each Fund, keeps all necessary accounts and records, and provides other services. The Administrator 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, the Administrator 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 the Administrator directly for the foregoing services.
The Funds have adopted a Distribution Plan (the “Plan”) that allows the Funds to pay distribution fees to RDL and other firms that provide distribution services (“Service Providers”). If a Service Provider provides distribution services, the Funds will pay distribution fees to RDL at an annual rate not to exceed 0.25% of average daily net assets, pursuant to Rule 12b-1 of the 1940 Act. RDL will, in turn, pay the Service Provider out of its fees. No such fee is currently charged to the Funds.
4. Capital
At April 30, 2012, there were an unlimited number of no par value shares of beneficial interest authorized. 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. The minimum transaction fees are:
Minimum Transaction Fee | ||||
Guggenheim 2x S&P 500 ETF | $ | 2,000 | ||
Guggenheim Inverse 2x S&P 500 ETF | 50 |
5. Investment Transactions
For the period ended April 30, 2012, the Funds had investment transactions in-kind associated with subscriptions and redemptions as follows:
Subscriptions | Redemptions | |||||||
Guggenheim 2x S&P 500 ETF | $ | — | $ | 21,636,592 | ||||
Guggenheim Inverse 2x S&P 500 ETF | — | — |
Purchases and sales of investment securities (excluding short-term investments, U.S. government and government agency obligations) for the Funds were as follows:
Purchases | Sales | |||||||
Guggenheim 2x S&P 500 ETF | $ | 10,842,697 | $ | 3,670,637 | ||||
Guggenheim Inverse 2x S&P 500 ETF | — | — |
6. 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 Official Committee of Unsecured Creditors of Tribune Co. v. FitzSimons (In re Tribune Co.), Adv. Pro. No. 10-54010 (Bankr. D. Del.), as a result of ownership of shares in the Tribune Company (“Tribune”) in 2007 by certain series of the Rydex ETF Trust when Tribune effected a leveraged buyout transaction (“LBO”) by which Tribune converted to a privately-held company. In its complaint, the Unsecured Creditors Committee (the “UCC”) has alleged that, in connection with the LBO, insiders and major shareholders were overpaid for their Tribune stock using financing that the insiders knew would, and ultimately did, leave the Tribune insolvent. The UCC has asserted claims against certain insiders, major shareholders, professional advisers, and others involved in the LBO, and is
GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 25 |
Table of Contents
NOTES TO FINANCIAL STATEMENTS (Unaudited) (concluded)
|
attempting to obtain from these individuals and entities the proceeds paid out in connection with the LBO. This adversary proceeding in the Bankruptcy Court has been stayed pending further order of the Bankruptcy Court.
In June 2011, a group of Tribune creditors, not including the UCC, filed multiple actions involving state law constructive fraudulent conveyance claims against former Tribune shareholders. Rydex ETF Trust also has been named as a defendant in one or more of these suits. These cases have been consolidated in a multidistrict litigation proceeding in the United States District Court for the Southern District of New York and have been stayed pending further order of that court or of the Bankruptcy Court.
None of these lawsuits allege 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 2x S&P 500 ETF (the “Fund”). The value of the proceeds received by the foregoing Funds was $1,699. At this stage of the proceedings, Rydex ETF Trust is not able to make a reliable predication as to the outcome of these lawsuits or the effect, if any, on the Fund’s net asset value.
26 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT |
Table of Contents
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. The information is also available from the EDGAR database on the SEC’s website at http://www.sec.gov.
At a special meeting of shareholders held on January 26, 2012, the shareholders of the Funds voted on whether to approve a new investment advisory agreement between Rydex ETF Trust and Security Investors, LLC. A description of the number of shares voted is as follows:
Fund | Shares For | Shares Against | Shares Abstained | |||||||||
Guggenheim 2x S&P 500 ETF | 720,797 | 23,279 | 31,489 | |||||||||
Guggenheim Inverse 2x S&P 500 ETF | 759,999 | 49,494 | 28,529 |
At a special meeting of shareholders held on November 22, 2011, the shareholders of the Funds also voted on whether to approve the election of nominees to the Board of Trustees. A description of the number of shares voted is as follows:
Donald C. Cacciapaglia | Corey A. Colehour | J. Kenneth Dalton | ||||||||||||||||||
For | 72,100,198 | For | 72,258,142 | For | 72,216,847 | |||||||||||||||
Withhold | 2,135,025 | Withhold | 1,977,081 | Withhold | 2,018,376 | |||||||||||||||
Total | 74,235,223 | Total | 74,235,223 | Total | 74,235,223 | |||||||||||||||
John O. Demaret | Richard M. Goldman | Werner E. Keller | ||||||||||||||||||
For | 72,234,406 | For | 72,161,702 | For | 72,220,467 | |||||||||||||||
Withhold | 2,000,817 | Withhold | 2,073,521 | Withhold | 2,014,756 | |||||||||||||||
Total | 74,235,223 | Total | 74,235,223 | Total | 74,235,223 | |||||||||||||||
Thomas F. Lydon | Patrick T. McCarville | Roger Somers | ||||||||||||||||||
For | 72,247,608 | For | 72,174,312 | For | 72,250,544 | |||||||||||||||
Withhold | 1,987,615 | Withhold | 2,060,911 | Withhold | 1,984,679 | |||||||||||||||
Total | 74,235,223 | Total | 74,235,223 | Total | 74,235,223 |
At a special meeting of shareholders held on January 26, 2012, the shareholders of the Funds also voted on whether to approve a “manager of managers” arrangement for each of the Funds. Although shareholder votes were placed, not enough votes were received to meet the minimum requirements to constitute a majority vote. As such, the matter was closed.
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:
40 East 52nd Street
16th Floor
New York, NY 10022
(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
GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 27 |
Table of Contents
OTHER INFORMATION (Unaudited) (concluded)
Premium/Discount Information
Information about the differences between the daily market price on secondary markets for Shares and the NAV of each Fund can be found at www.guggenheimfunds.com.
Guggenheim Transaction
On September 20, 2011, Guggenheim Capital, LLC agreed to purchase the indirect holding company of Security Investors, LLC, the Fund’s investment manager (the “Investment Manager”) (the “Transaction”). Guggenheim Capital, LLC’s subsidiary, Guggenheim Partners, LLC (“Guggenheim”), is a global, independent, privately-held, diversified financial services firm with more than 1,500 dedicated professionals. The Transaction closed on February 29, 2012.
The Transaction should not result in material changes to the day-to-day management and operation of the Fund or any increase in fees.
In anticipation of the Transaction, the Board of Trustees of the Fund (the “Board”) called a special meeting of shareholders (the “Meeting”), at which shareholders of the Fund of record as of October 3, 2011 were asked to consider the approval of a new investment management agreement between the Fund and the Investment Manager (the “New Agreement”). This approval was necessary because, under the Investment Company Act of 1940 (the “1940 Act”), the Transaction could result in the termination of the Fund’s current investment management agreement with the Investment Manager (the “Current Agreement”). The Fund’s shareholders approved the New Agreement, the terms of which are substantially identical to the corresponding Current Agreement, except with respect to the date of execution.
Election of Board Members
The Board also approved a proposal to elect nine individuals to the Board. The Board proposed the election of the following nominees: Donald C. Cacciapaglia, Corey A. Colehour, J. Kenneth Dalton, John O. Demaret, Richard M. Goldman, Werner E. Keller, Thomas F. Lydon, Patrick T. McCarville and Roger Somers. Each of the nominees, other than Mr. Cacciapaglia, currently serves as a Trustee. In connection with the Transaction, the Board believes that expanding the Board to include Mr. Cacciapaglia, who is a member of senior management of Guggenheim’s investment management business, and who would serve on other boards in the Guggenheim Investments family of funds, would be appropriate. The Trusts’ shareholders ultimately approved the aforementioned proposal.
28 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT |
Table of Contents
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited) |
A Board of Trustees oversees the Trust, as well as other trusts of GI, in which its members have no stated term of service, and continue to serve after election until resignation. The Statement of Additional Information includes further information about Fund Trustees and Officers, and can be obtained without charge by calling 800.820.0888.
All Trustees and Officers may be reached c/o Guggenheim Investments, 805 King Farm Boulevard, Suite 600, Rockville, MD 20850.
TRUSTEE AND OFFICER
Name, Position and | Length of Service | Number of | ||||||
Donald C. Cacciapaglia* | Rydex Series Funds – 2012 | 148 | ||||||
Trustee, President (1951) | Rydex Variable Trust – 2012 | |||||||
Rydex Dynamic Funds – 2012 | ||||||||
Rydex ETF Trust – 2012 |
Principal Occupations During Past Five Years: Security Investors, LLC: President and CEO from April 2012 to present; Guggenheim Investments: President and Chief Administrative Officer from February 2010 to present; Channel Capital Group, Inc.: Chairman and CEO from April 2002 to February 2010.
INDEPENDENT TRUSTEES
Name, Position and | Length of Service | Number of | ||||||
Corey A. Colehour | Rydex Series Funds – 1993 | 148 | ||||||
Trustee (1945) | Rydex Variable Trust – 1998 | |||||||
Rydex Dynamic Funds – 1999 | ||||||||
Rydex ETF Trust – 2003 |
Principal Occupations During Past Five Years: Retired; Member of the Audit, Governance and Nominating Committees (1995 to present)
J. Kenneth Dalton | Rydex Series Funds – 1995 | 148 | ||||||
Trustee (1941) | Rydex Variable Trust – 1998 | |||||||
Rydex Dynamic Funds – 1999 | ||||||||
Rydex ETF Trust – 2003 |
Principal Occupations During Past Five Years: Retired; Member of the Governance and Nominating Committees (1995 to present); Chairman of the Audit Committee (1997 to present); Member of the Risk Oversight Committee (2010 to present)
John O. Demaret | Rydex Series Funds – 1997 | 148 | ||||||
Trustee, Chairman of the | Rydex Variable Trust – 1998 | |||||||
Board (1941) | Rydex Dynamic Funds – 1999 | |||||||
Rydex ETF Trust – 2003 |
Principal Occupations During Past Five Years: Retired; Member of the Audit Committee (1997 to present); Member of the Risk Oversight Committee (2010 to present)
Werner E. Keller | Rydex Series Funds – 2005 | 148 | ||||||
Trustee (1940) | Rydex Variable Trust – 2005 | |||||||
Rydex Dynamic Funds – 2005 | ||||||||
Rydex ETF Trust – 2005 |
Principal Occupations During Past Five Years: Founder and President of Keller Partners, LLC (registered investment adviser) (2005 to present); Member of the Audit, Governance and Nominating Committees (2005 to present); Chairman and Member of the Risk Oversight Committee (2010 to present)
GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 29 |
Table of Contents
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited) (continued) |
INDEPENDENT TRUSTEES – concluded
Name, Position and | Length of Service As Trustee (Year Began) | Number of | ||||||
Thomas F. Lydon, Jr. | Rydex Series Funds – 2005 | 148 | ||||||
Trustee (1960) | Rydex Variable Trust – 2005 | |||||||
Rydex Dynamic Funds – 2005 | ||||||||
Rydex ETF Trust – 2005 |
Principal Occupations During Past Five Years: President, Global Trends Investments (1996 to present); Member of the Audit, Governance and Nominating Committees (2005 to present)
Patrick T. McCarville | Rydex Series Funds – 1997 | 148 | ||||||
Trustee (1942) | Rydex Variable Trust – 1998 | |||||||
Rydex Dynamic Funds – 1999 | ||||||||
Rydex ETF Trust – 2003 |
Principal Occupations During Past Five Years: CEO, Par Industries, Inc., d/b/a Par Leasing (1977 to 2010); Chairman of the Governance and Nominating Committees (1997 to present); Member of the Audit Committee (1997 to present)
Roger Somers | Rydex Series Funds – 1993 | 148 | ||||||
Trustee (1944) | Rydex Variable Trust – 1998 | |||||||
Rydex Dynamic Funds – 1999 | ||||||||
Rydex ETF Trust – 2003 |
Principal Occupations During Past Five Years: Founder and CEO of Arrow Limousine (1965 to present); Member of the Audit, Governance and Nominating Committees (1995 to present)
EXECUTIVE OFFICERS
Name, Position and | Principal Occupations | |
Michael P. Byrum* Vice President (1970) | Current: President, Security Benefit Asset Management Holdings, LLC; Senior Vice President, Security Investors, LLC; President and Chief Investment Officer, Rydex Holdings, LLC; Director and Chairman of the Board, Advisor Research Center, Inc.; Manager, Rydex Specialized Products, LLC
Previous: Rydex Distributors, LLC (f/k/a Rydex Distributors, Inc.), Vice President (2009); Rydex Fund Services, LLC, Director (2009-2010), Secretary (2002- 2010), Executive Vice President (2002- 2006); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.), Director (2008-2010), Chief Investment Officer (2006-2010), President (2004-2010), Secretary (2002-2010); Rydex Advisors II, LLC (f/k/a PADCO Advisors II, Inc.), Director (2008-2010), Chief Investment Officer (2006-2010), President (2004-2010), Secretary (2002-2010); Rydex Capital Partners, LLC, President and Secretary (2003-2007); Rydex Capital Partners II, LLC, (2003-2007); Rydex Holdings, LLC (f/k/a Rydex Holdings, Inc.), Secretary (2005-2008), Executive Vice President (2005-2006); Advisor Research Center, Inc., Secretary (2006-2009), Executive Vice President (2006); Rydex Specialized Products, LLC, Secretary (2005-2008) | |
Nikolaos Bonos* Vice President and Treasurer (1963) | Current: Senior Vice President, Security Investors, LLC; Chief Executive Officer and Manager, Rydex Specialized Products, LLC; Chief Executive Officer and President, Rydex Fund Services, LLC; Vice President, Rydex Holdings, LLC; Treasurer, SBL Fund; Security Equity Fund; Security Income Fund; Security Large Cap Value Fund and Security Mid Cap Growth Fund; Vice President, Security Benefit Asset Management Holdings, LLC
Previous: Guggenheim Investments, LLC, Senior Vice President (2010-2011); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.) Senior Vice President (2006-2011); Rydex Fund Services, LLC (f/k/a Rydex Fund Services, Inc.), Director (2009), Senior Vice President (2003-2006); Rydex Specialized Products, LLC, Chief Financial Officer (2005-2009) |
30 | GUGGENHEIM ETFS SEMI-ANNUAL REPORT |
Table of Contents
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited) (concluded) |
EXECUTIVE OFFICERS – concluded
Name, Position and | Principal Occupations | |
Elisabeth Miller* Chief Compliance Officer (1968) | Current: Chief Compliance Officer, Rydex Series Funds, Rydex Dynamic Funds, Rydex Variable Trust, Rydex ETF Trust, Security Equity Fund, Security Income Fund, Security Large Cap Value Fund, Security Mid Cap Growth Fund, SBL Fund, Security Investors, LLC, and Rydex Distributors, LLC
Previous: Senior Manager, Security Investors, LLC and Rydex Distributors, LLC (2004-2009). | |
Amy J. Lee* Vice President and Assistant Secretary (1960) | Current: Senior Vice President and Secretary, Security Investors, LLC; Secretary and Chief Compliance Officer, Security Distributors, Inc.; Vice President, Associate General Counsel and Assistant Secretary, Security Benefit Life Insurance Company and Security Benefit Corporation; Associate General Counsel, First Security Benefit Life Insurance and Annuity of New York; Vice President and Secretary, SBL Fund; Security Equity Fund; Security Income Fund; Security Large Cap Value Fund and Security Mid Cap Growth Fund; Vice President and Secretary, Rydex Holdings, LLC; Secretary, Advisor Research Center, Inc., Rydex Specialized Products, LLC, Rydex Distributors, LLC and Rydex Fund Services, LLC; Assistant Secretary, Security Benefit Clinic and Hospital
Previous: Guggenheim Investments, LLC, Senior Vice President and Secretary (2007- 2011); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.) and Rydex Advisors II, LLC (f/k/a PADCO Advisors II, Inc.), Senior Vice President and Secretary (2010- 2011); Brecek and Young Advisors, Inc., Director (2004- 2008) | |
Joseph M. Arruda* Assistant Treasurer (1966) | Current: Assistant Treasurer, SBL Fund; Security Equity Fund; Security Income Fund; Security Large Cap Value Fund and Security Mid Cap Growth Fund; Vice President, Security Investors, LLC; Chief Financial Officer and Manager, Rydex Specialized Products, LLC
Previous: Guggenheim Investments, LLC, Vice President (2010-2011); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.) and Rydex Advisors II, LLC (f/k/a PADCO Advisors II, Inc.), Vice President (2004-2011) |
* | Officers of the Funds are deemed to be “interested persons” of the Trust, within the meaning of Section 2(a) (19) of the 1940 Act, inasmuch as this person is affiliated with Guggenheim Investments. |
GUGGENHEIM ETFS SEMI-ANNUAL REPORT | 31 |
Table of Contents
805 King Farm Boulevard, Suite 600
Rockville, MD 20850
www.rydex-sgi.com
800.820.0888
ETF3-SEMI-0412x1012
Table of Contents
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. Schedule of Investments
Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this form.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
Not applicable.
Table of Contents
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.
Table of Contents
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, 2012 |
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, 2012 |
By (Signature and Title)* | /s/ Nikolaos Bonos | |
Nikolaos Bonos, Vice President and Treasurer | ||
Date | July 9, 2012 |
* | Print the name and title of each signing officer under his or her signature. |