Rydex Etf Trust NCSRS Certified semi-annual shareholder report (management investment company)

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, 2013

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

LOGO

APRIL 30, 2013

GUGGENHEIM ETFs

SEMI-ANNUAL REPORT

LOGO


EWRM		GUGGENHEIM RUSSELL MIDCAP^® EQUAL WEIGHT ETF

EWRI		GUGGENHEIM RUSSELL 1000^® EQUAL WEIGHT ETF

EWRS		GUGGENHEIM RUSSELL 2000^® EQUAL WEIGHT ETF

EWEM		GUGGENHEIM MSCI EMERGING MARKETS EQUAL WEIGHT ETF

RCD		GUGGENHEIM S&P 500^® EQUAL WEIGHT CONSUMER DISCRETIONARY ETF

RHS		GUGGENHEIM S&P 500^® EQUAL WEIGHT CONSUMER STAPLES ETF

RYE		GUGGENHEIM S&P 500^® EQUAL WEIGHT ENERGY ETF

RYF		GUGGENHEIM S&P 500^® EQUAL WEIGHT FINANCIALS ETF

RYH		GUGGENHEIM S&P 500^® EQUAL WEIGHT HEALTH CARE ETF

RGI		GUGGENHEIM S&P 500^® EQUAL WEIGHT INDUSTRIALS ETF

RTM		GUGGENHEIM S&P 500^® EQUAL WEIGHT MATERIALS ETF

RYT		GUGGENHEIM S&P 500^® EQUAL WEIGHT TECHNOLOGY ETF

RYU		GUGGENHEIM S&P 500^® EQUAL WEIGHT UTILITIES ETF

ETF-SEMI-0413X1013


TABLE OF CONTENTS


DEAR SHAREHOLDER			2

FEES AND EXPENSES			3

ECONOMIC AND MARKET OVERVIEW			5

PORTFOLIO SUMMARY			7

SCHEDULES OF INVESTMENTS			20

STATEMENTS OF ASSETS AND LIABILITIES			83

STATEMENTS OF OPERATIONS			87

STATEMENTS OF CHANGES IN NET ASSETS			91

FINANCIAL HIGHLIGHTS			98

NOTES TO FINANCIAL STATEMENTS			111

OTHER INFORMATION			119

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS			120


GUGGENHEIM ETFs SEMI-ANNUAL REPORT				1


			April 30, 2013

Dear Shareholder:

Security Investors, LLC (the “Investment Adviser”) is pleased to present the semiannual shareholder report for a number of our exchange traded funds (“ETFs”).

The Investment Adviser is part of Guggenheim Investments, which represents the investment management businesses of Guggenheim Partners, LLC, a global, diversified financial services firm.

Guggenheim Distributors, LLC, the distributor of the Funds, is affiliated with Guggenheim Partners and Security Investors, LLC. It is committed to providing investors with innovative investment solutions; as of the date of this report we offer 21 ETFs, including our line-up of equal weight ETFs. We have built on the investment management strengths of Guggenheim Investments and worked with a diverse group of index providers to create some of the most distinctive ETFs available.

We encourage you to read the Economic and Market Overview that follows, which provides additional information regarding the factors that influenced the Funds’ performance for the six months ending April 30, 2013

Thank you for investing in our Funds.

Sincerely,

LOGO

Donald C. Cacciapaglia

President

May 31, 2013

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.guggenheiminvestments.com or call 800.820.0888.

ETFs may not be suitable for all investors. — Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than original cost. Most investors will also incur customary brokerage commissions when buying or selling shares of an ETF. — Investments in securities and derivatives, in general, are subject to market risks that may cause their prices to fluctuate over time. — ETF shares may trade below their net asset value per share (“NAV”). The NAV of shares will fluctuate with changes in the market value of an ETF’s holdings. In addition, there can be no assurance that an active trading market for shares will develop or be maintained. — Tracking error risk refers to the risk that the Adviser may not be able to cause the ETF’s performance to match or correlate to that of the ETF’s underlying index, either on a daily or aggregate basis. Tracking error risk may cause the ETF’s performance to be less than you expect.


2				GUGGENHEIM ETFs SEMI-ANNUAL REPORT


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, 2012 and held for the six months ended April 30, 2013.

Actual Expenses

The first table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first table under the heading entitled “Expenses Paid During the Six-Month Period” to estimate the expenses attributable to your investment during this period.

Hypothetical Example for Comparison Purposes

The second table below provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not a Fund’s actual return. Thus, you should not use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are provided to enable you to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as creation and redemption fees, or brokerage charges. Therefore, the second table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.


	Expense Ratio		Beginning Account Value 10/31/12		Ending Account Value 04/30/13		Expenses Paid During Six-Month Period* 10/31/12 to 04/30/13
Actual
Guggenheim Russell MidCap^® Equal Weight ETF		0.41%	$	1,000.00	$	1,189.10	$	2.23
Guggenheim Russell 1000^® Equal Weight ETF		0.41%		1,000.00		1,182.60		2.22
Guggenheim Russell 2000^® Equal Weight ETF		0.42%		1,000.00		1,152.10		2.24
Guggenheim MSCI Emerging Markets Equal Weight ETF		0.60%		1,000.00		1,052.20		3.05
Guggenheim S&P 500^® Equal Weight Consumer Discretionary ETF		0.50%		1,000.00		1,208.20		2.74
Guggenheim S&P 500^® Equal Weight Consumer Staples ETF		0.50%		1,000.00		1,232.50		2.77
Guggenheim S&P 500^® Equal Weight Energy ETF		0.50%		1,000.00		1,112.60		2.62
Guggenheim S&P 500^® Equal Weight Financial ETF		0.50%		1,000.00		1,201.90		2.73
Guggenheim S&P 500^® Equal Weight Health Care ETF		0.50%		1,000.00		1,187.50		2.71


GUGGENHEIM ETFs SEMI-ANNUAL REPORT				3


FEES AND EXPENSES (Unaudited) (concluded)


	Expense Ratio		Beginning Account Value 10/31/12		Ending Account Value 04/30/13		Expenses Paid During Six-Month Period* 10/31/12 to 04/30/13
Guggenheim S&P 500^® Equal Weight Industrials ETF		0.50%	$	1,000.00	$	1,154.30	$	2.67
Guggenheim S&P 500^® Equal Weight Materials ETF		0.50%		1,000.00		1,114.20		2.62
Guggenheim S&P 500^® Equal Weight Technology ETF		0.50%		1,000.00		1,204.20		2.73
Guggenheim S&P 500^® Equal Weight Utilities ETF		0.50%		1,000.00		1,143.90		2.66

Hypothetical (assuming a 5% return before expenses)
Guggenheim Russell MidCap^® Equal Weight ETF		0.41%		1,000.00		1,022.76		2.06
Guggenheim Russell 1000^® Equal Weight ETF		0.41%		1,000.00		1,022.76		2.06
Guggenheim Russell 2000^® Equal Weight ETF		0.42%		1,000.00		1,022.71		2.11
Guggenheim MSCI Emerging Markets Equal Weight ETF		0.60%		1,000.00		1,021.82		3.01
Guggenheim S&P 500^® Equal Weight Consumer Discretionary ETF		0.50%		1,000.00		1,022.32		2.51
Guggenheim S&P 500^® Equal Weight Consumer Staples ETF		0.50%		1,000.00		1,022.32		2.51
Guggenheim S&P 500^® Equal Weight Energy ETF		0.50%		1,000.00		1,022.32		2.51
Guggenheim S&P 500^® Equal Weight Financial ETF		0.50%		1,000.00		1,022.32		2.51
Guggenheim S&P 500^® Equal Weight Health Care ETF		0.50%		1,000.00		1,022.32		2.51
Guggenheim S&P 500^® Equal Weight Industrials ETF		0.50%		1,000.00		1,022.32		2.51
Guggenheim S&P 500^® Equal Weight Materials ETF		0.50%		1,000.00		1,022.32		2.51
Guggenheim S&P 500^® Equal Weight Technology ETF		0.50%		1,000.00		1,022.32		2.51
Guggenheim S&P 500^® Equal Weight Utilities ETF		0.50%		1,000.00		1,022.32		2.51

Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).


4				GUGGENHEIM ETFs SEMI-ANNUAL REPORT


ECONOMIC AND MARKET OVERVIEW

Despite some softening of economic data in the last part of the period, the U.S. economic picture was sound for the six months ended April 30, 2013, powered by monetary accommodation from central banks around the world and continuing improvement in the U.S. housing sector and labor market. Equity markets rallied more than 14% over the period, with the S&P 500 reaching an all-time high. In the fixed income domain, abundant liquidity and the continuation of open-ended quantitative easing have produced a benign credit environment with low default rates.

The recovery in employment tends to be understated due to the sheer magnitude of the drawdown at the height of the financial crisis and continued softness in the public sector. In the private sector, the U.S. economy is currently adding jobs at a rate that is over 20% higher than that of the prior expansion. As for housing, January and February 2013 marked the best two-month period of new home sales since 2008 and home values have been reaching their highest levels since 2007, which has been driving increased consumption.

The disappointing economic data late in the period stirred concerns about possible market consolidation or even a correction; following the Fiscal Cliff and sequester, there was also rising uncertainty around U.S. fiscal policy issues, as well as anemic growth trends in Europe, slower growth in China and a tumble in the price of gold. Markets were also startled by the size of Japanese efforts to weaken the yen and gain export competitiveness. Nonetheless, multi-year lows in the Chicago Board Options Exchange Volatility Index* suggested there was also considerable complacency on the part of investors.

A number of global central banks have implemented interest rate cuts during the period, owing to sluggish global economic growth and continuing weakness in commodity prices. The world is still in a deflationary environment, which has given policymakers a great deal of leeway to extend and expand accommodative monetary policies aimed at stimulating output. With ongoing weakness in growth and inflation, investors have come to expect global central banks to maintain accommodative policies, keeping rates muted.

For the six-month period ended April 30, 2013, the S&P 500 Index* returned 14.42%. International markets had even better returns, with the Morgan Stanley Capital International Europe-Australasia-Far East (the “MSCI EAFE”) Index* returning 16.90%. The MSCI EAFE Index is composed of approximately 1,100 companies in 20 developed countries in Europe and the Pacific Basin. The MSCI Emerging Markets Index* returned 5.29%.

Many bond indices also delivered positive returns during the six months ended April 30, 2013, with measures of riskier parts of the market leading the pack. The return of the Merrill Lynch High Yield Master II Index*, which measures performance of the U.S. high-yield bond market, was 7.26%. The Barclays U.S. Aggregate Bond Index* (the “Barclays Aggregate”), which measures return of the U.S. investment-grade and government bond market as a whole, rose 0.90% for the period.

* Index Definitions

Indices are unmanaged and it is not possible to invest directly in an index.

VIX is the ticker symbol for the Chicago Board Options Exchange Market Volatility Index, a popular measure of the implied volatility of S&P 500 index options. It is a weighted blend of prices for a range of options on the S&P 500 index.

S&P 500 Index is a capitalization-weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries.

The MSCI EAFE Index is a free float-adjusted market capitalization weighted index designed to reflect the movements of stock markets in developed countries of Europe and the Pacific Basin. The index is calculated in U.S. dollars and is constructed to represent about 60% of market capitalization in each country.

The MSCI Emerging Markets Index is a free float-adjusted market-capitalization weighted index that is designed to measure equity market performance in the global emerging markets.


GUGGENHEIM ETFs SEMI-ANNUAL REPORT				5


ECONOMIC AND MARKET OVERVIEW (concluded)

Merrill Lynch High Yield Master II Index is a commonly used benchmark index for high yield corporate bonds. It is a measure of the broad high yield market.

The Barclays U.S. Aggregate Bond Index covers the U.S. dollar-denominated, investment-grade, fixed rate, taxable bond market of SEC-registered securities. The Index includes bonds from the Treasury, government-related, corporate, mortgage-backed securities (agency fixed-rate and hybrid ARM passthroughs), asset-backed securities and collateralized mortgage-backed securities sectors.


6				GUGGENHEIM ETFs SEMI-ANNUAL REPORT


PORTFOLIO SUMMARY (Unaudited)			April 30, 2013

GUGGENHEIM RUSSELL MIDCAP^® EQUAL WEIGHT ETF

Sector Allocations*

LOGO


Top 10 Holdings*
Description	% of Net Assets
NII Holdings, Inc.		0.45%
Monster Beverage Corp.		0.37%
GNC Holdings, Inc. — Class A		0.37%
Herbalife Ltd.		0.34%
Lorillard, Inc.		0.34%
J.M. Smucker Co.(The)		0.34%
Mead Johnson Nutrition Co.		0.34%
Dean Foods Co.		0.34%
Kroger Co.(The)		0.34%
Campbell Soup Co.		0.34%

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


PORTFOLIO SUMMARY (Unaudited) (continued)			April 30, 2013

GUGGENHEIM RUSSELL 1000^® EQUAL WEIGHT ETF

Sector Allocations*

LOGO


Top 10 Holdings*
Description	% of Net Assets
NII Holdings, Inc.		0.36%
Monster Beverage Corp.		0.25%
GNC Holdings, Inc. — Class A		0.25%
Reynolds American, Inc.		0.24%
Herbalife Ltd.		0.23%
Altria Group, Inc.		0.23%
Lorillard, Inc.		0.23%
Kimberly-Clark Corp.		0.23%
J.M. Smucker Co.(The)		0.23%
Mead Johnson Nutrition Co.		0.23%


8				GUGGENHEIM ETFs SEMI-ANNUAL REPORT


PORTFOLIO SUMMARY (Unaudited) (continued)			April 30, 2013

GUGGENHEIM RUSSELL 2000^® EQUAL WEIGHT ETF

Sector Allocations*

LOGO


Top 10 Holdings*
Description	% of Net Assets
iShares Russell 2000 Index Fund		0.48%
SSgA Government Money Market Fund		0.43%
Rite Aid Corp.		0.30%
Medifast, Inc.		0.26%
USANA Health Sciences, Inc.		0.25%
SUPERVALU, Inc.		0.25%
Sanderson Farms, Inc.		0.25%
Pantry, Inc.(The)		0.25%
Chiquita Brands International, Inc.		0.25%
Pilgrim’s Pride Corp.		0.25%


GUGGENHEIM ETFs SEMI-ANNUAL REPORT				9


PORTFOLIO SUMMARY (Unaudited) (continued)			April 30, 2013

GUGGENHEIM MSCI EMERGING MARKETS EQUAL WEIGHT ETF

Sector Allocations*

LOGO


Top 10 Holdings*
Description	% of Net Assets
WisdomTree India Earnings Fund		8.82%
iShares MSCI Brazil Index Fund		8.02%
SM Investments Corp.		0.65%
DMCI Holdings, Inc.		0.64%
Philippine Long Distance Telephone Co. ADR		0.61%
Ayala Land, Inc.		0.59%
BDO Unibank, Inc.		0.58%
BanColombia SA ADR		0.57%
Pacific Rubiales Energy Corp.		0.48%
Orascom Telecom Holding SAE GDR		0.46%


10				GUGGENHEIM ETFs SEMI-ANNUAL REPORT


PORTFOLIO SUMMARY (Unaudited) (continued)			April 30, 2013

GUGGENHEIM S&P 500^® EQUAL WEIGHT CONSUMER DISCRETIONARY ETF

Industry Allocations*

LOGO


Top 10 Holdings*
Description	% of Net Assets
GameStop Corp. — Class A		1.64%
Best Buy Co., Inc.		1.49%
Coach, Inc.		1.40%
Ross Stores, Inc.		1.36%
Netflix, Inc.		1.36%
Wynn Resorts Ltd.		1.36%
NIKE, Inc. — Class B		1.35%
Bed Bath & Beyond, Inc.		1.34%
Hasbro, Inc.		1.32%
DIRECTV		1.31%

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				11


PORTFOLIO SUMMARY (Unaudited) (continued)			April 30, 2013

GUGGENHEIM S&P 500^® EQUAL WEIGHT CONSUMER STAPLES ETF

Industry Allocations*

LOGO


Top 10 Holdings*
Description	% of Net Assets
Walgreen Co.		2.71%
Monster Beverage Corp.		2.62%
Avon Products, Inc.		2.62%
Constellation Brands, Inc. — Class A		2.50%
Campbell Soup Co.		2.49%
CVS Caremark Corp.		2.47%
Kroger Co.(The)		2.45%
Lorillard, Inc.		2.45%
Dr Pepper Snapple Group, Inc.		2.45%
Mondelez International, Inc. — Class A		2.44%


12				GUGGENHEIM ETFs SEMI-ANNUAL REPORT


PORTFOLIO SUMMARY (Unaudited) (continued)			April 30, 2013

GUGGENHEIM S&P 500^® EQUAL WEIGHT ENERGY ETF

Industry Allocations*

LOGO


Top 10 Holdings*
Description	% of Net Assets
EQT Corp.		2.72%
Williams Cos., Inc.(The)		2.59%
Occidental Petroleum Corp.		2.56%
Spectra Energy Corp.		2.55%
FMC Technologies, Inc.		2.48%
Cabot Oil & Gas Corp.		2.48%
CONSOL Energy, Inc.		2.47%
Kinder Morgan, Inc.		2.47%
Noble Corp.		2.47%
Hess Corp.		2.45%


GUGGENHEIM ETFs SEMI-ANNUAL REPORT				13


PORTFOLIO SUMMARY (Unaudited) (continued)			April 30, 2013

GUGGENHEIM S&P 500^® EQUAL WEIGHT FINANCIAL ETF

Industry Allocations*

LOGO


Top 10 Holdings*
Description	% of Net Assets
Moody’s Corp.		1.42%
Leucadia National Corp.		1.38%
Health Care REIT, Inc.		1.37%
McGraw-Hill Cos., Inc.(The)		1.35%
Ventas, Inc.		1.35%
Invesco Ltd.		1.34%
Simon Property Group, Inc.		1.33%
Assurant, Inc.		1.32%
Hartford Financial Services Group, Inc.		1.31%
Public Storage		1.31%


14				GUGGENHEIM ETFs SEMI-ANNUAL REPORT


PORTFOLIO SUMMARY (Unaudited) (continued)			April 30, 2013

GUGGENHEIM S&P 500^® EQUAL WEIGHT HEALTH CARE ETF

Industry Allocations*

LOGO


Top 10 Holdings*
Description	% of Net Assets
Biogen Idec, Inc.		2.26%
AbbVie, Inc.		2.19%
Life Technologies Corp.		2.16%
Actavis, Inc.		2.15%
WellPoint, Inc.		2.06%
Aetna, Inc.		2.02%
Amgen, Inc.		1.99%
AmerisourceBergen Corp.		1.99%
Gilead Sciences, Inc.		1.98%
UnitedHealth Group, Inc.		1.98%


GUGGENHEIM ETFs SEMI-ANNUAL REPORT				15


PORTFOLIO SUMMARY (Unaudited) (continued)			April 30, 2013

GUGGENHEIM S&P 500^® EQUAL WEIGHT INDUSTRIALS ETF

Industry Allocations*

LOGO


Top 10 Holdings*
Description	% of Net Assets
Northrop Grumman Corp.		1.91%
Boeing Co.(The)		1.87%
Southwest Airlines Co.		1.86%
Waste Management, Inc.		1.85%
Dun & Bradstreet Corp.(The)		1.84%
Lockheed Martin Corp.		1.83%
Stericycle, Inc.		1.83%
Raytheon Co.		1.82%
Republic Services, Inc.		1.81%
Iron Mountain, Inc.		1.81%


16				GUGGENHEIM ETFs SEMI-ANNUAL REPORT


PORTFOLIO SUMMARY (Unaudited) (continued)			April 30, 2013

GUGGENHEIM S&P 500^® EQUAL WEIGHT MATERIALS ETF

Industry Allocations*

LOGO


Top 10 Holdings*
Description	% of Net Assets
Du Pont (E.I.) de Nemours & Co.		3.79%
Sherwin-Williams Co.(The)		3.77%
Ecolab, Inc.		3.70%
PPG Industries, Inc.		3.66%
International Flavors & Fragrances, Inc.		3.56%
Dow Chemical Co.(The)		3.54%
Monsanto Co.		3.53%
Bemis Co., Inc.		3.50%
Mosaic Co.(The)		3.49%
Praxair, Inc.		3.44%


GUGGENHEIM ETFs SEMI-ANNUAL REPORT				17


PORTFOLIO SUMMARY (Unaudited) (continued)			April 30, 2013

GUGGENHEIM S&P 500^® EQUAL WEIGHT TECHNOLOGY ETF

Industry Allocations*

LOGO


Top 10 Holdings*
Description	% of Net Assets
First Solar, Inc.		2.48%
SAIC, Inc.		1.73%
Microsoft Corp.		1.67%
Akamai Technologies, Inc.		1.66%
Western Digital Corp.		1.65%
Corning, Inc.		1.61%
Seagate Technology PLC		1.60%
Intel Corp.		1.56%
Fidelity National Information Services, Inc.		1.56%
Advanced Micro Devices, Inc.		1.55%


18				GUGGENHEIM ETFs SEMI-ANNUAL REPORT


PORTFOLIO SUMMARY (Unaudited) (concluded)			April 30, 2013

GUGGENHEIM S&P 500^® EQUAL WEIGHT UTILITIES ETF

Industry Allocations*

LOGO


Top 10 Holdings*
Description	% of Net Assets
Sprint Nextel Corp.		2.86%
Exelon Corp.		2.79%
FirstEnergy Corp.		2.72%
Oneok, Inc.		2.71%
PG&E Corp.		2.71%
CenterPoint Energy, Inc.		2.70%
AES Corp.(The)		2.69%
Verizon Communications, Inc.		2.69%
Entergy Corp.		2.68%
NRG Energy, Inc.		2.68%


GUGGENHEIM ETFs SEMI-ANNUAL REPORT				19


SCHEDULE OF INVESTMENTS (Unaudited)			April 30, 2013

GUGGENHEIM RUSSELL MIDCAP^® EQUAL WEIGHT ETF


	SHARES		VALUE



COMMON STOCKS - 99.7%
Aerospace & Defense - 1.1%
Alliant Techsystems, Inc.		807	$	60,009
BE Aerospace, Inc.*		970		60,858
Engility Holdings, Inc.*		2,403		57,576
Exelis, Inc.		5,316		59,380
Huntington Ingalls Industries, Inc.		1,083		57,291
L-3 Communications Holdings, Inc.		720		58,500
Rockwell Collins, Inc.		919		57,823
Spirit Aerosystems Holdings, Inc. — Class A*		3,092		61,809
Textron, Inc.		1,930		49,697
TransDigm Group, Inc.		384		56,371
Triumph Group, Inc.		741		59,206

Total Aerospace & Defense				638,520

Air Freight & Logistics - 0.3%
C.H. Robinson Worldwide, Inc.		977		58,024
Expeditors International of Washington, Inc.		1,610		57,848
UTi Worldwide, Inc.		3,912		57,467

Total Air Freight & Logistics				173,339

Airlines - 0.4%
Copa Holdings SA — Class A		487		61,157
Delta Air Lines, Inc.*		3,482		59,682
Southwest Airlines Co.		4,450		60,965
United Continental Holdings, Inc.*		1,813		58,560

Total Airlines				240,364

Auto Components - 0.7%
Allison Transmission Holdings, Inc.		2,442		55,702
BorgWarner, Inc.*		611		47,762
Delphi Automotive PLC		1,063		49,121
Gentex Corp.		2,328		52,380
Goodyear Tire & Rubber Co. (The)*		3,684		46,032
Lear Corp.		862		49,807
TRW Automotive Holdings Corp.*		847		50,879
Visteon Corp.*		827		48,619

Total Auto Components				400,302

Automobiles - 0.3%
Harley-Davidson, Inc.		890		48,638
Tesla Motors, Inc.*^,a		1,248		67,380
Thor Industries, Inc.		1,310		48,588

Total Automobiles				164,606

Beverages - 2.3%
Beam, Inc.		3,079		199,242
Brown-Forman Corp. — Class B		2,747		193,663
Coca-Cola Enterprises, Inc.		5,224		191,355
Constellation Brands, Inc. — Class A*		4,065		200,608
Dr Pepper Snapple Group, Inc.		4,138		202,059
Molson Coors Brewing Co. — Class B		3,922		202,375
Monster Beverage Corp.*		3,957		223,175

Total Beverages				1,412,477


	SHARES		VALUE


Biotechnology - 1.8%
Alexion Pharmaceuticals, Inc.*		1,058	$	103,684
Ariad Pharmaceuticals, Inc.*		5,347		95,551
BioMarin Pharmaceutical, Inc.*		1,594		104,566
Incyte Corp.*^,a		4,382		97,061
Medivation, Inc.*		2,266		119,441
Myriad Genetics, Inc.*		3,897		108,531
Onyx Pharmaceuticals, Inc.*		1,122		106,366
Regeneron Pharmaceuticals, Inc.*		569		122,415
United Therapeutics Corp.*		1,600		106,848
Vertex Pharmaceuticals, Inc.*		1,778		136,586

Total Biotechnology				1,101,049

Building Products - 0.8%
Armstrong World Industries, Inc.*		1,891		96,517
Fortune Brands Home & Security, Inc.*		1,287		46,834
Lennox International, Inc.		1,658		102,796
Masco Corp.		5,134		99,805
Owens Corning*		2,677		112,594

Total Building Products				458,546

Capital Markets - 1.1%
Affiliated Managers Group, Inc.*		238		37,052
American Capital Ltd.*		2,442		36,947
Ameriprise Financial, Inc.		490		36,520
Ares Capital Corp.		2,041		37,065
ETrade Financial Corp.		3,402		35,007
Eaton Vance Corp.		876		34,935
Federated Investors, Inc. — Class B^a		1,470		33,751
Invesco Ltd.		1,256		39,865
Janus Capital Group, Inc.		3,844		34,288
Lazard Ltd. — Class A		1,067		36,171
Legg Mason, Inc.		1,131		36,034
LPL Financial Holdings, Inc.		1,152		39,813
Northern Trust Corp.		658		35,479
Raymond James Financial, Inc.		785		32,515
SEI Investments Co.		1,251		35,854
T. Rowe Price Group, Inc.		483		35,018
TD Ameritrade Holding Corp.		1,751		34,862
Waddell & Reed Financial, Inc. — Class A		833		35,711

Total Capital Markets				646,887

Chemicals - 4.2%
Airgas, Inc.		1,079		104,285
Albemarle Corp.		1,709		104,676
Ashland, Inc.		1,414		120,487
Cabot Corp.		3,136		117,788
Celanese Corp. — Series A		2,472		122,141
CF Industries Holdings, Inc.		548		102,207
Cytec Industries, Inc.		1,414		103,024
Eastman Chemical Co.		1,531		102,041
FMC Corp.		1,860		112,902
Huntsman Corp.		5,694		107,389
International Flavors & Fragrances, Inc.		1,399		107,989


20				GUGGENHEIM ETFs SEMI-ANNUAL REPORT		See Notes to Financial Statements.


SCHEDULE OF INVESTMENTS (Unaudited) (continued)			April 30, 2013

GUGGENHEIM RUSSELL MIDCAP^® EQUAL WEIGHT ETF


	SHARES		VALUE


Intrepid Potash, Inc.		5,621	$	103,483
Kronos Worldwide, Inc.^a		6,715		118,721
NewMarket Corp.		404		108,555
PPG Industries, Inc.		791		116,388
Rockwood Holdings, Inc.		1,629		105,706
RPM International, Inc.		3,392		109,901
Scotts Miracle-Gro Co. (The) — Class A		2,393		108,523
Sherwin-Williams Co. (The)		625		114,444
Sigma-Aldrich Corp.		1,384		108,907
Valspar Corp.		1,692		107,983
Westlake Chemical Corp.		1,119		93,034
WR Grace & Co*		1,372		105,795

Total Chemicals				2,506,369

Commercial Banks - 1.7%
Associated Banc-Corp.		2,366		33,763
Bank of Hawaii Corp.		712		33,955
BankUnited, Inc.		1,389		35,211
BOK Financial Corp.		575		35,932
CapitalSource, Inc.		3,737		33,446
CIT Group, Inc.*		825		35,071
City National Corp.		611		34,967
Comerica, Inc.		1,000		36,250
Commerce Bancshares, Inc.		891		35,738
Cullen/Frost Bankers, Inc.		578		34,917
East West Bancorp, Inc.		1,408		34,257
Fifth Third Bancorp		2,200		37,466
First Citizens BancShares Inc. — Class A		198		36,911
First Horizon National Corp.		3,294		34,258
First Niagara Financial Group, Inc.		4,074		38,744
First Republic Bank		940		35,701
Fulton Financial Corp.		3,049		33,722
Huntington Bancshares, Inc.		4,832		34,645
KeyCorp		3,578		35,673
M&T Bank Corp.		352		35,270
Popular, Inc.*		1,269		36,154
Regions Financial Corp.		4,349		36,923
Signature Bank*		459		32,869
SunTrust Banks, Inc.		1,256		36,738
SVB Financial Group*		513		36,479
Synovus Financial Corp.		12,846		34,556
TCF Financial Corp.		2,432		35,385
Valley National Bancorp^a		3,505		31,510
Zions Bancorp		1,435		35,330

Total Commercial Banks				1,021,841

Commercial Services & Supplies - 1.2%
Avery Dennison Corp.		1,343		55,667
Cintas Corp.		1,329		59,632
Clean Harbors, Inc.*		978		55,717
Copart, Inc.*		1,680		59,220
Covanta Holding Corp.		2,896		57,920
Iron Mountain, Inc.		1,615		61,144
KAR Auction Services, Inc.		2,363		52,860


	SHARES		VALUE


Pitney Bowes, Inc.^a		3,812	$	52,110
R.R. Donnelley & Sons Co.^a		4,811		59,223
Republic Services, Inc.		1,768		60,254
Rollins, Inc.		2,355		57,274
Stericycle, Inc.*		551		59,684
Waste Connections, Inc.		1,600		60,720

Total Commercial Services & Supplies				751,425

Communications Equipment - 1.0%
Brocade Communications Systems, Inc.*		11,659		67,855
EchoStar Corp. — Class A*		1,735		68,133
F5 Networks, Inc.*		766		58,545
Harris Corp.		1,493		68,977
JDS Uniphase Corp.*		4,955		66,893
Juniper Networks, Inc.*		3,595		59,497
Palo Alto Networks, Inc.*		1,242		67,192
Polycom, Inc.*		6,106		64,113
Riverbed Technology, Inc.*		4,567		67,866

Total Communications Equipment				589,071

Computers & Peripherals - 0.9%
Diebold, Inc.		2,232		65,375
Fusion-io, Inc.*		4,095		76,904
Lexmark International, Inc. — Class A		2,226		67,470
NCR Corp.*		2,493		67,984
NetApp, Inc.*		2,013		70,234
SanDisk Corp.*		1,213		63,610
Stratasys Ltd.*^,a		917		76,157
Western Digital Corp.		1,378		76,176

Total Computers & Peripherals				563,910

Construction & Engineering - 0.6%
Aecom Technology Corp.*		1,754		50,989
Chicago Bridge & Iron Co. NV		977		52,553
Fluor Corp.		880		50,142
Jacobs Engineering Group, Inc.*		1,042		52,600
KBR, Inc.		1,818		54,685
Quanta Services, Inc.*		2,026		55,675
URS Corp.		1,222		53,670

Total Construction & Engineering				370,314

Construction Materials - 0.3%
Martin Marietta Materials, Inc.		1,039		104,929
Vulcan Materials Co.		2,058		102,653

Total Construction Materials				207,582

Consumer Finance - 0.1%
SLM Corp.		1,779		36,736

Total Consumer Finance				36,736

Containers & Packaging - 2.1%
AptarGroup, Inc.		1,871		104,963
Ball Corp.		2,280		100,594
Bemis Co., Inc.		2,661		104,710
Crown Holdings, Inc.*		2,583		110,242
Greif, Inc. — Class A		1,954		94,124


See Notes to Financial Statements.		GUGGENHEIM ETFs SEMI-ANNUAL REPORT				21


SCHEDULE OF INVESTMENTS (Unaudited) (continued)			April 30, 2013

GUGGENHEIM RUSSELL MIDCAP^® EQUAL WEIGHT ETF


	SHARES		VALUE


MeadWestvaco Corp.		2,912	$	100,406
Owens-Illinois, Inc.*		4,024		105,751
Packaging Corp. of America		2,406		114,429
Rock Tenn Co. — Class A		1,190		119,167
Sealed Air Corp.		4,379		96,864
Silgan Holdings, Inc.		2,191		104,883
Sonoco Products Co.		3,048		106,802

Total Containers & Packaging				1,262,935

Distributors - 0.2%
Genuine Parts Co.		611		46,638
LKQ Corp.*		2,213		53,289

Total Distributors				99,927

Diversified Consumer Services - 0.5%
Apollo Group, Inc. — Class A*		2,661		48,883
DeVry, Inc.		1,479		41,427
H&R Block, Inc.		1,635		45,355
ITT Educational Services, Inc.*^,a		3,543		64,872
Service Corp. International		2,861		48,294
Weight Watchers International, Inc.		1,150		48,495

Total Diversified Consumer Services				297,326

Diversified Financial Services - 0.5%
CBOE Holdings, Inc.		987		37,042
Interactive Brokers Group, Inc. — Class A		2,436		36,686
IntercontinentalExchange, Inc.*		223		36,333
Leucadia National Corp.		1,318		40,713
Moody’s Corp.		693		42,169
MSCI, Inc. — Class A*		1,069		36,453
NASDAQ OMX Group, Inc. (The)		1,110		32,723
NYSE Euronext		939		36,443

Total Diversified Financial Services				298,562

Diversified Telecommunication Services - 1.0%
Frontier Communications Corp.^a		34,916		145,251
Level 3 Communications, Inc.*		6,713		135,133
tw telecom, Inc.*		5,582		151,160
Windstream Corp.^a		16,815		143,264

Total Diversified Telecommunication Services				574,808

Electric Utilities - 3.2%
Edison International		2,711		145,852
Entergy Corp.		2,183		155,495
Great Plains Energy, Inc.		6,011		145,045
Hawaiian Electric Industries, Inc.		4,995		141,358
ITC Holdings Corp.		1,555		143,402
Northeast Utilities		3,196		144,875
NV Energy, Inc.		6,906		149,377
OGE Energy Corp.		1,967		142,470
Pepco Holdings, Inc.		6,533		147,646
Pinnacle West Capital Corp.		2,398		146,038
PPL Corp.		4,474		149,342
Westar Energy, Inc.		4,200		146,832
Xcel Energy, Inc.		4,723		150,144

Total Electric Utilities				1,907,876


	SHARES		VALUE


Electrical Equipment - 1.0%
AMETEK, Inc.		1,350	$	54,959
Babcock & Wilcox Co. (The)		2,031		55,243
Eaton Corp. PLC		942		57,848
General Cable Corp.*		1,601		55,203
GrafTech International, Ltd.*		7,705		55,322
Hubbell, Inc. — Class B		594		57,000
Polypore International, Inc.*^,a		2,624		110,024
Regal-Beloit Corp.		705		55,427
Rockwell Automation, Inc.		679		57,566
Roper Industries, Inc.		457		54,680

Total Electrical Equipment				613,272

Electronic Equipment, Instruments & Components - 1.5%
Amphenol Corp. — Class A		916		69,176
Arrow Electronics, Inc.*		1,677		65,789
Avnet, Inc.*		1,899		62,192
AVX Corp.		5,740		64,920
Dolby Laboratories, Inc. — Class A		2,031		66,718
FLIR Systems, Inc.		2,236		54,357
Ingram Micro, Inc. — Class A*		3,401		60,572
IPG Photonics Corp.		1,019		64,890
Itron, Inc.*		1,260		49,959
Jabil Circuit, Inc.		3,639		64,774
Molex, Inc.		2,311		63,714
National Instruments Corp.		1,789		48,893
Tech Data Corp.*		1,476		68,974
Trimble Navigation, Ltd.*		1,959		56,302
Vishay Intertechnology, Inc.*		4,929		69,203

Total Electronic Equipment, Instruments & Components				930,433

Energy Equipment & Services - 3.6%
Atwood Oceanics, Inc.*		2,387		117,082
Cameron International Corp.*		1,882		115,837
CARBO Ceramics, Inc.		1,306		92,269
Diamond Offshore Drilling, Inc.		1,764		121,892
Dresser-Rand Group, Inc.*		1,967		109,385
ERA Group, Inc.*		5,844		133,535
FMC Technologies, Inc.*		2,270		123,261
Helmerich & Payne, Inc.		1,990		116,654
McDermott International, Inc.*		11,030		117,800
Nabors Industries Ltd.		7,710		114,031
Oceaneering International, Inc.		1,831		128,481
Oil States International, Inc.*		1,473		131,627
Patterson-UTI Energy, Inc.		5,069		106,905
Rowan Cos., PLC — Class A*		3,505		114,018
RPC, Inc.		7,681		101,697
SEACOR Holdings, Inc.		1,662		119,847
Superior Energy Services, Inc.*		4,649		128,266
Tidewater, Inc.		1,159		60,790
Unit Corp.*		2,659		111,758

Total Energy Equipment & Services				2,165,135

Food & Staples Retailing - 1.2%
Fresh Market, Inc. (The)*		4,525		185,208


22				GUGGENHEIM ETFs SEMI-ANNUAL REPORT		See Notes to Financial Statements.


SCHEDULE OF INVESTMENTS (Unaudited) (continued)			April 30, 2013

GUGGENHEIM RUSSELL MIDCAP^® EQUAL WEIGHT ETF


	SHARES		VALUE


Kroger Co. (The)		5,893	$	202,601
Safeway, Inc.		7,432		167,369
Whole Foods Market, Inc.		2,224		196,424

Total Food & Staples Retailing				751,602

Food Products - 5.6%
Bunge Ltd.		2,638		190,490
Campbell Soup Co.		4,362		202,440
ConAgra Foods, Inc.		5,448		192,696
Dean Foods Co.*		10,646		203,765
Flowers Foods, Inc.		5,951		196,026
Green Mountain Coffee Roasters, Inc.*		3,461		198,661
H.J. Heinz Co.		2,682		194,230
Hershey Co. (The)		2,223		198,203
Hillshire Brands Co.		5,601		201,132
Hormel Foods Corp.		4,813		198,633
Ingredion, Inc.		2,709		195,075
J.M. Smucker Co. (The)		1,984		204,808
McCormick & Co., Inc.		2,669		192,008
Mead Johnson Nutrition Co.		2,513		203,779
Smithfield Foods, Inc.*		7,259		185,830
Tyson Foods, Inc. — Class A		7,981		196,572
WhiteWave Foods Co. — Class A*^,a		11,413		192,994

Total Food Products				3,347,342

Gas Utilities - 1.5%
AGL Resources, Inc.		3,291		144,310
Atmos Energy Corp.		3,251		144,247
National Fuel Gas Co.		2,252		141,245
Oneok, Inc.		2,943		151,153
Questar Corp.		5,708		144,926
UGI Corp.		3,610		147,938

Total Gas Utilities				873,819

Health Care Equipment & Supplies - 2.7%
Alere, Inc.*		3,885		99,767
Boston Scientific Corp.*		12,986		97,265
C.R. Bard, Inc.		959		95,286
CareFusion Corp.*		2,776		92,830
Cooper Cos., Inc. (The)		921		101,678
DENTSPLY International, Inc.		2,306		97,659
Edwards Lifesciences Corp.*		1,179		75,208
Hill-Rom Holdings, Inc.		2,764		94,170
Hologic, Inc.*		4,277		87,123
IDEXX Laboratories, Inc.*		1,047		92,094
ResMed, Inc.		2,133		102,427
Sirona Dental Systems, Inc.*		1,331		97,882
St Jude Medical, Inc.		2,379		98,062
Teleflex, Inc.		1,164		90,943
Thoratec Corp.*		2,711		98,138
Varian Medical Systems, Inc.*		1,346		87,678
Zimmer Holdings, Inc.		1,302		99,538

Total Health Care Equipment & Supplies				1,607,748

Health Care Providers & Services - 3.4%
AmerisourceBergen Corp.		1,905		103,099
Brookdale Senior Living, Inc.*		3,548		91,503


	SHARES		VALUE


Catamaran Corp.*		1,830	$	105,646
CIGNA Corp.		1,552		102,696
Community Health Systems, Inc.		2,075		94,558
Coventry Health Care, Inc.		2,071		102,618
DaVita, Inc.*		817		96,937
HCA Holdings, Inc.		2,404		95,895
Health Management Associates, Inc. — Class A*		7,530		86,520
Health Net, Inc.*		3,369		99,049
Henry Schein, Inc.*		1,060		95,824
Humana, Inc.		1,449		107,385
Laboratory Corp. of America Holdings*		1,084		101,202
LifePoint Hospitals, Inc.*		1,995		95,760
Mednax, Inc.*		1,093		96,982
Omnicare, Inc.		2,409		105,442
Patterson Cos., Inc.		2,577		97,797
Quest Diagnostics, Inc.		1,688		95,085
Tenet Healthcare Corp.*		2,031		92,126
Universal Health Services, Inc. —Class B		1,513		100,751
VCA Antech, Inc.*		4,133		99,605

Total Health Care Providers & Services				2,066,480

Health Care Technology - 0.3%
Allscripts Healthcare Solutions, Inc.*		7,042		97,461
Cerner Corp.*		1,036		100,254

Total Health Care Technology				197,715

Hotels, Restaurants & Leisure - 1.5%
Bally Technologies, Inc.*		908		48,378
Brinker International, Inc.		1,277		49,675
Chipotle Mexican Grill, Inc.*		148		53,752
Choice Hotels International, Inc.		1,145		44,724
Darden Restaurants, Inc.		932		48,119
Dunkin’ Brands Group, Inc.		1,284		49,832
Hyatt Hotels Corp. — Class A*		1,111		47,417
International Game Technology		2,827		47,918
Marriott International, Inc. — Class A		1,145		49,304
MGM Resorts International*		3,597		50,790
Norwegian Cruise Line Holdings Ltd.*		1,599		49,585
Panera Bread Co. — Class A*		287		50,865
Penn National Gaming, Inc.*		882		51,641
Royal Caribbean Cruises Ltd.		1,460		53,334
Starwood Hotels & Resorts Worldwide, Inc.		775		50,003
Wendy’s Co. (The)		8,191		46,607
Wyndham Worldwide Corp.		745		44,759
Wynn Resorts Ltd.		380		52,174

Total Hotels, Restaurants & Leisure				888,877

Household Durables - 1.1%
DR Horton, Inc.		1,952		50,908
Garmin Ltd.		1,420		49,814
Harman International Industries, Inc.		1,064		47,571
Jarden Corp.*		1,086		48,881


See Notes to Financial Statements.		GUGGENHEIM ETFs SEMI-ANNUAL REPORT				23


SCHEDULE OF INVESTMENTS (Unaudited) (continued)			April 30, 2013

GUGGENHEIM RUSSELL MIDCAP^® EQUAL WEIGHT ETF


	SHARES		VALUE


Leggett & Platt, Inc.		1,425	$	45,942
Lennar Corp. — Class A		1,133		46,702
Mohawk Industries, Inc.*		418		46,348
Newell Rubbermaid, Inc.		1,847		48,650
NVR, Inc.*		44		45,320
PulteGroup, Inc.*		2,343		49,179
Tempur-Pedic International, Inc.*		1,010		48,985
Toll Brothers, Inc.*		1,352		46,387
Tupperware Brands Corp.		579		46,494
Whirlpool Corp.		414		47,312

Total Household Durables				668,493

Household Products - 1.0%
Church & Dwight Co., Inc.		3,030		193,587
Clorox Co. (The)		2,207		190,354
Energizer Holdings, Inc.		1,972		190,475

Total Household Products				574,416

Independent Power Producers & Energy Traders - 0.7%
AES Corp. (The)		11,047		153,112
Calpine Corp.*		6,830		148,416
NRG Energy, Inc.		5,305		147,850

Total Independent Power Producers & Energy Traders				449,378

Industrial Conglomerates - 0.1%
Carlisle Cos., Inc.		854		55,399

Total Industrial Conglomerates				55,399

Insurance - 2.6%
Alleghany Corp.*		93		36,618
Allied World Assurance Co. Holdings AG		395		35,870
American Financial Group, Inc.		767		37,023
American National Insurance Co.		422		39,681
Aon PLC		584		35,244
Arch Capital Group Ltd.*		700		37,142
Arthur J. Gallagher & Co.		886		37,611
Aspen Insurance Holdings Ltd.		940		35,899
Assurant, Inc.		819		38,935
Assured Guaranty Ltd.		1,777		36,660
Axis Capital Holdings Ltd.		884		39,453
Brown & Brown, Inc.		1,131		35,050
Cincinnati Financial Corp.		769		37,612
CNA Financial Corp.		1,109		37,384
Endurance Specialty Holdings Ltd.		771		37,756
Erie Indemnity Co. — Class A		476		37,875
Everest Re Group Ltd.		281		37,932
Fidelity National Financial, Inc. —Class A		1,474		39,577
Genworth Financial, Inc. — Class A*		3,532		35,426
Hanover Insurance Group, Inc. (The)		766		38,629
Hartford Financial Services Group, Inc.		1,375		38,624
HCC Insurance Holdings, Inc.		864		36,806
Kemper Corp.		1,129		35,970
Lincoln National Corp.		1,107		37,649
Markel Corp.*		71		38,074


	SHARES		VALUE


MBIA, Inc.*		3,396	$	32,126
Mercury General Corp.		951		43,470
Old Republic International Corp.		2,851		38,488
PartnerRe Ltd.		392		36,981
Principal Financial Group, Inc.		1,069		38,591
ProAssurance Corp.		771		37,771
Progressive Corp. (The)		1,445		36,544
Protective Life Corp.		1,007		38,326
Reinsurance Group of America, Inc.		614		38,406
RenaissanceRe Holdings Ltd.		399		37,462
StanCorp Financial Group, Inc.		846		36,530
Torchmark Corp.		609		37,801
Unum Group		1,286		35,867
Validus Holdings Ltd.		969		37,413
W.R. Berkley Corp.		825		35,822
White Mountains Insurance Group Ltd.		64		37,012
XL Group PLC		1,193		37,150

Total Insurance				1,570,260

Internet & Catalog Retail - 0.6%
Expedia, Inc.		761		42,494
Groupon, Inc.*		11,063		67,484
HomeAway, Inc.*		1,424		43,503
Liberty Interactive Corp. — Series A*		2,178		46,370
Liberty Ventures*		616		45,258
Netflix, Inc.*		248		53,585
TripAdvisor, Inc.*		901		47,375

Total Internet & Catalog Retail				346,069

Internet Software & Services - 0.8%
Akamai Technologies, Inc.*		1,911		83,912
AOL, Inc.*		1,853		71,600
Equinix, Inc.*		316		67,656
IAC/InterActiveCorp		1,512		71,170
LinkedIn Corp. — Class A*		381		73,186
Rackspace Hosting, Inc.*		1,288		62,082
VeriSign, Inc.*		1,433		66,018

Total Internet Software & Services				495,624

IT Services - 1.9%
Alliance Data Systems Corp.*		229		39,335
Amdocs Ltd.		1,879		67,080
Booz Allen Hamilton Holding Corp.		4,333		65,818
Broadridge Financial Solutions, Inc.		1,469		36,990
Computer Sciences Corp.		1,365		63,950
CoreLogic, Inc.*		1,418		38,683
DST Systems, Inc.		950		65,693
Fidelity National Information Services, Inc.		925		38,896
Fiserv, Inc.*		417		37,993
FleetCor Technologies, Inc.*		471		36,220
Gartner, Inc.*		1,259		72,833
Genpact Ltd.		3,218		59,855
Global Payments, Inc.		731		33,918
Jack Henry & Associates, Inc.		789		36,610


24				GUGGENHEIM ETFs SEMI-ANNUAL REPORT		See Notes to Financial Statements.


SCHEDULE OF INVESTMENTS (Unaudited) (continued)			April 30, 2013

GUGGENHEIM RUSSELL MIDCAP^® EQUAL WEIGHT ETF


	SHARES		VALUE


Lender Processing Services, Inc.		1,428	$	39,613
NeuStar, Inc. — Class A*		1,456		63,875
Paychex, Inc.		1,654		60,222
SAIC, Inc.		5,229		78,121
Teradata Corp.*		1,177		60,109
Total System Services, Inc.		1,460		34,485
Vantiv, Inc. — Class A*		1,580		35,598
VeriFone Systems, Inc.*		3,288		70,626
Western Union Co. (The)		2,436		36,077

Total IT Services				1,172,600

Leisure Equipment & Products - 0.2%
Hasbro, Inc.^a		1,078		51,065
Mattel, Inc.		1,085		49,541
Polaris Industries, Inc.		521		44,905

Total Leisure Equipment & Products				145,511

Life Sciences Tools & Services - 1.7%
Agilent Technologies, Inc.		1,378		57,104
Bio-Rad Laboratories, Inc. — Class A*		774		92,687
Bruker Corp.*		5,131		91,178
Charles River Laboratories International, Inc.*		2,155		93,721
Covance, Inc.*		1,302		97,077
Illumina, Inc.*		1,793		115,989
Life Technologies Corp.*		1,509		111,198
Mettler-Toledo International, Inc.*		269		56,210
PerkinElmer, Inc.		2,875		88,119
QIAGEN NV*		4,738		94,191
Techne Corp.		1,425		91,400
Waters Corp.*		618		57,103

Total Life Sciences Tools & Services				1,045,977

Machinery - 3.4%
AGCO Corp.		1,133		60,332
CNH Global NV		1,405		57,788
Colfax Corp.*		1,245		58,104
Crane Co.		1,037		55,822
Donaldson Co., Inc.		1,608		58,499
Dover Corp.		792		54,632
Flowserve Corp.		348		55,026
Gardner Denver, Inc.		767		57,594
Graco, Inc.		1,005		60,833
Harsco Corp.		2,336		50,995
IDEX Corp.		1,087		56,557
Ingersoll-Rand PLC		1,041		56,006
ITT Corp.		2,015		55,614
Joy Global, Inc.		979		55,333
Kennametal, Inc.		1,480		59,185
Lincoln Electric Holdings, Inc.		1,049		55,345
Manitowoc Co., Inc. (The)		2,792		52,378
Navistar International Corp.*		1,669		55,277
Nordson Corp.		886		61,568
Oshkosh Corp.*		1,383		54,296
PACCAR, Inc.		1,149		57,197
Pall Corp.		854		56,970


	SHARES		VALUE


Parker Hannifin Corp.		638	$	56,508
Pentair Ltd.		1,116		60,655
Snap-on, Inc.		698		60,168
SPX Corp.		737		54,914
Stanley Black & Decker, Inc.		710		53,115
Terex Corp.*		1,648		47,133
Timken Co.		1,870		98,306
Toro Co. (The)		1,248		56,172
Trinity Industries, Inc.		1,317		55,590
Valmont Industries, Inc.		663		96,619
WABCO Holdings, Inc.*		660		47,672
Wabtec Corp.		579		60,760
Xylem, Inc.		2,081		57,748

Total Machinery				2,050,711

Marine - 0.2%
Kirby Corp.*		756		56,617
Matson, Inc.		2,346		55,225

Total Marine				111,842

Media - 2.0%
AMC Networks, Inc. — Class A*		754		47,510
Cablevision Systems Corp. — Class A		3,181		47,270
Charter Communications, Inc. —Class A*		459		46,240
Cinemark Holdings, Inc.		1,623		50,134
Clear Channel Outdoor Holdings, Inc. — Class A*		6,170		44,609
Discovery Communications, Inc. — Class A*		594		46,819
DISH Network Corp. — Class A		1,245		48,792
DreamWorks Animation SKG, Inc. — Class A*^,a		2,503		48,258
Gannett Co., Inc.		2,156		43,465
Interpublic Group of Cos., Inc. (The)		3,616		50,045
John Wiley & Sons, Inc. — Class A		1,221		46,606
Lamar Advertising Co. — Class A*		977		45,743
Liberty Global, Inc. — Class A*		660		47,764
Liberty Media Corp. — Liberty Capital — Series A*		430		49,398
Madison Square Garden Co. (The) —Class A*		839		50,567
McGraw-Hill Cos., Inc. (The)		939		50,809
Morningstar, Inc.		524		34,589
Omnicom Group, Inc.		803		47,995
Pandora Media, Inc.*^,a		3,413		47,543
Regal Entertainment Group — Class A^a		2,873		51,542
Scripps Networks Interactive, Inc. —Class A		737		49,069
Sirius XM Radio, Inc.		15,321		49,793
Starz — Liberty Capital*		2,186		51,109
Virgin Media, Inc.		982		47,902
Washington Post Co. (The) — Class B		105		46,551

Total Media				1,190,122


See Notes to Financial Statements.		GUGGENHEIM ETFs SEMI-ANNUAL REPORT				25


SCHEDULE OF INVESTMENTS (Unaudited) (continued)			April 30, 2013

GUGGENHEIM RUSSELL MIDCAP^® EQUAL WEIGHT ETF


	SHARES			VALUE


Metals & Mining - 2.4%
Alcoa, Inc.		12,585		$	106,973
Allegheny Technologies, Inc.		3,354			90,491
Allied Nevada Gold Corp.*		6,248			66,854
Carpenter Technology Corp.		2,139			96,169
Cliffs Natural Resources, Inc.^a		4,945			105,526
Commercial Metals Co.		6,446			94,241
Compass Minerals International, Inc.		1,362			117,867
Molycorp, Inc.*^,a		19,807			115,673
Nucor Corp.		2,304	��		100,500
Reliance Steel & Aluminum Co.		1,494			97,215
Royal Gold, Inc.		1,514			84,148
Steel Dynamics, Inc.		6,669			100,302
Tahoe Resources, Inc.*		6,368			110,548
United States Steel Corp.^a		5,309			94,500
Walter Energy, Inc.		4,340			77,773

Total Metals & Mining					1,458,780

Multi-Utilities - 3.2%
Alliant Energy Corp.		2,781			148,811
Ameren Corp.		3,956			143,405
CenterPoint Energy, Inc.		5,763			142,231
CMS Energy Corp.		5,004			149,820
DTE Energy Co.		2,048			149,258
Integrys Energy Group, Inc.		2,403			147,929
MDU Resources Group, Inc.		5,584			139,321
NiSource, Inc.		4,781			146,920
SCANA Corp.		2,735			148,237
Sempra Energy		1,707			141,425
TECO Energy, Inc.		7,794			149,099
Vectren Corp.		3,882			145,808
Wisconsin Energy Corp.		3,270			146,954

Total Multi-Utilities					1,899,218

Multiline Retail - 0.8%
Big Lots, Inc.*		1,336			48,657
Dillard’s, Inc. — Class A		596			49,116
Dollar General Corp.*		905			47,141
Dollar Tree, Inc.*		978			46,514
Family Dollar Stores, Inc.		779			47,807
J.C. Penney Co., Inc.*^,a		3,151			51,739
Kohl’s Corp.		1,011			47,578
Macy’s, Inc.		1,126			50,220
Nordstrom, Inc.		871			49,290
Sears Holdings Corp.*^,a		929			47,695

Total Multiline Retail					485,757

Office Electronics - 0.2%
Xerox Corp.		6,717			57,632
Zebra Technologies Corp. — Class A*		1,252			58,406

Total Office Electronics					116,038

Oil, Gas & Consumable Fuels - 7.1%
Alpha Natural Resources, Inc.*		14,983			111,174
Cabot Oil & Gas Corp.		1,796			122,218
Cheniere Energy, Inc.*		4,614			131,407
Chesapeake Energy Corp.		5,869			114,680


	SHARES		VALUE


Cimarex Energy Co.		1,599	$	117,015
Cobalt International Energy, Inc.*		4,344		121,371
Concho Resources, Inc.*		1,233		106,198
CONSOL Energy, Inc.		3,637		122,349
Continental Resources, Inc.*		1,382		110,449
Denbury Resources, Inc.*		6,380		114,138
Energen Corp.		2,659		126,090
EQT Corp.		1,784		134,014
EXCO Resources, Inc.		16,397		119,042
Golar LNG Ltd.		3,288		109,885
HollyFrontier Corp.		2,363		116,850
Kosmos Energy Ltd.*		10,776		118,428
Laredo Petroleum Holdings, Inc.*		6,527		112,264
Marathon Petroleum Corp.		1,338		104,846
Murphy Oil Corp.		1,913		118,778
Newfield Exploration Co.*		5,374		117,100
Noble Energy, Inc.		1,052		119,181
PBF Energy, Inc.		3,125		95,156
Peabody Energy Corp.		5,799		116,328
Pioneer Natural Resources Co.		965		117,952
Plains Exploration & Production Co.*		2,594		117,249
QEP Resources, Inc.		3,832		110,017
Range Resources Corp.		1,475		108,442
SandRidge Energy, Inc.*^,a		22,447		115,378
SM Energy Co.		2,043		124,623
Southwestern Energy Co.*		3,225		120,680
Teekay Corp.		1,667		59,345
Tesoro Corp.		2,080		111,072
Ultra Petroleum Corp.*^,a		5,967		127,694
Valero Energy Corp.		2,707		109,146
Whiting Petroleum Corp.*		2,388		106,266
World Fuel Services Corp.		3,079		124,853
WPX Energy, Inc.*		7,423		116,022

Total Oil, Gas & Consumable Fuels				4,247,700

Paper & Forest Products - 0.3%
Domtar Corp.		1,369		95,159
International Paper Co.		2,315		108,759

Total Paper & Forest Products				203,918

Personal Products - 0.5%
Avon Products, Inc.		2,268		52,527
Herbalife Ltd.^a		5,183		205,817
Nu Skin Enterprises, Inc. — Class A		1,046		53,063

Total Personal Products				311,407

Pharmaceuticals - 1.5%
Actavis, Inc.*		1,061		112,180
Endo Health Solutions, Inc.*		3,146		115,269
Forest Laboratories, Inc.*		2,562		95,844
Hospira, Inc.*		2,958		97,969
Mylan, Inc.*		3,329		96,907
Perrigo Co.		822		98,155
Salix Pharmaceuticals Ltd.*		1,896		99,142
Warner Chilcott PLC — Class A		7,120		102,386
Zoetis, Inc.		2,972		98,135

Total Pharmaceuticals				915,987


26				GUGGENHEIM ETFs SEMI-ANNUAL REPORT		See Notes to Financial Statements.


SCHEDULE OF INVESTMENTS (Unaudited) (continued)			April 30, 2013

GUGGENHEIM RUSSELL MIDCAP^® EQUAL WEIGHT ETF


	SHARES		VALUE


Professional Services - 0.7%
Dun & Bradstreet Corp. (The)		442	$	39,095
Equifax, Inc.		639		39,107
IHS, Inc. — Class A*		557		54,268
Manpower, Inc.		1,020		54,223
Nielsen Holdings NV		1,352		46,806
Robert Half International, Inc.		1,558		51,134
Towers Watson & Co. — Class A		842		61,399
Verisk Analytics, Inc. — Class A*		939		57,551

Total Professional Services				403,583

Real Estate Investment Trusts (REITs) - 3.6%
Alexandria Real Estate Equities, Inc.		505		36,749
American Campus Communities, Inc.		803		35,846
American Capital Agency Corp.		1,121		37,341
Annaly Capital Management, Inc.		2,243		35,753
Apartment Investment & Management Co. — Class A		1,182		36,772
AvalonBay Communities, Inc.		284		37,783
BioMed Realty Trust, Inc.		1,653		37,209
Boston Properties, Inc.		359		39,285
Brandywine Realty Trust		2,437		36,384
BRE Properties, Inc.		743		37,507
Camden Property Trust		519		37,545
CBL & Associates Properties, Inc.		1,517		36,620
Chimera Investment Corp.		11,005		36,317
CommonWealth REIT		1,601		35,750
Corporate Office Properties Trust		1,365		39,571
Corrections Corp. of America		1,503		54,409
DDR Corp.		2,057		37,725
Digital Realty Trust, Inc.		538		37,940
Douglas Emmett, Inc.		1,457		38,130
Duke Realty Corp.		2,131		37,591
Equity Lifestyle Properties, Inc.		478		38,838
Essex Property Trust, Inc.		240		37,692
Extra Space Storage, Inc.		914		39,832
Federal Realty Investment Trust		338		39,549
General Growth Properties, Inc.		1,806		41,032
Hatteras Financial Corp.		1,283		35,064
HCP, Inc.		731		38,962
Health Care REIT, Inc.		539		40,409
Home Properties, Inc.		565		36,420
Hospitality Properties Trust		1,345		39,556
Host Hotels & Resorts, Inc.		2,105		38,458
Kilroy Realty Corp.		691		39,104
Kimco Realty Corp.		1,628		38,714
Liberty Property Trust		898		38,605
Macerich Co. (The)		567		39,718
Mack-Cali Realty Corp.		1,258		34,935
MFA Financial, Inc.		3,915		36,292
Mid-America Apartment Communities, Inc.		522		35,877
National Retail Properties, Inc.		1,005		39,878
Piedmont Office Realty Trust, Inc. — Class A		1,846		37,880


	SHARES		VALUE


Plum Creek Timber Co., Inc.		706	$	36,387
Post Properties, Inc.		760		37,567
ProLogis, Inc.		899		37,713
Rayonier, Inc.		619		36,781
Realty Income Corp.		803		40,929
Regency Centers Corp.		690		38,819
Retail Properties of America, Inc. — Class A		2,467		37,770
Senior Housing Properties Trust		1,371		38,978
SL Green Realty Corp.		418		37,913
Tanger Factory Outlet Centers, Inc.		1,005		37,306
Taubman Centers, Inc.		471		40,275
UDR, Inc.		1,497		36,796
Ventas, Inc.		501		39,895
Vornado Realty Trust		438		38,351
Weingarten Realty Investors		1,152		39,249
Weyerhaeuser Co.		1,165		35,544

Total Real Estate Investment Trusts (REITs)				2,139,315

Real Estate Management & Development - 0.4%
Alexander & Baldwin, Inc.*		1,018		34,673
CBRE Group, Inc.*		1,443		34,949
Forest City Enterprises, Inc. —Class A*		2,058		38,423
Howard Hughes Corp. (The)*		431		40,678
Jones Lang LaSalle, Inc.		359		35,548
Realogy Holdings Corp.*		737		35,376
St Joe Co. (The)*		1,689		33,054

Total Real Estate Management & Development				252,701

Road & Rail - 0.6%
Con-way, Inc.		1,655		55,939
Hertz Global Holdings, Inc.*		2,192		52,783
JB Hunt Transport Services, Inc.		783		55,648
Kansas City Southern		526		57,371
Landstar System, Inc.		1,026		56,081
Ryder System, Inc.		957		55,573

Total Road & Rail				333,395

Semiconductors & Semiconductor Equipment - 2.8%
Advanced Micro Devices, Inc.*^,a		26,393		74,428
Altera Corp.		1,908		61,075
Analog Devices, Inc.		1,465		64,445
Applied Materials, Inc.		4,999		72,536
Atmel Corp.*		10,021		64,836
Avago Technologies Ltd.		1,874		59,893
Cree, Inc.*		1,233		69,751
Cypress Semiconductor Corp.*		6,012		60,661
Fairchild Semiconductor International, Inc.*		4,789		61,778
Freescale Semiconductor Ltd.*		4,627		71,626
KLA-Tencor Corp.		1,288		69,874
Lam Research Corp.*		1,629		75,292
Linear Technology Corp.		1,769		64,569


See Notes to Financial Statements.		GUGGENHEIM ETFs SEMI-ANNUAL REPORT				27


SCHEDULE OF INVESTMENTS (Unaudited) (continued)			April 30, 2013

GUGGENHEIM RUSSELL MIDCAP^® EQUAL WEIGHT ETF


	SHARES		VALUE


LSI Corp.*		9,991	$	65,341
Marvell Technology Group Ltd.		6,397		68,832
Maxim Integrated Products, Inc.		2,084		64,458
Microchip Technology, Inc.		1,826		66,503
Micron Technology, Inc.*		6,758		63,660
NVIDIA Corp.		5,363		73,849
ON Semiconductor Corp.*		8,077		63,485
PMC — Sierra, Inc.*		10,066		57,980
Silicon Laboratories, Inc.*		1,666		66,157
Skyworks Solutions, Inc.*		3,104		68,505
Teradyne, Inc.*		4,185		68,802
Xilinx, Inc.		1,755		66,532

Total Semiconductors & Semiconductor Equipment				1,664,868

Software - 3.0%
Activision Blizzard, Inc.		4,636		69,308
ANSYS, Inc.*		846		68,408
Autodesk, Inc.*		1,651		65,016
BMC Software, Inc.*		1,464		66,583
CA, Inc.		2,684		72,387
Cadence Design Systems, Inc.*		4,879		67,330
Citrix Systems, Inc.*		944		58,688
Compuware Corp.*		5,363		64,356
Concur Technologies, Inc.*		1,001		73,183
Electronic Arts, Inc.*		3,770		66,390
Factset Research Systems, Inc.		393		36,970
Fortinet, Inc.*		2,916		52,371
Informatica Corp.*		1,993		65,629
Intuit, Inc.		1,020		60,833
MICROS Systems, Inc.*		1,468		62,258
NetSuite, Inc.*		861		75,734
Nuance Communications, Inc.*		3,354		63,860
Red Hat, Inc.*		1,361		65,233
Rovi Corp.*		3,171		74,170
ServiceNow, Inc.*		1,855		75,981
Solarwinds, Inc.*		1,155		58,732
Solera Holdings, Inc.		1,169		67,311
Splunk, Inc.*		1,719		70,135
Symantec Corp.*		2,728		66,290
Synopsys, Inc.*		1,891		67,263
TIBCO Software, Inc.*		3,352		65,062
Workday, Inc. — Class A*		1,095		68,602
Zynga, Inc. — Class A*		19,952		63,647

Total Software				1,831,730

Specialty Retail - 2.9%
Aaron’s, Inc.		1,650		47,371
Abercrombie & Fitch Co. — Class A		1,034		51,245
Advance Auto Parts, Inc.		579		48,567
American Eagle Outfitters, Inc.		2,572		50,025
Ascena Retail Group, Inc.*		2,556		47,286
AutoNation, Inc.*		1,076		48,969
AutoZone, Inc.*		120		49,091
Bed Bath & Beyond, Inc.*		731		50,293
Best Buy Co., Inc.		2,082		54,111


	SHARES		VALUE


CarMax, Inc.*		1,157	$	53,268
Chico’s FAS, Inc.		2,790		50,973
Dick’s Sporting Goods, Inc.		999		48,052
DSW, Inc. — Class A		746		49,326
Foot Locker, Inc.		1,399		48,783
GameStop Corp. — Class A^a		1,793		62,576
Gap, Inc. (The)		1,349		51,249
GNC Holdings, Inc. — Class A		4,913		222,706
Guess?, Inc.		1,887		52,232
L Brands, Inc.		1,071		53,989
O’Reilly Automotive, Inc.*		456		48,938
PetSmart, Inc.		758		51,726
Ross Stores, Inc.		795		52,526
Sally Beauty Holdings, Inc.*		1,591		47,825
Sears Hometown and Outlet Stores, Inc.*		1,168		52,104
Signet Jewelers Ltd.		753		51,754
Staples, Inc.		3,551		47,015
Tiffany & Co.		691		50,913
Tractor Supply Co.		464		49,727
Ulta Salon Cosmetics & Fragrance, Inc.*		596		52,239
Urban Outfitters, Inc.*		1,199		49,687
Williams-Sonoma, Inc.		926		49,708

Total Specialty Retail				1,744,274

Textiles, Apparel & Luxury Goods - 0.8%
Carter’s, Inc.*		829		54,208
Deckers Outdoor Corp.*		941		51,868
Fossil, Inc.*		495		48,569
Hanesbrands, Inc.*		1,072		53,771
Michael Kors Holdings Ltd.*		856		48,741
PVH Corp.		415		47,895
Ralph Lauren Corp.		282		51,206
Under Armour, Inc. — Class A*		933		53,256
V.F. Corp.		285		50,793

Total Textiles, Apparel & Luxury Goods				460,307

Thrifts & Mortgage Finance - 0.4%
Capitol Federal Financial, Inc.		2,996		35,473
Hudson City Bancorp, Inc.		4,207		34,960
New York Community Bancorp, Inc.		2,535		34,349
People’s United Financial, Inc.		2,688		35,374
TFS Financial Corp.*		3,330		36,197
Washington Federal, Inc.		2,069		35,525

Total Thrifts & Mortgage Finance				211,878

Tobacco - 0.3%
Lorillard, Inc.		4,778		204,928

Total Tobacco				204,928

Trading Companies & Distributors - 0.9%
Air Lease Corp.		1,987		54,662
Fastenal Co.		2,099		102,956
GATX Corp.		1,136		57,879
MRC Global, Inc.*		3,293		98,625


28				GUGGENHEIM ETFs SEMI-ANNUAL REPORT		See Notes to Financial Statements.


SCHEDULE OF INVESTMENTS (Unaudited) (concluded)			April 30, 2013

GUGGENHEIM RUSSELL MIDCAP^® EQUAL WEIGHT ETF


	SHARES		VALUE


MSC Industrial Direct Co., Inc. — Class A		670	$	52,796
United Rentals, Inc.*		1,088		57,240
W.W. Grainger, Inc.		261		64,329
WESCO International, Inc.*		783		56,133

Total Trading Companies & Distributors				544,620

Water Utilities - 0.5%
American Water Works Co., Inc.		3,342		139,963
Aqua America, Inc.		4,428		140,500

Total Water Utilities				280,463

Wireless Telecommunication Services - 1.9%
Clearwire Corp. — Class A*		42,244		141,940
Crown Castle International Corp.*		951		73,227
MetroPCS Communications, Inc.*		12,828		151,883
NII Holdings, Inc.*^,a		31,037		270,022
SBA Communications Corp. — Class A*		933		73,698
Sprint Nextel Corp.*		22,623		159,492
Telephone & Data Systems, Inc.		6,481		145,433
United States Cellular Corp.*		3,797		145,957

Total Wireless Telecommunication Services				1,161,652

Total Common Stocks (Cost $49,603,853)				59,916,116

SHORT TERM INVESTMENTS - 0.2%
SSgA Government Money Market Fund		111,977		111,977

Total Short Term Investments (Cost $111,977)				111,977


	FACE AMOUNT		VALUE


SECURITIES LENDING COLLATERAL - 2.6%^b
Repurchase Agreements:
Deutsche Bank Securities, Inc., issued 04/30/13 at 0.15% due 05/01/13^c	$	253,472	$	253,472
HSBC Securities, Inc., issued 04/30/13 at 0.15% due 05/01/13^c		1,115,279		1,115,279
RBS Securities, Inc., issued 04/30/13 at 0.15% due 05/01/13^c		176,123		176,123

Total Securities Lending Collateral (Cost $1,544,874)				1,544,874

Total Investments - 102.5%^d (Cost $51,260,704)				61,572,967

Other Assets and Liabilities, net - (2.5)%				(1,527,005	)

Net Assets - 100.0%			$	60,045,962

Non-Income Producing Security.

All or a portion of this security was on loan as of April 30, 2013

Securities lending collateral (Note 8).

Values determined based on Level 2 inputs (Note 4).

Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs.

REIT — Real Estate Investment Trust


See Notes to Financial Statements.		GUGGENHEIM ETFs SEMI-ANNUAL REPORT				29


SCHEDULE OF INVESTMENTS (Unaudited)			April 30, 2013

GUGGENHEIM RUSSELL 1000^® EQUAL WEIGHT ETF


	SHARES		VALUE


COMMON STOCKS - 99.9%
Aerospace & Defense - 1.6%
Alliant Techsystems, Inc.		590	$	43,872
BE Aerospace, Inc.*		709		44,483
Boeing Co.(The)		487		44,517
Engility Holdings, Inc.*		1,758		42,122
Exelis, Inc.		3,888		43,429
General Dynamics Corp.		600		44,376
Honeywell International, Inc.		558		41,035
Huntington Ingalls Industries, Inc.		792		41,897
L-3 Communications Holdings, Inc.		526		42,738
Lockheed Martin Corp.		450		44,590
Northrop Grumman Corp.		608		46,050
Precision Castparts Corp.		414		79,194
Raytheon Co.		729		44,746
Rockwell Collins, Inc.		672		42,282
Spirit Aerosystems Holdings, Inc. —Class A*		2,261		45,197
Textron, Inc.		1,412		36,359
TransDigm Group, Inc.		280		41,104
Triumph Group, Inc.		542		43,306
United Technologies Corp.		455		41,537

Total Aerospace & Defense				852,834

Air Freight & Logistics - 0.4%
C.H. Robinson Worldwide, Inc.		714		42,404
Expeditors International of Washington, Inc.		1,177		42,290
FedEx Corp.		431		40,518
United Parcel Service, Inc. — Class B		496		42,577
UTi Worldwide, Inc.		2,861		42,028

Total Air Freight & Logistics				209,817

Airlines - 0.3%
Copa Holdings SA — Class A		356		44,706
Delta Air Lines, Inc.*		2,547		43,656
Southwest Airlines Co.		3,255		44,593
United Continental Holdings, Inc.*		1,326		42,830

Total Airlines				175,785

Auto Components - 0.6%
Allison Transmission Holdings, Inc.		1,786		40,739
BorgWarner, Inc.*		453		35,411
Delphi Automotive PLC		789		36,460
Gentex Corp.		1,728		38,880
Goodyear Tire & Rubber Co. (The)*		2,734		34,161
Johnson Controls, Inc.		1,001		35,045
Lear Corp.		640		36,979
TRW Automotive Holdings Corp.*		629		37,784
Visteon Corp.*		614		36,097

Total Auto Components				331,556

Automobiles - 0.4%
Ford Motor Co.		2,636		36,139
General Motors Co.*		1,246		38,427
Harley-Davidson, Inc.		661		36,124
Tesla Motors, Inc.*^,a		927		50,049


	SHARES		VALUE


Thor Industries, Inc.		972	$	36,051

Total Automobiles				196,790

Beverages - 2.1%
Beam, Inc.		1,867		120,814
Brown-Forman Corp. — Class B		1,666		117,453
Coca-Cola Co. (The)		2,880		121,910
Coca-Cola Enterprises, Inc.		3,168		116,044
Constellation Brands, Inc. — Class A*		2,465		121,648
Dr Pepper Snapple Group, Inc.		2,509		122,514
Molson Coors Brewing Co. — Class B		2,378		122,705
Monster Beverage Corp.*		2,400		135,360
PepsiCo, Inc.		1,485		122,468

Total Beverages				1,100,916

Biotechnology - 1.9%
Alexion Pharmaceuticals, Inc.*		690		67,620
Amgen, Inc.		638		66,486
Ariad Pharmaceuticals, Inc.*		3,486		62,295
Biogen Idec, Inc.*		356		77,939
BioMarin Pharmaceutical, Inc.*		1,040		68,224
Celgene Corp.*		560		66,119
Gilead Sciences, Inc.*		1,377		69,731
Incyte Corp.*^,a		2,857		63,283
Medivation, Inc.*		1,478		77,905
Myriad Genetics, Inc.*		2,541		70,767
Onyx Pharmaceuticals, Inc.*		732		69,394
Regeneron Pharmaceuticals, Inc.*		371		79,817
United Therapeutics Corp.*		1,043		69,652
Vertex Pharmaceuticals, Inc.*		1,159		89,034

Total Biotechnology				998,266

Building Products - 0.6%
Armstrong World Industries, Inc.*		1,413		72,120
Fortune Brands Home & Security, Inc.*		955		34,752
Lennox International, Inc.		1,239		76,818
Masco Corp.		3,836		74,572
Owens Corning*		2,000		84,120

Total Building Products				342,382

Capital Markets - 1.2%
Affiliated Managers Group, Inc.*		177		27,555
American Capital Ltd.*		1,818		27,506
Ameriprise Financial, Inc.		365		27,203
Ares Capital Corp.		1,520		27,603
Bank of New York Mellon Corp. (The)		949		26,781
BlackRock, Inc.		104		27,716
Charles Schwab Corp. (The)		1,524		25,847
ETrade Financial Corp.		2,533		26,065
Eaton Vance Corp.		652		26,002
Federated Investors, Inc. — Class B^a		1,094		25,118
Franklin Resources, Inc.		178		27,529
Goldman Sachs Group, Inc. (The)		183		26,731
Invesco Ltd.		935		29,677
Janus Capital Group, Inc.		2,862		25,529
Lazard Ltd. — Class A		795		26,951
Legg Mason, Inc.		842		26,826


30				GUGGENHEIM ETFs SEMI-ANNUAL REPORT		See Notes to Financial Statements.


SCHEDULE OF INVESTMENTS (Unaudited) (continued)			April 30, 2013

GUGGENHEIM RUSSELL 1000^® EQUAL WEIGHT ETF


	SHARES		VALUE


LPL Financial Holdings, Inc.		858	$	29,653
Morgan Stanley		1,209		26,779
Northern Trust Corp.		490		26,421
Raymond James Financial, Inc.		584		24,189
SEI Investments Co.		932		26,711
State Street Corp.		450		26,312
T. Rowe Price Group, Inc.		359		26,028
TD Ameritrade Holding Corp.		1,303		25,943
Waddell & Reed Financial, Inc. —Class A		620		26,579

Total Capital Markets				669,254

Chemicals - 4.7%
Air Products & Chemicals, Inc.		900		78,264
Airgas, Inc.		806		77,900
Albemarle Corp.		1,277		78,216
Ashland, Inc.		1,057		90,067
Cabot Corp.		2,343		88,003
Celanese Corp. — Series A		1,847		91,260
CF Industries Holdings, Inc.		410		76,469
Cytec Industries, Inc.		1,057		77,013
Dow Chemical Co. (The)		2,474		83,893
Du Pont (E.I.) de Nemours & Co.		1,617		88,143
Eastman Chemical Co.		1,144		76,248
Ecolab, Inc.		1,004		84,958
FMC Corp.		1,390		84,373
Huntsman Corp.		4,254		80,230
International Flavors & Fragrances, Inc.		1,045		80,664
Intrepid Potash, Inc.		4,200		77,322
Kronos Worldwide, Inc.^a		5,017		88,701
LyondellBasell Industries NV — Class A		1,248		75,754
Monsanto Co.		763		81,504
Mosaic Co. (The)		1,348		83,023
NewMarket Corp.		302		81,147
PPG Industries, Inc.		591		86,960
Praxair, Inc.		706		80,696
Rockwood Holdings, Inc.		1,217		78,971
RPM International, Inc.		2,534		82,102
Scotts Miracle-Gro Co. (The) — Class A		1,788		81,086
Sherwin-Williams Co. (The)		467		85,512
Sigma-Aldrich Corp.		1,034		81,365
Valspar Corp.		1,264		80,668
Westlake Chemical Corp.		836		69,505
WR Grace & Co*		1,025		79,038

Total Chemicals				2,529,055

Commercial Banks - 1.6%
Associated Banc-Corp.		1,761		25,129
Bank of Hawaii Corp.		530		25,276
BankUnited, Inc.		1,034		26,212
BB&T Corp.		861		26,493
BOK Financial Corp.		428		26,746
CapitalSource, Inc.		2,782		24,899
CIT Group, Inc.*		614		26,101
City National Corp.		455		26,040


	SHARES		VALUE


Comerica, Inc.		745	$	27,006
Commerce Bancshares, Inc.		663		26,593
Cullen/Frost Bankers, Inc.		430		25,976
East West Bancorp, Inc.		1,049		25,522
Fifth Third Bancorp		1,638		27,895
First Citizens BancShares Inc. — Class A		148		27,590
First Horizon National Corp.		2,452		25,501
First Niagara Financial Group, Inc.		3,033		28,844
First Republic Bank		700		26,586
Fulton Financial Corp.		2,270		25,106
Huntington Bancshares, Inc.		3,598		25,798
KeyCorp		2,663		26,550
M&T Bank Corp.		262		26,252
PNC Financial Services Group, Inc.		405		27,491
Popular, Inc.*		945		26,923
Regions Financial Corp.		3,238		27,491
Signature Bank*		342		24,491
SunTrust Banks, Inc.		935		27,349
SVB Financial Group*		382		27,164
Synovus Financial Corp.		9,564		25,727
TCF Financial Corp.		1,811		26,350
US Bancorp		798		26,557
Valley National Bancorp^a		2,609		23,455
Wells Fargo & Co.		720		27,346
Zions Bancorp		1,069		26,319

Total Commercial Banks				868,778

Commercial Services & Supplies - 1.3%
ADT Corp. (The)*		872		38,054
Avery Dennison Corp.		982		40,704
Cintas Corp.		972		43,614
Clean Harbors, Inc.*		716		40,790
Copart, Inc.*		1,228		43,287
Covanta Holding Corp.		2,118		42,360
Iron Mountain, Inc.		1,181		44,713
KAR Auction Services, Inc.		1,754		39,237
Pitney Bowes, Inc.^a		2,788		38,112
R.R. Donnelley & Sons Co.^a		3,518		43,307
Republic Services, Inc.		1,293		44,065
Rollins, Inc.		1,722		41,879
Stericycle, Inc.*		403		43,653
Tyco International Ltd.		1,348		43,298
Waste Connections, Inc.		1,170		44,401
Waste Management, Inc.		1,091		44,709

Total Commercial Services & Supplies				676,183

Communications Equipment - 1.1%
Brocade Communications Systems, Inc.*		8,562		49,831
Cisco Systems, Inc.		2,362		49,413
EchoStar Corp. — Class A*		1,274		50,030
F5 Networks, Inc.*		562		42,954
Harris Corp.		1,096		50,635
JDS Uniphase Corp.*		3,639		49,127
Juniper Networks, Inc.*		2,640		43,692


See Notes to Financial Statements.		GUGGENHEIM ETFs SEMI-ANNUAL REPORT				31


SCHEDULE OF INVESTMENTS (Unaudited) (continued)			April 30, 2013

GUGGENHEIM RUSSELL 1000^® EQUAL WEIGHT ETF


	SHARES		VALUE


Motorola Solutions, Inc.		776	$	44,387
Palo Alto Networks, Inc.*		912		49,339
Polycom, Inc.*		4,484		47,082
QUALCOMM, Inc.		739		45,537
Riverbed Technology, Inc.*		3,354		49,840

Total Communications Equipment				571,867

Computers & Peripherals - 1.1%
Apple, Inc.		107		47,374
Dell, Inc.		3,395		45,493
Diebold, Inc.		1,639		48,006
EMC Corp.*		2,073		46,497
Fusion-io, Inc.*		3,007		56,472
Hewlett-Packard Co.		2,083		42,910
Lexmark International, Inc. — Class A		1,628		49,345
NCR Corp.*		1,831		49,931
NetApp, Inc.*		1,478		51,568
SanDisk Corp.*		891		46,724
Stratasys Ltd.*^,a		673		55,893
Western Digital Corp.		1,012		55,943

Total Computers & Peripherals				596,156

Construction & Engineering - 0.5%
Aecom Technology Corp.*		1,283		37,297
Chicago Bridge & Iron Co. NV		715		38,460
Fluor Corp.		644		36,695
Jacobs Engineering Group, Inc.*		762		38,466
KBR, Inc.		1,330		40,006
Quanta Services, Inc.*		1,481		40,698
URS Corp.		894		39,264

Total Construction & Engineering				270,886

Construction Materials - 0.3%
Martin Marietta Materials, Inc.		776		78,368
Vulcan Materials Co.		1,537		76,666

Total Construction Materials				155,034

Consumer Finance - 0.2%
American Express Co.		400		27,364
Capital One Financial Corp.		488		28,197
Discover Financial Services		597		26,113
SLM Corp.		1,324		27,340

Total Consumer Finance				109,014

Containers & Packaging 1.8%
AptarGroup, Inc.		1,398		78,428
Ball Corp.		1,703		75,136
Bemis Co., Inc.		1,988		78,228
Crown Holdings, Inc.*		1,930		82,372
Greif, Inc. — Class A		1,460		70,328
MeadWestvaco Corp.		2,176		75,029
Owens-Illinois, Inc.*		3,007		79,024
Packaging Corp. of America		1,797		85,465
Rock Tenn Co. — Class A		889		89,025
Sealed Air Corp.		3,271		72,355
Silgan Holdings, Inc.		1,637		78,363
Sonoco Products Co.		2,277		79,786

Total Containers & Packaging				943,539


	SHARES		VALUE


Distributors - 0.1%
Genuine Parts Co.		454	$	34,654
LKQ Corp.*		1,642		39,539

Total Distributors				74,193

Diversified Consumer Services - 0.4%
Apollo Group, Inc. — Class A*		1,975		36,281
DeVry, Inc.		1,098		30,755
H&R Block, Inc.		1,213		33,649
ITT Educational Services, Inc.*^,a		2,630		48,155
Service Corp. International		2,124		35,853
Weight Watchers International, Inc.		854		36,013

Total Diversified Consumer Services				220,706

Diversified Financial Services - 0.6%
Bank of America Corp.		2,188		26,934
CBOE Holdings, Inc.		735		27,585
Citigroup, Inc.		599		27,949
CME Group, Inc.		437		26,596
Interactive Brokers Group, Inc. —Class A		1,813		27,304
IntercontinentalExchange, Inc.*		166		27,046
JPMorgan Chase & Co.		553		27,102
Leucadia National Corp.		982		30,334
Moody’s Corp.		516		31,399
MSCI, Inc. — Class A*		796		27,144
NASDAQ OMX Group, Inc. (The)		827		24,380
NYSE Euronext		699		27,128

Total Diversified Financial Services				330,901

Diversified Telecommunication Services - 1.3%
AT&T, Inc.		2,614		97,921
CenturyLink, Inc.		2,728		102,491
Frontier Communications Corp.^a		24,499		101,916
Level 3 Communications, Inc.*		4,710		94,812
tw telecom, Inc.*		3,917		106,072
Verizon Communications, Inc.		1,941		104,639
Windstream Corp.^a		11,799		100,528

Total Diversified Telecommunication Services				708,379

Electric Utilities - 3.7%
American Electric Power Co., Inc.		2,000		102,860
Duke Energy Corp.		1,354		101,821
Edison International		1,902		102,328
Entergy Corp.		1,532		109,124
Exelon Corp.		2,844		106,678
FirstEnergy Corp.		2,328		108,485
Great Plains Energy, Inc.		4,218		101,780
Hawaiian Electric Industries, Inc.		3,505		99,192
ITC Holdings Corp.		1,091		100,612
NextEra Energy, Inc.		1,245		102,127
Northeast Utilities		2,243		101,675
NV Energy, Inc.		4,846		104,819
OGE Energy Corp.		1,381		100,026
Pepco Holdings, Inc.		4,584		103,598
Pinnacle West Capital Corp.		1,683		102,495


32				GUGGENHEIM ETFs SEMI-ANNUAL REPORT		See Notes to Financial Statements.


SCHEDULE OF INVESTMENTS (Unaudited) (continued)			April 30, 2013

GUGGENHEIM RUSSELL 1000^® EQUAL WEIGHT ETF


	SHARES		VALUE


PPL Corp.		3,140	$	104,813
Southern Co. (The)		2,082		100,415
Westar Energy, Inc.		2,947		103,027
Xcel Energy, Inc.		3,314		105,352

Total Electric Utilities				1,961,227

Electrical Equipment - 0.9%
AMETEK, Inc.		987		40,181
Babcock & Wilcox Co. (The)		1,486		40,419
Eaton Corp. PLC		689		42,311
Emerson Electric Co.		760		42,187
General Cable Corp.*		1,171		40,376
GrafTech International, Ltd.*		5,635		40,459
Hubbell, Inc. — Class B		435		41,743
Polypore International, Inc.*^,a		1,961		82,225
Regal-Beloit Corp.		516		40,568
Rockwell Automation, Inc.		497		42,136
Roper Industries, Inc.		334		39,963

Total Electrical Equipment				492,568

Electronic Equipment, Instruments & Components - 1.4%
Amphenol Corp. — Class A		673		50,825
Arrow Electronics, Inc.*		1,232		48,331
Avnet, Inc.*		1,394		45,654
AVX Corp.		4,215		47,672
Corning, Inc.		3,755		54,448
Dolby Laboratories, Inc. — Class A		1,492		49,012
FLIR Systems, Inc.		1,636		39,771
Ingram Micro, Inc. — Class A*		2,498		44,489
IPG Photonics Corp.		749		47,696
Itron, Inc.*		921		36,518
Jabil Circuit, Inc.		2,673		47,579
Molex, Inc.		1,697		46,786
National Instruments Corp.		1,308		35,748
Tech Data Corp.*		1,084		50,655
Trimble Navigation, Ltd.*		1,433		41,184
Vishay Intertechnology, Inc.*		3,620		50,825

Total Electronic Equipment, Instruments & Components				737,193

Energy Equipment & Services - 3.3%
Atwood Oceanics, Inc.*		1,596		78,284
Baker Hughes, Inc.		1,781		80,840
Cameron International Corp.*		1,259		77,492
CARBO Ceramics, Inc.		874		61,748
Diamond Offshore Drilling, Inc.		1,180		81,538
Dresser-Rand Group, Inc.*		1,315		73,127
ERA Group, Inc.*		3,907		89,275
FMC Technologies, Inc.*		1,518		82,427
Halliburton Co.		2,028		86,738
Helmerich & Payne, Inc.		1,331		78,023
McDermott International, Inc.*		7,377		78,786
Nabors Industries Ltd.		5,156		76,257
National Oilwell Varco, Inc.		1,171		76,373
Oceaneering International, Inc.		1,225		85,958
Oil States International, Inc.*		985		88,020


	SHARES		VALUE


Patterson-UTI Energy, Inc.		3,390	$	71,495
Rowan Cos., PLC — Class A*		2,344		76,250
RPC, Inc.		5,137		68,014
Schlumberger Ltd.		1,093		81,352
SEACOR Holdings, Inc.		1,111		80,114
Superior Energy Services, Inc.*		3,109		85,777
Tidewater, Inc.		848		44,478
Unit Corp.*		1,779		74,771

Total Energy Equipment & Services				1,777,137

Food & Staples Retailing - 1.7%
Costco Wholesale Corp.		331		35,890
CVS Caremark Corp.		2,119		123,283
Fresh Market, Inc. (The)*		2,744		112,312
Kroger Co. (The)		3,573		122,840
Safeway, Inc.		4,507		101,498
Sysco Corp.		3,348		116,711
Wal-Mart Stores, Inc.		469		36,451
Walgreen Co.		2,463		121,943
Whole Foods Market, Inc.		1,349		119,144

Total Food & Staples Retailing				890,072

Food Products - 4.9%
Archer-Daniels-Midland Co.		3,569		121,132
Bunge Ltd.		1,600		115,536
Campbell Soup Co.		2,645		122,754
ConAgra Foods, Inc.		3,303		116,827
Dean Foods Co.*		6,456		123,568
Flowers Foods, Inc.		3,609		118,880
General Mills, Inc.		2,409		121,462
Green Mountain Coffee Roasters, Inc.*^,a		2,099		120,483
H.J. Heinz Co.		1,626		117,755
Hershey Co. (The)		1,348		120,188
Hillshire Brands Co.		3,396		121,950
Hormel Foods Corp.		2,918		120,426
Ingredion, Inc.		1,643		118,312
J.M. Smucker Co. (The)		1,203		124,186
Kellogg Co.		1,831		119,088
Kraft Foods Group, Inc.		2,281		117,449
McCormick & Co., Inc.		1,618		116,399
Mead Johnson Nutrition Co.		1,524		123,581
Mondelez International, Inc. — Class A		3,870		121,712
Smithfield Foods, Inc.*		4,402		112,691
Tyson Foods, Inc. — Class A		4,840		119,209
WhiteWave Foods Co. — Class A*^,a		6,920		117,017

Total Food Products				2,630,605

Gas Utilities - 1.1%
AGL Resources, Inc.		2,309		101,250
Atmos Energy Corp.		2,281		101,208
National Fuel Gas Co.		1,580		99,098
Oneok, Inc.		2,065		106,058
Questar Corp.		4,005		101,687
UGI Corp.		2,533		103,802

Total Gas Utilities				613,103


See Notes to Financial Statements.		GUGGENHEIM ETFs SEMI-ANNUAL REPORT				33


SCHEDULE OF INVESTMENTS (Unaudited) (continued)			April 30, 2013

GUGGENHEIM RUSSELL 1000^® EQUAL WEIGHT ETF


	SHARES		VALUE


Health Care Equipment & Supplies - 2.8%
Abbott Laboratories		1,834	$	67,711
Alere, Inc.*		2,533		65,047
Baxter International, Inc.		882		61,625
Becton, Dickinson and Co.		671		63,275
Boston Scientific Corp.*		8,467		63,418
C.R. Bard, Inc.		625		62,100
CareFusion Corp.*		1,810		60,526
Cooper Cos., Inc. (The)		600		66,240
Covidien PLC		933		59,563
DENTSPLY International, Inc.		1,503		63,652
Edwards Lifesciences Corp.*		768		48,991
Hill-Rom Holdings, Inc.		1,802		61,394
Hologic, Inc.*		2,789		56,812
IDEXX Laboratories, Inc.*		683		60,077
Intuitive Surgical, Inc.*		127		62,521
Medtronic, Inc.		1,350		63,018
ResMed, Inc.		1,391		66,796
Sirona Dental Systems, Inc.*		868		63,833
St Jude Medical, Inc.		1,551		63,932
Stryker Corp.		971		63,678
Teleflex, Inc.		759		59,301
Thoratec Corp.*		1,768		64,002
Varian Medical Systems, Inc.*		877		57,128
Zimmer Holdings, Inc.		849		64,906

Total Health Care Equipment & Supplies				1,489,546

Health Care Providers & Services - 3.3%
Aetna, Inc.		1,245		71,513
AmerisourceBergen Corp.		1,242		67,217
Brookdale Senior Living, Inc.*		2,313		59,652
Cardinal Health, Inc.		1,493		66,020
Catamaran Corp.*		1,193		68,872
CIGNA Corp.		1,012		66,964
Community Health Systems, Inc.		1,353		61,656
Coventry Health Care, Inc.		1,350		66,892
DaVita, Inc.*		532		63,122
Express Scripts Holding Co.*		1,078		64,001
HCA Holdings, Inc.		1,567		62,508
Health Management Associates, Inc. — Class A*		4,910		56,416
Health Net, Inc.*		2,196		64,562
Henry Schein, Inc.*		691		62,466
Humana, Inc.		944		69,960
Laboratory Corp. of America Holdings*		707		66,006
LifePoint Hospitals, Inc.*		1,301		62,448
McKesson Corp.		584		61,799
Mednax, Inc.*		713		63,264
Omnicare, Inc.		1,571		68,763
Patterson Cos., Inc.		1,680		63,756
Quest Diagnostics, Inc.		1,100		61,963
Tenet Healthcare Corp.*		1,324		60,057
UnitedHealth Group, Inc.		1,132		67,841
Universal Health Services, Inc. — Class B		987		65,724


	SHARES		VALUE


VCA Antech, Inc.*		2,695	$	64,950
WellPoint, Inc.		973		70,951

Total Health Care Providers & Services				1,749,343

Health Care Technology - 0.2%
Allscripts Healthcare Solutions, Inc.*		4,591		63,539
Cerner Corp.*		676		65,417

Total Health Care Technology				128,956

Hotels, Restaurants & Leisure - 1.6%
Bally Technologies, Inc.*		674		35,911
Brinker International, Inc.		948		36,877
Carnival Corp.		1,039		35,856
Chipotle Mexican Grill, Inc.*		110		39,951
Choice Hotels International, Inc.		850		33,201
Darden Restaurants, Inc.		692		35,728
Dunkin’ Brands Group, Inc.		953		36,986
Hyatt Hotels Corp. — Class A*		825		35,211
International Game Technology		2,098		35,561
Las Vegas Sands Corp.		620		34,875
Marriott International, Inc. — Class A		850		36,601
McDonald’s Corp.		356		36,362
MGM Resorts International*		2,670		37,700
Norwegian Cruise Line Holdings Ltd.*		1,187		36,809
Panera Bread Co. — Class A*		213		37,750
Penn National Gaming, Inc.*		654		38,292
Royal Caribbean Cruises Ltd.		1,083		39,562
Starbucks Corp.		615		37,417
Starwood Hotels & Resorts Worldwide, Inc.		575		37,099
Wendy’s Co. (The)		6,080		34,595
Wyndham Worldwide Corp.		553		33,224
Wynn Resorts Ltd.		282		38,718
Yum! Brands, Inc.		493		33,583

Total Hotels, Restaurants & Leisure				837,869

Household Durables - 0.9%
DR Horton, Inc.		1,449		37,790
Garmin Ltd.		1,054		36,974
Harman International Industries, Inc.		790		35,321
Jarden Corp.*		806		36,278
Leggett & Platt, Inc.		1,058		34,110
Lennar Corp. — Class A		841		34,666
Mohawk Industries, Inc.*		310		34,373
Newell Rubbermaid, Inc.		1,371		36,112
NVR, Inc.*		33		33,990
PulteGroup, Inc.*		1,739		36,502
Tempur-Pedic International, Inc.*		749		36,326
Toll Brothers, Inc.*		1,003		34,413
Tupperware Brands Corp.		430		34,529
Whirlpool Corp.		307		35,084

Total Household Durables				496,468

Household Products - 1.3%
Church & Dwight Co., Inc.		1,837		117,366
Clorox Co. (The)		1,338		115,402
Colgate-Palmolive Co.		999		119,290


34				GUGGENHEIM ETFs SEMI-ANNUAL REPORT		See Notes to Financial Statements.


SCHEDULE OF INVESTMENTS (Unaudited) (continued)			April 30, 2013

GUGGENHEIM RUSSELL 1000^® EQUAL WEIGHT ETF


	SHARES		VALUE


Energizer Holdings, Inc.		1,196	$	115,522
Kimberly-Clark Corp.		1,204		124,241
Procter & Gamble Co. (The)		1,514		116,230

Total Household Products				708,051

Independent Power Producers & Energy Traders - 0.6%
AES Corp. (The)		7,752		107,443
Calpine Corp.*		4,792		104,130
NRG Energy, Inc.		3,723		103,760

Total Independent Power Producers & Energy Traders				315,333

Industrial Conglomerates - 0.3%
3M Co.		397		41,570
Carlisle Cos., Inc.		625		40,544
Danaher Corp.		682		41,561
General Electric Co.		1,823		40,634

Total Industrial Conglomerates				164,309

Insurance - 2.7%
ACE Ltd.		304		27,099
AFLAC, Inc.		512		27,873
Alleghany Corp.*		69		27,168
Allied World Assurance Co. Holdings AG		294		26,698
Allstate Corp. (The)		552		27,192
American Financial Group, Inc.		571		27,562
American International Group, Inc.*		699		28,953
American National Insurance Co.		314		29,525
Aon PLC		435		26,252
Arch Capital Group Ltd.*		521		27,644
Arthur J. Gallagher & Co.		660		28,017
Aspen Insurance Holdings Ltd.		700		26,733
Assurant, Inc.		610		28,999
Assured Guaranty Ltd.		1,323		27,293
Axis Capital Holdings Ltd.		658		29,367
Berkshire Hathaway, Inc. — Class B*		259		27,537
Brown & Brown, Inc.		842		26,094
Chubb Corp. (The)		310		27,302
Cincinnati Financial Corp.		572		27,977
CNA Financial Corp.		825		27,811
Endurance Specialty Holdings Ltd.		574		28,109
Erie Indemnity Co. — Class A		354		28,168
Everest Re Group Ltd.		209		28,213
Fidelity National Financial, Inc. —Class A		1,097		29,454
Genworth Financial, Inc. — Class A*		2,630		26,379
Hanover Insurance Group, Inc. (The)		570		28,745
Hartford Financial Services Group, Inc.		1,024		28,764
HCC Insurance Holdings, Inc.		643		27,392
Kemper Corp.		841		26,794
Lincoln National Corp.		824		28,024
Loews Corp.		611		27,293
Markel Corp.*		53		28,421
Marsh & McLennan Cos., Inc.		710		26,987
MBIA, Inc.*		2,528		23,915
Mercury General Corp.		708		32,363


	SHARES		VALUE


MetLife, Inc.		697	$	27,176
Old Republic International Corp.		2,123		28,661
PartnerRe Ltd.		292		27,547
Principal Financial Group, Inc.		796		28,736
ProAssurance Corp.		574		28,120
Progressive Corp. (The)		1,076		27,212
Protective Life Corp.		749		28,507
Prudential Financial, Inc.		451		27,249
Reinsurance Group of America, Inc.		457		28,585
RenaissanceRe Holdings Ltd.		297		27,885
StanCorp Financial Group, Inc.		630		27,203
Torchmark Corp.		453		28,118
Travelers Cos., Inc. (The)		322		27,502
Unum Group		957		26,691
Validus Holdings Ltd.		721		27,838
W.R. Berkley Corp.		614		26,660
White Mountains Insurance Group Ltd.		47		27,181
XL Group PLC		888		27,652

Total Insurance				1,470,640

Internet & Catalog Retail - 0.6%
Amazon.com, Inc.*		135		34,264
Expedia, Inc.		565		31,550
Groupon, Inc.*		8,124		49,556
HomeAway, Inc.*		1,057		32,291
Liberty Interactive Corp. — Series A*		1,617		34,426
Liberty Ventures*		457		33,576
Netflix, Inc.*		184		39,757
priceline.com, Inc.*		51		35,496
TripAdvisor, Inc.*		669		35,176

Total Internet & Catalog Retail				326,092

Internet Software & Services - 1.0%
Akamai Technologies, Inc.*		1,403		61,606
AOL, Inc.*		1,361		52,589
eBay, Inc.*		673		35,258
Equinix, Inc.*		232		49,671
Facebook, Inc. — Class A*		1,954		54,243
Google, Inc. — Class A*		61		50,299
IAC/InterActiveCorp		1,111		52,295
LinkedIn Corp. — Class A*		280		53,785
Rackspace Hosting, Inc.*		946		45,597
VeriSign, Inc.*		1,053		48,512
Yahoo!, Inc.*		2,088		51,636

Total Internet Software & Services				555,491

IT Services - 2.0%
Accenture PLC — Class A		565		46,014
Alliance Data Systems Corp.*		170		29,201
Amdocs Ltd.		1,380		49,266
Automatic Data Processing, Inc.		650		43,771
Booz Allen Hamilton Holding Corp.		3,169		48,137
Broadridge Financial Solutions, Inc.		1,093		27,522
Cognizant Technology Solutions Corp. — Class A*		660		42,768
Computer Sciences Corp.		1,003		46,990


See Notes to Financial Statements.		GUGGENHEIM ETFs SEMI-ANNUAL REPORT				35


SCHEDULE OF INVESTMENTS (Unaudited) (continued)			April 30, 2013

GUGGENHEIM RUSSELL 1000^® EQUAL WEIGHT ETF


	SHARES		VALUE


CoreLogic, Inc.*		1,056	$	28,808
DST Systems, Inc.		698		48,267
Fidelity National Information Services, Inc.		689		28,972
Fiserv, Inc.*		311		28,335
FleetCor Technologies, Inc.*		350		26,915
Gartner, Inc.*		925		53,511
Genpact Ltd.		2,353		43,766
Global Payments, Inc.		544		25,242
International Business Machines Corp.		232		46,989
Jack Henry & Associates, Inc.		587		27,237
Lender Processing Services, Inc.		1,063		29,488
Mastercard, Inc. — Class A		50		27,646
NeuStar, Inc. — Class A*		1,069		46,897
Paychex, Inc.		1,210		44,056
SAIC, Inc.		3,840		57,370
Teradata Corp.*		865		44,175
Total System Services, Inc.		1,087		25,675
Vantiv, Inc. — Class A*		1,176		26,495
VeriFone Systems, Inc.*		2,414		51,853
Visa, Inc. — Class A		160		26,954
Western Union Co. (The)		1,813		26,850

Total IT Services				1,099,170

Leisure Equipment & Products - 0.2%
Hasbro, Inc.^a		800		37,896
Mattel, Inc.		805		36,756
Polaris Industries, Inc.		387		33,356

Total Leisure Equipment & Products				108,008

Life Sciences Tools & Services - 1.4%
Agilent Technologies, Inc.		1,008		41,772
Bio-Rad Laboratories, Inc. — Class A*		504		60,354
Bruker Corp.*		3,345		59,441
Charles River Laboratories International, Inc.*		1,405		61,103
Covance, Inc.*		849		63,301
Illumina, Inc.*		1,169		75,623
Life Technologies Corp.*		984		72,511
Mettler-Toledo International, Inc.*		197		41,165
PerkinElmer, Inc.		1,874		57,438
QIAGEN NV*		3,090		61,429
Techne Corp.		929		59,586
Thermo Fisher Scientific, Inc.		841		67,852
Waters Corp.*		452		41,765

Total Life Sciences Tools & Services				763,340

Machinery - 3.1%
AGCO Corp.		829		44,144
Caterpillar, Inc.		484		40,980
CNH Global NV		1,027		42,241
Colfax Corp.*		911		42,516
Crane Co.		759		40,857
Cummins, Inc.		372		39,577
Deere & Co.		483		43,132
Donaldson Co., Inc.		1,176		42,783


	SHARES		VALUE


Dover Corp.		579	$	39,939
Flowserve Corp.		255		40,321
Gardner Denver, Inc.		561		42,125
Graco, Inc.		735		44,490
Harsco Corp.		1,708		37,286
IDEX Corp.		795		41,364
Illinois Tool Works, Inc.		691		44,611
Ingersoll-Rand PLC		761		40,942
ITT Corp.		1,474		40,682
Joy Global, Inc.		716		40,468
Kennametal, Inc.		1,082		43,269
Lincoln Electric Holdings, Inc.		767		40,467
Manitowoc Co., Inc. (The)		2,042		38,308
Navistar International Corp.*		1,220		40,406
Nordson Corp.		648		45,030
Oshkosh Corp.*		1,011		39,692
PACCAR, Inc.		840		41,815
Pall Corp.		625		41,694
Parker Hannifin Corp.		467		41,362
Pentair Ltd.		816		44,350
Snap-on, Inc.		511		44,048
SPX Corp.		539		40,161
Stanley Black & Decker, Inc.		519		38,826
Terex Corp.*		1,205		34,463
Timken Co.		1,397		73,440
Toro Co. (The)		912		41,049
Trinity Industries, Inc.		963		40,648
Valmont Industries, Inc.		495		72,136
WABCO Holdings, Inc.*		490		35,393
Wabtec Corp.		424		44,495
Xylem, Inc.		1,522		42,236

Total Machinery				1,671,746

Marine - 0.2%
Kirby Corp.*		553		41,414
Matson, Inc.		1,716		40,395

Total Marine				81,809

Media - 2.2%
AMC Networks, Inc. — Class A*		560		35,286
Cablevision Systems Corp. — Class A		2,361		35,084
CBS Corp. — Class B		767		35,113
Charter Communications, Inc. — Class A*		341		34,352
Cinemark Holdings, Inc.		1,205		37,222
Clear Channel Outdoor Holdings, Inc. — Class A*		4,580		33,113
Comcast Corp. — Class A		846		34,940
DIRECTV*		617		34,897
Discovery Communications, Inc. — Class A*		441		34,760
DISH Network Corp. — Class A		924		36,212
DreamWorks Animation SKG, Inc. — Class A*^,a		1,858		35,822
Gannett Co., Inc.		1,600		32,256


36				GUGGENHEIM ETFs SEMI-ANNUAL REPORT		See Notes to Financial Statements.


SCHEDULE OF INVESTMENTS (Unaudited) (continued)			April 30, 2013

GUGGENHEIM RUSSELL 1000^® EQUAL WEIGHT ETF


	SHARES		VALUE


Interpublic Group of Cos., Inc. (The)		2,684	$	37,147
John Wiley & Sons, Inc. — Class A		906		34,582
Lamar Advertising Co. — Class A*		725		33,944
Liberty Global, Inc. — Class A*		490		35,461
Liberty Media Corp. — Liberty Capital — Series A*		319		36,647
Madison Square Garden Co. (The) — Class A*		623		37,548
McGraw-Hill Cos., Inc. (The)		697		37,715
Morningstar, Inc.		390		25,744
News Corp. — Class A		1,157		35,832
Omnicom Group, Inc.		596		35,623
Pandora Media, Inc.*		2,533		35,285
Regal Entertainment Group — Class A^a		2,133		38,266
Scripps Networks Interactive, Inc. — Class A		547		36,419
Sirius XM Radio, Inc.		11,371		36,956
Starz — Liberty Capital*		1,623		37,946
Thomson Reuters Corp.		830		27,797
Time Warner Cable, Inc.		365		34,270
Time Warner, Inc.		616		36,824
Viacom, Inc. — Class B		572		36,602
Virgin Media, Inc.		729		35,561
Walt Disney Co. (The)		619		38,898
Washington Post Co. (The) — Class B		78		34,581

Total Media				1,198,705

Metals & Mining - 2.4%
Alcoa, Inc.		9,403		79,925
Allegheny Technologies, Inc.		2,506		67,612
Allied Nevada Gold Corp.*		4,667		49,937
Carpenter Technology Corp.		1,598		71,846
Cliffs Natural Resources, Inc.^a		3,694		78,830
Commercial Metals Co.		4,816		70,410
Compass Minerals International, Inc.		1,017		88,011
Freeport-McMoRan Copper & Gold, Inc.		2,414		73,458
Molycorp, Inc.*,^a		14,796		86,408
Newmont Mining Corp.		1,927		62,435
Nucor Corp.		1,721		75,070
Reliance Steel & Aluminum Co.		1,116		72,618
Royal Gold, Inc.		1,131		62,861
Southern Copper Corp.		2,172		72,393
Steel Dynamics, Inc.		4,982		74,929
Tahoe Resources, Inc.*		4,758		82,599
United States Steel Corp.^a		3,966		70,595
Walter Energy, Inc.		2,903		52,022

Total Metals & Mining				1,291,959

Multi-Utilities - 3.3%
Alliant Energy Corp.		1,951		104,398
Ameren Corp.		2,776		100,630
CenterPoint Energy, Inc.		4,044		99,806
CMS Energy Corp.		3,512		105,149
Consolidated Edison, Inc.		1,610		102,477
Dominion Resources, Inc.		1,668		102,882


	SHARES		VALUE


DTE Energy Co.		1,437	$	104,729
Integrys Energy Group, Inc.		1,686		103,790
MDU Resources Group, Inc.		3,918		97,754
NiSource, Inc.		3,355		103,099
PG&E Corp.		2,196		106,374
Public Service Enterprise Group, Inc.		2,859		104,668
SCANA Corp.		1,919		104,010
Sempra Energy		1,198		99,254
TECO Energy, Inc.		5,469		104,622
Vectren Corp.		2,724		102,314
Wisconsin Energy Corp.		2,294		103,092

Total Multi-Utilities				1,749,048

Multiline Retail - 0.7%
Big Lots, Inc.*		992		36,129
Dillard’s, Inc. — Class A		442		36,425
Dollar General Corp.*		672		35,005
Dollar Tree, Inc.*		726		34,529
Family Dollar Stores, Inc.		578		35,472
J.C. Penney Co., Inc.*		2,339		38,406
Kohl’s Corp.		751		35,342
Macy’s, Inc.		835		37,241
Nordstrom, Inc.		646		36,557
Sears Holdings Corp.*^,a		689		35,373
Target Corp.		511		36,056

Total Multiline Retail				396,535

Office Electronics - 0.2%
Xerox Corp.		4,912		42,145
Zebra Technologies Corp. — Class A*		916		42,731

Total Office Electronics				84,876

Oil, Gas & Consumable Fuels - 7.4%
Alpha Natural Resources, Inc.*		10,020		74,348
Anadarko Petroleum Corp.		915		77,555
Apache Corp.		1,094		80,825
Cabot Oil & Gas Corp.		1,201		81,728
Cheniere Energy, Inc.*		3,086		87,889
Chesapeake Energy Corp.		3,925		76,695
Chevron Corp.		673		82,113
Cimarex Energy Co.		1,070		78,303
Cobalt International Energy, Inc.*		2,905		81,166
Concho Resources, Inc.*		824		70,971
ConocoPhillips		1,346		81,366
CONSOL Energy, Inc.		2,433		81,846
Continental Resources, Inc.*		924		73,846
Denbury Resources, Inc.*		4,267		76,337
Devon Energy Corp.		1,422		78,295
Energen Corp.		1,866		88,486
EOG Resources, Inc.		631		76,452
EQT Corp.		1,193		89,618
EXCO Resources, Inc.		10,966		79,613
Exxon Mobil Corp.		903		80,358
Golar LNG Ltd.		2,199		73,491
Hess Corp.		1,144		82,574
HollyFrontier Corp.		1,580		78,131


See Notes to Financial Statements.		GUGGENHEIM ETFs SEMI-ANNUAL REPORT				37


SCHEDULE OF INVESTMENTS (Unaudited) (continued)			April 30, 2013

GUGGENHEIM RUSSELL 1000^® EQUAL WEIGHT ETF


	SHARES		VALUE


Kinder Morgan, Inc.		2,142	$	83,752
Kosmos Energy Ltd.*		7,207		79,205
Laredo Petroleum Holdings, Inc.*		4,365		75,078
Marathon Oil Corp.		2,388		78,016
Marathon Petroleum Corp.		895		70,132
Murphy Oil Corp.		1,280		79,475
Newfield Exploration Co.*		3,594		78,313
Noble Energy, Inc.		704		79,756
Occidental Petroleum Corp.		1,043		93,098
PBF Energy, Inc.		2,090		63,641
Peabody Energy Corp.		3,878		77,793
Phillips 66		1,210		73,750
Pioneer Natural Resources Co.		645		78,838
Plains Exploration & Production Co.*		1,735		78,422
QEP Resources, Inc.		2,563		73,584
Range Resources Corp.		987		72,564
SandRidge Energy, Inc.*^,a		15,012		77,162
SM Energy Co.		1,366		83,326
Southwestern Energy Co.*		2,157		80,715
Spectra Energy Corp.		2,720		85,762
Teekay Corp.		1,219		43,396
Tesoro Corp.		1,391		74,279
Ultra Petroleum Corp.*^,a		3,991		85,407
Valero Energy Corp.		1,810		72,979
Whiting Petroleum Corp.*		1,597		71,067
Williams Cos., Inc.(The)		2,188		83,428
World Fuel Services Corp.		2,059		83,492
WPX Energy, Inc.*		4,965		77,603

Total Oil, Gas & Consumable Fuels				3,986,039

Paper & Forest Products - 0.3%
Domtar Corp.		1,023		71,109
International Paper Co.		1,730		81,275

Total Paper & Forest Products				152,384

Personal Products - 0.4%
Avon Products, Inc.		1,683		38,978
Estee Lauder Cos., Inc. (The) —Class A		548		38,004
Herbalife Ltd.^a		3,143		124,809
Nu Skin Enterprises, Inc. — Class A		776		39,366

Total Personal Products				241,157

Pharmaceuticals - 2.0%
AbbVie, Inc.		1,567		72,160
Actavis, Inc.*		692		73,165
Allergan, Inc.		564		64,042
Bristol-Myers Squibb Co.		1,549		61,526
Eli Lilly & Co.		1,119		61,970
Endo Health Solutions, Inc.*		2,051		75,149
Forest Laboratories, Inc.*		1,671		62,512
Hospira, Inc.*		1,929		63,889
Johnson & Johnson		779		66,394
Merck & Co., Inc.		1,419		66,693
Mylan, Inc.*		2,171		63,198
Perrigo Co.		536		64,004
Pfizer, Inc.		2,203		64,041


	SHARES		VALUE


Salix Pharmaceuticals Ltd.*		1,236	$	64,630
Warner Chilcott PLC — Class A		4,642		66,752
Zoetis, Inc.		1,938		63,993

Total Pharmaceuticals				1,054,118

Professional Services - 0.6%
Dun & Bradstreet Corp. (The)		329		29,100
Equifax, Inc.		476		29,131
IHS, Inc. — Class A*		407		39,654
Manpower, Inc.		746		39,657
Nielsen Holdings NV		1,003		34,724
Robert Half International, Inc.		1,140		37,415
Towers Watson & Co. — Class A		616		44,919
Verisk Analytics, Inc. — Class A*		687		42,106

Total Professional Services				296,706

Real Estate Investment Trusts (REITs) - 3.2%
Alexandria Real Estate Equities, Inc.		376		27,362
American Campus Communities, Inc.		598		26,695
American Capital Agency Corp.		834		27,781
American Tower Corp.		354		29,732
Annaly Capital Management, Inc.		1,670		26,620
Apartment Investment & Management Co. — Class A		880		27,377
AvalonBay Communities, Inc.		211		28,071
BioMed Realty Trust, Inc.		1,230		27,687
Boston Properties, Inc.		267		29,218
Brandywine Realty Trust		1,815		27,098
BRE Properties, Inc.		553		27,915
Camden Property Trust		386		27,923
CBL & Associates Properties, Inc.		1,130		27,278
Chimera Investment Corp.		8,193		27,037
CommonWealth REIT		1,192		26,617
Corporate Office Properties Trust		1,016		29,454
Corrections Corp. of America		1,099		39,784
DDR Corp.		1,531		28,079
Digital Realty Trust, Inc.		401		28,279
Douglas Emmett, Inc.		1,085		28,394
Duke Realty Corp.		1,586		27,977
Equity Lifestyle Properties, Inc.		356		28,925
Equity Residential		485		28,159
Essex Property Trust, Inc.		179		28,112
Extra Space Storage, Inc.		681		29,678
Federal Realty Investment Trust		252		29,487
General Growth Properties, Inc.		1,344		30,536
Hatteras Financial Corp.		955		26,100
HCP, Inc.		544		28,995
Health Care REIT, Inc.		402		30,138
Home Properties, Inc.		421		27,138
Hospitality Properties Trust		1,002		29,469
Host Hotels & Resorts, Inc.		1,567		28,629
Kilroy Realty Corp.		514		29,087
Kimco Realty Corp.		1,212		28,821
Liberty Property Trust		669		28,760
Macerich Co. (The)		422		29,561


38				GUGGENHEIM ETFs SEMI-ANNUAL REPORT		See Notes to Financial Statements.


SCHEDULE OF INVESTMENTS (Unaudited) (continued)			April 30, 2013

GUGGENHEIM RUSSELL 1000^® EQUAL WEIGHT ETF


	SHARES		VALUE


Mack-Cali Realty Corp.		937	$	26,020
MFA Financial, Inc.		2,915		27,022
Mid-America Apartment Communities, Inc.		388		26,667
National Retail Properties, Inc.		748		29,681
Piedmont Office Realty Trust, Inc. —Class A		1,375		28,215
Plum Creek Timber Co., Inc.		526		27,110
Post Properties, Inc.		566		27,977
ProLogis, Inc.		670		28,106
Public Storage		177		29,205
Rayonier, Inc.		461		27,393
Realty Income Corp.		598		30,480
Regency Centers Corp.		514		28,918
Retail Properties of America, Inc. —Class A		1,837		28,124
Senior Housing Properties Trust		1,021		29,027
Simon Property Group, Inc.		169		30,094
SL Green Realty Corp.		311		28,208
Tanger Factory Outlet Centers, Inc.		748		27,766
Taubman Centers, Inc.		351		30,014
UDR, Inc.		1,115		27,407
Ventas, Inc.		373		29,702
Vornado Realty Trust		326		28,545
Weingarten Realty Investors		858		29,232
Weyerhaeuser Co.		867		26,452

Total Real Estate Investment Trusts (REITs)				1,709,338

Real Estate Management & Development - 0.4%
Alexander & Baldwin, Inc.*		758		25,818
CBRE Group, Inc.*		1,074		26,012
Forest City Enterprises, Inc. — Class A*		1,532		28,603
Howard Hughes Corp. (The)*		321		30,296
Jones Lang LaSalle, Inc.		267		26,438
Realogy Holdings Corp.*		549		26,352
St Joe Co. (The)*		1,258		24,619

Total Real Estate Management & Development				188,138

Road & Rail - 0.7%
Con-way, Inc.		1,210		40,898
CSX Corp.		1,746		42,934
Hertz Global Holdings, Inc.*		1,627		39,178
JB Hunt Transport Services, Inc.		573		40,723
Kansas City Southern		385		41,992
Landstar System, Inc.		751		41,050
Norfolk Southern Corp.		556		43,045
Ryder System, Inc.		700		40,649
Union Pacific Corp.		302		44,684

Total Road & Rail				375,153

Semiconductors & Semiconductor Equipment - 2.6%
Advanced Micro Devices, Inc.*^,a		19,382		54,657
Altera Corp.		1,401		44,846
Analog Devices, Inc.		1,076		47,333
Applied Materials, Inc.		3,671		53,266


	SHARES		VALUE


Atmel Corp.*		7,359	$	47,613
Avago Technologies Ltd.		1,376		43,977
Broadcom Corp. — Class A		1,429		51,444
Cree, Inc.*		906		51,252
Cypress Semiconductor Corp.*		4,415		44,547
Fairchild Semiconductor International, Inc.*		3,517		45,369
Freescale Semiconductor Ltd.*		3,398		52,601
Intel Corp.		2,264		54,223
KLA-Tencor Corp.		946		51,321
Lam Research Corp.*		1,196		55,279
Linear Technology Corp.		1,299		47,414
LSI Corp.*		7,337		47,984
Marvell Technology Group Ltd.		4,698		50,551
Maxim Integrated Products, Inc.		1,530		47,323
Microchip Technology, Inc.		1,341		48,839
Micron Technology, Inc.*		4,963		46,751
NVIDIA Corp.		3,939		54,240
ON Semiconductor Corp.*		5,931		46,618
PMC — Sierra, Inc.*		7,392		42,578
Silicon Laboratories, Inc.*		1,223		48,565
Skyworks Solutions, Inc.*		2,279		50,298
Teradyne, Inc.*		3,073		50,520
Texas Instruments, Inc.		1,403		50,803
Xilinx, Inc.		1,289		48,866

Total Semiconductors & Semiconductor Equipment				1,379,078

Software - 3.0%
Activision Blizzard, Inc.		3,405		50,905
Adobe Systems, Inc.*		1,152		51,932
ANSYS, Inc.*		621		50,214
Autodesk, Inc.*		1,213		47,768
BMC Software, Inc.*		1,075		48,891
CA, Inc.		1,971		53,158
Cadence Design Systems, Inc.*		3,583		49,445
Citrix Systems, Inc.*		693		43,084
Compuware Corp.*		3,939		47,268
Concur Technologies, Inc.*		735		53,736
Electronic Arts, Inc.*		2,769		48,762
Factset Research Systems, Inc.		293		27,562
Fortinet, Inc.*		2,141		38,452
Informatica Corp.*		1,464		48,210
Intuit, Inc.		749		44,670
MICROS Systems, Inc.*		1,078		45,718
Microsoft Corp.		1,749		57,892
NetSuite, Inc.*		633		55,679
Nuance Communications, Inc.*		2,463		46,896
Oracle Corp.		1,561		51,170
Red Hat, Inc.*		1,000		47,930
Rovi Corp.*		2,329		54,475
Salesforce.com, Inc.*		1,136		46,701
ServiceNow, Inc.*		1,362		55,787
Solarwinds, Inc.*		849		43,172
Solera Holdings, Inc.		858		49,404


See Notes to Financial Statements.		GUGGENHEIM ETFs SEMI-ANNUAL REPORT				39


SCHEDULE OF INVESTMENTS (Unaudited) (continued)			April 30, 2013

GUGGENHEIM RUSSELL 1000^® EQUAL WEIGHT ETF


	SHARES		VALUE


Splunk, Inc.*		1,262	$	51,490
Symantec Corp.*		2,004		48,697
Synopsys, Inc.*		1,388		49,371
TIBCO Software, Inc.*		2,462		47,787
VMware, Inc. — Class A*		647		45,613
Workday, Inc. — Class A*		804		50,371
Zynga, Inc. — Class A*		14,652		46,740

Total Software				1,598,950

Specialty Retail - 2.6%
Aaron’s, Inc.		1,225		35,170
Abercrombie & Fitch Co. — Class A		768		38,062
Advance Auto Parts, Inc.		430		36,068
American Eagle Outfitters, Inc.		1,909		37,130
Ascena Retail Group, Inc.*		1,897		35,095
AutoNation, Inc.*		799		36,363
AutoZone, Inc.*		89		36,409
Bed Bath & Beyond, Inc.*		543		37,358
Best Buy Co., Inc.		1,545		40,155
CarMax, Inc.*		859		39,548
Chico’s FAS, Inc.		2,071		37,837
Dick’s Sporting Goods, Inc.		742		35,690
DSW, Inc. — Class A		554		36,630
Foot Locker, Inc.		1,038		36,195
GameStop Corp. — Class A^a		1,331		46,452
Gap, Inc. (The)		1,001		38,028
GNC Holdings, Inc. — Class A		2,979		135,038	��
Guess?, Inc.		1,400		38,752
Home Depot, Inc.		501		36,748
L Brands, Inc.		795		40,076
Lowe’s Cos., Inc.		918		35,270
O’Reilly Automotive, Inc.*		339		36,381
PetSmart, Inc.		562		38,351
Ross Stores, Inc.		590		38,981
Sally Beauty Holdings, Inc.*		1,181		35,501
Sears Hometown and Outlet Stores, Inc.*		867		38,677
Signet Jewelers Ltd.		559		38,420
Staples, Inc.		2,636		34,901
Tiffany & Co.		513		37,798
TJX Cos., Inc.		746		36,382
Tractor Supply Co.		344		36,867
Ulta Salon Cosmetics & Fragrance, Inc.*		442		38,741
Urban Outfitters, Inc.*		890		36,882
Williams-Sonoma, Inc.		687		36,878

Total Specialty Retail				1,372,834

Textiles, Apparel & Luxury Goods - 0.8%
Carter’s, Inc.*		616		40,280
Coach, Inc.		709		41,732
Deckers Outdoor Corp.*		699		38,529
Fossil, Inc.*		367		36,010
Hanesbrands, Inc.*		795		39,877
Michael Kors Holdings Ltd.*		635		36,157
NIKE, Inc. — Class B		590		37,524


	SHARES		VALUE


PVH Corp.		308	$	35,546
Ralph Lauren Corp.		209		37,950
Under Armour, Inc. — Class A*		693		39,557
V.F. Corp.		212		37,783

Total Textiles, Apparel & Luxury Goods				420,945

Thrifts & Mortgage Finance - 0.3%
Capitol Federal Financial, Inc.		2,230		26,403
Hudson City Bancorp, Inc.		3,132		26,027
New York Community Bancorp, Inc.		1,887		25,569
People’s United Financial, Inc.		2,001		26,333
TFS Financial Corp.*		2,479		26,947
Washington Federal, Inc.		1,540		26,442

Total Thrifts & Mortgage Finance				157,721

Tobacco - 0.9%
Altria Group, Inc.		3,410		124,499
Lorillard, Inc.		2,897		124,252
Philip Morris International, Inc.		1,277		122,069
Reynolds American, Inc.		2,638		125,094

Total Tobacco				495,914

Trading Companies & Distributors - 0.7%
Air Lease Corp.		1,453		39,972
Fastenal Co.		1,568		76,910
GATX Corp.		831		42,339
MRC Global, Inc.*		2,460		73,677
MSC Industrial Direct Co., Inc. — Class A		490		38,612
United Rentals, Inc.*		796		41,878
W.W. Grainger, Inc.		191		47,076
WESCO International, Inc.*		572		41,007

Total Trading Companies & Distributors				401,471

Water Utilities - 0.4%
American Water Works Co., Inc.		2,345		98,209
Aqua America, Inc.		3,107		98,585

Total Water Utilities				196,794

Wireless Telecommunication Services - 1.5%
Clearwire Corp. — Class A*		29,642		99,597
Crown Castle International Corp.*		699		53,823
MetroPCS Communications, Inc.*		9,001		106,572
NII Holdings, Inc.*^,a		21,776		189,451
SBA Communications Corp. — Class A*		685		54,108
Sprint Nextel Corp.*		15,875		111,919
Telephone & Data Systems, Inc.		4,547		102,035
United States Cellular Corp.*		2,664		102,404

Total Wireless Telecommunication Services				819,909

Total Common Stocks (Cost $45,906,001)				53,568,139


40				GUGGENHEIM ETFs SEMI-ANNUAL REPORT		See Notes to Financial Statements.


SCHEDULE OF INVESTMENTS (Unaudited) (concluded)			April 30, 2013

GUGGENHEIM RUSSELL 1000^® EQUAL WEIGHT ETF


	SHARES		VALUE


RIGHTS - 0.0%^b
Internet & Catalog Retail - 0.0%^b
Liberty Ventures*		—	$	—

Total Internet & Catalog Retail				—

Total Rights (Cost $4)				—


SHORT TERM INVESTMENTS - 0.1%
SSgA Government Money Market Fund		67,971		67,971

Total Short Term Investments (Cost $67,971)				67,971


	FACE AMOUNT
SECURITIES LENDING COLLATERAL - 1.7%^c
Repurchase Agreements:
Deutsche Bank Securities, Inc., issued 04/30/13 at 0.15% due 05/01/13^d	$	153,098		153,098
HSBC Securities, Inc., issued 04/30/13 at 0.15% due 05/01/13^d		673,633		673,633
RBS Securities, Inc., issued 04/30/13 at 0.15% due 05/01/13^d		106,379		106,379

Total Securities Lending Collateral (Cost $933,110)				933,110

Total Investments - 101.7%^e (Cost $46,907,086)				54,569,220

Other Assets and Liabilities, net - (1.7)%				(911,497	)

Net Assets - 100.0%			$	53,657,723

Non-Income Producing Security.

All or a portion of this security was on loan as of April 30, 2013.

Amount represents less than 0.05% of net assets.

Securities lending collateral (Note 8).

Values determined based on Level 2 inputs. (Note 4).

Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs.

PLC — Public Limited Company

REIT — Real Estate Investment Trust


See Notes to Financial Statements.		GUGGENHEIM ETFs SEMI-ANNUAL REPORT				41


SCHEDULE OF INVESTMENTS (Unaudited)			April 30, 2013

GUGGENHEIM RUSSELL 2000^® EQUAL WEIGHT ETF


	SHARES		VALUE


COMMON STOCKS - 99.0%
Aerospace & Defense - 1.0%
AAR Corp.		342	$	6,108
Aerovironment, Inc.*		344		6,660
American Science & Engineering, Inc.		93		5,997
API Technologies Corp.*		2,451		6,765
Astronics Corp.*		211		5,866
CPI Aerostructures, Inc.*		726		6,686
Cubic Corp.		143		6,145
Curtiss-Wright Corp.		176		5,780
DigitalGlobe, Inc.*		195		5,692
Esterline Technologies Corp.*		83		6,228
GenCorp, Inc.*		468		6,117
HEICO Corp.		142		6,249
Hexcel Corp.*		461		14,060
KEYW Holding Corp. (The)*		350		4,757
Kratos Defense & Security Solutions, Inc.*		1,250		6,362
LMI Aerospace, Inc.*		298		6,374
Moog, Inc. — Class A*		136		6,285
National Presto Industries, Inc.		70		5,250
Orbital Sciences Corp.*		370		6,667
SIFCO Industries, Inc.		337		5,756
Sypris Solutions, Inc.		1,528		4,890
Taser International, Inc.*		779		6,863
Teledyne Technologies, Inc.*		81		6,080

Total Aerospace & Defense				147,637

Air Freight & Logistics - 0.3%
Air Transport Services Group, Inc.*		1,042		6,012
Atlas Air Worldwide Holdings, Inc.*		150		5,610
Echo Global Logistics, Inc.*		292		5,066
Forward Air Corp.		167		6,161
Hub Group, Inc. — Class A*		161		5,901
Pacer International, Inc.*		1,260		7,169
Park-Ohio Holdings Corp.*		191		7,025
XPO Logistics, Inc.*		373		6,084

Total Air Freight & Logistics				49,028

Airlines - 0.3%
Alaska Air Group, Inc.*		100		6,164
Allegiant Travel Co.		72		6,473
Hawaiian Holdings, Inc.*		1,068		5,863
JetBlue Airways Corp.*		917		6,318
Republic Airways Holdings, Inc.*		553		6,188
SkyWest, Inc.		395		5,652
Spirit Airlines, Inc.*		245		6,542
US Airways Group, Inc.*		379		6,405

Total Airlines				49,605

Auto Components - 0.6%
American Axle & Manufacturing Holdings, Inc.*		436		5,829
Cooper Tire & Rubber Co.		209		5,202
Dana Holding Corp.		312		5,382
Dorman Products, Inc.		153		5,774


	SHARES		VALUE


Drew Industries, Inc.		154	$	5,559
Exide Technologies*		2,028		1,718
Federal-Mogul Corp.*		904		6,762
Fuel Systems Solutions, Inc.*		337		5,294
Gentherm, Inc.*		347		5,285
Modine Manufacturing Co.*		682		6,234
Spartan Motors, Inc.		1,200		6,384
Standard Motor Products, Inc.		201		6,159
Stoneridge, Inc.*		736		5,572
Superior Industries International, Inc.		302		5,545
Tenneco, Inc.*		144		5,568
Tower International, Inc.*		394		6,339

Total Auto Components				88,606

Automobiles - 0.0%^a
Winnebago Industries, Inc.*		252		4,617

Total Automobiles				4,617

Beverages - 0.5%
Boston Beer Co., Inc. — Class A*		201		34,033
Coca-Cola Bottling Co. Consolidated		531		32,657

Total Beverages				66,690

Biotechnology - 4.2%
Achillion Pharmaceuticals, Inc.*		710		5,353
Acorda Therapeutics, Inc.*		199		7,874
Aegerion Pharmaceuticals, Inc.*		161		6,768
Affymax, Inc.*		4,884		4,396
Agenus, Inc.*		1,558		7,572
Alkermes PLC*		264		8,081
Alnylam Pharmaceuticals, Inc.*		265		6,347
AMAG Pharmaceuticals, Inc.*		273		6,020
Amicus Therapeutics, Inc.*		2,007		6,523
Anacor Pharmaceuticals, Inc.*		968		6,486
Arena Pharmaceuticals, Inc.*		764		6,295
ArQule, Inc.*		2,413		7,118
Array Biopharma, Inc.*		1,258		7,485
Astex Pharmaceuticals, Inc.*		1,453		9,997
AVEO Pharmaceuticals, Inc.*		822		4,200
BioCryst Pharmaceuticals, Inc.*		5,002		10,054
Biospecifics Technologies Corp.*		365		5,793
Biotime, Inc.*		1,570		5,683
Celldex Therapeutics, Inc.*		556		7,256
Cepheid, Inc.*		160		6,101
ChemoCentryx, Inc.*		447		5,556
Clovis Oncology, Inc.*		218		8,158
Codexis, Inc.*		2,651		5,938
Coronado Biosciences, Inc.*		647		7,279
Cubist Pharmaceuticals, Inc.*		134		6,153
Curis, Inc.*		1,835		6,881
Cytori Therapeutics, Inc.*		2,376		6,677
Dendreon Corp.*^,b		1,334		6,283
Discovery Laboratories, Inc.*		2,628		4,441
Durata Therapeutics, Inc.*		638		4,645
Dyax Corp.*		1,463		4,023
Dynavax Technologies Corp.*		2,858		6,716


42				GUGGENHEIM ETFs SEMI-ANNUAL REPORT		See Notes to Financial Statements.


SCHEDULE OF INVESTMENTS (Unaudited) (continued)			April 30, 2013

GUGGENHEIM RUSSELL 2000^® EQUAL WEIGHT ETF


	SHARES		VALUE


Emergent Biosolutions, Inc.*		439	$	6,734
Enzon Pharmaceuticals, Inc.		1,582		5,221
Exact Sciences Corp.*		620		5,791
Exelixis, Inc.*^,b		1,363		7,074
Genomic Health, Inc.*		232		7,044
Geron Corp.*		5,690		6,657
GTx, Inc.*		1,456		6,727
Halozyme Therapeutics, Inc.*		1,030		6,221
Hyperion Therapeutics, Inc.*		240		5,148
Idenix Pharmaceuticals, Inc.*		1,695		6,272
ImmunoCellular Therapeutics Ltd.*		2,306		5,811
Immunogen, Inc.*^,b		397		6,360
Immunomedics, Inc.*		2,542		6,508
Infinity Pharmaceuticals, Inc.*		132		5,688
Intercept Pharmaceuticals, Inc.*		163		5,550
InterMune, Inc.*		691		6,447
Ironwood Pharmaceuticals, Inc.*		342		5,202
Isis Pharmaceuticals, Inc.*		369		8,262
KaloBios Pharmaceuticals, Inc.*		1,017		6,102
Keryx Biopharmaceuticals, Inc.*		899		7,327
KYTHERA Biopharmaceuticals, Inc.*		271		6,639
Lexicon Pharmaceuticals, Inc.*		2,832		5,607
Ligand Pharmaceuticals, Inc. — Class B*		238		6,502
LipoScience, Inc.*		603		5,210
MannKind Corp.*^,b		1,863		7,359
Maxygen, Inc.		2,584		6,202
Merrimack Pharmaceuticals, Inc.*		1,046		5,146
Momenta Pharmaceuticals, Inc.*		457		5,630
Neurocrine Biosciences, Inc.*		552		6,370
NewLink Genetics Corp.*^,b		499		6,956
Novavax, Inc.*		2,858		6,716
NPS Pharmaceuticals, Inc.*		627		8,421
OncoGenex Pharmaceutical, Inc.*		524		5,308
Oncothyreon, Inc.*		2,982		7,485
Opko Health, Inc.*		811		5,401
Orexigen Therapeutics, Inc.*		1,097		6,670
Osiris Therapeutics, Inc.*		552		6,193
PDL BioPharma, Inc.		856		6,625
Pharmacyclics, Inc.*		79		6,438
Progenics Pharmaceuticals, Inc.*		1,118		5,143
Raptor Pharmaceutical Corp.*		1,082		7,466
Regulus Therapeutics, Inc.*		851		5,974
Repligen Corp.*		900		8,064
Rigel Pharmaceuticals, Inc.*		924		4,426
Sangamo Biosciences, Inc.*		675		6,871
Seattle Genetics, Inc.*		171		6,318
SIGA Technologies, Inc.*		1,619		5,343
Spectrum Pharmaceuticals, Inc.		826		6,121
Sunesis Pharmaceuticals, Inc.*		1,195		6,728
Synageva BioPharma Corp.*		114		5,893
Synergy Pharmaceuticals, Inc.*		1,042		5,471
Synta Pharmaceuticals Corp.*^,b		731		7,493
Targacept, Inc.*		1,466		6,758


	SHARES		VALUE


TESARO, Inc.*		292	$	8,033
Theravance, Inc.*		265		8,944
Threshold Pharmaceuticals, Inc.*		1,258		6,064
Trius Therapeutics, Inc.*		886		6,175
Vanda Pharmaceuticals, Inc.*		1,570		7,630
Verastem, Inc.*		647		6,354
Vical, Inc.*		1,539		5,679
XOMA Corp.*		1,798		6,293
ZIOPHARM Oncology, Inc.*		3,408		5,725

Total Biotechnology				604,142

Building Products - 1.4%
AAON, Inc.		492		13,978
American Woodmark Corp.*		166		5,586
AO Smith Corp.		85		6,411
Apogee Enterprises, Inc.		465		11,848
Builders FirstSource, Inc.*		2,227		13,785
Gibraltar Industries, Inc.*		716		13,389
Griffon Corp.		1,132		11,660
Insteel Industries, Inc.		834		13,828
NCI Building Systems, Inc.*		758		12,977
Nortek, Inc.*		188		13,510
PGT, Inc.*		2,177		16,763
Quanex Building Products Corp.		834		13,569
Simpson Manufacturing Co., Inc.		432		12,416
Trex Co., Inc.*		270		13,143
Universal Forest Products, Inc.		331		12,777
USG Corp.*		496		12,891

Total Building Products				198,531

Capital Markets - 1.5%
Apollo Investment Corp.		408		3,594
Arlington Asset Investment Corp. — Class A		132		3,576
Artio Global Investors, Inc.		1,219		3,340
BGC Partners, Inc. — Class A		786		4,496
BlackRock Kelso Capital Corp.		345		3,433
Calamos Asset Management, Inc. — Class A		277		3,144
Capital Southwest Corp.		29		3,413
CIFC Corp.*		423		3,312
Cohen & Steers, Inc.		95		3,753
Cowen Group, Inc. — Class A*		1,232		3,154
Diamond Hill Investment Group, Inc.		42		3,170
Evercore Partners, Inc. — Class A		81		3,058
FBR & Co.*		174		3,624
Fidus Investment Corp.		183		3,440
Fifth Street Finance Corp.		309		3,411
Financial Engines, Inc.		94		3,419
Firsthand Technology Value Fund, Inc.*		172		3,199
FXCM, Inc. — Class A^b		249		3,374
GAMCO Investors, Inc. — Class A		60		3,150
GFI Group, Inc.		991		3,974
Gladstone Capital Corp.		367		3,402
Gladstone Investment Corp.		454		3,378


See Notes to Financial Statements.		GUGGENHEIM ETFs SEMI-ANNUAL REPORT				43


SCHEDULE OF INVESTMENTS (Unaudited) (continued)			April 30, 2013

GUGGENHEIM RUSSELL 2000^® EQUAL WEIGHT ETF


	SHARES		VALUE


Golub Capital BDC, Inc.		208	$	3,667
Greenhill & Co., Inc.		62		2,864
GSV Capital Corp.*		399		3,068
Harris & Harris Group, Inc.*		923		3,046
Hercules Technology Growth Capital, Inc.		276		3,671
HFF, Inc. — Class A		174		3,645
Horizon Technology Finance Corp.		233		3,423
ICG Group, Inc.*		451		5,353
INTL. FCStone, Inc.*		191		3,270
Investment Technology Group, Inc.*		298		3,245
JMP Group, Inc.		476		3,075
KCAP Financial, Inc.		308		3,333
Knight Capital Group, Inc. — Class A*		891		3,154
Ladenburg Thalmann Financial Services, Inc.*		2,012		2,958
Main Street Capital Corp.		103		3,096
Manning & Napier, Inc.		203		3,555
MCG Capital Corp.		709		3,644
Medallion Financial Corp.		258		3,855
Medley Capital Corp.		215		3,350
MVC Capital, Inc.		264		3,429
New Mountain Finance Corp.		234		3,566
NGP Capital Resources Co.		480		3,197
OFS Capital Corp.		232		3,236
Oppenheimer Holdings, Inc. — Class A		167		3,090
PennantPark Investment Corp.		295		3,451
Piper Jaffray Cos.*		97		3,275
Prospect Capital Corp.		310		3,419
Pzena Investment Management, Inc. — Class A		470		2,980
Safeguard Scientifics, Inc.*		210		3,389
Solar Capital Ltd.		145		3,470
Solar Senior Capital Ltd.		176		3,374
Stellus Capital Investment Corp.		223		3,412
Stifel Financial Corp.*		97		3,125
SWS Group, Inc.*		543		3,090
TCP Capital Corp.		213		3,338
THL Credit, Inc.		223		3,430
TICC Capital Corp.		349		3,549
Triangle Capital Corp.		122		3,412
Virtus Investment Partners, Inc.*		18		3,438
Walter Investment Management Corp.*		96		3,222
Westwood Holdings Group, Inc.		74		3,234
WhiteHorse Finance, Inc.		215		3,408
WisdomTree Investments, Inc.*		318		3,689

Total Capital Markets				221,309

Chemicals - 2.9%
A. Schulman, Inc.		415		10,778
ADA-ES, Inc.*		236		6,516
American Vanguard Corp.		429		12,372
Arabian American Development Co.*		1,760		13,394
Axiall Corp.		218		11,434
Balchem Corp.		310		13,435


	SHARES		VALUE


Calgon Carbon Corp.*		748	$	12,746
Chase Corp.		697		13,522
Chemtura Corp.*		620		13,181
Ferro Corp.*		1,992		14,024
Flotek Industries, Inc.*		919		14,741
FutureFuel Corp.		1,091		13,365
GSE Holding, Inc.*		749		5,617
H.B. Fuller Co.		335		12,696
Hawkins, Inc.		340		12,645
Innophos Holdings, Inc.		242		12,417
Innospec, Inc.		305		13,423
KMG Chemicals, Inc.		677		12,430
Koppers Holdings, Inc.		300		13,173
Kraton Performance Polymers, Inc.*		550		12,490
Landec Corp.*		1,004		13,464
LSB Industries, Inc.*		394		12,868
Minerals Technologies, Inc.		320		13,002
Olin Corp.		531		12,834
OM Group, Inc.*		567		13,874
Omnova Solutions, Inc.*		1,725		11,506
PolyOne Corp.		553		12,459
Quaker Chemical Corp.		218		13,455
Sensient Technologies Corp.		344		13,536
Stepan Co.		209		11,900
Tredegar Corp.		436		12,906
Zep, Inc.		863		13,118
Zoltek Cos., Inc.*		1,118		14,769

Total Chemicals				414,090

Commercial Banks - 3.6%
1st Source Corp.		139		3,271
1st United Bancorp, Inc.		518		3,434
Access National Corp.		200		2,514
American National Bankshares, Inc.		152		3,303
Ameris Bancorp*		232		3,218
Ames National Corp.		157		3,085
Arrow Financial Corp.		136		3,290
Bancfirst Corp.		79		3,305
Banco Latinoamericano de Comercio Exterior SA — Class E		133		3,018
Bancorp, Inc. (The)*		244		3,172
BancorpSouth, Inc.		204		3,264
Bank of Kentucky Financial Corp.		116		3,042
Bank of Marin Bancorp		83		3,287
Bank of the Ozarks, Inc.		75		3,070
Banner Corp.		105		3,430
Bar Harbor Bankshares		93		3,348
BBCN Bancorp, Inc.		253		3,259
Berkshire Bancorp, Inc.		401		3,461
Boston Private Financial Holdings, Inc.		336		3,239
Bridge Bancorp, Inc.		154		3,109
Bridge Capital Holdings*		219		3,193
Bryn Mawr Bank Corp.		144		3,345
BSB Bancorp, Inc.*		240		3,300
C&F Financial Corp.		80		3,216


44				GUGGENHEIM ETFs SEMI-ANNUAL REPORT		See Notes to Financial Statements.


SCHEDULE OF INVESTMENTS (Unaudited) (continued)			April 30, 2013

GUGGENHEIM RUSSELL 2000^® EQUAL WEIGHT ETF


	SHARES		VALUE


Camden National Corp.		99	$	3,306
Capital Bank Financial Corp. — Class A*		196		3,502
Capital City Bank Group, Inc.*		266		3,325
Cardinal Financial Corp.		183		2,791
Cascade Bancorp*		496		2,961
Cathay General Bancorp		166		3,272
Center Bancorp, Inc.		265		3,087
Centerstate Banks, Inc.		384		3,195
Central Pacific Financial Corp.*		209		3,520
Century Bancorp, Inc. — Class A		98		3,330
Chemical Financial Corp.		126		3,125
Citizens & Northern Corp.		170		3,291
City Holding Co.		84		3,207
CNB Financial Corp.		194		3,141
CoBiz Financial, Inc.		404		3,458
Columbia Banking System, Inc.		153		3,285
Community Bank System, Inc.		112		3,208
Community Trust Bancorp, Inc.		97		3,358
ConnectOne Bancorp, Inc.*		108		3,132
CVB Financial Corp.		294		3,196
Eagle Bancorp, Inc.*		151		3,493
Enterprise Bancorp, Inc.		197		3,176
Enterprise Financial Services Corp.		232		3,336
Farmers National Banc Corp.		522		3,445
Fidelity Southern Corp.*		286		3,405
Financial Institutions, Inc.		167		3,195
First BanCorp*		534		3,156
First Bancorp		248		3,226
First Bancorp., Inc.		186		3,179
First Busey Corp.		732		3,148
First California Financial Group, Inc.*		397		3,204
First Commonwealth Financial Corp.		443		3,167
First Community Bancshares, Inc.		209		3,242
First Connecticut Bancorp, Inc.		229		3,398
First Financial Bancorp		210		3,228
First Financial Bankshares, Inc.		68		3,360
First Financial Corp.		104		3,213
First Financial Holdings, Inc.		157		3,146
First Interstate Bancsystem, Inc.		173		3,515
First Merchants Corp.		215		3,489
First Midwest Bancorp, Inc.		248		3,112
First of Long Island Corp. (The)		113		3,414
FirstMerit Corp.		404		6,920
FNB Corp.		283		3,223
FNB United Corp.*		342		2,565
German American Bancorp, Inc.		143		3,049
Glacier Bancorp, Inc.		176		3,247
Great Southern Bancorp, Inc.		137		3,613
Guaranty Bancorp*		1,598		3,388
Hancock Holding Co.		107		2,918
Hanmi Financial Corp.*		208		3,209
Heartland Financial USA, Inc.		131		3,329
Heritage Commerce Corp.*		493		3,239


	SHARES		VALUE


Heritage Financial Corp.		230	$	3,208
Heritage Oaks Bancorp*		587		3,240
Home BancShares, Inc.		89		3,535
HomeTrust Bancshares, Inc.*		210		3,349
Horizon Bancorp		163		3,146
Hudson Valley Holding Corp.		220		3,384
Iberiabank Corp.		67		3,057
Independent Bank Corp.		102		3,166
International Bancshares Corp.		159		3,085
Investors Bancorp, Inc.		179		3,544
Lakeland Bancorp, Inc.		339		3,241
Lakeland Financial Corp.		124		3,323
MainSource Financial Group, Inc.		232		2,939
MB Financial, Inc.		138		3,417
Mercantile Bank Corp.		197		3,292
Merchants Bancshares, Inc.		111		3,368
Metro Bancorp, Inc.*		198		3,514
MetroCorp Bancshares, Inc.*		318		3,196
Middleburg Financial Corp.		177		3,202
Midsouth Bancorp, Inc.		207		3,252
MidWestOne Financial Group, Inc.		142		3,394
National Bank Holdings Corp. — Class A		179		3,233
National Bankshares, Inc.		93		3,046
National Penn Bancshares, Inc.		310		3,035
NBT Bancorp, Inc.		149		3,017
Northrim BanCorp, Inc.		149		3,245
OFG Bancorp		214		3,439
Old National Bancorp		241		2,935
OmniAmerican Bancorp, Inc.*		129		3,212
Pacific Continental Corp.		298		3,332
Pacific Mercantile Bancorp*		544		3,264
PacWest Bancorp		117		3,244
Park National Corp.		48		3,282
Park Sterling Corp.*		596		3,415
Peapack Gladstone Financial Corp.		223		3,251
Penns Woods Bancorp, Inc.		81		3,314
Peoples Bancorp, Inc.		149		3,037
Pinnacle Financial Partners, Inc.*		141		3,422
Preferred Bank*		210		3,465
PrivateBancorp, Inc.		173		3,318
Prosperity Bancshares, Inc.		70		3,216
Renasant Corp.		148		3,377
Republic Bancorp, Inc. — Class A		147		3,263
S&T Bancorp, Inc.		179		3,378
S.Y. Bancorp, Inc.		148		3,398
Sandy Spring Bancorp, Inc.		164		3,359
SCBT Financial Corp.		65		3,105
Seacoast Banking Corp. of Florida*		1,575		3,370
Sierra Bancorp		251		3,243
Simmons First National Corp. — Class A		129		3,163
Southside Bancshares, Inc.		166		3,547
Southwest Bancorp, Inc.*		258		3,411


See Notes to Financial Statements.		GUGGENHEIM ETFs SEMI-ANNUAL REPORT				45


SCHEDULE OF INVESTMENTS (Unaudited) (continued)			April 30, 2013

GUGGENHEIM RUSSELL 2000^® EQUAL WEIGHT ETF


	SHARES		VALUE


State Bank Financial Corp.		207	$	3,045
StellarOne Corp.		205		3,073
Sterling Bancorp		325		3,666
Sterling Financial Corp.		152		3,314
Suffolk Bancorp*		232		3,628
Sun Bancorp, Inc.*		903		2,908
Susquehanna Bancshares, Inc.		268		3,128
Taylor Capital Group, Inc.*		211		3,091
Texas Capital Bancshares, Inc.*		82		3,416
Tompkins Financial Corp.		79		3,302
TowneBank		222		3,177
Trico Bancshares		191		3,337
Trustmark Corp.		134		3,290
UMB Financial Corp.		68		3,423
Umpqua Holdings Corp.		251		3,012
Union First Market Bankshares Corp.		168		3,177
United Bankshares, Inc.		126		3,189
United Community Banks, Inc.*		292		3,197
Univest Corp. of Pennsylvania		191		3,348
Virginia Commerce Bancorp, Inc.*		238		3,199
Washington Banking Co.		239		3,298
Washington Trust Bancorp, Inc.		120		3,210
Webster Financial Corp.		138		3,225
WesBanco, Inc.		138		3,454
West Bancorp, Inc.		303		3,266
Westamerica Bancorp		74		3,211
Western Alliance Bancorp*		239		3,516
Wilshire Bancorp, Inc.*		513		3,278
Wintrust Financial Corp.		91		3,263

Total Commercial Banks				517,639

Commercial Services & Supplies - 1.9%
ABM Industries, Inc.		282		6,359
ACCO Brands Corp.*		927		6,257
Acorn Energy, Inc.		740		5,550
ARC Document Solutions, Inc.*		1,944		6,240
AT Cross Co. — Class A*		447		5,641
Brink’s Co. (The)		222		5,885
Casella Waste Systems, Inc. — Class A*		1,444		6,296
Ceco Environmental Corp.		512		5,944
Cenveo, Inc.*		2,837		5,788
Consolidated Graphics, Inc.*		160		5,707
Courier Corp.		396		5,702
Deluxe Corp.		151		5,759
EnergySolutions, Inc.*		1,654		6,831
EnerNOC, Inc.*		867		15,190
Ennis, Inc.		409		6,286
G&K Services, Inc. — Class A		139		6,532
Geo Group, Inc. (The)		91		3,408
Healthcare Services Group, Inc.		245		5,461
Heritage-Crystal Clean, Inc.*		407		6,329
Herman Miller, Inc.		227		5,695
HNI Corp.		179		6,163
InnerWorkings, Inc.*		421		4,240
Interface, Inc.		691		11,567


	SHARES		VALUE


Intersections, Inc.		344	$	3,289
Kimball International, Inc. — Class B		685		6,295
Knoll, Inc.		344		5,353
McGrath Rentcorp		197		6,119
Metalico, Inc.*		3,531		5,261
Mine Safety Appliances Co.		127		6,096
Mobile Mini, Inc.*		212		5,964
Multi-Color Corp.		243		6,284
Performant Financial Corp.*		485		4,719
Quad/Graphics, Inc.		259		5,413
Schawk, Inc.		565		5,752
Standard Parking Corp.*		302		6,490
Steelcase, Inc. — Class A		415		5,271
Swisher Hygiene, Inc.*		4,846		7,075
Team, Inc.*		154		5,969
Tetra Tech, Inc.*		204		5,363
TMS International Corp. — Class A*		1,011		14,599
TRC Cos., Inc.*		901		5,442
UniFirst Corp.		71		6,465
United Stationers, Inc.		160		5,195
US Ecology, Inc.		244		6,637
Viad Corp.		208		5,418

Total Commercial Services & Supplies				283,299

Communications Equipment - 1.5%
ADTRAN, Inc.		292		6,132
Anaren, Inc.*		291		6,812
Arris Group, Inc.*		329		5,432
Aruba Networks, Inc.*		219		4,925
Aviat Networks, Inc.*		1,683		5,386
Aware, Inc.		1,174		5,670
Bel Fuse, Inc. — Class B		355		5,226
Black Box Corp.		243		5,278
CalAmp Corp.*		521		5,799
Calix, Inc.*		671		5,724
Ciena Corp.*		355		5,311
Comtech Telecommunications Corp.		231		5,685
Digi International, Inc.*		598		5,454
Emulex Corp.*		861		5,166
Extreme Networks*		1,658		5,521
Finisar Corp.*		422		5,418
Globecomm Systems, Inc.*		461		5,647
Harmonic, Inc.*		977		5,549
Infinera Corp.*^,b		800		6,736
InterDigital, Inc.		119		5,285
Ixia*		266		4,381
KVH Industries, Inc.*		418		5,522
Netgear, Inc.*		171		5,094
Numerex Corp. — Class A*		433		4,468
Oclaro, Inc.*^,b		4,438		6,036
Oplink Communications, Inc.*		344		5,648
Parkervision, Inc.*		1,615		6,444
PC-Tel, Inc.		818		5,456
Plantronics, Inc.		129		5,653
Procera Networks, Inc.*		457		5,068


46				GUGGENHEIM ETFs SEMI-ANNUAL REPORT		See Notes to Financial Statements.


SCHEDULE OF INVESTMENTS (Unaudited) (continued)			April 30, 2013

GUGGENHEIM RUSSELL 2000^® EQUAL WEIGHT ETF


	SHARES		VALUE


Ruckus Wireless, Inc.*		246	$	4,748
ShoreTel, Inc.*		1,588		5,733
Sonus Networks, Inc.*		2,168		4,553
Symmetricom, Inc.*		1,250		6,500
Tellabs, Inc.		2,684		5,556
Telular Corp.		551		7,036
Tessco Technologies, Inc.		261		5,335
Ubiquiti Networks, Inc.		411		6,350
Viasat, Inc.*		116		5,622
Westell Technologies, Inc. — Class A*		2,723		5,337

Total Communications Equipment				222,696

Computers & Peripherals - 0.6%
3D Systems Corp.*		182		6,960
Avid Technology, Inc.*		844		5,562
Cray, Inc.*		252		5,332
Datalink Corp.*		458		5,125
Electronics for Imaging, Inc.*		243		6,493
Imation Corp.*		1,491		5,487
Immersion Corp.*		472		4,998
Intermec, Inc.*		574		5,648
Intevac, Inc.*		1,139		5,160
OCZ Technology Group, Inc.*		3,149		4,125
QLogic Corp.*		480		5,213
Quantum Corp.*		4,206		6,014
Silicon Graphics International Corp.*		401		5,213
STEC, Inc.*		1,247		4,527
Super Micro Computer, Inc.*		494		4,752
Synaptics, Inc.*		143		5,896

Total Computers & Peripherals				86,505

Construction & Engineering - 1.1%
Aegion Corp.*		249		5,244
Ameresco, Inc. — Class A*		1,975		14,556
Argan, Inc.		411		7,275
Comfort Systems USA, Inc.		943		12,099
Dycom Industries, Inc.*		311		6,008
EMCOR Group, Inc.		148		5,535
Furmanite Corp.*		944		5,994
Granite Construction, Inc.		197		5,451
Great Lakes Dredge & Dock Corp.		936		6,477
Layne Christensen Co.*		286		5,843
MasTec, Inc.*		210		5,838
Michael Baker Corp.		253		6,161
MYR Group, Inc.*		256		5,837
Northwest Pipe Co.*		457		12,472
Orion Marine Group, Inc.*		617		5,652
Pike Electric Corp.		2,045		31,963
Primoris Services Corp.		284		6,259
Sterling Construction Co., Inc.*		570		5,768
Tutor Perini Corp.*		328		5,392

Total Construction & Engineering				159,824

Construction Materials - 0.3%
Eagle Materials, Inc.		200		13,550
Headwaters, Inc.*		1,211		13,151


	SHARES		VALUE


Texas Industries, Inc.*		201	$	12,800
United States Lime & Minerals, Inc.*		248		11,453

Total Construction Materials				50,954

Consumer Finance - 0.3%
Asset Acceptance Capital Corp.*		507		3,280
Asta Funding, Inc.		345		3,240
Cash America International, Inc.		64		2,792
Credit Acceptance Corp.*		27		2,709
DFC Global Corp.*		194		2,619
Encore Capital Group, Inc.*		111		3,162
EZCORP, Inc. — Class A*		156		2,636
First Cash Financial Services, Inc.*		58		2,985
First Marblehead Corp. (The)*		3,274		4,027
Green Dot Corp. — Class A*		199		3,126
Nelnet, Inc. — Class A		98		3,332
Netspend Holdings, Inc.*		210		3,352
Nicholas Financial, Inc.		233		3,407
Portfolio Recovery Associates, Inc.*		27		3,314
Regional Management Corp.*		166		3,599
World Acceptance Corp.*		40		3,555

Total Consumer Finance				51,135

Containers & Packaging - 0.6%
AEP Industries, Inc.*		187		14,418
Berry Plastics Group, Inc.*		691		13,129
Boise, Inc.		1,575		12,584
Graphic Packaging Holding Co.*		1,802		13,551
Myers Industries, Inc.		972		14,405
UFP Technologies, Inc.*		681		13,817

Total Containers & Packaging				81,904

Distributors - 0.3%
Core-Mark Holding Co., Inc.		627		32,629
Pool Corp.		118		5,785
VOXX International Corp.*		527		5,022
Weyco Group, Inc.		230		5,520

Total Distributors				48,956

Diversified Consumer Services - 1.0%
American Public Education, Inc.*		162		5,432
Ascent Capital Group, Inc. — Series A*		86		5,718
Bridgepoint Education, Inc.*		561		6,048
Bright Horizons Family Solutions, Inc.*		163		5,288
Capella Education Co.*		175		6,199
Career Education Corp.*		2,331		5,105
Carriage Services, Inc.		268		4,687
Coinstar, Inc.*^,b		99		5,228
Collectors Universe		465		5,538
Corinthian Colleges, Inc.*^,b		2,675		5,350
Education Management Corp.*		1,539		8,726
Grand Canyon Education, Inc.*		226		5,779
Hillenbrand, Inc.		223		5,604
K12, Inc.*		238		6,062
LifeLock, Inc.*		576		5,184
Lincoln Educational Services Corp.		927		5,163
Mac-Gray Corp.		483		6,255


See Notes to Financial Statements.		GUGGENHEIM ETFs SEMI-ANNUAL REPORT				47


SCHEDULE OF INVESTMENTS (Unaudited) (continued)			April 30, 2013

GUGGENHEIM RUSSELL 2000^® EQUAL WEIGHT ETF


	SHARES		VALUE


Matthews International Corp. — Class A		161	$	5,926
National American University Holdings, Inc.		1,383		4,619
Regis Corp.		309		5,794
Sotheby’s		151		5,358
Steiner Leisure Ltd.*		115		5,569
Stewart Enterprises, Inc. — Class A		603		5,373
Strayer Education, Inc.		115		5,446
Universal Technical Institute, Inc.		447		5,306

Total Diversified Consumer Services				140,757

Diversified Financial Services - 0.3%
California First National Bancorp		194		3,088
Gain Capital Holdings, Inc.		737		3,633
MarketAxess Holdings, Inc.		90		3,809
Marlin Business Services Corp.		265		6,421
MicroFinancial, Inc.		718		5,809
NewStar Financial, Inc.*		251		2,999
PHH Corp.*		283		5,966
PICO Holdings, Inc.*		148		3,212
Resource America, Inc. — Class A		349		3,218

Total Diversified Financial Services				38,155

Diversified Telecommunication Services - 3.4%
8x8, Inc.*		4,262		30,814
Atlantic Tele-Network, Inc.		593		30,107
Cbeyond, Inc.*		3,979		34,936
Cincinnati Bell, Inc.*		8,827		31,071
Cogent Communications Group, Inc.		1,086		31,103
Consolidated Communications Holdings, Inc.		1,612		29,709
General Communication, Inc. — Class A*		3,252		31,577
Hawaiian Telcom Holdco, Inc.*		1,248		30,164
IDT Corp. — Class B		2,387		35,304
inContact, Inc.*		3,840		31,104
Iridium Communications, Inc.*		4,461		29,933
Lumos Networks Corp.		2,205		29,746
magicJack VocalTec Ltd.*^,b		2,125		35,126
Orbcomm, Inc.*		5,692		26,923
Premiere Global Services, Inc.*		2,610		29,310
Vonage Holdings Corp.*		10,101		30,808

Total Diversified Telecommunication Services				497,735

Electric Utilities - 2.5%
Allete, Inc.		590		30,296
Cleco Corp.		619		30,653
El Paso Electric Co.		860		32,216
Empire District Electric Co. (The)		1,308		30,176
IDACORP, Inc.		599		29,477
MGE Energy, Inc.		518		28,930
Otter Tail Corp.		925		28,860
PNM Resources, Inc.		1,242		29,820
Portland General Electric Co.		955		30,799
UIL Holdings Corp.		738		30,730


	SHARES		VALUE


Unitil Corp.		1,027	$	31,128
UNS Energy Corp.		605		30,831

Total Electric Utilities				363,916

Electrical Equipment - 1.3%
Acuity Brands, Inc.		192		14,008
American Superconductor Corp.*		2,368		5,944
AZZ, Inc.		130		5,498
Belden, Inc.		258		12,750
Brady Corp. — Class A		185		6,268
Capstone Turbine Corp.*		15,657		13,780
Coleman Cable, Inc.		419		6,285
Encore Wire Corp.		382		12,510
EnerSys*		138		6,326
Franklin Electric Co., Inc.		184		5,956
FuelCell Energy, Inc.*^,b		15,659		16,442
Generac Holdings, Inc.		178		6,396
Global Power Equipment Group, Inc.		364		6,006
II-VI, Inc.*		331		5,121
LSI Industries, Inc.		1,912		13,460
Powell Industries, Inc.*		119		5,860
Preformed Line Products Co.		91		7,325
Solarcity Corp.*		787		21,265
Thermon Group Holdings, Inc.*		279		5,468
Vicor Corp.*		1,265		6,793

Total Electrical Equipment				183,461

Electronic Equipment, Instruments & Components - 2.0%
Aeroflex Holding Corp.*		774		5,759
Agilysys, Inc.*		585		6,833
Anixter International, Inc.		80		5,739
Audience, Inc.*		365		5,398
Badger Meter, Inc.		116		5,067
Benchmark Electronics, Inc.*		315		5,620
Checkpoint Systems, Inc.*		420		4,859
Cognex Corp.		136		5,399
Coherent, Inc.		100		5,593
CTS Corp.		529		5,634
Daktronics, Inc.		528		5,275
DTS, Inc.*		339		5,688
Echelon Corp.*		2,349		5,191
Electro Rent Corp.		339		5,617
Electro Scientific Industries, Inc.		495		5,336
Fabrinet*		400		5,492
FARO Technologies, Inc.*		147		5,702
FEI Co.		88		5,622
GSI Group, Inc.*		637		5,440
Insight Enterprises, Inc.*		274		4,965
InvenSense, Inc.*		526		4,902
Kemet Corp.*		882		5,495
Key Tronic Corp.*		494		5,582
Littelfuse, Inc.		92		6,424
Maxwell Technologies, Inc.*		1,223		7,460
Measurement Specialties, Inc.*		161		6,886
Mercury Systems, Inc.*		766		5,921


48				GUGGENHEIM ETFs SEMI-ANNUAL REPORT		See Notes to Financial Statements.


SCHEDULE OF INVESTMENTS (Unaudited) (continued)			April 30, 2013

GUGGENHEIM RUSSELL 2000^® EQUAL WEIGHT ETF


	SHARES		VALUE


Mesa Laboratories, Inc.		115	$	5,676
Methode Electronics, Inc.		442		6,356
MTS Systems Corp.		109		6,644
Multi-Fineline Electronix, Inc.*		391		5,959
Neonode, Inc.*		1,001		5,716
Newport Corp.*		341		5,166
OSI Systems, Inc.*		97		5,558
Park Electrochemical Corp.		220		5,251
PC Connection, Inc.		323		4,987
Plexus Corp.*		231		6,230
Power-One, Inc.*		1,559		9,853
Radisys Corp.*		1,228		6,091
RealD, Inc.*		435		6,512
Richardson Electronics Ltd.		469		5,501
Rofin-Sinar Technologies, Inc.*		211		5,254
Rogers Corp.*		116		4,946
Sanmina Corp.*		495		6,247
Scansource, Inc.*		194		5,620
SYNNEX Corp.*		139		4,809
TTM Technologies, Inc.*		732		5,292
Universal Display Corp.*		190		5,974
Viasystems Group, Inc.*		409		5,203
Vishay Precision Group, Inc.*		433		6,205
Zygo Corp.*		410		6,134

Total Electronic Equipment, Instruments & Components				294,083

Energy Equipment & Services - 3.0%
Basic Energy Services, Inc.*^,b		1,067		14,650
Bolt Technology Corp.		887		14,192
Bristow Group, Inc.		93		5,878
C&J Energy Services, Inc.*		638		12,626
Cal Dive International, Inc.*		8,451		14,113
Dawson Geophysical Co.*		506		15,554
Dril-Quip, Inc.*		169		14,147
Exterran Holdings, Inc.*		547		14,452
Forum Energy Technologies, Inc.*		517		14,378
Geospace Technologies Corp.*		138		11,643
Gulf Island Fabrication, Inc.		663		13,631
Gulfmark Offshore, Inc. — Class A		159		6,618
Heckmann Corp.*^,b		3,451		12,734
Helix Energy Solutions Group, Inc.*		633		14,584
Hercules Offshore, Inc.*		2,010		14,814
Hornbeck Offshore Services, Inc.*		325		14,599
ION Geophysical Corp.*		2,159		13,472
Key Energy Services, Inc.*		1,855		11,019
Lufkin Industries, Inc.		226		19,954
Matrix Service Co.*		979		14,714
Mitcham Industries, Inc.*		934		13,870
Natural Gas Services Group, Inc.*		773		15,607
Newpark Resources, Inc.*		1,584		16,632
Parker Drilling Co.*		3,248		13,382
PHI, Inc.*		182		5,054
Pioneer Energy Services Corp.*		1,769		12,471
RigNet, Inc.*		619		14,980


	SHARES		VALUE


Tesco Corp.*		1,087	$	13,261
Tetra Technologies, Inc.*		1,421		12,974
TGC Industries, Inc.		1,561		13,849
Vantage Drilling Co.*		8,264		13,966
Willbros Group, Inc.*		1,543		14,658

Total Energy Equipment & Services				428,476

Food & Staples Retailing - 3.3%
Andersons, Inc. (The)		616		33,584
Casey’s General Stores, Inc.		548		31,735
Chefs’ Warehouse, Inc. (The)*		1,703		31,318
Harris Teeter Supermarkets, Inc.		756		31,593
Ingles Markets, Inc. — Class A		1,509		32,172
Nash Finch Co.		1,630		33,497
Pantry, Inc. (The)*		2,453		35,838
Pricesmart, Inc.		72		6,425
Rite Aid Corp.*		16,561		43,887
Spartan Stores, Inc.		1,800		30,204
SUPERVALU, Inc.		6,275		36,646
Susser Holdings Corp.*		641		34,082
United Natural Foods, Inc.*		663		33,110
Village Super Market, Inc. — Class A		946		33,299
Weis Markets, Inc.		789		33,004

Total Food & Staples Retailing				480,394

Food Products - 5.0%
Annie’s, Inc.*		836		31,592
B&G Foods, Inc.		1,062		32,773
Boulder Brands, Inc.*		3,626		32,670
Cal-Maine Foods, Inc.		769		32,821
Calavo Growers, Inc.		1,107		31,395
Chiquita Brands International, Inc.*		4,151		35,823
Darling International, Inc.*		343		6,349
Diamond Foods, Inc.*		1,898		28,622
Dole Food Co., Inc.*		2,997		32,248
Fresh Del Monte Produce, Inc.		1,188		30,187
Griffin Land & Nurseries, Inc.		110		3,284
Hain Celestial Group, Inc. (The)*		517		33,734
J&J Snack Foods Corp.		424		31,808
Lancaster Colony Corp.		419		33,072
Limoneira Co.		1,691		31,503
Omega Protein Corp.*		3,107		28,926
Pilgrim’s Pride Corp.*		3,655		35,782
Post Holdings, Inc.*		756		33,105
Sanderson Farms, Inc.		595		36,450
Seaboard Corp.		11		30,206
Seneca Foods Corp. — Class A*		967		31,515
Snyders-Lance, Inc.		1,281		32,256
Tootsie Roll Industries, Inc.^b		1,071		33,447
TreeHouse Foods, Inc.*		500		31,855

Total Food Products				721,423

Gas Utilities - 1.7%
Chesapeake Utilities Corp.		580		30,949
Laclede Group, Inc. (The)		681		31,809
New Jersey Resources Corp.		638		30,114


See Notes to Financial Statements.		GUGGENHEIM ETFs SEMI-ANNUAL REPORT				49


SCHEDULE OF INVESTMENTS (Unaudited) (continued)			April 30, 2013

GUGGENHEIM RUSSELL 2000^® EQUAL WEIGHT ETF


	SHARES		VALUE


Northwest Natural Gas Co.		654	$	29,083
Piedmont Natural Gas Co., Inc.		871		29,988
South Jersey Industries, Inc.		518		31,961
Southwest Gas Corp.		600		30,402
WGL Holdings, Inc.		650		30,043

Total Gas Utilities				244,349

Health Care Equipment & Supplies - 2.9%
Abaxis, Inc.		131		5,592
ABIOMED, Inc.*		338		6,243
Accuray, Inc.*		1,343		5,909
Align Technology, Inc.*		185		6,127
Alphatec Holdings, Inc.*		2,872		5,428
Analogic Corp.		78		6,199
AngioDynamics, Inc.*		547		5,541
Anika Therapeutics, Inc.*		443		5,914
Antares Pharma, Inc.*		1,772		6,716
Arthrocare Corp.*		178		6,168
AtriCure, Inc.*		784		6,539
Atrion Corp.		32		6,412
Cantel Medical Corp.		212		6,701
Cardiovascular Systems, Inc.*		307		5,268
Cerus Corp.*		1,429		7,602
Conceptus, Inc.*		256		7,939
CONMED Corp.		185		5,796
CryoLife, Inc.		1,042		6,252
Cyberonics, Inc.*		135		5,862
Cynosure, Inc. — Class A*		245		6,336
Derma Sciences, Inc.*		501		6,057
DexCom, Inc.*		368		6,039
Endologix, Inc.*		379		5,693
Exactech, Inc.*		305		5,642
Globus Medical, Inc.*		426		6,484
Greatbatch, Inc.*		204		5,700
Haemonetics Corp.*		150		5,775
Hansen Medical, Inc.*^,b		3,101		6,078
HeartWare International, Inc.*		70		6,804
ICU Medical, Inc.*		105		6,326
Insulet Corp.*		246		6,209
Integra LifeSciences Holdings Corp.*		157		5,500
Invacare Corp.		466		6,268
MAKO Surgical Corp.*		551		5,835
Masimo Corp.		315		6,319
Meridian Bioscience, Inc.		273		5,539
Merit Medical Systems, Inc.*		504		4,874
Natus Medical, Inc.*		450		5,630
Navidea Biopharmaceuticals, Inc.*		2,376		5,821
Neogen Corp.*		127		6,455
NuVasive, Inc.*		298		6,249
NxStage Medical, Inc.*		542		6,054
OraSure Technologies, Inc.*		1,138		5,075
Orthofix International NV*		170		5,508
Palomar Medical Technologies, Inc.*		468		6,341
PhotoMedex, Inc.*		1,951		31,801
Quidel Corp.*		261		5,826


	SHARES		VALUE


Rochester Medical Corp.*		441	$	5,989
Rockwell Medical Technologies, Inc.*		1,551		6,576
RTI Biologics, Inc.*		1,566		6,233
Solta Medical, Inc.*		2,781		5,423
Spectranetics Corp.*		335		6,248
Staar Surgical Co.*		1,126		7,859
STERIS Corp.		153		6,363
SurModics, Inc.*		234		6,189
Symmetry Medical, Inc.*		548		6,532
Tornier NV*		329		5,985
Unilife Corp.*^,b		2,858		5,659
Utah Medical Products, Inc.		127		5,630
Vascular Solutions, Inc.*		416		6,619
Volcano Corp.*		276		5,600
West Pharmaceutical Services, Inc.		96		6,131
Wright Medical Group, Inc.*		266		6,235
Zeltiq Aesthetics, Inc.*		1,558		6,824

Total Health Care Equipment & Supplies				416,541

Health Care Providers & Services - 1.9%
Acadia Healthcare Co., Inc.*		212		6,689
Accretive Health, Inc.*		604		6,366
Air Methods Corp.		128		4,683
Almost Family, Inc.		303		5,981
Amedisys, Inc.*		527		5,291
AMN Healthcare Services, Inc.*		395		5,423
Amsurg Corp.*		186		6,242
Assisted Living Concepts, Inc. — Class A		522		6,222
Bio-Reference Labs, Inc.*		233		5,941
BioScrip, Inc.*		489		6,777
Capital Senior Living Corp.*		233		5,653
Centene Corp.*		139		6,422
Chemed Corp.		78		6,366
Chindex International, Inc.*		458		6,275
CorVel Corp.*		125		5,934
Cross Country Healthcare, Inc.*		1,128		5,640
Emeritus Corp.*		228		5,860
Ensign Group, Inc. (The)		187		6,521
ExamWorks Group, Inc.*		353		6,389
Five Star Quality Care, Inc.*		978		4,626
Gentiva Health Services, Inc.*		540		5,665
Hanger, Inc.*		197		5,987
HealthSouth Corp.*		239		6,572
Healthways, Inc.*		503		6,987
IPC The Hospitalist Co., Inc.*		138		6,296
Kindred Healthcare, Inc.*		572		6,000
Landauer, Inc.		110		6,146
LHC Group, Inc.*		282		6,125
Magellan Health Services, Inc.*		129		6,600
Molina Healthcare, Inc.*		197		6,540
MWI Veterinary Supply, Inc.*		46		5,415
National Healthcare Corp.		133		6,175
National Research Corp.		106		6,355
Owens & Minor, Inc.		191		6,221
PDI, Inc.*		1,002		4,579


50				GUGGENHEIM ETFs SEMI-ANNUAL REPORT		See Notes to Financial Statements.


SCHEDULE OF INVESTMENTS (Unaudited) (continued)			April 30, 2013

GUGGENHEIM RUSSELL 2000^® EQUAL WEIGHT ETF


	SHARES		VALUE


PharMerica Corp.*		438	$	5,646
Providence Service Corp. (The)*		331		5,796
Select Medical Holdings Corp.		688		5,676
Skilled Healthcare Group, Inc. — Class A*		923		6,498
Team Health Holdings, Inc.*		168		6,263
Triple-S Management Corp. — Class B*		345		6,220
Universal American Corp.		755		6,455
US Physical Therapy, Inc.		240		5,726
Vanguard Health Systems, Inc.*		395		5,779
WellCare Health Plans, Inc.*		110		6,414

Total Health Care Providers & Services				271,437

Health Care Technology - 0.4%
athenahealth, Inc.*		65		6,257
Computer Programs & Systems, Inc.		117		6,138
Greenway Medical Technologies*		395		5,321
HealthStream, Inc.*		250		5,740
HMS Holdings Corp.*		222		5,597
MedAssets, Inc.*		321		6,012
Medidata Solutions, Inc.*		111		7,366
Merge Healthcare, Inc.*		2,088		6,514
Omnicell, Inc.*		328		5,911
Quality Systems, Inc.		347		6,201
Vocera Communications, Inc.*		253		5,009

Total Health Care Technology				66,066

Hotels, Restaurants & Leisure - 2.3%
AFC Enterprises, Inc.*		154		4,910
Ameristar Casinos, Inc.		214		5,647
Biglari Holdings, Inc.*		15		5,809
BJ’s Restaurants, Inc.*		170		5,831
Bloomin’ Brands, Inc.*		312		6,786
Bob Evans Farms, Inc.		133		5,764
Boyd Gaming Corp.*		686		8,232
Bravo Brio Restaurant Group, Inc.*		364		6,188
Buffalo Wild Wings, Inc.*		65		5,850
Caesars Entertainment Corp.*		345		5,489
Carrols Restaurant Group, Inc.*		1,095		5,201
CEC Entertainment, Inc.		170		5,673
Cheesecake Factory, Inc. (The)		149		5,933
Churchill Downs, Inc.		80		6,117
Chuy’s Holdings, Inc.*		178		5,821
Cracker Barrel Old Country Store, Inc.		70		5,792
Del Frisco’s Restaurant Group, Inc.*		334		5,648
Denny’s Corp.*		972		5,511
DineEquity, Inc.		81		5,770
Domino’s Pizza, Inc.		110		6,072
Einstein Noah Restaurant Group, Inc.		383		5,519
Fiesta Restaurant Group, Inc.*		210		5,725
Frisch’s Restaurants, Inc.		315		5,141
Ignite Restaurant Group, Inc.*		370		6,453
International Speedway Corp. — Class A		174		5,719
Interval Leisure Group, Inc.		258		4,917
Isle of Capri Casinos, Inc.*		876		6,710


	SHARES		VALUE


Jack in the Box, Inc.*		162	$	5,808
Jamba, Inc.*		1,985		5,280
Krispy Kreme Doughnuts, Inc.*		386		5,273
Life Time Fitness, Inc.*		131		6,050
Luby’s, Inc.*		719		4,896
Marcus Corp.		456		5,855
Marriott Vacations Worldwide Corp.*		131		5,958
Monarch Casino & Resort, Inc.*		582		7,490
Morgans Hotel Group Co.*		936		5,738
MTR Gaming Group, Inc.*		1,514		5,223
Multimedia Games Holding Co., Inc.*		276		6,806
Nathan’s Famous, Inc.*		136		6,072
Orient-Express Hotels Ltd. — Class A*		578		5,838
Papa John’s International, Inc.*		90		5,670
Pinnacle Entertainment, Inc.*		373		7,109
Premier Exhibitions, Inc.*		2,136		5,831
Red Lion Hotels Corp.*		822		5,368
Red Robin Gourmet Burgers, Inc.*		122		5,901
Ruby Tuesday, Inc.*		753		7,259
Ruth’s Hospitality Group, Inc*		583		5,778
Scientific Games Corp. — Class A*		625		5,550
SHFL Entertainment, Inc.*		339		5,356
Six Flags Entertainment Corp.		79		5,757
Sonic Corp.*		436		5,463
Speedway Motorsports, Inc.		324		5,842
Texas Roadhouse, Inc.		279		6,557
Town Sports International Holdings, Inc.		596		6,002
Vail Resorts, Inc.		91		5,487
WMS Industries, Inc.*		223		5,660

Total Hotels, Restaurants & Leisure				329,105

Household Durables - 1.0%
American Greetings Corp. — Class A		343		6,325
Bassett Furniture Industries, Inc.		366		5,135
Beazer Homes USA, Inc.*		359		5,801
Blyth, Inc.		331		5,455
Cavco Industries, Inc.*		117		5,338
CSS Industries, Inc.		223		6,391
Ethan Allen Interiors, Inc.		171		5,007
Flexsteel Industries, Inc.		222		4,571
Helen of Troy Ltd.*		147		5,127
Hooker Furniture Corp.		345		5,965
Hovnanian Enterprises, Inc. — Class A*		957		5,216
iRobot Corp.*		224		6,516
KB Home		255		5,748
La-Z-Boy, Inc.		297		5,364
Libbey, Inc.*		286		5,540
Lifetime Brands, Inc.		500		6,750
M/I Homes, Inc.*		223		5,486
MDC Holdings, Inc.		150		5,640
Meritage Homes Corp.*		120		5,855
NACCO Industries, Inc. — Class A		114		6,614
Ryland Group, Inc. (The)		134		6,038
Skullcandy, Inc.*		1,056		5,428
Standard Pacific Corp.*^,b		649		5,873


See Notes to Financial Statements.		GUGGENHEIM ETFs SEMI-ANNUAL REPORT				51


SCHEDULE OF INVESTMENTS (Unaudited) (continued)			April 30, 2013

GUGGENHEIM RUSSELL 2000^® EQUAL WEIGHT ETF


	SHARES		VALUE


TRI Pointe Homes, Inc.*		274	$	5,206
Universal Electronics, Inc.*		231		5,308
Zagg, Inc.*		753		5,098

Total Household Durables				146,795

Household Products - 0.6%
Central Garden & Pet Co. — Class A*		669		5,887
Harbinger Group, Inc.*		408		3,688
Oil-Dri Corp. of America		489		13,453
Spectrum Brands Holdings, Inc.		574		32,144
WD-40 Co.		584		31,495

Total Household Products				86,667

Independent Power Producers & Energy Traders - 0.4%
Atlantic Power Corp.^b		6,039		28,383
Ormat Technologies, Inc.		1,391		30,241

Total Independent Power Producers & Energy Traders				58,624

Industrial Conglomerates - 0.1%
Raven Industries, Inc.		184		6,173
Standex International Corp.		112		5,925

Total Industrial Conglomerates				12,098

Insurance - 1.2%
Alterra Capital Holdings Ltd.		106		3,450
American Equity Investment Life Holding Co.		223		3,398
American Safety Insurance Holdings Ltd.*		133		3,203
AMERISAFE, Inc.		95		3,103
Amtrust Financial Services, Inc.		96		3,039
Argo Group International Holdings Ltd.		81		3,357
Baldwin & Lyons, Inc. — Class B		138		3,353
Citizens, Inc.*		377		2,466
CNO Financial Group, Inc.		291		3,294
Crawford & Co. — Class B		454		3,446
Donegal Group, Inc. — Class A		214		3,133
Eastern Insurance Holdings, Inc.		179		3,335
eHealth, Inc.*		182		3,811
EMC Insurance Group, Inc.		134		3,783
Employers Holdings, Inc.		144		3,262
Enstar Group Ltd.*		27		3,431
FBL Financial Group, Inc. — Class A		86		3,381
First American Financial Corp.		138		3,694
Fortegra Financial Corp.*		371		2,987
Global Indemnity PLC*		144		3,210
Greenlight Capital Re, Ltd. — Class A*		137		3,372
Hallmark Financial Services*		371		3,358
Health Insurance Innovations, Inc.*		215		3,225
Hilltop Holdings, Inc.*		252		3,374
Homeowners Choice, Inc.		133		3,530
Horace Mann Educators Corp.		160		3,608
Independence Holding Co.		333		3,496
Infinity Property & Casualty Corp.		58		3,291
Investors Title Co.		50		3,467
Kansas City Life Insurance Co.		84		3,032


	SHARES		VALUE


Maiden Holdings Ltd.		316	$	3,264
Meadowbrook Insurance Group, Inc.		467		3,633
Montpelier Re Holdings Ltd.		128		3,297
National Financial Partners Corp.*		150		3,801
National Interstate Corp.		112		3,254
National Western Life Insurance Co. — Class A		18		3,287
Navigators Group, Inc. (The)*		57		3,299
OneBeacon Insurance Group Ltd. — Class A		247		3,357
Phoenix Cos., Inc. (The)*		108		3,144
Platinum Underwriters Holdings Ltd.		60		3,405
Primerica, Inc.		102		3,464
RLI Corp.		47		3,377
Safety Insurance Group, Inc.		68		3,378
Selective Insurance Group, Inc.		141		3,304
State Auto Financial Corp.		189		3,285
Stewart Information Services Corp.		136		3,681
Symetra Financial Corp.		249		3,394
Tower Group International Ltd.		184		3,481
United Fire Group, Inc.		130		3,635
Universal Insurance Holdings, Inc.		696		4,162

Total Insurance				168,791

Internet & Catalog Retail - 0.6%
1-800-FLOWERS.COM, Inc. — Class A*		1,114		6,606
Blue Nile, Inc.*		164		5,351
Geeknet, Inc.*		374		4,892
HSN, Inc.		101		5,311
Kayak Software Corp.*		141		5,615
Nutrisystem, Inc.		658		5,330
Orbitz Worldwide, Inc.*		985		5,890
Overstock.com, Inc.*		450		9,360
PetMed Express, Inc.		2,380		29,750
Shutterfly, Inc.*		131		5,833

Total Internet & Catalog Retail				83,938

Internet Software & Services - 2.4%
Active Network Inc. (The)*		1,395		7,017
Angie’s List, Inc.*		313		7,587
Bankrate, Inc.*		466		6,282
Bazaarvoice, Inc.*		781		5,662
Blucora, Inc.*		364		5,376
Carbonite, Inc.*		527		5,607
comScore, Inc.*		332		5,368
Constant Contact, Inc.*		432		6,312
Cornerstone OnDemand, Inc.*		170		6,168
CoStar Group, Inc.*		57		6,179
Dealertrack Holdings, Inc.*		192		5,347
Demand Media, Inc.*		662		5,733
Demandware, Inc.*		223		6,088
Dice Holdings, Inc.*		615		5,191
Digital River, Inc.*		401		5,806
E2open, Inc.*		265		3,766
EarthLink, Inc.		1,008		5,736


52				GUGGENHEIM ETFs SEMI-ANNUAL REPORT		See Notes to Financial Statements.


SCHEDULE OF INVESTMENTS (Unaudited) (continued)			April 30, 2013

GUGGENHEIM RUSSELL 2000^® EQUAL WEIGHT ETF


	SHARES		VALUE


Envestnet, Inc.*		324	$	5,903
ExactTarget, Inc.*		244		4,778
Internap Network Services Corp.*		600		4,788
IntraLinks Holdings, Inc.*		890		5,091
j2 Global, Inc.		742		30,199
Keynote Systems, Inc.		397		4,450
Limelight Networks, Inc.*		2,659		5,132
Liquidity Services, Inc.*		215		7,074
LivePerson, Inc.*		408		5,231
LogMeIn, Inc.*		265		5,984
Marchex, Inc. — Class B		1,331		5,497
Market Leader, Inc.*		373		3,737
MeetMe, Inc.*		2,528		4,879
Millennial Media, Inc.*		824		5,710
Monster Worldwide, Inc.*		1,197		5,243
Move, Inc.*		464		5,294
NIC, Inc.		301		5,069
OpenTable, Inc.*		91		5,041
Perficient, Inc.*		473		4,957
QuinStreet, Inc.*		935		6,115
RealNetworks, Inc.*		723		5,567
Responsys, Inc.*		676		5,253
SciQuest, Inc.*		242		5,532
Spark Networks, Inc.*		785		5,354
SPS Commerce, Inc.*		138		6,504
Stamps.com, Inc.*		224		7,580
support.com, Inc.*		1,358		5,418
TechTarget, Inc.*		1,139		5,057
Travelzoo, Inc.*		266		6,791
Trulia, Inc.*		184		5,347
United Online, Inc.		923		6,276
Unwired Planet, Inc.*		2,551		5,051
ValueClick, Inc.*		194		5,987
VistaPrint NV*		142		5,794
Vocus, Inc.*		422		3,549
Web.com Group, Inc.*		328		5,707
WebMD Health Corp.*		253		6,110
XO Group, Inc.*		567		6,384
Xoom Corp.*		145		2,677
Yelp, Inc.*		238		6,195
Zix Corp.*		1,532		5,760

Total Internet Software & Services				347,290

IT Services - 1.2%
Acxiom Corp.*		280		5,569
CACI International, Inc. — Class A*		101		5,908
Cardtronics, Inc.*		125		3,501
Cass Information Systems, Inc.		79		3,302
CIBER, Inc.*		1,150		4,899
Computer Task Group, Inc.		265		5,438
Convergys Corp.		367		6,246
CSG Systems International, Inc.*		278		6,008
EPAM Systems, Inc.*		246		5,289
Euronet Worldwide, Inc.*		130		3,969
ExlService Holdings, Inc.*		193		6,296


	SHARES		VALUE


Forrester Research, Inc.		204	$	7,313
Global Cash Access Holdings, Inc.*		470		3,351
Hackett Group, Inc. (The)		1,322		6,451
Heartland Payment Systems, Inc.		102		3,355
Higher One Holdings, Inc.*		368		3,629
iGate Corp.*		299		4,990
Innodata Isogen, Inc.*		1,756		5,760
Lionbridge Technologies, Inc.*		1,519		5,195
ManTech International Corp. — Class A		217		5,792
Mattersight Corp.*		1,275		5,967
MAXIMUS, Inc.		78		6,216
ModusLink Global Solutions, Inc.*		1,663		4,656
MoneyGram International, Inc.*		190		3,137
PRGX Global, Inc.*		879		4,914
Sapient Corp.*		463		5,408
ServiceSource International, Inc.*^,b		905		5,792
SYKES Enterprises, Inc.*		403		6,202
Syntel, Inc.		84		5,306
TeleTech Holdings, Inc.*		296		6,302
Unisys Corp.*		247		4,725
Virtusa Corp.*		240		5,330
WEX, Inc.*		44		3,334

Total IT Services				169,550

Leisure Equipment & Products - 0.4%
Arctic Cat, Inc.*		129		5,804
Black Diamond, Inc.*		639		6,262
Brunswick Corp.		164		5,192
Callaway Golf Co.		851		5,702
Jakks Pacific, Inc.		553		6,033
Johnson Outdoors, Inc. — Class A*		237		5,560
Leapfrog Enterprises, Inc.*		658		5,882
Marine Products Corp.		772		5,582
Smith & Wesson Holding Corp.*		610		5,356
Steinway Musical Instruments, Inc.*		235		5,861
Sturm Ruger & Co., Inc.		108		5,537

Total Leisure Equipment & Products				62,771

Life Sciences Tools & Services - 0.4%
Affymetrix, Inc.*		1,311		4,772
Cambrex Corp.*		485		6,058
Fluidigm Corp.*		345		5,810
Furiex Pharmaceuticals, Inc.*		163		5,534
Harvard Bioscience, Inc.*		1,020		5,222
Luminex Corp.*		375		6,236
Pacific Biosciences of California, Inc.*		2,673		6,843
PAREXEL International Corp.*		158		6,470
Sequenom, Inc.*^,b		1,516		5,715

Total Life Sciences Tools & Services				52,660

Machinery - 2.9%
Accuride Corp.*		1,136		5,839
Actuant Corp. — Class A		203		6,354
Alamo Group, Inc.		158		6,331
Albany International Corp. — Class A		215		6,246
Altra Holdings, Inc.		230		6,130


See Notes to Financial Statements.		GUGGENHEIM ETFs SEMI-ANNUAL REPORT				53


SCHEDULE OF INVESTMENTS (Unaudited) (continued)			April 30, 2013

GUGGENHEIM RUSSELL 2000^® EQUAL WEIGHT ETF


	SHARES		VALUE


American Railcar Industries, Inc.		140	$	4,999
Ampco-Pittsburgh Corp.		702		13,156
Astec Industries, Inc.		177		5,811
Barnes Group, Inc.		217		6,026
Blount International, Inc.*		465		6,459
Briggs & Stratton Corp.^b		252		5,667
Chart Industries, Inc.*		78		6,615
CIRCOR International, Inc.		143		6,768
CLARCOR, Inc.		255		13,184
Columbus McKinnon Corp.*		316		5,934
Commercial Vehicle Group, Inc.*		781		5,475
Douglas Dynamics, Inc.		441		6,170
Dynamic Materials Corp.		747		11,862
Eastern Co. (The)		748		12,514
Energy Recovery, Inc.*		1,645		6,021
EnPro Industries, Inc.*		125		6,160
ESCO Technologies, Inc.		152		5,467
ExOne Co/The*		198		7,603
Federal Signal Corp.*		755		5,859
Flow International Corp.*		1,741		6,372
FreightCar America, Inc.		287		5,993
Gorman-Rupp Co. (The)		209		5,904
Graham Corp.		255		6,197
Greenbrier Cos., Inc.*		295		6,655
Hardinge, Inc.		462		6,237
Hurco Cos., Inc.*		230		6,171
Hyster-Yale Materials Handling, Inc.		112		5,845
John Bean Technologies Corp.		302		6,264
Kadant, Inc.		242		6,696
Kaydon Corp.		520		12,397
LB Foster Co. — Class A		302		13,333
Lindsay Corp.		68		5,224
Lydall, Inc.*		400		5,736
Meritor, Inc.*		1,170		6,786
Met-Pro Corp.		609		8,161
Middleby Corp.*		42		6,282
Miller Industries, Inc.		388		5,863
Mueller Industries, Inc.		250		12,945
Mueller Water Products, Inc. — Series A		2,209		13,077
NN, Inc.*		1,352		12,182
PMFG, Inc.*		1,037		5,973
Proto Labs, Inc.*		130		6,640
RBC Bearings, Inc.*		264		12,698
Rexnord Corp.*		618		11,260
Sun Hydraulics Corp.		192		6,288
Tennant Co.		126		6,025
Titan International, Inc.		294		6,559
Trimas Corp.*		196		5,978
Twin Disc, Inc.		254		5,415
Wabash National Corp.*		631		5,950
Watts Water Technologies, Inc. — Class A		129		6,071
Woodward, Inc.		158		5,686

Total Machinery				421,513


	SHARES		VALUE


Marine - 0.1%
Genco Shipping & Trading Ltd.*		2,332	$	3,988
International Shipholding Corp.		324		5,851
Rand Logistics, Inc.*		1,008		5,867

Total Marine				15,706

Media - 1.5%
Arbitron, Inc.		120		5,603
Belo Corp. — Class A		586		6,282
Carmike Cinemas, Inc.*		304		5,338
Central European Media Enterprises Ltd. — Class A*		1,277		4,725
Crown Media Holdings, Inc. — Class A*		2,794		5,728
Cumulus Media, Inc. — Class A*		1,657		5,286
Daily Journal Corp.*		51		5,383
Digital Generation, Inc.*		860		5,762
E.W. Scripps Co. — Class A*		467		6,487
Entercom Communications Corp. — Class A*		741		5,861
Entravision Communications Corp. — Class A		1,789		6,906
Fisher Communications, Inc.		143		5,923
Global Sources Ltd.*		791		5,395
Harte-Hanks, Inc.		717		5,686
Journal Communications, Inc. — Class A*		838		5,707
LIN TV Corp. — Class A*		525		6,463
Lions Gate Entertainment Corp.*		236		5,855
Live Nation Entertainment, Inc.*		448		5,658
Loral Space & Communications, Inc.		91		5,598
Martha Stewart Living Omnimedia — Class A*		2,128		5,256
McClatchy Co. (The) — Class A*		1,836		4,241
MDC Partners, Inc.		355		6,067
Meredith Corp.^b		148		5,745
National CineMedia, Inc.		364		5,911
New York Times Co. (The) — Class A*		568		5,032
Nexstar Broadcasting Group, Inc. — Class A		317		7,719
Outdoor Channel Holdings, Inc.		633		5,539
ReachLocal, Inc.*		374		6,235
Reading International, Inc. — Class A*		992		5,773
Rentrak Corp.*		255		5,773
Saga Communications, Inc. — Class A		122		5,617
Salem Communications Corp. — Class A		677		6,215
Scholastic Corp.		214		5,874
Shutterstock, Inc.*		125		5,212
Sinclair Broadcast Group, Inc. — Class A		292		7,826
Valassis Communications, Inc.^b		189		4,844
World Wrestling Entertainment, Inc. — Class A		649		5,958

Total Media				214,483


54				GUGGENHEIM ETFs SEMI-ANNUAL REPORT		See Notes to Financial Statements.


SCHEDULE OF INVESTMENTS (Unaudited) (continued)			April 30, 2013

GUGGENHEIM RUSSELL 2000^® EQUAL WEIGHT ETF


	SHARES		VALUE


Metals & Mining - 2.3%
A.M. Castle & Co.*		367	$	6,357
AK Steel Holding Corp.^b		3,996		13,387
AMCOL International Corp.		448		13,785
Century Aluminum Co.*		1,680		13,709
Coeur d’Alene Mines Corp.*		709		10,805
General Moly, Inc.*		6,169		11,474
Globe Specialty Metals, Inc.		956		12,485
Gold Resource Corp.		1,049		10,742
Golden Star Resources Ltd.*		8,264		8,925
Haynes International, Inc.		240		11,666
Hecla Mining Co.		3,372		11,465
Horsehead Holding Corp.*		1,206		12,904
Kaiser Aluminum Corp.		209		13,167
Materion Corp.		463		12,265
McEwen Mining, Inc.*^,b		4,616		10,755
Midway Gold Corp.*		10,710		10,072
Noranda Aluminum Holding Corp.		3,106		11,834
Olympic Steel, Inc.		551		11,020
Paramount Gold and Silver Corp.*		6,198		9,793
RTI International Metals, Inc.*		414		12,014
Schnitzer Steel Industries, Inc. — Class A		496		12,167
Stillwater Mining Co.*		1,039		12,925
SunCoke Energy, Inc.*		905		13,693
Universal Stainless & Alloy*		376		13,145
US Antimony Corp.*		7,606		11,561
US Silica Holdings, Inc.		603		12,319
Vista Gold Corp.*		6,562		11,024
Worthington Industries, Inc.		431		13,870

Total Metals & Mining				329,328

Multi-Utilities - 0.8%
Avista Corp.		1,064		29,845
Black Hills Corp.		653		30,619
CH Energy Group, Inc.		439		28,522
NorthWestern Corp.		728		31,319

Total Multi-Utilities				120,305

Multiline Retail - 0.2%
Bon-Ton Stores, Inc. (The)		435		6,673
Fred’s, Inc. — Class A		395		5,621
Gordmans Stores, Inc.*		466		5,256
Saks, Inc.*		491		5,671
Tuesday Morning Corp.*		699		5,669

Total Multiline Retail				28,890

Oil, Gas & Consumable Fuels - 6.9%
Abraxas Petroleum Corp.*		6,330		14,179
Adams Resources & Energy, Inc.		283		14,062
Alon USA Energy, Inc.		782		12,981
Amyris, Inc.*		4,563		12,411
Apco Oil and Gas International, Inc.		1,140		11,525
Approach Resources, Inc.*		606		14,374
Arch Coal, Inc.		2,719		13,187
Berry Petroleum Co. — Class A		322		15,427
Bill Barrett Corp.*		726		14,418


	SHARES		VALUE


Bonanza Creek Energy, Inc.*		386	$	13,259
BPZ Resources, Inc.*		6,611		14,148
Callon Petroleum Co.*		4,075		14,589
Carrizo Oil & Gas, Inc.*		567		13,733
Clayton Williams Energy, Inc.*		336		12,970
Clean Energy Fuels Corp.*		1,121		14,786
Cloud Peak Energy, Inc.*		791		15,456
Comstock Resources, Inc.*		896		14,031
Contango Oil & Gas Co.		360		13,543
Crosstex Energy, Inc.		775		14,268
CVR Energy, Inc.		291		14,338
Delek US Holdings, Inc.		370		13,353
Diamondback Energy, Inc.*		580		15,231
Emerald Oil, Inc.*		2,146		13,799
Endeavour International Corp.*		4,707		12,897
Energy XXI (Bermuda) Ltd.		548		12,462
EPL Oil & Gas, Inc.*		539		17,609
Evolution Petroleum Corp.*		1,433		14,244
Forest Oil Corp.*		2,700		11,313
Frontline Ltd.*		2,841		5,171
FX Energy, Inc.*		4,250		16,320
GasLog Ltd.		490		6,272
Gastar Exploration Ltd.*		8,404		23,531
Goodrich Petroleum Corp.*		957		12,479
Green Plains Renewable Energy, Inc.*		1,316		16,463
Gulfport Energy Corp.*		320		16,701
Halcon Resources Corp.*		1,942		12,701
Harvest Natural Resources, Inc.*		3,914		12,838
Isramco, Inc.*		147		13,428
KiOR, Inc. — Class A*		3,067		14,936
Knightsbridge Tankers Ltd.		801		5,487
Kodiak Oil & Gas Corp.*		1,624		12,716
Magnum Hunter Resources Corp.*		3,533		9,610
Matador Resources Co.*		1,671		16,493
McMoRan Exploration Co.*		912		15,094
Midstates Petroleum Co., Inc.*		1,685		9,722
Miller Energy Resources, Inc.*		4,042		15,360
Nordic American Tankers Ltd.		555		4,945
Northern Oil and Gas, Inc.*		1,032		13,302
Oasis Petroleum, Inc.*		379		12,973
Panhandle Oil and Gas, Inc. — Class A		512		14,582
PDC Energy, Inc.*		298		12,903
Penn Virginia Corp.		3,584		14,444
Petroquest Energy, Inc.*		3,451		14,770
Quicksilver Resources, Inc.*		6,121		15,425
Rentech, Inc.		5,745		11,892
Resolute Energy Corp.*		1,315		12,124
REX American Resources Corp.*		615		11,494
Rex Energy Corp.*		903		14,511
Rosetta Resources, Inc.*		315		13,517
Sanchez Energy Corp.*		750		13,583
Scorpio Tankers, Inc.*		716		6,193
SemGroup Corp. — Class A*		290		15,037
Ship Finance International Ltd.		357		5,883


See Notes to Financial Statements.		GUGGENHEIM ETFs SEMI-ANNUAL REPORT				55


SCHEDULE OF INVESTMENTS (Unaudited) (continued)			April 30, 2013

GUGGENHEIM RUSSELL 2000^® EQUAL WEIGHT ETF


	SHARES		VALUE


Solazyme, Inc.*		1,818	$	16,544
Stone Energy Corp.*		679		13,397
Swift Energy Co.*		993		12,849
Synergy Resources Corp.*		2,165		14,614
Targa Resources Corp.		223		14,665
Teekay Tankers Ltd. — Class A^b		2,193		5,548
Triangle Petroleum Corp.*		2,187		12,007
Uranium Energy Corp.*		6,285		9,742
Vaalco Energy, Inc.*		1,942		13,050
W&T Offshore, Inc.		1,002		11,703
Warren Resources, Inc.*		4,480		11,782
Western Refining, Inc.		427		13,199
Westmoreland Coal Co.*		1,298		15,667

Total Oil, Gas & Consumable Fuels				996,260

Paper & Forest Products - 1.0%
Boise Cascade Co.*		401		12,844
Buckeye Technologies, Inc.		453		17,028
Clearwater Paper Corp.*		253		11,643
Deltic Timber Corp.		192		11,996
KapStone Paper and Packaging Corp.		489		14,465
Louisiana-Pacific Corp.*		622		11,271
Neenah Paper, Inc.		433		12,453
PH Glatfelter Co.		579		13,896
Resolute Forest Products*		787		11,514
Schweitzer-Mauduit International, Inc.		346		13,940
Wausau Paper Corp.		1,224		12,460

Total Paper & Forest Products				143,510

Personal Products - 1.1%
Elizabeth Arden, Inc.*		139		5,692
Inter Parfums, Inc.		232		6,721
Medifast, Inc.*		1,432		37,519
Nature’s Sunshine Products, Inc.		2,097		30,679
Prestige Brands Holdings, Inc.*		241		6,495
Revlon, Inc. — Class A*		249		4,818
Star Scientific, Inc.*^,b		21,563		26,738
USANA Health Sciences, Inc.*^,b		652		36,786

Total Personal Products				155,448

Pharmaceuticals - 1.7%
Akorn, Inc.*		460		6,923
Ampio Pharmaceuticals, Inc.*^,b		1,429		7,202
Auxilium Pharmaceuticals, Inc.*		347		5,181
AVANIR Pharmaceuticals, Inc. — Class A*		2,215		7,066
BioDelivery Sciences International, Inc.*		1,498		8,509
Cadence Pharmaceuticals, Inc.*		945		6,691
Corcept Therapeutics, Inc.*		3,026		5,356
Cornerstone Therapeutics, Inc.*		858		7,190
Cumberland Pharmaceuticals, Inc.*		1,276		5,972
Depomed, Inc.*		1,068		5,885
Endocyte, Inc.*		577		8,014
Hi-Tech Pharmacal Co., Inc.		183		6,050
Horizon Pharma, Inc.*		2,255		5,412
Impax Laboratories, Inc.*		398		6,965


	SHARES		VALUE


Jazz Pharmaceuticals PLC*		111	$	6,477
Lannett Co., Inc.*		607		7,047
Medicines Co. (The)*		186		6,279
Nektar Therapeutics*		561		6,081
Omeros Corp.*		1,516		6,109
Optimer Pharmaceuticals, Inc.*		526		8,121
Pacira Pharmaceuticals, Inc.*		216		6,236
Pain Therapeutics, Inc.*		1,782		7,342
Pernix Therapeutics Holdings*		1,231		4,702
Pozen, Inc.*		1,184		5,837
Questcor Pharmaceuticals, Inc.^b		194		5,963
Repros Therapeutics, Inc.*		693		14,096
Sagent Pharmaceuticals, Inc.*		348		5,756
Santarus, Inc.*		357		6,558
Sciclone Pharmaceuticals, Inc.*		1,357		6,419
Sucampo Pharmaceuticals, Inc. — Class A*		960		9,130
Transcept Pharmaceuticals, Inc.*		1,320		5,227
Ventrus Biosciences, Inc.*		1,994		5,344
ViroPharma, Inc.*		264		7,194
Vivus, Inc.*^,b		583		7,748
XenoPort, Inc.*		863		5,359
Zogenix, Inc.*		3,427		5,929

Total Pharmaceuticals				241,370

Professional Services - 1.4%
Acacia Research Corp.*		191		4,550
Advisory Board Co. (The)*		121		5,947
Barrett Business Services, Inc.		122		6,459
CBIZ, Inc.*		954		6,191
CDI Corp.		362		5,672
Corporate Executive Board Co. (The)		108		6,087
CRA International, Inc.*		279		5,145
Dolan Co. (The)*		2,247		3,887
Exponent, Inc.		116		6,113
Franklin Covey Co.*		388		5,463
FTI Consulting, Inc.*		165		5,465
GP Strategies Corp.*		261		5,755
Heidrick & Struggles International, Inc.		415		5,486
Hill International, Inc.*		2,084		5,731
Hudson Global, Inc.*		1,555		5,131
Huron Consulting Group, Inc.*		156		6,518
ICF International, Inc.*		233		6,317
Insperity, Inc.		224		6,189
Kelly Services, Inc. — Class A		332		5,651
Kforce, Inc.		380		5,746
Korn/Ferry International*		349		5,776
Mistras Group, Inc.*		264		5,003
Navigant Consulting, Inc.*		469		5,783
Odyssey Marine Exploration, Inc.*		1,877		5,537
On Assignment, Inc.*		248		6,019
Pendrell Corp.*		18,272		30,880
Resources Connection, Inc.		484		5,498
RPX Corp.*		442		5,927
TrueBlue, Inc.*		294		6,092


56				GUGGENHEIM ETFs SEMI-ANNUAL REPORT		See Notes to Financial Statements.


SCHEDULE OF INVESTMENTS (Unaudited) (continued)			April 30, 2013

GUGGENHEIM RUSSELL 2000^® EQUAL WEIGHT ETF


	SHARES		VALUE


VSE Corp.		250	$	7,622
WageWorks, Inc.*		251		6,428

Total Professional Services				204,068

Real Estate Investment Trusts (REITs) - 2.4%
Acadia Realty Trust		119		3,397
AG Mortgage Investment Trust, Inc.		132		3,415
Agree Realty Corp.		120		3,608
Alexander’s, Inc.		10		3,080
American Assets Trust, Inc.		103		3,477
American Capital Mortgage Investment Corp.		132		3,506
AmREIT, Inc.		180		3,422
Anworth Mortgage Asset Corp.		533		3,363
Apollo Commercial Real Estate Finance, Inc.		194		3,442
Apollo Residential Mortgage, Inc.		154		3,428
Ares Commercial Real Estate Corp.		197		3,316
ARMOUR Residential REIT, Inc.		523		3,394
Ashford Hospitality Trust, Inc.		273		3,516
Associated Estates Realty Corp.		179		3,199
Campus Crest Communities, Inc.		241		3,292
CapLease, Inc.		533		3,742
Capstead Mortgage Corp.		261		3,466
Cedar Realty Trust, Inc.		567		3,634
Chatham Lodging Trust		191		3,497
Chesapeake Lodging Trust		145		3,431
Colonial Properties Trust		148		3,435
Colony Financial, Inc.		151		3,367
Coresite Realty Corp.		95		3,437
Cousins Properties, Inc.		308		3,363
CubeSmart		210		3,690
CyrusOne, Inc.		146		3,503
CYS Investments, Inc.		285		3,543
DCT Industrial Trust, Inc.		451		3,531
DiamondRock Hospitality Co.		367		3,663
DuPont Fabros Technology, Inc.		136		3,419
Dynex Capital, Inc.		305		3,279
EastGroup Properties, Inc.		57		3,595
Education Realty Trust, Inc.		318		3,495
EPR Properties		65		3,675
Equity One, Inc.		138		3,518
Excel Trust, Inc.		245		3,731
FelCor Lodging Trust, Inc.*		569		3,403
First Industrial Realty Trust, Inc.		198		3,552
First Potomac Realty Trust		230		3,680
Franklin Street Properties Corp.		226		3,451
Getty Realty Corp.		167		3,575
Gladstone Commercial Corp.		171		3,273
Glimcher Realty Trust		289		3,624
Government Properties Income Trust		130		3,386
Gramercy Property Trust, Inc.*		736		3,496
Gyrodyne Co. of America, Inc.		45		3,321
Healthcare Realty Trust, Inc.		119		3,572
Hersha Hospitality Trust		564		3,373


	SHARES		VALUE


Highwoods Properties, Inc.		85	$	3,488
Hudson Pacific Properties, Inc.		152		3,467
Inland Real Estate Corp.		335		3,792
Invesco Mortgage Capital, Inc.		150		3,210
Investors Real Estate Trust		334		3,250
iStar Financial, Inc.*		311		3,632
JAVELIN Mortgage Investment Corp.		170		3,424
Kite Realty Group Trust		496		3,274
LaSalle Hotel Properties		134		3,475
Lexington Realty Trust		283		3,625
LTC Properties, Inc.		84		3,906
Medical Properties Trust, Inc.		210		3,379
Monmouth Real Estate Investment Corp. — Class A		301		3,203
National Health Investors, Inc.		51		3,378
New York Mortgage Trust, Inc.		458		3,270
NorthStar Realty Finance Corp.		351		3,499
Omega Healthcare Investors, Inc.		112		3,681
One Liberty Properties, Inc.		152		3,487
Parkway Properties, Inc.		180		3,281
Pebblebrook Hotel Trust		129		3,504
Pennsylvania Real Estate Investment Trust		171		3,545
Pennymac Mortgage Investment Trust		130		3,283
Potlatch Corp.		73		3,457
PS Business Parks, Inc.		43		3,431
RAIT Financial Trust		416		3,553
Ramco-Gershenson Properties Trust		199		3,477
Redwood Trust, Inc.		147		3,355
Resource Capital Corp.		508		3,348
Retail Opportunity Investments Corp.		240		3,554
RLJ Lodging Trust		151		3,479
Rouse Properties, Inc.		186		3,525
Ryman Hospitality Properties		74		3,290
Sabra Health Care REIT, Inc.		120		3,578
Saul Centers, Inc.		76		3,405
Select Income REIT		128		3,652
Silver Bay Realty Trust Corp.		182		3,473
Sovran Self Storage, Inc.		52		3,567
Spirit Realty Capital, Inc.		175		3,768
STAG Industrial, Inc.		158		3,482
Starwood Property Trust, Inc.		118		3,244
Strategic Hotels & Resorts, Inc.*		400		3,228
Summit Hotel Properties, Inc.		330		3,297
Sun Communities, Inc.		68		3,478
Sunstone Hotel Investors, Inc.*		276		3,425
Terreno Realty Corp.		188		3,538
Two Harbors Investment Corp.		239		2,863
UMH Properties, Inc.		326		3,602
Universal Health Realty Income Trust		58		3,116
Urstadt Biddle Properties, Inc. — Class A		154		3,430
Washington Real Estate Investment Trust		122		3,484
Western Asset Mortgage Capital Corp.		144		3,226
Whitestone REIT		221		3,646


See Notes to Financial Statements.		GUGGENHEIM ETFs SEMI-ANNUAL REPORT				57


SCHEDULE OF INVESTMENTS (Unaudited) (continued)			April 30, 2013

GUGGENHEIM RUSSELL 2000^® EQUAL WEIGHT ETF


	SHARES		VALUE


Winthrop Realty Trust		265	$	3,368
ZAIS Financial Corp.*		161		3,326

Total Real Estate Investment Trusts (REITs)				352,293

Real Estate Management & Development - 0.2%
AV Homes, Inc.*		258		3,331
Consolidated-Tomoka Land Co.		85		3,163
Forestar Group, Inc.*		149		3,209
Kennedy-Wilson Holdings, Inc.		212		3,526
Tejon Ranch Co.*		110		3,210
Thomas Properties Group, Inc.		649		3,303
Zillow, Inc.*		60		3,530

Total Real Estate Management & Development				23,272
				��
Road & Rail - 0.7%
Amerco, Inc.		32		5,142
Arkansas Best Corp.		538		5,654
Avis Budget Group, Inc.*		207		5,970
Celadon Group, Inc.		297		4,987
Genesee & Wyoming, Inc. — Class A*		68		5,794
Heartland Express, Inc.		463		6,283
Knight Transportation, Inc.		390		6,092
Marten Transport Ltd.		307		6,254
Old Dominion Freight Line, Inc.*		165		6,352
Patriot Transportation Holding, Inc.*		217		6,282
Quality Distribution, Inc.*		717		5,707
Roadrunner Transportation Systems, Inc.*		271		6,100
Saia, Inc.*		174		7,120
Swift Transportation Co.*		433		6,071
Universal Truckload Services, Inc.*		267		6,739
Werner Enterprises, Inc.		259		5,947

Total Road & Rail				96,494

Semiconductors & Semiconductor Equipment - 3.1%
Advanced Energy Industries, Inc.*		321		5,451
Alpha & Omega Semiconductor Ltd.*		628		4,547
Ambarella, Inc.*		375		5,138
Amkor Technology, Inc.*^,b		1,388		5,871
Anadigics, Inc.*		2,861		6,008
Applied Micro Circuits Corp.*		752		5,610
ATMI, Inc.*		248		5,394
Axcelis Technologies, Inc.*		4,818		6,263
AXT, Inc.*		1,891		5,427
Brooks Automation, Inc.		550		5,346
Cabot Microelectronics Corp.*		390		13,069
Cavium, Inc.*		148		4,655
CEVA, Inc.*		362		5,524
Cirrus Logic, Inc.*		243		4,692
Cohu, Inc.		597		5,713
Cymer, Inc.*		59		6,181
Diodes, Inc.*		271		5,490
DSP Group, Inc.*		696		5,617
Entegris, Inc.*		579		5,489
Entropic Communications, Inc.*		1,402		5,945
Exar Corp.*		537		5,789


	SHARES		VALUE


First Solar, Inc.*		539	$	25,096
Formfactor, Inc.*		1,177		5,826
GSI Technology, Inc.*		848		5,292
GT Advanced Technologies, Inc.*^,b		4,958		19,485
Hittite Microwave Corp.*		92		5,162
Inphi Corp.*		552		5,194
Integrated Device Technology, Inc.*		764		5,432
Integrated Silicon Solution, Inc.*		597		5,475
Intermolecular, Inc.*		571		4,973
International Rectifier Corp.*		268		5,684
Intersil Corp. — Class A		636		4,935
IXYS Corp.		590		5,345
Kopin Corp.*		1,519		5,028
Lattice Semiconductor Corp.*		1,038		4,827
LTX-Credence Corp.*		924		5,452
M/A-COM Technology Solutions Holdings, Inc.*		347		4,868
Mattson Technology, Inc.*		4,114		6,336
MaxLinear, Inc. — Class A*		938		5,844
MEMC Electronic Materials, Inc.*		1,290		6,966
Micrel, Inc.		535		5,382
Microsemi Corp.*		248		5,158
Mindspeed Technologies, Inc.*		1,610		3,687
MKS Instruments, Inc.		210		5,643
Monolithic Power Systems, Inc.		232		5,596
MoSys, Inc.*		1,162		5,252
Nanometrics, Inc.*		377		5,289
NeoPhotonics Corp.*		1,056		5,819
NVE Corp.*		102		5,413
Omnivision Technologies, Inc.*		402		5,391
PDF Solutions, Inc.*		348		5,954
Peregrine Semiconductor Corp.*		565		5,458
Pericom Semiconductor Corp.*		820		5,297
Photronics, Inc.*		874		6,896
PLX Technology, Inc.*		1,278		5,968
Power Integrations, Inc.		131		5,425
QuickLogic Corp.*		2,185		5,594
Rambus, Inc.*		991		6,897
RF Micro Devices, Inc.*		1,074		6,025
Rubicon Technology, Inc.*		866		6,417
Rudolph Technologies, Inc.*		484		5,648
Semtech Corp.*		160		5,131
Sigma Designs, Inc.*		1,141		5,431
Silicon Image, Inc.*		1,148		5,660
Spansion, Inc. — Class A*		452		5,872
SunPower Corp.*		1,309		17,789
Supertex, Inc.		256		5,397
Tessera Technologies, Inc.		301		6,131
TriQuint Semiconductor, Inc.*		1,148		6,704
Ultra Clean Holdings*		874		5,471
Ultratech, Inc.*		143		4,214
Veeco Instruments, Inc.*		148		5,634
Volterra Semiconductor Corp.*		397		5,165

Total Semiconductors & Semiconductor Equipment				457,247


58				GUGGENHEIM ETFs SEMI-ANNUAL REPORT		See Notes to Financial Statements.


SCHEDULE OF INVESTMENTS (Unaudited) (continued)			April 30, 2013

GUGGENHEIM RUSSELL 2000^® EQUAL WEIGHT ETF


	SHARES		VALUE


Software - 2.2%
Accelrys, Inc.*		630	$	6,205
ACI Worldwide, Inc.*		116		5,453
Actuate Corp.*		952		5,845
Advent Software, Inc.*		121		3,514
American Software, Inc. — Class A		655		5,443
Aspen Technology, Inc.*		175		5,334
AVG Technologies NV*		408		6,659
Blackbaud, Inc.		191		5,598
Bottomline Technologies , Inc.*		203		5,319
BroadSoft, Inc.*		200		5,112
Callidus Software, Inc.*		1,231		5,281
CommVault Systems, Inc.*		69		5,074
Comverse, Inc.*		198		5,253
Digimarc Corp.		255		5,595
Ebix, Inc.		359		6,681
Ellie Mae, Inc.*		240		6,245
EPIQ Systems, Inc.		402		5,616
ePlus, Inc.		120		5,458
Exa Corp.*		548		4,088
Fair Isaac Corp.		74		3,447
FalconStor Software, Inc.*		2,127		3,510
FleetMatics Group PLC*		230		5,398
Glu Mobile, Inc.*^,b		1,848		5,692
Guidance Software, Inc.*		519		5,460
Guidewire Software, Inc.*		148		5,932
Imperva, Inc.*		146		5,691
Infoblox, Inc.*		261		5,771
Interactive Intelligence Group, Inc.*		129		5,344
Jive Software, Inc.*		349		4,743
Manhattan Associates, Inc.*		76		5,336
Mentor Graphics Corp.		319		5,825
MicroStrategy, Inc. — Class A*		55		4,960
Monotype Imaging Holdings, Inc.		242		5,612
Netscout Systems, Inc.*		232		5,292
Pegasystems, Inc.		196		4,961
Progress Software Corp.*		250		5,642
Proofpoint, Inc.*		336		6,155
PROS Holdings, Inc.*		209		5,417
PTC, Inc.*		225		5,402
QAD, Inc. — Class A		435		5,255
QLIK Technologies, Inc.*		217		5,644
Qualys, Inc.*		463		5,093
RealPage, Inc.*^,b		278		5,671
Rosetta Stone, Inc.*		375		6,349
Sapiens International Corp. NV		1,064		6,161
SeaChange International, Inc.*		471		5,115
Sourcefire, Inc.*		98		4,680
SS&C Technologies Holdings, Inc.*		190		5,831
Synchronoss Technologies, Inc.*		187		5,300
Take-Two Interactive Software, Inc.*		352		5,372
Tangoe, Inc.*		462		5,941
TeleNav, Inc.*		869		4,554
TiVo, Inc.*		463		5,426


	SHARES		VALUE


Tyler Technologies, Inc.*		94	$	5,945
Ultimate Software Group, Inc.*		55		5,312
VASCO Data Security International, Inc.*		668		5,685
Verint Systems, Inc.*		161		5,319
VirnetX Holding Corp.*		291		5,942
Websense, Inc.*		375		6,690

Total Software				320,648

Specialty Retail - 2.3%
Aeropostale, Inc.*		420		6,157
America’s Car-Mart, Inc.*		117		5,414
ANN, Inc.*		193		5,701
Asbury Automotive Group, Inc.*		152		6,094
Barnes & Noble, Inc.*		347		6,291
Bebe Stores, Inc.		1,325		7,499
Big 5 Sporting Goods Corp.		369		6,199
Body Central Corp.*		610		6,210
Brown Shoe Co., Inc.		342		5,783
Buckle, Inc. (The)		120		5,826
Cabela’s, Inc.*		93		5,971
Cato Corp. (The) — Class A		233		5,594
Children’s Place Retail Stores, Inc. (The)*		126		6,164
Citi Trends, Inc.*		553		6,509
Conn’s, Inc.*		157		6,800
Destination Maternity Corp.		238		5,652
Destination XL Group, Inc.*		1,117		5,563
Express, Inc.*		320		5,827
Finish Line, Inc. (The) — Class A		306		5,933
Five Below, Inc.*		141		5,075
Francesca’s Holdings Corp.*		186		5,312
Genesco, Inc.*		95		5,847
Group 1 Automotive, Inc.		94		5,685
Haverty Furniture Cos., Inc.		273		6,492
hhgregg, Inc.*		505		6,822
Hibbett Sports, Inc.*		101		5,540
HOT Topic, Inc.		404		5,636
JOS A Bank Clothiers, Inc.*		138		6,028
Kirkland’s, Inc.*		511		6,163
Lithia Motors, Inc. — Class A		121		5,992
Lumber Liquidators Holdings, Inc.*		80		6,557
MarineMax, Inc.*		409		4,740
Mattress Firm Holding Corp.*		181		6,936
Men’s Wearhouse, Inc. (The)		167		5,594
Monro Muffler Brake, Inc.		139		5,749
New York & Co., Inc.*		1,334		5,950
Office Depot, Inc.*		1,408		5,435
OfficeMax, Inc.		476		5,479
Penske Automotive Group, Inc.		168		5,195
Pep Boys- Manny, Moe & Jack*		477		5,533
Pier 1 Imports, Inc.		246		5,710
RadioShack Corp.		1,672		5,300
Rent-A-Center, Inc.		152		5,309
Restoration Hardware Holdings, Inc.*		158		6,154
Rue21, Inc.*		198		6,316
Select Comfort Corp.*		296		6,281


See Notes to Financial Statements.		GUGGENHEIM ETFs SEMI-ANNUAL REPORT				59


SCHEDULE OF INVESTMENTS (Unaudited) (continued)			April 30, 2013

GUGGENHEIM RUSSELL 2000^® EQUAL WEIGHT ETF


	SHARES		VALUE


Shoe Carnival, Inc.		272	$	5,666
Sonic Automotive, Inc. — Class A		244		5,366
Stage Stores, Inc.		216		5,981
Stein Mart, Inc.		646		5,110
Systemax, Inc.		554		5,075
Tilly’s, Inc.*		436		6,296
Vitamin Shoppe, Inc.*		114		5,603
West Marine, Inc.*		486		5,749
Wet Seal, Inc. (The) — Class A*		1,854		6,044
Winmark Corp.		89		5,506
Zumiez, Inc.*		245		7,098

Total Specialty Retail				335,511

Textiles, Apparel & Luxury Goods - 1.0%
Cherokee, Inc.		405		5,277
Columbia Sportswear Co.^b		96		5,626
Crocs, Inc.*		376		6,024
Culp, Inc.		849		13,788
Delta Apparel, Inc.*		348		4,656
Fifth & Pacific Cos., Inc.*		296		6,104
G-III Apparel Group Ltd.*		143		5,814
Iconix Brand Group, Inc.*		219		6,274
Jones Group, Inc. (The)		436		6,104
K-Swiss, Inc. — Class A*		1,188		5,631
Maidenform Brands, Inc.*		318		5,724
Movado Group, Inc.		165		4,990
Oxford Industries, Inc.		101		5,972
Perry Ellis International, Inc.		305		5,359
Quiksilver, Inc.*		903		6,077
R.G. Barry Corp.		429		5,916
Skechers U.S.A., Inc. — Class A*		278		5,777
Steven Madden Ltd.*		130		6,322
True Religion Apparel, Inc.		215		5,818
Tumi Holdings, Inc.*		243		5,596
Unifi, Inc.*		703		13,708
Vera Bradley, Inc.*^,b		237		5,408
Wolverine World Wide, Inc.		126		6,019

Total Textiles, Apparel & Luxury Goods				147,984

Thrifts & Mortgage Finance - 1.3%
Astoria Financial Corp.		343		3,289
Bank Mutual Corp.		588		3,046
BankFinancial Corp.		409		3,227
Beneficial Mutual Bancorp, Inc.*		326		2,787
Berkshire Hills Bancorp, Inc.		131		3,388
BofI Holding, Inc.*		93		3,793
Brookline Bancorp, Inc.		363		3,049
Cape Bancorp, Inc.		360		3,244
Charter Financial Corp.		327		3,326
Clifton Savings Bancorp, Inc.		264		3,171
Dime Community Bancshares, Inc.		231		3,296
Doral Financial Corp.*		4,681		3,526
ESB Financial Corp.		239		3,346
ESSA Bancorp, Inc.		299		3,220
EverBank Financial Corp.		216		3,456


	SHARES		VALUE


Federal Agricultural Mortgage Corp. — Class C		103	$	3,273
First Defiance Financial Corp.		142		3,215
First Federal Bancshares of Arkansas, Inc.*		344		3,333
First Financial Northwest, Inc.*		411		3,329
First Pactrust Bancorp, Inc.		291		3,306
Flushing Financial Corp.		200		3,036
Fox Chase Bancorp, Inc.		199		3,365
Franklin Financial Corp.		183		3,327
Heritage Financial Group, Inc.		233		3,446
Hingham Institution for Savings		48		3,264
Home Bancorp, Inc.*		178		3,222
Home Federal Bancorp, Inc.		267		3,252
Home Loan Servicing Solutions Ltd.		143		3,239
HomeStreet, Inc.		144		3,096
Kearny Financial Corp.*		315		3,103
Meridian Interstate Bancorp, Inc.*		177		3,237
MGIC Investment Corp.*		752		4,061
NASB Financial, Inc.*		148		3,374
Nationstar Mortgage Holdings, Inc.*		94		3,456
Northfield Bancorp, Inc.		296		3,481
Northwest Bancshares, Inc.		264		3,234
OceanFirst Financial Corp.		231		3,283
Ocwen Financial Corp.*		90		3,292
Oritani Financial Corp.		216		3,342
Peoples Federal Bancshares, Inc.		176		3,284
Provident Financial Holdings, Inc.		195		3,159
Provident Financial Services, Inc.		217		3,327
Provident New York Bancorp		367		3,318
Radian Group, Inc.		326		3,896
Rockville Financial, Inc.		257		3,341
Roma Financial Corp.		209		3,557
SI Financial Group, Inc.		272		3,155
Simplicity Bancorp, Inc.		219		3,285
Territorial Bancorp, Inc.		139		3,250
Tree.com, Inc.		187		3,828
TrustCo Bank Corp. NY		592		3,173
United Financial Bancorp, Inc.		222		3,288
ViewPoint Financial Group, Inc.		162		3,016
Walker & Dunlop, Inc.*		185		3,295
Waterstone Financial, Inc.*		385		3,076
Westfield Financial, Inc.		433		3,260
WSFS Financial Corp.		68		3,328

Total Thrifts & Mortgage Finance				188,566

Tobacco - 0.7%
Alliance One International, Inc.*		8,052		30,195
Universal Corp.		571		32,861
Vector Group Ltd.		2,021		32,963

Total Tobacco				96,019

Trading Companies & Distributors - 0.8%
Aceto Corp.		1,198		12,459
Aircastle Ltd.		456		6,366


60				GUGGENHEIM ETFs SEMI-ANNUAL REPORT		See Notes to Financial Statements.


SCHEDULE OF INVESTMENTS (Unaudited) (concluded)			April 30, 2013

GUGGENHEIM RUSSELL 2000^® EQUAL WEIGHT ETF


	SHARES		VALUE


Applied Industrial Technologies, Inc.		138	$	5,830
Beacon Roofing Supply, Inc.*		351		13,384
CAI International, Inc.*		215		5,480
DXP Enterprises, Inc.*		84		5,618
Edgen Group, Inc.*		2,063		14,131
H&E Equipment Services, Inc.		312		6,352
Houston Wire & Cable Co.		488		6,646
Kaman Corp.		173		5,846
Rush Enterprises, Inc. — Class A*		255		5,837
TAL International Group, Inc.		139		5,755
Textainer Group Holdings Ltd.		158		6,110
Titan Machinery, Inc.*		225		5,076
Watsco, Inc.		160		13,501
Willis Lease Finance Corp.*		409		5,804

Total Trading Companies & Distributors				124,195

Transportation Infrastructure - 0.0%^a
Wesco Aircraft Holdings, Inc.*		428		7,066

Total Transportation Infrastructure				7,066

Water Utilities - 1.4%
American States Water Co.		506		28,073
Artesian Resources Corp. — Class A		1,290		30,405
California Water Service Group		1,464		29,353
Connecticut Water Service, Inc.		996		28,366
Middlesex Water Co.		1,473		28,886
SJW Corp.		1,039		26,349
York Water Co.		1,520		28,500

Total Water Utilities				199,932

Wireless Telecommunication Services - 0.8%
Leap Wireless International, Inc.*		5,086		29,092
NTELOS Holdings Corp.		2,207		32,487
Shenandoah Telecommunications Co.		1,868		30,616
USA Mobility, Inc.		2,198		29,827

Total Wireless Telecommunication Services				122,022

Total Common Stocks (Cost $13,346,695)				14,354,379


EXCHANGE TRADED FUNDS - 0.5%
iShares Russell 2000 Index Fund		740		69,663

Total Exchange Traded Funds (Cost $69,512)				69,663


SHORT TERM INVESTMENTS - 0.4%
SSgA Government Money Market Fund		61,714		61,714

Total Short Term Investments (Cost $61,714)				61,714


	FACE AMOUNT		VALUE


SECURITIES LENDING COLLATERAL - 1.4%^c
Repurchase Agreements:
Deutsche Bank Securities, Inc., issued 04/30/13 at 0.15% due 05/01/13^d	$	32,380	$	32,380
HSBC Securities, Inc., issued 04/30/13 at 0.15% due 05/01/13^d		142,474		142,474
RBS Securities, Inc., issued 04/30/13 at 0.15% due 05/01/13^d		22,499		22,499

Total Securities Lending Collateral (Cost $197,353)				197,353

Total Investments - 101.3%^e (Cost $13,675,274)				14,683,109

Other Assets and Liabilities, net - (1.3)%				(194,829	)

Net Assets - 100.0%			$	14,488,280

Non-Income Producing Security.

Amount represents less than 0.05% of net assets.

All or a portion of this security was on loan as of April 30, 2013.

Securities lending collateral (Note 8).

Values determined based on Level 2 inputs. (Note 4).

Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs.

REIT — Real Estate Investment Trust


See Notes to Financial Statements.		GUGGENHEIM ETFs SEMI-ANNUAL REPORT				61


SCHEDULE OF INVESTMENTS (Unaudited)			April 30, 2013

GUGGENHEIM MSCI EMERGING MARKETS EQUAL WEIGHT ETF


	SHARES		VALUE


COMMON STOCKS - 82.8%
Aerospace & Defense - 0.3%
Embraer SA ADR		322	$	11,248
Korea Aerospace Industries Ltd.		630		16,017

Total Aerospace & Defense				27,265

Air Freight & Logistics - 0.1%
Hyundai Glovis Co., Ltd.		75		12,599

Total Air Freight & Logistics				12,599

Airlines - 1.6%
Air China Ltd. — Class H		18,284		14,796
AirAsia BHD		39,400		37,943
China Airlines Ltd.*		39,400		15,019
China Southern Airlines Co., Ltd. — Class H		29,676		15,602
Eva Airways Corp.*		27,000		15,050
Gol Linhas Aereas Inteligentes SA ADR*		3,092		19,108
Korean Air Lines Co., Ltd.*		334		10,706
Latam Airlines Group SA ADR		823		17,036
Turk Hava Yollari*		4,648		19,334

Total Airlines				164,594

Auto Components - 0.8%
Cheng Shin Rubber Industry Co., Ltd.		6,260		21,191
Hankook Tire Co., Ltd.		325		14,136
Hyundai Mobis		52		11,804
Hyundai Wia Corp.		96		12,378
Mando Corp.		115		8,771
Nan Kang Rubber Tire Co., Ltd.		11,568		13,660

Total Auto Components				81,940

Automobiles - 1.8%
Astra International Tbk PT		22,500		17,010
Brilliance China Automotive Holdings Ltd.*		11,712		14,337
Byd Co., Ltd. — Class H*		4,532		16,176
China Motor Corp.		18,000		17,535
Dongfeng Motor Group Co., Ltd. — Class H		12,000		17,875
Geely Automobile Holdings Ltd.		31,328		15,744
Great Wall Motor Co., Ltd. — Class H		2,968		12,869
Guangzhou Automobile Group Co., Ltd. — Class H		18,408		15,181
Hyundai Motor Co.		62		11,231
Kia Motors Corp.		270		13,435
Tofas Turk Otomobil Fabrikasi AS		3,001		20,916
Yulon Motor Co., Ltd.		9,000		15,431

Total Automobiles				187,740

Beverages - 0.6%
Coca-Cola Femsa SAB de CV ADR		126		20,332
Fomento Economico Mexicano SAB de CV ADR		177		20,070
Grupo Modelo SAB de CV — Series C		2,111		19,185

Total Beverages				59,587


	SHARES		VALUE


Building Products - 0.2%
KCC Corp.		54	$	16,034

Total Building Products				16,034

Capital Markets - 1.2%
China Everbright Ltd.		12,000		19,081
CITIC Securities Co., Ltd.		6,232		14,133
Daewoo Securities Co., Ltd.		1,230		12,174
Haitong Securities Co., Ltd. — Class H*		9,600		13,978
Hyundai Securities Co., Ltd.		1,710		11,878
Investec Ltd.		2,223		15,931
Samsung Securities Co., Ltd.		264		12,130
Woori Investment & Securities Co., Ltd.		1,170		12,005
Yuanta Financial Holding Co., Ltd.		31,068		15,791

Total Capital Markets				127,101

Chemicals - 3.9%
Alpek SA de CV		9,315		22,206
Braskem SA ADR		1,115		19,680
Cheil Industries, Inc.		168		14,477
China Petrochemical Development Corp.		26,312		14,220
Formosa Chemicals & Fibre Corp.		6,000		14,048
Formosa Plastics Corp.		6,000		14,557
Hanwha Chemical Corp.		750		11,135
Hanwha Corp.		450		12,749
Huabao International Holdings Ltd.		30,000		13,762
Hyosung Corp.		261		13,129
Indorama Ventures PCL		18,510		14,821
Kumho Petrochemical Co., Ltd.		127		10,990
LCY Chemical Corp.		12,000		14,211
LG Chem Ltd.		51		12,040
Lotte Chemical Corp.		63		9,296
Mexichem SAB de CV		4,243		21,601
Nan Ya Plastics Corp.		9,000		17,932
OCI Co., Ltd.		87		11,178
Oriental Union Chemical Corp.		15,000		16,544
Petronas Chemicals Group BHD		18,000		38,633
PTT Global Chemical PCL		5,711		14,205
Sociedad Quimica y Minera de Chile SA ADR		349		17,272
Taiwan Fertilizer Co., Ltd.		6,000		14,353
TSRC Corp.		5,900		11,655
Uralkali OJSC GDR		484		17,516
Yingde Gases		13,272		12,775

Total Chemicals				404,985

Commercial Banks - 10.9%
ABSA Group Ltd.		886		14,568
Agricultural Bank of China Ltd. — Class H		29,664		14,181
Akbank TAS		3,878		20,369
Asya Katilim Bankasi AS*		14,996		18,145
Banco de Chile		151,868		23,658
Banco Santander Brasil SA ADR		1,230		9,127
Banco Santander Chile ADR		689		18,355


62				GUGGENHEIM ETFs SEMI-ANNUAL REPORT		See Notes to Financial Statements.


SCHEDULE OF INVESTMENTS (Unaudited) (continued)			April 30, 2013

GUGGENHEIM MSCI EMERGING MARKETS EQUAL WEIGHT ETF


	SHARES		VALUE


BanColombia SA ADR		877	$	59,434
Bangkok Bank PCL		2,141		16,559
Bank Central Asia Tbk PT		16,684		18,447
Bank Mandiri (Persero) Tbk PT		16,500		17,819
Bank Negara Indonesia Persero Tbk PT		43,500		24,160
Bank of Ayudhya PCL		13,929		15,543
Bank of China Ltd. — Class H		32,620		15,258
Bank of Communications Co., Ltd. — Class H		18,444		14,664
Bank Pekao SA		598		28,674
Bank Rakyat Indonesia Persero Tbk PT		19,500		18,853
BDO Unibank, Inc.*		27,135		60,454
BS Financial Group, Inc.		960		12,640
Chang Hwa Commercial Bank		29,088		16,608
China Citic Bank Corp., Ltd. — Class H		23,520		13,244
China Construction Bank Corp. — Class H		17,752		14,868
China Development Financial Holding Corp.*		54,000		14,931
China Merchants Bank Co., Ltd. — Class H		7,704		16,419
China Minsheng Banking Corp., Ltd. — Class H		11,896		15,283
Chinatrust Financial Holding Co., Ltd.		27,168		16,478
Chongqing Rural Commercial Bank Co., Ltd. — Class H		29,592		16,091
CIMB Group Holdings BHD		15,600		39,686
Commercial International Bank Egypt SAE GDR		8,533		37,119
Credicorp Ltd.		114		17,167
E.Sun Financial Holding Co., Ltd.		30,200		18,215
First Financial Holding Co., Ltd.		25,632		15,764
Grupo Financiero Banorte SAB de CV — Class O		2,732		20,577
Hana Financial Group, Inc.		770		24,611
Hua Nan Financial Holdings Co., Ltd.		27,100		15,748
Industrial & Commercial Bank of China — Class H		20,600		14,493
Industrial Bank of Korea		1,140		13,043
Kasikornbank PCL		2,128		15,661
KB Financial Group, Inc. ADR		397		13,022
Komercni Banka AS		89		17,033
Krung Thai Bank PCL		17,097		14,447
Malayan Banking BHD		12,300		38,891
Mega Financial Holding Co., Ltd.		19,956		15,384
Nedbank Group Ltd.		733		15,557
OTP Bank PLC		1,085		22,578
Powszechna Kasa Oszczednosci Bank Polski SA		2,716		28,281
Shinhan Financial Group Co., Ltd. ADR		364		12,482
Siam Commercial Bank PCL		2,722		17,250
Standard Bank Group Ltd.		1,295		16,162
Taishin Financial Holding Co., Ltd.		42,193		18,300
Turkiye Garanti Bankasi AS		4,000		22,080


	SHARES		VALUE


Turkiye Halk Bankasi AS		1,911	$	20,831
Turkiye Is Bankasi		5,099		19,674
Turkiye Vakiflar Bankasi Tao		5,886		21,004
VTB Bank OJSC GDR		5,522		17,394
Woori Finance Holdings Co., Ltd.		1,170		12,642
Yapi ve Kredi Bankasi AS		6,493		20,129

Total Commercial Banks				1,140,055

Communications Equipment - 0.1%
ZTE Corp. — Class H		9,040		15,236

Total Communications Equipment				15,236

Computers & Peripherals - 1.6%
Acer, Inc.*		18,000		14,547
Catcher Technology Co., Ltd.		3,000		15,197
Compal Electronics, Inc.		24,000		15,533
Foxconn Technology Co., Ltd.		9,300		24,548
Lenovo Group Ltd.		12,000		10,963
Lite-On Technology Corp.		11,868		21,354
Pegatron Corp.*		12,000		19,639
Quanta Computer, Inc.		6,000		12,402
Simplo Technology Co., Ltd.		3,400		14,458
Wistron Corp.		14,800		15,020

Total Computers & Peripherals				163,661

Construction & Engineering - 2.3%
Aveng Ltd.		4,597		15,097
China Communications Construction Co., Ltd. — Class H		18,012		17,245
China Railway Construction Corp., Ltd. — Class H		14,664		14,795
China Railway Group Ltd. — Class H		30,408		16,026
CTCI Corp.		8,805		17,603
Daelim Industrial Co., Ltd.		159		11,117
Daewoo Engineering & Construction Co., Ltd.*		1,710		11,739
Doosan Heavy Industries and Construction Co., Ltd.		365		13,572
GS Engineering & Construction Corp.		268		7,361
Hyundai Development Co.		630		12,928
Hyundai Engineering & Construction Co., Ltd.		214		11,231
IJM Corp. BHD		21,900		39,229
Larsen & Toubro Ltd. GDR		373		10,519
Orascom Construction Industries GDR*		1,262		40,346
Samsung Engineering Co., Ltd.		98		7,875

Total Construction & Engineering				246,683

Construction Materials - 1.8%
Anhui Conch Cement Co., Ltd. — Class H		4,560		16,511
Asia Cement Corp.		12,496		15,857
BBMG Corp. — Class H		17,968		14,424
Cemex SAB de CV ADR*		1,956		22,008
China National Building Material Co., Ltd. — Class H		12,768		15,070
China Resources Cement Holdings Ltd.		24,820		14,296


See Notes to Financial Statements.		GUGGENHEIM ETFs SEMI-ANNUAL REPORT				63


SCHEDULE OF INVESTMENTS (Unaudited) (continued)			April 30, 2013

GUGGENHEIM MSCI EMERGING MARKETS EQUAL WEIGHT ETF


	SHARES		VALUE


China Shanshui Cement Group Ltd.		20,968	$	11,861
Indocement Tunggal Prakarsa Tbk PT		9,072		24,634
Semen Gresik Persero Tbk PT		10,276		19,448
Siam Cement PCL		1,200		20,198
Taiwan Cement Corp.		12,296		16,332

Total Construction Materials				190,639

Consumer Finance - 0.1%
Samsung Card Co., Ltd.		390		14,962

Total Consumer Finance				14,962

Distributors - 0.3%
Dah Chong Hong Holdings Ltd.		15,500		14,281
Imperial Holdings Ltd.		695		15,374

Total Distributors				29,655

Diversified Financial Services - 1.6%
African Bank Investments Ltd.		4,786		15,180
AMMB Holdings BHD		18,000		39,638
Chailease Holding Co., Ltd.		8,000		24,072
FirstRand Ltd.		4,594		15,947
Fubon Financial Holding Co., Ltd.		11,788		16,836
Haci Omer Sabanci Holding AS		3,278		20,379
Remgro Ltd.		835		16,823
RMB Holdings Ltd.		3,509		15,560

Total Diversified Financial Services				164,435

Diversified Telecommunication Services - 2.1%
China Telecom Corp., Ltd. — Class H		30,000		15,308
China Unicom Hong Kong Ltd. ADR		1,023		14,762
Chunghwa Telecom Co., Ltd. ADR		532		17,152
KT Corp. ADR		835		13,577
LG Uplus Corp.*		1,740		16,431
Oi SA ADR		3,171		7,579
Telefonica Brasil SA ADR		267		7,097
Telefonica Czech Republic AS		1,091		15,782
Telekom Malaysia BHD		21,000		38,100
Telekomunikacja Polska SA		13,954		31,092
Telekomunikasi Indonesia Tbk PT ADR		439		21,015
Turk Telekomunikasyon AS		4,402		20,863

Total Diversified Telecommunication Services				218,758

Electric Utilities - 1.8%
Centrais Eletricas Brasileiras SA ADR		5,586		15,026
CEZ AS		571		16,546
Cia Energetica de Minas Gerais ADR		637		8,173
Cia Paranaense de Energia ADR		1,082		19,303
CPFL Energia SA ADR		685		14,659
Enersis SA ADR		989		18,672
Federal Hydrogenerating Co. JSC ADR		8,176		14,063
Korea Electric Power Corp. ADR*		913		13,074
PGE SA		5,901		30,649
Tenaga Nasional BHD		16,200		41,798

Total Electric Utilities				191,963

Electrical Equipment - 0.7%
Dongfang Electric Corp., Ltd. — Class H		8,396		11,792


	SHARES		VALUE


LS Corp.		174	$	12,798
LS Industrial Systems Co., Ltd.		228		12,877
Shanghai Electric Group Co., Ltd. — Class H		42,000		14,720
Zhuzhou CSR Times Electric Co., Ltd. — Class H		5,920		16,363

Total Electrical Equipment				68,550

Electronic Equipment, Instruments & Components - 2.5%
AU Optronics Corp. ADR*		3,831		18,542
Cheng Uei Precision Industry Co., Ltd.		8,924		17,780
Delta Electronics, Inc.		2,680		12,850
E Ink Holdings, Inc.		21,000		15,583
Hon Hai Precision Industry Co., Ltd. GDR		2,891		14,787
Innolux Corp.*		29,820		18,643
LG Display Co., Ltd. ADR*		922		12,650
LG Innotek Co., Ltd.*		204		16,486
Neo Holdings Co., Ltd.*^,a		152		69
Samsung Electro-Mechanics Co., Ltd.		156		13,953
Samsung SDI Co., Ltd.		108		12,601
Synnex Technology International Corp.		9,000		15,218
Tripod Technology Corp.		9,132		20,732
Unimicron Technology Corp.		18,000		18,969
Wintek Corp.*		34,498		17,710
WPG Holdings Ltd.		15,208		18,319
Zhen Ding Technology Holding Ltd.		8,870		21,670

Total Electronic Equipment, Instruments & Components				266,562

Energy Equipment & Services - 0.4%
Bumi Armada BHD		28,200		36,982
China Oilfield Services Ltd. — Class H		5,096		10,047

Total Energy Equipment & Services				47,029

Food & Staples Retailing - 2.8%
BIM Birlesik Magazalar AS		382		19,596
Cencosud SA		3,041		17,153
China Resources Enterprise Ltd.		5,828		19,976
Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR		201		11,167
Controladora Comercial Mexicana SAB de CV		5,701		21,985
CP ALL PCL		8,961		12,976
E-Mart Co., Ltd.		66		12,885
Eurocash SA		1,827		32,902
Magnit OJSC GDR*		439		22,389
Massmart Holdings Ltd.		739		15,303
President Chain Store Corp.		3,000		18,501
Shoprite Holdings Ltd.		811		15,357
Siam Makro PCL		1,500		38,535
Sun Art Retail Group Ltd.		10,352		14,460
Wal-Mart de Mexico SAB de CV — Series V		6,325		20,104

Total Food & Staples Retailing				293,289


64				GUGGENHEIM ETFs SEMI-ANNUAL REPORT		See Notes to Financial Statements.


SCHEDULE OF INVESTMENTS (Unaudited) (continued)			April 30, 2013

GUGGENHEIM MSCI EMERGING MARKETS EQUAL WEIGHT ETF


	SHARES		VALUE


Food Products - 2.5%
Charoen Pokphand Foods PCL		12,635	$	13,668
China Foods Ltd.		24,000		12,246
China Mengniu Dairy Co., Ltd.		6,000		16,893
CJ CheilJedang Corp.		39		11,545
Indofood Sukses Makmur Tbk PT		25,500		19,277
IOI Corp. BHD		23,100		38,190
Kuala Lumpur Kepong BHD		5,400		38,266
Orion Corp.		12		12,694
Standard Foods Corp.		5,920		20,260
Tiger Brands Ltd.		472		14,666
Tingyi Cayman Islands Holding Corp.		6,000		16,584
Uni-President China Holdings Ltd.		12,400		13,486
Uni-President Enterprises Corp.		8,756		17,238
Want Want China Holdings Ltd.		12,312		19,514

Total Food Products				264,527

Gas Utilities - 0.9%
China Gas Holdings Ltd.		18,428		18,165
ENN Energy Holdings Ltd.		6,852		39,643
Korea Gas Corp.		213		13,674
Perusahaan Gas Negara Persero Tbk PT		37,748		24,266

Total Gas Utilities				95,748

Health Care Equipment & Supplies - 0.1%
Shandong Weigao Group Medical Polymer Co., Ltd. — Class H		12,000		11,520

Total Health Care Equipment & Supplies				11,520

Health Care Providers & Services - 0.4%
Bangkok Dusit Medical Services PCL		2,400		13,819
Life Healthcare Group Holdings Ltd.		4,357		18,389
Sinopharm Group Co. — Class H		4,800		14,257

Total Health Care Providers & Services				46,465

Hotels, Restaurants & Leisure - 0.9%
Genting BHD		12,000		41,413
Genting Malaysia BHD		30,900		38,187
Kangwon Land, Inc.		480		13,577

Total Hotels, Restaurants & Leisure				93,177

Household Durables - 0.6%
Coway Co., Ltd.		300		15,200
Haier Electronics Group Co., Ltd.*		8,740		15,609
LG Electronics, Inc.		192		15,359
Steinhoff International Holdings Ltd.*		5,545		14,785

Total Household Durables				60,953

Household Products - 0.1%
LG Household & Health Care Ltd.		21		11,803

Total Household Products				11,803

Independent Power Producers & Energy Traders - 0.7%
China Longyuan Power Group Corp. — Class H		18,000		16,491
China Resources Power Holdings Co., Ltd.		6,000		19,637
Empresa Nacional de Electricidad SA ADR		370		19,725


	SHARES		VALUE


Huaneng Power International, Inc. — Class H		11,664	$	13,482

Total Independent Power Producers & Energy Traders				69,335

Industrial Conglomerates - 3.5%
Alfa SAB de CV — Class A		8,069		18,718
Beijing Enterprises Holdings Ltd.		3,232		24,176
Bidvest Group Ltd.		601		15,614
Citic Pacific Ltd.		9,000		10,890
CJ Corp.		108		14,170
DMCI Holdings, Inc.		48,280		66,919
Doosan Corp.		114		12,732
Far Eastern New Century Corp.		18,064		19,434
KOC Holding AS		3,413		20,648
LG Corp.		224		13,343
Samsung Techwin Co., Ltd.		234		14,554
Shanghai Industrial Holdings Ltd.		6,432		20,388
Sime Darby BHD		12,300		38,163
SK Holdings Co., Ltd.		80		11,514
SM Investments Corp.		2,465		68,572

Total Industrial Conglomerates				369,835

Insurance - 2.5%
Cathay Financial Holding Co., Ltd.		11,896		16,003
China Life Insurance Co., Ltd.*		19,106		19,390
China Life Insurance Co., Ltd. — Class H		6,000		16,391
China Pacific Insurance Group Co., Ltd. — Class H		4,200		15,099
Dongbu Insurance Co., Ltd.		333		13,440
Hanwha Life Insurance Co., Ltd.		2,100		12,776
Hyundai Marine & Fire Insurance Co., Ltd.		510		14,356
New China Life Insurance Co., Ltd.		3,900		14,498
People’s Insurance Co. Group of China Ltd.*		27,000		14,125
PICC Property & Casualty Co., Ltd. — Class H		12,000		15,401
Ping An Insurance Group Co. of China Ltd. — Class H		1,332		10,547
Powszechny Zaklad Ubezpieczen SA		240		33,081
Samsung Fire & Marine Insurance Co., Ltd.		66		13,574
Samsung Life Insurance Co., Ltd.		147		14,482
Sanlam Ltd.		3,336		17,080
Shin Kong Financial Holding Co., Ltd.*		54,000		17,053

Total Insurance				257,296

Internet Software & Services - 0.4%
NHN Corp.		58		15,589
Tencent Holdings Ltd.		644		22,090

Total Internet Software & Services				37,679

IT Services - 0.2%
SK C&C Co., Ltd.		150		12,585
Wipro Ltd. ADR		1,159		9,260

Total IT Services				21,845


See Notes to Financial Statements.		GUGGENHEIM ETFs SEMI-ANNUAL REPORT				65


SCHEDULE OF INVESTMENTS (Unaudited) (continued)			April 30, 2013

GUGGENHEIM MSCI EMERGING MARKETS EQUAL WEIGHT ETF


	SHARES		VALUE


Leisure Equipment & Products - 0.2%
Merida Industry Co., Ltd.		3,000	$	18,298

Total Leisure Equipment & Products				18,298

Machinery - 1.4%
Airtac International Group		2,935		15,564
CSR Corp., Ltd. — Class H		19,348		12,740
Daewoo Shipbuilding & Marine Engineering Co., Ltd.		510		12,249
Doosan Infracore Co., Ltd.*		960		11,376
Hiwin Technologies Corp.		2,916		20,552
Hyundai Heavy Industries Co., Ltd.		69		12,593
Hyundai Mipo Dockyard		132		12,945
Samsung Heavy Industries Co., Ltd.		420		13,367
United Tractors Tbk PT		10,500		19,169
Weichai Power Co., Ltd. — Class H		2,868		9,996
Zoomlion Heavy Industry Science and Technology Co., Ltd. — Class H		11,456		11,470

Total Machinery				152,021

Marine - 0.6%
China COSCO Holdings Co., Ltd. — Class H*		28,304		11,963
China Shipping Container Lines Co., Ltd. — Class H*^,b		51,228		12,212
China Shipping Development Co., Ltd. — Class H		24,268		10,413
Evergreen Marine Corp. Taiwan Ltd.*		27,499		16,073
Yang Ming Marine Transport Corp.*		36,000		16,163

Total Marine				66,824

Media - 1.0%
BEC World PCL		6,330		14,450
Cheil Worldwide, Inc.*		570		14,078
Global Mediacom Tbk PT		84,000		18,792
Grupo Televisa SA ADR		754		19,091
Media Nusantara Citra Tbk PT		69,000		22,178
Naspers Ltd. — Class N		250		16,713

Total Media				105,302

Metals & Mining - 4.8%
African Rainbow Minerals Ltd.		758		14,927
Aluminum Corp. of China Ltd. ADR*		1,394		13,452
Angang Steel Co., Ltd. — Class H*		23,268		13,702
Anglo American Platinum Ltd.*		330		12,505
AngloGold Ashanti Ltd. ADR		646		12,597
ArcelorMittal South Africa Ltd.*		4,826		12,352
Assore Ltd.		418		13,588
CAP SA		548		17,259
China Steel Corp.		17,156		15,114
Cia de Minas Buenaventura SA ADR		661		13,233
Cia Siderurgica Nacional SA ADR		2,349		9,396
Eregli Demir ve Celik Fabrikalari TAS		16,879		19,294
Gerdau SA ADR		439		3,446
Gold Fields Ltd. ADR		1,935		14,435
Grupo Mexico SAB de CV — Series B		5,684		20,320
Harmony Gold Mining Co., Ltd. ADR		2,497		12,810


	SHARES		VALUE


Hyundai Hysco Co., Ltd.		420	$	11,746
Hyundai Steel Co.		182		12,593
Impala Platinum Holdings Ltd.		989		13,483
Industrias CH SAB de CV*		2,448		19,704
Industrias Penoles SAB de CV		422		17,599
Jiangxi Copper Co., Ltd. — Class H		6,444		12,489
KGHM Polska Miedz SA		508		23,796
Korea Zinc Co., Ltd.		39		11,173
Koza Altin Isletmeleri AS		781		15,590
Kumba Iron Ore Ltd.		243		12,804
Mechel ADR		3,437		14,023
MMC Norilsk Nickel OJSC ADR		1,073		16,438
Novolipetsk Steel OJSC GDR		974		16,168
POSCO ADR		171		12,310
Severstal OAO GDR		1,674		14,154
Shougang Fushan Resources Group Ltd.		36,748		14,348
Southern Copper Corp.		451		15,032
Sterlite Industries (India) Ltd. ADR		1,412		10,209
Zhaojin Mining Industry Co., Ltd. — Class H		10,576		11,747
Zijin Mining Group Co., Ltd. — Class H^b		47,248		13,942

Total Metals & Mining				507,778

Multiline Retail - 1.2%
Far Eastern Department Stores Co., Ltd.		18,140		16,043
Golden Eagle Retail Group Ltd.		5,724		10,075
Hyundai Department Store Co., Ltd.		98		14,238
Intime Department Store Group Co., Ltd.		12,224		14,491
Lotte Shopping Co., Ltd.		39		14,555
Parkson Retail Group Ltd.		22,500		12,177
S.A.C.I. Falabella		1,629		18,605
Shinsegae Co., Ltd.		66		14,173
Woolworths Holdings Ltd.		2,127		16,561

Total Multiline Retail				130,918

Oil, Gas & Consumable Fuels - 5.9%
Adaro Energy Tbk PT		112,500		14,232
Banpu PCL		874		10,125
Bumi Resources Tbk PT		225,500		15,540
China Coal Energy Co., Ltd. — Class H		16,216		12,474
China Petroleum & Chemical Corp. — Class H		18,196		19,906
China Shenhua Energy Co., Ltd. — Class H		4,724		16,709
CNOOC Ltd. ADR		74		13,863
Ecopetrol SA ADR		980		46,619
Empresas COPEC SA		1,259		18,024
Exxaro Resources Ltd.		793		12,424
Formosa Petrochemical Corp.		5,908		16,075
Gazprom OAO ADR		2,010		15,949
GS Holdings		216		10,670
Indo Tambangraya Megah Tbk PT		4,500		17,010
IRPC PCL		99,626		13,917
Kunlun Energy Co., Ltd.		6,380		12,480


66				GUGGENHEIM ETFs SEMI-ANNUAL REPORT		See Notes to Financial Statements.


SCHEDULE OF INVESTMENTS (Unaudited) (continued)			April 30, 2013

GUGGENHEIM MSCI EMERGING MARKETS EQUAL WEIGHT ETF


	SHARES		VALUE


Lukoil OAO ADR		300	$	19,020
MOL Hungarian Oil and Gas PLC		297		21,062
NovaTek OAO GDR		172		17,406
Pacific Rubiales Energy Corp.		2,410		50,807
PetroChina Co., Ltd. — Class H		12,000		15,262
Polski Koncern Naftowy Orlen SA*		1,719		26,659
Polskie Gornictwo Naftowe i Gazownictwo SA*		17,875		30,211
PTT Exploration & Production PCL		2,722		14,282
PTT PCL		1,167		12,962
Rosneft Oil Co. GDR		2,295		15,686
S-Oil Corp.		150		12,054
Sasol Ltd. ADR		355		15,414
SK Innovation Co., Ltd.		91		12,394
Surgutneftegas SP ADR		2,025		17,213
Tatneft ADR		460		17,383
Thai Oil PCL		6,424		14,446
Tupras Turkiye Petrol Rafinerileri AS		661		18,428
Ultrapar Participacoes SA ADR		189		5,041
Yanzhou Coal Mining Co., Ltd. — Class H		11,876		12,365

Total Oil, Gas & Consumable Fuels				614,112

Paper & Forest Products - 0.6%
Empresas CMPC SA		5,073		18,721
Fibria Celulose SA ADR*		1,187		12,689
Nine Dragons Paper Holdings Ltd.		14,872		12,897
Sappi Ltd.*		5,084		15,282

Total Paper & Forest Products				59,589

Personal Products - 0.4%
Amorepacific Corp.		15		12,258
AMOREPACIFIC Group		39		14,803
Hengan International Group Co., Ltd.		1,500		15,501

Total Personal Products				42,562

Pharmaceuticals - 0.6%
Aspen Pharmacare Holdings Ltd.*		855		18,552
Celltrion, Inc.		360		10,329
Dr. Reddy’s Laboratories Ltd. ADR		436		16,516
ScinoPharm Taiwan Ltd.		6,000		13,947

Total Pharmaceuticals				59,344

Real Estate Investment Trusts (REITs) - 0.2%
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		11,821		20,235

Total Real Estate Investment Trusts (REITs)				20,235

Real Estate Management & Development - 3.4%
Agile Property Holdings Ltd.		12,000		15,525
Ayala Land, Inc.		78,700		62,046
Central Pattana PCL		5,100		17,376
China Overseas Land & Investment Ltd.		6,000		18,323
China Resources Land Ltd.		6,000		18,169
Country Garden Holdings Co., Ltd.*		29,940		16,975
Evergrande Real Estate Group Ltd.		32,272		13,182
Greentown China Holdings Ltd.*		7,500		14,574
Growthpoint Properties Ltd.		5,308		17,427


	SHARES		VALUE


Guangzhou R&F Properties Co., Ltd. — Class H		10,132	$	18,330
Highwealth Construction Corp.		8,600		19,204
Longfor Properties Co., Ltd.		9,232		15,417
Poly Property Group Co., Ltd.*		23,120		16,117
Ruentex Development Co., Ltd.		9,000		17,627
Shimao Property Holdings Ltd.		8,108		17,468
Soho China Ltd.		19,424		16,769
UEM Land Holdings BHD*		49,600		40,919

Total Real Estate Management & Development				355,448

Semiconductors & Semiconductor Equipment - 2.7%
Advanced Semiconductor Engineering, Inc.		17,700		15,264
Epistar Corp.		9,000		15,858
GCL-Poly Energy Holdings Ltd.		57,156		11,563
Kinsus Interconnect Technology Corp.		5,628		19,642
Macronix International		62,810		17,111
Novatek Microelectronics Corp.		3,284		16,024
Phison Electronics Corp.		2,964		23,351
Powertech Technology, Inc.		12,000		21,469
Radiant Opto-Electronics Corp.		3,118		12,678
Realtek Semiconductor Corp.		9,480		27,304
Richtek Technology Corp.		3,000		16,519
Samsung Electronics Co., Ltd. GDR		21		14,511
Siliconware Precision Industries Co. ADR		3,281		19,981
SK Hynix, Inc.*		580		15,747
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		931		17,764
United Microelectronics Corp. ADR		8,897		16,815

Total Semiconductors & Semiconductor Equipment				281,601

Software - 0.1%
NCSoft Corp.		102		15,375

Total Software				15,375

Specialty Retail - 0.9%
Belle International Holdings Ltd.		9,100		14,845
Foschini Group Ltd. (The)		1,265		16,196
GOME Electrical Appliances Holding Ltd.*		131,600		13,227
Mr Price Group Ltd.		1,175		16,872
Truworths International Ltd.		1,474		14,636
Zhongsheng Group Holdings Ltd.		10,500		14,585

Total Specialty Retail				90,361

Textiles, Apparel & Luxury Goods - 0.2%
Anta Sports Products Ltd.		14,656		12,276
Ruentex Industries Ltd.		5,872		14,047

Total Textiles, Apparel & Luxury Goods				26,323

Tobacco - 0.3%
Gudang Garam Tbk PT		3,000		15,243
KT&G Corp.		198		14,257

Total Tobacco				29,500


See Notes to Financial Statements.		GUGGENHEIM ETFs SEMI-ANNUAL REPORT				67


SCHEDULE OF INVESTMENTS (Unaudited) (continued)			April 30, 2013

GUGGENHEIM MSCI EMERGING MARKETS EQUAL WEIGHT ETF


	SHARES		VALUE


Trading Companies & Distributors - 0.5%
Barloworld Ltd.		1,529	$	16,001
Daewoo International Corp.		390		13,687
Samsung C&T Corp.		225		12,054
SK Networks Co., Ltd.		1,890		12,528

Total Trading Companies & Distributors				54,270

Transportation Infrastructure - 0.9%
Airports of Thailand PCL		3,600		17,724
China Merchants Holdings International Co., Ltd.		6,920		21,891
COSCO Pacific Ltd.		12,000		15,896
Grupo Aeroportuario del Sureste SAB de CV ADR		147		18,244
Jasa Marga Persero Tbk PT		31,381		21,625

Total Transportation Infrastructure				95,380

Water Utilities - 0.4%
Aguas Andinas SA		24,275		19,307
Cia de Saneamento Basico do Estado de Sao Paulo ADR		513		7,336
Guangdong Investment Ltd.		18,452		17,856

Total Water Utilities				44,499

Wireless Telecommunication Services - 4.2%
Advanced Info Service PCL		2,348		21,600
America Movil SAB de CV ADR — Series L		934		19,969
Axiata Group BHD		18,000		40,053
China Mobile Ltd. ADR		270		14,915
DiGi.Com Bhd		24,600		37,516
ENTEL Chile SA		895		17,236
Far EasTone Telecommunications Co., Ltd.		6,000		14,618
Maxis Bhd		17,400		38,660
Mobile Telesystems OJSC ADR		998		20,659
MTN Group Ltd.		787		14,174
Orascom Telecom Holding SAE GDR*		14,395		48,511
Philippine Long Distance Telephone Co. ADR		868		63,772
Sistema JSFC GDR		974		18,574
SK Telecom Co., Ltd. ADR		769		14,988
Taiwan Mobile Co., Ltd.		2,816		10,257
Tim Participacoes SA ADR		571		11,911
Turkcell Iletisim Hizmetleri AS ADR*		1,112		17,369


	SHARES		VALUE


Vodacom Group Ltd.		1,196	$	14,009

Total Wireless Telecommunication Services				438,791

Total Common Stocks (Cost $8,557,104)				8,682,036


EXCHANGE TRADED FUNDS - 16.8%
iShares MSCI Brazil Index Fund		15,243		840,651
WisdomTree India Earnings Fund		48,940		924,966

Total Exchange Traded Funds (Cost $2,110,280)				1,765,617


Preferred Stocks - 0.2%
Beverages - 0.2%
Embotelladora Andina SA — Class B		2,833		19,227

Total Beverages				19,227

Total Preferred Stocks (Cost $18,196)				19,227


SHORT TERM INVESTMENTS - 0.1%
SSgA Government Money Market Fund		17,247		17,247

Total Short Term Investments (Cost $17,247)				17,247


	FACE AMOUNT
SECURITIES LENDING COLLATERAL - 0.1%^c
Repurchase Agreements:
Deutsche Bank Securities, Inc., issued 04/30/13 at 0.15% due 05/01/13^d	$	1,497		1,497
HSBC Securities, Inc., issued 04/30/13 at 0.15% due 05/01/13^d		6,588		6,588
RBS Securities, Inc., issued 04/30/13 at 0.15% due 05/01/13^d		1,041		1,041

Total Securities Lending Collateral (Cost $9,126)				9,126

Total Investments - 100.0%^e (Cost $10,711,953)				10,493,253

Other Assets and Liabilities, net - 0.0%^f				(4,917	)

Net Assets - 100.0%			$	10,488,336

Non-Income Producing Security.

Values determined based on Level 3 inputs (Note 4).

All or a portion of this security was on loan as of April 30, 2013.

Securities lending collateral (Note 8).

Values determined based on Level 2 inputs (Note 4).

Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs.

Amount represents less than 0.05% of net assets.

ADR — American Depositary Receipt

GDR — Global Depository Receipt

PLC — Public Limited Company


68				GUGGENHEIM ETFs SEMI-ANNUAL REPORT		See Notes to Financial Statements.


SCHEDULE OF INVESTMENTS (Unaudited) (concluded)			April 30, 2013

GUGGENHEIM MSCI EMERGING MARKETS EQUAL WEIGHT ETF

INVESTMENT CONCENTRATION

At April 30, 2013, the investment diversification of the Fund was as follows:


Country	% of Total Investments
United States		17.22%
Taiwan		13.43%
South Korea		9.99%
China		6.97%
Malaysia		5.59%
South Africa		4.87%
Turkey		3.38%
Indonesia		3.32%
Cayman Islands		3.30%
Thailand		3.28%
Philippines		3.07%
Mexico		3.07%
Hong Kong		2.98%
Russia		2.61%
Poland		2.53%
Chile		2.48%
Brazil		1.58%
Switzerland		1.53%
Colombia		1.50%
Slovakia		1.41%
Egypt		1.20%
Bermuda		1.12%
Morocco		1.10%
Saudi Arabia		0.76%
Czech		0.47%
India		0.44%
Hungary		0.42%
Belize		0.25%
Peru		0.13%
Total Investments		100.00%


See Notes to Financial Statements.		GUGGENHEIM ETFs SEMI-ANNUAL REPORT				69


SCHEDULE OF INVESTMENTS (Unaudited)			April 30, 2013

GUGGENHEIM S&P 500^® EQUAL WEIGHT CONSUMER DISCRETIONARY ETF


	SHARES		VALUE


COMMON STOCKS - 99.8%
Auto Components - 4.7%
BorgWarner, Inc.*		7,700	$	601,909
Delphi Automotive PLC		14,234		657,753
Goodyear Tire & Rubber Co. (The)*		46,795		584,704
Johnson Controls, Inc.		18,145		635,256

Total Auto Components				2,479,622

Automobiles - 2.4%
Ford Motor Co.		47,153		646,468
Harley-Davidson, Inc.		11,164		610,112

Total Automobiles				1,256,580

Distributors - 1.2%
Genuine Parts Co.		8,278		631,860

Total Distributors				631,860

Diversified Consumer Services - 2.4%
Apollo Group, Inc. — Class A*		36,068		662,569
H&R Block, Inc.		22,435		622,347

Total Diversified Consumer Services				1,284,916

Hotels, Restaurants & Leisure - 13.3%
Carnival Corp.		17,159		592,157
Chipotle Mexican Grill, Inc.*		1,901		690,424
Darden Restaurants, Inc.		12,932		667,679
International Game Technology		36,004		610,268
Marriott International, Inc. — Class A		15,192		654,168
McDonald’s Corp.		6,200		633,268
Starbucks Corp.		10,433		634,744
Starwood Hotels & Resorts Worldwide, Inc.		9,783		631,199
Wyndham Worldwide Corp.		9,634		578,811
Wynn Resorts Ltd.		5,214		715,882
Yum! Brands, Inc.		9,037		615,600

Total Hotels, Restaurants & Leisure				7,024,200

Household Durables - 9.5%
DR Horton, Inc.		25,428		663,162
Garmin Ltd.		17,187		602,920
Harman International Industries, Inc.		13,924		622,542
Leggett & Platt, Inc.		19,194		618,814
Lennar Corp. — Class A		14,671		604,739
Newell Rubbermaid, Inc.		24,541		646,410
PulteGroup, Inc.*		30,212		634,150
Whirlpool Corp.		5,199		594,142

Total Household Durables				4,986,879

Internet & Catalog Retail - 5.7%
Amazon.com, Inc.*		2,231		566,250
Expedia, Inc.		9,457		528,079
Netflix, Inc.*		3,314		716,056
priceline.com, Inc.*		848		590,200
TripAdvisor, Inc.*		11,994		630,644

Total Internet & Catalog Retail				3,031,229

Leisure Equipment & Products - 2.6%
Hasbro, Inc.^a		14,689		695,818


	SHARES		VALUE


Mattel, Inc.		14,773	$	674,535

Total Leisure Equipment & Products				1,370,353

Media - 18.0%
Cablevision Systems Corp. — Class A		43,845		651,537
CBS Corp. — Class B		13,306		609,149
Comcast Corp. — Class A		14,928		616,526
DIRECTV*		12,223		691,333
Discovery Communications, Inc. — Class A*		7,856		619,210
Gannett Co., Inc.		28,350		571,536
Interpublic Group of Cos., Inc. (The)		46,722		646,632
News Corp. — Class A		20,021		620,050
Omnicom Group, Inc.		10,405		621,907
Scripps Networks Interactive, Inc. — Class A		9,511		633,242
Time Warner Cable, Inc.		6,819		640,236
Time Warner, Inc.		10,653		636,836
Viacom, Inc. — Class B		9,885		632,541
Walt Disney Co. (The)		10,665		670,189
Washington Post Co. (The) — Class B		1,475		653,927

Total Media				9,514,851

Multiline Retail - 9.8%
Dollar General Corp.*		12,808		667,169
Dollar Tree, Inc.*		13,591		646,388
Family Dollar Stores, Inc.		10,414		639,107
J.C. Penney Co., Inc.*^,a		40,506		665,109
Kohl’s Corp.		13,117		617,286
Macy’s, Inc.		14,689		655,129
Nordstrom, Inc.		11,185		632,959
Target Corp.		9,223		650,775

Total Multiline Retail				5,173,922

Specialty Retail - 22.8%
Abercrombie & Fitch Co. — Class A		12,682		628,520
AutoNation, Inc.*		13,695		623,259
AutoZone, Inc.*		1,588		649,635
Bed Bath & Beyond, Inc.*		10,310		709,328
Best Buy Co., Inc.		30,346		788,693
CarMax, Inc.*		14,781		680,517
GameStop Corp. — Class A^a		24,810		865,869
Gap, Inc. (The)		16,893		641,765
Home Depot, Inc.		8,575		628,976
L Brands, Inc.		13,515		681,291
Lowe’s Cos., Inc.		15,570		598,199
O’Reilly Automotive, Inc.*		5,845		627,285
PetSmart, Inc.		9,652		658,653
Ross Stores, Inc.		10,892		719,634
Staples, Inc.		47,227		625,286
Tiffany & Co.		8,712		641,900
TJX Cos., Inc.		13,628		664,638
Urban Outfitters, Inc.*		14,815		613,934

Total Specialty Retail				12,047,382


70				GUGGENHEIM ETFs SEMI-ANNUAL REPORT		See Notes to Financial Statements.


SCHEDULE OF INVESTMENTS (Unaudited) (concluded)			April 30, 2013

GUGGENHEIM S&P 500^® EQUAL WEIGHT CONSUMER DISCRETIONARY ETF


	SHARES		VALUE


Textiles, Apparel & Luxury Goods - 7.4%
Coach, Inc.		12,508	$	736,221
Fossil, Inc.*		5,918		580,674
NIKE, Inc. — Class B		11,191		711,748
PVH Corp.		4,964		572,895
Ralph Lauren Corp.		3,449		626,269
V.F. Corp.		3,758		669,751

Total Textiles, Apparel & Luxury Goods				3,897,558

Total Common Stocks (Cost $44,178,633)				52,699,352


SHORT TERM INVESTMENTS - 0.2%
SSgA Government Money Market Fund		83,087		83,087

Total Short Term Investments (Cost $83,087)				83,087


	FACE AMOUNT
SECURITIES LENDING COLLATERAL - 3.7%^b
Repurchase Agreements:
Deutsche Bank Securities, Inc., issued 04/30/13 at 0.15% due 05/01/13^c	$	320,067		320,067
HSBC Securities, Inc., issued 04/30/13 at 0.15% due 05/01/13^c		1,408,295		1,408,295
RBS Securities, Inc., issued 04/30/13 at 0.15% due 05/01/13^c		222,395		222,395

Total Securities Lending Collateral (Cost $1,950,757)				1,950,757

Total Investments - 103.7%^d (Cost $46,212,477)				54,733,196

Other Assets and Liabilities, net - (3.7)%				(1,949,675	)

Net Assets - 100.0%			$	52,783,521

Non-Income Producing Security.

All or a portion of this security was on loan as of April 30, 2013.

Securities lending collateral (Note 8).

Values determined based on Level 2 inputs (Note 4).

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				71


SCHEDULE OF INVESTMENTS (Unaudited)			April 30, 2013

GUGGENHEIM S&P 500^® EQUAL WEIGHT CONSUMER STAPLES ETF


	SHARES		VALUE


COMMON STOCKS - 99.7%
Beverages - 21.7%
Beam, Inc.		30,319	$	1,961,943
Brown-Forman Corp. — Class B		27,284		1,923,522
Coca-Cola Co. (The)		46,884		1,984,600
Coca-Cola Enterprises, Inc.		50,881		1,863,771
Constellation Brands, Inc. — Class A*		42,010		2,073,194
Dr Pepper Snapple Group, Inc.		41,686		2,035,527
Molson Coors Brewing Co. — Class B		38,904		2,007,446
Monster Beverage Corp.*		38,573		2,175,517
PepsiCo, Inc.		23,875		1,968,971

Total Beverages				17,994,491

Food & Staples Retailing - 19.1%
Costco Wholesale Corp.		17,864		1,936,993
CVS Caremark Corp.		35,210		2,048,518
Kroger Co. (The)		59,221		2,036,018
Safeway, Inc.		78,460		1,766,919
Sysco Corp.		55,285		1,927,235
Wal-Mart Stores, Inc.		25,208		1,959,166
Walgreen Co.		45,349		2,245,229
Whole Foods Market, Inc.		21,556		1,903,826

Total Food & Staples Retailing				15,823,904

Food Products - 35.2%
Archer-Daniels-Midland Co.		56,745		1,925,925
Campbell Soup Co.		44,590		2,069,422
ConAgra Foods, Inc.		53,056		1,876,591
Dean Foods Co.*		103,323		1,977,602
General Mills, Inc.		39,793		2,006,363
H.J. Heinz Co.		25,478		1,845,117
Hershey Co. (The)		21,874		1,950,286
Hormel Foods Corp.		47,935		1,978,277
J.M. Smucker Co. (The)		18,960		1,957,241
Kellogg Co.		29,946		1,947,688
Kraft Foods Group, Inc.		37,031		1,906,726
McCormick & Co., Inc.		26,247		1,888,209
Mead Johnson Nutrition Co.		24,613		1,995,868
Mondelez International, Inc. — Class A		64,479		2,027,865
Tyson Foods, Inc. — Class A		76,970		1,895,771

Total Food Products				29,248,951


	SHARES		VALUE


Household Products - 9.2%
Clorox Co. (The)		21,891	$	1,888,099
Colgate-Palmolive Co.		15,921		1,901,127
Kimberly-Clark Corp.		19,565		2,018,912
Procter & Gamble Co. (The)		23,877		1,833,037

Total Household Products				7,641,175

Personal Products - 4.9%
Avon Products, Inc.		93,823		2,172,941
Estee Lauder Cos., Inc. (The) — Class A		28,037		1,944,366

Total Personal Products				4,117,307

Tobacco - 9.6%
Altria Group, Inc.		54,045		1,973,183
Lorillard, Inc.		47,465		2,035,774
Philip Morris International, Inc.		20,179		1,928,911
Reynolds American, Inc.		42,582		2,019,238

Total Tobacco				7,957,106

Total Common Stocks (Cost $73,881,296)				82,782,934


SHORT TERM INVESTMENTS - 0.2%
SSgA Government Money Market Fund		186,593		186,593

Total Short Term Investments (Cost $186,593)				186,593

Total Investments - 99.9%^a (Cost $74,067,889)				82,969,527

Other Assets and Liabilities, net - 0.1%				46,619

Net Assets - 100.0%			$	83,016,146

Non-Income Producing Security.

Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs.


72				GUGGENHEIM ETFs SEMI-ANNUAL REPORT		See Notes to Financial Statements.


SCHEDULE OF INVESTMENTS (Unaudited)			April 30, 2013

GUGGENHEIM S&P 500^® EQUAL WEIGHT ENERGY ETF


	SHARES		VALUE


COMMON STOCKS - 100.0%
Energy Equipment & Services - 27.7%
Baker Hughes, Inc.		18,120	$	822,467
Cameron International Corp.*		12,760		785,378
Diamond Offshore Drilling, Inc.		12,313		850,828
Ensco PLC — Class A		14,471		834,687
FMC Technologies, Inc.*		16,200		879,660
Halliburton Co.		19,844		848,728
Helmerich & Payne, Inc.		12,989		761,415
Nabors Industries Ltd.		50,331		744,396
National Oilwell Varco, Inc.		12,245		798,619
Noble Corp.		23,294		873,525
Rowan Cos., PLC — Class A*		24,154		785,730
Schlumberger Ltd.		10,710		797,145

Total Energy Equipment & Services				9,782,578

Oil, Gas & Consumable Fuels - 72.3%
Anadarko Petroleum Corp.		10,050		851,838
Apache Corp.		11,039		815,561
Cabot Oil & Gas Corp.		12,926		879,614
Chesapeake Energy Corp.		39,146		764,913
Chevron Corp.		7,044		859,438
ConocoPhillips		14,300		864,435
CONSOL Energy, Inc.		25,997		874,539
Denbury Resources, Inc.*		45,384		811,920
Devon Energy Corp.		14,847		817,476
EOG Resources, Inc.		6,488		786,086
EQT Corp.		12,796		961,236
Exxon Mobil Corp.		9,386		835,260
Hess Corp.		12,021		867,676
Kinder Morgan, Inc.		22,346		873,729


	SHARES		VALUE


Marathon Oil Corp.		24,917	$	814,038
Marathon Petroleum Corp.		9,382		735,174
Murphy Oil Corp.		13,406		832,379
Newfield Exploration Co.*		35,203		767,073
Noble Energy, Inc.		7,424		841,065
Occidental Petroleum Corp.		10,133		904,472
Peabody Energy Corp.		37,956		761,397
Phillips 66		12,646		770,774
Pioneer Natural Resources Co.		6,543		799,751
QEP Resources, Inc.		26,729		767,390
Range Resources Corp.		10,593		778,797
Southwestern Energy Co.*		22,208		831,023
Spectra Energy Corp.		28,578		901,064
Tesoro Corp.		14,300		763,620
Valero Energy Corp.		18,354		740,033
Williams Cos., Inc. (The)		24,057		917,293
WPX Energy, Inc.*		51,387		803,179

Total Oil, Gas & Consumable Fuels				25,592,243

Total Common Stocks (Cost $36,587,467)				35,374,821


SHORT TERM INVESTMENTS - 0.0%^a
SSgA Government Money Market Fund		14,214		14,214

Total Short Term Investments (Cost $14,214)				14,214

Total Investments - 100.0%^b (Cost $36,601,681)				35,389,035

Other Assets and Liabilities, net - 0.0%^a				(2,693	)

Net Assets - 100.0%			$	35,386,342

Non-Income Producing Security.

Amount represents less than 0.05% of net assets.

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				73


SCHEDULE OF INVESTMENTS (Unaudited)			April 30, 2013

GUGGENHEIM S&P 500^® EQUAL WEIGHT FINANCIAL ETF


	SHARES		VALUE



COMMON STOCKS - 99.8%
Capital Markets - 15.5%
Ameriprise Financial, Inc.		5,335	$	397,618
Bank of New York Mellon Corp. (The)		13,489		380,660
BlackRock, Inc.		1,551		413,341
Charles Schwab Corp. (The)		21,782		369,423
ETrade Financial Corp.		34,042		350,292
Franklin Resources, Inc.		2,619		405,054
Goldman Sachs Group, Inc. (The)		2,515		367,366
Invesco Ltd.		13,684		434,330
Legg Mason, Inc.		12,753		406,311
Morgan Stanley		16,702		369,949
Northern Trust Corp.		7,003		377,602
State Street Corp.		6,496		379,821
T. Rowe Price Group, Inc.		5,118		371,055

Total Capital Markets				5,022,822

Commercial Banks - 15.4%
BB&T Corp.		12,252		376,994
Comerica, Inc.		10,601		384,286
Fifth Third Bancorp		23,543		400,937
First Horizon National Corp.		34,531		359,123
Huntington Bancshares, Inc.		52,264		374,733
KeyCorp		39,013		388,960
M&T Bank Corp.		3,700		370,740
PNC Financial Services Group, Inc.		5,917		401,646
Regions Financial Corp.		47,198		400,711
SunTrust Banks, Inc.		13,107		383,380
US Bancorp		11,237		373,967
Wells Fargo & Co.		10,537		400,195
Zions Bancorp		15,203		374,298

Total Commercial Banks				4,989,970

Consumer Finance - 5.1%
American Express Co.		5,944		406,629
Capital One Financial Corp.		7,097		410,065
Discover Financial Services		9,298		406,694
SLM Corp.		20,168		416,469

Total Consumer Finance				1,639,857

Diversified Financial Services - 11.1%
Bank of America Corp.		31,868		392,295
Citigroup, Inc.		8,239		384,432
CME Group, Inc.		6,169		375,445
IntercontinentalExchange, Inc.*		2,426		395,268
JPMorgan Chase & Co.		7,663		375,564
Leucadia National Corp.		14,423		445,526
Moody’s Corp.		7,550		459,418
NASDAQ OMX Group, Inc. (The)		12,013		354,143
NYSE Euronext		10,131		393,184

Total Diversified Financial Services				3,575,275

Insurance - 27.3%
ACE Ltd.		4,422		394,177
AFLAC, Inc.		7,671		417,609
Allstate Corp. (The)		8,111		399,548
American International Group, Inc.*		9,718		402,520


	SHARES		VALUE



Aon PLC		6,391	$	385,697
Assurant, Inc.		8,979		426,862
Berkshire Hathaway, Inc. — Class B*		3,714		394,872
Chubb Corp. (The)		4,485		394,994
Cincinnati Financial Corp.		8,305		406,198
Genworth Financial, Inc. — Class A*		39,092		392,093
Hartford Financial Services Group, Inc.		15,114		424,552
Lincoln National Corp.		11,656		396,421
Loews Corp.		8,826		394,257
Marsh & McLennan Cos., Inc.		10,401		395,342
MetLife, Inc.		9,854		384,207
Principal Financial Group, Inc.		11,511		415,547
Progressive Corp. (The)		15,486		391,641
Prudential Financial, Inc.		6,454		389,951
Torchmark Corp.		6,591		409,103
Travelers Cos., Inc. (The)		4,709		402,196
Unum Group		14,511		404,712
XL Group PLC		12,967		403,792

Total Insurance				8,826,291

Media - 1.4%
McGraw-Hill Cos., Inc. (The)		8,087		437,588

Total Media				437,588

Real Estate Investment Trusts (REITs) - 20.5%
American Tower Corp.		4,988		418,942
Apartment Investment & Management Co. — Class A		12,651		393,573
AvalonBay Communities, Inc.		3,099		412,291
Boston Properties, Inc.		3,739		409,159
Equity Residential		7,003		406,594
HCP, Inc.		7,861		418,991
Health Care REIT, Inc.		5,886		441,274
Host Hotels & Resorts, Inc.		22,719		415,076
Kimco Realty Corp.		17,427		414,414
Plum Creek Timber Co., Inc.		7,821		403,094
ProLogis, Inc.		9,811		411,572
Public Storage		2,557		421,905
Simon Property Group, Inc.		2,405		428,258
Ventas, Inc.		5,467		435,337
Vornado Realty Trust		4,568		399,974
Weyerhaeuser Co.		12,719		388,057

Total Real Estate Investment Trusts (REITs)				6,618,511

Real Estate Management & Development - 1.2%
CBRE Group, Inc.*		15,613		378,147

Total Real Estate Management & Development				378,147

Thrifts & Mortgage Finance - 2.3%
Hudson City Bancorp, Inc.		44,215		367,426
People’s United Financial, Inc.		28,943		380,890

Total Thrifts & Mortgage Finance				748,316

Total Common Stocks (Cost $29,260,764)				32,236,777


74				GUGGENHEIM ETFs SEMI-ANNUAL REPORT		See Notes to Financial Statements.


SCHEDULE OF INVESTMENTS (Unaudited) (concluded)			April 30, 2013

GUGGENHEIM S&P 500^® EQUAL WEIGHT FINANCIAL ETF


	SHARES		VALUE


SHORT TERM INVESTMENTS - 0.2%
SSgA Government Money Market Fund		60,590	$	60,590

Total Short Term Investments (Cost $60,590)				60,590

Total Investments - 100.0%^a (Cost $29,321,354)				32,297,367

Other Assets and Liabilities, net - 0.0%^b				6,262

Net Assets - 100.0%			$	32,303,629

Non-Income Producing Security.

Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs.

Amount represents less than 0.05% of net assets.

REIT— Real Estate Investment Trust


See Notes to Financial Statements.		GUGGENHEIM ETFs SEMI-ANNUAL REPORT				75


SCHEDULE OF INVESTMENTS (Unaudited)			April 30, 2013

GUGGENHEIM S&P 500^® EQUAL WEIGHT HEALTH CARE ETF


	SHARES		VALUE


COMMON STOCKS - 99.9%
Biotechnology - 12.0%
Alexion Pharmaceuticals, Inc.*		22,193	$	2,174,914
Amgen, Inc.		21,739		2,265,421
Biogen Idec, Inc.*		11,723		2,566,516
Celgene Corp.*		18,151		2,143,089
Gilead Sciences, Inc.*		44,488		2,252,872
Regeneron Pharmaceuticals, Inc.*		10,278		2,211,209

Total Biotechnology				13,614,021

Health Care Equipment & Supplies - 26.0%
Abbott Laboratories		58,283		2,151,808
Baxter International, Inc.		28,924		2,020,920
Becton, Dickinson and Co.		22,749		2,145,231
Boston Scientific Corp.*		269,859		2,021,244
C.R. Bard, Inc.		20,081		1,995,248
CareFusion Corp.*		60,405		2,019,943
Covidien PLC		31,016		1,980,061
DENTSPLY International, Inc.		47,287		2,002,605
Edwards Lifesciences Corp.*		22,385		1,427,939
Intuitive Surgical, Inc.*		3,931		1,935,192
Medtronic, Inc.		44,326		2,069,138
St Jude Medical, Inc.		47,843		1,972,089
Stryker Corp.		30,753		2,016,782
Varian Medical Systems, Inc.*		27,378		1,783,403
Zimmer Holdings, Inc.		26,812		2,049,777

Total Health Care Equipment & Supplies				29,591,380

Health Care Providers & Services - 28.2%
Aetna, Inc.		40,011		2,298,232
AmerisourceBergen Corp.		41,688		2,256,155
Cardinal Health, Inc.		43,679		1,931,485
CIGNA Corp.		33,876		2,241,575
Coventry Health Care, Inc.		43,204		2,140,758
DaVita, Inc.*		17,029		2,020,491
Express Scripts Holding Co.*		34,372		2,040,666
Humana, Inc.		29,713		2,202,030
Laboratory Corp. of America Holdings*		22,598		2,109,749
McKesson Corp.		18,484		1,955,977
Patterson Cos., Inc.		54,847		2,081,444
Quest Diagnostics, Inc.		36,130		2,035,203
Tenet Healthcare Corp.*		46,792		2,122,485
UnitedHealth Group, Inc.		37,565		2,251,270
WellPoint, Inc.		32,067		2,338,326

Total Health Care Providers & Services				32,025,846

Health Care Technology - 1.9%
Cerner Corp.*		21,900		2,119,263

Total Health Care Technology				2,119,263


	SHARES		VALUE


Life Sciences Tools & Services - 9.0%
Agilent Technologies, Inc.		46,974	$	1,946,603
Life Technologies Corp.*		33,310		2,454,614
PerkinElmer, Inc.		56,838		1,742,085
Thermo Fisher Scientific, Inc.		26,236		2,116,720
Waters Corp.*		21,395		1,976,898

Total Life Sciences Tools & Services				10,236,920

Pharmaceuticals - 22.8%
AbbVie, Inc.		54,129		2,492,640
Actavis, Inc.*		23,083		2,440,566
Allergan, Inc.		18,464		2,096,587
Bristol-Myers Squibb Co.		54,048		2,146,787
Eli Lilly & Co.		36,645		2,029,400
Forest Laboratories, Inc.*		53,331		1,995,113
Hospira, Inc.*		67,126		2,223,213
Johnson & Johnson		25,852		2,203,366
Merck & Co., Inc.		47,035		2,210,645
Mylan, Inc.*		65,772		1,914,623
Perrigo Co.		17,474		2,086,570
Pfizer, Inc.		71,704		2,084,435

Total Pharmaceuticals				25,923,945

Total Common Stocks (Cost $109,779,620)				113,511,375


SHORT TERM INVESTMENTS - 0.1%
SSgA Government Money Market Fund		125,800		125,800

Total Short Term Investments (Cost $125,800)				125,800

Total Investments - 100.0%^a (Cost $109,905,420)				113,637,175

Other Assets and Liabilities, net - 0.0%^b				9,114

Net Assets - 100.0%			$	113,646,289

Non-Income Producing Security.

Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs.

Amount represents less than 0.05% of net assets.


76				GUGGENHEIM ETFs SEMI-ANNUAL REPORT		See Notes to Financial Statements.


SCHEDULE OF INVESTMENTS (Unaudited)			April 30, 2013

GUGGENHEIM S&P 500^® EQUAL WEIGHT INDUSTRIALS ETF


	SHARES		VALUE


COMMON STOCKS - 99.8%
Aerospace & Defense - 19.1%
Boeing Co. (The)		6,665	$	609,248
General Dynamics Corp.		7,858		581,178
Honeywell International, Inc.		7,346		540,225
L-3 Communications Holdings, Inc.		7,014		569,887
Lockheed Martin Corp.		6,015		596,026
Northrop Grumman Corp.		8,207		621,598
Precision Castparts Corp.		2,840		543,264
Raytheon Co.		9,663		593,115
Rockwell Collins, Inc.		8,882		558,855
Textron, Inc.		17,809		458,582
United Technologies Corp.		5,879		536,694

Total Aerospace & Defense				6,208,672

Air Freight & Logistics - 6.4%
C.H. Robinson Worldwide, Inc.		9,499		564,146
Expeditors International of Washington, Inc.		13,992		502,732
FedEx Corp.		5,021		472,024
United Parcel Service, Inc. — Class B		6,413		550,492

Total Air Freight & Logistics				2,089,394

Airlines - 1.9%
Southwest Airlines Co.		44,157		604,951

Total Airlines				604,951

Building Products - 1.6%
Masco Corp.		27,150		527,796

Total Building Products				527,796

Commercial Services & Supplies - 15.4%
ADT Corp. (The)*		11,307		493,437
Avery Dennison Corp.		12,841		532,259
Cintas Corp.		12,209		547,818
Iron Mountain, Inc.		15,522		587,663
Pitney Bowes, Inc.^a		38,782		530,150
Republic Services, Inc.		17,297		589,482
Stericycle, Inc.*		5,498		595,543
Tyco International Ltd.		16,875		542,025
Waste Management, Inc.		14,664		600,931

Total Commercial Services & Supplies				5,019,308

Construction & Engineering - 4.7%
Fluor Corp.		8,418		479,658
Jacobs Engineering Group, Inc.*		10,449		527,465
Quanta Services, Inc.*		18,358		504,478

Total Construction & Engineering				1,511,601

Electrical Equipment - 6.4%
Eaton Corp. PLC		8,545		524,748
Emerson Electric Co.		9,450		524,570
Rockwell Automation, Inc.		5,977		506,730
Roper Industries, Inc.		4,301		514,615

Total Electrical Equipment				2,070,663

Industrial Conglomerates - 4.8%
3M Co.		5,121		536,220
Danaher Corp.		8,741		532,676


	SHARES		VALUE


General Electric Co.		22,775	$	507,655

Total Industrial Conglomerates				1,576,551

Machinery - 24.1%
Caterpillar, Inc.		5,982		506,496
Cummins, Inc.		4,526		481,521
Deere & Co.		5,957		531,960
Dover Corp.		7,341		506,382
Flowserve Corp.		3,286		519,582
Illinois Tool Works, Inc.		8,670		559,735
Ingersoll-Rand PLC		9,970		536,386
Joy Global, Inc.		8,575		484,659
PACCAR, Inc.		10,731		534,189
Pall Corp.		7,847		523,474
Parker Hannifin Corp.		5,528		489,615
Pentair Ltd.		10,473		569,208
Snap-on, Inc.		6,605		569,351
Stanley Black & Decker, Inc.		6,856		512,898
Xylem, Inc.		19,043		528,443

Total Machinery				7,853,899

Professional Services - 5.1%
Dun & Bradstreet Corp. (The)		6,770		598,806
Equifax, Inc.		9,528		583,114
Robert Half International, Inc.		14,885		488,526

Total Professional Services				1,670,446

Road & Rail - 6.9%
CSX Corp.		23,547		579,021
Norfolk Southern Corp.		7,241		560,598
Ryder System, Inc.		9,198		534,128
Union Pacific Corp.		3,903		577,488

Total Road & Rail				2,251,235

Trading Companies & Distributors - 3.4%
Fastenal Co.		10,502		515,123
W.W. Grainger, Inc.		2,344		577,726

Total Trading Companies & Distributors				1,092,849

Total Common Stocks (Cost $30,956,726)				32,477,365


SHORT TERM INVESTMENTS - 0.1%
SSgA Government Money Market Fund		51,465		51,465

Total Short Term Investments (Cost $51,465)				51,465


	FACE AMOUNT
SECURITIES LENDING COLLATERAL - 2.0%^b
Repurchase Agreements:
Deutsche Bank Securities, Inc., issued 04/30/13 at 0.15% due 05/01/13^c	$	105,642		105,642
HSBC Securities, Inc., issued 04/30/13 at 0.15% due 05/01/13^c		464,827		464,827


See Notes to Financial Statements.		GUGGENHEIM ETFs SEMI-ANNUAL REPORT				77


SCHEDULE OF INVESTMENTS (Unaudited) (concluded)			April 30, 2013

GUGGENHEIM S&P 500^® EQUAL WEIGHT INDUSTRIALS ETF


	FACE AMOUNT		VALUE


RBS Securities, Inc., issued 04/30/13 at 0.15% due 05/01/13^c	$	73,405	$	73,405

Total Securities Lending Collateral (Cost $643,874)				643,874

Total Investments - 101.9%^d (Cost $31,652,065)				33,172,704

Other Assets and Liabilities, net - (1.9)%^e				(630,367	)

Net Assets - 100.0%			$	32,542,337

Non-Income Producing Security.

All or a portion of this security was on loan as of April 30, 2013.

Securities lending collateral (Note 8).

Values determined based on Level 2 inputs (Note 4).

Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs.

Amount represents less than 0.05% of net assets.


78				GUGGENHEIM ETFs SEMI-ANNUAL REPORT		See Notes to Financial Statements.


SCHEDULE OF INVESTMENTS (Unaudited)			April 30, 2013

GUGGENHEIM S&P 500^® EQUAL WEIGHT MATERIALS ETF


	SHARES		VALUE


COMMON STOCKS - 99.8%
Chemicals - 55.3%
Air Products & Chemicals, Inc.		12,845	$	1,117,001
Airgas, Inc.		11,197		1,082,190
CF Industries Holdings, Inc.		5,527		1,030,841
Dow Chemical Co. (The)		34,919		1,184,103
Du Pont (E.I.) de Nemours & Co.		23,282		1,269,102
Eastman Chemical Co.		15,843		1,055,936
Ecolab, Inc.		14,648		1,239,514
FMC Corp.		18,721		1,136,365
International Flavors & Fragrances, Inc.		15,466		1,193,821
LyondellBasell Industries NV — Class A		17,995		1,092,297
Monsanto Co.		11,071		1,182,604
Mosaic Co. (The)		19,002		1,170,333
PPG Industries, Inc.		8,330		1,225,676
Praxair, Inc.		10,071		1,151,115
Sherwin-Williams Co. (The)		6,901		1,263,642
Sigma-Aldrich Corp.		14,516		1,142,264

Total Chemicals				18,536,804

Construction Materials - 3.1%
Vulcan Materials Co.		20,913		1,043,140

Total Construction Materials				1,043,140

Containers & Packaging - 16.9%
Ball Corp.		25,512		1,125,589
Bemis Co., Inc.		29,792		1,172,315
MeadWestvaco Corp.		31,417		1,083,258
Owens-Illinois, Inc.*		43,198		1,135,244
Sealed Air Corp.		50,860		1,125,023

Total Containers & Packaging				5,641,429

Metals & Mining - 21.1%
Alcoa, Inc.		132,907		1,129,710
Allegheny Technologies, Inc.		34,856		940,415
Cliffs Natural Resources, Inc.^a		46,269		987,381
Freeport-McMoRan Copper & Gold, Inc.		34,387		1,046,396
Newmont Mining Corp.		29,158		944,719
Nucor Corp.		24,013		1,047,447
United States Steel Corp.^a		54,675		973,215

Total Metals & Mining				7,069,283

Paper & Forest Products - 3.4%
International Paper Co.		24,460		1,149,131

Total Paper & Forest Products				1,149,131

Total Common Stocks (Cost $29,275,591)				33,439,787


	SHARES		VALUE


SHORT TERM INVESTMENTS - 0.1%
SSgA Government Money Market Fund		27,083	$	27,083

Total Short Term Investments (Cost $27,083)				27,083


	FACE AMOUNT
SECURITIES LENDING COLLATERAL - 6.1%^b
Repurchase Agreements:
Deutsche Bank Securities, Inc., issued 04/30/13 at 0.15% due 05/01/13^c	$	337,250		337,250
HSBC Securities, Inc., issued 04/30/13 at 0.15% due 05/01/13^c		1,483,899		1,483,899
RBS Securities, Inc., issued 04/30/13 at 0.15% due 05/01/13^c		234,335		234,335

Total Securities Lending Collateral (Cost $2,055,484)				2,055,484

Total Investments - 106.0%^d (Cost $31,358,158)				35,522,354

Other Assets and Liabilities, net - (6.0)%				(2,024,253	)

Net Assets - 100.0%			$	33,498,101

Non-Income Producing Security.

All or a portion of this security was on loan as of April 30, 2013.

Securities lending collateral (Note 8).

Values determined based on Level 2 inputs (Note 4).

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				79


SCHEDULE OF INVESTMENTS (Unaudited)			April 30, 2013

GUGGENHEIM S&P 500^® EQUAL WEIGHT TECHNOLOGY ETF


	SHARES		VALUE


COMMON STOCKS - 99.9%
Communications Equipment - 8.9%
Cisco Systems, Inc.		59,904	$	1,253,192
F5 Networks, Inc.*		13,882		1,061,001
Harris Corp.		28,655		1,323,861
JDS Uniphase Corp.*		84,806		1,144,881
Juniper Networks, Inc.*		63,125		1,044,719
Motorola Solutions, Inc.		20,877		1,194,164
QUALCOMM, Inc.		19,630		1,209,601

Total Communications Equipment				8,231,419

Computers & Peripherals - 11.6%
Apple, Inc.		3,005		1,330,464
Dell, Inc.		93,059		1,246,991
EMC Corp.*		53,623		1,202,764
Hewlett-Packard Co.		62,874		1,295,204
NetApp, Inc.*		38,152		1,331,123
SanDisk Corp.*		25,306		1,327,047
Seagate Technology PLC		40,329		1,480,074
Western Digital Corp.		27,567		1,523,904

Total Computers & Peripherals				10,737,571

Electronic Equipment, Instruments & Components - 8.5%
Amphenol Corp. — Class A		17,894		1,351,355
Corning, Inc.		102,604		1,487,758
FLIR Systems, Inc.		48,897		1,188,686
Jabil Circuit, Inc.		69,186		1,231,511
Molex, Inc.		45,672		1,259,177
TE Connectivity Ltd.		31,036		1,351,617

Total Electronic Equipment, Instruments & Components				7,870,104

Internet Software & Services - 7.4%
Akamai Technologies, Inc.*		34,967		1,535,401
eBay, Inc.*		24,578		1,287,642
Google, Inc. — Class A*		1,581		1,303,645
VeriSign, Inc.*		28,120		1,295,488
Yahoo!, Inc.*		57,219		1,415,026

Total Internet Software & Services				6,837,202

IT Services - 20.1%
Accenture PLC — Class A		16,701		1,360,129
Automatic Data Processing, Inc.		20,644		1,390,167
Cognizant Technology Solutions Corp. — Class A*		16,246		1,052,741
Computer Sciences Corp.		26,401		1,236,887
Fidelity National Information Services, Inc.		34,464		1,449,211
Fiserv, Inc.*		15,421		1,405,007
International Business Machines Corp.		6,217		1,259,191
Mastercard, Inc. — Class A		2,472		1,366,843
Paychex, Inc.		38,367		1,396,943
SAIC, Inc.		107,009		1,598,714
Teradata Corp.*		22,081		1,127,677
Total System Services, Inc.		53,929		1,273,803


	SHARES		VALUE


Visa, Inc. — Class A		8,139	$	1,371,096
Western Union Co. (The)		89,429		1,324,444

Total IT Services				18,612,853

Office Electronics - 1.4%
Xerox Corp.		150,807		1,293,924

Total Office Electronics				1,293,924

Semiconductors & Semiconductor Equipment - 25.4%
Advanced Micro Devices, Inc.*^,a		510,375		1,439,257
Altera Corp.		37,069		1,186,579
Analog Devices, Inc.		28,408		1,249,668
Applied Materials, Inc.		96,934		1,406,512
Broadcom Corp. — Class A		38,971		1,402,956
First Solar, Inc.*^,a		49,303		2,295,548
Intel Corp.		60,514		1,449,310
KLA-Tencor Corp.		23,758		1,288,871
Lam Research Corp.*		30,567		1,412,807
Linear Technology Corp.		34,085		1,244,103
LSI Corp.*		188,552		1,233,130
Microchip Technology, Inc.		35,554		1,294,877
Micron Technology, Inc.*		143,178		1,348,737
NVIDIA Corp.		101,757		1,401,194
Teradyne, Inc.*		76,501		1,257,676
Texas Instruments, Inc.		37,105		1,343,572
Xilinx, Inc.		34,063		1,291,328

Total Semiconductors & Semiconductor Equipment				23,546,125

Software - 16.6%
Adobe Systems, Inc.*		31,513		1,420,606
Autodesk, Inc.*		32,627		1,284,851
BMC Software, Inc.*		30,447		1,384,729
CA, Inc.		52,211		1,408,131
Citrix Systems, Inc.*		17,593		1,093,757
Electronic Arts, Inc.*		70,620		1,243,618
Intuit, Inc.		19,316		1,152,006
Microsoft Corp.		46,627		1,543,354
Oracle Corp.		36,640		1,201,059
Red Hat, Inc.*		24,644		1,181,187
Salesforce.com, Inc.*		28,153		1,157,370
Symantec Corp.*		53,565		1,301,629

Total Software				15,372,297

Total Common Stocks (Cost $91,503,472)				92,501,495


SHORT TERM INVESTMENTS - 0.1%
SSgA Government Money Market Fund		65,971		65,971

Total Short Term Investments (Cost $65,971)				65,971


80				GUGGENHEIM ETFs SEMI-ANNUAL REPORT		See Notes to Financial Statements.


SCHEDULE OF INVESTMENTS (Unaudited) (concluded)			April 30, 2013

GUGGENHEIM S&P 500^® EQUAL WEIGHT TECHNOLOGY ETF


	FACE AMOUNT		VALUE


SECURITIES LENDING COLLATERAL - 2.7%^b
Repurchase Agreements:
Deutsche Bank Securities, Inc., issued 04/30/13 at 0.15% due 05/01/13^c	$	408,757	$	408,757
HSBC Securities, Inc., issued 04/30/13 at 0.15% due 05/01/13^c		1,798,530		1,798,530
RBS Securities, Inc., issued 04/30/13 at 0.15% due 05/01/13^c		284,021		284,021

Total Securities Lending Collateral (Cost $2,491,308)				2,491,308

Total Investments - 102.7%^d (Cost $94,060,751)				95,058,774

Other Assets and Liabilities, net - (2.7)%				(2,501,537	)

Net Assets - 100.0%			$	92,557,237

Non-Income Producing Security.

All or a portion of this security was on loan as of April 30, 2013.

Securities lending collateral (Note 8).

Values determined based on Level 2 inputs (Note 4).

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				81


SCHEDULE OF INVESTMENTS (Unaudited)			April 30, 2013

GUGGENHEIM S&P 500^® EQUAL WEIGHT UTILITIES ETF


	SHARES		VALUE


COMMON STOCKS - 99.4%
Diversified Telecommunication Services - 12.5%
AT&T, Inc.		42,100	$	1,577,066
CenturyLink, Inc.		44,904		1,687,043
Frontier Communications Corp.^a		379,393		1,578,275
Verizon Communications, Inc.		32,196		1,735,687
Windstream Corp.^a		180,385		1,536,880

Total Diversified Telecommunication Services				8,114,951

Electric Utilities - 34.1%
American Electric Power Co., Inc.		32,512		1,672,092
Duke Energy Corp.		22,175		1,667,560
Edison International		30,442		1,637,780
Entergy Corp.		24,343		1,733,952
Exelon Corp.		48,060		1,802,731
FirstEnergy Corp.		37,754		1,759,337
NextEra Energy, Inc.		20,823		1,708,111
Northeast Utilities		36,580		1,658,171
Pepco Holdings, Inc.		75,507		1,706,458
Pinnacle West Capital Corp.		27,067		1,648,380
PPL Corp.		50,394		1,682,152
Southern Co. (The)		34,071		1,643,244
Xcel Energy, Inc.		53,303		1,694,502

Total Electric Utilities				22,014,470

Gas Utilities - 5.3%
AGL Resources, Inc.		37,877		1,660,906
Oneok, Inc.		34,132		1,753,020

Total Gas Utilities				3,413,926

Independent Power Producers & Energy Traders - 5.4%
AES Corp. (The)		125,237		1,735,785
NRG Energy, Inc.		62,065		1,729,751

Total Independent Power Producers & Energy Traders				3,465,536

Multi-Utilities - 36.7%
Ameren Corp.		45,560		1,651,550
CenterPoint Energy, Inc.		70,767		1,746,530
CMS Energy Corp.		57,025		1,707,328
Consolidated Edison, Inc.		26,197		1,667,439
Dominion Resources, Inc.		27,640		1,704,835
DTE Energy Co.		23,170		1,688,630
Integrys Energy Group, Inc.		27,478		1,691,546


	SHARES		VALUE


NiSource, Inc.		54,584	$	1,677,366
PG&E Corp.		36,093		1,748,345
Public Service Enterprise Group, Inc.		47,235		1,729,273
SCANA Corp.		31,476		1,705,999
Sempra Energy		19,634		1,626,677
TECO Energy, Inc.		89,151		1,705,459
Wisconsin Energy Corp.		37,307		1,676,577

Total Multi-Utilities				23,727,554

Wireless Telecommunication Services - 5.4%
Crown Castle International Corp.*		21,509		1,656,193
Sprint Nextel Corp.*		262,609		1,851,393

Total Wireless Telecommunication Services				3,507,586

Total Common Stocks (Cost $56,493,198)				64,244,023


SHORT TERM INVESTMENTS - 0.3%
SSgA Government Money Market Fund		140,744		140,744

Total Short Term Investments (Cost $140,744)				140,744


	FACE AMOUNT
SECURITIES LENDING COLLATERAL - 4.1%^b
Repurchase Agreements:
Deutsche Bank Securities, Inc., issued 04/30/13 at 0.15% due 05/01/13^c	$	438,925		438,925
HSBC Securities, Inc., issued 04/30/13 at 0.15% due 05/01/13^c		1,931,271		1,931,271
RBS Securities, Inc., issued 04/30/13 at 0.15% due 05/01/13^c		304,983		304,983

Total Securities Lending Collateral (Cost $2,675,179)				2,675,179

Total Investments - 103.8%^d (Cost $59,309,121)				67,059,946

Other Assets and Liabilities, net - (3.8)%				(2,434,121	)

Net Assets - 100.0%			$	64,625,825

Non-Income Producing Security.

All or a portion of this security was on loan as of April 30, 2013.

Securities lending collateral (Note 8).

Values determined based on Level 2 inputs (Note 4).

Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs.


82				GUGGENHEIM ETFs SEMI-ANNUAL REPORT		See Notes to Financial Statements.


STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)			April 30, 2013


	Guggenheim Russell MidCap^® Equal Weight ETF			Guggenheim Russell 1000^® Equal Weight ETF			Guggenheim Russell 2000^® Equal Weight ETF			Guggenheim MSCI Emerging Markets Equal Weight ETF

ASSETS:
Investments, at value* — including $1,501,938; $907,784; $186,235 and $7,649 of securities loaned, respectively	$	61,572,967		$	54,569,220		$	14,683,109		$	10,493,253
Foreign currency, at value (cost $—; $—; $68 and $10,433, respectively)		—			—			69			10,661
Receivables:
Investments sold		—			109			—			—
Dividends and interest		37,213			38,795			7,123			12,776
Receivable from manager		—			—			—			929
Total assets		61,610,180			54,608,124			14,690,301			10,517,619

LIABILITIES:
Payable upon return of securities loaned		1,544,874			933,110			197,353			9,126
Payable for:
Accrued management fees		19,344			17,291			4,668			5,907
Capital gains tax		—			—			—			14,250
Total liabilities		1,564,218			950,401			202,021			29,283
NET ASSETS	$	60,045,962		$	53,657,723		$	14,488,280		$	10,488,336

NETASSETSCONSISTOF:
Paid-in capital	$	49,930,219		$	46,244,403		$	14,540,502		$	12,720,601
Undistributed net investment income		40,145			46,134			1,176			8,877
Accumulated net realized loss on investments and foreign currency		(236,665	)		(294,948	)		(1,061,236	)		(2,023,039	)
Net unrealized appreciation (depreciation) on investments and foreign currency		10,312,263			7,662,134			1,007,838			(218,103	)
NETASSETS	$	60,045,962		$	53,657,723		$	14,488,280		$	10,488,336
Shares outstanding		1,500,000			1,350,000			400,000			300,000
Net asset value, offering price and repurchase price per share		$40.03			$39.75			$36.22			$34.96
*Total cost of investments		$51,260,704			$46,907,086			$13,675,274			$10,711,953


See Notes to Financial Statements.		GUGGENHEIM ETFs SEMI-ANNUAL REPORT				83


STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (continued)			April 30, 2013


	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 value* — including $1,899,024; $— and $— of securities loaned, respectively	$	54,733,196		$	82,969,527		$	35,389,035
Receivables:
Dividends and interest		21,688			77,735			10,494
Total assets		54,754,884			83,047,262			35,399,529

LIABILITIES:
Payable upon return of securities loaned		1,950,757			—			—
Payable for:
Accrued management fees		20,606			31,116			13,187
Total liabilities		1,971,363			31,116			13,187
NET ASSETS	$	52,783,521		$	83,016,146		$	35,386,342

NETASSETSCONSISTOF:
Paid-in capital	$	47,308,862		$	74,724,441		$	40,213,635
Undistributed (distributions in excess of) net investment income		11,008			117,245			(5,839	)
Accumulated net realized loss on investments		(3,057,068	)		(727,178	)		(3,608,808	)
Net unrealized appreciation (depreciation) on investments		8,520,719			8,901,638			(1,212,646	)
NETASSETS	$	52,783,521		$	83,016,146		$	35,386,342
Shares outstanding		800,000			1,000,000			500,005
Net asset value, offering price and repurchase price per share		$65.98			$83.02			$70.77
*Total cost of investments		$46,212,477			$74,067,889			$36,601,681


84				GUGGENHEIM ETFs SEMI-ANNUAL REPORT		See Notes to Financial Statements.


STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (continued)			April 30, 2013


	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 value* — including $—; $—; $620,460 and $1,999,117 of securities loaned, respectively	$	32,297,367		$	113,637,175	$	33,172,704		$	35,522,354
Receivables:
Investments sold		—			2,203,404		1,413			—
Dividends		18,284			63,591		25,411			45,856
Total assets		32,315,651			115,904,170		33,199,528			35,568,210

LIABILITIES:
Payable upon return of securities loaned		—			—		643,874			2,055,484
Payable for:
Investments purchased		—			2,211,209		—			—
Accrued management fees		12,022			46,672		13,317			14,625
Total liabilities		12,022			2,257,881		657,191			2,070,109
NET ASSETS	$	32,303,629		$	113,646,289	$	32,542,337		$	33,498,101

NETASSETSCONSISTOF:
Paid-in capital	$	35,226,828		$	105,335,826	$	31,879,302		$	27,375,418
Undistributed (distributions in excess of) net investment income		(52,988	)		90,191		19,286			46,568
Accumulated net realized gain (loss) on investments		(5,846,224	)		4,488,517		(876,890	)		1,911,919
Net unrealized appreciation on investments		2,976,013			3,731,755		1,520,639			4,164,196
NETASSETS	$	32,303,629		$	113,646,289	$	32,542,337		$	33,498,101
Shares outstanding		950,000			1,250,000		500,000			500,000
Net asset value, offering price and repurchase price per share		$34.00			$90.92		$65.08			$67.00
*Total cost of investments		$29,321,354			$109,905,420		$31,652,065			$31,358,158


See Notes to Financial Statements.		GUGGENHEIM ETFs SEMI-ANNUAL REPORT				85


STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (concluded)			April 30, 2013


	Guggenheim S&P 500^® Equal Weight Technology ETF			Guggenheim S&P 500^® Equal Weight Utilities ETF

ASSETS:
Investments, at value* — including $2,391,077 and $2,600,835 of securities loaned, respectively	$	95,058,774		$	67,059,946
Receivables:
Investments sold		—			1,478,506
Fund shares sold		—			6,802,710
Dividends and interest		27,769			76,154
Total assets		95,086,543			75,417,316

LIABILITIES:
Payable upon return of securities loaned		2,491,308			2,675,179
Payable for:
Investments purchased		—			8,094,534
Accrued management fees		37,998			21,778
Total liabilities		2,529,306			10,791,491
NET ASSETS	$	92,557,237		$	64,625,825

NETASSETSCONSISTOF:
Paid-in capital	$	100,465,947		$	56,298,684
Undistributed net investment income		36,213			116,003
Accumulated net realized gain (loss) on investments		(8,942,946	)		460,313
Net unrealized appreciation on investments		998,023			7,750,825
NETASSETS	$	92,557,237		$	64,625,825
Shares outstanding		1,500,000			950,000
Net asset value, offering price and repurchase price per share		$61.70			$68.03
*Total cost of investments		$94,060,751			$59,309,121


86				GUGGENHEIM ETFs SEMI-ANNUAL REPORT		See Notes to Financial Statements.


STATEMENT OF OPERATIONS (Unaudited)

For the Six Months Ended April 30, 2013


	Guggenheim Russell MidCap^® Equal Weight ETF		Guggenheim Russell 1000^® Equal Weight ETF			Guggenheim Russell 2000^® Equal Weight ETF		Guggenheim MSCI Emerging Markets Equal Weight ETF

INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*	$	557,038	$	491,653		$	162,746	$	85,243
Income from securities lending		18,022		10,417			9,164		1,071
Interest		—		—			—		232
Total investment income		575,060		502,070			171,910		86,546

EXPENSES:
Management fee		110,182		90,905			27,789		45,556
Trustee fees		3,439		2,541			1,045		—
Other fees		—		—			—		510
Total expenses		113,621		93,446			28,834		46,066
Less:
Expenses waived by advisor		—		—			—		(7,159	)
Net investment income		461,439		408,624			143,076		47,639

NET REALIZEDAND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments		319,553		(43,557	)		2,500		(600,783	)
In-kind redemptions		272,127		341,205			230,697		391,621
Capital gains tax		—		—			—		(10,813	)
Foreign currency transactions		—		—			29		(8,144	)
Net realized gain (loss)		591,680		297,648			233,226		(228,119	)
Net change in unrealized appreciation (depreciation) on:
Investments		8,508,141		6,836,739			1,610,760		896,872
Capital gains tax		—		—			—		(3,039	)
Foreign currency transactions		—		—			3		14,398
Net change in unrealized appreciation		—		—			1,610,763		908,231
Net realized and unrealized gain		9,099,821		7,134,387			1,843,989		680,112
Net increase in net assets resulting from operations	$	9,561,260	$	7,543,011		$	1,987,065	$	727,751
* Foreign taxes withheld	$	1,922	$	1,921		$	283	$	15,312


See Notes to Financial Statements.		GUGGENHEIM ETFs SEMI-ANNUAL REPORT				87


STATEMENT OF OPERATIONS (Unaudited) (continued)

For the Six Months Ended April 30, 2013


	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	$	482,034	$	791,439		$	239,051
Income from securities lending		7,742		3,795			259
Total investment income		489,776		795,234			239,310

EXPENSES:
Management fee		111,702		127,267			76,237
Other fees		—		—			188
Total expenses		111,702		127,267			76,425
Net investment income		378,074		667,967			162,885

NET REALIZEDAND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments		175,552		(118,235	)		99,366
In-kind redemptions		—		176,448			222,441
Net realized gain		175,552		58,213			321,807
Net change in unrealized appreciation (depreciation) on:
Investments		8,128,715		10,357,537			2,745,829
Net realized and unrealized gain		8,304,267		10,415,750			3,067,636
Net increase in net assets resulting from operations	$	8,682,341	$	11,083,717		$	3,230,521


88				GUGGENHEIM ETFs SEMI-ANNUAL REPORT		See Notes to Financial Statements.


STATEMENT OF OPERATIONS (Unaudited) (continued)

For the Six Months Ended April 30, 2013


	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, net of foreign taxes withheld*	$	235,218		$	504,958		$	235,009		$	407,683
Income from securities lending		260			—			2,979			17,426
Total investment income		235,478			504,958			237,988			425,109

EXPENSES:
Management fee		46,716			212,627			57,170			82,639
Other fees		—			—			78			—
Total expenses		46,716			212,627			57,248			82,639
Net investment income		188,762			292,331			180,740			342,470

NET REALIZEDAND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments		(121,211	)		(346,474	)		(220,857	)		121,291
In-kind redemptions		1,047,519			9,851,049			557,301			2,949,222
Net realized gain		926,308			9,504,575			336,444			3,070,513
Net change in unrealized appreciation (depreciation) on:
Investments		2,408,174			5,391,201			2,183,889			(173,440	)
Net realized and unrealized gain		3,334,482			14,895,776			2,520,333			2,897,073
Net increase in net assets resulting from operations	$	3,523,244		$	15,188,107		$	2,701,073		$	3,239,543
* Foreign taxes withheld	$	—		$	—		$	560		$	11,200


See Notes to Financial Statements.		GUGGENHEIM ETFs SEMI-ANNUAL REPORT				89


STATEMENT OF OPERATIONS (Unaudited) (concluded)

For the Six Months Ended April 30, 2013


	Guggenheim S&P 500^® Equal Weight Technology ETF			Guggenheim S&P 500^® Equal Weight Utilities ETF

INVESTMENT INCOME:
Dividends	$	706,237		$	844,407
Income from securities lending		16,729			13,516
Total investment income		722,966			857,923

EXPENSES:
Management fee		231,071			103,435
Other fees		218			—
Total expenses		231,289			103,435
Net investment income		491,677			754,488

NET REALIZEDAND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments		(636,755	)		609,815
In-kind redemptions		1,080,328			313,770
Net realized gain		443,573			923,585
Net change in unrealized appreciation (depreciation) on:
Investments		16,059,852			4,475,166
Net realized and unrealized gain		16,503,425			5,398,751
Net increase in net assets resulting from operations	$	16,995,102		$	6,153,239


90				GUGGENHEIM ETFs SEMI-ANNUAL REPORT		See Notes to Financial Statements.


STATEMENTS OF CHANGES IN NET ASSETS


	Guggenheim Russell MidCap^® Equal Weight ETF
	Six Months Ended April 30, 2013 (Unaudited)			Year Ended October 31, 2012

INCREASEIN NET ASSETSFROM OPERATIONS:
Net investment income	$	461,439		$	727,828
Net realized gain on investments		591,680			1,670,531
Net change in unrealized appreciation (depreciation) on investments		8,508,141			2,095,289
Net increase in net assets resulting from operations		9,561,260			4,493,648

DISTRIBUTIONSTO SHAREHOLDERSFROM:
Net investment income		(455,926	)		(712,539	)

SHAREHOLDERTRANSACTIONS:
Proceeds from shares purchased		—			14,565,056
Value of shares redeemed		(1,675,923	)		(20,237,192	)
Net decrease in net assets resulting from share transactions		(1,675,923	)		(5,672,136	)
Net increase (decrease) in net assets		7,429,411			(1,891,027	)

NETASSETS
Beginning of period		52,616,551			54,507,578
End of period	$	60,045,962		$	52,616,551
Undistributed net investment income at end of period	$	40,145		$	34,632

CHANGESINSHARESOUTSTANDING:
Shares sold		—			450,000
Shares redeemed		(50,000	)		(650,000	)
Net decrease in shares		(50,000	)		(200,000	)


See Notes to Financial Statements.		GUGGENHEIM ETFs SEMI-ANNUAL REPORT				91


STATEMENTS OF CHANGES IN NET ASSETS (continued)


	Guggenheim Russell 1000^® Equal Weight ETF						Guggenheim Russell 2000^® Equal Weight ETF
	Six Months Ended April 30, 2013 (Unaudited)			Year Ended October 31, 2012			Six Months Ended April 30, 2013 (Unaudited)			Year Ended October 31, 2012

INCREASEIN NET ASSETSFROM OPERATIONS:
Net investment income	$	408,624		$	575,178		$	143,076		$	203,036
Net realized gain on investments		297,648			430,555			233,226			372,065
Net change in unrealized appreciation (depreciation) on investments		6,836,739			2,435,374			1,610,763			942,955
Net increase in net assets resulting from operations		7,543,011			3,441,107			1,987,065			1,518,056

DISTRIBUTIONSTO SHAREHOLDERSFROM:
Net investment income		(395,270	)		(553,925	)		(160,181	)		(198,196	)

SHAREHOLDERTRANSACTIONS:
Proceeds from shares purchased		9,270,229			11,210,761			—			—
Value of shares redeemed		(1,771,482	)		(9,269,418	)		(1,656,312	)		(10,586,026	)
Net increase (decrease) in net assets resulting from share transactions		7,498,747			1,941,343			(1,656,312	)		(10,586,026	)
Net increase (decrease) in net assets		14,646,488			4,828,525			170,572			(9,266,166	)

NETASSETS
Beginning of period		39,011,235			34,182,710			14,317,708			23,583,874
End of period	$	53,657,723		$	39,011,235		$	14,488,280		$	14,317,708
Undistributed net investment income at end of period	$	46,134		$	32,780		$	1,176		$	18,281

CHANGESINSHARESOUTSTANDING:
Shares sold		250,000			350,000			—			—
Shares redeemed		(50,000	)		(300,000	)		(50,000	)		(350,000	)
Net increase (decrease) in shares		200,000			50,000			(50,000	)		(350,000	)


92				GUGGENHEIM ETFs SEMI-ANNUAL REPORT		See Notes to Financial Statements.


STATEMENTS OF CHANGES IN NET ASSETS (continued)


	Guggenheim MSCI Emerging Markets Equal Weight ETF						Guggenheim S&P 500^® Equal Weight Consumer Discretionary ETF
	Six Months Ended April 30, 2013 (Unaudited)			Year Ended October 31, 2012			Six Months Ended April 30, 2013 (Unaudited)			Year Ended October 31, 2012

INCREASE (DECREASE)IN NET ASSETSFROM OPERATIONS:
Net investment income	$	47,639		$	221,123		$	378,074		$	541,200
Net realized gain (loss) on investments		(228,119	)		(1,825,783	)		175,552			6,600,480
Net change in unrealized appreciation (depreciation) on investments		908,231			1,122,858			8,128,715			(739,225	)
Net increase (decrease) in net assets resulting from operations		727,751			(481,802	)		8,682,341			6,402,455

DISTRIBUTIONSTO SHAREHOLDERSFROM:
Net investment income		(37,744	)		(192,786	)		(380,848	)		(540,416	)
Return of capital		—			(23,454	)		—			—
Total distributions to shareholders		(37,744	)		(216,240	)		(380,848	)		(540,416	)

SHAREHOLDERTRANSACTIONS:
Proceeds from shares purchased		—			3,217,848			3,167,777			56,045,159
Value of shares redeemed		(3,526,746	)		(6,108,837	)		—			(42,059,685	)
Net increase (decrease) in net assets resulting from share transactions		(3,526,746	)		(2,890,989	)		3,167,777			13,985,474
Net increase (decrease) in net assets		(2,836,739	)		(3,589,031	)		11,469,270			19,847,513

NETASSETS
Beginning of period		13,325,075			16,914,106			41,314,251			21,466,738
End of period	$	10,488,336		$	13,325,075		$	52,783,521		$	41,314,251
Undistributed (distributions in excess) of net investment income at end of period	$	8,877		$	(1,018	)	$	11,008		$	13,782

CHANGESINSHARESOUTSTANDING:
Shares sold		—			100,000			50,000			1,100,000
Shares redeemed		(100,000	)		(200,000	)		—			(800,000	)
Net increase (decrease) in shares		(100,000	)		(100,000	)		50,000			300,000


See Notes to Financial Statements.		GUGGENHEIM ETFs SEMI-ANNUAL REPORT				93


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, 2013 (Unaudited)			Year Ended October 31, 2012			Six Months Ended April 30, 2013 (Unaudited)			Year Ended October 31, 2012

INCREASE (DECREASE)IN NET ASSETSFROM OPERATIONS:
Net investment income	$	667,967		$	812,838		$	162,885		$	276,374
Net realized gain (loss) on investments		58,213			7,835,041			321,807			(2,849,833	)
Net change in unrealized appreciation (depreciation) on investments		10,357,537			(3,884,698	)		2,745,829			1,840,307
Net increase (decrease) in net assets resulting from operations		11,083,717			4,763,181			3,230,521			(733,152	)

DISTRIBUTIONSTO SHAREHOLDERSFROM:
Net investment income		(618,140	)		(802,431	)		(190,487	)		(257,933	)

SHAREHOLDERTRANSACTIONS:
Proceeds from shares purchased		35,135,574			78,347,608			3,491,156			6,210,249
Value of shares redeemed		(3,529,316	)		(71,871,221	)		(3,148,523	)		(8,502,963	)
Net increase (decrease) in net assets resulting from share transactions		31,606,258			6,476,387			342,633			(2,292,714	)
Net increase (decrease) in net assets		42,071,835			10,437,137			3,382,667			(3,283,799	)

NETASSETS
Beginning of period		40,944,311			30,507,174			32,003,675			35,287,474
End of period	$	83,016,146		$	40,944,311		$	35,386,342		$	32,003,675
Undistributed (distributions in excess) of net investment income at end of period	$	117,245		$	67,418		$	(5,839	)	$	21,763

CHANGESINSHARESOUTSTANDING:
Shares sold		450,000			1,150,000			50,000			100,000
Shares redeemed		(50,000	)		(1,050,000	)		(50,000	)		(150,000	)
Net increase (decrease) in shares		400,000			100,000			—			(50,000	)


94				GUGGENHEIM ETFs SEMI-ANNUAL REPORT		See Notes to Financial Statements.


STATEMENTS OF CHANGES IN NET ASSETS (continued)


	Guggenheim S&P 500^® Equal Weight Financial ETF						Guggenheim S&P 500^® Equal Weight Health Care ETF
	Six Months Ended April 30, 2013 (Unaudited)			Year Ended October 31, 2012			Six Months Ended April 30, 2013 (Unaudited)			Year Ended October 31, 2012

INCREASEIN NET ASSETSFROM OPERATIONS:
Net investment income	$	188,762		$	222,443		$	292,331		$	530,580
Net realized gain on investments		926,308			32,369			9,504,575			7,747,910
Net change in unrealized appreciation (depreciation) on investments		2,408,174			2,304,637			5,391,201			656,908
Net increase in net assets resulting from operations		3,523,244			2,559,449			15,188,107			8,935,398

DISTRIBUTIONSTO SHAREHOLDERSFROM:
Net investment income		(241,750	)		(224,168	)		(269,684	)		(499,910	)
Return of capital		—			(51,231	)		—			—
Total distributions to shareholders		—			(275,399	)		—			—

SHAREHOLDERTRANSACTIONS:
Proceeds from shares purchased		22,690,245			—			188,125,537			475,933,235
Value of shares redeemed		(8,006,631	)		(5,078,734	)		(127,816,372	)		(499,145,695	)
Net increase (decrease) in net assets resulting from share transactions		14,683,614			(5,078,734	)		60,309,165			(23,212,460	)
Net increase (decrease) in net assets		17,965,108			(2,794,684	)		75,227,588			(14,776,972	)

NETASSETS
Beginning of period		14,338,521			17,133,205			38,418,701			53,195,673
End of period	$	32,303,629		$	14,338,521		$	113,646,289		$	38,418,701
Undistributed (distributions in excess) of net investment income at end of period	$	(52,988	)	$	—		$	90,191		$	67,544

CHANGESINSHARESOUTSTANDING:
Shares sold		700,000			—			2,250,000			6,550,000
Shares redeemed		(250,000	)		(200,000	)		(1,500,000	)		(6,850,000	)
Net increase (decrease) in shares		450,000			(200,000	)		750,000			(300,000	)


See Notes to Financial Statements.		GUGGENHEIM ETFs SEMI-ANNUAL REPORT				95


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, 2013 (Unaudited)			Year Ended October 31, 2012			Six Months Ended April 30, 2013 (Unaudited)			Year Ended October 31, 2012

INCREASE (DECREASE)IN NET ASSETSFROM OPERATIONS:
Net investment income	$	180,740		$	467,880		$	342,470		$	534,668
Net realized gain on investments		336,444			2,234,623			3,070,513			1,158,111
Net change in unrealized appreciation (depreciation) on investments		2,183,889			(516,072	)		(173,440	)		1,217,258
Net increase in net assets resulting from operations		2,701,073			2,186,431			3,239,543			2,910,037

DISTRIBUTIONSTO SHAREHOLDERSFROM:
Net investment income		(210,827	)		(419,866	)		(305,143	)		(529,218	)

SHAREHOLDERTRANSACTIONS:
Proceeds from shares purchased		16,259,490			30,145,279			6,706,441			—
Value of shares redeemed		(3,289,080	)		(30,280,574	)		(9,530,520	)		(5,763,694	)
Net increase (decrease) in net assets resulting from share transactions		12,970,410			(135,295	)		(2,824,079	)		(5,763,694	)
Net increase (decrease) in net assets		15,460,656			1,631,270			110,321			(3,382,875	)

NETASSETS
Beginning of period		17,081,681			15,450,411			33,387,780			36,770,655
End of period	$	32,542,337		$	17,081,681		$	33,498,101		$	33,387,780
Undistributed net investment income at end of period	$	19,286		$	49,373		$	46,568		$	9,241

CHANGESINSHARESOUTSTANDING:
Shares sold		250,000			550,000			100,000			—
Shares redeemed		(50,000	)		(550,000	)		(150,000	)		(100,000	)
Net increase (decrease) in shares		200,000			—			(50,000	)		(100,000	)


96				GUGGENHEIM ETFs SEMI-ANNUAL REPORT		See Notes to Financial Statements.


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, 2013 (Unaudited)			Year Ended October 31, 2012			Six Months Ended April 30, 2013 (Unaudited)			Year Ended October 31, 2012

INCREASE (DECREASE)IN NET ASSETSFROM OPERATIONS:
Net investment income	$	491,677		$	927,938		$	754,488		$	1,581,855
Net realized gain on investments		443,573			10,505,521			923,585			3,268,343
Net change in unrealized appreciation (depreciation) on investments		16,059,852			(14,282,736	)		4,475,166			1,919,100
Net increase (decrease) in net assets resulting from operations		16,995,102			(2,849,277	)		6,153,239			6,769,298

DISTRIBUTIONSTO SHAREHOLDERSFROM:
Net investment income		(508,087	)		(851,718	)		(691,820	)		(1,512,371	)

SHAREHOLDERTRANSACTIONS:
Proceeds from shares purchased		9,025,953			132,237,404			19,674,999			21,944,215
Value of shares redeemed		(33,434,982	)		(137,742,483	)		(2,874,172	)		(17,254,801	)
Net increase (decrease) in net assets resulting from share transactions		(24,409,029	)		(5,505,079	)		16,800,827			4,689,414
Net increase (decrease) in net assets		(7,922,014	)		(9,206,074	)		22,262,246			9,946,341

NETASSETS
Beginning of period		100,479,251			109,685,325			42,363,579			32,417,238
End of period	$	92,557,237		$	100,479,251		$	64,625,825		$	42,363,579
Undistributed net investment income at end of period	$	36,213		$	52,623		$	116,003		$	53,335

CHANGESINSHARESOUTSTANDING:
Shares sold		150,000			2,350,000			300,000			400,000
Shares redeemed		(600,000	)		(2,500,000	)		(50,000	)		(300,000	)
Net increase (decrease) in shares		(450,000	)		(150,000	)		250,000			100,000


See Notes to Financial Statements.		GUGGENHEIM ETFs SEMI-ANNUAL REPORT				97

GUGGENHEIM RUSSELL MIDCAP^® EQUAL WEIGHT ETF

FINANCIAL HIGHLIGHTS


	Six Months Ended April 30, 2013 (Unaudited)			Year Ended October 31, 2012			Year Ended October 31, 2011*
Per Share Data:
Net asset value, beginning of period		$33.95			$31.15			$30.21
Income from investment operations:
Net investment income**		0.31			0.46			0.30
Net gain on investments (realized and unrealized)		6.07			2.80			0.85

Total from investment operations		6.38			3.26			1.15
Less distributions from:
Net investment income		(0.30	)		(0.46	)		(0.21	)
Net asset value, end of period		$40.03			$33.95			$31.15


Total Return***		18.91%			10.52%			3.80%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)		$60,046			$52,617			$54,508
Ratio to average net assets of:
Net investment income		1.68%	****		1.39%			1.06%	****
Total expenses		0.41%	****		0.41%			0.41%	****
Portfolio turnover rate^†		31%			33%			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.


98				GUGGENHEIM ETFs SEMI-ANNUAL REPORT		See Notes to Financial Statements.

GUGGENHEIM RUSSELL 1000^® EQUAL WEIGHT ETF

FINANCIAL HIGHLIGHTS (continued)


	Six Months Ended April 30, 2013 (Unaudited)			Year Ended October 31, 2012			Year Ended October 31, 2011*
Per Share Data:
Net asset value, beginning of period		$33.92			$31.08			$30.18
Income from investment operations:
Net investment income**		0.33			0.51			0.36
Net gain on investments (realized and unrealized)		5.84			2.83			0.85

Total from investment operations		6.17			3.34			1.21
Less distributions from:
Net investment income		(0.34	)		(0.50	)		(0.31	)
Net asset value, end of period		$39.75			$33.92			$31.08


Total Return***		18.26%			10.83%			4.00%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)		$53,658			$39,011			$34,183
Ratio to average net assets of:
Net investment income		1.80%	****		1.56%			1.26%	****
Total expenses		0.41%	****		0.41%			0.41%	****
Portfolio turnover rate^†		37%			27%			25%

The Fund commenced operations on December 3, 2010.

Based on average shares outstanding.

***

****

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				99

GUGGENHEIM RUSSELL 2000^® EQUAL WEIGHT ETF

FINANCIAL HIGHLIGHTS (continued)


	Six Months Ended April 30, 2013 (Unaudited)			Year Ended October 31, 2012			Year Ended October 31, 2011*
Per Share Data:
Net asset value, beginning of period		$31.82			$29.48			$30.19
Income from investment operations:
Net investment income**		0.35			0.34			0.22
Net gain (loss) on investments (realized and unrealized)		4.45			2.33			(0.75	)

Total from investment operations		4.80			2.67			(0.53	)
Less distributions from:
Net investment income		(0.40	)		(0.33	)		(0.18	)
Net asset value, end of period		$36.22			$31.82			$29.48


Total Return***		15.21%			9.08%			(1.78)%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)		$14,488			$14,318			$23,584
Ratio to average net assets of:
Net investment income		2.06%	****		1.10%			0.79%	****
Total expenses		0.42%	****		0.41%			0.41%	****
Portfolio turnover rate^†		42%			43%			38%

The Fund commenced operations on December 3, 2010.

Based on average shares outstanding.

***

****

Annualized.

^†

Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions.


100				GUGGENHEIM ETFs SEMI-ANNUAL REPORT		See Notes to Financial Statements.

GUGGENHEIM MSCI EMERGING MARKETS EQUAL WEIGHT ETF

FINANCIAL HIGHLIGHTS (continued)


	Six Months Ended April 30, 2013 (Unaudited)			Year Ended October 31, 2012			Year Ended October 31, 2011*
Per Share Data:
Net asset value, beginning of period		$33.31			$33.83			$40.21
Income from investment operations:
Net investment income**		0.13			0.55			0.69
Net gain (loss) on investments (realized and unrealized)		1.61			(0.53	)		(6.35	)

Total from investment operations		1.74			0.02			(5.66	)
Less distributions from:
Net investment income		(0.09	)		(0.48	)		(0.36	)
Return of capital		—			(0.06	)		(0.36	)

Total distributions		(0.09	)		(0.54	)		(0.72	)
Net asset value, end of period		$34.96			$33.31			$33.83


Total Return***		5.22%			0.10%			(14.13)	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)		$10,488			$13,325			$16,914
Ratio to average net assets of:
Net investment income		0.73%	****		1.66%			1.99%	****
Total expenses		0.71%	****		0.72%			0.71%	****
Net expenses*****		0.60%	****		0.61%			0.63%	****
Portfolio turnover rate^†		21%			39%			63%

The Fund commenced operations on January 7, 2011.

Based on average shares outstanding.

***

****

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				101

GUGGENHEIM S&P 500^® EQUAL WEIGHT CONSUMER DISCRETIONARY ETF

FINANCIAL HIGHLIGHTS (continued)


	Six Months Ended April 30, 2013 (Unaudited)			Year Ended October 31, 2012			Year Ended October 31, 2011			Year Ended October 31, 2010			Year Ended October 31, 2009			Year Ended October 31, 2008
Per Share Data:
Net asset value, beginning of period		$55.09			$47.70			$42.37			$32.78			$24.82			$44.50
Income from investment operations:
Net investment income*		0.50			0.64			0.56			0.35			0.40			0.53
Net gain (loss) on investments (realized and unrealized)		10.90			7.46			5.31			9.56			7.93			(19.59	)

Total from investment operations		11.40			8.10			5.87			9.91			8.33			(19.06	)
Less distributions from:
Net investment income		(0.51	)		(0.71	)		(0.54	)		(0.32	)		(0.37	)		(0.62	)
Net asset value, end of period		$65.98			$55.09			$47.70			$42.37			$32.78			$24.82


Total Return**		20.82%			17.05%			13.91%			30.35%			34.20%			(43.27)%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)		$52,784			$41,314			$21,467			$25,425			$11,474			$3,722
Ratio to average net assets of:
Net investment income		1.69%	***		1.22%			1.20%			0.89%			1.61%			1.44%
Total expenses		0.50%	***		0.50%			0.50%			0.50%			0.50%			0.50%
Portfolio turnover rate^†		12%			25%			26%			28%			42%			29%

Based on average shares outstanding.

***

Annualized.

^†

Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions.


102				GUGGENHEIM ETFs SEMI-ANNUAL REPORT		See Notes to Financial Statements.

GUGGENHEIM S&P 500^® EQUAL WEIGHT CONSUMER STAPLES ETF

FINANCIAL HIGHLIGHTS (continued)


	Six Months Ended April 30, 2013 (Unaudited)			Year Ended October 31, 2012			Year Ended October 31, 2011			Year Ended October 31, 2010			Year Ended October 31, 2009			Year Ended October 31, 2008
Per Share Data:
Net asset value, beginning of period		$68.24			$61.01			$55.42			$48.42			$41.47			$52.68
Income from investment operations:
Net investment income*		0.98			1.41			1.31			1.14			1.04			0.88
Net gain (loss) on investments (realized and unrealized)		14.74			7.20			5.49			6.95			6.91			(11.22	)

Total from investment operations		15.72			8.61			6.80			8.09			7.95			(10.34	)
Less distributions from:
Net investment income		(0.94	)		(1.38	)		(1.21	)		(1.09	)		(1.00	)		(0.87	)
Net asset value, end of period		$83.02			$68.24			$61.01			$55.42			$48.42			$41.47


Total Return**		23.25%			14.19%			12.37%			16.89%			19.60%			(19.87)%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)		$83,016			$40,944			$30,507			$13,856			$9,685			$10,368
Ratio to average net assets of:
Net investment income		2.62%	***		2.14%			2.20%			2.20%			2.52%			1.78%
Total expenses		0.50%	***		0.50%			0.50%			0.50%			0.50%			0.50%
Portfolio turnover rate^†		5%			18%			15%			18%			25%			25%

Based on average shares outstanding.

***

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				103

GUGGENHEIM S&P 500^® EQUAL WEIGHT ENERGY ETF

FINANCIAL HIGHLIGHTS (continued)


	Six Months Ended April 30, 2013 (Unaudited)			Year Ended October 31, 2012			Year Ended October 31, 2011			Year Ended October 31, 2010			Year Ended October 31, 2009			Year Ended October 31, 2008
Per Share Data:
Net asset value, beginning of period		$64.01			$64.16			$53.74			$47.69			$39.72			$67.48
Income from investment operations:
Net investment income*		0.36			0.55			0.36			0.44			0.46			0.33
Net gain (loss) on investments (realized and unrealized)		6.82			(0.19	)		10.43			6.07			7.93			(25.94	)

Total from investment operations		7.18			0.36			10.79			6.51			8.39			(25.61	)
Less distributions from:
Net investment income		(0.42	)		(0.51	)		(0.37	)		(0.46	)		(0.42	)		(0.35	)
Net realized gains		—			—			—			—			—			(1.80	)

Total distributions		(0.42	)		(0.51	)		(0.37	)		(0.46	)		(0.42	)		(2.15	)
Net asset value, end of period		$70.77			$64.01			$64.16			$53.74			$47.69			$39.72


Total Return**		11.26%			0.58%			20.09%			13.74%			21.39%			(39.28)%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)		$35,386			$32,004			$35,287			$16,122			$11,922			$5,958
Ratio to average net assets of:
Net investment income		1.07%	***		0.88%			0.53%			0.87%			1.16%			0.50%
Total expenses		0.50%	***		0.50%			0.50%			0.50%			0.50%			0.50%
Portfolio turnover rate^†		7%			30%			23%			31%			33%			38%

Based on average shares outstanding.

***

Annualized.

^†

Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions.


104				GUGGENHEIM ETFs SEMI-ANNUAL REPORT		See Notes to Financial Statements.

GUGGENHEIM S&P 500^® EQUAL WEIGHT FINANCIAL ETF

FINANCIAL HIGHLIGHTS (continued)


	Six Months Ended April 30, 2013 (Unaudited)			Year Ended October 31, 2012			Year Ended October 31, 2011			Year Ended October 31, 2010			Year Ended October 31, 2009			Year Ended October 31, 2008
Per Share Data:
Net asset value, beginning of period		$28.68			$24.48			$25.40			$21.53			$21.41			$46.67
Income from investment operations:
Net investment income*		0.31			0.39			0.42			0.31			0.36			1.02
Net gain (loss) on investments (realized and unrealized)		5.43			4.32			(0.96	)		3.87			0.18			(25.40	)

Total from investment operations		5.74			4.71			(0.54	)		4.18			0.54			(24.38	)
Less distributions from:
Net investment income		(0.42	)		(0.42	)		(0.38	)		(0.31	)		(0.42	)		(0.88	)
Return of capital		—			(0.09	)		—			—			—			—

Total distributions		(0.42	)		(0.51	)		(0.38	)		(0.31	)		(0.42	)		(0.88	)
Net asset value, end of period		$34.00			$28.68			$24.48			$25.40			$21.53			$21.41


Total Return**		20.19%			19.32%			(2.25)%			19.46%			3.15%			(52.88)%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)		$32,304			$14,339			$17,133			$16,510			$13,995			$10,705
Ratio to average net assets of:
Net investment income		2.02%	***		1.48%			1.59%			1.26%			2.00%			3.09%
Total expenses		0.50%	***		0.50%			0.50%			0.50%			0.50%			0.50%
Portfolio turnover rate^†		6%			17%			18%			19%			49%			51%

Based on average shares outstanding.

***

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				105

GUGGENHEIM S&P 500^® EQUAL WEIGHT HEALTH CARE ETF

FINANCIAL HIGHLIGHTS (continued)


	Six Months Ended April 30, 2013 (Unaudited)			Year Ended October 31, 2012			Year Ended October 31, 2011			Year Ended October 31, 2010			Year Ended October 31, 2009			Year Ended October 31, 2008
Per Share Data:
Net asset value, beginning of period		$76.84			$66.49			$59.74			$50.56			$42.21			$57.94
Income from investment operations:
Net investment income*		0.29			0.47			0.32			0.20			0.19			0.14
Net gain (loss) on investments (realized and unrealized)		14.08			11.04			6.73			9.20			8.35			(15.74	)

Total from investment operations		14.37			11.51			7.05			9.40			8.54			(15.60	)
Less distributions from:
Net investment income		(0.29	)		(1.16	)		(0.30	)		(0.22	)		(0.19	)		(0.13	)
Net asset value, end of period		$90.92			$76.84			$66.49			$59.74			$50.56			$42.21


Total Return**		18.75%			17.39%			11.80%			18.64%			20.31%			(26.98)%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)		$113,646			$38,419			$53,196			$53,770			$73,308			$48,537
Ratio to average net assets of:
Net investment income		0.69%	***		0.65%			0.47%			0.35%			0.42%			0.26%
Total expenses		0.50%	***		0.50%			0.50%			0.50%			0.50%			0.50%
Portfolio turnover rate^†		8%			15%			19%			20%			38%			26%

Based on average shares outstanding.

***

Annualized.

^†

Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions.


106				GUGGENHEIM ETFs SEMI-ANNUAL REPORT		See Notes to Financial Statements.

GUGGENHEIM S&P 500^® EQUAL WEIGHT INDUSTRIALS ETF

FINANCIAL HIGHLIGHTS (continued)


	Six Months Ended April 30, 2013 (Unaudited)			Year Ended October 31, 2012			Year Ended October 31, 2011			Year Ended October 31, 2010			Year Ended October 31, 2009			Year Ended October 31, 2008
Per Share Data:
Net asset value, beginning of period		$56.94			$51.50			$49.54			$39.76			$35.73			$59.37
Income from investment operations:
Net investment income*		0.49			1.05			0.83			0.61			0.67			0.61
Net gain (loss) on investments (realized and unrealized)		8.25			5.42			2.05			9.78			4.12			(21.82	)

Total from investment operations		8.74			6.47			2.88			10.39			4.79			(21.21	)
Less distributions from:
Net investment income		(0.60	)		(1.03	)		(0.92	)		(0.61	)		(0.76	)		(0.65	)
Net realized gains		—			—			—			—			—			(1.78	)

Total distributions		(0.60	)		(1.03	)		(0.92	)		(0.61	)		(0.76	)		(2.43	)
Net asset value, end of period		$65.08			$56.94			$51.50			$49.54			$39.76			$35.73


Total Return**		15.43%			12.64%			5.80%			26.28%			13.84%			(37.12)%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)		$32,542			$17,082			$15,450			$42,105			$17,890			$7,146
Ratio to average net assets of:
Net investment income		1.58%	***		1.90%			1.52%			1.34%			1.88%			1.17%
Total expenses		0.50%	***		0.50%			0.50%			0.50%			0.50%			0.50%
Portfolio turnover rate^†		8%			18%			15%			18%			35%			30%

Based on average shares outstanding.

***

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				107

GUGGENHEIM S&P 500^® EQUAL WEIGHT MATERIALS ETF

FINANCIAL HIGHLIGHTS (continued)


	Six Months Ended April 30, 2013 (Unaudited)			Year Ended October 31, 2012			Year Ended October 31, 2011			Year Ended October 31, 2010			Year Ended October 31, 2009			Year Ended October 31, 2008
Per Share Data:
Net asset value, beginning of period		$60.71			$56.57			$57.32			$45.78			$34.37			$59.42
Income from investment operations:
Net investment income*		0.67			0.92			0.82			1.52			0.60			1.40
Net gain (loss) on investments (realized and unrealized)		6.25			4.14			(0.76	)		11.65			11.49			(25.11	)

Total from investment operations		6.92			5.06			0.06			13.17			12.09			(23.71	)
Less distributions from:
Net investment income		(0.63	)		(0.92	)		(0.81	)		(1.63	)		(0.68	)		(1.34	)
Net asset value, end of period		$67.00			$60.71			$56.57			$57.32			$45.78			$34.37


Total Return**		11.42%			8.99%			0.04%			29.05%			35.82%			(40.67)%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)		$33,498			$33,388			$36,771			$34,395			$41,199			$5,155
Ratio to average net assets of:
Net investment income		2.07%	***		1.55%			1.33%			2.88%			1.41%			2.69%
Total expenses		0.50%	***		0.50%			0.50%			0.50%			0.50%			0.50%
Portfolio turnover rate^†		8%			20%			21%			27%			57%			34%

Based on average shares outstanding.

***

Annualized.

^†

Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions.


108				GUGGENHEIM ETFs SEMI-ANNUAL REPORT		See Notes to Financial Statements.

GUGGENHEIM S&P 500^® EQUAL WEIGHT TECHNOLOGY ETF

FINANCIAL HIGHLIGHTS (continued)


	Six Months Ended April 30, 2013 (Unaudited)			Year Ended October 31, 2012			Year Ended October 31, 2011			Year Ended October 31, 2010			Year Ended October 31, 2009			Year Ended October 31, 2008
Per Share Data:
Net asset value, beginning of period		$51.53			$52.23			$50.72			$39.98			$29.98			$55.18
Income from investment operations:
Net investment income*		0.30			0.41			0.29			0.12			0.11			0.06
Net gain (loss) on investments (realized and unrealized)		10.19			(0.75	)		1.49			10.75			10.03			(25.19	)

Total from investment operations		10.49			(0.34	)		1.78			10.87			10.14			(25.13	)
Less distributions from:
Net investment income		(0.32	)		(0.36	)		(0.27	)		(0.13	)		(0.14	)		(0.07	)
Net asset value, end of period		$61.70			$51.53			$52.23			$50.72			$39.98			$29.98


Total Return**		20.42%			(0.71)%			3.51%			27.23%			33.94%			(45.58)%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)		$92,557			$100,479			$109,685			$88,759			$53,969			$7,495
Ratio to average net assets of:
Net investment income		1.06%	***		0.76%			0.54%			0.26%			0.30%			0.14%
Total expenses		0.50%	***		0.50%			0.50%			0.50%			0.50%			0.50%
Portfolio turnover rate^†		7%			25%			29%			25%			30%			36%

Based on average shares outstanding.

***

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				109

GUGGENHEIM S&P 500^® EQUAL WEIGHT UTILITIES ETF

FINANCIAL HIGHLIGHTS (concluded)


	Six Months Ended April 30, 2013 (Unaudited)			Year Ended October 31, 2012			Year Ended October 31, 2011			Year Ended October 31, 2010			Year Ended October 31, 2009			Year Ended October 31, 2008
Per Share Data:
Net asset value, beginning of period		$60.52			$54.03			$50.27			$42.13			$41.18			$62.28
Income from investment operations:
Net investment income*		1.10			2.03			1.89			1.84			1.89			1.81
Net gain (loss) on investments (realized and unrealized)		7.47			6.45			3.71			8.13			0.88			(21.09	)

Total from investment operations		8.57			8.48			5.60			9.97			2.77			(19.28	)
Less distributions from:
Net investment income		(1.06	)		(1.99	)		(1.84	)		(1.83	)		(1.82	)		(1.82	)
Net asset value, end of period		$68.03			$60.52			$54.03			$50.27			$42.13			$41.18


Total Return**		14.39%			15.98%			11.29%			24.10%			6.97%			(31.63)%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)		$64,626			$42,364			$32,417			$20,110			$8,427			$4,118
Ratio to average net assets of:
Net investment income		3.65%	***		3.60%			3.60%			3.95%			4.64%			3.30%
Total expenses		0.50%	***		0.50%			0.50%			0.50%			0.50%			0.50%
Portfolio turnover rate^†		7%			22%			15%			16%			26%			25%

Based on average shares outstanding.

***

Annualized.

^†

Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions.


110				GUGGENHEIM ETFs SEMI-ANNUAL REPORT		See Notes to Financial Statements.


NOTES TO FINANCIAL STATEMENTS

1.	Organization

Rydex ETF Trust (the “Trust”) is registered with the SEC under the Investment Company Act of 1940 (the “1940 Act”) as a non- diversified, open-ended investment company of the series type, and is authorized to issue an unlimited number of no par value shares. Each portfolio represents a separate series of beneficial interest in the Trust (each a “Fund”, and collectively, the “Funds”). The Trust was organized as a Delaware statutory trust on November 22, 2002. As of April 30, 2013, the Trust offered twenty-one portfolios, of which thirteen are covered by this report. The financial statements herein relate to the following funds, whose investment objective is to replicate as closely as possible, before fees and expenses, the daily performance of an index representing publicly traded equity securities (the “Underlying Index”) as follows:


Fund		Index
Guggenheim Russell MidCap^® Equal Weight ETF		Russell MidCap^® Equal Weight Index
Guggenheim Russell 1000^® Equal Weight ETF		Russell 1000^® Equal Weight Index
Guggenheim Russell 2000^® Equal Weight ETF		Russell 2000^® Equal Weight Index
Guggenheim MSCI Emerging Markets Equal Weight ETF		MSCI Emerging Markets Equal Weighted Index
Guggenheim S&P 500^® Equal Weight Consumer Discretionary ETF		S&P 500^® Equal Weight Consumer Discretionary Index
Guggenheim S&P 500^® Equal Weight Consumer Staples ETF		S&P 500^® Equal Weight Consumer Staples Index
Guggenheim S&P 500^® Equal Weight Energy ETF		S&P 500^® Equal Weight Energy Index
Guggenheim S&P 500^® Equal Weight Financials ETF		S&P 500^® Equal Weight Financials Index
Guggenheim S&P 500^® Equal Weight Health Care ETF		S&P 500^® Equal Weight Health Care Index
Guggenheim S&P 500^® Equal Weight Industrials ETF		S&P 500^® Equal Weight Industrials Index
Guggenheim S&P 500^® Equal Weight Materials ETF		S&P 500^® Equal Weight Materials Index
Guggenheim S&P 500^® Equal Weight Technology ETF		S&P 500^® Equal Weight Information Technology Index
Guggenheim S&P 500^® Equal Weight Utilities ETF		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 (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 Guggenheim Distributors, LLC (“GDL”) acts as principal underwriter for the Trust. GI and GDL are affiliated entities.

Significant

Accounting Policies

The following significant accounting policies are in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and are consistently followed by the Trust. This requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. All time references are based on Eastern Time.

A. Equity securities listed on an exchange (New York Stock Exchange (“NYSE”) or American Stock Exchange) are valued at the last quoted sales price as of the close of business on the NYSE, usually 4:00 p.m. on the valuation date. Equity securities listed on the NASDAQ market system are valued at the NASDAQ Official Closing Price on the valuation date. The Funds invest in money market mutual funds, which are valued at their NAV.

Investments for which market quotations are not readily available are fair valued as determined in good faith by GI under the direction of the Board of Trustees using methods established or ratified by the Board of Trustees. These methods include, but are not limited to: (i) obtaining general information as to how these securities and assets trade; and (ii) obtaining other information and considerations, including current values in related markets.

If events occur after the close of a foreign exchange that will affect the value of a Fund’s portfolio securities before the time as of which the NAV is calculated (a “significant event”), the security will generally be priced using a fair value procedure. If the Valuation Committee determines a significant event has occurred, it will evaluate the impact of that event on an affected security or securities, to determine whether a fair value adjustment would materially affect the Funds’ NAV. Some of the factors which may be considered by the Board of Trustees in determining fair value are fundamental analytical data relating to the investment, the nature and duration of any restrictions on disposition, trading in similar securities of the same issuer or comparable companies, information from broker-dealers, and an evaluation of the forces that influence the market in which the securities are purchased and sold.


GUGGENHEIM ETFs SEMI-ANNUAL REPORT				111


NOTES TO FINANCIAL STATEMENTS (continued)

Generally, trading in foreign securities markets is substantially completed each day at various times prior to the close of the NYSE. The values of foreign securities are determined as of the close of such foreign markets or the close of the NYSE, if earlier. All investments quoted in foreign currency are valued in U.S. dollars on the basis of the foreign currency exchange rates prevailing at the close of business. Investments in foreign securities may involve risks not present in domestic investments. The Valuation Committee will determine the current value of such foreign securities by taking into consideration certain factors which may include those discussed above, as well as the following factors, among others: the value of the securities traded on other foreign markets, ADR trading, closed-end fund trading, foreign currency exchange activity, and the trading prices of financial products that are tied to foreign securities such as World Equity Benchmark Shares. In addition, the Board of Trustees has authorized the Valuation Committee and Administrator to use prices and other information supplied by a third party pricing vendor in valuing foreign securities.

Debt securities with a maturity of greater than 60 days at acquisition are valued at prices that reflect broker/dealer supplied valuations or are 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.

B. Security transactions are recorded on the trade date for financial reporting purposes. Realized gains and losses from securities transactions are recorded using the identified cost basis. Proceeds from lawsuits related to investment holdings are recorded as realized gains in the respective fund. Dividend income is recorded on the ex-dividend date, net of applicable taxes withheld by foreign countries. Taxable non-cash dividends are recorded as dividend income. Interest income, including amortization of premiums and accretion of discounts, is accrued on a daily basis. Distributions received from investments in REITs are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distribution by the issuer.

C. Distributions of net investment income and net realized gains, if any, in all the Funds, are declared and paid at least annually. Distributions are recorded on the ex-dividend date and are determined in accordance with income tax regulations which may differ from U.S. GAAP.

D. The accounting records of the Funds are maintained in U.S. dollars. All assets and liabilities initially expressed in foreign currencies are converted into U.S. dollars at prevailing exchange rates. Purchases and sales of investment securities, dividend and interest income, and certain expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Funds. Foreign investments may also subject the Fund to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which could affect the market and/or credit risk of the investments.

The Funds do not isolate that portion of the results of operations resulting from changes in the foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from the difference between asset and liability amounts initially stated in foreign currencies and the U.S. dollar value of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of portfolio securities and other assets and liabilities at the end of the reporting period, resulting from changes in the exchange rates.

E. The Funds invest in various investments which are exposed to risk, such as market risk. Due to the level of risk associated with certain investments it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect amounts reported in the financial statements. The Guggenheim S&P 500^® Equal Weight ETFs are non-diversified funds, subjecting them to a greater risk than funds that are diversified.

Throughout the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties which provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds and/or their affiliates that have not yet occurred. However, based on experience the Funds expect the risk of loss to be remote.

2.	Capital


112				GUGGENHEIM ETFs SEMI-ANNUAL REPORT


NOTES TO FINANCIAL STATEMENTS (continued)

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 MidCap^® Equal Weight ETF	$	2,000
Guggenheim Russell 1000^® Equal Weight ETF		2,500
Guggenheim Russell 2000^® Equal Weight ETF		3,000
Guggenheim MSCI Emerging Markets Equal Weight ETF		6,000
Guggenheim S&P 500^® Equal Weight Consumer Discretionary ETF		750
Guggenheim S&P 500^® Equal Weight Consumer Staples ETF		500
Guggenheim S&P 500^® Equal Weight Energy ETF		500
Guggenheim S&P 500^® Equal Weight Financials ETF		750
Guggenheim S&P 500^® Equal Weight Health Care ETF		500
Guggenheim S&P 500^® Equal Weight Industrials ETF		500
Guggenheim S&P 500^® Equal Weight Materials ETF		500
Guggenheim S&P 500^® Equal Weight Technology ETF		750
Guggenheim S&P 500^® Equal Weight Utilities ETF		500

3.	Fees and Other Transactions with Affiliates

GI determines the composition of the portfolio of securities that must be delivered in exchange for the issuance of Creation Units and periodically adjusts the composition of the portfolio of the Funds to conform to changes in the composition of the relevant index. For these services, GI receives a management fee at the annual rate shown below as a percentage of the average daily net assets of the Funds.


	Advisory Fee
Guggenheim Russell MidCap^® Equal Weight ETF		0.40%
Guggenheim Russell 1000^® Equal Weight ETF		0.40%
Guggenheim Russell 2000^® Equal Weight ETF		0.40%
Guggenheim MSCI Emerging Markets Equal Weight ETF		0.70%
Guggenheim S&P 500^® Equal Weight Consumer Discretionary ETF		0.50%
Guggenheim S&P 500^® Equal Weight Consumer Staples ETF		0.50%
Guggenheim S&P 500^® Equal Weight Energy ETF		0.50%
Guggenheim S&P 500^® Equal Weight Financials ETF		0.50%
Guggenheim S&P 500^® Equal Weight Health Care ETF		0.50%
Guggenheim S&P 500^® Equal Weight Industrials ETF		0.50%
Guggenheim S&P 500^® Equal Weight Materials ETF		0.50%
Guggenheim S&P 500^® Equal Weight Technology ETF		0.50%
Guggenheim S&P 500^® Equal Weight Utilities ETF		0.50%

GI pays all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except: trustee fees, interest, taxes, distribution fees or expenses, trustee fees (where applicable) and extraordinary expenses.

For the Guggenheim MCSI Emerging Markets Equal Weight ETF, the Advisor has contractually agreed to reduce fees and/or reimburse expenses to the extent necessary to keep the Fund’s net operating expenses (excluding interest, taxes, brokerage commissions, dividends on securities sold short, distribution fees and expenses, and extraordinary expenses (“Excluded Expenses”)) plus Acquired Fund Fees and Expense borne indirectly from exceeding 0.70% of the Fund’s average daily net assets until February 28, 2014. This agreement may be terminated only with the approval of the Fund’s Board of Trustees. In any event, this undertaking will continue until at least February 28, 2014.

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 GDL and other firms that provide distribution services (“Service Providers”). If a Service Provider provides distribution services, the Funds will pay distribution fees to GDL at an annual rate not to exceed 0.25% of average daily net assets, pursuant to Rule 12b-1 of the 1940 Act. GDL will, in turn, pay the Service Provider out of its fees. No such fee is currently charged to the Funds.


GUGGENHEIM ETFs SEMI-ANNUAL REPORT				113


NOTES TO FINANCIAL STATEMENTS (continued)

4.	Fair Value Measurement

In accordance with U.S. GAAP, fair value is defined as the price that the Fund would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal market, or, in the absence of a principal market, the most advantageous market for the investment or liability. A three-tier hierarchy is utilized to distinguish between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Funds’ investments. The inputs are summarized in the three broad levels listed below:

Level 1 — quoted

prices in active markets for identical securities.

Level 2 — other

significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 — significant

unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following table summarizes the inputs used to value the Funds’ net assets as of April 30, 2013:


Fund	Level 1 Investments In Securities		Level 2 Investments In Securities		Level 3 Investments In Securities		Total
Guggenheim Russell MidCap^® Equal Weight ETF	$	60,028,093	$	1,544,874	$	—	$	61,572,967
Guggenheim Russell 1000^® Equal Weight ETF		53,636,110		933,110		—		54,569,220
Guggenheim Russell 2000^® Equal Weight ETF		14,485,756		197,353		—		14,683,109
Guggenheim MSCI Emerging Markets Equal Weight ETF		10,484,058		9,126		69		10,493,253
Guggenheim S&P 500^® Equal Weight Consumer Discretionary ETF		52,782,439		1,950,757		—		54,733,196
Guggenheim S&P 500^® Equal Weight Consumer Staples ETF		82,969,527		—		—		82,969,527
Guggenheim S&P 500^® Equal Weight Energy ETF		35,389,035		—		—		35,389,035
Guggenheim S&P 500^® Equal Weight Financial ETF		32,297,367		—		—		32,297,367
Guggenheim S&P 500^® Equal Weight Health Care ETF		113,637,175		—		—		113,637,175
Guggenheim S&P 500^® Equal Weight Industrials ETF		32,528,830		643,874		—		33,172,704
Guggenheim S&P 500^® Equal Weight Materials ETF		33,466,870		2,055,484		—		35,522,354
Guggenheim S&P 500^® Equal Weight Technology ETF		92,567,466		2,491,308		—		95,058,774
Guggenheim S&P 500^® Equal Weight Utilities ETF		64,384,767		2,675,179		—		67,059,946


Fund	Beginning Balance 10/31/12		Purchases		Sales		Total Change in Unrealized Appreciation (Depreciation)			Ending Balance 04/31/13		Net Change in Unrealized Appreciation (Depreciation) on Investments Held at 04/31/13
Guggenheim MSCI Emerging
Markets Equal Weight ETF	$	—	$	—	$	—	$	69	^†	$	69	$	69

^†

Spinoff priced at zero.


	Ending Balance at 04/30/13		Valuation Technique Used		Unobservable Inputs		Input Values
Investments in Securities — Assets
Common Stock	$	69	$	—	$	—	$	—

For the period ended April 30, 2013, there were no transfers between levels.

The 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, 2013:


	Ending Balance at 04/30/13		Valuation Technique Used		Unobservable Inputs		Input Values
Investments in Securities — Assets
Common Stock	$	725,385	$	—	$	—	$	—


114				GUGGENHEIM ETFs SEMI-ANNUAL REPORT


NOTES TO FINANCIAL STATEMENTS (continued)

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.

5.	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 a Fund’s 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.

6.	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 2009 — 2012), and has concluded that no provision for income tax was required in the Funds’ financial statements.

Income and capital gain distributions are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. These differences are primarily due to differing treatments for in-kind redemptions, income reclassifications from REITs and losses deferred due to wash sales.

The RIC Modernization Act of 2010 was signed into law on December 22, 2010 and sought to simplify some of the tax provisions applicable to regulated investment companies, the tax reporting to their shareholders and to improve the tax efficiency of certain fund structures. The changes were generally effective for taxable years beginning after the date of enactment.

One of the more prominent changes addresses capital loss carryforwards. Funds 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.

At April 30, 2013, the identified cost of investments in securities owned by each Fund for Federal income tax purposes and the gross unrealized appreciation and depreciation were as follows:


	Identified Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Guggenheim Russell MidCap^® Equal Weight ETF	$	51,260,704	$	12,567,634	$	(2,255,371	)	$	10,312,263
Guggenheim Russell 1000^® Equal Weight ETF		46,907,086		9,340,995		(1,678,861	)		7,662,134
Guggenheim Russell 2000^® Equal Weight ETF		13,675,274		2,501,149		(1,493,314	)		1,007,835
Guggenheim MSCI Emerging Markets Equal Weight ETF		10,711,953		1,119,913		(1,338,613	)		(218,700	)
Guggenheim S&P 500^® Equal Weight Consumer Discretionary ETF		46,212,477		9,756,512		(1,235,793	)		8,520,719


GUGGENHEIM ETFs SEMI-ANNUAL REPORT				115


NOTES TO FINANCIAL STATEMENTS (continued)


	Identified Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Guggenheim S&P 500^® Equal Weight Consumer Staples ETF	$	74,067,889	$	8,970,876	$	(69,238	)	$	8,901,638
Guggenheim S&P 500^® Equal Weight Energy ETF		36,601,681		3,408,383		(4,621,029	)		(1,212,646	)
Guggenheim S&P 500^® Equal Weight Financials ETF		29,321,354		3,243,672		(267,659	)		2,976,013
Guggenheim S&P 500^® Equal Weight Health Care ETF		109,905,420		5,492,627		(1,760,872	)		3,731,755
Guggenheim S&P 500^® Equal Weight Industrials ETF		31,652,065		2,138,762		(618,123	)		1,520,639
Guggenheim S&P 500^® Equal Weight Materials ETF		31,358,158		7,142,200		(2,978,004	)		4,164,196
Guggenheim S&P 500^® Equal Weight Technology ETF		94,060,751		8,476,248		(7,478,225	)		998,023
Guggenheim S&P 500^® Equal Weight Utilities ETF		59,309,121		8,298,731		(547,906	)		7,750,825

7.	Investment Transactions

For the period ended April 30, 2013, the Funds had investment transactions in-kind associated with subscriptions and redemptions as follows:


	Subscriptions		Redemptions
Guggenheim Russell MidCap^® Equal Weight ETF	$	—	$	1,673,031
Guggenheim Russell 1000^® Equal Weight ETF		9,264,942		1,760,292
Guggenheim Russell 2000^® Equal Weight ETF		—		1,642,174.00
Guggenheim MSCI Emerging Markets Equal Weight ETF		—		2,320,119
Guggenheim S&P 500^® Equal Weight Consumer Discretionary ETF		3,166,418		—
Guggenheim S&P 500^® Equal Weight Consumer Staples ETF		35,090,184		3,528,606
Guggenheim S&P 500^® Equal Weight Energy ETF		3,492,649		3,144,108
Guggenheim S&P 500^® Equal Weight Financials ETF		19,370,878		4,725,400
Guggenheim S&P 500^® Equal Weight Health Care ETF		175,113,327		114,876,023
Guggenheim S&P 500^® Equal Weight Industrials ETF		16,224,266		3,287,981
Guggenheim S&P 500^® Equal Weight Materials ETF		6,696,219		9,498,053
Guggenheim S&P 500^® Equal Weight Technology ETF		9,027,067		33,389,719
Guggenheim S&P 500^® Equal Weight Utilities ETF		19,471,912		2,857,222

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 MidCap^® Equal Weight ETF	$	6,009,981	$	5,996,421
Guggenheim Russell 1000^® Equal Weight ETF		4,621,682		4,597,121
Guggenheim Russell 2000^® Equal Weight ETF		2,645,339		2,539,189
Guggenheim MSCI Emerging Markets Equal Weight ETF		2,646,858		3,864,287
Guggenheim S&P 500^® Equal Weight Consumer Discretionary ETF		5,550,966		5,361,973
Guggenheim S&P 500^® Equal Weight Consumer Staples ETF		2,827,956		2,960,362
Guggenheim S&P 500^® Equal Weight Energy ETF		2,634,378		2,127,980
Guggenheim S&P 500^® Equal Weight Financials ETF		1,250,472		1,460,505
Guggenheim S&P 500^® Equal Weight Health Care ETF		6,208,099		8,497,100
Guggenheim S&P 500^® Equal Weight Industrials ETF		1,961,976		2,001,769
Guggenheim S&P 500^® Equal Weight Materials ETF		2,674,041		2,955,947
Guggenheim S&P 500^® Equal Weight Technology ETF		6,502,098		6,661,877
Guggenheim S&P 500^® Equal Weight Utilities ETF		3,342,219		2,969,658

There were no purchases or sales of U.S. government or government agency obligations for the period ended April 30, 2013.

8.	Portfolio Securities Loaned

The Funds may lend their securities to approved brokers to earn additional income. Security lending income shown on the statement of operations is shown net of rebates paid to the borrowers and earnings on cash collateral investments shared with the lending agent. Within this arrangement, the Funds act as the lender, Credit Suisse acts as the lending agent, and other approved registered broker dealers act as the borrowers. The Funds receive cash collateral, valued at 102% of the value of the securities on loan. Under the terms of the Funds’ securities lending agreement with Credit Suisse, cash collateral is invested in one or more joint repurchase agreements collateralized by obligations of the U.S. Treasury or Government Agencies. The Funds bear the risk of loss on cash collateral investments. Collateral is maintained over the life of the loan in an amount not less than the value of loaned securities, as determined at the close of fund business each day; any additional collateral required due to changes in security values is delivered to the funds the next business day. Although the collateral mitigates the risk, the Funds could experience a delay in recovering its securities and a possible loss of income or value if the borrower fails to return the securities. The Funds have the right under the securities lending agreement to recover the securities from the borrower on demand.


116				GUGGENHEIM ETFs SEMI-ANNUAL REPORT


NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2013, the following Funds participated in securities lending as follows:


	Value of Securities Loaned		Cash Collateral
Guggenheim Russell MidCap^® Equal Weight ETF	$	1,501,938	$	1,544,874
Guggenheim Russell 1000^® Equal Weight ETF		907,784		933,110
Guggenheim Russell 2000^® Equal Weight ETF		186,235		197,353
Guggenheim MSCI Emerging Markets Equal Weight ETF		7,649		9,126
Guggenheim S&P 500^® Equal Weight Consumer Discretionary ETF		1,899,024		1,950,757
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		620,460		643,874
Guggenheim S&P 500^® Equal Weight Materials ETF		1,999,117		2,055,484
Guggenheim S&P 500^® Equal Weight Technology ETF		2,391,077		2,491,308
Guggenheim S&P 500^® Equal Weight Utilities ETF		2,600,835		2,675,179

The following represents a breakdown of the collateral for the joint repurchase agreements at April 30, 2013:


Counterparty and Terms of Agreement	Face Value		Repurchase Price		Collateral	Par Value		Fair Value
RBS Securities Inc.					Federal Farm Credit Bank
0.15%					0.30% – 4.88%
Due 05/01/13					04/23/14 – 12/16/15
	$	17,371,000	$	17,371,072		$	17,159,000	$	17,372,483
Deutsche Bank Securites Inc.					Freddie Mac
0.15%					1.57%
Due 05/01/13					01/08/20
		25,000,000		25,000,104			25,356,000		25,376,538
HSBC Securities Inc.					Fannie Mae
0.15%					0.00% – 7.25%
Due 05/01/13					04/15/14 – 11/15/30
		110,000,000		110,001,102			142,817,000		112,201,125

9.	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.), No. 12-2652 (S.D.N.Y.) (formerly Adv. Pro. No. 10-54010 (Bankr. D. Del.)) (the “FitzSimons action”), 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 received proceeds 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.

Rydex ETF Trust also has been named as a defendant in one or more of a group of lawsuits filed by a group of Tribune creditors that allege state law constructive fraudulent conveyance claims against former Tribune shareholders (the “SLCFC actions”).

The FitzSimons action and the SLCFC actions have been consolidated with the majority of the other Tribune LBO-related lawsuits in a multi-district litigation proceeding captioned In re Tribune Company Fraudulent Conveyance Litig., No. 11-md-2696 (S.D.N.Y.) (the “MDL Proceeding”). On November 6, 2012, the defendants moved to dismiss the SLCFC actions. On December 21, 2012, the plaintiffs filed a memorandum in opposition to the motion to dismiss. On February 4, 2013, the defendants filed a reply in support of the motion to dismiss. The Court scheduled oral argument on the motion for May 23, 2013. The Court has not yet issued a decision on the motion.

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 Consumer Discretionary Fund (the “Fund”). The value of the proceeds received by the foregoing Fund was $249,481. At this stage of the proceedings, Rydex ETF Trust is not able to make a reliable predication as to the outcome of these lawsuits or the effect, if any, on the Fund’s net asset value.


GUGGENHEIM ETFs SEMI-ANNUAL REPORT				117


NOTES TO FINANCIAL STATEMENTS (concluded)

10.

New Accounting Pronouncement

In January 2013, the Financial Accounting Standards Board issued an Accounting Standards Update No. 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, which limits the scope of the new balance sheet offsetting disclosures to derivatives, repurchase agreements and securities lending. The new disclosure is effective for Funds whose annual or interim periods begin on or after January 1, 2013. Management is evaluating the impact of this update on its current disclosures.

11.

Subsequent Event

At a meeting of the Board of Trustees (the “Board”) of the Trust held on June 5, 2013, the Board approved Rydex Fund Services, LLC to replace State Street Bank and Trust Company (“State Street”) as administrator of the Trust. In addition, the Board approved The Bank of New York Mellon to replace State Street as custodian, transfer agent and fund accountant of the Trust.


118				GUGGENHEIM ETFs SEMI-ANNUAL REPORT


OTHER INFORMATION (Unaudited)

Proxy Voting Information

A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to securities held in the Funds’ portfolios is available, without charge and upon request, by calling 1.800.820.0888. This information is also available from the EDGAR database on the SEC’s website at http://www.sec.gov.

Information regarding how the Funds voted proxies relating to portfolio securities, during the most recent 12-month period ended June 30, 2012 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.

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

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.guggenheiminvestments.com.


GUGGENHEIM ETFs SEMI-ANNUAL REPORT				119


INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)

A Board of Trustees oversees the Trust, as well as other trusts of GI, in which its members have no stated term of service, and continue to serve after election until resignation. The Statement of Additional Information includes further information about Fund Trustees and Officers, and can be obtained without charge by calling 800.820.0888.

All Trustees and Officers may be reached c/o Guggenheim Investments, 805 King Farm Boulevard, Suite 600, Rockville, MD 20850.

TRUSTEE AND OFFICER


Name and Year of Birth	Length of Service As Trustee (Year Began)	Number of Funds Overseen
Donald C. Cacciapaglia*	Rydex Series Funds – 2012	136
(1951)	Rydex Variable Trust – 2012
	Rydex Dynamic Funds – 2012
	Rydex ETF Trust – 2012

Principal Occupations During Past Five Years: Current: Security Investors, LLC: President and CEO from April 2012 to present; Guggenheim Investments: President and Chief Administrative Officer from February 2010 to present; Previous: Channel Capital Group, Inc.: Chairman and CEO from April 2002 to February 2010

Positions held within the Trust: Trustee from 2012 to present; President from 2012 to present

INDEPENDENT TRUSTEES


Name and Year of Birth	Length of Service As Trustee (Year Began)	Number of Funds Overseen
Corey A. Colehour	Rydex Series Funds – 1993	136
(1945)	Rydex Variable Trust – 1998
	Rydex Dynamic Funds – 1999
	Rydex ETF Trust – 2003

Principal Occupations During Past Five Years: Current: Retired; Previous: President and Senior Vice President of Schield Management Company (registered investment adviser) from 2003 to 2006

Positions held within the Trust: Trustee from 1993 to present; Member of the Audit, Governance and Nominating Committees from 1995 to present


J. Kenneth Dalton	Rydex Series Funds – 1995	136
(1941)	Rydex Variable Trust – 1998
	Rydex Dynamic Funds – 1999
	Rydex ETF Trust – 2003

Principal Occupations During Past Five Years: Current: Retired

Positions held within the Trust: Trustee from 1995 to present; Member and Chairman of the Audit Committee from 1997 to present; Member of the Governance and Nominating Committees from 1995 to present; and Member of the Risk Oversight Committee from 2010 to present


John O. Demaret	Rydex Series Funds – 1997	136
(1940)	Rydex Variable Trust – 1998
	Rydex Dynamic Funds – 1999
	Rydex ETF Trust – 2003

Principal Occupations During Past Five Years: Current: Retired;

Positions held within the Trust: Trustee from 1997 to present; Chairman of the Board from 2006 to present; Member of the Audit Committee from 1997 to present; and Member of the Risk Oversight Committee from 2010 to present


120				GUGGENHEIM ETFs SEMI-ANNUAL REPORT

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited) (continued)

INDEPENDENT TRUSTEES – concluded


Name and Year of Birth	Length of Service As Trustee (Year Began)	Number of Funds Overseen
Werner E. Keller	Rydex Series Funds – 2005	136
(1940)	Rydex Variable Trust – 2005
	Rydex Dynamic Funds – 2005
	Rydex ETF Trust – 2005

Principal Occupations During Past Five Years: Current: Founder and President of Keller Partners, LLC (investment research firm) from 2005 to present; Previous: Retired from 2001 to 2005

Positions held within the Trust: Vice Chairman of the Board of Trustees from 2010 to present; Trustee and Member of the Audit and Governance and Nominating Committees from 2005 to present; Chairman and Member of the Risk Oversight Committee from 2010 to present


Thomas F. Lydon, Jr.	Rydex Series Funds – 2005	136
(1960)	Rydex Variable Trust – 2005
	Rydex Dynamic Funds – 2005
	Rydex ETF Trust – 2005

Principal Occupations During Past Five Years: Current: President of Global Trends Investments (registered investment adviser) from 1996 to present

Positions held within the Trust: Trustee and Member of the Audit and Governance and Nominating Committees from 2005 to present


Patrick T. McCarville	Rydex Series Funds – 1997	136
(1942)	Rydex Variable Trust – 1998
	Rydex Dynamic Funds – 1999
	Rydex ETF Trust – 2003

Principal Occupations During Past Five Years: Current: Retired; Previous: Chief Executive Officer of Par Industries, Inc., d/b/a Par Leasing from 1977 to 2010

Positions held within the Trust: Trustee from 1997 to present; Member of the Audit Committee from 1997 to present; and Chairman of the Governance and Nominating Committees from 1997 to present


Roger Somers	Rydex Series Funds – 1993	136
(1944)	Rydex Variable Trust – 1998
	Rydex Dynamic Funds – 1999
	Rydex ETF Trust – 2003

Principal Occupations During Past Five Years: Current: Founder and Chief Executive Officer of Arrow Limousine from 1965 to present

Positions held within the Trust: Trustee from 1993 to present; Member of the Audit and Governance and Nominating Committees from 1995 to present


GUGGENHEIM ETFs SEMI-ANNUAL REPORT				121

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited) (concluded)

EXECUTIVE OFFICERS


Name, Position and Year of Birth		Principal Occupations During Past Five Years

Michael P. Byrum* Vice President, (1970)		Current: President, Security Benefit Asset Management Holdings, LLC; 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 & 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); and 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 & President, Rydex Fund Services, LLC; Vice President, Rydex Holdings, LLC; Treasurer, SBL Fund; Security Equity Fund; Security Income Fund; Security Large Cap Value Fund & Security Mid Cap Growth Fund; Vice President, Security Benefit Asset Management Holdings, LLC Previous: Security Global Investors, LLC, Senior Vice President (2010-2011); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.) Senior Vice President (2006-2011); Rydex Fund Services, LLC (f/k/a Rydex Fund Services, Inc.), Director (2009) & 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 (1961)		Current: Senior Vice President & Secretary, Security Investors, LLC; Secretary & Chief Compliance Officer, Security Distributors, Inc.; Vice President, Associate General Counsel & 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 & Secretary, SBL Fund; Security Equity Fund; Security Income Fund; Security Large Cap Value Fund & Security Mid Cap Growth Fund; Vice President & 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: Security Global Investors, 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 & Secretary (2010-2011); Brecek & 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 & Security Mid Cap Growth Fund; Vice President, Security Investors, LLC; and Chief Financial Officer & Manager, Rydex Specialized Products, LLC Previous: Security Global Investors, LLC, Vice President (2010-2011); 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.


122				GUGGENHEIM ETFs SEMI-ANNUAL REPORT

LOGO

APRIL 30, 2013

GUGGENHEIM ETFs

SEMI-ANNUAL REPORT

LOGO



XLG		GUGGENHEIM RUSSELL TOP 50^® MEGA CAP ETF

RPV		GUGGENHEIM S&P 500^® PURE VALUE ETF

RPG		GUGGENHEIM S&P 500^® PURE GROWTH ETF

RFV		GUGGENHEIM S&P MIDCAP 400^® PURE VALUE ETF

RFG		GUGGENHEIM S&P MIDCAP 400^® PURE GROWTH ETF

RZV		GUGGENHEIM S&P SMALLCAP 600^® PURE VALUE ETF

RZG		GUGGENHEIM S&P SMALLCAP 600^® PURE GROWTH ETF

ETF2-SEMI-0413X1013


TABLE OF CONTENTS


DEAR SHAREHOLDER			2

FEES AND EXPENSES			3

ECONOMIC AND MARKET OVERVIEW			5

PORTFOLIO SUMMARY			7

SCHEDULES OF INVESTMENTS			14

STATEMENTS OF ASSETS AND LIABILITIES			34

STATEMENTS OF OPERATIONS			36

STATEMENTS OF CHANGES IN NET ASSETS			38

FINANCIAL HIGHLIGHTS			42

NOTES TO FINANCIAL STATEMENTS			49

OTHER INFORMATION			55

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS			56


GUGGENHEIM ETFs SEMI-ANNUAL REPORT				1


			April 30, 2013

Dear Shareholder:

Security Investors, LLC (the “Investment Adviser”) is pleased to present the semiannual shareholder report for a number of our exchange traded funds (“ETFs”).

The Investment Adviser is part of Guggenheim Investments, which represents the investment management businesses of Guggenheim Partners, LLC, a global, diversified financial services firm.

Thank you for investing in our Funds.

Sincerely,

LOGO

Donald C. Cacciapaglia

President

May 31, 2013

ETFs may not be suitable for all investors. • Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than original cost. Most investors will also incur customary brokerage commissions when buying or selling shares of an ETF. • Investments in securities per share and derivatives, in general, are subject to market risks that may cause their prices to fluctuate over time. • ETF shares may trade below their net asset value per share (“NAV”). The NAV of shares will fluctuate with changes in the market value of an ETF’s holdings. In addition, there can be no assurance that an active trading market for shares will develop or be maintained. • Tracking error risk refers to the risk that the Adviser may not be able to cause the ETF’s performance to match or correlate to that of the ETF’s underlying index, either on a daily or aggregate basis. Tracking error risk may cause the ETF’s performance to be less than you expect.


2				GUGGENHEIM ETFs SEMI-ANNUAL REPORT


FEES AND EXPENSES (Unaudited)

Shareholder Expense Example

The example in the table is based on an investment of $1,000 invested on October 31, 2012 and held for the six months ended April 30, 2013.

Actual Expenses

Hypothetical Example for Comparison Purposes


	Expense Ratio		Beginning Account Value 10/31/12		Ending Account Value 04/30/13		Expenses Paid During Six-Month Period* 10/31/12 to 04/30/13
Actual
Guggenheim Russell Top 50^® Mega Cap ETF		0.20%	$	1,000.00	$	1,108.50	$	1.05
Guggenheim S&P 500^® Pure Value ETF		0.35%		1,000.00		1,224.40		1.93
Guggenheim S&P 500^® Pure Growth ETF		0.35%		1,000.00		1,189.70		1.90
Guggenheim S&P MidCap 400^® Pure Value ETF		0.35%		1,000.00		1,213.30		1.92
Guggenheim S&P MidCap 400^® Pure Growth ETF		0.35%		1,000.00		1,159.20		1.87
Guggenheim S&P SmallCap 600^® Pure Value ETF		0.35%		1,000.00		1,183.30		1.89
Guggenheim S&P SmallCap 600^® Pure Growth ETF		0.35%		1,000.00		1,124.10		1.84
Hypothetical (assuming a 5% return before expenses)
Guggenheim Russell Top 50^® Mega Cap ETF		0.20%		1,000.00		1,023.80		1.00
Guggenheim S&P 500^® Pure Value ETF		0.35%		1,000.00		1,023.06		1.76
Guggenheim S&P 500^® Pure Growth ETF		0.35%		1,000.00		1,023.06		1.76


GUGGENHEIM ETFs SEMI-ANNUAL REPORT				3


FEES AND EXPENSES (Unaudited) (concluded)


	Expense Ratio		Beginning Account Value 10/31/12		Ending Account Value 04/30/13		Expenses Paid During Six-Month Period* 10/31/12 to 04/30/13
Guggenheim S&P MidCap 400^® Pure Value ETF		0.35%	$	1,000.00	$	1,023.06	$	1.76
Guggenheim S&P MidCap 400^® Pure Growth ETF		0.35%		1,000.00		1,023.06		1.76
Guggenheim S&P SmallCap 600^® Pure Value ETF		0.35%		1,000.00		1,023.06		1.76
Guggenheim S&P SmallCap 600^® Pure Growth ETF		0.35%		1,000.00		1,023.06		1.76

Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).


4				GUGGENHEIM ETFs SEMI-ANNUAL REPORT


ECONOMIC AND MARKET OVERVIEW

* Index Definitions

Indices are unmanaged and it is not possible to invest directly in an index.

The MSCI Emerging Markets Index is a free float-adjusted market-capitalization weighted index that is designed to measure equity market performance in the global emerging markets.


GUGGENHEIM ETFs SEMI-ANNUAL REPORT				5


ECONOMIC AND MARKET OVERVIEW (concluded)

Merrill Lynch High Yield Master II Index is a commonly used benchmark index for high yield corporate bonds. It is a measure of the broad high yield market.


6				GUGGENHEIM ETFs SEMI-ANNUAL REPORT


PORTFOLIO SUMMARY (Unaudited)			April 30, 2013

GUGGENHEIM RUSSELL TOP 50^® MEGA CAP ETF

Sector Allocations*

LOGO


Top 10 Holdings*
Description	% of Net Assets
Exxon Mobil Corp.		5.96%
Apple, Inc.		5.93%
Microsoft Corp.		3.57%
Chevron Corp.		3.44%
General Electric Co.		3.38%
Johnson & Johnson		3.35%
International Business Machines Corp.		3.16%
Pfizer, Inc.		3.12%
Google, Inc. — Class A		3.06%
Procter & Gamble Co. (The)		3.01%


GUGGENHEIM ETFs SEMI-ANNUAL REPORT				7


PORTFOLIO SUMMARY (Unaudited) (continued)			April 30, 2013

GUGGENHEIM S&P 500^® PURE VALUE ETF

Sector Allocations*

LOGO


Top 10 Holdings*
Description	% of Net Assets
Genworth Financial, Inc. — Class A		2.76%
Assurant, Inc.		2.30%
WellPoint, Inc.		2.25%
Xerox Corp.		1.91%
Hartford Financial Services Group, Inc.		1.82%
Hess Corp.		1.79%
Archer-Daniels-Midland Co.		1.77%
Tyson Foods, Inc. — Class A		1.71%
Valero Energy Corp.		1.71%
Safeway, Inc.		1.60%


8				GUGGENHEIM ETFs SEMI-ANNUAL REPORT


PORTFOLIO SUMMARY (Unaudited) (continued)			April 30, 2013

GUGGENHEIM S&P 500^® PURE GROWTH ETF

Sector Allocations*

LOGO


Top 10 Holdings*
Description	% of Net Assets
SLM Corp.		2.53%
Tesoro Corp.		2.15%
Southwest Airlines Co.		2.06%
Netflix, Inc.		2.03%
Seagate Technology PLC		1.90%
Life Technologies Corp.		1.82%
Regeneron Pharmaceuticals, Inc.		1.64%
Denbury Resources, Inc.		1.62%
Gilead Sciences, Inc.		1.60%
Bank of America Corp.		1.59%


GUGGENHEIM ETFs SEMI-ANNUAL REPORT				9


PORTFOLIO SUMMARY (Unaudited) (continued)			April 30, 2013

GUGGENHEIM S&P MIDCAP 400^® PURE VALUE ETF

Sector Allocations*

LOGO


Top 10 Holdings*
Description	% of Net Assets
Community Health Systems, Inc.		2.53%
JetBlue Airways Corp.		2.50%
Hanover Insurance Group, Inc. (The)		2.37%
Ingram Micro, Inc. — Class A		2.24%
URS Corp.		2.11%
Reinsurance Group of America, Inc.		2.05%
Protective Life Corp.		1.87%
Tech Data Corp.		1.85%
ManTech International Corp. — Class A		1.83%
Manpower, Inc.		1.81%


10				GUGGENHEIM ETFs SEMI-ANNUAL REPORT


PORTFOLIO SUMMARY (Unaudited) (continued)			April 30, 2013

GUGGENHEIM S&P MIDCAP 400^® PURE GROWTH ETF

Sector Allocations*

LOGO


Top 10 Holdings*
Description	% of Net Assets
Chico’s FAS, Inc.		2.64%
Semtech Corp.		2.42%
Worthington Industries, Inc.		2.37%
Vertex Pharmaceuticals, Inc.		2.33%
HollyFrontier Corp.		2.22%
First American Financial Corp.		2.10%
Alaska Air Group, Inc.		1.91%
ValueClick, Inc.		1.90%
Williams-Sonoma, Inc.		1.89%
Terex Corp.		1.83%


GUGGENHEIM ETFs SEMI-ANNUAL REPORT				11


PORTFOLIO SUMMARY (Unaudited) (continued)			April 30, 2013

GUGGENHEIM S&P SMALLCAP 600^® PURE VALUE ETF

Sector Allocations*

LOGO


Top 10 Holdings*
Description	% of Net Assets
Boyd Gaming Corp.		2.10%
VOXX International Corp.		1.97%
Kelly Services, Inc. — Class A		1.53%
CIBER, Inc.		1.53%
AAR Corp.		1.49%
OfficeMax, Inc.		1.41%
SkyWest, Inc.		1.38%
Tower Group International Ltd.		1.33%
Quiksilver, Inc.		1.32%
Meadowbrook Insurance Group, Inc.		1.28%


12				GUGGENHEIM ETFs SEMI-ANNUAL REPORT


PORTFOLIO SUMMARY (Unaudited) (concluded)			April 30, 2013

GUGGENHEIM S&P SMALLCAP 600^® PURE GROWTH ETF

Sector Allocations*

LOGO


Top 10 Holdings*
Description	% of Net Assets
3D Systems Corp.		2.06%
Francesca’s Holdings Corp.		1.82%
HFF, Inc. — Class A		1.76%
Sabra Health Care REIT, Inc.		1.71%
Blucora, Inc.		1.55%
Geospace Technologies Corp.		1.48%
Winnebago Industries, Inc.		1.44%
Tuesday Morning Corp.		1.44%
On Assignment, Inc.		1.43%
PrivateBancorp, Inc.		1.31%


GUGGENHEIM ETFs SEMI-ANNUAL REPORT				13


SCHEDULE OF INVESTMENTS (Unaudited)			April 30, 2013

GUGGENHEIM RUSSELL TOP 50^® MEGA CAP ETF


	SHARES		VALUE



COMMON STOCKS - 99.7%
Aerospace & Defense - 1.2%
United Technologies Corp.		74,366	$	6,788,872

Total Aerospace & Defense				6,788,872

Air Freight & Logistics - 0.9%
United Parcel Service, Inc. — Class B		59,112		5,074,174

Total Air Freight & Logistics				5,074,174

Beverages - 4.2%
Coca-Cola Co. (The)		316,991		13,418,229
PepsiCo, Inc.		127,618		10,524,657

Total Beverages				23,942,886

Biotechnology - 1.2%
Amgen, Inc.		63,460		6,613,167

Total Biotechnology				6,613,167

Commercial Banks - 3.6%
US Bancorp		154,564		5,143,890
Wells Fargo & Co.		399,789		15,183,986

Total Commercial Banks				20,327,876

Communications Equipment - 3.1%
Cisco Systems, Inc.		437,116		9,144,467
QUALCOMM, Inc.		139,883		8,619,590

Total Communications Equipment				17,764,057

Computers & Peripherals - 5.9%
Apple, Inc.		76,300		33,781,825

Total Computers & Peripherals				33,781,825

Consumer Finance - 1.0%
American Express Co.		81,705		5,589,439

Total Consumer Finance				5,589,439

Diversified Financial Services - 6.5%
Bank of America Corp.		879,368		10,825,020
Citigroup, Inc.		239,261		11,163,919
JPMorgan Chase & Co.		310,620		15,223,486

Total Diversified Financial Services				37,212,425

Diversified Telecommunication Services - 5.2%
AT&T, Inc.		448,110		16,786,200
Verizon Communications, Inc.		231,826		12,497,740

Total Diversified Telecommunication Services				29,283,940

Energy Equipment & Services - 1.4%
Schlumberger Ltd.		108,817		8,099,249

Total Energy Equipment & Services				8,099,249

Food & Staples Retailing - 3.0%
CVS Caremark Corp.		104,569		6,083,825
Wal-Mart Stores, Inc.		137,913		10,718,598

Total Food & Staples Retailing				16,802,423

Food Products - 1.2%
Kraft Foods Group, Inc.		48,225		2,483,105
Mondelez International, Inc. — Class A		144,674		4,549,998

Total Food Products				7,033,103


	SHARES		VALUE



Health Care Equipment & Supplies - 0.8%
Abbott Laboratories		128,387	$	4,740,048

Total Health Care Equipment & Supplies				4,740,048

Health Care Providers & Services - 0.9%
UnitedHealth Group, Inc.		84,655		5,073,374

Total Health Care Providers & Services				5,073,374

Hotels, Restaurants & Leisure - 1.5%
McDonald’s Corp.		82,925		8,469,960

Total Hotels, Restaurants & Leisure				8,469,960

Household Products - 3.0%
Procter & Gamble Co. (The)		223,590		17,165,004

Total Household Products				17,165,004

Industrial Conglomerates - 4.4%
3M Co.		56,619		5,928,576
General Electric Co.		864,567		19,271,198

Total Industrial Conglomerates				25,199,774

Insurance - 2.7%
Berkshire Hathaway, Inc. — Class B*		145,317		15,450,103

Total Insurance				15,450,103

Internet & Catalog Retail - 1.3%
Amazon.com, Inc.*		29,520		7,492,471

Total Internet & Catalog Retail				7,492,471

Internet Software & Services - 3.2%
Facebook, Inc. — Class A*		34,370		954,111
Google, Inc. — Class A*		21,123		17,417,392

Total Internet Software & Services				18,371,503

IT Services - 4.4%
International Business Machines Corp.		88,946		18,015,123
Visa, Inc. — Class A		42,641		7,183,303

Total IT Services				25,198,426

Machinery - 0.8%
Caterpillar, Inc.		53,243		4,508,085

Total Machinery				4,508,085

Media - 3.2%
Comcast Corp. — Class A		219,125		9,049,863
Walt Disney Co. (The)		145,847		9,165,025

Total Media				18,214,888

Oil, Gas & Consumable Fuels - 11.6%
Chevron Corp.		160,968		19,639,706
ConocoPhillips		103,187		6,237,654
Exxon Mobil Corp.		381,571		33,956,003
Occidental Petroleum Corp.		66,182		5,907,405

Total Oil, Gas & Consumable Fuels				65,740,768

Pharmaceuticals - 10.5%
AbbVie, Inc.		128,387		5,912,222
Bristol-Myers Squibb Co.		137,828		5,474,528
Johnson & Johnson		224,101		19,100,128
Merck & Co., Inc.		248,189		11,664,883
Pfizer, Inc.		611,025		17,762,497

Total Pharmaceuticals				59,914,258


14				GUGGENHEIM ETFs SEMI-ANNUAL REPORT		See Notes to Financial Statements.


SCHEDULE OF INVESTMENTS (Unaudited) (concluded)			April 30, 2013

GUGGENHEIM RUSSELL TOP 50^® MEGA CAP ETF


	SHARES		VALUE



Road & Rail - 1.0%
Union Pacific Corp.		38,859	$	5,749,578

Total Road & Rail				5,749,578

Semiconductors & Semiconductor Equipment - 1.7%
Intel Corp.		410,525		9,832,074

Total Semiconductors & Semiconductor Equipment				9,832,074

Software - 5.3%
Microsoft Corp.		614,210		20,330,351
Oracle Corp.		295,208		9,676,918

Total Software				30,007,269

Specialty Retail - 1.6%
Home Depot, Inc.		124,901		9,161,488

Total Specialty Retail				9,161,488

Tobacco - 3.4%
Altria Group, Inc.		166,041		6,062,157
Philip Morris International, Inc.		139,172		13,303,451

Total Tobacco				19,365,608

Total Common Stocks (Cost $532,385,582)				567,968,115


	FACE AMOUNT
REPURCHASE AGREEMENTS - 0.2%
State Street Bank & Trust Co., 0.010%, dated 04/30/13, to be repurchased at $1,392,000 on 05/01/13 collateralized by $1,435,000 FHLMC at 2.00% due 01/30/23 with a value of $1,424,209^b	$	1,392,000		1,392,000

Total Repurchase Agreements (Cost $1,392,000)				1,392,000

Total Investments - 99.9%^a (Cost $533,777,582)				569,360,115

Other Assets and Liabilities, net - 0.1%				567,467

Net Assets - 100.0%			$	569,927,582

Non-Income Producing Security.

Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs.

Values determined based on Level 2 inputs (Note 4).


See Notes to Financial Statements.		GUGGENHEIM ETFs SEMI-ANNUAL REPORT				15


SCHEDULE OF INVESTMENTS (Unaudited)			April 30, 2013

GUGGENHEIM S&P 500^® PURE VALUE ETF


	SHARES		VALUE



COMMON STOCKS - 99.8%
Aerospace & Defense - 2.9%
General Dynamics Corp.		13,277	$	981,967
L-3 Communications Holdings, Inc.		22,162		1,800,662
Northrop Grumman Corp.		16,550		1,253,497
Raytheon Co.		10,639		653,022
Textron, Inc.		33,137		853,278

Total Aerospace & Defense				5,542,426

Air Freight & Logistics - 0.4%
FedEx Corp.		7,728		726,509

Total Air Freight & Logistics				726,509

Auto Components - 1.5%
Goodyear Tire & Rubber Co. (The)*		109,887		1,373,038
Johnson Controls, Inc.		44,443		1,555,950

Total Auto Components				2,928,988

Automobiles - 1.1%
Ford Motor Co.		153,470		2,104,074

Total Automobiles				2,104,074

Beverages - 0.6%
Molson Coors Brewing Co. — Class B		22,921		1,182,724

Total Beverages				1,182,724

Capital Markets - 3.8%
ETrade Financial Corp.		151,772		1,561,734
Goldman Sachs Group, Inc. (The)		10,816		1,579,893
Legg Mason, Inc.		59,296		1,889,170
Morgan Stanley		60,211		1,333,674
State Street Corp.		18,380		1,074,679

Total Capital Markets				7,439,150

Chemicals - 0.7%
Dow Chemical Co. (The)		19,265		653,276
LyondellBasell Industries NV — Class A		11,013		668,489

Total Chemicals				1,321,765

Commercial Banks - 3.1%
BB&T Corp.		27,865		857,406
Fifth Third Bancorp		69,867		1,189,835
PNC Financial Services Group, Inc.		21,432		1,454,804
SunTrust Banks, Inc.		63,119		1,846,231
Wells Fargo & Co.		18,507		702,896

Total Commercial Banks				6,051,172

Commercial Services & Supplies - 0.8%
Avery Dennison Corp.		16,509		684,298
Pitney Bowes, Inc.^a		66,566		909,957

Total Commercial Services & Supplies				1,594,255

Computers & Peripherals - 2.9%
Dell, Inc.		222,140		2,976,676
Western Digital Corp.		47,895		2,647,636

Total Computers & Peripherals				5,624,312

Construction & Engineering - 1.6%
Fluor Corp.		25,583		1,457,719


	SHARES		VALUE



Jacobs Engineering Group, Inc.*		32,349	$	1,632,978

Total Construction & Engineering				3,090,697

Consumer Finance - 0.7%
Capital One Financial Corp.		22,341		1,290,863

Total Consumer Finance				1,290,863

Diversified Consumer Services - 0.4%
Apollo Group, Inc. — Class A*		44,579		818,916

Total Diversified Consumer Services				818,916

Diversified Financial Services - 5.5%
Citigroup, Inc.		41,220		1,923,325
CME Group, Inc.		17,998		1,095,358
JPMorgan Chase & Co.		33,869		1,659,920
Leucadia National Corp.		75,569		2,334,326
NASDAQ OMX Group, Inc. (The)		63,987		1,886,337
NYSE Euronext		46,953		1,822,246

Total Diversified Financial Services				10,721,512

Diversified Telecommunication Services - 0.3%
Frontier Communications Corp.^a		154,397		642,292

Total Diversified Telecommunication Services				642,292

Electric Utilities - 2.2%
Entergy Corp.		11,128		792,647
Exelon Corp.		24,932		935,199
FirstEnergy Corp.		13,336		621,458
Pepco Holdings, Inc.		57,757		1,305,308
PPL Corp.		18,973		633,319

Total Electric Utilities				4,287,931

Electronic Equipment, Instruments & Components - 1.9%
Corning, Inc.		103,517		1,500,997
Jabil Circuit, Inc.		117,508		2,091,642

Total Electronic Equipment, Instruments & Components				3,592,639

Energy Equipment & Services - 2.3%
Baker Hughes, Inc.		24,566		1,115,051
Ensco PLC — Class A		9,408		542,653
Nabors Industries Ltd.		143,058		2,115,828
Rowan Cos., PLC — Class A*		23,096		751,313

Total Energy Equipment & Services				4,524,845

Food & Staples Retailing - 4.6%
CVS Caremark Corp.		24,208		1,408,422
Kroger Co. (The)		53,539		1,840,671
Safeway, Inc.		138,320		3,114,966
Sysco Corp.		21,191		738,718
Walgreen Co.		37,020		1,832,860

Total Food & Staples Retailing				8,935,637

Food Products - 4.7%
Archer-Daniels-Midland Co.		101,097		3,431,232
Dean Foods Co.*		65,161		1,247,182
Mondelez International, Inc. — Class A		34,917		1,098,140


16				GUGGENHEIM ETFs SEMI-ANNUAL REPORT		See Notes to Financial Statements.


SCHEDULE OF INVESTMENTS (Unaudited) (continued)			April 30, 2013

GUGGENHEIM S&P 500^® PURE VALUE ETF


	SHARES		VALUE



Tyson Foods, Inc. — Class A		135,137	$	3,328,424

Total Food Products				9,104,978

Health Care Providers & Services - 11.4%
Aetna, Inc.		40,452		2,323,563
AmerisourceBergen Corp.		34,413		1,862,432
Cardinal Health, Inc.		45,733		2,022,313
CIGNA Corp.		23,942		1,584,242
Coventry Health Care, Inc.		37,612		1,863,675
Humana, Inc.		40,657		3,013,090
McKesson Corp.		17,133		1,813,014
Tenet Healthcare Corp.*		45,693		2,072,634
UnitedHealth Group, Inc.		20,801		1,246,604
WellPoint, Inc.		59,925		4,369,731

Total Health Care Providers & Services				22,171,298

Household Durables - 1.3%
Harman International Industries, Inc.		24,298		1,086,363
Whirlpool Corp.		11,631		1,329,191

Total Household Durables				2,415,554

Independent Power Producers & Energy Traders - 1.1%
NRG Energy, Inc.		79,540		2,216,780

Total Independent Power Producers & Energy Traders				2,216,780

Insurance - 19.7%
ACE Ltd.		13,652		1,216,939
AFLAC, Inc.		13,820		752,361
Allstate Corp. (The)		46,300		2,280,738
American International Group, Inc.*		62,725		2,598,069
Assurant, Inc.		94,064		4,471,803
Berkshire Hathaway, Inc. — Class B*		6,864		729,780
Chubb Corp. (The)		8,492		747,890
Genworth Financial, Inc. — Class A*		533,545		5,351,456
Hartford Financial Services Group, Inc.		125,982		3,538,834
Lincoln National Corp.		84,975		2,890,000
Loews Corp.		32,656		1,458,744
MetLife, Inc.		73,569		2,868,455
Principal Financial Group, Inc.		62,785		2,266,539
Torchmark Corp.		17,327		1,075,487
Travelers Cos., Inc. (The)		16,319		1,393,806
Unum Group		103,539		2,887,703
XL Group PLC		55,284		1,721,544

Total Insurance				38,250,148

IT Services - 1.1%
SAIC, Inc.		140,745		2,102,730

Total IT Services				2,102,730

Media - 0.8%
Washington Post Co. (The) — Class B		3,415		1,514,006

Total Media				1,514,006

Metals & Mining - 3.7%
Alcoa, Inc.		269,224		2,288,404
Allegheny Technologies, Inc.		56,558		1,525,935


	SHARES		VALUE



Cliffs Natural Resources, Inc.^a		74,805	$	1,596,339
United States Steel Corp.^a		98,364		1,750,879

Total Metals & Mining				7,161,557

Multi-Utilities - 1.3%
Ameren Corp.		32,147		1,165,329
Integrys Energy Group, Inc.		11,360		699,322
Public Service Enterprise Group, Inc.		17,912		655,758

Total Multi-Utilities				2,520,409

Multiline Retail - 1.9%
J.C. Penney Co., Inc.*^,a		67,324		1,105,460
Kohl’s Corp.		25,675		1,208,265
Macy’s, Inc.		15,333		683,852
Target Corp.		9,732		686,690

Total Multiline Retail				3,684,267

Office Electronics - 1.9%
Xerox Corp.		432,223		3,708,473

Total Office Electronics				3,708,473

Oil, Gas & Consumable Fuels - 10.3%
Apache Corp.		11,202		827,604
Chevron Corp.		7,429		906,412
ConocoPhillips		39,533		2,389,770
Devon Energy Corp.		11,107		611,551
Hess Corp.		48,107		3,472,363
Marathon Oil Corp.		23,551		769,411
Murphy Oil Corp.		32,797		2,036,366
Newfield Exploration Co.*		60,599		1,320,452
Peabody Energy Corp.		47,980		962,479
Phillips 66		44,901		2,736,716
Valero Energy Corp.		82,253		3,316,441
WPX Energy, Inc.*		44,589		696,926

Total Oil, Gas & Consumable Fuels				20,046,491

Road & Rail - 1.0%
Ryder System, Inc.		33,064		1,920,026

Total Road & Rail				1,920,026

Specialty Retail - 1.8%
Best Buy Co., Inc.		54,307		1,411,439
Staples, Inc.		150,729		1,995,652

Total Specialty Retail				3,407,091

Thrifts & Mortgage Finance - 0.5%
People’s United Financial, Inc.		80,022		1,053,090

Total Thrifts & Mortgage Finance				1,053,090

Total Common Stocks (Cost $170,887,975)				193,697,605


SHORT TERM INVESTMENTS - 0.2%
SSgA Government Money Market Fund		430,319		430,319

Total Short Term Investments (Cost $430,319)				430,319


See Notes to Financial Statements.		GUGGENHEIM ETFs SEMI-ANNUAL REPORT				17


SCHEDULE OF INVESTMENTS (Unaudited) (concluded)			April 30, 2013

GUGGENHEIM S&P 500^® PURE VALUE ETF


	FACE AMOUNT		VALUE



SECURITIES LENDING COLLATERAL - 3.2%^b
Repurchase Agreements:
Deutsche Bank Securities, Inc., issued 04/30/13 at 0.15% due 05/01/13^c	$	1,027,907	$	1,027,907
HSBC Securities, Inc., issued 04/30/13 at 0.15% due 05/01/13^c		4,522,791		4,522,791
RBS Securities, Inc., issued 04/30/13 at 0.15% due 05/01/13^c		714,231		714,231

Total Securities Lending Collateral (Cost $6,264,929)				6,264,929

Total Investments - 103.2%^d (Cost $177,583,223)				200,392,853

Other Assets and Liabilities, net - (3.2)%				(6,230,783	)

Net Assets - 100.0%			$	194,162,070

Non-Income Producing Security.

All or a portion of this security was on loan as of April 30, 2013.

Securities lending collateral (Note 8).

Values determined based on Level 2 inputs (Note 4).

Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs.


18				GUGGENHEIM ETFs SEMI-ANNUAL REPORT		See Notes to Financial Statements.


SCHEDULE OF INVESTMENTS (Unaudited)			April 30, 2013

GUGGENHEIM S&P 500^® PURE GROWTH ETF


	SHARES		VALUE



COMMON STOCKS - 100.0%
Aerospace & Defense - 1.2%
Boeing Co. (The)		52,040	$	4,756,976

Total Aerospace & Defense				4,756,976

Airlines - 2.1%
Southwest Airlines Co.		616,251		8,442,639

Total Airlines				8,442,639

Auto Components - 2.1%
BorgWarner, Inc.*		44,360		3,467,621
Delphi Automotive PLC		111,196		5,138,367

Total Auto Components				8,605,988

Beverages - 1.9%
Constellation Brands, Inc. — Class A*		62,044		3,061,872
Dr Pepper Snapple Group, Inc.		40,024		1,954,372
Monster Beverage Corp.*		49,493		2,791,405

Total Beverages				7,807,649

Biotechnology - 7.4%
Alexion Pharmaceuticals, Inc.*		48,579		4,760,742
Amgen, Inc.		35,486		3,697,996
Biogen Idec, Inc.*		13,074		2,862,291
Celgene Corp.*		48,907		5,774,449
Gilead Sciences, Inc.*		129,453		6,555,500
Regeneron Pharmaceuticals, Inc.*		31,276		6,728,719

Total Biotechnology				30,379,697

Building Products - 0.4%
Masco Corp.		84,612		1,644,857

Total Building Products				1,644,857

Capital Markets - 2.6%
Ameriprise Financial, Inc.		53,473		3,985,343
Franklin Resources, Inc.		27,452		4,245,726
T. Rowe Price Group, Inc.		31,288		2,268,380

Total Capital Markets				10,499,449

Chemicals - 5.0%
CF Industries Holdings, Inc.		16,868		3,146,051
Eastman Chemical Co.		63,467		4,230,076
Ecolab, Inc.		26,182		2,215,521
FMC Corp.		26,245		1,593,071
Mosaic Co. (The)		37,645		2,318,556
PPG Industries, Inc.		16,203		2,384,109
Sherwin-Williams Co. (The)		24,932		4,565,298

Total Chemicals				20,452,682

Commercial Banks - 3.4%
Huntington Bancshares, Inc.		810,229		5,809,342
US Bancorp		102,072		3,396,956
Zions Bancorp		198,204		4,879,783

Total Commercial Banks				14,086,081

Commercial Services & Supplies - 1.0%
Cintas Corp.		47,448		2,128,992
Stericycle, Inc.*		16,820		1,821,942

Total Commercial Services & Supplies				3,950,934


	SHARES		VALUE



Communications Equipment - 0.6%
QUALCOMM, Inc.		41,659	$	2,567,028

Total Communications Equipment				2,567,028

Computers & Peripherals - 3.0%
Apple, Inc.		9,883		4,375,698
Seagate Technology PLC		213,007		7,817,357

Total Computers & Peripherals				12,193,055

Construction & Engineering - 0.7%
Quanta Services, Inc.*		109,553		3,010,516

Total Construction & Engineering				3,010,516

Consumer Finance - 4.6%
American Express Co.		34,717		2,374,990
Discover Financial Services		144,224		6,308,358
SLM Corp.		503,186		10,390,791

Total Consumer Finance				19,074,139

Containers & Packaging - 0.5%
Ball Corp.		45,268		1,997,224

Total Containers & Packaging				1,997,224

Diversified Financial Services - 2.5%
Bank of America Corp.		529,043		6,512,519
Moody’s Corp.		60,348		3,672,176

Total Diversified Financial Services				10,184,695

Electronic Equipment, Instruments & Components - 0.7%
Amphenol Corp. — Class A		41,019		3,097,755

Total Electronic Equipment, Instruments & Components				3,097,755

Health Care Equipment & Supplies - 1.0%
Edwards Lifesciences Corp.*		16,129		1,028,869
Intuitive Surgical, Inc.*		6,147		3,026,107

Total Health Care Equipment & Supplies				4,054,976

Health Care Providers & Services - 0.6%
DaVita, Inc.*		21,882		2,596,299

Total Health Care Providers & Services				2,596,299

Health Care Technology - 0.4%
Cerner Corp.*		19,254		1,863,210

Total Health Care Technology				1,863,210

Hotels, Restaurants & Leisure - 1.3%
Wyndham Worldwide Corp.		49,864		2,995,829
Wynn Resorts Ltd.		18,090		2,483,757

Total Hotels, Restaurants & Leisure				5,479,586

Household Durables - 4.4%
DR Horton, Inc.		207,758		5,418,329
Leggett & Platt, Inc.		56,499		1,821,528
Lennar Corp. — Class A^a		69,130		2,849,539
Newell Rubbermaid, Inc.		242,025		6,374,938
PulteGroup, Inc.*		80,248		1,684,405

Total Household Durables				18,148,739

Internet & Catalog Retail - 5.5%
Amazon.com, Inc.*		15,145		3,843,952
Netflix, Inc.*		38,550		8,329,499


See Notes to Financial Statements.		GUGGENHEIM ETFs SEMI-ANNUAL REPORT				19


SCHEDULE OF INVESTMENTS (Unaudited) (continued)			April 30, 2013

GUGGENHEIM S&P 500^® PURE GROWTH ETF


	SHARES		VALUE



priceline.com, Inc.*		6,619	$	4,606,758
TripAdvisor, Inc.*		107,568		5,655,925

Total Internet & Catalog Retail				22,436,134

Internet Software & Services - 3.5%
Akamai Technologies, Inc.*		45,487		1,997,334
eBay, Inc.*		87,999		4,610,267
Google, Inc. — Class A*		4,238		3,494,528
Yahoo!, Inc.*		170,679		4,220,892

Total Internet Software & Services				14,323,021

IT Services - 2.1%
Cognizant Technology Solutions Corp. — Class A*		28,381		1,839,089
Mastercard, Inc. — Class A		3,722		2,058,005
Visa, Inc. — Class A		27,185		4,579,585

Total IT Services				8,476,679

Life Sciences Tools & Services - 3.7%
Agilent Technologies, Inc.		126,129		5,226,786
Life Technologies Corp.*		101,211		7,458,239
PerkinElmer, Inc.		80,551		2,468,888

Total Life Sciences Tools & Services				15,153,913

Machinery - 2.7%
Cummins, Inc.		20,367		2,166,845
Illinois Tool Works, Inc.		29,925		1,931,958
PACCAR, Inc.		88,497		4,405,381
Snap-on, Inc.		29,118		2,509,971

Total Machinery				11,014,155

Media - 7.6%
CBS Corp. — Class B		62,326		2,853,284
Comcast Corp. — Class A		151,453		6,255,009
DIRECTV*		54,551		3,085,404
Discovery Communications, Inc. — Class A*		44,739		3,526,328
News Corp. — Class A		86,414		2,676,242
Scripps Networks Interactive, Inc. — Class A		88,827		5,914,102
Time Warner Cable, Inc.		29,793		2,797,265
Time Warner, Inc.		65,751		3,930,595

Total Media				31,038,229

Oil, Gas & Consumable Fuels - 5.5%
Denbury Resources, Inc.*		371,761		6,650,804
EOG Resources, Inc.		23,378		2,832,479
Noble Energy, Inc.		19,900		2,254,471
Pioneer Natural Resources Co.		15,227		1,861,196
Tesoro Corp.		164,937		8,807,636

Total Oil, Gas & Consumable Fuels				22,406,586

Pharmaceuticals - 4.5%
AbbVie, Inc.		73,063		3,364,551
Actavis, Inc.*		38,456		4,065,953
Eli Lilly & Co.		92,600		5,128,188
Mylan, Inc.*		196,744		5,727,218

Total Pharmaceuticals				18,285,910


	SHARES		VALUE



Professional Services - 0.4%
Equifax, Inc.		27,717	$	1,696,280

Total Professional Services				1,696,280

Real Estate Investment Trusts (REITs) - 1.3%
American Tower Corp.		34,326		2,883,041
Health Care REIT, Inc.		35,021		2,625,524

Total Real Estate Investment Trusts (REITs)				5,508,565

Semiconductors & Semiconductor Equipment - 4.7%
Applied Materials, Inc.		262,921		3,814,984
Broadcom Corp. — Class A		82,821		2,981,556
Intel Corp.		136,574		3,270,947
KLA-Tencor Corp.		51,327		2,784,490
LSI Corp.*		351,786		2,300,680
Teradyne, Inc.*		249,229		4,097,325

Total Semiconductors & Semiconductor Equipment				19,249,982

Software - 1.6%
Adobe Systems, Inc.*		66,519		2,998,676
Salesforce.com, Inc.*		88,326		3,631,082

Total Software				6,629,758

Specialty Retail - 6.6%
AutoZone, Inc.*		6,171		2,524,494
Gap, Inc. (The)		132,398		5,029,800
Home Depot, Inc.		42,855		3,143,414
L Brands, Inc.		39,001		1,966,040
Lowe’s Cos., Inc.		74,576		2,865,210
PetSmart, Inc.		37,194		2,538,119
Ross Stores, Inc.		37,873		2,502,269
TJX Cos., Inc.		61,318		2,990,479
Urban Outfitters, Inc.*		85,976		3,562,846

Total Specialty Retail				27,122,671

Textiles, Apparel & Luxury Goods - 1.9%
Fossil, Inc.*		21,342		2,094,077
PVH Corp.		50,839		5,867,329

Total Textiles, Apparel & Luxury Goods				7,961,406

Wireless Telecommunication Services - 1.0%
Crown Castle International Corp.*		51,241		3,945,557

Total Wireless Telecommunication Services				3,945,557

Total Common Stocks (Cost $333,541,423)				410,143,020


SHORT TERM INVESTMENTS - 0.1%
SSgA Government Money Market Fund		335,253		335,253

Total Short Term Investments (Cost $335,253)				335,253


20				GUGGENHEIM ETFs SEMI-ANNUAL REPORT		See Notes to Financial Statements.


SCHEDULE OF INVESTMENTS (Unaudited) (concluded)			April 30, 2013

GUGGENHEIM S&P 500^® PURE GROWTH ETF


	FACE AMOUNT		VALUE




SECURITIES LENDING COLLATERAL - 0.5%^b
Repurchase Agreements:
Deutsche Bank Securities, Inc., issued 04/30/13 at 0.15% due 05/01/13^c	$	369,509	$	369,509
HSBC Securities, Inc., issued 04/30/13 at 0.15% due 05/01/13^c		1,625,839		1,625,839
RBS Securities, Inc., issued 04/30/13 at 0.15% due 05/01/13^c		256,749		256,749

Total Securities Lending Collateral (Cost $2,252,097)				2,252,097

Total Investments - 100.6%^d (Cost $336,128,773)				412,730,370

Other Assets and Liabilities, net - (0.6)%				(2,310,762	)

Net Assets - 100.0%			$	410,419,608

Non-Income Producing Security.

All or a portion of this security was on loan as of April 30, 2013.

Securities lending collateral (Note 8).

Values determined based on Level 2 inputs (Note 4).

Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs.

REIT — Real Estate Investment Trust


See Notes to Financial Statements.		GUGGENHEIM ETFs SEMI-ANNUAL REPORT				21


SCHEDULE OF INVESTMENTS (Unaudited)			April 30, 2013

GUGGENHEIM S&P MIDCAP 400^® PURE VALUE ETF


	SHARES		VALUE



COMMON STOCKS - 99.7%
Aerospace & Defense - 3.9%
Alliant Techsystems, Inc.		8,727	$	648,940
Esterline Technologies Corp.*		3,876		290,855
Exelis, Inc.		45,634		509,732
Huntington Ingalls Industries, Inc.		14,277		755,253

Total Aerospace & Defense				2,204,780

Air Freight & Logistics - 1.1%
UTi Worldwide, Inc.		42,525		624,692

Total Air Freight & Logistics				624,692

Airlines - 2.5%
JetBlue Airways Corp.*		206,353		1,421,772

Total Airlines				1,421,772

Capital Markets - 0.8%
Apollo Investment Corp.		32,140		283,153
Janus Capital Group, Inc.		22,044		196,633

Total Capital Markets				479,786

Chemicals - 1.5%
Cabot Corp.		7,587		284,968
Minerals Technologies, Inc.		8,320		338,041
Olin Corp.		9,730		235,174

Total Chemicals				858,183

Commercial Banks - 3.5%
Associated Banc-Corp.		30,428		434,208
BancorpSouth, Inc.		23,166		370,656
First Niagara Financial Group, Inc.		54,173		515,185
FirstMerit Corp.		18,611		318,806
International Bancshares Corp.		18,210		353,274

Total Commercial Banks				1,992,129

Commercial Services & Supplies - 1.6%
Brink’s Co. (The)		13,654		361,967
R.R. Donnelley & Sons Co.^a		42,206		519,556

Total Commercial Services & Supplies				881,523

Computers & Peripherals - 2.0%
Diebold, Inc.		6,615		193,753
Lexmark International, Inc. — Class A		23,049		698,615
QLogic Corp.*		20,483		222,446

Total Computers & Peripherals				1,114,814

Construction & Engineering - 4.3%
Aecom Technology Corp.*		24,645		716,430
Granite Construction, Inc.		8,644		239,179
KBR, Inc.		9,924		298,514
URS Corp.		27,327		1,200,202

Total Construction & Engineering				2,454,325

Containers & Packaging - 1.8%
Greif, Inc. — Class A		9,399		452,750
Rock Tenn Co. — Class A		5,593		560,083

Total Containers & Packaging				1,012,833


	SHARES		VALUE



Diversified Consumer Services - 1.0%
DeVry, Inc.		10,528	$	294,889
Regis Corp.		15,696		294,300

Total Diversified Consumer Services				589,189

Electric Utilities - 1.2%
Great Plains Energy, Inc.		16,709		403,188
Hawaiian Electric Industries, Inc.		8,954		253,398

Total Electric Utilities				656,586

Electrical Equipment - 1.8%
General Cable Corp.*		29,034		1,001,092

Total Electrical Equipment				1,001,092

Electronic Equipment, Instruments & Components - 9.0%
Arrow Electronics, Inc.*		24,379		956,388
Avnet, Inc.*		30,782		1,008,111
Ingram Micro, Inc. — Class A*		71,587		1,274,964
Tech Data Corp.*		22,569		1,054,649
Vishay Intertechnology, Inc.*		59,290		832,432

Total Electronic Equipment, Instruments & Components				5,126,544

Energy Equipment & Services - 3.0%
Helix Energy Solutions Group, Inc.*		11,562		266,389
Superior Energy Services, Inc.*		34,163		942,557
Tidewater, Inc.		6,505		341,187
Unit Corp.*		4,259		179,006

Total Energy Equipment & Services				1,729,139

Food & Staples Retailing - 0.7%
Harris Teeter Supermarkets, Inc.		9,898		413,637

Total Food & Staples Retailing				413,637

Food Products - 2.4%
Post Holdings, Inc.*		8,246		361,093
Smithfield Foods, Inc.*		38,812		993,587

Total Food Products				1,354,680

Gas Utilities - 0.9%
Atmos Energy Corp.		5,409		239,997
UGI Corp.		7,253		297,228

Total Gas Utilities				537,225

Health Care Providers & Services - 11.4%
Community Health Systems, Inc.		31,551		1,437,779
Health Management Associates, Inc. — Class A*		68,256		784,262
Health Net, Inc.*		27,768		816,379
LifePoint Hospitals, Inc.*		21,156		1,015,488
Omnicare, Inc.		10,020		438,575
Owens & Minor, Inc.		22,020		717,192
Universal Health Services, Inc. — Class B		7,080		471,457
WellCare Health Plans, Inc.*		14,149		825,028

Total Health Care Providers & Services				6,506,160


22				GUGGENHEIM ETFs SEMI-ANNUAL REPORT		See Notes to Financial Statements.


SCHEDULE OF INVESTMENTS (Unaudited) (continued)			April 30, 2013

GUGGENHEIM S&P MIDCAP 400^® PURE VALUE ETF


	SHARES		VALUE



Hotels, Restaurants & Leisure - 1.3%
Wendy’s Co. (The)		56,646	$	322,316
WMS Industries, Inc.*		17,278		438,515

Total Hotels, Restaurants & Leisure				760,831

Insurance - 16.1%
American Financial Group, Inc.		16,656		803,985
Aspen Insurance Holdings Ltd.		20,454		781,138
Everest Re Group Ltd.		4,648		627,434
Hanover Insurance Group, Inc. (The)		26,677		1,345,321
HCC Insurance Holdings, Inc.		7,769		330,959
Kemper Corp.		19,835		631,943
Mercury General Corp.		8,264		377,747
Old Republic International Corp.		56,027		756,365
Protective Life Corp.		27,901		1,061,912
Reinsurance Group of America, Inc.		18,594		1,163,055
StanCorp Financial Group, Inc.		23,453		1,012,701
W.R. Berkley Corp.		6,593		286,268

Total Insurance				9,178,828

Internet Software & Services - 1.0%
Monster Worldwide, Inc.*		132,128		578,721

Total Internet Software & Services				578,721

IT Services - 2.3%
Convergys Corp.		15,469		263,282
ManTech International Corp. — Class A		39,066		1,042,672

Total IT Services				1,305,954

Machinery - 3.9%
AGCO Corp.		10,865		578,561
Oshkosh Corp.*		22,687		890,692
SPX Corp.		3,154		235,005
Trinity Industries, Inc.		11,626		490,733

Total Machinery				2,194,991

Media - 1.7%
Scholastic Corp.		23,944		657,263
Valassis Communications, Inc.^a		12,262		314,275

Total Media				971,538

Metals & Mining - 3.7%
Commercial Metals Co.		60,695		887,361
Reliance Steel & Aluminum Co.		8,793		572,161
Steel Dynamics, Inc.		43,108		648,344

Total Metals & Mining				2,107,866

Multiline Retail - 1.9%
Big Lots, Inc.*		18,411		670,528
Saks, Inc.*		34,616		399,815

Total Multiline Retail				1,070,343

Oil, Gas & Consumable Fuels - 2.7%
Alpha Natural Resources, Inc.*		44,739		331,964
Arch Coal, Inc.		54,988		266,692
Bill Barrett Corp.*^,a		14,185		281,714
World Fuel Services Corp.		15,526		629,579

Total Oil, Gas & Consumable Fuels				1,509,949


	SHARES		VALUE



Paper & Forest Products - 0.9%
Domtar Corp.		7,346	$	510,621

Total Paper & Forest Products				510,621

Professional Services - 2.5%
FTI Consulting, Inc.*		11,058		366,241
Manpower, Inc.		19,411		1,031,889

Total Professional Services				1,398,130

Road & Rail - 1.3%
Con-way, Inc.		22,430		758,134

Total Road & Rail				758,134

Semiconductors & Semiconductor Equipment - 0.4%
Intersil Corp. — Class A		26,906		208,791

Total Semiconductors & Semiconductor Equipment				208,791

Specialty Retail - 2.0%
Aeropostale, Inc.*		15,806		231,716
Barnes & Noble, Inc.*^,a		32,335		586,233
Rent-A-Center, Inc.		9,235		322,579

Total Specialty Retail				1,140,528

Thrifts & Mortgage Finance - 1.1%
Astoria Financial Corp.		44,322		425,048
New York Community Bancorp, Inc.		15,194		205,879

Total Thrifts & Mortgage Finance				630,927

Tobacco - 1.2%
Universal Corp.		11,920		685,996

Total Tobacco				685,996

Wireless Telecommunication Services - 1.3%
Telephone & Data Systems, Inc.		34,112		765,473

Total Wireless Telecommunication Services				765,473

Total Common Stocks (Cost $50,398,200)				56,736,710


SHORT TERM INVESTMENTS - 0.3%
SSgA Government Money Market Fund		140,727		140,727

Total Short Term Investments (Cost $140,727)				140,727


	FACE AMOUNT
SECURITIES LENDING COLLATERAL - 2.5%^b
Repurchase Agreements:
Deutsche Bank Securities, Inc., issued 04/30/13 at 0.15% due 05/01/13^c	$	234,462		234,462
HSBC Securities, Inc., issued 04/30/13 at 0.15% due 05/01/13^c		1,031,633		1,031,633


See Notes to Financial Statements.		GUGGENHEIM ETFs SEMI-ANNUAL REPORT				23


SCHEDULE OF INVESTMENTS (Unaudited) (concluded)			April 30, 2013

GUGGENHEIM S&P MIDCAP 400^® PURE VALUE ETF


	FACE AMOUNT		VALUE



RBS Securities, Inc., issued 04/30/13 at 0.15% due 05/01/13^c	$	162,914	$	162,914

Total Securities Lending Collateral (Cost $1,429,009)				1,429,009

Total Investments - 102.5%^d (Cost $51,967,936)				58,306,446

Other Assets and Liabilities, net - (2.5)%				(1,422,427	)

Net Assets - 100.0%			$	56,884,019

Non-Income Producing Security.

All or a portion of this security was on loan as of April 30, 2013.

Securities lending collateral (Note 8).

Values determined based on Level 2 inputs (Note 4).

Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs.


24				GUGGENHEIM ETFs SEMI-ANNUAL REPORT		See Notes to Financial Statements.


SCHEDULE OF INVESTMENTS (Unaudited)			April 30, 2013

GUGGENHEIM S&P MIDCAP 400^® PURE GROWTH ETF


	SHARES		VALUE



COMMON STOCKS - 99.6%
Aerospace & Defense - 0.6%
BE Aerospace, Inc.*		56,586	$	3,550,206

Total Aerospace & Defense				3,550,206

Airlines - 1.9%
Alaska Air Group, Inc.*		190,210		11,724,544

Total Airlines				11,724,544

Auto Components - 1.2%
Gentex Corp.		321,118		7,225,155

Total Auto Components				7,225,155

Automobiles - 1.8%
Thor Industries, Inc.		291,465		10,810,437

Total Automobiles				10,810,437

Biotechnology - 4.1%
United Therapeutics Corp.*		160,908		10,745,436
Vertex Pharmaceuticals, Inc.*		186,678		14,340,604

Total Biotechnology				25,086,040

Building Products - 1.9%
Fortune Brands Home & Security, Inc.*		163,514		5,950,275
Lennox International, Inc.		97,820		6,064,840

Total Building Products				12,015,115

Capital Markets - 2.4%
Affiliated Managers Group, Inc.*		42,830		6,667,774
Eaton Vance Corp.		99,015		3,948,718
Waddell & Reed Financial, Inc. — Class A		99,102		4,248,503

Total Capital Markets				14,864,995

Chemicals - 2.0%
NewMarket Corp.		18,639		5,008,299
Valspar Corp.		116,126		7,411,162

Total Chemicals				12,419,461

Commercial Banks - 7.0%
Cathay General Bancorp		498,994		9,835,172
City National Corp.		186,882		10,695,257
Signature Bank*		65,868		4,716,807
SVB Financial Group*		137,236		9,758,852
Synovus Financial Corp.		3,117,257		8,385,421

Total Commercial Banks				43,391,509

Commercial Services & Supplies - 1.6%
Clean Harbors, Inc.*		58,116		3,310,869
Copart, Inc.*		185,913		6,553,433

Total Commercial Services & Supplies				9,864,302

Communications Equipment - 1.9%
Ciena Corp.*		435,274		6,511,699
InterDigital, Inc.		115,121		5,112,524

Total Communications Equipment				11,624,223

Construction Materials - 0.6%
Eagle Materials, Inc.		50,268		3,405,657

Total Construction Materials				3,405,657


	SHARES		VALUE



Containers & Packaging - 0.6%
Packaging Corp. of America		76,695	$	3,647,614

Total Containers & Packaging				3,647,614

Distributors - 1.7%
LKQ Corp.*		432,453		10,413,468

Total Distributors				10,413,468

Diversified Consumer Services - 0.8%
Service Corp. International		276,305		4,664,028

Total Diversified Consumer Services				4,664,028

Diversified Telecommunication Services - 0.7%
tw telecom, Inc.*		166,960		4,521,277

Total Diversified Telecommunication Services				4,521,277

Electrical Equipment - 0.6%
AMETEK, Inc.		97,892		3,985,183

Total Electrical Equipment				3,985,183

Electronic Equipment, Instruments & Components - 1.5%
Itron, Inc.*		101,017		4,005,324
Trimble Navigation, Ltd.*		172,789		4,965,956

Total Electronic Equipment, Instruments & Components				8,971,280

Food Products - 1.5%
Ingredion, Inc.		128,404		9,246,372

Total Food Products				9,246,372

Health Care Equipment & Supplies - 2.6%
Cooper Cos., Inc. (The)		42,421		4,683,278
ResMed, Inc.^a		162,481		7,802,338
Thoratec Corp.*		98,700		3,572,940

Total Health Care Equipment & Supplies				16,058,556

Hotels, Restaurants & Leisure - 1.1%
Bob Evans Farms, Inc.		151,518		6,566,790

Total Hotels, Restaurants & Leisure				6,566,790

Household Durables - 2.9%
Jarden Corp.*		209,739		9,440,352
MDC Holdings, Inc.		129,580		4,872,208
Toll Brothers, Inc.*		111,440		3,823,507

Total Household Durables				18,136,067

Insurance - 2.1%
First American Financial Corp.		483,604		12,946,079

Total Insurance				12,946,079

Internet & Catalog Retail - 0.5%
HSN, Inc.		61,824		3,250,706

Total Internet & Catalog Retail				3,250,706

Internet Software & Services - 4.5%
Equinix, Inc.*		43,275		9,265,178
Rackspace Hosting, Inc.*		141,100		6,801,020
ValueClick, Inc.*		378,461		11,679,306

Total Internet Software & Services				27,745,504


See Notes to Financial Statements.		GUGGENHEIM ETFs SEMI-ANNUAL REPORT				25


SCHEDULE OF INVESTMENTS (Unaudited) (continued)			April 30, 2013

GUGGENHEIM S&P MIDCAP 400^® PURE GROWTH ETF


	SHARES		VALUE



IT Services - 5.3%
Alliance Data Systems Corp.*		53,642	$	9,214,086
CoreLogic, Inc.*		357,100		9,741,688
NeuStar, Inc. — Class A*		151,994		6,667,977
WEX, Inc.*		92,050		6,975,549

Total IT Services				32,599,300

Leisure Equipment & Products - 1.2%
Polaris Industries, Inc.		87,476		7,539,556

Total Leisure Equipment & Products				7,539,556

Life Sciences Tools & Services - 0.5%
Charles River Laboratories International, Inc.*		75,603		3,287,975

Total Life Sciences Tools & Services				3,287,975

Machinery - 7.4%
Graco, Inc.		63,753		3,858,969
Lincoln Electric Holdings, Inc.		107,189		5,655,292
Nordson Corp.		100,332		6,972,071
Terex Corp.*		394,590		11,285,274
Timken Co.		119,628		6,288,844
Valmont Industries, Inc.		50,652		7,381,516
Wabtec Corp.		39,428		4,137,574

Total Machinery				45,579,540

Media - 2.7%
AMC Networks, Inc. — Class A*		76,631		4,828,520
Cinemark Holdings, Inc.		239,036		7,383,822
Lamar Advertising Co. — Class A*		92,666		4,338,622

Total Media				16,550,964

Metals & Mining - 2.7%
Royal Gold, Inc.		38,863		2,160,006
Worthington Industries, Inc.		452,629		14,565,601

Total Metals & Mining				16,725,607

Oil, Gas & Consumable Fuels - 3.2%
HollyFrontier Corp.		276,778		13,686,672
Northern Oil and Gas, Inc.*^,a		476,675		6,144,341

Total Oil, Gas & Consumable Fuels				19,831,013

Paper & Forest Products - 0.8%
Louisiana-Pacific Corp.*		268,762		4,869,967

Total Paper & Forest Products				4,869,967

Real Estate Investment Trusts (REITs) - 1.4%
Corrections Corp. of America		141,842		5,134,680
Extra Space Storage, Inc.		84,507		3,682,815

Total Real Estate Investment Trusts (REITs)				8,817,495

Real Estate Management & Development - 0.8%
Jones Lang LaSalle, Inc.		49,964		4,947,435

Total Real Estate Management & Development				4,947,435

Road & Rail - 1.0%
JB Hunt Transport Services, Inc.		82,790		5,883,885

Total Road & Rail				5,883,885


	SHARES		VALUE



Semiconductors & Semiconductor Equipment - 5.0%
Atmel Corp.*		459,957	$	2,975,922
Cree, Inc.*		103,243		5,840,456
Semtech Corp.*		463,965		14,879,358
Skyworks Solutions, Inc.*		308,326		6,804,755

Total Semiconductors & Semiconductor Equipment				30,500,491

Software - 4.8%
ACI Worldwide, Inc.*		92,763		4,360,788
Cadence Design Systems, Inc.*		212,076		2,926,649
CommVault Systems, Inc.*		83,371		6,131,103
Concur Technologies, Inc.*		65,216		4,767,942
Mentor Graphics Corp.		346,411		6,325,465
Solarwinds, Inc.*		94,329		4,796,630

Total Software				29,308,577

Specialty Retail - 10.7%
American Eagle Outfitters, Inc.		189,414		3,684,102
ANN, Inc.*		160,294		4,735,085
Ascena Retail Group, Inc.*		491,753		9,097,431
Cabela’s, Inc.*		83,732		5,375,594
Chico’s FAS, Inc.		888,261		16,228,528
Dick’s Sporting Goods, Inc.		97,007		4,666,037
Foot Locker, Inc.		193,502		6,747,415
Tractor Supply Co.		32,272		3,458,590
Williams-Sonoma, Inc.		216,657		11,630,148

Total Specialty Retail				65,622,930

Textiles, Apparel & Luxury Goods - 2.6%
Carter’s, Inc.*		54,279		3,549,304
Hanesbrands, Inc.*		93,160		4,672,905
Under Armour, Inc. — Class A*		136,138		7,770,757

Total Textiles, Apparel & Luxury Goods				15,992,966

Thrifts & Mortgage Finance - 1.4%
Washington Federal, Inc.		505,757		8,683,848

Total Thrifts & Mortgage Finance				8,683,848

Total Common Stocks (Cost $524,832,361)				612,876,117


SHORT TERM INVESTMENTS - 0.2%
SSgA Government Money Market Fund		1,512,519		1,512,519

Total Short Term Investments (Cost $1,512,519)				1,512,519


	FACE AMOUNT

SECURITIES LENDING COLLATERAL - 1.4%^b
Repurchase Agreements:
Deutsche Bank Securities, Inc., issued 04/30/13 at 0.15% due 05/01/13^c	$	1,392,744		1,392,744


26				GUGGENHEIM ETFs SEMI-ANNUAL REPORT		See Notes to Financial Statements.


SCHEDULE OF INVESTMENTS (Unaudited) (concluded)			April 30, 2013

GUGGENHEIM S&P MIDCAP 400^® PURE GROWTH ETF


	FACE AMOUNT		VALUE



HSBC Securities, Inc., issued 04/30/13 at 0.15% due 05/01/13^c	$	6,128,071	$	6,128,071
RBS Securities, Inc., issued 04/30/13 at 0.15% due 05/01/13^c		967,734		967,734

Total Securities Lending Collateral (Cost $8,488,549)				8,488,549

Total Investments - 101.2%^d (Cost $534,833,429)				622,877,185

Other Assets and Liabilities, net - (1.2)%				(7,497,601	)

Net Assets - 100.0%			$	615,379,584

Non-Income Producing Security.

All or a portion of this security was on loan as of April 30, 2013.

Securities lending collateral (Note 8).

Values determined based on Level 2 inputs (Note 4).

Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs.

REIT — Real Estate Investment Trust


See Notes to Financial Statements.		GUGGENHEIM ETFs SEMI-ANNUAL REPORT				27


SCHEDULE OF INVESTMENTS (Unaudited)			April 30, 2013

GUGGENHEIM S&P SMALLCAP 600^® PURE VALUE ETF


	SHARES		VALUE



COMMON STOCKS - 99.9%
Aerospace & Defense - 3.0%
AAR Corp.		68,399	$	1,221,606
Curtiss-Wright Corp.		9,375		307,875
Moog, Inc. — Class A*		7,946		367,185
Orbital Sciences Corp.*		31,862		574,153

Total Aerospace & Defense				2,470,819

Air Freight & Logistics - 0.5%
Atlas Air Worldwide Holdings, Inc.*		11,207		419,142

Total Air Freight & Logistics				419,142

Airlines - 1.4%
SkyWest, Inc.		79,280		1,134,497

Total Airlines				1,134,497

Auto Components - 1.5%
Spartan Motors, Inc.		115,593		614,955
Standard Motor Products, Inc.		19,660		602,382

Total Auto Components				1,217,337

Building Products - 2.1%
Gibraltar Industries, Inc.*		28,760		537,812
Griffon Corp.		67,848		698,834
Universal Forest Products, Inc.		12,691		489,873

Total Building Products				1,726,519

Capital Markets - 1.4%
Calamos Asset Management, Inc. — Class A		41,173		467,314
Stifel Financial Corp.*		7,005		225,701
SWS Group, Inc.*		75,054		427,057

Total Capital Markets				1,120,072

Chemicals - 2.3%
A. Schulman, Inc.		16,409		426,142
OM Group, Inc.*		41,230		1,008,898
Zep, Inc.		30,148		458,249

Total Chemicals				1,893,289

Commercial Banks - 1.4%
First BanCorp*		103,249		610,202
Old National Bancorp		14,614		177,998
Umpqua Holdings Corp.		26,511		318,132

Total Commercial Banks				1,106,332

Commercial Services & Supplies - 2.9%
ABM Industries, Inc.		33,536		756,237
Consolidated Graphics, Inc.*		15,270		544,681
United Stationers, Inc.		19,385		629,431
Viad Corp.		18,395		479,189

Total Commercial Services & Supplies				2,409,538

Communications Equipment - 0.8%
Bel Fuse, Inc. — Class B		22,422		330,052
Comtech Telecommunications Corp.		7,820		192,450
Digi International, Inc.*		18,750		171,000

Total Communications Equipment				693,502


	SHARES		VALUE



Computers & Peripherals - 0.7%
Super Micro Computer, Inc.*		57,581	$	553,929

Total Computers & Peripherals				553,929

Construction & Engineering - 1.6%
Comfort Systems USA, Inc.		44,068		565,393
Dycom Industries, Inc.*		15,274		295,094
EMCOR Group, Inc.		12,901		482,497

Total Construction & Engineering				1,342,984

Consumer Finance - 0.8%
Cash America International, Inc.		10,631		463,830
EZCORP, Inc. — Class A*		13,652		230,719

Total Consumer Finance				694,549

Distributors - 2.0%
VOXX International Corp.*		169,883		1,618,985

Total Distributors				1,618,985

Diversified Consumer Services - 2.6%
Career Education Corp.*		102,580		224,650
Corinthian Colleges, Inc.*^,a		451,382		902,764
ITT Educational Services, Inc.*^,a		27,336		500,522
Lincoln Educational Services Corp.		92,622		515,905

Total Diversified Consumer Services				2,143,841

Diversified Financial Services - 0.4%
Interactive Brokers Group, Inc. — Class A		22,185		334,106

Total Diversified Financial Services				334,106

Diversified Telecommunication Services - 0.4%
Cbeyond, Inc.*		34,375		301,813

Total Diversified Telecommunication Services				301,813

Electrical Equipment - 0.3%
Powell Industries, Inc.*		4,333		213,357

Total Electrical Equipment				213,357

Electronic Equipment, Instruments & Components - 8.3%
Anixter International, Inc.		7,416		532,024
Benchmark Electronics, Inc.*		48,095		858,015
CTS Corp.		42,326		450,772
Insight Enterprises, Inc.*		46,281		838,612
Mercury Systems, Inc.*		41,814		323,222
Methode Electronics, Inc.		37,000		532,060
Newport Corp.*		23,438		355,086
Plexus Corp.*		24,119		650,489
Radisys Corp.*		128,602		637,866
Scansource, Inc.*		25,277		732,275
SYNNEX Corp.*		27,094		937,452

Total Electronic Equipment, Instruments & Components				6,847,873

Energy Equipment & Services - 3.8%
Basic Energy Services, Inc.*		67,745		930,139
ERA Group, Inc.*		11,383		260,102
Gulf Island Fabrication, Inc.		7,173		147,477
Matrix Service Co.*		46,205		694,461


28				GUGGENHEIM ETFs SEMI-ANNUAL REPORT		See Notes to Financial Statements.


SCHEDULE OF INVESTMENTS (Unaudited) (continued)			April 30, 2013

GUGGENHEIM S&P SMALLCAP 600^® PURE VALUE ETF


	SHARES		VALUE



Pioneer Energy Services Corp.*		84,531	$	595,943
SEACOR Holdings, Inc.		3,264		235,367
Tetra Technologies, Inc.*		32,723		298,761

Total Energy Equipment & Services				3,162,250

Food & Staples Retailing - 3.3%
Andersons, Inc. (The)		17,002		926,949
Casey’s General Stores, Inc.		7,765		449,671
Nash Finch Co.		18,387		377,853
Spartan Stores, Inc.		55,558		932,263

Total Food & Staples Retailing				2,686,736

Food Products - 1.1%
Seneca Foods Corp. — Class A*		27,714		903,199

Total Food Products				903,199

Health Care Equipment & Supplies - 0.8%
Invacare Corp.		48,370		650,577

Total Health Care Equipment & Supplies				650,577

Health Care Providers & Services - 7.1%
Almost Family, Inc.		29,769		587,640
Amedisys, Inc.*		93,696		940,708
Centene Corp.*		7,976		368,491
Cross Country Healthcare, Inc.*		72,157		360,785
Ensign Group, Inc. (The)		6,658		232,164
Gentiva Health Services, Inc.*		63,391		664,972
Kindred Healthcare, Inc.*		69,799		732,191
LHC Group, Inc.*		17,348		376,798
Magellan Health Services, Inc.*		8,280		423,605
Molina Healthcare, Inc.*		12,069		400,691
PharMerica Corp.*		55,603		716,723

Total Health Care Providers & Services				5,804,768

Hotels, Restaurants & Leisure - 4.5%
Biglari Holdings, Inc.*		604		233,917
Boyd Gaming Corp.*^,a		144,213		1,730,556
Marcus Corp.		26,742		343,367
Monarch Casino & Resort, Inc.*		20,722		266,692
Red Robin Gourmet Burgers, Inc.*		7,853		379,850
Ruby Tuesday, Inc.*		75,196		724,890

Total Hotels, Restaurants & Leisure				3,679,272

Household Durables - 2.1%
American Greetings Corp. — Class A		37,910		699,060
Blyth, Inc.^a		30,772		507,123
Universal Electronics, Inc.*		23,676		544,074

Total Household Durables				1,750,257

Household Products - 0.6%
Central Garden & Pet Co. — Class A*		55,197		485,734

Total Household Products				485,734

Insurance - 7.7%
Horace Mann Educators Corp.		32,283		727,982
Infinity Property & Casualty Corp.		8,376		475,254
Meadowbrook Insurance Group, Inc.		135,731		1,055,987
Navigators Group, Inc. (The)*		7,584		438,962
Safety Insurance Group, Inc.		6,487		322,209


	SHARES		VALUE



Selective Insurance Group, Inc.		22,426	$	525,441
Stewart Information Services Corp.		30,812		834,081
Tower Group International Ltd.		57,835		1,094,238
United Fire Group, Inc.		31,261		874,058

Total Insurance				6,348,212

Internet Software & Services - 1.4%
Digital River, Inc.*		20,636		298,809
QuinStreet, Inc.*		60,866		398,064
United Online, Inc.		70,871		481,923

Total Internet Software & Services				1,178,796

IT Services - 2.9%
CACI International, Inc. — Class A*		13,222		773,355
CIBER, Inc.*		294,595		1,254,974
SYKES Enterprises, Inc.*		24,959		384,119

Total IT Services				2,412,448

Leisure Equipment & Products - 0.5%
Jakks Pacific, Inc.		36,774		401,204

Total Leisure Equipment & Products				401,204

Life Sciences Tools & Services - 0.2%
Affymetrix, Inc.*		52,733		191,948

Total Life Sciences Tools & Services				191,948

Machinery - 0.6%
Astec Industries, Inc.		9,018		296,061
Briggs & Stratton Corp.^a		9,011		202,657

Total Machinery				498,718

Media - 1.2%
E.W. Scripps Co. — Class A*		25,377		352,487
Live Nation Entertainment, Inc.*		52,143		658,566

Total Media				1,011,053

Metals & Mining - 4.0%
A.M. Castle & Co.*		45,442		787,055
Century Aluminum Co.*		43,726		356,804
Kaiser Aluminum Corp.		3,937		248,031
Materion Corp.		32,918		871,998
Olympic Steel, Inc.		51,487		1,029,740

Total Metals & Mining				3,293,628

Multi-Utilities - 0.3%
Avista Corp.		9,408		263,894

Total Multi-Utilities				263,894

Multiline Retail - 1.0%
Fred’s, Inc. — Class A^a		56,237		800,253

Total Multiline Retail				800,253

Oil, Gas & Consumable Fuels - 1.0%
Cloud Peak Energy, Inc.*		15,456		302,010
Stone Energy Corp.*		11,140		219,792
Swift Energy Co.*		25,957		335,884

Total Oil, Gas & Consumable Fuels				857,686

Paper & Forest Products - 1.1%
Clearwater Paper Corp.*		6,116		281,458
PH Glatfelter Co.		24,661		591,864

Total Paper & Forest Products				873,322


See Notes to Financial Statements.		GUGGENHEIM ETFs SEMI-ANNUAL REPORT				29


SCHEDULE OF INVESTMENTS (Unaudited) (concluded)			April 30, 2013

GUGGENHEIM S&P SMALLCAP 600^® PURE VALUE ETF


	SHARES		VALUE



Professional Services - 4.6%
CDI Corp.		41,350	$	647,954
Dolan Co. (The)*		46,546		80,525
Heidrick & Struggles International, Inc.		30,052		397,287
Insperity, Inc.		8,455		233,612
Kelly Services, Inc. — Class A		73,757		1,255,344
Korn/Ferry International*		14,996		248,184
Navigant Consulting, Inc.*		36,012		444,028
TrueBlue, Inc.*		23,694		490,940

Total Professional Services				3,797,874

Road & Rail - 1.3%
Arkansas Best Corp.		100,367		1,054,857

Total Road & Rail				1,054,857

Semiconductors & Semiconductor Equipment - 2.2%
Brooks Automation, Inc.		65,956		641,092
Cohu, Inc.		19,085		182,644
GT Advanced Technologies, Inc.*^,a		154,449		606,985
Pericom Semiconductor Corp.*		30,913		199,698
Rubicon Technology, Inc.*		27,720		205,405

Total Semiconductors & Semiconductor Equipment				1,835,824

Specialty Retail - 7.6%
Big 5 Sporting Goods Corp.		30,222		507,730
Genesco, Inc.*		5,286		325,353
Group 1 Automotive, Inc.		10,227		618,529
Kirkland’s, Inc.*		52,936		638,408
MarineMax, Inc.*		65,198		755,645
Men’s Wearhouse, Inc. (The)		6,760		226,460
OfficeMax, Inc.		100,933		1,161,739
Pep Boys- Manny, Moe & Jack*		74,123		859,827
Sonic Automotive, Inc. — Class A		27,277		599,821
Stein Mart, Inc.		73,746		583,331

Total Specialty Retail				6,276,843

Textiles, Apparel & Luxury Goods - 2.1%
Perry Ellis International, Inc.		33,757		593,111
Quiksilver, Inc.*		161,792		1,088,860

Total Textiles, Apparel & Luxury Goods				1,681,971

Thrifts & Mortgage Finance - 0.8%
Bank Mutual Corp.		70,991		367,733
Provident Financial Services, Inc.		16,841		258,173

Total Thrifts & Mortgage Finance				625,906

Tobacco - 1.2%
Alliance One International, Inc.*		265,970		997,388

Total Tobacco				997,388


	SHARES		VALUE



Wireless Telecommunication Services - 0.5%
USA Mobility, Inc.		29,569	$	401,251

Total Wireless Telecommunication Services				401,251

Total Common Stocks (Cost $76,538,744)				82,168,353


SHORT TERM INVESTMENTS - 0.1%
SSgA Government Money Market Fund		89,816		89,816

Total Short Term Investments (Cost $89,816)				89,816


	FACE AMOUNT
SECURITIES LENDING COLLATERAL - 4.5%^b
Repurchase Agreements:
Deutsche Bank Securities, Inc., issued 04/30/13 at 0.15% due 05/01/13^c	$	606,255		606,255
HSBC Securities, Inc., issued 04/30/13 at 0.15% due 05/01/13^c		2,667,520		2,667,520
RBS Securities, Inc., issued 04/30/13 at 0.15% due 05/01/13^c		421,250		421,250

Total Securities Lending Collateral (Cost $3,695,025)				3,695,025

Total Investments - 104.5%^d (Cost $80,323,585)				85,953,194

Other Assets and Liabilities, net - (4.5)%^e				(3,682,513	)

Net Assets - 100.0%			$	82,270,681

Non-Income Producing Security.

All or a portion of this security was on loan as of April 30, 2013.

Securities lending collateral (Note 8).

Values determined based on Level 2 inputs (Note 4).

Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs.

Amount represents less than 0.05% of net assets.


30				GUGGENHEIM ETFs SEMI-ANNUAL REPORT		See Notes to Financial Statements.


SCHEDULE OF INVESTMENTS (Unaudited)			April 30, 2013

GUGGENHEIM S&P SMALLCAP 600^® PURE GROWTH ETF


	SHARES			VALUE


COMMON STOCKS - 99.8%
Airlines - 0.7%
Allegiant Travel Co.		5,430		$	488,157

Total Airlines					488,157

Auto Components - 1.9%
Dorman Products, Inc.		15,714			593,046
Drew Industries, Inc.		21,358			771,024

Total Auto Components					1,364,070

Automobiles - 1.4%
Winnebago Industries, Inc.*		57,270			1,049,186

Total Automobiles					1,049,186

Biotechnology - 1.5%
Acorda Therapeutics, Inc.*		13,886			549,469
ArQule, Inc.*		92,365			272,477
Spectrum Pharmaceuticals, Inc.		35,318			261,706

Total Biotechnology					1,083,652

Building Products - 0.3%
Quanex Building Products Corp.		14,204			231,099

Total Building Products					231,099

Capital Markets - 2.9%
HFF, Inc. — Class A		61,211			1,282,370
Virtus Investment Partners, Inc.*		4,276			816,716

Total Capital Markets					2,099,086

Chemicals - 2.3%
American Vanguard Corp.		16,537			476,927
H.B. Fuller Co.		8,837			334,922
PolyOne Corp.		25,420			572,713
Quaker Chemical Corp.		5,074			313,167

Total Chemicals					1,697,729

Commercial Banks - 10.3%
Bank of the Ozarks, Inc.		9,930			406,435
BBCN Bancorp, Inc.		53,379			687,522
Boston Private Financial Holdings, Inc.		29,111			280,630
First Commonwealth Financial Corp.		105,103			751,486
FNB Corp.		41,283			470,213
Home BancShares, Inc.		18,394			730,610
National Penn Bancshares, Inc.		57,463			562,563
PacWest Bancorp		29,065			805,972
Pinnacle Financial Partners, Inc.*		29,142			707,276
PrivateBancorp, Inc.		49,747			954,148
Texas Capital Bancshares, Inc.*		17,182			715,802
Wilshire Bancorp, Inc.*		61,287			391,624

Total Commercial Banks					7,464,281

Commercial Services & Supplies - 0.8%
Geo Group, Inc. (The)		10,255			384,050
Healthcare Services Group, Inc.		10,459	��		233,131

Total Commercial Services & Supplies					617,181

Communications Equipment - 2.4%
Arris Group, Inc.*		11,216			185,176
Ixia*		44,400			731,268


	SHARES		VALUE


Netgear, Inc.*		18,263	$	544,055
Procera Networks, Inc.*		26,363		292,366

Total Communications Equipment				1,752,865

Computers & Peripherals - 2.8%
3D Systems Corp.*^,a		39,146		1,496,943
Electronics for Imaging, Inc.*		18,961		506,638

Total Computers & Peripherals				2,003,581

Construction Materials - 0.7%
Headwaters, Inc.*		26,972		292,916
Texas Industries, Inc.*		3,774		240,328

Total Construction Materials				533,244

Consumer Finance - 1.9%
Encore Capital Group, Inc.*		14,007		399,059
First Cash Financial Services, Inc.*		7,512		386,643
Portfolio Recovery Associates, Inc.*		4,810		590,428

Total Consumer Finance				1,376,130

Distributors - 0.4%
Pool Corp.		5,997		293,973

Total Distributors				293,973

Diversified Consumer Services - 0.8%
American Public Education, Inc.*		4,957		166,208
Coinstar, Inc.*^,a		7,372		389,316

Total Diversified Consumer Services				555,524

Diversified Financial Services - 0.5%
MarketAxess Holdings, Inc.		8,464		358,196

Total Diversified Financial Services				358,196

Electrical Equipment - 0.8%
AZZ, Inc.		9,965		421,420
Franklin Electric Co., Inc.		5,827		188,620

Total Electrical Equipment				610,040

Electronic Equipment, Instruments & Components - 3.4%
Cognex Corp.		18,425		731,473
FEI Co.		6,451		412,090
Littelfuse, Inc.		6,879		480,292
Measurement Specialties, Inc.*		19,798		846,760

Total Electronic Equipment, Instruments & Components				2,470,615

Energy Equipment & Services - 1.5%
Geospace Technologies Corp.*		12,726		1,073,693

Total Energy Equipment & Services				1,073,693

Food Products - 1.6%
Darling International, Inc.*		38,811		718,392
Hain Celestial Group, Inc. (The)*		6,986		455,836

Total Food Products				1,174,228

Health Care Equipment & Supplies - 3.3%
Abaxis, Inc.		7,388		315,394
Analogic Corp.		5,720		454,626
Cantel Medical Corp.		12,425		392,754
Cyberonics, Inc.*		8,069		350,356
Greatbatch, Inc.*		16,941		473,331


See Notes to Financial Statements.		GUGGENHEIM ETFs SEMI-ANNUAL REPORT				31


SCHEDULE OF INVESTMENTS (Unaudited) (continued)			April 30, 2013

GUGGENHEIM S&P SMALLCAP 600^® PURE GROWTH ETF


	SHARES		VALUE


ICU Medical, Inc.*		4,051	$	244,073
Neogen Corp.*		3,511		178,464

Total Health Care Equipment & Supplies				2,408,998

Health Care Providers & Services - 2.8%
Air Methods Corp.		7,495		274,242
Bio-Reference Labs, Inc.*		21,839		556,894
Hanger, Inc.*		11,485		349,029
Landauer, Inc.		2,842		158,783
MWI Veterinary Supply, Inc.*		5,928		697,785

Total Health Care Providers & Services				2,036,733

Health Care Technology - 0.4%
HealthStream, Inc.*		12,472		286,357

Total Health Care Technology				286,357

Hotels, Restaurants & Leisure - 2.1%
Buffalo Wild Wings, Inc.*		3,402		306,180
Multimedia Games Holding Co., Inc.*		29,354		723,870
Papa John’s International, Inc.*		4,167		262,521
SHFL Entertainment, Inc.*		16,542		261,363

Total Hotels, Restaurants & Leisure				1,553,934

Household Durables - 1.6%
Ethan Allen Interiors, Inc.^a		8,711		255,058
iRobot Corp.*		13,591		395,362
M/I Homes, Inc.*		12,499		307,476
Meritage Homes Corp.*		4,447		216,969

Total Household Durables				1,174,865

Industrial Conglomerates - 1.2%
Standex International Corp.		15,970		844,813

Total Industrial Conglomerates				844,813

Insurance - 0.4%
eHealth, Inc.*		14,900		312,006

Total Insurance				312,006

Internet Software & Services - 8.2%
Blucora, Inc.*		76,282		1,126,685
Dealertrack Holdings, Inc.*		22,599		629,382
Dice Holdings, Inc.*		79,776		673,309
Liquidity Services, Inc.*^,a		13,162		433,030
LivePerson, Inc.*		17,153		219,902
NIC, Inc.		13,729		231,196
OpenTable, Inc.*		12,935		716,470
Perficient, Inc.*		68,737		720,364
Stamps.com, Inc.*		10,105		341,953
XO Group, Inc.*		75,072		845,311

Total Internet Software & Services				5,937,602

IT Services - 1.5%
ExlService Holdings, Inc.*		11,880		387,526
iGate Corp.*		12,693		211,846
MAXIMUS, Inc.		6,013		479,176

Total IT Services				1,078,548

Leisure Equipment & Products - 2.3%
Arctic Cat, Inc.*		18,676		840,233


	SHARES		VALUE


Brunswick Corp.		7,347	$	232,606
Sturm Ruger & Co., Inc.		11,130		570,635

Total Leisure Equipment & Products				1,643,474

Life Sciences Tools & Services - 1.9%
Cambrex Corp.*		28,185		352,030
Luminex Corp.*		33,836		562,693
PAREXEL International Corp.*		12,018		492,137

Total Life Sciences Tools & Services				1,406,860

Machinery - 2.1%
Lindsay Corp.		5,661		434,878
Lydall, Inc.*		38,816		556,621
Toro Co. (The)		11,374		511,944

Total Machinery				1,503,443

Metals & Mining - 0.9%
Globe Specialty Metals, Inc.		11,968		156,302
SunCoke Energy, Inc.*		32,034		484,675

Total Metals & Mining				640,977

Multiline Retail - 1.4%
Tuesday Morning Corp.*		129,150		1,047,407

Total Multiline Retail				1,047,407

Oil, Gas & Consumable Fuels - 0.7%
Gulfport Energy Corp.*		10,490		547,473

Total Oil, Gas & Consumable Fuels				547,473

Paper & Forest Products - 0.5%
Deltic Timber Corp.		5,716		357,136

Total Paper & Forest Products				357,136

Personal Products - 2.5%
Inter Parfums, Inc.		11,305		327,506
Medifast, Inc.*		21,637		566,889
Prestige Brands Holdings, Inc.*		34,177		921,070

Total Personal Products				1,815,465

Pharmaceuticals - 3.3%
Akorn, Inc.*		46,438		698,892
Medicines Co. (The)*		21,755		734,449
Questcor Pharmaceuticals, Inc.^a		6,086		187,084
Salix Pharmaceuticals Ltd.*		6,299		329,375
ViroPharma, Inc.*		17,606		479,763

Total Pharmaceuticals				2,429,563

Professional Services - 1.4%
On Assignment, Inc.*		42,797		1,038,683

Total Professional Services				1,038,683

Real Estate Investment Trusts (REITs) - 2.2%
Sabra Health Care REIT, Inc.		41,774		1,245,701
Universal Health Realty Income Trust		6,195		332,857

Total Real Estate Investment Trusts (REITs)				1,578,558

Road & Rail - 0.6%
Old Dominion Freight Line, Inc.*		11,859		456,572

Total Road & Rail				456,572


32				GUGGENHEIM ETFs SEMI-ANNUAL REPORT		See Notes to Financial Statements.


SCHEDULE OF INVESTMENTS (Unaudited) (concluded)			April 30, 2013

GUGGENHEIM S&P SMALLCAP 600^® PURE GROWTH ETF


	SHARES		VALUE


Semiconductors & Semiconductor Equipment - 8.5%
Advanced Energy Industries, Inc.*		41,029	$	696,672
Cirrus Logic, Inc.*		42,021		811,426
Cymer, Inc.*		8,682		909,526
Entropic Communications, Inc.*		98,152		416,165
Kulicke & Soffa Industries, Inc.*		64,841		749,562
Microsemi Corp.*		12,819		266,635
Monolithic Power Systems, Inc.		16,300		393,156
Nanometrics, Inc.*		16,803		235,746
Rudolph Technologies, Inc.*		52,369		611,146
Ultratech, Inc.*		23,976		706,573
Veeco Instruments, Inc.*		10,177		387,438

Total Semiconductors & Semiconductor Equipment				6,184,045

Software - 3.7%
Interactive Intelligence Group, Inc.*		10,616		439,821
Manhattan Associates, Inc.*		5,642		396,125
Netscout Systems, Inc.*		7,678		175,135
Sourcefire, Inc.*		12,422		593,275
Tyler Technologies, Inc.*		6,394		404,356
VASCO Data Security International, Inc.*		32,211		274,116
Websense, Inc.*		22,698		404,932

Total Software				2,687,760

Specialty Retail - 3.8%
Francesca’s Holdings Corp.*		46,189		1,319,158
Lumber Liquidators Holdings, Inc.*^,a		8,326		682,399
Rue21, Inc.*		7,319		233,476
Select Comfort Corp.*		13,781		292,433
Vitamin Shoppe, Inc.*		4,776		234,740

Total Specialty Retail				2,762,206

Textiles, Apparel & Luxury Goods - 1.7%
Movado Group, Inc.		14,287		432,039
Oxford Industries, Inc.		4,543		268,627
Steven Madden Ltd.*		10,317		501,716

Total Textiles, Apparel & Luxury Goods				1,202,382

Thrifts & Mortgage Finance - 1.9%
Oritani Financial Corp.		52,274		808,679
ViewPoint Financial Group, Inc.		32,379		602,897

Total Thrifts & Mortgage Finance				1,411,576

Total Common Stocks (Cost $62,903,653)				72,643,966


	SHARES		VALUE


SHORT TERM INVESTMENTS - 0.1%
SSgA Government Money Market Fund		43,914	$	43,914

Total Short Term Investments (Cost $43,914)				43,914


	FACE AMOUNT

SECURITIES LENDING COLLATERAL - 4.6%^b
Repurchase Agreements:
Deutsche Bank Securities, Inc., issued 04/30/13 at 0.15% due 05/01/13^c	$	544,211		544,211
HSBC Securities, Inc., issued 04/30/13 at 0.15% due 05/01/13^c		2,394,528		2,394,528
RBS Securities, Inc., issued 04/30/13 at 0.15% due 05/01/13^c		378,140		378,140

Total Securities Lending Collateral (Cost $3,316,879)				3,316,879

Total Investments - 104.5%^d (Cost $66,264,446)				76,004,759

Other Assets and Liabilities, net - (4.5)%				(3,287,240	)

Net Assets - 100.0%			$	72,717,519

Non-Income Producing Security.

All or a portion of this security was on loan as of April 30, 2013.

Securities lending collateral (Note 8).

Values determined based on Level 2 inputs (Note 4).

Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs.

REIT — Real Estate Investment Trust


See Notes to Financial Statements.		GUGGENHEIM ETFs SEMI-ANNUAL REPORT				33


STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)			April 30, 2013


	Guggenheim Russell Top 50^® Mega Cap ETF			Guggenheim S&P 500^® Pure Value ETF			Guggenheim S&P 500^® Pure Growth ETF			Guggenheim S&P MidCap 400^® Pure Value ETF

ASSETS:
Investments, at value* — including $—; $6,083,132; $2,207,686 and $1,386,904 of securities loaned, respectively	$	569,360,115		$	200,392,853		$	412,730,370		$	58,306,446
Cash		994			—			—			—
Receivables:
Investments sold		533,467			—			6,688,634			—
Fund shares sold		—			—			5,660,740			—
Dividends		655,082			88,641			94,441			22,605
Total assets		570,549,658			200,481,494			425,174,185			58,329,051

LIABILITIES:
Payable upon return of securities loaned		—			6,264,929			2,252,097			1,429,009
Payable for:
Investments purchased		529,416			—			12,388,757			—
Accrued management fees		92,660			54,495			113,723			16,023
Total liabilities		622,076			6,319,424			14,754,577			1,445,032
NET ASSETS	$	569,927,582		$	194,162,070		$	410,419,608		$	56,884,019

NETASSETSCONSISTOF:
Paid-in capital	$	622,649,523		$	175,491,416		$	345,689,389		$	52,101,392
Undistributed (distributions in excess of) net investment income		904,564			189,399			(1,367	)		23,408
Accumulated net realized loss on investments		(89,209,038	)		(4,328,375	)		(11,870,011	)		(1,579,291	)
Net unrealized appreciation on investments		35,582,533			22,809,630			76,601,597			6,338,510
NETASSETS	$	569,927,582		$	194,162,070		$	410,419,608		$	56,884,019
Shares outstanding		5,000,785			4,952,836			7,250,299			1,350,499
Net asset value, offering price and repurchase price per share		$113.97			$39.20			$56.61			$42.12
*Total cost of investments		$533,777,582			$177,583,223			$336,128,773			$51,967,936


34				GUGGENHEIM ETFs SEMI-ANNUAL REPORT		See Notes to Financial Statements.


STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (concluded)			April 30, 2013


	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 value* — including $8,259,594; $3,595,026 and $3,247,273 of securities loaned, respectively	$	622,877,185		$	85,953,194		$	76,004,759
Receivables:
Investments sold		11,894,445			—			4,334,157
Dividends and interest		1,143,043			35,567			27,179
Total assets		635,914,673			85,988,761			80,366,095

LIABILITIES:
Payable upon return of securities loaned		8,488,549			3,695,025			3,316,879
Payable for:
Investments purchased		11,876,076			—			1,318,696
Fund shares repurchased		—			—			2,991,516
Accrued management fees		170,464			23,055			21,485
Total liabilities		20,535,089			3,718,080			7,648,576
NET ASSETS	$	615,379,584		$	82,270,681		$	72,717,519

NETASSETSCONSISTOF:
Paid-in capital	$	555,436,408		$	95,466,334		$	65,902,301
Undistributed net investment income		1,129,293			14,994			7,939
Accumulated net realized loss on investments		(29,229,873	)		(18,840,256	)		(2,933,034	)
Net unrealized appreciation on investments		88,043,756			5,629,609			9,740,313
NETASSETS	$	615,379,584		$	82,270,681		$	72,717,519
Shares outstanding		6,050,021			1,750,040			1,200,004
Net asset value, offering price and repurchase price per share		$101.72			$47.01			$60.60
*Total cost of investments		$534,833,429			$80,323,585			$66,264,446


See Notes to Financial Statements.		GUGGENHEIM ETFs SEMI-ANNUAL REPORT				35


STATEMENTS OF OPERATIONS (Unaudited)

For the Six Months Ended April 30, 2013


	Guggenheim Russell Top 50^® Mega Cap ETF			Guggenheim S&P 500^® Pure Value ETF		Guggenheim S&P 500^® Pure Growth ETF		Guggenheim S&P MidCap 400^® Pure Value ETF

INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*	$	7,374,232		$	1,433,471	$	2,175,219	$	397,410
Income from securities lending		28			30,316		46,172		8,494
Interest		81			—		—		—
Total investment income		7,374,341			1,463,787		2,221,391		405,904

EXPENSES:
Management fee		574,775			243,778		626,464		76,729
Other fees		—			319		—		58
Total expenses		574,775			244,097		626,464		76,787
Net investment income		6,799,566			1,219,690		1,594,927		329,117

NET REALIZEDAND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments		(422,799	)		5,058,394		9,406,470		2,710,190
In-kind redemptions		20,489,437			—		3,063,453		—
Net realized gain		20,066,638			5,058,394		12,469,923		2,710,190
Net change in unrealized appreciation on:
Investments		31,565,612			20,008,688		48,514,383		4,811,776
Net realized and unrealized gain		51,632,250			25,067,082		60,984,306		7,521,966
Net increase in net assets resulting from operations	$	58,431,816		$	26,286,772	$	62,579,233	$	7,851,083
* Foreign taxes withheld	$	—		$	632	$	—	$	—


36				GUGGENHEIM ETFs SEMI-ANNUAL REPORT		See Notes to Financial Statements.


STATEMENTS OF OPERATIONS (Unaudited) (concluded)

For the Six Months Ended April 30, 2013


	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	$	4,772,288	$	667,653	$	634,937
Income from securities lending		88,929		22,288		91,166
Total investment income		4,861,217		689,941		726,103

EXPENSES:
Management fee		980,427		133,025		130,343
Other fees		2,271		217		204
Total expenses		982,698		133,242		130,547
Net investment income		3,878,519		556,699		595,556

NET REALIZEDAND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments		13,275,134		3,745,835		(1,266,948	)
In-kind redemptions		2,175,357		1,375,422		1,408,125
Net realized gain		15,450,491		5,121,257		141,177
Net change in unrealized appreciation (depreciation) on:
Investments		63,377,512		6,580,981		7,903,282
Net realized and unrealized gain		78,828,003		11,702,238		8,044,459
Net increase in net assets resulting from operations	$	82,706,522	$	12,258,937	$	8,640,015


See Notes to Financial Statements.		GUGGENHEIM ETFs SEMI-ANNUAL REPORT				37


STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)


	Guggenheim Russell Top 50^® Mega Cap ETF						Guggenheim S&P 500^® Pure Value ETF
	Six Months Ended April 30, 2013 (Unaudited)			Year Ended October 31, 2012			Six Months Ended April 30, 2013 (Unaudited)			Year Ended October 31, 2012

INCREASEIN NET ASSETSFROM OPERATIONS:
Net investment income	$	6,799,566		$	10,720,440		$	1,219,690		$	1,340,916
Net realized gain on investments		20,066,638			36,525,148			5,058,394			1,525,284
Net change in unrealized appreciation on investments		31,565,612			29,002,637			20,008,688			8,342,608
Net increase in net assets resulting from operations		58,431,816			76,248,225			26,286,772			11,208,808

DISTRIBUTIONSTO SHAREHOLDERSFROM:
Net investment income		(7,002,229	)		(10,403,624	)		(1,066,625	)		(1,370,034	)

SHAREHOLDERTRANSACTIONS:
Proceeds from shares purchased		—			376,572,367			83,359,035			17,479,492
Value of shares redeemed		(105,969,598	)		(272,358,663	)		—			(21,285,657	)
Net increase (decrease) in net assets resulting from share transactions		(105,969,598	)		104,213,704			83,359,035			(3,806,165	)
Net increase (decrease) in net assets		(54,540,011	)		170,058,305			108,579,182			6,032,609

NETASSETS
Beginning of period		624,467,593			454,409,288			85,582,888			79,550,279
End of period	$	569,927,582		$	624,467,593		$	194,162,070		$	85,582,888
Undistributed net investment income at end of period	$	904,564		$	1,107,227		$	189,399		$	36,334

CHANGESINSHARESOUTSTANDING:
Shares sold		—			3,800,000			2,300,000			550,000
Shares redeemed		(1,000,000	)		(2,850,000	)		—			(700,000	)
Net increase (decrease) in shares		(1,000,000	)		950,000			2,300,000			(150,000	)


38				GUGGENHEIM ETFs SEMI-ANNUAL REPORT		See Notes to Financial Statements.


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, 2013 (Unaudited)			Year Ended October 31, 2012			Six Months Ended April 30, 2013 (Unaudited)			Year Ended October 31, 2012

INCREASE (DECREASE)IN NET ASSETSFROM OPERATIONS:
Net investment income	$	1,594,927		$	2,155,172		$	329,117		$	496,862
Net realized gain (loss) on investments		12,469,923			(17,455,904	)		2,710,190			(233,969	)
Net change in unrealized appreciation (depreciation) on investments		48,514,383			35,947,461			4,811,776			5,102,579
Net increase in net assets resulting from operations		62,579,233			20,646,729			7,851,083			5,365,472

DISTRIBUTIONSTO SHAREHOLDERSFROM:
Net investment income		(1,654,899	)		(2,094,006	)		(314,364	)		(516,543	)

SHAREHOLDERTRANSACTIONS:
Proceeds from shares purchased		31,783,133			81,232,040			14,332,157			4,880,240
Value of shares redeemed		(14,541,343	)		(33,420,035	)		—			(10,384,990	)
Net increase (decrease) in net assets resulting from share transactions		17,241,790			47,812,005			14,332,157			(5,504,750	)
Net increase (decrease) in net assets		78,166,124			66,364,728			21,868,876			(655,821	)

NETASSETS
Beginning of period		332,253,484			265,888,756			35,015,143			35,670,964
End of period	$	410,419,608		$	332,253,484		$	56,884,019		$	35,015,143
Undistributed (distributions in excess) of net investment income at end of period	$	(1,367	)	$	58,605		$	23,408		$	8,655

CHANGESINSHARESOUTSTANDING:
Shares sold		600,000			1,750,000			350,000			150,000
Shares redeemed		(300,000	)		(750,000	)		—			(300,000	)
Net increase (decrease) in shares		300,000			1,000,000			350,000			(150,000	)


See Notes to Financial Statements.		GUGGENHEIM ETFs SEMI-ANNUAL REPORT				39


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, 2013 (Unaudited)			Year Ended October 31, 2012			Six Months Ended April 30, 2013 (Unaudited)			Year Ended October 31, 2012

INCREASE (DECREASE)IN NET ASSETSFROM OPERATIONS:
Net investment income	$	3,878,519		$	1,276,806		$	556,699		$	447,879
Net realized gain (loss) on investments		15,450,491			(18,569,131	)		5,121,257			(3,167,103	)
Net change in unrealized appreciation (depreciation) on investments		63,377,512			48,063,368			6,580,981			9,518,258
Net increase in net assets resulting from operations		82,706,522			30,771,043			12,258,937			6,799,034

DISTRIBUTIONSTO SHAREHOLDERSFROM:
Net investment income		(3,111,719	)		(980,107	)		(541,705	)		(452,652	)
Return of capital		—			—			—			(35,405	)
Total distributions to shareholders		(3,111,719	)		(980,107	)		(541,705	)		(488,057	)

SHAREHOLDERTRANSACTIONS:
Proceeds from shares purchased		37,473,242			83,742,986			6,597,808			12,561,039
Value of shares redeemed		(13,569,076	)		(254,899,279	)		(8,109,969	)		(8,936,014	)
Net increase (decrease) in net assets resulting from share transactions		23,904,166			(171,156,293	)		(1,512,161	)		3,625,025
Net increase (decrease) in net assets		103,498,969			(141,365,357	)		10,205,071			9,936,002

NETASSETS
Beginning of period		511,880,615			653,245,972			72,065,610			62,129,608
End of period	$	615,379,584		$	511,880,615		$	82,270,681		$	72,065,610
Undistributed net investment income at end of period	$	1,129,293		$	362,493		$	14,994		$	—

CHANGESINSHARESOUTSTANDING:
Shares sold		400,000			1,000,000			150,000			300,000
Shares redeemed		(150,000	)		(3,150,000	)		(200,000	)		(250,000	)
Net increase (decrease) in shares		250,000			(2,150,000	)		(50,000	)		50,000


40				GUGGENHEIM ETFs SEMI-ANNUAL REPORT		See Notes to Financial Statements.


STATEMENTS OF CHANGES IN NET ASSETS (concluded)


	Guggenheim S&P SmallCap 600^® Pure Growth ETF
	Six Months Ended April 30, 2013 (Unaudited)			Year Ended October 31, 2012

INCREASE (DECREASE)IN NET ASSETSFROM OPERATIONS:
Net investment income	$	595,556		$	259,371
Net realized gain (loss) on investments		141,177			(538,813	)
Net change in unrealized appreciation (depreciation) on investments		7,903,282			5,933,299
Net increase in net assets resulting from operations		8,640,015			5,653,857

DISTRIBUTIONSTO SHAREHOLDERSFROM:
Net investment income		(587,617	)		(263,737	)

SHAREHOLDERTRANSACTIONS:
Proceeds from shares purchased		—			46,407,484
Value of shares redeemed		(8,694,362	)		(13,310,670	)
Net increase (decrease) in net assets resulting from share transactions		(8,694,362	)		33,096,814
Net increase (decrease) in net assets		(641,964	)		38,486,934

NETASSETS
Beginning of period		73,359,483			34,872,549
End of period	$	72,717,519		$	73,359,483
Undistributed net investment income at end of period	$	7,939		$	—

CHANGESINSHARESOUTSTANDING:
Shares sold		—			900,000
Shares redeemed		(150,000	)		(250,000	)
Net increase (decrease) in shares		(150,000	)		650,000


See Notes to Financial Statements.		GUGGENHEIM ETFs SEMI-ANNUAL REPORT				41

GUGGENHEIM RUSSELL TOP 50^® MEGA CAP ETF

FINANCIAL HIGHLIGHTS


	Six Months Ended April 30, 2013 (Unaudited)			Year Ended October 31, 2012			Year Ended October 31, 2011			Year Ended October 31, 2010			Year Ended October 31, 2009			Year Ended October 31, 2008
Per Share Data:
Net asset value, beginning of period		$104.06			$89.97			$85.16			$78.90			$76.29			$116.47
Income from investment operations:
Net investment income*		1.26			2.17			1.87			1.72			1.95			2.34
Net gain (loss) on investments (realized and unrealized)		9.95			14.02			4.74			6.26			2.61			(40.20	)

Total from investment operations		11.21			16.19			6.61			7.98			4.56			(37.86	)
Less distributions from:
Net investment income		(1.30	)		(2.10	)		(1.80	)		(1.72	)		(1.95	)		(2.32	)
Net asset value, end of period		$113.97			$104.06			$89.97			$85.16			$78.90			$76.29


Total Return**		10.85%			18.11%			7.80%			10.22%			6.35%			(32.92)%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)		$569,928			$624,468			$454,409			$323,669			$315,662			$434,878
Ratio to average net assets of:
Net investment income		2.37%	***		2.19%			2.08%			2.09%			2.79%			2.37%
Total expenses		0.20%	***		0.20%			0.20%			0.20%			0.20%			0.20%
Portfolio turnover rate^†		1%			7%			6%			9%			12%			10%

Based on average shares outstanding.

***

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.

GUGGENHEIM S&P 500^® PURE VALUE ETF

FINANCIAL HIGHLIGHTS (continued)


	Six Months Ended April 30, 2013 (Unaudited)			Year Ended October 31, 2012			Year Ended October 31, 2011			Year Ended October 31, 2010			Year Ended October 31, 2009			Year Ended October 31, 2008
Per Share Data:
Net asset value, beginning of period		$32.26			$28.38			$25.95			$21.46			$17.98			$34.46
Income from investment operations:
Net investment income*		0.32			0.48			0.42			0.35			0.49			1.00
Net gain (loss) on investments (realized and unrealized)		6.89			3.89			2.40			4.49			3.53			(16.44	)

Total from investment operations		7.21			4.37			2.82			4.84			4.02			(15.44	)
Less distributions from:
Net investment income		(0.27	)		(0.49	)		(0.39	)		(0.35	)		(0.54	)		(1.04	)
Net asset value, end of period		$39.20			$32.26			$28.38			$25.95			$21.46			$17.98


Total Return**		22.44%			15.54%			10.84%			22.67%			23.73%			(45.76)%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)		$194,162			$85,583			$79,550			$55,876			$30,101			$17,994
Ratio to average net assets of:
Net investment income		1.75%	***		1.60%			1.44%			1.38%			2.92%			3.63%
Total expenses		0.35%	***		0.35%			0.35%			0.35%			0.35%			0.35%
Portfolio turnover rate^†		27%			37%			23%			27%			45%			53%

Based on average shares outstanding.

***

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

GUGGENHEIM S&P 500^® PURE GROWTH ETF

FINANCIAL HIGHLIGHTS (continued)


	Six Months Ended April 30, 2013 (Unaudited)			Year Ended October 31, 2012			Year Ended October 31, 2011			Year Ended October 31, 2010			Year Ended October 31, 2009			Year Ended October 31, 2008
Per Share Data:
Net asset value, beginning of period		$47.80			$44.68			$40.40			$30.85			$24.40			$39.59
Income from investment operations:
Net investment income*		0.23			0.33			0.18			0.13			0.18			0.20
Net gain (loss) on investments (realized and unrealized)		8.82			3.11			4.28			9.57			6.46			(15.19	)

Total from investment operations		9.05			3.44			4.46			9.70			6.64			(14.99	)
Less distributions from:
Net investment income		(0.24	)		(0.32	)		(0.18	)		(0.15	)		(0.19	)		(0.20	)
Net asset value, end of period		$56.61			$47.80			$44.68			$40.40			$30.85			$24.40


Total Return**		18.97%			7.72%			11.06%			31.51%			27.41%			(38.00)%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)		$410,420			$332,253			$265,889			$147,470			$38,568			$24,398
Ratio to average net assets of:
Net investment income		0.89%	***		0.71%			0.41%			0.37%			0.69%			0.57%
Total expenses		0.35%	***		0.35%			0.35%			0.35%			0.35%			0.35%
Portfolio turnover rate^†		50%			35%			21%			31%			27%			30%

Based on average shares outstanding.

***

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.

GUGGENHEIM S&P MIDCAP 400^® PURE VALUE ETF

FINANCIAL HIGHLIGHTS (continued)


	Six Months Ended April 30, 2013 (Unaudited)			Year Ended October 31, 2012			Year Ended October 31, 2011			Year Ended October 31, 2010			Year Ended October 31, 2009			Year Ended October 31, 2008
Per Share Data:
Net asset value, beginning of period		$35.00			$31.00			$30.77			$24.20			$20.24			$35.76
Income from investment operations:
Net investment income*		0.29			0.46			0.41			0.36			0.59			0.87
Net gain (loss) on investments (realized and unrealized)		7.14			4.01			0.22			6.57			3.92			(15.54	)

Total from investment operations		7.43			4.47			0.63			6.93			4.51			(14.67	)
Less distributions from:
Net investment income		(0.31	)		(0.47	)		(0.40	)		(0.36	)		(0.55	)		(0.84	)
Return of capital		—			—			—			—			—			(0.01	)
Net asset value, end of period		$42.12			$35.00			$31.00			$30.77			$24.20			$20.24


Total Return**		21.33%			14.46%			2.03%			28.75%			23.32%			(41.75)%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)		$56,884			$35,015			$35,671			$43,089			$22,997			$10,126
Ratio to average net assets of:
Net investment income		1.50%	***		1.36%			1.22%			1.20%			2.90%			2.87%
Total expenses		0.35%	***		0.35%			0.35%			0.35%			0.35%			0.35%
Portfolio turnover rate^†		23%			47%			49%			35%			57%			64%

Based on average shares outstanding.

***

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

GUGGENHEIM S&P MIDCAP 400^® PURE GROWTH ETF

FINANCIAL HIGHLIGHTS (continued)


	Six Months Ended April 30, 2013 (Unaudited)			Year Ended October 31, 2012			Year Ended October 31, 2011			Year Ended October 31, 2010			Year Ended October 31, 2009			Year Ended October 31, 2008
Per Share Data:
Net asset value, beginning of period		$88.25			$82.17			$70.46			$52.89			$39.10			$59.75
Income from investment operations:
Net investment income*		0.65			0.20			0.07			0.02			0.09			0.02
Net gain (loss) on investments (realized and unrealized)		13.36			6.04			11.72			17.59			13.79			(20.63	)

Total from investment operations		14.01			6.24			11.79			17.61			13.88			(20.61	)
Less distributions from:
Net investment income		(0.54	)		(0.16	)		(0.08	)		(0.04	)		(0.09	)		(0.04	)
Net asset value, end of period		$101.72			$88.25			$82.17			$70.46			$52.89			$39.10


Total Return**		15.92%			7.60%			16.73%			33.32%			35.59%			(34.52)%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)		$615,380			$511,881			$653,246			$292,429			$108,432			$17,596
Ratio to average net assets of:
Net investment income		1.38%	***		0.23%			0.09%			0.03%			0.19%			0.04%
Total expenses		0.35%	***		0.35%			0.35%			0.35%			0.35%			0.35%
Portfolio turnover rate^†		66%			56%			45%			51%			29%			52%

Based on average shares outstanding.

***

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.

GUGGENHEIM S&P SMALLCAP 600^® PURE VALUE ETF

FINANCIAL HIGHLIGHTS (continued)


	Six Months Ended April 30, 2013 (Unaudited)			Year Ended October 31, 2012			Year Ended October 31, 2011			Year Ended October 31, 2010			Year Ended October 31, 2009			Year Ended October 31, 2008
Per Share Data:
Net asset value, beginning of period		$40.04			$35.50			$34.27			$28.50			$23.21			$37.38
Income from investment operations:
Net investment income*		0.32			0.25			0.20			0.20			0.32			0.79
Net gain (loss) on investments (realized and unrealized)		6.99			4.56			1.23			5.78			5.29			(14.26	)

Total from investment operations		7.31			4.81			1.43			5.98			5.61			(13.47	)
Less distributions from:
Net investment income		(0.34	)		(0.25	)		(0.20	)		(0.21	)		(0.32	)		(0.70	)
Return of capital		—			(0.02	)		—			—			—			—

Total distributions to shareholders		(0.34	)		(0.27	)		(0.20	)		(0.21	)		(0.32	)		(0.70	)
Net asset value, end of period		$47.01			$40.04			$35.50			$34.27			$28.50			$23.21


Total Return**		18.33%			13.52%			4.16%			21.07%			25.00%			(36.48)%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)		$82,271			$72,066			$62,130			$87,383			$108,284			$25,527
Ratio to average net assets of:
Net investment income		1.46%	***		0.65%			0.53%			0.60%			1.18%			2.57%
Total expenses		0.35%	***		0.35%			0.35%			0.35%			0.35%			0.35%
Portfolio turnover rate^†		43%			48%			76%			62%			43%			50%

Based on average shares outstanding.

***

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

GUGGENHEIM S&P SMALLCAP 600^® PURE GROWTH ETF

FINANCIAL HIGHLIGHTS (concluded)


	Six Months Ended April 30, 2013 (Unaudited)			Year Ended October 31, 2012			Year Ended October 31, 2011			Year Ended October 31, 2010			Year Ended October 31, 2009			Year Ended October 31, 2008
Per Share Data:
Net asset value, beginning of period		$54.34			$49.82			$43.32			$34.13			$29.03			$44.92
Income from investment operations:
Net investment income*		0.46			0.20			0.02			0.06			0.06			0.17
Net gain (loss) on investments (realized and unrealized)		6.25			4.50			6.57			9.18			5.13			(15.87	)

Total from investment operations		6.71			4.70			6.59			9.24			5.19			(15.70	)
Less distributions from:
Net investment income		(0.45	)		(0.18	)		(0.09	)		(0.05	)		(0.09	)		(0.19	)
Net asset value, end of period		$60.60			$54.34			$49.82			$43.32			$34.13			$29.03


Total Return**		12.41%			9.44%			15.22%			27.11%			17.93%			(35.05)%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)		$72,718			$73,359			$34,873			$17,329			$11,945			$7,257
Ratio to average net assets of:
Net investment income		1.60%	***		0.38%			0.03%			0.14%			0.21%			0.44%
Total expenses		0.35%	***		0.35%			0.35%			0.35%			0.35%			0.35%
Portfolio turnover rate^†		65%			44%			33%			55%			46%			63%

Based on average shares outstanding.

***

Annualized.

^†

Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions.


48				GUGGENHEIM ETFs SEMI-ANNUAL REPORT		See Notes to Financial Statements.


NOTES TO FINANCIAL STATEMENTS (Unaudited)

1.	Organization

Rydex ETF Trust (the “Trust”) is registered with the SEC under the Investment Company Act of 1940 (the “1940 Act”) as a non- diversified, open-ended investment company of the series type, and is authorized to issue an unlimited number of no par value shares. Each portfolio represents a separate series of beneficial interest in the Trust (each a “Fund”, and collectively, the “Funds”). The Trust was organized as a Delaware statutory trust on November 22, 2002. As of April 30, 2013, the Trust offered twenty-one portfolios, of which seven are covered by this report. The financial statements herein relate to the following funds, whose investment objective is to replicate as closely as possible, before fees and expenses, the daily performance of an index representing publicly traded equity securities (the “Underlying Index”) as follows:


Fund		Index
Guggenheim Russell Top 50^® Mega Cap ETF		Russell Top 50^® Index
Guggenheim S&P 500^® Pure Value ETF		S&P 500^® Pure Value Index
Guggenheim S&P 500^® Pure Growth ETF		S&P 500^® Pure Growth Index
Guggenheim S&P MidCap 400^® Pure Value ETF		S&P MidCap 400^® Pure Value Index
Guggenheim S&P MidCap 400^® Pure Growth ETF		S&P MidCap 400^® Pure Growth Index
Guggenheim S&P SmallCap 600^® Pure Value ETF		S&P SmallCap 600^® Pure Value Index
Guggenheim S&P SmallCap 600^® Pure Growth ETF		S&P SmallCap 600^® Pure Growth Index

Guggenheim Investments (“GI”) provides advisory services and Guggenheim Distributors, LLC (“GDL”) acts as principal underwriter for the Trust. GI and GDL are affiliated entities.

Significant

Accounting Policies


GUGGENHEIM ETFs SEMI-ANNUAL REPORT				49


NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

D. The Funds invest in various investments which are exposed to risk, such as market risk. Due to the level of risk associated with certain investments it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect amounts reported in the financial statements.

The Guggenheim Russell Top 50^® Mega Cap ETF is a non-diversified fund, subjecting it to a greater risk than a fund that is diversified. Throughout the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties which provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds and/or their affiliates that have not yet occurred. However, based on experience the Funds expect the risk of loss to be remote.

2.	Capital

There is a minimum transaction fee per transaction to those persons purchasing or redeeming Creation Units. An additional charge of up to three times the standard transaction fee may be imposed for purchases and redemptions effected outside the National Securities Clearing Corporation usual clearing process or for cash. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV of the Fund on the transaction date. Transaction fees are not charged to or paid by the Funds. The minimum transaction fees are:


	Minimum Transaction Fee
Guggenheim Russell Top 50^® Mega Cap ETF	$	500
Guggenheim S&P 500^® Pure Value ETF		1,000
Guggenheim S&P 500^® Pure Growth ETF		1,000
Guggenheim S&P MidCap 400^® Pure Value ETF		750
Guggenheim S&P MidCap 400^® Pure Growth ETF		750
Guggenheim S&P SmallCap 600^® Pure Value ETF		1,000
Guggenheim S&P SmallCap 600^® Pure Growth ETF		1,000

3.	Fees and Other Transactions with Affiliates


	Advisory Fee
Guggenheim Russell Top 50^® Mega Cap ETF		0.20%
Guggenheim S&P 500^® Pure Value ETF		0.35%
Guggenheim S&P 500^® Pure Growth ETF		0.35%
Guggenheim S&P MidCap 400^® Pure Value ETF		0.35%
Guggenheim S&P MidCap 400^® Pure Growth ETF		0.35%
Guggenheim S&P SmallCap 600^® Pure Value ETF		0.35%
Guggenheim S&P SmallCap 600^® Pure Growth ETF		0.35%


50				GUGGENHEIM ETFs SEMI-ANNUAL REPORT


NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

4.	Fair Value Measurement

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, 2013:


Fund	Level 1 Investments In Securities		Level 2 Investments In Securities		Level 3 Investments In Securities		Total
Guggenheim Russell Top 50^® Mega Cap ETF	$	567,968,115	$	1,392,000	$	—	$	569,360,115
Guggenheim S&P 500^® Pure Value ETF		194,127,924		6,264,929		—		200,392,853
Guggenheim S&P 500^® Pure Growth ETF		410,478,273		2,252,097		—		412,730,370
Guggenheim S&P MidCap 400^® Pure Value ETF		56,877,437		1,429,009		—		58,306,446
Guggenheim S&P MidCap 400^® Pure Growth ETF		614,388,636		8,488,549		—		622,877,185
Guggenheim S&P SmallCap 600^® Pure Value ETF		82,258,169		3,695,025		—		85,953,194
Guggenheim S&P SmallCap 600^® Pure Growth ETF		72,687,880		3,316,879		—		76,004,759

For the period ended April 30, 2013, there were no Level 3 investments or transfers between levels.

5.	Repurchase Agreements

6.	Federal Income Taxes

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 2009 - 2012), and has concluded that no provision for income tax was required in the Funds’ financial statements.


GUGGENHEIM ETFs SEMI-ANNUAL REPORT				51


NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

Income and capital gain distributions are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. These differences are primarily due to differing treatments for in-kind redemptions, distributions in excess of current year earnings, excise taxes paid, income reclassifications from REITs and losses deferred due to wash sales.

For the period ended April 30, 2013, 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, 2013 are disclosed in the Fund’s Statement of Operations.

At April 30, 2013, the identified cost of investments in securities owned by each Fund for Federal income tax purposes and the gross unrealized appreciation and depreciation were as follows:


	Identified Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation
Guggenheim Russell Top 50^® Mega Cap ETF	$	533,777,582	$	69,077,468	$	(33,494,935	)	$	35,582,533
Guggenheim S&P 500^® Pure Value ETF		177,583,223		26,777,022		(3,967,392	)		22,809,630
Guggenheim S&P 500^® Pure Growth ETF		336,128,773		78,789,555		(2,187,958	)		76,601,597
Guggenheim S&P Midcap 400^® Pure Value ETF		51,967,936		7,285,332		(946,822	)		6,338,510
Guggenheim S&P Midcap 400^® Pure Growth ETF		534,833,429		96,550,760		(8,507,004	)		88,043,756
Guggenheim S&P Smallcap 600^® Pure Value ETF		80,323,585		10,115,337		(4,485,728	)		5,629,609
Guggenheim S&P Smallcap 600^® Pure Growth ETF		66,264,446		11,872,085		(2,131,772	)		9,740,313

7.	Investment Transactions

For the period ended April 30, 2013, the Funds had investment transactions in-kind associated with subscriptions and redemptions as follows:


	Subscriptions		Redemptions
Guggenheim Russell Top 50^® Mega Cap ETF	$	—	$	105,683,369
Guggenheim S&P 500^® Pure Value ETF		83,218,252		—
Guggenheim S&P 500^® Pure Growth ETF		31,768,187		14,514,795
Guggenheim S&P MidCap 400^® Pure Value ETF		14,343,493		—
Guggenheim S&P MidCap 400^® Pure Growth ETF		37,404,174		13,542,090
Guggenheim S&P SmallCap 600^® Pure Value ETF		6,601,151		8,093,155
Guggenheim S&P SmallCap 600^® Pure Growth ETF		—		8,692,472

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^® Mega Cap ETF	$	3,253,918	$	3,622,887
Guggenheim S&P 500^® Pure Value ETF		37,936,560		37,663,923
Guggenheim S&P 500^® Pure Growth ETF		179,641,092		189,212,526
Guggenheim S&P Midcap 400^® Pure Value ETF		13,995,560		10,168,922
Guggenheim S&P Midcap 400^® Pure Growth ETF		388,453,924		372,226,427
Guggenheim S&P Smallcap 600^® Pure Value ETF		33,475,593		33,319,364
Guggenheim S&P Smallcap 600^® Pure Growth ETF		48,846,774		48,430,208

There were no purchases or sales of U.S. government or government agency obligations for the period ended April 30, 2013.


52				GUGGENHEIM ETFs SEMI-ANNUAL REPORT


NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

8.	Portfolio Securities Loaned

At April 30, 2013, the following Funds participated in securities lending as follows:


	Value of Securities Loaned		Cash Collateral
Guggenheim Russell Top 50^® Mega Cap ETF	$	—	$	—
Guggenheim S&P 500^® Pure Value ETF		6,083,132		6,264,929
Guggenheim S&P 500^® Pure Growth ETF		2,207,686		2,252,097
Guggenheim S&P Midcap 400^® Pure Value ETF		1,386,904		1,429,009
Guggenheim S&P Midcap 400^® Pure Growth ETF		8,259,594		8,488,549
Guggenheim S&P Smallcap 600^® Pure Value ETF		3,595,026		3,695,025
Guggenheim S&P Smallcap 600^® Pure Growth ETF		3,247,273		3,316,879

The following represents a breakdown of the collateral for the joint repurchase agreements at April 30, 2013:


Counterparty and Terms of Agreement	Face Value		Repurchase Price		Collateral	Par Value		Fair Value
RBS Securities Inc.					Federal Farm Credit Bank
0.15%					0.30% - 4.88%
Due 05/01/13	$	17,371,000	$	17,371,072	04/23/14 - 12/16/15	$	17,159,000	$	17,372,483

Deutsche Bank Securities Inc.					Freddie Mac
0.15%					1.57%
Due 05/01/13		25,000,000		25,000,104	01/08/20		25,356,000		25,376,538

HSBC Securities Inc.					Fannie Mae
0.15%					0.00% - 7.25%
Due 05/01/13		110,000,000		110,001,102	04/15/14 - 11/15/30		142,817,000		112,201,125

9.	Legal Proceedings

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. A motion to dismiss the lawsuit is currently pending before the Court.

This lawsuit does not allege any wrongdoing on the part of Rydex ETF Trust. The following series of Rydex ETF Trust received cash proceeds from the merger in the following amounts: Rydex S&P Midcap 400^® Pure Value ETF Fund — $572,640. At this stage of the proceedings, Rydex ETF Trust is not able to make a reliable predication as to the outcome of this lawsuit or the effect, if any, on a fund’s net asset value.


GUGGENHEIM ETFs SEMI-ANNUAL REPORT				53


NOTES TO FINANCIAL STATEMENTS (Unaudited) (concluded)

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.), No. 12-2652 (S.D.N.Y.) (formerly Adv. Pro. No. 10-54010 (Bankr. D. Del.)) (the “FitzSimons action”), 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 received proceeds 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.

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 Fund 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.

10.

New Accounting Pronouncement

In January 2013, the Financial Accounting Standards Board issued an Accounting Standards Update No. 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, which limits the scope of the new balance sheet offsetting disclosures to derivates, repurchase agreements and securities lending. The new disclosure is effective for Funds whose annual or interim periods begin on or after January 1, 2013. Management is evaluating the impact of this update on its current disclosures.

11.

Subsequent Event


54				GUGGENHEIM ETFs SEMI-ANNUAL REPORT


OTHER INFORMATION (Unaudited)

Proxy Voting Information

Quarterly Portfolio Schedules Information

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.guggenheiminvestments.com.


GUGGENHEIM ETFs SEMI-ANNUAL REPORT				55


INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)

All Trustees and Officers may be reached c/o Guggenheim Investments, 805 King Farm Boulevard, Suite 600, Rockville, MD 20850.

TRUSTEE AND OFFICER


Name and Year of Birth	Length of Service As Trustee (Year Began)	Number of Funds Overseen
Donald C. Cacciapaglia*	Rydex Series Funds – 2012	136
(1951)	Rydex Variable Trust – 2012
	Rydex Dynamic Funds – 2012
	Rydex ETF Trust – 2012

Positions held within the Trust: Trustee from 2012 to present; President from 2012 to present

INDEPENDENT TRUSTEES


Name and Year of Birth	Length of Service As Trustee (Year Began)	Number of Funds Overseen
Corey A. Colehour	Rydex Series Funds – 1993	136
(1945)	Rydex Variable Trust – 1998
	Rydex Dynamic Funds – 1999
	Rydex ETF Trust – 2003

Principal Occupations During Past Five Years: Current: Retired; Previous: President and Senior Vice President of Schield Management Company (registered investment adviser) from 2003 to 2006

Positions held within the Trust: Trustee from 1993 to present; Member of the Audit, Governance and Nominating Committees from 1995 to present


J. Kenneth Dalton	Rydex Series Funds – 1995	136
(1941)	Rydex Variable Trust – 1998
	Rydex Dynamic Funds – 1999
	Rydex ETF Trust – 2003

Principal Occupations During Past Five Years: Current: Retired


John O. Demaret	Rydex Series Funds – 1997	136
(1940)	Rydex Variable Trust – 1998
	Rydex Dynamic Funds – 1999
	Rydex ETF Trust – 2003

Principal Occupations During Past Five Years: Current: Retired;


56				GUGGENHEIM ETFs SEMI-ANNUAL REPORT

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited) (continued)

INDEPENDENT TRUSTEES – concluded


Name and Year of Birth	Length of Service As Trustee (Year Began)	Number of Funds Overseen
Werner E. Keller	Rydex Series Funds – 2005	136
(1940)	Rydex Variable Trust – 2005
	Rydex Dynamic Funds – 2005
	Rydex ETF Trust – 2005

Principal Occupations During Past Five Years: Current: Founder and President of Keller Partners, LLC (investment research firm) from 2005 to present; Previous: Retired from 2001 to 2005


Thomas F. Lydon, Jr.	Rydex Series Funds – 2005	136
(1960)	Rydex Variable Trust – 2005
	Rydex Dynamic Funds – 2005
	Rydex ETF Trust – 2005

Principal Occupations During Past Five Years: Current: President of Global Trends Investments (registered investment adviser) from 1996 to present

Positions held within the Trust: Trustee and Member of the Audit and Governance and Nominating Committees from 2005 to present


Patrick T. McCarville	Rydex Series Funds – 1997	136
(1942)	Rydex Variable Trust – 1998
	Rydex Dynamic Funds – 1999
	Rydex ETF Trust – 2003

Principal Occupations During Past Five Years: Current: Retired; Previous: Chief Executive Officer of Par Industries, Inc., d/b/a Par Leasing from 1977 to 2010

Positions held within the Trust: Trustee from 1997 to present; Member of the Audit Committee from 1997 to present; and Chairman of the Governance and Nominating Committees from 1997 to present


Roger Somers	Rydex Series Funds – 1993	136
(1944)	Rydex Variable Trust – 1998
	Rydex Dynamic Funds – 1999
	Rydex ETF Trust – 2003

Principal Occupations During Past Five Years: Current: Founder and Chief Executive Officer of Arrow Limousine from 1965 to present

Positions held within the Trust: Trustee from 1993 to present; Member of the Audit and Governance and Nominating Committees from 1995 to present


GUGGENHEIM ETFs SEMI-ANNUAL REPORT				57


INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited) (concluded)

EXECUTIVE OFFICERS


Name, Position and Year of Birth		Principal Occupations During Past Five Years

Michael P. Byrum* Vice President, (1970)		Current: President, Security Benefit Asset Management Holdings, LLC; 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 & 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); and 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 & President, Rydex Fund Services, LLC; Vice President, Rydex Holdings, LLC; Treasurer, SBL Fund; Security Equity Fund; Security Income Fund; Security Large Cap Value Fund & Security Mid Cap Growth Fund; Vice President, Security Benefit Asset Management Holdings, LLC Previous: Security Global Investors, LLC, Senior Vice President (2010-2011); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.) Senior Vice President (2006-2011); Rydex Fund Services, LLC (f/k/a Rydex Fund Services, Inc.), Director (2009) & 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 (1961)		Current: Senior Vice President & Secretary, Security Investors, LLC; Secretary & Chief Compliance Officer, Security Distributors, Inc.; Vice President, Associate General Counsel & 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 & Secretary, SBL Fund; Security Equity Fund; Security Income Fund; Security Large Cap Value Fund & Security Mid Cap Growth Fund; Vice President & 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: Security Global Investors, 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 & Secretary (2010-2011); Brecek & 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 & Security Mid Cap Growth Fund; Vice President, Security Investors, LLC; and Chief Financial Officer & Manager, Rydex Specialized Products, LLC Previous: Security Global Investors, LLC, Vice President (2010-2011); 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)


58				GUGGENHEIM ETFs SEMI-ANNUAL REPORT

LOGO

APRIL 30, 2013

GUGGENHEIM ETFs

SEMI-ANNUAL REPORT

LOGO


RSP		GUGGENHEIM S&P 500^® EQUAL WEIGHT ETF

ETF3-SEMI-0413X1013


TABLE OF CONTENTS


DEAR SHAREHOLDER			2

FEES AND EXPENSES			3

ECONOMIC AND MARKET OVERVIEW			4

PORTFOLIO SUMMARY			6

SCHEDULE OF INVESTMENTS			7

STATEMENT OF ASSETS AND LIABILITIES			14

STATEMENT OF OPERATIONS			15

STATEMENTS OF CHANGES IN NET ASSETS			16

FINANCIAL HIGHLIGHTS			17

NOTES TO FINANCIAL STATEMENTS			18

OTHER INFORMATION			23

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS			24


GUGGENHEIM ETFs SEMI-ANNUAL REPORT				1


			April 30, 2013

Dear Shareholder:

Security Investors, LLC (the “Investment Adviser”) is pleased to present the semiannual shareholder report for a number of our exchange traded funds (“ETFs”).

The Investment Adviser is part of Guggenheim Investments, which represents the investment management businesses of Guggenheim Partners, LLC, a global, diversified financial services firm.

Thank you for investing in our Funds.

Sincerely,

LOGO

Donald C. Cacciapaglia

President

May 31, 2013

ETFs may not be suitable for all investors. • Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than original cost. Most investors will also incur customary brokerage commissions when buying or selling shares of an ETF. • Investments in securities and derivatives, in general, are subject to market risks that may cause their prices to fluctuate over time. • ETF shares may trade below their net asset value per share (“NAV”). The NAV of shares will fluctuate with changes in the market value of an ETF’s holdings. In addition, there can be no assurance that an active trading market for shares will develop or be maintained. • Tracking error risk refers to the risk that the Adviser may not be able to cause the ETF’s performance to match or correlate to that of the ETF’s underlying index, either on a daily or aggregate basis. Tracking error risk may cause the ETF’s performance to be less than you expect.


2				GUGGENHEIM ETFs SEMI-ANNUAL REPORT


FEES AND EXPENSES (Unaudited)

Shareholder Expense Example

The example in the table is based on an investment of $1,000 invested on October 31, 2012 and held for the six months ended April 30, 2013.

Actual Expenses

Hypothetical Example for Comparison Purposes

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 10/31/12		Ending Account Value 04/30/13		Expenses Paid During Six-Month Period* 10/31/12 to 04/30/13
Actual
Guggenheim S&P 500^® Equal Weight ETF		0.40%	$	1,000.00	$	1,181.70	$	2.16

Hypothetical (assuming a 5% return before expenses)
Guggenheim S&P 500^® Equal Weight ETF		0.40%		1,000.00		1,022.81		2.01

Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).


GUGGENHEIM ETFs SEMI-ANNUAL REPORT				3


ECONOMIC AND MARKET OVERVIEW

* Index Definitions

Indices are unmanaged and it is not possible to invest directly in an index.

The MSCI Emerging Markets Index is a free float-adjusted market-capitalization weighted index that is designed to measure equity market performance in the global emerging markets.


4				GUGGENHEIM ETFs SEMI-ANNUAL REPORT


ECONOMIC AND MARKET OVERVIEW (concluded)

Merrill Lynch High Yield Master II Index is a commonly used benchmark index for high yield corporate bonds. It is a measure of the broad high yield market.


GUGGENHEIM ETFs SEMI-ANNUAL REPORT				5


PORTFOLIO SUMMARY (Unaudited)			April 30, 2013

GUGGENHEIM S&P 500^® EQUAL WEIGHT ETF

Sector Allocations*

LOGO


Top 10 Holdings*
Description	% of Net Assets
First Solar, Inc.		0.34%
GameStop Corp. — Class A		0.27%
Best Buy Co., Inc.		0.25%
Biogen Idec, Inc.		0.25%
AbbVie, Inc.		0.24%
SAIC, Inc.		0.24%
Walgreen Co.		0.24%
Life Technologies Corp.		0.24%
Actavis, Inc.		0.23%
Coach, Inc.		0.23%


6				GUGGENHEIM ETFs SEMI-ANNUAL REPORT


SCHEDULE OF INVESTMENTS (Unaudited)			April 30, 2013

GUGGENHEIM S&P 500^® EQUAL WEIGHT ETF


	SHARES		VALUE


COMMON STOCKS - 99.8%
Aerospace & Defense - 2.2%
Boeing Co. (The)		88,794	$	8,116,660
General Dynamics Corp.		104,677		7,741,911
Honeywell International, Inc.		97,746		7,188,241
L-3 Communications Holdings, Inc.		93,397		7,588,506
Lockheed Martin Corp.		80,134		7,940,478
Northrop Grumman Corp.		109,280		8,276,867
Precision Castparts Corp.		37,763		7,223,684
Raytheon Co.		128,626		7,895,064
Rockwell Collins, Inc.		118,105		7,431,167
Textron, Inc.		236,931		6,100,973
United Technologies Corp.		78,231		7,141,708

Total Aerospace & Defense				82,645,259

Air Freight & Logistics - 0.8%
C.H. Robinson Worldwide, Inc.		126,472		7,511,172
Expeditors International of Washington, Inc.		186,244		6,691,747
FedEx Corp.		66,740		6,274,227
United Parcel Service, Inc. — Class B		85,284		7,320,779

Total Air Freight & Logistics				27,797,925

Airlines - 0.2%
Southwest Airlines Co.		587,707		8,051,586

Total Airlines				8,051,586

Auto Components - 0.8%
BorgWarner, Inc.*		90,651		7,086,189
Delphi Automotive PLC		167,529		7,741,515
Goodyear Tire & Rubber Co. (The)*		550,872		6,883,145
Johnson Controls, Inc.		213,702		7,481,707

Total Auto Components				29,192,556

Automobiles - 0.4%
Ford Motor Co.		555,183		7,611,559
Harley-Davidson, Inc.		131,500		7,186,475

Total Automobiles				14,798,034

Beverages - 1.9%
Beam, Inc.		119,122		7,708,385
Brown-Forman Corp. — Class B		106,830		7,531,515
Coca-Cola Co. (The)		183,709		7,776,402
Coca-Cola Enterprises, Inc.		198,706		7,278,601
Constellation Brands, Inc. — Class A*		163,727		8,079,927
Dr Pepper Snapple Group, Inc.		163,685		7,992,738
Molson Coors Brewing Co. —Class B		152,155		7,851,198
Monster Beverage Corp.*		152,282		8,588,705
PepsiCo, Inc.		93,397		7,702,451

Total Beverages				70,509,922

Biotechnology - 1.3%
Alexion Pharmaceuticals, Inc.*		79,032		7,745,136
Amgen, Inc.		77,557		8,082,215


	SHARES		VALUE


Biogen Idec, Inc.*		41,820	$	9,155,653
Celgene Corp.*		64,671		7,635,705
Gilead Sciences, Inc.*		158,504		8,026,642
Regeneron Pharmaceuticals, Inc.*		36,642		7,883,160

Total Biotechnology				48,528,511

Building Products - 0.2%
Masco Corp.		361,377		7,025,169

Total Building Products				7,025,169

Capital Markets - 2.5%
Ameriprise Financial, Inc.		99,857		7,442,342
Bank of New York Mellon Corp. (The)		252,733		7,132,125
BlackRock, Inc.		28,976		7,722,104
Charles Schwab Corp. (The)		408,055		6,920,613
ETrade Financial Corp.		637,593		6,560,832
Franklin Resources, Inc.		49,085		7,591,486
Goldman Sachs Group, Inc. (The)		47,186		6,892,459
Invesco Ltd.		256,408		8,138,390
Legg Mason, Inc.		238,919		7,611,959
Morgan Stanley		312,970		6,932,286
Northern Trust Corp.		131,203		7,074,466
State Street Corp.		121,784		7,120,710
T. Rowe Price Group, Inc.		95,890		6,952,025

Total Capital Markets				94,091,797

Chemicals - 3.1%
Air Products & Chemicals, Inc.		80,893		7,034,455
Airgas, Inc.		70,415		6,805,610
CF Industries Holdings, Inc.		34,894		6,508,080
Dow Chemical Co. (The)		219,781		7,452,774
Du Pont (E.I.) de Nemours & Co.		146,535		7,987,623
Eastman Chemical Co.		99,861		6,655,736
Ecolab, Inc.		92,299		7,810,341
FMC Corp.		117,940		7,158,958
International Flavors & Fragrances, Inc.		97,280		7,509,043
LyondellBasell Industries NV — Class A		113,205		6,871,544
Monsanto Co.		69,698		7,445,140
Mosaic Co. (The)		119,585		7,365,240
PPG Industries, Inc.		52,421		7,713,226
Praxair, Inc.		63,361		7,242,162
Sherwin-Williams Co. (The)		43,553		7,974,990
Sigma-Aldrich Corp.		91,325		7,186,364

Total Chemicals				116,721,286

Commercial Banks - 2.5%
BB&T Corp.		229,543		7,063,038
Comerica, Inc.		198,578		7,198,453
Fifth Third Bancorp		441,003		7,510,281
First Horizon National Corp.		646,846		6,727,198
Huntington Bancshares, Inc.		979,120		7,020,290
KeyCorp		730,736		7,285,438
M&T Bank Corp.		69,232		6,937,046
PNC Financial Services Group, Inc.		110,929		7,529,861


See Notes to Financial Statements.		GUGGENHEIM ETFs SEMI-ANNUAL REPORT				7


SCHEDULE OF INVESTMENTS (Unaudited) (continued)			April 30, 2013

GUGGENHEIM S&P 500^® EQUAL WEIGHT ETF


	SHARES		VALUE


Regions Financial Corp.		884,117	$	7,506,153
SunTrust Banks, Inc.		245,595		7,183,654
US Bancorp		210,489		7,005,074
Wells Fargo & Co.		197,438		7,498,695
Zions Bancorp		284,922		7,014,780

Total Commercial Banks				93,479,961

Commercial Services & Supplies - 1.8%
ADT Corp. (The)*		150,464		6,566,249
Avery Dennison Corp.		170,823		7,080,613
Cintas Corp.		162,417		7,287,651
Iron Mountain, Inc.		206,518		7,818,772
Pitney Bowes, Inc.^a		516,279		7,057,534
Republic Services, Inc.		230,217		7,845,795
Stericycle, Inc.*		73,119		7,920,250
Tyco International Ltd.		224,685		7,216,882
Waste Management, Inc.		195,242		8,001,017

Total Commercial Services & Supplies				66,794,763

Communications Equipment - 1.2%
Cisco Systems, Inc.		330,005		6,903,705
F5 Networks, Inc.*		76,540		5,849,952
Harris Corp.		158,530		7,324,086
JDS Uniphase Corp.*		465,503		6,284,290
Juniper Networks, Inc.*		348,368		5,765,490
Motorola Solutions, Inc.		114,769		6,564,787
QUALCOMM, Inc.		108,182		6,666,175

Total Communications Equipment				45,358,485

Computers & Peripherals - 1.6%
Apple, Inc.		16,599		7,349,207
Dell, Inc.		508,772		6,817,545
EMC Corp.*		296,537		6,651,325
Hewlett-Packard Co.		343,172		7,069,343
NetApp, Inc.*		210,617		7,348,427
SanDisk Corp.*		139,062		7,292,411
Seagate Technology PLC		221,726		8,137,344
Western Digital Corp.		151,269		8,362,151

Total Computers & Peripherals				59,027,753

Construction & Engineering - 0.6%
Fluor Corp.		112,154		6,390,535
Jacobs Engineering Group, Inc.*		138,973		7,015,357
Quanta Services, Inc.*		244,255		6,712,127

Total Construction & Engineering				20,118,019

Construction Materials - 0.2%
Vulcan Materials Co.		131,580		6,563,210

Total Construction Materials				6,563,210

Consumer Finance - 0.8%
American Express Co.		111,349		7,617,385
Capital One Financial Corp.		132,848		7,675,957
Discover Financial Services		174,205		7,619,727
SLM Corp.		377,980		7,805,287

Total Consumer Finance				30,718,356

Containers & Packaging - 1.0%
Ball Corp.		160,688		7,089,554


	SHARES		VALUE


Bemis Co., Inc.		187,638	$	7,383,555
MeadWestvaco Corp.		197,731		6,817,765
Owens-Illinois, Inc.*		272,036		7,149,106
Sealed Air Corp.		320,363		7,086,430

Total Containers & Packaging				35,526,410

Distributors - 0.2%
Genuine Parts Co.		97,365		7,431,870

Total Distributors				7,431,870

Diversified Consumer Services - 0.4%
Apollo Group, Inc. — Class A*		424,569		7,799,332
H&R Block, Inc.		264,051		7,324,775

Total Diversified Consumer Services				15,124,107

Diversified Financial Services - 1.8%
Bank of America Corp.		597,087		7,350,141
Citigroup, Inc.		154,351		7,202,018
CME Group, Inc.		115,659		7,039,007
IntercontinentalExchange, Inc.*		45,452		7,405,494
JPMorgan Chase & Co.		143,580		7,036,856
Leucadia National Corp.		270,091		8,343,111
Moody’s Corp.		141,512		8,611,005
NASDAQ OMX Group, Inc. (The)		224,978		6,632,351
NYSE Euronext		189,749		7,364,159

Total Diversified Financial Services				66,984,142

Diversified Telecommunication Services - 1.0%
AT&T, Inc.		196,552		7,362,838
CenturyLink, Inc.		209,561		7,873,207
Frontier Communications Corp.^a		1,770,360		7,364,698
Verizon Communications, Inc.		150,167		8,095,503
Windstream Corp.^a		841,835		7,172,434

Total Diversified Telecommunication Services				37,868,680

Electric Utilities - 2.8%
American Electric Power Co., Inc.		151,689		7,801,365
Duke Energy Corp.		103,579		7,789,141
Edison International		142,059		7,642,774
Entergy Corp.		113,544		8,087,739
Exelon Corp.		224,304		8,413,643
FirstEnergy Corp.		176,147		8,208,450
NextEra Energy, Inc.		97,242		7,976,761
Northeast Utilities		170,785		7,741,684
Pepco Holdings, Inc.		352,294		7,961,844
Pinnacle West Capital Corp.		126,345		7,694,411
PPL Corp.		235,159		7,849,608
Southern Co. (The)		158,954		7,666,352
Xcel Energy, Inc.		248,761		7,908,112

Total Electric Utilities				102,741,884

Electrical Equipment - 0.7%
Eaton Corp. PLC		113,714		6,983,177
Emerson Electric Co.		125,710		6,978,162
Rockwell Automation, Inc.		79,541		6,743,486
Roper Industries, Inc.		57,194		6,843,262

Total Electrical Equipment				27,548,087


8				GUGGENHEIM ETFs SEMI-ANNUAL REPORT		See Notes to Financial Statements.


SCHEDULE OF INVESTMENTS (Unaudited) (continued)			April 30, 2013

GUGGENHEIM S&P 500^® EQUAL WEIGHT ETF


	SHARES		VALUE


Electronic Equipment, Instruments & Components - 1.2%
Amphenol Corp. — Class A		98,467	$	7,436,228
Corning, Inc.		566,924		8,220,398
FLIR Systems, Inc.		267,556		6,504,286
Jabil Circuit, Inc.		381,571		6,791,964
Molex, Inc.		251,801		6,942,154
TE Connectivity Ltd.		170,742		7,435,814

Total Electronic Equipment, Instruments & Components				43,330,844

Energy Equipment & Services - 2.3%
Baker Hughes, Inc.		156,292		7,094,094
Cameron International Corp.*		110,081		6,775,486
Diamond Offshore Drilling, Inc.^a		106,194		7,338,005
Ensco PLC — Class A		124,866		7,202,271
FMC Technologies, Inc.*		139,820		7,592,226
Halliburton Co.		171,204		7,322,395
Helmerich & Payne, Inc.		111,980		6,564,268
Nabors Industries Ltd.		434,242		6,422,439
National Oilwell Varco, Inc.		105,732		6,895,841
Noble Corp.		201,028		7,538,550
Rowan Cos., PLC — Class A*		208,463		6,781,301
Schlumberger Ltd.		92,511		6,885,594

Total Energy Equipment & Services				84,412,470

Food & Staples Retailing - 1.7%
Costco Wholesale Corp.		69,953		7,585,004
CVS Caremark Corp.		137,748		8,014,178
Kroger Co. (The)		231,103		7,945,321
Safeway, Inc.^a		305,408		6,877,788
Sysco Corp.		216,530		7,548,236
Wal-Mart Stores, Inc.		98,590		7,662,415
Walgreen Co.		177,245		8,775,400
Whole Foods Market, Inc.		84,822		7,491,479

Total Food & Staples Retailing				61,899,821

Food Products - 3.1%
Archer-Daniels-Midland Co.		221,387		7,513,875
Campbell Soup Co.		174,163		8,082,905
ConAgra Foods, Inc.		207,281		7,331,529
Dean Foods Co.*		404,125		7,734,952
General Mills, Inc.		155,534		7,842,024
H.J. Heinz Co.		99,395		7,198,186
Hershey Co.(The)		85,411		7,615,245
Hormel Foods Corp.		186,833		7,710,598
J.M. Smucker Co.(The)		74,005		7,639,536
Kellogg Co.		117,050		7,612,932
Kraft Foods Group, Inc.		145,017		7,466,925
McCormick & Co., Inc.		102,604		7,381,332
Mead Johnson Nutrition Co.		96,055		7,789,100
Mondelez International, Inc. —Class A		252,097		7,928,451
Tyson Foods, Inc. — Class A		300,254		7,395,256

Total Food Products				114,242,846

Gas Utilities - 0.4%
AGL Resources, Inc.		176,825		7,753,776


	SHARES		VALUE


Oneok, Inc.		159,293	$	8,181,289

Total Gas Utilities				15,935,065

Health Care Equipment & Supplies - 2.8%
Abbott Laboratories		207,700		7,668,284
Baxter International, Inc.		103,155		7,207,440
Becton, Dickinson and Co.		81,147		7,652,162
Boston Scientific Corp.*		961,940		7,204,931
C.R. Bard, Inc.		71,686		7,122,721
CareFusion Corp.*		215,305		7,199,799
Covidien PLC		110,632		7,062,747
DENTSPLY International, Inc.		168,500		7,135,975
Edwards Lifesciences Corp.*		79,837		5,092,802
Intuitive Surgical, Inc.*		14,111		6,946,704
Medtronic, Inc.		158,026		7,376,654
St Jude Medical, Inc.		170,615		7,032,750
Stryker Corp.		109,530		7,182,977
Varian Medical Systems, Inc.*		97,534		6,353,365
Zimmer Holdings, Inc.		95,593		7,308,085

Total Health Care Equipment & Supplies				105,547,396

Health Care Providers & Services - 3.1%
Aetna, Inc.		142,737		8,198,813
AmerisourceBergen Corp.		148,692		8,047,211
Cardinal Health, Inc.		155,746		6,887,088
CIGNA Corp.		120,682		7,985,528
Coventry Health Care, Inc.		153,970		7,629,213
DaVita, Inc.*		60,615		7,191,970
Express Scripts Holding Co.*		122,543		7,275,378
Humana, Inc.		106,029		7,857,809
Laboratory Corp. of America Holdings*		80,511		7,516,507
McKesson Corp.		65,854		6,968,670
Patterson Cos., Inc.		195,450		7,417,327
Quest Diagnostics, Inc.		128,838		7,257,445
Tenet Healthcare Corp.*		166,855		7,568,543
UnitedHealth Group, Inc.		133,992		8,030,141
WellPoint, Inc.		114,392		8,341,465

Total Health Care Providers & Services				114,173,108

Health Care Technology - 0.2%
Cerner Corp.*		78,019		7,549,899

Total Health Care Technology				7,549,899

Hotels, Restaurants & Leisure - 2.2%
Carnival Corp.		201,999		6,970,985
Chipotle Mexican Grill, Inc.*		22,432		8,147,078
Darden Restaurants, Inc.		152,325		7,864,540
International Game Technology		423,895		7,185,020
Marriott International, Inc. — Class A		178,851		7,701,324
McDonald’s Corp.		72,907		7,446,721
Starbucks Corp.		122,882		7,476,141
Starwood Hotels & Resorts Worldwide, Inc.		115,193		7,432,252


See Notes to Financial Statements.		GUGGENHEIM ETFs SEMI-ANNUAL REPORT				9


SCHEDULE OF INVESTMENTS (Unaudited) (continued)			April 30, 2013

GUGGENHEIM S&P 500^® EQUAL WEIGHT ETF


	SHARES			VALUE


Wyndham Worldwide Corp.		113,332		$	6,808,987
Wynn Resorts Ltd.		61,420			8,432,966
Yum! Brands, Inc.		106,364			7,245,516

Total Hotels, Restaurants & Leisure					82,711,530

Household Durables - 1.6%
DR Horton, Inc.		299,453			7,809,734
Garmin Ltd.^a		202,381			7,099,526
Harman International Industries, Inc.		163,897			7,327,835
Leggett & Platt, Inc.		225,880	��		7,282,371
Lennar Corp. — Class A^a		172,726			7,119,766
Newell Rubbermaid, Inc.		288,890			7,609,363
PulteGroup, Inc.*		355,761			7,467,423
Whirlpool Corp.		61,208			6,994,850

Total Household Durables					58,710,868

Household Products - 0.8%
Clorox Co.(The)		85,539			7,377,739
Colgate-Palmolive Co.		62,221			7,429,809
Kimberly-Clark Corp.		76,586			7,902,909
Procter & Gamble Co.(The)		93,397			7,170,088

Total Household Products					29,880,545

Independent Power Producers & Energy Traders - 0.4%
AES Corp.(The)		584,456			8,100,560
NRG Energy, Inc.		289,738			8,074,998

Total Independent Power Producers & Energy Traders					16,175,558

Industrial Conglomerates - 0.6%
3M Co.		68,092			7,129,914
Danaher Corp.		116,333			7,089,333
General Electric Co.		303,039			6,754,739

Total Industrial Conglomerates					20,973,986

Insurance - 4.5%
ACE Ltd.		82,750			7,376,335
AFLAC, Inc.		143,792			7,828,036
Allstate Corp.(The)		151,986			7,486,830
American International Group, Inc.*		181,975			7,537,404
Aon PLC		119,627			7,219,489
Assurant, Inc.		168,292			8,000,602
Berkshire Hathaway, Inc. — Class B*		69,486			7,387,752
Chubb Corp.(The)		83,975			7,395,678
Cincinnati Financial Corp.		155,534			7,607,168
Genworth Financial, Inc. — Class A*		732,258			7,344,548
Hartford Financial Services Group, Inc.		283,189			7,954,779
Lincoln National Corp.		218,433			7,428,906
Loews Corp.		165,334			7,385,470
Marsh & McLennan Cos., Inc.		194,861			7,406,667
MetLife, Inc.		184,552			7,195,682
Principal Financial Group, Inc.		215,601			7,783,196


	SHARES		VALUE


Progressive Corp.(The)		290,073	$	7,335,946
Prudential Financial, Inc.		120,852		7,301,878
Torchmark Corp.		123,471		7,663,845
Travelers Cos., Inc.(The)		88,243		7,536,835
Unum Group		271,782		7,580,000
XL Group PLC		243,018		7,567,581

Total Insurance				165,324,627

Internet & Catalog Retail - 1.0%
Amazon.com, Inc.*		26,361		6,690,686
Expedia, Inc.		111,306		6,215,327
Netflix, Inc.*		38,988		8,424,137
priceline.com, Inc.*		10,012		6,968,252
TripAdvisor, Inc.*		141,257		7,427,293

Total Internet & Catalog Retail				35,725,695

Internet Software & Services - 1.0%
Akamai Technologies, Inc.*		193,509		8,496,980
eBay, Inc.*		135,552		7,101,569
Google, Inc. — Class A*		8,702		7,175,408
VeriSign, Inc.*		153,970		7,093,398
Yahoo!, Inc.*		314,657		7,781,468

Total Internet Software & Services				37,648,823

IT Services - 2.8%
Accenture PLC — Class A		92,003		7,492,724
Automatic Data Processing, Inc.		113,714		7,657,501
Cognizant Technology Solutions Corp. — Class A*		89,510		5,800,248
Computer Sciences Corp.		144,848		6,786,129
Fidelity National Information Services, Inc.		190,130		7,994,967
Fiserv, Inc.*		85,161		7,759,019
International Business Machines Corp.		34,258		6,938,615
Mastercard, Inc. — Class A		13,645		7,544,730
Paychex, Inc.		212,011		7,719,321
SAIC, Inc.		590,666		8,824,550
Teradata Corp.*		121,992		6,230,131
Total System Services, Inc.		297,041		7,016,108
Visa, Inc. — Class A		44,774		7,542,628
Western Union Co.(The)		492,580		7,295,110

Total IT Services				102,601,781

Leisure Equipment & Products - 0.4%
Hasbro, Inc.^a		172,980		8,194,063
Mattel, Inc.		173,909		7,940,685

Total Leisure Equipment & Products				16,134,748

Life Sciences Tools & Services - 1.0%
Agilent Technologies, Inc.		167,402		6,937,139
Life Technologies Corp.*		118,741		8,750,024
PerkinElmer, Inc.		202,720		6,213,368
Thermo Fisher Scientific, Inc.		93,609		7,552,374
Waters Corp.*		76,332		7,053,077

Total Life Sciences Tools & Services				36,505,982


10				GUGGENHEIM ETFs SEMI-ANNUAL REPORT		See Notes to Financial Statements.


SCHEDULE OF INVESTMENTS (Unaudited) (continued)			April 30, 2013

GUGGENHEIM S&P 500^® EQUAL WEIGHT ETF


	SHARES		VALUE


Machinery - 2.8%
Caterpillar, Inc.		79,626	$	6,741,933
Cummins, Inc.		60,280		6,413,189
Deere & Co.		79,244		7,076,489
Dover Corp.		97,662		6,736,725
Flowserve Corp.		43,676		6,906,049
Illinois Tool Works, Inc.		115,447		7,453,258
Ingersoll-Rand PLC		132,767		7,142,865
Joy Global, Inc.		114,180		6,453,454
PACCAR, Inc.		142,733		7,105,249
Pall Corp.		104,507		6,971,662
Parker Hannifin Corp.		73,585		6,517,423
Pentair Ltd.		139,354		7,573,890
Snap-on, Inc.		87,861		7,573,618
Stanley Black & Decker, Inc.		91,155		6,819,306
Xylem, Inc.		253,449		7,033,210

Total Machinery				104,518,320

Media - 3.2%
Cablevision Systems Corp. — Class A		516,279		7,671,906
CBS Corp. — Class B		156,631		7,170,567
Comcast Corp. — Class A		175,654		7,254,510
DIRECTV*		144,004		8,144,866
Discovery Communications, Inc. — Class A*		92,380		7,281,392
Gannett Co., Inc.		333,680		6,726,989
Interpublic Group of Cos., Inc.(The)		550,071		7,612,983
McGraw-Hill Cos., Inc.(The)		151,435		8,194,148
News Corp. — Class A		235,795		7,302,571
Omnicom Group, Inc.		122,501		7,321,885
Scripps Networks Interactive, Inc. — Class A		112,069		7,461,554
Time Warner Cable, Inc.		80,172		7,527,349
Time Warner, Inc.		125,502		7,502,510
Viacom, Inc. — Class B		116,376		7,446,900
Walt Disney Co.(The)		125,455		7,883,592
Washington Post Co.(The) — Class B		17,404		7,715,889

Total Media				120,219,611

Metals & Mining - 1.2%
Alcoa, Inc.		836,977		7,114,305
Allegheny Technologies, Inc.		219,531		5,922,946
Cliffs Natural Resources, Inc.^a		291,340		6,217,196
Freeport-McMoRan Copper & Gold, Inc.		216,487		6,587,699
Newmont Mining Corp.		183,582		5,948,057
Nucor Corp.		151,312		6,600,229
United States Steel Corp.^a		344,312		6,128,754

Total Metals & Mining				44,519,186

Multi-Utilities - 3.0%
Ameren Corp.		212,516		7,703,705
CenterPoint Energy, Inc.		330,159		8,148,324


	SHARES		VALUE


CMS Energy Corp.		266,166	$	7,969,010
Consolidated Edison, Inc.		122,204		7,778,285
Dominion Resources, Inc.		129,050		7,959,804
DTE Energy Co.		108,182		7,884,304
Integrys Energy Group, Inc.		128,160		7,889,529
NiSource, Inc.		254,717		7,827,453
PG&E Corp.		168,331		8,153,954
Public Service Enterprise Group, Inc.		220,417		8,069,466
SCANA Corp.		146,874		7,960,571
Sempra Energy		91,579		7,587,320
TECO Energy, Inc.		415,952		7,957,162
Wisconsin Energy Corp.		174,121		7,824,998

Total Multi-Utilities				110,713,885

Multiline Retail - 1.6%
Dollar General Corp.*		150,803		7,855,328
Dollar Tree, Inc.*		159,925		7,606,033
Family Dollar Stores, Inc.		122,628		7,525,680
J.C. Penney Co., Inc.*^a		476,952		7,831,552
Kohl’s Corp.		154,436		7,267,758
Macy’s, Inc.		172,980		7,714,908
Nordstrom, Inc.		131,580		7,446,112
Target Corp.		108,517		7,656,960

Total Multiline Retail				60,904,331

Office Electronics - 0.2%
Xerox Corp.		827,189		7,097,282

Total Office Electronics				7,097,282

Oil, Gas & Consumable Fuels - 5.9%
Anadarko Petroleum Corp.		86,679		7,346,912
Apache Corp.		95,212		7,034,263
Cabot Oil & Gas Corp.		111,560		7,591,658
Chesapeake Energy Corp.		337,763		6,599,889
Chevron Corp.		60,699		7,405,885
ConocoPhillips		123,344		7,456,145
CONSOL Energy, Inc.		224,388		7,548,412
Denbury Resources, Inc.*		391,579		7,005,348
Devon Energy Corp.		128,032		7,049,442
EOG Resources, Inc.		55,927		6,776,115
EQT Corp.		110,463		8,297,981
Exxon Mobil Corp.		81,020		7,209,970
Hess Corp.		103,659		7,482,107
Kinder Morgan, Inc.		192,920		7,543,172
Marathon Oil Corp.		214,923		7,021,534
Marathon Petroleum Corp.		80,978		6,345,436
Murphy Oil Corp.		115,786		7,189,153
Newfield Exploration Co.*		303,802		6,619,846
Noble Energy, Inc.		64,124		7,264,608
Occidental Petroleum Corp.		87,527		7,812,660
Peabody Energy Corp.		327,628		6,572,218
Phillips 66		109,153		6,652,875
Pioneer Natural Resources Co.		56,478		6,903,306
QEP Resources, Inc.		230,725		6,624,115
Range Resources Corp.		91,325		6,714,214


See Notes to Financial Statements.		GUGGENHEIM ETFs SEMI-ANNUAL REPORT				11


SCHEDULE OF INVESTMENTS (Unaudited) (continued)			April 30, 2013

GUGGENHEIM S&P 500^® EQUAL WEIGHT ETF


	SHARES		VALUE


Southwestern Energy Co.*		191,737	$	7,174,798
Spectra Energy Corp.		246,693		7,778,230
Tesoro Corp.		123,344		6,586,570
Valero Energy Corp.		158,450		6,388,704
Williams Cos., Inc.(The)		207,504		7,912,127
WPX Energy, Inc.*		443,453		6,931,170

Total Oil, Gas & Consumable Fuels				220,838,863

Paper & Forest Products - 0.2%
International Paper Co.		153,970		7,233,511

Total Paper & Forest Products				7,233,511

Personal Products - 0.4%
Avon Products, Inc.		364,586		8,443,812
Estee Lauder Cos., Inc.(The) — Class A		109,573		7,598,887

Total Personal Products				16,042,699

Pharmaceuticals - 2.5%
AbbVie, Inc.		192,873		8,881,802
Actavis, Inc.*		82,330		8,704,751
Allergan, Inc.		65,769		7,468,070
Bristol-Myers Squibb Co.		192,750		7,656,030
Eli Lilly & Co.		130,567		7,230,800
Forest Laboratories, Inc.*		190,173		7,114,372
Hospira, Inc.*		239,385		7,928,431
Johnson & Johnson		92,215		7,859,484
Merck & Co., Inc.		167,657		7,879,879
Mylan, Inc.*		234,570		6,828,333
Perrigo Co.		62,263		7,434,825
Pfizer, Inc.		255,560		7,429,129

Total Pharmaceuticals				92,415,906

Professional Services - 0.6%
Dun & Bradstreet Corp.(The)^a		90,015		7,961,827
Equifax, Inc.		126,723		7,755,448
Robert Half International, Inc.		198,070		6,500,657

Total Professional Services				22,217,932

Real Estate Investment Trusts (REITs) - 3.3%
American Tower Corp.		93,482		7,851,553
Apartment Investment & Management Co. — Class A		237,062		7,374,999
AvalonBay Communities, Inc.		58,169		7,738,804
Boston Properties, Inc.		70,080		7,668,854
Equity Residential		131,203		7,617,646
HCP, Inc.		147,340		7,853,222
Health Care REIT, Inc.		110,293		8,268,666
Host Hotels & Resorts, Inc.		425,513		7,774,123
Kimco Realty Corp.		326,399		7,761,768
Plum Creek Timber Co., Inc.		146,450		7,548,033
ProLogis, Inc.		183,794		7,710,158
Public Storage		47,902		7,903,830
Simon Property Group, Inc.		44,986		8,010,657
Ventas, Inc.		102,350		8,150,131
Vornado Realty Trust		85,496		7,486,030


	SHARES		VALUE


Weyerhaeuser Co.		238,198	$	7,267,421

Total Real Estate Investment Trusts (REITs)				123,985,895

Real Estate Management & Development - 0.2%
CBRE Group, Inc.*		292,395		7,081,807

Total Real Estate Management & Development				7,081,807

Road & Rail - 0.8%
CSX Corp.		313,390		7,706,260
Norfolk Southern Corp.		96,309		7,456,243
Ryder System, Inc.		122,416		7,108,697
Union Pacific Corp.		52,044		7,700,430

Total Road & Rail				29,971,630

Semiconductors & Semiconductor Equipment - 3.5%
Advanced Micro Devices, Inc.*^a		2,814,771		7,937,654
Altera Corp.		204,407		6,543,068
Analog Devices, Inc.		156,420		6,880,916
Applied Materials, Inc.		532,089		7,720,611
Broadcom Corp. — Class A		215,008		7,740,288
First Solar, Inc.*^a		274,020		12,758,371
Intel Corp.		334,050		8,000,497
KLA-Tencor Corp.		130,567		7,083,260
Lam Research Corp.*		168,080		7,768,658
Linear Technology Corp.		187,596		6,847,254
LSI Corp.*		1,041,341		6,810,370
Microchip Technology, Inc.		195,450		7,118,289
Micron Technology, Inc.*		783,131		7,377,094
NVIDIA Corp.		562,067		7,739,663
Teradyne, Inc.*		422,331		6,943,122
Texas Instruments, Inc.		204,110		7,390,823
Xilinx, Inc.		187,850		7,121,394

Total Semiconductors & Semiconductor Equipment				129,781,332

Software - 2.3%
Adobe Systems, Inc.*		173,570		7,824,536
Autodesk, Inc.*		179,487		7,068,198
BMC Software, Inc.*		167,953		7,638,502
CA, Inc.		287,199		7,745,757
Citrix Systems, Inc.*		96,818		6,019,175
Electronic Arts, Inc.*		387,734		6,827,996
Intuit, Inc.		106,321		6,340,984
Microsoft Corp.		257,379		8,519,245
Oracle Corp.		201,745		6,613,201
Red Hat, Inc.*		135,976		6,517,330
Salesforce.com, Inc.*		154,784		6,363,170
Symantec Corp.*		293,370		7,128,891

Total Software				84,606,985

Specialty Retail - 3.8%
Abercrombie & Fitch Co. — Class A		149,281		7,398,366
AutoNation, Inc.*		161,150		7,333,937
AutoZone, Inc.*		18,757		7,673,301
Bed Bath & Beyond, Inc.*		121,403		8,352,527


12				GUGGENHEIM ETFs SEMI-ANNUAL REPORT		See Notes to Financial Statements.


SCHEDULE OF INVESTMENTS (Unaudited) (concluded)			April 30, 2013

GUGGENHEIM S&P 500^® EQUAL WEIGHT ETF


	SHARES		VALUE


Best Buy Co., Inc.		357,194	$	9,283,472
CarMax, Inc.*		174,036		8,012,618
GameStop Corp. — Class A^a		292,188		10,197,361
Gap, Inc.(The)		198,960		7,558,490
Home Depot, Inc.		101,044		7,411,577
L Brands, Inc.		159,081		8,019,273
Lowe’s Cos., Inc.		183,243		7,040,196
O’Reilly Automotive, Inc.*		68,855		7,389,519
PetSmart, Inc.		113,587		7,751,177
Ross Stores, Inc.		128,160		8,467,531
Staples, Inc.		555,984		7,361,228
Tiffany & Co.		102,519		7,553,600
TJX Cos., Inc.		160,434		7,824,366
Urban Outfitters, Inc.*		174,502		7,231,363

Total Specialty Retail				141,859,902

Textiles, Apparel & Luxury Goods - 1.2%
Coach, Inc.		147,298		8,669,960
Fossil, Inc.*		69,656		6,834,647
NIKE, Inc. — Class B		131,665		8,373,894
PVH Corp.		58,377		6,737,290
Ralph Lauren Corp.		40,637		7,378,866
V.F. Corp.		44,270		7,889,799

Total Textiles, Apparel & Luxury Goods				45,884,456

Thrifts & Mortgage Finance - 0.4%
Hudson City Bancorp, Inc.		828,317		6,883,314
People’s United Financial, Inc.		542,127		7,134,392

Total Thrifts & Mortgage Finance				14,017,706

Tobacco - 0.8%
Altria Group, Inc.		211,926		7,737,418
Lorillard, Inc.		186,667		8,006,148
Philip Morris International, Inc.		78,990		7,550,654
Reynolds American, Inc.		167,194		7,928,340

Total Tobacco				31,222,560

Trading Companies & Distributors - 0.4%
Fastenal Co.		139,820		6,858,171
W.W. Grainger, Inc.		31,303		7,715,250

Total Trading Companies & Distributors				14,573,421

Wireless Telecommunication Services - 0.4%
Crown Castle International Corp.*		100,366		7,728,182
Sprint Nextel Corp.*		1,225,385		8,638,964

Total Wireless Telecommunication Services				16,367,146

Total Common Stocks (Cost $3,255,016,642)				3,710,207,730


	FACE AMOUNT		VALUE


REPURCHASE AGREEMENT - 0.1%
State Street Bank & Trust Co., 0.01%, dated 04/30/13, to be repurchased at $6,395,000 on 05/01/13 collateralized by $6,575,000 FHLMC at 1.78% due 01/30/23 with a value of $6,525,556^b	$	6,395,000	$	6,395,000

Total Repurchase Agreements (Cost $6,395,000)				6,395,000


SECURITIES LENDING COLLATERAL - 3.1%^c
Repurchase Agreements:
Deutsche Bank Securities, Inc., issued 04/30/13 at 0.15% due 05/01/13^b		18,773,823		18,773,823
HSBC Securities, Inc., issued 04/30/13 at 0.15% due 05/01/13^b		82,604,821		82,604,821
RBS Securities, Inc., issued 04/30/13 at 0.15% due 05/01/13^b		13,044,803		13,044,803

Total Securities Lending Collateral (Cost $114,423,447)				114,423,447

Total Investments - 103.0%^d (Cost $3,375,835,089)				3,831,026,177

Other Assets and Liabilities, net - (3.0)%				(113,036,736	)

Net Assets - 100.0%			$	3,717,989,441

Non-Income Producing Security.

All or a portion of this security was on loan as of April 30, 2013.

Values determined based on Level 2 inputs (Note 4).

Securities lending collateral (Note 8).

Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs.

FHLMC — Federal Home Loan Mortgage Corporation

REIT — Real Estate Investment Trust


See Notes to Financial Statements.		GUGGENHEIM ETFs SEMI-ANNUAL REPORT				13


STATEMENT OF ASSETS AND LIABILITIES (Unaudited)			April 30, 2013


	Guggenheim S&P 500^® Equal Weight ETF

ASSETS:
Investments, at value* — including $111,116,750 of securities loaned	$	3,831,026,177
Cash		340
Receivables:
Investments sold		7,913,364
Dividends and interest		2,684,607
Total assets		3,841,624,488

LIABILITIES:
Payable upon return of securities loaned		114,423,447
Payable for:
Investments purchased		7,883,160
Accrued management fees		1,328,440
Total liabilities		123,635,047
NET ASSETS	$	3,717,989,441

NETASSETSCONSISTOF:
Paid-in capital	$	3,665,868,086
Undistributed net investment income		2,310,995
Accumulated net realized loss on investments		(405,380,728	)
Net unrealized appreciation on investments		455,191,088
NETASSETS	$	3,717,989,441
Shares outstanding (unlimited shares authorized), no par value		61,308,863
Net asset value, offering price and repurchase price per share		$60.64
*Total cost of investments		$3,375,835,089


14				GUGGENHEIM ETFs SEMI-ANNUAL REPORT		See Notes to Financial Statements.


STATEMENT OF OPERATIONS (Unaudited)

For the Six Months Ended April 30, 2013


	Guggenheim S&P 500^® Equal Weight ETF

INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*	$	38,723,079
Income from securities lending		536,241
Interest		374
Total investment income		39,259,694

EXPENSES:
Management fee		7,093,582
Other fees		156
Total expenses		7,093,738
Net investment income		32,165,956

NET REALIZEDAND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments		(13,144,072	)
In-kind redemptions		167,892,621
Net realized gain		154,748,549
Net change in unrealized appreciation (depreciation) on:
Investments		395,826,677
Net realized and unrealized gain		550,575,226
Net increase in net assets resulting from operations	$	582,741,182
* Foreign taxes withheld	$	64,286


See Notes to Financial Statements.		GUGGENHEIM ETFs SEMI-ANNUAL REPORT				15


STATEMENTS OF CHANGES IN NET ASSETS


	Guggenheim S&P 500^® Equal Weight ETF
	Six Months Ended April 30, 2013 (Unaudited)			Year Ended October 31, 2012

INCREASEIN NET ASSETSFROM OPERATIONS:
Net investment income	$	32,165,956		$	46,087,043
Net realized gain on investments		154,748,549			67,694,355
Net change in unrealized appreciation (depreciation) on investments		395,826,677			179,598,926
Net increase in net assets resulting from operations		582,741,182			293,380,324

DISTRIBUTIONSTO SHAREHOLDERSFROM:
Net investment income		(30,867,791	)		(44,494,825	)

SHAREHOLDERTRANSACTIONS:
Proceeds from shares purchased		1,165,063,271			746,295,733
Value of shares redeemed		(771,387,181	)		(1,286,550,125	)
Net increase (decrease) in net assets resulting from share transactions		393,676,090			(540,254,392	)
Net increase (decrease) in net assets		945,549,481			(291,368,893	)

NETASSETS
Beginning of period		2,772,439,960			3,063,808,853
End of period	$	3,717,989,441		$	2,772,439,960
Undistributed net investment income at end of period	$	2,310,995		$	1,012,830

CHANGESINSHARESOUTSTANDING:
Shares sold		21,200,000			15,100,000
Shares redeemed		(13,450,000	)		(27,050,000	)
Net increase (decrease) in shares		7,750,000			(11,950,000	)


16				GUGGENHEIM ETFs SEMI-ANNUAL REPORT		See Notes to Financial Statements.

GUGGENHEIM S&P 500^® EQUAL WEIGHT ETF

FINANCIAL HIGHLIGHTS


	Six Months Ended April 30, 2013 (Unaudited)			Year Ended October 31, 2012			Year Ended October 31, 2011			Year Ended October 31, 2010			Year Ended October 31, 2009			Year Ended October 31, 2008
Per Share Data:
Net asset value, beginning of period		$51.76			$46.77			$43.87			$35.99			$30.01			$50.63
Income from investment operations:
Net investment income*		0.51			0.80			0.69			0.60			0.54			0.72
Net gain (loss) on investments (realized and unrealized)		8.85			4.97			2.87			7.87			5.98			(20.64	)

Total from investment operations		9.36			5.77			3.56			8.47			6.52			(19.92	)
Less distributions from:
Net investment income		(0.48	)		(0.78	)		(0.66	)		(0.59	)		(0.54	)		(0.70	)
Net asset value, end of period		$60.64			$51.76			$46.77			$43.87			$35.99			$30.01


Total Return**		18.17%			12.42%			8.12%			23.67%			22.21%			(39.75	)%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)		$3,717,989			$2,772,440			$3,063,809			$2,154,259			$1,499,351			$843,417
Ratio to average net assets of:
Net investment income		1.81%	***		1.61%			1.45%			1.48%			1.75%			1.65%
Total expenses		0.40%	***		0.40%			0.40%			0.40%			0.40%			0.40%
Portfolio turnover rate^†		30%			20%			21%			20%			37%			32%

Based on average shares outstanding.

***

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				17


NOTES TO FINANCIAL STATEMENTS (Unaudited)

1.	Organization

Rydex ETF Trust (the “Trust”) is registered with the SEC under the Investment Company Act of 1940 (the “1940 Act”) as a non- diversified, open-ended investment company of the series type, and is authorized to issue an unlimited number of no par value shares. The portfolio represents a separate series of beneficial interest in the Trust (the “Fund”). The Trust was organized as a Delaware statutory trust on November 22, 2002. As of April 30, 2013, the Trust offered twenty-one portfolios, of which one is covered by this report. The financial statements herein relate to the following fund, whose investment objective is to replicate as closely as possible, before fees and expenses, the daily performance of an index representing publicly traded equity securities (the “Underlying Index”) as follows:


Fund	Index
Guggenheim S&P 500^® Equal Weight ETF		S&P 500^® Equal Weight Total Return Index

The Fund operates as index fund and is not actively managed. Adverse performance of a security in the Fund’s portfolio will ordinarily not result in the elimination of the security from the Fund’s portfolio.

The Fund issues and redeems shares on a continuous basis, at Net Asset Value per share (“NAV”), only in aggregation of 50,000 shares (a “Creation Unit”). Creation Units are issued and redeemed principally in-kind for securities included in the Underlying Index.

Guggenheim Investments (“GI”) provides advisory services and Guggenheim Distributors, LLC (“GDL”) acts as principal underwriter for the Trust. GI and GDL are affiliated entities.

Significant Accounting Policies

A. Equity securities listed on an exchange (New York Stock Exchange (“NYSE”) or American Stock Exchange) are valued at the last quoted sales price as of the close of business on the NYSE, usually 4:00 p.m. on the valuation date. Equity securities listed on the NASDAQ market system are valued at the NASDAQ Official Closing Price on the valuation date. The Fund invests in money market mutual funds, which are valued at their NAV.

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.

C. Distributions of net investment income and net realized gains, if any, in the Fund, are declared and paid at least annually. Distributions are recorded on the ex-dividend date and are determined in accordance with income tax regulations which may differ from U.S. GAAP.

D. The Fund invests in various investments which are exposed to risk, such as market risk. Due to the level of risk associated with certain investments it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect amounts reported in the financial statements. The Fund is a non-diversified fund, subjecting it to a greater risk than funds that are diversified.


18				GUGGENHEIM ETFs SEMI-ANNUAL REPORT


NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

Throughout the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience the Fund expects the risk of loss to be remote.

2.	Capital


	Minimum Transaction Fee
Guggenheim S&P 500^® Equal Weight ETF	$	2,000

3.	Fees and Other Transactions with Affiliates

GI determines the composition of the portfolio of securities that must be delivered in exchange for the issuance of Creation Units and periodically adjusts the composition of the portfolio of the Fund to conform to changes in the composition of the relevant index. For these services, GI receives a management fee at the annual rate shown below as a percentage of the average daily net assets of the Fund.


	Advisory Fee
Guggenheim S&P 500^® Equal Weight ETF		0.40%

GI pays all expenses of the Fund, including the cost of transfer agency, custody, fund administration, 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 Fund. Under a Custodian Agreement with the Trust, the Administrator maintains cash, securities and other assets of the Fund in a separate account for the Fund, keeps all necessary accounts and records, and provides other services. 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 Fund. 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 Fund has adopted a Distribution Plan (the “Plan”) that allows the Fund to pay distribution fees to GDL and other firms that provide distribution services (“Service Providers”). If a Service Provider provides distribution services, the Fund will pay distribution fees to GDL at an annual rate not to exceed 0.25% of average daily net assets, pursuant to Rule 12b-1 of the 1940 Act. GDL will, in turn, pay the Service Provider out of its fees. No such fee is currently charged to the Fund.

4.	Fair Value Measurement

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.


GUGGENHEIM ETFs SEMI-ANNUAL REPORT				19


NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

The following table summarizes the inputs used to value the Fund’s net assets as of April 30, 2013:


Fund	Level 1 Investments In Securities		Level 2 Investments In Securities		Level 3 Investments In Securities		Total
Guggenheim S&P 500^® Equal Weight ETF	$	3,710,207,730	$	120,818,447	$	—	$	3,831,026,177

For the period ended April 30, 2013, there were no Level 3 investments or transfers between levels.

5.	Repurchase Agreements

The Fund 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 Fund follows 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 Fund will seek to liquidate such collateral. However, the exercising of the Fund’s 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 Fund could suffer a loss. It is the current policy of the Fund 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 Fund, amounts to more than 15% of the Fund’s net assets. The investments of the Fund in repurchase agreements, at times, may be substantial when, in the view of GI, liquidity or other considerations so warrant.

6.	Federal Income Taxes

The Fund intends to comply with the provisions of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and will distribute substantially all taxable net investment income and capital gains sufficient to relieve the fund from all, or substantially all, federal income, excise and state income taxes. Therefore, no provision for Federal or state income tax is required.

Tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns are evaluated to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Fund’s tax positions taken on Federal income tax returns for all open tax years (fiscal years 2009-2012), and has concluded that no provision for income tax was required in the Fund’s financial statements.

One of the more prominent changes addresses capital loss carryforwards. The Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. Under pre-enactment law, capital losses could be carried forward for eight years, and carried forward as short-term capital, irrespective of the character of the original loss. As a result of this ordering rule, pre-enactment capital loss carryforwards may potentially expire unused. Additionally, postenactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

At April 30, 2013, the identified cost of investments in securities owned by the Fund for Federal income tax purposes and the gross unrealized appreciation and depreciation were as follows:


	Identified Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation
Guggenheim S&P 500^® Equal Weight ETF	$	3,375,835,089	$	560,692,728	$	(105,501,640	)	$	455,191,088


20				GUGGENHEIM ETFs SEMI-ANNUAL REPORT


NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

7.	Investment Transactions

For the period ended April 30, 2013, the Fund had investment transactions in-kind associated with subscriptions and redemptions as follows:


	Subscriptions		Redemptions
Guggenheim S&P 500^® Equal Weight ETF	$	1,156,160,943	$	764,580,797

Purchases and sales of investment securities (excluding short-term investments, U.S. government and government agency obligations) for the Fund was as follows:


	Purchases		Sales
Guggenheim S&P 500^® Equal Weight ETF	$	1,443,341,455	$	1,053,718,188

There were no purchases or sales of U.S. government or government agency obligations for the period ended April 30, 2013.

8.	Portfolio Securities Loaned

The Fund may lend its securities to approved brokers to earn additional income. Security lending income shown on the statement of operations is shown net of rebates paid to the borrowers and earnings on cash collateral investments shared with the lending agent. Within this arrangement, the Fund act as the lender, Credit Suisse acts as the lending agent, and other approved registered broker dealers act as the borrowers. The Fund receives cash collateral, valued at 102% of the value of the securities on loan. Under the terms of the Fund’s securities lending agreement with Credit Suisse, cash collateral is invested in one or more joint repurchase agreements collateralized by obligations of the U.S. Treasury or Government Agencies. The Fund bears the risk of loss on cash collateral investments. Collateral is maintained over the life of the loan in an amount not less than the value of loaned securities, as determined at the close of fund business each day; any additional collateral required due to changes in security values is delivered to the Fund the next business day. Although the collateral mitigates the risk, the Fund could experience a delay in recovering its securities and a possible loss of income or value if the borrower fails to return the securities. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.

At April 30, 2013, the Fund participated in securities lending as follows:


	Value of Securities Loaned		Cash Collateral
Guggenheim S&P 500^® Equal Weight ETF	$	111,116,750	$	114,423,447

The following represents a breakdown of the collateral for the joint repurchase agreements at April 30, 2013:


Counterparty and Terms of Agreement	Face Value		Repurchase Price		Collateral	Par Value		Fair Value
RBS Securities Inc.					Federal Farm Credit Bank
0.15%					0.30% – 4.88%
Due 05/01/13	$	17,371,000	$	17,371,072	04/23/14 – 12/16/15	$	17,159,000	$	17,372,483
Deutsche Bank Securities Inc.					Freddie Mac
0.15%					1.57%
Due 05/01/13		25,000,000		25,000,104	01/08/20		25,356,000		25,376,538
HSBC Securities Inc.					Fannie Mae
0.15%					0.00% – 7.25%
Due 05/01/13		110,000,000		110,001,102	04/15/14 – 11/15/30		142,817,000		112,201,125

9.	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.), No. 12-2652 (S.D.N.Y.) (formerly Adv. Pro. No. 10-54010 (Bankr. D. Del.)) (the “FitzSimons action”), 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 received proceeds 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.


GUGGENHEIM ETFs SEMI-ANNUAL REPORT				21


NOTES TO FINANCIAL STATEMENTS (Unaudited) (concluded)

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 (the “Fund”). The value of the proceeds received by the foregoing Fund was $4,766,035. At this stage of the proceedings, Rydex ETF Trust is not able to make a reliable predication as to the outcome of these lawsuits or the effect, if any, on the Fund’s net asset value.

10.

New Accounting Pronouncement

11.

Subsequent Event


22				GUGGENHEIM ETFs SEMI-ANNUAL REPORT


OTHER INFORMATION (Unaudited)

Proxy Voting Information

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 Fund’s 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

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.guggenheiminvestments.com.


GUGGENHEIM ETFs SEMI-ANNUAL REPORT				23


INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)

All Trustees and Officers may be reached c/o Guggenheim Investments, 805 King Farm Boulevard, Suite 600, Rockville, MD 20850.

TRUSTEE AND OFFICER


Name and Year of Birth	Length of Service As Trustee (Year Began)	Number of Funds Overseen
Donald C. Cacciapaglia*	Rydex Series Funds – 2012	136
(1951)	Rydex Variable Trust – 2012
	Rydex Dynamic Funds – 2012
	Rydex ETF Trust – 2012

Positions held within the Trust: Trustee from 2012 to present; President from 2012 to present

INDEPENDENT TRUSTEES


Name and Year of Birth	Length of Service As Trustee (Year Began)	Number of Funds Overseen
Corey A. Colehour	Rydex Series Funds – 1993	136
(1945)	Rydex Variable Trust – 1998
	Rydex Dynamic Funds – 1999
	Rydex ETF Trust – 2003

Principal Occupations During Past Five Years: Current: Retired; Previous: President and Senior Vice President of Schield Management Company (registered investment adviser) from 2003 to 2006

Positions held within the Trust: Trustee from 1993 to present; Member of the Audit, Governance and Nominating Committees from 1995 to present


J. Kenneth Dalton	Rydex Series Funds – 1995	136
(1941)	Rydex Variable Trust – 1998
	Rydex Dynamic Funds – 1999
	Rydex ETF Trust – 2003

Principal Occupations During Past Five Years: Current: Retired


John O. Demaret	Rydex Series Funds – 1997	136
(1940)	Rydex Variable Trust – 1998
	Rydex Dynamic Funds – 1999
	Rydex ETF Trust – 2003

Principal Occupations During Past Five Years: Current: Retired;


24				GUGGENHEIM ETFs SEMI-ANNUAL REPORT

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited) (continued)

INDEPENDENT TRUSTEES – concluded


Name and Year of Birth	Length of Service As Trustee (Year Began)	Number of Funds Overseen
Werner E. Keller	Rydex Series Funds – 2005	136
(1940)	Rydex Variable Trust – 2005
	Rydex Dynamic Funds – 2005
	Rydex ETF Trust – 2005

Principal Occupations During Past Five Years: Current: Founder and President of Keller Partners, LLC (investment research firm) from 2005 to present; Previous: Retired from 2001 to 2005


Thomas F. Lydon, Jr.	Rydex Series Funds – 2005	136
(1960)	Rydex Variable Trust – 2005
	Rydex Dynamic Funds – 2005
	Rydex ETF Trust – 2005

Principal Occupations During Past Five Years: Current: President of Global Trends Investments (registered investment adviser) from 1996 to present

Positions held within the Trust: Trustee and Member of the Audit and Governance and Nominating Committees from 2005 to present


Patrick T. McCarville	Rydex Series Funds – 1997	136
(1942)	Rydex Variable Trust – 1998
	Rydex Dynamic Funds – 1999
	Rydex ETF Trust – 2003

Principal Occupations During Past Five Years: Current: Retired; Previous: Chief Executive Officer of Par Industries, Inc., d/b/a Par Leasing from 1977 to 2010

Positions held within the Trust: Trustee from 1997 to present; Member of the Audit Committee from 1997 to present; and Chairman of the Governance and Nominating Committees from 1997 to present


Roger Somers	Rydex Series Funds – 1993	136
(1944)	Rydex Variable Trust – 1998
	Rydex Dynamic Funds – 1999
	Rydex ETF Trust – 2003

Principal Occupations During Past Five Years: Current: Founder and Chief Executive Officer of Arrow Limousine from 1965 to present

Positions held within the Trust: Trustee from 1993 to present; Member of the Audit and Governance and Nominating Committees from 1995 to present


GUGGENHEIM ETFs SEMI-ANNUAL REPORT				25

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited) (concluded)

EXECUTIVE OFFICERS


Name, Position and Year of Birth		Principal Occupations During Past Five Years

Michael P. Byrum* Vice President, (1970)		Current: President, Security Benefit Asset Management Holdings, LLC; 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 & 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); and 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 & President, Rydex Fund Services, LLC; Vice President, Rydex Holdings, LLC; Treasurer, SBL Fund; Security Equity Fund; Security Income Fund; Security Large Cap Value Fund & Security Mid Cap Growth Fund; Vice President, Security Benefit Asset Management Holdings, LLC Previous: Security Global Investors, LLC, Senior Vice President (2010-2011); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.) Senior Vice President (2006-2011); Rydex Fund Services, LLC (f/k/a Rydex Fund Services, Inc.), Director (2009) & 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 (1961)		Current: Senior Vice President & Secretary, Security Investors, LLC; Secretary & Chief Compliance Officer, Security Distributors, Inc.; Vice President, Associate General Counsel & 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 & Secretary, SBL Fund; Security Equity Fund; Security Income Fund; Security Large Cap Value Fund & Security Mid Cap Growth Fund; Vice President & 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: Security Global Investors, 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 & Secretary (2010- 2011); Brecek & 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 & Security Mid Cap Growth Fund; Vice President, Security Investors, LLC; and Chief Financial Officer & Manager, Rydex Specialized Products, LLC Previous: Security Global Investors, LLC, Vice President (2010-2011); 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)


26				GUGGENHEIM ETFs SEMI-ANNUAL REPORT

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.

Item 11. Controls and Procedures.

(a) The registrant’s President (principal executive officer) and Treasurer (principal financial officer) have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.

(b) The registrant’s principal executive officer and principal financial officer are aware of no change in the registrant’s internal control over financial reporting that occurred during the registrant’s second fiscal quarter covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(2) Separate certifications by the President (principal executive officer) and Treasurer (principal financial officer) of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)) are attached.

(b) A certification by the registrant’s President (principal executive officer) and Treasurer (principal financial officer) as required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)) is attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Rydex ETF Trust

By (Signature and Title)* /s/ Donald C. Cacciapaglia

Donald C. Cacciapaglia, President

Date July 9, 2013

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, 2013

By (Signature and Title)* /s/ Nikolaos Bonos

Nikolaos Bonos, Vice President and Treasurer

Date July 9, 2013

^*	Print the name and title of each signing officer under his or her signature.

Rydex Etf Trust Inactive N-CSRSCertified semi-annual shareholder report (management investment company)