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)
Amy Lee
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, 2015
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
4.30.2015
Guggenheim ETFs Semi-Annual Report
EWRM | Guggenheim Russell MidCap® Equal Weight ETF | ||
EWRI | Guggenheim Russell 1000® Equal Weight ETF | ||
EWRS | Guggenheim Russell 2000® Equal Weight ETF | ||
EWEM | Guggenheim MSCI Emerging Markets Equal Country 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-0415x1015 | guggenheiminvestments.com |
TABLE OF CONTENTS |
DEAR SHAREHOLDER | 2 |
ECONOMIC AND MARKET OVERVIEW | 3 |
FEES AND EXPENSES | 5 |
PORTFOLIO SUMMARY | 7 |
SCHEDULES OF INVESTMENTS | 20 |
STATEMENTS OF ASSETS AND LIABILITIES | 81 |
STATEMENTS OF OPERATIONS | 85 |
STATEMENTS OF CHANGES IN NET ASSETS | 89 |
FINANCIAL HIGHLIGHTS | 96 |
NOTES TO FINANCIAL STATEMENTS | 109 |
OTHER INFORMATION | 118 |
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS | 119 |
GUGGENHEIM INVESTMENTS PRIVACY POLICIES | 122 |
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 1 |
April 30, 2015 |
Dear Shareholder:
Security Investors, LLC (the “Investment Adviser”) is pleased to present the semi-annual shareholder report for a selection of our exchange-traded funds (“ETFs”) for the six-month period ended April 30, 2015.
The Investment Adviser is part of Guggenheim Investments, which represents the investment management businesses of Guggenheim Partners, LLC (“Guggenheim”), a global, diversified financial services firm.
Guggenheim Funds Distributors, LLC, the distributor of the Funds, is affiliated with Guggenheim and the Investment Adviser.
We encourage you to read the Economic and Market Overview, which follows this letter.
We are committed to providing investors with innovative investment solutions and appreciate the trust you place in us.
Sincerely,
Donald C. Cacciapaglia
President
May 31, 2015
President
May 31, 2015
Read a prospectus and summary prospectus (if available) carefully before investing. It contains the investment objectives, risks, charges, expenses, and other information, which should be considered carefully before investing. Obtain a prospectus and summary prospectus (if available) at guggenheiminvestments.com or call 800.820.0888.
ETFs may not be suitable for all investors. • Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than original cost. Most investors will also incur customary brokerage commissions when buying or selling shares of an ETF. • Investments in securities and derivatives, in general, are subject to market risks that may cause their prices to fluctuate over time. • ETF shares may trade below their net asset value per share (“NAV”). The NAV of shares will fluctuate with changes in the market value of an ETF’s holdings. In addition, there can be no assurance that an active trading market for shares will develop or be maintained. • Tracking error risk refers to the risk that the Adviser may not be able to cause the ETF’s performance to match or correlate to that of the ETF’s underlying index, either on a daily or aggregate basis. Tracking error risk may cause the ETF’s performance to be less than you expect.
2 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
ECONOMIC AND MARKET OVERVIEW (Unaudited) | April 30, 2015 |
As of the six months ended April 30, 2015, the U.S. remains a bright spot in the global economy. Harsh winter weather did cause U.S. growth to slow dramatically in the first quarter of 2015, but the economy should bounce back, similar to a year ago. The underlying fundamentals of the U.S. economy are strong, even though interim data is weaker, and we are now in a self-sustained economic expansion.
An improving labor market, an increase in family formation, subdued mortgage rates, and tight housing inventory all point to a rebound in the in the housing market, which is key to the ongoing recovery. Lower energy prices are acting as a tax cut for U.S. consumers. Ideally this would free up discretionary spending in other areas, of which we have seen some evidence. A U.S. Federal Reserve (the “Fed”) rate hike appears to be drawing nearer, with the likely timeframe being in the fall of 2015. Liquidity from foreign central banks and comparatively attractive yields has been pushing global investors to U.S. Treasuries, which should continue to hold down interest rates in the near term, but more volatility is evident both in the U.S. and overseas. The Fed is focused on wage growth, an indicator of inflationary pressure. With recent minimum wage increases and a falling unemployment rate, wages could begin to accelerate this year.
Oil is key to the global outlook. While some technical indicators are pointing to a bottom in oil, U.S. production continues to increase and inventory levels keep making new highs. Once inventories in the U.S. are full, the oversupply of oil could push prices lower. Based on the resilience of U.S. production and OPEC’s unwillingness to cut production, oil prices are likely stay in a low range for the next few years.
The economy in Europe has been strengthening on the back of ECB quantitative easing and a steady depreciation of euro. In Japan, the impact of ongoing monetary accommodation on the economy is more muted, but the “Abenomics” is likely to continue to be supportive of the equities markets. The Chinese economy is slowing down and policymakers appear likely to continue to ease monetary policy and do whatever is necessary to maintain growth at an acceptable level in the near term.
Several challenges remain on the horizon, including a stronger dollar. But there has never been a recession in the post-war period without the Fed first raising interest rates, after which it typically takes several years for a recession to be induced. Once the Fed begins its tightening process, the terminal value of the Fed Funds rate may be lower than expected. Based on the level of debt in the economy, we currently expect that the Fed would stop tightening around 2.5 or 3.0 percent, a level we are unlikely to arrive before late 2017 or early 2018. We believe the U.S. would not face a recession until about a year later.
For the six months ended April 30, 2015, the Standard & Poor’s 500® (“S&P 500”) Index* returned 4.40%. The Morgan Stanley Capital International (“MSCI”) Europe-Australasia-Far East (“EAFE”) Index* returned 6.81%. The return of the MSCI Emerging Markets Index* was 3.92%.
In the bond market, the Barclays U.S. Aggregate Bond Index* posted a 2.06% return for the period, while the Barclays U.S. Corporate High Yield Index* returned 1.51%. The return of the Bank of America Merrill Lynch 3-Month U.S. Treasury Bill Index* was 0.01% for the six-month period.
The opinions and forecasts expressed may not actually come to pass. This information is subject to change at any time, based on market and other conditions, and should not be construed as a recommendation of any specific security or strategy.
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 3 |
ECONOMIC AND MARKET OVERVIEW (Unaudited)(concluded) | April 30, 2015 |
*Index Definitions:
The following indices are referenced throughout this report. Indices are unmanaged and not available for direct investment. Index performance does not reflect transaction costs, fees, or expenses.
Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar denominated, fixed-rate taxable bond market, including U.S. Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS, and CMBS.
Barclays U.S. Corporate High Yield Index measures the market of U.S. dollar-denominated, non-investment grade, fixed-rate, taxable corporate bonds. Securities are classified as high yield if the middle rating of Moody’s, Fitch, and S&P is Ba1/BB+/BB+ or below.
Bank of America (“BofA”) Merrill Lynch 3-Month U.S. Treasury Bill Index is an unmanaged market index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income.
MSCI EAFE Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada.
MSCI Emerging Markets Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance in the global emerging markets.
S&P 500® Index is a capitalization-weighted index of 500 stocks designed to measure the performance of the broad economy, representing all major industries and is considered a representation of the U.S. stock market.
4 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
FEES AND EXPENSES (Unaudited) |
Shareholder Expense Example
As a shareholder of the Rydex ETF Trust, you incur transaction costs such as creation and redemption fees or brokerage charges, and ongoing costs including advisory fees, trustee fees and, if applicable, distribution fees. All other Trust expenses are paid by the Adviser. 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, 2014 and held for the six months ended April 30, 2015.
Actual Expenses
The first table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first table under the heading entitled “Expenses Paid During the Six-Month Period” to estimate the expenses attributable to your investment during this period.
Hypothetical Example for Comparison Purposes
The second table below provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not a Fund’s actual return. Thus, you should not use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are provided to enable you to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as creation and redemption fees, or brokerage charges. Therefore, the second table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 5 |
FEES AND EXPENSES (Unaudited)(concluded) |
Expense Ratio1 | Fund Return | Beginning Account Value October 31, 2014 | Ending Account Value April 30, 2015 | Expenses Paid During Period2 | |
Table 1. Based on actual Fund return3 | |||||
Guggenheim Russell MidCap® Equal Weight ETF | 0.40% | 4.92% | $1,000.00 | $1,049.20 | $2.03 |
Guggenheim Russell 1000® Equal Weight ETF | 0.40% | 5.04% | 1,000.00 | 1,050.40 | 2.03 |
Guggenheim Russell 2000® Equal Weight ETF | 0.40% | 2.82% | 1,000.00 | 1,028.20 | 2.01 |
Guggenheim MSCI Emerging Markets Equal Country Weight ETF | 0.62% | 0.87% | 1,000.00 | 1,008.70 | 3.09 |
Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF | 0.40% | 8.82% | 1,000.00 | 1,088.20 | 2.07 |
Guggenheim S&P 500® Equal Weight Consumer Staples ETF | 0.40% | 6.82% | 1,000.00 | 1,068.20 | 2.05 |
Guggenheim S&P 500® Equal Weight Energy ETF | 0.40% | (4.55%) | 1,000.00 | 954.50 | 1.94 |
Guggenheim S&P 500® Equal Weight Financials ETF | 0.40% | 3.05% | 1,000.00 | 1,030.50 | 2.01 |
Guggenheim S&P 500® Equal Weight Health Care ETF | 0.40% | 11.44% | 1,000.00 | 1,114.40 | 2.10 |
Guggenheim S&P 500® Equal Weight Industrials ETF | 0.40% | 1.84% | 1,000.00 | 1,018.40 | 2.00 |
Guggenheim S&P 500® Equal Weight Materials ETF | 0.40% | 8.10% | 1,000.00 | 1,081.00 | 2.06 |
Guggenheim S&P 500® Equal Weight Technology ETF | 0.40% | 6.83% | 1,000.00 | 1,068.30 | 2.05 |
Guggenheim S&P 500® Equal Weight Utilities ETF | 0.40% | (1.01%) | 1,000.00 | 989.90 | 1.97 |
Table 2. Based on hypothetical 5% return (before expenses) | |||||
Guggenheim Russell MidCap® Equal Weight ETF | 0.40% | 5.00% | $1,000.00 | $1,022.81 | $2.01 |
Guggenheim Russell 1000® Equal Weight ETF | 0.40% | 5.00% | 1,000.00 | 1,022.81 | 2.01 |
Guggenheim Russell 2000® Equal Weight ETF | 0.40% | 5.00% | 1,000.00 | 1,022.81 | 2.01 |
Guggenheim MSCI Emerging Markets Equal Country Weight ETF | 0.62% | 5.00% | 1,000.00 | 1,021.72 | 3.11 |
Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF | 0.40% | 5.00% | 1,000.00 | 1,022.81 | 2.01 |
Guggenheim S&P 500® Equal Weight Consumer Staples ETF | 0.40% | 5.00% | 1,000.00 | 1,022.81 | 2.01 |
Guggenheim S&P 500® Equal Weight Energy ETF | 0.40% | 5.00% | 1,000.00 | 1,022.81 | 2.01 |
Guggenheim S&P 500® Equal Weight Financials ETF | 0.40% | 5.00% | 1,000.00 | 1,022.81 | 2.01 |
Guggenheim S&P 500® Equal Weight Health Care ETF | 0.40% | 5.00% | 1,000.00 | 1,022.81 | 2.01 |
Guggenheim S&P 500® Equal Weight Industrials ETF | 0.40% | 5.00% | 1,000.00 | 1,022.81 | 2.01 |
Guggenheim S&P 500® Equal Weight Materials ETF | 0.40% | 5.00% | 1,000.00 | 1,022.81 | 2.01 |
Guggenheim S&P 500® Equal Weight Technology ETF | 0.40% | 5.00% | 1,000.00 | 1,022.81 | 2.01 |
Guggenheim S&P 500® Equal Weight Utilities ETF | 0.40% | 5.00% | 1,000.00 | 1,022.81 | 2.01 |
1 | Annualized and excludes expenses of the underlying funds in which the Funds invest. |
2 | Expenses are equal to the Fund’s annualized expense ratio, net of any applicable fee waivers, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
3 | Actual cumulative return at net asset value for the period October 31, 2014 to April 30, 2015. |
6 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
PORTFOLIO SUMMARY (Unaudited) | April 30, 2015 |
GUGGENHEIM RUSSELL MIDCAP® EQUAL WEIGHT ETF
Holdings Diversification*
“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
* The Fund’s Ten Largest Holdings are expressed as a percentage of net assets and the Holdings Diversification is expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time.
Ten Largest Holdings* | (% of Total Net Assets) |
Bunge Ltd. | 0.4% |
Pilgrim's Pride Corp. | 0.3% |
Lorillard, Inc. | 0.3% |
ConAgra Foods, Inc. | 0.3% |
Tyson Foods, Inc. — Class A | 0.3% |
Flowers Foods, Inc. | 0.3% |
Ingredion, Inc. | 0.3% |
Keurig Green Mountain, Inc. | 0.3% |
Brown-Forman Corp. — Class B | 0.3% |
Molson Coors Brewing Co. — Class B | 0.3% |
Top Ten Total | 3.1% |
“Ten Largest Holdings” exclude any temporary cash or derivative investments. |
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 7 |
PORTFOLIO SUMMARY (Unaudited) | April 30, 2015 |
GUGGENHEIM RUSSELL 1000® EQUAL WEIGHT ETF
Holdings Diversification*
“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
* The Fund’s Ten Largest Holdings are expressed as a percentage of net assets and the Holdings Diversification is expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time.
Ten Largest Holdings* | (% of Total Net Assets) |
Bunge Ltd. | 0.2% |
Mondelez International, Inc. — Class A | 0.2% |
Philip Morris International, Inc. | 0.2% |
Reynolds American, Inc. | 0.2% |
Archer-Daniels-Midland Co. | 0.2% |
Pilgrim's Pride Corp. | 0.2% |
Lorillard, Inc. | 0.2% |
ConAgra Foods, Inc. | 0.2% |
Tyson Foods, Inc. — Class A | 0.2% |
Kimberly-Clark Corp. | 0.2% |
Top Ten Total | 2.0% |
“Ten Largest Holdings” exclude any temporary cash or derivative investments. |
8 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
PORTFOLIO SUMMARY (Unaudited) | April 30, 2015 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF
Holdings Diversification*
“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
* The Fund’s Ten Largest Holdings are expressed as a percentage of net assets and the Holdings Diversification is expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time.
Ten Largest Holdings* | (% of Total Net Assets) |
John B Sanfilippo & Son, Inc. | 0.3% |
Cal-Maine Foods, Inc. | 0.3% |
Freshpet, Inc. | 0.3% |
USANA Health Sciences, Inc. | 0.3% |
Coca-Cola Bottling Company Consolidated | 0.3% |
Andersons, Inc. | 0.3% |
Diplomat Pharmacy, Inc. | 0.3% |
Limoneira Co. | 0.3% |
Roundy's, Inc. | 0.3% |
B&G Foods, Inc. | 0.3% |
Top Ten Total | 3.0% |
“Ten Largest Holdings” exclude any temporary cash or derivative investments. |
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 9 |
PORTFOLIO SUMMARY (Unaudited) | April 30, 2015 |
GUGGENHEIM MSCI EMERGING MARKETS EQUAL COUNTRY WEIGHT ETF
Holdings Diversification*
“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
* The Fund’s Ten Largest Holdings are expressed as a percentage of net assets and the Holdings Diversification is expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time.
Ten Largest Holdings* | (% of Total Net Assets) |
iShares MSCI India ETF | 3.9% |
iShares MSCI Qatar Capped ETF | 3.9% |
OTP Bank plc | 2.9% |
Commercial International Bank Egypt SAE GDR | 2.8% |
Credicorp Ltd. | 2.7% |
CEZ AS | 2.2% |
Komercni Banka AS | 1.8% |
Southern Copper Corp. | 1.4% |
Richter Gedeon Nyrt | 1.4% |
MOL Hungarian Oil & Gas plc | 1.3% |
Top Ten Total | 24.3% |
“Ten Largest Holdings” exclude any temporary cash or derivative investments. |
10 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
PORTFOLIO SUMMARY (Unaudited) | April 30, 2015 |
GUGGENHEIM S&P 500® EQUAL WEIGHT CONSUMER DISCRETIONARY ETF
Holdings Diversification*
“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
* The Fund’s Ten Largest Holdings are expressed as a percentage of net assets and the Holdings Diversification is expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time.
Ten Largest Holdings* | (% of Total Net Assets) |
Netflix, Inc. | 1.5% |
Hasbro, Inc. | 1.4% |
Amazon.com, Inc. | 1.4% |
Mattel, Inc. | 1.3% |
Goodyear Tire & Rubber Co. | 1.3% |
Cablevision Systems Corp. — Class A | 1.3% |
Yum! Brands, Inc. | 1.3% |
Delphi Automotive plc | 1.3% |
CarMax, Inc. | 1.3% |
Priceline Group, Inc. | 1.3% |
Top Ten Total | 13.4% |
“Ten Largest Holdings” exclude any temporary cash or derivative investments. |
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 11 |
PORTFOLIO SUMMARY (Unaudited) | April 30, 2015 |
GUGGENHEIM S&P 500® EQUAL WEIGHT CONSUMER STAPLES ETF
Holdings Diversification*
“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
* The Fund’s Ten Largest Holdings are expressed as a percentage of net assets and the Holdings Diversification is expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time.
Ten Largest Holdings* | (% of Total Net Assets) |
Kraft Foods Group, Inc. | 3.6% |
Mondelez International, Inc. — Class A | 2.9% |
Philip Morris International, Inc. | 2.8% |
ConAgra Foods, Inc. | 2.8% |
Coca-Cola Enterprises, Inc. | 2.8% |
General Mills, Inc. | 2.8% |
Archer-Daniels-Midland Co. | 2.7% |
Tyson Foods, Inc. — Class A | 2.7% |
Reynolds American, Inc. | 2.7% |
McCormick & Company, Inc. | 2.7% |
Top Ten Total | 28.5% |
“Ten Largest Holdings” exclude any temporary cash or derivative investments. |
12 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
PORTFOLIO SUMMARY (Unaudited) | April 30, 2015 |
GUGGENHEIM S&P 500® EQUAL WEIGHT ENERGY ETF
Holdings Diversification*
“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
* The Fund’s Ten Largest Holdings are expressed as a percentage of net assets and the Holdings Diversification is expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time.
Ten Largest Holdings* | (% of Total Net Assets) |
Range Resources Corp. | 2.9% |
Transocean Ltd. | 2.9% |
Ensco plc — Class A | 2.8% |
Noble Corporation plc | 2.7% |
Cameron International Corp. | 2.7% |
Southwestern Energy Co. | 2.6% |
Diamond Offshore Drilling, Inc. | 2.6% |
Newfield Exploration Co. | 2.6% |
Helmerich & Payne, Inc. | 2.6% |
CONSOL Energy, Inc. | 2.6% |
Top Ten Total | 27.0% |
“Ten Largest Holdings” exclude any temporary cash or derivative investments. |
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 13 |
PORTFOLIO SUMMARY (Unaudited) | April 30, 2015 |
GUGGENHEIM S&P 500® EQUAL WEIGHT FINANCIALS ETF
Holdings Diversification*
“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
* The Fund’s Ten Largest Holdings are expressed as a percentage of net assets and the Holdings Diversification is expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time.
Ten Largest Holdings* | (% of Total Net Assets) |
Genworth Financial, Inc. — Class A | 1.4% |
CBRE Group, Inc. — Class A | 1.3% |
Moody's Corp. | 1.3% |
Affiliated Managers Group, Inc. | 1.2% |
State Street Corp. | 1.2% |
Fifth Third Bancorp | 1.2% |
Torchmark Corp. | 1.2% |
Loews Corp. | 1.2% |
Goldman Sachs Group, Inc. | 1.2% |
JPMorgan Chase & Co. | 1.2% |
Top Ten Total | 12.4% |
“Ten Largest Holdings” exclude any temporary cash or derivative investments. |
14 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
PORTFOLIO SUMMARY (Unaudited) | April 30, 2015 |
GUGGENHEIM S&P 500® EQUAL WEIGHT HEALTH CARE ETF
Holdings Diversification*
“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
* The Fund’s Ten Largest Holdings are expressed as a percentage of net assets and the Holdings Diversification is expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time.
Ten Largest Holdings* | (% of Total Net Assets) |
Mylan N.V. | 2.2% |
AbbVie, Inc. | 2.0% |
Perrigo Company plc | 2.0% |
PerkinElmer, Inc. | 1.9% |
AmerisourceBergen Corp. — Class A | 1.9% |
Boston Scientific Corp. | 1.9% |
Regeneron Pharmaceuticals, Inc. | 1.9% |
Express Scripts Holding Co. | 1.9% |
Merck & Company, Inc. | 1.9% |
St. Jude Medical, Inc. | 1.9% |
Top Ten Total | 19.5% |
“Ten Largest Holdings” exclude any temporary cash or derivative investments. |
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 15 |
PORTFOLIO SUMMARY (Unaudited) | April 30, 2015 |
GUGGENHEIM S&P 500® EQUAL WEIGHT INDUSTRIALS ETF
Holdings Diversification*
“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
* The Fund’s Ten Largest Holdings are expressed as a percentage of net assets and the Holdings Diversification is expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time.
Ten Largest Holdings* | (% of Total Net Assets) |
United Rentals, Inc. | 1.7% |
Caterpillar, Inc. | 1.7% |
Joy Global, Inc. | 1.7% |
General Electric Co. | 1.7% |
WW Grainger, Inc. | 1.7% |
Xylem, Inc. | 1.6% |
Emerson Electric Co. | 1.6% |
Rockwell Automation, Inc. | 1.6% |
Dover Corp. | 1.6% |
Fluor Corp. | 1.6% |
Top Ten Total | 16.5% |
“Ten Largest Holdings” exclude any temporary cash or derivative investments. |
16 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
PORTFOLIO SUMMARY (Unaudited) | April 30, 2015 |
GUGGENHEIM S&P 500® EQUAL WEIGHT MATERIALS ETF
Holdings Diversification*
“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
* The Fund’s Ten Largest Holdings are expressed as a percentage of net assets and the Holdings Diversification is expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time.
Ten Largest Holdings* | (% of Total Net Assets) |
Freeport-McMoRan, Inc. | 4.3% |
LyondellBasell Industries N.V. — Class A | 4.2% |
Newmont Mining Corp. | 4.0% |
Allegheny Technologies, Inc. | 3.8% |
Eastman Chemical Co. | 3.7% |
Dow Chemical Co. | 3.6% |
Avery Dennison Corp. | 3.6% |
Ball Corp. | 3.6% |
Owens-Illinois, Inc. | 3.5% |
Nucor Corp. | 3.5% |
Top Ten Total | 37.8% |
“Ten Largest Holdings” exclude any temporary cash or derivative investments. |
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 17 |
PORTFOLIO SUMMARY (Unaudited) | April 30, 2015 |
GUGGENHEIM S&P 500® EQUAL WEIGHT TECHNOLOGY ETF
Holdings Diversification*
“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
* The Fund’s Ten Largest Holdings are expressed as a percentage of net assets and the Holdings Diversification is expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time.
Ten Largest Holdings* | (% of Total Net Assets) |
Altera Corp. | 1.8% |
Microsoft Corp. | 1.8% |
Red Hat, Inc. | 1.7% |
Juniper Networks, Inc. | 1.7% |
Salesforce.com, Inc. | 1.7% |
Harris Corp. | 1.7% |
Citrix Systems, Inc. | 1.7% |
Equinix, Inc. | 1.7% |
International Business Machines Corp. | 1.7% |
Seagate Technology plc | 1.6% |
Top Ten Total | 17.1% |
“Ten Largest Holdings” exclude any temporary cash or derivative investments. |
18 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
PORTFOLIO SUMMARY (Unaudited) | April 30, 2015 |
GUGGENHEIM S&P 500® EQUAL WEIGHT UTILITIES ETF
Holdings Diversification*
“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
* The Fund’s Ten Largest Holdings are expressed as a percentage of net assets and the Holdings Diversification is expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time.
Ten Largest Holdings* | (% of Total Net Assets) |
AES Corp. | 3.1% |
NRG Energy, Inc. | 3.0% |
PPL Corp. | 3.0% |
AGL Resources, Inc. | 3.0% |
AT&T, Inc. | 2.9% |
NiSource, Inc. | 2.9% |
Exelon Corp. | 2.9% |
CenturyLink, Inc. | 2.9% |
Duke Energy Corp. | 2.9% |
Dominion Resources, Inc. | 2.9% |
Top Ten Total | 29.5% |
“Ten Largest Holdings” exclude any temporary cash or derivative investments. |
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 19 |
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2015 |
GUGGENHEIM RUSSELL MIDCAP® EQUAL WEIGHT ETF |
Shares | Value | |||||||
COMMON STOCKS† - 99.6% | ||||||||
CONSUMER, NON-CYCLICAL - 22.8% | ||||||||
Bunge Ltd. | 6,627 | $ | 572,374 | |||||
Pilgrim’s Pride Corp.1 | 22,089 | 545,598 | ||||||
Lorillard, Inc. | 7,804 | 545,187 | ||||||
ConAgra Foods, Inc. | 14,970 | 541,166 | ||||||
Tyson Foods, Inc. — Class A | 13,632 | 538,464 | ||||||
Flowers Foods, Inc. | 24,005 | 536,272 | ||||||
Ingredion, Inc. | 6,737 | 534,918 | ||||||
Keurig Green Mountain, Inc. | 4,582 | 533,207 | ||||||
Brown-Forman Corp. — Class B | 5,880 | 530,553 | ||||||
Molson Coors Brewing Co. — Class B | 7,206 | 529,713 | ||||||
Coca-Cola Enterprises, Inc. | 11,901 | 528,523 | ||||||
JM Smucker Co. | 4,544 | 526,740 | ||||||
Constellation Brands, Inc. — Class A | 4,531 | 525,324 | ||||||
Spectrum Brands Holdings, Inc. | 5,735 | 524,351 | ||||||
Pinnacle Foods, Inc. | 12,886 | 522,527 | ||||||
Monster Beverage Corp.* | 3,809 | 522,252 | ||||||
WhiteWave Foods Co. — Class A* | 11,871 | 521,968 | ||||||
Campbell Soup Co. | 11,550 | 516,401 | ||||||
Herbalife Ltd. *,1 | 12,427 | 515,969 | ||||||
McCormick & Company, Inc. | 6,769 | 509,706 | ||||||
Clorox Co. | 4,745 | 503,445 | ||||||
Sprouts Farmers Market, Inc.* | 15,723 | 502,900 | ||||||
Mead Johnson Nutrition Co. — Class A | 5,238 | 502,429 | ||||||
Church & Dwight Company, Inc. | 6,178 | 501,468 | ||||||
Hormel Foods Corp. | 9,181 | 498,987 | ||||||
Hain Celestial Group, Inc.* | 8,231 | 495,835 | ||||||
Dr Pepper Snapple Group, Inc. | 6,576 | 490,438 | ||||||
Whole Foods Market, Inc. | 9,975 | 476,406 | ||||||
Hershey Co. | 5,150 | 473,388 | ||||||
Kroger Co. | 6,837 | 471,138 | ||||||
Catamaran Corp.* | 4,796 | 284,642 | ||||||
Mylan N.V.* | 3,749 | 270,903 | ||||||
Omnicare, Inc. | 3,060 | 269,219 | ||||||
Perrigo Company plc | 1,412 | 258,791 | ||||||
Incyte Corp.* | 2,595 | 252,131 | ||||||
Align Technology, Inc.* | 4,250 | 250,070 | ||||||
St. Jude Medical, Inc. | 3,554 | 248,957 | ||||||
VWR Corp.* | 9,354 | 248,255 | ||||||
Hologic, Inc.* | 7,263 | 245,054 | ||||||
Sirona Dental Systems, Inc.* | 2,634 | 244,304 | ||||||
Vertex Pharmaceuticals, Inc.* | 1,973 | 243,231 | ||||||
Hill-Rom Holdings, Inc. | 4,854 | 242,409 | ||||||
Bruker Corp.* | 12,711 | 241,000 | ||||||
Teleflex, Inc. | 1,947 | 239,403 | ||||||
Jazz Pharmaceuticals plc* | 1,338 | 239,100 | ||||||
Alnylam Pharmaceuticals, Inc.* | 2,336 | 237,968 | ||||||
Community Health Systems, Inc.* | 4,432 | 237,911 | ||||||
Boston Scientific Corp.* | 13,302 | 237,042 | ||||||
Premier, Inc. — Class A* | 6,229 | 236,079 | ||||||
AmerisourceBergen Corp. — Class A | 2,065 | 236,029 | ||||||
Alere, Inc.* | 4,971 | 236,022 | ||||||
LifePoint Hospitals, Inc.* | 3,133 | 234,599 | ||||||
DENTSPLY International, Inc. | 4,592 | 234,192 | ||||||
Envision Healthcare Holdings, Inc.* | 6,129 | 232,657 | ||||||
DaVita HealthCare Partners, Inc.* | 2,861 | 232,027 | ||||||
CR Bard, Inc. | 1,392 | 231,879 | ||||||
Henry Schein, Inc.* | 1,691 | 231,836 | ||||||
Illumina, Inc.* | 1,258 | 231,787 | ||||||
Pharmacyclics, Inc.* | 903 | 231,349 | ||||||
Bio-Rad Laboratories, Inc. — Class A* | 1,720 | 231,254 | ||||||
Universal Health Services, Inc. — Class B | 1,977 | 231,210 | ||||||
Intuitive Surgical, Inc.* | 465 | 230,631 | ||||||
Quintiles Transnational Holdings, Inc.* | 3,499 | 230,514 | ||||||
Hospira, Inc.* | 2,634 | 229,922 | ||||||
Cigna Corp. | 1,834 | 228,590 | ||||||
MEDNAX, Inc.* | 3,223 | 228,124 | ||||||
Bio-Techne Corp. | 2,356 | 226,082 | ||||||
HCA Holdings, Inc.* | 3,048 | 225,582 | ||||||
Brookdale Senior Living, Inc. — Class A* | 6,226 | 225,568 | ||||||
Patterson Companies, Inc. | 4,793 | 225,055 | ||||||
VCA, Inc.* | 4,407 | 224,625 | ||||||
BioMarin Pharmaceutical, Inc.* | 2,003 | 224,436 | ||||||
Tenet Healthcare Corp.* | 4,676 | 223,793 | ||||||
Zoetis, Inc. | 5,031 | 223,477 | ||||||
Cooper Companies, Inc. | 1,253 | 223,122 | ||||||
Seattle Genetics, Inc.* | 6,494 | 223,004 | ||||||
QIAGEN N.V.* | 9,350 | 222,624 | ||||||
Endo International plc* | 2,642 | 222,100 | ||||||
Varian Medical Systems, Inc.* | 2,498 | 221,947 | ||||||
United Therapeutics Corp.* | 1,381 | 220,532 | ||||||
Laboratory Corporation of America Holdings* | 1,844 | 220,469 | ||||||
Zimmer Holdings, Inc. | 2,006 | 220,339 | ||||||
Cardinal Health, Inc. | 2,602 | 219,453 | ||||||
Quest Diagnostics, Inc. | 3,058 | 218,402 | ||||||
Humana, Inc. | 1,317 | 218,095 | ||||||
Medivation, Inc.* | 1,803 | 217,694 | ||||||
Myriad Genetics, Inc.*,1 | 6,525 | 215,521 | ||||||
ResMed, Inc. | 3,294 | 210,618 | ||||||
Centene Corp.* | 3,394 | 210,394 | ||||||
Edwards Lifesciences Corp.* | 1,635 | 207,073 | ||||||
Intercept Pharmaceuticals, Inc.* | 819 | 207,051 | ||||||
Mallinckrodt plc* | 1,825 | 206,554 | ||||||
Health Net, Inc.* | 3,911 | 205,914 | ||||||
Alkermes plc* | 3,686 | 204,094 | ||||||
Charles River Laboratories International, Inc.* | 2,929 | 202,570 | ||||||
IDEXX Laboratories, Inc.* | 1,545 | 193,697 | ||||||
Sabre Corp. | 7,477 | 186,103 | ||||||
Juno Therapeutics, Inc.*,1 | 4,342 | 185,577 | ||||||
Gartner, Inc.* | 2,169 | 179,983 | ||||||
CoStar Group, Inc.* | 810 | 165,587 | ||||||
Verisk Analytics, Inc. — Class A* | 2,195 | 164,713 | ||||||
Avery Dennison Corp. | 2,939 | 163,379 | ||||||
United Rentals, Inc.* | 1,683 | 162,543 | ||||||
Quanta Services, Inc.* | 5,427 | 156,895 |
20 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2015 |
GUGGENHEIM RUSSELL MIDCAP® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Rollins, Inc. | 6,297 | $ | 156,166 | |||||
ManpowerGroup, Inc. | 1,814 | 154,788 | ||||||
Vectrus, Inc.* | 6,049 | 154,612 | ||||||
RR Donnelley & Sons Co. | 8,292 | 154,397 | ||||||
Cintas Corp. | 1,889 | 151,026 | ||||||
Towers Watson & Co. — Class A | 1,182 | 150,002 | ||||||
Booz Allen Hamilton Holding Corp. | 5,355 | 147,263 | ||||||
Robert Half International, Inc. | 2,550 | 141,398 | ||||||
ADT Corp. | 3,737 | 140,511 | ||||||
Aaron’s, Inc. | 3,974 | 135,116 | ||||||
Service Corporation International | 4,187 | 115,896 | ||||||
Avon Products, Inc. | 13,929 | 113,800 | ||||||
KAR Auction Services, Inc. | 2,997 | 111,518 | ||||||
Hertz Global Holdings, Inc.* | 5,334 | 111,161 | ||||||
Live Nation Entertainment, Inc.* | 4,414 | 110,615 | ||||||
ServiceMaster Global Holdings, Inc.* | 3,192 | 110,316 | ||||||
Coty, Inc. — Class A* | 4,593 | 109,819 | ||||||
Aramark | 3,486 | 107,125 | ||||||
Graham Holdings Co. — Class B | 104 | 106,385 | ||||||
Avis Budget Group, Inc.* | 1,947 | 105,411 | ||||||
H&R Block, Inc. | 3,441 | 104,055 | ||||||
DeVry Education Group, Inc. | 3,296 | 99,671 | ||||||
Apollo Education Group, Inc. — Class A* | 5,728 | 96,144 | ||||||
Global Payments, Inc. | 955 | 95,767 | ||||||
FleetCor Technologies, Inc.* | 576 | 92,673 | ||||||
Equifax, Inc. | 935 | 90,630 | ||||||
Moody’s Corp. | 841 | 90,425 | ||||||
SEI Investments Co. | 1,970 | 89,950 | ||||||
Western Union Co. | 4,427 | 89,780 | ||||||
Total System Services, Inc. | 2,266 | 89,643 | ||||||
Vantiv, Inc. — Class A* | 2,292 | 89,617 | ||||||
Morningstar, Inc. | 1,143 | 86,742 | ||||||
McGraw Hill Financial, Inc. | 824 | 85,943 | ||||||
Total Consumer, Non-cyclical | 35,869,768 | |||||||
INDUSTRIAL - 14.2% | ||||||||
Energizer Holdings, Inc. | 3,827 | 522,845 | ||||||
Golar LNG Ltd. | 8,283 | 298,147 | ||||||
TimkenSteel Corp. | 10,042 | 293,126 | ||||||
SunPower Corp. — Class A* | 9,034 | 290,804 | ||||||
Ball Corp. | 3,729 | 273,747 | ||||||
Greif, Inc. — Class A | 6,707 | 273,377 | ||||||
Valmont Industries, Inc.1 | 2,163 | 272,581 | ||||||
Crown Holdings, Inc.* | 5,021 | 272,439 | ||||||
USG Corp.* | 10,113 | 268,399 | ||||||
Owens-Illinois, Inc.* | 11,216 | 268,175 | ||||||
Masco Corp. | 10,062 | 266,542 | ||||||
Hexcel Corp. | 5,278 | 264,692 | ||||||
Vulcan Materials Co. | 3,089 | 264,171 | ||||||
Sealed Air Corp. | 5,774 | 263,295 | ||||||
Eagle Materials, Inc. | 3,142 | 262,011 | ||||||
Acuity Brands, Inc. | 1,568 | 261,778 | ||||||
Martin Marietta Materials, Inc. | 1,830 | 261,050 | ||||||
Sonoco Products Co. | 5,745 | 256,745 | ||||||
AptarGroup, Inc. | 4,130 | 256,349 | ||||||
MeadWestvaco Corp. | 5,248 | 256,102 | ||||||
Rock-Tenn Co. — Class A | 4,056 | 255,447 | ||||||
Bemis Company, Inc. | 5,669 | 255,105 | ||||||
Ingersoll-Rand plc | 3,855 | 253,813 | ||||||
Armstrong World Industries, Inc.* | 4,612 | 252,461 | ||||||
Lennox International, Inc. | 2,370 | 251,125 | ||||||
Timken Co. | 6,336 | 248,941 | ||||||
Silgan Holdings, Inc. | 4,545 | 244,839 | ||||||
Owens Corning | 6,187 | 239,189 | ||||||
Agilent Technologies, Inc. | 5,700 | 235,809 | ||||||
PerkinElmer, Inc. | 4,593 | 235,437 | ||||||
Packaging Corporation of America | 3,363 | 232,686 | ||||||
Tidewater, Inc.1 | 7,599 | 210,416 | ||||||
KBR, Inc. | 10,637 | 185,828 | ||||||
Tech Data Corp.* | 3,185 | 179,538 | ||||||
Arrow Electronics, Inc.* | 2,943 | 175,726 | ||||||
Knowles Corp.*,1 | 9,137 | 175,156 | ||||||
Oshkosh Corp. | 3,240 | 174,441 | ||||||
Jabil Circuit, Inc. | 7,738 | 174,260 | ||||||
Avnet, Inc. | 4,071 | 173,547 | ||||||
AVX Corp. | 12,489 | 171,973 | ||||||
SBA Communications Corp. — Class A* | 1,484 | 171,876 | ||||||
Amphenol Corp. — Class A | 3,078 | 170,429 | ||||||
AGCO Corp. | 3,281 | 169,004 | ||||||
Vishay Intertechnology, Inc. | 13,266 | 168,213 | ||||||
Dover Corp. | 2,205 | 166,963 | ||||||
Joy Global, Inc. | 3,914 | 166,893 | ||||||
KLX, Inc.* | 3,964 | 166,131 | ||||||
Teekay Corp. | 3,334 | 165,733 | ||||||
Xylem, Inc. | 4,421 | 163,665 | ||||||
Zebra Technologies Corp. — Class A* | 1,774 | 163,350 | ||||||
Kirby Corp.* | 2,078 | 163,185 | ||||||
Carlisle Companies, Inc. | 1,691 | 163,181 | ||||||
Snap-on, Inc. | 1,078 | 161,215 | ||||||
Fluor Corp. | 2,667 | 160,393 | ||||||
Rockwell Automation, Inc. | 1,352 | 160,347 | ||||||
Colfax Corp.* | 3,222 | 159,779 | ||||||
Nordson Corp. | 2,005 | 159,698 | ||||||
Babcock & Wilcox Co. | 4,941 | 159,693 | ||||||
Trimble Navigation Ltd.* | 6,276 | 159,599 | ||||||
Stanley Black & Decker, Inc. | 1,616 | 159,499 | ||||||
Kennametal, Inc. | 4,503 | 159,451 | ||||||
Lincoln Electric Holdings, Inc. | 2,384 | 159,394 | ||||||
Triumph Group, Inc. | 2,690 | 159,356 | ||||||
Terex Corp. | 5,799 | 159,241 | ||||||
Flowserve Corp. | 2,701 | 158,090 | ||||||
Rockwell Collins, Inc. | 1,621 | 157,772 | ||||||
Exelis, Inc. | 6,432 | 157,713 | ||||||
Waters Corp.* | 1,258 | 157,489 | ||||||
AECOM* | 4,978 | 157,106 | ||||||
J.B. Hunt Transport Services, Inc. | 1,795 | 156,524 | ||||||
Parker-Hannifin Corp. | 1,306 | 155,884 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 21 |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2015 |
GUGGENHEIM RUSSELL MIDCAP® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Ryder System, Inc. | 1,628 | $ | 155,246 | |||||
AMETEK, Inc. | 2,956 | 154,954 | ||||||
Graco, Inc. | 2,163 | 154,914 | ||||||
Allegion plc | 2,533 | 154,893 | ||||||
Donaldson Company, Inc. | 4,141 | 154,750 | ||||||
ITT Corp. | 3,898 | 154,556 | ||||||
Republic Services, Inc. — Class A | 3,803 | 154,516 | ||||||
Spirit AeroSystems Holdings, Inc. — Class A* | 3,034 | 154,400 | ||||||
IDEX Corp. | 2,055 | 154,146 | ||||||
Middleby Corp.* | 1,519 | 153,935 | ||||||
AO Smith Corp. | 2,398 | 153,232 | ||||||
Textron, Inc. | 3,483 | 153,182 | ||||||
Wabtec Corp. | 1,627 | 153,019 | ||||||
FLIR Systems, Inc. | 4,951 | 152,936 | ||||||
Regal Beloit Corp. | 1,953 | 152,725 | ||||||
Mettler-Toledo International, Inc.* | 481 | 152,482 | ||||||
Kansas City Southern | 1,486 | 152,300 | ||||||
Waste Connections, Inc. | 3,209 | 152,138 | ||||||
Hubbell, Inc. — Class B | 1,397 | 152,036 | ||||||
Chicago Bridge & Iron Company N.V.1 | 3,187 | 151,861 | ||||||
Pentair plc | 2,438 | 151,522 | ||||||
Roper Technologies, Inc. | 899 | 151,185 | ||||||
TransDigm Group, Inc. | 712 | 151,037 | ||||||
Clean Harbors, Inc.* | 2,725 | 150,557 | ||||||
Pall Corp. | 1,539 | 149,775 | ||||||
Crane Co. | 2,434 | 148,742 | ||||||
B/E Aerospace, Inc. | 2,484 | 148,518 | ||||||
Stericycle, Inc.* | 1,108 | 147,840 | ||||||
Expeditors International of Washington, Inc. | 3,189 | 146,152 | ||||||
Jacobs Engineering Group, Inc.* | 3,409 | 146,110 | ||||||
Orbital ATK, Inc. | 1,994 | 145,881 | ||||||
Huntington Ingalls Industries, Inc. | 1,108 | 145,802 | ||||||
Manitowoc Company, Inc. | 7,372 | 145,450 | ||||||
Landstar System, Inc. | 2,327 | 144,995 | ||||||
GATX Corp. | 2,663 | 144,867 | ||||||
Genesee & Wyoming, Inc. — Class A* | 1,558 | 144,816 | ||||||
Con-way, Inc. | 3,465 | 142,412 | ||||||
Covanta Holding Corp. | 7,002 | 142,071 | ||||||
Old Dominion Freight Line, Inc.* | 1,991 | 141,620 | ||||||
Tyco International plc | 3,590 | 141,374 | ||||||
L-3 Communications Holdings, Inc. | 1,225 | 140,765 | ||||||
SPX Corp. | 1,826 | 140,602 | ||||||
Keysight Technologies, Inc.* | 4,174 | 139,662 | ||||||
National Instruments Corp. | 4,829 | 138,109 | ||||||
CH Robinson Worldwide, Inc. | 2,096 | 134,961 | ||||||
GoPro, Inc. — Class A*,1 | 2,545 | 127,454 | ||||||
Trinity Industries, Inc. | 4,457 | 120,740 | ||||||
Fortune Brands Home & Security, Inc. | 2,481 | 110,653 | ||||||
AMERCO | 341 | 109,816 | ||||||
Gentex Corp. | 6,096 | 105,766 | ||||||
Garmin Ltd. | 2,318 | 104,750 | ||||||
Total Industrial | 22,365,203 | |||||||
ENERGY - 12.1% | ||||||||
EP Energy Corp. — Class A*,1 | 26,865 | 396,796 | ||||||
Seadrill Ltd.1 | 28,440 | 372,279 | ||||||
Oasis Petroleum, Inc.* | 20,220 | 362,747 | ||||||
Unit Corp.* | 10,370 | 361,291 | ||||||
Antero Resources Corp.* | 8,098 | 358,822 | ||||||
Diamond Offshore Drilling, Inc.1 | 10,700 | 358,129 | ||||||
WPX Energy, Inc.* | 25,963 | 356,991 | ||||||
Southwestern Energy Co.* | 12,699 | 355,953 | ||||||
Range Resources Corp. | 5,597 | 355,745 | ||||||
RPC, Inc. | 22,352 | 355,621 | ||||||
Laredo Petroleum, Inc.*,1 | 22,213 | 350,965 | ||||||
Nabors Industries Ltd. | 20,991 | 350,550 | ||||||
Cameron International Corp.* | 6,385 | 350,026 | ||||||
Continental Resources, Inc.* | 6,649 | 349,937 | ||||||
Whiting Petroleum Corp.* | 9,071 | 343,882 | ||||||
SolarCity Corp.*,1 | 5,713 | 343,066 | ||||||
Kosmos Energy Ltd.* | 34,977 | 342,075 | ||||||
Rice Energy, Inc.* | 13,842 | 340,928 | ||||||
Oil States International, Inc.* | 7,163 | 340,887 | ||||||
Frank’s International N.V. | 16,302 | 339,082 | ||||||
CONSOL Energy, Inc. | 10,438 | 339,027 | ||||||
Rowan Companies plc — Class A | 15,842 | 335,692 | ||||||
Patterson-UTI Energy, Inc. | 14,983 | 334,870 | ||||||
Atwood Oceanics, Inc. | 10,011 | 334,167 | ||||||
Cabot Oil & Gas Corp. — Class A | 9,873 | 333,905 | ||||||
FMC Technologies, Inc.* | 7,571 | 333,881 | ||||||
NOW, Inc.*,1 | 13,956 | 333,548 | ||||||
Dril-Quip, Inc.* | 4,182 | 333,389 | ||||||
Memorial Resource Development Corp.* | 16,368 | 330,470 | ||||||
Ultra Petroleum Corp.*,1 | 19,280 | 328,338 | ||||||
Newfield Exploration Co.* | 8,356 | 327,889 | ||||||
Superior Energy Services, Inc. | 12,818 | 326,859 | ||||||
SM Energy Co. | 5,602 | 324,748 | ||||||
Concho Resources, Inc.* | 2,560 | 324,250 | ||||||
Helmerich & Payne, Inc. | 4,140 | 322,796 | ||||||
Equities Corp. | 3,580 | 321,985 | ||||||
Denbury Resources, Inc.1 | 36,125 | 318,261 | ||||||
Targa Resources Corp. | 3,027 | 317,744 | ||||||
Chesapeake Energy Corp. | 20,120 | 317,292 | ||||||
Cimarex Energy Co. | 2,519 | 313,364 | ||||||
Cobalt International Energy, Inc.* | 29,254 | 313,018 | ||||||
Energen Corp. | 4,382 | 311,867 | ||||||
MRC Global, Inc.* | 21,320 | 311,272 | ||||||
Gulfport Energy Corp.* | 6,305 | 308,567 | ||||||
Noble Energy, Inc. | 5,968 | 302,697 | ||||||
Dresser-Rand Group, Inc.* | 3,618 | 299,100 | ||||||
SandRidge Energy, Inc.*,1 | 157,202 | 297,112 | ||||||
QEP Resources, Inc. | 13,197 | 296,933 | ||||||
Oceaneering International, Inc. | 5,344 | 294,508 | ||||||
ONEOK, Inc. | 6,067 | 291,823 | ||||||
Murphy Oil Corp. | 6,042 | 287,660 | ||||||
First Solar, Inc.* | 4,799 | 286,356 |
22 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2015 |
GUGGENHEIM RUSSELL MIDCAP® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Cheniere Energy, Inc.* | 3,635 | $ | 278,040 | |||||
HollyFrontier Corp. | 7,059 | 273,748 | ||||||
CVR Energy, Inc. | 6,812 | 272,752 | ||||||
Tesoro Corp. | 3,131 | 268,734 | ||||||
PBF Energy, Inc. — Class A | 8,683 | 246,424 | ||||||
Peabody Energy Corp.1 | 51,091 | 241,660 | ||||||
SunEdison, Inc.* | 7,448 | 188,583 | ||||||
Murphy USA, Inc.* | 1,603 | 104,724 | ||||||
Total Energy | 19,113,825 | |||||||
CONSUMER, CYCLICAL - 10.1% | ||||||||
GNC Holdings, Inc. — Class A | 11,405 | 490,985 | ||||||
Rite Aid Corp.* | 63,439 | 489,115 | ||||||
World Fuel Services Corp. | 5,041 | 279,776 | ||||||
Fastenal Co. | 6,273 | 267,355 | ||||||
Scotts Miracle-Gro Co. — Class A | 3,959 | 255,395 | ||||||
Dolby Laboratories, Inc. — Class A | 4,661 | 187,652 | ||||||
Ingram Micro, Inc. — Class A* | 7,298 | 183,618 | ||||||
HD Supply Holdings, Inc.* | 5,154 | 170,082 | ||||||
Copa Holdings S.A. — Class A | 1,497 | 166,002 | ||||||
WW Grainger, Inc. | 654 | 162,473 | ||||||
PACCAR, Inc. | 2,459 | 160,696 | ||||||
Navistar International Corp.* | 5,315 | 159,237 | ||||||
WESCO International, Inc.* | 2,198 | 158,564 | ||||||
Alaska Air Group, Inc. | 2,372 | 151,950 | ||||||
Toro Co. | 2,245 | 150,505 | ||||||
MSC Industrial Direct Company, Inc. — Class A | 2,116 | 150,363 | ||||||
Allison Transmission Holdings, Inc. | 4,886 | 149,902 | ||||||
Copart, Inc.* | 4,171 | 148,362 | ||||||
Southwest Airlines Co. | 3,550 | 143,988 | ||||||
Spirit Airlines, Inc.* | 2,081 | 142,486 | ||||||
United Continental Holdings, Inc.* | 2,359 | 140,927 | ||||||
Mattel, Inc. | 4,836 | 136,182 | ||||||
Tesla Motors, Inc.* | 578 | 130,657 | ||||||
DreamWorks Animation SKG, Inc. — Class A*,1 | 4,997 | 130,222 | ||||||
Hasbro, Inc. | 1,817 | 128,625 | ||||||
Panera Bread Co. — Class A* | 700 | 127,736 | ||||||
LKQ Corp.* | 4,560 | 123,439 | ||||||
Ascena Retail Group, Inc.* | 8,068 | 120,939 | ||||||
Carter’s, Inc. | 1,206 | 120,432 | ||||||
Dunkin’ Brands Group, Inc. | 2,306 | 120,166 | ||||||
SeaWorld Entertainment, Inc. | 5,658 | 119,950 | ||||||
Tempur Sealy International, Inc.* | 1,963 | 119,566 | ||||||
JC Penney Company, Inc.* | 14,385 | 119,395 | ||||||
Goodyear Tire & Rubber Co. | 4,208 | 119,360 | ||||||
Domino’s Pizza, Inc. | 1,094 | 117,988 | ||||||
WABCO Holdings, Inc.* | 942 | 117,232 | ||||||
Visteon Corp.* | 1,152 | 116,813 | ||||||
Restaurant Brands International, Inc. | 2,845 | 116,019 | ||||||
Vista Outdoor, Inc.* | 2,624 | 114,826 | ||||||
Fossil Group, Inc.* | 1,357 | 113,961 | ||||||
CarMax, Inc.* | 1,672 | 113,880 | ||||||
O’Reilly Automotive, Inc.* | 521 | 113,489 | ||||||
Abercrombie & Fitch Co. — Class A | 5,022 | 112,895 | ||||||
Lear Corp. | 1,016 | 112,806 | ||||||
Macy’s, Inc. | 1,740 | 112,456 | ||||||
Deckers Outdoor Corp.* | 1,519 | 112,406 | ||||||
Staples, Inc. | 6,869 | 112,102 | ||||||
AutoZone, Inc.* | 166 | 111,662 | ||||||
Starwood Hotels & Resorts Worldwide, Inc. | 1,298 | 111,563 | ||||||
Tiffany & Co. | 1,275 | 111,537 | ||||||
Ralph Lauren Corp. — Class A | 834 | 111,264 | ||||||
Madison Square Garden Co. — Class A* | 1,384 | 111,135 | ||||||
Tractor Supply Co. | 1,291 | 111,103 | ||||||
Ulta Salon Cosmetics & Fragrance, Inc.* | 734 | 110,900 | ||||||
Hyatt Hotels Corp. — Class A* | 1,902 | 110,411 | ||||||
TRW Automotive Holdings Corp.* | 1,050 | 110,313 | ||||||
BorgWarner, Inc. | 1,861 | 110,171 | ||||||
NVR, Inc.* | 83 | 110,099 | ||||||
DSW, Inc. — Class A | 3,031 | 109,934 | ||||||
AutoNation, Inc.* | 1,786 | 109,928 | ||||||
Kate Spade & Co.* | 3,357 | 109,774 | ||||||
Marriott International, Inc. — Class A | 1,366 | 109,348 | ||||||
GameStop Corp. — Class A1 | 2,837 | 109,338 | ||||||
Signet Jewelers Ltd. | 815 | 109,316 | ||||||
Hilton Worldwide Holdings, Inc.* | 3,771 | 109,208 | ||||||
Jarden Corp.* | 2,131 | 109,065 | ||||||
MGM Resorts International* | 5,145 | 108,816 | ||||||
PVH Corp. | 1,052 | 108,724 | ||||||
Family Dollar Stores, Inc. | 1,389 | 108,536 | ||||||
Under Armour, Inc. — Class A* | 1,399 | 108,492 | ||||||
Penske Automotive Group, Inc. | 2,217 | 108,212 | ||||||
Six Flags Entertainment Corp. | 2,298 | 108,052 | ||||||
Dillard’s, Inc. — Class A | 821 | 108,035 | ||||||
VF Corp. | 1,489 | 107,848 | ||||||
Harman International Industries, Inc. | 827 | 107,824 | ||||||
Newell Rubbermaid, Inc. | 2,823 | 107,641 | ||||||
Cinemark Holdings, Inc. | 2,523 | 107,555 | ||||||
Polaris Industries, Inc. | 784 | 107,377 | ||||||
Genuine Parts Co. | 1,192 | 107,101 | ||||||
Dollar General Corp. | 1,472 | 107,029 | ||||||
Foot Locker, Inc. | 1,795 | 106,713 | ||||||
CST Brands, Inc. | 2,552 | 106,444 | ||||||
L Brands, Inc. | 1,191 | 106,428 | ||||||
Nu Skin Enterprises, Inc. — Class A | 1,880 | 106,314 | ||||||
Thor Industries, Inc. | 1,765 | 106,200 | ||||||
Chico’s FAS, Inc. | 6,295 | 106,134 | ||||||
Mohawk Industries, Inc.* | 611 | 106,009 | ||||||
Choice Hotels International, Inc. | 1,770 | 105,970 | ||||||
Michaels Companies, Inc.* | 4,074 | 105,354 | ||||||
Advance Auto Parts, Inc. | 736 | 105,248 | ||||||
Regal Entertainment Group — Class A | 4,782 | 105,204 | ||||||
Sears Holdings Corp.*,1 | 2,634 | 105,202 | ||||||
Kohl’s Corp. | 1,467 | 105,111 | ||||||
Nordstrom, Inc. | 1,391 | 105,104 | ||||||
Bed Bath & Beyond, Inc.* | 1,491 | 105,056 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 23 |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2015 |
GUGGENHEIM RUSSELL MIDCAP® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Williams-Sonoma, Inc. | 1,426 | $ | 104,854 | |||||
Ross Stores, Inc. | 1,060 | 104,813 | ||||||
DR Horton, Inc. | 4,123 | 104,724 | ||||||
Dick’s Sporting Goods, Inc. | 1,928 | 104,613 | ||||||
Tupperware Brands Corp. | 1,564 | 104,569 | ||||||
Norwegian Cruise Line Holdings Ltd.* | 2,150 | 104,297 | ||||||
Wyndham Worldwide Corp. | 1,219 | 104,103 | ||||||
Wendy’s Co. | 10,284 | 104,074 | ||||||
Leggett & Platt, Inc. | 2,448 | 103,967 | ||||||
Liberty TripAdvisor Holdings, Inc. — Class A* | 3,493 | 103,777 | ||||||
Dollar Tree, Inc.* | 1,358 | 103,765 | ||||||
Chipotle Mexican Grill, Inc. — Class A* | 167 | 103,764 | ||||||
Coach, Inc. | 2,704 | 103,320 | ||||||
Harley-Davidson, Inc. | 1,835 | 103,145 | ||||||
Big Lots, Inc. | 2,258 | 102,897 | ||||||
The Gap, Inc. | 2,595 | 102,866 | ||||||
Darden Restaurants, Inc. | 1,612 | 102,797 | ||||||
Lions Gate Entertainment Corp. | 3,313 | 102,736 | ||||||
Cabela’s, Inc.* | 1,939 | 102,263 | ||||||
Hanesbrands, Inc. | 3,289 | 102,222 | ||||||
Michael Kors Holdings Ltd.* | 1,651 | 102,131 | ||||||
Toll Brothers, Inc.* | 2,871 | 102,035 | ||||||
Lennar Corp. — Class A | 2,227 | 101,997 | ||||||
Taylor Morrison Home Corp. — Class A* | 5,502 | 101,897 | ||||||
Brinker International, Inc. | 1,833 | 101,493 | ||||||
Sally Beauty Holdings, Inc.* | 3,211 | 100,215 | ||||||
Royal Caribbean Cruises Ltd. | 1,467 | 99,844 | ||||||
Best Buy Company, Inc. | 2,866 | 99,307 | ||||||
PulteGroup, Inc. | 5,113 | 98,681 | ||||||
Whirlpool Corp. | 561 | 98,512 | ||||||
Urban Outfitters, Inc.* | 2,421 | 96,937 | ||||||
Wynn Resorts Ltd. | 867 | 96,298 | ||||||
Gaming and Leisure Properties, Inc. | 2,333 | 83,288 | ||||||
Total Consumer, Cyclical | 15,962,978 | |||||||
FINANCIAL - 10.0% | ||||||||
Communications Sales & Leasing, Inc. *,1 | 9,952 | 299,357 | ||||||
Air Lease Corp. — Class A | 4,062 | 156,915 | ||||||
Outfront Media, Inc. | 3,671 | 105,431 | ||||||
Genworth Financial, Inc. — Class A* | 11,758 | 103,353 | ||||||
CoreLogic, Inc.* | 2,524 | 98,714 | ||||||
SLM Corp.* | 9,548 | 97,294 | ||||||
PartnerRe Ltd. | 749 | 95,871 | ||||||
Santander Consumer USA Holdings, Inc. | 3,854 | 95,155 | ||||||
SVB Financial Group* | 704 | 93,462 | ||||||
BOK Financial Corp. | 1,425 | 92,895 | ||||||
Citizens Financial Group, Inc. | 3,559 | 92,712 | ||||||
CBRE Group, Inc. — Class A* | 2,408 | 92,322 | ||||||
Realogy Holdings Corp.* | 1,933 | 91,644 | ||||||
Home Properties, Inc. | 1,243 | 91,434 | ||||||
StanCorp Financial Group, Inc. | 1,266 | 91,254 | ||||||
Zions Bancorporation | 3,211 | 90,984 | ||||||
Ally Financial, Inc.* | 4,155 | 90,953 | ||||||
Regions Financial Corp. | 9,219 | 90,622 | ||||||
Cullen/Frost Bankers, Inc. | 1,240 | 90,446 | ||||||
Comerica, Inc. | 1,905 | 90,315 | ||||||
Signature Bank* | 673 | 90,243 | ||||||
Affiliated Managers Group, Inc.* | 399 | 90,227 | ||||||
Federated Investors, Inc. — Class B | 2,622 | 90,197 | ||||||
Northern Trust Corp. | 1,233 | 90,194 | ||||||
FNFV Group* | 6,023 | 90,044 | ||||||
E*TRADE Financial Corp.* | 3,127 | 90,027 | ||||||
Fifth Third Bancorp | 4,496 | 89,920 | ||||||
City National Corp. | 958 | 89,286 | ||||||
Old Republic International Corp. | 5,831 | 89,156 | ||||||
Invesco Ltd. | 2,151 | 89,094 | ||||||
NorthStar Realty Finance Corp. | 4,745 | 89,016 | ||||||
American Homes 4 Rent — Class A | 5,269 | 88,994 | ||||||
Everest Re Group Ltd. | 497 | 88,918 | ||||||
American National Insurance Co. | 887 | 88,753 | ||||||
New York Community Bancorp, Inc. | 5,161 | 88,718 | ||||||
Ocwen Financial Corp.*,1 | 10,429 | 88,542 | ||||||
Loews Corp. | 2,123 | 88,402 | ||||||
First Niagara Financial Group, Inc. | 9,710 | 88,312 | ||||||
First Republic Bank | 1,513 | 88,193 | ||||||
First Horizon National Corp. | 6,184 | 88,122 | ||||||
Arthur J Gallagher & Co. | 1,841 | 88,055 | ||||||
Unum Group | 2,574 | 87,928 | ||||||
Torchmark Corp. | 1,567 | 87,924 | ||||||
RenaissanceRe Holdings Ltd. | 857 | 87,834 | ||||||
KeyCorp | 6,066 | 87,654 | ||||||
SunTrust Banks, Inc. | 2,109 | 87,524 | ||||||
Allied World Assurance Company Holdings AG | 2,127 | 87,505 | ||||||
Associated Banc-Corp. | 4,650 | 87,467 | ||||||
Jones Lang LaSalle, Inc. | 526 | 87,348 | ||||||
Synchrony Financial* | 2,804 | 87,345 | ||||||
CIT Group, Inc. | 1,938 | 87,268 | ||||||
Commerce Bancshares, Inc. | 2,038 | 87,043 | ||||||
Axis Capital Holdings Ltd. | 1,668 | 86,836 | ||||||
East West Bancorp, Inc. | 2,139 | 86,822 | ||||||
Principal Financial Group, Inc. | 1,693 | 86,546 | ||||||
HCC Insurance Holdings, Inc. | 1,519 | 86,522 | ||||||
XL Group plc — Class A | 2,331 | 86,433 | ||||||
Validus Holdings Ltd. | 2,066 | 86,421 | ||||||
Assured Guaranty Ltd. | 3,324 | 86,391 | ||||||
Post Properties, Inc. | 1,508 | 86,212 | ||||||
TFS Financial Corp. | 5,895 | 86,185 | ||||||
TCF Financial Corp. | 5,502 | 86,161 | ||||||
People’s United Financial, Inc. | 5,699 | 86,112 | ||||||
Assurant, Inc. | 1,400 | 86,044 | ||||||
Aon plc | 894 | 86,030 | ||||||
Interactive Brokers Group, Inc. — Class A | 2,534 | 86,030 | ||||||
T. Rowe Price Group, Inc. | 1,058 | 85,888 | ||||||
Huntington Bancshares, Inc. | 7,889 | 85,675 | ||||||
Lazard Ltd. — Class A | 1,615 | 85,643 | ||||||
Raymond James Financial, Inc. | 1,514 | 85,586 |
24 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2015 |
GUGGENHEIM RUSSELL MIDCAP® EQUAL WEIGHT ETF |
Shares | Value | |||||||
BankUnited, Inc. | 2,603 | $ | 85,535 | |||||
FNF Group | 2,376 | 85,512 | ||||||
Synovus Financial Corp. | 3,089 | 85,442 | ||||||
Bank of Hawaii Corp. | 1,413 | 85,331 | ||||||
Aspen Insurance Holdings Ltd. | 1,826 | 85,329 | ||||||
Host Hotels & Resorts, Inc. | 4,232 | 85,233 | ||||||
Fulton Financial Corp. | 7,007 | 85,205 | ||||||
MFA Financial, Inc. | 10,962 | 85,175 | ||||||
Eaton Vance Corp. | 2,071 | 85,077 | ||||||
Lincoln National Corp. | 1,506 | 85,074 | ||||||
Reinsurance Group of America, Inc. — Class A | 928 | 85,023 | ||||||
Progressive Corp. | 3,187 | 84,966 | ||||||
American Financial Group, Inc. | 1,342 | 84,814 | ||||||
Crown Castle International Corp. | 1,014 | 84,699 | ||||||
Columbia Property Trust, Inc. | 3,229 | 84,696 | ||||||
PacWest Bancorp | 1,875 | 84,563 | ||||||
Waddell & Reed Financial, Inc. — Class A | 1,714 | 84,534 | ||||||
White Mountains Insurance Group Ltd. | 125 | 84,496 | ||||||
Howard Hughes Corp.* | 569 | 84,480 | ||||||
Artisan Partners Asset Management, Inc. — Class A | 1,886 | 84,474 | ||||||
Starwood Property Trust, Inc. | 3,516 | 84,419 | ||||||
MBIA, Inc.* | 9,644 | 84,385 | ||||||
Equity Commonwealth* | 3,346 | 84,353 | ||||||
CNA Financial Corp. | 2,093 | 84,348 | ||||||
Alleghany Corp.* | 178 | 84,287 | ||||||
ProAssurance Corp. | 1,874 | 84,236 | ||||||
NASDAQ OMX Group, Inc. | 1,732 | 84,228 | ||||||
Brown & Brown, Inc. | 2,634 | 84,156 | ||||||
TD Ameritrade Holding Corp. | 2,321 | 84,136 | ||||||
Extra Space Storage, Inc. | 1,276 | 84,127 | ||||||
Arch Capital Group Ltd.* | 1,386 | 84,102 | ||||||
Voya Financial, Inc. | 1,986 | 84,087 | ||||||
Intercontinental Exchange, Inc. | 374 | 83,974 | ||||||
Retail Properties of America, Inc. — Class A | 5,545 | 83,785 | ||||||
Plum Creek Timber Company, Inc. | 1,985 | 83,767 | ||||||
CBOE Holdings, Inc. | 1,487 | 83,673 | ||||||
Liberty Property Trust | 2,399 | 83,581 | ||||||
Mercury General Corp. | 1,521 | 83,564 | ||||||
Mid-America Apartment Communities, Inc. | 1,119 | 83,489 | ||||||
Nationstar Mortgage Holdings, Inc.* | 3,323 | 83,407 | ||||||
Paramount Group, Inc. | 4,549 | 83,338 | ||||||
UDR, Inc. | 2,542 | 83,301 | ||||||
Two Harbors Investment Corp. | 7,933 | 83,297 | ||||||
Douglas Emmett, Inc. | 2,921 | 83,249 | ||||||
Navient Corp. | 4,258 | 83,201 | ||||||
Ameriprise Financial, Inc. | 664 | 83,186 | ||||||
WR Berkley Corp. | 1,698 | 83,185 | ||||||
Hartford Financial Services Group, Inc. | 2,038 | 83,089 | ||||||
Hanover Insurance Group, Inc. | 1,211 | 83,038 | ||||||
Markel Corp.* | 112 | 82,952 | ||||||
M&T Bank Corp. | 693 | 82,931 | ||||||
Forest City Enterprises, Inc. — Class A* | 3,486 | 82,827 | ||||||
Equity LifeStyle Properties, Inc. | 1,567 | 82,769 | ||||||
HCP, Inc. | 2,051 | 82,635 | ||||||
Camden Property Trust | 1,100 | 82,588 | ||||||
Ventas, Inc. | 1,198 | 82,542 | ||||||
American Campus Communities, Inc. | 2,054 | 82,448 | ||||||
Apartment Investment & Management Co. — Class A | 2,185 | 82,440 | ||||||
Endurance Specialty Holdings Ltd. | 1,362 | 82,238 | ||||||
Erie Indemnity Co. — Class A | 993 | 82,171 | ||||||
Cincinnati Financial Corp. | 1,620 | 82,037 | ||||||
Spirit Realty Capital, Inc. | 7,262 | 81,988 | ||||||
Tanger Factory Outlet Centers, Inc. | 2,440 | 81,936 | ||||||
Rayonier, Inc. | 3,201 | 81,914 | ||||||
SL Green Realty Corp. | 669 | 81,859 | ||||||
Weyerhaeuser Co. | 2,596 | 81,800 | ||||||
Popular, Inc.* | 2,519 | 81,691 | ||||||
Essex Property Trust, Inc. | 368 | 81,678 | ||||||
Digital Realty Trust, Inc. | 1,287 | 81,609 | ||||||
American Capital Agency Corp. | 3,945 | 81,405 | ||||||
Piedmont Office Realty Trust, Inc. — Class A | 4,657 | 81,404 | ||||||
Iron Mountain, Inc. | 2,360 | 81,396 | ||||||
Alexandria Real Estate Equities, Inc. | 880 | 81,294 | ||||||
Healthcare Trust of America, Inc. — Class A | 3,133 | 81,113 | ||||||
Legg Mason, Inc. | 1,540 | 81,081 | ||||||
National Retail Properties, Inc. | 2,111 | 81,062 | ||||||
Urban Edge Properties | 3,575 | 80,901 | ||||||
Boston Properties, Inc. | 611 | 80,841 | ||||||
Macerich Co. | 987 | 80,697 | ||||||
Regency Centers Corp. | 1,284 | 80,610 | ||||||
Vornado Realty Trust | 778 | 80,515 | ||||||
Taubman Centers, Inc. | 1,115 | 80,291 | ||||||
Health Care REIT, Inc. | 1,114 | 80,230 | ||||||
Kilroy Realty Corp. | 1,130 | 80,219 | ||||||
AvalonBay Communities, Inc. | 488 | 80,198 | ||||||
Prologis, Inc. | 1,993 | 80,119 | ||||||
Chimera Investment Corp. | 5,265 | 79,975 | ||||||
Annaly Capital Management, Inc. | 7,933 | 79,885 | ||||||
Hospitality Properties Trust | 2,655 | 79,862 | ||||||
WP Carey, Inc. | 1,253 | 79,540 | ||||||
DDR Corp. | 4,662 | 79,487 | ||||||
CBL & Associates Properties, Inc. | 4,413 | 79,478 | ||||||
General Growth Properties, Inc. | 2,898 | 79,405 | ||||||
BioMed Realty Trust, Inc. | 3,815 | 79,161 | ||||||
Federal Realty Investment Trust | 592 | 79,133 | ||||||
Senior Housing Properties Trust | 3,854 | 78,891 | ||||||
Duke Realty Corp. | 3,974 | 78,725 | ||||||
Weingarten Realty Investors | 2,402 | 78,690 | ||||||
Realty Income Corp. | 1,675 | 78,675 | ||||||
Brandywine Realty Trust | 5,391 | 78,601 | ||||||
American Realty Capital Properties, Inc. | 8,670 | 78,290 | ||||||
Kimco Realty Corp. | 3,245 | 78,205 | ||||||
Corporate Office Properties Trust | 2,963 | 78,194 | ||||||
Hudson City Bancorp, Inc. | 8,382 | 77,953 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 25 |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2015 |
GUGGENHEIM RUSSELL MIDCAP® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Corrections Corporation of America | 2,114 | $ | 77,774 | |||||
WP GLIMCHER, Inc. | 5,164 | 77,460 | ||||||
Brixmor Property Group, Inc. | 3,301 | 77,408 | ||||||
NorthStar Asset Management Group, Inc. | 3,674 | 77,264 | ||||||
LendingClub Corp.* | 4,404 | 76,850 | ||||||
Omega Healthcare Investors, Inc. | 2,128 | 76,800 | ||||||
LPL Financial Holdings, Inc. | 1,884 | 76,245 | ||||||
Total Financial | 15,646,949 | |||||||
UTILITIES - 9.5% | ||||||||
National Fuel Gas Co. | 6,536 | 421,245 | ||||||
UGI Corp. | 12,053 | 419,565 | ||||||
AES Corp. | 31,312 | 414,884 | ||||||
MDU Resources Group, Inc. | 18,499 | 412,344 | ||||||
Consolidated Edison, Inc. | 6,635 | 408,385 | ||||||
OGE Energy Corp. | 12,461 | 407,225 | ||||||
AGL Resources, Inc. | 8,049 | 404,623 | ||||||
FirstEnergy Corp. | 11,240 | 403,628 | ||||||
PPL Corp. | 11,815 | 402,064 | ||||||
CenterPoint Energy, Inc. | 19,106 | 400,653 | ||||||
Aqua America, Inc. | 14,937 | 400,610 | ||||||
NRG Energy, Inc. | 15,821 | 399,322 | ||||||
Integrys Energy Group, Inc. | 5,451 | 398,468 | ||||||
American Water Works Company, Inc. | 7,298 | 397,887 | ||||||
NiSource, Inc. | 9,116 | 395,817 | ||||||
Calpine Corp.* | 18,113 | 395,045 | ||||||
Great Plains Energy, Inc. | 15,052 | 394,061 | ||||||
Questar Corp. | 16,802 | 393,839 | ||||||
Public Service Enterprise Group, Inc. | 9,474 | 393,550 | ||||||
Entergy Corp. | 5,099 | 393,541 | ||||||
Wisconsin Energy Corp. | 7,983 | 392,125 | ||||||
DTE Energy Co. | 4,911 | 391,063 | ||||||
Atmos Energy Corp. | 7,240 | 390,960 | ||||||
Ameren Corp. | 9,527 | 390,035 | ||||||
Westar Energy, Inc. | 10,321 | 388,586 | ||||||
CMS Energy Corp. | 11,438 | 388,091 | ||||||
Vectren Corp. | 8,988 | 388,012 | ||||||
Sempra Energy | 3,640 | 386,459 | ||||||
Xcel Energy, Inc. | 11,375 | 385,726 | ||||||
TECO Energy, Inc. | 20,331 | 385,272 | ||||||
Alliant Energy Corp. | 6,365 | 384,892 | ||||||
Edison International | 6,269 | 382,033 | ||||||
Pinnacle West Capital Corp. | 6,236 | 381,643 | ||||||
Eversource Energy | 7,817 | 381,157 | ||||||
ITC Holdings Corp. | 10,585 | 381,060 | ||||||
SCANA Corp. | 7,184 | 380,608 | ||||||
Hawaiian Electric Industries, Inc. | 12,139 | 379,951 | ||||||
Pepco Holdings, Inc. | 14,542 | 377,801 | ||||||
Total Utilities | 14,992,230 | |||||||
TECHNOLOGY - 8.6% | ||||||||
Zayo Group Holdings, Inc.* | 14,488 | 384,657 | ||||||
Allscripts Healthcare Solutions, Inc.* | 19,709 | 262,130 | ||||||
Veeva Systems, Inc. — Class A* | 9,151 | 242,960 | ||||||
athenahealth, Inc.* | 1,931 | 236,856 | ||||||
Cerner Corp.* | 3,207 | 230,295 | ||||||
Altera Corp. | 5,119 | 213,359 | ||||||
Fortinet, Inc.* | 5,261 | 198,550 | ||||||
Informatica Corp.* | 4,032 | 193,818 | ||||||
Nuance Communications, Inc.* | 12,641 | 193,786 | ||||||
Workday, Inc. — Class A* | 2,107 | 192,179 | ||||||
Xilinx, Inc. | 4,427 | 191,954 | ||||||
DST Systems, Inc. | 1,663 | 191,379 | ||||||
Analog Devices, Inc. | 3,075 | 190,158 | ||||||
PTC, Inc.* | 4,950 | 189,783 | ||||||
Lam Research Corp. | 2,487 | 187,967 | ||||||
Citrix Systems, Inc.* | 2,792 | 187,511 | ||||||
NVIDIA Corp. | 8,441 | 187,348 | ||||||
Tableau Software, Inc. — Class A* | 1,907 | 186,581 | ||||||
Rackspace Hosting, Inc.* | 3,444 | 185,632 | ||||||
Broadcom Corp. — Class A | 4,199 | 185,617 | ||||||
Western Digital Corp. | 1,890 | 184,728 | ||||||
IMS Health Holdings, Inc.* | 6,666 | 183,915 | ||||||
Akamai Technologies, Inc.* | 2,491 | 183,786 | ||||||
Intuit, Inc. | 1,829 | 183,504 | ||||||
VeriFone Systems, Inc.* | 5,127 | 183,392 | ||||||
Cadence Design Systems, Inc.* | 9,832 | 183,367 | ||||||
Electronic Arts, Inc.* | 3,156 | 183,331 | ||||||
Teradata Corp.* | 4,152 | 182,646 | ||||||
NetSuite, Inc.* | 1,905 | 182,061 | ||||||
Synopsys, Inc.* | 3,880 | 181,894 | ||||||
Amdocs Ltd. | 3,290 | 181,180 | ||||||
NetApp, Inc. | 4,978 | 180,453 | ||||||
Activision Blizzard, Inc. | 7,873 | 179,623 | ||||||
Linear Technology Corp. | 3,881 | 179,031 | ||||||
SanDisk Corp. | 2,673 | 178,931 | ||||||
KLA-Tencor Corp. | 3,029 | 178,105 | ||||||
Diebold, Inc. | 5,110 | 177,675 | ||||||
Leidos Holdings, Inc. | 4,257 | 177,261 | ||||||
Red Hat, Inc.* | 2,348 | 176,710 | ||||||
CA, Inc. | 5,560 | 176,641 | ||||||
ON Semiconductor Corp.* | 15,217 | 175,300 | ||||||
Teradyne, Inc. | 9,603 | 175,255 | ||||||
ANSYS, Inc.* | 2,041 | 175,199 | ||||||
Skyworks Solutions, Inc. | 1,898 | 175,091 | ||||||
Computer Sciences Corp. | 2,716 | 175,046 | ||||||
Microchip Technology, Inc. | 3,671 | 174,942 | ||||||
Rovi Corp.* | 9,449 | 174,901 | ||||||
Freescale Semiconductor Ltd.* | 4,465 | 174,537 | ||||||
IHS, Inc. — Class A* | 1,390 | 174,403 | ||||||
Brocade Communications Systems, Inc. | 15,296 | 172,845 | ||||||
ServiceNow, Inc.* | 2,297 | 171,953 | ||||||
SolarWinds, Inc.* | 3,520 | 171,706 | ||||||
Maxim Integrated Products, Inc. | 5,221 | 171,405 | ||||||
IPG Photonics Corp.* | 1,935 | 171,402 | ||||||
Autodesk, Inc.* | 3,014 | 171,286 | ||||||
Solera Holdings, Inc. | 3,491 | 169,383 |
26 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2015 |
GUGGENHEIM RUSSELL MIDCAP® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Atmel Corp. | 21,903 | $ | 166,025 | |||||
Marvell Technology Group Ltd. | 11,830 | 165,738 | ||||||
Avago Technologies Ltd. | 1,416 | 165,502 | ||||||
NCR Corp.* | 5,913 | 162,253 | ||||||
3D Systems Corp.*,1 | 6,389 | 160,300 | ||||||
Cree, Inc.*,1 | 5,055 | 160,142 | ||||||
Zynga, Inc. — Class A* | 65,064 | 159,407 | ||||||
Lexmark International, Inc. — Class A | 3,547 | 157,451 | ||||||
Applied Materials, Inc. | 7,901 | 156,361 | ||||||
Paychex, Inc. | 3,127 | 151,315 | ||||||
Advanced Micro Devices, Inc.*,1 | 66,783 | 150,930 | ||||||
Genpact Ltd.* | 6,717 | 146,834 | ||||||
Pitney Bowes, Inc. | 6,553 | 146,591 | ||||||
Inovalon Holdings, Inc. — Class A* | 5,583 | 140,971 | ||||||
Xerox Corp. | 11,909 | 136,954 | ||||||
Stratasys Ltd.*,1 | 3,084 | 115,496 | ||||||
MSCI, Inc. — Class A | 1,435 | 87,808 | ||||||
Broadridge Financial Solutions, Inc. | 1,627 | 87,728 | ||||||
Dun & Bradstreet Corp. | 682 | 87,071 | ||||||
Fiserv, Inc.* | 1,094 | 84,894 | ||||||
Jack Henry & Associates, Inc. | 1,247 | 82,938 | ||||||
Fidelity National Information Services, Inc. | 1,273 | 79,550 | ||||||
Total Technology | 13,577,667 | |||||||
BASIC MATERIALS - 6.4% | ||||||||
Cliffs Natural Resources, Inc.1 | 54,300 | 322,542 | ||||||
Celanese Corp. — Class A | 4,730 | 313,884 | ||||||
Newmont Mining Corp. | 11,737 | 310,913 | ||||||
Albemarle Corp. | 5,100 | 304,471 | ||||||
Tahoe Resources, Inc. | 21,567 | 304,310 | ||||||
Carpenter Technology Corp. | 6,863 | 296,825 | ||||||
Axalta Coating Systems Ltd.* | 9,545 | 292,840 | ||||||
Allegheny Technologies, Inc. | 8,590 | 291,974 | ||||||
Rayonier Advanced Materials, Inc. | 17,328 | 289,551 | ||||||
Eastman Chemical Co. | 3,779 | 288,035 | ||||||
Steel Dynamics, Inc. | 12,998 | 287,646 | ||||||
Westlake Chemical Corp. | 3,683 | 287,200 | ||||||
Reliance Steel & Aluminum Co. | 4,355 | 281,856 | ||||||
Huntsman Corp. | 12,103 | 278,974 | ||||||
Platform Specialty Products Corp.* | 10,293 | 277,294 | ||||||
Alcoa, Inc. | 20,194 | 271,003 | ||||||
Cytec Industries, Inc. | 4,889 | 270,313 | ||||||
Nucor Corp. | 5,521 | 269,756 | ||||||
FMC Corp. | 4,472 | 265,234 | ||||||
Sigma-Aldrich Corp. | 1,882 | 261,447 | ||||||
Royal Gold, Inc. | 4,045 | 261,024 | ||||||
RPM International, Inc. | 5,482 | 260,614 | ||||||
Ashland, Inc. | 2,058 | 260,049 | ||||||
WR Grace & Co.* | 2,679 | 259,113 | ||||||
Sherwin-Williams Co. | 931 | 258,818 | ||||||
Cabot Corp. | 6,049 | 258,534 | ||||||
International Paper Co. | 4,798 | 257,749 | ||||||
International Flavors & Fragrances, Inc. | 2,229 | 255,778 | ||||||
CF Industries Holdings, Inc. | 884 | 254,123 | ||||||
Airgas, Inc. | 2,504 | 253,605 | ||||||
Valspar Corp. | 3,105 | 251,816 | ||||||
United States Steel Corp.1 | 10,471 | 251,513 | ||||||
NewMarket Corp. | 559 | 249,817 | ||||||
Compass Minerals International, Inc. | 2,819 | 249,002 | ||||||
Mosaic Co. | 5,568 | 244,992 | ||||||
Domtar Corp. | 5,560 | 240,303 | ||||||
Veritiv Corp.* | 5,665 | 225,127 | ||||||
Total Basic Materials | 10,058,045 | |||||||
COMMUNICATIONS - 5.8% | ||||||||
Telephone & Data Systems, Inc. | 15,464 | 413,042 | ||||||
Level 3 Communications, Inc.* | 7,272 | 406,796 | ||||||
United States Cellular Corp.* | 10,996 | 406,082 | ||||||
Frontier Communications Corp. | 53,592 | 367,641 | ||||||
ARRIS Group, Inc.* | 6,247 | 210,368 | ||||||
Juniper Networks, Inc. | 7,933 | 209,669 | ||||||
Splunk, Inc.* | 2,970 | 197,045 | ||||||
Harris Corp. | 2,415 | 193,780 | ||||||
F5 Networks, Inc.* | 1,577 | 192,426 | ||||||
Symantec Corp. | 7,602 | 189,480 | ||||||
IAC/InterActiveCorp | 2,669 | 186,349 | ||||||
FireEye, Inc.* | 4,502 | 185,933 | ||||||
Palo Alto Networks, Inc.* | 1,248 | 184,354 | ||||||
CDW Corp. | 4,787 | 183,438 | ||||||
AOL, Inc.* | 4,548 | 181,465 | ||||||
CommScope Holding Company, Inc.* | 6,130 | 180,896 | ||||||
LinkedIn Corp. — Class A* | 692 | 174,474 | ||||||
EchoStar Corp. — Class A* | 3,486 | 174,300 | ||||||
VeriSign, Inc.* | 2,726 | 173,128 | ||||||
JDS Uniphase Corp.* | 13,582 | 171,948 | ||||||
Arista Networks, Inc.*,1 | 2,571 | 164,570 | ||||||
Motorola Solutions, Inc. | 2,705 | 161,624 | ||||||
Groupon, Inc. — Class A* | 23,348 | 161,567 | ||||||
Yelp, Inc. — Class A* | 3,872 | 152,518 | ||||||
Netflix, Inc.* | 263 | 146,360 | ||||||
Twitter, Inc.* | 3,537 | 137,802 | ||||||
Starz — Class A* | 3,251 | 127,862 | ||||||
Clear Channel Outdoor Holdings, Inc. — Class A | 11,026 | 125,476 | ||||||
Pandora Media, Inc.* | 6,956 | 124,095 | ||||||
Cablevision Systems Corp. — Class A | 6,093 | 121,738 | ||||||
Discovery Communications, Inc. — Class A* | 3,558 | 115,137 | ||||||
Nielsen N.V. | 2,557 | 114,912 | ||||||
AMC Networks, Inc. — Class A* | 1,504 | 113,461 | ||||||
Charter Communications, Inc. — Class A* | 605 | 113,171 | ||||||
Sirius XM Holdings, Inc.* | 28,508 | 112,607 | ||||||
Liberty Broadband Corp. — Class A* | 2,066 | 112,060 | ||||||
Discovery Communications, Inc. — Class C* | 3,706 | 112,032 | ||||||
Expedia, Inc. | 1,186 | 111,757 | ||||||
Liberty Broadband Corp. — Class C* | 2,058 | 111,667 | ||||||
Liberty Ventures* | 2,669 | 111,244 | ||||||
Liberty Media Corp. — Class C* | 2,927 | 111,080 | ||||||
Liberty Media Corp. — Class A* | 2,894 | 111,072 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 27 |
SCHEDULE OF INVESTMENTS (Unaudited)(concluded) | April 30, 2015 |
GUGGENHEIM RUSSELL MIDCAP® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Scripps Networks Interactive, Inc. — Class A | 1,586 | $ | 110,798 | |||||
Liberty Interactive Corp. — Class A* | 3,840 | 110,438 | ||||||
Lamar Advertising Co. — Class A | 1,894 | 109,776 | ||||||
Omnicom Group, Inc. | 1,432 | 108,489 | ||||||
News Corp. — Class A* | 6,801 | 107,319 | ||||||
TripAdvisor, Inc.* | 1,316 | 105,925 | ||||||
DISH Network Corp. — Class A* | 1,565 | 105,888 | ||||||
Interpublic Group of Companies, Inc. | 5,057 | 105,388 | ||||||
zulily, Inc. — Class A*,1 | 8,445 | 105,267 | ||||||
Gannett Company, Inc. | 3,052 | 104,745 | ||||||
John Wiley & Sons, Inc. — Class A | 1,814 | 103,180 | ||||||
HomeAway, Inc.* | 3,606 | 100,788 | ||||||
Windstream Holdings, Inc.1 | 8,294 | 96,874 | ||||||
Equinix, Inc. | 376 | 96,230 | ||||||
Alliance Data Systems Corp.* | 298 | 88,598 | ||||||
FactSet Research Systems, Inc. | 548 | 86,250 | ||||||
Zillow Group, Inc. — Class A* | 847 | 82,701 | ||||||
Total Communications | 9,085,080 | |||||||
DIVERSIFIED - 0.1% | ||||||||
Leucadia National Corp. | 3,858 | 91,705 | ||||||
Total Common Stocks | ||||||||
(Cost $132,689,798) | 156,763,450 | |||||||
RIGHTS†† - 0.0% | ||||||||
Casa Ley | ||||||||
Expires 01/17/19 | 14,113 | 11,572 | ||||||
PDC | ||||||||
Expires 01/17/17 | 14,113 | 689 | ||||||
Total Rights | ||||||||
(Cost $11,734) | 12,261 | |||||||
SHORT TERM INVESTMENTS† - 0.4% | ||||||||
Federated U.S. Treasury Cash Reserve Fund 0.00% | 616,801 | 616,801 | ||||||
Total Short Term Investments | ||||||||
(Cost $616,801) | 616,801 |
Face Amount | ||||||||
SECURITIES LENDING COLLATERAL††,2 - 4.8% | ||||||||
Repurchase Agreements | ||||||||
HSBC Securities, Inc. issued 04/30/15 at 0.09% due 05/01/15 | $ | 5,703,007 | 5,703,007 | |||||
BNP Paribas Securities Corp. issued 04/30/15 at 0.10% due 05/01/15 | 1,057,649 | 1,057,649 | ||||||
Barclays Capital, Inc. issued 04/30/15 at 0.08% due 05/01/15 | 870,216 | 870,216 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $7,630,872) | 7,630,872 | |||||||
Total Investments - 104.8% | ||||||||
(Cost $140,949,205) | $ | 165,023,384 | ||||||
Other Assets & Liabilities, net - (4.8)% | (7,597,089 | ) | ||||||
Total Net Assets - 100.0% | $ | 157,426,295 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 4. |
†† | Value determined based on Level 2 inputs — See Note 4. |
1 | All or portion of this security is on loan at April 30, 2015 — See Note 5. |
2 | Securities lending collateral — See Note 5. |
plc — Public Limited Company | |
REIT — Real Estate Investment Trust |
28 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2015 |
GUGGENHEIM RUSSELL 1000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
COMMON STOCKS† - 99.5% | ||||||||
CONSUMER, NON-CYCLICAL - 22.5% | ||||||||
Bunge Ltd. | 2,895 | $ | 250,041 | |||||
Mondelez International, Inc. — Class A | 6,479 | 248,598 | ||||||
Philip Morris International, Inc. | 2,977 | 248,490 | ||||||
Reynolds American, Inc. | 3,303 | 242,110 | ||||||
Archer-Daniels-Midland Co. | 4,909 | 239,952 | ||||||
Pilgrim’s Pride Corp.1 | 9,651 | 238,380 | ||||||
Lorillard, Inc. | 3,409 | 238,153 | ||||||
ConAgra Foods, Inc. | 6,540 | 236,420 | ||||||
Tyson Foods, Inc. — Class A | 5,956 | 235,262 | ||||||
Kimberly-Clark Corp. | 2,138 | 234,517 | ||||||
Flowers Foods, Inc. | 10,488 | 234,302 | ||||||
Ingredion, Inc. | 2,943 | 233,674 | ||||||
General Mills, Inc. | 4,214 | 233,203 | ||||||
Keurig Green Mountain, Inc. | 2,002 | 232,973 | ||||||
Brown-Forman Corp. — Class B | 2,569 | 231,800 | ||||||
Molson Coors Brewing Co. — Class B | 3,148 | 231,409 | ||||||
Coca-Cola Enterprises, Inc. | 5,200 | 230,933 | ||||||
JM Smucker Co. | 1,985 | 230,101 | ||||||
Spectrum Brands Holdings, Inc. | 2,506 | 229,124 | ||||||
Constellation Brands, Inc. — Class A | 1,974 | 228,866 | ||||||
Kellogg Co. | 3,608 | 228,495 | ||||||
Coca-Cola Co. | 5,633 | 228,475 | ||||||
Pinnacle Foods, Inc. | 5,630 | 228,297 | ||||||
WhiteWave Foods Co. — Class A* | 5,187 | 228,072 | ||||||
Kraft Foods Group, Inc. | 2,685 | 227,554 | ||||||
Altria Group, Inc. | 4,546 | 227,527 | ||||||
Monster Beverage Corp.* | 1,659 | 227,465 | ||||||
PepsiCo, Inc. | 2,377 | 226,100 | ||||||
Campbell Soup Co. | 5,046 | 225,607 | ||||||
Herbalife Ltd.*,1 | 5,429 | 225,412 | ||||||
McCormick & Company, Inc. | 2,957 | 222,662 | ||||||
Colgate-Palmolive Co. | 3,306 | 222,428 | ||||||
Sysco Corp. | 6,000 | 222,180 | ||||||
Procter & Gamble Co. | 2,767 | 220,004 | ||||||
Clorox Co. | 2,073 | 219,945 | ||||||
Sprouts Farmers Market, Inc.* | 6,869 | 219,705 | ||||||
Mead Johnson Nutrition Co. — Class A | 2,289 | 219,561 | ||||||
Church & Dwight Company, Inc. | 2,699 | 219,078 | ||||||
Hormel Foods Corp. | 4,011 | 217,998 | ||||||
Hain Celestial Group, Inc.* | 3,596 | 216,623 | ||||||
Dr Pepper Snapple Group, Inc. | 2,873 | 214,268 | ||||||
Whole Foods Market, Inc. | 4,358 | 208,138 | ||||||
Hershey Co. | 2,250 | 206,820 | ||||||
Kroger Co. | 2,978 | 205,214 | ||||||
Catamaran Corp.* | 2,326 | 138,048 | ||||||
Mylan N.V.* | 1,818 | 131,369 | ||||||
Omnicare, Inc. | 1,484 | 130,562 | ||||||
AbbVie, Inc. | 1,964 | 126,992 | ||||||
Perrigo Company plc | 685 | 125,547 | ||||||
Incyte Corp.* | 1,258 | 122,226 | ||||||
Align Technology, Inc.* | 2,061 | 121,270 | ||||||
St. Jude Medical, Inc. | 1,723 | 120,697 | ||||||
VWR Corp.* | 4,536 | 120,385 | ||||||
Hologic, Inc.* | 3,522 | 118,832 | ||||||
Sirona Dental Systems, Inc.* | 1,277 | 118,442 | ||||||
Vertex Pharmaceuticals, Inc.* | 957 | 117,978 | ||||||
Hill-Rom Holdings, Inc. | 2,349 | 117,309 | ||||||
Express Scripts Holding Co.* | 1,355 | 117,072 | ||||||
Bruker Corp.* | 6,164 | 116,869 | ||||||
Merck & Company, Inc. | 1,953 | 116,321 | ||||||
Teleflex, Inc. | 944 | 116,074 | ||||||
Jazz Pharmaceuticals plc* | 649 | 115,976 | ||||||
Community Health Systems, Inc.* | 2,149 | 115,357 | ||||||
Alnylam Pharmaceuticals, Inc.* | 1,132 | 115,317 | ||||||
Boston Scientific Corp.* | 6,450 | 114,939 | ||||||
Regeneron Pharmaceuticals, Inc.* | 251 | 114,822 | ||||||
Premier, Inc. — Class A* | 3,021 | 114,496 | ||||||
AmerisourceBergen Corp. — Class A | 1,001 | 114,415 | ||||||
Alere, Inc.* | 2,403 | 114,094 | ||||||
LifePoint Hospitals, Inc.* | 1,520 | 113,818 | ||||||
Baxter International, Inc. | 1,654 | 113,696 | ||||||
DENTSPLY International, Inc. | 2,227 | 113,577 | ||||||
Stryker Corp. | 1,229 | 113,363 | ||||||
Aetna, Inc. | 1,059 | 113,175 | ||||||
Envision Healthcare Holdings, Inc.* | 2,972 | 112,817 | ||||||
Halyard Health, Inc.* | 2,323 | 112,619 | ||||||
DaVita HealthCare Partners, Inc.* | 1,388 | 112,567 | ||||||
CR Bard, Inc. | 675 | 112,442 | ||||||
Henry Schein, Inc.* | 820 | 112,422 | ||||||
Illumina, Inc.* | 610 | 112,393 | ||||||
Abbott Laboratories | 2,419 | 112,290 | ||||||
Pharmacyclics, Inc.* | 438 | 112,216 | ||||||
Universal Health Services, Inc. — Class B | 959 | 112,155 | ||||||
Bio-Rad Laboratories, Inc. — Class A* | 834 | 112,131 | ||||||
Gilead Sciences, Inc.* | 1,113 | 111,868 | ||||||
Quintiles Transnational Holdings, Inc.* | 1,697 | 111,798 | ||||||
Pfizer, Inc. | 3,293 | 111,731 | ||||||
Intuitive Surgical, Inc.* | 225 | 111,596 | ||||||
Hospira, Inc.* | 1,277 | 111,469 | ||||||
Johnson & Johnson | 1,123 | 111,402 | ||||||
McKesson Corp. | 498 | 111,253 | ||||||
Cigna Corp. | 889 | 110,805 | ||||||
Anthem, Inc. | 734 | 110,783 | ||||||
Amgen, Inc. | 701 | 110,695 | ||||||
MEDNAX, Inc.* | 1,563 | 110,629 | ||||||
Becton Dickinson and Co. | 785 | 110,583 | ||||||
Bristol-Myers Squibb Co. | 1,731 | 110,317 | ||||||
Eli Lilly & Co. | 1,532 | 110,105 | ||||||
Bio-Techne Corp. | 1,142 | 109,586 | ||||||
HCA Holdings, Inc.* | 1,478 | 109,387 | ||||||
Brookdale Senior Living, Inc. — Class A* | 3,019 | 109,378 | ||||||
Patterson Companies, Inc. | 2,324 | 109,123 | ||||||
Medtronic plc | 1,464 | 108,995 | ||||||
VCA, Inc.* | 2,137 | 108,923 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 29 |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2015 |
GUGGENHEIM RUSSELL 1000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
BioMarin Pharmaceutical, Inc.* | 971 | $ | 108,801 | |||||
Tenet Healthcare Corp.* | 2,267 | 108,499 | ||||||
Zoetis, Inc. | 2,440 | 108,385 | ||||||
Cooper Companies, Inc. | 608 | 108,267 | ||||||
Alexion Pharmaceuticals, Inc.* | 639 | 108,138 | ||||||
Seattle Genetics, Inc.* | 3,149 | 108,137 | ||||||
QIAGEN N.V.* | 4,534 | 107,955 | ||||||
UnitedHealth Group, Inc. | 968 | 107,835 | ||||||
Varian Medical Systems, Inc.* | 1,211 | 107,597 | ||||||
Endo International plc* | 1,277 | 107,351 | ||||||
United Therapeutics Corp.* | 670 | 106,992 | ||||||
Zimmer Holdings, Inc. | 973 | 106,874 | ||||||
Laboratory Corporation of America Holdings* | 892 | 106,647 | ||||||
Cardinal Health, Inc. | 1,262 | 106,437 | ||||||
Quest Diagnostics, Inc. | 1,483 | 105,916 | ||||||
Humana, Inc. | 638 | 105,653 | ||||||
Medivation, Inc.* | 874 | 105,527 | ||||||
Actavis plc* | 373 | 105,507 | ||||||
Myriad Genetics, Inc.*,1 | 3,159 | 104,342 | ||||||
Celgene Corp.* | 956 | 103,305 | ||||||
ResMed, Inc. | 1,597 | 102,112 | ||||||
Centene Corp.* | 1,645 | 101,974 | ||||||
Edwards Lifesciences Corp.* | 793 | 100,433 | ||||||
Intercept Pharmaceuticals, Inc.* | 397 | 100,366 | ||||||
Mallinckrodt plc* | 885 | 100,164 | ||||||
Health Net, Inc.* | 1,897 | 99,877 | ||||||
Sabre Corp. | 3,987 | 99,236 | ||||||
Alkermes plc* | 1,787 | 98,946 | ||||||
Charles River Laboratories International, Inc.* | 1,420 | 98,207 | ||||||
Biogen, Inc.* | 262 | 97,970 | ||||||
Gartner, Inc.* | 1,157 | 96,008 | ||||||
IDEXX Laboratories, Inc.* | 749 | 93,902 | ||||||
Juno Therapeutics, Inc.*,1 | 2,105 | 89,968 | ||||||
CoStar Group, Inc.* | 427 | 87,292 | ||||||
Verisk Analytics, Inc. — Class A* | 1,155 | 86,671 | ||||||
Avery Dennison Corp. | 1,542 | 85,720 | ||||||
United Rentals, Inc.* | 886 | 85,570 | ||||||
Quanta Services, Inc.* | 2,858 | 82,625 | ||||||
Rollins, Inc. | 3,315 | 82,212 | ||||||
ManpowerGroup, Inc. | 955 | 81,490 | ||||||
Vectrus, Inc.* | 3,185 | 81,409 | ||||||
RR Donnelley & Sons Co. | 4,366 | 81,295 | ||||||
Automatic Data Processing, Inc. | 956 | 80,819 | ||||||
Cintas Corp. | 995 | 79,550 | ||||||
Towers Watson & Co. — Class A | 622 | 78,935 | ||||||
Danaher Corp. | 957 | 78,359 | ||||||
Booz Allen Hamilton Holding Corp. | 2,820 | 77,550 | ||||||
Aaron’s, Inc. | 2,198 | 74,732 | ||||||
Robert Half International, Inc. | 1,342 | 74,414 | ||||||
ADT Corp. | 1,968 | 73,997 | ||||||
Service Corporation International | 2,316 | 64,107 | ||||||
Avon Products, Inc. | 7,703 | 62,934 | ||||||
KAR Auction Services, Inc. | 1,657 | 61,657 | ||||||
Hertz Global Holdings, Inc.* | 2,950 | 61,478 | ||||||
Live Nation Entertainment, Inc.* | 2,441 | 61,171 | ||||||
ServiceMaster Global Holdings, Inc.* | 1,760 | 60,826 | ||||||
Coty, Inc. — Class A* | 2,533 | 60,564 | ||||||
Estee Lauder Companies, Inc. — Class A | 739 | 60,073 | ||||||
Graham Holdings Co. — Class B | 58 | 59,329 | ||||||
Aramark | 1,928 | 59,247 | ||||||
Avis Budget Group, Inc.* | 1,077 | 58,309 | ||||||
H&R Block, Inc. | 1,903 | 57,547 | ||||||
DeVry Education Group, Inc. | 1,823 | 55,128 | ||||||
Apollo Education Group, Inc. — Class A* | 3,168 | 53,175 | ||||||
Global Payments, Inc. | 527 | 52,848 | ||||||
FleetCor Technologies, Inc.* | 318 | 51,163 | ||||||
Equifax, Inc. | 516 | 50,016 | ||||||
Moody’s Corp. | 464 | 49,889 | ||||||
SEI Investments Co. | 1,088 | 49,678 | ||||||
Western Union Co. | 2,444 | 49,564 | ||||||
Total System Services, Inc. | 1,251 | 49,490 | ||||||
Vantiv, Inc. — Class A* | 1,265 | 49,462 | ||||||
MasterCard, Inc. — Class A | 539 | 48,623 | ||||||
Morningstar, Inc. | 631 | 47,887 | ||||||
McGraw Hill Financial, Inc. | 455 | 47,457 | ||||||
Total Consumer, Non-cyclical | 23,105,042 | |||||||
INDUSTRIAL - 13.6% | ||||||||
Energizer Holdings, Inc. | 1,672 | 228,429 | ||||||
TimkenSteel Corp. | 5,584 | 162,997 | ||||||
Greif, Inc. — Class A | 3,729 | 151,995 | ||||||
Ball Corp. | 2,067 | 151,738 | ||||||
Valmont Industries, Inc.1 | 1,203 | 151,602 | ||||||
Crown Holdings, Inc.* | 2,792 | 151,494 | ||||||
USG Corp.* | 5,623 | 149,235 | ||||||
Owens-Illinois, Inc.* | 6,237 | 149,127 | ||||||
Masco Corp. | 5,595 | 148,212 | ||||||
Vulcan Materials Co. | 1,717 | 146,838 | ||||||
Hexcel Corp. | 2,926 | 146,739 | ||||||
Sealed Air Corp. | 3,210 | 146,376 | ||||||
Eagle Materials, Inc. | 1,747 | 145,682 | ||||||
Acuity Brands, Inc. | 869 | 145,080 | ||||||
Martin Marietta Materials, Inc. | 1,015 | 144,790 | ||||||
Sonoco Products Co. | 3,195 | 142,785 | ||||||
AptarGroup, Inc. | 2,296 | 142,513 | ||||||
MeadWestvaco Corp. | 2,918 | 142,398 | ||||||
Precision Castparts Corp. | 688 | 142,203 | ||||||
Bemis Company, Inc. | 3,159 | 142,155 | ||||||
Rock-Tenn Co. — Class A | 2,256 | 142,083 | ||||||
Ingersoll-Rand plc | 2,144 | 141,161 | ||||||
Armstrong World Industries, Inc.* | 2,564 | 140,353 | ||||||
Golar LNG Ltd. | 3,885 | 139,840 | ||||||
Lennox International, Inc. | 1,318 | 139,655 | ||||||
Timken Co. | 3,523 | 138,419 | ||||||
SunPower Corp. — Class A* | 4,237 | 136,389 | ||||||
Silgan Holdings, Inc. | 2,527 | 136,129 | ||||||
Owens Corning | 3,440 | 132,990 |
30 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2015 |
GUGGENHEIM RUSSELL 1000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Packaging Corporation of America | 1,870 | $ | 129,385 | |||||
Agilent Technologies, Inc. | 2,764 | 114,347 | ||||||
PerkinElmer, Inc. | 2,227 | 114,155 | ||||||
Tidewater, Inc.1 | 4,001 | 110,788 | ||||||
Thermo Fisher Scientific, Inc. | 845 | 106,200 | ||||||
KBR, Inc. | 5,600 | 97,832 | ||||||
Tech Data Corp.* | 1,698 | 95,716 | ||||||
Arrow Electronics, Inc.* | 1,570 | 93,745 | ||||||
Knowles Corp.*,1 | 4,872 | 93,396 | ||||||
Jabil Circuit, Inc. | 4,127 | 92,940 | ||||||
Avnet, Inc. | 2,176 | 92,763 | ||||||
Oshkosh Corp. | 1,706 | 91,851 | ||||||
SBA Communications Corp. — Class A* | 792 | 91,729 | ||||||
AVX Corp. | 6,660 | 91,708 | ||||||
Amphenol Corp. — Class A | 1,641 | 90,862 | ||||||
Vishay Intertechnology, Inc. | 7,075 | 89,711 | ||||||
AGCO Corp. | 1,728 | 89,009 | ||||||
General Electric Co. | 3,254 | 88,118 | ||||||
Dover Corp. | 1,161 | 87,911 | ||||||
Corning, Inc. | 4,200 | 87,906 | ||||||
Joy Global, Inc. | 2,061 | 87,881 | ||||||
Caterpillar, Inc. | 1,010 | 87,749 | ||||||
CSX Corp. | 2,426 | 87,554 | ||||||
KLX, Inc.* | 2,087 | 87,467 | ||||||
Teekay Corp. | 1,755 | 87,241 | ||||||
Xylem, Inc. | 2,328 | 86,182 | ||||||
Zebra Technologies Corp. — Class A* | 934 | 86,003 | ||||||
Kirby Corp.* | 1,094 | 85,912 | ||||||
Carlisle Companies, Inc. | 890 | 85,885 | ||||||
Snap-on, Inc. | 568 | 84,944 | ||||||
Rockwell Automation, Inc. | 712 | 84,444 | ||||||
Fluor Corp. | 1,404 | 84,436 | ||||||
Nordson Corp. | 1,056 | 84,110 | ||||||
Colfax Corp.* | 1,696 | 84,105 | ||||||
Babcock & Wilcox Co. | 2,602 | 84,096 | ||||||
Emerson Electric Co. | 1,429 | 84,068 | ||||||
Trimble Navigation Ltd.* | 3,305 | 84,046 | ||||||
Stanley Black & Decker, Inc. | 851 | 83,994 | ||||||
Kennametal, Inc. | 2,371 | 83,957 | ||||||
Triumph Group, Inc. | 1,417 | 83,943 | ||||||
United Parcel Service, Inc. — Class B | 835 | 83,942 | ||||||
Lincoln Electric Holdings, Inc. | 1,255 | 83,909 | ||||||
Terex Corp. | 3,053 | 83,835 | ||||||
Flowserve Corp. | 1,422 | 83,230 | ||||||
Eaton Corporation plc | 1,210 | 83,163 | ||||||
Rockwell Collins, Inc. | 854 | 83,120 | ||||||
Deere & Co. | 917 | 83,007 | ||||||
Waters Corp.* | 662 | 82,876 | ||||||
Exelis, Inc. | 3,377 | 82,804 | ||||||
FedEx Corp. | 488 | 82,750 | ||||||
AECOM* | 2,621 | 82,719 | ||||||
General Dynamics Corp. | 600 | 82,392 | ||||||
Parker-Hannifin Corp. | 688 | 82,120 | ||||||
J.B. Hunt Transport Services, Inc. | 940 | 81,967 | ||||||
Ryder System, Inc. | 857 | 81,724 | ||||||
Graco, Inc. | 1,139 | 81,575 | ||||||
Allegion plc | 1,334 | 81,574 | ||||||
Cummins, Inc. | 590 | 81,573 | ||||||
AMETEK, Inc. | 1,556 | 81,566 | ||||||
Donaldson Company, Inc. | 2,180 | 81,466 | ||||||
ITT Corp. | 2,052 | 81,362 | ||||||
Republic Services, Inc. — Class A | 2,002 | 81,341 | ||||||
IDEX Corp. | 1,082 | 81,161 | ||||||
Middleby Corp.* | 800 | 81,072 | ||||||
Spirit AeroSystems Holdings, Inc. — Class A* | 1,593 | 81,068 | ||||||
AO Smith Corp. | 1,263 | 80,706 | ||||||
Textron, Inc. | 1,834 | 80,659 | ||||||
FLIR Systems, Inc. | 2,607 | 80,530 | ||||||
Wabtec Corp. | 856 | 80,507 | ||||||
Regal Beloit Corp. | 1,028 | 80,390 | ||||||
Kansas City Southern | 783 | 80,250 | ||||||
Mettler-Toledo International, Inc.* | 253 | 80,203 | ||||||
Waste Connections, Inc. | 1,690 | 80,123 | ||||||
Hubbell, Inc. — Class B | 736 | 80,099 | ||||||
Chicago Bridge & Iron Company N.V. | 1,678 | 79,957 | ||||||
Pentair plc | 1,284 | 79,801 | ||||||
Honeywell International, Inc. | 790 | 79,727 | ||||||
TransDigm Group, Inc. | 375 | 79,549 | ||||||
Roper Technologies, Inc. | 473 | 79,544 | ||||||
Clean Harbors, Inc.* | 1,435 | 79,284 | ||||||
Union Pacific Corp. | 746 | 79,248 | ||||||
United Technologies Corp. | 695 | 79,056 | ||||||
Pall Corp. | 808 | 78,635 | ||||||
Norfolk Southern Corp. | 777 | 78,360 | ||||||
Crane Co. | 1,282 | 78,343 | ||||||
Illinois Tool Works, Inc. | 836 | 78,233 | ||||||
B/E Aerospace, Inc. | 1,308 | 78,205 | ||||||
Boeing Co. | 545 | 78,120 | ||||||
Northrop Grumman Corp. | 507 | 78,098 | ||||||
Stericycle, Inc.* | 584 | 77,923 | ||||||
3M Co. | 496 | 77,569 | ||||||
Raytheon Co. | 742 | 77,168 | ||||||
Expeditors International of Washington, Inc. | 1,679 | 76,949 | ||||||
Jacobs Engineering Group, Inc.* | 1,795 | 76,934 | ||||||
Orbital ATK, Inc. | 1,050 | 76,818 | ||||||
Manitowoc Company, Inc. | 3,882 | 76,592 | ||||||
Huntington Ingalls Industries, Inc. | 582 | 76,585 | ||||||
Landstar System, Inc. | 1,225 | 76,330 | ||||||
GATX Corp. | 1,402 | 76,268 | ||||||
Genesee & Wyoming, Inc. — Class A* | 820 | 76,219 | ||||||
Lockheed Martin Corp. | 402 | 75,013 | ||||||
Con-way, Inc. | 1,825 | 75,008 | ||||||
Waste Management, Inc. | 1,511 | 74,840 | ||||||
Covanta Holding Corp. | 3,687 | 74,809 | ||||||
Old Dominion Freight Line, Inc.* | 1,048 | 74,544 | ||||||
Tyco International plc | 1,890 | 74,428 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 31 |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2015 |
GUGGENHEIM RUSSELL 1000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
L-3 Communications Holdings, Inc. | 645 | $ | 74,117 | |||||
SPX Corp. | 961 | 73,997 | ||||||
Keysight Technologies, Inc.* | 2,198 | 73,545 | ||||||
National Instruments Corp. | 2,541 | 72,673 | ||||||
CH Robinson Worldwide, Inc. | 1,103 | 71,022 | ||||||
GoPro, Inc. — Class A*,1 | 1,408 | 70,513 | ||||||
Trinity Industries, Inc. | 2,347 | 63,580 | ||||||
Fortune Brands Home & Security, Inc. | 1,372 | 61,191 | ||||||
AMERCO | 188 | 60,544 | ||||||
Gentex Corp. | 3,371 | 58,487 | ||||||
Garmin Ltd. | 1,282 | 57,934 | ||||||
Total Industrial | 13,934,039 | |||||||
ENERGY - 12.1% | ||||||||
EP Energy Corp. — Class A*,1 | 12,599 | 186,087 | ||||||
Seventy Seven Energy, Inc.* | 35,876 | 181,891 | ||||||
Seadrill Ltd.1 | 13,337 | 174,581 | ||||||
MRC Global, Inc.* | 11,855 | 173,082 | ||||||
Oasis Petroleum, Inc.* | 9,482 | 170,108 | ||||||
Unit Corp.* | 4,863 | 169,428 | ||||||
Antero Resources Corp.* | 3,798 | 168,290 | ||||||
Diamond Offshore Drilling, Inc.1 | 5,018 | 167,952 | ||||||
WPX Energy, Inc.* | 12,176 | 167,420 | ||||||
Southwestern Energy Co.* | 5,955 | 166,919 | ||||||
Range Resources Corp. | 2,625 | 166,845 | ||||||
RPC, Inc. | 10,481 | 166,752 | ||||||
California Resources Corp. | 17,819 | 165,717 | ||||||
Laredo Petroleum, Inc.*,1 | 10,417 | 164,589 | ||||||
Nabors Industries Ltd. | 9,844 | 164,395 | ||||||
Cameron International Corp.* | 2,994 | 164,131 | ||||||
Continental Resources, Inc.* | 3,118 | 164,100 | ||||||
Whiting Petroleum Corp.* | 4,254 | 161,269 | ||||||
SolarCity Corp.*,1 | 2,679 | 160,873 | ||||||
Kosmos Energy Ltd.* | 16,403 | 160,421 | ||||||
Rice Energy, Inc.* | 6,491 | 159,873 | ||||||
Oil States International, Inc.* | 3,359 | 159,855 | ||||||
Frank’s International N.V. | 7,645 | 159,016 | ||||||
CONSOL Energy, Inc. | 4,895 | 158,989 | ||||||
Marathon Oil Corp. | 5,086 | 158,174 | ||||||
Rowan Companies plc — Class A | 7,429 | 157,421 | ||||||
Patterson-UTI Energy, Inc. | 7,027 | 157,053 | ||||||
Atwood Oceanics, Inc. | 4,695 | 156,719 | ||||||
FMC Technologies, Inc.* | 3,551 | 156,599 | ||||||
Cabot Oil & Gas Corp. — Class A | 4,630 | 156,587 | ||||||
NOW, Inc.*,1 | 6,545 | 156,426 | ||||||
Dril-Quip, Inc.* | 1,961 | 156,331 | ||||||
Memorial Resource Development Corp.* | 7,676 | 154,978 | ||||||
Ultra Petroleum Corp.*,1 | 9,041 | 153,968 | ||||||
Newfield Exploration Co.* | 3,919 | 153,782 | ||||||
Apache Corp. | 2,243 | 153,421 | ||||||
Superior Energy Services, Inc. | 6,011 | 153,281 | ||||||
Schlumberger Ltd. | 1,613 | 152,606 | ||||||
Devon Energy Corp. | 2,234 | 152,381 | ||||||
SM Energy Co. | 2,627 | 152,287 | ||||||
Halliburton Co. | 3,107 | 152,088 | ||||||
Concho Resources, Inc.* | 1,200 | 151,992 | ||||||
Anadarko Petroleum Corp. | 1,613 | 151,783 | ||||||
Helmerich & Payne, Inc. | 1,941 | 151,340 | ||||||
Equities Corp. | 1,679 | 151,009 | ||||||
Hess Corp. | 1,947 | 149,724 | ||||||
Denbury Resources, Inc. | 16,941 | 149,250 | ||||||
National Oilwell Varco, Inc. | 2,741 | 149,138 | ||||||
Targa Resources Corp. | 1,420 | 149,057 | ||||||
Chesapeake Energy Corp.1 | 9,436 | 148,806 | ||||||
Cimarex Energy Co. | 1,181 | 146,916 | ||||||
Cobalt International Energy, Inc.* | 13,719 | 146,793 | ||||||
Energen Corp. | 2,055 | 146,254 | ||||||
Baker Hughes, Inc. | 2,135 | 146,162 | ||||||
Occidental Petroleum Corp. | 1,820 | 145,782 | ||||||
EOG Resources, Inc. | 1,469 | 145,358 | ||||||
Gulfport Energy Corp.* | 2,957 | 144,716 | ||||||
ConocoPhillips | 2,122 | 144,126 | ||||||
Noble Energy, Inc. | 2,799 | 141,965 | ||||||
Chevron Corp. | 1,275 | 141,602 | ||||||
Pioneer Natural Resources Co. | 818 | 141,334 | ||||||
Dresser-Rand Group, Inc.* | 1,697 | 140,291 | ||||||
Kinder Morgan, Inc. | 3,250 | 139,587 | ||||||
Williams Companies, Inc. | 2,724 | 139,442 | ||||||
SandRidge Energy, Inc.*,1 | 73,722 | 139,335 | ||||||
QEP Resources, Inc. | 6,189 | 139,253 | ||||||
Exxon Mobil Corp. | 1,591 | 139,006 | ||||||
Spectra Energy Corp. | 3,729 | 138,905 | ||||||
Oceaneering International, Inc. | 2,506 | 138,106 | ||||||
ONEOK, Inc. | 2,845 | 136,845 | ||||||
Phillips 66 | 1,711 | 135,699 | ||||||
Murphy Oil Corp. | 2,834 | 134,927 | ||||||
First Solar, Inc.* | 2,250 | 134,258 | ||||||
Marathon Petroleum Corp. | 1,326 | 130,704 | ||||||
Cheniere Energy, Inc.* | 1,700 | 130,033 | ||||||
HollyFrontier Corp. | 3,310 | 128,362 | ||||||
CVR Energy, Inc. | 3,195 | 127,928 | ||||||
Tesoro Corp. | 1,468 | 125,998 | ||||||
Valero Energy Corp. | 2,111 | 120,116 | ||||||
PBF Energy, Inc. — Class A | 4,072 | 115,563 | ||||||
Peabody Energy Corp.1 | 23,960 | 113,331 | ||||||
SunEdison, Inc.* | 3,972 | 100,571 | ||||||
Murphy USA, Inc.* | 887 | 57,948 | ||||||
Total Energy | 12,386,000 | |||||||
FINANCIAL - 10.0% | ||||||||
Communications Sales & Leasing, Inc.*,1 | 5,073 | 152,595 | ||||||
Air Lease Corp. — Class A | 2,139 | 82,630 | ||||||
Outfront Media, Inc. | 2,030 | 58,302 | ||||||
Genworth Financial, Inc. — Class A* | 6,492 | 57,064 | ||||||
CoreLogic, Inc.* | 1,394 | 54,519 | ||||||
PartnerRe Ltd. | 420 | 53,759 | ||||||
SLM Corp.* | 5,271 | 53,712 | ||||||
Santander Consumer USA Holdings, Inc. | 2,128 | 52,540 |
32 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2015 |
GUGGENHEIM RUSSELL 1000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
SVB Financial Group* | 389 | $ | 51,643 | |||||
Citizens Financial Group, Inc. | 1,965 | 51,188 | ||||||
BOK Financial Corp. | 783 | 51,044 | ||||||
StanCorp Financial Group, Inc. | 707 | 50,961 | ||||||
CBRE Group, Inc. — Class A* | 1,329 | 50,955 | ||||||
Realogy Holdings Corp.* | 1,067 | 50,586 | ||||||
Home Properties, Inc. | 686 | 50,463 | ||||||
Bank of New York Mellon Corp. | 1,190 | 50,385 | ||||||
Zions Bancorporation | 1,773 | 50,238 | ||||||
Ally Financial, Inc.* | 2,294 | 50,216 | ||||||
JPMorgan Chase & Co. | 793 | 50,166 | ||||||
Regions Financial Corp. | 5,090 | 50,034 | ||||||
Comerica, Inc. | 1,051 | 49,827 | ||||||
Northern Trust Corp. | 681 | 49,815 | ||||||
Federated Investors, Inc. — Class B | 1,448 | 49,812 | ||||||
Affiliated Managers Group, Inc.* | 220 | 49,748 | ||||||
Signature Bank* | 371 | 49,747 | ||||||
FNFV Group* | 3,326 | 49,724 | ||||||
Fifth Third Bancorp | 2,482 | 49,640 | ||||||
Morgan Stanley | 1,330 | 49,622 | ||||||
State Street Corp. | 643 | 49,588 | ||||||
E*TRADE Financial Corp.* | 1,721 | 49,547 | ||||||
Goldman Sachs Group, Inc. | 252 | 49,498 | ||||||
Cullen/Frost Bankers, Inc. | 678 | 49,453 | ||||||
Citigroup, Inc. | 926 | 49,374 | ||||||
American International Group, Inc. | 876 | 49,310 | ||||||
City National Corp. | 529 | 49,303 | ||||||
Old Republic International Corp. | 3,219 | 49,219 | ||||||
Invesco Ltd. | 1,187 | 49,166 | ||||||
NorthStar Realty Finance Corp. | 2,620 | 49,151 | ||||||
American Homes 4 Rent — Class A | 2,909 | 49,133 | ||||||
American National Insurance Co. | 490 | 49,029 | ||||||
New York Community Bancorp, Inc. | 2,850 | 48,992 | ||||||
Bank of America Corp. | 3,073 | 48,953 | ||||||
Ocwen Financial Corp.*,1 | 5,758 | 48,885 | ||||||
Loews Corp. | 1,173 | 48,844 | ||||||
Capital One Financial Corp. | 604 | 48,833 | ||||||
First Niagara Financial Group, Inc. | 5,361 | 48,758 | ||||||
First Republic Bank | 835 | 48,672 | ||||||
Everest Re Group Ltd. | 272 | 48,664 | ||||||
First Horizon National Corp. | 3,414 | 48,650 | ||||||
Arthur J Gallagher & Co. | 1,016 | 48,596 | ||||||
Torchmark Corp. | 865 | 48,535 | ||||||
Charles Schwab Corp. | 1,591 | 48,526 | ||||||
RenaissanceRe Holdings Ltd. | 473 | 48,478 | ||||||
Unum Group | 1,418 | 48,439 | ||||||
KeyCorp | 3,349 | 48,393 | ||||||
Wells Fargo & Co. | 878 | 48,378 | ||||||
SunTrust Banks, Inc. | 1,165 | 48,348 | ||||||
Discover Financial Services | 834 | 48,347 | ||||||
Prudential Financial, Inc. | 592 | 48,307 | ||||||
Allied World Assurance Company Holdings AG | 1,174 | 48,298 | ||||||
Associated Banc-Corp. | 2,567 | 48,285 | ||||||
Synchrony Financial* | 1,548 | 48,220 | ||||||
CIT Group, Inc. | 1,070 | 48,182 | ||||||
Jones Lang LaSalle, Inc. | 290 | 48,157 | ||||||
MetLife, Inc. | 937 | 48,059 | ||||||
Commerce Bancshares, Inc. | 1,125 | 48,049 | ||||||
Axis Capital Holdings Ltd. | 921 | 47,947 | ||||||
East West Bancorp, Inc. | 1,181 | 47,937 | ||||||
Marsh & McLennan Companies, Inc. | 852 | 47,848 | ||||||
HCC Insurance Holdings, Inc. | 839 | 47,789 | ||||||
Assured Guaranty Ltd. | 1,838 | 47,769 | ||||||
Visa, Inc. — Class A | 723 | 47,754 | ||||||
XL Group plc — Class A | 1,287 | 47,722 | ||||||
Principal Financial Group, Inc. | 933 | 47,695 | ||||||
BlackRock, Inc. — Class A | 131 | 47,676 | ||||||
Validus Holdings Ltd. | 1,138 | 47,603 | ||||||
TFS Financial Corp. | 3,255 | 47,588 | ||||||
TCF Financial Corp. | 3,038 | 47,575 | ||||||
Post Properties, Inc. | 832 | 47,565 | ||||||
People’s United Financial, Inc. | 3,147 | 47,551 | ||||||
Assurant, Inc. | 773 | 47,509 | ||||||
T. Rowe Price Group, Inc. | 584 | 47,409 | ||||||
Interactive Brokers Group, Inc. — Class A | 1,395 | 47,360 | ||||||
Huntington Bancshares, Inc. | 4,356 | 47,306 | ||||||
Raymond James Financial, Inc. | 836 | 47,259 | ||||||
Lazard Ltd. — Class A | 891 | 47,250 | ||||||
Franklin Resources, Inc. | 916 | 47,229 | ||||||
BankUnited, Inc. | 1,437 | 47,220 | ||||||
PacWest Bancorp | 1,047 | 47,220 | ||||||
FNF Group | 1,312 | 47,219 | ||||||
Synovus Financial Corp. | 1,705 | 47,160 | ||||||
Aon plc | 490 | 47,153 | ||||||
Bank of Hawaii Corp. | 780 | 47,104 | ||||||
Aspen Insurance Holdings Ltd. | 1,008 | 47,104 | ||||||
American Tower Corp. — Class A | 498 | 47,075 | ||||||
Host Hotels & Resorts, Inc. | 2,337 | 47,067 | ||||||
Fulton Financial Corp. | 3,869 | 47,047 | ||||||
Aflac, Inc. | 746 | 47,028 | ||||||
MFA Financial, Inc. | 6,052 | 47,024 | ||||||
Allstate Corp. | 675 | 47,021 | ||||||
U.S. Bancorp | 1,096 | 46,986 | ||||||
PNC Financial Services Group, Inc. | 512 | 46,966 | ||||||
Eaton Vance Corp. | 1,143 | 46,954 | ||||||
BB&T Corp. | 1,226 | 46,944 | ||||||
Lincoln National Corp. | 831 | 46,943 | ||||||
Progressive Corp. | 1,760 | 46,921 | ||||||
Reinsurance Group of America, Inc. — Class A | 512 | 46,909 | ||||||
American Financial Group, Inc. | 741 | 46,831 | ||||||
American Express Co. | 604 | 46,780 | ||||||
Crown Castle International Corp. | 560 | 46,777 | ||||||
Columbia Property Trust, Inc. | 1,783 | 46,768 | ||||||
Berkshire Hathaway, Inc. — Class B* | 331 | 46,741 | ||||||
Waddell & Reed Financial, Inc. — Class A | 946 | 46,657 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 33 |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2015 |
GUGGENHEIM RUSSELL 1000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
White Mountains Insurance Group Ltd. | 69 | $ | 46,642 | |||||
Artisan Partners Asset Management, Inc. — Class A | 1,041 | 46,626 | ||||||
Howard Hughes Corp.* | 314 | 46,620 | ||||||
Chubb Corp. | 474 | 46,618 | ||||||
Starwood Property Trust, Inc. | 1,941 | 46,603 | ||||||
MBIA, Inc.* | 5,325 | 46,594 | ||||||
Equity Commonwealth* | 1,848 | 46,588 | ||||||
CNA Financial Corp. | 1,156 | 46,587 | ||||||
ProAssurance Corp. | 1,035 | 46,523 | ||||||
Brown & Brown, Inc. | 1,456 | 46,519 | ||||||
NASDAQ OMX Group, Inc. | 956 | 46,490 | ||||||
Extra Space Storage, Inc. | 705 | 46,480 | ||||||
Voya Financial, Inc. | 1,097 | 46,447 | ||||||
TD Ameritrade Holding Corp. | 1,281 | 46,436 | ||||||
Arch Capital Group Ltd.* | 765 | 46,420 | ||||||
Alleghany Corp.* | 98 | 46,405 | ||||||
Intercontinental Exchange, Inc. | 206 | 46,253 | ||||||
Retail Properties of America, Inc. — Class A | 3,061 | 46,252 | ||||||
Plum Creek Timber Company, Inc. | 1,096 | 46,251 | ||||||
CBOE Holdings, Inc. | 821 | 46,198 | ||||||
Liberty Property Trust | 1,324 | 46,128 | ||||||
Mid-America Apartment Communities, Inc. | 618 | 46,109 | ||||||
Nationstar Mortgage Holdings, Inc.* | 1,835 | 46,059 | ||||||
Paramount Group, Inc. | 2,511 | 46,002 | ||||||
Two Harbors Investment Corp. | 4,380 | 45,990 | ||||||
UDR, Inc. | 1,403 | 45,976 | ||||||
Douglas Emmett, Inc. | 1,613 | 45,970 | ||||||
WR Berkley Corp. | 938 | 45,953 | ||||||
Navient Corp. | 2,351 | 45,939 | ||||||
Markel Corp.* | 62 | 45,920 | ||||||
Mercury General Corp. | 835 | 45,875 | ||||||
Hartford Financial Services Group, Inc. | 1,125 | 45,866 | ||||||
Hanover Insurance Group, Inc. | 668 | 45,805 | ||||||
Forest City Enterprises, Inc. — Class A* | 1,925 | 45,738 | ||||||
M&T Bank Corp. | 382 | 45,714 | ||||||
Equity LifeStyle Properties, Inc. | 865 | 45,689 | ||||||
HCP, Inc. | 1,132 | 45,608 | ||||||
Ameriprise Financial, Inc. | 364 | 45,602 | ||||||
Camden Property Trust | 607 | 45,574 | ||||||
Ventas, Inc. | 661 | 45,543 | ||||||
American Campus Communities, Inc. | 1,134 | 45,519 | ||||||
Apartment Investment & Management Co. — Class A | 1,206 | 45,502 | ||||||
CME Group, Inc. — Class A | 500 | 45,455 | ||||||
Endurance Specialty Holdings Ltd. | 752 | 45,406 | ||||||
Erie Indemnity Co. — Class A | 548 | 45,347 | ||||||
Cincinnati Financial Corp. | 895 | 45,323 | ||||||
Public Storage | 241 | 45,286 | ||||||
Spirit Realty Capital, Inc. | 4,009 | 45,262 | ||||||
Tanger Factory Outlet Centers, Inc. | 1,347 | 45,232 | ||||||
Weyerhaeuser Co. | 1,433 | 45,154 | ||||||
SL Green Realty Corp. | 369 | 45,150 | ||||||
Rayonier, Inc. | 1,764 | 45,141 | ||||||
Popular, Inc.* | 1,391 | 45,110 | ||||||
Digital Realty Trust, Inc. | 711 | 45,085 | ||||||
Essex Property Trust, Inc. | 203 | 45,056 | ||||||
ACE Ltd. | 421 | 45,043 | ||||||
American Capital Agency Corp. | 2,178 | 44,943 | ||||||
Piedmont Office Realty Trust, Inc. — Class A | 2,571 | 44,941 | ||||||
Alexandria Real Estate Equities, Inc. | 486 | 44,896 | ||||||
Travelers Companies, Inc. | 444 | 44,893 | ||||||
Iron Mountain, Inc. | 1,299 | 44,803 | ||||||
Healthcare Trust of America, Inc. — Class A | 1,730 | 44,790 | ||||||
National Retail Properties, Inc. | 1,166 | 44,774 | ||||||
Legg Mason, Inc. | 850 | 44,753 | ||||||
Boston Properties, Inc. | 338 | 44,721 | ||||||
Urban Edge Properties | 1,974 | 44,672 | ||||||
Simon Property Group, Inc. | 246 | 44,647 | ||||||
Equity Residential | 604 | 44,611 | ||||||
Macerich Co. | 545 | 44,559 | ||||||
Regency Centers Corp. | 709 | 44,511 | ||||||
Vornado Realty Trust | 430 | 44,501 | ||||||
Taubman Centers, Inc. | 616 | 44,358 | ||||||
Kilroy Realty Corp. | 624 | 44,298 | ||||||
Prologis, Inc. | 1,100 | 44,220 | ||||||
AvalonBay Communities, Inc. | 269 | 44,207 | ||||||
Chimera Investment Corp. | 2,907 | 44,157 | ||||||
Annaly Capital Management, Inc. | 4,380 | 44,107 | ||||||
Hospitality Properties Trust | 1,466 | 44,097 | ||||||
Health Care REIT, Inc. | 612 | 44,076 | ||||||
WP Carey, Inc. | 692 | 43,928 | ||||||
DDR Corp. | 2,574 | 43,887 | ||||||
CBL & Associates Properties, Inc. | 2,436 | 43,872 | ||||||
General Growth Properties, Inc. | 1,600 | 43,840 | ||||||
Federal Realty Investment Trust | 327 | 43,710 | ||||||
BioMed Realty Trust, Inc. | 2,106 | 43,700 | ||||||
Senior Housing Properties Trust | 2,133 | 43,663 | ||||||
Duke Realty Corp. | 2,194 | 43,463 | ||||||
Realty Income Corp. | 925 | 43,447 | ||||||
Weingarten Realty Investors | 1,326 | 43,440 | ||||||
Brandywine Realty Trust | 2,977 | 43,405 | ||||||
American Realty Capital Properties, Inc. | 4,787 | 43,227 | ||||||
Kimco Realty Corp. | 1,792 | 43,187 | ||||||
Corporate Office Properties Trust | 1,636 | 43,174 | ||||||
Hudson City Bancorp, Inc. | 4,628 | 43,040 | ||||||
Corrections Corporation of America | 1,167 | 42,934 | ||||||
WP GLIMCHER, Inc. | 2,851 | 42,765 | ||||||
Brixmor Property Group, Inc. | 1,823 | 42,749 | ||||||
NorthStar Asset Management Group, Inc. | 2,029 | 42,670 | ||||||
LendingClub Corp.* | 2,431 | 42,421 | ||||||
Omega Healthcare Investors, Inc. | 1,175 | 42,406 | ||||||
LPL Financial Holdings, Inc. | 1,040 | 42,089 | ||||||
Total Financial | 10,190,749 |
34 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2015 |
GUGGENHEIM RUSSELL 1000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
CONSUMER, CYCLICAL - 9.9% | ||||||||
Walgreens Boots Alliance, Inc. | 2,692 | $ | 223,248 | |||||
CVS Health Corp. | 2,228 | 221,218 | ||||||
GNC Holdings, Inc. — Class A | 4,983 | 214,518 | ||||||
Rite Aid Corp.* | 27,717 | 213,698 | ||||||
Fastenal Co. | 3,488 | 148,658 | ||||||
Scotts Miracle-Gro Co. — Class A | 2,201 | 141,987 | ||||||
World Fuel Services Corp. | 2,357 | 130,814 | ||||||
Dolby Laboratories, Inc. — Class A | 2,486 | 100,087 | ||||||
Ingram Micro, Inc. — Class A* | 3,892 | 97,922 | ||||||
HD Supply Holdings, Inc.* | 2,714 | 89,562 | ||||||
Copa Holdings S.A. — Class A | 788 | 87,380 | ||||||
WW Grainger, Inc. | 344 | 85,460 | ||||||
PACCAR, Inc. | 1,295 | 84,628 | ||||||
Navistar International Corp.* | 2,798 | 83,828 | ||||||
WESCO International, Inc.* | 1,157 | 83,466 | ||||||
Delta Air Lines, Inc. | 1,830 | 81,691 | ||||||
Alaska Air Group, Inc. | 1,249 | 80,011 | ||||||
Toro Co. | 1,182 | 79,241 | ||||||
MSC Industrial Direct Company, Inc. — Class A | 1,114 | 79,161 | ||||||
Allison Transmission Holdings, Inc. | 2,573 | 78,940 | ||||||
Copart, Inc.* | 2,196 | 78,112 | ||||||
American Airlines Group, Inc. | 1,574 | 76,001 | ||||||
Southwest Airlines Co. | 1,869 | 75,807 | ||||||
Mattel, Inc. | 2,674 | 75,300 | ||||||
Spirit Airlines, Inc.* | 1,095 | 74,975 | ||||||
United Continental Holdings, Inc.* | 1,242 | 74,197 | ||||||
Tesla Motors, Inc.* | 320 | 72,336 | ||||||
DreamWorks Animation SKG, Inc. — Class A*,1 | 2,764 | 72,030 | ||||||
Hasbro, Inc. | 1,005 | 71,144 | ||||||
Panera Bread Co. — Class A* | 387 | 70,620 | ||||||
LKQ Corp.* | 2,522 | 68,271 | ||||||
Ascena Retail Group, Inc.* | 4,462 | 66,884 | ||||||
Yum! Brands, Inc. | 775 | 66,619 | ||||||
Carter’s, Inc. | 667 | 66,607 | ||||||
SeaWorld Entertainment, Inc. | 3,129 | 66,335 | ||||||
Dunkin’ Brands Group, Inc. | 1,271 | 66,232 | ||||||
Tempur Sealy International, Inc.* | 1,086 | 66,148 | ||||||
JC Penney Company, Inc.* | 7,955 | 66,026 | ||||||
Goodyear Tire & Rubber Co. | 2,327 | 66,005 | ||||||
Domino’s Pizza, Inc. | 605 | 65,249 | ||||||
WABCO Holdings, Inc.* | 521 | 64,838 | ||||||
Visteon Corp.* | 637 | 64,591 | ||||||
Restaurant Brands International, Inc. | 1,573 | 64,147 | ||||||
Vista Outdoor, Inc.* | 1,451 | 63,496 | ||||||
Starbucks Corp. | 1,280 | 63,462 | ||||||
CarMax, Inc.* | 925 | 63,002 | ||||||
Fossil Group, Inc.* | 750 | 62,985 | ||||||
O’Reilly Automotive, Inc.* | 288 | 62,735 | ||||||
Abercrombie & Fitch Co. — Class A | 2,778 | 62,449 | ||||||
Lear Corp. | 562 | 62,399 | ||||||
Johnson Controls, Inc. | 1,237 | 62,320 | ||||||
Macy’s, Inc. | 962 | 62,174 | ||||||
Deckers Outdoor Corp.* | 840 | 62,160 | ||||||
Staples, Inc. | 3,799 | 62,000 | ||||||
AutoZone, Inc.* | 92 | 61,885 | ||||||
Starwood Hotels & Resorts Worldwide, Inc. | 718 | 61,711 | ||||||
Tiffany & Co. | 705 | 61,673 | ||||||
Ralph Lauren Corp. — Class A | 461 | 61,502 | ||||||
Tractor Supply Co. | 714 | 61,447 | ||||||
Madison Square Garden Co. — Class A* | 765 | 61,430 | ||||||
Ulta Salon Cosmetics & Fragrance, Inc.* | 406 | 61,343 | ||||||
Hyatt Hotels Corp. — Class A* | 1,052 | 61,069 | ||||||
NVR, Inc.* | 46 | 61,018 | ||||||
TRW Automotive Holdings Corp.* | 580 | 60,935 | ||||||
BorgWarner, Inc. | 1,029 | 60,917 | ||||||
AutoNation, Inc.* | 988 | 60,811 | ||||||
DSW, Inc. — Class A | 1,676 | 60,789 | ||||||
Kate Spade & Co.* | 1,856 | 60,691 | ||||||
NIKE, Inc. — Class B | 613 | 60,589 | ||||||
Signet Jewelers Ltd. | 451 | 60,493 | ||||||
GameStop Corp. — Class A1 | 1,569 | 60,469 | ||||||
Marriott International, Inc. — Class A | 755 | 60,438 | ||||||
Hilton Worldwide Holdings, Inc.* | 2,086 | 60,411 | ||||||
Jarden Corp.* | 1,178 | 60,290 | ||||||
Carnival Corp. | 1,370 | 60,239 | ||||||
MGM Resorts International* | 2,845 | 60,171 | ||||||
McDonald’s Corp. | 623 | 60,151 | ||||||
PVH Corp. | 582 | 60,150 | ||||||
Ford Motor Co. | 3,801 | 60,056 | ||||||
Under Armour, Inc. — Class A* | 774 | 60,024 | ||||||
Family Dollar Stores, Inc. | 768 | 60,012 | ||||||
Penske Automotive Group, Inc. | 1,226 | 59,841 | ||||||
Six Flags Entertainment Corp. | 1,271 | 59,762 | ||||||
Dillard’s, Inc. — Class A | 454 | 59,742 | ||||||
Target Corp. | 757 | 59,674 | ||||||
Newell Rubbermaid, Inc. | 1,561 | 59,521 | ||||||
Harman International Industries, Inc. | 456 | 59,453 | ||||||
Polaris Industries, Inc. | 434 | 59,441 | ||||||
VF Corp. | 819 | 59,320 | ||||||
Cinemark Holdings, Inc. | 1,391 | 59,298 | ||||||
Genuine Parts Co. | 659 | 59,211 | ||||||
Dollar General Corp. | 814 | 59,186 | ||||||
Foot Locker, Inc. | 993 | 59,034 | ||||||
CST Brands, Inc. | 1,411 | 58,853 | ||||||
Nu Skin Enterprises, Inc. — Class A | 1,040 | 58,812 | ||||||
L Brands, Inc. | 658 | 58,799 | ||||||
Thor Industries, Inc. | 976 | 58,726 | ||||||
Chico’s FAS, Inc. | 3,481 | 58,690 | ||||||
Mohawk Industries, Inc.* | 338 | 58,643 | ||||||
Choice Hotels International, Inc. | 979 | 58,613 | ||||||
Las Vegas Sands Corp. | 1,104 | 58,380 | ||||||
Michaels Companies, Inc.* | 2,253 | 58,263 | ||||||
Advance Auto Parts, Inc. | 407 | 58,201 | ||||||
Regal Entertainment Group — Class A | 2,645 | 58,190 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 35 |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2015 |
GUGGENHEIM RUSSELL 1000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Bed Bath & Beyond, Inc.* | 825 | $ | 58,130 | |||||
Nordstrom, Inc. | 769 | 58,106 | ||||||
Costco Wholesale Corp. | 406 | 58,078 | ||||||
Sears Holdings Corp.*,1 | 1,453 | 58,033 | ||||||
Williams-Sonoma, Inc. | 789 | 58,015 | ||||||
Wal-Mart Stores, Inc. | 743 | 57,991 | ||||||
Home Depot, Inc. | 542 | 57,983 | ||||||
Kohl’s Corp. | 809 | 57,965 | ||||||
Ross Stores, Inc. | 586 | 57,944 | ||||||
DR Horton, Inc. | 2,280 | 57,912 | ||||||
Dick’s Sporting Goods, Inc. | 1,066 | 57,841 | ||||||
Tupperware Brands Corp. | 865 | 57,834 | ||||||
Norwegian Cruise Line Holdings Ltd.* | 1,189 | 57,678 | ||||||
Wyndham Worldwide Corp. | 674 | 57,560 | ||||||
Wendy’s Co. | 5,687 | 57,552 | ||||||
Leggett & Platt, Inc. | 1,354 | 57,504 | ||||||
Lowe’s Companies, Inc. | 835 | 57,498 | ||||||
Liberty TripAdvisor Holdings, Inc. — Class A* | 1,932 | 57,400 | ||||||
Dollar Tree, Inc.* | 751 | 57,384 | ||||||
Chipotle Mexican Grill, Inc. — Class A* | 92 | 57,163 | ||||||
Coach, Inc. | 1,496 | 57,162 | ||||||
General Motors Co. | 1,629 | 57,113 | ||||||
Harley-Davidson, Inc. | 1,015 | 57,053 | ||||||
TJX Companies, Inc. | 882 | 56,924 | ||||||
Big Lots, Inc. | 1,249 | 56,917 | ||||||
The Gap, Inc. | 1,435 | 56,883 | ||||||
Lions Gate Entertainment Corp. | 1,832 | 56,810 | ||||||
Darden Restaurants, Inc. | 889 | 56,692 | ||||||
Cabela’s, Inc.* | 1,072 | 56,537 | ||||||
Michael Kors Holdings Ltd.* | 913 | 56,478 | ||||||
Toll Brothers, Inc.* | 1,588 | 56,438 | ||||||
Lennar Corp. — Class A | 1,231 | 56,380 | ||||||
Hanesbrands, Inc. | 1,814 | 56,379 | ||||||
Taylor Morrison Home Corp. — Class A* | 3,043 | 56,356 | ||||||
Brinker International, Inc. | 1,014 | 56,145 | ||||||
Sally Beauty Holdings, Inc.* | 1,776 | 55,429 | ||||||
Royal Caribbean Cruises Ltd. | 811 | 55,197 | ||||||
Best Buy Company, Inc. | 1,585 | 54,920 | ||||||
PulteGroup, Inc. | 2,828 | 54,580 | ||||||
Whirlpool Corp. | 310 | 54,436 | ||||||
Urban Outfitters, Inc.* | 1,335 | 53,453 | ||||||
Wynn Resorts Ltd. | 480 | 53,314 | ||||||
Gaming and Leisure Properties, Inc. | 1,288 | 45,982 | ||||||
Total Consumer, Cyclical | 10,124,690 | |||||||
UTILITIES - 8.9% | ||||||||
National Fuel Gas Co. | 3,332 | 214,746 | ||||||
UGI Corp. | 6,144 | 213,873 | ||||||
AES Corp. | 15,960 | 211,470 | ||||||
MDU Resources Group, Inc. | 9,429 | 210,172 | ||||||
Consolidated Edison, Inc. | 3,382 | 208,162 | ||||||
Exelon Corp. | 6,115 | 208,032 | ||||||
OGE Energy Corp. | 6,352 | 207,583 | ||||||
Duke Energy Corp. | 2,675 | 207,500 | ||||||
AGL Resources, Inc. | 4,103 | 206,258 | ||||||
FirstEnergy Corp. | 5,729 | 205,728 | ||||||
PPL Corp. | 6,023 | 204,963 | ||||||
American Electric Power Company, Inc. | 3,594 | 204,391 | ||||||
CenterPoint Energy, Inc. | 9,739 | 204,227 | ||||||
Aqua America, Inc. | 7,614 | 204,208 | ||||||
NRG Energy, Inc. | 8,064 | 203,535 | ||||||
Integrys Energy Group, Inc. | 2,779 | 203,145 | ||||||
American Water Works Company, Inc. | 3,720 | 202,814 | ||||||
Dominion Resources, Inc. | 2,826 | 202,568 | ||||||
NiSource, Inc. | 4,646 | 201,729 | ||||||
Calpine Corp.* | 9,232 | 201,350 | ||||||
Southern Co. | 4,544 | 201,299 | ||||||
PG&E Corp. | 3,797 | 200,937 | ||||||
Great Plains Energy, Inc. | 7,672 | 200,853 | ||||||
Questar Corp. | 8,564 | 200,740 | ||||||
Public Service Enterprise Group, Inc. | 4,829 | 200,597 | ||||||
Entergy Corp. | 2,599 | 200,591 | ||||||
Wisconsin Energy Corp. | 4,069 | 199,869 | ||||||
DTE Energy Co. | 2,503 | 199,314 | ||||||
Atmos Energy Corp. | 3,690 | 199,260 | ||||||
Ameren Corp. | 4,856 | 198,805 | ||||||
Westar Energy, Inc. | 5,261 | 198,077 | ||||||
CMS Energy Corp. | 5,830 | 197,812 | ||||||
Vectren Corp. | 4,581 | 197,762 | ||||||
Sempra Energy | 1,856 | 197,052 | ||||||
Xcel Energy, Inc. | 5,798 | 196,610 | ||||||
TECO Energy, Inc. | 10,363 | 196,379 | ||||||
Alliant Energy Corp. | 3,244 | 196,165 | ||||||
NextEra Energy, Inc. | 1,936 | 195,400 | ||||||
Edison International | 3,196 | 194,764 | ||||||
Pinnacle West Capital Corp. | 3,179 | 194,555 | ||||||
Eversource Energy | 3,984 | 194,260 | ||||||
ITC Holdings Corp. | 5,395 | 194,220 | ||||||
SCANA Corp. | 3,662 | 194,013 | ||||||
Hawaiian Electric Industries, Inc. | 6,187 | 193,653 | ||||||
Pepco Holdings, Inc. | 7,412 | 192,564 | ||||||
Total Utilities | 9,062,005 | |||||||
TECHNOLOGY - 8.5% | ||||||||
Zayo Group Holdings, Inc.* | 7,385 | 196,071 | ||||||
Allscripts Healthcare Solutions, Inc.* | 9,557 | 127,108 | ||||||
Veeva Systems, Inc. — Class A* | 4,437 | 117,802 | ||||||
athenahealth, Inc.* | 937 | 114,932 | ||||||
Altera Corp. | 2,730 | 113,786 | ||||||
Cerner Corp.* | 1,555 | 111,665 | ||||||
Microsoft Corp. | 2,290 | 111,385 | ||||||
Fortinet, Inc.* | 2,806 | 105,898 | ||||||
Salesforce.com, Inc.* | 1,430 | 104,132 | ||||||
Informatica Corp.* | 2,150 | 103,351 | ||||||
Nuance Communications, Inc.* | 6,741 | 103,340 | ||||||
Workday, Inc. — Class A* | 1,124 | 102,520 | ||||||
Xilinx, Inc. | 2,361 | 102,373 | ||||||
Intel Corp. | 3,138 | 102,142 |
36 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2015 |
GUGGENHEIM RUSSELL 1000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
DST Systems, Inc. | 887 | $ | 102,075 | |||||
Analog Devices, Inc. | 1,644 | 101,665 | ||||||
PTC, Inc.* | 2,640 | 101,218 | ||||||
VMware, Inc. — Class A* | 1,147 | 101,051 | ||||||
International Business Machines Corp. | 588 | 100,718 | ||||||
Lam Research Corp. | 1,326 | 100,220 | ||||||
Citrix Systems, Inc.* | 1,489 | 100,001 | ||||||
NVIDIA Corp. | 4,502 | 99,922 | ||||||
Micron Technology, Inc.* | 3,540 | 99,580 | ||||||
Tableau Software, Inc. — Class A* | 1,017 | 99,503 | ||||||
Broadcom Corp. — Class A | 2,239 | 98,975 | ||||||
Rackspace Hosting, Inc.* | 1,836 | 98,960 | ||||||
Western Digital Corp. | 1,008 | 98,522 | ||||||
EMC Corp. | 3,657 | 98,410 | ||||||
Adobe Systems, Inc.* | 1,293 | 98,346 | ||||||
IMS Health Holdings, Inc.* | 3,555 | 98,082 | ||||||
Akamai Technologies, Inc.* | 1,329 | 98,054 | ||||||
VeriFone Systems, Inc.* | 2,734 | 97,796 | ||||||
Cadence Design Systems, Inc.* | 5,243 | 97,782 | ||||||
Intuit, Inc. | 974 | 97,721 | ||||||
CDK Global, Inc. | 2,035 | 97,517 | ||||||
Electronic Arts, Inc.* | 1,678 | 97,475 | ||||||
Teradata Corp.* | 2,214 | 97,394 | ||||||
Hewlett-Packard Co. | 2,948 | 97,196 | ||||||
NetSuite, Inc.* | 1,016 | 97,099 | ||||||
Synopsys, Inc.* | 2,069 | 96,995 | ||||||
Amdocs Ltd. | 1,755 | 96,648 | ||||||
NetApp, Inc. | 2,655 | 96,244 | ||||||
Activision Blizzard, Inc. | 4,198 | 95,777 | ||||||
Oracle Corp. | 2,195 | 95,746 | ||||||
QUALCOMM, Inc. | 1,405 | 95,540 | ||||||
SanDisk Corp. | 1,426 | 95,456 | ||||||
Linear Technology Corp. | 2,069 | 95,443 | ||||||
Apple, Inc. | 760 | 95,114 | ||||||
KLA-Tencor Corp. | 1,615 | 94,962 | ||||||
Diebold, Inc. | 2,725 | 94,748 | ||||||
Leidos Holdings, Inc. | 2,270 | 94,523 | ||||||
CA, Inc. | 2,965 | 94,198 | ||||||
Red Hat, Inc.* | 1,249 | 94,000 | ||||||
ON Semiconductor Corp.* | 8,115 | 93,485 | ||||||
Teradyne, Inc. | 5,121 | 93,458 | ||||||
ANSYS, Inc.* | 1,088 | 93,394 | ||||||
Computer Sciences Corp. | 1,448 | 93,324 | ||||||
Microchip Technology, Inc. | 1,958 | 93,308 | ||||||
Rovi Corp.* | 5,039 | 93,272 | ||||||
Skyworks Solutions, Inc. | 1,011 | 93,265 | ||||||
Freescale Semiconductor Ltd.* | 2,374 | 92,800 | ||||||
Brocade Communications Systems, Inc. | 8,157 | 92,174 | ||||||
IHS, Inc. — Class A* | 732 | 91,844 | ||||||
ServiceNow, Inc.* | 1,225 | 91,704 | ||||||
Texas Instruments, Inc. | 1,691 | 91,669 | ||||||
SolarWinds, Inc.* | 1,877 | 91,560 | ||||||
Maxim Integrated Products, Inc. | 2,784 | 91,399 | ||||||
Autodesk, Inc.* | 1,607 | 91,326 | ||||||
IPG Photonics Corp.* | 1,029 | 91,149 | ||||||
Solera Holdings, Inc. | 1,862 | 90,344 | ||||||
Atmel Corp. | 11,680 | 88,534 | ||||||
Marvell Technology Group Ltd. | 6,309 | 88,389 | ||||||
Avago Technologies Ltd. | 755 | 88,244 | ||||||
Cognizant Technology Solutions Corp. — Class A* | 1,505 | 88,103 | ||||||
NCR Corp.* | 3,153 | 86,518 | ||||||
3D Systems Corp.*,1 | 3,407 | 85,482 | ||||||
Cree, Inc.*,1 | 2,696 | 85,409 | ||||||
Zynga, Inc. — Class A* | 34,697 | 85,008 | ||||||
Applied Materials, Inc. | 4,213 | 83,375 | ||||||
Lexmark International, Inc. — Class A | 1,868 | 82,921 | ||||||
Advanced Micro Devices, Inc.* | 35,614 | 80,488 | ||||||
Paychex, Inc. | 1,647 | 79,699 | ||||||
Accenture plc — Class A | 857 | 79,401 | ||||||
Genpact Ltd.* | 3,536 | 77,297 | ||||||
Pitney Bowes, Inc. | 3,450 | 77,177 | ||||||
Inovalon Holdings, Inc. — Class A* | 2,977 | 75,169 | ||||||
Xerox Corp. | 6,270 | 72,105 | ||||||
Stratasys Ltd.*,1 | 1,645 | 61,605 | ||||||
Broadridge Financial Solutions, Inc. | 898 | 48,420 | ||||||
MSCI, Inc. — Class A | 790 | 48,340 | ||||||
Dun & Bradstreet Corp. | 377 | 48,132 | ||||||
Fiserv, Inc.* | 604 | 46,870 | ||||||
Jack Henry & Associates, Inc. | 688 | 45,759 | ||||||
Fidelity National Information Services, Inc. | 703 | 43,930 | ||||||
Total Technology | 8,743,031 | |||||||
COMMUNICATIONS - 7.0% | ||||||||
Sprint Corp.* | 41,517 | 212,982 | ||||||
Telephone & Data Systems, Inc. | 7,882 | 210,527 | ||||||
AT&T, Inc. | 6,059 | 209,884 | ||||||
T-Mobile US, Inc.* | 6,127 | 208,563 | ||||||
Level 3 Communications, Inc.* | 3,707 | 207,370 | ||||||
Verizon Communications, Inc. | 4,107 | 207,157 | ||||||
United States Cellular Corp.* | 5,605 | 206,993 | ||||||
CenturyLink, Inc. | 5,754 | 206,914 | ||||||
Frontier Communications Corp. | 27,317 | 187,395 | ||||||
ARRIS Group, Inc.* | 3,325 | 111,969 | ||||||
Juniper Networks, Inc. | 4,230 | 111,799 | ||||||
Splunk, Inc.* | 1,584 | 105,090 | ||||||
Harris Corp. | 1,288 | 103,349 | ||||||
F5 Networks, Inc.* | 841 | 102,619 | ||||||
Symantec Corp. | 4,054 | 101,046 | ||||||
Cisco Systems, Inc. | 3,484 | 100,444 | ||||||
IAC/InterActiveCorp | 1,423 | 99,353 | ||||||
FireEye, Inc.* | 2,401 | 99,161 | ||||||
Palo Alto Networks, Inc.* | 667 | 98,529 | ||||||
CDW Corp. | 2,553 | 97,831 | ||||||
AOL, Inc.* | 2,426 | 96,797 | ||||||
CommScope Holding Company, Inc.* | 3,260 | 96,203 | ||||||
LinkedIn Corp. — Class A* | 369 | 93,036 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 37 |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2015 |
GUGGENHEIM RUSSELL 1000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
EchoStar Corp. — Class A* | 1,856 | $ | 92,800 | |||||
VeriSign, Inc.* | 1,454 | 92,344 | ||||||
JDS Uniphase Corp.* | 7,243 | 91,696 | ||||||
Google, Inc. — Class A* | 167 | 91,645 | ||||||
Google, Inc. — Class C* | 170 | 91,348 | ||||||
Yahoo!, Inc.* | 2,122 | 90,323 | ||||||
Facebook, Inc. — Class A* | 1,137 | 89,562 | ||||||
Arista Networks, Inc.*,1 | 1,371 | 87,758 | ||||||
Motorola Solutions, Inc. | 1,443 | 86,219 | ||||||
Groupon, Inc. — Class A* | 12,451 | 86,160 | ||||||
Yelp, Inc. — Class A* | 2,065 | 81,340 | ||||||
Netflix, Inc.* | 145 | 80,692 | ||||||
Twitter, Inc.* | 1,885 | 73,440 | ||||||
Starz — Class A* | 1,798 | 70,716 | ||||||
Amazon.com, Inc.* | 166 | 70,015 | ||||||
Clear Channel Outdoor Holdings, Inc. — Class A | 6,098 | 69,395 | ||||||
Pandora Media, Inc.* | 3,847 | 68,630 | ||||||
Cablevision Systems Corp. — Class A | 3,370 | 67,333 | ||||||
Priceline Group, Inc.* | 53 | 65,604 | ||||||
DIRECTV* | 708 | 64,219 | ||||||
Discovery Communications, Inc. — Class A* | 1,968 | 63,684 | ||||||
Nielsen N.V. | 1,414 | 63,545 | ||||||
Time Warner Cable, Inc. | 408 | 63,452 | ||||||
Viacom, Inc. — Class B | 905 | 62,853 | ||||||
Comcast Corp. — Class A | 1,088 | 62,843 | ||||||
Walt Disney Co. | 578 | 62,841 | ||||||
AMC Networks, Inc. — Class A* | 832 | 62,766 | ||||||
Charter Communications, Inc. — Class A* | 335 | 62,665 | ||||||
Sirius XM Holdings, Inc.* | 15,766 | 62,276 | ||||||
CBS Corp. — Class B | 998 | 62,006 | ||||||
Discovery Communications, Inc. — Class C* | 2,050 | 61,972 | ||||||
Liberty Broadband Corp. — Class A* | 1,142 | 61,942 | ||||||
Expedia, Inc. | 656 | 61,815 | ||||||
Liberty Broadband Corp. — Class C* | 1,138 | 61,748 | ||||||
eBay, Inc.* | 1,058 | 61,639 | ||||||
Liberty Ventures* | 1,476 | 61,520 | ||||||
Liberty Media Corp. — Class A* | 1,601 | 61,446 | ||||||
Liberty Media Corp. — Class C* | 1,619 | 61,441 | ||||||
Scripps Networks Interactive, Inc. — Class A | 877 | 61,267 | ||||||
Twenty-First Century Fox, Inc. — Class A | 1,793 | 61,105 | ||||||
Liberty Interactive Corp. — Class A* | 2,119 | 60,942 | ||||||
Lamar Advertising Co. — Class A | 1,048 | 60,742 | ||||||
Time Warner, Inc. | 718 | 60,606 | ||||||
Omnicom Group, Inc. | 792 | 60,003 | ||||||
News Corp. — Class A* | 3,761 | 59,349 | ||||||
TripAdvisor, Inc.* | 728 | 58,597 | ||||||
DISH Network Corp. — Class A* | 865 | 58,526 | ||||||
Interpublic Group of Companies, Inc. | 2,797 | 58,289 | ||||||
zulily, Inc. — Class A* | 4,670 | 58,212 | ||||||
Gannett Company, Inc. | 1,688 | 57,932 | ||||||
John Wiley & Sons, Inc. — Class A | 1,003 | 57,051 | ||||||
HomeAway, Inc.* | 1,994 | 55,732 | ||||||
Equinix, Inc. | 207 | 52,978 | ||||||
Windstream Holdings, Inc.1 | 4,228 | 49,379 | ||||||
Alliance Data Systems Corp.* | 162 | 48,164 | ||||||
Thomson Reuters Corp. | 1,172 | 48,122 | ||||||
FactSet Research Systems, Inc. | 303 | 47,689 | ||||||
Zillow Group, Inc. — Class A* | 468 | 45,696 | ||||||
Total Communications | 7,129,085 | |||||||
BASIC MATERIALS - 7.0% | ||||||||
Cliffs Natural Resources, Inc.1 | 30,194 | 179,352 | ||||||
Celanese Corp. — Class A | 2,630 | 174,527 | ||||||
Newmont Mining Corp. | 6,527 | 172,900 | ||||||
Freeport-McMoRan, Inc. | 7,417 | 172,594 | ||||||
LyondellBasell Industries N.V. — Class A | 1,646 | 170,394 | ||||||
Albemarle Corp. | 2,836 | 169,309 | ||||||
Tahoe Resources, Inc. | 11,993 | 169,221 | ||||||
Carpenter Technology Corp. | 3,816 | 165,042 | ||||||
Axalta Coating Systems Ltd.* | 5,308 | 162,849 | ||||||
Allegheny Technologies, Inc. | 4,776 | 162,336 | ||||||
Rayonier Advanced Materials, Inc. | 9,636 | 161,018 | ||||||
Southern Copper Corp. | 4,918 | 160,228 | ||||||
Eastman Chemical Co. | 2,101 | 160,138 | ||||||
Steel Dynamics, Inc. | 7,228 | 159,956 | ||||||
Westlake Chemical Corp. | 2,048 | 159,703 | ||||||
Dow Chemical Co. | 3,086 | 157,386 | ||||||
Reliance Steel & Aluminum Co. | 2,422 | 156,752 | ||||||
Huntsman Corp. | 6,730 | 155,127 | ||||||
Platform Specialty Products Corp.* | 5,723 | 154,178 | ||||||
Alcoa, Inc. | 11,229 | 150,693 | ||||||
Cytec Industries, Inc. | 2,719 | 150,334 | ||||||
Nucor Corp. | 3,070 | 150,000 | ||||||
FMC Corp. | 2,487 | 147,504 | ||||||
EI du Pont de Nemours & Co. | 2,007 | 146,912 | ||||||
Monsanto Co. | 1,288 | 146,781 | ||||||
Praxair, Inc. | 1,200 | 146,315 | ||||||
Sigma-Aldrich Corp. | 1,046 | 145,310 | ||||||
Royal Gold, Inc. | 2,249 | 145,128 | ||||||
RPM International, Inc. | 3,048 | 144,902 | ||||||
PPG Industries, Inc. | 654 | 144,900 | ||||||
Ashland, Inc. | 1,144 | 144,556 | ||||||
WR Grace & Co.* | 1,490 | 144,113 | ||||||
Sherwin-Williams Co. | 518 | 144,004 | ||||||
Cabot Corp. | 3,363 | 143,735 | ||||||
International Paper Co. | 2,668 | 143,325 | ||||||
International Flavors & Fragrances, Inc. | 1,239 | 142,175 | ||||||
Ecolab, Inc. | 1,266 | 141,767 | ||||||
CF Industries Holdings, Inc. | 492 | 141,435 | ||||||
Airgas, Inc. | 1,392 | 140,982 | ||||||
Valspar Corp. | 1,726 | 139,979 | ||||||
United States Steel Corp.1 | 5,822 | 139,844 | ||||||
NewMarket Corp. | 310 | 138,539 | ||||||
Compass Minerals International, Inc. | 1,567 | 138,413 | ||||||
Air Products & Chemicals, Inc. | 957 | 137,263 | ||||||
Mosaic Co. | 3,095 | 136,180 |
38 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited)(concluded) | April 30, 2015 |
GUGGENHEIM RUSSELL 1000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Domtar Corp. | 3,092 | $ | 133,636 | |||||
Veritiv Corp.* | 3,150 | 125,181 | ||||||
Total Basic Materials | 7,116,916 | |||||||
DIVERSIFIED - 0.0% | ||||||||
Leucadia National Corp. | 2,130 | 50,630 | ||||||
Total Common Stocks | ||||||||
(Cost $91,640,142) | 101,842,187 | |||||||
SHORT TERM INVESTMENTS† - 0.4% | ||||||||
Federated U.S. Treasury Cash Reserve Fund 0.00% | 420,534 | 420,534 | ||||||
Total Short Term Investments | ||||||||
(Cost $420,534) | 420,534 |
Face Amount | ||||||||
SECURITIES LENDING COLLATERAL††,2 - 3.4% | ||||||||
Repurchase Agreements | ||||||||
HSBC Securities, Inc. issued 04/30/15 at 0.09% due 05/01/15 | $ | 2,579,411 | 2,579,411 | |||||
BNP Paribas Securities Corp. issued 04/30/15 at 0.10% due 05/01/15 | 478,363 | 478,363 | ||||||
Barclays Capital, Inc. issued 04/30/15 at 0.08% due 05/01/15 | 393,590 | 393,590 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $3,451,364) | 3,451,364 | |||||||
Total Investments - 103.3% | ||||||||
(Cost $95,512,040) | $ | 105,714,085 | ||||||
Other Assets & Liabilities, net - (3.3)% | (3,419,946 | ) | ||||||
Total Net Assets - 100.0% | $ | 102,294,139 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 4. |
†† | Value determined based on Level 2 inputs — See Note 4. |
1 | All or portion of this security is on loan at April 30, 2015 — See Note 5. |
2 | Securities lending collateral — See Note 5. |
plc — Public Limited Company | |
REIT — Real Estate Investment Trust |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 39 |
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2015 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
COMMON STOCKS† - 99.7% | ||||||||
CONSUMER, NON-CYCLICAL - 23.7% | ||||||||
John B Sanfilippo & Son, Inc. | 3,285 | $ | 170,853 | |||||
Cal-Maine Foods, Inc.1 | 3,472 | 155,233 | ||||||
USANA Health Sciences, Inc.* | 1,253 | 142,516 | ||||||
Coca-Cola Bottling Company Consolidated | 1,261 | 142,493 | ||||||
Andersons, Inc. | 3,330 | 142,158 | ||||||
Diplomat Pharmacy, Inc.* | 3,889 | 139,304 | ||||||
Limoneira Co. | 6,055 | 138,902 | ||||||
B&G Foods, Inc. | 4,566 | 138,806 | ||||||
Universal Corp. | 2,937 | 138,127 | ||||||
Dean Foods Co. | 8,488 | 137,930 | ||||||
SpartanNash Co. | 4,557 | 137,484 | ||||||
Village Super Market, Inc. — Class A | 4,278 | 136,596 | ||||||
Medifast, Inc.* | 4,546 | 136,380 | ||||||
Boulder Brands, Inc.* | 14,286 | 136,288 | ||||||
Vector Group Ltd. | 6,152 | 136,267 | ||||||
J&J Snack Foods Corp. | 1,291 | 134,690 | ||||||
Calavo Growers, Inc. | 2,644 | 133,919 | ||||||
Post Holdings, Inc.* | 2,845 | 133,544 | ||||||
Natural Grocers by Vitamin Cottage, Inc.* | 5,041 | 132,679 | ||||||
Seneca Foods Corp. — Class A* | 4,592 | 132,341 | ||||||
TreeHouse Foods, Inc.* | 1,627 | 132,210 | ||||||
Smart & Final Stores, Inc.* | 7,580 | 131,285 | ||||||
Lancaster Colony Corp. | 1,454 | 130,366 | ||||||
Sanderson Farms, Inc.1 | 1,726 | 129,657 | ||||||
Fresh Del Monte Produce, Inc. | 3,506 | 129,477 | ||||||
Snyder’s-Lance, Inc. | 4,345 | 128,308 | ||||||
WD-40 Co. | 1,576 | 127,593 | ||||||
Boston Beer Company, Inc. — Class A* | 506 | 125,387 | ||||||
National Beverage Corp.* | 5,607 | 125,316 | ||||||
Omega Protein Corp.* | 9,761 | 124,746 | ||||||
United Natural Foods, Inc.* | 1,830 | 123,452 | ||||||
Tootsie Roll Industries, Inc.1 | 3,976 | 123,176 | ||||||
Weis Markets, Inc. | 2,727 | 120,941 | ||||||
Civeo Corp. | 25,720 | 120,112 | ||||||
Ingles Markets, Inc. — Class A | 2,831 | 118,506 | ||||||
Fresh Market, Inc.* | 3,368 | 118,352 | ||||||
Diamond Foods, Inc.* | 4,218 | 118,273 | ||||||
Chefs’ Warehouse, Inc.* | 6,309 | 114,887 | ||||||
Seaboard Corp.* | 31 | 111,600 | ||||||
SUPERVALU, Inc.* | 12,007 | 105,542 | ||||||
Pendrell Corp.* | 87,822 | 95,726 | ||||||
Senomyx, Inc.*,1 | 11,411 | 66,070 | ||||||
Wausau Paper Corp. | 5,651 | 52,667 | ||||||
Cellular Dynamics International, Inc.* | 2,358 | 38,953 | ||||||
TrueBlue, Inc.* | 1,004 | 28,895 | ||||||
Neff Corp. — Class A* | 2,349 | 27,719 | ||||||
FTI Consulting, Inc.* | 674 | 27,708 | ||||||
Hackett Group, Inc. | 2,854 | 27,398 | ||||||
Ennis, Inc. | 1,780 | 27,377 | ||||||
Dyax Corp.* | 1,139 | 27,232 | ||||||
Auspex Pharmaceuticals, Inc.* | 267 | 26,937 | ||||||
RPX Corp.* | 1,729 | 26,903 | ||||||
Navigant Consulting, Inc.* | 1,854 | 26,809 | ||||||
PRGX Global, Inc.* | 6,230 | 26,414 | ||||||
Barrett Business Services, Inc. | 593 | 26,371 | ||||||
Corporate Executive Board Co. | 314 | 26,323 | ||||||
Agenus, Inc.* | 3,936 | 26,016 | ||||||
ServiceSource International, Inc.* | 7,178 | 25,625 | ||||||
SP Plus Corp.* | 1,123 | 25,559 | ||||||
Veracyte, Inc.*,1 | 2,758 | 25,235 | ||||||
Kforce, Inc. | 1,102 | 25,059 | ||||||
TriNet Group, Inc.* | 713 | 24,969 | ||||||
McGrath RentCorp | 749 | 24,799 | ||||||
Electro Rent Corp. | 2,286 | 24,780 | ||||||
Adeptus Health, Inc. — Class A* | 390 | 24,753 | ||||||
ABM Industries, Inc. | 772 | 24,743 | ||||||
Ascent Capital Group, Inc. — Class A* | 617 | 24,705 | ||||||
Heidrick & Struggles International, Inc. | 1,023 | 24,613 | ||||||
Team, Inc.* | 629 | 24,581 | ||||||
TransEnterix, Inc.*,1 | 6,535 | 24,571 | ||||||
ACCO Brands Corp.* | 3,118 | 24,539 | ||||||
CDI Corp. | 1,799 | 24,538 | ||||||
Advisory Board Co.* | 472 | 24,492 | ||||||
Information Services Group, Inc. | 6,199 | 24,362 | ||||||
CBIZ, Inc.* | 2,693 | 24,345 | ||||||
Deluxe Corp. | 375 | 24,281 | ||||||
CytRx Corp.*,1 | 5,502 | 24,153 | ||||||
Korn/Ferry International | 764 | 24,089 | ||||||
Rigel Pharmaceuticals, Inc.* | 5,616 | 23,924 | ||||||
Darling Ingredients, Inc.* | 1,751 | 23,919 | ||||||
Kelly Services, Inc. — Class A | 1,443 | 23,694 | ||||||
Sucampo Pharmaceuticals, Inc. — Class A* | 1,334 | 23,691 | ||||||
Patriot National, Inc.* | 1,753 | 23,613 | ||||||
Forrester Research, Inc. | 677 | 23,553 | ||||||
Great Lakes Dredge & Dock Corp.* | 4,056 | 23,525 | ||||||
Eleven Biotherapeutics, Inc.* | 1,986 | 23,514 | ||||||
Huron Consulting Group, Inc.* | 387 | 23,460 | ||||||
Paylocity Holding Corp.* | 832 | 23,421 | ||||||
Quad/Graphics, Inc. | 1,076 | 23,177 | ||||||
CRA International, Inc.* | 793 | 23,156 | ||||||
Monster Worldwide, Inc.* | 3,913 | 23,048 | ||||||
ICF International, Inc.* | 598 | 23,023 | ||||||
Weight Watchers International, Inc.* | 2,685 | 22,957 | ||||||
Brink’s Co. | 862 | 22,817 | ||||||
Insperity, Inc. | 472 | 22,732 | ||||||
Multi-Color Corp. | 362 | 22,726 | ||||||
AAC Holdings, Inc.* | 655 | 22,702 | ||||||
Resources Connection, Inc. | 1,430 | 22,537 | ||||||
Healthcare Services Group, Inc. | 743 | 22,491 | ||||||
STAAR Surgical Co.*,1 | 2,541 | 22,487 | ||||||
Helen of Troy Ltd.* | 255 | 22,341 | ||||||
Entellus Medical, Inc.* | 810 | 22,292 | ||||||
Vitae Pharmaceuticals, Inc.* | 1,666 | 22,208 | ||||||
Franklin Covey Co.* | 1,183 | 22,051 |
40 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2015 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Rent-A-Center, Inc. | 744 | $ | 22,022 | |||||
Addus HomeCare Corp.* | 819 | 21,981 | ||||||
Bluebird Bio, Inc.* | 165 | 21,975 | ||||||
Atara Biotherapeutics, Inc.* | 528 | 21,886 | ||||||
On Assignment, Inc.* | 649 | 21,839 | ||||||
DexCom, Inc.* | 322 | 21,757 | ||||||
Momenta Pharmaceuticals, Inc.* | 1,245 | 21,724 | ||||||
Performant Financial Corp.* | 7,284 | 21,633 | ||||||
Sage Therapeutics, Inc.* | 405 | 21,465 | ||||||
Sequenom, Inc.*,1 | 4,823 | 21,414 | ||||||
Cara Therapeutics, Inc.* | 1,983 | 21,317 | ||||||
Organovo Holdings, Inc.*,1 | 4,689 | 21,288 | ||||||
LifeLock, Inc.* | 1,457 | 21,287 | ||||||
Inogen, Inc.* | 576 | 21,162 | ||||||
BioCryst Pharmaceuticals, Inc.* | 2,273 | 21,116 | ||||||
Grand Canyon Education, Inc.* | 464 | 21,011 | ||||||
K12, Inc.* | 1,296 | 20,956 | ||||||
NanoString Technologies, Inc.* | 1,751 | 20,907 | ||||||
Cimpress N.V.* | 249 | 20,901 | ||||||
Supernus Pharmaceuticals, Inc.* | 1,628 | 20,837 | ||||||
Surgical Care Affiliates, Inc.* | 550 | 20,735 | ||||||
ACADIA Pharmaceuticals, Inc.* | 605 | 20,672 | ||||||
Clovis Oncology, Inc.* | 257 | 20,652 | ||||||
Halozyme Therapeutics, Inc.* | 1,385 | 20,595 | ||||||
Sotheby’s | 482 | 20,586 | ||||||
TherapeuticsMD, Inc.* | 3,166 | 20,516 | ||||||
Almost Family, Inc.* | 474 | 20,515 | ||||||
SFX Entertainment, Inc.* | 4,694 | 20,513 | ||||||
Cambrex Corp.* | 530 | 20,400 | ||||||
Ligand Pharmaceuticals, Inc. — Class B* | 262 | 20,342 | ||||||
Collectors Universe, Inc. | 883 | 20,335 | ||||||
Pain Therapeutics, Inc.* | 9,906 | 20,208 | ||||||
NxStage Medical, Inc.* | 1,096 | 20,090 | ||||||
ARC Document Solutions, Inc.* | 2,352 | 20,086 | ||||||
BioScrip, Inc.* | 4,266 | 20,050 | ||||||
RTI Surgical, Inc.* | 3,575 | 20,020 | ||||||
Bellicum Pharmaceuticals, Inc.* | 832 | 19,951 | ||||||
Viad Corp. | 750 | 19,928 | ||||||
Revlon, Inc. — Class A* | 509 | 19,907 | ||||||
Cynosure, Inc. — Class A* | 595 | 19,885 | ||||||
Esperion Therapeutics, Inc.* | 209 | 19,882 | ||||||
Northwest Biotherapeutics, Inc.*,1 | 2,529 | 19,878 | ||||||
Masimo Corp.* | 588 | 19,851 | ||||||
Enanta Pharmaceuticals, Inc.* | 579 | 19,825 | ||||||
Emergent Biosolutions, Inc.* | 666 | 19,774 | ||||||
Receptos, Inc.* | 134 | 19,744 | ||||||
HMS Holdings Corp.* | 1,159 | 19,715 | ||||||
CSS Industries, Inc. | 695 | 19,696 | ||||||
Bright Horizons Family Solutions, Inc.* | 391 | 19,659 | ||||||
Orthofix International N.V.* | 608 | 19,644 | ||||||
Accelerate Diagnostics, Inc.* | 859 | 19,584 | ||||||
Depomed, Inc.* | 842 | 19,584 | ||||||
Zogenix, Inc.*,1 | 14,066 | 19,552 | ||||||
ARIAD Pharmaceuticals, Inc.*,1 | 2,255 | 19,551 | ||||||
Tandem Diabetes Care, Inc.* | 1,460 | 19,491 | ||||||
Hyperion Therapeutics, Inc.* | 424 | 19,487 | ||||||
Cerus Corp.*,1 | 4,378 | 19,438 | ||||||
Tumi Holdings, Inc.* | 831 | 19,437 | ||||||
Mirati Therapeutics, Inc.* | 698 | 19,397 | ||||||
Vascular Solutions, Inc.* | 605 | 19,396 | ||||||
Lexicon Pharmaceuticals, Inc.*,1 | 19,357 | 19,357 | ||||||
Cepheid* | 345 | 19,355 | ||||||
Carriage Services, Inc. — Class A | 818 | 19,337 | ||||||
Incorporated Research Holdings, Inc. — Class A* | 576 | 19,319 | ||||||
Matthews International Corp. — Class A | 398 | 19,315 | ||||||
AtriCure, Inc.* | 877 | 19,303 | ||||||
Amedisys, Inc.* | 694 | 19,300 | ||||||
NutriSystem, Inc. | 1,012 | 19,279 | ||||||
IPC Healthcare, Inc.* | 393 | 19,226 | ||||||
Merit Medical Systems, Inc.* | 988 | 19,178 | ||||||
Liberty Tax, Inc. | 692 | 19,168 | ||||||
Corcept Therapeutics, Inc.* | 3,321 | 19,162 | ||||||
CorVel Corp.* | 536 | 19,157 | ||||||
PharMerica Corp.* | 668 | 19,145 | ||||||
Ultragenyx Pharmaceutical, Inc.* | 339 | 19,130 | ||||||
Albany Molecular Research, Inc.* | 1,057 | 19,089 | ||||||
ImmunoGen, Inc.* | 2,308 | 19,087 | ||||||
ANI Pharmaceuticals, Inc.* | 313 | 19,087 | ||||||
LHC Group, Inc.* | 595 | 19,076 | ||||||
Inter Parfums, Inc. | 631 | 19,044 | ||||||
Zeltiq Aesthetics, Inc.* | 620 | 19,034 | ||||||
Repligen Corp.* | 645 | 19,034 | ||||||
Adamas Pharmaceuticals, Inc.* | 1,102 | 19,032 | ||||||
Cenveo, Inc.* | 9,610 | 19,028 | ||||||
Exelixis, Inc.*,1 | 7,401 | 19,021 | ||||||
AcelRx Pharmaceuticals, Inc.*,1 | 4,763 | 19,004 | ||||||
HealthEquity, Inc.* | 725 | 19,002 | ||||||
Insmed, Inc.* | 947 | 18,978 | ||||||
Symmetry Surgical, Inc.* | 2,452 | 18,954 | ||||||
POZEN, Inc.* | 2,421 | 18,932 | ||||||
Invacare Corp. | 943 | 18,926 | ||||||
BioSpecifics Technologies Corp.* | 493 | 18,887 | ||||||
Arrowhead Research Corp.*,1 | 2,734 | 18,864 | ||||||
CONMED Corp. | 375 | 18,836 | ||||||
CryoLife, Inc. | 1,846 | 18,829 | ||||||
Revance Therapeutics, Inc.* | 957 | 18,829 | ||||||
RadNet, Inc.* | 2,246 | 18,821 | ||||||
Capital Senior Living Corp.* | 718 | 18,790 | ||||||
NuVasive, Inc.* | 420 | 18,787 | ||||||
Oxford Immunotec Global plc* | 1,415 | 18,777 | ||||||
Novavax, Inc.* | 2,429 | 18,776 | ||||||
US Physical Therapy, Inc. | 398 | 18,770 | ||||||
HealthSouth Corp. | 415 | 18,766 | ||||||
Kindred Biosciences, Inc.* | 2,751 | 18,762 | ||||||
Bridgepoint Education, Inc.* | 2,138 | 18,750 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 41 |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2015 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Monro Muffler Brake, Inc. | 313 | $ | 18,746 | |||||
Natus Medical, Inc.* | 497 | 18,742 | ||||||
Cempra, Inc.* | 595 | 18,737 | ||||||
BioTime, Inc.*,1 | 3,648 | 18,714 | ||||||
American Public Education, Inc.* | 668 | 18,631 | ||||||
Affymetrix, Inc.* | 1,535 | 18,620 | ||||||
Inovio Pharmaceuticals, Inc.*,1 | 2,278 | 18,588 | ||||||
Amsurg Corp. — Class A* | 296 | 18,565 | ||||||
National Research Corp. — Class A | 1,287 | 18,559 | ||||||
Impax Laboratories, Inc.* | 410 | 18,557 | ||||||
Five Star Quality Care, Inc.* | 4,366 | 18,556 | ||||||
ExamWorks Group, Inc.* | 452 | 18,509 | ||||||
Arena Pharmaceuticals, Inc.* | 4,245 | 18,508 | ||||||
Anacor Pharmaceuticals, Inc.* | 351 | 18,494 | ||||||
Owens & Minor, Inc. | 547 | 18,445 | ||||||
Vanda Pharmaceuticals, Inc.* | 2,014 | 18,428 | ||||||
Tornier N.V.* | 712 | 18,419 | ||||||
Tetraphase Pharmaceuticals, Inc.* | 522 | 18,416 | ||||||
Thoratec Corp.* | 459 | 18,410 | ||||||
Agios Pharmaceuticals, Inc.* | 199 | 18,376 | ||||||
Central Garden & Pet Co. — Class A* | 1,875 | 18,375 | ||||||
Abaxis, Inc. | 287 | 18,368 | ||||||
Alimera Sciences, Inc.*,1 | 4,208 | 18,347 | ||||||
Select Medical Holdings Corp. | 1,260 | 18,333 | ||||||
Globus Medical, Inc. — Class A* | 766 | 18,300 | ||||||
Intrexon Corp.* | 470 | 18,250 | ||||||
Alliance HealthCare Services, Inc.* | 858 | 18,250 | ||||||
Intersect ENT, Inc.* | 727 | 18,244 | ||||||
Team Health Holdings, Inc.* | 306 | 18,228 | ||||||
PRA Health Sciences, Inc.* | 640 | 18,227 | ||||||
CTI BioPharma Corp.* | 10,237 | 18,222 | ||||||
Wright Medical Group, Inc.* | 718 | 18,216 | ||||||
Hanger, Inc.* | 815 | 18,207 | ||||||
TESARO, Inc.* | 334 | 18,193 | ||||||
T2 Biosystems, Inc.* | 1,176 | 18,193 | ||||||
Merrimack Pharmaceuticals, Inc.* | 1,637 | 18,171 | ||||||
Luminex Corp.* | 1,169 | 18,143 | ||||||
Elizabeth Arden, Inc.*,1 | 1,287 | 18,108 | ||||||
Kindred Healthcare, Inc. | 789 | 18,107 | ||||||
Universal Technical Institute, Inc. | 2,142 | 18,100 | ||||||
SurModics, Inc.* | 717 | 18,083 | ||||||
K2M Group Holdings, Inc.* | 860 | 18,069 | ||||||
Exact Sciences Corp.*,1 | 864 | 18,058 | ||||||
NeoStem, Inc.*,1 | 6,269 | 18,055 | ||||||
Galena Biopharma, Inc.* | 13,352 | 18,025 | ||||||
Synta Pharmaceuticals Corp.* | 8,011 | 18,025 | ||||||
Synageva BioPharma Corp.* | 196 | 18,024 | ||||||
Theravance, Inc. | 1,109 | 18,021 | ||||||
Integra LifeSciences Holdings Corp.* | 306 | 17,987 | ||||||
PTC Therapeutics, Inc.* | 306 | 17,978 | ||||||
Greatbatch, Inc.* | 333 | 17,955 | ||||||
Retrophin, Inc.* | 833 | 17,943 | ||||||
Sagent Pharmaceuticals, Inc.* | 769 | 17,925 | ||||||
Genesis Healthcare, Inc.* | 2,594 | 17,925 | ||||||
OraSure Technologies, Inc.* | 2,845 | 17,923 | ||||||
STERIS Corp. | 269 | 17,889 | ||||||
Geron Corp.* | 4,940 | 17,883 | ||||||
Sientra, Inc.* | 1,023 | 17,882 | ||||||
Acadia Healthcare Company, Inc.* | 261 | 17,879 | ||||||
Immunomedics, Inc.* | 4,966 | 17,878 | ||||||
National Healthcare Corp. | 282 | 17,851 | ||||||
AMN Healthcare Services, Inc.* | 782 | 17,837 | ||||||
Analogic Corp. | 211 | 17,830 | ||||||
Amphastar Pharmaceuticals, Inc.* | 1,231 | 17,800 | ||||||
OPKO Health, Inc.* | 1,292 | 17,778 | ||||||
Universal American Corp.* | 1,776 | 17,742 | ||||||
Cross Country Healthcare, Inc.* | 1,596 | 17,716 | ||||||
Sunesis Pharmaceuticals, Inc.* | 7,552 | 17,672 | ||||||
Ophthotech Corp.* | 390 | 17,659 | ||||||
Air Methods Corp.* | 386 | 17,640 | ||||||
ChemoCentryx, Inc.* | 2,636 | 17,635 | ||||||
Actinium Pharmaceuticals, Inc.*,1 | 6,979 | 17,587 | ||||||
Bio-Reference Laboratories, Inc.* | 531 | 17,587 | ||||||
Prestige Brands Holdings, Inc.* | 447 | 17,545 | ||||||
Pacific Biosciences of California, Inc.* | 3,400 | 17,544 | ||||||
Atrion Corp. | 54 | 17,542 | ||||||
Endologix, Inc.* | 1,127 | 17,536 | ||||||
AngioDynamics, Inc.* | 1,050 | 17,525 | ||||||
Antares Pharma, Inc.* | 7,142 | 17,498 | ||||||
Spectrum Pharmaceuticals, Inc.* | 3,096 | 17,492 | ||||||
Xencor, Inc.* | 1,230 | 17,491 | ||||||
Unilife Corp.* | 5,221 | 17,490 | ||||||
Cyberonics, Inc.* | 287 | 17,481 | ||||||
Applied Genetic Technologies Corp.* | 912 | 17,456 | ||||||
Strayer Education, Inc.* | 344 | 17,448 | ||||||
Catalent, Inc.* | 606 | 17,435 | ||||||
Foundation Medicine, Inc.* | 383 | 17,430 | ||||||
West Pharmaceutical Services, Inc. | 327 | 17,423 | ||||||
Portola Pharmaceuticals, Inc.* | 488 | 17,417 | ||||||
Chemed Corp. | 151 | 17,403 | ||||||
Insys Therapeutics, Inc.* | 331 | 17,401 | ||||||
Theravance Biopharma, Inc.* | 1,087 | 17,392 | ||||||
PDL BioPharma, Inc. | 2,607 | 17,389 | ||||||
Peregrine Pharmaceuticals, Inc.* | 13,256 | 17,365 | ||||||
Triple-S Management Corp. — Class B* | 927 | 17,353 | ||||||
SciClone Pharmaceuticals, Inc.* | 2,117 | 17,296 | ||||||
OncoMed Pharmaceuticals, Inc.* | 721 | 17,290 | ||||||
LDR Holding Corp.* | 510 | 17,264 | ||||||
Vital Therapies, Inc.* | 710 | 17,260 | ||||||
PAREXEL International Corp.* | 271 | 17,229 | ||||||
Haemonetics Corp.* | 425 | 17,225 | ||||||
Sarepta Therapeutics, Inc.* | 1,411 | 17,214 | ||||||
Cantel Medical Corp. | 384 | 17,199 | ||||||
Enzo Biochem, Inc.* | 6,141 | 17,195 | ||||||
Isis Pharmaceuticals, Inc.* | 303 | 17,186 | ||||||
ZS Pharma, Inc.* | 451 | 17,170 |
42 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2015 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Oncothyreon, Inc.* | 11,446 | $ | 17,169 | |||||
Karyopharm Therapeutics, Inc.* | 632 | 17,165 | ||||||
MacroGenics, Inc.* | 599 | 17,137 | ||||||
Landauer, Inc. | 529 | 17,066 | ||||||
Meridian Bioscience, Inc. | 963 | 17,064 | ||||||
Celldex Therapeutics, Inc.* | 711 | 17,064 | ||||||
Nevro Corp.* | 379 | 17,063 | ||||||
Alder Biopharmaceuticals, Inc.* | 669 | 17,060 | ||||||
Dermira, Inc.* | 1,156 | 17,051 | ||||||
Rockwell Medical, Inc.*,1 | 1,754 | 17,031 | ||||||
Magellan Health, Inc.* | 269 | 17,028 | ||||||
AMAG Pharmaceuticals, Inc.* | 334 | 17,024 | ||||||
Phibro Animal Health Corp. — Class A | 536 | 17,023 | ||||||
Ensign Group, Inc. | 404 | 17,012 | ||||||
Endocyte, Inc.* | 2,931 | 17,000 | ||||||
Molina Healthcare, Inc.* | 287 | 16,999 | ||||||
Insulet Corp.* | 569 | 16,985 | ||||||
Stemline Therapeutics, Inc.* | 1,222 | 16,974 | ||||||
Career Education Corp.* | 4,040 | 16,968 | ||||||
ICU Medical, Inc.* | 201 | 16,958 | ||||||
Second Sight Medical Products, Inc.*,1 | 1,458 | 16,942 | ||||||
Omeros Corp.* | 840 | 16,901 | ||||||
Chimerix, Inc.* | 497 | 16,898 | ||||||
Neurocrine Biosciences, Inc.* | 495 | 16,875 | ||||||
NewLink Genetics Corp.* | 378 | 16,859 | ||||||
Bio-Path Holdings, Inc.*,1 | 10,838 | 16,853 | ||||||
Care.com, Inc.* | 2,624 | 16,846 | ||||||
Genomic Health, Inc.* | 622 | 16,838 | ||||||
ABIOMED, Inc.* | 266 | 16,817 | ||||||
Medicines Co.* | 656 | 16,800 | ||||||
Aegerion Pharmaceuticals, Inc.* | 722 | 16,794 | ||||||
Neogen Corp.* | 377 | 16,792 | ||||||
Epizyme, Inc.* | 1,029 | 16,783 | ||||||
Acorda Therapeutics, Inc.* | 558 | 16,779 | ||||||
Civitas Solutions, Inc.* | 894 | 16,763 | ||||||
Five Prime Therapeutics, Inc.* | 834 | 16,730 | ||||||
Capella Education Co. | 309 | 16,695 | ||||||
Orexigen Therapeutics, Inc.* | 2,541 | 16,694 | ||||||
KYTHERA Biopharmaceuticals, Inc.* | 382 | 16,690 | ||||||
Akorn, Inc.* | 400 | 16,656 | ||||||
Derma Sciences, Inc.* | 2,105 | 16,630 | ||||||
Threshold Pharmaceuticals, Inc.* | 4,695 | 16,620 | ||||||
MiMedx Group, Inc.*,1 | 1,766 | 16,600 | ||||||
Dynavax Technologies Corp.*,1 | 822 | 16,535 | ||||||
VIVUS, Inc.*,1 | 7,401 | 16,504 | ||||||
Utah Medical Products, Inc. | 306 | 16,496 | ||||||
Kite Pharma, Inc.* | 326 | 16,424 | ||||||
Prothena Corporation plc* | 504 | 16,335 | ||||||
Ironwood Pharmaceuticals, Inc. — Class A* | 1,194 | 16,310 | ||||||
Genocea Biosciences, Inc.* | 1,590 | 16,282 | ||||||
Cytokinetics, Inc.* | 2,588 | 16,279 | ||||||
Puma Biotechnology, Inc.* | 90 | 16,252 | ||||||
Accuray, Inc.* | 1,997 | 16,236 | ||||||
Repros Therapeutics, Inc.* | 2,109 | 16,218 | ||||||
Lannett Company, Inc.* | 281 | 16,158 | ||||||
Infinity Pharmaceuticals, Inc.* | 1,274 | 16,142 | ||||||
Raptor Pharmaceutical Corp.* | 1,595 | 16,141 | ||||||
Immune Design Corp.* | 719 | 16,127 | ||||||
Achillion Pharmaceuticals, Inc.* | 1,843 | 16,126 | ||||||
Exactech, Inc.* | 737 | 16,103 | ||||||
Spark Therapeutics, Inc.* | 281 | 16,093 | ||||||
Nektar Therapeutics* | 1,690 | 16,089 | ||||||
BioTelemetry, Inc.* | 2,002 | 16,036 | ||||||
TG Therapeutics, Inc.* | 1,148 | 16,026 | ||||||
Osiris Therapeutics, Inc.* | 1,056 | 16,020 | ||||||
Progenics Pharmaceuticals, Inc.* | 3,229 | 15,984 | ||||||
Anika Therapeutics, Inc.* | 468 | 15,968 | ||||||
WellCare Health Plans, Inc.* | 206 | 15,951 | ||||||
Quidel Corp.* | 682 | 15,891 | ||||||
Versartis, Inc.* | 927 | 15,833 | ||||||
Relypsa, Inc.* | 547 | 15,825 | ||||||
HeartWare International, Inc.* | 209 | 15,823 | ||||||
Radius Health, Inc.* | 439 | 15,734 | ||||||
ITT Educational Services, Inc.*,1 | 2,976 | 15,713 | ||||||
Array BioPharma, Inc.* | 2,514 | 15,713 | ||||||
Synergy Pharmaceuticals, Inc.*,1 | 4,479 | 15,677 | ||||||
Xoom Corp.* | 885 | 15,638 | ||||||
Loxo Oncology, Inc.* | 1,373 | 15,597 | ||||||
Galectin Therapeutics, Inc.*,1 | 5,191 | 15,521 | ||||||
XenoPort, Inc.* | 2,617 | 15,519 | ||||||
MannKind Corp.*,1 | 3,607 | 15,474 | ||||||
Neuralstem, Inc.*,1 | 9,123 | 15,418 | ||||||
Healthways, Inc.* | 885 | 15,399 | ||||||
XOMA Corp.* | 5,132 | 15,396 | ||||||
Dicerna Pharmaceuticals, Inc.* | 767 | 15,394 | ||||||
Keryx Biopharmaceuticals, Inc.*,1 | 1,441 | 15,361 | ||||||
Sangamo BioSciences, Inc.* | 1,238 | 15,314 | ||||||
Cardiovascular Systems, Inc.* | 489 | 15,306 | ||||||
Avalanche Biotechnologies, Inc.* | 480 | 15,293 | ||||||
Providence Service Corp.* | 358 | 15,222 | ||||||
Navidea Biopharmaceuticals, Inc.* | 11,168 | 15,077 | ||||||
Intra-Cellular Therapies, Inc.* | 736 | 15,051 | ||||||
Verastem, Inc.* | 1,804 | 14,973 | ||||||
Coherus Biosciences, Inc.* | 685 | 14,912 | ||||||
Idera Pharmaceuticals, Inc.* | 5,279 | 14,834 | ||||||
ZIOPHARM Oncology, Inc.*,1 | 1,658 | 14,607 | ||||||
Tokai Pharmaceuticals, Inc.* | 1,455 | 14,550 | ||||||
FibroGen, Inc.* | 624 | 14,508 | ||||||
Aratana Therapeutics, Inc.* | 1,120 | 14,459 | ||||||
Otonomy, Inc.* | 547 | 14,353 | ||||||
Heron Therapeutics, Inc.* | 1,317 | 14,224 | ||||||
WEX, Inc.* | 126 | 14,201 | ||||||
Acceleron Pharma, Inc.* | 509 | 14,074 | ||||||
Regulus Therapeutics, Inc.* | 1,111 | 13,943 | ||||||
Zafgen, Inc.* | 446 | 13,880 | ||||||
Heartland Payment Systems, Inc. | 272 | 13,845 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 43 |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2015 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Ardelyx, Inc.* | 1,314 | $ | 13,797 | |||||
Akebia Therapeutics, Inc.* | 1,792 | 13,745 | ||||||
Spectranetics Corp.* | 534 | 13,697 | ||||||
Pacira Pharmaceuticals, Inc.* | 200 | 13,696 | ||||||
Cytori Therapeutics, Inc.*,1 | 15,617 | 13,665 | ||||||
GenMark Diagnostics, Inc.* | 1,419 | 13,622 | ||||||
James River Group Holdings Ltd. | 576 | 13,617 | ||||||
TriVascular Technologies, Inc.* | 1,814 | 13,242 | ||||||
NanoViricides, Inc.* | 7,646 | 13,151 | ||||||
Flexion Therapeutics, Inc.* | 810 | 12,976 | ||||||
Euronet Worldwide, Inc.* | 220 | 12,866 | ||||||
Global Cash Access Holdings, Inc.* | 1,734 | 12,832 | ||||||
Green Dot Corp. — Class A* | 795 | 12,800 | ||||||
LendingTree, Inc.* | 232 | 12,767 | ||||||
Cardtronics, Inc.* | 329 | 12,413 | ||||||
Egalet Corp.* | 1,343 | 12,302 | ||||||
EVERTEC, Inc. | 592 | 12,272 | ||||||
Tejon Ranch Co.* | 479 | 11,831 | ||||||
MoneyGram International, Inc.* | 1,509 | 11,695 | ||||||
Calithera Biosciences, Inc.* | 1,159 | 11,602 | ||||||
Invitae Corp.* | 1,056 | 11,563 | ||||||
Pernix Therapeutics Holdings, Inc.* | 1,790 | 11,420 | ||||||
IGI Laboratories, Inc.*,1 | 2,213 | 11,242 | ||||||
BioDelivery Sciences International, Inc.* | 1,359 | 10,954 | ||||||
Achaogen, Inc.* | 1,907 | 10,660 | ||||||
Ocular Therapeutix, Inc.* | 448 | 9,834 | ||||||
OvaScience, Inc.* | 382 | 9,453 | ||||||
Ohr Pharmaceutical, Inc.* | 2,111 | 5,932 | ||||||
Aerie Pharmaceuticals, Inc.* | 612 | 5,900 | ||||||
Ampio Pharmaceuticals, Inc.*,1 | 2,421 | 5,835 | ||||||
Total Consumer, Non-cyclical | 13,017,807 | |||||||
INDUSTRIAL - 13.5% | ||||||||
Builders FirstSource, Inc.* | 8,457 | 107,912 | ||||||
Hornbeck Offshore Services, Inc.* | 3,373 | 77,073 | ||||||
PowerSecure International, Inc.* | 5,416 | 71,004 | ||||||
Nordic American Offshore Ltd.1 | 7,346 | 69,273 | ||||||
Era Group, Inc.* | 3,117 | 69,135 | ||||||
Capstone Turbine Corp.*,1 | 104,092 | 65,391 | ||||||
Apogee Enterprises, Inc. | 1,214 | 63,882 | ||||||
RBC Bearings, Inc. | 838 | 61,165 | ||||||
Trinseo S.A.* | 2,681 | 61,046 | ||||||
LSI Industries, Inc. | 6,717 | 60,184 | ||||||
Ply Gem Holdings, Inc.* | 4,257 | 57,810 | ||||||
Stock Building Supply Holdings, Inc.* | 3,128 | 57,461 | ||||||
US Concrete, Inc.* | 1,565 | 56,809 | ||||||
Gibraltar Industries, Inc.* | 3,403 | 56,354 | ||||||
Continental Building Products, Inc.* | 2,560 | 56,346 | ||||||
LSB Industries, Inc.* | 1,308 | 55,471 | ||||||
PGT, Inc.* | 4,854 | 54,947 | ||||||
RTI International Metals, Inc.* | 1,457 | 54,856 | ||||||
NN, Inc. | 2,162 | 54,396 | ||||||
Universal Forest Products, Inc. | 979 | 54,158 | ||||||
Tredegar Corp. | 2,642 | 54,082 | ||||||
Northwest Pipe Co.* | 2,222 | 53,861 | ||||||
Comfort Systems USA, Inc. | 2,577 | 53,318 | ||||||
AAON, Inc. | 2,223 | 53,285 | ||||||
Masonite International Corp.* | 797 | 52,761 | ||||||
Rexnord Corp.* | 1,989 | 52,689 | ||||||
Haynes International, Inc. | 1,173 | 52,163 | ||||||
Insteel Industries, Inc. | 2,568 | 52,028 | ||||||
Polypore International, Inc.* | 886 | 51,884 | ||||||
Mueller Industries, Inc. | 1,478 | 51,789 | ||||||
Global Brass & Copper Holdings, Inc. | 3,392 | 51,694 | ||||||
Griffon Corp. | 3,066 | 51,539 | ||||||
Headwaters, Inc.* | 2,922 | 51,369 | ||||||
Dynamic Materials Corp. | 3,827 | 51,244 | ||||||
Quanex Building Products Corp. | 2,652 | 51,184 | ||||||
Advanced Drainage Systems, Inc. | 1,824 | 51,072 | ||||||
Berry Plastics Group, Inc.* | 1,492 | 51,056 | ||||||
Graphic Packaging Holding Co. | 3,610 | 50,901 | ||||||
Nortek, Inc.* | 601 | 50,857 | ||||||
AEP Industries, Inc.* | 1,014 | 50,801 | ||||||
Mueller Water Products, Inc. — Class A | 5,371 | 50,273 | ||||||
Patrick Industries, Inc.* | 837 | 50,270 | ||||||
Belden, Inc. | 594 | 49,866 | ||||||
Boise Cascade Co.* | 1,419 | 49,239 | ||||||
UFP Technologies, Inc.* | 2,416 | 49,021 | ||||||
LB Foster Co. — Class A | 1,146 | 48,969 | ||||||
Trex Company, Inc.* | 1,038 | 48,703 | ||||||
Louisiana-Pacific Corp.* | 3,182 | 48,494 | ||||||
Myers Industries, Inc. | 2,992 | 48,381 | ||||||
Ampco-Pittsburgh Corp. | 2,962 | 47,362 | ||||||
Simpson Manufacturing Company, Inc. | 1,436 | 47,072 | ||||||
NCI Building Systems, Inc.* | 3,027 | 46,858 | ||||||
KapStone Paper and Packaging Corp. | 1,637 | 45,754 | ||||||
Chase Corp. | 1,241 | 44,440 | ||||||
Handy & Harman Ltd.* | 1,237 | 43,827 | ||||||
Olympic Steel, Inc. | 3,885 | 42,541 | ||||||
Layne Christensen Co.*,1 | 5,491 | 36,901 | ||||||
Encore Wire Corp. | 680 | 30,607 | ||||||
TASER International, Inc.* | 996 | 30,070 | ||||||
GrafTech International Ltd.* | 6,183 | 29,925 | ||||||
Chart Industries, Inc.* | 713 | 28,911 | ||||||
Ducommun, Inc.* | 951 | 28,911 | ||||||
Ardmore Shipping Corp. | 2,347 | 28,234 | ||||||
Mesa Laboratories, Inc. | 330 | 28,013 | ||||||
DHT Holdings, Inc. | 3,456 | 27,648 | ||||||
GasLog Ltd. | 1,240 | 27,640 | ||||||
Xerium Technologies, Inc.* | 1,549 | 27,541 | ||||||
Tetra Tech, Inc. | 1,013 | 27,462 | ||||||
John Bean Technologies Corp. | 708 | 27,322 | ||||||
Multi-Fineline Electronix, Inc.* | 1,159 | 27,098 | ||||||
CECO Environmental Corp. | 2,279 | 26,869 | ||||||
Atlas Air Worldwide Holdings, Inc.* | 550 | 26,807 | ||||||
Hill International, Inc.* | 6,953 | 26,769 | ||||||
AM Castle & Co.*,1 | 6,819 | 26,730 |
44 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2015 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
PAM Transportation Services, Inc.* | 456 | $ | 26,716 | |||||
Teekay Tankers Ltd. — Class A | 4,240 | 26,712 | ||||||
Energy Recovery, Inc.* | 8,990 | 26,700 | ||||||
Navios Maritime Acquisition Corp. | 6,932 | 26,411 | ||||||
XPO Logistics, Inc.* | 544 | 26,384 | ||||||
Casella Waste Systems, Inc. — Class A* | 4,813 | 26,375 | ||||||
Ship Finance International Ltd. | 1,673 | 26,366 | ||||||
American Railcar Industries, Inc. | 496 | 26,308 | ||||||
Frontline Ltd.*,1 | 10,271 | 26,294 | ||||||
Echo Global Logistics, Inc.* | 906 | 26,183 | ||||||
Patriot Transportation Holding, Inc.* | 1,013 | 26,145 | ||||||
Lindsay Corp. | 330 | 26,133 | ||||||
EnerSys | 384 | 26,074 | ||||||
Dorian LPG Ltd.* | 1,963 | 26,029 | ||||||
Scorpio Bulkers, Inc.*,1 | 10,717 | 25,828 | ||||||
Badger Meter, Inc. | 414 | 25,759 | ||||||
Hub Group, Inc. — Class A* | 645 | 25,736 | ||||||
Exponent, Inc. | 288 | 25,520 | ||||||
Nordic American Tankers Ltd. | 2,085 | 25,500 | ||||||
Blount International, Inc.* | 1,921 | 25,472 | ||||||
Granite Construction, Inc. | 733 | 25,442 | ||||||
Power Solutions International, Inc.* | 398 | 25,392 | ||||||
Hurco Companies, Inc. | 783 | 25,337 | ||||||
Curtiss-Wright Corp. | 346 | 25,279 | ||||||
Manitex International, Inc.* | 2,547 | 25,241 | ||||||
Vicor Corp.* | 1,649 | 25,147 | ||||||
Greenbrier Companies, Inc.1 | 435 | 25,096 | ||||||
Air Transport Services Group, Inc.* | 2,690 | 25,071 | ||||||
Standex International Corp. | 310 | 25,070 | ||||||
Aegion Corp. — Class A* | 1,360 | 25,051 | ||||||
Safe Bulkers, Inc.1 | 6,973 | 24,963 | ||||||
Hyster-Yale Materials Handling, Inc. | 340 | 24,936 | ||||||
Proto Labs, Inc.* | 356 | 24,920 | ||||||
Alamo Group, Inc. | 403 | 24,897 | ||||||
AZZ, Inc. | 535 | 24,819 | ||||||
Kaman Corp. | 595 | 24,817 | ||||||
Kadant, Inc. | 486 | 24,767 | ||||||
Heritage-Crystal Clean, Inc.* | 2,112 | 24,752 | ||||||
Barnes Group, Inc. | 616 | 24,702 | ||||||
Teledyne Technologies, Inc.* | 235 | 24,668 | ||||||
Watts Water Technologies, Inc. — Class A | 452 | 24,657 | ||||||
CLARCOR, Inc. | 379 | 24,635 | ||||||
Altra Industrial Motion Corp. | 934 | 24,630 | ||||||
Textainer Group Holdings Ltd. | 812 | 24,604 | ||||||
Scorpio Tankers, Inc. | 2,634 | 24,602 | ||||||
Golden Ocean Group Ltd.1 | 4,929 | 24,546 | ||||||
Actuant Corp. — Class A | 1,030 | 24,535 | ||||||
Federal Signal Corp. | 1,558 | 24,492 | ||||||
Esterline Technologies Corp.* | 220 | 24,484 | ||||||
CIRCOR International, Inc. | 448 | 24,479 | ||||||
Briggs & Stratton Corp. | 1,252 | 24,477 | ||||||
Itron, Inc.* | 678 | 24,313 | ||||||
Albany International Corp. — Class A | 619 | 24,265 | ||||||
EnPro Industries, Inc. | 379 | 24,260 | ||||||
Twin Disc, Inc. | 1,347 | 24,233 | ||||||
Columbus McKinnon Corp. | 954 | 24,193 | ||||||
Astec Industries, Inc. | 574 | 24,154 | ||||||
DXP Enterprises, Inc.* | 536 | 24,147 | ||||||
Mistras Group, Inc.* | 1,344 | 24,138 | ||||||
ESCO Technologies, Inc. | 657 | 24,112 | ||||||
Control4 Corp.* | 2,052 | 24,049 | ||||||
Baltic Trading Ltd. | 16,925 | 24,034 | ||||||
Tennant Co. | 373 | 23,980 | ||||||
Matson, Inc. | 592 | 23,976 | ||||||
Sterling Construction Company, Inc.* | 5,455 | 23,947 | ||||||
Kratos Defense & Security Solutions, Inc.* | 4,360 | 23,849 | ||||||
Dycom Industries, Inc.* | 518 | 23,818 | ||||||
Powell Industries, Inc. | 717 | 23,797 | ||||||
Graham Corp. | 1,015 | 23,751 | ||||||
CAI International, Inc.* | 997 | 23,749 | ||||||
EMCOR Group, Inc. | 532 | 23,743 | ||||||
Applied Industrial Technologies, Inc. | 568 | 23,725 | ||||||
Raven Industries, Inc. | 1,189 | 23,709 | ||||||
Marten Transport Ltd. | 1,064 | 23,685 | ||||||
Aerovironment, Inc.* | 924 | 23,654 | ||||||
US Ecology, Inc. | 503 | 23,596 | ||||||
CUI Global, Inc.* | 4,274 | 23,550 | ||||||
Sun Hydraulics Corp. | 605 | 23,541 | ||||||
General Cable Corp. | 1,443 | 23,535 | ||||||
Advanced Energy Industries, Inc.* | 962 | 23,531 | ||||||
Littelfuse, Inc. | 240 | 23,518 | ||||||
Astronics Corp.* | 349 | 23,491 | ||||||
TriMas Corp.* | 833 | 23,466 | ||||||
Brady Corp. — Class A | 881 | 23,461 | ||||||
General Finance Corp.* | 3,019 | 23,427 | ||||||
Furmanite Corp.* | 3,208 | 23,418 | ||||||
Celadon Group, Inc. | 905 | 23,385 | ||||||
Quality Distribution, Inc.* | 2,356 | 23,372 | ||||||
Roadrunner Transportation Systems, Inc.* | 955 | 23,369 | ||||||
Franklin Electric Company, Inc. | 646 | 23,359 | ||||||
Harsco Corp. | 1,447 | 23,268 | ||||||
LMI Aerospace, Inc.* | 2,054 | 23,190 | ||||||
Smith & Wesson Holding Corp.* | 1,559 | 23,175 | ||||||
ArcBest Corp. | 649 | 23,169 | ||||||
USA Truck, Inc.* | 942 | 23,136 | ||||||
TAL International Group, Inc. | 599 | 23,085 | ||||||
Moog, Inc. — Class A* | 330 | 23,060 | ||||||
Orion Marine Group, Inc.* | 2,736 | 23,037 | ||||||
Argan, Inc. | 712 | 23,005 | ||||||
MSA Safety, Inc. | 500 | 22,870 | ||||||
Cubic Corp. | 459 | 22,757 | ||||||
Global Power Equipment Group, Inc. | 1,871 | 22,733 | ||||||
MYR Group, Inc.* | 773 | 22,664 | ||||||
Applied Optoelectronics, Inc.* | 1,585 | 22,634 | ||||||
Bel Fuse, Inc. — Class B | 1,102 | 22,625 | ||||||
Forward Air Corp. | 449 | 22,616 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 45 |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2015 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Swift Transportation Co. — Class A* | 934 | $ | 22,603 | |||||
Vishay Precision Group, Inc.* | 1,582 | 22,575 | ||||||
AAR Corp. | 746 | 22,559 | ||||||
Plexus Corp.* | 524 | 22,558 | ||||||
Saia, Inc.* | 553 | 22,535 | ||||||
Tutor Perini Corp.* | 1,061 | 22,493 | ||||||
Woodward, Inc. | 478 | 22,490 | ||||||
Revolution Lighting Technologies, Inc.*,1 | 19,203 | 22,468 | ||||||
KEMET Corp.* | 5,191 | 22,425 | ||||||
Sturm Ruger & Company, Inc. | 409 | 22,417 | ||||||
OSI Systems, Inc.* | 333 | 22,381 | ||||||
HEICO Corp. | 400 | 22,336 | ||||||
MasTec, Inc.* | 1,245 | 22,335 | ||||||
GP Strategies Corp.* | 684 | 22,292 | ||||||
Sparton Corp.* | 865 | 22,291 | ||||||
Knight Transportation, Inc. | 769 | 22,224 | ||||||
Gorman-Rupp Co. | 818 | 22,176 | ||||||
Stoneridge, Inc.* | 1,838 | 22,130 | ||||||
Navios Maritime Holdings, Inc. | 5,829 | 22,092 | ||||||
VSE Corp. | 308 | 21,911 | ||||||
TTM Technologies, Inc.* | 2,341 | 21,888 | ||||||
FreightCar America, Inc. | 835 | 21,785 | ||||||
Heartland Express, Inc. | 1,037 | 21,694 | ||||||
Viasystems Group, Inc.* | 1,214 | 21,585 | ||||||
Park-Ohio Holdings Corp. | 464 | 21,497 | ||||||
CTS Corp. | 1,198 | 21,492 | ||||||
GSI Group, Inc.* | 1,618 | 21,487 | ||||||
Werner Enterprises, Inc. | 792 | 21,281 | ||||||
Park Electrochemical Corp. | 978 | 21,242 | ||||||
NVE Corp. | 313 | 21,240 | ||||||
International Shipholding Corp. | 1,934 | 21,235 | ||||||
FEI Co. | 281 | 21,204 | ||||||
Aerojet Rocketdyne Holdings, Inc.* | 1,076 | 21,154 | ||||||
YRC Worldwide, Inc.* | 1,346 | 20,998 | ||||||
II-VI, Inc.* | 1,180 | 20,992 | ||||||
National Presto Industries, Inc. | 334 | 20,902 | ||||||
Generac Holdings, Inc.* | 500 | 20,845 | ||||||
Rofin-Sinar Technologies, Inc.* | 880 | 20,821 | ||||||
Newport Corp.* | 1,090 | 20,786 | ||||||
Benchmark Electronics, Inc.* | 882 | 20,753 | ||||||
Fabrinet* | 1,144 | 20,718 | ||||||
Universal Truckload Services, Inc. | 975 | 20,709 | ||||||
Lydall, Inc.* | 768 | 20,613 | ||||||
Checkpoint Systems, Inc. | 1,973 | 20,440 | ||||||
Universal Display Corp.* | 462 | 20,360 | ||||||
Methode Electronics, Inc. | 474 | 20,126 | ||||||
Imprivata, Inc.* | 1,342 | 20,036 | ||||||
Kimball Electronics, Inc.* | 1,566 | 20,029 | ||||||
Coherent, Inc.* | 331 | 19,860 | ||||||
Hillenbrand, Inc. | 673 | 19,779 | ||||||
Cognex Corp.* | 440 | 19,752 | ||||||
Electro Scientific Industries, Inc. | 3,358 | 19,141 | ||||||
Rogers Corp.* | 262 | 19,050 | ||||||
Drew Industries, Inc. | 336 | 19,041 | ||||||
Sanmina Corp.* | 884 | 17,972 | ||||||
UTI Worldwide, Inc.* | 1,934 | 17,464 | ||||||
Fluidigm Corp.* | 458 | 17,157 | ||||||
FARO Technologies, Inc.* | 426 | 16,968 | ||||||
SIFCO Industries, Inc. | 1,164 | 16,959 | ||||||
Intevac, Inc.* | 3,322 | 16,078 | ||||||
American Science & Engineering, Inc. | 408 | 15,267 | ||||||
Total Industrial | 7,435,946 | |||||||
ENERGY - 11.6% | ||||||||
Clean Energy Fuels Corp.*,1 | 11,939 | 117,839 | ||||||
Pattern Energy Group, Inc. | 3,650 | 105,777 | ||||||
Comstock Resources, Inc.1 | 18,104 | 97,218 | ||||||
CARBO Ceramics, Inc.1 | 2,178 | 96,332 | ||||||
Basic Energy Services, Inc.* | 9,396 | 95,744 | ||||||
McDermott International, Inc.* | 17,860 | 93,765 | ||||||
Pioneer Energy Services Corp.* | 12,524 | 93,304 | ||||||
Solazyme, Inc.*,1 | 23,707 | 91,272 | ||||||
Bill Barrett Corp.* | 7,811 | 90,608 | ||||||
C&J Energy Services Ltd.* | 5,166 | 90,147 | ||||||
FMSA Holdings, Inc.*,1 | 10,250 | 90,097 | ||||||
Gastar Exploration, Inc.* | 24,315 | 88,263 | ||||||
Rosetta Resources, Inc.* | 3,862 | 88,169 | ||||||
Key Energy Services, Inc.* | 36,011 | 87,867 | ||||||
Natural Gas Services Group, Inc.* | 3,420 | 86,697 | ||||||
Matador Resources Co.* | 3,111 | 86,237 | ||||||
Geospace Technologies Corp.* | 3,967 | 85,687 | ||||||
TETRA Technologies, Inc.* | 11,196 | 80,835 | ||||||
Vivint Solar, Inc.* | 5,712 | 80,653 | ||||||
PetroQuest Energy, Inc.* | 30,007 | 80,419 | ||||||
Matrix Service Co.* | 3,648 | 80,147 | ||||||
Jones Energy, Inc. — Class A*,1 | 7,746 | 79,474 | ||||||
Rex Energy Corp.*,1 | 15,824 | 79,120 | ||||||
W&T Offshore, Inc.1 | 12,268 | 78,883 | ||||||
Approach Resources, Inc.*,1 | 8,979 | 78,746 | ||||||
SunCoke Energy, Inc. | 4,486 | 78,639 | ||||||
Abraxas Petroleum Corp.* | 20,497 | 77,889 | ||||||
Forum Energy Technologies, Inc.* | 3,344 | 77,781 | ||||||
Panhandle Oil and Gas, Inc. — Class A | 3,411 | 77,771 | ||||||
Green Plains, Inc. | 2,472 | 76,978 | ||||||
Evolution Petroleum Corp. | 11,140 | 76,643 | ||||||
Bonanza Creek Energy, Inc.* | 2,778 | 76,562 | ||||||
Helix Energy Solutions Group, Inc.* | 4,581 | 75,495 | ||||||
Pacific Ethanol, Inc.*,1 | 6,308 | 75,444 | ||||||
Exterran Holdings, Inc. | 2,035 | 75,437 | ||||||
Callon Petroleum Co.* | 8,402 | 75,114 | ||||||
Clayton Williams Energy, Inc.* | 1,344 | 74,820 | ||||||
Stone Energy Corp.* | 4,368 | 74,562 | ||||||
Tesco Corp. | 5,757 | 74,035 | ||||||
Carrizo Oil & Gas, Inc.* | 1,327 | 73,954 | ||||||
RSP Permian, Inc.* | 2,544 | 73,827 | ||||||
TerraForm Power, Inc. — Class A | 1,866 | 73,763 | ||||||
Goodrich Petroleum Corp.* | 19,033 | 73,658 |
46 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2015 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Triangle Petroleum Corp.*,1 | 12,337 | $ | 73,652 | |||||
Contango Oil & Gas Co.* | 2,927 | 73,380 | ||||||
Northern Oil and Gas, Inc.* | 8,286 | 73,248 | ||||||
Sanchez Energy Corp.*,1 | 4,986 | 73,244 | ||||||
Eclipse Resources Corp.*,1 | 11,506 | 72,833 | ||||||
TransAtlantic Petroleum Ltd.* | 12,500 | 72,500 | ||||||
SemGroup Corp. — Class A | 860 | 72,404 | ||||||
Westmoreland Coal Co.* | 2,534 | 72,016 | ||||||
Parker Drilling Co.* | 19,198 | 71,993 | ||||||
Diamondback Energy, Inc.* | 866 | 71,506 | ||||||
Alon USA Energy, Inc. | 4,428 | 71,246 | ||||||
Newpark Resources, Inc.* | 6,941 | 71,215 | ||||||
Parsley Energy, Inc. — Class A* | 4,102 | 71,129 | ||||||
EXCO Resources, Inc.1 | 33,988 | 70,015 | ||||||
SEACOR Holdings, Inc.* | 963 | 69,972 | ||||||
Cloud Peak Energy, Inc.* | 10,729 | 69,631 | ||||||
Energy XXI Ltd.1 | 15,901 | 69,487 | ||||||
PDC Energy, Inc.* | 1,223 | 69,393 | ||||||
ION Geophysical Corp.* | 30,421 | 69,360 | ||||||
Enphase Energy, Inc.* | 5,446 | 68,456 | ||||||
REX American Resources Corp.* | 1,070 | 67,645 | ||||||
Trecora Resources* | 5,576 | 66,912 | ||||||
Synergy Resources Corp.* | 5,576 | 66,800 | ||||||
FuelCell Energy, Inc.*,1 | 53,725 | 66,082 | ||||||
Isramco, Inc.* | 532 | 65,729 | ||||||
Arch Coal, Inc.*,1 | 66,957 | 65,230 | ||||||
Renewable Energy Group, Inc.* | 7,059 | 65,013 | ||||||
Flotek Industries, Inc.* | 4,454 | 63,648 | ||||||
Delek US Holdings, Inc. | 1,722 | 63,576 | ||||||
Hallador Energy Co. | 5,465 | 62,793 | ||||||
Penn Virginia Corp.* | 9,151 | 61,129 | ||||||
Western Refining, Inc. | 1,362 | 59,996 | ||||||
Gulf Island Fabrication, Inc. | 4,393 | 57,944 | ||||||
Halcon Resources Corp.* | 37,427 | 55,766 | ||||||
Alpha Natural Resources, Inc.*,1 | 67,634 | 54,784 | ||||||
Magnum Hunter Resources Corp.*,1 | 24,137 | 52,860 | ||||||
VAALCO Energy, Inc.* | 20,687 | 51,097 | ||||||
Willbros Group, Inc.* | 19,479 | 48,698 | ||||||
Adams Resources & Energy, Inc. | 1,043 | 48,604 | ||||||
FutureFuel Corp. | 4,388 | 47,698 | ||||||
Bristow Group, Inc. | 456 | 28,331 | ||||||
Gulfmark Offshore, Inc. — Class A | 1,858 | 27,889 | ||||||
Primoris Services Corp. | 1,366 | 26,268 | ||||||
Thermon Group Holdings, Inc.* | 1,048 | 24,387 | ||||||
PHI, Inc.* | 774 | 24,249 | ||||||
Plug Power, Inc.*,1 | 9,369 | 23,797 | ||||||
Vertex Energy, Inc.*,1 | 6,855 | 14,807 | ||||||
Total Energy | 6,374,084 | |||||||
CONSUMER, CYCLICAL - 10.9% | ||||||||
Freshpet, Inc.*,1 | 7,123 | 154,427 | ||||||
Roundy’s, Inc.* | 27,549 | 138,847 | ||||||
PetMed Express, Inc.1 | 8,363 | 132,386 | ||||||
Casey’s General Stores, Inc. | 1,546 | 127,050 | ||||||
Core-Mark Holding Company, Inc. | 2,094 | 110,375 | ||||||
Dixie Group, Inc.* | 5,806 | 57,073 | ||||||
Interface, Inc. — Class A | 2,521 | 54,782 | ||||||
Unifi, Inc.* | 1,470 | 51,876 | ||||||
Beacon Roofing Supply, Inc.* | 1,731 | 51,445 | ||||||
Watsco, Inc. | 427 | 51,364 | ||||||
Installed Building Products, Inc.* | 2,437 | 50,715 | ||||||
Culp, Inc. | 1,953 | 50,485 | ||||||
Shake Shack, Inc. — Class A*,1 | 428 | 29,425 | ||||||
Titan International, Inc. | 2,731 | 28,374 | ||||||
Titan Machinery, Inc.* | 1,861 | 27,264 | ||||||
JetBlue Airways Corp.* | 1,324 | 27,183 | ||||||
Oxford Industries, Inc. | 340 | 27,014 | ||||||
Hawaiian Holdings, Inc.* | 1,166 | 26,911 | ||||||
Skechers U.S.A., Inc. — Class A* | 290 | 26,077 | ||||||
Wesco Aircraft Holdings, Inc.* | 1,602 | 25,120 | ||||||
Empire Resorts, Inc.*,1 | 4,629 | 25,088 | ||||||
United Stationers, Inc. | 617 | 25,056 | ||||||
Knoll, Inc. | 1,100 | 25,048 | ||||||
H&E Equipment Services, Inc. | 1,006 | 24,868 | ||||||
Wabash National Corp.* | 1,772 | 24,843 | ||||||
Movado Group, Inc. | 843 | 24,683 | ||||||
Sequential Brands Group, Inc.* | 1,983 | 24,589 | ||||||
Kimball International, Inc. — Class B | 2,429 | 24,581 | ||||||
Sportsman’s Warehouse Holdings, Inc.* | 2,536 | 24,421 | ||||||
Ruby Tuesday, Inc.* | 3,352 | 24,403 | ||||||
Herman Miller, Inc. | 888 | 24,340 | ||||||
Scientific Games Corp. — Class A*,1 | 1,921 | 24,339 | ||||||
G&K Services, Inc. — Class A | 342 | 24,145 | ||||||
Intrawest Resorts Holdings, Inc.* | 2,392 | 24,111 | ||||||
Houston Wire & Cable Co. | 2,553 | 24,100 | ||||||
Flexsteel Industries, Inc. | 669 | 24,091 | ||||||
Spartan Motors, Inc. | 5,112 | 24,078 | ||||||
UniFirst Corp. | 209 | 23,665 | ||||||
Norcraft Companies, Inc.* | 912 | 23,548 | ||||||
Douglas Dynamics, Inc. | 1,080 | 23,490 | ||||||
Crocs, Inc.* | 1,775 | 23,430 | ||||||
ClubCorp Holdings, Inc. | 1,068 | 23,379 | ||||||
SkyWest, Inc. | 1,702 | 23,232 | ||||||
Rush Enterprises, Inc. — Class A* | 888 | 23,213 | ||||||
Mobile Mini, Inc. | 599 | 23,085 | ||||||
Noodles & Co.* | 1,152 | 23,063 | ||||||
Steelcase, Inc. — Class A | 1,311 | 23,034 | ||||||
International Speedway Corp. — Class A | 632 | 22,980 | ||||||
DTS, Inc.* | 639 | 22,909 | ||||||
Virgin America, Inc.* | 796 | 22,877 | ||||||
Christopher & Banks Corp.* | 3,835 | 22,780 | ||||||
Tile Shop Holdings, Inc.* | 1,753 | 22,736 | ||||||
NACCO Industries, Inc. — Class A | 464 | 22,726 | ||||||
Miller Industries, Inc. | 1,014 | 22,693 | ||||||
Bon-Ton Stores, Inc.1 | 3,163 | 22,679 | ||||||
Modine Manufacturing Co.* | 1,842 | 22,638 | ||||||
Nautilus, Inc.* | 1,346 | 22,627 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 47 |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2015 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Potbelly Corp.* | 1,506 | $ | 22,605 | |||||
Gentherm, Inc.* | 428 | 22,569 | ||||||
Accuride Corp.* | 5,455 | 22,256 | ||||||
Carrols Restaurant Group, Inc.* | 2,459 | 22,229 | ||||||
Commercial Vehicle Group, Inc.* | 3,859 | 22,228 | ||||||
VOXX International Corp. — Class A* | 2,325 | 22,157 | ||||||
Escalade, Inc. | 1,231 | 22,145 | ||||||
Men’s Wearhouse, Inc. | 391 | 22,127 | ||||||
Republic Airways Holdings, Inc.* | 1,806 | 22,105 | ||||||
New York & Company, Inc.* | 8,702 | 22,016 | ||||||
Vince Holding Corp.* | 1,194 | 22,005 | ||||||
LGI Homes, Inc.* | 1,335 | 21,987 | ||||||
Eros International plc* | 1,241 | 21,953 | ||||||
Asbury Automotive Group, Inc.* | 260 | 21,848 | ||||||
Meritor, Inc.* | 1,662 | 21,805 | ||||||
Jamba, Inc.*,1 | 1,383 | 21,796 | ||||||
West Marine, Inc.* | 2,153 | 21,638 | ||||||
Dana Holding Corp. | 999 | 21,549 | ||||||
iRobot Corp.* | 663 | 21,494 | ||||||
HNI Corp. | 460 | 21,454 | ||||||
Columbia Sportswear Co. | 342 | 21,443 | ||||||
Lithia Motors, Inc. — Class A | 215 | 21,442 | ||||||
TiVo, Inc.* | 1,934 | 21,371 | ||||||
Habit Restaurants, Inc. — Class A* | 645 | 21,362 | ||||||
Winmark Corp. | 237 | 21,332 | ||||||
Boot Barn Holdings, Inc.* | 859 | 21,320 | ||||||
ScanSource, Inc.* | 534 | 21,280 | ||||||
Dave & Buster’s Entertainment, Inc.* | 675 | 21,276 | ||||||
Perry Ellis International, Inc.* | 889 | 21,265 | ||||||
Motorcar Parts of America, Inc.* | 726 | 21,221 | ||||||
Tenneco, Inc.* | 363 | 21,217 | ||||||
Cheesecake Factory, Inc. | 422 | 21,155 | ||||||
Bravo Brio Restaurant Group, Inc.* | 1,436 | 21,152 | ||||||
Steven Madden Ltd.* | 542 | 21,149 | ||||||
Vail Resorts, Inc. | 213 | 21,131 | ||||||
Churchill Downs, Inc. | 177 | 21,093 | ||||||
Libbey, Inc. | 536 | 21,092 | ||||||
Daktronics, Inc. | 1,965 | 21,084 | ||||||
Penn National Gaming, Inc.* | 1,310 | 21,065 | ||||||
Vitamin Shoppe, Inc.* | 502 | 21,024 | ||||||
LeapFrog Enterprises, Inc. — Class A* | 9,301 | 21,021 | ||||||
Big 5 Sporting Goods Corp. | 1,540 | 21,006 | ||||||
Cooper Tire & Rubber Co. | 494 | 20,990 | ||||||
Marriott Vacations Worldwide Corp. | 255 | 20,964 | ||||||
Strattec Security Corp. | 279 | 20,945 | ||||||
Cato Corp. — Class A | 532 | 20,929 | ||||||
Callaway Golf Co. | 2,157 | 20,880 | ||||||
Pinnacle Entertainment, Inc.* | 568 | 20,879 | ||||||
La Quinta Holdings, Inc.* | 867 | 20,877 | ||||||
Kirkland’s, Inc.* | 877 | 20,820 | ||||||
Cooper-Standard Holding, Inc.* | 341 | 20,808 | ||||||
Outerwall, Inc. | 313 | 20,793 | ||||||
Finish Line, Inc. — Class A | 846 | 20,752 | ||||||
Chuy’s Holdings, Inc.* | 917 | 20,743 | ||||||
G-III Apparel Group Ltd.* | 186 | 20,679 | ||||||
Del Frisco’s Restaurant Group, Inc.* | 1,024 | 20,654 | ||||||
Belmond Ltd. — Class A* | 1,675 | 20,636 | ||||||
Fuel Systems Solutions, Inc.* | 1,859 | 20,635 | ||||||
Beazer Homes USA, Inc.* | 1,178 | 20,627 | ||||||
Winnebago Industries, Inc. | 995 | 20,607 | ||||||
Steiner Leisure Ltd.* | 427 | 20,598 | ||||||
National CineMedia, Inc. | 1,351 | 20,590 | ||||||
Fox Factory Holding Corp.* | 1,349 | 20,532 | ||||||
Regis Corp.* | 1,242 | 20,518 | ||||||
Destination XL Group, Inc.* | 4,208 | 20,493 | ||||||
Isle of Capri Casinos, Inc.* | 1,440 | 20,477 | ||||||
Life Time Fitness, Inc.* | 286 | 20,449 | ||||||
Speedway Motorsports, Inc. | 891 | 20,404 | ||||||
Express, Inc.* | 1,251 | 20,391 | ||||||
Tower International, Inc.* | 788 | 20,378 | ||||||
Papa John’s International, Inc. | 332 | 20,375 | ||||||
Monarch Casino & Resort, Inc.* | 1,111 | 20,332 | ||||||
Federal-Mogul Holdings Corp.* | 1,575 | 20,318 | ||||||
El Pollo Loco Holdings, Inc.* | 776 | 20,316 | ||||||
Fred’s, Inc. — Class A | 1,204 | 20,311 | ||||||
American Axle & Manufacturing Holdings, Inc.* | 813 | 20,268 | ||||||
Office Depot, Inc.* | 2,198 | 20,266 | ||||||
M/I Homes, Inc.* | 898 | 20,259 | ||||||
Container Store Group, Inc.*,1 | 1,108 | 20,232 | ||||||
Francesca’s Holdings Corp.* | 1,193 | 20,197 | ||||||
Caesars Entertainment Corp.*,1 | 2,125 | 20,166 | ||||||
WCI Communities, Inc.* | 867 | 20,158 | ||||||
Skullcandy, Inc.* | 1,863 | 20,139 | ||||||
Remy International, Inc. | 903 | 20,092 | ||||||
Famous Dave’s of America, Inc.* | 710 | 20,022 | ||||||
New Home Company, Inc.* | 1,348 | 20,004 | ||||||
Century Communities, Inc.* | 1,046 | 20,000 | ||||||
Conn’s, Inc.* | 715 | 19,999 | ||||||
Brunswick Corp. | 399 | 19,966 | ||||||
MDC Holdings, Inc. | 742 | 19,915 | ||||||
Tuesday Morning Corp.* | 1,255 | 19,854 | ||||||
Arctic Cat, Inc. | 559 | 19,839 | ||||||
Children’s Place, Inc. | 327 | 19,836 | ||||||
Allegiant Travel Co. — Class A | 129 | 19,835 | ||||||
America’s Car-Mart, Inc.* | 386 | 19,817 | ||||||
Genesco, Inc.* | 293 | 19,804 | ||||||
Metaldyne Performance Group, Inc.* | 1,096 | 19,794 | ||||||
PriceSmart, Inc. | 246 | 19,793 | ||||||
Wolverine World Wide, Inc. | 644 | 19,790 | ||||||
Aeropostale, Inc.* | 6,397 | 19,767 | ||||||
La-Z-Boy, Inc. | 754 | 19,762 | ||||||
Dorman Products, Inc.* | 422 | 19,762 | ||||||
Caesars Acquisition Co. — Class A* | 3,139 | 19,713 | ||||||
Build-A-Bear Workshop, Inc. — Class A* | 1,069 | 19,702 | ||||||
Johnson Outdoors, Inc. — Class A | 625 | 19,688 |
48 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2015 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Diamond Resorts International, Inc.* | 615 | $ | 19,686 | |||||
Sonic Automotive, Inc. — Class A | 843 | 19,684 | ||||||
Superior Industries International, Inc. | 1,058 | 19,679 | ||||||
JAKKS Pacific, Inc.*,1 | 2,947 | 19,656 | ||||||
Reading International, Inc. — Class A* | 1,475 | 19,647 | ||||||
American Woodmark Corp.* | 387 | 19,621 | ||||||
Pep Boys-Manny Moe & Jack* | 2,142 | 19,621 | ||||||
PC Connection, Inc. | 807 | 19,602 | ||||||
Universal Electronics, Inc.* | 363 | 19,580 | ||||||
TRI Pointe Homes, Inc.* | 1,371 | 19,578 | ||||||
Guess?, Inc. | 1,068 | 19,555 | ||||||
Barnes & Noble, Inc.* | 891 | 19,513 | ||||||
Popeyes Louisiana Kitchen, Inc.* | 350 | 19,488 | ||||||
Interval Leisure Group, Inc. | 786 | 19,485 | ||||||
KB Home | 1,342 | 19,446 | ||||||
Travelport Worldwide Ltd. | 1,228 | 19,439 | ||||||
Stein Mart, Inc. | 1,643 | 19,437 | ||||||
Boyd Gaming Corp.* | 1,465 | 19,338 | ||||||
Weyco Group, Inc. | 677 | 19,295 | ||||||
Pool Corp. | 297 | 19,272 | ||||||
Five Below, Inc.* | 571 | 19,254 | ||||||
Bob Evans Farms, Inc. | 447 | 19,230 | ||||||
Select Comfort Corp.* | 623 | 19,201 | ||||||
Group 1 Automotive, Inc. | 243 | 19,192 | ||||||
Zoe’s Kitchen, Inc.* | 626 | 19,174 | ||||||
Papa Murphy’s Holdings, Inc.* | 1,124 | 19,142 | ||||||
Hibbett Sports, Inc.* | 409 | 19,141 | ||||||
Lifetime Brands, Inc. | 1,314 | 19,119 | ||||||
American Eagle Outfitters, Inc. | 1,198 | 19,060 | ||||||
Ruth’s Hospitality Group, Inc. | 1,309 | 19,046 | ||||||
HSN, Inc. | 305 | 19,038 | ||||||
ANN, Inc.* | 502 | 19,006 | ||||||
Ethan Allen Interiors, Inc. | 784 | 18,988 | ||||||
Bloomin’ Brands, Inc. | 837 | 18,966 | ||||||
BJ’s Restaurants, Inc.* | 405 | 18,954 | ||||||
Marcus Corp. | 976 | 18,905 | ||||||
hhgregg, Inc.*,1 | 3,303 | 18,893 | ||||||
Malibu Boats, Inc. — Class A* | 889 | 18,820 | ||||||
DineEquity, Inc. | 195 | 18,804 | ||||||
Texas Roadhouse, Inc. — Class A | 559 | 18,782 | ||||||
Restoration Hardware Holdings, Inc.* | 217 | 18,699 | ||||||
Meritage Homes Corp.* | 437 | 18,690 | ||||||
Standard Pacific Corp.* | 2,304 | 18,662 | ||||||
Standard Motor Products, Inc. | 493 | 18,635 | ||||||
Lumber Liquidators Holdings, Inc.* | 677 | 18,611 | ||||||
bebe stores, Inc. | 5,602 | 18,543 | ||||||
Jack in the Box, Inc. | 213 | 18,482 | ||||||
Brown Shoe Company, Inc. | 622 | 18,473 | ||||||
Pier 1 Imports, Inc. | 1,460 | 18,469 | ||||||
Cavco Industries, Inc.* | 281 | 18,425 | ||||||
Buckle, Inc. | 411 | 18,413 | ||||||
Denny’s Corp.* | 1,763 | 18,353 | ||||||
Buffalo Wild Wings, Inc.* | 115 | 18,320 | ||||||
Black Diamond, Inc.* | 2,029 | 18,281 | ||||||
Shoe Carnival, Inc. | 700 | 18,277 | ||||||
William Lyon Homes — Class A* | 844 | 18,273 | ||||||
Sonic Corp. | 636 | 18,221 | ||||||
Red Robin Gourmet Burgers, Inc.* | 242 | 18,172 | ||||||
Haverty Furniture Companies, Inc. | 846 | 18,155 | ||||||
Cracker Barrel Old Country Store, Inc. | 137 | 18,150 | ||||||
Krispy Kreme Doughnuts, Inc.* | 1,019 | 18,138 | ||||||
Carmike Cinemas, Inc.* | 596 | 17,987 | ||||||
Vera Bradley, Inc.* | 1,263 | 17,985 | ||||||
Burlington Stores, Inc.* | 348 | 17,946 | ||||||
Morgans Hotel Group Co.* | 2,616 | 17,920 | ||||||
Stage Stores, Inc. | 927 | 17,900 | ||||||
Ryland Group, Inc. | 434 | 17,889 | ||||||
Hovnanian Enterprises, Inc. — Class A* | 5,728 | 17,871 | ||||||
Citi Trends, Inc.* | 784 | 17,860 | ||||||
Gaiam, Inc. — Class A* | 2,716 | 17,817 | ||||||
Systemax, Inc.* | 1,701 | 17,775 | ||||||
Tilly’s, Inc. — Class A* | 1,331 | 17,756 | ||||||
MarineMax, Inc.* | 799 | 17,642 | ||||||
AMC Entertainment Holdings, Inc. — Class A | 584 | 17,555 | ||||||
Biglari Holdings, Inc.* | 48 | 17,544 | ||||||
Rentrak Corp.* | 369 | 17,491 | ||||||
Mattress Firm Holding Corp.* | 294 | 17,370 | ||||||
Fiesta Restaurant Group, Inc.* | 339 | 17,136 | ||||||
Marine Products Corp. | 2,361 | 16,763 | ||||||
Zumiez, Inc.* | 528 | 16,743 | ||||||
Sears Hometown and Outlet Stores, Inc.* | 2,349 | 16,279 | ||||||
Destination Maternity Corp. | 1,355 | 15,975 | ||||||
Pacific Sunwear of California, Inc.* | 7,481 | 15,710 | ||||||
Iconix Brand Group, Inc.* | 575 | 15,128 | ||||||
Flex Pharma, Inc.* | 903 | 15,098 | ||||||
Quiksilver, Inc.*,1 | 9,012 | 14,960 | ||||||
Cash America International, Inc. | 541 | 14,023 | ||||||
Ignite Restaurant Group, Inc.* | 3,890 | 13,693 | ||||||
First Cash Financial Services, Inc.* | 269 | 13,003 | ||||||
UCP, Inc. — Class A* | 1,487 | 12,877 | ||||||
EZCORP, Inc. — Class A* | 1,364 | 12,549 | ||||||
AV Homes, Inc.* | 795 | 12,545 | ||||||
Nathan’s Famous, Inc. | 279 | 11,478 | ||||||
Total Consumer, Cyclical | 5,987,414 | |||||||
FINANCIAL - 10.5% | ||||||||
Aircastle Ltd. | 1,110 | 26,618 | ||||||
PHH Corp.* | 1,024 | 25,722 | ||||||
Marlin Business Services Corp. | 1,189 | 23,744 | ||||||
WageWorks, Inc.* | 461 | 23,235 | ||||||
Altisource Portfolio Solutions S.A.* | 918 | 22,262 | ||||||
Acacia Research Corp. | 1,961 | 21,610 | ||||||
Ellie Mae, Inc.* | 392 | 21,560 | ||||||
eHealth, Inc.* | 1,355 | 16,612 | ||||||
Credit Acceptance Corp.* | 68 | 16,061 | ||||||
TriState Capital Holdings, Inc.* | 1,259 | 15,739 | ||||||
Flagstar Bancorp, Inc.* | 914 | 15,702 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 49 |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2015 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Altisource Asset Management Corp.* | 68 | $ | 15,232 | |||||
Associated Estates Realty Corp. | 530 | 15,105 | ||||||
InfraREIT, Inc.* | 481 | 15,003 | ||||||
HomeStreet, Inc.* | 724 | 14,972 | ||||||
Excel Trust, Inc. | 933 | 14,789 | ||||||
Diamond Hill Investment Group, Inc. | 80 | 14,577 | ||||||
New Residential Investment Corp. | 854 | 14,551 | ||||||
PennyMac Financial Services, Inc. — Class A* | 770 | 14,538 | ||||||
Higher One Holdings, Inc.* | 5,159 | 14,497 | ||||||
Federal Agricultural Mortgage Corp. — Class C | 461 | 14,494 | ||||||
World Acceptance Corp.* | 171 | 14,470 | ||||||
Regional Management Corp.* | 889 | 14,357 | ||||||
PrivateBancorp, Inc. — Class A | 386 | 14,310 | ||||||
Silvercrest Asset Management Group, Inc. — Class A | 917 | 14,296 | ||||||
LegacyTexas Financial Group, Inc. | 561 | 14,276 | ||||||
MGIC Investment Corp.* | 1,370 | 14,275 | ||||||
Green Bancorp, Inc.* | 1,190 | 14,220 | ||||||
Meta Financial Group, Inc. | 346 | 14,155 | ||||||
Brookline Bancorp, Inc. | 1,312 | 14,129 | ||||||
Western Alliance Bancorporation* | 456 | 14,099 | ||||||
BGC Partners, Inc. — Class A | 1,403 | 14,079 | ||||||
Radian Group, Inc. | 786 | 14,038 | ||||||
International. FCStone, Inc.* | 437 | 14,029 | ||||||
Bancorp, Inc.* | 1,438 | 14,006 | ||||||
EMC Insurance Group, Inc. | 403 | 13,959 | ||||||
Texas Capital Bancshares, Inc.* | 265 | 13,955 | ||||||
HFF, Inc. — Class A | 356 | 13,951 | ||||||
Bridge Capital Holdings* | 515 | 13,931 | ||||||
Boston Private Financial Holdings, Inc. | 1,059 | 13,926 | ||||||
Pinnacle Financial Partners, Inc. | 292 | 13,914 | ||||||
Heartland Financial USA, Inc. | 404 | 13,901 | ||||||
OM Asset Management plc | 718 | 13,900 | ||||||
NMI Holdings, Inc. — Class A* | 1,739 | 13,877 | ||||||
ServisFirst Bancshares, Inc. | 398 | 13,874 | ||||||
Cowen Group, Inc. — Class A* | 2,471 | 13,813 | ||||||
Hallmark Financial Services, Inc.* | 1,246 | 13,806 | ||||||
Opus Bank | 441 | 13,803 | ||||||
AmTrust Financial Services, Inc. | 232 | 13,796 | ||||||
Walter Investment Management Corp.*,1 | 783 | 13,789 | ||||||
First NBC Bank Holding Co.* | 391 | 13,755 | ||||||
First Defiance Financial Corp. | 393 | 13,755 | ||||||
National General Holdings Corp. | 711 | 13,751 | ||||||
Glacier Bancorp, Inc. | 522 | 13,749 | ||||||
Walker & Dunlop, Inc.* | 718 | 13,743 | ||||||
iStar Financial, Inc.* | 1,014 | 13,730 | ||||||
Bank of the Ozarks, Inc. | 354 | 13,722 | ||||||
Republic First Bancorp, Inc.* | 3,806 | 13,702 | ||||||
BancorpSouth, Inc. | 565 | 13,679 | ||||||
Anchor BanCorp Wisconsin, Inc.* | 377 | 13,632 | ||||||
Suffolk Bancorp | 568 | 13,609 | ||||||
Northwest Bancshares, Inc. | 1,103 | 13,577 | ||||||
Beneficial Bancorp, Inc.* | 1,169 | 13,560 | ||||||
NewStar Financial, Inc.* | 1,179 | 13,559 | ||||||
Fidelity & Guaranty Life | 605 | 13,539 | ||||||
Independent Bank Corp. | 1,021 | 13,518 | ||||||
RE/MAX Holdings, Inc. — Class A | 400 | 13,516 | ||||||
Blackhawk Network Holdings, Inc.* | 367 | 13,495 | ||||||
CommunityOne Bancorp* | 1,369 | 13,485 | ||||||
Northrim BanCorp, Inc. | 540 | 13,457 | ||||||
Investment Technology Group, Inc.* | 472 | 13,447 | ||||||
First Financial Bankshares, Inc. | 464 | 13,437 | ||||||
Triumph Bancorp, Inc.* | 1,000 | 13,420 | ||||||
TowneBank | 810 | 13,406 | ||||||
Janus Capital Group, Inc. | 748 | 13,389 | ||||||
KCG Holdings, Inc. — Class A* | 1,042 | 13,379 | ||||||
Atlas Financial Holdings, Inc.* | 725 | 13,376 | ||||||
Hilltop Holdings, Inc.* | 665 | 13,373 | ||||||
EverBank Financial Corp. | 720 | 13,370 | ||||||
Preferred Bank/Los Angeles CA | 474 | 13,357 | ||||||
CyrusOne, Inc. | 411 | 13,348 | ||||||
Wilshire Bancorp, Inc. | 1,265 | 13,346 | ||||||
AG Mortgage Investment Trust, Inc. | 694 | 13,339 | ||||||
Customers Bancorp, Inc.* | 529 | 13,336 | ||||||
Horizon Bancorp | 571 | 13,333 | ||||||
OneBeacon Insurance Group Ltd. — Class A | 884 | 13,331 | ||||||
Cardinal Financial Corp. | 646 | 13,327 | ||||||
Essent Group Ltd.* | 534 | 13,323 | ||||||
BNC Bancorp | 730 | 13,323 | ||||||
Oritani Financial Corp. | 894 | 13,321 | ||||||
Alexander & Baldwin, Inc. | 329 | 13,318 | ||||||
Colony Capital, Inc. — Class A | 514 | 13,318 | ||||||
Columbia Banking System, Inc. | 448 | 13,306 | ||||||
Talmer Bancorp, Inc. — Class A | 865 | 13,304 | ||||||
Banc of California, Inc. | 1,072 | 13,293 | ||||||
American Residential Properties, Inc.* | 708 | 13,282 | ||||||
Astoria Financial Corp. | 1,008 | 13,275 | ||||||
Navigators Group, Inc.* | 170 | 13,269 | ||||||
Symetra Financial Corp. | 558 | 13,253 | ||||||
First Commonwealth Financial Corp. | 1,468 | 13,241 | ||||||
AMERISAFE, Inc. | 293 | 13,241 | ||||||
Hanmi Financial Corp. | 622 | 13,236 | ||||||
Oppenheimer Holdings, Inc. — Class A | 554 | 13,235 | ||||||
FNB Corp. | 997 | 13,230 | ||||||
Stock Yards Bancorp, Inc. | 380 | 13,224 | ||||||
Old Line Bancshares, Inc. | 823 | 13,217 | ||||||
CenterState Banks, Inc. | 1,085 | 13,194 | ||||||
Berkshire Hills Bancorp, Inc. | 471 | 13,193 | ||||||
Mercantile Bank Corp. | 665 | 13,180 | ||||||
Blue Hills Bancorp, Inc.* | 982 | 13,178 | ||||||
Cathay General Bancorp | 461 | 13,175 | ||||||
Prosperity Bancshares, Inc. | 247 | 13,175 | ||||||
Financial Institutions, Inc. | 559 | 13,164 | ||||||
Wintrust Financial Corp. | 270 | 13,160 | ||||||
Banner Corp. | 291 | 13,159 |
50 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2015 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Enterprise Bancorp, Inc. | 613 | $ | 13,155 | |||||
Merchants Bancshares, Inc. | 446 | 13,139 | ||||||
MarketAxess Holdings, Inc. | 153 | 13,135 | ||||||
CatchMark Timber Trust, Inc. — Class A | 1,131 | 13,120 | ||||||
Investors Bancorp, Inc. | 1,107 | 13,107 | ||||||
Territorial Bancorp, Inc. | 567 | 13,098 | ||||||
FirstMerit Corp. | 676 | 13,094 | ||||||
Independent Bank Group, Inc. | 340 | 13,090 | ||||||
Great Southern Bancorp, Inc. | 332 | 13,087 | ||||||
Charter Financial Corp. | 1,093 | 13,083 | ||||||
Pzena Investment Management, Inc. — Class A | 1,422 | 13,082 | ||||||
Ares Commercial Real Estate Corp. | 1,152 | 13,075 | ||||||
CNB Financial Corp. | 761 | 13,074 | ||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 688 | 13,072 | ||||||
Enstar Group Ltd.* | 92 | 13,068 | ||||||
United Financial Bancorp, Inc. | 1,023 | 13,043 | ||||||
Chemical Financial Corp. | 422 | 13,040 | ||||||
Global Indemnity plc — Class A* | 475 | 13,039 | ||||||
First Business Financial Services, Inc. | 287 | 13,036 | ||||||
Starwood Waypoint Residential Trust | 506 | 13,024 | ||||||
Meadowbrook Insurance Group, Inc. | 1,525 | 13,024 | ||||||
Gain Capital Holdings, Inc. | 1,318 | 13,022 | ||||||
Ames National Corp. | 522 | 13,019 | ||||||
International Bancshares Corp. | 501 | 13,016 | ||||||
Horace Mann Educators Corp. | 383 | 13,011 | ||||||
Montpelier Re Holdings Ltd. | 341 | 12,996 | ||||||
Yadkin Financial Corp.* | 660 | 12,989 | ||||||
American National Bankshares, Inc. | 577 | 12,988 | ||||||
GAMCO Investors, Inc. — Class A | 168 | 12,988 | ||||||
New York Mortgage Trust, Inc. | 1,663 | 12,988 | ||||||
CYS Investments, Inc. | 1,456 | 12,988 | ||||||
Hatteras Financial Corp. | 719 | 12,985 | ||||||
PRA Group, Inc.* | 237 | 12,982 | ||||||
Heritage Financial Corp. | 768 | 12,979 | ||||||
Fidelity Southern Corp. | 772 | 12,970 | ||||||
First Interstate BancSystem, Inc. — Class A | 479 | 12,962 | ||||||
Maiden Holdings Ltd. | 892 | 12,961 | ||||||
JG Wentworth Co. — Class A* | 1,288 | 12,957 | ||||||
CNO Financial Group, Inc. | 762 | 12,954 | ||||||
Sandy Spring Bancorp, Inc. | 497 | 12,952 | ||||||
BofI Holding, Inc.* | 141 | 12,945 | ||||||
BankFinancial Corp. | 1,011 | 12,941 | ||||||
National Bankshares, Inc. | 446 | 12,938 | ||||||
Valley National Bancorp | 1,372 | 12,938 | ||||||
FBL Financial Group, Inc. — Class A | 222 | 12,936 | ||||||
C1 Financial, Inc.* | 691 | 12,936 | ||||||
Square 1 Financial, Inc. — Class A* | 500 | 12,930 | ||||||
Umpqua Holdings Corp. | 760 | 12,928 | ||||||
Cascade Bancorp* | 2,682 | 12,927 | ||||||
UMH Properties, Inc. | 1,283 | 12,920 | ||||||
Washington Federal, Inc. | 598 | 12,917 | ||||||
First American Financial Corp. | 371 | 12,907 | ||||||
BBX Capital Corp. — Class A*,1 | 704 | 12,904 | ||||||
United Community Financial Corp. | 2,394 | 12,904 | ||||||
Greenhill & Company, Inc. | 326 | 12,893 | ||||||
Westamerica Bancorporation | 296 | 12,891 | ||||||
Palmetto Bancshares, Inc. | 710 | 12,887 | ||||||
Seacoast Banking Corporation of Florida* | 923 | 12,885 | ||||||
Lakeland Bancorp, Inc. | 1,135 | 12,882 | ||||||
Univest Corporation of Pennsylvania | 660 | 12,877 | ||||||
Invesco Mortgage Capital, Inc. | 836 | 12,874 | ||||||
Community Bank System, Inc. | 368 | 12,862 | ||||||
First Midwest Bancorp, Inc. | 752 | 12,859 | ||||||
Medley Management, Inc. — Class A | 1,122 | 12,858 | ||||||
United Bankshares, Inc. | 342 | 12,852 | ||||||
Trustmark Corp. | 540 | 12,852 | ||||||
CubeSmart | 557 | 12,850 | ||||||
Southside Bancshares, Inc. | 470 | 12,840 | ||||||
CoBiz Financial, Inc. | 1,069 | 12,839 | ||||||
Kansas City Life Insurance Co. | 286 | 12,836 | ||||||
Argo Group International Holdings Ltd. | 262 | 12,835 | ||||||
CVB Financial Corp. | 820 | 12,833 | ||||||
Dime Community Bancshares, Inc. | 806 | 12,832 | ||||||
Century Bancorp, Inc. — Class A | 332 | 12,825 | ||||||
Home BancShares, Inc. | 390 | 12,823 | ||||||
Financial Engines, Inc. | 304 | 12,820 | ||||||
Bank Mutual Corp. | 1,782 | 12,813 | ||||||
FRP Holdings, Inc.* | 369 | 12,812 | ||||||
Bank of Marin Bancorp | 254 | 12,807 | ||||||
QTS Realty Trust, Inc. — Class A | 353 | 12,803 | ||||||
South State Corp. | 189 | 12,799 | ||||||
Donegal Group, Inc. — Class A | 847 | 12,798 | ||||||
Macatawa Bank Corp. | 2,435 | 12,784 | ||||||
MidWestOne Financial Group, Inc. | 437 | 12,782 | ||||||
Hancock Holding Co. | 439 | 12,779 | ||||||
Fox Chase Bancorp, Inc. | 768 | 12,772 | ||||||
United Community Banks, Inc. | 686 | 12,766 | ||||||
Hersha Hospitality Trust | 1,985 | 12,763 | ||||||
Bridge Bancorp, Inc. | 505 | 12,761 | ||||||
Citizens & Northern Corp. | 643 | 12,757 | ||||||
BBCN Bancorp, Inc. | 899 | 12,757 | ||||||
HomeTrust Bancshares, Inc.* | 815 | 12,747 | ||||||
MB Financial, Inc. | 423 | 12,745 | ||||||
First of Long Island Corp. | 509 | 12,735 | ||||||
Stifel Financial Corp.* | 241 | 12,734 | ||||||
Enterprise Financial Services Corp. | 620 | 12,729 | ||||||
ConnectOne Bancorp, Inc. | 662 | 12,724 | ||||||
Camden National Corp. | 332 | 12,722 | ||||||
First Financial Bancorp | 737 | 12,721 | ||||||
Capital Bank Financial Corp. — Class A* | 469 | 12,719 | ||||||
TrustCo Bank Corp. NY | 1,906 | 12,713 | ||||||
United Fire Group, Inc. | 425 | 12,695 | ||||||
CoreSite Realty Corp. | 264 | 12,693 | ||||||
National Interstate Corp. | 453 | 12,693 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 51 |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2015 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Renasant Corp. | 427 | $ | 12,686 | |||||
West Bancorporation, Inc. | 669 | 12,684 | ||||||
Webster Financial Corp. | 354 | 12,684 | ||||||
Meridian Bancorp, Inc.* | 987 | 12,683 | ||||||
Heritage Commerce Corp. | 1,423 | 12,679 | ||||||
NBT Bancorp, Inc. | 525 | 12,679 | ||||||
Safety Insurance Group, Inc. | 218 | 12,677 | ||||||
Republic Bancorp, Inc. — Class A | 533 | 12,675 | ||||||
Trade Street Residential, Inc. | 1,818 | 12,671 | ||||||
Northfield Bancorp, Inc. | 878 | 12,670 | ||||||
Sun Bancorp, Inc.* | 669 | 12,664 | ||||||
CorEnergy Infrastructure Trust, Inc. | 1,863 | 12,650 | ||||||
LTC Properties, Inc. | 291 | 12,647 | ||||||
Pennsylvania Real Estate Investment Trust | 559 | 12,639 | ||||||
PennyMac Mortgage Investment Trust | 603 | 12,633 | ||||||
Physicians Realty Trust | 761 | 12,633 | ||||||
Gramercy Property Trust, Inc. | 462 | 12,631 | ||||||
TriCo Bancshares | 541 | 12,616 | ||||||
Peoples Bancorp, Inc. | 544 | 12,615 | ||||||
Apollo Commercial Real Estate Finance, Inc. | 738 | 12,612 | ||||||
Eagle Bancorp, Inc.* | 342 | 12,606 | ||||||
WesBanco, Inc. | 400 | 12,604 | ||||||
Simmons First National Corp. — Class A | 288 | 12,600 | ||||||
Peapack Gladstone Financial Corp. | 602 | 12,600 | ||||||
Union Bankshares Corp. | 579 | 12,599 | ||||||
Silver Bay Realty Trust Corp. | 814 | 12,593 | ||||||
State Auto Financial Corp. | 533 | 12,589 | ||||||
Federated National Holding Co. | 437 | 12,586 | ||||||
Kemper Corp. | 334 | 12,582 | ||||||
Western Asset Mortgage Capital Corp. | 861 | 12,579 | ||||||
Southwest Bancorp, Inc. | 730 | 12,578 | ||||||
Pacific Continental Corp. | 975 | 12,578 | ||||||
Sovran Self Storage, Inc. | 144 | 12,577 | ||||||
1st Source Corp. | 404 | 12,572 | ||||||
Baldwin & Lyons, Inc. — Class B | 554 | 12,570 | ||||||
Tompkins Financial Corp. | 241 | 12,568 | ||||||
Universal Insurance Holdings, Inc. | 523 | 12,562 | ||||||
German American Bancorp, Inc. | 439 | 12,560 | ||||||
Ladder Capital Corp. — Class A | 716 | 12,559 | ||||||
RAIT Financial Trust | 1,938 | 12,558 | ||||||
Stonegate Mortgage Corp.* | 1,169 | 12,555 | ||||||
Great Western Bancorp, Inc. | 574 | 12,553 | ||||||
Easterly Government Properties, Inc.* | 797 | 12,553 | ||||||
Bank of Kentucky Financial Corp. | 262 | 12,547 | ||||||
State Bank Financial Corp. | 627 | 12,546 | ||||||
Empire State Realty Trust, Inc. — Class A | 697 | 12,546 | ||||||
Community Trust Bancorp, Inc. | 391 | 12,543 | ||||||
Hudson Valley Holding Corp. | 507 | 12,543 | ||||||
Old National Bancorp | 918 | 12,540 | ||||||
Summit Hotel Properties, Inc. | 952 | 12,538 | ||||||
Anworth Mortgage Asset Corp. | 2,467 | 12,532 | ||||||
Susquehanna Bancshares, Inc. | 932 | 12,526 | ||||||
Marcus & Millichap, Inc.* | 354 | 12,525 | ||||||
Great Ajax Corp.* | 883 | 12,521 | ||||||
Kennedy-Wilson Holdings, Inc. | 505 | 12,514 | ||||||
Washington Trust Bancorp, Inc. | 338 | 12,513 | ||||||
First Bancorp, Inc. | 750 | 12,510 | ||||||
FelCor Lodging Trust, Inc. | 1,126 | 12,510 | ||||||
Armada Hoffler Properties, Inc. | 1,218 | 12,509 | ||||||
New York REIT, Inc. | 1,266 | 12,508 | ||||||
HCI Group, Inc. | 287 | 12,507 | ||||||
Alexander’s, Inc. | 29 | 12,506 | ||||||
Sterling Bancorp | 963 | 12,500 | ||||||
Waterstone Financial, Inc. | 981 | 12,498 | ||||||
Encore Capital Group, Inc.* | 309 | 12,496 | ||||||
RLJ Lodging Trust | 421 | 12,491 | ||||||
Investors Real Estate Trust | 1,742 | 12,490 | ||||||
DCT Industrial Trust, Inc. | 378 | 12,489 | ||||||
Chambers Street Properties | 1,663 | 12,473 | ||||||
EastGroup Properties, Inc. | 218 | 12,470 | ||||||
Kearny Financial Corp.* | 934 | 12,460 | ||||||
St. Joe Co.* | 714 | 12,459 | ||||||
Stonegate Bank | 435 | 12,458 | ||||||
EPR Properties | 216 | 12,457 | ||||||
OceanFirst Financial Corp. | 742 | 12,451 | ||||||
Heritage Oaks Bancorp | 1,562 | 12,449 | ||||||
Clifton Bancorp, Inc. | 912 | 12,449 | ||||||
Cass Information Systems, Inc. | 238 | 12,440 | ||||||
Getty Realty Corp. | 716 | 12,437 | ||||||
State National Companies, Inc. | 1,303 | 12,431 | ||||||
Virtus Investment Partners, Inc. | 93 | 12,427 | ||||||
Hudson Pacific Properties, Inc. | 412 | 12,426 | ||||||
Westwood Holdings Group, Inc. | 212 | 12,421 | ||||||
Selective Insurance Group, Inc. | 461 | 12,419 | ||||||
First Merchants Corp. | 550 | 12,414 | ||||||
Inland Real Estate Corp. | 1,206 | 12,410 | ||||||
Capitol Federal Financial, Inc. | 1,034 | 12,408 | ||||||
National Penn Bancshares, Inc. | 1,193 | 12,407 | ||||||
Springleaf Holdings, Inc.* | 248 | 12,400 | ||||||
IBERIABANK Corp. | 199 | 12,400 | ||||||
Sierra Bancorp | 757 | 12,400 | ||||||
Bryn Mawr Bank Corp. | 412 | 12,397 | ||||||
Flushing Financial Corp. | 647 | 12,397 | ||||||
DiamondRock Hospitality Co. | 914 | 12,394 | ||||||
Fifth Street Asset Management, Inc. | 1,123 | 12,387 | ||||||
Lakeland Financial Corp. | 317 | 12,379 | ||||||
Arrow Financial Corp. | 475 | 12,379 | ||||||
Gladstone Commercial Corp. | 695 | 12,378 | ||||||
Consolidated-Tomoka Land Co. | 226 | 12,371 | ||||||
City Holding Co. | 269 | 12,366 | ||||||
Metro Bancorp, Inc. | 482 | 12,358 | ||||||
Sun Communities, Inc. | 199 | 12,350 | ||||||
Education Realty Trust, Inc. | 367 | 12,339 | ||||||
First Community Bancshares, Inc. | 736 | 12,335 | ||||||
Provident Financial Services, Inc. | 685 | 12,330 | ||||||
Chatham Lodging Trust | 446 | 12,327 |
52 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2015 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Capstead Mortgage Corp. | 1,058 | $ | 12,326 | |||||
Guaranty Bancorp | 783 | 12,324 | ||||||
Sunstone Hotel Investors, Inc. | 791 | 12,324 | ||||||
Terreno Realty Corp. | 579 | 12,321 | ||||||
Third Point Reinsurance Ltd.* | 914 | 12,321 | ||||||
Forestar Group, Inc.* | 834 | 12,310 | ||||||
Pacific Premier Bancorp, Inc.* | 786 | 12,309 | ||||||
Strategic Hotels & Resorts, Inc.* | 1,052 | 12,308 | ||||||
Greenlight Capital Re Ltd. — Class A* | 405 | 12,308 | ||||||
Independent Bank Corp. | 295 | 12,307 | ||||||
Dynex Capital, Inc. | 1,538 | 12,304 | ||||||
MainSource Financial Group, Inc. | 639 | 12,301 | ||||||
UMB Financial Corp. | 247 | 12,298 | ||||||
First Connecticut Bancorp, Inc. | 832 | 12,297 | ||||||
PS Business Parks, Inc. | 161 | 12,292 | ||||||
LaSalle Hotel Properties | 335 | 12,291 | ||||||
Independence Holding Co. | 988 | 12,291 | ||||||
Hampton Roads Bankshares, Inc.* | 6,899 | 12,280 | ||||||
American Capital Mortgage Investment Corp. | 700 | 12,278 | ||||||
CIFC Corp. | 1,637 | 12,278 | ||||||
National Health Investors, Inc. | 184 | 12,276 | ||||||
Enova International, Inc.* | 663 | 12,272 | ||||||
RLI Corp. | 247 | 12,266 | ||||||
Ambac Financial Group, Inc.* | 533 | 12,264 | ||||||
Ashford Hospitality Prime, Inc. | 783 | 12,262 | ||||||
Piper Jaffray Cos.* | 243 | 12,259 | ||||||
Park Sterling Corp. | 1,828 | 12,248 | ||||||
Cedar Realty Trust, Inc. | 1,752 | 12,246 | ||||||
Apollo Residential Mortgage, Inc. | 772 | 12,244 | ||||||
First Busey Corp. | 1,961 | 12,237 | ||||||
FXCM, Inc. — Class A1 | 6,085 | 12,231 | ||||||
Nelnet, Inc. — Class A | 273 | 12,222 | ||||||
Ramco-Gershenson Properties Trust | 699 | 12,219 | ||||||
Whitestone REIT — Class B | 830 | 12,201 | ||||||
STORE Capital Corp. | 581 | 12,201 | ||||||
Chesapeake Lodging Trust | 384 | 12,192 | ||||||
Monmouth Real Estate Investment Corp. | 1,180 | 12,189 | ||||||
BancFirst Corp. | 211 | 12,179 | ||||||
Resource Capital Corp. | 2,761 | 12,176 | ||||||
Ameris Bancorp | 487 | 12,170 | ||||||
WSFS Financial Corp. | 171 | 12,170 | ||||||
Ryman Hospitality Properties, Inc. | 211 | 12,162 | ||||||
Infinity Property & Casualty Corp. | 164 | 12,161 | ||||||
Crawford & Co. — Class B | 1,487 | 12,149 | ||||||
Medical Properties Trust, Inc. | 869 | 12,149 | ||||||
Calamos Asset Management, Inc. — Class A | 982 | 12,147 | ||||||
First Financial Northwest, Inc. | 1,020 | 12,138 | ||||||
Highwoods Properties, Inc. | 282 | 12,137 | ||||||
First Financial Corp. | 357 | 12,120 | ||||||
Equity One, Inc. | 492 | 12,118 | ||||||
First BanCorp* | 2,015 | 12,110 | ||||||
Healthcare Realty Trust, Inc. | 473 | 12,109 | ||||||
Parkway Properties, Inc. | 744 | 12,105 | ||||||
Central Pacific Financial Corp. | 528 | 12,091 | ||||||
ARMOUR Residential REIT, Inc. | 4,030 | 12,090 | ||||||
GEO Group, Inc. | 310 | 12,090 | ||||||
Ashford Hospitality Trust, Inc. | 1,334 | 12,086 | ||||||
Kite Realty Group Trust | 461 | 12,078 | ||||||
First Industrial Realty Trust, Inc. | 612 | 12,075 | ||||||
Consumer Portfolio Services, Inc.* | 1,889 | 12,071 | ||||||
Potlatch Corp. | 327 | 12,070 | ||||||
Citizens, Inc.*,1 | 2,138 | 12,058 | ||||||
Stewart Information Services Corp. | 330 | 12,045 | ||||||
Agree Realty Corp. | 391 | 12,035 | ||||||
On Deck Capital, Inc.* | 625 | 12,031 | ||||||
DuPont Fabros Technology, Inc. | 386 | 12,024 | ||||||
American Assets Trust, Inc. | 302 | 12,020 | ||||||
Retail Opportunity Investments Corp. | 716 | 12,014 | ||||||
Redwood Trust, Inc. | 698 | 11,999 | ||||||
Mack-Cali Realty Corp. | 667 | 11,973 | ||||||
Heritage Insurance Holdings, Inc.* | 597 | 11,970 | ||||||
Lexington Realty Trust | 1,290 | 11,958 | ||||||
Nicholas Financial, Inc.* | 946 | 11,948 | ||||||
First Bancorp | 736 | 11,945 | ||||||
Acadia Realty Trust | 386 | 11,927 | ||||||
Government Properties Income Trust | 572 | 11,920 | ||||||
Franklin Street Properties Corp. | 1,009 | 11,916 | ||||||
Cousins Properties, Inc. | 1,221 | 11,893 | ||||||
STAG Industrial, Inc. | 547 | 11,886 | ||||||
Peoples Financial Services Corp. | 302 | 11,866 | ||||||
Employers Holdings, Inc. | 486 | 11,863 | ||||||
Altisource Residential Corp. | 619 | 11,854 | ||||||
Cohen & Steers, Inc. | 313 | 11,850 | ||||||
WisdomTree Investments, Inc. | 622 | 11,843 | ||||||
FBR & Co.* | 551 | 11,824 | ||||||
Evercore Partners, Inc. — Class A | 245 | 11,819 | ||||||
Park National Corp. | 143 | 11,806 | ||||||
American Equity Investment Life Holding Co. | 438 | 11,804 | ||||||
CU Bancorp* | 569 | 11,790 | ||||||
Primerica, Inc. | 255 | 11,786 | ||||||
Pebblebrook Hotel Trust | 274 | 11,766 | ||||||
Rexford Industrial Realty, Inc. | 791 | 11,754 | ||||||
Sabra Health Care REIT, Inc. | 393 | 11,743 | ||||||
Owens Realty Mortgage, Inc. | 871 | 11,741 | ||||||
Penns Woods Bancorp, Inc. | 269 | 11,726 | ||||||
Select Income REIT | 505 | 11,711 | ||||||
NewBridge Bancorp | 1,453 | 11,697 | ||||||
Washington Real Estate Investment Trust | 473 | 11,693 | ||||||
Rouse Properties, Inc. | 666 | 11,635 | ||||||
Universal Health Realty Income Trust | 234 | 11,620 | ||||||
First Potomac Realty Trust | 1,083 | 11,610 | ||||||
CareTrust REIT, Inc. | 927 | 11,578 | ||||||
Moelis & Co. — Class A | 428 | 11,577 | ||||||
One Liberty Properties, Inc. | 515 | 11,577 | ||||||
Trupanion, Inc.*,1 | 1,558 | 11,545 | ||||||
First Citizens BancShares, Inc. — Class A | 48 | 11,536 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 53 |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2015 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
National Western Life Insurance Co. — Class A | 48 | $ | 11,501 | |||||
MidSouth Bancorp, Inc. | 885 | 11,478 | ||||||
S&T Bancorp, Inc. | 426 | 11,459 | ||||||
Urstadt Biddle Properties, Inc. — Class A | 552 | 11,454 | ||||||
Campus Crest Communities, Inc. | 1,790 | 11,331 | ||||||
RCS Capital Corp. — Class A1 | 1,315 | 11,296 | ||||||
Ladenburg Thalmann Financial Services, Inc.* | 3,333 | 11,232 | ||||||
Saul Centers, Inc. | 223 | 11,221 | ||||||
Arlington Asset Investment Corp. — Class A | 516 | 11,187 | ||||||
Capital City Bank Group, Inc. | 791 | 11,129 | ||||||
OFG Bancorp | 761 | 10,722 | ||||||
Manning & Napier, Inc. — Class A | 1,006 | 10,694 | ||||||
Ashford, Inc.* | 104 | 10,374 | ||||||
United Insurance Holdings Corp. | 589 | 9,795 | ||||||
Phoenix Companies, Inc.* | 237 | 8,084 | ||||||
Total Financial | 5,763,473 | |||||||
COMMUNICATIONS - 9.9% | ||||||||
Inteliquent, Inc. | 6,558 | 124,667 | ||||||
Gogo, Inc.*,1 | 5,463 | 115,489 | ||||||
FairPoint Communications, Inc.* | 5,846 | 115,283 | ||||||
Shenandoah Telecommunications Co. | 3,259 | 112,305 | ||||||
Intelsat S.A.* | 8,896 | 112,000 | ||||||
Premiere Global Services, Inc.* | 10,931 | 111,606 | ||||||
Iridium Communications, Inc.* | 10,897 | 110,822 | ||||||
ORBCOMM, Inc.* | 18,090 | 108,902 | ||||||
8x8, Inc.* | 12,262 | 107,048 | ||||||
j2 Global, Inc. | 1,536 | 106,552 | ||||||
General Communication, Inc. — Class A* | 6,598 | 104,644 | ||||||
Cogent Communications Holdings, Inc. | 2,946 | 103,081 | ||||||
Hawaiian Telcom Holdco, Inc.* | 3,902 | 102,779 | ||||||
IDT Corp. — Class B | 6,010 | 102,350 | ||||||
Consolidated Communications Holdings, Inc. | 4,855 | 102,294 | ||||||
Spok Holdings, Inc. | 5,351 | 100,733 | ||||||
Cincinnati Bell, Inc.* | 28,865 | 99,007 | ||||||
Vonage Holdings Corp.* | 21,186 | 98,091 | ||||||
Atlantic Tele-Network, Inc. | 1,485 | 98,040 | ||||||
West Corp. | 3,110 | 96,255 | ||||||
Lumos Networks Corp. | 6,700 | 94,738 | ||||||
RigNet, Inc.* | 2,211 | 82,824 | ||||||
Globalstar, Inc.*,1 | 30,310 | 78,503 | ||||||
EW Scripps Co. — Class A | 1,532 | 35,680 | ||||||
Aerohive Networks, Inc.* | 4,959 | 30,200 | ||||||
Gigamon, Inc.* | 1,005 | 29,578 | ||||||
Travelzoo, Inc.* | 2,186 | 28,723 | ||||||
NeuStar, Inc. — Class A*,1 | 910 | 27,300 | ||||||
Procera Networks, Inc.* | 2,283 | 26,278 | ||||||
Comverse, Inc.* | 1,065 | 26,093 | ||||||
CalAmp Corp.* | 1,285 | 25,327 | ||||||
LogMeIn, Inc.* | 382 | 24,517 | ||||||
RingCentral, Inc. — Class A* | 1,405 | 24,208 | ||||||
Connecture, Inc.* | 2,165 | 24,076 | ||||||
Radio One, Inc. — Class D* | 6,735 | 24,044 | ||||||
Global Sources Ltd.* | 4,307 | 23,861 | ||||||
HealthStream, Inc.* | 821 | 23,760 | ||||||
Bankrate, Inc.* | 1,897 | 23,523 | ||||||
Liquidity Services, Inc.* | 2,513 | 23,523 | ||||||
Demand Media, Inc.* | 3,642 | 23,345 | ||||||
Preformed Line Products Co. | 556 | 23,324 | ||||||
VASCO Data Security International, Inc.*,1 | 915 | 23,259 | ||||||
Marketo, Inc.* | 814 | 23,158 | ||||||
Zix Corp.* | 5,431 | 23,136 | ||||||
Telenav, Inc.* | 2,733 | 22,848 | ||||||
Limelight Networks, Inc.* | 6,140 | 22,718 | ||||||
InterDigital, Inc. | 415 | 22,709 | ||||||
Ciena Corp.* | 1,066 | 22,706 | ||||||
A10 Networks, Inc.*,1 | 4,969 | 22,609 | ||||||
Wix.com Ltd.* | 1,157 | 22,526 | ||||||
Alliance Fiber Optic Products, Inc. | 1,226 | 22,510 | ||||||
comScore, Inc.* | 429 | 22,462 | ||||||
TubeMogul, Inc.*,1 | 1,557 | 22,421 | ||||||
Coupons.com, Inc.*,1 | 1,782 | 22,329 | ||||||
ShoreTel, Inc.* | 3,201 | 22,279 | ||||||
Scholastic Corp. | 548 | 22,271 | ||||||
EarthLink Holdings Corp. | 4,703 | 22,245 | ||||||
VirnetX Holding Corp.*,1 | 3,441 | 22,229 | ||||||
Millennial Media, Inc.* | 14,274 | 22,125 | ||||||
Unwired Planet, Inc.* | 36,973 | 21,825 | ||||||
Endurance International Group Holdings, Inc.* | 1,190 | 21,825 | ||||||
ViaSat, Inc.* | 362 | 21,763 | ||||||
Zendesk, Inc.* | 941 | 21,699 | ||||||
RetailMeNot, Inc.* | 1,180 | 21,689 | ||||||
Oclaro, Inc.* | 11,295 | 21,686 | ||||||
Perficient, Inc.* | 1,049 | 21,641 | ||||||
Media General, Inc.* | 1,276 | 21,552 | ||||||
Ixia* | 1,793 | 21,480 | ||||||
Townsquare Media, Inc. — Class A* | 1,570 | 21,446 | ||||||
Tremor Video, Inc.* | 8,553 | 21,382 | ||||||
Comtech Telecommunications Corp. | 738 | 21,328 | ||||||
Tessco Technologies, Inc. | 844 | 21,328 | ||||||
Loral Space & Communications, Inc.* | 309 | 21,321 | ||||||
DHI Group, Inc.* | 2,805 | 21,318 | ||||||
Nexstar Broadcasting Group, Inc. — Class A | 363 | 21,221 | ||||||
Aruba Networks, Inc.* | 862 | 21,214 | ||||||
Infinera Corp.* | 1,128 | 21,206 | ||||||
Central European Media Enterprises Ltd. — Class A* | 7,682 | 21,125 | ||||||
ChannelAdvisor Corp.* | 2,056 | 21,033 | ||||||
RealNetworks, Inc.* | 3,201 | 21,031 | ||||||
GTT Communications, Inc.* | 1,151 | 21,017 | ||||||
Lionbridge Technologies, Inc.* | 3,786 | 21,012 | ||||||
Entercom Communications Corp. — Class A* | 1,766 | 20,980 | ||||||
Polycom, Inc.* | 1,605 | 20,945 | ||||||
Rubicon Project, Inc.* | 1,198 | 20,929 | ||||||
Daily Journal Corp.* | 104 | 20,905 | ||||||
Wayfair, Inc. — Class A* | 649 | 20,846 |
54 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2015 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Q2 Holdings, Inc.* | 1,023 | $ | 20,818 | |||||
Numerex Corp. — Class A* | 1,894 | 20,815 | ||||||
Covisint Corp.* | 10,614 | 20,803 | ||||||
Plantronics, Inc. | 390 | 20,776 | ||||||
Time, Inc. | 908 | 20,729 | ||||||
Ubiquiti Networks, Inc. | 725 | 20,713 | ||||||
Sonus Networks, Inc.* | 2,614 | 20,703 | ||||||
Gray Television, Inc.* | 1,560 | 20,686 | ||||||
NIC, Inc. | 1,214 | 20,638 | ||||||
Box, Inc. — Class A*,1 | 1,203 | 20,583 | ||||||
Entravision Communications Corp. — Class A | 3,143 | 20,555 | ||||||
New York Times Co. — Class A | 1,531 | 20,500 | ||||||
YuMe, Inc.* | 3,984 | 20,438 | ||||||
Internap Corp.* | 2,173 | 20,426 | ||||||
Houghton Mifflin Harcourt Co.* | 893 | 20,414 | ||||||
Harmonic, Inc.* | 2,901 | 20,336 | ||||||
New Media Investment Group, Inc. | 879 | 20,331 | ||||||
Finisar Corp.* | 1,000 | 20,330 | ||||||
Orbitz Worldwide, Inc.* | 1,734 | 20,322 | ||||||
Sinclair Broadcast Group, Inc. — Class A | 662 | 20,284 | ||||||
Web.com Group, Inc.* | 1,102 | 20,244 | ||||||
Lee Enterprises, Inc.* | 6,736 | 20,208 | ||||||
Textura Corp.* | 772 | 20,203 | ||||||
ePlus, Inc.* | 243 | 20,159 | ||||||
Blucora, Inc.* | 1,474 | 20,150 | ||||||
Global Eagle Entertainment, Inc.* | 1,577 | 20,138 | ||||||
Black Box Corp. | 1,008 | 20,059 | ||||||
Anixter International, Inc.* | 284 | 20,050 | ||||||
Marchex, Inc. — Class B | 4,715 | 20,039 | ||||||
NETGEAR, Inc.* | 662 | 20,039 | ||||||
Ruckus Wireless, Inc.* | 1,715 | 20,031 | ||||||
Marin Software, Inc.* | 3,310 | 19,992 | ||||||
DigitalGlobe, Inc.* | 621 | 19,978 | ||||||
Yodlee, Inc.* | 1,567 | 19,964 | ||||||
Hemisphere Media Group, Inc.*,1 | 1,579 | 19,959 | ||||||
Cyan, Inc.* | 5,347 | 19,944 | ||||||
Bazaarvoice, Inc.* | 3,698 | 19,895 | ||||||
Clearfield, Inc.*,1 | 1,466 | 19,864 | ||||||
Intralinks Holdings, Inc.* | 2,014 | 19,737 | ||||||
Shutterstock, Inc.* | 292 | 19,707 | ||||||
FTD Companies, Inc.* | 689 | 19,664 | ||||||
Shutterfly, Inc.* | 439 | 19,650 | ||||||
ReachLocal, Inc.* | 7,016 | 19,645 | ||||||
Meredith Corp. | 376 | 19,567 | ||||||
GrubHub, Inc.* | 471 | 19,391 | ||||||
TechTarget, Inc.* | 1,791 | 19,379 | ||||||
XO Group, Inc.* | 1,187 | 19,301 | ||||||
ADTRAN, Inc. | 1,153 | 19,151 | ||||||
Saga Communications, Inc. — Class A | 477 | 19,075 | ||||||
KVH Industries, Inc.* | 1,411 | 19,034 | ||||||
ModusLink Global Solutions, Inc.* | 5,416 | 18,956 | ||||||
Overstock.com, Inc.* | 879 | 18,872 | ||||||
Chegg, Inc.*,1 | 2,538 | 18,857 | ||||||
Sizmek, Inc.* | 2,704 | 18,820 | ||||||
Calix, Inc.* | 2,544 | 18,800 | ||||||
Stamps.com, Inc.* | 303 | 18,753 | ||||||
Angie’s List, Inc.* | 3,192 | 18,737 | ||||||
1-800-Flowers.com, Inc. — Class A* | 1,749 | 18,487 | ||||||
EVINE Live, Inc.* | 3,082 | 18,369 | ||||||
WebMD Health Corp. — Class A* | 414 | 18,278 | ||||||
Vringo, Inc.*,1 | 29,462 | 18,266 | ||||||
TeleCommunication Systems, Inc. — Class A* | 5,851 | 18,255 | ||||||
Reis, Inc. | 799 | 18,161 | ||||||
Rightside Group Ltd.* | 2,230 | 18,152 | ||||||
Martha Stewart Living Omnimedia, Inc. — Class A* | 3,272 | 17,996 | ||||||
Rocket Fuel, Inc.*,1 | 2,244 | 17,974 | ||||||
Qorvo, Inc.* | 272 | 17,928 | ||||||
TrueCar, Inc.*,1 | 1,158 | 17,856 | ||||||
Crown Media Holdings, Inc. — Class A* | 4,748 | 17,805 | ||||||
Harte-Hanks, Inc. | 2,610 | 17,722 | ||||||
Blue Nile, Inc.* | 650 | 17,687 | ||||||
QuinStreet, Inc.* | 3,238 | 17,582 | ||||||
Cumulus Media, Inc. — Class A* | 7,710 | 17,579 | ||||||
ParkerVision, Inc.*,1 | 25,280 | 17,190 | ||||||
Extreme Networks, Inc.* | 6,813 | 17,169 | ||||||
Lands’ End, Inc.* | 572 | 16,805 | ||||||
World Wrestling Entertainment, Inc. — Class A1 | 1,241 | 16,654 | ||||||
A H Belo Corp. — Class A | 2,489 | 16,651 | ||||||
Salem Media Group, Inc. — Class A | 3,361 | 16,402 | ||||||
McClatchy Co. — Class A* | 11,140 | 15,485 | ||||||
MDC Partners, Inc. — Class A | 735 | 15,391 | ||||||
Dex Media, Inc.* | 5,017 | 13,195 | ||||||
Safeguard Scientifics, Inc.* | 725 | 13,043 | ||||||
Cinedigm Corp. — Class A* | 13,629 | 11,312 | ||||||
Journal Media Group, Inc.* | 479 | 4,450 | ||||||
Total Communications | 5,457,716 | |||||||
TECHNOLOGY - 7.2% | ||||||||
inContact, Inc.* | 9,722 | 100,622 | ||||||
Cabot Microelectronics Corp.* | 1,069 | 50,563 | ||||||
Glu Mobile, Inc.* | 4,437 | 29,994 | ||||||
Immersion Corp.* | 2,420 | 26,209 | ||||||
Quantum Corp.* | 13,039 | 26,208 | ||||||
KEYW Holding Corp.*,1 | 2,690 | 25,958 | ||||||
Electronics for Imaging, Inc.* | 604 | 25,205 | ||||||
Sykes Enterprises, Inc.* | 1,004 | 25,129 | ||||||
Convergys Corp. | 1,103 | 25,016 | ||||||
TeleTech Holdings, Inc. | 964 | 25,006 | ||||||
Inphi Corp.* | 1,165 | 24,990 | ||||||
Vocera Communications, Inc.* | 2,190 | 24,944 | ||||||
Dot Hill Systems Corp.* | 3,939 | 24,737 | ||||||
MAXIMUS, Inc. | 383 | 24,516 | ||||||
Aspen Technology, Inc.* | 550 | 24,415 | ||||||
ExOne Co.*,1 | 1,767 | 24,226 | ||||||
2U, Inc.* | 903 | 24,029 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 55 |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2015 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
IGATE Corp.* | 505 | $ | 24,018 | |||||
Globant S.A.* | 1,143 | 24,014 | ||||||
Ultratech, Inc.* | 1,202 | 23,992 | ||||||
InnerWorkings, Inc.* | 3,764 | 23,826 | ||||||
Rudolph Technologies, Inc.* | 1,854 | 23,787 | ||||||
Nimble Storage, Inc.* | 971 | 23,751 | ||||||
Computer Task Group, Inc. | 2,878 | 23,686 | ||||||
Imperva, Inc.* | 518 | 23,631 | ||||||
Xcerra Corp.* | 2,400 | 23,592 | ||||||
Qlik Technologies, Inc.* | 673 | 23,413 | ||||||
Blackbaud, Inc. | 463 | 23,396 | ||||||
MTS Systems Corp. | 331 | 23,363 | ||||||
Qualys, Inc.* | 471 | 23,323 | ||||||
AVG Technologies N.V.* | 974 | 23,298 | ||||||
Rambus, Inc.* | 1,681 | 23,266 | ||||||
ExlService Holdings, Inc.* | 668 | 22,999 | ||||||
Barracuda Networks, Inc.* | 567 | 22,981 | ||||||
Digimarc Corp. | 980 | 22,932 | ||||||
Guidance Software, Inc.* | 3,920 | 22,893 | ||||||
Interactive Intelligence Group, Inc.* | 520 | 22,870 | ||||||
Axcelis Technologies, Inc.* | 8,989 | 22,652 | ||||||
MaxLinear, Inc. — Class A* | 2,655 | 22,647 | ||||||
ACI Worldwide, Inc.* | 982 | 22,615 | ||||||
Ambarella, Inc.* | 309 | 22,604 | ||||||
Jive Software, Inc.* | 4,199 | 22,591 | ||||||
MicroStrategy, Inc. — Class A* | 124 | 22,582 | ||||||
Rosetta Stone, Inc.* | 2,701 | 22,580 | ||||||
Sapiens International Corporation N.V.* | 2,586 | 22,575 | ||||||
Silicon Laboratories, Inc.* | 432 | 22,321 | ||||||
Manhattan Associates, Inc.* | 424 | 22,285 | ||||||
EPAM Systems, Inc.* | 344 | 22,260 | ||||||
OmniVision Technologies, Inc.* | 795 | 22,177 | ||||||
Mentor Graphics Corp. | 926 | 22,159 | ||||||
Varonis Systems, Inc.* | 770 | 22,138 | ||||||
CommVault Systems, Inc.* | 483 | 22,097 | ||||||
Applied Micro Circuits Corp.* | 4,111 | 22,076 | ||||||
Integrated Silicon Solution, Inc. | 1,190 | 22,075 | ||||||
Tyler Technologies, Inc.* | 181 | 22,072 | ||||||
Silver Spring Networks, Inc.* | 2,270 | 22,064 | ||||||
Insight Enterprises, Inc.* | 769 | 22,009 | ||||||
Synchronoss Technologies, Inc.* | 479 | 21,977 | ||||||
FleetMatics Group plc* | 482 | 21,970 | ||||||
Cirrus Logic, Inc.* | 650 | 21,957 | ||||||
Synaptics, Inc.* | 258 | 21,858 | ||||||
PDF Solutions, Inc.* | 1,206 | 21,792 | ||||||
QLogic Corp.* | 1,478 | 21,727 | ||||||
Digi International, Inc.* | 2,150 | 21,714 | ||||||
Entropic Communications, Inc.* | 7,186 | 21,702 | ||||||
MKS Instruments, Inc. | 623 | 21,687 | ||||||
SYNNEX Corp. | 283 | 21,650 | ||||||
Dealertrack Technologies, Inc.* | 550 | 21,621 | ||||||
QAD, Inc. — Class A | 884 | 21,552 | ||||||
Photronics, Inc.* | 2,457 | 21,548 | ||||||
Demandware, Inc.* | 349 | 21,498 | ||||||
Audience, Inc.* | 4,495 | 21,396 | ||||||
RealPage, Inc.* | 1,077 | 21,368 | ||||||
Kofax Ltd.* | 1,934 | 21,331 | ||||||
CEVA, Inc.* | 1,030 | 21,321 | ||||||
Fairchild Semiconductor International, Inc. — Class A* | 1,170 | 21,253 | ||||||
HubSpot, Inc.* | 549 | 21,252 | ||||||
Emulex Corp.* | 2,648 | 21,237 | ||||||
Cascade Microtech, Inc.* | 1,599 | 21,203 | ||||||
InvenSense, Inc. — Class A*,1 | 1,419 | 21,171 | ||||||
Workiva, Inc.* | 1,458 | 21,097 | ||||||
Luxoft Holding, Inc.* | 407 | 21,095 | ||||||
Monolithic Power Systems, Inc. | 407 | 21,095 | ||||||
Verint Systems, Inc.* | 343 | 21,070 | ||||||
Monotype Imaging Holdings, Inc. | 650 | 21,067 | ||||||
Virtusa Corp.* | 529 | 21,054 | ||||||
Paycom Software, Inc.* | 665 | 21,021 | ||||||
Entegris, Inc.* | 1,579 | 21,016 | ||||||
Pegasystems, Inc. | 975 | 21,002 | ||||||
Infoblox, Inc.* | 887 | 20,898 | ||||||
Medidata Solutions, Inc.* | 391 | 20,891 | ||||||
Engility Holdings, Inc. | 748 | 20,847 | ||||||
Progress Software Corp.* | 788 | 20,803 | ||||||
Five9, Inc.* | 3,828 | 20,786 | ||||||
Cornerstone OnDemand, Inc.* | 726 | 20,785 | ||||||
DSP Group, Inc.* | 1,826 | 20,780 | ||||||
Ultimate Software Group, Inc.* | 125 | 20,778 | ||||||
SPS Commerce, Inc.* | 318 | 20,753 | ||||||
Cvent, Inc.* | 772 | 20,751 | ||||||
Datalink Corp.* | 1,793 | 20,727 | ||||||
Eastman Kodak Co.* | 1,069 | 20,707 | ||||||
CSG Systems International, Inc. | 711 | 20,704 | ||||||
Tangoe, Inc.* | 1,513 | 20,698 | ||||||
Epiq Systems, Inc. | 1,155 | 20,686 | ||||||
Exar Corp.* | 2,089 | 20,618 | ||||||
Model N, Inc.* | 1,754 | 20,610 | ||||||
Merge Healthcare, Inc.* | 4,142 | 20,586 | ||||||
SS&C Technologies Holdings, Inc. | 342 | 20,578 | ||||||
CACI International, Inc. — Class A* | 233 | 20,560 | ||||||
Rubicon Technology, Inc.*,1 | 5,347 | 20,532 | ||||||
Microsemi Corp.* | 614 | 20,483 | ||||||
Amber Road, Inc.* | 2,333 | 20,437 | ||||||
Bottomline Technologies de, Inc.* | 763 | 20,418 | ||||||
Cavium, Inc.* | 315 | 20,409 | ||||||
Rally Software Development Corp.* | 1,410 | 20,389 | ||||||
Actua Corp.* | 1,408 | 20,374 | ||||||
New Relic, Inc.* | 627 | 20,371 | ||||||
RealD, Inc.* | 1,658 | 20,360 | ||||||
Agilysys, Inc.* | 2,163 | 20,354 | ||||||
Kopin Corp.* | 6,106 | 20,272 | ||||||
Take-Two Interactive Software, Inc.* | 855 | 20,264 | ||||||
BroadSoft, Inc.* | 640 | 20,250 |
56 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2015 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Everyday Health, Inc.* | 1,651 | $ | 20,241 | |||||
Brightcove, Inc.* | 2,925 | 20,241 | ||||||
Cohu, Inc. | 1,933 | 20,239 | ||||||
Violin Memory, Inc.* | 5,934 | 20,235 | ||||||
Mitel Networks Corp.* | 2,176 | 20,219 | ||||||
Intersil Corp. — Class A | 1,514 | 20,212 | ||||||
Veeco Instruments, Inc.* | 684 | 20,185 | ||||||
Omnicell, Inc.* | 568 | 20,181 | ||||||
IXYS Corp. | 1,782 | 20,154 | ||||||
Guidewire Software, Inc.* | 403 | 20,130 | ||||||
Cray, Inc.* | 716 | 20,112 | ||||||
OPOWER, Inc.* | 2,006 | 20,060 | ||||||
Power Integrations, Inc. | 404 | 19,994 | ||||||
QuickLogic Corp.* | 11,357 | 19,988 | ||||||
Benefitfocus, Inc.* | 576 | 19,901 | ||||||
Cypress Semiconductor Corp. | 1,494 | 19,900 | ||||||
NetScout Systems, Inc.*,1 | 484 | 19,892 | ||||||
Alpha & Omega Semiconductor Ltd.* | 2,427 | 19,877 | ||||||
Proofpoint, Inc.* | 368 | 19,865 | ||||||
Diodes, Inc.* | 742 | 19,826 | ||||||
Unisys Corp.* | 910 | 19,811 | ||||||
American Software, Inc. — Class A | 2,039 | 19,799 | ||||||
MedAssets, Inc.* | 978 | 19,795 | ||||||
Envestnet, Inc.* | 386 | 19,786 | ||||||
Integrated Device Technology, Inc.* | 1,087 | 19,773 | ||||||
Acxiom Corp.* | 1,132 | 19,765 | ||||||
Callidus Software, Inc.* | 1,597 | 19,723 | ||||||
PMC-Sierra, Inc.* | 2,338 | 19,709 | ||||||
Lattice Semiconductor Corp.* | 3,322 | 19,699 | ||||||
Science Applications International Corp. | 393 | 19,689 | ||||||
Brooks Automation, Inc. | 1,813 | 19,508 | ||||||
Micrel, Inc. | 1,433 | 19,489 | ||||||
Ebix, Inc. | 712 | 19,430 | ||||||
Silicon Graphics International Corp.* | 2,376 | 19,269 | ||||||
SciQuest, Inc.* | 1,241 | 19,074 | ||||||
Tessera Technologies, Inc. | 528 | 19,066 | ||||||
Nanometrics, Inc.* | 1,222 | 18,892 | ||||||
Ciber, Inc.* | 5,347 | 18,875 | ||||||
FormFactor, Inc.* | 2,361 | 18,817 | ||||||
PROS Holdings, Inc.* | 845 | 18,784 | ||||||
ManTech International Corp. — Class A | 638 | 18,649 | ||||||
Hortonworks, Inc.* | 919 | 18,536 | ||||||
Constant Contact, Inc.* | 530 | 18,471 | ||||||
Quality Systems, Inc. | 1,182 | 18,433 | ||||||
M/A-COM Technology Solutions Holdings, Inc.* | 604 | 18,404 | ||||||
Computer Programs & Systems, Inc. | 351 | 18,368 | ||||||
Super Micro Computer, Inc.* | 638 | 18,355 | ||||||
Syntel, Inc.* | 407 | 18,323 | ||||||
Mercury Systems, Inc.* | 1,325 | 18,298 | ||||||
Semtech Corp.* | 784 | 18,259 | ||||||
LivePerson, Inc.* | 1,937 | 18,208 | ||||||
Maxwell Technologies, Inc.* | 3,163 | 17,713 | ||||||
Amkor Technology, Inc.* | 2,507 | 17,624 | ||||||
Pericom Semiconductor Corp. | 1,407 | 17,616 | ||||||
Castlight Health, Inc. — Class B*,1 | 2,317 | 17,447 | ||||||
Seachange International, Inc.* | 2,591 | 17,386 | ||||||
Ultra Clean Holdings, Inc.* | 2,890 | 17,369 | ||||||
Park City Group, Inc.*,1 | 1,529 | 16,590 | ||||||
Carbonite, Inc.* | 1,479 | 15,145 | ||||||
MobileIron, Inc.* | 2,393 | 14,406 | ||||||
Fair Isaac Corp. | 149 | 13,181 | ||||||
Advent Software, Inc. | 292 | 12,676 | ||||||
Total Technology | 3,981,800 | |||||||
UTILITIES - 6.6% | ||||||||
Dynegy, Inc.* | 3,664 | 121,901 | ||||||
Atlantic Power Corp. | 36,829 | 119,694 | ||||||
York Water Co. | 4,326 | 108,842 | ||||||
Abengoa Yield plc | 3,158 | 107,088 | ||||||
Laclede Group, Inc. | 2,033 | 105,573 | ||||||
Piedmont Natural Gas Company, Inc. | 2,809 | 105,168 | ||||||
Middlesex Water Co. | 4,590 | 104,514 | ||||||
ONE Gas, Inc. | 2,459 | 103,204 | ||||||
Unitil Corp. | 3,014 | 103,079 | ||||||
UIL Holdings Corp. | 2,064 | 102,952 | ||||||
New Jersey Resources Corp. | 3,374 | 102,941 | ||||||
Cleco Corp. | 1,888 | 102,613 | ||||||
WGL Holdings, Inc. | 1,861 | 102,374 | ||||||
Northwest Natural Gas Co. | 2,187 | 102,133 | ||||||
PNM Resources, Inc. | 3,672 | 102,008 | ||||||
El Paso Electric Co. | 2,741 | 101,993 | ||||||
NRG Yield, Inc. — Class A | 2,064 | 101,549 | ||||||
IDACORP, Inc. | 1,683 | 101,535 | ||||||
Chesapeake Utilities Corp. | 2,125 | 101,533 | ||||||
Connecticut Water Service, Inc. | 2,820 | 101,520 | ||||||
Avista Corp. | 3,111 | 101,481 | ||||||
Black Hills Corp. | 2,055 | 101,291 | ||||||
NorthWestern Corp. | 1,943 | 101,211 | ||||||
South Jersey Industries, Inc. | 1,910 | 100,753 | ||||||
Portland General Electric Co. | 2,864 | 100,698 | ||||||
Ormat Technologies, Inc. | 2,745 | 100,440 | ||||||
American States Water Co. | 2,609 | 100,160 | ||||||
California Water Service Group | 4,174 | 99,633 | ||||||
MGE Energy, Inc. | 2,395 | 99,345 | ||||||
SJW Corp. | 3,391 | 99,187 | ||||||
Southwest Gas Corp. | 1,803 | 99,165 | ||||||
ALLETE, Inc. | 1,968 | 98,990 | ||||||
Empire District Electric Co. | 4,177 | 98,452 | ||||||
Otter Tail Corp. | 3,178 | 95,054 | ||||||
EnerNOC, Inc.* | 6,102 | 67,427 | ||||||
Ameresco, Inc. — Class A* | 8,871 | 59,613 | ||||||
PICO Holdings, Inc.* | 806 | 14,516 | ||||||
Total Utilities | 3,639,630 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 57 |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2015 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
BASIC MATERIALS - 5.6% | ||||||||
Orchids Paper Products Co. | 5,071 | $ | 108,977 | |||||
Ring Energy, Inc.* | 6,213 | 75,426 | ||||||
Stepan Co. | 1,295 | 65,954 | ||||||
Koppers Holdings, Inc. | 2,755 | 61,932 | ||||||
Chemtura Corp.* | 2,036 | 61,345 | ||||||
Zep, Inc. | 3,075 | 61,131 | ||||||
Horsehead Holding Corp.* | 4,049 | 60,533 | ||||||
AK Steel Holding Corp.* | 11,852 | 60,208 | ||||||
Schnitzer Steel Industries, Inc. — Class A | 3,401 | 59,245 | ||||||
KMG Chemicals, Inc. | 2,020 | 59,146 | ||||||
Kraton Performance Polymers, Inc.* | 2,595 | 58,491 | ||||||
Noranda Aluminum Holding Corp. | 17,305 | 57,799 | ||||||
US Silica Holdings, Inc.1 | 1,534 | 57,295 | ||||||
Ferro Corp.* | 4,221 | 56,941 | ||||||
Commercial Metals Co. | 3,422 | 56,805 | ||||||
Olin Corp. | 1,921 | 56,727 | ||||||
Globe Specialty Metals, Inc. | 2,813 | 56,035 | ||||||
Calgon Carbon Corp. | 2,523 | 55,985 | ||||||
Kronos Worldwide, Inc. | 4,145 | 55,750 | ||||||
PolyOne Corp. | 1,419 | 55,412 | ||||||
Materion Corp. | 1,379 | 55,146 | ||||||
Intrepid Potash, Inc.* | 4,391 | 55,019 | ||||||
Rentech, Inc.* | 45,844 | 55,013 | ||||||
Kaiser Aluminum Corp. | 680 | 54,652 | ||||||
American Vanguard Corp. | 4,987 | 54,408 | ||||||
Gold Resource Corp.1 | 16,130 | 54,358 | ||||||
Worthington Industries, Inc. | 2,003 | 54,141 | ||||||
United States Lime & Minerals, Inc. | 817 | 53,922 | ||||||
Hawkins, Inc. | 1,359 | 53,613 | ||||||
OM Group, Inc. | 1,774 | 53,291 | ||||||
Quaker Chemical Corp. | 640 | 53,261 | ||||||
Landec Corp.* | 3,741 | 53,160 | ||||||
Sensient Technologies Corp. | 812 | 53,072 | ||||||
Stillwater Mining Co.* | 3,904 | 52,431 | ||||||
Clearwater Paper Corp.* | 819 | 52,391 | ||||||
Coeur Mining, Inc.* | 10,032 | 52,367 | ||||||
Oil-Dri Corporation of America | 1,589 | 52,151 | ||||||
Tronox Ltd. — Class A | 2,487 | 52,103 | ||||||
Neenah Paper, Inc. | 847 | 51,218 | ||||||
OMNOVA Solutions, Inc.* | 6,404 | 51,168 | ||||||
Schweitzer-Mauduit International, Inc. | 1,154 | 51,018 | ||||||
Deltic Timber Corp. | 793 | 50,752 | ||||||
Hecla Mining Co. | 16,804 | 50,748 | ||||||
HB Fuller Co. | 1,196 | 49,957 | ||||||
Innospec, Inc. | 1,141 | 49,862 | ||||||
Minerals Technologies, Inc. | 732 | 49,578 | ||||||
Resolute Forest Products, Inc.* | 3,204 | 49,406 | ||||||
A. Schulman, Inc. | 1,163 | 49,369 | ||||||
PH Glatfelter Co. | 1,963 | 48,682 | ||||||
Axiall Corp. | 1,181 | 48,185 | ||||||
Innophos Holdings, Inc. | 910 | 48,084 | ||||||
Balchem Corp. | 917 | 48,069 | ||||||
Century Aluminum Co.* | 3,588 | 46,249 | ||||||
Aceto Corp. | 2,379 | 46,105 | ||||||
Shiloh Industries, Inc.* | 3,785 | 44,020 | ||||||
Universal Stainless & Alloy Products, Inc.* | 2,043 | 42,903 | ||||||
Total Basic Materials | 3,081,009 | |||||||
DIVERSIFIED - 0.2% | ||||||||
Horizon Pharma plc* | 871 | 24,493 | ||||||
HRG Group, Inc.* | 1,072 | 13,432 | ||||||
Tiptree Financial, Inc. — Class A | 1,985 | 13,379 | ||||||
National Bank Holdings Corp. — Class A | 697 | 13,243 | ||||||
FCB Financial Holdings, Inc. — Class A* | 491 | 13,139 | ||||||
Resource America, Inc. — Class A | 1,446 | 12,349 | ||||||
Total Diversified | 90,035 | |||||||
GOVERNMENT - 0.0% | ||||||||
Banco Latinoamericano de Comercio Exterior S.A. — Class E | 400 | 12,708 | ||||||
Total Common Stocks | ||||||||
(Cost $50,754,625) | 54,841,622 | |||||||
RIGHTS††† - 0.0% | ||||||||
Leap Wireless International, Inc. | ||||||||
Expires 09/17/15 | 3,402 | 8,573 | ||||||
Total Rights | ||||||||
(Cost $8,301) | 8,573 | |||||||
SHORT TERM INVESTMENTS† - 0.2% | ||||||||
Federated U.S. Treasury Cash Reserve Fund 0.00% | 108,198 | 108,198 | ||||||
Total Short Term Investments | ||||||||
(Cost $108,198) | 108,198 |
58 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited)(concluded) | April 30, 2015 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF |
Face Amount | Value | |||||||
SECURITIES LENDING COLLATERAL††,2 - 6.3% | ||||||||
Repurchase Agreements | ||||||||
HSBC Securities, Inc. issued 04/30/15 at 0.09% due 05/01/15 | $ | 2,588,130 | $ | 2,588,130 | ||||
BNP Paribas Securities Corp. issued 04/30/15 at 0.10% due 05/01/15 | 479,980 | 479,980 | ||||||
Barclays Capital, Inc. issued 04/30/15 at 0.08% due 05/01/15 | 394,920 | 394,920 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $3,463,030) | 3,463,030 | |||||||
Total Investments - 106.2% | ||||||||
(Cost $54,334,154) | $ | 58,421,423 | ||||||
Other Assets & Liabilities, net - (6.2)% | (3,414,195 | ) | ||||||
Total Net Assets - 100.0% | $ | 55,007,228 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 4. |
†† | Value determined based on Level 2 inputs — See Note 4. |
††† | Value determined based on Level 3 inputs — See Note 4. |
1 | All or portion of this security is on loan at April 30, 2015 — See Note 5. |
2 | Securities lending collateral — See Note 5. |
plc — Public Limited Company | |
REIT — Real Estate Investment Trust |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 59 |
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2015 |
GUGGENHEIM MSCI EMERGING MARKETS EQUAL COUNTRY WEIGHT ETF |
Shares | Value | |||||||
COMMON STOCKS† - 89.9% | ||||||||
FINANCIAL - 37.3% | ||||||||
OTP Bank plc | 17,772 | $ | 394,406 | |||||
Commercial International Bank Egypt SAE GDR | 56,516 | 389,959 | ||||||
Credicorp Ltd. | 2,427 | 370,238 | ||||||
Komercni Banka AS | 1,105 | 246,070 | ||||||
Emaar Properties PJSC | 73,000 | 163,771 | ||||||
Powszechna Kasa Oszczednosci Bank Polski S.A. | 9,939 | 99,415 | ||||||
Bancolombia S.A. ADR | 2,006 | 90,812 | ||||||
Bank Central Asia Tbk PT | 84,484 | 87,824 | ||||||
Ayala Land, Inc. | 99,700 | 86,535 | ||||||
First Gulf Bank PJSC | 18,461 | 76,650 | ||||||
Powszechny Zaklad Ubezpieczen S.A. | 585 | 76,174 | ||||||
Turkiye Garanti Bankasi AS | 23,270 | 74,697 | ||||||
Itau Unibanco Holding S.A. ADR | 5,694 | 72,997 | ||||||
Grupo de Inversiones Suramericana S.A. | 4,441 | 72,436 | ||||||
Bank Pekao S.A. | 1,394 | 72,421 | ||||||
Public Bank BHD | 13,200 | 72,199 | ||||||
China Construction Bank Corp. | 3,492 | 67,347 | ||||||
Bank Rakyat Indonesia Persero Tbk PT | 73,700 | 66,095 | ||||||
Industrial & Commercial Bank of China Ltd. | 3,712 | 64,218 | ||||||
National Bank of Greece S.A. ADR* | 41,615 | 60,758 | ||||||
Malayan Banking BHD | 22,800 | 58,961 | ||||||
Bank Mandiri Persero Tbk PT | 67,700 | 56,145 | ||||||
Siam Commercial Bank PCL | 11,522 | 55,574 | ||||||
BDO Unibank, Inc. | 22,065 | 54,010 | ||||||
Ayala Corp. | 3,080 | 53,950 | ||||||
Banco Bradesco S.A. ADR | 5,012 | 53,578 | ||||||
Sberbank of Russia ADR | 8,902 | 53,154 | ||||||
Akbank TAS ADR | 9,118 | 52,793 | ||||||
Bank of China Ltd. | 3,047 | 52,104 | ||||||
Aldar Properties PJSC | 65,500 | 49,219 | ||||||
Abu Dhabi Commercial Bank PJSC | 23,000 | 46,777 | ||||||
Banco de Chile ADR | 629 | 44,156 | ||||||
Grupo Financiero Banorte SAB de CV — Class O | 7,609 | 43,333 | ||||||
National Bank of Abu Dhabi PJSC | 14,190 | 42,884 | ||||||
Banco Santander Chile ADR | 1,918 | 41,832 | ||||||
FirstRand Ltd. | 8,454 | 40,184 | ||||||
Bank Zachodni WBK S.A.* | 388 | 39,971 | ||||||
Standard Bank Group Ltd. | 2,699 | 39,810 | ||||||
SM Prime Holdings, Inc. | 91,700 | 38,427 | ||||||
Dubai Islamic Bank PJSC | 20,000 | 37,899 | ||||||
CIMB Group Holdings BHD | 22,800 | 37,771 | ||||||
Alpha Bank AE — Class B* | 102,088 | 35,577 | ||||||
Turkiye Halk Bankasi AS | 6,720 | 34,038 | ||||||
Turkiye Is Bankasi — Class C | 15,097 | 33,973 | ||||||
Ping An Insurance Group Company of China Ltd. | 1,169 | 33,597 | ||||||
China Overseas Land & Investment Ltd. | 8,000 | 33,492 | ||||||
Bank of the Philippine Islands | 14,540 | 33,077 | ||||||
Eurobank Ergasias S.A.* | 217,871 | 32,958 | ||||||
China Life Insurance Company Ltd. ADR | 453 | 32,919 | ||||||
Kasikornbank PCL | 1,265 | 32,409 | ||||||
Sanlam Ltd. | 2,251 | 29,488 | ||||||
Bank Negara Indonesia Persero Tbk PT | 56,100 | 27,807 | ||||||
Piraeus Bank S.A.* | 60,933 | 27,038 | ||||||
Corporation Financiera Colombiana S.A. | 1,639 | 26,160 | ||||||
Fubon Financial Holding Company Ltd. | 11,788 | 25,441 | ||||||
mBank S.A.* | 196 | 25,329 | ||||||
Shinhan Financial Group Company Ltd. ADR | 593 | 24,882 | ||||||
Dubai Financial Market PJSC | 41,500 | 24,744 | ||||||
VTB Bank OJSC GDR | 9,475 | 23,536 | ||||||
Emlak Konut Gayrimenkul Yatirim Ortakligi AS | 19,991 | 23,091 | ||||||
Evergrande Real Estate Group Ltd. | 24,272 | 23,016 | ||||||
AMMB Holdings BHD | 12,500 | 22,778 | ||||||
Cielo S.A. | 1,629 | 22,415 | ||||||
PICC Property & Casualty Company Ltd. — Class H | 10,000 | 22,242 | ||||||
Cathay Financial Holding Company Ltd. | 12,486 | 21,893 | ||||||
KB Financial Group, Inc. ADR | 553 | 21,086 | ||||||
Agricultural Bank of China Ltd. ADR | 1,478 | 20,840 | ||||||
Yapi ve Kredi Bankasi AS | 13,135 | 20,573 | ||||||
Corpbanca S.A. ADR | 1,173 | 19,882 | ||||||
Bangkok Bank PCL | 3,541 | 19,872 | ||||||
Banco de Credito e Inversiones | 396 | 19,742 | ||||||
Banco Bradesco ADR | 1,845 | 19,483 | ||||||
Turkiye Vakiflar Bankasi TAO — Class D | 10,836 | 19,240 | ||||||
CTBC Financial Holding Company Ltd. | 24,403 | 19,044 | ||||||
Mega Financial Holding Company Ltd. | 20,956 | 18,680 | ||||||
Shin Kong Financial Holding Company Ltd. | 56,478 | 18,349 | ||||||
Fibra Uno Administracion S.A. de CV | 7,208 | 17,962 | ||||||
Krung Thai Bank PCL | 29,597 | 17,957 | ||||||
BB Seguridade Participacoes S.A. | 1,534 | 17,748 | ||||||
Shanghai Industrial Holdings Ltd. | 4,432 | 17,725 | ||||||
Grupo Financiero Inbursa SAB de CV — Class O | 7,208 | 17,188 | ||||||
Nedbank Group Ltd. | 789 | 16,945 | ||||||
Hana Financial Group, Inc. | 569 | 16,826 | ||||||
RMB Holdings Ltd. | 2,783 | 16,694 | ||||||
Barclays Africa Group Ltd. | 1,009 | 16,083 | ||||||
Taiwan Business Bank* | 48,000 | 15,830 | ||||||
Central Pattana PCL | 12,414 | 15,816 | ||||||
Hong Leong Bank BHD | 4,000 | 15,814 | ||||||
Banco do Brasil S.A. | 1,754 | 15,260 | ||||||
Taiwan Cooperative Financial Holding Company Ltd. | 28,000 | 15,131 | ||||||
China Pacific Insurance Group Company Ltd. — Class H | 2,600 | 14,189 | ||||||
Samsung Securities Company Ltd. | 232 | 14,175 | ||||||
Yuanta Financial Holding Company Ltd. | 24,169 | 14,087 | ||||||
E.Sun Financial Holding Company Ltd. | 20,449 | 14,022 | ||||||
Country Garden Holdings Company Ltd. | 24,940 | 13,514 | ||||||
Growthpoint Properties Ltd. | 5,666 | 13,227 | ||||||
Redefine Properties Ltd. | 13,063 | 13,176 |
60 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2015 |
GUGGENHEIM MSCI EMERGING MARKETS EQUAL COUNTRY WEIGHT ETF |
Shares | Value | |||||||
First Financial Holding Company Ltd. | 20,327 | $ | 12,810 | |||||
Bank of Communications Company Ltd. — Class H | 12,444 | 12,795 | ||||||
China Merchants Bank Company Ltd. — Class H | 4,204 | 12,719 | ||||||
SinoPac Financial Holdings Company Ltd. | 28,000 | 12,708 | ||||||
Daewoo Securities Company Ltd. | 793 | 12,465 | ||||||
China Development Financial Holding Corp. | 29,000 | 12,120 | ||||||
Samsung Fire & Marine Insurance Company Ltd. | 44 | 11,595 | ||||||
China CITIC Bank Corporation Ltd. — Class H | 12,520 | 11,387 | ||||||
Grupo Financiero Santander Mexico SAB de CV ADR | 1,117 | 11,360 | ||||||
Hua Nan Financial Holdings Company Ltd. | 16,793 | 10,336 | ||||||
Yuexiu Property Company Ltd. | 40,000 | 9,805 | ||||||
Shimao Property Holdings Ltd. | 4,108 | 9,731 | ||||||
NH Investment & Securities Company Ltd. | 685 | 9,553 | ||||||
Hyundai Marine & Fire Insurance Company Ltd. | 356 | 9,498 | ||||||
China Life Insurance Company Ltd. | 8,642 | 9,171 | ||||||
China Minsheng Banking Corporation Ltd. — Class H | 6,175 | 9,066 | ||||||
BNK Financial Group, Inc. | 513 | 7,681 | ||||||
Taishin Financial Holding Company Ltd. | 16,420 | 7,533 | ||||||
Longfor Properties Company Ltd. | 4,232 | 7,371 | ||||||
Industrial Bank of Korea | 481 | 6,641 | ||||||
SOHO China Ltd. | 8,424 | 6,401 | ||||||
Chang Hwa Commercial Bank Ltd. | 8,926 | 5,465 | ||||||
Total Financial | 5,133,825 | |||||||
COMMUNICATIONS - 9.2% | ||||||||
Naspers Ltd. | 793 | 125,080 | ||||||
America Movil SAB de CV — Class L ADR | 4,994 | 104,324 | ||||||
Tencent Holdings Ltd. | 4,205 | 86,707 | ||||||
Philippine Long Distance Telephone Co. ADR | 1,305 | 84,094 | ||||||
Global Telecom Holding SAE GDR* | 35,973 | 78,780 | ||||||
China Mobile Ltd. ADR | 1,025 | 73,216 | ||||||
MTN Group Ltd. | 3,464 | 70,734 | ||||||
Telekomunikasi Indonesia Persero Tbk PT | 325,500 | 65,664 | ||||||
Hellenic Telecommunications Organization S.A.* | 6,868 | 62,337 | ||||||
Grupo Televisa SAB ADR* | 1,546 | 56,290 | ||||||
Advanced Info Service PCL | 7,548 | 54,953 | ||||||
O2 Czech Republic AS | 5,642 | 46,260 | ||||||
Turkcell Iletisim Hizmetleri AS ADR | 3,412 | 37,737 | ||||||
DiGi.com BHD | 16,900 | 28,519 | ||||||
Axiata Group BHD | 14,100 | 26,684 | ||||||
Mobile Telesystems OJSC ADR | 1,982 | 23,943 | ||||||
Chunghwa Telecom Company Ltd. ADR | 689 | 22,172 | ||||||
NAVER Corp. | 36 | 21,828 | ||||||
Orange Polska S.A. | 7,713 | 21,798 | ||||||
True Corporation PCL* | 57,200 | 21,169 | ||||||
Maxis BHD | 9,300 | 18,122 | ||||||
Turk Telekomunikasyon AS | 5,895 | 16,285 | ||||||
Telefonica Brasil S.A. ADR | 989 | 16,239 | ||||||
Cyfrowy Polsat S.A. | 2,211 | 15,389 | ||||||
China Unicom Hong Kong Ltd. ADR | 789 | 14,825 | ||||||
Telekom Malaysia BHD | 6,900 | 14,356 | ||||||
China Telecom Corporation Ltd. ADR | 164 | 12,166 | ||||||
Vodacom Group Ltd. | 909 | 11,372 | ||||||
Rostelecom OJSC ADR | 921 | 8,667 | ||||||
Samsung SDI Company Ltd. | 72 | 8,060 | ||||||
MegaFon OAO GDR | 368 | 6,256 | ||||||
Tim Participacoes S.A. ADR | 380 | 5,974 | ||||||
Sistema JSFC GDR | 621 | 4,689 | ||||||
Total Communications | 1,264,689 | |||||||
ENERGY - 8.3% | ||||||||
MOL Hungarian Oil & Gas plc | 3,268 | 181,767 | ||||||
Gazprom OAO ADR | 23,495 | 139,185 | ||||||
Lukoil OAO ADR | 2,066 | 105,780 | ||||||
Ecopetrol S.A. ADR1 | 4,421 | 75,688 | ||||||
PTT PCL | 6,767 | 73,079 | ||||||
Polski Koncern Naftowy Orlen S.A. | 3,272 | 62,084 | ||||||
Sasol Ltd. ADR | 1,101 | 44,315 | ||||||
NovaTek OAO GDR | 388 | 37,713 | ||||||
Polskie Gornictwo Naftowe i Gazownictwo S.A. | 20,199 | 36,378 | ||||||
Tatneft OAO ADR | 989 | 33,962 | ||||||
PTT Exploration & Production PCL | 9,522 | 33,796 | ||||||
China Petroleum & Chemical Corp. ADR | 344 | 32,498 | ||||||
Petroleo Brasileiro S.A. ADR* | 3,596 | 31,213 | ||||||
Tupras Turkiye Petrol Rafinerileri AS* | 1,265 | 30,689 | ||||||
KOC Holding AS | 1,297 | 30,220 | ||||||
CNOOC Ltd. ADR | 172 | 29,455 | ||||||
PetroChina Company Ltd. ADR | 208 | 26,815 | ||||||
Petroleo Brasileiro S.A. ADR*,1 | 2,611 | 24,805 | ||||||
Rosneft OAO GDR | 4,926 | 24,334 | ||||||
Surgutneftegas OAO ADR | 3,284 | 23,809 | ||||||
GS Holdings Corp. | 304 | 14,236 | ||||||
SapuraKencana Petroleum BHD | 17,600 | 13,145 | ||||||
China Shenhua Energy Company Ltd. | 1,117 | 11,561 | ||||||
SK Innovation Company Ltd.* | 96 | 10,567 | ||||||
SK Holdings Company Ltd. | 56 | 9,664 | ||||||
China Longyuan Power Group Corporation Ltd. — Class H | 5,000 | 6,231 | ||||||
Total Energy | 1,142,989 | |||||||
CONSUMER, NON-CYCLICAL - 8.0% | ||||||||
Richter Gedeon Nyrt | 11,073 | 186,648 | ||||||
DP World Ltd. | 3,493 | 80,618 | ||||||
Universal Robina Corp. | 12,330 | 60,308 | ||||||
JG Summit Holdings, Inc. | 35,920 | 57,675 | ||||||
Ambev S.A. ADR | 9,106 | 57,641 | ||||||
Magnit PJSC GDR | 1,029 | 56,749 | ||||||
Fomento Economico Mexicano SAB de CV ADR | 585 | 52,936 | ||||||
BIM Birlesik Magazalar AS | 2,130 | 39,413 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 61 |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2015 |
GUGGENHEIM MSCI EMERGING MARKETS EQUAL COUNTRY WEIGHT ETF |
Shares | Value | |||||||
Cencosud S.A. | 14,797 | $ | 38,339 | |||||
Unilever Indonesia Tbk PT | 11,000 | 36,150 | ||||||
BRF S.A. ADR | 1,293 | 27,761 | ||||||
International Container Terminal Services, Inc. | 11,090 | 27,395 | ||||||
Aspen Pharmacare Holdings Ltd.* | 801 | 24,252 | ||||||
Kalbe Farma Tbk PT | 157,500 | 21,810 | ||||||
IHH Healthcare BHD | 12,800 | 21,276 | ||||||
Cia Cervecerias Unidas S.A. ADR | 949 | 20,755 | ||||||
Bidvest Group Ltd. | 765 | 20,646 | ||||||
IOI Corporation BHD | 14,900 | 18,157 | ||||||
Bangkok Dusit Medical Services PCL — Class F | 28,432 | 17,422 | ||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS* | 2,046 | 17,208 | ||||||
Shoprite Holdings Ltd. | 1,081 | 15,645 | ||||||
Kuala Lumpur Kepong BHD | 2,500 | 15,541 | ||||||
Indofood Sukses Makmur Tbk PT | 29,300 | 15,257 | ||||||
Charoen Pokphand Indonesia Tbk PT | 66,500 | 14,544 | ||||||
Gudang Garam Tbk PT | 3,700 | 14,272 | ||||||
Grupo Bimbo SAB de CV* | 5,206 | 13,963 | ||||||
Coca-Cola Icecek AS | 817 | 13,850 | ||||||
Charoen Pokphand Foods PCL | 20,423 | 13,816 | ||||||
Want Want China Holdings Ltd. | 12,312 | 13,517 | ||||||
Uni-President Enterprises Corp. | 8,017 | 13,167 | ||||||
Cia Brasileira de Distribuicao ADR | 384 | 12,879 | ||||||
KT&G Corp. | 144 | 12,775 | ||||||
Mediclinic International Ltd. | 1,137 | 11,996 | ||||||
Tiger Brands Ltd. | 412 | 10,682 | ||||||
Coca-Cola Femsa SAB de CV ADR | 124 | 9,908 | ||||||
Life Healthcare Group Holdings Ltd. | 2,687 | 9,172 | ||||||
Celltrion, Inc.* | 25 | 1,999 | ||||||
Total Consumer, Non-cyclical | 1,096,142 | |||||||
BASIC MATERIALS - 6.0% | ||||||||
Southern Copper Corp. | 5,879 | 191,538 | ||||||
Cia de Minas Buenaventura S.A.A. ADR | 6,295 | 70,378 | ||||||
KGHM Polska Miedz S.A. | 1,482 | 51,924 | ||||||
MMC Norilsk Nickel OJSC ADR | 2,170 | 40,753 | ||||||
Empresas CMPC S.A. | 14,364 | 40,300 | ||||||
Grupo Mexico SAB de CV | 11,613 | 35,805 | ||||||
PTT Global Chemical PCL | 13,211 | 25,748 | ||||||
Vale S.A. ADR | 4,001 | 24,206 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 14,312 | 24,075 | ||||||
Sociedad Quimica y Minera de Chile S.A. ADR | 1,053 | 22,998 | ||||||
Vale S.A. ADR1 | 2,887 | 22,172 | ||||||
POSCO ADR | 360 | 21,269 | ||||||
Formosa Plastics Corp. | 8,240 | 21,228 | ||||||
Ultrapar Participacoes S.A. ADR | 917 | 20,944 | ||||||
Petronas Chemicals Group BHD | 12,500 | 20,602 | ||||||
Fibria Celulose S.A. ADR | 1,470 | 20,595 | ||||||
Nan Ya Plastics Corp. | 8,090 | 19,944 | ||||||
China Steel Corp. | 20,934 | 17,601 | ||||||
Uralkali PJSC GDR | 1,081 | 16,010 | ||||||
LG Chem Ltd. | 60 | 15,280 | ||||||
Hyundai Steel Co. | 204 | 14,976 | ||||||
Severstal PAO GDR | 973 | 10,781 | ||||||
Formosa Chemicals & Fibre Corp. | 4,180 | 10,673 | ||||||
CITIC Ltd. | 5,000 | 10,024 | ||||||
AngloGold Ashanti Ltd. ADR* | 877 | 9,936 | ||||||
Gerdau S.A. ADR | 2,799 | 9,405 | ||||||
Jiangxi Copper Company Ltd. — Class H | 4,444 | 9,219 | ||||||
Braskem S.A. ADR | 1,049 | 8,707 | ||||||
Gold Fields Ltd. ADR | 1,698 | 7,760 | ||||||
Korea Zinc Company Ltd. | 16 | 7,127 | ||||||
Total Basic Materials | 821,978 | |||||||
CONSUMER, CYCLICAL - 6.0% | ||||||||
SACI Falabella | 10,848 | 84,618 | ||||||
Astra International Tbk PT | 124,100 | 65,580 | ||||||
OPAP S.A. | 5,983 | 53,299 | ||||||
SM Investments Corp. | 2,361 | 47,745 | ||||||
CP ALL PCL | 32,361 | 41,230 | ||||||
Almacenes Exito S.A. | 3,816 | 40,647 | ||||||
Wal-Mart de Mexico SAB de CV | 16,018 | 37,790 | ||||||
Latam Airlines Group S.A. ADR* | 3,784 | 36,212 | ||||||
Steinhoff International Holdings Ltd. | 5,382 | 34,022 | ||||||
Hyundai Motor Co. | 180 | 28,376 | ||||||
Jollibee Foods Corp. | 6,330 | 28,288 | ||||||
FF Group* | 901 | 27,159 | ||||||
JUMBO S.A. | 2,623 | 27,011 | ||||||
Genting BHD | 9,700 | 23,831 | ||||||
Kia Motors Corp. | 449 | 20,775 | ||||||
Genting Malaysia BHD | 16,500 | 19,921 | ||||||
Hyundai Mobis Company Ltd. | 88 | 19,414 | ||||||
Matahari Department Store Tbk PT | 14,100 | 19,036 | ||||||
Great Wall Motor Company Ltd. — Class H | 2,468 | 18,834 | ||||||
Woolworths Holdings Limited/South Africa | 2,459 | 18,411 | ||||||
Turk Hava Yollari AO* | 5,286 | 17,547 | ||||||
LPP S.A. | 8 | 16,957 | ||||||
Dongfeng Motor Group Company Ltd. — Class H | 10,000 | 16,694 | ||||||
Mr Price Group Ltd. | 585 | 12,445 | ||||||
Cheng Shin Rubber Industry Company Ltd. | 4,199 | 10,064 | ||||||
Far Eastern New Century Corp. | 8,852 | 9,741 | ||||||
LG Corp. | 156 | 9,706 | ||||||
Samsung C&T Corp. | 172 | 9,178 | ||||||
Shinsegae Company Ltd. | 40 | 7,519 | ||||||
Kangwon Land, Inc. | 216 | 7,385 | ||||||
Lotte Shopping Company Ltd. | 24 | 5,799 | ||||||
Hankook Tire Company Ltd. | 112 | 4,712 | ||||||
Total Consumer, Cyclical | 819,946 | |||||||
UTILITIES - 5.9% | ||||||||
CEZ AS | 11,649 | 302,430 | ||||||
Enersis S.A. ADR | 4,537 | 80,621 | ||||||
Empresa Nacional de Electricidad S.A. ADR | 1,265 | 58,342 | ||||||
Tenaga Nasional BHD | 12,800 | 51,610 | ||||||
PGE Polska Grupa Energetyczna S.A. | 8,618 | 49,548 | ||||||
Colbun S.A. | 98,235 | 29,720 |
62 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2015 |
GUGGENHEIM MSCI EMERGING MARKETS EQUAL COUNTRY WEIGHT ETF |
Shares | Value | |||||||
Aboitiz Power Corp. | 30,000 | $ | 28,935 | |||||
Perusahaan Gas Negara Persero Tbk PT | 82,848 | 26,204 | ||||||
Energy Development Corp. | 143,000 | 26,012 | ||||||
Interconexion Electrica S.A. ESP | 7,036 | 23,457 | ||||||
Petronas Gas BHD | 3,600 | 22,966 | ||||||
Public Power Corporation S.A.* | 3,116 | 20,915 | ||||||
Aguas Andinas S.A. — Class A | 32,933 | 19,480 | ||||||
Energa S.A. | 2,687 | 18,620 | ||||||
Tauron Polska Energia S.A. | 12,670 | 16,921 | ||||||
Cia Energetica de Minas Gerais ADR | 2,178 | 10,716 | ||||||
CPFL Energia S.A. ADR | 752 | 9,795 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo ADR | 1,317 | 7,757 | ||||||
RusHydro JSC ADR | 5,666 | 6,856 | ||||||
Total Utilities | 810,905 | |||||||
INDUSTRIAL - 3.4% | ||||||||
Hon Hai Precision Industry Company Ltd. | 16,000 | 48,064 | ||||||
Grupo Argos S.A. | 5,366 | 41,817 | ||||||
Cemex SAB de CV ADR* | 3,811 | 36,658 | ||||||
Cementos Argos S.A. | 7,633 | 32,191 | ||||||
Titan Cement Company S.A. | 1,241 | 31,289 | ||||||
Airports of Thailand PCL | 3,200 | 28,151 | ||||||
Semen Indonesia Persero Tbk PT | 24,076 | 23,217 | ||||||
Delta Electronics, Inc. | 3,680 | 22,229 | ||||||
Indocement Tunggal Prakarsa Tbk PT | 11,672 | 18,909 | ||||||
Arabtec Holding PJSC* | 23,000 | 18,535 | ||||||
Gamuda BHD | 12,000 | 17,621 | ||||||
Cemex Latam Holdings S.A.* | 3,096 | 17,160 | ||||||
MISC BHD | 6,000 | 15,415 | ||||||
BTS Group Holdings PCL | 52,460 | 14,720 | ||||||
Taiwan Cement Corp. | 8,296 | 11,810 | ||||||
Embraer S.A. ADR | 368 | 11,474 | ||||||
LG Electronics, Inc. | 200 | 11,269 | ||||||
China National Building Material Company Ltd. — Class H | 8,768 | 10,678 | ||||||
China Everbright International Ltd. | 5,000 | 9,366 | ||||||
Hyundai Heavy Industries Company Ltd.* | 68 | 8,881 | ||||||
LG Display Company Ltd. ADR | 637 | 8,803 | ||||||
Orascom Construction Industries SAE GDR* | 434 | 8,680 | ||||||
Hyundai Engineering & Construction Company Ltd. | 152 | 7,359 | ||||||
China Communications Construction Company Ltd. — Class H | 4,012 | 7,340 | ||||||
Asia Cement Corp. | 4,201 | 5,322 | ||||||
Total Industrial | 466,958 | |||||||
TECHNOLOGY - 3.4% | ||||||||
Samsung Electronics Company Ltd.GDR2 | 248 | 163,307 | ||||||
Taiwan Semiconductor Manufacturing Company Ltd. ADR | 6,523 | 159,422 | ||||||
MediaTek, Inc. | 4,000 | 51,590 | ||||||
SK Hynix, Inc. | 701 | 30,178 | ||||||
Quanta Computer, Inc. | 5,000 | 12,571 | ||||||
Advanced Semiconductor Engineering, Inc. ADR | 1,626 | 11,594 | ||||||
United Microelectronics Corp. ADR | 3,360 | 8,131 | ||||||
Siliconware Precision Industries Company Ltd. ADR | 941 | 7,632 | ||||||
Innolux Corp. | 12,820 | 6,656 | ||||||
Inotera Memories, Inc.* | 5,000 | 5,804 | ||||||
SK C&C Company Ltd. | 24 | 5,698 | ||||||
Total Technology | 462,583 | |||||||
DIVERSIFIED - 2.1% | ||||||||
Empresas COPEC S.A. | 5,366 | 61,596 | ||||||
Siam Cement PCL | 2,400 | 39,169 | ||||||
Sime Darby BHD | 14,000 | 35,614 | ||||||
Aboitiz Equity Ventures, Inc. | 27,830 | 35,405 | ||||||
Haci Omer Sabanci Holding AS | 9,106 | 33,256 | ||||||
Remgro Ltd. | 1,185 | 26,235 | ||||||
Alfa SAB de CV — Class A | 8,410 | 17,054 | ||||||
IJM Corporation BHD | 8,100 | 16,671 | ||||||
CJ Corp. | 60 | 10,690 | ||||||
LS Corp. | 144 | 7,267 | ||||||
Total Diversified | 282,957 | |||||||
CONSUMER STAPLES - 0.1% | ||||||||
Kimberly-Clark de Mexico, SAB de CV1 | 929 | 10,274 | ||||||
JBS S.A. | 837 | 8,521 | ||||||
Total Consumer Staples | 18,795 | |||||||
CONSUMER DISCRETIONARY - 0.1% | ||||||||
Kroton Educational S.A. | 3,092 | 11,008 | ||||||
Estacio Participacoes S.A. | 1,037 | 6,564 | ||||||
Total Consumer Discretionary | 17,572 | |||||||
MATERIALS - 0.1% | ||||||||
Impala Platinum Holdings Ltd.* | 1,502 | 8,261 | ||||||
Total Common Stocks | ||||||||
(Cost $11,659,146) | 12,347,600 | |||||||
PREFERRED STOCKS† - 0.8% | ||||||||
Grupo Aval Acciones y Valores S.A.* | 67,208 | 33,889 | ||||||
Grupo de Inversiones Suramericana | 1,966 | 29,085 | ||||||
Samsung Electronics Company, Ltd.* | 24 | 24,403 | ||||||
Banco Davivienda S.A.* | 1,934 | 22,325 | ||||||
Hyundai Motor Co.* | 56 | 6,373 | ||||||
Total Preferred Stocks | ||||||||
(Cost $114,112) | 116,075 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 63 |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2015 |
GUGGENHEIM MSCI EMERGING MARKETS EQUAL COUNTRY WEIGHT ETF |
Shares | Value | |||||||
EXCHANGE-TRADED FUNDS† - 8.6% | ||||||||
iShares MSCI India ETF | 18,294 | $ | 537,570 | |||||
iShares MSCI Qatar Capped ETF1 | 22,635 | 529,659 | ||||||
Market Vectors Egypt Index ETF | 2,186 | 116,273 | ||||||
Total Exchange-Traded Funds | ||||||||
(Cost $1,246,947) | 1,183,502 | |||||||
SHORT TERM INVESTMENTS† - 0.4% | ||||||||
Federated U.S. Treasury Cash Reserve Fund 0.00% | 49,262 | 49,262 | ||||||
Total Short Term Investments | ||||||||
(Cost $49,262) | 49,262 |
Face Amount | ||||||||
SECURITIES LENDING COLLATERAL††,3 - 1.4% | ||||||||
Repurchase Agreements | ||||||||
HSBC Securities, Inc. issued 04/30/15 at 0.09% due 05/01/15 | $ | 141,379 | 141,379 | |||||
BNP Paribas Securities Corp. issued 04/30/15 at 0.10% due 05/01/15 | 26,219 | 26,219 | ||||||
Barclays Capital, Inc. issued 04/30/15 at 0.08% due 05/01/15 | 21,573 | 21,573 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $189,171) | 189,171 | |||||||
Total Investments - 101.1% | ||||||||
(Cost $13,258,638) | $ | 13,885,610 | ||||||
Other Assets & Liabilities, net - (1.1)% | (145,585 | ) | ||||||
Total Net Assets - 100.0% | $ | 13,740,025 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 4. |
†† | Value determined based on Level 2 inputs — See Note 4. |
1 | All or portion of this security is on loan at April 30, 2015 — See Note 5. |
2 | Security is a 144A or Section 4(a)(2) security. The total market value of 144A or Section 4(a)(2) securities is $163,307 (cost $148,826), or 1.2% of total net assets. |
3 | Securities lending collateral — See Note 5. |
ADR — American Depositary Receipt | |
GDR — Global Depositary Receipt | |
plc — Public Limited Company |
64 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited)(concluded) | April 30, 2015 |
GUGGENHEIM MSCI EMERGING MARKETS EQUAL COUNTRY WEIGHT ETF |
INVESTMENT CONCENTRATION
At April 30, 2015, the investment diversification of the Fund by country was as follows:
Country | % of Total Investments |
United States | 9.0% |
China | 6.3% |
Hungary | 5.6% |
Taiwan, Province of China | 5.2% |
Republic of Korea | 4.9% |
Philippines | 4.8% |
Mexico | 4.8% |
South Africa | 4.7% |
Chile | 4.5% |
Russian Federation | 4.5% |
Poland | 4.4% |
Czech Republic | 4.3% |
Malaysia | 4.3% |
Indonesia | 4.1% |
Brazil | 4.0% |
United Arab Emirates | 3.9% |
Turkey | 3.8% |
Thailand | 3.7% |
Colombia | 3.7% |
Egypt | 3.5% |
Peru | 3.2% |
Greece | 2.8% |
Total Investments | 100.0% |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 65 |
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2015 |
GUGGENHEIM S&P 500® EQUAL WEIGHT CONSUMER DISCRETIONARY ETF |
Shares | Value | |||||||
COMMON STOCKS† - 99.9% | ||||||||
RETAIL-APPAREL/SHOE - 6.9% | ||||||||
PVH Corp. | 24,230 | $ | 2,504,170 | |||||
L Brands, Inc. | 25,913 | 2,315,586 | ||||||
The Gap, Inc. | 57,321 | 2,272,204 | ||||||
Ross Stores, Inc. | 22,231 | 2,198,201 | ||||||
Coach, Inc. | 57,169 | 2,184,427 | ||||||
Urban Outfitters, Inc.* | 52,591 | 2,105,744 | ||||||
Total Retail-Apparel/Shoe | 13,580,332 | |||||||
RETAIL-RESTAURANTS - 6.1% | ||||||||
Yum! Brands, Inc. | 30,419 | 2,614,817 | ||||||
Starbucks Corp. | 50,546 | 2,506,071 | ||||||
Darden Restaurants, Inc. | 37,362 | 2,382,575 | ||||||
McDonald’s Corp. | 24,468 | 2,362,385 | ||||||
Chipotle Mexican Grill, Inc. — Class A* | 3,494 | 2,170,962 | ||||||
Total Retail-Restaurants | 12,036,810 | |||||||
APPAREL MANUFACTURERS - 5.9% | ||||||||
Ralph Lauren Corp. — Class A | 18,133 | 2,419,123 | ||||||
Under Armour, Inc. — Class A* | 31,001 | 2,404,127 | ||||||
VF Corp. | 32,327 | 2,341,445 | ||||||
Michael Kors Holdings Ltd.* | 36,416 | 2,252,694 | ||||||
Hanesbrands, Inc. | 72,298 | 2,247,022 | ||||||
Total Apparel Manufacturers | 11,664,411 | |||||||
E-COMMERCE/SERVICES - 5.2% | ||||||||
Netflix, Inc.* | 5,377 | 2,992,301 | ||||||
Priceline Group, Inc.* | 2,035 | 2,518,943 | ||||||
Expedia, Inc. | 25,833 | 2,434,244 | ||||||
TripAdvisor, Inc.* | 28,571 | 2,299,680 | ||||||
Total E-Commerce/Services | 10,245,168 | |||||||
CABLE/SATELLITE TV - 5.0% | ||||||||
Cablevision Systems Corp. — Class A | 132,007 | 2,637,500 | ||||||
DIRECTV* | 27,677 | 2,510,442 | ||||||
Time Warner Cable, Inc. | 15,213 | 2,365,926 | ||||||
Comcast Corp. — Class A | 39,927 | 2,306,184 | ||||||
Total Cable/Satellite TV | 9,820,052 | |||||||
MULTIMEDIA - 4.8% | ||||||||
Walt Disney Co. | 22,150 | 2,408,148 | ||||||
Viacom, Inc. — Class B | 34,605 | 2,403,317 | ||||||
Time Warner, Inc. | 28,036 | 2,366,519 | ||||||
Twenty-First Century Fox, Inc. — Class A | 69,299 | 2,361,710 | ||||||
Total Multimedia | 9,539,694 | |||||||
RETAIL-DISCOUNT - 4.7% | ||||||||
Target Corp. | 29,775 | 2,347,163 | ||||||
Family Dollar Stores, Inc. | 29,730 | 2,323,102 | ||||||
Dollar General Corp. | 31,729 | 2,307,016 | ||||||
Dollar Tree, Inc.* | 28,782 | 2,199,233 | ||||||
Total Retail-Discount | 9,176,514 | |||||||
AUTO/TRUCK PARTS & EQUIPMENTS - 3.7% | ||||||||
Delphi Automotive plc | 30,698 | 2,547,934 | ||||||
Johnson Controls, Inc. | 48,292 | 2,432,951 | ||||||
BorgWarner, Inc. | 40,097 | 2,373,742 | ||||||
Total Auto/Truck Parts & Equipments | 7,354,627 | |||||||
HOTELS & MOTELS - 3.6% | ||||||||
Starwood Hotels & Resorts Worldwide, Inc. | 29,190 | 2,508,880 | ||||||
Marriott International, Inc. — Class A | 28,723 | 2,299,276 | ||||||
Wyndham Worldwide Corp. | 26,314 | 2,247,216 | ||||||
Total Hotels & Motels | 7,055,372 | |||||||
�� | ||||||||
BUILDINGS-RESIDENTIAL/COMMERCIAL - 3.4% | ||||||||
DR Horton, Inc. | 89,473 | 2,272,615 | ||||||
Lennar Corp. — Class A | 47,918 | 2,194,644 | ||||||
PulteGroup, Inc. | 111,997 | 2,161,542 | ||||||
Total Buildings-Residential/Commercial | 6,628,801 | |||||||
TOYS - 2.7% | ||||||||
Hasbro, Inc. | 38,822 | 2,748,210 | ||||||
Mattel, Inc. | 94,153 | 2,651,348 | ||||||
Total Toys | 5,399,558 | |||||||
RETAIL-AUTOMOBILE - 2.5% | ||||||||
CarMax, Inc.* | 37,232 | 2,535,871 | ||||||
AutoNation, Inc.* | 38,316 | 2,358,350 | ||||||
Total Retail-Automobile | 4,894,221 | |||||||
RETAIL-AUTO PARTS - 2.5% | ||||||||
O’Reilly Automotive, Inc.* | 11,214 | 2,442,746 | ||||||
AutoZone, Inc.* | 3,602 | 2,422,921 | ||||||
Total Retail-Auto Parts | 4,865,667 | |||||||
DISTRIBUTION/WHOLESALE - 2.4% | ||||||||
Fossil Group, Inc.* | 29,402 | 2,469,180 | ||||||
Genuine Parts Co. | 24,955 | 2,242,207 | ||||||
Total Distribution/Wholesale | 4,711,387 | |||||||
RETAIL-REGIONAL DEPARTMENT STORES - 2.4% | ||||||||
Macy’s, Inc. | 37,210 | 2,404,882 | ||||||
Kohl’s Corp. | 31,815 | 2,279,545 | ||||||
Total Retail-Regional Department Stores | 4,684,427 | |||||||
BROADCAST SERVICES/PROGRAM - 2.4% | ||||||||
Scripps Networks Interactive, Inc. — Class A | 32,784 | 2,290,289 | ||||||
Discovery Communications, Inc. — Class C* | 48,737 | 1,473,320 | ||||||
Discovery Communications, Inc. — Class A* | 26,482 | 856,958 | ||||||
Total Broadcast Services/Program | 4,620,567 | |||||||
ADVERTISING AGENCIES - 2.3% | ||||||||
Omnicom Group, Inc. | 30,595 | 2,317,877 | ||||||
Interpublic Group of Companies, Inc. | 109,453 | 2,281,001 | ||||||
Total Advertising Agencies | 4,598,878 |
66 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2015 |
GUGGENHEIM S&P 500® EQUAL WEIGHT CONSUMER DISCRETIONARY ETF |
Shares | Value | |||||||
PUBLISHING-NEWSPAPERS - 2.3% | ||||||||
Gannett Company, Inc. | 66,299 | $ | 2,275,381 | |||||
News Corp. — Class A* | 141,174 | 2,227,726 | ||||||
Total Publishing-Newspapers | 4,503,107 | |||||||
AUTO-CARS/LIGHT TRUCKS - 2.3% | ||||||||
Ford Motor Co. | 145,531 | 2,299,390 | ||||||
General Motors Co. | 61,962 | 2,172,388 | ||||||
Total Auto-Cars/Light Trucks | 4,471,778 | |||||||
RETAIL-MAJOR DEPARTMENT STORES - 2.3% | ||||||||
TJX Companies, Inc. | 34,675 | 2,237,924 | ||||||
Nordstrom, Inc. | 29,339 | 2,216,855 | ||||||
Total Retail-Major Department Stores | 4,454,779 | |||||||
RETAIL-BUILDING PRODUCTS - 2.2% | ||||||||
Home Depot, Inc. | 20,533 | 2,196,621 | ||||||
Lowe’s Companies, Inc. | 31,791 | 2,189,128 | ||||||
Total Retail-Building Products | 4,385,749 | |||||||
CRUISE LINES - 2.2% | ||||||||
Carnival Corp. | 52,008 | 2,286,792 | ||||||
Royal Caribbean Cruises Ltd. | 30,400 | 2,069,024 | ||||||
Total Cruise Lines | 4,355,816 | |||||||
E-COMMERCE/PRODUCTS - 1.4% | ||||||||
Amazon.com, Inc.* | 6,362 | 2,683,364 | ||||||
RUBBER-TIRES - 1.3% | ||||||||
Goodyear Tire & Rubber Co. | 93,428 | 2,650,085 | ||||||
ATHLETIC FOOTWEAR - 1.2% | ||||||||
NIKE, Inc. — Class B | 24,605 | 2,431,958 | ||||||
TELEVISION - 1.2% | ||||||||
CBS Corp. — Class B | 38,695 | 2,404,120 | ||||||
RETAIL-JEWELRY - 1.2% | ||||||||
Tiffany & Co. | 27,481 | 2,404,038 | ||||||
RETAIL-OFFICE SUPPLIES - 1.2% | ||||||||
Staples, Inc. | 147,257 | 2,403,234 | ||||||
AUDIO/VIDEO PRODUCTS - 1.2% | ||||||||
Harman International Industries, Inc. | 18,094 | 2,359,096 | ||||||
RETAIL-GARDENING PRODUCTS - 1.2% | ||||||||
Tractor Supply Co. | 27,330 | 2,352,020 | ||||||
HOME DECORATION PRODUCTS - 1.2% | ||||||||
Newell Rubbermaid, Inc. | 61,077 | 2,328,866 | ||||||
TEXTILE-HOME FURNISHINGS - 1.2% | ||||||||
Mohawk Industries, Inc.* | 13,200 | 2,290,200 | ||||||
MOTORCYCLE/MOTOR SCOOTER - 1.1% | ||||||||
Harley-Davidson, Inc. | 40,094 | 2,253,684 | ||||||
COMMERCIAL SERVICES-FINANCE - 1.1% | ||||||||
H&R Block, Inc. | 74,116 | 2,241,268 | ||||||
RETAIL-COMPUTER EQUIPMENTS - 1.1% | ||||||||
GameStop Corp. — Class A1 | 57,928 | 2,232,545 | ||||||
ELECTRONIC COMPONENTS-MISCELLANEOUS - 1.1% | ||||||||
Garmin Ltd. | 49,118 | 2,219,642 | ||||||
RETAIL-BEDDING - 1.1% | ||||||||
Bed Bath & Beyond, Inc.* | 31,304 | 2,205,680 | ||||||
DIVERSIFIED MANUFACTURING OPERATIONS - 1.1% | ||||||||
Leggett & Platt, Inc. | 51,851 | 2,202,112 | ||||||
APPLIANCES - 1.1% | ||||||||
Whirlpool Corp. | 11,929 | 2,094,732 | ||||||
CASINO HOTELS - 1.1% | ||||||||
Wynn Resorts Ltd. | 18,554 | 2,060,793 | ||||||
RETAIL-CONSUMER ELECTRONICS - 1.0% | ||||||||
Best Buy Company, Inc. | 58,169 | 2,015,556 | ||||||
Total Common Stocks | ||||||||
(Cost $183,383,007) | 196,880,708 | |||||||
SHORT TERM INVESTMENTS† - 0.1% | ||||||||
Federated U.S. Treasury Cash Reserve Fund 0.00% | 130,268 | 130,268 | ||||||
Total Short Term Investments | ||||||||
(Cost $130,268) | 130,268 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 67 |
SCHEDULE OF INVESTMENTS (Unaudited)(concluded) | April 30, 2015 |
GUGGENHEIM S&P 500® EQUAL WEIGHT CONSUMER DISCRETIONARY ETF |
Face Amount | Value | |||||||
SECURITIES LENDING COLLATERAL††,2 - 1.1% | ||||||||
Repurchase Agreements | ||||||||
HSBC Securities, Inc. issued 04/30/15 at 0.09% due 05/01/15 | $ | 1,692,298 | $ | 1,692,298 | ||||
BNP Paribas Securities Corp. issued 04/30/15 at 0.10% due 05/01/15 | 313,844 | 313,844 | ||||||
Barclays Capital, Inc. issued 04/30/15 at 0.08% due 05/01/15 | 258,226 | 258,226 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $2,264,368) | 2,264,368 | |||||||
Total Investments - 101.1% | ||||||||
(Cost $185,777,643) | $ | 199,275,344 | ||||||
Other Assets & Liabilities, net - (1.1)% | (2,230,928 | ) | ||||||
Total Net Assets - 100.0% | $ | 197,044,416 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 4. |
†† | Value determined based on Level 2 inputs — See Note 4. |
1 | All or portion of this security is on loan at April 30, 2015 — See Note 5. |
2 | Securities lending collateral — See Note 5. |
plc — Public Limited Company |
68 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2015 |
GUGGENHEIM S&P 500® EQUAL WEIGHT CONSUMER STAPLES ETF |
Shares | Value | |||||||
COMMON STOCKS† - 99.7% | ||||||||
FOOD-MISCELLANEOUS/DIVERSIFIED - 19.9% | ||||||||
Kraft Foods Group, Inc. | 112,273 | $ | 9,515,136 | |||||
Mondelez International, Inc. — Class A | 200,569 | 7,695,833 | ||||||
ConAgra Foods, Inc. | 203,936 | 7,372,286 | ||||||
General Mills, Inc. | 132,723 | 7,344,891 | ||||||
McCormick & Company, Inc. | 96,159 | 7,240,773 | ||||||
Kellogg Co. | 111,370 | 7,053,062 | ||||||
Campbell Soup Co. | 152,692 | 6,826,859 | ||||||
Total Food-Miscellaneous/Diversified | 53,048,840 | |||||||
BEVERAGES-NON-ALCOHOLIC - 13.2% | ||||||||
Coca-Cola Enterprises, Inc. | 165,390 | 7,344,969 | ||||||
Coca-Cola Co. | 173,429 | 7,034,280 | ||||||
Monster Beverage Corp.* | 51,088 | 7,004,676 | ||||||
PepsiCo, Inc. | 73,383 | 6,980,191 | ||||||
Dr Pepper Snapple Group, Inc. | 90,255 | 6,731,218 | ||||||
Total Beverages-Non-alcoholic | 35,095,334 | |||||||
TOBACCO - 10.8% | ||||||||
Philip Morris International, Inc. | 89,137 | 7,440,265 | ||||||
Reynolds American, Inc. | 99,062 | 7,261,245 | ||||||
Lorillard, Inc. | 103,399 | 7,223,454 | ||||||
Altria Group, Inc. | 134,688 | 6,741,134 | ||||||
Total Tobacco | 28,666,098 | |||||||
COSMETICS & TOILETRIES - 7.7% | ||||||||
Estee Lauder Companies, Inc. — Class A | 85,950 | 6,986,876 | ||||||
Colgate-Palmolive Co. | 101,104 | 6,802,277 | ||||||
Procter & Gamble Co. | 84,583 | 6,725,194 | ||||||
Total Cosmetics & Toiletries | 20,514,347 | |||||||
FOOD-MEAT PRODUCTS - 5.3% | ||||||||
Tyson Foods, Inc. — Class A | 184,971 | 7,306,354 | ||||||
Hormel Foods Corp. | 125,279 | 6,808,914 | ||||||
Total Food-Meat Products | 14,115,268 | |||||||
BEVERAGES-WINE/SPIRITS - 5.2% | ||||||||
Brown-Forman Corp. — Class B | 78,094 | 7,046,422 | ||||||
Constellation Brands, Inc. — Class A | 59,443 | 6,891,821 | ||||||
Total Beverages-Wine/Spirits | 13,938,243 | |||||||
CONSUMER PRODUCTS-MISCELLANEOUS - 5.2% | ||||||||
Kimberly-Clark Corp. | 65,427 | 7,176,688 | ||||||
Clorox Co. | 63,634 | 6,751,567 | ||||||
Total Consumer Products-Miscellaneous | 13,928,255 | |||||||
FOOD-CONFECTIONERY - 5.1% | ||||||||
JM Smucker Co. | 62,343 | 7,226,801 | ||||||
Hershey Co. | 69,300 | 6,370,056 | ||||||
Total Food-Confectionery | 13,596,857 | |||||||
RETAIL-DRUG STORE - 5.1% | ||||||||
Walgreens Boots Alliance, Inc. | 82,675 | 6,856,238 | ||||||
CVS Health Corp. | 67,029 | 6,655,309 | ||||||
Total Retail-Drug Store | 13,511,547 | |||||||
RETAIL-DISCOUNT - 5.0% | ||||||||
Costco Wholesale Corp. | 46,365 | 6,632,513 | ||||||
Wal-Mart Stores, Inc. | 84,514 | 6,596,318 | ||||||
Total Retail-Discount | 13,228,831 | |||||||
FOOD-RETAIL - 4.6% | ||||||||
Kroger Co. | 90,657 | 6,247,174 | ||||||
Whole Foods Market, Inc. | 127,680 | 6,097,997 | ||||||
Total Food-Retail | 12,345,171 | |||||||
AGRICULTURAL OPERATIONS - 2.7% | ||||||||
Archer-Daniels-Midland Co. | 149,494 | 7,307,267 | ||||||
BREWERY - 2.5% | ||||||||
Molson Coors Brewing Co. — Class B | 92,213 | 6,778,578 | ||||||
VITAMINS & NUTRITION PRODUCTS - 2.5% | ||||||||
Mead Johnson Nutrition Co. — Class A | 69,632 | 6,679,101 | ||||||
FOOD-WHOLESALE/DISTRIBUTION - 2.5% | ||||||||
Sysco Corp. | 179,454 | 6,645,182 | ||||||
COFFEE - 2.4% | ||||||||
Keurig Green Mountain, Inc. | 55,508 | 6,459,466 | ||||||
Total Common Stocks | ||||||||
(Cost $244,871,457) | 265,858,385 | |||||||
SHORT TERM INVESTMENTS† - 0.2% | ||||||||
Federated U.S. Treasury Cash Reserve Fund 0.00% | 477,681 | 477,681 | ||||||
Total Short Term Investments | ||||||||
(Cost $477,681) | 477,681 | |||||||
Total Investments - 99.9% | ||||||||
(Cost $245,349,138) | $ | 266,336,066 | ||||||
Other Assets & Liabilities, net - 0.1% | 282,190 | |||||||
Total Net Assets - 100.0% | $ | 266,618,256 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 4. |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 69 |
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2015 |
GUGGENHEIM S&P 500® EQUAL WEIGHT ENERGY ETF |
Shares | Value | |||||||
COMMON STOCKS† - 99.9% | ||||||||
OIL COMPANY-EXPLORATION & PRODUCTION - 41.9% | ||||||||
Range Resources Corp. | 80,944 | $ | 5,144,801 | |||||
Southwestern Energy Co.* | 164,025 | 4,597,621 | ||||||
Newfield Exploration Co.* | 116,897 | 4,587,038 | ||||||
Cabot Oil & Gas Corp. — Class A | 130,367 | 4,409,012 | ||||||
Anadarko Petroleum Corp. | 46,744 | 4,398,610 | ||||||
Devon Energy Corp. | 63,534 | 4,333,654 | ||||||
Equities Corp. | 48,088 | 4,325,035 | ||||||
Cimarex Energy Co. | 34,340 | 4,271,896 | ||||||
EOG Resources, Inc. | 42,930 | 4,247,924 | ||||||
Apache Corp. | 61,756 | 4,224,110 | ||||||
Noble Energy, Inc. | 83,260 | 4,222,947 | ||||||
Chesapeake Energy Corp.1 | 265,648 | 4,189,269 | ||||||
Pioneer Natural Resources Co. | 23,707 | 4,096,095 | ||||||
Hess Corp. | 53,127 | 4,085,466 | ||||||
QEP Resources, Inc. | 179,994 | 4,049,865 | ||||||
ConocoPhillips | 59,472 | 4,039,338 | ||||||
Occidental Petroleum Corp. | 50,328 | 4,031,273 | ||||||
Total Oil Company-Exploration & Production | 73,253,954 | |||||||
OIL & GAS DRILLING - 13.6% | ||||||||
Transocean Ltd.1 | 269,553 | 5,072,987 | ||||||
Ensco plc — Class A | 179,174 | 4,887,867 | ||||||
Noble Corporation plc1 | 270,350 | 4,679,759 | ||||||
Diamond Offshore Drilling, Inc.1 | 137,249 | 4,593,724 | ||||||
Helmerich & Payne, Inc. | 58,666 | 4,574,188 | ||||||
Total Oil & Gas Drilling | 23,808,525 | |||||||
PIPELINES - 9.2% | ||||||||
Williams Companies, Inc. | 79,452 | 4,067,149 | ||||||
Spectra Energy Corp. | 108,461 | 4,040,172 | ||||||
Kinder Morgan, Inc. | 91,831 | 3,944,141 | ||||||
ONEOK, Inc. | 81,700 | 3,929,770 | ||||||
Total Pipelines | 15,981,232 | |||||||
OIL COMPANY-INTEGRATED - 9.1% | ||||||||
Marathon Oil Corp. | 142,199 | 4,422,389 | ||||||
Chevron Corp. | 36,074 | 4,006,378 | ||||||
Exxon Mobil Corp. | 43,708 | 3,818,768 | ||||||
Murphy Oil Corp. | 78,280 | 3,726,911 | ||||||
Total Oil Company-Integrated | 15,974,446 | |||||||
OIL REFINING & MARKETING - 8.5% | ||||||||
Phillips 66 | 49,115 | 3,895,311 | ||||||
Marathon Petroleum Corp. | 38,109 | 3,756,404 | ||||||
Tesoro Corp. | 42,511 | 3,648,719 | ||||||
Valero Energy Corp. | 62,632 | 3,563,761 | ||||||
Total Oil Refining & Marketing | 14,864,195 | |||||||
OIL FIELD MACHINERY & EQUIPMENT - 7.5% | ||||||||
Cameron International Corp.* | 85,234 | 4,672,527 | ||||||
FMC Technologies, Inc.* | 99,996 | 4,409,824 | ||||||
National Oilwell Varco, Inc. | 74,709 | 4,064,917 | ||||||
Total Oil Field Machinery & Equipment | 13,147,268 | |||||||
OIL-FIELD SERVICES - 7.5% | ||||||||
Halliburton Co. | 91,238 | 4,466,099 | ||||||
Schlumberger Ltd. | 45,583 | 4,312,608 | ||||||
Baker Hughes, Inc. | 62,273 | 4,263,210 | ||||||
Total Oil-Field Services | 13,041,917 | |||||||
COAL - 2.6% | ||||||||
CONSOL Energy, Inc. | 138,024 | 4,483,020 | ||||||
Total Common Stocks | ||||||||
(Cost $189,864,832) | 174,554,557 |
Face Amount | ||||||||
SECURITIES LENDING COLLATERAL††,2 - 9.2% | ||||||||
Repurchase Agreements | ||||||||
HSBC Securities, Inc. issued 04/30/15 at 0.09% due 05/01/15 | $ | 12,057,107 | 12,057,107 | |||||
BNP Paribas Securities Corp. issued 04/30/15 at 0.10% due 05/01/15 | 2,236,045 | 2,236,045 | ||||||
Barclays Capital, Inc. issued 04/30/15 at 0.08% due 05/01/15 | 1,839,783 | 1,839,783 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $16,132,935) | 16,132,935 | |||||||
Total Investments - 109.1% | ||||||||
(Cost $205,997,767) | $ | 190,687,492 | ||||||
Other Assets & Liabilities, net - (9.1)% | (15,979,740 | ) | ||||||
Total Net Assets - 100.0% | $ | 174,707,752 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 4. |
†† | Value determined based on Level 2 inputs — See Note 4. |
1 | All or portion of this security is on loan at April 30, 2015 — See Note 5. |
2 | Securities lending collateral — See Note 5. |
plc — Public Limited Company |
70 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2015 |
GUGGENHEIM S&P 500® EQUAL WEIGHT FINANCIALS ETF |
Shares | Value | |||||||
COMMON STOCKS† - 99.9% | ||||||||
MULTI-LINE INSURANCE - 11.7% | ||||||||
Genworth Financial, Inc. — Class A* | 277,552 | $ | 2,439,681 | |||||
Loews Corp. | 51,091 | 2,127,428 | ||||||
XL Group plc — Class A | 56,370 | 2,090,200 | ||||||
American International Group, Inc. | 36,888 | 2,076,426 | ||||||
Assurant, Inc. | 33,325 | 2,048,155 | ||||||
Allstate Corp. | 29,330 | 2,043,128 | ||||||
MetLife, Inc. | 39,729 | 2,037,700 | ||||||
Hartford Financial Services Group, Inc. | 48,514 | 1,977,916 | ||||||
ACE Ltd. | 18,254 | 1,952,995 | ||||||
Cincinnati Financial Corp. | 38,406 | 1,944,880 | ||||||
Total Multi-Line Insurance | 20,738,509 | |||||||
SUPER-REGIONAL BANKS-U.S. - 10.4% | ||||||||
Fifth Third Bancorp | 106,920 | 2,138,399 | ||||||
Comerica, Inc. | 44,360 | 2,103,108 | ||||||
Capital One Financial Corp. | 25,501 | 2,061,756 | ||||||
KeyCorp | 140,595 | 2,031,598 | ||||||
Wells Fargo & Co. | 36,864 | 2,031,206 | ||||||
SunTrust Banks, Inc. | 48,078 | 1,995,237 | ||||||
Huntington Bancshares, Inc. | 183,455 | 1,992,321 | ||||||
U.S. Bancorp | 46,060 | 1,974,592 | ||||||
PNC Financial Services Group, Inc. | 21,314 | 1,955,133 | ||||||
Total Super-Regional Banks-U.S. | 18,283,350 | |||||||
INVESTMENT MANAGEMENT/ADVISORY SERVICES - 8.0% | ||||||||
Affiliated Managers Group, Inc.* | 9,674 | 2,187,581 | ||||||
Invesco Ltd. | 50,534 | 2,093,118 | ||||||
BlackRock, Inc. — Class A | 5,544 | 2,017,683 | ||||||
T. Rowe Price Group, Inc. | 24,820 | 2,014,888 | ||||||
Franklin Resources, Inc. | 38,844 | 2,002,797 | ||||||
Legg Mason, Inc. | 36,444 | 1,918,777 | ||||||
Ameriprise Financial, Inc. | 15,295 | 1,916,158 | ||||||
Total Investment Management/Advisory Services | 14,151,002 | |||||||
LIFE/HEALTH INSURANCE - 7.0% | ||||||||
Torchmark Corp. | 38,080 | 2,136,669 | ||||||
Unum Group | 61,319 | 2,094,657 | ||||||
Aflac, Inc. | 32,830 | 2,069,603 | ||||||
Principal Financial Group, Inc. | 40,417 | 2,066,117 | ||||||
Prudential Financial, Inc. | 25,139 | 2,051,342 | ||||||
Lincoln National Corp. | 35,389 | 1,999,125 | ||||||
Total Life/Health Insurance | 12,417,513 | |||||||
DIVERSIFIED BANKING INSTITUTIONS - 5.9% | ||||||||
Goldman Sachs Group, Inc. | 10,776 | 2,116,622 | ||||||
JPMorgan Chase & Co. | 33,441 | 2,115,478 | ||||||
Morgan Stanley | 56,123 | 2,093,949 | ||||||
Citigroup, Inc. | 38,100 | 2,031,492 | ||||||
Bank of America Corp. | 126,787 | 2,019,717 | ||||||
Total Diversified Banking Institutions | 10,377,258 | |||||||
REITs-DIVERSIFIED - 5.7% | ||||||||
American Tower Corp. — Class A | 21,649 | 2,046,479 | ||||||
Plum Creek Timber Company, Inc. | 48,478 | 2,045,772 | ||||||
Crown Castle International Corp. | 24,023 | 2,006,641 | ||||||
Vornado Realty Trust | 19,287 | 1,996,012 | ||||||
Weyerhaeuser Co. | 61,703 | 1,944,262 | ||||||
Total REITs-Diversified | 10,039,166 | |||||||
REITs-APARTMENTS - 4.5% | ||||||||
Apartment Investment & Management Co. — Class A | 53,152 | 2,005,425 | ||||||
Essex Property Trust, Inc. | 8,930 | 1,982,014 | ||||||
AvalonBay Communities, Inc. | 11,948 | 1,963,534 | ||||||
Equity Residential | 26,485 | 1,956,182 | ||||||
Total REITs-Apartments | 7,907,155 | |||||||
FIDUCIARY BANKS - 3.6% | ||||||||
State Street Corp. | 27,786 | 2,142,856 | ||||||
Bank of New York Mellon Corp. | 49,828 | 2,109,718 | ||||||
Northern Trust Corp. | 28,785 | 2,105,623 | ||||||
Total Fiduciary Banks | 6,358,197 | |||||||
REITs-HEALTH CARE - 3.4% | ||||||||
HCP, Inc. | 50,761 | 2,045,161 | ||||||
Ventas, Inc. | 29,098 | 2,004,852 | ||||||
Health Care REIT, Inc. | 27,193 | 1,958,440 | ||||||
Total REITs-Health Care | 6,008,453 | |||||||
PROPERTY & CASUALTY INSURANCE - 3.4% | ||||||||
Progressive Corp. | 77,012 | 2,053,140 | ||||||
Chubb Corp. | 20,335 | 1,999,947 | ||||||
Travelers Companies, Inc. | 19,115 | 1,932,718 | ||||||
Total Property & Casualty Insurance | 5,985,805 | |||||||
FINANCE-OTHER SERVICES - 3.3% | ||||||||
Intercontinental Exchange, Inc. | 8,902 | 1,998,767 | ||||||
NASDAQ OMX Group, Inc. | 40,599 | 1,974,329 | ||||||
CME Group, Inc. — Class A | 21,065 | 1,915,019 | ||||||
Total Finance-Other Services | 5,888,115 | |||||||
REITs-REGIONAL MALLS - 3.2% | ||||||||
Simon Property Group, Inc. | 11,090 | 2,012,724 | ||||||
General Growth Properties, Inc. | 68,801 | 1,885,147 | ||||||
Macerich Co. | 21,610 | 1,766,834 | ||||||
Total REITs-Regional Malls | 5,664,705 | |||||||
COMMERCIAL SERVICES-FINANCE - 2.4% | ||||||||
Moody’s Corp. | 21,008 | 2,258,780 | ||||||
McGraw Hill Financial, Inc. | 19,564 | 2,040,525 | ||||||
Total Commercial Services-Finance | 4,299,305 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 71 |
SCHEDULE OF INVESTMENTS (Unaudited)(concluded) | April 30, 2015 |
GUGGENHEIM S&P 500® EQUAL WEIGHT FINANCIALS ETF |
Shares | Value | |||||||
FINANCE-INVESTMENT BANKERS/BROKERS - 2.4% | ||||||||
E*TRADE Financial Corp.* | 72,924 | $ | 2,099,482 | |||||
Charles Schwab Corp. | 67,240 | 2,050,820 | ||||||
Total Finance-Investment Bankers/Brokers | 4,150,302 | |||||||
INSURANCE BROKERS - 2.3% | ||||||||
Marsh & McLennan Companies, Inc. | 36,357 | 2,041,809 | ||||||
Aon plc | 21,055 | 2,026,123 | ||||||
Total Insurance Brokers | 4,067,932 | |||||||
COMMERCIAL BANKS-SOUTHERN U.S. - 2.3% | ||||||||
Regions Financial Corp. | 205,854 | 2,023,545 | ||||||
BB&T Corp. | 52,425 | 2,007,353 | ||||||
Total Commercial Banks-Southern U.S. | 4,030,898 | |||||||
FINANCE-CREDIT CARD - 2.2% | ||||||||
Discover Financial Services | 34,380 | 1,993,008 | ||||||
American Express Co. | 25,306 | 1,959,950 | ||||||
Total Finance-Credit Card | 3,952,958 | |||||||
REITs-OFFICE PROPERTY - 2.2% | ||||||||
Boston Properties, Inc. | 15,005 | 1,985,312 | ||||||
SL Green Realty Corp. | 16,009 | 1,958,861 | ||||||
Total REITs-Office Property | 3,944,173 | |||||||
REITs-STORAGE - 2.2% | ||||||||
Public Storage | 10,802 | 2,029,804 | ||||||
Iron Mountain, Inc. | 55,331 | 1,908,366 | ||||||
Total REITs-Storage | 3,938,170 | |||||||
SAVINGS & LOANS/THRIFTS-EASTERN U.S. - 2.2% | ||||||||
People’s United Financial, Inc. | 135,325 | 2,044,761 | ||||||
Hudson City Bancorp, Inc. | 199,806 | 1,858,196 | ||||||
Total Savings & Loans/Thrifts-Eastern U.S. | 3,902,957 | |||||||
REAL ESTATE MANAGEMENT/SERVICES - 1.3% | ||||||||
CBRE Group, Inc. — Class A* | 59,059 | 2,264,322 | ||||||
COMMERCIAL BANKS-WESTERN U.S. - 1.2% | ||||||||
Zions Bancorporation | 73,937 | 2,095,005 | ||||||
FINANCE-CONSUMER LOANS - 1.2% | ||||||||
Navient Corp. | 105,810 | 2,067,527 | ||||||
DIVERSIFIED OPERATIONS - 1.2% | ||||||||
Leucadia National Corp. | 86,476 | 2,055,535 | ||||||
REITs-SINGLE TENANT - 1.2% | ||||||||
Realty Income Corp. | 43,106 | 2,024,689 | ||||||
REINSURANCE - 1.1% | ||||||||
Berkshire Hathaway, Inc. — Class B* | 14,168 | 2,000,663 | ||||||
REITs-HOTELS - 1.1% | ||||||||
Host Hotels & Resorts, Inc. | 98,075 | 1,975,231 | ||||||
COMMERCIAL BANKS-EASTERN U.S. - 1.1% | ||||||||
M&T Bank Corp. | 16,293 | 1,949,783 | ||||||
REITs-WAREHOUSE/INDUSTRIES - 1.1% | ||||||||
Prologis, Inc. | 48,058 | 1,931,932 | ||||||
REITs-SHOPPING CENTERS - 1.1% | ||||||||
Kimco Realty Corp. | 78,341 | 1,888,018 | ||||||
Total Common Stocks | ||||||||
(Cost $173,389,623) | 176,358,628 | |||||||
SHORT TERM INVESTMENTS† - 0.1% | ||||||||
Federated U.S. Treasury Cash Reserve Fund 0.00% | 214,835 | 214,835 | ||||||
Total Short Term Investments | ||||||||
(Cost $214,835) | 214,835 | |||||||
Total Investments - 100.0% | ||||||||
(Cost $173,604,458) | $ | 176,573,463 | ||||||
Other Assets & Liabilities, net - 0.0% | 62,782 | |||||||
Total Net Assets - 100.0% | $ | 176,636,245 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 4. |
plc — Public Limited Company | |
REIT — Real Estate Investment Trust |
72 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2015 |
GUGGENHEIM S&P 500® EQUAL WEIGHT HEALTH CARE ETF |
Shares | Value | |||||||
COMMON STOCKS† - 99.7% | ||||||||
MEDICAL-DRUGS - 18.0% | ||||||||
AbbVie, Inc. | 213,349 | $ | 13,795,146 | |||||
Merck & Company, Inc. | 220,378 | 13,125,714 | ||||||
Eli Lilly & Co. | 177,263 | 12,739,892 | ||||||
Johnson & Johnson | 124,806 | 12,380,755 | ||||||
Pfizer, Inc. | 364,732 | 12,375,357 | ||||||
Abbott Laboratories | 264,455 | 12,276,001 | ||||||
Endo International plc* | 142,105 | 11,946,057 | ||||||
Zoetis, Inc. | 267,012 | 11,860,673 | ||||||
Bristol-Myers Squibb Co. | 185,519 | 11,823,126 | ||||||
Mallinckrodt plc* | 100,124 | 11,332,034 | ||||||
Total Medical-Drugs | 123,654,755 | |||||||
MEDICAL-BIOMEDICAL/GENETICS - 12.4% | ||||||||
Regeneron Pharmaceuticals, Inc.* | 28,858 | 13,201,382 | ||||||
Amgen, Inc. | 80,255 | 12,673,067 | ||||||
Gilead Sciences, Inc. | 124,316 | 12,495,001 | ||||||
Vertex Pharmaceuticals, Inc.* | 99,954 | 12,322,329 | ||||||
Alexion Pharmaceuticals, Inc.* | 69,996 | 11,845,423 | ||||||
Celgene Corp.* | 105,257 | 11,374,071 | ||||||
Biogen, Inc.* | 30,028 | 11,228,370 | ||||||
Total Medical-Biomedical/Genetics | 85,139,643 | |||||||
MEDICAL PRODUCTS - 10.7% | ||||||||
Baxter International, Inc. | 183,801 | 12,634,481 | ||||||
Stryker Corp. | 135,694 | 12,516,415 | ||||||
Henry Schein, Inc.* | 90,844 | 12,454,712 | ||||||
Becton Dickinson and Co. | 87,366 | 12,307,248 | ||||||
Varian Medical Systems, Inc.* | 132,769 | 11,796,526 | ||||||
Zimmer Holdings, Inc. | 106,613 | 11,710,372 | ||||||
Total Medical Products | 73,419,754 | |||||||
MEDICAL INSTRUMENTS - 9.1% | ||||||||
Boston Scientific Corp.* | 747,954 | 13,328,540 | ||||||
St. Jude Medical, Inc. | 186,912 | 13,093,186 | ||||||
Intuitive Surgical, Inc.* | 25,101 | 12,449,594 | ||||||
Medtronic plc | 162,094 | 12,067,898 | ||||||
Edwards Lifesciences Corp.* | 91,571 | 11,597,467 | ||||||
Total Medical Instruments | 62,536,685 | |||||||
MEDICAL-HMO - 9.0% | ||||||||
Aetna, Inc. | 119,249 | 12,744,140 | ||||||
Cigna Corp. | 101,019 | 12,591,008 | ||||||
Anthem, Inc. | 82,771 | 12,492,627 | ||||||
Humana, Inc. | 74,528 | 12,341,837 | ||||||
UnitedHealth Group, Inc. | 107,669 | 11,994,327 | ||||||
Total Medical-HMO | 62,163,939 |
MEDICAL-GENERIC DRUGS - 7.7% | ||||||||
Mylan N.V.* | 207,556 | 14,997,996 | ||||||
Perrigo Company plc | 74,501 | 13,654,543 | ||||||
Hospira, Inc.* | 142,131 | 12,406,615 | ||||||
Actavis plc* | 41,532 | 11,747,742 | ||||||
Total Medical-Generic Drugs | 52,806,896 | |||||||
INSTRUMENTS-SCIENTIFIC - 5.6% | ||||||||
PerkinElmer, Inc. | 261,447 | 13,401,773 | ||||||
Waters Corp.* | 102,510 | 12,833,227 | ||||||
Thermo Fisher Scientific, Inc. | 97,245 | 12,221,752 | ||||||
Total Instruments-Scientific | 38,456,752 | |||||||
MEDICAL-HOSPITALS - 5.5% | ||||||||
HCA Holdings, Inc.* | 172,926 | 12,798,253 | ||||||
Universal Health Services, Inc. — Class B | 108,670 | 12,708,957 | ||||||
Tenet Healthcare Corp.* | 261,813 | 12,530,370 | ||||||
Total Medical-Hospitals | 38,037,580 | |||||||
MEDICAL-WHOLESALE DRUG DISTRIBUTION - 5.5% | ||||||||
AmerisourceBergen Corp. — Class A | 116,903 | 13,362,013 | ||||||
McKesson Corp. | 55,201 | 12,331,903 | ||||||
Cardinal Health, Inc. | 140,741 | 11,870,096 | ||||||
Total Medical-Wholesale Drug Distribution | 37,564,012 | |||||||
DENTAL SUPPLIES & EQUIPMENTS - 3.6% | ||||||||
DENTSPLY International, Inc. | 244,952 | 12,492,552 | ||||||
Patterson Companies, Inc. | 255,492 | 11,996,627 | ||||||
Total Dental Supplies & Equipments | 24,489,179 | |||||||
MEDICAL LABS & TESTING SERVICES - 3.5% | ||||||||
Quest Diagnostics, Inc. | 169,528 | 12,107,690 | ||||||
Laboratory Corporation of America Holdings* | 100,340 | 11,996,650 | ||||||
Total Medical Labs & Testing Services | 24,104,340 | |||||||
PHARMACY SERVICES - 1.9% | ||||||||
Express Scripts Holding Co.* | 152,220 | 13,151,808 | ||||||
MEDICAL INFORMATION SYSTEM - 1.8% | ||||||||
Cerner Corp.* | 176,283 | 12,658,882 | ||||||
ELECTRONIC MEASURING INSTRUMENTS - 1.8% | ||||||||
Agilent Technologies, Inc. | 303,206 | 12,543,632 | ||||||
DISPOSABLE MEDICAL PRODUCTS - 1.8% | ||||||||
CR Bard, Inc. | 74,760 | 12,453,521 | ||||||
DIALYSIS CENTERS - 1.8% | ||||||||
DaVita HealthCare Partners, Inc.* | 153,458 | 12,445,444 | ||||||
Total Common Stocks | ||||||||
(Cost $634,130,605) | 685,626,822 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 73 |
SCHEDULE OF INVESTMENTS (Unaudited)(concluded) | April 30, 2015 |
GUGGENHEIM S&P 500® EQUAL WEIGHT HEALTH CARE ETF |
Shares | Value | |||||||
SHORT TERM INVESTMENTS† - 0.3% | ||||||||
Federated U.S. Treasury Cash Reserve Fund 0.00% | 2,175,867 | $ | 2,175,867 | |||||
Total Short Term Investments | ||||||||
(Cost $2,175,867) | 2,175,867 | |||||||
Total Investments - 100.0% | ||||||||
(Cost $636,306,472) | $ | 687,802,689 | ||||||
Other Assets & Liabilities, net - 0.0% | 62,021 | |||||||
Total Net Assets - 100.0% | $ | 687,864,710 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 4. |
plc — Public Limited Company |
74 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2015 |
GUGGENHEIM S&P 500® EQUAL WEIGHT INDUSTRIALS ETF |
Shares | Value | |||||||
COMMON STOCKS† - 99.9% | ||||||||
DIVERSIFIED MANUFACTURING OPERATIONS - 13.9% | ||||||||
General Electric Co. | 84,565 | $ | 2,290,019 | |||||
Dover Corp. | 29,719 | 2,250,322 | ||||||
Eaton Corporation plc | 31,775 | 2,183,896 | ||||||
Textron, Inc. | 49,473 | 2,175,823 | ||||||
Parker-Hannifin Corp. | 17,987 | 2,146,928 | ||||||
Ingersoll-Rand plc | 31,501 | 2,074,026 | ||||||
Pentair plc | 33,210 | 2,064,002 | ||||||
3M Co. | 13,011 | 2,034,790 | ||||||
Illinois Tool Works, Inc. | 21,682 | 2,029,002 | ||||||
Total Diversified Manufacturing Operations | 19,248,808 | |||||||
AEROSPACE/DEFENSE - 9.1% | ||||||||
Rockwell Collins, Inc. | 22,712 | 2,210,558 | ||||||
General Dynamics Corp. | 16,018 | 2,199,591 | ||||||
Northrop Grumman Corp. | 13,439 | 2,070,144 | ||||||
Raytheon Co. | 19,878 | 2,067,312 | ||||||
Lockheed Martin Corp. | 10,742 | 2,004,457 | ||||||
Boeing Co. | 13,970 | 2,002,460 | ||||||
Total Aerospace/Defense | 12,554,522 | |||||||
TRANSPORT-SERVICES - 7.5% | ||||||||
Ryder System, Inc. | 22,739 | 2,168,391 | ||||||
United Parcel Service, Inc. — Class B | 21,491 | 2,160,490 | ||||||
FedEx Corp. | 12,217 | 2,071,637 | ||||||
Expeditors International of Washington, Inc. | 44,077 | 2,020,049 | ||||||
CH Robinson Worldwide, Inc. | 28,884 | 1,859,841 | ||||||
Total Transport-Services | 10,280,408 | |||||||
TRANSPORT-RAIL - 5.8% | ||||||||
CSX Corp. | 62,042 | 2,239,095 | ||||||
Norfolk Southern Corp. | 19,488 | 1,965,365 | ||||||
Union Pacific Corp. | 18,490 | 1,964,193 | ||||||
Kansas City Southern | 18,504 | 1,896,475 | ||||||
Total Transport-Rail | 8,065,128 | |||||||
AIRLINES - 4.4% | ||||||||
Delta Air Lines, Inc. | 46,538 | 2,077,456 | ||||||
American Airlines Group, Inc. | 43,020 | 2,077,221 | ||||||
Southwest Airlines Co. | 47,573 | 1,929,561 | ||||||
Total Airlines | 6,084,238 | |||||||
MACHINERY-CONSTRUCTION & MINING - 3.4% | ||||||||
Caterpillar, Inc. | 26,725 | 2,321,868 | ||||||
Joy Global, Inc. | 54,253 | 2,313,348 | ||||||
Total Machinery-Construction & Mining | 4,635,216 | |||||||
DISTRIBUTION/WHOLESALE - 3.3% | ||||||||
WW Grainger, Inc. | 9,177 | 2,279,842 | ||||||
Fastenal Co. | 51,861 | 2,210,316 | ||||||
Total Distribution/Wholesale | 4,490,158 | |||||||
MACHINERY-PUMPS - 3.2% | ||||||||
Xylem, Inc. | 61,181 | 2,264,921 | ||||||
Flowserve Corp. | 37,557 | 2,198,211 | ||||||
Total Machinery-Pumps | 4,463,132 | |||||||
TOOLS-HAND HELD - 3.2% | ||||||||
Snap-on, Inc. | 14,860 | 2,222,313 | ||||||
Stanley Black & Decker, Inc. | 22,016 | 2,172,979 | ||||||
Total Tools-Hand Held | 4,395,292 | |||||||
ELECTRIC PRODUCTS-MISCELLANEOUS - 3.2% | ||||||||
Emerson Electric Co. | 38,318 | 2,254,248 | ||||||
AMETEK, Inc. | 40,792 | 2,138,317 | ||||||
Total Electric Products-Miscellaneous | 4,392,565 | |||||||
ENGINEERING/RESEARCH & DEVELOPMENT SERVICES - 3.2% | ||||||||
Fluor Corp. | 37,352 | 2,246,349 | ||||||
Jacobs Engineering Group, Inc.* | 48,993 | 2,099,840 | ||||||
Total Engineering/Research & Development Services | 4,346,189 | |||||||
COMMERCIAL SERVICES - 3.1% | ||||||||
Quanta Services, Inc.* | 76,527 | 2,212,395 | ||||||
Cintas Corp. | 25,647 | 2,050,478 | ||||||
Total Commercial Services | 4,262,873 | |||||||
ELECTRONIC SECURITY DEVICES - 3.0% | ||||||||
Allegion plc | 36,407 | 2,226,288 | ||||||
Tyco International plc | 50,251 | 1,978,884 | ||||||
Total Electronic Security Devices | 4,205,172 | |||||||
NON-HAZARDOUS WASTE DISPOSAL - 3.0% | ||||||||
Republic Services, Inc. — Class A | 51,924 | 2,109,672 | ||||||
Waste Management, Inc. | 39,713 | 1,966,985 | ||||||
Total Non-hazardous Waste Disposal | 4,076,657 | |||||||
RENTAL AUTOMOTIVE/EQUIPMENT - 1.7% | ||||||||
United Rentals, Inc.* | 24,117 | 2,329,220 | ||||||
INDUSTRIAL AUTOMATION/ROBOT - 1.6% | ||||||||
Rockwell Automation, Inc. | 18,988 | 2,251,977 | ||||||
AUTO-MEDIUM & HEAVY DUTY TRUCKS - 1.6% | ||||||||
PACCAR, Inc. | 34,302 | 2,241,636 | ||||||
COMMERCIAL SERVICES-FINANCE - 1.6% | ||||||||
Equifax, Inc. | 23,101 | 2,239,180 | ||||||
PUBLISHING-PERIODICALS - 1.6% | ||||||||
Nielsen N.V. | 49,718 | 2,234,327 | ||||||
MACHINERY-FARM - 1.6% | ||||||||
Deere & Co. | 23,661 | 2,141,794 | ||||||
METAL PROCESSORS & FABRICATION - 1.6% | ||||||||
Precision Castparts Corp. | 10,349 | 2,139,035 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 75 |
SCHEDULE OF INVESTMENTS (Unaudited)(concluded) | April 30, 2015 |
GUGGENHEIM S&P 500® EQUAL WEIGHT INDUSTRIALS ETF |
Shares | Value | |||||||
MACHINERY-GENERAL INDUSTRIES - 1.5% | ||||||||
Roper Technologies, Inc. | 12,685 | $ | 2,133,236 | |||||
BUILDING PRODUCTS-WOOD - 1.5% | ||||||||
Masco Corp. | 80,026 | 2,119,889 | ||||||
DATA PROCESSING/MANAGEMENT - 1.5% | ||||||||
Dun & Bradstreet Corp. | 16,580 | 2,116,769 | ||||||
INSTRUMENTS-CONTROLS - 1.5% | ||||||||
Honeywell International, Inc. | 20,929 | 2,112,155 | ||||||
OFFICE AUTOMATION & EQUIPMENTS - 1.5% | ||||||||
Pitney Bowes, Inc. | 94,362 | 2,110,878 | ||||||
ENGINES-INTERNAL COMBUSTION - 1.5% | ||||||||
Cummins, Inc. | 15,204 | 2,102,105 | ||||||
SECURITY SERVICES - 1.5% | ||||||||
ADT Corp.1 | 55,157 | 2,073,903 | ||||||
HAZARDOUS WASTE DISPOSAL - 1.5% | ||||||||
Stericycle, Inc.* | 15,522 | 2,071,100 | ||||||
FILTRATION/SEPARATE PRODUCTS - 1.5% | ||||||||
Pall Corp. | 21,258 | 2,068,829 | ||||||
DIAGNOSTIC EQUIPMENT - 1.5% | ||||||||
Danaher Corp. | 24,927 | 2,041,023 | ||||||
AEROSPACE/DEFENSE-EQUIPMENTS - 1.5% | ||||||||
United Technologies Corp. | 17,833 | 2,028,504 | ||||||
HUMAN RESOURCES - 1.4% | ||||||||
Robert Half International, Inc. | 35,169 | 1,950,121 | ||||||
ELECTRONICS-MILITARY - 1.4% | ||||||||
L-3 Communications Holdings, Inc. | 16,955 | 1,948,299 | ||||||
Total Common Stocks | ||||||||
(Cost $132,603,995) | 137,954,338 | |||||||
SHORT TERM INVESTMENTS† - 0.1% | ||||||||
Federated U.S. Treasury Cash Reserve Fund 0.00% | 68,979 | 68,979 | ||||||
Total Short Term Investments | ||||||||
(Cost $68,979) | 68,979 |
Face Amount | ||||||||
SECURITIES LENDING COLLATERAL††,2 - 1.5% | ||||||||
Repurchase Agreements | ||||||||
HSBC Securities, Inc. issued 04/30/15 at 0.09% due 05/01/15 | $ | 1,559,902 | 1,559,902 | |||||
BNP Paribas Securities Corp. issued 04/30/15 at 0.10% due 05/01/15 | 289,291 | 289,291 | ||||||
Barclays Capital, Inc. issued 04/30/15 at 0.08% due 05/01/15 | 238,024 | 238,024 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $2,087,217) | 2,087,217 | |||||||
Total Investments - 101.5% | ||||||||
(Cost $134,760,191) | $ | 140,110,534 | ||||||
Other Assets & Liabilities, net - (1.5)% | (2,006,520 | ) | ||||||
Total Net Assets - 100.0% | $ | 138,104,014 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 4. |
†† | Value determined based on Level 2 inputs — See Note 4. |
1 | All or portion of this security is on loan at April 30, 2015 — See Note 5. |
2 | Securities lending collateral — See Note 5. |
plc — Public Limited Company |
76 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2015 |
GUGGENHEIM S&P 500® EQUAL WEIGHT MATERIALS ETF |
Shares | Value | |||||||
COMMON STOCKS† - 99.9% | ||||||||
CHEMICALS-DIVERSIFIED - 21.1% | ||||||||
LyondellBasell Industries N.V. — Class A | 33,742 | $ | 3,492,972 | |||||
Eastman Chemical Co. | 40,564 | 3,091,788 | ||||||
Dow Chemical Co. | 60,038 | 3,061,938 | ||||||
FMC Corp. | 46,886 | 2,780,809 | ||||||
PPG Industries, Inc. | 12,394 | 2,746,015 | ||||||
EI du Pont de Nemours & Co. | 35,090 | 2,568,588 | ||||||
Total Chemicals-Diversified | 17,742,110 | |||||||
CHEMICALS-SPECIALTY - 10.0% | ||||||||
Sigma-Aldrich Corp. | 20,484 | 2,845,638 | ||||||
Ecolab, Inc. | 24,676 | 2,763,218 | ||||||
International Flavors & Fragrances, Inc. | 23,931 | 2,746,082 | ||||||
Total Chemicals-Specialty | 8,354,938 | |||||||
AGRICULTURAL CHEMICALS - 9.7% | ||||||||
CF Industries Holdings, Inc. | 9,653 | 2,774,948 | ||||||
Monsanto Co. | 24,171 | 2,754,527 | ||||||
Mosaic Co. | 60,322 | 2,654,168 | ||||||
Total Agricultural Chemicals | 8,183,643 | |||||||
INDUSTRIAL GASES - 9.5% | ||||||||
Praxair, Inc. | 22,817 | 2,782,077 | ||||||
Air Products & Chemicals, Inc. | 18,583 | 2,665,360 | ||||||
Airgas, Inc. | 24,598 | 2,491,285 | ||||||
Total Industrial Gases | 7,938,722 | |||||||
CONTAINERS-METAL/GLASS - 7.1% | ||||||||
Ball Corp. | 40,839 | 2,997,991 | ||||||
Owens-Illinois, Inc.* | 123,627 | 2,955,922 | ||||||
Total Containers-Metal/Glass | 5,953,913 | |||||||
BUILDING PRODUCTS-CEMENT/AGGREGATES - 6.8% | ||||||||
Vulcan Materials Co. | 33,386 | 2,855,171 | ||||||
Martin Marietta Materials, Inc. | 19,920 | 2,841,588 | ||||||
Total Building Products-Cement/Aggregates | 5,696,759 | |||||||
CONTAINERS-PAPER/PLASTIC - 6.6% | ||||||||
Sealed Air Corp. | 61,813 | 2,818,672 | ||||||
MeadWestvaco Corp. | 55,477 | 2,707,278 | ||||||
Total Containers-Paper/Plastic | 5,525,950 | |||||||
METAL-COPPER - 4.3% | ||||||||
Freeport-McMoRan, Inc. | 155,727 | 3,623,767 | ||||||
GOLD MINING - 4.0% | ||||||||
Newmont Mining Corp. | 126,676 | 3,355,647 | ||||||
STEEL-SPECIALTY - 3.8% | ||||||||
Allegheny Technologies, Inc. | 94,921 | 3,226,365 | ||||||
OFFICE SUPPLIES & FORMS - 3.6% | ||||||||
Avery Dennison Corp. | 54,314 | 3,019,315 | ||||||
STEEL-PRODUCERS - 3.5% | ||||||||
Nucor Corp. | 60,374 | 2,949,874 | ||||||
METAL-ALUMINUM - 3.3% | ||||||||
Alcoa, Inc. | 208,170 | 2,793,641 | ||||||
PAPER & RELATED PRODUCTS - 3.3% | ||||||||
International Paper Co. | 51,652 | 2,774,745 | ||||||
COATINGS/PAINT - 3.3% | ||||||||
Sherwin-Williams Co. | 9,904 | 2,753,312 | ||||||
Total Common Stocks | ||||||||
(Cost $82,524,146) | 83,892,701 | |||||||
SHORT TERM INVESTMENTS† - 0.1% | ||||||||
Federated U.S. Treasury Cash Reserve Fund 0.00% | 87,835 | 87,835 | ||||||
Total Short Term Investments | ||||||||
(Cost $87,835) | 87,835 | |||||||
Total Investments - 100.0% | ||||||||
(Cost $82,611,981) | $ | 83,980,536 | ||||||
Other Assets & Liabilities, net - 0.0% | 18,243 | |||||||
Total Net Assets - 100.0% | $ | 83,998,779 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 4. |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 77 |
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2015 |
GUGGENHEIM S&P 500® EQUAL WEIGHT TECHNOLOGY ETF |
Shares | Value | |||||||
COMMON STOCKS† - 100.0% | ||||||||
ELECTRONIC COMPONENTS-SEMICONDUCTOR - 15.1% | ||||||||
Altera Corp. | 392,501 | $ | 16,359,442 | |||||
Xilinx, Inc. | 346,098 | 15,006,809 | ||||||
Intel Corp. | 444,911 | 14,481,853 | ||||||
Broadcom Corp. — Class A | 310,844 | 13,740,859 | ||||||
Skyworks Solutions, Inc. | 148,090 | 13,661,303 | ||||||
Micron Technology, Inc.* | 479,232 | 13,480,796 | ||||||
NVIDIA Corp. | 606,212 | 13,454,875 | ||||||
Microchip Technology, Inc. | 277,885 | 13,242,610 | ||||||
Texas Instruments, Inc. | 240,937 | 13,061,195 | ||||||
Avago Technologies Ltd. | 110,154 | 12,874,800 | ||||||
Total Electronic Components-Semiconductor | 139,364,542 | |||||||
APPLICATIONS SOFTWARE - 8.3% | ||||||||
Microsoft Corp. | 332,550 | 16,175,232 | ||||||
Red Hat, Inc.* | 208,027 | 15,656,112 | ||||||
Salesforce.com, Inc.* | 213,015 | 15,511,752 | ||||||
Citrix Systems, Inc.* | 227,856 | 15,302,809 | ||||||
Intuit, Inc. | 140,749 | 14,121,347 | ||||||
Total Applications Software | 76,767,252 | |||||||
COMPUTER SERVICES - 7.7% | ||||||||
International Business Machines Corp. | 89,193 | 15,277,869 | ||||||
Accenture plc — Class A | 156,601 | 14,509,083 | ||||||
Teradata Corp.* | 326,552 | 14,365,022 | ||||||
Cognizant Technology Solutions Corp. — Class A* | 225,207 | 13,183,618 | ||||||
Computer Sciences Corp. | 204,256 | 13,164,299 | ||||||
Total Computer Services | 70,499,891 | |||||||
COMPUTERS-MEMORY DEVICES - 7.4% | ||||||||
Seagate Technology plc | 255,970 | 15,030,558 | ||||||
EMC Corp. | 529,273 | 14,242,736 | ||||||
Western Digital Corp. | 141,589 | 13,838,909 | ||||||
NetApp, Inc. | 373,786 | 13,549,743 | ||||||
SanDisk Corp. | 164,170 | 10,989,540 | ||||||
Total Computers-Memory Devices | 67,651,486 | |||||||
COMMERCIAL SERVICES-FINANCE - 6.1% | ||||||||
Total System Services, Inc. | 363,087 | 14,363,723 | ||||||
Western Union Co.1 | 705,333 | 14,304,153 | ||||||
MasterCard, Inc. — Class A | 156,821 | 14,146,822 | ||||||
Automatic Data Processing, Inc. | 160,234 | 13,546,182 | ||||||
Total Commercial Services-Finance | 56,360,880 | |||||||
SEMICONDUCTOR COMPONENTS-INTEGRATED CIRCUIT - 4.6% | ||||||||
Analog Devices, Inc. | 239,195 | 14,791,819 | ||||||
QUALCOMM, Inc. | 200,479 | 13,632,572 | ||||||
Linear Technology Corp. | 294,041 | 13,564,111 | ||||||
Total Semiconductor Components-Integrated Circuit | 41,988,502 | |||||||
DATA PROCESSING/MANAGEMENT - 4.4% | ||||||||
Fiserv, Inc.* | 177,801 | 13,797,357 | ||||||
Paychex, Inc. | 275,662 | 13,339,284 | ||||||
Fidelity National Information Services, Inc. | 210,730 | 13,168,518 | ||||||
Total Data Processing/Management | 40,305,159 | |||||||
SEMICONDUCTOR EQUIPMENT - 4.1% | ||||||||
KLA-Tencor Corp. | 226,666 | 13,327,960 | ||||||
Lam Research Corp. | 174,434 | 13,183,722 | ||||||
Applied Materials, Inc. | 567,701 | 11,234,803 | ||||||
Total Semiconductor Equipment | 37,746,485 | |||||||
TELECOMMUNICATION EQUIPMENTS - 3.4% | ||||||||
Juniper Networks, Inc. | 587,324 | 15,522,974 | ||||||
Harris Corp. | 191,416 | 15,359,220 | ||||||
Total Telecommunication Equipments | 30,882,194 | |||||||
INTERNET SECURITY - 3.1% | ||||||||
Symantec Corp. | 589,086 | 14,682,968 | ||||||
VeriSign, Inc.* | 216,264 | 13,734,927 | ||||||
Total Internet Security | 28,417,895 | |||||||
ENTERPRISE SOFTWARE/SERVICES - 3.0% | ||||||||
Oracle Corp. | 324,708 | 14,163,763 | ||||||
CA, Inc. | 438,388 | 13,927,587 | ||||||
Total Enterprise Software/Services | 28,091,350 | |||||||
COMPUTERS - 3.0% | ||||||||
Hewlett-Packard Co. | 424,330 | 13,990,160 | ||||||
Apple, Inc. | 111,342 | 13,934,451 | ||||||
Total Computers | 27,924,611 | |||||||
WEB PORTALS/ISP - 3.0% | ||||||||
Yahoo!, Inc.* | 320,993 | 13,663,067 | ||||||
Google, Inc. — Class A* | 12,509 | 6,864,564 | ||||||
Google, Inc. — Class C* | 12,529 | 6,732,333 | ||||||
Total Web Portals/ISP | 27,259,964 | |||||||
ELECTRONIC COMPONENTS-MISCELLANEOUS - 2.8% | ||||||||
TE Connectivity Ltd. | 193,709 | 12,891,333 | ||||||
Corning, Inc. | 598,305 | 12,522,524 | ||||||
Total Electronic Components-Miscellaneous | 25,413,857 | |||||||
WEB HOSTING/DESIGN - 1.6% | ||||||||
Equinix, Inc. | 59,702 | 15,279,533 | ||||||
INTERNET INFRASTRUCTURE SOFTWARE - 1.6% | ||||||||
F5 Networks, Inc.* | 122,467 | 14,943,423 | ||||||
ENTERTAINMENT SOFTWARE - 1.6% | ||||||||
Electronic Arts, Inc.* | 248,842 | 14,455,232 | ||||||
ADVERTISING AGENCIES - 1.6% | ||||||||
Alliance Data Systems Corp.* | 48,426 | 14,397,534 |
78 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited)(concluded) | April 30, 2015 |
GUGGENHEIM S&P 500® EQUAL WEIGHT TECHNOLOGY ETF |
Shares | Value | |||||||
COMPUTER SOFTWARE - 1.6% | ||||||||
Akamai Technologies, Inc.* | 194,335 | $ | 14,338,036 | |||||
NETWORKING PRODUCTS - 1.5% | ||||||||
Cisco Systems, Inc. | 492,517 | 14,199,265 | ||||||
INTERNET CONTENT-ENTERTAINMENT - 1.5% | ||||||||
Facebook, Inc. — Class A* | 176,307 | 13,887,702 | ||||||
FINANCE-CREDIT CARD - 1.5% | ||||||||
Visa, Inc. — Class A | 207,683 | 13,717,462 | ||||||
ELECTRONIC MEASURING INSTRUMENTS - 1.5% | ||||||||
FLIR Systems, Inc. | 441,057 | 13,624,251 | ||||||
E-COMMERCE/PRODUCTS - 1.5% | ||||||||
eBay, Inc.* | 232,962 | 13,572,366 | ||||||
ENERGY-ALTERNATE SOURCES - 1.5% | ||||||||
First Solar, Inc.* | 227,231 | 13,558,874 | ||||||
ELECTRONIC FORMS - 1.5% | ||||||||
Adobe Systems, Inc.* | 177,284 | 13,484,221 | ||||||
ELECTRONIC CONNECTORS - 1.4% | ||||||||
Amphenol Corp. — Class A | 237,462 | 13,148,271 | ||||||
COMPUTER AIDED DESIGN - 1.4% | ||||||||
Autodesk, Inc.* | 227,526 | 12,930,303 | ||||||
WIRELESS EQUIPMENT - 1.4% | ||||||||
Motorola Solutions, Inc. | 212,361 | 12,688,570 | ||||||
OFFICE AUTOMATION & EQUIPMENTS - 1.3% | ||||||||
Xerox Corp. | 1,079,298 | 12,411,927 | ||||||
Total Common Stocks | ||||||||
(Cost $825,268,126) | 919,311,038 | |||||||
SHORT TERM INVESTMENTS† - 0.0% | ||||||||
Federated U.S. Treasury Cash Reserve Fund 0.00% | 139,875 | 139,875 | ||||||
Total Short Term Investments | ||||||||
(Cost $139,875) | 139,875 |
Face Amount | ||||||||
SECURITIES LENDING COLLATERAL††,2 - 0.1% | ||||||||
Repurchase Agreements | ||||||||
HSBC Securities, Inc. issued 04/30/15 at 0.09% due 05/01/15 | $ | 563,577 | 563,577 | |||||
BNP Paribas Securities Corp. issued 04/30/15 at 0.10% due 05/01/15 | 104,518 | 104,518 | ||||||
Barclays Capital, Inc. issued 04/30/15 at 0.08% due 05/01/15 | 85,996 | 85,996 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $754,091) | 754,091 | |||||||
Total Investments - 100.1% | ||||||||
(Cost $826,162,092) | $ | 920,205,004 | ||||||
Other Assets & Liabilities, net - (0.1)% | (605,056 | ) | ||||||
Total Net Assets - 100.0% | $ | 919,599,948 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 4. |
†† | Value determined based on Level 2 inputs — See Note 4. |
1 | All or portion of this security is on loan at April 30, 2015 — See Note 5. |
2 | Securities lending collateral — See Note 5. |
plc — Public Limited Company |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 79 |
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2015 |
GUGGENHEIM S&P 500® EQUAL WEIGHT UTILITIES ETF |
Shares | Value | |||||||
COMMON STOCKS† - 99.7% | ||||||||
ELECTRIC-INTEGRATED - 65.1% | ||||||||
PPL Corp. | 123,827 | $ | 4,213,834 | |||||
Exelon Corp. | 121,572 | 4,135,880 | ||||||
Duke Energy Corp. | 52,778 | 4,093,989 | ||||||
Dominion Resources, Inc. | 57,101 | 4,093,000 | ||||||
FirstEnergy Corp. | 113,806 | 4,086,773 | ||||||
Entergy Corp. | 52,749 | 4,071,168 | ||||||
American Electric Power Company, Inc. | 71,192 | 4,048,689 | ||||||
Integrys Energy Group, Inc. | 55,282 | 4,041,114 | ||||||
DTE Energy Co. | 50,664 | 4,034,374 | ||||||
Public Service Enterprise Group, Inc. | 97,107 | 4,033,825 | ||||||
Wisconsin Energy Corp. | 81,678 | 4,012,023 | ||||||
CMS Energy Corp. | 117,579 | 3,989,455 | ||||||
Consolidated Edison, Inc. | 64,723 | 3,983,701 | ||||||
Southern Co. | 89,596 | 3,969,103 | ||||||
TECO Energy, Inc. | 209,451 | 3,969,096 | ||||||
SCANA Corp. | 74,891 | 3,967,725 | ||||||
Xcel Energy, Inc. | 116,707 | 3,957,534 | ||||||
NextEra Energy, Inc. | 39,138 | 3,950,198 | ||||||
Ameren Corp. | 95,738 | 3,919,514 | ||||||
Eversource Energy | 80,148 | 3,908,016 | ||||||
Pinnacle West Capital Corp. | 63,429 | 3,881,855 | ||||||
Edison International | 62,670 | 3,819,110 | ||||||
Pepco Holdings, Inc. | 146,876 | 3,815,838 | ||||||
Total Electric-Integrated | 91,995,814 | |||||||
GAS-DISTRIBUTION - 11.5% | ||||||||
AGL Resources, Inc. | 83,126 | 4,178,744 | ||||||
NiSource, Inc. | 95,529 | 4,147,869 | ||||||
CenterPoint Energy, Inc. | 191,709 | 4,020,138 | ||||||
Sempra Energy | 37,022 | 3,930,626 | ||||||
Total Gas-Distribution | 16,277,377 | |||||||
TELEPHONE-INTEGRATED - 11.3% | ||||||||
AT&T, Inc. | 120,199 | 4,163,694 | ||||||
CenturyLink, Inc. | 114,402 | 4,113,896 | ||||||
Verizon Communications, Inc. | 80,626 | 4,066,775 | ||||||
Frontier Communications Corp.1 | 540,898 | 3,710,560 | ||||||
Total Telephone-Integrated | 16,054,925 | |||||||
ELECTRIC-GENERATION - 3.1% | ||||||||
AES Corp. | 330,346 | 4,377,085 | ||||||
INDEPENDENT POWER PRODUCER - 3.0% | ||||||||
NRG Energy, Inc. | 167,778 | 4,234,717 | ||||||
TELECOMMUNICATION SERVICES - 2.9% | ||||||||
Level 3 Communications, Inc.* | 72,370 | 4,048,378 | ||||||
ELECTRIC-DISTRIBUTION - 2.8% | ||||||||
PG&E Corp. | 76,018 | 4,022,873 | ||||||
Total Common Stocks | ||||||||
(Cost $151,639,182) | 141,011,169 | |||||||
SHORT TERM INVESTMENTS† - 0.2% | ||||||||
Federated U.S. Treasury Cash Reserve Fund 0.00% | 282,014 | 282,014 | ||||||
Total Short Term Investments | ||||||||
(Cost $282,014) | 282,014 |
Face Amount | ||||||||
SECURITIES LENDING COLLATERAL††,2 - 0.2% | ||||||||
Repurchase Agreements | ||||||||
HSBC Securities, Inc. issued 04/30/15 at 0.09% due 05/01/15 | $ | 236,724 | 236,724 | |||||
BNP Paribas Securities Corp. issued 04/30/15 at 0.10% due 05/01/15 | 43,902 | 43,902 | ||||||
Barclays Capital, Inc. issued 04/30/15 at 0.08% due 05/01/15 | 36,122 | 36,122 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $316,748) | 316,748 | |||||||
Total Investments - 100.1% | ||||||||
(Cost $152,237,944) | $ | 141,609,931 | ||||||
Other Assets & Liabilities, net - (0.1)% | (199,618 | ) | ||||||
Total Net Assets - 100.0% | $ | 141,410,313 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 4. |
†† | Value determined based on Level 2 inputs — See Note 4. |
1 | All or portion of this security is on loan at April 30, 2015 — See Note 5. |
2 | Securities lending collateral — See Note 5. |
80 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) | April 30, 2015 |
Guggenheim Russell MidCap® Equal Weight ETF | Guggenheim Russell 1000® Equal Weight ETF | Guggenheim Russell 2000® Equal Weight ETF | Guggenheim MSCI Emerging Markets Equal Country Weight ETF | |||||||||||||
Assets: | ||||||||||||||||
Investments, at value* — including $7,714,732, $3,485,950, $3,208,926 and $184,926 of securities loaned, respectively | $ | 157,392,512 | $ | 102,262,721 | $ | 54,958,393 | $ | 13,696,439 | ||||||||
Repurchase agreements | 7,630,872 | 3,451,364 | 3,463,030 | 189,171 | ||||||||||||
Total Investments | 165,023,384 | 105,714,085 | 58,421,423 | 13,885,610 | ||||||||||||
Cash | 324 | 204 | — | — | ||||||||||||
Segregated cash with broker | 19,316 | 8,736 | 8,766 | 479 | ||||||||||||
Foreign currency, at value (cost $—, $—, $—, $3,000) | — | — | — | 3,018 | ||||||||||||
Receivables: | ||||||||||||||||
Investment adviser | — | — | — | 683 | ||||||||||||
Fund shares sold | — | — | 6,957 | — | ||||||||||||
Investments sold | — | — | 21,036 | — | ||||||||||||
Securities lending | 21,022 | 9,617 | 18,624 | 1,082 | ||||||||||||
Dividends and interest | 64,625 | 55,459 | 18,436 | 46,142 | ||||||||||||
Capital gains tax reclaims | — | — | — | 397 | ||||||||||||
Total assets | 165,128,671 | 105,788,101 | 58,495,242 | 13,937,411 | ||||||||||||
Liabilities: | ||||||||||||||||
Payable for: | ||||||||||||||||
Return of securities loaned | 7,650,188 | 3,460,100 | 3,471,796 | 189,650 | ||||||||||||
Management fees | 52,188 | 33,862 | 16,085 | 7,736 | ||||||||||||
Due to custodian | — | — | 133 | — | ||||||||||||
Total liabilities | 7,702,376 | 3,493,962 | 3,488,014 | 197,386 | ||||||||||||
Commitments and contingent liabilities (Note 8) | — | — | — | — | ||||||||||||
Net assets | $ | 157,426,295 | $ | 102,294,139 | $ | 55,007,228 | $ | 13,740,025 | ||||||||
Net assets consist of: | ||||||||||||||||
Paid-in capital | $ | 129,701,905 | $ | 88,670,214 | $ | 51,725,094 | $ | 16,652,220 | ||||||||
Undistributed (distributions in excess of) net investment income | (57,932 | ) | (38,352 | ) | (3,065 | ) | 113,287 | |||||||||
Accumulated net realized gain (loss) on investments and foreign currency | 3,708,143 | 3,460,232 | (802,070 | ) | (3,653,065 | ) | ||||||||||
Net unrealized appreciation on investments and foreign currency | 24,074,179 | 10,202,045 | 4,087,269 | 627,583 | ||||||||||||
Net assets | $ | 157,426,295 | $ | 102,294,139 | $ | 55,007,228 | $ | 13,740,025 | ||||||||
Shares outstanding (unlimited shares authorized), no par value | 3,000,000 | 1,950,000 | 1,200,000 | 400,000 | ||||||||||||
Net asset value, offering price and repurchase price per share | $ | 52.48 | $ | 52.46 | $ | 45.84 | $ | 34.35 | ||||||||
Cost of investments | $ | 133,318,333 | $ | 92,060,676 | $ | 50,871,124 | $ | 13,069,467 | ||||||||
Cost of repurchase agreements | 7,630,872 | 3,451,364 | 3,463,030 | 189,171 | ||||||||||||
*Total cost of investments | $ | 140,949,205 | $ | 95,512,040 | $ | 54,334,154 | $ | 13,258,638 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 81 |
STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)(continued) | April 30, 2015 |
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 $2,173,656, $— and $16,682,492 of securities loaned, respectively | $ | 197,010,976 | $ | 266,336,066 | $ | 174,554,557 | ||||||
Repurchase agreements | 2,264,368 | — | 16,132,935 | |||||||||
Total Investments | 199,275,344 | 266,336,066 | 190,687,492 | |||||||||
Segregated cash with broker | 5,732 | — | 40,837 | |||||||||
Receivables: | ||||||||||||
Securities lending | 12,307 | — | 52,769 | |||||||||
Dividends and interest | 87,543 | 371,927 | 210,328 | |||||||||
Total assets | 199,380,926 | 266,707,993 | 190,991,426 | |||||||||
Liabilities: | ||||||||||||
Payable for: | ||||||||||||
Return of securities loaned | 2,270,100 | — | 16,173,772 | |||||||||
Management fees | 66,410 | 89,737 | 52,604 | |||||||||
Due to custodian | — | — | 57,298 | |||||||||
Total liabilities | 2,336,510 | 89,737 | 16,283,674 | |||||||||
Commitments and contingent liabilities (Note 8) | — | — | — | |||||||||
Net assets | $ | 197,044,416 | $ | 266,618,256 | $ | 174,707,752 | ||||||
Net assets consist of: | ||||||||||||
Paid-in capital | $ | 186,909,199 | $ | 244,266,922 | $ | 204,172,730 | ||||||
Undistributed net investment income | 104,220 | 556,584 | 221,854 | |||||||||
Accumulated net realized gain (loss) on investments | (3,466,704 | ) | 807,822 | (14,376,557 | ) | |||||||
Net unrealized appreciation (depreciation) on investments | 13,497,701 | 20,986,928 | (15,310,275 | ) | ||||||||
Net assets | $ | 197,044,416 | $ | 266,618,256 | $ | 174,707,752 | ||||||
Shares outstanding (unlimited shares authorized), no par value | 2,200,000 | 2,500,000 | 2,400,005 | |||||||||
Net asset value, offering price and repurchase price per share | $ | 89.57 | $ | 106.65 | $ | 72.79 | ||||||
Cost of investments | $ | 183,513,275 | $ | 245,349,138 | $ | 189,864,832 | ||||||
Cost of repurchase agreements | 2,264,368 | — | 16,132,935 | |||||||||
*Total cost of investments | $ | 185,777,643 | $ | 245,349,138 | $ | 205,997,767 |
82 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)(continued) | April 30, 2015 |
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 $—, $—, $2,030,400 and $— of securities loaned, respectively | $ | 176,573,463 | $ | 687,802,689 | $ | 138,023,317 | $ | 83,980,536 | ||||||||
Repurchase agreements | — | — | 2,087,217 | — | ||||||||||||
Total Investments | 176,573,463 | 687,802,689 | 140,110,534 | 83,980,536 | ||||||||||||
Segregated cash with broker | — | — | 5,283 | — | ||||||||||||
Receivables: | ||||||||||||||||
Fund shares sold | 9,837 | — | — | — | ||||||||||||
Securities lending | — | — | 91 | — | ||||||||||||
Dividends and interest | 109,491 | 286,525 | 126,453 | 45,328 | ||||||||||||
Total assets | 176,692,791 | 688,089,214 | 140,242,361 | 84,025,864 | ||||||||||||
Liabilities: | ||||||||||||||||
Payable for: | ||||||||||||||||
Return of securities loaned | — | — | 2,092,500 | — | ||||||||||||
Management fees | 54,511 | 224,504 | 45,847 | 27,085 | ||||||||||||
Due to custodian | 2,035 | — | — | — | ||||||||||||
Total liabilities | 56,546 | 224,504 | 2,138,347 | 27,085 | ||||||||||||
Commitments and contingent liabilities (Note 8) | — | — | — | — | ||||||||||||
Net assets | $ | 176,636,245 | $ | 687,864,710 | $ | 138,104,014 | $ | 83,998,779 | ||||||||
Net assets consist of: | ||||||||||||||||
Paid-in capital | $ | 172,685,142 | $ | 586,784,249 | $ | 129,536,771 | $ | 83,934,313 | ||||||||
Undistributed (distributions in excess of) net investment income | (163,258 | ) | 364,904 | 104,028 | 62,804 | |||||||||||
Accumulated net realized gain (loss) on investments | 1,145,356 | 49,219,340 | 3,112,872 | (1,366,893 | ) | |||||||||||
Net unrealized appreciation on investments | 2,969,005 | 51,496,217 | 5,350,343 | 1,368,555 | ||||||||||||
Net assets | $ | 176,636,245 | $ | 687,864,710 | $ | 138,104,014 | $ | 83,998,779 | ||||||||
Shares outstanding (unlimited shares authorized), no par value | 4,000,000 | 4,500,000 | 1,550,000 | 950,000 | ||||||||||||
Net asset value, offering price and repurchase price per share | $ | 44.16 | $ | 152.86 | $ | 89.10 | $ | 88.42 | ||||||||
Cost of investments | $ | 173,604,458 | $ | 636,306,472 | $ | 132,672,974 | $ | 82,611,981 | ||||||||
Cost of repurchase agreements | — | — | 2,087,217 | — | ||||||||||||
*Total cost of investments | $ | 173,604,458 | $ | 636,306,472 | $ | 134,760,191 | $ | 82,611,981 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 83 |
STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)(concluded) | April 30, 2015 |
Guggenheim S&P 500® Equal Weight Technology ETF | Guggenheim S&P 500® Equal Weight Utilities ETF | |||||||
Assets: | ||||||||
Investments, at value* — including $730,080 and $300,468 of securities loaned, respectively | $ | 919,450,913 | $ | 141,293,183 | ||||
Repurchase agreements | 754,091 | 316,748 | ||||||
Total Investments | 920,205,004 | 141,609,931 | ||||||
Segregated cash with broker | 1,909 | 802 | ||||||
Receivables: | ||||||||
Securities lending | 263 | 673 | ||||||
Dividends and interest | 454,218 | 196,360 | ||||||
Total assets | 920,661,394 | 141,807,766 | ||||||
Liabilities: | ||||||||
Payable for: | ||||||||
Return of securities loaned | 756,000 | 317,550 | ||||||
Fund shares redeemed | — | 8,318 | ||||||
Management fees | 303,808 | 50,622 | ||||||
Due to custodian | 1,638 | 20,963 | ||||||
Total liabilities | 1,061,446 | 397,453 | ||||||
Commitments and contingent liabilities (Note 8) | — | — | ||||||
Net assets | $ | 919,599,948 | $ | 141,410,313 | ||||
Net assets consist of: | ||||||||
Paid-in capital | $ | 812,028,195 | $ | 148,697,847 | ||||
Undistributed net investment income | 310,376 | 320,401 | ||||||
Accumulated net realized gain on investments | 13,218,465 | 3,020,078 | ||||||
Net unrealized appreciation (depreciation) on investments | 94,042,912 | (10,628,013 | ) | |||||
Net assets | $ | 919,599,948 | $ | 141,410,313 | ||||
Shares outstanding (unlimited shares authorized), no par value | 9,950,000 | 1,900,000 | ||||||
Net asset value, offering price and repurchase price per share | $ | 92.42 | $ | 74.43 | ||||
Cost of investments | $ | 825,408,001 | $ | 151,921,196 | ||||
Cost of repurchase agreements | 754,091 | 316,748 | ||||||
*Total cost of investments | $ | 826,162,092 | $ | 152,237,944 |
84 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
STATEMENTS OF OPERATIONS (Unaudited) |
For the Six Months Ended April 30, 2015
Guggenheim Russell MidCap® Equal Weight ETF | Guggenheim Russell 1000® Equal Weight ETF | Guggenheim Russell 2000® Equal Weight ETF | Guggenheim MSCI Emerging Markets Equal Country Weight ETF | |||||||||||||
Investment Income: | ||||||||||||||||
Dividends, net of foreign taxes withheld* | $ | 1,299,325 | $ | 854,390 | $ | 282,961 | $ | 167,023 | ||||||||
Income from securities lending | 116,886 | 53,257 | 99,365 | 3,068 | ||||||||||||
Interest | 4 | 2 | 2 | 1 | ||||||||||||
Total investment income | 1,416,215 | 907,649 | 382,328 | 170,092 | ||||||||||||
Expenses: | ||||||||||||||||
Management fees | 309,174 | 192,581 | 90,111 | 45,697 | ||||||||||||
Trustee fees | 2,064 | 1,719 | 570 | — | ||||||||||||
Miscellaneous | — | — | 4 | — | ||||||||||||
Total expenses | 311,238 | 194,300 | 90,685 | 45,697 | ||||||||||||
Less: | ||||||||||||||||
Expenses waived by adviser | — | — | — | (5,248 | ) | |||||||||||
Net investment income | 1,104,977 | 713,349 | 291,643 | 129,643 | ||||||||||||
Net Realized and Unrealized Gain (Loss): | ||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments | 1,312,377 | 735,986 | (622,589 | ) | (601,365 | ) | ||||||||||
In-kind redemptions | 3,270,920 | 3,408,742 | 1,235,885 | — | ||||||||||||
Foreign currency transactions | — | — | — | (22,607 | ) | |||||||||||
Net realized gain (loss) | 4,583,297 | 4,144,728 | 613,296 | (623,972 | ) | |||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments | 1,844,246 | 95,699 | 40,899 | 612,671 | ||||||||||||
Foreign currency transactions | — | — | — | 754 | ||||||||||||
Net change in unrealized appreciation (depreciation) | 1,844,246 | 95,699 | 40,899 | 613,425 | ||||||||||||
Net realized and unrealized gain (loss) | 6,427,543 | 4,240,427 | 654,195 | (10,547 | ) | |||||||||||
Net increase in net assets resulting from operations | $ | 7,532,520 | $ | 4,953,776 | $ | 945,838 | $ | 119,096 | ||||||||
* Foreign taxes withheld | $ | 1,629 | $ | 780 | $ | 420 | $ | 20,535 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 85 |
STATEMENTS OF OPERATIONS (Unaudited)(continued) |
For the Six Months Ended April 30, 2015
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 | $ | 1,148,248 | $ | 2,999,888 | $ | 1,587,091 | ||||||
Income from securities lending | 46,673 | — | 242,237 | |||||||||
Interest | 2 | 5 | 2 | |||||||||
Total investment income | 1,194,923 | 2,999,893 | 1,829,330 | |||||||||
Expenses: | ||||||||||||
Management fees | 285,938 | 480,533 | 251,275 | |||||||||
Total expenses | 285,938 | 480,533 | 251,275 | |||||||||
Net investment income | 908,985 | 2,519,360 | 1,578,055 | |||||||||
Net Realized and Unrealized Gain (Loss): | ||||||||||||
Net realized gain (loss) on: | ||||||||||||
Investments | (24,743 | ) | (1,667,140 | ) | (5,646,971 | ) | ||||||
In-kind redemptions | — | 4,620,445 | (557,563 | ) | ||||||||
Net realized gain (loss) | (24,743 | ) | 2,953,305 | (6,204,534 | ) | |||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||
Investments | 8,706,930 | 8,627,515 | 4,681,328 | |||||||||
Net realized and unrealized gain (loss) | 8,682,187 | 11,580,820 | (1,523,206 | ) | ||||||||
Net increase in net assets resulting from operations | $ | 9,591,172 | $ | 14,100,180 | $ | 54,849 |
86 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
STATEMENTS OF OPERATIONS (Unaudited)(continued) |
For the Six Months Ended April 30, 2015
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* | $ | 1,535,850 | $ | 2,303,842 | $ | 1,167,708 | $ | 642,851 | ||||||||
Income from securities lending | — | — | 1,311 | — | ||||||||||||
Interest | 3 | 8 | 2 | — | ||||||||||||
Total investment income | 1,535,853 | 2,303,850 | 1,169,021 | 642,851 | ||||||||||||
Expenses: | ||||||||||||||||
Management fees | 304,539 | 1,041,678 | 259,378 | 141,323 | ||||||||||||
Total expenses | 304,539 | 1,041,678 | 259,378 | 141,323 | ||||||||||||
Net investment income | 1,231,314 | 1,262,172 | 909,643 | 501,528 | ||||||||||||
Net Realized and Unrealized Gain (Loss): | ||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments | 415,481 | 7,513,281 | 167,261 | (256,755 | ) | |||||||||||
In-kind redemptions | 7,054,676 | 42,024,376 | 4,771,346 | 1,433,594 | ||||||||||||
Net realized gain | 7,470,157 | 49,537,657 | 4,938,607 | 1,176,839 | ||||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments | (5,441,946 | ) | (2,105,393 | ) | (3,557,000 | ) | 2,106,164 | |||||||||
Net realized and unrealized gain | 2,028,211 | 47,432,264 | 1,381,607 | 3,283,003 | ||||||||||||
Net increase in net assets resulting from operations | $ | 3,259,525 | $ | 48,694,436 | $ | 2,291,250 | $ | 3,784,531 | ||||||||
* Foreign taxes withheld | $ | — | $ | — | $ | 3,201 | $ | — |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 87 |
STATEMENTS OF OPERATIONS (Unaudited)(concluded) |
For the Six Months Ended April 30, 2015
Guggenheim S&P 500® Equal Weight Technology ETF | Guggenheim S&P 500® Equal Weight Utilities ETF | |||||||
Investment Income: | ||||||||
Dividends | $ | 7,914,148 | $ | 3,913,656 | ||||
Income from securities lending | 11,089 | 16,767 | ||||||
Interest | 17 | 4 | ||||||
Total investment income | 7,925,254 | 3,930,427 | ||||||
Expenses: | ||||||||
Management fees | 1,616,908 | 409,234 | ||||||
Total expenses | 1,616,908 | 409,234 | ||||||
Net investment income | 6,308,346 | 3,521,193 | ||||||
Net Realized and Unrealized Gain (Loss): | ||||||||
Net realized gain (loss) on: | ||||||||
Investments | (841,014 | ) | (826,019 | ) | ||||
In-kind redemptions | 21,299,077 | 4,409,909 | ||||||
Net realized gain | 20,458,063 | 3,583,890 | ||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||
Investments | 20,831,237 | (17,369,221 | ) | |||||
Net realized and unrealized gain (loss) | 41,289,300 | (13,785,331 | ) | |||||
Net increase (decrease) in net assets resulting from operations | $ | 47,597,646 | $ | (10,264,138 | ) |
88 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
STATEMENTS OF CHANGES IN NET ASSETS |
Guggenheim Russell MidCap® Equal Weight ETF | ||||||||
Period Ended April 30, 2015 (Unaudited) | Year Ended October 31, 2014 | |||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||
Net investment income | $ | 1,104,977 | $ | 1,471,185 | ||||
Net realized gain on investments | 4,583,297 | 7,898,418 | ||||||
Net change in unrealized appreciation (depreciation) on investments | 1,844,246 | 4,759,529 | ||||||
Net increase in net assets resulting from operations | 7,532,520 | 14,129,132 | ||||||
Distributions to shareholders from: | ||||||||
Net investment income | (1,162,053 | ) | (1,462,291 | ) | ||||
Capital gains | — | (692,837 | ) | |||||
Total distributions to shareholders | (1,162,053 | ) | (2,155,128 | ) | ||||
Shareholder transactions: | ||||||||
Proceeds from shares purchased | 12,736,001 | 81,939,005 | ||||||
Cost of shares redeemed | (7,805,155 | ) | (24,692,404 | ) | ||||
Net increase in net assets resulting from share transactions | 4,930,846 | 57,246,601 | ||||||
Net increase in net assets | 11,301,313 | 69,220,605 | ||||||
Net assets: | ||||||||
Beginning of period | 146,124,982 | 76,904,377 | ||||||
End of period | $ | 157,426,295 | $ | 146,124,982 | ||||
Distributions in excess of net investment income at end of period | $ | (57,932 | ) | $ | (856 | ) | ||
Changes in shares outstanding: | ||||||||
Shares sold | 250,000 | 1,700,000 | ||||||
Shares redeemed | (150,000 | ) | (500,000 | ) | ||||
Net increase in shares | 100,000 | 1,200,000 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 89 |
STATEMENTS OF CHANGES IN NET ASSETS (continued) |
Guggenheim Russell 1000® Equal Weight ETF | Guggenheim Russell 2000® Equal Weight ETF | |||||||||||||||
Period Ended April 30, 2015 (Unaudited) | Year Ended October 31, 2014 | Period Ended April 30, 2015 (Unaudited) | Year Ended October 31, 2014 | |||||||||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||||||||||
Net investment income | $ | 713,349 | $ | 1,255,253 | $ | 291,643 | $ | 340,576 | ||||||||
Net realized gain on investments | 4,144,728 | 10,283,263 | 613,296 | 895,195 | ||||||||||||
Net change in unrealized appreciation (depreciation) on investments | 95,699 | (2,477,145 | ) | 40,899 | 202,910 | |||||||||||
Net increase in net assets resulting from operations | 4,953,776 | 9,061,371 | 945,838 | 1,438,681 | ||||||||||||
Distributions to shareholders from: | ||||||||||||||||
Net investment income | (771,058 | ) | (1,246,900 | ) | (286,135 | ) | (344,321 | ) | ||||||||
Shareholder transactions: | ||||||||||||||||
Proceeds from shares purchased | 15,374,210 | 58,765,204 | 18,252,207 | 15,879,739 | ||||||||||||
Cost of shares redeemed | (10,399,707 | ) | (38,162,845 | ) | (4,285,159 | ) | (2,329,715 | ) | ||||||||
Net increase in net assets resulting from share transactions | 4,974,503 | 20,602,359 | 13,967,048 | 13,550,024 | ||||||||||||
Net increase in net assets | 9,157,221 | 28,416,830 | 14,626,751 | 14,644,384 | ||||||||||||
Net assets: | ||||||||||||||||
Beginning of period | 93,136,918 | 64,720,088 | 40,380,477 | 25,736,093 | ||||||||||||
End of period | $ | 102,294,139 | $ | 93,136,918 | $ | 55,007,228 | $ | 40,380,477 | ||||||||
Undistributed (distributions in excess of) net investment income at end of period | $ | (38,352 | ) | $ | 19,357 | $ | (3,065 | ) | $ | (8,573 | ) | |||||
Changes in shares outstanding: | ||||||||||||||||
Shares sold | 300,000 | 1,200,000 | 400,000 | 350,000 | ||||||||||||
Shares redeemed | (200,000 | ) | (800,000 | ) | (100,000 | ) | (50,000 | ) | ||||||||
Net increase in shares | 100,000 | 400,000 | 300,000 | 300,000 |
90 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
STATEMENTS OF CHANGES IN NET ASSETS (continued) |
Guggenheim MSCI Emerging Markets Equal Country Weight ETF | Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF | |||||||||||||||
Period Ended April 30, 2015 (Unaudited) | Year Ended October 31, 2014 | Period Ended April 30, 2015 (Unaudited) | Year Ended October 31, 2014 | |||||||||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||||||||||
Net investment income | $ | 129,643 | $ | 215,609 | $ | 908,985 | $ | 1,298,864 | ||||||||
Net realized gain (loss) on investments and foreign currency | (623,972 | ) | (411,708 | ) | (24,743 | ) | 19,268,780 | |||||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency | 613,425 | 203,736 | 8,706,930 | (13,526,852 | ) | |||||||||||
Net increase in net assets resulting from operations | 119,096 | 7,637 | 9,591,172 | 7,040,792 | ||||||||||||
Distributions to shareholders from: | ||||||||||||||||
Net investment income | (33,266 | ) | (231,261 | ) | (833,155 | ) | (1,282,123 | ) | ||||||||
Shareholder transactions: | ||||||||||||||||
Proceeds from shares purchased | — | 3,549,961 | 101,389,240 | 47,523,459 | ||||||||||||
Cost of shares redeemed | — | — | — | (91,882,052 | ) | |||||||||||
Net increase (decrease) in net assets resulting from share transactions | — | 3,549,961 | 101,389,240 | (44,358,593 | ) | |||||||||||
Net increase (decrease) in net assets | 85,830 | 3,326,337 | 110,147,257 | (38,599,924 | ) | |||||||||||
Net assets: | ||||||||||||||||
Beginning of period | 13,654,195 | 10,327,858 | 86,897,159 | 125,497,083 | ||||||||||||
End of period | $ | 13,740,025 | $ | 13,654,195 | $ | 197,044,416 | $ | 86,897,159 | ||||||||
Undistributed net investment income at end of period | $ | 113,287 | $ | 16,910 | $ | 104,220 | $ | 28,390 | ||||||||
Changes in shares outstanding: | ||||||||||||||||
Shares sold | — | 100,000 | 1,150,000 | 600,000 | ||||||||||||
Shares redeemed | — | — | — | (1,200,000 | ) | |||||||||||
Net increase (decrease) in shares | — | 100,000 | 1,150,000 | (600,000 | ) |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 91 |
STATEMENTS OF CHANGES IN NET ASSETS (continued) |
Guggenheim S&P 500® Equal Weight Consumer Staples ETF | Guggenheim S&P 500® Equal Weight Energy ETF | |||||||||||||||
Period Ended April 30, 2015 (Unaudited) | Year Ended October 31, 2014 | Period Ended April 30, 2015 (Unaudited) | Year Ended October 31, 2014 | |||||||||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||||||||||
Net investment income | $ | 2,519,360 | $ | 2,743,797 | $ | 1,578,055 | $ | 2,610,239 | ||||||||
Net realized gain (loss) on investments | 2,953,305 | 13,443,116 | (6,204,534 | ) | 1,887,504 | |||||||||||
Net change in unrealized appreciation (depreciation) on investments | 8,627,515 | 2,905,504 | 4,681,328 | (22,261,676 | ) | |||||||||||
Net increase (decrease) in net assets resulting from operations | 14,100,180 | 19,092,417 | 54,849 | (17,763,933 | ) | |||||||||||
Distributions to shareholders from: | ||||||||||||||||
Net investment income | (2,268,347 | ) | (2,571,891 | ) | (1,466,832 | ) | (2,499,608 | ) | ||||||||
Shareholder transactions: | ||||||||||||||||
Proceeds from shares purchased | 94,617,437 | 161,078,918 | 85,926,407 | 318,175,018 | ||||||||||||
Cost of shares redeemed | (26,212,984 | ) | (75,271,970 | ) | (10,113,532 | ) | (241,528,311 | ) | ||||||||
Net increase in net assets resulting from share transactions | 68,404,453 | 85,806,948 | 75,812,875 | 76,646,707 | ||||||||||||
Net increase in net assets | 80,236,286 | 102,327,474 | 74,400,892 | 56,383,166 | ||||||||||||
Net assets: | ||||||||||||||||
Beginning of period | 186,381,970 | 84,054,496 | 100,306,860 | 43,923,694 | ||||||||||||
End of period | $ | 266,618,256 | $ | 186,381,970 | $ | 174,707,752 | $ | 100,306,860 | ||||||||
Undistributed net investment income at end of period | $ | 556,584 | $ | 305,571 | $ | 221,854 | $ | 110,631 | ||||||||
Changes in shares outstanding: | ||||||||||||||||
Shares sold | 900,000 | 1,700,000 | 1,250,000 | 3,700,000 | ||||||||||||
Shares redeemed | (250,000 | ) | (800,000 | ) | (150,000 | ) | (2,950,000 | ) | ||||||||
Net increase in shares | 650,000 | 900,000 | 1,100,000 | 750,000 |
92 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
STATEMENTS OF CHANGES IN NET ASSETS (continued) |
Guggenheim S&P 500® Equal Weight Financials ETF | Guggenheim S&P 500® Equal Weight Health Care ETF | |||||||||||||||
Period Ended April 30, 2015 (Unaudited) | Year Ended October 31, 2014 | Period Ended April 30, 2015 (Unaudited) | Year Ended October 31, 2014 | |||||||||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||||||||||
Net investment income | $ | 1,231,314 | $ | 1,269,880 | $ | 1,262,172 | $ | 1,172,940 | ||||||||
Net realized gain on investments | 7,470,157 | 9,241,788 | 49,537,657 | 22,872,428 | ||||||||||||
Net change in unrealized appreciation (depreciation) on investments | (5,441,946 | ) | 4,351,272 | (2,105,393 | ) | 42,079,888 | ||||||||||
Net increase in net assets resulting from operations | 3,259,525 | 14,862,940 | 48,694,436 | 66,125,256 | ||||||||||||
Distributions to shareholders from: | ||||||||||||||||
Net investment income | (1,394,572 | ) | (1,579,128 | ) | (1,129,646 | ) | (1,057,835 | ) | ||||||||
Shareholder transactions: | ||||||||||||||||
Proceeds from shares purchased | 99,557,652 | 121,631,679 | 388,801,428 | 275,032,704 | ||||||||||||
Cost of shares redeemed | (61,102,013 | ) | (56,936,567 | ) | (140,215,494 | ) | (79,013,536 | ) | ||||||||
Net increase in net assets resulting from share transactions | 38,455,639 | 64,695,112 | 248,585,934 | 196,019,168 | ||||||||||||
Net increase in net assets | 40,320,592 | 77,978,924 | 296,150,724 | 261,086,589 | ||||||||||||
Net assets: | ||||||||||||||||
Beginning of period | 136,315,653 | 58,336,729 | 391,713,986 | 130,627,397 | ||||||||||||
End of period | $ | 176,636,245 | $ | 136,315,653 | $ | 687,864,710 | $ | 391,713,986 | ||||||||
Undistributed (distributions in excess of) net investment income at end of period | $ | (163,258 | ) | $ | — | $ | 364,904 | $ | 232,378 | |||||||
Changes in shares outstanding: | ||||||||||||||||
Shares sold | 2,250,000 | 3,000,000 | 2,600,000 | 2,250,000 | ||||||||||||
Shares redeemed | (1,400,000 | ) | (1,400,000 | ) | (950,000 | ) | (650,000 | ) | ||||||||
Net increase in shares | 850,000 | 1,600,000 | 1,650,000 | 1,600,000 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 93 |
STATEMENTS OF CHANGES IN NET ASSETS (continued) |
Guggenheim S&P 500® Equal Weight Industrials ETF | Guggenheim S&P 500® Equal Weight Materials ETF | |||||||||||||||
Period Ended April 30, 2015 (Unaudited) | Year Ended October 31, 2014 | Period Ended April 30, 2015 (Unaudited) | Year Ended October 31, 2014 | |||||||||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||||||||||
Net investment income | $ | 909,643 | $ | 1,404,910 | $ | 501,528 | $ | 1,102,693 | ||||||||
Net realized gain on investments | 4,938,607 | 11,502,355 | 1,176,839 | 15,434,502 | ||||||||||||
Net change in unrealized appreciation (depreciation) on investments | (3,557,000 | ) | 2,104,725 | 2,106,164 | (10,400,723 | ) | ||||||||||
Net increase (decrease) in net assets resulting from operations | 2,291,250 | 15,011,990 | 3,784,531 | (6,136,472 | ) | |||||||||||
Distributions to shareholders from: | ||||||||||||||||
Net investment income | (1,082,460 | ) | (1,179,408 | ) | (509,891 | ) | (1,078,681 | ) | ||||||||
Shareholder transactions: | ||||||||||||||||
Proceeds from shares purchased | 40,478,969 | 102,807,929 | 31,336,177 | 85,250,481 | ||||||||||||
Cost of shares redeemed | (27,031,229 | ) | (50,443,556 | ) | (24,750,537 | ) | (65,238,463 | ) | ||||||||
Net increase in net assets resulting from share transactions | 13,447,740 | 52,364,373 | 6,585,640 | 20,012,018 | ||||||||||||
Net increase in net assets | 14,656,530 | 66,196,955 | 9,860,280 | 25,069,809 | ||||||||||||
Net assets: | ||||||||||||||||
Beginning of period | 123,447,484 | 57,250,529 | 74,138,499 | 49,068,690 | ||||||||||||
End of period | $ | 138,104,014 | $ | 123,447,484 | $ | 83,998,779 | $ | 74,138,499 | ||||||||
Undistributed net investment income at end of period | $ | 104,028 | $ | 276,845 | $ | 62,804 | $ | 71,167 | ||||||||
Changes in shares outstanding: | ||||||||||||||||
Shares sold | 450,000 | 1,250,000 | 350,000 | 1,050,000 | ||||||||||||
Shares redeemed | (300,000 | ) | (600,000 | ) | (300,000 | ) | (800,000 | ) | ||||||||
Net increase in shares | 150,000 | 650,000 | 50,000 | 250,000 |
94 | 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 | |||||||||||||||
Period Ended April 30, 2015 (Unaudited) | Year Ended October 31, 2014 | Period Ended April 30, 2015 (Unaudited) | Year Ended October 31, 2014 | |||||||||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||||||||||
Net investment income | $ | 6,308,346 | $ | 4,762,621 | $ | 3,521,193 | $ | 3,112,103 | ||||||||
Net realized gain on investments | 20,458,063 | 35,025,103 | 3,583,890 | 11,924,787 | ||||||||||||
Net change in unrealized appreciation (depreciation) on investments | 20,831,237 | 52,724,598 | (17,369,221 | ) | 3,851,728 | |||||||||||
Net increase (decrease) in net assets resulting from operations | 47,597,646 | 92,512,322 | (10,264,138 | ) | 18,888,618 | |||||||||||
Distributions to shareholders from: | ||||||||||||||||
Net investment income | (6,115,480 | ) | (4,572,706 | ) | (3,400,366 | ) | (3,002,830 | ) | ||||||||
Shareholder transactions: | ||||||||||||||||
Proceeds from shares purchased | 288,492,666 | 444,290,459 | 169,995,944 | 218,070,696 | ||||||||||||
Cost of shares redeemed | (81,595,662 | ) | (134,284,608 | ) | (156,796,611 | ) | (143,819,030 | ) | ||||||||
Net increase in net assets resulting from share transactions | 206,897,004 | 310,005,851 | 13,199,333 | 74,251,666 | ||||||||||||
Net increase (decrease) in net assets | 248,379,170 | 397,945,467 | (465,171 | ) | 90,137,454 | |||||||||||
Net assets: | ||||||||||||||||
Beginning of period | 671,220,778 | 273,275,311 | 141,875,484 | 51,738,030 | ||||||||||||
End of period | $ | 919,599,948 | $ | 671,220,778 | $ | 141,410,313 | $ | 141,875,484 | ||||||||
Undistributed net investment income at end of period | $ | 310,376 | $ | 117,510 | $ | 320,401 | $ | 199,574 | ||||||||
Changes in shares outstanding: | ||||||||||||||||
Shares sold | 3,150,000 | 5,550,000 | 2,150,000 | 3,050,000 | ||||||||||||
Shares redeemed | (900,000 | ) | (1,700,000 | ) | (2,100,000 | ) | (2,000,000 | ) | ||||||||
Net increase in shares | 2,250,000 | 3,850,000 | 50,000 | 1,050,000 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 95 |
GUGGENHEIM RUSSELL MIDCAP® EQUAL WEIGHT ETF |
FINANCIAL HIGHLIGHTS |
This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund’s performance for the periods presented.
Period Ended April 30, 2015 (Unaudited) | Year Ended October 31, 2014 | Year Ended October 31, 2013 | Year Ended October 31, 2012 | Period Ended October 31, 2011a | ||||||||||||||||
Per Share Data: | ||||||||||||||||||||
Net asset value, beginning of period | $ | 50.39 | $ | 45.24 | $ | 33.95 | $ | 31.15 | $ | 30.21 | ||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment income (loss)b | 0.36 | 0.62 | 0.57 | 0.46 | 0.30 | |||||||||||||||
Net gain (loss) on investments (realized and unrealized) | 2.11 | 5.48 | 11.28 | 2.80 | 0.85 | |||||||||||||||
Total from investment operations | 2.47 | 6.10 | 11.85 | 3.26 | 1.15 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||
Net investment income | (0.38 | ) | (0.59 | ) | (0.56 | ) | (0.46 | ) | (0.21 | ) | ||||||||||
Capital gains | — | (0.36 | ) | — | — | — | ||||||||||||||
Total distributions to shareholders | (0.38 | ) | (0.95 | ) | (0.56 | ) | (0.46 | ) | (0.21 | ) | ||||||||||
Net asset value, end of period | $ | 52.48 | $ | 50.39 | $ | 45.24 | $ | 33.95 | $ | 31.15 | ||||||||||
Total Returnc | 4.92 | % | 13.61 | % | 35.21 | % | 10.52 | % | 3.80 | % | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 157,426 | $ | 146,125 | $ | 76,904 | $ | 52,617 | $ | 54,508 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Net investment income (loss) | 1.43 | %d | 1.27 | % | 1.44 | % | 1.39 | % | 1.06 | %d | ||||||||||
Total expenses | 0.40 | %d | 0.41 | % | 0.41 | % | �� | 0.41 | % | 0.41 | %d | |||||||||
Portfolio turnover ratee | 15 | % | 29 | % | 29 | % | 33 | % | 30 | % |
a | The Fund commenced operations on December 3, 2010. |
b | Based on average shares outstanding. |
c | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. |
d | Annualized. |
e | Portfolio turnover does not include securities received or delivered from processing creations or redemptions. |
96 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
GUGGENHEIM RUSSELL 1000® EQUAL WEIGHT ETF |
FINANCIAL HIGHLIGHTS |
This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund’s performance for the periods presented.
Period Ended April 30, 2015 (Unaudited) | Year Ended October 31, 2014 | Year Ended October 31, 2013 | Year Ended October 31, 2012 | Period Ended October 31, 2011a | ||||||||||||||||
Per Share Data: | ||||||||||||||||||||
Net asset value, beginning of period | $ | 50.34 | $ | 44.63 | $ | 33.92 | $ | 31.08 | $ | 30.18 | ||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment income (loss)b | 0.38 | 0.67 | 0.62 | 0.51 | 0.36 | |||||||||||||||
Net gain (loss) on investments (realized and unrealized) | 2.15 | 5.70 | 10.71 | 2.83 | 0.85 | |||||||||||||||
Total from investment operations | 2.53 | 6.37 | 11.33 | 3.34 | 1.21 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||
Net investment income | (0.41 | ) | (0.66 | ) | (0.62 | ) | (0.50 | ) | (0.31 | ) | ||||||||||
Total distributions to shareholders | (0.41 | ) | (0.66 | ) | (0.62 | ) | (0.50 | ) | (0.31 | ) | ||||||||||
Net asset value, end of period | $ | 52.46 | $ | 50.34 | $ | 44.63 | $ | 33.92 | $ | 31.08 | ||||||||||
Total Returnc | 5.04 | % | 14.33 | % | 33.71 | % | 10.83 | % | 4.00 | % | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 102,294 | $ | 93,137 | $ | 64,720 | $ | 39,011 | $ | 34,183 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Net investment income (loss) | 1.48 | %d | 1.38 | % | 1.57 | % | 1.56 | % | 1.26 | %d | ||||||||||
Total expenses | 0.40 | %d | 0.41 | % | 0.40 | % | 0.41 | % | 0.41 | %d | ||||||||||
Portfolio turnover ratee | 13 | % | 27 | % | 27 | % | 27 | % | 25 | % |
a | The Fund commenced operations on December 3, 2010. |
b | Based on average shares outstanding. |
c | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. |
d | Annualized. |
e | Portfolio turnover does not include securities received or delivered from processing creations or redemptions. |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 97 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF |
FINANCIAL HIGHLIGHTS |
This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund’s performance for the periods presented.
Period Ended April 30, 2015 (Unaudited) | Year Ended October 31, 2014 | Year Ended October 31, 2013 | Year Ended October 31, 2012 | Period Ended October 31, 2011a | ||||||||||||||||
Per Share Data: | ||||||||||||||||||||
Net asset value, beginning of period | $ | 44.87 | $ | 42.89 | $ | 31.82 | $ | 29.48 | $ | 30.19 | ||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment income (loss)b | 0.29 | 0.43 | 0.54 | 0.34 | 0.22 | |||||||||||||||
Net gain (loss) on investments (realized and unrealized) | 0.97 | 1.97 | 11.12 | 2.33 | (0.75 | ) | ||||||||||||||
Total from investment operations | 1.26 | 2.40 | 11.66 | 2.67 | (0.53 | ) | ||||||||||||||
Less distributions from: | ||||||||||||||||||||
Net investment income | (0.29 | ) | (0.42 | ) | (0.59 | ) | (0.33 | ) | (0.18 | ) | ||||||||||
Total distributions to shareholders | (0.29 | ) | (0.42 | ) | (0.59 | ) | (0.33 | ) | (0.18 | ) | ||||||||||
Net asset value, end of period | $ | 45.84 | $ | 44.87 | $ | 42.89 | $ | 31.82 | $ | 29.48 | ||||||||||
Total Returnc | 2.82 | % | 5.58 | % | 37.07 | % | 9.08 | % | (1.78 | %) | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 55,007 | $ | 40,380 | $ | 25,736 | $ | 14,318 | $ | 23,584 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Net investment income (loss) | 1.29 | %d | 0.96 | % | 1.46 | % | 1.10 | % | 0.79 | %d | ||||||||||
Total expenses | 0.40 | %d | 0.42 | % | 0.41 | % | 0.41 | % | 0.41 | %d | ||||||||||
Portfolio turnover ratee | 21 | % | 43 | % | 42 | % | 43 | % | 38 | % |
a | The Fund commenced operations on December 3, 2010. |
b | Based on average shares outstanding. |
c | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. |
d | Annualized. |
e | Portfolio turnover does not include securities received or delivered from processing creations or redemptions. |
98 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
GUGGENHEIM MSCI EMERGING MARKETS EQUAL COUNTRY WEIGHT ETF |
FINANCIAL HIGHLIGHTS |
This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund’s performance for the periods presented.
Period Ended April 30, 2015 (Unaudited) | Year Ended October 31, 2014 | Year Ended October 31, 2013 | Year Ended October 31, 2012 | Period Ended October 31, 2011a | ||||||||||||||||
Per Share Data: | ||||||||||||||||||||
Net asset value, beginning of period | $ | 34.14 | $ | 34.43 | $ | 33.31 | $ | 33.83 | $ | 40.21 | ||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment income (loss)b | 0.32 | 0.64 | 0.50 | 0.55 | 0.69 | |||||||||||||||
Net gain (loss) on investments (realized and unrealized) | (0.03 | ) | (0.31 | ) | 1.06 | (0.53 | ) | (6.35 | ) | |||||||||||
Total from investment operations | 0.29 | 0.33 | 1.56 | 0.02 | (5.66 | ) | ||||||||||||||
Less distributions from: | ||||||||||||||||||||
Net investment income | (0.08 | ) | (0.62 | ) | (0.44 | ) | (0.48 | ) | (0.36 | ) | ||||||||||
Return of capital | — | — | — | (0.06 | ) | (0.36 | ) | |||||||||||||
Total distributions to shareholders | (0.08 | ) | (0.62 | ) | (0.44 | ) | (0.54 | ) | (0.72 | ) | ||||||||||
Net asset value, end of period | $ | 34.35 | $ | 34.14 | $ | 34.43 | $ | 33.31 | $ | 33.83 | ||||||||||
Total Returnc | 0.87 | % | 0.99 | % | 4.76 | % | 0.10 | % | (14.13 | %) | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 13,740 | $ | 13,654 | $ | 10,328 | $ | 13,325 | $ | 16,914 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Net investment income (loss) | 1.99 | %d | 1.86 | % | 1.47 | % | 1.66 | % | 1.99 | %d | ||||||||||
Total expenses | 0.70 | %d | 0.70 | % | 0.71 | % | 0.72 | % | 0.71 | %d | ||||||||||
Net expensese | 0.62 | %d | 0.60 | % | 0.60 | % | 0.61 | % | 0.63 | %d | ||||||||||
Portfolio turnover ratef | 80 | % | 25 | % | 38 | % | 39 | % | 63 | % |
a | The Fund commenced operations on December 3, 2010. |
b | Based on average shares outstanding. |
c | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. |
d | Annualized and excludes expenses of the underlying funds in which the Fund invests. |
e | Net expense information reflects the expense ratios after expense waivers. |
f | Portfolio turnover does not include securities received or delivered from processing creations or redemptions. |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 99 |
GUGGENHEIM S&P 500® EQUAL WEIGHT CONSUMER DISCRETIONARY ETF |
FINANCIAL HIGHLIGHTS |
This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund’s performance for the periods presented.
Period Ended April 30, 2015 (Unaudited) | Year Ended October 31, 2014 | Year Ended October 31, 2013 | Year Ended October 31, 2012 | Year Ended October 31, 2011 | Year Ended October 31, 2010 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 82.76 | $ | 76.06 | $ | 55.09 | $ | 47.70 | $ | 42.37 | $ | 32.78 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)a | 0.56 | 0.95 | 0.79 | 0.64 | 0.56 | 0.35 | ||||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | 6.74 | 6.67 | 21.02 | 7.46 | 5.31 | 9.56 | ||||||||||||||||||
Total from investment operations | 7.30 | 7.62 | 21.81 | 8.10 | 5.87 | 9.91 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.49 | ) | (0.92 | ) | (0.84 | ) | (0.71 | ) | (0.54 | ) | (0.32 | ) | ||||||||||||
Total distributions to shareholders | (0.49 | ) | (0.92 | ) | (0.84 | ) | (0.71 | ) | (0.54 | ) | (0.32 | ) | ||||||||||||
Net asset value, end of period | $ | 89.57 | $ | 82.76 | $ | 76.06 | $ | 55.09 | $ | 47.70 | $ | 42.37 | ||||||||||||
Total Returnb | 8.82 | % | 10.07 | % | 39.91 | % | 17.05 | % | 13.91 | % | 30.35 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 197,044 | $ | 86,897 | $ | 125,497 | $ | 41,314 | $ | 21,467 | $ | 25,425 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Net investment income (loss) | 1.27 | %c | 1.20 | % | 1.19 | % | 1.22 | % | 1.20 | % | 0.89 | % | ||||||||||||
Total expenses | 0.40 | %c | 0.40 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | ||||||||||||
Portfolio turnover rated | 13 | % | 22 | % | 20 | % | 25 | % | 26 | % | 28 | % |
a | Based on average shares outstanding. |
b | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. |
c | Annualized. |
d | Portfolio turnover does not include securities received or delivered from processing creations or redemptions. |
100 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
GUGGENHEIM S&P 500® EQUAL WEIGHT CONSUMER STAPLES ETF |
FINANCIAL HIGHLIGHTS |
This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund’s performance for the periods presented.
Period Ended April 30, 2015 (Unaudited) | Year Ended October 31, 2014 | Year Ended October 31, 2013 | Year Ended October 31, 2012 | Year Ended October 31, 2011 | Year Ended October 31, 2010 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 100.75 | $ | 88.48 | $ | 68.24 | $ | 61.01 | $ | 55.42 | $ | 48.42 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)a | 1.10 | 2.04 | 1.73 | 1.41 | 1.31 | 1.14 | ||||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | 5.76 | 12.03 | 20.22 | 7.20 | 5.49 | 6.95 | ||||||||||||||||||
Total from investment operations | 6.86 | 14.07 | 21.95 | 8.61 | 6.80 | 8.09 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.96 | ) | (1.80 | ) | (1.71 | ) | (1.38 | ) | (1.21 | ) | (1.09 | ) | ||||||||||||
Total distributions to shareholders | (0.96 | ) | (1.80 | ) | (1.71 | ) | (1.38 | ) | (1.21 | ) | (1.09 | ) | ||||||||||||
Net asset value, end of period | $ | 106.65 | $ | 100.75 | $ | 88.48 | $ | 68.24 | $ | 61.01 | $ | 55.42 | ||||||||||||
Total Returnb | 6.82 | % | 16.04 | % | 32.59 | % | 14.19 | % | 12.37 | % | 16.89 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 266,618 | $ | 186,382 | $ | 84,054 | $ | 40,944 | $ | 30,507 | $ | 13,856 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Net investment income (loss) | 2.10 | %c | 2.18 | % | 2.15 | % | 2.14 | % | 2.20 | % | 2.20 | % | ||||||||||||
Total expenses | 0.40 | %c | 0.40 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | ||||||||||||
Portfolio turnover rated | 11 | % | 20 | % | 17 | % | 18 | % | 15 | % | 18 | % |
a | Based on average shares outstanding. |
b | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. |
c | Annualized. |
d | Portfolio turnover does not include securities received or delivered from processing creations or redemptions. |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 101 |
GUGGENHEIM S&P 500® EQUAL WEIGHT ENERGY ETF |
FINANCIAL HIGHLIGHTS |
This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund’s performance for the periods presented.
Period Ended April 30, 2015 (Unaudited) | Year Ended October 31, 2014 | Year Ended October 31, 2013 | Year Ended October 31, 2012 | Year Ended October 31, 2011 | Year Ended October 31, 2010 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 77.16 | $ | 79.86 | $ | 64.01 | $ | 64.16 | $ | 53.74 | $ | 47.69 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)a | 0.85 | 1.40 | 0.78 | 0.55 | 0.36 | 0.44 | ||||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | (4.43 | ) | (2.91 | ) | 15.87 | (0.19 | ) | 10.43 | 6.07 | |||||||||||||||
Total from investment operations | (3.58 | ) | (1.51 | ) | 16.65 | 0.36 | 10.79 | 6.51 | ||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.79 | ) | (1.19 | ) | (0.80 | ) | (0.51 | ) | (0.37 | ) | (0.46 | ) | ||||||||||||
Total distributions to shareholders | (0.79 | ) | (1.19 | ) | (0.80 | ) | (0.51 | ) | (0.37 | ) | (0.46 | ) | ||||||||||||
Net asset value, end of period | $ | 72.79 | $ | 77.16 | $ | 79.86 | $ | 64.01 | $ | 64.16 | $ | 53.74 | ||||||||||||
Total Returnb | (4.55 | %) | (2.02 | %) | 26.19 | % | 0.58 | % | 20.09 | % | 13.74 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 174,708 | $ | 100,307 | $ | 43,924 | $ | 32,004 | $ | 35,287 | $ | 16,122 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Net investment income (loss) | 2.52 | %c | 1.64 | % | 1.09 | % | 0.88 | % | 0.53 | % | 0.87 | % | ||||||||||||
Total expenses | 0.40 | %c | 0.40 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | ||||||||||||
Portfolio turnover rated | 16 | % | 25 | % | 17 | % | 30 | % | 23 | % | 31 | % |
a | Based on average shares outstanding. |
b | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. |
c | Annualized. |
d | Portfolio turnover does not include securities received or delivered from processing creations or redemptions. |
102 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
GUGGENHEIM S&P 500® EQUAL WEIGHT FINANCIALS ETF |
FINANCIAL HIGHLIGHTS |
This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund’s performance for the periods presented.
Period Ended April 30, 2015 (Unaudited) | Year Ended October 31, 2014 | Year Ended October 31, 2013 | Year Ended October 31, 2012 | Year Ended October 31, 2011 | Year Ended October 31, 2010 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 43.27 | $ | 37.64 | $ | 28.68 | $ | 24.48 | $ | 25.40 | $ | 21.53 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)a | 0.35 | 0.53 | 0.57 | 0.39 | 0.42 | 0.31 | ||||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | 0.97 | 5.76 | 9.08 | 4.32 | (0.96 | ) | 3.87 | |||||||||||||||||
Total from investment operations | 1.32 | 6.29 | 9.65 | 4.71 | (0.54 | ) | 4.18 | |||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.43 | ) | (0.66 | ) | (0.58 | ) | (0.42 | ) | (0.38 | ) | (0.31 | ) | ||||||||||||
Return of capital | — | — | (0.11 | ) | (0.09 | ) | — | — | ||||||||||||||||
Total distributions to shareholders | (0.43 | ) | (0.66 | ) | (0.69 | ) | (0.51 | ) | (0.38 | ) | (0.31 | ) | ||||||||||||
Net asset value, end of period | $ | 44.16 | $ | 43.27 | $ | 37.64 | $ | 28.68 | $ | 24.48 | $ | 25.40 | ||||||||||||
Total Returnb | 3.05 | % | 16.84 | % | 34.05 | % | 19.32 | % | (2.25 | %) | 19.46 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 176,636 | $ | 136,316 | $ | 58,337 | $ | 14,339 | $ | 17,133 | $ | 16,510 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Net investment income (loss) | 1.62 | %c | 1.30 | % | 1.65 | % | 1.48 | % | 1.59 | % | 1.26 | % | ||||||||||||
Total expenses | 0.40 | %c | 0.40 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | ||||||||||||
Portfolio turnover rated | 7 | % | 19 | % | 14 | % | 17 | % | 18 | % | 19 | % |
a | Based on average shares outstanding. |
b | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. |
c | Annualized. |
d | Portfolio turnover does not include securities received or delivered from processing creations or redemptions. |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 103 |
GUGGENHEIM S&P 500® EQUAL WEIGHT HEALTH CARE ETF |
FINANCIAL HIGHLIGHTS |
This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund’s performance for the periods presented.
Period Ended April 30, 2015 (Unaudited) | Year Ended October 31, 2014 | Year Ended October 31, 2013 | Year Ended October 31, 2012 | Year Ended October 31, 2011 | Year Ended October 31, 2010 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 137.44 | $ | 104.50 | $ | 76.84 | $ | 66.49 | $ | 59.74 | $ | 50.56 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)a | 0.36 | 0.66 | 0.55 | 0.47 | 0.32 | 0.20 | ||||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | 15.35 | 32.89 | 27.63 | 11.04 | 6.73 | 9.20 | ||||||||||||||||||
Total from investment operations | 15.71 | 33.55 | 28.18 | 11.51 | 7.05 | 9.40 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.29 | ) | (0.61 | ) | (0.52 | ) | (1.16 | ) | (0.30 | ) | (0.22 | ) | ||||||||||||
Total distributions to shareholders | (0.29 | ) | (0.61 | ) | (0.52 | ) | (1.16 | ) | (0.30 | ) | (0.22 | ) | ||||||||||||
Net asset value, end of period | $ | 152.86 | $ | 137.44 | $ | 104.50 | $ | 76.84 | $ | 66.49 | $ | 59.74 | ||||||||||||
Total Returnb | 11.44 | % | 32.20 | % | 36.81 | % | 17.39 | % | 11.80 | % | 18.64 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 687,865 | $ | 391,714 | $ | 130,627 | $ | 38,419 | $ | 53,196 | $ | 53,770 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Net investment income (loss) | 0.48 | %c | 0.55 | % | 0.60 | % | 0.65 | % | 0.47 | % | 0.35 | % | ||||||||||||
Total expenses | 0.40 | %c | 0.40 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | ||||||||||||
Portfolio turnover rated | 17 | % | 23 | % | 24 | % | 15 | % | 19 | % | 20 | % |
a | Based on average shares outstanding. |
b | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. |
c | Annualized. |
d | Portfolio turnover does not include securities received or delivered from processing creations or redemptions. |
104 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
GUGGENHEIM S&P 500® EQUAL WEIGHT INDUSTRIALS ETF |
FINANCIAL HIGHLIGHTS |
This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund’s performance for the periods presented.
Period Ended April 30, 2015 (Unaudited) | Year Ended October 31, 2014 | Year Ended October 31, 2013 | Year Ended October 31, 2012 | Year Ended October 31, 2011 | Year Ended October 31, 2010 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 88.18 | $ | 76.33 | $ | 56.94 | $ | 51.50 | $ | 49.54 | $ | 39.76 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)a | 0.62 | 1.22 | 0.95 | 1.05 | 0.83 | 0.61 | ||||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | 1.01 | 11.59 | 19.41 | 5.42 | 2.05 | 9.78 | ||||||||||||||||||
Total from investment operations | 1.63 | 12.81 | 20.36 | 6.47 | 2.88 | 10.39 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.71 | ) | (0.96 | ) | (0.97 | ) | (1.03 | ) | (0.92 | ) | (0.61 | ) | ||||||||||||
Total distributions to shareholders | (0.71 | ) | (0.96 | ) | (0.97 | ) | (1.03 | ) | (0.92 | ) | (0.61 | ) | ||||||||||||
Net asset value, end of period | $ | 89.10 | $ | 88.18 | $ | 76.33 | $ | 56.94 | $ | 51.50 | $ | 49.54 | ||||||||||||
Total Returnb | 1.84 | % | 16.85 | % | 36.10 | % | 12.64 | % | 5.80 | % | 26.28 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 138,104 | $ | 123,447 | $ | 57,251 | $ | 17,082 | $ | 15,450 | $ | 42,105 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Net investment income (loss) | 1.40 | %c | 1.47 | % | 1.41 | % | 1.90 | % | 1.52 | % | 1.34 | % | ||||||||||||
Total expenses | 0.40 | %c | 0.40 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | ||||||||||||
Portfolio turnover rated | 9 | % | 15 | % | 24 | % | 18 | % | 15 | % | 18 | % |
a | Based on average shares outstanding. |
b | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. |
c | Annualized. |
d | Portfolio turnover does not include securities received or delivered from processing creations or redemptions. |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 105 |
GUGGENHEIM S&P 500® EQUAL WEIGHT MATERIALS ETF |
FINANCIAL HIGHLIGHTS |
This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund’s performance for the periods presented.
Period Ended April 30, 2015 (Unaudited) | Year Ended October 31, 2014 | Year Ended October 31, 2013 | Year Ended October 31, 2012 | Year Ended October 31, 2011 | Year Ended October 31, 2010 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 82.38 | $ | 75.49 | $ | 60.71 | $ | 56.57 | $ | 57.32 | $ | 45.78 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)a | 0.60 | 1.21 | 1.25 | 0.92 | 0.82 | 1.52 | ||||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | 6.05 | 6.85 | 14.73 | 4.14 | (0.76 | ) | 11.65 | |||||||||||||||||
Total from investment operations | 6.65 | 8.06 | 15.98 | 5.06 | 0.06 | 13.17 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.61 | ) | (1.17 | ) | (1.20 | ) | (0.92 | ) | (0.81 | ) | (1.63 | ) | ||||||||||||
Total distributions to shareholders | (0.61 | ) | (1.17 | ) | (1.20 | ) | (0.92 | ) | (0.81 | ) | (1.63 | ) | ||||||||||||
Net asset value, end of period | $ | 88.42 | $ | 82.38 | $ | 75.49 | $ | 60.71 | $ | 56.57 | $ | 57.32 | ||||||||||||
Total Returnb | 8.10 | % | 10.68 | % | 26.59 | % | 8.99 | % | 0.04 | % | 29.05 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 83,999 | $ | 74,138 | $ | 49,069 | $ | 33,388 | $ | 36,771 | $ | 34,395 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Net investment income (loss) | 1.42 | %c | 1.48 | % | 1.84 | % | 1.55 | % | 1.33 | % | 2.88 | % | ||||||||||||
Total expenses | 0.40 | %c | 0.40 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | ||||||||||||
Portfolio turnover rated | 14 | % | 22 | % | 18 | % | 20 | % | 21 | % | 27 | % |
a | Based on average shares outstanding. |
b | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. |
c | Annualized. |
d | Portfolio turnover does not include securities received or delivered from processing creations or redemptions. |
106 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
GUGGENHEIM S&P 500® EQUAL WEIGHT TECHNOLOGY ETF |
FINANCIAL HIGHLIGHTS |
This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund’s performance for the periods presented.
Period Ended April 30, 2015 (Unaudited) | Year Ended October 31, 2014 | Year Ended October 31, 2013 | Year Ended October 31, 2012 | Year Ended October 31, 2011 | Year Ended October 31, 2010 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 87.17 | $ | 70.98 | $ | 51.53 | $ | 52.23 | $ | 50.72 | $ | 39.98 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)a | 0.70 | 0.78 | 0.68 | 0.41 | 0.29 | 0.12 | ||||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | 5.24 | 16.15 | 19.43 | (0.75 | ) | 1.49 | 10.75 | |||||||||||||||||
Total from investment operations | 5.94 | 16.93 | 20.11 | (0.34 | ) | 1.78 | 10.87 | |||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.69 | ) | (0.74 | ) | (0.66 | ) | (0.36 | ) | (0.27 | ) | (0.13 | ) | ||||||||||||
Total distributions to shareholders | (0.69 | ) | (0.74 | ) | (0.66 | ) | (0.36 | ) | (0.27 | ) | (0.13 | ) | ||||||||||||
Net asset value, end of period | $ | 92.42 | $ | 87.17 | $ | 70.98 | $ | 51.53 | $ | 52.23 | $ | 50.72 | ||||||||||||
Total Returnb | 6.83 | % | 23.92 | % | 39.23 | % | 0.71 | % | 3.51 | % | 27.23 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 919,600 | $ | 671,221 | $ | 273,275 | $ | 100,479 | $ | 109,685 | $ | 88,759 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Net investment income (loss) | 1.56 | %c | 0.97 | % | 1.07 | % | 0.76 | % | 0.54 | % | 0.26 | % | ||||||||||||
Total expenses | 0.40 | %c | 0.40 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | ||||||||||||
Portfolio turnover rated | 10 | % | 22 | % | 24 | % | 25 | % | 29 | % | 25 | % |
a | Based on average shares outstanding. |
b | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. |
c | Annualized. |
d | Portfolio turnover does not include securities received or delivered from processing creations or redemptions. |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 107 |
GUGGENHEIM S&P 500® EQUAL WEIGHT UTILITIES ETF |
FINANCIAL HIGHLIGHTS |
This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund’s performance for the periods presented.
Period Ended April 30, 2015 (Unaudited) | Year Ended October 31, 2014 | Year Ended October 31, 2013 | Year Ended October 31, 2012 | Year Ended October 31, 2011 | Year Ended October 31, 2010 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 76.69 | $ | 64.67 | $ | 60.52 | $ | 54.03 | $ | 50.27 | $ | 42.13 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)a | 1.32 | 2.59 | 2.36 | 2.03 | 1.89 | 1.84 | ||||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | (2.07 | ) | 11.75 | 4.11 | 6.45 | 3.71 | 8.13 | |||||||||||||||||
Total from investment operations | (0.75 | ) | 14.34 | 6.47 | 8.48 | 5.60 | 9.97 | |||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (1.51 | ) | (2.32 | ) | (2.32 | ) | (1.99 | ) | (1.84 | ) | (1.83 | ) | ||||||||||||
Total distributions to shareholders | (1.51 | ) | (2.32 | ) | (2.32 | ) | (1.99 | ) | (1.84 | ) | (1.83 | ) | ||||||||||||
Net asset value, end of period | $ | 74.43 | $ | 76.69 | $ | 64.67 | $ | 60.52 | $ | 54.03 | $ | 50.27 | ||||||||||||
Total Returnb | (1.01 | %) | 22.61 | % | 10.95 | % | 15.98 | % | 11.29 | % | 24.10 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 141,410 | $ | 141,875 | $ | 51,738 | $ | 42,364 | $ | 32,417 | $ | 20,110 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Net investment income (loss) | 3.47 | %c | 3.72 | % | 3.78 | % | 3.60 | % | 3.60 | % | 3.95 | % | ||||||||||||
Total expenses | 0.40 | %c | 0.40 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | ||||||||||||
Portfolio turnover rated | 9 | % | 31 | % | 22 | % | 22 | % | 15 | % | 16 | % |
a | Based on average shares outstanding. |
b | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. |
c | Annualized. |
d | Portfolio turnover does not include securities received or delivered from processing creations or redemptions. |
108 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
NOTES TO FINANCIAL STATEMENTS (Unaudited) |
1. Organization and Significant Accounting Policies
Organization
Rydex ETF Trust (the “Trust”) is registered with the SEC under the Investment Company Act of 1940 (the “1940 Act”), as a 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. At April 30, 2015, the Trust consisted of twenty-one funds.
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 | Underlying 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 Country Weight ETF | MSCI Emerging Markets Equal Country Weighted Index |
Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF | S&P 500® Equal Weight Index Consumer Discretionary |
Guggenheim S&P 500® Equal Weight Consumer Staples ETF | S&P 500® Equal Weight Index Consumer Staples |
Guggenheim S&P 500® Equal Weight Energy ETF | S&P 500® Equal Weight Index Energy |
Guggenheim S&P 500® Equal Weight Financials ETF | S&P 500® Equal Weight Index Financials |
Guggenheim S&P 500® Equal Weight Health Care ETF | S&P 500® Equal Weight Index Health Care |
Guggenheim S&P 500® Equal Weight Industrials ETF | S&P 500® Equal Weight Index Industrials |
Guggenheim S&P 500® Equal Weight Materials ETF | S&P 500® Equal Weight Index Materials |
Guggenheim S&P 500® Equal Weight Technology ETF | S&P 500® Equal Weight Index Information Technology |
Guggenheim S&P 500® Equal Weight Utilities ETF | S&P 500® Equal Weight Index Telecommunication Service and Utilities |
The Funds seek to achieve their objective by investing in common stocks or ETFs, where applicable, that comprise the Underlying Index. The Funds use a “replication” strategy to track the 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 (100,000 shares for the Guggenheim MSCI Emerging Markets Equal Country Weight ETF) called a “Creation Unit.” Creation Units are issued and redeemed principally in-kind for securities included in the Underlying Index.
The Funds invest in various investments which are exposed to risk, such as market risk. Due to the level of risk associated with certain investments it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect amounts reported in the financial statements. The Guggenheim S&P 500® Equal Weight Sector ETFs are non-diversified funds, subjecting them to a greater risk than funds that are diversified.
Guggenheim Investments (“GI”) provides advisory services, and Rydex Fund Services, LLC (“RFS”) provides transfer agent, administrative and accounting services to the Trust. Guggenheim Funds Distributors, LLC (“GFD”) acts as principal underwriter for the Trust. GI, RFS and GFD are affiliated entities.
Significant Accounting Policies
The Funds operate as investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 Financial Services – Investment Companies.
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. The Board of Trustees of the Funds (the “Board”) has adopted policies and procedures for the valuation of the Funds’ investments (the “Valuation Procedures”).
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 109 |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued) |
Pursuant to the Valuation Procedures, the Board has delegated to a valuation committee, consisting of representatives from Guggenheim’s investment management, fund administration, legal and compliance departments (the “Valuation Committee”), the day-to-day responsibility for implementing the Valuation Procedures, including, under most circumstances, the responsibility for determining the fair value of the Funds’ securities or other assets.
Valuations of the Funds’ securities are supplied primarily by pricing services appointed pursuant to the processes set forth in the Valuation Procedures. The Valuation Committee convenes monthly, or more frequently as needed and will review the valuation of all assets which have been fair valued for reasonableness. The Funds’ officers, through the Valuation Committee and consistent with the monitoring and review responsibilities set forth in the Valuation Procedures, regularly review procedures used by, and valuations provided by, the pricing services.
If the pricing service cannot or does not provide a valuation for a particular investment or such valuation is deemed unreliable, such investment is fair valued by the Valuation Committee.
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, which may not necessarily represent the last sale price. If there has been no sale on such exchange or NASDAQ on a given day, the security is valued at the closing bid price on that day.
The Funds invest in money market mutual funds, which are valued at their NAV. Exchange-traded funds (“ETFs”) are valued at the last quoted sales price.
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 GI to use prices and other information supplied by a third party pricing vendor in valuing foreign 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.
Investments for which market quotations are not readily available are fair valued as determined in good faith by GI under the direction of the Board of Trustees using methods established or ratified by the Board of Trustees.
These methods include, but are not limited to: (i) obtaining general information as to how these securities and assets trade; and (ii) obtaining other information and considerations, including current values in related markets.
B. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Trust does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain and loss from investments.
Reported net realized foreign exchange gains or losses arise from sales of foreign currencies and currency gains or losses realized between the trade and settlement dates on investment transactions. Net unrealized exchange gains and losses arise from changes in the fair values of assets and liabilities other than investments insecurities at the fiscal period end, resulting from changes in exchange rates.
C. 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
110 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued) |
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. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.
D. Distributions of net investment income and net realized gains, if any, are declared and paid at least annually. Distributions are recorded on the ex-dividend date and are determined in accordance with income tax regulations which may differ from U.S. GAAP.
E. The Funds may leave cash overnight in their cash account with the custodian. Periodically, a Fund may have cash due to the custodian bank as an overdraft balance. A fee is incurred on this overdraft, calculated by multiplying the overdraft by a rate based on the federal funds rate.
F. The Funds may enter into repurchase agreements with financial institutions. In a repurchase agreement, a Fund buys a security and the seller simultaneously agrees to repurchase the security on a specified future date at an agreed-upon price. The repurchase price reflects an agreed-upon interest rate during the time the Fund’s money is invested in the security. Because the security constitutes collateral for the repurchase obligation, a repurchase agreement can be considered a collateralized loan. The Funds follow certain procedures designed to minimize the risks inherent in such agreements. These procedures include effecting repurchase transactions only with large, well-capitalized and well-established financial institutions whose condition will be continually monitored by GI. In addition, the value of the collateral underlying the repurchase agreement will always be at least equal to the repurchase price, including any accrued interest earned on the repurchase agreement. In the event of a default or bankruptcy by a selling financial institution, the Funds will seek to liquidate such collateral. However, the exercising of the Funds right to liquidate such collateral could involve certain costs or delays and, to the extent that proceeds from any sale upon a default of the obligation to repurchase were less than the repurchase price, the Funds could suffer a loss. It is the current policy of the Funds not to invest in repurchase agreements that do not mature within seven days if any such investment, together with any other illiquid assets held by the Funds, amounts to more than 15% of a Funds net assets. The investments of the Funds in repurchase agreements, at times, may be substantial when, in the view of GI, liquidity or other considerations so warrant.
G. Under the Funds’ organizational documents, their Trustees and Officers are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, throughout the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties which provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds and/or their affiliates that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.
2. Capital
There is a minimum transaction fee per transaction to those persons purchasing or redeeming Creation Units. An additional charge of up to three times the standard transaction fee may be imposed for purchases and redemptions effected outside the National Securities Clearing Corporation usual clearing process or for cash. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV of the Fund on the transaction date. Transaction fees are not charged to or paid by the Funds.
The minimum transaction fees are:
Fund | Minimum Transaction Fee |
Guggenheim Russell MidCap® Equal Weight ETF | $2,000 |
Guggenheim Russell 1000® Equal Weight ETF | 2,500 |
Guggenheim Russell 2000® Equal Weight ETF | 3,000 |
Guggenheim MSCI Emerging Markets Equal Country Weight ETF | 6,000 |
Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF | 750 |
Guggenheim S&P 500® Equal Weight Consumer Staples ETF | 500 |
Guggenheim S&P 500® Equal Weight Energy ETF | 500 |
Guggenheim S&P 500® Equal Weight Financials ETF | 750 |
Guggenheim S&P 500® Equal Weight Health Care ETF | 500 |
Guggenheim S&P 500® Equal Weight Industrials ETF | 500 |
Guggenheim S&P 500® Equal Weight Materials ETF | 500 |
Guggenheim S&P 500® Equal Weight Technology ETF | 750 |
Guggenheim S&P 500® Equal Weight Utilities ETF | 500 |
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 111 |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued) |
3. Fees and Other Transactions with Affiliates
GI determines the composition of the portfolio of securities that must be delivered in exchange for the issuance of Creation Units and periodically adjusts the composition of the portfolio of the Funds to conform to changes in the composition of the relevant index. For these services, GI receives a management fee at the annual rate shown below as a percentage of the average daily net assets of the Funds.
Fund | Advisory Fee |
Guggenheim Russell MidCap® Equal Weight ETF | 0.40% |
Guggenheim Russell 1000® Equal Weight ETF | 0.40% |
Guggenheim Russell 2000® Equal Weight ETF | 0.40% |
Guggenheim MSCI Emerging Markets Equal Country Weight ETF | 0.70% |
Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF | 0.40% |
Guggenheim S&P 500® Equal Weight Consumer Staples ETF | 0.40% |
Guggenheim S&P 500® Equal Weight Energy ETF | 0.40% |
Guggenheim S&P 500® Equal Weight Financials ETF | 0.40% |
Guggenheim S&P 500® Equal Weight Health Care ETF | 0.40% |
Guggenheim S&P 500® Equal Weight Industrials ETF | 0.40% |
Guggenheim S&P 500® Equal Weight Materials ETF | 0.40% |
Guggenheim S&P 500® Equal Weight Technology ETF | 0.40% |
Guggenheim S&P 500® Equal Weight Utilities ETF | 0.40% |
GI pays all expenses of the Funds, including the cost of transfer agency, custody, fund administration, fund accounting, legal, audit and other services, except: interest, taxes, distribution fees or expenses, trustee fees (where applicable) and extraordinary expenses.
Under a Fund Administration Agreement with the Trust, RFS provides various administrative and financial reporting services for the Funds. GI compensates RFS directly for this service.
Under a Fund Accounting Agreement with the Trust, BNYMellon maintains the books and records of the Funds. Under a Custodian Agreement with the Trust, BNYMellon maintains cash, securities and other assets of the Funds in a separate account for the Funds, keeps all necessary accounts and records, and provides other services. BNYMellon is required, upon the order of the Trust, to deliver securities held by the custodian and to make payments for securities purchased by the Trust for the Funds. Pursuant to a Transfer Agency and Service Agreement with the Trust, BNYMellon acts as a transfer agent for the Trust’s authorized and issued shares of beneficial interest, and as dividend disbursing agent of the Trust. GI compensates BNYMellon directly for the foregoing services.
For the Guggenheim MCSI Emerging Markets Equal Country Weight ETF, GI 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, 2016. 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, 2016.
The Funds have adopted a Distribution Plan (the “Plan”) that allows the Funds to pay distribution fees to GFD and other firms that provide distribution services (“Service Providers”). If a Service Provider provides distribution services, the Funds will pay distribution fees to GFD at an annual rate not to exceed 0.25% of average daily net assets, pursuant to Rule 12b-1 of the 1940 Act. GFD will, in turn, pay the Service Provider out of its fees. No such fee is currently charged to the Funds.
Certain trustees and officers of the Trust are also officers of GI, RFS and GFD.
4. Fair Value Measurement
In accordance with U.S. GAAP, fair value is defined as the price that the Funds would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the investment or liability. U.S. GAAP establishes a three-tier fair value hierarchy based on the types of inputs used to value assets and liabilities and requires corresponding disclosure. The hierarchy and the corresponding inputs are summarized below:
Level 1 | — | quoted prices in active markets for identical 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). |
112 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued) |
The types of inputs available depend on a variety of factors, such as the type of security and the characteristics of the markets in which it trades, if any. Fair valuation determinations that rely on fewer or no observable inputs require greater judgment. Accordingly, fair value determinations for Level 3 securities require the greatest amount of judgment.
The following table summarizes the inputs used to value the Funds’ investments at April 30, 2015:
Fund | Level 1 Investments In Securities | Level 2 Investments In Securities | Level 3 Investments In Securities | Total | ||||||||||||
Guggenheim Russell MidCap® Equal Weight ETF | $ | 157,380,251 | $ | 7,643,133 | $ | — | $ | 165,023,384 | ||||||||
Guggenheim Russell 1000® Equal Weight ETF | 102,262,721 | 3,451,364 | — | 105,714,085 | ||||||||||||
Guggenheim Russell 2000® Equal Weight ETF | 54,949,820 | 3,463,030 | 8,573 | 58,421,423 | ||||||||||||
Guggenheim MSCI Emerging Markets Equal Country Weight ETF | 13,696,439 | 189,171 | — | 13,885,610 | ||||||||||||
Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF | 197,010,976 | 2,264,368 | — | 199,275,344 | ||||||||||||
Guggenheim S&P 500® Equal Weight Consumer Staples ETF | 266,336,066 | — | — | 266,336,066 | ||||||||||||
Guggenheim S&P 500® Equal Weight Energy ETF | 174,554,557 | 16,132,935 | — | 190,687,492 | ||||||||||||
Guggenheim S&P 500® Equal Weight Financials ETF | 176,573,463 | — | — | 176,573,463 | ||||||||||||
Guggenheim S&P 500® Equal Weight Health Care ETF | 687,802,689 | — | — | 687,802,689 | ||||||||||||
Guggenheim S&P 500® Equal Weight Industrials ETF | 138,023,317 | 2,087,217 | — | 140,110,534 | ||||||||||||
Guggenheim S&P 500® Equal Weight Materials ETF | 83,980,536 | — | — | 83,980,536 | ||||||||||||
Guggenheim S&P 500® Equal Weight Technology ETF | 919,450,913 | 754,091 | — | 920,205,004 | ||||||||||||
Guggenheim S&P 500® Equal Weight Utilities ETF | 141,293,183 | 316,748 | — | 141,609,931 |
Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in the investment’s valuation changes. The Funds recognize transfers between the levels as of the beginning of the period. As of April 30, 2015, Guggenheim Russell 2000® Equal Weight ETF had securities with a total value of $8,573, transfer from Level 2 to Level 3 based on a change in availability of market information.
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The suitability of the techniques and sources employed to determine fair valuation are regularly monitored and subject to change.
5. Portfolio Securities Loaned
The Funds may lend their securities to approved brokers to earn additional income. Security lending income shown on the Statements of Operations is shown net of rebates paid to the borrowers and earnings on cash collateral investments shared with the lending agent. Within this arrangement, the Funds act as the lender, Credit Suisse acts as the lending agent, and other approved registered broker dealers act as the borrowers. The Funds receive cash collateral, valued at 102% of the value of the securities on loan. Under the terms of the Funds’ securities lending agreement with Credit Suisse, cash collateral is invested in one or more joint repurchase agreements collateralized by obligations of the U.S. Treasury or Government Agencies and cash. The Funds bear the risk of loss on cash collateral investments. Collateral is maintained over the life of the loan in an amount not less than the value of loaned securities, as determined at the close of fund business each day; any additional collateral required due to changes in security values is delivered to the Funds the next business day. Although the collateral mitigates the risk, the Funds could experience a delay in recovering its securities and a possible loss of income or value if the borrower fails to return the securities. The Funds have the right under the securities lending agreement to recover the securities from the borrower on demand.
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 113 |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued) |
At April 30, 2015, the Funds participated in securities lending as follows:
Fund | Value of Securities Loaned | Cash Collateral Received | ||||||
Guggenheim Russell MidCap® Equal Weight ETF | $ | 7,714,732 | $ | 7,650,188 | * | |||
Guggenheim Russell 1000® Equal Weight ETF | 3,485,950 | 3,460,100 | * | |||||
Guggenheim Russell 2000® Equal Weight ETF | 3,208,926 | 3,471,796 | ||||||
Guggenheim MSCI Emerging Markets Equal Country Weight ETF | 184,926 | 189,650 | ||||||
Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF | 2,173,656 | 2,270,100 | ||||||
Guggenheim S&P 500® Equal Weight Energy ETF | 16,682,492 | 16,173,772 | * | |||||
Guggenheim S&P 500® Equal Weight Industrials ETF | 2,030,400 | 2,092,500 | ||||||
Guggenheim S&P 500® Equal Weight Technology ETF | 730,080 | 756,000 | ||||||
Guggenheim S&P 500® Equal Weight Utilities ETF | 300,468 | 317,550 |
* | Subsequent to April 30, 2015, additional collateral was received. |
Cash collateral received was invested in the following joint repurchase agreements at April 30, 2015:
Counterparty and Terms of Agreement | Face Value | Repurchase Price | Collateral | Par Value | Fair Value | |||||||
HSBC Securities, Inc. | U.S. Treasury Notes | |||||||||||
0.09% | 0.63% - 4.00% | |||||||||||
Due 05/01/15 | $ | 27,121,534 | $ | 27,121,602 | 12/15/16 - 11/15/22 | $ | 19,590,357 | $ | 20,601,846 | |||
U.S. Treasury Floating Rate Note | ||||||||||||
0.09% | ||||||||||||
04/30/17 | 7,062,447 | 7,062,447 | ||||||||||
BNP Paribas Securities Corp. | U.S. Treasury Strips | |||||||||||
0.10% | 0.00% | |||||||||||
Due 05/01/15 | 5,029,811 | 5,029,825 | 08/15/27 - 02/15/44 | 3,535,418 | 1,632,478 | |||||||
U.S. Treasury Notes | ||||||||||||
1.00% - 2.13% | ||||||||||||
06/30/19 - 08/15/21 | 2,617,179 | 2,693,160 | ||||||||||
U.S. TIP Bonds | ||||||||||||
0.13% | ||||||||||||
01/15/23 - 07/15/24 | 810,382 | 804,770 | ||||||||||
Barclays Capital, Inc. | U.S. Treasury Notes | |||||||||||
0.08% | 1.38% | |||||||||||
Due 05/01/15 | 4,138,450 | 4,138,459 | 04/30/20 | 4,229,805 | 4,219,231 | |||||||
U.S. Treasury Strips | ||||||||||||
0.00% | ||||||||||||
05/15/30 - 02/15/41 | 2,947 | 1,998 |
There was also $91,859 in segregated cash held as collateral.
In the event of counterparty default, the Funds have the right to collect the collateral to offset losses incurred. There is potential loss to the Funds in the event the Funds are delayed or prevented from exercising their rights to dispose of the collateral securities, including the risk of a possible decline in the value of the underlying securities during the period while the Funds seek to assert their rights. The Funds’ investment adviser, acting under the supervision of the Board of Trustees, reviews the value of the collateral and the creditworthiness of those banks and dealers with which the Funds enter into repurchase agreements to evaluate potential risks.
114 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued) |
6. Federal Income Tax Information
The Funds intend to comply with the provisions of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and will distribute substantially all taxable net investment income and capital gains sufficient to relieve 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, and has concluded that no provision for income tax is required in the Funds’ financial statements. The Funds’ federal tax returns are subject to examination by the Internal Revenue Service for a period of three years after they are filed.
At April 30, 2015, the cost of securities for Federal income tax purposes, the aggregate gross unrealized gain for all securities for which there was an excess of value over tax cost and the aggregate gross unrealized loss for all securities for which there was an excess of tax cost over value, were as follows:
Fund | Tax Cost | Tax Unrealized Gain | Tax Unrealized Loss | Net Unrealized Gain (Loss) | ||||||||||||
Guggenheim Russell MidCap® Equal Weight ETF | $ | 141,008,970 | $ | 30,522,815 | $ | (6,508,401 | ) | $ | 24,014,414 | |||||||
Guggenheim Russell 1000® Equal Weight ETF | 95,519,781 | 14,525,766 | (4,331,462 | ) | 10,194,304 | |||||||||||
Guggenheim Russell 2000® Equal Weight ETF | 54,355,333 | 8,521,619 | (4,455,529 | ) | 4,066,090 | |||||||||||
Guggenheim MSCI Emerging Markets Equal Country Weight ETF | 13,355,581 | 1,441,534 | (911,505 | ) | 530,029 | |||||||||||
Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF | 185,997,544 | 20,277,099 | (6,999,299 | ) | 13,277,800 | |||||||||||
Guggenheim S&P 500® Equal Weight Consumer Staples ETF | 245,357,758 | 24,926,018 | (3,947,710 | ) | 20,978,308 | |||||||||||
Guggenheim S&P 500® Equal Weight Energy ETF | 206,045,315 | 9,362,800 | (24,720,623 | ) | (15,357,823 | ) | ||||||||||
Guggenheim S&P 500® Equal Weight Financials ETF | 173,792,389 | 7,332,071 | (4,550,997 | ) | 2,781,074 | |||||||||||
Guggenheim S&P 500® Equal Weight Health Care ETF | 636,455,785 | 60,687,346 | (9,340,442 | ) | 51,346,904 | |||||||||||
Guggenheim S&P 500® Equal Weight Industrials ETF | 134,792,110 | 10,627,955 | (5,309,530 | ) | 5,318,425 | |||||||||||
Guggenheim S&P 500® Equal Weight Materials ETF | 82,665,243 | 5,732,818 | (4,417,525 | ) | 1,315,293 | |||||||||||
Guggenheim S&P 500® Equal Weight Technology ETF | 827,253,428 | 110,416,521 | (17,464,945 | ) | 92,951,576 | |||||||||||
Guggenheim S&P 500® Equal Weight Utilities ETF | 152,372,197 | 688,061 | (11,450,326 | ) | (10,762,265 | ) |
7. Investment Transactions
For the period ended April 30, 2015, the Funds had investments transactions in-kind associated with subscriptions and redemptions as follows:
Fund | Subscriptions | Redemptions | ||||||
Guggenheim Russell MidCap® Equal Weight ETF | $ | 12,675,071 | $ | 7,731,806 | ||||
Guggenheim Russell 1000® Equal Weight ETF | 15,296,768 | 10,315,302 | ||||||
Guggenheim Russell 2000® Equal Weight ETF | 18,216,741 | 4,270,503 | ||||||
Guggenheim MSCI Emerging Markets Equal Country Weight ETF | — | — | ||||||
Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF | 101,232,128 | — | ||||||
Guggenheim S&P 500® Equal Weight Consumer Staples ETF | 94,423,286 | 26,164,331 | ||||||
Guggenheim S&P 500® Equal Weight Energy ETF | 85,753,297 | 10,076,156 | ||||||
Guggenheim S&P 500® Equal Weight Financials ETF | 99,408,761 | 60,963,832 | ||||||
Guggenheim S&P 500® Equal Weight Health Care ETF | 386,521,545 | 140,128,794 | ||||||
Guggenheim S&P 500® Equal Weight Industrials ETF | 40,360,752 | 27,006,364 | ||||||
Guggenheim S&P 500® Equal Weight Materials ETF | 31,273,690 | 24,710,728 | ||||||
Guggenheim S&P 500® Equal Weight Technology ETF | 286,143,075 | 81,073,104 | ||||||
Guggenheim S&P 500® Equal Weight Utilities ETF | 169,659,827 | 155,840,788 |
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 115 |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued) |
For the period ended April 30, 2015, the cost of purchases and proceeds from sales of investment securities, excluding government securities, short-term investments and in-kind transactions, were as follows:
Fund | Purchases | Sales | ||||||
Guggenheim Russell MidCap® Equal Weight ETF | $ | 22,868,246 | $ | 22,938,754 | ||||
Guggenheim Russell 1000® Equal Weight ETF | 12,706,762 | 12,902,618 | ||||||
Guggenheim Russell 2000® Equal Weight ETF | 9,771,993 | 9,597,691 | ||||||
Guggenheim MSCI Emerging Markets Equal Country Weight ETF | 10,546,888 | 10,555,057 | ||||||
Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF | 18,108,167 | 17,805,957 | ||||||
Guggenheim S&P 500® Equal Weight Consumer Staples ETF | 25,494,897 | 25,540,670 | ||||||
Guggenheim S&P 500® Equal Weight Energy ETF | 21,062,546 | 20,818,848 | ||||||
Guggenheim S&P 500® Equal Weight Financials ETF | 11,455,654 | 11,363,456 | ||||||
Guggenheim S&P 500® Equal Weight Health Care ETF | 89,080,723 | 89,785,013 | ||||||
Guggenheim S&P 500® Equal Weight Industrials ETF | 11,581,751 | 11,702,618 | ||||||
Guggenheim S&P 500® Equal Weight Materials ETF | 10,157,871 | 10,194,982 | ||||||
Guggenheim S&P 500® Equal Weight Technology ETF | 84,065,424 | 81,170,870 | ||||||
Guggenheim S&P 500® Equal Weight Utilities ETF | 19,193,570 | 19,686,206 |
8. Legal Proceedings
Tribune Company
Rydex ETF Trust has been named as a defendant and a putative member of the proposed defendant class of shareholders in the case entitled Kirschner v. FitzSimons, No. 12-2652 (S.D.N.Y.) (formerly Official Committee of Unsecured Creditors of Tribune Co. v. FitzSimons, Adv. Pro. No. 10-54010 (Bankr. D. Del.)) (the “FitzSimons action”), as a result of ownership of shares by certain series of the Rydex ETF Trust in the Tribune Company (“Tribune”) in 2007, when Tribune effected a leveraged buyout transaction (“LBO”) by which Tribune converted to a privately-held company. In his complaint, the plaintiff has alleged that, in connection with the LBO, insiders and shareholders were overpaid for their Tribune stock using financing that the insiders knew would, and ultimately did, leave the Tribune Company insolvent. The plaintiff has asserted claims against certain insiders, major shareholders, professional advisers, and others involved in the LBO. The plaintiff is also attempting to obtain from former Tribune shareholders, including Rydex ETF Trust, the proceeds they received in connection with the LBO.
In June 2011, a group of Tribune creditors filed multiple actions against former Tribune shareholders involving state law constructive fraudulent conveyance claims arising out of the 2007 LBO (the “SLCFC actions”). Rydex ETF Trust has been named as a defendant in one of the SLCFC actions: Deutsche Bank Trust Co. Americas v. McGurn, No. 11-1510 (S.D.N.Y.). In those actions, the creditors seek to recover from Tribune’s former shareholders the proceeds received in connection with the 2007 LBO.
The FitzSimons action and the SLCFC actions have been consolidated with the majority of the other Tribune LBO-related lawsuits in a multidistrict litigation proceeding captioned In re Tribune Company Fraudulent Conveyance Litig., No. 11-md-2696 (S.D.N.Y.) (the “MDL Proceeding”).
On September 23, 2013, the District Court granted the defendants’ omnibus motion to dismiss the SLCFC actions, on the basis that the creditors lacked standing. On September 30, 2013, the creditors filed a notice of appeal of the September 23 order. On October 28, 2013, the defendants filed a joint notice of cross-appeal of that same order. The SLCFC appeals have been fully briefed, and oral argument in front of the U.S. Court of Appeals for the Second Circuit occurred on November 5, 2014. The Court has not yet issued a decision on the appeals.
On May 23, 2014, the defendants filed motions to dismiss the FitzSimons action, including a global motion to dismiss Count I, which is the claim brought against former Tribune shareholders for intentional fraudulent conveyance under U.S. federal law. The Court has not yet issued a decision on any of these motions.
116 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(concluded) |
None of these lawsuits alleges any wrongdoing on the part of Rydex ETF Trust. The following series of Rydex ETF Trust held shares of Tribune and tendered these shares as part of Tribune’s LBO: Guggenheim S&P 500 Equal Weight Consumer Discretionary Fund (the “Fund”). The value of the proceeds received by the foregoing Fund was $249,481. At this stage of the proceedings, Rydex ETF Trust is not able to make a reliable prediction as to the outcome of these lawsuits or the effect, if any, on the Fund’s net asset value.
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 117 |
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 800.820.0888. This information is also available from the EDGAR database on the SEC’s website at http://www.sec.gov.
Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 800.820.0888. This information is also available from the EDGAR database on the SEC’s website at http://www.sec.gov.
Quarterly Portfolio Schedules Information
The Trust files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q; which are available on the SEC’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and that information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330. Copies of the portfolio holdings are also available to shareholders, without charge and upon request, by calling 800.820.0888.
118 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited) |
A Board of Trustees oversees the Trust, as well as other trusts of GI, in which its members have no stated term of service, and continue to serve after election until resignation. The Statement of Additional Information includes further information about Fund Trustees and Officers, and can be obtained without charge by visiting guggenheiminvestments.com or by calling 800.820.0888.
Name, Address* and Year of Birth of Trustee | Position(s) Held with the Trust, Term of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee*** | Other Directorships Held by Trustee |
INTERESTED TRUSTEE | ||||
Donald C. Cacciapaglia** (1951) | Trustee from 2012 to present. | Current: President and CEO, certain other funds in the Fund Complex (2012-present); Vice Chairman, Guggenheim Investments (2010-present). Former: Chairman and CEO, Channel Capital Group, Inc. (2002-2010). | 221 | Clear Spring Life Insurance Company (2015-present); Guggenheim Partners Japan, Ltd. (2014-present); Delaware Life (2013-present); Guggenheim Life and Annuity Company (2011-present); Paragon Life Insurance Company of Indiana (2011-present). |
INDEPENDENT TRUSTEES | ||||
Corey A. Colehour (1945) | Trustee and Member of the Audit Committee from 2003 to present; Member of the Governance and Nominating Committees from 2005 to present; and Member of the Investment and Performance Committee from 2014 to present. | Retired. | 133 | None. |
J. Kenneth Dalton (1941) | Trustee from 2003 to present; Chairman and Member of the Audit Committee from 2003 to present; Member of the Governance and Nominating Committees from 2005 to present; and Member of the Compliance and Risk Oversight Committee from 2010 to present. | Retired. | 133 | Epiphany Funds (4) (2009-present). |
John O. Demaret (1940) | Vice Chairman of the Board of Trustees from 2014 to present; Trustee and Member of the Audit Committee from 2003 to present; Chairman of the Board from 2006 to 2014; Member of the Compliance and Risk Oversight Committee from 2010 to present; Chairman and Member of the Investment and Performance Committee from 2014 to present; and Member of the Nominating Committee from 2014 to present. | Retired. | 133 | None. |
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 119 |
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued) |
Name, Address* and Year of Birth of Trustee | Position(s) Held with the Trust, Term of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee*** | Other Directorships Held by Trustee |
INDEPENDENT TRUSTEES - concluded | ||||
Werner E. Keller (1940) | Chairman of the Board from 2014 to present; Trustee and Member of the Audit, Governance and Nominating Committees from 2005 to present; Vice Chairman of the Board from 2010 to 2014; Chairman and Member of the Compliance and Risk Oversight Committee from 2010 to present; and Member of the Investment and Performance Committee from 2014 to present. | Current: Founder and President, Keller Partners, LLC (investment research firm) (2005-present). | 133 | None. |
Thomas F. Lydon, Jr. (1960) | Trustee and Member of the Audit, Governance and Nominating Committees from 2005 to present. | Current: President, Global Trends Investments (registered investment adviser) (1996-present). | 133 | US Global Investors (GROW) (1995-present). |
Patrick T. McCarville (1942) | Trustee and Member of the Audit Committee from 2003 to present; Chairman and Member of the Governance and Nominating Committees from 2005 to present. | Retired. Former: Chief Executive Officer, Par Industries, Inc., d/b/a Par Leasing (1977-2010). | 133 | None. |
Name, Address* and Year of Birth | Position(s) Held with the Trust, Term of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years |
OFFICERS | ||
Donald C. Cacciapaglia (1951) | President (2012-present). | Current: President and CEO, certain other funds in the Fund Complex (2012-present); Vice Chairman, Guggenheim Investments (2010-present). Former: Chairman and CEO, Channel Capital Group Inc. (2002-2010). |
Michael P. Byrum (1970) | Vice President (1999-present). | Current: Senior Vice President, Security Investors, LLC (2010-present); President and Chief Investment Officer, Rydex Holdings, LLC (2008-present); Director and Chairman, Advisory Research Center, Inc. (2006-present); Manager, Guggenheim Specialized Products, LLC (2005-present). Former: Vice President, Guggenheim Distributors, LLC (2009); Director (2009-2010) and Secretary (2002-2010), Rydex Fund Services, LLC; Director (2008-2010), Chief Investment Officer (2006-2010), President (2004-2010) and Secretary (2002-2010), Rydex Advisors, LLC; Director (2008-2010), Chief Investment Officer (2006-2010), President (2004-2010) and Secretary (2002-2010), Rydex Advisors II, LLC. |
120 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(concluded) |
Name, Address* and Year of Birth | Position(s) Held with the Trust, Term of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years |
OFFICERS - concluded | ||
Nikolaos Bonos (1963) | Vice President and Treasurer (2003-present). | Current: Senior Vice President, Security Investors, LLC (2010-present); Chief Executive Officer, Guggenheim Specialized Products, LLC (2009-present); Chief Executive Officer & President, Rydex Fund Services, LLC (2009-present); Vice President, Rydex Holdings, LLC (2008-present). Former: Senior Vice President, Security Global Investors, LLC (2010-2011); and Senior Vice President, Rydex Advisors, LLC and Rydex Advisors II, LLC (2006-2011). |
Elisabeth Miller (1968) | Chief Compliance Officer (2012-present). | Current: CCO, certain other funds in the Fund Complex (2012-present); CCO, Security Investors, LLC (2012-present); CCO, Guggenheim Funds Investment Advisors, LLC (2012-present); Managing Director, Guggenheim Investments (2012-present); Vice President, Guggenheim Funds Distributors, LLC (March 2014-present). Former: CCO, Guggenheim Distributors, LLC (2009-March 2014); Senior Manager, Security Investors, LLC (2004-2009); Senior Manager, Guggenheim Distributors, LLC (2004-2009). |
Joseph M. Arruda (1966) | Assistant Treasurer (2006-present). | Current: Assistant Treasurer, certain other funds in the Fund Complex (2006-present); Vice President, Security Investors, LLC (2010-present); CFO and Manager, Guggenheim Specialized Products, LLC (2009-present). Former: Vice President, Security Global Investors, LLC (2010-2011); Vice President, Rydex Advisors, LLC (2010); Vice President, Rydex Advisors II, LLC (2010). |
Paul J. Davio (1972) | Assistant Treasurer (2014-present). | Current: Assistant Treasurer, certain other funds in the Fund Complex (2014-present); Director, Guggenheim Investments (2006-present). Former: Manager, Mutual Fund Administration, Guggenheim Investments (2003-2006). |
Amy J. Lee (1961) | Vice President (2009-present) and Secretary (2012-present). | Current: Chief Legal Officer, certain other funds in the Fund Complex (2013-present); Senior Managing Director, Guggenheim Investments (2012-present). Former: Vice President, Associate General Counsel and Assistant Secretary, Security Benefit Life Insurance Company and Security Benefit Corporation (2004-2012). |
* | All Trustees and Officers may be reached c/o Guggenheim Investments, 805 King Farm Boulevard, Suite 600, Rockville, MD 20850. |
** | Mr. Cacciapaglia is an “interested” person of the Trust, as that term is defined in the 1940 Act by virtue of his affiliation with the Adviser’s parent company. |
*** | The “Fund Complex” includes all closed-end and open-end funds (including all of their portfolios) advised by the Adviser and any funds that have an investment adviser or servicing agent that is an affiliated person of the Adviser. Information provided is as of the date of this report. |
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 121 |
GUGGENHEIM INVESTMENTS PRIVACY POLICIES (Unaudited) |
Rydex Funds, Guggenheim Funds, Rydex Investments, Guggenheim Funds Distributors, LLC, Security Investors, LLC, Security Distributors, Inc., Guggenheim Partners Investment Managers, LLC, and Rydex Advisory Services (Collectively “Guggenheim Investments”).
Our Commitment to You
When you become a Guggenheim Investments investor, you entrust us with not only your hard-earned money but also with personal and financial information about you. We recognize that your relationship with us is based on trust and that you expect us to act responsibly and in your best interests. Because we have access to this private information about you, we hold ourselves to the highest standards in its safekeeping and use. This means, most importantly, that we do not sell client information to anyone—whether it is your personal information or if you are a current or former Guggenheim Investments client.
The Information We Collect About You
In the course of doing business with shareholders and investors, we collect nonpublic personal information about you. You typically provide personal information when you complete a Guggenheim Investments account application or when you request a transaction that involves Rydex and Guggenheim Investments funds or one of the Guggenheim Investments affiliated companies. “Nonpublic personal information” is personally identifiable private information about you. For example, it includes information regarding your name and address, Social Security or taxpayer identification number, assets, income, account balance, bank account information and investment activity (e.g., purchase and redemption history).
How We Handle Your Personal Information
As emphasized above, we do not sell information about current or former clients or their accounts to third parties. Nor do we share such information, except when necessary to complete transactions at your request or to make you aware of related investment products and services that we offer. Additional details about how we handle your personal information are provided below. To complete certain transactions or account changes that you direct, it may be necessary to provide identifying information to companies, individuals or groups that are not affiliated with Guggenheim Investments. For example, if you ask to transfer assets from another financial institution to Guggenheim Investments, we will need to provide certain information about you to that company to complete the transaction. To alert you to other Guggenheim Investments investment products and services, we may share your information within the Guggenheim Investments family of affiliated companies. This would include, for example, sharing your information within Guggenheim Investments so we can make you aware of new Rydex and Guggenheim Investments funds or the services offered through another Guggenheim Investments affiliated company. In certain instances, we may contract with nonaffiliated companies to perform services for us. Where necessary, we will disclose information we have about you to these third parties. In all such cases, we provide the third party with only the information necessary to carry out its assigned responsibilities and only for that purpose. And we require these third parties to treat your private information with the same high degree of confidentiality that we do. In certain instances, we may share information with other financial institutions regarding individuals and entities in response to the U.S.A. Patriot Act. Finally, we will release information about you if you direct us to do so, if we are compelled by law to do so or in other circumstances permitted by law.
Opt Out Provisions
We do not sell your personal information to anyone. The law allows you to “opt out” of only certain kinds of information sharing with third parties. The firm does not share personal information about you with any third parties that triggers this opt-out right. This means YOU ARE ALREADY OPTED OUT.
122 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
GUGGENHEIM INVESTMENTS PRIVACY POLICIES (Unaudited)(concluded) |
How We Protect Privacy Online
Our concern for the privacy of our shareholders also extends to those who use our web site, guggenheiminvestments.com. Our web site uses some of the most secure forms of online communication available, including encryption technology, Secure Socket Layer (SSL) protocol, firewalls and user names and passwords. These technologies provide a high level of security and privacy when you access your account information or initiate online transactions. The Guggenheim Investments web site offers customized features that require our use of “http cookies”—tiny pieces of information that we ask your browser to store. However, we make very limited use of these cookies. We only use cookies for session management and security features on the Guggenheim Investments web site. We do not use them to pull data from your hard drive, to learn your email address, or to view data in cookies created by other web sites. We will not share the information in our cookies or give others access to it. See the legal information area on our web site for more details about web site security and privacy features.
How We Safeguard Your Personal Information
We restrict access to nonpublic personal information about shareholders to our employees and in some cases to third parties (for example, the service providers described above) as permitted by law. We maintain strict physical, electronic and procedural safeguards that comply with federal standards to guard your nonpublic personal information.
We’ll Keep You Informed
As required by federal law, we will notify shareholders of our privacy policy annually. We reserve the right to modify this policy at any time, but rest assured that if we do change it, we will tell you promptly. You will also be able to access our privacy policy from our web site at guggenheiminvestments.com. Should you have any questions regarding our privacy policy, contact us at 800.820.0888 or 301.296.5100.
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 123 |
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4.30.2015
Guggenheim ETFs Semi-Annual Report
XLG | Guggenheim Russell Top 50® Mega Cap ETF | ||
RPV | Guggenheim S&P 500® Pure Value ETF | ||
RPG | Guggenheim S&P 500® Pure Growth ETF | ||
RFV | Guggenheim S&P MidCap 400® Pure Value ETF | ||
RFG | Guggenheim S&P MidCap 400® Pure Growth ETF | ||
RZV | Guggenheim S&P SmallCap 600® Pure Value ETF | ||
RZG | Guggenheim S&P SmallCap 600® Pure Growth ETF |
ETF2-SEMI-0415x1015 | guggenheiminvestments.com |
TABLE OF CONTENTS |
DEAR SHAREHOLDER | 2 |
ECONOMIC AND MARKET OVERVIEW | 3 |
FEES AND EXPENSES | 5 |
PORTFOLIO SUMMARY | 7 |
SCHEDULES OF INVESTMENTS | 14 |
STATEMENTS OF ASSETS AND LIABILITIES | 28 |
STATEMENTS OF OPERATIONS | 30 |
STATEMENTS OF CHANGES IN NET ASSETS | 32 |
FINANCIAL HIGHLIGHTS | 36 |
NOTES TO FINANCIAL STATEMENTS | 43 |
OTHER INFORMATION | 51 |
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS | 52 |
GUGGENHEIM INVESTMENTS PRIVACY POLICIES | 55 |
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 1 |
April 30, 2015 |
Dear Shareholder:
Security Investors, LLC (the “Investment Adviser”) is pleased to present the semi-annual shareholder report for a selection of our exchange-traded funds (“ETFs”) for the six-month period ended April 30, 2015.
The Investment Adviser is part of Guggenheim Investments, which represents the investment management businesses of Guggenheim Partners, LLC (“Guggenheim”), a global, diversified financial services firm.
Guggenheim Funds Distributors, LLC, the distributor of the Funds, is affiliated with Guggenheim and the Investment Adviser.
We encourage you to read the Economic and Market Overview, which follows this letter.
We are committed to providing investors with innovative investment solutions and appreciate the trust you place in us.
Sincerely,
Donald C. Cacciapaglia
President
May 31, 2015
President
May 31, 2015
Read a prospectus and summary prospectus (if available) carefully before investing. It contains the investment objectives, risks, charges, expenses, and other information, which should be considered carefully before investing. Obtain a prospectus and summary prospectus (if available) at guggenheiminvestments.com or call 800.820.0888.
ETFs may not be suitable for all investors. • Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than original cost. Most investors will also incur customary brokerage commissions when buying or selling shares of an ETF. • Investments in securities and derivatives, in general, are subject to market risks that may cause their prices to fluctuate over time. • ETF shares may trade below their net asset value per share (“NAV”). The NAV of shares will fluctuate with changes in the market value of an ETF’s holdings. In addition, there can be no assurance that an active trading market for shares will develop or be maintained. • Tracking error risk refers to the risk that the Adviser may not be able to cause the ETF’s performance to match or correlate to that of the ETF’s underlying index, either on a daily or aggregate basis. Tracking error risk may cause the ETF’s performance to be less than you expect.
2 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
ECONOMIC AND MARKET OVERVIEW (Unaudited) | April 30, 2015 |
As of the six months ended April 30, 2015, the U.S. remains a bright spot in the global economy. Harsh winter weather did cause U.S. growth to slow dramatically in the first quarter of 2015, but the economy should bounce back, similar to a year ago. The underlying fundamentals of the U.S. economy are strong, even though interim data is weaker, and we are now in a self-sustained economic expansion.
An improving labor market, an increase in family formation, subdued mortgage rates, and tight housing inventory all point to a rebound in the in the housing market, which is key to the ongoing recovery. Lower energy prices are acting as a tax cut for U.S. consumers. Ideally this would free up discretionary spending in other areas, of which we have seen some evidence. A U.S. Federal Reserve (the “Fed”) rate hike appears to be drawing nearer, with the likely timeframe being in the fall of 2015. Liquidity from foreign central banks and comparatively attractive yields has been pushing global investors to U.S. Treasuries, which should continue to hold down interest rates in the near term, but more volatility is evident both in the U.S. and overseas. The Fed is focused on wage growth, an indicator of inflationary pressure. With recent minimum wage increases and a falling unemployment rate, wages could begin to accelerate this year.
Oil is key to the global outlook. While some technical indicators are pointing to a bottom in oil, U.S. production continues to increase and inventory levels keep making new highs. Once inventories in the U.S. are full, the oversupply of oil could push prices lower. Based on the resilience of U.S. production and OPEC’s unwillingness to cut production, oil prices are likely stay in a low range for the next few years.
The economy in Europe has been strengthening on the back of ECB quantitative easing and a steady depreciation of euro. In Japan, the impact of ongoing monetary accommodation on the economy is more muted, but the “Abenomics” is likely to continue to be supportive of the equities markets. The Chinese economy is slowing down and policymakers appear likely to continue to ease monetary policy and do whatever is necessary to maintain growth at an acceptable level in the near term.
Several challenges remain on the horizon, including a stronger dollar. But there has never been a recession in the post-war period without the Fed first raising interest rates, after which it typically takes several years for a recession to be induced. Once the Fed begins its tightening process, the terminal value of the Fed Funds rate may be lower than expected. Based on the level of debt in the economy, we currently expect that the Fed would stop tightening around 2.5 or 3.0 percent, a level we are unlikely to arrive before late 2017 or early 2018. We believe the U.S. would not face a recession until about a year later.
For the six months ended April 30, 2015, the Standard & Poor’s 500® (“S&P 500”) Index* returned 4.40%. The Morgan Stanley Capital International (“MSCI”) Europe-Australasia-Far East (“EAFE”) Index* returned 6.81%. The return of the MSCI Emerging Markets Index* was 3.92%.
In the bond market, the Barclays U.S. Aggregate Bond Index* posted a 2.06% return for the period, while the Barclays U.S. Corporate High Yield Index* returned 1.51%. The return of the Bank of America Merrill Lynch 3-Month U.S. Treasury Bill Index* was 0.01% for the six-month period.
The opinions and forecasts expressed may not actually come to pass. This information is subject to change at any time, based on market and other conditions, and should not be construed as a recommendation of any specific security or strategy.
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 3 |
ECONOMIC AND MARKET OVERVIEW (Unaudited)(concluded) | April 30, 2015 |
*Index Definitions:
The following indices are referenced throughout this report. Indices are unmanaged and not available for direct investment. Index performance does not reflect transaction costs, fees, or expenses.
Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar denominated, fixed-rate taxable bond market, including U.S. Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS, and CMBS.
Barclays U.S. Corporate High Yield Index measures the market of U.S. dollar-denominated, non-investment grade, fixed-rate, taxable corporate bonds. Securities are classified as high yield if the middle rating of Moody’s, Fitch, and S&P is Ba1/BB+/BB+ or below.
Bank of America (“BofA”) Merrill Lynch 3-Month U.S. Treasury Bill Index is an unmanaged market index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income.
MSCI EAFE Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada.
MSCI Emerging Markets Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance in the global emerging markets.
S&P 500® Index is a capitalization-weighted index of 500 stocks designed to measure the performance of the broad economy, representing all major industries and is considered a representation of the U.S. stock market.
4 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
FEES AND EXPENSES (Unaudited) |
Shareholder Expense Example
As a shareholder of the Rydex ETF Trust, you incur transaction costs such as creation and redemption fees or brokerage charges, and ongoing costs including advisory fees, trustee fees and, if applicable, distribution fees. All other Trust expenses are paid by the Adviser. 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, 2014 and held for the six months ended April 30, 2015.
Actual Expenses
The first table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first table under the heading entitled “Expenses Paid During the Six-Month Period” to estimate the expenses attributable to your investment during this period.
Hypothetical Example for Comparison Purposes
The second table below provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not a Fund’s actual return. Thus, you should not use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are provided to enable you to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as creation and redemption fees, or brokerage charges. Therefore, the second table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 5 |
FEES AND EXPENSES (Unaudited)(concluded) |
Expense Ratio1 | Fund Return | Beginning Account Value October 31, 2014 | Ending Account Value April 30, 2015 | Expenses Paid During Period2 | |
Table 1. Based on actual Fund return3 | |||||
Guggenheim Russell Top 50® Mega Cap ETF | 0.20% | 3.11% | $1,000.00 | $1,031.10 | $1.01 |
Guggenheim S&P 500® Pure Value ETF | 0.35% | 3.03% | 1,000.00 | 1,030.30 | 1.76 |
Guggenheim S&P 500® Pure Growth ETF | 0.35% | 3.96% | 1,000.00 | 1,039.60 | 1.77 |
Guggenheim S&P MidCap 400® Pure Value ETF | 0.35% | 6.53% | 1,000.00 | 1,065.30 | 1.79 |
Guggenheim S&P MidCap 400® Pure Growth ETF | 0.35% | 4.51% | 1,000.00 | 1,045.10 | 1.77 |
Guggenheim S&P SmallCap 600® Pure Value ETF | 0.35% | 3.78% | 1,000.00 | 1,037.80 | 1.77 |
Guggenheim S&P SmallCap 600® Pure Growth ETF | 0.35% | 7.30% | 1,000.00 | 1,073.00 | 1.80 |
Table 2. Based on hypothetical 5% return (before expenses) | |||||
Guggenheim Russell Top 50® Mega Cap ETF | 0.20% | 5.00% | $1,000.00 | $1,023.80 | $1.00 |
Guggenheim S&P 500® Pure Value ETF | 0.35% | 5.00% | 1,000.00 | 1,023.06 | 1.76 |
Guggenheim S&P 500® Pure Growth ETF | 0.35% | 5.00% | 1,000.00 | 1,023.06 | 1.76 |
Guggenheim S&P MidCap 400® Pure Value ETF | 0.35% | 5.00% | 1,000.00 | 1,023.06 | 1.76 |
Guggenheim S&P MidCap 400® Pure Growth ETF | 0.35% | 5.00% | 1,000.00 | 1,023.06 | 1.76 |
Guggenheim S&P SmallCap 600® Pure Value ETF | 0.35% | 5.00% | 1,000.00 | 1,023.06 | 1.76 |
Guggenheim S&P SmallCap 600® Pure Growth ETF | 0.35% | 5.00% | 1,000.00 | 1,023.06 | 1.76 |
1 | Annualized. |
2 | Expenses are equal to the Fund’s annualized expense ratio, net of any applicable fee waivers, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
3 | Actual cumulative return at net asset value for the period October 31, 2014 to April 30, 2015. |
6 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
PORTFOLIO SUMMARY (Unaudited) | April 30, 2015 |
GUGGENHEIM RUSSELL TOP 50® MEGA CAP ETF
Holdings Diversification*
“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
* The Fund’s Ten Largest Holdings are expressed as a percentage of net assets and the Holdings Diversification is expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time.
Ten Largest Holdings* | (% of Total Net Assets) |
Apple, Inc. | 8.7% |
Microsoft Corp. | 4.6% |
Exxon Mobil Corp. | 4.3% |
Johnson & Johnson | 3.2% |
General Electric Co. | 3.1% |
Wells Fargo & Co. | 3.0% |
Berkshire Hathaway, Inc. — Class B | 3.0% |
JPMorgan Chase & Co. | 2.8% |
Pfizer, Inc. | 2.5% |
Procter & Gamble Co. | 2.5% |
Top Ten Total | 37.7% |
“Ten Largest Holdings” exclude any temporary cash or derivative investments. |
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 7 |
PORTFOLIO SUMMARY (Unaudited) | April 30, 2015 |
GUGGENHEIM S&P 500® PURE VALUE ETF
Holdings Diversification*
“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
* The Fund’s Ten Largest Holdings are expressed as a percentage of net assets and the Holdings Diversification is expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time.
Ten Largest Holdings* | (% of Total Net Assets) |
Valero Energy Corp. | 2.1% |
Berkshire Hathaway, Inc. — Class B | 2.0% |
Assurant, Inc. | 1.8% |
General Motors Co. | 1.7% |
Staples, Inc. | 1.7% |
Phillips 66 | 1.6% |
Anthem, Inc. | 1.6% |
Noble Corporation plc | 1.5% |
Unum Group | 1.5% |
Newfield Exploration Co. | 1.5% |
Top Ten Total | 17.0% |
“Ten Largest Holdings” exclude any temporary cash or derivative investments. |
8 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
PORTFOLIO SUMMARY (Unaudited) | April 30, 2015 |
GUGGENHEIM S&P 500® PURE GROWTH ETF
Holdings Diversification*
“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
* The Fund’s Ten Largest Holdings are expressed as a percentage of net assets and the Holdings Diversification is expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time.
Ten Largest Holdings* | (% of Total Net Assets) |
DR Horton, Inc. | 2.4% |
Micron Technology, Inc. | 2.0% |
Under Armour, Inc. — Class A | 1.9% |
Lennar Corp. — Class A | 1.9% |
Constellation Brands, Inc. — Class A | 1.8% |
Facebook, Inc. — Class A | 1.8% |
Akamai Technologies, Inc. | 1.7% |
Avago Technologies Ltd. | 1.7% |
Regeneron Pharmaceuticals, Inc. | 1.7% |
Apple, Inc. | 1.7% |
Top Ten Total | 18.6% |
“Ten Largest Holdings” exclude any temporary cash or derivative investments. |
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 9 |
PORTFOLIO SUMMARY (Unaudited) | April 30, 2015 |
GUGGENHEIM S&P MIDCAP 400® PURE VALUE ETF
Holdings Diversification*
“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
* The Fund’s Ten Largest Holdings are expressed as a percentage of net assets and the Holdings Diversification is expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time.
Ten Largest Holdings* | (% of Total Net Assets) |
Nabors Industries Ltd. | 2.3% |
AGCO Corp. | 2.2% |
Domtar Corp. | 2.0% |
Ascena Retail Group, Inc. | 1.9% |
Reinsurance Group of America, Inc. — Class A | 1.8% |
Patterson-UTI Energy, Inc. | 1.8% |
ManpowerGroup, Inc. | 1.7% |
Ingram Micro, Inc. — Class A | 1.6% |
Arrow Electronics, Inc. | 1.6% |
AECOM | 1.6% |
Top Ten Total | 18.5% |
“Ten Largest Holdings” exclude any temporary cash or derivative investments. |
10 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
PORTFOLIO SUMMARY (Unaudited) | April 30, 2015 |
GUGGENHEIM S&P MIDCAP 400® PURE GROWTH ETF
Holdings Diversification*
“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
* The Fund’s Ten Largest Holdings are expressed as a percentage of net assets and the Holdings Diversification is expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time.
Ten Largest Holdings* | (% of Total Net Assets) |
JetBlue Airways Corp. | 2.8% |
ARRIS Group, Inc. | 2.5% |
Centene Corp. | 2.5% |
Eagle Materials, Inc. | 2.4% |
United Therapeutics Corp. | 2.3% |
Alexander & Baldwin, Inc. | 2.3% |
Trinity Industries, Inc. | 2.1% |
Toll Brothers, Inc. | 2.1% |
Cadence Design Systems, Inc. | 2.0% |
Akorn, Inc. | 2.0% |
Top Ten Total | 23.0% |
“Ten Largest Holdings” exclude any temporary cash or derivative investments. |
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 11 |
PORTFOLIO SUMMARY (Unaudited) | April 30, 2015 |
GUGGENHEIM S&P SMALLCAP 600® PURE VALUE ETF
Holdings Diversification*
“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
* The Fund’s Ten Largest Holdings are expressed as a percentage of net assets and the Holdings Diversification is expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time.
Ten Largest Holdings* | (% of Total Net Assets) |
Basic Energy Services, Inc. | 1.6% |
Pioneer Energy Services Corp. | 1.6% |
Cash America International, Inc. | 1.5% |
Meadowbrook Insurance Group, Inc. | 1.5% |
TTM Technologies, Inc. | 1.4% |
Universal Corp. | 1.3% |
Central Garden & Pet Co. — Class A | 1.3% |
Green Plains, Inc. | 1.2% |
SkyWest, Inc. | 1.2% |
Seneca Foods Corp. — Class A | 1.1% |
Top Ten Total | 13.7% |
“Ten Largest Holdings” exclude any temporary cash or derivative investments. |
12 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
PORTFOLIO SUMMARY (Unaudited) | April 30, 2015 |
GUGGENHEIM S&P SMALLCAP 600® PURE GROWTH ETF
Holdings Diversification*
“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
* The Fund’s Ten Largest Holdings are expressed as a percentage of net assets and the Holdings Diversification is expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time.
Ten Largest Holdings* | (% of Total Net Assets) |
Lannett Company, Inc. | 2.2% |
Gentherm, Inc. | 1.9% |
TASER International, Inc. | 1.9% |
Carrizo Oil & Gas, Inc. | 1.8% |
Skechers U.S.A., Inc. — Class A | 1.7% |
Take-Two Interactive Software, Inc. | 1.4% |
Synchronoss Technologies, Inc. | 1.4% |
Synergy Resources Corp. | 1.4% |
General Communication, Inc. — Class A | 1.4% |
ABIOMED, Inc. | 1.4% |
Top Ten Total | 16.5% |
“Ten Largest Holdings” exclude any temporary cash or derivative investments. |
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 13 |
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2015 |
GUGGENHEIM RUSSELL TOP 50® MEGA CAP ETF |
Shares | Value | |||||||
COMMON STOCKS† - 100.0% | ||||||||
CONSUMER, NON-CYCLICAL - 23.0% | ||||||||
Johnson & Johnson | 168,797 | $ | 16,744,663 | |||||
Pfizer, Inc. | 380,583 | 12,913,182 | ||||||
Procter & Gamble Co. | 161,450 | 12,836,890 | ||||||
Merck & Company, Inc. | 174,362 | 10,385,001 | ||||||
Coca-Cola Co. | 236,901 | 9,608,705 | ||||||
Gilead Sciences, Inc. | 91,626 | 9,209,329 | ||||||
PepsiCo, Inc. | 90,454 | 8,603,984 | ||||||
Philip Morris International, Inc. | 93,845 | 7,833,242 | ||||||
Amgen, Inc. | 45,167 | 7,132,321 | ||||||
Bristol-Myers Squibb Co. | 98,874 | 6,301,240 | ||||||
AbbVie, Inc. | 94,870 | 6,134,294 | ||||||
Altria Group, Inc. | 118,521 | 5,931,976 | ||||||
MasterCard, Inc. — Class A | 59,983 | 5,411,066 | ||||||
Total Consumer, Non-cyclical | 119,045,893 | |||||||
TECHNOLOGY - 20.1% | ||||||||
Apple, Inc. | 359,757 | 45,023,588 | ||||||
Microsoft Corp. | 492,853 | 23,972,370 | ||||||
Intel Corp. | 297,009 | 9,667,643 | ||||||
International Business Machines Corp. | 56,440 | 9,667,608 | ||||||
Oracle Corp. | 195,968 | 8,548,124 | ||||||
QUALCOMM, Inc. | 100,706 | 6,848,008 | ||||||
Total Technology | 103,727,341 | |||||||
COMMUNICATIONS - 18.0% | ||||||||
Verizon Communications, Inc. | 247,079 | 12,462,665 | ||||||
Walt Disney Co. | 103,329 | 11,233,929 | ||||||
AT&T, Inc. | 309,689 | 10,727,627 | ||||||
Amazon.com, Inc.* | 22,415 | 9,454,199 | ||||||
Facebook, Inc. — Class A* | 117,807 | 9,279,657 | ||||||
Google, Inc. — Class A* | 16,747 | 9,190,251 | ||||||
Google, Inc. — Class C* | 16,992 | 9,130,481 | ||||||
Comcast Corp. — Class A | 154,551 | 8,926,866 | ||||||
Cisco Systems, Inc. | 305,642 | 8,811,659 | ||||||
Twenty-First Century Fox, Inc. — Class A | 113,618 | 3,872,101 | ||||||
Total Communications | 93,089,435 | |||||||
FINANCIAL - 14.9% | ||||||||
Wells Fargo & Co. | 284,935 | 15,699,919 | ||||||
Berkshire Hathaway, Inc. — Class B* | 109,199 | 15,419,991 | ||||||
JPMorgan Chase & Co. | 225,813 | 14,284,931 | ||||||
Bank of America Corp. | 627,411 | 9,994,657 | ||||||
Citigroup, Inc. | 181,248 | 9,664,143 | ||||||
Visa, Inc. — Class A | 119,671 | 7,904,269 | ||||||
American Express Co. | 54,124 | 4,191,904 | ||||||
Total Financial | 77,159,814 | |||||||
ENERGY - 9.9% | ||||||||
Exxon Mobil Corp. | 256,221 | 22,386,028 | ||||||
Chevron Corp. | 113,581 | 12,614,306 | ||||||
Schlumberger Ltd. | 77,596 | 7,341,358 | ||||||
ConocoPhillips | 73,250 | 4,975,140 | ||||||
Occidental Petroleum Corp. | 46,873 | 3,754,527 | ||||||
California Resources Corp. | 18,749 | 174,366 | ||||||
Total Energy | 51,245,725 | |||||||
INDUSTRIAL - 8.6% | ||||||||
General Electric Co. | 598,301 | 16,201,992 | ||||||
Boeing Co. | 43,509 | 6,236,580 | ||||||
United Technologies Corp. | 54,696 | 6,221,670 | ||||||
3M Co. | 39,037 | 6,104,996 | ||||||
Union Pacific Corp. | 54,045 | 5,741,200 | ||||||
United Parcel Service, Inc. — Class B | 42,233 | 4,245,683 | ||||||
Total Industrial | 44,752,121 | |||||||
CONSUMER, CYCLICAL - 5.5% | ||||||||
Home Depot, Inc. | 77,466 | 8,287,312 | ||||||
Wal-Mart Stores, Inc. | 95,059 | 7,419,355 | ||||||
CVS Health Corp. | 69,761 | 6,926,570 | ||||||
McDonald’s Corp. | 58,973 | 5,693,843 | ||||||
Total Consumer, Cyclical | 28,327,080 | |||||||
Total Common Stocks | ||||||||
(Cost $433,115,342) | 517,347,409 | |||||||
SHORT TERM INVESTMENTS† - 0.0% | ||||||||
Federated U.S. Treasury Cash Reserve Fund 0.00% | 252,647 | 252,647 | ||||||
Total Short Term Investments | ||||||||
(Cost $252,647) | 252,647 | |||||||
Total Investments - 100.0% | ||||||||
(Cost $433,367,989) | $ | 517,600,056 | ||||||
Other Assets & Liabilities, net - 0.0% | (156,402 | ) | ||||||
Total Net Assets - 100.0% | $ | 517,443,654 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 4. |
14 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2015 |
GUGGENHEIM S&P 500® PURE VALUE ETF |
Shares | Value | |||||||
COMMON STOCKS† - 99.9% | ||||||||
FINANCIAL - 31.7% | ||||||||
Berkshire Hathaway, Inc. — Class B* | 142,659 | $ | 20,144,877 | |||||
Assurant, Inc. | 292,048 | 17,949,271 | ||||||
Unum Group | 441,373 | 15,077,302 | ||||||
Genworth Financial, Inc. — Class A* | 1,672,749 | 14,703,464 | ||||||
MetLife, Inc. | 261,941 | 13,434,954 | ||||||
Prudential Financial, Inc. | 156,293 | 12,753,509 | ||||||
American International Group, Inc. | 226,066 | 12,725,255 | ||||||
Lincoln National Corp. | 212,009 | 11,976,388 | ||||||
Hartford Financial Services Group, Inc. | 293,252 | 11,955,884 | ||||||
Loews Corp. | 267,289 | 11,129,914 | ||||||
XL Group plc — Class A | 260,143 | 9,646,102 | ||||||
SunTrust Banks, Inc. | 213,830 | 8,873,944 | ||||||
Citigroup, Inc. | 162,909 | 8,686,308 | ||||||
Morgan Stanley | 225,195 | 8,402,025 | ||||||
Zions Bancorporation | 290,535 | 8,232,309 | ||||||
JPMorgan Chase & Co. | 128,791 | 8,147,319 | ||||||
Capital One Financial Corp. | 93,999 | 7,599,819 | ||||||
People’s United Financial, Inc. | 496,610 | 7,503,777 | ||||||
Aflac, Inc. | 115,206 | 7,262,586 | ||||||
Bank of America Corp. | 448,812 | 7,149,575 | ||||||
Travelers Companies, Inc. | 68,604 | 6,936,551 | ||||||
Goldman Sachs Group, Inc. | 35,002 | 6,875,093 | ||||||
KeyCorp | 466,348 | 6,738,729 | ||||||
PNC Financial Services Group, Inc. | 73,279 | 6,721,883 | ||||||
Fifth Third Bancorp | 303,301 | 6,066,020 | ||||||
ACE Ltd. | 56,264 | 6,019,685 | ||||||
Comerica, Inc. | 124,732 | 5,913,544 | ||||||
NASDAQ OMX Group, Inc. | 121,319 | 5,899,743 | ||||||
Progressive Corp. | 210,202 | 5,603,985 | ||||||
Cincinnati Financial Corp. | 109,140 | 5,526,850 | ||||||
BB&T Corp. | 138,630 | 5,308,143 | ||||||
Bank of New York Mellon Corp. | 122,276 | 5,177,166 | ||||||
Chubb Corp. | 52,037 | 5,117,839 | ||||||
Torchmark Corp. | 89,317 | 5,011,577 | ||||||
Principal Financial Group, Inc. | 97,371 | 4,977,606 | ||||||
Hudson City Bancorp, Inc. | 465,294 | 4,327,234 | ||||||
Huntington Bancshares, Inc. | 396,852 | 4,309,813 | ||||||
Total Financial | 319,886,043 | |||||||
ENERGY - 26.8% | ||||||||
Valero Energy Corp. | 373,069 | 21,227,626 | ||||||
Phillips 66 | 208,976 | 16,573,887 | ||||||
Noble Corporation plc1 | 898,177 | 15,547,443 | ||||||
Newfield Exploration Co.* | 378,910 | 14,868,429 | ||||||
Tesoro Corp. | 170,880 | 14,666,630 | ||||||
Marathon Petroleum Corp. | 148,789 | 14,666,132 | ||||||
Hess Corp. | 188,538 | 14,498,572 | ||||||
Marathon Oil Corp. | 407,138 | 12,661,992 | ||||||
Chesapeake Energy Corp.1 | 779,267 | 12,289,041 | ||||||
First Solar, Inc.* | 198,731 | 11,858,279 | ||||||
Diamond Offshore Drilling, Inc.1 | 350,795 | 11,741,109 | ||||||
Devon Energy Corp. | 167,476 | 11,423,538 | ||||||
Ensco plc — Class A | 384,851 | 10,498,735 | ||||||
Murphy Oil Corp. | 208,313 | 9,917,782 | ||||||
Chevron Corp. | 85,001 | 9,440,211 | ||||||
QEP Resources, Inc. | 411,454 | 9,257,715 | ||||||
Baker Hughes, Inc. | 128,482 | 8,795,877 | ||||||
Apache Corp. | 125,571 | 8,589,056 | ||||||
National Oilwell Varco, Inc. | 126,674 | 6,892,332 | ||||||
ConocoPhillips | 98,246 | 6,672,868 | ||||||
Transocean Ltd.1 | 328,445 | 6,181,335 | ||||||
Helmerich & Payne, Inc. | 75,047 | 5,851,415 | ||||||
Halliburton Co. | 111,207 | 5,443,583 | ||||||
Exxon Mobil Corp. | 60,967 | 5,326,687 | ||||||
Occidental Petroleum Corp. | 62,464 | 5,003,366 | ||||||
Total Energy | 269,893,640 | |||||||
CONSUMER, CYCLICAL - 12.0% | ||||||||
General Motors Co. | 477,679 | 16,747,426 | ||||||
Staples, Inc. | 1,018,374 | 16,619,864 | ||||||
GameStop Corp. — Class A1 | 374,471 | 14,432,112 | ||||||
Ford Motor Co. | 837,348 | 13,230,098 | ||||||
Best Buy Company, Inc. | 310,734 | 10,766,933 | ||||||
Goodyear Tire & Rubber Co. | 379,172 | 10,755,214 | ||||||
Kohl’s Corp. | 140,801 | 10,088,392 | ||||||
Wal-Mart Stores, Inc. | 72,270 | 5,640,673 | ||||||
Target Corp. | 69,407 | 5,471,354 | ||||||
Costco Wholesale Corp. | 34,163 | 4,887,017 | ||||||
Whirlpool Corp. | 24,180 | 4,246,008 | ||||||
Johnson Controls, Inc. | 79,716 | 4,016,092 | ||||||
Carnival Corp. | 86,214 | 3,790,830 | ||||||
Total Consumer, Cyclical | 120,692,013 | |||||||
UTILITIES - 7.9% | ||||||||
NRG Energy, Inc. | 323,447 | 8,163,802 | ||||||
FirstEnergy Corp. | 209,202 | 7,512,443 | ||||||
Exelon Corp. | 209,160 | 7,115,623 | ||||||
AES Corp. | 536,609 | 7,110,069 | ||||||
Entergy Corp. | 74,104 | 5,719,347 | ||||||
Consolidated Edison, Inc. | 90,532 | 5,572,245 | ||||||
PG&E Corp. | 98,974 | 5,237,704 | ||||||
DTE Energy Co. | 50,568 | 4,026,730 | ||||||
SCANA Corp. | 73,487 | 3,893,341 | ||||||
Duke Energy Corp. | 49,902 | 3,870,898 | ||||||
Xcel Energy, Inc. | 113,844 | 3,860,450 | ||||||
American Electric Power Company, Inc. | 66,496 | 3,781,628 | ||||||
Ameren Corp. | 90,404 | 3,701,140 | ||||||
Pepco Holdings, Inc. | 139,318 | 3,619,482 | ||||||
Pinnacle West Capital Corp. | 55,909 | 3,421,631 | ||||||
TECO Energy, Inc. | 168,666 | 3,196,221 | ||||||
Total Utilities | 79,802,754 | |||||||
CONSUMER, NON-CYCLICAL - 7.3% | ||||||||
Anthem, Inc. | 109,749 | 16,564,417 | ||||||
Archer-Daniels-Midland Co. | 265,763 | 12,990,495 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 15 |
SCHEDULE OF INVESTMENTS (Unaudited)(concluded) | April 30, 2015 |
GUGGENHEIM S&P 500® PURE VALUE ETF |
Shares | Value | |||||||
Tyson Foods, Inc. — Class A | 326,770 | $ | 12,907,415 | |||||
Humana, Inc. | 75,909 | 12,570,530 | ||||||
Cardinal Health, Inc. | 103,073 | 8,693,177 | ||||||
Sysco Corp. | 160,721 | 5,951,499 | ||||||
Avery Dennison Corp. | 72,290 | 4,018,601 | ||||||
Total Consumer, Non-cyclical | 73,696,134 | |||||||
INDUSTRIAL - 5.0% | ||||||||
Jacobs Engineering Group, Inc.* | 328,481 | 14,078,696 | ||||||
Fluor Corp. | 187,789 | 11,293,630 | ||||||
L-3 Communications Holdings, Inc. | 51,520 | 5,920,163 | ||||||
Owens-Illinois, Inc.* | 247,160 | 5,909,596 | ||||||
Ryder System, Inc. | 57,200 | 5,454,592 | ||||||
Deere & Co. | 47,192 | 4,271,820 | ||||||
Joy Global, Inc. | 76,074 | 3,243,795 | ||||||
Total Industrial | 50,172,292 | |||||||
BASIC MATERIALS - 3.3% | ||||||||
Newmont Mining Corp. | 291,535 | 7,722,762 | ||||||
Freeport-McMoRan, Inc. | 330,835 | 7,698,530 | ||||||
Allegheny Technologies, Inc. | 155,014 | 5,268,926 | ||||||
LyondellBasell Industries N.V. — Class A | 42,938 | 4,444,942 | ||||||
Nucor Corp. | 86,622 | 4,232,351 | ||||||
Dow Chemical Co. | 77,071 | 3,930,621 | ||||||
Total Basic Materials | 33,298,132 | |||||||
COMMUNICATIONS - 2.4% | ||||||||
News Corp. — Class A* | 717,390 | 11,320,414 | ||||||
CenturyLink, Inc. | 129,799 | 4,667,573 | ||||||
AT&T, Inc. | 125,957 | 4,363,150 | ||||||
Juniper Networks, Inc. | 147,610 | 3,901,332 | ||||||
Total Communications | 24,252,469 | |||||||
TECHNOLOGY - 2.1% | ||||||||
Xerox Corp. | 724,929 | 8,336,684 | ||||||
Computer Sciences Corp. | 102,352 | 6,596,586 | ||||||
Hewlett-Packard Co. | 175,937 | 5,800,643 | ||||||
Total Technology | 20,733,913 | |||||||
DIVERSIFIED - 1.4% | ||||||||
Leucadia National Corp. | 600,733 | 14,279,423 | ||||||
Total Common Stocks | ||||||||
(Cost $1,002,063,675) | 1,006,706,813 | |||||||
SHORT TERM INVESTMENTS† - 0.0% | ||||||||
Federated U.S. Treasury Cash Reserve Fund 0.00% | 461,927 | 461,927 | ||||||
Total Short Term Investments | ||||||||
(Cost $461,927) | 461,927 |
Face Amount | ||||||||
SECURITIES LENDING COLLATERAL††,2 - 5.5% | ||||||||
Repurchase Agreements | ||||||||
HSBC Securities, Inc. issued 04/30/15 at 0.09% due 05/01/15 | $ | 41,357,377 | 41,357,377 | |||||
BNP Paribas Securities Corp. issued 04/30/15 at 0.10% due 05/01/15 | 7,669,914 | 7,669,914 | ||||||
Barclays Capital, Inc. issued 04/30/15 at 0.08% due 05/01/15 | 6,310,684 | 6,310,684 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $55,337,975) | 55,337,975 | |||||||
Total Investments - 105.4% | ||||||||
(Cost $1,057,863,577) | $ | 1,062,506,715 | ||||||
Other Assets & Liabilities, net - (5.4)% | (54,417,156 | ) | ||||||
Total Net Assets - 100.0% | $ | 1,008,089,559 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 4. |
†† | Value determined based on Level 2 inputs — See Note 4. |
1 | All or portion of this security is on loan at April 30, 2015 — See Note 5. |
2 | Securities lending collateral — See Note 5. |
plc — Public Limited Company |
16 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2015 |
GUGGENHEIM S&P 500® PURE GROWTH ETF |
Shares | Value | |||||||
COMMON STOCKS† - 100.0% | ||||||||
CONSUMER, NON-CYCLICAL - 27.9% | ||||||||
Constellation Brands, Inc. — Class A | 338,404 | $ | 39,234,560 | |||||
Regeneron Pharmaceuticals, Inc.* | 79,652 | 36,437,603 | ||||||
Actavis plc* | 125,142 | 35,397,665 | ||||||
Monster Beverage Corp.* | 239,230 | 32,800,826 | ||||||
AmerisourceBergen Corp. — Class A | 281,574 | 32,183,908 | ||||||
Alexion Pharmaceuticals, Inc.* | 181,727 | 30,753,659 | ||||||
Gilead Sciences, Inc. | 304,568 | 30,612,130 | ||||||
Celgene Corp.* | 274,063 | 29,615,248 | ||||||
Zoetis, Inc. | 580,460 | 25,784,033 | ||||||
DaVita HealthCare Partners, Inc.* | 313,076 | 25,390,464 | ||||||
Keurig Green Mountain, Inc. | 205,815 | 23,950,692 | ||||||
Amgen, Inc. | 150,013 | 23,688,553 | ||||||
Moody’s Corp. | 213,537 | 22,959,498 | ||||||
Edwards Lifesciences Corp.* | 177,156 | 22,436,808 | ||||||
United Rentals, Inc.* | 218,732 | 21,125,137 | ||||||
Mylan N.V.* | 291,132 | 21,037,198 | ||||||
Biogen, Inc.* | 49,407 | 18,474,760 | ||||||
Robert Half International, Inc. | 328,598 | 18,220,759 | ||||||
Intuitive Surgical, Inc.* | 29,192 | 14,478,648 | ||||||
Hospira, Inc.* | 164,831 | 14,388,098 | ||||||
Molson Coors Brewing Co. — Class B | 193,767 | 14,243,812 | ||||||
Cintas Corp. | 171,297 | 13,695,195 | ||||||
AbbVie, Inc. | 205,069 | 13,259,762 | ||||||
Dr Pepper Snapple Group, Inc. | 175,061 | 13,056,049 | ||||||
MasterCard, Inc. — Class A | 139,183 | 12,555,698 | ||||||
Lorillard, Inc. | 147,845 | 10,328,452 | ||||||
Total Consumer, Non-cyclical | 596,109,215 | |||||||
CONSUMER, CYCLICAL - 21.3% | ||||||||
DR Horton, Inc. | 2,017,730 | 51,250,343 | ||||||
Under Armour, Inc. — Class A* | 519,030 | 40,250,777 | ||||||
Lennar Corp. — Class A | 863,907 | 39,566,941 | ||||||
Southwest Airlines Co. | 830,275 | 33,675,954 | ||||||
Delta Air Lines, Inc. | 725,338 | 32,379,088 | ||||||
O’Reilly Automotive, Inc.* | 139,545 | 30,397,088 | ||||||
Chipotle Mexican Grill, Inc. — Class A* | 38,101 | 23,673,675 | ||||||
CVS Health Corp. | 223,337 | 22,175,131 | ||||||
Harman International Industries, Inc. | 162,930 | 21,242,813 | ||||||
Lowe’s Companies, Inc. | 281,010 | 19,350,349 | ||||||
Dollar Tree, Inc.* | 226,486 | 17,305,795 | ||||||
Wyndham Worldwide Corp. | 188,975 | 16,138,465 | ||||||
AutoZone, Inc.* | 22,967 | 15,448,982 | ||||||
Michael Kors Holdings Ltd.* | 232,549 | 14,385,481 | ||||||
Hanesbrands, Inc. | 416,429 | 12,942,613 | ||||||
VF Corp. | 177,053 | 12,823,949 | ||||||
Nordstrom, Inc. | 145,465 | 10,991,335 | ||||||
NIKE, Inc. — Class B | 109,229 | 10,796,194 | ||||||
Home Depot, Inc. | 100,678 | 10,770,532 | ||||||
Ross Stores, Inc. | 104,088 | 10,292,221 | ||||||
Leggett & Platt, Inc. | 231,632 | 9,837,411 | ||||||
Total Consumer, Cyclical | 455,695,137 | |||||||
TECHNOLOGY - 17.9% | ||||||||
Micron Technology, Inc.* | 1,496,996 | 42,110,497 | ||||||
Akamai Technologies, Inc.* | 501,074 | 36,969,240 | ||||||
Avago Technologies Ltd. | 312,768 | 36,556,324 | ||||||
Apple, Inc. | 288,624 | 36,121,294 | ||||||
Skyworks Solutions, Inc. | 327,863 | 30,245,362 | ||||||
Red Hat, Inc.* | 346,299 | 26,062,463 | ||||||
Seagate Technology plc | 437,017 | 25,661,638 | ||||||
Electronic Arts, Inc.* | 361,105 | 20,976,589 | ||||||
Western Digital Corp. | 203,795 | 19,918,923 | ||||||
Cognizant Technology Solutions Corp. — Class A* | 336,038 | 19,671,665 | ||||||
Fiserv, Inc.* | 184,770 | 14,338,152 | ||||||
NVIDIA Corp. | 499,676 | 11,090,309 | ||||||
Cerner Corp.* | 152,198 | 10,929,338 | ||||||
SanDisk Corp. | 156,503 | 10,476,311 | ||||||
Citrix Systems, Inc.* | 155,969 | 10,474,878 | ||||||
Lam Research Corp. | 138,205 | 10,445,534 | ||||||
Intel Corp. | 312,235 | 10,163,249 | ||||||
QUALCOMM, Inc. | 148,897 | 10,124,996 | ||||||
Total Technology | 382,336,762 | |||||||
COMMUNICATIONS - 13.4% | ||||||||
Facebook, Inc. — Class A* | 478,950 | 37,726,892 | ||||||
Expedia, Inc. | 364,877 | 34,382,359 | ||||||
VeriSign, Inc.*,1 | 515,300 | 32,726,703 | ||||||
DIRECTV* | 356,578 | 32,343,407 | ||||||
Equinix, Inc. | 105,896 | 27,101,963 | ||||||
F5 Networks, Inc.* | 200,327 | 24,443,901 | ||||||
Yahoo!, Inc.* | 491,906 | 20,937,979 | ||||||
Priceline Group, Inc.* | 11,513 | 14,250,907 | ||||||
Time Warner, Inc. | 164,646 | 13,897,769 | ||||||
Alliance Data Systems Corp.* | 44,325 | 13,178,266 | ||||||
Walt Disney Co. | 118,057 | 12,835,157 | ||||||
eBay, Inc.* | 180,666 | 10,525,601 | ||||||
Google, Inc. — Class A* | 10,090 | 5,537,089 | ||||||
Google, Inc. — Class C* | 10,031 | 5,390,058 | ||||||
Total Communications | 285,278,051 | |||||||
FINANCIAL - 10.9% | ||||||||
American Tower Corp. — Class A | 268,986 | 25,427,247 | ||||||
CBRE Group, Inc. — Class A* | 578,406 | 22,176,086 | ||||||
Host Hotels & Resorts, Inc. | 898,982 | 18,105,497 | ||||||
Health Care REIT, Inc. | 242,258 | 17,447,421 | ||||||
Navient Corp. | 861,430 | 16,832,342 | ||||||
Visa, Inc. — Class A | 235,550 | 15,558,078 | ||||||
Equity Residential | 210,401 | 15,540,217 | ||||||
Legg Mason, Inc. | 290,193 | 15,278,662 | ||||||
Kimco Realty Corp. | 625,488 | 15,074,261 | ||||||
AvalonBay Communities, Inc. | 83,000 | 13,640,220 | ||||||
Ameriprise Financial, Inc. | 99,240 | 12,432,787 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 17 |
SCHEDULE OF INVESTMENTS (Unaudited)(concluded) | April 30, 2015 |
GUGGENHEIM S&P 500® PURE GROWTH ETF |
Shares | Value | |||||||
Essex Property Trust, Inc. | 54,245 | $ | 12,039,678 | |||||
Macerich Co. | 145,715 | 11,913,658 | ||||||
Boston Properties, Inc. | 85,563 | 11,320,841 | ||||||
Ventas, Inc. | 155,719 | 10,729,039 | ||||||
Total Financial | 233,516,034 | |||||||
ENERGY - 3.4% | ||||||||
Range Resources Corp. | 331,152 | 21,048,022 | ||||||
EOG Resources, Inc. | 210,271 | 20,806,315 | ||||||
Cabot Oil & Gas Corp. — Class A | 574,213 | 19,419,884 | ||||||
Williams Companies, Inc. | 231,155 | 11,832,824 | ||||||
Total Energy | 73,107,045 | |||||||
INDUSTRIAL - 3.4% | ||||||||
Martin Marietta Materials, Inc. | 121,961 | 17,397,737 | ||||||
Union Pacific Corp. | 159,075 | 16,898,537 | ||||||
Amphenol Corp. — Class A | 243,879 | 13,503,580 | ||||||
Thermo Fisher Scientific, Inc. | 102,223 | 12,847,387 | ||||||
CH Robinson Worldwide, Inc. | 182,782 | 11,769,333 | ||||||
Total Industrial | 72,416,574 | |||||||
BASIC MATERIALS - 1.8% | ||||||||
Sherwin-Williams Co. | 58,399 | 16,234,922 | ||||||
Sigma-Aldrich Corp. | 81,880 | 11,374,770 | ||||||
Ecolab, Inc. | 90,782 | 10,165,768 | ||||||
Total Basic Materials | 37,775,460 | |||||||
Total Common Stocks | ||||||||
(Cost $1,951,454,915) | 2,136,234,278 | |||||||
SHORT TERM INVESTMENTS† - 0.0% | ||||||||
Federated U.S. Treasury Cash Reserve Fund 0.00% | 212,635 | 212,635 | ||||||
Total Short Term Investments | ||||||||
(Cost $212,635) | 212,635 |
Face Amount | ||||||||
SECURITIES LENDING COLLATERAL††,2 - 0.7% | ||||||||
Repurchase Agreements | ||||||||
HSBC Securities, Inc. issued 04/30/15 at 0.09% due 05/01/15 | $ | 11,183,807 | 11,183,807 | |||||
BNP Paribas Securities Corp. issued 04/30/15 at 0.10% due 05/01/15 | 2,074,088 | 2,074,088 | ||||||
Barclays Capital, Inc. issued 04/30/15 at 0.08% due 05/01/15 | 1,706,526 | 1,706,526 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $14,964,421) | 14,964,421 | |||||||
Total Investments - 100.7% | ||||||||
(Cost $1,966,631,971) | $ | 2,151,411,334 | ||||||
Other Assets & Liabilities, net - (0.7)% | (14,884,257 | ) | ||||||
Total Net Assets - 100.0% | $ | 2,136,527,077 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 4. |
†† | Value determined based on Level 2 inputs — See Note 4. |
1 | All or portion of this security is on loan at April 30, 2015 — See Note 5. |
2 | Securities lending collateral — See Note 5. |
plc — Public Limited Company | |
REIT — Real Estate Investment Trust |
18 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2015 |
GUGGENHEIM S&P MIDCAP 400® PURE VALUE ETF |
Shares | Value | |||||||
COMMON STOCKS† - 99.8% | ||||||||
INDUSTRIAL - 23.9% | ||||||||
AGCO Corp. | 51,716 | $ | 2,663,891 | |||||
Arrow Electronics, Inc.* | 33,021 | 1,971,685 | ||||||
AECOM* | 61,401 | 1,937,817 | ||||||
Avnet, Inc. | 45,357 | 1,933,569 | ||||||
Tech Data Corp.* | 33,682 | 1,898,654 | ||||||
Terex Corp. | 68,436 | 1,879,253 | ||||||
KBR, Inc. | 101,028 | 1,764,959 | ||||||
Orbital ATK, Inc. | 19,458 | 1,423,547 | ||||||
Oshkosh Corp. | 26,429 | 1,422,937 | ||||||
Tidewater, Inc.1 | 50,239 | 1,391,118 | ||||||
Jabil Circuit, Inc. | 57,925 | 1,304,471 | ||||||
Greif, Inc. — Class A | 30,516 | 1,243,832 | ||||||
Exelis, Inc. | 47,053 | 1,153,740 | ||||||
Vishay Intertechnology, Inc. | 86,990 | 1,103,033 | ||||||
Con-way, Inc. | 21,134 | 868,607 | ||||||
Triumph Group, Inc. | 12,866 | 762,182 | ||||||
SPX Corp. | 9,628 | 741,356 | ||||||
Rock-Tenn Co. — Class A | 11,505 | 724,585 | ||||||
Kennametal, Inc. | 19,391 | 686,635 | ||||||
Regal Beloit Corp. | 7,942 | 621,064 | ||||||
Granite Construction, Inc. | 16,061 | 557,477 | ||||||
Bemis Company, Inc. | 10,988 | 494,460 | ||||||
TimkenSteel Corp. | 14,486 | 422,846 | ||||||
Timken Co. | 10,026 | 393,922 | ||||||
Total Industrial | 29,365,640 | |||||||
FINANCIAL - 18.9% | ||||||||
Reinsurance Group of America, Inc. — Class A | 24,716 | 2,264,481 | ||||||
Old Republic International Corp. | 112,363 | 1,718,031 | ||||||
Aspen Insurance Holdings Ltd. | 33,416 | 1,561,530 | ||||||
Kemper Corp. | 41,323 | 1,556,637 | ||||||
Hanover Insurance Group, Inc. | 22,550 | 1,546,253 | ||||||
CNO Financial Group, Inc. | 78,252 | 1,330,284 | ||||||
American Financial Group, Inc. | 20,250 | 1,279,800 | ||||||
First American Financial Corp. | 33,392 | 1,161,708 | ||||||
StanCorp Financial Group, Inc. | 15,081 | 1,087,038 | ||||||
Everest Re Group Ltd. | 6,012 | 1,075,607 | ||||||
FirstMerit Corp. | 39,650 | 768,021 | ||||||
Associated Banc-Corp. | 39,051 | 734,549 | ||||||
Trustmark Corp. | 30,199 | 718,736 | ||||||
International Bancshares Corp. | 27,583 | 716,606 | ||||||
Fulton Financial Corp. | 57,811 | 702,981 | ||||||
Mercury General Corp. | 12,744 | 700,155 | ||||||
Umpqua Holdings Corp. | 37,846 | 643,760 | ||||||
Hancock Holding Co. | 21,626 | 629,533 | ||||||
HCC Insurance Holdings, Inc. | 11,009 | 627,073 | ||||||
Washington Federal, Inc. | 27,737 | 599,119 | ||||||
TCF Financial Corp. | 29,606 | 463,630 | ||||||
New York Community Bancorp, Inc. | 25,861 | 444,551 | ||||||
Valley National Bancorp1 | 46,799 | 441,315 | ||||||
Prosperity Bancshares, Inc. | 7,929 | 422,933 | ||||||
Total Financial | 23,194,331 | |||||||
ENERGY - 18.0% | ||||||||
Nabors Industries Ltd. | 172,116 | 2,874,338 | ||||||
Patterson-UTI Energy, Inc. | 96,415 | 2,154,876 | ||||||
Denbury Resources, Inc. | 218,264 | 1,922,907 | ||||||
HollyFrontier Corp. | 49,152 | 1,906,114 | ||||||
Superior Energy Services, Inc. | 68,695 | 1,751,722 | ||||||
Unit Corp.* | 42,741 | 1,489,096 | ||||||
Western Refining, Inc. | 33,521 | 1,476,600 | ||||||
Atwood Oceanics, Inc. | 42,279 | 1,411,273 | ||||||
SM Energy Co. | 23,895 | 1,385,193 | ||||||
Rowan Companies plc — Class A | 62,149 | 1,316,937 | ||||||
Murphy USA, Inc.* | 16,857 | 1,101,268 | ||||||
NOW, Inc.*,1 | 41,537 | 992,734 | ||||||
Rosetta Resources, Inc.* | 35,439 | 809,072 | ||||||
Oil States International, Inc.* | 13,352 | 635,422 | ||||||
Peabody Energy Corp.1 | 104,517 | 494,365 | ||||||
Helix Energy Solutions Group, Inc.* | 21,439 | 353,315 | ||||||
Total Energy | 22,075,232 | |||||||
CONSUMER, NON-CYCLICAL - 12.1% | ||||||||
ManpowerGroup, Inc. | 24,189 | 2,064,047 | ||||||
Community Health Systems, Inc.* | 28,716 | 1,541,475 | ||||||
Halyard Health, Inc.* | 31,198 | 1,512,479 | ||||||
WellCare Health Plans, Inc.* | 16,350 | 1,265,981 | ||||||
Rent-A-Center, Inc. | 42,547 | 1,259,391 | ||||||
RR Donnelley & Sons Co. | 67,570 | 1,258,153 | ||||||
Health Net, Inc.* | 23,728 | 1,249,279 | ||||||
Owens & Minor, Inc. | 36,190 | 1,220,327 | ||||||
FTI Consulting, Inc.* | 20,471 | 841,563 | ||||||
Aaron’s, Inc. | 22,849 | 776,866 | ||||||
Dean Foods Co. | 40,625 | 660,156 | ||||||
United Natural Foods, Inc.* | 9,773 | 659,287 | ||||||
Avon Products, Inc. | 67,838 | 554,236 | ||||||
Total Consumer, Non-cyclical | 14,863,240 | |||||||
CONSUMER, CYCLICAL - 10.8% | ||||||||
Ascena Retail Group, Inc.* | 157,119 | 2,355,213 | ||||||
Ingram Micro, Inc. — Class A* | 78,623 | 1,978,155 | ||||||
World Fuel Services Corp. | 32,246 | 1,789,653 | ||||||
MDC Holdings, Inc. | 53,449 | 1,434,571 | ||||||
Abercrombie & Fitch Co. — Class A | 43,265 | 972,597 | ||||||
CST Brands, Inc. | 20,789 | 867,109 | ||||||
JC Penney Company, Inc.*,1 | 103,213 | 856,668 | ||||||
Guess?, Inc. | 37,647 | 689,317 | ||||||
International Speedway Corp. — Class A | 18,830 | 684,659 | ||||||
Dana Holding Corp. | 31,015 | 668,994 | ||||||
Office Depot, Inc.* | 58,351 | 537,996 | ||||||
ANN, Inc.* | 11,992 | 454,017 | ||||||
Total Consumer, Cyclical | 13,288,949 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 19 |
SCHEDULE OF INVESTMENTS (Unaudited)(concluded) | April 30, 2015 |
GUGGENHEIM S&P MIDCAP 400® PURE VALUE ETF |
Shares | Value | |||||||
BASIC MATERIALS - 8.3% | ||||||||
Domtar Corp. | 55,825 | $ | 2,412,757 | |||||
Reliance Steel & Aluminum Co. | 28,575 | 1,849,373 | ||||||
Commercial Metals Co. | 104,555 | 1,735,612 | ||||||
United States Steel Corp.1 | 57,291 | 1,376,130 | ||||||
Cabot Corp. | 26,028 | 1,112,437 | ||||||
Steel Dynamics, Inc. | 40,912 | 905,383 | ||||||
Olin Corp. | 27,150 | 801,740 | ||||||
Total Basic Materials | 10,193,432 | |||||||
UTILITIES - 3.3% | ||||||||
ONE Gas, Inc. | 21,729 | 911,967 | ||||||
Great Plains Energy, Inc. | 29,619 | 775,424 | ||||||
Hawaiian Electric Industries, Inc. | 22,886 | 716,332 | ||||||
MDU Resources Group, Inc. | 30,847 | 687,580 | ||||||
Atmos Energy Corp. | 9,188 | 496,152 | ||||||
WGL Holdings, Inc. | 8,037 | 442,115 | ||||||
Total Utilities | 4,029,570 | |||||||
TECHNOLOGY - 2.3% | ||||||||
Lexmark International, Inc. — Class A | 20,092 | 891,884 | ||||||
Advanced Micro Devices, Inc.*,1 | 330,673 | 747,321 | ||||||
Convergys Corp. | 27,085 | 614,288 | ||||||
NCR Corp.* | 19,862 | 545,013 | ||||||
Total Technology | 2,798,506 | |||||||
COMMUNICATIONS - 2.2% | ||||||||
Telephone & Data Systems, Inc. | 57,110 | 1,525,408 | ||||||
Time, Inc. | 52,449 | 1,197,411 | ||||||
Total Communications | 2,722,819 | |||||||
Total Common Stocks | ||||||||
(Cost $114,723,003) | 122,531,719 | |||||||
SHORT TERM INVESTMENTS† - 0.2% | ||||||||
Federated U.S. Treasury Cash Reserve Fund 0.00% | 214,906 | 214,906 | ||||||
Total Short Term Investments | ||||||||
(Cost $214,906) | 214,906 |
Face Amount | ||||||||
SECURITIES LENDING COLLATERAL††,2 - 4.2% | ||||||||
Repurchase Agreements | ||||||||
HSBC Securities, Inc. issued 04/30/15 at 0.09% due 05/01/15 | $ | 3,829,903 | 3,829,903 | |||||
BNP Paribas Securities Corp. issued 04/30/15 at 0.10% due 05/01/15 | 710,273 | 710,273 | ||||||
Barclays Capital, Inc. issued 04/30/15 at 0.08% due 05/01/15 | 584,402 | 584,402 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $5,124,578) | 5,124,578 | |||||||
Total Investments - 104.2% | ||||||||
(Cost $120,062,487) | $ | 127,871,203 | ||||||
Other Assets & Liabilities, net - (4.2)% | (5,137,308 | ) | ||||||
Total Net Assets - 100.0% | $ | 122,733,895 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 4. |
†† | Value determined based on Level 2 inputs — See Note 4. |
1 | All or portion of this security is on loan at April 30, 2015 — See Note 5. |
2 | Securities lending collateral — See Note 5. |
plc — Public Limited Company |
20 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2015 |
GUGGENHEIM S&P MIDCAP 400® PURE GROWTH ETF |
Shares | Value | |||||||
COMMON STOCKS† - 100.0% | ||||||||
CONSUMER, NON-CYCLICAL - 23.9% | ||||||||
Centene Corp.* | 282,623 | $ | 17,519,800 | |||||
United Therapeutics Corp.* | 102,997 | 16,447,591 | ||||||
Akorn, Inc.* | 340,439 | 14,175,880 | ||||||
WhiteWave Foods Co. — Class A* | 289,083 | 12,710,980 | ||||||
Hain Celestial Group, Inc.* | 207,987 | 12,529,137 | ||||||
Global Payments, Inc. | 94,042 | 9,430,532 | ||||||
Gartner, Inc.* | 86,255 | 7,157,440 | ||||||
VCA, Inc.* | 139,368 | 7,103,587 | ||||||
Boston Beer Company, Inc. — Class A*,1 | 28,651 | 7,099,718 | ||||||
IDEXX Laboratories, Inc.* | 55,471 | 6,954,399 | ||||||
Corporate Executive Board Co. | 82,842 | 6,944,645 | ||||||
Live Nation Entertainment, Inc.* | 252,212 | 6,320,433 | ||||||
Service Corporation International | 225,863 | 6,251,888 | ||||||
STERIS Corp. | 88,032 | 5,854,128 | ||||||
SEI Investments Co. | 122,467 | 5,591,843 | ||||||
MEDNAX, Inc.* | 73,627 | 5,211,319 | ||||||
Align Technology, Inc.* | 83,281 | 4,900,254 | ||||||
WEX, Inc.* | 42,433 | 4,782,623 | ||||||
Charles River Laboratories International, Inc.* | 65,053 | 4,499,065 | ||||||
Sirona Dental Systems, Inc.* | 47,246 | 4,382,066 | ||||||
Cooper Companies, Inc. | 23,980 | 4,270,119 | ||||||
Total Consumer, Non-cyclical | 170,137,447 | |||||||
CONSUMER, CYCLICAL - 21.7% | ||||||||
JetBlue Airways Corp.* | 974,443 | 20,005,314 | ||||||
Toll Brothers, Inc.* | 413,295 | 14,688,504 | ||||||
NVR, Inc.* | 9,068 | 12,028,611 | ||||||
Advance Auto Parts, Inc. | 65,773 | 9,405,539 | ||||||
Signet Jewelers Ltd. | 68,837 | 9,233,107 | ||||||
Buffalo Wild Wings, Inc.* | 56,944 | 9,071,179 | ||||||
Alaska Air Group, Inc. | 141,359 | 9,055,457 | ||||||
Tempur Sealy International, Inc.* | 148,014 | 9,015,533 | ||||||
Foot Locker, Inc. | 146,486 | 8,708,593 | ||||||
Polaris Industries, Inc. | 57,604 | 7,889,444 | ||||||
Carter’s, Inc. | 67,100 | 6,700,606 | ||||||
Domino’s Pizza, Inc. | 60,748 | 6,551,672 | ||||||
Brunswick Corp. | 127,811 | 6,395,662 | ||||||
Williams-Sonoma, Inc. | 77,709 | 5,713,943 | ||||||
LKQ Corp.* | 176,853 | 4,787,411 | ||||||
Brinker International, Inc. | 76,525 | 4,237,189 | ||||||
Dunkin’ Brands Group, Inc. | 81,041 | 4,223,047 | ||||||
Deckers Outdoor Corp.* | 47,704 | 3,530,096 | ||||||
HSN, Inc. | 55,080 | 3,438,094 | ||||||
Total Consumer, Cyclical | 154,679,001 | |||||||
FINANCIAL - 17.2% | ||||||||
Alexander & Baldwin, Inc. | 396,851 | 16,064,528 | ||||||
Extra Space Storage, Inc. | 189,559 | 12,497,625 | ||||||
Camden Property Trust | 146,198 | 10,976,546 | ||||||
Jones Lang LaSalle, Inc. | 64,544 | 10,718,177 | ||||||
LaSalle Hotel Properties | 282,106 | 10,350,469 | ||||||
RenaissanceRe Holdings Ltd. | 85,122 | 8,724,154 | ||||||
Duke Realty Corp. | 380,730 | 7,542,261 | ||||||
Douglas Emmett, Inc. | 251,640 | 7,171,740 | ||||||
Omega Healthcare Investors, Inc. | 193,388 | 6,979,373 | ||||||
Primerica, Inc. | 137,750 | 6,366,805 | ||||||
Signature Bank* | 45,801 | 6,141,456 | ||||||
Weingarten Realty Investors | 180,838 | 5,924,253 | ||||||
Regency Centers Corp. | 81,758 | 5,132,767 | ||||||
Kilroy Realty Corp. | 57,434 | 4,077,240 | ||||||
UDR, Inc. | 113,517 | 3,719,952 | ||||||
Total Financial | 122,387,346 | |||||||
INDUSTRIAL - 13.6% | ||||||||
Eagle Materials, Inc. | 201,136 | 16,772,731 | ||||||
Trinity Industries, Inc. | 564,137 | 15,282,472 | ||||||
Packaging Corporation of America | 140,181 | 9,699,123 | ||||||
Wabtec Corp. | 97,186 | 9,140,343 | ||||||
Old Dominion Freight Line, Inc.* | 119,560 | 8,504,303 | ||||||
Zebra Technologies Corp. — Class A* | 88,541 | 8,152,855 | ||||||
ITT Corp. | 188,598 | 7,477,911 | ||||||
Acuity Brands, Inc. | 40,365 | 6,738,937 | ||||||
Landstar System, Inc. | 90,214 | 5,621,234 | ||||||
Cognex Corp. | 123,424 | 5,540,503 | ||||||
Gentex Corp. | 227,366 | 3,944,800 | ||||||
Total Industrial | 96,875,212 | |||||||
TECHNOLOGY - 12.0% | ||||||||
Cadence Design Systems, Inc.* | 770,255 | 14,365,255 | ||||||
Fortinet, Inc.* | 373,789 | 14,106,797 | ||||||
SolarWinds, Inc.* | 268,481 | 13,096,503 | ||||||
MAXIMUS, Inc. | 179,046 | 11,460,734 | ||||||
Rackspace Hosting, Inc.* | 160,322 | 8,641,356 | ||||||
Fair Isaac Corp. | 78,775 | 6,968,437 | ||||||
Ultimate Software Group, Inc.* | 37,927 | 6,304,226 | ||||||
ACI Worldwide, Inc.* | 267,864 | 6,168,908 | ||||||
Tyler Technologies, Inc.* | 34,707 | 4,232,519 | ||||||
Total Technology | 85,344,735 | |||||||
COMMUNICATIONS - 7.1% | ||||||||
ARRIS Group, Inc.* | 524,677 | 17,668,498 | ||||||
InterDigital, Inc. | 178,923 | 9,790,667 | ||||||
Qorvo, Inc.* | 111,391 | 7,341,781 | ||||||
Lamar Advertising Co. — Class A | 103,341 | 5,989,644 | ||||||
AMC Networks, Inc. — Class A* | 76,975 | 5,806,994 | ||||||
FactSet Research Systems, Inc. | 26,526 | 4,174,927 | ||||||
Total Communications | 50,772,511 | |||||||
BASIC MATERIALS - 2.5% | ||||||||
Cytec Industries, Inc. | 124,347 | 6,875,146 | ||||||
Minerals Technologies, Inc. | 96,182 | 6,514,407 | ||||||
Valspar Corp. | 51,512 | 4,177,623 | ||||||
Total Basic Materials | 17,567,176 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 21 |
SCHEDULE OF INVESTMENTS (Unaudited)(concluded) | April 30, 2015 |
GUGGENHEIM S&P MIDCAP 400® PURE GROWTH ETF |
Shares | Value | |||||||
ENERGY - 1.1% | ||||||||
Dresser-Rand Group, Inc.* | 98,923 | $ | 8,177,964 | |||||
UTILITIES - 0.9% | ||||||||
UGI Corp. | 186,615 | 6,496,068 | ||||||
Total Common Stocks | ||||||||
(Cost $645,901,663) | 712,437,460 | |||||||
SHORT TERM INVESTMENTS† - 0.0% | ||||||||
Federated U.S. Treasury Cash Reserve Fund 0.00% | 219,178 | 219,178 | ||||||
Total Short Term Investments | ||||||||
(Cost $219,178) | 219,178 |
Face Amount | ||||||||
SECURITIES LENDING COLLATERAL††,2 - 1.0% | ||||||||
Repurchase Agreements | ||||||||
HSBC Securities, Inc. issued 04/30/15 at 0.09% due 05/01/15 | $ | 5,314,102 | 5,314,102 | |||||
BNP Paribas Securities Corp. issued 04/30/15 at 0.10% due 05/01/15 | 985,525 | 985,525 | ||||||
Barclays Capital, Inc. issued 04/30/15 at 0.08% due 05/01/15 | 810,874 | 810,874 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $7,110,501) | 7,110,501 | |||||||
Total Investments - 101.0% | ||||||||
(Cost $653,231,342) | $ | 719,767,139 | ||||||
Other Assets & Liabilities, net - (1.0)% | (7,178,531 | ) | ||||||
Total Net Assets - 100.0% | $ | 712,588,608 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 4. |
†† | Value determined based on Level 2 inputs — See Note 4. |
1 | All or portion of this security is on loan at April 30, 2015 — See Note 5. |
2 | Securities lending collateral — See Note 5. |
22 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2015 |
GUGGENHEIM S&P SMALLCAP 600® PURE VALUE ETF |
Shares | Value | |||||||
COMMON STOCKS† - 99.9% | ||||||||
INDUSTRIAL - 20.6% | ||||||||
TTM Technologies, Inc.* | 263,081 | $ | 2,459,807 | |||||
Griffon Corp. | 116,021 | 1,950,313 | ||||||
AAR Corp. | 61,957 | 1,873,580 | ||||||
Benchmark Electronics, Inc.* | 77,569 | 1,825,200 | ||||||
Gibraltar Industries, Inc.* | 109,074 | 1,806,265 | ||||||
Atlas Air Worldwide Holdings, Inc.* | 34,676 | 1,690,108 | ||||||
Universal Forest Products, Inc. | 29,207 | 1,615,731 | ||||||
RTI International Metals, Inc.* | 41,424 | 1,559,614 | ||||||
Comfort Systems USA, Inc. | 69,095 | 1,429,576 | ||||||
Roadrunner Transportation Systems, Inc.* | 55,753 | 1,364,276 | ||||||
Aegion Corp. — Class A* | 71,807 | 1,322,685 | ||||||
Olympic Steel, Inc. | 119,421 | 1,307,660 | ||||||
Sanmina Corp.* | 58,797 | 1,195,343 | ||||||
Hornbeck Offshore Services, Inc.*,1 | 49,810 | 1,138,159 | ||||||
EMCOR Group, Inc. | 25,384 | 1,132,888 | ||||||
Plexus Corp.* | 25,088 | 1,080,038 | ||||||
Hub Group, Inc. — Class A* | 26,246 | 1,047,215 | ||||||
Briggs & Stratton Corp. | 52,858 | 1,033,374 | ||||||
Encore Wire Corp. | 22,850 | 1,028,479 | ||||||
Tredegar Corp. | 49,740 | 1,018,178 | ||||||
Fabrinet* | 50,136 | 907,963 | ||||||
Celadon Group, Inc. | 31,375 | 810,730 | ||||||
National Presto Industries, Inc.1 | 12,777 | 799,585 | ||||||
II-VI, Inc.* | 44,032 | 783,329 | ||||||
Kaman Corp. | 17,696 | 738,100 | ||||||
General Cable Corp. | 39,613 | 646,088 | ||||||
DXP Enterprises, Inc.* | 12,846 | 578,712 | ||||||
LSB Industries, Inc.* | 13,418 | 569,057 | ||||||
Astec Industries, Inc. | 11,313 | 476,051 | ||||||
Powell Industries, Inc. | 14,288 | 474,219 | ||||||
Tetra Tech, Inc. | 17,113 | 463,933 | ||||||
AM Castle & Co.*,1 | 86,503 | 339,092 | ||||||
Total Industrial | 36,465,348 | |||||||
CONSUMER, NON-CYCLICAL - 17.8% | ||||||||
Universal Corp. | 50,338 | 2,367,396 | ||||||
Central Garden & Pet Co. — Class A* | 228,627 | 2,240,545 | ||||||
Seneca Foods Corp. — Class A* | 69,719 | 2,009,302 | ||||||
Kelly Services, Inc. — Class A | 120,450 | 1,977,789 | ||||||
SpartanNash Co. | 59,869 | 1,806,248 | ||||||
Almost Family, Inc.* | 41,574 | 1,799,323 | ||||||
PharMerica Corp.* | 60,505 | 1,734,073 | ||||||
Monster Worldwide, Inc.* | 293,653 | 1,729,616 | ||||||
Kindred Healthcare, Inc. | 67,915 | 1,558,649 | ||||||
Viad Corp. | 58,582 | 1,556,524 | ||||||
ABM Industries, Inc. | 47,508 | 1,522,631 | ||||||
Magellan Health, Inc.* | 21,566 | 1,365,128 | ||||||
LHC Group, Inc.* | 39,957 | 1,281,021 | ||||||
CDI Corp. | 93,164 | 1,270,757 | ||||||
TrueBlue, Inc.* | 42,397 | 1,220,186 | ||||||
Invacare Corp. | 55,813 | 1,120,167 | ||||||
Hanger, Inc.* | 49,885 | 1,114,431 | ||||||
Brink’s Co. | 41,992 | 1,111,528 | ||||||
Insperity, Inc. | 22,678 | 1,092,172 | ||||||
Andersons, Inc. | 23,848 | 1,018,071 | ||||||
Heidrick & Struggles International, Inc. | 26,304 | 632,874 | ||||||
Total Consumer, Non-cyclical | 31,528,431 | |||||||
CONSUMER, CYCLICAL - 17.4% | ||||||||
Cash America International, Inc. | 102,471 | 2,656,047 | ||||||
SkyWest, Inc. | 153,141 | 2,090,375 | ||||||
Pep Boys-Manny Moe & Jack* | 186,735 | 1,710,493 | ||||||
M/I Homes, Inc.* | 75,109 | 1,694,459 | ||||||
Big 5 Sporting Goods Corp. | 108,609 | 1,481,427 | ||||||
ScanSource, Inc.* | 37,172 | 1,481,304 | ||||||
EZCORP, Inc. — Class A* | 159,234 | 1,464,953 | ||||||
Titan International, Inc.1 | 129,838 | 1,349,017 | ||||||
United Stationers, Inc. | 32,100 | 1,303,581 | ||||||
Stage Stores, Inc. | 64,305 | 1,241,730 | ||||||
Fred’s, Inc. — Class A | 70,766 | 1,193,822 | ||||||
Sonic Automotive, Inc. — Class A | 46,383 | 1,083,043 | ||||||
Superior Industries International, Inc. | 57,860 | 1,076,196 | ||||||
Perry Ellis International, Inc.* | 44,176 | 1,056,690 | ||||||
VOXX International Corp. — Class A* | 103,444 | 985,821 | ||||||
Ruby Tuesday, Inc.* | 127,882 | 930,981 | ||||||
Unifi, Inc.* | 24,148 | 852,183 | ||||||
Arctic Cat, Inc. | 23,935 | 849,453 | ||||||
Haverty Furniture Companies, Inc. | 37,850 | 812,261 | ||||||
Biglari Holdings, Inc.* | 2,216 | 809,970 | ||||||
Barnes & Noble, Inc.* | 33,110 | 725,109 | ||||||
Marcus Corp. | 35,613 | 689,824 | ||||||
Casey’s General Stores, Inc. | 8,272 | 679,793 | ||||||
Callaway Golf Co. | 69,902 | 676,651 | ||||||
Stein Mart, Inc. | 53,023 | 627,262 | ||||||
Children’s Place, Inc. | 8,827 | 535,446 | ||||||
Genesco, Inc.* | 7,063 | 477,388 | ||||||
Movado Group, Inc. | 14,252 | 417,299 | ||||||
Total Consumer, Cyclical | 30,952,578 | |||||||
ENERGY - 16.4% | ||||||||
Basic Energy Services, Inc.* | 286,182 | 2,916,194 | ||||||
Pioneer Energy Services Corp.* | 383,905 | 2,860,092 | ||||||
Green Plains, Inc. | 68,730 | 2,140,252 | ||||||
Northern Oil and Gas, Inc.*,1 | 199,138 | 1,760,380 | ||||||
TETRA Technologies, Inc.* | 197,791 | 1,428,051 | ||||||
Penn Virginia Corp.*,1 | 213,347 | 1,425,158 | ||||||
Cloud Peak Energy, Inc.* | 196,073 | 1,272,514 | ||||||
Matrix Service Co.* | 57,072 | 1,253,872 | ||||||
Swift Energy Co.*,1 | 397,890 | 1,201,628 | ||||||
CARBO Ceramics, Inc.1 | 25,986 | 1,149,361 | ||||||
Stone Energy Corp.* | 61,568 | 1,050,965 | ||||||
Gulf Island Fabrication, Inc. | 76,135 | 1,004,221 | ||||||
ION Geophysical Corp.* | 428,838 | 977,750 | ||||||
SEACOR Holdings, Inc.* | 13,255 | 963,108 | ||||||
Newpark Resources, Inc.* | 84,373 | 865,667 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 23 |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2015 |
GUGGENHEIM S&P SMALLCAP 600® PURE VALUE ETF |
Shares | Value | |||||||
Rex Energy Corp.*,1 | 170,588 | $ | 852,940 | |||||
Tesco Corp. | 65,824 | 846,497 | ||||||
PDC Energy, Inc.* | 13,494 | 765,650 | ||||||
Exterran Holdings, Inc. | 20,115 | 745,663 | ||||||
Gulfmark Offshore, Inc. — Class A1 | 49,226 | 738,882 | ||||||
Geospace Technologies Corp.*,1 | 30,328 | 655,085 | ||||||
Comstock Resources, Inc.1 | 106,922 | 574,171 | ||||||
FutureFuel Corp. | 40,934 | 444,953 | ||||||
Bristow Group, Inc. | 6,844 | 425,218 | ||||||
Paragon Offshore plc1 | 217,041 | 392,844 | ||||||
Arch Coal, Inc.*,1 | 327,948 | 319,487 | ||||||
Total Energy | 29,030,603 | |||||||
FINANCIAL - 11.1% | ||||||||
Meadowbrook Insurance Group, Inc. | 304,409 | 2,599,653 | ||||||
Stewart Information Services Corp. | 42,666 | 1,557,309 | ||||||
United Fire Group, Inc. | 48,801 | 1,457,686 | ||||||
Employers Holdings, Inc. | 59,649 | 1,456,032 | ||||||
Infinity Property & Casualty Corp. | 15,181 | 1,125,671 | ||||||
Selective Insurance Group, Inc. | 40,145 | 1,081,506 | ||||||
Navigators Group, Inc.* | 13,825 | 1,079,041 | ||||||
Horace Mann Educators Corp. | 29,672 | 1,007,958 | ||||||
Astoria Financial Corp. | 68,297 | 899,471 | ||||||
First BanCorp* | 145,264 | 873,037 | ||||||
OFG Bancorp | 59,112 | 832,888 | ||||||
Forestar Group, Inc.* | 56,190 | 829,364 | ||||||
Calamos Asset Management, Inc. — Class A | 66,567 | 823,434 | ||||||
Susquehanna Bancshares, Inc. | 51,910 | 697,670 | ||||||
Provident Financial Services, Inc. | 33,600 | 604,800 | ||||||
Safety Insurance Group, Inc. | 10,199 | 593,072 | ||||||
Wintrust Financial Corp. | 11,020 | 537,115 | ||||||
Central Pacific Financial Corp. | 18,457 | 422,665 | ||||||
Capstead Mortgage Corp. | 35,627 | 415,055 | ||||||
ProAssurance Corp. | 9,021 | 405,494 | ||||||
Old National Bancorp | 27,136 | 370,678 | ||||||
Total Financial | 19,669,599 | |||||||
BASIC MATERIALS - 6.7% | ||||||||
Kraton Performance Polymers, Inc.* | 75,118 | 1,693,159 | ||||||
Zep, Inc. | 79,607 | 1,582,587 | ||||||
Stepan Co. | 30,905 | 1,573,992 | ||||||
OM Group, Inc. | 45,309 | 1,361,082 | ||||||
A. Schulman, Inc. | 25,402 | 1,078,315 | ||||||
Materion Corp. | 24,445 | 977,556 | ||||||
Veritiv Corp.* | 23,230 | 923,160 | ||||||
PH Glatfelter Co. | 36,027 | 893,470 | ||||||
Kaiser Aluminum Corp. | 10,922 | 877,801 | ||||||
American Vanguard Corp. | 39,183 | 427,487 | ||||||
Koppers Holdings, Inc. | 18,800 | 422,624 | ||||||
Total Basic Materials | 11,811,233 | |||||||
TECHNOLOGY - 5.5% | ||||||||
Insight Enterprises, Inc.* | 68,179 | 1,951,282 | ||||||
Ciber, Inc.* | 403,832 | 1,425,527 | ||||||
SYNNEX Corp. | 17,687 | 1,353,055 | ||||||
Digi International, Inc.* | 114,616 | 1,157,622 | ||||||
ManTech International Corp. — Class A | 33,439 | 977,422 | ||||||
CACI International, Inc. — Class A* | 10,801 | 953,080 | ||||||
Engility Holdings, Inc. | 26,293 | 732,786 | ||||||
Sykes Enterprises, Inc.* | 27,686 | 692,981 | ||||||
Cohu, Inc. | 44,310 | 463,926 | ||||||
Total Technology | 9,707,681 | |||||||
COMMUNICATIONS - 4.0% | ||||||||
Liquidity Services, Inc.* | 189,560 | 1,774,282 | ||||||
Harte-Hanks, Inc. | 166,694 | 1,131,852 | ||||||
Scholastic Corp. | 26,932 | 1,094,516 | ||||||
Blucora, Inc.* | 69,374 | 948,343 | ||||||
Anixter International, Inc.* | 12,313 | 869,298 | ||||||
Spok Holdings, Inc. | 28,169 | 530,281 | ||||||
NETGEAR, Inc.* | 13,351 | 404,135 | ||||||
Black Box Corp. | 16,228 | 322,937 | ||||||
Total Communications | 7,075,644 | |||||||
UTILITIES - 0.4% | ||||||||
Laclede Group, Inc. | 7,620 | 395,707 | ||||||
Avista Corp. | 11,287 | 368,182 | ||||||
Total Utilities | 763,889 | |||||||
Total Common Stocks | ||||||||
(Cost $166,783,115) | 177,005,006 |
24 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited)(concluded) | April 30, 2015 |
GUGGENHEIM S&P SMALLCAP 600® PURE VALUE ETF |
Face Amount | Value | |||||||
SECURITIES LENDING COLLATERAL††,2 - 5.3% | ||||||||
Repurchase Agreements | ||||||||
HSBC Securities, Inc. issued 04/30/15 at 0.09% due 05/01/15 | $ | 7,017,564 | $ | 7,017,564 | ||||
BNP Paribas Securities Corp. issued 04/30/15 at 0.10% due 05/01/15 | 1,301,439 | 1,301,439 | ||||||
Barclays Capital, Inc. issued 04/30/15 at 0.08% due 05/01/15 | 1,070,804 | 1,070,804 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $9,389,807) | 9,389,807 | |||||||
Total Investments - 105.2% | ||||||||
(Cost $176,172,922) | $ | 186,394,813 | ||||||
Other Assets & Liabilities, net - (5.2)% | (9,140,689 | ) | ||||||
Total Net Assets - 100.0% | $ | 177,254,124 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 4. |
†† | Value determined based on Level 2 inputs — See Note 4. |
1 | All or portion of this security is on loan at April 30, 2015 — See Note 5. |
2 | Securities lending collateral — See Note 5. |
plc — Public Limited Company |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 25 |
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2015 |
GUGGENHEIM S&P SMALLCAP 600® PURE GROWTH ETF |
Shares | Value | |||||||
COMMON STOCKS† - 99.9% | ||||||||
FINANCIAL - 21.7% | ||||||||
Universal Insurance Holdings, Inc. | 79,168 | $ | 1,901,615 | |||||
Sabra Health Care REIT, Inc. | 58,975 | 1,762,173 | ||||||
CoreSite Realty Corp. | 36,636 | 1,761,459 | ||||||
Chesapeake Lodging Trust | 54,168 | 1,719,834 | ||||||
HFF, Inc. — Class A | 35,872 | 1,405,824 | ||||||
Bank Mutual Corp. | 192,374 | 1,383,169 | ||||||
DiamondRock Hospitality Co. | 98,165 | 1,331,117 | ||||||
Associated Estates Realty Corp. | 45,443 | 1,295,125 | ||||||
American Assets Trust, Inc. | 31,276 | 1,244,785 | ||||||
Universal Health Realty Income Trust | 22,267 | 1,105,779 | ||||||
Post Properties, Inc. | 18,147 | 1,037,464 | ||||||
Boston Private Financial Holdings, Inc. | 73,812 | 970,628 | ||||||
Glacier Bancorp, Inc. | 36,728 | 967,416 | ||||||
First Midwest Bancorp, Inc. | 55,799 | 954,163 | ||||||
Retail Opportunity Investments Corp. | 54,166 | 908,905 | ||||||
Home BancShares, Inc. | 25,735 | 846,167 | ||||||
BofI Holding, Inc.* | 9,163 | 841,255 | ||||||
PrivateBancorp, Inc. — Class A | 22,574 | 836,818 | ||||||
MB Financial, Inc. | 27,387 | 825,170 | ||||||
Medical Properties Trust, Inc. | 58,911 | 823,576 | ||||||
HCI Group, Inc. | 18,474 | 805,097 | ||||||
PRA Group, Inc.* | 14,086 | 771,561 | ||||||
Bank of the Ozarks, Inc. | 19,770 | 766,285 | ||||||
Pinnacle Financial Partners, Inc. | 14,257 | 679,346 | ||||||
Sovran Self Storage, Inc. | 7,523 | 657,059 | ||||||
Enova International, Inc.* | 34,137 | 631,876 | ||||||
Education Realty Trust, Inc. | 17,990 | 604,824 | ||||||
Inland Real Estate Corp. | 56,262 | 578,936 | ||||||
Healthcare Realty Trust, Inc. | 22,345 | 572,032 | ||||||
Cousins Properties, Inc. | 43,166 | 420,437 | ||||||
CareTrust REIT, Inc. | 30,925 | 386,253 | ||||||
Total Financial | 30,796,148 | |||||||
CONSUMER, NON-CYCLICAL - 21.2% | ||||||||
Lannett Company, Inc.* | 54,988 | 3,161,811 | ||||||
ABIOMED, Inc.* | 31,100 | 1,966,142 | ||||||
Repligen Corp.* | 57,961 | 1,710,430 | ||||||
Depomed, Inc.* | 70,534 | 1,640,621 | ||||||
Molina Healthcare, Inc.* | 27,443 | 1,625,449 | ||||||
PAREXEL International Corp.* | 25,477 | 1,619,700 | ||||||
On Assignment, Inc.* | 44,762 | 1,506,241 | ||||||
ExamWorks Group, Inc.* | 36,013 | 1,474,732 | ||||||
AMN Healthcare Services, Inc.* | 52,647 | 1,200,878 | ||||||
Natus Medical, Inc.* | 30,984 | 1,168,407 | ||||||
Calavo Growers, Inc. | 22,416 | 1,135,370 | ||||||
Cynosure, Inc. — Class A* | 32,655 | 1,091,330 | ||||||
Cal-Maine Foods, Inc.1 | 24,123 | 1,078,539 | ||||||
Cambrex Corp.* | 25,978 | 999,893 | ||||||
Ligand Pharmaceuticals, Inc. — Class B* | 12,863 | 998,683 | ||||||
Abaxis, Inc. | 13,961 | 893,504 | ||||||
Chemed Corp. | 7,527 | 867,487 | ||||||
Albany Molecular Research, Inc.*,1 | 46,153 | 833,523 | ||||||
Ensign Group, Inc. | 18,312 | 771,118 | ||||||
Anika Therapeutics, Inc.* | 22,544 | 769,201 | ||||||
Helen of Troy Ltd.* | 8,218 | 719,979 | ||||||
Snyder’s-Lance, Inc. | 23,383 | 690,500 | ||||||
Impax Laboratories, Inc.* | 15,100 | 683,426 | ||||||
Affymetrix, Inc.*,1 | 49,652 | 602,279 | ||||||
Cantel Medical Corp. | 11,906 | 533,270 | ||||||
J&J Snack Foods Corp. | 3,778 | 394,159 | ||||||
Total Consumer, Non-cyclical | 30,136,672 | |||||||
CONSUMER, CYCLICAL - 19.0% | ||||||||
Gentherm, Inc.* | 51,331 | 2,706,684 | ||||||
Skechers U.S.A., Inc. — Class A* | 26,368 | 2,371,010 | ||||||
Pinnacle Entertainment, Inc.* | 52,052 | 1,913,432 | ||||||
Meritage Homes Corp.* | 41,330 | 1,767,684 | ||||||
Standard Pacific Corp.* | 188,466 | 1,526,575 | ||||||
G-III Apparel Group Ltd.* | 12,767 | 1,419,435 | ||||||
DTS, Inc.* | 38,311 | 1,373,449 | ||||||
Ryland Group, Inc. | 30,613 | 1,261,868 | ||||||
Papa John’s International, Inc. | 16,180 | 992,966 | ||||||
Select Comfort Corp.* | 31,647 | 975,361 | ||||||
Allegiant Travel Co. — Class A | 6,231 | 958,079 | ||||||
Popeyes Louisiana Kitchen, Inc.* | 16,178 | 900,790 | ||||||
BJ’s Restaurants, Inc.* | 19,190 | 898,091 | ||||||
Zumiez, Inc.* | 27,053 | 857,851 | ||||||
Sonic Corp. | 29,861 | 855,518 | ||||||
Winnebago Industries, Inc.1 | 39,952 | 827,406 | ||||||
Outerwall, Inc.1 | 11,451 | 760,690 | ||||||
Jack in the Box, Inc. | 8,050 | 698,499 | ||||||
Texas Roadhouse, Inc. — Class A | 20,331 | 683,122 | ||||||
Wolverine World Wide, Inc. | 21,471 | 659,803 | ||||||
Universal Electronics, Inc.* | 11,237 | 606,124 | ||||||
Marriott Vacations Worldwide Corp. | 7,366 | 605,559 | ||||||
Iconix Brand Group, Inc.* | 21,432 | 563,876 | ||||||
Francesca’s Holdings Corp.* | 26,560 | 449,661 | ||||||
Scientific Games Corp. — Class A*,1 | 32,341 | 409,760 | ||||||
Total Consumer, Cyclical | 27,043,293 | |||||||
INDUSTRIAL - 13.7% | ||||||||
TASER International, Inc.*,1 | 88,522 | 2,672,479 | ||||||
Methode Electronics, Inc. | 40,048 | 1,700,438 | ||||||
PGT, Inc.* | 144,966 | 1,641,015 | ||||||
Apogee Enterprises, Inc. | 29,717 | 1,563,709 | ||||||
ArcBest Corp. | 34,313 | 1,224,975 | ||||||
Headwaters, Inc.* | 62,647 | 1,101,334 | ||||||
US Ecology, Inc. | 22,630 | 1,061,573 | ||||||
Heartland Express, Inc. | 50,683 | 1,060,288 | ||||||
Lydall, Inc.* | 38,877 | 1,043,459 | ||||||
KapStone Paper and Packaging Corp. | 37,203 | 1,039,824 | ||||||
Hillenbrand, Inc. | 30,421 | 894,073 | ||||||
Bel Fuse, Inc. — Class B | 39,404 | 808,964 | ||||||
Knight Transportation, Inc. | 27,488 | 794,403 | ||||||
Curtiss-Wright Corp. | 9,720 | 710,143 |
26 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited)(concluded) | April 30, 2015 |
GUGGENHEIM S&P SMALLCAP 600® PURE GROWTH ETF |
Shares | Value | |||||||
Saia, Inc.* | 17,227 | $ | 702,000 | |||||
Matson, Inc. | 14,471 | 586,076 | ||||||
AZZ, Inc. | 10,729 | 497,718 | ||||||
Forward Air Corp. | 8,427 | 424,468 | ||||||
Total Industrial | 19,526,939 | |||||||
TECHNOLOGY - 11.3% | ||||||||
Take-Two Interactive Software, Inc.* | 86,817 | 2,057,563 | ||||||
Synchronoss Technologies, Inc.* | 44,445 | 2,039,137 | ||||||
Omnicell, Inc.* | 40,802 | 1,449,695 | ||||||
Manhattan Associates, Inc.* | 26,537 | 1,394,785 | ||||||
IGATE Corp.* | 28,608 | 1,360,596 | ||||||
Synaptics, Inc.* | 13,729 | 1,163,121 | ||||||
NetScout Systems, Inc.*,1 | 23,991 | 986,031 | ||||||
Super Micro Computer, Inc.* | 32,685 | 940,347 | ||||||
Monolithic Power Systems, Inc. | 16,848 | 873,232 | ||||||
Tessera Technologies, Inc. | 23,195 | 837,571 | ||||||
Virtusa Corp.* | 17,561 | 698,928 | ||||||
Dealertrack Technologies, Inc.* | 16,587 | 652,035 | ||||||
Blackbaud, Inc. | 12,746 | 644,055 | ||||||
Electronics for Imaging, Inc.* | 12,906 | 538,567 | ||||||
MicroStrategy, Inc. — Class A* | 2,009 | 365,879 | ||||||
Total Technology | 16,001,542 | |||||||
COMMUNICATIONS - 6.5% | ||||||||
General Communication, Inc. — Class A* | 126,862 | 2,012,032 | ||||||
LogMeIn, Inc.* | 25,871 | 1,660,401 | ||||||
comScore, Inc.* | 20,879 | 1,093,224 | ||||||
j2 Global, Inc. | 15,527 | 1,077,108 | ||||||
DHI Group, Inc.* | 133,865 | 1,017,374 | ||||||
EW Scripps Co. — Class A | 36,713 | 855,046 | ||||||
VASCO Data Security International, Inc.*,1 | 23,834 | 605,860 | ||||||
Consolidated Communications Holdings, Inc. | 24,811 | 522,768 | ||||||
ViaSat, Inc.* | 6,632 | 398,716 | ||||||
Journal Media Group, Inc.* | 253 | 2,350 | ||||||
Total Communications | 9,244,879 | |||||||
ENERGY - 4.1% | ||||||||
Carrizo Oil & Gas, Inc.* | 45,254 | 2,522,005 | ||||||
Synergy Resources Corp.* | 168,669 | 2,020,655 | ||||||
Flotek Industries, Inc.* | 51,097 | 730,176 | ||||||
PetroQuest Energy, Inc.* | 216,795 | 581,011 | ||||||
Total Energy | 5,853,847 | |||||||
BASIC MATERIALS - 2.4% | ||||||||
US Silica Holdings, Inc.1 | 34,070 | 1,272,515 | ||||||
Deltic Timber Corp. | 11,790 | 754,560 | ||||||
Neenah Paper, Inc. | 10,262 | 620,543 | ||||||
Century Aluminum Co.* | 33,790 | 435,553 | ||||||
Balchem Corp. | 7,698 | 403,529 | ||||||
Total Basic Materials | 3,486,700 | |||||||
Total Common Stocks | ||||||||
(Cost $129,495,729) | 142,090,020 | |||||||
SHORT TERM INVESTMENTS† - 0.1% | ||||||||
Federated U.S. Treasury Cash Reserve Fund 0.00% | 138,141 | 138,141 | ||||||
Total Short Term Investments | ||||||||
(Cost $138,141) | 138,141 |
Face Amount | ||||||||
SECURITIES LENDING COLLATERAL††,2 - 6.0% | ||||||||
Repurchase Agreements | ||||||||
HSBC Securities, Inc. issued 04/30/15 at 0.09% due 05/01/15 | $ | 6,368,183 | 6,368,183 | |||||
BNP Paribas Securities Corp. issued 04/30/15 at 0.10% due 05/01/15 | 1,181,008 | 1,181,008 | ||||||
Barclays Capital, Inc. issued 04/30/15 at 0.08% due 05/01/15 | 971,715 | 971,715 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $8,520,906) | 8,520,906 | |||||||
Total Investments - 106.0% | ||||||||
(Cost $138,154,776) | $ | 150,749,067 | ||||||
Other Assets & Liabilities, net - (6.0)% | (8,499,556 | ) | ||||||
Total Net Assets - 100.0% | $ | 142,249,511 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 4. |
†† | Value determined based on Level 2 inputs — See Note 4. |
1 | All or portion of this security is on loan at April 30, 2015 — See Note 5. |
2 | Securities lending collateral — See Note 5. |
REIT — Real Estate Investment Trust |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 27 |
STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) | April 30, 2015 |
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 $—, $56,132,224, $14,454,876 and $5,000,973 of securities loaned, respectively | $ | 517,600,056 | $ | 1,007,168,740 | $ | 2,136,446,913 | $ | 122,746,625 | ||||||||
Repurchase agreements | — | 55,337,975 | 14,964,421 | 5,124,578 | ||||||||||||
Total Investments | 517,600,056 | 1,062,506,715 | 2,151,411,334 | 127,871,203 | ||||||||||||
Segregated cash with broker | — | 140,075 | 37,879 | 12,972 | ||||||||||||
Receivables: | ||||||||||||||||
Investments sold | 433,990 | — | — | — | ||||||||||||
Securities lending | — | 160,162 | 2,408 | 12,022 | ||||||||||||
Dividends and interest | 527,449 | 1,056,485 | 697,377 | 10,407 | ||||||||||||
Total assets | 518,561,495 | 1,063,863,437 | 2,152,148,998 | 127,906,604 | ||||||||||||
Liabilities: | ||||||||||||||||
Payable for: | ||||||||||||||||
Return of securities loaned | — | 55,478,050 | 15,002,300 | 5,137,550 | ||||||||||||
Investments purchased | 1,032,350 | — | — | — | ||||||||||||
Management fees | 85,491 | 292,475 | 618,748 | 35,159 | ||||||||||||
Due to custodian | — | 3,353 | 873 | — | ||||||||||||
Total liabilities | 1,117,841 | 55,773,878 | 15,621,921 | 5,172,709 | ||||||||||||
Commitments and contingent liabilities (Note 8) | — | — | — | — | ||||||||||||
Net assets | $ | 517,443,654 | $ | 1,008,089,559 | $ | 2,136,527,077 | $ | 122,733,895 | ||||||||
Net assets consist of: | ||||||||||||||||
Paid-in capital | $ | 504,268,563 | $ | 913,281,039 | $ | 1,887,734,030 | $ | 105,967,369 | ||||||||
Undistributed (distributions in excess of) net investment income | 741,373 | 1,512,797 | (83,229 | ) | 67,350 | |||||||||||
Accumulated net realized gain (loss) on investments | (71,798,349 | ) | 88,652,585 | 64,096,913 | 8,890,460 | |||||||||||
Net unrealized appreciation on investments | 84,232,067 | 4,643,138 | 184,779,363 | 7,808,716 | ||||||||||||
Net assets | $ | 517,443,654 | $ | 1,008,089,559 | $ | 2,136,527,077 | $ | 122,733,895 | ||||||||
Shares outstanding (unlimited shares authorized), no par value | 3,600,785 | 18,252,836 | 26,100,299 | 2,200,499 | ||||||||||||
Net asset value, offering price and repurchase price per share | $ | 143.70 | $ | 55.23 | $ | 81.86 | $ | 55.78 | ||||||||
Cost of investments | $ | 433,367,989 | $ | 1,002,525,602 | $ | 1,951,667,550 | $ | 114,937,909 | ||||||||
Cost of repurchase agreements | — | 55,337,975 | 14,964,421 | 5,124,578 | ||||||||||||
*Total cost of investments | $ | 433,367,989 | $ | 1,057,863,577 | $ | 1,966,631,971 | $ | 120,062,487 |
28 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)(concluded) | April 30, 2015 |
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 $6,665,820, $9,180,756 and $8,444,640 of securities loaned, respectively | $ | 712,656,638 | $ | 177,005,006 | $ | 142,228,161 | ||||||
Repurchase agreements | 7,110,501 | 9,389,807 | 8,520,906 | |||||||||
Total Investments | 719,767,139 | 186,394,813 | 150,749,067 | |||||||||
Cash | 4,335,715 | — | — | |||||||||
Segregated cash with broker | 17,999 | 23,768 | 21,569 | |||||||||
Receivables: | ||||||||||||
Fund shares sold | 2,461 | — | 7,683 | |||||||||
Securities lending | 1,526 | 19,956 | 6,072 | |||||||||
Dividends and interest | 137,745 | 342,961 | 45,437 | |||||||||
Capital gains tax reclaims | — | 327 | 774 | |||||||||
Total assets | 724,262,585 | 186,781,825 | 150,830,602 | |||||||||
Liabilities: | ||||||||||||
Payable for: | ||||||||||||
Return of securities loaned | 7,128,500 | 9,413,575 | 8,542,475 | |||||||||
Investments purchased | 4,335,715 | — | — | |||||||||
Management fees | 209,762 | 51,344 | 38,616 | |||||||||
Due to custodian | — | 62,782 | — | |||||||||
Total liabilities | 11,673,977 | 9,527,701 | 8,581,091 | |||||||||
Commitments and contingent liabilities (Note 8) | — | — | — | |||||||||
Net assets | $ | 712,588,608 | $ | 177,254,124 | $ | 142,249,511 | ||||||
Net assets consist of: | ||||||||||||
Paid-in capital | $ | 611,408,525 | $ | 170,133,147 | $ | 125,079,101 | ||||||
Undistributed (distributions in excess of) net investment income | (208,383 | ) | 47,538 | 56,070 | ||||||||
Accumulated net realized gain (loss) on investments | 34,852,669 | (3,148,452 | ) | 4,520,049 | ||||||||
Net unrealized appreciation on investments | 66,535,797 | 10,221,891 | 12,594,291 | |||||||||
Net assets | $ | 712,588,608 | $ | 177,254,124 | $ | 142,249,511 | ||||||
Shares outstanding (unlimited shares authorized), no par value | 5,550,021 | 2,750,040 | 1,650,004 | |||||||||
Net asset value, offering price and repurchase price per share | $ | 128.39 | $ | 64.46 | $ | 86.21 | ||||||
Cost of investments | $ | 646,120,841 | $ | 166,783,115 | $ | 129,633,870 | ||||||
Cost of repurchase agreements | 7,110,501 | 9,389,807 | 8,520,906 | |||||||||
*Total cost of investments | $ | 653,231,342 | $ | 176,172,922 | $ | 138,154,776 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 29 |
STATEMENTS OF OPERATIONS (Unaudited) |
For the Six Months Ended April 30, 2015
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 | $ | 6,556,939 | $ | 13,752,703 | $ | 8,854,542 | $ | 1,074,525 | ||||||||
Income from securities lending | — | 1,187,741 | 14,055 | 47,254 | ||||||||||||
Interest | 14 | 11 | 7 | 3 | ||||||||||||
Total investment income | 6,556,953 | 14,940,455 | 8,868,604 | 1,121,782 | ||||||||||||
Expenses: | ||||||||||||||||
Management fees | 571,541 | 1,988,597 | 3,391,124 | 209,882 | ||||||||||||
Total expenses | 571,541 | 1,988,597 | 3,391,124 | 209,882 | ||||||||||||
Net investment income | 5,985,412 | 12,951,858 | 5,477,480 | 911,900 | ||||||||||||
Net Realized and Unrealized Gain (Loss): | ||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments | 82,887 | (9,099,102 | ) | 8,839,192 | (1,004,559 | ) | ||||||||||
In-kind redemptions | 35,731,540 | 101,338,848 | 60,592,602 | 11,639,918 | ||||||||||||
Net realized gain | 35,814,427 | 92,239,746 | 69,431,794 | 10,635,359 | ||||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments | (24,980,583 | ) | (64,051,473 | ) | (7,288 | ) | (3,779,286 | ) | ||||||||
Net realized and unrealized gain | 10,833,844 | 28,188,273 | 69,424,506 | 6,856,073 | ||||||||||||
Net increase in net assets resulting from operations | $ | 16,819,256 | $ | 41,140,131 | $ | 74,901,986 | $ | 7,767,973 |
30 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
STATEMENTS OF OPERATIONS (Unaudited)(concluded) |
For the Six Months Ended April 30, 2015
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, net of foreign taxes withheld* | $ | 3,484,879 | $ | 1,542,425 | $ | 551,177 | ||||||
Income from securities lending | 126,305 | 77,779 | 20,323 | |||||||||
Interest | 9 | 3 | 1 | |||||||||
Total investment income | 3,611,193 | 1,620,207 | 571,501 | |||||||||
Expenses: | ||||||||||||
Management fees | 1,242,442 | 302,549 | 194,364 | |||||||||
Total expenses | 1,242,442 | 302,549 | 194,364 | |||||||||
Net investment income | 2,368,751 | 1,317,658 | 377,137 | |||||||||
Net Realized and Unrealized Gain (Loss): | ||||||||||||
Net realized gain (loss) on: | ||||||||||||
Investments | (3,964,345 | ) | (2,443,277 | ) | (1,700,195 | ) | ||||||
In-kind redemptions | 39,712,945 | 13,957,029 | 6,449,545 | |||||||||
Net realized gain | 35,748,600 | 11,513,752 | 4,749,350 | |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||
Investments | (8,053,343 | ) | (6,024,864 | ) | 1,935,517 | |||||||
Net realized and unrealized gain | 27,695,257 | 5,488,888 | 6,684,867 | |||||||||
Net increase in net assets resulting from operations | $ | 30,064,008 | $ | 6,806,546 | $ | 7,062,004 | ||||||
* Foreign taxes withheld | $ | — | $ | 1,670 | $ | 376 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 31 |
STATEMENTS OF CHANGES IN NET ASSETS (Unaudited) |
Guggenheim Russell Top 50® Mega Cap ETF | Guggenheim S&P 500® Pure Value ETF | |||||||||||||||
Period Ended April 30, 2015 (Unaudited) | Year Ended October 31, 2014 | Period Ended April 30, 2015 (Unaudited) | Year Ended October 31, 2014 | |||||||||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||||||||||
Net investment income | $ | 5,985,412 | $ | 10,854,977 | $ | 12,951,858 | $ | 15,060,597 | ||||||||
Net realized gain on investments | 35,814,427 | 17,409,553 | 92,239,746 | 94,111,013 | ||||||||||||
Net change in unrealized appreciation (depreciation) on investments | (24,980,583 | ) | 53,282,676 | (64,051,473 | ) | 1,693,099 | ||||||||||
Net increase in net assets resulting from operations | 16,819,256 | 81,547,206 | 41,140,131 | 110,864,709 | ||||||||||||
Distributions to shareholders from: | ||||||||||||||||
Net investment income | (6,226,614 | ) | (10,780,498 | ) | (12,391,828 | ) | (14,264,565 | ) | ||||||||
Shareholder transactions: | ||||||||||||||||
Proceeds from shares purchased | 28,502,448 | 81,178,515 | 403,511,764 | 1,190,583,615 | ||||||||||||
Cost of shares redeemed | (120,448,618 | ) | (76,270,708 | ) | (699,232,817 | ) | (386,686,594 | ) | ||||||||
Net increase (decrease) in net assets resulting from share transactions | (91,946,170 | ) | 4,907,807 | (295,721,053 | ) | 803,897,021 | ||||||||||
Net increase (decrease) in net assets | (81,353,528 | ) | 75,674,515 | (266,972,750 | ) | 900,497,165 | ||||||||||
Net assets: | ||||||||||||||||
Beginning of period | 598,797,182 | 523,122,667 | 1,275,062,309 | 374,565,144 | ||||||||||||
End of period | $ | 517,443,654 | $ | 598,797,182 | $ | 1,008,089,559 | $ | 1,275,062,309 | ||||||||
Undistributed net investment income at end of period | $ | 741,373 | $ | 982,575 | $ | 1,512,797 | $ | 952,767 | ||||||||
Changes in shares outstanding: | ||||||||||||||||
Shares sold | 200,000 | 600,000 | 7,500,000 | 23,250,000 | ||||||||||||
Shares redeemed | (850,000 | ) | (600,000 | ) | (12,800,000 | ) | (7,750,000 | ) | ||||||||
Net increase (decrease) in shares | (650,000 | ) | — | (5,300,000 | ) | 15,500,000 |
32 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)(continued) |
Guggenheim S&P 500® Pure Growth ETF | Guggenheim S&P MidCap 400® Pure Value ETF | |||||||||||||||
Period Ended April 30, 2015 (Unaudited) | Year Ended October 31, 2014 | Period Ended April 30, 2015 (Unaudited) | Year Ended October 31, 2014 | |||||||||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||||||||||
Net investment income | $ | 5,477,480 | $ | 9,650,949 | $ | 911,900 | $ | 1,355,738 | ||||||||
Net realized gain on investments | 69,431,794 | 170,107,806 | 10,635,359 | 11,809,141 | ||||||||||||
Net change in unrealized appreciation (depreciation) on investments | (7,288 | ) | 24,829,879 | (3,779,286 | ) | (3,924,921 | ) | |||||||||
Net increase in net assets resulting from operations | 74,901,986 | 204,588,634 | 7,767,973 | 9,239,958 | ||||||||||||
Distributions to shareholders from: | ||||||||||||||||
Net investment income | (5,560,709 | ) | (9,850,742 | ) | (927,520 | ) | (1,275,783 | ) | ||||||||
Shareholder transactions: | ||||||||||||||||
Proceeds from shares purchased | 495,207,678 | 1,424,145,593 | 40,446,540 | 70,386,738 | ||||||||||||
Cost of shares redeemed | (220,537,952 | ) | (586,763,950 | ) | (43,183,979 | ) | (37,222,874 | ) | ||||||||
Net increase (decrease) in net assets resulting from share transactions | 274,669,726 | 837,381,643 | (2,737,439 | ) | 33,163,864 | |||||||||||
Net increase in net assets | 344,011,003 | 1,032,119,535 | 4,103,014 | 41,128,039 | ||||||||||||
Net assets: | ||||||||||||||||
Beginning of period | 1,792,516,074 | 760,396,539 | 118,630,881 | 77,502,842 | ||||||||||||
End of period | $ | 2,136,527,077 | $ | 1,792,516,074 | $ | 122,733,895 | $ | 118,630,881 | ||||||||
Undistributed (distributions in excess of) net investment income at end of period | $ | (83,229 | ) | $ | — | $ | 67,350 | $ | 82,970 | |||||||
Changes in shares outstanding: | ||||||||||||||||
Shares sold | 6,150,000 | 19,500,000 | 750,000 | 1,400,000 | ||||||||||||
Shares redeemed | (2,750,000 | ) | (8,300,000 | ) | (800,000 | ) | (750,000 | ) | ||||||||
Net increase (decrease) in shares | 3,400,000 | 11,200,000 | (50,000 | ) | 650,000 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 33 |
STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)(continued) |
Guggenheim S&P MidCap 400® Pure Growth ETF | Guggenheim S&P SmallCap 600® Pure Value ETF | |||||||||||||||
Period Ended April 30, 2015 (Unaudited) | Year Ended October 31, 2014 | Period Ended April 30, 2015 (Unaudited) | Year Ended October 31, 2014 | |||||||||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||||||||||
Net investment income | $ | 2,368,751 | $ | 4,925,126 | $ | 1,317,658 | $ | 1,228,980 | ||||||||
Net realized gain on investments | 35,748,600 | 141,305,766 | 11,513,752 | 19,660,177 | ||||||||||||
Net change in unrealized appreciation (depreciation) on investments | (8,053,343 | ) | (89,652,357 | ) | (6,024,864 | ) | (7,910,036 | ) | ||||||||
Net increase in net assets resulting from operations | 30,064,008 | 56,578,535 | 6,806,546 | 12,979,121 | ||||||||||||
Distributions to shareholders from: | ||||||||||||||||
Net investment income | (2,727,147 | ) | (5,020,350 | ) | (1,309,418 | ) | (1,189,682 | ) | ||||||||
Shareholder transactions: | ||||||||||||||||
Proceeds from shares purchased | 106,151,260 | 364,665,781 | 47,006,491 | 75,735,185 | ||||||||||||
Cost of shares redeemed | (166,841,928 | ) | (408,252,769 | ) | (47,239,375 | ) | (38,885,016 | ) | ||||||||
Net increase (decrease) in net assets resulting from share transactions | (60,690,668 | ) | (43,586,988 | ) | (232,884 | ) | 36,850,169 | |||||||||
Net increase (decrease) in net assets | (33,353,807 | ) | 7,971,197 | 5,264,244 | 48,639,608 | |||||||||||
Net assets: | ||||||||||||||||
Beginning of period | 745,942,415 | 737,971,218 | 171,989,880 | 123,350,272 | ||||||||||||
End of period | $ | 712,588,608 | $ | 745,942,415 | $ | 177,254,124 | $ | 171,989,880 | ||||||||
Undistributed (distributions in excess of) net investment income at end of period | $ | (208,383 | ) | $ | 150,013 | $ | 47,538 | $ | 39,298 | |||||||
Changes in shares outstanding: | ||||||||||||||||
Shares sold | 850,000 | 3,050,000 | 750,000 | 1,250,000 | ||||||||||||
Shares redeemed | (1,350,000 | ) | (3,400,000 | ) | (750,000 | ) | (650,000 | ) | ||||||||
Net increase (decrease) in shares | (500,000 | ) | (350,000 | ) | — | 600,000 |
34 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)(concluded) |
Guggenheim S&P SmallCap 600® Pure Growth ETF | ||||||||
Period Ended April 30, 2015 (Unaudited) | Year Ended October 31, 2014 | |||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||
Net investment income | $ | 377,137 | $ | 432,137 | ||||
Net realized gain on investments | 4,749,350 | 21,771,031 | ||||||
Net change in unrealized appreciation (depreciation) on investments | 1,935,517 | (12,261,811 | ) | |||||
Net increase in net assets resulting from operations | 7,062,004 | 9,941,357 | ||||||
Distributions to shareholders from: | ||||||||
Net investment income | (321,067 | ) | (499,340 | ) | ||||
Shareholder transactions: | ||||||||
Proceeds from shares purchased | 59,629,547 | 50,760,931 | ||||||
Cost of shares redeemed | (28,844,389 | ) | (63,109,671 | ) | ||||
Net increase (decrease) in net assets resulting from share transactions | 30,785,158 | (12,348,740 | ) | |||||
Net increase (decrease) in net assets | 37,526,095 | (2,906,723 | ) | |||||
Net assets: | ||||||||
Beginning of period | 104,723,416 | 107,630,139 | ||||||
End of period | $ | 142,249,511 | $ | 104,723,416 | ||||
Undistributed net investment income at end of period | $ | 56,070 | $ | — | ||||
Changes in shares outstanding: | ||||||||
Shares sold | 700,000 | 650,000 | ||||||
Shares redeemed | (350,000 | ) | (800,000 | ) | ||||
Net increase (decrease) in shares | 350,000 | (150,000 | ) |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 35 |
GUGGENHEIM RUSSELL TOP 50® MEGA CAP ETF |
FINANCIAL HIGHLIGHTS |
This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund’s performance for the periods presented.
Period Ended April 30, 2015 (Unaudited) | Year Ended October 31, 2014 | Year Ended October 31, 2013 | Year Ended October 31, 2012 | Year Ended October 31, 2011 | Year Ended October 31, 2010 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 140.87 | $ | 123.06 | $ | 104.06 | $ | 89.97 | $ | 85.16 | $ | 78.90 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)a | 1.48 | 2.74 | 2.56 | 2.17 | 1.87 | 1.72 | ||||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | 2.87 | 17.82 | 19.05 | 14.02 | 4.74 | 6.26 | ||||||||||||||||||
Total from investment operations | 4.35 | 20.56 | 21.61 | 16.19 | 6.61 | 7.98 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (1.52 | ) | (2.75 | ) | (2.61 | ) | (2.10 | ) | (1.80 | ) | (1.72 | ) | ||||||||||||
Total distributions to shareholders | (1.52 | ) | (2.75 | ) | (2.61 | ) | (2.10 | ) | (1.80 | ) | (1.72 | ) | ||||||||||||
Net asset value, end of period | $ | 143.70 | $ | 140.87 | $ | 123.06 | $ | 104.06 | $ | 89.97 | $ | 85.16 | ||||||||||||
Total Returnb | 3.11 | % | 16.86 | % | 21.07 | % | 18.11 | % | 7.80 | % | 10.22 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 517,444 | $ | 598,797 | $ | 523,123 | $ | 624,468 | $ | 454,409 | $ | 323,669 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Net investment income (loss) | 2.09 | %c | 2.08 | % | 2.28 | % | 2.19 | % | 2.08 | % | 2.09 | % | ||||||||||||
Total expenses | 0.20 | %c | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | ||||||||||||
Portfolio turnover rated | — | 6 | % | 8 | % | 7 | % | 6 | % | 9 | % |
a | Based on average shares outstanding. |
b | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. |
c | Annualized. |
d | Portfolio turnover does not include securities received or delivered from processing creations or redemptions. |
36 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
GUGGENHEIM S&P 500® PURE VALUE ETF |
FINANCIAL HIGHLIGHTS |
This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund’s performance for the periods presented.
Period Ended April 30, 2015 (Unaudited) | Year Ended October 31, 2014 | Year Ended October 31, 2013 | Year Ended October 31, 2012 | Year Ended October 31, 2011 | Year Ended October 31, 2010 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 54.14 | $ | 46.51 | $ | 32.26 | $ | 28.38 | $ | 25.95 | $ | 21.46 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)a | 0.62 | 0.90 | 0.67 | 0.48 | 0.42 | 0.35 | ||||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | 1.01 | 7.50 | 14.18 | 3.89 | 2.40 | 4.49 | ||||||||||||||||||
Total from investment operations | 1.63 | 8.40 | 14.85 | 4.37 | 2.82 | 4.84 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.54 | ) | (0.77 | ) | (0.60 | ) | (0.49 | ) | (0.39 | ) | (0.35 | ) | ||||||||||||
Total distributions to shareholders | (0.54 | ) | (0.77 | ) | (0.60 | ) | (0.49 | ) | (0.39 | ) | (0.35 | ) | ||||||||||||
Net asset value, end of period | $ | 55.23 | $ | 54.14 | $ | 46.51 | $ | 32.26 | $ | 28.38 | $ | 25.95 | ||||||||||||
Total Returnb | 3.03 | % | 18.13 | % | 46.39 | % | 15.54 | % | 10.84 | % | 22.67 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 1,008,090 | $ | 1,275,062 | $ | 374,565 | $ | 85,583 | $ | 79,550 | $ | 55,876 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Net investment income (loss) | 2.28 | %c | 1.74 | % | 1.65 | % | 1.60 | % | 1.44 | % | 1.38 | % | ||||||||||||
Total expenses | 0.35 | %c | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | ||||||||||||
Portfolio turnover rated | 46 | % | 25 | % | 24 | % | 37 | % | 23 | % | 27 | % |
a | Based on average shares outstanding. |
b | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. |
c | Annualized. |
d | Portfolio turnover does not include securities received or delivered from processing creations or redemptions. |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 37 |
GUGGENHEIM S&P 500® PURE GROWTH ETF |
FINANCIAL HIGHLIGHTS |
This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund’s performance for the periods presented.
Period Ended April 30, 2015 (Unaudited) | Year Ended October 31, 2014 | Year Ended October 31, 2013 | Year Ended October 31, 2012 | Year Ended October 31, 2011 | Year Ended October 31, 2010 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 78.96 | $ | 66.12 | $ | 47.80 | $ | 44.68 | $ | 40.40 | $ | 30.85 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)a | 0.23 | 0.55 | 0.44 | 0.33 | 0.18 | 0.13 | ||||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | 2.89 | 12.81 | 18.33 | 3.11 | 4.28 | 9.57 | ||||||||||||||||||
Total from investment operations | 3.12 | 13.36 | 18.77 | 3.44 | 4.46 | 9.70 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.22 | ) | (0.52 | ) | (0.42 | ) | (0.32 | ) | (0.18 | ) | (0.15 | ) | ||||||||||||
Return of capital | — | — | (0.03 | ) | — | — | — | |||||||||||||||||
Total distributions to shareholders | (0.22 | ) | (0.52 | ) | (0.45 | ) | (0.32 | ) | (0.18 | ) | (0.15 | ) | ||||||||||||
Net asset value, end of period | $ | 81.86 | $ | 78.96 | $ | 66.12 | $ | 47.80 | $ | 44.68 | $ | 40.40 | ||||||||||||
Total Returnb | 3.96 | % | 20.24 | % | 39.45 | % | 7.72 | % | 11.06 | % | 31.51 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 2,136,527 | $ | 1,792,516 | $ | 760,397 | $ | 332,253 | $ | 265,889 | $ | 147,470 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Net investment income (loss) | 0.57 | %c | 0.74 | % | 0.76 | % | 0.71 | % | 0.41 | % | 0.37 | % | ||||||||||||
Total expenses | 0.35 | %c | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | ||||||||||||
Portfolio turnover rated | 60 | % | 46 | % | 44 | % | 35 | % | 21 | % | 31 | % |
a | Based on average shares outstanding. |
b | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. |
c | Annualized. |
d | Portfolio turnover does not include securities received or delivered from processing creations or redemptions. |
38 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
GUGGENHEIM S&P MIDCAP 400® PURE VALUE ETF |
FINANCIAL HIGHLIGHTS |
This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund’s performance for the periods presented.
Period Ended April 30, 2015 (Unaudited) | Year Ended October 31, 2014 | Year Ended October 31, 2013 | Year Ended October 31, 2012 | Year Ended October 31, 2011 | Year Ended October 31, 2010 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 52.71 | $ | 48.42 | $ | 35.00 | $ | 31.00 | $ | 30.77 | $ | 24.20 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)a | 0.40 | 0.71 | 0.52 | 0.46 | 0.41 | 0.36 | ||||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | 3.03 | 4.18 | 13.46 | 4.01 | 0.22 | 6.57 | ||||||||||||||||||
Total from investment operations | 3.43 | 4.89 | 13.98 | 4.47 | 0.63 | 6.93 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.36 | ) | (0.60 | ) | (0.56 | ) | (0.47 | ) | (0.40 | ) | (0.36 | ) | ||||||||||||
Total distributions to shareholders | (0.36 | ) | (0.60 | ) | (0.56 | ) | (0.47 | ) | (0.40 | ) | (0.36 | ) | ||||||||||||
Net asset value, end of period | $ | 55.78 | $ | 52.71 | $ | 48.42 | $ | 35.00 | $ | 31.00 | $ | 30.77 | ||||||||||||
Total Returnb | 6.53 | % | 10.14 | % | 40.27 | % | 14.46 | % | 2.03 | % | 28.75 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 122,734 | $ | 118,631 | $ | 77,503 | $ | 35,015 | $ | 35,671 | $ | 43,089 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Net investment income (loss) | 1.52 | %c | 1.38 | % | 1.22 | % | 1.36 | % | 1.22 | % | 1.20 | % | ||||||||||||
Total expenses | 0.35 | %c | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | ||||||||||||
Portfolio turnover rated | 47 | % | 40 | % | 28 | % | 47 | % | 49 | % | 35 | % |
a | Based on average shares outstanding. |
b | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. |
c | Annualized. |
d | Portfolio turnover does not include securities received or delivered from processing creations or redemptions. |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 39 |
GUGGENHEIM S&P MIDCAP 400® PURE GROWTH ETF |
FINANCIAL HIGHLIGHTS |
This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund’s performance for the periods presented.
Period Ended April 30, 2015 (Unaudited) | Year Ended October 31, 2014 | Year Ended October 31, 2013 | Year Ended October 31, 2012 | Year Ended October 31, 2011 | Year Ended October 31, 2010 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 123.30 | $ | 115.31 | $ | 88.25 | $ | 82.17 | $ | 70.46 | $ | 52.89 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)a | 0.42 | 0.75 | 1.02 | 0.20 | 0.07 | 0.02 | ||||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | 5.13 | 7.93 | 27.10 | 6.04 | 11.72 | 17.59 | ||||||||||||||||||
Total from investment operations | 5.55 | 8.68 | 28.12 | 6.24 | 11.79 | 17.61 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.46 | ) | (0.69 | ) | (1.06 | ) | (0.16 | ) | (0.08 | ) | (0.04 | ) | ||||||||||||
Total distributions to shareholders | (0.46 | ) | (0.69 | ) | (1.06 | ) | (0.16 | ) | (0.08 | ) | (0.04 | ) | ||||||||||||
Net asset value, end of period | $ | 128.39 | $ | 123.30 | $ | 115.31 | $ | 88.25 | $ | 82.17 | $ | 70.46 | ||||||||||||
Total Returnb | 4.51 | % | 7.53 | % | 32.07 | % | 7.60 | % | 16.73 | % | 33.32 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 712,589 | $ | 745,942 | $ | 737,971 | $ | 511,881 | $ | 653,246 | $ | 292,429 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Net investment income (loss) | 0.67 | %c | 0.62 | % | 1.01 | % | 0.23 | % | 0.09 | % | 0.03 | % | ||||||||||||
Total expenses | 0.35 | %c | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | ||||||||||||
Portfolio turnover rated | 83 | % | 75 | % | 72 | % | 56 | % | 45 | % | 51 | % |
a | Based on average shares outstanding. |
b | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. |
c | Annualized. |
d | Portfolio turnover does not include securities received or delivered from processing creations or redemptions. |
40 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
GUGGENHEIM S&P SMALLCAP 600® PURE VALUE ETF |
FINANCIAL HIGHLIGHTS |
This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund’s performance for the periods presented.
Period Ended April 30, 2015 (Unaudited) | Year Ended October 31, 2014 | Year Ended October 31, 2013 | Year Ended October 31, 2012 | Year Ended October 31, 2011 | Year Ended October 31, 2010 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 62.54 | $ | 57.37 | $ | 40.04 | $ | 35.50 | $ | 34.27 | $ | 28.50 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)a | 0.47 | 0.44 | 0.56 | 0.25 | 0.20 | 0.20 | ||||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | 1.90 | 5.14 | 17.40 | 4.56 | 1.23 | 5.78 | ||||||||||||||||||
Total from investment operations | 2.37 | 5.58 | 17.96 | 4.81 | 1.43 | 5.98 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.45 | ) | (0.41 | ) | (0.63 | ) | (0.25 | ) | (0.20 | ) | (0.21 | ) | ||||||||||||
Return of capital | — | — | — | (0.02 | ) | — | — | |||||||||||||||||
Total distributions to shareholders | (0.45 | ) | (0.41 | ) | (0.63 | ) | (0.27 | ) | (0.20 | ) | (0.21 | ) | ||||||||||||
Net asset value, end of period | $ | 64.46 | $ | 62.54 | $ | 57.37 | $ | 40.04 | $ | 35.50 | $ | 34.27 | ||||||||||||
Total Returnb | 3.78 | % | 9.73 | % | 45.20 | % | 13.52 | % | 4.16 | % | 21.07 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 177,254 | $ | 171,990 | $ | 123,350 | $ | 72,066 | $ | 62,130 | $ | 87,383 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Net investment income (loss) | 1.52 | %c | 0.73 | % | 1.14 | % | 0.65 | % | 0.53 | % | 0.60 | % | ||||||||||||
Total expenses | 0.35 | %c | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | ||||||||||||
Portfolio turnover rated | 41 | % | 51 | % | 43 | % | 48 | % | 76 | % | 62 | % |
a | Based on average shares outstanding. |
b | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. |
c | Annualized. |
d | Portfolio turnover does not include securities received or delivered from processing creations or redemptions. |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 41 |
GUGGENHEIM S&P SMALLCAP 600® PURE GROWTH ETF |
FINANCIAL HIGHLIGHTS |
This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund’s performance for the periods presented.
Period Ended April 30, 2015 (Unaudited) | Year Ended October 31, 2014 | Year Ended October 31, 2013 | Year Ended October 31, 2012 | Year Ended October 31, 2011 | Year Ended October 31, 2010 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 80.56 | $ | 74.23 | $ | 54.34 | $ | 49.82 | $ | 43.32 | $ | 34.13 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)a | 0.28 | 0.31 | 0.59 | 0.20 | 0.02 | 0.06 | ||||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | 5.60 | 6.33 | 19.87 | 4.50 | 6.57 | 9.18 | ||||||||||||||||||
Total from investment operations | 5.88 | 6.64 | 20.46 | 4.70 | 6.59 | 9.24 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.23 | ) | (0.31 | ) | (0.54 | ) | (0.18 | ) | (0.09 | ) | (0.05 | ) | ||||||||||||
Return of capital | — | — | (0.03 | ) | — | — | — | |||||||||||||||||
Total distributions to shareholders | (0.23 | ) | (0.31 | ) | (0.57 | ) | (0.18 | ) | (0.09 | ) | (0.05 | ) | ||||||||||||
Net asset value, end of period | $ | 86.21 | $ | 80.56 | $ | 74.23 | $ | 54.34 | $ | 49.82 | $ | 43.32 | ||||||||||||
Total Returnb | 7.30 | % | 8.96 | % | 37.94 | % | 9.44 | % | 15.22 | % | 27.11 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 142,250 | $ | 104,723 | $ | 107,630 | $ | 73,359 | $ | 34,873 | $ | 17,329 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Net investment income (loss) | 0.68 | %c | 0.39 | % | 0.94 | % | 0.38 | % | 0.03 | % | 0.14 | % | ||||||||||||
Total expenses | 0.35 | %c | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | ||||||||||||
Portfolio turnover rated | 60 | % | 78 | % | 73 | % | 44 | % | 33 | % | 55 | % |
a | Based on average shares outstanding. |
b | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. |
c | Annualized. |
d | Portfolio turnover does not include securities received or delivered from processing creations or redemptions. |
42 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
NOTES TO FINANCIAL STATEMENTS (Unaudited) |
1. Organization and Significant Accounting Policies
Organization
Rydex ETF Trust (the “Trust”) is registered with the SEC under the Investment Company Act of 1940 (the “1940 Act”), as a 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. At April 30, 2015, the Trust consisted of twenty-one funds.
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 | Underlying Index |
Guggenheim Russell Top 50® Mega Cap ETF | Russell Top 50® Mega Cap 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 |
The Funds seek to achieve their objective by investing in common stocks that comprise the Underlying Index. The Funds use a “replication” strategy to track the Underlying Index. Replication refers to investing in substantially all of the securities in the Underlying Index in approximately the same proportions as in the Underlying Index.
The Funds operate as index funds and are not actively managed. Adverse performance of a security in the Funds’ portfolio will ordinarily not result in the elimination of the security from the Funds’ portfolio.
The Funds issue and redeem shares on a continuous basis, at net asset value per share (“NAV”), only in aggregation of 50,000 shares (a “Creation Unit”). Creation Units are issued and redeemed principally in-kind for securities included in the Underlying Index.
The Funds invest in various investments which are exposed to risk, such as market risk. Due to the level of risk associated with certain investments it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect amounts reported in the financial statements. The Guggenheim Russell Top 50® Mega Cap ETF is a non-diversified fund, subjecting it to a greater risk than funds that are diversified.
Guggenheim Investments (“GI”) provides advisory services, and Rydex Fund Services, LLC (“RFS”) provides transfer agent, administrative and accounting services to the Trust. Guggenheim Funds Distributors, LLC (“GFD”) acts as principal underwriter for the Trust. GI, RFS and GFD are affiliated entities.
Significant Accounting Policies
The Funds operate as investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 Financial Services – Investment Companies.
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. The Board of Trustees of the Funds (the “Board”) has adopted policies and procedures for the valuation of the Funds’ investments (the “Valuation Procedures”). Pursuant to the Valuation Procedures, the Board has delegated to a valuation committee, consisting of representatives from Guggenheim’s investment management, fund administration, legal and compliance departments (the “Valuation Committee”), the day-to-day responsibility for implementing the Valuation Procedures, including, under most circumstances, the responsibility for determining the fair value of the Funds’ securities or other assets.
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 43 |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued) |
Valuations of the Funds’ securities are supplied primarily by pricing services appointed pursuant to the processes set forth in the Valuation Procedures. The Valuation Committee convenes monthly, or more frequently as needed and will review the valuation of all assets which have been fair valued for reasonableness. The Funds’ officers, through the Valuation Committee and consistent with the monitoring and review responsibilities set forth in the Valuation Procedures, regularly review procedures used by, and valuations provided by, the pricing services.
If the pricing service cannot or does not provide a valuation for a particular investment or such valuation is deemed unreliable, such investment is fair valued by the Valuation Committee.
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, which may not necessarily represent the last sale price. If there has been no sale on such exchange or NASDAQ on a given day, the security is valued at the closing bid price on that day.
The Funds invest in money market mutual funds, which are valued at their NAV.
Short-term debt securities with a maturity of 60 days or less at acquisition and repurchase agreements are valued at amortized cost, which approximates market value.
Investments for which market quotations are not readily available are fair valued as determined in good faith by GI under the direction of the Board of Trustees using methods established or ratified by the Board of Trustees.
These methods include, but are not limited to: (i) obtaining general information as to how these securities and assets trade; and (ii) obtaining other information and considerations, including current values in related markets.
B. Security transactions are recorded on the trade date for financial reporting purposes. Realized gains and losses from securities transactions are recorded using the identified cost basis. Proceeds from lawsuits related to investment holdings are recorded as realized gains in the respective Fund. Dividend income is recorded on the ex-dividend date, net of applicable taxes withheld by foreign countries. Taxable non-cash dividends are recorded as dividend income. Interest income, including amortization of premiums and accretion of discounts, is accrued on a daily basis. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.
C. Distributions of net investment income and net realized gains, if any, are declared and paid at least annually. Distributions are recorded on the ex-dividend date and are determined in accordance with income tax regulations which may differ from U.S. GAAP.
D. The Funds may leave cash overnight in their cash account with the custodian. Periodically, a Fund may have cash due to the custodian bank as an overdraft balance. A fee is incurred on this overdraft, calculated by multiplying the overdraft by a rate based on the federal funds rate.
E. 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
44 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued) |
repurchase price, the Funds could suffer a loss. It is the current policy of the Funds not to invest in repurchase agreements that do not mature within seven days if any such investment, together with any other illiquid assets held by the Funds, amounts to more than 15% of a Funds net assets. The investments of the Funds in repurchase agreements, at times, may be substantial when, in the view of GI, liquidity or other considerations so warrant.
F. Under the Funds’ organizational documents, their Trustees and Officers are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, throughout the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties which provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds and/or their affiliates that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.
2. Capital
There is a minimum transaction fee per transaction to those persons purchasing or redeeming Creation Units. An additional charge of up to three times the standard transaction fee may be imposed for purchases and redemptions effected outside the National Securities Clearing Corporation usual clearing process or for cash. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV of the Fund on the transaction date. Transaction fees are not charged to or paid by the Funds.
The minimum transaction fees are:
Fund | Minimum Transaction Fee | ||
Guggenheim Russell Top 50® Mega Cap ETF | $ | 500 | |
Guggenheim S&P 500® Pure Value ETF | 1,000 | ||
Guggenheim S&P 500® Pure Growth ETF | 1,000 | ||
Guggenheim S&P MidCap 400® Pure Value ETF | 750 | ||
Guggenheim S&P MidCap 400® Pure Growth ETF | 750 | ||
Guggenheim S&P SmallCap 600® Pure Value ETF | 1,000 | ||
Guggenheim S&P SmallCap 600® Pure Growth ETF | 1,000 |
3. Fees and Other Transactions with Affiliates
GI determines the composition of the portfolio of securities that must be delivered in exchange for the issuance of Creation Units and periodically adjusts the composition of the portfolio of the Funds to conform to changes in the composition of the relevant index. For these services, GI receives a management fee at the annual rate shown below as a percentage of the average daily net assets of the Funds.
Fund | Advisory Fee |
Guggenheim Russell Top 50® Mega Cap ETF | 0.20% |
Guggenheim S&P 500® Pure Value ETF | 0.35% |
Guggenheim S&P 500® Pure Growth ETF | 0.35% |
Guggenheim S&P MidCap 400® Pure Value ETF | 0.35% |
Guggenheim S&P MidCap 400® Pure Growth ETF | 0.35% |
Guggenheim S&P SmallCap 600® Pure Value ETF | 0.35% |
Guggenheim S&P SmallCap 600® Pure Growth ETF | 0.35% |
GI pays all expenses of the Funds, including the cost of transfer agency, custody, fund administration, fund accounting, legal, audit and other services, except: interest, taxes, distribution fees or expenses and extraordinary expenses.
Under a Fund Administration Agreement with the Trust, RFS provides various administrative and financial reporting services for the Funds. GI compensates RFS directly for this service.
Under a Fund Accounting Agreement with the Trust, BNYMellon maintains the books and records of the Funds. Under a Custodian Agreement with the Trust, BNYMellon maintains cash, securities and other assets of the Funds in a separate account for the Funds, keeps all necessary accounts and records, and provides other services. BNYMellon is required, upon the order of the Trust, to deliver securities held by the custodian and to make payments for securities purchased by the Trust for the Funds. Pursuant to a Transfer Agency and Service Agreement with the Trust, BNYMellon acts as a transfer agent for the Trust’s authorized and issued shares of beneficial interest, and as dividend disbursing agent of the Trust. GI compensates BNYMellon directly for the foregoing services.
The Funds have adopted a Distribution Plan (the “Plan”) that allows the Funds to pay distribution fees to GFD and other firms that provide distribution services (“Service Providers”). If a Service Provider provides distribution services, the Funds will pay distribution fees to GFD at an annual rate not to exceed 0.25% of average daily net assets, pursuant to Rule 12b-1 of the 1940 Act. GFD will, in turn, pay the Service Provider out of its fees. No such fee is currently charged to the Funds.
Certain trustees and officers of the Trust are also officers of GI, RFS and GFD.
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 45 |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued) |
4. Fair Value Measurement
In accordance with U.S. GAAP, fair value is defined as the price that the Funds would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the investment or liability. U.S. GAAP establishes a three-tier fair value hierarchy based on the types of inputs used to value assets and liabilities and requires corresponding disclosure. The hierarchy and the corresponding inputs are summarized below:
Level 1 | — | quoted prices in active markets for identical 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 types of inputs available depend on a variety of factors, such as the type of security and the characteristics of the markets in which it trades, if any. Fair valuation determinations that rely on fewer or no observable inputs require greater judgment. Accordingly, fair value determinations for Level 3 securities require the greatest amount of judgment.
The following table summarizes the inputs used to value the Funds’ investments at April 30, 2015:
Fund | Level 1 Investments In Securities | Level 2 Investments In Securities | Level 3 Investments In Securities | Total | ||||||||||||
Guggenheim Russell Top 50® Mega Cap ETF | $ | 517,600,056 | $ | — | $ | — | $ | 517,600,056 | ||||||||
Guggenheim S&P 500® Pure Value ETF | 1,007,168,740 | 55,337,975 | — | 1,062,506,715 | ||||||||||||
Guggenheim S&P 500® Pure Growth ETF | 2,136,446,913 | 14,964,421 | — | 2,151,411,334 | ||||||||||||
Guggenheim S&P MidCap 400® Pure Value ETF | 122,746,625 | 5,124,578 | — | 127,871,203 | ||||||||||||
Guggenheim S&P MidCap 400® Pure Growth ETF | 712,656,638 | 7,110,501 | — | 719,767,139 | ||||||||||||
Guggenheim S&P SmallCap 600® Pure Value ETF | 177,005,006 | 9,389,807 | — | 186,394,813 | ||||||||||||
Guggenheim S&P SmallCap 600® Pure Growth ETF | 142,228,161 | 8,520,906 | — | 150,749,067 |
For the period ended April 30, 2015, there were no transfers between levels.
5. Portfolio Securities Loaned
The Funds may lend their securities to approved brokers to earn additional income. Security lending income shown on the Statements of Operations is shown net of rebates paid to the borrowers and earnings on cash collateral investments shared with the lending agent. Within this arrangement, the Funds act as the lender, Credit Suisse acts as the lending agent, and other approved registered broker dealers act as the borrowers. The Funds receive cash collateral, valued at 102% of the value of the securities on loan. Under the terms of the Funds’ securities lending agreement with Credit Suisse, cash collateral is invested in one or more joint repurchase agreements collateralized by obligations of the U.S. Treasury or Government Agencies and cash. The Funds bear the risk of loss on cash collateral investments. Collateral is maintained over the life of the loan in an amount not less than the value of loaned securities, as determined at the close of fund business each day; any additional collateral required due to changes in security values is delivered to the Funds the next business day. Although the collateral mitigates the risk, the Funds could experience a delay in recovering its securities and a possible loss of income or value if the borrower fails to return the securities. The Funds have the right under the securities lending agreement to recover the securities from the borrower on demand.
46 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued) |
At April 30, 2015, the Funds participated in securities lending as follows:
Fund | Value of Securities Loaned | Cash Collateral Received | ||||||
Guggenheim S&P 500® Pure Value ETF | $ | 56,132,224 | $ | 55,478,050 | * | |||
Guggenheim S&P 500® Pure Growth ETF | 14,454,876 | 15,002,300 | ||||||
Guggenheim S&P MidCap 400® Pure Value ETF | 5,000,973 | 5,137,550 | ||||||
Guggenheim S&P MidCap 400® Pure Growth ETF | 6,665,820 | 7,128,500 | ||||||
Guggenheim S&P SmallCap 600® Pure Value EFT | 9,180,756 | 9,413,575 | ||||||
Guggenheim S&P SmallCap 600® Pure Growth ETF | 8,444,640 | 8,542,475 |
* | Subsequent to April 30, 2015, additional collateral was received. |
Cash collateral received was invested in the following joint repurchase agreements at April 30, 2015:
Counterparty and Terms of Agreement | Face Value | Repurchase Price | Collateral | Par Value | Fair Value | |||||||
HSBC Securities, Inc. | U.S. Treasury Notes | |||||||||||
0.09% | 0.63% - 4.00% | |||||||||||
Due 05/01/15 | $ | 75,070,937 | $ | 75,071,125 | 12/15/16 - 11/15/22 | $ | 54,225,048 | $ | 57,024,793 | |||
U.S. Treasury Floating Rate Note | ||||||||||||
0.09% | ||||||||||||
04/30/17 | 19,548,472 | 19,548,472 | ||||||||||
BNP Paribas Securities Corp. | U.S. Treasury Strips | |||||||||||
0.10% | 0.00% | |||||||||||
Due 05/01/15 | 13,922,247 | 13,922,286 | 08/15/27 - 02/15/44 | 9,785,846 | 4,518,611 | |||||||
U.S. Treasury Notes | ||||||||||||
1.00% - 2.13% | ||||||||||||
06/30/19 - 08/15/21 | 7,244,209 | 7,454,521 | ||||||||||
U.S. TIP Bonds | ||||||||||||
0.13% | ||||||||||||
01/15/23 - 07/15/24 | 2,243,092 | 2,227,560 | ||||||||||
Barclays Capital, Inc. | U.S. Treasury Notes | |||||||||||
0.08% | 1.38% | |||||||||||
Due 05/01/15 | 11,455,005 | 11,455,030 | 04/30/20 | 11,707,872 | 11,678,602 | |||||||
U.S. Treasury Strips | ||||||||||||
0.00% | ||||||||||||
05/15/30 - 02/15/41 | 8,158 | 5,531 |
There was also $254,261 in segregated cash held as collateral.
In the event of counterparty default, the Funds have the right to collect the collateral to offset losses incurred. There is potential loss to the Funds in the event the Funds are delayed or prevented from exercising their rights to dispose of the collateral securities, including the risk of a possible decline in the value of the underlying securities during the period while the Funds seek to assert their rights. The Funds’ investment adviser, acting under the supervision of the Board of Trustees, reviews the value of the collateral and the creditworthiness of those banks and dealers with which the Funds enter into repurchase agreements to evaluate potential risks.
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 47 |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued) |
6. Federal Income Tax Information
The Funds intend to comply with the provisions of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and will distribute substantially all taxable net investment income and capital gains sufficient to relieve 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, and has concluded that no provision for income tax is required in the Funds’ financial statements. The Funds’ federal tax returns are subject to examination by the Internal Revenue Service for a period of three years after they are filed.
At April 30, 2015, the cost of securities for Federal income tax purposes, the aggregate gross unrealized gain for all securities for which there was an excess of value over tax cost and the aggregate gross unrealized loss for all securities for which there was an excess of tax cost over value, were as follows:
Fund | Tax Cost | Tax Unrealized Gain | Tax Unrealized Loss | Net Unrealized Gain | ||||||||||||
Guggenheim Russell Top 50® Mega Cap ETF | $ | 434,123,918 | $ | 106,957,307 | $ | (23,481,169 | ) | $ | 83,476,138 | |||||||
Guggenheim S&P 500® Pure Value ETF | 1,058,376,001 | 62,266,021 | (58,135,307 | ) | 4,130,714 | |||||||||||
Guggenheim S&P 500® Pure Growth ETF | 1,967,649,400 | 238,447,980 | (54,686,046 | ) | 183,761,934 | |||||||||||
Guggenheim S&P MidCap 400® Pure Value ETF | 120,371,315 | 12,544,082 | (5,044,195 | ) | 7,499,887 | |||||||||||
Guggenheim S&P MidCap 400® Pure Growth ETF | 653,817,091 | 83,743,272 | (17,793,224 | ) | 65,950,048 | |||||||||||
Guggenheim S&P SmallCap 600® Pure Value ETF | 176,798,621 | 23,457,527 | (13,861,335 | ) | 9,596,192 | |||||||||||
Guggenheim S&P SmallCap 600® Pure Growth ETF | 138,290,750 | 18,166,932 | (5,708,615 | ) | 12,458,317 |
7. Investment Transactions
For the period ended April 30, 2015, the Funds had investments transactions in-kind associated with subscriptions and redemptions as follows:
Fund | Subscriptions | Redemptions | ||||||
Guggenheim Russell Top 50® Mega Cap ETF | $ | 28,407,112 | $ | 120,175,204 | ||||
Guggenheim S&P 500® Pure Value ETF | 398,677,880 | 695,762,334 | ||||||
Guggenheim S&P 500® Pure Growth ETF | 492,807,333 | 219,389,559 | ||||||
Guggenheim S&P MidCap 400® Pure Value ETF | 40,293,121 | 43,041,205 | ||||||
Guggenheim S&P MidCap 400® Pure Growth ETF | 105,984,922 | 163,581,500 | ||||||
Guggenheim S&P SmallCap 600® Pure Value ETF | 46,914,189 | 47,186,206 | ||||||
Guggenheim S&P SmallCap 600® Pure Growth ETF | 59,522,763 | 25,115,603 |
For the period ended April 30, 2015, the cost of purchases and proceeds from sales of investment securities, excluding government securities, short-term investments and in-kind transactions, were as follows:
Fund | Purchases | Sales | ||||||
Guggenheim Russell Top 50® Mega Cap ETF | $ | 1,032,350 | $ | 506,794 | ||||
Guggenheim S&P 500® Pure Value ETF | 520,976,865 | 519,212,083 | ||||||
Guggenheim S&P 500® Pure Growth ETF | 1,162,642,187 | 1,160,601,832 | ||||||
Guggenheim S&P MidCap 400® Pure Value ETF | 56,909,094 | 56,975,377 | ||||||
Guggenheim S&P MidCap 400® Pure Growth ETF | 589,482,435 | 591,899,344 | ||||||
Guggenheim S&P SmallCap 600® Pure Value ETF | 70,656,263 | 70,606,985 | ||||||
Guggenheim S&P SmallCap 600® Pure Growth ETF | 67,492,642 | 71,035,660 |
48 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued) |
8. Legal Proceedings
Lyondell Chemical Company
In December 2011, Rydex ETF Trust was named as a defendant in Weisfelner, as Trustee of the LB Creditor Trust, v. Fund 1 (In re Lyondell Chemical Co.), Adv. Pro. No. 10-4609 (Bankr. S.D.N.Y.) (the “Creditor Trust Action”).
Similar to the claims made in the Tribune matter, the Weisfelner complaint seeks to have set aside and recovered as fraudulent transfers from former Lyondell Chemical Company (“Lyondell”) shareholders the consideration paid to them pursuant to the cash out merger of Lyondell shareholders in connection with the combination of Lyondell and Basell AF in 2007. Lyondell filed for bankruptcy in 2008.
On April 7, 2014, the plaintiff filed a Third Amended Complaint. In the related action entitled Weisfelner, as Trustee of the LB Litigation Trust v. A. Holmes & H. Holmes TTEE (In re Lyondell Co.), Adversary Proceeding No. 10-5525 (Bankr. S.D.N.Y.) (the “Litigation Trust Action”), the plaintiff also filed a Second Amended Complaint that alleges a claim against the former Lyondell shareholders under federal law for intentional fraudulent transfer. A third related action against the former Lyondell shareholders, Weisfelner, as Trustee of the LB Creditor Trust v. Reichman, Adversary Proceeding No. 12-1570 (Bankr. S.D.N.Y.) (the “Reichman action”), is pending as well.
On May 8, 2014, the plaintiff in the Litigation Trust action filed a motion to certify a defendant class generally comprised of all former Lyondell shareholders that received proceeds in exchange for their shares in the 2007 merger transaction.
On July 30, 2014, the defendants filed a motion to dismiss these lawsuits. The Court held oral argument on the motions to dismiss and on the motion for class certification on January 14 and January 15, 2015. The Court has not yet issued decisions on these motions. Discovery has commenced in these lawsuits.
This lawsuit does not allege any wrongdoing on the part of Rydex ETF Trust. The following series of Rydex ETF Trust received cash proceeds from the merger in the following amounts: Guggenheim S&P Midcap 400 Pure Value ETF Fund - $572,640. At this stage of the proceedings, Rydex ETF Trust is not able to make a reliable prediction as to the outcome of this lawsuit or the effect, if any, on the fund’s net asset value.
Tribune Company
Rydex ETF Trust has been named as a defendant and a putative member of the proposed defendant class of shareholders in the case entitled Kirschner v. FitzSimons, No. 12-2652 (S.D.N.Y.) (formerly Official Committee of Unsecured Creditors of Tribune Co. v. FitzSimons, Adv. Pro. No. 10-54010 (Bankr. D. Del.)) (the “FitzSimons action”), as a result of ownership of shares by certain series of the Rydex ETF Trust in the Tribune Company (“Tribune”) in 2007, when Tribune effected a leveraged buyout transaction (“LBO”) by which Tribune converted to a privately-held company. In his complaint, the plaintiff has alleged that, in connection with the LBO, insiders and shareholders were overpaid for their Tribune stock using financing that the insiders knew would, and ultimately did, leave the Tribune Company insolvent. The plaintiff has asserted claims against certain insiders, major shareholders, professional advisers, and others involved in the LBO. The plaintiff is also attempting to obtain from former Tribune shareholders, including Rydex ETF Trust, the proceeds they received in connection with the LBO.
In June 2011, a group of Tribune creditors filed multiple actions against former Tribune shareholders involving state law constructive fraudulent conveyance claims arising out of the 2007 LBO (the “SLCFC actions”). Rydex ETF Trust has been named as a defendant in one of the SLCFC actions: Deutsche Bank Trust Co. Americas v. McGurn, No. 11-1510 (S.D.N.Y.). In those actions, the creditors seek to recover from Tribune’s former shareholders the proceeds received in connection with the 2007 LBO.
The FitzSimons action and the SLCFC actions have been consolidated with the majority of the other Tribune LBO-related lawsuits in a multidistrict litigation proceeding captioned In re Tribune Company Fraudulent Conveyance Litig., No. 11-md-2696 (S.D.N.Y.) (the “MDL Proceeding”).
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 49 |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(concluded) |
On September 23, 2013, the District Court granted the defendants’ omnibus motion to dismiss the SLCFC actions, on the basis that the creditors lacked standing. On September 30, 2013, the creditors filed a notice of appeal of the September 23 order. On October 28, 2013, the defendants filed a joint notice of cross-appeal of that same order. The SLCFC appeals have been fully briefed, and oral argument in front of the U.S. Court of Appeals for the Second Circuit occurred on November 5, 2014. The Court has not yet issued a decision on the appeals.
On May 23, 2014, the defendants filed motions to dismiss the FitzSimons action, including a global motion to dismiss Count I, which is the claim brought against former Tribune shareholders for intentional fraudulent conveyance under U.S. federal law. The Court has not yet issued a decision on any of these motions.
None of these lawsuits alleges any wrongdoing on the part of Rydex ETF Trust. The following series of Rydex ETF Trust held shares of Tribune and tendered these shares as part of Tribune’s LBO: Guggenheim S&P 500 Pure Value ETF (the “Fund”). The value of the proceeds received by the foregoing Fund was $197,050. At this stage of the proceedings, Rydex ETF Trust is not able to make a reliable prediction as to the outcome of these lawsuits or the effect, if any, on the Fund’s net asset value.
50 | 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 800.820.0888. This information is also available from the EDGAR database on the SEC’s website at http://www.sec.gov.
Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 800.820.0888. This information is also available from the EDGAR database on the SEC’s website at http://www.sec.gov.
Quarterly Portfolio Schedules Information
The Trust files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q; which are available on the SEC’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and that information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330. Copies of the portfolio holdings are also available to shareholders, without charge and upon request, by calling 800.820.0888.
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 51 |
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 visiting guggenheiminvestments.com or by calling 800.820.0888.
Name, Address* and Year of Birth of Trustee | Position(s) Held with the Trust, Term of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee*** | Other Directorships Held by Trustee |
INTERESTED TRUSTEE | ||||
Donald C. Cacciapaglia** (1951) | Trustee from 2012 to present. | Current: President and CEO, certain other funds in the Fund Complex (2012-present); Vice Chairman, Guggenheim Investments (2010-present). Former: Chairman and CEO, Channel Capital Group, Inc. (2002-2010). | 221 | Clear Spring Life Insurance Company (2015-present); Guggenheim Partners Japan, Ltd. (2014-present); Delaware Life (2013-present); Guggenheim Life and Annuity Company (2011-present); Paragon Life Insurance Company of Indiana (2011-present). |
INDEPENDENT TRUSTEES | ||||
Corey A. Colehour (1945) | Trustee and Member of the Audit Committee from 2003 to present; Member of the Governance and Nominating Committees from 2005 to present; and Member of the Investment and Performance Committee from 2014 to present. | Retired. | 133 | None. |
J. Kenneth Dalton (1941) | Trustee from 2003 to present; Chairman and Member of the Audit Committee from 2003 to present; Member of the Governance and Nominating Committees from 2005 to present; and Member of the Compliance and Risk Oversight Committee from 2010 to present. | Retired. | 133 | Epiphany Funds (4) (2009-present). |
John O. Demaret (1940) | Vice Chairman of the Board of Trustees from 2014 to present; Trustee and Member of the Audit Committee from 2003 to present; Chairman of the Board from 2006 to 2014; Member of the Compliance and Risk Oversight Committee from 2010 to present; Chairman and Member of the Investment and Performance Committee from 2014 to present; and Member of the Nominating Committee from 2014 to present. | Retired. | 133 | None. |
52 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued) |
Name, Address* and Year of Birth of Trustee | Position(s) Held with the Trust, Term of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee*** | Other Directorships Held by Trustee |
INDEPENDENT TRUSTEES - concluded | ||||
Werner E. Keller (1940) | Chairman of the Board from 2014 to present; Trustee and Member of the Audit, Governance and Nominating Committees from 2005 to present; Vice Chairman of the Board from 2010 to 2014; Chairman and Member of the Compliance and Risk Oversight Committee from 2010 to present; and Member of the Investment and Performance Committee from 2014 to present. | Current: Founder and President, Keller Partners, LLC (investment research firm) (2005-present). | 133 | None. |
Thomas F. Lydon, Jr. (1960) | Trustee and Member of the Audit, Governance and Nominating Committees from 2005 to present. | Current: President, Global Trends Investments (registered investment adviser) (1996-present). | 133 | US Global Investors (GROW) (1995-present). |
Patrick T. McCarville (1942) | Trustee and Member of the Audit Committee from 2003 to present; Chairman and Member of the Governance and Nominating Committees from 2005 to present. | Retired. Former: Chief Executive Officer, Par Industries, Inc., d/b/a Par Leasing (1977-2010). | 133 | None. |
Name, Address* and Year of Birth | Position(s) Held with the Trust, Term of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years |
OFFICERS | ||
Donald C. Cacciapaglia (1951) | President (2012-present). | Current: President and CEO, certain other funds in the Fund Complex (2012-present); Vice Chairman, Guggenheim Investments (2010-present). Former: Chairman and CEO, Channel Capital Group Inc. (2002-2010). |
Michael P. Byrum (1970) | Vice President (1999-present). | Current: Senior Vice President, Security Investors, LLC (2010-present); President and Chief Investment Officer, Rydex Holdings, LLC (2008-present); Director and Chairman, Advisory Research Center, Inc. (2006-present); Manager, Guggenheim Specialized Products, LLC (2005-present). Former: Vice President, Guggenheim Distributors, LLC (2009); Director (2009-2010) and Secretary (2002-2010), Rydex Fund Services, LLC; Director (2008-2010), Chief Investment Officer (2006-2010), President (2004-2010) and Secretary (2002-2010), Rydex Advisors, LLC; Director (2008-2010), Chief Investment Officer (2006-2010), President (2004-2010) and Secretary (2002-2010), Rydex Advisors II, LLC. |
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 53 |
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(concluded) |
Name, Address* and Year of Birth | Position(s) Held with the Trust, Term of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years |
OFFICERS - concluded | ||
Nikolaos Bonos (1963) | Vice President and Treasurer (2003-present). | Current: Senior Vice President, Security Investors, LLC (2010-present); Chief Executive Officer, Guggenheim Specialized Products, LLC (2009-present); Chief Executive Officer & President, Rydex Fund Services, LLC (2009-present); Vice President, Rydex Holdings, LLC (2008-present). Former: Senior Vice President, Security Global Investors, LLC (2010-2011); and Senior Vice President, Rydex Advisors, LLC and Rydex Advisors II, LLC (2006-2011). |
Elisabeth Miller (1968) | Chief Compliance Officer (2012-present). | Current: CCO, certain other funds in the Fund Complex (2012-present); CCO, Security Investors, LLC (2012-present); CCO, Guggenheim Funds Investment Advisors, LLC (2012-present); Managing Director, Guggenheim Investments (2012-present); Vice President, Guggenheim Funds Distributors, LLC (March 2014-present). Former: CCO, Guggenheim Distributors, LLC (2009-March 2014); Senior Manager, Security Investors, LLC (2004-2009); Senior Manager, Guggenheim Distributors, LLC (2004-2009). |
Joseph M. Arruda (1966) | Assistant Treasurer (2006-present). | Current: Assistant Treasurer, certain other funds in the Fund Complex (2006-present); Vice President, Security Investors, LLC (2010-present); CFO and Manager, Guggenheim Specialized Products, LLC (2009-present). Former: Vice President, Security Global Investors, LLC (2010-2011); Vice President, Rydex Advisors, LLC (2010); Vice President, Rydex Advisors II, LLC (2010). |
Paul J. Davio (1972) | Assistant Treasurer (2014-present). | Current: Assistant Treasurer, certain other funds in the Fund Complex (2014-present); Director, Guggenheim Investments (2006-present). Former: Manager, Mutual Fund Administration, Guggenheim Investments (2003-2006). |
Amy J. Lee (1961) | Vice President (2009-present) and Secretary (2012-present). | Current: Chief Legal Officer, certain other funds in the Fund Complex (2013-present); Senior Managing Director, Guggenheim Investments (2012-present). Former: Vice President, Associate General Counsel and Assistant Secretary, Security Benefit Life Insurance Company and Security Benefit Corporation (2004-2012). |
* | All Trustees and Officers may be reached c/o Guggenheim Investments, 805 King Farm Boulevard, Suite 600, Rockville, MD 20850. |
** | Mr. Cacciapaglia is an “interested” person of the Trust, as that term is defined in the 1940 Act by virtue of his affiliation with the Adviser’s parent company. |
*** | The “Fund Complex” includes all closed-end and open-end funds (including all of their portfolios) advised by the Adviser and any funds that have an investment adviser or servicing agent that is an affiliated person of the Adviser. Information provided is as of the date of this report. |
54 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
GUGGENHEIM INVESTMENTS PRIVACY POLICIES (Unaudited) |
Rydex Funds, Guggenheim Funds, Rydex Investments, Guggenheim Funds Distributors, LLC, Security Investors, LLC, Security Distributors, Inc., Guggenheim Partners Investment Managers, LLC, and Rydex Advisory Services (Collectively “Guggenheim Investments”).
Our Commitment to You
When you become a Guggenheim Investments investor, you entrust us with not only your hard-earned money but also with personal and financial information about you. We recognize that your relationship with us is based on trust and that you expect us to act responsibly and in your best interests. Because we have access to this private information about you, we hold ourselves to the highest standards in its safekeeping and use. This means, most importantly, that we do not sell client information to anyone—whether it is your personal information or if you are a current or former Guggenheim Investments client.
The Information We Collect About You
In the course of doing business with shareholders and investors, we collect nonpublic personal information about you. You typically provide personal information when you complete a Guggenheim Investments account application or when you request a transaction that involves Rydex and Guggenheim Investments funds or one of the Guggenheim Investments affiliated companies. “Nonpublic personal information” is personally identifiable private information about you. For example, it includes information regarding your name and address, Social Security or taxpayer identification number, assets, income, account balance, bank account information and investment activity (e.g., purchase and redemption history).
How We Handle Your Personal Information
As emphasized above, we do not sell information about current or former clients or their accounts to third parties. Nor do we share such information, except when necessary to complete transactions at your request or to make you aware of related investment products and services that we offer. Additional details about how we handle your personal information are provided below. To complete certain transactions or account changes that you direct, it may be necessary to provide identifying information to companies, individuals or groups that are not affiliated with Guggenheim Investments. For example, if you ask to transfer assets from another financial institution to Guggenheim Investments, we will need to provide certain information about you to that company to complete the transaction. To alert you to other Guggenheim Investments investment products and services, we may share your information within the Guggenheim Investments family of affiliated companies. This would include, for example, sharing your information within Guggenheim Investments so we can make you aware of new Rydex and Guggenheim Investments funds or the services offered through another Guggenheim Investments affiliated company. In certain instances, we may contract with nonaffiliated companies to perform services for us. Where necessary, we will disclose information we have about you to these third parties. In all such cases, we provide the third party with only the information necessary to carry out its assigned responsibilities and only for that purpose. And we require these third parties to treat your private information with the same high degree of confidentiality that we do. In certain instances, we may share information with other financial institutions regarding individuals and entities in response to the U.S.A. Patriot Act. Finally, we will release information about you if you direct us to do so, if we are compelled by law to do so or in other circumstances permitted by law.
Opt Out Provisions
We do not sell your personal information to anyone. The law allows you to “opt out” of only certain kinds of information sharing with third parties. The firm does not share personal information about you with any third parties that triggers this opt-out right. This means YOU ARE ALREADY OPTED OUT.
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 55 |
GUGGENHEIM INVESTMENTS PRIVACY POLICIES (Unaudited)(concluded) |
How We Protect Privacy Online
Our concern for the privacy of our shareholders also extends to those who use our web site, guggenheiminvestments.com. Our web site uses some of the most secure forms of online communication available, including encryption technology, Secure Socket Layer (SSL) protocol, firewalls and user names and passwords. These technologies provide a high level of security and privacy when you access your account information or initiate online transactions. The Guggenheim Investments web site offers customized features that require our use of “http cookies”—tiny pieces of information that we ask your browser to store. However, we make very limited use of these cookies. We only use cookies for session management and security features on the Guggenheim Investments web site. We do not use them to pull data from your hard drive, to learn your email address, or to view data in cookies created by other web sites. We will not share the information in our cookies or give others access to it. See the legal information area on our web site for more details about web site security and privacy features.
How We Safeguard Your Personal Information
We restrict access to nonpublic personal information about shareholders to our employees and in some cases to third parties (for example, the service providers described above) as permitted by law. We maintain strict physical, electronic and procedural safeguards that comply with federal standards to guard your nonpublic personal information.
We’ll Keep You Informed
As required by federal law, we will notify shareholders of our privacy policy annually. We reserve the right to modify this policy at any time, but rest assured that if we do change it, we will tell you promptly. You will also be able to access our privacy policy from our web site at guggenheiminvestments.com. Should you have any questions regarding our privacy policy, contact us at 800.820.0888 or 301.296.5100.
56 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
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4.30.2015
Guggenheim ETFs Semi-Annual Report
RSP | Guggenheim S&P 500® Equal Weight ETF |
ETF3-SEMI-0415x1015 | guggenheiminvestments.com |
TABLE OF CONTENTS |
DEAR SHAREHOLDER | 2 |
ECONOMIC AND MARKET OVERVIEW | 3 |
FEES AND EXPENSES | 5 |
PORTFOLIO SUMMARY | 6 |
SCHEDULE OF INVESTMENTS | 7 |
STATEMENT OF ASSETS AND LIABILITIES | 13 |
STATEMENT OF OPERATIONS | 14 |
STATEMENTS OF CHANGES IN NET ASSETS | 15 |
FINANCIAL HIGHLIGHTS | 16 |
NOTES TO FINANCIAL STATEMENTS | 17 |
OTHER INFORMATION | 24 |
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS | 25 |
GUGGENHEIM INVESTMENTS PRIVACY POLICIES | 28 |
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 1 |
April 30, 2015 |
Dear Shareholder:
Security Investors, LLC (the “Investment Adviser”) is pleased to present the semi-annual shareholder report for Guggenheim S&P 500® Equal Weight Exchange-Traded Fund (“ETF”) for the six-month period ended April 30, 2015.
The Investment Adviser is part of Guggenheim Investments, which represents the investment management businesses of Guggenheim Partners, LLC (“Guggenheim”), a global, diversified financial services firm.
Guggenheim Funds Distributors, LLC, the distributor of the Funds, is affiliated with Guggenheim and the Investment Adviser.
We encourage you to read the Economic and Market Overview, which follows this letter.
We are committed to providing investors with innovative investment solutions and appreciate the trust you place in us.
Sincerely,
Donald C. Cacciapaglia
President
May 31, 2015
President
May 31, 2015
Read a prospectus and summary prospectus (if available) carefully before investing. It contains the investment objectives, risks, charges, expenses, and other information, which should be considered carefully before investing. Obtain a prospectus and summary prospectus (if available) at guggenheiminvestments.com or call 800.820.0888.
ETFs may not be suitable for all investors. • Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than original cost. Most investors will also incur customary brokerage commissions when buying or selling shares of an ETF. • Investments in securities and derivatives, in general, are subject to market risks that may cause their prices to fluctuate over time. • ETF shares may trade below their net asset value per share (“NAV”). The NAV of shares will fluctuate with changes in the market value of an ETF’s holdings. In addition, there can be no assurance that an active trading market for shares will develop or be maintained. • Tracking error risk refers to the risk that the Adviser may not be able to cause the ETF’s performance to match or correlate to that of the ETF’s underlying index, either on a daily or aggregate basis. Tracking error risk may cause the ETF’s performance to be less than you expect.
2 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
ECONOMIC AND MARKET OVERVIEW (Unaudited) | April 30, 2015 |
As of the six months ended April 30, 2015, the U.S. remains a bright spot in the global economy. Harsh winter weather did cause U.S. growth to slow dramatically in the first quarter of 2015, but the economy should bounce back, similar to a year ago. The underlying fundamentals of the U.S. economy are strong, even though interim data is weaker, and we are now in a self-sustained economic expansion.
An improving labor market, an increase in family formation, subdued mortgage rates, and tight housing inventory all point to a rebound in the in the housing market, which is key to the ongoing recovery. Lower energy prices are acting as a tax cut for U.S. consumers. Ideally this would free up discretionary spending in other areas, of which we have seen some evidence. A U.S. Federal Reserve (the “Fed”) rate hike appears to be drawing nearer, with the likely timeframe being in the fall of 2015. Liquidity from foreign central banks and comparatively attractive yields has been pushing global investors to U.S. Treasuries, which should continue to hold down interest rates in the near term, but more volatility is evident both in the U.S. and overseas. The Fed is focused on wage growth, an indicator of inflationary pressure. With recent minimum wage increases and a falling unemployment rate, wages could begin to accelerate this year.
Oil is key to the global outlook. While some technical indicators are pointing to a bottom in oil, U.S. production continues to increase and inventory levels keep making new highs. Once inventories in the U.S. are full, the oversupply of oil could push prices lower. Based on the resilience of U.S. production and OPEC’s unwillingness to cut production, oil prices are likely stay in a low range for the next few years.
The economy in Europe has been strengthening on the back of ECB quantitative easing and a steady depreciation of euro. In Japan, the impact of ongoing monetary accommodation on the economy is more muted, but the “Abenomics” is likely to continue to be supportive of the equities markets. The Chinese economy is slowing down and policymakers appear likely to continue to ease monetary policy and do whatever is necessary to maintain growth at an acceptable level in the near term.
Several challenges remain on the horizon, including a stronger dollar. But there has never been a recession in the post-war period without the Fed first raising interest rates, after which it typically takes several years for a recession to be induced. Once the Fed begins its tightening process, the terminal value of the Fed Funds rate may be lower than expected. Based on the level of debt in the economy, we currently expect that the Fed would stop tightening around 2.5 or 3.0 percent, a level we are unlikely to arrive before late 2017 or early 2018. We believe the U.S. would not face a recession until about a year later.
For the six months ended April 30, 2015, the Standard & Poor’s 500® (“S&P 500”) Index* returned 4.40%. The Morgan Stanley Capital International (“MSCI”) Europe-Australasia-Far East (“EAFE”) Index* returned 6.81%. The return of the MSCI Emerging Markets Index* was 3.92%.
In the bond market, the Barclays U.S. Aggregate Bond Index* posted a 2.06% return for the period, while the Barclays U.S. Corporate High Yield Index* returned 1.51%. The return of the Bank of America Merrill Lynch 3-Month U.S. Treasury Bill Index* was 0.01% for the six-month period.
The opinions and forecasts expressed may not actually come to pass. This information is subject to change at any time, based on market and other conditions, and should not be construed as a recommendation of any specific security or strategy.
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 3 |
ECONOMIC AND MARKET OVERVIEW (Unaudited)(concluded) | April 30, 2015 |
*Index Definitions:
The following indices are referenced throughout this report. Indices are unmanaged and not available for direct investment. Index performance does not reflect transaction costs, fees, or expenses.
Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar denominated, fixed-rate taxable bond market, including U.S. Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS, and CMBS.
Barclays U.S. Corporate High Yield Index measures the market of U.S. dollar-denominated, non-investment grade, fixed-rate, taxable corporate bonds. Securities are classified as high yield if the middle rating of Moody’s, Fitch, and S&P is Ba1/BB+/BB+ or below.
Bank of America (“BofA”) Merrill Lynch 3-Month U.S. Treasury Bill Index is an unmanaged market index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income.
MSCI EAFE Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada.
MSCI Emerging Markets Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance in the global emerging markets.
S&P 500® Index is a capitalization-weighted index of 500 stocks designed to measure the performance of the broad economy, representing all major industries and is considered a representation of the U.S. stock market.
4 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
FEES AND EXPENSES (Unaudited) |
Shareholder Expense Example
As a shareholder of the Rydex ETF Trust, you incur transaction costs such as creation and redemption fees or brokerage charges, and ongoing costs including advisory fees, trustee fees and, if applicable, distribution fees. All other Trust expenses are paid by the Adviser. 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, 2014 and held for the six months ended April 30, 2015.
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 Ratio1 | Fund Return | Beginning Account Value October 31, 2014 | Ending Account Value April 30, 2015 | Expenses Paid During Period2 | |
Table 1. Based on actual Fund return3 | |||||
Guggenheim S&P 500® Equal Weight ETF | 0.40% | 5.07% | $1,000.00 | $1,050.70 | $2.03 |
Table 2. Based on hypothetical 5% return (before expenses) | |||||
Guggenheim S&P 500® Equal Weight ETF | 0.40% | 5.00% | $1,000.00 | $1,022.81 | $2.01 |
1 | Annualized. |
2 | Expenses are equal to the Fund’s annualized expense ratio, net of any applicable fee waivers, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
3 | Actual cumulative return at net asset value for the period October 31, 2014 to April 30, 2015. |
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 5 |
PORTFOLIO SUMMARY (Unaudited) | April 30, 2015 |
GUGGENHEIM S&P 500® EQUAL WEIGHT ETF
Holdings Diversification*
“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
* The Fund’s Ten Largest Holdings are expressed as a percentage of net assets and the Holdings Diversification is expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time.
Ten Largest Holdings* | (% of Total Net Assets) |
Range Resources Corp. | 0.3% |
Transocean Ltd. | 0.3% |
Kraft Foods Group, Inc. | 0.3% |
Ensco plc — Class A | 0.3% |
Freeport-McMoRan, Inc. | 0.3% |
Noble Corporation plc | 0.3% |
Cameron International Corp. | 0.3% |
Netflix, Inc. | 0.2% |
Southwestern Energy Co. | 0.2% |
Diamond Offshore Drilling, Inc. | 0.2% |
Top Ten Total | 2.7% |
“Ten Largest Holdings” exclude any temporary cash or derivative investments. |
6 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2015 |
GUGGENHEIM S&P 500® EQUAL WEIGHT ETF |
Shares | Value | |||||||
COMMON STOCKS† - 99.9% | ||||||||
CONSUMER, NON-CYCLICAL - 19.7% | ||||||||
Kraft Foods Group, Inc. | 365,470 | $ | 30,973,583 | |||||
Mylan N.V.* | 377,021 | 27,243,537 | ||||||
AbbVie, Inc. | 388,451 | 25,117,242 | ||||||
Mondelez International, Inc. — Class A | 652,812 | 25,048,396 | ||||||
Moody’s Corp. | 231,961 | 24,940,446 | ||||||
Perrigo Company plc | 135,370 | 24,810,614 | ||||||
United Rentals, Inc.* | 256,603 | 24,782,718 | ||||||
AmerisourceBergen Corp. — Class A | 212,224 | 24,257,203 | ||||||
Philip Morris International, Inc. | 290,145 | 24,218,403 | ||||||
Boston Scientific Corp.* | 1,356,392 | 24,170,906 | ||||||
Avery Dennison Corp. | 433,204 | 24,081,810 | ||||||
Regeneron Pharmaceuticals, Inc.* | 52,486 | 24,010,246 | ||||||
ConAgra Foods, Inc. | 663,780 | 23,995,647 | ||||||
Express Scripts Holding Co.* | 276,867 | 23,921,309 | ||||||
Coca-Cola Enterprises, Inc. | 538,343 | 23,907,813 | ||||||
General Mills, Inc. | 431,995 | 23,906,603 | ||||||
Merck & Company, Inc. | 400,873 | 23,875,996 | ||||||
Equifax, Inc. | 245,778 | 23,823,263 | ||||||
St. Jude Medical, Inc. | 339,883 | 23,808,804 | ||||||
Archer-Daniels-Midland Co. | 486,626 | 23,786,279 | ||||||
Tyson Foods, Inc. — Class A | 602,041 | 23,780,619 | ||||||
Reynolds American, Inc. | 322,424 | 23,633,679 | ||||||
McCormick & Company, Inc. | 312,995 | 23,568,524 | ||||||
Quanta Services, Inc.* | 814,241 | 23,539,708 | ||||||
JM Smucker Co. | 202,928 | 23,523,413 | ||||||
Total System Services, Inc. | 594,460 | 23,516,838 | ||||||
Lorillard, Inc. | 336,538 | 23,510,545 | ||||||
Western Union Co.1 | 1,154,741 | 23,418,147 | ||||||
Kimberly-Clark Corp. | 212,929 | 23,356,182 | ||||||
HCA Holdings, Inc.* | 313,765 | 23,221,747 | ||||||
Eli Lilly & Co. | 322,335 | 23,166,216 | ||||||
MasterCard, Inc. — Class A | 256,746 | 23,161,057 | ||||||
Aetna, Inc. | 216,459 | 23,132,974 | ||||||
Universal Health Services, Inc. — Class B | 197,482 | 23,095,520 | ||||||
Amgen, Inc. | 146,062 | 23,064,650 | ||||||
Baxter International, Inc. | 334,490 | 22,992,842 | ||||||
Kellogg Co. | 362,532 | 22,959,152 | ||||||
Brown-Forman Corp. — Class B | 254,183 | 22,934,932 | ||||||
Coca-Cola Co. | 564,493 | 22,895,836 | ||||||
Cigna Corp. | 183,324 | 22,849,503 | ||||||
Tenet Healthcare Corp.* | 476,417 | 22,801,318 | ||||||
Monster Beverage Corp.* | 166,294 | 22,800,570 | ||||||
Stryker Corp. | 246,758 | 22,760,958 | ||||||
Estee Lauder Companies, Inc. — Class A | 279,750 | 22,740,877 | ||||||
DENTSPLY International, Inc. | 445,768 | 22,734,168 | ||||||
Gilead Sciences, Inc. | 226,163 | 22,731,643 | ||||||
PepsiCo, Inc. | 238,879 | 22,722,170 | ||||||
Anthem, Inc. | 150,167 | 22,664,705 | ||||||
Henry Schein, Inc.* | 165,226 | 22,652,485 | ||||||
CR Bard, Inc. | 135,953 | 22,647,051 | ||||||
Intuitive Surgical, Inc.* | 45,644 | 22,638,511 | ||||||
DaVita HealthCare Partners, Inc.* | 278,803 | 22,610,923 | ||||||
McGraw Hill Financial, Inc. | 216,052 | 22,534,224 | ||||||
Johnson & Johnson | 227,055 | 22,523,856 | ||||||
Pfizer, Inc. | 662,635 | 22,483,206 | ||||||
Hospira, Inc.* | 257,285 | 22,458,408 | ||||||
Constellation Brands, Inc. — Class A | 193,510 | 22,435,549 | ||||||
McKesson Corp. | 100,319 | 22,411,265 | ||||||
Humana, Inc. | 135,315 | 22,408,164 | ||||||
Vertex Pharmaceuticals, Inc.* | 181,663 | 22,395,415 | ||||||
Becton Dickinson and Co. | 158,803 | 22,370,579 | ||||||
Abbott Laboratories | 480,555 | 22,307,363 | ||||||
Campbell Soup Co. | 496,990 | 22,220,423 | ||||||
Automatic Data Processing, Inc. | 262,334 | 22,177,716 | ||||||
Hormel Foods Corp. | 407,802 | 22,164,039 | ||||||
Colgate-Palmolive Co. | 329,111 | 22,142,588 | ||||||
ADT Corp.1 | 586,848 | 22,065,485 | ||||||
Molson Coors Brewing Co. — Class B | 300,124 | 22,062,115 | ||||||
Quest Diagnostics, Inc. | 307,814 | 21,984,076 | ||||||
Clorox Co. | 207,098 | 21,973,098 | ||||||
Altria Group, Inc. | 438,376 | 21,940,719 | ||||||
Medtronic plc | 294,591 | 21,932,300 | ||||||
Dr Pepper Snapple Group, Inc. | 293,765 | 21,908,994 | ||||||
Procter & Gamble Co. | 275,337 | 21,892,045 | ||||||
Cintas Corp. | 272,895 | 21,817,955 | ||||||
Patterson Companies, Inc. | 464,547 | 21,812,804 | ||||||
UnitedHealth Group, Inc. | 195,459 | 21,774,133 | ||||||
Laboratory Corporation of America Holdings* | 182,113 | 21,773,430 | ||||||
Mead Johnson Nutrition Co. — Class A | 226,625 | 21,737,870 | ||||||
Endo International plc* | 257,946 | 21,684,230 | ||||||
Danaher Corp. | 264,446 | 21,652,838 | ||||||
Sysco Corp. | 584,108 | 21,629,519 | ||||||
Cardinal Health, Inc. | 255,689 | 21,564,810 | ||||||
Alexion Pharmaceuticals, Inc.* | 127,350 | 21,551,441 | ||||||
Zoetis, Inc. | 485,031 | 21,545,077 | ||||||
Bristol-Myers Squibb Co. | 336,879 | 21,469,299 | ||||||
Varian Medical Systems, Inc.* | 241,244 | 21,434,529 | ||||||
H&R Block, Inc. | 708,246 | 21,417,359 | ||||||
Actavis plc* | 75,380 | 21,321,987 | ||||||
Zimmer Holdings, Inc. | 193,818 | 21,288,969 | ||||||
Edwards Lifesciences Corp.* | 166,448 | 21,080,639 | ||||||
Keurig Green Mountain, Inc. | 180,673 | 21,024,917 | ||||||
Robert Half International, Inc. | 374,205 | 20,749,667 | ||||||
Hershey Co. | 225,568 | 20,734,211 | ||||||
Celgene Corp.* | 191,376 | 20,680,091 | ||||||
Mallinckrodt plc* | 181,487 | 20,540,699 | ||||||
Biogen, Inc.* | 54,479 | 20,371,332 | ||||||
Kroger Co. | 295,106 | 20,335,754 | ||||||
Whole Foods Market, Inc. | 415,571 | 19,847,671 | ||||||
Total Consumer, Non-cyclical | 2,252,141,139 | |||||||
FINANCIAL - 16.6% | ||||||||
Genworth Financial, Inc. — Class A* | 3,065,261 | 26,943,643 | ||||||
CBRE Group, Inc. — Class A* | 652,250 | 25,007,265 | ||||||
Affiliated Managers Group, Inc.* | 106,843 | 24,160,408 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 7 |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2015 |
GUGGENHEIM S&P 500® EQUAL WEIGHT ETF |
Shares | Value | |||||||
State Street Corp. | 306,911 | $ | 23,668,976 | |||||
Fifth Third Bancorp | 1,180,812 | 23,616,240 | ||||||
Torchmark Corp. | 420,554 | 23,597,284 | ||||||
Loews Corp. | 564,218 | 23,494,038 | ||||||
Goldman Sachs Group, Inc. | 118,978 | 23,369,660 | ||||||
JPMorgan Chase & Co. | 369,332 | 23,363,942 | ||||||
Bank of New York Mellon Corp. | 550,291 | 23,299,321 | ||||||
Northern Trust Corp. | 317,912 | 23,255,263 | ||||||
Comerica, Inc. | 489,893 | 23,225,827 | ||||||
E*TRADE Financial Corp.* | 805,374 | 23,186,717 | ||||||
Zions Bancorporation | 816,617 | 23,138,843 | ||||||
Unum Group | 677,167 | 23,132,025 | ||||||
Morgan Stanley | 619,807 | 23,124,999 | ||||||
Invesco Ltd. | 558,079 | 23,115,632 | ||||||
XL Group plc — Class A | 622,546 | 23,084,006 | ||||||
American International Group, Inc. | 407,375 | 22,931,139 | ||||||
Aflac, Inc. | 362,642 | 22,860,952 | ||||||
Navient Corp. | 1,168,525 | 22,832,979 | ||||||
Principal Financial Group, Inc. | 446,374 | 22,818,639 | ||||||
Capital One Financial Corp. | 281,619 | 22,768,896 | ||||||
Progressive Corp. | 850,523 | 22,674,943 | ||||||
Prudential Financial, Inc. | 277,627 | 22,654,363 | ||||||
Charles Schwab Corp. | 742,548 | 22,647,714 | ||||||
Assurant, Inc. | 367,980 | 22,616,051 | ||||||
American Tower Corp. — Class A | 239,077 | 22,599,948 | ||||||
Plum Creek Timber Company, Inc. | 535,406 | 22,594,133 | ||||||
HCP, Inc. | 560,587 | 22,586,049 | ||||||
People’s United Financial, Inc.1 | 1,494,500 | 22,581,895 | ||||||
Marsh & McLennan Companies, Inc. | 401,500 | 22,548,240 | ||||||
Allstate Corp. | 323,413 | 22,528,950 | ||||||
MetLife, Inc. | 438,771 | 22,504,565 | ||||||
KeyCorp | 1,552,718 | 22,436,775 | ||||||
Citigroup, Inc. | 420,785 | 22,436,256 | ||||||
Visa, Inc. — Class A | 339,652 | 22,434,015 | ||||||
Wells Fargo & Co. | 407,089 | 22,430,604 | ||||||
Public Storage | 119,287 | 22,415,220 | ||||||
Aon plc | 232,522 | 22,375,592 | ||||||
Regions Financial Corp. | 2,273,418 | 22,347,699 | ||||||
Bank of America Corp. | 1,400,182 | 22,304,899 | ||||||
BlackRock, Inc. — Class A | 61,276 | 22,300,787 | ||||||
T. Rowe Price Group, Inc. | 274,117 | 22,252,818 | ||||||
Simon Property Group, Inc. | 122,422 | 22,218,369 | ||||||
BB&T Corp. | 578,993 | 22,169,642 | ||||||
Crown Castle International Corp. | 265,327 | 22,162,764 | ||||||
Apartment Investment & Management Co. — Class A | 587,002 | 22,147,585 | ||||||
Ventas, Inc. | 321,345 | 22,140,671 | ||||||
Franklin Resources, Inc. | 428,959 | 22,117,126 | ||||||
Berkshire Hathaway, Inc. — Class B* | 156,449 | 22,092,163 | ||||||
Chubb Corp. | 224,622 | 22,091,574 | ||||||
Intercontinental Exchange, Inc. | 98,350 | 22,082,526 | ||||||
Lincoln National Corp. | 390,893 | 22,081,546 | ||||||
Vornado Realty Trust | 213,048 | 22,048,338 | ||||||
SunTrust Banks, Inc. | 530,962 | 22,034,923 | ||||||
Discover Financial Services | 379,694 | 22,010,861 | ||||||
Huntington Bancshares, Inc. | 2,026,024 | 22,002,621 | ||||||
Boston Properties, Inc. | 165,699 | 21,923,635 | ||||||
Essex Property Trust, Inc. | 98,593 | 21,882,716 | ||||||
Hartford Financial Services Group, Inc. | 535,780 | 21,843,751 | ||||||
Host Hotels & Resorts, Inc. | 1,083,144 | 21,814,520 | ||||||
U.S. Bancorp | 508,652 | 21,805,911 | ||||||
NASDAQ OMX Group, Inc. | 448,342 | 21,802,871 | ||||||
AvalonBay Communities, Inc. | 132,003 | 21,693,373 | ||||||
American Express Co. | 279,507 | 21,647,817 | ||||||
SL Green Realty Corp. | 176,833 | 21,637,286 | ||||||
Health Care REIT, Inc. | 300,278 | 21,626,022 | ||||||
Equity Residential | 292,532 | 21,606,414 | ||||||
PNC Financial Services Group, Inc. | 235,404 | 21,593,609 | ||||||
ACE Ltd. | 201,587 | 21,567,793 | ||||||
M&T Bank Corp. | 179,924 | 21,531,505 | ||||||
Cincinnati Financial Corp. | 424,141 | 21,478,500 | ||||||
Weyerhaeuser Co. | 681,501 | 21,474,097 | ||||||
Travelers Companies, Inc. | 211,357 | 21,370,306 | ||||||
Prologis, Inc. | 530,720 | 21,334,944 | ||||||
Realty Income Corp. | 453,489 | 21,300,378 | ||||||
Legg Mason, Inc. | 402,478 | 21,190,467 | ||||||
Ameriprise Financial, Inc. | 168,945 | 21,165,430 | ||||||
CME Group, Inc. — Class A | 232,643 | 21,149,575 | ||||||
Iron Mountain, Inc. | 611,071 | 21,075,839 | ||||||
Kimco Realty Corp. | 865,199 | 20,851,296 | ||||||
General Growth Properties, Inc. | 759,820 | 20,819,068 | ||||||
Hudson City Bancorp, Inc. | 2,206,597 | 20,521,352 | ||||||
Macerich Co. | �� | 238,703 | 19,516,357 | |||||
Total Financial | 1,898,893,751 | |||||||
CONSUMER, CYCLICAL - 13.9% | ||||||||
Hasbro, Inc.1 | 371,003 | 26,263,302 | ||||||
Mattel, Inc. | 899,743 | 25,336,763 | ||||||
Goodyear Tire & Rubber Co. | 892,823 | 25,324,924 | ||||||
Yum! Brands, Inc. | 290,663 | 24,985,392 | ||||||
Delphi Automotive plc | 293,347 | 24,347,801 | ||||||
WW Grainger, Inc. | 97,668 | 24,263,661 | ||||||
CarMax, Inc.* | 355,790 | 24,232,857 | ||||||
Starwood Hotels & Resorts Worldwide, Inc. | 278,935 | 23,974,463 | ||||||
Starbucks Corp. | 482,980 | 23,946,148 | ||||||
PVH Corp. | 231,531 | 23,928,729 | ||||||
PACCAR, Inc. | 364,943 | 23,849,025 | ||||||
Fossil Group, Inc.* | 281,003 | 23,598,632 | ||||||
Fastenal Co. | 551,808 | 23,518,057 | ||||||
O’Reilly Automotive, Inc.* | 107,163 | 23,343,316 | ||||||
Johnson Controls, Inc. | 461,499 | 23,250,320 | ||||||
NIKE, Inc. — Class B | 235,118 | 23,239,063 | ||||||
AutoZone, Inc.* | 34,401 | 23,140,177 | ||||||
Ralph Lauren Corp. — Class A | 173,259 | 23,114,484 | ||||||
Macy’s, Inc. | 355,570 | 22,980,489 | ||||||
Under Armour, Inc. — Class A* | 296,240 | 22,973,412 | ||||||
Tiffany & Co. | 262,599 | 22,972,161 |
8 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2015 |
GUGGENHEIM S&P 500® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Staples, Inc. | 1,407,217 | $ | 22,965,781 | |||||
Darden Restaurants, Inc. | 357,065 | 22,770,035 | ||||||
BorgWarner, Inc. | 383,160 | 22,683,072 | ||||||
McDonald’s Corp. | 233,830 | 22,576,287 | ||||||
Harman International Industries, Inc. | 172,895 | 22,542,050 | ||||||
AutoNation, Inc.* | 366,163 | 22,537,333 | ||||||
Tractor Supply Co. | 261,200 | 22,478,872 | ||||||
Target Corp. | 284,535 | 22,429,894 | ||||||
VF Corp. | 308,945 | 22,376,886 | ||||||
Walgreens Boots Alliance, Inc. | 269,079 | 22,314,721 | ||||||
Newell Rubbermaid, Inc. | 583,668 | 22,255,261 | ||||||
Family Dollar Stores, Inc. | 284,116 | 22,200,824 | ||||||
L Brands, Inc. | 247,636 | 22,128,753 | ||||||
Delta Air Lines, Inc. | 495,185 | 22,105,059 | ||||||
American Airlines Group, Inc. | 457,705 | 22,100,286 | ||||||
Dollar General Corp. | 303,183 | 22,044,436 | ||||||
Ford Motor Co. | 1,390,705 | 21,973,139 | ||||||
Marriott International, Inc. — Class A | 274,458 | 21,970,363 | ||||||
Mohawk Industries, Inc.* | 126,161 | 21,888,934 | ||||||
Carnival Corp. | 496,990 | 21,852,651 | ||||||
Kohl’s Corp. | 304,050 | 21,785,183 | ||||||
DR Horton, Inc. | 855,002 | 21,717,050 | ||||||
The Gap, Inc. | 547,750 | 21,712,810 | ||||||
CVS Health Corp. | 218,154 | 21,660,511 | ||||||
Costco Wholesale Corp. | 150,882 | 21,583,670 | ||||||
Harley-Davidson, Inc. | 383,160 | 21,537,424 | ||||||
Michael Kors Holdings Ltd.* | 347,968 | 21,525,300 | ||||||
Wyndham Worldwide Corp. | 251,455 | 21,474,257 | ||||||
Wal-Mart Stores, Inc. | 275,117 | 21,472,882 | ||||||
Hanesbrands, Inc. | 690,875 | 21,472,395 | ||||||
Genuine Parts Co. | 238,505 | 21,429,674 | ||||||
TJX Companies, Inc. | 331,335 | 21,384,361 | ||||||
GameStop Corp. — Class A1 | 553,536 | 21,333,277 | ||||||
Nordstrom, Inc. | 280,333 | 21,181,961 | ||||||
Bed Bath & Beyond, Inc.* | 300,157 | 21,149,062 | ||||||
Leggett & Platt, Inc. | 495,504 | 21,044,055 | ||||||
Dollar Tree, Inc.* | 275,016 | 21,013,973 | ||||||
Ross Stores, Inc. | 212,434 | 21,005,474 | ||||||
Home Depot, Inc. | 196,238 | 20,993,541 | ||||||
Lennar Corp. — Class A | 457,892 | 20,971,454 | ||||||
Lowe’s Companies, Inc. | 303,808 | 20,920,219 | ||||||
Coach, Inc. | 546,318 | 20,874,811 | ||||||
General Motors Co. | 592,106 | 20,759,236 | ||||||
Chipotle Mexican Grill, Inc. — Class A* | 33,410 | 20,758,969 | ||||||
PulteGroup, Inc. | 1,070,252 | 20,655,864 | ||||||
Southwest Airlines Co. | 506,133 | 20,528,754 | ||||||
Urban Outfitters, Inc.* | 502,535 | 20,121,501 | ||||||
Whirlpool Corp. | 113,973 | 20,013,659 | ||||||
Royal Caribbean Cruises Ltd. | 290,508 | 19,771,974 | ||||||
Wynn Resorts Ltd. | 177,306 | 19,693,377 | ||||||
Best Buy Company, Inc. | 555,868 | 19,260,826 | ||||||
Total Consumer, Cyclical | 1,599,585,317 | |||||||
INDUSTRIAL - 12.6% | ||||||||
Caterpillar, Inc. | 284,358 | 24,705,023 | ||||||
Joy Global, Inc. | 577,254 | 24,614,111 | ||||||
General Electric Co. | 899,743 | 24,365,041 | ||||||
PerkinElmer, Inc. | 474,779 | 24,337,172 | ||||||
Xylem, Inc. | 650,962 | 24,098,613 | ||||||
Emerson Electric Co. | 407,725 | 23,986,462 | ||||||
Rockwell Automation, Inc. | 202,047 | 23,962,774 | ||||||
Dover Corp. | 316,196 | 23,942,362 | ||||||
Ball Corp. | 325,680 | 23,908,169 | ||||||
Fluor Corp. | 397,418 | 23,900,718 | ||||||
CSX Corp. | 660,105 | 23,823,190 | ||||||
Allegion plc | 387,342 | 23,685,964 | ||||||
Snap-on, Inc. | 158,098 | 23,643,556 | ||||||
Owens-Illinois, Inc.* | 986,003 | 23,575,332 | ||||||
Rockwell Collins, Inc. | 241,674 | 23,522,131 | ||||||
General Dynamics Corp. | 170,398 | 23,399,053 | ||||||
Flowserve Corp. | 399,618 | 23,389,642 | ||||||
Waters Corp.* | 186,261 | 23,318,015 | ||||||
Eaton Corporation plc | 338,088 | 23,236,788 | ||||||
Textron, Inc. | 526,406 | 23,151,336 | ||||||
Stanley Black & Decker, Inc. | 234,237 | 23,119,192 | ||||||
Ryder System, Inc. | 241,949 | 23,072,256 | ||||||
United Parcel Service, Inc. — Class B | 228,649 | 22,986,084 | ||||||
Parker-Hannifin Corp. | 191,387 | 22,843,952 | ||||||
Agilent Technologies, Inc. | 551,216 | 22,803,806 | ||||||
Deere & Co. | 251,730 | 22,786,600 | ||||||
Vulcan Materials Co. | 266,241 | 22,768,930 | ||||||
Precision Castparts Corp. | 110,111 | 22,758,843 | ||||||
AMETEK, Inc. | 434,019 | 22,751,276 | ||||||
Roper Technologies, Inc. | 134,973 | 22,698,409 | ||||||
Martin Marietta Materials, Inc. | 158,847 | 22,659,525 | ||||||
Masco Corp. | 851,459 | 22,555,149 | ||||||
Sealed Air Corp. | 492,996 | 22,480,617 | ||||||
Honeywell International, Inc. | 222,686 | 22,473,471 | ||||||
Republic Services, Inc. — Class A | 552,469 | 22,446,816 | ||||||
Cummins, Inc. | 161,740 | 22,362,172 | ||||||
Jacobs Engineering Group, Inc.* | 521,280 | 22,342,061 | ||||||
FLIR Systems, Inc. | 722,096 | 22,305,545 | ||||||
Thermo Fisher Scientific, Inc. | 176,833 | 22,224,371 | ||||||
Ingersoll-Rand plc | 335,173 | 22,067,790 | ||||||
FedEx Corp. | 129,979 | 22,040,539 | ||||||
Stericycle, Inc.* | 165,182 | 22,040,234 | ||||||
Northrop Grumman Corp. | 143,004 | 22,028,336 | ||||||
Pall Corp. | 226,163 | 22,010,183 | ||||||
Raytheon Co. | 211,498 | 21,995,792 | ||||||
Pentair plc | 353,326 | 21,959,211 | ||||||
3M Co. | 138,428 | 21,648,755 | ||||||
MeadWestvaco Corp. | 442,457 | 21,591,902 | ||||||
Illinois Tool Works, Inc. | 230,706 | 21,589,467 | ||||||
United Technologies Corp. | 189,716 | 21,580,195 | ||||||
Amphenol Corp. — Class A | 388,782 | 21,526,859 | ||||||
Expeditors International of Washington, Inc. | 468,948 | 21,491,887 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 9 |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2015 |
GUGGENHEIM S&P 500® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Lockheed Martin Corp. | 114,259 | $ | 21,320,729 | |||||
Boeing Co. | 148,658 | 21,308,638 | ||||||
Garmin Ltd. | 469,334 | 21,209,203 | ||||||
TE Connectivity Ltd. | 317,110 | 21,103,671 | ||||||
Tyco International plc | 535,406 | 21,084,288 | ||||||
Waste Management, Inc. | 422,544 | 20,928,604 | ||||||
Norfolk Southern Corp. | 207,318 | 20,908,020 | ||||||
Union Pacific Corp. | 196,745 | 20,900,221 | ||||||
L-3 Communications Holdings, Inc. | 180,397 | 20,729,419 | ||||||
Corning, Inc. | 979,525 | 20,501,458 | ||||||
Kansas City Southern | 196,888 | 20,179,051 | ||||||
CH Robinson Worldwide, Inc. | 306,746 | 19,751,375 | ||||||
Total Industrial | 1,440,500,354 | |||||||
ENERGY - 9.5% | ||||||||
Range Resources Corp. | 497,420 | 31,616,014 | ||||||
Transocean Ltd.1 | 1,656,560 | 31,176,459 | ||||||
Ensco plc — Class A | 1,101,121 | 30,038,581 | ||||||
Noble Corporation plc1 | 1,661,466 | 28,759,976 | ||||||
Cameron International Corp.* | 523,832 | 28,716,471 | ||||||
Southwestern Energy Co.* | 1,008,007 | 28,254,435 | ||||||
Diamond Offshore Drilling, Inc.1 | 843,483 | 28,231,376 | ||||||
Newfield Exploration Co.* | 718,432 | 28,191,271 | ||||||
Helmerich & Payne, Inc. | 360,542 | 28,111,460 | ||||||
CONSOL Energy, Inc. | 848,268 | 27,551,745 | ||||||
Halliburton Co. | 560,730 | 27,447,733 | ||||||
Marathon Oil Corp. | 873,923 | 27,179,005 | ||||||
FMC Technologies, Inc.* | 614,559 | 27,102,052 | ||||||
Cabot Oil & Gas Corp. — Class A | 801,184 | 27,096,043 | ||||||
Anadarko Petroleum Corp. | 287,296 | 27,034,554 | ||||||
Devon Energy Corp. | 390,433 | 26,631,435 | ||||||
Equities Corp. | 295,558 | 26,582,487 | ||||||
Schlumberger Ltd. | 280,124 | 26,502,532 | ||||||
Cimarex Energy Co. | 211,057 | 26,255,491 | ||||||
Baker Hughes, Inc. | 382,720 | 26,201,011 | ||||||
EOG Resources, Inc. | 263,863 | 26,109,244 | ||||||
Apache Corp. | 379,562 | 25,962,041 | ||||||
Noble Energy, Inc. | 511,655 | 25,951,142 | ||||||
Chesapeake Energy Corp.1 | 1,632,587 | 25,745,897 | ||||||
Pioneer Natural Resources Co. | 145,710 | 25,175,774 | ||||||
Hess Corp. | 326,526 | 25,109,849 | ||||||
Williams Companies, Inc. | 488,277 | 24,994,899 | ||||||
National Oilwell Varco, Inc. | 459,145 | 24,982,079 | ||||||
QEP Resources, Inc. | 1,103,827 | 24,836,108 | ||||||
Spectra Energy Corp. | 666,530 | 24,828,243 | ||||||
ConocoPhillips | 365,525 | 24,826,458 | ||||||
Occidental Petroleum Corp. | 309,320 | 24,776,532 | ||||||
Chevron Corp. | 221,728 | 24,625,112 | ||||||
Kinder Morgan, Inc. | 564,361 | 24,239,305 | ||||||
ONEOK, Inc. | 502,105 | 24,151,251 | ||||||
Phillips 66 | 301,840 | 23,938,930 | ||||||
Exxon Mobil Corp. | 268,606 | 23,468,106 | ||||||
Marathon Petroleum Corp. | 234,193 | 23,084,404 | ||||||
Murphy Oil Corp. | 481,114 | 22,905,838 | ||||||
Tesoro Corp. | 261,289 | 22,426,435 | ||||||
First Solar, Inc.* | 371,785 | 22,184,411 | ||||||
Valero Energy Corp. | 384,889 | 21,900,184 | ||||||
Total Energy | 1,094,902,373 | |||||||
TECHNOLOGY - 9.1% | ||||||||
Altera Corp. | 642,612 | 26,784,069 | ||||||
Microsoft Corp. | 544,449 | 26,482,000 | ||||||
Red Hat, Inc.* | 340,596 | 25,633,255 | ||||||
Salesforce.com, Inc.* | 348,770 | 25,397,431 | ||||||
Citrix Systems, Inc.* | 373,864 | 25,108,706 | ||||||
International Business Machines Corp. | 146,040 | 25,015,192 | ||||||
Seagate Technology plc | 419,101 | 24,609,611 | ||||||
Xilinx, Inc. | 566,638 | 24,569,424 | ||||||
Analog Devices, Inc. | 391,620 | 24,217,781 | ||||||
Accenture plc — Class A | 256,394 | 23,754,904 | ||||||
Intel Corp. | 728,389 | 23,709,062 | ||||||
Electronic Arts, Inc.* | 407,375 | 23,664,414 | ||||||
Teradata Corp.* | 534,657 | 23,519,561 | ||||||
Akamai Technologies, Inc.* | 318,176 | 23,475,025 | ||||||
EMC Corp. | 866,509 | 23,317,757 | ||||||
Oracle Corp. | 531,578 | 23,187,432 | ||||||
Intuit, Inc. | 230,452 | 23,121,249 | ||||||
Cerner Corp.* | 320,081 | 22,985,017 | ||||||
Hewlett-Packard Co. | 694,693 | 22,904,028 | ||||||
Apple, Inc. | 182,311 | 22,816,222 | ||||||
CA, Inc. | 717,697 | 22,801,234 | ||||||
Western Digital Corp. | 231,795 | 22,655,643 | ||||||
Fiserv, Inc.* | 291,081 | 22,587,885 | ||||||
Dun & Bradstreet Corp. | 176,436 | 22,525,584 | ||||||
Broadcom Corp. — Class A | 508,883 | 22,495,173 | ||||||
Pitney Bowes, Inc. | 1,003,991 | 22,459,279 | ||||||
Skyworks Solutions, Inc. | 242,455 | 22,366,474 | ||||||
QUALCOMM, Inc. | 328,199 | 22,317,532 | ||||||
Linear Technology Corp. | 481,422 | 22,207,997 | ||||||
NetApp, Inc. | 611,963 | 22,183,659 | ||||||
Adobe Systems, Inc.* | 290,255 | 22,076,795 | ||||||
Micron Technology, Inc.* | 784,583 | 22,070,320 | ||||||
NVIDIA Corp. | 992,494 | 22,028,404 | ||||||
Paychex, Inc. | 451,313 | 21,839,036 | ||||||
KLA-Tencor Corp. | 371,124 | 21,822,091 | ||||||
Microchip Technology, Inc.1 | 454,933 | 21,679,832 | ||||||
Lam Research Corp. | 286,197 | 21,630,769 | ||||||
Cognizant Technology Solutions Corp. — Class A* | 368,484 | 21,571,053 | ||||||
Fidelity National Information Services, Inc. | 344,987 | 21,558,238 | ||||||
Computer Sciences Corp. | 334,435 | 21,554,336 | ||||||
Texas Instruments, Inc. | 394,469 | 21,384,164 | ||||||
Autodesk, Inc.* | 372,500 | 21,169,175 | ||||||
Avago Technologies Ltd. | 180,232 | 21,065,516 | ||||||
Xerox Corp. | 1,766,980 | 20,320,270 |
10 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2015 |
GUGGENHEIM S&P 500® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Applied Materials, Inc. | 929,468 | $ | 18,394,172 | |||||
SanDisk Corp. | 268,760 | 17,990,794 | ||||||
Total Technology | 1,047,027,565 | |||||||
COMMUNICATIONS - 7.9% | ||||||||
Netflix, Inc.* | 51,376 | 28,590,744 | ||||||
Amazon.com, Inc.* | 60,814 | 25,650,129 | ||||||
Juniper Networks, Inc. | 961,570 | 25,414,295 | ||||||
Cablevision Systems Corp. — Class A1 | 1,261,441 | 25,203,592 | ||||||
Harris Corp. | 313,380 | 25,145,611 | ||||||
Equinix, Inc. | 97,767 | 25,021,508 | ||||||
F5 Networks, Inc.* | 200,497 | 24,464,644 | ||||||
Priceline Group, Inc.* | 19,461 | 24,089,020 | ||||||
Symantec Corp. | 964,452 | 24,038,966 | ||||||
DIRECTV* | 264,501 | 23,991,563 | ||||||
AT&T, Inc. | 687,728 | 23,822,899 | ||||||
Nielsen N.V. | 529,013 | 23,773,844 | ||||||
Alliance Data Systems Corp.* | 79,275 | 23,569,251 | ||||||
CenturyLink, Inc. | 654,538 | 23,537,186 | ||||||
Verizon Communications, Inc. | 461,323 | 23,269,132 | ||||||
Cisco Systems, Inc. | 806,354 | 23,247,186 | ||||||
Expedia, Inc. | 246,593 | 23,236,458 | ||||||
Level 3 Communications, Inc.* | 414,073 | 23,163,244 | ||||||
Walt Disney Co. | 211,652 | 23,010,806 | ||||||
CBS Corp. — Class B | 369,750 | 22,972,568 | ||||||
Viacom, Inc. — Class B | 330,663 | 22,964,545 | ||||||
Facebook, Inc. — Class A* | 288,628 | 22,735,228 | ||||||
Time Warner, Inc. | 267,923 | 22,615,380 | ||||||
Time Warner Cable, Inc. | 145,402 | 22,612,919 | ||||||
Twenty-First Century Fox, Inc. — Class A | 662,249 | 22,569,446 | ||||||
VeriSign, Inc.*,1 | 354,094 | 22,488,510 | ||||||
Yahoo!, Inc.* | 525,506 | 22,368,162 | ||||||
eBay, Inc.* | 381,390 | 22,219,781 | ||||||
Omnicom Group, Inc. | 292,378 | 22,150,557 | ||||||
Comcast Corp. — Class A | 381,511 | 22,036,075 | ||||||
TripAdvisor, Inc.* | 273,027 | 21,975,943 | ||||||
Scripps Networks Interactive, Inc. — Class A | 313,292 | 21,886,578 | ||||||
Interpublic Group of Companies, Inc. | 1,045,949 | 21,797,577 | ||||||
Gannett Company, Inc. | 633,580 | 21,744,466 | ||||||
News Corp. — Class A* | 1,349,055 | 21,288,088 | ||||||
Frontier Communications Corp.1 | 3,094,712 | 21,229,724 | ||||||
Motorola Solutions, Inc. | 347,660 | 20,772,685 | ||||||
Discovery Communications, Inc. — Class C* | 465,725 | 14,078,867 | ||||||
Google, Inc. — Class A* | 20,463 | 11,229,481 | ||||||
Google, Inc. — Class C* | 20,497 | 11,013,858 | ||||||
Discovery Communications, Inc. — Class A* | 253,082 | 8,189,734 | ||||||
Total Communications | 905,180,250 | |||||||
UTILITIES - 6.0% | ||||||||
AES Corp. | 1,890,060 | 25,043,295 | ||||||
NRG Energy, Inc. | 959,910 | 24,228,128 | ||||||
PPL Corp. | 708,466 | 24,109,097 | ||||||
AGL Resources, Inc. | 475,625 | 23,909,669 | ||||||
NiSource, Inc. | 546,583 | 23,732,634 | ||||||
Exelon Corp. | 695,593 | 23,664,074 | ||||||
Duke Energy Corp. | 301,961 | 23,423,115 | ||||||
Dominion Resources, Inc. | 326,713 | 23,418,788 | ||||||
FirstEnergy Corp. | 651,149 | 23,382,761 | ||||||
Entergy Corp. | 301,796 | 23,292,615 | ||||||
American Electric Power Company, Inc. | 407,298 | 23,163,037 | ||||||
Integrys Energy Group, Inc. | 316,285 | 23,120,434 | ||||||
DTE Energy Co. | 289,892 | 23,084,100 | ||||||
Public Service Enterprise Group, Inc. | 555,593 | 23,079,333 | ||||||
PG&E Corp. | 434,921 | 23,016,019 | ||||||
CenterPoint Energy, Inc. | 1,096,862 | 23,001,196 | ||||||
Wisconsin Energy Corp.1 | 467,341 | 22,955,790 | ||||||
CMS Energy Corp. | 672,761 | 22,826,781 | ||||||
Consolidated Edison, Inc. | 370,290 | 22,791,350 | ||||||
Southern Co. | 512,633 | 22,709,642 | ||||||
TECO Energy, Inc. | 1,198,381 | 22,709,320 | ||||||
SCANA Corp. | 428,485 | 22,701,135 | ||||||
Xcel Energy, Inc. | 667,750 | 22,643,403 | ||||||
NextEra Energy, Inc. | 223,897 | 22,597,924 | ||||||
Sempra Energy | 211,817 | 22,488,611 | ||||||
Ameren Corp. | 547,750 | 22,424,885 | ||||||
Eversource Energy | 458,595 | 22,361,092 | ||||||
Pinnacle West Capital Corp. | 362,929 | 22,211,255 | ||||||
Edison International | 358,562 | 21,850,768 | ||||||
Pepco Holdings, Inc. | 840,348 | 21,832,241 | ||||||
Total Utilities | 691,772,492 | |||||||
BASIC MATERIALS - 4.4% | ||||||||
Freeport-McMoRan, Inc. | 1,241,958 | 28,900,363 | ||||||
LyondellBasell Industries N.V. — Class A | 269,079 | 27,855,057 | ||||||
Newmont Mining Corp. | 1,010,284 | 26,762,423 | ||||||
Allegheny Technologies, Inc. | 757,015 | 25,730,940 | ||||||
Eastman Chemical Co. | 323,533 | 24,659,685 | ||||||
Dow Chemical Co. | 478,848 | 24,421,248 | ||||||
Nucor Corp. | 481,522 | 23,527,165 | ||||||
Sigma-Aldrich Corp. | 163,379 | 22,696,610 | ||||||
Alcoa, Inc. | 1,660,266 | 22,280,770 | ||||||
Praxair, Inc. | 181,950 | 22,185,164 | ||||||
FMC Corp. | 373,963 | 22,179,746 | ||||||
International Paper Co. | 411,940 | 22,129,417 | ||||||
CF Industries Holdings, Inc. | 76,965 | 22,125,128 | ||||||
Ecolab, Inc. | 196,822 | 22,040,128 | ||||||
Monsanto Co. | 192,753 | 21,966,132 | ||||||
Sherwin-Williams Co. | 78,978 | 21,955,884 | ||||||
International Flavors & Fragrances, Inc. | 190,881 | 21,903,595 | ||||||
PPG Industries, Inc. | 98,846 | 21,900,320 | ||||||
Air Products & Chemicals, Inc. | 148,240 | 21,262,063 | ||||||
Mosaic Co. | 481,114 | 21,169,016 | ||||||
EI du Pont de Nemours & Co. | 279,849 | 20,484,947 | ||||||
Airgas, Inc. | 196,205 | 19,871,642 | ||||||
Total Basic Materials | 508,007,443 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 11 |
SCHEDULE OF INVESTMENTS (Unaudited)(concluded) | April 30, 2015 |
GUGGENHEIM S&P 500® EQUAL WEIGHT ETF |
Shares | Value | |||||||
DIVERSIFIED - 0.2% | ||||||||
Leucadia National Corp. | 955,068 | $ | 22,701,966 | |||||
Total Common Stocks | ||||||||
(Cost $9,715,067,903) | 11,460,712,650 | |||||||
SHORT TERM INVESTMENTS† - 0.1% | ||||||||
Federated U.S. Treasury Cash Reserve Fund 0.00% | 8,017,944 | 8,017,944 | ||||||
Total Short Term Investments | ||||||||
(Cost $8,017,944) | 8,017,944 |
Face Amount | ||||||||
SECURITIES LENDING COLLATERAL††,2 - 2.0% | ||||||||
Repurchase Agreements | ||||||||
HSBC Securities, Inc. issued 04/30/15 at 0.09% due 05/01/15 | $ | 172,788,676 | 172,788,676 | |||||
BNP Paribas Securities Corp. issued 04/30/15 at 0.10% due 05/01/15 | 32,044,445 | 32,044,445 | ||||||
Barclays Capital, Inc. issued 04/30/15 at 0.08% due 05/01/15 | 26,365,667 | 26,365,667 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $231,198,788) | 231,198,788 | |||||||
Total Investments - 102.0% | ||||||||
(Cost $9,954,284,635) | $ | 11,699,929,382 | ||||||
Other Assets & Liabilities, net - (2.0)% | (226,031,020 | ) | ||||||
Total Net Assets - 100.0% | $ | 11,473,898,362 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 4. |
†† | Value determined based on Level 2 inputs — See Note 4. |
1 | All or portion of this security is on loan at April 30, 2015 — See Note 5. |
2 | Securities lending collateral — See Note 5. |
plc — Public Limited Company | |
REIT — Real Estate Investment Trust |
12 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
STATEMENT OF ASSETS AND LIABILITIES (Unaudited) | April 30, 2015 |
Guggenheim S&P 500® Equal Weight ETF | ||||
Assets: | ||||
Investments, at value* — including $231,363,019 of securities loaned | $ | 11,468,730,594 | ||
Repurchase agreements | 231,198,788 | |||
Total Investments | 11,699,929,382 | |||
Segregated cash with broker | 585,226 | |||
Receivables: | ||||
Securities lending | 446,171 | |||
Dividends and interest | 8,614,089 | |||
Total assets | 11,709,574,868 | |||
Liabilities: | ||||
Payable for: | ||||
Return of securities loaned | 231,784,014 | |||
Due to custodian | 124,265 | |||
Management fees | 3,768,227 | |||
Total liabilities | 235,676,506 | |||
Commitments and contingent liabilities (Note 8) | — | |||
Net assets | $ | 11,473,898,362 | ||
Net assets consist of: | ||||
Paid-in capital | $ | 10,023,097,406 | ||
Distributions in excess of net investment income | (992,741 | ) | ||
Accumulated net realized loss on investments | (293,851,050 | ) | ||
Net unrealized appreciation on investments | 1,745,644,747 | |||
Net assets | $ | 11,473,898,362 | ||
Shares outstanding (unlimited shares authorized), no par value | 141,008,863 | |||
Net asset value, offering price and repurchase price per share | $ | 81.37 | ||
Cost of investments | $ | 9,723,085,847 | ||
Cost of repurchase agreements | 231,198,788 | |||
*Total cost of investments | $ | 9,954,284,635 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 13 |
STATEMENT OF OPERATIONS (Unaudited) |
For the Six Months Ended April 30, 2015
Guggenheim S&P 500® Equal Weight ETF | ||||
Investment Income: | ||||
Dividends, net of foreign taxes withheld* | $ | 103,618,867 | ||
Income from securities lending | 2,297,336 | |||
Interest | 37 | |||
Total investment income | 105,916,240 | |||
Expenses: | ||||
Management fees | 20,822,315 | |||
Total expenses | 20,822,315 | |||
Net investment income | 85,093,925 | |||
Net Realized and Unrealized Gain (Loss): | ||||
Net realized gain (loss) on: | ||||
Investments | 76,240,676 | |||
In-kind redemptions | 141,543,591 | |||
Net realized gain | 217,784,267 | |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments | 192,703,672 | |||
Net realized and unrealized gain | 410,487,939 | |||
Net increase in net assets resulting from operations | $ | 495,581,864 | ||
* Foreign taxes withheld | $ | 34,139 |
14 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
STATEMENTS OF CHANGES IN NET ASSETS (Unaudited) |
Guggenheim S&P 500® Equal Weight ETF | ||||||||
Period Ended April 30, 2015 (Unaudited) | Year Ended October 31, 2014 | |||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||
Net investment income | $ | 85,093,925 | $ | 109,088,349 | ||||
Net realized gain on investments | 217,784,267 | 310,206,875 | ||||||
Net change in unrealized appreciation (depreciation) on investments | 192,703,672 | 663,737,970 | ||||||
Net increase in net assets resulting from operations | 495,581,864 | 1,083,033,194 | ||||||
Distributions to shareholders from: | ||||||||
Net investment income | (86,554,951 | ) | (109,511,409 | ) | ||||
Shareholder transactions: | ||||||||
Proceeds from shares purchased | 2,499,727,883 | 3,153,662,668 | ||||||
Cost of shares redeemed | (411,053,502 | ) | (814,758,926 | ) | ||||
Net increase in net assets resulting from share transactions | 2,088,674,381 | 2,338,903,742 | ||||||
Net increase in net assets | 2,497,701,294 | 3,312,425,527 | ||||||
Net assets: | ||||||||
Beginning of period | 8,976,197,068 | 5,663,771,541 | ||||||
End of period | $ | 11,473,898,362 | $ | 8,976,197,068 | ||||
Undistributed (distributions in excess of) net investment income at end of period | $ | (992,741 | ) | $ | 468,285 | |||
Changes in shares outstanding: | ||||||||
Shares sold | 31,250,000 | 42,950,000 | ||||||
Shares redeemed | (5,200,000 | ) | (11,350,000 | ) | ||||
Net increase in shares | 26,050,000 | 31,600,000 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 15 |
GUGGENHEIM S&P 500® EQUAL WEIGHT ETF |
FINANCIAL HIGHLIGHTS |
This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund’s performance for the periods presented.
Period Ended April 30, 2015 (Unaudited) | Year Ended October 31, 2014 | Year Ended October 31, 2013 | Year Ended October 31, 2012 | Year Ended October 31, 2011 | Year Ended October 31, 2010 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 78.08 | $ | 67.94 | $ | 51.76 | $ | 46.77 | $ | 43.87 | $ | 35.99 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)a | 0.65 | 1.09 | 0.99 | 0.80 | 0.69 | 0.60 | ||||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | 3.30 | 10.13 | 16.13 | 4.97 | 2.87 | 7.87 | ||||||||||||||||||
Total from investment operations | 3.95 | 11.22 | 17.12 | 5.77 | 3.56 | 8.47 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.66 | ) | (1.08 | ) | (0.94 | ) | (0.78 | ) | (0.66 | ) | (0.59 | ) | ||||||||||||
Total distributions to shareholders | (0.66 | ) | (1.08 | ) | (0.94 | ) | (0.78 | ) | (0.66 | ) | (0.59 | ) | ||||||||||||
Net asset value, end of period | $ | 81.37 | $ | 78.08 | $ | 67.94 | $ | 51.76 | $ | 46.77 | $ | 43.87 | ||||||||||||
Total Returnb | 5.07 | % | 16.60 | % | 33.36 | % | 12.42 | % | 8.12 | % | 23.67 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 11,473,898 | $ | 8,976,197 | $ | 5,663,772 | $ | 2,772,440 | $ | 3,063,809 | $ | 2,154,259 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Net investment income (loss) | 1.63 | %c | 1.48 | % | 1.64 | % | 1.61 | % | 1.45 | % | 1.48 | % | ||||||||||||
Total expenses | 0.40 | %c | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | ||||||||||||
Portfolio turnover rated | 12 | % | 18 | % | 37 | % | 20 | % | 21 | % | 20 | % |
a | Based on average shares outstanding. |
b | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. |
c | Annualized. |
d | Portfolio turnover does not include securities received or delivered from processing creations or redemptions. |
16 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
NOTES TO FINANCIAL STATEMENTS (Unaudited) |
1. Organization and Significant Accounting Policies
Organization
Rydex ETF Trust (the “Trust”) is registered with the SEC under the Investment Company Act of 1940 (the “1940 Act”), as a 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. At April 30, 2015, the Trust consisted of twenty-one funds.
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 | Underlying Index |
Guggenheim S&P 500® Equal Weight ETF | S&P 500® Equal Weight Index |
The Fund seeks to achieve its objective by investing in common stocks that comprise the Underlying Index. The Fund uses a “replication” strategy to track the Underlying Index. Replication refers to investing in substantially all of the securities in the Underlying Index in approximately the same proportions as in the Underlying Index.
The Fund operates as an index fund and is not actively managed. Adverse performance of a security in the Fund’s portfolio will ordinarily not result in the elimination of the security from the Fund’s portfolio.
The Fund issues and redeems shares on a continuous basis, at net asset value per share (“NAV”), only in aggregation of 50,000 shares (a “Creation Unit”). Creation Units are issued and redeemed principally in-kind for securities included in the Underlying Index.
The Fund invests in various investments which are exposed to risk, such as market risk. Due to the level of risk associated with certain investments it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect amounts reported in the financial statements.
Guggenheim Investments (“GI”) provides advisory services, and Rydex Fund Services, LLC (“RFS”) provides transfer agent, administrative and accounting services to the Trust. Guggenheim Funds Distributors, LLC (“GFD”) acts as principal underwriter for the Trust. GI, RFS and GFD are affiliated entities.
Significant Accounting Policies
The Fund operates as an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 Financial Services – Investment Companies.
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. The Board of Trustees of the Fund (the “Board”) has adopted policies and procedures for the valuation of the Fund’s investments (the “Valuation Procedures”). Pursuant to the Valuation Procedures, the Board has delegated to a valuation committee, consisting of representatives from Guggenheim’s investment management, fund administration, legal and compliance departments (the “Valuation Committee”), the day-to-day responsibility for implementing the Valuation Procedures, including, under most circumstances, the responsibility for determining the fair value of the Fund’s securities or other assets.
Valuations of the Fund’s securities are supplied primarily by pricing services appointed pursuant to the processes set forth in the Valuation Procedures. The Valuation Committee convenes monthly, or more frequently as needed and will review the valuation of all assets which have been fair valued for reasonableness. The Fund’s officers, through the Valuation Committee and consistent with the monitoring and review responsibilities set forth in the Valuation Procedures, regularly review procedures used by, and valuations provided by, the pricing services.
If the pricing service cannot or does not provide a valuation for a particular investment or such valuation is deemed unreliable, such investment is fair valued by the Valuation Committee.
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 17 |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued) |
Equity securities listed on an exchange (New York Stock Exchange (“NYSE”) or American Stock Exchange) are valued at the last quoted sales price as of the close of business on the NYSE, usually 4:00 p.m. on the valuation date. Equity securities listed on the NASDAQ market system are valued at the NASDAQ Official Closing Price on the valuation date, which may not necessarily represent the last sale price. If there has been no sale on such exchange or NASDAQ on a given day, the security is valued at the closing bid price on that day.
The Fund invests in money market mutual funds, which are valued at their NAV.
Short-term debt securities with a maturity of 60 days or less at acquisition and repurchase agreements are valued at amortized cost, which approximates market value.
Investments for which market quotations are not readily available are fair valued as determined in good faith by GI under the direction of the Board of Trustees using methods established or ratified by the Board of Trustees.
These methods include, but are not limited to: (i) obtaining general information as to how these securities and assets trade; and (ii) obtaining other information and considerations, including current values in related markets.
B. Security transactions are recorded on the trade date for financial reporting purposes. Realized gains and losses from securities transactions are recorded using the identified cost basis. Proceeds from lawsuits related to investment holdings are recorded as realized gains in the 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. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.
C. Distributions of net investment income and net realized gains, if any, are declared and paid at least annually. Distributions are recorded on the ex-dividend date and are determined in accordance with income tax regulations which may differ from U.S. GAAP.
D. The Fund may leave cash overnight in its cash account with the custodian. Periodically, the Fund may have cash due to the custodian bank as an overdraft balance. A fee is incurred on this overdraft, calculated by multiplying the overdraft by a rate based on the federal funds rate.
E. 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 Funds 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 a 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.
F. Under the Fund’s organizational documents, its Trustees and Officers are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, 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
18 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued) |
exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.
2. Capital
There is a minimum transaction fee per transaction to those persons purchasing or redeeming Creation Units. An additional charge of up to three times the standard transaction fee may be imposed for purchases and redemptions effected outside the National Securities Clearing Corporation usual clearing process or for cash. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV of the Fund on the transaction date. Transaction fees are not charged to or paid by the Fund. The minimum transaction fees are:
Fund | Minimum Transaction Fee |
Guggenheim S&P 500® Equal Weight ETF | $2,000 |
3. Fees and Other Transactions with Affiliates
GI determines the composition of the portfolio of securities that must be delivered in exchange for the issuance of Creation Units and periodically adjusts the composition of the portfolio of the Fund to conform to changes in the composition of the relevant index. For these services, GI receives a management fee at the annual rate shown below as a percentage of the average daily net assets of the Fund.
Fund | Advisory Fee |
Guggenheim S&P 500® Equal Weight ETF | 0.40% |
GI pays all expenses of the Fund, including the cost of transfer agency, custody, fund administration, fund accounting, legal, audit and other services, except: interest, taxes, distribution fees or expenses and extraordinary expenses.
Under a Fund Administration Agreement with the Trust, RFS provides various administrative and financial reporting services for the Fund. GI compensates RFS directly for this service.
Under a Fund Accounting Agreement with the Trust, BNYMellon maintains the books and records of the Fund. Under a Custodian Agreement with the Trust, BNYMellon maintains cash, securities and other assets of the Fund in a separate account for the Fund, keeps all necessary accounts and records, and provides other services. BNYMellon is required, upon the order of the Trust, to deliver securities held by the custodian and to make payments for securities purchased by the Trust for the Fund. Pursuant to a Transfer Agency and Service Agreement with the Trust, BNYMellon acts as a transfer agent for the Trust’s authorized and issued shares of beneficial interest, and as dividend disbursing agent of the Trust. GI compensates BNYMellon directly for the foregoing services.
The Fund has adopted a Distribution Plan (the “Plan”) that allows the Fund to pay distribution fees to GFD and other firms that provide distribution services (“Service Providers”). If a Service Provider provides distribution services, the Fund will pay distribution fees to GFD at an annual rate not to exceed 0.25% of average daily net assets, pursuant to Rule 12b-1 of the 1940 Act. GFD will, in turn, pay the Service Provider out of its fees. No such fee is currently charged to the Fund.
Certain trustees and officers of the Trust are also officers of GI, RFS and GFD.
4. Fair Value Measurement
In accordance with U.S. GAAP, fair value is defined as the price that the Funds would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the investment or liability. U.S. GAAP establishes a three-tier fair value hierarchy based on the types of inputs used to value assets and liabilities and requires corresponding disclosure. The hierarchy and the corresponding inputs are summarized below:
Level 1 | — | quoted prices in active markets for identical 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). |
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 19 |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued) |
The types of inputs available depend on a variety of factors, such as the type of security and the characteristics of the markets in which it trades, if any. Fair valuation determinations that rely on fewer or no observable inputs require greater judgment. Accordingly, fair value determinations for Level 3 securities require the greatest amount of judgment.
The following table summarizes the inputs used to value the Fund’s investments at April 30, 2015:
Fund | Level 1 Investments In Securities | Level 2 Investments In Securities | Level 3 Investments In Securities | Total | ||||||||||||
Guggenheim S&P 500® Equal Weight ETF | $ | 11,468,730,594 | $ | 231,198,788 | $ | — | $ | 11,699,929,382 |
For the period ended April 30, 2015, there were no transfers between levels.
5. 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 and cash. The Funds bear the risk of loss on cash collateral investments. Collateral is maintained over the life of the loan in an amount not less than the value of loaned securities, as determined at the close of fund business each day; any additional collateral required due to changes in security values is delivered to the Funds the next business day. Although the collateral mitigates the risk, the Funds could experience a delay in recovering its securities and a possible loss of income or value if the borrower fails to return the securities. The Funds have the right under the securities lending agreement to recover the securities from the borrower on demand.
At April 30, 2015, the Fund participated in securities lending as follows:
Fund | Value of Securities Loaned | Cash Collateral Received | ||||||
Guggenheim S&P 500® Equal Weight ETF | $ | 231,363,019 | $ | 231,784,014 |
20 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued) |
Cash collateral received was invested in the following joint repurchase agreements at April 30, 2015:
Counterparty and Terms of Agreement | Face Value | Repurchase Price | Collateral | Par Value | Fair Value | |||||||
HSBC Securities, Inc. | U.S. Treasury Notes | |||||||||||
0.09% | 0.63% - 4.00% | |||||||||||
Due 05/01/15 | $ | 172,788,676 | $ | 172,789,108 | 12/15/16 - 11/15/22 | $ | 124,821,895 | $ | 131,266,694 | |||
U.S. Treasury Floating Rate Note | ||||||||||||
0.09% | ||||||||||||
04/30/17 | 44,999,081 | 44,999,081 | ||||||||||
BNP Paribas Securities Corp. | U.S. Treasury Strips | |||||||||||
0.10% | 0.00% | |||||||||||
Due 05/01/15 | 32,044,445 | 32,044,534 | 08/15/27 - 02/15/44 | 22,526,267 | 10,401,495 | |||||||
U.S. Treasury Notes | ||||||||||||
1.00% - 2.13% | ||||||||||||
06/30/19 - 08/15/21 | 16,675,612 | 17,159,735 | ||||||||||
U.S. TIP Bonds | ||||||||||||
0.13% | ||||||||||||
01/15/23 - 07/15/24 | 5,163,426 | 5,127,671 | ||||||||||
Barclays Capital, Inc. | U.S. Treasury Notes | |||||||||||
0.08% | 1.38% | |||||||||||
Due 05/01/15 | 26,365,667 | 26,365,726 | 04/30/20 | 26,950,623 | 26,883,246 | |||||||
U.S. Treasury Strips | ||||||||||||
0.00% | ||||||||||||
05/15/30 - 02/15/41 | 18,780 | 12,733 |
There was also $585,226 in segregated cash held as collateral.
In the event of counterparty default, the Funds have the right to collect the collateral to offset losses incurred. There is potential loss to the Funds in the event the Funds are delayed or prevented from exercising their rights to dispose of the collateral securities, including the risk of a possible decline in the value of the underlying securities during the period while the Funds seek to assert their rights. The Funds’ investment adviser, acting under the supervision of the Board of Trustees, reviews the value of the collateral and the creditworthiness of those banks and dealers with which the Funds enter into repurchase agreements to evaluate potential risks.
6. Federal Income Tax Information
The Fund intends to comply with the provisions of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and will distribute substantially all taxable net investment income and capital gains sufficient to relieve the Fund from all, or substantially all, federal income, excise and state income taxes. Therefore, no provision for federal or state income tax is required.
Tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns are evaluated to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Fund’s tax positions taken, or to be taken, on Federal income tax returns for all open tax years, and has concluded that no provision for income tax is required in the Fund’s financial statements. The Fund’s federal tax returns are subject to examination by the Internal Revenue Service for a period of three years after they are filed.
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 21 |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued) |
At April 30, 2015, the cost of securities for Federal income tax purposes, the aggregate gross unrealized gain for all securities for which there was an excess of value over tax cost and the aggregate gross unrealized loss for all securities for which there was an excess of tax cost over value, were as follows:
Fund | Tax Cost | Tax Unrealized Gain | Tax Unrealized Loss | Net Unrealized Gain | ||||||||||||
Guggenheim S&P 500® Equal Weight ETF | $ | 9,965,618,236 | $ | 2,026,696,411 | $ | (292,385,265 | ) | $ | 1,734,311,146 |
7. Investment Transactions
For the period ended April 30, 2015, the Fund had investments transactions in-kind associated with subscriptions and redemptions as follows:
Fund | Subscriptions | Redemptions | ||||||
Guggenheim S&P 500® Equal Weight ETF | $ | 2,495,098,719 | $ | 410,331,255 |
For the period ended April 30, 2015, the cost of purchases and proceeds from sales of investment securities, excluding government securities, short-term investments and in-kind transactions, were as follows:
Fund | Purchases | Sales | ||||||
Guggenheim S&P 500® Equal Weight ETF | $ | 1,289,627,129 | $ | 1,292,209,338 |
8. Legal Proceedings
Tribune Company
Rydex ETF Trust has been named as a defendant and a putative member of the proposed defendant class of shareholders in the case entitled Kirschner v. FitzSimons, No. 12-2652 (S.D.N.Y.) (formerly Official Committee of Unsecured Creditors of Tribune Co. v. FitzSimons, Adv. Pro. No. 10-54010 (Bankr. D. Del.)) (the “FitzSimons action”), as a result of ownership of shares by certain series of the Rydex ETF Trust in the Tribune Company (“Tribune”) in 2007, when Tribune effected a leveraged buyout transaction (“LBO”) by which Tribune converted to a privately-held company. In his complaint, the plaintiff has alleged that, in connection with the LBO, insiders and shareholders were overpaid for their Tribune stock using financing that the insiders knew would, and ultimately did, leave the Tribune Company insolvent. The plaintiff has asserted claims against certain insiders, major shareholders, professional advisers, and others involved in the LBO. The plaintiff is also attempting to obtain from former Tribune shareholders, including Rydex ETF Trust, the proceeds they received in connection with the LBO.
In June 2011, a group of Tribune creditors filed multiple actions against former Tribune shareholders involving state law constructive fraudulent conveyance claims arising out of the 2007 LBO (the “SLCFC actions”). Rydex ETF Trust has been named as a defendant in one of the SLCFC actions: Deutsche Bank Trust Co. Americas v. McGurn, No. 11-1510 (S.D.N.Y.). In those actions, the creditors seek to recover from Tribune’s former shareholders the proceeds received in connection with the 2007 LBO.
The FitzSimons action and the SLCFC actions have been consolidated with the majority of the other Tribune LBO-related lawsuits in a multidistrict litigation proceeding captioned In re Tribune Company Fraudulent Conveyance Litig., No. 11-md-2696 (S.D.N.Y.) (the “MDL Proceeding”).
On September 23, 2013, the District Court granted the defendants’ omnibus motion to dismiss the SLCFC actions, on the basis that the creditors lacked standing. On September 30, 2013, the creditors filed a notice of appeal of the September 23 order. On October 28, 2013, the defendants filed a joint notice of cross-appeal of that same order. The SLCFC appeals have been fully briefed, and oral argument in front of the U.S. Court of Appeals for the Second Circuit occurred on November 5, 2014. The Court has not yet issued a decision on the appeals.
22 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(concluded) |
On May 23, 2014, the defendants filed motions to dismiss the FitzSimons action, including a global motion to dismiss Count I, which is the claim brought against former Tribune shareholders for intentional fraudulent conveyance under U.S. federal law. The Court has not yet issued a decision on any of these motions.
None of these lawsuits alleges any wrongdoing on the part of Rydex ETF Trust. The following series of Rydex ETF Trust held shares of Tribune and tendered these shares as part of Tribune’s LBO: Guggenheim S&P 500 Equal Weight ETF (the “Fund”). The value of the proceeds received by the foregoing Fund was $4,766,035. At this stage of the proceedings, Rydex ETF Trust is not able to make a reliable prediction as to the outcome of these lawsuits or the effect, if any, on the Fund’s net asset value.
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 23 |
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 800.820.0888. This information is also available from the EDGAR database on the SEC’s website at http://www.sec.gov.
Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 800.820.0888. This information is also available from the EDGAR database on the SEC’s website at http://www.sec.gov.
Quarterly Portfolio Schedules Information
The Trust files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q; which are available on the SEC’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and that information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330. Copies of the portfolio holdings are also available to shareholders, without charge and upon request, by calling 800.820.0888.
24 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited) |
A Board of Trustees oversees the Trust, as well as other trusts of GI, in which its members have no stated term of service, and continue to serve after election until resignation. The Statement of Additional Information includes further information about Fund Trustees and Officers, and can be obtained without charge by visiting guggenheiminvestments.com or by calling 800.820.0888.
Name, Address* and Year of Birth of Trustee | Position(s) Held with the Trust, Term of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee*** | Other Directorships Held by Trustee |
INTERESTED TRUSTEE | ||||
Donald C. Cacciapaglia** (1951) | Trustee from 2012 to present. | Current: President and CEO, certain other funds in the Fund Complex (2012-present); Vice Chairman, Guggenheim Investments (2010-present). Former: Chairman and CEO, Channel Capital Group, Inc. (2002-2010). | 221 | Clear Spring Life Insurance Company (2015-present); Guggenheim Partners Japan, Ltd. (2014-present); Delaware Life (2013-present); Guggenheim Life and Annuity Company (2011-present); Paragon Life Insurance Company of Indiana (2011-present). |
INDEPENDENT TRUSTEES | ||||
Corey A. Colehour (1945) | Trustee and Member of the Audit Committee from 2003 to present; Member of the Governance and Nominating Committees from 2005 to present; and Member of the Investment and Performance Committee from 2014 to present. | Retired. | 133 | None. |
J. Kenneth Dalton (1941) | Trustee from 2003 to present; Chairman and Member of the Audit Committee from 2003 to present; Member of the Governance and Nominating Committees from 2005 to present; and Member of the Compliance and Risk Oversight Committee from 2010 to present. | Retired. | 133 | Epiphany Funds (4) (2009-present). |
John O. Demaret (1940) | Vice Chairman of the Board of Trustees from 2014 to present; Trustee and Member of the Audit Committee from 2003 to present; Chairman of the Board from 2006 to 2014; Member of the Compliance and Risk Oversight Committee from 2010 to present; Chairman and Member of the Investment and Performance Committee from 2014 to present; and Member of the Nominating Committee from 2014 to present. | Retired. | 133 | None. |
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 25 |
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued) |
Name, Address* and Year of Birth of Trustee | Position(s) Held with the Trust, Term of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee*** | Other Directorships Held by Trustee |
INDEPENDENT TRUSTEES - concluded | ||||
Werner E. Keller (1940) | Chairman of the Board from 2014 to present; Trustee and Member of the Audit, Governance and Nominating Committees from 2005 to present; Vice Chairman of the Board from 2010 to 2014; Chairman and Member of the Compliance and Risk Oversight Committee from 2010 to present; and Member of the Investment and Performance Committee from 2014 to present. | Current: Founder and President, Keller Partners, LLC (investment research firm) (2005-present). | 133 | None. |
Thomas F. Lydon, Jr. (1960) | Trustee and Member of the Audit, Governance and Nominating Committees from 2005 to present. | Current: President, Global Trends Investments (registered investment adviser) (1996-present). | 133 | US Global Investors (GROW) (1995-present). |
Patrick T. McCarville (1942) | Trustee and Member of the Audit Committee from 2003 to present; Chairman and Member of the Governance and Nominating Committees from 2005 to present. | Retired. Former: Chief Executive Officer, Par Industries, Inc., d/b/a Par Leasing (1977-2010). | 133 | None. |
Name, Address* and Year of Birth | Position(s) Held with the Trust, Term of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years |
OFFICERS | ||
Donald C. Cacciapaglia (1951) | President (2012-present). | Current: President and CEO, certain other funds in the Fund Complex (2012-present); Vice Chairman, Guggenheim Investments (2010-present). Former: Chairman and CEO, Channel Capital Group Inc. (2002-2010). |
Michael P. Byrum (1970) | Vice President (1999-present). | Current: Senior Vice President, Security Investors, LLC (2010-present); President and Chief Investment Officer, Rydex Holdings, LLC (2008-present); Director and Chairman, Advisory Research Center, Inc. (2006-present); Manager, Guggenheim Specialized Products, LLC (2005-present). Former: Vice President, Guggenheim Distributors, LLC (2009); Director (2009-2010) and Secretary (2002-2010), Rydex Fund Services, LLC; Director (2008-2010), Chief Investment Officer (2006-2010), President (2004-2010) and Secretary (2002-2010), Rydex Advisors, LLC; Director (2008-2010), Chief Investment Officer (2006-2010), President (2004-2010) and Secretary (2002-2010), Rydex Advisors II, LLC. |
26 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(concluded) |
Name, Address* and Year of Birth | Position(s) Held with the Trust, Term of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years |
OFFICERS - concluded | ||
Nikolaos Bonos (1963) | Vice President and Treasurer (2003-present). | Current: Senior Vice President, Security Investors, LLC (2010-present); Chief Executive Officer, Guggenheim Specialized Products, LLC (2009-present); Chief Executive Officer & President, Rydex Fund Services, LLC (2009-present); Vice President, Rydex Holdings, LLC (2008-present). Former: Senior Vice President, Security Global Investors, LLC (2010-2011); and Senior Vice President, Rydex Advisors, LLC and Rydex Advisors II, LLC (2006-2011). |
Elisabeth Miller (1968) | Chief Compliance Officer (2012-present). | Current: CCO, certain other funds in the Fund Complex (2012-present); CCO, Security Investors, LLC (2012-present); CCO, Guggenheim Funds Investment Advisors, LLC (2012-present); Managing Director, Guggenheim Investments (2012-present); Vice President, Guggenheim Funds Distributors, LLC (March 2014-present). Former: CCO, Guggenheim Distributors, LLC (2009-March 2014); Senior Manager, Security Investors, LLC (2004-2009); Senior Manager, Guggenheim Distributors, LLC (2004-2009). |
Joseph M. Arruda (1966) | Assistant Treasurer (2006-present). | Current: Assistant Treasurer, certain other funds in the Fund Complex (2006-present); Vice President, Security Investors, LLC (2010-present); CFO and Manager, Guggenheim Specialized Products, LLC (2009-present). Former: Vice President, Security Global Investors, LLC (2010-2011); Vice President, Rydex Advisors, LLC (2010); Vice President, Rydex Advisors II, LLC (2010). |
Paul J. Davio (1972) | Assistant Treasurer (2014-present). | Current: Assistant Treasurer, certain other funds in the Fund Complex (2014-present); Director, Guggenheim Investments (2006-present). Former: Manager, Mutual Fund Administration, Guggenheim Investments (2003-2006). |
Amy J. Lee (1961) | Vice President (2009-present) and Secretary (2012-present). | Current: Chief Legal Officer, certain other funds in the Fund Complex (2013-present); Senior Managing Director, Guggenheim Investments (2012-present). Former: Vice President, Associate General Counsel and Assistant Secretary, Security Benefit Life Insurance Company and Security Benefit Corporation (2004-2012). |
* | All Trustees and Officers may be reached c/o Guggenheim Investments, 805 King Farm Boulevard, Suite 600, Rockville, MD 20850. |
** | Mr. Cacciapaglia is an “interested” person of the Trust, as that term is defined in the 1940 Act by virtue of his affiliation with the Adviser’s parent company. |
*** | The “Fund Complex” includes all closed-end and open-end funds (including all of their portfolios) advised by the Adviser and any funds that have an investment adviser or servicing agent that is an affiliated person of the Adviser. Information provided is as of the date of this report. |
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 27 |
GUGGENHEIM INVESTMENTS PRIVACY POLICIES (Unaudited) |
Rydex Funds, Guggenheim Funds, Rydex Investments, Guggenheim Funds Distributors, LLC, Security Investors, LLC, Security Distributors, Inc., Guggenheim Partners Investment Managers, LLC, and Rydex Advisory Services (Collectively “Guggenheim Investments”).
Our Commitment to You
When you become a Guggenheim Investments investor, you entrust us with not only your hard-earned money but also with personal and financial information about you. We recognize that your relationship with us is based on trust and that you expect us to act responsibly and in your best interests. Because we have access to this private information about you, we hold ourselves to the highest standards in its safekeeping and use. This means, most importantly, that we do not sell client information to anyone—whether it is your personal information or if you are a current or former Guggenheim Investments client.
The Information We Collect About You
In the course of doing business with shareholders and investors, we collect nonpublic personal information about you. You typically provide personal information when you complete a Guggenheim Investments account application or when you request a transaction that involves Rydex and Guggenheim Investments funds or one of the Guggenheim Investments affiliated companies. “Nonpublic personal information” is personally identifiable private information about you. For example, it includes information regarding your name and address, Social Security or taxpayer identification number, assets, income, account balance, bank account information and investment activity (e.g., purchase and redemption history).
How We Handle Your Personal Information
As emphasized above, we do not sell information about current or former clients or their accounts to third parties. Nor do we share such information, except when necessary to complete transactions at your request or to make you aware of related investment products and services that we offer. Additional details about how we handle your personal information are provided below. To complete certain transactions or account changes that you direct, it may be necessary to provide identifying information to companies, individuals or groups that are not affiliated with Guggenheim Investments. For example, if you ask to transfer assets from another financial institution to Guggenheim Investments, we will need to provide certain information about you to that company to complete the transaction. To alert you to other Guggenheim Investments investment products and services, we may share your information within the Guggenheim Investments family of affiliated companies. This would include, for example, sharing your information within Guggenheim Investments so we can make you aware of new Rydex and Guggenheim Investments funds or the services offered through another Guggenheim Investments affiliated company. In certain instances, we may contract with nonaffiliated companies to perform services for us. Where necessary, we will disclose information we have about you to these third parties. In all such cases, we provide the third party with only the information necessary to carry out its assigned responsibilities and only for that purpose. And we require these third parties to treat your private information with the same high degree of confidentiality that we do. In certain instances, we may share information with other financial institutions regarding individuals and entities in response to the U.S.A. Patriot Act. Finally, we will release information about you if you direct us to do so, if we are compelled by law to do so or in other circumstances permitted by law.
Opt Out Provisions
We do not sell your personal information to anyone. The law allows you to “opt out” of only certain kinds of information sharing with third parties. The firm does not share personal information about you with any third parties that triggers this opt-out right. This means YOU ARE ALREADY OPTED OUT.
28 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
GUGGENHEIM INVESTMENTS PRIVACY POLICIES (Unaudited)(concluded) |
How We Protect Privacy Online
Our concern for the privacy of our shareholders also extends to those who use our web site, guggenheiminvestments.com. Our web site uses some of the most secure forms of online communication available, including encryption technology, Secure Socket Layer (SSL) protocol, firewalls and user names and passwords. These technologies provide a high level of security and privacy when you access your account information or initiate online transactions. The Guggenheim Investments web site offers customized features that require our use of “http cookies”—tiny pieces of information that we ask your browser to store. However, we make very limited use of these cookies. We only use cookies for session management and security features on the Guggenheim Investments web site. We do not use them to pull data from your hard drive, to learn your email address, or to view data in cookies created by other web sites. We will not share the information in our cookies or give others access to it. See the legal information area on our web site for more details about web site security and privacy features.
How We Safeguard Your Personal Information
We restrict access to nonpublic personal information about shareholders to our employees and in some cases to third parties (for example, the service providers described above) as permitted by law. We maintain strict physical, electronic and procedural safeguards that comply with federal standards to guard your nonpublic personal information.
We’ll Keep You Informed
As required by federal law, we will notify shareholders of our privacy policy annually. We reserve the right to modify this policy at any time, but rest assured that if we do change it, we will tell you promptly. You will also be able to access our privacy policy from our web site at guggenheiminvestments.com. Should you have any questions regarding our privacy policy, contact us at 800.820.0888 or 301.296.5100.
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 29 |
Item 2. Code of Ethics.
Not applicable for a semiannual reporting period.
Item 3. Audit Committee Financial Expert.
Not applicable for a semiannual reporting period.
Item 4. Principal Accountant Fees and Services.
Not applicable for a semiannual reporting period.
Item 5. Audit Committee of Listed Registrants.
Not applicable for a semiannual reporting period.
Item 6. Investments.
Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this form.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11. Controls and Procedures.
(a) The registrant’s President (principal executive officer) and Treasurer (principal financial officer) have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.
(b) The registrant’s principal executive officer and principal financial officer are aware of no change in the registrant’s internal control over financial reporting that occurred during the registrant’s second fiscal quarter covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Exhibits.
(a)(2) Separate certifications by the President (principal executive officer) and Treasurer (principal financial officer) of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)) are attached.
(b) A certification by the registrant’s President (principal executive officer) and Treasurer (principal financial officer) as required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)) is attached.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | Rydex ETF Trust | ||
By (Signature and Title)* | /s/ Donald C. Cacciapaglia | ||
Donald C. Cacciapaglia, President | |||
Date | July 8, 2015 |
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 8, 2015 | ||
By (Signature and Title)* | /s/ Nikolaos Bonos | ||
Nikolaos Bonos, Vice President and Treasurer | |||
Date | July 8, 2015 |
* Print the name and title of each signing officer under his or her signature.