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

UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, 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 J. 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, 2016

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.

 

4.30.2016

Guggenheim ETFs Semi-Annual Report

EWEM	Guggenheim MSCI Emerging Markets Equal Country Weight ETF
EWMC	Guggenheim S&P MidCap 400® Equal Weight ETF
EWSC	Guggenheim S&P SmallCap 600® Equal Weight ETF
RCD	Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF
RHS	Guggenheim S&P 500® Equal Weight Consumer Staples ETF
RYE	Guggenheim S&P 500® Equal Weight Energy ETF
RYF	Guggenheim S&P 500® Equal Weight Financials ETF
RYH	Guggenheim S&P 500® Equal Weight Health Care ETF
RGI	Guggenheim S&P 500® Equal Weight Industrials ETF
RTM	Guggenheim S&P 500® Equal Weight Materials ETF
EWRE	Guggenheim S&P 500® Equal Weight Real Estate ETF
RYT	Guggenheim S&P 500® Equal Weight Technology ETF
RYU	Guggenheim S&P 500® Equal Weight Utilities ETF

ETF-SEMI-0416x1016 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	53
STATEMENTS OF OPERATIONS	57
STATEMENTS OF CHANGES IN NET ASSETS	61
FINANCIAL HIGHLIGHTS	68
NOTES TO FINANCIAL STATEMENTS	81
OTHER INFORMATION	89
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS	90
GUGGENHEIM INVESTMENTS PRIVACY POLICIES	93

GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 1

April 30, 2016

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, 2016.

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, 2016

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, 2016

After a very weak start to the year, strong performance in late February through April brought investment markets modestly higher for the full period. Investors returned to higher risk areas of the market. High yield bonds had their best three month returns in more than two years in the first quarter.

Oil prices stabilized and despite disappointment about a lack of near-term coordinated supply cuts, oil remained around $40/barrel on average. We believe we have seen the bottom in oil prices.

Currency issues and growing competitive pressures in China also weighed heavily on the collective investor consciousness.

The economic story in the U.S. continues to be a mix of good and bad. Growth in the U.S. continued at a slow pace. For the first time in two years, first quarter gross domestic product (“GDP”) growth was positive, but disappointed higher market expectations at just 0.5 percent, the weakest pace in two years. Wage growth increased in April after recent disappointing data, and the labor market continued to underwhelm, as the economy inched closer to “full employment.” While a stronger dollar weighed on the U.S. economy earlier in the period, the dollar weakened in the early part of 2016. Also, after several months of disappointing data, retail spending finally started to pick up toward the end of the period. Underlining this soft growth, inflation remained below the Fed’s two percent target.

Outside the U.S., despite the Bank of Japan and the European Central Bank (“ECB”) moving to negative policy rates, deflationary headwinds grew and the euro and yen strengthened — the exact opposite of what central bankers hoped. The Bank of Japan and the ECB are already executing massive quantitative easing programs, but as their balance sheets expand, assets available to purchase shrink. As options for further quantitative easing diminish, negative rates may become an important component of monetary policy orthodoxy.

More monetary liquidity in these countries eventually spills into our own, which accounts for what we are seeing now. Risk assets are rising in value along with falling Treasury yields. The high correlation between risk-free and risk assets is part of the rising tide of liquidity, which is continuing to push risk assets and safe-haven assets higher.

Guggenheim expects further declines in the unemployment rate as job gains outstrip growth in the labor force. Meanwhile, core and headline inflation should move closer to the Fed’s target by year-end, reflecting Guggenheim’s forecasts for a tighter labor market and a modest rise in oil prices. This should curtail the speed at which the Fed anticipates increasing rates in 2016, which Guggenheim would interpret as a sign that the expansion remains intact. A solid macroeconomic backdrop and a rebalancing oil market should support the credit picture in the second half of 2016, but caution is warranted over the summer as recent asset price rallies may fade in the face of global macro risks.

For the six months ended April 30, 2016, the Standard & Poor’s 500^® (“S&P 500”) Index* returned 0.43%. The Morgan Stanley Capital International (“MSCI”) Europe-Australasia-Far East (“EAFE”) Index* returned -3.07%. The return of the MSCI Emerging Markets Index* was -0.14%.

In the bond market, the Barclays U.S. Aggregate Bond Index* posted a 2.82% return for the period, while the Barclays U.S. Corporate High Yield Index* returned 2.37%. The return of the Bank of America (“BofA”) Merrill Lynch 3-Month U.S. Treasury Bill Index* was 0.14% 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.

*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, noninvestment 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.

GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 3

ECONOMIC AND MARKET OVERVIEW (Unaudited)(concluded) April 30, 2016

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 advisor. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example in the table is based on an investment of $1,000 invested on October 31, 2015 and held for the six months ended April 30, 2016.

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, 2015	Ending Account Value April 30, 2016	Expenses Paid During Period2
Table 1. Based on actual Fund return3
Guggenheim MSCI Emerging Markets Equal Country Weight ETF	0.66%	3.67%	$ 1,000.00	$ 1,036.70	$ 3.34
Guggenheim S&P MidCap 400® Equal Weight ETF	0.41%	2.28%	1,000.00	1,022.80	2.06
Guggenheim S&P SmallCap 600® Equal Weight ETF	0.41%	(1.40%)	1,000.00	986.00	2.02
Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF	0.40%	(3.31%)	1,000.00	966.90	1.96
Guggenheim S&P 500® Equal Weight Consumer Staples ETF	0.40%	8.85%	1,000.00	1,088.50	2.08
Guggenheim S&P 500® Equal Weight Energy ETF	0.40%	3.55%	1,000.00	1,035.50	2.02
Guggenheim S&P 500® Equal Weight Financials ETF	0.40%	(0.74%)	1,000.00	992.60	1.98
Guggenheim S&P 500® Equal Weight Health Care ETF	0.40%	(0.90%)	1,000.00	991.00	1.98
Guggenheim S&P 500® Equal Weight Industrials ETF	0.40%	4.76%	1,000.00	1,047.60	2.04
Guggenheim S&P 500® Equal Weight Materials ETF	0.40%	7.73%	1,000.00	1,077.30	2.07
Guggenheim S&P 500® Equal Weight Real Estate ETF	0.40%	2.95%	1,000.00	1,029.50	2.02
Guggenheim S&P 500® Equal Weight Technology ETF	0.40%	(2.37%)	1,000.00	976.30	1.97
Guggenheim S&P 500® Equal Weight Utilities ETF	0.40%	13.11%	1,000.00	1,131.10	2.12
Table 2. Based on hypothetical 5% return (before expenses)
Guggenheim MSCI Emerging Markets Equal Country Weight ETF	0.66%	5.00%	1,000.00	1,021.58	3.32
Guggenheim S&P MidCap 400® Equal Weight ETF	0.41%	5.00%	1,000.00	1,022.82	2.06
Guggenheim S&P SmallCap 600® Equal Weight ETF	0.41%	5.00%	1,000.00	1,022.82	2.06
Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF	0.40%	5.00%	1,000.00	1,022.87	2.01
Guggenheim S&P 500® Equal Weight Consumer Staples ETF	0.40%	5.00%	1,000.00	1,022.87	2.01
Guggenheim S&P 500® Equal Weight Energy ETF	0.40%	5.00%	1,000.00	1,022.87	2.01
Guggenheim S&P 500® Equal Weight Financials ETF	0.40%	5.00%	1,000.00	1,022.87	2.01
Guggenheim S&P 500® Equal Weight Health Care ETF	0.40%	5.00%	1,000.00	1,022.87	2.01
Guggenheim S&P 500® Equal Weight Industrials ETF	0.40%	5.00%	1,000.00	1,022.87	2.01
Guggenheim S&P 500® Equal Weight Materials ETF	0.40%	5.00%	1,000.00	1,022.87	2.01
Guggenheim S&P 500® Equal Weight Real Estate ETF	0.40%	5.00%	1,000.00	1,022.87	2.01
Guggenheim S&P 500® Equal Weight Technology ETF	0.40%	5.00%	1,000.00	1,022.87	2.01
Guggenheim S&P 500® Equal Weight Utilities ETF	0.40%	5.00%	1,000.00	1,022.87	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 182/366 (to reflect the one-half year period).
3	Actual cumulative return at net asset value for the period October 31, 2015 to April 30, 2016.

6 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT

PORTFOLIO SUMMARY (Unaudited) April 30, 2016

GUGGENHEIM MSCI EMERGING MARKETS EQUAL COUNTRY WEIGHT ETF

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Ten Largest Holdings	(% of Total Net Assets)
iShares MSCI India ETF	4.0%
Credicorp Ltd.	3.2%
OTP Bank plc	2.8%
Commercial International Bank Egypt SAE GDR	2.3%
Komercni Banka AS	1.8%
CEZ AS	1.7%
Richter Gedeon Nyrt	1.3%
MOL Hungarian Oil & Gas plc	1.2%
Southern Copper Corp.	1.2%
Emirates Telecommunications Group Company PJSC	1.2%
Top Ten Total	20.7%
“Ten Largest Holdings” excludes any temporary cash investments.

GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 7

PORTFOLIO SUMMARY (Unaudited) April 30, 2016

GUGGENHEIM S&P MIDCAP 400^® EQUAL WEIGHT ETF

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Ten Largest Holdings	(% of Total Net Assets)
SM Energy Co.	0.4%
Denbury Resources, Inc.	0.4%
WPX Energy, Inc.	0.4%
3D Systems Corp.	0.4%
DreamWorks Animation SKG, Inc. — Class A	0.4%
QEP Resources, Inc.	0.3%
Talen Energy Corp.	0.3%
Advanced Micro Devices, Inc.	0.3%
Olin Corp.	0.3%
Joy Global, Inc.	0.3%
Top Ten Total	3.5%
“Ten Largest Holdings” excludes any temporary cash investments.

8 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT

PORTFOLIO SUMMARY (Unaudited) April 30, 2016

GUGGENHEIM S&P SMALLCAP 600^® EQUAL WEIGHT ETF

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Ten Largest Holdings	(% of Total Net Assets)
EZCORP, Inc. — Class A	0.3%
Helix Energy Solutions Group, Inc.	0.3%
Bonanza Creek Energy, Inc.	0.3%
Olympic Steel, Inc.	0.2%
TimkenSteel Corp.	0.2%
General Cable Corp.	0.2%
Archrock, Inc.	0.2%
Bill Barrett Corp.	0.2%
Pioneer Energy Services Corp.	0.2%
Harsco Corp.	0.2%
Top Ten Total	2.3%
“Ten Largest Holdings” excludes any temporary cash investments.

GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 9

PORTFOLIO SUMMARY (Unaudited) April 30, 2016

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

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Ten Largest Holdings	(% of Total Net Assets)
Ulta Salon Cosmetics & Fragrance, Inc.	1.4%
Starwood Hotels & Resorts Worldwide, Inc.	1.4%
Amazon.com, Inc.	1.4%
Newell Brands, Inc.	1.3%
Johnson Controls, Inc.	1.3%
PVH Corp.	1.3%
Hasbro, Inc.	1.3%
Time Warner Cable, Inc.	1.3%
Interpublic Group of Companies, Inc.	1.3%
Garmin Ltd.	1.3%
Top Ten Total	13.3%
“Ten Largest Holdings” excludes any temporary cash investments.

10 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT

PORTFOLIO SUMMARY (Unaudited) April 30, 2016

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

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Ten Largest Holdings	(% of Total Net Assets)
Mead Johnson Nutrition Co. — Class A	3.1%
Constellation Brands, Inc. — Class A	3.0%
Archer-Daniels-Midland Co.	2.9%
Monster Beverage Corp.	2.9%
Coca-Cola Enterprises, Inc.	2.8%
Colgate-Palmolive Co.	2.8%
Molson Coors Brewing Co. — Class B	2.8%
Estee Lauder Companies, Inc. — Class A	2.8%
Church & Dwight Company, Inc.	2.7%
Kellogg Co.	2.7%
Top Ten Total	28.5%
“Ten Largest Holdings” excludes any temporary cash investments.

GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 11

PORTFOLIO SUMMARY (Unaudited) April 30, 2016

GUGGENHEIM S&P 500^® EQUAL WEIGHT ENERGY ETF

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Ten Largest Holdings	(% of Total Net Assets)
Southwestern Energy Co.	3.9%
Murphy Oil Corp.	3.5%
Chesapeake Energy Corp.	3.4%
Range Resources Corp.	3.3%
Devon Energy Corp.	3.2%
ONEOK, Inc.	2.9%
Marathon Oil Corp.	2.9%
Pioneer Natural Resources Co.	2.8%
Williams Companies, Inc.	2.8%
ConocoPhillips	2.7%
Top Ten Total	31.4%
“Ten Largest Holdings” excludes any temporary cash investments.

12 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT

PORTFOLIO SUMMARY (Unaudited) April 30, 2016

GUGGENHEIM S&P 500^® EQUAL WEIGHT FINANCIALS ETF

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Ten Largest Holdings	(% of Total Net Assets)
Comerica, Inc.	1.3%
Iron Mountain, Inc.	1.2%
Discover Financial Services	1.2%
Navient Corp.	1.2%
Regions Financial Corp.	1.2%
SunTrust Banks, Inc.	1.2%
S&P Global, Inc.	1.2%
Weyerhaeuser Co.	1.2%
Affiliated Managers Group, Inc.	1.2%
Aflac, Inc.	1.2%
Top Ten Total	12.1%
“Ten Largest Holdings” excludes any temporary cash investments.

GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 13

PORTFOLIO SUMMARY (Unaudited) April 30, 2016

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

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Ten Largest Holdings	(% of Total Net Assets)
St. Jude Medical, Inc.	2.3%
Boston Scientific Corp.	2.1%
Edwards Lifesciences Corp.	2.1%
Hologic, Inc.	2.0%
Universal Health Services, Inc. — Class B	2.0%
Zoetis, Inc.	1.9%
Bristol-Myers Squibb Co.	1.9%
Zimmer Biomet Holdings, Inc.	1.9%
Amgen, Inc.	1.9%
Baxter International, Inc.	1.9%
Top Ten Total	20.0%
“Ten Largest Holdings” excludes any temporary cash investments.

14 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT

PORTFOLIO SUMMARY (Unaudited) April 30, 2016

GUGGENHEIM S&P 500^® EQUAL WEIGHT INDUSTRIALS ETF

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Ten Largest Holdings	(% of Total Net Assets)
Pentair plc	1.7%
FedEx Corp.	1.7%
Textron, Inc.	1.7%
Norfolk Southern Corp.	1.7%
Cummins, Inc.	1.7%
Ryder System, Inc.	1.7%
United Rentals, Inc.	1.7%
Stanley Black & Decker, Inc.	1.6%
PACCAR, Inc.	1.6%
Ingersoll-Rand plc	1.6%
Top Ten Total	16.7%
“Ten Largest Holdings” excludes any temporary cash investments.

GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 15

PORTFOLIO SUMMARY (Unaudited) April 30, 2016

GUGGENHEIM S&P 500^® EQUAL WEIGHT MATERIALS ETF

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Ten Largest Holdings	(% of Total Net Assets)
Freeport-McMoRan, Inc.	5.0%
Newmont Mining Corp.	4.5%
Owens-Illinois, Inc.	4.3%
Alcoa, Inc.	4.0%
WestRock Co.	3.9%
Nucor Corp.	3.8%
International Flavors & Fragrances, Inc.	3.7%
International Paper Co.	3.7%
Ecolab, Inc.	3.7%
Martin Marietta Materials, Inc.	3.7%
Top Ten Total	40.3%
“Ten Largest Holdings” excludes any temporary cash investments.

16 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT

PORTFOLIO SUMMARY (Unaudited) April 30, 2016

GUGGENHEIM S&P 500^® EQUAL WEIGHT REAL ESTATE ETF

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Ten Largest Holdings	(% of Total Net Assets)
Iron Mountain, Inc.	4.2%
Weyerhaeuser Co.	4.1%
SL Green Realty Corp.	4.0%
Prologis, Inc.	3.9%
American Tower Corp. — Class A	3.9%
CBRE Group, Inc. — Class A	3.9%
Boston Properties, Inc.	3.8%
Welltower, Inc.	3.8%
Vornado Realty Trust	3.8%
Ventas, Inc.	3.8%
Top Ten Total	39.2%
“Ten Largest Holdings” excludes any temporary cash investments.

GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 17

PORTFOLIO SUMMARY (Unaudited) April 30, 2016

GUGGENHEIM S&P 500^® EQUAL WEIGHT TECHNOLOGY ETF

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Ten Largest Holdings	(% of Total Net Assets)
Total System Services, Inc.	1.7%
NVIDIA Corp.	1.6%
Adobe Systems, Inc.	1.6%
MasterCard, Inc. — Class A	1.6%
Activision Blizzard, Inc.	1.6%
Yahoo!, Inc.	1.6%
Visa, Inc. — Class A	1.6%
Facebook, Inc. — Class A	1.6%
Citrix Systems, Inc.	1.6%
Accenture plc — Class A	1.6%
Top Ten Total	16.1%
“Ten Largest Holdings” excludes any temporary cash investments.

18 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT

PORTFOLIO SUMMARY (Unaudited) April 30, 2016

GUGGENHEIM S&P 500^® EQUAL WEIGHT UTILITIES ETF

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Ten Largest Holdings	(% of Total Net Assets)
NRG Energy, Inc.	3.2%
American Water Works Company, Inc.	3.1%
CenterPoint Energy, Inc.	3.1%
Public Service Enterprise Group, Inc.	3.0%
Sempra Energy	3.0%
Frontier Communications Corp.	3.0%
PPL Corp.	3.0%
AES Corp.	3.0%
SCANA Corp.	3.0%
Pinnacle West Capital Corp.	3.0%
Top Ten Total	30.4%
“Ten Largest Holdings” excludes any temporary cash investments.

GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 19

SCHEDULE OF INVESTMENTS (Unaudited)	April 30, 2016
GUGGENHEIM MSCI EMERGING MARKETS EQUAL COUNTRY WEIGHT ETF

	Shares		Value
COMMON STOCKS† - 91.5%
Financial - 37.9%
Credicorp Ltd.		2,497	$	363,114
OTP Bank plc		12,134		321,764
Commercial International Bank Egypt SAE GDR		70,310		262,256
Komercni Banka AS		983		202,261
Bancolombia S.A. ADR		3,345		129,418
Qatar National Bank SAQ		3,162		125,094
Emaar Properties PJSC		52,203		96,647
Grupo de Inversiones Suramericana S.A.		6,907		93,227
Bank Central Asia Tbk PT		84,000		83,121
Turkiye Garanti Bankasi AS		22,793		69,063
Powszechna Kasa Oszczednosci Bank Polski S.A.*		10,356		66,314
Public Bank BHD		13,600		65,102
Akbank TAS		10,136		62,032
Masraf Al Rayan QSC		6,515		61,214
Bank Pekao S.A.		1,452		59,014
Bank Rakyat Indonesia Persero Tbk PT		73,200		57,448
Ayala Land, Inc.		77,385		57,188
Powszechny Zaklad Ubezpieczen S.A.		6,080		54,946
Malayan Banking BHD		23,600		53,948
National Bank of Greece S.A. ADR*		166,130		53,162
Alpha Bank AE*		24,208		52,958
Siam Commercial Bank PCL		13,522		51,680
Bank Mandiri Persero Tbk PT		67,200		49,172
First Gulf Bank PJSC		13,377		47,164
Ezdan Holding Group QSC		9,113		46,067
Grupo Financiero Banorte SAB de CV — Class O		7,818		44,578
Banco Bradesco S.A. ADR1		5,887		43,976
Abu Dhabi Commercial Bank PJSC		24,232		43,543
Ayala Corp.		2,640		43,411
Banco de Chile ADR		617		40,636
BDO Unibank, Inc.		19,040		40,608
Piraeus Bank S.A.*		133,315		39,700
SM Prime Holdings, Inc.		79,200		38,259
Qatar Islamic Bank SAQ		1,376		37,123
Aldar Properties PJSC		50,027		37,047
Corporation Financiera Colombiana S.A.		2,659		35,964
Banco Santander Chile ADR		1,840		35,696
Eurobank Ergasias S.A.*		40,183		34,057
Qatar Insurance Company SAQ		1,509		33,124
Emaar Malls Group PJSC		38,108		30,088
Turkiye Is Bankasi — Class C		16,780		29,485
China Construction Bank Corp.		2,235		28,452
CIMB Group Holdings BHD		23,600		28,212
Bank Zachodni WBK S.A.		404		28,081
Kasikornbank PCL		1,500		27,960
Doha Bank QSC		2,754		27,881
FirstRand Ltd.		7,996		25,797
Industrial & Commercial Bank of China Ltd.		2,379		25,550
GT Capital Holdings, Inc.		840		24,490
National Bank of Abu Dhabi PJSC		10,081		24,373
Bank of the Philippine Islands		12,560		24,243
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		22,220		23,935
Dubai Islamic Bank PJSC		14,676		23,415
Turkiye Halk Bankasi AS		6,034		23,214
Standard Bank Group Ltd.		2,552		22,751
Central Pattana PCL		14,714		22,221
VTB Bank PJSC GDR		10,066		21,561
Banco Bradesco		2,594		20,778
Sanlam Ltd.		2,128		20,748
Shinhan Financial Group Company Ltd. ADR		548		20,034
Bank of China Ltd.		1,954		19,774
Bank Negara Indonesia Persero Tbk PT		55,600		19,330
China Overseas Land & Investment Ltd.		6,000		19,144
Bangkok Bank PCL		3,941		18,503
Dubai Financial Market PJSC		43,720		18,211
Krung Thai Bank PCL		35,197		17,634
Fibra Uno Administracion S.A. de CV		7,358		17,595
mBank S.A.*		204		17,261
BB Seguridade Participacoes S.A.1		1,961		17,139
Banco de Credito e Inversiones		387		16,647
KB Financial Group, Inc. ADR		512		15,570
AMMB Holdings BHD		12,800		14,843
PICC Property & Casualty Company Ltd. — Class H		8,000		14,644
Grupo Financiero Inbursa SAB de CV — Class O		7,358		14,510
Banco do Brasil S.A.		2,242		14,035
Ping An Insurance Group Company of China Ltd.		1,498		13,827
Hong Leong Bank BHD		4,000		13,782
Cathay Financial Holding Company Ltd.		12,000		13,486
Yapi ve Kredi Bankasi AS*		8,032		12,303
Grupo Financiero Santander Mexico SAB de CV — Class B		6,657		12,254
Hana Financial Group, Inc.		528		11,886
Evergrande Real Estate Group Ltd.		16,000		11,881
Turkiye Vakiflar Bankasi TAO — Class D		6,660		11,774
Mega Financial Holding Company Ltd.		16,000		11,360
China Life Insurance Company Ltd. ADR		971		11,176
Taiwan Cooperative Financial Holding Company Ltd.		25,200		11,134
Taiwan Business Bank*		42,920		11,072
CTBC Financial Holding Company Ltd.		21,620		10,993
RMB Holdings Ltd.		2,632		10,782
Redefine Properties Ltd.		12,360		10,712
Samsung Fire & Marine Insurance Company Ltd.		40		10,339
Shin Kong Financial Holding Company Ltd.		49,959		10,115
Alior Bank S.A.*		544		9,830
Fubon Financial Holding Company Ltd.		8,000		9,736
Barclays Africa Group Ltd.		956		9,728
E.Sun Financial Holding Company Ltd.		17,391		9,652

20 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	April 30, 2016
GUGGENHEIM MSCI EMERGING MARKETS EQUAL COUNTRY WEIGHT ETF

	Shares		Value
Nedbank Group Ltd.		748	$	9,605
Growthpoint Properties Ltd.		5,360		9,506
Agricultural Bank of China Ltd.		1,056		9,420
Hyundai Marine & Fire Insurance Company Ltd.		332		9,266
Shanghai Industrial Holdings Ltd.		4,000		9,127
China Merchants Bank Company Ltd. — Class H		4,000		8,797
First Financial Holding Company Ltd.		17,040		8,348
China Resources Land Ltd.		3,283		8,109
Brait SE*		695		7,801
SinoPac Financial Holdings Company Ltd.		25,766		7,637
Samsung Securities Company Ltd.		216		7,469
Yuanta Financial Holding Company Ltd.		20,524		6,777
China Life Insurance Company Ltd.		8,800		6,644
Discovery Ltd.		730		6,549
Country Garden Holdings Company Ltd.		16,000		6,332
Hua Nan Financial Holdings Company Ltd.		12,744		6,184
China Development Financial Holding Corp.		24,000		6,124
CITIC Ltd.		4,000		5,858
China Pacific Insurance Group Company Ltd. — Class H		1,600		5,652
Longfor Properties Company Ltd.		4,000		5,631
NH Investment & Securities Company Ltd.		636		5,554
Daewoo Securities Company Ltd.		736		5,342
Bank of Communications Company Ltd. — Class H		8,000		5,064
China CITIC Bank Corporation Ltd. — Class H*		8,000		5,033
Yuexiu Property Company Ltd.		32,000		4,661
China Smarter Energy Group Holdings Ltd.*		64,777		4,092
Corporation Financiera Colombiana S.A.*,†††,2		36		—
Total Financial				4,327,609
Communications - 10.2%
Emirates Telecommunications Group Company PJSC		25,818		132,851
Hellenic Telecommunications Organization S.A.		10,792		104,694
Naspers Ltd.		6,760		93,714
Telekomunikasi Indonesia Persero Tbk PT		323,200		86,999
O2 Czech Republic AS		6,930		70,430
America Movil SAB de CV — Class L ADR1		4,401		62,317
Global Telecom Holding SAE GDR*		35,804		59,077
Tencent Holdings Ltd.		2,469		50,121
Turkcell Iletisim Hizmetleri AS ADR*		3,792		40,954
Advanced Info Service PCL		8,748		39,069
Ooredoo QSC		1,548		38,999
Grupo Televisa SAB ADR		1,300		37,999
China Mobile Ltd. ADR1		576		33,132
Philippine Long Distance Telephone Co. ADR		821		30,295
MTN Group Ltd.		2,711		28,330
Axiata Group BHD		14,800		21,405
DiGi.com BHD		17,600		19,823
Mobile TeleSystems PJSC ADR		2,107		19,511
Chunghwa Telecom Company Ltd. ADR		564		19,232
NAVER Corp.		32		19,014
Telefonica Brasil S.A. ADR		1,261		15,536
Alibaba Group Holding Ltd. ADR*		199		15,311
True Corporation PCL		68,614		14,634
Maxis BHD		9,600		13,762
Orange Polska S.A.		8,036		13,085
Telekom Malaysia BHD		7,200		12,257
Baidu, Inc. ADR*		60		11,658
Cyfrowy Polsat S.A.*		1,789		11,372
Vodacom Group Ltd.		860		9,899
Rostelecom PJSC ADR		981		8,809
Samsung SDI Company Ltd.		68		6,804
China Unicom Hong Kong Ltd. ADR		564		6,599
China Telecom Corporation Ltd. ADR		116		5,758
Tim Participacoes S.A. ADR		484		5,368
Sistema JSFC GDR		662		4,866
MegaFon OAO GDR		392		4,508
Total Communications				1,168,192
Consumer, Non-cyclical - 8.5%
Richter Gedeon Nyrt		7,652		152,262
Ambev S.A. ADR		10,222		57,141
JG Summit Holdings, Inc.		31,000		53,885
Universal Robina Corp.		10,640		47,292
DP World Ltd.		2,466		46,608
Fomento Economico Mexicano SAB de CV ADR		493		45,953
BIM Birlesik Magazalar AS		2,041		44,993
Cencosud S.A.		14,208		38,200
Magnit PJSC GDR		1,096		37,922
Unilever Indonesia Tbk PT		10,800		34,866
Cielo S.A.1		2,498		23,856
BRF S.A. ADR		1,650		23,463
Bangkok Dusit Medical Services PCL — Class F		33,532		22,847
IHH Healthcare BHD		13,200		22,132
Cia Cervecerias Unidas S.A. ADR		912		20,447
Charoen Pokphand Indonesia Tbk PT		66,000		18,592
Bidvest Group Ltd.		724		18,445
Anadolu Efes Biracilik Ve Malt Sanayii AS		2,276		17,919
Aspen Pharmacare Holdings Ltd.*		756		17,885
IOI Corporation BHD		15,600		17,650
Grupo Bimbo SAB de CV		5,518		16,896
Kalbe Farma Tbk PT		156,400		16,306
Charoen Pokphand Foods PCL		23,923		16,300
Coca-Cola Femsa SAB de CV		1,722		15,033
Uni-President Enterprises Corp.		8,320		15,013
Kuala Lumpur Kepong BHD		2,400		14,696
KT&G Corp.		132		14,249
Kroton Educational S.A.		3,947		14,169
Kimberly-Clark de Mexico SAB de CV — Class A		5,302		12,604
Shoprite Holdings Ltd.1		1,024		12,278

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 21

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	April 30, 2016
GUGGENHEIM MSCI EMERGING MARKETS EQUAL COUNTRY WEIGHT ETF

	Shares		Value
Eurocash S.A.		805	$	11,486
Tiger Brands Ltd.		388		9,635
Mediclinic International plc*		672		8,907
PPB Group BHD		1,700		7,041
Want Want China Holdings Ltd.1		8,000		6,167
JBS S.A1		1,071		5,762
British American Tobacco Malaysia BHD		400		4,698
Westports Holdings BHD		4,400		4,674
Estacio Participacoes S.A.1		1,326		4,668
Total Consumer, Non-cyclical				972,940
Energy - 7.7%
MOL Hungarian Oil & Gas plc		2,258		138,177
Gazprom PAO ADR		20,367		105,257
Lukoil PJSC ADR		1,790		75,869
Ecopetrol S.A. ADR		7,361		73,168
PTT PCL		7,967		69,338
Polski Koncern Naftowy ORLEN S.A.		3,408		61,339
Novatek OAO GDR		412		39,552
Tatneft PAO ADR		1,056		33,106
Tupras Turkiye Petrol Rafinerileri AS		1,225		32,375
Sasol Ltd. ADR		874		28,659
Rosneft OAO GDR		5,240		28,610
Polskie Gornictwo Naftowe i Gazownictwo S.A.		21,048		27,992
Petroleo Brasileiro S.A. ADR*		3,334		25,705
PTT Exploration & Production PCL		11,122		23,960
Petronas Gas BHD		3,600		20,255
Surgutneftegas OAO ADR		3,486		18,441
China Petroleum & Chemical Corp. ADR		248		17,551
CNOOC Ltd. ADR1		124		15,305
GS Holdings Corp.		280		13,590
SK Innovation Company Ltd.		88		11,971
PetroChina Company Ltd. ADR		148		10,813
SapuraKencana Petroleum BHD		18,400		7,772
Total Energy				878,805
Basic Materials - 6.5%
Southern Copper Corp.		4,579		135,858
Cia de Minas Buenaventura S.A.A. ADR*		7,651		77,657
Industries Qatar QSC		2,401		69,262
MMC Norilsk Nickel PJSC ADR		2,316		34,161
Empresas CMPC S.A.		13,792		30,833
Grupo Mexico SAB de CV		11,956		30,544
KGHM Polska Miedz S.A.		1,544		30,057
PTT Global Chemical PCL		15,511		27,754
Eregli Demir ve Celik Fabrikalari TAS		15,908		26,587
Ultrapar Participacoes S.A. ADR		1,171		24,568
Petronas Chemicals Group BHD		12,800		21,986
Sociedad Quimica y Minera de Chile S.A. ADR		1,012		21,080
Vale S.A. ADR1		3,688		20,911
Formosa Plastics Corp.		8,000		19,918
Braskem S.A. ADR		1,339		19,081
AngloGold Ashanti Ltd. ADR*		1,059		17,421
POSCO ADR		332		17,271
Fibria Celulose S.A. ADR1		1,879		16,648
Nan Ya Plastics Corp.		8,000		15,676
LG Chem Ltd.		56		14,597
Severstal PAO GDR		1,036		12,038
China Steel Corp.		16,000		11,236
Hyundai Steel Co.		188		10,378
Formosa Chemicals & Fibre Corp.		4,000		10,219
Mexichem SAB de CV		3,810		9,660
Grupa Azoty S.A.*		418		9,509
Korea Zinc Company Ltd.		16		6,958
Gerdau S.A. ADR		3,022		6,739
Total Basic Materials				748,607
Consumer, Cyclical - 6.5%
SACI Falabella		10,416		80,638
OPAP S.A.		9,404		71,087
Astra International Tbk PT		123,200		62,824
JUMBO S.A.*		4,124		54,178
CP ALL PCL		38,361		50,244
Wal-Mart de Mexico SAB de CV		16,555		41,124
SM Investments Corp.		2,040		41,071
Steinhoff International Holdings N.V.		5,092		31,944
FF Group*		1,416		29,193
Jollibee Foods Corp.		5,480		26,835
Latam Airlines Group S.A. ADR*		3,632		26,077
Genting BHD		10,000		22,629
Hyundai Motor Co.		168		21,158
Matahari Department Store Tbk PT		14,000		20,170
Genting Malaysia BHD		17,200		19,681
Hyundai Mobis Company Ltd.		80		18,290
Kia Motors Corp.		416		17,489
Woolworths Holdings Limited/South Africa		2,328		15,039
Turk Hava Yollari AO*		5,876		14,510
LPP S.A.		8		11,792
Dongfeng Motor Group Company Ltd. — Class H		8,000		8,787
LG Corp.		144		8,607
Cheng Shin Rubber Industry Company Ltd.		4,000		8,322
Truworths International Ltd.		1,063		7,970
Kangwon Land, Inc.		200		7,486
Mr Price Group Ltd.		552		7,039
Shinsegae Company Ltd.		36		6,682
Samsung C&T Corp.		56		6,438
Far Eastern New Century Corp.		8,160		6,110
Great Wall Motor Company Ltd. — Class H		6,000		4,548
Total Consumer, Cyclical				747,962
Utilities - 5.1%
CEZ AS		10,212		199,526
Tenaga Nasional BHD		13,200		48,521
Enersis Americas S.A. ADR		4,356		37,287
Interconexion Electrica S.A. ESP		11,415		34,816
Empresa Nacional de Electricidad S.A. ADR		1,216		33,866

22 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	April 30, 2016
GUGGENHEIM MSCI EMERGING MARKETS EQUAL COUNTRY WEIGHT ETF

	Shares		Value
PGE Polska Grupa Energetyczna S.A.		8,980	$	30,985
Enersis Chile S.A.*		4,356		27,748
Colbun S.A.		94,312		25,424
Aboitiz Power Corp.		26,000		24,898
Public Power Corporation S.A.		6,314		21,189
Aguas Andinas S.A. — Class A		31,616		18,324
Endesa Americas S.A. ADR*		1,216		17,182
Perusahaan Gas Negara Persero Tbk		82,400		16,370
Cia de Saneamento Basico do Estado de Sao Paulo ADR		1,680		12,835
CPFL Energia S.A. ADR		958		11,094
Energa S.A.		2,800		9,119
RusHydro PJSC ADR		6,033		6,154
Cia Energetica de Minas Gerais ADR		2,782		5,453
Total Utilities				580,791
Industrial - 3.9%
Grupo Argos S.A.		8,347		55,015
Cementos Argos S.A.		12,385		50,280
Titan Cement Company S.A.		1,952		44,491
Airports of Thailand PCL		3,600		40,400
Cemex SAB de CV ADR*,1		4,079		30,388
Hon Hai Precision Industry Company Ltd.		12,600		30,120
Delta Electronics, Inc.		4,000		18,603
Semen Indonesia Persero Tbk PT		24,000		18,016
Indocement Tunggal Prakarsa Tbk PT		11,600		17,350
BTS Group Holdings PCL		61,960		16,319
Gamuda BHD		12,400		15,078
United Tractors Tbk PT		12,257		13,941
MISC BHD		6,400		13,844
Arabtec Holding PJSC*		25,444		11,291
Grupo Aeroportuario del Sureste SAB de CV — Class B		727		11,214
Embraer S.A. ADR		471		10,880
Promotora y Operadora de Infraestructura SAB de CV		837		10,662
LG Electronics, Inc.		184		9,399
Taiwan Cement Corp.		8,000		8,160
LG Display Company Ltd. ADR		592		6,068
China Communications Construction Company Ltd. — Class H		4,000		4,826
China Everbright International Ltd.		4,000		4,496
Total Industrial				440,841
Diversified - 2.6%
Empresas COPEC S.A.		5,152		51,481
Siam Cement PCL		2,800		39,118
KOC Holding AS		1,440		37,440
Haci Omer Sabanci Holding AS		10,120		36,579
Aboitiz Equity Ventures, Inc.		24,000		33,988
Sime Darby BHD		14,400		28,383
Remgro Ltd.		1,120		20,187
Alfa SAB de CV — Class A		8,737		16,495
IJM Corporation BHD		16,800		14,837
CJ Corp.		56		10,518
YTL Corporation BHD		15,500		6,190
Total Diversified				295,216
Technology - 2.6%
Taiwan Semiconductor Manufacturing Company Ltd. ADR		4,982		117,525
Samsung Electronics Company Ltd. GDR		191		104,096
MediaTek, Inc.		4,000		28,524
SK Hynix, Inc.		652		16,108
SK Holdings Company Ltd.		62		12,189
Advanced Semiconductor Engineering, Inc. ADR		1,328		6,813
Quanta Computer, Inc.		4,000		6,449
Total Technology				291,704
Total Common Stocks
(Cost $11,400,590)				10,452,667
PREFERRED STOCKS† - 2.1%
Itau Unibanco Holding S.A.1		6,988		66,596
Grupo Aval Acciones y Valores S.A.		104,519		43,604
Grupo de Inversiones Suramericana		3,190		42,498
Petroleo Brasileiro S.A.		4,591		27,087
Vale S.A.1		5,109		23,195
Samsung Electronics Company, Ltd.		24		21,969
Cia Brasileira de Distribuicao		492		7,208
Hyundai Motor Co.		52		4,559
Total Preferred Stocks
(Cost $290,535)				236,716
RIGHTS††† - 0.0%
True Corporation PCL
Expires 06/30/16*,2		23,052		198
Total Rights
(Cost $—)				198
EXCHANGE-TRADED FUNDS† - 5.8%
iShares MSCI India ETF		16,794		454,445
Market Vectors Egypt Index ETF1		3,257		125,916
Global X MSCI Greece ETF		10,306		80,902
Total Exchange-Traded Funds
(Cost $809,172)				661,263
SHORT TERM INVESTMENTS† - 0.2%
Federated U.S. Treasury Cash Reserve Fund Institutional Shares, 0.13%3		20,207		20,207
Total Short Term Investments
(Cost $20,207)				20,207

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 23

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	April 30, 2016
GUGGENHEIM MSCI EMERGING MARKETS EQUAL COUNTRY WEIGHT ETF

	Shares		Value
SECURITIES LENDING COLLATERAL†,4 - 3.0%
BNY Mellon Separately Managed Cash Collateral Account, 0.32%		342,527	$	342,527
Total Securities Lending Collateral
(Cost $342,527)				342,527
Total Investments - 102.6%
(Cost $12,863,031)			$	11,713,578
Other Assets & Liabilities, net - (2.6)%				(298,955	)
Total Net Assets - 100.0%			$	11,414,623

INVESTMENT CONCENTRATION

At April 30, 2016, the investment diversification of the Fund by country was as follows:

Country	% of Total Investments
Hungary	5.4%
Greece	5.1%
Peru	5.1%
Colombia	4.9%
Malaysia	4.6%
Brazil	4.6%
Chile	4.6%
Indonesia	4.5%
United Arab Emirates	4.5%
Thailand	4.4%
Philippines	4.3%
Turkey	4.2%
Czech Republic	4.1%
Republic of Korea	4.1%
India	4.0%
Poland	4.0%
Taiwan, Province of China	4.0%
Russian Federation	4.0%
Egypt	3.9%
Qatar	3.9%
South Africa	3.8%
Mexico	3.8%
China	3.7%
Netherlands	0.3%
United States	0.2%
Total Investments	100.0%

*	Non-income producing security.
†	Value determined based on Level 1 inputs, unless otherwise noted — 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, 2016 — See Note 5.
2	This security was fair valued by the Valuation Committee at April 30, 2016.
3	Rate indicated is the 7 day yield as of April 30, 2016.
4	Securities lending collateral — See Note 5.
	ADR — American Depositary Receipt
	GDR — Global Depositary Receipt
	plc — Public Limited Company
	See Sector Classification in Other Information section.

24 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	April 30, 2016
GUGGENHEIM MSCI EMERGING MARKETS EQUAL COUNTRY WEIGHT ETF

The following table summarizes the inputs used to value the Fund’s investments at April 30, 2016 (See Note 4 in the Notes to Financial Statements):

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	10,452,667	$	—	$	—	$	10,452,667
Exchange-Traded Funds		661,263		—		—		661,263
Preferred Stocks		236,716		—		—		236,716
Rights		—		—		198		198
Securities Lending Collateral		342,527		—		—		342,527
Short Term Investments		20,207		—		—		20,207
Total	$	11,713,380	$	—	$	198	$	11,713,578

For the period ended April 30, 2016, there were no transfers between levels.

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 25

SCHEDULE OF INVESTMENTS (Unaudited)	April 30, 2016
GUGGENHEIM S&P MIDCAP 400® EQUAL WEIGHT ETF

	Shares		Value
COMMON STOCKS† - 100.0%
Financial - 23.4%
Genworth Financial, Inc. — Class A*		72,338	$	248,119
SEI Investments Co.		4,994		240,111
Mack-Cali Realty Corp.		9,290		237,453
Prosperity Bancshares, Inc.		4,481		236,463
Potlatch Corp.		6,664		234,707
East West Bancorp, Inc.		6,212		232,888
Kilroy Realty Corp.		3,560		230,724
WP GLIMCHER, Inc.		21,896		229,689
Douglas Emmett, Inc.		7,039		228,416
Liberty Property Trust		6,467		225,698
Federated Investors, Inc. — Class B		7,127		225,213
Primerica, Inc.1		4,525		224,259
Cullen/Frost Bankers, Inc.1		3,493		223,518
Raymond James Financial, Inc.		4,269		222,714
PacWest Bancorp		5,540		221,489
BancorpSouth, Inc.		9,429		221,486
SLM Corp.*		32,668		221,162
Eaton Vance Corp.		6,397		220,888
Alexandria Real Estate Equities, Inc.		2,371		220,384
TCF Financial Corp.		16,152		220,313
Washington Federal, Inc.		9,015		218,974
Arthur J Gallagher & Co.		4,756		218,967
First Niagara Financial Group, Inc.		20,710		218,697
Rayonier, Inc.		8,777		216,616
First Horizon National Corp.		15,310		215,565
Communications Sales & Leasing, Inc.		9,279		215,551
Synovus Financial Corp.		6,897		214,911
Kemper Corp.		6,941		214,893
PrivateBancorp, Inc. — Class A		5,164		214,874
Alleghany Corp.*		412		214,768
Cathay General Bancorp		7,021		214,281
Senior Housing Properties Trust		12,128		213,211
Alexander & Baldwin, Inc.		5,573		213,112
International Bancshares Corp.		8,125		212,794
WR Berkley Corp.		3,795		212,520
Trustmark Corp.		8,660		212,257
CoreLogic, Inc.*		5,979		212,135
Urban Edge Properties		8,155		211,541
SVB Financial Group*		2,020		210,646
Commerce Bancshares, Inc.		4,499		210,643
Fulton Financial Corp.		15,004		209,906
First Industrial Realty Trust, Inc.		9,133		209,511
Janus Capital Group, Inc.		14,314		208,984
EPR Properties		3,170		208,840
Lamar Advertising Co. — Class A		3,365		208,765
Stifel Financial Corp.*		6,342		208,715
FirstMerit Corp.		9,387		208,016
Hancock Holding Co.		8,006		207,916
Brown & Brown, Inc.		5,895		206,973
Camden Property Trust		2,558		206,507
Healthcare Realty Trust, Inc.		6,808		206,146
Old Republic International Corp.		11,124		205,683
Duke Realty Corp.		9,387		205,294
Corporate Office Properties Trust		7,991		205,209
Tanger Factory Outlet Centers, Inc.		5,831		204,551
Highwoods Properties, Inc.		4,370		204,210
Aspen Insurance Holdings Ltd.		4,394		203,661
Omega Healthcare Investors, Inc.		6,030		203,633
DCT Industrial Trust, Inc.		5,035		203,263
Hospitality Properties Trust		7,933		203,005
Mid-America Apartment Communities, Inc.		2,120		202,905
CNO Financial Group, Inc.		11,038		202,768
Hanover Insurance Group, Inc.		2,361		202,479
Weingarten Realty Investors		5,469		201,915
Endurance Specialty Holdings Ltd.		3,153		201,729
Reinsurance Group of America, Inc. — Class A		2,118		201,676
Regency Centers Corp.		2,735		201,570
Corrections Corporation of America		6,624		201,502
Equity One, Inc.		7,111		201,241
American Campus Communities, Inc.		4,486		200,749
Bank of Hawaii Corp.1		2,930		200,441
Webster Financial Corp.		5,461		200,091
Valley National Bancorp		21,144		200,022
FNB Corp.		15,127		199,979
American Financial Group, Inc.		2,887		199,521
Jones Lang LaSalle, Inc.		1,731		199,359
MarketAxess Holdings, Inc.		1,620		198,871
National Retail Properties, Inc.		4,540		198,670
Taubman Centers, Inc.		2,859		198,558
Care Capital Properties, Inc.		7,442		198,478
Umpqua Holdings Corp.		12,488		197,685
Mercury General Corp.		3,736		197,634
RenaissanceRe Holdings Ltd.		1,778		197,198
First American Financial Corp.		5,465		196,849
Post Properties, Inc.		3,430		196,745
Associated Banc-Corp.		10,780		196,627
Bank of the Ozarks, Inc.1		4,758		196,505
Signature Bank*		1,425		196,408
Sovran Self Storage, Inc.		1,820		193,320
LaSalle Hotel Properties		8,073		192,945
CBOE Holdings, Inc.		3,111		192,758
New York Community Bancorp, Inc.		12,755		191,708
Everest Re Group Ltd.		1,034		191,187
WisdomTree Investments, Inc.1		15,775		171,790
Waddell & Reed Financial, Inc. — Class A		7,835		159,364
Total Financial				19,862,685
Industrial - 17.4%
Joy Global, Inc.1		12,550		267,315
Oshkosh Corp.		5,458		266,623
Triumph Group, Inc.		6,690		242,044
Greif, Inc. — Class A		6,903		239,534
Valmont Industries, Inc.		1,706		239,488

26 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	April 30, 2016
GUGGENHEIM S&P MIDCAP 400® EQUAL WEIGHT ETF

	Shares		Value
Packaging Corporation of America		3,655	$	237,137
Eagle Materials, Inc.		3,155		233,849
KLX, Inc.*		6,880		231,994
Timken Co.		6,467		230,419
CLARCOR, Inc.		3,918		230,261
Acuity Brands, Inc.		938		228,769
Orbital ATK, Inc.		2,619		227,853
Terex Corp.		9,422		225,092
Belden, Inc.		3,541		223,579
Regal Beloit Corp.		3,441		221,669
Esterline Technologies Corp.*		3,226		221,497
Energizer Holdings, Inc.		5,092		221,451
Curtiss-Wright Corp.		2,866		219,478
Huntington Ingalls Industries, Inc.		1,512		218,892
Clean Harbors, Inc.*		4,427		218,694
Fortune Brands Home & Security, Inc.		3,942		218,426
Woodward, Inc.		4,023		218,087
Genesee & Wyoming, Inc. — Class A*		3,348		217,988
Lincoln Electric Holdings, Inc.		3,475		217,778
B/E Aerospace, Inc.		4,470		217,376
AECOM*		6,664		216,514
Teledyne Technologies, Inc.*		2,324		216,016
Wabtec Corp.		2,604		215,949
Mettler-Toledo International, Inc.*		603		215,844
Carlisle Companies, Inc.		2,114		215,417
ITT Corp.		5,601		214,910
Kirby Corp.*		3,363		214,627
FEI Co.		2,406		214,182
AO Smith Corp.		2,766		213,591
Crane Co.		3,840		213,389
Hubbell, Inc.		2,014		213,001
IDEX Corp.		2,593		212,367
Waste Connections, Inc.		3,126		210,317
Landstar System, Inc.		3,204		210,023
Nordson Corp.		2,737		210,010
Donaldson Company, Inc.		6,425		209,969
Kennametal, Inc.		8,966		209,625
Granite Construction, Inc.		4,700		209,573
KBR, Inc.		13,458		209,406
MSA Safety, Inc.		4,347		209,047
Louisiana-Pacific Corp.*		12,290		208,930
Lennox International, Inc.1		1,547		208,768
AGCO Corp.		3,894		208,212
Gentex Corp.		12,968		208,007
Trinity Industries, Inc.		10,660		207,977
Knowles Corp.*,1		15,532		207,663
Arrow Electronics, Inc.*		3,325		206,482
AptarGroup, Inc.		2,674		203,224
Sonoco Products Co.		4,321		202,612
Vishay Intertechnology, Inc.1		16,657		202,549
Keysight Technologies, Inc.*		7,626		198,886
Silgan Holdings, Inc.		3,914		198,596
GATX Corp.1		4,260		195,704
Bemis Company, Inc.		3,897		195,551
Trimble Navigation Ltd.*		8,158		195,384
Graco, Inc.		2,489		195,113
Old Dominion Freight Line, Inc.*		2,944		194,451
Avnet, Inc.		4,666		191,866
Zebra Technologies Corp. — Class A*		3,022		189,056
Werner Enterprises, Inc.		7,354		186,350
National Instruments Corp.		6,709		184,967
Cognex Corp.		5,150		182,980
Tech Data Corp.*		2,631		180,723
Jabil Circuit, Inc.		9,325		161,882
Total Industrial				14,705,003
Consumer, Cyclical - 14.2%
DreamWorks Animation SKG, Inc. — Class A*,1		7,769		310,138
HNI Corp.		5,679		248,286
GameStop Corp. — Class A1		7,563		248,066
Wendy’s Co.		21,010		228,169
Office Depot, Inc.*		38,324		225,345
MSC Industrial Direct Company, Inc. — Class A		2,809		217,698
Cabela’s, Inc.*		4,169		217,413
Kate Spade & Co.*		8,430		216,905
Herman Miller, Inc.		7,173		216,409
Brunswick Corp.		4,497		215,991
Casey’s General Stores, Inc.		1,927		215,824
Copart, Inc.*		5,014		214,800
Pool Corp.1		2,448		213,980
Toro Co.		2,466		213,185
Watsco, Inc.		1,585		213,135
Carter’s, Inc.		1,997		213,020
Thor Industries, Inc.		3,325		212,867
Tempur Sealy International, Inc.*,1		3,505		212,648
Tupperware Brands Corp.		3,653		212,130
LKQ Corp.*		6,502		208,389
Panera Bread Co. — Class A*		971		208,270
Skechers U.S.A., Inc. — Class A*		6,265		207,058
Jack in the Box, Inc.		3,063		206,906
TRI Pointe Group, Inc.*		17,768		206,109
Williams-Sonoma, Inc.		3,499		205,671
MDC Holdings, Inc.		8,349		205,469
CalAtlantic Group, Inc.		6,335		205,064
KB Home		15,047		204,188
Big Lots, Inc.1		4,441		203,664
Deckers Outdoor Corp.*,1		3,511		202,971
Dunkin’ Brands Group, Inc.		4,358		202,647
Polaris Industries, Inc.1		2,069		202,514
Cinemark Holdings, Inc.		5,841		202,391
Dick’s Sporting Goods, Inc.		4,361		202,089
Restoration Hardware Holdings, Inc.*,1		4,667		201,941
World Fuel Services Corp.		4,314		201,593
Dana Holding Corp.		15,568		201,294
Chico’s FAS, Inc.		15,836		199,692

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 27

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	April 30, 2016
GUGGENHEIM S&P MIDCAP 400® EQUAL WEIGHT ETF

		Shares		Value
NVR, Inc.*			120	$	199,355
JetBlue Airways Corp.*			10,047		198,830
HSN, Inc.			3,739		198,279
Cracker Barrel Old Country Store, Inc.1			1,345		196,921
CST Brands, Inc.			5,204		196,555
Ingram Micro, Inc. — Class A			5,597		195,615
Scotts Miracle-Gro Co. — Class A			2,761		195,424
Toll Brothers, Inc.*			7,141		194,949
Cheesecake Factory, Inc.			3,786		193,124
Brinker International, Inc.			4,147		192,089
Vista Outdoor, Inc.*			3,945		189,281
Domino’s Pizza, Inc.			1,538		185,913
International Speedway Corp. — Class A			5,508		184,463
Alaska Air Group, Inc.			2,507		176,568
American Eagle Outfitters, Inc.1			12,210		174,725
Buffalo Wild Wings, Inc.*,1			1,259		168,278
J.C. Penney Company, Inc.*,1			18,052		167,523
Abercrombie & Fitch Co. — Class A1			6,240		166,795
Ascena Retail Group, Inc.*			18,929		166,764
Guess?, Inc.1			9,047		166,012
Fossil Group, Inc.*,1			4,074		164,997
Total Consumer, Cyclical					12,016,389
Consumer, Non-cyclical - 14.2%
FTI Consulting, Inc.*			6,049		243,775
Prestige Brands Holdings, Inc.*			4,254		241,542
WEX, Inc.*			2,535		239,532
Community Health Systems, Inc.*			12,290		234,494
Catalent, Inc.*			7,812		230,688
VCA, Inc.*			3,648		229,715
Avon Products, Inc.			48,226		227,144
Amsurg Corp. — Class A*			2,780		225,124
Service Corporation International			8,435		224,961
Lancaster Colony Corp.			1,917		223,331
MEDNAX, Inc.*			3,114		221,997
West Pharmaceutical Services, Inc.			3,111		221,504
Ingredion, Inc.			1,904		219,131
IDEXX Laboratories, Inc.*			2,592		218,635
RR Donnelley & Sons Co.			12,511		217,692
Aaron’s, Inc.			8,288		217,228
Tootsie Roll Industries, Inc.1			6,089		217,012
Flowers Foods, Inc.1			11,246		215,473
Charles River Laboratories International, Inc.*			2,704		214,346
TreeHouse Foods, Inc.*			2,417		213,663
Teleflex, Inc.			1,364		212,485
Deluxe Corp.			3,372		211,694
Sotheby’s			7,752		211,164
Gartner, Inc.*			2,421		211,039
Tenet Healthcare Corp.*,1			6,650		210,739
Hain Celestial Group, Inc.*			5,005		209,509
Bio-Rad Laboratories, Inc. — Class A*			1,475		209,229
Akorn, Inc.*,1			8,217		209,123
STERIS plc			2,955		208,830
Post Holdings, Inc.*			2,899		208,264
LifePoint Health, Inc.*			3,077		207,882
ABIOMED, Inc.*			2,139		207,782
Snyder’s-Lance, Inc.			6,493		207,581
Edgewell Personal Care Co.			2,526		207,309
Cooper Companies, Inc.			1,347		206,199
Hill-Rom Holdings, Inc.			4,263		206,116
Halyard Health, Inc.*			7,308		205,793
CEB, Inc.			3,333		205,613
Sprouts Farmers Market, Inc.*	��		7,243		203,311
Align Technology, Inc.*			2,802		202,276
WhiteWave Foods Co. — Class A*			5,003		201,171
WellCare Health Plans, Inc.*			2,227		200,408
Bio-Techne Corp.			2,149		200,244
PAREXEL International Corp.*			3,272		199,919
ManpowerGroup, Inc.			2,581		198,814
Graham Holdings Co. — Class B			412		196,334
Rollins, Inc.			7,294		195,990
Live Nation Entertainment, Inc.*			8,998		193,277
ResMed, Inc.			3,357		187,321
LivaNova plc*			3,517		185,451
Owens & Minor, Inc.			5,023		182,787
United Natural Foods, Inc.*			5,115		182,452
SUPERVALU, Inc.*			36,040		181,281
Dean Foods Co.1			10,419		179,519
Boston Beer Company, Inc. — Class A*,1			1,101		171,844
United Therapeutics Corp.*			1,624		170,845
DeVry Education Group, Inc.			9,474		164,374
Molina Healthcare, Inc.*,1			3,057		158,230
Total Consumer, Non-cyclical					12,009,186
Technology - 11.1%
3D Systems Corp.*,1			17,536		310,212
Advanced Micro Devices, Inc.*,1			80,376		285,335
Tyler Technologies, Inc.*			1,644		240,698
PTC, Inc.*			6,427		234,328
Lexmark International, Inc. — Class A			6,070		234,302
Science Applications International Corp.			4,409		234,073
Fortinet, Inc.*			7,103		230,919
CommVault Systems, Inc.*			5,166		226,116
DST Systems, Inc.			1,862		224,706
Ultimate Software Group, Inc.*			1,140		224,113
NetScout Systems, Inc.*			9,988		222,333
j2 Global, Inc.			3,486		221,431
MSCI, Inc. — Class A			2,910		220,985
Computer Sciences Corp.			6,629		219,619
NCR Corp.*			7,544		219,454
Rackspace Hosting, Inc.*			9,577		219,026
Fair Isaac Corp.			2,028		216,408
Broadridge Financial Solutions, Inc.			3,604		215,663
ANSYS, Inc.*			2,340		212,402
CDK Global, Inc.			4,465		212,400
Acxiom Corp.*			9,655		212,120

28 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	April 30, 2016
GUGGENHEIM S&P MIDCAP 400® EQUAL WEIGHT ETF

	Shares		Value
Mentor Graphics Corp.		10,627	$	212,115
Manhattan Associates, Inc.*		3,495		211,587
Leidos Holdings, Inc.		4,256		211,140
Allscripts Healthcare Solutions, Inc.*,1		15,690		210,246
Cypress Semiconductor Corp.1		23,256		210,002
Diebold, Inc.		7,978		209,582
Cadence Design Systems, Inc.*		8,986		208,386
Synopsys, Inc.*		4,383		208,280
Silicon Laboratories, Inc.*		4,431		207,370
MAXIMUS, Inc.		3,879		205,199
VeriFone Systems, Inc.*		7,182		204,400
Convergys Corp.		7,647		202,646
Fairchild Semiconductor International, Inc. — Class A*,1		10,128		202,560
ACI Worldwide, Inc.*		10,098		201,859
Jack Henry & Associates, Inc.		2,489		201,684
Microsemi Corp.*		5,756		194,495
Integrated Device Technology, Inc.*		10,076		194,265
IPG Photonics Corp.*		2,228		193,101
Teradyne, Inc.		10,047		189,989
Intersil Corp. — Class A		15,426		180,330
SYNNEX Corp.		2,088		172,406
Synaptics, Inc.*		2,365		169,216
Cree, Inc.*,1		6,774		166,031
Total Technology				9,403,532
Energy - 5.8%
SM Energy Co.1		11,979		373,265
Denbury Resources, Inc.1		84,394		325,761
WPX Energy, Inc.*,1		33,097		319,717
QEP Resources, Inc.		16,075		288,225
CONSOL Energy, Inc.1		17,312		260,546
Energen Corp.		6,074		258,084
Superior Energy Services, Inc.		15,093		254,467
Ensco plc — Class A		20,260		242,310
Gulfport Energy Corp.*		7,436		232,747
Rowan Companies plc — Class A		12,314		231,626
Oceaneering International, Inc.		6,250		229,063
Oil States International, Inc.*		6,590		228,278
Patterson-UTI Energy, Inc.		11,309		223,353
Dril-Quip, Inc.*		3,392		219,869
Nabors Industries Ltd.		22,016		215,757
Noble Corporation plc1		18,166		204,004
HollyFrontier Corp.		5,587		198,897
NOW, Inc.*,1		10,972		198,154
Western Refining, Inc.1		7,100		189,996
Murphy USA, Inc.*		3,142		180,414
Total Energy				4,874,533
Basic Materials - 5.4%
Olin Corp.		12,604		274,641
United States Steel Corp.		13,940		266,394
Valspar Corp.		2,475		264,057
Royal Gold, Inc.		4,077		255,302
PolyOne Corp.		6,875		247,363
Steel Dynamics, Inc.		9,555		240,882
RPM International, Inc.		4,637		234,308
Minerals Technologies, Inc.		3,806		227,979
Worthington Industries, Inc.		5,948		224,537
Reliance Steel & Aluminum Co.		3,019		223,315
Ashland, Inc.		1,998		222,977
Carpenter Technology Corp.		6,281		222,410
Commercial Metals Co.1		12,298		220,380
Sensient Technologies Corp.		3,258		219,101
Albemarle Corp.		3,307		218,791
NewMarket Corp.		522		211,963
Domtar Corp.		5,470		211,361
Compass Minerals International, Inc.		2,814		210,937
Allegheny Technologies, Inc.1		12,604		205,949
Cabot Corp.		4,178		203,845
Total Basic Materials				4,606,492
Utilities - 4.8%
Talen Energy Corp.*		24,671		287,664
National Fuel Gas Co.		4,113		228,271
Westar Energy, Inc.		4,362		225,122
OGE Energy Corp.		7,463		220,830
MDU Resources Group, Inc.1		10,803		216,708
Hawaiian Electric Industries, Inc.		6,488		212,093
Black Hills Corp.		3,473		210,429
UGI Corp.		5,229		210,415
New Jersey Resources Corp.		5,836		208,228
Atmos Energy Corp.		2,854		207,058
Great Plains Energy, Inc.		6,542		204,307
Questar Corp.		8,137		203,995
Vectren Corp.		4,139		202,190
Aqua America, Inc.		6,386		202,181
Alliant Energy Corp.		2,859		201,617
IDACORP, Inc.		2,738		199,135
ONE Gas, Inc.		3,399		198,740
WGL Holdings, Inc.		2,898		196,745
PNM Resources, Inc.		6,099		193,216
Total Utilities				4,028,944
Communications - 3.7%
Meredith Corp.		4,449		228,279
Polycom, Inc.*		18,463		220,633
comScore, Inc.*		7,160		219,239
InterDigital, Inc.		3,840		218,803
John Wiley & Sons, Inc. — Class A		4,398		218,097
Telephone & Data Systems, Inc.		7,249		214,353
Cable One, Inc.		463		212,498
Plantronics, Inc.		5,360		206,092
AMC Networks, Inc. — Class A*		3,093		201,756
New York Times Co. — Class A		15,701		201,287
FactSet Research Systems, Inc.		1,311		197,633

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 29

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	April 30, 2016
GUGGENHEIM S&P MIDCAP 400® EQUAL WEIGHT ETF

	Shares		Value
Time, Inc.		13,441	$	197,583
ARRIS International plc*		8,542		194,501
Ciena Corp.*,1		11,541		194,235
NeuStar, Inc. — Class A*		7,845		184,279
WebMD Health Corp. — Class A*,1		725		45,487
Total Communications				3,154,755
Total Common Stocks
(Cost $78,845,192)				84,661,519
SHORT TERM INVESTMENTS† - 0.0%
Federated U.S. Treasury Cash Reserve Fund Institutional Shares, 0.13%2		9,714		9,714
Total Short Term Investments
(Cost $9,714)				9,714
SECURITIES LENDING COLLATERAL†,3 - 10.5%
BNY Mellon Separately Managed Cash Collateral Account, 0.30%		8,900,951		8,900,951
Total Securities Lending Collateral
(Cost $8,900,951)				8,900,951
Total Investments - 110.5%
(Cost $87,755,857)			$	93,572,184
Other Assets & Liabilities, net - (10.5)%				(8,883,894	)
Total Net Assets - 100.0%			$	84,688,290

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
1	All or portion of this security is on loan at April 30, 2016 — See Note 5.
2	Rate indicated is the 7 day yield as of April 30, 2016.
3	Securities lending collateral — See Note 5.
	plc — Public Limited Company
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at April 30, 2016 (See Note 4 in the Notes to Financial Statements):

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	84,661,519	$	—	$	—	$	84,661,519
Securities Lending Collateral		8,900,951		—		—		8,900,951
Short Term Investments		9,714		—		—		9,714
Total	$	93,572,184	$	—	$	—	$	93,572,184

For the period ended April 30, 2016, there were no transfers between levels.

30 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)	April 30, 2016
GUGGENHEIM S&P SMALLCAP 600® EQUAL WEIGHT ETF

	Shares		Value
COMMON STOCKS† - 99.8%
Financial - 19.3%
Enova International, Inc.*		9,783	$	86,188
First BanCorp*		20,509		79,986
Banc of California, Inc.		3,810		77,534
OFG Bancorp		8,598		75,920
LegacyTexas Financial Group, Inc.		3,073		75,780
Forestar Group, Inc.*		5,387		72,725
World Acceptance Corp.*		1,673		72,591
Texas Capital Bancshares, Inc.*		1,584		72,579
Government Properties Income Trust1		3,830		72,463
WageWorks, Inc.*		1,339		72,119
Great Western Bancorp, Inc.		2,283		71,960
Financial Engines, Inc.1		2,229		71,796
Wintrust Financial Corp.		1,375		71,528
HFF, Inc. — Class A		2,217		70,566
Parkway Properties, Inc.		4,197		69,041
CoreSite Realty Corp.		920		68,936
Pennsylvania Real Estate Investment Trust		2,997		68,751
Talmer Bancorp, Inc. — Class A		3,526		68,404
First Financial Bankshares, Inc.1		2,112		68,387
Ameris Bancorp		2,172		68,202
Cardinal Financial Corp.		3,073		68,005
PRA Group, Inc.*		2,049		67,986
United Community Banks, Inc.		3,373		67,898
Old National Bancorp		5,056		67,750
eHealth, Inc.*		6,052		67,722
Southside Bancshares, Inc.1		2,316		67,650
Central Pacific Financial Corp.		2,893		67,523
Boston Private Financial Holdings, Inc.		5,512		67,357
United Fire Group, Inc.		1,485		66,558
Medical Properties Trust, Inc.		4,991		66,431
Getty Realty Corp.		3,355		66,026
First Financial Bancorp		3,379		65,891
Franklin Street Properties Corp.		6,198		65,823
CareTrust REIT, Inc.		5,170		65,762
RE/MAX Holdings, Inc. — Class A		1,787		65,762
BofI Holding, Inc.*,1		3,222		65,632
UMB Financial Corp.		1,177		65,618
AMERISAFE, Inc.		1,215		65,464
Encore Capital Group, Inc.*,1		2,325		65,449
TrustCo Bank Corp. NY		10,204		65,408
City Holding Co.		1,329		65,280
Cousins Properties, Inc.		6,306		65,266
Stewart Information Services Corp.		1,874		65,254
Northwest Bancshares, Inc.		4,649		65,180
Employers Holdings, Inc.		2,193		65,132
MB Financial, Inc.		1,873		65,105
EastGroup Properties, Inc.		1,085		64,829
Infinity Property & Casualty Corp.		806		64,609
Simmons First National Corp. — Class A		1,380		64,446
NBT Bancorp, Inc.		2,273		64,417
Hanmi Financial Corp.		2,783		64,343
United Bankshares, Inc.		1,662		64,303
Lexington Realty Trust		7,323		64,296
Sterling Bancorp		3,922		64,085
American Assets Trust, Inc.		1,613		63,988
GEO Group, Inc.		1,997		63,964
LTC Properties, Inc.		1,378		63,925
Bank Mutual Corp.		7,904		63,864
Virtus Investment Partners, Inc.		813		63,593
Agree Realty Corp.		1,636		63,444
Dime Community Bancshares, Inc.		3,502		63,421
BBCN Bancorp, Inc.		4,059		63,402
Brookline Bancorp, Inc.		5,562		63,296
Wilshire Bancorp, Inc.		5,874		63,263
Tompkins Financial Corp.		968		63,249
Provident Financial Services, Inc.		3,163		63,197
Saul Centers, Inc.		1,187		63,125
Retail Opportunity Investments Corp.		3,209		63,121
Home BancShares, Inc.		1,467		63,066
Community Bank System, Inc.		1,588		62,837
Banner Corp.		1,467		62,758
First Midwest Bancorp, Inc.		3,392		62,684
INTL FCStone, Inc.*		2,291		62,544
Oritani Financial Corp.		3,606		62,492
Safety Insurance Group, Inc.		1,101		62,328
ServisFirst Bancshares, Inc.1		1,263		62,241
Urstadt Biddle Properties, Inc. — Class A		3,025		62,194
CVB Financial Corp.1		3,612		62,054
Opus Bank		1,717		62,018
Universal Health Realty Income Trust		1,135		61,971
Evercore Partners, Inc. — Class A		1,200		61,968
First Commonwealth Financial Corp.		6,747		61,937
Pinnacle Financial Partners, Inc.		1,257		61,807
Independent Bank Corp.		1,314		61,797
PS Business Parks, Inc.		643		61,574
Glacier Bancorp, Inc.		2,378		61,566
Selective Insurance Group, Inc.		1,772		61,506
Westamerica Bancorporation1		1,261		61,436
Capstead Mortgage Corp.		6,299		61,226
Navigators Group, Inc.*		739		61,049
Sabra Health Care REIT, Inc.		2,891		60,971
S&T Bancorp, Inc.		2,373		60,915
Acadia Realty Trust		1,806		60,862
Kite Realty Group Trust		2,222		60,505
Education Realty Trust, Inc.		1,521		60,490
Four Corners Property Trust, Inc.		3,398		60,315
Columbia Banking System, Inc.		2,043		60,248
Horace Mann Educators Corp.		1,933		60,116
Northfield Bancorp, Inc.		3,790		60,109
Interactive Brokers Group, Inc. — Class A		1,581		60,078
Cedar Realty Trust, Inc.		8,658		59,913
Summit Hotel Properties, Inc.		5,227		59,587
Greenhill & Company, Inc.		2,684		59,102
Astoria Financial Corp.		3,912		58,836

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 31

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	April 30, 2016
GUGGENHEIM S&P SMALLCAP 600® EQUAL WEIGHT ETF

	Shares		Value
Calamos Asset Management, Inc. — Class A		7,137	$	58,809
RLI Corp.		943		58,636
HCI Group, Inc.		1,946		58,302
Universal Insurance Holdings, Inc.		3,310		58,289
ProAssurance Corp.		1,213		57,896
Chesapeake Lodging Trust		2,347		57,807
DiamondRock Hospitality Co.1		6,471		57,657
Investment Technology Group, Inc.		2,947		57,525
American Equity Investment Life Holding Co.		4,037		56,518
United Insurance Holdings Corp.		3,430		55,943
Walker & Dunlop, Inc.*		2,513		55,412
Piper Jaffray Cos.*		1,308		54,557
First NBC Bank Holding Co.*		2,368		51,480
Total Financial				7,528,499
Consumer, Non-cyclical - 18.5%
Inogen, Inc.*		1,801		87,997
CDI Corp.		11,286		80,696
ExamWorks Group, Inc.*		2,214		79,815
Zeltiq Aesthetics, Inc.*,1		2,657		79,444
ANI Pharmaceuticals, Inc.*,1		1,707		77,617
Kindred Healthcare, Inc.		5,205		76,826
Spectrum Pharmaceuticals, Inc.*,1		10,662		75,594
Select Medical Holdings Corp.*		5,648		75,571
Amedisys, Inc.*		1,466		75,484
Nektar Therapeutics*,1		4,797		75,217
HMS Holdings Corp.*		4,451		75,178
SciClone Pharmaceuticals, Inc.*		5,623		74,223
B&G Foods, Inc.1		1,786		73,601
Ligand Pharmaceuticals, Inc. — Class B*,1		606		73,247
Darling Ingredients, Inc.*		5,019		72,725
Career Education Corp.*		13,538		72,292
Diplomat Pharmacy, Inc.*,1		2,378		72,030
Cynosure, Inc. — Class A*		1,461		71,501
Cambrex Corp.*		1,480		71,395
CryoLife, Inc.		5,737		71,138
Landauer, Inc.		2,045		71,043
Surgical Care Affiliates, Inc.*		1,454		70,301
Adeptus Health, Inc. — Class A*,1		1,029		70,095
Emergent BioSolutions, Inc.*		1,816		69,952
Almost Family, Inc.*		1,655		69,527
NuVasive, Inc.*		1,312		69,457
Cardtronics, Inc.*		1,760		69,380
Brink’s Co.		2,043		69,135
Masimo Corp.*		1,594		69,100
LHC Group, Inc.*		1,710		68,981
Vascular Solutions, Inc.*		1,963		68,607
Momenta Pharmaceuticals, Inc.*		7,212		68,586
HealthEquity, Inc.*		2,727		68,584
CorVel Corp.*		1,516		68,523
Andersons, Inc.		2,030		68,025
AMN Healthcare Services, Inc.*		1,915		68,002
Integra LifeSciences Holdings Corp.*		957		67,775
Supernus Pharmaceuticals, Inc.*		3,945		67,696
Capella Education Co.		1,222		67,589
PharMerica Corp.*		2,851		67,398
Kelly Services, Inc. — Class A		3,589		67,366
Merit Medical Systems, Inc.*		3,312		67,068
Medifast, Inc.		2,127		67,064
Cross Country Healthcare, Inc.*		5,387		66,960
Inter Parfums, Inc.		2,181		66,782
Medicines Co.*,1		1,874		66,696
AMAG Pharmaceuticals, Inc.*,1		2,508		66,512
NutriSystem, Inc.		3,011		66,302
Matthews International Corp. — Class A		1,257		66,168
Depomed, Inc.*,1		3,806		66,148
AngioDynamics, Inc.*		5,382		65,930
Forrester Research, Inc.		1,958		65,828
SurModics, Inc.*		3,265		65,692
Magellan Health, Inc.*		932		65,669
Healthcare Services Group, Inc.		1,732		65,556
Korn/Ferry International		2,412		65,462
Abaxis, Inc.		1,444		65,442
Insperity, Inc.1		1,235		65,171
American Public Education, Inc.*		2,807		65,010
Navigant Consulting, Inc.*		4,045		64,558
LendingTree, Inc.*,1		718		64,239
Healthways, Inc.*		5,512		64,215
Calavo Growers, Inc.		1,123		64,202
On Assignment, Inc.*		1,779		64,151
Viad Corp.		2,154		64,082
ABM Industries, Inc.		1,988		63,954
Rent-A-Center, Inc.		4,347		63,901
ICU Medical, Inc.*		640		63,578
Anika Therapeutics, Inc.*		1,384		63,193
Ensign Group, Inc.		2,797		63,100
Analogic Corp.		797		62,955
Strayer Education, Inc.*		1,267		62,894
Resources Connection, Inc.		4,237		62,580
Sanderson Farms, Inc.		681		62,475
Albany Molecular Research, Inc.*,1		4,138		62,277
Luminex Corp.*		3,097		62,250
Monster Worldwide, Inc.*		19,352		61,926
Green Dot Corp. — Class A*		2,780		61,799
Monro Muffler Brake, Inc.		889		61,537
CONMED Corp.		1,483		61,426
Enanta Pharmaceuticals, Inc.*		2,093		61,116
Cal-Maine Foods, Inc.1		1,201		60,963
Tumi Holdings, Inc.*		2,275		60,696
Universal Corp.1		1,112		60,660
US Physical Therapy, Inc.		1,211		60,380
WD-40 Co.		589		60,255
Repligen Corp.*		2,255		60,073
Chemed Corp.		458		59,439
Helen of Troy Ltd.*		597		59,419
J&J Snack Foods Corp.		582		58,858
Haemonetics Corp.*		1,806		58,569

32 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	April 30, 2016
GUGGENHEIM S&P SMALLCAP 600® EQUAL WEIGHT ETF

	Shares		Value
Providence Service Corp.*		1,170	$	58,313
SpartanNash Co.		2,094		58,004
Air Methods Corp.*		1,562		57,763
Greatbatch, Inc.*		1,646		57,281
Cantel Medical Corp.		855		57,276
Seneca Foods Corp. — Class A*		1,745		56,870
Meridian Bioscience, Inc.		2,972		56,795
Impax Laboratories, Inc.*		1,700		56,695
Neogen Corp.*		1,181		55,790
MiMedx Group, Inc.*,1		7,195		54,178
Heidrick & Struggles International, Inc.		2,721		53,685
Sagent Pharmaceuticals, Inc.*		4,586		53,381
Lannett Company, Inc.*,1		2,755		52,841
Invacare Corp.1		4,673		52,525
Universal Technical Institute, Inc.1		13,247		52,326
Central Garden & Pet Co. — Class A*		3,154		51,379
Natus Medical, Inc.*		1,590		50,673
Acorda Therapeutics, Inc.*		1,929		49,865
Phibro Animal Health Corp. — Class A		2,373		49,216
TrueBlue, Inc.*		2,565		47,940
Central Garden & Pet Co.*		954		15,522
Total Consumer, Non-cyclical				7,230,211
Industrial - 18.3%
Olympic Steel, Inc.		4,168		94,280
TimkenSteel Corp.		7,297		92,964
General Cable Corp.		5,919		92,573
Harsco Corp.		12,471		88,420
Rofin-Sinar Technologies, Inc.*		2,629		84,628
CIRCOR International, Inc.1		1,474		83,207
Orion Marine Group, Inc.*		13,873		81,018
SPX FLOW, Inc.*		2,681		80,323
Chart Industries, Inc.*		3,094		79,639
DXP Enterprises, Inc.*		3,623		79,163
KapStone Paper and Packaging Corp.		4,923		78,226
SPX Corp.		4,694		75,574
Dycom Industries, Inc.*,1		1,053		74,342
LSB Industries, Inc.*		5,648		74,329
Boise Cascade Co.*		3,522		73,504
Lydall, Inc.*		1,944		71,520
PGT, Inc.*		6,829		71,499
US Concrete, Inc.*,1		1,143		70,592
Applied Industrial Technologies, Inc.		1,539		70,532
Fabrinet*		2,202		70,398
Tidewater, Inc.1		7,945		69,598
Hornbeck Offshore Services, Inc.*		5,924		69,548
Mueller Industries, Inc.		2,203		69,527
Bel Fuse, Inc. — Class B		4,171		69,489
Actuant Corp. — Class A		2,581		68,939
Greenbrier Companies, Inc.1		2,295		68,827
AAR Corp.		2,857		68,683
Trex Company, Inc.*		1,446		68,613
Astec Industries, Inc.		1,403		67,905
Plexus Corp.*		1,625		67,860
CTS Corp.		4,080		67,606
Quanex Building Products Corp.		3,587		67,579
Moog, Inc. — Class A*		1,376		67,231
Aerojet Rocketdyne Holdings, Inc.*		3,701		67,062
US Ecology, Inc.		1,488		67,005
Federal Signal Corp.		4,892		66,971
Headwaters, Inc.*		3,342		66,873
Cubic Corp.		1,602		66,596
Forward Air Corp.		1,459		66,501
Powell Industries, Inc.		2,136		66,472
Aerovironment, Inc.*		2,297		66,337
Coherent, Inc.*		710		66,314
National Presto Industries, Inc.1		759		66,177
TopBuild Corp.*		2,114		65,998
Sanmina Corp.*		2,788		65,936
Myers Industries, Inc.		4,880		65,782
Haynes International, Inc.		1,748		65,602
American Science & Engineering, Inc.		2,284		65,436
Badger Meter, Inc.1		917		65,410
Saia, Inc.*,1		2,255		65,215
EnerSys		1,117		65,199
Watts Water Technologies, Inc. — Class A		1,166		65,144
Albany International Corp. — Class A		1,616		65,109
Griffon Corp.1		4,118		65,106
Aegion Corp. — Class A*		3,064		65,049
Methode Electronics, Inc.		2,181		64,841
Tennant Co.		1,214		64,840
AAON, Inc.		2,443		64,788
Gibraltar Industries, Inc.*		2,441		64,564
Exponent, Inc.		1,293		64,443
Park Electrochemical Corp.		3,945		64,343
ESCO Technologies, Inc.		1,671		64,300
Kaman Corp.		1,527		64,271
Tredegar Corp.		4,024		64,223
Marten Transport Ltd.		3,432		64,041
Hillenbrand, Inc.		2,109		63,924
Franklin Electric Company, Inc.		2,023		63,907
Advanced Energy Industries, Inc.*		1,975		63,891
Simpson Manufacturing Company, Inc.		1,697		63,807
EMCOR Group, Inc.		1,313		63,654
Standex International Corp.		829		63,576
Drew Industries, Inc.		978		63,404
Matson, Inc.		1,629		63,335
Tetra Tech, Inc.		2,153		63,298
Hub Group, Inc. — Class A*		1,642		63,250
EnPro Industries, Inc.		1,078		63,149
Electro Scientific Industries, Inc.*		8,947		63,076
Celadon Group, Inc.		6,255		62,988
MYR Group, Inc.*		2,464		62,857
Knight Transportation, Inc.1		2,365		62,838
AZZ, Inc.		1,132		62,169
Lindsay Corp.1		811		62,009
Apogee Enterprises, Inc.		1,493		61,870

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 33

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	April 30, 2016
GUGGENHEIM S&P SMALLCAP 600® EQUAL WEIGHT ETF

	Shares		Value
Encore Wire Corp.		1,614	$	61,736
Comfort Systems USA, Inc.		2,081		61,369
Checkpoint Systems, Inc.*		6,058		61,307
II-VI, Inc.*		2,909		60,711
Atlas Air Worldwide Holdings, Inc.*		1,518		60,629
Littelfuse, Inc.		519		60,453
Brady Corp. — Class A1		2,268		60,079
Heartland Express, Inc.1		3,294		59,654
Universal Forest Products, Inc.		778		59,634
TTM Technologies, Inc.*		9,146		59,632
Itron, Inc.*		1,440		59,213
Roadrunner Transportation Systems, Inc.*		5,003		59,135
Rogers Corp.*		1,020		58,507
TASER International, Inc.*,1		3,161		57,720
Barnes Group, Inc.		1,768		57,442
John Bean Technologies Corp.		1,089		56,780
Briggs & Stratton Corp.		2,682		56,778
Vicor Corp.*		5,902		56,600
Echo Global Logistics, Inc.*		2,356		55,060
FARO Technologies, Inc.*		1,876		54,479
Benchmark Electronics, Inc.*		2,775		53,891
Sturm Ruger & Company, Inc.1		837		53,593
ArcBest Corp.		2,740		52,307
OSI Systems, Inc.*		994		50,585
Proto Labs, Inc.*,1		838		50,138
Total Industrial				7,148,518
Consumer, Cyclical - 15.4%
EZCORP, Inc. — Class A*		21,361		105,737
Select Comfort Corp.*		3,326		82,086
Lumber Liquidators Holdings, Inc.*,1		5,410		80,663
Krispy Kreme Doughnuts, Inc.*		4,390		76,431
Outerwall, Inc.1		1,808		74,688
SkyWest, Inc.		3,129		73,532
Superior Industries International, Inc.		2,803		73,215
Veritiv Corp.*,1		1,726		70,800
Daktronics, Inc.		8,112		70,575
Installed Building Products, Inc.*		2,639		70,144
Ethan Allen Interiors, Inc.		2,054		69,918
Children’s Place, Inc.		896		69,808
iRobot Corp.*,1		1,863		69,639
Tuesday Morning Corp.*		7,966		69,144
Titan International, Inc.1		10,375		68,786
Group 1 Automotive, Inc.		1,041		68,539
Chuy’s Holdings, Inc.*		2,214		67,617
Sonic Corp.		1,965		67,537
Unifi, Inc.*		2,605		67,105
Standard Motor Products, Inc.		1,880		66,759
M/I Homes, Inc.*		3,312		66,571
Core-Mark Holding Company, Inc.		811		66,226
Callaway Golf Co.		7,047		65,819
Five Below, Inc.*,1		1,571		65,511
PetMed Express, Inc.		3,579		65,496
Genesco, Inc.*		946		65,444
MarineMax, Inc.*		3,420		65,014
American Woodmark Corp.*		891		64,900
ScanSource, Inc.*		1,594		64,844
Mobile Mini, Inc.		2,006		64,694
Winnebago Industries, Inc.		2,988		64,660
Big 5 Sporting Goods Corp.		5,254		63,522
Finish Line, Inc. — Class A		3,215		63,496
Dorman Products, Inc.*,1		1,170		62,934
First Cash Financial Services, Inc.		1,376		62,924
Universal Electronics, Inc.*		947		62,890
Essendant, Inc.		2,035		62,658
La-Z-Boy, Inc.		2,422		62,657
Interface, Inc. — Class A		3,677		62,583
Papa John’s International, Inc.		1,105		62,532
Biglari Holdings, Inc.*		166		62,074
Scientific Games Corp. — Class A*,1		6,242		61,921
Interval Leisure Group, Inc.1		4,378		61,818
Popeyes Louisiana Kitchen, Inc.*		1,149		61,770
Arctic Cat, Inc.		3,710		61,697
Boyd Gaming Corp.*		3,305		61,605
G&K Services, Inc. — Class A		867		61,253
UniFirst Corp.		565		61,235
Marcus Corp.		3,161		61,165
Hibbett Sports, Inc.*,1		1,694		61,153
Asbury Automotive Group, Inc.*		1,008		61,105
Cash America International, Inc.		1,653		61,095
Wolverine World Wide, Inc.		3,224		61,095
BJ’s Restaurants, Inc.*		1,369		61,057
Cato Corp. — Class A		1,668		61,032
VOXX International Corp. — Class A*		13,568		60,920
Tailored Brands, Inc.		3,492		60,831
DTS, Inc.*		2,783		60,725
Perry Ellis International, Inc.*		3,166		60,312
Iconix Brand Group, Inc.*,1		7,071		59,962
Fred’s, Inc. — Class A1		4,077		59,810
Belmond Ltd. — Class A*		6,512		59,650
Red Robin Gourmet Burgers, Inc.*		919		59,606
Meritage Homes Corp.*		1,751		59,587
Texas Roadhouse, Inc. — Class A		1,457		59,329
Bob Evans Farms, Inc.		1,302		59,293
Steven Madden Ltd.*,1		1,690		59,167
Kirkland’s, Inc.		3,597		59,063
Allegiant Travel Co. — Class A		363		58,287
Barnes & Noble, Inc.		4,958		58,257
Barnes & Noble Education, Inc.*		6,217		58,191
Movado Group, Inc.		2,058		58,056
Monarch Casino & Resort, Inc.*		3,053		58,007
Hawaiian Holdings, Inc.*		1,361		57,257
Sonic Automotive, Inc. — Class A		3,046		57,143
Gentherm, Inc.*		1,555		57,131
Marriott Vacations Worldwide Corp.		907		56,814
Ruth’s Hospitality Group, Inc.		3,572		56,723
Stein Mart, Inc.		7,804		56,501

34 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	April 30, 2016
GUGGENHEIM S&P SMALLCAP 600® EQUAL WEIGHT ETF

	Shares		Value
DineEquity, Inc.		655	$	56,330
Regis Corp.*		4,105		56,115
Vera Bradley, Inc.*		3,153		55,304
Zumiez, Inc.*,1		3,248		54,501
Haverty Furniture Companies, Inc.		2,908		54,292
Vitamin Shoppe, Inc.*,1		1,979		54,165
Buckle, Inc.1		1,870		54,118
Lithia Motors, Inc. — Class A		651		54,046
Francesca’s Holdings Corp.*		3,249		53,933
Oxford Industries, Inc.		811		53,867
Express, Inc.*		2,961		53,831
Motorcar Parts of America, Inc.*		1,671		53,589
Crocs, Inc.*		6,377		53,248
Caleres, Inc.		2,108		53,143
G-III Apparel Group Ltd.*,1		1,157		52,354
Stage Stores, Inc.1		7,112		52,344
Ruby Tuesday, Inc.*		11,390		50,116
Total Consumer, Cyclical				5,995,091
Technology - 9.3%
Mercury Systems, Inc.*		3,600		75,672
Nanometrics, Inc.*		4,220		75,370
Digi International, Inc.*		7,128		75,343
Ebix, Inc.1		1,561		75,115
Engility Holdings, Inc.*		3,728		73,330
Tangoe, Inc.*,1		8,264		72,888
CSG Systems International, Inc.1		1,642		72,872
Ciber, Inc.*		31,337		72,702
Medidata Solutions, Inc.*,1		1,662		72,513
CEVA, Inc.*		3,035		69,987
ManTech International Corp. — Class A		2,052		69,358
Omnicell, Inc.*		2,168		69,072
Interactive Intelligence Group, Inc.*,1		1,841		68,430
LivePerson, Inc.*,1		11,306		68,401
Blackbaud, Inc.		1,072		66,217
Exar Corp.*		10,849		66,179
DSP Group, Inc.*		6,952		66,044
Synchronoss Technologies, Inc.*		2,122		65,931
MicroStrategy, Inc. — Class A*		362		64,914
Cabot Microelectronics Corp.		1,541		64,552
Rudolph Technologies, Inc.*		4,649		64,482
Epiq Systems, Inc.		4,363		64,442
MKS Instruments, Inc.		1,795		64,369
Semtech Corp.*		2,954		63,924
Progress Software Corp.*		2,504		63,902
Ultratech, Inc.*		2,944		63,855
Cirrus Logic, Inc.*,1		1,767		63,788
Monolithic Power Systems, Inc.		1,011		63,107
Virtusa Corp.*		1,775		63,084
Cohu, Inc.		5,377		62,158
ExlService Holdings, Inc.*		1,277		61,794
Sykes Enterprises, Inc.*		2,113		61,594
Lumentum Holdings, Inc.*		2,433		61,555
Power Integrations, Inc.		1,275		61,519
TeleTech Holdings, Inc.		2,213		61,499
QLogic Corp.*		4,698		61,497
Qualys, Inc.*		2,431		61,213
Veeco Instruments, Inc.*		3,291		60,587
MTS Systems Corp.		1,077		60,549
Agilysys, Inc.*		5,587		59,669
Diodes, Inc.*		3,190		59,398
Kulicke & Soffa Industries, Inc.*		5,537		59,357
CACI International, Inc. — Class A*		616		59,228
Computer Programs & Systems, Inc.		1,153		59,183
Monotype Imaging Holdings, Inc.		2,683		59,106
Tessera Technologies, Inc.		2,051		58,905
Take-Two Interactive Software, Inc.*		1,723		58,892
Brooks Automation, Inc.		6,217		58,813
Kopin Corp.*		35,076		58,226
Quality Systems, Inc.		4,135		58,221
Electronics for Imaging, Inc.*		1,461		58,206
Cray, Inc.*		1,477		55,934
Insight Enterprises, Inc.*		2,263		55,919
Rambus, Inc.*		4,659		54,138
Super Micro Computer, Inc.*,1		1,918		51,613
Bottomline Technologies de, Inc.*		2,090		51,330
Rovi Corp.*		2,837		49,988
Total Technology				3,619,934
Communications - 6.5%
Blucora, Inc.*		11,024		88,302
Ruckus Wireless, Inc.*		6,286		86,370
Anixter International, Inc.*		1,303		81,177
LogMeIn, Inc.*		1,194		71,282
FTD Companies, Inc.*,1		2,559		71,166
VASCO Data Security International, Inc.*		4,091		70,897
QuinStreet, Inc.*,1		19,850		69,872
Gannett Company, Inc.		4,118		69,388
XO Group, Inc.*		3,922		69,262
HealthStream, Inc.*		3,056		69,127
Iridium Communications, Inc.*,1		8,457		68,248
8x8, Inc.*		5,885		66,736
Liquidity Services, Inc.*,1		11,918		66,502
Perficient, Inc.*		3,148		65,730
Harmonic, Inc.*		18,821		65,121
Black Box Corp.		4,454		65,117
NETGEAR, Inc.*		1,535		65,084
ViaSat, Inc.*,1		843		64,658
Cogent Communications Holdings, Inc.		1,668		64,552
Comtech Telecommunications Corp.		2,665		64,493
Cincinnati Bell, Inc.*		16,730		63,908
Scholastic Corp.		1,729		62,901
Lumos Networks Corp.*		4,892		62,373
NIC, Inc.		3,514		62,233
Spok Holdings, Inc.		3,655		62,098
ADTRAN, Inc.		3,209		61,998
ePlus, Inc.*		770		61,900
Consolidated Communications Holdings, Inc.		2,595		61,346

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 35

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	April 30, 2016
GUGGENHEIM S&P SMALLCAP 600® EQUAL WEIGHT ETF

	Shares		Value
Blue Nile, Inc.		2,358	$	60,789
Atlantic Tele-Network, Inc.		838		60,261
Viavi Solutions, Inc.*		9,241		60,159
World Wrestling Entertainment, Inc. — Class A1		3,478		57,874
General Communication, Inc. — Class A*		3,359		56,767
DHI Group, Inc.*		7,914		56,269
Ixia*		5,359		54,233
Sizmek, Inc.*		19,914		52,772
EW Scripps Co. — Class A*,1		3,445		52,295
CalAmp Corp.*		3,383		50,644
Stamps.com, Inc.*,1		531		43,733
Harte-Hanks, Inc.		16,913		30,782
Total Communications				2,538,419
Energy - 5.8%
Helix Energy Solutions Group, Inc.*		12,152		104,873
Bonanza Creek Energy, Inc.*,1		25,615		99,387
Archrock, Inc.		9,297		91,576
Bill Barrett Corp.*		11,348		90,330
Pioneer Energy Services Corp.*		28,713		89,297
Northern Oil and Gas, Inc.*,1		15,433		84,264
Contango Oil & Gas Co.*		6,667		83,871
Geospace Technologies Corp.*		4,951		80,998
Unit Corp.*,1		6,358		80,492
Carrizo Oil & Gas, Inc.*,1		2,171		76,788
Flotek Industries, Inc.*,1		7,785		73,568
Green Plains, Inc.		4,043		73,178
SunCoke Energy, Inc.		9,752		72,457
Bristow Group, Inc.		3,156		72,336
SEACOR Holdings, Inc.*		1,191		69,995
PDC Energy, Inc.*,1		1,093		68,629
TETRA Technologies, Inc.*		9,311		67,039
Tesco Corp.		7,071		66,892
Gulfmark Offshore, Inc. — Class A*,1		9,631		65,298
Atwood Oceanics, Inc.1		6,588		63,640
Newpark Resources, Inc.*		13,538		63,222
Cloud Peak Energy, Inc.*,1		28,448		62,870
Basic Energy Services, Inc.*,1		19,536		62,515
Matrix Service Co.*		3,239		61,023
REX American Resources Corp.*,1		1,100		59,807
Synergy Resources Corp.*		7,834		56,561
Exterran Corp.*		3,653		55,891
Era Group, Inc.*		5,786		55,141
FutureFuel Corp.		4,782		53,750
Gulf Island Fabrication, Inc.		7,015		52,683
CARBO Ceramics, Inc.1		2,886		42,857
Rex Energy Corp.*,1		40,086		40,487
Stone Energy Corp.*,1		30,261		29,659
Total Energy				2,271,374
Basic Materials - 4.9%
Chemours Co.		9,468		86,348
Kraton Performance Polymers, Inc.*		3,664		83,209
Koppers Holdings, Inc.*		3,253		81,747
Innophos Holdings, Inc.		2,183		80,684
Clearwater Paper Corp.*		1,320		78,856
Stillwater Mining Co.*		6,325		77,165
US Silica Holdings, Inc.		2,944		75,219
Century Aluminum Co.*,1		8,376		73,877
PH Glatfelter Co.		3,176		72,826
Kaiser Aluminum Corp.		762		72,260
AK Steel Holding Corp.*		15,395		72,049
Schweitzer-Mauduit International, Inc.		2,064		70,981
Stepan Co.		1,157		70,913
Hawkins, Inc.1		1,802		70,512
Rayonier Advanced Materials, Inc.		6,874		70,459
Materion Corp.		2,367		68,619
Calgon Carbon Corp.		4,182		68,543
HB Fuller Co.		1,527		68,287
Innospec, Inc.		1,401		67,752
Quaker Chemical Corp.		750		66,795
Deltic Timber Corp.		1,068		66,750
Neenah Paper, Inc.		1,018		66,262
American Vanguard Corp.*		3,858		63,850
Intrepid Potash, Inc.*		49,785		63,725
Balchem Corp.		1,022		62,710
A. Schulman, Inc.		2,220		61,916
Aceto Corp.1		2,671		59,911
Total Basic Materials				1,922,225
Utilities - 1.8%
California Water Service Group		2,376		66,362
El Paso Electric Co.		1,438		64,854
South Jersey Industries, Inc.		2,297		64,108
Southwest Gas Corp.		972		63,093
Avista Corp.		1,570		62,910
American States Water Co.		1,505		62,743
ALLETE, Inc.		1,106		62,146
Northwest Natural Gas Co.		1,203		62,003
Piedmont Natural Gas Company, Inc.		1,033		61,773
Spire, Inc.		929		59,419
NorthWestern Corp.		1,026		58,318
Total Utilities				687,729
Total Common Stocks
(Cost $35,366,154)				38,942,000
RIGHTS††† - 0.0%
Dyax Corp.4		339		—
Total Rights
(Cost $—)				—

36 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	April 30, 2016
GUGGENHEIM S&P SMALLCAP 600® EQUAL WEIGHT ETF

	Shares		Value
SHORT TERM INVESTMENTS† - 0.1%
Federated U.S. Treasury Cash Reserve Fund Institutional Shares, 0.13%2		37,323	$	37,323
Total Short Term Investments
(Cost $37,323)				37,323
SECURITIES LENDING COLLATERAL†,3 - 13.7%
BNY Mellon Separately Managed Cash Collateral Account, 0.30%		5,332,110		5,332,110
Total Securities Lending Collateral
(Cost $5,332,110)				5,332,110
Total Investments - 113.6%
(Cost $40,735,587)			$	44,311,433
Other Assets & Liabilities, net - (13.6)%				(5,321,231	)
Total Net Assets - 100.0%			$	38,990,202

*	Non-income producing security.
†	Value determined based on Level 1 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, 2016 — See Note 5.
2	Rate indicated is the 7 day yield as of April 30, 2016.
3	Securities lending collateral — See Note 5.
4	This security was fair valued by the Valuation Committee at April 30, 2016.
	REIT — Real Estate Investment Trust
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at April 30, 2016 (See Note 4 in the Notes to Financial Statements):

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	38,942,000	$	—	$	—	$	38,942,000
Rights		—		—		—		—
Securities Lending Collateral		5,332,110		—		—		5,332,110
Short Term Investments		37,323		—		—		37,323
Total	$	44,311,433	$	—	$	—	$	44,311,433

For the period ended April 30, 2016, there were no transfers between levels.

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 37

SCHEDULE OF INVESTMENTS (Unaudited)	April 30, 2016
GUGGENHEIM S&P 500® EQUAL WEIGHT CONSUMER DISCRETIONARY ETF

	Shares		Value
COMMON STOCKS† - 99.8%
Retail - 39.5%
Ulta Salon Cosmetics & Fragrance, Inc.*		6,071	$	1,264,468
PVH Corp.		12,372		1,182,762
Lowe’s Companies, Inc.		15,004		1,140,604
Tractor Supply Co.		11,981		1,134,121
Staples, Inc.		110,984		1,132,037
Home Depot, Inc.		8,424		1,127,889
McDonald’s Corp.		8,902		1,126,014
Yum! Brands, Inc.		13,914		1,106,998
CarMax, Inc.*,1		20,854		1,104,219
Coach, Inc.		27,284		1,098,727
Genuine Parts Co.		11,346		1,088,876
TJX Companies, Inc.		14,334		1,086,804
Dollar Tree, Inc.*		13,522		1,077,839
Tiffany & Co.		15,062		1,074,674
AutoNation, Inc.*,1		21,172		1,072,362
Advance Auto Parts, Inc.		6,824		1,065,226
Ross Stores, Inc.		18,669		1,060,026
Starbucks Corp.		18,789		1,056,505
Signet Jewelers Ltd.		9,730		1,056,289
Target Corp.		13,217		1,050,752
O’Reilly Automotive, Inc.*		3,975		1,044,153
Dollar General Corp.		12,729		1,042,632
AutoZone, Inc.*		1,357		1,038,417
Best Buy Company, Inc.		31,714		1,017,385
Foot Locker, Inc.		16,533		1,015,788
Bed Bath & Beyond, Inc.*		21,351		1,008,194
Darden Restaurants, Inc.		16,014		996,872
Urban Outfitters, Inc.*		32,681		990,888
L Brands, Inc.		12,535		981,365
Nordstrom, Inc.1		19,155		979,395
Kohl’s Corp.1		22,047		976,682
Macy’s, Inc.		24,398		965,917
Chipotle Mexican Grill, Inc. — Class A*		2,131		897,087
The Gap, Inc.1		35,866		831,374
Total Retail				35,893,341
Media - 14.7%
Time Warner Cable, Inc.		5,523		1,171,484
Time Warner, Inc.		15,366		1,154,601
Walt Disney Co.		11,048		1,140,816
CBS Corp. — Class B		20,370		1,138,886
Viacom, Inc. — Class B		27,541		1,126,427
Comcast Corp. — Class A		18,291		1,111,361
Cablevision Systems Corp. — Class A		32,900		1,098,531
Scripps Networks Interactive, Inc. — Class A		16,735		1,043,428
TEGNA, Inc.		43,791		1,022,958
News Corp. — Class A		70,940		881,075
Twenty-First Century Fox, Inc. — Class A		28,251		854,875
Discovery Communications, Inc. — Class C*		24,704		661,573
Discovery Communications, Inc. — Class A*,1		14,317		390,997
Twenty-First Century Fox, Inc. — Class B		10,405		313,399
News Corp. — Class B1		20,043		259,757
Total Media				13,370,168
Apparel - 6.9%
Hanesbrands, Inc.		36,793		1,068,101
NIKE, Inc. — Class B		18,010		1,061,509
VF Corp.		16,309		1,028,282
Ralph Lauren Corp. — Class A		10,986		1,024,005
Michael Kors Holdings Ltd.*		18,497		955,555
Under Armour, Inc. — Class A*,1		13,124		576,669
Under Armour, Inc. — Class C*,1		13,124		535,459
Total Apparel				6,249,580
Internet - 6.1%
Amazon.com, Inc.*		1,900		1,253,221
TripAdvisor, Inc.*		16,987		1,097,190
Priceline Group, Inc.*		815		1,095,083
Expedia, Inc.		9,415		1,089,975
Netflix, Inc.*		11,080		997,532
Total Internet				5,533,001
Lodging - 4.9%
Starwood Hotels & Resorts Worldwide, Inc.		15,366		1,258,168
Wynn Resorts Ltd.1		12,573		1,110,196
Marriott International, Inc. — Class A1		15,707		1,100,904
Wyndham Worldwide Corp.		14,141		1,003,304
Total Lodging				4,472,572
Auto Parts & Equipment - 4.8%
Johnson Controls, Inc.		28,886		1,195,881
Delphi Automotive plc		15,397		1,133,681
BorgWarner, Inc.		30,108		1,081,479
Goodyear Tire & Rubber Co.		32,761		949,086
Total Auto Parts & Equipment				4,360,127
Leisure Time - 3.7%
Royal Caribbean Cruises Ltd.		14,859		1,150,087
Carnival Corp.		22,585		1,107,794
Harley-Davidson, Inc.		22,115		1,057,760
Total Leisure Time				3,315,641
Home Furnishings - 3.6%
Leggett & Platt, Inc.		23,306		1,148,753
Whirlpool Corp.		6,570		1,144,100
Harman International Industries, Inc.		13,292		1,020,294
Total Home Furnishings				3,313,147
Home Builders - 3.6%
DR Horton, Inc.		36,606		1,100,376
PulteGroup, Inc.		58,809		1,081,498
Lennar Corp. — Class A		23,412		1,060,798
Total Home Builders				3,242,672

38 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	April 30, 2016
GUGGENHEIM S&P 500® EQUAL WEIGHT CONSUMER DISCRETIONARY ETF

	Shares		Value
Advertising - 2.5%
Interpublic Group of Companies, Inc.		50,850	$	1,166,499
Omnicom Group, Inc.		13,706		1,137,187
Total Advertising				2,303,686
Auto Manufacturers - 2.4%
Ford Motor Co.		81,421		1,104,069
General Motors Co.		34,616		1,100,789
Total Auto Manufacturers				2,204,858
Toys, Games & Hobbies - 2.4%
Hasbro, Inc.		13,876		1,174,464
Mattel, Inc.		32,751		1,018,229
Total Toys, Games & Hobbies				2,192,693
Housewares - 1.3%
Newell Brands, Inc.		26,289		1,197,201
Electronics - 1.3%
Garmin Ltd.		27,243		1,161,369
Textiles - 1.2%
Mohawk Industries, Inc.*		5,841		1,125,152
Commercial Services - 0.9%
H&R Block, Inc.		38,413		777,479
Total Common Stocks
(Cost $101,695,540)				90,712,687
SHORT TERM INVESTMENTS† - 0.1%
Federated U.S. Treasury Cash Reserve Fund Institutional Shares, 0.13%2		116,049		116,049
Total Short Term Investments
(Cost $116,049)				116,049
SECURITIES LENDING COLLATERAL†,3 - 8.3%
BNY Mellon Separately Managed Cash Collateral Account, 0.30%		7,501,294		7,501,294
Total Securities Lending Collateral
(Cost $7,501,294)				7,501,294
Total Investments - 108.2%
(Cost $109,312,883)			$	98,330,030
Other Assets & Liabilities, net - (8.2)%				(7,484,842	)
Total Net Assets - 100.0%			$	90,845,188

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
1	All or portion of this security is on loan at April 30, 2016 — See Note 5.
2	Rate indicated is the 7 day yield as of April 30, 2016.
3	Securities lending collateral — See Note 5.
	plc — Public Limited Company
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at April 30, 2016 (See Note 4 in the Notes to Financial Statements):

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	90,712,687	$	—	$	—	$	90,712,687
Securities Lending Collateral		7,501,294		—		—		7,501,294
Short Term Investments		116,049		—		—		116,049
Total	$	98,330,030	$	—	$	—	$	98,330,030

For the period ended April 30, 2016, there were no transfers between levels.

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 39

SCHEDULE OF INVESTMENTS (Unaudited)	April 30, 2016
GUGGENHEIM S&P 500® EQUAL WEIGHT CONSUMER STAPLES ETF

	Shares		Value
COMMON STOCKS† - 99.8%
Food - 36.8%
Kellogg Co.		259,884	$	19,961,691
ConAgra Foods, Inc.		447,533		19,942,070
Kraft Heinz Co.		255,081		19,914,174
Mondelez International, Inc. — Class A		463,391		19,907,277
Sysco Corp.		428,216		19,727,911
General Mills, Inc.		321,468		19,718,847
Hershey Co.		211,705		19,711,853
McCormick & Company, Inc.		208,302		19,534,562
JM Smucker Co.		151,547		19,243,438
Tyson Foods, Inc. — Class A		289,986		19,086,879
Campbell Soup Co.		306,744		18,929,172
Kroger Co.		507,993		17,977,872
Hormel Foods Corp.		450,411		17,363,344
Whole Foods Market, Inc.		594,098		17,276,370
Total Food				268,295,460
Beverages - 22.2%
Constellation Brands, Inc. — Class A		138,168		21,562,498
Monster Beverage Corp.*		146,626		21,146,401
Coca-Cola Enterprises, Inc.		389,845		20,459,066
Molson Coors Brewing Co. — Class B		212,288		20,301,101
PepsiCo, Inc.		193,751		19,948,603
Dr Pepper Snapple Group, Inc.		215,611		19,601,196
Coca-Cola Co.		434,271		19,455,341
Brown-Forman Corp. — Class B		200,523		19,314,375
Total Beverages				161,788,581
Agriculture - 11.0%
Archer-Daniels-Midland Co.		536,309		21,420,181
Philip Morris International, Inc.		203,428		19,960,355
Altria Group, Inc.		316,539		19,850,161
Reynolds American, Inc.		384,278		19,060,189
Total Agriculture				80,290,886
Retail - 10.6%
CVS Health Corp.		195,584		19,656,192
Wal-Mart Stores, Inc.		292,228		19,541,286
Walgreens Boots Alliance, Inc.		241,120		19,115,994
Costco Wholesale Corp.		128,535		19,039,890
Total Retail				77,353,362
Cosmetics & Personal Care - 8.2%
Colgate-Palmolive Co.		287,099		20,361,061
Estee Lauder Companies, Inc. — Class A		210,808		20,210,163
Procter & Gamble Co.		240,102		19,236,972
Total Cosmetics & Personal Care				59,808,196
Household Products & Housewares - 7.9%
Church & Dwight Company, Inc.		215,747		19,999,747
Clorox Co.		155,233		19,439,829
Kimberly-Clark Corp.		147,417		18,455,134
Total Household Products & Housewares				57,894,710
Pharmaceuticals - 3.1%
Mead Johnson Nutrition Co. — Class A		260,365		22,690,810
Total Common Stocks
(Cost $710,853,883)				728,122,005
SHORT TERM INVESTMENTS† - 0.1%
Federated U.S. Treasury Cash Reserve Fund Institutional Shares, 0.13%1		827,737		827,737
Total Short Term Investments
(Cost $827,737)				827,737
Total Investments - 99.9%
(Cost $711,681,620)			$	728,949,742
Other Assets & Liabilities, net - 0.1%				708,033
Total Net Assets - 100.0%			$	729,657,775

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
1	Rate indicated is the 7 day yield as of April 30, 2016.
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at April 30, 2016 (See Note 4 in the Notes to Financial Statements):

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	728,122,005	$	—	$	—	$	728,122,005
Short Term Investments		827,737		—		—		827,737
Total	$	728,949,742	$	—	$	—	$	728,949,742

For the period ended April 30, 2016, there were no transfers between levels.

40 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)	April 30, 2016
GUGGENHEIM S&P 500® EQUAL WEIGHT ENERGY ETF

	Shares		Value
COMMON STOCKS† - 99.8%
Oil & Gas - 74.5%
Southwestern Energy Co.*,1		606,987	$	8,151,835
Murphy Oil Corp.		204,802		7,319,624
Chesapeake Energy Corp.*,1		1,033,167		7,097,857
Range Resources Corp.1		156,088		6,885,042
Devon Energy Corp.		195,960		6,795,893
Marathon Oil Corp.		435,115		6,130,770
Pioneer Natural Resources Co.		35,433		5,885,421
ConocoPhillips		119,839		5,727,106
Hess Corp.		94,729		5,647,743
Cimarex Energy Co.		51,400		5,596,432
Equities Corp.		79,331		5,561,103
Anadarko Petroleum Corp.		104,899		5,534,471
Newfield Exploration Co.*		152,509		5,528,451
Concho Resources, Inc.*		47,578		5,527,136
Apache Corp.		99,160		5,394,304
EOG Resources, Inc.		64,588		5,336,261
Occidental Petroleum Corp.		69,417		5,320,813
Chevron Corp.		51,341		5,246,023
Noble Energy, Inc.		144,778		5,227,934
Exxon Mobil Corp.		59,079		5,222,584
Cabot Oil & Gas Corp. — Class A		221,123		5,174,278
Diamond Offshore Drilling, Inc.1		213,069		5,169,054
Helmerich & Payne, Inc.		76,602		5,064,924
Marathon Petroleum Corp.		128,735		5,030,964
Transocean Ltd.1		431,633		4,782,494
Phillips 66		56,183		4,613,186
Valero Energy Corp.		74,283		4,373,040
Tesoro Corp.		54,646		4,354,740
Total Oil & Gas				157,699,483
Pipelines - 12.8%
ONEOK, Inc.		171,525		6,200,629
Williams Companies, Inc.		303,302		5,881,026
Columbia Pipeline Group, Inc.		211,494		5,418,476
Spectra Energy Corp.		160,101		5,006,358
Kinder Morgan, Inc.		260,788		4,631,595
Total Pipelines				27,138,084
Oil & Gas Services - 12.5%
Halliburton Co.		134,435		5,553,510
FMC Technologies, Inc.*		176,320		5,375,997
National Oilwell Varco, Inc.1		145,429		5,241,261
Schlumberger Ltd.		64,744		5,201,533
Baker Hughes, Inc.		106,045		5,128,336
Total Oil & Gas Services				26,500,637
Total Common Stocks
(Cost $219,258,629)				211,338,204
SHORT TERM INVESTMENTS† - 0.1%
Federated U.S. Treasury Cash Reserve Fund Institutional Shares, 0.13%2		173,030		173,030
Total Short Term Investments
(Cost $173,030)				173,030
SECURITIES LENDING COLLATERAL†,3 - 15.3%
BNY Mellon Separately Managed Cash Collateral Account, 0.30%		32,416,693		32,416,693
Total Securities Lending Collateral
(Cost $32,416,693)				32,416,693
Total Investments - 115.2%
(Cost $251,848,352)			$	243,927,927
Other Assets & Liabilities, net - (15.2)%				(32,254,615	)
Total Net Assets - 100.0%			$	211,673,312

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
1	All or portion of this security is on loan at April 30, 2016 — See Note 5.
2	Rate indicated is the 7 day yield as of April 30, 2016.
3	Securities lending collateral — See Note 5.
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at April 30, 2016 (See Note 4 in the Notes to Financial Statements):

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	211,338,204	$	—	$	—	$	211,338,204
Securities Lending Collateral		32,416,693		—		—		32,416,693
Short Term Investments		173,030		—		—		173,030
Total	$	243,927,927	$	—	$	—	$	243,927,927

For the period ended April 30, 2016, there were no transfers between levels.

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 41

SCHEDULE OF INVESTMENTS (Unaudited)	April 30, 2016
GUGGENHEIM S&P 500® EQUAL WEIGHT FINANCIALS ETF

	Shares		Value
COMMON STOCKS† - 99.8%
REITs - 28.2%
Iron Mountain, Inc.		48,864	$	1,785,002
Weyerhaeuser Co.		54,088		1,737,306
SL Green Realty Corp.		16,371		1,720,264
Prologis, Inc.		36,559		1,660,144
American Tower Corp. — Class A		15,777		1,654,692
Boston Properties, Inc.		12,660		1,631,368
Welltower, Inc.		23,342		1,620,402
Vornado Realty Trust		16,886		1,616,497
Ventas, Inc.		25,986		1,614,250
Equinix, Inc.		4,885		1,613,760
HCP, Inc.		47,549		1,608,583
Apartment Investment & Management Co. — Class A		39,557		1,584,654
Crown Castle International Corp.		18,109		1,573,310
Kimco Realty Corp.		55,919		1,572,442
Simon Property Group, Inc.		7,716		1,552,228
Federal Realty Investment Trust		10,200		1,551,216
Realty Income Corp.		26,051		1,542,219
Essex Property Trust, Inc.		6,921		1,525,734
Extra Space Storage, Inc.		17,839		1,515,423
General Growth Properties, Inc.		53,714		1,505,603
AvalonBay Communities, Inc.		8,479		1,499,002
UDR, Inc.		42,652		1,489,408
Public Storage		6,048		1,480,611
Host Hotels & Resorts, Inc.		93,410		1,477,746
Macerich Co.		19,403		1,476,180
Equity Residential		21,308		1,450,436
Total REITs				41,058,480
Banks - 25.1%
Comerica, Inc.		41,303		1,833,854
Regions Financial Corp.		188,522		1,768,336
SunTrust Banks, Inc.		41,995		1,752,871
Zions Bancorporation		62,311		1,714,799
KeyCorp		138,451		1,701,563
Northern Trust Corp.		23,640		1,680,331
Citigroup, Inc.		36,134		1,672,281
State Street Corp.		26,806		1,670,014
Goldman Sachs Group, Inc.		10,091		1,656,034
Bank of New York Mellon Corp.		41,150		1,655,876
JPMorgan Chase & Co.		26,178		1,654,450
M&T Bank Corp.		13,954		1,651,037
Bank of America Corp.		112,648		1,640,155
U.S. Bancorp		38,394		1,639,040
Fifth Third Bancorp		89,277		1,634,662
Citizens Financial Group, Inc.		70,900		1,620,065
Morgan Stanley		59,747		1,616,754
BB&T Corp.		45,092		1,595,355
Huntington Bancshares, Inc.		158,189		1,591,381
Capital One Financial Corp.		21,870		1,583,169
PNC Financial Services Group, Inc.		17,979		1,578,197
Wells Fargo & Co.		31,025		1,550,630
Total Banks				36,460,854
Insurance - 23.2%
Aflac, Inc.		24,946		1,720,525
Assurant, Inc.		20,018		1,692,923
Lincoln National Corp.		38,777		1,684,861
Unum Group		49,035		1,677,487
Marsh & McLennan Companies, Inc.		26,445		1,670,002
Principal Financial Group, Inc.		38,489		1,642,711
Torchmark Corp.		28,337		1,640,429
Prudential Financial, Inc.		21,120		1,639,757
American International Group, Inc.		29,371		1,639,489
Loews Corp.		41,183		1,634,141
Aon plc		15,460		1,625,155
Willis Towers Watson plc		12,878		1,608,462
Berkshire Hathaway, Inc. — Class B*		11,044		1,606,681
MetLife, Inc.		35,105		1,583,236
Cincinnati Financial Corp.		23,572		1,555,988
Allstate Corp.		23,709		1,542,270
Hartford Financial Services Group, Inc.		34,744		1,541,939
Chubb Ltd.		12,952		1,526,523
Progressive Corp.		46,775		1,524,865
Travelers Companies, Inc.		13,669		1,502,223
XL Group plc — Class A		43,391		1,420,187
Total Insurance				33,679,854
Diversified Financial Services - 17.7%
Discover Financial Services		31,586		1,777,344
Navient Corp.		129,776		1,774,037
Affiliated Managers Group, Inc.*		10,109		1,721,764
American Express Co.		26,125		1,709,359
Synchrony Financial*		53,901		1,647,754
BlackRock, Inc. — Class A		4,573		1,629,497
T. Rowe Price Group, Inc.		21,388		1,610,303
Ameriprise Financial, Inc.		16,775		1,608,723
Invesco Ltd.		51,780		1,605,698
Intercontinental Exchange, Inc.		6,582		1,579,878
Charles Schwab Corp.		55,085		1,564,965
E*TRADE Financial Corp.*		61,134		1,539,354
Franklin Resources, Inc.		40,495		1,512,083
CME Group, Inc. — Class A		16,422		1,509,346
Legg Mason, Inc.		46,747		1,501,046
Nasdaq, Inc.		23,544		1,452,900
Total Diversified Financial Services				25,744,051
Commercial Services - 2.3%
S&P Global, Inc.		16,329		1,744,754
Moody’s Corp.		16,438		1,573,445
Total Commercial Services				3,318,199

42 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	April 30, 2016
GUGGENHEIM S&P 500® EQUAL WEIGHT FINANCIALS ETF

	Shares		Value
Holding Companies-Diversified - 1.2%
Leucadia National Corp.		101,796	$	1,697,957
Real Estate - 1.1%
CBRE Group, Inc. — Class A*		56,040		1,660,465
Savings & Loans - 1.0%
People’s United Financial, Inc.		97,454		1,510,537
Total Common Stocks
(Cost $153,741,699)				145,130,397
SHORT TERM INVESTMENTS† - 0.1%
Federated U.S. Treasury Cash Reserve Fund Institutional Shares, 0.13%1		175,414		175,414
Total Short Term Investments
(Cost $175,414)				175,414
Total Investments - 99.9%
(Cost $153,917,113)			$	145,305,811
Other Assets & Liabilities, net - 0.1%				66,256
Total Net Assets - 100.0%			$	145,372,067

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
1	Rate indicated is the 7 day yield as of April 30, 2016.
	plc — Public Limited Company
	REIT — Real Estate Investment Trust
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at April 30, 2016 (See Note 4 in the Notes to Financial Statements):

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	145,130,397	$	—	$	—	$	145,130,397
Short Term Investments		175,414		—		—		175,414
Total	$	145,305,811	$	—	$	—	$	145,305,811

For the period ended April 30, 2016, there were no transfers between levels.

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 43

SCHEDULE OF INVESTMENTS (Unaudited)	April 30, 2016
GUGGENHEIM S&P 500® EQUAL WEIGHT HEALTH CARE ETF

	Shares		Value
COMMON STOCKS† - 99.9%
Healthcare-Products - 31.6%
St. Jude Medical, Inc.		160,607	$	12,238,253
Boston Scientific Corp.*		501,216		10,986,655
Edwards Lifesciences Corp.*		103,239		10,965,014
Hologic, Inc.*		319,974		10,747,927
Zimmer Biomet Holdings, Inc.		86,489		10,012,832
Baxter International, Inc.		223,492		9,882,816
CR Bard, Inc.		46,375		9,839,384
Intuitive Surgical, Inc.*		15,584		9,761,194
Becton Dickinson and Co.		60,398		9,739,781
Stryker Corp.		86,158		9,392,084
Thermo Fisher Scientific, Inc.		64,518		9,306,722
Varian Medical Systems, Inc.*		114,141		9,265,966
Medtronic plc		116,959		9,257,305
Henry Schein, Inc.*		53,296		8,991,035
Patterson Companies, Inc.		204,032		8,844,787
Abbott Laboratories		224,098		8,717,412
DENTSPLY SIRONA, Inc.		142,494		8,492,642
Total Healthcare-Products				166,441,809
Pharmaceuticals - 28.0%
Zoetis, Inc.		216,069		10,161,726
Bristol-Myers Squibb Co.		139,269		10,052,437
Pfizer, Inc.		296,619		9,702,407
Baxalta, Inc.		229,617		9,632,433
AbbVie, Inc.		156,712		9,559,432
Express Scripts Holding Co.*		128,725		9,490,894
Johnson & Johnson		83,992		9,413,823
Merck & Company, Inc.		170,052		9,325,652
Eli Lilly & Co.		121,189		9,153,405
McKesson Corp.		54,368		9,124,038
AmerisourceBergen Corp. — Class A		101,023		8,597,057
Cardinal Health, Inc.		107,854		8,462,225
Mallinckrodt plc*		131,172		8,200,873
Mylan N.V.*		186,151		7,764,358
Allergan plc*		30,258		6,552,672
Perrigo Company plc		66,518		6,430,295
Endo International plc*		213,368		5,760,936
Total Pharmaceuticals				147,384,663
Healthcare-Services - 19.4%
Universal Health Services, Inc. — Class B		78,197		10,453,375
Laboratory Corporation of America Holdings*		78,333		9,816,692
HCA Holdings, Inc.*		120,705		9,731,237
Quest Diagnostics, Inc.		127,925		9,616,122
UnitedHealth Group, Inc.		72,317		9,522,704
DaVita HealthCare Partners, Inc.*		127,331		9,409,761
Aetna, Inc.		79,727		8,950,950
Anthem, Inc.		63,220		8,899,479
Cigna Corp.		62,556		8,666,508
Humana, Inc.		48,402		8,570,542
Centene Corp.*		133,023		8,242,105
Total Healthcare-Services				101,879,475
Biotechnology - 13.8%
Amgen, Inc.		62,578		9,906,097
Biogen, Inc.*		34,831		9,578,177
Celgene Corp.*		88,823		9,185,186
Alexion Pharmaceuticals, Inc.*		64,957		9,047,211
Regeneron Pharmaceuticals, Inc.*		23,988		9,036,519
Gilead Sciences, Inc.		100,910		8,901,271
Vertex Pharmaceuticals, Inc.*		104,878		8,845,411
Illumina, Inc.*		57,046		7,700,640
Total Biotechnology				72,200,512
Electronics - 5.3%
Agilent Technologies, Inc.		230,612		9,436,643
PerkinElmer, Inc.		185,730		9,364,507
Waters Corp.*		70,046		9,117,187
Total Electronics				27,918,337
Software - 1.8%
Cerner Corp.*		167,505		9,403,731
Total Common Stocks
(Cost $546,793,752)				525,228,527
SHORT TERM INVESTMENTS† - 0.1%
Federated U.S. Treasury Cash Reserve Fund Institutional Shares, 0.13%1		735,197		735,197
Total Short Term Investments
(Cost $735,197)				735,197
Total Investments - 100.0%
(Cost $547,528,949)			$	525,963,724
Other Assets & Liabilities, net - 0.0%				55,469
Total Net Assets - 100.0%			$	526,019,193

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
1	Rate indicated is the 7 day yield as of April 30, 2016.
	plc — Public Limited Company
	See Sector Classification in Other Information section.

44 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	April 30, 2016
GUGGENHEIM S&P 500® EQUAL WEIGHT HEALTH CARE ETF

The following table summarizes the inputs used to value the Fund’s investments at April 30, 2016 (See Note 4 in the Notes to Financial Statements):

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	525,228,527	$	—	$	—	$	525,228,527
Short Term Investments		735,197		—		—		735,197
Total	$	525,963,724	$	—	$	—	$	525,963,724

For the period ended April 30, 2016, there were no transfers between levels.

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 45

SCHEDULE OF INVESTMENTS (Unaudited)	April 30, 2016
GUGGENHEIM S&P 500® EQUAL WEIGHT INDUSTRIALS ETF

	Shares		Value
COMMON STOCKS† - 100.0%
Transportation - 15.8%
FedEx Corp.		10,839	$	1,789,627
Norfolk Southern Corp.		19,806		1,784,718
Ryder System, Inc.		25,485		1,756,426
Kansas City Southern		18,338		1,737,526
Union Pacific Corp.		19,261		1,680,137
CSX Corp.		59,959		1,635,082
United Parcel Service, Inc. — Class B		15,523		1,631,002
Expeditors International of Washington, Inc.		32,561		1,615,351
J.B. Hunt Transport Services, Inc.		19,001		1,574,803
CH Robinson Worldwide, Inc.		21,546		1,529,120
Total Transportation				16,733,792
Miscellaneous Manufacturing - 14.3%
Pentair plc		31,049		1,803,325
Textron, Inc.		46,163		1,785,584
Ingersoll-Rand plc		26,615		1,744,347
Parker-Hannifin Corp.		14,439		1,675,213
Illinois Tool Works, Inc.		15,937		1,665,735
Eaton Corporation plc		26,028		1,646,792
Dover Corp.		24,928		1,637,770
3M Co.		9,668		1,618,230
General Electric Co.		51,582		1,586,147
Total Miscellaneous Manufacturing				15,163,143
Aerospace & Defense - 12.5%
L-3 Communications Holdings, Inc.		13,144		1,728,830
Northrop Grumman Corp.		8,242		1,699,996
Boeing Co.		12,553		1,692,144
United Technologies Corp.		16,173		1,687,976
Lockheed Martin Corp.		7,206		1,674,530
General Dynamics Corp.		11,545		1,622,303
Raytheon Co.		12,757		1,611,847
Rockwell Collins, Inc.		17,437		1,537,769
Total Aerospace & Defense				13,255,395
Commercial Services - 12.2%
United Rentals, Inc.*		26,231		1,755,641
Equifax, Inc.		14,426		1,734,727
Quanta Services, Inc.*		69,367		1,645,384
Nielsen Holdings plc		30,883		1,610,240
Verisk Analytics, Inc. — Class A*		20,512		1,591,321
ADT Corp.		37,798		1,586,760
Cintas Corp.		17,567		1,577,165
Robert Half International, Inc.		36,715		1,406,552
Total Commercial Services				12,907,790
Machinery-Diversified - 9.4%
Cummins, Inc.		15,046		1,760,833
Xylem, Inc.		40,697		1,700,321
Flowserve Corp.		34,641		1,690,827
Rockwell Automation, Inc.		14,680		1,665,740
Deere & Co.1		18,863		1,586,567
Roper Technologies, Inc.		9,001		1,584,986
Total Machinery-Diversified				9,989,274
Airlines - 5.2%
Southwest Airlines Co.		36,114		1,611,045
Delta Air Lines, Inc.		32,818		1,367,526
American Airlines Group, Inc.		36,850		1,278,327
United Continental Holdings, Inc.*		26,807		1,228,029
Total Airlines				5,484,927
Electronics - 4.6%
Tyco International plc		43,136		1,661,599
Honeywell International, Inc.		14,351		1,639,889
Allegion plc		24,547		1,606,601
Total Electronics				4,908,089
Environmental Control - 4.2%
Waste Management, Inc.		26,798		1,575,454
Republic Services, Inc. — Class A		33,086		1,557,358
Stericycle, Inc.*		13,487		1,288,818
Total Environmental Control				4,421,630
Hand & Machine Tools - 3.2%
Stanley Black & Decker, Inc.		15,647		1,751,212
Snap-on, Inc.		10,243		1,631,505
Total Hand & Machine Tools				3,382,717
Engineering & Construction - 3.1%
Jacobs Engineering Group, Inc.*		37,481		1,670,903
Fluor Corp.		30,430		1,663,304
Total Engineering & Construction				3,334,207
Distribution & Wholesale - 3.1%
WW Grainger, Inc.		7,201		1,688,778
Fastenal Co.		33,397		1,562,646
Total Distribution & Wholesale				3,251,424
Electrical Components & Equipment - 3.0%
Emerson Electric Co.		30,525		1,667,581
AMETEK, Inc.1		32,556		1,565,618
Total Electrical Components & Equipment				3,233,199
Auto Manufacturers - 1.6%
PACCAR, Inc.		29,679		1,748,390
Software - 1.6%
Dun & Bradstreet Corp.		15,647		1,727,585
Healthcare-Products - 1.6%
Danaher Corp.		17,272		1,671,066
Machinery-Construction & Mining - 1.6%
Caterpillar, Inc.		21,497		1,670,747

46 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	April 30, 2016
GUGGENHEIM S&P 500® EQUAL WEIGHT INDUSTRIALS ETF

	Shares		Value
Building Materials - 1.5%
Masco Corp.		53,069	$	1,629,749
Office & Business Equipment - 1.5%
Pitney Bowes, Inc.		76,562		1,605,505
Total Common Stocks
(Cost $107,474,663)				106,118,629
SHORT TERM INVESTMENTS† - 0.0%
Federated U.S. Treasury Cash Reserve Fund Institutional Shares, 0.13%2		46,913		46,913
Total Short Term Investments
(Cost $46,913)				46,913
SECURITIES LENDING COLLATERAL†,3 - 1.0%
BNY Mellon Separately Managed Cash Collateral Account, 0.30%		1,050,774		1,050,774
Total Securities Lending Collateral
(Cost $1,050,774)				1,050,774
Total Investments - 101.0%
(Cost $108,572,350)			$	107,216,316
Other Assets & Liabilities, net - (1.0)%				(1,012,647	)
Total Net Assets - 100.0%			$	106,203,669

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
1	All or portion of this security is on loan at April 30, 2016 — See Note 5.
2	Rate indicated is the 7 day yield as of April 30, 2016.
3	Securities lending collateral — See Note 5.
	plc — Public Limited Company
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at April 30, 2016 (See Note 4 in the Notes to Financial Statements):

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	106,118,629	$	—	$	—	$	106,118,629
Securities Lending Collateral		1,050,774		—		—		1,050,774
Short Term Investments		46,913		—		—		46,913
Total	$	107,216,316	$	—	$	—	$	107,216,316

For the period ended April 30, 2016, there were no transfers between levels.

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 47

SCHEDULE OF INVESTMENTS (Unaudited)	April 30, 2016
GUGGENHEIM S&P 500® EQUAL WEIGHT MATERIALS ETF

	Shares		Value
COMMON STOCKS† - 99.9%
Chemicals - 52.9%
International Flavors & Fragrances, Inc.		25,266	$	3,018,529
Ecolab, Inc.		26,128		3,004,197
FMC Corp.		69,216		2,994,285
Eastman Chemical Co.		38,917		2,972,480
Air Products & Chemicals, Inc.		20,363		2,970,759
Praxair, Inc.		25,012		2,937,910
PPG Industries, Inc.		26,462		2,921,140
Dow Chemical Co.		54,900		2,888,289
EI du Pont de Nemours & Co.		43,536		2,869,458
Monsanto Co.		30,554		2,862,299
Sherwin-Williams Co.		9,758		2,803,571
Airgas, Inc.		19,630		2,796,097
Mosaic Co.		96,829		2,710,244
LyondellBasell Industries N.V. — Class A		31,767		2,626,178
CF Industries Holdings, Inc.		77,974		2,578,600
Total Chemicals				42,954,036
Packaging & Containers - 15.2%
Owens-Illinois, Inc.*		188,409		3,478,029
WestRock Co.		75,189		3,146,660
Ball Corp.1		40,265		2,874,116
Sealed Air Corp.		59,203		2,803,854
Total Packaging & Containers				12,302,659
Mining - 13.5%
Freeport-McMoRan, Inc.1		290,998		4,073,972
Newmont Mining Corp.		104,159		3,642,440
Alcoa, Inc.		291,913		3,260,668
Total Mining				10,977,080
Building Materials - 7.2%
Martin Marietta Materials, Inc.		17,747		3,003,325
Vulcan Materials Co.		26,687		2,872,322
Total Building Materials				5,875,647
Iron & Steel - 3.8%
Nucor Corp.		61,239		3,048,477
Forest Products & Paper - 3.7%
International Paper Co.		69,647		3,013,626
Household Products & Housewares - 3.6%
Avery Dennison Corp.		39,784		2,888,716
Total Common Stocks
(Cost $83,815,804)				81,060,241
SHORT TERM INVESTMENTS† - 0.1%
Federated U.S. Treasury Cash Reserve Fund Institutional Shares, 0.13%2		81,362		81,362
Total Short Term Investments
(Cost $81,362)				81,362
SECURITIES LENDING COLLATERAL†,3 - 3.4%
BNY Mellon Separately Managed Cash Collateral Account, 0.30%		2,772,457		2,772,457
Total Securities Lending Collateral
(Cost $2,772,457)				2,772,457
Total Investments - 103.4%
(Cost $86,669,623)			$	83,914,060
Other Assets & Liabilities, net - (3.4)%				(2,767,161	)
Total Net Assets - 100.0%			$	81,146,899

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
1	All or portion of this security is on loan at April 30, 2016 — See Note 5.
2	Rate indicated is the 7 day yield as of April 30, 2016.
3	Securities lending collateral — See Note 5.
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at April 30, 2016 (See Note 4 in the Notes to Financial Statements):

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	81,060,241	$	—	$	—	$	81,060,241
Securities Lending Collateral		2,772,457		—		—		2,772,457
Short Term Investments		81,362		—		—		81,362
Total	$	83,914,060	$	—	$	—	$	83,914,060

For the period ended April 30, 2016, there were no transfers between levels.

48 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)	April 30, 2016
GUGGENHEIM S&P 500® EQUAL WEIGHT REAL ESTATE ETF

	Shares		Value
COMMON STOCKS† - 99.6%
REITs - 95.8%
Iron Mountain, Inc.		2,955	$	107,946
Weyerhaeuser Co.		3,278		105,290
SL Green Realty Corp.		993		104,345
Prologis, Inc.		2,218		100,719
American Tower Corp. — Class A		958		100,475
Boston Properties, Inc.		770		99,222
Welltower, Inc.		1,417		98,368
Vornado Realty Trust		1,025		98,123
Ventas, Inc.		1,575		97,839
Equinix, Inc.		296		97,784
HCP, Inc.		2,885		97,600
Apartment Investment & Management Co. — Class A		2,400		96,144
Crown Castle International Corp.		1,103		95,829
Kimco Realty Corp.		3,390		95,327
Simon Property Group, Inc.		468		94,148
Federal Realty Investment Trust		618		93,985
Realty Income Corp.		1,582		93,654
Essex Property Trust, Inc.		419		92,369
Extra Space Storage, Inc.		1,083		92,001
General Growth Properties, Inc.		3,244		90,929
AvalonBay Communities, Inc.		514		90,870
UDR, Inc.		2,586		90,303
Public Storage		367		89,845
Macerich Co.		1,175		89,394
Host Hotels & Resorts, Inc.		5,628		89,035
Equity Residential		1,292		87,946
Total REITs				2,489,490
Real Estate - 3.8%
CBRE Group, Inc. — Class A*		3,381		100,179
Total Common Stocks
(Cost $2,639,455)				2,589,669
SHORT TERM INVESTMENTS† - 0.4%
Federated U.S. Treasury Cash Reserve Fund Institutional Shares, 0.13%1		9,654		9,654
Total Short Term Investments
(Cost $9,654)				9,654
Total Investments - 100.0%
(Cost $2,649,109)			$	2,599,323
Other Assets & Liabilities, net - 0.0%				218
Total Net Assets - 100.0%			$	2,599,541

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
1	Rate indicated is the 7 day yield as of April 30, 2016.
	REIT — Real Estate Investment Trust
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at April 30, 2016 (See Note 4 in the Notes to Financial Statements):

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	2,589,669	$	—	$	—	$	2,589,669
Short Term Investments		9,654		—		—		9,654
Total	$	2,599,323	$	—	$	—	$	2,599,323

For the period ended April 30, 2016, there were no transfers between levels.

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 49

SCHEDULE OF INVESTMENTS (Unaudited)	April 30, 2016
GUGGENHEIM S&P 500® EQUAL WEIGHT TECHNOLOGY ETF

	Shares		Value
COMMON STOCKS† - 99.9%
Software - 22.6%
Adobe Systems, Inc.*		115,729	$	10,903,986
Activision Blizzard, Inc.		315,766		10,884,454
Citrix Systems, Inc.*		130,156		10,651,967
salesforce.com, Inc.*		138,950		10,532,410
Autodesk, Inc.*		175,816		10,517,313
Fidelity National Information Services, Inc.		158,463		10,426,866
Oracle Corp.		255,530		10,185,425
Red Hat, Inc.*		138,621		10,170,623
Intuit, Inc.		99,570		10,045,617
Fiserv, Inc.*		101,417		9,910,469
Paychex, Inc.		187,969		9,796,944
CA, Inc.		325,898		9,666,135
Electronic Arts, Inc.*		154,382		9,548,527
Microsoft Corp.		187,546		9,352,919
Akamai Technologies, Inc.*		177,508		9,051,133
Total Software				151,644,788
Semiconductors - 21.9%
NVIDIA Corp.		308,908		10,975,500
Applied Materials, Inc.		496,782		10,169,127
Texas Instruments, Inc.		177,543		10,127,053
KLA-Tencor Corp.		143,787		10,056,463
Analog Devices, Inc.		177,921		10,020,511
Linear Technology Corp.		225,029		10,009,290
Lam Research Corp.1		130,669		9,983,112
Microchip Technology, Inc.1		204,749		9,948,754
Broadcom Ltd.		66,880		9,747,760
QUALCOMM, Inc.		190,596		9,628,910
Intel Corp.		313,382		9,489,207
Micron Technology, Inc.*		873,839		9,393,769
Qorvo, Inc.*		204,625		9,214,264
Xilinx, Inc.		213,035		9,177,548
Skyworks Solutions, Inc.		136,770		9,138,971
Total Semiconductors				147,080,239
Computers - 18.3%
Accenture plc — Class A		94,181		10,634,920
HP, Inc.		850,688		10,437,942
CSRA, Inc.		397,963		10,331,119
International Business Machines Corp.		69,910		10,202,665
Cognizant Technology Solutions Corp. — Class A*		174,706		10,197,589
Hewlett Packard Enterprise Co.		609,491		10,154,120
EMC Corp.		379,306		9,903,681
SanDisk Corp.		129,763		9,749,094
Teradata Corp.*		372,354		9,420,556
Apple, Inc.		97,326		9,123,339
NetApp, Inc.		367,811		8,695,052
Western Digital Corp.		199,539		8,154,161
Seagate Technology plc1		275,172		5,990,494
Total Computers				122,994,732
Internet - 10.5%
Yahoo!, Inc.*		294,382		10,774,381
Facebook, Inc. — Class A*		90,966		10,695,782
F5 Networks, Inc.*		98,874		10,357,052
eBay, Inc.*		414,361		10,122,839
VeriSign, Inc.*,1		112,768		9,743,155
Symantec Corp.		541,218		9,008,574
Alphabet, Inc. — Class A*		6,693		4,737,841
Alphabet, Inc. — Class C*		6,828		4,731,872
Total Internet				70,171,496
Commercial Services - 7.8%
Total System Services, Inc.		222,212		11,363,922
Western Union Co.		520,829		10,416,580
Global Payments, Inc.		144,091		10,400,488
Automatic Data Processing, Inc.		114,047		10,086,317
PayPal Holdings, Inc.*		252,036		9,874,770
Total Commercial Services				52,142,077
Electronics - 5.8%
TE Connectivity Ltd.		166,659		9,912,876
Amphenol Corp. — Class A		177,194		9,892,741
Corning, Inc.		511,722		9,553,850
FLIR Systems, Inc.		310,351		9,375,704
Total Electronics				38,735,171
Diversified Financial Services - 4.6%
MasterCard, Inc. — Class A		112,360		10,897,797
Visa, Inc. — Class A		138,950		10,732,498
Alliance Data Systems Corp.*		47,033		9,562,279
Total Diversified Financial Services				31,192,574
Telecommunications - 4.4%
Motorola Solutions, Inc.		139,786		10,510,509
Cisco Systems, Inc.		357,250		9,820,803
Juniper Networks, Inc.		379,739		8,885,893
Total Telecommunications				29,217,205
Aerospace & Defense - 1.5%
Harris Corp.		123,761		9,902,118
Office & Business Equipment - 1.3%
Xerox Corp.		923,286		8,863,546
Energy-Alternate Sources - 1.2%
First Solar, Inc.*		141,538		7,903,482
Total Common Stocks
(Cost $704,453,230)				669,847,428

50 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	April 30, 2016
GUGGENHEIM S&P 500® EQUAL WEIGHT TECHNOLOGY ETF

	Shares		Value
SHORT TERM INVESTMENTS† - 0.1%
Federated U.S. Treasury Cash Reserve Fund Institutional Shares, 0.13%2		785,416	$	785,416
Total Short Term Investments
(Cost $785,416)				785,416
SECURITIES LENDING COLLATERAL†,3 - 3.7%
BNY Mellon Separately Managed Cash Collateral Account, 0.30%		24,936,384		24,936,384
Total Securities Lending Collateral
(Cost $24,936,384)				24,936,384
Total Investments - 103.7%
(Cost $730,175,030)			$	695,569,228
Other Assets & Liabilities, net - (3.7)%				(24,883,125	)
Total Net Assets - 100.0%			$	670,686,103

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
1	All or portion of this security is on loan at April 30, 2016 — See Note 5.
2	Rate indicated is the 7 day yield as of April 30, 2016.
3	Securities lending collateral — See Note 5.
	plc — Public Limited Company
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at April 30, 2016 (See Note 4 in the Notes to Financial Statements):

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	669,847,428	$	—	$	—	$	669,847,428
Securities Lending Collateral		24,936,384		—		—		24,936,384
Short Term Investments		785,416		—		—		785,416	��
Total	$	695,569,228	$	—	$	—	$	695,569,228

For the period ended April 30, 2016, there were no transfers between levels.

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 51

SCHEDULE OF INVESTMENTS (Unaudited)	April 30, 2016
GUGGENHEIM S&P 500® EQUAL WEIGHT UTILITIES ETF

	Shares		Value
COMMON STOCKS† - 99.8%
Electric - 70.3%
NRG Energy, Inc.		508,572	$	7,679,437
Public Service Enterprise Group, Inc.		157,631		7,271,519
PPL Corp.		191,129		7,194,096
AES Corp.		640,491		7,147,880
SCANA Corp.		104,033		7,146,027
Pinnacle West Capital Corp.		98,165		7,131,687
Consolidated Edison, Inc.		95,370		7,114,602
PG&E Corp.		121,905		7,094,871
NextEra Energy, Inc.		60,330		7,093,601
Duke Energy Corp.		89,862		7,079,328
TECO Energy, Inc.		254,745		7,074,269
Exelon Corp.		201,201		7,060,143
DTE Energy Co.		79,182		7,059,867
Southern Co.		140,343		7,031,184
Edison International		99,259		7,018,604
WEC Energy Group, Inc.		120,164		6,994,746
Eversource Energy		123,567		6,974,121
Ameren Corp.		144,911		6,955,728
CMS Energy Corp.		170,473		6,934,842
Xcel Energy, Inc.		173,047		6,927,071
Entergy Corp.		92,039		6,919,492
Dominion Resources, Inc.		96,755		6,915,080
American Electric Power Company, Inc.		108,791		6,908,229
FirstEnergy Corp.		195,734		6,378,971
Total Electric				169,105,395
Telecommunications - 14.5%
Frontier Communications Corp.1		1,298,840		7,221,550
AT&T, Inc.		182,160		7,071,451
Level 3 Communications, Inc.*		134,402		7,023,849
CenturyLink, Inc.1		219,255		6,785,942
Verizon Communications, Inc.		133,023		6,776,192
Total Telecommunications				34,878,984
Gas - 11.9%
CenterPoint Energy, Inc.		344,563		7,390,876
Sempra Energy		70,252		7,260,544
AGL Resources, Inc.		108,000		7,112,880
NiSource, Inc.		307,290		6,978,556
Total Gas				28,742,856
Water - 3.1%
American Water Works Company, Inc.		102,591		7,464,521
Total Common Stocks
(Cost $233,679,743)				240,191,756
SHORT TERM INVESTMENTS† - 0.1%
Federated U.S. Treasury Cash Reserve Fund Institutional Shares, 0.13%2		221,972		221,972
Total Short Term Investments
(Cost $221,972)				221,972
SECURITIES LENDING COLLATERAL†,3 - 5.4%
BNY Mellon Separately Managed Cash Collateral Account, 0.30%		13,097,670		13,097,670
Total Securities Lending Collateral
(Cost $13,097,670)				13,097,670
Total Investments - 105.3%
(Cost $246,999,385)			$	253,511,398
Other Assets & Liabilities, net - (5.3)%				(12,755,407	)
Total Net Assets - 100.0%			$	240,755,991

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
1	All or portion of this security is on loan at April 30, 2016 — See Note 5.
2	Rate indicated is the 7 day yield as of April 30, 2016.
3	Securities lending collateral — See Note 5.
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at April 30, 2016 (See Note 4 in the Notes to Financial Statements):

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	240,191,756	$	—	$	—	$	240,191,756
Securities Lending Collateral		13,097,670		—		—		13,097,670
Short Term Investments		221,972		—		—		221,972
Total	$	253,511,398	$	—	$	—	$	253,511,398

For the period ended April 30, 2016, there were no transfers between levels.

52 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) April 30, 2016

	Guggenheim MSCI Emerging Markets Equal Country Weight ETF			Guggenheim S&P MidCap 400® Equal Weight ETF			Guggenheim S&P SmallCap 600® Equal Weight ETF			Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF
Assets:
Investments, at value* — including $329,256, $8,682,970, $5,174,023 and $7,336,201 of securities loaned, respectively	$	11,713,578		$	93,572,184		$	44,311,433		$	98,330,030
Receivables:
Investments sold		—			—			61,888			—
Securities lending		725			4,068			7,296			3,207
Dividends and interest		41,475			40,637			16,230			43,639
Tax reclaims		7,601			—			—			—
Total assets		11,763,379			93,616,889			44,396,847			98,376,876
Liabilities:
Return of securities loaned		342,527			8,900,951			5,332,110			7,501,294
Payable for:
Investments purchased		—			—			62,014			—
Management fees		6,037			27,648			12,521			30,394
Foreign tax withheld		192			—			—			—
Total liabilities		348,756			8,928,599			5,406,645			7,531,688
Commitments and contingent liabilities (Note 8)		—			—			—			—
Net assets	$	11,414,623		$	84,688,290		$	38,990,202		$	90,845,188
Net assets consist of:
Paid-in capital	$	16,639,313		$	84,079,846		$	46,152,889		$	111,996,877
Undistributed (distributions in excess of) net investment income		88,310			(32,356	)		(2,352	)		18,210
Accumulated net realized loss on investments and foreign currency		(4,164,054	)		(5,175,527	)		(10,736,181	)		(10,187,046	)
Net unrealized appreciation (depreciation) on investments and foreign currency		(1,148,946	)		5,816,327			3,575,846			(10,982,853	)
Net assets	$	11,414,623		$	84,688,290		$	38,990,202		$	90,845,188
Shares outstanding (unlimited shares authorized), no par value		400,000			1,700,000			950,000			1,050,000
Net asset value, offering price and repurchase price per share	$	28.54		$	49.82		$	41.04		$	86.52
*Cost of investments	$	12,863,031		$	87,755,857		$	40,735,587		$	109,312,883

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 53

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)(continued) April 30, 2016

	Guggenheim S&P 500® Equal Weight Consumer Staples ETF		Guggenheim S&P 500® Equal Weight Energy ETF			Guggenheim S&P 500® Equal Weight Financials ETF
Assets:
Investments, at value* — including $—, $31,235,838 and $— of securities loaned, respectively	$	728,949,742	$	243,927,927		$	145,305,811
Receivables:
Securities lending		17		34,836			180
Dividends and interest		952,430		191,061			113,070
Total assets		729,902,189		244,153,824			145,419,061
Liabilities:
Return of securities loaned		—		32,416,693			—
Payable for:
Due to custodian		8,449		—			—
Management fees		235,965		63,819			46,994
Total liabilities		244,414		32,480,512			46,994
Commitments and contingent liabilities (Note 8)		—		—			—
Net assets	$	729,657,775	$	211,673,312		$	145,372,067
Net assets consist of:
Paid-in capital	$	672,442,641	$	276,128,161		$	165,362,332
Undistributed (distributions in excess of) net investment income		1,166,895		32,578			(706,874	)
Accumulated net realized gain (loss) on investments		38,780,117		(56,567,002	)		(10,672,089	)
Net unrealized appreciation (depreciation) on investments		17,268,122		(7,920,425	)		(8,611,302	)
Net assets	$	729,657,775	$	211,673,312		$	145,372,067
Shares outstanding (unlimited shares authorized), no par value		6,050,000		3,800,005			3,400,000
Net asset value, offering price and repurchase price per share	$	120.60	$	55.70		$	42.76
*Cost of investments	$	711,681,620	$	251,848,352		$	153,917,113

54 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)(continued) April 30, 2016

	Guggenheim S&P 500® Equal Weight Health Care ETF			Guggenheim S&P 500® Equal Weight Industrials ETF			Guggenheim S&P 500® Equal Weight Materials ETF			Guggenheim S&P 500® Equal Weight Real Estate ETF
Assets:
Investments, at value* — including $—, $1,025,104, $2,699,936 and $— of securities loaned, respectively	$	525,963,724		$	107,216,316		$	83,914,060		$	2,599,323
Receivables:
Securities lending		5			791			732			1
Dividends and interest		239,779			68,964			27,888			1,078
Total assets		526,203,508			107,286,071			83,942,680			2,600,402
Liabilities:
Return of securities loaned		—			1,050,774			2,772,457			—
Payable for:
Due to custodian		14,533			—			—			—
Management fees		169,782			31,628			23,324			861
Total liabilities		184,315			1,082,402			2,795,781			861
Commitments and contingent liabilities (Note 8)		—			—			—			—
Net assets	$	526,019,193		$	106,203,669		$	81,146,899		$	2,599,541
Net assets consist of:
Paid-in capital	$	553,233,334		$	110,973,281		$	88,701,673		$	2,578,591
Undistributed (distributions in excess of) net investment income		(61,894	)		(28,204	)		45,463			(15,871	)
Accumulated net realized gain (loss) on investments		(5,587,022	)		(3,385,374	)		(4,844,674	)		86,607
Net unrealized depreciation on investments		(21,565,225	)		(1,356,034	)		(2,755,563	)		(49,786	)
Net assets	$	526,019,193		$	106,203,669		$	81,146,899		$	2,599,541
Shares outstanding (unlimited shares authorized), no par value		3,550,000			1,200,000			950,000			100,000
Net asset value, offering price and repurchase price per share	$	148.17		$	88.50		$	85.42		$	26.00
*Cost of investments	$	547,528,949		$	108,572,350		$	86,669,623		$	2,649,109

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 55

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)(concluded) April 30, 2016

	Guggenheim S&P 500® Equal Weight Technology ETF			Guggenheim S&P 500® Equal Weight Utilities ETF
Assets:
Investments, at value* — including $24,366,279 and $12,735,886 of securities loaned, respectively	$	695,569,228		$	253,511,398
Cash		—			7,595
Receivables:
Fund shares sold		—			29,263
Securities lending		5,099			815
Dividends and interest		270,361			377,444
Total assets		695,844,688			253,926,515
Liabilities:
Return of securities loaned		24,936,384			13,097,670
Payable for:
Management fees		222,201			72,854
Total liabilities		25,158,585			13,170,524
Commitments and contingent liabilities (Note 8)		—			—
Net assets	$	670,686,103		$	240,755,991
Net assets consist of:
Paid-in capital	$	695,607,089		$	238,009,674
Undistributed net investment income		305,134			207,589
Accumulated net realized gain (loss) on investments		9,379,682			(3,973,285	)
Net unrealized appreciation (depreciation) on investments		(34,605,802	)		6,512,013
Net assets	$	670,686,103		$	240,755,991
Shares outstanding (unlimited shares authorized), no par value		7,450,000			2,950,000
Net asset value, offering price and repurchase price per share	$	90.02		$	81.61
*Cost of investments	$	730,175,030		$	246,999,385

56 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

STATEMENTS OF OPERATIONS (Unaudited)

For the Six Months Ended April 30, 2016

	Guggenheim MSCI Emerging Markets Equal Country Weight ETF			Guggenheim S&P MidCap 400® Equal Weight ETF			Guggenheim S&P SmallCap 600® Equal Weight ETF			Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF
Investment Income:
Dividends, net of foreign taxes withheld*	$	137,671		$	992,155		$	284,565		$	1,234,616
Income from securities lending		798			4,626			7,865			3,329
Interest		3			74			26			83
Total investment income		138,472			996,855			292,456			1,238,028
Expenses:
Management fees		36,130			211,609			78,828			250,669
Trustee fees		136			3,048			2,714			—
Total expenses		36,266			214,657			81,542			250,669
Less:
Expenses waived by Adviser		(2,298	)		—			—			—
Net expenses		33,968			—			—			—
Net investment income		104,504			782,198			210,914			987,359
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(426,085	)		(12,684,413	)		(8,034,264	)		(5,210,144	)
In-kind redemptions		—			9,763,785			2,545,982			(1,437,752	)
Foreign currency transactions		(839	)		—			—			—
Net realized loss		(426,924	)		(2,920,628	)		(5,488,282	)		(6,647,896	)
Net change in unrealized appreciation (depreciation) on:
Investments		723,177			288,004			4,325,804			(6,028,449	)
Foreign currency transactions		544			—			—			—
Net change in unrealized appreciation (depreciation)		723,721			288,004			4,325,804			(6,028,449	)
Net realized and unrealized gain (loss)		296,797			(2,632,624	)		(1,162,478	)		(12,676,345	)
Net increase (decrease) in net assets resulting from operations	$	401,301		$	(1,850,426	)	$	(951,564	)	$	(11,688,986	)
* Foreign taxes withheld	$	17,230		$	871		$	416		$	—

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 57

STATEMENTS OF OPERATIONS (Unaudited)(continued)

For the Six Months Ended April 30, 2016

	Guggenheim S&P 500® Equal Weight Consumer Staples ETF			Guggenheim S&P 500® Equal Weight Energy ETF			Guggenheim S&P 500® Equal Weight Financials ETF
Investment Income:
Dividends	$	6,483,951		$	1,980,744		$	2,239,146
Income from securities lending		17			41,790			180
Interest		783			111			160
Total investment income		6,484,751			2,022,645			2,239,486
Expenses:
Management fees		1,127,308			329,887			341,395
Total expenses		1,127,308			329,887			341,395
Net investment income		5,357,443			1,692,758			1,898,091
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(1,201,314	)		(32,705,050	)		(3,360,295	)
In-kind redemptions		42,882,664			1,051,908			(1,222,949	)
Net realized gain (loss)		41,681,350			(31,653,142	)		(4,583,244	)
Net change in unrealized appreciation (depreciation) on:
Investments		(4,489,635	)		42,419,489			(3,900,989	)
Net realized and unrealized gain (loss)		37,191,715			10,766,347			(8,484,233	)
Net increase (decrease) in net assets resulting from operations	$	42,549,158		$	12,459,105		$	(6,586,142	)

58 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

STATEMENTS OF OPERATIONS (Unaudited)(continued)

For the Six Months Ended April 30, 2016

	Guggenheim S&P 500® Equal Weight Health Care ETF			Guggenheim S&P 500® Equal Weight Industrials ETF			Guggenheim S&P 500® Equal Weight Materials ETF			Guggenheim S&P 500® Equal Weight Real Estate ETF
Investment Income:
Dividends	$	2,559,509		$	888,427		$	534,812		$	41,512
Income from securities lending		5			881			732			1
Interest		189			38			35			5
Total investment income		2,559,703			889,346			535,579			41,518
Expenses:
Management fees		1,036,415			172,239			109,882			5,037
Trustee fees		—			—			—			36
Total expenses		1,036,415			172,239			109,882			5,073
Net investment income		1,523,288			717,107			425,697			36,445
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(10,102,099	)		(500,859	)		(1,789,491	)		(19,211	)
In-kind redemptions		5,050,225			185,855			600,100			105,818
Net realized gain (loss)		(5,051,874	)		(315,004	)		(1,189,391	)		86,607
Net change in unrealized appreciation (depreciation) on:
Investments		(4,155,991	)		2,290,754			6,128,457			(75,499	)
Net realized and unrealized gain (loss)		(9,207,865	)		1,975,750			4,939,066			11,108
Net increase (decrease) in net assets resulting from operations	$	(7,684,577	)	$	2,692,857		$	5,364,763		$	47,553

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 59

STATEMENTS OF OPERATIONS (Unaudited)(concluded)

For the Six Months Ended April 30, 2016

	Guggenheim S&P 500® Equal Weight Technology ETF			Guggenheim S&P 500® Equal Weight Utilities ETF
Investment Income:
Dividends	$	9,676,178		$	2,991,843
Income from securities lending		5,098			815
Interest		1,024			225
Total investment income		9,682,300			2,992,883
Expenses:
Management fees		1,460,244			313,858
Total expenses		1,460,244			313,858
Net investment income		8,222,056			2,679,025
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(8,200,922	)		(2,272,819	)
In-kind redemptions		29,391,655			422,902
Net realized gain (loss)		21,190,733			(1,849,917	)
Net change in unrealized appreciation (depreciation) on:
Investments		(65,007,747	)		18,013,834
Net realized and unrealized gain (loss)		(43,817,014	)		16,163,917
Net increase (decrease) in net assets resulting from operations	$	(35,594,958	)	$	18,842,942

60 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

STATEMENTS OF CHANGES IN NET ASSETS

	Guggenheim MSCI Emerging Markets Equal Country Weight ETF
	Period Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	104,504		$	284,394
Net realized loss on investments and foreign currency		(426,924	)		(722,821	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency		723,721			(1,886,825	)
Net increase (decrease) in net assets resulting from operations		401,301			(2,325,252	)
Distributions to shareholders from:
Net investment income		(58,820	)		(256,801	)
Shareholder transactions:
Proceeds from shares purchased		—			—
Cost of shares redeemed		—			—
Net increase in net assets resulting from share transactions		—			—
Net increase (decrease) in net assets		342,481			(2,582,053	)
Net assets:
Beginning of period		11,072,142			13,654,195
End of period	$	11,414,623		$	11,072,142
Undistributed net investment income at end of period	$	88,310		$	42,626
Changes in shares outstanding:
Shares sold		—			—
Shares redeemed		—			—
Net increase in shares		—			—

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 61

STATEMENTS OF CHANGES IN NET ASSETS (continued)

		Guggenheim S&P MidCap 400® Equal Weight ETF						Guggenheim S&P SmallCap 600® Equal Weight ETF
		Period Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Period Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
Increase (Decrease) in Net Assets from Operations:
Net investment income		$	782,198		$	1,851,317		$	210,914		$	527,920
Net realized gain (loss) on investments			(2,920,628	)		13,243,115			(5,488,282	)		760,661
Net change in unrealized appreciation (depreciation) on investments			288,004			(16,701,610	)		4,325,804			(4,796,328	)
Net decrease in net assets resulting from operations			(1,850,426	)		(1,607,178	)		(951,564	)		(3,507,747	)
Distributions to shareholders from:
Net investment income			(813,698	)		(1,988,010	)		(208,399	)		(544,593	)
Return of capital			—			(121,017	)		—			(29,410	)
Total distributions to shareholders			(813,698	)		(2,109,027	)		(208,399	)		(574,003	)
Shareholder transactions:
Proceeds from shares purchased			12,630,442			29,645,531			5,191,072			22,948,358
Cost of shares redeemed			(57,809,617	)		(39,522,719	)		(8,970,985	)		(15,317,007	)
Net increase (decrease) in net assets resulting from share transactions			(45,179,175	)		(9,877,188	)		(3,779,913	)		7,631,351
Net increase (decrease) in net assets			(47,843,299	)		(13,593,393	)		(4,939,876	)		3,549,601
Net assets:
Beginning of period			132,531,589			146,124,982			43,930,078			40,380,477
End of period		$	84,688,290		$	132,531,589		$	38,990,202		$	43,930,078
Distributions in excess of net investment income at end of period		$	(32,356	)	$	(856	)	$	(2,352	)	$	(4,867	)
Changes in shares outstanding:
Shares sold			300,000			600,000			150,000			500,000
Shares redeemed	��		(1,300,000	)		(800,000	)		(250,000	)		(350,000	)
Net increase (decrease) in shares			(1,000,000	)		(200,000	)		(100,000	)		150,000

62 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF						Guggenheim S&P 500® Equal Weight Consumer Staples ETF
	Period Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Period Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	987,359		$	2,188,663		$	5,357,443		$	5,327,763
Net realized gain (loss) on investments		(6,647,896	)		18,331,181			41,681,350			14,431,258
Net change in unrealized appreciation (depreciation) on investments		(6,028,449	)		(9,745,175	)		(4,489,635	)		9,398,344
Net increase (decrease) in net assets resulting from operations		(11,688,986	)		10,774,669			42,549,158			29,157,365
Distributions to shareholders from:
Net investment income		(1,136,402	)		(2,049,799	)		(4,893,740	)		(4,938,435	)
Shareholder transactions:
Proceeds from shares purchased		4,540,857			185,396,920			457,415,046			405,174,870
Cost of shares redeemed		(76,871,328	)		(105,017,902	)		(296,285,085	)		(84,903,374	)
Net increase (decrease) in net assets resulting from share transactions		(72,330,471	)		80,379,018			161,129,961			320,271,496
Net increase (decrease) in net assets		(85,155,859	)		89,103,888			198,785,379			344,490,426
Net assets:
Beginning of period		176,001,047			86,897,159			530,872,396			186,381,970
End of period	$	90,845,188		$	176,001,047		$	729,657,775		$	530,872,396
Undistributed net investment income at end of period	$	18,210		$	167,253		$	1,166,895		$	703,192
Changes in shares outstanding:
Shares sold		50,000			2,100,000			3,900,000			3,700,000
Shares redeemed		(950,000	)		(1,200,000	)		(2,600,000	)		(800,000	)
Net increase (decrease) in shares		(900,000	)		900,000			1,300,000			2,900,000

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 63

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	Guggenheim S&P 500® Equal Weight Energy ETF						Guggenheim S&P 500® Equal Weight Financials ETF
	Period Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Period Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	1,692,758		$	3,139,133		$	1,898,091		$	2,856,761
Net realized gain (loss) on investments		(31,653,142	)		(16,888,985	)		(4,583,244	)		9,158,986
Net change in unrealized appreciation (depreciation) on investments		42,419,489			(30,348,311	)		(3,900,989	)		(13,121,264	)
Net increase (decrease) in net assets resulting from operations		12,459,105			(44,098,163	)		(6,586,142	)		(1,105,517	)
Distributions to shareholders from:
Net investment income		(1,831,076	)		(3,174,568	)		(2,604,965	)		(3,019,133	)
Return of capital		—			—			—			(198,204	)
Total distributions to shareholders		(1,831,076	)		(3,174,568	)		(2,604,965	)		(3,217,337	)
Shareholder transactions:
Proceeds from shares purchased		31,723,357			146,213,054			37,635,937			172,998,339
Cost of shares redeemed		(7,450,722	)		(22,474,535	)		(66,693,113	)		(121,370,788	)
Net increase (decrease) in net assets resulting from share transactions		24,272,635			123,738,519			(29,057,176	)		51,627,551
Net increase (decrease) in net assets		34,900,664			76,465,788			(38,248,283	)		47,304,697
Net assets:
Beginning of period		176,772,648			100,306,860			183,620,350			136,315,653
End of period	$	211,673,312		$	176,772,648		$	145,372,067		$	183,620,350
Undistributed (distributions in excess of) net investment income at end of period	$	32,578		$	170,896		$	(706,874	)	$	—
Changes in shares outstanding:
Shares sold		700,000			2,300,000			850,000			3,900,000
Shares redeemed		(150,000	)		(350,000	)		(1,650,000	)		(2,850,000	)
Net increase (decrease) in shares		550,000			1,950,000			(800,000	)		1,050,000

64 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	Guggenheim S&P 500® Equal Weight Health Care ETF						Guggenheim S&P 500® Equal Weight Industrials ETF
	Period Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Period Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	1,523,288		$	3,104,547		$	717,107		$	1,589,022
Net realized gain (loss) on investments		(5,051,874	)		92,266,709			(315,004	)		7,897,507
Net change in unrealized appreciation (depreciation) on investments		(4,155,991	)		(71,010,844	)		2,290,754			(12,554,131	)
Net increase (decrease) in net assets resulting from operations		(7,684,577	)		24,360,412			2,692,857			(3,067,602	)
Distributions to shareholders from:
Net investment income		(1,585,182	)		(2,938,855	)		(745,311	)		(1,865,867	)
Return of capital		—			—			—			(42,175	)
Total distributions to shareholders		(1,585,182	)		(2,938,855	)		(745,311	)		(1,908,042	)
Shareholder transactions:
Proceeds from shares purchased		88,311,370			640,046,161			43,122,691			54,081,202
Cost of shares redeemed		(122,915,526	)		(483,288,596	)		(32,697,102	)		(78,722,508	)
Net increase (decrease) in net assets resulting from share transactions		(34,604,156	)		156,757,565			10,425,589			(24,641,306	)
Net increase (decrease) in net assets		(43,873,915	)		178,179,122			12,373,135			(29,616,950	)
Net assets:
Beginning of period		569,893,108			391,713,986			93,830,534			123,447,484
End of period	$	526,019,193		$	569,893,108		$	106,203,669		$	93,830,534
Distributions in excess of net investment income at end of period	$	(61,894	)	$	—		$	(28,204	)	$	—
Changes in shares outstanding:
Shares sold		600,000			4,200,000			500,000			600,000
Shares redeemed		(850,000	)		(3,250,000	)		(400,000	)		(900,000	)
Net increase (decrease) in shares		(250,000	)		950,000			100,000			(300,000	)

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 65

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	Guggenheim S&P 500® Equal Weight Materials ETF						Guggenheim S&P 500® Equal Weight Real Estate ETF
	Period Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Period Ended April 30, 2016 (Unaudited)			Period ended October 31, 2015a
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	425,697		$	1,097,662		$	36,445		$	13,371
Net realized gain (loss) on investments		(1,189,391	)		2,048,544			86,607			722
Net change in unrealized appreciation (depreciation) on investments		6,128,457			(8,146,411	)		(75,499	)		25,713
Net increase (decrease) in net assets resulting from operations		5,364,763			(5,000,205	)		47,553			39,806
Distributions to shareholders from:
Net investment income		(450,340	)		(1,098,723	)		(58,095	)		(8,313	)
Shareholder transactions:
Proceeds from shares purchased		28,095,896			49,421,316			2,603,817			2,531,138
Cost of shares redeemed		(7,845,543	)		(61,478,764	)		(2,556,365	)		—
Net increase (decrease) in net assets resulting from share transactions		20,250,353			(12,057,448	)		47,452			2,531,138
Net increase (decrease) in net assets		25,164,776			(18,156,376	)		36,910			2,562,631
Net assets:
Beginning of period		55,982,123			74,138,499			2,562,631			—
End of period	$	81,146,899		$	55,982,123		$	2,599,541		$	2,562,631
Undistributed (distributions in excess of) net investment income at end of period	$	45,463		$	70,106		$	(15,871	)	$	5,779
Changes in shares outstanding:
Shares sold		350,000			550,000			100,000			100,000
Shares redeemed		(100,000	)		(750,000	)		(100,000	)		—
Net increase (decrease) in shares		250,000			(200,000	)		—			100,000

^a Since commencement of operations: August 12, 2015.

66 | 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, 2016 (Unaudited)			Year Ended October 31, 2015			Period Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	8,222,056		$	9,912,225		$	2,679,025		$	5,424,195
Net realized gain (loss) on investments		21,190,733			79,925,421			(1,849,917	)		2,693,007
Net change in unrealized appreciation (depreciation) on investments		(65,007,747	)		(42,809,730	)		18,013,834			(18,243,029	)
Net increase (decrease) in net assets resulting from operations		(35,594,958	)		47,027,916			18,842,942			(10,125,827	)
Distributions to shareholders from:
Net investment income		(7,916,922	)		(10,224,817	)		(2,491,515	)		(5,791,076	)
Return of capital		—			(617,780	)		—			—
Total distributions to shareholders		(7,916,922	)		(10,842,597	)		(2,491,515	)		(5,791,076	)
Shareholder transactions:
Proceeds from shares purchased		248,820,814			470,511,829			114,206,091			198,571,649
Cost of shares redeemed		(275,251,500	)		(437,289,257	)		(18,059,846	)		(196,271,911	)
Net increase (decrease) in net assets resulting from share transactions		(26,430,686	)		33,222,572			96,146,245			2,299,738
Net increase (decrease) in net assets		(69,942,566	)		69,407,891			112,497,672			(13,617,165	)
Net assets:
Beginning of period		740,628,669			671,220,778			128,258,319			141,875,484
End of period	$	670,686,103		$	740,628,669		$	240,755,991		$	128,258,319
Undistributed net investment income at end of period	$	305,134		$	—		$	207,589		$	20,079
Changes in shares outstanding:
Shares sold		2,650,000			5,100,000			1,450,000			2,550,000
Shares redeemed		(3,150,000	)		(4,850,000	)		(250,000	)		(2,650,000	)
Net increase (decrease) in shares		(500,000	)		250,000			1,200,000			(100,000	)

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 67

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, 2016 (Unaudited)			Year Ended October 31, 2015			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	$	27.68		$	34.14		$	34.43		$	33.31		$	33.83		$	40.21
Income from investment operations:
Net investment income (loss)b		0.26			0.71			0.64			0.50			0.55			0.69
Net gain (loss) on investments (realized and unrealized)		0.75			(6.53	)		(0.31	)		1.06			(0.53	)		(6.35	)
Total from investment operations		1.01			(5.82	)		0.33			1.56			0.02			(5.66	)
Less distributions from:
Net investment income		(0.15	)		(0.64	)		(0.62	)		(0.44	)		(0.48	)		(0.36	)
Return of capital		—			—			—			—			(0.06	)		(0.36	)
Total distributions to shareholders		(0.15	)		(0.64	)		(0.62	)		(0.44	)		(0.54	)		(0.72	)
Net asset value, end of period	$	28.54		$	27.68		$	34.14		$	34.43		$	33.31		$	33.83
Total Returnc		3.67	%		(17.21	%)		0.99	%		4.76	%		0.10	%		(14.13	%)
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	11,415		$	11,072		$	13,654		$	10,328		$	13,325		$	16,914
Ratio to average net assets of:
Net investment income (loss)		2.02	%d		2.26	%		1.86	%		1.47	%		1.66	%		1.99	%d
Total expenses		0.70	%d		0.70	%		0.70	%		0.71	%		0.72	%		0.71	%d
Net expensese		0.66	%d		0.64	%		0.60	%		0.60	%		0.61	%		0.63	%d
Portfolio turnover ratef		5	%		99	%		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.

68 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

GUGGENHEIM S&P MIDCAP 400^® 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, 2016 (Unaudited)			Year Ended October 31, 2015			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	$	49.09		$	50.39		$	45.24		$	33.95		$	31.15		$	30.21
Income from investment operations:
Net investment income (loss)b		0.34			0.62			0.62			0.57			0.46			0.30
Net gain (loss) on investments (realized and unrealized)		0.77			(1.21	)		5.48			11.28			2.80			0.85
Total from investment operations		1.11			(0.59	)		6.10			11.85			3.26			1.15
Less distributions from:
Net investment income		(0.38	)		(0.67	)		(0.59	)		(0.56	)		(0.46	)		(0.21	)
Capital gains		—			—			(0.36	)		—			—			—
Return of capital		—			(0.04	)		—			—			—			—
Total distributions to shareholders		(0.38	)		(0.71	)		(0.95	)		(0.56	)		(0.46	)		(0.21	)
Net asset value, end of period	$	49.82		$	49.09		$	50.39		$	45.24		$	33.95		$	31.15
Total Returnc		2.28	%		(1.19	%)		13.61	%		35.21	%		10.52	%		3.80	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	84,688		$	132,532		$	146,125		$	76,904		$	52,617		$	54,508
Ratio to average net assets of:
Net investment income (loss)		1.48	%d		1.22	%		1.27	%		1.44	%		1.39	%		1.06	%d
Total expenses		0.41	%d		0.41	%		0.41	%		0.41	%		0.41	%		0.41	%d
Portfolio turnover ratee		82	%		31	%		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.

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 69

GUGGENHEIM S&P SMALLCAP 600^® 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, 2016 (Unaudited)			Year Ended October 31, 2015			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	$	41.84		$	44.87		$	42.89		$	31.82		$	29.48		$	30.19
Income from investment operations:
Net investment income (loss)b		0.21			0.49			0.43			0.54			0.34			0.22
Net gain (loss) on investments (realized and unrealized)		(0.80	)		(2.97	)		1.97			11.12			2.33			(0.75	)
Total from investment operations		(0.59	)		(2.48	)		2.40			11.66			2.67			(0.53	)
Less distributions from:
Net investment income		(0.21	)		(0.52	)		(0.42	)		(0.59	)		(0.33	)		(0.18	)
Return of capital		—			(0.03	)		—			—			—			—
Total distributions to shareholders		(0.21	)		(0.55	)		(0.42	)		(0.59	)		(0.33	)		(0.18	)
Net asset value, end of period	$	41.04		$	41.84		$	44.87		$	42.89		$	31.82		$	29.48
Total Returnc		(1.40	%)		(5.59	%)		5.58	%		37.07	%		9.08	%		(1.78	%)
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	38,990		$	43,930		$	40,380		$	25,736		$	14,318		$	23,584
Ratio to average net assets of:
Net investment income (loss)		1.07	%d		1.11	%		0.96	%		1.46	%		1.10	%		0.79	%d
Total expenses		0.41	%d		0.41	%		0.42	%		0.41	%		0.41	%		0.41	%d
Portfolio turnover ratee		78	%		47	%		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.

70 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

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, 2016 (Unaudited)			Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012			Year Ended October 31, 2011
Per Share Data:
Net asset value, beginning of period	$	90.26		$	82.76		$	76.06		$	55.09		$	47.70		$	42.37
Income from investment operations:
Net investment income (loss)a		0.67			1.15			0.95			0.79			0.64			0.56
Net gain (loss) on investments (realized and unrealized)		(3.66	)		7.39			6.67			21.02			7.46			5.31
Total from investment operations		(2.99	)		8.54			7.62			21.81			8.10			5.87
Less distributions from:
Net investment income		(0.75	)		(1.04	)		(0.92	)		(0.84	)		(0.71	)		(0.54	)
Total distributions to shareholders		(0.75	)		(1.04	)		(0.92	)		(0.84	)		(0.71	)		(0.54	)
Net asset value, end of period	$	86.52		$	90.26		$	82.76		$	76.06		$	55.09		$	47.70
Total Returnb		(3.31	%)		10.35	%		10.07	%		39.91	%		17.05	%		13.91	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	90,845		$	176,001		$	86,897		$	125,497		$	41,314		$	21,467
Ratio to average net assets of:
Net investment income (loss)		1.58	%c		1.29	%		1.20	%		1.19	%		1.22	%		1.20	%
Total expenses		0.40	%c		0.40	%		0.40	%		0.50	%		0.50	%		0.50	%
Portfolio turnover rated		15	%		23	%		22	%		20	%		25	%		26	%

a	Based on average shares outstanding.
b	Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return.
c	Annualized.
d	Portfolio turnover does not include securities received or delivered from processing creations or redemptions.

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 71

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, 2016 (Unaudited)			Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012			Year Ended October 31, 2011
Per Share Data:
Net asset value, beginning of period	��	$	111.76		$	100.75		$	88.48		$	68.24		$	61.01		$	55.42
Income from investment operations:
Net investment income (loss)a			1.10			2.08			2.04			1.73			1.41			1.31
Net gain (loss) on investments (realized and unrealized)			8.77			10.86			12.03			20.22			7.20			5.49
Total from investment operations			9.87			12.94			14.07			21.95			8.61			6.80
Less distributions from:
Net investment income			(1.03	)		(1.93	)		(1.80	)		(1.71	)		(1.38	)		(1.21	)
Total distributions to shareholders			(1.03	)		(1.93	)		(1.80	)		(1.71	)		(1.38	)		(1.21	)
Net asset value, end of period		$	120.60		$	111.76		$	100.75		$	88.48		$	68.24		$	61.01
Total Returnb			8.85	%		12.95	%		16.04	%		32.59	%		14.19	%		12.37	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)		$	729,658		$	530,872		$	186,382		$	84,054		$	40,944		$	30,507
Ratio to average net assets of:
Net investment income (loss)			1.90	%c		1.94	%		2.18	%		2.15	%		2.14	%		2.20	%
Total expenses			0.40	%c		0.40	%		0.40	%		0.50	%		0.50	%		0.50	%
Portfolio turnover rated			11	%		16	%		20	%		17	%		18	%		15	%

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.

72 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

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, 2016 (Unaudited)			Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012			Year Ended October 31, 2011
Per Share Data:
Net asset value, beginning of period	$	54.39		$	77.16		$	79.86		$	64.01		$	64.16		$	53.74
Income from investment operations:
Net investment income (loss)a		0.49			1.35			1.40			0.78			0.55			0.36
Net gain (loss) on investments (realized and unrealized)		1.35			(22.73	)		(2.91	)		15.87			(0.19	)		10.43
Total from investment operations		1.84			(21.38	)		(1.51	)		16.65			0.36			10.79
Less distributions from:
Net investment income		(0.53	)		(1.39	)		(1.19	)		(0.80	)		(0.51	)		(0.37	)
Total distributions to shareholders		(0.53	)		(1.39	)		(1.19	)		(0.80	)		(0.51	)		(0.37	)
Net asset value, end of period	$	55.70		$	54.39		$	77.16		$	79.86		$	64.01		$	64.16
Total Returnb		3.55	%		(27.93	%)		(2.02	%)		26.19	%		0.58	%		20.09	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	211,673		$	176,773		$	100,307		$	43,924		$	32,004		$	35,287
Ratio to average net assets of:
Net investment income (loss)		2.05	%c		2.16	%		1.64	%		1.09	%		0.88	%		0.53	%
Total expenses		0.40	%c		0.40	%		0.40	%		0.50	%		0.50	%		0.50	%
Portfolio turnover rated		24	%		34	%		25	%		17	%		30	%		23	%

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 | 73

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, 2016 (Unaudited)			Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012			Year Ended October 31, 2011
Per Share Data:
Net asset value, beginning of period	$	43.72		$	43.27		$	37.64		$	28.68		$	24.48		$	25.40
Income from investment operations:
Net investment income (loss)a		0.46			0.72			0.53			0.57			0.39			0.42
Net gain (loss) on investments (realized and unrealized)		(0.79	)		0.58			5.76			9.08			4.32			(0.96	)
Total from investment operations		(0.33	)		1.30			6.29			9.65			4.71			(0.54	)
Less distributions from:
Net investment income		(0.63	)		(0.80	)		(0.66	)		(0.58	)		(0.42	)		(0.38	)
Return of capital		—			(0.05	)		—			(0.11	)		(0.09	)		—
Total distributions to shareholders		(0.63	)		(0.85	)		(0.66	)		(0.69	)		(0.51	)		(0.38	)
Net asset value, end of period	$	42.76		$	43.72		$	43.27		$	37.64		$	28.68		$	24.48
Total Returnb		(0.74	%)		3.04	%		16.84	%		34.05	%		19.32	%		(2.25	%)
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	145,372		$	183,620		$	136,316		$	58,337		$	14,339		$	17,133
Ratio to average net assets of:
Net investment income (loss)		2.22	%c		1.64	%		1.30	%		1.65	%		1.48	%		1.59	%
Total expenses		0.40	%c		0.40	%		0.40	%		0.50	%		0.50	%		0.50	%
Portfolio turnover rated		17	%		13	%		19	%		14	%		17	%		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.

74 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

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, 2016 (Unaudited)			Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012			Year Ended October 31, 2011
Per Share Data:
Net asset value, beginning of period	$	149.97		$	137.44		$	104.50		$	76.84		$	66.49		$	59.74
Income from investment operations:
Net investment income (loss)a		0.43			0.75			0.66			0.55			0.47			0.32
Net gain (loss) on investments (realized and unrealized)		(1.78	)		12.46			32.89			27.63			11.04			6.73
Total from investment operations		(1.35	)		13.21			33.55			28.18			11.51			7.05
Less distributions from:
Net investment income		(0.45	)		(0.68	)		(0.61	)		(0.52	)		(1.16	)		(0.30	)
Total distributions to shareholders		(0.45	)		(0.68	)		(0.61	)		(0.52	)		(1.16	)		(0.30	)
Net asset value, end of period	$	148.17		$	149.97		$	137.44		$	104.50		$	76.84		$	66.49
Total Returnb		(0.90	%)		9.61	%		32.20	%		36.81	%		17.39	%		11.80	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	526,019		$	569,893		$	391,714		$	130,627		$	38,419		$	53,196
Ratio to average net assets of:
Net investment income (loss)		0.59	%c		0.49	%		0.55	%		0.60	%		0.65	%		0.47	%
Total expenses		0.40	%c		0.40	%		0.40	%		0.50	%		0.50	%		0.50	%
Portfolio turnover rated		15	%		22	%		23	%		24	%		15	%		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 | 75

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, 2016 (Unaudited)			Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012			Year Ended October 31, 2011
Per Share Data:
Net asset value, beginning of period	$	85.30		$	88.18		$	76.33		$	56.94		$	51.50		$	49.54
Income from investment operations:
Net investment income (loss)a		0.69			1.13			1.22			0.95			1.05			0.83
Net gain (loss) on investments (realized and unrealized)		3.33			(2.69	)		11.59			19.41			5.42			2.05
Total from investment operations		4.02			(1.56	)		12.81			20.36			6.47			2.88
Less distributions from:
Net investment income		(0.82	)		(1.29	)		(0.96	)		(0.97	)		(1.03	)		(0.92	)
Return of capital		—			(0.03	)		—			—			—			—
Total distributions to shareholders		(0.82	)		(1.32	)		(0.96	)		(0.97	)		(1.03	)		(0.92	)
Net asset value, end of period	$	88.50		$	85.30		$	88.18		$	76.33		$	56.94		$	51.50
Total Returnb		4.76	%		(1.78	%)		16.85	%		36.10	%		12.64	%		5.80	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	106,204		$	93,831		$	123,447		$	57,251		$	17,082		$	15,450
Ratio to average net assets of:
Net investment income (loss)		1.67	%c		1.29	%		1.47	%		1.41	%		1.90	%		1.52	%
Total expenses		0.40	%c		0.40	%		0.40	%		0.50	%		0.50	%		0.50	%
Portfolio turnover rated		8	%		22	%		15	%		24	%		18	%		15	%

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.

76 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

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, 2016 (Unaudited)			Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012			Year Ended October 31, 2011
Per Share Data:
Net asset value, beginning of period	$	79.97		$	82.38		$	75.49		$	60.71		$	56.57		$	57.32
Income from investment operations:
Net investment income (loss)a		0.59			1.23			1.21			1.25			0.92			0.82
Net gain (loss) on investments (realized and unrealized)		5.53			(2.41	)		6.85			14.73			4.14			(0.76	)
Total from investment operations		6.12			(1.18	)		8.06			15.98			5.06			0.06
Less distributions from:
Net investment income		(0.67	)		(1.23	)		(1.17	)		(1.20	)		(0.92	)		(0.81	)
Total distributions to shareholders		(0.67	)		(1.23	)		(1.17	)		(1.20	)		(0.92	)		(0.81	)
Net asset value, end of period	$	85.42		$	79.97		$	82.38		$	75.49		$	60.71		$	56.57
Total Returnb		7.73	%		(1.44	%)		10.68	%		26.59	%		8.99	%		0.04	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	81,147		$	55,982		$	74,138		$	49,069		$	33,388		$	36,771
Ratio to average net assets of:
Net investment income (loss)		1.55	%c		1.46	%		1.48	%		1.84	%		1.55	%		1.33	%
Total expenses		0.40	%c		0.40	%		0.40	%		0.50	%		0.50	%		0.50	%
Portfolio turnover rated		14	%		27	%		22	%		18	%		20	%		21	%

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 | 77

GUGGENHEIM S&P 500^® EQUAL WEIGHT REAL ESTATE 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, 2016 (Unaudited)			Period Ended October 31, 2015a
Per Share Data:
Net asset value, beginning of period	$	25.63		$	25.31
Income from investment operations:
Net investment income (loss)b		0.36			0.13
Net gain (loss) on investments (realized and unrealized)		0.40			0.27
Total from investment operations		0.76			0.40
Less distributions from:
Net investment income		(0.39	)		(0.08	)
Total distributions to shareholders		(0.39	)		(0.08	)
Net asset value, end of period	$	26.00		$	25.63
Total Returnc		2.95	%		1.61	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	2,600		$	2,563
Ratio to average net assets of:
Net investment income (loss)		2.89	%d		2.49	%d
Total expenses		0.40	%d		0.40	%d
Portfolio turnover ratee		15	%		5	%

a	The Fund commenced operations on August 12, 2015.
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.

78 | 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, 2016 (Unaudited)			Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012			Year Ended October 31, 2011
Per Share Data:
Net asset value, beginning of period	$	93.16		$	87.17		$	70.98		$	51.53		$	52.23		$	50.72
Income from investment operations:
Net investment income (loss)a		1.01			1.09			0.78			0.68			0.41			0.29
Net gain (loss) on investments (realized and unrealized)		(3.19	)		6.09			16.15			19.43			(0.75	)		1.49
Total from investment operations		(2.18	)		7.18			16.93			20.11			(0.34	)		1.78
Less distributions from:
Net investment income		(0.96	)		(1.12	)		(0.74	)		(0.66	)		(0.36	)		(0.27	)
Return of capital		—			(0.07	)		—			—			—			—
Total distributions to shareholders		(0.96	)		(1.19	)		(0.74	)		(0.66	)		(0.36	)		(0.27	)
Net asset value, end of period	$	90.02		$	93.16		$	87.17		$	70.98		$	51.53		$	52.23
Total Returnb		(2.37	%)		8.30	%		23.92	%		39.23	%		0.71	%		3.51	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	670,686		$	740,629		$	671,221		$	273,275		$	100,479		$	109,685
Ratio to average net assets of:
Net investment income (loss)		2.25	%c		1.20	%		0.97	%		1.07	%		0.76	%		0.54	%
Total expenses		0.40	%c		0.40	%		0.40	%		0.50	%		0.50	%		0.50	%
Portfolio turnover rated		14	%		21	%		22	%		24	%		25	%		29	%

a	Based on average shares outstanding.
b	Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return.
c	Annualized.
d	Portfolio turnover does not include securities received or delivered from processing creations or redemptions.

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 79

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, 2016 (Unaudited)			Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012			Year Ended October 31, 2011
Per Share Data:
Net asset value, beginning of period	$	73.29		$	76.69		$	64.67		$	60.52		$	54.03		$	50.27
Income from investment operations:
Net investment income (loss)a		1.29			2.48			2.59			2.36			2.03			1.89
Net gain (loss) on investments (realized and unrealized)		8.24			(2.97	)		11.75			4.11			6.45			3.71
Total from investment operations		9.53			(0.49	)		14.34			6.47			8.48			5.60
Less distributions from:
Net investment income		(1.21	)		(2.91	)		(2.32	)		(2.32	)		(1.99	)		(1.84	)
Total distributions to shareholders		(1.21	)		(2.91	)		(2.32	)		(2.32	)		(1.99	)		(1.84	)
Net asset value, end of period	$	81.61		$	73.29		$	76.69		$	64.67		$	60.52		$	54.03
Total Returnb		13.11	%		(0.56	%)		22.61	%		10.95	%		15.98	%		11.29	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	240,756		$	128,258		$	141,875		$	51,738		$	42,364		$	32,417
Ratio to average net assets of:
Net investment income (loss)		3.41	%c		3.30	%		3.72	%		3.78	%		3.60	%		3.60	%
Total expenses		0.40	%c		0.40	%		0.40	%		0.50	%		0.50	%		0.50	%
Portfolio turnover rated		14	%		20	%		31	%		22	%		22	%		15	%

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.

80 | 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 an 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”), each a non-diversified investment company. The Trust was organized as a Delaware statutory trust on November 22, 2002. At April 30, 2016, 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 MSCI Emerging Markets Equal Country Weight ETF	MSCI Emerging Markets Equal Country Weighted Index
Guggenheim S&P MidCap 400® Equal Weight ETF	S&P MidCap 400® Equal Weight Index
Guggenheim S&P SmallCap 600® Equal Weight ETF	S&P SmallCap 600® Equal Weight 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 Real Estate ETF	S&P 500® Equal Weight Real Estate Index
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 Services and Utilities

The Funds seek to achieve their objective by investing in common stocks or exchange-traded funds (“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.

Guggenheim Investments (“GI”) provides advisory services and Rydex Fund Services, LLC (“RFS”) provides administrative services to the Trust. Guggenheim Funds Distributors, LLC (“GFD”) acts as principal underwriter for the Trust. GI, RFS and GFD are affiliated entities.

Significant Accounting Policies

The 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

GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 81

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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.

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. In addition, the Board has authorized the Valuation Committee and GI to use prices and other information supplied by a third party pricing vendor in valuing foreign securities.

The Funds invest in money market mutual funds, which are valued at their NAV. ETFs are valued at the last quoted sales price.

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. Valuations in accordance with these methods are intended to reflect each security’s (or asset’s) “fair value.” Each such determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. Examples of such factors may include, but are not limited to: (i) the type of security, (ii) the initial cost of the security, (iii) the existence of any contractual restrictions on the security’s disposition, (iv) the price and extent of public trading in similar securities of the issuer or of comparable companies, (v) quotations or evaluated prices from broker-dealers and/or pricing services, (vi) information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), (vii) an analysis of the company’s financial statements, and (viii) an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold (e.g. the existence of pending merger activity, public offerings or tender offers that might affect the value of the security).

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

82 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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 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, which was 0.30% at April 30, 2016.

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 MSCI Emerging Markets Equal Country Weight ETF	$ 6,000
Guggenheim S&P MidCap 400® Equal Weight ETF	2,000
Guggenheim S&P SmallCap 600® Equal Weight ETF	3,000
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 Real Estate ETF	500
Guggenheim S&P 500® Equal Weight Technology ETF	750
Guggenheim S&P 500® Equal Weight Utilities ETF	500

3. Fees and Other Transactions with Affiliates

GI determines the composition of the portfolio of securities that must be delivered in exchange for the issuance of Creation Units and periodically adjusts the composition of the portfolio of the Funds to conform to changes in the composition of the relevant index. For these services, GI receives a management fee at the annual rate shown below as a percentage of the average daily net assets of the Funds.

Fund	Advisory Fee
Guggenheim MSCI Emerging Markets Equal Country Weight ETF	0.70%
Guggenheim S&P MidCap 400® Equal Weight ETF	0.40%
Guggenheim S&P SmallCap 600® Equal Weight ETF	0.40%
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 Real Estate ETF	0.40%
Guggenheim S&P 500® Equal Weight Technology ETF	0.40%
Guggenheim S&P 500® Equal Weight Utilities ETF	0.40%

GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 83

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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 MSCI 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, 2017. This agreement may be terminated only with the approval of the Fund’s Board. In any event, this undertaking will continue until at least February 28, 2017.

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).

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 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

Each Fund may lend portfolio securities to certain creditworthy borrowers, including the Funds’ securities lending agent. The loans are collateralized at all times by cash and/or high grade debt obligations in an amount at least equal to 102% of the market value of domestic securities loaned and 105% of foreign securities loaned as determined at the close of business on the preceding business day. The cash collateral received is held in a separately managed account established for each respective Fund and maintained by the lending agent exclusively for the investment of securities lending cash collateral on behalf of each Fund. The separately managed accounts invest in short-term investments valued at amortized cost, which approximates market value. Each Fund receives compensation for lending

84 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

securities from interest or dividends earned on the cash, cash equivalents or U.S. government securities held as collateral, net of fee rebates paid to the borrower plus reasonable administrative and custody fees paid to the lending agent. Such compensation is accrued daily and payable to the Fund monthly. The dividend and interest income earned on the securities loaned is accounted for in the same manner as other dividend and interest income. The borrower pays to the Funds an amount equal to any dividends or interest received on loaned securities. These payments from the borrower are not eligible for reduced tax rates as “qualified dividend income” under the Jobs and Growth Tax Reconciliation Act of 2003. The Funds retain all or a portion of the interest received on investment of cash collateral or receives a fee from the borrower. Lending portfolio securities could result in a loss or delay in recovering each Fund’s securities if the borrower defaults. The securities lending income earned by the Funds are disclosed on the Statements of Operations.

At April 30, 2016, the Funds participated in securities lending as follows:

Fund	Value of Securities Loaned		Cash Collateral
Guggenheim MSCI Emerging Markets Equal Country Weight ETF	$	329,256	$	342,527
Guggenheim S&P MidCap 400® Equal Weight ETF		8,682,970		8,900,951
Guggenheim S&P SmallCap 600® Equal Weight ETF		5,174,023		5,332,110
Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF		7,336,201		7,501,294
Guggenheim S&P 500® Equal Weight Energy ETF		31,235,838		32,416,693
Guggenheim S&P 500® Equal Weight Industrials ETF		1,025,104		1,050,774
Guggenheim S&P 500® Equal Weight Materials ETF		2,699,936		2,772,457
Guggenheim S&P 500® Equal Weight Technology ETF		24,366,279		24,936,384
Guggenheim S&P 500® Equal Weight Utilities ETF		12,735,886		13,097,670

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. GI, acting under the supervision of the Board, reviews the value of the collateral and the creditworthiness of those banks and dealers to evaluate potential risks.

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.

GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 85

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

At April 30, 2016, 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 MSCI Emerging Markets Equal Country Weight ETF	$	12,948,823	$	832,820	$	(2,068,065	)	$	(1,235,245	)
Guggenheim S&P MidCap 400® Equal Weight ETF		87,845,178		9,386,593		(3,659,587	)		5,727,006
Guggenheim S&P SmallCap 600® Equal Weight ETF		40,754,848		5,359,632		(1,803,047	)		3,556,585
Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF		109,729,065		3,357,274		(14,756,309	)		(11,399,035	)
Guggenheim S&P 500® Equal Weight Consumer Staples ETF		712,511,427		32,212,939		(15,774,624	)		16,438,315
Guggenheim S&P 500® Equal Weight Energy ETF		263,066,676		18,951,137		(38,089,886	)		(19,138,749	)
Guggenheim S&P 500® Equal Weight Financials ETF		154,501,202		4,035,448		(13,230,839	)		(9,195,391	)
Guggenheim S&P 500® Equal Weight Health Care ETF		551,006,884		27,888,732		(52,931,892	)		(25,043,160	)
Guggenheim S&P 500® Equal Weight Industrials ETF		108,688,464		6,214,286		(7,686,434	)		(1,472,148	)
Guggenheim S&P 500® Equal Weight Materials ETF		86,875,404		5,665,455		(8,626,799	)		(2,961,344	)
Guggenheim S&P 500® Equal Weight Real Estate ETF		2,649,361		58,975		(109,013	)		(50,038	)
Guggenheim S&P 500® Equal Weight Technology ETF		732,251,728		40,575,162		(77,257,662	)		(36,682,500	)
Guggenheim S&P 500® Equal Weight Utilities ETF		247,862,269		12,133,506		(6,484,377	)		5,649,129

7. Investment Transactions

For the period ended April 30, 2016, the Funds had investments transactions in-kind associated with subscriptions and redemptions as follows:

Fund	Subscriptions		Redemptions
Guggenheim MSCI Emerging Markets Equal Country Weight ETF	$	—	$	—
Guggenheim S&P MidCap 400® Equal Weight ETF		12,617,180		57,525,971
Guggenheim S&P SmallCap 600® Equal Weight ETF		5,186,188		8,934,512
Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF		4,535,708		76,822,718
Guggenheim S&P 500® Equal Weight Consumer Staples ETF		456,602,615		295,617,111
Guggenheim S&P 500® Equal Weight Energy ETF		31,652,403		7,447,372
Guggenheim S&P 500® Equal Weight Financials ETF		37,359,705		66,447,623
Guggenheim S&P 500® Equal Weight Health Care ETF		87,743,963		122,216,900
Guggenheim S&P 500® Equal Weight Industrials ETF		43,101,299		32,585,201
Guggenheim S&P 500® Equal Weight Materials ETF		28,063,102		7,682,907
Guggenheim S&P 500® Equal Weight Real Estate ETF		2,577,485		2,545,596
Guggenheim S&P 500® Equal Weight Technology ETF		247,818,166		274,004,163
Guggenheim S&P 500® Equal Weight Utilities ETF		113,858,983		17,965,658

86 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

For the period ended April 30, 2016, 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 MSCI Emerging Markets Equal Country Weight ETF	$	525,034	$	699,996
Guggenheim S&P MidCap 400® Equal Weight ETF		87,726,850		87,717,674
Guggenheim S&P SmallCap 600® Equal Weight ETF		31,420,873		31,287,188
Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF		19,013,996		19,029,631
Guggenheim S&P 500® Equal Weight Consumer Staples ETF		61,970,893		61,664,094
Guggenheim S&P 500® Equal Weight Energy ETF		41,126,544		41,078,652
Guggenheim S&P 500® Equal Weight Financials ETF		29,066,372		29,215,124
Guggenheim S&P 500® Equal Weight Health Care ETF		79,783,991		79,947,451
Guggenheim S&P 500® Equal Weight Industrials ETF		7,093,642		7,175,896
Guggenheim S&P 500® Equal Weight Materials ETF		7,921,039		8,161,908
Guggenheim S&P 500® Equal Weight Real Estate ETF		405,495		383,020
Guggenheim S&P 500® Equal Weight Technology ETF		101,770,564		101,726,139
Guggenheim S&P 500® Equal Weight Utilities ETF		23,617,747		23,550,973

The Funds are permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by a Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price to save costs, where permissible. For the period April 30, 2016, the Funds engaged in purchases and sales of securities, pursuant to Rule 17a-7 of the 1940 Act, as follows:

Fund	Purchases		Sales		Realized Loss
Guggenheim S&P MidCap 400® Equal Weight ETF	$	—	$	201,608	$	(10,411	)
Guggenheim S&P 500® Equal Weight Consumer Staples ETF		—		681,684		(11,821	)
Guggenheim S&P 500® Equal Weight Financials ETF		267,652		—		—
Guggenheim S&P 500® Equal Weight Real Estate ETF		13,904		—		—
Guggenheim S&P 500® Equal Weight Technology ETF		1,701,452		—		—

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.

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(concluded)

The FitzSimons action and the SLCFC actions have been consolidated with the majority of the other Tribune LBO-related lawsuits in a multidistrict litigation proceeding captioned In re Tribune Company Fraudulent Conveyance Litig., No. 11-md-2696 (S.D.N.Y.) (the “MDL Proceeding”).

On September 23, 2013, the District Court granted the defendants’ omnibus motion to dismiss the SLCFC actions, on the basis that the creditors lacked standing. On September 30, 2013, the creditors filed a notice of appeal of the September 23 order. On October 28, 2013, the defendants filed a joint notice of cross-appeal of that same order.

On 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.

On March 29, 2016, the U.S. Court of Appeals for the Second Circuit issued its opinion on the appeal of the SLCFC actions. The appeals court affirmed the district court’s dismissal of those lawsuits, but on different grounds than the district court. The appeals court held that while the plaintiffs have standing under the U.S. Bankruptcy Code), their claims were preempted by Section 546(e) of the Bankruptcy Code—the statutory safe harbor for settlement payments.

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.

9. Fund Changes

At a meeting held on October 14, 2015, GI recommended and the Board approved the following changes to the following Funds:

A. The Underlying Index for the Guggenheim Russell MidCap^® Equal Weight ETF (ticker EWRM) will change from the Russell MidCap^® Equal Weight Index to the S&P MidCap 400^® Equal Weight Index. In connection with the change in the Fund’s Underlying Index, the Board also approved changing the Fund’s name and ticker to Guggenheim S&P MidCap 400^® Equal Weight ETF (new ticker EWMC). The changes in index, Fund name and Fund ticker became effective on January 26, 2016.

B. The Underlying Index for the Guggenheim Russell 2000^® Equal Weight ETF (ticker EWRS) will change from the Russell 2000^® Equal Weight Index to the S&P SmallCap 600^® Equal Weight Index. In connection with the change in the Fund’s Underlying Index, the Board also approved changing the Fund’s name and ticker to Guggenheim S&P SmallCap 600^® Equal Weight ETF (new ticker EWSC). The changes in index, Fund name and Fund ticker became effective on January 26, 2016.

88 | 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.

Sector Classification

Information in the “Schedule of Investments” is categorized by sectors using sector-level Classifications defined by the Bloomberg Industry Classification System, a widely recognized industry classification system provider. Each Fund’s registration statement has investment policies relating to concentration in specific sectors/industries. For purposes of these investment policies, the Funds usually classify sectors/industries based on industry-level Classifications used by widely recognized industry classification system providers such as Bloomberg Industry Classification System, Global Industry Classification Standards and Barclays Global Classification Scheme.

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 | 89

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).	236	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.	134	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.	134	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.	134	None.

90 | 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; 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).	134	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).	134	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).	134	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 | 91

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.

92 | 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 | 93

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.

94 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT

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4.30.2016

Guggenheim ETFs Semi-Annual Report

XLG	Guggenheim S&P 500® Top 50 ETF
RPV	Guggenheim S&P 500® Pure Value ETF
RPG	Guggenheim S&P 500® Pure Growth ETF
RFV	Guggenheim S&P MidCap 400® Pure Value ETF
RFG	Guggenheim S&P MidCap 400® Pure Growth ETF
RZV	Guggenheim S&P SmallCap 600® Pure Value ETF
RZG	Guggenheim S&P SmallCap 600® Pure Growth ETF

ETF2-SEMI-0416x1016 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	30
STATEMENTS OF OPERATIONS	32
STATEMENTS OF CHANGES IN NET ASSETS	34
FINANCIAL HIGHLIGHTS	38
NOTES TO FINANCIAL STATEMENTS	45
OTHER INFORMATION	52
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS	53
GUGGENHEIM INVESTMENTS PRIVACY POLICIES	56

GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 1

April 30, 2016

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, 2016.

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, 2016

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, 2016

After a very weak start to the year, strong performance in late February through April brought investment markets modestly higher for the full period. Investors returned to higher risk areas of the market. High yield bonds had their best three month returns in more than two years in the first quarter.

Oil prices stabilized and despite disappointment about a lack of near-term coordinated supply cuts, oil remained around $40/barrel on average. We believe we have seen the bottom in oil prices.

Currency issues and growing competitive pressures in China also weighed heavily on the collective investor consciousness.

The economic story in the U.S. continues to be a mix of good and bad. Growth in the U.S. continued at a slow pace. For the first time in two years, first quarter gross domestic product (“GDP”) growth was positive, but disappointed higher market expectations at just 0.5 percent, the weakest pace in two years. Wage growth increased in April after recent disappointing data, and the labor market continued to underwhelm, as the economy inched closer to “full employment.” While a stronger dollar weighed on the U.S. economy earlier in the period, the dollar weakened in the early part of 2016. Also, after several months of disappointing data, retail spending finally started to pick up toward the end of the period. Underlining this soft growth, inflation remained below the Fed’s two percent target.

Outside the U.S., despite the Bank of Japan and the European Central Bank (“ECB”) moving to negative policy rates, deflationary headwinds grew and the euro and yen strengthened -- the exact opposite of what central bankers hoped. The Bank of Japan and the ECB are already executing massive quantitative easing programs, but as their balance sheets expand, assets available to purchase shrink. As options for further quantitative easing diminish, negative rates may become an important component of monetary policy orthodoxy.

More monetary liquidity in these countries eventually spills into our own, which accounts for what we are seeing now. Risk assets are rising in value along with falling Treasury yields. The high correlation between risk-free and risk assets is part of the rising tide of liquidity, which is continuing to push risk assets and safe-haven assets higher.

Guggenheim expects further declines in the unemployment rate as job gains outstrip growth in the labor force. Meanwhile, core and headline inflation should move closer to the Fed’s target by year-end, reflecting Guggenheim’s forecasts for a tighter labor market and a modest rise in oil prices. This should curtail the speed at which the Fed anticipates increasing rates in 2016, which Guggenheim would interpret as a sign that the expansion remains intact. A solid macroeconomic backdrop and a rebalancing oil market should support the credit picture in the second half of 2016, but caution is warranted over the summer as recent asset price rallies may fade in the face of global macro risks.

For the six months ended April 30, 2016, the Standard & Poor’s 500^® (“S&P 500”) Index* returned 0.43%. The Morgan Stanley Capital International (“MSCI”) Europe-Australasia-Far East (“EAFE”) Index* returned -3.07%. The return of the MSCI Emerging Markets Index* was -0.14%.

In the bond market, the Barclays U.S. Aggregate Bond Index* posted a 2.82% return for the period, while the Barclays U.S. Corporate High Yield Index* returned 2.37%. The return of the Bank of America (“BofA”) Merrill Lynch 3-Month U.S. Treasury Bill Index* was 0.14% 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.

*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.

GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 3

ECONOMIC AND MARKET OVERVIEW (Unaudited)(concluded) April 30, 2016

Barclays U.S. Corporate High Yield Index measures the market of U.S. dollar denominated, noninvestment 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 advisor. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example in the table is based on an investment of $1,000 invested on October 31, 2015 and held for the six months ended April 30, 2016.

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, 2015	Ending Account Value April 30, 2016	Expenses Paid During Period2
Table 1. Based on actual Fund return3
Guggenheim S&P 500® Top 50 ETF	0.20%	0.57%	$ 1,000.00	$ 1,005.70	$ 1.00
Guggenheim S&P 500® Pure Value ETF	0.35%	2.17%	1,000.00	1,021.70	1.76
Guggenheim S&P 500® Pure Growth ETF	0.35%	(4.53%)	1,000.00	954.70	1.70
Guggenheim S&P MidCap 400® Pure Value ETF	0.35%	4.58%	1,000.00	1,045.80	1.78
Guggenheim S&P MidCap 400® Pure Growth ETF	0.35%	(5.40%)	1,000.00	946.00	1.69
Guggenheim S&P SmallCap 600® Pure Value ETF	0.35%	4.92%	1,000.00	1,049.20	1.78
Guggenheim S&P SmallCap 600® Pure Growth ETF	0.35%	(6.59%)	1,000.00	934.10	1.68
Table 2. Based on hypothetical 5% return (before expenses)
Guggenheim S&P 500® Top 50 ETF	0.20%	5.00%	1,000.00	1,023.87	1.01
Guggenheim S&P 500® Pure Value ETF	0.35%	5.00%	1,000.00	1,023.12	1.76
Guggenheim S&P 500® Pure Growth ETF	0.35%	5.00%	1,000.00	1,023.12	1.76
Guggenheim S&P MidCap 400® Pure Value ETF	0.35%	5.00%	1,000.00	1,023.12	1.76
Guggenheim S&P MidCap 400® Pure Growth ETF	0.35%	5.00%	1,000.00	1,023.12	1.76
Guggenheim S&P SmallCap 600® Pure Value ETF	0.35%	5.00%	1,000.00	1,023.12	1.76
Guggenheim S&P SmallCap 600® Pure Growth ETF	0.35%	5.00%	1,000.00	1,023.12	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 182/366 (to reflect the one-half year period).
3	Actual cumulative return at net asset value for the period October 31, 2015 to April 30, 2016.

6 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT

PORTFOLIO SUMMARY (Unaudited) April 30, 2016

GUGGENHEIM S&P 500^® TOP 50 ETF

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Ten Largest Holdings	(% of Total Net Assets)
Apple, Inc.	6.0%
Microsoft Corp.	4.6%
Exxon Mobil Corp.	4.2%
Johnson & Johnson	3.6%
General Electric Co.	3.3%
Berkshire Hathaway, Inc. — Class B	3.2%
Facebook, Inc. — Class A	3.1%
Amazon.com, Inc.	2.9%
AT&T, Inc.	2.8%
JPMorgan Chase & Co.	2.7%
Top Ten Total	36.4%
“Ten Largest Holdings” excludes any temporary cash investments.

GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 7

PORTFOLIO SUMMARY (Unaudited) April 30, 2016

GUGGENHEIM S&P 500^® PURE VALUE ETF

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Ten Largest Holdings	(% of Total Net Assets)
NRG Energy, Inc.	2.9%
HP, Inc.	2.4%
Newmont Mining Corp.	2.2%
Archer-Daniels-Midland Co.	2.1%
Alcoa, Inc.	2.0%
Exelon Corp.	1.7%
Fluor Corp.	1.6%
National Oilwell Varco, Inc.	1.6%
Leucadia National Corp.	1.6%
Anthem, Inc.	1.5%
Top Ten Total	19.6%
“Ten Largest Holdings” excludes any temporary cash investments.

8 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT

PORTFOLIO SUMMARY (Unaudited) April 30, 2016

GUGGENHEIM S&P 500^® PURE GROWTH ETF

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Ten Largest Holdings	(% of Total Net Assets)
Facebook, Inc. — Class A	2.1%
Centene Corp.	1.9%
Constellation Brands, Inc. — Class A	1.9%
Broadcom Ltd.	1.7%
Amazon.com, Inc.	1.5%
Electronic Arts, Inc.	1.5%
salesforce.com, Inc.	1.5%
Ulta Salon Cosmetics & Fragrance, Inc.	1.5%
Expedia, Inc.	1.4%
VeriSign, Inc.	1.4%
Top Ten Total	16.4%
“Ten Largest Holdings” excludes any temporary cash investments.

GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 9

PORTFOLIO SUMMARY (Unaudited) April 30, 2016

GUGGENHEIM S&P MIDCAP 400^® PURE VALUE ETF

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Ten Largest Holdings	(% of Total Net Assets)
Joy Global, Inc.	3.3%
United States Steel Corp.	2.9%
Talen Energy Corp.	2.6%
Terex Corp.	2.2%
Allegheny Technologies, Inc.	2.1%
Commercial Metals Co.	2.1%
Reliance Steel & Aluminum Co.	2.0%
KB Home	2.0%
Arrow Electronics, Inc.	1.9%
Ingram Micro, Inc. — Class A	1.8%
Top Ten Total	22.9%
“Ten Largest Holdings” excludes any temporary cash investments.

10 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT

PORTFOLIO SUMMARY (Unaudited) April 30, 2016

GUGGENHEIM S&P MIDCAP 400^® PURE GROWTH ETF

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Ten Largest Holdings	(% of Total Net Assets)
Skechers U.S.A., Inc. — Class A	2.9%
WebMD Health Corp. — Class A	2.6%
ABIOMED, Inc.	2.3%
Convergys Corp.	2.3%
Alexander & Baldwin, Inc.	2.2%
Post Holdings, Inc.	1.9%
Synaptics, Inc.	1.8%
WisdomTree Investments, Inc.	1.8%
NVR, Inc.	1.8%
Amsurg Corp. — Class A	1.8%
Top Ten Total	21.4%
“Ten Largest Holdings” excludes any temporary cash investments.

GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 11

PORTFOLIO SUMMARY (Unaudited) April 30, 2016

GUGGENHEIM S&P SMALLCAP 600^® PURE VALUE ETF

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Ten Largest Holdings	(% of Total Net Assets)
Century Aluminum Co.	3.2%
SPX Corp.	1.6%
Rent-A-Center, Inc.	1.4%
Orion Marine Group, Inc.	1.4%
Roadrunner Transportation Systems, Inc.	1.4%
LSB Industries, Inc.	1.4%
Seneca Foods Corp. — Class A	1.4%
Kelly Services, Inc. — Class A	1.4%
TimkenSteel Corp.	1.3%
SkyWest, Inc.	1.3%
Top Ten Total	15.8%
“Ten Largest Holdings” excludes any temporary cash investments.

12 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT

PORTFOLIO SUMMARY (Unaudited) April 30, 2016

GUGGENHEIM S&P SMALLCAP 600^® PURE GROWTH ETF

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Ten Largest Holdings	(% of Total Net Assets)
Ligand Pharmaceuticals, Inc. — Class B	2.0%
Supernus Pharmaceuticals, Inc.	1.5%
PGT, Inc.	1.4%
Fabrinet	1.4%
First Midwest Bancorp, Inc.	1.3%
Opus Bank	1.3%
Headwaters, Inc.	1.3%
CoreSite Realty Corp.	1.2%
Meritage Homes Corp.	1.2%
Cirrus Logic, Inc.	1.2%
Top Ten Total	13.8%
“Ten Largest Holdings” excludes any temporary cash investments.

GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 13

SCHEDULE OF INVESTMENTS (Unaudited)	April 30, 2016
GUGGENHEIM S&P 500® TOP 50 ETF

	Shares		Value
COMMON STOCKS† - 99.8%
Consumer, Non-cyclical - 27.7%
Johnson & Johnson		192,302	$	21,553,209
Procter & Gamble Co.		184,860		14,810,983
Pfizer, Inc.		421,500		13,787,266
Coca-Cola Co.		271,554		12,165,619
Merck & Company, Inc.		193,410		10,606,604
Philip Morris International, Inc.		107,975		10,594,507
PepsiCo, Inc.		100,732		10,371,367
UnitedHealth Group, Inc.		66,253		8,724,195
Altria Group, Inc.		136,450		8,556,780
Gilead Sciences, Inc.		95,257		8,402,620
Bristol-Myers Squibb Co.		116,346		8,397,854
Amgen, Inc.		52,414		8,297,136
Medtronic plc		97,996		7,756,383
AbbVie, Inc.		112,289		6,849,629
Allergan plc*		27,506		5,956,699
Celgene Corp.*		54,475		5,633,260
Biogen, Inc.*		15,240		4,190,848
Total Consumer, Non-cyclical				166,654,959
Communications - 21.1%
Facebook, Inc. — Class A*		159,936		18,805,275
Amazon.com, Inc.*		26,907		17,747,588
AT&T, Inc.		428,683		16,641,475
Verizon Communications, Inc.		283,910		14,462,375
Alphabet, Inc. — Class A*		20,390		14,433,673
Alphabet, Inc. — Class C*		20,710		14,352,237
Walt Disney Co.		104,609		10,801,925
Comcast Corp. — Class A		169,555		10,302,162
Cisco Systems, Inc.		350,693		9,640,551
Total Communications				127,187,261
Technology - 16.0%
Apple, Inc.		386,407		36,221,791
Microsoft Corp.		551,207		27,488,693
Intel Corp.		329,220		9,968,782
International Business Machines Corp.		61,607		8,990,926
Oracle Corp.		219,590		8,752,857
QUALCOMM, Inc.		104,180		5,263,174
Total Technology				96,686,223
Financial - 13.5%
Berkshire Hathaway, Inc. — Class B*		130,569		18,995,178
JPMorgan Chase & Co.		255,784		16,165,548
Wells Fargo & Co.		321,959		16,091,511
Bank of America Corp.		719,603		10,477,420
Visa, Inc. — Class A		133,746		10,330,541
Citigroup, Inc.		205,457		9,508,550
Total Financial				81,568,748
Energy - 8.4%
Exxon Mobil Corp.		289,409		25,583,755
Chevron Corp.		131,239		13,410,001
Schlumberger Ltd.		96,899		7,784,866
ConocoPhillips		86,152		4,117,204
Total Energy				50,895,826
Industrial - 7.3%
General Electric Co.		650,259		19,995,464
3M Co.		42,166		7,057,745
Boeing Co.		43,400		5,850,320
United Technologies Corp.		54,211		5,658,002
Union Pacific Corp.		58,987		5,145,436
Total Industrial				43,706,967
Consumer, Cyclical - 5.8%
Home Depot, Inc.		88,360		11,830,519
McDonald’s Corp.		62,834		7,947,873
CVS Health Corp.		76,555		7,693,778
Wal-Mart Stores, Inc.		109,340		7,311,566
Total Consumer, Cyclical				34,783,736
Total Common Stocks
(Cost $540,324,412)				601,483,720
SHORT TERM INVESTMENTS† - 0.1%
Federated U.S. Treasury Cash Reserve Fund Institutional Shares, 0.13%1		781,071		781,071
Total Short Term Investments
(Cost $781,071)				781,071
Total Investments - 99.9%
(Cost $541,105,483)			$	602,264,791
Other Assets & Liabilities, net - 0.1%				654,023
Total Net Assets - 100.0%			$	602,918,814

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
1	Rate indicated is the 7 day yield as of April 30, 2016.
	plc — Public Limited Company
	See Sector Classification in Other Information section.

14 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	April 30, 2016
GUGGENHEIM S&P 500® TOP 50 ETF

The following table summarizes the inputs used to value the Fund’s investments at April 30, 2016 (See Note 4 in the Notes to Financial Statements):

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	601,483,720	$	—	$	—	$	601,483,720
Short Term Investments		781,071		—		—		781,071
Total	$	602,264,791	$	—	$	—	$	602,264,791

For the period ended April 30, 2016, there were no transfers between levels.

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 15

SCHEDULE OF INVESTMENTS (Unaudited)	April 30, 2016
GUGGENHEIM S&P 500® PURE VALUE ETF

	Shares		Value
COMMON STOCKS† - 99.8%
Financial - 24.9%
Prudential Financial, Inc.		146,188	$	11,350,037
MetLife, Inc.		242,691		10,945,363
Loews Corp.		263,198		10,443,696
Allstate Corp.		130,269		8,473,998
Hartford Financial Services Group, Inc.		186,799		8,290,140
American International Group, Inc.		142,447		7,951,392
Lincoln National Corp.		181,522		7,887,131
Unum Group		230,340		7,879,931
Regions Financial Corp.		837,601		7,856,697
Capital One Financial Corp.		103,682		7,505,540
Citigroup, Inc.		159,786		7,394,896
Bank of America Corp.		497,481		7,243,323
Navient Corp.		508,254		6,947,832
SunTrust Banks, Inc.		147,975		6,176,477
Zions Bancorporation		210,487		5,792,602
KeyCorp		457,311		5,620,352
Comerica, Inc.		119,142		5,289,905
JPMorgan Chase & Co.		80,829		5,108,393
Goldman Sachs Group, Inc.		30,562		5,015,530
Berkshire Hathaway, Inc. — Class B*		34,331		4,994,474
Travelers Companies, Inc.		43,511		4,781,859
Fifth Third Bancorp		258,139		4,726,525
Chubb Ltd.		39,637		4,671,617
Legg Mason, Inc.		145,100		4,659,161
Aflac, Inc.		67,498		4,655,337
PNC Financial Services Group, Inc.		49,163		4,315,528
People’s United Financial, Inc.1		271,688		4,211,164
Principal Financial Group, Inc.		96,222		4,106,755
BB&T Corp.		110,057		3,893,817
Bank of New York Mellon Corp.		67,925		2,733,302
Total Financial				190,922,774
Consumer, Cyclical - 15.6%
Staples, Inc.		1,113,420		11,356,884
Best Buy Company, Inc.		339,712		10,897,961
Wal-Mart Stores, Inc.		160,854		10,756,307
General Motors Co.		324,349		10,314,298
Ford Motor Co.		733,413		9,945,080
Kohl’s Corp.1		198,787		8,806,264
AutoNation, Inc.*,1		142,792		7,232,415
Macy’s, Inc.		177,009		7,007,786
PVH Corp.		61,850		5,912,860
Whirlpool Corp.		32,857		5,721,718
Urban Outfitters, Inc.*		185,832		5,634,426
United Continental Holdings, Inc.*		111,482		5,106,990
PulteGroup, Inc.		259,871		4,779,028
Target Corp.		55,602		4,420,359
PACCAR, Inc.		69,208		4,077,043
The Gap, Inc.1		125,699		2,913,703
Bed Bath & Beyond, Inc.*		57,864		2,732,338
Johnson Controls, Inc.		64,538		2,671,873
Total Consumer, Cyclical				120,287,333
Utilities - 15.2%
NRG Energy, Inc.		1,488,019		22,469,087
Exelon Corp.		383,328		13,450,980
AES Corp.		1,015,235		11,330,023
FirstEnergy Corp.		238,891		7,785,458
NiSource, Inc.		268,997		6,108,921
Duke Energy Corp.		67,450		5,313,711
Consolidated Edison, Inc.		69,242		5,165,453
Entergy Corp.		60,436		4,543,578
Public Service Enterprise Group, Inc.		97,738		4,508,654
SCANA Corp.		61,150		4,200,394
DTE Energy Co.		46,626		4,157,174
Edison International		56,554		3,998,933
American Electric Power Company, Inc.		62,327		3,957,765
CenterPoint Energy, Inc.		169,230		3,629,984
Ameren Corp.		74,230		3,563,040
Pinnacle West Capital Corp.		46,764		3,397,405
PG&E Corp.		54,111		3,149,260
Eversource Energy		53,642		3,027,554
Xcel Energy, Inc.		73,911		2,958,657
Total Utilities				116,716,031
Energy - 10.8%
National Oilwell Varco, Inc.1		340,417		12,268,629
Diamond Offshore Drilling, Inc.1		418,053		10,141,966
Valero Energy Corp.		169,705		9,990,533
Chevron Corp.		72,151		7,372,389
Phillips 66		89,152		7,320,271
First Solar, Inc.*		117,451		6,558,464
Transocean Ltd.1		583,415		6,464,238
Marathon Petroleum Corp.		154,077		6,021,329
Helmerich & Payne, Inc.		84,837		5,609,422
Hess Corp.		86,886		5,180,143
Marathon Oil Corp.		241,930		3,408,794
Baker Hughes, Inc.		58,230		2,816,003
Total Energy				83,152,181
Consumer, Non-cyclical - 9.5%
Archer-Daniels-Midland Co.		401,938		16,053,403
Anthem, Inc.		82,182		11,568,760
Quanta Services, Inc.*		473,266		11,225,870
Tyson Foods, Inc. — Class A		142,296		9,365,923
Cardinal Health, Inc.		87,325		6,851,519
McKesson Corp.		39,663		6,656,245
Sysco Corp.		94,112		4,335,740
Whole Foods Market, Inc.		127,144		3,697,348
Express Scripts Holding Co.*		42,607		3,141,414
Total Consumer, Non-cyclical				72,896,222

16 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	April 30, 2016
GUGGENHEIM S&P 500® PURE VALUE ETF

	Shares		Value
Industrial - 8.3%
Fluor Corp.		225,539	$	12,327,962
Jacobs Engineering Group, Inc.*		256,852		11,450,462
Ryder System, Inc.		135,723		9,354,029
WestRock Co.		180,051		7,535,134
Cummins, Inc.		41,683		4,878,161
Corning, Inc.		253,455		4,732,005
Eaton Corporation plc		70,176		4,440,036
Caterpillar, Inc.		46,930		3,647,400
Textron, Inc.		74,211		2,870,481
Owens-Illinois, Inc.*		151,625		2,798,998
Total Industrial				64,034,668
Basic Materials - 6.8%
Newmont Mining Corp.		473,864		16,571,025
Alcoa, Inc.		1,406,584		15,711,543
Freeport-McMoRan, Inc.1		517,030		7,238,420
Nucor Corp.		134,227		6,681,820
Mosaic Co.		217,989		6,101,512
Total Basic Materials				52,304,320
Technology - 3.9%
HP, Inc.		1,481,696		18,180,410
Xerox Corp.		898,386		8,624,506
Western Digital Corp.		84,977		3,472,585
Total Technology				30,277,501
Communications - 3.2%
CenturyLink, Inc.1		315,816		9,774,505
Frontier Communications Corp.1		1,266,250		7,040,350
News Corp. — Class A		480,963		5,973,561
News Corp. — Class B1		135,869		1,760,862
Total Communications				24,549,278
Diversified - 1.6%
Leucadia National Corp.		734,042		12,243,821
Total Common Stocks
(Cost $787,823,162)				767,384,129
SHORT TERM INVESTMENTS† - 0.1%
Federated U.S. Treasury Cash Reserve Fund Institutional Shares, 0.13%2		1,046,000		1,046,000
Total Short Term Investments
(Cost $1,046,000)				1,046,000
SECURITIES LENDING COLLATERAL†,3 - 6.8%
BNY Mellon Separately Managed Cash Collateral Account, 0.30%		52,015,507		52,015,507
Total Securities Lending Collateral
(Cost $52,015,507)				52,015,507
Total Investments - 106.7%
(Cost $840,884,669)			$	820,445,636
Other Assets & Liabilities, net - (6.7)%				(51,536,069	)
Total Net Assets - 100.0%			$	768,909,567

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
1	All or portion of this security is on loan at April 30, 2016 — See Note 5.
2	Rate indicated is the 7 day yield as of April 30, 2016.
3	Securities lending collateral — See Note 5.
	plc — Public Limited Company
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at April 30, 2016 (See Note 4 in the Notes to Financial Statements):

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	767,384,129	$	—	$	—	$	767,384,129
Securities Lending Collateral		52,015,507		—		—		52,015,507
Short Term Investments		1,046,000		—		—		1,046,000
Total	$	820,445,636	$	—	$	—	$	820,445,636

For the period ended April 30, 2016, there were no transfers between levels.

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 17

SCHEDULE OF INVESTMENTS (Unaudited)	April 30, 2016
GUGGENHEIM S&P 500® PURE GROWTH ETF

	Shares		Value
COMMON STOCKS† - 100.0%
Consumer, Non-cyclical - 27.7%
Centene Corp.*		559,029	$	34,637,437
Constellation Brands, Inc. — Class A		221,617		34,585,549
Aetna, Inc.		186,196		20,904,225
Total System Services, Inc.		406,101		20,768,005
Edwards Lifesciences Corp.*		193,665		20,569,160
Global Payments, Inc.		280,871		20,273,269
Cigna Corp.		144,923		20,077,632
S&P Global, Inc.		184,943		19,761,160
Gilead Sciences, Inc.		222,387		19,616,758
Mondelez International, Inc. — Class A		455,441		19,565,745
Hologic, Inc.*		563,104		18,914,663
Regeneron Pharmaceuticals, Inc.*		49,931		18,809,507
Equifax, Inc.		152,515		18,339,929
Boston Scientific Corp.*		795,339		17,433,831
AmerisourceBergen Corp. — Class A		190,363		16,199,891
Reynolds American, Inc.		319,234		15,834,006
Monster Beverage Corp.*		107,707		15,533,503
Biogen, Inc.*		54,401		14,959,731
Avery Dennison Corp.		205,287		14,905,889
Celgene Corp.*		137,182		14,185,991
Hormel Foods Corp.		337,043		12,993,008
Verisk Analytics, Inc. — Class A*		162,758		12,626,766
Laboratory Corporation of America Holdings*		95,792		12,004,653
Alexion Pharmaceuticals, Inc.*		79,465		11,067,885
Illumina, Inc.*		74,671		10,079,838
Cintas Corp.		112,220		10,075,112
Moody’s Corp.		103,976		9,952,583
CR Bard, Inc.		40,837		8,664,386
Becton Dickinson and Co.		47,890		7,722,741
Dr Pepper Snapple Group, Inc.		79,871		7,261,073
Allergan plc*		23,690		5,130,306
Total Consumer, Non-cyclical				503,454,232
Consumer, Cyclical - 18.6%
Ulta Salon Cosmetics & Fragrance, Inc.*		128,732		26,812,301
O’Reilly Automotive, Inc.*		94,406		24,798,569
DR Horton, Inc.		792,071		23,809,654
Dollar Tree, Inc.*		257,065		20,490,651
Starbucks Corp.		360,227		20,255,564
AutoZone, Inc.*		24,327		18,615,750
Lennar Corp. — Class A		406,323		18,410,495
Home Depot, Inc.		136,112		18,224,035
Advance Auto Parts, Inc.		97,014		15,143,885
NIKE, Inc. — Class B		249,723		14,718,674
Lowe’s Companies, Inc.		189,037		14,370,593
Signet Jewelers Ltd.		130,618		14,179,890
Tractor Supply Co.		134,788		12,759,032
Mohawk Industries, Inc.*		65,827		12,680,255
Under Armour, Inc. — Class A*,1		278,117		12,220,461
Southwest Airlines Co.		254,471		11,351,951
Under Armour, Inc. — Class C*,1		278,117		11,347,174
Ross Stores, Inc.		192,258		10,916,409
Chipotle Mexican Grill, Inc. — Class A*		20,949		8,818,901
TJX Companies, Inc.		100,432		7,614,754
Hanesbrands, Inc.		243,603		7,071,795
Delphi Automotive plc		94,850		6,983,806
Newell Brands, Inc.		153,293		6,980,963
Total Consumer, Cyclical				338,575,562
Technology - 17.9%
Broadcom Ltd.		210,338		30,656,763
Electronic Arts, Inc.*		441,360		27,298,116
salesforce.com, Inc.*		357,100		27,068,180
Activision Blizzard, Inc.		726,456		25,040,938
Skyworks Solutions, Inc.		317,747		21,231,855
NVIDIA Corp.		572,127		20,327,672
Cognizant Technology Solutions Corp. — Class A*		331,490		19,349,072
Red Hat, Inc.*		263,349		19,321,916
Fiserv, Inc.*		177,825		17,377,059
Lam Research Corp.		224,831		17,177,088
Citrix Systems, Inc.*		185,704		15,198,015
Microchip Technology, Inc.1		241,247		11,722,192
Applied Materials, Inc.		560,582		11,475,114
Apple, Inc.		120,212		11,268,673
Qorvo, Inc.*		226,951		10,219,604
Cerner Corp.*		163,417		9,174,230
Akamai Technologies, Inc.*		176,818		9,015,950
Accenture plc — Class A		71,370		8,059,100
Microsoft Corp.		145,397		7,250,948
Paychex, Inc.		135,773		7,076,489
Total Technology				325,308,974
Communications - 13.9%
Facebook, Inc. — Class A*		317,716		37,357,047
Amazon.com, Inc.*		41,843		27,599,224
Expedia, Inc.		225,713		26,130,794
VeriSign, Inc.*,1		294,889		25,478,410
Netflix, Inc.*		217,882		19,615,916
Priceline Group, Inc.*		13,202		17,738,999
TripAdvisor, Inc.*		257,762		16,648,848
eBay, Inc.*		528,160		12,902,949
Time Warner Cable, Inc.		54,358		11,529,875
Cablevision Systems Corp. — Class A		336,135		11,223,548
Walt Disney Co.		106,060		10,951,756
Alphabet, Inc. — Class A*		13,327		9,433,917
Alphabet, Inc. — Class C*		13,596		9,422,164
Juniper Networks, Inc.		369,182		8,638,859
Discovery Communications, Inc. — Class C*		216,257		5,791,362
Discovery Communications, Inc. — Class A*,1		125,283		3,421,479
Total Communications				253,885,147

18 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	April 30, 2016
GUGGENHEIM S&P 500® PURE GROWTH ETF

	Shares		Value
Financial - 13.1%
XL Group plc — Class A		648,448	$	21,223,703
Extra Space Storage, Inc.		245,818		20,882,239
Equity Residential		263,644		17,946,247
Visa, Inc. — Class A		216,825		16,747,563
Prologis, Inc.		333,755		15,155,815
Intercontinental Exchange, Inc.		60,881		14,613,266
CBRE Group, Inc. — Class A*		468,137		13,870,899
Kimco Realty Corp.		476,988		13,412,903
Public Storage		52,968		12,967,096
Equinix, Inc.		38,358		12,671,566
MasterCard, Inc. — Class A		129,854		12,594,539
E*TRADE Financial Corp.*		480,951		12,110,346
UDR, Inc.		314,300		10,975,356
AvalonBay Communities, Inc.		56,402		9,971,310
American Tower Corp. — Class A		92,180		9,667,838
Crown Castle International Corp.		104,609		9,088,430
Charles Schwab Corp.		311,691		8,855,141
Alliance Data Systems Corp.*		25,189		5,121,176
Total Financial				237,875,433
Industrial - 7.4%
PerkinElmer, Inc.		429,307		21,645,659
Vulcan Materials Co.		189,923		20,441,413
Masco Corp.		617,538		18,964,592
Martin Marietta Materials, Inc.		95,045		16,084,465
Northrop Grumman Corp.		67,913		14,007,735
Stanley Black & Decker, Inc.		93,366		10,449,523
Snap-on, Inc.		56,830		9,051,882
Amphenol Corp. — Class A		157,748		8,807,071
Roper Technologies, Inc.		45,555		8,021,780
Boeing Co.		50,436		6,798,773
Total Industrial				134,272,893
Energy - 0.9%
Pioneer Natural Resources Co.		93,695		15,562,740
Basic Materials - 0.5%
Sherwin-Williams Co.		32,353		9,295,340
Total Common Stocks
(Cost $1,701,838,411)				1,818,230,321
SHORT TERM INVESTMENTS† - 0.0%
Federated U.S. Treasury Cash Reserve Fund Institutional Shares, 0.13%2		826,471		826,471
Total Short Term Investments
(Cost $826,471)				826,471
SECURITIES LENDING COLLATERAL†,3 - 2.7%
BNY Mellon Separately Managed Cash Collateral Account, 0.30%		49,238,062		49,238,062
Total Securities Lending Collateral
(Cost $49,238,062)				49,238,062
Total Investments - 102.7%
(Cost $1,751,902,944)			$	1,868,294,854
Other Assets & Liabilities, net - (2.7)%				(49,073,218	)
Total Net Assets - 100.0%			$	1,819,221,636

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
1	All or portion of this security is on loan at April 30, 2016 — See Note 5.
2	Rate indicated is the 7 day yield as of April 30, 2016.
3	Securities lending collateral — See Note 5.
	plc — Public Limited Company
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at April 30, 2016 (See Note 4 in the Notes to Financial Statements):

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	1,818,230,321	$	—	$	—	$	1,818,230,321
Securities Lending Collateral		49,238,062		—		—		49,238,062
Short Term Investments		826,471		—		—		826,471
Total	$	1,868,294,854	$	—	$	—	$	1,868,294,854

For the period ended April 30, 2016, there were no transfers between levels.

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 19

SCHEDULE OF INVESTMENTS (Unaudited)	April 30, 2016
GUGGENHEIM S&P MIDCAP 400® PURE VALUE ETF

	Shares		Value
COMMON STOCKS† - 99.9%
Industrial - 22.3%
Joy Global, Inc.1		190,005	$	4,047,108
Terex Corp.		109,683		2,620,327
Arrow Electronics, Inc.*		36,434		2,262,552
Tech Data Corp.*		31,387		2,155,973
Triumph Group, Inc.		55,838		2,020,219
Avnet, Inc.		45,431		1,868,123
AECOM*		47,300		1,536,777
KLX, Inc.*		44,853		1,512,443
Greif, Inc. — Class A		39,146		1,358,366
Vishay Intertechnology, Inc.		107,055		1,301,789
AGCO Corp.		23,062		1,233,125
Oshkosh Corp.		24,847		1,213,776
Trinity Industries, Inc.		56,136		1,095,213
Jabil Circuit, Inc.		59,641		1,035,368
Regal Beloit Corp.		10,189		656,375
Granite Construction, Inc.		13,321		593,983
GATX Corp.1		11,812		542,643
Total Industrial				27,054,160
Consumer, Cyclical - 16.0%
KB Home		176,737		2,398,321
Ingram Micro, Inc. — Class A		62,557		2,186,367
World Fuel Services Corp.		41,544		1,941,351
GameStop Corp. — Class A1		54,778		1,796,718
CST Brands, Inc.		34,276		1,294,605
Fossil Group, Inc.*,1		29,883		1,210,262
Abercrombie & Fitch Co. — Class A1		43,741		1,169,197
Office Depot, Inc.*		186,155		1,094,591
Big Lots, Inc.1		21,709		995,575
Dana Holding Corp.		75,767		979,667
Ascena Retail Group, Inc.*		106,078		934,547
Dick’s Sporting Goods, Inc.		17,168		795,566
J.C. Penney Company, Inc.*,1		78,207		725,761
Deckers Outdoor Corp.*,1		11,787		681,406
Guess?, Inc.1		37,120		681,152
Cabela’s, Inc.*		11,303		589,451
Total Consumer, Cyclical				19,474,537
Financial - 14.8%
Reinsurance Group of America, Inc. — Class A		19,082		1,816,987
CNO Financial Group, Inc.		64,879		1,191,827
Hanover Insurance Group, Inc.		13,678		1,173,024
Aspen Insurance Holdings Ltd.		24,939		1,155,923
Endurance Specialty Holdings Ltd.		17,427		1,114,979
Everest Re Group Ltd.		5,115		945,764
Genworth Financial, Inc. — Class A*		270,975		929,444
Hancock Holding Co.1		34,931		907,158
Kemper Corp.		28,033		867,902
Alleghany Corp.*		1,656		863,240
Senior Housing Properties Trust		47,660		837,863
WR Berkley Corp.		12,753		714,168
First Niagara Financial Group, Inc.		66,310		700,234
First American Financial Corp.		19,179		690,828
Umpqua Holdings Corp.		36,493		577,684
Associated Banc-Corp.		31,089		567,064
FirstMerit Corp.		25,440		563,750
Trustmark Corp.		22,639		554,882
Prosperity Bancshares, Inc.		10,005		527,964
Stifel Financial Corp.*		14,182		466,730
TCF Financial Corp.		29,732		405,544
International Bancshares Corp.		15,362		402,331
Total Financial				17,975,290
Basic Materials - 13.8%
United States Steel Corp.		185,995		3,554,365
Allegheny Technologies, Inc.1		159,285		2,602,717
Commercial Metals Co.1		140,259		2,513,441
Reliance Steel & Aluminum Co.		32,779		2,424,663
Domtar Corp.		47,292		1,827,363
Steel Dynamics, Inc.		69,639		1,755,599
Carpenter Technology Corp.		20,079		710,997
Olin Corp.		30,693		668,800
Worthington Industries, Inc.		16,667		629,179
Total Basic Materials				16,687,124
Consumer, Non-cyclical - 11.9%
Community Health Systems, Inc.*		97,122		1,853,087
United Natural Foods, Inc.*		44,352		1,582,036
Aaron’s, Inc.		59,237		1,552,602
Owens & Minor, Inc.		34,571		1,258,039
ManpowerGroup, Inc.		15,779		1,215,456
Tenet Healthcare Corp.*,1		36,546		1,158,142
RR Donnelley & Sons Co.		59,814		1,040,764
DeVry Education Group, Inc.1		59,570		1,033,540
LifePoint Health, Inc.*		14,967		1,011,171
Graham Holdings Co. — Class B		2,056		979,766
Dean Foods Co.1		52,747		908,831
FTI Consulting, Inc.*		21,996		886,439
Total Consumer, Non-cyclical				14,479,873
Energy - 9.9%
WPX Energy, Inc.*,1		215,225		2,079,073
SM Energy Co.1		56,124		1,748,823
CONSOL Energy, Inc.1		95,799		1,441,775
Noble Corporation plc1		106,070		1,191,166
Murphy USA, Inc.*		19,489		1,119,059
Patterson-UTI Energy, Inc.		52,301		1,032,945
Oil States International, Inc.*		22,942		794,711
HollyFrontier Corp.		20,685		736,386
Western Refining, Inc.1		26,782		716,686
NOW, Inc.*,1		34,214		617,905
Rowan Companies plc — Class A		26,932		506,591
Total Energy				11,985,120

20 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	April 30, 2016
GUGGENHEIM S&P MIDCAP 400® PURE VALUE ETF

	Shares		Value
Utilities - 5.6%
Talen Energy Corp.*		274,937	$	3,205,765
MDU Resources Group, Inc.		59,202		1,187,592
Great Plains Energy, Inc.		24,816		775,004
PNM Resources, Inc.		17,754		562,447
Hawaiian Electric Industries, Inc.		16,402		536,181
ONE Gas, Inc.		8,459		494,598
Total Utilities				6,761,587
Technology - 3.9%
Computer Sciences Corp.		47,384		1,569,831
3D Systems Corp.*,1		76,562		1,354,382
SYNNEX Corp.		13,803		1,139,714
Lexmark International, Inc. — Class A		15,975		616,635
Total Technology				4,680,562
Communications - 1.7%
Telephone & Data Systems, Inc.		69,768		2,063,040
Total Common Stocks
(Cost $114,074,635)				121,161,293
SHORT TERM INVESTMENTS† - 0.1%
Federated U.S. Treasury Cash Reserve Fund Institutional Shares, 0.13%2		75,857		75,857
Total Short Term Investments
(Cost $75,857)				75,857
SECURITIES LENDING COLLATERAL†,3 - 19.8%
BNY Mellon Separately Managed Cash Collateral Account, 0.30%		24,026,826		24,026,826
Total Securities Lending Collateral
(Cost $24,026,826)				24,026,826
Total Investments - 119.8%
(Cost $138,177,318)			$	145,263,976
Other Assets & Liabilities, net - (19.8)%				(24,003,579	)
Total Net Assets - 100.0%			$	121,260,397

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
1	All or portion of this security is on loan at April 30, 2016 — See Note 5.
2	Rate indicated is the 7 day yield as of April 30, 2016.
3	Securities lending collateral — See Note 5.
	plc — Public Limited Company
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at April 30, 2016 (See Note 4 in the Notes to Financial Statements):

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	121,161,293	$	—	$	—	$	121,161,293
Securities Lending Collateral		24,026,826		—		—		24,026,826
Short Term Investments		75,857		—		—		75,857
Total	$	145,263,976	$	—	$	—	$	145,263,976

For the period ended April 30, 2016, there were no transfers between levels.

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 21

SCHEDULE OF INVESTMENTS (Unaudited)	April 30, 2016
GUGGENHEIM S&P MIDCAP 400® PURE GROWTH ETF

	Shares		Value
COMMON STOCKS† - 99.9%
Technology - 23.6%
Convergys Corp.		536,716	$	14,222,974
Synaptics, Inc.*		159,396		11,404,784
Ultimate Software Group, Inc.*		54,107		10,636,895
ACI Worldwide, Inc.*		493,435		9,863,766
j2 Global, Inc.		153,163		9,728,914
Fortinet, Inc.*		277,202		9,011,837
Manhattan Associates, Inc.*		137,111		8,300,700
MAXIMUS, Inc.		147,816		7,819,466
Fair Isaac Corp.		71,532		7,633,180
Integrated Device Technology, Inc.*		378,643		7,300,237
IPG Photonics Corp.*		82,266		7,129,994
Tyler Technologies, Inc.*		48,043		7,033,975
MSCI, Inc. — Class A		89,044		6,762,001
Microsemi Corp.*		195,332		6,600,268
Jack Henry & Associates, Inc.		67,709		5,486,460
DST Systems, Inc.		43,123		5,204,084
Broadridge Financial Solutions, Inc.		75,818		4,536,949
Cadence Design Systems, Inc.*		179,053		4,152,239
CDK Global, Inc.		83,150		3,955,446
Total Technology				146,784,169
Financial - 21.1%
Alexander & Baldwin, Inc.		364,300		13,930,832
WisdomTree Investments, Inc.1		1,042,595		11,353,860
MarketAxess Holdings, Inc.		88,907		10,914,224
Old Republic International Corp.		527,996		9,762,646
PrivateBancorp, Inc. — Class A		202,528		8,427,190
Bank of the Ozarks, Inc.1		197,538		8,158,320
Lamar Advertising Co. — Class A		131,488		8,157,516
Equity One, Inc.		279,835		7,919,331
Signature Bank*		57,252		7,891,043
SEI Investments Co.		156,338		7,516,731
Weingarten Realty Investors		169,738		6,266,727
First Horizon National Corp.		404,331		5,692,980
SVB Financial Group*		49,144		5,124,736
CBOE Holdings, Inc.		72,973		4,521,407
Communications Sales & Leasing, Inc.		179,845		4,177,799
Sovran Self Storage, Inc.		38,460		4,085,221
Healthcare Realty Trust, Inc.		127,119		3,849,163
Jones Lang LaSalle, Inc.		32,190		3,707,322
Total Financial				131,457,048
Consumer, Non-cyclical - 20.8%
ABIOMED, Inc.*		146,444		14,225,571
Post Holdings, Inc.*		167,239		12,014,450
Amsurg Corp. — Class A*		137,223		11,112,319
Sprouts Farmers Market, Inc.*		395,001		11,087,678
Prestige Brands Holdings, Inc.*		140,783		7,993,659
WhiteWave Foods Co. — Class A*		166,053		6,676,991
Align Technology, Inc.*		89,592		6,467,646
United Therapeutics Corp.*		58,653		6,170,295
Service Corporation International		209,206		5,579,524
PAREXEL International Corp.*		90,013		5,499,794
MEDNAX, Inc.*		77,097		5,496,245
CEB, Inc.		88,242		5,443,649
VCA, Inc.*		77,353		4,870,918
Gartner, Inc.*		48,797		4,253,634
Rollins, Inc.		138,556		3,723,000
Flowers Foods, Inc.1		186,518		3,573,685
STERIS plc		50,195		3,547,281
Akorn, Inc.*,1		128,287		3,264,904
Charles River Laboratories International, Inc.*		40,140		3,181,898
Bio-Techne Corp.		30,928		2,881,871
LivaNova plc*,1		51,891		2,736,212
Total Consumer, Non-cyclical				129,801,224
Consumer, Cyclical - 19.2%
Skechers U.S.A., Inc. — Class A*		543,464		17,961,485
NVR, Inc.*		6,796		11,290,126
Vista Outdoor, Inc.*		219,920		10,551,762
Tempur Sealy International, Inc.*,1		156,118		9,471,679
LKQ Corp.*		221,522		7,099,780
Pool Corp.		80,093		7,000,929
Wendy’s Co.		643,172		6,984,848
Restoration Hardware Holdings, Inc.*,1		151,622		6,560,684
JetBlue Airways Corp.*		308,067		6,096,646
Toll Brothers, Inc.*		217,172		5,928,796
Alaska Air Group, Inc.		79,048		5,567,351
Carter’s, Inc.		42,042		4,484,620
Panera Bread Co. — Class A*		20,749		4,450,453
Buffalo Wild Wings, Inc.*,1		33,099		4,424,012
Toro Co.		50,879		4,398,490
Domino’s Pizza, Inc.		34,299		4,146,063
Dunkin’ Brands Group, Inc.		67,129		3,121,499
Total Consumer, Cyclical				119,539,223
Industrial - 8.3%
Fortune Brands Home & Security, Inc.		140,968		7,811,037
AO Smith Corp.		100,074		7,727,714
Acuity Brands, Inc.		31,392		7,656,195
Lennox International, Inc.1		53,658		7,241,147
Packaging Corporation of America		97,494		6,325,411
Eagle Materials, Inc.		83,932		6,221,040
Zebra Technologies Corp. — Class A*		95,994		6,005,385
Cognex Corp.		85,865		3,050,783
Total Industrial				52,038,712
Communications - 6.9%
WebMD Health Corp. — Class A*,1		260,305		16,331,535
ARRIS International plc*		447,409		10,187,503
AMC Networks, Inc. — Class A*		127,859		8,340,243
Ciena Corp.*		250,919		4,222,967

22 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	April 30, 2016
GUGGENHEIM S&P MIDCAP 400® PURE GROWTH ETF

	Shares		Value
FactSet Research Systems, Inc.		27,447	$	4,137,635
Total Communications				43,219,883
Total Common Stocks
(Cost $611,324,953)				622,840,259
SHORT TERM INVESTMENTS† - 0.1%
Federated U.S. Treasury Cash Reserve Fund Institutional Shares, 0.13%2		464,191		464,191
Total Short Term Investments
(Cost $464,191)				464,191
SECURITIES LENDING COLLATERAL†,3 - 9.1%
BNY Mellon Separately Managed Cash Collateral Account, 0.30%		56,472,347		56,472,347
Total Securities Lending Collateral
(Cost $56,472,347)				56,472,347
Total Investments - 109.1%
(Cost $668,261,491)			$	679,776,797
Other Assets & Liabilities, net - (9.1)%				(56,604,421	)
Total Net Assets - 100.0%			$	623,172,376

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
1	All or portion of this security is on loan at April 30, 2016 — See Note 5.
2	Rate indicated is the 7 day yield as of April 30, 2016.
3	Securities lending collateral — See Note 5.
	plc — Public Limited Company
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at April 30, 2016 (See Note 4 in the Notes to Financial Statements):

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	622,840,259	$	—	$	—	$	622,840,259
Securities Lending Collateral		56,472,347		—		—		56,472,347
Short Term Investments		464,191		—		—		464,191
Total	$	679,776,797	$	—	$	—	$	679,776,797

For the period ended April 30, 2016, there were no transfers between levels.

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 23

SCHEDULE OF INVESTMENTS (Unaudited)	April 30, 2016
GUGGENHEIM S&P SMALLCAP 600® PURE VALUE ETF

	Shares		Value
COMMON STOCKS† - 99.9%
Industrial - 27.5%
SPX Corp.		179,675	$	2,892,767
Orion Marine Group, Inc.*,1		444,820		2,597,749
Roadrunner Transportation Systems, Inc.*		217,453		2,570,294
LSB Industries, Inc.*		194,753		2,562,949
TimkenSteel Corp.1		191,629		2,441,353
Chart Industries, Inc.*		86,081		2,215,725
Checkpoint Systems, Inc.*		200,508		2,029,141
Sanmina Corp.*		83,591		1,976,927
MYR Group, Inc.*		76,778		1,958,607
Benchmark Electronics, Inc.*		91,252		1,772,114
Celadon Group, Inc.		172,769		1,739,784
Atlas Air Worldwide Holdings, Inc.*		41,599		1,661,464
ArcBest Corp.		85,267		1,627,747
Hornbeck Offshore Services, Inc.*,1		137,525		1,614,544
Greenbrier Companies, Inc.1		52,206		1,565,658
Bel Fuse, Inc. — Class B		90,763		1,512,112
Saia, Inc.*		50,833		1,470,090
TTM Technologies, Inc.*		217,806		1,420,095
Olympic Steel, Inc.		62,535		1,414,542
Plexus Corp.*		31,070		1,297,483
Briggs & Stratton Corp.		58,622		1,241,028
SPX FLOW, Inc.*		40,272		1,206,549
Hub Group, Inc. — Class A*		26,741		1,030,063
Powell Industries, Inc.		30,741		956,660
Echo Global Logistics, Inc.*		40,010		935,034
AAR Corp.		34,493		829,212
Boise Cascade Co.*		39,187		817,833
Tidewater, Inc.1		86,873		761,007
Aegion Corp. — Class A*		34,197		726,002
EMCOR Group, Inc.		14,768		715,953
Kaman Corp.		14,988		630,845
Marten Transport Ltd.		29,061		542,278
Haynes International, Inc.		13,166		494,120
Applied Industrial Technologies, Inc.		10,019		459,171
Astec Industries, Inc.		9,311		450,652
Tredegar Corp.		25,312		403,980
Total Industrial				50,541,532
Consumer, Cyclical - 25.2%
SkyWest, Inc.		101,829		2,392,982
Big 5 Sporting Goods Corp.		195,177		2,359,690
Tuesday Morning Corp.*		224,799		1,951,255
Stage Stores, Inc.1		262,300		1,930,528
Barnes & Noble Education, Inc.*		194,478		1,820,314
EZCORP, Inc. — Class A*		362,983		1,796,766
Finish Line, Inc. — Class A		90,192		1,781,292
Iconix Brand Group, Inc.*,1		207,295		1,757,862
Tailored Brands, Inc.		97,536		1,699,077
Genesco, Inc.*		24,419		1,689,306
ScanSource, Inc.*		40,831		1,661,004
Veritiv Corp.*,1		37,394		1,533,902
Ruby Tuesday, Inc.*		334,727		1,472,799
VOXX International Corp. — Class A*		323,229		1,451,298
Barnes & Noble, Inc.		108,758		1,277,907
Zumiez, Inc.*,1		74,429		1,248,919
Essendant, Inc.		39,643		1,220,608
Perry Ellis International, Inc.*		63,900		1,217,295
Cash America International, Inc.		32,042		1,184,272
Titan International, Inc.1		161,524		1,070,904
Fred’s, Inc. — Class A1		71,927		1,055,169
Group 1 Automotive, Inc.		15,702		1,033,820
Sonic Automotive, Inc. — Class A		55,034		1,032,438
Superior Industries International, Inc.		38,417		1,003,452
Kirkland’s, Inc.		58,171		955,168
Lumber Liquidators Holdings, Inc.*,1		60,524		902,413
Children’s Place, Inc.		11,556		900,328
Stein Mart, Inc.		117,618		851,554
Caleres, Inc.		30,554		770,266
Biglari Holdings, Inc.*		1,837		686,928
Arctic Cat, Inc.1		41,110		683,659
Wolverine World Wide, Inc.		31,461		596,186
Regis Corp.*		41,950		573,457
Movado Group, Inc.		19,087		538,444
Vitamin Shoppe, Inc.*,1		18,977		519,400
Vera Bradley, Inc.*,1		29,581		518,851
Express, Inc.*		28,349		515,385
Daktronics, Inc.		48,903		425,456
Unifi, Inc.*		15,337		395,081
Total Consumer, Cyclical				46,475,435
Consumer, Non-cyclical - 15.1%
Rent-A-Center, Inc.		177,594		2,610,631
Seneca Foods Corp. — Class A*		77,709		2,532,536
Kelly Services, Inc. — Class A		133,820		2,511,801
SpartanNash Co.		86,006		2,382,366
Magellan Health, Inc.*		27,021		1,903,900
Darling Ingredients, Inc.*		128,365		1,860,009
Andersons, Inc.		48,509		1,625,537
Kindred Healthcare, Inc.		106,270		1,568,545
ABM Industries, Inc.		41,539		1,336,310
Universal Corp.1		21,740		1,185,917
CDI Corp.		158,002		1,129,714
Universal Technical Institute, Inc.1		281,257		1,110,965
Select Medical Holdings Corp.*		80,215		1,073,277
Sanderson Farms, Inc.		10,642		976,297
Central Garden & Pet Co. — Class A*		46,407		755,970
AngioDynamics, Inc.*		61,144		749,014
Green Dot Corp. — Class A*		26,691		593,341
Viad Corp.		17,172		510,867
PharMerica Corp.*		16,601		392,448
Healthways, Inc.*		32,758		381,631
Invacare Corp.1		32,878		369,549
Central Garden & Pet Co.*		14,035		228,349
Total Consumer, Non-cyclical				27,788,974

24 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	April 30, 2016
GUGGENHEIM S&P SMALLCAP 600® PURE VALUE ETF

		Shares		Value
Energy - 10.9%
Exterran Corp.*			143,446	$	2,194,724
Archrock, Inc.			219,265		2,159,761
Atwood Oceanics, Inc.1			212,929		2,056,894
Helix Energy Solutions Group, Inc.*			216,380		1,867,360
SunCoke Energy, Inc.			202,049		1,501,224
Green Plains, Inc.			78,548		1,421,719
Gulf Island Fabrication, Inc.			168,644		1,266,516
SEACOR Holdings, Inc.*			19,401		1,140,197
Era Group, Inc.*			118,880		1,132,926
Newpark Resources, Inc.*			221,232		1,033,153
Bristow Group, Inc.1			41,507		951,340
Cloud Peak Energy, Inc.*,1			380,386		840,653
Pioneer Energy Services Corp.*	��		266,749		829,589
Rex Energy Corp.*,1			624,140		630,381
REX American Resources Corp.*,1			10,705		582,031
Basic Energy Services, Inc.*,1			119,144		381,261
Total Energy					19,989,729
Basic Materials - 7.3%
Century Aluminum Co.*,1			662,905		5,846,823
PH Glatfelter Co.			79,138		1,814,634
Chemours Co.			182,555		1,664,902
Materion Corp.			40,464		1,173,051
Clearwater Paper Corp.*			12,461		744,420
A. Schulman, Inc.			24,264		676,723
Innophos Holdings, Inc.			16,985		627,766
Stepan Co.			8,704		533,468
Intrepid Potash, Inc.*			289,283		370,282
Total Basic Materials					13,452,069
Financial - 7.3%
Enova International, Inc.*			233,018		2,052,888
World Acceptance Corp.*			29,697		1,288,552
Piper Jaffray Cos.*			29,510		1,230,862
First BanCorp*			309,724		1,207,924
Calamos Asset Management, Inc. — Class A			139,965		1,153,312
OFG Bancorp			118,342		1,044,960
INTL FCStone, Inc.*			37,012		1,010,428
Capstead Mortgage Corp.			78,943		767,326
Infinity Property & Casualty Corp.			9,395		753,103
Encore Capital Group, Inc.*,1			25,125		707,269
Stewart Information Services Corp.			17,407		606,112
Navigators Group, Inc.*			7,048		582,235
Horace Mann Educators Corp.			18,658		580,264
American Equity Investment Life Holding Co.			31,110		435,540
Total Financial					13,420,775
Communications - 3.7%
Anixter International, Inc.*			20,342		1,267,307
Comtech Telecommunications Corp.			46,330		1,121,186
Iridium Communications, Inc.*,1			116,514		940,268
Black Box Corp.			62,191		909,232
FTD Companies, Inc.*			29,391		817,364
Gannett Company, Inc.			35,908		605,050
Scholastic Corp.			12,731		463,154
Blucora, Inc.*			52,842		423,264
Sizmek, Inc.*,1			116,320		308,248
Total Communications					6,855,073
Technology - 2.9%
Insight Enterprises, Inc.*			57,142		1,411,979
Ciber, Inc.*			554,892		1,287,349
ManTech International Corp. — Class A			26,204		885,695
CACI International, Inc. — Class A*			5,377		516,999
Kulicke & Soffa Industries, Inc.*			45,448		487,202
Engility Holdings, Inc.*,1			24,010		472,277
Brooks Automation, Inc.			33,934		321,016
Total Technology					5,382,517
Total Common Stocks
(Cost $174,273,930)					183,906,104
SHORT TERM INVESTMENTS† - 0.1%
Federated U.S. Treasury Cash Reserve Fund Institutional Shares, 0.13%2			256,376		256,376
Total Short Term Investments
(Cost $256,376)					256,376
SECURITIES LENDING COLLATERAL†,3 - 11.8%
BNY Mellon Separately Managed Cash Collateral Account, 0.30%			21,800,024		21,800,024
Total Securities Lending Collateral
(Cost $21,800,024)					21,800,024
Total Investments - 111.8%
(Cost $196,330,330)				$	205,962,504
Other Assets & Liabilities, net - (11.8)%					(21,770,605	)
Total Net Assets - 100.0%				$	184,191,899

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
1	All or portion of this security is on loan at April 30, 2016 — See Note 5.
2	Rate indicated is the 7 day yield as of April 30, 2016.
3	Securities lending collateral — See Note 5.
	See Sector Classification in Other Information section.

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 25

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	April 30, 2016
GUGGENHEIM S&P SMALLCAP 600® PURE VALUE ETF

The following table summarizes the inputs used to value the Fund’s investments at April 30, 2016 (See Note 4 in the Notes to Financial Statements):

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	183,906,104	$	—	$	—	$	183,906,104
Securities Lending Collateral		21,800,024		—		—		21,800,024
Short Term Investments		256,376		—		—		256,376
Total	$	205,962,504	$	—	$	—	$	205,962,504

For the period ended April 30, 2016, there were no transfers between levels.

26 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)	April 30, 2016
GUGGENHEIM S&P SMALLCAP 600® PURE GROWTH ETF

		Shares		Value
COMMON STOCKS† - 100.0%
Consumer, Non-cyclical - 33.9%
Ligand Pharmaceuticals, Inc. — Class B*,1			28,498	$	3,444,554
Supernus Pharmaceuticals, Inc.*			152,383		2,614,892
LendingTree, Inc.*,1			22,340		1,998,760
AMN Healthcare Services, Inc.*			55,681		1,977,233
Depomed, Inc.*,1			108,583		1,887,172
Zeltiq Aesthetics, Inc.*,1			59,458		1,777,794
Emergent BioSolutions, Inc.*			44,963		1,731,975
NuVasive, Inc.*			30,985		1,640,346
MiMedx Group, Inc.*,1			214,952		1,618,589
Cal-Maine Foods, Inc.1			29,729		1,509,044
On Assignment, Inc.*			41,807		1,507,561
Cross Country Healthcare, Inc.*			120,998		1,504,005
Almost Family, Inc.*	��		35,473		1,490,221
Masimo Corp.*			34,195		1,482,353
Cynosure, Inc. — Class A*			29,966		1,466,536
NutriSystem, Inc.			65,590		1,444,292
Surgical Care Affiliates, Inc.*			27,387		1,324,161
Cambrex Corp.*			27,290		1,316,470
Cantel Medical Corp.			19,276		1,291,299
Repligen Corp.*			48,150		1,282,716
Vascular Solutions, Inc.*			34,771		1,215,246
Helen of Troy Ltd.*			11,916		1,185,999
TrueBlue, Inc.*			62,511		1,168,331
Nektar Therapeutics*,1			72,354		1,134,511
Albany Molecular Research, Inc.*,1			73,208		1,101,780
Merit Medical Systems, Inc.*			51,163		1,036,051
Calavo Growers, Inc.			17,935		1,025,344
Heidrick & Struggles International, Inc.			50,944		1,005,125
LHC Group, Inc.*			24,214		976,793
Neogen Corp.*			20,268		957,460
Monro Muffler Brake, Inc.			13,745		951,429
B&G Foods, Inc.1			22,215		915,480
US Physical Therapy, Inc.			18,156		905,258
Lannett Company, Inc.*,1			44,914		861,451
Korn/Ferry International			31,701		860,365
Matthews International Corp. — Class A			16,304		858,243
Natus Medical, Inc.*			25,932		826,453
SurModics, Inc.*			39,850		801,782
Chemed Corp.			6,145		797,498
Luminex Corp.*			38,826		780,403
Healthcare Services Group, Inc.			19,157		725,092
CorVel Corp.*			15,136		684,147
Integra LifeSciences Holdings Corp.*			9,311		659,405
WD-40 Co.			6,439		658,710
Impax Laboratories, Inc.*			16,087		536,501
Acorda Therapeutics, Inc.*			15,671		405,095
Phibro Animal Health Corp. — Class A			14,162		293,720
Total Consumer, Non-cyclical					57,637,645
Financial - 21.6%
First Midwest Bancorp, Inc.			118,700		2,193,576
Opus Bank			60,539		2,186,669
CoreSite Realty Corp.			28,295		2,120,144
Home BancShares, Inc.			42,257		1,816,629
Ameris Bancorp			54,452		1,709,793
Universal Insurance Holdings, Inc.			85,149		1,499,475
BofI Holding, Inc.*,1			73,571		1,498,641
Employers Holdings, Inc.			50,332		1,494,860
Talmer Bancorp, Inc. — Class A			76,329		1,480,783
Walker & Dunlop, Inc.*			64,495		1,422,115
Hanmi Financial Corp.			56,289		1,301,402
Pinnacle Financial Partners, Inc.			26,360		1,296,121
Simmons First National Corp. — Class A			27,083		1,264,776
Education Realty Trust, Inc.			31,131		1,238,080
Acadia Realty Trust			35,988		1,212,796
Bank Mutual Corp.			146,242		1,181,635
Evercore Partners, Inc. — Class A			22,407		1,157,097
Northfield Bancorp, Inc.			71,605		1,135,655
Four Corners Property Trust, Inc.			59,157		1,050,036
ServisFirst Bancshares, Inc.1			21,190		1,044,243
HFF, Inc. — Class A			31,791		1,011,908
AMERISAFE, Inc.			16,967		914,182
Financial Engines, Inc.1			28,044		903,297
LegacyTexas Financial Group, Inc.			34,564		852,348
BBCN Bancorp, Inc.			53,657		838,122
RLI Corp.			12,469		775,322
Banner Corp.			17,331		741,420
First Financial Bankshares, Inc.1			21,497		696,073
Retail Opportunity Investments Corp.			32,788		644,940
Total Financial					36,682,138
Industrial - 18.0%
PGT, Inc.*			220,739		2,311,137
Fabrinet*			71,885		2,298,162
Headwaters, Inc.*			107,706		2,155,197
US Concrete, Inc.*,1			30,097		1,858,791
TASER International, Inc.*,1			93,706		1,711,072
Dycom Industries, Inc.*,1			23,750		1,676,750
II-VI, Inc.*			77,899		1,625,752
Universal Forest Products, Inc.			18,939		1,451,674
Lydall, Inc.*			37,689		1,386,578
Griffon Corp.1			84,884		1,342,016
Drew Industries, Inc.			19,377		1,256,211
AZZ, Inc.			22,781		1,251,133
US Ecology, Inc.			26,289		1,183,794
Comfort Systems USA, Inc.			35,669		1,051,879
John Bean Technologies Corp.			19,786		1,031,642
Trex Company, Inc.*			19,227		912,321
Sturm Ruger & Company, Inc.1			13,961		893,923
Methode Electronics, Inc.			29,062		864,014
Matson, Inc.			20,709		805,166
AAON, Inc.			30,073		797,536
Proto Labs, Inc.*,1			12,614		754,696

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 27

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	April 30, 2016
GUGGENHEIM S&P SMALLCAP 600® PURE GROWTH ETF

	Shares		Value
Exponent, Inc.		15,105	$	752,833
Apogee Enterprises, Inc.		17,702		733,571
OSI Systems, Inc.*		7,806		397,247
Total Industrial				30,503,095
Technology - 9.7%
Cirrus Logic, Inc.*,1		56,316		2,033,007
Ebix, Inc.1		37,682		1,813,258
Take-Two Interactive Software, Inc.*		39,604		1,353,665
Blackbaud, Inc.		21,535		1,330,217
ExlService Holdings, Inc.*		25,582		1,237,912
Monolithic Power Systems, Inc.		18,104		1,130,052
Cray, Inc.*		26,440		1,001,283
Tessera Technologies, Inc.		34,001		976,509
Medidata Solutions, Inc.*		21,890		955,061
Kopin Corp.*		535,267		888,543
Virtusa Corp.*		23,047		819,090
Synchronoss Technologies, Inc.*		25,541		793,559
Rambus, Inc.*		61,514		714,793
CEVA, Inc.*		29,418		678,379
Omnicell, Inc.*		21,291		678,331
Total Technology				16,403,659
Consumer, Cyclical - 9.4%
Meritage Homes Corp.*		62,021		2,110,574
Installed Building Products, Inc.*		65,046		1,728,923
Lithia Motors, Inc. — Class A		16,376		1,359,536
American Woodmark Corp.*		17,293		1,259,622
Allegiant Travel Co. — Class A		6,982		1,121,100
Hawaiian Holdings, Inc.*		25,204		1,060,332
Monarch Casino & Resort, Inc.*		48,125		914,375
Interface, Inc. — Class A		52,424		892,256
Francesca’s Holdings Corp.*		53,243		883,834
Ruth’s Hospitality Group, Inc.		54,353		863,126
Gentherm, Inc.*		22,395		822,792
Papa John’s International, Inc.		14,510		821,121
Boyd Gaming Corp.*		43,798		816,395
Popeyes Louisiana Kitchen, Inc.*		14,932		802,744
Sonic Corp.		14,913		512,560
Total Consumer, Cyclical				15,969,290
Communications - 4.4%
LogMeIn, Inc.*		30,008		1,791,479
Stamps.com, Inc.*,1		15,759		1,297,911
8x8, Inc.*		95,010		1,077,413
World Wrestling Entertainment, Inc. — Class A		60,786		1,011,479
NIC, Inc.		43,033		762,114
HealthStream, Inc.*		30,911		699,207
Blue Nile, Inc.		19,748		509,103
General Communication, Inc. — Class A*		22,797		385,269
Total Communications				7,533,975
Basic Materials - 2.0%
Balchem Corp.		18,613		1,142,094
Innospec, Inc.		19,215		929,237
Deltic Timber Corp.		11,188		699,250
Aceto Corp.1		29,402		659,487
Total Basic Materials				3,430,068
Energy - 0.5%
Synergy Resources Corp.*,1		128,194		925,561
Utilities - 0.5%
Piedmont Natural Gas Company, Inc.		14,123		844,555
Total Common Stocks
(Cost $173,812,738)				169,929,986
SHORT TERM INVESTMENTS† - 0.0%
Federated U.S. Treasury Cash Reserve Fund Institutional Shares, 0.13%2		54,093		54,093
Total Short Term Investments
(Cost $54,093)				54,093
SECURITIES LENDING COLLATERAL†,3 - 15.3%
BNY Mellon Separately Managed Cash Collateral Account, 0.30%		26,055,389		26,055,389
Total Securities Lending Collateral
(Cost $26,055,389)				26,055,389
Total Investments - 115.3%
(Cost $199,922,220)			$	196,039,468
Other Assets & Liabilities, net - (15.3)%				(26,026,073	)
Total Net Assets - 100.0%			$	170,013,395

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
1	All or portion of this security is on loan at April 30, 2016 — See Note 5.
2	Rate indicated is the 7 day yield as of April 30, 2016.
3	Securities lending collateral — See Note 5.
	See Sector Classification in Other Information section.

28 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	April 30, 2016
GUGGENHEIM S&P SMALLCAP 600® PURE GROWTH ETF

The following table summarizes the inputs used to value the Fund’s investments at April 30, 2016 (See Note 4 in the Notes to Financial Statements):

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	169,929,986	$	—	$	—	$	169,929,986
Securities Lending Collateral		26,055,389		—		—		26,055,389
Short Term Investments		54,093		—		—		54,093
Total	$	196,039,468	$	—	$	—	$	196,039,468

For the period ended April 30, 2016, there were no transfers between levels.

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 29

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) April 30, 2016

	Guggenheim S&P 500® Top 50 ETF			Guggenheim S&P 500® Pure Value ETF			Guggenheim S&P 500® Pure Growth ETF			Guggenheim S&P MidCap 400® Pure Value ETF
Assets:
Investments, at value* — including $—, $50,729,089, $48,183,774 and $23,399,427 of securities loaned, respectively	$	602,264,791		$	820,445,636		$	1,868,294,854		$	145,263,976
Cash		—			1,348			6,193			1,698
Receivables:
Securities lending		—			35,348			9,936			10,978
Dividends and interest		753,789			654,650			693,813			39,809
Total assets		603,018,580			821,136,982			1,869,004,796			145,316,461
Liabilities:
Return of securities loaned		—			52,015,507			49,238,062			24,026,826
Payable for:
Management fees		99,766			211,908			545,098			29,238
Total liabilities		99,766			52,227,415			49,783,160			24,056,064
Commitments and contingent liabilities (Note 8)		—			—			—			—
Net assets	$	602,918,814		$	768,909,567		$	1,819,221,636		$	121,260,397
Net assets consist of:
Paid-in capital	$	631,448,903		$	864,310,612		$	1,756,708,375		$	125,386,108
Undistributed (distributions in excess of) net investment income		929,499			296,177			(3,188,291	)		51,861
Accumulated net realized loss on investments		(90,618,896	)		(75,258,189	)		(50,690,358	)		(11,264,230	)
Net unrealized appreciation (depreciation) on investments		61,159,308			(20,439,033	)		116,391,910			7,086,658
Net assets	$	602,918,814		$	768,909,567		$	1,819,221,636		$	121,260,397
Shares outstanding (unlimited shares authorized), no par value		4,150,785			14,802,836			23,100,299			2,300,499
Net asset value, offering price and repurchase price per share	$	145.25		$	51.94		$	78.75		$	52.71
*Cost of investments	$	541,105,483		$	840,884,669		$	1,751,902,944		$	138,177,318

30 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)(concluded) April 30, 2016

	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 $55,082,424, $21,141,090 and $25,474,272 of securities loaned, respectively	$	679,776,797		$	205,962,504		$	196,039,468
Receivables:
Fund shares sold		425			—			—
Investments sold		—			—			2,178,357
Securities lending		11,493			15,674			40,480
Dividends and interest		36,972			60,883			47,073
Tax reclaims		—			1,306			250
Total assets		679,825,687			206,040,367			198,305,628
Liabilities:
Return of securities loaned		56,472,347			21,800,024			26,055,389
Payable for:
Investments purchased		—			—			2,186,517
Management fees		180,964			48,444			50,327
Total liabilities		56,653,311			21,848,468			28,292,233
Commitments and contingent liabilities (Note 8)		—			—			—
Net assets	$	623,172,376		$	184,191,899		$	170,013,395
Net assets consist of:
Paid-in capital	$	622,312,685		$	201,353,268		$	196,844,621
Undistributed (distributions in excess of) net investment income		(581,333	)		51,751			(177,283	)
Accumulated net realized loss on investments		(10,074,282	)		(26,845,294	)		(22,771,191	)
Net unrealized appreciation (depreciation) on investments		11,515,306			9,632,174			(3,882,752	)
Net assets	$	623,172,376		$	184,191,899		$	170,013,395
Shares outstanding (unlimited shares authorized), no par value		5,150,021			3,050,040			2,150,004
Net asset value, offering price and repurchase price per share	$	121.00		$	60.39		$	79.08
*Cost of investments	$	668,261,491		$	196,330,330		$	199,922,220

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 31

STATEMENTS OF OPERATIONS (Unaudited)

For the Six Months Ended April 30, 2016

	Guggenheim  S&P 500® Top 50 ETF			Guggenheim S&P 500® Pure Value ETF			Guggenheim S&P 500® Pure Growth ETF			Guggenheim S&P MidCap 400® Pure Value ETF
Investment Income:
Dividends	$	6,668,090		$	10,991,722		$	12,577,724		$	953,244
Income from securities lending		—			41,377			10,594			12,774
Interest		324			518			826			93
Total investment income		6,668,414			11,033,617			12,589,144			966,111
Expenses:
Management fees		568,561			1,322,939			3,666,704			166,355
Total expenses		568,561			1,322,939			3,666,704			166,355
Net investment income		6,099,853			9,710,678			8,922,440			799,756
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(1,298,889	)		(72,489,192	)		(166,351,223	)		(12,360,587	)
In-kind redemptions		13,711,368			20,180,659			117,469,790			5,994,342
Net realized gain (loss)		12,412,479			(52,308,533	)		(48,881,433	)		(6,366,245	)
Net change in unrealized appreciation (depreciation) on:
Investments		(14,551,574	)		34,659,835			(89,350,746	)		8,889,100
Net realized and unrealized gain (loss)		(2,139,095	)		(17,648,698	)		(138,232,179	)		2,522,855
Net increase (decrease) in net assets resulting from operations	$	3,960,758		$	(7,938,020	)	$	(129,309,739	)	$	3,322,611

32 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

STATEMENTS OF OPERATIONS (Unaudited)(concluded)

For the Six Months Ended April 30, 2016

	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*	$	2,909,197		$	902,136		$	1,632,372
Income from securities lending		11,824			17,084			44,218
Interest		237			75			37
Total investment income		2,921,258			919,295			1,676,627
Expenses:
Management fees		1,185,304			256,471			360,562
Total expenses		1,185,304			256,471			360,562
Net investment income		1,735,954			662,824			1,316,065
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(37,418,373	)		(20,799,746	)		(28,182,754	)
In-kind redemptions		35,188,861			15,701,178			6,734,135
Net realized loss		(2,229,512	)		(5,098,568	)		(21,448,619	)
Net change in unrealized appreciation (depreciation) on:
Investments		(49,768,353	)		14,525,625			(1,012,206	)
Net realized and unrealized gain (loss)		(51,997,865	)		9,427,057			(22,460,825	)
Net increase (decrease) in net assets resulting from operations	$	(50,261,911	)	$	10,089,881		$	(21,144,760	)
* Foreign taxes withheld	$	—		$	1,741		$	81

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 33

STATEMENTS OF CHANGES IN NET ASSETS

	Guggenheim S&P 500® Top 50 ETF						Guggenheim S&P 500® Pure Value ETF
	Period Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Period Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	6,099,853		$	11,229,034		$	9,710,678		$	21,342,768
Net realized gain (loss) on investments		12,412,479			52,721,047			(52,308,533	)		85,264,523
Net change in unrealized appreciation (depreciation) on investments		(14,551,574	)		(33,501,768	)		34,659,835			(123,793,479	)
Net increase (decrease) in net assets resulting from operations		3,960,758			30,448,313			(7,938,020	)		(17,186,188	)
Distributions to shareholders from:
Net investment income		(6,031,598	)		(11,355,966	)		(9,663,997	)		(22,046,039	)
Shareholder transactions:
Proceeds from shares purchased		158,330,877			49,329,473			321,693,493			437,829,978
Cost of shares redeemed		(49,605,194	)		(170,955,031	)		(348,211,132	)		(860,630,837	)
Net increase (decrease) in net assets resulting from share transactions		108,725,683			(121,625,558	)		(26,517,639	)		(422,800,859	)
Net increase (decrease) in net assets		106,654,843			(102,533,211	)		(44,119,656	)		(462,033,086	)
Net assets:
Beginning of period		496,263,971			598,797,182			813,029,223			1,275,062,309
End of period	$	602,918,814		$	496,263,971		$	768,909,567		$	813,029,223
Undistributed net investment income at end of period	$	929,499		$	861,244		$	296,177		$	249,496
Changes in shares outstanding:
Shares sold		1,100,000			350,000			6,600,000			8,200,000
Shares redeemed		(350,000	)		(1,200,000	)		(7,600,000	)		(15,950,000	)
Net increase (decrease) in shares		750,000			(850,000	)		(1,000,000	)		(7,750,000	)

34 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	Guggenheim S&P 500® Pure Growth ETF						Guggenheim S&P MidCap 400® Pure Value ETF
	Period Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Period Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	8,922,440		$	13,162,229		$	799,756		$	1,892,083
Net realized gain (loss) on investments		(48,881,433	)		79,728,627			(6,366,245	)		9,487,503
Net change in unrealized appreciation (depreciation) on investments		(89,350,746	)		20,956,005			8,889,100			(13,390,444	)
Net increase (decrease) in net assets resulting from operations		(129,309,739	)		113,846,861			3,322,611			(2,010,858	)
Distributions to shareholders from:
Net investment income		(12,110,731	)		(12,287,095	)		(813,104	)		(1,909,844	)
Shareholder transactions:
Proceeds from shares purchased		349,471,369			752,877,885			45,422,102			42,976,874
Cost of shares redeemed		(727,414,808	)		(308,368,180	)		(30,813,656	)		(53,544,609	)
Net increase (decrease) in net assets resulting from share transactions		(377,943,439	)		444,509,705			14,608,446			(10,567,735	)
Net increase (decrease) in net assets		(519,363,909	)		546,069,471			17,117,953			(14,488,437	)
Net assets:
Beginning of period		2,338,585,545			1,792,516,074			104,142,444			118,630,881
End of period	$	1,819,221,636		$	2,338,585,545		$	121,260,397		$	104,142,444
(Distributions in excess of) undistributed net investment income at end of period	$	(3,188,291	)	$	—		$	51,861		$	65,209
Changes in shares outstanding:
Shares sold		4,300,000			9,350,000			900,000			800,000
Shares redeemed		(9,400,000	)		(3,850,000	)		(650,000	)		(1,000,000	)
Net increase (decrease) in shares		(5,100,000	)		5,500,000			250,000			(200,000	)

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 35

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	Guggenheim S&P MidCap 400® Pure Growth ETF						Guggenheim S&P SmallCap 600® Pure Value ETF
	Period Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Period Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	1,735,954		$	4,023,714		$	662,824		$	1,951,573
Net realized gain (loss) on investments		(2,229,512	)		38,311,360			(5,098,568	)		7,972,396
Net change in unrealized appreciation (depreciation) on investments		(49,768,353	)		(13,305,481	)		14,525,625			(21,140,206	)
Net increase (decrease) in net assets resulting from operations		(50,261,911	)		29,029,593			10,089,881			(11,216,237	)
Distributions to shareholders from:
Net investment income		(2,317,287	)		(4,173,726	)		(625,281	)		(1,976,663	)
Return of capital		—			(467,016	)		—			—
Total distributions to shareholders		(2,317,287	)		(4,640,742	)		(625,281	)		(1,976,663	)
Shareholder transactions:
Proceeds from shares purchased		122,623,270			206,271,851			83,519,575			50,291,876
Cost of shares redeemed		(216,743,778	)		(206,731,035	)		(58,982,437	)		(58,898,695	)
Net increase (decrease) in net assets resulting from share transactions		(94,120,508	)		(459,184	)		24,537,138			(8,606,819	)
Net increase (decrease) in net assets		(146,699,706	)		23,929,667			34,001,738			(21,799,719	)
Net assets:
Beginning of period		769,872,082			745,942,415			150,190,161			171,989,880
End of period	$	623,172,376		$	769,872,082		$	184,191,899		$	150,190,161
(Distributions in excess of) undistributed net investment income at end of period	$	(581,333	)	$	—		$	51,751		$	14,208
Changes in shares outstanding:
Shares sold		1,000,000			1,600,000			1,550,000			800,000
Shares redeemed		(1,850,000	)		(1,650,000	)		(1,100,000	)		(950,000	)
Net increase (decrease) in shares		(850,000	)		(50,000	)		450,000			(150,000	)

36 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

STATEMENTS OF CHANGES IN NET ASSETS (concluded)

	Guggenheim S&P SmallCap 600® Pure Growth ETF
	Period Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	1,316,065		$	849,033
Net realized gain (loss) on investments		(21,448,619	)		12,944,793
Net change in unrealized appreciation (depreciation) on investments		(1,012,206	)		(13,529,320	)
Net increase (decrease) in net assets resulting from operations		(21,144,760	)		264,506
Distributions to shareholders from:
Net investment income		(1,493,348	)		(849,033	)
Return of capital		—			(5,968	)
Total distributions to shareholders		(1,493,348	)		(855,001	)
Shareholder transactions:
Proceeds from shares purchased		50,424,025			188,816,454
Cost of shares redeemed		(83,705,556	)		(67,016,341	)
Net increase (decrease) in net assets resulting from share transactions		(33,281,531	)		121,800,113
Net increase (decrease) in net assets		(55,919,639	)		121,209,618
Net assets:
Beginning of period		225,933,034			104,723,416
End of period	$	170,013,395		$	225,933,034
Distributions in excess of net investment income at end of period	$	(177,283	)	$	—
Changes in shares outstanding:
Shares sold		600,000			2,150,000
Shares redeemed		(1,100,000	)		(800,000	)
Net increase (decrease) in shares		(500,000	)		1,350,000

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 37

GUGGENHEIM S&P 500^® TOP 50 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, 2016 (Unaudited)			Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012			Year Ended October 31, 2011
Per Share Data:
Net asset value, beginning of period	$	145.93		$	140.87		$	123.06		$	104.06		$	89.97		$	85.16
Income from investment operations:
Net investment income (loss)a		1.52			3.00			2.74			2.56			2.17			1.87
Net gain (loss) on investments (realized and unrealized)		(0.70	)		5.09			17.82			19.05			14.02			4.74
Total from investment operations		0.82			8.09			20.56			21.61			16.19			6.61
Less distributions from:
Net investment income		(1.50	)		(3.03	)		(2.75	)		(2.61	)		(2.10	)		(1.80	)
Total distributions to shareholders		(1.50	)		(3.03	)		(2.75	)		(2.61	)		(2.10	)		(1.80	)
Net asset value, end of period	$	145.25		$	145.93		$	140.87		$	123.06		$	104.06		$	89.97
Total Returnb		0.57	%		5.87	%		16.86	%		21.07	%		18.11	%		7.80	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	602,919		$	496,264		$	598,797		$	523,123		$	624,468		$	454,409
Ratio to average net assets of:
Net investment income (loss)		2.15	%c		2.11	%		2.08	%		2.28	%		2.19	%		2.08	%
Total expenses		0.20	%c		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Portfolio turnover rated		4	%		8	%		6	%		8	%		7	%		6	%

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 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, 2016 (Unaudited)			Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012			Year Ended October 31, 2011
Per Share Data:
Net asset value, beginning of period	$	51.45		$	54.14		$	46.51		$	32.26		$	28.38		$	25.95
Income from investment operations:
Net investment income (loss)a		0.62			1.12			0.90			0.67			0.48			0.42
Net gain (loss) on investments (realized and unrealized)		0.47			(2.70	)		7.50			14.18			3.89			2.40
Total from investment operations		1.09			(1.58	)		8.40			14.85			4.37			2.82
Less distributions from:
Net investment income		(0.60	)		(1.11	)		(0.77	)		(0.60	)		(0.49	)		(0.39	)
Total distributions to shareholders		(0.60	)		(1.11	)		(0.77	)		(0.60	)		(0.49	)		(0.39	)
Net asset value, end of period	$	51.94		$	51.45		$	54.14		$	46.51		$	32.26		$	28.38
Total Returnb		2.17	%		(2.94	%)		18.13	%		46.39	%		15.54	%		10.84	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	768,910		$	813,029		$	1,275,062		$	374,565		$	85,583		$	79,550
Ratio to average net assets of:
Net investment income (loss)		2.57	%c		2.09	%		1.74	%		1.65	%		1.60	%		1.44	%
Total expenses		0.35	%c		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Portfolio turnover rated		42	%		54	%		25	%		24	%		37	%		23	%

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 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, 2016 (Unaudited)			Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012			Year Ended October 31, 2011
Per Share Data:
Net asset value, beginning of period	$	82.93		$	78.96		$	66.12		$	47.80		$	44.68		$	40.40
Income from investment operations:
Net investment income (loss)a		0.33			0.52			0.55			0.44			0.33			0.18
Net gain (loss) on investments (realized and unrealized)		(4.08	)		3.93			12.81			18.33			3.11			4.28
Total from investment operations		(3.75	)		4.45			13.36			18.77			3.44			4.46
Less distributions from:
Net investment income		(0.43	)		(0.48	)		(0.52	)		(0.42	)		(0.32	)		(0.18	)
Return of capital		—			—			—			(0.03	)		—			—
Total distributions to shareholders		(0.43	)		(0.48	)		(0.52	)		(0.45	)		(0.32	)		(0.18	)
Net asset value, end of period	$	78.75		$	82.93		$	78.96		$	66.12		$	47.80		$	44.68
Total Returnb		(4.53	%)		5.65	%		20.24	%		39.45	%		7.72	%		11.06	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	1,819,222		$	2,338,586		$	1,792,516		$	760,397		$	332,253		$	265,889
Ratio to average net assets of:
Net investment income (loss)		0.85	%c		0.64	%		0.74	%		0.76	%		0.71	%		0.41	%
Total expenses		0.35	%c		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Portfolio turnover rated		58	%		62	%		46	%		44	%		35	%		21	%

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 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, 2016 (Unaudited)			Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012			Year Ended October 31, 2011
Per Share Data:
Net asset value, beginning of period	$	50.79		$	52.71		$	48.42		$	35.00		$	31.00		$	30.77
Income from investment operations:
Net investment income (loss)a		0.40			0.86			0.71			0.52			0.46			0.41
Net gain (loss) on investments (realized and unrealized)		1.90			(1.96	)		4.18			13.46			4.01			0.22
Total from investment operations		2.30			(1.10	)		4.89			13.98			4.47			0.63
Less distributions from:
Net investment income		(0.38	)		(0.82	)		(0.60	)		(0.56	)		(0.47	)		(0.40	)
Total distributions to shareholders		(0.38	)		(0.82	)		(0.60	)		(0.56	)		(0.47	)		(0.40	)
Net asset value, end of period	$	52.71		$	50.79		$	52.71		$	48.42		$	35.00		$	31.00
Total Returnb		4.58	%		(2.12	%)		10.14	%		40.27	%		14.46	%		2.03	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	121,260		$	104,142		$	118,631		$	77,503		$	35,015		$	35,671
Ratio to average net assets of:
Net investment income (loss)		1.68	%c		1.62	%		1.38	%		1.22	%		1.36	%		1.22	%
Total expenses		0.35	%c		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Portfolio turnover rated		46	%		59	%		40	%		28	%		47	%		49	%

a	Based on average shares outstanding.
b	Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return.
c	Annualized.
d	Portfolio turnover does not include securities received or delivered from processing creations or redemptions.

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 41

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, 2016 (Unaudited)			Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012			Year Ended October 31, 2011
Per Share Data:
Net asset value, beginning of period	$	128.31		$	123.30		$	115.31		$	88.25		$	82.17		$	70.46
Income from investment operations:
Net investment income (loss)a		0.31			0.70			0.75			1.02			0.20			0.07
Net gain (loss) on investments (realized and unrealized)		(7.23	)		5.10			7.93			27.10			6.04			11.72
Total from investment operations		(6.92	)		5.80			8.68			28.12			6.24			11.79
Less distributions from:
Net investment income		(0.39	)		(0.71	)		(0.69	)		(1.06	)		(0.16	)		(0.08	)
Return of capital		—			(0.08	)		—			—			—			—
Total distributions to shareholders		(0.39	)		(0.79	)		(0.69	)		(1.06	)		(0.16	)		(0.08	)
Net asset value, end of period	$	121.00		$	128.31		$	123.30		$	115.31		$	88.25		$	82.17
Total Returnb		(5.40	%)		4.71	%		7.53	%		32.07	%		7.60	%		16.73	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	623,172		$	769,872		$	745,942		$	737,971		$	511,881		$	653,246
Ratio to average net assets of:
Net investment income (loss)		0.51	%c		0.54	%		0.62	%		1.01	%		0.23	%		0.09	%
Total expenses		0.35	%c		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Portfolio turnover rated		63	%		102	%		75	%		72	%		56	%		45	%

a	Based on average shares outstanding.
b	Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return.
c	Annualized.
d	Portfolio turnover does not include securities received or delivered from processing creations or redemptions.

42 | 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, 2016 (Unaudited)			Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012			Year Ended October 31, 2011
Per Share Data:
Net asset value, beginning of period	$	57.76		$	62.54		$	57.37		$	40.04		$	35.50		$	34.27
Income from investment operations:
Net investment income (loss)a		0.24			0.71			0.44			0.56			0.25			0.20
Net gain (loss) on investments (realized and unrealized)		2.58			(4.79	)		5.14			17.40			4.56			1.23
Total from investment operations		2.82			(4.08	)		5.58			17.96			4.81			1.43
Less distributions from:
Net investment income		(0.19	)		(0.70	)		(0.41	)		(0.63	)		(0.25	)		(0.20	)
Return of capital		—			—			—			—			(0.02	)		—
Total distributions to shareholders		(0.19	)		(0.70	)		(0.41	)		(0.63	)		(0.27	)		(0.20	)
Net asset value, end of period	$	60.39		$	57.76		$	62.54		$	57.37		$	40.04		$	35.50
Total Returnb		4.92	%		(6.60	%)		9.73	%		45.20	%		13.52	%		4.16	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	184,192		$	150,190		$	171,990		$	123,350		$	72,066		$	62,130
Ratio to average net assets of:
Net investment income (loss)		0.90	%c		1.15	%		0.73	%		1.14	%		0.65	%		0.53	%
Total expenses		0.35	%c		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Portfolio turnover rated		47	%		52	%		51	%		43	%		48	%		76	%

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 | 43

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, 2016 (Unaudited)			Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012			Year Ended October 31, 2011
Per Share Data:
Net asset value, beginning of period	$	85.26		$	80.56		$	74.23		$	54.34		$	49.82		$	43.32
Income from investment operations:
Net investment income (loss)a		0.50			0.47			0.31			0.59			0.20			0.02
Net gain (loss) on investments (realized and unrealized)		(6.11	)		4.70			6.33			19.87			4.50			6.57
Total from investment operations		(5.61	)		5.17			6.64			20.46			4.70			6.59
Less distributions from:
Net investment income		(0.57	)		(0.47	)		(0.31	)		(0.54	)		(0.18	)		(0.09	)
Return of capital		—			(—	)e		—			(0.03	)		—			—
Total distributions to shareholders		(0.57	)		(0.47	)		(0.31	)		(0.57	)		(0.18	)		(0.09	)
Net asset value, end of period	$	79.08		$	85.26		$	80.56		$	74.23		$	54.34		$	49.82
Total Returnb		(6.59	%)		6.42	%		8.96	%		37.94	%		9.44	%		15.22	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	170,013		$	225,933		$	104,723		$	107,630		$	73,359		$	34,873
Ratio to average net assets of:
Net investment income (loss)		1.28	%c		0.55	%		0.39	%		0.94	%		0.38	%		0.03	%
Total expenses		0.35	%c		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Portfolio turnover rated		73	%		62	%		78	%		73	%		44	%		33	%

a	Based on average shares outstanding.
b	Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return.
c	Annualized.
d	Portfolio turnover does not include securities received or delivered from processing creations or redemptions.
e	Less than $0.01 per share.

44 | 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 an 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”), each a non-diversified investment company. The Trust was organized as a Delaware statutory trust on November 22, 2002. At April 30, 2016, 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 S&P 500® Top 50 ETF	S&P 500® Top 50 Index
Guggenheim S&P 500® Pure Value ETF	S&P 500® Pure Value Index
Guggenheim S&P 500® Pure Growth ETF	S&P 500® Pure Growth Index
Guggenheim S&P MidCap 400® Pure Value ETF	S&P MidCap 400® Pure Value Index
Guggenheim S&P MidCap 400® Pure Growth ETF	S&P MidCap 400® Pure Growth Index
Guggenheim S&P SmallCap 600® Pure Value ETF	S&P SmallCap 600® Pure Value Index
Guggenheim S&P SmallCap 600® Pure Growth ETF	S&P SmallCap 600® Pure Growth Index

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.

Guggenheim Investments (“GI”) provides advisory services and Rydex Fund Services, LLC (“RFS”) provides administrative services to the Trust. Guggenheim Funds Distributors, LLC (“GFD”) acts as principal underwriter for the Trust. GI, RFS and GFD are affiliated entities.

Significant Accounting Policies

The 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.

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

GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 45

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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.

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. Valuations in accordance with these methods are intended to reflect each security’s (or asset’s) “fair value.” Each such determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. Examples of such factors may include, but are not limited to: (i) the type of security, (ii) the initial cost of the security, (iii) the existence of any contractual restrictions on the security’s disposition, (iv) the price and extent of public trading in similar securities of the issuer or of comparable companies, (v) quotations or evaluated prices from broker-dealers and/or pricing services, (vi) information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), (vii) an analysis of the company’s financial statements, and (viii) an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold (e.g. the existence of pending merger activity, public offerings or tender offers that might affect the value of the security).

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, which was 0.30% at April 30, 2016.

E. 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

46 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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 S&P 500® Top 50 ETF	$ 500
Guggenheim S&P 500® Pure Value ETF	1,000
Guggenheim S&P 500® Pure Growth ETF	1,000
Guggenheim S&P MidCap 400® Pure Value ETF	750
Guggenheim S&P MidCap 400® Pure Growth ETF	750
Guggenheim S&P SmallCap 600® Pure Value ETF	1,000
Guggenheim S&P SmallCap 600® Pure Growth ETF	1,000

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 S&P 500® Top 50 ETF	0.20%
Guggenheim S&P 500® Pure Value ETF	0.35%
Guggenheim S&P 500® Pure Growth ETF	0.35%
Guggenheim S&P MidCap 400® Pure Value ETF	0.35%
Guggenheim S&P MidCap 400® Pure Growth ETF	0.35%
Guggenheim S&P SmallCap 600® Pure Value ETF	0.35%
Guggenheim S&P SmallCap 600® Pure Growth ETF	0.35%

GI pays all expenses of the Funds, including the cost of transfer agency, custody, fund administration, 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.

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.

GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 47

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The suitability of the techniques and sources employed to determine fair valuation are regularly monitored and subject to change.

5. Portfolio Securities Loaned

Each Fund may lend portfolio securities to certain creditworthy borrowers, including the Funds’ securities lending agent. The loans are collateralized at all times by cash and/or high grade debt obligations in an amount at least equal to 102% of the market value of domestic securities loaned and 105% of foreign securities loaned as determined at the close of business on the preceding business day. The cash collateral received is held in a separately managed account established for each respective Fund and maintained by the lending agent exclusively for the investment of securities lending cash collateral on behalf of each Fund. The separately managed accounts invest in short-term investments valued at amortized cost, which approximates market value. Each Fund receives compensation for lending securities from interest or dividends earned on the cash, cash equivalents or U.S. government securities held as collateral, net of fee rebates paid to the borrower plus reasonable administrative and custody fees paid to the lending agent. Such compensation is accrued daily and payable to the Fund monthly. The dividend and interest income earned on the securities loaned is accounted for in the same manner as other dividend and interest income. The borrower pays to the Funds an amount equal to any dividends or interest received on loaned securities. These payments from the borrower are not eligible for reduced tax rates as “qualified dividend income” under the Jobs and Growth Tax Reconciliation Act of 2003. The Funds retain all or a portion of the interest received on investment of cash collateral or receives a fee from the borrower. Lending portfolio securities could result in a loss or delay in recovering each Fund’s securities if the borrower defaults. The securities lending income earned by the Funds are disclosed on the Statements of Operations.

At April 30, 2016, the Funds participated in securities lending as follows:

Fund	Value of Securities Loaned		Cash Collateral
Guggenheim S&P 500® Pure Value ETF	$	50,729,089	$	52,015,507
Guggenheim S&P 500® Pure Growth ETF		48,183,774		49,238,062
Guggenheim S&P MidCap 400® Pure Value ETF		23,399,427		24,026,826
Guggenheim S&P MidCap 400® Pure Growth ETF		55,082,424		56,472,347
Guggenheim S&P SmallCap 600® Pure Value ETF		21,141,090		21,800,024
Guggenheim S&P SmallCap 600® Pure Growth ETF		25,474,272		26,055,389

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. GI, acting under the supervision of the Board, reviews the value of the collateral and the creditworthiness of those banks and dealers to evaluate potential risks.

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.

48 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

At April 30, 2016, 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 S&P 500® Top 50 ETF	$	541,800,477	$	93,599,016	$	(33,134,702	)	$	60,464,314
Guggenheim S&P 500® Pure Value ETF		841,734,004		58,410,610		(79,698,978	)		(21,288,368	)
Guggenheim S&P 500® Pure Growth ETF		1,753,808,384		189,571,584		(75,085,114	)		114,486,470
Guggenheim S&P MidCap 400® Pure Value ETF		138,539,212		13,957,448		(7,232,684	)		6,724,764
Guggenheim S&P MidCap 400® Pure Growth ETF		668,981,537		52,112,921		(41,317,661	)		10,795,260
Guggenheim S&P SmallCap 600® Pure Value ETF		197,949,595		27,707,258		(19,694,349	)		8,012,909
Guggenheim S&P SmallCap 600® Pure Growth ETF		201,055,274		9,835,687		(14,851,493	)		(5,015,806	)

7. Investment Transactions

For the period ended April 30, 2016, the Funds had investments transactions in-kind associated with subscriptions and redemptions as follows:

Fund	Subscriptions		Redemptions
Guggenheim S&P 500® Top 50 ETF	$	157,906,517	$	49,426,958
Guggenheim S&P 500® Pure Value ETF		320,705,987		348,364,579
Guggenheim S&P 500® Pure Growth ETF		343,806,924		725,288,768
Guggenheim S&P MidCap 400® Pure Value ETF		45,311,996		30,888,793
Guggenheim S&P MidCap 400® Pure Growth ETF		122,467,829		215,740,793
Guggenheim S&P SmallCap 600® Pure Value ETF		82,314,634		58,628,386
Guggenheim S&P SmallCap 600® Pure Growth ETF		50,356,289		83,263,778

For the period ended April 30, 2016, 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® Top 50 ETF	$	20,311,729	$	21,071,821
Guggenheim S&P 500® Pure Value ETF		324,455,438		323,764,702
Guggenheim S&P 500® Pure Growth ETF		1,225,186,381		1,221,243,664
Guggenheim S&P MidCap 400® Pure Value ETF		46,365,203		45,956,625
Guggenheim S&P MidCap 400® Pure Growth ETF		436,820,598		437,578,815
Guggenheim S&P SmallCap 600® Pure Value ETF		72,268,931		71,618,161
Guggenheim S&P SmallCap 600® Pure Growth ETF		151,607,615		151,943,036

GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 49

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

The Funds are permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by a Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price to save costs, where permissible. For the period April 30, 2016, the Funds engaged in purchases and sales of securities, pursuant to Rule 17a-7 of the 1940 Act, as follows:

Fund	Purchases		Sales		Realized Gain (Loss)
Guggenheim S&P 500® Pure Value ETF	$	34,468,652	$	30,793,235	$	(17,414,358	)
Guggenheim S&P 500® Pure Growth ETF		90,859,689		98,749,388		(30,503,468	)
Guggenheim S&P MidCap 400® Pure Value ETF		1,719,483		494,182		(11,357	)
Guggenheim S&P MidCap 400® Pure Growth ETF		494,182		6,436,415		95,261
Guggenheim S&P SmallCap 600® Pure Value ETF		5,936,624		7,188,016		513,590
Guggenheim S&P SmallCap 600® Pure Growth ETF		7,188,016		5,936,624		(5,396,953	)

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. On September 15, 2015, the Bankruptcy Court denied the motion for class certification without prejudice to the plaintiff’s right to file a renewed motion.

On November 18, 2015, the Bankruptcy Court granted the defendants’ motion to dismiss the Litigation Trust Action and denied their motion to dismiss the Creditor Trust and Reichman Actions. The Litigation Trust Action is now over, but the plaintiff has appealed the dismissal to the U.S. District Court for the Southern District of New York.

On May 4, 2016, the defendants filed a motion to dismiss, or in the alternative, for a stay of, the Creditor Trust and Reichman actions in light of the U.S. Court of Appeals for the Second Circuit’s opinion affirming the dismissal of lawsuits filed against former Tribune shareholders involving state law constructive fraudulent conveyance claims arising out of the 2007 leveraged buyout of the Tribune Company. The Bankruptcy Court has not yet issued a decision on the motion. Discovery has commenced, and will continue, in the Creditor Trust and Reichman Actions while the May 4 motion is pending.

50 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(concluded)

This lawsuit does not allege any wrongdoing on the part of Rydex ETF Trust. The following series of Rydex ETF Trust received cash proceeds from the merger in the following amounts: Guggenheim S&P Midcap 400^® Pure Value ETF Fund - $572,640. At this stage of the proceedings, Rydex ETF Trust is not able to make a reliable prediction as to the outcome of this lawsuit or the effect, if any, on the fund’s net asset value.

Tribune Company

Rydex ETF Trust has been named as a defendant and a putative member of the proposed defendant class of shareholders in the case entitled Kirschner v. FitzSimons, No. 12-2652 (S.D.N.Y.) (formerly Official Committee of Unsecured Creditors of Tribune Co. v. FitzSimons, Adv. Pro. No. 10-54010 (Bankr. D. Del.)) (the “FitzSimons action”), as a result of ownership of shares by certain series of the Rydex ETF Trust in the Tribune Company (“Tribune”) in 2007, when Tribune effected a leveraged buyout transaction (“LBO”) by which Tribune converted to a privately-held company. In his complaint, the plaintiff has alleged that, in connection with the LBO, insiders and shareholders were overpaid for their Tribune stock using financing that the insiders knew would, and ultimately did, leave the Tribune Company insolvent. The plaintiff has asserted claims against certain insiders, major shareholders, professional advisers, and others involved in the LBO. The plaintiff is also attempting to obtain from former Tribune shareholders, including Rydex ETF Trust, the proceeds they received in connection with the LBO.

In June 2011, a group of Tribune creditors filed multiple actions against former Tribune shareholders involving state law constructive fraudulent conveyance claims arising out of the 2007 LBO (the “SLCFC actions”). Rydex ETF Trust has been named as a defendant in one 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.

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.

On March 29, 2016, the U.S. Court of Appeals for the Second Circuit issued its opinion on the appeal of the SLCFC actions. The appeals court affirmed the district court’s dismissal of those lawsuits, but on different grounds than the district court. The appeals court held that while the plaintiffs have standing under the U.S. Bankruptcy Code, their claims were preempted by Section 546(e) of the Bankruptcy Code—the statutory safe harbor for settlement payments.

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.

9. Fund Changes

At a meeting held on October 14, 2015, GI recommended and the Board approved changing the Underlying Index for the Guggenheim Russell Top 50^® Mega Cap ETF from the Russell Top 50^® Mega Cap Index to the S&P 500^® Top 50 Index. In connection with the change in the Fund’s Underlying Index, the Board also approved changing the Fund’s name to Guggenheim S&P 500^® Top 50 ETF. The changes in index and Fund name became effective on January 26, 2016.

GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 51

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.

Sector Classification

Information in the “Schedule of Investments” is categorized by sectors using sector-level Classifications defined by the Bloomberg Industry Classification System, a widely recognized industry classification system provider. Each Fund’s registration statement has investment policies relating to concentration in specific sectors/industries. For purposes of these investment policies, the Funds usually classify sectors/industries based on industry-level Classifications used by widely recognized industry classification system providers such as Bloomberg Industry Classification System, Global Industry Classification Standards and Barclays Global Classification Scheme.

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.

52 | 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).	236	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.	134	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.	134	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.	134	None.

GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 53

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; 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).	134	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).	134	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).	134	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.

54 | 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 | 55

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.

56 | 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 | 57

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4.30.2016

Guggenheim ETFs Semi-Annual Report

RSP Guggenheim S&P 500^® Equal Weight ETF

ETF3-SEMI-0416x1016 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	23
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS	24
GUGGENHEIM INVESTMENTS PRIVACY POLICIES	27

GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 1

April 30, 2016

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, 2016.

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, 2016

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, 2016

After a very weak start to the year, strong performance in late February through April brought investment markets modestly higher for the full period. Investors returned to higher risk areas of the market. High yield bonds had their best three month returns in more than two years in the first quarter.

Oil prices stabilized and despite disappointment about a lack of near-term coordinated supply cuts, oil remained around $40/barrel on average. We believe we have seen the bottom in oil prices.

Currency issues and growing competitive pressures in China also weighed heavily on the collective investor consciousness.

The economic story in the U.S. continues to be a mix of good and bad. Growth in the U.S. continued at a slow pace. For the first time in two years, first quarter gross domestic product (“GDP”) growth was positive, but disappointed higher market expectations at just 0.5 percent, the weakest pace in two years. Wage growth increased in April after recent disappointing data, and the labor market continued to underwhelm, as the economy inched closer to “full employment.” While a stronger dollar weighed on the U.S. economy earlier in the period, the dollar weakened in the early part of 2016. Also, after several months of disappointing data, retail spending finally started to pick up toward the end of the period. Underlining this soft growth, inflation remained below the Fed’s two percent target.

Outside the U.S., despite the Bank of Japan and the European Central Bank (“ECB”) moving to negative policy rates, deflationary headwinds grew and the euro and yen strengthened -- the exact opposite of what central bankers hoped. The Bank of Japan and the ECB are already executing massive quantitative easing programs, but as their balance sheets expand, assets available to purchase shrink. As options for further quantitative easing diminish, negative rates may become an important component of monetary policy orthodoxy.

More monetary liquidity in these countries eventually spills into our own, which accounts for what we are seeing now. Risk assets are rising in value along with falling Treasury yields. The high correlation between risk-free and risk assets is part of the rising tide of liquidity, which is continuing to push risk assets and safe-haven assets higher.

Guggenheim expects further declines in the unemployment rate as job gains outstrip growth in the labor force. Meanwhile, core and headline inflation should move closer to the Fed’s target by year-end, reflecting Guggenheim’s forecasts for a tighter labor market and a modest rise in oil prices. This should curtail the speed at which the Fed anticipates increasing rates in 2016, which Guggenheim would interpret as a sign that the expansion remains intact. A solid macroeconomic backdrop and a rebalancing oil market should support the credit picture in the second half of 2016, but caution is warranted over the summer as recent asset price rallies may fade in the face of global macro risks.

For the six months ended April 30, 2016, the Standard & Poor’s 500^® (“S&P 500”) Index* returned 0.43%. The Morgan Stanley Capital International (“MSCI”) Europe-Australasia-Far East (“EAFE”) Index* returned -3.07%. The return of the MSCI Emerging Markets Index* was -0.14%.

In the bond market, the Barclays U.S. Aggregate Bond Index* posted a 2.82% return for the period, while the Barclays U.S. Corporate High Yield Index* returned 2.37%. The return of the Bank of America (“BofA”) Merrill Lynch 3-Month U.S. Treasury Bill Index* was 0.14% 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.

*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, noninvestment 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.

GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 3

ECONOMIC AND MARKET OVERVIEW (Unaudited)(concluded) April 30, 2016

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 advisor. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example in the table is based on an investment of $1,000 invested on October 31, 2015 and held for the six months ended April 30, 2016.

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, 2015	Ending Account Value April 30, 2016	Expenses Paid During Period2
Table 1. Based on actual Fund return3
Guggenheim S&P 500® Equal Weight ETF	0.40%	1.93%	$ 1,000.00	$ 1,019.30	$ 2.01
Table 2. Based on hypothetical 5% return (before expenses)
Guggenheim S&P 500® Equal Weight ETF	0.40%	5.00%	1,000.00	1,022.87	2.01

1	Annualized.
2	Expenses are equal to the Fund’s annualized expense ratio, net of any applicable fee waivers, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
3	Actual cumulative return at net asset value for the period October 31, 2015 to April 30, 2016.

GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 5

PORTFOLIO SUMMARY (Unaudited) April 30, 2016

GUGGENHEIM S&P 500^® EQUAL WEIGHT ETF

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Ten Largest Holdings	(% of Total Net Assets)
Southwestern Energy Co.	0.3%
Murphy Oil Corp.	0.3%
Freeport-McMoRan, Inc.	0.3%
Chesapeake Energy Corp.	0.3%
Range Resources Corp.	0.3%
Devon Energy Corp.	0.3%
St. Jude Medical, Inc.	0.3%
Newmont Mining Corp.	0.3%
ONEOK, Inc.	0.2%
Marathon Oil Corp.	0.2%
Top Ten Total	2.8%
“Ten Largest Holdings” excludes any temporary cash investments.

6 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	April 30, 2016
GUGGENHEIM S&P 500® EQUAL WEIGHT ETF

	Shares		Value
COMMON STOCKS† - 99.8%
Consumer, Non-cyclical - 20.4%
St. Jude Medical, Inc.		321,930	$	24,531,066
Boston Scientific Corp.*		1,004,633		22,021,555
Edwards Lifesciences Corp.*		206,935		21,978,566
Hologic, Inc.*		639,786		21,490,412
Mead Johnson Nutrition Co. — Class A		240,510		20,960,447
Universal Health Services, Inc. — Class B		156,764		20,956,211
Total System Services, Inc.		404,848		20,703,926
Zoetis, Inc.		433,081		20,367,800
S&P Global, Inc.		190,611		20,366,785
United Rentals, Inc.*		303,979		20,345,314
Bristol-Myers Squibb Co.		279,173		20,150,707
Zimmer Biomet Holdings, Inc.		174,045		20,149,190
Equifax, Inc.		167,197		20,105,439
Constellation Brands, Inc. — Class A		127,626		19,917,313
Amgen, Inc.		125,409		19,852,245
Baxter International, Inc.		447,938		19,807,818
Archer-Daniels-Midland Co.		495,476		19,789,311
CR Bard, Inc.		92,986		19,728,840
Laboratory Corporation of America Holdings*		157,028		19,678,749
Intuitive Surgical, Inc.*		31,217		19,553,080
Monster Beverage Corp.*		135,487		19,539,934
Becton Dickinson and Co.		121,030		19,517,298
HCA Holdings, Inc.*		241,951		19,506,090
Pfizer, Inc.		594,560		19,448,058
Danaher Corp.		200,120		19,361,609
Baxalta, Inc.		460,267		19,308,201
Quest Diagnostics, Inc.		256,411		19,274,415
Biogen, Inc.*		69,837		19,204,477
AbbVie, Inc.		314,077		19,158,697
UnitedHealth Group, Inc.		144,978		19,090,702
Quanta Services, Inc.*		803,818		19,066,563
Express Scripts Holding Co.*		258,038		19,025,142
Western Union Co.		948,887		18,977,740
Global Payments, Inc.		262,404		18,940,321
Coca-Cola Enterprises, Inc.		360,139		18,900,095
Johnson & Johnson		168,383		18,872,367
DaVita HealthCare Partners, Inc.*		255,190		18,858,541
Avery Dennison Corp.		259,579		18,848,031
Stryker Corp.		172,669		18,822,648
Colgate-Palmolive Co.		265,241		18,810,892
Molson Coors Brewing Co. — Class B		196,092		18,752,278
Merck & Company, Inc.		340,858		18,692,653
Estee Lauder Companies, Inc. — Class A		194,762		18,671,833
Nielsen Holdings plc		357,870		18,659,342
Thermo Fisher Scientific, Inc.		129,323		18,654,843
Varian Medical Systems, Inc.*		228,767		18,571,305
Medtronic plc		234,457		18,557,272
Church & Dwight Company, Inc.		199,327		18,477,613
Kellogg Co.		240,078		18,440,391
Philip Morris International, Inc.		187,937		18,440,378
Verisk Analytics, Inc. — Class A*		237,659		18,437,585
PepsiCo, Inc.		178,983		18,428,090
ConAgra Foods, Inc.		413,457		18,423,644
Celgene Corp.*		178,059		18,413,081
Kraft Heinz Co.		235,637		18,396,181
Mondelez International, Inc. — Class A		428,086		18,390,575
ADT Corp.		437,998		18,387,156
Automatic Data Processing, Inc.		207,763		18,374,560
Moody’s Corp.		191,920		18,370,582
Eli Lilly & Co.		242,893		18,345,708
Altria Group, Inc.		292,404		18,336,655
McKesson Corp.		108,953		18,284,493
Cintas Corp.		203,618		18,280,824
Sysco Corp.		395,577		18,224,232
General Mills, Inc.		296,960		18,215,526
Hershey Co.		195,563		18,208,871
Alexion Pharmaceuticals, Inc.*		130,177		18,131,053
Dr Pepper Snapple Group, Inc.		199,204		18,109,636
Regeneron Pharmaceuticals, Inc.*		48,052		18,101,669
McCormick & Company, Inc.		192,449		18,047,867
Henry Schein, Inc.*		106,799		18,016,991
PayPal Holdings, Inc.*		459,178		17,990,594
Coca-Cola Co.		401,146		17,971,341
Clorox Co.		143,405		17,958,608
Aetna, Inc.		159,808		17,941,644
Brown-Forman Corp. — Class B		185,262		17,844,436
Gilead Sciences, Inc.		202,265		17,841,796
Anthem, Inc.		126,728		17,839,501
JM Smucker Co.		139,987		17,775,549
Procter & Gamble Co.		221,792		17,769,975
Patterson Companies, Inc.		408,972		17,728,936
Vertex Pharmaceuticals, Inc.*		210,191		17,727,509
Tyson Foods, Inc. — Class A		267,898		17,633,046
Reynolds American, Inc.		355,011		17,608,546
Campbell Soup Co.		283,345		17,485,220
Abbott Laboratories		449,185		17,473,297
Cigna Corp.		125,365		17,368,067
AmerisourceBergen Corp. — Class A		202,486		17,231,559
Humana, Inc.		96,999		17,175,613
Kimberly-Clark Corp.		136,191		17,049,751
DENTSPLY SIRONA, Inc.		285,588		17,021,045
Cardinal Health, Inc.		216,188		16,962,110
Kroger Co.		469,259		16,607,076
Mallinckrodt plc*		262,937		16,438,821
Robert Half International, Inc.		425,481		16,300,177
Hormel Foods Corp.		416,105		16,040,848
Whole Foods Market, Inc.		548,816		15,959,569
Centene Corp.*		255,161		15,809,776
Mylan N.V.*		373,146		15,563,919
Illumina, Inc.*		114,369		15,438,671
Allergan plc*		60,663		13,137,179
H&R Block, Inc.		643,745		13,029,399
Perrigo Company plc		133,350		12,890,945

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 7

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	April 30, 2016
GUGGENHEIM S&P 500® EQUAL WEIGHT ETF

	Shares		Value
Endo International plc*		427,689	$	11,547,603
Total Consumer, Non-cyclical				1,912,991,608
Financial - 18.1%
Comerica, Inc.		482,152		21,407,548
Iron Mountain, Inc.1		570,383		20,836,091
Discover Financial Services		368,731		20,748,493
Navient Corp.		1,514,931		20,709,106
Regions Financial Corp.		2,200,660		20,642,191
SunTrust Banks, Inc.		490,202		20,461,031
Weyerhaeuser Co.		631,364		20,279,412
Affiliated Managers Group, Inc.*		117,995		20,096,908
Aflac, Inc.		291,224		20,085,719
SL Green Realty Corp.		191,087		20,079,422
Zions Bancorporation		727,368		20,017,167
American Express Co.		304,998		19,956,019
KeyCorp		1,616,196		19,863,049
MasterCard, Inc. — Class A		204,710		19,854,823
Assurant, Inc.		233,658		19,760,456
Lincoln National Corp.		452,636		19,667,034
Northern Trust Corp.		275,939		19,613,744
Unum Group		572,380		19,581,120
Visa, Inc. — Class A		253,182		19,555,778
Citigroup, Inc.		421,788		19,520,349
State Street Corp.		312,915		19,494,605
Marsh & McLennan Companies, Inc.		308,694		19,494,027
Goldman Sachs Group, Inc.		118,242		19,404,695
CBRE Group, Inc. — Class A*		654,169		19,383,027
Prologis, Inc.		426,740		19,378,263
Bank of New York Mellon Corp.		480,350		19,329,284
JPMorgan Chase & Co.		305,597		19,313,730
American Tower Corp. — Class A		184,147		19,313,337
M&T Bank Corp.		162,879		19,271,843
Synchrony Financial*		629,173		19,233,819
Principal Financial Group, Inc.		449,300		19,176,124
Torchmark Corp.		330,813		19,150,765
Bank of America Corp.		1,314,988		19,146,225
Prudential Financial, Inc.		246,560		19,142,918
American International Group, Inc.		342,872		19,139,115
U.S. Bancorp		448,150		19,131,524
Fifth Third Bancorp		1,042,164		19,082,023
Loews Corp.		480,720		19,074,970
Boston Properties, Inc.		147,793		19,044,606
BlackRock, Inc. — Class A		53,407		19,030,516
Aon plc		180,486		18,972,688
Welltower, Inc.		272,490		18,916,256
Citizens Financial Group, Inc.		827,654		18,911,894
Morgan Stanley		697,419		18,872,158
Vornado Realty Trust		197,136		18,871,829
Ventas, Inc.		303,345		18,843,791
Equinix, Inc.		57,006		18,831,932
T. Rowe Price Group, Inc.		249,657		18,796,676
Ameriprise Financial, Inc.		195,810		18,778,179
HCP, Inc.		555,059		18,777,646
Willis Towers Watson plc		150,336		18,776,966
Berkshire Hathaway, Inc. — Class B*		128,935		18,757,464
Invesco Ltd.		604,455		18,744,150
BB&T Corp.		526,394		18,623,820
Huntington Bancshares, Inc.		1,846,607		18,576,866
Apartment Investment & Management Co. — Class A		461,747		18,497,585
MetLife, Inc.		409,782		18,481,168
Capital One Financial Corp.		255,261		18,478,344
Intercontinental Exchange, Inc.		76,856		18,447,746
PNC Financial Services Group, Inc.		209,865		18,421,950
Crown Castle International Corp.		211,404		18,366,780
Kimco Realty Corp.		652,728		18,354,712
Charles Schwab Corp.		643,009		18,267,885
Cincinnati Financial Corp.		275,173		18,164,170
Simon Property Group, Inc.		90,051		18,115,560
Federal Realty Investment Trust		119,092		18,111,511
Wells Fargo & Co.		362,170		18,101,257
Allstate Corp.		276,790		18,005,190
Realty Income Corp.		304,084		18,001,773
Hartford Financial Services Group, Inc.		405,552		17,998,398
E*TRADE Financial Corp.*		713,620		17,968,952
Chubb Ltd.		151,155		17,815,128
Essex Property Trust, Inc.		80,772		17,806,187
Progressive Corp.		546,018		17,800,187
Extra Space Storage, Inc.		208,205		17,687,015
Franklin Resources, Inc.		472,723		17,651,477
People’s United Financial, Inc.1		1,137,581		17,632,506
CME Group, Inc. — Class A		191,668		17,616,206
General Growth Properties, Inc.		627,030		17,575,651
Travelers Companies, Inc.		159,579		17,537,732
Legg Mason, Inc.		545,701		17,522,459
AvalonBay Communities, Inc.		98,969		17,496,730
Alliance Data Systems Corp.*		85,662		17,415,941
UDR, Inc.		497,922		17,387,436
Public Storage		70,603		17,284,320
Host Hotels & Resorts, Inc.		1,090,384		17,249,875
Macerich Co.		226,481		17,230,674
Nasdaq, Inc.		274,847		16,960,808
Equity Residential		248,759		16,933,025
XL Group plc — Class A		506,500		16,577,745
Total Financial				1,692,487,274
Consumer, Cyclical - 14.2%
Ulta Salon Cosmetics & Fragrance, Inc.*		102,924		21,437,011
Starwood Hotels & Resorts Worldwide, Inc.		257,477		21,082,216
PACCAR, Inc.		343,885		20,258,265
Newell Brands, Inc.		440,541		20,062,237
Johnson Controls, Inc.		484,095		20,041,533
PVH Corp.		207,323		19,820,079
Hasbro, Inc.		232,548		19,682,863
WW Grainger, Inc.		83,429		19,565,769
Royal Caribbean Cruises Ltd.		249,023		19,274,380
Leggett & Platt, Inc.		390,555		19,250,456

8 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	April 30, 2016
GUGGENHEIM S&P 500® EQUAL WEIGHT ETF

	Shares		Value
Whirlpool Corp.		110,112	$	19,174,904
Lowe’s Companies, Inc.		251,441		19,114,545
Tractor Supply Co.		200,763		19,004,226
Delphi Automotive plc		258,038		18,999,338
Staples, Inc.		1,859,830		18,970,266
Home Depot, Inc.		141,162		18,900,180
McDonald’s Corp.		149,158		18,866,996
Mohawk Industries, Inc.*		97,912		18,860,789
Southwest Airlines Co.		418,507		18,669,597
Wynn Resorts Ltd.1		210,734		18,607,812
Carnival Corp.		378,495		18,565,180
Yum! Brands, Inc.		233,156		18,549,891
CarMax, Inc.*,1		349,494		18,505,708
Ford Motor Co.		1,364,464		18,502,131
Marriott International, Inc. — Class A1		263,228		18,449,651
General Motors Co.		580,117		18,447,721
DR Horton, Inc.		613,462		18,440,668
Coach, Inc.		457,200		18,411,444
Genuine Parts Co.		190,144		18,248,120
TJX Companies, Inc.		240,201		18,212,040
CVS Health Corp.		180,698		18,160,149
PulteGroup, Inc.		985,528		18,123,860
BorgWarner, Inc.		504,521		18,122,394
Fastenal Co.		386,941		18,104,969
Dollar Tree, Inc.*		226,586		18,061,170
Wal-Mart Stores, Inc.		269,983		18,053,763
Tiffany & Co.		252,393		18,008,241
AutoNation, Inc.*,1		354,808		17,971,025
Hanesbrands, Inc.		616,576		17,899,200
Advance Auto Parts, Inc.		114,378		17,854,406
NIKE, Inc. — Class B		301,798		17,787,974
Lennar Corp. — Class A		392,348		17,777,288
Ross Stores, Inc.		312,862		17,764,304
Harley-Davidson, Inc.		370,564		17,724,076
Starbucks Corp.		314,884		17,705,927
Signet Jewelers Ltd.		163,029		17,698,428
Walgreens Boots Alliance, Inc.		222,767		17,660,968
Target Corp.		221,475		17,607,263
Costco Wholesale Corp.		118,708		17,584,216
O’Reilly Automotive, Inc.*		66,593		17,492,649
Dollar General Corp.		213,329		17,473,778
AutoZone, Inc.*		22,771		17,425,052
VF Corp.		273,291		17,230,998
Ralph Lauren Corp. — Class A		184,094		17,159,402
Harman International Industries, Inc.		222,767		17,099,595
Foot Locker, Inc.		278,205		17,092,915
Mattel, Inc.		548,816		17,062,689
Best Buy Company, Inc.		531,469		17,049,526
Bed Bath & Beyond, Inc.*		357,800		16,895,316
Wyndham Worldwide Corp.		236,990		16,814,441
Darden Restaurants, Inc.		268,356		16,705,161
Urban Outfitters, Inc.*		547,689		16,605,930
L Brands, Inc.		210,050		16,444,815
Nordstrom, Inc.1		320,973		16,411,349
Kohl’s Corp.1		369,463		16,367,210
Macy’s, Inc.		408,884		16,187,718
Michael Kors Holdings Ltd.*		309,994		16,014,290
Goodyear Tire & Rubber Co.		548,983		15,904,038
Delta Air Lines, Inc.		380,262		15,845,518
Chipotle Mexican Grill, Inc. — Class A*		35,693		15,025,682
American Airlines Group, Inc.		426,943		14,810,653
United Continental Holdings, Inc.*		310,663		14,231,472
The Gap, Inc.1		601,019		13,931,620
Under Armour, Inc. — Class A*,1		219,902		9,662,494
Under Armour, Inc. — Class C*,1		219,902		8,972,002
Total Consumer, Cyclical				1,325,561,950
Industrial - 12.7%
Owens-Illinois, Inc.*		1,229,364		22,694,059
Pentair plc		359,796		20,896,952
FedEx Corp.		125,533		20,726,754
Textron, Inc.		534,892		20,689,623
Norfolk Southern Corp.		229,539		20,683,758
WestRock Co.		490,652		20,533,786
Cummins, Inc.		174,348		20,403,946
Ryder System, Inc.		295,366		20,356,625
Stanley Black & Decker, Inc.		181,332		20,294,677
Ingersoll-Rand plc		308,438		20,215,027
Kansas City Southern		212,514		20,135,702
L-3 Communications Holdings, Inc.		152,288		20,030,441
Xylem, Inc.		471,581		19,702,654
Northrop Grumman Corp.		95,520		19,701,956
Boeing Co.		145,506		19,614,209
Martin Marietta Materials, Inc.		115,796		19,596,157
Flowserve Corp.		401,390		19,591,846
United Technologies Corp.		187,444		19,563,530
Union Pacific Corp.		223,164		19,466,596
Garmin Ltd.1		456,531		19,461,916
Lockheed Martin Corp.		83,575		19,421,159
Parker-Hannifin Corp.		167,276		19,407,362
Jacobs Engineering Group, Inc.*		434,364		19,363,947
Caterpillar, Inc.		249,093		19,359,508
Emerson Electric Co.		353,727		19,324,106
Illinois Tool Works, Inc.		184,700		19,304,844
Rockwell Automation, Inc.		170,065		19,297,276
Fluor Corp.		352,662		19,276,505
Tyco International plc		499,789		19,251,873
Eaton Corporation plc		301,560		19,079,701
Honeywell International, Inc.		166,334		19,006,986
Dover Corp.		288,858		18,977,971
CSX Corp.		694,754		18,945,942
Agilent Technologies, Inc.		462,205		18,913,428
Snap-on, Inc.		118,646		18,897,935
United Parcel Service, Inc. — Class B		179,829		18,894,633
Masco Corp.		614,880		18,882,965
General Dynamics Corp.		133,808		18,802,700
PerkinElmer, Inc.		372,260		18,769,349

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 9

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	April 30, 2016
GUGGENHEIM S&P 500® EQUAL WEIGHT ETF

	Shares		Value
Ball Corp.		262,752	$	18,755,238
3M Co.		112,038		18,752,920
Vulcan Materials Co.		174,136		18,742,258
Expeditors International of Washington, Inc.		377,282		18,716,960
Raytheon Co.		147,784		18,672,508
Allegion plc		284,452		18,617,383
Deere & Co.		218,607		18,387,035
General Electric Co.		597,675		18,378,506
Roper Technologies, Inc.		104,301		18,366,363
Sealed Air Corp.		386,298		18,295,073
Waters Corp.*		140,422		18,277,328
Waste Management, Inc.		310,505		18,254,589
J.B. Hunt Transport Services, Inc.		220,198		18,250,010
AMETEK, Inc.1		377,203		18,139,692
TE Connectivity Ltd.		303,635		18,060,209
Republic Services, Inc. — Class A		383,377		18,045,555
Harris Corp.		225,494		18,041,775
Amphenol Corp. — Class A		322,820		18,023,041
Rockwell Collins, Inc.		202,010		17,815,262
CH Robinson Worldwide, Inc.		249,657		17,718,157
Corning, Inc.		932,298		17,406,004
FLIR Systems, Inc.		565,413		17,081,127
Stericycle, Inc.*		156,274		14,933,543
Total Industrial				1,183,268,940
Technology - 9.0%
Dun & Bradstreet Corp.		181,332		20,020,866
NVIDIA Corp.1		562,792		19,996,000
Adobe Systems, Inc.*		210,875		19,868,643
Activision Blizzard, Inc.		575,274		19,829,694
Citrix Systems, Inc.*		237,148		19,408,191
Accenture plc — Class A		171,594		19,376,394
salesforce.com, Inc.*		253,182		19,191,196
Autodesk, Inc.*		320,313		19,161,124
HP, Inc.		1,549,902		19,017,298
Fidelity National Information Services, Inc.		288,726		18,998,171
Cerner Corp.*		335,765		18,849,847
CSRA, Inc.		725,045		18,822,168
Pitney Bowes, Inc.		887,158		18,603,703
International Business Machines Corp.		127,362		18,587,210
Cognizant Technology Solutions Corp. — Class A*		318,281		18,578,062
Oracle Corp.		465,563		18,557,341
Red Hat, Inc.*		252,534		18,528,420
Applied Materials, Inc.		905,117		18,527,746
Hewlett Packard Enterprise Co.		1,110,445		18,500,014
Texas Instruments, Inc.		323,436		18,448,789
KLA-Tencor Corp.		261,945		18,320,433
Intuit, Inc.		181,402		18,301,648
Analog Devices, Inc.		324,173		18,257,423
Linear Technology Corp.		409,967		18,235,332
Lam Research Corp.1		238,056		18,187,478
Microchip Technology, Inc.1		373,067		18,127,326
Fiserv, Inc.*		184,804		18,059,047
EMC Corp.		691,084		18,044,203
Paychex, Inc.		342,494		17,850,787
Broadcom Ltd.		121,863		17,761,533
SanDisk Corp.		236,386		17,759,680
CA, Inc.		593,735		17,610,180
QUALCOMM, Inc.		347,278		17,544,485
Electronic Arts, Inc.*		281,302		17,398,529
Intel Corp.		570,979		17,289,244
Teradata Corp.*,1		678,376		17,162,913
Micron Technology, Inc.*		1,592,086		17,114,925
Microsoft Corp.		341,677		17,039,432
Qorvo, Inc.*		372,780		16,786,283
Xilinx, Inc.		388,135		16,720,856
Skyworks Solutions, Inc.		249,190		16,650,876
Apple, Inc.		177,296		16,619,727
Akamai Technologies, Inc.*		323,374		16,488,840
Xerox Corp.		1,682,154		16,148,678
NetApp, Inc.		670,133		15,841,944
Western Digital Corp.		363,518		14,855,163
Seagate Technology plc1		501,336		10,914,085
Total Technology				841,961,927
Energy - 8.6%
Southwestern Energy Co.*,1		2,266,681		30,441,525
Murphy Oil Corp.		764,802		27,334,024
Chesapeake Energy Corp.1		3,858,230		26,506,039
Range Resources Corp.1		582,906		25,711,984
Devon Energy Corp.		731,782		25,378,200
ONEOK, Inc.		640,519		23,154,762
Marathon Oil Corp.		1,624,902		22,894,869
Pioneer Natural Resources Co.		132,305		21,975,861
Williams Companies, Inc.		1,132,611		21,961,327
ConocoPhillips		447,507		21,386,360
Hess Corp.		353,727		21,089,204
Cimarex Energy Co.		191,973		20,902,020
Equities Corp.		296,256		20,767,546
Halliburton Co.		502,006		20,737,868
Anadarko Petroleum Corp.		391,700		20,666,092
Newfield Exploration Co.*		569,520		20,645,100
Concho Resources, Inc.*		177,706		20,644,106
Columbia Pipeline Group, Inc.		789,815		20,235,060
Apache Corp.		370,273		20,142,851
FMC Technologies, Inc.*		658,452		20,076,201
EOG Resources, Inc.		241,228		19,930,257
Occidental Petroleum Corp.		259,218		19,869,060
Chevron Corp.		191,695		19,587,395
National Oilwell Varco, Inc.1		543,097		19,573,216
Noble Energy, Inc.		540,669		19,523,558
Exxon Mobil Corp.		220,638		19,504,399
Schlumberger Ltd.		241,791		19,425,489
Cabot Oil & Gas Corp. — Class A		825,755		19,322,667
Diamond Offshore Drilling, Inc.1		795,666		19,302,858
Baker Hughes, Inc.		395,991		19,150,125
Helmerich & Payne, Inc.		286,087		18,916,072

10 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	April 30, 2016
GUGGENHEIM S&P 500® EQUAL WEIGHT ETF

	Shares		Value
Marathon Petroleum Corp.		480,720	$	18,786,538
Spectra Energy Corp.		597,869		18,695,364
Transocean Ltd.1		1,611,868		17,859,497
Kinder Morgan, Inc.		973,883		17,296,162
Phillips 66		209,794		17,226,185
Valero Energy Corp.		277,406		16,330,891
Tesoro Corp.		204,085		16,263,534
First Solar, Inc.*		257,897		14,400,968
Total Energy				803,615,234
Communications - 6.7%
Amazon.com, Inc.*		31,865		21,017,835
Yahoo!, Inc.*		536,343		19,630,154
Time Warner Cable, Inc.		92,532		19,626,963
Interpublic Group of Companies, Inc.		852,125		19,547,747
Facebook, Inc. — Class A*		165,703		19,483,359
Time Warner, Inc.		257,477		19,346,822
Motorola Solutions, Inc.		254,662		19,148,036
Walt Disney Co.		185,165		19,120,138
CBS Corp. — Class B		341,360		19,085,437
Omnicom Group, Inc.		229,706		19,058,707
Viacom, Inc. — Class B		461,518		18,876,086
F5 Networks, Inc.*		180,169		18,872,703
Frontier Communications Corp.1		3,370,539		18,740,197
Comcast Corp. — Class A		306,495		18,622,636
eBay, Inc.*		754,941		18,443,209
Cablevision Systems Corp. — Class A		551,314		18,408,374
TripAdvisor, Inc.*		284,672		18,386,965
Priceline Group, Inc.*		13,676		18,375,894
AT&T, Inc.		472,723		18,351,107
Expedia, Inc.		157,768		18,264,801
Level 3 Communications, Inc.*		348,767		18,226,563
Cisco Systems, Inc.		650,905		17,893,378
VeriSign, Inc.*,1		205,433		17,749,411
CenturyLink, Inc.		568,991		17,610,271
Verizon Communications, Inc.		345,221		17,585,558
Scripps Networks Interactive, Inc. — Class A		280,433		17,484,998
TEGNA, Inc.		733,858		17,142,923
Netflix, Inc.*		185,685		16,717,221
Symantec Corp.		986,048		16,412,769
Juniper Networks, Inc.		691,851		16,189,313
News Corp. — Class A		1,188,798		14,764,871
Twenty-First Century Fox, Inc. — Class A		473,410		14,325,387
Discovery Communications, Inc. — Class C*		413,985		11,086,518
Alphabet, Inc. — Class A*		12,183		8,624,102
Alphabet, Inc. — Class C*		12,420		8,607,184
Discovery Communications, Inc. — Class A*,1		239,919		6,552,188
Twenty-First Century Fox, Inc. — Class B		174,357		5,251,633
News Corp. — Class B1		335,897		4,353,225
Total Communications				626,984,683
Utilities - 5.7%
NRG Energy, Inc.		1,319,773		19,928,572
American Water Works Company, Inc.		266,228		19,370,749
CenterPoint Energy, Inc.		894,159		19,179,711
Public Service Enterprise Group, Inc.		409,069		18,870,354
Sempra Energy		182,283		18,838,948
PPL Corp.		496,005		18,669,628
AES Corp.		1,662,084		18,548,858
SCANA Corp.		269,983		18,545,133
Pinnacle West Capital Corp.		254,732		18,506,280
Consolidated Edison, Inc.		247,476		18,461,710
AGL Resources, Inc.		280,257		18,457,726
NextEra Energy, Inc.		156,597		18,412,675
PG&E Corp.		316,320		18,409,824
Duke Energy Corp.		233,191		18,370,787
TECO Energy, Inc.		661,083		18,358,275
Exelon Corp.		522,138		18,321,822
DTE Energy Co.		205,450		18,317,922
Southern Co.		364,210		18,246,921
Edison International		257,547		18,211,148
WEC Energy Group, Inc.		311,867		18,153,778
NiSource, Inc.		797,433		18,109,703
Eversource Energy		320,639		18,096,865
Ameren Corp.		376,067		18,051,216
CMS Energy Corp.		442,387		17,996,303
Xcel Energy, Inc.		449,080		17,976,672
Entergy Corp.		238,880		17,958,998
Dominion Resources, Inc.		251,107		17,946,617
American Electric Power Company, Inc.		282,324		17,927,574
FirstEnergy Corp.		507,949		16,554,058
Total Utilities				532,798,827
Basic Materials - 4.2%
Freeport-McMoRan, Inc.1		1,898,810		26,583,340
Newmont Mining Corp.		679,677		23,768,305
Alcoa, Inc.		1,904,763		21,276,203
Nucor Corp.		399,604		19,892,287
International Flavors & Fragrances, Inc.		164,875		19,697,616
International Paper Co.		454,464		19,664,657
Ecolab, Inc.		170,461		19,599,606
FMC Corp.		451,649		19,538,335
Eastman Chemical Co.		253,939		19,395,861
Air Products & Chemicals, Inc.		132,843		19,380,465
Praxair, Inc.		163,179		19,167,005
PPG Industries, Inc.		172,651		19,058,944
Dow Chemical Co.		358,214		18,845,639
EI du Pont de Nemours & Co.		284,108		18,725,558
Monsanto Co.		199,397		18,679,512
Sherwin-Williams Co.		63,654		18,288,431
Airgas, Inc.		128,058		18,240,582
Mosaic Co.		631,862		17,685,817
LyondellBasell Industries N.V. — Class A		207,279		17,135,755
CF Industries Holdings, Inc.		508,777		16,825,255
Total Basic Materials				391,449,173

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 11

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	April 30, 2016
GUGGENHEIM S&P 500® EQUAL WEIGHT ETF

	Shares		Value
Diversified - 0.2%
Leucadia National Corp.		1,188,304	$	19,820,911
Total Common Stocks
(Cost $8,732,009,213)				9,330,940,527
SHORT TERM INVESTMENTS† - 0.1%
Federated U.S. Treasury Cash Reserve Fund Institutional Shares, 0.13%2		7,143,395		7,143,395
Total Short Term Investments
(Cost $7,143,395)				7,143,395
SECURITIES LENDING COLLATERAL†,3 - 2.8%
BNY Mellon Separately Managed Cash Collateral Account, 0.30%		259,333,179		259,333,179
Total Securities Lending Collateral
(Cost $259,333,179)				259,333,179
Total Investments - 102.7%
(Cost $8,998,485,787)			$	9,597,417,101
Other Assets & Liabilities, net - (2.7)%				(255,425,894	)
Total Net Assets - 100.0%			$	9,341,991,207

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
1	All or portion of this security is on loan at April 30, 2016 — See Note 5.
2	Rate indicated is the 7 day yield as of April 30, 2016.
3	Securities lending collateral — See Note 5.
	plc — Public Limited Company
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at April 30, 2016 (See Note 4 in the Notes to Financial Statements):

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	9,330,940,527	$	—	$	—	$	9,330,940,527
Securities Lending Collateral		259,333,179		—		—		259,333,179
Short Term Investments		7,143,395		—		—		7,143,395
Total	$	9,597,417,101	$	—	$	—	$	9,597,417,101

For the period ended April 30, 2016, there were no transfers between levels.

12 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

STATEMENT OF ASSETS AND LIABILITIES (Unaudited) April 30, 2016

	Guggenheim S&P 500® Equal Weight ETF
Assets:
Investments, at value* — including $256,997,856 of securities loaned	$	9,597,417,101
Cash		66,753
Receivables:
Fund shares sold		70,246
Securities lending		212,516
Dividends and interest		6,786,762
Total assets		9,604,553,378
Liabilities:
Return of securities loaned		259,333,179
Payable for:
Fund shares redeemed		219,396
Management fees		3,009,596
Total liabilities		262,562,171
Commitments and contingent liabilities (Note 8)		—
Net Assets	$	9,341,991,207
Net Assets consist of:
Paid-in capital	$	9,103,630,373
Distributions in excess of net investment income		(3,715,542	)
Accumulated net realized loss on investments		(356,854,938	)
Net unrealized appreciation on investments		598,931,314
Net Assets	$	9,341,991,207
Shares outstanding (unlimited shares authorized), no par value		117,552,663
Net asset value, offering price and repurchase price per share	$	79.47
*Cost of investments	$	8,998,485,787

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 13

STATEMENT OF OPERATIONS (Unaudited)

For the Six Months Ended April 30, 2016

	Guggenheim S&P 500® Equal Weight ETF
Investment Income:
Dividends	$	102,845,158
Income from securities lending		250,676
Interest		4,044
Total investment income		103,099,878
Expenses:
Management fees		18,020,241
Total expenses		18,020,241
Net investment income		85,079,637
Net Realized and Unrealized Gain(Loss):
Net realized gain (loss) on:
Investments		(203,934,655	)
In-kind redemptions		334,159,243
Net realized gain		130,224,588
Net change in unrealized appreciation (depreciation) on:
Investments		(137,765,790	)
Net realized and unrealized loss		(7,541,202	)
Net increase in net assets resulting from operations	$	77,538,435

14 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

STATEMENTS OF CHANGES IN NET ASSETS

	Guggenheim S&P 500® Equal Weight ETF
	Period Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	85,079,637		$	161,196,685
Net realized gain on investments		130,224,588	��		815,507,564
Net change in unrealized appreciation (depreciation) on investments		(137,765,790	)		(816,243,971	)
Net increase in net assets resulting from operations		77,538,435			160,460,278
Distributions to shareholders from:
Net investment income		(88,795,179	)		(171,350,548	)
Shareholder transactions:
Proceeds from shares purchased		942,384,826			3,306,916,862
Value of proceeds from merger		65,397,062			—
Cost of shares redeemed		(1,454,075,775	)		(2,472,681,822	)
Net increase (decrease) in net assets resulting from share transactions		(446,293,887	)		834,235,040
Net increase (decrease) in net assets		(457,550,631	)		823,344,770
Net Assets:
Beginning of period		9,799,541,838			8,976,197,068
End of period	$	9,341,991,207		$	9,799,541,838
Distributions in excess of net investment income at end of period	$	(3,715,542	)	$	—
Changes in shares outstanding:
Shares sold		13,043,800	†		41,400,000
Shares redeemed		(20,000,000	)		(31,850,000	)
Net increase (decrease) in shares		(6,956,200	)		9,550,000

^† Includes 893,962 shares issued in connection with Fund merger.

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, 2016 (Unaudited)			Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012			Year Ended October 31, 2011
Per Share Data:
Net asset value, beginning of period	$	78.71		$	78.08		$	67.94		$	51.76		$	46.77		$	43.87
Income from investment operations:
Net investment income (loss)a		0.71			1.22			1.09			0.99			0.80			0.69
Net gain (loss) on investments (realized and unrealized)		0.79			0.71			10.13			16.13			4.97			2.87
Total from investment operations		1.50			1.93			11.22			17.12			5.77			3.56
Less distributions from:
Net investment income		(0.74	)		(1.30	)		(1.08	)		(0.94	)		(0.78	)		(0.66	)
Total distributions to shareholders		(0.74	)		(1.30	)		(1.08	)		(0.94	)		(0.78	)		(0.66	)
Net asset value, end of period	$	79.47		$	78.71		$	78.08		$	67.94		$	51.76		$	46.77
Total Returnb		1.93	%		2.49	%		16.60	%		33.36	%		12.42	%		8.12	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	9,341,991		$	9,799,542		$	8,976,197		$	5,663,772		$	2,772,440		$	3,063,809
Ratio to average net assets of:
Net investment income (loss)		1.89	%c		1.53	%		1.48	%		1.64	%		1.61	%		1.45	%
Total expenses		0.40	%c		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Portfolio turnover rated		12	%		22	%		18	%		37	%		20	%		21	%

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 an 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”), each a non-diversified investment company. The Trust was organized as a Delaware statutory trust on November 22, 2002. At April 30, 2016, 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 administrative services to the Trust. Guggenheim Funds Distributors, LLC (“GFD”) acts as principal underwriter for the Trust. GI, RFS and GFD are affiliated entities.

Significant Accounting Policies

The 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.

GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 17

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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 Fund invests in money market mutual funds, which are valued at their NAV.

Investments for which market quotations are not readily available are fair valued as determined in good faith by GI under the direction of the Board of Trustees using methods established or ratified by the Board of Trustees. Valuations in accordance with these methods are intended to reflect each security’s (or asset’s) “fair value.” Each such determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. Examples of such factors may include, but are not limited to: (i) the type of security, (ii) the initial cost of the security, (iii) the existence of any contractual restrictions on the security’s disposition, (iv) the price and extent of public trading in similar securities of the issuer or of comparable companies, (v) quotations or evaluated prices from broker-dealers and/or pricing services, (vi) information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), (vii) an analysis of the company’s financial statements, and (viii) an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold (e.g. the existence of pending merger activity, public offerings or tender offers that might affect the value of the security).

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, which was 0.30% at April 30, 2016.

E. 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 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.

18 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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).

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 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.

GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 19

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

5. Portfolio Securities Loaned

The Fund may lend portfolio securities to certain creditworthy borrowers, including the Fund’s securities lending agent. The loans are collateralized at all times by cash and/or high grade debt obligations in an amount at least equal to 102% of the market value of domestic securities loaned and 105% of foreign securities loaned as determined at the close of business on the preceding business day. The cash collateral received is held in a separately managed account established for the Fund and maintained by the lending agent exclusively for the investment of securities lending cash collateral on behalf of the Fund. The separately managed accounts invest in short-term investments valued at amortized cost, which approximates market value. The Fund receives compensation for lending securities from interest or dividends earned on the cash, cash equivalents or U.S. government securities held as collateral, net of fee rebates paid to the borrower plus reasonable administrative and custody fees paid to the lending agent. Such compensation is accrued daily and payable to the Fund monthly. The dividend and interest income earned on the securities loaned is accounted for in the same manner as other dividend and interest income. The borrower pays to the Fund an amount equal to any dividends or interest received on loaned securities. These payments from the borrower are not eligible for reduced tax rates as “qualified dividend income” under the Jobs and Growth Tax Reconciliation Act of 2003. The Fund retains all or a portion of the interest received on investment of cash collateral or receives a fee from the borrower. Lending portfolio securities could result in a loss or delay in recovering the Fund’s securities if the borrower defaults. The securities lending income earned by the Fund is disclosed on the Statement of Operations.

At April 30, 2016, the Fund participated in securities lending as follows:

Fund	Value of Securities Loaned		Cash Collateral		Non-Cash Collateral		Total Collateral
Guggenheim S&P 500® Equal Weight ETF	$	256,997,856	$	259,333,179	$	4,206,017	$	263,539,196

In the event of counterparty default, the Fund has the right to collect the collateral to offset losses incurred. There is potential loss to the Fund in the event the Fund is delayed or prevented from exercising its right 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 Fund seeks to assert its rights. GI, acting under the supervision of the Board, reviews the value of the collateral and the creditworthiness of those banks and dealers 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.

At April 30, 2016, 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	$	9,015,310,440	$	1,252,853,833	$	(670,747,172	)	$	582,106,661

20 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

7. Investment Transactions

For the period ended April 30, 2016, the Fund had investments transactions in-kind associated with subscriptions and redemptions as follows:

Fund	Subscriptions		Redemptions
Guggenheim S&P 500® Equal Weight ETF	$	939,534,242	$	1,434,691,438

For the period ended April 30, 2016, 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	$	1,197,077,028	$	1,144,755,853

The Fund is permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by a Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price to save costs, where permissible. For the period April 30, 2016, the Fund engaged in purchases and sales of securities, pursuant to Rule 17a-7 of the 1940 Act, as follows:

Fund	Purchases		Sales		Realized Loss
Guggenheim S&P 500® Equal Weight ETF	$	170,809,633	$	97,904,618	$	(8,146,738	)

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.

GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 21

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.

On March 29, 2016, the U.S. Court of Appeals for the Second Circuit issued its opinion on the appeal of the SLCFC actions. The appeals court affirmed the district court’s dismissal of those lawsuits, but on different grounds than the district court. The appeals court held that while the plaintiffs have standing under the U.S. Bankruptcy Code, their claims were preempted by Section 546(e) of the Bankruptcy Code—the statutory safe harbor for settlement payments.

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.

9. Fund Merger

At a meeting held on October 14, 2015, GI recommended and the Board approved the following changes to the following Funds:

An Agreement and Plan of Reorganization (the “Agreement”) was unanimously approved by the Board providing for the reorganization of the Guggenheim Russell 1000^® Equal Weight ETF (the “Acquired Fund”) with and into the Guggenheim S&P 500^® Equal Weight ETF (the “Surviving Fund”), each a separate series of the Trust. The Agreement provides for: (a) the transfer of the assets and stated liabilities of the Acquired Fund in exchange for shares of the Surviving Fund and cash in lieu of fractional shares of the Surviving Fund, and (b) the pro rata distribution of shares of the Surviving Fund and cash in lieu of fractional shares of the Surviving Fund by the Acquired Fund to its shareholders, in complete liquidation of the Acquired Fund (the “Reorganization”).

The Reorganization was a tax-free transaction. GI, the investment adviser to both the Acquired Fund and the Surviving Fund, agreed to bear the costs (except for brokerage expenses incurred by the Acquired Fund prior to the Reorganization) directly related to the Reorganization.

The Reorganization occurred at close of business January 26, 2016, and was effective at market open on January 27, 2016.

22 | 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.

Sector Classification

Information in the “Schedule of Investments” is categorized by sectors using sector-level Classifications defined by the Bloomberg Industry Classification System, a widely recognized industry classification system provider. Each Fund’s registration statement has investment policies relating to concentration in specific sectors/industries. For purposes of these investment policies, the Funds usually classify sectors/industries based on industry-level Classifications used by widely recognized industry classification system providers such as Bloomberg Industry Classification System, Global Industry Classification Standards and Barclays Global Classification Scheme.

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 | 23

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).	236	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.	134	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.	134	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.	134	None.

24 | 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; 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).	134	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).	134	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).	134	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 | 25

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.

26 | 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 | 27

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.

28 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT

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Item 2. Code of Ethics.

Not applicable for a semiannual reporting period.

Item 3. Audit Committee Financial Expert.

Not applicable for a semiannual reporting period.

Item 4. Principal Accountant Fees and Services.

Not applicable for a semiannual reporting period.

 Item 5.  Audit Committee of Listed Registrants.

Not applicable for a semiannual reporting period.

Item 6. Investments.

Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8.  Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11. Controls and Procedures.

(a) The registrant’s President (principal executive officer) and Treasurer (principal financial officer) have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.

(b) The registrant’s principal executive officer and principal financial officer are aware of no change in the registrant’s internal control over financial reporting that occurred during the registrant’s second fiscal quarter covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(2)     Separate certifications by the President (principal executive officer) and Treasurer (principal financial officer) of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)) are attached.

(b)         A certification by the registrant’s President (principal executive officer) and Treasurer (principal financial officer) as required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)) is attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)		Rydex ETF Trust
By (Signature and Title)*		/s/ Donald C. Cacciapaglia
		Donald C. Cacciapaglia, President and Chief Executive Officer
Date	July 8, 2016

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 and Chief Executive Officer
Date	July 8, 2016
By (Signature and Title)*		/s/ Nikolaos Bonos
		Nikolaos Bonos, Vice President and Treasurer
Date	July 8, 2016

^* Print the name and title of each signing officer under his or her signature.