SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Exact name of registrant as specified in charter)
Rockville, Maryland 20850
(Address of principal executive offices) (Zip code)
805 King Farm Boulevard, Suite 600
Rockville, Maryland 20850
(Name and address of agent for service)
|
4.30.2017
Guggenheim ETFs Funds 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 |
OEW | Guggenheim S&P 100® 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 |
GuggenheimInvestments.com | ETF-SEMI-0417x1017 |
TABLE OF CONTENTS |
DEAR SHAREHOLDER | 2 |
ECONOMIC AND MARKET OVERVIEW | 3 |
FEES AND EXPENSES | 5 |
PORTFOLIO SUMMARY | 7 |
SCHEDULES OF INVESTMENTS | 21 |
STATEMENTS OF ASSETS AND LIABILITIES | 59 |
STATEMENTS OF OPERATIONS | 63 |
STATEMENTS OF CHANGES IN NET ASSETS | 67 |
FINANCIAL HIGHLIGHTS | 74 |
NOTES TO FINANCIAL STATEMENTS | 88 |
OTHER INFORMATION | 97 |
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS | 98 |
GUGGENHEIM INVESTMENTS PRIVACY POLICIES | 102 |
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 1 |
| April 30, 2017 |
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, 2017.
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 and Chief Executive Officer
May 31, 2017
This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.
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. Please review a prospectus carefully for more information of the risks associated with each ETF.
2 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
ECONOMIC AND MARKET OVERVIEW (Unaudited) | April 30, 2017 |
The Standard & Poor’s 500® (“S&P 500”) Index* delivered double-digit return for the six months ended April 30, 2017. Spreads on high-yield corporate bonds, bank loans, and investment-grade bonds were driven to near-2014 lows by strong inflows from mutual funds and institutional investors. Yet the conditions that sparked the rally in these markets—the promises of pro-growth fiscal policies—have yet to see much progress on the legislative front. This has caused many investors to reduce risk exposure as they hedge against the growing potential for disappointing news out of Washington.
Nonetheless, the global macroeconomic environment remains positive. China has stabilized, Europe is recovering, corporate earnings in the United States are rising, and a U.S. recession appears unlikely before 2019.
Tracking estimates for first-quarter real Gross Domestic Product (“GDP”) growth gradually fell throughout the quarter despite strong gains in consumer and business sentiment since the election. After the period ended, on April 28, the advance release of first quarter GDP came in at a tepid 0.7 percent (and a second reading on May 26 was revised to 1.2 percent). We attribute a large portion of the apparent weakness to seasonal factors that have depressed as-reported first-quarter GDP growth over the past several years. In keeping with this pattern, we would expect the final first-quarter GDP number to be revised higher once benchmark GDP revisions are released in July. More importantly, the prospects for quarterly U.S. GDP growth are better going forward, and we expect a strong bounce back in the second quarter.
Our medium-term growth outlook has dimmed marginally as a result of the minimal progress seen to date on the Trump administration’s fiscal policy initiatives. The ongoing struggle to create a healthcare bill has sapped early legislative momentum, and tax reform will be a politically fraught process. Nevertheless, financial conditions have eased since the election, despite U.S. Federal Reserve (the “Fed”) rate hikes in December and March, and we continue to expect the economy to expand faster than its potential growth rate. This should push the unemployment rate to under 4.1 percent by the end of 2018, well below its natural rate of 4.7 percent, and support a continued gradual rise in underlying inflation, which is nearing the Fed’s 2 percent goal.
In light of these trends, we believe that the market is underpricing the likely pace of rate hikes by the Fed in 2017 and 2018. Importantly, Fed Chair Janet Yellen noted in March that the Federal Open Market Committee (“FOMC”) baseline forecast of two additional rate increases in 2017 and three more in 2018 was not conditioned on expectations for fiscal stimulus. Rather, it reflected a need to gradually remove accommodation due to the fact that the Fed has essentially achieved its dual mandate objectives for employment and inflation. Fiscal easing, if it materializes, could result in a faster pace of tightening, she explained, as could a further overshooting of the Fed’s labor market objectives.
Markets are skeptical and are pricing in 1.5 more rate hikes in 2017 and fewer than 1.5 rate hikes in 2018, according to fed funds futures contracts. We expect that the Fed will deliver two more rate hikes in 2017 and another four in 2018. Fed policymakers also appear set to formally announce a change in their balance sheet policy later this year, likely in September. In the coming months we are likely to learn further details on how the Fed intends to begin to shrink its portfolio.
For the six months ended April 30, 2017, the S&P 500 Index returned 13.32 percent. The MSCI Europe-Australasia-Far East (“EAFE”) Index* returned 11.47 percent. The return of the MSCI Emerging Markets Index* was 8.88 percent.
In the bond market, the Bloomberg Barclays U.S. Aggregate Bond Index* posted a -0.67 percent return for the period, while the Bloomberg Barclays U.S. Corporate High Yield Index* returned 5.30 percent. The return of the Bank of America (“BofA”) Merrill Lynch 3-Month U.S. Treasury Bill Index* was 0.23 percent 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.
Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including U.S. Treasuries, government-related and corporate securities, mortgage-backed securities or “MBS” (agency fixed-rate and hybrid adjustable-rate mortgage, or “ARM”, pass-throughs), asset-backed securities (“ABS”), and commercial mortgage-backed securities (“CMBS”) (agency and non-agency).
Bloomberg Barclays U.S. Corporate High Yield Index measures the U.S. dollar-denominated, high yield, fixed-rate corporate bond market. 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, 2017 |
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) |
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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, 2016 and held for the six months ended April 30, 2017.
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 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) |
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| Expense | Fund | Beginning | Ending | Expenses |
Table 1. Based on actual Fund return3 | |||||
Guggenheim MSCI Emerging Markets Equal Country Weight ETF | 0.67% | 6.97% | $ 1,000.00 | $ 1,069.70 | $ 3.44 |
Guggenheim S&P MidCap 400® Equal Weight ETF | 0.41% | 16.22% | 1,000.00 | 1,162.20 | 2.20 |
Guggenheim S&P SmallCap 600® Equal Weight ETF | 0.41% | 17.86% | 1,000.00 | 1,178.60 | 2.21 |
Guggenheim S&P 100® Equal Weight ETF | 0.41% | 12.17% | 1,000.00 | 1,121.70 | 2.16 |
Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF | 0.40% | 10.28% | 1,000.00 | 1,102.80 | 2.09 |
Guggenheim S&P 500® Equal Weight Consumer Staples ETF | 0.40% | 4.60% | 1,000.00 | 1,046.00 | 2.03 |
Guggenheim S&P 500® Equal Weight Energy ETF | 0.40% | (0.33%) | 1,000.00 | 996.70 | 1.98 |
Guggenheim S&P 500® Equal Weight Financials ETF | 0.40% | 20.37% | 1,000.00 | 1,203.70 | 2.19 |
Guggenheim S&P 500® Equal Weight Health Care ETF | 0.40% | 14.30% | 1,000.00 | 1,143.00 | 2.13 |
Guggenheim S&P 500® Equal Weight Industrials ETF | 0.40% | 16.42% | 1,000.00 | 1,164.20 | 2.15 |
Guggenheim S&P 500® Equal Weight Materials ETF | 0.40% | 15.27% | 1,000.00 | 1,152.70 | 2.14 |
Guggenheim S&P 500® Equal Weight Real Estate ETF | 0.41% | 5.24% | 1,000.00 | 1,052.40 | 2.09 |
Guggenheim S&P 500® Equal Weight Technology ETF | 0.40% | 17.86% | 1,000.00 | 1,178.60 | 2.16 |
Guggenheim S&P 500® Equal Weight Utilities ETF | 0.40% | 6.35% | 1,000.00 | 1,063.50 | 2.05 |
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Table 2. Based on hypothetical 5% return (before expenses) | |||||
Guggenheim MSCI Emerging Markets Equal Country Weight ETF | 0.67% | 5.00% | $ 1,000.00 | $ 1,021.47 | $ 3.36 |
Guggenheim S&P MidCap 400® Equal Weight ETF | 0.41% | 5.00% | 1,000.00 | 1,022.76 | 2.06 |
Guggenheim S&P SmallCap 600® Equal Weight ETF | 0.41% | 5.00% | 1,000.00 | 1,022.76 | 2.06 |
Guggenheim S&P 100® Equal Weight ETF | 0.41% | 5.00% | 1,000.00 | 1,022.76 | 2.06 |
Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF | 0.40% | 5.00% | 1,000.00 | 1,022.81 | 2.01 |
Guggenheim S&P 500® Equal Weight Consumer Staples ETF | 0.40% | 5.00% | 1,000.00 | 1,022.81 | 2.01 |
Guggenheim S&P 500® Equal Weight Energy ETF | 0.40% | 5.00% | 1,000.00 | 1,022.81 | 2.01 |
Guggenheim S&P 500® Equal Weight Financials ETF | 0.40% | 5.00% | 1,000.00 | 1,022.81 | 2.01 |
Guggenheim S&P 500® Equal Weight Health Care ETF | 0.40% | 5.00% | 1,000.00 | 1,022.81 | 2.01 |
Guggenheim S&P 500® Equal Weight Industrials ETF | 0.40% | 5.00% | 1,000.00 | 1,022.81 | 2.01 |
Guggenheim S&P 500® Equal Weight Materials ETF | 0.40% | 5.00% | 1,000.00 | 1,022.81 | 2.01 |
Guggenheim S&P 500® Equal Weight Real Estate ETF | 0.41% | 5.00% | 1,000.00 | 1,022.76 | 2.06 |
Guggenheim S&P 500® Equal Weight Technology ETF | 0.40% | 5.00% | 1,000.00 | 1,022.81 | 2.01 |
Guggenheim S&P 500® Equal Weight Utilities ETF | 0.40% | 5.00% | 1,000.00 | 1,022.81 | 2.01 |
1 | Annualized and excludes expenses of the underlying funds in which the Funds invest. |
2 | Expenses are equal to the Fund’s annualized expense ratio, net of any applicable fee waivers, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
3 | Actual cumulative return at net asset value for the period October 31, 2016 to April 30, 2017. |
6 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
PORTFOLIO SUMMARY (Unaudited) | April 30, 2017 |
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 | 4.7% |
Commercial International Bank Egypt SAE GDR | 2.6% |
Credicorp Ltd. | 2.5% |
OTP Bank plc | 2.3% |
Komercni Banka AS | 1.5% |
CEZ AS | 1.4% |
Taiwan Semiconductor Manufacturing Company Ltd. ADR | 1.3% |
Samsung Electronics Company Ltd. GDR | 1.3% |
Qatar National Bank QPSC | 1.1% |
MOL Hungarian Oil & Gas plc | 1.1% |
Top Ten Total | 19.8% |
“Ten Largest Holdings” excludes any temporary cash investments.
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 7 |
PORTFOLIO SUMMARY (Unaudited) | April 30, 2017 |
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) |
Akorn, Inc. | 0.4% |
Panera Bread Co. — Class A | 0.3% |
Aaron's, Inc. | 0.3% |
Align Technology, Inc. | 0.3% |
Sprouts Farmers Market, Inc. | 0.3% |
Chemours Co. | 0.3% |
Tupperware Brands Corp. | 0.3% |
Cabela's, Inc. | 0.3% |
Teradyne, Inc. | 0.3% |
Cirrus Logic, Inc. | 0.3% |
Top Ten Total | 3.1% |
“Ten Largest Holdings” excludes any temporary cash investments.
8 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
PORTFOLIO SUMMARY (Unaudited) | April 30, 2017 |
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) |
General Communication, Inc. — Class A | 0.3% |
Impax Laboratories, Inc. | 0.3% |
MiMedx Group, Inc. | 0.2% |
Ruby Tuesday, Inc. | 0.2% |
QuinStreet, Inc. | 0.2% |
iRobot Corp. | 0.2% |
Lumber Liquidators Holdings, Inc. | 0.2% |
RH | 0.2% |
ILG, Inc. | 0.2% |
eHealth, Inc. | 0.2% |
Top Ten Total | 2.2% |
“Ten Largest Holdings” excludes any temporary cash investments.
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 9 |
PORTFOLIO SUMMARY (Unaudited) | April 30, 2017 |
GUGGENHEIM S&P 100® 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) |
PayPal Holdings, Inc. | 1.1% |
Caterpillar, Inc. | 1.1% |
Starbucks Corp. | 1.1% |
McDonald's Corp. | 1.1% |
Amazon.com, Inc. | 1.1% |
Facebook, Inc. — Class A | 1.1% |
Costco Wholesale Corp. | 1.1% |
Wal-Mart Stores, Inc. | 1.1% |
Home Depot, Inc. | 1.1% |
United Technologies Corp. | 1.1% |
Top Ten Total | 11.0% |
“Ten Largest Holdings” excludes any temporary cash investments.
10 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
PORTFOLIO SUMMARY (Unaudited) | April 30, 2017 |
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) |
Wynn Resorts Ltd. | 1.5% |
Chipotle Mexican Grill, Inc. — Class A | 1.4% |
Best Buy Co., Inc. | 1.4% |
Wyndham Worldwide Corp. | 1.4% |
Darden Restaurants, Inc. | 1.4% |
Staples, Inc. | 1.4% |
PVH Corp. | 1.3% |
Dollar Tree, Inc. | 1.3% |
Starbucks Corp. | 1.3% |
Royal Caribbean Cruises Ltd. | 1.3% |
Top Ten Total | 13.7% |
“Ten Largest Holdings” excludes any temporary cash investments.
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 11 |
PORTFOLIO SUMMARY (Unaudited) | April 30, 2017 |
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) |
Whole Foods Market, Inc. | 3.3% |
Constellation Brands, Inc. — Class A | 2.9% |
Costco Wholesale Corp. | 2.9% |
Wal-Mart Stores, Inc. | 2.9% |
Reynolds American, Inc. | 2.9% |
PepsiCo, Inc. | 2.8% |
Kroger Co. | 2.8% |
Mondelez International, Inc. — Class A | 2.8% |
CVS Health Corp. | 2.8% |
Coca-Cola Co. | 2.7% |
Top Ten Total | 28.8% |
“Ten Largest Holdings” excludes any temporary cash investments.
12 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
PORTFOLIO SUMMARY (Unaudited) | April 30, 2017 |
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) |
Williams Companies, Inc. | 3.2% |
Baker Hughes, Inc. | 3.2% |
ConocoPhillips | 3.2% |
Hess Corp. | 3.1% |
Cabot Oil & Gas Corp. — Class A | 3.1% |
Marathon Petroleum Corp. | 3.1% |
Chesapeake Energy Corp. | 3.1% |
Equities Corp. | 3.1% |
Newfield Exploration Co. | 3.0% |
Phillips 66 | 3.0% |
Top Ten Total | 31.1% |
“Ten Largest Holdings” excludes any temporary cash investments.
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 13 |
PORTFOLIO SUMMARY (Unaudited) | April 30, 2017 |
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) |
Moody's Corp. | 1.7% |
State Street Corp. | 1.7% |
Navient Corp. | 1.7% |
Aflac, Inc. | 1.7% |
Willis Towers Watson plc | 1.6% |
Invesco Ltd. | 1.6% |
CBOE Holdings, Inc. | 1.6% |
XL Group Ltd. | 1.6% |
Principal Financial Group, Inc. | 1.6% |
S&P Global, Inc. | 1.6% |
Top Ten Total | 16.4% |
“Ten Largest Holdings” excludes any temporary cash investments.
14 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
PORTFOLIO SUMMARY (Unaudited) | April 30, 2017 |
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) |
Vertex Pharmaceuticals, Inc. | 2.1% |
CR Bard, Inc. | 2.0% |
Edwards Lifesciences Corp. | 1.9% |
Cerner Corp. | 1.9% |
Intuitive Surgical, Inc. | 1.9% |
IDEXX Laboratories, Inc. | 1.8% |
Illumina, Inc. | 1.8% |
Centene Corp. | 1.8% |
Waters Corp. | 1.8% |
Boston Scientific Corp. | 1.8% |
Top Ten Total | 18.8% |
“Ten Largest Holdings” excludes any temporary cash investments.
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 15 |
PORTFOLIO SUMMARY (Unaudited) | April 30, 2017 |
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) |
Ingersoll-Rand plc | 1.7% |
Caterpillar, Inc. | 1.6% |
Flowserve Corp. | 1.6% |
Masco Corp. | 1.6% |
Fortive Corp. | 1.6% |
Pentair plc | 1.6% |
Rockwell Collins, Inc. | 1.6% |
AMETEK, Inc. | 1.6% |
TransDigm Group, Inc. | 1.6% |
Xylem, Inc. | 1.6% |
Top Ten Total | 16.1% |
“Ten Largest Holdings” excludes any temporary cash investments.
16 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
PORTFOLIO SUMMARY (Unaudited) | April 30, 2017 |
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) |
FMC Corp. | 4.7% |
International Flavors & Fragrances, Inc. | 4.3% |
PPG Industries, Inc. | 4.2% |
Sherwin-Williams Co. | 4.2% |
Praxair, Inc. | 4.1% |
International Paper Co. | 4.1% |
Albemarle Corp. | 4.1% |
WestRock Co. | 4.1% |
Ball Corp. | 4.0% |
Ecolab, Inc. | 4.0% |
Top Ten Total | 41.8% |
“Ten Largest Holdings” excludes any temporary cash investments.
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 17 |
PORTFOLIO SUMMARY (Unaudited) | April 30, 2017 |
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) |
American Tower Corp. — Class A | 3.5% |
Digital Realty Trust, Inc. | 3.5% |
Prologis, Inc. | 3.5% |
Equinix, Inc. | 3.5% |
Essex Property Trust, Inc. | 3.4% |
Welltower, Inc. | 3.4% |
UDR, Inc. | 3.4% |
AvalonBay Communities, Inc. | 3.4% |
Ventas, Inc. | 3.3% |
HCP, Inc. | 3.3% |
Top Ten Total | 34.2% |
“Ten Largest Holdings” excludes any temporary cash investments.
18 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
PORTFOLIO SUMMARY (Unaudited) | April 30, 2017 |
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) |
Lam Research Corp. | 1.7% |
Western Digital Corp. | 1.7% |
DXC Technology Co. | 1.7% |
PayPal Holdings, Inc. | 1.6% |
Hewlett Packard Enterprise Co. | 1.6% |
Adobe Systems, Inc. | 1.6% |
Micron Technology, Inc. | 1.6% |
Facebook, Inc. — Class A | 1.5% |
HP, Inc. | 1.5% |
Juniper Networks, Inc. | 1.5% |
Top Ten Total | 16.0% |
“Ten Largest Holdings” excludes any temporary cash investments.
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 19 |
PORTFOLIO SUMMARY (Unaudited) | April 30, 2017 |
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) |
CenturyLink, Inc. | 3.4% |
Level 3 Communications, Inc. | 3.3% |
American Water Works Co., Inc. | 3.2% |
PPL Corp. | 3.2% |
Consolidated Edison, Inc. | 3.2% |
DTE Energy Co. | 3.2% |
Pinnacle West Capital Corp. | 3.2% |
NiSource, Inc. | 3.2% |
American Electric Power Company, Inc. | 3.2% |
Entergy Corp. | 3.2% |
Top Ten Total | 32.3% |
“Ten Largest Holdings” excludes any temporary cash investments.
20 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2017 |
GUGGENHEIM MSCI EMERGING MARKETS EQUAL COUNTRY WEIGHT ETF |
| Shares | Value | ||||||
COMMON STOCKS† - 92.1% | ||||||||
Financial - 37.3% | ||||||||
Commercial International Bank Egypt SAE GDR | 74,310 | $ | 317,676 | |||||
Credicorp Ltd. | 2,047 | 314,542 | ||||||
OTP Bank plc | 9,934 | 279,545 | ||||||
Komercni Banka AS | 4,915 | 190,455 | ||||||
Qatar National Bank QPSC | 3,478 | 137,351 | ||||||
Bancolombia S.A. ADR | 3,200 | 126,368 | ||||||
Emaar Properties PJSC | 52,203 | 102,047 | ||||||
Moneta Money Bank AS1 | 30,000 | 96,895 | ||||||
Powszechna Kasa Oszczednosci Bank Polski S.A.* | 10,356 | 94,162 | ||||||
Alpha Bank AE* | 43,000 | 91,308 | ||||||
Grupo de Inversiones Suramericana S.A. | 6,700 | 88,261 | ||||||
Turkiye Garanti Bankasi AS ADR | 31,270 | 85,367 | ||||||
Bank Central Asia Tbk PT | 62,000 | 82,564 | ||||||
First Abu Dhabi Bank PJSC | 26,855 | 80,426 | ||||||
Akbank TAS ADR | 14,336 | 77,128 | ||||||
Masraf Al Rayan QSC | 6,515 | 74,878 | ||||||
Powszechny Zaklad Ubezpieczen S.A. | 6,080 | 67,047 | ||||||
Sberbank of Russia PJSC ADR | 5,500 | 65,395 | ||||||
Bank Pekao S.A. | 1,752 | 63,445 | ||||||
Public Bank BHD | 13,600 | 62,533 | ||||||
Siam Commercial Bank PCL | 13,522 | 60,984 | ||||||
Ayala Land, Inc. | 77,385 | 54,672 | ||||||
National Bank of Greece S.A. ADR* | 162,000 | 52,326 | ||||||
Malayan Banking BHD | 23,600 | 52,082 | ||||||
Bank Rakyat Indonesia Persero Tbk PT | 50,900 | 49,262 | ||||||
Banco Bradesco S.A. ADR | 4,487 | 47,338 | ||||||
SM Prime Holdings, Inc. | 79,200 | 47,236 | ||||||
Bank Zachodni WBK S.A. | 514 | 47,173 | ||||||
Eurobank Ergasias S.A.* | 58,000 | 46,611 | ||||||
Banco de Chile ADR | 630 | 46,160 | ||||||
Ezdan Holding Group QSC | 10,913 | 45,854 | ||||||
Ayala Corp. | 2,640 | 45,783 | ||||||
BDO Unibank, Inc. | 19,040 | 45,690 | ||||||
Abu Dhabi Commercial Bank PJSC | 24,232 | 45,654 | ||||||
Grupo Financiero Banorte SAB de CV — Class O | 7,818 | 44,883 | ||||||
Banco Santander Chile ADR | 1,840 | 43,479 | ||||||
Piraeus Bank S.A.* | 204,000 | 43,318 | ||||||
Qatar Islamic Bank SAQ | 1,376 | 38,167 | ||||||
Bank Mandiri Persero Tbk PT | 41,500 | 36,428 | ||||||
Qatar Insurance Company SAQ | 1,735 | 33,830 | ||||||
Turkiye Is Bankasi — Class C | 16,780 | 33,100 | ||||||
CIMB Group Holdings BHD | 23,600 | 31,206 | ||||||
China Construction Bank Corp. ADR | 1,875 | 30,469 | ||||||
VTB Bank PJSC GDR | 13,066 | 30,196 | ||||||
FirstRand Ltd. | 7,996 | 29,782 | ||||||
mBank S.A.* | 264 | 29,453 | ||||||
Aldar Properties PJSC | 50,027 | 29,147 | ||||||
Emaar Malls PJSC | 38,108 | 26,664 | ||||||
Bank Negara Indonesia Persero Tbk PT | 55,600 | 26,592 | ||||||
Corporation Financiera Colombiana S.A. | 2,752 | 26,318 | ||||||
Banco Bradesco ADR | 2,594 | 25,888 | ||||||
Central Pattana PCL | 14,714 | 25,523 | ||||||
Turkiye Halk Bankasi AS | 7,534 | 24,974 | ||||||
Doha Bank QSC | 2,754 | 23,673 | ||||||
Standard Bank Group Ltd. ADR2 | 2,136 | 23,496 | ||||||
Dubai Islamic Bank PJSC | 14,676 | 23,454 | ||||||
Banco do Brasil S.A. ADR | 2,242 | 23,003 | ||||||
Banco de Credito e Inversiones | 393 | 21,830 | ||||||
Industrial & Commercial Bank of China Ltd. ADR2 | 1,639 | 21,471 | ||||||
Banco Santander Brasil S.A. ADR | 2,400 | 20,568 | ||||||
Bangkok Bank PCL | 3,941 | 20,451 | ||||||
Krung Thai Bank PCL | 35,197 | 20,147 | ||||||
GT Capital Holdings, Inc. | 780 | 19,670 | ||||||
Emlak Konut Gayrimenkul Yatirim Ortakligi AS | 22,220 | 18,445 | ||||||
BB Seguridade Participacoes S.A. ADR | 1,961 | 18,431 | ||||||
Nedbank Group Ltd. | 1,088 | 18,327 | ||||||
Hana Financial Group, Inc. | 528 | 18,189 | ||||||
RMB Holdings Ltd. | 3,832 | 17,563 | ||||||
China Overseas Land & Investment Ltd. | 6,000 | 17,435 | ||||||
Bank of China Ltd. ADR2 | 1,414 | 17,138 | ||||||
China Evergrande Group2 | 16,000 | 17,095 | ||||||
Pakuwon Jati Tbk PT | 348,000 | 16,318 | ||||||
AMMB Holdings BHD | 12,800 | 16,158 | ||||||
Country Garden Holdings Company Ltd. | 16,000 | 15,223 | ||||||
Barclays Africa Group Ltd. | 1,386 | 15,223 | ||||||
KB Financial Group, Inc. ADR | 342 | 14,867 | ||||||
Growthpoint Properties Ltd. | 7,760 | 14,855 | ||||||
Turkiye Vakiflar Bankasi TAO — Class D | 8,660 | 14,792 | ||||||
Bank of the Philippine Islands | 7,000 | 14,682 | ||||||
Redefine Properties Ltd. | 17,860 | 14,679 | ||||||
CTBC Financial Holding Company Ltd. | 23,349 | 14,588 | ||||||
Shinhan Financial Group Company Ltd. ADR2 | 348 | 14,532 | ||||||
Sanlam Ltd. ADR | 1,268 | 13,584 | ||||||
Alior Bank S.A.* | 694 | 13,337 | ||||||
Ping An Insurance Group Company of China Ltd. ADR2 | 1,158 | 13,143 | ||||||
PICC Property & Casualty Company Ltd. — Class H | 8,000 | 12,878 | ||||||
Mega Financial Holding Company Ltd. | 16,000 | 12,860 | ||||||
Fibra Uno Administracion S.A. de CV | 7,358 | 12,748 | ||||||
Hong Leong Bank BHD | 4,000 | 12,716 | ||||||
Shanghai Industrial Holdings Ltd. | 4,000 | 12,652 | ||||||
Fubon Financial Holding Company Ltd. | 8,000 | 12,542 | ||||||
Grupo Financiero Inbursa SAB de CV — Class O | 7,358 | 12,326 | ||||||
Yapi ve Kredi Bankasi AS* | 10,032 | 12,167 | ||||||
Grupo Financiero Santander Mexico SAB de CV — Class B | 6,657 | 11,997 | ||||||
E.Sun Financial Holding Company Ltd. | 19,130 | 11,571 | ||||||
Cathay Financial Holding Company Ltd. | 7,000 | 11,230 | ||||||
First Financial Holding Company Ltd. | 17,806 | 10,859 | ||||||
Hyundai Marine & Fire Insurance Company Ltd. | 332 | 10,708 | ||||||
Discovery Ltd. | 1,060 | 10,597 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 21 |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2017 |
GUGGENHEIM MSCI EMERGING MARKETS EQUAL COUNTRY WEIGHT ETF |
| Shares | Value | ||||||
China Merchants Bank Company Ltd. — Class H | 4,000 | $ | 10,389 | |||||
China Life Insurance Company Ltd. ADR2 | 631 | 9,585 | ||||||
Samsung Fire & Marine Insurance Company Ltd. | 40 | 9,421 | ||||||
China Resources Land Ltd. | 3,283 | 9,118 | ||||||
China Life Insurance Company Ltd. | 9,152 | 8,524 | ||||||
Robinsons Land Corp. | 16,400 | 8,419 | ||||||
NH Investment & Securities Company Ltd. | 636 | 7,377 | ||||||
Longfor Properties Company Ltd. | 4,000 | 6,933 | ||||||
Samsung Securities Company Ltd. | 216 | 6,568 | ||||||
Brait SE* | 1,005 | 6,407 | ||||||
Bank of Communications Company Ltd. — Class H | 8,000 | 6,161 | ||||||
China Pacific Insurance Group Company Ltd. — Class H | 1,600 | 5,914 | ||||||
CITIC Ltd. | 4,000 | 5,801 | ||||||
Mirae Asset Daewoo Company Ltd. | 736 | 5,770 | ||||||
China CITIC Bank Corporation Ltd. — Class H | 8,000 | 5,071 | ||||||
Total Financial | 4,639,311 | |||||||
Communications - 11.1% | ||||||||
Naspers Ltd. ADR | 6,760 | 130,056 | ||||||
Emirates Telecommunications Group Company PJSC | 25,818 | 122,659 | ||||||
America Movil SAB de CV — Class L ADR2 | 6,100 | 93,879 | ||||||
Global Telecom Holding SAE GDR*,†† | 47,804 | 93,217 | ||||||
Tencent Holdings Ltd. ADR | 2,909 | 91,197 | ||||||
Hellenic Telecommunications Organization S.A. | 8,592 | 83,551 | ||||||
Telekomunikasi Indonesia Persero Tbk PT | 243,200 | 79,735 | ||||||
O2 Czech Republic AS | 5,100 | 60,218 | ||||||
Alibaba Group Holding Ltd. ADR* | 519 | 59,944 | ||||||
Grupo Televisa SAB ADR | 2,000 | 48,600 | ||||||
Turkcell Iletisim Hizmetleri AS ADR* | 5,412 | 47,355 | ||||||
Ooredoo QSC | 1,548 | 44,128 | ||||||
PLDT, Inc. ADR | 901 | 31,995 | ||||||
Advanced Info Service PCL | 5,848 | 29,587 | ||||||
China Mobile Ltd. ADR | 496 | 26,447 | ||||||
MTN Group Ltd. ADR | 2,711 | 25,619 | ||||||
NAVER Corp. | 32 | 22,497 | ||||||
Baidu, Inc. ADR* | 120 | 21,628 | ||||||
DiGi.com BHD | 17,600 | 20,839 | ||||||
Chunghwa Telecom Company Ltd. ADR2 | 564 | 19,086 | ||||||
Telefonica Brasil S.A. ADR | 1,261 | 18,650 | ||||||
Axiata Group BHD | 14,800 | 17,558 | ||||||
Turk Telekomunika ADR | 4,800 | 16,992 | ||||||
Rostelecom PJSC ADR | 1,981 | 15,571 | ||||||
Cyfrowy Polsat S.A.* | 2,289 | 14,325 | ||||||
Maxis BHD | 9,600 | 14,109 | ||||||
Vodacom Group Ltd. ADR2 | 1,240 | 14,039 | ||||||
Globe Telecom, Inc. | 330 | 13,724 | ||||||
True Corporation PCL* | 68,614 | 12,993 | ||||||
Orange Polska S.A. | 10,336 | 12,330 | ||||||
JD.com, Inc. ADR* | 325 | 11,398 | ||||||
Sistema PJSC FC GDR | 1,312 | 11,034 | ||||||
Telekom Malaysia BHD | 7,200 | 10,715 | ||||||
Ctrip.com International Ltd. ADR*,2 | 200 | 10,102 | ||||||
China Unicom Hong Kong Ltd. ADR2 | 734 | 9,527 | ||||||
Samsung SDI Company Ltd. | 68 | 8,217 | ||||||
TIM Participacoes S.A. ADR | 484 | 7,797 | ||||||
China Telecom Corporation Ltd. ADR | 156 | 7,647 | ||||||
Total Communications | 1,378,965 | |||||||
Consumer, Non-cyclical - 8.1% | ||||||||
Richter Gedeon Nyrt | 5,302 | 128,445 | ||||||
Fomento Economico Mexicano SAB de CV ADR | 700 | 63,028 | ||||||
Ambev S.A. ADR | 10,222 | 58,572 | ||||||
JG Summit Holdings, Inc. | 31,000 | 52,242 | ||||||
DP World Ltd. | 2,466 | 50,405 | ||||||
Cencosud S.A. | 14,208 | 40,509 | ||||||
Magnit PJSC GDR | 1,096 | 38,305 | ||||||
Universal Robina Corp. | 10,640 | 36,627 | ||||||
Unilever Indonesia Tbk PT | 10,800 | 36,057 | ||||||
BIM Birlesik Magazalar AS | 2,041 | 33,339 | ||||||
Shoprite Holdings Ltd. ADR2 | 1,484 | 23,536 | ||||||
Cia Cervecerias Unidas S.A. ADR | 912 | 23,502 | ||||||
Cielo S.A. ADR2 | 2,997 | 22,807 | ||||||
Bangkok Dusit Medical Services PCL — Class F | 33,532 | 19,679 | ||||||
IHH Healthcare BHD | 13,200 | 18,792 | ||||||
Kroton Educational S.A. ADR | 3,947 | 18,748 | ||||||
Kalbe Farma Tbk PT | 156,400 | 18,598 | ||||||
Charoen Pokphand Foods PCL | 23,923 | 18,501 | ||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS | 3,276 | 18,455 | ||||||
PPB Group BHD | 4,600 | 17,908 | ||||||
Tiger Brands Ltd. | 568 | 17,143 | ||||||
IOI Corporation BHD | 15,600 | 16,495 | ||||||
BRF S.A. ADR | 1,300 | 16,172 | ||||||
Charoen Pokphand Indonesia Tbk PT | 66,000 | 15,796 | ||||||
Aspen Pharmacare Holdings Ltd. | 756 | 15,660 | ||||||
Arca Continental SAB de CV | 2,100 | 15,367 | ||||||
Uni-President Enterprises Corp. | 8,320 | 15,360 | ||||||
Kuala Lumpur Kepong BHD | 2,400 | 13,556 | ||||||
Grupo Bimbo SAB de CV | 5,518 | 13,398 | ||||||
Gruma SAB de CV — Class B | 1,000 | 13,246 | ||||||
Coca-Cola Femsa SAB de CV | 1,722 | 12,415 | ||||||
KT&G Corp. | 132 | 11,774 | ||||||
Ulker Biskuvi Sanayi AS | 2,000 | 11,357 | ||||||
Indofood Sukses Makmur Tbk PT | 18,000 | 11,310 | ||||||
Kimberly-Clark de Mexico SAB de CV — Class A | 5,302 | 11,225 | ||||||
Hanjaya Mandala Sampoerna Tbk PT | 37,000 | 10,604 | ||||||
Eurocash S.A. | 1,035 | 9,173 | ||||||
Bidvest Group Ltd. | 724 | 8,629 | ||||||
Localiza Rent a Car SA ADR | 500 | 7,508 | ||||||
JBS S.A ADR | 1,071 | 6,929 | ||||||
Amorepacific Corp. | 27 | 6,929 | ||||||
LG Household & Health Care Ltd. | 9 | 6,849 |
22 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2017 |
GUGGENHEIM MSCI EMERGING MARKETS EQUAL COUNTRY WEIGHT ETF |
| Shares | Value | ||||||
Want Want China Holdings Ltd. | 8,000 | $ | 5,760 | |||||
Total Consumer, Non-cyclical | 1,010,710 | |||||||
Energy - 7.2% | ||||||||
MOL Hungarian Oil & Gas plc | 1,753 | 132,063 | ||||||
Polski Koncern Naftowy ORLEN S.A. | 3,408 | 101,858 | ||||||
Gazprom PJSC ADR | 17,567 | 83,443 | ||||||
PTT PCL | 6,567 | 73,853 | ||||||
LUKOIL PJSC ADR | 1,290 | 64,068 | ||||||
Ecopetrol S.A. ADR2 | 7,000 | 63,980 | ||||||
Polskie Gornictwo Naftowe i Gazownictwo S.A. | 26,948 | 45,964 | ||||||
Tatneft PJSC ADR | 856 | 33,504 | ||||||
Novatek PJSC GDR | 262 | 31,754 | ||||||
PTT Exploration & Production PCL | 11,122 | 31,270 | ||||||
Tupras Turkiye Petrol Rafinerileri AS | 1,225 | 30,851 | ||||||
Sasol Ltd. ADR2 | 874 | 26,674 | ||||||
Surgutneftegas OJSC ADR | 4,536 | 22,208 | ||||||
Petroleo Brasileiro S.A. ADR* | 2,384 | 21,480 | ||||||
Petronas Gas BHD | 4,800 | 20,434 | ||||||
Rosneft Oil Company PJSC GDR | 3,490 | 19,317 | ||||||
CNOOC Ltd. ADR | 164 | 19,049 | ||||||
SK Innovation Company Ltd. | 88 | 13,224 | ||||||
Ultrapar Participacoes S.A. ADR | 571 | 12,665 | ||||||
Jastrzebska Spolka Weglowa S.A.* | 600 | 12,105 | ||||||
Petronas Dagangan BHD | 2,100 | 11,639 | ||||||
China Petroleum & Chemical Corp. ADR | 103 | 8,381 | ||||||
PetroChina Company Ltd. ADR | 93 | 6,533 | ||||||
China Everbright International Ltd. | 4,000 | 5,410 | ||||||
Total Energy | 891,727 | |||||||
Consumer, Cyclical - 7.0% | ||||||||
Astra International Tbk PT | 123,200 | 82,725 | ||||||
OPAP S.A. | 8,204 | 81,297 | ||||||
JUMBO S.A. | 3,624 | 57,183 | ||||||
Latam Airlines Group S.A. ADR2 | 3,632 | 46,018 | ||||||
CP ALL PCL | 25,561 | 45,077 | ||||||
SM Investments Corp. | 3,060 | 44,584 | ||||||
SACI Falabella | 5,416 | 43,346 | ||||||
Wal-Mart de Mexico SAB de CV | 16,555 | 37,074 | ||||||
Arcelik AS | 4,900 | 32,678 | ||||||
Steinhoff International Holdings N.V. | 5,092 | 25,909 | ||||||
FF Group* | 1,216 | 25,874 | ||||||
Turk Hava Yollari AO* | 14,876 | 25,367 | ||||||
Genting Malaysia BHD | 17,200 | 23,258 | ||||||
Jollibee Foods Corp. | 5,480 | 23,033 | ||||||
Genting BHD | 10,000 | 22,668 | ||||||
Hyundai Motor Co. | 168 | 21,260 | ||||||
Woolworths Holdings Limited/South Africa | 3,378 | 18,299 | ||||||
LPP S.A. | 10 | 17,881 | ||||||
Minor International PCL | 16,300 | 17,553 | ||||||
CCC S.A. | 300 | 17,345 | ||||||
Hyundai Mobis Company Ltd. | 80 | 15,608 | ||||||
Matahari Department Store Tbk PT | 14,000 | 15,335 | ||||||
Bid Corporation Ltd. | 724 | 15,317 | ||||||
Kia Motors Corp. | 416 | 12,741 | ||||||
LG Corp. | 214 | 12,713 | ||||||
DXB Entertainments PJSC* | 45,000 | 11,823 | ||||||
Yum China Holdings, Inc.* | 320 | 10,918 | ||||||
Truworths International Ltd. | 1,563 | 10,105 | ||||||
Mr Price Group Ltd. | 802 | 9,414 | ||||||
Home Product Center PCL | 31,000 | 8,693 | ||||||
Dongfeng Motor Group Company Ltd. — Class H | 8,000 | 8,414 | ||||||
Cheng Shin Rubber Industry Company Ltd. | 4,000 | 8,260 | ||||||
Far Eastern New Century Corp. | 8,160 | 6,870 | ||||||
Great Wall Motor Company Ltd. — Class H | 6,000 | 6,511 | ||||||
Samsung C&T Corp. | 56 | 6,078 | ||||||
Total Consumer, Cyclical | 867,229 | |||||||
Basic Materials - 6.0% | ||||||||
Southern Copper Corp.2 | 2,929 | 103,599 | ||||||
Cia de Minas Buenaventura S.A.A. ADR | 6,551 | 78,678 | ||||||
Industries Qatar QSC | 2,401 | 68,773 | ||||||
KGHM Polska Miedz S.A. | 1,974 | 62,609 | ||||||
Sociedad Quimica y Minera de Chile S.A. ADR | 1,012 | 35,977 | ||||||
Grupo Mexico SAB de CV | 11,956 | 34,883 | ||||||
PTT Global Chemical PCL | 15,511 | 33,632 | ||||||
Empresas CMPC S.A. | 13,792 | 32,207 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 15,908 | 29,141 | ||||||
MMC Norilsk Nickel PJSC ADR | 1,586 | 24,401 | ||||||
Formosa Plastics Corp. | 8,000 | 24,050 | ||||||
Petronas Chemicals Group BHD | 12,800 | 21,526 | ||||||
POSCO ADR | 332 | 19,595 | ||||||
Industrias Penoles SAB de CV | 800 | 19,313 | ||||||
Nan Ya Plastics Corp. | 8,000 | 19,277 | ||||||
Vale S.A. ADR | 2,058 | 17,658 | ||||||
LG Chem Ltd. | 56 | 13,484 | ||||||
China Steel Corp. | 16,000 | 12,834 | ||||||
Formosa Chemicals & Fibre Corp. | 4,000 | 12,303 | ||||||
AngloGold Ashanti Ltd. ADR | 1,059 | 12,104 | ||||||
Fibria Celulose S.A. ADR*,2 | 1,179 | 10,823 | ||||||
Mexichem SAB de CV | 3,905 | 10,607 | ||||||
Grupa Azoty S.A. | 538 | 9,484 | ||||||
Gerdau S.A. ADR | 3,022 | 9,217 | ||||||
Hyundai Steel Co. | 188 | 9,070 | ||||||
Severstal PJSC GDR | 636 | 8,700 | ||||||
Synthos S.A. | 6,000 | 8,332 | ||||||
Korea Zinc Company Ltd. | 16 | 5,983 | ||||||
Total Basic Materials | 748,260 | |||||||
Utilities - 4.8% | ||||||||
CEZ AS | 10,212 | 178,257 | ||||||
Enel Americas S.A. ADR | 6,056 | 60,016 | ||||||
Tenaga Nasional BHD | 17,200 | 55,233 | ||||||
Interconexion Electrica S.A. ESP | 11,415 | 45,073 | ||||||
PGE Polska Grupa Energetyczna S.A. | 11,480 | 34,104 | ||||||
Enel Generacion Chile S.A. ADR | 1,216 | 27,944 | ||||||
Enel Chile S.A. ADR | 4,356 | 23,784 | ||||||
Aboitiz Power Corp. | 26,000 | 22,115 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 23 |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2017 |
GUGGENHEIM MSCI EMERGING MARKETS EQUAL COUNTRY WEIGHT ETF |
| Shares | Value | ||||||
Colbun S.A. | 94,312 | $ | 20,889 | |||||
RusHydro PJSC ADR | 12,033 | 18,350 | ||||||
Aguas Andinas S.A. — Class A | 31,616 | 17,892 | ||||||
Metro Pacific Investments Corp. | 132,000 | 17,383 | ||||||
Korea Electric Power Corp. ADR2 | 800 | 15,848 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo ADR | 1,680 | 15,456 | ||||||
Perusahaan Gas Negara Persero Tbk | 82,400 | 15,022 | ||||||
Centrais Eletricas Brasileiras S.A. ADR*,2 | 2,700 | 14,931 | ||||||
Qatar Electricity & Water Company QSC | 230 | 13,138 | ||||||
Total Utilities | 595,435 | |||||||
Industrial - 4.3% | ||||||||
Grupo Argos S.A. | 8,347 | 57,664 | ||||||
Cementos Argos S.A. | 12,385 | 49,910 | ||||||
Cemex SAB de CV ADR* | 5,400 | 49,788 | ||||||
Hon Hai Precision Industry Company Ltd. | 13,860 | 45,387 | ||||||
Titan Cement Company S.A. | 1,702 | 44,463 | ||||||
Airports of Thailand PCL | 36,000 | 41,891 | ||||||
United Tractors Tbk PT | 12,257 | 24,737 | ||||||
Delta Electronics, Inc. | 4,000 | 22,538 | ||||||
Qatar Gas Transport Company Ltd. | 3,500 | 19,128 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV ADR | 160 | 16,462 | ||||||
Semen Indonesia Persero Tbk PT | 24,000 | 15,890 | ||||||
BTS Group Holdings PCL | 61,960 | 15,226 | ||||||
Gamuda BHD | 12,400 | 15,054 | ||||||
Embraer S.A. ADR | 771 | 14,803 | ||||||
Indocement Tunggal Prakarsa Tbk PT | 11,600 | 14,751 | ||||||
Grupo Aeroportuario del Sureste SAB de CV — Class B | 727 | 13,684 | ||||||
LG Electronics, Inc. | 184 | 11,174 | ||||||
MISC BHD | 6,400 | 10,807 | ||||||
DMCI Holdings, Inc. | 40,000 | 10,295 | ||||||
Delta Electronics Thailand PCL | 3,600 | 9,575 | ||||||
Taiwan Cement Corp. | 8,000 | 9,307 | ||||||
Promotora y Operadora de Infraestructura SAB de CV | 837 | 8,859 | ||||||
LG Display Company Ltd. ADR | 592 | 7,619 | ||||||
China Communications Construction Company Ltd. — Class H | 4,000 | 5,503 | ||||||
Total Industrial | 534,515 | |||||||
Technology - 3.8% | ||||||||
Taiwan Semiconductor Manufacturing Company Ltd. ADR | 4,982 | 164,755 | ||||||
Samsung Electronics Company Ltd. GDR | 161 | 157,942 | ||||||
Advanced Semiconductor Engineering, Inc. ADR | 5,328 | 33,353 | ||||||
SK Hynix, Inc. | 652 | 30,941 | ||||||
MediaTek, Inc. | 4,000 | 28,769 | ||||||
SK Holdings Company Ltd. | 92 | 19,606 | ||||||
United Microelectronics Corp. ADR | 7,000 | 13,580 | ||||||
NetEase, Inc. ADR | 40 | 10,616 | ||||||
Quanta Computer, Inc. | 4,000 | 8,286 | ||||||
Total Technology | 467,848 | |||||||
Diversified - 2.5% | ||||||||
Empresas COPEC S.A. | 5,152 | 57,677 | ||||||
KOC Holding AS ADR | 2,040 | 48,022 | ||||||
Siam Cement PCL | 2,800 | 43,388 | ||||||
Aboitiz Equity Ventures, Inc. | 24,000 | 36,890 | ||||||
Sime Darby BHD | 14,400 | 30,950 | ||||||
Haci Omer Sabanci Holding AS | 10,120 | 30,129 | ||||||
Remgro Ltd.2 | 1,120 | 18,564 | ||||||
Grupo Carso SAB de CV | 3,000 | 13,679 | ||||||
IJM Corporation BHD | 16,800 | 13,545 | ||||||
Alfa SAB de CV — Class A | 8,737 | 11,910 | ||||||
CJ Corp. | 56 | 9,203 | ||||||
Total Diversified | 313,957 | |||||||
Total Common Stocks | ||||||||
(Cost $11,095,617) | 11,447,957 | |||||||
PREFERRED STOCKS† - 1.9% | ||||||||
Itau Unibanco Holding S.A. | 5,136 | 63,173 | ||||||
Grupo de Inversiones Suramericana | 3,323 | 42,379 | ||||||
Grupo Aval Acciones y Valores S.A. | 104,519 | 41,235 | ||||||
Samsung Electronics Company, Ltd. | 24 | 36,973 | ||||||
Petroleo Brasileiro S.A.* | 3,141 | 27,421 | ||||||
Vale S.A.2 | 3,109 | 25,525 | ||||||
Hyundai Motor Co. | 52 | 4,538 | ||||||
Total Preferred Stocks | ||||||||
(Cost $219,732) | 241,244 | |||||||
RIGHTS††† - 0.0%** | ||||||||
E.Sun Financial Holding Company Ltd. | ||||||||
Expires 05/02/173 | 1,145 | 123 | ||||||
China Everbright International Ltd. | ||||||||
Expires 12/31/173 | 49 | — | ||||||
Bank of Communications Company Ltd. | ||||||||
Expires 05/25/173 | 16 | — | ||||||
Total Rights | ||||||||
(Cost $—) | 123 | |||||||
EXCHANGE-TRADED FUNDS† - 5.5% | ||||||||
iShares MSCI India ETF | 18,094 | 580,456 | ||||||
VanEck Vectors Egypt Index ETF* | 3,700 | 102,231 | ||||||
Total Exchange-Traded Funds | ||||||||
(Cost $672,420) | 682,687 | |||||||
SHORT-TERM INVESTMENTS† - 0.1% | ||||||||
Federated U.S. Treasury Cash Reserve Fund — Institutional Shares, 0.53%4 | 11,366 | 11,366 | ||||||
Total Short-Term Investments | ||||||||
(Cost $11,366) | 11,366 |
24 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2017 |
GUGGENHEIM MSCI EMERGING MARKETS EQUAL COUNTRY WEIGHT ETF |
| Face | Value | ||||||
SECURITIES LENDING COLLATERAL††,5 - 4.3% | ||||||||
Joint Repurchase Agreements | ||||||||
Citigroup Global Markets, Inc. | $ | 250,000 | $ | 250,000 | ||||
Merrill Lynch, Pierce, Fenner & Smith, Inc. | 250,000 | 250,000 | ||||||
Deutsche Bank Securities, Inc. | 39,394 | 39,394 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $539,394) | 539,394 | |||||||
Total Investments - 103.9% | ||||||||
(Cost $12,538,529) | $ | 12,922,771 | ||||||
Other Assets & Liabilities, net - (3.9)% | (484,333 | ) | ||||||
Total Net Assets - 100.0% | $ | 12,438,438 |
INVESTMENT CONCENTRATION
At April 30, 2017, the investment diversification of the Fund by country was as follows:
Country | % of Total Investments |
Poland | 5.3% |
Turkey | 4.8% |
India | 4.7% |
Mexico | 4.6% |
Republic of Korea | 4.6% |
Indonesia | 4.5% |
China | 4.4% |
Chile | 4.4% |
Colombia | 4.4% |
Hungary | 4.4% |
South africa | 4.3% |
Malaysia | 4.3% |
Thailand | 4.3% |
Taiwan, Province of China | 4.2% |
Greece | 4.2% |
Czech Republic | 4.2% |
Brazil | 4.2% |
Phillipines | 4.2% |
Egypt | 4.1% |
Qatar | 4.0% |
Peru | 4.0% |
United Arab Emirates | 4.0% |
Russian Federation | 3.8% |
United States | 0.1% |
Total Investments | 100.0% |
* | Non-income producing security. |
** | Less than 0.1% of net assets. |
† | Value determined based on Level 1 inputs, unless otherwise noted — See Note 4. |
†† | Value determined based on Level 2 inputs — See Note 4. |
††† | Value determined based on Level 3 inputs — See Note 4. |
1 | Security is a 144A or Section 4(a)(2) security. The total market value of 144A or Section 4(a)(2) securities is $96,895 (cost $98,047), or 0.8% of total net assets. |
2 | All or portion of this security is on loan at April 30, 2017 — See Note 5. |
3 | This security was fair valued by the Valuation Committee at April 30, 2017. |
4 | Rate indicated is the 7 day yield as of April 30, 2017. |
5 | 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. |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 25 |
SCHEDULE OF INVESTMENTS (Unaudited)(concluded) | April 30, 2017 |
GUGGENHEIM MSCI EMERGING MARKETS EQUAL COUNTRY WEIGHT ETF |
The following table summarizes the inputs used to value the Fund's investments at April 30, 2017 (See Note 4 in the Notes to Financial Statements):
Investments in Securities (Assets) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 11,354,740 | $ | 93,217 | $ | — | $ | 11,447,957 | ||||||||
Exchange-Traded Funds | 682,687 | — | — | 682,687 | ||||||||||||
Preferred Stocks | 241,244 | — | — | 241,244 | ||||||||||||
Rights | — | — | 123 | 123 | ||||||||||||
Securities Lending Collateral | — | 539,394 | — | 539,394 | ||||||||||||
Short-Term Investments | 11,366 | — | — | 11,366 | ||||||||||||
Total Assets | $ | 12,290,037 | $ | 632,611 | $ | 123 | $ | 12,922,771 |
Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the previous fiscal period.
The Guggenheim MSCI Emerging Markets Equal Country Weight ETF had a security with a total value of $93,217 transfer from Level 1 to Level 2 based on a change in the security’s valuation method.
For the period ended April 30, 2017, there were no other transfers between levels.
26 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2017 |
GUGGENHEIM S&P MIDCAP 400® EQUAL WEIGHT ETF |
| Shares | Value | ||||||
COMMON STOCKS† - 99.8% | ||||||||
Financial - 23.0% | ||||||||
GEO Group, Inc. | 10,317 | $ | 343,763 | |||||
First American Financial Corp. | 7,918 | 343,720 | ||||||
CyrusOne, Inc.1 | 6,150 | 336,036 | ||||||
Care Capital Properties, Inc. | 12,448 | 334,478 | ||||||
Senior Housing Properties Trust | 15,537 | 334,356 | ||||||
DCT Industrial Trust, Inc. | 6,543 | 330,814 | ||||||
Duke Realty Corp. | 11,858 | 328,823 | ||||||
Washington Prime Group, Inc. | 37,363 | 328,794 | ||||||
First Industrial Realty Trust, Inc. | 11,597 | 326,340 | ||||||
Liberty Property Trust | 7,988 | 324,073 | ||||||
Janus Capital Group, Inc. | 23,699 | 323,728 | ||||||
CoreCivic, Inc. | 9,388 | 323,417 | ||||||
Everest Re Group Ltd. | 1,277 | 321,433 | ||||||
Medical Properties Trust, Inc.1 | 24,592 | 321,417 | ||||||
Healthcare Realty Trust, Inc. | 9,757 | 320,030 | ||||||
Hospitality Properties Trust | 10,001 | 318,332 | ||||||
Cousins Properties, Inc.1 | 37,406 | 317,577 | ||||||
Omega Healthcare Investors, Inc. | 9,622 | 317,526 | ||||||
SLM Corp.* | 25,239 | 316,497 | ||||||
Alexander & Baldwin, Inc. | 6,848 | 315,076 | ||||||
American Campus Communities, Inc. | 6,630 | 314,195 | ||||||
Weingarten Realty Investors | 9,564 | 313,412 | ||||||
Potlatch Corp. | 6,944 | 312,827 | ||||||
Mercury General Corp. | 5,082 | 312,492 | ||||||
Highwoods Properties, Inc. | 6,139 | 312,352 | ||||||
CNO Financial Group, Inc. | 14,787 | 311,562 | ||||||
Trustmark Corp.1 | 9,367 | 311,172 | ||||||
Camden Property Trust | 3,778 | 311,043 | ||||||
Cullen/Frost Bankers, Inc. | 3,279 | 309,505 | ||||||
Legg Mason, Inc. | 8,276 | 309,357 | ||||||
EPR Properties | 4,237 | 308,072 | ||||||
Primerica, Inc.1 | 3,673 | 307,797 | ||||||
Federated Investors, Inc. — Class B1 | 11,417 | 306,204 | ||||||
Old Republic International Corp. | 14,751 | 305,051 | ||||||
Urban Edge Properties | 11,948 | 304,674 | ||||||
Wintrust Financial Corp. | 4,294 | 304,273 | ||||||
Hancock Holding Co.1 | 6,513 | 304,157 | ||||||
Uniti Group, Inc.* | 11,062 | 303,763 | ||||||
Washington Federal, Inc. | 9,012 | 303,704 | ||||||
United Bankshares, Inc. | 7,600 | 303,240 | ||||||
Mack-Cali Realty Corp. | 11,208 | 303,176 | ||||||
American Financial Group, Inc. | 3,111 | 302,731 | ||||||
PrivateBancorp, Inc. — Class A | 5,219 | 301,502 | ||||||
International Bancshares Corp. | 8,054 | 301,219 | ||||||
Jones Lang LaSalle, Inc. | 2,612 | 300,014 | ||||||
Tanger Factory Outlet Centers, Inc. | 9,607 | 299,642 | ||||||
Education Realty Trust, Inc. | 7,723 | 299,421 | ||||||
National Retail Properties, Inc. | 7,088 | 299,255 | ||||||
Corporate Office Properties Trust | 9,120 | 298,589 | ||||||
LaSalle Hotel Properties | 10,450 | 298,452 | ||||||
Kilroy Realty Corp. | 4,222 | 297,778 | ||||||
Genworth Financial, Inc. — Class A* | 73,592 | 297,312 | ||||||
Associated Banc-Corp. | 11,930 | 297,057 | ||||||
Brown & Brown, Inc. | 6,914 | 296,611 | ||||||
Douglas Emmett, Inc. | 7,860 | 296,086 | ||||||
East West Bancorp, Inc. | 5,453 | 295,934 | ||||||
Synovus Financial Corp. | 7,075 | 295,735 | ||||||
Cathay General Bancorp | 7,757 | 295,154 | ||||||
Fulton Financial Corp.1 | 15,978 | 294,793 | ||||||
SEI Investments Co. | 5,805 | 294,372 | ||||||
Rayonier, Inc. | 10,415 | 293,911 | ||||||
Bank of Hawaii Corp.1 | 3,597 | 293,084 | ||||||
Hanover Insurance Group, Inc. | 3,317 | 292,792 | ||||||
Reinsurance Group of America, Inc. — Class A | 2,339 | 292,469 | ||||||
BancorpSouth, Inc.1 | 9,564 | 291,224 | ||||||
Umpqua Holdings Corp. | 16,400 | 289,788 | ||||||
Aspen Insurance Holdings Ltd. | 5,490 | 287,402 | ||||||
Kemper Corp. | 7,273 | 286,193 | ||||||
RenaissanceRe Holdings Ltd. | 2,013 | 286,188 | ||||||
Lamar Advertising Co. — Class A1 | 3,962 | 285,541 | ||||||
Alleghany Corp.* | 467 | 285,197 | ||||||
Life Storage, Inc. | 3,637 | 285,104 | ||||||
MB Financial, Inc. | 6,698 | 284,732 | ||||||
TCF Financial Corp.* | 17,213 | 284,187 | ||||||
Commerce Bancshares, Inc. | 5,168 | 283,982 | ||||||
Valley National Bancorp1 | 24,138 | 283,863 | ||||||
Taubman Centers, Inc. | 4,530 | 283,352 | ||||||
UMB Financial Corp. | 3,906 | 283,146 | ||||||
Quality Care Properties, Inc.* | 16,306 | 282,909 | ||||||
Texas Capital Bancshares, Inc.* | 3,710 | 282,331 | ||||||
Webster Financial Corp. | 5,548 | 281,894 | ||||||
First Horizon National Corp. | 15,351 | 281,691 | ||||||
WR Berkley Corp. | 4,143 | 281,641 | ||||||
Prosperity Bancshares, Inc. | 4,142 | 278,342 | ||||||
Eaton Vance Corp. | 6,458 | 277,242 | ||||||
New York Community Bancorp, Inc. | 20,835 | 276,897 | ||||||
Stifel Financial Corp.* | 5,598 | 273,574 | ||||||
SVB Financial Group* | 1,546 | 272,003 | ||||||
Chemical Financial Corp. | 5,675 | 269,279 | ||||||
FNB Corp.1 | 18,787 | 267,527 | ||||||
PacWest Bancorp | 5,398 | 266,607 | ||||||
Signature Bank* | 1,890 | 261,671 | ||||||
Bank of the Ozarks, Inc. | 5,510 | 261,560 | ||||||
Total Financial | 27,947,238 | |||||||
Industrial - 17.4% | ||||||||
Coherent, Inc.* | 1,629 | 351,212 | ||||||
Graco, Inc. | 3,217 | 346,953 | ||||||
Terex Corp. | 9,888 | 345,882 | ||||||
IDEX Corp. | 3,253 | 340,785 | ||||||
Owens-Illinois, Inc.* | 15,489 | 337,971 | ||||||
MSA Safety, Inc. | 4,332 | 337,246 | ||||||
Trimble, Inc.* | 9,493 | 336,337 | ||||||
Kennametal, Inc. | 7,994 | 332,390 | ||||||
Dycom Industries, Inc.*,1 | 3,139 | 331,667 | ||||||
Jabil Circuit, Inc. | 11,350 | 329,377 | ||||||
EnerSys | 3,942 | 327,620 | ||||||
Greif, Inc. — Class A | 5,560 | 325,927 | ||||||
Timken Co. | 6,735 | 324,964 | ||||||
Wabtec Corp.1 | 3,869 | 324,570 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 27 |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2017 |
GUGGENHEIM S&P MIDCAP 400® EQUAL WEIGHT ETF |
| Shares | Value | ||||||
National Instruments Corp. | 9,289 | $ | 324,279 | |||||
Louisiana-Pacific Corp.* | 12,550 | 323,037 | ||||||
AGCO Corp. | 5,042 | 322,638 | ||||||
Energizer Holdings, Inc. | 5,444 | 322,448 | ||||||
Crane Co. | 4,026 | 321,719 | ||||||
AO Smith Corp. | 5,964 | 321,340 | ||||||
Packaging Corporation of America | 3,244 | 320,442 | ||||||
Cognex Corp. | 3,740 | 319,172 | ||||||
Zebra Technologies Corp. — Class A* | 3,348 | 315,616 | ||||||
AptarGroup, Inc. | 3,907 | 313,732 | ||||||
KLX, Inc.* | 6,610 | 312,653 | ||||||
Clean Harbors, Inc.* | 5,376 | 312,399 | ||||||
Teledyne Technologies, Inc.* | 2,309 | 311,323 | ||||||
Trinity Industries, Inc. | 11,561 | 310,991 | ||||||
Donaldson Company, Inc. | 6,712 | 310,631 | ||||||
Regal Beloit Corp. | 3,939 | 310,590 | ||||||
ITT, Inc. | 7,369 | 310,456 | ||||||
Kirby Corp.*,1 | 4,396 | 310,358 | ||||||
EMCOR Group, Inc. | 4,718 | 310,161 | ||||||
Esterline Technologies Corp.* | 3,385 | 309,558 | ||||||
Lincoln Electric Holdings, Inc. | 3,462 | 308,222 | ||||||
Vishay Intertechnology, Inc.1 | 18,791 | 307,233 | ||||||
Silgan Holdings, Inc. | 5,057 | 306,555 | ||||||
Tech Data Corp.*,1 | 3,193 | 305,411 | ||||||
Granite Construction, Inc. | 5,793 | 305,349 | ||||||
GATX Corp.1 | 5,082 | 304,412 | ||||||
Oshkosh Corp. | 4,386 | 304,345 | ||||||
Nordson Corp. | 2,406 | 301,231 | ||||||
Belden, Inc. | 4,305 | 300,059 | ||||||
Werner Enterprises, Inc. | 10,970 | 299,481 | ||||||
Orbital ATK, Inc. | 3,016 | 298,584 | ||||||
Valmont Industries, Inc. | 1,952 | 297,387 | ||||||
Woodward, Inc. | 4,387 | 296,868 | ||||||
Landstar System, Inc. | 3,471 | 296,597 | ||||||
Eagle Materials, Inc. | 3,084 | 295,971 | ||||||
Old Dominion Freight Line, Inc. | 3,343 | 295,922 | ||||||
Lennox International, Inc. | 1,788 | 295,717 | ||||||
Curtiss-Wright Corp. | 3,137 | 293,184 | ||||||
Sonoco Products Co. | 5,602 | 293,041 | ||||||
Littelfuse, Inc. | 1,901 | 293,039 | ||||||
Genesee & Wyoming, Inc. — Class A* | 4,274 | 289,606 | ||||||
Knowles Corp.*,1 | 16,303 | 289,052 | ||||||
Keysight Technologies, Inc.* | 7,692 | 287,912 | ||||||
Arrow Electronics, Inc.* | 4,074 | 287,217 | ||||||
Gentex Corp.1 | 13,886 | 286,746 | ||||||
KBR, Inc.1 | 20,327 | 285,594 | ||||||
Carlisle Companies, Inc. | 2,814 | 285,311 | ||||||
AECOM* | 8,318 | 284,559 | ||||||
Huntington Ingalls Industries, Inc. | 1,415 | 284,259 | ||||||
Hubbell, Inc. | 2,484 | 281,015 | ||||||
SYNNEX Corp. | 2,566 | 278,231 | ||||||
Bemis Company, Inc. | 6,083 | 273,309 | ||||||
Worthington Industries, Inc.1 | 6,173 | 268,526 | ||||||
Avnet, Inc. | 6,560 | 253,806 | ||||||
Cree, Inc.*,1 | 11,141 | 243,765 | ||||||
Total Industrial | 21,183,960 | |||||||
Consumer, Non-cyclical - 16.3% | ||||||||
Akorn, Inc.* | 13,241 | 442,911 | ||||||
Aaron’s, Inc. | 10,711 | 384,953 | ||||||
Align Technology, Inc.* | 2,839 | 382,186 | ||||||
Sprouts Farmers Market, Inc.*,1 | 16,808 | 374,986 | ||||||
Live Nation Entertainment, Inc.* | 10,612 | 341,282 | ||||||
DeVry Education Group, Inc. | 9,001 | 340,687 | ||||||
Avon Products, Inc.* | 70,099 | 339,980 | ||||||
West Pharmaceutical Services, Inc. | 3,672 | 337,935 | ||||||
HealthSouth Corp.1 | 7,169 | 336,226 | ||||||
Hill-Rom Holdings, Inc. | 4,434 | 335,388 | ||||||
Bioverativ, Inc.* | 5,662 | 332,982 | ||||||
Globus Medical, Inc. — Class A*,1 | 10,978 | 332,963 | ||||||
Bio-Rad Laboratories, Inc. — Class A* | 1,516 | 330,882 | ||||||
Molina Healthcare, Inc.*,1 | 6,561 | 326,673 | ||||||
WellCare Health Plans, Inc.* | 2,118 | 324,922 | ||||||
Masimo Corp.* | 3,146 | 323,220 | ||||||
STERIS plc | 4,376 | 322,949 | ||||||
CoreLogic, Inc.* | 7,550 | 322,687 | ||||||
ABIOMED, Inc.* | 2,475 | 322,542 | ||||||
LivaNova plc* | 6,096 | 321,260 | ||||||
Sabre Corp. | 13,700 | 320,717 | ||||||
Teleflex, Inc. | 1,545 | 319,645 | ||||||
Dean Foods Co. | 16,182 | 319,433 | ||||||
Rollins, Inc. | 8,226 | 319,416 | ||||||
Graham Holdings Co. — Class B | 528 | 317,698 | ||||||
Endo International plc* | 27,729 | 315,279 | ||||||
Service Corp. International | 9,738 | 313,758 | ||||||
Hain Celestial Group, Inc.* | 8,397 | 310,605 | ||||||
Catalent, Inc.* | 10,571 | 309,519 | ||||||
TreeHouse Foods, Inc.*,1 | 3,509 | 307,388 | ||||||
Ingredion, Inc. | 2,481 | 307,197 | ||||||
Flowers Foods, Inc.1 | 15,651 | 306,916 | ||||||
Incorporated Research Holdings, Inc. — Class A* | 6,780 | 305,100 | ||||||
Sotheby’s*,1 | 6,415 | 303,814 | ||||||
Lamb Weston Holdings, Inc. | 7,247 | 302,562 | ||||||
MarketAxess Holdings, Inc. | 1,562 | 300,716 | ||||||
Charles River Laboratories International, Inc.* | 3,351 | 300,585 | ||||||
ManpowerGroup, Inc. | 2,975 | 300,416 | ||||||
VCA, Inc.* | 3,278 | 300,166 | ||||||
Post Holdings, Inc.*,1 | 3,556 | 299,380 | ||||||
Halyard Health, Inc.* | 7,578 | 299,331 | ||||||
Prestige Brands Holdings, Inc.* | 5,210 | 299,106 | ||||||
United Natural Foods, Inc.* | 7,183 | 298,310 | ||||||
Bio-Techne Corp. | 2,776 | 297,254 | ||||||
Tootsie Roll Industries, Inc.1 | 7,943 | 296,671 | ||||||
Boston Beer Company, Inc. — Class A*,1 | 2,046 | 295,340 | ||||||
Acadia Healthcare Co., Inc.*,1 | 6,760 | 294,600 | ||||||
PAREXEL International Corp.* | 4,595 | 293,299 | ||||||
LifePoint Health, Inc.* | 4,718 | 293,224 | ||||||
Helen of Troy Ltd.* | 3,115 | 292,810 | ||||||
CDK Global, Inc. | 4,493 | 292,090 | ||||||
Owens & Minor, Inc. | 8,427 | 291,996 | ||||||
Deluxe Corp. | 4,051 | 291,307 |
28 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2017 |
GUGGENHEIM S&P MIDCAP 400® EQUAL WEIGHT ETF |
| Shares | Value | ||||||
NuVasive, Inc.*,1 | 4,006 | $ | 290,475 | |||||
WEX, Inc.* | 2,827 | 286,827 | ||||||
Edgewell Personal Care Co.*,1 | 4,010 | 286,675 | ||||||
ResMed, Inc.1 | 4,200 | 285,558 | ||||||
Lancaster Colony Corp. | 2,261 | 284,660 | ||||||
Avis Budget Group, Inc.* | 9,081 | 276,971 | ||||||
Snyder’s-Lance, Inc.1 | 7,512 | 264,873 | ||||||
MEDNAX, Inc.*,1 | 4,289 | 258,884 | ||||||
FTI Consulting, Inc.* | 7,397 | 255,862 | ||||||
United Therapeutics Corp.* | 2,007 | 252,280 | ||||||
Tenet Healthcare Corp.*,1 | 15,610 | 244,609 | ||||||
Total Consumer, Non-cyclical | 19,880,936 | |||||||
Consumer, Cyclical - 14.3% | ||||||||
Panera Bread Co. — Class A*,1 | 1,277 | 399,291 | ||||||
Tupperware Brands Corp. | 4,972 | 357,039 | ||||||
Cabela’s, Inc.*,1 | 6,505 | 355,173 | ||||||
Texas Roadhouse, Inc. — Class A | 7,252 | 339,974 | ||||||
Nu Skin Enterprises, Inc. — Class A | 6,107 | 337,290 | ||||||
Williams-Sonoma, Inc. | 6,239 | 337,218 | ||||||
Wendy’s Co.1 | 22,769 | 335,615 | ||||||
Deckers Outdoor Corp.*,1 | 5,542 | 330,248 | ||||||
KB Home | 16,031 | 330,238 | ||||||
Churchill Downs, Inc. | 1,966 | 327,928 | ||||||
JetBlue Airways Corp.* | 14,972 | 326,839 | ||||||
Office Depot, Inc. | 64,940 | 322,752 | ||||||
Herman Miller, Inc. | 9,694 | 320,871 | ||||||
Toro Co.1 | 4,939 | 320,640 | ||||||
Brinker International, Inc.1 | 7,247 | 320,245 | ||||||
Jack in the Box, Inc. | 3,088 | 314,883 | ||||||
Scotts Miracle-Gro Co. — Class A | 3,252 | 314,143 | ||||||
Papa John’s International, Inc.1 | 3,959 | 312,999 | ||||||
Cheesecake Factory, Inc.1 | 4,843 | 310,727 | ||||||
Dick’s Sporting Goods, Inc. | 6,143 | 310,529 | ||||||
Tempur Sealy International, Inc.*,1 | 6,607 | 310,199 | ||||||
Buffalo Wild Wings, Inc.*,1 | 1,966 | 309,743 | ||||||
Dunkin’ Brands Group, Inc. | 5,542 | 309,576 | ||||||
NVR, Inc.* | 146 | 308,243 | ||||||
Dana, Inc. | 15,867 | 308,137 | ||||||
Carter’s, Inc. | 3,347 | 308,058 | ||||||
Dillard’s, Inc. — Class A1 | 5,563 | 308,023 | ||||||
Casey’s General Stores, Inc. | 2,747 | 307,856 | ||||||
International Speedway Corp. — Class A | 8,276 | 307,040 | ||||||
Copart, Inc.*,1 | 9,870 | 304,983 | ||||||
HNI Corp. | 6,509 | 304,361 | ||||||
Michaels Companies, Inc.*,1 | 12,980 | 303,213 | ||||||
World Fuel Services Corp. | 8,219 | 302,706 | ||||||
Pool Corp. | 2,527 | 302,280 | ||||||
CST Brands, Inc. | 6,213 | 300,026 | ||||||
Chico’s FAS, Inc. | 21,615 | 298,719 | ||||||
HSN, Inc. | 8,087 | 298,410 | ||||||
Toll Brothers, Inc. | 8,267 | 297,529 | ||||||
Big Lots, Inc.1 | 5,853 | 295,518 | ||||||
Cracker Barrel Old Country Store, Inc.1 | 1,842 | 295,070 | ||||||
Cinemark Holdings, Inc. | 6,809 | 294,149 | ||||||
Skechers U.S.A., Inc. — Class A* | 11,583 | 292,471 | ||||||
Domino’s Pizza, Inc.1 | 1,602 | 290,587 | ||||||
American Eagle Outfitters, Inc. | 20,606 | 290,339 | ||||||
CalAtlantic Group, Inc.1 | 8,015 | 290,303 | ||||||
TRI Pointe Group, Inc.*,1 | 23,150 | 288,218 | ||||||
Thor Industries, Inc. | 2,991 | 287,674 | ||||||
Polaris Industries, Inc.1 | 3,326 | 283,575 | ||||||
Cooper Tire & Rubber Co. | 7,381 | 282,692 | ||||||
Watsco, Inc. | 2,031 | 281,903 | ||||||
Brunswick Corp. | 4,937 | 280,175 | ||||||
Sally Beauty Holdings, Inc.*,1 | 14,564 | 277,007 | ||||||
GameStop Corp. — Class A1 | 12,112 | 274,821 | ||||||
Urban Outfitters, Inc.*,1 | 11,920 | 272,730 | ||||||
MSC Industrial Direct Company, Inc. — Class A | 2,930 | 262,323 | ||||||
J.C. Penney Company, Inc.*,1 | 47,174 | 253,796 | ||||||
Kate Spade & Co.* | 12,558 | 218,509 | ||||||
Total Consumer, Cyclical | 17,425,604 | |||||||
Technology - 10.0% | ||||||||
Teradyne, Inc. | 10,049 | 354,428 | ||||||
Cirrus Logic, Inc.*,1 | 5,490 | 353,282 | ||||||
Dun & Bradstreet Corp. | 2,940 | 322,254 | ||||||
Synaptics, Inc.*,1 | 5,879 | 321,993 | ||||||
3D Systems Corp.*,1 | 20,330 | 321,824 | ||||||
Take-Two Interactive Software, Inc.*,1 | 5,086 | 319,655 | ||||||
Convergys Corp. | 14,192 | 319,461 | ||||||
j2 Global, Inc. | 3,525 | 318,096 | ||||||
Fortinet, Inc.* | 8,118 | 316,602 | ||||||
MSCI, Inc. — Class A | 3,152 | 316,209 | ||||||
IPG Photonics Corp.* | 2,502 | 316,053 | ||||||
Tyler Technologies, Inc.*,1 | 1,928 | 315,402 | ||||||
Fair Isaac Corp. | 2,321 | 314,449 | ||||||
DST Systems, Inc. | 2,527 | 311,099 | ||||||
Cypress Semiconductor Corp.1 | 22,183 | 310,784 | ||||||
ANSYS, Inc.* | 2,818 | 310,431 | ||||||
Cadence Design Systems, Inc.* | 9,518 | 310,001 | ||||||
Ultimate Software Group, Inc.*,1 | 1,525 | 309,072 | ||||||
Acxiom Corp.* | 10,658 | 308,016 | ||||||
Jack Henry & Associates, Inc. | 3,177 | 307,915 | ||||||
CommVault Systems, Inc.* | 6,098 | 307,644 | ||||||
Monolithic Power Systems, Inc. | 3,361 | 307,532 | ||||||
Broadridge Financial Solutions, Inc. | 4,380 | 306,337 | ||||||
NetScout Systems, Inc.*,1 | 8,133 | 306,207 | ||||||
Brocade Communications Systems, Inc. | 24,215 | 304,383 | ||||||
Allscripts Healthcare Solutions, Inc.* | 25,297 | 302,805 | ||||||
Leidos Holdings, Inc. | 5,742 | 302,374 | ||||||
MAXIMUS, Inc. | 4,953 | 302,083 | ||||||
Integrated Device Technology, Inc.* | 12,575 | 301,674 | ||||||
Silicon Laboratories, Inc.*,1 | 4,216 | 299,968 | ||||||
Pitney Bowes, Inc. | 22,552 | 299,716 | ||||||
NeuStar, Inc. — Class A* | 8,975 | 297,970 | ||||||
ACI Worldwide, Inc.* | 13,694 | 294,284 | ||||||
PTC, Inc.* | 5,412 | 292,519 | ||||||
VeriFone Systems, Inc.*,1 | 15,716 | 291,374 | ||||||
Manhattan Associates, Inc.* | 6,070 | 283,408 | ||||||
Diebold Nixdorf, Inc.1 | 9,985 | 281,577 | ||||||
Microsemi Corp.* | 5,766 | 270,656 | ||||||
NCR Corp.* | 6,166 | 254,348 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 29 |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2017 |
GUGGENHEIM S&P MIDCAP 400® EQUAL WEIGHT ETF |
| Shares | Value | ||||||
Science Applications International Corp. | 3,461 | $ | 252,618 | |||||
Total Technology | 12,236,503 | |||||||
Energy - 5.3% | ||||||||
Murphy USA, Inc.* | 4,504 | 313,344 | ||||||
HollyFrontier Corp. | 10,930 | 307,570 | ||||||
Energen Corp.* | 5,912 | 307,366 | ||||||
Oceaneering International, Inc. | 11,593 | 305,939 | ||||||
SM Energy Co. | 13,394 | 302,570 | ||||||
CONSOL Energy, Inc.* | 19,752 | 299,835 | ||||||
NOW, Inc.* | 17,383 | 295,685 | ||||||
Western Refining, Inc. | 8,470 | 292,130 | ||||||
WPX Energy, Inc.* | 24,313 | 290,054 | ||||||
Southwestern Energy Co.* | 38,442 | 288,699 | ||||||
PBF Energy, Inc. — Class A | 12,900 | 287,928 | ||||||
Dril-Quip, Inc.*,1 | 5,551 | 286,154 | ||||||
Diamond Offshore Drilling, Inc.*,1 | 19,752 | 284,824 | ||||||
Gulfport Energy Corp.* | 17,827 | 283,093 | ||||||
Oil States International, Inc.* | 9,361 | 278,490 | ||||||
QEP Resources, Inc.* | 23,240 | 274,464 | ||||||
First Solar, Inc.*,1 | 9,260 | 273,633 | ||||||
Ensco plc — Class A | 34,327 | 270,840 | ||||||
Rowan Companies plc — Class A* | 19,183 | 269,905 | ||||||
Patterson-UTI Energy, Inc.1 | 11,886 | 257,272 | ||||||
Superior Energy Services, Inc.* | 20,835 | 251,687 | ||||||
Noble Corporation plc | 50,088 | 240,422 | ||||||
Nabors Industries Ltd. | 22,323 | 230,820 | ||||||
Total Energy | 6,492,724 | |||||||
Basic Materials - 5.1% | ||||||||
Chemours Co. | 9,065 | 365,228 | ||||||
PolyOne Corp. | 9,004 | 353,047 | ||||||
Carpenter Technology Corp. | 8,477 | 344,167 | ||||||
Royal Gold, Inc. | 4,698 | 332,055 | ||||||
Versum Materials, Inc. | 10,156 | 325,195 | ||||||
Minerals Technologies, Inc. | 4,113 | 323,693 | ||||||
NewMarket Corp. | 684 | 321,959 | ||||||
Steel Dynamics, Inc. | 8,830 | 319,116 | ||||||
Allegheny Technologies, Inc.1 | 17,273 | 316,960 | ||||||
Domtar Corp. | 7,879 | 312,402 | ||||||
Sensient Technologies Corp. | 3,791 | 310,104 | ||||||
Ashland Global Holdings, Inc. | 2,488 | 307,268 | ||||||
Cabot Corp. | 5,100 | 306,969 | ||||||
Olin Corp. | 9,428 | 302,922 | ||||||
Valspar Corp. | 2,682 | 301,564 | ||||||
Commercial Metals Co. | 16,139 | 300,831 | ||||||
Reliance Steel & Aluminum Co. | 3,718 | 293,053 | ||||||
RPM International, Inc. | 5,554 | 291,918 | ||||||
Compass Minerals International, Inc.1 | 4,104 | 270,864 | ||||||
United States Steel Corp. | 8,564 | 191,148 | ||||||
Total Basic Materials | 6,190,463 | |||||||
Utilities - 4.5% | ||||||||
Aqua America, Inc.1 | 9,722 | 321,701 | ||||||
ONE Gas, Inc. | 4,636 | 319,096 | ||||||
NorthWestern Corp. | 5,300 | 316,834 | ||||||
IDACORP, Inc. | 3,738 | 315,936 | ||||||
Vectren Corp. | 5,310 | 315,520 | ||||||
Black Hills Corp.1 | 4,635 | 315,273 | ||||||
New Jersey Resources Corp. | 7,803 | 314,851 | ||||||
UGI Corp. | 6,250 | 313,500 | ||||||
Atmos Energy Corp. | 3,841 | 311,198 | ||||||
PNM Resources, Inc. | 8,311 | 309,585 | ||||||
Hawaiian Electric Industries, Inc.1 | 9,223 | 309,155 | ||||||
Great Plains Energy, Inc. | 10,446 | 309,097 | ||||||
MDU Resources Group, Inc. | 11,321 | 304,535 | ||||||
Southwest Gas Holdings, Inc. | 3,630 | 304,049 | ||||||
WGL Holdings, Inc. | 3,590 | 296,031 | ||||||
OGE Energy Corp. | 8,283 | 288,083 | ||||||
Westar Energy, Inc. | 5,477 | 284,968 | ||||||
National Fuel Gas Co.1 | 4,932 | 273,134 | ||||||
Total Utilities | 5,522,546 | |||||||
Communications - 3.9% | ||||||||
LogMeIn, Inc. | 3,023 | 341,599 | ||||||
Cable One, Inc. | 471 | 321,156 | ||||||
InterDigital, Inc.1 | 3,543 | 318,516 | ||||||
Telephone & Data Systems, Inc. | 11,504 | 315,900 | ||||||
WebMD Health Corp. — Class A* | 5,742 | 311,389 | ||||||
AMC Networks, Inc. — Class A* | 5,165 | 308,247 | ||||||
ARRIS International plc* | 11,821 | 307,228 | ||||||
Plantronics, Inc. | 5,519 | 301,337 | ||||||
John Wiley & Sons, Inc. — Class A1 | 5,666 | 298,598 | ||||||
New York Times Co. — Class A | 20,480 | 295,936 | ||||||
Ciena Corp.* | 12,768 | 292,515 | ||||||
ViaSat, Inc.*,1 | 4,561 | 292,041 | ||||||
Meredith Corp.1 | 4,767 | 279,107 | ||||||
FactSet Research Systems, Inc.1 | 1,690 | 275,909 | ||||||
Time, Inc. | 15,708 | 238,762 | ||||||
Frontier Communications Corp.1 | 112,368 | 211,252 | ||||||
Total Communications | 4,709,492 | |||||||
Total Common Stocks | ||||||||
(Cost $107,015,152) | 121,589,466 | |||||||
SHORT-TERM INVESTMENTS† - 0.2% | ||||||||
Federated U.S. Treasury Cash Reserve Fund — Institutional Shares, 0.53%2 | 271,654 | 271,654 | ||||||
Total Short-Term Investments | ||||||||
(Cost $271,654) | 271,654 |
30 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited)(concluded) | April 30, 2017 |
GUGGENHEIM S&P MIDCAP 400® EQUAL WEIGHT ETF |
| Face | Value | ||||||
SECURITIES LENDING COLLATERAL††,3 - 8.1% | ||||||||
Joint Repurchase Agreements | ||||||||
Deutsche Bank Securities, Inc. | $ | 2,298,271 | $ | 2,298,271 | ||||
Mizuho Securities (USA), Inc. | 2,298,271 | 2,298,271 | ||||||
Citigroup Global Markets, Inc. | 2,298,271 | 2,298,271 | ||||||
RBC Dominion Securities, Inc. | 2,298,271 | 2,298,271 | ||||||
Royal Bank of Scotland Group | 681,126 | 681,126 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $9,874,210) | 9,874,210 | |||||||
Total Investments - 108.1% | ||||||||
(Cost $117,161,016) | $ | 131,735,330 | ||||||
Other Assets & Liabilities, net - (8.1)% | (9,847,059 | ) | ||||||
Total Net Assets - 100.0% | $ | 121,888,271 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 4. |
†† | Value determined based on Level 2 inputs — See Note 4. |
1 | All or portion of this security is on loan at April 30, 2017 — See Note 5. |
2 | Rate indicated is the 7 day yield as of April 30, 2017. |
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, 2017 (See Note 4 in the Notes to Financial Statements):
Investments in Securities (Assets) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 121,589,466 | $ | — | $ | — | $ | 121,589,466 | ||||||||
Securities Lending Collateral | — | 9,874,210 | — | 9,874,210 | ||||||||||||
Short-Term Investments | 271,654 | — | — | 271,654 | ||||||||||||
Total Assets | $ | 121,861,120 | $ | 9,874,210 | $ | — | $ | 131,735,330 |
Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the previous fiscal period.
For the period ended April 30, 2017, there were no transfers between levels.
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 31 |
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2017 |
GUGGENHEIM S&P SMALLCAP 600® EQUAL WEIGHT ETF |
| Shares | Value | ||||||
COMMON STOCKS† - 99.9% | ||||||||
Consumer, Non-cyclical - 20.1% | ||||||||
Impax Laboratories, Inc.* | 6,381 | $ | 89,653 | |||||
MiMedx Group, Inc.*,1 | 6,683 | 84,808 | ||||||
Invacare Corp. | 4,919 | 72,309 | ||||||
CONMED Corp. | 1,438 | 70,691 | ||||||
SUPERVALU, Inc.* | 17,062 | 69,954 | ||||||
Nektar Therapeutics*,1 | 3,682 | 69,848 | ||||||
Sanderson Farms, Inc.1 | 602 | 69,700 | ||||||
Supernus Pharmaceuticals, Inc.*,1 | 2,138 | 69,699 | ||||||
Coca-Cola Bottling Company Consolidated | 328 | 69,490 | ||||||
Career Education Corp.* | 6,845 | 69,476 | ||||||
BioTelemetry, Inc.* | 2,098 | 69,024 | ||||||
Tivity Health, Inc.*,1 | 2,041 | 68,578 | ||||||
Lannett Company, Inc.*,1 | 2,622 | 68,172 | ||||||
Rent-A-Center, Inc.1 | 6,367 | 68,063 | ||||||
Capella Education Co. | 713 | 67,949 | ||||||
Spectrum Pharmaceuticals, Inc.*,1 | 8,841 | 67,280 | ||||||
LendingTree, Inc.*,1 | 475 | 66,928 | ||||||
Orthofix International N.V.* | 1,678 | 66,365 | ||||||
Cambrex Corp.*,1 | 1,116 | 66,235 | ||||||
Albany Molecular Research, Inc.*,1 | 4,137 | 66,233 | ||||||
SpartanNash Co. | 1,790 | 65,872 | ||||||
Brink’s Co. | 1,067 | 65,514 | ||||||
Inogen, Inc.* | 789 | 65,400 | ||||||
CDI Corp.* | 7,984 | 65,070 | ||||||
Calavo Growers, Inc.1 | 989 | 64,878 | ||||||
Eagle Pharmaceuticals, Inc.*,1 | 711 | 64,410 | ||||||
Green Dot Corp. — Class A* | 1,876 | 64,328 | ||||||
Repligen Corp.*,1 | 1,747 | 64,272 | ||||||
Cytokinetics, Inc.* | 3,900 | 63,960 | ||||||
HMS Holdings Corp.* | 3,115 | 63,765 | ||||||
Merit Medical Systems, Inc.* | 1,887 | 63,592 | ||||||
Kindred Healthcare, Inc.1 | 6,605 | 63,408 | ||||||
Meridian Bioscience, Inc. | 4,262 | 63,078 | ||||||
OraSure Technologies, Inc.* | 4,791 | 62,810 | ||||||
ANI Pharmaceuticals, Inc.*,1 | 1,154 | 62,454 | ||||||
Chemed Corp.1 | 310 | 62,428 | ||||||
Inter Parfums, Inc.1 | 1,643 | 62,352 | ||||||
CryoLife, Inc.* | 3,416 | 62,000 | ||||||
Medifast, Inc. | 1,335 | 61,837 | ||||||
On Assignment, Inc.* | 1,194 | 61,813 | ||||||
John B Sanfilippo & Son, Inc.1 | 838 | 61,593 | ||||||
NutriSystem, Inc. | 1,152 | 61,574 | ||||||
Enanta Pharmaceuticals, Inc.* | 1,937 | 61,500 | ||||||
HealthEquity, Inc.*,1 | 1,351 | 61,498 | ||||||
Universal Corp. | 836 | 61,404 | ||||||
CorVel Corp.* | 1,376 | 61,232 | ||||||
Healthcare Services Group, Inc. | 1,332 | 61,152 | ||||||
Strayer Education, Inc. | 703 | 60,957 | ||||||
Amedisys, Inc.*,1 | 1,124 | 60,921 | ||||||
American Public Education, Inc.* | 2,755 | 60,886 | ||||||
Navigant Consulting, Inc.* | 2,537 | 60,812 | ||||||
Haemonetics Corp.* | 1,449 | 60,684 | ||||||
Luminex Corp. | 3,212 | 60,482 | ||||||
Darling Ingredients, Inc.* | 3,992 | 60,399 | ||||||
Integra LifeSciences Holdings Corp.*,1 | 1,309 | 60,175 | ||||||
Phibro Animal Health Corp. — Class A | 2,021 | 60,125 | ||||||
Varex Imaging Corp.* | 1,783 | 59,837 | ||||||
Select Medical Holdings Corp.* | 4,328 | 59,510 | ||||||
Landauer, Inc. | 1,131 | 59,491 | ||||||
AMAG Pharmaceuticals, Inc.*,1 | 2,434 | 59,390 | ||||||
Forrester Research, Inc. | 1,462 | 59,284 | ||||||
Korn/Ferry International | 1,826 | 59,162 | ||||||
PharMerica Corp.* | 2,506 | 59,142 | ||||||
Anika Therapeutics, Inc.* | 1,280 | 59,046 | ||||||
LSC Communications, Inc. | 2,278 | 58,931 | ||||||
Diplomat Pharmacy, Inc.*,1 | 3,762 | 58,687 | ||||||
Kelly Services, Inc. — Class A | 2,626 | 58,612 | ||||||
Amphastar Pharmaceuticals, Inc.*,1 | 3,862 | 58,316 | ||||||
TrueBlue, Inc.* | 2,127 | 58,173 | ||||||
Heska Corp.* | 537 | 58,130 | ||||||
Magellan Health, Inc.* | 844 | 58,067 | ||||||
Insperity, Inc. | 635 | 58,007 | ||||||
Team, Inc.*,1 | 2,148 | 57,781 | ||||||
Seneca Foods Corp. — Class A* | 1,553 | 57,772 | ||||||
LHC Group, Inc.* | 1,062 | 57,454 | ||||||
Matthews International Corp. — Class A | 837 | 57,376 | ||||||
Ligand Pharmaceuticals, Inc. — Class B*,1 | 516 | 57,364 | ||||||
Momenta Pharmaceuticals, Inc.* | 3,992 | 57,285 | ||||||
ICU Medical, Inc.* | 372 | 57,214 | ||||||
Almost Family, Inc.* | 1,152 | 57,197 | ||||||
Viad Corp. | 1,264 | 57,133 | ||||||
Andersons, Inc. | 1,528 | 57,071 | ||||||
J&J Snack Foods Corp. | 423 | 56,927 | ||||||
Cantel Medical Corp.* | 764 | 56,849 | ||||||
AMN Healthcare Services, Inc.*,1 | 1,381 | 56,414 | ||||||
ABM Industries, Inc. | 1,303 | 56,277 | ||||||
SciClone Pharmaceuticals, Inc.* | 5,822 | 56,182 | ||||||
Analogic Corp. | 777 | 55,827 | ||||||
Sucampo Pharmaceuticals, Inc. — Class A*,1 | 5,483 | 55,652 | ||||||
Integer Holdings Corp.* | 1,513 | 55,603 | ||||||
Providence Service Corp.* | 1,260 | 55,440 | ||||||
Cross Country Healthcare, Inc.* | 3,948 | 55,154 | ||||||
B&G Foods, Inc.1 | 1,313 | 55,146 | ||||||
Cal-Maine Foods, Inc.1 | 1,455 | 54,926 | ||||||
Emergent BioSolutions, Inc.*,1 | 1,819 | 54,406 | ||||||
Neogen Corp.* | 872 | 54,352 | ||||||
Myriad Genetics, Inc.*,1 | 2,925 | 53,791 | ||||||
WD-40 Co.1 | 513 | 53,788 | ||||||
Surmodics, Inc.* | 2,353 | 53,766 | ||||||
Natus Medical, Inc.*,1 | 1,533 | 53,655 | ||||||
Monro Muffler Brake, Inc.1 | 1,021 | 52,939 | ||||||
Medicines Co.*,1 | 1,067 | 52,624 | ||||||
Innoviva, Inc.*,1 | 4,458 | 52,538 | ||||||
Cardtronics plc — Class A* | 1,261 | 52,432 | ||||||
AngioDynamics, Inc.* | 3,353 | 52,039 | ||||||
Abaxis, Inc. | 1,152 | 51,875 | ||||||
Ensign Group, Inc. | 2,870 | 51,517 |
32 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2017 |
GUGGENHEIM S&P SMALLCAP 600® EQUAL WEIGHT ETF |
| Shares | Value | ||||||
Community Health Systems, Inc.* | 5,979 | $ | 51,479 | |||||
US Physical Therapy, Inc. | 778 | 51,037 | ||||||
RR Donnelley & Sons Co. | 3,994 | 50,205 | ||||||
Heidrick & Struggles International, Inc. | 2,334 | 50,181 | ||||||
Resources Connection, Inc. | 3,520 | 48,928 | ||||||
Central Garden & Pet Co. — Class A* | 1,240 | 43,685 | ||||||
Depomed, Inc.*,1 | 3,590 | 43,044 | ||||||
Progenics Pharmaceuticals, Inc.*,1 | 4,920 | 38,966 | ||||||
Acorda Therapeutics, Inc.*,1 | 2,007 | 32,413 | ||||||
Quorum Health Corp.* | 7,306 | 31,197 | ||||||
Central Garden & Pet Co.*,1 | 374 | 14,137 | ||||||
Total Consumer, Non-cyclical | �� | 6,989,913 | ||||||
Consumer, Cyclical - 18.9% | ||||||||
Ruby Tuesday, Inc.* | 32,272 | 82,295 | ||||||
iRobot Corp.*,1 | 983 | 78,384 | ||||||
Lumber Liquidators Holdings, Inc.*,1 | 3,157 | 77,504 | ||||||
RH*,1 | 1,599 | 76,704 | ||||||
ILG, Inc. | 3,096 | 74,645 | ||||||
Select Comfort Corp.*,1 | 2,368 | 73,170 | ||||||
Five Below, Inc.*,1 | 1,429 | 70,192 | ||||||
BJ’s Restaurants, Inc.* | 1,539 | 69,409 | ||||||
Ollie’s Bargain Outlet Holdings, Inc.*,1 | 1,810 | 69,323 | ||||||
FirstCash, Inc. | 1,332 | 69,197 | ||||||
Marriott Vacations Worldwide Corp.1 | 612 | 67,430 | ||||||
PetMed Express, Inc.1 | 2,917 | 67,383 | ||||||
Scientific Games Corp. — Class A* | 2,748 | 65,265 | ||||||
Tile Shop Holdings, Inc. | 3,051 | 65,139 | ||||||
Fox Factory Holding Corp.* | 2,139 | 64,277 | ||||||
Wingstop, Inc.1 | 2,182 | 64,216 | ||||||
Bob Evans Farms, Inc.1 | 961 | 64,137 | ||||||
Essendant, Inc. | 3,839 | 64,110 | ||||||
Motorcar Parts of America, Inc.* | 2,105 | 63,823 | ||||||
Fiesta Restaurant Group, Inc.*,1 | 2,603 | 63,383 | ||||||
Boyd Gaming Corp.*,1 | 2,776 | 62,960 | ||||||
Core-Mark Holding Company, Inc. | 1,793 | 62,791 | ||||||
Haverty Furniture Companies, Inc. | 2,521 | 62,143 | ||||||
Callaway Golf Co. | 5,241 | 62,106 | ||||||
Red Robin Gourmet Burgers, Inc.*,1 | 1,055 | 61,981 | ||||||
Wabash National Corp.1 | 2,720 | 61,962 | ||||||
Marcus Corp. | 1,826 | 61,719 | ||||||
El Pollo Loco Holdings, Inc.*,1 | 4,902 | 61,520 | ||||||
Barnes & Noble Education, Inc.*,1 | 5,908 | 61,502 | ||||||
M/I Homes, Inc.* | 2,264 | 61,490 | ||||||
Sonic Corp. | 2,286 | 61,448 | ||||||
Hawaiian Holdings, Inc.* | 1,131 | 61,413 | ||||||
EZCORP, Inc. — Class A* | 6,764 | 61,214 | ||||||
Shake Shack, Inc. — Class A*,1 | 1,798 | 61,024 | ||||||
William Lyon Homes — Class A*,1 | 2,772 | 60,984 | ||||||
Lithia Motors, Inc. — Class A1 | 634 | 60,578 | ||||||
Installed Building Products, Inc.* | 1,135 | 60,552 | ||||||
Dave & Buster’s Entertainment, Inc.* | 945 | 60,489 | ||||||
Monarch Casino & Resort, Inc.* | 2,045 | 60,266 | ||||||
Nautilus, Inc.*,1 | 3,311 | 60,260 | ||||||
American Woodmark Corp.* | 655 | 60,195 | ||||||
Ruth’s Hospitality Group, Inc. | 3,012 | 59,939 | ||||||
Standard Motor Products, Inc. | 1,179 | 59,929 | ||||||
Chuy’s Holdings, Inc.*,1 | 2,007 | 59,809 | ||||||
Penn National Gaming, Inc.* | 3,227 | 59,635 | ||||||
UniFirst Corp. | 427 | 59,438 | ||||||
Oxford Industries, Inc. | 1,025 | 59,430 | ||||||
Meritage Homes Corp.* | 1,524 | 59,360 | ||||||
Buckle, Inc.1 | 3,172 | 59,316 | ||||||
Dorman Products, Inc.*,1 | 712 | 59,203 | ||||||
La-Z-Boy, Inc. | 2,120 | 59,148 | ||||||
Universal Electronics, Inc.* | 849 | 58,836 | ||||||
Daktronics, Inc. | 6,207 | 58,718 | ||||||
Movado Group, Inc.1 | 2,499 | 58,477 | ||||||
Anixter International, Inc.* | 716 | 58,390 | ||||||
Gentherm, Inc.*,1 | 1,571 | 58,363 | ||||||
Interface, Inc. — Class A | 2,926 | 58,227 | ||||||
Ethan Allen Interiors, Inc. | 1,947 | 58,021 | ||||||
Big 5 Sporting Goods Corp.1 | 3,765 | 57,981 | ||||||
Kirkland’s, Inc.* | 4,924 | 57,906 | ||||||
Cavco Industries, Inc.* | 487 | 57,831 | ||||||
MDC Holdings, Inc. | 1,861 | 57,710 | ||||||
Cooper-Standard Holdings, Inc.* | 510 | 57,666 | ||||||
DineEquity, Inc. | 1,019 | 57,614 | ||||||
Biglari Holdings, Inc.* | 135 | 57,595 | ||||||
Unifi, Inc.* | 2,048 | 57,487 | ||||||
Belmond Ltd. — Class A* | 4,611 | 57,176 | ||||||
Fossil Group, Inc.*,1 | 3,310 | 57,098 | ||||||
Vitamin Shoppe, Inc.* | 2,957 | 57,070 | ||||||
SkyWest, Inc. | 1,530 | 56,916 | ||||||
Abercrombie & Fitch Co. — Class A1 | 4,714 | 56,521 | ||||||
Steven Madden Ltd.* | 1,480 | 56,313 | ||||||
Barnes & Noble, Inc. | 6,567 | 56,148 | ||||||
ScanSource, Inc.* | 1,421 | 56,130 | ||||||
Asbury Automotive Group, Inc.* | 917 | 56,120 | ||||||
Winnebago Industries, Inc.1 | 1,947 | 55,879 | ||||||
LCI Industries | 552 | 55,835 | ||||||
LGI Homes, Inc.*,1 | 1,751 | 55,734 | ||||||
Cato Corp. — Class A | 2,460 | 55,498 | ||||||
Shoe Carnival, Inc. | 2,182 | 55,357 | ||||||
Francesca’s Holdings Corp.* | 3,506 | 55,325 | ||||||
Zumiez, Inc.*,1 | 3,069 | 55,089 | ||||||
Children’s Place, Inc. | 479 | 54,989 | ||||||
Vera Bradley, Inc.* | 6,008 | 54,973 | ||||||
Veritiv Corp.* | 1,062 | 54,852 | ||||||
Fred’s, Inc. — Class A1 | 3,726 | 54,847 | ||||||
G-III Apparel Group Ltd.*,1 | 2,311 | 54,771 | ||||||
Sonic Automotive, Inc. — Class A | 2,786 | 54,606 | ||||||
DSW, Inc. — Class A1 | 2,635 | 54,334 | ||||||
Wolverine World Wide, Inc. | 2,236 | 53,910 | ||||||
Allegiant Travel Co. — Class A1 | 370 | 53,798 | ||||||
Finish Line, Inc. — Class A1 | 3,376 | 53,375 | ||||||
Vista Outdoor, Inc.*,1 | 2,727 | 53,340 | ||||||
Iconix Brand Group, Inc.*,1 | 7,611 | 53,277 | ||||||
Mobile Mini, Inc. | 1,848 | 53,038 | ||||||
Ascena Retail Group, Inc.*,1 | 13,414 | 52,449 | ||||||
Tuesday Morning Corp.*,1 | 16,136 | 52,442 | ||||||
Crocs, Inc.* | 8,411 | 52,401 | ||||||
Caleres, Inc. | 1,801 | 51,905 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 33 |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2017 |
GUGGENHEIM S&P SMALLCAP 600® EQUAL WEIGHT ETF |
| Shares | Value | ||||||
Regis Corp.* | 4,726 | $ | 51,561 | |||||
Guess?, Inc.1 | 4,614 | 51,492 | ||||||
Group 1 Automotive, Inc. | 746 | 51,437 | ||||||
MarineMax, Inc.* | 2,521 | 51,302 | ||||||
Perry Ellis International, Inc.* | 2,496 | 51,218 | ||||||
Express, Inc.* | 5,908 | 50,986 | ||||||
American Axle & Manufacturing Holdings, Inc.* | 2,887 | 50,782 | ||||||
Titan International, Inc. | 4,655 | 49,855 | ||||||
Hibbett Sports, Inc.* | 1,898 | 49,348 | ||||||
Stein Mart, Inc. | 19,746 | 48,773 | ||||||
Genesco, Inc.* | 910 | 48,503 | ||||||
Superior Industries International, Inc. | 2,193 | 47,698 | ||||||
Tailored Brands, Inc.1 | 3,783 | 46,644 | ||||||
Total Consumer, Cyclical | 6,605,727 | |||||||
Financial - 18.4% | ||||||||
eHealth, Inc.* | 5,177 | 73,410 | ||||||
Universal Health Realty Income Trust | 969 | 67,588 | ||||||
EastGroup Properties, Inc. | 833 | 65,182 | ||||||
CareTrust REIT, Inc. | 3,790 | 64,506 | ||||||
CoreSite Realty Corp.1 | 648 | 63,406 | ||||||
Opus Bank | 2,796 | 63,050 | ||||||
Selective Insurance Group, Inc. | 1,193 | 62,991 | ||||||
Government Properties Income Trust1 | 2,951 | 62,915 | ||||||
Four Corners Property Trust, Inc. | 2,689 | 62,734 | ||||||
Stewart Information Services Corp. | 1,307 | 62,005 | ||||||
City Holding Co. | 871 | 61,919 | ||||||
Walker & Dunlop, Inc.* | 1,378 | 61,803 | ||||||
Forestar Group, Inc.* | 4,361 | 61,708 | ||||||
PS Business Parks, Inc. | 507 | 61,621 | ||||||
HFF, Inc. — Class A | 1,962 | 61,607 | ||||||
Summit Hotel Properties, Inc. | 3,703 | 61,211 | ||||||
Waddell & Reed Financial, Inc. — Class A | 3,400 | 61,166 | ||||||
Capstead Mortgage Corp.1 | 5,467 | 60,902 | ||||||
Cedar Realty Trust, Inc. | 11,273 | 60,648 | ||||||
RE/MAX Holdings, Inc. — Class A | 1,022 | 60,451 | ||||||
S&T Bancorp, Inc. | 1,677 | 60,305 | ||||||
Encore Capital Group, Inc.*,1 | 1,806 | 60,230 | ||||||
LTC Properties, Inc. | 1,248 | 59,705 | ||||||
Employers Holdings, Inc. | 1,491 | 59,640 | ||||||
Infinity Property & Casualty Corp. | 599 | 59,451 | ||||||
Oritani Financial Corp. | 3,499 | 59,308 | ||||||
Enova International, Inc.* | 4,156 | 59,015 | ||||||
Sabra Health Care REIT, Inc.1 | 2,170 | 59,002 | ||||||
World Acceptance Corp.*,1 | 1,115 | 58,984 | ||||||
Agree Realty Corp.1 | 1,216 | 58,952 | ||||||
Getty Realty Corp. | 2,300 | 58,880 | ||||||
American Assets Trust, Inc. | 1,371 | 58,720 | ||||||
Safety Insurance Group, Inc. | 810 | 58,644 | ||||||
ProAssurance Corp. | 947 | 58,619 | ||||||
Universal Insurance Holdings, Inc.1 | 2,250 | 58,613 | ||||||
Banc of California, Inc.1 | 2,695 | 58,482 | ||||||
Lexington Realty Trust | 5,733 | 58,305 | ||||||
Franklin Street Properties Corp. | 4,801 | 58,236 | ||||||
Parkway, Inc. | 2,882 | 58,072 | ||||||
Ameris Bancorp | 1,231 | 57,980 | ||||||
Southside Bancshares, Inc.1 | 1,667 | 57,878 | ||||||
Financial Engines, Inc. | 1,358 | 57,715 | ||||||
DiamondRock Hospitality Co. | 5,224 | 57,516 | ||||||
Central Pacific Financial Corp. | 1,838 | 57,493 | ||||||
TrustCo Bank Corp. NY | 7,228 | 57,463 | ||||||
Kite Realty Group Trust | 2,819 | 57,395 | ||||||
Northfield Bancorp, Inc. | 3,122 | 57,382 | ||||||
Retail Opportunity Investments Corp.1 | 2,769 | 57,041 | ||||||
United Fire Group, Inc. | 1,290 | 56,760 | ||||||
Columbia Banking System, Inc. | 1,436 | 56,736 | ||||||
Fidelity Southern Corp. | 2,518 | 56,705 | ||||||
First Financial Bancorp | 2,046 | 56,572 | ||||||
Chesapeake Lodging Trust | 2,423 | 56,480 | ||||||
Apollo Commercial Real Estate Finance, Inc. | 2,900 | 55,941 | ||||||
HCI Group, Inc.1 | 1,171 | 55,845 | ||||||
Navigators Group, Inc. | 1,032 | 55,779 | ||||||
First BanCorp* | 9,478 | 55,731 | ||||||
Provident Financial Services, Inc. | 2,165 | 55,619 | ||||||
Hersha Hospitality Trust1 | 3,015 | 55,597 | ||||||
Tompkins Financial Corp.1 | 672 | 55,554 | ||||||
RLI Corp. | 970 | 55,503 | ||||||
Investment Technology Group, Inc. | 2,779 | 55,330 | ||||||
Independent Bank Corp. | 873 | 55,261 | ||||||
HomeStreet, Inc.* | 2,123 | 55,198 | ||||||
Saul Centers, Inc. | 919 | 55,186 | ||||||
Acadia Realty Trust | 1,894 | 55,078 | ||||||
Community Bank System, Inc.1 | 980 | 54,831 | ||||||
INTL FCStone, Inc.* | 1,461 | 54,568 | ||||||
NBT Bancorp, Inc.1 | 1,428 | 54,521 | ||||||
Bank Mutual Corp. | 5,913 | 54,400 | ||||||
National Bank Holdings Corp. — Class A | 1,723 | 54,395 | ||||||
WageWorks, Inc.* | 735 | 54,243 | ||||||
Astoria Financial Corp. | 2,659 | 54,217 | ||||||
United Community Banks, Inc. | 1,974 | 53,989 | ||||||
Westamerica Bancorporation1 | 981 | 53,975 | ||||||
Banner Corp. | 977 | 53,930 | ||||||
WisdomTree Investments, Inc.1 | 6,451 | 53,866 | ||||||
PRA Group, Inc.*,1 | 1,670 | 53,774 | ||||||
Pennsylvania Real Estate Investment Trust1 | 3,876 | 53,683 | ||||||
CBL & Associates Properties, Inc.1 | 5,800 | 53,650 | ||||||
Virtus Investment Partners, Inc. | 503 | 53,519 | ||||||
First Financial Bankshares, Inc.1 | 1,339 | 53,492 | ||||||
Glacier Bancorp, Inc. | 1,581 | 53,406 | ||||||
Pinnacle Financial Partners, Inc. | 833 | 53,312 | ||||||
ServisFirst Bancshares, Inc. | 1,408 | 53,222 | ||||||
Interactive Brokers Group, Inc. — Class A1 | 1,528 | 53,220 | ||||||
First Midwest Bancorp, Inc. | 2,343 | 53,210 | ||||||
Brookline Bancorp, Inc. | 3,654 | 53,166 | ||||||
OFG Bancorp | 4,537 | 53,083 | ||||||
Sterling Bancorp | 2,280 | 53,010 | ||||||
First Commonwealth Financial Corp. | 4,105 | 52,996 | ||||||
United Insurance Holdings Corp.1 | 3,467 | 52,906 | ||||||
Old National Bancorp | 3,146 | 52,853 |
34 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2017 |
GUGGENHEIM S&P SMALLCAP 600® EQUAL WEIGHT ETF |
| Shares | Value | ||||||
Urstadt Biddle Properties, Inc. — Class A | 2,686 | $ | 52,807 | |||||
Simmons First National Corp. — Class A1 | 966 | 52,792 | ||||||
CVB Financial Corp. | 2,445 | 52,665 | ||||||
Horace Mann Educators Corp. | 1,360 | 52,564 | ||||||
Dime Community Bancshares, Inc. | 2,702 | 52,554 | ||||||
Great Western Bancorp, Inc. | 1,275 | 52,530 | ||||||
Customers Bancorp, Inc.* | 1,695 | 52,426 | ||||||
Boston Private Financial Holdings, Inc. | 3,352 | 52,291 | ||||||
Northwest Bancshares, Inc.1 | 3,223 | 52,019 | ||||||
American Equity Investment Life Holding Co. | 2,177 | 51,638 | ||||||
LegacyTexas Financial Group, Inc. | 1,360 | 51,422 | ||||||
Piper Jaffray Cos. | 820 | 51,332 | ||||||
Hanmi Financial Corp. | 1,766 | 51,302 | ||||||
Home BancShares, Inc.1 | 2,014 | 51,256 | ||||||
Evercore Partners, Inc. — Class A | 690 | 50,888 | ||||||
AMERISAFE, Inc. | 881 | 50,702 | ||||||
Hope Bancorp, Inc. | 2,725 | 49,895 | ||||||
Greenhill & Company, Inc. | 1,891 | 47,842 | ||||||
BofI Holding, Inc.*,1 | 1,934 | 46,203 | ||||||
Maiden Holdings Ltd. | 3,732 | 46,090 | ||||||
First NBC Bank Holding Co.*,1 | 11,890 | 31,509 | ||||||
Total Financial | 6,406,888 | |||||||
Industrial - 17.6% | ||||||||
Rogers Corp.* | 686 | 70,617 | ||||||
Myers Industries, Inc. | 4,152 | 67,678 | ||||||
LSB Industries, Inc.*,1 | 6,034 | 66,495 | ||||||
Olympic Steel, Inc. | 2,939 | 66,274 | ||||||
Badger Meter, Inc. | 1,659 | 65,945 | ||||||
Briggs & Stratton Corp. | 2,633 | 65,799 | ||||||
Sturm Ruger & Company, Inc.1 | 1,083 | 65,467 | ||||||
Haynes International, Inc. | 1,542 | 65,211 | ||||||
Vicor Corp.* | 3,610 | 64,979 | ||||||
TopBuild Corp.* | 1,267 | 64,858 | ||||||
National Presto Industries, Inc.1 | 620 | 64,697 | ||||||
Proto Labs, Inc.* | 1,114 | 64,612 | ||||||
Advanced Energy Industries, Inc.* | 872 | 64,354 | ||||||
SPX FLOW, Inc.* | 1,765 | 63,787 | ||||||
Albany International Corp. — Class A | 1,298 | 63,277 | ||||||
OSI Systems, Inc.*,1 | 817 | 63,236 | ||||||
Forward Air Corp. | 1,186 | 63,059 | ||||||
Moog, Inc. — Class A* | 915 | 62,815 | ||||||
Lindsay Corp.1 | 723 | 62,800 | ||||||
EnPro Industries, Inc. | 888 | 62,737 | ||||||
Barnes Group, Inc. | 1,141 | 62,721 | ||||||
DXP Enterprises, Inc.* | 1,719 | 62,709 | ||||||
Boise Cascade Co.* | 2,045 | 62,373 | ||||||
CIRCOR International, Inc.1 | 932 | 62,174 | ||||||
Tennant Co.1 | 843 | 61,750 | ||||||
Federal Signal Corp. | 3,930 | 61,347 | ||||||
Axon Enterprise, Inc.*,1 | 2,495 | 61,327 | ||||||
Quanex Building Products Corp. | 2,998 | 61,160 | ||||||
Itron, Inc.* | 942 | 61,089 | ||||||
ESCO Technologies, Inc. | 1,036 | 60,969 | ||||||
Alamo Group, Inc. | 771 | 60,955 | ||||||
Harsco Corp.* | 4,668 | 60,917 | ||||||
Knight Transportation, Inc.1 | 1,776 | 60,917 | ||||||
Tetra Tech, Inc. | 1,385 | 60,871 | ||||||
Triumph Group, Inc.1 | 2,320 | 60,784 | ||||||
Exponent, Inc. | 990 | 60,539 | ||||||
AAR Corp. | 1,675 | 60,283 | ||||||
Atlas Air Worldwide Holdings, Inc.* | 1,038 | 60,204 | ||||||
Powell Industries, Inc. | 1,740 | 60,013 | ||||||
Electro Scientific Industries, Inc.* | 8,596 | 60,000 | ||||||
Applied Industrial Technologies, Inc. | 933 | 59,712 | ||||||
Raven Industries, Inc. | 1,923 | 59,613 | ||||||
Multi-Color Corp. | 776 | 59,597 | ||||||
Saia, Inc.* | 1,232 | 59,321 | ||||||
Aerovironment, Inc.* | 2,072 | 59,197 | ||||||
AZZ, Inc.1 | 1,000 | 59,050 | ||||||
FARO Technologies, Inc.*,1 | 1,611 | 59,043 | ||||||
Chart Industries, Inc.* | 1,612 | 58,854 | ||||||
TTM Technologies, Inc.*,1 | 3,511 | 58,739 | ||||||
Greenbrier Companies, Inc.1 | 1,351 | 58,701 | ||||||
Methode Electronics, Inc. | 1,316 | 58,628 | ||||||
Lydall, Inc.* | 1,116 | 58,478 | ||||||
Marten Transport Ltd. | 2,358 | 58,478 | ||||||
Astec Industries, Inc. | 922 | 58,409 | ||||||
Trex Company, Inc.* | 797 | 58,332 | ||||||
AAON, Inc.1 | 1,591 | 58,310 | ||||||
General Cable Corp. | 3,221 | 57,978 | ||||||
CTS Corp. | 2,623 | 57,968 | ||||||
Franklin Electric Company, Inc. | 1,410 | 57,951 | ||||||
Benchmark Electronics, Inc.* | 1,826 | 57,884 | ||||||
Watts Water Technologies, Inc. — Class A | 930 | 57,846 | ||||||
Cubic Corp. | 1,114 | 57,817 | ||||||
PGT Innovations, Inc.* | 5,297 | 57,737 | ||||||
Aerojet Rocketdyne Holdings, Inc.*,1 | 2,564 | 57,459 | ||||||
Headwaters, Inc.* | 2,411 | 57,285 | ||||||
Comfort Systems USA, Inc. | 1,559 | 57,215 | ||||||
Hillenbrand, Inc. | 1,548 | 57,121 | ||||||
John Bean Technologies Corp. | 641 | 56,825 | ||||||
MYR Group, Inc.* | 1,344 | 56,797 | ||||||
Griffon Corp.1 | 2,357 | 56,568 | ||||||
Aegion Corp. — Class A* | 2,474 | 56,457 | ||||||
Gibraltar Industries, Inc.* | 1,432 | 56,206 | ||||||
Heartland Express, Inc. | 2,789 | 56,115 | ||||||
Insteel Industries, Inc. | 1,612 | 56,114 | ||||||
Patrick Industries, Inc.* | 787 | 55,916 | ||||||
Standex International Corp. | 594 | 55,806 | ||||||
Brady Corp. — Class A | 1,429 | 55,660 | ||||||
Kaman Corp. | 1,159 | 55,644 | ||||||
Simpson Manufacturing Company, Inc. | 1,332 | 55,558 | ||||||
Matson, Inc. | 1,744 | 55,284 | ||||||
Actuant Corp. — Class A | 2,024 | 55,255 | ||||||
SPX Corp.* | 2,293 | 55,170 | ||||||
Universal Forest Products, Inc. | 577 | 54,982 | ||||||
Tredegar Corp. | 3,199 | 54,863 | ||||||
Roadrunner Transportation Systems, Inc.* | 8,161 | 54,842 | ||||||
US Ecology, Inc. | 1,162 | 54,788 | ||||||
Hornbeck Offshore Services, Inc.*,1 | 15,954 | 54,403 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 35 |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2017 |
GUGGENHEIM S&P SMALLCAP 600® EQUAL WEIGHT ETF |
| Shares | Value | ||||||
Sanmina Corp.* | 1,460 | $ | 54,385 | |||||
Bel Fuse, Inc. — Class B | 2,241 | 54,232 | ||||||
Encore Wire Corp. | 1,224 | 54,101 | ||||||
KapStone Paper and Packaging Corp. | 2,559 | 53,969 | ||||||
Apogee Enterprises, Inc.1 | 989 | 53,901 | ||||||
Park Electrochemical Corp. | 3,071 | 53,190 | ||||||
Plexus Corp.* | 1,020 | 53,030 | ||||||
II-VI, Inc.* | 1,590 | 52,709 | ||||||
ArcBest Corp. | 1,979 | 52,345 | ||||||
Mueller Industries, Inc. | 1,627 | 52,129 | ||||||
Echo Global Logistics, Inc.* | 2,742 | 51,413 | ||||||
US Concrete, Inc.*,1 | 824 | 51,088 | ||||||
Orion Group Holdings, Inc.* | 6,755 | 51,000 | ||||||
Tidewater, Inc.*,1 | 57,628 | 50,511 | ||||||
Fabrinet* | 1,414 | 49,023 | ||||||
TimkenSteel Corp.*,1 | 3,040 | 45,843 | ||||||
Hub Group, Inc. — Class A* | 1,127 | 44,122 | ||||||
Applied Optoelectronics, Inc.*,1 | 680 | 33,585 | ||||||
Celadon Group, Inc. | 6,932 | 27,381 | ||||||
Total Industrial | 6,149,732 | |||||||
Technology - 8.4% | ||||||||
Exar Corp.* | 5,468 | 71,139 | ||||||
Kopin Corp.*,1 | 16,859 | 68,784 | ||||||
Brooks Automation, Inc. | 2,703 | 68,277 | ||||||
MKS Instruments, Inc. | 852 | 66,668 | ||||||
Veeco Instruments, Inc.* | 1,983 | 65,439 | ||||||
Medidata Solutions, Inc.* | 996 | 65,168 | ||||||
DSP Group, Inc.* | 5,222 | 65,014 | ||||||
Rudolph Technologies, Inc.* | 2,613 | 64,019 | ||||||
Cabot Microelectronics Corp. | 815 | 63,855 | ||||||
Nanometrics, Inc.* | 1,995 | 62,952 | ||||||
Omnicell, Inc.* | 1,517 | 62,804 | ||||||
Cohu, Inc. | 3,350 | 62,746 | ||||||
Donnelley Financial Solutions, Inc.* | 2,803 | 62,283 | ||||||
Qualys, Inc.* | 1,618 | 62,131 | ||||||
Kulicke & Soffa Industries, Inc.* | 2,776 | 61,960 | ||||||
Agilysys, Inc.* | 6,193 | 61,310 | ||||||
ExlService Holdings, Inc.* | 1,283 | 61,212 | ||||||
Blackbaud, Inc.1 | 758 | 60,951 | ||||||
MicroStrategy, Inc. — Class A* | 317 | 60,284 | ||||||
CEVA, Inc.*,1 | 1,662 | 59,832 | ||||||
LivePerson, Inc.* | 8,429 | 59,424 | ||||||
Sykes Enterprises, Inc.* | 1,988 | 59,262 | ||||||
TeleTech Holdings, Inc. | 1,892 | 59,125 | ||||||
Ultratech, Inc.* | 1,936 | 59,087 | ||||||
Computer Programs & Systems, Inc.1 | 2,148 | 58,963 | ||||||
Monotype Imaging Holdings, Inc. | 2,896 | 58,934 | ||||||
Power Integrations, Inc. | 876 | 57,772 | ||||||
Progress Software Corp. | 1,940 | 57,657 | ||||||
SPS Commerce, Inc.* | 1,035 | 57,194 | ||||||
Insight Enterprises, Inc.* | 1,338 | 56,330 | ||||||
Xperi Corp. | 1,676 | 56,314 | ||||||
Digi International, Inc.* | 4,521 | 56,060 | ||||||
Rambus, Inc.* | 4,477 | 56,052 | ||||||
Semtech Corp.* | 1,640 | 56,006 | ||||||
ManTech International Corp. — Class A | 1,577 | 55,984 | ||||||
Electronics for Imaging, Inc.* | 1,216 | 55,668 | ||||||
Ebix, Inc.1 | 901 | 55,592 | ||||||
Engility Holdings, Inc.* | 1,956 | 55,453 | ||||||
CSG Systems International, Inc. | 1,476 | 55,365 | ||||||
Mercury Systems, Inc.* | 1,476 | 55,173 | ||||||
Super Micro Computer, Inc.*,1 | 2,248 | 54,851 | ||||||
Virtusa Corp.*,1 | 1,758 | 54,463 | ||||||
CACI International, Inc. — Class A* | 459 | 54,162 | ||||||
Quality Systems, Inc.* | 3,798 | 54,159 | ||||||
Diodes, Inc.* | 2,307 | 53,961 | ||||||
Bottomline Technologies de, Inc.* | 2,296 | 53,497 | ||||||
Lumentum Holdings, Inc.* | 1,231 | 52,625 | ||||||
Cray, Inc.* | 2,845 | 50,926 | ||||||
MTS Systems Corp. | 1,037 | 48,169 | ||||||
Synchronoss Technologies, Inc.*,1 | 2,148 | 34,368 | ||||||
Total Technology | 2,929,424 | |||||||
Communications - 6.4% | ||||||||
General Communication, Inc. — Class A* | 3,083 | 115,428 | ||||||
QuinStreet, Inc.* | 18,215 | 81,604 | ||||||
Iridium Communications, Inc.*,1 | 6,452 | 68,391 | ||||||
HealthStream, Inc.*,1 | 2,420 | 67,252 | ||||||
Blucora, Inc.*,1 | 3,455 | 63,745 | ||||||
Cogent Communications Holdings, Inc.1 | 1,407 | 63,315 | ||||||
Shutterfly, Inc.* | 1,212 | 62,903 | ||||||
Black Box Corp. | 6,310 | 62,468 | ||||||
ePlus, Inc.* | 865 | 61,631 | ||||||
CalAmp Corp.*,1 | 3,410 | 61,175 | ||||||
Shutterstock, Inc.*,1 | 1,402 | 60,608 | ||||||
World Wrestling Entertainment, Inc. — Class A | 2,787 | 59,725 | ||||||
Gannett Company, Inc. | 7,139 | 59,682 | ||||||
TiVo Corp. | 2,965 | 58,559 | ||||||
Viavi Solutions, Inc.* | 5,818 | 58,180 | ||||||
Lumos Networks Corp.* | 3,182 | 56,990 | ||||||
VASCO Data Security International, Inc.* | 4,180 | 56,430 | ||||||
ATN International, Inc. | 815 | 56,390 | ||||||
XO Group, Inc.* | 3,198 | 56,125 | ||||||
8x8, Inc.* | 3,855 | 56,090 | ||||||
Harmonic, Inc.*,1 | 9,626 | 55,831 | ||||||
Spok Holdings, Inc. | 3,095 | 55,555 | ||||||
Consolidated Communications Holdings, Inc.1 | 2,346 | 55,530 | ||||||
Cincinnati Bell, Inc.* | 2,945 | 55,513 | ||||||
Liquidity Services, Inc.* | 7,104 | 55,411 | ||||||
NIC, Inc. | 2,595 | 55,403 | ||||||
Comtech Telecommunications Corp. | 3,936 | 55,143 | ||||||
EW Scripps Co. — Class A* | 2,470 | 55,032 | ||||||
Scholastic Corp. | 1,271 | 54,945 | ||||||
Perficient, Inc.* | 3,142 | 54,734 | ||||||
ADTRAN, Inc. | 2,658 | 53,160 | ||||||
New Media Investment Group, Inc. | 3,955 | 52,048 | ||||||
Gigamon, Inc.* | 1,615 | 51,196 | ||||||
FTD Companies, Inc.* | 2,549 | 50,980 | ||||||
NETGEAR, Inc.* | 1,037 | 48,895 | ||||||
Oclaro, Inc.*,1 | 5,916 | 47,387 | ||||||
DHI Group, Inc.* | 12,277 | 47,266 |
36 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2017 |
GUGGENHEIM S&P SMALLCAP 600® EQUAL WEIGHT ETF |
| Shares | Value | ||||||
Stamps.com, Inc.*,1 | 435 | $ | 46,175 | |||||
Total Communications | 2,236,895 | |||||||
Energy - 4.4% | ||||||||
REX American Resources Corp.* | 729 | 69,022 | ||||||
FutureFuel Corp. | 4,364 | 67,467 | ||||||
Newpark Resources, Inc.* | 8,539 | 65,322 | ||||||
Contango Oil & Gas Co.* | 9,079 | 65,005 | ||||||
Geospace Technologies Corp.*,1 | 3,876 | 64,109 | ||||||
SunCoke Energy, Inc.* | 6,805 | 62,402 | ||||||
Era Group, Inc.* | 4,839 | 61,504 | ||||||
SRC Energy, Inc.*,1 | 7,642 | 57,621 | ||||||
Flotek Industries, Inc.*,1 | 4,710 | 56,567 | ||||||
SEACOR Holdings, Inc.*,1 | 850 | 55,811 | ||||||
Exterran Corp.* | 2,006 | 54,904 | ||||||
Unit Corp.*,1 | 2,549 | 54,779 | ||||||
Green Plains, Inc.1 | 2,371 | 54,533 | ||||||
Bristow Group, Inc. | 4,037 | 53,975 | ||||||
Archrock, Inc. | 4,528 | 53,430 | ||||||
Denbury Resources, Inc.*,1 | 23,338 | 51,810 | ||||||
Gulf Island Fabrication, Inc. | 5,150 | 51,243 | ||||||
Carrizo Oil & Gas, Inc.*,1 | 2,009 | 50,526 | ||||||
PDC Energy, Inc.* | 887 | 48,989 | ||||||
Northern Oil and Gas, Inc.*,1 | 21,722 | 48,875 | ||||||
Bill Barrett Corp.* | 12,720 | 48,845 | ||||||
Cloud Peak Energy, Inc.*,1 | 14,481 | 48,801 | ||||||
Atwood Oceanics, Inc.*,1 | 6,159 | 48,225 | ||||||
TETRA Technologies, Inc.* | 14,082 | 46,893 | ||||||
Tesco Corp.* | 7,044 | 46,138 | ||||||
Helix Energy Solutions Group, Inc.* | 7,421 | 45,417 | ||||||
Matrix Service Co.* | 3,608 | 42,394 | ||||||
Pioneer Energy Services Corp.* | 12,412 | 37,857 | ||||||
CARBO Ceramics, Inc.*,1 | 5,116 | 35,147 | ||||||
Total Energy | 1,547,611 | |||||||
Basic Materials - 4.3% | ||||||||
Materion Corp. | 1,693 | 64,419 | ||||||
Kraton Corp.* | 1,953 | 63,882 | ||||||
Kaiser Aluminum Corp. | 751 | 63,392 | ||||||
Quaker Chemical Corp. | 436 | 63,045 | ||||||
American Vanguard Corp. | 3,753 | 62,863 | ||||||
Century Aluminum Co.* | 4,555 | 62,130 | ||||||
Stepan Co. | 727 | 61,650 | ||||||
Aceto Corp. | 3,813 | 60,436 | ||||||
Hawkins, Inc. | 1,181 | 60,349 | ||||||
HB Fuller Co. | 1,142 | 60,332 | ||||||
Ingevity Corp.* | 954 | 60,321 | ||||||
Schweitzer-Mauduit International, Inc. | 1,399 | 60,227 | ||||||
Calgon Carbon Corp. | 4,078 | 59,335 | ||||||
Neenah Paper, Inc. | 752 | 58,919 | ||||||
AdvanSix, Inc.* | 2,159 | 58,854 | ||||||
Innospec, Inc. | 888 | 58,608 | ||||||
Deltic Timber Corp. | 750 | 58,028 | ||||||
Koppers Holdings, Inc.* | 1,350 | 57,308 | ||||||
PH Glatfelter Co. | 2,621 | 56,378 | ||||||
Rayonier Advanced Materials, Inc. | 4,164 | 55,173 | ||||||
Balchem Corp. | 670 | 54,377 | ||||||
A. Schulman, Inc. | 1,704 | 53,932 | ||||||
Clearwater Paper Corp.* | 1,075 | 52,245 | ||||||
Innophos Holdings, Inc. | 1,046 | 50,145 | ||||||
US Silica Holdings, Inc.1 | 1,191 | 49,427 | ||||||
AK Steel Holding Corp.*,1 | 7,354 | 46,624 | ||||||
Total Basic Materials | 1,512,399 | |||||||
Utilities - 1.4% | ||||||||
South Jersey Industries, Inc. | 1,688 | 63,334 | ||||||
El Paso Electric Co. | 1,177 | 60,733 | ||||||
ALLETE, Inc. | 868 | 60,682 | ||||||
Spire, Inc. | 871 | 59,707 | ||||||
American States Water Co.1 | 1,336 | 59,479 | ||||||
Avista Corp. | 1,458 | 58,816 | ||||||
California Water Service Group1 | 1,639 | 58,512 | ||||||
Northwest Natural Gas Co. | 979 | 58,348 | ||||||
Total Utilities | 479,611 | |||||||
Total Common Stocks | ||||||||
(Cost $30,538,606) | 34,858,200 | |||||||
RIGHT††† - 0.0%** | ||||||||
Dyax Corp. | ||||||||
Expires 01/25/182 | 339 | — | ||||||
Total Right | ||||||||
(Cost $—) | — | |||||||
SHORT-TERM INVESTMENTS† - 0.1% | ||||||||
Federated U.S. Treasury Cash Reserve Fund — Institutional Shares, 0.53%3 | 40,142 | 40,142 | ||||||
Total Short-Term Investments | ||||||||
(Cost $40,142) | 40,142 | |||||||
Face | ||||||||
SECURITIES LENDING COLLATERAL††,4 - 11.9% | ||||||||
Joint Repurchase Agreements | ||||||||
Deutsche Bank Securities, Inc. | $ | 964,659 | 964,659 | |||||
Citigroup Global Markets, Inc. | 964,659 | 964,659 | ||||||
Merrill Lynch, Pierce, Fenner & Smith, Inc. | 964,659 | 964,659 | ||||||
RBC Dominion Securities, Inc. | 964,659 | 964,659 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 37 |
SCHEDULE OF INVESTMENTS (Unaudited)(concluded) | April 30, 2017 |
GUGGENHEIM S&P SMALLCAP 600® EQUAL WEIGHT ETF |
| Face | Value | ||||||
Credit Suisse Securities (USA), LLC | $ | 285,882 | $ | 285,882 | ||||
Total Securities Lending Collateral | ||||||||
(Cost $4,144,518) | 4,144,518 | |||||||
Total Investments - 111.9% | ||||||||
(Cost $34,723,266) | $ | 39,042,860 | ||||||
Other Assets & Liabilities, net - (11.9)% | (4,148,188 | ) | ||||||
Total Net Assets - 100.0% | $ | 34,894,672 |
* | Non-income producing security. |
** | Less than 0.1% of net assets. |
† | Value determined based on Level 1 inputs — See Note 4. |
†† | Value determined based on Level 2 inputs — See Note 4. |
††† | Value determined based on Level 3 inputs — See Note 4. |
1 | All or portion of this security is on loan at April 30, 2017 — See Note 5. |
2 | This security was fair valued by the Valuation Committee at April 30, 2017. |
3 | Rate indicated is the 7 day yield as of April 30, 2017. |
4 | Securities lending collateral — See Note 5. |
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, 2017 (See Note 4 in the Notes to Financial Statements):
Investments in Securities (Assets) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 34,858,200 | $ | — | $ | — | $ | 34,858,200 | ||||||||
Right | — | — | — | * | — | * | ||||||||||
Securities Lending Collateral | — | 4,144,518 | — | 4,144,518 | ||||||||||||
Short-Term Investments | 40,142 | — | — | 40,142 | ||||||||||||
Total Assets | $ | 34,898,342 | $ | 4,144,518 | $ | — | $ | 39,042,860 |
* | Security has a market value of $0. |
Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the previous fiscal period.
For the period ended April 30, 2017, there were no transfers between levels.
38 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2017 |
GUGGENHEIM S&P 100® EQUAL WEIGHT ETF |
| Shares | Value | ||||||
COMMON STOCKS† - 99.6% | ||||||||
Consumer, Non-cyclical - 23.7% | ||||||||
PayPal Holdings, Inc.* | 1,024 | $ | 48,865 | |||||
PepsiCo, Inc. | 402 | 45,539 | ||||||
UnitedHealth Group, Inc. | 259 | 45,294 | ||||||
Mondelez International, Inc. — Class A | 1,004 | 45,210 | ||||||
Coca-Cola Co. | 1,041 | 44,919 | ||||||
Allergan plc | 183 | 44,626 | ||||||
Gilead Sciences, Inc. | 650 | 44,557 | ||||||
Philip Morris International, Inc. | 398 | 44,115 | ||||||
AbbVie, Inc. | 668 | 44,048 | ||||||
Celgene Corp.* | 355 | 44,038 | ||||||
Medtronic plc | 530 | 44,038 | ||||||
Pfizer, Inc. | 1,291 | 43,791 | ||||||
Kraft Heinz Co. | 481 | 43,478 | ||||||
Johnson & Johnson | 349 | 43,091 | ||||||
Eli Lilly & Co. | 522 | 42,835 | ||||||
Colgate-Palmolive Co. | 593 | 42,720 | ||||||
Bristol-Myers Squibb Co. | 760 | 42,598 | ||||||
Procter & Gamble Co. | 483 | 42,180 | ||||||
Abbott Laboratories | 963 | 42,025 | ||||||
Danaher Corp. | 502 | 41,832 | ||||||
Merck & Company, Inc. | 671 | 41,823 | ||||||
Altria Group, Inc. | 576 | 41,345 | ||||||
Biogen, Inc.* | 151 | 40,953 | ||||||
Amgen, Inc. | 243 | 39,687 | ||||||
Total Consumer, Non-cyclical | 1,043,607 | |||||||
Financial - 17.3% | ||||||||
Mastercard, Inc. — Class A | 396 | 46,062 | ||||||
Visa, Inc. — Class A | 491 | 44,789 | ||||||
American Express Co. | 555 | 43,984 | ||||||
BlackRock, Inc. — Class A | 114 | 43,841 | ||||||
Allstate Corp. | 537 | 43,653 | ||||||
Bank of New York Mellon Corp. | 914 | 43,013 | ||||||
Simon Property Group, Inc. | 260 | 42,968 | ||||||
American International Group, Inc. | 698 | 42,515 | ||||||
Citigroup, Inc. | 716 | 42,330 | ||||||
MetLife, Inc. | 815 | 42,225 | ||||||
JPMorgan Chase & Co. | 482 | 41,934 | ||||||
Berkshire Hathaway, Inc. — Class B* | 252 | 41,633 | ||||||
U.S. Bancorp | 801 | 41,075 | ||||||
Morgan Stanley | 947 | 41,071 | ||||||
Bank of America Corp. | 1,739 | 40,588 | ||||||
Wells Fargo & Co. | 748 | 40,272 | ||||||
Goldman Sachs Group, Inc. | 177 | 39,613 | ||||||
Capital One Financial Corp. | 478 | 38,422 | ||||||
Total Financial | 759,988 | |||||||
Industrial - 13.3% | ||||||||
Caterpillar, Inc. | 477 | 48,778 | ||||||
United Technologies Corp. | 393 | 46,763 | ||||||
Union Pacific Corp. | 414 | 46,351 | ||||||
Honeywell International, Inc. | 347 | 45,506 | ||||||
Boeing Co. | 246 | 45,469 | ||||||
3M Co. | 230 | 45,041 | ||||||
General Dynamics Corp. | 231 | 44,765 | ||||||
Emerson Electric Co. | 740 | 44,607 | ||||||
United Parcel Service, Inc. — Class B | 412 | 44,274 | ||||||
Raytheon Co. | 285 | 44,235 | ||||||
Lockheed Martin Corp. | 164 | 44,190 | ||||||
FedEx Corp. | 229 | 43,441 | ||||||
General Electric Co. | 1,454 | 42,151 | ||||||
Total Industrial | 585,571 | |||||||
Consumer, Cyclical - 12.3% | ||||||||
Starbucks Corp. | 807 | 48,468 | ||||||
McDonald’s Corp. | 344 | 48,136 | ||||||
Costco Wholesale Corp. | 266 | 47,220 | ||||||
Wal-Mart Stores, Inc. | 628 | 47,213 | ||||||
Home Depot, Inc. | 300 | 46,830 | ||||||
Lowe’s Cos., Inc. | 540 | 45,835 | ||||||
CVS Health Corp. | 548 | 45,177 | ||||||
Walgreens Boots Alliance, Inc. | 514 | 44,482 | ||||||
Target Corp. | 794 | 44,345 | ||||||
NIKE, Inc. — Class B | 780 | 43,220 | ||||||
General Motors Co. | 1,195 | 41,395 | ||||||
Ford Motor Co. | 3,513 | 40,294 | ||||||
Total Consumer, Cyclical | 542,615 | |||||||
Communications - 11.3% | ||||||||
Amazon.com, Inc.* | 52 | 48,099 | ||||||
Facebook, Inc. — Class A* | 317 | 47,629 | ||||||
Comcast Corp. — Class A | 1,180 | 46,244 | ||||||
Priceline Group, Inc.* | 25 | 46,171 | ||||||
Walt Disney Co. | 397 | 45,894 | ||||||
Time Warner, Inc. | 446 | 44,275 | ||||||
Cisco Systems, Inc. | 1,285 | 43,780 | ||||||
AT&T, Inc. | 1,039 | 41,175 | ||||||
Verizon Communications, Inc. | 892 | 40,952 | ||||||
Twenty-First Century Fox, Inc. — Class A | 993 | 30,326 | ||||||
Alphabet, Inc. — Class A* | 26 | 24,037 | ||||||
Alphabet, Inc. — Class C* | 26 | 23,555 | ||||||
Twenty-First Century Fox, Inc. — Class B | 457 | 13,646 | ||||||
Total Communications | 495,783 | |||||||
Technology - 7.9% | ||||||||
Microsoft Corp. | 678 | 46,416 | ||||||
Oracle Corp. | 1,031 | 46,354 | ||||||
Apple, Inc. | 316 | 45,393 | ||||||
Intel Corp. | 1,226 | 44,320 | ||||||
Texas Instruments, Inc. | 548 | 43,391 | ||||||
Accenture plc — Class A | 355 | 43,061 | ||||||
QUALCOMM, Inc. | 751 | 40,359 | ||||||
International Business Machines Corp. | 248 | 39,752 | ||||||
Total Technology | 349,046 | |||||||
Energy - 6.8% | ||||||||
ConocoPhillips | 964 | 46,186 | ||||||
Exxon Mobil Corp. | 539 | 44,009 | ||||||
Occidental Petroleum Corp. | 708 | 43,570 | ||||||
Chevron Corp. | 398 | 42,467 | ||||||
Kinder Morgan, Inc. | 2,048 | 42,250 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 39 |
SCHEDULE OF INVESTMENTS (Unaudited)(concluded) | April 30, 2017 |
GUGGENHEIM S&P 100® EQUAL WEIGHT ETF |
| Shares | Value | ||||||
Schlumberger Ltd. | 559 | $ | 40,578 | |||||
Halliburton Co. | 865 | 39,686 | ||||||
Total Energy | 298,746 | |||||||
Utilities - 4.0% | ||||||||
NextEra Energy, Inc. | 338 | 45,143 | ||||||
Duke Energy Corp. | 546 | 45,045 | ||||||
Southern Co. | 887 | 44,173 | ||||||
Exelon Corp. | 1,224 | 42,387 | ||||||
Total Utilities | 176,748 | |||||||
Basic Materials - 3.0% | ||||||||
Monsanto Co. | 386 | 45,011 | ||||||
EI du Pont de Nemours & Co. | 544 | 43,384 | ||||||
Dow Chemical Co. | 690 | 43,332 | ||||||
Total Basic Materials | 131,727 | |||||||
Total Common Stocks | ||||||||
(Cost $4,326,789) | 4,383,831 | |||||||
Total Investments - 99.6% | ||||||||
(Cost $4,326,789) | $ | 4,383,831 | ||||||
Other Assets & Liabilities, net - 0.4% | 18,570 | |||||||
Total Net Assets - 100.0% | $ | 4,402,401 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 4. |
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, 2017 (See Note 4 in the Notes to Financial Statements):
Investments in Securities (Assets) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 4,383,831 | $ | — | $ | — | $ | 4,383,831 |
Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the previous fiscal period.
For the period ended April 30, 2017, there were no transfers between levels.
40 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2017 |
GUGGENHEIM S&P 500® EQUAL WEIGHT CONSUMER DISCRETIONARY ETF |
| Shares | Value | ||||||
COMMON STOCKS† - 99.8% | ||||||||
Retail - 40.6% | ||||||||
Chipotle Mexican Grill, Inc. — Class A*,1 | 2,628 | $ | 1,246,907 | |||||
Best Buy Co., Inc.1 | 23,923 | 1,239,451 | ||||||
Darden Restaurants, Inc. | 14,452 | 1,231,166 | ||||||
Staples, Inc. | 123,475 | 1,206,351 | ||||||
PVH Corp. | 11,763 | 1,188,416 | ||||||
Dollar Tree, Inc.* | 14,279 | 1,181,873 | ||||||
Starbucks Corp. | 19,655 | 1,180,479 | ||||||
McDonald’s Corp. | 8,375 | 1,171,914 | ||||||
Nordstrom, Inc.1 | 24,112 | 1,163,886 | ||||||
Gap, Inc. | 44,160 | 1,156,992 | ||||||
Home Depot, Inc. | 7,298 | 1,139,217 | ||||||
L Brands, Inc. | 21,307 | 1,125,223 | ||||||
Lowe’s Cos., Inc. | 13,137 | 1,115,069 | ||||||
Tiffany & Co.1 | 12,081 | 1,107,223 | ||||||
Yum! Brands, Inc. | 16,666 | 1,095,790 | ||||||
Target Corp. | 19,359 | 1,081,200 | ||||||
TJX Cos., Inc. | 13,709 | 1,078,076 | ||||||
Foot Locker, Inc. | 13,921 | 1,076,650 | ||||||
Coach, Inc. | 27,292 | 1,075,032 | ||||||
Dollar General Corp. | 14,704 | 1,069,128 | ||||||
Genuine Parts Co. | 11,498 | 1,058,046 | ||||||
Ulta Beauty, Inc.* | 3,742 | 1,053,148 | ||||||
Bed Bath & Beyond, Inc. | 26,949 | 1,044,274 | ||||||
Ross Stores, Inc. | 16,005 | 1,040,325 | ||||||
AutoZone, Inc.* | 1,494 | 1,034,132 | ||||||
Kohl’s Corp.1 | 26,489 | 1,033,865 | ||||||
Signet Jewelers Ltd.1 | 15,353 | 1,010,842 | ||||||
AutoNation, Inc.*,1 | 23,902 | 1,003,884 | ||||||
Advance Auto Parts, Inc. | 6,960 | 989,294 | ||||||
Macy’s, Inc. | 33,776 | 986,935 | ||||||
O’Reilly Automotive, Inc.* | 3,975 | 986,396 | ||||||
CarMax, Inc.*,1 | 16,694 | 976,599 | ||||||
Tractor Supply Co. | 14,781 | 915,092 | ||||||
Total Retail | 36,062,875 | |||||||
Media - 14.6% | ||||||||
Charter Communications, Inc. — Class A* | 3,313 | 1,143,516 | ||||||
Comcast Corp. — Class A | 28,718 | 1,125,458 | ||||||
Walt Disney Co. | 9,662 | 1,116,927 | ||||||
DISH Network Corp. — Class A* | 17,273 | 1,113,072 | ||||||
Time Warner, Inc. | 10,870 | 1,079,065 | ||||||
CBS Corp. — Class B | 15,899 | 1,058,237 | ||||||
Viacom, Inc. — Class B | 24,509 | 1,043,103 | ||||||
TEGNA, Inc. | 40,860 | 1,041,113 | ||||||
Scripps Networks Interactive, Inc. — Class A | 13,503 | 1,008,944 | ||||||
News Corp. — Class A | 65,374 | 831,557 | ||||||
Twenty-First Century Fox, Inc. — Class A | 24,175 | 738,305 | ||||||
Discovery Communications, Inc. — Class C* | 23,217 | 649,612 | ||||||
Discovery Communications, Inc. — Class A*,1 | 15,992 | 460,250 | ||||||
Twenty-First Century Fox, Inc. — Class B | 11,122 | 332,103 | ||||||
News Corp. — Class B | 20,502 | 266,526 | ||||||
Total Media | 13,007,788 | |||||||
Apparel - 7.5% | ||||||||
Hanesbrands, Inc.1 | 53,669 | 1,170,521 | ||||||
VF Corp.1 | 20,248 | 1,106,148 | ||||||
Michael Kors Holdings Ltd.* | 29,084 | 1,085,706 | ||||||
Ralph Lauren Corp. — Class A | 13,347 | 1,077,370 | ||||||
NIKE, Inc. — Class B | 18,993 | 1,052,402 | ||||||
Under Armour, Inc. — Class A*,1 | 28,880 | 620,631 | ||||||
Under Armour, Inc. — Class C*,1 | 29,042 | 563,705 | ||||||
Total Apparel | 6,676,483 | |||||||
Internet - 6.4% | ||||||||
Amazon.com, Inc.* | 1,257 | 1,162,712 | ||||||
Netflix, Inc.* | 7,607 | 1,157,785 | ||||||
Expedia, Inc. | 8,522 | 1,139,562 | ||||||
Priceline Group, Inc.* | 611 | 1,128,407 | ||||||
TripAdvisor, Inc.*,1 | 24,582 | 1,106,436 | ||||||
Total Internet | 5,694,902 | |||||||
Lodging - 4.2% | ||||||||
Wynn Resorts Ltd.1 | 10,766 | 1,324,326 | ||||||
Wyndham Worldwide Corp. | 12,968 | 1,235,980 | ||||||
Marriott International, Inc. — Class A | 12,373 | 1,168,259 | ||||||
Total Lodging | 3,728,565 | |||||||
Leisure Time - 3.7% | ||||||||
Royal Caribbean Cruises Ltd. | 11,021 | 1,174,839 | ||||||
Carnival Corp. | 18,734 | 1,157,199 | ||||||
Harley-Davidson, Inc. | 17,848 | 1,013,945 | ||||||
Total Leisure Time | 3,345,983 | |||||||
Auto Parts & Equipment - 3.7% | ||||||||
Delphi Automotive plc | 13,903 | 1,117,801 | ||||||
Goodyear Tire & Rubber Co. | 30,225 | 1,095,052 | ||||||
BorgWarner, Inc. | 25,647 | 1,084,355 | ||||||
Total Auto Parts & Equipment | 3,297,208 | |||||||
Home Builders - 3.5% | ||||||||
DR Horton, Inc. | 31,926 | 1,050,046 | ||||||
PulteGroup, Inc. | 45,548 | 1,032,573 | ||||||
Lennar Corp. — Class A | 20,329 | 1,026,615 | ||||||
Total Home Builders | 3,109,234 | |||||||
Home Furnishings - 2.6% | ||||||||
Leggett & Platt, Inc. | 21,944 | 1,152,938 | ||||||
Whirlpool Corp. | 6,030 | 1,119,650 | ||||||
Total Home Furnishings | 2,272,588 | |||||||
Advertising - 2.3% | ||||||||
Interpublic Group of Cos., Inc. | 44,233 | 1,042,572 | ||||||
Omnicom Group, Inc. | 12,685 | 1,041,692 | ||||||
Total Advertising | 2,084,264 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 41 |
SCHEDULE OF INVESTMENTS (Unaudited)(concluded) | April 30, 2017 |
GUGGENHEIM S&P 500® EQUAL WEIGHT CONSUMER DISCRETIONARY ETF |
| Shares | Value | ||||||
Toys, Games & Hobbies - 2.3% | ||||||||
Hasbro, Inc. | 10,996 | $ | 1,089,813 | |||||
Mattel, Inc. | 41,964 | 940,833 | ||||||
Total Toys, Games & Hobbies | 2,030,646 | |||||||
Auto Manufacturers - 2.2% | ||||||||
General Motors Co. | 29,100 | 1,008,024 | ||||||
Ford Motor Co. | 85,536 | 981,098 | ||||||
Total Auto Manufacturers | 1,989,122 | |||||||
Commercial Services - 1.3% | ||||||||
H&R Block, Inc. | 45,165 | 1,119,640 | ||||||
Distribution & Wholesale - 1.3% | ||||||||
LKQ Corp.* | 35,726 | 1,116,080 | ||||||
Textiles - 1.2% | ||||||||
Mohawk Industries, Inc.* | 4,651 | 1,092,008 | ||||||
Housewares - 1.2% | ||||||||
Newell Brands, Inc. | 22,021 | 1,051,283 | ||||||
Electronics - 1.2% | ||||||||
Garmin Ltd.1 | 20,411 | 1,037,695 | ||||||
Total Common Stocks | ||||||||
(Cost $93,709,570) | 88,716,364 | |||||||
SHORT-TERM INVESTMENTS† - 0.2% | ||||||||
Federated U.S. Treasury Cash Reserve Fund — Institutional Shares, 0.53%2 | 157,356 | 157,356 | ||||||
Total Short-Term Investments | ||||||||
(Cost $157,356) | 157,356 |
| Face |
| ||||||
SECURITIES LENDING COLLATERAL††,3 - 6.9% | ||||||||
Joint Repurchase Agreements | ||||||||
Deutsche Bank Securities, Inc. | $ | 1,427,727 | 1,427,727 | |||||
Citigroup Global Markets, Inc. | 1,427,727 | 1,427,727 | ||||||
Merrill Lynch, Pierce, Fenner & Smith, Inc. | 1,427,727 | 1,427,727 | ||||||
RBC Dominion Securities, Inc. | 1,427,727 | 1,427,727 | ||||||
Credit Suisse Securities (USA), LLC | 423,117 | 423,117 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $6,134,025) | 6,134,025 | |||||||
Total Investments - 106.9% | ||||||||
(Cost $100,000,951) | $ | 95,007,745 | ||||||
Other Assets & Liabilities, net - (6.9)% | (6,115,274 | ) | ||||||
Total Net Assets - 100.0% | $ | 88,892,471 |
* | Non-income producing security |
† | Value determined based on Level 1 inputs — See Note 4. |
†† | Value determined based on Level 2 inputs — See Note 4. |
1 | All or portion of this security is on loan at April 30, 2017 — See Note 5. |
2 | Rate indicated is the 7 day yield as of April 30, 2017. |
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, 2017 (See Note 4 in the Notes to Financial Statements):
Investments in Securities (Assets) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 88,716,364 | $ | — | $ | — | $ | 88,716,364 | ||||||||
Securities Lending Collateral | — | 6,134,025 | — | 6,134,025 | ||||||||||||
Short-Term Investments | 157,356 | — | — | 157,356 | ||||||||||||
Total Assets | $ | 88,873,720 | $ | 6,134,025 | $ | — | $ | 95,007,745 |
Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the previous fiscal period.
For the period ended April 30, 2017, there were no transfers between levels.
42 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2017 |
GUGGENHEIM S&P 500® EQUAL WEIGHT CONSUMER STAPLES ETF |
| Shares | Value | ||||||
COMMON STOCKS† - 99.8% | ||||||||
Food - 37.7% | ||||||||
Whole Foods Market, Inc.1 | 464,074 | $ | 16,878,371 | |||||
Kroger Co. | 470,035 | 13,936,538 | ||||||
Mondelez International, Inc. — Class A | 308,926 | 13,910,938 | ||||||
Sysco Corp. | 259,707 | 13,730,709 | ||||||
Tyson Foods, Inc. — Class A | 213,160 | 13,697,662 | ||||||
Hormel Foods Corp.1 | 386,264 | 13,550,141 | ||||||
McCormick & Co., Inc. | 135,032 | 13,489,697 | ||||||
Hershey Co. | 124,357 | 13,455,427 | ||||||
Kraft Heinz Co. | 148,028 | 13,380,251 | ||||||
Campbell Soup Co. | 228,862 | 13,168,719 | ||||||
Kellogg Co. | 182,586 | 12,963,606 | ||||||
General Mills, Inc. | 223,647 | 12,861,939 | ||||||
Conagra Brands, Inc. | 331,123 | 12,840,950 | ||||||
JM Smucker Co. | 97,108 | 12,305,526 | ||||||
Total Food | 190,170,474 | |||||||
Beverages - 19.1% | ||||||||
Constellation Brands, Inc. — Class A | 85,973 | 14,833,781 | ||||||
PepsiCo, Inc. | 123,604 | 14,001,861 | ||||||
Coca-Cola Co. | 320,320 | 13,821,808 | ||||||
Brown-Forman Corp. — Class B1 | 291,946 | 13,814,885 | ||||||
Molson Coors Brewing Co. — Class B | 139,509 | 13,377,518 | ||||||
Monster Beverage Corp.* | 289,326 | 13,129,614 | ||||||
Dr Pepper Snapple Group, Inc. | 142,996 | 13,105,583 | ||||||
Total Beverages | 96,085,050 | |||||||
Retail - 11.2% | ||||||||
Costco Wholesale Corp. | 81,917 | 14,541,906 | ||||||
Wal-Mart Stores, Inc. | 193,240 | 14,527,783 | ||||||
CVS Health Corp. | 168,484 | 13,889,821 | ||||||
Walgreens Boots Alliance, Inc. | 158,197 | 13,690,368 | ||||||
Total Retail | 56,649,878 | |||||||
Agriculture - 10.8% | ||||||||
Reynolds American, Inc. | 223,612 | 14,422,975 | ||||||
Archer-Daniels-Midland Co. | 300,758 | 13,759,679 | ||||||
Philip Morris International, Inc. | 122,541 | 13,582,444 | ||||||
Altria Group, Inc. | 177,185 | 12,718,339 | ||||||
Total Agriculture | 54,483,437 | |||||||
Cosmetics & Personal Care - 10.4% | ||||||||
Estee Lauder Cos., Inc. — Class A | 157,918 | 13,760,974 | ||||||
Colgate-Palmolive Co. | 182,416 | 13,141,249 | ||||||
Procter & Gamble Co. | 148,747 | 12,990,076 | ||||||
Coty, Inc. — Class A | 709,239 | 12,659,916 | ||||||
Total Cosmetics & Personal Care | 52,552,215 | |||||||
Household Products & Housewares - 7.9% | ||||||||
Church & Dwight Company, Inc. | 270,766 | 13,411,040 | ||||||
Kimberly-Clark Corp. | 101,171 | 13,126,937 | ||||||
Clorox Co. | 98,108 | 13,116,059 | ||||||
Total Household Products & Housewares | 39,654,036 | |||||||
Pharmaceuticals - 2.7% | ||||||||
Mead Johnson Nutrition Co. — Class A | 154,410 | 13,699,255 | ||||||
Total Common Stocks | ||||||||
(Cost $495,496,589) | 503,294,345 | |||||||
SHORT-TERM INVESTMENTS† - 0.1% | ||||||||
Federated U.S. Treasury Cash Reserve Fund — Institutional Shares, 0.53%2 | 581,030 | 581,030 | ||||||
Total Short-Term Investments | ||||||||
(Cost $581,030) | 581,030 | |||||||
Face | ||||||||
SECURITIES LENDING COLLATERAL††,3 - 0.2% | ||||||||
Joint Repurchase Agreements | ||||||||
Deutsche Bank Securities, Inc. | $ | 279,945 | 279,945 | |||||
Citigroup Global Markets, Inc. | 279,945 | 279,945 | ||||||
Merrill Lynch, Pierce, Fenner & Smith, Inc. | 279,945 | 279,945 | ||||||
RBC Dominion Securities, Inc. | 279,945 | 279,945 | ||||||
Credit Suisse Securities (USA), LLC | 82,871 | 82,871 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $1,202,651) | 1,202,651 | |||||||
Total Investments - 100.1% | ||||||||
(Cost $497,280,270) | $ | 505,078,026 | ||||||
Other Assets & Liabilities, net - (0.1)% | (692,496 | ) | ||||||
Total Net Assets - 100.0% | $ | 504,385,530 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 43 |
SCHEDULE OF INVESTMENTS (Unaudited)(concluded) | April 30, 2017 |
GUGGENHEIM S&P 500® EQUAL WEIGHT CONSUMER STAPLES ETF |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 4. |
†† | Value determined based on Level 2 inputs — See Note 4. |
1 | All or portion of this security is on loan at April 30, 2017 — See Note 5. |
2 | Rate indicated is the 7 day yield as of April 30, 2017. |
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, 2017 (See Note 4 in the Notes to Financial Statements):
Investments in Securities (Assets) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 503,294,345 | $ | — | $ | — | $ | 503,294,345 | ||||||||
Securities Lending Collateral | — | 1,202,651 | — | 1,202,651 | ||||||||||||
Short-Term Investments | 581,030 | — | — | 581,030 | ||||||||||||
Total Assets | $ | 503,875,375 | $ | 1,202,651 | $ | — | $ | 505,078,026 |
Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the previous fiscal period.
For the period ended April 30, 2017, there were no transfers between levels.
44 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2017 |
GUGGENHEIM S&P 500® EQUAL WEIGHT ENERGY ETF |
| Shares | Value | ||||||
COMMON STOCKS† - 99.9% | ||||||||
Oil & Gas - 76.6% | ||||||||
ConocoPhillips | 142,822 | $ | 6,842,602 | |||||
Hess Corp. | 137,553 | 6,716,713 | ||||||
Cabot Oil & Gas Corp. — Class A | 287,217 | 6,674,923 | ||||||
Marathon Petroleum Corp. | 130,796 | 6,662,748 | ||||||
Chesapeake Energy Corp.*,1 | 1,266,559 | 6,662,100 | ||||||
Equities Corp. | 114,272 | 6,643,774 | ||||||
Newfield Exploration Co.* | 190,112 | 6,581,677 | ||||||
Phillips 66 | 82,712 | 6,580,567 | ||||||
Exxon Mobil Corp. | 79,923 | 6,525,713 | ||||||
Concho Resources, Inc.* | 51,483 | 6,520,837 | ||||||
Murphy Oil Corp.1 | 245,491 | 6,426,954 | ||||||
Occidental Petroleum Corp. | 104,195 | 6,412,160 | ||||||
Devon Energy Corp. | 162,016 | 6,398,012 | ||||||
Cimarex Energy Co. | 54,708 | 6,383,329 | ||||||
EOG Resources, Inc. | 68,811 | 6,365,018 | ||||||
Tesoro Corp. | 79,593 | 6,344,358 | ||||||
Valero Energy Corp. | 97,983 | 6,330,682 | ||||||
Apache Corp.1 | 129,856 | 6,316,196 | ||||||
Chevron Corp. | 58,968 | 6,291,886 | ||||||
Range Resources Corp. | 236,933 | 6,276,355 | ||||||
Noble Energy, Inc. | 191,451 | 6,189,611 | ||||||
Pioneer Natural Resources Co. | 35,313 | 6,108,796 | ||||||
Anadarko Petroleum Corp. | 105,391 | 6,009,395 | ||||||
Marathon Oil Corp. | 403,638 | 6,002,097 | ||||||
Helmerich & Payne, Inc.1 | 96,917 | 5,877,047 | ||||||
Transocean Ltd.*,1 | 532,034 | 5,868,335 | ||||||
Total Oil & Gas | 166,011,885 | |||||||
Oil & Gas Services - 14.3% | ||||||||
Baker Hughes, Inc. | 115,897 | 6,880,805 | ||||||
TechnipFMC plc* | 205,764 | 6,199,669 | ||||||
National Oilwell Varco, Inc. | 172,379 | 6,028,094 | ||||||
Schlumberger Ltd. | 82,893 | 6,017,203 | ||||||
Halliburton Co. | 128,123 | 5,878,283 | ||||||
Total Oil & Gas Services | 31,004,054 | |||||||
Pipelines - 9.0% | ||||||||
Williams Companies, Inc. | 225,544 | 6,908,413 | ||||||
ONEOK, Inc. | 120,058 | 6,316,251 | ||||||
Kinder Morgan, Inc. | 303,383 | 6,258,791 | ||||||
Total Pipelines | 19,483,455 | |||||||
Total Common Stocks | ||||||||
(Cost $238,616,129) | 216,499,394 | |||||||
SHORT-TERM INVESTMENTS† - 0.1% | ||||||||
Federated U.S. Treasury Cash Reserve Fund — Institutional Shares, 0.53%2 | 304,550 | 304,550 | ||||||
Total Short-Term Investments | ||||||||
(Cost $304,550) | 304,550 | |||||||
Face | ||||||||
SECURITIES LENDING COLLATERAL††,3 - 7.1% | ||||||||
Joint Repurchase Agreements | ||||||||
Citigroup Global Markets, Inc. | $ | 3,605,195 | 3,605,195 | |||||
RBC Dominion Securities, Inc. | 3,605,195 | 3,605,195 | ||||||
Merrill Lynch, Pierce, Fenner & Smith, Inc. | 3,605,195 | 3,605,195 | ||||||
State of Wisconsin Investment Board | 3,284,419 | 3,284,419 | ||||||
Royal Bank of Scotland Group | 1,389,183 | 1,389,183 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $15,489,187) | 15,489,187 | |||||||
Total Investments - 107.1% | ||||||||
(Cost $254,409,866) | $ | 232,293,131 | ||||||
Other Assets & Liabilities, net - (7.1)% | (15,413,493 | ) | ||||||
Total Net Assets - 100.0% | $ | 216,879,638 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 4. |
†† | Value determined based on Level 2 inputs — See Note 4. |
1 | All or portion of this security is on loan at April 30, 2017 — See Note 5. |
2 | Rate indicated is the 7 day yield as of April 30, 2017. |
3 | Securities lending collateral — See Note 5. |
plc — Public Limited Company | |
See Sector Classification in Other Information section. |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 45 |
SCHEDULE OF INVESTMENTS (Unaudited)(concluded) | April 30, 2017 |
GUGGENHEIM S&P 500® EQUAL WEIGHT ENERGY ETF |
The following table summarizes the inputs used to value the Fund's investments at April 30, 2017 (See Note 4 in the Notes to Financial Statements):
Investments in Securities (Assets) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 216,499,394 | $ | — | $ | — | $ | 216,499,394 | ||||||||
Securities Lending Collateral | — | 15,489,187 | — | 15,489,187 | ||||||||||||
Short-Term Investments | 304,550 | — | — | 304,550 | ||||||||||||
Total Assets | $ | 216,803,944 | $ | 15,489,187 | $ | — | $ | 232,293,131 |
Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the previous fiscal period.
For the period ended April 30, 2017, there were no transfers between levels.
46 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2017 |
GUGGENHEIM S&P 500® EQUAL WEIGHT FINANCIALS ETF |
| Shares | Value | ||||||
COMMON STOCKS† - 99.9% | ||||||||
Insurance - 34.5% | ||||||||
Aflac, Inc. | 63,471 | $ | 4,752,709 | |||||
Willis Towers Watson plc | 35,740 | 4,739,838 | ||||||
XL Group Ltd. | 113,026 | 4,730,138 | ||||||
Principal Financial Group, Inc. | 71,948 | 4,685,974 | ||||||
Aon plc | 38,805 | 4,650,391 | ||||||
Marsh & McLennan Companies, Inc. | 62,035 | 4,598,655 | ||||||
Progressive Corp. | 115,623 | 4,592,545 | ||||||
Chubb Ltd. | 33,159 | 4,551,073 | ||||||
Allstate Corp. | 55,735 | 4,530,698 | ||||||
Travelers Cos., Inc. | 37,222 | 4,528,429 | ||||||
Loews Corp. | 96,854 | 4,515,333 | ||||||
Arthur J Gallagher & Co. | 80,674 | 4,502,416 | ||||||
Torchmark Corp. | 58,330 | 4,474,494 | ||||||
Cincinnati Financial Corp. | 61,801 | 4,455,234 | ||||||
Hartford Financial Services Group, Inc. | 91,953 | 4,446,847 | ||||||
American International Group, Inc. | 72,487 | 4,415,183 | ||||||
Assurant, Inc. | 45,848 | 4,412,412 | ||||||
Prudential Financial, Inc. | 41,149 | 4,404,177 | ||||||
MetLife, Inc. | 84,597 | 4,382,971 | ||||||
Lincoln National Corp. | 66,239 | 4,367,137 | ||||||
Unum Group | 93,676 | 4,340,009 | ||||||
Berkshire Hathaway, Inc. — Class B* | 26,121 | 4,315,450 | ||||||
Total Insurance | 99,392,113 | |||||||
Banks - 32.9% | ||||||||
State Street Corp. | 57,216 | 4,800,423 | ||||||
Northern Trust Corp. | 51,192 | 4,607,280 | ||||||
KeyCorp | 246,019 | 4,487,387 | ||||||
Comerica, Inc. | 63,358 | 4,479,411 | ||||||
Bank of New York Mellon Corp. | 94,919 | 4,466,888 | ||||||
Citizens Financial Group, Inc. | 121,457 | 4,458,686 | ||||||
SunTrust Banks, Inc. | 77,535 | 4,404,763 | ||||||
Citigroup, Inc. | 74,323 | 4,393,976 | ||||||
JPMorgan Chase & Co. | 50,069 | 4,356,003 | ||||||
PNC Financial Services Group, Inc. | 36,158 | 4,329,921 | ||||||
M&T Bank Corp. | 27,503 | 4,274,241 | ||||||
U.S. Bancorp | 83,226 | 4,267,829 | ||||||
Morgan Stanley | 98,315 | 4,263,922 | ||||||
Bank of America Corp. | 180,619 | 4,215,647 | ||||||
Wells Fargo & Co. | 77,699 | 4,183,314 | ||||||
Regions Financial Corp. | 302,121 | 4,154,164 | ||||||
Huntington Bancshares, Inc. | 322,145 | 4,142,785 | ||||||
BB&T Corp. | 95,834 | 4,138,112 | ||||||
Fifth Third Bancorp | 168,314 | 4,111,911 | ||||||
Goldman Sachs Group, Inc. | 18,270 | 4,088,826 | ||||||
Zions Bancorporation1 | 101,803 | 4,075,174 | ||||||
Capital One Financial Corp. | 49,563 | 3,983,874 | ||||||
Total Banks | 94,684,537 | |||||||
Diversified Financial Services - 26.2% | ||||||||
Navient Corp. | 314,843 | 4,785,613 | ||||||
Invesco Ltd. | 143,814 | 4,737,233 | ||||||
CBOE Holdings, Inc. | 57,427 | 4,732,558 | ||||||
Franklin Resources, Inc.1 | 107,380 | 4,629,152 | ||||||
Affiliated Managers Group, Inc. | 27,913 | 4,622,114 | ||||||
BlackRock, Inc. — Class A | 11,904 | 4,577,921 | ||||||
Intercontinental Exchange, Inc. | 75,834 | 4,565,207 | ||||||
American Express Co. | 57,569 | 4,562,343 | ||||||
T. Rowe Price Group, Inc. | 64,058 | 4,541,072 | ||||||
E*TRADE Financial Corp.* | 130,061 | 4,493,608 | ||||||
Nasdaq, Inc. | 64,426 | 4,437,019 | ||||||
Ameriprise Financial, Inc. | 34,613 | 4,425,272 | ||||||
Raymond James Financial, Inc. | 57,647 | 4,295,854 | ||||||
CME Group, Inc. — Class A | 36,966 | 4,295,080 | ||||||
Charles Schwab Corp. | 107,616 | 4,180,882 | ||||||
Discover Financial Services | 63,908 | 4,000,002 | ||||||
Synchrony Financial | 126,942 | 3,528,988 | ||||||
Total Diversified Financial Services | 75,409,918 | |||||||
Commercial Services - 3.3% | ||||||||
Moody’s Corp. | 40,824 | 4,830,295 | ||||||
S&P Global, Inc. | 34,704 | 4,656,930 | ||||||
Total Commercial Services | 9,487,225 | |||||||
Holding Companies-Diversified - 1.5% | ||||||||
Leucadia National Corp. | 170,880 | 4,338,643 | ||||||
Savings & Loans - 1.5% | ||||||||
People’s United Financial, Inc.1 | 241,363 | 4,216,612 | ||||||
Total Common Stocks | ||||||||
(Cost $281,953,979) | 287,529,048 | |||||||
SHORT-TERM INVESTMENTS† - 0.2% | ||||||||
Federated U.S. Treasury Cash Reserve Fund — Institutional Shares, 0.53%2 | 438,224 | 438,224 | ||||||
Total Short-Term Investments | ||||||||
(Cost $438,224) | 438,224 | |||||||
Face | ||||||||
SECURITIES LENDING COLLATERAL††,3 - 0.0%** | ||||||||
Joint Repurchase Agreements | ||||||||
Citibank | $ | 901 | 901 | |||||
Total Securities Lending Collateral | ||||||||
(Cost $901) | 901 | |||||||
Total Investments - 100.1% | ||||||||
(Cost $282,393,104) | $ | 287,968,173 | ||||||
Other Assets & Liabilities, net - (0.1)% | (251,630 | ) | ||||||
Total Net Assets - 100.0% | $ | 287,716,543 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 47 |
SCHEDULE OF INVESTMENTS (Unaudited)(concluded) | April 30, 2017 |
GUGGENHEIM S&P 500® EQUAL WEIGHT FINANCIALS ETF |
* | Non-income producing security. |
** | Less than 0.1% of nets assets. |
† | Value determined based on Level 1 inputs — See Note 4. |
†† | Value determined based on Level 2 inputs — See Note 4. |
1 | All or portion of this security is on loan at April 30, 2017 — See Note 5. |
2 | Rate indicated is the 7 day yield as of April 30, 2017. |
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, 2017 (See Note 4 in the Notes to Financial Statements):
Investments in Securities (Assets) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 287,529,048 | $ | — | $ | — | $ | 287,529,048 | ||||||||
Securities Lending Collateral | — | 901 | — | 901 | ||||||||||||
Short-Term Investments | 438,224 | — | — | 438,224 | ||||||||||||
Total Assets | $ | 287,967,272 | $ | 901 | $ | — | $ | 287,968,173 |
Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the previous fiscal period.
For the period ended April 30, 2017, there were no transfers between levels.
48 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2017 |
GUGGENHEIM S&P 500® EQUAL WEIGHT HEALTH CARE ETF |
| Shares | Value | ||||||
COMMON STOCKS† - 99.9% | ||||||||
Healthcare-Products - 32.7% | ||||||||
CR Bard, Inc. | 37,657 | $ | 11,578,774 | |||||
Edwards Lifesciences Corp.* | 101,420 | 11,122,731 | ||||||
Intuitive Surgical, Inc.* | 12,811 | 10,708,331 | ||||||
IDEXX Laboratories, Inc.* | 62,587 | 10,497,718 | ||||||
Boston Scientific Corp.* | 381,731 | 10,070,064 | ||||||
Baxter International, Inc. | 180,847 | 10,069,562 | ||||||
Hologic, Inc.* | 222,728 | 10,056,169 | ||||||
Stryker Corp. | 72,352 | 9,866,642 | ||||||
Thermo Fisher Scientific, Inc. | 59,030 | 9,759,429 | ||||||
Varian Medical Systems, Inc.*,1 | 107,078 | 9,716,258 | ||||||
Cooper Cos., Inc. | 48,401 | 9,696,172 | ||||||
Henry Schein, Inc.* | 54,628 | 9,494,346 | ||||||
Becton Dickinson and Co. | 50,754 | 9,489,475 | ||||||
Medtronic plc | 113,266 | 9,411,272 | ||||||
Patterson Companies, Inc.1 | 211,037 | 9,389,036 | ||||||
Dentsply Sirona, Inc. | 148,354 | 9,381,907 | ||||||
Zimmer Biomet Holdings, Inc. | 78,328 | 9,371,945 | ||||||
Abbott Laboratories | 205,726 | 8,977,883 | ||||||
Danaher Corp. | 107,175 | 8,930,893 | ||||||
Total Healthcare-Products | 187,588,607 | |||||||
Pharmaceuticals - 23.6% | ||||||||
Zoetis, Inc. | 176,337 | 9,894,268 | ||||||
Perrigo Company plc | 132,065 | 9,764,886 | ||||||
Allergan plc | 39,001 | 9,510,783 | ||||||
AbbVie, Inc. | 142,774 | 9,414,518 | ||||||
Pfizer, Inc. | 275,747 | 9,353,338 | ||||||
Johnson & Johnson | 74,525 | 9,201,602 | ||||||
Eli Lilly & Co. | 111,494 | 9,149,198 | ||||||
Bristol-Myers Squibb Co. | 161,279 | 9,039,688 | ||||||
Merck & Company, Inc. | 143,378 | 8,936,751 | ||||||
Mallinckrodt plc* | 190,443 | 8,935,586 | ||||||
McKesson Corp. | 63,693 | 8,808,104 | ||||||
AmerisourceBergen Corp. — Class A1 | 106,510 | 8,739,146 | ||||||
Express Scripts Holding Co.* | 139,059 | 8,529,879 | ||||||
Cardinal Health, Inc. | 114,649 | 8,322,371 | ||||||
Mylan N.V.* | 216,722 | 8,094,567 | ||||||
Total Pharmaceuticals | 135,694,685 | |||||||
Healthcare-Services - 19.9% | ||||||||
Centene Corp.* | 137,450 | 10,226,280 | ||||||
Anthem, Inc. | 56,518 | 10,053,987 | ||||||
Quest Diagnostics, Inc. | 95,220 | 10,046,662 | ||||||
Cigna Corp. | 61,908 | 9,680,554 | ||||||
UnitedHealth Group, Inc. | 55,333 | 9,676,635 | ||||||
Humana, Inc. | 43,161 | 9,580,879 | ||||||
Aetna, Inc. | 70,827 | 9,566,603 | ||||||
DaVita, Inc.* | 137,208 | 9,468,724 | ||||||
Universal Health Services, Inc. — Class B | 77,209 | 9,323,759 | ||||||
HCA Holdings, Inc.* | 109,687 | 9,236,742 | ||||||
Laboratory Corp. of America Holdings* | 65,345 | 9,158,102 | ||||||
Envision Healthcare Corp.* | 140,806 | 7,889,360 | ||||||
Total Healthcare-Services | 113,908,287 | |||||||
Biotechnology - 14.8% | ||||||||
Vertex Pharmaceuticals, Inc.* | 100,085 | 11,840,057 | ||||||
Illumina, Inc.* | 56,249 | 10,398,190 | ||||||
Gilead Sciences, Inc. | 137,933 | 9,455,307 | ||||||
Alexion Pharmaceuticals, Inc.* | 73,877 | 9,440,003 | ||||||
Regeneron Pharmaceuticals, Inc.* | 24,225 | 9,411,170 | ||||||
Celgene Corp.* | 75,855 | 9,409,813 | ||||||
Biogen, Inc.* | 32,183 | 8,728,351 | ||||||
Amgen, Inc. | 51,838 | 8,466,182 | ||||||
Incyte Corp.* | 63,023 | 7,832,498 | ||||||
Total Biotechnology | 84,981,571 | |||||||
Electronics - 7.0% | ||||||||
Waters Corp.* | 59,929 | 10,181,338 | ||||||
PerkinElmer, Inc. | 169,198 | 10,052,053 | ||||||
Agilent Technologies, Inc. | 180,360 | 9,928,818 | ||||||
Mettler-Toledo International, Inc.* | 19,315 | 9,916,707 | ||||||
Total Electronics | 40,078,916 | |||||||
Software - 1.9% | ||||||||
Cerner Corp.* | 170,270 | 11,024,983 | ||||||
Total Common Stocks | ||||||||
(Cost $542,101,110) | 573,277,049 | |||||||
SHORT-TERM INVESTMENTS† - 0.1% | ||||||||
Federated U.S. Treasury Cash Reserve Fund — Institutional Shares, 0.53%2 | 634,874 | 634,874 | ||||||
Total Short-Term Investments | ||||||||
(Cost $634,874) | 634,874 | |||||||
Face | ||||||||
SECURITIES LENDING COLLATERAL††,3 - 2.9% | ||||||||
Joint Repurchase Agreements | ||||||||
Deutsche Bank Securities, Inc. | $ | 3,901,925 | 3,901,925 | |||||
Mizuho Securities (USA), Inc. | 3,901,925 | 3,901,925 | ||||||
Citigroup Global Markets, Inc. | 3,901,925 | 3,901,925 | ||||||
RBC Dominion Securities, Inc. | 3,901,925 | 3,901,925 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 49 |
SCHEDULE OF INVESTMENTS (Unaudited)(concluded) | April 30, 2017 |
GUGGENHEIM S&P 500® EQUAL WEIGHT HEALTH CARE ETF |
| Face | Value | ||||||
Royal Bank of Scotland Group | $ | 1,156,533 | $ | 1,156,533 | ||||
Total Securities Lending Collateral | ||||||||
(Cost $16,764,233) | 16,764,233 | |||||||
Total Investments - 102.9% | ||||||||
(Cost $559,500,217) | $ | 590,676,156 | ||||||
Other Assets & Liabilities, net - (2.9)% | (16,713,028 | ) | ||||||
Total Net Assets - 100.0% | $ | 573,963,128 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 4. |
†† | Value determined based on Level 2 inputs — See Note 4. |
1 | All or portion of this security is on loan at April 30, 2017 — See Note 5. |
2 | Rate indicated is the 7 day yield as of April 30, 2017. |
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, 2017 (See Note 4 in the Notes to Financial Statements):
Investments in Securities (Assets) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 573,277,049 | $ | — | $ | — | $ | 573,277,049 | ||||||||
Securities Lending Collateral | — | 16,764,233 | — | 16,764,233 | ||||||||||||
Short-Term Investments | 634,874 | — | — | 634,874 | ||||||||||||
Total Assets | $ | 573,911,923 | $ | 16,764,233 | $ | — | $ | 590,676,156 |
Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the previous fiscal period.
For the period ended April 30, 2017, there were no transfers between levels.
50 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2017 |
GUGGENHEIM S&P 500® EQUAL WEIGHT INDUSTRIALS ETF |
| Shares | Value | ||||||
COMMON STOCKS† - 99.9% | ||||||||
Aerospace & Defense - 15.3% | ||||||||
Rockwell Collins, Inc. | 31,358 | $ | 3,264,055 | |||||
TransDigm Group, Inc.1 | 13,175 | 3,250,668 | ||||||
United Technologies Corp. | 27,182 | 3,234,386 | ||||||
Boeing Co. | 17,057 | 3,152,645 | ||||||
Arconic, Inc. | 113,616 | 3,105,125 | ||||||
General Dynamics Corp. | 15,972 | 3,095,214 | ||||||
Northrop Grumman Corp. | 12,513 | 3,077,697 | ||||||
L3 Technologies, Inc. | 17,897 | 3,074,168 | ||||||
Raytheon Co. | 19,746 | 3,064,777 | ||||||
Lockheed Martin Corp. | 11,346 | 3,057,180 | ||||||
Total Aerospace & Defense | 31,375,915 | |||||||
Transportation - 14.6% | ||||||||
CSX Corp. | 63,773 | 3,242,218 | ||||||
Union Pacific Corp. | 28,682 | 3,211,237 | ||||||
Kansas City Southern | 34,909 | 3,144,254 | ||||||
United Parcel Service, Inc. — Class B | 28,560 | 3,069,057 | ||||||
Expeditors International of Washington, Inc. | 53,865 | 3,021,288 | ||||||
FedEx Corp. | 15,864 | 3,009,401 | ||||||
Norfolk Southern Corp. | 25,475 | 2,993,058 | ||||||
J.B. Hunt Transport Services, Inc. | 31,540 | 2,827,876 | ||||||
CH Robinson Worldwide, Inc.1 | 38,420 | 2,793,134 | ||||||
Ryder System, Inc. | 40,020 | 2,717,758 | ||||||
Total Transportation | 30,029,281 | |||||||
Miscellaneous Manufacturing - 13.8% | ||||||||
Ingersoll-Rand plc | 38,348 | 3,403,386 | ||||||
Pentair plc1 | 50,712 | 3,271,431 | ||||||
Eaton Corp. plc | 42,052 | 3,180,813 | ||||||
Illinois Tool Works, Inc. | 22,745 | 3,140,857 | ||||||
Dover Corp. | 39,686 | 3,130,432 | ||||||
3M Co. | 15,941 | 3,121,726 | ||||||
Parker-Hannifin Corp. | 19,375 | 3,115,500 | ||||||
Textron, Inc. | 64,000 | 2,986,240 | ||||||
General Electric Co. | 100,671 | 2,918,452 | ||||||
Total Miscellaneous Manufacturing | 28,268,837 | |||||||
Commercial Services - 10.1% | ||||||||
Verisk Analytics, Inc. — Class A* | 38,132 | 3,157,711 | ||||||
Cintas Corp. | 25,609 | 3,136,334 | ||||||
Equifax, Inc. | 22,875 | 3,095,216 | ||||||
Robert Half International, Inc. | 63,230 | 2,911,742 | ||||||
Quanta Services, Inc.* | 81,701 | 2,895,483 | ||||||
Nielsen Holdings plc | 69,755 | 2,869,023 | ||||||
United Rentals, Inc.* | 24,792 | 2,718,691 | ||||||
Total Commercial Services | 20,784,200 | |||||||
Machinery-Diversified - 9.3% | ||||||||
Flowserve Corp.1 | 66,268 | 3,371,053 | ||||||
Xylem, Inc. | 63,164 | 3,247,261 | ||||||
Roper Technologies, Inc. | 14,422 | 3,154,091 | ||||||
Rockwell Automation, Inc. | 19,753 | 3,108,135 | ||||||
Deere & Co. | 27,732 | 3,095,169 | ||||||
Cummins, Inc. | 20,120 | 3,036,913 | ||||||
Total Machinery-Diversified | 19,012,622 | |||||||
Airlines - 7.1% | ||||||||
Southwest Airlines Co. | 54,550 | 3,066,800 | ||||||
American Airlines Group, Inc. | 69,438 | 2,959,448 | ||||||
United Continental Holdings, Inc.* | 42,139 | 2,958,579 | ||||||
Delta Air Lines, Inc. | 63,625 | 2,891,120 | ||||||
Alaska Air Group, Inc. | 31,552 | 2,684,760 | ||||||
Total Airlines | 14,560,707 | |||||||
Electronics - 4.7% | ||||||||
Fortive Corp. | 52,277 | 3,307,043 | ||||||
Allegion plc | 40,933 | 3,218,971 | ||||||
Honeywell International, Inc. | 23,995 | 3,146,704 | ||||||
Total Electronics | 9,672,718 | |||||||
Building Materials - 4.7% | ||||||||
Masco Corp. | 89,840 | 3,325,877 | ||||||
Fortune Brands Home & Security, Inc. | 50,746 | 3,234,550 | ||||||
Johnson Controls International plc | 73,934 | 3,073,436 | ||||||
Total Building Materials | 9,633,863 | |||||||
Environmental Control - 4.5% | ||||||||
Stericycle, Inc.* | 37,255 | 3,179,342 | ||||||
Republic Services, Inc. — Class A | 48,563 | 3,058,984 | ||||||
Waste Management, Inc. | 41,758 | 3,039,147 | ||||||
Total Environmental Control | 9,277,473 | |||||||
Electrical Components & Equipment - 4.3% | ||||||||
AMETEK, Inc. | 56,850 | 3,251,820 | ||||||
Emerson Electric Co. | 51,215 | 3,087,240 | ||||||
Acuity Brands, Inc.1 | 14,406 | 2,536,897 | ||||||
Total Electrical Components & Equipment | 8,875,957 | |||||||
Hand & Machine Tools - 3.0% | ||||||||
Stanley Black & Decker, Inc. | 23,596 | 3,212,595 | ||||||
Snap-on, Inc. | 17,947 | 3,006,661 | ||||||
Total Hand & Machine Tools | 6,219,256 | |||||||
Engineering & Construction - 2.8% | ||||||||
Jacobs Engineering Group, Inc. | 54,029 | 2,967,273 | ||||||
Fluor Corp. | 55,728 | 2,859,961 | ||||||
Total Engineering & Construction | 5,827,234 | |||||||
Distribution & Wholesale - 2.5% | ||||||||
Fastenal Co. | 60,006 | 2,681,068 | ||||||
WW Grainger, Inc.1 | 12,433 | 2,395,839 | ||||||
Total Distribution & Wholesale | 5,076,907 | |||||||
Machinery-Construction & Mining - 1.7% | ||||||||
Caterpillar, Inc.1 | 33,023 | 3,376,932 | ||||||
Auto Manufacturers - 1.5% | ||||||||
PACCAR, Inc. | 45,019 | 3,004,118 | ||||||
Total Common Stocks | ||||||||
(Cost $192,152,986) | 204,996,020 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 51 |
SCHEDULE OF INVESTMENTS (Unaudited)(concluded) | April 30, 2017 |
GUGGENHEIM S&P 500® EQUAL WEIGHT INDUSTRIALS ETF |
| Shares | Value | ||||||
SHORT-TERM INVESTMENTS† - 0.1% | ||||||||
Federated U.S. Treasury Cash Reserve Fund — Institutional Shares, 0.53%2 | 193,869 | $ | 193,869 | |||||
Total Short-Term Investments | ||||||||
(Cost $193,869) | 193,869 | |||||||
Face | ||||||||
SECURITIES LENDING COLLATERAL††,3 - 1.0% | ||||||||
Joint Repurchase Agreements | ||||||||
Deutsche Bank Securities, Inc. | $ | 479,271 | 479,271 | |||||
Citigroup Global Markets, Inc. | 479,271 | 479,271 |
Merrill Lynch, Pierce, Fenner & Smith, Inc. |
| 479,271 | 479,271 | |||||
RBC Dominion Securities, Inc. | 479,271 | 479,271 | ||||||
Credit Suisse Securities (USA), LLC | 142,017 | 142,017 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $2,059,101) | 2,059,101 | |||||||
Total Investments - 101.0% | ||||||||
(Cost $194,405,956) | $ | 207,248,990 | ||||||
Other Assets & Liabilities, net - (1.0)% | (2,005,941 | ) | ||||||
Total Net Assets - 100.0% | $ | 205,243,049 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 4. |
†† | Value determined based on Level 2 inputs — See Note 4. |
1 | All or portion of this security is on loan at April 30, 2017 — See Note 5. |
2 | Rate indicated is the 7 day yield as of April 30, 2017. |
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, 2017 (See Note 4 in the Notes to Financial Statements):
Investments in Securities (Assets) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 204,996,020 | $ | — | $ | — | $ | 204,996,020 | ||||||||
Securities Lending Collateral | — | 2,059,101 | — | 2,059,101 | ||||||||||||
Short-Term Investments | 193,869 | — | — | 193,869 | ||||||||||||
Total Assets | $ | 205,189,889 | $ | 2,059,101 | $ | — | $ | 207,248,990 |
Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the previous fiscal period.
For the period ended April 30, 2017, there were no transfers between levels.
52 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2017 |
GUGGENHEIM S&P 500® EQUAL WEIGHT MATERIALS ETF |
| Shares | Value | ||||||
COMMON STOCKS† - 99.9% | ||||||||
Chemicals - 56.0% | ||||||||
FMC Corp. | 100,029 | $ | 7,325,123 | |||||
International Flavors & Fragrances, Inc. | 47,927 | 6,642,203 | ||||||
PPG Industries, Inc. | 58,838 | 6,462,765 | ||||||
Sherwin-Williams Co. | 19,258 | 6,445,267 | ||||||
Praxair, Inc. | 51,362 | 6,419,223 | ||||||
Albemarle Corp. | 58,291 | 6,348,473 | ||||||
Eastman Chemical Co. | 77,377 | 6,170,816 | ||||||
Monsanto Co. | 52,663 | 6,141,032 | ||||||
Air Products & Chemicals, Inc. | 43,286 | 6,081,683 | ||||||
EI du Pont de Nemours & Co. | 74,286 | 5,924,309 | ||||||
Dow Chemical Co. | 94,091 | 5,908,915 | ||||||
LyondellBasell Industries N.V. — Class A | 66,900 | 5,670,444 | ||||||
Mosaic Co. | 205,783 | 5,541,736 | ||||||
CF Industries Holdings, Inc.1 | 204,174 | 5,459,613 | ||||||
Total Chemicals | 86,541,602 | |||||||
Packaging & Containers - 11.9% | ||||||||
WestRock Co. | 117,232 | 6,278,946 | ||||||
Ball Corp. | 81,461 | 6,263,536 | ||||||
Sealed Air Corp. | 132,868 | 5,848,849 | ||||||
Total Packaging & Containers | 18,391,331 | |||||||
Mining - 8.0% | ||||||||
Freeport-McMoRan, Inc.* | 485,602 | 6,191,426 | ||||||
Newmont Mining Corp. | 182,357 | 6,165,490 | ||||||
Total Mining | 12,356,916 | |||||||
Building Materials - 8.0% | ||||||||
Martin Marietta Materials, Inc. | 28,227 | 6,215,304 | ||||||
Vulcan Materials Co. | 50,585 | 6,114,715 | ||||||
Total Building Materials | 12,330,019 | |||||||
Forest Products & Paper - 4.1% | ||||||||
International Paper Co. | 118,478 | 6,394,258 | ||||||
Commercial Services - 4.0% | ||||||||
Ecolab, Inc. | 48,344 | 6,240,727 | ||||||
Household Products & Housewares - 4.0% | ||||||||
Avery Dennison Corp. | 74,617 | 6,208,881 | ||||||
Iron & Steel - 3.9% | ||||||||
Nucor Corp. | 99,091 | 6,077,251 | ||||||
Total Common Stocks | ||||||||
(Cost $146,102,468) | 154,540,985 | |||||||
SHORT-TERM INVESTMENTS† - 0.1% | ||||||||
Federated U.S. Treasury Cash Reserve Fund — Institutional Shares, 0.53%2 | 187,912 | 187,912 | ||||||
Total Short-Term Investments | ||||||||
(Cost $187,912) | 187,912 | |||||||
Total Investments - 100.0% | ||||||||
(Cost $146,290,380) | $ | 154,728,897 | ||||||
Other Assets & Liabilities, net - 0.0%** | 42,640 | |||||||
Total Net Assets - 100.0% | $ | 154,771,537 |
* | Non-income producing security. |
** | Less than 0.1% of net assets. |
† | Value determined based on Level 1 inputs — See Note 4. |
1 | All or portion of this security is on loan at April 30, 2017 — See Note 5. |
2 | Rate indicated is the 7 day yield as of April 30, 2017. |
See Sector Classification in Other Information section. |
The following table summarizes the inputs used to value the Fund's investments at April 30, 2017 (See Note 4 in the Notes to Financial Statements):
Investments in Securities (Assets) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 154,540,985 | $ | — | $ | — | $ | 154,540,985 | ||||||||
Short-Term Investments | 187,912 | — | — | 187,912 | ||||||||||||
Total Assets | $ | 154,728,897 | $ | — | $ | — | $ | 154,728,897 |
Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the previous fiscal period.
For the period ended April 30, 2017, there were no transfers between levels.
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 53 |
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2017 |
GUGGENHEIM S&P 500® EQUAL WEIGHT REAL ESTATE ETF |
| Shares | Value | ||||||
COMMON STOCKS† - 100.0% | ||||||||
REITs - 96.9% | ||||||||
American Tower Corp. — Class A | 7,445 | $ | 937,624 | |||||
Digital Realty Trust, Inc.1 | 8,139 | 934,683 | ||||||
Prologis, Inc. | 17,118 | 931,390 | ||||||
Equinix, Inc. | 2,229 | 931,053 | ||||||
Essex Property Trust, Inc. | 3,771 | 921,896 | ||||||
Welltower, Inc. | 12,780 | 913,003 | ||||||
UDR, Inc. | 24,238 | 905,047 | ||||||
AvalonBay Communities, Inc. | 4,756 | 902,879 | ||||||
Ventas, Inc. | 13,977 | 894,668 | ||||||
HCP, Inc. | 28,415 | 890,810 | ||||||
Crown Castle International Corp. | 9,367 | 886,118 | ||||||
Equity Residential | 13,648 | 881,388 | ||||||
Alexandria Real Estate Equities, Inc. | 7,771 | 874,316 | ||||||
Federal Realty Investment Trust | 6,660 | 871,727 | ||||||
Mid-America Apartment Communities, Inc. | 8,704 | 863,524 | ||||||
Weyerhaeuser Co. | 25,410 | 860,637 | ||||||
Realty Income Corp. | 14,735 | 859,787 | ||||||
Iron Mountain, Inc. | 24,698 | 858,503 | ||||||
Extra Space Storage, Inc. | 11,314 | 854,546 | ||||||
Regency Centers Corp. | 13,513 | 853,751 | ||||||
Apartment Investment & Management Co. — Class A | 19,472 | 851,705 | ||||||
Host Hotels & Resorts, Inc. | 47,216 | 847,527 | ||||||
SL Green Realty Corp. | 7,927 | 831,780 | ||||||
Macerich Co. | 13,317 | 831,381 | ||||||
Simon Property Group, Inc. | 5,028 | 830,927 | ||||||
Boston Properties, Inc. | 6,484 | 820,874 | ||||||
Public Storage | 3,842 | 804,438 | ||||||
Kimco Realty Corp. | 39,078 | 792,893 | ||||||
GGP, Inc. | 36,687 | 792,806 | ||||||
Vornado Realty Trust | 8,194 | 788,591 | ||||||
Total REITs | 26,020,272 | |||||||
Real Estate - 3.1% | ||||||||
CBRE Group, Inc. — Class A* | 23,232 | 831,938 | ||||||
Total Common Stocks | ||||||||
(Cost $27,220,703) | 26,852,210 | |||||||
SHORT-TERM INVESTMENTS† - 0.0%** | ||||||||
Federated U.S. Treasury Cash Reserve Fund — Institutional Shares, 0.53%2 | 12,520 | 12,520 | ||||||
Total Short-Term Investments | ||||||||
(Cost $12,520) | 12,520 | |||||||
Total Investments - 100.0% | ||||||||
(Cost $27,233,223) | $ | 26,864,730 | ||||||
Other Assets & Liabilities, net - 0.0%** | 1,740 | |||||||
Total Net Assets - 100.0% | $ | 26,866,470 |
* | Non-income producing security. |
** | Less than 0.1% of net assets. |
† | Value determined based on Level 1 inputs — See Note 4. |
1 | All or portion of this security is on loan at April 30, 2017 — See Note 5. |
2 | Rate indicated is the 7 day yield as of April 30, 2017. |
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, 2017 (See Note 4 in the Notes to Financial Statements):
Investments in Securities (Assets) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 26,852,210 | $ | — | $ | — | $ | 26,852,210 | ||||||||
Short-Term Investments | 12,520 | — | — | 12,520 | ||||||||||||
Total Assets | $ | 26,864,730 | $ | — | $ | — | $ | 26,864,730 |
Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the previous fiscal period.
For the period ended April 30, 2017, there were no transfers between levels.
54 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2017 |
GUGGENHEIM S&P 500® EQUAL WEIGHT TECHNOLOGY ETF |
| Shares | Value | ||||||
COMMON STOCKS† - 99.9% | ||||||||
Software - 23.6% | ||||||||
Adobe Systems, Inc.* | 156,738 | $ | 20,962,140 | |||||
Red Hat, Inc.* | 230,867 | 20,334,765 | ||||||
Activision Blizzard, Inc. | 385,779 | 20,156,953 | ||||||
Electronic Arts, Inc.* | 211,340 | 20,039,259 | ||||||
Microsoft Corp. | 292,311 | 20,011,611 | ||||||
Oracle Corp. | 444,703 | 19,993,847 | ||||||
Autodesk, Inc.* | 220,396 | 19,851,067 | ||||||
salesforce.com, Inc.* | 227,274 | 19,572,837 | ||||||
Synopsys, Inc.* | 264,228 | 19,473,604 | ||||||
Fidelity National Information Services, Inc. | 230,823 | 19,432,988 | ||||||
Citrix Systems, Inc.* | 238,648 | 19,316,169 | ||||||
Fiserv, Inc.* | 161,840 | 19,281,618 | ||||||
CA, Inc.1 | 585,807 | 19,232,044 | ||||||
Intuit, Inc. | 151,912 | 19,020,902 | ||||||
Paychex, Inc. | 304,268 | 18,037,007 | ||||||
Akamai Technologies, Inc.* | 295,538 | 18,010,086 | ||||||
Total Software | 312,726,897 | |||||||
Semiconductors - 22.0% | ||||||||
Lam Research Corp. | 157,375 | 22,795,769 | ||||||
Micron Technology, Inc.* | 753,780 | 20,857,092 | ||||||
Applied Materials, Inc. | 497,895 | 20,219,516 | ||||||
Xilinx, Inc. | 318,732 | 20,115,176 | ||||||
KLA-Tencor Corp. | 203,647 | 20,002,208 | ||||||
NVIDIA Corp. | 191,485 | 19,971,886 | ||||||
Microchip Technology, Inc.1 | 256,657 | 19,398,136 | ||||||
Skyworks Solutions, Inc. | 193,311 | 19,280,839 | ||||||
Qorvo, Inc.*,1 | 282,812 | 19,239,700 | ||||||
Intel Corp. | 528,542 | 19,106,793 | ||||||
Texas Instruments, Inc. | 236,275 | 18,708,255 | ||||||
Broadcom Ltd. | 83,848 | 18,514,477 | ||||||
Advanced Micro Devices, Inc.*,1 | 1,364,494 | 18,147,770 | ||||||
Analog Devices, Inc. | 230,893 | 17,594,047 | ||||||
QUALCOMM, Inc. | 323,665 | 17,393,757 | ||||||
Total Semiconductors | 291,345,421 | |||||||
Computers - 17.6% | ||||||||
Western Digital Corp. | 253,068 | 22,540,767 | ||||||
DXC Technology Co.* | 296,210 | 22,316,461 | ||||||
Hewlett Packard Enterprise Co. | 1,129,657 | 21,045,510 | ||||||
HP, Inc. | 1,091,439 | 20,540,881 | ||||||
Apple, Inc. | 136,410 | 19,595,297 | ||||||
Cognizant Technology Solutions Corp. — Class A* | 323,123 | 19,461,698 | ||||||
CSRA, Inc. | 667,843 | 19,420,874 | ||||||
Accenture plc — Class A | 153,145 | 18,576,489 | ||||||
NetApp, Inc. | 450,296 | 17,944,296 | ||||||
Teradata Corp.*,1 | 604,843 | 17,649,319 | ||||||
International Business Machines Corp. | 106,730 | 17,107,752 | ||||||
Seagate Technology plc1 | 401,440 | 16,912,667 | ||||||
Total Computers | 233,112,011 | |||||||
Internet - 10.3% | ||||||||
Facebook, Inc. — Class A* | 136,758 | 20,547,890 | ||||||
Symantec Corp. | 632,044 | 19,991,552 | ||||||
Yahoo!, Inc.* | 412,798 | 19,900,991 | ||||||
VeriSign, Inc.*,1 | 222,038 | 19,743,619 | ||||||
eBay, Inc.* | 572,896 | 19,140,455 | ||||||
F5 Networks, Inc.* | 130,067 | 16,795,552 | ||||||
Alphabet, Inc. — Class A* | 11,107 | 10,268,644 | ||||||
Alphabet, Inc. — Class C* | 11,147 | 10,098,736 | ||||||
Total Internet | 136,487,439 | |||||||
Commercial Services - 8.9% | ||||||||
PayPal Holdings, Inc.* | 441,493 | 21,068,046 | ||||||
Total System Services, Inc. | 345,404 | 19,795,103 | ||||||
Gartner, Inc.* | 171,996 | 19,623,024 | ||||||
Global Payments, Inc. | 239,820 | 19,607,683 | ||||||
Western Union Co.1 | 964,929 | 19,163,490 | ||||||
Automatic Data Processing, Inc. | 181,539 | 18,969,010 | ||||||
Total Commercial Services | 118,226,356 | |||||||
Electronics - 5.9% | ||||||||
Corning, Inc. | 688,681 | 19,868,447 | ||||||
TE Connectivity Ltd. | 254,394 | 19,682,464 | ||||||
Amphenol Corp. — Class A | 269,029 | 19,453,487 | ||||||
FLIR Systems, Inc. | 524,314 | 19,258,053 | ||||||
Total Electronics | 78,262,451 | |||||||
Telecommunications - 4.4% | ||||||||
Juniper Networks, Inc. | 677,627 | 20,376,244 | ||||||
Motorola Solutions, Inc. | 231,173 | 19,873,943 | ||||||
Cisco Systems, Inc. | 554,006 | 18,874,984 | ||||||
Total Telecommunications | 59,125,171 | |||||||
Diversified Financial Services - 4.4% | ||||||||
Mastercard, Inc. — Class A | 170,666 | 19,851,869 | ||||||
Visa, Inc. — Class A | 211,532 | 19,295,949 | ||||||
Alliance Data Systems Corp. | 76,475 | 19,090,454 | ||||||
Total Diversified Financial Services | 58,238,272 | |||||||
Aerospace & Defense - 1.4% | ||||||||
Harris Corp. | 171,575 | 19,197,527 | ||||||
Office & Business Equipment - 1.4% | ||||||||
Xerox Corp. | 2,578,837 | 18,541,838 | ||||||
Total Common Stocks | ||||||||
(Cost $1,152,193,298) | 1,325,263,383 | |||||||
SHORT-TERM INVESTMENTS† - 0.1% | ||||||||
Federated U.S. Treasury Cash Reserve Fund — Institutional Shares, 0.53%2 | 1,767,830 | 1,767,830 | ||||||
Total Short-Term Investments | ||||||||
(Cost $1,767,830) | 1,767,830 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 55 |
SCHEDULE OF INVESTMENTS (Unaudited)(concluded) | April 30, 2017 |
GUGGENHEIM S&P 500® EQUAL WEIGHT TECHNOLOGY ETF |
| Face | Value | ||||||
SECURITIES LENDING COLLATERAL††,3 - 1.8% | ||||||||
Joint Repurchase Agreements | ||||||||
Citigroup Global Markets, Inc. | $ | 5,729,793 | $ | 5,729,793 | ||||
RBC Dominion Securities, Inc. | 5,729,793 | 5,729,793 | ||||||
Merrill Lynch, Pierce, Fenner & Smith, Inc. | 5,729,793 | 5,729,793 | ||||||
State of Wisconsin Investment Board | 5,219,859 | 5,219,859 | ||||||
Royal Bank of Scotland Group | 2,207,656 | 2,207,656 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $24,616,894) | 24,616,894 | |||||||
Total Investments - 101.8% | ||||||||
(Cost $1,178,578,022) | $ | 1,351,648,107 | ||||||
Other Assets & Liabilities, net - (1.8)% | (24,406,220 | ) | ||||||
Total Net Assets - 100.0% | $ | 1,327,241,887 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 4. |
†† | Value determined based on Level 2 inputs — See Note 4. |
1 | All or portion of this security is on loan at April 30, 2017 — See Note 5. |
2 | Rate indicated is the 7 day yield as of April 30, 2017. |
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, 2017 (See Note 4 in the Notes to Financial Statements):
Investments in Securities (Assets) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 1,325,263,383 | $ | — | $ | — | $ | 1,325,263,383 | ||||||||
Securities Lending Collateral | — | 24,616,894 | — | 24,616,894 | ||||||||||||
Short-Term Investments | 1,767,830 | — | — | 1,767,830 | ||||||||||||
Total Assets | $ | 1,327,031,213 | $ | 24,616,894 | $ | — | $ | 1,351,648,107 |
Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the previous fiscal period.
For the period ended April 30, 2017, there were no transfers between levels.
56 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2017 |
GUGGENHEIM S&P 500® EQUAL WEIGHT UTILITIES ETF |
| Shares | Value | ||||||
COMMON STOCKS† - 99.7% | ||||||||
Electric - 74.6% | ||||||||
PPL Corp. | 157,548 | $ | 6,004,154 | |||||
Consolidated Edison, Inc. | 75,311 | 5,970,656 | ||||||
DTE Energy Co. | 57,073 | 5,969,265 | ||||||
Pinnacle West Capital Corp. | 70,114 | 5,966,000 | ||||||
American Electric Power Company, Inc. | 87,494 | 5,934,718 | ||||||
Entergy Corp. | 77,736 | 5,928,147 | ||||||
Xcel Energy, Inc. | 131,546 | 5,926,147 | ||||||
WEC Energy Group, Inc. | 97,446 | 5,897,432 | ||||||
Eversource Energy | 99,155 | 5,889,807 | ||||||
CMS Energy Corp. | 129,637 | 5,885,520 | ||||||
NextEra Energy, Inc. | 43,995 | 5,875,972 | ||||||
Dominion Resources, Inc. | 75,620 | 5,855,257 | ||||||
Duke Energy Corp. | 70,957 | 5,853,953 | ||||||
PG&E Corp. | 87,187 | 5,845,888 | ||||||
Alliant Energy Corp. | 148,206 | 5,827,460 | ||||||
Ameren Corp. | 106,181 | 5,807,039 | ||||||
Edison International | 72,607 | 5,806,382 | ||||||
AES Corp. | 513,202 | 5,804,315 | ||||||
Southern Co. | 115,297 | 5,741,791 | ||||||
Public Service Enterprise Group, Inc. | 128,789 | 5,673,155 | ||||||
SCANA Corp. | 84,871 | 5,627,796 | ||||||
Exelon Corp. | 159,080 | 5,508,940 | ||||||
FirstEnergy Corp. | 183,050 | 5,480,517 | ||||||
NRG Energy, Inc. | 320,391 | 5,414,608 | ||||||
Total Electric | 139,494,919 | |||||||
Telecommunications - 12.4% | ||||||||
CenturyLink, Inc.1 | 247,284 | 6,347,781 | ||||||
Level 3 Communications, Inc.* | 101,332 | 6,156,932 | ||||||
AT&T, Inc. | 135,115 | 5,354,607 | ||||||
Verizon Communications, Inc. | 115,950 | 5,323,265 | ||||||
Total Telecommunications | 23,182,585 | |||||||
Gas - 9.5% | ||||||||
NiSource, Inc. | 245,271 | 5,947,822 | ||||||
Sempra Energy | 52,303 | 5,911,285 | ||||||
CenterPoint Energy, Inc. | 206,502 | 5,891,502 | ||||||
Total Gas | 17,750,609 | |||||||
Water - 3.2% | ||||||||
American Water Works Co., Inc. | 75,370 | 6,011,511 | ||||||
Total Common Stocks | ||||||||
(Cost $183,508,255) | 186,439,624 | |||||||
SHORT-TERM INVESTMENTS† - 0.1% | ||||||||
Federated U.S. Treasury Cash Reserve Fund — Institutional Shares, 0.53%2 | 92,183 | 92,183 | ||||||
Total Short-Term Investments | ||||||||
(Cost $92,183) | 92,183 | |||||||
Face | ||||||||
SECURITIES LENDING COLLATERAL††,3 - 1.9% | ||||||||
Joint Repurchase Agreements | ||||||||
Deutsche Bank Securities, Inc. | $ | 827,919 | 827,919 | |||||
Mizuho Securities (USA), Inc. | 827,919 | 827,919 | ||||||
Citigroup Global Markets, Inc. | 827,919 | 827,919 | ||||||
RBC Dominion Securities, Inc. | 827,919 | 827,919 | ||||||
Royal Bank of Scotland Group | 245,364 | 245,364 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $3,557,040) | 3,557,040 | |||||||
Total Investments - 101.7% | ||||||||
(Cost $187,157,478) | $ | 190,088,847 | ||||||
Other Assets & Liabilities, net - (1.7)% | (3,169,160 | ) | ||||||
Total Net Assets - 100.0% | $ | 186,919,687 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 4. |
†† | Value determined based on Level 2 inputs — See Note 4. |
1 | All or portion of this security is on loan at April 30, 2017 — See Note 5. |
2 | Rate indicated is the 7 day yield as of April 30, 2017. |
3 | Securities lending collateral — See Note 5. |
See Sector Classification in Other Information section. |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 57 |
SCHEDULE OF INVESTMENTS (Unaudited)(concluded) | April 30, 2017 |
GUGGENHEIM S&P 500® EQUAL WEIGHT UTILITIES ETF |
The following table summarizes the inputs used to value the Fund's investments at April 30, 2017 (See Note 4 in the Notes to Financial Statements):
Investments in Securities (Assets) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 186,439,624 | $ | — | $ | — | $ | 186,439,624 | ||||||||
Securities Lending Collateral | — | 3,557,040 | — | 3,557,040 | ||||||||||||
Short-Term Investments | 92,183 | — | — | 92,183 | ||||||||||||
Total Assets | $ | 186,531,807 | $ | 3,557,040 | $ | — | $ | 190,088,847 |
Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the previous fiscal period.
For the period ended April 30, 2017, there were no transfers between levels.
58 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) | April 30, 2017 |
| 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 100® Equal Weight ETF | ||||||||||||
Assets: | ||||||||||||||||
Investments, at value — including $532,882, $24,758,633, $8,438,780 and $— of securities loaned, respectively | $ | 12,383,377 | $ | 121,861,120 | $ | 34,898,342 | $ | 4,383,831 | ||||||||
Repurchase agreements, at value | 539,394 | 9,874,210 | 4,144,518 | — | ||||||||||||
Total Investments* | 12,922,771 | 131,735,330 | 39,042,860 | 4,383,831 | ||||||||||||
Cash | — | — | — | 13,710 | ||||||||||||
Foreign currency, at value (cost $84, $—, $—, $—) | 84 | — | — | — | ||||||||||||
Receivables: | ||||||||||||||||
Investments sold | — | 299,356 | 116,430 | — | ||||||||||||
Securities lending | 863 | 5,089 | 3,422 | — | ||||||||||||
Dividends and interest | 49,508 | 60,565 | 9,660 | 6,295 | ||||||||||||
Tax reclaims | 11,310 | — | — | — | ||||||||||||
Total assets | 12,984,536 | 132,100,340 | 39,172,372 | 4,403,836 | ||||||||||||
Liabilities: | ||||||||||||||||
Payable upon return of securities loaned | 539,394 | 9,874,210 | 4,144,518 | — | ||||||||||||
Payable for: | ||||||||||||||||
Investments purchased | — | 297,971 | 116,831 | — | ||||||||||||
Due to custodian | — | — | 5,711 | — | ||||||||||||
Management fees | 6,568 | 39,888 | 10,640 | 1,435 | ||||||||||||
Other fees | 136 | — | — | — | ||||||||||||
Total liabilities | 546,098 | 10,212,069 | 4,277,700 | 1,435 | ||||||||||||
Commitments and contingent liabilities (Note 8) | — | — | — | — | ||||||||||||
Net assets | $ | 12,438,438 | $ | 121,888,271 | $ | 34,894,672 | $ | 4,402,401 | ||||||||
Net assets consist of: | ||||||||||||||||
Paid-in capital | $ | 16,637,859 | $ | 114,974,905 | $ | 39,751,777 | $ | 3,994,696 | ||||||||
Undistributed net investment income | 87,369 | 105,381 | 43,803 | 10,855 | ||||||||||||
Accumulated net realized gain (loss) on investments and foreign currency | (4,671,214 | ) | (7,766,329 | ) | (9,220,502 | ) | 339,808 | |||||||||
Net unrealized appreciation on investments and foreign currency | 384,424 | 14,574,314 | 4,319,594 | 57,042 | ||||||||||||
Net assets | $ | 12,438,438 | $ | 121,888,271 | $ | 34,894,672 | $ | 4,402,401 | ||||||||
Shares outstanding (unlimited shares authorized), no par value | 400,000 | 2,050,000 | 700,000 | 150,000 | ||||||||||||
Net asset value, offering price and repurchase price per share | $ | 31.10 | $ | 59.46 | $ | 49.85 | $ | 29.35 | ||||||||
Cost of investments | $ | 11,999,135 | $ | 107,286,806 | $ | 30,578,748 | $ | 4,326,789 | ||||||||
Cost of repurchase agreements | 539,394 | 9,874,210 | 4,144,518 | — | ||||||||||||
*Total cost of investments | $ | 12,538,529 | $ | 117,161,016 | $ | 34,723,266 | $ | 4,326,789 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 59 |
STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)(continued) | April 30, 2017 |
| Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF | Guggenheim S&P 500® Equal Weight Consumer Staples ETF | Guggenheim S&P 500® Equal Weight Energy ETF | |||||||||
Assets: | ||||||||||||
Investments, at value — including $13,857,386, $19,160,500 and $30,581,063 of securities loaned, respectively | $ | 88,873,720 | $ | 503,875,375 | $ | 216,803,944 | ||||||
Repurchase agreements, at value | 6,134,025 | 1,202,651 | 15,489,187 | |||||||||
Total Investments* | 95,007,745 | 505,078,026 | 232,293,131 | |||||||||
Receivables: | ||||||||||||
Fund shares sold | — | 23,504 | — | |||||||||
Securities lending | 2,520 | 1,165 | 6,761 | |||||||||
Dividends and interest | 44,064 | 649,556 | 145,583 | |||||||||
Total assets | 95,054,329 | 505,752,251 | 232,445,475 | |||||||||
Liabilities: | ||||||||||||
Payable upon return of securities loaned | 6,134,025 | 1,202,651 | 15,489,187 | |||||||||
Payable for: | ||||||||||||
Management fees | 27,833 | 164,070 | 76,650 | |||||||||
Total liabilities | 6,161,858 | 1,366,721 | 15,565,837 | |||||||||
Commitments and contingent liabilities (Note 8) | — | — | — | |||||||||
Net assets | $ | 88,892,471 | $ | 504,385,530 | $ | 216,879,638 | ||||||
Net assets consist of: | ||||||||||||
Paid-in capital | $ | 102,045,018 | $ | 492,791,146 | $ | 298,078,119 | ||||||
Undistributed net investment income | 201,239 | 1,857,427 | 125,205 | |||||||||
Accumulated net realized gain (loss) on investments | (8,360,580 | ) | 1,939,201 | (59,206,951 | ) | |||||||
Net unrealized appreciation (depreciation) on investments | (4,993,206 | ) | 7,797,756 | (22,116,735 | ) | |||||||
Net assets | $ | 88,892,471 | $ | 504,385,530 | $ | 216,879,638 | ||||||
Shares outstanding (unlimited shares authorized), no par value | 950,000 | 4,000,000 | 3,850,005 | |||||||||
Net asset value, offering price and repurchase price per share | $ | 93.57 | $ | 126.10 | $ | 56.33 | ||||||
Cost of investments | $ | 93,866,926 | $ | 496,077,619 | $ | 238,920,679 | ||||||
Cost of repurchase agreements | 6,134,025 | 1,202,651 | 15,489,187 | |||||||||
*Total cost of investments | $ | 100,000,951 | $ | 497,280,270 | $ | 254,409,866 |
60 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)(continued) | April 30, 2017 |
| Guggenheim S&P 500® Equal Weight Financials ETF | Guggenheim S&P 500® Equal Weight Health Care ETF | Guggenheim S&P 500® Equal Weight Industrials ETF | Guggenheim S&P 500® Equal Weight Materials ETF | ||||||||||||
Assets: | ||||||||||||||||
Investments, at value — including $2,500,156, $20,562,497, $13,823,071 and $10,990 of securities loaned, respectively | $ | 287,967,272 | $ | 573,911,923 | $ | 205,189,889 | $ | 154,728,897 | ||||||||
Repurchase agreements, at value | 901 | 16,764,233 | 2,059,101 | — | ||||||||||||
Total Investments* | 287,968,173 | 590,676,156 | 207,248,990 | 154,728,897 | ||||||||||||
Receivables: | ||||||||||||||||
Fund shares sold | — | — | — | 13,847 | ||||||||||||
Securities lending | 408 | 1,776 | 1,310 | 392 | ||||||||||||
Dividends and interest | 311,239 | 244,522 | 118,609 | 76,119 | ||||||||||||
Total assets | 288,279,820 | 590,922,454 | 207,368,909 | 154,819,255 | ||||||||||||
Liabilities: | ||||||||||||||||
Payable upon return of securities loaned | 901 | 16,764,233 | 2,059,101 | — | ||||||||||||
Payable for: | ||||||||||||||||
Fund shares redeemed | 438,153 | — | — | — | ||||||||||||
Management fees | 124,223 | 181,274 | 66,759 | 47,718 | ||||||||||||
Due to custodian | — | 13,819 | — | — | ||||||||||||
Total liabilities | 563,277 | 16,959,326 | 2,125,860 | 47,718 | ||||||||||||
Commitments and contingent liabilities (Note 8) | — | — | — | — | ||||||||||||
Net assets | $ | 287,716,543 | $ | 573,963,128 | $ | 205,243,049 | $ | 154,771,537 | ||||||||
Net assets consist of: | ||||||||||||||||
Paid-in capital | $ | 269,487,065 | $ | 564,993,096 | $ | 192,010,622 | $ | 151,876,364 | ||||||||
Undistributed net investment income | 235,615 | 520,473 | 284,649 | 200,895 | ||||||||||||
Accumulated net realized gain (loss) on investments | 12,418,794 | (22,726,380 | ) | 104,744 | (5,744,239 | ) | ||||||||||
Net unrealized appreciation on investments | 5,575,069 | 31,175,939 | 12,843,034 | 8,438,517 | ||||||||||||
Net assets | $ | 287,716,543 | $ | 573,963,128 | $ | 205,243,049 | $ | 154,771,537 | ||||||||
Shares outstanding (unlimited shares authorized), no par value | 7,650,000 | 3,500,000 | 1,950,000 | 1,600,000 | ||||||||||||
Net asset value, offering price and repurchase price per share | $ | 37.61 | $ | 163.99 | $ | 105.25 | $ | 96.73 | ||||||||
Cost of investments | $ | 282,392,203 | $ | 542,735,984 | $ | 192,346,855 | $ | 146,290,380 | ||||||||
Cost of repurchase agreements | 901 | 16,764,233 | 2,059,101 | — | ||||||||||||
*Total cost of investments | $ | 282,393,104 | $ | 559,500,217 | $ | 194,405,956 | $ | 146,290,380 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 61 |
STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)(concluded) | April 30, 2017 |
| Guggenheim S&P 500® Equal Weight Real Estate ETF | Guggenheim S&P 500® Equal Weight Technology ETF | Guggenheim S&P 500® Equal Weight Utilities ETF | |||||||||
Assets: | ||||||||||||
Investments, at value — including $919,983, $85,630,572 and $5,940,064 of securities loaned, respectively | $ | 26,864,730 | $ | 1,327,031,213 | $ | 186,531,807 | ||||||
Repurchase agreements, at value | — | 24,616,894 | 3,557,040 | |||||||||
Total Investments* | 26,864,730 | 1,351,648,107 | 190,088,847 | |||||||||
Receivables: | ||||||||||||
Fund shares sold | — | 164,277 | 81,427 | |||||||||
Securities lending | 76 | 8,856 | 760 | |||||||||
Dividends and interest | 10,982 | 436,317 | 364,988 | |||||||||
Total assets | 26,875,788 | 1,352,257,557 | 190,536,022 | |||||||||
Liabilities: | ||||||||||||
Payable upon return of securities loaned | — | 24,616,894 | 3,557,040 | |||||||||
Payable for: | ||||||||||||
Management fees | 9,318 | 398,776 | 59,295 | |||||||||
Total liabilities | 9,318 | 25,015,670 | 3,616,335 | |||||||||
Commitments and contingent liabilities (Note 8) | — | — | — | |||||||||
Net assets | $ | 26,866,470 | $ | 1,327,241,887 | $ | 186,919,687 | ||||||
Net assets consist of: | ||||||||||||
Paid-in capital | $ | 27,292,255 | $ | 1,143,423,771 | $ | 190,486,555 | ||||||
Undistributed net investment income | 26,685 | 1,695,568 | 896,303 | |||||||||
Accumulated net realized gain (loss) on investments | (83,977 | ) | 9,052,463 | (7,394,540 | ) | |||||||
Net unrealized appreciation (depreciation) on investments | (368,493 | ) | 173,070,085 | 2,931,369 | ||||||||
Net assets | $ | 26,866,470 | $ | 1,327,241,887 | $ | 186,919,687 | ||||||
Shares outstanding (unlimited shares authorized), no par value | 1,000,000 | 10,800,000 | 2,200,000 | |||||||||
Net asset value, offering price and repurchase price per share | $ | 26.87 | $ | 122.89 | $ | 84.96 | ||||||
Cost of investments | $ | 27,233,223 | $ | 1,153,961,128 | $ | 183,600,438 | ||||||
Cost of repurchase agreements | — | 24,616,894 | 3,557,040 | |||||||||
*Total cost of investments | $ | 27,233,223 | $ | 1,178,578,022 | $ | 187,157,478 |
62 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
STATEMENTS OF OPERATIONS (Unaudited) |
|
For the Six Months Ended April 30, 2017
| 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 100® Equal Weight ETF | ||||||||||||
Investment Income: | ||||||||||||||||
Dividends, net of foreign taxes withheld* | $ | 144,227 | $ | 731,460 | $ | 215,791 | $ | 46,753 | ||||||||
Income from securities lending | 4,443 | 25,308 | 15,927 | — | ||||||||||||
Interest | 15 | 492 | 96 | — | ||||||||||||
Total investment income | 148,685 | 757,260 | 231,814 | 46,753 | ||||||||||||
Expenses: | ||||||||||||||||
Management fees | 40,519 | 228,300 | 66,230 | 8,172 | ||||||||||||
Trustee fees | 470 | 3,748 | 1,521 | 113 | ||||||||||||
Total expenses | 40,989 | 232,048 | 67,751 | 8,285 | ||||||||||||
Less: | ||||||||||||||||
Expenses waived by Adviser | (2,266 | ) | — | — | — | |||||||||||
Net expenses | 38,723 | — | — | — | ||||||||||||
Net investment income | 109,962 | 525,212 | 164,063 | 38,468 | ||||||||||||
Net Realized and Unrealized Gain (Loss): | ||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments | (173,861 | ) | 111,282 | (119,180 | ) | (8,594 | ) | |||||||||
In-kind redemptions | — | 6,907,948 | 4,148,567 | 354,047 | ||||||||||||
Foreign currency transactions | (359 | ) | — | — | — | |||||||||||
Net realized gain (loss) | (174,220 | ) | 7,019,230 | 4,029,387 | 345,453 | |||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments | 871,252 | 7,523,694 | 1,845,245 | 46,820 | ||||||||||||
Foreign currency transactions | 374 | — | — | — | ||||||||||||
Net change in unrealized appreciation (depreciation) | 871,626 | 7,523,694 | 1,845,245 | 46,820 | ||||||||||||
Net realized and unrealized gain | 697,406 | 14,542,924 | 5,874,632 | 392,273 | ||||||||||||
Net increase in net assets resulting from operations | $ | 807,368 | $ | 15,068,136 | $ | 6,038,695 | $ | 430,741 | ||||||||
* Foreign taxes withheld | $ | 15,862 | $ | — | $ | 49 | $ | — |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 63 |
STATEMENTS OF OPERATIONS (Unaudited)(continued) |
|
For the Six Months Ended April 30, 2017
| Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF | Guggenheim S&P 500® Equal Weight Consumer Staples ETF | Guggenheim S&P 500® Equal Weight Energy ETF | |||||||||
Investment Income: | ||||||||||||
Dividends | $ | 735,789 | $ | 6,009,811 | $ | 2,291,204 | ||||||
Income from securities lending | 20,000 | 6,074 | 28,665 | |||||||||
Interest | 330 | 1,617 | 888 | |||||||||
Total investment income | 756,119 | 6,017,502 | 2,320,757 | |||||||||
Expenses: | ||||||||||||
Management fees | 163,926 | 1,044,690 | 529,810 | |||||||||
Total expenses | 163,926 | 1,044,690 | 529,810 | |||||||||
Net investment income | 592,193 | 4,972,812 | 1,790,947 | |||||||||
Net Realized and Unrealized Gain (Loss): | ||||||||||||
Net realized gain (loss) on: | ||||||||||||
Investments | (1,281,956 | ) | (2,078,030 | ) | (6,968,395 | ) | ||||||
In-kind redemptions | 1,164,134 | 10,812,916 | 13,595,861 | |||||||||
Net realized gain (loss) | (117,822 | ) | 8,734,886 | 6,627,466 | ||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||
Investments | 6,999,240 | 5,613,046 | (14,973,031 | ) | ||||||||
Net realized and unrealized gain (loss) | 6,881,418 | 14,347,932 | (8,345,565 | ) | ||||||||
Net increase (decrease) in net assets resulting from operations | $ | 7,473,611 | $ | 19,320,744 | $ | (6,554,618 | ) |
64 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
STATEMENTS OF OPERATIONS (Unaudited)(continued) |
|
For the Six Months Ended April 30, 2017
| Guggenheim S&P 500® Equal Weight Financials ETF | Guggenheim S&P 500® Equal Weight Health Care ETF | Guggenheim S&P 500® Equal Weight Industrials ETF | Guggenheim S&P 500® Equal Weight Materials ETF | ||||||||||||
Investment Income: | ||||||||||||||||
Dividends | $ | 3,034,391 | $ | 2,286,619 | $ | 1,494,332 | $ | 1,423,323 | ||||||||
Income from securities lending | 1,196 | 9,323 | 6,120 | 3,551 | ||||||||||||
Interest | 1,189 | 1,285 | 526 | 390 | ||||||||||||
Total investment income | 3,036,776 | 2,297,227 | 1,500,978 | 1,427,264 | ||||||||||||
Expenses: | ||||||||||||||||
Management fees | 659,371 | 991,054 | 358,580 | 285,406 | ||||||||||||
Total expenses | 659,371 | 991,054 | 358,580 | 285,406 | ||||||||||||
Net investment income | 2,377,405 | 1,306,173 | 1,142,398 | 1,141,858 | ||||||||||||
Net Realized and Unrealized Gain (Loss): | ||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments | (1,018,827 | ) | (7,462,530 | ) | (2,127,707 | ) | (3,764,154 | ) | ||||||||
In-kind redemptions | 25,111,937 | 4,410,023 | 7,108,978 | 5,390,053 | ||||||||||||
Net realized gain (loss) | 24,093,110 | (3,052,507 | ) | 4,981,271 | 1,625,899 | |||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments | 7,818,674 | 68,671,899 | 15,366,063 | 14,287,723 | ||||||||||||
Net realized and unrealized gain | 31,911,784 | 65,619,392 | 20,347,334 | 15,913,622 | ||||||||||||
Net increase in net assets resulting from operations | $ | 34,289,189 | $ | 66,925,565 | $ | 21,489,732 | $ | 17,055,480 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 65 |
STATEMENTS OF OPERATIONS (Unaudited)(concluded) |
|
For the Six Months Ended April 30, 2017
| Guggenheim S&P 500® Equal Weight Real Estate ETF | Guggenheim S&P 500® Equal Weight Technology ETF | Guggenheim S&P 500® Equal Weight Utilities ETF | |||||||||
Investment Income: | ||||||||||||
Dividends | $ | 251,718 | $ | 7,161,769 | $ | 3,386,992 | ||||||
Income from securities lending | 502 | 55,650 | 10,061 | |||||||||
Interest | 147 | 2,733 | 612 | |||||||||
Total investment income | 252,367 | 7,220,152 | 3,397,665 | |||||||||
Expenses: | ||||||||||||
Management fees | 59,425 | 2,046,055 | 349,865 | |||||||||
Trustee fees | 841 | — | — | |||||||||
Total expenses | 60,266 | 2,046,055 | 349,865 | |||||||||
Net investment income | 192,101 | 5,174,097 | 3,047,800 | |||||||||
Net Realized and Unrealized Gain (Loss): | ||||||||||||
Net realized gain (loss) on: | ||||||||||||
Investments | (47,155 | ) | (10,998,690 | ) | (4,300,545 | ) | ||||||
In-kind redemptions | 521 | 46,225,396 | 1,523,897 | |||||||||
Net realized gain (loss) | (46,634 | ) | 35,226,706 | (2,776,648 | ) | |||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||
Investments | 1,284,075 | 126,008,590 | 8,451,808 | |||||||||
Net realized and unrealized gain | 1,237,441 | 161,235,296 | 5,675,160 | |||||||||
Net increase in net assets resulting from operations | $ | 1,429,542 | $ | 166,409,393 | $ | 8,722,960 |
66 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
STATEMENTS OF CHANGES IN NET ASSETS |
|
| Guggenheim MSCI Emerging Markets Equal Country Weight ETF | Guggenheim S&P MidCap 400® | ||||||||||||||
| Period Ended | Year Ended | Period Ended | Year Ended | ||||||||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||||||||||
Net investment income | $ | 109,962 | $ | 225,317 | $ | 525,212 | $ | 1,320,360 | ||||||||
Net realized gain (loss) on investments and foreign currency | (174,220 | ) | (759,726 | ) | 7,019,230 | (1,716,154 | ) | |||||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency | 871,626 | 1,385,465 | 7,523,694 | 1,522,297 | ||||||||||||
Net increase in net assets resulting from operations | 807,368 | 851,056 | 15,068,136 | 1,126,503 | ||||||||||||
Distributions to shareholders from: | ||||||||||||||||
Net investment income | (34,795 | ) | (257,333 | ) | (572,251 | ) | (1,282,647 | ) | ||||||||
Shareholder transactions: | ||||||||||||||||
Proceeds from shares purchased | — | — | 37,979,902 | 20,399,624 | ||||||||||||
Cost of shares redeemed | — | — | (20,531,265 | ) | (62,831,320 | ) | ||||||||||
Net increase (decrease) in net assets resulting from share transactions | — | — | 17,448,637 | (42,431,696 | ) | |||||||||||
Net increase (decrease) in net assets | 772,573 | 593,723 | 31,944,522 | (42,587,840 | ) | |||||||||||
Net assets: | ||||||||||||||||
Beginning of period | 11,665,865 | 11,072,142 | 89,943,749 | 132,531,589 | ||||||||||||
End of period | $ | 12,438,438 | $ | 11,665,865 | $ | 121,888,271 | $ | 89,943,749 | ||||||||
Undistributed net investment income at end of period | $ | 87,369 | $ | 12,202 | $ | 105,381 | $ | 152,420 | ||||||||
Changes in shares outstanding: | ||||||||||||||||
Shares sold | — | — | 650,000 | 450,000 | ||||||||||||
Shares redeemed | — | — | (350,000 | ) | (1,400,000 | ) | ||||||||||
Net increase (decrease) in shares | — | — | 300,000 | (950,000 | ) |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 67 |
STATEMENTS OF CHANGES IN NET ASSETS (continued) |
|
| Guggenheim S&P SmallCap 600® | Guggenheim S&P 100® | ||||||||||||||
| Period Ended | Year Ended | Period Ended | Period ended | ||||||||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||||||||||
Net investment income | $ | 164,063 | $ | 308,220 | $ | 38,468 | $ | 16,152 | ||||||||
Net realized gain (loss) on investments | 4,029,387 | (2,975,150 | ) | 345,453 | 63,961 | |||||||||||
Net change in unrealized appreciation (depreciation) on investments | 1,845,245 | 3,224,307 | 46,820 | 10,222 | ||||||||||||
Net increase in net assets resulting from operations | 6,038,695 | 557,377 | 430,741 | 90,335 | ||||||||||||
Distributions to shareholders from: | ||||||||||||||||
Net investment income | (141,581 | ) | (343,398 | ) | (33,857 | ) | (11,925 | ) | ||||||||
Shareholder transactions: | ||||||||||||||||
Proceeds from shares purchased | 7,443,180 | 9,474,203 | 4,249,195 | 3,867,706 | ||||||||||||
Cost of shares redeemed | (12,423,608 | ) | (19,640,274 | ) | (2,875,876 | ) | (1,313,918 | ) | ||||||||
Net increase (decrease) in net assets resulting from share transactions | (4,980,428 | ) | (10,166,071 | ) | 1,373,319 | 2,553,788 | ||||||||||
Net increase (decrease) in net assets | 916,686 | (9,952,092 | ) | 1,770,203 | 2,632,198 | |||||||||||
Net assets: | ||||||||||||||||
Beginning of period | 33,977,986 | 43,930,078 | 2,632,198 | — | ||||||||||||
End of period | $ | 34,894,672 | $ | 33,977,986 | $ | 4,402,401 | $ | 2,632,198 | ||||||||
Undistributed net investment income at end of period | $ | 43,803 | $ | 21,321 | $ | 10,855 | $ | 6,244 | ||||||||
Changes in shares outstanding: | ||||||||||||||||
Shares sold | 150,000 | 250,000 | 150,000 | 150,000 | ||||||||||||
Shares redeemed | (250,000 | ) | (500,000 | ) | (100,000 | ) | (50,000 | ) | ||||||||
Net increase (decrease) in shares | (100,000 | ) | (250,000 | ) | 50,000 | 100,000 |
a | Since commencement of operations: June 29, 2016. |
68 | 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 | Year Ended | Period Ended | Year Ended | ||||||||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||||||||||
Net investment income | $ | 592,193 | $ | 1,549,965 | $ | 4,972,812 | $ | 11,830,640 | ||||||||
Net realized gain (loss) on investments | (117,822 | ) | (6,897,777 | ) | 8,734,886 | 64,392,147 | ||||||||||
Net change in unrealized appreciation (depreciation) on investments | 6,999,240 | (7,038,042 | ) | 5,613,046 | (19,573,047 | ) | ||||||||||
Net increase (decrease) in net assets resulting from operations | 7,473,611 | (12,385,854 | ) | 19,320,744 | 56,649,740 | |||||||||||
Distributions to shareholders from: | ||||||||||||||||
Net investment income | (547,448 | ) | (1,560,723 | ) | (4,239,138 | ) | (11,421,201 | ) | ||||||||
Shareholder transactions: | ||||||||||||||||
Proceeds from shares purchased | 27,144,099 | 8,720,472 | 67,521,874 | 569,506,862 | ||||||||||||
Cost of shares redeemed | (13,501,028 | ) | (102,451,705 | ) | (191,878,554 | ) | (531,947,193 | ) | ||||||||
Net increase (decrease) in net assets resulting from share transactions | 13,643,071 | (93,731,233 | ) | (124,356,680 | ) | 37,559,669 | ||||||||||
Net increase (decrease) in net assets | 20,569,234 | (107,677,810 | ) | (109,275,074 | ) | 82,788,208 | ||||||||||
Net assets: | ||||||||||||||||
Beginning of period | 68,323,237 | 176,001,047 | 613,660,604 | 530,872,396 | ||||||||||||
End of period | $ | 88,892,471 | $ | 68,323,237 | $ | 504,385,530 | $ | 613,660,604 | ||||||||
Undistributed net investment income at end of period | $ | 201,239 | $ | 156,494 | $ | 1,857,427 | $ | 1,123,753 | ||||||||
Changes in shares outstanding: | ||||||||||||||||
Shares sold | 300,000 | 100,000 | 550,000 | 4,800,000 | ||||||||||||
Shares redeemed | (150,000 | ) | (1,250,000 | ) | (1,600,000 | ) | (4,500,000 | ) | ||||||||
Net increase (decrease) in shares | 150,000 | (1,150,000 | ) | (1,050,000 | ) | 300,000 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 69 |
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 | Year Ended | Period Ended | Year Ended | ||||||||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||||||||||
Net investment income | $ | 1,790,947 | $ | 3,344,310 | $ | 2,377,405 | $ | 3,087,492 | ||||||||
Net realized gain (loss) on investments | 6,627,466 | (26,613,503 | ) | 24,093,110 | (6,127,650 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) on investments | (14,973,031 | ) | 43,196,210 | 7,818,674 | 2,466,708 | |||||||||||
Net increase (decrease) in net assets resulting from operations | (6,554,618 | ) | 19,927,017 | 34,289,189 | (573,450 | ) | ||||||||||
Distributions to shareholders from: | ||||||||||||||||
Net investment income | (1,766,536 | ) | (3,414,412 | ) | (2,141,790 | ) | (3,197,168 | ) | ||||||||
Return of capital | — | — | — | (44,777,358 | )a | |||||||||||
Total distributions to shareholders | (1,766,536 | ) | (3,414,412 | ) | (2,141,790 | ) | (47,974,526 | ) | ||||||||
Shareholder transactions: | ||||||||||||||||
Proceeds from shares purchased | 109,913,159 | 82,525,656 | 296,472,588 | 101,995,202 | ||||||||||||
Cost of shares redeemed | (83,876,025 | ) | (76,647,251 | ) | (155,552,943 | ) | (122,418,077 | ) | ||||||||
Net increase (decrease) in net assets resulting from share transactions | 26,037,134 | 5,878,405 | 140,919,645 | (20,422,875 | ) | |||||||||||
Net increase (decrease) in net assets | 17,715,980 | 22,391,010 | 173,067,044 | (68,970,851 | ) | |||||||||||
Net assets: | ||||||||||||||||
Beginning of period | 199,163,658 | 176,772,648 | 114,649,499 | 183,620,350 | ||||||||||||
End of period | $ | 216,879,638 | $ | 199,163,658 | $ | 287,716,543 | $ | 114,649,499 | ||||||||
Undistributed net investment income at end of period | $ | 125,205 | $ | 100,794 | $ | 235,615 | $ | — | ||||||||
Changes in shares outstanding: | ||||||||||||||||
Shares sold | 1,750,000 | 1,600,000 | 8,150,000 | 2,400,000 | ||||||||||||
Shares redeemed | (1,400,000 | ) | (1,350,000 | ) | (4,150,000 | ) | (2,950,000 | ) | ||||||||
Net increase (decrease) in shares | 350,000 | 250,000 | 4,000,000 | (550,000 | ) |
a | Special Distribution — See Note 9. |
70 | 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 | Year Ended | Period Ended | Year Ended | ||||||||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||||||||||
Net investment income | $ | 1,306,173 | $ | 2,694,826 | $ | 1,142,398 | $ | 1,621,856 | ||||||||
Net realized gain (loss) on investments | (3,052,507 | ) | (4,697,313 | ) | 4,981,271 | 2,689,421 | ||||||||||
Net change in unrealized appreciation (depreciation) on investments | 68,671,899 | (20,086,726 | ) | 15,366,063 | 1,123,759 | |||||||||||
Net increase (decrease) in net assets resulting from operations | 66,925,565 | (22,089,213 | ) | 21,489,732 | 5,435,036 | |||||||||||
Distributions to shareholders from: | ||||||||||||||||
Net investment income | (1,077,995 | ) | (2,529,726 | ) | (1,093,383 | ) | (1,434,252 | ) | ||||||||
Shareholder transactions: | ||||||||||||||||
Proceeds from shares purchased | 78,316,943 | 194,817,565 | 101,123,728 | 98,402,755 | ||||||||||||
Cost of shares redeemed | (44,695,150 | ) | (265,597,969 | ) | (43,564,919 | ) | (68,946,182 | ) | ||||||||
Net increase (decrease) in net assets resulting from share transactions | 33,621,793 | (70,780,404 | ) | 57,558,809 | 29,456,573 | |||||||||||
Net increase (decrease) in net assets | 99,469,363 | (95,399,343 | ) | 77,955,158 | 33,457,357 | |||||||||||
Net assets: | ||||||||||||||||
Beginning of period | 474,493,765 | 569,893,108 | 127,287,891 | 93,830,534 | ||||||||||||
End of period | $ | 573,963,128 | $ | 474,493,765 | $ | 205,243,049 | $ | 127,287,891 | ||||||||
Undistributed net investment income at end of period | $ | 520,473 | $ | 292,295 | $ | 284,649 | $ | 235,634 | ||||||||
Changes in shares outstanding: | ||||||||||||||||
Shares sold | 500,000 | 1,300,000 | 1,000,000 | 1,100,000 | ||||||||||||
Shares redeemed | (300,000 | ) | (1,800,000 | ) | (450,000 | ) | (800,000 | ) | ||||||||
Net increase (decrease) in shares | 200,000 | (500,000 | ) | 550,000 | 300,000 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 71 |
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 | Year Ended | Period Ended | Year Ended | ||||||||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||||||||||
Net investment income | $ | 1,141,858 | $ | 1,159,563 | $ | 192,101 | $ | 191,989 | ||||||||
Net realized gain (loss) on investments | 1,625,899 | 287,706 | (46,634 | ) | 267,436 | |||||||||||
Net change in unrealized appreciation (depreciation) on investments | 14,287,723 | 3,034,814 | 1,284,075 | (1,678,281 | ) | |||||||||||
Net increase (decrease) in net assets resulting from operations | 17,055,480 | 4,482,083 | 1,429,542 | (1,218,856 | ) | |||||||||||
Distributions to shareholders from: | ||||||||||||||||
Net investment income | (1,035,572 | ) | (1,136,509 | ) | (358,744 | ) | (66,011 | ) | ||||||||
Shareholder transactions: | ||||||||||||||||
Proceeds from shares purchased | 87,228,996 | 66,623,002 | 2,626,648 | 48,179,615 | ||||||||||||
Cost of shares redeemed | (32,940,693 | ) | (41,487,373 | ) | (12,966,028 | ) | (13,322,327 | ) | ||||||||
Net increase (decrease) in net assets resulting from share transactions | 54,288,303 | 25,135,629 | (10,339,380 | ) | 34,857,288 | |||||||||||
Net increase (decrease) in net assets | 70,308,211 | 28,481,203 | (9,268,582 | ) | 33,572,421 | |||||||||||
Net assets: | ||||||||||||||||
Beginning of period | 84,463,326 | 55,982,123 | 36,135,052 | 2,562,631 | ||||||||||||
End of period | $ | 154,771,537 | $ | 84,463,326 | $ | 26,866,470 | $ | 36,135,052 | ||||||||
Undistributed net investment income at end of period | $ | 200,895 | $ | 94,609 | $ | 26,685 | $ | 193,328 | ||||||||
Changes in shares outstanding: | ||||||||||||||||
Shares sold | 950,000 | 800,000 | 100,000 | 1,800,000 | ||||||||||||
Shares redeemed | (350,000 | ) | (500,000 | ) | (500,000 | ) | (500,000 | ) | ||||||||
Net increase (decrease) in shares | 600,000 | 300,000 | (400,000 | ) | 1,300,000 |
72 | 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 | Year Ended | Period Ended | Year Ended | ||||||||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||||||||||
Net investment income | $ | 5,174,097 | $ | 11,551,073 | $ | 3,047,800 | $ | 6,435,980 | ||||||||
Net realized gain (loss) on investments | 35,226,706 | 45,741,023 | (2,776,648 | ) | 8,109,619 | |||||||||||
Net change in unrealized appreciation (depreciation) on investments | 126,008,590 | 16,659,550 | 8,451,808 | 5,981,382 | ||||||||||||
Net increase in net assets resulting from operations | 166,409,393 | 73,951,646 | 8,722,960 | 20,526,981 | ||||||||||||
Distributions to shareholders from: | ||||||||||||||||
Net investment income | (4,112,602 | ) | (11,574,847 | ) | (2,680,126 | ) | (6,269,737 | ) | ||||||||
Shareholder transactions: | ||||||||||||||||
Proceeds from shares purchased | 435,914,228 | 547,497,519 | 29,728,725 | 182,433,708 | ||||||||||||
Cost of shares redeemed | (186,847,831 | ) | (434,624,288 | ) | (59,716,599 | ) | (114,084,544 | ) | ||||||||
Net increase (decrease) in net assets resulting from share transactions | 249,066,397 | 112,873,231 | (29,987,874 | ) | 68,349,164 | |||||||||||
Net increase (decrease) in net assets | 411,363,188 | 175,250,030 | (23,945,040 | ) | 82,606,408 | |||||||||||
Net assets: | ||||||||||||||||
Beginning of period | 915,878,699 | 740,628,669 | 210,864,727 | 128,258,319 | ||||||||||||
End of period | $ | 1,327,241,887 | $ | 915,878,699 | $ | 186,919,687 | $ | 210,864,727 | ||||||||
Undistributed net investment income at end of period | $ | 1,695,568 | $ | 634,073 | $ | 896,303 | $ | 528,629 | ||||||||
Changes in shares outstanding: | ||||||||||||||||
Shares sold | 3,750,000 | 5,550,000 | 350,000 | 2,250,000 | ||||||||||||
Shares redeemed | (1,700,000 | ) | (4,750,000 | ) | (750,000 | ) | (1,400,000 | ) | ||||||||
Net increase (decrease) in shares | 2,050,000 | 800,000 | (400,000 | ) | 850,000 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 73 |
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 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 29.16 | $ | 27.68 | $ | 34.14 | $ | 34.43 | $ | 33.31 | $ | 33.83 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)a | 0.27 | 0.56 | 0.71 | 0.64 | 0.50 | 0.55 | ||||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | 1.76 | 1.56 | (6.53 | ) | (0.31 | ) | 1.06 | (0.53 | ) | |||||||||||||||
Total from investment operations | 2.03 | 2.12 | (5.82 | ) | 0.33 | 1.56 | 0.02 | |||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.09 | ) | (0.64 | ) | (0.64 | ) | (0.62 | ) | (0.44 | ) | (0.48 | ) | ||||||||||||
Return of capital | — | — | — | — | — | (0.06 | ) | |||||||||||||||||
Total distributions to shareholders | (0.09 | ) | (0.64 | ) | (0.64 | ) | (0.62 | ) | (0.44 | ) | (0.54 | ) | ||||||||||||
Net asset value, end of period | $ | 31.10 | $ | 29.16 | $ | 27.68 | $ | 34.14 | $ | 34.43 | $ | 33.31 | ||||||||||||
| ||||||||||||||||||||||||
Total Returnb | 6.97 | % | 7.80 | % | (17.21 | %) | 0.99 | % | 4.76 | % | 0.10 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 12,438 | $ | 11,666 | $ | 11,072 | $ | 13,654 | $ | 10,328 | $ | 13,325 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Net investment income (loss) | 1.90 | %c | 2.07 | % | 2.26 | % | 1.86 | % | 1.47 | % | 1.66 | % | ||||||||||||
Total expenses | 0.71 | %c | 0.71 | % | 0.70 | % | 0.70 | % | 0.71 | % | 0.72 | % | ||||||||||||
Net expensesd | 0.67 | %c | 0.66 | % | 0.64 | % | 0.60 | % | 0.60 | % | 0.61 | % | ||||||||||||
Portfolio turnover ratee | 9 | % | 11 | % | 99 | % | 25 | % | 38 | % | 39 | % |
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 and excludes expenses of the underlying funds in which the Fund invests. |
d | Net expense information reflects the expense ratios after expense waivers. |
e | 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 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 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 51.40 | $ | 49.09 | $ | 50.39 | $ | 45.24 | $ | 33.95 | $ | 31.15 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)a | 0.26 | 0.66 | 0.62 | 0.62 | 0.57 | 0.46 | ||||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | 8.07 | 2.30 | (1.21 | ) | 5.48 | 11.28 | 2.80 | |||||||||||||||||
Total from investment operations | 8.33 | 2.96 | (0.59 | ) | 6.10 | 11.85 | 3.26 | |||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.27 | ) | (0.65 | ) | (0.67 | ) | (0.59 | ) | (0.56 | ) | (0.46 | ) | ||||||||||||
Capital gains | — | — | — | (0.36 | ) | — | — | |||||||||||||||||
Return of capital | — | — | (0.04 | ) | — | — | — | |||||||||||||||||
Total distributions to shareholders | (0.27 | ) | (0.65 | ) | (0.71 | ) | (0.95 | ) | (0.56 | ) | (0.46 | ) | ||||||||||||
Net asset value, end of period | $ | 59.46 | $ | 51.40 | $ | 49.09 | $ | 50.39 | $ | 45.24 | $ | 33.95 | ||||||||||||
| ||||||||||||||||||||||||
Total Returnb | 16.22 | % | 6.08 | % | (1.19 | %) | 13.61 | % | 35.21 | % | 10.52 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 121,888 | $ | 89,944 | $ | 132,532 | $ | 146,125 | $ | 76,904 | $ | 52,617 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Net investment income (loss) | 0.92 | %c | 1.35 | % | 1.22 | % | 1.27 | % | 1.44 | % | 1.39 | % | ||||||||||||
Total expenses | 0.41 | %c | 0.41 | % | 0.41 | % | 0.41 | % | 0.41 | % | 0.41 | % | ||||||||||||
Portfolio turnover rated | 15 | % | 101 | % | 31 | % | 29 | % | 29 | % | 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. |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 75 |
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 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 42.47 | $ | 41.84 | $ | 44.87 | $ | 42.89 | $ | 31.82 | $ | 29.48 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)a | 0.24 | 0.32 | 0.49 | 0.43 | 0.54 | 0.34 | ||||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | 7.34 | 0.67 | (2.97 | ) | 1.97 | 11.12 | 2.33 | |||||||||||||||||
Total from investment operations | 7.58 | 0.99 | (2.48 | ) | 2.40 | 11.66 | 2.67 | |||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.20 | ) | (0.36 | ) | (0.52 | ) | (0.42 | ) | (0.59 | ) | (0.33 | ) | ||||||||||||
Return of capital | — | — | (0.03 | ) | — | — | — | |||||||||||||||||
Total distributions to shareholders | (0.20 | ) | (0.36 | ) | (0.55 | ) | (0.42 | ) | (0.59 | ) | (0.33 | ) | ||||||||||||
Net asset value, end of period | $ | 49.85 | $ | 42.47 | $ | 41.84 | $ | 44.87 | $ | 42.89 | $ | 31.82 | ||||||||||||
| ||||||||||||||||||||||||
Total Returnb | 17.86 | % | 2.39 | % | (5.59 | %) | 5.58 | % | 37.07 | % | 9.08 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 34,895 | $ | 33,978 | $ | 43,930 | $ | 40,380 | $ | 25,736 | $ | 14,318 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Net investment income (loss) | 0.99 | %c | 0.80 | % | 1.11 | % | 0.96 | % | 1.46 | % | 1.10 | % | ||||||||||||
Total expenses | 0.41 | %c | 0.41 | % | 0.41 | % | 0.42 | % | 0.41 | % | 0.41 | % | ||||||||||||
Portfolio turnover rated | 13 | % | 96 | % | 47 | % | 43 | % | 42 | % | 43 | % |
a | Based on average shares outstanding. |
b | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. |
c | Annualized. |
d | Portfolio turnover does not include securities received or delivered from processing creations or redemptions. |
76 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
GUGGENHEIM S&P 100® 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 | Period Ended | ||||||
Per Share Data: | ||||||||
Net asset value, beginning of period | $ | 26.32 | $ | 25.45 | ||||
Income from investment operations: | ||||||||
Net investment income (loss)b | 0.26 | 0.16 | ||||||
Net gain (loss) on investments (realized and unrealized) | 2.94 | 0.79 | ||||||
Total from investment operations | 3.20 | 0.95 | ||||||
Less distributions from: | ||||||||
Net investment income | (0.17 | ) | (0.08 | ) | ||||
Total distributions to shareholders | (0.17 | ) | (0.08 | ) | ||||
Net asset value, end of period | $ | 29.35 | $ | 26.32 | ||||
| ||||||||
Total Returnc | 12.17 | % | 3.73 | % | ||||
Ratios/Supplemental Data: | ||||||||
Net assets, end of period (in thousands) | $ | 4,402 | $ | 2,632 | ||||
Ratio to average net assets of: | ||||||||
Net investment income (loss) | 1.88 | %d | 1.77 | %d | ||||
Total expenses | 0.41 | %d | 0.40 | %d | ||||
Portfolio turnover ratee | — | 3 | % |
a | The Fund commenced operations on June 29, 2016. |
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 | 77 |
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 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 85.40 | $ | 90.26 | $ | 82.76 | $ | 76.06 | $ | 55.09 | $ | 47.70 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)a | 0.65 | 1.29 | 1.15 | 0.95 | 0.79 | 0.64 | ||||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | 8.11 | (4.96 | ) | 7.39 | 6.67 | 21.02 | 7.46 | |||||||||||||||||
Total from investment operations | 8.76 | (3.67 | ) | 8.54 | 7.62 | 21.81 | 8.10 | |||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.59 | ) | (1.19 | ) | (1.04 | ) | (0.92 | ) | (0.84 | ) | (0.71 | ) | ||||||||||||
Total distributions to shareholders | (0.59 | ) | (1.19 | ) | (1.04 | ) | (0.92 | ) | (0.84 | ) | (0.71 | ) | ||||||||||||
Net asset value, end of period | $ | 93.57 | $ | 85.40 | $ | 90.26 | $ | 82.76 | $ | 76.06 | $ | 55.09 | ||||||||||||
| ||||||||||||||||||||||||
Total Returnb | 10.28 | % | (4.07 | %) | 10.35 | % | 10.07 | % | 39.91 | % | 17.05 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 88,892 | $ | 68,323 | $ | 176,001 | $ | 86,897 | $ | 125,497 | $ | 41,314 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Net investment income (loss) | 1.45 | %c | 1.49 | % | 1.29 | % | 1.20 | % | 1.19 | % | 1.22 | % | ||||||||||||
Total expenses | 0.40 | %c | 0.40 | % | 0.40 | % | 0.40 | % | 0.50 | % | 0.50 | % | ||||||||||||
Portfolio turnover rated | 13 | % | 30 | % | 23 | % | 22 | % | 20 | % | 25 | % |
a | Based on average shares outstanding. |
b | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. |
c | Annualized. |
d | Portfolio turnover does not include securities received or delivered from processing creations or redemptions. |
78 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
GUGGENHEIM S&P 500® EQUAL WEIGHT CONSUMER STAPLES ETF |
FINANCIAL HIGHLIGHTS |
This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund’s performance for the periods presented.
| Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 121.52 | $ | 111.76 | $ | 100.75 | $ | 88.48 | $ | 68.24 | $ | 61.01 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)a | 1.15 | 2.19 | 2.08 | 2.04 | 1.73 | 1.41 | ||||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | 4.41 | 9.69 | 10.86 | 12.03 | 20.22 | 7.20 | ||||||||||||||||||
Total from investment operations | 5.56 | 11.88 | 12.94 | 14.07 | 21.95 | 8.61 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.98 | ) | (2.12 | ) | (1.93 | ) | (1.80 | ) | (1.71 | ) | (1.38 | ) | ||||||||||||
Total distributions to shareholders | (0.98 | ) | (2.12 | ) | (1.93 | ) | (1.80 | ) | (1.71 | ) | (1.38 | ) | ||||||||||||
Net asset value, end of period | $ | 126.10 | $ | 121.52 | $ | 111.76 | $ | 100.75 | $ | 88.48 | $ | 68.24 | ||||||||||||
| ||||||||||||||||||||||||
Total Returnb | 4.60 | % | 10.63 | % | 12.95 | % | 16.04 | % | 32.59 | % | 14.19 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 504,386 | $ | 613,661 | $ | 530,872 | $ | 186,382 | $ | 84,054 | $ | 40,944 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Net investment income (loss) | 1.90 | %c | 1.81 | % | 1.94 | % | 2.18 | % | 2.15 | % | 2.14 | % | ||||||||||||
Total expenses | 0.40 | %c | 0.40 | % | 0.40 | % | 0.40 | % | 0.50 | % | 0.50 | % | ||||||||||||
Portfolio turnover rated | 5 | % | 17 | % | 16 | % | 20 | % | 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. |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 79 |
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 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 56.90 | $ | 54.39 | $ | 77.16 | $ | 79.86 | $ | 64.01 | $ | 64.16 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)a | 0.41 | 0.90 | 1.35 | 1.40 | 0.78 | 0.55 | ||||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | (0.57 | ) | 2.53 | (22.73 | ) | (2.91 | ) | 15.87 | (0.19 | ) | ||||||||||||||
Total from investment operations | (0.16 | ) | 3.43 | (21.38 | ) | (1.51 | ) | 16.65 | 0.36 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.41 | ) | (0.92 | ) | (1.39 | ) | (1.19 | ) | (0.80 | ) | (0.51 | ) | ||||||||||||
Total distributions to shareholders | (0.41 | ) | (0.92 | ) | (1.39 | ) | (1.19 | ) | (0.80 | ) | (0.51 | ) | ||||||||||||
Net asset value, end of period | $ | 56.33 | $ | 56.90 | $ | 54.39 | $ | 77.16 | $ | 79.86 | $ | 64.01 | ||||||||||||
| ||||||||||||||||||||||||
Total Returnb | (0.33 | %) | 6.50 | % | (27.93 | %) | (2.02 | %) | 26.19 | % | 0.58 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 216,880 | $ | 199,164 | $ | 176,773 | $ | 100,307 | $ | 43,924 | $ | 32,004 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Net investment income (loss) | 1.35 | %c | 1.72 | % | 2.16 | % | 1.64 | % | 1.09 | % | 0.88 | % | ||||||||||||
Total expenses | 0.40 | %c | 0.40 | % | 0.40 | % | 0.40 | % | 0.50 | % | 0.50 | % | ||||||||||||
Portfolio turnover rated | 19 | % | 41 | % | 34 | % | 25 | % | 17 | % | 30 | % |
a | Based on average shares outstanding. |
b | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. |
c | Annualized. |
d | Portfolio turnover does not include securities received or delivered from processing creations or redemptions. |
80 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
GUGGENHEIM S&P 500® EQUAL WEIGHT FINANCIALS ETF |
FINANCIAL HIGHLIGHTS |
This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund’s performance for the periods presented.
| Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 31.41 | $ | 43.72 | $ | 43.27 | $ | 37.64 | $ | 28.68 | $ | 24.48 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)a | 0.27 | 0.81 | 0.72 | 0.53 | 0.57 | 0.39 | ||||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | 6.13 | 1.03 | 0.58 | 5.76 | 9.08 | 4.32 | ||||||||||||||||||
Total from investment operations | 6.40 | 1.84 | 1.30 | 6.29 | 9.65 | 4.71 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.20 | ) | (0.78 | ) | (0.80 | ) | (0.66 | ) | (0.58 | ) | (0.42 | ) | ||||||||||||
Return of capital | — | (13.37 | )e | (0.05 | ) | — | (0.11 | ) | (0.09 | ) | ||||||||||||||
Total distributions to shareholders | (0.20 | ) | (14.15 | ) | (0.85 | ) | (0.66 | ) | (0.69 | ) | (0.51 | ) | ||||||||||||
Net asset value, end of period | $ | 37.61 | $ | 31.41 | $ | 43.72 | $ | 43.27 | $ | 37.64 | $ | 28.68 | ||||||||||||
| ||||||||||||||||||||||||
Total Returnb | 20.37 | % | 4.33 | % | 3.04 | % | 16.84 | % | 34.05 | % | 19.32 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 287,717 | $ | 114,649 | $ | 183,620 | $ | 136,316 | $ | 58,337 | $ | 14,339 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Net investment income (loss) | 1.44 | %c | 1.96 | % | 1.64 | % | 1.30 | % | 1.65 | % | 1.48 | % | ||||||||||||
Total expenses | 0.40 | %c | 0.40 | % | 0.40 | % | 0.40 | % | 0.50 | % | 0.50 | % | ||||||||||||
Portfolio turnover rated | 9 | % | 53 | % | 13 | % | 19 | % | 14 | % | 17 | % |
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 | Special Distribution — See Note 9. |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 81 |
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 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 143.79 | $ | 149.97 | $ | 137.44 | $ | 104.50 | $ | 76.84 | $ | 66.49 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)a | 0.40 | 0.78 | 0.75 | 0.66 | 0.55 | 0.47 | ||||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | 20.13 | (6.22 | ) | 12.46 | 32.89 | 27.63 | 11.04 | |||||||||||||||||
Total from investment operations | 20.53 | (5.44 | ) | 13.21 | 33.55 | 28.18 | 11.51 | |||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.33 | ) | (0.74 | ) | (0.68 | ) | (0.61 | ) | (0.52 | ) | (1.16 | ) | ||||||||||||
Total distributions to shareholders | (0.33 | ) | (0.74 | ) | (0.68 | ) | (0.61 | ) | (0.52 | ) | (1.16 | ) | ||||||||||||
Net asset value, end of period | $ | 163.99 | $ | 143.79 | $ | 149.97 | $ | 137.44 | $ | 104.50 | $ | 76.84 | ||||||||||||
| ||||||||||||||||||||||||
Total Returnb | 14.30 | % | (3.65 | %) | 9.61 | % | 32.20 | % | 36.81 | % | 17.39 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 573,963 | $ | 474,494 | $ | 569,893 | $ | 391,714 | $ | 130,627 | $ | 38,419 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Net investment income (loss) | 0.53 | %c | 0.52 | % | 0.49 | % | 0.55 | % | 0.60 | % | 0.65 | % | ||||||||||||
Total expenses | 0.40 | %c | 0.40 | % | 0.40 | % | 0.40 | % | 0.50 | % | 0.50 | % | ||||||||||||
Portfolio turnover rated | 13 | % | 28 | % | 22 | % | 23 | % | 24 | % | 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. |
82 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
GUGGENHEIM S&P 500® EQUAL WEIGHT INDUSTRIALS ETF |
FINANCIAL HIGHLIGHTS |
This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund’s performance for the periods presented.
| Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 90.92 | $ | 85.30 | $ | 88.18 | $ | 76.33 | $ | 56.94 | $ | 51.50 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)a | 0.64 | 1.40 | 1.13 | 1.22 | 0.95 | 1.05 | ||||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | 14.27 | 5.57 | (2.69 | ) | 11.59 | 19.41 | 5.42 | |||||||||||||||||
Total from investment operations | 14.91 | 6.97 | (1.56 | ) | 12.81 | 20.36 | 6.47 | |||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.58 | ) | (1.35 | ) | (1.29 | ) | (0.96 | ) | (0.97 | ) | (1.03 | ) | ||||||||||||
Return of capital | — | — | (0.03 | ) | — | — | — | |||||||||||||||||
Total distributions to shareholders | (0.58 | ) | (1.35 | ) | (1.32 | ) | (0.96 | ) | (0.97 | ) | (1.03 | ) | ||||||||||||
Net asset value, end of period | $ | 105.25 | $ | 90.92 | $ | 85.30 | $ | 88.18 | $ | 76.33 | $ | 56.94 | ||||||||||||
| ||||||||||||||||||||||||
Total Returnb | 16.42 | % | 8.25 | % | (1.78 | %) | 16.85 | % | 36.10 | % | 12.64 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 205,243 | $ | 127,288 | $ | 93,831 | $ | 123,447 | $ | 57,251 | $ | 17,082 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Net investment income (loss) | 1.27 | %c | 1.60 | % | 1.29 | % | 1.47 | % | 1.41 | % | 1.90 | % | ||||||||||||
Total expenses | 0.40 | %c | 0.40 | % | 0.40 | % | 0.40 | % | 0.50 | % | 0.50 | % | ||||||||||||
Portfolio turnover rated | 10 | % | 23 | % | 22 | % | 15 | % | 24 | % | 18 | % |
a | Based on average shares outstanding. |
b | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. |
c | Annualized. |
d | Portfolio turnover does not include securities received or delivered from processing creations or redemptions. |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 83 |
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 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 84.46 | $ | 79.97 | $ | 82.38 | $ | 75.49 | $ | 60.71 | $ | 56.57 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)a | 0.74 | 1.29 | 1.23 | 1.21 | 1.25 | 0.92 | ||||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | 12.13 | 4.49 | (2.41 | ) | 6.85 | 14.73 | 4.14 | |||||||||||||||||
Total from investment operations | 12.87 | 5.78 | (1.18 | ) | 8.06 | 15.98 | 5.06 | |||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.60 | ) | (1.29 | ) | (1.23 | ) | (1.17 | ) | (1.20 | ) | (0.92 | ) | ||||||||||||
Total distributions to shareholders | (0.60 | ) | (1.29 | ) | (1.23 | ) | (1.17 | ) | (1.20 | ) | (0.92 | ) | ||||||||||||
Net asset value, end of period | $ | 96.73 | $ | 84.46 | $ | 79.97 | $ | 82.38 | $ | 75.49 | $ | 60.71 | ||||||||||||
| ||||||||||||||||||||||||
Total Returnb | 15.27 | % | 7.29 | % | (1.44 | %) | 10.68 | % | 26.59 | % | 8.99 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 154,772 | $ | 84,463 | $ | 55,982 | $ | 74,138 | $ | 49,069 | $ | 33,388 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Net investment income (loss) | 1.60 | %c | 1.57 | % | 1.46 | % | 1.48 | % | 1.84 | % | 1.55 | % | ||||||||||||
Total expenses | 0.40 | %c | 0.40 | % | 0.40 | % | 0.40 | % | 0.50 | % | 0.50 | % | ||||||||||||
Portfolio turnover rated | 14 | % | 25 | % | 27 | % | 22 | % | 18 | % | 20 | % |
a | Based on average shares outstanding. |
b | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. |
c | Annualized. |
d | Portfolio turnover does not include securities received or delivered from processing creations or redemptions. |
84 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
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 | Year Ended | Period Ended | |||||||||
Per Share Data: | ||||||||||||
Net asset value, beginning of period | $ | 25.81 | $ | 25.63 | $ | 25.31 | ||||||
Income from investment operations: | ||||||||||||
Net investment income (loss)b | 0.17 | 0.70 | 0.13 | |||||||||
Net gain (loss) on investments (realized and unrealized) | 1.18 | (0.08 | ) | 0.27 | ||||||||
Total from investment operations | 1.35 | 0.62 | 0.40 | |||||||||
Less distributions from: | ||||||||||||
Net investment income | (0.29 | ) | (0.44 | ) | (0.08 | ) | ||||||
Total distributions to shareholders | (0.29 | ) | (0.44 | ) | (0.08 | ) | ||||||
Net asset value, end of period | $ | 26.87 | $ | 25.81 | $ | 25.63 | ||||||
| ||||||||||||
Total Returnc | 5.24 | % | 2.39 | % | 1.61 | % | ||||||
Ratios/Supplemental Data: | ||||||||||||
Net assets, end of period (in thousands) | $ | 26,866 | $ | 36,135 | $ | 2,563 | ||||||
Ratio to average net assets of: | ||||||||||||
Net investment income (loss) | 1.29 | %d | 2.70 | % | 2.49 | %d | ||||||
Total expenses | 0.41 | %d | 0.37 | % | 0.40 | %d | ||||||
Portfolio turnover ratee | 14 | % | 10 | % | 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. |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 85 |
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 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 104.67 | $ | 93.16 | $ | 87.17 | $ | 70.98 | $ | 51.53 | $ | 52.23 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)a | 0.57 | 1.47 | 1.09 | 0.78 | 0.68 | 0.41 | ||||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | 18.09 | 11.48 | 6.09 | 16.15 | 19.43 | (0.75 | ) | |||||||||||||||||
Total from investment operations | 18.66 | 12.95 | 7.18 | 16.93 | 20.11 | (0.34 | ) | |||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.44 | ) | (1.44 | ) | (1.12 | ) | (0.74 | ) | (0.66 | ) | (0.36 | ) | ||||||||||||
Return of capital | — | — | (0.07 | ) | — | — | — | |||||||||||||||||
Total distributions to shareholders | (0.44 | ) | (1.44 | ) | (1.19 | ) | (0.74 | ) | (0.66 | ) | (0.36 | ) | ||||||||||||
Net asset value, end of period | $ | 122.89 | $ | 104.67 | $ | 93.16 | $ | 87.17 | $ | 70.98 | $ | 51.53 | ||||||||||||
| ||||||||||||||||||||||||
Total Returnb | 17.86 | % | 14.06 | % | 8.30 | % | 23.92 | % | 39.23 | % | 0.71 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 1,327,242 | $ | 915,879 | $ | 740,629 | $ | 671,221 | $ | 273,275 | $ | 100,479 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Net investment income (loss) | 1.01 | %c | 1.55 | % | 1.20 | % | 0.97 | % | 1.07 | % | 0.76 | % | ||||||||||||
Total expenses | 0.40 | %c | 0.40 | % | 0.40 | % | 0.40 | % | 0.50 | % | 0.50 | % | ||||||||||||
Portfolio turnover rated | 13 | % | 24 | % | 21 | % | 22 | % | 24 | % | 25 | % |
a | Based on average shares outstanding. |
b | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. |
c | Annualized. |
d | Portfolio turnover does not include securities received or delivered from processing creations or redemptions. |
86 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
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 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 81.10 | $ | 73.29 | $ | 76.69 | $ | 64.67 | $ | 60.52 | $ | 54.03 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)a | 1.41 | 2.49 | 2.48 | 2.59 | 2.36 | 2.03 | ||||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | 3.70 | 7.81 | (2.97 | ) | 11.75 | 4.11 | 6.45 | |||||||||||||||||
Total from investment operations | 5.11 | 10.30 | (0.49 | ) | 14.34 | 6.47 | 8.48 | |||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (1.25 | ) | (2.49 | ) | (2.91 | ) | (2.32 | ) | (2.32 | ) | (1.99 | ) | ||||||||||||
Total distributions to shareholders | (1.25 | ) | (2.49 | ) | (2.91 | ) | (2.32 | ) | (2.32 | ) | (1.99 | ) | ||||||||||||
Net asset value, end of period | $ | 84.96 | $ | 81.10 | $ | 73.29 | $ | 76.69 | $ | 64.67 | $ | 60.52 | ||||||||||||
| ||||||||||||||||||||||||
Total Returnb | 6.35 | % | 14.13 | % | (0.56 | %) | 22.61 | % | 10.95 | % | 15.98 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 186,920 | $ | 210,865 | $ | 128,258 | $ | 141,875 | $ | 51,738 | $ | 42,364 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Net investment income (loss) | 3.48 | %c | 3.09 | % | 3.30 | % | 3.72 | % | 3.78 | % | 3.60 | % | ||||||||||||
Total expenses | 0.40 | %c | 0.40 | % | 0.40 | % | 0.40 | % | 0.50 | % | 0.50 | % | ||||||||||||
Portfolio turnover rated | 6 | % | 22 | % | 20 | % | 31 | % | 22 | % | 22 | % |
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 | 87 |
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, 2017, the Trust consisted of twenty-two 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 100® Equal Weight ETF | S&P 100® 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. Guggenheim Funds Distributors, LLC (“GFD”) acts as principal underwriter for the Trust. GI 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, 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.
The NAV of a fund is calculated by dividing the market value of the fund’s securities and other assets, less all liabilities, by the number of outstanding shares of the fund.
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,
88 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued) |
including, under most circumstances, the responsibility for determining the fair value of the Funds' securities and/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, to 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 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 currencies 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 using methods established or ratified by the Board. 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 market prices; sale prices; broker quotes; and models which derive prices based on inputs such as prices of securities with comparable maturities and characteristics, or based on inputs such as anticipated cash flows or collateral, spread over Treasuries, and other information analysis.
B. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Trust does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain and loss from investments.
Reported net realized foreign exchange gains or losses arise from sales of foreign currencies and currency gains or losses realized between the trade and settlement dates on investment transactions. Net unrealized exchange gains and losses arise from changes in the fair values of assets and liabilities other than investments in securities 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.
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 89 |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued) |
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 0.83% at April 30, 2017.
F. The Fund may enter into repurchase agreements with financial institutions. In a repurchase agreement, a Fund buys a security and the seller simultaneously agrees to repurchase the security on a specified future date at an agreed-upon price. The repurchase price reflects an agreed-upon interest rate during the time the Fund’s money is invested in the security. Because the security constitutes collateral for the repurchase obligation, a repurchase agreement can be considered a collateralized loan. The Fund follows certain procedures designed to minimize the risks inherent in such agreements. These procedures include effecting repurchase transactions only with large, well-capitalized and well-established financial institutions whose condition will be continually monitored by GI. In addition, the value of the collateral underlying the repurchase agreement will always be at least equal to the repurchase price, including any accrued interest earned on the repurchase agreement. In the event of a default or bankruptcy by a selling financial institution, the Fund will seek to liquidate such collateral. However, the exercising of the Fund’s right to liquidate such collateral could involve certain costs or delays and, to the extent that proceeds from any sale upon a default of the obligation to repurchase were less than the repurchase price, the Fund could suffer a loss. It is the current policy of the Fund not to invest in repurchase agreements that do not mature within seven days if any such investment, together with any other illiquid assets held by the Fund, amounts to more than 15% of Fund’s net assets. The investments of the Fund in repurchase agreements, at times, may be substantial when, in the view of GI, liquidity or other considerations so warrant.
G. Under the Funds’ organizational documents, the 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 | |||
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 100® Equal Weight ETF | 500 | |||
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 |
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 100® 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% |
90 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
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, MUFG Investor Services (US), LLC (“MUIS”) provides various administrative and financial reporting services for the Funds. GI compensates MUIS 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, 2018. 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, 2018.
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 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 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
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 91 |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued) |
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, 2017, the Funds participated in securities lending transactions, which are subject to enforceable netting arrangements, as follows:
Gross Amounts Not Offset in the Statements of Assets and Liabilities | Securities Lending Collateral | |||||||||||||||||||||||
Fund | Value of Securities | Collateral Receiveda | Net | Cash | Non-Cash | Total | ||||||||||||||||||
Guggenheim MSCI Emerging Markets Equal Country Weight ETF | $ | 532,882 | $ | (532,882 | ) | $ | — | $ | 539,394 | $ | 10,047 | $ | 549,441 | |||||||||||
Guggenheim S&P MidCap 400® Equal Weight ETF | 24,758,633 | (24,758,633 | ) | — | 9,874,210 | 15,875,463 | 25,749,673 | |||||||||||||||||
Guggenheim S&P SmallCap 600® Equal Weight ETF | 8,438,780 | (8,438,780 | ) | — | 4,144,518 | 4,604,549 | 8,749,067 | |||||||||||||||||
Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF | 13,857,386 | (13,857,386 | ) | — | 6,134,025 | 8,292,925 | 14,426,950 | |||||||||||||||||
Guggenheim S&P 500® Equal Weight Consumer Staples ETF | 19,160,500 | (19,160,500 | ) | — | 1,202,651 | 18,823,196 | 20,025,847 | |||||||||||||||||
Guggenheim S&P 500® Equal Weight Energy ETF | 30,581,063 | (30,581,063 | ) | — | 15,489,187 | 16,035,595 | 31,524,782 | |||||||||||||||||
Guggenheim S&P 500® Equal Weight Financials ETF | 2,500,156 | (2,500,156 | ) | — | 901 | 2,613,778 | 2,614,679 | |||||||||||||||||
Guggenheim S&P 500® Equal Weight Health Care ETF | 20,562,497 | (20,562,497 | ) | — | 16,764,233 | 4,181,770 | 20,946,003 | |||||||||||||||||
Guggenheim S&P 500® Equal Weight Industrials ETF | 13,823,071 | (13,823,071 | ) | — | 2,059,101 | 12,185,347 | 14,244,448 | |||||||||||||||||
Guggenheim S&P 500® Equal Weight Materials ETF | 10,990 | (10,990 | ) | — | — | 11,500 | 11,500 | |||||||||||||||||
Guggenheim S&P 500® Equal Weight Real Estate ETF | 919,983 | (919,983 | ) | — | — | 925,752 | 925,752 | |||||||||||||||||
Guggenheim S&P 500® Equal Weight Technology ETF | 85,630,572 | (85,630,572 | ) | — | 24,616,894 | 63,840,657 | 88,457,551 | |||||||||||||||||
Guggenheim S&P 500® Equal Weight Utilities ETF | 5,940,064 | (5,940,064 | ) | — | 3,557,040 | 2,572,013 | 6,129,053 |
a | Actual collateral received by the Funds are greater than the amount shown due to over collateralization. |
The following represents a breakdown of the collateral for the joint repurchase agreements at April 30, 2017:
Counterparty and | Face Value | Repurchase Price | Collateral | Par Value | Fair Value | ||||||||||||
Citigroup Global Markets, Inc. | Various U.S. Government obligations and | ||||||||||||||||
0.82% | U.S. Government | ||||||||||||||||
Due 05/01/17 | $ | 19,764,705 | $ | 19,764,705 | agency securities | $ | 265,912,350 | $ | 20,159,998 | ||||||||
RBC Dominion Securities, Inc. | Various U.S. Government obligations and | ||||||||||||||||
0.81% | U.S. Government | ||||||||||||||||
Due 05/01/17 | 19,514,705 | 19,514,705 | agency securities | 32,086,572 | 19,904,999 | ||||||||||||
Merrill Lynch, Pierce, Fenner & Smith, Inc. | Various U.S. Government obligations and | ||||||||||||||||
0.81% | U.S. Government | ||||||||||||||||
Due 05/01/17 | 12,486,590 | 12,486,590 | agency securities | 23,469,137 | 12,736,322 |
92 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued) |
Counterparty and | Face Value | Repurchase Price | Collateral | Par Value | Fair Value | ||||||||||||
Deutsche Bank Securities, Inc. | Various U.S. Government | ||||||||||||||||
0.85% | U.S. Government | ||||||||||||||||
Due 05/01/17 | $ | 10,179,717 | $ | 10,179,717 | agency securities | $ | 54,168,203 | $ | 10,383,312 | ||||||||
State of Wisconsin Investment Board | Various U.S. Government | ||||||||||||||||
1.00% | U.S. Government | ||||||||||||||||
Due 05/01/17 | 8,504,278 | 8,504,278 | agency securities | 7,778,227 | 8,690,086 | ||||||||||||
Mizuho Securities (USA), Inc. | Various U.S. Government | ||||||||||||||||
0.83% | U.S. Government | ||||||||||||||||
Due 05/01/17 | 7,028,115 | 7,028,115 | agency securities | 8,475,168 | 7,168,677 | ||||||||||||
Royal Bank of Scotland Group | Various U.S. Government | ||||||||||||||||
0.80% | U.S. Government | ||||||||||||||||
Due 05/01/17 | 5,679,862 | 5,679,862 | agency securities | 5,849,519 | 5,793,484 | ||||||||||||
Credit Suisse Securities (USA), LLC | Various U.S. Government | ||||||||||||||||
0.80% | U.S. Government | ||||||||||||||||
Due 05/01/17 | 933,887 | 933,887 | agency securities | 825,099 | 952,583 | ||||||||||||
Merrill Lynch, Pierce, Fenner & Smith, Inc. | Various U.S. Government obligations and | ||||||||||||||||
0.80% | U.S. Government | ||||||||||||||||
Due 05/01/17 | 250,000 | 250,000 | agency securities | 251,540 | 255,000 | ||||||||||||
Deutsche Bank Securities, Inc. | Various U.S. Government obligations and | ||||||||||||||||
0.84% | U.S. Government | ||||||||||||||||
Due 05/01/17 | 39,394 | 39,394 | agency securities | 41,642 | 40,182 | ||||||||||||
Citibank | Various U.S. Government obligations and | ||||||||||||||||
0.80% | U.S. Government | ||||||||||||||||
Due 05/01/17 | 901 | 901 | agency securities | 858 | 919 |
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 | 93 |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued) |
At April 30, 2017, 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 | Tax | Tax | Net | ||||||||||||
Guggenheim MSCI Emerging Markets Equal Country Weight ETF | $ | 12,706,375 | $ | 1,456,302 | $ | (1,239,906 | ) | $ | 216,396 | |||||||
Guggenheim S&P MidCap 400® Equal Weight ETF | 117,240,098 | 18,516,782 | (4,021,550 | ) | 14,495,232 | |||||||||||
Guggenheim S&P SmallCap 600® Equal Weight ETF | 34,728,985 | 6,320,121 | (2,006,246 | ) | 4,313,875 | |||||||||||
Guggenheim S&P 100® Equal Weight ETF | 4,335,762 | 172,845 | (124,776 | ) | 48,069 | |||||||||||
Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF | 100,441,109 | 6,738,558 | (12,171,922 | ) | (5,433,364 | ) | ||||||||||
Guggenheim S&P 500® Equal Weight Consumer Staples ETF | 498,128,546 | 24,963,926 | (18,014,446 | ) | 6,949,480 | |||||||||||
Guggenheim S&P 500® Equal Weight Energy ETF | 260,560,440 | 4,191,828 | (32,459,137 | ) | (28,267,309 | ) | ||||||||||
Guggenheim S&P 500® Equal Weight Financials ETF | 282,504,777 | 11,846,045 | (6,382,649 | ) | 5,463,396 | |||||||||||
Guggenheim S&P 500® Equal Weight Health Care ETF | 562,410,590 | 65,100,360 | (36,834,794 | ) | 28,265,566 | |||||||||||
Guggenheim S&P 500® Equal Weight Industrials ETF | 194,580,766 | 18,203,525 | (5,535,301 | ) | 12,668,224 | |||||||||||
Guggenheim S&P 500® Equal Weight Materials ETF | 147,292,819 | 11,269,718 | (3,833,640 | ) | 7,436,078 | |||||||||||
Guggenheim S&P 500® Equal Weight Real Estate ETF | 27,287,651 | 1,332,177 | (1,755,098 | ) | (422,921 | ) | ||||||||||
Guggenheim S&P 500® Equal Weight Technology ETF | 1,181,291,088 | 184,435,707 | (14,078,688 | ) | 170,357,019 | |||||||||||
Guggenheim S&P 500® Equal Weight Utilities ETF | 187,919,279 | 8,453,949 | (6,284,381 | ) | 2,169,568 |
7. Investment Transactions
For the period ended April 30, 2017, 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 | 37,746,911 | 20,392,512 | ||||||
Guggenheim S&P SmallCap 600® Equal Weight ETF | 7,385,145 | 12,348,513 | ||||||
Guggenheim S&P 100® Equal Weight ETF | 4,232,243 | 2,838,343 | ||||||
Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF | 27,020,401 | 13,450,508 | ||||||
Guggenheim S&P 500® Equal Weight Consumer Staples ETF | 67,292,479 | 191,152,813 | ||||||
Guggenheim S&P 500® Equal Weight Energy ETF | 109,569,328 | 83,520,665 | ||||||
Guggenheim S&P 500® Equal Weight Financials ETF | 293,040,445 | 154,746,715 | ||||||
Guggenheim S&P 500® Equal Weight Health Care ETF | 78,128,579 | 44,701,664 | ||||||
Guggenheim S&P 500® Equal Weight Industrials ETF | 100,738,995 | 43,472,420 | ||||||
Guggenheim S&P 500® Equal Weight Materials ETF | 86,325,335 | 32,940,505 | ||||||
Guggenheim S&P 500® Equal Weight Real Estate ETF | 2,588,539 | 12,840,783 | ||||||
Guggenheim S&P 500® Equal Weight Technology ETF | 434,567,841 | 186,495,471 | ||||||
Guggenheim S&P 500® Equal Weight Utilities ETF | 29,381,490 | 59,178,123 |
94 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued) |
For the period ended April 30, 2017, 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 | $ | 1,026,020 | $ | 997,738 | ||||
Guggenheim S&P MidCap 400® Equal Weight ETF | 17,131,306 | 16,995,587 | ||||||
Guggenheim S&P SmallCap 600® Equal Weight ETF | 4,246,864 | 4,200,488 | ||||||
Guggenheim S&P 100® Equal Weight ETF | 6,971 | 37,206 | ||||||
Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF | 10,696,076 | 10,699,230 | ||||||
Guggenheim S&P 500® Equal Weight Consumer Staples ETF | 27,309,844 | 26,668,047 | ||||||
Guggenheim S&P 500® Equal Weight Energy ETF | 49,389,065 | 49,468,788 | ||||||
Guggenheim S&P 500® Equal Weight Financials ETF | 31,280,266 | 27,935,343 | ||||||
Guggenheim S&P 500® Equal Weight Health Care ETF | 63,335,533 | 62,997,569 | ||||||
Guggenheim S&P 500® Equal Weight Industrials ETF | 18,033,957 | 17,548,885 | ||||||
Guggenheim S&P 500® Equal Weight Materials ETF | 20,029,534 | 19,118,600 | ||||||
Guggenheim S&P 500® Equal Weight Real Estate ETF | 4,576,583 | 4,255,070 | ||||||
Guggenheim S&P 500® Equal Weight Technology ETF | 139,241,075 | 137,695,824 | ||||||
Guggenheim S&P 500® Equal Weight Utilities ETF | 10,977,073 | 10,676,732 |
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 by certain series of the Rydex ETF Trust of shares 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, Tribune insiders and shareholders were overpaid for their Tribune stock using financing that the insiders knew would, and ultimately did, leave Tribune 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. 12-0063 (S.D.N.Y.). In the SLCFC 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. On January 6, 2017, the United States District Court for the Southern District of New York granted the shareholder defendants’ motion to dismiss the intentional fraudulent conveyance claim in the FitzSimons action. In dismissing the intentional fraudulent conveyance claim, the Court denied the plaintiff’s request to amend the complaint. The plaintiff requested that the Court direct entry of a final judgment in order to make the order immediately appealable. On February 23, 2017, the Court issued an order stating that it intends to permit an interlocutory appeal of the dismissal order, but will wait to do so until it has resolved outstanding motions to dismiss filed by other defendants. Accordingly, the timing of the appeal is uncertain.
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 95 |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(concluded) |
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. On April 12, 2016, the plaintiffs in the SLCFC actions filed a petition seeking rehearing en banc before the appeals court. On July 22, 2016, the appeals court denied the petition. On September 9, 2016, the plaintiffs filed a petition for writ of certiorari in the U.S. Supreme Court challenging the Second Circuit’s decision that the safe harbor of Section 546(e) applied to their claims. The shareholder defendants, including the Rydex ETF Trust, filed a joint brief in opposition to the petition for writ of certiorari on October 24, 2016. The plaintiffs filed a reply in support of the petition on November 4, 2016. The Supreme Court has not yet granted or denied the petition for certiorari.
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. Special In-Kind Distribution
After the close of business on September 16, 2016 (the “Rebalance Date”), the S&P Dow Jones Indices reconstituted the S&P 500® Equal Weight Index Financials (the “Index”), the underlying index for the Guggenheim S&P 500® Equal Weight Financials ETF (“RYF”), by eliminating the stocks of companies involved in the real estate industry (including real estate investment trusts (“REITs”) other than mortgage REITs) (“Real Estate Stocks”). To effectuate a corresponding change to RYF’s portfolio, RYF replaced its Real Estate Stock holdings with shares of the Guggenheim S&P 500® Equal Weight Real Estate ETF (“EWRE”) on the Rebalance Date. After market close on the Rebalance Date (and effective at market open on September 19, 2016, ex-dividend date), RYF made an in-kind distribution of its shares of EWRE (0.50 shares of EWRE for each share of RYF owned, with a value of $13.402661 per share of RYF owned), plus a small amount of cash for fractional shares, to shareholders of RYF such that, following the distribution, RYF continued to hold stocks included in the reconstituted Index in accordance with its principal investment strategies.
96 | 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 https://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 https://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 https://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 | 97 |
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 | Principal Occupation(s) | Number of | Other |
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). | 230 | Clear Spring Life Insurance Company (2015-present); Guggenheim Partners Japan, Ltd. (2014-present); Guggenheim Partners Investment Management Holdings, LLC (2014-present); Delaware Life (2013-present); Guggenheim Life and Annuity Company (2011-present); Paragon Life Insurance Company of Indiana (2011-present). |
INDEPENDENT TRUSTEES | ||||
Angela Brock-Kyle***** (1959) | Trustee from August 2016 to present. | Current: Founder and Chief Executive Officer, B.O.A.R.D.S (consulting firm).
Former: Senior Leader, TIAA (financial services firm) (1987-2012). | 135 | Infinity Property & Casualty Corporation (2014-present). |
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. | 135 | 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. | 135 | Epiphany Funds (4) (2009-present). |
98 | 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 | Principal Occupation(s) | Number of | Other |
INDEPENDENT TRUSTEES - concluded | ||||
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. | 135 | None. |
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). | 135 | 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). | 135 | 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). | 135 | None. |
Sandra G. Sponem***** (1958) | Trustee from August 2016 to present. | Current: Senior Vice President and Chief Financial Officer, M.A. Mortenson Companies, Inc. (general contracting firm) (2007-present). | 135 | None. |
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 99 |
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued) |
Name, Address* | Position(s) Held with the | Principal Occupation(s) |
OFFICERS | ||
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. |
Joanna M. Catalucci (1966) | AML Officer (2016-present) | Current: Chief Compliance Officer, certain funds in the Fund Complex (2012-present); Senior Managing Director, Guggenheim Investments (2014-present); AML Officer, certain funds in the Fund Complex (2016-present).
Former: Chief Compliance Officer and Secretary, certain other funds in the Fund Complex (2008-2012); Senior Vice President & Chief Compliance Officer, Security Investors, LLC and certain affiliates (2010-2012); Chief Compliance Officer and Senior Vice President, Rydex Advisors, LLC and certain affiliates (2010-2011). |
James M. Howley (1972)
| Assistant Treasurer (2016-present) | Current: Managing Director, Guggenheim Investments (2004-present); Assistant Treasurer, certain other funds in the Fund Complex (2006-present).
Former: Manager, Mutual Fund Administration of Van Kampen Investments, Inc. (1996-2004). |
Keith D. Kemp (1960)
| Assistant Treasurer (2016-present) | Current: Treasurer and Assistant Treasurer, certain other funds in the Fund Complex (2010-present); Managing Director of Guggenheim Partners Investment Management, LLC (2015-present); Chief Financial Officer, Guggenheim Specialized Products, LLC (2016-present).
Former: Managing Director and Director, Transparent Value, LLC (2010-2016); Director, Guggenheim Partners Investment Management, LLC (2010-2015); Chief Operating Officer, Macquarie Capital Investment Management (2007-2009). |
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). |
Glenn McWhinnie (1969) | Assistant Treasurer (2016-present) | Current: Vice President, Guggenheim Investments (2009-present).
Former: Tax Compliance Manager, Ernst & Young LLP (1996-2009). |
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). |
100 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(concluded) |
Name, Address* | Position(s) Held with the | Principal Occupation(s) |
OFFICERS - concluded | ||
Adam J. Nelson (1979) | Assistant Treasurer (2016-present) | Current: Vice President, Guggenheim Investments (2015-present); Assistant Treasurer, certain other funds in the Fund Complex (2015-present).
Former: Assistant Vice President and Fund Administration Director, State Street Corporation (2013-2015); Fund Administration Assistant Director, State Street (2011-2013); Fund Administration Manager, State Street (2009-2011). |
Kimberly J. Scott (1974)
| Assistant Treasurer (2016-present) | Current: Director, Guggenheim Investments (2012-present); Assistant Treasurer, certain other funds in the Fund Complex (2012-present).
Former: Financial Reporting Manager, Invesco, Ltd. (2010-2011); Vice President/Assistant Treasurer, Mutual Fund Administration for Van Kampen Investments, Inc./Morgan Stanley Investment Management (2009-2010); Manager of Mutual Fund Administration, Van Kampen Investments, Inc./Morgan Stanley Investment Management (2005-2009). |
John L. Sullivan (1955)
| Chief Financial Officer and Treasurer (2016-present) | Current: CFO, Chief Accounting Officer and Treasurer, certain other funds in the Fund Complex (2010-present); Senior Managing Director, Guggenheim Investments (2010-present).
Former: Managing Director and CCO, each of the funds in the Van Kampen Investments fund complex (2004-2010); Managing Director and Head of Fund Accounting and Administration, Morgan Stanley Investment Management (2002-2004); CFO and Treasurer, Van Kampen Funds (1996-2004). |
* | All Trustees and Officers may be reached c/o Guggenheim Investments, 227 West Monroe Street, Chicago, Illinois 60606. |
** | 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. |
**** | Certain of the Trustees may serve as directors on the boards of companies not required to be disclosed above, including certain non-profit companies and charitable foundations. |
***** | Mses. Brock-Kyle and Sponem commenced serving as independent Trustees effective August 18, 2016. |
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 101 |
GUGGENHEIM INVESTMENTS PRIVACY POLICIES (Unaudited) |
Guggenheim Investments as used herein refers to Guggenheim Partners, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Investment Management, LLC, Guggenheim Funds Distributors, LLC and Security Investors, LLC as well as the funds in the Guggenheim Funds complex (the “funds”).
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 personal information about you, we hold ourselves to high standards in its safekeeping and use. This means, most importantly, that we do not sell client or account information to anyone—whether you are a current or former Guggenheim Investments client.
The Information We Collect About You and How We Collect It
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 Funds or one of the Guggenheim affiliated companies. “Nonpublic personal information” is personally identifiable information about you. For example it includes 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 Share Your Personal Information
As a matter of policy, we do not disclose your nonpublic personal information to nonaffiliated third parties except as required or permitted by law. 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 your personal 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. In connection with servicing your accounts or 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 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 personal 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 share personal information about you if we are compelled by law to do so, if you direct us to do so with your consent, or in other circumstances as permitted by law.
How We Safeguard Your Personal Information
We maintain physical, electronic and procedural safeguards to protect your personal information. Within Guggenheim Investments, access to such information is limited to those who need it to perform their jobs such as servicing your account, resolving problems or informing you of new products and services.
102 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
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4.30.2017
Guggenheim ETFs Funds 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 |
GuggenheimInvestments.com | ETF2-SEMI-0417x1017 |
TABLE OF CONTENTS |
DEAR SHAREHOLDER | 2 |
ECONOMIC AND MARKET OVERVIEW | 3 |
FEES AND EXPENSES | 5 |
PORTFOLIO SUMMARY | 6 |
SCHEDULES OF INVESTMENTS | 13 |
STATEMENTS OF ASSETS AND LIABILITIES | 31 |
STATEMENTS OF OPERATIONS | 33 |
STATEMENTS OF CHANGES IN NET ASSETS | 35 |
FINANCIAL HIGHLIGHTS | 39 |
NOTES TO FINANCIAL STATEMENTS | 46 |
OTHER INFORMATION | 54 |
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS | 55 |
GUGGENHEIM INVESTMENTS PRIVACY POLICIES | 59 |
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 1 |
April 30, 2017 |
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, 2017.
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 and Chief Executive Officer
May 31, 2017
This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.
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. Please review a prospectus carefully for more information of the risks associated with each ETF.
2 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
ECONOMIC AND MARKET OVERVIEW (Unaudited) | April 30, 2017 |
The Standard & Poor’s 500® (“S&P 500”) Index* delivered double-digit return for the six months ended April 30, 2017. Spreads on high-yield corporate bonds, bank loans, and investment-grade bonds were driven to near-2014 lows by strong inflows from mutual funds and institutional investors. Yet the conditions that sparked the rally in these markets—the promises of pro-growth fiscal policies—have yet to see much progress on the legislative front. This has caused many investors to reduce risk exposure as they hedge against the growing potential for disappointing news out of Washington.
Nonetheless, the global macroeconomic environment remains positive. China has stabilized, Europe is recovering, corporate earnings in the United States are rising, and a U.S. recession appears unlikely before 2019.
Tracking estimates for first-quarter real Gross Domestic Product (“GDP”) growth gradually fell throughout the quarter despite strong gains in consumer and business sentiment since the election. After the period ended, on April 28, the advance release of first quarter GDP came in at a tepid 0.7 percent (and a second reading on May 26 was revised to 1.2 percent). We attribute a large portion of the apparent weakness to seasonal factors that have depressed as-reported first-quarter GDP growth over the past several years. In keeping with this pattern, we would expect the final first-quarter GDP number to be revised higher once benchmark GDP revisions are released in July. More importantly, the prospects for quarterly U.S. GDP growth are better going forward, and we expect a strong bounce back in the second quarter.
Our medium-term growth outlook has dimmed marginally as a result of the minimal progress seen to date on the Trump administration’s fiscal policy initiatives. The ongoing struggle to create a healthcare bill has sapped early legislative momentum, and tax reform will be a politically fraught process. Nevertheless, financial conditions have eased since the election, despite U.S. Federal Reserve (the “Fed”) rate hikes in December and March, and we continue to expect the economy to expand faster than its potential growth rate. This should push the unemployment rate to under 4.1 percent by the end of 2018, well below its natural rate of 4.7 percent, and support a continued gradual rise in underlying inflation, which is nearing the Fed’s 2 percent goal.
In light of these trends, we believe that the market is underpricing the likely pace of rate hikes by the Fed in 2017 and 2018. Importantly, Fed Chair Janet Yellen noted in March that the Federal Open Market Committee (“FOMC”) baseline forecast of two additional rate increases in 2017 and three more in 2018 was not conditioned on expectations for fiscal stimulus. Rather, it reflected a need to gradually remove accommodation due to the fact that the Fed has essentially achieved its dual mandate objectives for employment and inflation. Fiscal easing, if it materializes, could result in a faster pace of tightening, she explained, as could a further overshooting of the Fed’s labor market objectives.
Markets are skeptical and are pricing in 1.5 more rate hikes in 2017 and fewer than 1.5 rate hikes in 2018, according to fed funds futures contracts. We expect that the Fed will deliver two more rate hikes in 2017 and another four in 2018. Fed policymakers also appear set to formally announce a change in their balance sheet policy later this year, likely in September. In the coming months we are likely to learn further details on how the Fed intends to begin to shrink its portfolio.
For the six months ended April 30, 2017, the S&P 500 Index returned 13.32 percent. The MSCI Europe-Australasia-Far East (“EAFE”) Index* returned 11.47 percent. The return of the MSCI Emerging Markets Index* was 8.88 percent.
In the bond market, the Bloomberg Barclays U.S. Aggregate Bond Index* posted a -0.67 percent return for the period, while the Bloomberg Barclays U.S. Corporate High Yield Index* returned 5.30 percent. The return of the Bank of America (“BofA”) Merrill Lynch 3-Month U.S. Treasury Bill Index* was 0.23 percent 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.
Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including U.S. Treasuries, government-related and corporate securities, mortgage-backed securities or “MBS” (agency fixed-rate and hybrid adjustable-rate mortgage, or “ARM”, pass-throughs), asset-backed securities (“ABS”), and commercial mortgage-backed securities (“CMBS”) (agency and non-agency).
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 3 |
ECONOMIC AND MARKET OVERVIEW (Unaudited)(concluded) | April 30, 2017 |
Bloomberg Barclays U.S. Corporate High Yield Index measures the U.S. dollar-denominated, high yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody’s, Fitch, and S&P is Ba1/BB +/BB + or below.
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index is an unmanaged market index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income.
MSCI EAFE Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada.
MSCI Emerging Markets Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance in the global emerging markets.
S&P 500® Index is a capitalization-weighted index of 500 stocks designed to measure the performance of the broad economy, representing all major industries and is considered a representation of the U.S. stock market.
4 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
FEES AND EXPENSES (Unaudited) |
|
Shareholder Expense Example
As a shareholder of the Rydex ETF Trust, you incur transaction costs such as creation and redemption fees or brokerage charges, and ongoing costs including advisory fees, trustee fees and, if applicable, distribution fees. All other Trust expenses are paid by the advisor. This example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The example in the table is based on an investment of $1,000 invested on October 31, 2016 and held for the six months ended April 30, 2017.
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 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 | Fund | Beginning 2016 | Ending 2017 | Expenses | |
Table 1. Based on actual Fund return3 | |||||
Guggenheim S&P 500® Top 50 ETF | 0.20% | 13.59% | $ 1,000.00 | $ 1,135.90 | $ 1.06 |
Guggenheim S&P 500® Pure Value ETF | 0.35% | 13.41% | 1,000.00 | 1,134.10 | 1.85 |
Guggenheim S&P 500® Pure Growth ETF | 0.35% | 11.69% | 1,000.00 | 1,116.90 | 1.84 |
Guggenheim S&P MidCap 400® Pure Value ETF | 0.35% | 16.76% | 1,000.00 | 1,167.60 | 1.88 |
Guggenheim S&P MidCap 400® Pure Growth ETF | 0.35% | 16.18% | 1,000.00 | 1,161.80 | 1.88 |
Guggenheim S&P SmallCap 600® Pure Value ETF | 0.35% | 12.92% | 1,000.00 | 1,129.20 | 1.85 |
Guggenheim S&P SmallCap 600® Pure Growth ETF | 0.35% | 24.00% | 1,000.00 | 1,240.00 | 1.94 |
Table 2. Based on hypothetical 5% return (before expenses) | |||||
Guggenheim S&P 500® Top 50 ETF | 0.20% | 5.00% | 1,000.00 | 1,023.80 | 1.00 |
Guggenheim S&P 500® Pure Value ETF | 0.35% | 5.00% | 1,000.00 | 1,023.06 | 1.76 |
Guggenheim S&P 500® Pure Growth ETF | 0.35% | 5.00% | 1,000.00 | 1,023.06 | 1.76 |
Guggenheim S&P MidCap 400® Pure Value ETF | 0.35% | 5.00% | 1,000.00 | 1,023.06 | 1.76 |
Guggenheim S&P MidCap 400® Pure Growth ETF | 0.35% | 5.00% | 1,000.00 | 1,023.06 | 1.76 |
Guggenheim S&P SmallCap 600® Pure Value ETF | 0.35% | 5.00% | 1,000.00 | 1,023.06 | 1.76 |
Guggenheim S&P SmallCap 600® Pure Growth ETF | 0.35% | 5.00% | 1,000.00 | 1,023.06 | 1.76 |
1 | Annualized. |
2 | Expenses are equal to the Fund’s annualized expense ratio, net of any applicable fee waivers, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
3 | Actual cumulative return at net asset value for the period October 31, 2016 to April 30, 2017. |
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 5 |
PORTFOLIO SUMMARY (Unaudited) | April 30, 2017 |
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. | 7.6% |
Microsoft Corp. | 5.3% |
Amazon.com, Inc. | 3.7% |
Facebook, Inc. — Class A | 3.6% |
Exxon Mobil Corp. | 3.4% |
Johnson & Johnson | 3.4% |
Berkshire Hathaway, Inc. — Class B | 3.2% |
JPMorgan Chase & Co. | 3.1% |
Alphabet, Inc. — Class A | 2.8% |
Alphabet, Inc. — Class C | 2.7% |
Top Ten Total | 38.8% |
“Ten Largest Holdings” excludes any temporary cash investments. |
6 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
PORTFOLIO SUMMARY (Unaudited) | April 30, 2017 |
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) |
Arconic, Inc. | 2.4% |
Berkshire Hathaway, Inc. — Class B | 2.3% |
Centene Corp. | 2.0% |
General Motors Co. | 1.9% |
Anthem, Inc. | 1.9% |
CenturyLink, Inc. | 1.7% |
Archer-Daniels-Midland Co. | 1.7% |
Valero Energy Corp. | 1.7% |
Prudential Financial, Inc. | 1.7% |
Assurant, Inc. | 1.6% |
Top Ten Total | 18.9% |
“Ten Largest Holdings” excludes any temporary cash investments. |
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 7 |
PORTFOLIO SUMMARY (Unaudited) | April 30, 2017 |
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) |
Applied Materials, Inc. | 3.0% |
Lam Research Corp. | 2.1% |
IDEXX Laboratories, Inc. | 2.1% |
Ulta Beauty, Inc. | 2.0% |
NVIDIA Corp. | 2.0% |
Broadcom Ltd. | 1.8% |
Facebook, Inc. — Class A | 1.7% |
UnitedHealth Group, Inc. | 1.6% |
Quanta Services, Inc. | 1.5% |
Corning, Inc. | 1.5% |
Top Ten Total | 19.3% |
“Ten Largest Holdings” excludes any temporary cash investments. |
8 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
PORTFOLIO SUMMARY (Unaudited) | April 30, 2017 |
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) |
KB Home | 2.8% |
LifePoint Health, Inc. | 2.3% |
Jabil Circuit, Inc. | 2.1% |
Domtar Corp. | 1.9% |
Tech Data Corp. | 1.8% |
Dillard's, Inc. — Class A | 1.8% |
Arrow Electronics, Inc. | 1.7% |
CNO Financial Group, Inc. | 1.7% |
CalAtlantic Group, Inc. | 1.7% |
Office Depot, Inc. | 1.7% |
Top Ten Total | 19.5% |
“Ten Largest Holdings” excludes any temporary cash investments. |
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 9 |
PORTFOLIO SUMMARY (Unaudited) | April 30, 2017 |
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) |
Align Technology, Inc. | 2.4% |
WebMD Health Corp. — Class A | 2.4% |
InterDigital, Inc. | 2.4% |
Cognex Corp. | 2.2% |
ABIOMED, Inc. | 2.1% |
LogMeIn, Inc. | 1.9% |
MarketAxess Holdings, Inc. | 1.9% |
NuVasive, Inc. | 1.7% |
SLM Corp. | 1.7% |
Cirrus Logic, Inc. | 1.7% |
Top Ten Total | 20.4% |
“Ten Largest Holdings” excludes any temporary cash investments. |
10 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
PORTFOLIO SUMMARY (Unaudited) | April 30, 2017 |
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) |
Kelly Services, Inc. — Class A | 1.5% |
Exterran Corp. | 1.4% |
M/I Homes, Inc. | 1.4% |
Seneca Foods Corp. — Class A | 1.4% |
Invacare Corp. | 1.3% |
Wabash National Corp. | 1.2% |
Universal Corp. | 1.2% |
Barnes & Noble Education, Inc. | 1.2% |
Fred's, Inc. — Class A | 1.2% |
Meritage Homes Corp. | 1.2% |
Top Ten Total | 13.0% |
“Ten Largest Holdings” excludes any temporary cash investments. |
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 11 |
PORTFOLIO SUMMARY (Unaudited) | April 30, 2017 |
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) |
NutriSystem, Inc. | 1.9% |
BioTelemetry, Inc. | 1.7% |
Installed Building Products, Inc. | 1.7% |
MiMedx Group, Inc. | 1.5% |
MKS Instruments, Inc. | 1.5% |
LendingTree, Inc. | 1.5% |
Supernus Pharmaceuticals, Inc. | 1.4% |
Nanometrics, Inc. | 1.3% |
TiVo Corp. | 1.3% |
Four Corners Property Trust, Inc. | 1.2% |
Top Ten Total | 15.0% |
“Ten Largest Holdings” excludes any temporary cash investments. |
12 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2017 |
GUGGENHEIM S&P 500® TOP 50 ETF |
| Shares | Value | ||||||
COMMON STOCKS† - 99.8% | ||||||||
Consumer, Non-cyclical - 24.6% | ||||||||
Johnson & Johnson | 177,735 | $ | 21,944,941 | |||||
Procter & Gamble Co. | 167,461 | 14,624,369 | ||||||
Pfizer, Inc. | 389,872 | 13,224,458 | ||||||
Philip Morris International, Inc. | 101,622 | 11,263,783 | ||||||
Merck & Company, Inc. | 179,845 | 11,209,739 | ||||||
UnitedHealth Group, Inc. | 63,021 | 11,021,112 | ||||||
Coca-Cola Co. | 253,115 | 10,921,913 | ||||||
PepsiCo, Inc. | 93,487 | 10,590,207 | ||||||
Altria Group, Inc. | 127,040 | 9,118,931 | ||||||
Amgen, Inc. | 48,240 | 7,878,557 | ||||||
Medtronic plc | 89,668 | 7,450,514 | ||||||
AbbVie, Inc. | 104,408 | 6,884,664 | ||||||
Celgene Corp.* | 50,961 | 6,321,712 | ||||||
Bristol-Myers Squibb Co. | 109,569 | 6,141,342 | ||||||
Gilead Sciences, Inc. | 85,618 | 5,869,114 | ||||||
Allergan plc | 21,959 | 5,354,922 | ||||||
Total Consumer, Non-cyclical | 159,820,278 | |||||||
Communications - 22.3% | ||||||||
Amazon.com, Inc.* | 25,943 | 23,997,016 | ||||||
Facebook, Inc. — Class A* | 154,272 | 23,179,368 | ||||||
Alphabet, Inc. — Class A* | 19,461 | 17,992,084 | ||||||
Alphabet, Inc. — Class C* | 19,356 | 17,535,762 | ||||||
AT&T, Inc. | 402,297 | 15,943,030 | ||||||
Verizon Communications, Inc. | 267,014 | 12,258,613 | ||||||
Comcast Corp. — Class A | 310,012 | 12,149,370 | ||||||
Cisco Systems, Inc. | 328,035 | 11,176,152 | ||||||
Walt Disney Co. | 95,292 | 11,015,755 | ||||||
Total Communications | 145,247,150 | |||||||
Technology - 18.2% | ||||||||
Apple, Inc. | 343,669 | 49,368,052 | ||||||
Microsoft Corp. | 506,185 | 34,653,425 | ||||||
Intel Corp. | 309,704 | 11,195,800 | ||||||
International Business Machines Corp. | 56,224 | 9,012,145 | ||||||
Oracle Corp. | 196,320 | 8,826,547 | ||||||
QUALCOMM, Inc. | 96,753 | 5,199,506 | ||||||
Total Technology | 118,255,475 | |||||||
Financial - 15.5% | ||||||||
Berkshire Hathaway, Inc. — Class B* | 124,412 | 20,554,107 | ||||||
JPMorgan Chase & Co. | 233,978 | 20,356,086 | ||||||
Wells Fargo & Co. | 294,966 | 15,880,969 | ||||||
Bank of America Corp. | 656,685 | 15,327,028 | ||||||
Visa, Inc. — Class A1 | 121,709 | 11,102,295 | ||||||
Citigroup, Inc. | 181,493 | 10,729,866 | ||||||
Mastercard, Inc. — Class A | 60,914 | 7,085,516 | ||||||
Total Financial | 101,035,867 | |||||||
Industrial - 7.6% | ||||||||
General Electric Co. | 571,508 | 16,568,016 | ||||||
3M Co. | 39,054 | 7,647,945 | ||||||
Boeing Co. | 37,311 | 6,896,192 | ||||||
Honeywell International, Inc. | 49,861 | 6,538,772 | ||||||
Union Pacific Corp. | 53,307 | 5,968,252 | ||||||
United Technologies Corp. | 49,092 | 5,841,457 | ||||||
Total Industrial | 49,460,634 | |||||||
Energy - 6.5% | ||||||||
Exxon Mobil Corp. | 271,613 | 22,177,201 | ||||||
Chevron Corp. | 124,007 | 13,231,547 | ||||||
Schlumberger Ltd. | 91,320 | 6,628,919 | ||||||
Total Energy | 42,037,667 | |||||||
Consumer, Cyclical - 5.1% | ||||||||
Home Depot, Inc. | 79,795 | 12,456,000 | ||||||
McDonald’s Corp. | 53,647 | 7,506,825 | ||||||
Wal-Mart Stores, Inc. | 98,640 | 7,415,755 | ||||||
CVS Health Corp. | 67,187 | 5,538,896 | ||||||
Total Consumer, Cyclical | 32,917,476 | |||||||
Total Common Stocks | ||||||||
(Cost $518,229,100) | 648,774,547 | |||||||
SHORT-TERM INVESTMENTS† - 0.1% | ||||||||
Federated U.S. Treasury Cash Reserve Fund — Institutional Shares, 0.53%2 | 815,286 | 815,286 | ||||||
Total Short-Term Investments | ||||||||
(Cost $815,286) | 815,286 | |||||||
Total Investments - 99.9% | ||||||||
(Cost $519,044,386) | $ | 649,589,833 | ||||||
Other Assets & Liabilities, net - 0.1% | 656,608 | |||||||
Total Net Assets - 100.0% | $ | 650,246,441 |
* | 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, 2017 — See Note 5. |
2 | Rate indicated is the 7 day yield as of April 30, 2017. |
plc — Public Limited Company | |
See Sector Classification in Other Information section. |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 13 |
SCHEDULE OF INVESTMENTS (Unaudited)(concluded) | April 30, 2017 |
GUGGENHEIM S&P 500® TOP 50 ETF |
The following table summarizes the inputs used to value the Fund's investments at April 30, 2017 (See Note 4 in the Notes to Financial Statements):
Investments in Securities (Assets) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 648,774,547 | $ | — | $ | — | $ | 648,774,547 | ||||||||
Short-Term Investments | 815,286 | — | — | 815,286 | ||||||||||||
Total Assets | $ | 649,589,833 | $ | — | $ | — | $ | 649,589,833 |
Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the previous fiscal period.
For the period ended April 30, 2017, there were no transfers between levels.
14 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2017 |
GUGGENHEIM S&P 500® PURE VALUE ETF |
| Shares | Value | ||||||
COMMON STOCKS† - 99.8% | ||||||||
Financial - 31.6% | ||||||||
Berkshire Hathaway, Inc. — Class B* | 127,244 | $ | 21,021,981 | |||||
Prudential Financial, Inc. | 145,823 | 15,607,436 | ||||||
Assurant, Inc. | 150,144 | 14,449,858 | ||||||
XL Group Ltd. | 326,107 | 13,647,578 | ||||||
Unum Group | 274,427 | 12,714,203 | ||||||
Hartford Financial Services Group, Inc. | 261,869 | 12,663,985 | ||||||
Lincoln National Corp. | 183,371 | 12,089,650 | ||||||
MetLife, Inc. | 233,298 | 12,087,169 | ||||||
Allstate Corp. | 141,441 | 11,497,739 | ||||||
Loews Corp. | 224,962 | 10,487,728 | ||||||
Citigroup, Inc. | 164,273 | 9,711,821 | ||||||
Bank of America Corp. | 415,151 | 9,689,624 | ||||||
American International Group, Inc. | 148,008 | 9,015,167 | ||||||
Capital One Financial Corp. | 111,431 | 8,956,824 | ||||||
Aflac, Inc. | 112,714 | 8,440,024 | ||||||
Travelers Cos., Inc. | 67,072 | 8,159,979 | ||||||
Regions Financial Corp. | 531,744 | 7,311,480 | ||||||
Morgan Stanley | 168,019 | 7,286,984 | ||||||
SunTrust Banks, Inc. | 123,730 | 7,029,101 | ||||||
Chubb Ltd. | 48,803 | 6,698,212 | ||||||
Principal Financial Group, Inc. | 96,331 | 6,274,038 | ||||||
JPMorgan Chase & Co. | 65,440 | 5,693,280 | ||||||
Progressive Corp. | 140,994 | 5,600,282 | ||||||
PNC Financial Services Group, Inc. | 43,670 | 5,229,483 | ||||||
Goldman Sachs Group, Inc. | 23,303 | 5,215,211 | ||||||
Zions Bancorporation | 126,920 | 5,080,608 | ||||||
Fifth Third Bancorp | 204,389 | 4,993,223 | ||||||
People’s United Financial, Inc.1 | 259,238 | 4,528,888 | ||||||
Navient Corp. | 279,883 | 4,254,222 | ||||||
Bank of New York Mellon Corp. | 86,083 | 4,051,066 | ||||||
BB&T Corp. | 90,283 | 3,898,420 | ||||||
Torchmark Corp. | 50,114 | 3,844,245 | ||||||
Wells Fargo & Co. | 71,400 | 3,844,176 | ||||||
Huntington Bancshares, Inc. | 275,607 | 3,544,306 | ||||||
State Street Corp. | 39,007 | 3,272,687 | ||||||
Invesco Ltd. | 96,453 | 3,177,162 | ||||||
Total Financial | 291,067,840 | |||||||
Consumer, Cyclical - 20.7% | ||||||||
General Motors Co. | 499,719 | 17,310,267 | ||||||
Ford Motor Co. | 1,191,495 | 13,666,448 | ||||||
Staples, Inc. | 1,231,033 | 12,027,192 | ||||||
Goodyear Tire & Rubber Co. | 328,663 | 11,907,460 | ||||||
AutoNation, Inc.*,1 | 276,238 | 11,601,996 | ||||||
PulteGroup, Inc. | 484,731 | 10,988,852 | ||||||
Wal-Mart Stores, Inc. | 143,544 | 10,791,638 | ||||||
CVS Health Corp. | 128,221 | 10,570,540 | ||||||
DR Horton, Inc. | 299,523 | 9,851,311 | ||||||
Lennar Corp. — Class A | 194,988 | 9,846,894 | ||||||
Whirlpool Corp. | 45,677 | 8,481,305 | ||||||
Kohl’s Corp.1 | 188,091 | 7,341,192 | ||||||
Bed Bath & Beyond, Inc. | 172,405 | 6,680,694 | ||||||
BorgWarner, Inc.1 | 148,245 | 6,267,799 | ||||||
Costco Wholesale Corp. | 31,914 | 5,665,373 | ||||||
PVH Corp. | 54,324 | 5,488,353 | ||||||
Gap, Inc.1 | 209,008 | 5,476,010 | ||||||
Macy’s, Inc. | 180,723 | 5,280,726 | ||||||
Walgreens Boots Alliance, Inc. | 47,562 | 4,116,015 | ||||||
Carnival Corp. | 64,497 | 3,983,980 | ||||||
Target Corp. | 69,556 | 3,884,703 | ||||||
American Airlines Group, Inc.1 | 86,253 | 3,676,102 | ||||||
Delta Air Lines, Inc. | 80,658 | 3,665,100 | ||||||
Signet Jewelers Ltd.1 | 36,122 | 2,378,272 | ||||||
Total Consumer, Cyclical | 190,948,222 | |||||||
Consumer, Non-cyclical - 15.8% | ||||||||
Centene Corp.* | 242,189 | 18,018,861 | ||||||
Anthem, Inc. | 96,556 | 17,176,347 | ||||||
Archer-Daniels-Midland Co. | 346,640 | 15,858,780 | ||||||
Cardinal Health, Inc. | 145,533 | 10,564,240 | ||||||
McKesson Corp. | 73,619 | 10,180,772 | ||||||
Tyson Foods, Inc. — Class A | 149,175 | 9,585,986 | ||||||
AmerisourceBergen Corp. — Class A1 | 113,254 | 9,292,491 | ||||||
Kroger Co. | 285,428 | 8,462,940 | ||||||
Mallinckrodt plc* | 172,126 | 8,076,151 | ||||||
Allergan plc | 30,975 | 7,553,564 | ||||||
Express Scripts Holding Co.* | 116,962 | 7,174,449 | ||||||
Patterson Companies, Inc.1 | 159,383 | 7,090,950 | ||||||
Whole Foods Market, Inc.1 | 193,538 | 7,038,977 | ||||||
Cigna Corp. | 33,452 | 5,230,889 | ||||||
DaVita, Inc.* | 65,803 | 4,541,065 | ||||||
Total Consumer, Non-cyclical | 145,846,462 | |||||||
Utilities - 7.8% | ||||||||
Entergy Corp. | 127,325 | 9,709,804 | ||||||
Exelon Corp. | 279,190 | 9,668,350 | ||||||
FirstEnergy Corp. | 239,767 | 7,178,624 | ||||||
AES Corp. | 606,191 | 6,856,020 | ||||||
NRG Energy, Inc. | 395,849 | 6,689,848 | ||||||
Duke Energy Corp. | 77,085 | 6,359,513 | ||||||
Consolidated Edison, Inc. | 70,955 | 5,625,312 | ||||||
Eversource Energy | 74,531 | 4,427,141 | ||||||
Public Service Enterprise Group, Inc. | 96,493 | 4,250,517 | ||||||
Ameren Corp. | 70,436 | 3,852,145 | ||||||
Xcel Energy, Inc. | 82,984 | 3,738,429 | ||||||
DTE Energy Co. | 34,179 | 3,574,782 | ||||||
Total Utilities | 71,930,485 | |||||||
Industrial - 7.4% | ||||||||
Arconic, Inc. | 825,464 | 22,559,932 | ||||||
Fluor Corp. | 198,612 | 10,192,768 | ||||||
WestRock Co. | 145,076 | 7,770,271 | ||||||
Ryder System, Inc. | 105,164 | 7,141,687 | ||||||
Jacobs Engineering Group, Inc. | 128,182 | 7,039,755 | ||||||
Textron, Inc. | 111,944 | 5,223,307 | ||||||
Johnson Controls International plc | 111,506 | 4,635,304 | ||||||
Eaton Corp. plc | 51,330 | 3,882,601 | ||||||
Total Industrial | 68,445,625 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 15 |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2017 |
GUGGENHEIM S&P 500® PURE VALUE ETF |
Shares | Value | |||||||
Energy - 6.6% | ||||||||
Valero Energy Corp. | 243,078 | $ | 15,705,269 | |||||
Tesoro Corp. | 155,577 | 12,401,043 | ||||||
Marathon Petroleum Corp. | 237,611 | 12,103,904 | ||||||
Transocean Ltd.*,1 | 868,963 | 9,584,662 | ||||||
Phillips 66 | 95,085 | 7,564,963 | ||||||
Marathon Oil Corp. | 204,750 | 3,044,633 | ||||||
Total Energy | 60,404,474 | |||||||
Communications - 3.9% | ||||||||
CenturyLink, Inc.1 | 623,150 | 15,996,260 | ||||||
News Corp. — Class A | 783,734 | 9,969,096 | ||||||
AT&T, Inc. | 92,466 | 3,664,428 | ||||||
TEGNA, Inc. | 138,981 | 3,541,236 | ||||||
News Corp. — Class B | 244,930 | 3,184,090 | ||||||
Total Communications | 36,355,110 | |||||||
Technology - 3.2% | ||||||||
Xerox Corp. | 1,703,045 | 12,244,893 | ||||||
Hewlett Packard Enterprise Co. | 430,252 | 8,015,595 | ||||||
HP, Inc. | 284,191 | 5,348,475 | ||||||
Western Digital Corp. | 47,641 | 4,243,384 | ||||||
Total Technology | 29,852,347 | |||||||
Diversified - 1.5% | ||||||||
Leucadia National Corp. | 542,378 | 13,770,977 | ||||||
Basic Materials - 1.3% | ||||||||
Mosaic Co. | 317,453 | 8,549,009 | ||||||
Eastman Chemical Co. | 43,262 | 3,450,145 | ||||||
Total Basic Materials | 11,999,154 | |||||||
Total Common Stocks | ||||||||
(Cost $899,819,408) | 920,620,696 | |||||||
SHORT-TERM INVESTMENTS† - 0.1% | ||||||||
Federated U.S. Treasury Cash Reserve Fund — Institutional Shares, 0.53%2 | 513,813 | 513,813 | ||||||
Total Short-Term Investments | ||||||||
(Cost $513,813) | 513,813 |
Face |
| |||||||
SECURITIES LENDING COLLATERAL††,3 - 2.1% | ||||||||
Joint Repurchase Agreements | ||||||||
Citigroup Global Markets, Inc. | $ | 4,494,472 | 4,494,472 | |||||
RBC Dominion Securities, Inc. | 4,494,472 | 4,494,472 | ||||||
Merrill Lynch, Pierce, Fenner & Smith, Inc. | 4,494,472 | 4,494,472 | ||||||
State of Wisconsin Investment Board | 4,094,423 | 4,094,423 | ||||||
Royal Bank of Scotland Group | 1,731,871 | 1,731,871 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $19,309,710) | 19,309,710 | |||||||
Total Investments - 102.0% | ||||||||
(Cost $919,642,931) | $ | 940,444,219 | ||||||
Other Assets & Liabilities, net - (2.0)% | (18,849,400 | ) | ||||||
Total Net Assets - 100.0% | $ | 921,594,819 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 4. |
†† | Value determined based on Level 2 inputs — See Note 4. |
1 | All or portion of this security is on loan at April 30, 2017 — See Note 5. |
2 | Rate indicated is the 7 day yield as of April 30, 2017. |
3 | Securities lending collateral — See Note 5. |
plc — Public Limited Company | |
See Sector Classification in Other Information section. |
16 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited)(concluded) | April 30, 2017 |
GUGGENHEIM S&P 500® PURE VALUE ETF |
The following table summarizes the inputs used to value the Fund's investments at April 30, 2017 (See Note 4 in the Notes to Financial Statements):
Investments in Securities (Assets) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 920,620,696 | $ | — | $ | — | $ | 920,620,696 | ||||||||
Securities Lending Collateral | — | 19,309,710 | — | 19,309,710 | ||||||||||||
Short-Term Investments | 513,813 | — | — | 513,813 | ||||||||||||
Total Assets | $ | 921,134,509 | $ | 19,309,710 | $ | — | $ | 940,444,219 |
Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the previous fiscal period.
For the period ended April 30, 2017, there were no transfers between levels.
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 17 |
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2017 |
GUGGENHEIM S&P 500® PURE GROWTH ETF |
Shares | Value | |||||||
COMMON STOCKS† - 99.9% | ||||||||
Consumer, Non-cyclical - 20.6% | ||||||||
IDEXX Laboratories, Inc.* | 238,075 | $ | 39,932,320 | |||||
UnitedHealth Group, Inc. | 173,234 | 30,295,161 | ||||||
Quanta Services, Inc.* | 830,504 | 29,433,062 | ||||||
Constellation Brands, Inc. — Class A | 127,709 | 22,034,911 | ||||||
Celgene Corp.* | 176,772 | 21,928,566 | ||||||
PayPal Holdings, Inc.* | 403,840 | 19,271,245 | ||||||
Humana, Inc. | 83,159 | 18,459,635 | ||||||
Aetna, Inc. | 131,848 | 17,808,709 | ||||||
Biogen, Inc.* | 62,248 | 16,882,280 | ||||||
Incyte Corp.* | 135,549 | 16,846,030 | ||||||
Total System Services, Inc. | 256,560 | 14,703,454 | ||||||
Verisk Analytics, Inc. — Class A* | 177,391 | 14,689,749 | ||||||
Cintas Corp. | 115,577 | 14,154,715 | ||||||
Gartner, Inc.* | 123,344 | 14,072,317 | ||||||
Edwards Lifesciences Corp.* | 122,061 | 13,386,430 | ||||||
S&P Global, Inc. | 99,362 | 13,333,387 | ||||||
United Rentals, Inc.* | 120,245 | 13,186,067 | ||||||
CR Bard, Inc. | 42,869 | 13,181,360 | ||||||
Becton Dickinson and Co. | 70,347 | 13,152,778 | ||||||
Intuitive Surgical, Inc.*,1 | 14,525 | 12,141,012 | ||||||
Boston Scientific Corp.* | 427,311 | 11,272,464 | ||||||
Stryker Corp. | 78,048 | 10,643,406 | ||||||
Gilead Sciences, Inc. | 134,992 | 9,253,702 | ||||||
Total Consumer, Non-cyclical | 400,062,760 | |||||||
Technology - 20.6% | ||||||||
Applied Materials, Inc. | 1,421,990 | 57,747,015 | ||||||
Lam Research Corp.1 | 280,912 | 40,690,103 | ||||||
NVIDIA Corp. | 368,361 | 38,420,051 | ||||||
Broadcom Ltd. | 161,714 | 35,708,068 | ||||||
Microchip Technology, Inc.1 | 318,662 | 24,084,474 | ||||||
Activision Blizzard, Inc. | 416,665 | 21,770,746 | ||||||
Skyworks Solutions, Inc. | 210,813 | 21,026,489 | ||||||
salesforce.com, Inc.* | 213,955 | 18,425,804 | ||||||
Adobe Systems, Inc.* | 117,098 | 15,660,687 | ||||||
Akamai Technologies, Inc.* | 244,465 | 14,897,697 | ||||||
Red Hat, Inc.* | 163,836 | 14,430,675 | ||||||
Electronic Arts, Inc.* | 147,245 | 13,961,771 | ||||||
Fidelity National Information Services, Inc. | 155,683 | 13,106,952 | ||||||
Cerner Corp.* | 196,780 | 12,741,505 | ||||||
Texas Instruments, Inc. | 155,425 | 12,306,552 | ||||||
Citrix Systems, Inc.* | 149,152 | 12,072,363 | ||||||
Analog Devices, Inc. | 152,693 | 11,635,207 | ||||||
Fiserv, Inc.* | 89,060 | 10,610,608 | ||||||
QUALCOMM, Inc. | 178,576 | 9,596,674 | ||||||
Total Technology | 398,893,441 | |||||||
Communications - 15.1% | ||||||||
Facebook, Inc. — Class A* | 214,050 | 32,161,013 | ||||||
Charter Communications, Inc. — Class A* | 82,845 | 28,594,781 | ||||||
Amazon.com, Inc.* | 29,746 | 27,514,753 | ||||||
Priceline Group, Inc.* | 13,801 | 25,487,962 | ||||||
F5 Networks, Inc.* | 180,210 | 23,270,517 | ||||||
Motorola Solutions, Inc. | 253,645 | 21,805,861 | ||||||
Scripps Networks Interactive, Inc. — Class A | 268,357 | 20,051,635 | ||||||
Netflix, Inc.* | 121,342 | 18,468,252 | ||||||
Expedia, Inc. | 123,883 | 16,565,635 | ||||||
Time Warner, Inc. | 148,342 | 14,725,910 | ||||||
CBS Corp. — Class B | 217,353 | 14,467,016 | ||||||
Comcast Corp. — Class A | 296,602 | 11,623,832 | ||||||
VeriSign, Inc.*,1 | 114,394 | 10,171,914 | ||||||
Discovery Communications, Inc. — Class C* | 300,558 | 8,409,613 | ||||||
Alphabet, Inc. — Class A* | 6,736 | 6,227,566 | ||||||
Alphabet, Inc. — Class C* | 6,762 | 6,126,102 | ||||||
Discovery Communications, Inc. — Class A*,1 | 207,877 | 5,982,700 | ||||||
Total Communications | 291,655,062 | |||||||
Financial - 14.0% | ||||||||
Prologis, Inc. | 514,723 | 28,006,078 | ||||||
UDR, Inc. | 564,496 | 21,078,281 | ||||||
E*TRADE Financial Corp.* | 592,765 | 20,480,031 | ||||||
Intercontinental Exchange, Inc. | 335,551 | 20,200,170 | ||||||
Apartment Investment & Management Co. — Class A | 440,249 | 19,256,491 | ||||||
American Tower Corp. — Class A | 135,079 | 17,011,850 | ||||||
AvalonBay Communities, Inc. | 89,144 | 16,923,097 | ||||||
Welltower, Inc. | 214,338 | 15,312,307 | ||||||
Host Hotels & Resorts, Inc.1 | 841,530 | 15,105,464 | ||||||
Digital Realty Trust, Inc. | 125,966 | 14,465,935 | ||||||
GGP, Inc. | 597,590 | 12,913,920 | ||||||
Arthur J Gallagher & Co. | 204,741 | 11,426,595 | ||||||
Charles Schwab Corp. | 289,313 | 11,239,810 | ||||||
Kimco Realty Corp. | 514,345 | 10,436,060 | ||||||
Mastercard, Inc. — Class A | 85,338 | 9,926,516 | ||||||
Extra Space Storage, Inc. | 127,515 | 9,631,208 | ||||||
Discover Financial Services | 147,407 | 9,226,204 | ||||||
Marsh & McLennan Companies, Inc. | 124,231 | 9,209,244 | ||||||
Total Financial | 271,849,261 | |||||||
Industrial - 13.5% | ||||||||
Corning, Inc. | 996,422 | 28,746,774 | ||||||
Vulcan Materials Co. | 209,124 | 25,278,909 | ||||||
Ingersoll-Rand plc | 259,852 | 23,061,865 | ||||||
Martin Marietta Materials, Inc. | 82,949 | 18,264,540 | ||||||
Amphenol Corp. — Class A | 226,712 | 16,393,545 | ||||||
TransDigm Group, Inc.1 | 63,817 | 15,745,568 | ||||||
Cummins, Inc. | 98,021 | 14,795,290 | ||||||
Northrop Grumman Corp. | 59,086 | 14,532,793 | ||||||
Illinois Tool Works, Inc. | 102,945 | 14,215,675 | ||||||
General Dynamics Corp. | 70,266 | 13,616,848 | ||||||
FedEx Corp. | 68,664 | 13,025,561 | ||||||
Garmin Ltd.1 | 252,296 | 12,826,729 | ||||||
Harris Corp. | 113,220 | 12,668,186 | ||||||
Republic Services, Inc. — Class A | 178,856 | 11,266,139 | ||||||
Xylem, Inc. | 189,404 | 9,737,260 | ||||||
Acuity Brands, Inc.1 | 53,926 | 9,496,369 |
18 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2017 |
GUGGENHEIM S&P 500® PURE GROWTH ETF |
Shares | Value | |||||||
J.B. Hunt Transport Services, Inc. | 97,929 | $ | 8,780,314 | |||||
Total Industrial | 262,452,365 | |||||||
Consumer, Cyclical - 13.1% | ||||||||
Ulta Beauty, Inc.* | 140,434 | 39,523,745 | ||||||
Starbucks Corp. | 442,851 | 26,597,631 | ||||||
Darden Restaurants, Inc. | 268,997 | 22,915,854 | ||||||
Dollar Tree, Inc.* | 262,404 | 21,719,179 | ||||||
LKQ Corp.* | 636,703 | 19,890,602 | ||||||
United Continental Holdings, Inc.* | 281,133 | 19,738,348 | ||||||
Michael Kors Holdings Ltd.*,1 | 426,797 | 15,932,332 | ||||||
Ross Stores, Inc. | 236,860 | 15,395,900 | ||||||
Dollar General Corp. | 179,181 | 13,028,251 | ||||||
Southwest Airlines Co. | 198,386 | 11,153,261 | ||||||
Marriott International, Inc. — Class A | 114,639 | 10,824,214 | ||||||
Harley-Davidson, Inc. | 187,519 | 10,652,954 | ||||||
Hasbro, Inc. | 98,380 | 9,750,442 | ||||||
O’Reilly Automotive, Inc.* | 36,983 | 9,177,331 | ||||||
Advance Auto Parts, Inc. | 56,712 | 8,061,044 | ||||||
Total Consumer, Cyclical | 254,361,088 | |||||||
Basic Materials - 1.7% | ||||||||
Albemarle Corp. | 189,738 | 20,664,365 | ||||||
Newmont Mining Corp. | 358,848 | 12,132,651 | ||||||
Total Basic Materials | 32,797,016 | |||||||
Energy - 0.8% | ||||||||
Murphy Oil Corp.1 | 559,761 | 14,654,543 | ||||||
Utilities - 0.5% | ||||||||
American Water Works Co., Inc. | 118,976 | 9,489,526 | ||||||
Total Common Stocks | ||||||||
(Cost $1,646,715,545) | 1,936,215,062 | |||||||
SHORT-TERM INVESTMENTS† - 0.1% | ||||||||
Federated U.S. Treasury Cash Reserve Fund — Institutional Shares, 0.53%2 | 1,875,903 | 1,875,903 | ||||||
Total Short-Term Investments | ||||||||
(Cost $1,875,903) | 1,875,903 |
Face |
| |||||||
SECURITIES LENDING COLLATERAL††,3 - 1.9% | ||||||||
Joint Repurchase Agreements | ||||||||
Citigroup Global Markets, Inc. | $ | 8,809,141 | 8,809,141 | |||||
RBC Dominion Securities, Inc. | 8,809,141 | 8,809,141 | ||||||
Merrill Lynch, Pierce, Fenner & Smith, Inc. | 8,809,141 | 8,809,141 | ||||||
State of Wisconsin Investment Board | 8,025,391 | 8,025,391 | ||||||
Royal Bank of Scotland Group | 3,393,887 | 3,393,887 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $37,846,701) | 37,846,701 | |||||||
Total Investments - 101.9% | ||||||||
(Cost $1,686,438,149) | $ | 1,975,937,666 | ||||||
Other Assets & Liabilities, net - (1.9)% | (37,656,821 | ) | ||||||
Total Net Assets - 100.0% | $ | 1,938,280,845 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 4. |
†† | Value determined based on Level 2 inputs — See Note 4. |
1 | All or portion of this security is on loan at April 30, 2017 — See Note 5. |
2 | Rate indicated is the 7 day yield as of April 30, 2017. |
3 | Securities lending collateral — See Note 5. |
plc — Public Limited Company | |
See Sector Classification in Other Information section. |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 19 |
SCHEDULE OF INVESTMENTS (Unaudited)(concluded) | April 30, 2017 |
GUGGENHEIM S&P 500® PURE GROWTH ETF |
The following table summarizes the inputs used to value the Fund's investments at April 30, 2017 (See Note 4 in the Notes to Financial Statements):
Investments in Securities (Assets) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 1,936,215,062 | $ | — | $ | — | $ | 1,936,215,062 | ||||||||
Securities Lending Collateral | — | 37,846,701 | — | 37,846,701 | ||||||||||||
Short-Term Investments | 1,875,903 | — | — | 1,875,903 | ||||||||||||
Total Assets | $ | 1,938,090,965 | $ | 37,846,701 | $ | — | $ | 1,975,937,666 |
Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the previous fiscal period.
For the period ended April 30, 2017, there were no transfers between levels.
20 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2017 |
GUGGENHEIM S&P MIDCAP 400® PURE VALUE ETF |
Shares | Value | |||||||
COMMON STOCKS† - 99.9% | ||||||||
Financial - 23.2% | ||||||||
CNO Financial Group, Inc. | 168,109 | $ | 3,542,057 | |||||
Old Republic International Corp. | 151,909 | 3,141,478 | ||||||
Reinsurance Group of America, Inc. — Class A | 25,066 | 3,134,253 | ||||||
Genworth Financial, Inc. — Class A* | 709,249 | 2,865,366 | ||||||
First American Financial Corp. | 58,864 | 2,555,285 | ||||||
Aspen Insurance Holdings Ltd. | 48,242 | 2,525,469 | ||||||
Hanover Insurance Group, Inc. | 26,785 | 2,364,311 | ||||||
Everest Re Group Ltd. | 9,113 | 2,293,833 | ||||||
Jones Lang LaSalle, Inc. | 18,825 | 2,162,240 | ||||||
Legg Mason, Inc. | 57,742 | 2,158,396 | ||||||
Quality Care Properties, Inc.* | 121,653 | 2,110,680 | ||||||
Kemper Corp.1 | 51,099 | 2,010,746 | ||||||
Alleghany Corp.* | 3,108 | 1,898,056 | ||||||
Medical Properties Trust, Inc.1 | 141,392 | 1,847,993 | ||||||
American Financial Group, Inc. | 16,796 | 1,634,419 | ||||||
WR Berkley Corp. | 23,374 | 1,588,965 | ||||||
Cousins Properties, Inc.1 | 171,824 | 1,458,786 | ||||||
Umpqua Holdings Corp. | 80,183 | 1,416,834 | ||||||
LaSalle Hotel Properties | 38,812 | 1,108,471 | ||||||
CoreCivic, Inc. | 31,834 | 1,096,681 | ||||||
Associated Banc-Corp. | 43,715 | 1,088,504 | ||||||
Stifel Financial Corp.*,1 | 22,154 | 1,082,666 | ||||||
Mercury General Corp.1 | 16,876 | 1,037,705 | ||||||
TCF Financial Corp. | 53,787 | 888,023 | ||||||
Janus Capital Group, Inc. | 56,649 | 773,825 | ||||||
Total Financial | 47,785,042 | |||||||
Consumer, Cyclical - 19.5% | ||||||||
KB Home1 | 281,956 | 5,808,295 | ||||||
Dillard’s, Inc. — Class A1 | 65,082 | 3,603,590 | ||||||
CalAtlantic Group, Inc.1 | 97,783 | 3,541,700 | ||||||
Office Depot, Inc. | 706,147 | 3,509,551 | ||||||
GameStop Corp. — Class A1 | 151,427 | 3,435,879 | ||||||
TRI Pointe Group, Inc.*,1 | 226,850 | 2,824,283 | ||||||
World Fuel Services Corp. | 70,552 | 2,598,430 | ||||||
Toll Brothers, Inc. | 67,951 | 2,445,556 | ||||||
CST Brands, Inc. | 48,098 | 2,322,652 | ||||||
Dana, Inc. | 96,460 | 1,873,253 | ||||||
Cooper Tire & Rubber Co.1 | 45,107 | 1,727,598 | ||||||
Big Lots, Inc.1 | 32,947 | 1,663,494 | ||||||
JetBlue Airways Corp.* | 61,786 | 1,348,788 | ||||||
International Speedway Corp. — Class A | 27,809 | 1,031,714 | ||||||
HSN, Inc. | 21,649 | 798,848 | ||||||
American Eagle Outfitters, Inc.1 | 54,426 | 766,862 | ||||||
J.C. Penney Company, Inc.*,1 | 125,958 | 677,654 | ||||||
Total Consumer, Cyclical | 39,978,147 | |||||||
Industrial - 19.1% | ||||||||
Jabil Circuit, Inc. | 149,048 | 4,325,373 | ||||||
Tech Data Corp.*,1 | 39,472 | 3,775,496 | ||||||
Arrow Electronics, Inc.* | 50,777 | 3,579,779 | ||||||
Avnet, Inc. | 81,596 | 3,156,949 | ||||||
AECOM* | 72,287 | 2,472,938 | ||||||
Terex Corp. | 69,432 | 2,428,731 | ||||||
Trinity Industries, Inc. | 88,413 | 2,378,310 | ||||||
KLX, Inc.* | 46,827 | 2,214,917 | ||||||
SYNNEX Corp. | 19,785 | 2,145,288 | ||||||
AGCO Corp. | 33,014 | 2,112,566 | ||||||
Owens-Illinois, Inc.* | 84,838 | 1,851,165 | ||||||
Vishay Intertechnology, Inc.1 | 82,306 | 1,345,703 | ||||||
KBR, Inc.1 | 93,904 | 1,319,351 | ||||||
Regal Beloit Corp. | 16,536 | 1,303,864 | ||||||
Cree, Inc.* | 48,936 | 1,070,720 | ||||||
Greif, Inc. — Class A | 16,168 | 947,768 | ||||||
Kirby Corp.*,1 | 12,651 | 893,161 | ||||||
Werner Enterprises, Inc. | 32,651 | 891,372 | ||||||
Esterline Technologies Corp.* | 9,655 | 882,950 | ||||||
Total Industrial | 39,096,401 | |||||||
Consumer, Non-cyclical - 17.2% | ||||||||
LifePoint Health, Inc.* | 76,100 | 4,729,614 | ||||||
ManpowerGroup, Inc. | 29,187 | 2,947,303 | ||||||
Endo International plc* | 253,223 | 2,879,146 | ||||||
United Natural Foods, Inc.*,1 | 65,566 | 2,722,956 | ||||||
Owens & Minor, Inc. | 78,247 | 2,711,259 | ||||||
Molina Healthcare, Inc.*,1 | 53,772 | 2,677,308 | ||||||
Aaron’s, Inc.1 | 71,498 | 2,569,638 | ||||||
Graham Holdings Co. — Class B | 4,257 | 2,561,437 | ||||||
TreeHouse Foods, Inc.*,1 | 26,792 | 2,346,979 | ||||||
Dean Foods Co. | 112,752 | 2,225,724 | ||||||
DeVry Education Group, Inc. | 52,613 | 1,991,402 | ||||||
FTI Consulting, Inc.* | 34,489 | 1,192,975 | ||||||
Tenet Healthcare Corp.*,1 | 66,973 | 1,049,467 | ||||||
Halyard Health, Inc.* | 26,440 | 1,044,380 | ||||||
Flowers Foods, Inc.1 | 47,334 | 928,220 | ||||||
Avon Products, Inc.*,1 | 146,545 | 710,743 | ||||||
Total Consumer, Non-cyclical | 35,288,551 | |||||||
Energy - 8.9% | ||||||||
PBF Energy, Inc. — Class A | 137,600 | 3,071,231 | ||||||
First Solar, Inc.*,1 | 101,765 | 3,007,156 | ||||||
Noble Corporation plc | 583,824 | 2,802,355 | ||||||
HollyFrontier Corp.1 | 82,283 | 2,315,444 | ||||||
Murphy USA, Inc.* | 32,852 | 2,285,514 | ||||||
Rowan Companies plc — Class A* | 144,785 | 2,037,125 | ||||||
Western Refining, Inc. | 55,631 | 1,918,713 | ||||||
Oceaneering International, Inc.1 | 34,590 | 912,830 | ||||||
Total Energy | 18,350,368 | |||||||
Basic Materials - 4.7% | ||||||||
Domtar Corp. | 100,465 | 3,983,437 | ||||||
Reliance Steel & Aluminum Co. | 24,507 | 1,931,642 | ||||||
Commercial Metals Co. | 79,138 | 1,475,132 | ||||||
Carpenter Technology Corp. | 29,326 | 1,190,636 | ||||||
Olin Corp. | 31,784 | 1,021,220 | ||||||
Total Basic Materials | 9,602,067 | |||||||
Communications - 3.8% | ||||||||
Telephone & Data Systems, Inc. | 116,088 | 3,187,776 | ||||||
Time, Inc. | 164,223 | 2,496,190 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 21 |
SCHEDULE OF INVESTMENTS (Unaudited)(concluded) | April 30, 2017 |
GUGGENHEIM S&P MIDCAP 400® PURE VALUE ETF |
Shares | Value | |||||||
Frontier Communications Corp.1 | 1,104,772 | $ | 2,076,971 | |||||
Total Communications | 7,760,937 | |||||||
Technology - 2.0% | ||||||||
NeuStar, Inc. — Class A* | 49,620 | 1,647,384 | ||||||
Leidos Holdings, Inc. | 24,275 | 1,278,322 | ||||||
Diebold Nixdorf, Inc.1 | 42,600 | 1,201,320 | ||||||
Total Technology | 4,127,026 | |||||||
Utilities - 1.5% | ||||||||
Great Plains Energy, Inc. | 63,248 | 1,871,508 | ||||||
Hawaiian Electric Industries, Inc.1 | 33,225 | 1,113,702 | ||||||
Total Utilities | 2,985,210 | |||||||
Total Common Stocks | ||||||||
(Cost $195,719,361) | 204,973,749 | |||||||
SHORT-TERM INVESTMENTS† - 0.1% | ||||||||
Federated U.S. Treasury Cash Reserve Fund — Institutional Shares, 0.53%2 | 277,909 | 277,909 | ||||||
Total Short-Term Investments | ||||||||
(Cost $277,909) | 277,909 |
| Face |
| ||||||
SECURITIES LENDING COLLATERAL††,3 - 10.3% | ||||||||
Joint Repurchase Agreements | ||||||||
Citigroup Global Markets, Inc. | $ | 4,916,219 | 4,916,219 | |||||
RBC Dominion Securities, Inc. | 4,916,219 | 4,916,219 | ||||||
Merrill Lynch, Pierce, Fenner & Smith, Inc. | 4,916,219 | 4,916,219 | ||||||
State of Wisconsin Investment Board | 4,478,774 | 4,478,774 | ||||||
Royal Bank of Scotland Group | 1,894,382 | 1,894,382 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $21,121,813) | 21,121,813 | |||||||
Total Investments - 110.3% | ||||||||
(Cost $217,119,083) | $ | 226,373,471 | ||||||
Other Assets & Liabilities, net - (10.3)% | (21,227,841 | ) | ||||||
Total Net Assets - 100.0% | $ | 205,145,630 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 4. |
†† | Value determined based on Level 2 inputs — See Note 4. |
1 | All or portion of this security is on loan at April 30, 2017 — See Note 5. |
2 | Rate indicated is the 7 day yield as of April 30, 2017. |
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, 2017 (See Note 4 in the Notes to Financial Statements):
Investments in Securities (Assets) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 204,973,749 | $ | — | $ | — | $ | 204,973,749 | ||||||||
Securities Lending Collateral | — | 21,121,813 | — | 21,121,813 | ||||||||||||
Short-Term Investments | 277,909 | — | — | 277,909 | ||||||||||||
Total Assets | $ | 205,251,658 | $ | 21,121,813 | $ | — | $ | 226,373,471 |
Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the previous fiscal period.
For the period ended April 30, 2017, there were no transfers between levels.
22 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2017 |
GUGGENHEIM S&P MIDCAP 400® PURE GROWTH ETF |
Shares | Value | |||||||
COMMON STOCKS† - 99.9% | ||||||||
Consumer, Cyclical - 22.0% | ||||||||
Domino’s Pizza, Inc.1 | 49,313 | $ | 8,944,886 | |||||
Kate Spade & Co.* | 485,842 | 8,453,650 | ||||||
Thor Industries, Inc. | 87,729 | 8,437,775 | ||||||
Urban Outfitters, Inc.*,1 | 315,679 | 7,222,736 | ||||||
Copart, Inc.*,1 | 218,096 | 6,739,166 | ||||||
Papa John’s International, Inc.1 | 81,866 | 6,472,326 | ||||||
Skechers U.S.A., Inc. — Class A* | 256,093 | 6,466,348 | ||||||
Wendy’s Co.1 | 406,209 | 5,987,521 | ||||||
Dick’s Sporting Goods, Inc. | 113,924 | 5,758,858 | ||||||
Texas Roadhouse, Inc. — Class A | 120,487 | 5,648,431 | ||||||
Jack in the Box, Inc. | 54,267 | 5,533,606 | ||||||
Panera Bread Co. — Class A*,1 | 17,533 | 5,482,218 | ||||||
Churchill Downs, Inc.1 | 32,184 | 5,368,291 | ||||||
Toro Co.1 | 81,972 | 5,321,622 | ||||||
NVR, Inc.* | 2,365 | 4,993,106 | ||||||
MSC Industrial Direct Company, Inc. — Class A | 50,939 | 4,560,569 | ||||||
Dunkin’ Brands Group, Inc. | 78,907 | 4,407,745 | ||||||
Pool Corp. | 36,548 | 4,371,872 | ||||||
Buffalo Wild Wings, Inc.*,1 | 22,762 | 3,586,153 | ||||||
Cheesecake Factory, Inc.1 | 52,846 | 3,390,599 | ||||||
Brinker International, Inc.1 | 66,663 | 2,945,838 | ||||||
Total Consumer, Cyclical | 120,093,316 | |||||||
Consumer, Non-cyclical - 21.9% | ||||||||
Align Technology, Inc.* | 98,836 | 13,305,302 | ||||||
ABIOMED, Inc.* | 87,489 | 11,401,566 | ||||||
MarketAxess Holdings, Inc. | 52,464 | 10,100,369 | ||||||
NuVasive, Inc.*,1 | 130,855 | 9,488,297 | ||||||
WellCare Health Plans, Inc.* | 60,106 | 9,220,861 | ||||||
Masimo Corp.* | 86,543 | 8,891,428 | ||||||
VCA, Inc.* | 80,501 | 7,371,477 | ||||||
Bioverativ, Inc.* | 121,526 | 7,146,944 | ||||||
Incorporated Research Holdings, Inc. — Class A* | 142,582 | 6,416,190 | ||||||
HealthSouth Corp.1 | 127,726 | 5,990,349 | ||||||
CoreLogic, Inc.* | 139,336 | 5,955,221 | ||||||
Akorn, Inc.* | 159,810 | 5,345,645 | ||||||
Post Holdings, Inc.*,1 | 61,758 | 5,199,406 | ||||||
Avis Budget Group, Inc.* | 160,346 | 4,890,553 | ||||||
Bio-Techne Corp. | 45,342 | 4,855,221 | ||||||
Sotheby’s*,1 | 75,383 | 3,570,139 | ||||||
Total Consumer, Non-cyclical | 119,148,968 | |||||||
Industrial - 17.4% | ||||||||
Cognex Corp. | 137,580 | 11,741,077 | ||||||
Packaging Corporation of America | 86,364 | 8,531,036 | ||||||
Nordson Corp. | 51,481 | 6,445,421 | ||||||
Eagle Materials, Inc. | 66,615 | 6,393,042 | ||||||
Granite Construction, Inc. | 105,169 | 5,543,458 | ||||||
Carlisle Companies, Inc. | 53,582 | 5,432,680 | ||||||
Old Dominion Freight Line, Inc. | 58,381 | 5,167,886 | ||||||
Littelfuse, Inc. | 33,175 | 5,113,926 | ||||||
Coherent, Inc.* | 21,965 | 4,735,654 | ||||||
Gentex Corp.1 | 224,436 | 4,634,603 | ||||||
Zebra Technologies Corp. — Class A* | 42,137 | 3,972,255 | ||||||
Worthington Industries, Inc.1 | 91,126 | 3,963,981 | ||||||
Landstar System, Inc. | 44,711 | 3,820,555 | ||||||
AO Smith Corp. | 69,889 | 3,765,619 | ||||||
Huntington Ingalls Industries, Inc. | 17,177 | 3,450,688 | ||||||
Crane Co. | 40,895 | 3,267,919 | ||||||
Woodward, Inc. | 45,368 | 3,070,053 | ||||||
EnerSys | 35,794 | 2,974,839 | ||||||
Curtiss-Wright Corp. | 30,557 | 2,855,857 | ||||||
Total Industrial | 94,880,549 | |||||||
Financial - 14.9% | ||||||||
SLM Corp.* | 746,316 | 9,358,803 | ||||||
Uniti Group, Inc. | 286,562 | 7,868,992 | ||||||
Primerica, Inc.1 | 89,753 | 7,521,301 | ||||||
First Horizon National Corp. | 390,332 | 7,162,592 | ||||||
First Industrial Realty Trust, Inc. | 236,415 | 6,652,718 | ||||||
Kilroy Realty Corp. | 82,056 | 5,787,410 | ||||||
DCT Industrial Trust, Inc. | 111,419 | 5,633,345 | ||||||
Brown & Brown, Inc. | 113,086 | 4,851,389 | ||||||
Education Realty Trust, Inc. | 122,102 | 4,733,895 | ||||||
Washington Federal, Inc. | 120,887 | 4,073,892 | ||||||
Lamar Advertising Co. — Class A1 | 51,509 | 3,712,253 | ||||||
Duke Realty Corp. | 133,192 | 3,693,414 | ||||||
Weingarten Realty Investors | 111,156 | 3,642,582 | ||||||
Bank of the Ozarks, Inc. | 73,293 | 3,479,219 | ||||||
Liberty Property Trust | 77,787 | 3,155,819 | ||||||
Total Financial | 81,327,624 | |||||||
Technology - 12.8% | ||||||||
Cirrus Logic, Inc.*,1 | 143,575 | 9,239,052 | ||||||
Take-Two Interactive Software, Inc.*,1 | 141,210 | 8,875,049 | ||||||
Monolithic Power Systems, Inc. | 66,892 | 6,120,618 | ||||||
Microsemi Corp.* | 117,207 | 5,501,697 | ||||||
Ultimate Software Group, Inc.*,1 | 25,042 | 5,075,262 | ||||||
NCR Corp.* | 121,545 | 5,013,731 | ||||||
MAXIMUS, Inc.1 | 80,760 | 4,925,552 | ||||||
MSCI, Inc. — Class A | 47,378 | 4,752,961 | ||||||
Science Applications International Corp. | 56,215 | 4,103,133 | ||||||
Fair Isaac Corp. | 26,223 | 3,552,692 | ||||||
Integrated Device Technology, Inc.* | 147,224 | 3,531,904 | ||||||
IPG Photonics Corp.* | 27,189 | 3,434,514 | ||||||
Broadridge Financial Solutions, Inc. | 41,474 | 2,900,691 | ||||||
CommVault Systems, Inc.* | 51,142 | 2,580,114 | ||||||
Total Technology | 69,606,970 | |||||||
Communications - 6.7% | ||||||||
WebMD Health Corp. — Class A* | 238,484 | 12,932,987 | ||||||
InterDigital, Inc.1 | 143,782 | 12,926,002 | ||||||
LogMeIn, Inc. | 93,368 | 10,550,584 | ||||||
Total Communications | 36,409,573 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 23 |
SCHEDULE OF INVESTMENTS (Unaudited)(concluded) | April 30, 2017 |
GUGGENHEIM S&P MIDCAP 400® PURE GROWTH ETF |
Shares | Value | |||||||
Basic Materials - 2.8% | ||||||||
Royal Gold, Inc. | 114,466 | $ | 8,090,457 | |||||
Minerals Technologies, Inc. | 91,886 | 7,231,428 | ||||||
Total Basic Materials | 15,321,885 | |||||||
Utilities - 1.4% | ||||||||
Southwest Gas Holdings, Inc. | 53,716 | �� | 4,499,252 | |||||
MDU Resources Group, Inc. | 123,679 | 3,326,965 | ||||||
Total Utilities | 7,826,217 | |||||||
Total Common Stocks | ||||||||
(Cost $489,842,425) | 544,615,102 | |||||||
SHORT-TERM INVESTMENTS† - 0.1% | ||||||||
Federated U.S. Treasury Cash Reserve Fund — Institutional Shares, 0.53%2 | 839,566 | 839,566 | ||||||
Total Short-Term Investments | ||||||||
(Cost $839,566) | 839,566 |
Face |
| |||||||
SECURITIES LENDING COLLATERAL††,3 - 2.4% | ||||||||
Joint Repurchase Agreements | ||||||||
Citigroup Global Markets, Inc. | $ | 3,035,685 | 3,035,685 | |||||
RBC Dominion Securities, Inc. | 3,035,685 | 3,035,685 | ||||||
Merrill Lynch, Pierce, Fenner & Smith, Inc. | 3,035,685 | 3,035,685 | ||||||
State of Wisconsin Investment Board | 2,765,547 | 2,765,547 | ||||||
Royal Bank of Scotland Group | 1,169,765 | 1,169,765 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $13,042,367) | 13,042,367 | |||||||
Total Investments - 102.4% | ||||||||
(Cost $503,724,358) | $ | 558,497,035 | ||||||
Other Assets & Liabilities, net - (2.4)% | (13,101,678 | ) | ||||||
Total Net Assets - 100.0% | $ | 545,395,357 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 4. |
†† | Value determined based on Level 2 inputs — See Note 4. |
1 | All or portion of this security is on loan at April 30, 2017 — See Note 5. |
2 | Rate indicated is the 7 day yield as of April 30, 2017. |
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, 2017 (See Note 4 in the Notes to Financial Statements):
Investments in Securities (Assets) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 544,615,102 | $ | — | $ | — | $ | 544,615,102 | ||||||||
Securities Lending Collateral | — | 13,042,367 | — | 13,042,367 | ||||||||||||
Short-Term Investments | 839,566 | — | — | 839,566 | ||||||||||||
Total Assets | $ | 545,454,668 | $ | 13,042,367 | $ | — | $ | 558,497,035 |
Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the previous fiscal period.
For the period ended April 30, 2017, there were no transfers between levels.
24 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2017 |
GUGGENHEIM S&P SMALLCAP 600® PURE VALUE ETF |
Shares | Value | |||||||
COMMON STOCKS† - 99.9% | ||||||||
Consumer, Cyclical - 33.8% | ||||||||
M/I Homes, Inc.* | 120,449 | $ | 3,271,395 | |||||
Wabash National Corp.1 | 125,618 | 2,861,578 | ||||||
Barnes & Noble Education, Inc.*,1 | 258,764 | 2,693,733 | ||||||
Fred’s, Inc. — Class A1 | 182,558 | 2,687,254 | ||||||
Meritage Homes Corp.* | 68,421 | 2,664,998 | ||||||
ScanSource, Inc.* | 66,283 | 2,618,178 | ||||||
MDC Holdings, Inc. | 82,735 | 2,565,612 | ||||||
Veritiv Corp.* | 45,079 | 2,328,330 | ||||||
Abercrombie & Fitch Co. — Class A1 | 187,129 | 2,243,678 | ||||||
Essendant, Inc. | 130,434 | 2,178,248 | ||||||
RH*,1 | 45,361 | 2,175,967 | ||||||
Sonic Automotive, Inc. — Class A | 105,900 | 2,075,640 | ||||||
SkyWest, Inc. | 53,089 | 1,974,911 | ||||||
Fossil Group, Inc.*,1 | 105,338 | 1,817,081 | ||||||
American Axle & Manufacturing Holdings, Inc.* | 102,458 | 1,802,236 | ||||||
Tuesday Morning Corp.*,1 | 550,495 | 1,789,109 | ||||||
MarineMax, Inc.* | 87,714 | 1,784,980 | ||||||
Group 1 Automotive, Inc. | 25,107 | 1,731,128 | ||||||
Regis Corp.* | 157,890 | 1,722,580 | ||||||
Anixter International, Inc.* | 20,715 | 1,689,308 | ||||||
Shoe Carnival, Inc.1 | 66,131 | 1,677,743 | ||||||
Vitamin Shoppe, Inc.* | 86,085 | 1,661,441 | ||||||
Haverty Furniture Companies, Inc. | 66,984 | 1,651,156 | ||||||
Genesco, Inc.* | 30,687 | 1,635,617 | ||||||
Cooper-Standard Holdings, Inc.* | 14,118 | 1,596,322 | ||||||
Lithia Motors, Inc. — Class A1 | 16,667 | 1,592,532 | ||||||
Ascena Retail Group, Inc.*,1 | 384,839 | 1,504,720 | ||||||
Red Robin Gourmet Burgers, Inc.*,1 | 25,486 | 1,497,302 | ||||||
G-III Apparel Group Ltd.*,1 | 63,104 | 1,495,565 | ||||||
Perry Ellis International, Inc.* | 71,551 | 1,468,226 | ||||||
Guess?, Inc.1 | 126,959 | 1,416,862 | ||||||
Big 5 Sporting Goods Corp.1 | 89,656 | 1,380,702 | ||||||
Kirkland’s, Inc.* | 117,245 | 1,378,801 | ||||||
Express, Inc.* | 157,866 | 1,362,384 | ||||||
Asbury Automotive Group, Inc.* | 19,930 | 1,219,716 | ||||||
Barnes & Noble, Inc. | 140,982 | 1,205,396 | ||||||
Penn National Gaming, Inc.* | 62,764 | 1,159,879 | ||||||
Core-Mark Holding Company, Inc. | 32,850 | 1,150,407 | ||||||
EZCORP, Inc. — Class A*,1 | 110,986 | 1,004,423 | ||||||
Caleres, Inc. | 33,477 | 964,807 | ||||||
Finish Line, Inc. — Class A1 | 57,659 | 911,589 | ||||||
Superior Industries International, Inc. | 34,992 | 761,076 | ||||||
Unifi, Inc.* | 25,994 | 729,652 | ||||||
Stein Mart, Inc. | 278,190 | 687,129 | ||||||
Ruby Tuesday, Inc.* | 264,185 | 673,672 | ||||||
Movado Group, Inc.1 | 28,025 | 655,785 | ||||||
Cato Corp. — Class A | 27,471 | 619,746 | ||||||
Crocs, Inc.* | 84,472 | 526,261 | ||||||
Total Consumer, Cyclical | 78,264,855 | |||||||
Consumer, Non-cyclical - 19.7% | ||||||||
Kelly Services, Inc. — Class A | 152,454 | 3,402,774 | ||||||
Seneca Foods Corp. — Class A* | 83,839 | 3,118,811 | ||||||
Invacare Corp. | 203,706 | 2,994,478 | ||||||
Universal Corp. | 38,027 | 2,793,083 | ||||||
Select Medical Holdings Corp.* | 177,462 | 2,440,102 | ||||||
LSC Communications, Inc. | 94,180 | 2,436,437 | ||||||
Diplomat Pharmacy, Inc.*,1 | 155,226 | 2,421,526 | ||||||
PharMerica Corp.* | 93,043 | 2,195,815 | ||||||
TrueBlue, Inc.* | 77,255 | 2,112,924 | ||||||
Darling Ingredients, Inc.* | 133,002 | 2,012,320 | ||||||
Sanderson Farms, Inc.1 | 15,498 | 1,794,358 | ||||||
Almost Family, Inc.* | 35,402 | 1,757,709 | ||||||
Integer Holdings Corp.* | 46,117 | 1,694,800 | ||||||
Andersons, Inc. | 42,872 | 1,601,269 | ||||||
Providence Service Corp.* | 31,631 | 1,391,764 | ||||||
Community Health Systems, Inc.*,1 | 161,190 | 1,387,846 | ||||||
RR Donnelley & Sons Co. | 106,588 | 1,339,811 | ||||||
Kindred Healthcare, Inc.1 | 128,952 | 1,237,939 | ||||||
CDI Corp.* | 143,666 | 1,170,878 | ||||||
Heidrick & Struggles International, Inc. | 53,315 | 1,146,273 | ||||||
Korn/Ferry International | 28,183 | 913,129 | ||||||
Myriad Genetics, Inc.*,1 | 44,765 | 823,228 | ||||||
SUPERVALU, Inc.* | 198,553 | 814,067 | ||||||
LHC Group, Inc.* | 15,027 | 812,961 | ||||||
American Public Education, Inc.* | 32,531 | 718,935 | ||||||
Quorum Health Corp.*,1 | 148,710 | 634,992 | ||||||
Resources Connection, Inc.1 | 35,460 | 492,894 | ||||||
Total Consumer, Non-cyclical | 45,661,123 | |||||||
Industrial - 15.0% | ||||||||
Greenbrier Companies, Inc.1 | 61,328 | 2,664,702 | ||||||
Boise Cascade Co.* | 87,303 | 2,662,742 | ||||||
Sanmina Corp.* | 65,624 | 2,444,493 | ||||||
Benchmark Electronics, Inc.* | 74,245 | 2,353,567 | ||||||
Atlas Air Worldwide Holdings, Inc.* | 35,883 | 2,081,214 | ||||||
Olympic Steel, Inc. | 91,249 | 2,057,665 | ||||||
Roadrunner Transportation Systems, Inc.* | 288,890 | 1,941,340 | ||||||
ArcBest Corp. | 69,588 | 1,840,602 | ||||||
Briggs & Stratton Corp. | 64,834 | 1,620,202 | ||||||
Hub Group, Inc. — Class A* | 35,232 | 1,379,333 | ||||||
Celadon Group, Inc. | 338,006 | 1,335,124 | ||||||
LSB Industries, Inc.*,1 | 108,854 | 1,199,571 | ||||||
Electro Scientific Industries, Inc.* | 162,712 | 1,135,730 | ||||||
Echo Global Logistics, Inc.* | 56,757 | 1,064,194 | ||||||
AAR Corp. | 28,493 | 1,025,463 | ||||||
DXP Enterprises, Inc.* | 27,176 | 991,380 | ||||||
Plexus Corp.* | 18,298 | 951,313 | ||||||
Aegion Corp. — Class A* | 37,810 | 862,824 | ||||||
General Cable Corp. | 47,066 | 847,188 | ||||||
TimkenSteel Corp.*,1 | 51,543 | 777,268 | ||||||
Powell Industries, Inc. | 22,307 | 769,368 | ||||||
KapStone Paper and Packaging Corp. | 36,387 | 767,402 | ||||||
Encore Wire Corp. | 17,033 | 752,859 | ||||||
Kaman Corp. | 12,091 | 580,489 | ||||||
Hornbeck Offshore Services, Inc.*,1 | 87,538 | 298,505 | ||||||
Tidewater, Inc.*,1 | 282,826 | 247,897 | ||||||
Total Industrial | 34,652,435 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 25 |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2017 |
GUGGENHEIM S&P SMALLCAP 600® PURE VALUE ETF |
Shares | Value | |||||||
Financial - 13.5% | ||||||||
United Insurance Holdings Corp.1 | 144,761 | $ | 2,209,053 | |||||
Maiden Holdings Ltd. | 173,045 | 2,137,106 | ||||||
Encore Capital Group, Inc.*,1 | 63,827 | 2,128,631 | ||||||
American Equity Investment Life Holding Co. | 81,245 | 1,927,131 | ||||||
INTL FCStone, Inc.* | 48,942 | 1,827,984 | ||||||
Banc of California, Inc.1 | 83,627 | 1,814,706 | ||||||
Enova International, Inc.* | 114,970 | 1,632,574 | ||||||
Infinity Property & Casualty Corp. | 16,152 | 1,603,086 | ||||||
HCI Group, Inc.1 | 29,989 | 1,430,175 | ||||||
Stewart Information Services Corp. | 28,802 | 1,366,367 | ||||||
World Acceptance Corp.*,1 | 22,187 | 1,173,692 | ||||||
United Fire Group, Inc. | 24,977 | 1,098,988 | ||||||
Capstead Mortgage Corp.1 | 97,313 | 1,084,067 | ||||||
Selective Insurance Group, Inc. | 20,095 | 1,061,016 | ||||||
OFG Bancorp | 85,933 | 1,005,416 | ||||||
Horace Mann Educators Corp. | 24,109 | 931,813 | ||||||
Investment Technology Group, Inc. | 43,568 | 867,439 | ||||||
Employers Holdings, Inc. | 21,627 | 865,080 | ||||||
HomeStreet, Inc.* | 33,119 | 861,094 | ||||||
Opus Bank | 38,046 | 857,937 | ||||||
Navigators Group, Inc. | 14,823 | 801,183 | ||||||
Astoria Financial Corp. | 37,920 | 773,189 | ||||||
Waddell & Reed Financial, Inc. — Class A | 36,177 | 650,824 | ||||||
Chesapeake Lodging Trust | 27,743 | 646,689 | ||||||
Safety Insurance Group, Inc. | 8,043 | 582,313 | ||||||
Total Financial | 31,337,553 | |||||||
Energy - 5.7% | ||||||||
Exterran Corp.* | 122,232 | 3,345,489 | ||||||
Green Plains, Inc.1 | 80,076 | 1,841,748 | ||||||
Atwood Oceanics, Inc.*,1 | 213,308 | 1,670,202 | ||||||
Era Group, Inc.* | 117,810 | 1,497,365 | ||||||
Gulf Island Fabrication, Inc. | 148,793 | 1,480,490 | ||||||
Bristow Group, Inc. | 106,621 | 1,425,523 | ||||||
Matrix Service Co.* | 91,825 | 1,078,944 | ||||||
SunCoke Energy, Inc.* | 56,145 | 514,850 | ||||||
Cloud Peak Energy, Inc.*,1 | 117,776 | 396,905 | ||||||
Total Energy | 13,251,516 | |||||||
Communications - 5.7% | ||||||||
Comtech Telecommunications Corp. | 189,652 | 2,657,025 | ||||||
Gannett Company, Inc.1 | 281,915 | 2,356,809 | ||||||
New Media Investment Group, Inc. | 142,886 | 1,880,380 | ||||||
QuinStreet, Inc.* | 401,268 | 1,797,681 | ||||||
Scholastic Corp. | 26,987 | 1,166,648 | ||||||
Iridium Communications, Inc.*,1 | 107,817 | 1,142,860 | ||||||
FTD Companies, Inc.* | 44,629 | 892,580 | ||||||
Spok Holdings, Inc. | 46,418 | 833,203 | ||||||
Black Box Corp. | 48,411 | 479,269 | ||||||
Total Communications | 13,206,455 | |||||||
Basic Materials - 3.3% | ||||||||
AdvanSix, Inc.* | 73,351 | 1,999,548 | ||||||
Century Aluminum Co.* | 139,233 | 1,899,138 | ||||||
PH Glatfelter Co. | 69,389 | 1,492,557 | ||||||
Materion Corp. | 22,556 | 858,256 | ||||||
Clearwater Paper Corp.* | 14,133 | 686,864 | ||||||
Rayonier Advanced Materials, Inc. | 47,979 | 635,722 | ||||||
Total Basic Materials | 7,572,085 | |||||||
Technology - 3.2% | ||||||||
Insight Enterprises, Inc.* | 55,999 | 2,357,557 | ||||||
Virtusa Corp.*,1 | 40,098 | 1,242,236 | ||||||
Sykes Enterprises, Inc.* | 31,001 | 924,140 | ||||||
Cohu, Inc. | 44,055 | 825,150 | ||||||
Digi International, Inc.* | 58,130 | 720,812 | ||||||
ManTech International Corp. — Class A | 20,207 | 717,349 | ||||||
CACI International, Inc. — Class A* | 5,415 | 638,970 | ||||||
Total Technology | 7,426,214 | |||||||
Total Common Stocks | ||||||||
(Cost $231,269,058) | 231,372,236 | |||||||
SHORT-TERM INVESTMENTS† - 0.2% | ||||||||
Federated U.S. Treasury Cash Reserve Fund — Institutional Shares, 0.53%2 | 494,430 | 494,430 | ||||||
Total Short-Term Investments | ||||||||
(Cost $494,430) | 494,430 | |||||||
Face | ||||||||
SECURITIES LENDING COLLATERAL††,3 - 15.4% | ||||||||
Joint Repurchase Agreements | ||||||||
Deutsche Bank Securities, Inc. | $ | 8,318,926 | 8,318,926 | |||||
Mizuho Securities (USA), Inc. | 8,318,926 | 8,318,926 | ||||||
Citigroup Global Markets, Inc. | 8,318,926 | 8,318,926 | ||||||
RBC Dominion Securities, Inc. | 8,318,926 | 8,318,926 | ||||||
Royal Bank of Scotland Group | 2,465,403 | 2,465,403 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $35,741,107) | 35,741,107 | |||||||
Total Investments - 115.5% | ||||||||
(Cost $267,504,595) | $ | 267,607,773 | ||||||
Other Assets & Liabilities, net - (15.5)% | (35,980,147 | ) | ||||||
Total Net Assets - 100.0% | $ | 231,627,626 |
26 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited)(concluded) | April 30, 2017 |
GUGGENHEIM S&P SMALLCAP 600® PURE VALUE ETF |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 4. |
†† | Value determined based on Level 2 inputs — See Note 4. |
1 | All or portion of this security is on loan at April 30, 2017 — See Note 5. |
2 | Rate indicated is the 7 day yield as of April 30, 2017. |
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, 2017 (See Note 4 in the Notes to Financial Statements):
Investments in Securities (Assets) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 231,372,236 | $ | — | $ | — | $ | 231,372,236 | ||||||||
Securities Lending Collateral | — | 35,741,107 | — | 35,741,107 | ||||||||||||
Short-Term Investments | 494,430 | — | — | 494,430 | ||||||||||||
Total Assets | $ | 231,866,666 | $ | 35,741,107 | $ | — | $ | 267,607,773 |
Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the previous fiscal period.
For the period ended April 30, 2017, there were no transfers between levels.
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 27 |
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2017 |
GUGGENHEIM S&P SMALLCAP 600® PURE GROWTH ETF |
Shares | Value | |||||||
COMMON STOCKS† - 99.9% | ||||||||
Consumer, Non-cyclical - 28.5% | ||||||||
NutriSystem, Inc. | 64,919 | $ | 3,469,921 | |||||
BioTelemetry, Inc.* | 93,184 | 3,065,754 | ||||||
MiMedx Group, Inc.*,1 | 216,204 | 2,743,628 | ||||||
LendingTree, Inc.*,1 | 19,186 | 2,703,307 | ||||||
Supernus Pharmaceuticals, Inc.* | 76,041 | 2,478,936 | ||||||
OraSure Technologies, Inc.* | 154,455 | 2,024,905 | ||||||
Innoviva, Inc.*,1 | 164,444 | 1,937,973 | ||||||
Viad Corp. | 41,643 | 1,882,264 | ||||||
Insperity, Inc. | 19,695 | 1,799,139 | ||||||
SpartanNash Co. | 47,356 | 1,742,701 | ||||||
Progenics Pharmaceuticals, Inc.*,1 | 210,541 | 1,667,484 | ||||||
Heska Corp.* | 15,404 | 1,667,483 | ||||||
Central Garden & Pet Co. — Class A* | 44,801 | 1,578,339 | ||||||
Cytokinetics, Inc.*,1 | 90,843 | 1,489,825 | ||||||
AMN Healthcare Services, Inc.*,1 | 34,804 | 1,421,743 | ||||||
Cross Country Healthcare, Inc.* | 89,426 | 1,249,281 | ||||||
SciClone Pharmaceuticals, Inc.* | 125,289 | 1,209,039 | ||||||
ANI Pharmaceuticals, Inc.*,1 | 21,282 | 1,151,782 | ||||||
AMAG Pharmaceuticals, Inc.*,1 | 46,511 | 1,134,869 | ||||||
B&G Foods, Inc.1 | 22,716 | 954,072 | ||||||
Cardtronics plc — Class A* | 22,010 | 915,176 | ||||||
Cantel Medical Corp. | 12,120 | 901,849 | ||||||
Calavo Growers, Inc.1 | 13,394 | 878,646 | ||||||
Capella Education Co. | 9,089 | 866,182 | ||||||
Merit Medical Systems, Inc.* | 24,648 | 830,638 | ||||||
Navigant Consulting, Inc.* | 34,072 | 816,705 | ||||||
CryoLife, Inc.* | 42,924 | 779,071 | ||||||
Ligand Pharmaceuticals, Inc. — Class B*,1 | 6,961 | 773,854 | ||||||
Luminex Corp. | 40,852 | 769,243 | ||||||
Eagle Pharmaceuticals, Inc.*,1 | 7,585 | 687,125 | ||||||
Enanta Pharmaceuticals, Inc.* | 19,982 | 634,429 | ||||||
HMS Holdings Corp.* | 30,924 | 633,014 | ||||||
Forrester Research, Inc. | 15,401 | 624,511 | ||||||
Sucampo Pharmaceuticals, Inc. — Class A*,1 | 58,286 | 591,603 | ||||||
Landauer, Inc. | 11,074 | 582,492 | ||||||
US Physical Therapy, Inc. | 8,377 | 549,531 | ||||||
Central Garden & Pet Co.*,1 | 13,435 | 507,843 | ||||||
Neogen Corp.* | 7,607 | 474,144 | ||||||
Momenta Pharmaceuticals, Inc.* | 30,983 | 444,606 | ||||||
Surmodics, Inc.* | 19,121 | 436,915 | ||||||
Total Consumer, Non-cyclical | 51,070,022 | |||||||
Industrial - 20.7% | ||||||||
CTS Corp. | 95,064 | 2,100,914 | ||||||
Trex Company, Inc.* | 27,937 | 2,044,709 | ||||||
Orion Group Holdings, Inc.* | 266,830 | 2,014,567 | ||||||
Advanced Energy Industries, Inc.* | 26,703 | 1,970,681 | ||||||
TTM Technologies, Inc.*,1 | 116,761 | 1,953,412 | ||||||
TopBuild Corp.* | 36,970 | 1,892,494 | ||||||
Patrick Industries, Inc.* | 25,699 | 1,825,914 | ||||||
Tetra Tech, Inc. | 41,160 | 1,808,982 | ||||||
Griffon Corp.1 | 69,853 | 1,676,472 | ||||||
II-VI, Inc.* | 48,499 | 1,607,742 | ||||||
Axon Enterprise, Inc.*,1 | 60,404 | 1,484,730 | ||||||
Headwaters, Inc.* | 60,370 | 1,434,391 | ||||||
Fabrinet*,1 | 38,855 | 1,347,102 | ||||||
Gibraltar Industries, Inc.* | 32,192 | 1,263,536 | ||||||
MYR Group, Inc.* | 29,365 | 1,240,965 | ||||||
John Bean Technologies Corp. | 13,981 | 1,239,416 | ||||||
US Ecology, Inc. | 25,903 | 1,221,326 | ||||||
Lydall, Inc.* | 21,274 | 1,114,758 | ||||||
Quanex Building Products Corp. | 52,310 | 1,067,124 | ||||||
Vicor Corp.* | 58,865 | 1,059,570 | ||||||
Insteel Industries, Inc. | 25,813 | 898,551 | ||||||
ESCO Technologies, Inc. | 14,193 | 835,258 | ||||||
AAON, Inc.1 | 22,175 | 812,714 | ||||||
Itron, Inc.* | 11,360 | 736,696 | ||||||
PGT Innovations, Inc.* | 66,089 | 720,370 | ||||||
Astec Industries, Inc. | 11,071 | 701,348 | ||||||
Simpson Manufacturing Company, Inc. | 12,415 | 517,830 | ||||||
Knight Transportation, Inc.1 | 14,566 | 499,614 | ||||||
Total Industrial | 37,091,186 | |||||||
Financial - 17.4% | ||||||||
Four Corners Property Trust, Inc. | 91,859 | 2,143,070 | ||||||
First BanCorp* | 314,418 | 1,848,777 | ||||||
Universal Insurance Holdings, Inc.1 | 58,950 | 1,535,648 | ||||||
Piper Jaffray Cos. | 23,681 | 1,482,430 | ||||||
Walker & Dunlop, Inc.* | 32,754 | 1,469,017 | ||||||
WageWorks, Inc.* | 18,435 | 1,360,503 | ||||||
Summit Hotel Properties, Inc. | 79,233 | 1,309,721 | ||||||
BofI Holding, Inc.*,1 | 53,564 | 1,279,644 | ||||||
LegacyTexas Financial Group, Inc. | 33,345 | 1,260,774 | ||||||
CareTrust REIT, Inc. | 69,911 | 1,189,885 | ||||||
ServisFirst Bancshares, Inc.1 | 30,531 | 1,154,072 | ||||||
Ameris Bancorp | 24,338 | 1,146,320 | ||||||
National Bank Holdings Corp. — Class A | 35,004 | 1,105,076 | ||||||
Home BancShares, Inc.1 | 43,119 | 1,097,379 | ||||||
Northfield Bancorp, Inc. | 59,269 | 1,089,364 | ||||||
Lexington Realty Trust | 103,477 | 1,052,362 | ||||||
United Community Banks, Inc. | 35,449 | 969,530 | ||||||
Getty Realty Corp. | 34,146 | 874,138 | ||||||
Evercore Partners, Inc. — Class A | 11,362 | 837,948 | ||||||
Pinnacle Financial Partners, Inc. | 12,998 | 831,872 | ||||||
Customers Bancorp, Inc.* | 25,866 | 800,035 | ||||||
Agree Realty Corp.1 | 15,765 | 764,287 | ||||||
American Assets Trust, Inc. | 16,368 | 701,041 | ||||||
Hanmi Financial Corp. | 22,638 | 657,634 | ||||||
Central Pacific Financial Corp. | 20,489 | 640,896 | ||||||
Sterling Bancorp | 25,140 | 584,505 | ||||||
Southside Bancshares, Inc.1 | 16,740 | 581,213 | ||||||
Tompkins Financial Corp.1 | 5,995 | 495,607 | ||||||
First Financial Bankshares, Inc.1 | 10,840 | 433,058 | ||||||
Urstadt Biddle Properties, Inc. — Class A | 19,954 | 392,296 | ||||||
Total Financial | 31,088,102 | |||||||
Consumer, Cyclical - 14.3% | ||||||||
Installed Building Products, Inc.* | 56,895 | 3,035,349 | ||||||
Five Below, Inc.*,1 | 40,203 | 1,974,771 |
28 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2017 |
GUGGENHEIM S&P SMALLCAP 600® PURE GROWTH ETF |
Shares | Value | |||||||
iRobot Corp.*,1 | 23,539 | $ | 1,877,000 | |||||
Marcus Corp. | 43,660 | 1,475,708 | ||||||
Ollie’s Bargain Outlet Holdings, Inc.*,1 | 38,329 | 1,468,001 | ||||||
Wingstop, Inc.1 | 48,353 | 1,423,029 | ||||||
LCI Industries | 13,926 | 1,408,615 | ||||||
Dorman Products, Inc.*,1 | 16,146 | 1,342,540 | ||||||
Hawaiian Holdings, Inc.* | 22,986 | 1,248,140 | ||||||
Fox Factory Holding Corp.*,1 | 40,298 | 1,210,955 | ||||||
Dave & Buster’s Entertainment, Inc.* | 18,711 | 1,197,691 | ||||||
LGI Homes, Inc.*,1 | 37,604 | 1,196,935 | ||||||
Scientific Games Corp. — Class A* | 41,673 | 989,734 | ||||||
Children’s Place, Inc. | 8,374 | 961,335 | ||||||
Tile Shop Holdings, Inc. | 39,913 | 852,143 | ||||||
Winnebago Industries, Inc.1 | 27,657 | 793,756 | ||||||
Zumiez, Inc.* | 43,431 | 779,586 | ||||||
Universal Electronics, Inc.* | 10,688 | 740,678 | ||||||
Belmond Ltd. — Class A* | 56,778 | 704,047 | ||||||
Francesca’s Holdings Corp.* | 29,682 | 468,382 | ||||||
Chuy’s Holdings, Inc.* | 13,403 | 399,409 | ||||||
Total Consumer, Cyclical | 25,547,804 | |||||||
Technology - 10.6% | ||||||||
MKS Instruments, Inc. | 34,828 | 2,725,291 | ||||||
Nanometrics, Inc.* | 75,131 | 2,370,759 | ||||||
Mercury Systems, Inc.*,1 | 49,543 | 1,851,917 | ||||||
Ebix, Inc.1 | 26,034 | 1,606,298 | ||||||
Qualys, Inc.* | 35,526 | 1,364,198 | ||||||
Omnicell, Inc.* | 31,016 | 1,284,063 | ||||||
CEVA, Inc.*,1 | 33,476 | 1,205,136 | ||||||
Xperi Corp. | 35,792 | 1,202,611 | ||||||
Medidata Solutions, Inc.* | 16,484 | 1,078,548 | ||||||
Rudolph Technologies, Inc.* | 42,312 | 1,036,644 | ||||||
Lumentum Holdings, Inc.* | 22,754 | 972,734 | ||||||
Rambus, Inc.* | 53,998 | 676,055 | ||||||
SPS Commerce, Inc.* | 10,871 | 600,731 | ||||||
Progress Software Corp. | 19,114 | 568,068 | ||||||
Synchronoss Technologies, Inc.*,1 | 27,548 | 440,768 | ||||||
Total Technology | 18,983,821 | |||||||
Communications - 5.9% | ||||||||
TiVo Corp. | 115,872 | 2,288,471 | ||||||
Gigamon, Inc.* | 48,777 | 1,546,231 | ||||||
Shutterfly, Inc.* | 24,925 | 1,293,608 | ||||||
Shutterstock, Inc.*,1 | 27,756 | 1,199,892 | ||||||
Oclaro, Inc.*,1 | 118,066 | 945,709 | ||||||
Stamps.com, Inc.*,1 | 8,018 | 851,111 | ||||||
Cogent Communications Holdings, Inc.1 | 16,550 | 744,750 | ||||||
World Wrestling Entertainment, Inc. — Class A | 34,137 | 731,556 | ||||||
8x8, Inc.* | 37,014 | 538,554 | ||||||
NIC, Inc. | 21,675 | 462,761 | ||||||
Total Communications | 10,602,643 | |||||||
Basic Materials - 1.6% | ||||||||
Kraton Corp.* | 45,684 | 1,494,324 | ||||||
Balchem Corp. | 9,024 | 732,388 | ||||||
Quaker Chemical Corp. | 4,737 | 684,970 | ||||||
Total Basic Materials | 2,911,682 | |||||||
Utilities - 0.9% | ||||||||
South Jersey Industries, Inc. | 25,280 | 948,505 | ||||||
California Water Service Group1 | 16,088 | 574,342 | ||||||
Total Utilities | 1,522,847 | |||||||
Total Common Stocks | ||||||||
(Cost $162,775,081) | 178,818,107 | |||||||
SHORT-TERM INVESTMENTS† - 0.1% | ||||||||
Federated U.S. Treasury Cash Reserve Fund — Institutional Shares, 0.53%2 | 157,726 | 157,726 | ||||||
Total Short-Term Investments | ||||||||
(Cost $157,726) | 157,726 | |||||||
Face | ||||||||
SECURITIES LENDING COLLATERAL††,3 - 14.0% | ||||||||
Joint Repurchase Agreements | ||||||||
Citigroup Global Markets, Inc. | $ | 5,840,975 | 5,840,975 | |||||
RBC Dominion Securities, Inc. | 5,840,975 | 5,840,975 | ||||||
Merrill Lynch, Pierce, Fenner & Smith, Inc. | 5,840,975 | 5,840,975 | ||||||
State of Wisconsin Investment Board | 5,321,250 | 5,321,250 | ||||||
Royal Bank of Scotland Group | 2,250,737 | 2,250,737 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $25,094,912) | 25,094,912 | |||||||
Total Investments - 114.0% | ||||||||
(Cost $188,027,719) | $ | 204,070,745 | ||||||
Other Assets & Liabilities, net - (14.0)% | (25,110,162 | ) | ||||||
Total Net Assets - 100.0% | $ | 178,960,583 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 29 |
SCHEDULE OF INVESTMENTS (Unaudited)(concluded) | April 30, 2017 |
GUGGENHEIM S&P SMALLCAP 600® PURE GROWTH ETF |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 4. |
†† | Value determined based on Level 2 inputs — See Note 4. |
1 | All or portion of this security is on loan at April 30, 2017 — See Note 5. |
2 | Rate indicated is the 7 day yield as of April 30, 2017. |
3 | Securities lending collateral — See Note 5. |
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, 2017 (See Note 4 in the Notes to Financial Statements):
Investments in Securities (Assets) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 178,818,107 | $ | — | $ | — | $ | 178,818,107 | ||||||||
Securities Lending Collateral | — | 25,094,912 | — | 25,094,912 | ||||||||||||
Short-Term Investments | 157,726 | — | — | 157,726 | ||||||||||||
Total Assets | $ | 178,975,833 | $ | 25,094,912 | $ | — | $ | 204,070,745 |
Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the previous fiscal period.
For the period ended April 30, 2017, there were no transfers between levels.
30 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) | April 30, 2017 |
| Guggenheim | Guggenheim | Guggenheim S&P 500® Pure Growth ETF | Guggenheim S&P MidCap 400® Pure Value ETF | ||||||||||||
Assets: | ||||||||||||||||
Investments, at value — including $10,738,966, $66,827,576, $76,026,899 and $45,656,168 of securities loaned, respectively | $ | 649,589,833 | $ | 921,134,509 | $ | 1,938,090,965 | $ | 205,251,658 | ||||||||
Repurchase agreements, at value | — | 19,309,710 | 37,846,701 | 21,121,813 | ||||||||||||
Total Investments* | 649,589,833 | 940,444,219 | 1,975,937,666 | 226,373,471 | ||||||||||||
Receivables: | ||||||||||||||||
Investments sold | — | — | — | 3,060,709 | ||||||||||||
Securities lending | 542 | 9,340 | 12,230 | 12,495 | ||||||||||||
Dividends and interest | 760,525 | 734,567 | 724,008 | 59,528 | ||||||||||||
Total assets | 650,350,900 | 941,188,126 | 1,976,673,904 | 229,506,203 | ||||||||||||
Liabilities: | ||||||||||||||||
Payable upon return of securities loaned | — | 19,309,710 | 37,846,701 | 21,121,813 | ||||||||||||
Payable for: | ||||||||||||||||
Investments purchased | — | — | — | 3,178,354 | ||||||||||||
Fund shares redeemed | — | 9,187 | — | — | ||||||||||||
Management fees | 104,459 | 274,410 | 546,358 | 60,406 | ||||||||||||
Total liabilities | 104,459 | 19,593,307 | 38,393,059 | 24,360,573 | ||||||||||||
Commitments and contingent liabilities (Note 8) | — | — | — | — | ||||||||||||
Net assets | $ | 650,246,441 | $ | 921,594,819 | $ | 1,938,280,845 | $ | 205,145,630 | ||||||||
Net assets consist of: | ||||||||||||||||
Paid-in capital | $ | 585,132,738 | $ | 959,535,112 | $ | 1,746,124,924 | $ | 189,004,889 | ||||||||
Undistributed (distributions in excess of) net investment income | 1,611,214 | 1,970,949 | (68,454 | ) | 212,555 | |||||||||||
Accumulated net realized gain (loss) on investments | (67,042,958 | ) | (60,712,530 | ) | (97,275,142 | ) | 6,673,798 | |||||||||
Net unrealized appreciation on investments | 130,545,447 | 20,801,288 | 289,499,517 | 9,254,388 | ||||||||||||
Net assets | $ | 650,246,441 | $ | 921,594,819 | $ | 1,938,280,845 | $ | 205,145,630 | ||||||||
Shares outstanding (unlimited shares authorized), no par value | 3,850,785 | 15,652,836 | 21,200,299 | 3,300,499 | ||||||||||||
Net asset value, offering price and repurchase price per share | $ | 168.86 | $ | 58.88 | $ | 91.43 | $ | 62.16 | ||||||||
Cost of investments | $ | 519,044,386 | $ | 900,333,221 | $ | 1,648,591,448 | $ | 195,997,270 | ||||||||
Cost of repurchase agreements | — | 19,309,710 | 37,846,701 | 21,121,813 | ||||||||||||
*Total cost of investments | $ | 519,044,386 | $ | 919,642,931 | $ | 1,686,438,149 | $ | 217,119,083 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 31 |
STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)(concluded) | April 30, 2017 |
Guggenheim | Guggenheim | Guggenheim | ||||||||||
Assets: | ||||||||||||
Investments, at value — including $100,363,423, $46,429,152 and $37,850,874 of securities loaned, respectively | $ | 545,454,668 | $ | 231,866,666 | $ | 178,975,833 | ||||||
Repurchase agreements, at value | 13,042,367 | 35,741,107 | 25,094,912 | |||||||||
Total Investments* | 558,497,035 | 267,607,773 | 204,070,745 | |||||||||
Cash | — | — | 2,452,383 | |||||||||
Receivables: | ||||||||||||
Fund shares sold | — | — | 14,154 | |||||||||
Investments sold | — | 394,667 | — | |||||||||
Securities lending | 8,436 | 23,450 | 12,453 | |||||||||
Dividends and interest | 86,152 | 70,342 | 23,327 | |||||||||
Tax reclaims | — | 1,306 | — | |||||||||
Total assets | 558,591,623 | 268,097,538 | 206,573,062 | |||||||||
Liabilities: | ||||||||||||
Payable upon return of securities loaned | 13,042,367 | 35,741,107 | 25,094,912 | |||||||||
Payable for: | ||||||||||||
Investments purchased | — | 655,095 | — | |||||||||
Fund shares redeemed | — | 6,148 | 14,168 | |||||||||
Management fees | 153,899 | 67,562 | 51,016 | |||||||||
Due to custodian | — | — | 2,452,383 | |||||||||
Total liabilities | 13,196,266 | 36,469,912 | 27,612,479 | |||||||||
Commitments and contingent liabilities (Note 8) | — | — | — | |||||||||
Net assets | $ | 545,395,357 | $ | 231,627,626 | $ | 178,960,583 | ||||||
Net assets consist of: | ||||||||||||
Paid-in capital | $ | 521,925,463 | $ | 249,828,156 | $ | 172,649,037 | ||||||
Undistributed net investment income | 194,361 | 259,965 | 114,922 | |||||||||
Accumulated net realized loss on investments | (31,497,144 | ) | (18,563,673 | ) | (9,846,402 | ) | ||||||
Net unrealized appreciation on investments | 54,772,677 | 103,178 | 16,043,026 | |||||||||
Net assets | $ | 545,395,357 | $ | 231,627,626 | $ | 178,960,583 | ||||||
Shares outstanding (unlimited shares authorized), no par value | 3,950,021 | 3,400,040 | 1,750,004 | |||||||||
Net asset value, offering price and repurchase price per share | $ | 138.07 | $ | 68.12 | $ | 102.26 | ||||||
Cost of investments | $ | 490,681,991 | $ | 231,763,488 | $ | 162,932,807 | ||||||
Cost of repurchase agreements | 13,042,367 | 35,741,107 | 25,094,912 | |||||||||
*Total cost of investments | $ | 503,724,358 | $ | 267,504,595 | $ | 188,027,719 |
32 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
STATEMENTS OF OPERATIONS (Unaudited) |
|
For the Six Months Ended April 30, 2017
| Guggenheim | Guggenheim | Guggenheim S&P 500® Pure Growth ETF | Guggenheim | ||||||||||||
Investment Income: | ||||||||||||||||
Dividends | $ | 6,980,180 | $ | 11,048,797 | $ | 7,242,669 | $ | 1,454,853 | ||||||||
Income from securities lending | 1,756 | 69,219 | 131,392 | 50,495 | ||||||||||||
Interest | 1,616 | 1,788 | 4,748 | 556 | ||||||||||||
Total investment income | 6,983,552 | 11,119,804 | 7,378,809 | 1,505,904 | ||||||||||||
Expenses: | ||||||||||||||||
Management fees | 609,644 | 1,627,825 | 3,238,370 | 361,963 | ||||||||||||
Total expenses | 609,644 | 1,627,825 | 3,238,370 | 361,963 | ||||||||||||
Net investment income | 6,373,908 | 9,491,979 | 4,140,439 | 1,143,941 | ||||||||||||
Net Realized and Unrealized Gain (Loss): | ||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments | (581,449 | ) | (31,561,511 | ) | (40,630,291 | ) | (3,201,146 | ) | ||||||||
In-kind redemptions | 7,867,356 | 72,565,175 | 109,619,107 | 28,935,503 | ||||||||||||
Net realized gain | 7,285,907 | 41,003,664 | 68,988,816 | 25,734,357 | ||||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments | 64,403,852 | 45,812,539 | 132,695,761 | 109,883 | ||||||||||||
Net realized and unrealized gain | 71,689,759 | 86,816,203 | 201,684,577 | 25,844,240 | ||||||||||||
Net increase in net assets resulting from operations | $ | 78,063,667 | $ | 96,308,182 | $ | 205,825,016 | $ | 26,988,181 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 33 |
STATEMENTS OF OPERATIONS (Unaudited)(concluded) |
|
For the Six Months Ended April 30, 2017
| Guggenheim | Guggenheim | Guggenheim | |||||||||
Investment Income: | ||||||||||||
Dividends, net of foreign taxes withheld* | $ | 2,760,763 | $ | 1,403,272 | $ | 711,504 | ||||||
Income from securities lending | 85,841 | 102,270 | 105,301 | |||||||||
Interest | 1,705 | 487 | 771 | |||||||||
Total investment income | 2,848,309 | 1,506,029 | 817,576 | |||||||||
Expenses: | ||||||||||||
Management fees | 931,489 | 438,679 | 302,349 | |||||||||
Total expenses | 931,489 | 438,679 | 302,349 | |||||||||
Net investment income | 1,916,820 | 1,067,350 | 515,227 | |||||||||
Net Realized and Unrealized Gain (Loss): | ||||||||||||
Net realized gain (loss) on: | ||||||||||||
Investments | (25,942,204 | ) | (18,760,754 | ) | (6,080,962 | ) | ||||||
In-kind redemptions | 39,406,669 | 45,066,977 | 23,178,271 | |||||||||
Net realized gain | 13,464,465 | 26,306,223 | 17,097,309 | |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||
Investments | 63,953,118 | (6,891,760 | ) | 17,384,854 | ||||||||
Net realized and unrealized gain | 77,417,583 | 19,414,463 | 34,482,163 | |||||||||
Net increase in net assets resulting from operations | $ | 79,334,403 | $ | 20,481,813 | $ | 34,997,390 | ||||||
* Foreign taxes withheld | $ | — | $ | 1,120 | $ | — |
34 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
STATEMENTS OF CHANGES IN NET ASSETS |
|
| Guggenheim S&P 500® | Guggenheim S&P 500® | ||||||||||||||
| Period Ended | Year Ended | Period Ended | Year Ended | ||||||||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||||||||||
Net investment income | $ | 6,373,908 | $ | 12,457,607 | $ | 9,491,979 | $ | 17,419,493 | ||||||||
Net realized gain (loss) on investments | 7,285,907 | 26,282,967 | 41,003,664 | (45,567,038 | ) | |||||||||||
Net change in unrealized appreciation (depreciation) on investments | 64,403,852 | (9,569,287 | ) | 45,812,539 | 30,087,617 | |||||||||||
Net increase in net assets resulting from operations | 78,063,667 | 29,171,287 | 96,308,182 | 1,940,072 | ||||||||||||
Distributions to shareholders from: | ||||||||||||||||
Net investment income | (5,780,144 | ) | (12,305,640 | ) | (8,436,733 | ) | (16,846,207 | ) | ||||||||
Shareholder transactions: | ||||||||||||||||
Proceeds from shares purchased | 24,117,941 | 173,560,668 | 512,660,344 | 396,931,870 | ||||||||||||
Cost of shares redeemed | (23,957,160 | ) | (108,888,149 | ) | (398,600,176 | ) | (475,391,756 | ) | ||||||||
Net increase (decrease) in net assets resulting from share transactions | 160,781 | 64,672,519 | 114,060,168 | (78,459,886 | ) | |||||||||||
Net increase (decrease) in net assets | 72,444,304 | 81,538,166 | 201,931,617 | (93,366,021 | ) | |||||||||||
Net assets: | ||||||||||||||||
Beginning of period | 577,802,137 | 496,263,971 | 719,663,202 | 813,029,223 | ||||||||||||
End of period | $ | 650,246,441 | $ | 577,802,137 | $ | 921,594,819 | $ | 719,663,202 | ||||||||
Undistributed net investment income at end of period | $ | 1,611,214 | $ | 1,017,450 | $ | 1,970,949 | $ | 915,703 | ||||||||
Changes in shares outstanding: | ||||||||||||||||
Shares sold | 150,000 | 1,200,000 | 8,800,000 | 8,050,000 | ||||||||||||
Shares redeemed | (150,000 | ) | (750,000 | ) | (6,900,000 | ) | (10,100,000 | ) | ||||||||
Net increase (decrease) in shares | — | 450,000 | 1,900,000 | (2,050,000 | ) |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 35 |
STATEMENTS OF CHANGES IN NET ASSETS (continued) |
|
| Guggenheim S&P 500® | Guggenheim S&P MidCap 400® | ||||||||||||||
| Period Ended | Year Ended | Period Ended | Year Ended | ||||||||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||||||||||
Net investment income | $ | 4,140,439 | $ | 14,444,994 | $ | 1,143,941 | $ | 1,513,592 | ||||||||
Net realized gain (loss) on investments | 68,988,816 | (19,425,940 | ) | 25,734,357 | (7,941,095 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) on investments | 132,695,761 | (48,938,900 | ) | 109,883 | 10,946,947 | |||||||||||
Net increase (decrease) in net assets resulting from operations | 205,825,016 | (53,919,846 | ) | 26,988,181 | 4,519,444 | |||||||||||
Distributions to shareholders from: | ||||||||||||||||
Net investment income | (6,135,256 | ) | (12,804,542 | ) | (993,611 | ) | (1,503,674 | ) | ||||||||
Shareholder transactions: | ||||||||||||||||
Proceeds from shares purchased | 385,201,985 | 427,793,413 | 116,728,819 | 94,638,501 | ||||||||||||
Cost of shares redeemed | (416,196,381 | ) | (930,069,089 | ) | (103,331,140 | ) | (36,043,334 | ) | ||||||||
Net increase (decrease) in net assets resulting from share transactions | (30,994,396 | ) | (502,275,676 | ) | 13,397,679 | 58,595,167 | ||||||||||
Net increase (decrease) in net assets | 168,695,364 | (569,000,064 | ) | 39,392,249 | 61,610,937 | |||||||||||
Net assets: | ||||||||||||||||
Beginning of period | 1,769,585,481 | 2,338,585,545 | 165,753,381 | 104,142,444 | ||||||||||||
End of period | $ | 1,938,280,845 | $ | 1,769,585,481 | $ | 205,145,630 | $ | 165,753,381 | ||||||||
(Distributions in excess of) undistributed net investment income at end of period | $ | (68,454 | ) | $ | 1,926,363 | $ | 212,555 | $ | 62,225 | |||||||
Changes in shares outstanding: | ||||||||||||||||
Shares sold | 4,550,000 | 5,250,000 | 1,850,000 | 1,800,000 | ||||||||||||
Shares redeemed | (4,900,000 | ) | (11,900,000 | ) | (1,650,000 | ) | (750,000 | ) | ||||||||
Net increase (decrease) in shares | (350,000 | ) | (6,650,000 | ) | 200,000 | 1,050,000 |
36 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
STATEMENTS OF CHANGES IN NET ASSETS (continued) |
|
| Guggenheim S&P MidCap 400® | Guggenheim S&P SmallCap 600® | ||||||||||||||
| Period Ended | Year Ended | Period Ended | Year Ended | ||||||||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||||||||||
Net investment income | $ | 1,916,820 | $ | 3,046,768 | $ | 1,067,350 | $ | 1,265,841 | ||||||||
Net realized gain (loss) on investments | 13,464,465 | 12,977,472 | 26,306,223 | (3,100,198 | ) | |||||||||||
Net change in unrealized appreciation (depreciation) on investments | 63,953,118 | (70,464,100 | ) | (6,891,760 | ) | 11,888,389 | ||||||||||
Net increase (decrease) in net assets resulting from operations | 79,334,403 | (54,439,860 | ) | 20,481,813 | 10,054,032 | |||||||||||
Distributions to shareholders from: | ||||||||||||||||
Net investment income | (1,763,129 | ) | (3,174,670 | ) | (851,002 | ) | (1,222,224 | ) | ||||||||
Shareholder transactions: | ||||||||||||||||
Proceeds from shares purchased | 137,131,317 | 134,585,419 | 167,604,082 | 114,670,713 | ||||||||||||
Cost of shares redeemed | (187,926,929 | ) | (328,223,276 | ) | (149,272,208 | ) | (80,027,741 | ) | ||||||||
Net increase (decrease) in net assets resulting from share transactions | (50,795,612 | ) | (193,637,857 | ) | 18,331,874 | 34,642,972 | ||||||||||
Net increase (decrease) in net assets | 26,775,662 | (251,252,387 | ) | 37,962,685 | 43,474,780 | |||||||||||
Net assets: | ||||||||||||||||
Beginning of period | 518,619,695 | 769,872,082 | 193,664,941 | 150,190,161 | ||||||||||||
End of period | $ | 545,395,357 | $ | 518,619,695 | $ | 231,627,626 | $ | 193,664,941 | ||||||||
Undistributed net investment income at end of period | $ | 194,361 | $ | 40,670 | $ | 259,965 | $ | 43,617 | ||||||||
Changes in shares outstanding: | ||||||||||||||||
Shares sold | 1,050,000 | 1,100,000 | 2,250,000 | 2,050,000 | ||||||||||||
Shares redeemed | (1,450,000 | ) | (2,750,000 | ) | (2,050,000 | ) | (1,450,000 | ) | ||||||||
Net increase (decrease) in shares | (400,000 | ) | (1,650,000 | ) | 200,000 | 600,000 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 37 |
STATEMENTS OF CHANGES IN NET ASSETS (concluded) |
|
| Guggenheim S&P SmallCap 600® | |||||||
| Period Ended | Year Ended | ||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||
Net investment income | $ | 515,227 | $ | 1,817,394 | ||||
Net realized gain (loss) on investments | 17,097,309 | (16,149,988 | ) | |||||
Net change in unrealized appreciation (depreciation) on investments | 17,384,854 | 1,528,718 | ||||||
Net increase (decrease) in net assets resulting from operations | 34,997,390 | (12,803,876 | ) | |||||
Distributions to shareholders from: | ||||||||
Net investment income | (461,397 | ) | (1,779,427 | ) | ||||
Shareholder transactions: | ||||||||
Proceeds from shares purchased | 88,062,817 | 54,819,343 | ||||||
Cost of shares redeemed | (96,548,039 | ) | (113,259,262 | ) | ||||
Net decrease in net assets resulting from share transactions | (8,485,222 | ) | (58,439,919 | ) | ||||
Net increase (decrease) in net assets | 26,050,771 | (73,023,222 | ) | |||||
Net assets: | ||||||||
Beginning of period | 152,909,812 | 225,933,034 | ||||||
End of period | $ | 178,960,583 | $ | 152,909,812 | ||||
Undistributed net investment income at end of period | $ | 114,922 | $ | 61,092 | ||||
Changes in shares outstanding: | ||||||||
Shares sold | 900,000 | 650,000 | ||||||
Shares redeemed | (1,000,000 | ) | (1,450,000 | ) | ||||
Net decrease in shares | (100,000 | ) | (800,000 | ) |
38 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
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 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 150.05 | $ | 145.93 | $ | 140.87 | $ | 123.06 | $ | 104.06 | $ | 89.97 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)a | 1.67 | 3.12 | 3.00 | 2.74 | 2.56 | 2.17 | ||||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | 18.66 | 4.09 | 5.09 | 17.82 | 19.05 | 14.02 | ||||||||||||||||||
Total from investment operations | 20.33 | 7.21 | 8.09 | 20.56 | 21.61 | 16.19 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (1.52 | ) | (3.09 | ) | (3.03 | ) | (2.75 | ) | (2.61 | ) | (2.10 | ) | ||||||||||||
Total distributions to shareholders | (1.52 | ) | (3.09 | ) | (3.03 | ) | (2.75 | ) | (2.61 | ) | (2.10 | ) | ||||||||||||
Net asset value, end of period | $ | 168.86 | $ | 150.05 | $ | 145.93 | $ | 140.87 | $ | 123.06 | $ | 104.06 | ||||||||||||
Total Returnb | 13.59 | % | 4.99 | % | 5.87 | % | 16.86 | % | 21.07 | % | 18.11 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 650,246 | $ | 577,802 | $ | 496,264 | $ | 598,797 | $ | 523,123 | $ | 624,468 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Net investment income (loss) | 2.09 | %c | 2.13 | % | 2.11 | % | 2.08 | % | 2.28 | % | 2.19 | % | ||||||||||||
Total expenses | 0.20 | %c | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | ||||||||||||
Portfolio turnover rated | 1 | % | 7 | % | 8 | % | 6 | % | 8 | % | 7 | % |
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 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 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 52.33 | $ | 51.45 | $ | 54.14 | $ | 46.51 | $ | 32.26 | $ | 28.38 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)a | 0.59 | 1.17 | 1.12 | 0.90 | 0.67 | 0.48 | ||||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | 6.42 | 0.81 | (2.70 | ) | 7.50 | 14.18 | 3.89 | |||||||||||||||||
Total from investment operations | 7.01 | 1.98 | (1.58 | ) | 8.40 | 14.85 | 4.37 | |||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.46 | ) | (1.10 | ) | (1.11 | ) | (0.77 | ) | (0.60 | ) | (0.49 | ) | ||||||||||||
Total distributions to shareholders | (0.46 | ) | (1.10 | ) | (1.11 | ) | (0.77 | ) | (0.60 | ) | (0.49 | ) | ||||||||||||
Net asset value, end of period | $ | 58.88 | $ | 52.33 | $ | 51.45 | $ | 54.14 | $ | 46.51 | $ | 32.26 | ||||||||||||
Total Returnb | 13.41 | % | 3.94 | % | (2.94 | %) | 18.13 | % | 46.39 | % | 15.54 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 921,595 | $ | 719,663 | $ | 813,029 | $ | 1,275,062 | $ | 374,565 | $ | 85,583 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Net investment income (loss) | 2.04 | %c | 2.32 | % | 2.09 | % | 1.74 | % | 1.65 | % | 1.60 | % | ||||||||||||
Total expenses | 0.35 | %c | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | ||||||||||||
Portfolio turnover rated | 38 | % | 44 | % | 54 | % | 25 | % | 24 | % | 37 | % |
a | Based on average shares outstanding. |
b | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. |
c | Annualized. |
d | Portfolio turnover does not include securities received or delivered from processing creations or redemptions. |
40 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
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 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 82.11 | $ | 82.93 | $ | 78.96 | $ | 66.12 | $ | 47.80 | $ | 44.68 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)a | 0.19 | 0.59 | 0.52 | �� | 0.55 | 0.44 | 0.33 | |||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | 9.39 | (0.95 | ) | 3.93 | 12.81 | 18.33 | 3.11 | |||||||||||||||||
Total from investment operations | 9.58 | (0.36 | ) | 4.45 | 13.36 | 18.77 | 3.44 | |||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.26 | ) | (0.46 | ) | (0.48 | ) | (0.52 | ) | (0.42 | ) | (0.32 | ) | ||||||||||||
Return of capital | — | — | — | — | (0.03 | ) | — | |||||||||||||||||
Total distributions to shareholders | (0.26 | ) | (0.46 | ) | (0.48 | ) | (0.52 | ) | (0.45 | ) | (0.32 | ) | ||||||||||||
Net asset value, end of period | $ | 91.43 | $ | 82.11 | $ | 82.93 | $ | 78.96 | $ | 66.12 | $ | 47.80 | ||||||||||||
Total Returnb | 11.69 | % | (0.42 | %) | 5.65 | % | 20.24 | % | 39.45 | % | 7.72 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 1,938,281 | $ | 1,769,585 | $ | 2,338,586 | $ | 1,792,516 | $ | 760,397 | $ | 332,253 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Net investment income (loss) | 0.45 | %c | 0.74 | % | 0.64 | % | 0.74 | % | 0.76 | % | 0.71 | % | ||||||||||||
Total expenses | 0.35 | %c | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | ||||||||||||
Portfolio turnover rated | 57 | % | 67 | % | 62 | % | 46 | % | 44 | % | 35 | % |
a | Based on average shares outstanding. |
b | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. |
c | Annualized. |
d | Portfolio turnover does not include securities received or delivered from processing creations or redemptions. |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 41 |
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 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 53.46 | $ | 50.79 | $ | 52.71 | $ | 48.42 | $ | 35.00 | $ | 31.00 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)a | 0.34 | 0.69 | 0.86 | 0.71 | 0.52 | 0.46 | ||||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | 8.62 | 2.65 | (1.96 | ) | 4.18 | 13.46 | 4.01 | |||||||||||||||||
Total from investment operations | 8.96 | 3.34 | (1.10 | ) | 4.89 | 13.98 | 4.47 | |||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.26 | ) | (0.67 | ) | (0.82 | ) | (0.60 | ) | (0.56 | ) | (0.47 | ) | ||||||||||||
Total distributions to shareholders | (0.26 | ) | (0.67 | ) | (0.82 | ) | (0.60 | ) | (0.56 | ) | (0.47 | ) | ||||||||||||
Net asset value, end of period | $ | 62.16 | $ | 53.46 | $ | 50.79 | $ | 52.71 | $ | 48.42 | $ | 35.00 | ||||||||||||
Total Returnb | 16.76 | % | 6.65 | % | (2.12 | %) | 10.14 | % | 40.27 | % | 14.46 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 205,146 | $ | 165,753 | $ | 104,142 | $ | 118,631 | $ | 77,503 | $ | 35,015 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Net investment income (loss) | 1.11 | %c | 1.36 | % | 1.62 | % | 1.38 | % | 1.22 | % | 1.36 | % | ||||||||||||
Total expenses | 0.35 | %c | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | ||||||||||||
Portfolio turnover rated | 54 | % | 47 | % | 59 | % | 40 | % | 28 | % | 47 | % |
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 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 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 119.22 | $ | 128.31 | $ | 123.30 | $ | 115.31 | $ | 88.25 | $ | 82.17 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)a | 0.47 | 0.59 | 0.70 | 0.75 | 1.02 | 0.20 | ||||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | 18.81 | (9.10 | ) | 5.10 | 7.93 | 27.10 | 6.04 | |||||||||||||||||
Total from investment operations | 19.28 | (8.51 | ) | 5.80 | 8.68 | 28.12 | 6.24 | |||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.43 | ) | (0.58 | ) | (0.71 | ) | (0.69 | ) | (1.06 | ) | (0.16 | ) | ||||||||||||
Return of capital | — | — | (0.08 | ) | — | — | — | |||||||||||||||||
Total distributions to shareholders | (0.43 | ) | (0.58 | ) | (0.79 | ) | (0.69 | ) | (1.06 | ) | (0.16 | ) | ||||||||||||
Net asset value, end of period | $ | 138.07 | $ | 119.22 | $ | 128.31 | $ | 123.30 | $ | 115.31 | $ | 88.25 | ||||||||||||
Total Returnb | 16.18 | % | (6.65 | %) | 4.71 | % | 7.53 | % | 32.07 | % | 7.60 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 545,395 | $ | 518,620 | $ | 769,872 | $ | 745,942 | $ | 737,971 | $ | 511,881 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Net investment income (loss) | 0.72 | %c | 0.48 | % | 0.54 | % | 0.62 | % | 1.01 | % | 0.23 | % | ||||||||||||
Total expenses | 0.35 | %c | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | ||||||||||||
Portfolio turnover rated | 72 | % | 78 | % | 102 | % | 75 | % | 72 | % | 56 | % |
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 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 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 60.52 | $ | 57.76 | $ | 62.54 | $ | 57.37 | $ | 40.04 | $ | 35.50 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)a | 0.30 | 0.47 | 0.71 | 0.44 | 0.56 | 0.25 | ||||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | 7.52 | 2.69 | (4.79 | ) | 5.14 | 17.40 | 4.56 | |||||||||||||||||
Total from investment operations | 7.82 | 3.16 | (4.08 | ) | 5.58 | 17.96 | 4.81 | |||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.22 | ) | (0.40 | ) | (0.70 | ) | (0.41 | ) | (0.63 | ) | (0.25 | ) | ||||||||||||
Return of capital | — | — | — | — | — | (0.02 | ) | |||||||||||||||||
Total distributions to shareholders | (0.22 | ) | (0.40 | ) | (0.70 | ) | (0.41 | ) | (0.63 | ) | (0.27 | ) | ||||||||||||
Net asset value, end of period | $ | 68.12 | $ | 60.52 | $ | 57.76 | $ | 62.54 | $ | 57.37 | $ | 40.04 | ||||||||||||
Total Returnb | 12.92 | % | 5.50 | % | (6.60 | %) | 9.73 | % | 45.20 | % | 13.52 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 231,628 | $ | 193,665 | $ | 150,190 | $ | 171,990 | $ | 123,350 | $ | 72,066 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Net investment income (loss) | 0.85 | %c | 0.83 | % | 1.15 | % | 0.73 | % | 1.14 | % | 0.65 | % | ||||||||||||
Total expenses | 0.35 | %c | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | ||||||||||||
Portfolio turnover rated | 56 | % | 51 | % | 52 | % | 51 | % | 43 | % | 48 | % |
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. |
44 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
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 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 82.65 | $ | 85.26 | $ | 80.56 | $ | 74.23 | $ | 54.34 | $ | 49.82 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)a | 0.28 | 0.79 | 0.47 | 0.31 | 0.59 | 0.20 | ||||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | 19.55 | (2.69 | ) | 4.70 | 6.33 | 19.87 | 4.50 | |||||||||||||||||
Total from investment operations | 19.83 | (1.90 | ) | 5.17 | 6.64 | 20.46 | 4.70 | |||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.22 | ) | (0.71 | ) | (0.47 | ) | (0.31 | ) | (0.54 | ) | (0.18 | ) | ||||||||||||
Return of capital | — | — | (— | )e | — | (0.03 | ) | — | ||||||||||||||||
Total distributions to shareholders | (0.22 | ) | (0.71 | ) | (0.47 | ) | (0.31 | ) | (0.57 | ) | (0.18 | ) | ||||||||||||
Net asset value, end of period | $ | 102.26 | $ | 82.65 | $ | 85.26 | $ | 80.56 | $ | 74.23 | $ | 54.34 | ||||||||||||
Total Returnb | 24.00 | % | (2.20 | %) | 6.42 | % | 8.96 | % | 37.94 | % | 9.44 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 178,961 | $ | 152,910 | $ | 225,933 | $ | 104,723 | $ | 107,630 | $ | 73,359 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Net investment income (loss) | 0.60 | %c | 0.97 | % | 0.55 | % | 0.39 | % | 0.94 | % | 0.38 | % | ||||||||||||
Total expenses | 0.35 | %c | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | ||||||||||||
Portfolio turnover rated | 65 | % | 92 | % | 62 | % | 78 | % | 73 | % | 44 | % |
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. |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 45 |
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, 2017, the Trust consisted of twenty-two 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. Guggenheim Funds Distributors, LLC (“GFD”) acts as principal underwriter for the Trust. GI 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, 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.
The NAV of a fund is calculated by dividing the market value of the fund’s securities and other assets, less all liabilities, by the number of outstanding shares of the fund.
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 and/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, to 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 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.
46 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued) |
Equity securities listed on an exchange (New York Stock Exchange (“NYSE”) or American Stock Exchange) are valued at the last quoted sales price as of the close of business on the NYSE, usually 4:00 p.m. on the valuation date. Equity securities listed on the NASDAQ market system are valued at the NASDAQ Official Closing Price on the valuation date, which may not necessarily represent the last sale price. If there has been no sale on such exchange or NASDAQ on a given day, the security is valued at the closing bid price on that day.
The 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 using methods established or ratified by the Board. 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 market prices; sale prices; broker quotes; and models which derive prices based on inputs such as prices of securities with comparable maturities and characteristics, or based on inputs such as anticipated cash flows or collateral, spread over Treasuries, and other information analysis.
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 0.83% at April 30, 2017.
E. The Fund may enter into repurchase agreements with financial institutions. In a repurchase agreement, a Fund buys a security and the seller simultaneously agrees to repurchase the security on a specified future date at an agreed-upon price. The repurchase price reflects an agreed-upon interest rate during the time the Fund’s money is invested in the security. Because the security constitutes collateral for the repurchase obligation, a repurchase agreement can be considered a collateralized loan. The Fund follows certain procedures designed to minimize the risks inherent in such agreements. These procedures include effecting repurchase transactions only with large, well-capitalized and well-established financial institutions whose condition will be continually monitored by GI. In addition, the value of the collateral underlying the repurchase agreement will always be at least equal to the repurchase price, including any accrued interest earned on the repurchase agreement. In the event of a default or bankruptcy by a selling financial institution, the Fund will seek to liquidate such collateral. However, the exercising of the Fund’s right to liquidate such collateral could involve certain costs or delays and, to the extent that proceeds from any sale upon a default of the obligation to repurchase were less than the repurchase price, the Fund could suffer a loss. It is the current policy of the Fund not to invest in repurchase agreements that do not mature within seven days if any such investment, together with any other illiquid assets held by the Fund, amounts to more than 15% of Fund’s net assets. The investments of the Fund in repurchase agreements, at times, may be substantial when, in the view of GI, liquidity or other considerations so warrant.
F. Under the Funds’ organizational documents, the 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
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 47 |
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, MUFG Investor Services (US), LLC (“MUIS”) provides various administrative and financial reporting services for the Funds. GI compensates MUIS 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 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.
48 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued) |
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, 2017, the Funds participated in securities lending transactions, which are subject to enforceable netting arrangements, as follows:
Gross Amounts Not Offset in the Statements of Assets and Liabilities | Securities Lending Collateral | |||||||||||||||||||||||
Fund | Value of | Collateral | Net | Cash | Non-Cash | Total | ||||||||||||||||||
Guggenheim S&P 500® Top 50 ETF | $ | 10,738,966 | $ | (10,738,966 | ) | $ | — | $ | — | $ | 11,001,122 | $ | 11,001,122 | |||||||||||
Guggenheim S&P 500® Pure Value ETF | 66,827,576 | (66,827,576 | ) | — | 19,309,710 | 49,654,617 | 68,964,327 | |||||||||||||||||
Guggenheim S&P 500® Pure Growth ETF | 76,026,899 | (76,026,899 | ) | — | 37,846,701 | 40,511,739 | 78,358,440 | |||||||||||||||||
Guggenheim S&P MidCap 400® Pure Value ETF | 45,656,168 | (45,656,168 | ) | — | 21,121,813 | 26,416,191 | 47,538,004 | |||||||||||||||||
Guggenheim S&P MidCap 400® Pure Growth ETF | 100,363,423 | (100,363,423 | ) | — | 13,042,367 | 90,569,659 | 103,612,026 | |||||||||||||||||
Guggenheim S&P SmallCap 600® Pure Value ETF | 46,429,152 | (46,429,152 | ) | — | 35,741,107 | 12,459,443 | 48,200,550 | |||||||||||||||||
Guggenheim S&P SmallCap 600® Pure Growth ETF | 37,850,874 | (37,850,874 | ) | — | 25,094,912 | 13,849,081 | 38,943,993 |
a | Actual collateral received by the Funds are greater than the amount shown due to over collateralization. |
The following represents a breakdown of the collateral for the joint repurchase agreements at April 30, 2017:
Counterparty and Terms of Agreement | Face Value | Repurchase Price | Collateral | Par Value | Fair Value | ||||||||||||
Citigroup Global Markets, Inc. | Various U.S. Government obligations and | ||||||||||||||||
0.82% | U.S. Government | ||||||||||||||||
Due 05/01/17 | $ | 35,415,418 | $ | 35,415,418 | agency securities | $ | 476,475,939 | $ | 36,123,726 | ||||||||
RBC Dominion Securities, Inc. | Various U.S. Government obligations and | ||||||||||||||||
0.81% | U.S. Government | ||||||||||||||||
Due 05/01/17 | 35,415,418 | 35,415,418 | agency securities | 58,230,929 | 36,123,727 | ||||||||||||
Merrill Lynch, Pierce, Fenner & Smith, Inc. | Various U.S. Government obligations and | ||||||||||||||||
0.81% | U.S. Government | ||||||||||||||||
Due 05/01/17 | 27,096,492 | 27,096,492 | agency securities | 50,929,147 | 27,638,422 | ||||||||||||
State of Wisconsin Investment Board | Various U.S. Government obligations and | ||||||||||||||||
1.00% | U.S. Government | ||||||||||||||||
Due 05/01/17 | 24,685,385 | 24,685,385 | agency securities | 22,577,874 | 25,224,730 |
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 49 |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued) |
Counterparty and Terms of Agreement | Face Value | Repurchase Price | Collateral | Par Value | Fair Value | ||||||||||||
Royal Bank of Scotland Group | Various U.S. Government obligations and | ||||||||||||||||
0.80% | U.S. Government | ||||||||||||||||
Due 05/01/17 | $ | 12,906,045 | $ | 12,906,045 | agency securities | $ | 13,291,549 | $ | 13,164,221 | ||||||||
Deutsche Bank Securities, Inc. | Various U.S. Government obligations and | ||||||||||||||||
0.85% | U.S. Government | ||||||||||||||||
Due 05/01/17 | 8,318,926 | 8,318,926 | agency securities | 44,266,557 | 8,485,305 | ||||||||||||
Mizuho Securities (USA), Inc. | Various U.S. Government obligations and | ||||||||||||||||
0.83% | U.S. Government | ||||||||||||||||
Due 05/01/17 | 8,318,926 | 8,318,926 | agency securities | 10,031,752 | 8,485,305 |
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.
At April 30, 2017, the cost of securities for federal income tax purposes, the aggregate gross unrealized gain for all securities for which there was an excess of value over tax cost, and the aggregate gross unrealized loss for all securities for which there was an excess of tax cost over value were as follows:
Tax | Tax | Tax | Net | |||||||||||||
Guggenheim S&P 500® Top 50 ETF | $ | 519,962,967 | $ | 151,643,271 | $ | (22,016,405 | ) | $ | 129,626,866 | |||||||
Guggenheim S&P 500® Pure Value ETF | 920,452,205 | 70,444,977 | (50,452,963 | ) | 19,992,014 | |||||||||||
Guggenheim S&P 500® Pure Growth ETF | 1,688,204,510 | 323,061,582 | (35,328,426 | ) | 287,733,156 | |||||||||||
Guggenheim S&P MidCap 400® Pure Value ETF | 218,008,697 | 18,162,219 | (9,797,445 | ) | 8,364,774 | |||||||||||
Guggenheim S&P MidCap 400® Pure Growth ETF | 504,833,411 | 68,610,744 | (14,947,120 | ) | 53,663,624 | |||||||||||
Guggenheim S&P SmallCap 600® Pure Value ETF | 268,647,356 | 24,764,463 | (25,804,046 | ) | (1,039,583 | ) | ||||||||||
Guggenheim S&P SmallCap 600® Pure Growth ETF | 188,557,299 | 22,538,751 | (7,025,305 | ) | 15,513,446 |
50 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued) |
7. Investment Transactions
For the period ended April 30, 2017, the Funds had investments transactions in-kind associated with subscriptions and redemptions as follows:
Subscriptions | Redemptions | |||||||
Guggenheim S&P 500® Top 50 ETF | $ | 23,980,841 | $ | 23,801,302 | ||||
Guggenheim S&P 500® Pure Value ETF | 510,245,140 | 397,145,621 | ||||||
Guggenheim S&P 500® Pure Growth ETF | 383,476,897 | 415,538,807 | ||||||
Guggenheim S&P MidCap 400® Pure Value ETF | 115,761,046 | 102,629,005 | ||||||
Guggenheim S&P MidCap 400® Pure Growth ETF | 136,763,660 | 187,491,474 | ||||||
Guggenheim S&P SmallCap 600® Pure Value ETF | 167,314,630 | 147,690,093 | ||||||
Guggenheim S&P SmallCap 600® Pure Growth ETF | 86,999,495 | 96,282,406 |
For the period ended April 30, 2017, the cost of purchases and proceeds from sales of investment securities, excluding government securities, short-term investments and in-kind transactions, were as follows:
Purchases | Sales | |||||||
Guggenheim S&P 500® Top 50 ETF | $ | 6,843,406 | $ | 6,279,760 | ||||
Guggenheim S&P 500® Pure Value ETF | 349,610,868 | 346,986,075 | ||||||
Guggenheim S&P 500® Pure Growth ETF | 1,061,683,596 | 1,055,354,118 | ||||||
Guggenheim S&P MidCap 400® Pure Value ETF | 109,646,117 | 109,111,154 | ||||||
Guggenheim S&P MidCap 400® Pure Growth ETF | 385,905,177 | 385,621,168 | ||||||
Guggenheim S&P SmallCap 600® Pure Value ETF | 137,770,860 | 138,947,740 | ||||||
Guggenheim S&P SmallCap 600® Pure Growth ETF | 113,295,382 | 112,396,139 |
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”). Its funds may also be putative members of the proposed defendant classes in Weisfelner, as Trustee of the LB Litigation Trust v. A. Holmes & H. Holmes TTEE (In re Lyondell Co.), Adv. Pro. No. 10-5525 (Bankr. S.D.N.Y.) (the “Litigation Trust Action”) and Weisfelner, as Trustee of the LB Creditor Trust, v. Reichman (In re Lyondell Chemical Co.), Adv. Pro. No. 12-1570 (Bankr. S.D.N.Y.) (the “Reichman Action”).
Similar to the claims made in the Tribune matter, the complaints seek 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. The Creditor Trust and Reichman Actions allege claims against the former Lyondell shareholders under state law for both constructive fraudulent transfer and intentional fraudulent transfer. The Litigation Trust Action alleges a claim against the former Lyondell shareholders under federal law for intentional fraudulent transfer.
On April 7, 2014, the plaintiff filed a Third Amended Complaint in the Creditor Trust Action, a Second Amended Complaint in the Litigation Trust Action and an Amended Complaint in the Reichman Action.
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 Bankruptcy 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 Bankruptcy Court entered final judgment dismissing the Litigation Trust Action, but the plaintiff appealed the dismissal to the U.S. District Court for the Southern District of New York. On July 27, 2016, the District Court reversed the Bankruptcy Court and reinstated the federal law intentional fraudulent transfer claim in the Litigation Trust Action and remanded to the Bankruptcy Court for further proceedings. On August 11, 2016, the shareholder defendants filed a motion for reconsideration and/or to certify
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 51 |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued) |
an interlocutory appeal of the District Court’s opinion. On October 5, 2016, the District Court denied the motion for reconsideration and/or to certify an interlocutory appeal. In light of this ruling, the federal intentional fraudulent conveyance claim will move forward before the Bankruptcy Court, but a schedule for that case has not yet been set.
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. On July 20, 2016, the Bankruptcy Court issued a report and recommendation granting the defendants’ motion to dismiss. The U.S. District Court for the Southern District of New York has not yet accepted the Bankruptcy Court’s recommendation or entered a final judgment.
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 by certain series of the Rydex ETF Trust of shares 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, Tribune insiders and shareholders were overpaid for their Tribune stock using financing that the insiders knew would, and ultimately did, leave Tribune 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. 12-0063 (S.D.N.Y.). In the SLCFC 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. On January 6, 2017, the United States District Court for the Southern District of New York granted the shareholder defendants’ motion to dismiss the intentional fraudulent conveyance claim in the FitzSimons action. In dismissing the intentional fraudulent conveyance claim, the Court denied the plaintiff’s request to amend the complaint. The plaintiff requested that the Court direct entry of a final judgment in order to make the order immediately appealable. On February 23, 2017, the Court issued an order stating that it intends to permit an interlocutory appeal of the dismissal order, but will wait to do so until it has resolved outstanding motions to dismiss filed by other defendants. Accordingly, the timing of the appeal is uncertain.
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. On April 12, 2016, the plaintiffs in the SLCFC actions filed a petition seeking rehearing en banc before the appeals court. On July 22, 2016, the appeals court denied the petition. On September 9, 2016, the plaintiffs filed a petition for writ of certiorari in the U.S. Supreme Court challenging the Second Circuit’s decision that the safe harbor of Section 546(e) applied to their claims. The shareholder defendants, including the Rydex ETF Trust, filed a joint brief in opposition to the petition for writ of certiorari on October 24, 2016. The plaintiffs filed a reply in support of the petition on November 4, 2016. The Supreme Court has not yet granted or denied the petition for certiorari.
52 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(concluded) |
None of these lawsuits alleges any wrongdoing on the part of Rydex ETF Trust. The following series of Rydex ETF Trust held shares of Tribune and tendered these shares as part of Tribune’s LBO: Guggenheim S&P 500 Pure Value ETF (the “Fund”). The value of the proceeds received by the foregoing Fund was $197,050. At this stage of the proceedings, Rydex ETF Trust is not able to make a reliable prediction as to the outcome of these lawsuits or the effect, if any, on the Fund’s net asset value.
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 53 |
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 https://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 https://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 https://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.
54 | 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 | Principal Occupation(s) | Number of | Other |
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). | 230 | Clear Spring Life Insurance Company (2015-present); Guggenheim Partners Japan, Ltd. (2014-present); Guggenheim Partners Investment Management Holdings, LLC (2014-present); Delaware Life (2013-present); Guggenheim Life and Annuity Company (2011-present); Paragon Life Insurance Company of Indiana (2011-present). |
INDEPENDENT TRUSTEES | ||||
Angela Brock-Kyle***** (1959) | Trustee from August 2016 to present. | Current: Founder and Chief Executive Officer, B.O.A.R.D.S (consulting firm).
Former: Senior Leader, TIAA (financial services firm) (1987-2012). | 135 | Infinity Property & Casualty Corporation (2014-present). |
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. | 135 | 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. | 135 | Epiphany Funds (4) (2009-present). |
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 55 |
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued) |
Name, Address* and Year of Birth of Trustee | Position(s) Held with the | Principal Occupation(s) | Number of | Other |
INDEPENDENT TRUSTEES - concluded | ||||
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. | 135 | None. |
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). | 135 | 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). | 135 | 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). | 135 | None. |
Sandra G. Sponem***** (1958) | Trustee from August 2016 to present. | Current: Senior Vice President and Chief Financial Officer, M.A. Mortenson Companies, Inc. (general contracting firm) (2007-present). | 135 | None. |
56 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued) |
Name, Address* | Position(s) Held with the | Principal Occupation(s) |
OFFICERS | ||
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. |
Joanna M. Catalucci (1966) | AML Officer (2016-present) | Current: Chief Compliance Officer, certain funds in the Fund Complex (2012-present); Senior Managing Director, Guggenheim Investments (2014-present); AML Officer, certain funds in the Fund Complex (2016-present).
Former: Chief Compliance Officer and Secretary, certain other funds in the Fund Complex (2008-2012); Senior Vice President & Chief Compliance Officer, Security Investors, LLC and certain affiliates (2010-2012); Chief Compliance Officer and Senior Vice President, Rydex Advisors, LLC and certain affiliates (2010-2011). |
James M. Howley (1972)
| Assistant Treasurer (2016-present) | Current: Managing Director, Guggenheim Investments (2004-present); Assistant Treasurer, certain other funds in the Fund Complex (2006-present).
Former: Manager, Mutual Fund Administration of Van Kampen Investments, Inc. (1996-2004). |
Keith D. Kemp (1960)
| Assistant Treasurer (2016-present) | Current: Treasurer and Assistant Treasurer, certain other funds in the Fund Complex (2010-present); Managing Director of Guggenheim Partners Investment Management, LLC (2015-present); Chief Financial Officer, Guggenheim Specialized Products, LLC (2016-present).
Former: Managing Director and Director, Transparent Value, LLC (2010-2016); Director, Guggenheim Partners Investment Management, LLC (2010-2015); Chief Operating Officer, Macquarie Capital Investment Management (2007-2009). |
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). |
Glenn McWhinnie (1969) | Assistant Treasurer (2016-present) | Current: Vice President, Guggenheim Investments (2009-present).
Former: Tax Compliance Manager, Ernst & Young LLP (1996-2009). |
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). |
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 57 |
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(concluded) |
Name, Address* | Position(s) Held with the | Principal Occupation(s) |
OFFICERS - concluded | ||
Adam J. Nelson (1979) | Assistant Treasurer (2016-present) | Current: Vice President, Guggenheim Investments (2015-present); Assistant Treasurer, certain other funds in the Fund Complex (2015-present).
Former: Assistant Vice President and Fund Administration Director, State Street Corporation (2013-2015); Fund Administration Assistant Director, State Street (2011-2013); Fund Administration Manager, State Street (2009-2011). |
Kimberly J. Scott (1974)
| Assistant Treasurer (2016-present) | Current: Director, Guggenheim Investments (2012-present); Assistant Treasurer, certain other funds in the Fund Complex (2012-present).
Former: Financial Reporting Manager, Invesco, Ltd. (2010-2011); Vice President/Assistant Treasurer, Mutual Fund Administration for Van Kampen Investments, Inc./Morgan Stanley Investment Management (2009-2010); Manager of Mutual Fund Administration, Van Kampen Investments, Inc./Morgan Stanley Investment Management (2005-2009). |
John L. Sullivan (1955)
| Chief Financial Officer and Treasurer (2016-present) | Current: CFO, Chief Accounting Officer and Treasurer, certain other funds in the Fund Complex (2010-present); Senior Managing Director, Guggenheim Investments (2010-present).
Former: Managing Director and CCO, each of the funds in the Van Kampen Investments fund complex (2004-2010); Managing Director and Head of Fund Accounting and Administration, Morgan Stanley Investment Management (2002-2004); CFO and Treasurer, Van Kampen Funds (1996-2004). |
* | All Trustees and Officers may be reached c/o Guggenheim Investments, 227 West Monroe Street, Chicago, Illinois 60606. |
** | 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. |
**** | Certain of the Trustees may serve as directors on the boards of companies not required to be disclosed above, including certain non-profit companies and charitable foundations. |
***** | Mses. Brock-Kyle and Sponem commenced serving as independent Trustees effective August 18, 2016. |
58 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
GUGGENHEIM INVESTMENTS PRIVACY POLICIES (Unaudited) |
Guggenheim Investments as used herein refers to Guggenheim Partners, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Investment Management, LLC, Guggenheim Funds Distributors, LLC and Security Investors, LLC as well as the funds in the Guggenheim Funds complex (the “funds”).
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 personal information about you, we hold ourselves to high standards in its safekeeping and use. This means, most importantly, that we do not sell client or account information to anyone—whether you are a current or former Guggenheim Investments client.
The Information We Collect About You and How We Collect It
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 Funds or one of the Guggenheim affiliated companies. “Nonpublic personal information” is personally identifiable information about you. For example it includes 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 Share Your Personal Information
As a matter of policy, we do not disclose your nonpublic personal information to nonaffiliated third parties except as required or permitted by law. 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 your personal 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. In connection with servicing your accounts or 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 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 personal 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 share personal information about you if we are compelled by law to do so, if you direct us to do so with your consent, or in other circumstances as permitted by law.
How We Safeguard Your Personal Information
We maintain physical, electronic and procedural safeguards to protect your personal information. Within Guggenheim Investments, access to such information is limited to those who need it to perform their jobs such as servicing your account, resolving problems or informing you of new products and services.
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 59 |
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4.30.2017
Guggenheim ETFs Funds Semi-Annual Report
RSP | Guggenheim S&P 500® Equal Weight ETF |
GuggenheimInvestments.com | ETF3-SEMI-0417x1017 |
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 | 28 |
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 1 |
April 30, 2017 |
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, 2017.
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 and Chief Executive Officer
May 31, 2017
This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.
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. Please review a prospectus carefully for more information of the risks associated with each ETF.
2 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
ECONOMIC AND MARKET OVERVIEW (Unaudited) | April 30, 2017 |
The Standard & Poor’s 500® (“S&P 500”) Index* delivered double-digit return for the six months ended April 30, 2017. Spreads on high-yield corporate bonds, bank loans, and investment-grade bonds were driven to near-2014 lows by strong inflows from mutual funds and institutional investors. Yet the conditions that sparked the rally in these markets—the promises of pro-growth fiscal policies—have yet to see much progress on the legislative front. This has caused many investors to reduce risk exposure as they hedge against the growing potential for disappointing news out of Washington.
Nonetheless, the global macroeconomic environment remains positive. China has stabilized, Europe is recovering, corporate earnings in the United States are rising, and a U.S. recession appears unlikely before 2019.
Tracking estimates for first-quarter real Gross Domestic Product (“GDP”) growth gradually fell throughout the quarter despite strong gains in consumer and business sentiment since the election. After the period ended, on April 28, the advance release of first quarter GDP came in at a tepid 0.7 percent (and a second reading on May 26 was revised to 1.2 percent). We attribute a large portion of the apparent weakness to seasonal factors that have depressed as-reported first-quarter GDP growth over the past several years. In keeping with this pattern, we would expect the final first-quarter GDP number to be revised higher once benchmark GDP revisions are released in July. More importantly, the prospects for quarterly U.S. GDP growth are better going forward, and we expect a strong bounce back in the second quarter.
Our medium-term growth outlook has dimmed marginally as a result of the minimal progress seen to date on the Trump administration’s fiscal policy initiatives. The ongoing struggle to create a healthcare bill has sapped early legislative momentum, and tax reform will be a politically fraught process. Nevertheless, financial conditions have eased since the election, despite U.S. Federal Reserve (the “Fed”) rate hikes in December and March, and we continue to expect the economy to expand faster than its potential growth rate. This should push the unemployment rate to under 4.1 percent by the end of 2018, well below its natural rate of 4.7 percent, and support a continued gradual rise in underlying inflation, which is nearing the Fed’s 2 percent goal.
In light of these trends, we believe that the market is underpricing the likely pace of rate hikes by the Fed in 2017 and 2018. Importantly, Fed Chair Janet Yellen noted in March that the Federal Open Market Committee (“FOMC”) baseline forecast of two additional rate increases in 2017 and three more in 2018 was not conditioned on expectations for fiscal stimulus. Rather, it reflected a need to gradually remove accommodation due to the fact that the Fed has essentially achieved its dual mandate objectives for employment and inflation. Fiscal easing, if it materializes, could result in a faster pace of tightening, she explained, as could a further overshooting of the Fed’s labor market objectives.
Markets are skeptical and are pricing in 1.5 more rate hikes in 2017 and fewer than 1.5 rate hikes in 2018, according to fed funds futures contracts. We expect that the Fed will deliver two more rate hikes in 2017 and another four in 2018. Fed policymakers also appear set to formally announce a change in their balance sheet policy later this year, likely in September. In the coming months we are likely to learn further details on how the Fed intends to begin to shrink its portfolio.
For the six months ended April 30, 2017, the S&P 500 Index returned 13.32 percent. The MSCI Europe-Australasia-Far East (“EAFE”) Index* returned 11.47 percent. The return of the MSCI Emerging Markets Index* was 8.88 percent.
In the bond market, the Bloomberg Barclays U.S. Aggregate Bond Index* posted a -0.67 percent return for the period, while the Bloomberg Barclays U.S. Corporate High Yield Index* returned 5.30 percent. The return of the Bank of America (“BofA”) Merrill Lynch 3-Month U.S. Treasury Bill Index* was 0.23 percent 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.
Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including U.S. Treasuries, government-related and corporate securities, mortgage-backed securities or “MBS” (agency fixed-rate and hybrid adjustable-rate mortgage, or “ARM”, pass-throughs), asset-backed securities (“ABS”), and commercial mortgage-backed securities (“CMBS”) (agency and non-agency).
Bloomberg Barclays U.S. Corporate High Yield Index measures the U.S. dollar-denominated, high yield, fixed-rate corporate bond market. 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, 2017 |
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, 2016 and held for the six months ended April 30, 2017.
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 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 | Fund | Beginning | Ending 2017 | Expenses | |
Table 1. Based on actual Fund return3 | |||||
Guggenheim S&P 500® Equal Weight ETF | 0.40% | 12.67% | $ 1,000.00 | $ 1,126.70 | $ 2.11 |
Table 2. Based on hypothetical 5% return (before expenses) | |||||
Guggenheim S&P 500® Equal Weight ETF | 0.40% | 5.00% | 1,000.00 | 1,022.81 | 2.01 |
1 | Annualized. |
2 | Expenses are equal to the Fund’s annualized expense ratio, net of any applicable fee waivers, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
3 | Actual cumulative return at net asset value for the period October 31, 2016 to April 30, 2017. |
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 5 |
PORTFOLIO SUMMARY (Unaudited) | April 30, 2017 |
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) |
Vertex Pharmaceuticals, Inc. | 0.2% |
Whole Foods Market, Inc. | 0.2% |
Wynn Resorts Ltd. | 0.2% |
CR Bard, Inc. | 0.2% |
FMC Corp. | 0.2% |
Lam Research Corp. | 0.2% |
Western Digital Corp. | 0.2% |
Edwards Lifesciences Corp. | 0.2% |
DXC Technology Co. | 0.2% |
Cerner Corp. | 0.2% |
Top Ten Total | 2.0% |
“Ten Largest Holdings” excludes any temporary cash investments.
6 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2017 |
GUGGENHEIM S&P 500® EQUAL WEIGHT ETF |
Shares | Value | |||||||
COMMON STOCKS† - 100.0% | ||||||||
Consumer, Non-cyclical - 21.1% | ||||||||
Vertex Pharmaceuticals, Inc.* | 280,848 | $ | 33,224,319 | |||||
Whole Foods Market, Inc.1 | 904,203 | 32,885,864 | ||||||
CR Bard, Inc. | 105,939 | 32,574,124 | ||||||
Edwards Lifesciences Corp.* | 285,322 | 31,291,263 | ||||||
Intuitive Surgical, Inc.* | 36,040 | 30,124,755 | ||||||
IDEXX Laboratories, Inc.* | 175,627 | 29,457,917 | ||||||
PayPal Holdings, Inc.* | 613,958 | 29,298,075 | ||||||
Illumina, Inc.* | 157,839 | 29,178,119 | ||||||
Constellation Brands, Inc. — Class A | 167,938 | 28,976,022 | ||||||
Centene Corp.* | 385,705 | 28,696,451 | ||||||
Baxter International, Inc. | 508,776 | 28,328,649 | ||||||
Anthem, Inc. | 159,007 | 28,285,755 | ||||||
Quest Diagnostics, Inc. | 267,883 | 28,264,335 | ||||||
Boston Scientific Corp.* | 1,071,163 | 28,257,280 | ||||||
Hologic, Inc.*,1 | 625,011 | 28,219,247 | ||||||
Reynolds American, Inc. | 435,691 | 28,102,069 | ||||||
Moody’s Corp. | 235,819 | 27,902,104 | ||||||
Zoetis, Inc. | 494,820 | 27,764,350 | ||||||
Stryker Corp. | 203,542 | 27,757,023 | ||||||
Gartner, Inc.* | 242,494 | 27,666,140 | ||||||
H&R Block, Inc. | 1,115,104 | 27,643,427 | ||||||
Total System Services, Inc. | 480,315 | 27,526,853 | ||||||
Ecolab, Inc. | 212,434 | 27,423,104 | ||||||
Perrigo Company plc1 | 370,599 | 27,402,090 | ||||||
Thermo Fisher Scientific, Inc. | 165,663 | 27,389,064 | ||||||
PepsiCo, Inc. | 241,448 | 27,351,229 | ||||||
Verisk Analytics, Inc. — Class A* | 330,171 | 27,341,461 | ||||||
Avery Dennison Corp. | 327,868 | 27,281,896 | ||||||
Cooper Cos., Inc. | 136,171 | 27,279,136 | ||||||
Global Payments, Inc. | 333,505 | 27,267,369 | ||||||
Varian Medical Systems, Inc.*,1 | 300,482 | 27,265,737 | ||||||
Cigna Corp. | 174,170 | 27,234,963 | ||||||
Cintas Corp. | 221,745 | 27,157,110 | ||||||
UnitedHealth Group, Inc. | 155,275 | 27,154,492 | ||||||
Kroger Co. | 915,816 | 27,153,944 | ||||||
Mondelez International, Inc. — Class A | 601,926 | 27,104,727 | ||||||
Coca-Cola Co. | 625,710 | 26,999,387 | ||||||
Brown-Forman Corp. — Class B1 | 570,286 | 26,985,934 | ||||||
S&P Global, Inc. | 200,930 | 26,962,797 | ||||||
Humana, Inc. | 121,419 | 26,952,590 | ||||||
Estee Lauder Cos., Inc. — Class A | 308,476 | 26,880,598 | ||||||
Archer-Daniels-Midland Co. | 587,500 | 26,878,125 | ||||||
Aetna, Inc. | 198,751 | 26,845,298 | ||||||
Equifax, Inc. | 198,072 | 26,801,122 | ||||||
Allergan plc | 109,723 | 26,757,051 | ||||||
Sysco Corp. | 506,017 | 26,753,119 | ||||||
Western Union Co.1 | 1,345,266 | 26,716,983 | ||||||
Henry Schein, Inc.* | 153,688 | 26,710,974 | ||||||
Mead Johnson Nutrition Co. — Class A | 300,861 | 26,692,388 | ||||||
Tyson Foods, Inc. — Class A | 415,326 | 26,688,849 | ||||||
Becton Dickinson and Co. | 142,434 | 26,630,885 | ||||||
Gilead Sciences, Inc. | 388,046 | 26,600,553 | ||||||
DaVita, Inc.* | 385,039 | 26,571,541 | ||||||
Alexion Pharmaceuticals, Inc.* | 207,318 | 26,491,094 | ||||||
Regeneron Pharmaceuticals, Inc.* | 68,152 | 26,476,370 | ||||||
Hormel Foods Corp. | 754,525 | 26,468,737 | ||||||
Philip Morris International, Inc. | 238,775 | 26,465,821 | ||||||
Automatic Data Processing, Inc. | 253,091 | 26,445,479 | ||||||
AbbVie, Inc. | 400,639 | 26,418,136 | ||||||
Patterson Companies, Inc.1 | 593,705 | 26,413,935 | ||||||
Medtronic plc | 317,851 | 26,410,240 | ||||||
Celgene Corp.* | 212,865 | 26,405,903 | ||||||
Dentsply Sirona, Inc. | 417,365 | 26,394,163 | ||||||
Pfizer, Inc. | 775,760 | 26,313,779 | ||||||
Zimmer Biomet Holdings, Inc. | 219,794 | 26,298,352 | ||||||
McCormick & Co., Inc. | 263,100 | 26,283,690 | ||||||
Hershey Co. | 242,305 | 26,217,401 | ||||||
Church & Dwight Company, Inc. | 528,914 | 26,197,110 | ||||||
Universal Health Services, Inc. — Class B | 216,656 | 26,163,378 | ||||||
Kraft Heinz Co. | 288,437 | 26,071,820 | ||||||
Molson Coors Brewing Co. — Class B | 271,824 | 26,065,203 | ||||||
HCA Holdings, Inc.* | 308,581 | 25,985,606 | ||||||
Johnson & Johnson | 209,655 | 25,886,103 | ||||||
Campbell Soup Co. | 447,055 | 25,723,545 | ||||||
Laboratory Corp. of America Holdings* | 183,372 | 25,699,586 | ||||||
Eli Lilly & Co. | 312,867 | 25,673,866 | ||||||
Colgate-Palmolive Co. | 356,331 | 25,670,085 | ||||||
Kimberly-Clark Corp. | 197,628 | 25,642,233 | ||||||
Clorox Co. | 191,648 | 25,621,421 | ||||||
Dr Pepper Snapple Group, Inc. | 279,328 | 25,600,411 | ||||||
Monster Beverage Corp.* | 563,735 | 25,582,294 | ||||||
Bristol-Myers Squibb Co. | 452,579 | 25,367,053 | ||||||
Procter & Gamble Co. | 289,820 | 25,309,981 | ||||||
Kellogg Co. | 355,768 | 25,259,528 | ||||||
Abbott Laboratories | 578,767 | 25,257,392 | ||||||
Robert Half International, Inc. | 547,477 | 25,211,316 | ||||||
Merck & Company, Inc. | 402,342 | 25,077,977 | ||||||
Mallinckrodt plc* | 534,414 | 25,074,705 | ||||||
Quanta Services, Inc.* | 707,422 | 25,071,036 | ||||||
Danaher Corp. | 300,756 | 25,061,997 | ||||||
General Mills, Inc. | 435,756 | 25,060,328 | ||||||
Conagra Brands, Inc. | 645,159 | 25,019,266 | ||||||
Nielsen Holdings plc | 605,520 | 24,905,038 | ||||||
Altria Group, Inc. | 345,237 | 24,781,112 | ||||||
Coty, Inc. — Class A1 | 1,385,422 | 24,729,783 | ||||||
McKesson Corp. | 178,726 | 24,716,018 | ||||||
AmerisourceBergen Corp. — Class A1 | 298,871 | 24,522,366 | ||||||
Biogen, Inc.* | 90,312 | 24,493,518 | ||||||
Express Scripts Holding Co.* | 391,208 | 23,996,699 | ||||||
JM Smucker Co. | 189,218 | 23,977,705 | ||||||
Amgen, Inc. | 145,468 | 23,757,834 | ||||||
United Rentals, Inc.* | 215,212 | 23,600,148 | ||||||
Cardinal Health, Inc. | 321,721 | 23,353,727 | ||||||
Mylan N.V.* | 608,151 | 22,714,440 | ||||||
Envision Healthcare Corp.* | 395,119 | 22,138,518 | ||||||
Incyte Corp.* | 177,305 | 22,035,465 | ||||||
Total Consumer, Non-cyclical | 2,820,237,368 | |||||||
Financial - 18.7% | ||||||||
American Tower Corp. — Class A | 232,967 | 29,339,864 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 7 |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2017 |
GUGGENHEIM S&P 500® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Digital Realty Trust, Inc.1 | 254,037 | $ | 29,173,609 | |||||
Equinix, Inc. | 69,610 | 29,076,097 | ||||||
Prologis, Inc. | 534,296 | 29,071,045 | ||||||
Essex Property Trust, Inc. | 117,992 | 28,845,505 | ||||||
Welltower, Inc.1 | 399,900 | 28,568,856 | ||||||
UDR, Inc. | 756,486 | 28,247,187 | ||||||
AvalonBay Communities, Inc. | 148,476 | 28,186,684 | ||||||
Ventas, Inc. | 436,252 | 27,924,491 | ||||||
HCP, Inc. | 886,886 | 27,803,876 | ||||||
State Street Corp. | 330,301 | 27,712,254 | ||||||
Navient Corp. | 1,822,422 | 27,700,814 | ||||||
Crown Castle International Corp. | 292,359 | 27,657,161 | ||||||
Mastercard, Inc. — Class A | 237,320 | 27,605,062 | ||||||
Aflac, Inc. | 367,419 | 27,512,335 | ||||||
Equity Residential | 425,990 | 27,510,434 | ||||||
CBOE Holdings, Inc. | 332,304 | 27,385,172 | ||||||
Willis Towers Watson plc1 | 206,227 | 27,349,825 | ||||||
Invesco Ltd. | 830,255 | 27,348,599 | ||||||
XL Group Ltd. | 652,501 | 27,307,167 | ||||||
Alexandria Real Estate Equities, Inc. | 242,566 | 27,291,100 | ||||||
Federal Realty Investment Trust | 207,853 | 27,205,879 | ||||||
Principal Financial Group, Inc. | 415,392 | 27,054,481 | ||||||
Mid-America Apartment Communities, Inc. | 271,681 | 26,953,472 | ||||||
Iron Mountain, Inc.1 | 772,823 | 26,863,327 | ||||||
Weyerhaeuser Co. | 793,085 | 26,861,789 | ||||||
Aon plc | 223,957 | 26,839,007 | ||||||
Realty Income Corp. | 459,899 | 26,835,107 | ||||||
Visa, Inc. — Class A | 294,166 | 26,833,823 | ||||||
Franklin Resources, Inc. | 619,870 | 26,722,596 | ||||||
Extra Space Storage, Inc. | 353,152 | 26,673,571 | ||||||
Affiliated Managers Group, Inc. | 161,030 | 26,664,958 | ||||||
Regency Centers Corp. | 421,760 | 26,646,797 | ||||||
Marsh & McLennan Companies, Inc. | 359,189 | 26,626,681 | ||||||
Alliance Data Systems Corp. | 106,613 | 26,613,803 | ||||||
Northern Trust Corp. | 295,562 | 26,600,580 | ||||||
Apartment Investment & Management Co. — Class A | 607,746 | 26,582,810 | ||||||
Host Hotels & Resorts, Inc.1 | 1,477,469 | 26,520,569 | ||||||
Progressive Corp. | 667,515 | 26,513,696 | ||||||
BlackRock, Inc. — Class A | 68,800 | 26,458,416 | ||||||
Intercontinental Exchange, Inc. | 438,009 | 26,368,142 | ||||||
Chubb Ltd. | 192,005 | 26,352,686 | ||||||
American Express Co. | 332,513 | 26,351,655 | ||||||
T. Rowe Price Group, Inc. | 370,859 | 26,290,195 | ||||||
Travelers Cos., Inc. | 215,423 | 26,208,362 | ||||||
Allstate Corp. | 321,682 | 26,149,529 | ||||||
Loews Corp. | 559,181 | 26,069,018 | ||||||
Arthur J Gallagher & Co. | 465,824 | 25,997,637 | ||||||
KeyCorp | 1,424,188 | 25,977,189 | ||||||
CBRE Group, Inc. — Class A* | 725,116 | 25,966,404 | ||||||
SL Green Realty Corp. | 247,421 | 25,961,886 | ||||||
Macerich Co. | 415,653 | 25,949,216 | ||||||
E*TRADE Financial Corp.* | 750,909 | 25,943,906 | ||||||
Simon Property Group, Inc. | 156,952 | 25,937,888 | ||||||
Torchmark Corp. | 337,769 | 25,910,260 | ||||||
Comerica, Inc. | 365,769 | 25,859,868 | ||||||
Bank of New York Mellon Corp. | 549,329 | 25,851,423 | ||||||
Citizens Financial Group, Inc. | 701,223 | 25,741,896 | ||||||
Hartford Financial Services Group, Inc. | 532,208 | 25,737,579 | ||||||
Cincinnati Financial Corp. | 356,812 | 25,722,577 | ||||||
Boston Properties, Inc. | 202,868 | 25,683,089 | ||||||
Nasdaq, Inc. | 371,942 | 25,615,646 | ||||||
Ameriprise Financial, Inc. | 200,314 | 25,610,145 | ||||||
Prudential Financial, Inc. | 238,260 | 25,500,968 | ||||||
Assurant, Inc. | 264,908 | 25,494,746 | ||||||
American International Group, Inc. | 418,413 | 25,485,536 | ||||||
SunTrust Banks, Inc. | 447,801 | 25,439,575 | ||||||
Citigroup, Inc. | 429,246 | 25,377,023 | ||||||
MetLife, Inc. | 488,596 | 25,314,159 | ||||||
Lincoln National Corp. | 382,475 | 25,216,577 | ||||||
JPMorgan Chase & Co. | 289,155 | 25,156,485 | ||||||
Public Storage | 119,936 | 25,112,200 | ||||||
PNC Financial Services Group, Inc. | 209,245 | 25,057,089 | ||||||
Unum Group | 540,756 | 25,053,225 | ||||||
Berkshire Hathaway, Inc. — Class B* | 150,846 | 24,921,268 | ||||||
GGP, Inc. | 1,147,995 | 24,808,172 | ||||||
Raymond James Financial, Inc. | 332,839 | 24,803,162 | ||||||
CME Group, Inc. — Class A | 213,321 | 24,785,767 | ||||||
Kimco Realty Corp. | 1,219,672 | 24,747,145 | ||||||
M&T Bank Corp. | 159,219 | 24,744,225 | ||||||
Vornado Realty Trust | 256,399 | 24,675,840 | ||||||
U.S. Bancorp | 480,407 | 24,635,271 | ||||||
Morgan Stanley | 567,735 | 24,622,667 | ||||||
People’s United Financial, Inc.1 | 1,397,118 | 24,407,651 | ||||||
Bank of America Corp. | 1,045,496 | 24,401,877 | ||||||
Wells Fargo & Co. | 449,635 | 24,208,348 | ||||||
Charles Schwab Corp. | 622,905 | 24,199,859 | ||||||
Regions Financial Corp. | 1,748,938 | 24,047,898 | ||||||
Huntington Bancshares, Inc. | 1,864,806 | 23,981,405 | ||||||
BB&T Corp. | 553,206 | 23,887,435 | ||||||
Goldman Sachs Group, Inc. | 106,534 | 23,842,309 | ||||||
Fifth Third Bancorp | 974,275 | 23,801,538 | ||||||
Zions Bancorporation | 587,708 | 23,525,951 | ||||||
Discover Financial Services | 369,986 | 23,157,424 | ||||||
Capital One Financial Corp. | 286,303 | 23,013,035 | ||||||
Synchrony Financial | 732,957 | 20,376,205 | ||||||
Total Financial | 2,501,746,730 | |||||||
Consumer, Cyclical - 14.5% | ||||||||
Wynn Resorts Ltd.1 | 265,143 | 32,615,240 | ||||||
Chipotle Mexican Grill, Inc. — Class A*,1 | 64,884 | 30,785,512 | ||||||
Best Buy Co., Inc.1 | 589,131 | 30,522,877 | ||||||
Wyndham Worldwide Corp. | 319,337 | 30,436,009 | ||||||
Darden Restaurants, Inc. | 355,912 | 30,320,143 | ||||||
Staples, Inc. | 3,048,559 | 29,784,421 | ||||||
PVH Corp. | 289,664 | 29,264,753 | ||||||
Starbucks Corp. | 485,265 | 29,145,016 | ||||||
Dollar Tree, Inc.* | 351,630 | 29,104,416 | ||||||
Royal Caribbean Cruises Ltd. | 271,407 | 28,931,986 | ||||||
McDonald’s Corp. | 206,227 | 28,857,344 | ||||||
Hanesbrands, Inc.1 | 1,321,671 | 28,825,644 | ||||||
Marriott International, Inc. — Class A | 304,704 | 28,770,152 |
8 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2017 |
GUGGENHEIM S&P 500® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Nordstrom, Inc.1 | 593,789 | $ | 28,662,195 | |||||
Carnival Corp. | 461,356 | 28,497,960 | ||||||
Gap, Inc.1 | 1,087,516 | 28,492,919 | ||||||
Leggett & Platt, Inc.1 | 540,430 | 28,394,192 | ||||||
Costco Wholesale Corp. | 159,622 | 28,336,097 | ||||||
Wal-Mart Stores, Inc. | 376,524 | 28,307,074 | ||||||
Home Depot, Inc. | 180,190 | 28,127,659 | ||||||
L Brands, Inc. | 526,069 | 27,781,704 | ||||||
Whirlpool Corp. | 148,489 | 27,571,438 | ||||||
Delphi Automotive plc | 342,373 | 27,526,789 | ||||||
LKQ Corp.* | 879,800 | 27,484,952 | ||||||
Lowe’s Cos., Inc. | 323,541 | 27,462,160 | ||||||
VF Corp.1 | 499,925 | 27,310,903 | ||||||
Tiffany & Co. | 297,539 | 27,269,450 | ||||||
CVS Health Corp. | 329,116 | 27,132,323 | ||||||
Yum! Brands, Inc. | 411,464 | 27,053,758 | ||||||
Goodyear Tire & Rubber Co.1 | 746,229 | 27,035,877 | ||||||
Mohawk Industries, Inc.* | 114,843 | 26,963,988 | ||||||
Hasbro, Inc. | 270,806 | 26,839,583 | ||||||
Walgreens Boots Alliance, Inc. | 309,018 | 26,742,418 | ||||||
Michael Kors Holdings Ltd.* | 716,261 | 26,738,023 | ||||||
BorgWarner, Inc.1 | 631,589 | 26,703,583 | ||||||
Target Corp. | 476,772 | 26,627,716 | ||||||
Southwest Airlines Co. | 473,529 | 26,621,800 | ||||||
TJX Cos., Inc. | 338,456 | 26,616,180 | ||||||
Ralph Lauren Corp. — Class A | 329,526 | 26,599,339 | ||||||
Foot Locker, Inc. | 343,696 | 26,581,449 | ||||||
Coach, Inc. | 672,122 | 26,474,886 | ||||||
Dollar General Corp. | 362,111 | 26,329,091 | ||||||
PACCAR, Inc. | 390,798 | 26,077,951 | ||||||
Genuine Parts Co. | 283,165 | 26,056,844 | ||||||
Ulta Beauty, Inc.* | 92,377 | 25,998,583 | ||||||
Newell Brands, Inc.1 | 543,692 | 25,955,856 | ||||||
NIKE, Inc. — Class B | 467,735 | 25,917,196 | ||||||
DR Horton, Inc. | 786,248 | 25,859,696 | ||||||
Bed Bath & Beyond, Inc.1 | 663,672 | 25,717,290 | ||||||
American Airlines Group, Inc.1 | 601,223 | 25,624,124 | ||||||
Ross Stores, Inc. | 394,181 | 25,621,765 | ||||||
United Continental Holdings, Inc.* | 364,871 | 25,617,593 | ||||||
PulteGroup, Inc. | 1,124,577 | 25,494,161 | ||||||
AutoZone, Inc.* | 36,822 | 25,487,820 | ||||||
Kohl’s Corp.1 | 652,345 | 25,461,025 | ||||||
Lennar Corp. — Class A | 500,641 | 25,282,371 | ||||||
Delta Air Lines, Inc. | 552,306 | 25,096,785 | ||||||
Harley-Davidson, Inc. | 440,651 | 25,033,383 | ||||||
Signet Jewelers Ltd.1 | 379,049 | 24,956,586 | ||||||
General Motors Co. | 716,640 | 24,824,409 | ||||||
AutoNation, Inc.*,1 | 588,622 | 24,722,124 | ||||||
Macy’s, Inc. | 833,950 | 24,368,019 | ||||||
Advance Auto Parts, Inc. | 171,431 | 24,367,202 | ||||||
O’Reilly Automotive, Inc.*,1 | 98,132 | 24,351,456 | ||||||
Ford Motor Co. | 2,111,846 | 24,222,874 | ||||||
CarMax, Inc.*,1 | 411,112 | 24,050,052 | ||||||
Alaska Air Group, Inc.1 | 273,890 | 23,305,300 | ||||||
Mattel, Inc. | 1,036,076 | 23,228,824 | ||||||
Fastenal Co. | 519,582 | 23,214,924 | ||||||
Tractor Supply Co. | 364,931 | 22,592,878 | ||||||
WW Grainger, Inc.1 | 107,656 | 20,745,311 | ||||||
Under Armour, Inc. — Class A*,1 | 713,060 | 15,323,659 | ||||||
Under Armour, Inc. — Class C*,1 | 717,055 | 13,918,038 | ||||||
Total Consumer, Cyclical | 1,928,143,118 | |||||||
Industrial - 13.6% | ||||||||
Ingersoll-Rand plc | 332,035 | 29,468,107 | ||||||
Caterpillar, Inc.1 | 285,938 | 29,240,020 | ||||||
Flowserve Corp.1 | 573,777 | 29,188,036 | ||||||
Masco Corp. | 777,888 | 28,797,414 | ||||||
Waters Corp.* | 168,599 | 28,643,284 | ||||||
Fortive Corp. | 452,658 | 28,635,145 | �� | |||||
Pentair plc1 | 439,091 | 28,325,760 | ||||||
PerkinElmer, Inc. | 476,004 | 28,279,398 | ||||||
Rockwell Collins, Inc. | 271,524 | 28,262,933 | ||||||
AMETEK, Inc. | 492,230 | 28,155,556 | ||||||
TransDigm Group, Inc.1 | 114,076 | 28,145,971 | ||||||
Xylem, Inc. | 546,916 | 28,116,952 | ||||||
United Technologies Corp. | 235,957 | 28,076,523 | ||||||
CSX Corp. | 552,188 | 28,073,238 | ||||||
Fortune Brands Home & Security, Inc. | 439,378 | 28,005,954 | ||||||
Allegion plc | 354,416 | 27,871,274 | ||||||
Agilent Technologies, Inc. | 506,109 | 27,861,300 | ||||||
Mettler-Toledo International, Inc.* | 54,218 | 27,836,605 | ||||||
Stanley Black & Decker, Inc. | 204,310 | 27,816,807 | ||||||
Union Pacific Corp. | 248,347 | 27,804,930 | ||||||
Corning, Inc. | 960,132 | 27,699,808 | ||||||
Eaton Corp. plc | 365,037 | 27,611,399 | ||||||
Stericycle, Inc.* | 323,400 | 27,598,956 | ||||||
Ball Corp.1 | 358,845 | 27,591,592 | ||||||
WestRock Co. | 515,107 | 27,589,131 | ||||||
Martin Marietta Materials, Inc. | 124,343 | 27,379,085 | ||||||
TE Connectivity Ltd. | 353,765 | 27,370,798 | ||||||
Boeing Co. | 148,065 | 27,366,854 | ||||||
Roper Technologies, Inc. | 124,882 | 27,311,693 | ||||||
Kansas City Southern | 303,038 | 27,294,633 | ||||||
Illinois Tool Works, Inc. | 197,443 | 27,264,904 | ||||||
Honeywell International, Inc. | 207,762 | 27,245,909 | ||||||
Dover Corp. | 344,503 | 27,174,397 | ||||||
3M Co. | 138,381 | 27,099,151 | ||||||
Amphenol Corp. — Class A | 374,117 | 27,052,400 | ||||||
Parker-Hannifin Corp. | 168,189 | 27,044,791 | ||||||
Rockwell Automation, Inc. | 171,471 | 26,980,962 | ||||||
Arconic, Inc. | 983,734 | 26,885,450 | ||||||
General Dynamics Corp. | 138,645 | 26,868,015 | ||||||
Vulcan Materials Co. | 222,267 | 26,867,635 | ||||||
Deere & Co. | 240,120 | 26,799,793 | ||||||
FLIR Systems, Inc. | 729,101 | 26,779,880 | ||||||
Emerson Electric Co. | 443,464 | 26,732,010 | ||||||
Harris Corp. | 238,605 | 26,697,513 | ||||||
Northrop Grumman Corp. | 108,347 | 26,649,028 | ||||||
L3 Technologies, Inc. | 154,962 | 26,617,823 | ||||||
Johnson Controls International plc1 | 640,169 | 26,611,825 | ||||||
Raytheon Co. | 171,404 | 26,603,615 | ||||||
United Parcel Service, Inc. — Class B | 247,284 | 26,573,139 | ||||||
Republic Services, Inc. — Class A | 420,496 | 26,487,043 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 9 |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2017 |
GUGGENHEIM S&P 500® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Lockheed Martin Corp. | 98,255 | $ | 26,474,810 | |||||
Waste Management, Inc. | 361,575 | 26,315,429 | ||||||
Cummins, Inc. | 174,230 | 26,298,276 | ||||||
Expeditors International of Washington, Inc. | 467,589 | 26,227,067 | ||||||
FedEx Corp. | 137,357 | 26,056,623 | ||||||
Snap-on, Inc. | 155,393 | 26,032,989 | ||||||
Norfolk Southern Corp. | 221,139 | 25,981,621 | ||||||
Textron, Inc. | 555,560 | 25,922,430 | ||||||
Sealed Air Corp. | 583,804 | 25,699,052 | ||||||
Jacobs Engineering Group, Inc. | 467,813 | 25,692,290 | ||||||
Garmin Ltd.1 | 502,644 | 25,554,421 | ||||||
General Electric Co. | 871,663 | 25,269,510 | ||||||
Fluor Corp. | 482,527 | 24,763,286 | ||||||
J.B. Hunt Transport Services, Inc. | 273,784 | 24,547,473 | ||||||
CH Robinson Worldwide, Inc.1 | 332,670 | 24,185,109 | ||||||
Ryder System, Inc.1 | 347,400 | 23,591,934 | ||||||
Acuity Brands, Inc.1 | 124,753 | 21,969,003 | ||||||
Total Industrial | 1,809,035,762 | |||||||
Technology - 9.2% | ||||||||
Lam Research Corp. | 218,854 | 31,701,002 | ||||||
Western Digital Corp. | 352,812 | 31,424,965 | ||||||
DXC Technology Co.* | 412,973 | 31,113,385 | ||||||
Cerner Corp.*,1 | 479,020 | 31,016,545 | ||||||
Hewlett Packard Enterprise Co. | 1,571,166 | 29,270,823 | ||||||
Adobe Systems, Inc.* | 217,959 | 29,149,837 | ||||||
Micron Technology, Inc.* | 1,050,895 | 29,078,265 | ||||||
HP, Inc. | 1,521,647 | 28,637,396 | ||||||
Red Hat, Inc.* | 321,055 | 28,278,524 | ||||||
Applied Materials, Inc. | 692,395 | 28,118,161 | ||||||
Activision Blizzard, Inc. | 537,831 | 28,101,669 | ||||||
Xilinx, Inc. | 444,356 | 28,043,307 | ||||||
Electronic Arts, Inc.* | 294,636 | 27,937,386 | ||||||
Oracle Corp. | 619,994 | 27,874,931 | ||||||
Microsoft Corp. | 406,498 | 27,828,853 | ||||||
KLA-Tencor Corp. | 283,204 | 27,816,297 | ||||||
NVIDIA Corp. | 266,278 | 27,772,795 | ||||||
Autodesk, Inc.* | 306,485 | 27,605,104 | ||||||
Apple, Inc. | 189,701 | 27,250,549 | ||||||
salesforce.com, Inc.* | 316,057 | 27,218,829 | ||||||
Synopsys, Inc.* | 367,461 | 27,081,876 | ||||||
CSRA, Inc. | 931,077 | 27,075,719 | ||||||
Cognizant Technology Solutions Corp. — Class A* | 449,350 | 27,064,351 | ||||||
Fidelity National Information Services, Inc. | 320,990 | 27,024,149 | ||||||
Microchip Technology, Inc.1 | 356,917 | 26,975,787 | ||||||
Citrix Systems, Inc.* | 332,714 | 26,929,871 | ||||||
Qorvo, Inc.*,1 | 394,290 | 26,823,548 | ||||||
Skyworks Solutions, Inc. | 268,829 | 26,813,004 | ||||||
Fiserv, Inc.* | 225,053 | 26,812,814 | ||||||
CA, Inc. | 816,710 | 26,812,589 | ||||||
Intel Corp. | 734,986 | 26,569,744 | ||||||
Intuit, Inc. | 211,785 | 26,517,600 | ||||||
Texas Instruments, Inc. | 329,407 | 26,082,446 | ||||||
Xerox Corp. | 3,595,318 | 25,850,336 | ||||||
Accenture plc — Class A | 212,982 | 25,834,717 | ||||||
Broadcom Ltd. | 116,601 | 25,746,667 | ||||||
Advanced Micro Devices, Inc.*,1 | 1,902,335 | 25,301,056 | ||||||
Akamai Technologies, Inc.* | 412,033 | 25,109,291 | ||||||
Paychex, Inc. | 423,126 | 25,082,909 | ||||||
NetApp, Inc. | 626,186 | 24,953,512 | ||||||
Teradata Corp.*,1 | 843,251 | 24,606,064 | ||||||
Analog Devices, Inc. | 321,094 | 24,467,363 | ||||||
QUALCOMM, Inc. | 450,105 | 24,188,643 | ||||||
International Business Machines Corp. | 148,424 | 23,790,883 | ||||||
Seagate Technology plc1 | 558,254 | 23,519,241 | ||||||
Total Technology | 1,222,272,803 | |||||||
Communications - 6.7% | ||||||||
CenturyLink, Inc.1 | 1,140,611 | 29,279,484 | ||||||
Amazon.com, Inc.* | 30,976 | 28,652,490 | ||||||
Facebook, Inc. — Class A* | 190,171 | 28,573,193 | ||||||
Netflix, Inc.* | 187,332 | 28,511,930 | ||||||
Level 3 Communications, Inc.* | 467,409 | 28,399,771 | ||||||
Juniper Networks, Inc. | 942,301 | 28,334,991 | ||||||
Charter Communications, Inc. — Class A* | 81,588 | 28,160,915 | ||||||
Expedia, Inc. | 209,883 | 28,065,554 | ||||||
Symantec Corp. | 881,170 | 27,871,408 | ||||||
Priceline Group, Inc.* | 15,083 | 27,855,586 | ||||||
Comcast Corp. — Class A | 707,239 | 27,716,696 | ||||||
Yahoo!, Inc.* | 574,025 | 27,673,745 | ||||||
Motorola Solutions, Inc. | 321,486 | 27,638,151 | ||||||
Walt Disney Co. | 238,564 | 27,577,999 | ||||||
DISH Network Corp. — Class A* | 426,454 | 27,480,696 | ||||||
VeriSign, Inc.*,1 | 308,769 | 27,455,739 | ||||||
TripAdvisor, Inc.*,1 | 605,365 | 27,247,479 | ||||||
eBay, Inc.* | 798,716 | 26,685,102 | ||||||
Time Warner, Inc. | 267,673 | 26,571,899 | ||||||
Cisco Systems, Inc. | 772,373 | 26,314,748 | ||||||
CBS Corp. — Class B | 391,551 | 26,061,634 | ||||||
Viacom, Inc. — Class B | 605,110 | 25,753,482 | ||||||
Interpublic Group of Cos., Inc.1 | 1,092,095 | 25,740,679 | ||||||
Omnicom Group, Inc.1 | 312,397 | 25,654,042 | ||||||
TEGNA, Inc. | 1,006,243 | 25,639,072 | ||||||
Scripps Networks Interactive, Inc. — Class A | 332,552 | 24,848,285 | ||||||
AT&T, Inc. | 623,230 | 24,698,605 | ||||||
Verizon Communications, Inc. | 534,832 | 24,554,137 | ||||||
F5 Networks, Inc.* | 180,873 | 23,356,130 | ||||||
News Corp. — Class A | 1,614,077 | 20,531,059 | ||||||
Twenty-First Century Fox, Inc. — Class A | 596,880 | 18,228,715 | ||||||
Discovery Communications, Inc. — Class C* | 573,223 | 16,038,780 | ||||||
Alphabet, Inc. — Class A* | 15,493 | 14,323,588 | ||||||
Alphabet, Inc. — Class C* | 15,533 | 14,072,277 | ||||||
Discovery Communications, Inc. — Class A*,1 | 394,820 | 11,362,920 | ||||||
Twenty-First Century Fox, Inc. — Class B | 274,592 | 8,199,317 | ||||||
News Corp. — Class B | 506,184 | 6,580,392 | ||||||
Total Communications | 891,710,690 |
10 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2017 |
GUGGENHEIM S&P 500® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Energy - 6.6% | ||||||||
Williams Companies, Inc. | 912,651 | $ | 27,954,501 | |||||
Baker Hughes, Inc. | 470,169 | 27,913,933 | ||||||
ConocoPhillips | 577,919 | 27,688,098 | ||||||
Hess Corp.1 | 556,591 | 27,178,339 | ||||||
Cabot Oil & Gas Corp. — Class A | 1,165,182 | 27,078,830 | ||||||
Chesapeake Energy Corp.*,1 | 5,138,163 | 27,026,737 | ||||||
Marathon Petroleum Corp. | 529,259 | 26,960,453 | ||||||
Equities Corp. | 462,398 | 26,883,820 | ||||||
Phillips 66 | 335,546 | 26,696,040 | ||||||
Newfield Exploration Co.* | 769,281 | 26,632,508 | ||||||
Concho Resources, Inc.* | 208,848 | 26,452,688 | ||||||
Exxon Mobil Corp. | 323,424 | 26,407,570 | ||||||
Murphy Oil Corp.1 | 993,355 | 26,006,034 | ||||||
Occidental Petroleum Corp. | 421,617 | 25,946,310 | ||||||
Devon Energy Corp. | 655,588 | 25,889,170 | ||||||
Cimarex Energy Co. | 221,380 | 25,830,618 | ||||||
EOG Resources, Inc. | 278,441 | 25,755,793 | ||||||
Tesoro Corp. | 322,073 | 25,672,439 | ||||||
Valero Energy Corp. | 396,476 | 25,616,314 | ||||||
Apache Corp. | 525,468 | 25,558,764 | ||||||
ONEOK, Inc.1 | 485,809 | 25,558,411 | ||||||
Chevron Corp. | 238,632 | 25,462,034 | ||||||
Range Resources Corp. | 958,743 | 25,397,102 | ||||||
Kinder Morgan, Inc. | 1,230,767 | 25,390,723 | ||||||
TechnipFMC plc* | 832,605 | 25,086,389 | ||||||
Noble Energy, Inc. | 774,699 | 25,046,019 | ||||||
Pioneer Natural Resources Co. | 142,891 | 24,718,714 | ||||||
National Oilwell Varco, Inc. | 699,300 | 24,454,521 | ||||||
Marathon Oil Corp. | 1,637,469 | 24,349,164 | ||||||
Schlumberger Ltd. | 335,430 | 24,348,864 | ||||||
Anadarko Petroleum Corp. | 426,473 | 24,317,490 | ||||||
Transocean Ltd.*,1 | 2,158,365 | 23,806,766 | ||||||
Halliburton Co. | 518,441 | 23,786,073 | ||||||
Helmerich & Payne, Inc.1 | 392,176 | 23,781,553 | ||||||
Total Energy | 876,652,782 | |||||||
Utilities - 5.7% | ||||||||
PPL Corp. | 728,566 | 27,765,650 | ||||||
American Water Works Co., Inc. | 347,658 | 27,729,202 | ||||||
Consolidated Edison, Inc.1 | 347,384 | 27,540,604 | ||||||
DTE Energy Co. | 263,257 | 27,534,050 | ||||||
Pinnacle West Capital Corp. | 323,414 | 27,519,297 | ||||||
NiSource, Inc. | 1,131,340 | 27,434,996 | ||||||
Xcel Energy, Inc. | 608,312 | 27,404,456 | ||||||
American Electric Power Company, Inc. | 403,581 | 27,374,899 | ||||||
Entergy Corp. | 358,580 | 27,345,311 | ||||||
Sempra Energy | 241,872 | 27,336,373 | ||||||
Eversource Energy | 458,526 | 27,236,444 | ||||||
CMS Energy Corp. | 599,487 | 27,216,710 | ||||||
WEC Energy Group, Inc. | 449,493 | 27,203,316 | ||||||
CenterPoint Energy, Inc. | 952,497 | 27,174,739 | ||||||
NextEra Energy, Inc. | 203,449 | 27,172,648 | ||||||
Dominion Resources, Inc. | 349,690 | 27,076,497 | ||||||
PG&E Corp. | 403,181 | 27,033,286 | ||||||
Duke Energy Corp. | 327,306 | 27,002,745 | ||||||
Alliant Energy Corp. | 683,619 | 26,879,899 | ||||||
Ameren Corp. | 491,021 | 26,853,938 | ||||||
Edison International | 335,757 | 26,850,487 | ||||||
AES Corp. | 2,373,233 | 26,841,265 | ||||||
Southern Co. | 531,823 | 26,484,785 | ||||||
Public Service Enterprise Group, Inc. | 594,050 | 26,167,903 | ||||||
SCANA Corp. | 391,486 | 25,959,437 | ||||||
Exelon Corp. | 733,774 | 25,410,594 | ||||||
FirstEnergy Corp. | 844,330 | 25,279,240 | ||||||
NRG Energy, Inc. | 1,481,610 | 25,039,209 | ||||||
Total Utilities | 753,867,980 | |||||||
Basic Materials - 3.7% | ||||||||
FMC Corp. | 439,521 | 32,186,123 | ||||||
International Flavors & Fragrances, Inc. | 210,587 | 29,185,252 | ||||||
PPG Industries, Inc. | 259,191 | 28,469,539 | ||||||
Sherwin-Williams Co. | 84,623 | 28,321,626 | ||||||
Praxair, Inc. | 225,680 | 28,205,486 | ||||||
International Paper Co. | 520,588 | 28,096,134 | ||||||
Albemarle Corp. | 256,145 | 27,896,752 | ||||||
Freeport-McMoRan, Inc.* | 2,139,167 | 27,274,379 | ||||||
Eastman Chemical Co. | 340,865 | 27,183,984 | ||||||
Newmont Mining Corp. | 801,273 | 27,091,040 | ||||||
Monsanto Co. | 231,396 | 26,983,088 | ||||||
Air Products & Chemicals, Inc. | 190,197 | 26,722,679 | ||||||
Nucor Corp. | 435,404 | 26,703,327 | ||||||
EI du Pont de Nemours & Co. | 326,432 | 26,032,952 | ||||||
Dow Chemical Co. | 414,494 | 26,030,223 | ||||||
LyondellBasell Industries N.V. — Class A | 294,702 | 24,978,942 | ||||||
Mosaic Co. | 904,203 | 24,350,187 | ||||||
CF Industries Holdings, Inc.1 | 897,145 | 23,989,657 | ||||||
Total Basic Materials | 489,701,370 | |||||||
Diversified - 0.2% | ||||||||
Leucadia National Corp. | 989,213 | 25,116,118 | ||||||
Total Common Stocks | ||||||||
(Cost 11,415,996,342) | 13,318,484,721 | |||||||
SHORT-TERM INVESTMENTS† - 0.1% | ||||||||
Federated U.S. Treasury Cash Reserve Fund — Institutional Shares, 0.53%2 | 17,317,505 | 17,317,505 | ||||||
Total Short-Term Investments | ||||||||
(Cost 17,317,505) | 17,317,505 | |||||||
Face | ||||||||
SECURITIES LENDING COLLATERAL††,3 - 2.2% | ||||||||
Joint Repurchase Agreements | ||||||||
Citigroup Global Markets, Inc. | $ | 69,428,044 | 69,428,044 | |||||
RBC Dominion Securities, Inc. | 69,428,044 | 69,428,044 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 11 |
SCHEDULE OF INVESTMENTS (Unaudited)(concluded) | April 30, 2017 |
GUGGENHEIM S&P 500® EQUAL WEIGHT ETF |
Face | Value | |||||||
Merrill Lynch, Pierce, | $ | 69,428,044 | $ | 69,428,044 | ||||
State of Wisconsin Investment Board | 63,252,855 | 63,252,855 | ||||||
Royal Bank of Scotland Group | 26,749,375 | 26,749,375 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $298,286,362) | 298,286,362 | |||||||
Total Investments - 102.3% | ||||||||
(Cost $11,731,600,209) | $ | 13,634,088,588 | ||||||
Other Assets & Liabilities, net - (2.3)% | (307,389,541 | ) | ||||||
Total Net Assets - 100.0% | $ | 13,326,699,047 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 4. |
†† | Value determined based on Level 2 inputs — See Note 4. |
1 | All or portion of this security is on loan at April 30, 2017 — See Note 5. |
2 | Rate indicated is the 7 day yield as of April 30, 2017. |
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, 2017 (See Note 4 in the Notes to Financial Statements):
Investments in Securities (Assets) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 13,318,484,721 | $ | — | $ | — | $ | 13,318,484,721 | ||||||||
Securities Lending Collateral | — | 298,286,362 | — | 298,286,362 | ||||||||||||
Short-Term Investments | 17,317,505 | — | — | 17,317,505 | ||||||||||||
Total Assets | $ | 13,335,802,226 | $ | 298,286,362 | $ | — | $ | 13,634,088,588 |
Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the previous fiscal period.
For the period ended April 30, 2017, 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, 2017 |
Guggenheim S&P 500® Equal Weight ETF | ||||
Assets: | ||||
Investments, at value — including $750,011,133 of securities loaned | $ | 13,335,802,226 | ||
Repurchase agreements, at value | 298,286,362 | |||
Total Investments* | 13,634,088,588 | |||
Cash | 43 | |||
Receivables: | ||||
Fund shares sold | 146,379 | |||
Securities lending | 145,188 | |||
Dividends and interest | 9,098,089 | |||
Total assets | 13,643,478,287 | |||
Liabilities: | ||||
Payable upon return of securities loaned | 298,286,362 | |||
Payable for: | ||||
Investments purchased | 14,042,447 | |||
Fund shares redeemed | 121,534 | |||
Management fees | 4,328,497 | |||
Due to custodian | 400 | |||
Total liabilities | 316,779,240 | |||
Commitments and contingent liabilities (Note 8) | — | |||
Net assets | $ | 13,326,699,047 | ||
Net assets consist of: | ||||
Paid-in capital | $ | 11,926,798,366 | ||
Undistributed net investment income | 30,117,800 | |||
Accumulated net realized loss on investments | (532,705,498 | ) | ||
Net unrealized appreciation on investments | 1,902,488,379 | |||
Net assets | $ | 13,326,699,047 | ||
Shares outstanding (unlimited shares authorized), no par value | 145,802,663 | |||
Net asset value, offering price and repurchase price per share | $ | 91.40 | ||
Cost of investments | $ | 11,433,313,847 | ||
Cost of repurchase agreements | 298,286,362 | |||
*Total cost of investments | $ | 11,731,600,209 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 13 |
STATEMENT OF OPERATIONS (Unaudited) |
|
For the Six Months Ended April 30, 2017
Guggenheim S&P 500® Equal Weight ETF | ||||
Investment Income: | ||||
Dividends | $ | 110,116,367 | ||
Income from securities lending | 855,523 | |||
Interest | 25,249 | |||
Total investment income | 110,997,139 | |||
Expenses: | ||||
Management fees | 24,203,853 | |||
Total expenses | 24,203,853 | |||
Net investment income | 86,793,286 | |||
Net Realized and Unrealized Gain (Loss): | ||||
Net realized gain (loss) on: | ||||
Investments | (80,598,185 | ) | ||
In-kind redemptions | 244,399,190 | |||
Net realized gain | 163,801,005 | |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments | 1,113,652,454 | |||
Net realized and unrealized gain | 1,277,453,459 | |||
Net increase in net assets resulting from operations | $ | 1,364,246,745 |
14 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
STATEMENTS OF CHANGES IN NET ASSETS |
|
Guggenheim S&P 500® | ||||||||
Period Ended | Year Ended | |||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||
Net investment income | $ | 86,793,286 | $ | 156,258,494 | ||||
Net realized gain on investments | 163,801,005 | 171,437,421 | ||||||
Net change in unrealized appreciation (depreciation) on investments | 1,113,652,454 | 52,138,821 | ||||||
Net increase in net assets resulting from operations | 1,364,246,745 | 379,834,736 | ||||||
Distributions to shareholders from: | ||||||||
Net investment income | (71,165,697 | ) | (147,336,657 | ) | ||||
Shareholder transactions: | ||||||||
Proceeds from shares purchased | 2,767,492,792 | 1,891,999,471 | ||||||
Cost of shares redeemed | (693,545,411 | ) | (1,964,368,770 | ) | ||||
Net increase (decrease) in net assets resulting from share transactions | 2,073,947,381 | (72,369,299 | ) | |||||
Net increase in net assets | 3,367,028,429 | 160,128,780 | ||||||
Net assets: | ||||||||
Beginning of period | 9,959,670,618 | 9,799,541,838 | ||||||
End of period | $ | 13,326,699,047 | $ | 9,959,670,618 | ||||
Undistributed net investment income at end of period | $ | 30,117,800 | $ | 14,490,211 | ||||
Changes in shares outstanding: | ||||||||
Shares sold | 31,550,000 | 23,893,800 | ||||||
Shares redeemed | (7,850,000 | ) | (26,300,000 | ) | ||||
Net increase (decrease) in shares | 23,700,000 | (2,406,200 | ) |
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 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 81.57 | $ | 78.71 | $ | 78.08 | $ | 67.94 | $ | 51.76 | $ | 46.77 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)a | 0.63 | 1.31 | 1.22 | 1.09 | 0.99 | 0.80 | ||||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | 9.70 | 2.78 | 0.71 | 10.13 | 16.13 | 4.97 | ||||||||||||||||||
Total from investment operations | 10.33 | 4.09 | 1.93 | 11.22 | 17.12 | 5.77 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.50 | ) | (1.23 | ) | (1.30 | ) | (1.08 | ) | (0.94 | ) | (0.78 | ) | ||||||||||||
Total distributions to shareholders | (0.50 | ) | (1.23 | ) | (1.30 | ) | (1.08 | ) | (0.94 | ) | (0.78 | ) | ||||||||||||
Net asset value, end of period | $ | 91.40 | $ | 81.57 | $ | 78.71 | $ | 78.08 | $ | 67.94 | $ | 51.76 | ||||||||||||
Total Returnb | 12.67 | % | 5.24 | % | 2.49 | % | 16.60 | % | 33.36 | % | 12.42 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 13,326,699 | $ | 9,959,671 | $ | 9,799,542 | $ | 8,976,197 | $ | 5,663,772 | $ | 2,772,440 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Net investment income (loss) | 1.43 | %c | 1.66 | % | 1.53 | % | 1.48 | % | 1.64 | % | 1.61 | % | ||||||||||||
Total expenses | 0.40 | %c | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | ||||||||||||
Portfolio turnover rated | 11 | % | 22 | % | 22 | % | 18 | % | 37 | % | 20 | % |
a | Based on average shares outstanding. |
b | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. |
c | Annualized. |
d | Portfolio turnover does not include securities received or delivered from processing creations or redemptions. |
16 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
NOTES TO FINANCIAL STATEMENTS (Unaudited) |
1. Organization and Significant Accounting Policies
Organization
Rydex ETF Trust (the “Trust”) is registered with the SEC under the Investment Company Act of 1940 (the “1940 Act”), as 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, 2017, the Trust consisted of twenty-two 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. Guggenheim Funds Distributors, LLC (“GFD”) acts as principal underwriter for the Trust. GI 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, 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.
The NAV of a fund is calculated by dividing the market value of the fund’s securities and other assets, less all liabilities, by the number of outstanding shares of the fund.
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 and/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, to 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 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
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 17 |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued) |
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 using methods established or ratified by the Board. 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 market prices; sale prices; broker quotes; and models which derive prices based on inputs such as prices of securities with comparable maturities and characteristics, or based on inputs such as anticipated cash flows or collateral, spread over Treasuries, and other information analysis.
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 0.83% at April 30, 2017.
E. The Fund may enter into repurchase agreements with financial institutions. In a repurchase agreement, a Fund buys a security and the seller simultaneously agrees to repurchase the security on a specified future date at an agreed-upon price. The repurchase price reflects an agreed-upon interest rate during the time the Fund’s money is invested in the security. Because the security constitutes collateral for the repurchase obligation, a repurchase agreement can be considered a collateralized loan. The Fund follows certain procedures designed to minimize the risks inherent in such agreements. These procedures include effecting repurchase transactions only with large, well-capitalized and well-established financial institutions whose condition will be continually monitored by GI. In addition, the value of the collateral underlying the repurchase agreement will always be at least equal to the repurchase price, including any accrued interest earned on the repurchase agreement. In the event of a default or bankruptcy by a selling financial institution, the Fund will seek to liquidate such collateral. However, the exercising of the Fund’s right to liquidate such collateral could involve certain costs or delays and, to the extent that proceeds from any sale upon a default of the obligation to repurchase were less than the repurchase price, the Fund could suffer a loss. It is the current policy of the Fund not to invest in repurchase agreements that do not mature within seven days if any such investment, together with any other illiquid assets held by the Fund, amounts to more than 15% of Fund’s net assets. The investments of the Fund in repurchase agreements, at times, may be substantial when, in the view of GI, liquidity or other considerations so warrant.
F. Under the Fund's organizational documents, its Trustees and Officers are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, throughout the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties which provide general indemnifications. The Fund's maximum 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, MUFG Investor Services (US), LLC (“MUIS”) provides various administrative and financial reporting services for the Fund. GI compensates MUIS 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 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
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
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 19 |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued) |
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, 2017, the Fund participated in securities lending transactions, which are subject to enforceable netting arrangements, as follows:
Gross Amounts Not Offset in the Statement of Assets and Liabilities | Securities Lending Collateral | |||||||||||||||||||||||
Fund | Value of Securities | Collateral Receiveda | Net | Cash | Non-Cash | Total | ||||||||||||||||||
Guggenheim S&P 500® Equal Weight ETF | $ | 750,011,133 | $ | (750,011,133 | ) | $ | — | $ | 298,286,362 | $ | 477,725,524 | $ | 776,011,886 |
a | Actual collateral received by the Fund is greater than the amount shown due to over collateralization. |
The following represents a breakdown of the collateral for the joint repurchase agreements at April 30, 2017:
Counterparty and | Face Value | Repurchase Price | Collateral | Par Value | Fair Value | ||||||||||||
Citigroup Global Markets, Inc. | Various U.S. Government obligations and | ||||||||||||||||
0.82% | U.S. Government | ||||||||||||||||
Due 05/01/17 | $ | 69,428,044 | $ | 69,428,044 | agency securities | $ | 934,079,680 | $ | 70,816,605 | ||||||||
RBC Dominion Securities, Inc. | Various U.S. Government obligations and | ||||||||||||||||
0.81% | U.S. Government | ||||||||||||||||
Due 05/01/17 | 69,428,044 | 69,428,044 | agency securities | 114,155,358 | 70,816,605 | ||||||||||||
Merrill Lynch, Pierce, Fenner & Smith, Inc. | Various U.S. Government obligations and | ||||||||||||||||
0.81% | U.S. Government | ||||||||||||||||
Due 05/01/17 | 69,428,044 | 69,428,044 | agency securities | 130,493,314 | 70,816,605 | ||||||||||||
State of Wisconsin Investment Board | Various U.S. Government obligations and | ||||||||||||||||
1.00% | U.S. Government | ||||||||||||||||
Due 05/01/17 | 63,252,855 | 63,252,855 | agency securities | 57,852,655 | 64,634,850 | ||||||||||||
Royal Bank of Scotland Group | Various U.S. Government obligations and | ||||||||||||||||
0.80% | U.S. Government | ||||||||||||||||
Due 05/01/17 | 26,749,375 | 26,749,375 | agency securities | 27,548,379 | 27,284,477 |
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.
20 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued) |
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, 2017, 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 | Tax | Tax | Net | ||||||||||||
Guggenheim S&P 500® Equal Weight ETF | $ | 11,753,071,064 | $ | 2,325,631,788 | $ | (444,614,264 | ) | $ | 1,881,017,524 |
7. Investment Transactions
For the period ended April 30, 2017, the Fund had investments transactions in-kind associated with subscriptions and redemptions as follows:
Fund | Subscriptions | Redemptions | ||||||
Guggenheim S&P 500® Equal Weight ETF | $ | 2,750,754,190 | $ | 689,726,002 |
For the period ended April 30, 2017, 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 | $ | 1,419,576,680 | $ | 1,372,122,450 |
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 by certain series of the Rydex ETF Trust of shares 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, Tribune insiders and shareholders were overpaid for their Tribune stock using financing that the insiders knew would, and ultimately did, leave Tribune 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. 12-0063 (S.D.N.Y.). In the SLCFC actions, the creditors seek to recover from Tribune’s former shareholders the proceeds received in connection with the 2007 LBO.
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 21 |
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. On January 6, 2017, the United States District Court for the Southern District of New York granted the shareholder defendants’ motion to dismiss the intentional fraudulent conveyance claim in the FitzSimons action. In dismissing the intentional fraudulent conveyance claim, the Court denied the plaintiff’s request to amend the complaint. The plaintiff requested that the Court direct entry of a final judgment in order to make the order immediately appealable. On February 23, 2017, the Court issued an order stating that it intends to permit an interlocutory appeal of the dismissal order, but will wait to do so until it has resolved outstanding motions to dismiss filed by other defendants. Accordingly, the timing of the appeal is uncertain.
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. On April 12, 2016, the plaintiffs in the SLCFC actions filed a petition seeking rehearing en banc before the appeals court. On July 22, 2016, the appeals court denied the petition. On September 9, 2016, the plaintiffs filed a petition for writ of certiorari in the U.S. Supreme Court challenging the Second Circuit’s decision that the safe harbor of Section 546(e) applied to their claims. The shareholder defendants, including the Rydex ETF Trust, filed a joint brief in opposition to the petition for writ of certiorari on October 24, 2016. The plaintiffs filed a reply in support of the petition on November 4, 2016. The Supreme Court has not yet granted or denied the petition for certiorari.
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.
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 https://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 https://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 https://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 | Principal Occupation(s) | Number of | Other |
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). | 230 | Clear Spring Life Insurance Company (2015-present); Guggenheim Partners Japan, Ltd. (2014-present); Guggenheim Partners Investment Management Holdings, LLC (2014-present); Delaware Life (2013-present); Guggenheim Life and Annuity Company (2011-present); Paragon Life Insurance Company of Indiana (2011-present). |
INDEPENDENT TRUSTEES | ||||
Angela Brock-Kyle***** | Trustee from August 2016 to present. | Current: Founder and Chief Executive Officer, B.O.A.R.D.S (consulting firm)
Former: Senior Leader, TIAA (financial services firm) (1987-2012). | 135 | Infinity Property & Casualty Corporation (2014-present). |
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. | 135 | 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. | 135 | Epiphany Funds (4) (2009-present). |
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 | Principal Occupation(s) | Number of | Other |
INDEPENDENT TRUSTEES - concluded | ||||
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. | 135 | None. |
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). | 135 | 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). | 135 | 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). | 135 | None. |
Sandra G. Sponem***** (1958) | Trustee from August 2016 to present. | Current: Senior Vice President and Chief Financial Officer, M.A. Mortenson Companies, Inc. (general contracting firm) (2007-present). | 135 | None. |
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 25 |
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued) |
Name, Address* | Position(s) Held with the | Principal Occupation(s) |
OFFICERS | ||
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. |
Joanna M. Catalucci | AML Officer (2016-present) | Current: Chief Compliance Officer, certain funds in the Fund Complex (2012-present); Senior Managing Director, Guggenheim Investments (2014-present); AML Officer, certain funds in the Fund Complex (2016-present).
Former: Chief Compliance Officer and Secretary, certain other funds in the Fund Complex (2008-2012); Senior Vice President & Chief Compliance Officer, Security Investors, LLC and certain affiliates (2010-2012); Chief Compliance Officer and Senior Vice President, Rydex Advisors, LLC and certain affiliates (2010-2011). |
James M. Howley (1972) | Assistant Treasurer (2016-present) | Current: Managing Director, Guggenheim Investments (2004-present); Assistant Treasurer, certain other funds in the Fund Complex (2006-present).
Former: Manager, Mutual Fund Administration of Van Kampen Investments, Inc. (1996-2004). |
Keith D. Kemp (1960) | Assistant Treasurer (2016-present) | Current: Treasurer and Assistant Treasurer, certain other funds in the Fund Complex (2010-present); Managing Director of Guggenheim Partners Investment Management, LLC (2015-present); Chief Financial Officer, Guggenheim Specialized Products, LLC (2016-present).
Former: Managing Director and Director, Transparent Value, LLC (2010-2016); Director, Guggenheim Partners Investment Management, LLC (2010-2015); Chief Operating Officer, Macquarie Capital Investment Management (2007-2009). |
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).
|
Glenn McWhinnie (1969) | Assistant Treasurer (2016-present) | Current: Vice President, Guggenheim Investments (2009-present).
Former: Tax Compliance Manager, Ernst & Young LLP (1996-2009). |
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). |
26 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(concluded) |
Name, Address* | Position(s) Held with the | Principal Occupation(s) |
OFFICERS - concluded | ||
Adam J. Nelson (1979) | Assistant Treasurer (2016-present) | Current: Vice President, Guggenheim Investments (2015-present); Assistant Treasurer, certain other funds in the Fund Complex (2015-present).
Former: Assistant Vice President and Fund Administration Director, State Street Corporation (2013-2015); Fund Administration Assistant Director, State Street (2011-2013); Fund Administration Manager, State Street (2009-2011). |
Kimberly J. Scott (1974) | Assistant Treasurer (2016-present) | Current: Director, Guggenheim Investments (2012-present); Assistant Treasurer, certain other funds in the Fund Complex (2012-present).
Former: Financial Reporting Manager, Invesco, Ltd. (2010-2011); Vice President/Assistant Treasurer, Mutual Fund Administration for Van Kampen Investments, Inc./Morgan Stanley Investment Management (2009-2010); Manager of Mutual Fund Administration, Van Kampen Investments, Inc./Morgan Stanley Investment Management (2005-2009). |
John L. Sullivan (1955) | Chief Financial Officer and Treasurer (2016-present) | Current: CFO, Chief Accounting Officer and Treasurer, certain other funds in the Fund Complex (2010-present); Senior Managing Director, Guggenheim Investments (2010-present).
Former: Managing Director and CCO, each of the funds in the Van Kampen Investments fund complex (2004-2010); Managing Director and Head of Fund Accounting and Administration, Morgan Stanley Investment Management (2002-2004); CFO and Treasurer, Van Kampen Funds (1996-2004). |
* | All Trustees and Officers may be reached c/o Guggenheim Investments, 227 West Monroe Street, Chicago, Illinois 60606. |
** | 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. |
**** | Certain of the Trustees may serve as directors on the boards of companies not required to be disclosed above, including certain non-profit companies and charitable foundations. |
***** | Mses. Brock-Kyle and Sponem commenced serving as independent Trustees effective August 18, 2016. |
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 27 |
GUGGENHEIM INVESTMENTS PRIVACY POLICIES (Unaudited) |
Guggenheim Investments as used herein refers to Guggenheim Partners, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Investment Management, LLC, Guggenheim Funds Distributors, LLC and Security Investors, LLC as well as the funds in the Guggenheim Funds complex (the “funds”).
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 personal information about you, we hold ourselves to high standards in its safekeeping and use. This means, most importantly, that we do not sell client or account information to anyone—whether you are a current or former Guggenheim Investments client.
The Information We Collect About You and How We Collect It
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 Funds or one of the Guggenheim affiliated companies. “Nonpublic personal information” is personally identifiable information about you. For example it includes 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 Share Your Personal Information
As a matter of policy, we do not disclose your nonpublic personal information to nonaffiliated third parties except as required or permitted by law. 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 your personal 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. In connection with servicing your accounts or 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 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 personal 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 share personal information about you if we are compelled by law to do so, if you direct us to do so with your consent, or in other circumstances as permitted by law.
How We Safeguard Your Personal Information
We maintain physical, electronic and procedural safeguards to protect your personal information. Within Guggenheim Investments, access to such information is limited to those who need it to perform their jobs such as servicing your account, resolving problems or informing you of new products and services.
28 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
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(Registrant) | Rydex ETF Trust | ||
By (Signature and Title)* | /s/ Donald C. Cacciapaglia | ||
Donald C. Cacciapaglia, President | |||
Date | July 7, 2017 |
By (Signature and Title)* | /s/ Donald C. Cacciapaglia | ||
Donald C. Cacciapaglia, President | |||
Date | July 7, 2017 | ||
By (Signature and Title)* | /s/ John L. Sullivan | ||
John L. Sullivan, Chief Financial Officer and Treasurer | |||
Date | July 7, 2017 |
* | Print the name and title of each signing officer under his or her signature. |