EXHIBIT 3.3


                              DORSEY & WHITNEY LLP
                               COUNSELORS AT LAW
                                250 Park Avenue
                               New York, NY 10177
                              Writer's Direct Dial
                                 (212) 415-9286
                              Fax: (212) 953-7201


                                 June 11, 2014


The Bank of New York Mellon, as Trustee of
Guggenheim Defined Portfolios, Series 1186
BULLETSHARES HIGH YIELD LOW DURATION 2016-2019
   BOND LADDER PORTFOLIO OF ETFS, SERIES 4
2 Hanson Place
Brooklyn, New York 11217


Ladies and Gentlemen:

      We are acting as your counsel in connection with the execution and
delivery by you of a certain Reference Trust Agreement (the "Trust Agreement"),
dated as of today's date between Guggenheim Funds Distributors, LLC, as
Depositor (the "Depositor"), and you, as Trustee, establishing Guggenheim
Defined Portfolios, Series 1186, BULLETSHARES HIGH YIELD LOW DURATION 2016-2019
BOND LADDER PORTFOLIO OF ETFS, SERIES 4 (the "Trust"), and the execution by you,
as Trustee under the Trust Agreement, of receipts for units evidencing ownership
of all of the units of fractional undivided interest (such receipts for units
and such aggregate units being herein respectively called "Receipts for Units"
and "Units") in the Trust, as set forth in the prospectus (the "Prospectus"),
included in the registration statement on Form S-6, as amended to the date
hereof (the "Registration Statement"), relating to the Trust. The Trust consist
of equity and/or debt securities (the "Securities") (including delivery
statements relating to contracts for the purchase of certain Securities not yet
delivered and cash, cash equivalents or an irrevocable letter or letters of
credit, or a combination thereof, in the amount required to pay for such
purchases upon the receipt of such Securities) as listed under "Portfolio" in
the Prospectus (such Securities, delivery statements and cash, cash equivalents,
letter or letters of credit being herein called the "Portfolio Assets").

      We have examined the Trust Agreement, and originals (or copies certified
or otherwise identified to our satisfaction) of such other instruments,
certificates and documents as we have deemed necessary or appropriate for the
purpose of rendering this opinion. In such examination, we have assumed the
genuineness of all signatures, the authenticity of all documents submitted to us
as originals and the conformity to the original documents of all documents
submitted to us as copies. As to any facts material to our opinion, we have,
when relevant facts were not independently established, relied upon the
aforesaid instruments, certificates and documents.

      Based on the foregoing, we are of the opinion that:

      1. The Bank of New York Mellon is a corporation organized under the laws
of the State of New York with the powers of a trust company under the Banking
Law of the State of New York.

      2. The Trust Agreement is in proper form for execution and delivery by
you, as Trustee, and each has been duly executed and delivered by you, as
Trustee, and assuming due authorization, execution and delivery by the
Depositor, the Trust Agreement is a valid and legally binding obligation of The
Bank of New York Mellon.

      3. The Receipts for Units are in proper form for execution by you, as
Trustee, and have been duly executed by you, as Trustee, and pursuant to the
Depositor's instructions, the Trustee has registered on the registration books
of the Trusts the ownership of the Units by Cede & Co., as nominee of The
Depository Trust Company where it has caused the Units to be credited to the
account of the Depositor.

      In rendering the foregoing opinion we have not considered, among other
things, the merchantability of the Portfolio Assets, whether the Portfolio
Assets have been duly authorized and delivered or the tax status of the
Portfolio Assets under any federal, state or local laws.

      The foregoing opinions are limited to the laws of the State of New York
and the federal laws of the United States of America. This opinion is for your
benefit and may not be disclosed to or relied upon by any other person without
our prior written consent.

      We hereby consent to the filing of this opinion letter as an exhibit to
the Registration Statement relating to the Units and to the use of our name and
the reference to our firm in the Registration Statement and in the Prospectus.



                                                               Very truly yours,

                                                        /s/ DORSEY & WHITNEY LLP
                                                        ------------------------
                                                            DORSEY & WHITNEY LLP