Chapman and Cutler LLP
111 West Monroe Street
Chicago, Illinois 60603
June 11, 2014
Mr. Edward Bartz
Division of Investment Management
Securities and Exchange Commission
100 F Street, N.E.
Washington, DC 20549
Re: Guggenheim Defined Portfolios, Series 1186
BulletShares High Yield Low Duration 2016-2019 Bond Ladder Portfolio of
ETFs, Series 4 File Nos. 333-195358 and 811-03763
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Dear Mr. Bartz:
This letter is in response to your comment given during a telephone
conversation with our office regarding amendment no. 1 to the registration
statement on Form S-6 for Guggenheim Defined Portfolios, Series 1186, filed on
June 6, 2014 with the Securities and Exchange Commission (the "Commission"). The
registration statement offers the BulletShares High Yield Low Duration 2016-2019
Bond Ladder Portfolio of ETFs, Series 4 (the "Trust").
PROSPECTUS
Investment Summary -- Principal Risks
1. The duration example in the eighth bullet uses a duration of three
years. Please confirm that the average duration of the underlying securities is
approximately three years or less. If not, please revise this example to reflect
the average duration of the underlying securities.
Response: We confirm that the average duration of the underlying
securities is approximately three years and, therefore, the example does not
need to be revised.
We appreciate your prompt attention to this registration statement. If you
have any questions or comments or would like to discuss our responses to your
questions please feel free to contact the undersigned at (312) 845-3484.
Very truly yours,
CHAPMAN AND CUTLER LLP
By /s/ Morrison C. Warren
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Morrison C. Warren