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ProspectusDate

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Jun. 01, 2011

Guggenheim Enhanced Ultra-Short Bond ETF (Prospectus Summary) | Guggenheim Enhanced Ultra-Short Bond ETF

Investment Objective, Heading

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Risk/Return, Heading

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Guggenheim Enhanced Ultra-Short Bond ETF

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Investment Objective

investment Objective, Primary

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The Fund seeks maximum current income, consistent with preservation of capital
and daily liquidity.

Expense, Heading

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Fees and Expenses of the Fund

Expense, Narrative

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This table describes the fees and expenses that you may pay if you buy and hold
shares of the Fund. Investors purchasing Shares in the secondary market may be
subject to costs (including customary brokerage commissions) charged by their
broker.

Operating Expenses, Caption

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Annual Fund Operating Expenses (expenses that you pay as a percentage of the value of your investments)

Portfolio Turnover, Heading

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Portfolio Turnover

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The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Shares are
held in a taxable account. These costs, which are not reflected in annual fund
operating expenses or in the Example, affect the Fund's performance. During the
most recent fiscal year ended May 31, 2010, the Fund's portfolio turnover rate
was 0% of the average value of its portfolio.

Portfolio Turnover, Rate

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0.00%

Expense, Exchange Traded Fund, Commissions

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Investors purchasing Shares in the secondary market may be subject to costs (including customary brokerage commissions) charged by their broker.

Other Expenses, New Fund, Based on Estimates

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"Other expenses" have been restated to reflect the fact that due to the Fund's conversion to an actively-managed exchange-traded fund, the Fund no longer bears expenses relating to the licensing of an index.

Expense Example, Heading

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Example

Expense Example, Narrative

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The following example is intended to help you compare the cost of investing in
the Fund with the costs of investing in other funds. This example does not take
into account brokerage commissions that you pay when purchasing or selling
Shares of the Fund.

The example assumes that you invest $10,000 in the Fund for the time periods
indicated and then redeem all of your shares at the end of those periods. The
example also assumes that your investment has a 5% return each year and that the
Fund's operating expenses remain the same each year.

Expense Example, By Year, Caption

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Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Investment Strategy, Heading

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Principal Investment Strategies

Investment Strategy, Narrative

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The Fund will normally invest at least 80% of its net assets in fixed income
securities. The Fund uses a low duration strategy to seek to outperform the 1-3
month Treasury Bill Index (the "Benchmark") in addition to providing returns in
excess of those available in U.S. Treasury bills, government repurchase
agreements, and money market funds, while seeking to provide preservation of
capital and daily liquidity. The Fund is not a money market fund and thus does
not seek to maintain a stable net asset value of $1.00 per share.

The Fund expects, under normal circumstances, to hold a diversified portfolio of
fixed income instruments of varying maturities, but that have an average
duration of less than 1 year. Duration is a measure of the price volatility of a
debt instrument as a result of changes in market rates of interest, based on the
weighted average timing of the instrument's expected principal and interest
payments. Duration differs from maturity in that it considers a security's
yield, coupon payments, principal payments and call features in addition to the
amount of time until the security matures. As the value of a security changes
over time, so will its duration.

The Fund may invest, without limitation, in short-term instruments such as
commercial paper and/or repurchase agreements. Commercial paper includes
variable amount master demand notes and asset-backed commercial paper.
Commercial paper normally represents short-term unsecured promissory notes
issued in bearer form by banks or bank holding companies, corporations, finance
companies and other issuers. Repurchase agreements are fixed-income securities
in the form of agreements backed by collateral. These agreements, which may be
viewed as a type of secured lending by the Fund, typically involve the
acquisition by the Fund of securities from the selling institution (such as a
bank or a broker-dealer), coupled with the agreement that the selling institution
will repurchase the underlying securities at a specified price and at a fixed time
in the future (or on demand). The underlying securities which serve as collateral
for the repurchase agreements entered into by the Fund may include U.S. government
securities, corporate obligations and convertible securities, and are
marked-to-market daily in order to maintain full collateralization (typically
purchase price plus accrued interest).

The Fund primarily invests in U.S. dollar-denominated investment grade debt
securities, including U.S. Treasury securities and corporate bonds, rated Baa3
or higher by Moody's Investors Service, Inc. ("Moody's"), or equivalently rated
by Standard & Poor's Rating Group ("S&P") or Fitch Investor Services ("Fitch")
or, if unrated, determined by the Investment Adviser to be of comparable
quality. The Fund may invest no more than 10% of its assets in high yield
securities ("junk bonds"), which are debt securities that are rated below
investment grade by nationally recognized statistical rating organizations, or
are unrated securities that the Investment Adviser believes are of comparable
quality. The Fund may not invest in securities that are in default at the time
of investment. If a security defaults subsequent to purchase by the Fund, the
Investment Adviser will determine in its discretion whether to hold or dispose
of such security.

The Fund may invest in bank obligations, which include certificates of deposit,
commercial paper, unsecured bank promissory notes, bankers' acceptances, time
deposits and other debt obligations. The Fund may invest in obligations issued
or backed by U.S. banks when a bank has more than $1 billion in total assets at
the time of purchase or is a branch or subsidiary of such a bank. In addition,
the Fund may invest in U.S. dollar-denominated obligations issued or guaranteed
by foreign banks that have more than $1 billion in total assets at the time of
purchase, U.S. branches of such foreign banks (Yankee obligations), foreign
branches of such foreign banks and foreign branches of U.S. banks having more
than $1 billion in total assets at the time of purchase. Bank obligations may be
general obligations of the parent bank or may be limited to the issuing branch
by the terms of the specific obligation or by U.S. government regulation.

The Fund may invest, without limitation, in U.S. dollar-denominated debt
securities of foreign issuers, including emerging market issuers. The Fund may
also invest up to 10% of its assets in sovereign and corporate debt securities
denominated in foreign currencies. The Investment Adviser may attempt to reduce
foreign currency exchange rate risk by entering into contracts with banks,
brokers or dealers to purchase or sell securities or foreign currencies at a
future date ("forward contracts"). The Fund may also invest up to 25% of its
assets in municipal securities. The Fund will not invest in options contracts,
futures contracts or swap agreements.

The Fund may invest up to 10% of its assets in mortgage-backed securities
("MBS") or in other asset-backed securities. This limitation does not apply to
securities issued or guaranteed by federal agencies and/or U.S. government
sponsored instrumentalities, such as the Government National Mortgage
Administration ("GNMA"), the Federal Housing Administration ("FHA"), the Federal
National Mortgage Association ("FNMA") and the Federal Home Loan Mortgage
Corporation ("FHLMC"). In addition to securities issued or guaranteed by such
agencies or instrumentalities, the Fund may invest in MBS or other asset-backed
securities issued or guaranteed by private issuers. The MBS in which the Fund
may invest may also include residential mortgage-backed securities ("RMBS"),
collateralized mortgage obligations ("CMOs") and commercial mortgage-backed
securities ("CMBS"). The asset-backed securities in which the Fund may invest
include collateralized debt obligations ("CDOs").

CDOs include collateralized bond obligations ("CBOs"), collateralized loan
obligations ("CLOs") and other similarly structured securities. A CBO is a trust
which is backed by a diversified pool of high risk, below investment grade fixed
income securities. A CLO is a trust typically collateralized by a pool of loans,
which may include domestic and foreign senior secured loans, senior unsecured
loans, and subordinate corporate loans, including loans that may be rated below
investment grade or equivalent unrated loans.

The Fund may obtain exposure to the securities in which it normally invests by
engaging in various investment techniques, including forward purchase
agreements, mortgage dollar roll and "TBA" mortgage trading. A mortgage dollar
roll involves the sale of a MBS by a Fund and its agreement to repurchase the
instrument (or one which is substantially similar) at a specified time and
price. Most transactions in fixed-rate mortgage pass-through securities occur
through standardized contracts for future delivery in which the exact mortgage
pools to be delivered are not specified until a few days prior to settlements (a
"TBA" transaction). The Fund may enter into such contracts on a regular basis.
The Fund, pending settlement of such contracts, will invest its assets in
high-quality, liquid short-term instruments, including shares of money market
funds. The Fund will assume its pro rata share of the fees and expenses of any
money market fund that it may invest in, in addition to the Fund's own fees and
expenses. The Fund may also acquire interests in mortgage pools through means
other than such standardized contracts for future delivery. The Fund also may
invest directly in exchange-traded funds ("ETFs") and other investment companies
that provide exposure to fixed income securities similar to those securities in
which the Fund may invest in directly.

Prior to June 1, 2011, the Fund's name was the "Claymore U.S. Capital Markets
Micro-Term Fixed Income ETF" and the Fund sought to replicate an index called
"CPMKTL - The Capital Markets Liquidity Index."

Risk, Heading

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Principal Investment Risks

Risk, Narrative

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Investors should consider the following risk factors and special considerations
associated with investing in the Fund, which may cause you to lose money.

Investment Risk. An investment in the Fund is subject to investment risk,
including the possible loss of the entire principal amount that you invest. The
Fund is not a money market fund and thus does not seek to maintain a stable net
asset value of $1.00 per share.

Credit/Default Risk. Credit risk is the risk that issuers or guarantors of debt
instruments or the counterparty to a derivatives contract, repurchase agreement
or loan of portfolio securities is unable or unwilling to make timely interest
and/or principal payments or otherwise honor its obligations. Debt instruments
are subject to varying degrees of credit risk, which may be reflected in credit
ratings. Securities issued by the U.S. government have limited credit risk.
However, securities issued by certain U.S. government agencies are not
necessarily backed by the full faith and credit of the U.S. government. Credit
rating downgrades and defaults (failure to make interest or principal payment)
may potentially reduce the Fund's income and share price.

Interest Rate Risk. As interest rates rise, the value of fixed-income securities
held by the Fund are likely to decrease. Securities with longer durations tend
to be more sensitive to interest rate changes, making them more volatile than
securities with shorter durations.

Asset Class Risk. The bonds in the Fund's portfolio may underperform the returns
of other bonds or indexes that track other industries, markets, asset classes or
sectors. Different types of bonds and indexes tend to go through different
performance cycles than the general bond market.

Call Risk/Prepayment Risk. During periods of falling interest rates, an issuer
of a callable bond may exercise its right to pay principal on an obligation
earlier than expected. This may result in the Fund reinvesting proceeds at lower
interest rates, resulting in a decline in the Fund's income.

Income Risk. Income risk is the risk that falling interest rates will cause the
Fund's income to decline.

Liquidity Risk. Liquidity risk exists when particular investments are difficult
to purchase or sell. The market for MBS may be less liquid than for other fixed
income instruments. This means that it may be harder to buy and sell MBS,
especially on short notice, and MBS may be more difficult for the Fund to value
accurately than other fixed income instruments. If the Fund invests in illiquid
securities or securities that become illiquid, Fund returns may be reduced
because the Fund may be unable to sell the illiquid securities at an
advantageous time or price.

Bank Obligations. The Fund's investments in bank obligations may expose it to
favorable and adverse developments in or related to the banking industry. The
activities of U.S. and most foreign banks are subject to comprehensive
regulations, which, in the case of U.S. regulations, have undergone substantial
changes in the past decade. The enactment of new legislation or regulations, as
well as changes in interpretation and enforcement of current laws, may affect
the manner of operations and profitability of domestic and foreign banks.
Significant developments in the U.S. banking industry have included increased
competition from other types of financial institutions, increased acquisition
activity and geographic expansion. Banks may be particularly susceptible to
certain economic factors, such as interest rate changes and adverse developments
in the real estate markets. Fiscal and monetary policy and general economic
cycles can affect the availability and cost of funds, loan demand and asset
quality and thereby impact the earnings and financial conditions of banks.
Obligations of foreign banks, including Yankee obligations, are subject to the
same risks that pertain to domestic issuers, notably credit risk and market
risk, but are also subject to certain additional risks such as adverse foreign
political and economic developments, the extent and quality of foreign
government regulation of the financial markets and institutions, foreign
withholding taxes and other sovereign action such as nationalization or
expropriation.

Repurchase Agreements. Repurchase agreements are fixed-income securities in the
form of agreements backed by collateral. These agreements, which may be viewed
as a type of secured lending by the Fund, typically involve the acquisition by
the Fund of securities from the selling institution (such as a bank or a
broker-dealer), coupled with the agreement that the selling institution will
repurchase the underlying securities at a specified price and at a fixed time in
the future (or on demand). The underlying securities which serve as collateral
for the repurchase agreements entered into by the Fund may include U.S.
government securities, corporate obligations and convertible securities, and are
marked-to-market daily in order to maintain full collateralization (typically
purchase price plus accrued interest). The use of repurchase agreements involves
certain risks. For example, if the selling institution defaults on its
obligation to repurchase the underlying securities at a time when the value of
the securities has declined, the Fund may incur a loss upon disposition of them.
In the event of an insolvency or bankruptcy by the selling institution,
the Fund's right to control the collateral could be affected and result in
certain costs and delays. Additionally, if the proceeds from the liquidation of
such collateral after an insolvency were less than the repurchase price, the
Fund could suffer a loss. The Fund follows procedures that are designed to
minimize such risks.

Municipal Securities Risk. The Fund may invest in municipal securities.
Municipal securities are subject to the risk that litigation, legislation or
other political events, local business or economic conditions or the bankruptcy
of the issuer could have a significant effect on an issuer's ability to make
payments of principal and/or interest. In addition, there is a risk that, as a
result of the current economic crisis, the ability of any issuer to pay, when
due, the principal or interest on its municipal bonds may be materially
affected.

Municipal securities can be significantly affected by political changes as well
as uncertainties in the municipal market related to taxation, legislative
changes or the rights of municipal security holders. Because many securities are
issued to finance similar projects, especially those relating to education,
health care, transportation and utilities, conditions in those sectors can
affect the overall municipal market. In addition, changes in the financial
condition of an individual municipal insurer can affect the overall municipal
market.

Municipal securities backed by current or anticipated revenues from a specific
project or specific assets can be negatively affected by the discontinuance of
the taxation supporting the project or assets or the inability to collect
revenues for the project or from the assets. If the Internal Revenue Service
("IRS") determines that an issuer of a municipal security has not complied with
applicable tax requirements, interest from the security could become taxable and
the security could decline significantly in value.

The market for municipal bonds may be less liquid than for taxable bonds. There
may also be less information available on the financial condition of issuers of
municipal securities than for public corporations. This means that it may be
harder to buy and sell municipal securities, especially on short notice, and
municipal securities may be more difficult for the Funds to value accurately
than securities of public corporations.

Mortgage- and Asset-Backed Securities Risks. MBS (residential and commercial)
and asset-backed securities represent interests in "pools" of mortgages or other
assets, including consumer loans or receivables held in trust. The
characteristics of these MBS and asset-backed securities differ from traditional
fixed income securities. Like traditional fixed income securities, the value of
MBS or asset-backed securities typically increases when interest rates fall and
decreases when interest rates rise. However, a main difference is that the
principal on MBS or asset-backed securities may normally be prepaid at any time,
which will reduce the yield and market value of these securities. Therefore, MBS
and asset-backed backed securities are subject to "prepayment risk" and
"extension risk." Because of prepayment risk and extension risk, MBS react
differently to changes in interest rates than other fixed income securities.

Prepayment risk is the risk that, when interest rates fall, certain types of
obligations will be paid off by the obligor more quickly than originally
anticipated and the Fund may have to invest the proceeds in securities with
lower yields. In periods of falling interest rates, the rate of prepayments
tends to increase (as does price fluctuation) as borrowers are motivated to pay
off debt and refinance at new lower rates. During such periods, reinvestment of
the prepayment proceeds will generally be at lower rates of return than the
return on the assets which were prepaid. Prepayment reduces the yield to
maturity and the average life of the MBS or asset-backed securities.

Extension risk is the risk that, when interest rates rise, certain obligations
will be paid off by the obligor more slowly than anticipated causing the value
of these securities to fall. Rising interest rates tend to extend the duration
of MBS and asset-backed securities, making them more sensitive to changes in
interest rates. The value of longer-term securities generally changes more in
response to changes in interest rates than shorter-term securities. As a result,
in a period of rising interest rates, MBS and asset-backed securities may
exhibit additional volatility and may lose value.

Small movements in interest rates (both increases and decreases) may quickly and
significantly reduce the value of certain MBS. The Fund's investments in
asset-backed securities are subject to risks similar to those associated with
MBS, as well as additional risks associated with the nature of the assets and
the servicing of those assets. These securities also are subject to the risk of
default on the underlying mortgage or assets, particularly during periods of
economic downturn. Certain MBS are issued in several classes with different
levels of yield and credit protection. The Fund's investments in MBS with
several classes may be in the lower classes that have greater risks than the
higher classes, including greater interest rate, credit and prepayment risks.

MBS may be either pass-through securities or CMOs. Pass-through securities
represent a right to receive principal and interest payments collected on a pool
of mortgages, which are passed through to security holders. CMOs are created by
dividing the principal and interest payments collected on a pool of mortgages
into several revenue streams (tranches) with different priority rights to
portions of the underlying mortgage payments. The Fund will not invest in CMO
tranches which represent a right to receive interest only ("IOs"), principal
only ("POs") or an amount that remains after other floating-rate tranches are
paid (an inverse floater). If the Fund invests in CMO tranches (including CMO
tranches issued by government agencies) and interest rates move in a manner not
anticipated by Fund management, it is possible that the Fund could lose all or
substantially all of its investment.

There is also risk associated with the roll market for pass-through MBS. First,
the value and safety of the roll depends entirely upon the counterparty's
ability to redeliver the security at the termination of the roll. Therefore, the
counterparty to a roll must meet the same credit criteria as any existing
repurchase counterparty. Second, the security which is redelivered at the end of
the roll period must be substantially the same as the initial security, i.e.,
must have the same coupon, be issued by the same agency and be of the same type,
have the same original stated term to maturity, be priced to result in similar
market yields and be "good delivery."Within these parameters, however, the
actual pools that are redelivered could be less desirable than those originally
rolled, especially with respect to prepayment and/or delinquency
characteristics. In addition, the Fund's use of mortgage dollar rolls may give
rise to a form of leverage, which could exaggerate the effects on NAV of any
increase or decrease in the market value of the Fund's portfolio securities. The
Fund will earmark or segregate assets determined to be liquid by the Investment
Adviser to cover its obligations under mortgage dollar rolls which may give rise
to a form of leverage.

The residential mortgage market in the United States has experienced
difficulties that may adversely affect the performance and market value of
certain of the Fund's mortgage-related investments. Delinquencies and losses on
residential mortgage loans (especially subprime and second-lien mortgage loans)
generally have increased since 2007 and may continue to increase, and a decline
in or flattening of housing values (as has recently been experienced and may
continue to be experienced in many housing markets) may exacerbate such
delinquencies and losses. Reduced investor demand for mortgage loans and
mortgage-related securities and increased investor yield requirements have caused
limited liquidity in the secondary market for mortgage-related securities,
which can adversely affect the market value of mortgage-related securities.
It is possible that such limited liquidity in such secondary markets could
continue or worsen.

Asset-backed securities entail certain risks not presented by MBS, including the
risk that in certain states it may be difficult to perfect the liens securing
the collateral backing certain asset-backed securities. In addition, certain
asset-backed securities are based on loans that are unsecured, which means that
there is no collateral to seize if the underlying borrower defaults. Certain MBS
in which the Fund may invest may also provide a degree of investment leverage,
which could cause the Fund to lose all or substantially all of its investment.

High Yield Securities Risk. High yield securities are subject to the increased
risk of an issuer's inability to meet principal and interest payment
obligations. These securities may be subject to greater price volatility due to
such factors as specific corporate developments, interest rate sensitivity,
negative perceptions of the high yield securities markets generally and less
secondary market liquidity.

Foreign Issuers Risk. The Fund may invest in U.S. and non-U.S.
dollar-denominated bonds of foreign corporations, governments, agencies and
supra-national agencies which have different risks than investing in U.S.
companies. These include differences in accounting, auditing and financial
reporting standards, the possibility of expropriation or confiscatory taxation,
adverse changes in investment or exchange control regulations, political
instability which could affect U.S. investments in foreign countries, and
potential restrictions of the flow of international capital. Foreign companies
may be subject to less governmental regulation than U.S. issuers. Moreover,
individual foreign economies may differ favorably or unfavorably from the U.S.
economy in such respects as growth of gross domestic product, rate of inflation,
capital investment, resource self- sufficiency and balance of payment options.

Emerging market countries are countries that major international financial
institutions, such as the World Bank, generally consider to be less economically
mature than developed nations. Emerging market countries can include every
nation in the world except the United States, Canada, Japan, Australia, New
Zealand and most countries located in Western Europe. Investing in foreign
countries, particularly emerging market countries, entails the risk that news
and events unique to a country or region will affect those markets and their
issuers. Countries with emerging markets may have relatively unstable
governments, may present the risks of nationalization of businesses,
restrictions on foreign ownership and prohibitions on the repatriation of
assets. The economies of emerging markets countries also may be based on only a
few industries, making them more vulnerable to changes in local or global trade
conditions and more sensitive to debt burdens or inflation rates. Local
securities markets may trade a small number of securities and may be unable to
respond effectively to increases in trading volume, potentially making prompt
liquidation of holdings difficult or impossible at times.

Foreign Currency Risk. The Fund's investments may be denominated in foreign
currencies. The value of foreign currencies may fluctuate relative to the value
of the U.S. dollar. Since the Fund may invest in such non-U.S. dollar-denominated
securities, and therefore may convert the value of such securities into U.S.
dollars,changes in currency exchange rates can increase or decrease the U.S.
dollar value of the Fund's assets. The Investment Adviser may attempt to reduce
this risk by entering into forward contracts with banks, brokers or dealers.
A foreign currency forward contract is a negotiated agreement between the
contracting parties to exchange a specified amount of currency at a specified
future time at a specified rate. The rate can be higher or lower than the spot
rate between the currencies that are the subject of the contract. Hedging the
Fund's currency risks involves the risk of mismatching the Fund's objectives
under a forward or futures contract with the value of securities denominated
in a particular currency. Furthermore, such transactions reduce or preclude
the opportunity for gain if the value of the currency should move in the
direction opposite to the position taken. If the counterparty under the
contract defaults on its obligation to make payments due from it as a result
of its bankruptcy or otherwise, the Fund may lose such payments altogether or
collect only a portion thereof, which collection could involve costs or delays.
The Investment Adviser may in its discretion choose not to hedge against currency
risk. In addition,certain market conditions may make it impossible or uneconomical
to hedge against currency risk.

Financial Services Sector Risk. The financial services industries are subject to
extensive government regulation, can be subject to relatively rapid change due
to increasingly blurred distinctions between service segments, and can be
significantly affected by availability and cost of capital funds, changes in
interest rates, the rate of corporate and consumer debt defaults, and price
competition. In addition, the deterioration of the credit markets since late
2007 generally has caused an adverse impact in a broad range of markets,
including U.S. and international credit and interbank money markets generally,
thereby affecting a wide range of financial institutions and markets. In
particular, events in the financial sector since late 2008 have resulted, and
may continue to result, in an unusually high degree of volatility in the
financial markets, both domestic and foreign. These events have included the
U.S. government's placement of the Federal National Mortgage Association and the
Federal Home Loan Mortgage Corporation under conservatorship, the bankruptcy
filing of Lehman Brothers Holdings Inc., the sale of Merrill Lynch to Bank of
America, the U.S. government support of American International Group, Inc., the
sale of Wachovia to Wells Fargo, reports of credit and liquidity issues
involving certain money market mutual funds, and emergency measures by the U.S.
and foreign governments banning short-selling. This situation has created
instability in the financial markets and caused certain financial services
companies to incur large losses. Numerous financial services companies have
experienced substantial declines in the valuations of their assets, taken action
to raise capital (such as the issuance of debt or equity securities), or even
ceased operations. These actions have caused the securities of many financial
services companies to experience a dramatic decline in value. Moreover, certain
financial companies have avoided collapse due to intervention by the U.S.
regulatory authorities (such as the Federal Deposit Insurance Corporation or the
Federal Reserve System), but such interventions have often not averted a
substantial decline in the value of such companies' securities. Issuers that
have exposure to the real estate, mortgage and credit markets have been
particularly affected by the foregoing events and the general market turmoil,
and it is uncertain whether or for how long these conditions will continue.

Risks of Investing In Other Investment Companies. Investments in securities of
other investment companies involve risks, including the fact that shares of
other investment companies are subject to the management fees and other expenses
of those companies,and the purchase of shares of some investment companies
(in the case of closed-end investment companies) may sometimes require the payment of
substantial premiums above the value of such companies' portfolio securities or
net asset values. The Fund must continue, at the same time, to pay its own
management fees and expenses with respect to all of its investments, including
shares of other investment companies. The securities of other investment
companies may also be leveraged and will therefore be subject to certain
leverage risks.

Portfolio Turnover Risk. The Fund may engage in active and frequent trading of
its portfolio securities. A portfolio turnover rate of 200%, for example, is
equivalent to the Fund buying and selling all of its securities two times during
the course of the year. A high portfolio turnover rate (such as 100% or more)
could result in high brokerage costs. A high portfolio turnover rate can result
in an increase in taxable capital gains distributions to the Fund's
shareholders.

Issuer-Specific Changes. The value of an individual security or particular type
of security can be more volatile than the market as a whole and can perform
differently from the value of the market as a whole. The value of securities of
smaller issuers can be more volatile than that of larger issuers.

Management Risk. The Fund is subject to management risk because it is an
actively managed portfolio. In managing the Fund's portfolio securities, the
Investment Adviser will apply investment techniques and risk analyses in making
investment decisions for the Fund, but there can be no guarantee that these will
produce the desired results.

Risk of Deviation between Market Price and NAV. Unlike conventional ETFs, the
Fund is not an index fund. The Fund is actively managed and does not seek to
replicate the performance of a specified index. Index based ETFs have generally
traded at prices which closely correspond to net asset value ("NAV") per Share.
There can be no assurance as to whether and/or the extent to which the Shares
will trade at premiums or discounts to NAV. The deviation risk may be heightened
to the extent the Fund invests in mortgage-backed securities, as such
investments may be difficult to value. Because mortgage-backed securities may
trade infrequently, the most recent trade price may not indicate their true
value. A third-party pricing service may be used to value some or all of the
Fund's mortgage-backed securities. To the extent that market participants
question the accuracy of the pricing service's prices, there is a risk of
significant deviation between the NAV and market price of some or all of the
mortgage-backed securities in which the Fund invests.

Risk of Cash Transactions. In certain instances, unlike most ETFs, the Fund may
effect creations and redemptions for cash, rather than in-kind. As a result, an
investment in the Fund may be less tax-efficient than an investment in a more
conventional ETF. ETFs generally are able to make in-kind redemptions and avoid
being taxed on gain on the distributed portfolio securities at the Fund level.
Because the Fund may effect redemptions for cash, rather than in-kind
distributions, it may be required to sell portfolio securities in order to
obtain the cash needed to distribute redemption proceeds. If the Fund recognizes
gain on these sales, this generally will cause the Fund to recognize gain it
might not otherwise have recognized, or to recognize such gain sooner than would
otherwise be required if it were to distribute portfolio securities in-kind. The
Fund generally intends to distribute these gains to shareholders to avoid being
taxed on this gain at the Fund level and otherwise comply with the special tax
rules that apply to it. This strategy may cause shareholders to be subject to
tax on gains they would not otherwise be subject to, or at an
earlier date than, if they had made an investment in a different ETF. Moreover,
cash transactions may have to be carried out over several days if the securities
market is relatively illiquid and may involve considerable brokerage fees and
taxes. These brokerage fees and taxes, which will be higher than if the Fund
sold and redeemed its Shares principally in-kind, will be passed on to
purchasers and redeemers of Creation Units in the form of creation and
redemption transaction fees. In addition, these factors may result in wider
spreads between the bid and the offered prices of the Fund's Shares than for
more conventional ETFs.

Risk, Lose Money

rr_RiskLoseMoney

Investors should consider the following risk factors and special considerations associated with investing in the Fund, which may cause you to lose money.

Bar Chart and Performance Table, Heading

rr_BarChartAndPerformanceTableHeading

Fund Performance

Performance, Narrative

rr_PerformanceNarrativeTextBlock

The chart and table below provide some indication of the risks of investing in
the Fund by showing changes in the Fund's performance from year to year and by
showing how the Fund's average annual returns for one year compare with those of
a broad measure of market performance. The Fund's past performance (before and
after taxes) is not necessarily an indication of how the Fund will perform in
the future. Updated performance information for the Fund is available at
www.guggenheimfunds.com.

Performance, Information Illustrates Variability of Returns

rr_PerformanceInformationIllustratesVariabilityOfReturns

The chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for one year compare with those of a broad measure of market performance.

Performance, Availability Website Address

rr_PerformanceAvailabilityWebSiteAddress

www.guggenheimfunds.com

Performance, Past Does Not Indicate Future

rr_PerformancePastDoesNotIndicateFuture

The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund is available at www.guggenheimfunds.com.

Bar Chart, Heading

rr_BarChartHeading

Calendar Year Total Return as of 12/31

Bar Chart, Closing

rr_BarChartClosingTextBlock

The Fund commenced operations on February 12, 2008. During the periods shown in
the chart above, the Fund's highest and lowest calendar quarter returns were
0.16% and -0.22%, respectively, for the quarters ended June 30, 2009 and March
31, 2009.

Index No Deduction for Fees, Expenses, Taxes

rr_IndexNoDeductionForFeesExpensesTaxes

reflects no deduction for fees, expenses or taxes

Performance Table, Uses Highest Federal Rate

rr_PerformanceTableUsesHighestFederalRate

All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax.

Performance Table, Not Relevant to Tax Deferred

rr_PerformanceTableNotRelevantToTaxDeferred

Your own actual after-tax returns will depend on your tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Shares of the Fund in tax-deferred accounts such as individual retirement accounts (IRAs) or employee-sponsored retirement plans.

Performance Table, Narrative

rr_PerformanceTableNarrativeTextBlock

All after-tax returns are calculated using the historical highest individual
federal marginal income tax rates and do not reflect the impact of any state or
local tax. Your own actual after-tax returns will depend on your tax situation
and may differ from what is shown here. After-tax returns are not relevant to
investors who hold Shares of the Fund in tax-deferred accounts such as
individual retirement accounts (IRAs) or employee-sponsored retirement plans.

Average Annual Returns, Caption

rr_AverageAnnualReturnCaption

Average Annual Total Returns for the Period Ended December 31, 2010

Guggenheim Enhanced Ultra-Short Bond ETF (Prospectus Summary) | Guggenheim Enhanced Ultra-Short Bond ETF | Guggenheim Enhanced Ultra-Short Bond ETF

Fee Waiver or Reimbursement over Assets, Date of Termination

rr_RiskReturnAbstract

rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination

2013-12-31

Highest Quarterly Return, Label

rr_HighestQuarterlyReturnLabel

highest calendar quarter returns

Highest Quarterly Return, Date

rr_BarChartHighestQuarterlyReturnDate

Jun. 30, 2009

Highest Quarterly Return

rr_BarChartHighestQuarterlyReturn

0.16%

Lowest Quarterly Return, Label

rr_LowestQuarterlyReturnLabel

lowest calendar quarter returns

Lowest Quarterly Return, Date

rr_BarChartLowestQuarterlyReturnDate

Mar. 31, 2009

Lowest Quarterly Return

rr_BarChartLowestQuarterlyReturn

(0.22%)

Guggenheim Enhanced Ultra-Short Bond ETF | The Capital Markets Liquidity Index

rr_RiskReturnAbstract

rr_AverageAnnualReturnLabel

CPMKTL - The Capital Markets Liquidity Index (reflects no deduction for fees, expenses or taxes)

rr_AverageAnnualReturnYear01

0.75%

rr_AverageAnnualReturnSinceInception

1.12%

rr_AverageAnnualReturnInceptionDate

Feb. 12, 2008

Guggenheim Enhanced Ultra-Short Bond ETF | Barclays Capital 1-3 Month U.S. Treasury Bill Index

rr_RiskReturnAbstract

rr_AverageAnnualReturnLabel

Barclays Capital 1-3 Month U.S. Treasury Bill Index (reflects no deduction for fees, expenses or taxes)

rr_AverageAnnualReturnYear01

0.14%

rr_AverageAnnualReturnSinceInception

0.58%

rr_AverageAnnualReturnInceptionDate

Feb. 12, 2008

Guggenheim Enhanced Ultra-Short Bond ETF | Guggenheim Enhanced Ultra-Short Bond ETF

Distribution and service (12b-1) fees

rr_RiskReturnAbstract

Management Fees

rr_ManagementFeesOverAssets

0.20%

rr_DistributionAndService12b1FeesOverAssets

^[1]

Other expenses

rr_OtherExpensesOverAssets

3.17%

^[2]

Total annual Fund operating expenses

rr_ExpensesOverAssets

3.37%

Expense Reimbursements

rr_FeeWaiverOrReimbursementOverAssets

(3.10%)

^[3]

Total annual Fund operating expenses after Expense Reimbursements

rr_NetExpensesOverAssets

0.27%

Expense Example, With Redemption, 1 Year

rr_ExpenseExampleYear01

Expense Example, With Redemption, 3 Years

rr_ExpenseExampleYear03

482

Expense Example, With Redemption, 5 Years

rr_ExpenseExampleYear05

1,296

Expense Example, With Redemption, 10 Years

rr_ExpenseExampleYear10

3,432

Annual Return 2009

rr_AnnualReturn2009

(0.06%)

Annual Return 2010

rr_AnnualReturn2010

0.01%

rr_AverageAnnualReturnLabel

Return Before Taxes

rr_AverageAnnualReturnYear01

0.01%

rr_AverageAnnualReturnSinceInception

0.58%

rr_AverageAnnualReturnInceptionDate

Feb. 12, 2008

Guggenheim Enhanced Ultra-Short Bond ETF | Guggenheim Enhanced Ultra-Short Bond ETF | After Taxes on Distributions

rr_RiskReturnAbstract

rr_AverageAnnualReturnLabel

Return After Taxes on Distributions

rr_AverageAnnualReturnYear01

none

rr_AverageAnnualReturnSinceInception

0.33%

rr_AverageAnnualReturnInceptionDate

Feb. 12, 2008

Guggenheim Enhanced Ultra-Short Bond ETF | Guggenheim Enhanced Ultra-Short Bond ETF | After Taxes on Distributions and Sales

rr_RiskReturnAbstract

rr_AverageAnnualReturnLabel

Return After Taxes on Distributions and Sale of Fund Shares

rr_AverageAnnualReturnYear01

none

rr_AverageAnnualReturnSinceInception

0.35%

rr_AverageAnnualReturnInceptionDate

Feb. 12, 2008

[1]	The Fund has adopted a Distribution and Service (12b-1) Plan pursuant to which the Fund may bear a 12b-1 fee not to exceed 0.25% per annum of the Fund's average daily net assets. However, no such fee is currently paid by the Fund and the Board of Trustees has adopted a resolution that no such fees will be paid for at least 12 months from the date of this Prospectus.
[2]	"Other expenses" have been restated to reflect the fact that due to the Fund's conversion to an actively-managed exchange-traded fund, the Fund no longer bears expenses relating to the licensing of an index.
[3]	The Fund's Investment Adviser has contractually agreed to reimburse Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding interest expenses, offering costs up to 0.25% of average net assets, brokerage commissions and other trading expenses, taxes and extraordinary expenses such as litigation and other expenses not incurred in the ordinary course of the Fund's business) from exceeding 0.27% of average net assets per year (the "Expense Cap"), at least until December 31, 2013. For a period of five years subsequent to the Fund's commencement of operations, the Investment Adviser may recover from the Fund expenses reimbursed during the prior three years if the Fund's expense ratio, including the recovered expenses, falls below the Expense Cap. To the extent that the Fund incurs expenses that are excluded from the Expense Cap, the Fund's expense ratio may increase.

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Label

Element

Value

rr_RiskReturnAbstract

ProspectusDate

rr_ProspectusDate

Jun. 01, 2011

Guggenheim Enhanced Core Bond ETF (Prospectus Summary) | Guggenheim Enhanced Core Bond ETF

Investment Objective, Heading

rr_RiskReturnAbstract

Risk/Return, Heading

rr_RiskReturnHeading

Guggenheim Enhanced Core Bond ETF

rr_ObjectiveHeading

Investment Objective

investment Objective, Primary

rr_ObjectivePrimaryTextBlock

The Fund seeks total return, comprised of income and capital appreciation.

Expense, Heading

rr_ExpenseHeading

Fees and Expenses of the Fund

Expense, Narrative

rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold
shares of the Fund. Investors purchasing Shares in the secondary market may be
subject to costs (including customary brokerage commissions) charged by their
broker.

Operating Expenses, Caption

rr_OperatingExpensesCaption

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Portfolio Turnover, Heading

rr_PortfolioTurnoverHeading

Portfolio Turnover

rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Shares are
held in a taxable account. These costs, which are not reflected in annual fund
operating expenses or in the Example, affect the Fund's performance. During the
most recent fiscal year ended May 31, 2010, the Fund's portfolio turnover rate
was 505% of the average value of its portfolio.

Portfolio Turnover, Rate

rr_PortfolioTurnoverRate

505.00%

Expense, Exchange Traded Fund, Commissions

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Investors purchasing Shares in the secondary market may be subject to costs (including customary brokerage commissions) charged by their broker.

Other Expenses, New Fund, Based on Estimates

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Expense Example, Heading

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Example

Expense Example, Narrative

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The following example is intended to help you compare the cost of investing in
the Fund with the costs of investing in other funds.

The example assumes that you invest $10,000 in the Fund for the time periods
indicated and then redeem all of your shares at the end of those periods. The
example also assumes that your investment has a 5% return each year and that the
Fund's operating expenses remain the same each year.

Expense Example, By Year, Caption

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Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Investment Strategy, Heading

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Principal Investment Strategies

Investment Strategy, Narrative

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The Fund uses a strategy that seeks total return, comprised of income and
capital appreciation, which attempts to outperform the Barclays Capital U.S.
Aggregate Bond index (the "Benchmark"), The Fund will normally invest at least
80% of its net assets in fixed income securities. The Fund's investment strategy
utilizes quantitative security selection, fundamental credit analysis and the
Investment Adviser's views of particular sectors to construct a portfolio
through a process that employs a rigorous risk management framework. The
Investment Adviser utilizes a quantitative strategy which attempts to identify
relative mispricing among the instruments of a given asset class and estimate
future returns which may arise from the eventual correction of the relative
mispricing. The Investment Adviser then applies these quantitative results in
constructing a portfolio which attempts to maximize expected return due to
security specific mispricing while attempting to control for interest rate and
credit spread (i.e. differences in yield between different debt instruments
arising from differences in credit risk) risks. The Fund's average duration is
expected to be generally similar to the average duration of the Benchmark
components.

The Fund primarily invests in U.S. dollar-denominated investment grade debt
securities, including U.S. Treasury securities and corporate bonds, rated Baa3
or higher by Moody's Investors Service, Inc. ("Moody's"), or equivalently rated
by Standard & Poor's Rating Group ("S&P") or Fitch Investor Services ("Fitch")
or, if unrated, determined by the Investment Adviser to be of comparable
quality. The Fund may invest no more than 10% of its assets in high yield
securities ("junk bonds"), which are debt securities that are rated below
investment grade by nationally recognized statistical rating organizations, or
are unrated securities that the Investment Adviser believes are of comparable
quality. The Fund will not invest in securities that are in default at the time
of investment. If a security defaults subsequent to purchase by the Fund, the
Investment Adviser will determine in its discretion whether to hold or dispose
of such security. The Fund may invest,without limitation, in U.S. dollar-denominated
debt securities of foreign issuers, including emerging market issuers. The Fund may
also invest up to 10% of its assets in sovereign and corporate debt securities
denominated in foreign currencies. The Investment Adviser may attempt to reduce
foreign currency exchange rate risk by entering into contracts with banks, brokers
or dealers to purchase or sell securities or foreign currencies at a future date
("forward contracts"). The Fund will not invest in options contracts, futures
contracts or swap agreements.

The Fund may invest up to 10% of its assets in mortgage-backed securities
("MBS") or in other asset-backed securities. This limitation does not apply to
securities issued or guaranteed by federal agencies and/or U.S. government
sponsored instrumentalities, such as the Government National Mortgage
Administration ("GNMA"), the Federal Housing Administration ("FHA"), the Federal
National Mortgage Association ("FNMA") and the Federal Home Loan Mortgage
Corporation ("FHLMC"). In addition to securities issued or guaranteed by such
agencies or instrumentalities, the Fund may invest in MBS or other asset-backed
securities issued or guaranteed by private issuers. The MBS in which the Fund
may invest may also include residential mortgage-backed securities ("RMBS"),
collateralized mortgage obligations ("CMOs") and commercial mortgage-backed
securities ("CMBS"). The asset-backed securities in which the Fund may invest
include collateralized debt obligations ("CDOs"). CDOs include collateralized
bond obligations ("CBOs"), collateralized loan obligations ("CLOs") and other
similarly structured securities. A CBO is a trust which is backed by a
diversified pool of high risk, below investment grade fixed income securities. A
CLO is a trust typically collateralized by a pool of loans, which may include
domestic and foreign senior secured loans, senior unsecured loans, and
subordinate corporate loans, including loans that may be rated below investment
grade or equivalent unrated loans.

The Fund may obtain exposure to the securities in which it normally invests by
engaging in various investment techniques, including forward purchase
agreements, mortgage dollar roll and "TBA" mortgage trading. A mortgage dollar
roll involves the sale of a MBS by the Fund and its agreement to repurchase the
instrument (or one which is substantially similar) at a specified time and
price. Most transactions in fixed-rate mortgage pass-through securities occur
through standardized contracts for future delivery in which the exact mortgage
pools to be delivered are not specified until a few days prior to settlements (a
"TBA" transaction). The Fund may enter into such contracts on a regular basis.
The Fund, pending settlement of such contracts, will invest its assets in
high-quality, liquid short-term instruments, including shares of money market
funds. The Fund will assume its pro rata share of the fees and expenses of any
money market fund that it may invest in, in addition to the Fund's own fees and
expenses. The Fund may also acquire interests in mortgage pools through means
other than such standardized contracts for future delivery. The Fund may also
invest the cash collateral it holds as part of its TBA transactions in
repurchase agreements. Repurchase agreements are fixed-income securities in the
form of agreements backed by collateral. These agreements, which may be viewed
as a type of secured lending by the Fund, typically involve the acquisition by
the Fund of securities from the selling institution (such as a bank or a
broker-dealer), coupled with the agreement that the selling institution will
repurchase the underlying securities at a specified price and at a fixed time in
the future (or on demand). The underlying securities which serve as collateral
for the repurchase agreements entered into by the Fund may include U.S.
government securities, corporate obligations and convertible securities, and are
marked-to market daily in order to maintain full collateralization (typically
purchase price plus accrued interest). The Fund also may invest directly in
exchange-traded funds ("ETFs") and other investment companies that provide exposure
to fixed income securities similar to those securities in which the Fund may invest
in directly.

Prior to June 1, 2011, the Fund's name was the "Claymore U.S. Capital Markets
Bond ETF" and the Fund sought to replicate an index called "CPMKTB - The Capital
Markets Bond Index ."

Risk, Heading

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Principal Investment Risks

Risk, Narrative

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Investors should consider the following risk factors and special considerations
associated with investing in the Fund, which may cause you to lose money.

Investment Risk. An investment in the Fund is subject to investment risk,
including the possible loss of the entire principal amount that you invest.

Credit/Default Risk. Credit risk is the risk that issuers or guarantors of debt
instruments or the counterparty to a derivatives contract, repurchase agreement
or loan of portfolio securities is unable or unwilling to make timely interest
and/or principal payments or otherwise honor its obligations. Debt instruments
are subject to varying degrees of credit risk, which may be reflected in credit
ratings. Securities issued by the U.S. government have limited credit risk.
However, securities issued by certain U.S. government agencies are not
necessarily backed by the full faith and credit of the U.S. government. Credit
rating downgrades and defaults (failure to make interest or principal payment)
may potentially reduce the Fund's income and share price.

Interest Rate Risk. As interest rates rise, the value of fixed-income securities
held by the Fund are likely to decrease. Securities with longer durations tend
to be more sensitive to interest rate changes, making them more volatile than
securities with shorter durations.

Asset Class Risk. The bonds in the Fund's portfolio may underperform the returns
of other bonds or indexes that track other industries, markets, asset classes or
sectors. Different types of bonds and indexes tend to go through different
performance cycles than the general bond market.

Call Risk/Prepayment Risk. During periods of falling interest rates, an issuer
of a callable bond may exercise its right to pay principal on an obligation
earlier than expected. This may result in the Fund's having to reinvest proceeds
at lower interest rates, resulting in a decline in the Fund's income.

Income Risk. Income risk is the risk that falling interest rates will cause the
Fund's income to decline.

Liquidity Risk. Liquidity risk exists when particular investments are difficult
to purchase or sell. The market for MBS may be less liquid than for other fixed
income instruments. This means that it may be harder to buy and sell MBS,
especially on short notice, and MBS may be more difficult for the Fund to value
accurately than other fixed income instruments. If the Fund invests in illiquid
securities or securities that become illiquid, Fund returns may be reduced
because the Fund may be unable to sell the illiquid securities at an
advantageous time or price.

Mortgage- and Asset-Backed Securities Risks. MBS (residential and commercial)
and asset-backed securities represent interests in "pools" of mortgages or other
assets, including consumer loans or receivables held in trust. The characteristics
of these MBS and asset-backed securities differ from traditional fixed income
securities.Like traditional fixed income securities, the value of MBS or asset-backed
securities typically increases when interest rates fall and decreases when
interest rates rise. However, a main difference is that the principal on MBS or
asset-backed securities may normally be prepaid at any time, which will reduce
the yield and market value of these securities. Therefore, MBS and asset-backed
backed securities are subject to "prepayment risk" and "extension risk." Because
of prepayment risk and extension risk, MBS react differently to changes in
interest rates than other fixed income securities.

Prepayment risk is the risk that, when interest rates fall, certain types of
obligations will be paid off by the obligor more quickly than originally
anticipated and the Fund may have to invest the proceeds in securities with
lower yields. In periods of falling interest rates, the rate of prepayments
tends to increase (as does price fluctuation) as borrowers are motivated to pay
off debt and refinance at new lower rates. During such periods, reinvestment of
the prepayment proceeds will generally be at lower rates of return than the
return on the assets which were prepaid. Prepayment reduces the yield to
maturity and the average life of the MBS or asset-backed securities.

Extension risk is the risk that, when interest rates rise, certain obligations
will be paid off by the obligor more slowly than anticipated causing the value
of these securities to fall. Rising interest rates tend to extend the duration
of MBS and asset-backed securities, making them more sensitive to changes in
interest rates. The value of longer-term securities generally changes more in
response to changes in interest rates than shorter-term securities. As a result,
in a period of rising interest rates, MBS and asset-backed securities may
exhibit additional volatility and may lose value.

Small movements in interest rates (both increases and decreases) may quickly and
significantly reduce the value of certain MBS. The Fund's investments in
asset-backed securities are subject to risks similar to those associated with
MBS, as well as additional risks associated with the nature of the assets and
the servicing of those assets. These securities also are subject to the risk of
default on the underlying mortgage or assets, particularly during periods of
economic downturn. Certain MBS are issued in several classes with different
levels of yield and credit protection. The Fund's investments in MBS with
several classes may be in the lower classes that have greater risks than the
higher classes, including greater interest rate, credit and prepayment risks.

MBS may be either pass-through securities or CMOs. Pass-through securities
represent a right to receive principal and interest payments collected on a pool
of mortgages, which are passed through to security holders. CMOs are created by
dividing the principal and interest payments collected on a pool of mortgages
into several revenue streams (tranches) with different priority rights to
portions of the underlying mortgage payments. The Fund will not invest in CMO
tranches which represent a right to receive interest only ("IOs"), principal
only ("POs") or an amount that remains after other floating-rate tranches are
paid (an inverse floater). If the Fund invests in CMO tranches (including CMO
tranches issued by government agencies) and interest rates move in a manner not
anticipated by Fund management, it is possible that the Fund could lose all or
substantially all of its investment.

There is also risk associated with the roll market for pass-through MBS. First,
the value and safety of the roll depends entirely upon the counterparty's
ability to redeliver the security at the termination of the roll. Therefore, the
counterparty to a roll must meet the same credit criteria as any existing repurchase
counterparty. Second, the security which is redelivered at the end of the roll period
must be substantially the same as the initial security, i.e., must have the same
coupon, be issued by the same agency and be of the same type, have the same original
stated term to maturity, be priced to result in similar market yields and be "good
delivery." Within these parameters, however, the actual pools that are redelivered
could be less desirable than those originally rolled, especially with respect to
prepayment and/or delinquency characteristics. In addition, the Fund's use of
mortgage dollar rolls may give rise to a form of leverage, which could
exaggerate the effects on NAV of any increase or decrease in the market value of
the Fund's portfolio securities. The Fund will earmark or segregate assets
determined to be liquid by the Investment Adviser to cover its obligations under
mortgage dollar rolls which may give rise to a form of leverage.

The residential mortgage market in the United States has experienced
difficulties that may adversely affect the performance and market value of
certain of the Fund's mortgage-related investments. Delinquencies and losses on
residential mortgage loans (especially subprime and second-lien mortgage loans)
generally have increased since 2007 and may continue to increase, and a decline
in or flattening of housing values (as has recently been experienced and may
continue to be experienced in many housing markets) may exacerbate such
delinquencies and losses. Reduced investor demand for mortgage loans and
mortgage-related securities and increased investor yield requirements have
caused limited liquidity in the secondary market for mortgage-related
securities, which can adversely affect the market value of mortgage-related
securities. It is possible that such limited liquidity in such secondary markets
could continue or worsen.

Asset-backed securities entail certain risks not presented by MBS, including the
risk that in certain states it may be difficult to perfect the liens securing
the collateral backing certain asset-backed securities. In addition, certain
asset-backed securities are based on loans that are unsecured, which means that
there is no collateral to seize if the underlying borrower defaults. Certain MBS
in which the Fund may invest may also provide a degree of investment leverage,
which could cause the Fund to lose all or substantially all of its investment.

High Yield Securities Risk. High yield securities are subject to the increased
risk of an issuer's inability to meet principal and interest payment
obligations. These securities may be subject to greater price volatility due to
such factors as specific corporate developments, interest rate sensitivity,
negative perceptions of the high yield securities markets generally and less
secondary market liquidity.

Foreign Issuers Risk. The Fund may invest in U.S. and non-U.S.
dollar-denominated bonds of foreign corporations, governments, agencies and
supra-national agencies which have different risks than investing in U.S.
companies. These include differences in accounting, auditing and financial
reporting standards, the possibility of expropriation or confiscatory taxation,
adverse changes in investment or exchange control regulations, political
instability which could affect U.S. investments in foreign countries, and
potential restrictions of the flow of international capital. Foreign companies
may be subject to less governmental regulation than U.S. issuers. Moreover,
individual foreign economies may differ favorably or unfavorably from the U.S.
economy in such respects as growth of gross domestic product, rate of inflation,
capital investment, resource self- sufficiency and balance of payment options.

Emerging market countries are countries that major international financial
institutions, such as the World Bank, generally consider to be less economically
mature than developed nations. Emerging market countries can include every
nation in the world except the United States, Canada, Japan, Australia, New
Zealand and most countries located in Western Europe. Investing in foreign
countries, particularly emerging market countries, entails the risk that news
and events unique to a country or region will affect those markets and their
issuers. Countries with emerging markets may have relatively unstable
governments, may present the risks of nationalization of businesses,
restrictions on foreign ownership and prohibitions on the repatriation of
assets. The economies of emerging markets countries also may be based on only a
few industries, making them more vulnerable to changes in local or global trade
conditions and more sensitive to debt burdens or inflation rates. Local
securities markets may trade a small number of securities and may be unable to
respond effectively to increases in trading volume, potentially making prompt
liquidation of holdings difficult or impossible at times.

Foreign Currency Risk. The Fund's investments may be denominated in foreign
currencies. The value of foreign currencies may fluctuate relative to the value
of the U.S. dollar. Since the Fund may invest in such non-U.S.
dollar-denominated securities, and therefore may convert the value of such
securities into U.S. dollars, changes in currency exchange rates can increase or
decrease the U.S. dollar value of the Fund's assets. The Investment Adviser may
attempt to reduce this risk by entering into forward contracts with banks,
brokers or dealers. A foreign currency forward contract is a negotiated
agreement between the contracting parties to exchange a specified amount of
currency at a specified future time at a specified rate. The rate can be higher
or lower than the spot rate between the currencies that are the subject of the
contract. Hedging the Fund's currency risks involves the risk of mismatching the
Fund's objectives under a forward or futures contract with the value of
securities denominated in a particular currency. Furthermore, such transactions
reduce or preclude the opportunity for gain if the value of the currency should
move in the direction opposite to the position taken. If the counterparty under
the contract defaults on its obligation to make payments due from it as a result
of its bankruptcy or otherwise, the Fund may lose such payments altogether or
collect only a portion thereof, which collection could involve costs or delays.
The Investment Adviser may in its discretion choose not to hedge against
currency risk. In addition, certain market conditions may make it impossible or
uneconomical to hedge against currency risk.

Financial Services Sector Risk. The financial services industries are subject to
extensive government regulation, can be subject to relatively rapid change due
to increasingly blurred distinctions between service segments, and can be
significantly affected by availability and cost of capital funds, changes in
interest rates, the rate of corporate and consumer debt defaults, and price
competition. In addition, the deterioration of the credit markets since late
2007 generally has caused an adverse impact in a broad range of markets,
including U.S. and international credit and interbank money markets generally,
thereby affecting a wide range of financial institutions and markets. In
particular, events in the financial sector since late 2008 have resulted, and
may continue to result, in an unusually high degree of volatility in the
financial markets, both domestic and foreign. These events have included the
U.S. government's placement of the FNMA and FHLMC under conservatorship, the
bankruptcy filing of Lehman Brothers Holdings Inc., the sale of Merrill Lynch to
Bank of America, the U.S. government support of American International Group,
Inc., the sale of Wachovia to Wells Fargo, reports of credit and liquidity
issues involving certain money market mutual funds, and emergency measures by
the U.S. and foreign governments banning short-selling. This situation has created
instability in the financial markets and caused certain financial services
companies to incur large losses. Numerous financial services companies have
experienced substantial declines in the valuations of their assets, taken action
to raise capital (such as the issuance of debt or equity securities), or even
ceased operations. These actions have caused the securities of many financial
services companies to experience a dramatic decline in value. Moreover, certain
financial companies have avoided collapse due to intervention by the U.S.
regulatory authorities (such as the Federal Deposit Insurance Corporation or the
Federal Reserve System), but such interventions have often not averted a
substantial decline in the value of such companies' securities. Issuers that
have exposure to the real estate, mortgage and credit markets have been
particularly affected by the foregoing events and the general market turmoil,
and it is uncertain whether or for how long these conditions will continue.

Risks of Investing In Other Investment Companies. Investments in securities of
other investment companies involve risks, including the fact that shares of
other investment companies are subject to the management fees and other expenses
of those companies, and the purchase of shares of some investment companies (in
the case of closed-end investment companies) may sometimes require the payment
of substantial premiums above the value of such companies' portfolio securities
or net asset values. The Fund must continue, at the same time, to pay its own
management fees and expenses with respect to all of its investments, including
shares of other investment companies. The securities of other investment
companies may also be leveraged and will therefore be subject to certain
leverage risks.

Portfolio Turnover Risk. The Fund may engage in active and frequent trading of
its portfolio securities. A portfolio turnover rate of 200%, for example, is
equivalent to the Fund buying and selling all of its securities two times during
the course of the year. A high portfolio turnover rate (such as 100% or more)
could result in high brokerage costs. A high portfolio turnover rate can result
in an increase in taxable capital gains distributions to the Fund's
shareholders.

Issuer-Specific Changes. The value of an individual security or particular type
of security can be more volatile than the market as a whole and can perform
differently from the value of the market as a whole. The value of securities of
smaller issuers can be more volatile than that of larger issuers.

Management Risk. The Fund is subject to management risk because it is an
actively managed portfolio. In managing the Fund's portfolio securities, the
Investment Adviser will apply investment techniques and risk analyses in making
investment decisions for the Fund, but there can be no guarantee that these will
produce the desired results.

Non-Diversified Fund Risk. The Fund is considered non-diversified and can invest
a greater portion of assets in securities of individual issuers than a
diversified fund. As a result, changes in the market value of a single
investment could cause greater fluctuations in share price than would occur in a
diversified fund.

Risk of Deviation between Market Price and NAV. Unlike conventional ETFs, the
Fund is not an index fund. The Fund is actively managed and does not seek to
replicate the performance of a specified index. Index based ETFs have generally
traded at prices which closely correspond to net asset value ("NAV") per Share.
There can be no assurance as to whether and/or the extent to which the Shares will
trade at premiums or discounts to NAV. The deviation risk may be heightened to the
extent the Fund invests in mortgage-backed securities, as such investments may be
difficult to value. Because mortgage-backed securities may trade infrequently, the
most recent trade price may not indicate their true value. A third-party pricing
service may be used to value some or all of the Fund's mortgage-backed securities.
To the extent that market participants question the accuracy of the pricing service's
prices, there is a risk of significant deviation between the NAV and market
price of some or all of the mortgage-backed securities in which the Fund
invests.

Risk of Cash Transactions. In certain instances, unlike most ETFs, the Fund may
effect creations and redemptions for cash, rather than in-kind. As a result, an
investment in the Fund may be less tax-efficient than an investment in a more
conventional ETF. ETFs generally are able to make in-kind redemptions and avoid
being taxed on gain on the distributed portfolio securities at the Fund level.
Because the Fund may effect redemptions for cash, rather than in-kind
distributions, it may be required to sell portfolio securities in order to
obtain the cash needed to distribute redemption proceeds. If the Fund recognizes
gain on these sales, this generally will cause the Fund to recognize gain it
might not otherwise have recognized, or to recognize such gain sooner than would
otherwise be required if it were to distribute portfolio securities in-kind. The
Fund generally intends to distribute these gains to shareholders to avoid being
taxed on this gain at the Fund level and otherwise comply with the special tax
rules that apply to it. This strategy may cause shareholders to be subject to
tax on gains they would not otherwise be subject to, or at an earlier date than,
if they had made an investment in a different ETF. Moreover, cash transactions
may have to be carried out over several days if the securities market is
relatively illiquid and may involve considerable brokerage fees and taxes. These
brokerage fees and taxes, which will be higher than if the Fund sold and
redeemed its Shares principally in-kind, will be passed on to purchasers and
redeemers of Creation Units in the form of creation and redemption transaction
fees. In addition, these factors may result in wider spreads between the bid and
the offered prices of the Fund's Shares than for more conventional ETFs.

Risk, Lose Money

rr_RiskLoseMoney

Investors should consider the following risk factors and special considerations associated with investing in the Fund, which may cause you to lose money.

Risk, Nondiversified Status

rr_RiskNondiversifiedStatus

The Fund is considered non-diversified and can invest a greater portion of assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in share price than would occur in a diversified fund.

Bar Chart and Performance Table, Heading

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Fund Performance

Performance, Narrative

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The chart and table below provide some indication of the risks of investing in
the Fund by showing changes in the Fund's performance from year to year and by
showing how the Fund's average annual returns for one year compare with those of
a broad measure of market performance. The Fund's past performance (before and
after taxes) is not necessarily an indication of how the Fund will perform in
the future. Updated performance information for the Fund is available at
www.guggenheimfunds.com.

Performance, Information Illustrates Variability of Returns

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Performance, Availability Website Address

rr_PerformanceAvailabilityWebSiteAddress

www.guggenheimfunds.com

Performance, Past Does Not Indicate Future

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The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.

Bar Chart, Heading

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Calendar Year Total Return as of 12/31

Bar Chart, Closing

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The Fund commenced operations on February 12, 2008. During the periods shown in
the chart above, the Fund's highest and lowest calendar quarter returns were
3.64% and -1.25%, respectively, for the quarters ended June 30, 2010 and
December 31, 2010.

Index No Deduction for Fees, Expenses, Taxes

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reflects no deduction for fees, expenses or taxes

Performance Table, Uses Highest Federal Rate

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All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax.

Performance Table, Not Relevant to Tax Deferred

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Performance Table, Narrative

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All after-tax returns are calculated using the historical highest individual
federal marginal income tax rates and do not reflect the impact of any state or
local tax. Your own actual after-tax returns will depend on your tax situation
and may differ from what is shown here. After-tax returns are not relevant to
investors who hold Shares of the Fund in tax-deferred accounts such as
individual retirement accounts (IRAs) or employee-sponsored retirement plans.

Average Annual Returns, Caption

rr_AverageAnnualReturnCaption

Average Annual Total Returns for the Period Ended December 31, 2010

Guggenheim Enhanced Core Bond ETF (Prospectus Summary) | Guggenheim Enhanced Core Bond ETF | Guggenheim Enhanced Core Bond ETF

Fee Waiver or Reimbursement over Assets, Date of Termination

rr_RiskReturnAbstract

rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination

2013-12-31

Highest Quarterly Return, Label

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highest calendar quarter returns

Highest Quarterly Return, Date

rr_BarChartHighestQuarterlyReturnDate

Jun. 30, 2010

Highest Quarterly Return

rr_BarChartHighestQuarterlyReturn

3.64%

Lowest Quarterly Return, Label

rr_LowestQuarterlyReturnLabel

lowest calendar quarter returns

Lowest Quarterly Return, Date

rr_BarChartLowestQuarterlyReturnDate

Dec. 31, 2010

Lowest Quarterly Return

rr_BarChartLowestQuarterlyReturn

(1.25%)

Guggenheim Enhanced Core Bond ETF | The Capital Markets Bond Index

rr_RiskReturnAbstract

rr_AverageAnnualReturnLabel

CPMKTB - The Capital Markets Bond IndexSM (reflects no deduction for fees, expenses or taxes)

rr_AverageAnnualReturnYear01

2.55%

rr_AverageAnnualReturnSinceInception

1.99%

rr_AverageAnnualReturnInceptionDate

Feb. 12, 2008

Guggenheim Enhanced Core Bond ETF | Barclays Capital U.S. Aggregate Bond Index

rr_RiskReturnAbstract

rr_AverageAnnualReturnLabel

Barclays Capital U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)

rr_AverageAnnualReturnYear01

6.54%

rr_AverageAnnualReturnSinceInception

5.52%

rr_AverageAnnualReturnInceptionDate

Feb. 12, 2008

Guggenheim Enhanced Core Bond ETF | Guggenheim Enhanced Core Bond ETF

Distribution and service (12b-1) fees

rr_RiskReturnAbstract

Management Fees

rr_ManagementFeesOverAssets

0.20%

rr_DistributionAndService12b1FeesOverAssets

^[1]

Other expenses

rr_OtherExpensesOverAssets

3.46%

^[2]

Total annual Fund operating expenses

rr_ExpensesOverAssets

3.66%

Expense Reimbursements

rr_FeeWaiverOrReimbursementOverAssets

(3.39%)

^[3]

Total annual Fund operating expenses after Expense Reimbursements

rr_NetExpensesOverAssets

0.27%

Expense Example, With Redemption, 1 Year

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Expense Example, With Redemption, 3 Years

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513

Expense Example, With Redemption, 5 Years

rr_ExpenseExampleYear05

1,388

Expense Example, With Redemption, 10 Years

rr_ExpenseExampleYear10

3,659

Annual Return 2009

rr_AnnualReturn2009

4.69%

Annual Return 2010

rr_AnnualReturn2010

6.03%

rr_AverageAnnualReturnLabel

Return Before Taxes

rr_AverageAnnualReturnYear01

6.03%

rr_AverageAnnualReturnSinceInception

4.73%

rr_AverageAnnualReturnInceptionDate

Feb. 12, 2008

Guggenheim Enhanced Core Bond ETF | Guggenheim Enhanced Core Bond ETF | After Taxes on Distributions

rr_RiskReturnAbstract

rr_AverageAnnualReturnLabel

Return After Taxes on Distributions

rr_AverageAnnualReturnYear01

4.96%

rr_AverageAnnualReturnSinceInception

3.60%

rr_AverageAnnualReturnInceptionDate

Feb. 12, 2008

Guggenheim Enhanced Core Bond ETF | Guggenheim Enhanced Core Bond ETF | After Taxes on Distributions and Sales

rr_RiskReturnAbstract

rr_AverageAnnualReturnLabel

Return After Taxes on Distributions and Sale of Fund Shares

rr_AverageAnnualReturnYear01

3.99%

rr_AverageAnnualReturnSinceInception

3.38%