N-CSRS/A 1 d371636dncsrsa.htm RYDEX ETF TRUST Rydex ETF Trust
Table of Contents

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811- 21261

Rydex ETF Trust

(Exact name of registrant as specified in charter)

805 King Farm Boulevard, Suite 600

Rockville, Maryland 20850

(Address of principal executive offices) (Zip code)

Donald C. Cacciapaglia

Rydex ETF Trust

805 King Farm Boulevard, Suite 600

Rockville, Maryland 20850

(Name and address of agent for service)

Registrant’s telephone number, including area code: 1-301-296-5100

Date of fiscal year end: October 31

Date of reporting period: April 30, 2012

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

 

 

 

Table of Contents

Item 1. Reports to Stockholders.

Table of Contents

LOGO

 

LOGO

 

APRIL 30, 2012

GUGGENHEIM ETFS

SEMI-ANNUAL REPORT

 

RSP GUGGENHEIM S&P 500 EQUAL WEIGHT ETF

EWMD GUGGENHEIM S&P MIDCAP 400 EQUAL WEIGHT ETF

EWSM GUGGENHEIM S&P SMALLCAP 600 EQUAL WEIGHT ETF

EWRM GUGGENHEIM RUSSELL MIDCAP® EQUAL WEIGHT ETF

EWRI GUGGENHEIM RUSSELL 1000® EQUAL WEIGHT ETF

EWRS GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF

EWEF GUGGENHEIM MSCI EAFE EQUAL WEIGHT ETF

EWEM GUGGENHEIM MSCI EMERGING MARKETS 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

RYT GUGGENHEIM S&P 500 EQUAL WEIGHT TECHNOLOGY ETF

RYU GUGGENHEIM S&P 500 EQUAL WEIGHT UTILITIES ETF

Table of Contents

TABLE OF CONTENTS

 

  

 

 

LETTER TO OUR SHAREHOLDERS

      2   

FEES AND EXPENSES

      4   

PORTFOLIO SUMMARY

      6   

SCHEDULE OF INVESTMENTS

      23   

STATEMENT OF ASSETS AND LIABILITIES

      117   

STATEMENT OF OPERATIONS

      122   

STATEMENTS OF CHANGES IN NET ASSETS

      127   

FINANCIAL HIGHLIGHTS

      136   

NOTES TO FINANCIAL STATEMENTS

      153   

OTHER INFORMATION

      160   

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS

      162   

 

GUGGENHEIM ETFS SEMI-ANNUAL REPORT       1  

Table of Contents

LETTER TO OUR SHAREHOLDERS

 

  

 

 

To Our Shareholders:

A restructuring of Greece’s massive debt, continued accommodation by the world’s major central banks and better news on the U.S. economy helped support financial markets over the six months ended April 30, 2012. Market optimism peaked in early 2012, when several major equity indices pushed to multi-year highs. But the mood grew more cautious late in the period after first-quarter U.S. GDP came in lower than expected and the Federal Reserve suggested that it would not take any additional measures to stimulate the economy. “Operation Twist,” in which the Fed buys longer-dated Treasury securities in order to hold down long-term rates, is set to end in June, and recent history has shown that stocks struggle when stimulus ends.

U.S. equities last fall were rebounding from the loss of the U.S. AAA credit rating in August. But after touching the low for the period in mid-November, improving U.S. economic data and the European Central Bank’s injections of three-year loans into the continent’s banking system gave a boost to markets late in 2011, which carried over into a strong first quarter of 2012. The mild U.S. winter also may have pulled economic, and thus market, activity forward, a notion supported by underlying momentum in consumer spending.

Markets began to get choppy in April, and many investors remained cautious, remembering 2010 and 2011, when U.S. stocks started strong, then experienced broad-based corrections. Besides a continuation of weakness in employment and housing, adding to unsettled markets were softening economic data and concern about the “fiscal cliff” the U.S. faces in 2013 when tax rates will rise unless Congress steps in. In addition, the onset of recession in Europe is complicating that region’s efforts to manage the sovereign debt crisis. Emerging markets in the first quarter of 2012 had their best start in 20 years, but slipped in March on fears of eurozone market contagion and renewed concern that China’s economic growth might slow.

The Fed said in late April that it expected economic growth to remain moderate over coming quarters, but that the unemployment rate will subside gradually and that inflation was under control. To foster growth, the Federal Reserve has said it will leave its key interest rate close to zero at least through 2014, despite arguments by some Fed officials and investors that the Fed may have to consider raising rates much earlier than that to prevent inflation.

Signs that the U.S. economy was expanding at a slow, but sustainable, rate contributed to concern about future inflation, and both short-term and long-term Treasury yields generally moved higher over the first part of 2012. The continued accommodative stance of the Fed, combined with the slow, but stable, economic recovery, is supporting a positive outlook for U.S. fixed income, particularly among corporate issuers, as borrowing costs remain low, default rates currently hover around 2% and strong demand for primary issuance has enabled a steady wave of debt refinancing. Against an improving U.S. macroeconomic backdrop, investment-grade and high-yield corporates are expected to continue to outpace Treasuries.

Commodities, which had been slumping since mid-2011 due to slowing economic activity and the European debt crisis, rebounded in early 2012 on stronger macroeconomic data, but remain volatile. The price of a barrel of oil rose slightly over the six months ended in April, but investors have been shifting out of gold to assets with greater return potential. After peaking at above $1,900 last summer, the price per ounce has fallen back to around $1,600. The dollar strengthened slightly against a basket of other major currencies over the period, reflecting better economic performance in the U.S. versus other markets.

The U.S. economy seems to be decoupling from slowing growth in the rest of the world and from ongoing uncertainty in the European debt crisis, as well as the domestic debate over tax and spending policy. In this resiliency, we see potential in U.S. investments, including equities, high yield bonds, bank loans and other risk assets. It appears that the U.S. may have entered a period of self-sustaining, if modest, economic expansion, driven primarily by the aggressive monetary policy of the Fed and reinforced by the ECB, and is increasingly becoming the economic locomotive of the global economy.

 

  2     GUGGENHEIM ETFS SEMI-ANNUAL REPORT

Table of Contents

LETTER TO OUR SHAREHOLDERS   (concluded)

 

  

 

 

We look forward to continuing our service to you. Thank you for investing in our funds.

Sincerely,

 

LOGO

Donald C. Cacciapaglia

President

 

Performance displayed represents past performance which is no guarantee of future results. Of course, fund performance is subject to daily market volatility and may be better or worse since the end of the last quarter. For up-to-date fund performance, call us at 800.820.0888 or visit www.rydex-sgi.com.

Read each fund’s prospectus and summary prospectus (if available) carefully before investing. It contains the fund’s investment objectives, risks, charges, expenses and other information, which should be considered carefully before investing. Obtain a prospectus and summary prospectus (if available) at www.rydex-sgi.com or call 800.820.0888

The referenced funds are distributed by Rydex Distributors, LLC. Guggenheim Investments represents the investment management business of Guggenheim Partners, LLC, which includes Security Investors, LLC , the investment advisor to the referenced funds. Rydex Distributors, LLC, is affiliated with Guggenheim Partners, LLC and Security Investors, LLC.

 

GUGGENHEIM ETFS SEMI-ANNUAL REPORT       3  

Table of Contents
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, 2011 and held for the six months ended April 30, 2012.

Actual Expenses

The first table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first table under the heading entitled “Expenses Paid During the Six-Month Period” to estimate the expenses attributable to your investment during this period.

Hypothetical Example for Comparison Purposes

The second table below provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not a Fund’s actual return. Thus, you should not use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are provided to enable you to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as creation and redemption fees, or brokerage charges. Therefore, the second table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

 

        Expense
Ratio		        Beginning
Account Value
10/31/11		        Ending
Account Value
4/30/12		       

Expenses
Paid During
Six-Month Period*

10/31/11 to 4/30/12

  

Actual

                    

Guggenheim S&P 500 Equal Weight ETF

        0.40%         $ 1,000.00         $ 1,109.10         $ 2.10   

Guggenheim S&P MidCap 400 Equal Weight ETF

        0.41%           1,000.00           1,125.50           2.17   

Guggenheim S&P SmallCap 600 Equal Weight ETF

        0.41%           1,000.00           1,118.80           2.16   

Guggenheim Russell MidCap® Equal Weight ETF

        0.41%           1,000.00           1,107.00           2.15   

Guggenheim Russell 1000® Equal Weight ETF

        0.41%           1,000.00           1,105.70           2.15   

Guggenheim Russell 2000® Equal Weight ETF

        0.41%           1,000.00           1,089.80           2.13   

Guggenheim MSCI EAFE Equal Weight ETF

        0.56%           1,000.00           1,027.50           2.82   

Guggenheim MSCI Emerging Markets Equal Weight ETF

        0.59%           1,000.00           1,018.10           2.96   

Guggenheim S&P 500 Equal Weight Consumer Discretionary ETF

        0.50%           1,000.00           1,161.00           2.69   

Guggenheim S&P 500 Equal Weight Consumer Staples ETF

        0.50%           1,000.00           1,101.60           2.61   

Guggenheim S&P 500 Equal Weight Energy ETF

        0.50%           1,000.00           1,003.00           2.49   

 

  4     GUGGENHEIM ETFS SEMI-ANNUAL REPORT

Table of Contents
FEES AND EXPENSES (Unaudited) (concluded)  

 

 

        Expense
Ratio		        Beginning
Account Value
10/31/11		        Ending
Account Value
4/30/12		       

Expenses
Paid During
Six-Month Period*

10/31/11 to 4/30/12

  

Guggenheim S&P 500 Equal Weight Financials ETF

        0.50%         $ 1,000.00         $ 1,151.30         $ 2.67   

Guggenheim S&P 500 Equal Weight Health Care ETF

        0.50%           1,000.00           1,122.70           2.64   

Guggenheim S&P 500 Equal Weight Industrials ETF

        0.50%           1,000.00           1,113.50           2.63   

Guggenheim S&P 500 Equal Weight Materials ETF

        0.50%           1,000.00           1,117.90           2.63   

Guggenheim S&P 500 Equal Weight Technology ETF

        0.50%           1,000.00           1,086.20           2.59   

Guggenheim S&P 500 Equal Weight Utilities ETF

        0.50%           1,000.00           1,039.80           2.54   

Hypothetical (assuming a 5%
return before expenses)

   

          

Guggenheim S&P 500 Equal Weight ETF

        0.40%           1,000.00           1,022.87           2.01   

Guggenheim S&P MidCap 400 Equal Weight ETF

        0.41%           1,000.00           1,022.82           2.06   

Guggenheim S&P SmallCap 600 Equal Weight ETF

        0.41%           1,000.00           1,022.82           2.06   

Guggenheim Russell MidCap® Equal Weight ETF

        0.41%           1,000.00           1,022.82           2.06   

Guggenheim Russell 1000® Equal Weight ETF

        0.41%           1,000.00           1,022.82           2.06   

Guggenheim Russell 2000® Equal Weight ETF

        0.41%           1,000.00           1,022.82           2.06   

Guggenheim MSCI EAFE Equal Weight ETF

        0.56%           1,000.00           1,022.08           2.82   

Guggenheim MSCI Emerging Markets Equal Weight ETF

        0.59%           1,000.00           1,021.93           2.97   

Guggenheim S&P 500 Equal Weight Consumer Discretionary ETF

        0.50%           1,000.00           1,022.38           2.51   

Guggenheim S&P 500 Equal Weight Consumer Staples ETF

        0.50%           1,000.00           1,022.38           2.51   

Guggenheim S&P 500 Equal Weight Energy ETF

        0.50%           1,000.00           1,022.38           2.51   

Guggenheim S&P 500 Equal Weight Financials ETF

        0.50%           1,000.00           1,022.38           2.51   

Guggenheim S&P 500 Equal Weight Health Care ETF

        0.50%           1,000.00           1,022.38           2.51   

Guggenheim S&P 500 Equal Weight Industrials ETF

        0.50%           1,000.00           1,022.38           2.51   

Guggenheim S&P 500 Equal Weight Materials ETF

        0.50%           1,000.00           1,022.38           2.51   

Guggenheim S&P 500 Equal Weight Technology ETF

        0.50%           1,000.00           1,022.38           2.51   

Guggenheim S&P 500 Equal Weight Utilities ETF

        0.50%           1,000.00           1,022.38           2.51   

 

*   Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 182/366 (to reflect one-half year period).

 

GUGGENHEIM ETFS SEMI-ANNUAL REPORT       5  

Table of Contents

PORTFOLIO SUMMARY

 

  

 

GUGGENHEIM S&P 500 EQUAL WEIGHT ETF

 

Sector Allocations*

 

LOGO

Top 10 Holdings*  
Description    % of
Net Assets		  

Expedia, Inc.

      0.27%   

Watson Pharmaceuticals, Inc.

      0.25%   

Amazon.com, Inc.

      0.25%   

Sunoco, Inc.

      0.24%   

Tripadvisor, Inc.

      0.24%   

American International Group, Inc.

      0.24%   

Edwards Lifesciences Corp.

      0.24%   

Red Hat, Inc.

      0.23%   

Priceline.com, Inc.

      0.23%   

Family Dollar Stores, Inc.

      0.23%   
 
*   The Fund’s Top Ten Holdings are expressed as a percentage of net assets and the Sector Allocations are expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time.

 

  6     GUGGENHEIM ETFS SEMI-ANNUAL REPORT

Table of Contents

PORTFOLIO SUMMARY (continued)

 

  

 

GUGGENHEIM S&P MIDCAP 400 EQUAL WEIGHT ETF

 

Sector Allocations*

 

LOGO

 

Top 10 Holdings*  
Description    % of
Net Assets		  

Barnes & Noble, Inc.

      0.38%   

AOl, Inc.

      0.35%   

Catalyst Health Solutions, Inc.

      0.34%   

Regeneron Pharmaceuticals, Inc.

      0.31%   

Newmarket Corp.

      0.31%   

Gen-Probe, Inc.

      0.30%   

Equinix, Inc.

      0.30%   

Polaris Industries, Inc.

      0.29%   

Factset Research Systems, Inc.

      0.29%   

Collective Brands, Inc.

      0.28%   
 
*   The Fund’s Top Ten Holdings are expressed as a percentage of net assets and the Sector Allocations are expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time.

 

GUGGENHEIM ETFS SEMI-ANNUAL REPORT       7  

Table of Contents

PORTFOLIO SUMMARY (continued)

 

  

 

GUGGENHEIM S&P SMALLCAP 600 EQUAL WEIGHT ETF

 

Sector Allocations*

 

LOGO

 

Top 10 Holdings*  
Description    % of
Net Assets		  

Skechers U.S.A., Inc. — Class A

      0.24%   

Marinemax, Inc.

      0.24%   

Stratasys, Inc.

      0.24%   

On Assignment, Inc.

      0.23%   

Overseas Shipholding Group, Inc.

      0.23%   

Spectrum Pharmaceuticals, Inc.

      0.22%   

Opentable, Inc.

      0.22%   

Sturm Ruger & Co., Inc.

      0.22%   

Movado Group, Inc.

      0.22%   

Blyth, Inc.

      0.22%   
 
*   The Fund’s Top Ten Holdings are expressed as a percentage of net assets and the Sector Allocations are expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time.

 

  8     GUGGENHEIM ETFS SEMI-ANNUAL REPORT

Table of Contents

PORTFOLIO SUMMARY (continued)

 

  

 

GUGGENHEIM RUSSELL MIDCAP® EQUAL WEIGHT ETF

 

Sector Allocations*

 

LOGO

 

Top 10 Holdings*  
Description    % of
Net Assets		  

Northeast Utilities

      0.44%   

Hershey Co. (The)

      0.37%   

Coca-Cola Enterprises, Inc.

      0.36%   

Dr Pepper Snapple Group, Inc.

      0.36%   

Flowers Foods, Inc.

      0.36%   

Monster Beverage Corp.

      0.36%   

Mead Johnson Nutrition Co.

      0.35%   

Brown-Forman Corp. — Class B

      0.35%   

McCormick & Co., Inc.

      0.35%   

Church & Dwight Co., Inc.

      0.35%   
 
*   The Fund’s Top Ten Holdings are expressed as a percentage of net assets and the Sector Allocations are expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time.

 

GUGGENHEIM ETFS SEMI-ANNUAL REPORT       9  

Table of Contents

PORTFOLIO SUMMARY (continued)

 

  

 

GUGGENHEIM RUSSELL 1000® EQUAL WEIGHT ETF

 

Sector Allocations*

 

LOGO

 

Top 10 Holdings*  
Description    % of
Net Assets		  

Northeast Utilities

      0.35%   

Hershey Co. (The)

      0.25%   

Kimberly-Clark Corp.

      0.24%   

Coca-Cola Enterprises, Inc.

      0.24%   

Coca-Cola Co. (The)

      0.24%   

Altria Group, Inc.

      0.24%   

Dr Pepper Snapple Group, Inc.

      0.24%   

Flowers Foods, Inc.

      0.24%   

Monster Beverage Corp.

      0.24%   

Kraft Foods, Inc. — Class A

      0.24%   
 
*   The Fund’s Top Ten Holdings are expressed as a percentage of net assets and the Sector Allocations are expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time.

 

10     GUGGENHEIM ETFS SEMI-ANNUAL REPORT

Table of Contents

PORTFOLIO SUMMARY (continued)

 

  

 

GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF

 

Sector Allocations*

 

LOGO

 

Top 10 Holdings*  
Description    % of
Net Assets		  

Roundy’s, Inc.

      0.27%   

GNC Holdings, Inc. — Class A

      0.26%   

Usana Health Sciences, Inc.

      0.26%   

Petmed Express, Inc.

      0.26%   

Medifast, Inc.

      0.26%   

J&J Snack Foods Corp.

      0.25%   

Hain Celestial Group, Inc. (The)

      0.25%   

Chefs’ Warehouse, Inc. (The)

      0.25%   

Fresh Market, Inc. (The)

      0.24%   

Andersons, Inc. (The)

      0.24%   
 
*   The Fund’s Top Ten Holdings are expressed as a percentage of net assets and the Sector Allocations are expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time.

 

GUGGENHEIM ETFS SEMI-ANNUAL REPORT       11

Table of Contents

PORTFOLIO SUMMARY (continued)

 

  

 

GUGGENHEIM MSCI EAFE EQUAL WEIGHT ETF

 

Sector Allocations*

 

LOGO

 

Top 10 Holdings*  
Description    % of
Net Assets		  

Kyocera Corp.

      0.26%   

Nippon Building Fund, Inc.

      0.25%   

Ricoh Co., Ltd.

      0.24%   

Daito Trust Construction Co., Ltd.

      0.24%   

Nidec Corp.

      0.24%   

Sekisui Chemical Co., Ltd.

      0.24%   

Shimadzu Corp.

      0.24%   

Keppel Corp., Ltd.

      0.24%   

Japan Real Estate Investment Corp.

      0.23%   

Mitsubishi Electric Corp.

      0.23%   
 
*   The Fund’s Top Ten Holdings are expressed as a percentage of net assets and the Sector Allocations are expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time.

 

12     GUGGENHEIM ETFS SEMI-ANNUAL REPORT

Table of Contents

PORTFOLIO SUMMARY (continued)

 

  

 

GUGGENHEIM MSCI EMERGING MARKETS EQUAL WEIGHT ETF

 

Sector Allocations*

 

LOGO

 

Top 10 Holdings*  
Description    % of
Net Assets		  

Wisdomtree India Earnings Fund

      7.20%   

Ishares MSCI Brazil Index Fund

      5.80%   

OI SA ADR

      0.38%   

Tsingtao Brewery Co., Ltd. — Class H

      0.35%   

Asustek Computer, Inc.

      0.30%   

Hiwin Technologies Corp.

      0.28%   

Shandong Weigao Group Medical Polymer Co., Ltd. — Class H

      0.27%   

Mediatek, Inc.

      0.25%   

Want Want China Holdings Ltd.

      0.25%   

Zhuzhou CSR Times Electric Co., Ltd. — Class H

      0.25%   
 
*   The Fund’s Top Ten Holdings are expressed as a percentage of net assets and the Sector Allocations are expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time.

 

GUGGENHEIM ETFS SEMI-ANNUAL REPORT       13

Table of Contents

PORTFOLIO SUMMARY (continued)

 

  

 

GUGGENHEIM S&P 500 EQUAL WEIGHT CONSUMER DISCRETIONARY ETF

 

Industry Allocations*

 

LOGO

 

Top 10 Holdings*  
Description    % of
Net Assets		  

Expedia, Inc.

      1.62%   

Amazon.com, Inc.

      1.51%   

Tripadvisor, Inc.

      1.47%   

Priceline.com, Inc.

      1.42%   

Family Dollar Stores, Inc.

      1.42%   

O’Reilly Automotive, Inc.

      1.40%   

Discovery Communications, Inc. — Class A

      1.39%   

Wyndham Worldwide Corp.

      1.37%   

Gap, Inc. (The)

      1.37%   

Bed Bath & Beyond, Inc.

      1.35%   
 
*   The Fund’s Top Ten Holds are expressed as a percentage of net assets and the Industry Allocations are expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time.

 

14     GUGGENHEIM ETFS SEMI-ANNUAL REPORT

Table of Contents

PORTFOLIO SUMMARY (continued)

 

  

 

GUGGENHEIM S&P 500 EQUAL WEIGHT CONSUMER STAPLES ETF

 

Industry Allocations*

 

LOGO

 

Top 10 Holdings*  
Description    % of
Net Assets		  

Avon Products, Inc.

      2.76%   

Hershey Co. (The)

      2.67%   

Estee Lauder Cos., Inc. (The) — Class A

      2.62%   

Coca-Cola Co. (The)

      2.60%   

McCormick & Co., Inc.

      2.60%   

Coca-Cola Enterprises, Inc.

      2.60%   

Kimberly-Clark Corp.

      2.59%   

Brown-Forman Corp. — Class B

      2.56%   

Mead Johnson Nutrition Co.

      2.55%   

Dr Pepper Snapple Group, Inc.

      2.53%   
 
*   The Fund’s Top Ten Holds are expressed as a percentage of net assets and the Industry Allocations are expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time.

 

GUGGENHEIM ETFS SEMI-ANNUAL REPORT       15

Table of Contents

PORTFOLIO SUMMARY (continued)

 

  

 

GUGGENHEIM S&P 500 EQUAL WEIGHT ENERGY ETF

 

Industry Allocations*

 

LOGO

 

Top 10 Holdings*  
Description    % of
Net Assets		  

Sunoco, Inc.

      2.95%   

Williams Cos., Inc. (The)

      2.73%   

Pioneer Natural Resources Co.

      2.55%   

Range Resources Corp.

      2.51%   

Noble Energy, Inc.

      2.46%   

Exxon Mobil Corp.

      2.45%   

Newfield Exploration Co.

      2.42%   

El Paso Corp.

      2.42%   

Cabot Oil & Gas Corp.

      2.41%   

Peabody Energy Corp.

      2.39%   
 
*   The Fund’s Top Ten Holds are expressed as a percentage of net assets and the Industry Allocations are expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time.

 

16     GUGGENHEIM ETFS SEMI-ANNUAL REPORT

Table of Contents

PORTFOLIO SUMMARY (continued)

 

  

 

GUGGENHEIM S&P 500 EQUAL WEIGHT FINANCIALS ETF

 

Industry Allocations*

 

LOGO

 

Top 10 Holdings*  
Description    % of
Net Assets		  

American International Group, Inc.

      1.44%   

Regions Financial Corp.

      1.39%   

Huntington Bancshares, Inc.

      1.37%   

Simon Property Group, Inc.

      1.36%   

American Express Co.

      1.35%   

Travelers Cos., Inc. (The)

      1.34%   

PNC Financial Services Group, Inc.

      1.34%   

Capital One Financial Corp.

      1.33%   

Discover Financial Services

      1.33%   

E*Trade Financial Corp.

      1.32%   
 
*   The Fund’s Top Ten Holds are expressed as a percentage of net assets and the Industry Allocations are expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time.

 

GUGGENHEIM ETFS SEMI-ANNUAL REPORT       17

Table of Contents

PORTFOLIO SUMMARY (continued)

 

  

 

GUGGENHEIM S&P 500 EQUAL WEIGHT HEALTH CARE ETF

 

Industry Allocations*

 

LOGO

 

Top 10 Holdings*  
Description    % of
Net Assets		  

Watson Pharmaceuticals, Inc.

      2.42%   

Edwards Lifesciences Corp.

      2.31%   

Gilead Sciences, Inc.

      2.16%   

Biogen Idec, Inc.

      2.13%   

Intuitive Surgical, Inc.

      2.11%   

Patterson Cos., Inc.

      2.10%   

Abbott Laboratories

      2.05%   

Pfizer, Inc.

      2.04%   

Dentsply International, Inc.

      2.04%   

McKesson Corp.

      2.03%   
 
*   The Fund’s Top Ten Holds are expressed as a percentage of net assets and the Industry Allocations are expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time.

 

18     GUGGENHEIM ETFS SEMI-ANNUAL REPORT

Table of Contents

PORTFOLIO SUMMARY (continued)

 

  

 

GUGGENHEIM S&P 500 EQUAL WEIGHT INDUSTRIALS ETF

 

Industry Allocations*

 

LOGO

Top 10 Holdings*  
Description    % of
Net Assets		  

Avery Dennison Corp.

      1.80%   

Norfolk Southern Corp.

      1.80%   

Masco Corp.

      1.79%   

Ingersoll-Rand Plc

      1.78%   

L-3 Communications Holdings, Inc.

      1.77%   

Equifax, Inc.

      1.76%   

Roper Industries, Inc.

      1.76%   

CSX Corp.

      1.75%   

Tyco International Ltd.

      1.74%   

Iron Mountain, Inc.

      1.73%   
 
*   The Fund’s Top Ten Holds are expressed as a percentage of net assets and the Industry Allocations are expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time.

 

GUGGENHEIM ETFS SEMI-ANNUAL REPORT       19

Table of Contents

PORTFOLIO SUMMARY (continued)

 

  

 

GUGGENHEIM S&P 500 EQUAL WEIGHT MATERIALS ETF

 

Industry Allocations*

 

LOGO

 

Top 10 Holdings*  
Description    % of
Net Assets		  

PPG Industries, Inc.

      3.71%   

Sherwin-Williams Co. (The)

      3.71%   

FMC Corp.

      3.65%   

Airgas, Inc.

      3.61%   

CF Industries Holdings, Inc.

      3.54%   

International Flavors & Fragrances, Inc.

      3.51%   

Ecolab, Inc.

      3.49%   

Titanium Metals Corp.

      3.49%   

United States Steel Corp.

      3.45%   

Praxair, Inc.

      3.45%   
 
*   The Fund’s Top Ten Holds are expressed as a percentage of net assets and the Industry Allocations are expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time.

 

20     GUGGENHEIM ETFS SEMI-ANNUAL REPORT

Table of Contents

PORTFOLIO SUMMARY (continued)

 

  

 

GUGGENHEIM S&P 500 EQUAL WEIGHT TECHNOLOGY ETF

 

Industry Allocations*

 

LOGO

 

Top 10 Holdings*  
Description    % of
Net Assets		  

Red Hat, Inc.

      1.67%   

eBay, Inc.

      1.61%   

Citrix Systems, Inc.

      1.59%   

Verisign, Inc.

      1.58%   

BMC Software, Inc.

      1.55%   

Corning, Inc.

      1.53%   

Mastercard, Inc. — Class A

      1.53%   

Apple, Inc.

      1.52%   

Autodesk, Inc.

      1.52%   

Accenture Plc — Class A

      1.52%   
 
*   The Fund’s Top Ten Holds are expressed as a percentage of net assets and the Industry Allocations are expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time.

 

GUGGENHEIM ETFS SEMI-ANNUAL REPORT       21

Table of Contents

PORTFOLIO SUMMARY (concluded)

 

  

 

GUGGENHEIM S&P 500 EQUAL WEIGHT UTILITIES ETF

 

Industry Allocations*

 

LOGO

 

Top 10 Holdings*  
Description    % of
Net Assets		  

Sempra Energy

      2.71%   

Nextera Energy, Inc.

      2.66%   

Wisconsin Energy Corp.

      2.62%   

AT&T, Inc.

      2.62%   

CMS Energy Corp.

      2.61%   

Centerpoint Energy, Inc.

      2.60%   

Firstenergy Corp.

      2.60%   

Crown Castle International Corp.

      2.58%   

Verizon Communications, Inc.

      2.56%   

Oneok, Inc.

      2.56%   
 
*   The Fund’s Top Ten Holds are expressed as a percentage of net assets and the Industry Allocations are expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time.

 

22     GUGGENHEIM ETFS SEMI-ANNUAL REPORT

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited)   April 30, 2012

 

GUGGENHEIM S&P 500 EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

COMMON STOCKS - 99.9%

  

Aerospace & Defense - 2.4%

  

Boeing Co. (The)

     84,515      $ 6,490,752   

General Dynamics Corp.

     86,270        5,823,225   

Goodrich Corp.

     49,133        6,164,226   

Honeywell International, Inc.

     103,605        6,284,679   

L-3 Communications Holdings, Inc.

     90,828        6,679,491   

Lockheed Martin Corp.

     69,635        6,304,753   

Northrop Grumman Corp.

     102,906        6,511,892   

Precision Castparts Corp.

     35,482        6,257,960   

Raytheon Co.

     119,489        6,469,134   

Rockwell Collins, Inc.

     105,230        5,881,305   

Textron, Inc.

     229,307        6,108,739   

United Technologies Corp.

     74,131        6,052,055   
   

 

 

  

Total Aerospace & Defense

       75,028,211   
   

 

 

  

Air Freight & Logistics - 0.8%

  

C.H. Robinson Worldwide, Inc.

     93,335        5,575,833   

Expeditors International of Washington, Inc.

     139,717        5,588,680   

FedEx Corp.

     67,484        5,954,788   

United Parcel Service, Inc. — Class B

     80,262        6,271,673   
   

 

 

  

Total Air Freight & Logistics

       23,390,974   
   

 

 

  

Airlines - 0.2%

  

Southwest Airlines Co.

     730,322        6,047,066   
   

 

 

  

Total Airlines

       6,047,066   
   

 

 

  

Auto Components - 0.6%

  

BorgWarner, Inc.*

     73,858        5,837,736   

Goodyear Tire & Rubber Co. (The)*

     500,256        5,492,811   

Johnson Controls, Inc.

     191,683        6,128,106   
   

 

 

  

Total Auto Components

       17,458,653   
   

 

 

  

Automobiles - 0.4%

  

Ford Motor Co.

     492,288        5,553,009   

Harley-Davidson, Inc.

     132,106        6,913,107   
   

 

 

  

Total Automobiles

       12,466,116   
   

 

 

  

Beverages - 1.7%

  

Beam, Inc.

     110,304        6,263,061   

Brown-Forman Corp. — Class B

     77,451        6,687,894   

Coca-Cola Co. (The)

     89,081        6,798,662   

Coca-Cola Enterprises, Inc.

     225,114        6,780,434   

Constellation Brands, Inc. — Class A*

     277,232        5,988,211   

Dr Pepper Snapple Group, Inc.

     162,604        6,598,470   

Molson Coors Brewing Co. — Class B

     144,822        6,021,699   

PepsiCo, Inc.

     98,075        6,472,950   
   

 

 

  

Total Beverages

       51,611,381   
   

 

 

  

Biotechnology - 0.8%

  

Amgen, Inc.

     91,071        6,476,059   

Biogen Idec, Inc.*

     51,335        6,879,403   
     SHARES     MARKET
VALUE		  
   

Celgene Corp.*

     82,373      $ 6,006,639   

Gilead Sciences, Inc.*

     134,369        6,988,532   
   

 

 

  

Total Biotechnology

       26,350,633   
   

 

 

  

Building Products - 0.2%

  

Masco Corp.

     511,400        6,740,252   
   

 

 

  

Total Building Products

       6,740,252   
   

 

 

  

Capital Markets - 2.8%

  

Ameriprise Financial, Inc.

     110,426        5,986,193   

Bank of New York Mellon Corp. (The)

     276,237        6,533,005   

BlackRock, Inc.

     31,463        6,027,682   

Charles Schwab Corp. (The)

     438,294        6,267,604   

E*Trade Financial Corp.*

     640,459        6,808,079   

Federated Investors, Inc. — Class B

     301,661        6,660,675   

Franklin Resources, Inc.

     51,427        6,454,603   

Goldman Sachs Group, Inc. (The)

     52,786        6,078,308   

Invesco Ltd.

     249,027        6,185,831   

Legg Mason, Inc.

     225,379        5,875,631   

Morgan Stanley

     337,135        5,825,693   

Northern Trust Corp.

     139,869        6,656,366   

State Street Corp.

     147,116        6,799,701   

T. Rowe Price Group, Inc.

     98,135        6,193,790   
   

 

 

  

Total Capital Markets

       88,353,161   
   

 

 

  

Chemicals - 3.1%

  

Air Products & Chemicals, Inc.

     69,239        5,919,242   

Airgas, Inc.

     74,557        6,832,403   

CF Industries Holdings, Inc.

     34,661        6,691,653   

Dow Chemical Co. (The)

     181,838        6,160,671   

Du Pont (E.I.) de Nemours & Co.

     120,240        6,428,030   

Eastman Chemical Co.

     118,911        6,417,627   

Ecolab, Inc.

     103,727        6,606,373   

FMC Corp.

     62,479        6,900,806   

International Flavors & Fragrances, Inc.

     110,213        6,635,925   

Monsanto Co.

     78,089        5,948,820   

Mosaic Co. (The)

     111,543        5,891,701   

PPG Industries, Inc.

     66,763        7,026,138   

Praxair, Inc.

     56,440        6,530,108   

Sherwin-Williams Co. (The)

     58,400        7,024,352   

Sigma-Aldrich Corp.

     86,483        6,131,645   
   

 

 

  

Total Chemicals

       97,145,494   
   

 

 

  

Commercial Banks - 2.7%

  

BB&T Corp.

     210,225        6,735,609   

Comerica, Inc.

     203,435        6,513,989   

Fifth Third Bancorp

     450,098        6,404,895   

First Horizon National Corp.

     613,796        5,634,647   

Huntington Bancshares, Inc.

     1,056,860        7,070,393   

KeyCorp

     772,231        6,208,737   

M&T Bank Corp.

     76,152        6,569,633   

PNC Financial Services Group, Inc.

     104,265        6,914,855   

Regions Financial Corp.

     1,067,791        7,196,911   
 

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       23

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   April 30, 2012

 

GUGGENHEIM S&P 500 EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

SunTrust Banks, Inc.

     276,115      $ 6,704,072   

US Bancorp

     208,379        6,703,553   

Wells Fargo & Co.

     195,610        6,539,242   

Zions Bancorp

     326,121        6,649,607   
   

 

 

  

Total Commercial Banks

       85,846,143   
   

 

 

  

Commercial Services & Supplies - 1.6%

  

Avery Dennison Corp.

     212,458        6,794,407   

Cintas Corp.

     157,591        6,172,839   

Iron Mountain, Inc.

     215,178        6,534,956   

Pitney Bowes, Inc.

     346,745        5,939,742   

R.R. Donnelley & Sons Co.

     478,607        5,987,374   

Republic Services, Inc.

     202,735        5,548,857   

Stericycle, Inc.*

     70,569        6,111,275   

Waste Management, Inc.

     177,463        6,069,235   
   

 

 

  

Total Commercial Services & Supplies

       49,158,685   
   

 

 

  

Communications Equipment - 1.6%

  

Cisco Systems, Inc.

     312,774        6,302,396   

F5 Networks, Inc.*

     49,307        6,603,686   

Harris Corp.

     141,981        6,465,815   

JDS Uniphase Corp.*

     458,075        5,565,611   

Juniper Networks, Inc.*

     289,127        6,195,992   

Motorola Mobility Holdings, Inc.*

     155,783        6,047,496   

Motorola Solutions, Inc.

     122,056        6,228,518   

QUALCOMM, Inc.

     96,867        6,183,989   
   

 

 

  

Total Communications Equipment

       49,593,503   
   

 

 

  

Computers & Peripherals - 1.5%

  

Apple, Inc.*

     11,357        6,635,214   

Dell, Inc.*

     365,796        5,988,080   

EMC Corp.*

     213,484        6,022,384   

Hewlett-Packard Co.

     256,121        6,341,556   

Lexmark International, Inc. — Class A

     173,353        5,217,925   

NetApp, Inc.*

     144,244        5,600,995   

SanDisk Corp.*

     123,234        4,560,890   

Western Digital Corp.*

     153,581        5,960,479   
   

 

 

  

Total Computers & Peripherals

       46,327,523   
   

 

 

  

Construction & Engineering - 0.6%

  

Fluor Corp.

     101,455        5,859,026   

Jacobs Engineering Group, Inc.*

     136,398        5,978,324   

Quanta Services, Inc.*

     285,929        6,324,750   
   

 

 

  

Total Construction & Engineering

       18,162,100   
   

 

 

  

Construction Materials - 0.2%

  

Vulcan Materials Co.

     134,673        5,765,351   
   

 

 

  

Total Construction Materials

       5,765,351   
   

 

 

  

Consumer Finance - 0.8%

  

American Express Co.

     116,404        7,008,685   

Capital One Financial Corp.

     124,290        6,895,609   

Discover Financial Services

     202,340        6,859,326   

SLM Corp.

     378,565        5,614,119   
   

 

 

  

Total Consumer Finance

       26,377,739   
   

 

 

  
     SHARES     MARKET
VALUE		  
   

Containers & Packaging - 0.8%

  

Ball Corp.

     155,905      $ 6,510,593   

Bemis Co., Inc.

     194,919        6,313,426   

Owens-Illinois, Inc.*

     256,995        5,975,134   

Sealed Air Corp.

     317,575        6,091,088   
   

 

 

  

Total Containers & Packaging

       24,890,241   
   

 

 

  

Distributors - 0.2%

  

Genuine Parts Co.

     98,470        6,378,887   
   

 

 

  

Total Distributors

       6,378,887   
   

 

 

  

Diversified Consumer Services - 0.5%

  

Apollo Group, Inc. — Class A*

     145,665        5,130,321   

DeVry, Inc.

     175,556        5,644,126   

H&R Block, Inc.

     389,526        5,726,032   
   

 

 

  

Total Diversified Consumer Services

       16,500,479   
   

 

 

  

Diversified Financial Services - 1.7%

  

Bank of America Corp.

     769,336        6,239,315   

Citigroup, Inc.

     181,086        5,983,081   

CME Group, Inc.

     22,379        5,948,786   

IntercontinentalExchange, Inc.*

     43,663        5,808,925   

JPMorgan Chase & Co.

     150,922        6,486,628   

Leucadia National Corp.

     229,702        5,710,392   

Moody’s Corp.

     159,437        6,528,945   

Nasdaq OMX Group, Inc. (The)*

     237,010        5,823,336   

NYSE Euronext

     211,585        5,448,314   
   

 

 

  

Total Diversified Financial Services

       53,977,722   
   

 

 

  

Diversified Telecommunication
Services - 1.0%

  

AT&T, Inc.

     198,625        6,536,749   

CenturyLink, Inc.

     158,738        6,120,937   

Frontier Communications Corp.

     1,401,159        5,660,682   

Verizon Communications, Inc.

     158,381        6,395,425   

Windstream Corp.

     508,893        5,719,957   
   

 

 

  

Total Diversified Telecommunication Services

       30,433,750   
   

 

 

  

Electric Utilities - 2.6%

  

American Electric Power Co., Inc.

     162,066        6,294,643   

Duke Energy Corp.

     292,811        6,274,940   

Edison International

     144,640        6,365,606   

Entergy Corp.

     91,253        5,982,547   

Exelon Corp.

     159,163        6,208,949   

FirstEnergy Corp.

     138,509        6,484,991   

NextEra Energy, Inc.

     103,210        6,641,563   

Northeast Utilities

     168,105        6,181,221   

Pepco Holdings, Inc.

     318,570        6,027,344   

Pinnacle West Capital Corp.

     130,511        6,310,207   

PPL Corp.

     219,136        5,993,370   

Progress Energy, Inc.

     115,531        6,148,560   

Southern Co.

     137,302        6,307,654   
   

 

 

  

Total Electric Utilities

       81,221,595   
   

 

 

  

Electrical Equipment - 0.8%

  

Cooper Industries PLC

     102,693        6,425,501   

Emerson Electric Co.

     123,894        6,509,391   
 

 

24     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   April 30, 2012

 

GUGGENHEIM S&P 500 EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

Rockwell Automation, Inc.

     76,729      $ 5,934,221   

Roper Industries, Inc.

     65,160        6,639,804   
   

 

 

  

Total Electrical Equipment

       25,508,917   
   

 

 

  

Electronic Equipment, Instruments & Components - 1.2%

  

Amphenol Corp. — Class A

     108,975        6,335,807   

Corning, Inc.

     466,012        6,687,272   

FLIR Systems, Inc.

     235,133        5,281,087   

Jabil Circuit, Inc.

     236,736        5,551,459   

Molex, Inc.

     226,952        6,261,606   

TE Connectivity Ltd.

     171,789        6,263,427   
   

 

 

  

Total Electronic Equipment, Instruments & Components

       36,380,658   
   

 

 

  

Energy Equipment & Services - 2.0%

  

Baker Hughes, Inc.

     126,918        5,598,353   

Cameron International Corp.*

     114,141        5,849,726   

Diamond Offshore Drilling, Inc.

     88,230        6,048,166   

FMC Technologies, Inc.*

     119,458        5,614,526   

Halliburton Co.

     177,554        6,075,898   

Helmerich & Payne, Inc.

     101,789        5,230,937   

Nabors Industries Ltd.*

     307,965        5,127,617   

National-Oilwell Varco, Inc.

     76,121        5,766,927   

Noble Corp.*

     158,017        6,014,127   

Rowan Cos., Inc.*

     174,052        6,010,016   

Schlumberger Ltd.

     81,652        6,053,679   
   

 

 

  

Total Energy Equipment & Services

       63,389,972   
   

 

 

  

Food & Staples Retailing - 1.6%

  

Costco Wholesale Corp.

     69,331        6,112,914   

CVS Caremark Corp.

     135,699        6,054,889   

Kroger Co. (The)

     254,670        5,926,171   

Safeway, Inc.

     284,600        5,785,918   

Sysco Corp.

     206,906        5,979,584   

Wal-Mart Stores, Inc.

     103,088        6,072,914   

Walgreen Co.

     184,983        6,485,504   

Whole Foods Market, Inc.

     73,858        6,135,384   
   

 

 

  

Total Food & Staples Retailing

       48,553,278   
   

 

 

  

Food Products - 3.0%

  

Archer-Daniels-Midland Co.

     198,960        6,133,937   

Campbell Soup Co.

     188,637        6,381,590   

ConAgra Foods, Inc.

     236,645        6,110,174   

Dean Foods Co.*

     515,662        6,332,329   

General Mills, Inc.

     160,523        6,242,739   

H.J. Heinz Co.

     116,708        6,221,704   

Hershey Co. (The)

     104,113        6,976,612   

Hormel Foods Corp.

     215,482        6,261,907   

J.M. Smucker Co. (The)

     82,100        6,537,623   

Kellogg Co.

     118,099        5,972,266   

Kraft Foods, Inc. — Class A

     163,182        6,506,066   

McCormick & Co., Inc.

     121,479        6,791,891   

Mead Johnson Nutrition Co.

     77,968        6,670,942   

Sara Lee Corp.

     289,674        6,384,415   

Tyson Foods, Inc. — Class A

     311,832        5,690,934   
   

 

 

  

Total Food Products

       95,215,129   
   

 

 

  
     SHARES     MARKET
VALUE		  
   

Gas Utilities - 0.4%

  

AGL Resources, Inc.

     157,265      $ 6,200,959   

Oneok, Inc.

     74,375        6,388,069   
   

 

 

  

Total Gas Utilities

       12,589,028   
   

 

 

  

Health Care Equipment & Supplies - 2.9%

  

Baxter International, Inc.

     105,169        5,827,414   

Becton, Dickinson and Co.

     80,596        6,322,756   

Boston Scientific Corp.*

     1,040,855        6,515,752   

C.R. Bard, Inc.

     65,829        6,514,438   

CareFusion Corp.*

     244,013        6,322,377   

Covidien PLC

     118,220        6,529,291   

DENTSPLY International, Inc.

     160,402        6,586,106   

Edwards Lifesciences Corp.*

     89,863        7,455,933   

Intuitive Surgical, Inc.*

     11,835        6,842,997   

Medtronic, Inc.

     164,390        6,279,698   

St Jude Medical, Inc.

     148,172        5,737,220   

Stryker Corp.

     117,073        6,388,674   

Varian Medical Systems, Inc.*

     92,218        5,848,465   

Zimmer Holdings, Inc.

     100,612        6,331,513   
   

 

 

  

Total Health Care Equipment & Supplies

       89,502,634   
   

 

 

  

Health Care Providers & Services - 3.0%

  

Aetna, Inc.

     132,166        5,820,591   

AmerisourceBergen Corp.

     163,599        6,087,519   

Cardinal Health, Inc.

     146,690        6,200,586   

CIGNA Corp.

     137,089        6,337,624   

Coventry Health Care, Inc.

     186,730        5,600,033   

DaVita, Inc.*

     71,838        6,363,410   

Express Scripts Holding Co.*

     114,293        6,376,406   

Humana, Inc.

     71,138        5,739,414   

Laboratory Corp. of America Holdings*

     69,787        6,133,579   

McKesson Corp.

     71,685        6,552,726   

Patterson Cos., Inc.

     199,507        6,801,194   

Quest Diagnostics, Inc.

     105,200        6,068,988   

Tenet Healthcare Corp.*

     1,132,199        5,876,113   

UnitedHealth Group, Inc.

     111,034        6,234,559   

WellPoint, Inc.

     95,476        6,475,182   
   

 

 

  

Total Health Care Providers & Services

       92,667,924   
   

 

 

  

Health Care Technology - 0.2%

  

Cerner Corp.*

     80,566        6,533,097   
   

 

 

  

Total Health Care Technology

       6,533,097   
   

 

 

  

Hotels, Restaurants & Leisure - 2.3%

  

Carnival Corp.

     202,583        6,581,922   

Chipotle Mexican Grill, Inc.*

     15,549        6,439,618   

Darden Restaurants, Inc.

     120,362        6,027,729   

International Game Technology

     395,747        6,165,738   

Marriott International, Inc. — Class A

     164,990        6,449,459   

McDonald’s Corp.

     63,952        6,232,122   

Starbucks Corp.

     119,458        6,854,500   
 

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       25

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   April 30, 2012

 

GUGGENHEIM S&P 500 EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

Starwood Hotels & Resorts Worldwide, Inc.

     112,842      $ 6,680,247   

Wyndham Worldwide Corp.

     140,264        7,060,890   

Wynn Resorts Ltd.

     51,275        6,840,085   

Yum! Brands, Inc.

     91,884        6,682,723   
   

 

 

  

Total Hotels, Restaurants & Leisure

       72,015,033   
   

 

 

  

Household Durables - 1.4%

  

DR Horton, Inc.

     400,335        6,545,477   

Harman International Industries, Inc.

     128,938        6,392,746   

Leggett & Platt, Inc.

     276,237        6,013,680   

Lennar Corp. — Class A

     243,353        6,750,612   

Newell Rubbermaid, Inc.

     345,598        6,289,884   

Pulte Homes, Inc.*

     686,599        6,756,134   

Whirlpool Corp.

     82,252        5,265,773   
   

 

 

  

Total Household Durables

       44,014,306   
   

 

 

  

Household Products - 0.8%

  

Clorox Co. (The)

     91,193        6,392,629   

Colgate-Palmolive Co.

     65,890        6,519,157   

Kimberly-Clark Corp.

     86,301        6,772,039   

Procter & Gamble Co. (The)

     92,522        5,888,100   
   

 

 

  

Total Household Products

       25,571,925   
   

 

 

  

Independent Power Producers & Energy Traders - 0.4%

  

AES Corp. (The)*

     469,544        5,878,691   

NRG Energy, Inc.*

     370,201        6,293,417   
   

 

 

  

Total Independent Power Producers & Energy Traders

       12,172,108   
   

 

 

  

Industrial Conglomerates - 0.8%

  

3M Co.

     71,351        6,375,925   

Danaher Corp.

     116,100        6,294,942   

General Electric Co.

     325,270        6,368,787   

Tyco International Ltd.

     117,012        6,567,884   
   

 

 

  

Total Industrial Conglomerates

       25,607,538   
   

 

 

  

Insurance - 4.4%

  

ACE Ltd.

     86,392        6,563,200   

AFLAC, Inc.

     137,150        6,177,236   

Allstate Corp. (The)

     195,610        6,519,681   

American International Group, Inc.*

     219,227        7,460,295   

Aon PLC

     128,847        6,674,275   

Assurant, Inc.

     148,749        6,000,535   

Berkshire Hathaway, Inc. — Class B*

     77,998        6,274,939   

Chubb Corp. (The)

     92,127        6,731,720   

Cincinnati Financial Corp.

     176,742        6,295,550   

Genworth Financial, Inc. — Class A*

     695,866        4,182,155   

Hartford Financial Services Group, Inc.

     308,573        6,341,175   

Lincoln National Corp.

     250,721        6,210,359   

Loews Corp.

     160,250        6,591,083   
     SHARES     MARKET
VALUE		  
   

Marsh & McLennan Cos., Inc.

     192,048      $ 6,424,006   

MetLife, Inc.

     161,214        5,808,540   

Principal Financial Group, Inc.

     228,190        6,314,017   

Progressive Corp. (The)

     286,051        6,092,886   

Prudential Financial, Inc.

     99,921        6,049,217   

Torchmark Corp.

     127,001        6,186,219   

Travelers Cos., Inc. (The)

     107,502        6,914,529   

Unum Group

     260,679        6,188,519   

XL Group PLC

     291,847        6,277,629   
   

 

 

  

Total Insurance

       138,277,765   
   

 

 

  

Internet & Catalog Retail - 1.1%

  

Amazon.com, Inc.*

     33,605        7,793,000   

Expedia, Inc.

     195,306        8,325,895   

Netflix, Inc.*

     56,766        4,549,227   

priceline.com, Inc.*

     9,571        7,281,808   

TripAdvisor, Inc.*

     201,740        7,567,267   
   

 

 

  

Total Internet & Catalog Retail

       35,517,197   
   

 

 

  

Internet Software & Services - 1.0%

  

Akamai Technologies, Inc.*

     168,105        5,480,223   

eBay, Inc.*

     170,846        7,013,228   

Google, Inc. — Class A*

     10,301        6,234,474   

VeriSign, Inc.

     167,618        6,890,776   

Yahoo!, Inc.*

     423,322        6,578,424   
   

 

 

  

Total Internet Software & Services

       32,197,125   
   

 

 

  

IT Services - 2.8%

  

Accenture PLC — Class A

     101,759        6,609,247   

Automatic Data Processing, Inc.

     112,720        6,269,486   

Cognizant Technology Solutions Corp. — Class A*

     85,184        6,245,691   

Computer Sciences Corp.

     196,788        5,521,871   

Fidelity National Information Services, Inc.

     195,489        6,582,115   

Fiserv, Inc.*

     91,101        6,403,489   

International Business Machines Corp.

     30,864        6,391,317   

Mastercard, Inc. — Class A

     14,767        6,678,671   

Paychex, Inc.

     196,666        6,092,713   

SAIC, Inc.

     490,746        5,967,471   

Teradata Corp.*

     93,274        6,508,660   

Total System Services, Inc.

     277,475        6,526,212   

Visa, Inc. — Class A

     52,869        6,501,830   

Western Union Co. (The)

     350,512        6,442,411   
   

 

 

  

Total IT Services

       88,741,184   
   

 

 

  

Leisure Equipment & Products - 0.4%

  

Hasbro, Inc.

     176,042        6,467,783   

Mattel, Inc.

     185,492        6,232,531   
   

 

 

  

Total Leisure Equipment & Products

       12,700,314   
   

 

 

  

Life Sciences Tools & Services - 1.0%

  

Agilent Technologies, Inc.

     138,996        5,862,851   

Life Technologies Corp.*

     132,926        6,162,449   

PerkinElmer, Inc.

     231,449        6,387,992   
 

 

26     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   April 30, 2012

 

GUGGENHEIM S&P 500 EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

Thermo Fisher Scientific, Inc.

     110,061      $ 6,124,895   

Waters Corp.*

     68,062        5,724,695   
   

 

 

  

Total Life Sciences Tools & Services

       30,262,882   
   

 

 

  

Machinery - 2.9%

    

Caterpillar, Inc.

     56,197        5,775,366   

Cummins, Inc.

     52,087        6,033,237   

Deere & Co.

     77,268        6,363,793   

Dover Corp.

     98,105        6,147,259   

Eaton Corp.

     126,371        6,088,555   

Flowserve Corp.

     53,143        6,107,725   

Illinois Tool Works, Inc.

     111,725        6,410,781   

Ingersoll-Rand PLC

     157,834        6,711,102   

Joy Global, Inc.

     77,094        5,455,942   

PACCAR, Inc.

     135,068        5,802,521   

Pall Corp.

     104,448        6,226,145   

Parker Hannifin Corp.

     70,204        6,156,189   

Snap-on, Inc.

     102,458        6,407,723   

Stanley Black & Decker, Inc.

     79,775        5,836,339   

Xylem, Inc.

     227,256        6,335,897   
   

 

 

  

Total Machinery

       91,858,574   
   

 

 

  

Media - 3.3%

    

Cablevision Systems Corp. — Class A

     429,778        6,369,310   

CBS Corp. — Class B

     200,989        6,702,983   

Comcast Corp. — Class A

     207,536        6,294,567   

DIRECTV — Class A*

     131,354        6,471,812   

Discovery Communications, Inc. — Class A*

     131,263        7,143,332   

Gannett Co., Inc.

     431,890        5,968,720   

Interpublic Group of Cos., Inc. (The)

     524,838        6,198,337   

McGraw-Hill Cos., Inc. (The)

     132,896        6,534,496   

News Corp. — Class A

     312,318        6,121,433   

Omnicom Group, Inc.

     127,730        6,553,826   

Scripps Networks Interactive, Inc. — Class A

     136,906        6,875,419   

Time Warner Cable, Inc.

     77,724        6,252,896   

Time Warner, Inc.

     168,674        6,318,528   

Viacom, Inc. — Class B

     129,599        6,012,098   

Walt Disney Co. (The)

     146,629        6,321,176   

Washington Post Co. (The) — Class B

     16,005        6,052,611   
   

 

 

  

Total Media

       102,191,544   
   

 

 

  

Metals & Mining - 1.6%

    

Alcoa, Inc.

     631,306        6,142,607   

Allegheny Technologies, Inc.

     149,957        6,439,154   

Cliffs Natural Resources, Inc.

     96,775        6,025,211   

Freeport-McMoRan Copper & Gold, Inc.

     159,680        6,115,744   

Newmont Mining Corp.

     108,884        5,188,323   

Nucor Corp.

     146,599        5,748,147   
     SHARES     MARKET
VALUE		  
   

Titanium Metals Corp.

     446,535      $ 6,595,322   

United States Steel Corp.

     230,667        6,534,796   
   

 

 

  

Total Metals & Mining

       48,789,304   
   

 

 

  

Multi-Utilities - 3.1%

    

Ameren Corp.

     194,037        6,362,473   

CenterPoint Energy, Inc.

     321,555        6,498,627   

CMS Energy Corp.

     282,936        6,504,699   

Consolidated Edison, Inc.

     106,051        6,304,732   

Dominion Resources, Inc.

     121,996        6,366,971   

DTE Energy Co.

     111,816        6,304,186   

Integrys Energy Group, Inc.

     115,683        6,320,919   

NiSource, Inc.

     256,851        6,331,377   

PG&E Corp.

     144,579        6,387,500   

Public Service Enterprise Group, Inc.

     204,460        6,368,929   

SCANA Corp.

     138,084        6,368,434   

Sempra Energy

     104,661        6,775,753   

TECO Energy, Inc.

     348,339        6,277,069   

Wisconsin Energy Corp.

     177,706        6,546,689   

Xcel Energy, Inc.

     232,026        6,278,624   
   

 

 

  

Total Multi-Utilities

       95,996,982   
   

 

 

  

Multiline Retail - 1.7%

    

Big Lots, Inc.*

     136,307        4,994,289   

Dollar Tree, Inc.*

     66,520        6,762,423   

Family Dollar Stores, Inc.

     107,737        7,277,634   

J.C. Penney Co., Inc.

     164,451        5,930,103   

Kohl’s Corp.

     123,264        6,179,224   

Macy’s, Inc.

     156,140        6,404,863   

Nordstrom, Inc.

     114,506        6,396,305   

Sears Holdings Corp.*

     76,942        4,137,941   

Target Corp.

     107,350        6,219,859   
   

 

 

  

Total Multiline Retail

       54,302,641   
   

 

 

  

Office Electronics - 0.2%

    

Xerox Corp.

     750,673        5,840,236   
   

 

 

  

Total Office Electronics

       5,840,236   
   

 

 

  

Oil, Gas & Consumable Fuels - 6.2%

  

Alpha Natural Resources, Inc.*

     376,940        6,080,042   

Anadarko Petroleum Corp.

     72,650        5,318,707   

Apache Corp.

     57,618        5,527,871   

Cabot Oil & Gas Corp.

     177,402        6,233,906   

Chesapeake Energy Corp.

     252,285        4,652,135   

Chevron Corp.

     56,523        6,023,091   

ConocoPhillips

     80,262        5,749,167   

CONSOL Energy, Inc.

     185,583        6,168,779   

Denbury Resources, Inc.*

     322,732        6,144,817   

Devon Energy Corp.

     86,240        6,023,864   

El Paso Corp.

     210,651        6,250,015   

EOG Resources, Inc.

     53,842        5,912,390   

EQT Corp.

     119,367        5,946,864   

Exxon Mobil Corp.

     73,441        6,340,896   

Hess Corp.

     98,257        5,123,120   
 

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       27

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   April 30, 2012

 

GUGGENHEIM S&P 500 EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

Marathon Oil Corp.

     185,765      $ 5,450,345   

Marathon Petroleum Corp.

     141,077        5,870,214   

Murphy Oil Corp.

     102,549        5,637,119   

Newfield Exploration Co.*

     174,204        6,253,924   

Noble Energy, Inc.

     64,165        6,372,868   

Occidental Petroleum Corp.

     61,506        5,610,577   

Peabody Energy Corp.

     198,482        6,174,775   

Phillips 66*

     130,437        4,441,380   

Pioneer Natural Resources Co.

     57,040        6,606,373   

QEP Resources, Inc.

     193,590        5,964,508   

Range Resources Corp.

     97,505        6,499,683   

Southwestern Energy Co.*

     184,770        5,835,037   

Spectra Energy Corp.

     196,301        6,034,293   

Sunoco, Inc.

     154,667        7,623,536   

Tesoro Corp.*

     210,225        4,887,731   

Valero Energy Corp.

     216,864        5,356,541   

Williams Cos., Inc. (The)

     207,414        7,058,298   

WPX Energy, Inc.*

     331,704        5,828,039   
   

 

 

  

Total Oil, Gas & Consumable Fuels

  

     195,000,905   
   

 

 

  

Paper & Forest Products - 0.4%

  

International Paper Co.

     175,799        5,855,865   

MeadWestvaco Corp.

     200,624        6,383,855   
   

 

 

  

Total Paper & Forest Products

  

     12,239,720   
   

 

 

  

Personal Products - 0.5%

  

Avon Products, Inc.

     333,511        7,203,838   

Estee Lauder Cos., Inc.
(The) — Class A

     104,843        6,851,490   
   

 

 

  

Total Personal Products

       14,055,328   
   

 

 

  

Pharmaceuticals - 2.5%

  

Abbott Laboratories

     106,864        6,631,980   

Allergan, Inc.

     67,402        6,470,592   

Bristol-Myers Squibb Co.

     188,181        6,279,600   

Eli Lilly & Co.

     156,565        6,480,225   

Forest Laboratories, Inc.*

     185,135        6,448,252   

Hospira, Inc.*

     172,328        6,052,159   

Johnson & Johnson, Inc.

     95,659        6,226,444   

Merck & Co., Inc.

     164,716        6,463,456   

Mylan, Inc.*

     269,620        5,853,450   

Perrigo Co.

     58,939        6,182,701   

Pfizer, Inc.

     288,315        6,611,063   

Watson Pharmaceuticals, Inc.*

     103,901        7,829,980   
   

 

 

  

Total Pharmaceuticals

       77,529,902   
   

 

 

  

Professional Services - 0.6%

  

  

Dun & Bradstreet Corp. (The)

     73,167        5,690,929   

Equifax, Inc.

     145,300        6,657,646   

Robert Half International, Inc.

     210,795        6,281,691   
   

 

 

  

Total Professional Services

       18,630,266   
   

 

 

  

Real Estate Investment Trusts (REITs) - 3.4%

  

American Tower Corp.

     99,526        6,526,915   

Apartment Investment & Management Co. — Class A

     249,422        6,771,807   
     SHARES     MARKET
VALUE		  
   

AvalonBay Communities, Inc.

     44,932      $ 6,533,113   

Boston Properties, Inc.

     60,542        6,553,672   

Equity Residential

     104,418        6,415,442   

HCP, Inc.

     158,677        6,577,162   

Health Care REIT, Inc.

     113,958        6,456,860   

Host Hotels & Resorts, Inc.

     398,285        6,627,462   

Kimco Realty Corp.

     340,849        6,615,879   

Plum Creek Timber Co., Inc.

     154,059        6,476,640   

ProLogis, Inc.

     181,390        6,490,134   

Public Storage

     47,378        6,787,372   

Simon Property Group, Inc.

     45,388        7,062,373   

Ventas, Inc.

     111,816        6,573,663   

Vornado Realty Trust

     77,390        6,643,158   

Weyerhaeuser Co.

     288,315        5,870,093   
   

 

 

  

Total Real Estate Investment Trusts (REITs)

       104,981,745   
   

 

 

  

Real Estate Management & Development - 0.2%

  

CBRE Group, Inc.*

     322,732        6,070,589   
   

 

 

  

Total Real Estate Management & Development

       6,070,589   
   

 

 

  

Road & Rail - 0.8%

    

CSX Corp.

     296,313        6,610,743   

Norfolk Southern Corp.

     93,152        6,793,575   

Ryder System, Inc.

     115,744        5,639,048   

Union Pacific Corp.

     57,526        6,468,224   
   

 

 

  

Total Road & Rail

       25,511,590   
   

 

 

  

Semiconductors & Semiconductor
Equipment - 3.2%

  

Advanced Micro Devices, Inc.*

     817,041        6,013,422   

Altera Corp.

     162,969        5,796,807   

Analog Devices, Inc.

     159,255        6,207,760   

Applied Materials, Inc.

     500,651        6,002,806   

Broadcom Corp. — Class A*

     170,246        6,231,004   

First Solar, Inc.*

     225,266        4,144,894   

Intel Corp.

     228,768        6,497,011   

KLA-Tencor Corp.

     125,224        6,530,432   

Linear Technology Corp.

     186,730        6,107,938   

LSI Corp.*

     709,426        5,703,785   

Microchip Technology, Inc.

     171,424        6,058,124   

Micron Technology, Inc.*

     743,487        4,899,579   

Novellus Systems, Inc.*

     131,954        6,168,850   

NVIDIA Corp.*

     417,883        5,432,479   

Teradyne, Inc.*

     382,066        6,575,356   

Texas Instruments, Inc.

     191,926        6,130,116   

Xilinx, Inc.

     169,942        6,182,490   
   

 

 

  

Total Semiconductors & Semiconductor Equipment

       100,682,853   
   

 

 

  

Software - 2.4%

    

Adobe Systems, Inc.*

     184,101        6,178,429   

Autodesk, Inc.*

     168,248        6,623,924   

BMC Software, Inc.*

     163,660        6,752,612   

CA, Inc.

     229,368        6,059,903   

Citrix Systems, Inc.*

     81,196        6,951,189   
 

 

28     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (concluded)   April 30, 2012

 

GUGGENHEIM S&P 500 EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

Electronic Arts, Inc.*

     358,792      $ 5,518,221   

Intuit, Inc.

     106,468        6,171,950   

Microsoft Corp.

     193,590        6,198,752   

Oracle Corp.

     205,546        6,040,997   

Red Hat, Inc.*

     122,474        7,300,675   

Salesforce.com, Inc.*

     42,030        6,545,332   

Symantec Corp.*

     349,304        5,770,502   
   

 

 

  

Total Software

       76,112,486   
   

 

 

  

Specialty Retail - 3.5%

  

Abercrombie & Fitch Co. — Class A

     121,935        6,117,479   

AutoNation, Inc.*

     181,390        6,272,466   

AutoZone, Inc.*

     16,188        6,413,038   

Bed Bath & Beyond, Inc.*

     98,835        6,956,996   

Best Buy Co., Inc.

     250,022        5,517,986   

CarMax, Inc.*

     183,927        5,677,827   

GameStop Corp. — Class A

     259,115        5,897,457   

Gap, Inc. (The)

     247,728        7,060,248   

Home Depot, Inc.

     128,756        6,668,273   

Limited Brands, Inc.

     132,501        6,585,300   

Lowe’s Cos., Inc.

     208,023        6,546,484   

O’Reilly Automotive, Inc.*

     68,488        7,222,744   

Ross Stores, Inc.

     110,639        6,814,256   

Staples, Inc.

     402,151        6,193,125   

Tiffany & Co.

     90,046        6,164,549   

TJX Cos., Inc.

     162,483        6,777,166   

Urban Outfitters, Inc.*

     209,952        6,080,210   
   

 

 

  

Total Specialty Retail

       108,965,604   
   

 

 

  

Textiles, Apparel & Luxury Goods - 1.0%

  

Coach, Inc.

     80,110        5,860,848   

Fossil, Inc.*

     50,758        6,632,548   

NIKE, Inc. — Class B

     56,319        6,300,406   

Ralph Lauren Corp.

     35,117        6,049,606   

V.F. Corp.

     42,486        6,459,996   
   

 

 

  

Total Textiles, Apparel & Luxury Goods

  

     31,303,404   
   

 

 

  

Thrifts & Mortgage Finance - 0.4%

  

Hudson City Bancorp, Inc.

     912,099        6,439,419   

People’s United Financial, Inc.

     493,882        6,094,504   
   

 

 

  

Total Thrifts & Mortgage Finance

  

     12,533,923   
   

 

 

  

Tobacco - 0.8%

  

Altria Group, Inc.

     203,313        6,548,712   

Lorillard, Inc.

     48,038        6,499,061   

Philip Morris International, Inc.

     73,197        6,551,863   

Reynolds American, Inc.

     147,177        6,009,237   
   

 

 

  

Total Tobacco

       25,608,873   
   

 

 

  
     SHARES     MARKET
VALUE		  
   

Trading Companies & Distributors - 0.4%

  

Fastenal Co.

     117,104      $ 5,482,809   

W.W. Grainger, Inc.

     29,230        6,074,579   
   

 

 

  

Total Trading Companies & Distributors

       11,557,388   
   

 

 

  

Wireless Telecommunication Services - 0.5%

  

Crown Castle International Corp.*

     113,776        6,440,859   

MetroPCS Communications, Inc.*

     608,966        4,445,452   

Sprint Nextel Corp.*

     2,227,740        5,524,795   
   

 

 

  

Total Wireless Telecommunication Services

       16,411,106   
   

 

 

  

Total Common Stocks
(Cost $3,009,937,263)

       3,122,818,636   
   

 

 

  

SHORT TERM INVESTMENTS - 0.1%

  

SSgA Government Money Market Fund

     3,998,054        3,998,054   
   

 

 

  

Total Short Term Investments
(Cost $3,998,054)

       3,998,054   
   

 

 

  

Total Investments - 100.0%a
(Cost $3,013,935,317)

   

     3,126,816,690   
   

 

 

  

Other Assets and Liabilities, net - 0.0%b

  

     1,379,095   
   

 

 

  

Net Assets - 100.0%

           $ 3,128,195,785   
 

 

*   Non-Income Producing Security.
a   

Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs.

b   

Amount represents less than 0.05% of net assets.

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       29

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited)   April 30, 2012

 

GUGGENHEIM S&P MIDCAP 400 EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

COMMON STOCKS - 99.8%

  

Aerospace & defense - 1.5%

  

Alliant Techsystems, Inc.

     135      $ 7,196   

BE Aerospace, Inc.*

     167        7,854   

Esterline Technologies Corp.*

     115        7,876   

Exelis, Inc.

     653        7,529   

Huntington Ingalls Industries, Inc.*

     210        8,284   

Triumph Group, Inc.

     124        7,790   
   

 

 

  

Total Aerospace & Defense

       46,529   
   

 

 

  

Air freight & logistics - 0.3%

  

UTi Worldwide, Inc.

     500        8,335   
   

 

 

  

Total Air Freight & Logistics

       8,335   
   

 

 

  

Airlines - 0.5%

  

Alaska Air Group, Inc.*

     226        7,639   

JetBlue Airways Corp.*

     1,578        7,495   
   

 

 

  

Total Airlines

       15,134   
   

 

 

  

Auto Components - 0.2%

  

Gentex Corp.

     319        7,008   
   

 

 

  

Total Auto Components

       7,008   
   

 

 

  

Automobiles - 0.3%

  

Thor Industries, Inc.

     247        8,356   
   

 

 

  

Total Automobiles

       8,356   
   

 

 

  

Beverages - 0.3%

  

Monster Beverage Corp.*

     132        8,575   
   

 

 

  

Total Beverages

       8,575   
   

 

 

  

Biotechnology - 0.8%

  

Regeneron Pharmaceuticals, Inc.*

     73        9,874   

United Therapeutics Corp.*

     168        7,350   

Vertex Pharmaceuticals, Inc.*

     188        7,234   
   

 

 

  

Total Biotechnology

       24,458   
   

 

 

  

Building Products - 0.5%

  

Fortune Brands Home & Security, Inc.*

     375        8,527   

Lennox International, Inc.

     192        8,333   
   

 

 

  

Total Building Products

       16,860   
   

 

 

  

Capital Markets - 2.2%

  

Affiliated Managers Group, Inc.*

     72        8,181   

Apollo Investment Corp.

     1,126        8,163   

Eaton Vance Corp.

     280        7,364   

Greenhill & Co., Inc.

     180        6,993   

Janus Capital Group, Inc.

     888        6,731   

Jefferies Group, Inc.

     455        7,248   

Raymond James Financial, Inc.

     222        8,130   

SEI Investments Co.

     393        7,935   

Waddell & Reed Financial, Inc. — Class A

     247        7,899   
   

 

 

  

Total Capital Markets

       68,644   
   

 

 

  

Chemicals - 3.2%

  

Albemarle Corp.

     125        8,163   

Ashland, Inc.

     127        8,365   

Cabot Corp.

     187        8,065   

Cytec Industries, Inc.

     128        8,137   

Intrepid Potash, Inc.*

     334        8,300   
     SHARES     MARKET
VALUE		  
   

Minerals Technologies, Inc.

     122      $ 8,186   

NewMarket Corp.

     44        9,822   

Olin Corp.

     362        7,588   

RPM International, Inc.

     317        8,423   

Scotts Miracle-Gro Co. (The) — Class A

     162        8,489   

Sensient Technologies Corp.

     214        7,950   

Valspar Corp.

     163        8,337   
   

 

 

  

Total Chemicals

       99,825   
   

 

 

  

Commercial Banks - 5.6%

  

Associated Banc-Corp.

     592        7,891   

BancorpSouth, Inc.

     642        8,648   

Bank of Hawaii Corp.

     170        8,311   

Cathay General Bancorp

     471        8,111   

City National Corp.

     165        8,788   

Commerce Bancshares, Inc.

     200        8,020   

Cullen/Frost Bankers, Inc.

     135        7,960   

East West Bancorp, Inc.

     349        7,947   

First Niagara Financial Group, Inc.

     840        7,510   

FirstMerit Corp.

     478        8,030   

Fulton Financial Corp.

     795        8,340   

Hancock Holding Co.

     228        7,337   

International Bancshares Corp.

     403        7,951   

Prosperity Bancshares, Inc.

     177        8,257   

Signature Bank*

     128        8,408   

SVB Financial Group*

     126        8,075   

Synovus Financial Corp.

     3,971        8,339   

TCF Financial Corp.

     733        8,408   

Trustmark Corp.

     331        8,424   

Valley National Bancorp

     633        7,976   

Webster Financial Corp.

     354        8,046   

Westamerica Bancorp

     166        7,614   
   

 

 

  

Total Commercial Banks

       178,391   
   

 

 

  

Commercial Services & Supplies - 2.5%

  

Brink’s Co. (The)

     307        7,798   

Clean Harbors, Inc.*

     113        7,711   

Copart, Inc.*

     308        8,134   

Corrections Corp. of America*

     305        8,811   

Deluxe Corp.

     326        7,762   

Herman Miller, Inc.

     362        7,070   

HNI Corp.

     297        7,164   

Mine Safety Appliances Co.

     206        8,747   

Rollins, Inc.

     375        7,969   

Waste Connections, Inc.

     240        7,735   
   

 

 

  

Total Commercial Services & Supplies

       78,901   
   

 

 

  

Communications Equipment - 1.3%

  

ADTRAN, Inc.

     242        7,386   

Ciena Corp.*

     525        7,781   

Plantronics, Inc.

     209        8,009   

Polycom, Inc.*

     416        5,520   

Riverbed Technology, Inc.*

     289        5,702   

Tellabs, Inc.

     2,000        7,540   
   

 

 

  

Total Communications Equipment

       41,938   
   

 

 

  
 

 

30     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   April 30, 2012

 

GUGGENHEIM S&P MIDCAP 400 EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

Computers & Peripherals - 0.8%

  

Diebold, Inc.

     202      $ 7,969   

NCR Corp.*

     367        8,624   

QLogic Corp.*

     447        7,711   
   

 

 

  

Total Computers & Peripherals

       24,304   
   

 

 

  

Construction & Engineering - 1.2%

  

Aecom Technology Corp.*

     347        7,658   

Granite Construction, Inc.

     272        7,573   

KBR, Inc.

     218        7,381   

Shaw Group, Inc. (The)*

     266        8,052   

URS Corp.

     181        7,477   
   

 

 

  

Total Construction & Engineering

       38,141   
   

 

 

  

Construction Materials - 0.2%

  

Martin Marietta Materials, Inc.

     90        7,459   
   

 

 

  

Total Construction Materials

       7,459   
   

 

 

  

Containers & Packaging - 1.5%

  

AptarGroup, Inc.

     147        8,013   

Greif, Inc. — Class A

     155        8,314   

Packaging Corp. of America

     260        7,590   

Rock-Tenn Co. — Class A

     109        6,794   

Silgan Holdings, Inc.

     182        7,984   

Sonoco Products Co.

     229        7,587   
   

 

 

  

Total Containers & Packaging

       46,282   
   

 

 

  

Distributors - 0.3%

  

LKQ Corp.*

     250        8,362   
   

 

 

  

Total Distributors

       8,362   
   

 

 

  

Diversified Consumer Services - 1.5%

  

ITT Educational Services, Inc.*

     123        8,121   

Matthews International Corp. — Class A

     248        7,440   

Regis Corp.

     439        8,056   

Service Corp. International

     702        8,129   

Sotheby’s

     204        8,021   

Strayer Education, Inc.

     80        7,894   
   

 

 

  

Total Diversified Consumer Services

       47,661   
   

 

 

  

Diversified Financial Services - 0.5%

  

CBOE Holdings, Inc.

     287        7,588   

MSCI, Inc. — Class A*

     215        7,867   
   

 

 

  

Total Diversified Financial Services

       15,455   
   

 

 

  

Diversified Telecommunication Services - 0.2%

  

tw telecom, Inc.*

     359        7,819   
   

 

 

  

Total Diversified Telecommunication Services

       7,819   
   

 

 

  

Electric Utilities - 2.0%

  

Cleco Corp.

     201        8,201   

Great Plains Energy, Inc.

     395        8,066   

Hawaiian Electric Industries, Inc.

     310        8,227   

IDACORP, Inc.

     191        7,781   

NV Energy, Inc.

     498        8,292   

OGE Energy Corp.

     149        8,040   
     SHARES     MARKET
VALUE		  
   

PNM Resources, Inc.

     422      $ 7,917   

Westar Energy, Inc.

     283        8,119   
   

 

 

  

Total Electric Utilities

       64,643   
   

 

 

  

Electrical Equipment - 1.5%

  

Acuity Brands, Inc.

     125        6,946   

AMETEK, Inc.

     163        8,204   

General Cable Corp.*

     261        7,684   

Hubbell, Inc. — Class B

     101        8,104   

Regal-Beloit Corp.

     118        7,982   

Thomas & Betts Corp.*

     109        7,838   
   

 

 

  

Total Electrical Equipment

       46,758   
   

 

 

  

Electronic Equipment, Instruments & Components - 2.0%

  

Arrow Electronics, Inc.*

     191        8,031   

Avnet, Inc.*

     221        7,974   

Ingram Micro, Inc. — Class A*

     410        7,978   

Itron, Inc.*

     170        6,936   

National Instruments Corp.

     288        7,834   

Tech Data Corp.*

     144        7,746   

Trimble Navigation, Ltd.*

     155        8,392   

Vishay Intertechnology, Inc.*

     676        7,585   
   

 

 

  

Total Electronic Equipment, Instruments & Components

       62,476   
   

 

 

  

Energy Equipment & Services - 2.6%

  

Atwood Oceanics, Inc.*

     166        7,359   

CARBO Ceramics, Inc.

     80        6,727   

Dresser-Rand Group, Inc.*

     152        7,399   

Dril-Quip, Inc.*

     115        7,750   

Helix Energy Solutions Group, Inc.*

     425        8,674   

Oceaneering International, Inc.

     143        7,383   

Oil States International, Inc.*

     94        7,481   

Patterson-UTI Energy, Inc.

     416        6,727   

Superior Energy Services, Inc.*

     264        7,107   

Tidewater, Inc.

     134        7,374   

Unit Corp.*

     166        7,013   
   

 

 

  

Total Energy Equipment & Services

       80,994   
   

 

 

  

Food & Staples Retailing - 0.5%

  

Harris Teeter Supermarkets, Inc.

     191        7,252   

SUPERVALU, Inc.

     1,305        7,752   
   

 

 

  

Total Food & Staples Retailing

       15,004   
   

 

 

  

Food Products - 2.0%

  

Corn Products International, Inc.

     137        7,817   

Flowers Foods, Inc.

     401        8,602   

Green Mountain Coffee Roasters, Inc.*

     150        7,313   

Lancaster Colony Corp.

     120        7,825   

Post Holdings, Inc.*

     256        7,616   

Ralcorp Holdings, Inc.*

     106        7,718   

Smithfield Foods, Inc.*

     344        7,210   

Tootsie Roll Industries, Inc.

     347        8,262   
   

 

 

  

Total Food Products

       62,363   
   

 

 

  
 

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       31

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   April 30, 2012

 

 

GUGGENHEIM S&P MIDCAP 400 EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

Gas Utilities - 1.2%

  

Atmos Energy Corp.

     253      $ 8,243   

National Fuel Gas Co.

     154        7,287   

Questar Corp.

     399        7,880   

UGI Corp.

     281        8,200   

WGL Holdings, Inc.

     191        7,661   
   

 

 

  

Total Gas Utilities

       39,271   
   

 

 

  

Health Care Equipment & Supplies - 2.6%

  

Cooper Cos., Inc. (The)

     96        8,464   

Gen-Probe, Inc.*

     117        9,541   

Hill-Rom Holdings, Inc.

     226        7,334   

Hologic, Inc.*

     374        7,151   

IDEXX Laboratories, Inc.*

     92        8,090   

Masimo Corp.*

     354        7,834   

ResMed, Inc.*

     262        8,911   

STERIS Corp.

     251        7,884   

Teleflex, Inc.

     132        8,272   

Thoratec Corp.*

     231        8,041   
   

 

 

  

Total Health Care Equipment & Supplies

       81,522   
   

 

 

  

Health Care Providers & Services - 3.7%

  

AMERIGROUP Corp.*

     119        7,349   

Catalyst Health Solutions, Inc.*

     124        10,710   

Community Health Systems, Inc.*

     329        8,008   

Health Management Associates,
Inc. — Class A*

     1,167        8,402   

Health Net, Inc.*

     202        7,193   

Henry Schein, Inc.*

     106        8,135   

HMS Holdings Corp.*

     251        6,039   

LifePoint Hospitals, Inc.*

     202        7,882   

Lincare Holdings, Inc.

     294        7,174   

Mednax, Inc.*

     107        7,516   

Omnicare, Inc.

     232        8,083   

Owens & Minor, Inc.

     260        7,602   

Universal Health Services, Inc. — Class B

     180        7,688   

VCA Antech, Inc.*

     353        8,352   

WellCare Health Plans, Inc.*

     116        7,097   
   

 

 

  

Total Health Care Providers & Services

       117,230   
   

 

 

  

Health Care Technology - 0.1%

  

Allscripts Healthcare Solutions, Inc.*

     423        4,687   
   

 

 

  

Total Health Care Technology

       4,687   
   

 

 

  

Hotels, Restaurants & Leisure - 2.5%

  

Bally Technologies, Inc.*

     173        8,399   

Bob Evans Farms, Inc.

     207        7,916   

Brinker International, Inc.

     273        8,592   

Cheesecake Factory, Inc.
(The)*

     256        8,064   

International Speedway Corp. — Class A

     306        8,167   

Life Time Fitness, Inc.*

     162        7,543   

Panera Bread Co. — Class A*

     49        7,738   

Scientific Games Corp. — Class A*

     733        7,447   

Wendy’s Co. (The)

     1,607        7,826   

WMS Industries, Inc.*

     357        8,750   
   

 

 

  

Total Hotels, Restaurants & Leisure

       80,442   
   

 

 

  
     SHARES     MARKET
VALUE		  
   

Household Durables - 1.5%

  

KB Home

     665      $ 5,772   

MDC Holdings, Inc.

     313        8,798   

Mohawk Industries, Inc.*

     124        8,311   

NVR, Inc.*

     11        8,623   

Toll Brothers, Inc.*

     327        8,306   

Tupperware Brands Corp.

     123        7,662   
   

 

 

  

Total Household Durables

       47,472   
   

 

 

  

Household Products - 0.5%

  

Church & Dwight Co., Inc.

     162        8,230   

Energizer Holdings, Inc.*

     103        7,347   
   

 

 

  

Total Household Products

       15,577   
   

 

 

  

Industrial Conglomerates - 0.3%

  

Carlisle Cos., Inc.

     161        8,865   
   

 

 

  

Total Industrial Conglomerates

       8,865   
   

 

 

  

Insurance - 4.4%

  

Alleghany Corp.*

     24        8,230   

American Financial Group, Inc.

     209        8,134   

Arthur J. Gallagher & Co.

     224        8,413   

Aspen Insurance Holdings Ltd.

     290        8,213   

Brown & Brown, Inc.

     330        8,900   

Everest Re Group Ltd.

     86        8,523   

Fidelity National Financial, Inc. — Class A

     443        8,537   

First American Financial Corp.

     487        8,157   

Hanover Insurance Group, Inc. (The)

     195        7,870   

HCC Insurance Holdings, Inc.

     254        8,118   

Kemper Corp.

     269        8,067   

Mercury General Corp.

     178        8,044   

Old Republic International Corp.

     717        7,134   

Protective Life Corp.

     278        8,134   

Reinsurance Group of America, Inc.

     140        8,140   

StanCorp Financial Group, Inc.

     197        7,561   

W.R. Berkley Corp.

     222        8,360   
   

 

 

  

Total Insurance

       138,535   
   

 

 

  

Internet & Catalog Retail - 0.3%

  

HSN, Inc.

     208        8,050   
   

 

 

  

Total Internet & Catalog Retail

       8,050   
   

 

 

  

Internet Software & Services - 1.4%

  

AOL, Inc.*

     444        11,118   

Equinix, Inc.*

     57        9,359   

Monster Worldwide, Inc.*

     863        7,448   

Rackspace Hosting, Inc.*

     147        8,539   

ValueClick, Inc.*

     379        8,027   
   

 

 

  

Total Internet Software & Services

       44,491   
   

 

 

  

IT Services - 3.5%

  

Acxiom Corp.*

     547        7,510   

Alliance Data Systems Corp.*

     64        8,223   

Broadridge Financial Solutions, Inc.

     323        7,497   

Convergys Corp.*

     628        8,396   

CoreLogic, Inc.*

     493        8,233   

DST Systems, Inc.

     145        8,117   
 

 

32     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   April 30, 2012

 

 

GUGGENHEIM S&P MIDCAP 400 EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

Gartner, Inc.*

     192      $ 8,410   

Global Payments, Inc.

     151        7,011   

Jack Henry & Associates, Inc.

     233        7,913   

Lender Processing Services, Inc.

     332        8,815   

Mantech International Corp. — Class A

     228        7,164   

NeuStar, Inc. — Class A*

     227        8,251   

VeriFone Systems, Inc.*

     155        7,384   

Wright Express Corp.*

     117        7,467   
   

 

 

  

Total IT Services

       110,391   
   

 

 

  

Leisure Equipment & Products - 0.3%

  

Polaris Industries, Inc.

     117        9,294   
   

 

 

  

Total Leisure Equipment & Products

       9,294   
   

 

 

  

Life Sciences Tools & Services - 1.2%

  

Bio-Rad Laboratories, Inc. — Class A*

     76        8,207   

Charles River Laboratories International, Inc.*

     213        7,568   

Covance, Inc.*

     161        7,529   

Mettler-Toledo International, Inc.*

     44        7,890   

Techne Corp.

     111        7,430   
   

 

 

  

Total Life Sciences Tools & Services

       38,624   
   

 

 

  

Machinery - 5.2%

  

AGCO Corp.*

     160        7,451   

CLARCOR, Inc.

     154        7,395   

Crane Co.

     164        7,237   

Donaldson Co., Inc.

     216        7,487   

Gardner Denver, Inc.

     113        7,361   

Graco, Inc.

     154        8,210   

Harsco Corp.

     355        7,916   

IDEX Corp.

     189        8,186   

ITT Corp.

     344        7,726   

Kennametal, Inc.

     174        7,348   

Lincoln Electric Holdings, Inc.

     168        8,234   

Nordson Corp.

     143        7,708   

Oshkosh Corp.*

     344        7,854   

Pentair, Inc.

     203        8,798   

SPX Corp.

     104        7,985   

Terex Corp.*

     331        7,494   

Timken Co.

     150        8,476   

Trinity Industries, Inc.

     232        6,867   

Valmont Industries, Inc.

     69        8,551   

Wabtec Corp.

     104        8,089   

Woodward, Inc.

     185        7,694   
   

 

 

  

Total Machinery

       164,067   
   

 

 

  

Marine - 0.5%

  

Alexander & Baldwin, Inc.

     169        8,646   

Kirby Corp.*

     114        7,566   
   

 

 

  

Total Marine

       16,212   
   

 

 

  

Media - 2.1%

  

AMC Networks, Inc. — Class A*

     172        7,310   

Cinemark Holdings, Inc.

     344        7,898   

DreamWorks Animation SKG, Inc. — Class A*

     457        8,231   
     SHARES     MARKET
VALUE		  
   

John Wiley & Sons, Inc. — Class A

     166      $ 7,501   

Lamar Advertising Co. — Class A*

     251        7,987   

Meredith Corp.

     237        6,833   

New York Times Co.(The) — Class A*

     1,180        7,446   

Scholastic Corp.

     251        7,668   

Valassis Communications, Inc.*

     335        6,700   
   

 

 

  

Total Media

       67,574   
   

 

 

  

Metals & Mining - 1.5%

  

Carpenter Technology Corp.

     153        8,516   

Commercial Metals Co.

     585        8,646   

Compass Minerals International, Inc.

     109        8,341   

Reliance Steel & Aluminum Co.

     146        8,160   

Steel Dynamics, Inc.

     548        6,998   

Worthington Industries, Inc.

     444        7,921   
   

 

 

  

Total Metals & Mining

       48,582   
   

 

 

  

Multi-Utilities - 1.0%

  

Alliant Energy Corp.

     181        8,188   

Black Hills Corp.

     233        7,691   

MDU Resources Group, Inc.

     356        8,167   

Vectren Corp.

     269        7,922   
   

 

 

  

Total Multi-Utilities

       31,968   
   

 

 

  

Multiline Retail - 0.2%

  

Saks, Inc.*

     673        7,376   
   

 

 

  

Total Multiline Retail

       7,376   
   

 

 

  

Office Electronics - 0.2%

  

Zebra Technologies Corp. — Class A*

     200        7,758   
   

 

 

  

Total Office Electronics

       7,758   
   

 

 

  

Oil, Gas & Consumable Fuels - 2.7%

  

Arch Coal, Inc.

     651        6,354   

Bill Barrett Corp.*

     270        6,475   

Cimarex Energy Co.

     95        6,565   

Energen Corp.

     150        7,857   

Forest Oil Corp.*

     620        8,258   

HollyFrontier Corp.

     219        6,750   

Northern Oil and Gas, Inc.*

     337        6,548   

Patriot Coal Corp.*

     1,203        7,013   

Plains Exploration & Production Co.*

     173        7,067   

Quicksilver Resources, Inc.*

     1,444        6,787   

SM Energy Co.

     100        6,611   

World Fuel Services Corp.

     187        8,239   
   

 

 

  

Total Oil, Gas & Consumable Fuels

       84,524   
   

 

 

  

Paper & Forest Products - 0.5%

  

Domtar Corp.

     80        6,998   

Louisiana-Pacific Corp.*

     911        8,245   
   

 

 

  

Total Paper & Forest Products

       15,243   
   

 

 

  

Pharmaceuticals - 0.5%

  

Endo Pharmaceuticals Holdings, Inc.*

     211        7,414   

Medicis Pharmaceutical Corp. — Class A

     214        8,233   
   

 

 

  

Total Pharmaceuticals

       15,647   
   

 

 

  
 

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       33

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   April 30, 2012

 

GUGGENHEIM S&P MIDCAP 400 EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

Professional Services - 1.2%

  

Corporate Executive Board Co. (The)

     186      $ 7,695   

FTI Consulting, Inc.*

     204        7,413   

Korn/Ferry International*

     504        8,139   

Manpower, Inc.

     178        7,583   

Towers Watson & Co. — Class A

     122        7,979   
   

 

 

  

Total Professional Services

       38,809   
   

 

 

  

Real Estate Investment Trusts (REITs) - 7.1%

  

Alexandria Real Estate Equities, Inc.

     110        8,241   

American Campus Communities, Inc.

     184        8,179   

BioMed Realty Trust, Inc.

     427        8,463   

BRE Properties, Inc.

     158        8,295   

Camden Property Trust

     124        8,391   

Corporate Office Properties Trust

     332        7,819   

Duke Realty Corp.

     567        8,403   

Equity One, Inc.

     418        8,686   

Essex Property Trust, Inc.

     54        8,530   

Federal Realty Investment Trust

     82        8,254   

Highwoods Properties, Inc.

     251        8,717   

Home Properties, Inc.

     133        8,120   

Hospitality Properties Trust

     313        8,633   

Liberty Property Trust

     233        8,493   

Macerich Co. (The)

     144        8,866   

Mack-Cali Realty Corp.

     279        8,013   

National Retail Properties, Inc.

     298        8,159   

Omega Healthcare Investors, Inc.

     382        8,179   

Potlatch Corp.

     253        7,919   

Rayonier, Inc.

     175        7,936   

Realty Income Corp.

     213        8,379   

Regency Centers Corp.

     188        8,453   

Senior Housing Properties Trust

     367        8,103   

SL Green Realty Corp.

     102        8,409   

Taubman Centers, Inc.

     113        8,721   

UDR, Inc.

     307        8,083   

Weingarten Realty Investors

     317        8,420   
   

 

 

  

Total Real Estate Investment Trusts (REITs)

       224,864   
   

 

 

  

Real Estate Management & Development - 0.2%

  

Jones Lang LaSalle, Inc.

     95        7,594   
   

 

 

  

Total Real Estate Management & Development

       7,594   
   

 

 

  

Road & Rail - 1.3%

  

Con-way, Inc.

     250        8,125   

JB Hunt Transport Services, Inc.

     151        8,355   

Kansas City Southern

     114        8,780   

Landstar System, Inc.

     140        7,500   

Werner Enterprises, Inc.

     311        7,346   
   

 

 

  

Total Road & Rail

       40,106   
   

 

 

  

Semiconductors & Semiconductor Equipment - 3.1%

  

Atmel Corp.*

     786        6,972   

Cree, Inc.*

     264        8,158   

Cypress Semiconductor Corp.*

     493        7,641   

Fairchild Semiconductor International, Inc.*

     581        8,233   
     SHARES     MARKET
VALUE		  
   

Integrated Device Technology, Inc.*

     1,151      $ 7,792   

International Rectifier Corp.*

     368        8,033   

Intersil Corp. — Class A

     700        7,189   

Lam Research Corp.*

     187        7,789   

MEMC Electronic Materials, Inc.*

     2,031        7,291   

RF Micro Devices, Inc.*

     1,690        7,318   

Semtech Corp.*

     290        7,905   

Silicon Laboratories, Inc.*

     188        6,672   

Skyworks Solutions, Inc.*

     292        7,925   
   

 

 

  

Total Semiconductors & Semiconductor Equipment

       98,918   
   

 

 

  

Software - 4.2%

  

ACI Worldwide, Inc.*

     201        8,012   

Advent Software, Inc.*

     310        8,367   

ANSYS, Inc.*

     124        8,317   

Cadence Design Systems, Inc.*

     655        7,644   

Compuware Corp.*

     840        7,325   

Concur Technologies, Inc.*

     130        7,353   

Factset Research Systems, Inc.

     87        9,123   

Fair Isaac Corp.

     188        8,065   

Informatica Corp.*

     159        7,317   

Mentor Graphics Corp.*

     519        7,499   

MICROS Systems, Inc.*

     146        8,297   

Parametric Technology Corp.*

     288        6,215   

Quest Software, Inc.*

     327        7,609   

Rovi Corp.*

     230        6,578   

Solera Holdings, Inc.

     168        7,550   

Synopsys, Inc.*

     261        7,833   

TIBCO Software, Inc.*

     261        8,587   
   

 

 

  

Total Software

       131,691   
   

 

 

  

Specialty Retail - 4.9%

  

Aaron’s, Inc.

     299        8,124   

Advance Auto Parts, Inc.

     90        8,262   

Aeropostale, Inc.*

     402        8,916   

American Eagle Outfitters, Inc.

     488        8,789   

ANN, Inc.*

     287        7,947   

Ascena Retail Group, Inc.*

     370        7,578   

Barnes & Noble, Inc.*

     587        12,180   

Chico’s FAS, Inc.

     510        7,834   

Collective Brands, Inc.*

     432        8,973   

Dick’s Sporting Goods, Inc.

     166        8,400   

Foot Locker, Inc.

     260        7,953   

Guess?, Inc.

     219        6,412   

Office Depot, Inc.*

     2,412        7,332   

PetSmart, Inc.

     135        7,865   

RadioShack Corp.

     1,122        5,812   

Rent-A-Center, Inc.

     226        7,731   

Signet Jewelers Ltd.

     161        7,852   

Tractor Supply Co.

     90        8,857   

Williams-Sonoma, Inc.

     217        8,396   
   

 

 

  

Total Specialty Retail

       155,213   
   

 

 

  
 

 

34     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (concluded)   April 30, 2012

 

GUGGENHEIM S&P MIDCAP 400 EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

Textiles, Apparel & Luxury Goods - 1.4%

  

Carter’s, Inc.*

     161      $ 8,742   

Deckers Outdoor Corp.*

     115        5,866   

Hanesbrands, Inc.*

     275        7,761   

PVH Corp.

     90        7,992   

Under Armour, Inc. — Class A*

     83        8,128   

Warnaco Group, Inc. (The)*

     135        7,150   
   

 

 

  

Total Textiles, Apparel & Luxury Goods

       45,639   
   

 

 

  

Thrifts & Mortgage Finance - 0.8%

  

Astoria Financial Corp.

     868        8,411   

New York Community Bancorp, Inc.

     605        8,161   

Washington Federal, Inc.

     481        8,437   
   

 

 

  

Total Thrifts & Mortgage Finance

       25,009   
   

 

 

  

Tobacco - 0.2%

  

Universal Corp.

     169        7,745   
   

 

 

  

Total Tobacco

       7,745   
   

 

 

  

Trading Companies & Distributors - 1.0%

  

GATX Corp.

     180        7,717   

MSC Industrial Direct Co. — Class A

     96        7,076   

United Rentals, Inc.*

     183        8,542   

Watsco, Inc.

     111        7,987   
   

 

 

  

Total Trading Companies & Distributors

       31,322   
   

 

 

  

Water Utilities - 0.3%

  

Aqua America, Inc.

     354        8,039   
   

 

 

  

Total Water Utilities

       8,039   
   

 

 

  

Wireless Telecommunication Services - 0.2%

  

Telephone & Data Systems, Inc.

     320        7,773   
   

 

 

  

Total Wireless Telecommunication Services

       7,773   
   

 

 

  

Total Common Stocks
(Cost $3,100,679)

       3,156,799   
   

 

 

  

SHORT TERM INVESTMENTS - 0.2%

  

SSgA Government Money Market Fund

     6,774        6,774   
   

 

 

  

Total Short Term Investments
(Cost $6,774)

       6,774   
   

 

 

  

Total Investments - 100.0%a
(Cost $3,107,453)

       3,163,573   
   

 

 

  

Other Assets and Liabilities, net - 0.0%b

  

     797   
   

 

 

  

Net Assets - 100.0%

           $ 3,164,370   
 

 

*   Non-Income Producing Security.
a   

Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs.

b   

Amount represents less than 0.05% of net assets.

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       35

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited)   April 30, 2012

 

 

GUGGENHEIM S&P SMALLCAP 600 EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

COMMON STOCKS - 99.9%

  

Aerospace & Defense - 1.7%

  

AAR Corp.

     474      $ 7,323   

Aerovironment, Inc.*

     398        9,679   

American Science & Engineering, Inc.

     150        9,796   

Ceradyne, Inc.

     353        8,938   

Cubic Corp.

     220        10,171   

Curtiss-Wright Corp.

     278        9,811   

GenCorp, Inc.*

     1,693        11,631   

Moog, Inc. — Class A*

     249        10,525   

National Presto Industries, Inc.

     130        9,584   

Orbital Sciences Corp.*

     750        9,420   

Teledyne Technologies, Inc.*

     177        11,438   
   

 

 

  

Total Aerospace & Defense

       108,316   
   

 

 

  

Air Freight & Logistics - 0.3%

  

Forward Air Corp.

     305        10,303   

HUB Group, Inc. — Class A*

     293        10,255   
   

 

 

  

Total Air Freight & Logistics

       20,558   
   

 

 

  

Airlines - 0.3%

  

Allegiant Travel Co.*

     209        12,281   

SkyWest, Inc.

     927        8,333   
   

 

 

  

Total Airlines

       20,614   
   

 

 

  

Auto Components - 0.6%

  

Drew Industries, Inc.*

     382        11,376   

Spartan Motors, Inc.

     1,904        8,282   

Standard Motor Products, Inc.

     503        7,580   

Superior Industries International, Inc.

     568        9,719   
   

 

 

  

Total Auto Components

       36,957   
   

 

 

  

Automobiles - 0.2%

  

Winnebago Industries, Inc.*

     1,214        11,836   
   

 

 

  

Total Automobiles

       11,836   
   

 

 

  

Beverages - 0.2%

  

Boston Beer Co., Inc. — Class A*

     102        10,539   
   

 

 

  

Total Beverages

       10,539   
   

 

 

  

Biotechnology - 1.1%

  

ArQule, Inc.*

     1,429        10,074   

Cubist Pharmaceuticals, Inc.*

     241        10,190   

Emergent Biosolutions, Inc.*

     651        9,153   

Momenta Pharmaceuticals, Inc.*

     691        10,973   

Savient Pharmaceuticals, Inc.*

     5,233        12,402   

Spectrum Pharmaceuticals, Inc.*

     1,322        14,053   
   

 

 

  

Total Biotechnology

       66,845   
   

 

 

  

Building Products - 1.6%

  

AAON, Inc.

     564        11,505   

AO Smith Corp.

     233        11,091   

Apogee Enterprises, Inc.

     799        12,273   

Gibraltar Industries, Inc.*

     720        9,734   

Griffon Corp.

     1,015        10,059   

NCI Building Systems, Inc.*

     866        10,383   

Quanex Building Products Corp.

     635        11,703   

Simpson Manufacturing Co., Inc.

     334        10,364   

Universal Forest Products, Inc.

     322        12,043   
   

 

 

  

Total Building Products

       99,155   
   

 

 

  
     SHARES     MARKET
VALUE		  
   

Capital Markets - 1.3%

  

Calamos Asset Management, Inc. — Class A

     819      $ 10,581   

Financial Engines, Inc.*

     474        10,826   

Investment Technology Group, Inc.*

     938        9,568   

Piper Jaffray Cos.*

     415        10,064   

Prospect Capital Corp.

     993        10,844   

Stifel Financial Corp.*

     287        10,452   

SWS Group, Inc.

     2,026        11,427   

Virtus Investment Partners, Inc.*

     130        10,972   
   

 

 

  

Total Capital Markets

       84,734   
   

 

 

  

Chemicals - 2.7%

  

A. Schulman, Inc.

     405        9,967   

American Vanguard Corp.

     530        13,250   

Balchem Corp.

     366        10,577   

Calgon Carbon Corp.*

     701        9,702   

H.B. Fuller Co.

     338        11,120   

Hawkins, Inc.

     288        10,002   

Innophos Holdings, Inc.

     212        10,424   

Koppers Holdings, Inc.

     286        11,120   

Kraton Performance Polymers, Inc.*

     371        9,646   

LSB Industries, Inc.*

     264        8,955   

OM Group, Inc.*

     418        10,082   

PolyOne Corp.

     787        10,908   

Quaker Chemical Corp.

     288        12,499   

Stepan Co.

     123        11,176   

Tredegar Corp.

     528        9,161   

Zep, Inc.

     694        9,890   
   

 

 

  

Total Chemicals

       168,479   
   

 

 

  

Commercial Banks - 6.0%

  

Bank of the Ozarks, Inc.

     341        10,537   

BBCN Bancorp, Inc.*

     1,011        11,101   

Boston Private Financial Holdings, Inc.

     1,081        10,075   

City Holding Co.

     301        10,038   

Columbia Banking System, Inc.

     487        9,979   

Community Bank System, Inc.

     382        10,742   

CVB Financial Corp.

     948        10,968   

First BanCorp*

     2,677        11,404   

First Commonwealth Financial Corp.

     1,677        10,783   

First Financial Bancorp

     610        10,254   

First Financial Bankshares, Inc.

     305        10,321   

First Midwest Bancorp, Inc.

     899        9,574   

FNB Corp.

     884        10,033   

Glacier Bancorp, Inc.

     733        10,922   

Hanmi Financial Corp.*

     1,144        11,932   

Home Bancshares, Inc.

     410        11,947   

Independent Bank Corp.

     380        10,667   

National Penn Bancshares, Inc.

     1,208        11,138   

NBT Bancorp, Inc.

     483        9,926   

Old National Bancorp

     860        11,025   

PacWest Bancorp

     461        10,981   

Pinnacle Financial Partners, Inc.*

     601        10,998   

PrivateBancorp, Inc.

     722        11,357   

S&T Bancorp, Inc.

     486        9,098   
 

 

36     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   April 30, 2012

 

 

GUGGENHEIM S&P SMALLCAP 600 EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

Simmons First National Corp. — Class A

     400      $ 9,736   

Sterling Bancorp

     1,122        10,670   

Susquehanna Bancshares, Inc.

     1,127        11,687   

Texas Capital Bancshares, Inc.*

     301        11,351   

Tompkins Financial Corp.

     259        9,803   

UMB Financial Corp.

     241        11,580   

Umpqua Holdings Corp.

     858        11,360   

United Bankshares, Inc.

     350        9,251   

United Community Banks, Inc.*

     1,147        10,793   

Wilshire Bancorp, Inc.*

     2,299        12,323   

Wintrust Financial Corp.

     305        11,020   
   

 

 

  

Total Commercial Banks

       375,374   
   

 

 

  

Commercial Services & Supplies - 2.3%

  

ABM Industries, Inc.

     449        10,453   

Consolidated Graphics, Inc.*

     218        8,718   

Encore Capital Group, Inc.*

     466        11,044   

G&K Services, Inc. — Class A

     313        10,285   

Geo Group, Inc. (The)*

     596        12,343   

Healthcare Services Group, Inc.

     505        10,716   

Interface, Inc. — Class A

     838        11,866   

Mobile Mini, Inc.*

     476        8,977   

Portfolio Recovery Associates, Inc.*

     153        10,530   

SYKES Enterprises, Inc.*

     697        11,047   

Tetra Tech, Inc.*

     427        11,401   

Unifirst Corp.

     175        10,633   

United Stationers, Inc.

     353        10,011   

Viad Corp.

     557        10,071   
   

 

 

  

Total Commercial Services & Supplies

       148,095   
   

 

 

  

Communications Equipment - 1.8%

  

Arris Group, Inc.*

     923        11,934   

Bel Fuse, Inc. — Class B

     586        10,425   

Black Box Corp.

     393        8,886   

Comtech Telecommunications Corp.

     317        9,802   

Digi International, Inc.*

     975        9,048   

Harmonic, Inc.*

     1,789        8,444   

Netgear, Inc.*

     269        10,357   

Oplink Communications, Inc.*

     631        9,995   

PC-Tel, Inc.

     1,512        10,327   

Symmetricom, Inc.*

     1,818        10,108   

ViaSat, Inc.*

     231        11,157   
   

 

 

  

Total Communications Equipment

       110,483   
   

 

 

  

Computers & Peripherals - 1.3%

  

3D Systems Corp.*

     435        12,828   

Avid Technology, Inc.*

     950        8,256   

Intermec, Inc.*

     1,429        7,602   

Intevac, Inc.*

     1,381        11,131   

Novatel Wireless, Inc.*

     3,127        9,037   

Stratasys, Inc.*

     291        14,902   

Super Micro Computer, Inc.*

     613        10,819   

Synaptics, Inc.*

     281        8,630   
   

 

 

  

Total Computers & Peripherals

       83,205   
   

 

 

  
     SHARES     MARKET
VALUE		  
   

Construction & Engineering - 0.8%

  

Aegion Corp.*

     551      $ 10,056   

Comfort Systems USA, Inc.

     1,007        10,654   

Dycom Industries, Inc.*

     462        10,806   

EMCOR Group, Inc.

     378        11,083   

Orion Marine Group, Inc.*

     1,387        9,598   
   

 

 

  

Total Construction & Engineering

       52,197   
   

 

 

  

Construction Materials - 0.5%

  

Eagle Materials, Inc.

     320        11,270   

Headwaters, Inc.*

     3,081        13,372   

Texas Industries, Inc.

     295        9,915   
   

 

 

  

Total Construction Materials

       34,557   
   

 

 

  

Consumer Finance - 0.6%

  

Cash America International, Inc.

     222        10,378   

EZCORP, Inc. — Class A*

     332        8,894   

First Cash Financial Services, Inc.*

     229        9,380   

World Acceptance Corp.*

     160        10,642   
   

 

 

  

Total Consumer Finance

       39,294   
   

 

 

  

Containers & Packaging - 0.2%

  

Myers Industries, Inc.

     752        12,430   
   

 

 

  

Total Containers & Packaging

       12,430   
   

 

 

  

Distributors - 0.3%

  

Pool Corp.

     291        10,741   

VOXX International Corp.*

     802        10,177   
   

 

 

  

Total Distributors

       20,918   
   

 

 

  

Diversified Consumer Services - 1.2%

  

American Public Education, Inc.*

     267        9,270   

Capella Education Co.*

     268        8,766   

Career Education Corp.*

     1,289        9,191   

Coinstar, Inc.*

     170        10,674   

Corinthian Colleges, Inc.*

     2,394        9,193   

Hillenbrand, Inc.

     449        9,402   

Lincoln Educational Services Corp.

     1,325        9,726   

Universal Technical Institute, Inc.

     776        9,312   
   

 

 

  

Total Diversified Consumer Services

       75,534   
   

 

 

  

Diversified Financial Services - 0.1%

  

Interactive Brokers Group, Inc. — Class A

     629        9,542   
   

 

 

  

Total Diversified Financial Services

       9,542   
   

 

 

  

Diversified Telecommunication
Services - 0.9%

  

Atlantic Tele-Network, Inc.

     287        9,775   

Cbeyond, Inc.*

     1,358        8,732   

Cincinnati Bell, Inc.*

     2,584        9,819   

General Communication, Inc. — Class A*

     1,016        7,722   

Lumos Networks Corp.

     885        8,000   

Neutral Tandem, Inc.*

     932        10,830   
   

 

 

  

Total Diversified Telecommunication Services

       54,878   
   

 

 

  

Electric Utilities - 0.8%

  

Allete, Inc.

     249        10,262   

Central Vermont Public Service Corp.

     295        10,399   
 

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       37

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   April 30, 2012

 

 

GUGGENHEIM S&P SMALLCAP 600 EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

El Paso Electric Co.

     322      $ 9,866   

UIL Holdings Corp.

     298        10,242   

Unisource Energy Corp.

     278        10,119   
   

 

 

  

Total Electric Utilities

       50,888   
   

 

 

  

Electrical Equipment - 1.4%

  

AZZ, Inc.

     204        10,549   

Belden, Inc.

     270        9,391   

Brady Corp. — Class A

     318        9,867   

Encore Wire Corp.

     351        8,947   

EnerSys*

     301        10,520   

Franklin Electric Co., Inc.

     204        10,231   

II-VI, Inc.*

     452        9,225   

Powell Industries, Inc.*

     310        10,109   

Vicor Corp.

     1,300        9,061   
   

 

 

  

Total Electrical Equipment

       87,900   
   

 

 

  

Electronic Equipment, Instruments & Components - 4.9%

  

Agilysys, Inc.*

     1,265        11,081   

Anixter International, Inc.*

     147        10,081   

Badger Meter, Inc.

     325        12,006   

Benchmark Electronics, Inc.*

     624        9,909   

Brightpoint, Inc.*

     1,258        7,699   

Checkpoint Systems, Inc.*

     940        10,302   

Cognex Corp.

     246        9,902   

CTS Corp.

     1,088        11,674   

Daktronics, Inc.

     1,203        9,792   

DTS, Inc.*

     377        11,762   

Electro Scientific Industries, Inc.

     731        10,424   

FARO Technologies, Inc.*

     194        10,860   

FEI Co.*

     231        11,589   

Insight Enterprises, Inc.*

     495        10,054   

Littelfuse, Inc.

     189        11,845   

Measurement Specialties, Inc.*

     317        11,326   

Mercury Computer Systems, Inc.*

     755        9,966   

Methode Electronics, Inc.

     1,161        9,810   

MTS Systems Corp.

     210        10,074   

Newport Corp.*

     602        10,276   

OSI Systems, Inc.*

     171        11,433   

Park Electrochemical Corp.

     361        10,415   

Plexus Corp.*

     297        9,614   

Pulse Electronics Corp.

     3,871        7,936   

Radisys Corp.*

     1,398        8,877   

Rofin-Sinar Technologies, Inc.*

     419        10,559   

Rogers Corp.*

     278        10,645   

Scansource, Inc.*

     281        9,262   

SYNNEX Corp.*

     250        9,523   

TTM Technologies, Inc.*

     876        9,049   
   

 

 

  

Total Electronic Equipment, Instruments & Components

       307,745   
   

 

 

  

Energy Equipment & Services - 1.9%

  

Basic Energy Services, Inc.*

     563        8,107   

Bristow Group, Inc.

     221        10,796   

Exterran Holdings, Inc.*

     748        10,106   

Gulf Island Fabrication, Inc.

     353        9,891   
     SHARES     MARKET
VALUE		  
   

Hornbeck Offshore Services, Inc.*

     246      $ 10,241   

ION Geophysical Corp.*

     1,564        9,744   

Lufkin Industries, Inc.

     135        10,373   

Matrix Service Co.*

     773        10,551   

OYO Geospace Corp.*

     95        10,946   

Pioneer Drilling Co.*

     1,081        8,518   

SEACOR Holdings, Inc.*

     108        10,036   

Tetra Technologies, Inc.*

     1,084        9,442   
   

 

 

  

Total Energy Equipment & Services

       118,751   
   

 

 

  

Food & Staples Retailing - 0.9%

  

Andersons, Inc. (The)

     233        11,743   

Casey’s General Stores, Inc.

     199        11,214   

Nash Finch Co.

     371        9,312   

Spartan Stores, Inc.

     579        10,555   

United Natural Foods, Inc.*

     222        10,942   
   

 

 

  

Total Food & Staples Retailing

       53,766   
   

 

 

  

Food Products - 1.8%

  

B&G Foods, Inc.

     459        10,208   

Cal-Maine Foods, Inc.

     254        9,152   

Calavo Growers, Inc.

     384        11,013   

Darling International, Inc.*

     606        9,926   

Diamond Foods, Inc.

     433        9,050   

Hain Celestial Group, Inc. (The)*

     252        11,920   

J&J Snack Foods Corp.

     207        11,604   

Sanderson Farms, Inc.

     196        10,115   

Seneca Foods Corp. — Class A*

     433        10,085   

Snyders-Lance, Inc.

     458        11,853   

TreeHouse Foods, Inc.*

     182        10,467   
   

 

 

  

Total Food Products

       115,393   
   

 

 

  

Gas Utilities - 1.0%

  

Laclede Group, Inc. (The)

     254        10,002   

New Jersey Resources Corp.

     229        9,902   

Northwest Natural Gas Co.

     227        10,374   

Piedmont Natural Gas Co., Inc.

     322        9,815   

South Jersey Industries, Inc.

     202        9,948   

Southwest Gas Corp.

     241        10,127   
   

 

 

  

Total Gas Utilities

       60,168   
   

 

 

  

Health Care Equipment & Supplies - 3.9%

  

Abaxis, Inc.*

     380        13,536   

Align Technology, Inc.*

     392        12,430   

Analogic Corp.

     162        11,050   

Cantel Medical Corp.

     463        10,871   

CONMED Corp.

     350        10,007   

CryoLife, Inc.*

     1,939        10,257   

Cyberonics, Inc.*

     275        10,532   

Greatbatch, Inc.*

     436        10,154   

Haemonetics Corp.*

     156        11,165   

ICU Medical, Inc.*

     222        11,653   

Integra LifeSciences Holdings Corp.*

     304        11,318   

Invacare Corp.

     654        10,366   

Kensey Nash Corp.

     432        12,282   

Meridian Bioscience, Inc.

     581        11,940   

Merit Medical Systems, Inc.*

     827        10,933   
 

 

38     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   April 30, 2012

 

GUGGENHEIM S&P SMALLCAP 600 EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

Natus Medical, Inc.*

     992      $ 12,142   

Neogen Corp.*

     300        11,697   

NuVasive, Inc.*

     670        11,102   

Palomar Medical Technologies, Inc.*

     1,066        9,274   

SurModics, Inc.*

     719        10,634   

Symmetry Medical, Inc.*

     1,573        11,184   

West Pharmaceutical Services, Inc.

     253        11,360   
   

 

 

  

Total Health Care Equipment & Supplies

       245,887   
   

 

 

  

Health Care Providers & Services - 3.8%

  

Air Methods Corp.*

     114        9,588   

Almost Family, Inc.*

     437        10,654   

Amedisys, Inc.*

     798        11,754   

AMN Healthcare Services, Inc.*

     2,018        13,541   

Amsurg Corp.*

     398        11,446   

Bio-Reference Labs, Inc.*

     451        9,615   

Centene Corp.*

     223        8,829   

Chemed Corp.

     170        10,258   

CorVel Corp.*

     234        10,177   

Cross Country Healthcare, Inc.*

     2,211        10,193   

Ensign Group, Inc. (The)

     381        10,176   

Gentiva Health Services, Inc.*

     1,488        12,321   

Hanger Orthopedic Group, Inc.*

     491        11,563   

Healthways, Inc.*

     1,335        8,904   

IPC The Hospitalist Co., Inc.*

     290        11,139   

Kindred Healthcare, Inc.*

     1,069        10,305   

Landauer, Inc.

     197        10,386   

LHC Group, Inc.*

     574        10,165   

Magellan Health Services, Inc.*

     220        9,742   

Molina Healthcare, Inc.*

     312        8,003   

MWI Veterinary Supply, Inc.*

     124        11,706   

PharMerica Corp.*

     824        9,781   

PSS World Medical, Inc.*

     420        10,051   
   

 

 

  

Total Health Care Providers & Services

       240,297   
   

 

 

  

Health Care Technology - 0.6%

  

Computer Programs & Systems, Inc.

     168        10,011   

Medidata Solutions, Inc.*

     419        10,856   

Omnicell, Inc.*

     704        10,046   

Quality Systems, Inc.

     240        8,976   
   

 

 

  

Total Health Care Technology

       39,889   
   

 

 

  

Hotels, Restaurants & Leisure - 3.8%

  

Biglari Holdings, Inc.*

     26        10,565   

BJ’s Restaurants, Inc.*

     208        8,984   

Boyd Gaming Corp.*

     1,325        10,189   

Buffalo Wild Wings, Inc.*

     117        9,810   

CEC Entertainment, Inc.

     278        10,625   

Cracker Barrel Old Country Store, Inc.

     186        10,699   

DineEquity, Inc.*

     202        9,813   

Interval Leisure Group, Inc.

     671        11,595   

Jack in the Box, Inc.*

     441        10,020   

Marcus Corp.

     865        10,821   

Marriott Vacations Worldwide Corp.*

     387        11,428   

Monarch Casino & Resort, Inc.*

     1,027        9,941   
     SHARES     MARKET
VALUE		  
   

Multimedia Games Holding Co., Inc.*

     1,010      $ 11,474   

P.F. Chang’s China Bistro, Inc.

     261        10,359   

Papa John’s International, Inc.*

     279        11,238   

Peet’s Coffee & Tea, Inc.*

     154        11,830   

Pinnacle Entertainment, Inc.*

     930        10,323   

Red Robin Gourmet Burgers, Inc.*

     296        10,555   

Ruby Tuesday, Inc.*

     1,307        8,888   

Ruth’s Hospitality Group, Inc*

     1,552        10,740   

Shuffle Master, Inc.*

     620        10,955   

Sonic Corp.*

     1,429        10,317   

Texas Roadhouse, Inc.

     622        10,730   
   

 

 

  

Total Hotels, Restaurants & Leisure

       241,899   
   

 

 

  

Household Durables - 1.8%

  

American Greetings Corp. — Class A

     396        6,336   

Blyth, Inc.

     154        13,547   

Ethan Allen Interiors, Inc.

     419        9,721   

Helen of Troy Ltd.*

     307        10,622   

iRobot Corp.*

     392        9,255   

La-Z-Boy, Inc.*

     735        11,077   

M/I Homes, Inc.*

     804        10,693   

Meritage Homes Corp.*

     380        10,788   

Ryland Group, Inc. (The)

     545        12,268   

Standard Pacific Corp.*

     2,279        11,532   

Universal Electronics, Inc.*

     540        9,137   
   

 

 

  

Total Household Durables

       114,976   
   

 

 

  

Household Products - 0.4%

  

Central Garden and Pet Co. — Class A*

     1,143        12,219   

WD-40 Co.

     240        10,819   
   

 

 

  

Total Household Products

       23,038   
   

 

 

  

Industrial Conglomerates - 0.2%

  

Standex International Corp.

     272        11,984   
   

 

 

  

Total Industrial Conglomerates

       11,984   
   

 

 

  

Insurance - 2.9%

  

AMERISAFE, Inc.*

     439        11,730   

Delphi Financial Group, Inc. — Class A

     232        10,537   

eHealth, Inc.*

     649        11,500   

Employers Holdings, Inc.

     621        10,756   

Horace Mann Educators Corp.

     592        10,390   

Infinity Property & Casualty Corp.

     195        10,415   

Meadowbrook Insurance Group, Inc.

     1,116        9,854   

National Financial Partners Corp.*

     691        10,192   

Navigators Group, Inc. (The)*

     228        10,830   

Presidential Life Corp.

     975        11,291   

ProAssurance Corp.

     118        10,395   

RLI Corp.

     147        10,125   

Safety Insurance Group, Inc.

     248        9,883   

Selective Insurance Group, Inc.

     607        10,616   

Stewart Information Services Corp.

     785        11,555   

Tower Group, Inc.

     470        10,143   

United Fire Group, Inc.

     549        9,454   
   

 

 

  

Total Insurance

       179,666   
   

 

 

  
 

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       39

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   April 30, 2012

 

GUGGENHEIM S&P SMALLCAP 600 EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

Internet & Catalog Retail - 0.5%

  

Blue Nile, Inc.*

     297      $ 8,993   

Nutrisystem, Inc.

     989        11,453   

PetMed Express, Inc.

     871        11,732   
   

 

 

  

Total Internet & Catalog Retail

       32,178   
   

 

 

  

Internet Software & Services - 2.2%

  

comScore, Inc.*

     468        9,323   

DealerTrack Holdings, Inc.*

     340        10,142   

Digital River, Inc.*

     610        11,474   

InfoSpace, Inc.*

     801        8,915   

j2 Global, Inc.

     345        8,911   

Liquidity Services, Inc.*

     234        12,479   

LivePerson, Inc.*

     640        10,163   

LogMeIn, Inc.*

     285        10,263   

OpenTable, Inc.*

     312        13,956   

Perficient, Inc.*

     840        10,088   

Stamps.com, Inc.*

     365        10,596   

United Online, Inc.

     2,152        10,201   

XO Group, Inc.*

     1,111        10,299   
   

 

 

  

Total Internet Software & Services

       136,810   
   

 

 

  

IT Services - 1.9%

  

CACI International, Inc. — Class A*

     171        10,453   

Cardtronics, Inc.*

     380        10,017   

CIBER, Inc.*

     2,356        9,801   

CSG Systems International, Inc.*

     651        9,374   

Forrester Research, Inc.

     318        11,273   

Heartland Payment Systems, Inc.

     360        10,969   

Higher One Holdings, Inc.*

     662        10,440   

iGate Corp.*

     600        11,676   

MAXIMUS, Inc.

     250        11,063   

NCI, Inc. — Class A*

     1,431        7,098   

TeleTech Holdings, Inc.*

     661        10,014   

Virtusa Corp.*

     679        10,246   
   

 

 

  

Total IT Services

       122,424   
   

 

 

  

Leisure Equipment & Products - 0.9%

  

Arctic Cat, Inc.*

     254        11,237   

Brunswick Corp.

     435        11,436   

Callaway Golf Co.

     1,488        9,121   

Jakks Pacific, Inc.

     651        12,415   

Sturm Ruger & Co., Inc.

     243        13,868   
   

 

 

  

Total Leisure Equipment & Products

       58,077   
   

 

 

  

Life Sciences Tools & Services - 0.9%

  

Affymetrix, Inc.*

     2,474        10,935   

Cambrex Corp.*

     1,514        9,811   

Enzo Biochem, Inc.*

     3,760        10,302   

eResearchTechnology, Inc.*

     1,538        12,150   

PAREXEL International Corp.*

     415        11,180   
   

 

 

  

Total Life Sciences Tools & Services

       54,378   
   

 

 

  

Machinery - 3.1%

  

Actuant Corp. — Class A

     369        10,063   

Albany International Corp. — Class A

     441        10,628   

Astec Industries, Inc.*

     281        8,793   
     SHARES     MARKET
VALUE		  
   

Barnes Group, Inc.

     390      $ 10,296   

Briggs & Stratton Corp.

     610        11,041   

Cascade Corp.

     190        8,943   

CIRCOR International, Inc.

     318        9,896   

EnPro Industries, Inc.*

     283        11,719   

ESCO Technologies, Inc.

     301        10,354   

Federal Signal Corp.*

     2,351        12,131   

John Bean Technologies Corp.

     681        10,889   

Kaydon Corp.

     283        6,942   

Lindsay Corp.

     169        11,288   

Lydall, Inc.*

     1,139        12,016   

Mueller Industries, Inc.

     227        10,376   

Robbins & Myers, Inc.

     217        10,570   

Tennant Co.

     250        11,075   

Toro Co. (The)

     151        10,791   

Watts Water Technologies, Inc. — Class A

     261        9,610   
   

 

 

  

Total Machinery

       197,421   
   

 

 

  

Media - 0.8%

  

Arbitron, Inc.

     302        11,491   

Digital Generation, Inc.*

     980        9,094   

E.W. Scripps Co. — Class A*

     1,120        10,259   

Harte-Hanks, Inc.

     1,201        10,089   

Live Nation Entertainment, Inc.*

     1,109        10,048   
   

 

 

  

Total Media

       50,981   
   

 

 

  

Metals & Mining - 1.7%

  

A.M. Castle & Co.*

     996        13,337   

AK Steel Holding Corp.

     1,423        10,559   

AMCOL International Corp.

     368        12,129   

Century Aluminum Co.*

     1,142        10,506   

Haynes International, Inc.

     166        10,353   

Kaiser Aluminum Corp.

     216        11,355   

Materion Corp.*

     375        9,266   

Olympic Steel, Inc.

     442        9,340   

RTI International Metals, Inc.*

     458        11,244   

SunCoke Energy, Inc.*

     729        11,095   
   

 

 

  

Total Metals & Mining

       109,184   
   

 

 

  

Multi-Utilities - 0.5%

  

Avista Corp.

     406        10,735   

CH Energy Group, Inc.

     156        10,237   

NorthWestern Corp.

     293        10,407   
   

 

 

  

Total Multi-Utilities

       31,379   
   

 

 

  

Multiline Retail - 0.4%

  

Fred’s, Inc. — Class A

     757        10,840   

Tuesday Morning Corp.*

     3,010        12,161   
   

 

 

  

Total Multiline Retail

       23,001   
   

 

 

  

Oil, Gas & Consumable Fuels - 2.0%

  

Approach Resources, Inc.*

     294        10,549   

Cloud Peak Energy, Inc.*

     606        9,326   

Comstock Resources, Inc.*

     683        12,000   

Contango Oil & Gas Co.*

     174        9,441   

GeoResources, Inc.*

     308        11,615   

Gulfport Energy Corp.*

     314        8,230   
 

 

40     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   April 30, 2012

 

 

GUGGENHEIM S&P SMALLCAP 600 EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

Overseas Shipholding Group, Inc.

     1,224      $ 14,321   

Penn Virginia Corp.

     2,174        11,131   

Petroleum Development Corp.*

     273        9,389   

Petroquest Energy, Inc.*

     1,682        10,159   

Stone Energy Corp.*

     328        9,200   

Swift Energy Co.*

     340        10,285   
   

 

 

  

Total Oil, Gas & Consumable Fuels

       125,646   
   

 

 

  

Paper & Forest Products - 1.1%

  

Buckeye Technologies, Inc.

     293        9,496   

Clearwater Paper Corp.*

     299        9,858   

Deltic Timber Corp.

     157        9,590   

KapStone Paper and Packaging Corp.*

     512        9,247   

Neenah Paper, Inc.

     347        9,910   

Schweitzer-Mauduit International, Inc.

     143        9,698   

Wausau Paper Corp.

     1,117        10,120   
   

 

 

  

Total Paper & Forest Products

       67,919   
   

 

 

  

Personal Products - 0.5%

  

Inter Parfums, Inc.

     634        9,985   

Medifast, Inc.*

     644        12,378   

Prestige Brands Holdings, Inc.*

     638        10,840   
   

 

 

  

Total Personal Products

       33,203   
   

 

 

  

Pharmaceuticals - 1.2%

  

Akorn, Inc.*

     874        10,602   

Hi-Tech Pharmacal Co., Inc.*

     274        8,930   

Medicines Co. (The)*

     501        11,067   

Par Pharmaceutical Cos., Inc.*

     282        11,940   

Questcor Pharmaceuticals, Inc.*

     291        13,066   

Salix Pharmaceuticals Ltd.*

     211        10,423   

ViroPharma, Inc.*

     351        7,634   
   

 

 

  

Total Pharmaceuticals

       73,662   
   

 

 

  

Professional Services - 1.7%

  

CDI Corp.

     614        10,892   

Dolan Co. (The)*

     1,113        8,915   

Exponent, Inc.*

     217        10,373   

Heidrick & Struggles International, Inc.

     498        9,711   

Insperity, Inc.

     354        9,654   

Kelly Services, Inc. — Class A

     702        9,821   

Navigant Consulting, Inc.*

     768        10,691   

On Assignment, Inc.*

     769        14,388   

Resources Connection, Inc.

     831        10,786   

TrueBlue, Inc.*

     597        10,304   
   

 

 

  

Total Professional Services

       105,535   
   

 

 

  

Real Estate Investment Trusts (REITs) - 4.9%

  

Acadia Realty Trust

     485        11,242   

Cedar Reality Trust, Inc.

     2,125        11,093   

Colonial Properties Trust

     493        11,029   

Cousins Properties, Inc.

     1,434        11,271   

DiamondRock Hospitality Co.

     1,071        11,385   

EastGroup Properties, Inc.

     211        10,613   

Entertainment Properties Trust

     229        10,990   

Extra Space Storage, Inc.

     395        11,988   

Franklin Street Properties Corp.

     1,005        10,120   
     SHARES     MARKET
VALUE		  
   

Getty Realty Corp.

     662      $ 10,473   

Healthcare Realty Trust, Inc.

     504        10,826   

Inland Real Estate Corp.

     1,227        10,552   

Kilroy Realty Corp.

     234        11,103   

Kite Realty Group Trust

     2,091        10,685   

LaSalle Hotel Properties

     384        11,294   

Lexington Realty Trust

     1,173        10,440   

LTC Properties, Inc.

     341        11,349   

Medical Properties Trust, Inc.

     1,085        10,177   

Mid-America Apartment Communities, Inc.

     161        10,959   

Parkway Properties, Inc.

     1,081        10,691   

Pennsylvania Real Estate Investment Trust

     748        10,539   

Post Properties, Inc.

     234        11,396   

PS Business Parks, Inc.

     165        11,261   

Saul Centers, Inc.

     280        11,203   

Sovran Self Storage, Inc.

     219        11,541   

Tanger Factory Outlet Centers

     354        11,087   

Universal Health Realty Income Trust

     270        10,919   

Urstadt Biddle Properties, Inc. — Class A

     542        10,428   
   

 

 

  

Total Real Estate Investment Trusts (REITs)

       306,654   
   

 

 

  

Real Estate Management &
Development - 0.2%

  

Forestar Group, Inc.*

     662        10,181   
   

 

 

  

Total Real Estate Management & Development

       10,181   
   

 

 

  

Road & Rail - 0.6%

  

Arkansas Best Corp.

     562        8,621   

Heartland Express, Inc.

     700        9,681   

Knight Transportation, Inc.

     581        9,540   

Old Dominion Freight Line, Inc.*

     221        9,828   
   

 

 

  

Total Road & Rail

       37,670   
   

 

 

  

Semiconductors & Semiconductor Equipment - 5.6%

  

Advanced Energy Industries, Inc.*

     849        10,137   

ATMI, Inc.*

     455        9,559   

Brooks Automation, Inc.

     852        10,019   

Cabot Microelectronics Corp.

     289        9,936   

CEVA, Inc.*

     441        9,742   

Cirrus Logic, Inc.*

     438        11,992   

Cohu, Inc.

     899        9,871   

Cymer, Inc.*

     219        11,353   

Diodes, Inc.*

     441        9,830   

DSP Group, Inc.*

     1,607        10,510   

Entropic Communications, Inc.*

     1,693        7,161   

Exar Corp.*

     1,429        11,318   

GT Advanced Technologies, Inc.*

     1,284        8,359   

Hittite Microwave Corp.*

     192        10,280   

Kopin Corp.*

     3,072        10,967   

Kulicke & Soffa Industries, Inc.*

     886        11,607   

Micrel, Inc.

     1,016        11,064   

Microsemi Corp.*

     500        10,760   

MKS Instruments, Inc.

     359        9,926   

Monolithic Power Systems, Inc.*

     576        11,935   

Nanometrics, Inc.*

     589        9,135   
 

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       41

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   April 30, 2012

 

GUGGENHEIM S&P SMALLCAP 600 EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

Pericom Semiconductor Corp.*

     1,374      $ 10,800   

Power Integrations, Inc.

     274        10,379   

Rubicon Technology, Inc.*

     1,155        10,915   

Rudolph Technologies, Inc.*

     1,047        11,308   

Sigma Designs, Inc.*

     2,112        11,637   

Standard Microsystems Corp.*

     416        11,016   

STR Holdings, Inc.*

     1,653        6,314   

Supertex, Inc.*

     579        11,852   

Tessera Technologies, Inc.*

     662        10,354   

TriQuint Semiconductor, Inc.*

     1,661        8,106   

Ultratech, Inc.*

     374        11,945   

Veeco Instruments, Inc.*

     349        10,536   

Volterra Semiconductor Corp.*

     339        11,150   
   

 

 

  

Total Semiconductors & Semiconductor Equipment

       351,773   
   

 

 

  

Software - 3.0%

  

Blackbaud, Inc.

     324        10,038   

Bottomline Technologies, Inc.*

     361        8,494   

CommVault Systems, Inc.*

     202        10,518   

Ebix, Inc.

     466        9,530   

EPIQ Systems, Inc.

     886        10,065   

Interactive Intelligence Group*

     355        10,529   

JDA Software Group, Inc.*

     405        11,696   

Manhattan Associates, Inc.*

     212        10,632   

MicroStrategy, Inc. — Class A*

     79        11,043   

Monotype Imaging Holdings, Inc.*

     719        10,203   

Netscout Systems, Inc.*

     486        10,055   

OPNET Technologies, Inc.

     345        7,990   

Progress Software Corp.*

     444        10,274   

Sourcefire, Inc.*

     216        11,014   

Synchronoss Technologies, Inc.*

     331        10,360   

Take-Two Interactive Software, Inc.*

     658        9,278   

Tyler Technologies, Inc.*

     275        10,986   

VASCO Data Security International, Inc.*

     1,011        7,876   

Websense, Inc.*

     539        11,179   
   

 

 

  

Total Software

       191,760   
   

 

 

  

Specialty Retail - 5.2%

  

Big 5 Sporting Goods Corp.

     1,363        11,408   

Brown Shoe Co., Inc.

     1,121        10,212   

Buckle, Inc. (The)

     210        9,698   

Cabela’s, Inc.*

     301        11,381   

Cato Corp. (The) — Class A

     382        10,631   

Children’s Place Retail Stores, Inc. (The)*

     204        9,380   

Christopher & Banks Corp.

     4,983        9,318   

Coldwater Creek, Inc.*

     9,918        9,819   

Finish Line, Inc. (The) — Class A

     435        9,683   

Genesco, Inc.*

     139        10,425   

Group 1 Automotive, Inc.

     189        10,939   

Haverty Furniture Cos., Inc.

     922        11,064   

Hibbett Sports, Inc.*

     202        12,063   

HOT Topic, Inc.

     1,040        10,192   

JOS A Bank Clothiers, Inc.*

     197        9,367   

Kirkland’s, Inc.*

     614        8,989   
     SHARES     MARKET
VALUE		  
   

Lithia Motors, Inc. — Class A

     414      $ 11,108   

Lumber Liquidators Holdings, Inc.*

     434        12,556   

MarineMax, Inc.*

     1,413        15,063   

Men’s Wearhouse, Inc. (The)

     267        9,890   

Monro Muffler Brake, Inc.

     234        9,655   

OfficeMax, Inc.*

     2,018        9,384   

PEP Boys-Manny Moe & Jack

     692        10,331   

Rue21, Inc.*

     380        11,533   

Select Comfort Corp.*

     324        9,357   

Sonic Automotive, Inc. — Class A

     569        9,571   

Stage Stores, Inc.

     656        10,017   

Stein Mart, Inc.*

     1,672        10,734   

Vitamin Shoppe, Inc.*

     240        11,297   

Zale Corp.*

     3,349        9,176   

Zumiez, Inc.*

     303        11,108   
   

 

 

  

Total Specialty Retail

       325,349   
   

 

 

  

Textiles, Apparel & Luxury Goods - 2.3%

  

Crocs, Inc.*

     558        11,272   

Iconix Brand Group, Inc.*

     618        9,480   

K-Swiss, Inc. — Class A*

     2,741        10,087   

Liz Claiborne, Inc.*

     876        11,738   

Maidenform Brands, Inc.*

     463        10,570   

Movado Group, Inc.

     480        13,608   

Oxford Industries, Inc.

     213        10,222   

Perry Ellis International, Inc.*

     586        10,964   

Quiksilver, Inc.*

     2,445        8,460   

Skechers U.S.A., Inc. — Class A*

     825        15,403   

Steven Madden Ltd.*

     239        10,327   

True Religion Apparel, Inc.*

     397        10,783   

Wolverine World Wide, Inc.

     271        11,368   
   

 

 

  

Total Textiles, Apparel & Luxury Goods

       144,282   
   

 

 

  

Thrifts & Mortgage Finance - 1.4%

  

Bank Mutual Corp.

     2,670        10,413   

Brookline Bancorp, Inc.

     1,142        10,255   

Dime Community Bancshares, Inc.

     735        10,187   

Northwest Bancshares, Inc.

     831        10,238   

Oritani Financial Corp.

     792        11,738   

Provident Financial Services, Inc.

     751        11,040   

TrustCo Bank Corp. NY

     1,943        10,628   

ViewPoint Financial Group

     676        10,755   
   

 

 

  

Total Thrifts & Mortgage Finance

       85,254   
   

 

 

  

Tobacco - 0.2%

  

Alliance One International, Inc.*

     3,027        10,716   
   

 

 

  

Total Tobacco

       10,716   
   

 

 

  

Trading Companies & Distributors - 0.5%

  

Applied Industrial Technologies, Inc.

     257        10,100   

Kaman Corp.

     312        10,727   

Lawson Products, Inc.

     647        9,420   
   

 

 

  

Total Trading Companies & Distributors

       30,247   
   

 

 

  

Water Utilities - 0.2%

  

American States Water Co.

     278        10,130   
   

 

 

  

Total Water Utilities

       10,130   
   

 

 

  
 

 

42     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (concluded)   April 30, 2012

 

GUGGENHEIM S&P SMALLCAP 600 EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

Wireless Telecommunication Services - 0.3%

  

NTELOS Holdings Corp.

     480      $ 9,706   

USA Mobility, Inc.

     774        10,000   
   

 

 

  

Total Wireless Telecommunication Services

       19,706   
   

 

 

  

Total Common Stocks
(Cost $5,709,154)

       6,282,307   
   

 

 

  

SHORT TERM INVESTMENTS - 0.1%

  

SSgA Government Money Market Fund

     8,132        8,132   
   

 

 

  

Total Short Term Investments
(Cost $8,132)

       8,132   
   

 

 

  

Total Investments - 100.0%a
(Cost $5,717,286)

       6,290,439   
   

 

 

  

Other Assets and Liabilities,
net - 0.0%b

  

     (21 ) 
   

 

 

  

Net Assets - 100.0%

           $ 6,290,418   
 

 

 

*   Non-Income Producing Security.
a   

Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs.

b   

Amount represents less than 0.05% of net assets.

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       43

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited)   April 30, 2012

 

 

GUGGENHEIM RUSSELL MIDCAP® EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

COMMON STOCKS - 99.8%

  

Aerospace & Defense - 1.0%

  

Alliant Techsystems, Inc.

     1,135      $ 60,496   

BE Aerospace, Inc.*

     1,211        56,953   

Exelis, Inc.

     4,582        52,830   

Goodrich Corp.

     461        57,837   

Huntington Ingalls Industries, Inc.*

     1,522        60,043   

L-3 Communications Holdings, Inc.

     809        59,494   

Rockwell Collins, Inc.

     984        54,996   

Spirit Aerosystems Holdings, Inc. — Class A*

     2,301        57,525   

Textron, Inc.

     2,077        55,331   

TransDigm Group, Inc.*

     496        62,556   
   

 

 

  

Total Aerospace & Defense

       578,061   
   

 

 

  

Air Freight & Logistics - 0.3%

  

C.H. Robinson Worldwide, Inc.

     883        52,750   

Expeditors International of Washington, Inc.

     1,239        49,560   

UTi Worldwide, Inc.

     3,368        56,145   
   

 

 

  

Total Air Freight & Logistics

       158,455   
   

 

 

  

Airlines - 0.4%

  

Copa Holdings SA — Class A

     737        59,925   

Delta Air Lines, Inc.*

     5,881        64,456   

Southwest Airlines Co.

     7,010        58,043   

United Continental Holdings, Inc.*

     2,756        60,412   
   

 

 

  

Total Airlines

       242,836   
   

 

 

  

Auto Components - 0.7%

  

Autoliv, Inc.

     675        42,350   

BorgWarner, Inc.*

     527        41,654   

Delphi Automotive PLC*

     1,421        43,610   

Federal-Mogul Corp.*

     2,545        32,907   

Gentex Corp.

     1,829        40,183   

Goodyear Tire & Rubber Co. (The)*

     3,822        41,966   

Lear Corp.

     970        40,255   

TRW Automotive Holdings Corp.*

     980        44,796   

Visteon Corp.*

     843        42,293   
   

 

 

  

Total Auto Components

       370,014   
   

 

 

  

Automobiles - 0.2%

  

Harley-Davidson, Inc.

     910        47,620   

Tesla Motors, Inc.*

     1,195        39,591   

Thor Industries, Inc.

     1,395        47,193   
   

 

 

  

Total Automobiles

       134,404   
   

 

 

  

Beverages - 2.4%

  

Beam, Inc.

     3,299        187,317   

Brown-Forman Corp. — Class B

     2,297        198,346   

Coca-Cola Enterprises, Inc.

     6,781        204,243   

Constellation Brands, Inc. — Class A*

     8,090        174,744   

Dr Pepper Snapple Group, Inc.

     4,986        202,332   

Molson Coors Brewing Co. — Class B

     4,250        176,715   

Monster Beverage Corp.*

     3,107        201,831   
   

 

 

  

Total Beverages

       1,345,528   
   

 

 

  
     SHARES     MARKET
VALUE		  
   

Biotechnology - 1.7%

  

Alexion Pharmaceuticals, Inc.*

     986      $ 89,056   

Amylin Pharmaceuticals, Inc.*

     5,976        154,838   

BioMarin Pharmaceutical, Inc.*

     2,626        91,122   

Dendreon Corp.*

     9,097        105,980   

Human Genome Sciences, Inc.*

     11,327        166,620   

Myriad Genetics, Inc.*

     3,929        102,193   

Regeneron Pharmaceuticals, Inc.*

     792        107,126   

United Therapeutics Corp.*

     1,884        82,425   

Vertex Pharmaceuticals, Inc.*

     2,246        86,426   
   

 

 

  

Total Biotechnology

       985,786   
   

 

 

  

Building Products - 0.8%

  

Armstrong World Industries, Inc.

     1,755        77,290   

Fortune Brands Home & Security, Inc.*

     2,094        47,618   

Lennox International, Inc.

     2,516        109,194   

Masco Corp.

     7,294        96,135   

Owens Corning*

     2,768        95,081   
   

 

 

  

Total Building Products

       425,318   
   

 

 

  

Capital Markets - 1.3%

  

Affiliated Managers Group, Inc.*

     335        38,063   

American Capital Ltd.*

     4,302        42,719   

Ameriprise Financial, Inc.

     655        35,507   

Ares Capital Corp.

     2,301        36,908   

E*Trade Financial Corp.*

     3,376        35,887   

Eaton Vance Corp.

     1,291        33,953   

Federated Investors, Inc. — Class B

     1,626        35,902   

Greenhill & Co., Inc.

     833        32,362   

Invesco Ltd.

     1,427        35,447   

Janus Capital Group, Inc.

     4,049        30,691   

Jefferies Group, Inc.

     1,977        31,493   

Lazard Ltd. — Class A

     1,292        35,543   

Legg Mason, Inc.

     1,299        33,865   

LPL Investment Holdings, Inc.*

     985        35,352   

Northern Trust Corp.

     796        37,882   

Raymond James Financial, Inc.

     1,011        37,023   

SEI Investments Co.

     1,785        36,039   

T. Rowe Price Group, Inc.

     583        36,796   

TD Ameritrade Holding Corp.

     1,877        35,269   

Waddell & Reed Financial, Inc. — Class A

     1,144        36,585   
   

 

 

  

Total Capital Markets

       713,286   
   

 

 

  

Chemicals - 4.4%

  

Airgas, Inc.

     1,126        103,187   

Albemarle Corp.

     1,559        101,803   

Ashland, Inc.

     1,611        106,117   

Cabot Corp.

     2,346        101,183   

Celanese Corp. — Series A

     2,231        108,114   

CF Industries Holdings, Inc.

     537        103,673   

Cytec Industries, Inc.

     1,621        103,047   

Eastman Chemical Co.

     1,938        104,594   

Ecolab, Inc.

     1,639        104,388   

FMC Corp.

     953        105,259   
 

 

44     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   April 30, 2012

 

GUGGENHEIM RUSSELL MIDCAP® EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

Huntsman Corp.

     6,843      $ 96,897   

International Flavors & Fragrances, Inc.

     1,718        103,441   

Intrepid Potash, Inc.*

     4,060        100,891   

Kronos Worldwide, Inc.

     4,077        96,788   

PPG Industries, Inc.

     1,052        110,712   

Rockwood Holdings, Inc.*

     1,931        106,861   

RPM International, Inc.

     3,879        103,065   

Scotts Miracle-Gro Co. (The) — Class A

     1,842        96,521   

Sherwin-Williams Co. (The)

     919        110,537   

Sigma-Aldrich Corp.

     1,360        96,424   

Solutia, Inc.

     3,610        102,307   

Valspar Corp.

     2,040        104,346   

Westlake Chemical Corp.

     1,522        97,332   

WR Grace & Co*

     1,718        102,410   
   

 

 

  

Total Chemicals

       2,469,897   
   

 

 

  

Commercial Banks - 1.7%

  

Associated Banc-Corp.

     2,690        35,858   

Bank of Hawaii Corp.

     788        38,525   

BOK Financial Corp.

     668        38,096   

CapitalSource, Inc.

     5,539        35,727   

CIT Group, Inc.*

     914        34,595   

City National Corp.

     709        37,761   

Comerica, Inc.

     1,168        37,399   

Commerce Bancshares, Inc.

     937        37,574   

Cullen/Frost Bankers, Inc.

     646        38,088   

East West Bancorp, Inc.

     1,616        36,796   

Fifth Third Bancorp

     2,698        38,393   

First Citizens BancShares, Inc. — Class A

     206        35,700   

First Horizon National Corp.

     3,604        33,085   

First Niagara Financial Group, Inc.

     3,835        34,285   

First Republic Bank/San Franciso*

     1,143        37,753   

Fulton Financial Corp.

     3,601        37,774   

Huntington Bancshares, Inc.

     5,949        39,799   

KeyCorp

     4,518        36,325   

M&T Bank Corp.

     439        37,872   

Popular, Inc.*

     18,204        32,403   

Regions Financial Corp.

     5,741        38,694   

SunTrust Banks, Inc.

     1,581        38,387   

Synovus Financial Corp.

     17,988        37,775   

TCF Financial Corp.

     3,094        35,488   

Valley National Bancorp

     2,903        36,578   

Zions Bancorp

     1,744        35,560   
   

 

 

  

Total Commercial Banks

       956,290   
   

 

 

  

Commercial Services & Supplies - 1.2%

  

Avery Dennison Corp.

     1,900        60,762   

Cintas Corp.

     1,450        56,797   

Copart, Inc.*

     1,087        28,708   

Corrections Corp. of America*

     2,177        62,894   

Covanta Holding Corp.

     3,503        56,223   

Iron Mountain, Inc.

     1,980        60,133   

KAR Auction Services, Inc.*

     2,814        51,778   

Pitney Bowes, Inc.

     3,196        54,747   
     SHARES     MARKET
VALUE		  
   

R.R. Donnelley & Sons Co.

     4,469      $ 55,907   

Republic Services, Inc.

     1,885        51,592   

Stericycle, Inc.*

     675        58,455   

Waste Connections, Inc.

     1,780        57,369   
   

 

 

  

Total Commercial Services & Supplies

       655,365   
   

 

 

  

Communications Equipment - 1.2%

  

Acme Packet, Inc.*

     2,525        70,877   

Brocade Communications Systems, Inc.*

     11,478        63,588   

Ciena Corp.*

     4,051        60,036   

EchoStar Corp. — Class A*

     2,327        67,599   

F5 Networks, Inc.*

     498        66,697   

Harris Corp.

     1,493        67,991   

JDS Uniphase Corp.*

     4,517        54,881   

Motorola Mobility Holdings, Inc.*

     1,702        66,072   

Polycom, Inc.*

     3,367        44,680   

Riverbed Technology, Inc.*

     2,401        47,372   

Tellabs, Inc.

     16,617        62,646   
   

 

 

  

Total Communications Equipment

       672,439   
   

 

 

  

Computers & Peripherals - 0.8%

  

Diebold, Inc.

     1,682        66,355   

Fusion-io, Inc.*

     2,296        58,892   

Lexmark International, Inc. — Class A

     1,712        51,531   

NCR Corp.*

     3,090        72,615   

QLogic Corp.*

     3,726        64,274   

SanDisk Corp.*

     1,333        49,334   

Western Digital Corp.*

     1,573        61,048   
   

 

 

  

Total Computers & Peripherals

       424,049   
   

 

 

  

Construction & Engineering - 0.8%

  

Aecom Technology Corp.*

     2,512        55,440   

Chicago Bridge & Iron Co. NV

     1,288        57,213   

Fluor Corp.

     931        53,765   

Jacobs Engineering Group, Inc.*

     1,242        54,437   

KBR, Inc.

     1,574        53,296   

Quanta Services, Inc.*

     2,701        59,746   

Shaw Group, Inc. (The)*

     1,828        55,333   

URS Corp.

     1,328        54,860   
   

 

 

  

Total Construction & Engineering

       444,090   
   

 

 

  

Construction Materials - 0.3%

  

Martin Marietta Materials, Inc.

     1,150        95,312   

Vulcan Materials Co.

     2,283        97,735   
   

 

 

  

Total Construction Materials

       193,047   
   

 

 

  

Consumer Finance - 0.2%

  

Discover Financial Services

     1,117        37,866   

Green Dot Corp. — Class A*

     1,419        37,448   

SLM Corp.

     2,358        34,969   
   

 

 

  

Total Consumer Finance

       110,283   
   

 

 

  

Containers & Packaging - 1.9%

  

AptarGroup, Inc.

     1,839        100,244   

Ball Corp.

     2,379        99,347   

Bemis Co., Inc.

     3,134        101,510   
 

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       45

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   April 30, 2012

 

GUGGENHEIM RUSSELL MIDCAP® EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

Crown Holdings, Inc.*

     2,715      $ 100,401   

Greif, Inc. — Class A

     1,894        101,594   

Owens-Illinois, Inc.*

     4,204        97,743   

Packaging Corp. of America

     3,387        98,867   

Rock-Tenn Co. — Class A

     1,482        92,373   

Sealed Air Corp.

     5,108        97,971   

Silgan Holdings, Inc.

     2,270        99,585   

Sonoco Products Co.

     2,999        99,357   
   

 

 

  

Total Containers & Packaging

       1,088,992   
   

 

 

  

Distributors - 0.2%

  

Genuine Parts Co.

     725        46,966   

LKQ Corp.*

     1,425        47,666   
   

 

 

  

Total Distributors

       94,632   
   

 

 

  

Diversified Consumer Services - 0.6%

  

Apollo Group, Inc. — Class A*

     1,146        40,362   

Career Education Corp.*

     5,383        38,381   

DeVry, Inc.

     1,270        40,830   

Education Management Corp.*

     2,951        36,592   

H&R Block, Inc.

     2,668        39,220   

ITT Educational Services, Inc.*

     689        45,488   

Service Corp. International

     4,026        46,621   

Weight Watchers International, Inc.

     574        43,601   
   

 

 

  

Total Diversified Consumer Services

       331,095   
   

 

 

  

Diversified Financial Services - 0.5%

  

CBOE Holdings, Inc.

     1,315        34,769   

Interactive Brokers Group, Inc. — Class A

     2,178        33,040   

IntercontinentalExchange, Inc.*

     275        36,586   

Leucadia National Corp.

     1,400        34,804   

Moody’s Corp.

     893        36,568   

MSCI, Inc. — Class A*

     1,011        36,993   

Nasdaq OMX Group, Inc. (The)*

     1,420        34,889   

NYSE Euronext

     1,261        32,471   
   

 

 

  

Total Diversified Financial Services

       280,120   
   

 

 

  

Diversified Telecommunication Services - 0.8%

  

Frontier Communications Corp.

     30,424        122,913   

Level 3 Communications, Inc.*

     4,719        108,820   

tw telecom, Inc.*

     5,582        121,576   

Windstream Corp.

     10,318        115,974   
   

 

 

  

Total Diversified Telecommunication Services

       469,283   
   

 

 

  

Electric Utilities - 3.1%

  

Edison International

     2,874        126,485   

Entergy Corp.

     1,840        120,630   

Great Plains Energy, Inc.

     6,124        125,052   

Hawaiian Electric Industries, Inc.

     4,887        129,701   

ITC Holdings Corp.

     1,602        124,091   

Northeast Utilities

     6,700        246,359   

NV Energy, Inc.

     7,748        129,004   

OGE Energy Corp.

     2,337        126,105   

Pepco Holdings, Inc.

     6,528        123,510   

Pinnacle West Capital Corp.

     2,598        125,613   
     SHARES     MARKET
VALUE		  
   

PPL Corp.

     4,419      $ 120,860   

Progress Energy, Inc.

     2,343        124,694   

Westar Energy, Inc.

     4,452        127,728   
   

 

 

  

Total Electric Utilities

       1,749,832   
   

 

 

  

Electrical Equipment - 1.2%

  

AMETEK, Inc.

     1,188        59,792   

Babcock & Wilcox Co. (The)*

     2,198        54,071   

Cooper Industries PLC

     913        57,126   

General Cable Corp.*

     2,009        59,145   

GrafTech International Ltd.*

     4,852        56,963   

Hubbell, Inc. — Class B

     737        59,137   

Polypore International, Inc.*

     2,734        102,115   

Regal-Beloit Corp.

     869        58,779   

Rockwell Automation, Inc.

     714        55,221   

Roper Industries, Inc.

     573        58,389   

Thomas & Betts Corp.*

     806        57,959   
   

 

 

  

Total Electrical Equipment

       678,697   
   

 

 

  

Electronic Equipment, Instruments & Components - 1.6%

  

Amphenol Corp. — Class A

     1,131        65,756   

Arrow Electronics, Inc.*

     1,577        66,313   

Avnet, Inc.*

     1,817        65,557   

AVX Corp.

     5,004        63,551   

Dolby Laboratories, Inc. — Class A*

     1,720        67,476   

FLIR Systems, Inc.

     2,240        50,310   

Ingram Micro, Inc. — Class A*

     3,615        70,348   

IPG Photonics Corp.*

     1,238        59,919   

Itron, Inc.*

     1,286        52,469   

Jabil Circuit, Inc.

     2,615        61,322   

Molex, Inc.

     2,354        64,947   

National Instruments Corp.

     2,041        55,515   

Tech Data Corp.*

     1,220        65,624   

Trimble Navigation, Ltd.*

     1,041        56,360   

Vishay Intertechnology, Inc.*

     5,507        61,788   
   

 

 

  

Total Electronic Equipment, Instruments & Components

       927,255   
   

 

 

  

Energy Equipment & Services - 3.8%

  

Atwood Oceanics, Inc.*

     2,587        114,682   

Cameron International Corp.*

     2,332        119,515   

CARBO Ceramics, Inc.

     1,160        97,544   

Core Laboratories NV

     920        126,022   

Diamond Offshore Drilling, Inc.

     1,772        121,471   

Dresser-Rand Group, Inc.*

     2,540        123,647   

FMC Technologies, Inc.*

     2,441        114,727   

Helmerich & Payne, Inc.

     2,195        112,801   

IHS, Inc. — Class A*

     613        61,956   

McDermott International, Inc.*

     4,434        50,104   

Nabors Industries Ltd.*

     6,731        112,071   

Oceaneering International, Inc.

     2,246        115,961   

Oil States International, Inc.*

     1,499        119,290   

Patterson-UTI Energy, Inc.

     6,823        110,328   

Rowan Cos., Inc.*

     3,649        126,000   

RPC, Inc.

     11,491        118,817   

SEACOR Holdings, Inc.*

     1,252        116,348   
 

 

46     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   April 30, 2012

 

GUGGENHEIM RUSSELL MIDCAP® EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

Superior Energy Services, Inc.*

     4,567      $ 122,944   

Tidewater, Inc.

     1,076        59,212   

Unit Corp.*

     2,763        116,737   
   

 

 

  

Total Energy Equipment & Services

       2,160,177   
   

 

 

  

Food & Staples Retailing - 1.0%

  

Safeway, Inc.

     9,422        191,549   

SUPERVALU, Inc.

     30,868        183,356   

Whole Foods Market, Inc.

     2,286        189,898   
   

 

 

  

Total Food & Staples Retailing

       564,803   
   

 

 

  

Food Products - 6.1%

  

Bunge Ltd.

     2,854        184,083   

Campbell Soup Co.

     5,819        196,857   

ConAgra Foods, Inc.

     7,340        189,519   

Corn Products International, Inc.

     3,375        192,577   

Dean Foods Co.*

     15,750        193,410   

Flowers Foods, Inc.

     9,427        202,209   

Green Mountain Coffee Roasters, Inc.*

     3,705        180,619   

H.J. Heinz Co.

     3,617        192,822   

Hershey Co. (The)

     3,136        210,143   

Hormel Foods Corp.

     6,534        189,878   

J.M. Smucker Co. (The)

     2,385        189,918   

McCormick & Co., Inc.

     3,547        198,313   

Mead Johnson Nutrition Co.

     2,333        199,611   

Post Holdings, Inc.*

     5,995        178,351   

Ralcorp Holdings, Inc.*

     2,618        190,617   

Sara Lee Corp.

     8,895        196,046   

Smithfield Foods, Inc.*

     8,674        181,807   

Tyson Foods, Inc. — Class A

     9,857        179,890   
   

 

 

  

Total Food Products

       3,446,670   
   

 

 

  

Gas Utilities - 1.4%

  

AGL Resources, Inc.

     3,166        124,836   

Atmos Energy Corp.

     4,000        130,320   

National Fuel Gas Co.

     2,556        120,950   

Oneok, Inc.

     1,510        129,694   

Questar Corp.

     6,407        126,538   

UGI Corp.

     4,517        131,806   
   

 

 

  

Total Gas Utilities

       764,144   
   

 

 

  

Health Care Equipment & Supplies - 3.0%

  

Alere, Inc.*

     3,632        86,768   

Boston Scientific Corp.*

     14,882        93,161   

C.R. Bard, Inc.

     931        92,132   

CareFusion Corp.*

     3,566        92,395   

Cooper Cos., Inc. (The)

     1,150        101,396   

DENTSPLY International, Inc.

     2,294        94,192   

Edwards Lifesciences Corp.*

     1,242        103,049   

Gen-Probe, Inc.*

     1,369        111,642   

Hill-Rom Holdings, Inc.

     2,715        88,102   

Hologic, Inc.*

     4,252        81,298   

IDEXX Laboratories, Inc.*

     1,067        93,821   

Intuitive Surgical, Inc.*

     168        97,138   

ResMed, Inc.*

     2,920        99,309   
     SHARES     MARKET
VALUE		  
   

Sirona Dental Systems, Inc.*

     1,775      $ 89,655   

Teleflex, Inc.

     1,490        93,378   

Thoratec Corp.*

     2,696        93,848   

Varian Medical Systems, Inc.*

     1,314        83,334   

Zimmer Holdings, Inc.

     1,431        90,053   
   

 

 

  

Total Health Care Equipment & Supplies

       1,684,671   
   

 

 

  

Health Care Providers & Services - 3.6%

  

AMERIGROUP Corp.*

     1,381        85,291   

AmerisourceBergen Corp.

     2,330        86,699   

Brookdale Senior Living, Inc.*

     4,939        93,890   

Catalyst Health Solutions, Inc.*

     1,439        124,286   

CIGNA Corp.

     1,950        90,148   

Community Health Systems, Inc.*

     4,073        99,137   

Coventry Health Care, Inc.

     2,804        84,092   

DaVita, Inc.*

     1,038        91,946   

Health Management Associates, Inc. — Class A*

     13,525        97,380   

Health Net, Inc.*

     2,399        85,428   

Henry Schein, Inc.*

     1,204        92,395   

Humana, Inc.

     1,044        84,230   

Laboratory Corp. of America Holdings*

     1,004        88,242   

LifePoint Hospitals, Inc.*

     2,331        90,956   

Lincare Holdings, Inc.

     3,385        82,594   

Mednax, Inc.*

     1,233        86,606   

Omnicare, Inc.

     2,670        93,023   

Patterson Cos., Inc.

     2,820        96,134   

Quest Diagnostics, Inc.

     1,517        87,516   

Tenet Healthcare Corp.*

     17,000        88,230   

Universal Health Services, Inc. — Class B

     2,158        92,168   

VCA Antech, Inc.*

     4,016        95,018   
   

 

 

  

Total Health Care Providers & Services

       2,015,409   
   

 

 

  

Health Care Technology - 0.5%

  

Allscripts Healthcare Solutions, Inc.*

     5,274        58,436   

Cerner Corp.*

     1,208        97,956   

SXC Health Solutions Corp.*

     1,272        115,218   
   

 

 

  

Total Health Care Technology

       271,610   
   

 

 

  

Hotels, Restaurants & Leisure - 1.5%

  

Bally Technologies, Inc.*

     963        46,754   

Brinker International, Inc.

     1,627        51,202   

Chipotle Mexican Grill, Inc.*

     108        44,728   

Choice Hotels International, Inc.

     1,204        45,294   

Darden Restaurants, Inc.

     892        44,671   

Dunkin’ Brands Group, Inc.

     1,492        48,296   

Hyatt Hotels Corp. — Class A*

     1,054        45,353   

International Game Technology

     2,649        41,271   

Marriott International, Inc. — Class A

     1,176        45,970   

Marriott Vacations Worldwide Corp.*

     1,590        46,953   

MGM Resorts International*

     3,126        41,951   

Panera Bread Co. — Class A*

     279        44,060   

Penn National Gaming, Inc.*

     1,016        45,700   

Royal Caribbean Cruises Ltd.

     1,503        41,137   
 

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       47

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   April 30, 2012

 

GUGGENHEIM RUSSELL MIDCAP® EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

Starwood Hotels & Resorts Worldwide, Inc.

     779      $ 46,117   

Wendy’s Co. (The)

     9,084        44,239   

WMS Industries, Inc.*

     1,921        47,084   

Wyndham Worldwide Corp.

     995        50,088   

Wynn Resorts Ltd.

     352        46,957   
   

 

 

  

Total Hotels, Restaurants & Leisure

       867,825   
   

 

 

  

Household Durables - 1.1%

  

DR Horton, Inc.

     2,874        46,990   

Garmin Ltd.

     948        44,679   

Harman International Industries, Inc.

     959        47,547   

Jarden Corp.

     1,131        47,423   

Leggett & Platt, Inc.

     1,979        43,083   

Lennar Corp. — Class A

     1,641        45,521   

Mohawk Industries, Inc.*

     675        45,238   

Newell Rubbermaid, Inc.

     2,509        45,664   

NVR, Inc.*

     61        47,820   

Pulte Homes, Inc.*

     5,003        49,230   

Tempur-Pedic International, Inc.*

     539        31,715   

Toll Brothers, Inc.*

     1,858        47,193   

Tupperware Brands Corp.

     721        44,911   

Whirlpool Corp.

     592        37,900   
   

 

 

  

Total Household Durables

       624,914   
   

 

 

  

Household Products - 1.0%

  

Church & Dwight Co., Inc.

     3,899        198,069   

Clorox Co. (The)

     2,822        197,822   

Energizer Holdings, Inc.*

     2,634        187,884   
   

 

 

  

Total Household Products

       583,775   
   

 

 

  

Independent Power Producers & Energy Traders - 0.9%

  

AES Corp. (The)*

     9,448        118,289   

Calpine Corp.*

     7,372        138,225   

GenOn Energy, Inc.*

     53,867        114,737   

NRG Energy, Inc.*

     7,541        128,197   
   

 

 

  

Total Independent Power Producers & Energy Traders

       499,448   
   

 

 

  

Industrial Conglomerates - 0.1%

  

Carlisle Cos., Inc.

     1,140        62,768   
   

 

 

  

Total Industrial Conglomerates

       62,768   
   

 

 

  

Insurance - 2.8%

  

Alleghany Corp.*

     114        39,091   

Allied World Assurance Co. Holdings Ltd.

     542        39,002   

American Financial Group, Inc.

     975        37,947   

American National Insurance Co.

     514        36,083   

Aon PLC

     777        40,249   

Arch Capital Group Ltd.*

     1,025        40,262   

Arthur J. Gallagher & Co.

     1,049        39,400   

Aspen Insurance Holdings Ltd.

     1,337        37,864   

Assurant, Inc.

     905        36,508   

Assured Guaranty Ltd.

     2,250        31,905   

Axis Capital Holdings Ltd.

     1,134        38,579   

Brown & Brown, Inc.

     1,596        43,044   
     SHARES     MARKET
VALUE		  
   

Cincinnati Financial Corp.

     1,072      $ 38,185   

CNA Financial Corp.

     1,272        38,949   

Endurance Specialty Holdings Ltd.

     932        37,448   

Erie Indemnity Co. — Class A

     486        37,373   

Everest Re Group Ltd.

     405        40,136   

Fidelity National Financial, Inc. — Class A

     2,116        40,775   

Genworth Financial, Inc. — Class A*

     4,322        25,975   

Hanover Insurance Group, Inc. (The)

     919        37,091   

Hartford Financial Services Group, Inc.

     1,757        36,106   

HCC Insurance Holdings, Inc.

     1,206        38,544   

Kemper Corp.

     1,237        37,098   

Lincoln National Corp.

     1,397        34,604   

Markel Corp.*

     89        39,185   

Marsh & McLennan Cos., Inc.

     1,147        38,367   

MBIA, Inc.*

     3,993        40,249   

Mercury General Corp.

     865        39,089   

Old Republic International Corp.

     3,550        35,323   

PartnerRe Ltd.

     568        39,544   

Principal Financial Group, Inc.

     1,282        35,473   

Progressive Corp. (The)

     1,637        34,868   

Protective Life Corp.

     1,249        36,546   

Reinsurance Group of America, Inc.

     631        36,686   

RenaissanceRe Holdings Ltd.

     508        39,654   

StanCorp Financial Group, Inc.

     908        34,849   

Torchmark Corp.

     751        36,581   

Unum Group

     1,545        36,678   

Validus Holdings Ltd.

     1,226        39,845   

W.R. Berkley Corp.

     1,044        39,317   

White Mountains Insurance Group Ltd.

     75        39,225   

XL Group PLC

     1,773        38,137   
   

 

 

  

Total Insurance

       1,581,834   
   

 

 

  

Internet & Catalog Retail - 0.5%

  

Expedia, Inc.

     1,329        56,655   

Groupon, Inc.*

     3,654        39,134   

HomeAway, Inc.*

     1,775        46,239   

Liberty Interactive Corp. — Series A*

     2,309        43,501   

Netflix, Inc.*

     376        30,133   

TripAdvisor, Inc.*

     1,284        48,163   
   

 

 

  

Total Internet & Catalog Retail

       263,825   
   

 

 

  

Internet Software & Services - 1.2%

  

Akamai Technologies, Inc.*

     1,773        57,800   

AOL, Inc.*

     3,481        87,164   

Equinix, Inc.*

     440        72,248   

IAC/InterActiveCorp

     1,327        63,895   

LinkedIn Corp. — Class A*

     647        70,167   

Monster Worldwide, Inc.*

     5,863        50,598   

Rackspace Hosting, Inc.*

     1,139        66,164   

VeriSign, Inc.

     1,743        71,655   

VistaPrint NV*

     1,139        42,473   

WebMD Health Corp.*

     3,572        81,263   
   

 

 

  

Total Internet Software & Services

       663,427   
   

 

 

  
 

 

48     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   April 30, 2012

 

GUGGENHEIM RUSSELL MIDCAP® EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

IT Services - 1.9%

  

Alliance Data Systems Corp.*

     301      $ 38,675   

Amdocs Ltd.*

     2,123        67,936   

Booz Allen Hamilton Holding Corp.

     3,337        57,063   

Broadridge Financial Solutions, Inc.

     1,544        35,836   

Computer Sciences Corp.

     2,147        60,245   

CoreLogic, Inc.*

     2,295        38,326   

DST Systems, Inc.

     1,218        68,184   

Fidelity National Information Services, Inc.

     1,139        38,350   

Fiserv, Inc.*

     542        38,097   

FleetCor Technologies, Inc.*

     947        37,454   

Gartner, Inc.*

     1,554        68,065   

Genpact Ltd.*

     3,482        58,080   

Global Payments, Inc.

     709        32,919   

Lender Processing Services, Inc.

     1,485        39,427   

NeuStar, Inc. — Class A*

     1,791        65,103   

Paychex, Inc.

     1,797        55,671   

SAIC, Inc.

     4,993        60,715   

Teradata Corp.*

     976        68,105   

Total System Services, Inc.

     1,642        38,620   

VeriFone Systems, Inc.*

     1,283        61,122   

Western Union Co. (The)

     2,085        38,322   
   

 

 

  

Total IT Services

       1,066,315   
   

 

 

  

Leisure Equipment & Products - 0.2%

  

Hasbro, Inc.

     1,214        44,602   

Mattel, Inc.

     1,318        44,285   

Polaris Industries, Inc.

     614        48,776   
   

 

 

  

Total Leisure Equipment & Products

       137,663   
   

 

 

  

Life Sciences Tools & Services - 1.7%

  

Agilent Technologies, Inc.

     1,263        53,273   

Bio-Rad Laboratories, Inc. — Class A*

     886        95,679   

Bruker Corp.*

     5,918        88,948   

Charles River Laboratories International, Inc.*

     2,537        90,140   

Covance, Inc.*

     1,894        88,564   

Illumina, Inc.*

     1,832        81,579   

Life Technologies Corp.*

     1,887        87,481   

Mettler-Toledo International, Inc.*

     304        54,513   

PerkinElmer, Inc.

     3,302        91,135   

QIAGEN NV*

     5,930        99,209   

Techne Corp.

     1,307        87,491   

Waters Corp.*

     620        52,148   
   

 

 

  

Total Life Sciences Tools & Services

       970,160   
   

 

 

  

Machinery - 3.5%

  

AGCO Corp.*

     1,189        55,372   

CNH Global NV*

     1,403        64,215   

Crane Co.

     1,203        53,088   

Donaldson Co., Inc.

     1,596        55,317   

Dover Corp.

     916        57,397   

Eaton Corp.

     1,151        55,455   

Flowserve Corp.

     494        56,775   

Gardner Denver, Inc.

     890        57,975   
     SHARES     MARKET
VALUE		  
   

Graco, Inc.

     1,092      $ 58,215   

Harsco Corp.

     2,421        53,988   

IDEX Corp.

     1,375        59,551   

Ingersoll-Rand PLC

     1,390        59,103   

ITT Corp.

     2,524        56,689   

Joy Global, Inc.

     781        55,271   

Kennametal, Inc.

     1,291        54,519   

Lincoln Electric Holdings, Inc.

     1,266        62,047   

Manitowoc Co., Inc. (The)

     4,066        56,314   

Navistar International Corp.*

     1,402        47,598   

Nordson Corp.

     1,046        56,379   

Oshkosh Corp.*

     2,490        56,847   

Pall Corp.

     959        57,166   

Parker Hannifin Corp.

     671        58,840   

Pentair, Inc.

     1,433        62,106   

Snap-on, Inc.

     734        45,904   

SPX Corp.

     757        58,123   

Stanley Black & Decker, Inc.

     575        42,067   

Terex Corp.*

     2,450        55,468   

Timken Co.

     1,927        108,895   

Toro Co. (The)

     809        57,811   

Trinity Industries, Inc.

     1,729        51,178   

Valmont Industries, Inc.

     858        106,332   

WABCO Holdings, Inc.*

     749        47,210   

Wabtec Corp.

     763        59,346   

Xylem, Inc.

     2,061        57,461   
   

 

 

  

Total Machinery

       2,000,022   
   

 

 

  

Marine - 0.2%

  

Alexander & Baldwin, Inc.

     1,221        62,466   

Kirby Corp.*

     874        58,008   
   

 

 

  

Total Marine

       120,474   
   

 

 

  

Media - 1.8%

  

AMC Networks, Inc. — Class A*

     1,027        43,647   

Cablevision Systems Corp. — Class A

     3,042        45,082   

Charter Communications, Inc. — Class A*

     708        42,813   

Clear Channel Outdoor Holdings, Inc. — Class A*

     5,666        42,892   

Discovery Communications, Inc. — Class A*

     916        49,849   

DISH Network Corp. — Class A

     1,393        44,534   

DreamWorks Animation SKG, Inc. — Class A*

     2,477        44,611   

Gannett Co., Inc.

     2,919        40,340   

Interpublic Group of Cos., Inc. (The)

     3,888        45,917   

John Wiley & Sons, Inc. — Class A

     955        43,156   

Lamar Advertising Co. — Class A*

     1,381        43,943   

Liberty Global, Inc. — Class A*

     898        44,729   

Liberty Media Corp. — Liberty Capital — Series A*

     513        44,857   

Madison Square Garden, Inc. (The) — Class A*

     1,343        48,308   

McGraw-Hill Cos., Inc. (The)

     954        46,908   
 

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       49

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   April 30, 2012

 

GUGGENHEIM RUSSELL MIDCAP® EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

Morningstar, Inc.

     608      $ 35,094   

Omnicom Group, Inc.

     890        45,666   

Pandora Media, Inc.*

     4,325        37,195   

Regal Entertainment Group — Class A

     3,321        45,199   

Scripps Networks Interactive, Inc. — Class A

     921        46,253   

Sirius XM Radio, Inc.*

     20,146        45,530   

Virgin Media, Inc.

     1,855        45,559   

Washington Post Co. (The) — Class B

     117        44,246   
   

 

 

  

Total Media

       1,016,328   
   

 

 

  

Metals & Mining - 2.8%

  

AK Steel Holding Corp.

     13,082        97,068   

Allegheny Technologies, Inc.

     2,397        102,927   

Allied Nevada Gold Corp.*

     3,199        93,699   

Carpenter Technology Corp.

     1,929        107,368   

Cliffs Natural Resources, Inc.

     1,436        89,405   

Commercial Metals Co.

     6,995        103,386   

Compass Minerals International, Inc.

     1,424        108,965   

Molycorp, Inc.*

     3,132        84,752   

Nucor Corp.

     2,317        90,850   

Reliance Steel & Aluminum Co.

     1,783        99,652   

Royal Gold, Inc.

     1,557        96,472   

Schnitzer Steel Industries, Inc. — Class A

     2,482        98,957   

Steel Dynamics, Inc.

     6,885        87,922   

Titanium Metals Corp.

     7,299        107,806   

United States Steel Corp.

     3,434        97,285   

Walter Energy, Inc.

     1,961        130,034   
   

 

 

  

Total Metals & Mining

       1,596,548   
   

 

 

  

Multi-Utilities - 3.4%

  

Alliant Energy Corp.

     2,883        130,427   

Ameren Corp.

     3,832        125,651   

CenterPoint Energy, Inc.

     6,368        128,697   

CMS Energy Corp.

     5,661        130,146   

Consolidated Edison, Inc.

     2,152        127,937   

DTE Energy Co.

     2,249        126,799   

Integrys Energy Group, Inc.

     2,335        127,584   

MDU Resources Group, Inc.

     5,580        128,005   

NiSource, Inc.

     5,172        127,490   

SCANA Corp.

     2,744        126,553   

Sempra Energy

     2,107        136,407   

TECO Energy, Inc.

     7,022        126,537   

Vectren Corp.

     4,279        126,017   

Wisconsin Energy Corp.

     3,532        130,119   

Xcel Energy, Inc.

     4,701        127,209   
   

 

 

  

Total Multi-Utilities

       1,925,578   
   

 

 

  

Multiline Retail - 0.7%

  

Big Lots, Inc.*

     968        35,468   

Dillard’s, Inc. — Class A

     715        46,160   

Dollar General Corp.*

     991        47,033   

Dollar Tree, Inc.*

     474        48,187   

Family Dollar Stores, Inc.

     778        52,554   
     SHARES     MARKET
VALUE		  
   

J.C. Penney Co., Inc.

     1,236      $ 44,570   

Macy’s, Inc.

     1,121        45,983   

Nordstrom, Inc.

     818        45,694   

Sears Holdings Corp.*

     617        33,182   
   

 

 

  

Total Multiline Retail

       398,831   
   

 

 

  

Office Electronics - 0.2%

  

Xerox Corp.

     6,893        53,627   

Zebra Technologies Corp. — Class A*

     1,387        53,802   
   

 

 

  

Total Office Electronics

       107,429   
   

 

 

  

Oil, Gas & Consumable Fuels - 7.3%

  

Alpha Natural Resources, Inc.*

     7,715        124,443   

Arch Coal, Inc.

     10,634        103,788   

Cabot Oil & Gas Corp.

     3,736        131,283   

Cimarex Energy Co.

     1,538        106,291   

Cobalt International Energy, Inc.*

     3,997        106,960   

Concho Resources, Inc.*

     1,181        126,579   

CONSOL Energy, Inc.

     3,523        117,104   

Continental Resources, Inc.*

     1,373        122,540   

Denbury Resources, Inc.*

     6,515        124,046   

El Paso Corp.

     4,001        118,710   

Energen Corp.

     2,494        130,636   

EQT Corp.

     2,425        120,813   

EXCO Resources, Inc.

     17,353        127,371   

Forest Oil Corp.*

     9,480        126,274   

HollyFrontier Corp.

     3,589        110,613   

Kosmos Energy Ltd.*

     9,010        109,742   

Laredo Petroleum Holdings, Inc.*

     5,259        138,943   

Murphy Oil Corp.

     2,114        116,207   

Newfield Exploration Co.*

     3,444        123,640   

Noble Energy, Inc.

     1,216        120,773   

Peabody Energy Corp.

     4,011        124,782   

Pioneer Natural Resources Co.

     1,123        130,066   

Plains Exploration & Production Co.*

     2,736        111,766   

QEP Resources, Inc.

     3,958        121,946   

Quicksilver Resources, Inc.*

     22,549        105,980   

Range Resources Corp.

     2,044        136,253   

SandRidge Energy, Inc.*

     14,930        119,291   

SM Energy Co.

     1,641        108,486   

Spectra Energy Corp.

     3,751        115,306   

Sunoco, Inc.

     3,081        151,862   

Teekay Corp.

     1,727        62,345   

Tesoro Corp.*

     4,181        97,208   

Ultra Petroleum Corp.*

     5,095        100,677   

Valero Energy Corp.

     4,351        107,470   

Whiting Petroleum Corp.*

     2,177        124,524   
   

 

 

  

Total Oil, Gas & Consumable Fuels

       4,124,718   
   

 

 

  

Paper & Forest Products - 0.5%

  

Domtar Corp.

     1,043        91,242   

International Paper Co.

     2,819        93,901   

MeadWestvaco Corp.

     3,188        101,442   
   

 

 

  

Total Paper & Forest Products

       286,585   
   

 

 

  
 

 

50     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   April 30, 2012

 

GUGGENHEIM RUSSELL MIDCAP® EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

Personal Products - 0.4%

  

Avon Products, Inc.

     2,337      $ 50,479   

Herbalife Ltd.

     2,693        189,372   
   

 

 

  

Total Personal Products

       239,851   
   

 

 

  

Pharmaceuticals - 1.2%

  

Endo Pharmaceuticals Holdings, Inc.*

     2,371        83,317   

Forest Laboratories, Inc.*

     2,648        92,230   

Hospira, Inc.*

     2,411        84,674   

Mylan, Inc.*

     3,939        85,516   

Perrigo Co.

     895        93,885   

Warner Chilcott PLC — Class A*

     5,507        119,777   

Watson Pharmaceuticals, Inc.*

     1,380        103,997   
   

 

 

  

Total Pharmaceuticals

       663,396   
   

 

 

  

Professional Services - 0.6%

  

Dun & Bradstreet Corp. (The)

     448        34,845   

Equifax, Inc.

     856        39,222   

Manpower, Inc.

     1,222        52,057   

Nielsen Holdings NV*

     1,496        43,713   

Robert Half International, Inc.

     1,876        55,905   

Towers Watson & Co. — Class A

     875        57,225   

Verisk Analytics, Inc. — Class A*

     1,230        60,209   
   

 

 

  

Total Professional Services

       343,176   
   

 

 

  

Real Estate Investment Trusts (REITs) - 2.9%

  

Alexandria Real Estate Equities, Inc.

     519        38,883   

American Capital Agency Corp.

     1,288        40,237   

Annaly Capital Management, Inc.

     2,326        37,960   

Apartment Investment & Management Co. — Class A

     1,456        39,530   

AvalonBay Communities, Inc.

     271        39,403   

Boston Properties, Inc.

     363        39,295   

Brandywine Realty Trust

     3,331        39,506   

BRE Properties, Inc.

     761        39,953   

Camden Property Trust

     588        39,790   

Chimera Investment Corp.

     12,633        36,509   

CommonWealth

     2,047        38,381   

Corporate Office Properties Trust

     1,612        37,963   

DDR Corp.

     2,535        37,518   

Digital Realty Trust, Inc.

     515        38,671   

Douglas Emmett, Inc.

     1,655        38,462   

Duke Realty Corp.

     2,636        39,066   

Equity Residential

     621        38,154   

Essex Property Trust, Inc.

     252        39,808   

Federal Realty Investment Trust

     388        39,056   

General Growth Properties, Inc.

     2,247        39,997   

HCP, Inc.

     947        39,253   

Health Care REIT, Inc.

     689        39,039   

Hospitality Properties Trust

     1,446        39,881   

Host Hotels & Resorts, Inc.

     2,284        38,006   

Kimco Realty Corp.

     1,935        37,558   

Liberty Property Trust

     1,067        38,892   

Macerich Co. (The)

     661        40,698   

Mack-Cali Realty Corp.

     1,319        37,882   
     SHARES     MARKET
VALUE		  
   

Piedmont Office Realty Trust,
Inc. — Class A

     2,104      $ 37,325   

Plum Creek Timber Co., Inc.

     911        38,298   

ProLogis, Inc.

     1,066        38,141   

Rayonier, Inc.

     854        38,729   

Realty Income Corp.

     975        38,357   

Regency Centers Corp.

     850        38,216   

Rouse Properties, Inc.*

     2,679        36,006   

Senior Housing Properties Trust

     1,725        38,088   

SL Green Realty Corp.

     490        40,396   

Taubman Centers, Inc.

     524        40,442   

UDR, Inc.

     1,473        38,784   

Ventas, Inc.

     662        38,919   

Vornado Realty Trust

     449        38,542   

Weingarten Realty Investors

     1,428        37,928   

Weyerhaeuser Co.

     1,713        34,877   
   

 

 

  

Total Real Estate Investment Trusts (REITs)

       1,662,399   
   

 

 

  

Real Estate Management & Development - 0.3%

  

CBRE Group, Inc.*

     1,850        34,799   

Forest City Enterprises, Inc. — Class A*

     2,493        39,763   

Howard Hughes Corp. (The)*

     590        39,595   

Jones Lang LaSalle, Inc.

     447        35,733   

St Joe Co. (The)*

     1,973        35,179   
   

 

 

  

Total Real Estate Management & Development

       185,069   
   

 

 

  

Road & Rail - 0.6%

  

Con-way, Inc.

     1,737        56,453   

Hertz Global Holdings, Inc.*

     3,034        46,754   

JB Hunt Transport Services, Inc.

     1,052        58,207   

Kansas City Southern

     803        61,847   

Landstar System, Inc.

     992        53,141   

Ryder System, Inc.

     1,087        52,959   
   

 

 

  

Total Road & Rail

       329,361   
   

 

 

  

Semiconductors & Semiconductor
Equipment - 3.4%

  

Advanced Micro Devices, Inc.*

     8,156        60,028   

Altera Corp.

     1,698        60,398   

Analog Devices, Inc.

     1,654        64,473   

Atmel Corp.*

     6,429        57,025   

Avago Technologies Ltd.

     1,723        59,409   

Cree, Inc.*

     2,120        65,508   

Cypress Semiconductor Corp.*

     4,220        65,410   

Fairchild Semiconductor International, Inc.*

     4,483        63,524   

First Solar, Inc.*

     4,586        84,382   

Freescale Semiconductor
Holdings I Ltd.*

     4,188        51,973   

International Rectifier Corp.*

     2,867        62,587   

Intersil Corp. — Class A

     5,849        60,069   

KLA-Tencor Corp.

     1,227        63,988   

Lam Research Corp.*

     1,487        61,934   

Linear Technology Corp.

     1,995        65,256   

LSI Corp.*

     7,714        62,021   
 

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       51

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   April 30, 2012

 

GUGGENHEIM RUSSELL MIDCAP® EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

Marvell Technology Group Ltd.*

     4,241      $ 63,657   

Maxim Integrated Products, Inc.

     2,313        68,419   

MEMC Electronic Materials, Inc.*

     17,172        61,647   

Microchip Technology, Inc.

     1,809        63,930   

Micron Technology, Inc.*

     7,790        51,336   

Novellus Systems, Inc.*

     1,333        62,318   

NVIDIA Corp.*

     4,507        58,591   

ON Semiconductor Corp.*

     7,406        61,174   

PMC — Sierra, Inc.*

     9,214        65,143   

Silicon Laboratories, Inc.*

     1,523        54,051   

Skyworks Solutions, Inc.*

     2,335        63,372   

SunPower Corp.*

     18,033        101,165   

Teradyne, Inc.*

     3,875        66,689   

Xilinx, Inc.

     1,834        66,721   
   

 

 

  

Total Semiconductors & Semiconductor Equipment

       1,916,198   
   

 

 

  

Software - 2.5%

  

Activision Blizzard, Inc.

     5,194        66,847   

ANSYS, Inc.*

     1,010        67,741   

Ariba, Inc.*

     2,011        76,820   

Autodesk, Inc.*

     1,583        62,323   

BMC Software, Inc.*

     1,672        68,987   

CA, Inc.

     2,396        63,302   

Cadence Design Systems, Inc.*

     5,500        64,185   

Citrix Systems, Inc.*

     842        72,084   

Compuware Corp.*

     7,091        61,834   

Electronic Arts, Inc.*

     3,925        60,366   

Factset Research Systems, Inc.

     378        39,637   

Fortinet, Inc.*

     2,463        64,334   

Informatica Corp.*

     1,273        58,583   

Intuit, Inc.

     1,123        65,100   

MICROS Systems, Inc.*

     1,213        68,935   

Nuance Communications, Inc.*

     2,608        63,739   

Red Hat, Inc.*

     1,287        76,718   

Rovi Corp.*

     2,054        58,744   

Solera Holdings, Inc.

     1,418        63,725   

Synopsys, Inc.*

     2,185        65,572   

TIBCO Software, Inc.*

     2,120        69,748   

Zynga, Inc. — Class A*

     5,131        42,793   
   

 

 

  

Total Software

       1,402,117   
   

 

 

  

Specialty Retail - 2.3%

  

Aaron’s, Inc.

     1,739        47,249   

Abercrombie & Fitch Co. — Class A

     887        44,501   

Advance Auto Parts, Inc.

     501        45,992   

American Eagle Outfitters, Inc.

     2,589        46,628   

AutoNation, Inc.*

     1,280        44,262   

AutoZone, Inc.*

     119        47,143   

Bed Bath & Beyond, Inc.*

     673        47,372   

Best Buy Co., Inc.

     1,683        37,144   

CarMax, Inc.*

     1,303        40,224   

Chico’s FAS, Inc.

     2,961        45,481   

Dick’s Sporting Goods, Inc.

     924        46,754   

DSW, Inc. — Class A

     825        46,415   
     SHARES     MARKET
VALUE		  
   

Foot Locker, Inc.

     1,434      $ 43,866   

GameStop Corp. — Class A

     1,908        43,426   

Gap, Inc.(The)

     1,699        48,421   

Guess?, Inc.

     1,425        41,724   

Limited Brands, Inc.

     914        45,426   

O’Reilly Automotive, Inc.*

     497        52,414   

PetSmart, Inc.

     781        45,501   

RadioShack Corp.

     6,995        36,234   

Ross Stores, Inc.

     768        47,301   

Sally Beauty Holdings, Inc.*

     1,799        47,853   

Signet Jewelers Ltd.

     916        44,673   

Staples, Inc.

     2,727        41,996   

Tiffany & Co.

     632        43,267   

Tractor Supply Co.

     498        49,008   

Ulta Salon Cosmetics & Fragrance, Inc.

     482        42,503   

Urban Outfitters, Inc.*

     1,525        44,164   

Williams-Sonoma, Inc.

     1,165        45,074   
   

 

 

  

Total Specialty Retail

       1,302,016   
   

 

 

  

Textiles, Apparel & Luxury Goods - 0.6%

  

Deckers Outdoor Corp.*

     689        35,146   

Fossil, Inc.*

     338        44,166   

Hanesbrands, Inc.*

     1,533        43,261   

Michael Kors Holdings Ltd.*

     974        44,483   

PVH Corp.

     505        44,844   

Ralph Lauren Corp.

     257        44,273   

Under Armour, Inc. — Class A*

     464        45,440   

V.F. Corp.

     301        45,767   
   

 

 

  

Total Textiles, Apparel & Luxury Goods

       347,380   
   

 

 

  

Thrifts & Mortgage Finance - 0.5%

  

BankUnited, Inc.

     1,532        37,687   

Capitol Federal Financial, Inc.

     3,188        37,650   

Hudson City Bancorp, Inc.

     5,196        36,684   

New York Community Bancorp, Inc.

     2,769        37,354   

People’s United Financial, Inc.

     2,836        34,996   

TFS Financial Corp.*

     3,964        38,966   

Washington Federal, Inc.

     2,248        39,430   
   

 

 

  

Total Thrifts & Mortgage Finance

       262,767   
   

 

 

  

Tobacco - 0.3%

  

Lorillard, Inc.

     1,459        197,388   
   

 

 

  

Total Tobacco

       197,388   
   

 

 

  

Trading Companies & Distributors - 0.6%

  

Air Lease Corp.*

     2,315        54,449   

Fastenal Co.

     1,845        86,383   

GATX Corp.

     1,382        59,246   

MSC Industrial Direct Co. — Class A

     692        51,007   

W.W. Grainger, Inc.

     263        54,657   

WESCO International, Inc.*

     871        57,826   
   

 

 

  

Total Trading Companies & Distributors

       363,568   
   

 

 

  

Water Utilities - 0.4%

  

American Water Works Co., Inc.

     3,655        125,147   

Aqua America, Inc.

     5,560        126,268   
   

 

 

  

Total Water Utilities

       251,415   
   

 

 

  
 

 

52     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (concluded)   April 30, 2012

 

 

GUGGENHEIM RUSSELL MIDCAP® EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

Wireless Telecommunication Services - 1.2%

  

Clearwire Corp. — Class A*

     53,176      $ 77,903   

Crown Castle International Corp.*

     1,257        71,159   

MetroPCS Communications, Inc.*

     13,337        97,360   

NII Holdings, Inc.*

     6,848        95,838   

SBA Communications Corp. — Class A*

     1,318        70,829   

Telephone & Data Systems, Inc.

     5,343        129,781   

United States Cellular Corp.*

     3,042        119,307   
   

 

 

  

Total Wireless Telecommunication Services

       662,177   
   

 

 

  

Total Common Stocks
(Cost $53,331,292)

       56,433,283   
   

 

 

  

SHORT TERM INVESTMENTS - 0.2%

  

SSgA Government Money Market Fund

     111,950        111,950   
   

 

 

  

Total Short Term Investments
(Cost $111,950)

       111,950   
   

 

 

  

Total Investments - 100.0%a
(Cost $53,443,242)

   

     56,545,233   
   

 

 

  

Other Assets and Liabilities,
net - 0.0%b

  

     8,350   
   

 

 

  

Net Assets - 100.0%

           $ 56,553,583   
 

 

*   Non-Income Producing Security.
a   

Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs.

b   

Amount represents less than 0.05% of net assets.

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       53

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited)   April 30, 2012

 

 

GUGGENHEIM RUSSELL 1000® EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

COMMON STOCKS - 99.9%

  

Aerospace & Defense - 1.6%

  

Alliant Techsystems, Inc.

     643      $ 34,272   

BE Aerospace, Inc.*

     686        32,263   

Boeing Co. (The)

     437        33,562   

Exelis, Inc.

     2,594        29,909   

General Dynamics Corp.

     444        29,970   

Goodrich Corp.

     261        32,745   

Honeywell International, Inc.

     533        32,332   

Huntington Ingalls Industries, Inc.*

     862        34,006   

L-3 Communications Holdings, Inc.

     458        33,681   

Lockheed Martin Corp.

     359        32,504   

Northrop Grumman Corp.

     534        33,791   

Precision Castparts Corp.

     336        59,260   

Raytheon Co.

     617        33,404   

Rockwell Collins, Inc.

     557        31,131   

Spirit Aerosystems Holdings, Inc. — Class A*

     1,303        32,575   

Textron, Inc.

     1,176        31,329   

TransDigm Group, Inc.*

     281        35,440   

United Technologies Corp.

     393        32,084   
   

 

 

  

Total Aerospace & Defense

       614,258   
   

 

 

  

Air Freight & Logistics - 0.4%

  

C.H. Robinson Worldwide, Inc.

     500        29,870   

Expeditors International of Washington, Inc.

     701        28,040   

FedEx Corp.

     355        31,325   

United Parcel Service, Inc. — Class B

     406        31,725   

UTi Worldwide, Inc.

     1,907        31,790   
   

 

 

  

Total Air Freight & Logistics

       152,750   
   

 

 

  

Airlines - 0.4%

  

Copa Holdings SA — Class A

     417        33,906   

Delta Air Lines, Inc.*

     3,329        36,486   

Southwest Airlines Co.

     3,968        32,855   

United Continental Holdings, Inc.*

     1,560        34,195   
   

 

 

  

Total Airlines

       137,442   
   

 

 

  

Auto Components - 0.6%

  

Autoliv, Inc.

     388        24,343   

BorgWarner, Inc.*

     303        23,949   

Delphi Automotive PLC*

     818        25,104   

Federal-Mogul Corp.*

     1,465        18,943   

Gentex Corp.

     1,053        23,134   

Goodyear Tire & Rubber Co. (The)*

     2,200        24,156   

Johnson Controls, Inc.

     802        25,640   

Lear Corp.

     558        23,157   

TRW Automotive Holdings Corp.*

     564        25,780   

Visteon Corp.*

     485        24,333   
   

 

 

  

Total Auto Components

       238,539   
   

 

 

  

Automobiles - 0.3%

  

Ford Motor Co.

     2,118        23,891   

General Motors Co.*

     1,029        23,667   

Harley-Davidson, Inc.

     524        27,421   

Tesla Motors, Inc.*

     688        22,793   
     SHARES     MARKET
VALUE		  
   

Thor Industries, Inc.

     803      $ 27,166   
   

 

 

  

Total Automobiles

       124,938   
   

 

 

  

Beverages - 2.1%

  

Beam, Inc.

     1,544        87,668   

Brown-Forman Corp. — Class B

     1,075        92,826   

Coca-Cola Co. (The)

     1,252        95,553   

Coca-Cola Enterprises, Inc.

     3,173        95,571   

Constellation Brands, Inc. — Class A*

     3,785        81,756   

Dr Pepper Snapple Group, Inc.

     2,333        94,673   

Molson Coors Brewing Co. — Class B

     1,988        82,661   

Monster Beverage Corp.*

     1,454        94,452   

PepsiCo, Inc.

     1,363        89,958   
   

 

 

  

Total Beverages

       815,118   
   

 

 

  

Biotechnology - 1.8%

  

Alexion Pharmaceuticals, Inc.*

     498        44,979   

Amgen, Inc.

     684        48,639   

Amylin Pharmaceuticals, Inc.*

     3,016        78,145   

Biogen Idec, Inc.*

     368        49,316   

BioMarin Pharmaceutical, Inc.*

     1,325        45,978   

Celgene Corp.*

     595        43,387   

Dendreon Corp.*

     4,591        53,485   

Gilead Sciences, Inc.*

     979        50,918   

Human Genome Sciences, Inc.*

     5,716        84,082   

Myriad Genetics, Inc.*

     1,982        51,552   

Regeneron Pharmaceuticals, Inc.*

     399        53,969   

United Therapeutics Corp.*

     951        41,606   

Vertex Pharmaceuticals, Inc.*

     1,133        43,598   
   

 

 

  

Total Biotechnology

       689,654   
   

 

 

  

Building Products - 0.6%

  

Armstrong World Industries, Inc.

     1,024        45,097   

Fortune Brands Home & Security, Inc.*

     1,205        27,402   

Lennox International, Inc.

     1,468        63,711   

Masco Corp.

     4,257        56,107   

Owens Corning*

     1,615        55,475   
   

 

 

  

Total Building Products

       247,792   
   

 

 

  

Capital Markets - 1.4%

  

Affiliated Managers Group, Inc.*

     195        22,156   

American Capital Ltd.*

     2,498        24,805   

Ameriprise Financial, Inc.

     380        20,600   

Ares Capital Corp.

     1,361        21,830   

Bank of New York Mellon Corp. (The)

     918        21,711   

BlackRock, Inc.

     108        20,691   

Charles Schwab Corp. (The)

     1,470        21,021   

E*Trade Financial Corp.*

     1,960        20,835   

Eaton Vance Corp.

     750        19,725   

Federated Investors, Inc. — Class B

     944        20,843   

Franklin Resources, Inc.

     175        21,964   

Goldman Sachs Group, Inc. (The)

     174        20,036   

Greenhill & Co., Inc.

     483        18,765   

Invesco Ltd.

     829        20,592   

Janus Capital Group, Inc.

     2,351        17,821   

Jefferies Group, Inc.

     1,148        18,288   

Lazard Ltd. — Class A

     750        20,632   
 

 

54     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   April 30, 2012

 

 

GUGGENHEIM RUSSELL 1000® EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

Legg Mason, Inc.

     755      $ 19,683   

LPL Investment Holdings, Inc.*

     572        20,529   

Morgan Stanley

     1,059        18,299   

Northern Trust Corp.

     462        21,987   

Raymond James Financial, Inc.

     587        21,496   

SEI Investments Co.

     1,037        20,937   

State Street Corp.

     482        22,278   

T. Rowe Price Group, Inc.

     339        21,396   

TD Ameritrade Holding Corp.

     1,090        20,481   

Waddell & Reed Financial, Inc. — Class A

     664        21,235   
   

 

 

  

Total Capital Markets

       560,636   
   

 

 

  

Chemicals - 4.7%

  

Air Products & Chemicals, Inc.

     641        54,799   

Airgas, Inc.

     657        60,208   

Albemarle Corp.

     910        59,423   

Ashland, Inc.

     940        61,918   

Cabot Corp.

     1,369        59,045   

Celanese Corp. — Series A

     1,302        63,095   

CF Industries Holdings, Inc.

     313        60,428   

Cytec Industries, Inc.

     946        60,137   

Dow Chemical Co. (The)

     1,672        56,647   

Du Pont (E.I.) de Nemours & Co.

     1,103        58,966   

Eastman Chemical Co.

     1,131        61,040   

Ecolab, Inc.

     957        60,951   

FMC Corp.

     556        61,410   

Huntsman Corp.

     3,994        56,555   

International Flavors & Fragrances, Inc.

     1,003        60,391   

Intrepid Potash, Inc.*

     2,369        58,870   

Kronos Worldwide, Inc.

     2,379        56,477   

LyondellBasell Industries NV — Class A

     1,358        56,737   

Monsanto Co.

     736        56,069   

Mosaic Co. (The)

     1,004        53,031   

PPG Industries, Inc.

     614        64,617   

Praxair, Inc.

     513        59,354   

Rockwood Holdings, Inc.*

     1,127        62,368   

RPM International, Inc.

     2,264        60,155   

Scotts Miracle-Gro Co. (The) — Class A

     1,075        56,330   

Sherwin-Williams Co. (The)

     536        64,470   

Sigma-Aldrich Corp.

     794        56,295   

Solutia, Inc.

     2,107        59,712   

Valspar Corp.

     1,191        60,920   

Westlake Chemical Corp.

     888        56,788   

WR Grace & Co*

     1,003        59,789   
   

 

 

  

Total Chemicals

       1,836,995   
   

 

 

  

Commercial Banks - 1.6%

  

Associated Banc-Corp.

     1,562        20,822   

Bank of Hawaii Corp.

     458        22,392   

BB&T Corp.

     706        22,620   

BOK Financial Corp.

     388        22,128   

CapitalSource, Inc.

     3,216        20,743   

CIT Group, Inc.*

     531        20,098   

City National Corp.

     412        21,943   
     SHARES     MARKET
VALUE		  
   

Comerica, Inc.

     678      $ 21,710   

Commerce Bancshares, Inc.

     544        21,814   

Cullen/Frost Bankers, Inc.

     375        22,110   

East West Bancorp, Inc.

     939        21,381   

Fifth Third Bancorp

     1,567        22,298   

First Citizens BancShares Inc. — Class A

     120        20,796   

First Horizon National Corp.

     2,093        19,214   

First Niagara Financial Group, Inc.

     2,227        19,909   

First Republic Bank/San Franciso*

     663        21,899   

Fulton Financial Corp.

     2,091        21,935   

Huntington Bancshares, Inc.

     3,454        23,107   

KeyCorp

     2,624        21,097   

M&T Bank Corp.

     255        21,999   

PNC Financial Services Group, Inc.

     348        23,079   

Popular, Inc.*

     10,570        18,815   

Regions Financial Corp.

     3,334        22,471   

SunTrust Banks, Inc.

     918        22,289   

Synovus Financial Corp.

     10,444        21,932   

TCF Financial Corp.

     1,796        20,600   

US Bancorp

     692        22,262   

Valley National Bancorp

     1,686        21,244   

Wells Fargo & Co.

     645        21,562   

Zions Bancorp

     1,013        20,655   
   

 

 

  

Total Commercial Banks

       644,924   
   

 

 

  

Commercial Services & Supplies - 1.0%

  

Avery Dennison Corp.

     1,076        34,410   

Cintas Corp.

     821        32,159   

Copart, Inc.*

     615        16,242   

Corrections Corp. of America*

     1,232        35,592   

Covanta Holding Corp.

     1,983        31,827   

Iron Mountain, Inc.

     1,121        34,045   

KAR Auction Services, Inc.*

     1,619        29,790   

Pitney Bowes, Inc.

     1,809        30,988   

R.R. Donnelley & Sons Co.

     2,530        31,650   

Republic Services, Inc.

     1,067        29,204   

Stericycle, Inc.*

     382        33,081   

Waste Connections, Inc.

     1,007        32,456   

Waste Management, Inc.

     925        31,635   
   

 

 

  

Total Commercial Services & Supplies

       403,079   
   

 

 

  

Communications Equipment - 1.3%

  

Acme Packet, Inc.*

     1,400        39,298   

Brocade Communications Systems, Inc.*

     6,366        35,268   

Ciena Corp.*

     2,247        33,300   

Cisco Systems, Inc.

     1,772        35,706   

EchoStar Corp. — Class A*

     1,290        37,474   

F5 Networks, Inc.*

     276        36,965   

Harris Corp.

     828        37,707   

JDS Uniphase Corp.*

     2,505        30,436   

Juniper Networks, Inc.*

     1,667        35,724   

Motorola Mobility Holdings, Inc.*

     944        36,646   

Motorola Solutions, Inc.

     723        36,895   

Polycom, Inc.*

     1,867        24,775   
 

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       55

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   April 30, 2012

 

GUGGENHEIM RUSSELL 1000® EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

QUALCOMM, Inc.

     541      $ 34,537   

Riverbed Technology, Inc.*

     1,332        26,280   

Tellabs, Inc.

     9,215        34,741   
   

 

 

  

Total Communications Equipment

       515,752   
   

 

 

  

Computers & Peripherals - 1.1%

  

Apple, Inc.*

     60        35,054   

Dell, Inc.*

     2,224        36,407   

Diebold, Inc.

     933        36,807   

EMC Corp.*

     1,254        35,375   

Fusion-io, Inc.*

     1,274        32,678   

Hewlett-Packard Co.

     1,569        38,849   

Lexmark International, Inc. — Class A

     969        29,167   

NCR Corp.*

     1,714        40,279   

NetApp, Inc.*

     804        31,219   

QLogic Corp.*

     2,066        35,639   

SanDisk Corp.*

     739        27,350   

Western Digital Corp.*

     873        33,881   
   

 

 

  

Total Computers & Peripherals

       412,705   
   

 

 

  

Construction & Engineering - 0.6%

  

Aecom Technology Corp.*

     1,422        31,384   

Chicago Bridge & Iron Co. NV

     729        32,382   

Fluor Corp.

     527        30,434   

Jacobs Engineering Group, Inc.*

     703        30,813   

KBR, Inc.

     891        30,169   

Quanta Services, Inc.*

     1,529        33,822   

Shaw Group, Inc. (The)*

     1,035        31,329   

URS Corp.

     752        31,065   
   

 

 

  

Total Construction & Engineering

       251,398   
   

 

 

  

Construction Materials - 0.3%

  

Martin Marietta Materials, Inc.

     671        55,612   

Vulcan Materials Co.

     1,332        57,023   
   

 

 

  

Total Construction Materials

       112,635   
   

 

 

  

Consumer Finance - 0.3%

  

American Express Co.

     377        22,699   

Capital One Financial Corp.

     386        21,415   

Discover Financial Services

     649        22,001   

Green Dot Corp. — Class A*

     824        21,746   

SLM Corp.

     1,369        20,302   
   

 

 

  

Total Consumer Finance

       108,163   
   

 

 

  

Containers & Packaging - 1.6%

  

AptarGroup, Inc.

     1,073        58,489   

Ball Corp.

     1,388        57,963   

Bemis Co., Inc.

     1,829        59,241   

Crown Holdings, Inc.*

     1,585        58,613   

Greif, Inc. — Class A

     1,105        59,272   

Owens-Illinois, Inc.*

     2,454        57,056   

Packaging Corp. of America

     1,977        57,709   

Rock-Tenn Co. — Class A

     865        53,915   

Sealed Air Corp.

     2,981        57,176   

Silgan Holdings, Inc.

     1,325        58,128   

Sonoco Products Co.

     1,750        57,977   
   

 

 

  

Total Containers & Packaging

       635,539   
   

 

 

  
     SHARES     MARKET
VALUE		  
   

Distributors - 0.1%

  

Genuine Parts Co.

     417      $ 27,013   

LKQ Corp.*

     820        27,429   
   

 

 

  

Total Distributors

       54,442   
   

 

 

  

Diversified Consumer Services - 0.5%

  

Apollo Group, Inc. — Class A*

     660        23,245   

Career Education Corp.*

     3,098        22,089   

DeVry, Inc.

     731        23,502   

Education Management Corp.*

     1,698        21,055   

H&R Block, Inc.

     1,536        22,579   

ITT Educational Services, Inc.*

     397        26,210   

Service Corp. International

     2,317        26,831   

Weight Watchers International, Inc.

     330        25,067   
   

 

 

  

Total Diversified Consumer Services

       190,578   
   

 

 

  

Diversified Financial Services - 0.6%

  

Bank of America Corp.

     2,285        18,531   

CBOE Holdings, Inc.

     764        20,200   

Citigroup, Inc.

     596        19,692   

CME Group, Inc.

     75        19,937   

Interactive Brokers Group, Inc. — Class A

     1,265        19,190   

IntercontinentalExchange, Inc.*

     160        21,286   

JPMorgan Chase & Co.

     478        20,545   

Leucadia National Corp.

     813        20,211   

Moody’s Corp.

     518        21,212   

MSCI, Inc. — Class A*

     587        21,478   

Nasdaq OMX Group, Inc. (The)*

     824        20,246   

NYSE Euronext

     732        18,849   
   

 

 

  

Total Diversified Financial Services

       241,377   
   

 

 

  

Diversified Telecommunication Services - 1.2%

  

AT&T, Inc.

     2,177        71,645   

CenturyLink, Inc.

     1,761        67,904   

Frontier Communications Corp.

     16,843        68,046   

Level 3 Communications, Inc.*

     2,612        60,233   

tw telecom, Inc.*

     3,091        67,322   

Verizon Communications, Inc.

     1,782        71,957   

Windstream Corp.

     5,712        64,203   
   

 

 

  

Total Diversified Telecommunication Services

       471,310   
   

 

 

  

Electric Utilities - 3.5%

  

American Electric Power Co., Inc.

     1,782        69,213   

Duke Energy Corp.

     3,271        70,098   

Edison International

     1,591        70,020   

Entergy Corp.

     1,018        66,740   

Exelon Corp.

     1,762        68,736   

FirstEnergy Corp.

     1,521        71,213   

Great Plains Energy, Inc.

     3,390        69,224   

Hawaiian Electric Industries, Inc.

     2,706        71,817   

ITC Holdings Corp.

     887        68,707   

NextEra Energy, Inc.

     1,130        72,715   

Northeast Utilities

     3,703        136,159   

NV Energy, Inc.

     4,290        71,429   
 

 

56     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   April 30, 2012

 

 

GUGGENHEIM RUSSELL 1000® EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

OGE Energy Corp.

     1,294      $ 69,824   

Pepco Holdings, Inc.

     3,614        68,377   

Pinnacle West Capital Corp.

     1,438        69,527   

PPL Corp.

     2,446        66,898   

Progress Energy, Inc.

     1,297        69,026   

Southern Co.

     1,539        70,702   

Westar Energy, Inc.

     2,465        70,721   
   

 

 

  

Total Electric Utilities

       1,391,146   
   

 

 

  

Electrical Equipment - 1.1%

    

AMETEK, Inc.

     672        33,822   

Babcock & Wilcox Co. (The)*

     1,244        30,602   

Cooper Industries PLC

     517        32,349   

Emerson Electric Co.

     636        33,416   

General Cable Corp.*

     1,137        33,473   

GrafTech International Ltd.*

     2,747        32,250   

Hubbell, Inc. — Class B

     417        33,460   

Polypore International, Inc.*

     1,595        59,573   

Regal-Beloit Corp.

     492        33,279   

Rockwell Automation, Inc.

     404        31,245   

Roper Industries, Inc.

     324        33,016   

Thomas & Betts Corp.*

     456        32,791   
   

 

 

  

Total Electrical Equipment

       419,276   
   

 

 

  

Electronic Equipment, Instruments & Components - 1.4%

  

Amphenol Corp. — Class A

     627        36,454   

Arrow Electronics, Inc.*

     875        36,794   

Avnet, Inc.*

     1,008        36,369   

AVX Corp.

     2,775        35,243   

Corning, Inc.

     2,607        37,410   

Dolby Laboratories, Inc. — Class A*

     954        37,425   

FLIR Systems, Inc.

     1,268        28,479   

Ingram Micro, Inc. — Class A*

     2,005        39,017   

IPG Photonics Corp.*

     687        33,251   

Itron, Inc.*

     728        29,702   

Jabil Circuit, Inc.

     1,450        34,003   

Molex, Inc.

     1,305        36,005   

National Instruments Corp.

     1,155        31,416   

Tech Data Corp.*

     677        36,416   

Trimble Navigation, Ltd.*

     589        31,888   

Vishay Intertechnology, Inc.*

     3,054        34,266   
   

 

 

  

Total Electronic Equipment, Instruments & Components

       554,138   
   

 

 

  

Energy Equipment & Services - 3.4%

  

Atwood Oceanics, Inc.*

     1,305        57,850   

Baker Hughes, Inc.

     1,440        63,518   

Cameron International Corp.*

     1,176        60,270   

CARBO Ceramics, Inc.

     585        49,193   

Core Laboratories NV

     464        63,559   

Diamond Offshore Drilling, Inc.

     894        61,284   

Dresser-Rand Group, Inc.*

     1,281        62,359   

FMC Technologies, Inc.*

     1,231        57,857   

Halliburton Co.

     1,840        62,965   

Helmerich & Payne, Inc.

     1,107        56,889   

IHS, Inc. — Class A*

     347        35,071   
     SHARES     MARKET
VALUE		  
   

McDermott International, Inc.*

     2,510      $ 28,363   

Nabors Industries Ltd.*

     3,395        56,527   

National-Oilwell Varco, Inc.

     772        58,487   

Oceaneering International, Inc.

     1,133        58,497   

Oil States International, Inc.*

     756        60,162   

Patterson-UTI Energy, Inc.

     3,441        55,641   

Rowan Cos., Inc.*

     1,841        63,570   

RPC, Inc.

     5,796        59,930   

Schlumberger Ltd.

     863        63,983   

SEACOR Holdings, Inc.*

     631        58,639   

Superior Energy Services, Inc.*

     2,303        61,997   

Tidewater, Inc.

     609        33,513   

Unit Corp.*

     1,394        58,896   
   

 

 

  

Total Energy Equipment & Services

       1,349,020   
   

 

 

  

Food & Staples Retailing - 1.7%

  

Costco Wholesale Corp.

     286        25,217   

CVS Caremark Corp.

     1,985        88,571   

Kroger Co. (The)

     3,704        86,192   

Safeway, Inc.

     4,409        89,635   

SUPERVALU, Inc.

     14,442        85,785   

Sysco Corp.

     3,004        86,816   

Wal-Mart Stores, Inc.

     427        25,154   

Walgreen Co.

     2,586        90,665   

Whole Foods Market, Inc.

     1,069        88,802   
   

 

 

  

Total Food & Staples Retailing

       666,837   
   

 

 

  

Food Products - 5.0%

  

Archer-Daniels-Midland Co.

     2,823        87,033   

Bunge Ltd.

     1,335        86,107   

Campbell Soup Co.

     2,723        92,119   

ConAgra Foods, Inc.

     3,434        88,666   

Corn Products International, Inc.

     1,579        90,098   

Dean Foods Co.*

     7,369        90,491   

Flowers Foods, Inc.

     4,411        94,616   

General Mills, Inc.

     2,301        89,486   

Green Mountain Coffee Roasters, Inc.*

     1,733        84,484   

H.J. Heinz Co.

     1,693        90,254   

Hershey Co. (The)

     1,467        98,304   

Hormel Foods Corp.

     3,057        88,836   

J.M. Smucker Co. (The)

     1,116        88,867   

Kellogg Co.

     1,694        85,666   

Kraft Foods, Inc. — Class A

     2,346        93,535   

McCormick & Co., Inc.

     1,660        92,811   

Mead Johnson Nutrition Co.

     1,092        93,431   

Post Holdings, Inc.*

     2,805        83,449   

Ralcorp Holdings, Inc.*

     1,225        89,192   

Sara Lee Corp.

     4,162        91,730   

Smithfield Foods, Inc.*

     4,059        85,077   

Tyson Foods, Inc. — Class A

     4,612        84,169   
   

 

 

  

Total Food Products

       1,968,421   
   

 

 

  

Gas Utilities - 1.1%

  

AGL Resources, Inc.

     1,753        69,121   

Atmos Energy Corp.

     2,214        72,132   

National Fuel Gas Co.

     1,415        66,958   
 

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       57

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   April 30, 2012

 

 

GUGGENHEIM RUSSELL 1000® EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

Oneok, Inc.

     836      $ 71,804   

Questar Corp.

     3,547        70,053   

UGI Corp.

     2,501        72,979   
   

 

 

  

Total Gas Utilities

       423,047   
   

 

 

  

Health Care Equipment & Supplies - 2.9%

  

Alere, Inc.*

     1,833        43,790   

Baxter International, Inc.

     770        42,666   

Becton, Dickinson and Co.

     597        46,835   

Boston Scientific Corp.*

     7,510        47,013   

C.R. Bard, Inc.

     470        46,511   

CareFusion Corp.*

     1,800        46,638   

Cooper Cos., Inc. (The)

     580        51,139   

Covidien PLC

     853        47,111   

DENTSPLY International, Inc.

     1,158        47,547   

Edwards Lifesciences Corp.*

     627        52,022   

Gen-Probe, Inc.*

     691        56,351   

Hill-Rom Holdings, Inc.

     1,370        44,457   

Hologic, Inc.*

     2,146        41,032   

IDEXX Laboratories, Inc.*

     539        47,394   

Intuitive Surgical, Inc.*

     85        49,147   

Medtronic, Inc.

     1,173        44,809   

ResMed, Inc.*

     1,473        50,097   

Sirona Dental Systems, Inc.*

     896        45,257   

St Jude Medical, Inc.

     1,042        40,346   

Stryker Corp.

     839        45,784   

Teleflex, Inc.

     752        47,128   

Thoratec Corp.*

     1,361        47,376   

Varian Medical Systems, Inc.*

     663        42,047   

Zimmer Holdings, Inc.

     722        45,435   
   

 

 

  

Total Health Care Equipment & Supplies

       1,117,932   
   

 

 

  

Health Care Providers & Services - 3.5%

  

Aetna, Inc.

     987        43,467   

AMERIGROUP Corp.*

     697        43,047   

AmerisourceBergen Corp.

     1,176        43,759   

Brookdale Senior Living, Inc.*

     2,492        47,373   

Cardinal Health, Inc.

     1,072        45,313   

Catalyst Health Solutions, Inc.*

     726        62,705   

CIGNA Corp.

     984        45,490   

Community Health Systems, Inc.*

     2,055        50,019   

Coventry Health Care, Inc.

     1,415        42,436   

DaVita, Inc.*

     524        46,416   

Express Scripts Holding Co.*

     1,418        79,110   

HCA Holdings, Inc.

     1,911        51,444   

Health Management Associates, Inc. — Class A*

     6,825        49,140   

Health Net, Inc.*

     1,210        43,088   

Henry Schein, Inc.*

     607        46,581   

Humana, Inc.

     527        42,518   

Laboratory Corp. of America Holdings*

     507        44,560   

LifePoint Hospitals, Inc.*

     1,176        45,888   

Lincare Holdings, Inc.

     1,708        41,675   

McKesson Corp.

     526        48,082   

Mednax, Inc.*

     622        43,689   

Omnicare, Inc.

     1,348        46,964   
     SHARES     MARKET
VALUE		  
   

Patterson Cos., Inc.

     1,423      $ 48,510   

Quest Diagnostics, Inc.

     766        44,191   

Tenet Healthcare Corp.*

     8,578        44,520   

UnitedHealth Group, Inc.

     837        46,998   

Universal Health Services, Inc. — Class B

     1,089        46,511   

VCA Antech, Inc.*

     2,027        47,959   

WellPoint, Inc.

     679        46,050   
   

 

 

  

Total Health Care Providers & Services

       1,377,503   
   

 

 

  

Health Care Technology - 0.4%

  

Allscripts Healthcare Solutions, Inc.*

     2,661        29,484   

Cerner Corp.*

     609        49,384   

SXC Health Solutions Corp.*

     642        58,152   
   

 

 

  

Total Health Care Technology

       137,020   
   

 

 

  

Hotels, Restaurants & Leisure - 1.6%

  

Bally Technologies, Inc.*

     554        26,897   

Brinker International, Inc.

     936        29,456   

Carnival Corp.

     804        26,122   

Chipotle Mexican Grill, Inc.*

     62        25,677   

Choice Hotels International, Inc.

     693        26,071   

Darden Restaurants, Inc.

     513        25,691   

Dunkin’ Brands Group, Inc.

     859        27,806   

Hyatt Hotels Corp. — Class A*

     607        26,119   

International Game Technology

     1,525        23,759   

Las Vegas Sands Corp.

     444        24,638   

Marriott International, Inc. — Class A

     677        26,464   

Marriott Vacations Worldwide Corp.*

     915        27,020   

McDonald’s Corp.

     268        26,117   

MGM Resorts International*

     1,799        24,143   

Panera Bread Co. — Class A*

     161        25,425   

Penn National Gaming, Inc.*

     585        26,313   

Royal Caribbean Cruises Ltd.

     865        23,675   

Starbucks Corp.

     464        26,624   

Starwood Hotels & Resorts Worldwide, Inc.

     448        26,522   

Wendy’s Co. (The)

     5,228        25,460   

WMS Industries, Inc.*

     1,105        27,083   

Wyndham Worldwide Corp.

     573        28,845   

Wynn Resorts Ltd.

     203        27,080   

Yum! Brands, Inc.

     369        26,837   
   

 

 

  

Total Hotels, Restaurants & Leisure

       629,844   
   

 

 

  

Household Durables - 0.9%

  

DR Horton, Inc.

     1,654        27,043   

Garmin Ltd.

     546        25,733   

Harman International Industries, Inc.

     552        27,368   

Jarden Corp.

     651        27,296   

Leggett & Platt, Inc.

     1,139        24,796   

Lennar Corp. — Class A

     944        26,187   

Mohawk Industries, Inc.*

     389        26,071   

Newell Rubbermaid, Inc.

     1,444        26,281   

NVR, Inc.*

     35        27,438   

Pulte Homes, Inc.*

     2,880        28,339   

Tempur-Pedic International, Inc.*

     310        18,240   
 

 

58     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   April 30, 2012

 

 

GUGGENHEIM RUSSELL 1000® EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

Toll Brothers, Inc.*

     1,069      $ 27,153   

Tupperware Brands Corp.

     415        25,850   

Whirlpool Corp.

     340        21,767   
   

 

 

  

Total Household Durables

       359,562   
   

 

 

  

Household Products - 1.4%

  

Church & Dwight Co., Inc.

     1,824        92,659   

Clorox Co. (The)

     1,320        92,532   

Colgate-Palmolive Co.

     930        92,014   

Energizer Holdings, Inc.*

     1,232        87,878   

Kimberly-Clark Corp.

     1,221        95,812   

Procter & Gamble Co. (The)

     1,340        85,278   
   

 

 

  

Total Household Products

       546,173   
   

 

 

  

Independent Power Producers & Energy Traders - 0.7%

  

AES Corp. (The)*

     5,231        65,492   

Calpine Corp.*

     4,081        76,519   

GenOn Energy, Inc.*

     29,820        63,516   

NRG Energy, Inc.*

     4,175        70,975   
   

 

 

  

Total Independent Power Producers & Energy Traders

       276,502   
   

 

 

  

Industrial Conglomerates - 0.4%

  

3M Co.

     366        32,706   

Carlisle Cos., Inc.

     645        35,514   

Danaher Corp.

     591        32,044   

General Electric Co.

     1,630        31,915   

Tyco International Ltd.

     610        34,239   
   

 

 

  

Total Industrial Conglomerates

       166,418   
   

 

 

  

Insurance - 2.9%

  

ACE Ltd.

     299        22,715   

AFLAC, Inc.

     470        21,169   

Alleghany Corp.*

     66        22,631   

Allied World Assurance Co. Holdings Ltd.

     315        22,667   

Allstate Corp. (The)

     664        22,131   

American Financial Group, Inc.

     566        22,029   

American International Group, Inc.*

     739        25,148   

American National Insurance Co.

     298        20,920   

Aon PLC

     451        23,362   

Arch Capital Group Ltd.*

     595        23,372   

Arthur J. Gallagher & Co.

     609        22,874   

Aspen Insurance Holdings Ltd.

     776        21,976   

Assurant, Inc.

     526        21,219   

Assured Guaranty Ltd.

     1,306        18,519   

Axis Capital Holdings Ltd.

     659        22,419   

Berkshire Hathaway, Inc. — Class B*

     268        21,561   

Brown & Brown, Inc.

     927        25,001   

Chubb Corp. (The)

     319        23,309   

Cincinnati Financial Corp.

     622        22,156   

CNA Financial Corp.

     739        22,628   

Endurance Specialty Holdings Ltd.

     541        21,737   

Erie Indemnity Co. — Class A

     282        21,686   

Everest Re Group Ltd.

     235        23,288   

Fidelity National Financial, Inc. — Class A

     1,229        23,683   
     SHARES     MARKET
VALUE		  
   

Genworth Financial, Inc. — Class A*

     2,510      $ 15,085   

Hanover Insurance Group, Inc. (The)

     534        21,552   

Hartford Financial Services Group, Inc.

     1,020        20,961   

HCC Insurance Holdings, Inc.

     700        22,372   

Kemper Corp.

     718        21,533   

Lincoln National Corp.

     811        20,088   

Loews Corp.

     553        22,745   

Markel Corp.*

     52        22,895   

Marsh & McLennan Cos., Inc.

     666        22,278   

MBIA, Inc.*

     2,319        23,376   

Mercury General Corp.

     502        22,685   

MetLife, Inc.

     581        20,933   

Old Republic International Corp.

     2,062        20,517   

PartnerRe Ltd.

     330        22,975   

Principal Financial Group, Inc.

     745        20,614   

Progressive Corp. (The)

     951        20,256   

Protective Life Corp.

     725        21,214   

Prudential Financial, Inc.

     345        20,886   

Reinsurance Group of America, Inc.

     367        21,337   

RenaissanceRe Holdings Ltd.

     295        23,028   

StanCorp Financial Group, Inc.

     527        20,226   

Torchmark Corp.

     436        21,238   

Travelers Cos., Inc. (The)

     375        24,120   

Unum Group

     897        21,295   

Validus Holdings Ltd.

     712        23,140   

W.R. Berkley Corp.

     606        22,822   

White Mountains Insurance Group Ltd.

     44        23,012   

XL Group PLC

     1,029        22,134   
   

 

 

  

Total Insurance

       1,143,517   
   

 

 

  

Internet & Catalog Retail - 0.5%

  

Amazon.com, Inc.*

     127        29,451   

Expedia, Inc.

     765        32,612   

Groupon, Inc.*

     2,027        21,709   

HomeAway, Inc.*

     1,021        26,597   

Liberty Interactive Corp. — Series A*

     1,329        25,039   

Netflix, Inc.*

     216        17,310   

priceline.com, Inc.*

     36        27,390   

TripAdvisor, Inc.*

     739        27,720   
   

 

 

  

Total Internet & Catalog Retail

       207,828   
   

 

 

  

Internet Software & Services - 1.2%

  

Akamai Technologies, Inc.*

     983        32,046   

AOL, Inc.*

     1,931        48,352   

eBay, Inc.*

     689        28,283   

Equinix, Inc.*

     244        40,065   

Google, Inc. — Class A*

     57        34,498   

IAC/InterActiveCorp

     736        35,438   

LinkedIn Corp. — Class A*

     359        38,934   

Monster Worldwide, Inc.*

     3,319        28,643   

Rackspace Hosting, Inc.*

     632        36,713   

VeriSign, Inc.

     967        39,753   

VistaPrint NV*

     655        24,425   

WebMD Health Corp.*

     1,802        40,996   

Yahoo!, Inc.*

     2,401        37,312   
   

 

 

  

Total Internet Software & Services

       465,458   
   

 

 

  
 

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       59

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   April 30, 2012

 

 

GUGGENHEIM RUSSELL 1000® EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

IT Services - 2.0%

  

Accenture PLC — Class A

     499      $ 32,410   

Alliance Data Systems Corp.*

     175        22,486   

Amdocs Ltd.*

     1,177        37,664   

Automatic Data Processing, Inc.

     586        32,593   

Booz Allen Hamilton Holding Corp.

     1,889        32,302   

Broadridge Financial Solutions, Inc.

     896        20,796   

Cognizant Technology Solutions Corp. — Class A*

     479        35,120   

Computer Sciences Corp.

     1,191        33,419   

CoreLogic, Inc.*

     1,333        22,261   

DST Systems, Inc.

     675        37,786   

Fidelity National Information Services, Inc.

     662        22,290   

Fiserv, Inc.*

     315        22,141   

FleetCor Technologies, Inc.*

     550        21,753   

Gartner, Inc.*

     862        37,756   

Genpact Ltd.*

     1,971        32,876   

Global Payments, Inc.

     434        20,151   

International Business Machines Corp.

     179        37,067   

Lender Processing Services, Inc.

     863        22,913   

Mastercard, Inc. — Class A

     51        23,066   

NeuStar, Inc. — Class A*

     994        36,132   

Paychex, Inc.

     1,017        31,507   

SAIC, Inc.

     2,769        33,671   

Teradata Corp.*

     541        37,751   

Total System Services, Inc.

     953        22,415   

VeriFone Systems, Inc.*

     712        33,920   

Visa, Inc. — Class A

     183        22,505   

Western Union Co. (The)

     1,211        22,258   
   

 

 

  

Total IT Services

       787,009   
   

 

 

  

Leisure Equipment & Products - 0.2%

  

Hasbro, Inc.

     699        25,681   

Mattel, Inc.

     759        25,502   

Polaris Industries, Inc.

     354        28,122   
   

 

 

  

Total Leisure Equipment & Products

       79,305   
   

 

 

  

Life Sciences Tools & Services - 1.4%

  

Agilent Technologies, Inc.

     715        30,159   

Bio-Rad Laboratories, Inc. — Class A*

     447        48,271   

Bruker Corp.*

     2,986        44,880   

Charles River Laboratories International, Inc.*

     1,280        45,478   

Covance, Inc.*

     956        44,703   

Illumina, Inc.*

     925        41,190   

Life Technologies Corp.*

     952        44,135   

Mettler-Toledo International, Inc.*

     172        30,843   

PerkinElmer, Inc.

     1,666        45,982   

QIAGEN NV*

     2,992        50,056   

Techne Corp.

     660        44,180   

Thermo Fisher Scientific, Inc.

     805        44,798   

Waters Corp.*

     351        29,523   
   

 

 

  

Total Life Sciences Tools & Services

       544,198   
   

 

 

  
     SHARES     MARKET
VALUE		  
   

Machinery - 3.3%

  

AGCO Corp.*

     673      $ 31,342   

Caterpillar, Inc.

     302        31,037   

CNH Global NV*

     794        36,341   

Crane Co.

     681        30,052   

Cummins, Inc.

     267        30,927   

Deere & Co.

     396        32,615   

Donaldson Co., Inc.

     904        31,333   

Dover Corp.

     519        32,520   

Eaton Corp.

     652        31,413   

Flowserve Corp.

     280        32,180   

Gardner Denver, Inc.

     504        32,831   

Graco, Inc.

     618        32,946   

Harsco Corp.

     1,370        30,551   

IDEX Corp.

     778        33,695   

Illinois Tool Works, Inc.

     565        32,420   

Ingersoll-Rand PLC

     787        33,463   

ITT Corp.

     1,429        32,095   

Joy Global, Inc.

     442        31,280   

Kennametal, Inc.

     731        30,870   

Lincoln Electric Holdings, Inc.

     717        35,140   

Manitowoc Co., Inc. (The)

     2,302        31,883   

Navistar International Corp.*

     793        26,922   

Nordson Corp.

     592        31,909   

Oshkosh Corp.*

     1,410        32,190   

PACCAR, Inc.

     690        29,642   

Pall Corp.

     543        32,368   

Parker Hannifin Corp.

     380        33,322   

Pentair, Inc.

     811        35,149   

Snap-on, Inc.

     422        26,392   

SPX Corp.

     429        32,939   

Stanley Black & Decker, Inc.

     331        24,216   

Terex Corp.*

     1,387        31,402   

Timken Co.

     1,124        63,517   

Toro Co. (The)

     458        32,729   

Trinity Industries, Inc.

     979        28,978   

Valmont Industries, Inc.

     501        62,089   

WABCO Holdings, Inc.*

     431        27,166   

Wabtec Corp.

     432        33,601   

Xylem, Inc.

     1,167        32,536   
   

 

 

  

Total Machinery

       1,294,001   
   

 

 

  

Marine - 0.2%

  

Alexander & Baldwin, Inc.

     691        35,352   

Kirby Corp.*

     495        32,853   
   

 

 

  

Total Marine

       68,205   
   

 

 

  

Media - 2.1%

  

AMC Networks, Inc. — Class A*

     591        25,117   

Cablevision Systems Corp. — Class A

     1,751        25,950   

CBS Corp. — Class B

     803        26,780   

Charter Communications, Inc. — Class A*

     408        24,672   

Clear Channel Outdoor Holdings, Inc. — Class A*

     3,261        24,686   

Comcast Corp. — Class A

     865        26,235   
 

 

60     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   April 30, 2012

 

 

GUGGENHEIM RUSSELL 1000® EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

DIRECTV — Class A*

     541      $ 26,655   

Discovery Communications, Inc. — Class A*

     527        28,679   

DISH Network Corp. — Class A

     802        25,640   

DreamWorks Animation SKG,
Inc. — Class A*

     1,426        25,682   

Gannett Co., Inc.

     1,680        23,218   

Interpublic Group of Cos., Inc. (The)

     2,237        26,419   

John Wiley & Sons, Inc. — Class A

     549        24,809   

Lamar Advertising Co. — Class A*

     795        25,297   

Liberty Global, Inc. — Class A*

     517        25,752   

Liberty Media Corp. - Liberty Capital — Series A*

     295        25,795   

Madison Square Garden, Inc.
(The) — Class A*

     773        27,805   

McGraw-Hill Cos., Inc. (The)

     549        26,994   

Morningstar, Inc.

     353        20,375   

News Corp. — Class A

     1,288        25,245   

Omnicom Group, Inc.

     512        26,271   

Pandora Media, Inc.*

     2,489        21,405   

Regal Entertainment Group — Class A

     1,911        26,009   

Scripps Networks Interactive, Inc. — Class A

     530        26,617   

Sirius XM Radio, Inc.*

     11,594        26,202   

Thomson Reuters Corp.

     741        22,097   

Time Warner Cable, Inc.

     321        25,824   

Time Warner, Inc.

     710        26,597   

Viacom, Inc. — Class B

     548        25,422   

Virgin Media, Inc.

     1,067        26,206   

Walt Disney Co. (The)

     591        25,478   

Washington Post Co. (The) — Class B

     67        25,337   
   

 

 

  

Total Media

       815,270   
   

 

 

  

Metals & Mining - 2.9%

  

AK Steel Holding Corp.

     7,634        56,644   

Alcoa, Inc.

     5,844        56,862   

Allegheny Technologies, Inc.

     1,399        60,073   

Allied Nevada Gold Corp.*

     1,867        54,684   

Carpenter Technology Corp.

     1,126        62,673   

Cliffs Natural Resources, Inc.

     838        52,174   

Commercial Metals Co.

     4,082        60,332   

Compass Minerals International, Inc.

     831        63,588   

Freeport-McMoRan Copper & Gold, Inc.

     1,517        58,101   

Molycorp, Inc.*

     1,828        49,466   

Newmont Mining Corp.

     1,120        53,368   

Nucor Corp.

     1,352        53,012   

Reliance Steel & Aluminum Co.

     1,040        58,126   

Royal Gold, Inc.

     909        56,322   

Schnitzer Steel Industries, Inc. — Class A

     1,449        57,772   

Southern Copper Corp.

     1,854        60,959   

Steel Dynamics, Inc.

     4,018        51,310   

Titanium Metals Corp.

     4,260        62,920   

United States Steel Corp.

     2,004        56,773   
     SHARES     MARKET
VALUE		  
   

Walter Energy, Inc.

     989      $ 65,581   
   

 

 

  

Total Metals & Mining

       1,150,740   
   

 

 

  

Multi-Utilities - 3.3%

  

Alliant Energy Corp.

     1,596        72,203   

Ameren Corp.

     2,122        69,580   

CenterPoint Energy, Inc.

     3,526        71,260   

CMS Energy Corp.

     3,134        72,051   

Consolidated Edison, Inc.

     1,192        70,864   

Dominion Resources, Inc.

     1,351        70,509   

DTE Energy Co.

     1,245        70,193   

Integrys Energy Group, Inc.

     1,293        70,649   

MDU Resources Group, Inc.

     3,089        70,862   

NiSource, Inc.

     2,863        70,573   

PG&E Corp.

     1,576        69,628   

Public Service Enterprise Group, Inc.

     2,278        70,960   

SCANA Corp.

     1,519        70,056   

Sempra Energy

     1,167        75,552   

TECO Energy, Inc.

     3,888        70,062   

Vectren Corp.

     2,369        69,767   

Wisconsin Energy Corp.

     1,955        72,022   

Xcel Energy, Inc.

     2,603        70,437   
   

 

 

  

Total Multi-Utilities

       1,277,228   
   

 

 

  

Multiline Retail - 0.7%

  

Big Lots, Inc.*

     557        20,409   

Dillard’s, Inc. — Class A

     412        26,599   

Dollar General Corp.*

     570        27,052   

Dollar Tree, Inc.*

     273        27,753   

Family Dollar Stores, Inc.

     448        30,262   

J.C. Penney Co., Inc.

     711        25,639   

Kohl’s Corp.

     531        26,619   

Macy’s, Inc.

     645        26,458   

Nordstrom, Inc.

     471        26,310   

Sears Holdings Corp.*

     355        19,092   

Target Corp.

     448        25,957   
   

 

 

  

Total Multiline Retail

       282,150   
   

 

 

  

Office Electronics - 0.2%

  

Xerox Corp.

     3,902        30,358   

Zebra Technologies Corp. — Class A*

     785        30,450   
   

 

 

  

Total Office Electronics

       60,808   
   

 

 

  

Oil, Gas & Consumable Fuels - 7.7%

  

Alpha Natural Resources, Inc.*

     3,892        62,778   

Anadarko Petroleum Corp.

     771        56,445   

Apache Corp.

     596        57,180   

Arch Coal, Inc.

     5,364        52,353   

Cabot Oil & Gas Corp.

     1,884        66,204   

Chesapeake Energy Corp.

     2,492        45,952   

Chevron Corp.

     564        60,100   

Cimarex Energy Co.

     776        53,629   

Cobalt International Energy, Inc.*

     2,016        53,948   

Concho Resources, Inc.*

     596        63,879   

ConocoPhillips

     786        56,301   

CONSOL Energy, Inc.

     1,777        59,068   

Continental Resources, Inc.*

     693        61,850   
 

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       61

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   April 30, 2012

 

GUGGENHEIM RUSSELL 1000® EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

Denbury Resources, Inc.*

     3,286      $ 62,565   

Devon Energy Corp.

     849        59,303   

El Paso Corp.

     2,018        59,874   

Energen Corp.

     1,381        72,337   

EOG Resources, Inc.

     543        59,627   

EQT Corp.

     1,223        60,930   

EXCO Resources, Inc.

     8,752        64,240   

Exxon Mobil Corp.

     697        60,179   

Forest Oil Corp.*

     4,782        63,696   

Hess Corp.

     1,012        52,766   

HollyFrontier Corp.

     1,810        55,784   

Kinder Morgan, Inc.

     1,571        56,399   

Kosmos Energy Ltd.*

     4,545        55,358   

Laredo Petroleum Holdings, Inc.*

     2,652        70,066   

Marathon Oil Corp.

     1,885        55,306   

Marathon Petroleum Corp.

     1,373        57,131   

Murphy Oil Corp.

     1,066        58,598   

Newfield Exploration Co.*

     1,737        62,358   

Noble Energy, Inc.

     613        60,883   

Occidental Petroleum Corp.

     614        56,009   

Peabody Energy Corp.

     2,023        62,936   

Pioneer Natural Resources Co.

     566        65,554   

Plains Exploration & Production Co.*

     1,380        56,373   

QEP Resources, Inc.

     1,997        61,528   

Quicksilver Resources, Inc.*

     11,373        53,453   

Range Resources Corp.

     1,031        68,726   

SandRidge Energy, Inc.*

     7,531        60,173   

SM Energy Co.

     828        54,739   

Southwestern Energy Co.*

     1,909        60,286   

Spectra Energy Corp.

     1,892        58,160   

Sunoco, Inc.

     1,554        76,597   

Teekay Corp.

     978        35,306   

Tesoro Corp.*

     2,109        49,034   

Ultra Petroleum Corp.*

     2,570        50,783   

Valero Energy Corp.

     2,195        54,217   

Whiting Petroleum Corp.*

     1,098        62,806   

Williams Cos., Inc. (The)

     1,949        66,324   

WPX Energy, Inc.*

     3,085        54,203   
   

 

 

  

Total Oil, Gas & Consumable Fuels

       3,004,294   
   

 

 

  

Paper & Forest Products - 0.4%

  

Domtar Corp.

     609        53,275   

International Paper Co.

     1,645        54,795   

MeadWestvaco Corp.

     1,860        59,185   
   

 

 

  

Total Paper & Forest Products

       167,255   
   

 

 

  

Personal Products - 0.4%

  

Avon Products, Inc.

     1,345        29,052   

Estee Lauder Cos., Inc. (The) — Class A

     417        27,251   

Herbalife Ltd.

     1,260        88,603   
   

 

 

  

Total Personal Products

       144,906   
   

 

 

  

Pharmaceuticals - 1.7%

  

Abbott Laboratories

     757        46,979   

Allergan, Inc.

     492        47,232   

Bristol-Myers Squibb Co.

     1,378        45,984   
     SHARES     MARKET
VALUE		  
   

Eli Lilly & Co.

     1,153      $ 47,723   

Endo Pharmaceuticals Holdings, Inc.*

     1,196        42,027   

Forest Laboratories, Inc.*

     1,336        46,533   

Hospira, Inc.*

     1,217        42,741   

Johnson & Johnson, Inc.

     710        46,214   

Merck & Co., Inc.

     1,196        46,931   

Mylan, Inc.*

     1,988        43,159   

Perrigo Co.

     452        47,415   

Pfizer, Inc.

     2,063        47,305   

Warner Chilcott PLC — Class A*

     2,779        60,443   

Watson Pharmaceuticals, Inc.*

     696        52,451   
   

 

 

  

Total Pharmaceuticals

       663,137   
   

 

 

  

Professional Services - 0.5%

  

Dun & Bradstreet Corp. (The)

     260        20,223   

Equifax, Inc.

     497        22,773   

Manpower, Inc.

     692        29,479   

Nielsen Holdings NV*

     861        25,158   

Robert Half International, Inc.

     1,062        31,648   

Towers Watson & Co. — Class A

     495        32,373   

Verisk Analytics, Inc. — Class A*

     697        34,118   
   

 

 

  

Total Professional Services

       195,772   
   

 

 

  

Real Estate Investment Trusts (REITs) - 2.6%

  

Alexandria Real Estate Equities, Inc.

     301        22,551   

American Capital Agency Corp.

     748        23,368   

American Tower Corp.

     353        23,150   

Annaly Capital Management, Inc.

     1,351        22,048   

Apartment Investment & Management Co. — Class A

     846        22,969   

AvalonBay Communities, Inc.

     158        22,973   

Boston Properties, Inc.

     211        22,841   

Brandywine Realty Trust

     1,934        22,937   

BRE Properties, Inc.

     442        23,205   

Camden Property Trust

     341        23,075   

Chimera Investment Corp.

     7,336        21,201   

CommonWealth

     1,189        22,294   

Corporate Office Properties Trust

     936        22,043   

DDR Corp.

     1,472        21,786   

Digital Realty Trust, Inc.

     299        22,452   

Douglas Emmett, Inc.

     961        22,334   

Duke Realty Corp.

     1,531        22,689   

Equity Residential

     361        22,180   

Essex Property Trust, Inc.

     147        23,222   

Federal Realty Investment Trust

     225        22,649   

General Growth Properties, Inc.

     1,305        23,229   

HCP, Inc.

     550        22,797   

Health Care REIT, Inc.

     400        22,664   

Hospitality Properties Trust

     840        23,167   

Host Hotels & Resorts, Inc.

     1,326        22,065   

Kimco Realty Corp.

     1,124        21,817   

Liberty Property Trust

     620        22,599   

Macerich Co. (The)

     384        23,643   

Mack-Cali Realty Corp.

     766        22,000   

Piedmont Office Realty Trust,
Inc. — Class A

     1,222        21,678   
 

 

62     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   April 30, 2012

 

GUGGENHEIM RUSSELL 1000® EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

Plum Creek Timber Co., Inc.

     529      $ 22,239   

ProLogis, Inc.

     619        22,148   

Public Storage

     160        22,922   

Rayonier, Inc.

     496        22,494   

Realty Income Corp.

     566        22,266   

Regency Centers Corp.

     494        22,210   

Rouse Properties, Inc.*

     1,556        20,913   

Senior Housing Properties Trust

     1,002        22,124   

Simon Property Group, Inc.

     152        23,651   

SL Green Realty Corp.

     285        23,495   

Taubman Centers, Inc.

     304        23,463   

UDR, Inc.

     856        22,538   

Ventas, Inc.

     384        22,575   

Vornado Realty Trust

     261        22,404   

Weingarten Realty Investors

     829        22,018   

Weyerhaeuser Co.

     995        20,258   
   

 

 

  

Total Real Estate Investment Trusts (REITs)

       1,035,344   
   

 

 

  

Real Estate Management & Development - 0.3%

  

CBRE Group, Inc.*

     1,074        20,202   

Forest City Enterprises, Inc. — Class A*

     1,448        23,096   

Howard Hughes Corp. (The)*

     343        23,019   

Jones Lang LaSalle, Inc.

     260        20,784   

St Joe Co. (The)*

     1,145        20,415   
   

 

 

  

Total Real Estate Management & Development

       107,516   
   

 

 

  

Road & Rail - 0.7%

  

Con-way, Inc.

     983        31,948   

CSX Corp.

     1,480        33,019   

Hertz Global Holdings, Inc.*

     1,746        26,906   

JB Hunt Transport Services, Inc.

     595        32,921   

Kansas City Southern

     455        35,044   

Landstar System, Inc.

     562        30,106   

Norfolk Southern Corp.

     493        35,954   

Ryder System, Inc.

     616        30,012   

Union Pacific Corp.

     296        33,282   
   

 

 

  

Total Road & Rail

       289,192   
   

 

 

  

Semiconductors & Semiconductor Equipment - 3.1%

  

Advanced Micro Devices, Inc.*

     4,524        33,297   

Altera Corp.

     942        33,507   

Analog Devices, Inc.

     918        35,784   

Applied Materials, Inc.

     2,890        34,651   

Atmel Corp.*

     3,566        31,630   

Avago Technologies Ltd.

     955        32,928   

Broadcom Corp. — Class A*

     951        34,807   

Cree, Inc.*

     1,176        36,338   

Cypress Semiconductor Corp.*

     2,340        36,270   

Fairchild Semiconductor International, Inc.*

     2,487        35,241   

First Solar, Inc.*

     2,313        42,559   

Freescale Semiconductor Holdings I Ltd.*

     2,323        28,829   

Intel Corp.

     1,314        37,318   

International Rectifier Corp.*

     1,590        34,710   

Intersil Corp. — Class A

     3,244        33,316   
     SHARES     MARKET
VALUE		  
   

KLA-Tencor Corp.

     681      $ 35,514   

Lam Research Corp.*

     825        34,361   

Linear Technology Corp.

     1,106        36,177   

LSI Corp.*

     4,278        34,395   

Marvell Technology Group Ltd.*

     2,352        35,304   

Maxim Integrated Products, Inc.

     1,283        37,951   

MEMC Electronic Materials, Inc.*

     9,523        34,188   

Microchip Technology, Inc.

     1,004        35,481   

Micron Technology, Inc.*

     4,321        28,475   

Novellus Systems, Inc.*

     739        34,548   

NVIDIA Corp.*

     2,500        32,500   

ON Semiconductor Corp.*

     4,108        33,932   

PMC — Sierra, Inc.*

     5,110        36,128   

Silicon Laboratories, Inc.*

     845        29,989   

Skyworks Solutions, Inc.*

     1,295        35,146   

SunPower Corp.*

     9,095        51,023   

Teradyne, Inc.*

     2,149        36,984   

Texas Instruments, Inc.

     1,094        34,942   

Xilinx, Inc.

     1,017        36,999   
   

 

 

  

Total Semiconductors & Semiconductor Equipment

       1,195,222   
   

 

 

  

Software - 2.5%

  

Activision Blizzard, Inc.

     2,881        37,078   

Adobe Systems, Inc.*

     1,070        35,909   

ANSYS, Inc.*

     560        37,559   

Ariba, Inc.*

     1,115        42,593   

Autodesk, Inc.*

     878        34,567   

BMC Software, Inc.*

     927        38,248   

CA, Inc.

     1,329        35,112   

Cadence Design Systems, Inc.*

     3,051        35,605   

Citrix Systems, Inc.*

     467        39,980   

Compuware Corp.*

     3,933        34,296   

Electronic Arts, Inc.*

     2,177        33,482   

Factset Research Systems, Inc.

     220        23,069   

Fortinet, Inc.*

     1,366        35,680   

Informatica Corp.*

     706        32,490   

Intuit, Inc.

     623        36,115   

MICROS Systems, Inc.*

     673        38,247   

Microsoft Corp.

     1,139        36,471   

Nuance Communications, Inc.*

     1,447        35,365   

Oracle Corp.

     1,262        37,090   

Red Hat, Inc.*

     714        42,562   

Rovi Corp.*

     1,139        32,575   

Salesforce.com, Inc.*

     241        37,531   

Solera Holdings, Inc.

     786        35,323   

Symantec Corp.*

     1,994        32,941   

Synopsys, Inc.*

     1,212        36,372   

TIBCO Software, Inc.*

     1,176        38,690   

VMware, Inc. — Class A*

     341        38,097   

Zynga, Inc. — Class A*

     2,846        23,736   
   

 

 

  

Total Software

       996,783   
   

 

 

  

Specialty Retail - 2.1%

  

Aaron’s, Inc.

     1,001        27,197   

Abercrombie & Fitch Co. — Class A

     510        25,587   
 

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       63

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (concluded)   April 30, 2012

 

 

GUGGENHEIM RUSSELL 1000® EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

Advance Auto Parts, Inc.

     288      $ 26,438   

American Eagle Outfitters, Inc.

     1,490        26,835   

AutoNation, Inc.*

     737        25,485   

AutoZone, Inc.*

     69        27,335   

Bed Bath & Beyond, Inc.*

     387        27,241   

Best Buy Co., Inc.

     969        21,386   

CarMax, Inc.*

     750        23,153   

Chico’s FAS, Inc.

     1,704        26,173   

Dick’s Sporting Goods, Inc.

     532        26,919   

DSW, Inc. — Class A

     475        26,723   

Foot Locker, Inc.

     825        25,237   

GameStop Corp. — Class A

     1,098        24,990   

Gap, Inc. (The)

     978        27,873   

Guess?, Inc.

     820        24,010   

Home Depot, Inc.

     521        26,983   

Limited Brands, Inc.

     526        26,142   

Lowe’s Cos., Inc.

     837        26,340   

O’Reilly Automotive, Inc.*

     286        30,162   

PetSmart, Inc.

     450        26,217   

RadioShack Corp.

     4,026        20,855   

Ross Stores, Inc.

     442        27,223   

Sally Beauty Holdings, Inc.*

     1,035        27,531   

Signet Jewelers Ltd.

     527        25,702   

Staples, Inc.

     1,570        24,178   

Tiffany & Co.

     364        24,919   

TJX Cos., Inc.

     660        27,529   

Tractor Supply Co.

     287        28,244   

Ulta Salon Cosmetics & Fragrance, Inc.

     278        24,514   

Urban Outfitters, Inc.*

     878        25,427   

Williams-Sonoma, Inc.

     670        25,922   
   

 

 

  

Total Specialty Retail

       830,470   
   

 

 

  

Textiles, Apparel & Luxury Goods - 0.6%

  

Coach, Inc.

     331        24,216   

Deckers Outdoor Corp.*

     396        20,200   

Fossil, Inc.*

     195        25,481   

Hanesbrands, Inc.*

     883        24,918   

Michael Kors Holdings Ltd.*

     561        25,621   

NIKE, Inc. — Class B

     242        27,072   

PVH Corp.

     290        25,752   

Ralph Lauren Corp.

     148        25,496   

Under Armour, Inc. — Class A*

     267        26,147   

V.F. Corp.

     173        26,305   
   

 

 

  

Total Textiles, Apparel & Luxury Goods

       251,208   
   

 

 

  

Thrifts & Mortgage Finance - 0.4%

  

BankUnited, Inc.

     890        21,894   

Capitol Federal Financial, Inc.

     1,851        21,860   

Hudson City Bancorp, Inc.

     3,017        21,300   
     SHARES     MARKET
VALUE		  
   

New York Community Bancorp, Inc.

     1,608      $ 21,692   

People’s United Financial, Inc.

     1,647        20,324   

TFS Financial Corp.*

     2,302        22,629   

Washington Federal, Inc.

     1,306        22,907   
   

 

 

  

Total Thrifts & Mortgage Finance

       152,606   
   

 

 

  

Tobacco - 0.9%

  

Altria Group, Inc.

     2,940        94,698   

Lorillard, Inc.

     683        92,403   

Philip Morris International, Inc.

     1,028        92,016   

Reynolds American, Inc.

     2,176        88,846   
   

 

 

  

Total Tobacco

       367,963   
   

 

 

  

Trading Companies & Distributors - 0.5%

  

Air Lease Corp.*

     1,311        30,835   

Fastenal Co.

     1,077        50,425   

GATX Corp.

     782        33,525   

MSC Industrial Direct Co. — Class A

     392        28,894   

W.W. Grainger, Inc.

     149        30,965   

WESCO International, Inc.*

     493        32,730   
   

 

 

  

Total Trading Companies & Distributors

       207,374   
   

 

 

  

Water Utilities - 0.4%

  

American Water Works Co., Inc.

     2,024        69,302   

Aqua America, Inc.

     3,078        69,901   
   

 

 

  

Total Water Utilities

       139,203   
   

 

 

  

Wireless Telecommunication Services - 1.1%

  

Clearwire Corp. — Class A*

     29,438        43,127   

Crown Castle International Corp.*

     697        39,457   

MetroPCS Communications, Inc.*

     7,384        53,903   

NII Holdings, Inc.*

     3,791        53,055   

SBA Communications Corp. — Class A*

     731        39,284   

Sprint Nextel Corp.*

     24,341        60,366   

Telephone & Data Systems, Inc.

     2,958        71,850   

United States Cellular Corp.*

     1,684        66,046   
   

 

 

  

Total Wireless Telecommunication Services

       427,088   
   

 

 

  

Total Common Stocks
(Cost $37,951,309)

       39,193,913   
   

 

 

  

SHORT TERM INVESTMENTS - 0.1%

  

SSgA Government Money Market Fund

     44,878        44,878   
   

 

 

  

Total Short Term Investments
(Cost $44,878)

       44,878   
   

 

 

  

Total Investments - 100.0%a
(Cost $37,996,187)

       39,238,791   
   

 

 

  

Other Assets and Liabilities, net - 0.0%b

  

     11,138   
   

 

 

  

Net Assets - 100.0%

           $ 39,249,929   
 
*   Non-Income Producing Security.
a   

Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs.

b   

Amount represents less than 0.05% of net assets.

     REIT — Real Estate Investment Trust
    Tracking Stock — A security issued by a parent company that tracks the performance of a particular division.

 

64     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited)   April 30, 2012

 

 

GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

COMMON STOCKS - 99.6%

  

Aerospace & Defense - 1.0%

  

AAR Corp.

     450      $ 6,952   

Aerovironment, Inc.*

     312        7,588   

American Science & Engineering, Inc.

     110        7,184   

Astronics Corp.*

     234        7,429   

Ceradyne, Inc.

     258        6,533   

Cubic Corp.

     177        8,183   

Curtiss-Wright Corp.

     222        7,834   

DigitalGlobe, Inc.*

     571        7,006   

Ducommun, Inc.*

     639        7,540   

Esterline Technologies Corp.*

     114        7,808   

GenCorp, Inc.*

     1,241        8,526   

GeoEye, Inc.*

     311        7,128   

HEICO Corp.

     198        7,963   

Hexcel Corp.*

     748        20,480   

KEYW Holding Corp. (The)*

     1,024        9,626   

Kratos Defense & Security Solutions, Inc.*

     1,456        8,081   

LMI Aerospace, Inc.*

     442        8,084   

Moog, Inc. — Class A*

     189        7,989   

National Presto Industries, Inc.

     98        7,225   

Orbital Sciences Corp.*

     631        7,925   

Taser International, Inc.*

     1,823        8,386   

Teledyne Technologies, Inc.*

     134        8,659   

Triumph Group, Inc.

     129        8,104   
   

 

 

  

Total Aerospace & Defense

       192,233   
   

 

 

  

Air Freight & Logistics - 0.3%

  

Air Transport Services Group, Inc.*

     1,485        7,870   

Atlas Air Worldwide Holdings, Inc.*

     172        7,921   

Echo Global Logistics, Inc.*

     501        8,532   

Forward Air Corp.

     232        7,837   

HUB Group, Inc. — Class A*

     232        8,120   

Pacer International, Inc.*

     1,366        8,210   

Park-Ohio Holdings Corp.*

     407        8,787   
   

 

 

  

Total Air Freight & Logistics

       57,277   
   

 

 

  

Airlines - 0.4%

  

Alaska Air Group, Inc.*

     236        7,977   

Allegiant Travel Co.*

     156        9,167   

Hawaiian Holdings, Inc.*

     1,589        8,994   

JetBlue Airways Corp.*

     1,654        7,856   

Republic Airways Holdings, Inc.*

     1,701        8,658   

SkyWest, Inc.

     752        6,760   

Spirit Airlines, Inc.*

     430        10,329   

US Airways Group, Inc.*

     1,109        11,378   
   

 

 

  

Total Airlines

       71,119   
   

 

 

  

Auto Components - 0.6%

  

American Axle & Manufacturing Holdings, Inc.*

     651        6,308   

Amerigon, Inc.*

     481        6,878   

Cooper Tire & Rubber Co.

     475        7,101   

Dana Holding Corp.

     473        6,915   

Dorman Products, Inc.*

     151        7,215   
     SHARES     MARKET
VALUE		  
   

Drew Industries, Inc.*

     277      $ 8,249   

Exide Technologies*

     2,407        6,932   

Fuel Systems Solutions, Inc.*

     278        6,519   

Modine Manufacturing Co.*

     949        7,497   

Motorcar Parts of America, Inc.*

     769        5,814   

Spartan Motors, Inc.

     1,522        6,621   

Standard Motor Products, Inc.

     416        6,269   

Stoneridge, Inc.*

     709        6,112   

Superior Industries International, Inc.

     388        6,639   

Tenneco, Inc.*

     201        6,197   

Tower International, Inc.*

     577        6,139   
   

 

 

  

Total Auto Components

       107,405   
   

 

 

  

Automobiles - 0.0%a

  

Winnebago Industries, Inc.*

     766        7,469   
   

 

 

  

Total Automobiles

       7,469   
   

 

 

  

Beverages - 0.9%

  

Boston Beer Co., Inc. — Class A*

     422        43,601   

Central European Distribution Corp.*

     8,205        40,040   

Coca-Cola Bottling Co. Consolidated

     707        45,354   

National Beverage Corp.*

     2,754        40,925   
   

 

 

  

Total Beverages

       169,920   
   

 

 

  

Biotechnology - 3.7%

  

Achillion Pharmaceuticals, Inc.*

     778        5,174   

Acorda Therapeutics, Inc.*

     291        7,345   

Aegerion Pharmaceuticals, Inc.*

     542        6,748   

Affymax, Inc.*

     550        7,211   

Alkermes PLC*

     462        7,993   

Allos Therapeutics, Inc.*

     5,306        9,657   

Alnylam Pharmaceuticals, Inc.*

     693        7,893   

AMAG Pharmaceuticals, Inc.*

     487        7,626   

Amicus Therapeutics, Inc.*

     1,387        6,769   

Anacor Pharmaceuticals, Inc.*

     1,231        6,832   

Anthera Pharmaceuticals, Inc.*

     3,474        5,419   

Ardea Biosciences, Inc.*

     341        10,864   

Arena Pharmaceuticals, Inc.*

     2,409        5,878   

Ariad Pharmaceuticals, Inc.*

     488        7,954   

ArQule, Inc.*

     1,074        7,572   

Array Biopharma, Inc.*

     2,409        8,407   

Astex Pharmaceuticals, Inc.*

     4,387        7,721   

AVEO Pharmaceuticals, Inc.*

     606        6,969   

AVI BioPharma, Inc.*

     4,970        4,146   

BioCryst Pharmaceuticals, Inc.*

     1,507        5,455   

BioMimetic Therapeutics, Inc.*

     3,385        9,038   

Biosante Pharmaceuticals, Inc.*

     11,036        6,070   

Biospecifics Technologies Corp.*

     487        7,183   

Biotime, Inc.*

     1,616        6,125   

Cell Therapeutics, Inc.*

     5,774        6,409   

Celldex Therapeutics, Inc.*

     1,482        6,758   

Cepheid, Inc.*

     182        6,991   

Chelsea Therapeutics International Ltd.*

     2,066        4,380   

ChemoCentryx, Inc.*

     693        11,920   

Cleveland Biolabs, Inc.*

     2,689        5,217   

Clovis Oncology, Inc.*

     308        5,522   
 

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       65

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   April 30, 2012

 

GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

Codexis, Inc.*

     2,134      $ 7,725   

Cubist Pharmaceuticals, Inc.*

     178        7,526   

Curis, Inc.*

     1,599        7,659   

Cytori Therapeutics, Inc.*

     2,930        6,944   

Dusa Pharmaceuticals, Inc.*

     1,227        7,190   

Dyax Corp.*

     5,001        8,152   

Dynavax Technologies Corp.*

     1,671        8,372   

Emergent Biosolutions, Inc.*

     488        6,861   

Enzon Pharmaceuticals, Inc.*

     1,088        6,778   

Exact Sciences Corp.*

     768        8,271   

Exelixis, Inc.*

     1,380        6,624   

Genomic Health, Inc.*

     250        7,165   

Geron Corp.*

     4,338        7,288   

GTx, Inc.*

     2,040        6,385   

Halozyme Therapeutics, Inc.*

     588        4,757   

Idenix Pharmaceuticals, Inc.*

     750        6,578   

Immunogen, Inc.*

     555        7,076   

Immunomedics, Inc.*

     2,111        7,578   

Incyte Corp., Ltd.*

     400        9,072   

Infinity Pharmaceuticals, Inc.*

     669        9,032   

Insmed, Inc.*

     2,105        6,083   

InterMune, Inc.*

     551        5,752   

Ironwood Pharmaceuticals, Inc.*

     570        7,530   

Isis Pharmaceuticals, Inc.*

     860        6,880   

Keryx Biopharmaceuticals, Inc.*

     1,619        2,558   

Lexicon Pharmaceuticals, Inc.*

     4,027        6,524   

Ligand Pharmaceuticals, Inc. — Class B*

     439        5,931   

MannKind Corp.*

     3,128        7,038   

Maxygen, Inc.*

     1,359        7,678   

Medivation, Inc.*

     106        8,573   

Metabolix, Inc.*

     2,351        6,371   

Momenta Pharmaceuticals, Inc.*

     512        8,131   

Nabi Biopharmaceuticals*

     4,244        7,087   

Neurocrine Biosciences, Inc.*

     1,009        7,497   

NewLink Genetics Corp.*

     831        9,673   

Novavax, Inc.*

     5,949        8,091   

NPS Pharmaceuticals, Inc.*

     1,128        8,076   

Nymox Pharmaceutical Corp.*

     959        7,816   

OncoGenex Pharmaceutical, Inc.*

     573        7,449   

Oncothyreon, Inc.*

     1,757        7,538   

Onyx Pharmaceuticals, Inc.*

     206        9,375   

Opko Health, Inc.*

     1,636        7,771   

Orexigen Therapeutics, Inc.*

     1,696        5,936   

Osiris Therapeutics, Inc.*

     1,490        7,912   

PDL BioPharma, Inc.

     1,225        7,705   

Peregrine Pharmaceuticals, Inc.*

     14,277        6,710   

Pharmacyclics, Inc.*

     274        7,551   

PharmAthene, Inc.*

     4,619        7,483   

Progenics Pharmaceuticals, Inc.*

     785        8,627   

Raptor Pharmaceutical Corp.*

     1,130        6,622   

Rigel Pharmaceuticals, Inc.*

     978        7,560   

Sangamo Biosciences, Inc.*

     1,496        6,956   

Savient Pharmaceuticals, Inc.*

     3,619        8,577   
     SHARES     MARKET
VALUE		  
   

Sciclone Pharmaceuticals, Inc.*

     1,229      $ 7,362   

Seattle Genetics, Inc.*

     378        7,473   

SIGA Technologies, Inc.*

     2,337        7,712   

Spectrum Pharmaceuticals, Inc.*

     606        6,442   

Sunesis Pharmaceuticals, Inc.*

     3,104        8,536   

Synta Pharmaceuticals Corp.*

     1,749        7,608   

Targacept, Inc.*

     1,487        7,063   

Theravance, Inc.*

     393        8,505   

Trius Therapeutics, Inc.*

     1,534        8,238   

Vanda Pharmaceuticals, Inc.*

     1,593        7,057   

Verastem, Inc.*

     731        7,588   

Vical, Inc.*

     2,365        7,379   

Zalicus, Inc.*

     7,271        7,635   

ZIOPHARM Oncology, Inc.*

     1,428        6,797   
   

 

 

  

Total Biotechnology

       712,735   
   

 

 

  

Building Products - 1.3%

  

AAON, Inc.

     865        17,646   

Ameresco, Inc. — Class A*

     1,496        18,236   

American Woodmark Corp.

     407        7,306   

AO Smith Corp.

     187        8,901   

Apogee Enterprises, Inc.

     1,393        21,396   

Builders FirstSource, Inc.*

     4,085        17,034   

Gibraltar Industries, Inc.*

     1,184        16,008   

Griffon Corp.

     1,687        16,718   

Insteel Industries, Inc.

     1,473        16,748   

NCI Building Systems, Inc.*

     1,537        18,429   

Quanex Building Products Corp.

     1,037        19,112   

Simpson Manufacturing Co., Inc.

     560        17,377   

Trex Co., Inc.*

     565        18,080   

Universal Forest Products, Inc.

     532        19,897   

USG Corp.*

     991        17,888   
   

 

 

  

Total Building Products

       250,776   
   

 

 

  

Capital Markets - 1.6%

  

Apollo Investment Corp.

     744        5,394   

Arlington Asset Investment
Corp. — Class A

     223        5,243   

Artio Global Investors, Inc.

     1,021        3,696   

BGC Partners, Inc. — Class A

     679        4,733   

BlackRock Kelso Capital Corp.

     514        4,960   

Calamos Asset Management,
Inc. — Class A

     387        5,000   

Capital Southwest Corp.

     53        5,073   

CIFC Corp.*

     971        5,807   

Cohen & Steers, Inc.

     162        5,709   

Cowen Group, Inc. — Class A*

     1,756        4,425   

Diamond Hill Investment Group, Inc.

     68        5,161   

Duff & Phelps Corp. — Class A

     316        5,024   

Edelman Financial Group, Inc.

     702        6,199   

Epoch Holding Corp.

     199        5,373   

Evercore Partners, Inc. — Class A

     169        4,467   

FBR & Co.*

     1,969        5,218   

Fidus Investment Corp.

     381        5,166   

Fifth Street Finance Corp.

     518        5,087   
 

 

66     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   April 30, 2012

 

 

GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

Financial Engines, Inc.*

     223      $ 5,093   

FXCM, Inc. — Class A

     372        4,308   

GAMCO Investors, Inc. — Class A

     103        4,641   

GFI Group, Inc.

     1,311        4,326   

Gladstone Capital Corp.

     609        4,878   

Gladstone Investment Corp.

     643        4,771   

Gleacher & Co., Inc.*

     3,612        3,756   

Golub Capital BDC, Inc.

     346        5,142   

Harris & Harris Group, Inc.*

     1,126        4,538   

Hercules Technology Growth Capital, Inc.

     456        5,203   

HFF, Inc. — Class A*

     305        4,984   

ICG Group, Inc.*

     847        8,030   

INTL FCStone, Inc.*

     228        4,902   

Investment Technology Group, Inc.*

     411        4,192   

JMP Group, Inc.

     661        4,898   

KBW, Inc.

     267        4,550   

Knight Capital Group, Inc. — Class A*

     378        4,967   

Kohlberg Capital Corp.

     714        4,405   

Ladenburg Thalmann Financial Services, Inc.*

     2,685        4,430   

Main Street Capital Corp.

     206        5,276   

Manning & Napier, Inc.

     335        4,858   

MCG Capital Corp.

     1,146        4,802   

Medallion Financial Corp.

     446        4,875   

Medley Capital Corp.

     448        5,058   

MVC Capital, Inc.

     382        5,042   

New Mountain Finance Corp.

     379        5,120   

NGP Capital Resources Co.

     746        4,543   

Oppenheimer Holdings, Inc. — Class A

     275        4,692   

PennantPark Investment Corp.

     474        4,953   

Piper Jaffray Cos.*

     187        4,535   

Prospect Capital Corp.

     461        5,034   

Pzena Investment Management, Inc. — Class A

     796        4,688   

Safeguard Scientifics, Inc.*

     440        7,198   

Solar Capital Ltd.

     232        4,816   

Solar Senior Capital Ltd.

     311        5,041   

Stifel Financial Corp.*

     129        4,698   

SWS Group, Inc.

     861        4,856   

THL Credit, Inc.

     393        4,952   

TICC Capital Corp.

     523        4,817   

Triangle Capital Corp.

     260        5,255   

Virtus Investment Partners, Inc.*

     61        5,148   

Walter Investment Management Corp.

     214        4,329   

Westwood Holdings Group, Inc.

     130        4,781   
   

 

 

  

Total Capital Markets

       303,116   
   

 

 

  

Chemicals - 3.2%

  

A. Schulman, Inc.

     667        16,415   

American Vanguard Corp.

     867        21,675   

Balchem Corp.

     617        17,831   

Calgon Carbon Corp.*

     1,162        16,082   

Chase Corp.

     1,134        16,840   

Chemtura Corp.*

     1,070        18,211   
     SHARES     MARKET
VALUE		  
   

Ferro Corp.*

     2,956      $ 15,342   

Flotek Industries, Inc.*

     1,658        22,615   

FutureFuel Corp.

     1,649        16,226   

Georgia Gulf Corp.*

     536        19,001   

GSE Holding, Inc.*

     629        7,957   

H.B. Fuller Co.

     579        19,049   

Hawkins, Inc.

     477        16,566   

Innophos Holdings, Inc.

     378        18,586   

Innospec, Inc.*

     591        17,866   

KMG Chemicals, Inc.

     967        16,671   

Koppers Holdings, Inc.

     480        18,663   

Kraton Performance Polymers, Inc.*

     682        17,732   

Landec Corp.*

     2,773        17,858   

LSB Industries, Inc.*

     467        15,841   

Minerals Technologies, Inc.

     278        18,654   

NewMarket Corp.

     97        21,652   

Olin Corp.

     831        17,418   

OM Group, Inc.*

     658        15,871   

Omnova Solutions, Inc.*

     2,707        21,223   

PolyOne Corp.

     1,268        17,575   

Quaker Chemical Corp.

     464        20,138   

Senomyx, Inc.*

     6,162        13,495   

Sensient Technologies Corp.

     489        18,166   

Spartech Corp.*

     3,466        16,914   

Stepan Co.

     208        18,899   

TPC Group, Inc.*

     431        18,093   

Tredegar Corp.

     917        15,910   

Zep, Inc.

     1,229        17,513   

Zoltek Cos., Inc.*

     1,796        19,810   
   

 

 

  

Total Chemicals

       618,358   
   

 

 

  

Commercial Banks - 3.6%

  

1st Source Corp.

     198        4,493   

1st United Bancorp, Inc.*

     812        4,921   

Alliance Financial Corp.

     162        4,943   

Ameris Bancorp*

     379        4,700   

Ames National Corp.

     219        4,836   

Arrow Financial Corp.

     205        4,908   

Bancfirst Corp.

     116        4,837   

Banco Latinoamericano de Comercio Exterior SA — Class E

     237        4,941   

Bancorp, Inc. (The)*

     513        5,269   

BancorpSouth, Inc.

     366        4,930   

Bank of Kentucky Financial Corp.

     181        4,563   

Bank of Marin Bancorp

     126        4,671   

Bank of the Ozarks, Inc.

     160        4,944   

Banner Corp.

     224        4,917   

BBCN Bancorp, Inc.*

     454        4,985   

Boston Private Financial Holdings, Inc.

     503        4,688   

Bridge Bancorp, Inc.

     228        4,441   

Bridge Capital Holdings*

     384        5,871   

Bryn Mawr Bank Corp.

     222        4,771   

Camden National Corp.

     137        4,455   

Capital Bank Corp.*

     2,232        5,134   

Capital City Bank Group, Inc.

     681        5,686   
 

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       67

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   April 30, 2012

 

GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

Cardinal Financial Corp.

     448      $ 5,407   

Cascade Bancorp*

     837        4,763   

Cathay General Bancorp

     282        4,856   

Center Bancorp, Inc.

     490        5,179   

Centerstate Banks, Inc.

     626        5,033   

Central Pacific Financial Corp.*

     366        5,205   

Century Bancorp, Inc. — Class A

     176        4,835   

Chemical Financial Corp.

     217        4,789   

Citizens & Northern Corp.

     241        4,565   

City Holding Co.

     143        4,769   

CNB Financial Corp.

     294        4,833   

CoBiz Financial, Inc.

     705        4,406   

Columbia Banking System, Inc.

     221        4,528   

Community Bank System, Inc.

     173        4,865   

Community Trust Bancorp, Inc.

     156        4,984   

CVB Financial Corp.

     430        4,975   

Eagle Bancorp, Inc.*

     290        5,159   

Encore Bancshares, Inc.*

     247        5,066   

Enterprise Bancorp, Inc.

     299        4,811   

Enterprise Financial Services Corp.

     419        5,066   

Financial Institutions, Inc.

     299        5,059   

First Bancorp

     448        4,489   

First Bancorp., Inc.

     332        4,817   

First Busey Corp.

     998        4,631   

First Commonwealth Financial Corp.

     800        5,144   

First Community Bancshares, Inc.

     368        4,928   

First Connecticut Bancorp, Inc.

     374        4,933   

First Financial Bancorp

     292        4,909   

First Financial Bankshares, Inc.

     141        4,771   

First Financial Corp.

     156        4,680   

First Interstate Bancsystem, Inc.

     335        4,720   

First Merchants Corp.

     415        5,117   

First Midwest Bancorp, Inc.

     412        4,388   

First of Long Island Corp. (The)

     187        5,148   

FirstMerit Corp.

     294        4,939   

FNB Corp.

     411        4,665   

German American Bancorp, Inc.

     244        4,646   

Glacier Bancorp, Inc.

     334        4,977   

Great Southern Bancorp, Inc.

     205        4,928   

Hampton Roads Bankshares, Inc.*

     1,615        5,103   

Hancock Holding Co.

     139        4,473   

Hanmi Financial Corp.*

     493        5,142   

Heartland Financial USA, Inc.

     291        5,389   

Heritage Commerce Corp.*

     792        5,338   

Heritage Financial Corp.

     364        4,768   

Home Bancshares, Inc.

     187        5,449   

Hudson Valley Holding Corp.

     305        5,591   

Iberiabank Corp.

     92        4,698   

Independent Bank Corp.

     175        4,912   

International Bancshares Corp.

     231        4,558   

Investors Bancorp, Inc.*

     334        5,157   

Lakeland Bancorp, Inc.

     489        4,469   

Lakeland Financial Corp.

     194        5,052   

MainSource Financial Group, Inc.

     429        5,015   
     SHARES     MARKET
VALUE		  
   

MB Financial, Inc.

     236      $ 4,878   

Merchants Bancshares, Inc.

     181        4,865   

Metro Bancorp, Inc.*

     427        4,940   

Midsouth Bancorp, Inc.

     369        5,203   

National Bankshares, Inc.

     169        5,021   

National Penn Bancshares, Inc.

     559        5,154   

NBT Bancorp, Inc.

     227        4,665   

Old National Bancorp

     385        4,936   

OmniAmerican Bancorp, Inc.*

     252        5,053   

Oriental Financial Group, Inc.

     409        4,834   

Orrstown Financial Services, Inc.

     546        4,221   

Pacific Capital Bancorp NA*

     111        5,056   

Pacific Continental Corp.

     523        4,649   

PacWest Bancorp

     210        5,002   

Park National Corp.

     71        4,775   

Park Sterling Corp.*

     1,037        4,884   

Penns Woods Bancorp, Inc.

     120        4,733   

Peoples Bancorp, Inc.

     287        5,278   

Pinnacle Financial Partners, Inc.*

     276        5,051   

PrivateBancorp, Inc.

     329        5,175   

Prosperity Bancshares, Inc.

     108        5,038   

Renasant Corp.

     307        4,912   

Republic Bancorp, Inc. — Class A

     206        4,847   

S&T Bancorp, Inc.

     229        4,287   

S.Y. Bancorp, Inc.

     214        4,965   

Sandy Spring Bancorp, Inc.

     269        4,845   

SCBT Financial Corp.

     151        5,193   

Seacoast Banking Corp. of Florida*

     2,657        4,304   

Sierra Bancorp

     501        4,589   

Signature Bank*

     76        4,992   

Simmons First National Corp. — Class A

     195        4,746   

Southside Bancshares, Inc.

     238        4,862   

Southwest Bancorp, Inc.*

     551        5,009   

State Bank Financial Corp.*

     287        4,951   

StellarOne Corp.

     413        5,167   

Sterling Bancorp

     511        4,860   

Sterling Financial Corp.*

     232        4,505   

Suffolk Bancorp*

     366        4,348   

Sun Bancorp, Inc.*

     1,451        4,193   

Susquehanna Bancshares, Inc.

     495        5,133   

SVB Financial Group*

     76        4,871   

Taylor Capital Group, Inc.*

     351        4,886   

Texas Capital Bancshares, Inc.*

     144        5,430   

Tompkins Financial Corp.

     121        4,580   

TowneBank

     351        4,570   

Trico Bancshares

     293        4,817   

Trustmark Corp.

     198        5,039   

UMB Financial Corp.

     110        5,286   

Umpqua Holdings Corp.

     368        4,872   

Union First Market Bankshares Corp.

     349        4,872   

United Bankshares, Inc.

     170        4,493   

United Community Banks, Inc.*

     504        4,743   

Univest Corp. of Pennsylvania

     294        4,733   
 

 

68     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   April 30, 2012

 

GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

Virginia Commerce Bancorp, Inc.*

     546      $ 4,275   

Washington Banking Co.

     356        4,963   

Washington Trust Bancorp, Inc.

     204        4,829   

Webster Financial Corp.

     225        5,114   

WesBanco, Inc.

     244        4,997   

West Bancorp, Inc.

     506        4,858   

West Coast Bancorp*

     256        5,002   

Westamerica Bancorp

     104        4,770   

Western Alliance Bancorp*

     587        5,154   

Wilshire Bancorp, Inc.*

     1,021        5,473   

Wintrust Financial Corp.

     140        5,058   
   

 

 

  

Total Commercial Banks

       684,805   
   

 

 

  

Commercial Services & Supplies - 2.1%

  

ABM Industries, Inc.

     346        8,055   

ACCO Brands Corp.*

     659        6,952   

American Reprographics Co.*

     1,349        7,366   

AT Cross Co. — Class A*

     690        7,921   

Brink’s Co. (The)

     333        8,458   

Casella Waste Systems, Inc. — Class A*

     1,165        7,025   

Cenveo, Inc.*

     2,326        6,652   

Clean Harbors, Inc.*

     121        8,257   

Consolidated Graphics, Inc.*

     182        7,278   

Courier Corp.

     663        6,809   

Deluxe Corp.

     348        8,286   

Encore Capital Group, Inc.*

     224        5,309   

EnergySolutions, Inc.*

     1,635        6,883   

EnerNOC, Inc.*

     2,727        16,389   

Ennis, Inc.

     524        8,258   

Fuel Tech, Inc.*

     1,495        6,922   

G&K Services, Inc. — Class A

     245        8,051   

Geo Group, Inc. (The)*

     449        9,299   

Healthcare Services Group, Inc.

     381        8,085   

Heritage-Crystal Clean, Inc.*

     415        8,777   

Herman Miller, Inc.

     365        7,128   

HNI Corp.

     302        7,284   

InnerWorkings, Inc.*

     719        8,276   

Interface, Inc. — Class A

     1,349        19,102   

Intersections, Inc.

     372        4,475   

Kimball International, Inc. — Class B

     1,185        8,094   

Knoll, Inc.

     506        7,484   

McGrath Rentcorp

     257        7,561   

Metalico, Inc.*

     1,915        6,205   

Mine Safety Appliances Co.

     200        8,492   

Mobile Mini, Inc.*

     387        7,299   

Multi-Color Corp.

     363        7,739   

NL Industries, Inc.

     1,207        16,982   

Portfolio Recovery Associates, Inc.*

     69        4,749   

Quad/Graphics, Inc.

     576        7,741   

Rollins, Inc.

     396        8,415   

Schawk, Inc.

     666        8,971   

Standard Parking Corp.*

     405        7,719   

Steelcase, Inc. — Class A

     866        7,482   

Swisher Hygiene, Inc.*

     2,750        6,188   

SYKES Enterprises, Inc.*

     541        8,575   
     SHARES     MARKET
VALUE		  
   

Team, Inc.*

     259      $ 7,674   

Tetra Tech, Inc.*

     321        8,571   

TMS International Corp. — Class A*

     1,432        17,299   

TRC Cos., Inc.*

     1,230        8,093   

Unifirst Corp.

     139        8,446   

United Stationers, Inc.

     275        7,799   

US Ecology, Inc.

     390        8,455   

Viad Corp.

     390        7,051   
   

 

 

  

Total Commercial Services & Supplies

       410,381   
   

 

 

  

Communications Equipment - 1.4%

  

ADTRAN, Inc.

     246        7,508   

Anaren, Inc.*

     426        7,685   

Arris Group, Inc.*

     695        8,986   

Aruba Networks, Inc.*

     325        6,864   

Aviat Networks, Inc.*

     2,563        6,536   

Bel Fuse, Inc. — Class B

     393        6,991   

Black Box Corp.

     295        6,670   

Calix, Inc.*

     828        6,591   

Communications Systems, Inc.

     556        7,234   

Comtech Telecommunications Corp.

     230        7,112   

Digi International, Inc.*

     698        6,477   

Emcore Corp.*

     1,580        7,142   

Emulex Corp.*

     720        6,250   

Extreme Networks*

     1,970        7,545   

Finisar Corp.*

     380        6,278   

Globecomm Systems, Inc.*

     530        7,515   

Harmonic, Inc.*

     1,363        6,433   

Infinera Corp.*

     939        6,723   

InterDigital, Inc.

     214        5,932   

Ixia*

     601        7,573   

KVH Industries, Inc.*

     721        7,196   

Loral Space & Communications, Inc.

     96        5,957   

Meru Networks, Inc.*

     1,790        5,084   

Netgear, Inc.*

     197        7,584   

Numerex Corp. — Class A*

     762        7,224   

Oclaro, Inc.*

     1,757        5,043   

Oplink Communications, Inc.*

     443        7,017   

Opnext, Inc.*

     4,429        5,270   

Plantronics, Inc.

     192        7,357   

Powerwave Technologies, Inc.*

     3,580        4,045   

Procera Networks, Inc.*

     338        7,017   

ShoreTel, Inc.*

     1,354        6,486   

Sonus Networks, Inc.*

     2,642        7,477   

Sycamore Networks, Inc.*

     421        6,563   

Symmetricom, Inc.*

     1,321        7,345   

Ubiquiti Networks, Inc.*

     239        7,892   

ViaSat, Inc.*

     161        7,776   

Westell Technologies, Inc. — Class A*

     3,219        7,339   
   

 

 

  

Total Communications Equipment

       259,717   
   

 

 

  

Computers & Peripherals - 0.7%

  

3D Systems Corp.*

     325        9,584   

Avid Technology, Inc.*

     683        5,935   

Cray, Inc.*

     1,019        11,362   
 

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       69

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   April 30, 2012

 

GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

Dot Hill Systems Corp.*

     4,730      $ 5,912   

Electronics for Imaging, Inc.*

     508        9,068   

Imation Corp.*

     1,214        7,041   

Immersion Corp.*

     1,388        7,565   

Intermec, Inc.*

     994        5,288   

Intevac, Inc.*

     919        7,407   

Novatel Wireless, Inc.*

     2,234        6,456   

OCZ Technology Group, Inc.*

     1,055        6,224   

Quantum Corp.*

     2,838        6,754   

Rimage Corp.

     745        6,772   

Silicon Graphics International Corp.*

     756        7,137   

STEC, Inc.*

     800        6,632   

Stratasys, Inc.*

     208        10,652   

Super Micro Computer, Inc.*

     438        7,731   

Synaptics, Inc.*

     218        6,695   

Xyratex Ltd.

     459        6,665   
   

 

 

  

Total Computers & Peripherals

       140,880   
   

 

 

  

Construction & Engineering - 0.8%

  

Aegion Corp.*

     462        8,432   

Argan, Inc.

     548        7,990   

Comfort Systems USA, Inc.

     1,655        17,510   

Dycom Industries, Inc.*

     357        8,350   

EMCOR Group, Inc.

     301        8,825   

Furmanite Corp.*

     1,313        8,219   

Granite Construction, Inc.

     287        7,990   

Great Lakes Dredge & Dock Corp.

     1,078        7,988   

Layne Christensen Co.*

     386        7,932   

MasTec, Inc.*

     440        7,652   

Michael Baker Corp.*

     345        7,773   

MYR Group, Inc.*

     470        7,858   

Northwest Pipe Co.*

     852        17,730   

Orion Marine Group, Inc.*

     1,115        7,716   

Primoris Services Corp.

     507        7,311   

Sterling Construction Co., Inc.*

     852        8,341   

Tutor Perini Corp.*

     545        8,290   
   

 

 

  

Total Construction & Engineering

       155,907   
   

 

 

  

Construction Materials - 0.4%

    

Eagle Materials, Inc.

     518        18,244   

Headwaters, Inc.*

     4,159        18,050   

Texas Industries, Inc.

     485        16,301   

United States Lime & Minerals, Inc.*

     307        14,727   
   

 

 

  

Total Construction Materials

       67,322   
   

 

 

  

Consumer Finance - 0.3%

  

Cash America International, Inc.

     103        4,815   

Credit Acceptance Corp.*

     49        4,608   

DFC Global Corp.*

     267        4,667   

EZCORP, Inc. — Class A*

     154        4,126   

First Cash Financial Services, Inc.*

     115        4,710   

First Marblehead Corp. (The)*

     3,954        4,191   

Imperial Holdings, Inc.*

     1,902        7,285   

Nelnet, Inc. — Class A

     190        4,906   

Netspend Holdings, Inc.*

     614        4,685   
     SHARES     MARKET
VALUE		  
   

Nicholas Financial, Inc.

     371      $ 4,908   

World Acceptance Corp.*

     79        5,254   
   

 

 

  

Total Consumer Finance

       54,155   
   

 

 

  

Containers & Packaging - 0.4%

  

AEP Industries, Inc.*

     536        18,690   

Boise, Inc.

     2,156        16,472   

Graphic Packaging Holding Co.*

     3,339        17,864   

Myers Industries, Inc.

     1,259        20,811   
   

 

 

  

Total Containers & Packaging

       73,837   
   

 

 

  

Distributors - 0.3%

    

Core-Mark Holding Co., Inc.

     1,071        41,341   

Pool Corp.

     200        7,382   

VOXX International Corp.*

     555        7,043   

Weyco Group, Inc.

     306        7,463   
   

 

 

  

Total Distributors

       63,229   
   

 

 

  

Diversified Consumer Services - 0.8%

  

American Public Education, Inc.*

     199        6,909   

Archipelago Learning, Inc.*

     684        7,572   

Ascent Capital Group, Inc. — Series A*

     172        8,858   

Bridgepoint Education, Inc.*

     300        6,468   

Cambium Learning Group, Inc.*

     2,819        6,399   

Capella Education Co.*

     208        6,804   

Coinstar, Inc.*

     119        7,472   

Corinthian Colleges, Inc.*

     1,772        6,805   

Grand Canyon Education, Inc.*

     424        7,373   

Hillenbrand, Inc.

     330        6,910   

K12, Inc.*

     304        7,752   

Lincoln Educational Services Corp.

     960        7,046   

Mac-Gray Corp.

     559        8,329   

Matthews International Corp. — Class A

     237        7,110   

National American University Holdings, Inc.

     1,096        5,732   

Regis Corp.

     417        7,652   

School Specialty, Inc.*

     2,022        6,612   

Sotheby’s

     187        7,353   

Steiner Leisure Ltd.*

     153        7,185   

Stewart Enterprises, Inc. — Class A

     1,237        7,818   

Strayer Education, Inc.

     79        7,796   

Universal Technical Institute, Inc.

     565        6,780   
   

 

 

  

Total Diversified Consumer Services

       158,735   
   

 

 

  

Diversified Financial Services - 0.3%

  

California First National Bancorp

     328        5,215   

Compass Diversified Holdings

     559        8,206   

FX Alliance, Inc.*

     324        5,621   

Gain Capital Holdings, Inc.

     975        5,002   

MarketAxess Holdings, Inc.

     134        4,598   

Marlin Business Services Corp.

     541        7,942   

NewStar Financial, Inc.*

     462        5,484   

PHH Corp.*

     537        8,324   

PICO Holdings, Inc.*

     217        5,210   
   

 

 

  

Total Diversified Financial Services

       55,602   
   

 

 

  
 

 

70     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   April 30, 2012

 

GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

Diversified Telecommunication Services - 2.7%

  

8x8, Inc.*

     10,781      $ 44,525   

AboveNet, Inc.*

     92        7,652   

Atlantic Tele-Network, Inc.

     1,123        38,249   

Cbeyond, Inc.*

     5,404        34,748   

Cincinnati Bell, Inc.*

     10,311        39,182   

Cogent Communications Group, Inc.*

     2,160        40,457   

Consolidated Communications Holdings, Inc.

     2,151        41,622   

General Communication, Inc. — Class A*

     4,540        34,504   

inContact, Inc.*

     7,406        40,363   

Iridium Communications, Inc.*

     4,726        41,541   

Neutral Tandem, Inc.*

     3,445        40,031   

Premiere Global Services, Inc.*

     4,659        41,698   

SureWest Communications

     1,883        42,518   

Vonage Holdings Corp.*

     19,268        39,307   
   

 

 

  

Total Diversified Telecommunication Services

       526,397   
   

 

 

  

Electric Utilities - 2.9%

    

Allete, Inc.

     1,026        42,281   

Central Vermont Public Service Corp.

     1,210        42,653   

Cleco Corp.

     1,076        43,901   

El Paso Electric Co.

     1,317        40,353   

Empire District Electric Co. (The)

     2,087        42,825   

IDACORP, Inc.

     1,037        42,247   

MGE Energy, Inc.

     955        43,682   

Otter Tail Corp.

     1,908        41,900   

PNM Resources, Inc.

     2,276        42,698   

Portland General Electric Co.

     1,710        44,169   

UIL Holdings Corp.

     1,221        41,966   

Unisource Energy Corp.

     1,161        42,260   

Unitil Corp.

     1,555        41,145   
   

 

 

  

Total Electric Utilities

       552,080   
   

 

 

  

Electrical Equipment - 1.3%

  

A123 Systems, Inc.*

     5,991        6,111   

Active Power, Inc.*

     9,448        8,361   

Acuity Brands, Inc.

     286        15,893   

American Superconductor Corp.*

     2,031        8,388   

AZZ, Inc.

     160        8,274   

Belden, Inc.

     460        15,999   

Brady Corp. — Class A

     253        7,851   

Broadwind Energy, Inc.*

     16,130        5,484   

Capstone Turbine Corp.*

     19,895        21,685   

Coleman Cable, Inc.*

     855        7,267   

Encore Wire Corp.

     608        15,498   

EnerSys*

     241        8,423   

Franklin Electric Co., Inc.

     167        8,375   

FuelCell Energy, Inc.*

     13,654        16,931   

Generac Holdings, Inc.*

     337        8,115   

Global Power Equipment Group, Inc.*

     301        7,528   

II-VI, Inc.*

     321        6,552   

LSI Industries, Inc.

     2,424        16,604   

Powell Industries, Inc.*

     241        7,859   
     SHARES     MARKET
VALUE		  
   

PowerSecure International, Inc.*

     3,104      $ 16,110   

Preformed Line Products Co.

     120        6,928   

Thermon Group Holdings, Inc.*

     419        9,310   

Valence Technology, Inc.*

     9,868        7,204   

Vicor Corp.

     1,029        7,172   
   

 

 

  

Total Electrical Equipment

       247,922   
   

 

 

  

Electronic Equipment, Instruments & Components - 2.1%

  

Aeroflex Holding Corp.*

     672        7,526   

Agilysys, Inc.*

     832        7,288   

Anixter International, Inc.*

     104        7,132   

Badger Meter, Inc.

     244        9,013   

Benchmark Electronics, Inc.*

     456        7,241   

Brightpoint, Inc.*

     932        5,704   

Checkpoint Systems, Inc.*

     677        7,420   

Cognex Corp.

     175        7,044   

Coherent, Inc.*

     130        6,838   

CTS Corp.

     741        7,951   

Daktronics, Inc.

     878        7,147   

DDi Corp.

     632        8,203   

DTS, Inc.*

     248        7,738   

Echelon Corp.*

     1,669        7,277   

Electro Rent Corp.

     441        6,871   

Electro Scientific Industries, Inc.

     509        7,258   

eMagin Corp.*

     2,260        7,029   

Fabrinet*

     414        6,963   

FARO Technologies, Inc.*

     145        8,117   

FEI Co.*

     155        7,776   

GSI Group, Inc.*

     630        7,604   

Identive Group, Inc.*

     3,793        7,814   

Insight Enterprises, Inc.*

     347        7,048   

InvenSense, Inc.*

     369        5,934   

Kemet Corp.*

     830        7,063   

LeCroy Corp.*

     722        7,466   

Littelfuse, Inc.

     136        8,523   

Maxwell Technologies, Inc.*

     454        4,318   

Measurement Specialties, Inc.*

     243        8,682   

Mercury Computer Systems, Inc.*

     568        7,498   

Methode Electronics, Inc.

     816        6,895   

Microvision, Inc.*

     2,589        4,816   

MTS Systems Corp.

     156        7,483   

Multi-Fineline Electronix, Inc.*

     271        7,179   

NeoPhotonics Corp.*

     1,567        7,412   

Newport Corp.*

     430        7,340   

OSI Systems, Inc.*

     135        9,026   

Park Electrochemical Corp.

     252        7,270   

PC Connection, Inc.

     924        7,410   

Plexus Corp.*

     215        6,960   

Power-One, Inc.*

     1,726        7,387   

Pulse Electronics Corp.

     2,993        6,136   

Radisys Corp.*

     980        6,223   

RealD, Inc.*

     600        7,248   

Richardson Electronics Ltd.

     641        8,083   

Rofin-Sinar Technologies, Inc.*

     288        7,258   

Rogers Corp.*

     200        7,658   
 

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       71

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   April 30, 2012

 

GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

Sanmina-SCI Corp.*

     686      $ 6,105   

Scansource, Inc.*

     202        6,658   

SYNNEX Corp.*

     176        6,704   

TTM Technologies, Inc.*

     649        6,704   

Universal Display Corp.*

     209        9,399   

Viasystems Group, Inc.*

     401        8,938   

Vishay Precision Group, Inc.*

     567        8,210   

X-Rite, Inc.*

     1,819        10,077   

Zygo Corp.*

     425        8,411   
   

 

 

  

Total Electronic Equipment, Instruments & Components

       412,476   
   

 

 

  

Energy Equipment & Services - 3.0%

  

Basic Energy Services, Inc.*

     1,185        17,064   

Bristow Group, Inc.

     174        8,500   

C&J Energy Services, Inc.*

     1,173        22,111   

Cal Dive International, Inc.*

     6,217        24,060   

Dawson Geophysical Co.*

     606        16,271   

Dril-Quip, Inc.*

     318        21,430   

Exterran Holdings, Inc.*

     1,523        20,576   

Global Geophysical Services, Inc.*

     1,897        18,154   

Gulf Island Fabrication, Inc.

     710        19,894   

Gulfmark Offshore, Inc. — Class A*

     181        8,719   

Heckmann Corp.*

     4,663        17,719   

Helix Energy Solutions Group, Inc.*

     1,161        23,696   

Hercules Offshore, Inc.*

     4,272        21,702   

Hornbeck Offshore Services, Inc.*

     497        20,690   

ION Geophysical Corp.*

     3,090        19,251   

Key Energy Services, Inc.*

     1,320        16,711   

Lufkin Industries, Inc.

     267        20,516   

Matrix Service Co.*

     1,450        19,793   

Mitcham Industries, Inc.*

     936        22,239   

Natural Gas Services Group, Inc.*

     1,569        20,460   

Newpark Resources, Inc.*

     2,532        16,104   

OYO Geospace Corp.*

     191        22,007   

Parker Drilling Co.*

     3,419        17,676   

PHI, Inc.*

     336        8,948   

Pioneer Drilling Co.*

     2,371        18,683   

RigNet, Inc.*

     1,176        20,086   

Tesco Corp.*

     1,440        23,515   

Tetra Technologies, Inc.*

     2,187        19,049   

Vantage Drilling Co.*

     13,056        20,628   

Willbros Group, Inc.*

     5,852        31,601   
   

 

 

  

Total Energy Equipment & Services

       577,853   
   

 

 

  

Food & Staples Retailing - 3.5%

  

Andersons, Inc. (The)

     918        46,267   

Casey’s General Stores, Inc.

     794        44,742   

Chefs’ Warehouse, Inc. (The)*

     1,954        47,248   

Fresh Market, Inc. (The)*

     905        46,309   

Harris Teeter Supermarkets, Inc.

     1,095        41,577   

Ingles Markets, Inc. — Class A

     2,441        42,449   

Nash Finch Co.

     1,556        39,055   

Pantry, Inc. (The)*

     3,422        43,665   

Pricesmart, Inc.

     104        8,584   

Rite Aid Corp.*

     24,468        35,479   
     SHARES     MARKET
VALUE		  
   

Roundy’s, Inc.*

     4,151      $ 51,389   

Spartan Stores, Inc.

     2,408        43,898   

Susser Holdings Corp.*

     1,703        45,453   

United Natural Foods, Inc.*

     937        46,185   

Village Super Market, Inc. — Class A

     1,372        37,867   

Weis Markets, Inc.

     1,008        44,957   
   

 

 

  

Total Food & Staples Retailing

       665,124   
   

 

 

  

Food Products - 3.9%

  

B&G Foods, Inc.

     1,906        42,389   

Cal-Maine Foods, Inc.

     1,085        39,093   

Calavo Growers, Inc.

     1,612        46,232   

Chiquita Brands International, Inc.*

     4,856        41,276   

Darling International, Inc.*

     474        7,764   

Diamond Foods, Inc.

     1,926        40,253   

Dole Food Co., Inc.*

     4,355        36,930   

Fresh Del Monte Produce, Inc.

     1,955        45,297   

Griffin Land & Nurseries, Inc.

     195        4,696   

Hain Celestial Group, Inc. (The)*

     1,000        47,300   

J&J Snack Foods Corp.

     846        47,427   

Lancaster Colony Corp.

     665        43,365   

Pilgrim’s Pride Corp.*

     5,913        42,219   

Sanderson Farms, Inc.

     824        42,527   

Seneca Foods Corp. — Class A*

     1,621        37,753   

Smart Balance, Inc.*

     6,920        40,828   

Snyders-Lance, Inc.

     1,733        44,850   

Tootsie Roll Industries, Inc.

     1,920        45,715   

TreeHouse Foods, Inc.*

     747        42,960   
   

 

 

  

Total Food Products

       738,874   
   

 

 

  

Gas Utilities - 1.8%

  

Chesapeake Utilities Corp.

     1,023        42,986   

Laclede Group, Inc. (The)

     1,091        42,964   

New Jersey Resources Corp.

     945        40,862   

Northwest Natural Gas Co.

     936        42,775   

Piedmont Natural Gas Co., Inc.

     1,361        41,483   

South Jersey Industries, Inc.

     838        41,272   

Southwest Gas Corp.

     994        41,768   

WGL Holdings, Inc.

     1,044        41,875   
   

 

 

  

Total Gas Utilities

       335,985   
   

 

 

  

Health Care Equipment & Supplies - 2.7%

  

Abaxis, Inc.*

     264        9,404   

ABIOMED, Inc.*

     346        8,418   

Accuray, Inc.*

     1,100        8,470   

Align Technology, Inc.*

     279        8,847   

Alphatec Holdings, Inc.*

     3,429        7,475   

Analogic Corp.

     115        7,844   

AngioDynamics, Inc.*

     630        7,799   

Antares Pharma, Inc.*

     2,401        7,563   

Arthrocare Corp.*

     293        7,313   

AtriCure, Inc.*

     767        6,289   

Atrion Corp.

     37        8,534   

Bacterin International Holdings, Inc.*

     3,474        7,122   

Biolase Technology, Inc.*

     2,784        7,238   

Cantel Medical Corp.

     313        7,349   
 

 

72     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   April 30, 2012

 

GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

Cardiovascular Systems, Inc.*

     836      $ 8,243   

Cerus Corp.*

     1,901        7,490   

Conceptus, Inc.*

     533        10,004   

CONMED Corp.

     258        7,376   

CryoLife, Inc.*

     1,479        7,824   

Cyberonics, Inc.*

     202        7,737   

Cynosure, Inc. — Class A*

     440        9,095   

Delcath Systems, Inc.*

     2,446        6,873   

DexCom, Inc.*

     732        7,166   

Endologix, Inc.*

     555        8,314   

Exactech, Inc.*

     477        7,393   

Greatbatch, Inc.*

     323        7,523   

Haemonetics Corp.*

     112        8,016   

Hansen Medical, Inc.*

     2,566        8,109   

HeartWare International, Inc.*

     118        9,199   

ICU Medical, Inc.*

     159        8,346   

Insulet Corp.*

     402        7,180   

Integra LifeSciences Holdings Corp.*

     221        8,228   

Invacare Corp.

     455        7,212   

IRIS International, Inc.*

     595        7,783   

Kensey Nash Corp.

     265        7,534   

MAKO Surgical Corp.*

     179        7,394   

Masimo Corp.*

     339        7,502   

Medical Action Industries, Inc.*

     1,402        7,739   

Meridian Bioscience, Inc.

     407        8,364   

Merit Medical Systems, Inc.*

     649        8,580   

Natus Medical, Inc.*

     660        8,078   

Navidea Biopharmaceuticals, Inc.*

     2,337        7,291   

Neogen Corp.*

     199        7,759   

NuVasive, Inc.*

     452        7,490   

NxStage Medical, Inc.*

     400        6,800   

OraSure Technologies, Inc.*

     687        7,880   

Orthofix International NV*

     204        8,409   

Palomar Medical Technologies, Inc.*

     815        7,091   

Quidel Corp.*

     430        7,104   

Rockwell Medical Technologies, Inc.*

     832        7,696   

RTI Biologics, Inc.*

     2,128        7,448   

Solta Medical, Inc.*

     2,525        8,206   

Spectranetics Corp.*

     741        7,773   

Staar Surgical Co.*

     691        7,580   

STERIS Corp.

     246        7,727   

SurModics, Inc.*

     504        7,454   

Symmetry Medical, Inc.*

     1,073        7,629   

Synergetics USA, Inc.*

     1,225        7,987   

Tornier NV*

     321        7,621   

Unilife Corp.*

     2,066        8,842   

Uroplasty, Inc.*

     2,454        7,460   

Vascular Solutions, Inc.*

     713        8,093   

Volcano Corp.*

     275        7,466   

West Pharmaceutical Services, Inc.

     184        8,262   

Wright Medical Group, Inc.*

     404        7,527   

Young Innovations, Inc.

     248        8,432   

Zeltiq Aesthetics, Inc.*

     1,352        8,409   
   

 

 

  

Total Health Care Equipment & Supplies

       525,403   
   

 

 

  
     SHARES     MARKET
VALUE		  
   

Health Care Providers & Services - 2.0%

  

Accretive Health, Inc.*

     324      $ 3,259   

Air Methods Corp.*

     88        7,402   

Almost Family, Inc.*

     307        7,485   

Amedisys, Inc.*

     549        8,087   

AMN Healthcare Services, Inc.*

     1,283        8,609   

Amsurg Corp.*

     281        8,082   

Assisted Living Concepts, Inc. — Class A

     469        8,400   

Bio-Reference Labs, Inc.*

     333        7,100   

BioScrip, Inc.*

     1,183        8,766   

Capital Senior Living Corp.*

     848        8,217   

CardioNet, Inc.*

     2,501        7,053   

Centene Corp.*

     168        6,651   

Chemed Corp.

     125        7,542   

Chindex International, Inc.*

     783        7,650   

CorVel Corp.*

     192        8,350   

Cross Country Healthcare, Inc.*

     1,558        7,182   

Emeritus Corp.*

     441        7,585   

Ensign Group, Inc. (The)

     293        7,826   

ExamWorks Group, Inc.*

     616        7,170   

Five Star Quality Care, Inc.*

     2,351        8,064   

Gentiva Health Services, Inc.*

     889        7,361   

Hanger Orthopedic Group, Inc.*

     359        8,454   

HealthSouth Corp.*

     380        8,508   

Healthways, Inc.*

     1,043        6,957   

HMS Holdings Corp.*

     246        5,919   

IPC The Hospitalist Co., Inc.*

     207        7,951   

Kindred Healthcare, Inc.*

     858        8,271   

Landauer, Inc.

     145        7,644   

LHC Group, Inc.*

     425        7,527   

Magellan Health Services, Inc.*

     164        7,262   

Metropolitan Health Networks, Inc.*

     859        6,425   

MModal, Inc.*

     726        9,264   

Molina Healthcare, Inc.*

     232        5,951   

MWI Veterinary Supply, Inc.*

     89        8,402   

National Healthcare Corp.

     172        7,843   

National Research Corp.

     185        8,943   

Owens & Minor, Inc.

     258        7,544   

PharMerica Corp.*

     634        7,526   

Providence Service Corp. (The)*

     504        7,086   

PSS World Medical, Inc.*

     305        7,299   

RadNet, Inc.*

     2,365        7,308   

Select Medical Holdings Corp.*

     947        8,116   

Skilled Healthcare Group, Inc. — Class A*

     1,005        7,708   

Sun Healthcare Group, Inc.*

     1,165        8,423   

Sunrise Senior Living, Inc.*

     1,098        6,895   

Team Health Holdings, Inc.*

     374        8,056   

Triple-S Management Corp. — Class B*

     340        7,160   

Universal American Corp.

     779        7,151   

US Physical Therapy, Inc.

     341        8,314   

Vanguard Health Systems, Inc.*

     781        6,935   

WellCare Health Plans, Inc.*

     113        6,913   
   

 

 

  

Total Health Care Providers & Services

       385,596   
   

 

 

  
 

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       73

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   April 30, 2012

 

GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

Health Care Technology - 0.4%

  

athenahealth, Inc.*

     105      $ 7,607   

Computer Programs & Systems, Inc.

     137        8,164   

Epocrates, Inc.*

     926        7,538   

Greenway Medical Technologies*

     529        8,147   

HealthStream, Inc.*

     320        7,334   

MedAssets, Inc.*

     590        7,440   

Medidata Solutions, Inc.*

     285        7,384   

Merge Healthcare, Inc.*

     1,309        5,629   

Omnicell, Inc.*

     513        7,320   

Quality Systems, Inc.

     180        6,732   
   

 

 

  

Total Health Care Technology

       73,295   
   

 

 

  

Hotels, Restaurants & Leisure - 2.2%

  

AFC Enterprises, Inc.*

     454        7,754   

Ambassadors Group, Inc.

     1,371        7,390   

Ameristar Casinos, Inc.

     390        7,012   

Benihana, Inc.

     586        8,081   

Biglari Holdings, Inc.*

     18        7,314   

BJ’s Restaurants, Inc.*

     151        6,522   

Bob Evans Farms, Inc.

     201        7,686   

Boyd Gaming Corp.*

     906        6,967   

Bravo Brio Restaurant Group, Inc.*

     378        7,635   

Buffalo Wild Wings, Inc.*

     82        6,876   

Caesars Entertainment Corp.*

     584        8,550   

Caribou Coffee Co., Inc.*

     423        6,941   

Carrols Restaurant Group, Inc.*

     492        7,419   

CEC Entertainment, Inc.

     195        7,453   

Cheesecake Factory, Inc. (The)*

     254        8,001   

Churchill Downs, Inc.

     133        7,895   

Cracker Barrel Old Country Store, Inc.

     136        7,823   

Denny’s Corp.*

     1,789        7,406   

DineEquity, Inc.*

     145        7,044   

Domino’s Pizza, Inc.

     211        7,978   

Einstein Noah Restaurant Group, Inc.

     504        7,132   

Gaylord Entertainment Co.*

     244        7,681   

International Speedway Corp. — Class A

     289        7,713   

Interval Leisure Group, Inc.

     443        7,655   

Isle of Capri Casinos, Inc.*

     1,033        6,456   

Jack in the Box, Inc.*

     319        7,248   

Jamba, Inc.*

     3,594        6,685   

Krispy Kreme Doughnuts, Inc.*

     1,037        7,601   

Life Time Fitness, Inc.*

     146        6,798   

Luby’s, Inc.*

     1,349        8,256   

Marcus Corp.

     610        7,631   

Monarch Casino & Resort, Inc.*

     726        7,028   

Morgans Hotel Group Co.*

     1,464        7,261   

Multimedia Games Holding Co., Inc.*

     680        7,725   

Orient-Express Hotels Ltd. — Class A*

     727        7,772   

P.F. Chang’s China Bistro, Inc.

     188        7,462   

Papa John’s International, Inc.*

     200        8,056   

Peet’s Coffee & Tea, Inc.*

     577        44,325   

Pinnacle Entertainment, Inc.*

     695        7,714   

Red Lion Hotels Corp.*

     953        7,948   
     SHARES     MARKET
VALUE		  
   

Red Robin Gourmet Burgers, Inc.*

     204      $ 7,275   

Ruby Tuesday, Inc.*

     852        5,794   

Ruth’s Hospitality Group, Inc*

     998        6,906   

Scientific Games Corp. — Class A*

     654        6,645   

Shuffle Master, Inc.*

     426        7,527   

Six Flags Entertainment Corp.

     161        7,713   

Sonic Corp.*

     968        6,989   

Speedway Motorsports, Inc.

     447        7,626   

Texas Roadhouse, Inc.

     451        7,780   

Town Sports International Holdings, Inc.*

     604        7,743   

Vail Resorts, Inc.

     169        6,892   
   

 

 

  

Total Hotels, Restaurants & Leisure

       414,784   
   

 

 

  

Household Durables - 0.9%

  

American Greetings Corp. — Class A

     484        7,744   

Beazer Homes USA, Inc.*

     2,224        6,894   

Blyth, Inc.

     97        8,533   

Cavco Industries, Inc.*

     166        8,566   

CSS Industries, Inc.

     381        7,296   

Ethan Allen Interiors, Inc.

     291        6,751   

Furniture Brands International, Inc.*

     4,309        6,808   

Helen of Troy Ltd.*

     218        7,543   

Hovnanian Enterprises, Inc. — Class A*

     2,905        5,810   

iRobot Corp.*

     274        6,469   

KB Home

     791        6,866   

La-Z-Boy, Inc.*

     502        7,565   

Libbey, Inc.*

     562        8,020   

Lifetime Brands, Inc.

     685        7,980   

M/I Homes, Inc.*

     587        7,807   

MDC Holdings, Inc.

     287        8,068   

Meritage Homes Corp.*

     268        7,608   

Ryland Group, Inc. (The)

     374        8,419   

Sealy Corp.*

     4,034        8,310   

Skullcandy, Inc.*

     478        7,705   

Skyline Corp.

     1,011        5,550   

Standard Pacific Corp.*

     1,678        8,491   

Universal Electronics, Inc.*

     381        6,447   

Zagg, Inc.*

     686        8,939   
   

 

 

  

Total Household Durables

       180,189   
   

 

 

  

Household Products - 0.6%

  

Central Garden and Pet Co. — Class A*

     807        8,627   

Oil-Dri Corp. of America

     870        18,409   

Spectrum Brands Holdings, Inc.*

     1,294        44,656   

WD-40 Co.

     973        43,863   
   

 

 

  

Total Household Products

       115,555   
   

 

 

  

Independent Power Producers & Energy Traders - 0.4%

  

Atlantic Power Corp.*

     3,022        43,154   

Ormat Technologies, Inc.

     2,041        40,351   
   

 

 

  

Total Independent Power Producers & Energy Traders

       83,505   
   

 

 

  

Industrial Conglomerates - 0.3%

  

Raven Industries, Inc.

     137        8,249   
 

 

74     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   April 30, 2012

 

GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

Seaboard Corp.*

     22      $ 43,789   

Standex International Corp.

     208        9,165   
   

 

 

  

Total Industrial Conglomerates

       61,203   
   

 

 

  

Insurance - 1.3%

  

Alterra Capital Holdings Ltd.

     216        5,169   

American Equity Investment Life Holding Co.

     394        4,830   

American Safety Insurance Holdings Ltd.*

     264        4,997   

AMERISAFE, Inc.*

     203        5,424   

Amtrust Financial Services, Inc.

     184        5,012   

Argo Group International Holdings Ltd.

     167        4,820   

Baldwin & Lyons, Inc. — Class B

     216        4,702   

Citizens, Inc.*

     470        4,517   

CNO Financial Group, Inc.*

     625        4,544   

Crawford & Co. — Class B

     947        4,517   

Delphi Financial Group, Inc. — Class A

     112        5,087   

Donegal Group, Inc. — Class A

     364        4,958   

eHealth, Inc.*

     309        5,475   

EMC Insurance Group, Inc.

     245        4,844   

Employers Holdings, Inc.

     280        4,850   

Enstar Group Ltd.*

     50        4,708   

FBL Financial Group, Inc. — Class A

     144        4,193   

First American Financial Corp.

     316        5,293   

Flagstone Reinsurance Holdings SA

     632        4,740   

Fortegra Financial Corp.*

     606        5,030   

Global Indemnity PLC*

     253        4,556   

Greenlight Capital Re, Ltd. — Class A*

     203        5,055   

Hallmark Financial Services*

     636        4,783   

Harleysville Group, Inc.

     87        5,215   

Hilltop Holdings, Inc.*

     591        4,687   

Horace Mann Educators Corp.

     281        4,932   

Independence Holding Co.

     488        5,187   

Infinity Property & Casualty Corp.

     95        5,074   

Kansas City Life Insurance Co.

     150        4,881   

Maiden Holdings Ltd.

     552        4,582   

Meadowbrook Insurance Group, Inc.

     527        4,653   

Montpelier Re Holdings Ltd.

     257        5,274   

National Financial Partners Corp.*

     336        4,956   

National Interstate Corp.

     192        4,608   

National Western Life Insurance Co. — Class A

     36        4,898   

Navigators Group, Inc. (The)*

     106        5,035   

OneBeacon Insurance Group
Ltd. — Class A

     327        4,653   

Phoenix Cos., Inc. (The)*

     2,049        4,303   

Platinum Underwriters Holdings Ltd.

     135        4,944   

Presidential Life Corp.

     432        5,003   

Primerica, Inc.

     195        5,115   

ProAssurance Corp.

     56        4,933   

RLI Corp.

     70        4,822   

Safety Insurance Group, Inc.

     120        4,782   

SeaBright Holdings, Inc.

     555        4,989   

Selective Insurance Group, Inc.

     284        4,967   
     SHARES     MARKET
VALUE		  
   

State Auto Financial Corp.

     344      $ 4,929   

Stewart Information Services Corp.

     376        5,535   

Symetra Financial Corp.

     433        5,265   

Tower Group, Inc.

     225        4,855   

United Fire Group, Inc.

     273        4,701   

Universal Insurance Holdings, Inc.

     1,357        5,618   
   

 

 

  

Total Insurance

       255,500   
   

 

 

  

Internet & Catalog Retail - 0.6%

  

1-800-flowers.com, Inc. — Class A*

     2,536        7,557   

Blue Nile, Inc.*

     223        6,752   

Geeknet, Inc.*

     507        7,377   

HSN, Inc.

     198        7,663   

Nutrisystem, Inc.

     662        7,666   

Orbitz Worldwide, Inc.*

     2,385        8,705   

Overstock.com, Inc.*

     1,359        8,195   

PetMed Express, Inc.

     3,697        49,798   

Shutterfly, Inc.*

     230        7,158   

US Auto Parts Network, Inc.*

     2,061        7,461   

Valuevision Media, Inc. — Class A*

     3,663        5,934   
   

 

 

  

Total Internet & Catalog Retail

       124,266   
   

 

 

  

Internet Software & Services - 2.1%

  

Active Network Inc. (The)*

     448        7,526   

Ancestry.com, Inc.*

     332        8,864   

Angie’s List, Inc.*

     469        6,542   

Bankrate, Inc.*

     310        7,260   

Bazaarvoice, Inc.*

     388        7,686   

Brightcove, Inc.*

     343        6,431   

Carbonite, Inc.*

     695        5,553   

comScore, Inc.*

     346        6,892   

Constant Contact, Inc.*

     251        6,067   

Cornerstone OnDemand, Inc.*

     352        7,314   

CoStar Group, Inc.*

     121        8,820   

DealerTrack Holdings, Inc.*

     253        7,547   

Demand Media, Inc.*

     1,057        8,784   

Dice Holdings, Inc.*

     846        9,120   

Digital River, Inc.*

     417        7,844   

EarthLink, Inc.

     955        7,755   

Envestnet, Inc.*

     607        7,594   

InfoSpace, Inc.*

     585        6,511   

Internap Network Services Corp.*

     1,033        7,272   

IntraLinks Holdings, Inc.*

     1,401        6,529   

j2 Global, Inc.

     1,419        36,653   

Keynote Systems, Inc.

     387        7,121   

KIT Digital, Inc.*

     1,147        7,777   

Limelight Networks, Inc.*

     2,274        6,231   

Liquidity Services, Inc.*

     177        9,439   

LivePerson, Inc.*

     445        7,067   

LogMeIn, Inc.*

     217        7,814   

Marchex, Inc. — Class B

     1,681        5,850   

Move, Inc.*

     790        6,873   

NIC, Inc.

     619        6,927   

OpenTable, Inc.*

     182        8,141   

Openwave Systems, Inc.*

     3,331        8,594   
 

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       75

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   April 30, 2012

 

GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

Perficient, Inc.*

     624      $ 7,494   

QuinStreet, Inc.*

     734        7,714   

RealNetworks, Inc.

     745        7,130   

Responsys, Inc.*

     638        8,154   

Saba Software, Inc.*

     599        5,822   

SciQuest, Inc.*

     514        7,633   

SPS Commerce, Inc.*

     281        7,817   

Stamps.com, Inc.*

     270        7,838   

support.com, Inc.*

     2,322        8,429   

TechTarget, Inc.*

     1,055        7,849   

Travelzoo, Inc.*

     308        7,996   

United Online, Inc.

     1,514        7,176   

ValueClick, Inc.*

     371        7,858   

Vocus, Inc.*

     582        7,525   

Web.com Group, Inc.*

     501        6,488   

XO Group, Inc.*

     803        7,444   

Zillow, Inc.*

     150        5,230   

Zix Corp.*

     2,537        7,180   
   

 

 

  

Total Internet Software & Services

       399,175   
   

 

 

  

IT Services - 1.2%

  

Acxiom Corp.*

     524        7,195   

CACI International, Inc. — Class A*

     122        7,458   

Cardtronics, Inc.*

     192        5,061   

Cass Information Systems, Inc.

     122        4,996   

CIBER, Inc.*

     1,761        7,326   

Computer Task Group, Inc.*

     511        7,369   

Convergys Corp.*

     621        8,303   

CSG Systems International, Inc.*

     491        7,070   

Dynamics Research Corp.*

     793        5,702   

EPAM Systems, Inc.*

     363        7,492   

Euronet Worldwide, Inc.*

     246        5,321   

ExlService Holdings, Inc.*

     308        8,525   

Forrester Research, Inc.

     254        9,004   

Global Cash Access Holdings, Inc.*

     717        6,059   

Hackett Group, Inc. (The)*

     1,377        7,863   

Heartland Payment Systems, Inc.

     167        5,088   

Higher One Holdings, Inc.*

     324        5,109   

iGate Corp.*

     459        8,932   

Jack Henry & Associates, Inc.

     145        4,924   

Lionbridge Technologies, Inc.*

     2,546        7,002   

Mantech International Corp. — Class A

     221        6,944   

MAXIMUS, Inc.

     203        8,983   

ModusLink Global Solutions, Inc.*

     1,396        6,910   

MoneyGram International, Inc.*

     273        4,597   

NCI, Inc. — Class A*

     1,230        6,101   

PRGX Global, Inc.*

     1,366        8,633   

Sapient Corp.

     606        7,254   

ServiceSource International, Inc.*

     532        8,821   

Syntel, Inc.

     139        8,325   

TeleTech Holdings, Inc.*

     515        7,802   

TNS, Inc.*

     346        7,058   

Unisys Corp.*

     378        7,053   
     SHARES     MARKET
VALUE		  
   

Virtusa Corp.*

     448      $ 6,760   

Wright Express Corp.*

     80        5,106   
   

 

 

  

Total IT Services

       236,146   
   

 

 

  

Leisure Equipment & Products - 0.5%

  

Arctic Cat, Inc.*

     177        7,830   

Black Diamond, Inc.*

     790        7,845   

Brunswick Corp.

     287        7,545   

Callaway Golf Co.

     1,073        6,577   

Jakks Pacific, Inc.

     437        8,334   

Johnson Outdoors, Inc. — Class A*

     406        7,499   

Leapfrog Enterprises, Inc.*

     904        8,443   

Marine Products Corp.

     1,272        7,594   

Smith & Wesson Holding Corp.*

     977        8,060   

Steinway Musical Instruments, Inc.*

     299        7,538   

Sturm Ruger & Co., Inc.

     155        8,846   

Summer Infant, Inc.*

     1,294        6,923   
   

 

 

  

Total Leisure Equipment & Products

       93,034   
   

 

 

  

Life Sciences Tools & Services - 0.6%

  

Affymetrix, Inc.*

     1,818        8,036   

Albany Molecular Research, Inc.*

     2,689        8,578   

BG Medicine, Inc.*

     1,254        8,314   

Cambrex Corp.*

     1,123        7,277   

Enzo Biochem, Inc.*

     2,898        7,941   

eResearchTechnology, Inc.*

     994        7,853   

Fluidigm Corp.*

     504        7,867   

Furiex Pharmaceuticals, Inc.*

     325        4,670   

Harvard Bioscience, Inc.*

     1,879        7,497   

Luminex Corp.*

     336        8,413   

Medtox Scientific, Inc.*

     454        10,033   

Pacific Biosciences of California, Inc.*

     2,151        5,808   

PAREXEL International Corp.*

     288        7,759   

Sequenom, Inc.*

     1,934        9,902   
   

 

 

  

Total Life Sciences Tools & Services

       109,948   
   

 

 

  

Machinery - 2.9%

  

Accuride Corp.*

     953        6,909   

Actuant Corp. — Class A

     283        7,717   

Alamo Group, Inc.

     282        9,498   

Albany International Corp. — Class A

     363        8,748   

Altra Holdings, Inc.*

     429        7,842   

American Railcar Industries, Inc.*

     346        9,335   

Ampco-Pittsburgh Corp.

     883        16,406   

Astec Industries, Inc.*

     221        6,915   

Barnes Group, Inc.

     315        8,316   

Blount International, Inc.*

     491        7,939   

Briggs & Stratton Corp.

     466        8,435   

Cascade Corp.

     150        7,061   

Chart Industries, Inc.*

     112        8,560   

CIRCOR International, Inc.

     253        7,873   

CLARCOR, Inc.

     371        17,815   

Colfax Corp.*

     235        7,964   

Columbus McKinnon Corp.*

     484        7,178   

Commercial Vehicle Group, Inc.*

     686        7,299   
 

 

76     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   April 30, 2012

 

GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

Douglas Dynamics, Inc.

     612      $ 8,648   

Dynamic Materials Corp.

     837        15,300   

Energy Recovery, Inc.*

     3,663        7,692   

EnPro Industries, Inc.*

     206        8,530   

ESCO Technologies, Inc.

     222        7,637   

Federal Signal Corp.*

     1,539        7,941   

Flow International Corp.*

     2,031        8,347   

FreightCar America, Inc.

     359        7,754   

Gorman-Rupp Co. (The)

     279        8,035   

Graham Corp.

     355        7,838   

Greenbrier Cos., Inc.*

     402        6,935   

Hurco Cos., Inc.*

     300        7,899   

John Bean Technologies Corp.

     520        8,315   

Kadant, Inc.*

     349        9,029   

Kaydon Corp.

     696        17,073   

LB Foster Co. — Class A

     630        16,890   

Lindsay Corp.

     126        8,416   

Lydall, Inc.*

     821        8,662   

Meritor, Inc.*

     926        6,028   

Met-Pro Corp.

     817        8,137   

Middleby Corp.*

     83        8,422   

Miller Industries, Inc.

     491        8,052   

Mueller Industries, Inc.

     394        18,010   

Mueller Water Products, Inc. — Series A

     5,447        19,555   

NACCO Industries, Inc. — Class A

     72        8,170   

NN, Inc.*

     2,061        16,303   

PMFG, Inc.*

     550        7,431   

Proto Labs, Inc.*

     260        9,646   

RBC Bearings, Inc.*

     391        18,330   

Robbins & Myers, Inc.

     183        8,914   

Sauer-Danfoss, Inc.

     170        7,363   

Sun Hydraulics Corp.

     306        7,659   

Tecumseh Products Co. — Class A*

     1,983        7,575   

Tennant Co.

     195        8,639   

Titan International, Inc.

     337        9,736   

Trimas Corp.*

     361        7,946   

Twin Disc, Inc.

     314        6,886   

Wabash National Corp.*

     783        6,554   

Watts Water Technologies, Inc. — Class A

     199        7,327   

Woodward, Inc.

     193        8,027   

Xerium Technologies, Inc.*

     1,269        5,964   
   

 

 

  

Total Machinery

       553,425   
   

 

 

  

Marine - 0.3%

  

Baltic Trading Ltd.

     2,041        9,491   

Eagle Bulk Shipping, Inc.*

     4,609        7,559   

Excel Maritime Carriers Ltd.*

     4,462        8,344   

Genco Shipping & Trading Ltd.*

     1,348        7,212   

International Shipholding Corp.

     366        7,744   

Ultrapetrol Bahamas Ltd.*

     3,994        7,628   
   

 

 

  

Total Marine

       47,978   
   

 

 

  
     SHARES     MARKET
VALUE		  
   

Media - 1.3%

  

AH Belo Corp. — Class A

     1,496      $ 6,597   

Arbitron, Inc.

     208        7,914   

Belo Corp. — Class A

     1,033        6,962   

Central European Media Enterprises Ltd. — Class A*

     1,039        8,219   

Cinemark Holdings, Inc.

     339        7,784   

Crown Media Holdings, Inc. — Class A*

     4,800        7,248   

Cumulus Media, Inc. — Class A*

     2,095        7,605   

Digital Generation, Inc.*

     712        6,607   

E.W. Scripps Co. — Class A*

     759        6,953   

Entercom Communications
Corp. — Class A*

     1,125        6,964   

Entravision Communications
Corp. — Class A

     4,409        6,922   

Fisher Communications, Inc.*

     244        8,001   

Global Sources Ltd.*

     1,300        8,008   

Gray Television, Inc.*

     3,909        7,036   

Harte-Hanks, Inc.

     797        6,695   

Journal Communications, Inc. — Class A*

     1,379        5,778   

Knology, Inc.*

     419        8,150   

LIN TV Corp. — Class A*

     1,806        7,134   

Lions Gate Entertainment Corp.*

     533        6,519   

Live Nation Entertainment, Inc.*

     774        7,013   

Martha Stewart Living
Omnimedia — Class A

     1,939        6,922   

McClatchy Co. (The) — Class A*

     2,624        7,137   

MDC Partners, Inc.

     632        6,522   

Meredith Corp.

     225        6,487   

National CineMedia, Inc.

     497        7,102   

New York Times Co. (The) —
Class A*

     1,101        6,947   

Nexstar Broadcasting Group,
Inc. — Class A*

     888        6,882   

Outdoor Channel Holdings, Inc.

     991        7,333   

ReachLocal, Inc.*

     993        7,507   

Rentrak Corp.*

     329        6,225   

Saga Communications, Inc. — Class A*

     208        7,833   

Scholastic Corp.

     208        6,354   

Sinclair Broadcast Group, Inc. — Class A

     655        6,733   

Valassis Communications, Inc.*

     315        6,300   

World Wrestling Entertainment, Inc. — Class A

     844        6,651   
   

 

 

  

Total Media

       247,044   
   

 

 

  

Metals & Mining - 2.7%

  

A.M. Castle & Co.*

     682        9,132   

AMCOL International Corp.

     627        20,666   

Century Aluminum Co.*

     2,024        18,621   

Coeur d’Alene Mines Corp.*

     760        16,378   

General Moly, Inc.*

     5,414        17,541   

Globe Specialty Metals, Inc.

     1,206        16,088   
 

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       77

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   April 30, 2012

 

GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

Gold Resource Corp.

     732      $ 19,852   

Golden Minerals Co.*

     2,118        15,821   

Golden Star Resources Ltd.*

     9,683        14,815   

Haynes International, Inc.

     291        18,150   

Hecla Mining Co.

     3,961        16,953   

Horsehead Holding Corp.*

     1,598        17,946   

Jaguar Mining, Inc.*

     3,581        9,704   

Kaiser Aluminum Corp.

     378        19,871   

Materion Corp.*

     650        16,061   

McEwen Mining, Inc.*

     4,316        16,358   

Metals USA Holdings Corp.*

     1,307        19,710   

Midway Gold Corp.*

     11,883        17,112   

Noranda Aluminum Holding Corp.

     1,784        18,946   

Olympic Steel, Inc.

     745        15,742   

Paramount Gold and Silver Corp.*

     7,854        19,164   

Revett Minerals, Inc.*

     4,296        17,055   

RTI International Metals, Inc.*

     809        19,861   

Stillwater Mining Co.*

     1,434        15,387   

SunCoke Energy, Inc.*

     1,467        22,328   

Thompson Creek Metals Co, Inc.*

     2,645        15,685   

Universal Stainless & Alloy*

     432        20,045   

US Silica Holdings, Inc.*

     837        15,166   

Vista Gold Corp.*

     5,546        16,749   

Worthington Industries, Inc.

     991        17,679   
   

 

 

  

Total Metals & Mining

       514,586   
   

 

 

  

Multi-Utilities - 0.9%

  

Avista Corp.

     1,674        44,261   

Black Hills Corp.

     1,257        41,494   

CH Energy Group, Inc.

     636        41,734   

NorthWestern Corp.

     1,201        42,659   
   

 

 

  

Total Multi-Utilities

       170,148   
   

 

 

  

Multiline Retail - 0.2%

  

Bon-Ton Stores, Inc. (The)

     789        4,892   

Fred’s, Inc. — Class A

     511        7,317   

Gordmans Stores, Inc.*

     369        7,838   

Saks, Inc.*

     644        7,058   

Tuesday Morning Corp.*

     2,022        8,169   
   

 

 

  

Total Multiline Retail

       35,274   
   

 

 

  

Oil, Gas & Consumable Fuels - 7.9%

  

Abraxas Petroleum Corp.*

     6,428        19,155   

Alon USA Energy, Inc.

     2,306        20,846   

Amyris, Inc.*

     3,710        11,612   

Apco Oil and Gas International, Inc.

     298        12,501   

Approach Resources, Inc.*

     565        20,272   

ATP Oil & Gas Corp.*

     2,585        19,543   

Berry Petroleum Co. — Class A

     421        19,177   

Bill Barrett Corp.*

     782        18,752   

Bonanza Creek Energy, Inc.*

     972        21,355   

BPZ Resources, Inc.*

     4,939        20,003   

Callon Petroleum Co.*

     3,209        18,644   

Carrizo Oil & Gas, Inc.*

     722        20,245   

Cheniere Energy, Inc.*

     1,383        25,323   

Clayton Williams Energy, Inc.*

     252        18,532   
     SHARES     MARKET
VALUE		  
   

Clean Energy Fuels Corp.*

     908      $ 17,470   

Cloud Peak Energy, Inc.*

     1,258        19,361   

Comstock Resources, Inc.*

     1,240        21,787   

Contango Oil & Gas Co.*

     341        18,503   

Crosstex Energy, Inc.

     1,469        21,888   

CVR Energy, Inc.*

     798        24,227   

Delek US Holdings, Inc.

     1,410        22,983   

DHT Holdings, Inc.

     8,305        6,644   

Endeavour International Corp.*

     1,748        21,815   

Energy Partners Ltd.*

     1,217        19,813   

Energy XXI Ltd.*

     584        22,005   

Evolution Petroleum Corp.*

     2,263        20,005   

Frontline Ltd.

     1,195        7,827   

FX Energy, Inc.*

     3,583        20,351   

Gastar Exploration Ltd.*

     6,674        18,754   

GeoResources, Inc.*

     612        23,079   

Golar LNG Ltd.

     542        20,043   

Goodrich Petroleum Corp.*

     1,098        18,413   

Green Plains Renewable Energy, Inc.*

     1,915        15,301   

Gulfport Energy Corp.*

     691        18,111   

Harvest Natural Resources, Inc.*

     2,938        20,213   

Houston American Energy Corp.*

     3,665        8,466   

Hyperdynamics Corp.*

     16,069        15,000   

Isramco, Inc.*

     215        19,950   

James River Coal Co.*

     3,934        19,513   

KiOR, Inc. — Class A*

     1,677        16,435   

Knightsbridge Tankers Ltd.

     589        7,457   

Kodiak Oil & Gas Corp.*

     2,104        18,620   

Magnum Hunter Resources Corp.*

     3,014        18,717   

Matador Resources Co.*

     1,860        21,539   

McMoRan Exploration Co.*

     1,860        16,368   

Miller Energy Resources, Inc.*

     5,022        27,269   

Nordic American Tanker Shipping Ltd.

     563        8,175   

Northern Oil and Gas, Inc.*

     985        19,139   

Oasis Petroleum, Inc.*

     673        22,256   

Overseas Shipholding Group, Inc.

     712        8,330   

Panhandle Oil and Gas, Inc. — Class A

     657        18,100   

Patriot Coal Corp.*

     3,264        19,029   

Penn Virginia Corp.

     4,325        22,144   

Petroleum Development Corp.*

     535        18,399   

Petroquest Energy, Inc.*

     3,229        19,503   

Rentech, Inc.*

     8,592        19,848   

Resolute Energy Corp.*

     1,832        19,438   

REX American Resources Corp.*

     664        18,419   

Rex Energy Corp.*

     1,870        19,654   

Rosetta Resources, Inc.*

     402        20,209   

Sanchez Energy Corp.*

     913        22,131   

Scorpio Tankers, Inc.*

     1,163        7,874   

SemGroup Corp. — Class A*

     708        22,514   

Ship Finance International Ltd.

     553        7,659   

Solazyme, Inc.*

     1,381        15,191   

Stone Energy Corp.*

     708        19,859   

Swift Energy Co.*

     726        21,961   

Targa Resources Corp.

     459        22,073   
 

 

78     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   April 30, 2012

 

GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

Teekay Tankers Ltd. — Class A

     1,595      $ 8,230   

Triangle Petroleum Corp.*

     3,006        19,569   

Ur-Energy, Inc.*

     14,640        15,958   

Uranerz Energy Corp.*

     7,205        12,609   

Uranium Energy Corp.*

     4,692        13,841   

Uranium Resources, Inc.*

     19,083        16,602   

USEC, Inc.*

     18,487        15,559   

Vaalco Energy, Inc.*

     2,199        19,945   

Venoco, Inc.*

     1,899        21,098   

Voyager Oil & Gas, Inc.*

     7,853        19,947   

W&T Offshore, Inc.

     962        19,019   

Warren Resources, Inc.*

     6,199        19,155   

Western Refining, Inc.

     1,105        21,050   

Westmoreland Coal Co.*

     1,779        17,950   

World Fuel Services Corp.

     498        21,942   
   

 

 

  

Total Oil, Gas & Consumable Fuels

       1,508,266   
   

 

 

  

Paper & Forest Products - 0.8%

  

Buckeye Technologies, Inc.

     515        16,691   

Clearwater Paper Corp.*

     552        18,199   

Deltic Timber Corp.

     272        16,614   

KapStone Paper and Packaging Corp.*

     882        15,929   

Louisiana-Pacific Corp.*

     1,836        16,616   

Neenah Paper, Inc.

     609        17,393   

PH Glatfelter Co.

     1,132        17,637   

Schweitzer-Mauduit International, Inc.

     260        17,633   

Wausau Paper Corp.

     1,920        17,395   
   

 

 

  

Total Paper & Forest Products

       154,107   
   

 

 

  

Personal Products - 0.9%

  

Elizabeth Arden, Inc.*

     209        8,147   

Inter Parfums, Inc.

     476        7,497   

Medifast, Inc.*

     2,576        49,511   

Nature’s Sunshine Products, Inc.*

     2,630        40,712   

Nu Skin Enterprises, Inc. — Class A

     125        6,663   

Prestige Brands Holdings, Inc.*

     451        7,662   

Revlon, Inc. — Class A*

     434        7,413   

USANA Health Sciences, Inc.*

     1,196        49,873   
   

 

 

  

Total Personal Products

       177,478   
   

 

 

  

Pharmaceuticals - 1.5%

  

Acura Pharmaceuticals, Inc.*

     944        3,049   

Akorn, Inc.*

     646        7,836   

Alimera Sciences, Inc.*

     2,019        6,239   

Ampio Pharmaceuticals, Inc.*

     2,243        6,931   

Auxilium Pharmaceuticals, Inc.*

     411        7,365   

AVANIR Pharmaceuticals, Inc. — Class A*

     2,263        6,902   

Cadence Pharmaceuticals, Inc.*

     2,083        7,686   

Columbia Laboratories, Inc.*

     10,904        7,959   

Corcept Therapeutics, Inc.*

     1,973        7,379   

Cornerstone Therapeutics, Inc.*

     1,309        7,723   

Depomed, Inc.*

     1,208        7,357   

Durect Corp.*

     9,238        6,467   

Endocyte, Inc.*

     1,412        10,082   

Hi-Tech Pharmacal Co., Inc.*

     211        6,877   
     SHARES     MARKET
VALUE		  
   

Impax Laboratories, Inc.*

     324      $ 7,980   

ISTA Pharmaceuticals, Inc.*

     869        7,864   

Jazz Pharmaceuticals PLC*

     163        8,318   

KV Pharmaceutical Co. — Class A*

     6,040        6,946   

Lannett Co., Inc.*

     1,839        7,246   

MAP Pharmaceuticals, Inc.*

     478        6,128   

Medicines Co. (The)*

     387        8,549   

Medicis Pharmaceutical Corp. — Class A

     204        7,848   

Nektar Therapeutics*

     956        7,285   

Obagi Medical Products, Inc.*

     587        7,701   

Optimer Pharmaceuticals, Inc.*

     569        8,421   

Pacira Pharmaceuticals, Inc.*

     678        7,600   

Pain Therapeutics, Inc.*

     2,187        8,857   

Par Pharmaceutical Cos., Inc.*

     204        8,637   

Pozen, Inc.*

     1,397        9,304   

Questcor Pharmaceuticals, Inc.*

     201        9,025   

Sagent Pharmaceuticals, Inc.*

     410        7,376   

Salix Pharmaceuticals Ltd.*

     148        7,311   

Santarus, Inc.*

     1,342        8,549   

Sucampo Pharmaceuticals, Inc. — Class A*

     1,036        8,620   

Transcept Pharmaceuticals, Inc.*

     776        6,976   

ViroPharma, Inc.*

     257        5,590   

Vivus, Inc.*

     377        9,131   

XenoPort, Inc.*

     1,678        7,668   

Zogenix, Inc.*

     3,586        6,562   
   

 

 

  

Total Pharmaceuticals

       295,344   
   

 

 

  

Professional Services - 1.2%

  

Acacia Research - Acacia Technologies*

     180        7,380   

Advisory Board Co. (The)*

     94        8,569   

Barrett Business Services, Inc.

     420        8,316   

CBIZ, Inc.*

     1,283        7,788   

CDI Corp.

     471        8,356   

Corporate Executive Board Co. (The)

     193        7,984   

CRA International, Inc.*

     329        6,728   

Dolan Co. (The)*

     821        6,576   

Exponent, Inc.*

     170        8,126   

Franklin Covey Co.*

     793        7,367   

FTI Consulting, Inc.*

     220        7,995   

GP Strategies Corp.*

     483        8,105   

Heidrick & Struggles International, Inc.

     385        7,507   

Hill International, Inc.*

     2,107        7,501   

Hudson Global, Inc.*

     1,542        8,388   

Huron Consulting Group, Inc.*

     219        7,718   

ICF International, Inc.*

     330        8,230   

Insperity, Inc.

     272        7,417   

Kelly Services, Inc. — Class A

     540        7,555   

Kforce, Inc.*

     569        8,233   

Korn/Ferry International*

     513        8,285   

Mistras Group, Inc.*

     342        8,027   

Navigant Consulting, Inc.*

     596        8,296   

Odyssey Marine Exploration, Inc.*

     2,697        8,199   

On Assignment, Inc.*

     485        9,074   
 

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       79

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   April 30, 2012

 

GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

Resources Connection, Inc.

     621      $ 8,061   

RPX Corp.*

     490        8,467   

TrueBlue, Inc.*

     479        8,268   

VSE Corp.

     334        7,348   
   

 

 

  

Total Professional Services

       229,864   
   

 

 

  

Real Estate Investment Trusts (REITs) - 2.8%

  

Acadia Realty Trust

     222        5,146   

AG Mortgage Investment Trust, Inc.

     251        4,970   

Agree Realty Corp.

     218        4,970   

Alexander’s, Inc.

     13        5,065   

American Assets Trust, Inc.

     220        5,172   

American Campus Communities, Inc.

     114        5,067   

American Capital Mortgage Investment Corp.

     230        5,228   

Anworth Mortgage Asset Corp.

     769        5,183   

Apollo Commercial Real Estate Finance, Inc.

     312        5,033   

ARMOUR Residential REIT, Inc.

     751        5,242   

Ashford Hospitality Trust, Inc.

     540        4,612   

Associated Estates Realty Corp.

     312        5,282   

BioMed Realty Trust, Inc.

     263        5,213   

Campus Crest Communities, Inc.

     430        5,009   

CapLease, Inc.

     1,240        5,146   

Capstead Mortgage Corp.

     375        5,149   

CBL & Associates Properties, Inc.

     260        4,844   

Cedar Reality Trust, Inc.

     988        5,157   

Chatham Lodging Trust

     375        4,875   

Chesapeake Lodging Trust

     276        4,996   

Colonial Properties Trust

     238        5,324   

Colony Financial, Inc.

     299        5,080   

Coresite Realty Corp.

     210        5,231   

Cousins Properties, Inc.

     659        5,180   

CreXus Investment Corp.

     476        4,993   

CubeSmart

     417        5,238   

CYS Investments, Inc.

     386        5,300   

DCT Industrial Trust, Inc.

     869        5,153   

DiamondRock Hospitality Co.

     491        5,219   

DuPont Fabros Technology, Inc.

     205        5,566   

Dynex Capital, Inc.

     532        5,017   

EastGroup Properties, Inc.

     100        5,030   

Education Realty Trust, Inc.

     473        5,331   

Entertainment Properties Trust

     107        5,135   

Equity Lifestyle Properties, Inc.

     73        5,106   

Equity One, Inc.

     250        5,195   

Excel Trust, Inc.

     401        4,808   

Extra Space Storage, Inc.

     177        5,372   

FelCor Lodging Trust, Inc.*

     1,395        5,887   

First Industrial Realty Trust, Inc.*

     416        5,133   

First Potomac Realty Trust

     403        5,013   

Franklin Street Properties Corp.

     462        4,652   

Getty Realty Corp.

     335        5,300   

Gladstone Commercial Corp.

     281        4,774   

Glimcher Realty Trust

     485        4,797   

Government Properties Income Trust

     211        4,899   
     SHARES     MARKET
VALUE		  
   

Hatteras Financial Corp.

     183      $ 5,331   

Healthcare Realty Trust, Inc.

     230        4,940   

Hersha Hospitality Trust

     923        5,307   

Highwoods Properties, Inc.

     152        5,279   

Home Properties, Inc.

     84        5,128   

Hudson Pacific Properties, Inc.

     324        5,129   

Inland Real Estate Corp.

     567        4,876   

Invesco Mortgage Capital, Inc.

     290        5,116   

Investors Real Estate Trust

     652        4,707   

iStar Financial, Inc.*

     683        4,726   

Kilroy Realty Corp.

     108        5,125   

Kite Realty Group Trust

     947        4,839   

LaSalle Hotel Properties

     175        5,147   

Lexington Realty Trust

     548        4,877   

LTC Properties, Inc.

     161        5,358   

Medical Properties Trust, Inc.

     536        5,028   

MFA Financial, Inc.

     666        4,915   

Mid-America Apartment Communities, Inc.

     77        5,241   

Mission West Properties, Inc.

     516        4,530   

Monmouth Real Estate Investment Corp. — Class A

     516        5,294   

MPG Office Trust, Inc.*

     2,033        4,290   

National Health Investors, Inc.

     102        5,046   

National Retail Properties, Inc.

     185        5,065   

Newcastle Investment Corp.

     775        5,479   

NorthStar Realty Finance Corp.

     939        5,352   

Omega Healthcare Investors, Inc.

     234        5,010   

One Liberty Properties, Inc.

     272        5,144   

Parkway Properties, Inc.

     477        4,718   

Pebblebrook Hotel Trust

     218        5,249   

Pennsylvania Real Estate Investment Trust

     325        4,579   

Pennymac Mortgage Investment Trust

     268        5,438   

Post Properties, Inc.

     109        5,308   

Potlatch Corp.

     159        4,977   

PS Business Parks, Inc.

     78        5,323   

RAIT Financial Trust

     969        4,690   

Ramco-Gershenson Properties Trust

     414        4,985   

Redwood Trust, Inc.

     446        5,209   

Resource Capital Corp.

     878        4,741   

Retail Opportunity Investments Corp.

     417        5,067   

RLJ Lodging Trust

     270        5,071   

Sabra Health Care REIT, Inc.

     308        5,156   

Saul Centers, Inc.

     125        5,001   

Sovran Self Storage, Inc.

     101        5,323   

STAG Industrial, Inc.

     363        5,053   

Starwood Property Trust, Inc.

     234        4,884   

Strategic Hotels & Resorts, Inc.*

     771        5,251   

Summit Hotel Properties, Inc.

     647        5,409   

Sun Communities, Inc.

     116        5,075   

Sunstone Hotel Investors, Inc.*

     514        5,243   

Tanger Factory Outlet Centers

     167        5,230   
 

 

80     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   April 30, 2012

 

GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

Terreno Realty Corp.

     356      $ 5,091   

Two Harbors Investment Corp.

     499        5,220   

UMH Properties, Inc.

     469        5,529   

Universal Health Realty Income Trust

     127        5,136   

Urstadt Biddle Properties, Inc. — Class A

     259        4,983   

Washington Real Estate Investment Trust

     170        5,023   

Whitestone REIT — Class B

     377        5,210   

Winthrop Realty Trust

     436        4,652   
   

 

 

  

Total Real Estate Investment Trusts (REITs)

       529,195   
   

 

 

  

Real Estate Management & Development - 0.1%

  

AV Homes, Inc.*

     401        5,000   

Consolidated-Tomoka Land Co.

     159        4,675   

Forestar Group, Inc.*

     324        4,983   

Kennedy-Wilson Holdings, Inc.

     370        5,202   

Tejon Ranch Co.*

     166        4,957   
   

 

 

  

Total Real Estate Management & Development

       24,817   
   

 

 

  

Road & Rail - 0.8%

  

Amerco, Inc.

     70        7,031   

Arkansas Best Corp.

     443        6,796   

Avis Budget Group, Inc.*

     539        7,093   

Celadon Group, Inc.

     518        8,096   

Dollar Thrifty Automotive Group, Inc.*

     93        7,520   

Genesee & Wyoming, Inc. — Class A*

     148        7,979   

Heartland Express, Inc.

     563        7,786   

Knight Transportation, Inc.

     464        7,619   

Marten Transport Ltd.

     375        7,901   

Old Dominion Freight Line, Inc.*

     175        7,782   

Patriot Transportation Holding, Inc.*

     359        7,887   

Quality Distribution, Inc.*

     605        6,758   

RailAmerica, Inc.*

     381        8,832   

Roadrunner Transportation Systems, Inc.*

     472        8,189   

Saia, Inc.*

     491        9,221   

Swift Transportation Co. — Class A*

     709        7,437   

Universal Truckload Services, Inc.

     551        8,596   

Werner Enterprises, Inc.

     325        7,677   

Zipcar, Inc.*

     506        6,097   
   

 

 

  

Total Road & Rail

       146,297   
   

 

 

  

Semiconductors & Semiconductor Equipment - 2.7%

  

Advanced Energy Industries, Inc.*

     626        7,474   

Alpha & Omega Semiconductor Ltd.*

     759        7,506   

Amkor Technology, Inc.*

     1,197        6,188   

Amtech Systems, Inc.*

     922        6,435   

Anadigics, Inc.*

     3,115        6,884   

Applied Micro Circuits Corp.*

     1,070        5,971   

ATMI, Inc.*

     328        6,891   

Axcelis Technologies, Inc.*

     4,305        5,855   

AXT, Inc.*

     1,152        5,864   
     SHARES     MARKET
VALUE		  
   

Brooks Automation, Inc.

     622      $ 7,315   

Cabot Microelectronics Corp.

     464        15,952   

Cavium, Inc.*

     238        6,964   

CEVA, Inc.*

     330        7,290   

Cirrus Logic, Inc.*

     315        8,625   

Cohu, Inc.

     662        7,269   

Cymer, Inc.*

     155        8,035   

Diodes, Inc.*

     317        7,066   

DSP Group, Inc.*

     1,184        7,743   

Entegris, Inc.*

     812        7,186   

Entropic Communications, Inc.*

     1,252        5,296   

Exar Corp.*

     920        7,286   

Formfactor, Inc.*

     1,383        7,745   

FSI International, Inc.*

     1,532        7,767   

GSI Technology, Inc.*

     1,786        7,555   

GT Advanced Technologies, Inc.*

     2,598        16,913   

Hittite Microwave Corp.*

     139        7,442   

Inphi Corp.*

     544        5,522   

Integrated Device Technology, Inc.*

     1,033        6,993   

Integrated Silicon Solution, Inc.*

     676        7,179   

Intermolecular, Inc.*

     1,184        7,897   

IXYS Corp.*

     584        7,277   

Kopin Corp.*

     1,920        6,854   

Kulicke & Soffa Industries, Inc.*

     618        8,096   

Lattice Semiconductor Corp.*

     1,197        6,536   

LTX-Credence Corp.*

     1,119        7,721   

MaxLinear, Inc. — Class A*

     1,373        6,659   

Micrel, Inc.

     745        8,113   

Microsemi Corp.*

     350        7,532   

Mindspeed Technologies, Inc.*

     1,205        6,037   

MIPS Technologies, Inc.*

     1,366        8,934   

MKS Instruments, Inc.

     255        7,051   

Monolithic Power Systems, Inc.*

     391        8,101   

MoSys, Inc.*

     1,883        6,779   

Nanometrics, Inc.*

     409        6,344   

NVE Corp.*

     142        7,196   

Omnivision Technologies, Inc.*

     392        7,221   

PDF Solutions, Inc.*

     908        8,008   

Pericom Semiconductor Corp.*

     924        7,263   

Photronics, Inc.*

     1,135        7,026   

PLX Technology, Inc.*

     1,883        7,494   

Power Integrations, Inc.

     203        7,690   

Rambus, Inc.*

     1,142        5,813   

RF Micro Devices, Inc.*

     1,545        6,690   

Rubicon Technology, Inc.*

     726        6,861   

Rudolph Technologies, Inc.*

     684        7,387   

Semtech Corp.*

     264        7,197   

Sigma Designs, Inc.*

     1,416        7,802   

Silicon Image, Inc.*

     1,277        7,662   

Spansion, Inc. — Class A*

     620        7,477   

Standard Microsystems Corp.*

     301        7,970   

STR Holdings, Inc.*

     4,632        17,694   

Supertex, Inc.*

     417        8,536   

Tessera Technologies, Inc.*

     445        6,960   
 

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       81

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   April 30, 2012

 

GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

TriQuint Semiconductor, Inc.*

     1,119      $ 5,461   

Ultra Clean Holdings*

     969        6,638   

Ultratech, Inc.*

     267        8,528   

Veeco Instruments, Inc.*

     257        7,759   

Volterra Semiconductor Corp.*

     226        7,433   
   

 

 

  

Total Semiconductors & Semiconductor Equipment

       517,908   
   

 

 

  

Software - 2.5%

  

Accelrys, Inc.*

     984        8,098   

ACI Worldwide, Inc.*

     184        7,334   

Actuate Corp.*

     1,242        8,818   

Advent Software, Inc.*

     195        5,263   

American Software, Inc. — Class A

     867        7,179   

Aspen Technology, Inc.*

     367        7,259   

AVG Technologies NV*

     514        7,119   

Blackbaud, Inc.

     227        7,032   

Bottomline Technologies, Inc.*

     269        6,330   

BroadSoft, Inc.*

     191        8,177   

Callidus Software, Inc.*

     934        7,397   

CommVault Systems, Inc.*

     148        7,706   

Concur Technologies, Inc.*

     130        7,353   

Convio, Inc.*

     493        7,888   

Deltek, Inc.*

     696        7,266   

Digimarc Corp.*

     272        7,113   

Ebix, Inc.

     321        6,564   

Ellie Mae, Inc.*

     723        9,370   

EPIQ Systems, Inc.

     621        7,055   

ePlus, Inc.*

     234        6,940   

Fair Isaac Corp.

     115        4,934   

FalconStor Software, Inc.*

     2,093        6,886   

Glu Mobile, Inc.*

     1,714        7,799   

Guidance Software, Inc.*

     675        6,406   

Guidewire Software, Inc.*

     219        5,961   

Imperva, Inc.*

     193        6,711   

Interactive Intelligence Group*

     245        7,267   

JDA Software Group, Inc.*

     282        8,144   

Jive Software, Inc.*

     286        6,810   

Kenexa Corp.*

     241        7,873   

Manhattan Associates, Inc.*

     158        7,924   

Mentor Graphics Corp.*

     502        7,254   

MicroStrategy, Inc. — Class A*

     55        7,688   

Monotype Imaging Holdings, Inc.*

     492        6,981   

Motricity, Inc.*

     6,721        6,923   

Netscout Systems, Inc.*

     363        7,510   

NetSuite, Inc.*

     150        6,657   

OPNET Technologies, Inc.

     257        5,952   

Parametric Technology Corp.*

     269        5,805   

Pegasystems, Inc.

     202        7,512   

Progress Software Corp.*

     314        7,266   

PROS Holdings, Inc.*

     408        8,034   

QAD, Inc. — Class A*

     568        7,015   

QLIK Technologies, Inc.*

     238        6,857   

Quest Software, Inc.*

     320        7,446   
     SHARES     MARKET
VALUE		  
   

RealPage, Inc.*

     400      $ 7,260   

Rosetta Stone, Inc.*

     734        7,678   

SeaChange International, Inc.*

     951        7,817   

Smith Micro Software, Inc.*

     3,053        6,137   

SolarWinds, Inc.*

     190        8,913   

Sourcefire, Inc.*

     156        7,954   

SRS Labs, Inc.*

     1,078        10,273   

SS&C Technologies Holdings, Inc.*

     330        7,844   

Synchronoss Technologies, Inc.*

     227        7,105   

Take-Two Interactive Software, Inc.*

     482        6,796   

Tangoe, Inc.*

     414        8,479   

TeleCommunication Systems,
Inc. — Class A*

     2,688        5,188   

TeleNav, Inc.*

     1,093        7,400   

THQ, Inc.*

     12,358        8,371   

TiVo, Inc.*

     637        6,873   

Tyler Technologies, Inc.*

     199        7,950   

Ultimate Software Group, Inc.*

     103        7,948   

VASCO Data Security International, Inc.*

     726        5,656   

Verint Systems, Inc.*

     252        7,621   

VirnetX Holding Corp.*

     297        7,377   

Wave Systems Corp. — Class A*

     3,719        5,318   

Websense, Inc.*

     358        7,425   
   

 

 

  

Total Software

       486,259   
   

 

 

  

Specialty Retail - 2.7%

  

Aeropostale, Inc.*

     352        7,807   

America’s Car-Mart, Inc.*

     166        7,626   

ANN, Inc.*

     258        7,144   

Asbury Automotive Group, Inc.*

     277        7,734   

Ascena Retail Group, Inc.*

     336        6,881   

Barnes & Noble, Inc.*

     535        11,101   

Bebe Stores, Inc.

     816        6,691   

Big 5 Sporting Goods Corp.

     904        7,567   

Body Central Corp.*

     276        8,382   

Brown Shoe Co., Inc.

     795        7,243   

Buckle, Inc. (The)

     156        7,204   

Build-A-Bear Workshop, Inc.*

     1,431        6,454   

Cabela’s, Inc.*

     192        7,260   

Casual Male Retail Group, Inc.*

     2,230        7,002   

Cato Corp. (The) — Class A

     268        7,458   

Charming Shoppes, Inc.*

     1,402        8,272   

Children’s Place Retail Stores, Inc. (The)*

     146        6,713   

Christopher & Banks Corp.

     3,213        6,008   

Citi Trends, Inc.*

     626        6,974   

Coldwater Creek, Inc.*

     6,481        6,416   

Collective Brands, Inc.*

     420        8,723   

Conn’s, Inc.*

     482        7,881   

Cost Plus, Inc.*

     425        8,232   

Destination Maternity Corp.

     401        7,956   

Express, Inc.*

     298        7,039   

Finish Line, Inc. (The) — Class A

     299        6,656   
 

 

82     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   April 30, 2012

 

GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

Francesca’s Holdings Corp.*

     240      $ 7,524   

Genesco, Inc.*

     104        7,800   

GNC Holdings, Inc. — Class A

     1,277        49,880   

Group 1 Automotive, Inc.

     134        7,756   

Haverty Furniture Cos., Inc.

     625        7,500   

hhgregg, Inc.*

     650        6,799   

Hibbett Sports, Inc.*

     138        8,241   

HOT Topic, Inc.

     735        7,203   

JOS A Bank Clothiers, Inc.*

     139        6,609   

Kirkland’s, Inc.*

     447        6,544   

Lithia Motors, Inc. — Class A

     286        7,673   

Lumber Liquidators Holdings, Inc.*

     301        8,708   

MarineMax, Inc.*

     883        9,413   

Mattress Firm Holding Corp.*

     201        8,048   

Men’s Wearhouse, Inc. (The)

     189        7,001   

Monro Muffler Brake, Inc.

     177        7,303   

New York & Co., Inc.*

     2,033        8,030   

Office Depot, Inc.*

     2,033        6,180   

OfficeMax, Inc.*

     1,225        5,696   

Pacific Sunwear of California, Inc.*

     4,213        6,193   

Penske Automotive Group, Inc.

     303        8,011   

PEP Boys-Manny Moe & Jack

     509        7,599   

Pier 1 Imports, Inc.

     411        7,061   

Rent-A-Center, Inc.

     198        6,774   

Rue21, Inc.*

     258        7,830   

Select Comfort Corp.*

     232        6,700   

Shoe Carnival, Inc.*

     342        6,649   

Sonic Automotive, Inc. — Class A

     415        6,980   

Stage Stores, Inc.

     455        6,948   

Stein Mart, Inc.*

     1,174        7,537   

Systemax, Inc.*

     448        7,692   

Talbots, Inc.*

     2,333        6,906   

Teavana Holdings, Inc.*

     368        7,688   

Vitamin Shoppe, Inc.*

     167        7,861   

West Marine, Inc.*

     615        7,202   

Wet Seal, Inc. (The) — Class A*

     2,270        7,468   

Winmark Corp.

     132        7,569   

Zale Corp.*

     2,362        6,472   

Zumiez, Inc.*

     208        7,625   
   

 

 

  

Total Specialty Retail

       523,097   
   

 

 

  

Textiles, Apparel & Luxury Goods - 1.0%

  

Carter’s, Inc.*

     156        8,471   

Cherokee, Inc.

     669        8,684   

Columbia Sportswear Co.

     158        7,442   

Crocs, Inc.*

     357        7,211   

Delta Apparel, Inc.*

     456        6,525   

G-III Apparel Group Ltd.*

     260        6,981   

Iconix Brand Group, Inc.*

     425        6,519   

Jones Group, Inc. (The)

     675        7,573   

K-Swiss, Inc. — Class A*

     1,704        6,271   

Kenneth Cole Productions, Inc. — Class A*

     472        7,519   

Liz Claiborne, Inc.*

     630        8,442   

Maidenform Brands, Inc.*

     332        7,580   
     SHARES     MARKET
VALUE		  
   

Movado Group, Inc.

     339      $ 9,611   

Oxford Industries, Inc.

     153        7,342   

Perry Ellis International, Inc.*

     411        7,690   

Quiksilver, Inc.*

     1,759        6,086   

R.G. Barry Corp.

     601        7,657   

Skechers U.S.A., Inc. — Class A*

     579        10,810   

Steven Madden Ltd.*

     172        7,432   

True Religion Apparel, Inc.*

     293        7,958   

Unifi, Inc.*

     1,816        20,194   

Vera Bradley, Inc.*

     256        6,651   

Warnaco Group, Inc. (The)*

     131        6,938   

Wolverine World Wide, Inc.

     190        7,970   
   

 

 

  

Total Textiles, Apparel & Luxury Goods

       195,557   
   

 

 

  

Thrifts & Mortgage Finance - 1.2%

  

Apollo Residential Mortgage, Inc.

     263        4,773   

Astoria Financial Corp.

     512        4,961   

Bank Mutual Corp.

     1,190        4,641   

BankFinancial Corp.

     717        4,775   

Beneficial Mutual Bancorp, Inc.*

     557        4,829   

Berkshire Hills Bancorp, Inc.

     220        4,992   

BofI Holding, Inc.*

     289        5,135   

Brookline Bancorp, Inc.

     532        4,777   

Cape Bancorp, Inc.*

     620        5,047   

Charter Financial Corp.

     545        4,905   

Clifton Savings Bancorp, Inc.

     487        4,977   

Dime Community Bancshares, Inc.

     343        4,754   

Doral Financial Corp.*

     3,119        5,708   

ESB Financial Corp.

     357        4,794   

ESSA Bancorp, Inc.

     511        4,982   

Federal Agricultural Mortgage Corp. — Class C

     222        5,075   

First Defiance Financial Corp.

     289        4,965   

First Financial Holdings, Inc.

     435        5,020   

First Pactrust Bancorp, Inc.

     421        4,627   

Flagstar Bancorp, Inc.*

     5,176        4,505   

Flushing Financial Corp.

     365        4,756   

Fox Chase Bancorp, Inc.

     386        4,910   

Franklin Financial Corp.*

     368        5,292   

Home Federal Bancorp, Inc.

     476        4,660   

Home Loan Servicing Solutions Ltd.

     360        4,990   

HomeStreet, Inc.*

     184        6,425   

Kearny Financial Corp.

     510        4,947   

Meridian Interstate Bancorp, Inc.*

     374        5,012   

MGIC Investment Corp.*

     1,023        3,540   

Northfield Bancorp, Inc.

     355        4,956   

Northwest Bancshares, Inc.

     391        4,817   

OceanFirst Financial Corp.

     353        5,143   

Ocwen Financial Corp.*

     323        4,816   

Oritani Financial Corp.

     344        5,098   

Provident Financial Services, Inc.

     343        5,042   

Provident New York Bancorp

     575        4,853   

Radian Group, Inc.

     1,126        3,513   

Rockville Financial, Inc.

     428        5,012   

Roma Financial Corp.

     498        4,701   
 

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       83

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (concluded)   April 30, 2012

 

 

GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

Territorial Bancorp, Inc.

     237      $ 5,148   

TrustCo Bank Corp. NY

     895        4,896   

United Financial Bancorp, Inc.

     317        5,085   

ViewPoint Financial Group

     327        5,202   

Walker & Dunlop, Inc.*

     394        5,142   

Westfield Financial, Inc.

     622        4,646   

WSFS Financial Corp.

     127        5,069   
   

 

 

  

Total Thrifts & Mortgage Finance

       225,913   
   

 

 

  

Tobacco - 0.9%

  

Alliance One International, Inc.*

     11,503        40,720   

Star Scientific, Inc.*

     12,837        45,571   

Universal Corp.

     949        43,493   

Vector Group Ltd.

     2,505        43,462   
   

 

 

  

Total Tobacco

       173,246   
   

 

 

  

Trading Companies & Distributors - 1.0%

  

Aceto Corp.

     1,920        17,280   

Aircastle Ltd.

     658        7,995   

Applied Industrial Technologies, Inc.

     202        7,939   

Beacon Roofing Supply, Inc.*

     680        18,149   

CAI International, Inc.*

     451        9,318   

DXP Enterprises, Inc.*

     189        8,197   

Essex Rental Corp.*

     2,031        7,982   

H&E Equipment Services, Inc.*

     442        8,531   

Houston Wire & Cable Co.

     596        7,325   

Interline Brands, Inc.*

     835        17,568   

Kaman Corp.

     240        8,251   

Rush Enterprises, Inc. — Class A*

     371        6,708   

SeaCube Container Leasing Ltd.

     471        8,737   

TAL International Group, Inc.

     227        9,377   

Textainer Group Holdings Ltd.

     250        8,767   

Titan Machinery, Inc.*

     307        10,938   

United Rentals, Inc.*

     199        9,289   

Watsco, Inc.

     249        17,916   
   

 

 

  

Total Trading Companies & Distributors

       190,267   
   

 

 

  

Transportation Infrastructure - 0.0%a

  

Wesco Aircraft Holdings, Inc.*

     531        8,384   
   

 

 

  

Total Transportation Infrastructure

       8,384   
   

 

 

  

Water Utilities - 1.3%

  

American States Water Co.

     1,152        41,979   

California Water Service Group

     2,316        41,943   

Connecticut Water Service, Inc.

     1,461        40,543   

Middlesex Water Co.

     2,263        42,001   

SJW Corp.

     1,715        41,331   

York Water Co.

     2,417        42,225   
   

 

 

  

Total Water Utilities

       250,022   
   

 

 

  
     SHARES     MARKET
VALUE		  
   

Wireless Telecommunication Services - 0.9%

  

Leap Wireless International, Inc.*

     4,584      $ 25,716   

NTELOS Holdings Corp.

     2,035        41,148   

Pendrell Corp.*

     16,253        21,942   

Shenandoah Telecom Co.

     3,868        43,128   

USA Mobility, Inc.

     3,164        40,879   
   

 

 

  

Total Wireless Telecommunication Services

       172,813   
   

 

 

  

Total Common Stocks
(Cost $19,551,548)

       19,106,577   
   

 

 

  

WARRANTS - 0.0%a

    

Oil, Gas & Consumable Fuels - 0.0%a

  

Magnum Hunter Resources Corp., expires 10/14/2013*

     385        —   
   

 

 

  

Total Oil, Gas & Consumable Fuels

       —   
   

 

 

  

Total Warrants
(Cost $0)

       —   
   

 

 

  

SHORT TERM INVESTMENTS - 0.2%

  

SSgA Government Money Market Fund

     43,407        43,407   
   

 

 

  

Total Short Term Investments
(Cost $43,407)

       43,407   
   

 

 

  

Total Investments — 99.8%b
(Cost $19,594,955)

       19,149,984   
   

 

 

  

Other Assets and Liabilities, net — 0.2%

  

     34,809   
   

 

 

  

Net Assets — 100.0%

           $ 19,184,793   

 

 

 

84     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

 

*   Non-Income Producing Security.
a   

Amount represents less than 0.05% of net assets.

b   

Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs.

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited)   April 30, 2012

 

 

GUGGENHEIM MSCI EAFE EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

COMMON STOCKS - 98.5%

  

Aerospace & Defense - 1.0%

  

BAE Systems PLC

     2,993      $ 14,347   

Cobham PLC

     4,340        15,963   

European Aeronautic Defence and Space Co. NV

     418        16,501   

Finmeccanica SpA

     2,505        10,762   

Meggitt PLC

     2,274        15,084   

Rolls-Royce Group PLC — Class C*

     100,257        163   

Rolls-Royce Holdings PLC*

     116,494        189   

Rolls-Royce Holdings PLC*

     1,099        14,696   

Safran SA

     421        15,602   

Thales SA

     391        13,546   
   

 

 

  

Total Aerospace & Defense

       116,853   
   

 

 

  

Air Freight & Logistics - 0.5%

  

Deutsche Post AG

     789        14,724   

TNT Express NV

     1,107        13,421   

Toll Holdings Ltd.

     2,301        14,038   

Yamato Holdings Co., Ltd.

     900        13,943   
   

 

 

  

Total Air Freight & Logistics

       56,126   
   

 

 

  

Airlines - 1.0%

  

All Nippon Airways Co., Ltd.

     6,000        17,584   

Cathay Pacific Airways Ltd.

     6,000        10,178   

Deutsche Lufthansa AG

     1,002        13,038   

International Consolidated Airlines Group SA*

     5,266        15,124   

Qantas Airways Ltd.*

     7,775        13,234   

Ryanair Holdings PLC ADR*

     403        13,569   

Singapore Airlines Ltd.

     3,000        25,944   
   

 

 

  

Total Airlines

       108,671   
   

 

 

  

Auto Components - 1.7%

  

Aisin Seiki Co., Ltd.

     300        10,686   

Bridgestone Corp.

     600        14,315   

Cie Generale des Etablissements Michelin — Class B

     206        15,383   

Continental AG

     150        14,537   

Denso Corp.

     300        9,803   

GKN PLC

     3,747        12,394   

NHK SPRING Co., Ltd.

     1,200        12,624   

NOK Corp.

     600        12,497   

Nokian Renkaat OYJ

     309        14,654   

Pirelli & C SpA

     1,373        16,718   

Stanley Electric Co., Ltd.

     900        13,876   

Sumitomo Rubber Industries Ltd.

     1,200        16,712   

Toyota Boshoku Corp.

     1,200        14,834   

Toyota Industries Corp.

     300        8,540   
   

 

 

  

Total Auto Components

       187,573   
   

 

 

  

Automobiles - 1.9%

  

Bayerische Motoren Werke AG

     147        13,972   

Daimler AG

     219        12,106   

Fiat SpA*

     2,277        10,994   

Fuji Heavy Industries Ltd.

     3,000        23,032   

Honda Motor Co., Ltd.

     300        10,881   
     SHARES     MARKET
VALUE		  
   

Isuzu Motors Ltd.

     3,000      $ 17,246   

Mazda Motor Corp.*

     9,000        14,766   

Mitsubishi Motors Corp.*

     12,000        13,526   

Nissan Motor Co., Ltd.

     1,500        15,705   

Peugeot SA

     713        8,559   

Porsche Automobil Holding SE

     221        13,489   

Renault SA

     261        11,858   

Suzuki Motor Corp.

     600        14,255   

Toyota Motor Corp.

     300        12,418   

Volkswagen AG

     78        14,773   

Yamaha Motor Co., Ltd.

     900        12,117   
   

 

 

  

Total Automobiles

       219,697   
   

 

 

  

Beverages - 1.1%

  

Anheuser-Busch InBev NV

     203        14,630   

Asahi Breweries Ltd.

     600        13,549   

Carlsberg A/S — Class B

     170        14,651   

Coca-Cola Amatil Ltd.

     1,012        13,117   

Diageo PLC

     576        14,507   

Heineken Holding NV

     308        14,260   

Heineken NV

     269        14,709   

Pernod-Ricard SA

     131        13,595   

SABMiller PLC

     352        14,796   
   

 

 

  

Total Beverages

       127,814   
   

 

 

  

Biotechnology - 0.4%

  

Actelion Ltd.*

     361        15,273   

CSL Ltd.

     399        15,228   

Grifols SA*

     684        17,223   

Grifols SA*

     77        1,437   
   

 

 

  

Total Biotechnology

       49,161   
   

 

 

  

Building Products - 1.1%

  

Asahi Glass Co., Ltd.

     3,000        23,784   

Assa Abloy AB — Series B

     465        13,549   

Cie de St-Gobain

     288        12,062   

Daikin Industries Ltd.

     600        15,961   

Geberit AG*

     63        13,320   

JS Group Corp.

     600        11,820   

Nippon Sheet Glass Co., Ltd.

     9,000        11,723   

TOTO Ltd.

     3,000        22,243   
   

 

 

  

Total Building Products

       124,462   
   

 

 

  

Capital Markets - 1.9%

  

3i Group PLC

     4,131        12,819   

Credit Suisse Group AG*

     540        12,916   

Daiwa Securities Group, Inc.

     3,000        11,422   

Deutsche Bank AG

     297        12,921   

GAM Holding AG*

     1,123        14,414   

ICAP PLC

     2,271        14,003   

Investec PLC

     2,253        12,995   

Julius Baer Group Ltd.*

     334        12,787   

Macquarie Group Ltd.

     483        14,688   

Man Group PLC

     5,940        9,983   

Mediobanca SpA

     2,007        9,802   

Nomura Holdings, Inc.

     3,000        12,399   

Partners Group Holding AG

     75        14,270   
 

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       85

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   April 30, 2012

 

 

GUGGENHEIM MSCI EAFE EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

Ratos AB

     1,131      $ 13,239   

SBI Holdings, Inc.

     144        11,723   

Schroders PLC

     561        12,918   

UBS AG*

     1,063        13,269   
   

 

 

  

Total Capital Markets

       216,568   
   

 

 

  

Chemicals - 4.8%

  

Air Liquide SA

     102        13,118   

Akzo Nobel NV

     240        12,860   

Arkema SA

     150        13,284   

Asahi Kasei Corp.

     3,000        18,636   

BASF SE

     162        13,334   

Daicel Corp.

     3,000        19,087   

Denki Kagaku Kogyo KK

     3,000        11,723   

Givaudan SA*

     15        14,560   

Hitachi Chemical Co., Ltd.

     600        11,204   

Incitec Pivot Ltd.

     3,634        12,371   

Israel Chemicals Ltd.

     1,154        13,215   

Israel Corp., Ltd. (The)

     21        13,697   

Johnson Matthey PLC

     378        14,204   

JSR Corp.

     600        11,918   

K+S AG

     270        13,492   

Koninklijke DSM NV

     268        15,364   

Kuraray Co., Ltd.

     900        12,895   

Lanxess AG

     183        14,569   

Linde AG

     84        14,375   

Mitsubishi Chemical Holdings Corp.

     3,000        15,856   

Mitsubishi Gas Chemical Co., Inc.

     3,000        19,763   

Mitsui Chemicals, Inc.

     3,000        8,679   

Nitto Denko Corp.

     300        12,437   

Novozymes A/S — Series B

     459        12,037   

Orica Ltd.

     493        13,791   

Shin-Etsu Chemical Co., Ltd.

     300        17,434   

Showa Denko KK

     6,000        13,451   

Sika AG

     6        12,712   

Solvay SA

     114        13,871   

Sumitomo Chemical Co., Ltd.

     3,000        12,437   

Syngenta AG

     42        14,747   

Taiyo Nippon Sanso Corp.

     3,000        20,815   

Teijin Ltd.

     3,000        10,145   

Toray Industries, Inc.

     3,000        23,182   

Tosoh Corp.

     6,000        16,757   

Ube Industries Ltd.

     6,000        15,405   

Wacker Chemie AG

     128        10,316   

Yara International ASA

     302        14,799   
   

 

 

  

Total Chemicals

       542,540   
   

 

 

  

Commercial Banks - 6.1%

  

Aozora Bank Ltd.

     6,000        15,480   

Australia & New Zealand Banking Group Ltd.

     632        15,731   

Banca Monte dei Paschi di Siena SpA

     26,523        9,419   

Banco Bilbao Vizcaya Argentaria SA

     1,525        10,306   

Banco de Sabadell SA

     3,871        9,140   

Banco Espirito Santo SA*

     6,306        5,342   
     SHARES     MARKET
VALUE		  
   

Banco Popolare SC

     7,296      $ 10,835   

Banco Popular Espanol SA

     3,092        9,883   

Banco Santander SA

     1,665        10,401   

Bank Hapoalim BM

     4,224        15,679   

Bank Leumi Le-Israel BM

     4,372        13,679   

Bank of East Asia Ltd.

     3,600        13,434   

Bank of Yokohama Ltd. (The)

     3,000        14,616   

Bankia SA*

     3,408        11,696   

Bankinter SA

     2,200        9,787   

Barclays PLC

     3,564        12,631   

Bendigo and Adelaide Bank Ltd.

     1,656        12,982   

BNP Paribas SA

     282        11,328   

BOC Hong Kong Holdings Ltd.

     4,500        13,951   

CaixaBank

     2,889        9,957   

Chiba Bank Ltd. (The)

     3,000        18,298   

Commerzbank AG*

     5,355        11,588   

Commonwealth Bank of Australia

     260        14,067   

Credit Agricole SA

     2,130        10,947   

Danske Bank A/S*

     866        14,060   

DnB NOR ASA

     1,113        11,988   

Erste Group Bank AG

     561        12,916   

Fukuoka Financial Group, Inc.

     3,000        12,549   

Hang Seng Bank Ltd.

     1,200        16,489   

HSBC Holdings PLC

     1,535        13,836   

Intesa Sanpaolo SpA

     6,978        10,556   

KBC Groep NV

     603        11,660   

Lloyds Banking Group PLC*

     24,705        12,440   

Mitsubishi UFJ Financial Group, Inc.

     2,700        13,087   

Mizuho Financial Group, Inc.

     8,900        14,156   

National Australia Bank Ltd.

     530        13,921   

National Bank of Greece SA ADR*

     4,242        9,672   

Natixis

     3,954        12,047   

Nordea Bank AB

     1,452        12,871   

Oversea-Chinese Banking Corp., Ltd.

     3,000        21,725   

Raiffeisen Bank International AG

     393        13,048   

Resona Holdings, Inc.

     3,000        12,812   

Royal Bank of Scotland Group PLC*

     30,939        12,193   

Seven Bank Ltd.

     6,300        15,623   

Shinsei Bank Ltd.

     12,000        15,630   

Skandinaviska Enskilda Banken AB — Class A

     1,875        12,650   

Societe Generale

     426        10,070   

Standard Chartered PLC

     540        13,206   

Sumitomo Mitsui Financial Group, Inc.

     300        9,709   

Sumitomo Mitsui Trust Holdings, Inc.

     3,000        8,867   

Svenska Handelsbanken AB

     420        13,606   

Swedbank AB

     819        13,558   

UniCredit SpA

     2,670        10,623   

Unione di Banche Italiane SCPA

     2,898        10,763   

Westpac Banking Corp.

     606        14,340   
   

 

 

  

Total Commercial Banks

       691,848   
   

 

 

  

Commercial Services & Supplies - 1.3%

  

Aggreko PLC

     425        15,535   

Babcock International Group PLC

     1,102        14,870   
 

 

86     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   April 30, 2012

 

 

GUGGENHEIM MSCI EAFE EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

Brambles Ltd.

     1,762      $ 13,262   

Edenred

     481        15,362   

G4S PLC

     3,195        14,506   

Secom Co., Ltd.

     300        14,278   

Securitas AB

     1,343        12,305   

Serco Group PLC

     1,599        14,086   

Societe BIC SA

     143        15,749   

Toppan Printing Co., Ltd.

     3,000        20,402   
   

 

 

  

Total Commercial Services & Supplies

       150,355   
   

 

 

  

Communications Equipment - 0.3%

  

Alcatel-Lucent*

     5,322        8,199   

Nokia OYJ

     2,403        8,632   

Telefonaktiebolaget LM
Ericsson — Class B*

     1,356        13,432   
   

 

 

  

Total Communications Equipment

       30,263   
   

 

 

  

Computers & Peripherals - 0.3%

  

Fujitsu Ltd.

     3,000        14,653   

Seiko Epson Corp.

     900        12,129   

Toshiba Corp.

     3,000        12,361   
   

 

 

  

Total Computers & Peripherals

       39,143   
   

 

 

  

Construction & Engineering - 1.5%

  

ACS Actividades de Construccion y Servicios SA

     456        8,359   

Balfour Beatty PLC

     3,090        13,096   

Bouygues SA

     388        10,538   

Eiffage SA

     351        11,930   

Ferrovial SA

     1,055        11,746   

Fomento de Construcciones y Contratas SA

     492        8,404   

Hochtief AG

     189        11,079   

Kajima Corp.

     3,000        8,567   

Koninklijke Boskalis Westminster NV

     379        13,825   

Leighton Holdings Ltd.

     510        10,932   

Obayashi Corp.

     3,000        12,737   

Shimizu Corp.

     3,000        11,422   

Skanska AB — Class B

     762        12,399   

Taisei Corp.

     6,000        15,255   

Vinci SA

     270        12,507   
   

 

 

  

Total Construction & Engineering

       172,796   
   

 

 

  

Construction Materials - 0.8%

  

Boral Ltd.

     2,925        11,510   

CRH PLC ADR

     645        13,113   

Fletcher Building Ltd.

     2,649        13,567   

HeidelbergCement AG

     261        14,348   

Holcim Ltd.*

     216        13,446   

James Hardie Industries SE

     1,722        13,427   

Lafarge SA

     294        11,462   
   

 

 

  

Total Construction Materials

       90,873   
   

 

 

  

Consumer Finance - 0.3%

  

Aeon Credit Service Co., Ltd.

     900        15,781   

Credit Saison Co., Ltd.

     600        12,955   
   

 

 

  

Total Consumer Finance

       28,736   
   

 

 

  
     SHARES     MARKET
VALUE		  
   

Containers & Packaging - 0.4%

  

Amcor Ltd.

     1,669      $ 13,066   

Rexam PLC

     2,259        15,774   

Toyo Seikan Kaisha Ltd.

     900        12,083   
   

 

 

  

Total Containers & Packaging

       40,923   
   

 

 

  

Distributors - 0.1%

  

Li & Fung Ltd.

     6,000        12,839   
   

 

 

  

Total Distributors

       12,839   
   

 

 

  

Diversified Consumer Services - 0.1%

  

Benesse Holdings, Inc.

     300        14,879   
   

 

 

  

Total Diversified Consumer Services

       14,879   
   

 

 

  

Diversified Financial Services - 1.9%

  

ASX Ltd.

     403        13,425   

Deutsche Boerse AG

     212        13,308   

Exor SpA

     546        12,697   

First Pacific Co., Ltd.

     11,910        12,942   

Groupe Bruxelles Lambert SA

     176        12,209   

Hong Kong Exchanges and Clearing Ltd.

     900        14,397   

Industrivarden AB — Class C

     915        13,977   

ING Groep NV*

     1,566        11,041   

Investor AB — Series B

     674        13,433   

Kinnevik Investment AB — Class B

     604        12,281   

London Stock Exchange Group PLC

     898        15,865   

Mitsubishi UFJ Lease & Finance Co., Ltd.

     300        12,512   

ORIX Corp.

     150        14,428   

Pohjola Bank PLC — Series A

     1,194        12,848   

Singapore Exchange Ltd.

     3,000        16,245   

Wendel SA

     162        12,119   
   

 

 

  

Total Diversified Financial Services

       213,727   
   

 

 

  

Diversified Telecommunication Services - 2.8%

  

Belgacom SA

     394        11,191   

Bezeq The Israeli Telecommunication Corp., Ltd.

     8,298        13,861   

BT Group PLC

     4,204        14,391   

Deutsche Telekom AG

     1,182        13,324   

Elisa OYJ

     576        12,991   

France Telecom SA

     885        12,106   

HKT Trust & HKT Ltd.*

     717        557   

Iliad SA

     102        13,129   

Inmarsat PLC

     1,744        12,455   

Koninklijke KPN NV

     1,284        11,524   

Nippon Telegraph & Telephone Corp.

     300        13,620   

PCCW Ltd.

     33,000        12,293   

Portugal Telecom SGPS SA

     2,613        14,062   

Singapore Telecommunications Ltd.

     6,000        15,130   

Swisscom AG

     33        12,292   

TDC A/S

     1,779        12,756   

Tele2 AB — Class B

     629        11,984   

Telecom Corp. of New Zealand Ltd.

     8,018        17,253   

Telecom Italia SpA*

     11,206        12,733   

Telefonica SA

     807        11,760   
 

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       87

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   April 30, 2012

 

 

GUGGENHEIM MSCI EAFE EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

Telekom Austria AG

     1,182      $ 12,963   

Telenor ASA

     737        13,535   

TeliaSonera AB

     1,941        12,971   

Telstra Corp., Ltd.

     3,789        13,964   

Vivendi SA

     630        11,644   
   

 

 

  

Total Diversified Telecommunication Services

       314,489   
   

 

 

  

Electric Utilities - 2.5%

  

Acciona SA

     174        10,686   

Cheung Kong Infrastructure Holdings Ltd.

     3,000        17,808   

Chubu Electric Power Co., Inc.

     900        14,744   

Chugoku Electric Power Co., Inc. (The)

     900        15,476   

CLP Holdings Ltd.

     1,500        12,848   

E.ON AG

     612        13,863   

EDF SA

     558        11,806   

EDP — Energias de Portugal SA

     4,773        13,645   

Enel SpA

     3,408        11,186   

Fortum OYJ

     555        11,937   

Hokkaido Electric Power Co., Inc.

     900        12,670   

Hokuriku Electric Power Co.

     600        10,272   

Iberdrola SA

     2,307        10,739   

Kansai Electric Power Co., Inc. (The)

     900        13,053   

Kyushu Electric Power Co., Inc.

     900        11,959   

Power Assets Holdings Ltd.

     1,500        11,215   

Red Electrica Corp. SA

     268        11,667   

Shikoku Electric Power Co., Inc.

     600        15,503   

SSE PLC

     690        14,801   

Terna Rete Elettrica Nazionale SpA

     3,660        13,612   

Tohoku Electric Power Co., Inc.*

     1,200        12,609   

Tokyo Electric Power Co., Inc. (The)*

     4,500        11,272   
   

 

 

  

Total Electric Utilities

       283,371   
   

 

 

  

Electrical Equipment - 1.9%

  

ABB Ltd.*

     687        12,519   

Alstom SA

     321        11,463   

Bekaert SA

     420        12,441   

Fuji Electric Co., Ltd.

     6,000        16,081   

Furukawa Electric Co., Ltd.

     6,000        16,382   

GS Yuasa Corp.

     3,000        15,555   

Legrand SA

     382        12,893   

Mitsubishi Electric Corp.

     3,000        26,564   

Nidec Corp.

     300        27,052   

Prysmian SpA

     801        13,040   

Schneider Electric SA*

     204        12,531   

Sumitomo Electric Industries Ltd.

     1,200        16,367   

Ushio, Inc.

     900        11,824   

Vestas Wind Systems A/S*

     1,326        11,704   
   

 

 

  

Total Electrical Equipment

       216,416   
   

 

 

  

Electronic Equipment, Instruments & Components - 2.0%

  

Citizen Holdings Co., Ltd.

     2,400        15,119   

FUJIFILM Holdings Corp.

     600        12,827   

Hamamatsu Photonics KK

     300        12,005   

Hexagon AB — Class B

     687        13,948   
     SHARES     MARKET
VALUE		  
   

Hitachi High-Technologies Corp.

     600      $ 15,157   

Hitachi Ltd.

     3,000        19,237   

Hoya Corp.

     600        13,827   

Ibiden Co., Ltd.

     600        12,392   

Kyocera Corp.

     300        29,532   

Murata Manufacturing Co., Ltd.

     300        17,265   

Omron Corp.

     600        12,827   

Shimadzu Corp.

     3,000        26,902   

TDK Corp.

     300        15,856   

Yokogawa Electric Corp.

     1,500        14,503   
   

 

 

  

Total Electronic Equipment, Instruments & Components

       231,397   
   

 

 

  

Energy Equipment & Services - 1.6%

  

Aker Solutions ASA

     801        13,598   

AMEC PLC

     786        14,486   

Cie Generale de Geophysique — Veritas*

     447        12,726   

Fugro NV

     192        13,992   

Petrofac Ltd.

     573        16,143   

Saipem SpA

     293        14,473   

SBM Offshore NV

     783        14,224   

Seadrill Ltd.

     367        14,191   

Subsea 7 SA*

     588        15,223   

Technip SA

     137        15,491   

Tenaris SA

     723        14,000   

Transocean Ltd.

     257        12,827   

WorleyParsons Ltd.

     467        13,734   
   

 

 

  

Total Energy Equipment & Services

       185,108   
   

 

 

  

Food & Staples Retailing - 2.5%

  

Aeon Co., Ltd.

     1,200        15,690   

Carrefour SA

     567        11,388   

Casino Guichard Perrachon SA*

     143        14,042   

Colruyt SA

     360        14,747   

Delhaize Group SA

     255        12,412   

Distribuidora Internacional de Alimentacion SA*

     2,908        13,933   

FamilyMart Co., Ltd.

     300        13,376   

J Sainsbury PLC

     2,928        14,640   

Jeronimo Martins SGPS SA

     786        14,720   

Kesko OYJ

     411        10,977   

Koninklijke Ahold NV

     958        12,150   

Lawson, Inc.

     300        19,876   

Metcash Ltd.

     3,046        12,557   

Metro AG

     354        11,421   

Olam International Ltd.

     9,000        16,512   

Seven & I Holdings Co., Ltd.

     600        18,208   

Tesco PLC

     2,775        14,300   

Wesfarmers Ltd.

     447        14,091   

WM Morrison Supermarkets PLC

     3,051        13,902   

Woolworths Ltd.

     487        13,151   
   

 

 

  

Total Food & Staples Retailing

       282,093   
   

 

 

  

Food Products - 2.1%

  

Aryzta AG*

     262        13,192   
 

 

88     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   April 30, 2012

 

 

GUGGENHEIM MSCI EAFE EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

Associated British Foods PLC

     687      $ 13,599   

Barry Callebaut AG*

     15        14,436   

Danone

     191        13,436   

Golden Agri-Resources Ltd.

     24,000        14,257   

Kerry Group PLC — Class A

     457        20,668   

MEIJI Holdings Co., Ltd.

     300        13,319   

Nestle SA

     215        13,170   

Nisshin Seifun Group, Inc.

     1,500        18,373   

Nissin Foods Holdings Co., Ltd.

     300        11,291   

Suedzucker AG

     480        14,609   

Tate & Lyle PLC

     1,266        14,195   

Unilever NV

     417        14,278   

Unilever PLC

     432        14,753   

Wilmar International Ltd.

     3,000        11,808   

Yakult Honsha Co., Ltd.

     600        22,153   
   

 

 

  

Total Food Products

       237,537   
   

 

 

  

Gas Utilities - 1.0%

  

APA Group

     2,718        14,770   

Enagas SA

     638        11,210   

Gas Natural SDG SA

     822        11,445   

Hong Kong & China Gas Co., Ltd.

     6,000        15,345   

Osaka Gas Co., Ltd.

     3,000        12,136   

Snam Rete Gas SpA

     2,747        13,067   

Toho Gas Co., Ltd.

     3,000        18,110   

Tokyo Gas Co., Ltd.

     3,000        14,503   
   

 

 

  

Total Gas Utilities

       110,586   
   

 

 

  

Health Care Equipment & Supplies - 1.5%

  

Cie Generale d’Optique Essilor International SA

     170        14,972   

Cochlear Ltd.

     224        15,309   

Coloplast A/S — Class B

     81        14,988   

Getinge AB — Class B

     499        13,389   

Olympus Corp.*

     900        14,203   

Smith & Nephew PLC

     1,307        12,872   

Sonova Holding AG*

     119        13,137   

Straumann Holding AG

     87        14,435   

Synthes, Inc.

     75        12,932   

Sysmex Corp.

     300        12,136   

Terumo Corp.

     300        13,808   

William Demant Holding A/S*

     154        14,535   
   

 

 

  

Total Health Care Equipment & Supplies

       166,716   
   

 

 

  

Health Care Providers & Services - 0.9%

  

Celesio AG

     794        13,688   

Fresenius Medical Care AG & Co. KGaA

     176        12,493   

Fresenius SE & Co. KGaA

     127        12,674   

Miraca Holdings, Inc.

     300        11,854   

Ramsay Health Care Ltd.

     654        13,637   

Sonic Healthcare Ltd.

     1,063        13,955   

Suzuken Co., Ltd.

     600        18,185   
   

 

 

  

Total Health Care Providers & Services

       96,486   
   

 

 

  

Hotels, Restaurants & Leisure - 2.2%

  

Accor SA

     399        13,781   

Autogrill SpA

     1,356        13,496   
     SHARES     MARKET
VALUE		  
   

Carnival PLC

     471      $ 15,320   

Compass Group PLC

     1,352        14,139   

Crown Ltd.

     1,460        13,831   

Echo Entertainment Group Ltd.

     3,137        14,696   

Galaxy Entertainment Group Ltd.*

     6,000        18,755   

Genting Singapore PLC*

     12,000        16,779   

Intercontinental Hotels Group PLC

     627        14,936   

Sands China Ltd.

     3,600        14,154   

SJM Holdings Ltd.

     6,000        13,179   

Sodexo

     179        14,253   

TABCORP Holdings Ltd.

     4,385        13,102   

Tatts Group Ltd.

     5,275        14,168   

TUI Travel PLC

     4,395        13,631   

Whitbread PLC

     487        15,239   

Wynn Macau Ltd.

     6,000        19,258   
   

 

 

  

Total Hotels, Restaurants & Leisure

       252,717   
   

 

 

  

Household Durables - 1.2%

  

Casio Computer Co., Ltd.*

     2,100        14,071   

Electrolux AB — Series B

     654        14,601   

Husqvarna AB

     2,292        13,186   

Panasonic Corp.

     1,500        11,685   

Rinnai Corp.

     300        21,980   

Sekisui Chemical Co., Ltd.

     3,000        27,052   

Sharp Corp.

     3,000        19,388   

Sony Corp.

     600        9,889   
   

 

 

  

Total Household Durables

       131,852   
   

 

 

  

Household Products - 0.4%

  

Henkel AG & Co. KGaA

     212        15,769   

Reckitt Benckiser Group PLC

     236        13,746   

Unicharm Corp.

     300        16,758   
   

 

 

  

Total Household Products

       46,273   
   

 

 

  

Independent Power Producers & Energy
Traders - 0.4%

   

Electric Power Development Co., Ltd.

     600        16,652   

Enel Green Power SpA

     6,960        11,239   

International Power PLC

     2,447        16,570   
   

 

 

  

Total Independent Power Producers & Energy Traders

       44,461   
   

 

 

  

Industrial Conglomerates - 0.9%

  

Fraser and Neave Ltd.

     3,000        17,070   

Keppel Corp., Ltd.

     3,000        26,792   

Koninklijke Philips Electronics NV*

     644        12,786   

Orkla ASA

     1,609        11,808   

SembCorp Industries Ltd.

     3,000        12,244   

Siemens AG

     127        11,761   

Smiths Group PLC

     845        14,682   
   

 

 

  

Total Industrial Conglomerates

       107,143   
   

 

 

  

Insurance - 4.3%

  

Admiral Group PLC

     844        16,597   

Aegon NV*

     2,649        12,233   

Ageas

     6,393        11,635   

AIA Group Ltd.

     3,600        12,808   
 

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       89

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   April 30, 2012

 

 

GUGGENHEIM MSCI EAFE EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

Allianz SE

     114      $ 12,701   

AMP Ltd.

     2,940        13,069   

Assicurazioni Generali SpA

     852        11,604   

Aviva PLC

     2,361        11,812   

AXA SA*

     858        12,151   

Baloise Holding AG

     176        13,622   

Dai-ichi Life Insurance Co., Ltd. (The)

     12        15,209   

Delta Lloyd NV

     734        12,372   

Gjensidige Forsikring ASA

     1,090        12,273   

Hannover Rueckversicherung AG

     248        14,989   

Insurance Australia Group Ltd.

     4,123        15,195   

Legal & General Group PLC

     7,698        14,700   

Mapfre SA

     3,702        10,696   

MS&AD Insurance Group Holdings

     600        11,144   

Muenchener Rueckversicherungs AG

     96        13,932   

NKSJ Holdings, Inc.

     600        12,437   

Old Mutual PLC

     4,809        11,542   

Prudential PLC

     1,224        14,996   

QBE Insurance Group Ltd.

     1,125        16,209   

Resolution Ltd.

     3,129        11,371   

RSA Insurance Group PLC

     8,112        13,831   

Sampo OYJ

     487        12,956   

SCOR SE

     535        14,144   

Sony Financial Holdings, Inc.

     900        14,744   

Standard Life PLC

     4,025        14,615   

Suncorp Group Ltd.

     1,517        12,855   

Swiss Life Holding AG*

     125        12,787   

Swiss Re Ltd.*

     246        15,422   

T&D Holdings, Inc.

     1,200        13,030   

Tokio Marine Holdings, Inc.

     600        15,473   

Tryg A/S

     258        14,391   

Zurich Financial Services AG*

     56        13,697   
   

 

 

  

Total Insurance

       483,242   
   

 

 

  

Internet & Catalog Retail - 0.2%

  

Rakuten, Inc.

     15        16,720   
   

 

 

  

Total Internet & Catalog Retail

       16,720   
   

 

 

  

Internet Software & Services - 0.5%

  

Dena Co., Ltd.

     300        9,405   

Gree, Inc.

     600        16,164   

United Internet AG

     648        12,813   

Yahoo Japan Corp.

     45        13,532   
   

 

 

  

Total Internet Software & Services

       51,914   
   

 

 

  

IT Services - 1.1%

  

Amadeus IT Holding SA — Series A

     743        15,184   

Atos Origin SA

     240        15,455   

Cap Gemini SA

     330        12,880   

Computershare Ltd.

     1,689        14,788   

Indra Sistemas SA

     892        9,254   

Itochu Techno-Solutions Corp.

     300        13,695   

Nomura Research Institute Ltd.

     600        13,864   

NTT Data Corp.

     3        10,457   

Otsuka Corp.

     300        24,159   
   

 

 

  

Total IT Services

       129,736   
   

 

 

  
     SHARES     MARKET
VALUE		  
   

Leisure Equipment & Products - 0.8%

  

Namco Bandai Holdings, Inc.

     900      $ 12,940   

Nikon Corp.

     600        17,982   

Sankyo Co., Ltd.

     300        14,503   

Sega Sammy Holdings, Inc.

     600        12,587   

Shimano, Inc.

     300        19,763   

Yamaha Corp.

     1,500        14,635   
   

 

 

  

Total Leisure Equipment & Products

       92,410   
   

 

 

  

Life Sciences Tools & Services - 0.2%

  

Lonza Group AG*

     252        11,364   

QIAGEN NV*

     854        14,117   
   

 

 

  

Total Life Sciences Tools & Services

       25,481   
   

 

 

  

Machinery - 4.5%

  

Alfa Laval AB

     681        13,573   

Amada Co., Ltd.

     3,000        20,515   

Atlas Copco AB — Class A

     531        12,637   

Cosco Corp. Singapore Ltd.

     15,000        12,547   

Fiat Industrial SpA

     1,302        14,768   

GEA Group AG

     439        14,485   

Hino Motors Ltd.

     3,000        21,417   

Hitachi Construction Machinery Co., Ltd.

     600        13,128   

IHI Corp.

     6,000        14,578   

Invensys PLC

     4,081        14,718   

Japan Steel Works Ltd. (The)

     3,000        18,336   

JTEKT Corp.

     1,200        13,271   

Kawasaki Heavy Industries Ltd.

     3,000        9,093   

Komatsu Ltd.

     600        17,396   

Kone OYJ — Class B

     227        14,046   

Kurita Water Industries Ltd.

     600        14,736   

Makita Corp.

     300        11,610   

MAN SE

     120        15,158   

Metso OYJ

     291        12,479   

Mitsubishi Heavy Industries Ltd.

     3,000        13,677   

Nabtesco Corp.

     600        12,940   

NSK Ltd.

     3,000        20,815   

NTN Corp.

     3,000        11,460   

Sandvik AB

     885        14,019   

Scania AB — Class B

     711        14,530   

Schindler Holding AG

     107        13,840   

SembCorp Marine Ltd.

     3,000        12,317   

SKF AB

     537        12,739   

Sulzer AG

     99        14,234   

Sumitomo Heavy Industries Ltd.

     3,000        15,555   

THK Co., Ltd.

     600        12,053   

Vallourec SA

     206        12,387   

Volvo AB — Class B

     969        13,432   

Wartsila OYJ

     403        16,311   

Weir Group PLC (The)

     415        11,490   

Yangzijiang Shipbuilding Holdings Ltd.

     12,000        11,444   
   

 

 

  

Total Machinery

       511,734   
   

 

 

  

Marine - 0.9%

  

AP Moller - Maersk A/S — Class B

     3        23,464   
 

 

90     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   April 30, 2012

 

 

GUGGENHEIM MSCI EAFE EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

Kawasaki Kisen Kaisha Ltd.*

     6,000      $ 12,775   

Kuehne + Nagel International AG

     104        12,638   

Mitsui OSK Lines Ltd.

     3,000        11,723   

Neptune Orient Lines Ltd.*

     12,000        11,978   

Nippon Yusen KK

     6,000        17,884   

Orient Overseas International Ltd.

     1,500        10,248   
   

 

 

  

Total Marine

       100,710   
   

 

 

  

Media - 2.3%

  

Axel Springer AG

     298        13,588   

British Sky Broadcasting Group PLC

     1,284        14,137   

Dentsu, Inc.

     600        18,508   

Eutelsat Communications SA

     366        13,026   

Fairfax Media Ltd.

     16,443        11,811   

ITV PLC

     11,019        14,977   

Kabel Deutschland Holding AG*

     218        13,734   

Lagardere SCA

     465        14,094   

Mediaset SpA

     4,565        10,858   

Modern Times Group AB — Class B

     287        13,950   

Pearson PLC

     690        12,997   

ProSiebenSat.1 Media AG

     552        14,013   

Publicis Groupe SA

     264        13,613   

Reed Elsevier NV

     1,098        12,947   

Reed Elsevier PLC

     1,496        12,389   

SES SA

     582        13,935   

Singapore Press Holdings Ltd.

     6,000        19,252   

Wolters Kluwer NV

     703        12,133   

WPP PLC

     1,101        14,902   
   

 

 

  

Total Media

       264,864   
   

 

 

  

Metals & Mining - 4.1%

  

Acerinox SA

     928        11,279   

Alumina Ltd.

     10,542        12,731   

Anglo American PLC

     321        12,343   

Antofagasta PLC

     698        13,386   

ArcelorMittal

     645        11,153   

BHP Billiton Ltd.

     346        12,805   

BHP Billiton PLC

     424        13,595   

Boliden AB

     783        12,531   

Daido Steel Co., Ltd.

     3,000        18,749   

Eurasian Natural Resources Corp. PLC

     1,221        11,093   

Fortescue Metals Group Ltd.

     2,620        15,383   

Fresnillo PLC

     472        11,957   

Glencore International PLC

     2,005        13,857   

Iluka Resources Ltd.

     815        14,424   

JFE Holdings, Inc.

     600        11,355   

Kazakhmys PLC

     759        10,612   

Kobe Steel Ltd.

     9,000        12,963   

Lonmin PLC

     767        12,978   

Lynas Corp., Ltd.*

     10,737        12,575   

Mitsubishi Materials Corp.

     3,000        9,018   

Newcrest Mining Ltd.

     352        9,638   

Nippon Steel Corp.

     6,000        15,104   

Norsk Hydro ASA

     2,280        11,081   

OZ Minerals Ltd.

     1,208        11,733   
     SHARES     MARKET
VALUE		  
   

Randgold Resources Ltd.

     110      $ 9,690   

Rio Tinto Ltd.

     191        13,193   

Rio Tinto PLC

     245        13,656   

Salzgitter AG

     225        11,745   

Sims Metal Management Ltd.

     870        12,879   

SSAB AB — Class A

     1,287        13,132   

Sumitomo Metal Industries Ltd.

     6,000        10,896   

ThyssenKrupp AG

     508        12,035   

Umicore SA

     264        14,324   

Vedanta Resources PLC

     588        11,620   

Voestalpine AG

     384        12,429   

Xstrata PLC

     787        15,048   

Yamato Kogyo Co., Ltd.

     300        8,582   
   

 

 

  

Total Metals & Mining

       461,572   
   

 

 

  

Multi-Utilities - 0.9%

  

A2A SpA

     13,752        8,729   

AGL Energy Ltd.

     957        14,924   

Centrica PLC

     2,955        14,726   

GDF Suez

     481        11,071   

National Grid PLC

     1,368        14,784   

RWE AG

     308        13,239   

Suez Environnement Co.

     972        13,708   

Veolia Environnement SA

     1,038        15,202   
   

 

 

  

Total Multi-Utilities

       106,383   
   

 

 

  

Multiline Retail - 1.1%

  

Harvey Norman Holdings Ltd.

     6,121        12,872   

Isetan Mitsukoshi Holdings Ltd.

     1,200        13,135   

J Front Retailing Co., Ltd.

     3,000        15,480   

Marks & Spencer Group PLC

     2,421        14,035   

Marui Group Co., Ltd.

     1,800        14,338   

Next PLC

     321        15,268   

PPR

     81        13,546   

Takashimaya Co., Ltd.

     3,000        22,844   
   

 

 

  

Total Multiline Retail

       121,518   
   

 

 

  

Office Electronics - 0.7%

  

Brother Industries Ltd.

     1,200        16,262   

Canon, Inc.

     300        13,789   

Konica Minolta Holdings, Inc.

     1,500        12,286   

Neopost SA

     201        11,555   

Ricoh Co., Ltd.

     3,000        27,203   
   

 

 

  

Total Office Electronics

       81,095   
   

 

 

  

Oil, Gas & Consumable Fuels - 2.6%

  

BG Group PLC

     597        14,062   

BP PLC

     1,750        12,646   

Caltex Australia Ltd.

     1,009        14,464   

Cosmo Oil Co., Ltd.

     6,000        16,682   

ENI SpA

     591        13,118   

Essar Energy PLC*

     7,005        16,665   

Galp Energia SGPS SA — Class B

     722        11,362   

Inpex Corp.

     3        19,914   

Japan Petroleum Exploration Co.

     300        13,771   

JX Holdings, Inc.

     2,100        11,914   
 

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       91

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   April 30, 2012

 

 

GUGGENHEIM MSCI EAFE EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

Lundin Petroleum AB*

     597      $ 11,872   

Neste Oil OYJ

     1,066        12,599   

OMV AG

     360        12,186   

Origin Energy Ltd.

     933        12,879   

Repsol YPF SA

     504        9,639   

Royal Dutch Shell PLC — Class A

     355        12,642   

Santos Ltd.

     958        13,983   

Showa Shell Sekiyu KK

     2,100        13,282   

Statoil ASA

     490        13,070   

Total SA

     245        11,696   

Tullow Oil PLC

     594        14,797   

Woodside Petroleum Ltd.

     343        12,469   
   

 

 

  

Total Oil, Gas & Consumable Fuels

       295,712   
   

 

 

  

Paper & Forest Products - 0.7%

  

Holmen AB

     487        12,929   

Nippon Paper Group, Inc.

     600        12,023   

OJI Paper Co., Ltd.

     3,000        13,789   

Stora Enso OYJ — Series R

     1,815        12,372   

Svenska Cellulosa AB — Class B

     854        13,528   

UPM-Kymmene OYJ

     1,062        13,592   
   

 

 

  

Total Paper & Forest Products

       78,233   
   

 

 

  

Personal Products - 0.5%

  

Beiersdorf AG

     221        15,503   

Kao Corp.

     600        16,134   

L’Oreal SA

     120        14,435   

Shiseido Co., Ltd.

     900        15,803   
   

 

 

  

Total Personal Products

       61,875   
   

 

 

  

Pharmaceuticals - 3.4%

  

Astellas Pharma, Inc.

     300        12,192   

AstraZeneca PLC

     281        12,318   

Bayer AG

     200        14,085   

Chugai Pharmaceutical Co., Ltd.

     900        16,277   

Daiichi Sankyo Co., Ltd.

     900        15,487   

Dainippon Sumitomo Pharma Co., Ltd.

     1,500        15,067   

Eisai Co., Ltd.

     300        11,723   

Elan Corp. PLC ADR*

     1,161        16,010   

GlaxoSmithKline PLC

     630        14,578   

Hisamitsu Pharmaceutical Co., Inc.

     300        13,376   

Merck KGaA

     122        13,402   

Mitsubishi Tanabe Pharma Corp.

     900        12,534   

Novartis AG

     230        12,683   

Novo Nordisk A/S

     96        14,159   

Ono Pharmaceutical Co., Ltd.

     300        16,983   

Orion OYJ — Class B

     612        12,482   

Otsuka Holdings Co., Ltd.

     600        18,110   

Roche Holding AG

     74        13,518   

Sanofi SA

     179        13,661   

Santen Pharmaceutical Co., Ltd.

     300        12,531   

Shionogi & Co., Ltd.

     900        11,779   

Shire PLC

     373        12,174   

Taisho Pharmaceutical Holdings Co., Ltd.

     300        23,971   

Takeda Pharmaceutical Co., Ltd.

     300        13,094   
     SHARES     MARKET
VALUE		  
   

Teva Pharmaceutical Industries Ltd. ADR

     321      $ 14,683   

Tsumura & Co.

     600        16,029   

UCB SA

     339        15,832   
   

 

 

  

Total Pharmaceuticals

       388,738   
   

 

 

  

Professional Services - 1.0%

  

Adecco SA*

     267        13,002   

Bureau Veritas SA

     170        15,145   

Campbell Brothers Ltd.

     222        15,847   

Capita PLC

     1,206        12,984   

Experian PLC

     958        15,129   

Intertek Group PLC

     403        16,459   

Randstad Holding NV

     369        12,776   

SGS SA

     6        11,588   
   

 

 

  

Total Professional Services

       112,930   
   

 

 

  

Real Estate Investment Trusts (REITs) - 3.3%

  

Ascendas Real Estate Investment Trust

     9,000        15,130   

British Land Co. PLC

     1,842        14,639   

Capital Shopping Centres Group PLC

     2,577        13,600   

CapitaMall Trust

     9,000        13,093   

CFS Retail Property Trust

     6,903        13,834   

Corio NV

     302        13,514   

Dexus Property Group

     14,498        14,112   

Fonciere Des Regions

     189        14,646   

Gecina SA

     141        13,069   

Goodman Group

     4,076        15,276   

GPT Group

     3,914        13,324   

Hammerson PLC

     2,104        14,268   

Japan Real Estate Investment Corp.

     3        26,602   

Japan Retail Fund Investment Corp.

     9        14,372   

Klepierre

     451        14,278   

Land Securities Group PLC

     1,173        13,857   

Link REIT (The)

     4,500        18,736   

Mirvac Group

     10,983        14,807   

Nippon Building Fund, Inc.

     3        28,593   

Segro PLC

     3,600        12,925   

Stockland

     4,191        13,525   

Unibail-Rodamco SE

     67        12,521   

Westfield Group

     1,496        14,390   

Westfield Retail Trust

     5,313        15,045   
   

 

 

  

Total Real Estate Investment Trusts (REITs)

       368,156   
   

 

 

  

Real Estate Management & Development - 2.6%

  

Aeon Mall Co., Ltd.

     600        13,383   

CapitaLand Ltd.

     6,000        14,257   

CapitaMalls Asia Ltd.

     12,000        14,936   

City Developments Ltd.

     3,000        24,586   

Daito Trust Construction Co., Ltd.

     300        27,090   

Global Logistic Properties Ltd.*

     9,000        14,984   

Hang Lung Properties Ltd.

     3,000        11,099   

Henderson Land Development Co., Ltd.

     3,000        17,093   

Hysan Development Co., Ltd.

     3,000        13,593   

IMMOFINANZ AG*

     4,268        15,003   
 

 

92     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   April 30, 2012

 

 

GUGGENHEIM MSCI EAFE EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

Keppel Land Ltd.

     6,000      $ 15,372   

Kerry Properties Ltd.

     3,000        13,709   

Lend Lease Group

     1,599        12,402   

New World Development Co., Ltd.

     9,000        11,218   

Nomura Real Estate Holdings, Inc.

     900        15,859   

Sino Land Co., Ltd.

     6,000        10,364   

Swire Pacific Ltd. — Class A

     1,500        17,721   

Tokyu Land Corp.

     3,000        14,578   

Wharf Holdings Ltd.

     3,000        17,905   
   

 

 

  

Total Real Estate Management & Development

       295,152   
   

 

 

  

Road & Rail - 2.1%

  

Asciano Ltd.

     2,676        13,177   

Central Japan Railway Co.

     3        24,948   

DSV A/S

     660        15,031   

East Japan Railway Co.

     300        18,711   

Keikyu Corp.

     3,000        25,775   

Keio Corp.

     3,000        21,717   

Keisei Electric Railway Co., Ltd.

     3,000        23,220   

Kintetsu Corp.

     3,000        10,596   

MTR Corp.

     4,500        16,010   

Nippon Express Co., Ltd.

     3,000        11,385   

QR National Ltd.

     3,327        12,607   

Tobu Railway Co., Ltd.

     3,000        15,292   

Tokyu Corp.

     3,000        14,052   

West Japan Railway Co.

     300        12,343   
   

 

 

  

Total Road & Rail

       234,864   
   

 

 

  

Semiconductors & Semiconductor Equipment - 1.1%

  

Advantest Corp.

     900        15,104   

ARM Holdings PLC

     1,539        13,095   

ASM Pacific Technology Ltd.

     900        12,193   

ASML Holding NV

     313        15,925   

Infineon Technologies AG

     1,371        13,647   

Rohm Co., Ltd.

     300        13,601   

STMicroelectronics NV

     2,013        11,417   

Sumco Corp.*

     1,200        12,895   

Tokyo Electron Ltd.

     300        16,739   
   

 

 

  

Total Semiconductors & Semiconductor Equipment

       124,616   
   

 

 

  

Software - 1.0%

  

Dassault Systemes SA

     152        14,750   

Konami Corp.

     600        17,509   

NICE Systems Ltd. ADR*

     361        13,870   

Oracle Corp. Japan

     300        11,610   

Sage Group PLC (The)

     2,795        12,985   

SAP AG

     209        13,856   

Square Enix Holdings Co., Ltd.

     600        11,768   

Trend Micro, Inc.

     600        18,290   
   

 

 

  

Total Software

       114,638   
   

 

 

  

Specialty Retail - 1.0%

  

ABC-Mart, Inc.

     300        10,922   

Hennes & Mauritz AB*

     384        13,188   

Inditex SA

     146        13,131   
     SHARES     MARKET
VALUE		  
   

Kingfisher PLC

     3,015      $ 14,223   

Nitori Holdings Co., Ltd.

     150        13,808   

Sanrio Co., Ltd.

     300        13,207   

USS Co., Ltd.

     150        15,273   

Yamada Denki Co., Ltd.

     210        13,676   
   

 

 

  

Total Specialty Retail

       107,428   
   

 

 

  

Textiles, Apparel & Luxury Goods - 1.0%

  

Adidas AG

     179        14,926   

Asics Corp.

     1,200        13,030   

Burberry Group PLC

     606        14,613   

Christian Dior SA

     96        14,466   

Cie Financiere Richemont SA — Class A

     229        14,154   

Luxottica Group SpA

     433        15,502   

LVMH Moet Hennessy Louis Vuitton SA

     81        13,417   

Swatch Group AG (The)

     30        13,836   
   

 

 

  

Total Textiles, Apparel & Luxury Goods

       113,944   
   

 

 

  

Tobacco - 0.5%

  

British American Tobacco PLC

     263        13,491   

Imperial Tobacco Group PLC

     331        13,244   

Japan Tobacco, Inc.

     3        16,664   

Swedish Match AB

     358        14,547   
   

 

 

  

Total Tobacco

       57,946   
   

 

 

  

Trading Companies & Distributors - 1.4%

  

Brenntag AG

     124        15,444   

Bunzl PLC

     935        15,532   

ITOCHU Corp.

     1,200        13,616   

Marubeni Corp.

     3,000        20,965   

Mitsubishi Corp.

     600        13,098   

Mitsui & Co., Ltd.

     900        14,135   

Noble Group Ltd.

     12,000        11,444   

Sojitz Corp.

     7,800        13,188   

Sumitomo Corp.

     900        12,850   

Toyota Tsusho Corp.

     600        11,971   

Wolseley PLC

     360        13,697   
   

 

 

  

Total Trading Companies & Distributors

       155,940   
   

 

 

  

Transportation Infrastructure - 1.1%

  

Abertis Infraestructuras SA

     803        12,424   

Aeroports de Paris

     173        14,554   

Atlantia SpA

     831        12,594   

Fraport AG Frankfurt Airport Services Worldwide

     221        14,359   

Groupe Eurotunnel SA

     1,659        13,958   

Hutchison Port Holdings Trust

     18,000        13,590   

Koninklijke Vopak NV

     233        15,017   

Sydney Airport

     4,989        15,114   

Transurban Group

     2,221        13,572   
   

 

 

  

Total Transportation Infrastructure

       125,182   
   

 

 

  

Water Utilities - 0.3%

  

Severn Trent PLC

     573        15,725   

United Utilities Group PLC

     1,464        14,704   
   

 

 

  

Total Water Utilities

       30,429   
   

 

 

  
 

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       93

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   April 30, 2012

 

GUGGENHEIM MSCI EAFE EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

Wireless Telecommunication Services - 0.9%

  

Cellcom Israel Ltd.

     981      $ 12,253   

KDDI Corp.

     3        19,726   

Millicom International Cellular SA

     119        12,638   

Mobistar SA

     288        10,890   

NTT DoCoMo, Inc.

     9        15,352   

Softbank Corp.

     600        18,005   

Vodafone Group PLC

     5,139        14,228   
   

 

 

  

Total Wireless Telecommunication Services

       103,092   
   

 

 

  

Total Common Stocks
(Cost $12,323,720)

       11,158,746   
   

 

 

  

SHORT TERM INVESTMENTS - 0.2%

  

SSgA Government Money Market Fund

     21,677        21,677   
   

 

 

  

Total Short Term Investments
(Cost $21,677)

       21,677   
   

 

 

  

Total Investments — 98.7%a
(Cost $12,345,397)

       11,180,423   
   

 

 

  

Other Assets and Liabilities, net — 1.3%

  

     143,497   
   

 

 

  

Net Assets — 100.0%

           $ 11,323,920   
 

 

*   Non-Income Producing Security.
a   

Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs.

    ADR — American Depositary Receipt
    REIT — Real Estate Investment Trust

 

94     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (concluded)   April 30, 2012

 

GUGGENHEIM MSCI EAFE EQUAL WEIGHT ETF

 

INVESTMENT CONCENTRATION

At April 30, 2012, the investment diversification of the Fund was as follows:

 

Country    % of Total Investments  

Japan

      33.52%   

Britain

      11.82%   

Australia

      7.95%   

France

      7.23%   

Germany

      5.68%   

Sweden

      3.79%   

Switzerland

      3.45%   

Hong Kong

      2.91%   

Singapore

      2.84%   

Netherlands

      2.77%   

Italy

      2.71%   

Spain

      2.65%   

Finland

      1.60%   

Belgium

      1.39%   

Denmark

      1.23%   

Israel

      0.99%   

Norway

      0.91%   

Jersey

      0.73%   

Austria

      0.70%   

Ireland

      0.69%   

Swaziland

      0.65%   

Bermuda

      0.60%   

Luxembourg

      0.60%   

Portugal

      0.53%   

Cayman Islands

      0.41%   

Slovenia

      0.35%   

United States

      0.31%   

New Zealand

      0.28%   

Isle Of Man

      0.15%   

Mauritius

      0.13%   

Georgia

      0.12%   

Niger Republic

      0.12%   

Guernsey

      0.10%   

Greece

      0.09%   

Total Investments

      100.00%   
 

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       95

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited)   April 30, 2012

 

GUGGENHEIM MSCI EMERGING MARKETS EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

COMMON STOCKS - 86.4%

  

Aerospace & Defense - 0.4%

  

Embraer SA ADR

     800      $ 27,712   

Korea Aerospace Industries Ltd.

     920        22,835   
   

 

 

  

Total Aerospace & Defense

       50,547   
   

 

 

  

Air Freight & Logistics - 0.2%

  

Hyundai Glovis Co., Ltd.

     156        30,575   
   

 

 

  

Total Air Freight & Logistics

       30,575   
   

 

 

  

Airlines - 1.7%

  

Air China Ltd. — Class H*

     32,000        23,223   

AirAsia BHD

     21,200        23,330   

China Airlines Ltd.

     56,000        21,761   

China Southern Airlines Co., Ltd. — Class H*

     48,000        21,594   

Eva Airways Corp.

     40,000        24,034   

Gol Linhas Aereas Inteligentes SA ADR

     2,959        15,683   

Korean Air Lines Co., Ltd.*

     544        21,421   

Lan Airlines SA ADR

     956        26,949   

TAM SA ADR*

     1,083        26,479   

Turk Hava Yollari*

     16,508        25,246   
   

 

 

  

Total Airlines

       229,720   
   

 

 

  

Auto Components - 1.2%

  

Cheng Shin Rubber Industry Co. Ltd.

       12,000        29,868   

Hankook Tire Co., Ltd.

     680        28,821   

Hyundai Mobis

     104        28,298   

Hyundai Wia Corp.

     212        31,703   

Mando Corp.

     176        28,188   

Nan Kang Rubber Tire Co., Ltd.

     16,000        23,500   
   

 

 

  

Total Auto Components

       170,378   
   

 

 

  

Automobiles - 2.1%

  

Astra International Tbk PT

     4,000        30,901   

Brilliance China Automotive Holdings Ltd.*

     24,000        26,049   

Byd Co., Ltd. — Class H*

     8,000        21,089   

China Motor Corp.

     24,000        19,844   

Dongfeng Motor Group Co., Ltd. — Class H

     16,000        31,555   

Geely Automobile Holdings Ltd.

     60,000        22,352   

Great Wall Motor Co., Ltd. — Class H*

     14,000        30,246   

Guangzhou Automobile Group Co., Ltd. — Class H*

     24,000        26,637   

Hyundai Motor Co.

     132        31,361   

Kia Motors Corp.

     408        30,109   

Yulon Motor Co., Ltd.

     12,000        19,227   
   

 

 

  

Total Automobiles

       289,370   
   

 

 

  

Beverages - 0.9%

  

Coca-Cola Femsa SAB de CV ADR*

     252        26,699   

Fomento Economico Mexicano SAB de CV ADR

     344        27,954   

Grupo Modelo SAB de CV — Series C

     3,900        27,583   

Tsingtao Brewery Co., Ltd. — Class H

     8,000        48,571   
   

 

 

  

Total Beverages

       130,807   
   

 

 

  
     SHARES     MARKET
VALUE		  
   

Building Products - 0.2%

  

KCC Corp.

     84      $ 21,630   
   

 

 

  

Total Building Products

       21,630   
   

 

 

  

Capital Markets - 0.9%

  

Daewoo Securities Co., Ltd.*

     2,040        20,759   

Hyundai Securities Co.*

     2,590        21,405   

Investec Ltd.

     3,960        22,804   

Samsung Securities Co., Ltd.*

     473        21,010   

Woori Investment & Securities Co., Ltd.*

     2,000        19,821   

Yuanta Financial Holding Co., Ltd.*

     44,000        21,090   
   

 

 

  

Total Capital Markets

       126,889   
   

 

 

  

Chemicals - 3.9%

  

Braskem SA ADR

     1,361        20,007   

Cheil Industries, Inc.

     300        25,749   

China Petrochemical Development Corp.

     19,500        19,695   

Dongyue Group*

       23,934        17,925   

Formosa Chemicals & Fibre Corp.

     8,000        23,199   

Formosa Plastics Corp.

     8,000        22,733   

Hanwha Chem Corp.

     920        18,154   

Hanwha Corp.

     760        19,502   

Honam Petrochemical Corp.

     80        19,254   

Huabao International Holdings Ltd.a

     36,000        12,963   

Hyosung Corp.

     420        21,518   

Korea Kumho Petrochemical Co., Ltd.

     176        16,586   

KP Chemical Corp.

     1,640        20,897   

LCY Chemical Corp.

     16,000        24,705   

LG Chem Ltd.

     72        18,125   

Mexichem SAB de CV

     6,964        25,936   

Nan Ya Plastics Corp.

     12,000        24,732   

OCI Co., Ltd.

     108        20,451   

Petronas Chemicals Group BHD

     11,200        24,169   

PTT Global Chemical PCL

     10,812        24,173   

Sociedad Quimica y Minera de Chile SA ADR

     428        24,948   

Taiwan Fertilizer Co., Ltd.

     8,000        19,172   

TSRC Corp.

     8,000        19,364   

Uralkali OJSC GDR

     616        23,316   

Yingde Gases

     22,000        25,580   
   

 

 

  

Total Chemicals

       532,853   
   

 

 

  

Commercial Banks - 10.8%

  

ABSA Group Ltd.

     1,199        24,753   

Agricultural Bank of China Ltd. — Class H

     52,000        24,734   

Akbank TAS

     6,648        24,643   

Asya Katilim Bankasi AS*

     24,896        25,335   

Banco de Chile

     161,072        25,430   

Banco Santander Brasil SA ADR

     2,428        19,594   

Banco Santander Chile ADR

     316        25,852   

BanColombia SA ADR

     396        26,861   

Bangkok Bank PCL

     4,330        27,318   

Bank Central Asia Tbk PT

     30,000        26,114   
 

 

96     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   April 30, 2012

 

GUGGENHEIM MSCI EMERGING MARKETS EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

Bank Mandiri Tbk PT

     38,000      $ 30,597   

Bank Negara Indonesia Persero Tbk PT

     64,000        28,029   

Bank of Ayudhya PCL

     32,200        29,582   

Bank of China Ltd. — Class H

     60,000        25,136   

Bank of Communications Co., Ltd. — Class H

     32,000        24,749   

Bank Pekao SA

     516        24,330   

Bank Rakyat Indonesia Persero Tbk PT

     34,000        24,601   

BDO Unibank, Inc.

     16,840        26,405   

BS Financial Group, Inc.

     2,030        20,926   

Chang Hwa Commercial Bank

     44,000        24,404   

China Citic Bank Corp., Ltd. — Class H

     40,000        25,471   

China Construction Bank Corp. — Class H

     32,000        24,914   

China Development Financial Holding Corp.

     76,000        19,255   

China Merchants Bank Co., Ltd. — Class H*

     12,000        26,049   

China Minsheng Banking Corp., Ltd. — Class H

     26,000        26,979   

Chinatrust Financial Holding Co., Ltd.

     40,000        25,541   

Chongqing Rural Commercial Bank Co., Ltd. — Class H*

     40,000        18,511   

CIMB Group Holdings BHD

     10,800        26,447   

Credicorp Ltd.

     208        27,229   

E.Sun Financial Holding Co., Ltd.

     48,000        25,472   

First Financial Holding Co., Ltd.

     40,000        23,966   

Grupo Financiero Banorte SAB de CV — Class O

     6,173        29,952   

Hana Financial Group, Inc.

     720        24,751   

HDFC Bank Ltd. ADR

     736        25,267   

Hua Nan Financial Holdings Co., Ltd.

       44,000        24,404   

Industrial & Commercial Bank of China — Class H

     36,000        24,038   

Industrial Bank of Korea

     2,200        24,334   

Kasikornbank PCL

     5,200        27,564   

KB Financial Group, Inc. ADR

     692        23,480   

Komercni Banka AS

     132        24,274   

Korea Exchange Bank

     3,520        26,755   

Krung Thai Bank PCL

     45,200        26,459   

Malayan Banking BHD

     8,800        25,097   

Mega Financial Holding Co., Ltd.

     36,000        28,471   

Nedbank Group Ltd.

     1,195        26,132   

OTP Bank PLC

     1,360        23,967   

Powszechna Kasa Oszczednosci Bank Polski SA

     2,324        24,908   

Shinhan Financial Group Co., Ltd. ADR

     324        22,531   

Siam Commercial Bank PCL

     6,000        29,366   

Standard Bank Group Ltd.

     1,713        25,363   

State Bank of India GDR

     290        23,577   

Taishin Financial Holding Co., Ltd.

     64,000        24,760   

Turkiye Garanti Bankasi AS*

     6,912        25,385   

Turkiye Halk Bankasi AS

     3,772        26,377   

Turkiye Is Bankasi

     11,236        25,679   
     SHARES     MARKET
VALUE		  
   

Turkiye Vakiflar Bankasi Tao

     15,224      $ 27,264   

VTB Bank OJSC GDR*

     4,987        20,901   

Woori Finance Holdings Co., Ltd.

     2,350        24,849   

Yapi ve Kredi Bankasi AS*

     13,996        25,860   
   

 

 

  

Total Commercial Banks

       1,490,992   
   

 

 

  

Communications Equipment - 0.2%

  

ZTE Corp. — Class H*

     8,800        21,348   
   

 

 

  

Total Communications Equipment

       21,348   
   

 

 

  

Computers & Peripherals - 2.1%

  

Acer, Inc.

     16,000        18,351   

Asustek Computer, Inc.

     4,100        41,409   

Catcher Technology Co., Ltd.

     4,000        25,609   

Compal Electronics, Inc.

       20,000        23,007   

Foxconn Technology Co., Ltd.

     4,000        14,106   

Lenovo Group Ltd.

     32,000        30,772   

Lite-On Technology Corp.

     20,000        24,411   

Pegatron Corp.

     20,000        28,964   

Quanta Computer, Inc.

     12,000        31,552   

Simplo Technology Co., Ltd.

     4,000        30,813   

Wistron Corp.

     16,000        24,020   
   

 

 

  

Total Computers & Peripherals

       293,014   
   

 

 

  

Construction & Engineering - 2.4%

  

Aveng Ltd.

     5,492        28,175   

China Communications Construction Co., Ltd. — Class H*

     24,000        24,131   

China Railway Construction Corp., Ltd. — Class H

     32,000        25,533   

China Railway Group Ltd. — Class H

     60,000        23,821   

Daelim Industrial Co., Ltd.

     224        20,812   

Daewoo Engineering & Construction Co., Ltd.*

     2,630        21,992   

Doosan Heavy Industries and Construction Co., Ltd.

     404        19,054   

GS Engineering & Construction Corp.

     292        21,781   

Hyundai Development Co.

     1,200        25,325   

Hyundai Engineering & Construction Co., Ltd.

     348        21,986   

IJM Corp. BHD

     12,800        23,181   

Larsen & Toubro Ltd. GDR

     928        21,697   

Orascom Construction Industries GDR

     592        26,107   

Samsung Engineering Co., Ltd.

     132        25,112   
   

 

 

  

Total Construction & Engineering

       328,707   
   

 

 

  

Construction Materials - 2.0%

  

Anhui Conch Cement Co., Ltd. — Class H*

     8,000        26,812   

Asia Cement Corp.

     19,500        23,467   

BBMG Corp. — Class H

     26,000        22,455   

Cemex SAB de CV ADR*

     3,606        26,071   

China National Building Material Co., Ltd. — Class H*

     16,000        21,615   

China Resources Cement Holdings Ltd.

     32,000        25,409   

China Shanshui Cement Group Ltd.

     28,000        22,702   

Indocement Tunggal Prakarsa Tbk PT

     14,000        27,496   
 

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       97

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   April 30, 2012

 

GUGGENHEIM MSCI EMERGING MARKETS EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

Semen Gresik Persero Tbk PT

     22,000      $ 29,084   

Siam Cement PCL

     2,000        27,187   

Taiwan Cement Corp.

     20,000        23,863   
   

 

 

  

Total Construction Materials

       276,161   
   

 

 

  

Consumer Finance - 0.2%

  

Samsung Card Co.

     680        20,879   
   

 

 

  

Total Consumer Finance

       20,879   
   

 

 

  

Distributors - 0.4%

  

Dah Chong Hong Holdings Ltd.

     20,000        21,295   

Imperial Holdings Ltd.

     1,433        31,215   
   

 

 

  

Total Distributors

       52,510   
   

 

 

  

Diversified Financial Services - 1.5%

  

African Bank Investments Ltd.

     4,913        24,628   

AMMB Holdings BHD

     12,800        26,480   

China Everbright Ltd.

     16,000        25,409   

FirstRand Ltd.

     7,832        25,537   

Fubon Financial Holding Co., Ltd.

     24,000        25,020   

Haci Omer Sabanci Holding AS

     6,224        25,831   

Remgro Ltd.

     1,437        24,412   

RMB Holdings Ltd.

     6,084        26,376   
   

 

 

  

Total Diversified Financial Services

       203,693   
   

 

 

  

Diversified Telecommunication
Services - 2.4%

  

China Telecom Corp., Ltd. — Class H*

     40,000        21,553   

China Unicom Hong Kong Ltd. ADR

     1,388        24,123   

Chunghwa Telecom Co., Ltd. ADR

     852        26,395   

KT Corp. ADR

     1,764        22,667   

LG Uplus Corp.

     4,600        22,835   

Oi SA ADR

     2,922        52,391   

Oi SA ADR

     468        3,122   

Telefonica Brasil SA ADR

     860        24,484   

Telefonica Czech Republic AS

     1,168        23,556   

Telekom Malaysia BHD

     15,200        27,075   

Telekomunikacja Polska SA

     4,628        24,214   

Telekomunikasi Indonesia Tbk PT ADR

     836        30,271   

Turk Telekomunikasyon AS

     6,156        26,949   
   

 

 

  

Total Diversified Telecommunication Services

       329,635   
   

 

 

  

Electric Utilities - 1.7%

  

Centrais Eletricas Brasileiras SA ADR

     2,215        18,872   

CEZ AS

     580        23,388   

Cia Energetica de Minas Gerais ADR

     1,112        27,433   

Cia Paranaense de Energia ADR

     1,053        26,377   

CPFL Energia SA ADR

     776        21,883   

Enersis SA ADR

     1,296        26,270   

Federal Hydrogenerating Co. JSC ADR

     6,260        21,785   

Korea Electric Power Corp. ADR*

     2,260        21,470   

PGE SA

     4,008        23,995   

Tenaga Nasional BHD

       12,400        26,349   
   

 

 

  

Total Electric Utilities

       237,822   
   

 

 

  

Electrical Equipment - 0.9%

  

Dongfang Electric Corp., Ltd. — Class H*

     9,600        26,173   
     SHARES     MARKET
VALUE		  
   

LS Corp.

     332      $ 22,239   

LS Industrial Systems Co., Ltd.

     444        22,708   

Shanghai Electric Group Co., Ltd. — Class H*

     48,000        24,193   

Zhuzhou CSR Times Electric Co., Ltd. — Class H

     12,000        34,030   
   

 

 

  

Total Electrical Equipment

       129,343   
   

 

 

  

Electronic Equipment, Instruments & Components - 2.9%

  

AU Optronics Corp. ADR

     4,788        21,498   

Cheng Uei Precision Industry Co., Ltd.

     12,149        24,956   

Chimei Innolux Corp.*

     48,000        19,885   

Delta Electronics, Inc.

     8,000        23,774   

E Ink Holdings, Inc.

     16,000        17,529   

Everlight Electronics Co., Ltd.

     12,000        24,650   

Hon Hai Precision Industry Co., Ltd. GDR

     3,776        22,845   

LG Display Co., Ltd. ADR*

     1,935        21,614   

LG Innotek Co., Ltd.*

     308        22,185   

Nan Ya Printed Circuit Board Corp.

     12,000        22,473   

Samsung Electro-Mechanics Co., Ltd.

     318        30,812   

Samsung SDI Co., Ltd.

     204        29,423   

Synnex Technology International Corp.

     12,000        28,143   

Tripod Technology Corp.

     8,000        23,555   

Unimicron Technology Corp.

     20,000        22,767   

Wintek Corp.

     27,498        17,934   

WPG Holdings Ltd.

     20,350        27,799   
   

 

 

  

Total Electronic Equipment, Instruments & Components

       401,842   
   

 

 

  

Energy Equipment & Services - 0.4%

  

Bumi Armada BHD*

     19,200        25,316   

China Oilfield Services Ltd. — Class H

     16,000        25,946   
   

 

 

  

Total Energy Equipment & Services

       51,262   
   

 

 

  

Food & Staples Retailing - 2.3%

  

BIM Birlesik Magazalar AS

     729        30,358   

Cencosud SA

     4,036        25,738   

China Resources Enterprise Ltd.

     8,000        29,081   

Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR

     573        26,948   

CP ALL PCL*

     12,380        30,698   

E-Mart Co., Ltd.

     108        25,659   

Magnit OJSC GDR

     880        25,766   

Massmart Holdings Ltd.

     1,112        23,976   

President Chain Store Corp.

     4,000        21,501   

Shoprite Holdings Ltd.

     1,416        24,556   

Sun Art Retail Group Ltd.*

     20,000        26,554   

Wal-Mart de Mexico SAB de CV — Series V

     7,880        22,568   
   

 

 

  

Total Food & Staples Retailing

       313,403   
   

 

 

  

Food Products - 2.5%

  

Charoen Pokphand Foods PCL

       21,946        29,083   

China Mengniu Dairy Co., Ltd.

     8,000        24,749   

China Yurun Food Group Ltd.

     16,000        20,480   
 

 

98     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   April 30, 2012

 

GUGGENHEIM MSCI EMERGING MARKETS EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

CJ CheilJedang Corp.

     84      $ 27,799   

Indofood Sukses Makmur Tbk PT

     48,000        25,331   

IOI Corp. BHD

     14,000        24,151   

Kuala Lumpur Kepong BHD

     3,200        24,999   

Orion Corp.

     40        31,784   

Standard Foods Corp.

     8,000        24,924   

Tiger Brands Ltd.

     772        28,389   

Tingyi Cayman Islands Holding Corp.

     8,000        21,346   

Uni-President Enterprises Corp.

     16,200        25,208   

Want Want China Holdings Ltd.

       28,000        34,361   
   

 

 

  

Total Food Products

       342,604   
   

 

 

  

Gas Utilities - 0.8%

  

China Gas Holdings Ltd.

     56,000        27,864   

ENN Energy Holdings Ltd.

     8,000        28,153   

Korea Gas Corp.

     720        28,128   

Perusahaan Gas Negara PT

     64,000        23,328   
   

 

 

  

Total Gas Utilities

       107,473   
   

 

 

  

Health Care Equipment & Supplies - 0.3%

  

Shandong Weigao Group Medical Polymer Co., Ltd. — Class H

     32,000        37,000   
   

 

 

  

Total Health Care Equipment & Supplies

       37,000   
   

 

 

  

Health Care Providers & Services - 0.4%

  

Life Healthcare Group Holdings Ltd.

     8,880        30,799   

Sinopharm Group Co. — Class H*

     9,600        25,182   
   

 

 

  

Total Health Care Providers & Services

       55,981   
   

 

 

  

Hotels, Restaurants & Leisure - 0.5%

  

Genting BHD

     7,200        24,603   

Genting Malaysia BHD

     20,000        25,380   

Kangwon Land, Inc.

     1,080        23,174   
   

 

 

  

Total Hotels, Restaurants & Leisure

       73,157   
   

 

 

  

Household Durables - 0.8%

  

Haier Electronics Group Co., Ltd.*

     19,922        20,852   

LG Electronics, Inc.

     346        21,493   

Skyworth Digital Holdings Ltd.

     48,000        19,676   

Steinhoff International Holdings Ltd.*

     7,256        26,552   

Woongjin Coway Co., Ltd.

     760        24,344   
   

 

 

  

Total Household Durables

       112,917   
   

 

 

  

Household Products - 0.2%

  

LG Household & Health Care Ltd.

     60        31,483   
   

 

 

  

Total Household Products

       31,483   
   

 

 

  

Independent Power Producers & Energy Traders - 0.8%

  

China Longyuan Power Group Corp. — Class H*

       32,000        25,286   

China Resources Power Holdings Co., Ltd.

     16,000        29,204   

Empresa Nacional de Electricidad SA ADR

     492        26,873   

Huaneng Power International, Inc. — Class H*

     40,000        23,718   
   

 

 

  

Total Independent Power Producers & Energy Traders

       105,081   
   

 

 

  
     SHARES     MARKET
VALUE		  
   

Industrial Conglomerates - 2.6%

  

Alfa SAB de CV — Class A

     1,900      $ 27,164   

Beijing Enterprises Holdings Ltd.

     4,000        22,378   

Bidvest Group Ltd.

     1,128        26,758   

Citic Pacific Ltd.

     12,000        19,769   

CJ Corp.

     340        23,496   

Doosan Corp.

     172        21,003   

Empresas COPEC SA

     1,545        25,062   

Far Eastern New Century Corp.

     20,000        22,562   

KOC Holding AS

     6,452        23,916   

LG Corp.

     398        20,285   

Samsung Techwin Co., Ltd.

     452        27,677   

Shanghai Industrial Holdings Ltd.

     8,000        26,760   

Sime Darby BHD

     8,000        25,750   

SK Holdings Co., Ltd.

     180        19,352   

SM Investments Corp.

     1,760        29,139   
   

 

 

  

Total Industrial Conglomerates

       361,071   
   

 

 

  

Insurance - 2.4%

  

Cathay Financial Holding Co., Ltd.

     24,000        25,390   

China Life Insurance Co., Ltd.

     24,375        21,781   

China Life Insurance Co., Ltd. — Class H*

     8,000        21,656   

China Pacific Insurance Group Co., Ltd. — Class H*

     7,200        23,527   

Dongbu Insurance Co., Ltd.

     573        22,917   

Hyundai Marine & Fire Insurance Co., Ltd.

     880        22,582   

Korea Life Insurance Co., Ltd.*

     3,880        23,449   

PICC Property & Casualty Co., Ltd. — Class H

     16,000        20,068   

Ping An Insurance Group Co., Ltd. — Class H

     2,000        16,732   

Powszechny Zaklad Ubezpieczen SA

     236        23,857   

Samsung Fire & Marine Insurance Co., Ltd.

     136        25,994   

Samsung Life Insurance Co., Ltd.

     324        28,669   

Sanlam Ltd.

     6,276        27,079   

Shin Kong Financial Holding Co., Ltd.*

     76,000        22,533   
   

 

 

  

Total Insurance

       326,234   
   

 

 

  

Internet Software & Services - 0.6%

  

Alibaba.com Ltd.*

     14,000        24,038   

NHN Corp.

     120        27,183   

Tencent Holdings Ltd.

     800        25,141   
   

 

 

  

Total Internet Software & Services

       76,362   
   

 

 

  

IT Services - 0.3%

  

SK C&C Co., Ltd.

     228        18,863   

Wipro Ltd. ADR

     2,240        21,639   
   

 

 

  

Total IT Services

       40,502   
   

 

 

  

Machinery - 2.3%

  

China Rongsheng Heavy Industry Group Holdings Co., Ltd.

     70,000        17,505   

CSR Corp., Ltd. — Class H*

       32,000        25,822   
 

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       99

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   April 30, 2012

 

GUGGENHEIM MSCI EMERGING MARKETS EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

Daewoo Shipbuilding & Marine Engineering Co., Ltd.

     920      $ 25,806   

Doosan Infracore Co., Ltd.*

     1,200        22,458   

Hiwin Technologies Corp.

     4,000        37,934   

Hyundai Heavy Industries Co., Ltd.

     92        23,038   

Hyundai Mipo Dockyard

     200        21,767   

Lonking Holdings Ltd.

     68,000        24,719   

Samsung Heavy Industries Co., Ltd.

     760        28,043   

Sany Heavy Equipment International Holdings Co., Ltd.

     32,000        24,708   

United Tractors Tbk PT

     8,000        25,766   

Weichai Power Co., Ltd. — Class H*

     4,000        18,846   

Zoomlion Heavy Industry Science and Technology Co., Ltd. — Class H

     16,000        23,883   
   

 

 

  

Total Machinery

       320,295   
   

 

 

  

Marine - 1.0%

  

China COSCO Holdings Co., Ltd. — Class H

     40,000        23,203   

China Shipping Container Lines Co., Ltd. — Class H*

     80,000        26,090   

China Shipping Development Co., Ltd. — Class H*

     32,000        20,831   

Evergreen Marine Corp. Taiwan Ltd.

     39,499        23,260   

STX Pan Ocean Co., Ltd.

     3,940        20,569   

Yang Ming Marine Transport Corp.

     44,000        18,679   
   

 

 

  

Total Marine

       132,632   
   

 

 

  

Media - 0.6%

  

BEC World PCL

     16,730        28,019   

Grupo Televisa SA ADR

     1,228        26,979   

Naspers Ltd. — Class N

     466        28,167   
   

 

 

  

Total Media

       83,165   
   

 

 

  

Metals & Mining - 6.0%

  

African Rainbow Minerals Ltd.

     1,020        23,821   

Aluminum Corp. of China Ltd. ADR*

     1,884        22,664   

Angang Steel Co., Ltd. — Class H*

     32,000        21,903   

Anglo American Platinum Ltd.

     328        21,330   

AngloGold Ashanti Ltd. ADR

     592        20,353   

ArcelorMittal South Africa Ltd.

     2,980        22,686   

CAP SA

     589        24,737   

China Steel Corp.

       24,000        23,870   

Cia de Minas Buenaventura SA ADR

     608        25,092   

Cia Siderurgica Nacional SA ADR

     2,516        22,443   

Dongkuk Steel Mill Co., Ltd.

     1,200        18,741   

Eregli Demir ve Celik Fabrikalari TAS*

     5,146        6,729   

Eregli Demir ve Celik Fabrikalari TAS

     11,772        16,263   

Exxaro Resources Ltd.

     947        25,294   

Gerdau SA ADR

     2,444        22,949   

Gold Fields Ltd. ADR

     1,608        20,695   

Grupo Mexico SAB de CV — Series B

     7,993        24,698   

Harmony Gold Mining Co., Ltd. ADR

     1,916        18,585   

Hyundai Hysco Co., Ltd.

     720        25,452   

Hyundai Steel Co.

     260        22,684   

Impala Platinum Holdings Ltd.

     1,156        22,568   
     SHARES     MARKET
VALUE		  
   

Industrias Penoles SAB de CV

     504      $ 23,599   

Jiangxi Copper Co., Ltd. — Class H

     8,000        19,346   

KGHM Polska Miedz SA

     552        24,295   

Korea Zinc Co., Ltd.

     64        20,727   

Koza Altin Isletmeleri AS

     1,388        29,986   

Kumba Iron Ore Ltd.

     338        23,965   

Mechel ADR*

     2,236        19,431   

MMC Norilsk Nickel OJSC ADR

     1,296        22,991   

Novolipetsk Steel OJSC GDR

     1,032        22,291   

POSCO ADR

     276        22,977   

Severstal OAO GDR

     1,724        23,326   

Shougang Fushan Resources Group Ltd.

     56,000        19,635   

Southern Copper Corp.

     768        25,252   

Sterlite Industries (India) Ltd. ADR

     2,608        21,359   

Vale SA ADR

     992        22,022   

Zhaojin Mining Industry Co., Ltd. — Class H

     12,000        16,799   

Zijin Mining Group Co., Ltd. — Class H*

     56,000        18,263   
   

 

 

  

Total Metals & Mining

       829,821   
   

 

 

  

Multiline Retail - 1.6%

  

Far Eastern Department Stores Co., Ltd.

     20,000        21,569   

Golden Eagle Retail Group Ltd.

     12,000        31,478   

Hyundai Department Store Co., Ltd.

     164        23,146   

Intime Department Store Group Co., Ltd.

     22,000        27,792   

Lotte Shopping Co., Ltd.

     76        23,604   

Parkson Retail Group Ltd.

     20,000        22,378   

S.A.C.I. Falabella

     2,592        25,463   

Shinsegae Co., Ltd.

     104        22,822   

Woolworths Holdings Ltd.

     4,452        27,924   
   

 

 

  

Total Multiline Retail

       226,176   
   

 

 

  

Oil, Gas & Consumable Fuels - 5.6%

  

Adaro Energy Tbk PT

     120,000        24,286   

Banpu PCL

     1,180        21,336   

Bumi Resources Tbk PT

     96,000        21,152   

China Coal Energy Co., Ltd. — Class H*

     20,000        22,971   

China Petroleum & Chemical Corp. — Class H

     24,000        25,863   

China Shenhua Energy Co., Ltd. — Class H*

     6,000        26,644   

CNOOC Ltd. ADR

     110        23,281   

Ecopetrol SA ADR

     452        29,244   

Formosa Petrochemical Corp.

     8,000        24,897   

Gazprom OAO ADR

     1,920        22,157   

GS Holdings

     432        22,783   

Indo Tambangraya Megah PT

     6,000        25,951   

IRPC PCL

     159,590        22,628   

Kunlun Energy Co., Ltd.

     16,000        28,214   

Lukoil OAO ADR

     396        24,295   

MOL Hungarian Oil and Gas PLC*

     288        23,845   

NovaTek OAO GDR

     176        22,370   

PetroChina Co., Ltd. — Class H

     16,000        24,254   
 

 

100     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   April 30, 2012

 

GUGGENHEIM MSCI EMERGING MARKETS EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

Petroleo Brasileiro SA ADR

     848      $ 19,962   

Polski Koncern Naftowy Orlen SA*

     2,212        25,805   

Polskie Gornictwo Naftowe i Gazownictwo SA

     21,404        27,691   

PTT Exploration & Production PCL

     3,940        22,743   

PTT PCL

     2,000        22,764   

Rosneft Oil Co. GDR*

     3,272        23,346   

S-Oil Corp.

     212        18,365   

Sasol Ltd. ADR

     484        22,956   

SK Innovation Co., Ltd.

     152        21,251   

Surgutneftegas OJSC ADR

     2,436        24,311   

Tatneft ADR

     648        23,976   

Thai Oil PCL

     10,440        22,917   

Tupras Turkiye Petrol Rafinerileri AS

     1,028        21,449   

Ultrapar Participacoes SA ADR

     1,174        26,579   

Yanzhou Coal Mining Co., Ltd. — Class H*

     8,000        16,727   
   

 

 

  

Total Oil, Gas & Consumable Fuels

  

     777,013   
   

 

 

  

Paper & Forest Products - 0.7%

  

Empresas CMPC SA

     5,773        23,757   

Fibria Celulose SA ADR*

     2,825        22,431   

Nine Dragons Paper Holdings Ltd.

     32,000        26,399   

Sappi Ltd.*

     7,085        25,752   
   

 

 

  

Total Paper & Forest Products

       98,339   
   

 

 

  

Personal Products - 0.3%

  

Amorepacific Corp.

     28        26,882   

Hengan International Group Co., Ltd.

     2,000        21,179   
   

 

 

  

Total Personal Products

       48,061   
   

 

 

  

Pharmaceuticals - 0.6%

  

Aspen Pharmacare Holdings Ltd.*

     1,775        28,789   

Celltrion, Inc.

     780        21,982   

Dr. Reddy’s Laboratories Ltd. ADR

     760        25,711   
   

 

 

  

Total Pharmaceuticals

       76,482   
   

 

 

  

Real Estate Investment Trusts (REITs) - 0.2%

  

Emlak Konut Gayrimenkul Yatirim Ortakligi

     19,176        25,184   
   

 

 

  

Total Real Estate Investment Trusts (REITs)

       25,184   
   

 

 

  

Real Estate Management &
Development - 2.6%

  

Agile Property Holdings Ltd.

     16,000        20,913   

China Overseas Land & Investment Ltd.

     8,000        17,345   

China Resources Land Ltd.

     16,000        30,813   

Country Garden Holdings Co., Ltd.*

     56,000        24,327   

Evergrande Real Estate Group Ltd.

     44,000        25,466   

Growthpoint Properties Ltd.

     9,596        26,002   

Guangzhou R&F Properties Co., Ltd. — Class H

     19,200        25,641   

Highwealth Construction Corp.

     12,000        20,131   

Longfor Properties Co., Ltd.*

     18,000        28,632   

Poly Hong Kong Investments Ltd.*

     40,000        20,934   

Renhe Commercial Holdings Co., Ltd.

       216,000        12,529   
     SHARES     MARKET
VALUE		  
   

Ruentex Development Co., Ltd.

     20,000      $ 28,793   

Shimao Property Holdings Ltd.

     20,000        26,451   

Soho China Ltd.

     36,000        27,982   

UEM Land Holdings BHD*

     34,000        22,584   
   

 

 

  

Total Real Estate Management & Development

       358,543   
   

 

 

  

Semiconductors & Semiconductor Equipment - 3.6%

  

Advanced Semiconductor Engineering, Inc.

       28,000        28,327   

Epistar Corp.

     8,000        19,446   

GCL-Poly Energy Holdings Ltd.

     76,000        19,691   

Hynix Semiconductor, Inc.*

     1,000        24,820   

Kinsus Interconnect Technology Corp.

     8,000        25,143   

Macronix International

     60,000        19,803   

MediaTek, Inc.

     4,000        34,648   

Motech Industries, Inc.

     11,499        16,870   

MStar Semiconductor, Inc.

     4,000        23,760   

Novatek Microelectronics Corp.

     8,000        24,240   

Phison Electronics Corp.

     4,000        28,485   

Powertech Technology, Inc.

     12,000        20,398   

Radiant Opto-Electronics Corp.

     7,969        33,558   

Realtek Semiconductor Corp.

     12,000        26,047   

Richtek Technology Corp.

     4,000        24,377   

Samsung Electronics Co., Ltd. GDR

     48        29,328   

Siliconware Precision Industries Co. ADR

     4,463        26,019   

Sino-American Silicon Products, Inc.

     12,000        20,871   

Taiwan Semiconductor Manufacturing Co., Ltd. ADR

     1,776        27,670   

United Microelectronics Corp. ADR

     9,459        25,350   
   

 

 

  

Total Semiconductors & Semiconductor Equipment

       498,851   
   

 

 

  

Software - 0.2%

  

NCSoft Corp.

     104        26,963   
   

 

 

  

Total Software

       26,963   
   

 

 

  

Specialty Retail - 1.4%

  

Belle International Holdings Ltd.

     16,000        31,390   

China ZhengTong Auto Services Holdings Ltd.*

     22,000        21,723   

Foschini Group Ltd. (The)

     1,640        27,251   

GOME Electrical Appliances Holdings Ltd.

     88,000        15,881   

Grupo Elektra SA de CV

     288        17,845   

Hengdeli Holdings Ltd.

     64,000        25,657   

Truworths International Ltd.

     2,416        25,874   

Zhongsheng Group Holdings Ltd.

     12,000        23,852   
   

 

 

  

Total Specialty Retail

       189,473   
   

 

 

  

Textiles, Apparel & Luxury Goods - 0.5%

  

Anta Sports Products Ltd.

     24,000        23,728   

Indorama Ventures PCL

     20,310        22,787   

Ruentex Industries Ltd.

     12,000        20,912   
   

 

 

  

Total Textiles, Apparel & Luxury Goods

       67,427   
   

 

 

  
 

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       101

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   April 30, 2012

 

GUGGENHEIM MSCI EMERGING MARKETS EQUAL WEIGHT ETF

 

     SHARES     MARKET
VALUE		  
   

Tobacco - 0.4%

  

Gudang Garam Tbk PT

     4,000      $ 25,766   

KT&G Corp.

     376        25,818   
   

 

 

  

Total Tobacco

       51,584   
   

 

 

  

Trading Companies & Distributors - 0.7%

  

Barloworld Ltd.

     2,188        27,667   

Daewoo International Corp.

     800        23,219   

Samsung C&T Corp.

     366        24,872   

SK Networks Co., Ltd.

     2,560        21,157   
   

 

 

  

Total Trading Companies & Distributors

       96,915   
   

 

 

  

Transportation Infrastructure - 0.4%

  

China Merchants Holdings International Co., Ltd.

     8,000        25,884   

COSCO Pacific Ltd.

     16,000        23,306   
   

 

 

  

Total Transportation Infrastructure

       49,190   
   

 

 

  

Water Utilities - 0.4%

  

Cia de Saneamento Basico do Estado de Sao Paulo ADR

     340        26,914   

Guangdong Investment Ltd.

     40,000        29,442   
   

 

 

  

Total Water Utilities

       56,356   
   

 

 

  

Wireless Telecommunication Services - 3.4%

  

Advanced Info Service PCL

     5,210        31,006   

America Movil SAB de CV ADR — Series L

     1,080        28,782   

Axiata Group BHD

     14,800        25,971   

China Mobile Ltd. ADR

     488        27,006   

DiGi.Com BHD

     19,200        25,634   

ENTEL Chile SA

     1,276        25,314   

Far EasTone Telecommunications Co., Ltd.

       12,000        26,088   

Maxis BHD

     12,800        25,888   

Mobile Telesystems OJSC ADR

     1,388        27,149   

MTN Group Ltd.

     1,440        25,249   

Orascom Telecom Holding SAE GDR*

     7,821        21,899   

Orascom Telecom Media*

     7,821        8,838   

Philippine Long Distance Telephone Co. ADR

     388        23,559   

Sistema JSFC GDR

     1,204        22,876   

SK Telecom Co., Ltd. ADR

     1,824        24,660   

Taiwan Mobile Co., Ltd.

     8,000        25,801   

Tim Participacoes SA ADR

     860        25,740   
     SHARES     MARKET
VALUE		  
   

Turkcell Iletisim Hizmetleri AS ADR*

     1,892      $ 23,385   

Vodacom Group Ltd.

     1,908        26,613   
   

 

 

  

Total Wireless Telecommunication Services

       471,458   
   

 

 

  

Total Common Stocks
(Cost $12,496,221)

       11,887,173   
   

 

 

  

EXCHANGE TRADED FUNDS - 13.0%

  

iShares MSCI Brazil Index Fund

     13,236        797,601   

WisdomTree India Earnings Fund

     54,000        989,820   
   

 

 

  

Total Exchange Traded Funds
(Cost $2,129,752)

       1,787,421   
   

 

 

  

SHORT TERM INVESTMENTS - 0.1%

  

SSgA Government Money Market Fund

       17,653        17,653   
   

 

 

  

Total Short Term Investments
(Cost $17,653)

       17,653   
   

 

 

  

Total Investments - 99.5%b
(Cost $14,643,626)

       13,692,247   
   

 

 

  

Other Assets and Liabilities,
net - 0.5%

  

     63,428   
   

 

 

  

Net Assets - 100.0%

           $ 13,755,675   
 
*   Non-Income Producing Security.
a   

Values determined based on Level 3 inputs.

b   

Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs.

ADR — American Depositary Receipt

GDR — Global Depository Receipt

 

102     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (concluded)   April 30, 2012

 

 

GUGGENHEIM MSCI EMERGING MARKETS EQUAL WEIGHT ETF

 

INVESTMENT CONCENTRATION

At April 30, 2012, the investment diversification of the Fund was as follows:

 

Country    % of Total Investments  

Taiwan

      14.82%   

South Korea

      14.66%   

United States

      13.43%   

China

      9.32%   

South Africa

      6.26%   

Cayman Islands

      4.70%   

Thailand

      3.25%   

Hong Kong

      3.20%   

Turkey

      3.18%   

Indonesia

      2.91%   

Brazil

      2.88%   

Malaysia

      2.77%   

Russia

      2.70%   

Mexico

      2.45%   

Chile

      2.24%   

Bermuda

      1.67%   

Slovakia

      1.61%   

Poland

      1.45%   

Switzerland

      1.18%   

India

      1.02%   

Belize

      0.77%   

Saudi Arabia

      0.60%   

Philippines

      0.58%   

Morocco

      0.54%   

Czech

      0.52%   

Colombia

      0.41%   

Egypt

      0.35%   

Hungary

      0.35%   

Peru

      0.18%   

Total Investments

      100.00%   

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       103

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited)   April 30, 2012

 

GUGGENHEIM S&P 500 EQUAL WEIGHT CONSUMER DISCRETIONARY ETF

 

     SHARES     MARKET
VALUE		  
   

COMMON STOCKS - 99.9%

  

Auto Components - 3.4%

  

BorgWarner, Inc.*

     8,692      $ 687,016   

Goodyear Tire & Rubber Co. (The)*

     58,877        646,469   

Johnson Controls, Inc.

     22,560        721,243   
   

 

 

  

Total Auto Components

       2,054,728   
   

 

 

  

Automobiles - 2.4%

  

Ford Motor Co.

     57,941        653,574   

Harley-Davidson, Inc.

     15,548        813,627   
   

 

 

  

Total Automobiles

       1,467,201   
   

 

 

  

Distributors - 1.2%

  

Genuine Parts Co.

     11,590        750,800   
   

 

 

  

Total Distributors

       750,800   
   

 

 

  

Diversified Consumer Services - 3.2%

  

Apollo Group, Inc. — Class A*

     17,144        603,811   

DeVry, Inc.

     20,660        664,219   

H&R Block, Inc.

     45,844        673,907   
   

 

 

  

Total Diversified Consumer Services

       1,941,937   
   

 

 

  

Hotels, Restaurants & Leisure - 14.0%

  

Carnival Corp.

     23,843        774,659   

Chipotle Mexican Grill, Inc.*

     1,830        757,895   

Darden Restaurants, Inc.

     14,167        709,483   

International Game Technology

     46,577        725,670   

Marriott International, Inc. — Class A

     19,418        759,050   

McDonald’s Corp.

     7,526        733,409   

Starbucks Corp.

     14,061        806,820   

Starwood Hotels & Resorts Worldwide, Inc.

     13,281        786,235   

Wyndham Worldwide Corp.

     16,510        831,113   

Wynn Resorts Ltd.

     6,036        805,202   

Yum! Brands, Inc.

     10,813        786,430   
   

 

 

  

Total Hotels, Restaurants & Leisure

       8,475,966   
   

 

 

  

Household Durables - 8.6%

  

DR Horton, Inc.

     47,116        770,347   

Harman International Industries, Inc.

     15,176        752,426   

Leggett & Platt, Inc.

     32,512        707,786   

Lennar Corp. — Class A

     28,642        794,529   

Newell Rubbermaid, Inc.

     40,676        740,303   

Pulte Homes, Inc.*

     80,810        795,170   

Whirlpool Corp.

     9,680        619,714   
   

 

 

  

Total Household Durables

       5,180,275   
   

 

 

  

Internet & Catalog Retail - 6.9%

  

Amazon.com, Inc.*

     3,954        916,933   

Expedia, Inc.

     22,986        979,893   

Netflix, Inc.*

     6,680        535,335   

priceline.com, Inc.*

     1,126        856,683   

TripAdvisor, Inc.*

     23,744        890,638   
   

 

 

  

Total Internet & Catalog Retail

       4,179,482   
   

 

 

  

Leisure Equipment & Products - 2.5%

  

Hasbro, Inc.

     20,719        761,216   
     SHARES     MARKET
VALUE		  
   

Mattel, Inc.

     21,831      $ 733,522   
   

 

 

  

Total Leisure Equipment & Products

       1,494,738   
   

 

 

  

Media - 19.9%

  

Cablevision Systems Corp. — Class A

     50,582        749,625   

CBS Corp. — Class B

     23,656        788,928   

Comcast Corp. — Class A

     24,425        740,810   

DIRECTV — Class A*

     15,460        761,714   

Discovery Communications, Inc. — Class A*

     15,449        840,735   

Gannett Co., Inc.

     50,830        702,471   

Interpublic Group of Cos., Inc. (The)

     61,771        729,515   

McGraw-Hill Cos., Inc. (The)

     15,643        769,166   

News Corp. — Class A

     36,758        720,457   

Omnicom Group, Inc.

     15,033        771,343   

Scripps Networks Interactive, Inc. — Class A

     16,112        809,145   

Time Warner Cable, Inc.

     9,148        735,957   

Time Warner, Inc.

     19,852        743,656   

Viacom, Inc. — Class B

     15,252        707,540   

Walt Disney Co. (The)

     17,257        743,949   

Washington Post Co. (The) — Class B

     1,884        712,472   
   

 

 

  

Total Media

       12,027,483   
   

 

 

  

Multiline Retail - 10.6%

  

Big Lots, Inc.*

     16,043        587,816   

Dollar Tree, Inc.*

     7,828        795,795   

Family Dollar Stores, Inc.

     12,679        856,466   

J.C. Penney Co., Inc.

     19,356        697,977   

Kohl’s Corp.

     14,509        727,336   

Macy’s, Inc.

     18,375        753,743   

Nordstrom, Inc.

     13,477        752,825   

Sears Holdings Corp.*

     9,057        487,085   

Target Corp.

     12,635        732,072   
   

 

 

  

Total Multiline Retail

       6,391,115   
   

 

 

  

Specialty Retail - 21.2%

  

Abercrombie & Fitch Co. — Class A

     14,352        720,040   

AutoNation, Inc.*

     21,350        738,283   

AutoZone, Inc.*

     1,906        755,081   

Bed Bath & Beyond, Inc.*

     11,633        818,847   

Best Buy Co., Inc.

     29,426        649,432   

CarMax, Inc.*

     21,648        668,274   

GameStop Corp. — Class A

     30,497        694,112   

Gap, Inc. (The)

     29,156        830,946   

Home Depot, Inc.

     15,154        784,826   

Limited Brands, Inc.

     15,595        775,071   

Lowe’s Cos., Inc.

     24,483        770,480   

O’Reilly Automotive, Inc.*

     8,061        850,113   

Ross Stores, Inc.

     13,022        802,025   

Staples, Inc.

     47,331        728,897   

Tiffany & Co.

     10,598        725,539   

TJX Cos., Inc.

     19,122        797,579   

Urban Outfitters, Inc.*

     24,710        715,601   
   

 

 

  

Total Specialty Retail

       12,825,146   
   

 

 

  
 

 

104     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (concluded)   April 30, 2012

 

GUGGENHEIM S&P 500 EQUAL WEIGHT CONSUMER DISCRETIONARY ETF

 

     SHARES     MARKET
VALUE		  
   

Textiles, Apparel & Luxury Goods - 6.0%

  

Coach, Inc.

     9,428      $ 689,753   

Fossil, Inc.*

     5,805        758,539   

NIKE, Inc. — Class B

     6,630        741,698   

Ralph Lauren Corp.

     4,133        711,992   

V.F. Corp.

     5,001        760,402   
   

 

 

  

Total Textiles, Apparel & Luxury Goods

       3,662,384   
   

 

 

  

Total Common Stocks
(Cost $54,121,438)

       60,451,255   
   

 

 

  

SHORT TERM INVESTMENTS - 0.1%

  

SSgA Government Money Market Fund

     62,936        62,936   
   

 

 

  

Total Short Term Investments
(Cost $62,936)

       62,936   
   

 

 

  

Total Investments - 100.0%a
(Cost $54,184,374)

       60,514,191   
   

 

 

  

Other Assets and Liabilities,

net - 0.0%b

  

     13,002   
   

 

 

  

Net Assets - 100.0%

  

   $ 60,527,193   
 

 

 

 

*   Non-Income Producing Security.
a   

Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs.

b   

Amount represents less than 0.05% of net assets.

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       105

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited)   April 30, 2012

 

 

GUGGENHEIM S&P 500 EQUAL WEIGHT CONSUMER STAPLES ETF

 

     SHARES     MARKET
VALUE		  
   

COMMON STOCKS - 99.8%

  

Beverages - 19.8%

  

Beam, Inc.

     15,446      $ 877,024   

Brown-Forman Corp. — Class B

     10,845        936,466   

Coca-Cola Co. (The)

     12,476        952,168   

Coca-Cola Enterprises, Inc.

     31,525        949,533   

Constellation Brands, Inc. — Class A*

     38,823        838,577   

Dr Pepper Snapple Group, Inc.

     22,770        924,006   

Molson Coors Brewing Co. — Class B

     20,281        843,284   

PepsiCo, Inc.

     13,733        906,378   
   

 

 

  

Total Beverages

       7,227,436   
   

 

 

  

Food & Staples Retailing - 18.6%

  

Costco Wholesale Corp.

     9,709        856,043   

CVS Caremark Corp.

     19,002        847,869   

Kroger Co. (The)

     35,662        829,855   

Safeway, Inc.

     39,855        810,252   

Sysco Corp.

     28,976        837,406   

Wal-Mart Stores, Inc.

     14,436        850,425   

Walgreen Co.

     25,905        908,229   

Whole Foods Market, Inc.

     10,342        859,110   
   

 

 

  

Total Food & Staples Retailing

       6,799,189   
   

 

 

  

Food Products - 36.4%

  

Archer-Daniels-Midland Co.

     27,861        858,955   

Campbell Soup Co.

     26,417        893,687   

ConAgra Foods, Inc.

     33,138        855,623   

Dean Foods Co.*

     72,213        886,776   

General Mills, Inc.

     22,480        874,247   

H.J. Heinz Co.

     16,344        871,299   

Hershey Co. (The)

     14,579        976,939   

Hormel Foods Corp.

     30,177        876,943   

J.M. Smucker Co. (The)

     11,496        915,426   

Kellogg Co.

     16,539        836,377   

Kraft Foods, Inc. — Class A

     22,853        911,149   

McCormick & Co., Inc.

     17,012        951,141   

Mead Johnson Nutrition Co.

     10,919        934,230   

Sara Lee Corp.

     40,567        894,097   

Tyson Foods, Inc. — Class A

     43,667        796,923   
   

 

 

  

Total Food Products

       13,333,812   
   

 

 

  
     SHARES     MARKET
VALUE		  
   

Household Products - 9.8%

  

Clorox Co. (The)

     12,771      $ 895,247   

Colgate-Palmolive Co.

     9,228        913,018   

Kimberly-Clark Corp.

     12,085        948,310   

Procter & Gamble Co. (The)

     12,957        824,584   
   

 

 

  

Total Household Products

       3,581,159   
   

 

 

  

Personal Products - 5.4%

  

Avon Products, Inc.

     46,703        1,008,785   

Estee Lauder Cos., Inc. (The) — Class A

     14,683        959,534   
   

 

 

  

Total Personal Products

       1,968,319   
   

 

 

  

Tobacco - 9.8%

  

Altria Group, Inc.

     28,473        917,115   

Lorillard, Inc.

     6,726        909,961   

Philip Morris International, Inc.

     10,251        917,567   

Reynolds American, Inc.

     20,611        841,547   
   

 

 

  

Total Tobacco

       3,586,190   
   

 

 

  

Total Common Stocks
(Cost $31,698,390)

       36,496,105   
   

 

 

  

SHORT TERM INVESTMENTS - 0.1%

  

SSgA Government Money Market Fund

     49,138        49,138   
   

 

 

  

Total Short Term Investments
(Cost $49,138)

       49,138   
   

 

 

  

Total Investments - 99.9%a
(Cost $31,747,528)

   

     36,545,243   
   

 

 

  

Other Assets and Liabilities,
net - 0.1%

  

     23,983   
   

 

 

  

Net Assets - 100.0%

  

   $ 36,569,226   
 

 

 

*   Non-Income Producing Security.
a   

Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs.

 

106     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited)   April 30, 2012

 

 

GUGGENHEIM S&P 500 EQUAL WEIGHT ENERGY ETF

 

     SHARES     MARKET
VALUE		  
   

COMMON STOCKS - 99.9%

  

Energy Equipment & Services - 24.5%

  

Baker Hughes, Inc.

     17,299      $ 763,059   

Cameron International Corp.*

     15,556        797,245   

Diamond Offshore Drilling, Inc.

     12,023        824,177   

FMC Technologies, Inc.*

     16,282        765,254   

Halliburton Co.

     24,199        828,090   

Helmerich & Payne, Inc.

     13,872        712,882   

Nabors Industries Ltd.*

     41,970        698,800   

National-Oilwell Varco, Inc.

     10,373        785,858   

Noble Corp.*

     21,536        819,660   

Rowan Cos., Inc.*

     23,722        819,121   

Schlumberger Ltd.

     11,129        825,104   
   

 

 

  

Total Energy Equipment & Services

       8,639,250   
   

 

 

  

Oil, Gas & Consumable Fuels - 75.4%

  

Alpha Natural Resources, Inc.*

     51,373        828,646   

Anadarko Petroleum Corp.

     9,901        724,852   

Apache Corp.

     7,854        753,513   

Cabot Oil & Gas Corp.

     24,178        849,615   

Chesapeake Energy Corp.

     34,382        634,004   

Chevron Corp.

     7,702        820,725   

ConocoPhillips

     10,939        783,561   

CONSOL Energy, Inc.

     25,292        840,706   

Denbury Resources, Inc.*

     43,983        837,436   

Devon Energy Corp.

     11,753        820,947   

El Paso Corp.

     28,710        851,826   

EOG Resources, Inc.

     7,339        805,896   

EQT Corp.

     16,269        810,522   

Exxon Mobil Corp.

     10,010        864,263   

Hess Corp.

     13,391        698,207   

Marathon Oil Corp.

     25,317        742,801   
     SHARES     MARKET
VALUE		  
   

Marathon Petroleum Corp.

     19,227      $ 800,035   

Murphy Oil Corp.

     13,977        768,316   

Newfield Exploration Co.*

     23,743        852,374   

Noble Energy, Inc.

     8,744        868,454   

Occidental Petroleum Corp.

     8,381        764,515   

Peabody Energy Corp.

     27,052        841,588   

Phillips 66*

     18,105        616,475   

Pioneer Natural Resources Co.

     7,774        900,385   

QEP Resources, Inc.

     26,385        812,922   

Range Resources Corp.

     13,290        885,911   

Southwestern Energy Co.*

     25,182        795,247   

Spectra Energy Corp.

     26,752        822,356   

Sunoco, Inc.

     21,080        1,039,033   

Tesoro Corp.*

     28,651        666,136   

Valero Energy Corp.

     29,554        729,984   

Williams Cos., Inc. (The)

     28,267        961,926   

WPX Energy, Inc.*

     45,207        794,287   
   

 

 

  

Total Oil, Gas & Consumable Fuels

       26,587,464   
   

 

 

  

Total Common Stocks
(Cost $40,463,651)

       35,226,714   
   

 

 

  

SHORT TERM INVESTMENTS - 0.1%

  

SSgA Government Money Market Fund

     29,548        29,548   
   

 

 

  

Total Short Term Investments
(Cost $29,548)

       29,548   
   

 

 

  

Total Investments - 100.0%a
(Cost $40,493,199)

   

     35,256,262   
   

 

 

  

Other Assets and Liabilities,
net - 0.0%b

  

     3,735   
   

 

 

  

Net Assets - 100.0%

           $ 35,259,997   
 

 

*   Non-Income Producing Security.
a   

Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs.

b   

Amount represents less than 0.05% of net assets.

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       107

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited)   April 30, 2012

 

 

GUGGENHEIM S&P 500 EQUAL WEIGHT FINANCIALS ETF

 

     SHARES     MARKET
VALUE		  
   

COMMON STOCKS - 99.8%

  

Capital Markets - 17.1%

  

Ameriprise Financial, Inc.

     3,275      $ 177,538   

Bank of New York Mellon Corp. (The)

     8,193        193,764   

BlackRock, Inc.

     933        178,744   

Charles Schwab Corp. (The)

     12,999        185,886   

E*Trade Financial Corp.*

     18,995        201,917   

Federated Investors, Inc. — Class B

     8,947        197,550   

Franklin Resources, Inc.

     1,525        191,403   

Goldman Sachs Group, Inc. (The)

     1,566        180,325   

Invesco Ltd.

     7,386        183,468   

Legg Mason, Inc.

     6,684        174,252   

Morgan Stanley

     9,999        172,783   

Northern Trust Corp.

     4,148        197,403   

State Street Corp.

     4,363        201,658   

T. Rowe Price Group, Inc.

     2,910        183,664   
   

 

 

  

Total Capital Markets

       2,620,355   
   

 

 

  

Commercial Banks - 16.6%

  

BB&T Corp.

     6,235        199,769   

Comerica, Inc.

     6,034        193,209   

Fifth Third Bancorp

     13,349        189,956   

First Horizon National Corp.

     18,205        167,122   

Huntington Bancshares, Inc.

     31,346        209,705   

KeyCorp

     22,903        184,140   

M&T Bank Corp.

     2,258        194,798   

PNC Financial Services Group, Inc.

     3,092        205,061   

Regions Financial Corp.

     31,670        213,456   

SunTrust Banks, Inc.

     8,189        198,829   

US Bancorp

     6,180        198,811   

Wells Fargo & Co.

     5,802        193,961   

Zions Bancorp

     9,673        197,232   
   

 

 

  

Total Commercial Banks

       2,546,049   
   

 

 

  

Consumer Finance - 5.1%

  

American Express Co.

     3,452        207,845   

Capital One Financial Corp.

     3,686        204,499   

Discover Financial Services

     6,001        203,434   

SLM Corp.

     11,227        166,497   
   

 

 

  

Total Consumer Finance

       782,275   
   

 

 

  

Diversified Financial Services - 10.4%

  

Bank of America Corp.

     22,818        185,054   

Citigroup, Inc.

     5,371        177,458   

CME Group, Inc.

     664        176,504   

IntercontinentalExchange, Inc.*

     1,295        172,287   

JPMorgan Chase & Co.

     4,476        192,378   

Leucadia National Corp.

     6,813        169,371   

Moody’s Corp.

     4,729        193,653   

Nasdaq OMX Group, Inc.
(The)*

     7,029        172,703   

NYSE Euronext

     6,275        161,581   
   

 

 

  

Total Diversified Financial Services

       1,600,989   
   

 

 

  

Insurance - 26.7%

  

ACE Ltd.

     2,562        194,635   

AFLAC, Inc.

     4,068        183,223   
     SHARES     MARKET
VALUE		  
   

Allstate Corp. (The)

     5,802      $ 193,381   

American International Group, Inc.*

     6,502        221,263   

Aon PLC

     3,821        197,928   

Assurant, Inc.

     4,412        177,980   

Berkshire Hathaway, Inc. — Class B*

     2,313        186,081   

Chubb Corp. (The)

     2,732        199,627   

Cincinnati Financial Corp.

     5,242        186,720   

Genworth Financial, Inc. — Class A*

     20,638        124,034   

Hartford Financial Services Group, Inc.

     9,152        188,074   

Lincoln National Corp.

     7,436        184,190   

Loews Corp.

     4,753        195,491   

Marsh & McLennan Cos., Inc.

     5,696        190,531   

MetLife, Inc.

     4,781        172,259   

Principal Financial Group, Inc.

     6,768        187,270   

Progressive Corp. (The)

     8,484        180,709   

Prudential Financial, Inc.

     2,964        179,441   

Torchmark Corp.

     3,766        183,442   

Travelers Cos., Inc. (The)

     3,189        205,116   

Unum Group

     7,731        183,534   

XL Group PLC

     8,656        186,191   
   

 

 

  

Total Insurance

       4,101,120   
   

 

 

  

Real Estate Investment Trusts (REITs) - 20.3%

  

American Tower Corp.

     2,952        193,592   

Apartment Investment & Management Co. — Class A

     7,398        200,856   

AvalonBay Communities, Inc.

     1,333        193,818   

Boston Properties, Inc.

     1,795        194,309   

Equity Residential

     3,097        190,280   

HCP, Inc.

     4,706        195,064   

Health Care REIT, Inc.

     3,380        191,511   

Host Hotels & Resorts, Inc.

     11,812        196,552   

Kimco Realty Corp.

     10,109        196,216   

Plum Creek Timber Co., Inc.

     4,569        192,081   

ProLogis, Inc.

     5,380        192,496   

Public Storage

     1,405        201,280   

Simon Property Group, Inc.

     1,346        209,437   

Ventas, Inc.

     3,316        194,947   

Vornado Realty Trust

     2,295        197,003   

Weyerhaeuser Co.

     8,551        174,098   
   

 

 

  

Total Real Estate Investment Trusts (REITs)

       3,113,540   
   

 

 

  

Real Estate Management & Development - 1.2%

  

CBRE Group, Inc.*

     9,572        180,049   
   

 

 

  

Total Real Estate Management & Development

       180,049   
   

 

 

  

Thrifts & Mortgage Finance - 2.4%

  

Hudson City Bancorp, Inc.

     27,053        190,994   

People’s United Financial, Inc.

     14,648        180,756   
   

 

 

  

Total Thrifts & Mortgage Finance

       371,750   
   

 

 

  

Total Common Stocks
(Cost $15,006,139)

       15,316,127   
   

 

 

  
 

 

108     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (concluded)   April 30, 2012

 

 

GUGGENHEIM S&P 500 EQUAL WEIGHT FINANCIALS ETF

 

     SHARES     MARKET
VALUE		  
   

SHORT TERM INVESTMENTS - 0.2%

  

SSgA Government Money Market Fund

     27,596      $ 27,596   
   

 

 

  

Total Short Term Investments
(Cost $27,596)

       27,596   
   

 

 

  

Total Investments - 100.0%a
(Cost $15,033,735)

   

     15,343,723   
   

 

 

  

Other Assets and Liabilities, net - 0.0%b

  

     4,652   
   

 

 

  

Net Assets - 100.0%

           $ 15,348,375   
 

 

 

*   Non-Income Producing Security.
a   

Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs.

b   

Amount represents less than 0.05% of net assets.

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       109

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited)   April 30, 2012

 

 

GUGGENHEIM S&P 500 EQUAL WEIGHT HEALTH CARE ETF

 

     SHARES     MARKET
VALUE		  
   

COMMON STOCKS - 99.8%

  

Biotechnology - 8.1%

  

Amgen, Inc.

     25,145      $ 1,788,061   

Biogen Idec, Inc.*

     14,179        1,900,128   

Celgene Corp.*

     22,741        1,658,273   

Gilead Sciences, Inc.*

     37,105        1,929,831   
   

 

 

  

Total Biotechnology

       7,276,293   
   

 

 

  

Health Care Equipment & Supplies - 27.7%

  

Baxter International, Inc.

     29,040        1,609,106   

Becton, Dickinson and Co.

     22,260        1,746,297   

Boston Scientific Corp.*

     287,403        1,799,143   

C.R. Bard, Inc.

     18,180        1,799,093   

CareFusion Corp.*

     67,133        1,739,416   

Covidien PLC

     32,651        1,803,315   

DENTSPLY International, Inc.

     44,291        1,818,588   

Edwards Lifesciences Corp.*

     24,812        2,058,652   

Intuitive Surgical, Inc.*

     3,258        1,883,776   

Medtronic, Inc.

     45,394        1,734,051   

St Jude Medical, Inc.

     40,914        1,584,190   

Stryker Corp.

     32,333        1,764,412   

Varian Medical Systems, Inc.*

     25,462        1,614,800   

Zimmer Holdings, Inc.

     27,778        1,748,069   
   

 

 

  

Total Health Care Equipment & Supplies

       24,702,908   
   

 

 

  

Health Care Providers & Services - 28.6%

  

Aetna, Inc.

     36,493        1,607,152   

AmerisourceBergen Corp.

     45,172        1,680,850   

Cardinal Health, Inc.

     40,503        1,712,062   

CIGNA Corp.

     37,851        1,749,852   

Coventry Health Care, Inc.

     51,562        1,546,344   

DaVita, Inc.*

     19,840        1,757,427   

Express Scripts Holding Co.*

     31,563        1,760,900   

Humana, Inc.

     19,643        1,584,797   

Laboratory Corp. of America Holdings*

     19,270        1,693,640   

McKesson Corp.

     19,799        1,809,827   

Patterson Cos., Inc.

     55,090        1,878,018   

Quest Diagnostics, Inc.

     29,050        1,675,895   

Tenet Healthcare Corp.*

     312,626        1,622,529   

UnitedHealth Group, Inc.

     30,660        1,721,559   

WellPoint, Inc.

     26,365        1,788,074   
   

 

 

  

Total Health Care Providers & Services

       25,588,926   
   

 

 

  
     SHARES     MARKET
VALUE		  
   

Health Care Technology - 2.0%

  

Cerner Corp.*

     22,244      $ 1,803,766   
   

 

 

  

Total Health Care Technology

       1,803,766   
   

 

 

  

Life Sciences Tools & Services - 9.4%

  

Agilent Technologies, Inc.

     38,382        1,618,953   

Life Technologies Corp.*

     36,706        1,701,690   

PerkinElmer, Inc.

     63,909        1,763,888   

Thermo Fisher Scientific, Inc.

     30,393        1,691,371   

Waters Corp.*

     18,794        1,580,763   
   

 

 

  

Total Life Sciences Tools & Services

       8,356,665   
   

 

 

  

Pharmaceuticals - 24.0%

  

Abbott Laboratories

     29,505        1,831,080   

Allergan, Inc.

     18,617        1,787,232   

Bristol-Myers Squibb Co.

     51,963        1,734,005   

Eli Lilly & Co.

     43,231        1,789,331   

Forest Laboratories, Inc.*

     51,125        1,780,684   

Hospira, Inc.*

     47,589        1,671,326   

Johnson & Johnson, Inc.

     26,409        1,718,962   

Merck & Co., Inc.

     45,479        1,784,596   

Mylan, Inc.*

     74,446        1,616,222   

Perrigo Co.

     16,268        1,706,513   

Pfizer, Inc.

     79,618        1,825,641   

Watson Pharmaceuticals, Inc.*

     28,691        2,162,154   
   

 

 

  

Total Pharmaceuticals

       21,407,746   
   

 

 

  

Total Common Stocks
(Cost $91,240,829)

       89,136,304   
   

 

 

  

SHORT TERM INVESTMENTS - 0.2%

  

SSgA Government Money Market Fund

     119,528        119,528   
   

 

 

  

Total Short Term Investments
(Cost $119,528)

       119,528   
   

 

 

  

Total Investments — 100.0%a
(Cost $91,360,357)

       89,255,832   
   

 

 

  

Other Assets and Liabilities,
net — 0.0%b

  

     44,145   
   

 

 

  

Net Assets — 100.0%

           $ 89,299,977   
 

 

*   Non-Income Producing Security.
a   

Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs.

b   

Amount represents less than 0.05% of net assets.

 

110     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited)   April 30, 2012

 

 

GUGGENHEIM S&P 500 EQUAL WEIGHT INDUSTRIALS ETF

 

     SHARES     MARKET
VALUE		  
   

COMMON STOCKS - 99.9%

  

  

Aerospace & Defense - 19.9%

  

Boeing Co. (The)

     8,268      $ 634,982   

General Dynamics Corp.

     8,441        569,767   

Goodrich Corp.

     4,808        603,212   

Honeywell International, Inc.

     10,138        614,971   

L-3 Communications Holdings, Inc.

     8,887        653,550   

Lockheed Martin Corp.

     6,814        616,940   

Northrop Grumman Corp.

     10,069        637,166   

Precision Castparts Corp.

     3,472        612,357   

Raytheon Co.

     11,692        633,005   

Rockwell Collins, Inc.

     10,295        575,388   

Textron, Inc.

     22,436        597,695   

United Technologies Corp.

     7,253        592,135   
   

 

 

  

Total Aerospace & Defense

       7,341,168   
   

 

 

  

Air Freight & Logistics - 6.2%

  

C.H. Robinson Worldwide, Inc.

     9,132        545,546   

Expeditors International of Washington, Inc.

     13,671        546,840   

FedEx Corp.

     6,602        582,561   

United Parcel Service, Inc. — Class B

     7,853        613,633   
   

 

 

  

Total Air Freight & Logistics

       2,288,580   
   

 

 

  

Airlines - 1.6%

  

Southwest Airlines Co.

     71,458        591,672   
   

 

 

  

Total Airlines

       591,672   
   

 

 

  

Building Products - 1.8%

  

Masco Corp.

     50,037        659,488   
   

 

 

  

Total Building Products

       659,488   
   

 

 

  

Commercial Services & Supplies - 13.0%

  

Avery Dennison Corp.

     20,787        664,768   

Cintas Corp.

     15,419        603,962   

Iron Mountain, Inc.

     21,054        639,410   

Pitney Bowes, Inc.

     33,928        581,187   

R.R. Donnelley & Sons Co.

     46,829        585,831   

Republic Services, Inc.

     19,836        542,911   

Stericycle, Inc.*

     6,905        597,973   

Waste Management, Inc.

     17,364        593,849   
   

 

 

  

Total Commercial Services & Supplies

       4,809,891   
   

 

 

  

Construction & Engineering - 4.8%

  

Fluor Corp.

     9,926        573,227   

Jacobs Engineering Group, Inc.*

     13,347        584,999   

Quanta Services, Inc.*

     27,977        618,851   
   

 

 

  

Total Construction & Engineering

       1,777,077   
   

 

 

  

Electrical Equipment - 6.7%

  

Cooper Industries PLC

     10,047        628,641   

Emerson Electric Co.

     12,123        636,942   

Rockwell Automation, Inc.

     7,508        580,669   

Roper Industries, Inc.

     6,374        649,510   
   

 

 

  

Total Electrical Equipment

       2,495,762   
   

 

 

  

Industrial Conglomerates - 6.8%

  

3M Co.

     6,981        623,822   

Danaher Corp.

     11,359        615,885   
     SHARES     MARKET
VALUE		  
   

General Electric Co.

     31,825      $ 623,134   

Tyco International Ltd.

     11,450        642,688   
   

 

 

  

Total Industrial Conglomerates

       2,505,529   
   

 

 

  

Machinery - 24.3%

  

Caterpillar, Inc.

     5,499        565,132   

Cummins, Inc.

     5,096        590,270   

Deere & Co.

     7,559        622,559   

Dover Corp.

     9,598        601,411   

Eaton Corp.

     12,364        595,697   

Flowserve Corp.

     5,199        597,521   

Illinois Tool Works, Inc.

     10,932        627,278   

Ingersoll-Rand PLC

     15,443        656,636   

Joy Global, Inc.

     7,544        533,889   

PACCAR, Inc.

     13,216        567,759   

Pall Corp.

     10,219        609,155   

Parker Hannifin Corp.

     6,868        602,255   

Snap-on, Inc.

     10,025        626,963   

Stanley Black & Decker, Inc.

     7,804        570,941   

Xylem, Inc.

     22,236        619,940   
   

 

 

  

Total Machinery

       8,987,406   
   

 

 

  

Professional Services - 4.9%

  

Dun & Bradstreet Corp. (The)

     7,160        556,905   

Equifax, Inc.

     14,216        651,377   

Robert Half International, Inc.

     20,624        614,595   
   

 

 

  

Total Professional Services

       1,822,877   
   

 

 

  

Road & Rail - 6.8%

  

CSX Corp.

     28,992        646,811   

Norfolk Southern Corp.

     9,114        664,684   

Ryder System, Inc.

     11,325        551,754   

Union Pacific Corp.

     5,629        632,925   
   

 

 

  

Total Road & Rail

       2,496,174   
   

 

 

  

Trading Companies & Distributors - 3.1%

  

Fastenal Co.

     11,459        536,511   

W.W. Grainger, Inc.

     2,860        594,365   
   

 

 

  

Total Trading Companies & Distributors

       1,130,876   
   

 

 

  

Total Common Stocks
(Cost $36,168,977)

       36,906,500   
   

 

 

  

SHORT TERM INVESTMENTS - 0.0%a

  

SSgA Government Money Market Fund

     14,041        14,041   
   

 

 

  

Total Short Term Investments
(Cost $14,041)

       14,041   
   

 

 

  

Total Investments — 99.9%b
(Cost $36,183,018)

   

     36,920,541   
   

 

 

  

Other Assets and Liabilities,
net — 0.1%

  

     19,871   
   

 

 

  

Net Assets — 100.0%

           $ 36,940,412   
 

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       111

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (concluded)   April 30, 2012

 

 

GUGGENHEIM S&P 500 EQUAL WEIGHT INDUSTRIALS ETF

 

 

 

 

 

*   Non-Income Producing Security.
a   

Amount represents less than 0.05% of net assets.

b   

Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs.

 

112     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited)   April 30, 2012

 

 

GUGGENHEIM S&P 500 EQUAL WEIGHT MATERIALS ETF

 

     SHARES     MARKET
VALUE		  
   

COMMON STOCKS - 99.8%

  

Chemicals - 51.3%

  

Air Products & Chemicals, Inc.

     13,789      $ 1,178,822   

Airgas, Inc.

     14,849        1,360,762   

CF Industries Holdings, Inc.

     6,900        1,332,114   

Dow Chemical Co. (The)

     36,211        1,226,829   

Du Pont (E.I.) de Nemours & Co.

     23,945        1,280,100   

Eastman Chemical Co.

     23,680        1,278,009   

Ecolab, Inc.

     20,658        1,315,708   

FMC Corp.

     12,444        1,374,440   

International Flavors & Fragrances, Inc.

     21,947        1,321,429   

Monsanto Co.

     15,552        1,184,751   

Mosaic Co. (The)

     22,212        1,173,238   

PPG Industries, Inc.

     13,295        1,399,166   

Praxair, Inc.

     11,242        1,300,699   

Sherwin-Williams Co. (The)

     11,630        1,398,856   

Sigma-Aldrich Corp.

     17,223        1,221,111   
   

 

 

  

Total Chemicals

       19,346,034   
   

 

 

  

Construction Materials - 3.0%

  

Vulcan Materials Co.

     26,819        1,148,121   
   

 

 

  

Total Construction Materials

       1,148,121   
   

 

 

  

Containers & Packaging - 13.2%

  

Ball Corp.

     31,049        1,296,606   

Bemis Co., Inc.

     38,819        1,257,348   

Owens-Illinois, Inc.*

     51,177        1,189,865   

Sealed Air Corp.

     63,245        1,213,039   
   

 

 

  

Total Containers & Packaging

       4,956,858   
   

 

 

  

Metals & Mining - 25.8%

  

Alcoa, Inc.

     125,720        1,223,256   

Allegheny Technologies, Inc.

     29,865        1,282,403   

Cliffs Natural Resources, Inc.

     19,271        1,199,812   

Freeport-McMoRan Copper & Gold, Inc.

     31,801        1,217,978   

Newmont Mining Corp.

     21,682        1,033,147   

Nucor Corp.

     29,193        1,144,658   

Titanium Metals Corp.

     88,923        1,313,393   

United States Steel Corp.

     45,935        1,301,339   
   

 

 

  

Total Metals & Mining

       9,715,986   
   

 

 

  
     SHARES     MARKET
VALUE		  
   

Paper & Forest Products - 6.5%

  

International Paper Co.

     35,008      $ 1,166,117   

MeadWestvaco Corp.

     39,954        1,271,336   
   

 

 

  

Total Paper & Forest Products

       2,437,453   
   

 

 

  

Total Common Stocks
(Cost $30,892,830)

       37,604,452   
   

 

 

  

SHORT TERM INVESTMENTS - 0.1%

  

SSgA Government Money Market Fund

     41,610        41,610   
   

 

 

  

Total Short Term Investments
(Cost $41,610)

   

     41,610   
   

 

 

  

Total Investments - 99.9%a
(Cost $30,934,440)

   

     37,646,062   
   

 

 

  

Other Assets and Liabilities,
net - 0.1%

  

     26,137   
   

 

 

  

Net Assets - 100.0%

           $ 37,672,199   

 

 

 

*   Non-Income Producing Security.
a   

Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs.

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       113

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited)   April 30, 2012

 

 

GUGGENHEIM S&P 500 EQUAL WEIGHT TECHNOLOGY ETF

 

     SHARES     MARKET
VALUE		  
   

COMMON STOCKS - 99.9%

  

Communications Equipment - 11.4%

  

Cisco Systems, Inc.

     103,524      $ 2,086,009   

F5 Networks, Inc.*

     16,316        2,185,202   

Harris Corp.

     46,993        2,140,061   

JDS Uniphase Corp.*

     151,615        1,842,122   

Juniper Networks, Inc.*

     95,695        2,050,744   

Motorola Mobility Holdings, Inc.*

     51,561        2,001,598   

Motorola Solutions, Inc.

     40,399        2,061,561   

QUALCOMM, Inc.

     32,060        2,046,710   
   

 

 

  

Total Communications Equipment

       16,414,007   
   

 

 

  

Computers & Peripherals - 10.6%

  

Apple, Inc.*

     3,762        2,197,911   

Dell, Inc.*

     121,074        1,981,981   

EMC Corp.*

     70,657        1,993,234   

Hewlett-Packard Co.

     84,771        2,098,930   

Lexmark International, Inc. — Class A

     57,372        1,726,897   

NetApp, Inc.*

     47,738        1,853,667   

SanDisk Corp.*

     40,791        1,509,675   

Western Digital Corp.*

     50,835        1,972,906   
   

 

 

  

Total Computers & Peripherals

       15,335,201   
   

 

 

  

Electronic Equipment, Instruments &
Components - 8.3%

  

Amphenol Corp. — Class A

     36,064        2,096,761   

Corning, Inc.

     154,237        2,213,301   

FLIR Systems, Inc.

     77,819        1,747,815   

Jabil Circuit, Inc.

     78,354        1,837,401   

Molex, Inc.

     75,113        2,072,368   

TE Connectivity Ltd.

     56,860        2,073,115   
   

 

 

  

Total Electronic Equipment, Instruments & Components

       12,040,761   
   

 

 

  

Internet Software & Services - 7.4%

  

Akamai Technologies, Inc.*

     55,640        1,813,864   

eBay, Inc.*

     56,543        2,321,090   

Google, Inc. — Class A*

     3,413        2,065,650   

VeriSign, Inc.

     55,477        2,280,659   

Yahoo!, Inc.*

     140,114        2,177,372   
   

 

 

  

Total Internet Software & Services

       10,658,635   
   

 

 

  

IT Services - 20.3%

  

Accenture PLC — Class A

     33,680        2,187,516   

Automatic Data Processing, Inc.

     37,308        2,075,071   

Cognizant Technology Solutions Corp. — Class A*

     28,195        2,067,257   

Computer Sciences Corp.

     65,135        1,827,688   

Fidelity National Information

Services, Inc.

     64,701        2,178,483   

Fiserv, Inc.*

     30,143        2,118,752   

International Business Machines Corp.

     10,216        2,115,529   

Mastercard, Inc. — Class A

     4,889        2,211,148   

Paychex, Inc.

     65,093        2,016,581   

SAIC, Inc.

     162,428        1,975,125   

Teradata Corp.*

     30,868        2,153,969   

Total System Services, Inc.

     91,839        2,160,053   

Visa, Inc. — Class A

     17,494        2,151,412   
     SHARES     MARKET
VALUE		  
   

Western Union Co. (The)

     116,007      $ 2,132,209   
   

 

 

  

Total IT Services

       29,370,793   
   

 

 

  

Office Electronics - 1.3%

  

Xerox Corp.

     248,456        1,932,988   
   

 

 

  

Total Office Electronics

       1,932,988   
   

 

 

  

Semiconductors & Semiconductor Equipment - 23.1%

  

Advanced Micro Devices, Inc.*

     270,420        1,990,291   

Altera Corp.

     53,940        1,918,646   

Analog Devices, Inc.

     52,711        2,054,675   

Applied Materials, Inc.

     165,706        1,986,815   

Broadcom Corp. — Class A*

     56,348        2,062,337   

First Solar, Inc.*

     74,552        1,371,757   

Intel Corp.

     75,719        2,150,419   

KLA-Tencor Corp.

     41,447        2,161,461   

Linear Technology Corp.

     61,800        2,021,478   

LSI Corp.*

     234,793        1,887,736   

Microchip Technology, Inc.

     56,739        2,005,156   

Micron Technology, Inc.*

     246,064        1,621,562   

Novellus Systems, Inc.*

     43,661        2,041,152   

NVIDIA Corp.*

     138,312        1,798,056   

Teradyne, Inc.*

     126,452        2,176,239   

Texas Instruments, Inc.

     63,523        2,028,924   

Xilinx, Inc.

     56,245        2,046,193   
   

 

 

  

Total Semiconductors & Semiconductor Equipment

       33,322,897   
   

 

 

  

Software - 17.5%

  

Adobe Systems, Inc.*

     60,930        2,044,811   

Autodesk, Inc.*

     55,682        2,192,200   

BMC Software, Inc.*

     54,148        2,234,146   

CA, Inc.

     75,914        2,005,648   

Citrix Systems, Inc.*

     26,872        2,300,512   

Electronic Arts, Inc.*

     118,755        1,826,452   

Intuit, Inc.

     35,235        2,042,573   

Microsoft Corp.

     64,078        2,051,778   

Oracle Corp.

     68,031        1,999,431   

Red Hat, Inc.*

     40,534        2,416,232   

Salesforce.com, Inc.*

     13,909        2,166,049   

Symantec Corp.*

     115,612        1,909,910   
   

 

 

  

Total Software

       25,189,742   
   

 

 

  

Total Common Stocks
(Cost $148,681,760)

       144,265,024   
   

 

 

  

SHORT TERM INVESTMENTS - 0.1%

  

SSgA Government Money Market Fund

     100,112        100,112   

Total Short Term Investments
(Cost $100,112)

       100,112   
   

 

 

  

Total Investments - 100.0%a
(Cost $148,781,872)

   

     144,365,136   
   

 

 

  

Other Assets and Liabilities,
net - 0.0%b

  

     (23,009 ) 
   

 

 

  

Net Assets - 100.0%

           $ 144,342,127   
 

 

114     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (concluded)   April 30, 2012

 

 

GUGGENHEIM S&P 500 EQUAL WEIGHT TECHNOLOGY ETF

 

 

 

 

 

 

*   Non-Income Producing Security.
a   

Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs.

b   

Amount represents less than 0.05% of net assets.

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       115

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited)   April 30, 2012

 

GUGGENHEIM S&P 500 EQUAL WEIGHT UTILITIES ETF

 

     SHARES     MARKET
VALUE		  
   

COMMON STOCKS - 99.7%

  

Diversified Telecommunication
Services - 12.2%

  

AT&T, Inc.

     35,136      $ 1,156,326   

CenturyLink, Inc.

     28,076        1,082,610   

Frontier Communications Corp.

     247,876        1,001,419   

Verizon Communications, Inc.

     28,020        1,131,448   

Windstream Corp.

     90,013        1,011,746   
   

 

 

  

Total Diversified Telecommunication Services

       5,383,549   
   

 

 

  

Electric Utilities - 32.5%

  

American Electric Power Co., Inc.

     28,672        1,113,620   

Duke Energy Corp.

     51,800        1,110,074   

Edison International

     25,588        1,126,128   

Entergy Corp.

     16,144        1,058,401   

Exelon Corp.

     28,157        1,098,405   

FirstEnergy Corp.

     24,503        1,147,230   

NextEra Energy, Inc.

     18,258        1,174,902   

Northeast Utilities

     29,740        1,093,540   

Pepco Holdings, Inc.

     56,358        1,066,293   

Pinnacle West Capital Corp.

     23,090        1,116,401   

PPL Corp.

     38,768        1,060,305   

Progress Energy, Inc.

     20,439        1,087,764   

Southern Co.

     24,290        1,115,883   
   

 

 

  

Total Electric Utilities

       14,368,946   
   

 

 

  

Gas Utilities - 5.0%

  

AGL Resources, Inc.

     27,823        1,097,061   

Oneok, Inc.

     13,158        1,130,141   
   

 

 

  

Total Gas Utilities

       2,227,202   
   

 

 

  

Independent Power Producers & Energy
Traders - 4.9%

  

AES Corp.(The)*

     83,064        1,039,961   

NRG Energy, Inc.*

     65,490        1,113,330   
   

 

 

  

Total Independent Power Producers & Energy Traders

       2,153,291   
   

 

 

  

Multi-Utilities - 38.5%

  

Ameren Corp.

     34,325        1,125,517   

CenterPoint Energy, Inc.

     56,884        1,149,625   

CMS Energy Corp.

     50,053        1,150,718   

Consolidated Edison, Inc.

     18,762        1,115,401   

Dominion Resources, Inc.

     21,583        1,126,417   

DTE Energy Co.

     19,781        1,115,253   

Integrys Energy Group, Inc.

     20,466        1,118,262   

NiSource, Inc.

     45,440        1,120,096   

PG&E Corp.

     25,577        1,129,992   
     SHARES     MARKET
VALUE		  
   

Public Service Enterprise Group, Inc.

     36,172      $ 1,126,758   

SCANA Corp.

     24,427        1,126,573   

Sempra Energy

     18,516        1,198,726   

TECO Energy, Inc.

     61,623        1,110,446   

Wisconsin Energy Corp.

     31,438        1,158,176   

Xcel Energy, Inc.

     41,047        1,110,732   
   

 

 

  

Total Multi-Utilities

       16,982,692   
   

 

 

  

Wireless Telecommunication Services - 6.6%

  

Crown Castle International Corp.*

     20,126        1,139,333   

MetroPCS Communications, Inc.*

     107,731        786,436   

Sprint Nextel Corp.*

     394,101        977,371   
   

 

 

  

Total Wireless Telecommunication Services

       2,903,140   
   

 

 

  

Total Common Stocks
(Cost $42,743,043)

       44,018,820   
   

 

 

  

SHORT TERM INVESTMENTS - 0.2%

  

SSgA Government Money Market Fund

     94,025        94,025   
   

 

 

  

Total Short Term Investments
(Cost $94,025)

       94,025   
   

 

 

  

Total Investments - 99.9%a
(Cost $42,837,068)

   

     44,112,845   
   

 

 

  

Other Assets and Liabilities,
net - 0.1%

  

     42,273   
   

 

 

  

Net Assets - 100.0%

           $ 44,155,118   

 

 

 

*   Non-Income Producing Security.
a   

Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs.

 

116     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents
STATEMENT OF ASSETS AND LIABILITIES (Unaudited)   April 30, 2012

 

 

 

      Guggenheim
S&P 500 Equal
Weight ETF		     Guggenheim S&P
MidCap 400
Equal
Weight ETF		      Guggenheim S&P
SmallCap 600
Equal
Weight ETF		      Guggenheim
Russell
MidCap® Equal
Weight ETF		  
ASSETS           

Investments at market value*

    $ 3,126,816,690      $ 3,163,573       $ 6,290,439       $ 56,545,233   

Receivables:

           

Investments sold

      5,614,696        8,032         6,184         —   

Fund shares sold

      56,634,191        —         —         —   

Dividends

      2,264,127        1,545         2,185         26,702   

Total assets

      3,191,329,704        3,173,150         6,298,808         56,571,935   
LIABILITIES           

Payables:

           

Investments purchased

      62,127,528        7,752         6,338         —   

Accrued management fees

      1,006,391        1,028         2,052         18,352   

Total liabilities

      63,133,919        8,780         8,390         18,352   

NET ASSETS

    $ 3,128,195,785      $ 3,164,370       $ 6,290,418       $ 56,553,583   
NET ASSETS CONSIST OF:           

Paid-in capital

    $ 3,483,720,588      $ 2,995,975       $ 5,629,931       $ 52,335,272   

Undistributed net investment income

      2,541,575        2,201         7,576         74,769   

Accumulated net realized gain (loss) on investment securities

      (470,947,751 )      110,074         79,758         1,041,551   

Net unrealized appreciation (depreciation) on investment securities

      112,881,373        56,120         573,153         3,101,991   

NET ASSETS

    $ 3,128,195,785      $ 3,164,370       $ 6,290,418       $ 56,553,583   

Shares outstanding (unlimited shares authorized), no par value

      60,758,863        100,000         200,000         1,650,000   

Net asset value, offering price and repurchase price per share

      $51.49        $31.64         $31.45         $34.27   

*Total cost of investments

      $3,013,935,317        $3,107,453         $5,717,286         $53,443,242   

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       117

Table of Contents
STATEMENT OF ASSETS AND LIABILITIES (Unaudited) (continued)   April 30, 2012

 

 

 

      Guggenheim
Russell
1000® Equal
Weight ETF		      Guggenheim
Russell
2000® Equal
Weight ETF		     Guggenheim
MSCI
EAFE Equal
Weight ETF		     Guggenheim
MSCI
Emerging
Markets Equal
Weight ETF		  
ASSETS          

Investments at market value*

    $ 39,238,791       $ 19,149,984      $ 11,180,423      $ 13,692,247   

Foreign currency, at value (cost $0, $0, $69,044 and $66,635, respectively)

      —         —        68,844        66,744   

Cash

      —         176        —        —   

Receivables:

          

Investments sold

      —         33,268        —        —   

Dividends

      23,888         7,849        79,917        19,421   

Receivable from manager

      —         —        —        1,248   

Total assets

      39,262,679         19,191,277        11,329,184        13,779,660   
LIABILITIES          

Payables:

          

Investments purchased

      —         —        189        —   

Foreign currency overdraft, at value ($0, $226, $0 and $0, respectively)

      —         226        —        —   

Accrued management fees

      12,750         6,258        5,075        10,533   

Capital gains tax

      —         —        —        13,452   

Total liabilities

      12,750         6,484        5,264        23,985   

NET ASSETS

    $ 39,249,929       $ 19,184,793      $ 11,323,920      $ 13,755,675   
NET ASSETS CONSIST OF:          

Paid-in capital

    $ 37,556,520       $ 19,482,402      $ 12,897,138      $ 16,833,148   

Undistributed net investment income

      51,959         20,618        90,683        26,819   

Accumulated net realized gain (loss) on investment securities and foreign currency

      398,846         126,744        (499,928 )      (2,139,608 ) 

Net unrealized appreciation (depreciation) on investment securities and foreign currency

      1,242,604         (444,971 )      (1,163,973 )      (964,684 ) 

NET ASSETS

    $ 39,249,929       $ 19,184,793      $ 11,323,920      $ 13,755,675   

Shares outstanding (unlimited shares authorized), no par value

      1,150,000         600,000        300,000        400,000   

Net asset value, offering price and repurchase price per share

      $34.13         $31.97        $37.75        $34.39   

*Total cost of investments

      $37,996,187         $19,594,954        $12,345,397        $14,643,626   

 

118     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents
STATEMENT OF ASSETS AND LIABILITIES (Unaudited) (continued)   April 30, 2012

 

 

 

      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 market value*

    $ 60,514,191      $ 36,545,243      $ 35,256,262   

Receivables:

       

Investments sold

      —        783,798        622,584   

Dividends

      37,751        42,146        12,069   

Total assets

      60,551,942        37,371,187        35,890,915   
LIABILITIES       

Payables:

       

Investments purchased

      —        787,079        616,837   

Accrued management fees

      24,749        14,882        14,081   

Total liabilities

      24,749        801,961        630,918   

NET ASSETS

    $ 60,527,193      $ 36,569,226      $ 35,259,997   
NET ASSETS CONSIST OF:       

Paid-in capital

    $ 55,759,800      $ 31,871,025      $ 43,383,989   

Undistributed (distributions in excess) of net investment income

      19,619        68,519        (5,248 ) 

Accumulated net realized loss on investment securities

      (1,582,043 )      (168,033 )      (2,881,807 ) 

Net unrealized appreciation (depreciation) on investment securities

      6,329,817        4,797,715        (5,236,937 ) 

NET ASSETS

    $ 60,527,193      $ 36,569,226      $ 35,259,997   

Shares outstanding (unlimited shares authorized), no par value

      1,100,000        550,000        550,005   

Net asset value, offering price and repurchase price per share

      $55.02        $66.49        $64.11   

*Total cost of investments

      $54,184,374        $31,747,528        $40,493,199   

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       119

Table of Contents
STATEMENT OF ASSETS AND LIABILITIES (Unaudited) (continued)   April 30, 2012

 

 

 

 

      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 market value*

    $ 15,343,723      $ 89,255,832      $ 36,920,541       $ 37,646,062   

Receivables:

          

Fund shares sold

      —        18,604,162        —         —   

Dividends

      10,910        61,415        33,999         41,463   

Total assets

      15,354,633        107,921,409        36,954,540         37,687,525   
LIABILITIES          

Payables:

          

Investments purchased

      —        18,580,008        —         —   

Accrued management fees

      6,258        41,424        14,128         15,326   

Total liabilities

      6,258        18,621,432        14,128         15,326   

NET ASSETS

    $ 15,348,375      $ 89,299,977      $ 36,940,412       $ 37,672,199   
NET ASSETS CONSIST OF:          

Paid-in capital

    $ 21,449,500      $ 89,325,467      $ 35,727,149       $ 31,766,530   

Undistributed (distributions in excess) of net investment income

      (3,513 )      90,104        27,817         40,659   

Accumulated net realized gain (loss) on investment securities

      (6,407,600 )      1,988,931        447,923         (846,612 ) 

Net unrealized appreciation (depreciation) on investment securities

      309,988        (2,104,525 )      737,523         6,711,622   

NET ASSETS

    $ 15,348,375      $ 89,299,977      $ 36,940,412       $ 37,672,199   

Shares outstanding (unlimited shares authorized), no par value

      550,000        1,200,000        650,000         600,000   

Net asset value, offering price and repurchase price per share

      $27.91        $74.42        $56.83         $62.79   

*Total cost of investments

      $15,033,735        $91,360,357        $36,183,018         $30,934,440   

 

120     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents
STATEMENT OF ASSETS AND LIABILITIES (Unaudited) (concluded)   April 30, 2012

 

 

 

      Guggenheim
S&P 500 Equal
Weight
Technology ETF		     Guggenheim
S&P 500 Equal
Weight
Utilities ETF		  
ASSETS     

Investments at market value*

    $ 144,365,136      $ 44,112,845   

Receivables:

     

Investments sold

      22,739,380        —   

Dividends

      41,829        60,025   

Total assets

      167,146,345        44,172,870   
LIABILITIES     

Payables:

     

Fund shares repurchased

      22,743,134        —   

Accrued management fees

      61,084        17,752   

Total liabilities

      22,804,218        17,752   

NET ASSETS

    $ 144,342,127      $ 44,155,118   
NET ASSETS CONSIST OF:     

Paid-in capital

    $ 139,620,146      $ 42,960,688   

Undistributed net investment income

      28,099        90,377   

Accumulated net realized gain (loss) on investment securities

      9,110,618        (171,724 ) 

Net unrealized appreciation (depreciation) on investment securities

      (4,416,736 )      1,275,777   

NET ASSETS

    $ 144,342,127      $ 44,155,118   

Shares outstanding (unlimited shares authorized), no par value

      2,550,000        800,000   

Net asset value, offering price and repurchase price per share

      $56.60        $55.19   

*Total cost of investments

      $148,781,872        $42,837,068   

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       121

Table of Contents
STATEMENT OF OPERATIONS (Unaudited)  

 

 

For the Six Months Ended April 30, 2012

 

      Guggenheim
S&P 500
Equal
Weight ETF		     Guggenheim S&P
MidCap 400
Equal
Weight ETF		     Guggenheim S&P
SmallCap 600
Equal
Weight ETF		      Guggenheim
Russell
MidCap® Equal
Weight ETF		  
INVESTMENT INCOME   

Dividends, net of foreign taxes withheld

    $ 29,048,154      $ 22,270      $ 43,378       $ 465,300   

Interest

      46        —        —         1   

Total income

      29,048,200        22,270        43,378         465,301   
EXPENSES          

Management fee

      5,776,409        5,750        11,934         109,152   

Trustee fees

      —        114        227         2,081   
       5,776,409        5,864        12,161         111,233   

Net investment income

      23,271,791        16,406        31,217         354,068   
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS          

Net realized gain (loss) from:

          

Investments

      (52,447,660 )      (12,089 )      92,573         (301,167 ) 

In-kind redemptions

      74,043,868        130,873        —         1,621,423   

Net realized gain

      21,596,208        118,784        92,573         1,320,256   

Net change in unrealized appreciation (depreciation) on:

          

Investment securities

      233,303,471        198,781        545,909         3,393,158   

Net realized and unrealized gain on investments

      254,899,679        317,565        638,482         4,713,414   

Net increase in net assets resulting from operations

    $ 278,171,470      $ 333,971      $ 669,699       $ 5,067,482   

Foreign taxes withheld

    $ (271 )    $ —      $ —       $ 98   

 

122     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents
STATEMENT OF OPERATIONS (Unaudited) (continued)  

 

 

For the Six Months Ended April 30, 2012

 

 

      Guggenheim
Russell
1000® Equal
Weight ETF		     Guggenheim
Russell
2000® Equal
Weight ETF		     Guggenheim
MSCI
EAFE Equal
Weight ETF		     Guggenheim
MSCI
Emerging
Markets Equal
Weight ETF		  
INVESTMENT INCOME         

Dividends, net of foreign taxes withheld

    $ 347,967      $ 150,989      $ 172,479      $ 88,572   

Interest

      1        —        —        —   

Total income

      347,968        150,989        172,479        88,572   
EXPENSES         

Management fee

      73,037        40,219        29,802        47,463   

Trustee fees

      1,264        773        526        —   
       74,301        40,992        30,328        47,463   

Less:

         

Expenses waived by advisor

      —        —        —        (7,459 ) 

Net Investment Income

      273,667        109,997        142,151        48,568   
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS         

Net realized gain (loss) from:

         

Investments

      (268,634 )      (437,326 )      (495,505 )      (993,660 ) 

In-kind redemptions

      699,042        835,802        —        (559,885 ) 

Capital gains tax

      —        —        —        (4,491 ) 

Foreign currency transactions

      —        (14 )      (2,139 )      (21,105 ) 
Net realized gain (loss)      430,408        398,462        (497,644 )      (1,579,141 ) 

Net change in unrealized appreciation (depreciation) on:

         

Investment securities

      2,852,583        1,100,895        655,566        1,295,158   

Capital gains tax

      —        —        —        (10,733 ) 

Foreign currency transactions

      —        14        1,537        83   

Net change in unrealized appreciation on investments

      2,852,583        1,100,909        657,103        1,284,508   

Net realized and unrealized gain (loss) on investments and foreign currency transactions

      3,282,991        1,499,371        159,459        (294,633 ) 

Net Increase (decrease) in net assets resulting from operations

    $ 3,556,658      $ 1,609,368      $ 301,610      $ (246,065 ) 

Foreign taxes withheld

    $ 1,350      $ 268      $ 13,851      $ 8,091   

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       123

Table of Contents
STATEMENT OF OPERATIONS (Unaudited) (continued)  

 

 

For the Six Months Ended April 30, 2012

 

      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

    $ 356,779      $ 431,236      $ 210,517   

Total income

      356,779        431,236        210,517   
EXPENSES       

Management fee

      103,822        78,885        87,706   

Net investment income

      252,957        352,351        122,811   
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS       

Net realized gain (loss) from:

       

Investments

      (354,349 )      (442,576 )      (580,752 ) 

In-kind redemptions

      1,639,557        736,711        —   

Net realized gain (loss)

      1,285,208        294,135        (580,752 ) 

Net change in unrealized appreciation (depreciation) on:

       

Investment securities

      5,198,588        2,368,916        561,845   

Net realized and unrealized gain (loss) on investments

      6,483,796        2,663,051        (18,907 ) 

Net increase in net assets resulting from operations

    $ 6,736,753      $ 3,015,402      $ 103,904   

 

124     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents
STATEMENT OF OPERATIONS (Unaudited) (continued)  

 

 

For the Six Months Ended April 30, 2012

 

 

      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

    $ 188,818      $ 474,538      $ 294,415      $ 354,368   

Interest

      —        7        —        —   

Total income

      188,818        474,545        294,415        354,368   
EXPENSES         

Management Fee

      38,863        207,298        67,562        89,577   

Net investment income

      149,955        267,247        226,853        264,791   
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS         

Net realized gain (loss) from:

         

Investments

      (499,845 )      (307,935 )      (41,886 )      (587,407 ) 

In-kind redemptions

      362,180        6,849,515        1,647,529        783,685   

Net realized gain (loss)

      (137,665 )      6,541,580        1,605,643        196,278   

Net change in unrealized appreciation (depreciation) on:

         

Investment securities

      2,057,964        211,829        884,701        3,591,244   

Net realized and unrealized gain on investments

      1,920,299        6,753,409        2,490,344        3,787,522   

Net increase in net assets resulting from operations

    $ 2,070,254      $ 7,020,656      $ 2,717,197      $ 4,052,313   

Foreign taxes withheld

    $ —      $ —      $ 229      $ —   

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       125

Table of Contents
STATEMENT OF OPERATIONS (Unaudited) (concluded)  

 

 

For the Six Months Ended April 30, 2012

 

      Guggenheim
S&P 500 Equal
Weight
Technology ETF		     Guggenheim
S&P 500 Equal
Weight
Utilities ETF		  
INVESTMENT INCOME     

Dividends

    $ 624,255      $ 835,490   

Interest

      1        1   

Total income

      624,256        835,491   
EXPENSES     

Management fee

      291,775        102,090   

Net investment income

      332,481        733,401   
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS     

Net realized gain (loss) from:

     

Investments

      (3,830,116 )      (55,168 ) 

In-kind redemptions

      15,827,140        869,622   

Net realized gain

      11,997,024        814,454   

Net change in unrealized appreciation (depreciation) on:

     

Investment securities

      (3,637,643 )      (80,782 ) 

Net realized and unrealized gain on investments

      8,359,381        733,672   

Net increase in net assets resulting from operations

    $ 8,691,862      $ 1,467,073   

 

126     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS  

 

 

 

      Guggenheim S&P 500
Equal Weight ETF		     Guggenheim S&P MidCap 400
Equal Weight ETF		  
      Six Months Ended
April 30, 2012
(Unaudited)		     Year Ended
October 31,
2011		     Six Months Ended
April 30, 2012
(Unaudited)		     Period Ended
October 31, 2011*		  
OPERATIONS         

Net investment income

    $ 23,271,791      $ 42,464,646      $ 16,406      $ 7,921   

Net realized gain (loss) on investments

      21,596,208        277,178,204        118,784        (9,545 ) 

Net change in unrealized appreciation (depreciation) on investments

      233,303,471        (197,398,983 )      198,781        (142,661 ) 

Net increase (decrease) in net assets resulting from operations

      278,171,470        122,243,867        333,971        (144,285 ) 
DISTRIBUTIONS TO SHAREHOLDERS FROM:         

Net investment income

      (21,548,329 )      (40,649,421 )      (15,689 )      (5,601 ) 
SHAREHOLDER TRANSACTIONS         

Proceeds from shares purchased

      573,116,366        2,816,559,505        1,583,308        2,976,024   

Value of shares redeemed

      (765,352,575 )      (1,988,604,371 )      (1,563,358 )      —   

Net increase (decrease) in net assets resulting from share transactions

      (192,236,209 )      827,955,134        19,950        2,976,024   

Increase in net assets

      64,386,932        909,549,580        338,232        2,826,138   
NET ASSETS         

Beginning of period

      3,063,808,853        2,154,259,273        2,826,138        —   

End of period1

    $ 3,128,195,785      $ 3,063,808,853      $ 3,164,370      $ 2,826,138   

1 Including undistributed net investment income

    $ 2,541,575      $ 818,113      $ 2,201      $ 1,484   
CHANGES IN SHARES OUTSTANDING:         

Shares purchased

      11,700,000        58,750,000        50,000        100,000   

Shares redeemed

      (16,450,000 )      (42,350,000 )      (50,000 )      —   

Shares outstanding, beginning of period

      65,508,863        49,108,863        100,000        —   

Shares outstanding, end of period

      60,758,863        65,508,863        100,000        100,000   

 

*   The Fund commenced operations on August 1, 2011.

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       127

Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS (continued)  

 

 

 

     Guggenheim S&P SmallCap 600
Equal Weight ETF		     Guggenheim Russell MidCap®
Equal Weight ETF		  
     Six Months Ended
April 30, 2012
(Unaudited)		     Period Ended
October 31, 2011*		     Six Months Ended
April 30, 2012
(Unaudited)		     Period Ended
October 31, 2011**		  
OPERATIONS        

Net investment income

   $ 31,217      $ 9,727      $ 354,068      $ 212,148   

Net realized gain (loss) on investments

     92,573        (13,809 )      1,320,256        (112,004 ) 

Net change in unrealized appreciation (depreciation) on investments

     545,909        27,244        3,393,158        (291,167 ) 

Net increase (decrease) in net assets resulting from operations

     669,699        23,162        5,067,482        (191,023 ) 
DISTRIBUTIONS TO SHAREHOLDERS FROM:        

Net investment income

     (26,211 )      (6,163 )      (316,284 )      (168,415 ) 
SHAREHOLDER TRANSACTIONS        

Proceeds from shares purchased

     —        5,629,931        11,159,008        56,370,615   

Value of shares redeemed

     —        —        (13,864,201 )      (1,503,599 ) 

Net increase (decrease) in net assets Resulting from share transactions

     —        5,629,931        (2,705,193 )      54,867,016   

Increase in net assets

     643,488        5,646,930        2,046,005        54,507,578   
NET ASSETS        

Beginning of period

     5,646,930        —        54,507,578        —   

End of period1

   $ 6,290,418      $ 5,646,930      $ 56,553,583      $ 54,507,578   

1 Including undistributed net investment income

   $ 7,576      $ 2,570      $ 74,769      $ 36,985   
CHANGES IN SHARES OUTSTANDING:        

Shares purchased

     —        200,000        350,000        1,800,000   

Shares redeemed

     —        —        (450,000 )      (50,000 ) 

Shares outstanding, beginning of period

     200,000        —        1,750,000        —   

Shares outstanding, end of period

     200,000        200,000        1,650,000        1,750,000   

 

*   The Fund commenced operations on August 1, 2011.
**   The Fund commenced operations on December 3, 2010.

 

128     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS (continued)  

 

 

 

     Guggenheim Russell  1000®
Equal Weight ETF		     Guggenheim Russell 2000®
Equal Weight ETF		  
     Six Months Ended
April 30, 2012
(Unaudited)		     Period Ended
October 31, 2011*		     Six Months Ended
April 30, 2012
(Unaudited)		     Period Ended
October 31, 2011*		  
OPERATIONS        

Net investment income

   $ 273,667      $ 191,289      $ 109,997      $ 97,504   

Net realized gain (loss) on investments

     430,408        70,622        398,462        (275,792 ) 

Net change in unrealized appreciation (depreciation) on investments

     2,852,583        (1,609,979 )      1,100,909        (1,545,880 ) 

Net increase (decrease) in net assets resulting from operations

     3,556,658        (1,348,068 )      1,609,368        (1,724,168 ) 
DISTRIBUTIONS TO SHAREHOLDERS FROM:        

Net investment income

     (242,900 )      (165,561 )      (100,640 )      (82,186 ) 
SHAREHOLDER TRANSACTIONS        

Proceeds from shares purchased

     7,876,009        37,147,734        —        25,390,228   

Value of shares redeemed

     (6,122,548 )      (1,451,395 )      (5,907,809 )      —   

Net increase (decrease) in net assets resulting from share transactions

     1,753,461        35,696,339        (5,907,809 )      25,390,228   

Increase (decrease) in net assets

     5,067,219        34,182,710        (4,399,081 )      23,583,874   
NET ASSETS        

Beginning of period

     34,182,710        —        23,583,874        —   

End of period1

   $ 39,249,929      $ 34,182,710      $ 19,184,793      $ 23,583,874   

1 Including undistributed net investment income

   $ 51,959      $ 21,192      $ 20,618      $ 11,261   
CHANGES IN SHARES OUTSTANDING:        

Shares purchased

     250,000        1,150,000        —        800,000   

Shares redeemed

     (200,000 )      (50,000 )      (200,000 )      —   

Shares outstanding, beginning of period

     1,100,000        —        800,000        —   

Shares outstanding, end of period

     1,150,000        1,100,000        600,000        800,000   

 

*   The Fund commenced operations on December 3, 2010.

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       129

Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS (continued)  

 

 

 

      Guggenheim MSCI EAFE
Equal Weight ETF		     Guggenheim MSCI Emerging Markets
Equal Weight ETF		  
      Six Months Ended
April 30, 2012
(Unaudited)		     Period Ended
October 31, 2011*		     Six Months Ended
April 30, 2012
(Unaudited)		     Period Ended
October 31, 2011*		  
OPERATIONS         

Net investment income

    $ 142,151      $ 483,530      $ 48,568      $ 288,754   

Net realized gain (loss)

      (497,644 )      338,989        (1,579,141 )      (831,874 ) 

Net change in unrealized appreciation (depreciation) on investments

      657,103        (1,821,076 )      1,284,508        (2,249,192 ) 

Net increase (decrease) in net assets resulting from operations

      301,610        (998,557 )      (246,065 )      (2,792,312 ) 
DISTRIBUTIONS TO SHAREHOLDERS FROM:         

Net investment income

      (70,516 )      (491,348 )      (21,377 )      (160,394 ) 

Capital

      —        —        —        (155,130 ) 

Total distributions to shareholders

      (70,516 )      (491,348 )      (21,377 )      (315,524 ) 
SHAREHOLDER TRANSACTIONS         

Proceeds from shares purchased

      —        24,728,819        3,217,848        27,283,677   

Value of shares redeemed

      —        (12,146,088 )      (6,108,837 )      (7,261,735 ) 

Net increase (decrease) in net assets resulting from share transactions

      —        12,582,731        (2,890,989 )      20,021,942   

Increase (decrease) in net assets

      231,094        11,092,826        (3,158,431 )      16,914,106   
NET ASSETS         

Beginning of period

      11,092,826        —        16,914,106        —   

End of period1

    $ 11,323,920      $ 11,092,826      $ 13,755,675      $ 16,914,106   

1 Including undistributed (distributions in excess) of net investment income

    $ 90,683      $ 19,048      $ 26,819      $ (372 ) 
CHANGES IN SHARES OUTSTANDING:         

Shares purchased

      —        600,000        100,000        700,000   

Shares redeemed

      —        (300,000 )      (200,000 )      (200,000 ) 

Shares outstanding, beginning of period

      300,000        —        500,000        —   

Shares outstanding, end of period

      300,000        300,000        400,000        500,000   

 

*   The Fund commenced operations on December 3, 2010.

 

130     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS (continued)  

 

 

 

      Guggenheim S&P 500 Equal Weight
Consumer Discretionary ETF		  
      Six Months Ended
April 30, 2012
(Unaudited)		     Period Ended
October 31, 2011*		  
OPERATIONS     

Net investment income

    $ 252,957      $ 299,451   

Net realized gain on investments

      1,285,208        2,977,327   

Net change in unrealized appreciation (depreciation) on investments

      5,198,588        (739,044 ) 

Net increase in net assets resulting from operations

      6,736,753        2,537,734   
DISTRIBUTIONS TO SHAREHOLDERS FROM:     

Net investment income

      (246,336 )      (291,636 ) 
SHAREHOLDER TRANSACTIONS     

Proceeds from shares purchased

      37,989,880        7,384,661   

Value of shares redeemed

      (5,419,842 )      (13,588,895 ) 

Net increase (decrease) in net assets resulting from share transactions

      32,570,038        (6,204,234 ) 

Increase (decrease) in net assets

      39,060,455        (3,958,136 ) 
NET ASSETS     

Beginning of period

      21,466,738        25,424,874   

End of period1

    $ 60,527,193      $ 21,466,738   

1 Including undistributed net investment income

    $ 19,619      $ 12,998   
CHANGES IN SHARES OUTSTANDING:     

Shares purchased

      750,000        150,000   

Shares redeemed

      (100,000 )      (300,000 ) 

Shares outstanding, beginning of period

      450,000        600,000   

Shares outstanding, end of period

      1,100,000        450,000   

 

 

*   The Fund commenced operations on January 7, 2011.

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       131

Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS (continued)  

 

 

 

      Guggenheim S&P 500
Equal Weight Consumer Staples ETF		     Guggenheim S&P 500
Equal Weight Energy ETF		  
      Six Months Ended
April 30, 2012
(Unaudited)		     Year Ended
October 31, 2011		     Six Months Ended
April 30, 2012
(Unaudited)		     Year Ended
October 31, 2011		  
OPERATIONS         

Net investment income

    $ 352,351      $ 432,184      $ 122,811      $ 267,674   

Net realized gain (loss) on investments

      294,135        792,268        (580,752 )      4,427,435   

Net change in unrealized appreciation (depreciation) on investments

      2,368,916        834,186        561,845        (7,248,237 ) 

Net increase (decrease) in net assets resulting from operations

      3,015,402        2,058,638        103,904        (2,553,128 ) 
DISTRIBUTIONS TO SHAREHOLDERS FROM:         

Net investment income

      (340,843 )      (404,016 )      (131,381 )      (267,926 ) 
SHAREHOLDER TRANSACTIONS         

Proceeds from shares purchased

      6,407,223        18,142,268        —        99,253,072   

Value of shares redeemed

      (3,019,730 )      (3,145,222 )      —        (77,266,420 ) 

Net increase in net assets resulting from share transactions

      3,387,493        14,997,046        —        21,986,652   

Increase (decrease) in net assets

      6,062,052        16,651,668        (27,477 )      19,165,598   
NET ASSETS         

Beginning of period

      30,507,174        13,855,506        35,287,474        16,121,876   

End of period1

    $ 36,569,226      $ 30,507,174      $ 35,259,997      $ 35,287,474   

1 Including undistributed (distributions in excess) of net investment income

    $ 68,519      $ 57,011      $ (5,248 )    $ 3,322   
CHANGES IN SHARES OUTSTANDING:         

Shares purchased

      100,000        300,000        —        1,400,000   

Shares redeemed

      (50,000 )      (50,000 )      —        (1,150,000 ) 

Shares outstanding, beginning of period

      500,000        250,000        550,005        300,005   

Shares outstanding, end of period

      550,000        500,000        550,005        550,005   

 

132     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS (continued)  

 

 

 

     

Guggenheim S&P 500

Equal Weight Financials ETF

     Guggenheim S&P 500
Equal Weight Health Care ETF		  
      Six Months Ended
April 30, 2012
(Unaudited)		     Year Ended
October 31, 2011		     Six Months Ended
April 30, 2012
(Unaudited)		     Year Ended
October 31, 2011		  
OPERATIONS         

Net investment income

    $ 149,955      $ 293,728      $ 267,247      $ 251,237   

Net realized gain (loss)

      (137,665 )      1,299,016        6,541,580        3,987,029   

Net change in unrealized appreciation (depreciation) on investments

      2,057,964        (2,262,770 )      211,829        (524,200 ) 

Net increase (decrease) in net assets resulting from operations

      2,070,254        (670,026 )      7,020,656        3,714,066   
DISTRIBUTIONS TO SHAREHOLDERS FROM:         

Net investment income

      (153,468 )      (292,247 )      (214,017 )      (230,946 ) 
SHAREHOLDER TRANSACTIONS         

Proceeds from shares purchased

      —        8,493,107        237,287,742        182,857,489   

Value of shares redeemed

      (3,701,616 )      (6,907,580 )      (207,990,077 )      (186,914,915 ) 

Net increase (decrease) in net assets resulting from share transactions

      (3,701,616 )      1,585,527        29,297,665        (4,057,426 ) 

Increase (decrease) in net assets

      (1,784,830 )      623,254        36,104,304        (574,306 ) 
NET ASSETS         

Beginning of period

      17,133,205        16,509,951        53,195,673        53,769,979   

End of period1

    $ 15,348,375      $ 17,133,205      $ 89,299,977      $ 53,195,673   

1 Including undistributed (distributions in excess) of net investment income

    $ (3,513 )    $ —      $ 90,104      $ 36,874   
CHANGES IN SHARES OUTSTANDING:         

Shares purchased

      —        300,000        3,350,000        2,800,000   

Shares redeemed

      (150,000 )      (250,000 )      (2,950,000 )      (2,900,000 ) 

Shares outstanding, beginning of period

      700,000        650,000        800,000        900,000   

Shares outstanding, end of period

      550,000        700,000        1,200,000        800,000   

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       133

Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS (continued)  

 

 

 

      Guggenheim S&P 500
Equal Weight Industrials ETF		     Guggenheim S&P 500
Equal Weight Materials ETF		  
      Six Months Ended
April 30, 2012
(Unaudited)		     Year Ended
October 31, 2011		     Six Months Ended
April 30, 2012
(Unaudited)		     Year Ended
October 31, 2011		  
OPERATIONS         

Net investment income

    $ 226,853      $ 607,514      $ 264,791      $ 578,712   

Net realized gain on investments

      1,605,643        7,115,513        196,278        1,631,549   

Net change in unrealized appreciation (depreciation) on investments

      884,701        (6,672,032 )      3,591,244        (2,893,215 ) 

Net increase (decrease) in net assets resulting from operations

      2,717,197        1,050,995        4,052,313        (682,954 ) 
DISTRIBUTIONS TO SHAREHOLDERS FROM:         

Net investment income

      (206,563 )      (609,503 )      (253,144 )      (560,979 ) 
SHAREHOLDER TRANSACTIONS         

Proceeds from shares purchased

      30,145,280        8,408,979        —        9,291,043   

Value of shares redeemed

      (11,165,913 )      (35,505,013 )      (2,897,625 )      (5,671,266 ) 

Net increase (decrease) in net assets resulting from share transactions

      18,979,367        (27,096,034 )      (2,897,625 )      3,619,777   

Increase (decrease) in net assets

      21,490,001        (26,654,542 )      901,544        2,375,844   
NET ASSETS         

Beginning of period

      15,450,411        42,104,953        36,770,655        34,394,811   

End of period1

    $ 36,940,412      $ 15,450,411      $ 37,672,199      $ 36,770,655   

1 Including undistributed net investment income

    $ 27,817      $ 7,527      $ 40,659      $ 29,012   
CHANGES IN SHARES OUTSTANDING:         

Shares purchased

      550,000        150,000        —        150,000   

Shares redeemed

      (200,000 )      (700,000 )      (50,000 )      (100,000 ) 

Shares outstanding, beginning of period

      300,000        850,000        650,000        600,000   

Shares outstanding, end of period

      650,000        300,000        600,000        650,000   

 

134     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS (concluded)  

 

 

 

      Guggenheim S&P 500
Equal Weight Technology ETF		     Guggenheim S&P 500
Equal Weight Utilities ETF		  
      Six Months Ended
April 30, 2012
(Unaudited)		     Year Ended
October 31, 2011		     Six Months Ended
April 30, 2012
(Unaudited)		     Year Ended
October 31, 2011		  
OPERATIONS         

Net investment income

    $ 332,481      $ 641,534      $ 733,401      $ 887,068   

Net realized gain on investments

      11,997,024        5,230,243        814,454        2,071,458   

Net change in unrealized depreciation on investments

      (3,637,643 )      (7,130,337 )      (80,782 )      (334,844 ) 

Net increase (decrease) in net assets resulting from operations

      8,691,862        (1,258,560 )      1,467,073        2,623,682   
DISTRIBUTIONS TO SHAREHOLDERS FROM:         

Net investment income

      (304,382 )      (622,234 )      (683,640 )      (868,554 ) 
SHAREHOLDER TRANSACTIONS         

Proceeds from shares purchased

      121,477,948        68,792,638        16,436,665        18,642,716   

Value of shares redeemed

      (95,208,626 )      (45,985,675 )      (5,482,218 )      (8,090,201 ) 

Net increase in net assets resulting from share transactions

      26,269,322        22,806,963        10,954,447        10,552,515   

Increase in net assets

      34,656,802        20,926,169        11,737,880        12,307,643   
NET ASSETS         

Beginning of period

      109,685,325        88,759,156        32,417,238        20,109,595   

End of period1

    $ 144,342,127      $ 109,685,325      $ 44,155,118      $ 32,417,238   

1 Including undistributed net investment income

    $ 28,099      $ —      $ 90,377      $ 40,616   
CHANGES IN SHARES OUTSTANDING:         

Shares purchased

      2,150,000        1,300,000        300,000        350,000   

Shares redeemed

      (1,700,000 )      (950,000 )      (100,000 )      (150,000 ) 

Shares outstanding, beginning of period

      2,100,000        1,750,000        600,000        400,000   

Shares outstanding, end of period

      2,550,000        2,100,000        800,000        600,000   

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       135

Table of Contents

GUGGENHEIM S&P 500 EQUAL WEIGHT ETF

 

FINANCIAL HIGHLIGHTS

 

 

     Six Months
Ended
April 30, 2012
(Unaudited)		     Year Ended
October 31,
2011		     Year Ended
October 31,
2010		     Year Ended
October 31,
2009		     Year Ended
October 31,
2008		     Year Ended
October 31,
2007		  

Per Share Operating Performance:

  

Net asset value at beginning of period

     $46.77        $43.87        $35.99        $30.01        $50.63        $46.06   

Net investment income*

     0.39        0.69        0.60        0.54        0.72        0.59   

Net realized and unrealized gain (loss) on investments

         4.70        2.87        7.87        5.98        (20.64 )      4.56   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

     5.09        3.56        8.47        6.52        (19.92 )      5.15   

Distributions to shareholders from:

            

Net investment income

     (0.37 )      (0.66 )      (0.59 )      (0.54 )      (0.70 )      (0.58 ) 

Net asset value at end of period

     $51.49        $46.77        $43.87        $35.99        $30.01        $50.63   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
                                                 

Total Return**

     10.91%        8.12%        23.67%        22.21%        (39.75% )      11.23%   

Ratios/Supplemental Data:

  

Net assets at end of period
(000’s omitted)

     $3,128,196        $3,063,809        $2,154,259        $1,499,351        $843,417        $2,177,693   

Ratio to average net assets of:

            

Expenses

     0.40% ***      0.40%        0.40%        0.40%        0.40%        0.40%   

Net investment income

     1.61% ***      1.45%        1.48%        1.75%        1.65%        1.22%   

Portfolio turnover rate†

     9%        21%        20%        37%        32%        25%   

 

*   Based on average shares outstanding.
**   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. Total investment return calculated for a period of less than one year is not annualized.
***   Annualized.
†   

Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions.

 

136     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents

GUGGENHEIM S&P MIDCAP 400 EQUAL WEIGHT ETF

 

FINANCIAL HIGHLIGHTS (continued)

 

 

      Six Months
Ended
April 30, 2012
(Unaudited)		     Year Ended
October 31,
2011*		  

Per Share Operating Performance:

     

Net asset value at beginning of period

      $28.26        $29.76   

Net investment income**

      0.17        0.08   

Net realized and unrealized gain (loss) on investments

          3.37        (1.52 ) 
  

 

 

    

 

 

  

Total from investment operations

      3.54        (1.44 ) 

Distributions to shareholders from:

     

Net investment income

      (0.16 )      (0.06 ) 

Net asset value at end of period

      $31.64        $28.26   
  

 

 

    

 

 

  
                  

Total Return***

      12.55%        (4.81% ) 

Ratios/Supplemental Data:

     

Net assets at end of period (000’s omitted)

      $3,164        $2,826   

Ratio to average net assets of:

     

Expenses

      0.41% ****      0.40% **** 

Net investment income

      1.14% ****      1.20% **** 

Portfolio turnover rate†

      11%        7%   

 

 

 

*   Fund commenced August 1, 2011.
**   Based on average shares outstanding.
***   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. Total investment return calculated for a period of less than one year is not annualized.
****   Annualized.
†   

Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions.

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       137

Table of Contents

GUGGENHEIM S&P SMALLCAP 600 EQUAL WEIGHT ETF

 

FINANCIAL HIGHLIGHTS (continued)

 

 

      Six Months
Ended
April 30, 2012
(Unaudited)		     Year Ended
October 31,
2011*		  

Per Share Operating Performance:

     

Net asset value at beginning of period

      $28.23        $29.85   

Net investment income**

      0.16        0.05   

Net realized and unrealized gain (loss) on investments

          3.19        (1.64 ) 
  

 

 

    

 

 

  

Total from investment operations

      3.35        (1.59 ) 

Distributions to shareholders from:

     

Net investment income

      (0.13 )      (0.03 ) 

Net asset value at end of period

      $31.45        $28.23   
  

 

 

    

 

 

  
                  

Total Return***

      11.88%        (5.30% ) 

Ratios/Supplemental Data:

     

Net assets at end of period (000’s omitted)

      $6,290        $5,647   

Ratio to average net assets of:

     

Expenses

      0.41% ****      0.40% **** 

Net investment income

      1.05% ****      0.82% **** 

Portfolio turnover rate†

      14%        8%   

 

 

 

*   Fund commenced August 1, 2011.
**   Based on average shares outstanding.
***   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. Total investment return calculated for a period of less than one year is not annualized.
****   Annualized.
†   

Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions.

 

138     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents

GUGGENHEIM RUSSELL MIDCAP® EQUAL WEIGHT ETF

 

FINANCIAL HIGHLIGHTS (continued)

 

 

      Six Months
Ended
April 30, 2012
(Unaudited)		     Year Ended
October 31,
2011*		  

Per Share Operating Performance:

     

Net asset value at beginning of period

      $31.15        $30.21   

Net investment income**

      0.21        0.30   

Net realized and unrealized gain on investments

          3.10        0.85   
  

 

 

    

 

 

  

Total from investment operations

      3.31        1.15   

Distributions to shareholders from:

     

Net investment income

      (0.19 )      (0.21 ) 

Net asset value at end of period

      $34.27        $31.15   
  

 

 

    

 

 

  
                  

Total Return***

      10.70%        3.80%   

Ratios/Supplemental Data:

     

Net assets at end of period (000’s omitted)

      $56,554        $54,508   

Ratio to average net assets of:

     

Expenses

      0.41% ****      0.41% **** 

Net investment income

      1.30% ****      1.06% **** 

Portfolio turnover rate†

      14%        30%   

 

 

 

*   The Fund commenced operations on December 3, 2010.
**   Based on average shares outstanding.
***   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. Total investment return calculated for a period of less than one year is not annualized.
****   Annualized.
†   

Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions.

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       139

Table of Contents

GUGGENHEIM RUSSELL 1000® EQUAL WEIGHT ETF

 

FINANCIAL HIGHLIGHTS (continued)

 

 

      Six Months
Ended
April 30, 2012
(Unaudited)		     Year Ended
October 31,
2011*		  

Per Share Operating Performance:

     

Net asset value at beginning of period

      $31.08        $30.18   

Net investment income**

      0.24        0.36   

Net realized and unrealized gain on investments

          3.03        0.85   
  

 

 

    

 

 

  

Total from investment operations

      3.27        1.21   

Distributions to shareholders from:

     

Net investment income

      (0.22 )      (0.31 ) 

Net asset value at end of period

      $34.13        $31.08   
  

 

 

    

 

 

  
                  

Total Return***

      10.57%        4.00%   

Ratios/Supplemental Data:

     

Net assets at end of period (000’s omitted)

      $39,250        $34,183   

Ratio to average net assets of:

     

Expenses

      0.41% ****      0.41% **** 

Net investment income

      1.50% ****      1.26% **** 

Portfolio turnover rate†

      13%        25%   

 

 

 

*   The Fund commenced operations on December 3, 2010.
**   Based on average shares outstanding.
***   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. Total investment return calculated for a period of less than one year is not annualized.
****   Annualized.
†   

Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions.

 

140     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents

GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF

 

FINANCIAL HIGHLIGHTS (continued)

 

 

      Six Months
Ended
April 30, 2012
(Unaudited)		     Year Ended
October 31,
2011*		  

Per Share Operating Performance:

     

Net asset value at beginning of period

      $29.48        $30.19   

Net investment income**

      0.17        0.22   

Net realized and unrealized gain (loss) on investments

          2.46        (0.75 ) 
  

 

 

    

 

 

  

Total from investment operations

      2.63        (0.53 ) 

Distributions to shareholders from:

     

Net investment income

      (0.14 )      (0.18 ) 

Net asset value at end of period

      $31.97        $29.48   
  

 

 

    

 

 

  
                  

Total Return***

      8.98%        (1.78% ) 

Ratios/Supplemental Data:

     

Net assets at end of period (000’s omitted)

      $19,185        $23,584   

Ratio to average net assets of:

     

Expenses

      0.41% ****      0.41% **** 

Net investment income

      1.09% ****      0.79% **** 

Portfolio turnover rate†

      20%        38%   

 

*   The Fund commenced operations on December 3, 2010.
**   Based on average shares outstanding.
***   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. Total investment return calculated for a period of less than one year is not annualized.
****   Annualized.
†   

Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions.

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       141

Table of Contents

GUGGENHEIM MSCI EAFE EQUAL WEIGHT ETF

 

FINANCIAL HIGHLIGHTS (continued)

 

 

      Six Months
Ended
April 30, 2012
(Unaudited)		     Year Ended
October 31,
2011*		  

Per Share Operating Performance:

     

Net asset value at beginning of period

      $36.98        $40.63   

Net investment income**

      0.47        1.11   

Net realized and unrealized gain (loss) on investments

          0.54        (3.57 ) 
  

 

 

    

 

 

  

Total from investment operations

      1.01        (2.46 ) 

Distributions to shareholders from:

     

Net investment income

      (0.24 )      (1.19 ) 

Net asset value at end of period

      $37.75        $36.98   
  

 

 

    

 

 

  
                  

Total Return***

      2.75%        (6.33% ) 

Ratios/Supplemental Data:

     

Net assets at end of period (000’s omitted)

      $11,324        $11,093   

Ratio to average net assets of:

     

Expenses

      0.56% ****      0.56% **** 

Net investment income

      2.62% ****      2.96% **** 

Portfolio turnover rate†

      15%        24%   

 

 

 

*   The Fund commenced operations on December 3, 2010.
**   Based on average shares outstanding.
***   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. Total investment return calculated for a period of less than one year is not annualized.
****   Annualized.
†   

Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions.

 

142     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents

GUGGENHEIM MSCI EMERGING MARKETS EQUAL WEIGHT ETF

 

FINANCIAL HIGHLIGHTS (continued)

 

 

      Six Months
Ended
April 30, 2012
(Unaudited)		     Year Ended
October 31,
2011*		  

Per Share Operating Performance:

     

Net asset value at beginning of period

      $33.83        $40.21   

Net investment income**

      0.12        0.69   

Net realized and unrealized gain (loss) on investments

          0.49        (6.35 ) 
  

 

 

    

 

 

  

Total from investment operations

      0.61        (5.66 ) 

Distributions to shareholders from:

     

Net investment income

      (0.05 )      (0.36 ) 

Capital

             —        (0.36 ) 
  

 

 

    

 

 

  

Total distributions

      (0.05 )      (0.72 ) 

Net asset value at end of period

      $34.39        $33.83   
  

 

 

    

 

 

  
                  

Total Return***

      1.81%        (14.13% ) 

Ratios/Supplemental Data:

     

Net assets at end of period (000’s omitted)

      $13,756        $16,914   

Ratio to average net assets of:

     

Expenses

      0.70% ****      0.71% **** 

Net expenses*****

      0.59% ****      0.63% **** 

Net investment income

      0.72% ****      1.99% **** 

Portfolio turnover rate†

      25%        63%   

 

 

 

*   The Fund commenced operations on January 7, 2011.
**   Based on average shares outstanding.
***   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. Total investment return calculated for a period of less than one year is not annualized.
****   Annualized.
*****   Net expense information reflects the expense ratios after expense waivers.
†   

Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions.

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       143

Table of Contents

GUGGENHEIM S&P 500 EQUAL WEIGHT CONSUMER DISCRETIONARY ETF

 

FINANCIAL HIGHLIGHTS (continued)

 

 

     Six Months
Ended
April 30, 2012
(Unaudited)		     Year Ended
October 31,
2011		     Year Ended
October 31,
2010		     Year Ended
October 31,
2009		     Year Ended
October 31,
2008		     Year Ended
October 31,
2007*		  

Per Share Operating Performance:

  

          

Net asset value at beginning of period

     $47.70        $42.37        $32.78        $24.82        $44.50        $44.98   

Net investment income**

     0.31        0.56        0.35        0.40        0.53        0.32   

Net realized and unrealized gain (loss) on investments

         7.34        5.31        9.56        7.93        (19.59 )      (0.49 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

     7.65        5.87        9.91        8.33        (19.06 )      (0.17 ) 

Distributions to shareholders from:

            

Net investment income

     (0.33 )      (0.54 )      (0.32 )      (0.37 )      (0.62 )      (0.31 ) 

Net asset value at end of period

     $55.02        $47.70        $42.37        $32.78        $24.82        $44.50   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
                                                 

Total Return***

     16.10%        13.91%        30.35%        34.20%        (43.27% )      (0.40% ) 

Ratios/Supplemental Data:

            

Net assets at end of period (000’s omitted)

     $60,527        $21,467        $25,425        $11,474        $3,722        $28,928   

Ratio to average net assets of:

            

Expenses

     0.50% ****      0.50%        0.50%        0.50%        0.50%        0.50% **** 

Net investment income

     1.22% ****      1.20%        0.89%        1.61%        1.44%        0.67% **** 

Portfolio turnover rate†

     11%        26%        28%        42%        29%        28%   

 

*   The Fund commenced operations on November 1, 2006.
**   Based on average shares outstanding.
***   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. Total investment return calculated for a period of less than one year is not annualized.
****   Annualized.
†   

Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions.

 

144     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents

GUGGENHEIM S&P 500 EQUAL WEIGHT CONSUMER STAPLES ETF

 

FINANCIAL HIGHLIGHTS (continued)

 

 

     Six Months
Ended
April 30, 2012
(Unaudited)		     Year Ended
October 31,
2011		     Year Ended
October 31,
2010		     Year Ended
October 31,
2009		     Year Ended
October 31,
2008		     Year Ended
October 31,
2007*		  

Per Share Operating Performance:

  

Net asset value at beginning of period

     $61.01        $55.42        $48.42        $41.47        $52.68        $48.16   

Net investment income**

     0.71        1.31        1.14        1.04        0.88        1.16   

Net realized and unrealized gain (loss) on investments

         5.47        5.49        6.95        6.91        (11.22 )      4.32   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

     6.18        6.80        8.09        7.95        (10.34 )      5.48   

Distributions to shareholders from:

            

Net investment income

     (0.70 )      (1.21 )      (1.09 )      (1.00 )      (0.87 )      (0.96 ) 

Net asset value at end of period

     $66.49        $61.01        $55.42        $48.42        $41.47        $52.68   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
                                                 

Total Return***

     10.16%        12.37%        16.89%        19.60%        (19.87% )      11.45%   

Ratios/Supplemental Data:

  

Net assets at end of period (000’s omitted)

     $36,569        $30,507        $13,856        $9,685        $10,368        $7,902   

Ratio to average net assets of:

            

Expenses

     0.50% ****      0.50%        0.50%        0.50%        0.50%        0.50% **** 

Net investment income

     2.23% ****      2.20%        2.20%        2.52%        1.78%        2.29% **** 

Portfolio turnover rate†

     8%        15%        18%        25%        25%        19%   

 

 

 

*   The Fund commenced operations on November 1, 2006.
**   Based on average shares outstanding.
***   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. Total investment return calculated for a period of less than one year is not annualized.
****   Annualized.
†   

Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions.

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       145

Table of Contents

GUGGENHEIM S&P 500 EQUAL WEIGHT ENERGY ETF

 

FINANCIAL HIGHLIGHTS (continued)

 

 

     Six Months
Ended
April 30, 2012
(Unaudited)		     Year Ended
October 31,
2011		     Year Ended
October 31,
2010		     Year Ended
October 31,
2009		     Year Ended
October 31,
2008		     Year Ended
October 31,
2007*		  

Per Share Operating Performance:

  

Net asset value at beginning of period

     $64.16        $53.74        $47.69        $39.72        $67.48        $48.35   

Net investment income**

     0.22        0.36        0.44        0.46        0.33        0.27   

Net realized and unrealized gain (loss) on investments

       (0.03)        10.43        6.07        7.93        (25.94 )      19.14   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

         0.19        10.79        6.51        8.39        (25.61 )      19.41   

Distributions to shareholders from:

            

Net investment income

     (0.24 )      (0.37 )      (0.46 )      (0.42 )      (0.35 )      (0.28 ) 

Net realized gains

             —        —        —        —        (1.80 )      —   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total distributions

     (0.24 )      (0.37 )      (0.46 )      (0.42 )      (2.15 )      (0.28 ) 

Net asset value at end of period

     $64.11        $64.16        $53.74        $47.69        $39.72        $67.48   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
                                                 

Total Return***

     0.30%        20.09%        13.74%        21.39%        (39.28% )      40.28%   

Ratios/Supplemental Data:

            

Net assets at end of period (000’s omitted)

     $35,260        $35,287        $16,122        $11,922        $5,958        $10,122   

Ratio to average net assets of:

            

Expenses

     0.50% ****      0.50%        0.50%        0.50%        0.50%        0.50% **** 

Net investment income

     0.70% ****      0.53%        0.87%        1.16%        0.50%        0.47% **** 

Portfolio turnover rate†

     13%        23%        31%        33%        38%        34%   

 

*   The Fund commenced operations on November 1, 2006.
**   Based on average shares outstanding.
***   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. Total investment return calculated for a period of less than one year is not annualized.
****   Annualized.
†   

Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions.

 

146     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents

GUGGENHEIM S&P 500 EQUAL WEIGHT FINANCIALS ETF

 

FINANCIAL HIGHLIGHTS (continued)

 

 

     Six Months
Ended
April 30, 2012
(Unaudited)		     Year Ended
October 31,
2011		     Year Ended
October 31,
2010		     Year Ended
October 31,
2009		     Year Ended
October 31,
2008		     Year Ended
October 31,
2007*		  

Per Share Operating Performance:

  

Net asset value at beginning of period

     $24.48        $25.40        $21.53        $21.41        $46.67        $48.57   

Net investment income**

     0.25        0.42        0.31        0.36        1.02        0.92   

Net realized and unrealized gain (loss) on investments

         3.46        (0.96 )      3.87        0.18        (25.40 )      (1.95 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

     3.71        (0.54 )      4.18        0.54        (24.38 )      (1.03 ) 

Distributions to shareholders from:

            

Net investment income

     (0.28 )      (0.38 )      (0.31 )      (0.42 )      (0.88 )      (0.87 ) 

Net asset value at end of period

     $27.91        $24.48        $25.40        $21.53        $21.41        $46.67   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
                                                 

Total Return***

     15.13%        (2.25% )      19.46%        3.15%        (52.88% )      (2.23% ) 

Ratios/Supplemental Data:

  

Net assets at end of period (000’s omitted)

     $15,348        $17,133        $16,510        $13,995        $10,705        $7,000   

Ratio to average net assets of:

            

Expenses

     0.50% ****      0.50%        0.50%        0.50%        0.50%        0.50% **** 

Net investment income

     1.93% ****      1.59%        1.26%        2.00%        3.09%        1.84% **** 

Portfolio turnover rate†

     10%        18%        19%        49%        51%        31%   

 

 

 

*   The Fund commenced operations on November 1, 2006.
**   Based on average shares outstanding.
***   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. Total investment return calculated for a period of less than one year is not annualized.
****   Annualized.
†   

Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions.

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       147

Table of Contents

GUGGENHEIM S&P 500 EQUAL WEIGHT HEALTH CARE ETF

 

FINANCIAL HIGHLIGHTS (continued)

 

 

     Six Months
Ended
April 30, 2012
(Unaudited)		     Year Ended
October 31,
2011		     Year Ended
October 31,
2010		     Year Ended
October 31,
2009		     Year Ended
October 31,
2008		     Year Ended
October 31,
2007*		  

Per Share Operating Performance:

  

Net asset value at beginning of period

     $66.49        $59.74        $50.56        $42.21        $57.94        $49.46   

Net investment income**

     0.23        0.32        0.20        0.19        0.14        0.11   

Net realized and unrealized gain (loss) on investments

         7.92        6.73        9.20        8.35        (15.74 )      8.48   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

     8.15        7.05        9.40        8.54        (15.60 )      8.59   

Distributions to shareholders from:

            

Net investment income

     (0.22 )      (0.30 )      (0.22 )      (0.19 )      (0.13 )      (0.11 ) 

Net asset value at end of period

     $74.42        $66.49        $59.74        $50.56        $42.21        $57.94   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
                                                 

Total Return***

     12.27%        11.80%        18.64%        20.31%        (26.98% )      17.37%   

Ratios/Supplemental Data:

  

Net assets at end of period (000’s omitted)

     $89,300        $53,196        $53,770        $73,308        $48,537        $17,383   

Ratio to average net assets of:

            

Expenses

     0.50% ****      0.50%        0.50%        0.50%        0.50%        0.50% **** 

Net investment income

     0.64% ****      0.47%        0.35%        0.42%        0.26%        0.20% **** 

Portfolio turnover rate†

     8%        19%        20%        38%        26%        55%   

 

*   The Fund commenced operations on November 1, 2006.
**   Based on average shares outstanding.
***   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. Total investment return calculated for a period of less than one year is not annualized.
****   Annualized.
†   

Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions.

 

148     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents

GUGGENHEIM S&P 500 EQUAL WEIGHT INDUSTRIALS ETF

 

FINANCIAL HIGHLIGHTS (continued)

 

 

     Six Months
Ended
April 30, 2012
(Unaudited)		     Year Ended
October 31,
2011		     Year Ended
October 31,
2010		     Year Ended
October 31,
2009		     Year Ended
October 31,
2008		     Year Ended
October 31,
2007*		  

Per Share Operating Performance:

  

Net asset value at beginning of period

     $51.50        $49.54        $39.76        $35.73        $59.37        $49.15   

Net investment income**

     0.46        0.83        0.61        0.67        0.61        0.56   

Net realized and unrealized gain (loss) on investments

         5.36        2.05        9.78        4.12        (21.82 )      10.21   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

     5.82        2.88        10.39        4.79        (21.21 )      10.77   

Distributions to shareholders from:

            

Net investment income

     (0.49 )      (0.92 )      (0.61 )      (0.76 )      (0.65 )      (0.55 ) 

Net realized gains

             —        —        —        —        (1.78 )      —   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total distributions

     (0.49 )      (0.92 )      (0.61 )      (0.76 )      (2.43 )      (0.55 ) 

Net asset value at end of period

     $56.83        $51.50        $49.54        $39.76        $35.73        $59.37   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
                                                 

Total Return***

     11.35%        5.80%        26.28%        13.84%        (37.12% )      22.00%   

Ratios/Supplemental Data:

            

Net assets at end of period (000’s omitted)

     $36,940        $15,450        $42,105        $17,890        $7,146        $8,905   

Ratio to average net assets of:

            

Expenses

     0.50% ****      0.50%        0.50%        0.50%        0.50%        0.50% **** 

Net investment income

     1.68% ****      1.52%        1.34%        1.88%        1.17%        1.02% **** 

Portfolio turnover rate†

     7%        15%        18%        35%        30%        36%   

 

 

*   The Fund commenced operations on November 1, 2006.
**   Based on average shares outstanding.
***   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. Total investment return calculated for a period of less than one year is not annualized.
****   Annualized.
†   

Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions.

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       149

Table of Contents

GUGGENHEIM S&P 500 EQUAL WEIGHT MATERIALS ETF

 

FINANCIAL HIGHLIGHTS (continued)

 

 

     Six Months
Ended
April 30, 2012
(Unaudited)		     Year Ended
October 31,
2011		     Year Ended
October 31,
2010		     Year Ended
October 31,
2009		     Year Ended
October 31,
2008		     Year Ended
October 31,
2007*		  

Per Share Operating Performance:

  

Net asset value at beginning of period

     $56.57        $57.32        $45.78        $34.37        $59.42        $48.43   

Net investment income**

     0.44        0.82        1.52        0.60        1.40        0.85   

Net realized and unrealized gain (loss) on investments

         6.20        (0.76 )      11.65        11.49        (25.11 )      10.74   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

     6.64        0.06        13.17        12.09        (23.71 )      11.59   

Distributions to shareholders from:

            

Net investment income

     (0.42 )      (0.81 )      (1.63 )      (0.68 )      (1.34 )      (0.60 ) 

Net asset value at end of period

     $62.79        $56.57        $57.32        $45.78        $34.37        $59.42   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
                                                 

Total Return***

     11.79%        0.04%        29.05%        35.82%        (40.67% )      24.02%   

Ratios/Supplemental Data:

  

Net assets at end of period (000’s omitted)

     $37,672        $36,771        $34,395        $41,199        $5,155        $8,913   

Ratio to average net assets of:

            

Expenses

     0.50% ****      0.50%        0.50%        0.50%        0.50%        0.50% **** 

Net investment income

     1.48% ****      1.33%        2.88%        1.41%        2.69%        1.53% **** 

Portfolio turnover rate†

     8%        21%        27%        57%        34%        31%   

 

 

*   The Fund commenced operations on November 1, 2006.
**   Based on average shares outstanding.
***   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. Total investment return calculated for a period of less than one year is not annualized.
****   Annualized.
†   

Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions.

 

150     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents

GUGGENHEIM S&P 500 EQUAL WEIGHT TECHNOLOGY ETF

 

FINANCIAL HIGHLIGHTS (continued)

 

 

     Six Months
Ended
April 30, 2012
(Unaudited)		     Year Ended
October 31,
2011		     Year Ended
October 31,
2010		     Year Ended
October 31,
2009		     Year Ended
October 31,
2008		     Year Ended
October 31,
2007*		  

Per Share Operating Performance:

  

Net asset value at beginning of period

     $52.23        $50.72        $39.98        $29.98        $55.18        $47.80   

Net investment income (loss)**

     0.15        0.29        0.12        0.11        0.06        (0.05 ) 

Net realized and unrealized gain (loss) on investments

         4.35        1.49        10.75        10.03        (25.19 )      7.43   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

     4.50        1.78        10.87        10.14        (25.13 )      7.38   

Distributions to shareholders from:

            

Net investment income

     (0.13 )      (0.27 )      (0.13 )      (0.14 )      (0.07 )      —   

Net asset value at end of period

     $56.60        $52.23        $50.72        $39.98        $29.98        $55.18   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
                                                 

Total Return***

     8.62%        3.51%        27.23%        33.94%        (45.58% )      15.44%   

Ratios/Supplemental Data:

  

Net assets at end of period (000’s omitted)

     $144,342        $109,685        $88,759        $53,969        $7,495        $19,312   

Ratio to average net assets of:

            

Expenses

     0.50% ****      0.50%        0.50%        0.50%        0.50%        0.50% **** 

Net investment income

     0.57% ****      0.54%        0.26%        0.30%        0.14%        (0.10%) **** 

Portfolio turnover rate†

     11%        29%        25%        30%        36%        60%   

 

*   The Fund commenced operations on November 1, 2006.
**   Based on average shares outstanding.
***   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. Total investment return calculated for a period of less than one year is not annualized.
****   Annualized.
†   

Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions.

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       151

Table of Contents

GUGGENHEIM S&P 500 EQUAL WEIGHT UTILITIES ETF

 

FINANCIAL HIGHLIGHTS (concluded)

 

 

     Six Months
Ended
April 30, 2012
(Unaudited)		     Year Ended
October 31,
2011		     Year Ended
October 31,
2010		     Year Ended
October 31,
2009		     Year Ended
October 31,
2008		     Year Ended
October 31,
2007*		  

Per Share Operating Performance:

  

Net asset value at beginning of period

     $54.03        $50.27        $42.13        $41.18        $62.28        $54.91   

Net investment income**

     0.97        1.89        1.84        1.89        1.81        1.55   

Net realized and unrealized gain (loss) on investments

         1.17        3.71        8.13        0.88        (21.09 )      7.38   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

     2.14        5.60        9.97        2.77        (19.28 )      8.93   

Distributions to shareholders from:

            

Net investment income

     (0.98 )      (1.84 )      (1.83 )      (1.82 )      (1.82 )      (1.56 ) 

Net asset value at end of period

     $55.19        $54.03        $50.27        $42.13        $41.18        $62.28   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
                                                 

Total Return***

     3.98%        11.29%        24.10%        6.97%        (31.63% )      16.41%   

Ratios/Supplemental Data:

            

Net assets at end of period (000’s omitted)

     $44,155        $32,417        $20,110        $8,427        $4,118        $6,228   

Ratio to average net assets of:

            

Expenses

     0.50% ****      0.50%        0.50%        0.50%        0.50%        0.50% **** 

Net investment income

     3.59% ****      3.60%        3.95%        4.64%        3.30%        2.59% **** 

Portfolio turnover rate†

     10%        15%        16%        26%        25%        20%   

 

 

*   The Fund commenced operations on November 1, 2006.
**   Based on average shares outstanding.
***   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. Total investment return calculated for a period of less than one year is not annualized.
****   Annualized.
†   

Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions.

 

152     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents

NOTES TO FINANCIAL STATEMENTS (Unaudited)

 

  

 

 

1.    Organization

Rydex ETF Trust (the “Trust”) is an open-end, management investment company registered under the Investment Company Act of 1940 (the “1940 Act”). The Trust was organized as a Delaware statutory trust on November 22, 2002. As of April 30, 2012, the Trust offers twenty-six portfolios, each of which represents a separate series of beneficial interest in the Trust (each a “Fund”, and collectively, the “Funds”). The financial statements herein relate to the following funds: Guggenheim S&P 500 Equal Weight ETF, Guggenheim S&P MidCap 400 Equal Weight ETF, Guggenheim S&P SmallCap 600 Equal Weight ETF, Guggenheim Russell MidCap® Equal Weight ETF, Guggenheim Russell 1000® Equal Weight ETF, Guggenheim Russell 2000® Equal Weight ETF, Guggenheim MSCI EAFE Equal Weight ETF, Guggenheim MSCI Emerging Markets Equal Weight ETF, 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, 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, Guggenheim S&P 500 Equal Weight Technology ETF and Guggenheim S&P 500 Equal Weight Utilities ETF. Guggenheim S&P 500 Equal Weight ETF commenced operations on April 24, 2003. Guggenheim S&P MidCap 400 Equal Weight and Guggenheim S&P SmallCap 600 Equal Weight commenced operations on August 1, 2011. Guggenheim Russell MidCap® Equal Weight ETF, Guggenheim Russell 1000® Equal Weight ETF, Guggenheim Russell 2000® Equal Weight ETF, Guggenheim MSCI EAFE Equal Weight ETF and Guggenheim MSCI Emerging Markets Equal Weight ETF commenced operations on December 3, 2010. 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, 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, Rydex S&P 500 Equal Weight Materials ETF, Rydex S&P 500 Equal Weight Technology ETF and Rydex S&P 500 Equal Weight Utilities ETF commenced operations on November 1, 2006.

The Funds’ 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”). The Guggenheim S&P 500 Equal Weight ETF tracks the S&P 500 Equal Weight Total Return Index, the Guggenheim S&P MidCap 400 Equal Weight ETF tracks the S&P MidCap 400® Equal Weight Index, the Guggenheim S&P SmallCap 600 Equal Weight ETF tracks the S&P SmallCap 600® Equal Weight Index, the Guggenheim Russell MidCap® Equal Weight ETF tracks the Russell MidCap Equal Weight Index, the Guggenheim Russell 1000® Equal Weight ETF tracks the Russell 1000® Equal Weight Index, the Guggenheim Russell

2000® Equal Weight ETF tracks the Russell 2000® Equal Weight Index, the Guggenheim MSCI EAFE Equal Weight ETF tracks the MSCI EAFE Equal Weighted Index, the Guggenheim MSCI Emerging Markets Equal Weight ETF tracks the MSCI Emerging Markets Equal Weighted Index, the Guggenheim S&P 500 Equal Weight Consumer Discretionary ETF tracks the S&P 500 Equal Weight Consumer Discretionary Index, the Guggenheim S&P 500 Equal Weight Consumer Staples ETF tracks the S&P 500 Equal Weight Consumer Staples Index, the Guggenheim S&P 500 Equal Weight Energy ETF tracks the S&P 500 Equal Weight Energy Index, the Guggenheim S&P 500 Equal Weight Financials ETF tracks the S&P 500 Equal Weight Financials Index, the Guggenheim S&P 500 Equal Weight Health Care ETF tracks the S&P 500 Equal Weight Health Care Index, the Guggenheim S&P 500 Equal Weight Industrials ETF tracks the S&P 500 Equal Weight Industrials Index, the Guggenheim S&P 500 Equal Weight Materials ETF tracks the S&P 500 Equal Weight Materials Index, the Guggenheim S&P 500 Equal Weight Technology ETF tracks the S&P 500 Equal Weight Information Technology Index and the Guggenheim S&P 500 Equal Weight Utilities ETF tracks the S&P 500 Equal Weight Telecommunication Services & Utilities Index. The Funds seek to achieve their objective by investing in common stocks or 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 called a “Creation Unit”. Creation Units are issued and redeemed principally in-kind for securities included in the Underlying Index.

Guggenheim Investments (“GI”) provides advisory services and Rydex Distributors, LLC (“RDL”) acts as principal underwriter for the Trust. GI and RDL are affiliated entities.

2.    Significant Accounting Policies

The following significant accounting policies are in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and are consistently followed by the Trust. This requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. All time references are based on Eastern Time.

 

 

GUGGENHEIM ETFS SEMI-ANNUAL REPORT       153

Table of Contents

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

 

  

 

 

A.    Security Valuation

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 on the valuation date. Equity securities listed on the NASDAQ market system are valued at the NASDAQ Official Closing Price on the valuation date.

Investments for which market quotations are not readily available are fair valued as determined in good faith by GI under the direction of the Board of Trustees using methods established or ratified by the Board of Trustees. These methods include, but are not limited to: (i) using general information as to how these securities and assets trade; and (ii) using other information and considerations, including current values in related markets.

B.    Security Transactions and Income Recognition

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. 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 discount, is accrued on a daily basis. Distributions received from investments in REITs are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distribution by the issuer.

C.    Repurchase Agreements

The Funds 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 Funds follow 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 Funds will seek to liquidate such collateral. However, the exercising of the Funds 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 Funds could suffer a loss. It is the current policy of the Funds 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 Funds, amounts to more than 15% of the Funds net assets. The investments of the Funds in repurchase agreements, at times, may be substantial when, in the view of GI, liquidity or other considerations so warrant. For the period ended April 30, 2012, the Funds had not engaged in repurchase agreement transactions.

D.    Federal Income Taxes

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 (fiscal years 2008 – 2011), and has concluded that no provision for income tax was required in the Funds’ financial statements.

The RIC Modernization Act of 2010 was signed into law on December 22, 2010 and seeks to simplify some of the tax provisions applicable to regulated investment companies and the tax reporting to their shareholders, and to improve the tax efficiency of certain fund structures. The changes are generally effective for taxable years beginning after the date of enactment.

One of the more prominent changes addresses capital loss carryforwards. Funds will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. Under pre-enactment law, capital losses could be carried forward for eight years, and carried forward as short-term capital, irrespective of the character of the original loss. As a result of this ordering rule, pre-enactment capital loss carryforwards may potentially expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

 

 

154     GUGGENHEIM ETFS SEMI-ANNUAL REPORT

Table of Contents
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)  

 

 

 

For the period ended April 30, 2012, the Funds realized net capital gains resulting from in-kind redemptions and other transactions. Because gains from in-kind redemptions are non-taxable to the Funds, and are not distributed to existing Fund shareholders, the gains are reclassified from accumulated net realized gains to paid-in-capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or NAV. The in-kind net capital gains for the period ended April 30, 2012 are disclosed in the Fund’s Statement of Operations.

At April 30, 2012, the identified cost of investments in securities owned by each Fund for Federal income tax purposes and the gross unrealized appreciation and depreciation were as follows:

 

      Identified
Cost		      Gross Unrealized
Appreciation		      Gross Unrealized
Depreciation		      Net Unrealized
Appreciation
(Depreciation)		  

Guggenheim S&P 500 Equal Weight ETF

    $ 3,013,935,317       $ 279,397,423       $ (166,516,050)       $ 112,881,373   

Guggenheim S&P MidCap 400 Equal Weight ETF

      3,107,453         204,598         (148,478)         56,120   

Guggenheim S&P SmallCap 600 Equal Weight ETF

      5,717,286         875,222         (302,069)         573,153   

Guggenheim Russell MidCap® Equal Weight ETF

      53,443,242         6,152,655         (3,050,664)         3,101,991   

Guggenheim Russell 1000® Equal Weight ETF

      37,996,187         3,443,631         (2,201,027)         1,242,604   

Guggenheim Russell 2000® Equal Weight ETF

      19,594,955         1,873,541         (2,318,512)         (444,971 ) 

Guggenheim MSCI EAFE Equal Weight ETF

      12,345,396         576,630         (1,741,603)         (1,164,973 ) 

Guggenheim MSCI Emerging Markets Equal Weight ETF

      14,643,626         756,157         (1,707,536)         (951,379 ) 

Guggenheim S&P 500 Equal Weight Consumer Discretionary ETF

      54,184,374         8,018,983         (1,689,166)         6,329,817   

Guggenheim S&P 500 Equal Weight Consumer Staples ETF

      31,747,528         5,008,527         (210,812)         4,797,715   

Guggenheim S&P 500 Equal Weight Energy ETF

      40,493,199         1,699,658         (6,936,595)         (5,236,937 ) 

Guggenheim S&P 500 Equal Weight Financials ETF

      15,033,735         1,473,923         (1,163,935)         309,988   

Guggenheim S&P 500 Equal Weight Health Care ETF

      91,360,357         1,076,667         (3,181,192)         (2,104,525 ) 

Guggenheim S&P 500 Equal Weight Industrials ETF

      36,183,018         1,666,538         (929,015)         737,523   

Guggenheim S&P 500 Equal Weight Materials ETF

      30,934,440         7,967,769         (1,256,147)         6,711,622   

Guggenheim S&P 500 Equal Weight Technology ETF

      148,781,872         4,610,178         (9,026,914)         (4,416,736 ) 

Guggenheim S&P 500 Equal Weight Utilities ETF

      42,837,068         2,793,857         (1,518,080)         1,275,777   

E.    Fair Value Measurement

In accordance with U.S. GAAP, fair value is defined as the price that the Fund 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. A three-tier hierarchy is utilized to distinguish between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Funds’ investments. The inputs are summarized in the three broad levels listed 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 inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following table summarizes the inputs used to value the Funds’ net assets as of April 30, 2012:

 

Fund    Level 1
Investments
In Securities		      Level 2
Investments
In Securities		      Level 3
Investments
In Securities		      Total  

Guggenheim S&P 500 Equal Weight ETF

    $ 3,126,816,690       $         —       $ —       $ 3,126,816,690   

Guggenheim S&P MidCap 400 Equal Weight ETF

      3,163,573         —         —         3,163,573   

Guggenheim S&P SmallCap 600 Equal Weight ETF

      6,290,439         —         —         6,290,439   

Guggenheim Russell MidCap® Equal Weight ETF

      56,545,233         —         —         56,545,233   

Guggenheim Russell 1000® Equal Weight ETF

      39,238,791         —         —         39,238,791   

Guggenheim Russell 2000® Equal Weight ETF

      19,149,984         —         —         19,149,984   

Guggenheim MSCI EAFE Equal Weight ETF

      11,180,423         —         —         11,180,423   

 

GUGGENHEIM ETFS SEMI-ANNUAL REPORT       155

Table of Contents

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

 

  

 

 

Fund    Level 1
Investments
In Securities		      Level 2
Investments
In Securities		      Level 3
Investments
In Securities		      Total  

Guggenheim MSCI Emerging Markets Equal Weight ETF

      13,679,284         —         12,963         13,692,247   

Guggenheim S&P 500 Equal Weight Consumer Discretionary ETF

      60,514,191         —         —         60,514,191   

Guggenheim S&P 500 Equal Weight Consumer Staples ETF

      36,545,243         —         —         36,545,243   

Guggenheim S&P 500 Equal Weight Energy ETF

      35,256,262         —         —         35,256,262   

Guggenheim S&P 500 Equal Weight Financials ETF

      15,343,723         —         —         15,343,723   

Guggenheim S&P 500 Equal Weight Health Care ETF

      89,255,832         —         —         89,255,832   

Guggenheim S&P 500 Equal Weight Industrials ETF

      36,920,541         —         —         36,920,541   

Guggenheim S&P 500 Equal Weight Materials ETF

      37,646,062         —         —         37,646,062   

Guggenheim S&P 500 Equal Weight Technology ETF

      144,365,136         —         —         144,365,136   

Guggenheim S&P 500 Equal Weight Utilities ETF

      44,112,845         —         —         44,112,845   

For the period ended April 30, 2012, there were no transfers between levels.

Summary of Fair Value Level 3 Activity

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value for the period ended April 30, 2012:

 

Fund   Beginning
Balance
10/31/2011		     Purchases     Sales     Accrued
Discounts
(Premiums)		     Total
Realized
Gains
(Losses)		     Total
Change in
Unrealized
Appreciation
(Depreciation)		     Transfers
in to
Level 3		     Transfers
Out of
Level 3		     Ending
Balance
4/30/2012		     Net
Change in
Unrealized
Appreciation
(Depreciation)
on Investments
Held at
4/30/2012		  

Guggenheim MSCI Emerging

                    

Markets Equal Weight ETF

   $ —      $ 8,366      $ 8,391      $ —      $ (1,906 )    $ (23,609 )    $ 22,537      $ —      $ 12,963      $ (23,609 ) 

Total

   $ —      $ 8,366      $ 8,391      $ —      $ (1,906 )    $ —      $ 22,537      $ —      $ 12,963      $ —   

The Funds disclose information about transfers in and out of all Levels of the fair value hierarchy on a gross basis and the reasons for the transfers as well as to disclosures about the valuation techniques and inputs used to measure fair value for investments that fall in either Level 2 or Level 3 fair value hierarchy. Purchases, sales, issuances and settlements are shown on a gross basis in a Level 3 roll forward rather than as one net number.

F.    Dividends and Distributions

Distributions of net investment income and net realized gains, if any, in all the Funds, are declared at least annually and recorded on the ex-dividend date and are determined in accordance with income tax regulations which may differ from U.S. GAAP.

G.    Risk and Uncertainties

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. The Guggenheim S&P 500 Equal Weight ETFs are non-diversified funds, subjecting them to a greater risk than funds that are diversified.

H.    Risk Disclosure

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.

3.    Advisory, Administration 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.

 

      Advisory Fee  

Guggenheim S&P 500 Equal Weight ETF

      0.40%   

Guggenheim S&P MidCap 400 Equal Weight ETF

      0.40%   

 

156     GUGGENHEIM ETFS SEMI-ANNUAL REPORT

Table of Contents
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)  

 

 

 

      Advisory Fee  

Guggenheim S&P SmallCap 600 Equal Weight ETF

      0.40%   

Guggenheim Russell MidCap® Equal Weight ETF

      0.40%   

Guggenheim Russell 1000® Equal Weight ETF

      0.40%   

Guggenheim Russell 2000® Equal Weight ETF

      0.40%   

Guggenheim MSCI EAFE Equal Weight ETF

      0.55%   

Guggenheim MSCI Emerging Markets Equal Weight ETF

      0.70%   

Guggenheim S&P 500 Equal Weight Consumer Discretionary ETF

      0.50%   

Guggenheim S&P 500 Equal Weight Consumer Staples ETF

      0.50%   

Guggenheim S&P 500 Equal Weight Energy ETF

      0.50%   

Guggenheim S&P 500 Equal Weight Financials ETF

      0.50%   

Guggenheim S&P 500 Equal Weight Health Care ETF

      0.50%   

Guggenheim S&P 500 Equal Weight Industrials ETF

      0.50%   

Guggenheim S&P 500 Equal Weight Materials ETF

      0.50%   

Guggenheim S&P 500 Equal Weight Technology ETF

      0.50%   

Guggenheim S&P 500 Equal Weight Utilities ETF

      0.50%   

GI pays all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except: interest, taxes, distribution fees or expenses and extraordinary expenses.

Under an Administration Agreement, State Street Bank and Trust Company (the “Administrator”) provides various administrative and accounting services for the maintenance and operations of the Funds. Under a Custodian Agreement with the Trust, the Administrator maintains cash, securities and other assets of the Funds in separate accounts for each Fund, keeps all necessary accounts and records, and provides other services. The Administrator 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, the Administrator 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 the Administrator directly for the foregoing services.

The Funds have adopted a Distribution Plan (the “Plan”) that allows the Funds to pay distribution fees to RDL and other firms that provide distribution services (“Service Providers”). If a Service Provider provides distribution services, the Funds will pay distribution fees to RDL at an annual rate not to exceed 0.25% of average daily net assets, pursuant to Rule 12b-1 of the 1940 Act. RDL will, in turn, pay the Service Provider out of its fees. No such fee is currently charged to the Funds.

4.    Capital

At April 30, 2012, there were an unlimited number of no par value shares of beneficial interest authorized. 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:

 

      Minimum
Transaction Fee		  

Guggenheim S&P 500 Equal Weight ETF

    $ 2,000   

Guggenheim S&P MidCap 400 Equal Weight ETF

      1,250   

Guggenheim S&P SmallCap 600 Equal Weight ETF

      2,000   

Guggenheim Russell MidCap® Equal Weight ETF

      2,000   

Guggenheim Russell 1000® Equal Weight ETF

      2,500   

Guggenheim Russell 2000® Equal Weight ETF

      3,000   

Guggenheim MSCI EAFE Equal Weight ETF

      12,000   

Guggenheim MSCI Emerging Markets Equal Weight ETF

      6,000   

Guggenheim S&P 500 Equal Weight Consumer Discretionary ETF

      750   

Guggenheim S&P 500 Equal Weight Consumer Staples ETF

      500   

Guggenheim S&P 500 Equal Weight Energy ETF

      500   

Guggenheim S&P 500 Equal Weight Financials ETF

      750   

Guggenheim S&P 500 Equal Weight Health Care ETF

      500   

Guggenheim S&P 500 Equal Weight Industrials ETF

      500   

Guggenheim S&P 500 Equal Weight Materials ETF

      500   

Guggenheim S&P 500 Equal Weight Technology ETF

      750   

Guggenheim S&P 500 Equal Weight Utilities ETF

      500   

 

GUGGENHEIM ETFS SEMI-ANNUAL REPORT       157

Table of Contents
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)  

 

 

 

5.    Investment Transactions

For the period ended April 30, 2012, the Funds had investment transactions in-kind associated with subscriptions and redemptions as follows:

 

      Subscriptions      Redemptions  

Guggenheim S&P 500 Equal Weight ETF

      523,411,946         714,928,095   

Guggenheim S&P MidCap 400 Equal Weight ETF

      1,580,410         1,562,063   

Guggenheim S&P SmallCap 600 Equal Weight ETF

      —         —   

Guggenheim Russell MidCap® Equal Weight ETF

      9,598,715         12,288,616   

Guggenheim Russell 1000® Equal Weight ETF

      7,866,466         6,113,902   

Guggenheim Russell 2000® Equal Weight ETF

      —         5,906,644.37   

Guggenheim MSCI EAFE Equal Weight ETF

      —         —   

Guggenheim MSCI Emerging Markets Equal Weight ETF

      2,065,052         3,937,244   

Guggenheim S&P 500 Equal Weight Consumer Discretionary ETF

      37,984,905         5,414,815   

Guggenheim S&P 500 Equal Weight Consumer Staples ETF

      6,396,908         3,013,065   

Guggenheim S&P 500 Equal Weight Energy ETF

      —         —   

Guggenheim S&P 500 Equal Weight Financials ETF

      —         3,678,552   

Guggenheim S&P 500 Equal Weight Health Care ETF

      237,141,454         207,819,099   

Guggenheim S&P 500 Equal Weight Industrials ETF

      30,124,739         11,137,220   

Guggenheim S&P 500 Equal Weight Materials ETF

      —         2,894,416   

Guggenheim S&P 500 Equal Weight Technology ETF

      112,963,913         86,658,836   

Guggenheim S&P 500 Equal Weight Utilities ETF

      16,415,657         5,450,834   

Purchases and sales of investment securities (excluding short-term investments, U.S. government and government agency obligations) for the Funds were as follows:

 

      Purchases      Sales  

Guggenheim S&P 500 Equal Weight ETF

    $ 265,385,090       $ 273,101,778   

Guggenheim S&P MidCap 400 Equal Weight ETF

      327,117         331,846   

Guggenheim S&P SmallCap 600 Equal Weight ETF

      853,936         813,913   

Guggenheim Russell MidCap® Equal Weight ETF

      7,792,792         7,835,537   

Guggenheim Russell 1000® Equal Weight ETF

      4,667,494         4,657,043   

Guggenheim Russell 2000® Equal Weight ETF

      4,140,551         4,089,278   

Guggenheim MSCI EAFE Equal Weight ETF

      1,657,658         1,647,713   

Guggenheim MSCI Emerging Markets Equal Weight ETF

      3,360,439         4,354,352   

Guggenheim S&P 500 Equal Weight Consumer Discretionary ETF

      4,815,111         5,256,907   

Guggenheim S&P 500 Equal Weight Consumer Staples ETF

      2,443,086         2,435,797   

Guggenheim S&P 500 Equal Weight Energy ETF

      4,940,414         4,615,776   

Guggenheim S&P 500 Equal Weight Financials ETF

      1,489,975         1,585,838   

Guggenheim S&P 500 Equal Weight Health Care ETF

      7,498,219         6,504,234   

Guggenheim S&P 500 Equal Weight Industrials ETF

      1,785,901         1,819,473   

Guggenheim S&P 500 Equal Weight Materials ETF

      2,788,544         3,046,615   

Guggenheim S&P 500 Equal Weight Technology ETF

      12,979,473         13,937,534   

Guggenheim S&P 500 Equal Weight Utilities ETF

      4,484,786         4,011,046   

There were no purchases or sales of U.S. government or government agency obligations for the six months ended April 30, 2012.

6.    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 Official Committee of Unsecured Creditors of Tribune Co. v. FitzSimons (In re Tribune Co.), Adv. Pro. No. 10-54010 (Bankr. D. Del.), as a result of ownership of shares in the Tribune Company (“Tribune”) in 2007 by certain series of the Rydex ETF Trust when Tribune effected a leveraged buyout transaction (“LBO”) by which Tribune converted to a privately-held company. In its complaint, the Unsecured Creditors Committee (the “UCC”) has alleged that, in connection with the LBO, insiders and major shareholders were overpaid for their Tribune stock using financing that the insiders knew would, and ultimately did, leave the Tribune insolvent. The UCC has asserted claims against certain insiders, major shareholders, professional advisers, and others involved in the LBO, and is attempting to obtain from these individuals and entities the proceeds paid out in connection with the LBO. This adversary proceeding in the Bankruptcy Court has been stayed pending further order of the Bankruptcy Court.

In June 2011, a group of Tribune creditors, not including the UCC, filed multiple actions involving state law constructive fraudulent conveyance claims against former Tribune shareholders. Rydex ETF Trust also has been named as a defendant in one or more of

 

158     GUGGENHEIM ETFS SEMI-ANNUAL REPORT

Table of Contents
NOTES TO FINANCIAL STATEMENTS (Unaudited) (concluded)  

 

 

 

these suits. These cases have been consolidated in a multidistrict litigation proceeding in the United States District Court for the Southern District of New York and have been stayed pending further order of that court or of the Bankruptcy Court.

None of these lawsuits allege 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 and Guggenheim S&P 500 Equal Weight Consumer Discretionary Fund (the “Funds”). The value of the proceeds received by the foregoing Funds was $4,766,035 and $249,481, respectively. At this stage of the proceedings, Rydex ETF Trust is not able to make a reliable predication as to the outcome of these lawsuits or the effect, if any, on a Fund’s net asset value.

 

GUGGENHEIM ETFS SEMI-ANNUAL REPORT       159

Table of Contents

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 1.800.820.0888. This information is also available from the EDGAR database on the SEC’s website at http://www.sec.gov.

Information regarding how the Funds voted proxies relating to portfolio securities, during the most recent 12-month period ended June 30 is available, without charge, upon request, by calling 1.800.820.0888. The information is also available from the EDGAR database on the SEC’s website at http://www.sec.gov.

At a special meeting of shareholders held on January 26, 2012, the shareholders of the Funds voted on whether to approve a new investment advisory agreement between Rydex ETF Trust and Security Investors, LLC. A description of the number of shares voted is as follows:

 

Fund      Shares For        Shares Against        Shares Abstained  

Guggenheim S&P 500 Equal Weight ETF

        18,871,711           968,357           197,728   

Guggenheim S&P MidCap 400 Equal Weight ETF

        80,529           2,982           3,265   

Guggenheim S&P SmallCap 600 Equal Weight ETF

        858,854           22,777           30,665   

Guggenheim Russell MidCap® Equal Weight ETF

        782,962           9,645           10,716   

Guggenheim Russell 1000® Equal Weight ETF

        414,776           9,954           4,008   

Guggenheim Russell 2000® Equal Weight ETF

        272,509           7,255           1,752   

Guggenheim MSCI EAFE Equal Weight ETF

        142,893           321           504   

Guggenheim MSCI Emerging Markets Equal Weight ETF

        286,036           669           1,111   

Guggenheim S&P 500 Equal Weight Consumer Discretionary ETF

        244,945           1,344           2,209   

Guggenheim S&P 500 Equal Weight Consumer Staples ETF

        195,693           7,554           1,513   

Guggenheim S&P 500 Equal Weight Energy ETF

        213,363           2,406           20,887   

Guggenheim S&P 500 Equal Weight Financials ETF

        279,665           10,357           5,216   

Guggenheim S&P 500 Equal Weight Health Care ETF

        425,560           3,145           14,165   

Guggenheim S&P 500 Equal Weight Industrials ETF

        170,447           3,958           2,555   

Guggenheim S&P 500 Equal Weight Materials ETF

        234,735           1,998           4,965   

Guggenheim S&P 500 Equal Weight Technology ETF

        791,497           14,858           220,734   

Guggenheim S&P 500 Equal Weight Utilities ETF

        218,950           4,280           611   

At a special meeting of shareholders held on November 22, 2011, the shareholders of the Funds also voted on whether to approve the election of nominees to the Board of Trustees. A description of the number of shares voted is as follows:

 

Donald C. Cacciapaglia    Corey A. Colehour            J. Kenneth Dalton  

    For

      72,100,198         

    For

      72,258,142         

    For

      72,216,847   

    Withhold

      2,135,025         

    Withhold

      1,977,081         

    Withhold

      2,018,376   

Total

      74,235,223         

Total

      74,235,223         

Total

      74,235,223   
John O. Demaret    Richard M. Goldman            Werner E. Keller  

    For

      72,234,406         

    For

      72,161,702         

    For

      72,220,467   

    Withhold

      2,000,817         

    Withhold

      2,073,521         

    Withhold

      2,014,756   

Total

      74,235,223         

Total

      74,235,223         

Total

      74,235,223   
Thomas F. Lydon    Patrick T. McCarville            Roger Somers  

    For

      72,247,608         

    For

      72,174,312         

    For

      72,250,544   

    Withhold

      1,987,615         

    Withhold

      2,060,911         

    Withhold

      1,984,679   

Total

      74,235,223         

Total

      74,235,223         

Total

      74,235,223   

At a special meeting of shareholders held on January 26, 2012, the shareholders of the Funds also voted on whether to approve a “manager of managers” arrangement for each of the Funds. Although shareholder votes were placed, not enough votes were received to meet the minimum requirements to constitute a majority vote. As such, the matter was closed.

Quarterly Portfolio Schedules Information

The Trust files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q; which are available on the SEC’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and that information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. Copies of the portfolio holdings are also available to shareholders, without charge and upon request, by calling 1.800.820.0888.

 

160     GUGGENHEIM ETFS SEMI-ANNUAL REPORT

Table of Contents
OTHER INFORMATION (Unaudited) (concluded)  

 

 

 

Office Locations

The offices of Guggenheim Investments can be found in the following locations:

40 East 52nd Street

16th Floor

New York, NY 10022

(Headquarters)

Four Irvington Centre

805 King Farm Boulevard

Suite 600

Rockville, MD 20850

9401 Indian Creek Parkway

40 Corporate Woods

Suite 850

Overland Park, KS 66210

Premium/Discount Information

Information about the differences between the daily market price on secondary markets for Shares and the NAV of each Fund can be found at www.guggenheimfunds.com.

Guggenheim Transaction

On September 20, 2011, Guggenheim Capital, LLC agreed to purchase the indirect holding company of Security Investors, LLC, the Fund’s investment manager (the “Investment Manager”) (the “Transaction”). Guggenheim Capital, LLC’s subsidiary, Guggenheim Partners, LLC (“Guggenheim”), is a global, independent, privately-held, diversified financial services firm with more than 1,500 dedicated professionals. The Transaction closed on February 29, 2012.

The Transaction should not result in material changes to the day-to-day management and operation of the Fund or any increase in fees.

In anticipation of the Transaction, the Board of Trustees of the Fund (the “Board”) called a special meeting of shareholders (the “Meeting”), at which shareholders of the Fund of record as of October 3, 2011 were asked to consider the approval of a new investment management agreement between the Fund and the Investment Manager (the “New Agreement”). This approval was necessary because, under the Investment Company Act of 1940 (the “1940 Act”), the Transaction could result in the termination of the Fund’s current investment management agreement with the Investment Manager (the “Current Agreement”). The Fund’s shareholders approved the New Agreement, the terms of which are substantially identical to the corresponding Current Agreement, except with respect to the date of execution.

Election of Board Members

The Board also approved a proposal to elect nine individuals to the Board. The Board proposed the election of the following nominees: Donald C. Cacciapaglia, Corey A. Colehour, J. Kenneth Dalton, John O. Demaret, Richard M. Goldman, Werner E. Keller, Thomas F. Lydon, Patrick T. McCarville and Roger Somers. Each of the nominees, other than Mr. Cacciapaglia, currently serves as a Trustee. In connection with the Transaction, the Board believes that expanding the Board to include Mr. Cacciapaglia, who is a member of senior management of Guggenheim’s investment management business, and who would serve on other boards in the Guggenheim Investments family of funds, would be appropriate. The Trusts’ shareholders ultimately approved the aforementioned proposal.

 

GUGGENHEIM ETFS SEMI-ANNUAL REPORT       161

Table of Contents

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 calling 800.820.0888.

All Trustees and Officers may be reached c/o Guggenheim Investments, 805 King Farm Boulevard, Suite 600, Rockville, MD 20850.

TRUSTEE AND OFFICER

 

  Name, Position and
       Year of Birth                            

        

Length of Service
As Trustee
(Year Began)

        

Number of
Funds Overseen

Donald C. Cacciapaglia*

      

Rydex Series Funds – 2012

      

148

Trustee, President (1951)      

Rydex Variable Trust – 2012

      
     

Rydex Dynamic Funds – 2012

      
     

Rydex ETF Trust – 2012

      

Principal Occupations During Past Five Years: Security Investors, LLC: President and CEO from April 2012 to present; Guggenheim Investments: President and Chief Administrative Officer from February 2010 to present; Channel Capital Group, Inc.: Chairman and CEO from April 2002 to February 2010.

INDEPENDENT TRUSTEES

 

  Name, Position and
       Year of Birth                            

        

Length of Service
As Trustee
(Year Began)

        

Number of
Funds Overseen

Corey A. Colehour

      

Rydex Series Funds – 1993

      

148

Trustee (1945)      

Rydex Variable Trust – 1998

      
     

Rydex Dynamic Funds – 1999

      
     

Rydex ETF Trust – 2003

      

Principal Occupations During Past Five Years: Retired; Member of the Audit, Governance and Nominating Committees (1995 to present)

 

 

J. Kenneth Dalton

      

Rydex Series Funds – 1995

      

148

Trustee (1941)      

Rydex Variable Trust – 1998

      
     

Rydex Dynamic Funds – 1999

      
     

Rydex ETF Trust – 2003

      

Principal Occupations During Past Five Years: Retired; Member of the Governance and Nominating Committees (1995 to present); Chairman of the Audit Committee (1997 to present); Member of the Risk Oversight Committee (2010 to present)

 

 

John O. Demaret

      

Rydex Series Funds – 1997

      

148

Trustee, Chairman of the      

Rydex Variable Trust – 1998

      
Board (1941)      

Rydex Dynamic Funds – 1999

      
     

Rydex ETF Trust – 2003

      

Principal Occupations During Past Five Years: Retired; Member of the Audit Committee (1997 to present); Member of the Risk Oversight Committee (2010 to present)

 

 

Werner E. Keller

      

Rydex Series Funds – 2005

      

148

Trustee (1940)      

Rydex Variable Trust – 2005

      
     

Rydex Dynamic Funds – 2005

      
     

Rydex ETF Trust – 2005

      

Principal Occupations During Past Five Years: Founder and President of Keller Partners, LLC (registered investment adviser) (2005 to present); Member of the Audit, Governance and Nominating Committees (2005 to present); Chairman and Member of the Risk Oversight Committee (2010 to present)

 

 

162     GUGGENHEIM ETFS SEMI-ANNUAL REPORT

Table of Contents
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited) (continued)  

 

 

 

INDEPENDENT TRUSTEES – concluded

 

  Name, Position and
       Year of Birth                            

        

Length of Service
As Trustee
(Year Began)

        

Number of
Funds Overseen

Thomas F. Lydon, Jr.

      

Rydex Series Funds – 2005

      

148

Trustee (1960)      

Rydex Variable Trust – 2005

      
     

Rydex Dynamic Funds – 2005

      
     

Rydex ETF Trust – 2005

      

Principal Occupations During Past Five Years: President, Global Trends Investments (1996 to present); Member of the Audit, Governance and Nominating Committees (2005 to present)

 

 

Patrick T. McCarville

      

Rydex Series Funds – 1997

      

148

Trustee (1942)      

Rydex Variable Trust – 1998

      
     

Rydex Dynamic Funds – 1999

      
     

Rydex ETF Trust – 2003

      

Principal Occupations During Past Five Years: CEO, Par Industries, Inc., d/b/a Par Leasing (1977 to 2010); Chairman of the Governance and Nominating Committees (1997 to present); Member of the Audit Committee (1997 to present)

 

 

Roger Somers

      

Rydex Series Funds – 1993

      

148

Trustee (1944)      

Rydex Variable Trust – 1998

      
     

Rydex Dynamic Funds – 1999

      
     

Rydex ETF Trust – 2003

      

Principal Occupations During Past Five Years: Founder and CEO of Arrow Limousine (1965 to present); Member of the Audit, Governance and Nominating Committees (1995 to present)

 

 

EXECUTIVE OFFICERS

 

 Name, Position and
      Year of Birth

  

Principal Occupations

During Past Five Years

Michael P. Byrum*

Vice President (1970)

  

Current: President, Security Benefit Asset Management Holdings, LLC; Senior Vice President, Security Investors, LLC; President and Chief Investment Officer, Rydex Holdings, LLC; Director and Chairman of the Board, Advisor Research Center, Inc.; Manager, Rydex Specialized Products, LLC

 

Previous: Rydex Distributors, LLC (f/k/a Rydex Distributors, Inc.), Vice President (2009); Rydex Fund Services, LLC, Director (2009-2010), Secretary (2002- 2010), Executive Vice President (2002- 2006); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.), Director (2008-2010), Chief Investment Officer (2006-2010), President (2004-2010), Secretary (2002-2010); Rydex Advisors II, LLC (f/k/a PADCO Advisors II, Inc.), Director (2008-2010), Chief Investment Officer (2006-2010), President (2004-2010), Secretary (2002-2010); Rydex Capital Partners, LLC, President and Secretary (2003-2007); Rydex Capital Partners II, LLC, (2003-2007); Rydex Holdings, LLC (f/k/a Rydex Holdings, Inc.), Secretary (2005-2008), Executive Vice President (2005-2006); Advisor Research Center, Inc., Secretary (2006-2009), Executive Vice President (2006); Rydex Specialized Products, LLC, Secretary (2005-2008)

 

GUGGENHEIM ETFS SEMI-ANNUAL REPORT       163

Table of Contents

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited) (concluded)

 

  

 

 

EXECUTIVE OFFICERS – concluded

 

 Name, Position and
      Year of Birth

  

Principal Occupations

During Past Five Years

Nikolaos Bonos*

Vice President and Treasurer (1963)

  

Current: Senior Vice President, Security Investors, LLC; Chief Executive Officer and Manager, Rydex Specialized Products, LLC; Chief Executive Officer and President, Rydex Fund Services, LLC; Vice President, Rydex Holdings, LLC; Treasurer, SBL Fund; Security Equity Fund; Security Income Fund; Security Large Cap Value Fund and Security Mid Cap Growth Fund; Vice President, Security Benefit Asset Management Holdings, LLC

 

Previous: Guggenheim Investments, LLC, Senior Vice President (2010-2011); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.) Senior Vice President (2006-2011); Rydex Fund Services, LLC (f/k/a Rydex Fund Services, Inc.), Director (2009), Senior Vice President (2003-2006); Rydex Specialized Products, LLC, Chief Financial Officer (2005-2009)

Elisabeth Miller*

Chief Compliance Officer (1968)

  

Current: Chief Compliance Officer, Rydex Series Funds, Rydex Dynamic Funds, Rydex Variable Trust, Rydex ETF Trust, Security Equity Fund, Security Income Fund, Security Large Cap Value Fund, Security Mid Cap Growth Fund, SBL Fund, Security Investors, LLC, and Rydex Distributors, LLC

 

Previous: Senior Manager, Security Investors, LLC and Rydex Distributors, LLC (2004-2009).

Amy J. Lee*

Vice President and

Assistant Secretary (1960)

  

Current: Senior Vice President and Secretary, Security Investors, LLC; Secretary and Chief Compliance Officer, Security Distributors, Inc.; Vice President, Associate General Counsel and Assistant Secretary, Security Benefit Life Insurance Company and Security Benefit Corporation; Associate General Counsel, First Security Benefit Life Insurance and Annuity of New York; Vice President and Secretary, SBL Fund; Security Equity Fund; Security Income Fund; Security Large Cap Value Fund and Security Mid Cap Growth Fund; Vice President and Secretary, Rydex Holdings, LLC; Secretary, Advisor Research Center, Inc., Rydex Specialized Products, LLC, Rydex Distributors, LLC and Rydex Fund Services, LLC; Assistant Secretary, Security Benefit Clinic and Hospital

 

Previous: Guggenheim Investments, LLC, Senior Vice President and Secretary (2007- 2011); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.) and Rydex Advisors II, LLC (f/k/a PADCO Advisors II, Inc.), Senior Vice President and Secretary (2010- 2011); Brecek and Young Advisors, Inc., Director (2004- 2008)

Joseph M. Arruda*

Assistant Treasurer (1966)

  

Current: Assistant Treasurer, SBL Fund; Security Equity Fund; Security Income Fund; Security Large Cap Value Fund and Security Mid Cap Growth Fund; Vice President, Security Investors, LLC; Chief Financial Officer and Manager, Rydex Specialized Products, LLC

 

Previous: Guggenheim Investments, LLC, Vice President (2010-2011); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.) and Rydex Advisors II, LLC (f/k/a PADCO Advisors II, Inc.), Vice President (2004-2011)

 

*   Officers of the Funds are deemed to be “interested persons” of the Trust, within the meaning of Section 2(a) (19) of the 1940 Act, inasmuch as this person is affiliated with Guggenheim Investments.

 

164     GUGGENHEIM ETFS SEMI-ANNUAL REPORT

Table of Contents

LOGO

805 King Farm Boulevard, Suite 600

Rockville, MD 20850

www.rydex-sgi.com

800.820.0888

ETF-SEMI-0412x1012

Table of Contents

LOGO

 

 

LOGO

 

APRIL 30, 2012

GUGGENHEIM ETFS

SEMI-ANNUAL REPORT

 

XLG GUGGENHEIM RUSSELL 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

Table of Contents
TABLE OF CONTENTS  

 

 

 

LETTER TO OUR SHAREHOLDERS

      2   

FEES AND EXPENSES

      4   

PORTFOLIO SUMMARY

      6   

SCHEDULE OF INVESTMENTS

      13   

STATEMENT OF ASSETS AND LIABILITIES

      33   

STATEMENT OF OPERATIONS

      35   

STATEMENTS OF CHANGES IN NET ASSETS

      37   

FINANCIAL HIGHLIGHTS

      41   

NOTES TO FINANCIAL STATEMENTS

      48   

OTHER INFORMATION

      53   

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS

      55   

 

GUGGENHEIM ETFS SEMI-ANNUAL REPORT       1

Table of Contents

LETTER TO OUR SHAREHOLDERS

 

  

 

 

To Our Shareholders:

A restructuring of Greece’s massive debt, continued accommodation by the world’s major central banks and better news on the U.S. economy helped support financial markets over the six months ended April 30, 2012. Market optimism peaked in early 2012, when several major equity indices pushed to multi-year highs. But the mood grew more cautious late in the period after first-quarter U.S. GDP came in lower than expected and the Federal Reserve suggested that it would not take any additional measures to stimulate the economy. “Operation Twist,” in which the Fed buys longer-dated Treasury securities in order to hold down long-term rates, is set to end in June, and recent history has shown that stocks struggle when stimulus ends.

U.S. equities last fall were rebounding from the loss of the U.S. AAA credit rating in August. But after touching the low for the period in mid-November, improving U.S. economic data and the European Central Bank’s injections of three-year loans into the continent’s banking system gave a boost to markets late in 2011, which carried over into a strong first quarter of 2012. The mild U.S. winter also may have pulled economic, and thus market, activity forward, a notion supported by underlying momentum in consumer spending.

Markets began to get choppy in April, and many investors remained cautious, remembering 2010 and 2011, when U.S. stocks started strong, then experienced broad-based corrections. Besides a continuation of weakness in employment and housing, adding to unsettled markets were softening economic data and concern about the “fiscal cliff” the U.S. faces in 2013 when tax rates will rise unless Congress steps in. In addition, the onset of recession in Europe is complicating that region’s efforts to manage the sovereign debt crisis. Emerging markets in the first quarter of 2012 had their best start in 20 years, but slipped in March on fears of eurozone market contagion and renewed concern that China’s economic growth might slow.

The Fed said in late April that it expected economic growth to remain moderate over coming quarters, but that the unemployment rate will subside gradually and that inflation was under control. To foster growth, the Federal Reserve has said it will leave its key interest rate close to zero at least through 2014, despite arguments by some Fed officials and investors that the Fed may have to consider raising rates much earlier than that to prevent inflation.

Signs that the U.S. economy was expanding at a slow, but sustainable, rate contributed to concern about future inflation, and both short-term and long-term Treasury yields generally moved higher over the first part of 2012. The continued accommodative stance of the Fed, combined with the slow, but stable, economic recovery, is supporting a positive outlook for U.S. fixed income, particularly among corporate issuers, as borrowing costs remain low, default rates currently hover around 2% and strong demand for primary issuance has enabled a steady wave of debt refinancing. Against an improving U.S. macroeconomic backdrop, investment-grade and high-yield corporates are expected to continue to outpace Treasuries.

Commodities, which had been slumping since mid-2011 due to slowing economic activity and the European debt crisis, rebounded in early 2012 on stronger macroeconomic data, but remain volatile. The price of a barrel of oil rose slightly over the six months ended in April, but investors have been shifting out of gold to assets with greater return potential. After peaking at above $1,900 last summer, the price per ounce has fallen back to around $1,600. The dollar strengthened slightly against a basket of other major currencies over the period, reflecting better economic performance in the U.S. versus other markets.

The U.S. economy seems to be decoupling from slowing growth in the rest of the world and from ongoing uncertainty in the European debt crisis, as well as the domestic debate over tax and spending policy. In this resiliency, we see potential in U.S. investments, including equities, high yield bonds, bank loans and other risk assets. It appears that the U.S. may have entered a period of self-sustaining, if modest, economic expansion, driven primarily by the aggressive monetary policy of the Fed and reinforced by the ECB, and is increasingly becoming the economic locomotive of the global economy.

 

  2     GUGGENHEIM ETFS SEMI-ANNUAL REPORT

Table of Contents

LETTER TO OUR SHAREHOLDERS   (concluded)

 

  

 

 

We look forward to continuing our service to you. Thank you for investing in our funds.

Sincerely,

 

LOGO

Donald C. Cacciapaglia

President

 

 

 

 

Performance displayed represents past performance which is no guarantee of future results. Of course, fund performance is subject to daily market volatility and may be better or worse since the end of the last quarter. For up-to-date fund performance, call us at 800.820.0888 or visit www.rydex-sgi.com.

Read each fund’s prospectus and summary prospectus (if available) carefully before investing. It contains the fund’s investment objectives, risks, charges, expenses and other information, which should be considered carefully before investing. Obtain a prospectus and summary prospectus (if available) at www.rydex-sgi.com or call 800.820.0888

The referenced funds are distributed by Rydex Distributors, LLC. Guggenheim Investments represents the investment management business of Guggenheim Partners, LLC, which includes Security Investors, LLC, the investment advisor to the referenced funds. Rydex Distributors, LLC, is affiliated with Guggenheim Partners, LLC and Security Investors, LLC.

 

GUGGENHEIM ETFS SEMI-ANNUAL REPORT       3

Table of Contents

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, 2011 and held for the six months ended April 30, 2012.

Actual Expenses

The first table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first table under the heading entitled “Expenses Paid During the Six-Month Period” to estimate the expenses attributable to your investment during this period.

Hypothetical Example for Comparison Purposes

The second table below provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not a Fund’s actual return. Thus, you should not use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are provided to enable you to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as creation and redemption fees, or brokerage charges. Therefore, the second table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

 

      Expense
Ratio		        Beginning
Account Value
10/31/11		        Ending
Account Value
4/30/12		        Expenses
Paid During
Six-Month Period*
10/31/11 to 4/30/12		  

Actual

                  

Guggenheim Russell Top 50® ETF

      0.20%         $ 1,000.00         $ 1,147.70         $ 1.07   

Guggenheim S&P 500 Pure Value ETF

      0.35%         $ 1,000.00         $ 1,102.40         $ 1.83   

Guggenheim S&P 500 Pure Growth ETF

      0.35%         $ 1,000.00         $ 1,101.60         $ 1.83   

Guggenheim S&P MidCap 400 Pure Value ETF

      0.35%         $ 1,000.00         $ 1,154.10         $ 1.87   

Guggenheim S&P MidCap 400 Pure Growth ETF

      0.35%         $ 1,000.00         $ 1,095.30         $ 1.82   

Guggenheim S&P SmallCap 600 Pure Value ETF

      0.35%         $ 1,000.00         $ 1,117.60         $ 1.84   

Guggenheim S&P SmallCap 600 Pure Growth ETF

      0.35%         $ 1,000.00         $ 1,101.60         $ 1.83   

Hypothetical (assuming a 5% return before expenses)

  

Guggenheim Russell Top 50® ETF

      0.20%         $ 1,000.00         $ 1,023.87         $ 1.01   

Guggenheim S&P 500 Pure Value ETF

      0.35%         $ 1,000.00         $ 1,023.12         $ 1.76   

Guggenheim S&P 500 Pure Growth ETF

      0.35%         $ 1,000.00         $ 1,023.12         $ 1.76   

Guggenheim S&P MidCap 400 Pure Value ETF

      0.35%         $ 1,000.00         $ 1,023.12         $ 1.76   

 

  4     GUGGENHEIM ETFS SEMI-ANNUAL REPORT

Table of Contents

FEES AND EXPENSES   (Unaudited) (concluded)

 

  

 

 

      Expense
Ratio		        Beginning
Account Value
10/31/11		        Ending
Account Value
4/30/12		        Expenses
Paid During
Six-Month Period*
10/31/11 to 4/30/12		  

Guggenheim S&P MidCap 400 Pure Growth ETF

      0.35%         $ 1,000.00         $ 1,023.12         $ 1.76   

Guggenheim S&P SmallCap 600 Pure Value ETF

      0.35%         $ 1,000.00         $ 1,023.12         $ 1.76   

Guggenheim S&P SmallCap 600 Pure Growth ETF

      0.35%         $ 1,000.00         $ 1,023.12         $ 1.76   

 

*   Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 182/366 (to reflect one-half year period).

 

GUGGENHEIM ETFS SEMI-ANNUAL REPORT       5  

Table of Contents

PORTFOLIO SUMMARY

 

  

 

XLG GUGGENHEIM RUSSELL TOP 50® ETF

 

Sector Allocations*

 

LOGO

 

Top 10 Holdings*  
Description    % of
Net Assets		  

Apple, Inc.

      8.55%   

Exxon Mobil Corp.

      6.73%   

International Business Machines Corp.

      3.97%   

Microsoft Corp.

      3.76%   

Chevron Corp.

      3.39%   

General Electric Co.

      3.29%   

AT&T, Inc.

      3.09%   

Pfizer, Inc.

      2.87%   

Johnson & Johnson, Inc.

      2.82%   

Procter & Gamble Co. (The)

      2.81%   
 
*   The Fund’s Top Ten Holdings are expressed as a percentage of net assets and the Sector Allocations are expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time.

 

  6     GUGGENHEIM ETFS SEMI-ANNUAL REPORT

Table of Contents

PORTFOLIO SUMMARY (continued)

 

 

RPV GUGGENHEIM S&P 500 PURE VALUE ETF

 

Sector Allocations*

 

LOGO

 

Top 10 Holdings*  
Description    % of
Net Assets		  

American International Group, Inc.

      3.00%   

Computer Sciences Corp.

      2.37%   

Whirlpool Corp.

      2.20%   

Hartford Financial Services Group, Inc.

      2.03%   

Valero Energy Corp.

      1.81%   

Sunoco, Inc.

      1.72%   

Lincoln National Corp.

      1.71%   

Marathon Oil Corp.

      1.66%   

Archer-Daniels-Midland Co.

      1.58%   

Bank of America Corp.

      1.53%   
 
*   The Fund’s Top Ten Holdings are expressed as a percentage of net assets and the Sector Allocations are expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time.

 

GUGGENHEIM ETFS SEMI-ANNUAL REPORT       7  

Table of Contents

PORTFOLIO SUMMARY (continued)

 

 

RPG GUGGENHEIM S&P 500 PURE GROWTH ETF

 

Sector Allocations*

 

LOGO

 

Top 10 Holdings*  
Description    % of
Net Assets		  

Apple, Inc.

      1.77%   

Priceline.com, Inc.

      1.62%   

Visa, Inc. — Class A

      1.43%   

O’Reilly Automotive, Inc.

      1.39%   

Intuitive Surgical, Inc.

      1.36%   

Autozone, Inc.

      1.29%   

Ross Stores, Inc.

      1.27%   

Salesforce.com, Inc.

      1.27%   

Chipotle Mexican Grill, Inc.

      1.26%   

Biogen IDEC, Inc.

      1.25%   
 
*   The Fund’s Top Ten Holdings are expressed as a percentage of net assets and the Sector Allocations are expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time.

 

  8     GUGGENHEIM ETFS SEMI-ANNUAL REPORT

Table of Contents

PORTFOLIO SUMMARY (continued)

 

 

RFV GUGGENHEIM S&P MIDCAP 400 PURE VALUE ETF

 

Sector Allocations*

 

LOGO

 

Top 10 Holdings*       
Description    % of
Net Assets		  

Exelis, Inc.

      2.98%   

First American Financial Corp.

      2.95%   

ITT Corp.

      2.88%   

Community Health Systems, Inc.

      2.62%   

Collective Brands, Inc.

      2.53%   

URS Corp.

      2.15%   

Ingram Micro, Inc. — Class A

      2.13%   

Protective Life Corp.

      2.10%   

AVNET, Inc.

      2.02%   

Huntington Ingalls Industries, Inc.

      1.90%   
 
*   The Fund’s Top Ten Holdings are expressed as a percentage of net assets and the Sector Allocations are expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time.

 

GUGGENHEIM ETFS SEMI-ANNUAL REPORT       9  

Table of Contents

PORTFOLIO SUMMARY (continued)

 

 

RFG GUGGENHEIM S&P MIDCAP 400 PURE GROWTH ETF

 

Sector Allocations*

 

LOGO

 

Top 10 Holdings*  
Description    % of
Net Assets		  

Regeneron Pharmaceuticals, Inc.

      3.54%   

Catalyst Health Solutions, Inc.

      2.40%   

Equinix, Inc.

      2.27%   

ITT Educational Services, Inc.

      2.23%   

Alliance Data Systems Corp.

      1.78%   

Gen-Probe, Inc.

      1.68%   

Advance Auto Parts, Inc.

      1.66%   

Under Armour, Inc. — Class A

      1.65%   

Monster Beverage Corp.

      1.64%   

Amerigroup Corp.

      1.62%   
 
*   The Fund’s Top Ten Holdings are expressed as a percentage of net assets and the Sector Allocations are expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time.

 

10     GUGGENHEIM ETFS SEMI-ANNUAL REPORT

Table of Contents

PORTFOLIO SUMMARY (continued)

 

 

RZV GUGGENHEIM S&P SMALLCAP 600 PURE VALUE ETF

 

Sector Allocations*

 

LOGO

Top 10 Holdings*  
Description    % of
Net Assets		  

Voxx International Corp.

      2.21%   

Marriott Vacations Worldwide Corp.

      1.99%   

Gentiva Health Services, Inc.

      1.89%   

Amedisys, Inc.

      1.82%   

Tuesday Morning Corp.

      1.71%   

Perry Ellis International, Inc.

      1.66%   

Marinemax, Inc.

      1.63%   

Skechers U.S.A., Inc. — Class A

      1.57%   

Almost Family, Inc.

      1.44%   

Stewart Information Services Corp.

      1.36%   
 
*   The Fund’s Top Ten Holdings are expressed as a percentage of net assets and the Sector Allocations are expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time.

 

GUGGENHEIM ETFS SEMI-ANNUAL REPORT       11

Table of Contents

PORTFOLIO SUMMARY (concluded)

 

 

RZG GUGGENHEIM S&P SMALLCAP 600 PURE GROWTH ETF

 

Sector Allocations*

 

LOGO

 

Top 10 Holdings*  
Description    % of
Net Assets		  

Cirrus Logic, Inc.

      1.40%   

MWI Veterinary Supply, Inc.

      1.40%   

Coinstar, Inc.

      1.39%   

Buffalo Wild Wings, Inc.

      1.33%   

Veeco Instruments, Inc.

      1.24%   

Sturm Ruger & Co., Inc.

      1.20%   

Sourcefire, Inc.

      1.17%   

Allegiant Travel Co.

      1.16%   

Kulicke & Soffa Industries, Inc.

      1.07%   

Seacor Holdings, Inc.

      1.06%   
 
*   The Fund’s Top Ten Holdings are expressed as a percentage of net assets and the Sector Allocations are expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time.

 

12     GUGGENHEIM ETFS SEMI-ANNUAL REPORT

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited)   April 30, 2012

 

 

GUGGENHEIM RUSSELL TOP 50® ETF

 

     SHARES     MARKET
VALUE		  
   

COMMON STOCKS - 99.7%

  

Aerospace & Defense - 2.1%

  

Boeing Co. (The)

     56,719      $ 4,356,019   

United Technologies Corp.

     70,316        5,740,598   
   

 

 

  

Total Aerospace & Defense

       10,096,617   
   

 

 

  

Air Freight & Logistics - 0.9%

  

United Parcel Service, Inc. — Class B

     56,446        4,410,690   
   

 

 

  

Total Air Freight & Logistics

       4,410,690   
   

 

 

  

Automobiles - 0.7%

  

Ford Motor Co.

     286,253        3,228,934   
   

 

 

  

Total Automobiles

       3,228,934   
   

 

 

  

Beverages - 4.0%

  

Coca-Cola Co. (The)

     151,778        11,583,697   

PepsiCo, Inc.

     121,433        8,014,578   
   

 

 

  

Total Beverages

       19,598,275   
   

 

 

  

Biotechnology - 0.9%

  

Amgen, Inc.

     61,152        4,348,519   
   

 

 

  

Total Biotechnology

       4,348,519   
   

 

 

  

Capital Markets - 0.9%

  

Goldman Sachs Group, Inc. (The)

     39,775        4,580,091   
   

 

 

  

Total Capital Markets

       4,580,091   
   

 

 

  

Commercial Banks - 2.6%

  

Wells Fargo & Co.

     377,892        12,632,930   
   

 

 

  

Total Commercial Banks

       12,632,930   
   

 

 

  

Communications Equipment - 3.4%

  

Cisco Systems, Inc.

     422,553        8,514,443   

QUALCOMM, Inc.

     128,262        8,188,246   
   

 

 

  

Total Communications Equipment

       16,702,689   
   

 

 

  

Computers & Peripherals - 10.3%

  

Apple, Inc.*

     71,043        41,506,163   

EMC Corp.*

     158,072        4,459,211   

Hewlett-Packard Co.

     152,649        3,779,589   
   

 

 

  

Total Computers & Peripherals

       49,744,963   
   

 

 

  

Consumer Finance - 1.0%

  

American Express Co.

     80,718        4,860,031   
   

 

 

  

Total Consumer Finance

       4,860,031   
   

 

 

  

Diversified Financial Services - 5.6%

  

Bank of America Corp.

     824,465        6,686,411   

Citigroup, Inc.

     223,254        7,376,312   

JPMorgan Chase & Co.

     305,279        13,120,892   
   

 

 

  

Total Diversified Financial Services

       27,183,615   
   

 

 

  

Diversified Telecommunication Services - 4.9%

  

AT&T, Inc.

     454,959        14,972,701   

Verizon Communications, Inc.

     217,345        8,776,391   
   

 

 

  

Total Diversified Telecommunication Services

       23,749,092   
   

 

 

  

Energy Equipment & Services - 1.6%

  

Schlumberger Ltd.

     104,247        7,728,873   
   

 

 

  

Total Energy Equipment & Services

       7,728,873   
   

 

 

  
     SHARES     MARKET
VALUE		  
   

Food & Staples Retailing - 1.7%

  

Wal-Mart Stores, Inc.

     136,325      $ 8,030,906   
   

 

 

  

Total Food & Staples Retailing

       8,030,906   
   

 

 

  

Food Products - 1.0%

  

Kraft Foods, Inc. — Class A

     126,945        5,061,297   
   

 

 

  

Total Food Products

       5,061,297   
   

 

 

  

Hotels, Restaurants & Leisure - 1.6%

  

McDonald’s Corp.

     79,712        7,767,934   
   

 

 

  

Total Hotels, Restaurants & Leisure

       7,767,934   
   

 

 

  

Household Products - 2.8%

  

Procter & Gamble Co. (The)

     214,441        13,647,025   
   

 

 

  

Total Household Products

       13,647,025   
   

 

 

  

Industrial Conglomerates - 4.3%

  

3M Co.

     54,590        4,878,162   

General Electric Co.

     814,765        15,953,099   
   

 

 

  

Total Industrial Conglomerates

       20,831,261   
   

 

 

  

Insurance - 2.5%

  

American International Group, Inc.*

     33,953        1,155,420   

Berkshire Hathaway, Inc. — Class B*

     134,486        10,819,399   
   

 

 

  

Total Insurance

       11,974,819   
   

 

 

  

Internet & Catalog Retail - 1.3%

  

Amazon.com, Inc.*

     27,921        6,474,880   
   

 

 

  

Total Internet & Catalog Retail

       6,474,880   
   

 

 

  

Internet Software & Services - 2.4%

  

Google, Inc. — Class A*

     19,336        11,702,727   
   

 

 

  

Total Internet Software & Services

       11,702,727   
   

 

 

  

IT Services - 5.0%

  

International Business Machines Corp.

     93,050        19,268,794   

Visa, Inc. — Class A

     40,175        4,940,721   
   

 

 

  

Total IT Services

       24,209,515   
   

 

 

  

Machinery - 1.1%

  

Caterpillar, Inc.

     49,529        5,090,095   
   

 

 

  

Total Machinery

       5,090,095   
   

 

 

  

Media - 2.5%

  

Comcast Corp. — Class A

     211,876        6,426,199   

Walt Disney Co. (The)

     137,500        5,927,625   
   

 

 

  

Total Media

       12,353,824   
   

 

 

  

Oil, Gas & Consumable Fuels - 12.8%

  

Chevron Corp.

     154,437        16,456,807   

ConocoPhillips

     102,005        7,306,618   

Exxon Mobil Corp.

     378,448        32,675,200   

Occidental Petroleum Corp.

     62,449        5,696,598   
   

 

 

  

Total Oil, Gas & Consumable Fuels

       62,135,223   
   

 

 

  

Pharmaceuticals - 9.1%

  

Abbott Laboratories

     119,408        7,410,460   

Johnson & Johnson, Inc.

     210,590        13,707,303   

Merck & Co., Inc.

     237,127        9,304,864   

Pfizer, Inc.

     607,006        13,918,648   
   

 

 

  

Total Pharmaceuticals

       44,341,275   
   

 

 

  
 

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       13

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (concluded)   April 30, 2012

 

 

GUGGENHEIM RUSSELL TOP 50® ETF

 

     SHARES     MARKET
VALUE		  
   

Semiconductors & Semiconductor Equipment - 2.2%

  

Intel Corp.

     383,819      $ 10,900,460   
   

 

 

  

Total Semiconductors & Semiconductor Equipment

       10,900,460   
   

 

 

  

Software - 5.6%

  

Microsoft Corp.

     570,107        18,254,826   

Oracle Corp.

     295,081        8,672,431   
   

 

 

  

Total Software

       26,927,257   
   

 

 

  

Specialty Retail - 1.3%

  

Home Depot, Inc.

     122,771        6,358,310   
   

 

 

  

Total Specialty Retail

       6,358,310   
   

 

 

  

Tobacco - 3.6%

  

Altria Group, Inc.

     160,824        5,180,141   

Philip Morris International, Inc.

     136,626        12,229,393   
   

 

 

  

Total Tobacco

       17,409,534   
   

 

 

  

Total Common Stocks
(Cost $485,011,927)

       484,081,661   
   

 

 

  

SHORT TERM INVESTMENTS - 0.2%

  

SSgA Government Money Market Fund

     764,242        764,242   
   

 

 

  

Total Short Term Investments
(Cost $764,242)

       764,242   
   

 

 

  

Total Investments - 99.9%a
(Cost $485,776,169)

       484,845,903   
   

 

 

  

Other Assets and Liabilities, net - 0.1%

  

     479,739   
   

 

 

  

Net Assets - 100.0%

     $ 485,325,642   
   

 

 

  

 

 

 

*   Non-Income Producing Security.
a   

Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs.

 

14     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited)   April 30, 2012

 

GUGGENHEIM S&P 500 PURE VALUE ETF

 

     SHARES     MARKET
VALUE		  
   

COMMON STOCKS - 99.8%

  

Aerospace & Defense - 2.4%

  

L-3 Communications Holdings, Inc.

     13,328      $ 980,141   

Northrop Grumman Corp.

     14,100        892,248   

Textron, Inc.

     14,982        399,121   
   

 

 

  

Total Aerospace & Defense

       2,271,510   
   

 

 

  

Airlines - 0.8%

  

Southwest Airlines Co.

     90,174        746,641   
   

 

 

  

Total Airlines

       746,641   
   

 

 

  

Auto Components - 0.7%

  

Goodyear Tire & Rubber Co. (The)*

     23,771        261,005   

Johnson Controls, Inc.

     12,912        412,797   
   

 

 

  

Total Auto Components

       673,802   
   

 

 

  

Automobiles - 0.8%

  

Ford Motor Co.

     68,178        769,048   
   

 

 

  

Total Automobiles

       769,048   
   

 

 

  

Beverages - 0.4%

  

Molson Coors Brewing Co. — Class B

     8,921        370,935   
   

 

 

  

Total Beverages

       370,935   
   

 

 

  

Capital Markets - 5.7%

  

Ameriprise Financial, Inc.

     9,421        510,712   

Bank of New York Mellon Corp. (The)

     35,976        850,832   

E*Trade Financial Corp.*

     87,444        929,530   

Goldman Sachs Group, Inc. (The)

     8,518        980,848   

Legg Mason, Inc.

     25,441        663,247   

Morgan Stanley

     80,399        1,389,295   
   

 

 

  

Total Capital Markets

       5,324,464   
   

 

 

  

Chemicals - 0.5%

  

Dow Chemical Co. (The)

     12,366        418,960   
   

 

 

  

Total Chemicals

       418,960   
   

 

 

  

Commercial Banks - 6.1%

  

BB&T Corp.

     13,747        440,454   

Comerica, Inc.

     16,874        540,305   

Fifth Third Bancorp

     31,513        448,430   

First Horizon National Corp.

     37,794        346,949   

Huntington Bancshares, Inc.

     61,437        411,014   

KeyCorp

     84,700        680,988   

PNC Financial Services Group, Inc.

     7,997        530,361   

Regions Financial Corp.

     118,708        800,092   

SunTrust Banks, Inc.

     42,822        1,039,718   

Wells Fargo & Co.

     12,091        404,202   
   

 

 

  

Total Commercial Banks

       5,642,513   
   

 

 

  

Commercial Services & Supplies - 1.8%

  

Avery Dennison Corp.

     26,165        836,756   

R.R. Donnelley & Sons Co.

     65,684        821,707   
   

 

 

  

Total Commercial Services & Supplies

       1,658,463   
   

 

 

  

Communications Equipment - 0.5%

  

Harris Corp.

     10,814        492,470   
   

 

 

  

Total Communications Equipment

       492,470   
   

 

 

  

Computers & Peripherals - 2.2%

  

Dell, Inc.*

     18,193        297,820   
     SHARES     MARKET
VALUE		  
   

Hewlett-Packard Co.

     25,271      $ 625,710   

Lexmark International, Inc. — Class A

     13,362        402,196   

Western Digital Corp.*

     18,247        708,166   
   

 

 

  

Total Computers & Peripherals

       2,033,892   
   

 

 

  

Construction & Engineering - 0.5%

  

Jacobs Engineering Group, Inc.*

     11,280        494,402   
   

 

 

  

Total Construction & Engineering

       494,402   
   

 

 

  

Consumer Finance - 1.4%

  

Capital One Financial Corp.

     17,381        964,298   

SLM Corp.

     21,626        320,713   
   

 

 

  

Total Consumer Finance

       1,285,011   
   

 

 

  

Containers & Packaging - 1.7%

  

Bemis Co., Inc.

     10,238        331,609   

Owens-Illinois, Inc.*

     25,115        583,923   

Sealed Air Corp.

     33,272        638,157   
   

 

 

  

Total Containers & Packaging

       1,553,689   
   

 

 

  

Diversified Financial Services - 5.8%

  

Bank of America Corp.

     176,161        1,428,666   

Citigroup, Inc.

     42,021        1,388,374   

CME Group, Inc.

     1,280        340,249   

JPMorgan Chase & Co.

     25,631        1,101,620   

Leucadia National Corp.

     22,058        548,362   

Nasdaq OMX Group, Inc. (The)*

     14,561        357,764   

NYSE Euronext

     10,989        282,967   
   

 

 

  

Total Diversified Financial Services

       5,448,002   
   

 

 

  

Diversified Telecommunication Services - 0.6%

  

CenturyLink, Inc.

     7,676        295,987   

Frontier Communications Corp.

     59,411        240,020   
   

 

 

  

Total Diversified Telecommunication Services

       536,007   
   

 

 

  

Electric Utilities - 1.0%

  

Edison International

     10,626        467,650   

Pepco Holdings, Inc.

     25,221        477,182   
   

 

 

  

Total Electric Utilities

       944,832   
   

 

 

  

Electronic Equipment, Instruments & Components - 1.6%

  

Corning, Inc.

     24,311        348,863   

Jabil Circuit, Inc.

     48,527        1,137,958   
   

 

 

  

Total Electronic Equipment, Instruments & Components

       1,486,821   
   

 

 

  

Energy Equipment & Services - 0.3%

  

Nabors Industries Ltd.*

     15,746        262,171   
   

 

 

  

Total Energy Equipment & Services

       262,171   
   

 

 

  

Food & Staples Retailing - 3.8%

  

CVS Caremark Corp.

     12,995        579,837   

Kroger Co. (The)

     38,343        892,241   

Safeway, Inc.

     55,414        1,126,567   

Sysco Corp.

     12,181        352,031   

Walgreen Co.

     16,668        584,380   
   

 

 

  

Total Food & Staples Retailing

       3,535,056   
   

 

 

  
 

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       15

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   April 30, 2012

 

GUGGENHEIM S&P 500 PURE VALUE ETF

 

     SHARES     MARKET
VALUE		  
   

Food Products - 4.2%

  

Archer-Daniels-Midland Co.

     47,763      $ 1,472,533   

Dean Foods Co.*

     106,750        1,310,890   

Tyson Foods, Inc. — Class A

     62,596        1,142,377   
   

 

 

  

Total Food Products

       3,925,800   
   

 

 

  

Health Care Providers & Services - 5.9%

  

AmerisourceBergen Corp.

     22,859        850,583   

Cardinal Health, Inc.

     21,376        903,564   

CIGNA Corp.

     11,773        544,266   

Coventry Health Care, Inc.

     28,620        858,314   

McKesson Corp.

     10,251        937,044   

Tenet Healthcare Corp.*

     267,939        1,390,603   
   

 

 

  

Total Health Care Providers & Services

       5,484,374   
   

 

 

  

Household Durables - 2.2%

  

Whirlpool Corp.

     31,987        2,047,808   
   

 

 

  

Total Household Durables

       2,047,808   
   

 

 

  

Independent Power Producers & Energy
Traders - 1.2%

  

NRG Energy, Inc.*

     65,408        1,111,936   
   

 

 

  

Total Independent Power Producers & Energy Traders

       1,111,936   
   

 

 

  

Insurance - 18.5%

  

ACE Ltd.

     6,977        530,043   

Allstate Corp. (The)

     38,959        1,298,503   

American International Group, Inc.*

     82,256        2,799,172   

Assurant, Inc.

     22,177        894,620   

Cincinnati Financial Corp.

     15,522        552,894   

Genworth Financial, Inc. — Class A*

     228,296        1,372,059   

Hartford Financial Services Group, Inc.

     91,841        1,887,332   

Lincoln National Corp.

     64,159        1,589,218   

Loews Corp.

     15,137        622,585   

MetLife, Inc.

     37,930        1,366,618   

Principal Financial Group, Inc.

     29,975        829,408   

Prudential Financial, Inc.

     20,076        1,215,401   

Torchmark Corp.

     6,936        337,853   

Unum Group

     40,877        970,420   

XL Group PLC

     44,770        963,003   
   

 

 

  

Total Insurance

       17,229,129   
   

 

 

  

IT Services - 3.1%

  

Computer Sciences Corp.

     78,778        2,210,511   

SAIC, Inc.

     59,009        717,549   
   

 

 

  

Total IT Services

       2,928,060   
   

 

 

  

Life Sciences Tools & Services - 0.4%

  

PerkinElmer, Inc.

     14,565        401,994   
   

 

 

  

Total Life Sciences Tools & Services

       401,994   
   

 

 

  

Machinery - 0.5%

  

Ingersoll-Rand PLC

     11,073        470,824   
   

 

 

  

Total Machinery

       470,824   
   

 

 

  

Media - 1.7%

  

Gannett Co., Inc.

     60,764        839,759   

Washington Post Co. (The) — Class B

     1,936        732,137   
   

 

 

  

Total Media

       1,571,896   
   

 

 

  
     SHARES     MARKET
VALUE		  
   

Metals & Mining - 1.7%

  

Alcoa, Inc.

     91,003      $ 885,459   

United States Steel Corp.

     26,028        737,373   
   

 

 

  

Total Metals & Mining

       1,622,832   
   

 

 

  

Multi-utilities - 0.7%

  

DTE Energy Co.

     5,381        303,381   

Integrys Energy Group, Inc.

     6,217        339,697   
   

 

 

  

Total Multi-Utilities

       643,078   
   

 

 

  

Multiline Retail - 2.1%

  

J.C. Penney Co., Inc.

     18,597        670,608   

Sears Holdings Corp.*

     23,564        1,267,272   
   

 

 

  

Total Multiline Retail

       1,937,880   
   

 

 

  

Office Electronics - 0.8%

  

Xerox Corp.

     92,800        721,984   
   

 

 

  

Total Office Electronics

       721,984   
   

 

 

  

Oil, Gas & Consumable Fuels - 10.2%

  

Alpha Natural Resources, Inc.*

     16,615        268,000   

ConocoPhillips

     7,668        549,259   

Hess Corp.

     11,461        597,576   

Marathon Oil Corp.

     52,684        1,545,749   

Marathon Petroleum Corp.

     31,183        1,297,525   

Murphy Oil Corp.

     12,239        672,778   

Phillips 66*

     5,770        196,468   

Sunoco, Inc.

     32,445        1,599,214   

Tesoro Corp.*

     47,006        1,092,889   

Valero Energy Corp.

     68,231        1,685,306   
   

 

 

  

Total Oil, Gas & Consumable Fuels

       9,504,764   
   

 

 

  

Paper & Forest Products - 0.5%

  

International Paper Co.

     14,577        485,560   
   

 

 

  

Total Paper & Forest Products

       485,560   
   

 

 

  

Real Estate Investment Trusts (REITs) - 0.4%

  

Weyerhaeuser Co.

     18,024        366,969   
   

 

 

  

Total Real Estate Investment Trusts (REITs)

       366,969   
   

 

 

  

Road & Rail - 0.3%

  

Ryder System, Inc.

     6,134        298,848   
   

 

 

  

Total Road & Rail

       298,848   
   

 

 

  

Semiconductors & Semiconductor
Equipment - 1.0%

  

Micron Technology, Inc.*

     134,312        885,116   
   

 

 

  

Total Semiconductors & Semiconductor Equipment

       885,116   
   

 

 

  

Specialty Retail - 3.2%

  

AutoNation, Inc.*

     8,444        291,993   

Best Buy Co., Inc.

     43,011        949,253   

GameStop Corp. — Class A

     43,611        992,586   

Staples, Inc.

     47,549        732,255   
   

 

 

  

Total Specialty Retail

       2,966,087   
   

 

 

  

Thrifts & Mortgage Finance - 1.4%

  

Hudson City Bancorp, Inc.

     190,119        1,342,240   
   

 

 

  

Total Thrifts & Mortgage Finance

       1,342,240   
   

 

 

  
 

 

16     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (concluded)   April 30, 2012

 

GUGGENHEIM S&P 500 PURE VALUE ETF

 

     SHARES     MARKET
VALUE		  
   

Wireless Telecommunication Services - 1.2%

  

MetroPCS Communications, Inc.*

     53,839      $ 393,024   

Sprint Nextel Corp.*

     305,214        756,931   
   

 

 

  

Total Wireless Telecommunication Services

       1,149,955   
   

 

 

  

Total Common Stocks
(Cost $92,948,759)

   

     93,045,823   
   

 

 

  

SHORT TERM INVESTMENTS - 0.2%

  

SSgA Government Money Market Fund

     191,794        191,794   
   

 

 

  

Total Short Term Investments
(Cost $191,794)

       191,794   
   

 

 

  

Total Investments - 100.0%a
(Cost $93,140,553)

   

     93,237,617   
   

 

 

  

Other Assets and Liabilities, net - 0.0%b

  

     (36,947 ) 
   

 

 

  

Net Assets - 100.0%

     $ 93,200,670   
   

 

 

  

 

 

 

*   Non-Income Producing Security.
a   

Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs.

b   

Amount represents less than 0.05% of net assets.

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       17

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited)   April 30, 2012

 

GUGGENHEIM S&P 500 PURE GROWTH ETF

 

     SHARES     MARKET
VALUE		  
   

COMMON STOCKS - 99.9%

  

Aerospace & Defense - 1.1%

  

Goodrich Corp.

     10,485      $ 1,315,448   

Lockheed Martin Corp.

     23,399        2,118,546   
   

 

 

  

Total Aerospace & Defense

       3,433,994   
   

 

 

  

Air Freight & Logistics - 1.1%

  

C.H. Robinson Worldwide, Inc.

     30,631        1,829,896   

United Parcel Service, Inc. — Class B

     21,689        1,694,778   
   

 

 

  

Total Air Freight & Logistics

       3,524,674   
   

 

 

  

Beverages - 2.0%

  

Brown-Forman Corp. — Class B

     15,456        1,334,625   

Coca-Cola Co. (The)

     31,477        2,402,325   

PepsiCo, Inc.

     42,859        2,828,694   
   

 

 

  

Total Beverages

       6,565,644   
   

 

 

  

Biotechnology - 4.3%

  

Amgen, Inc.

     33,341        2,370,878   

Biogen Idec, Inc.*

     29,984        4,018,156   

Celgene Corp.*

     54,104        3,945,264   

Gilead Sciences, Inc.*

     70,199        3,651,050   
   

 

 

  

Total Biotechnology

       13,985,348   
   

 

 

  

Capital Markets - 1.8%

  

BlackRock, Inc.

     10,383        1,989,175   

Franklin Resources, Inc.

     19,751        2,478,948   

T. Rowe Price Group, Inc.

     21,305        1,344,665   
   

 

 

  

Total Capital Markets

       5,812,788   
   

 

 

  

Chemicals - 5.3%

  

CF Industries Holdings, Inc.

     11,320        2,185,439   

Ecolab, Inc.

     29,884        1,903,312   

FMC Corp.

     21,732        2,400,299   

International Flavors & Fragrances, Inc.

     35,213        2,120,175   

Monsanto Co.

     14,591        1,111,542   

PPG Industries, Inc.

     18,874        1,986,300   

Praxair, Inc.

     13,156        1,522,149   

Sherwin-Williams Co. (The)

     16,327        1,963,812   

Sigma-Aldrich Corp.

     26,880        1,905,792   
   

 

 

  

Total Chemicals

       17,098,820   
   

 

 

  

Commercial Services & Supplies - 1.1%

  

Stericycle, Inc.*

     40,345        3,493,877   
   

 

 

  

Total Commercial Services & Supplies

       3,493,877   
   

 

 

  

Communications Equipment - 2.0%

  

F5 Networks, Inc.*

     29,396        3,937,006   

QUALCOMM, Inc.

     38,676        2,469,076   
   

 

 

  

Total Communications Equipment

       6,406,082   
   

 

 

  

Computers & Peripherals - 3.0%

  

Apple, Inc.*

     9,736        5,688,161   

NetApp, Inc.*

     53,828        2,090,141   

SanDisk Corp.*

     51,718        1,914,083   
   

 

 

  

Total Computers & Peripherals

       9,692,385   
   

 

 

  
     SHARES     MARKET
VALUE		  
   

Diversified Consumer Services - 1.6%

  

Apollo Group, Inc. — Class A*

     66,793      $ 2,352,450   

DeVry, Inc.

     84,209        2,707,319   
   

 

 

  

Total Diversified Consumer Services

       5,059,769   
   

 

 

  

Diversified Financial Services - 1.1%

  

IntercontinentalExchange, Inc.*

     27,139        3,610,573   
   

 

 

  

Total Diversified Financial Services

       3,610,573   
   

 

 

  

Electrical Equipment - 0.9%

  

Rockwell Automation, Inc.

     17,285        1,336,822   

Roper Industries, Inc.

     14,496        1,477,142   
   

 

 

  

Total Electrical Equipment

       2,813,964   
   

 

 

  

Electronic Equipment, Instruments &
Components - 0.7%

   

Amphenol Corp. — Class A

     37,765        2,195,657   
   

 

 

  

Total Electronic Equipment, Instruments & Components

       2,195,657   
   

 

 

  

Energy Equipment & Services - 2.0%

  

Cameron International Corp.*

     30,081        1,541,651   

Diamond Offshore Drilling, Inc.

     34,186        2,343,451   

Helmerich & Payne, Inc.

     27,672        1,422,064   

Schlumberger Ltd.

     16,249        1,204,701   
   

 

 

  

Total Energy Equipment & Services

       6,511,867   
   

 

 

  

Food Products - 1.6%

  

Hershey Co. (The)

     29,208        1,957,228   

Kellogg Co.

     25,748        1,302,076   

Mead Johnson Nutrition Co.

     21,525        1,841,679   
   

 

 

  

Total Food Products

       5,100,983   
   

 

 

  

Health Care Equipment & Supplies - 6.9%

  

Baxter International, Inc.

     35,963        1,992,710   

Becton, Dickinson and Co.

     24,621        1,931,517   

C.R. Bard, Inc.

     27,671        2,738,322   

Edwards Lifesciences Corp.*

     35,199        2,920,461   

Intuitive Surgical, Inc.*

     7,538        4,358,472   

St Jude Medical, Inc.

     44,690        1,730,397   

Stryker Corp.

     37,015        2,019,908   

Varian Medical Systems, Inc.*

     36,271        2,300,307   

Zimmer Holdings, Inc.

     34,529        2,172,910   
   

 

 

  

Total Health Care Equipment & Supplies

       22,165,004   
   

 

 

  

Health Care Providers & Services - 4.2%

  

DaVita, Inc.*

     26,167        2,317,873   

Express Scripts Holding Co.*

     67,687        3,776,258   

Laboratory Corp. of America Holdings*

     29,446        2,588,009   

Quest Diagnostics, Inc.

     32,684        1,885,540   

UnitedHealth Group, Inc.

     50,448        2,832,655   
   

 

 

  

Total Health Care Providers & Services

       13,400,335   
   

 

 

  

Health Care Technology - 0.7%

  

Cerner Corp.*

     27,344        2,217,325   
   

 

 

  

Total Health Care Technology

       2,217,325   
   

 

 

  
 

 

18     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   April 30, 2012

 

GUGGENHEIM S&P 500 PURE GROWTH ETF

 

     SHARES     MARKET
VALUE		  
   

Hotels, Restaurants & Leisure - 3.7%

  

Chipotle Mexican Grill, Inc.*

     9,766      $ 4,044,589   

McDonald’s Corp.

     19,188        1,869,870   

Starbucks Corp.

     23,652        1,357,152   

Wynn Resorts Ltd.

     18,105        2,415,207   

Yum! Brands, Inc.

     30,449        2,214,556   
   

 

 

  

Total Hotels, Restaurants & Leisure

       11,901,374   
   

 

 

  

Household Products - 1.1%

  

Colgate-Palmolive Co.

     18,616        1,841,867   

Kimberly-Clark Corp.

     21,695        1,702,407   
   

 

 

  

Total Household Products

       3,544,274   
   

 

 

  

Insurance - 0.7%

  

AFLAC, Inc.

     50,191        2,260,603   
   

 

 

  

Total Insurance

       2,260,603   
   

 

 

  

Internet & Catalog Retail - 4.0%

  

Amazon.com, Inc.*

     16,644        3,859,743   

Netflix, Inc.*

     48,720        3,904,421   

priceline.com, Inc.*

     6,857        5,216,943   
   

 

 

  

Total Internet & Catalog Retail

       12,981,107   
   

 

 

  

Internet Software & Services - 1.5%

  

Akamai Technologies, Inc.*

     43,941        1,432,477   

Google, Inc. — Class A*

     5,458        3,303,345   
   

 

 

  

Total Internet Software & Services

       4,735,822   
   

 

 

  

IT Services - 6.0%

  

Automatic Data Processing, Inc.

     31,898        1,774,167   

Cognizant Technology Solutions Corp. — Class A*

     48,186        3,532,998   

Fiserv, Inc.*

     29,245        2,055,631   

International Business Machines Corp.

     8,460        1,751,897   

Mastercard, Inc. — Class A

     6,783        3,067,747   

Teradata Corp.*

     35,862        2,502,450   

Visa, Inc. — Class A

     37,272        4,583,711   
   

 

 

  

Total IT Services

       19,268,601   
   

 

 

  

Life Sciences Tools & Services - 1.3%

  

Life Technologies Corp.*

     44,727        2,073,544   

Waters Corp.*

     23,731        1,996,014   
   

 

 

  

Total Life Sciences Tools & Services

       4,069,558   
   

 

 

  

Machinery - 1.4%

  

Deere & Co.

     22,998        1,894,115   

Joy Global, Inc.

     14,337        1,014,630   

Pall Corp.

     28,376        1,691,493   
   

 

 

  

Total Machinery

       4,600,238   
   

 

 

  

Media - 3.7%

  

DIRECTV — Class A*

     66,025        3,253,052   

Discovery Communications, Inc. — Class A*

     71,211        3,875,303   

Scripps Networks Interactive, Inc. — Class A

     58,551        2,940,431   

Viacom, Inc. — Class B

     35,968        1,668,555   
   

 

 

  

Total Media

       11,737,341   
   

 

 

  
     SHARES     MARKET
VALUE		  
   

Metals & Mining - 1.6%

  

Cliffs Natural Resources, Inc.

     35,226      $ 2,193,171   

Newmont Mining Corp.

     60,073        2,862,478   
   

 

 

  

Total Metals & Mining

       5,055,649   
   

 

 

  

Multiline Retail - 2.2%

  

Dollar Tree, Inc.*

     38,909        3,955,489   

Family Dollar Stores, Inc.

     44,509        3,006,583   
   

 

 

  

Total Multiline Retail

       6,962,072   
   

 

 

  

Oil, Gas & Consumable Fuels - 2.7%

  

Cabot Oil & Gas Corp.

     27,058        950,818   

EOG Resources, Inc.

     18,333        2,013,147   

Peabody Energy Corp.

     57,241        1,780,768   

Pioneer Natural Resources Co.

     15,538        1,799,611   

Southwestern Energy Co.*

     68,262        2,155,714   
   

 

 

  

Total Oil, Gas & Consumable Fuels

       8,700,058   
   

 

 

  

Personal Products - 0.5%

  

Estee Lauder Cos., Inc. (The) — Class A

     23,976        1,566,832   
   

 

 

  

Total Personal Products

       1,566,832   
   

 

 

  

Pharmaceuticals - 4.5%

  

Abbott Laboratories

     42,397        2,631,158   

Allergan, Inc.

     19,463        1,868,448   

Johnson & Johnson, Inc.

     20,360        1,325,232   

Mylan, Inc.*

     153,921        3,341,625   

Perrigo Co.

     30,832        3,234,277   

Watson Pharmaceuticals, Inc.*

     26,385        1,988,374   
   

 

 

  

Total Pharmaceuticals

       14,389,114   
   

 

 

  

Professional Services - 0.6%

  

Dun & Bradstreet Corp. (The)

     24,196        1,881,965   
   

 

 

  

Total Professional Services

       1,881,965   
   

 

 

  

Real Estate Investment Trusts (REITs) - 1.2%

  

American Tower Corp.

     42,444        2,783,477   

Ventas, Inc.

     20,191        1,187,029   
   

 

 

  

Total Real Estate Investment Trusts (REITs)

       3,970,506   
   

 

 

  

Road & Rail - 0.5%

  

Union Pacific Corp.

     14,940        1,679,854   
   

 

 

  

Total Road & Rail

       1,679,854   
   

 

 

  

Semiconductors & Semiconductor Equipment - 4.2%

  

Altera Corp.

     72,862        2,591,701   

Broadcom Corp. — Class A*

     74,358        2,721,503   

First Solar, Inc.*

     87,999        1,619,182   

KLA-Tencor Corp.

     51,563        2,689,010   

Microchip Technology, Inc.

     60,791        2,148,354   

Xilinx, Inc.

     47,223        1,717,973   
   

 

 

  

Total Semiconductors & Semiconductor Equipment

       13,487,723   
   

 

 

  

Software - 4.5%

  

Citrix Systems, Inc.*

     29,090        2,490,395   

Intuit, Inc.

     42,683        2,474,333   
 

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       19

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (concluded)   April 30, 2012

 

GUGGENHEIM S&P 500 PURE GROWTH ETF

 

     SHARES     MARKET
VALUE		  
   

Oracle Corp.

     60,779      $ 1,786,295   

Red Hat, Inc.*

     63,234        3,769,379   

Salesforce.com, Inc.*

     26,129        4,069,069   
   

 

 

  

Total Software

       14,589,471   
   

 

 

  

Specialty Retail - 6.1%

  

AutoZone, Inc.*

     10,434        4,133,534   

Bed Bath & Beyond, Inc.*

     34,183        2,406,141   

O’Reilly Automotive, Inc.*

     42,429        4,474,562   

Ross Stores, Inc.

     66,261        4,081,015   

Tiffany & Co.

     20,297        1,389,533   

TJX Cos., Inc.

     72,417        3,020,513   
   

 

 

  

Total Specialty Retail

       19,505,298   
   

 

 

  

Textiles, Apparel & Luxury Goods - 3.9%

  

Coach, Inc.

     50,057        3,662,170   

Fossil, Inc.*

     27,175        3,550,957   

NIKE, Inc. — Class B

     16,625        1,859,839   

Ralph Lauren Corp.

     12,734        2,193,686   

V.F. Corp.

     8,662        1,317,057   
   

 

 

  

Total Textiles, Apparel & Luxury Goods

       12,583,709   
   

 

 

  

Tobacco - 0.9%

  

Philip Morris International, Inc.

     31,428        2,813,120   
   

 

 

  

Total Tobacco

       2,813,120   
   

 

 

  

Trading Companies & Distributors - 0.7%

  

W.W. Grainger, Inc.

     11,416        2,372,473   
   

 

 

  

Total Trading Companies & Distributors

       2,372,473   
   

 

 

  

Wireless Telecommunication Services - 1.0%

  

Crown Castle International Corp.*

     57,312        3,244,432   
   

 

 

  

Total Wireless Telecommunication Services

       3,244,432   
   

 

 

  

Total Common Stocks
(Cost $287,188,720)

       320,990,283   
   

 

 

  

SHORT TERM INVESTMENTS - 0.1%

  

SSgA Government Money Market Fund

     277,954        277,954   
   

 

 

  

Total Short Term Investments
(Cost $277,954)

       277,954   
   

 

 

  

Total Investments - 100.0%a
(Cost $287,466,674)

   

     321,268,237   
   

 

 

  

Other Assets and Liabilities, net - 0.0%b

  

     23,522   
   

 

 

  

Net Assets - 100.0%

     $ 321,291,759   
   

 

 

  
 

 

*   Non-Income Producing Security.
a   

Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs.

b   

Amount represents less than 0.05% of net assets.

 

20     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited)   April 30, 2012

 

GUGGENHEIM S&P MIDCAP 400 PURE VALUE ETF

 

     SHARES     MARKET
VALUE		  
   

COMMON STOCKS - 99.8%

  

Aerospace & Defense - 4.9%

  

Exelis, Inc.

     91,744      $ 1,057,808   

Huntington Ingalls Industries, Inc.*

     17,093        674,319   
   

 

 

  

Total Aerospace & Defense

       1,732,127   
   

 

 

  

Air Freight & Logistics - 1.0%

  

UTi Worldwide, Inc.

     20,588        343,202   
   

 

 

  

Total Air Freight & Logistics

       343,202   
   

 

 

  

Airlines - 1.8%

  

JetBlue Airways Corp.*

     136,531        648,522   
   

 

 

  

Total Airlines

       648,522   
   

 

 

  

Automobiles - 0.9%

  

Thor Industries, Inc.

     9,897        334,816   
   

 

 

  

Total Automobiles

       334,816   
   

 

 

  

Capital Markets - 2.8%

  

Apollo Investment Corp.

     39,339        285,208   

Janus Capital Group, Inc.

     33,683        255,317   

Jefferies Group, Inc.

     28,195        449,146   
   

 

 

  

Total Capital Markets

       989,671   
   

 

 

  

Chemicals - 1.7%

  

Ashland, Inc.

     3,820        251,623   

Cabot Corp.

     3,948        170,277   

Cytec Industries, Inc.

     2,736        173,928   
   

 

 

  

Total Chemicals

       595,828   
   

 

 

  

Commercial Banks - 4.4%

  

Associated Banc-Corp.

     16,746        223,224   

BancorpSouth, Inc.

     30,250        407,467   

First Niagara Financial Group, Inc.

     35,720        319,337   

Fulton Financial Corp.

     13,119        137,618   

International Bancshares Corp.

     10,068        198,642   

TCF Financial Corp.

     25,885        296,901   
   

 

 

  

Total Commercial Banks

       1,583,189   
   

 

 

  

Commercial Services & Supplies - 0.6%

  

Brink’s Co. (The)

     8,554        217,272   
   

 

 

  

Total Commercial Services & Supplies

       217,272   
   

 

 

  

Communications Equipment - 1.0%

  

Tellabs, Inc.

     91,943        346,625   
   

 

 

  

Total Communications Equipment

       346,625   
   

 

 

  

Construction & Engineering - 4.1%

  

Aecom Technology Corp.*

     19,939        440,054   

KBR, Inc.

     7,604        257,471   

URS Corp.

     18,486        763,657   
   

 

 

  

Total Construction & Engineering

       1,461,182   
   

 

 

  

Containers & Packaging - 0.6%

  

Greif, Inc. — Class A

     3,858        206,943   
   

 

 

  

Total Containers & Packaging

       206,943   
   

 

 

  

Diversified Consumer Services - 1.1%

  

Regis Corp.

     20,914        383,772   
   

 

 

  

Total Diversified Consumer Services

       383,772   
   

 

 

  
     SHARES     MARKET
VALUE		  
   

Electric Utilities - 0.9%

  

Great Plains Energy, Inc.

     8,517      $ 173,917   

NV Energy, Inc.

     10,047        167,283   
   

 

 

  

Total Electric Utilities

       341,200   
   

 

 

  

Electrical Equipment - 1.7%

  

General Cable Corp.*

     21,141        622,391   
   

 

 

  

Total Electrical Equipment

       622,391   
   

 

 

  

Electronic Equipment, Instruments &

Components - 9.7%

   

Arrow Electronics, Inc.*

     15,738        661,783   

Avnet, Inc.*

     19,875        717,090   

Ingram Micro, Inc. — Class A*

     38,861        756,235   

Itron, Inc.*

     7,767        316,893   

Tech Data Corp.*

     11,834        636,551   

Vishay Intertechnology, Inc.*

     31,449        352,858   
   

 

 

  

Total Electronic Equipment, Instruments & Components

       3,441,410   
   

 

 

  

Food & Staples Retailing - 0.5%

  

Harris Teeter Supermarkets, Inc.

     4,407        167,334   
   

 

 

  

Total Food & Staples Retailing

       167,334   
   

 

 

  

Food Products - 1.2%

  

Smithfield Foods, Inc.*

     20,095        421,191   
   

 

 

  

Total Food Products

       421,191   
   

 

 

  

Gas Utilities - 1.0%

  

Atmos Energy Corp.

     4,855        158,176   

UGI Corp.

     6,310        184,126   
   

 

 

  

Total Gas Utilities

       342,302   
   

 

 

  

Health Care Providers & Services - 6.9%

  

Community Health Systems, Inc.*

     38,272        931,540   

Health Management Associates, Inc. — Class A*

     23,164        166,781   

Health Net, Inc.*

     14,893        530,340   

LifePoint Hospitals, Inc.*

     6,950        271,189   

Omnicare, Inc.

     4,780        166,535   

Owens & Minor, Inc.

     13,465        393,717   
   

 

 

  

Total Health Care Providers & Services

       2,460,102   
   

 

 

  

Hotels, Restaurants & Leisure - 1.0%

  

Bob Evans Farms, Inc.

     4,717        180,378   

Wendy’s Co. (The)

     37,066        180,512   
   

 

 

  

Total Hotels, Restaurants & Leisure

       360,890   
   

 

 

  

Household Durables - 1.3%

  

KB Home

     27,431        238,101   

Mohawk Industries, Inc.*

     3,265        218,820   
   

 

 

  

Total Household Durables

       456,921   
   

 

 

  

Insurance - 18.5%

  

American Financial Group, Inc.

     9,270        360,788   

Aspen Insurance Holdings Ltd.

     18,954        536,777   

Everest Re Group Ltd.

     4,191        415,328   

Fidelity National Financial, Inc. —Class A

     19,920        383,859   

First American Financial Corp.

     62,584        1,048,282   
 

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       21

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   April 30, 2012

 

GUGGENHEIM S&P MIDCAP 400 PURE VALUE ETF

 

      SHARES      MARKET
VALUE		  
     

Hanover Insurance Group, Inc. (The)

      15,103       $ 609,557   

HCC Insurance Holdings, Inc.

      9,023         288,375   

Kemper Corp.

      14,977         449,160   

Old Republic International Corp.

      56,020         557,399   

Protective Life Corp.

      25,451         744,696   

Reinsurance Group of America, Inc.

      10,446         607,331   

StanCorp Financial Group, Inc.

      11,170         428,705   

W.R. Berkley Corp.

      4,198         158,097   
     

 

 

  

Total Insurance

         6,588,354   
     

 

 

  

Internet Software & Services - 0.5%

  

Monster Worldwide, Inc.*

      19,087         164,721   
     

 

 

  

Total Internet Software & Services

         164,721   
     

 

 

  

IT Services - 0.6%

  

CoreLogic, Inc.*

      12,319         205,727   
     

 

 

  

Total IT Services

         205,727   
     

 

 

  

Machinery - 6.6%

  

AGCO Corp.*

      3,042         141,666   

Harsco Corp.

      8,512         189,818   

ITT Corp.

      45,514         1,022,244   

Oshkosh Corp.*

      28,862         658,919   

Terex Corp.*

      14,098         319,179   
     

 

 

  

Total Machinery

         2,331,826   
     

 

 

  

Media - 2.4%

  

New York Times Co. (The) — Class A*

      37,256         235,086   

Scholastic Corp.

      10,837         331,070   

Valassis Communications, Inc.*

      14,854         297,080   
     

 

 

  

Total Media

         863,236   
     

 

 

  

Metals & Mining - 2.7%

  

Commercial Metals Co.

      20,332         300,507   

Reliance Steel & Aluminum Co.

      4,071         227,528   

Steel Dynamics, Inc.

      18,683         238,582   

Worthington Industries, Inc.

      11,030         196,775   
     

 

 

  

Total Metals & Mining

         963,392   
     

 

 

  

Multiline Retail - 0.6%

  

Saks, Inc.*

      20,047         219,715   
     

 

 

  

Total Multiline Retail

         219,715   
     

 

 

  

Oil, Gas & Consumable Fuels - 2.8%

  

Arch Coal, Inc.

      10,166         99,220   

HollyFrontier Corp.

      11,006         339,205   

Patriot Coal Corp.*

      15,333         89,391   

Quicksilver Resources, Inc.*

      16,861         79,247   

World Fuel Services Corp.

      8,870         390,812   
     

 

 

  

Total Oil, Gas & Consumable Fuels

         997,875   
     

 

 

  

Paper & Forest Products - 0.5%

  

Louisiana-Pacific Corp.*

      20,287         183,597   
     

 

 

  

Total Paper & Forest Products

         183,597   
     

 

 

  
      SHARES      MARKET
VALUE		  
     

Professional Services - 1.0%

  

Manpower, Inc.

      8,254       $ 351,620   
     

 

 

  

Total Professional Services

         351,620   
     

 

 

  

Road & Rail - 0.9%

  

Con-way, Inc.

      9,749         316,843   
     

 

 

  

Total Road & Rail

         316,843   
     

 

 

  

Semiconductors & Semiconductor Equipment - 2.4%

  

Fairchild Semiconductor International, Inc.*

      10,948         155,133   

International Rectifier Corp.*

      9,960         217,427   

MEMC Electronic Materials, Inc.*

      138,107         495,804   
     

 

 

  

Total Semiconductors & Semiconductor Equipment

         868,364   
     

 

 

  

Specialty Retail - 5.6%

  

Barnes & Noble, Inc.*

      21,440         444,880   

Collective Brands, Inc.*

      43,318         899,715   

Office Depot, Inc.*

      143,842         437,280   

RadioShack Corp.

      41,855         216,809   
     

 

 

  

Total Specialty Retail

         1,998,684   
     

 

 

  

Thrifts & Mortgage Finance - 3.3%

  

Astoria Financial Corp.

      64,901         628,890   

New York Community Bancorp, Inc.

      15,577         210,134   

Washington Federal, Inc.

      18,283         320,684   
     

 

 

  

Total Thrifts & Mortgage Finance

         1,159,708   
     

 

 

  

Tobacco - 1.2%

  

Universal Corp.

      9,183         420,857   
     

 

 

  

Total Tobacco

         420,857   
     

 

 

  

Wireless Telecommunication Services - 1.1%

  

Telephone & Data Systems, Inc.

      16,596         403,117   
     

 

 

  

Total Wireless Telecommunication Services

         403,117   
     

 

 

  

Total Common Stocks
(Cost $33,660,156)

         35,494,526   
     

 

 

  

SHORT TERM INVESTMENTS - 0.2%

  

SSgA Government Money Market Fund

      64,721         64,721   
     

 

 

  

Total Short Term Investments
(Cost $64,721)

         64,721   
     

 

 

  

Total Investments - 100.0%a
(Cost $33,724,877)

         35,559,247   
     

 

 

  

Other Assets and Liabilities,
net - 0.0%b

  

      (16,056 ) 
     

 

 

  

Net Assets - 100.0%

       $ 35,543,191   
     

 

 

  
 

 

22     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (concluded)   April 30, 2012

 

GUGGENHEIM S&P MIDCAP 400 PURE VALUE ETF

 

 

 

 

 

 

 

*   Non-Income Producing Security.
a   

Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs.

b   

Amount represents less than 0.05% of net assets.

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       23

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited)   April 30, 2012

 

GUGGENHEIM S&P MIDCAP 400 PURE GROWTH ETF

 

      SHARES      MARKET
VALUE		  
     

COMMON STOCKS - 99.9%

  

Aerospace & Defense - 1.6%

  

Triumph Group, Inc.

      150,829       $ 9,475,078   
     

 

 

  

Total Aerospace & Defense

         9,475,078   
     

 

 

  

Airlines - 1.0%

  

Alaska Air Group, Inc.*

      179,465         6,065,917   
     

 

 

  

Total Airlines

         6,065,917   
     

 

 

  

Auto Components - 0.3%

  

Gentex Corp.

      72,352         1,589,573   
     

 

 

  

Total Auto Components

         1,589,573   
     

 

 

  

Beverages - 1.6%

  

Monster Beverage Corp.*

      152,462         9,903,932   
     

 

 

  

Total Beverages

         9,903,932   
     

 

 

  

Biotechnology - 4.9%

  

Regeneron Pharmaceuticals, Inc.*

      157,567         21,312,513   

United Therapeutics Corp.*

      181,459         7,938,831   
     

 

 

  

Total Biotechnology

         29,251,344   
     

 

 

  

Chemicals - 3.0%

  

Albemarle Corp.

      74,141         4,841,407   

Intrepid Potash, Inc.*

      169,483         4,211,653   

NewMarket Corp.

      40,771         9,100,903   
     

 

 

  

Total Chemicals

         18,153,963   
     

 

 

  

Commercial Banks - 1.0%

  

Signature Bank*

      90,806         5,965,046   
     

 

 

  

Total Commercial Banks

         5,965,046   
     

 

 

  

Commercial Services & Supplies - 2.2%

  

Clean Harbors, Inc.*

      110,660         7,551,439   

Copart, Inc.*

      204,403         5,398,283   
     

 

 

  

Total Commercial Services & Supplies

         12,949,722   
     

 

 

  

Communications Equipment - 1.1%

  

ADTRAN, Inc.

      115,761         3,533,026   

Riverbed Technology, Inc.*

      164,288         3,241,402   
     

 

 

  

Total Communications Equipment

         6,774,428   
     

 

 

  

Containers & Packaging - 2.0%

  

AptarGroup, Inc.

      85,400         4,655,154   

Rock-Tenn Co. —
Class A

      117,789         7,341,788   
     

 

 

  

Total Containers & Packaging

         11,996,942   
     

 

 

  

Distributors - 1.0%

  

LKQ Corp.*

      173,114         5,790,663   
     

 

 

  

Total Distributors

         5,790,663   
     

 

 

  

Diversified Consumer Services - 3.8%

  

ITT Educational Services, Inc.*

      203,675         13,446,623   

Strayer Education, Inc.

      97,716         9,642,615   
     

 

 

  

Total Diversified Consumer Services

         23,089,238   
     

 

 

  

Diversified Financial Services - 0.6%

  

MSCI, Inc. —
Class A*

      104,825         3,835,547   
     

 

 

  

Total Diversified Financial Services

         3,835,547   
     

 

 

  
      SHARES      MARKET
VALUE		  
     

Electrical Equipment - 0.6%

  

AMETEK, Inc.

      74,980       $ 3,773,743   
     

 

 

  

Total Electrical Equipment

         3,773,743   
     

 

 

  

Electronic Equipment, Instruments & Components - 0.4%

  

Trimble Navigation, Ltd.*

      48,879         2,646,309   
     

 

 

  

Total Electronic Equipment, Instruments & Components

         2,646,309   
     

 

 

  

Energy Equipment & Services - 3.5%

  

CARBO Ceramics, Inc.

      53,512         4,499,824   

Dresser-Rand Group, Inc.*

      98,282         4,784,368   

Dril-Quip, Inc.*

      61,507         4,144,957   

Oceaneering International, Inc.

      72,297         3,732,694   

Oil States International, Inc.*

      52,033         4,140,786   
     

 

 

  

Total Energy Equipment & Services

         21,302,629   
     

 

 

  

Food Products - 3.0%

  

Corn Products International, Inc.

      98,326         5,610,482   

Green Mountain Coffee Roasters, Inc.*

      153,380         7,477,275   

Lancaster Colony Corp.

      76,859         5,011,975   
     

 

 

  

Total Food Products

         18,099,732   
     

 

 

  

Health Care Equipment & Supplies - 5.6%

  

Cooper Cos., Inc. (The)

      70,598         6,224,626   

Gen-Probe, Inc.*

      124,374         10,142,700   

IDEXX Laboratories, Inc.*

      76,360         6,714,335   

ResMed, Inc.*

      155,361         5,283,827   

Thoratec Corp.*

      150,142         5,226,443   
     

 

 

  

Total Health Care Equipment & Supplies

         33,591,931   
     

 

 

  

Health Care Providers & Services - 7.2%

  

AMERIGROUP Corp.*

      158,310         9,777,225   

Catalyst Health Solutions, Inc.*

      167,618         14,477,167   

Henry Schein, Inc.*

      86,290         6,621,895   

HMS Holdings Corp.*

      160,519         3,862,087   

Mednax, Inc.*

      125,728         8,831,135   
     

 

 

  

Total Health Care Providers & Services

         43,569,509   
     

 

 

  

Health Care Technology - 0.3%

  

Allscripts Healthcare Solutions, Inc.*

      175,778         1,947,620   
     

 

 

  

Total Health Care Technology

         1,947,620   
     

 

 

  

Hotels, Restaurants & Leisure - 2.2%

  

Life Time Fitness, Inc.*

      103,473         4,817,703   

Panera Bread Co. — Class A*

      53,251         8,409,398   
     

 

 

  

Total Hotels, Restaurants & Leisure

         13,227,101   
     

 

 

  

Household Durables - 0.9%

  

Tupperware Brands Corp.

      85,913         5,351,521   
     

 

 

  

Total Household Durables

         5,351,521   
     

 

 

  

Household Products - 0.5%

  

Church & Dwight Co., Inc.

      64,645         3,283,966   
     

 

 

  

Total Household Products

         3,283,966   
     

 

 

  
 

 

24     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   April 30, 2012

 

GUGGENHEIM S&P MIDCAP 400 PURE GROWTH ETF

 

      SHARES      MARKET
VALUE		  
     

Internet Software & Services - 3.8%

  

Equinix, Inc.*

      83,283       $ 13,675,068   

Rackspace Hosting, Inc.*

      163,296         9,485,865   
     

 

 

  

Total Internet Software & Services

         23,160,933   
     

 

 

  

IT Services - 6.7%

  

Alliance Data Systems Corp.*

      83,514         10,730,714   

Gartner, Inc.*

      66,154         2,897,545   

Global Payments, Inc.

      137,584         6,388,025   

Jack Henry & Associates, Inc.

      95,627         3,247,493   

NeuStar, Inc. —
Class A*

      75,758         2,753,803   

VeriFone Systems, Inc.*

      136,073         6,482,518   

Wright Express Corp.*

      118,680         7,574,158   
     

 

 

  

Total IT Services

         40,074,256   
     

 

 

  

Leisure Equipment & Products - 1.1%

  

Polaris Industries, Inc.

      80,850         6,422,724   
     

 

 

  

Total Leisure Equipment & Products

         6,422,724   
     

 

 

  

Life Sciences Tools & Services - 3.6%

  

Bio-Rad Laboratories, Inc. — Class A*

      67,120         7,248,289   

Covance, Inc.*

      76,401         3,572,510   

Mettler-Toledo International, Inc.*

      33,187         5,951,093   

Techne Corp.

      72,318         4,840,967   
     

 

 

  

Total Life Sciences Tools & Services

         21,612,859   
     

 

 

  

Machinery - 3.9%

  

Donaldson Co., Inc.

      110,939         3,845,146   

Gardner Denver, Inc.

      38,867         2,531,796   

Valmont Industries, Inc.

      63,741         7,899,422   

Wabtec Corp.

      62,325         4,847,639   

Woodward, Inc.

      102,125         4,247,379   
     

 

 

  

Total Machinery

         23,371,382   
     

 

 

  

Metals & Mining - 1.0%

  

Compass Minerals International, Inc.

      77,564         5,935,197   
     

 

 

  

Total Metals & Mining

         5,935,197   
     

 

 

  

Office Electronics - 0.6%

  

Zebra Technologies Corp. — Class A*

      95,432         3,701,807   
     

 

 

  

Total Office Electronics

         3,701,807   
     

 

 

  

Oil, Gas & Consumable Fuels - 2.4%

  

Bill Barrett Corp.*

      184,674         4,428,482   

Cimarex Energy Co.

      67,617         4,673,011   

Northern Oil and Gas, Inc.*

      164,323         3,192,796   

SM Energy Co.

      33,501         2,214,751   
     

 

 

  

Total Oil, Gas & Consumable Fuels

         14,509,040   
     

 

 

  

Pharmaceuticals - 1.9%

  

Endo Pharmaceuticals Holdings, Inc.*

      170,786         6,001,420   

Medicis Pharmaceutical Corp. — Class A

      135,113         5,197,797   
     

 

 

  

Total Pharmaceuticals

         11,199,217   
     

 

 

  
      SHARES      MARKET
VALUE		  
     

Professional Services - 0.6%

  

FTI Consulting, Inc.*

      96,572       $ 3,509,427   
     

 

 

  

Total Professional Services

         3,509,427   
     

 

 

  

Real Estate Investment Trusts (REITs) - 2.2%

  

Essex Property Trust, Inc.

      17,312         2,734,777   

Federal Realty Investment Trust

      37,673         3,792,164   

Home Properties, Inc.

      43,492         2,655,187   

Taubman Centers, Inc.

      51,925         4,007,571   
     

 

 

  

Total Real Estate Investment Trusts (REITs)

         13,189,699   
     

 

 

  

Road & Rail - 0.7%

  

JB Hunt Transport Services, Inc.

      79,874         4,419,428   
     

 

 

  

Total Road & Rail

         4,419,428   
     

 

 

  

Semiconductors & Semiconductor
Equipment - 2.7%

  

Lam Research Corp.*

      132,752         5,529,121   

Semtech Corp.*

      180,500         4,920,430   

Silicon Laboratories, Inc.*

      171,725         6,094,520   
     

 

 

  

Total Semiconductors & Semiconductor Equipment

         16,544,071   
     

 

 

  

Software - 7.7%

  

ACI Worldwide, Inc.*

      88,596         3,531,437   

Advent Software, Inc.*

      81,483         2,199,226   

ANSYS, Inc.*

      93,889         6,297,135   

Concur Technologies, Inc.*

      95,902         5,424,217   

Factset Research Systems, Inc.

      64,527         6,766,301   

Informatica Corp.*

      163,186         7,509,820   

MICROS Systems, Inc.*

      69,759         3,964,404   

Rovi Corp.*

      210,735         6,027,021   

Solera Holdings, Inc.

      102,696         4,615,158   
     

 

 

  

Total Software

         46,334,719   
     

 

 

  

Specialty Retail - 4.3%

  

Advance Auto Parts, Inc.

      108,665         9,975,447   

PetSmart, Inc.

      114,543         6,673,275   

Tractor Supply Co.

      96,960         9,541,834   
     

 

 

  

Total Specialty Retail

         26,190,556   
     

 

 

  

Textiles, Apparel & Luxury Goods - 6.4%

  

Carter’s, Inc.*

      171,178         9,294,965   

Deckers Outdoor Corp.*

      86,768         4,426,036   

PVH Corp.

      101,608         9,022,790   

Under Armour, Inc. — Class A*

      101,254         9,915,804   

Warnaco Group, Inc.(The)*

      108,407         5,741,235   
     

 

 

  

Total Textiles, Apparel & Luxury Goods

         38,400,830   
     

 

 

  

Trading Companies & Distributors - 2.0%

  

MSC Industrial Direct Co. — Class A

      66,145         4,875,548   

Watsco, Inc.

      97,517         7,016,348   
     

 

 

  

Total Trading Companies & Distributors

         11,891,896   
     

 

 

  

Total Common Stocks
(Cost $542,764,928)

         602,103,495   
     

 

 

  
 

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       25

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (concluded)   April 30, 2012

 

GUGGENHEIM S&P MIDCAP 400 PURE GROWTH ETF

 

      SHARES      MARKET
VALUE		  
     

SHORT TERM INVESTMENTS - 0.1%

  

SSgA Government Money Market Fund

      567,728       $ 567,728   
     

 

 

  

Total Short Term Investments
(Cost $567,728)

         567,728   
     

 

 

  

Total Investments - 100.0%a
(Cost $543,332,656)

         602,671,223   
     

 

 

  

Other Assets and Liabilities,
net - 0.0%b

  

      (111,695 ) 
     

 

 

  

Net Assets - 100.0%

  

    $ 602,559,528   
     

 

 

  
 

 

*   Non-Income Producing Security.
a   

Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs.

b   

Amount represents less than 0.05% of net assets.

 

26     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited)   April 30, 2012

 

GUGGENHEIM S&P SMALLCAP 600 PURE VALUE ETF

 

      SHARES      MARKET
VALUE		  
     

COMMON STOCKS - 99.9%

  

Aerospace & Defense - 0.7%

  

AAR Corp.

      33,950       $ 524,527   
     

 

 

  

Total Aerospace & Defense

         524,527   
     

 

 

  

Airlines - 1.0%

  

SkyWest, Inc.

      86,837         780,665   
     

 

 

  

Total Airlines

         780,665   
     

 

 

  

Auto Components - 1.1%

  

Spartan Motors, Inc.

      108,007         469,830   

Superior Industries International, Inc.

      21,861         374,042   
     

 

 

  

Total Auto Components

         843,872   
     

 

 

  

Automobiles - 0.6%

  

Winnebago Industries, Inc.*

      45,132         440,037   
     

 

 

  

Total Automobiles

         440,037   
     

 

 

  

Building Products - 2.1%

  

Apogee Enterprises, Inc.

      18,028         276,910   

Griffon Corp.

      55,402         549,034   

Universal Forest Products, Inc.

      20,606         770,664   
     

 

 

  

Total Building Products

         1,596,608   
     

 

 

  

Capital Markets - 2.4%

  

Calamos Asset Management, Inc. — Class A

      16,816         217,263   

Investment Technology Group, Inc.*

      45,122         460,244   

Piper Jaffray Cos.*

      28,349         687,463   

Prospect Capital Corp.

      18,678         203,964   

SWS Group, Inc.

      45,375         255,915   
     

 

 

  

Total Capital Markets

         1,824,849   
     

 

 

  

Chemicals - 2.4%

  

A. Schulman, Inc.

      26,327         647,907   

OM Group, Inc.*

      31,106         750,277   

PolyOne Corp.

      32,286         447,484   
     

 

 

  

Total Chemicals

         1,845,668   
     

 

 

  

Commercial Banks - 3.0%

  

First BanCorp*

      94,755         403,656   

First Commonwealth Financial Corp.

      70,860         455,630   

PrivateBancorp, Inc.

      20,546         323,189   

Susquehanna Bancshares, Inc.

      45,514         471,980   

United Community Banks, Inc.*

      31,231         293,884   

Wintrust Financial Corp.

      10,455         377,739   
     

 

 

  

Total Commercial Banks

         2,326,078   
     

 

 

  

Commercial Services & Supplies - 2.0%

  

ABM Industries, Inc.

      18,802         437,711   

G&K Services, Inc. — Class A

      8,016         263,406   

Geo Group, Inc. (The)*

      10,793         223,523   

United Stationers, Inc.

      11,145         316,072   

Viad Corp.

      16,644         300,923   
     

 

 

  

Total Commercial Services & Supplies

         1,541,635   
     

 

 

  
      SHARES      MARKET
VALUE		  
     

Communications Equipment - 1.0%

  

Bel Fuse, Inc. — Class B

      13,751       $ 244,630   

Black Box Corp.

      23,749         536,965   
     

 

 

  

Total Communications Equipment

         781,595   
     

 

 

  

Computers & Peripherals - 1.3%

  

Avid Technology, Inc.*

      31,789         276,246   

Intevac, Inc.*

      58,301         469,906   

Novatel Wireless, Inc.*

      96,518         278,937   
     

 

 

  

Total Computers & Peripherals

         1,025,089   
     

 

 

  

Construction & Engineering - 2.4%

  

Aegion Corp.*

      22,578         412,048   

Comfort Systems USA, Inc.

      33,946         359,149   

EMCOR Group, Inc.

      7,969         233,651   

Orion Marine Group, Inc.*

      118,541         820,304   
     

 

 

  

Total Construction & Engineering

         1,825,152   
     

 

 

  

Distributors - 2.2%

  

VOXX International Corp.*

      134,063         1,701,259   
     

 

 

  

Total Distributors

         1,701,259   
     

 

 

  

Diversified Consumer Services - 3.3%

  

Career Education Corp.*

      142,300         1,014,599   

Corinthian Colleges, Inc.*

      159,398         612,089   

Lincoln Educational Services Corp.

      123,945         909,756   
     

 

 

  

Total Diversified Consumer Services

         2,536,444   
     

 

 

  

Electrical Equipment - 0.7%

  

EnerSys*

      10,962         383,122   

Powell Industries, Inc.*

      5,775         188,323   
     

 

 

  

Total Electrical Equipment

         571,445   
     

 

 

  

Electronic Equipment, Instruments & Components - 7.2%

  

Anixter International, Inc.*

      3,749         257,106   

Benchmark Electronics, Inc.*

      51,724         821,377   

Brightpoint, Inc.*

      39,467         241,538   

Checkpoint Systems, Inc.*

      32,777         359,236   

CTS Corp.

      38,345         411,442   

Insight Enterprises, Inc.*

      43,897         891,548   

Plexus Corp.*

      9,200         297,804   

Radisys Corp.*

      108,953         691,852   

Scansource, Inc.*

      10,885         358,770   

SYNNEX Corp.*

      25,603         975,218   

TTM Technologies, Inc.*

      22,531         232,745   
     

 

 

  

Total Electronic Equipment, Instruments & Components

         5,538,636   
     

 

 

  

Energy Equipment & Services - 1.8%

  

Exterran Holdings, Inc.*

      55,942         755,777   

Matrix Service Co.*

      45,411         619,860   
     

 

 

  

Total Energy Equipment & Services

         1,375,637   
     

 

 

  

Food & Staples Retailing - 2.6%

  

Andersons, Inc. (The)

      12,519         630,957   

Nash Finch Co.

      28,879         724,863   

Spartan Stores, Inc.

      33,964         619,164   
     

 

 

  

Total Food & Staples Retailing

         1,974,984   
     

 

 

  
 

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       27

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   April 30, 2012

 

GUGGENHEIM S&P SMALLCAP 600 PURE VALUE ETF

 

      SHARES      MARKET
VALUE		  
     

Food Products - 1.1%

  

Seneca Foods Corp. — Class A*

      36,256       $ 844,402   
     

 

 

  

Total Food Products

         844,402   
     

 

 

  

Gas Utilities - 0.2%

  

Laclede Group, Inc. (The)

      4,731         186,307   
     

 

 

  

Total Gas Utilities

         186,307   
     

 

 

  

Health Care Equipment & Supplies - 1.1%

  

Invacare Corp.

      20,390         323,182   

Natus Medical, Inc.*

      22,219         271,961   

Symmetry Medical, Inc.*

      30,986         220,310   
     

 

 

  

Total Health Care Equipment & Supplies

         815,453   
     

 

 

  

Health Care Providers & Services - 10.7%

  

Almost Family, Inc.*

      45,471         1,108,583   

Amedisys, Inc.*

      95,407         1,405,345   

Cross Country Healthcare, Inc.*

      122,814         566,173   

Gentiva Health Services, Inc.*

      176,481         1,461,263   

Healthways, Inc.*

      148,923         993,316   

Kindred Healthcare, Inc.*

      85,478         824,008   

LHC Group, Inc.*

      41,554         735,921   

Molina Healthcare, Inc.*

      26,482         679,263   

PharMerica Corp.*

      37,688         447,357   
     

 

 

  

Total Health Care Providers & Services

         8,221,229   
     

 

 

  

Hotels, Restaurants & Leisure - 5.0%

  

Boyd Gaming Corp.*

      133,809         1,028,991   

Jack in the Box, Inc.*

      8,162         185,441   

Marriott Vacations Worldwide Corp.*

      51,883         1,532,105   

Red Robin Gourmet Burgers, Inc.*

      6,364         226,940   

Ruby Tuesday, Inc.*

      92,788         630,959   

Ruth’s Hospitality Group, Inc*

      39,208         271,319   
     

 

 

  

Total Hotels, Restaurants & Leisure

         3,875,755   
     

 

 

  

Household Durables - 3.0%

  

American Greetings Corp. — Class A

      44,408         710,528   

La-Z-Boy, Inc.*

      21,835         329,054   

M/I Homes, Inc.*

      37,494         498,670   

Standard Pacific Corp.*

      106,220         537,473   

Universal Electronics, Inc.*

      13,532         228,961   
     

 

 

  

Total Household Durables

         2,304,686   
     

 

 

  

Household Products - 0.9%

  

Central Garden and Pet Co. — Class A*

      68,173         728,769   
     

 

 

  

Total Household Products

         728,769   
     

 

 

  

Industrial Conglomerates - 0.3%

  

Standex International Corp.

      5,283         232,769   
     

 

 

  

Total Industrial Conglomerates

         232,769   
     

 

 

  

Insurance - 6.6%

  

Delphi Financial Group, Inc. — Class A

      11,494         522,057   
      SHARES      MARKET
VALUE		  
     

Horace Mann Educators Corp.

      57,335       $ 1,006,229   

Meadowbrook Insurance Group, Inc.

      31,535         278,454   

National Financial Partners Corp.*

      13,172         194,287   

Presidential Life Corp.

      47,020         544,492   

Safety Insurance Group, Inc.

      5,859         233,481   

Selective Insurance Group, Inc.

      26,119         456,821   

Stewart Information Services Corp.

      71,132         1,047,063   

Tower Group, Inc.

      22,913         494,463   

United Fire Group, Inc.

      20,698         356,420   
     

 

 

  

Total Insurance

         5,133,767   
     

 

 

  

Internet Software & Services - 0.5%

  

United Online, Inc.

      85,493         405,237   
     

 

 

  

Total Internet Software & Services

         405,237   
     

 

 

  

IT Services - 0.7%

  

CIBER, Inc.*

      64,800         269,568   

NCI, Inc. — Class A*

      58,541         290,363   
     

 

 

  

Total IT Services

         559,931   
     

 

 

  

Leisure Equipment & Products - 1.0%

  

Callaway Golf Co.

      94,849         581,424   

Jakks Pacific, Inc.

      11,579         220,812   
     

 

 

  

Total Leisure Equipment & Products

         802,236   
     

 

 

  

Machinery - 1.2%

  

Briggs & Stratton Corp.

      28,383         513,732   

Lydall, Inc.*

      38,152         402,504   
     

 

 

  

Total Machinery

         916,236   
     

 

 

  

Media - 1.4%

  

Digital Generation, Inc.*

      36,984         343,211   

E.W. Scripps Co. — Class A*

      36,637         335,595   

Harte-Hanks, Inc.

      22,898         192,343   

Live Nation Entertainment, Inc.*

      24,043         217,830   
     

 

 

  

Total Media

         1,088,979   
     

 

 

  

Metals & Mining - 2.5%

  

A.M. Castle & Co.*

      32,573         436,152   

AK Steel Holding Corp.

      22,838         169,458   

Century Aluminum Co.*

      34,960         321,632   

Materion Corp.*

      17,450         431,189   

Olympic Steel, Inc.

      18,543         391,814   

SunCoke Energy, Inc.*

      13,030         198,317   
     

 

 

  

Total Metals & Mining

         1,948,562   
     

 

 

  

Multiline Retail - 2.5%

  

Fred’s, Inc. — Class A

      40,204         575,721   

Tuesday Morning Corp.*

      326,343         1,318,426   
     

 

 

  

Total Multiline Retail

         1,894,147   
     

 

 

  

Oil, Gas & Consumable Fuels - 0.4%

  

Overseas Shipholding Group, Inc.

      29,041         339,780   
     

 

 

  

Total Oil, Gas & Consumable Fuels

         339,780   
     

 

 

  

Paper & Forest Products - 1.2%

  

Neenah Paper, Inc.

      15,231         434,998   

Wausau Paper Corp.

      53,921         488,524   
     

 

 

  

Total Paper & Forest Products

         923,522   
     

 

 

  
 

 

28     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (concluded)   April 30, 2012

 

 

GUGGENHEIM S&P SMALLCAP 600 PURE VALUE ETF

 

      SHARES      MARKET
VALUE		  
     

Professional Services - 2.1%

  

CDI Corp.

      38,805       $ 688,400   

Insperity, Inc.

      6,981         190,372   

Kelly Services, Inc. — Class A

      53,826         753,026   
     

 

 

  

Total Professional Services

         1,631,798   
     

 

 

  

Real Estate Investment Trusts (REITs) - 0.7%

  

Cedar Reality Trust, Inc.

      61,518         321,124   

Parkway Properties, Inc.

      25,608         253,263   
     

 

 

  

Total Real Estate Investment Trusts (REITs)

         574,387   
     

 

 

  

Road & Rail - 0.4%

  

Arkansas Best Corp.

      20,076         307,966   
     

 

 

  

Total Road & Rail

         307,966   
     

 

 

  

Semiconductors & Semiconductor
Equipment - 2.0%

  

Advanced Energy Industries, Inc.*

      22,013         262,835   

Cohu, Inc.

      33,788         370,992   

DSP Group, Inc.*

      30,058         196,580   

Pericom Semiconductor Corp.*

      36,548         287,267   

Sigma Designs, Inc.*

      79,192         436,348   
     

 

 

  

Total Semiconductors & Semiconductor Equipment

         1,554,022   
     

 

 

  

Specialty Retail - 11.6%

  

Big 5 Sporting Goods Corp.

      67,809         567,561   

Brown Shoe Co., Inc.

      90,723         826,487   

Cabela’s, Inc.*

      6,544         247,429   

Christopher & Banks Corp.

      157,905         295,282   

Coldwater Creek, Inc.*

      376,181         372,419   

Group 1 Automotive, Inc.

      10,310         596,743   

Haverty Furniture Cos., Inc.

      29,091         349,092   

Lithia Motors, Inc. — Class A

      17,353         465,581   

MarineMax, Inc.*

      118,227         1,260,300   

OfficeMax, Inc.*

      190,554         886,076   
      SHARES      MARKET
VALUE		  
     

PEP Boys-Manny Moe & Jack

      48,201       $ 719,641   

Sonic Automotive, Inc. — Class A

      39,782         669,133   

Stage Stores, Inc.

      46,458         709,414   

Stein Mart, Inc.*

      107,713         691,517   

Zale Corp.*

      96,455         264,287   
     

 

 

  

Total Specialty Retail

         8,920,962   
     

 

 

  

Textiles, Apparel & Luxury Goods - 4.1%

  

Perry Ellis International, Inc.*

      68,619         1,283,862   

Quiksilver, Inc.*

      193,772         670,451   

Skechers U.S.A., Inc. — Class A*

      64,802         1,209,853   
     

 

 

  

Total Textiles, Apparel & Luxury Goods

         3,164,166   
     

 

 

  

Tobacco - 0.3%

  

Alliance One International, Inc.*

      67,636         239,431   
     

 

 

  

Total Tobacco

         239,431   
     

 

 

  

Trading Companies & Distributors - 0.6%

  

Lawson Products, Inc.

      29,878         435,024   
     

 

 

  

Total Trading Companies & Distributors

         435,024   
     

 

 

  

Total Common Stocks
(Cost $77,860,368)

   

      77,103,703   
     

 

 

  

SHORT TERM INVESTMENTS - 0.2%

  

SSgA Government Money Market Fund

      116,556         116,556   
     

 

 

  

Total Short Term Investments
(Cost $116,556)

         116,556   
     

 

 

  

Total Investments - 100.1%a
(Cost $77,976,924)

   

      77,220,259   
     

 

 

  

Other Assets and Liabilities,
net - (0.1)%

  

      (76,326 ) 
     

 

 

  

Net Assets - 100.0%

       $ 77,143,933   
     

 

 

  
 
*   Non-Income Producing Security.
a   

Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs.

 

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       29

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited)   April 30, 2012

 

GUGGENHEIM S&P SMALLCAP 600 PURE GROWTH ETF

 

      SHARES      MARKET
VALUE		  
     

COMMON STOCKS - 99.9%

  

Aerospace & Defense - 3.1%

  

Aerovironment, Inc.*

      8,434       $ 205,115   

American Science & Engineering, Inc.

      11,707         764,584   

Cubic Corp.

      14,374         664,510   

National Presto Industries, Inc.

      5,500         405,460   

Teledyne Technologies, Inc.*

      6,569         424,489   
     

 

 

  

Total Aerospace & Defense

         2,464,158   
     

 

 

  

Air Freight & Logistics - 0.3%

  

Forward Air Corp.

      7,417         250,546   
     

 

 

  

Total Air Freight & Logistics

         250,546   
     

 

 

  

Airlines - 1.2%

  

Allegiant Travel Co.*

      15,706         922,885   
     

 

 

  

Total Airlines

         922,885   
     

 

 

  

Beverages - 0.8%

  

Boston Beer Co., Inc. — Class A*

      6,472         668,687   
     

 

 

  

Total Beverages

         668,687   
     

 

 

  

Biotechnology - 2.9%

  

ArQule, Inc.*

      68,308         481,571   

Cubist Pharmaceuticals, Inc.*

      16,691         705,695   

Momenta Pharmaceuticals, Inc.*

      47,361         752,093   

Spectrum Pharmaceuticals, Inc.*

      33,433         355,393   
     

 

 

  

Total Biotechnology

         2,294,752   
     

 

 

  

Capital Markets - 0.6%

  

Financial Engines, Inc.*

      21,467         490,306   
     

 

 

  

Total Capital Markets

         490,306   
     

 

 

  

Chemicals - 1.9%

  

Balchem Corp.

      11,948         345,297   

Hawkins, Inc.

      14,711         510,913   

Innophos Holdings, Inc.

      12,755         627,164   
     

 

 

  

Total Chemicals

         1,483,374   
     

 

 

  

Commercial Services & Supplies - 0.9%

  

Portfolio Recovery Associates, Inc.*

      11,024         758,672   
     

 

 

  

Total Commercial Services & Supplies

         758,672   
     

 

 

  

Communications Equipment - 0.8%

  

Netgear, Inc.*

      8,714         335,489   

ViaSat, Inc.*

      6,857         331,193   
     

 

 

  

Total Communications Equipment

         666,682   
     

 

 

  

Computers & Peripherals - 0.7%

  

Synaptics, Inc.*

      17,436         535,460   
     

 

 

  

Total Computers & Peripherals

         535,460   
     

 

 

  

Consumer Finance - 2.7%

  

Cash America International, Inc.

      12,609         589,470   

EZCORP, Inc. —
Class A*

      17,600         471,504   

First Cash Financial Services, Inc.*

      8,604         352,420   

World Acceptance Corp.*

      11,194         744,513   
     

 

 

  

Total Consumer Finance

         2,157,907   
     

 

 

  
      SHARES      MARKET
VALUE		  
     

Diversified Consumer Services - 3.0%

  

American Public Education, Inc.*

      17,185       $ 596,663   

Capella Education Co.*

      19,827         648,541   

Coinstar, Inc.*

      17,632         1,107,114   
     

 

 

  

Total Diversified Consumer Services

         2,352,318   
     

 

 

  

Diversified Telecommunication Services - 0.6%

  

Atlantic Tele-Network, Inc.

      15,005         511,070   
     

 

 

  

Total Diversified Telecommunication Services

         511,070   
     

 

 

  

Electrical Equipment - 1.5%

  

AZZ, Inc.

      8,165         422,212   

Franklin Electric Co., Inc.

      9,340         468,401   

II-VI, Inc.*

      16,315         332,989   
     

 

 

  

Total Electrical Equipment

         1,223,602   
     

 

 

  

Electronic Equipment, Instruments &
Components - 3.6%

  

Cognex Corp.

      13,059         525,625   

DTS, Inc.*

      17,672         551,366   

FARO Technologies, Inc.*

      5,252         294,007   

Littelfuse, Inc.

      9,980         625,446   

MTS Systems Corp.

      8,300         398,151   

OSI Systems, Inc.*

      6,824         456,253   
     

 

 

  

Total Electronic Equipment, Instruments & Components

         2,850,848   
     

 

 

  

Energy Equipment & Services - 2.1%

  

Lufkin Industries, Inc.

      5,291         406,560   

OYO Geospace Corp.*

      3,568         411,105   

SEACOR Holdings, Inc.*

      9,073         843,154   
     

 

 

  

Total Energy Equipment & Services

         1,660,819   
     

 

 

  

Food & Staples Retailing - 0.9%

  

Casey’s General Stores, Inc.

      12,739         717,843   
     

 

 

  

Total Food & Staples Retailing

         717,843   
     

 

 

  

Food Products - 2.3%

  

J&J Snack Foods Corp.

      9,944         557,461   

Sanderson Farms, Inc.

      13,120         677,123   

TreeHouse Foods, Inc.*

      10,121         582,059   
     

 

 

  

Total Food Products

         1,816,643   
     

 

 

  

Gas Utilities - 0.4%

  

South Jersey Industries, Inc.

      6,083         299,588   
     

 

 

  

Total Gas Utilities

         299,588   
     

 

 

  

Health Care Equipment & Supplies - 5.7%

  

Abaxis, Inc.*

      10,821         385,444   

Analogic Corp.

      8,562         584,014   

Cyberonics, Inc.*

      16,682         638,921   

Haemonetics Corp.*

      10,637         761,290   

ICU Medical, Inc.*

      15,208         798,268   

Neogen Corp.*

      16,010         624,230   

NuVasive, Inc.*

      43,583         722,170   
     

 

 

  

Total Health Care Equipment & Supplies

         4,514,337   
     

 

 

  
 

 

30     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   April 30, 2012

 

GUGGENHEIM S&P SMALLCAP 600 PURE GROWTH ETF

 

      SHARES      MARKET
VALUE		  
     

Health Care Providers & Services - 6.7%

  

Air Methods Corp.*

      7,509       $ 631,582   

Chemed Corp.

      11,111         670,438   

CorVel Corp.*

      13,858         602,684   

Ensign Group, Inc. (The)

      18,257         487,645   

IPC The Hospitalist Co., Inc.*

      16,254         624,316   

Landauer, Inc.

      10,125         533,790   

Magellan Health Services, Inc.*

      15,761         697,897   

MWI Veterinary Supply, Inc.*

      11,747         1,108,917   
     

 

 

  

Total Health Care Providers & Services

         5,357,269   
     

 

 

  

Health Care Technology - 2.6%

  

Computer Programs & Systems, Inc.

      11,914         709,955   

Medidata Solutions, Inc.*

      29,447         762,972   

Quality Systems, Inc.

      15,942         596,231   
     

 

 

  

Total Health Care Technology

         2,069,158   
     

 

 

  

Hotels, Restaurants & Leisure - 6.1%

  

Biglari Holdings, Inc.*

      1,769         718,798   

BJ’s Restaurants, Inc.*

      14,564         629,019   

Buffalo Wild Wings, Inc.*

      12,620         1,058,187   

CEC Entertainment, Inc.

      15,130         578,269   

DineEquity, Inc.*

      14,008         680,509   

Papa John’s International, Inc.*

      9,219         371,341   

Peet’s Coffee & Tea, Inc.*

      10,832         832,114   
     

 

 

  

Total Hotels, Restaurants & Leisure

         4,868,237   
     

 

 

  

Household Durables - 0.5%

  

iRobot Corp.*

      15,469         365,223   
     

 

 

  

Total Household Durables

         365,223   
     

 

 

  

Household Products - 0.4%

  

WD-40 Co.

      6,769         305,146   
     

 

 

  

Total Household Products

         305,146   
     

 

 

  

Insurance - 1.7%

  

Infinity Property & Casualty Corp.

      10,972         586,014   

ProAssurance Corp.

      5,312         467,934   

RLI Corp.

      4,660         320,981   
     

 

 

  

Total Insurance

         1,374,929   
     

 

 

  

Internet & Catalog Retail - 0.3%

  

Blue Nile, Inc.*

      7,415         224,526   
     

 

 

  

Total Internet & Catalog Retail

         224,526   
     

 

 

  

Internet Software & Services - 4.2%

  

comScore, Inc.*

      14,729         293,402   

InfoSpace, Inc.*

      47,525         528,953   

j2 Global, Inc.

      9,903         255,794   

Liquidity Services, Inc.*

      5,484         292,462   

LivePerson, Inc.*

      20,986         333,258   

LogMeIn, Inc.*

      16,000         576,160   

OpenTable, Inc.*

      16,126         721,316   

Stamps.com, Inc.*

      12,028         349,173   
     

 

 

  

Total Internet Software & Services

         3,350,518   
     

 

 

  
      SHARES      MARKET
VALUE		  
     

IT Services - 2.5%

  

CACI International, Inc. — Class A*

      12,800       $ 782,464   

Forrester Research, Inc.

      7,638         270,767   

Higher One Holdings, Inc.*

      20,672         325,998   

MAXIMUS, Inc.

      13,353         590,870   
     

 

 

  

Total IT Services

         1,970,099   
     

 

 

  

Leisure Equipment & Products - 1.2%

  

Sturm Ruger & Co., Inc.

      16,651         950,273   
     

 

 

  

Total Leisure Equipment & Products

         950,273   
     

 

 

  

Machinery - 1.1%

  

Lindsay Corp.

      5,819         388,651   

Toro Co. (The)

      6,480         463,061   
     

 

 

  

Total Machinery

         851,712   
     

 

 

  

Media - 0.5%

  

Arbitron, Inc.

      9,929         377,798   
     

 

 

  

Total Media

         377,798   
     

 

 

  

Oil, Gas & Consumable Fuels - 2.2%

  

Approach Resources, Inc.*

      10,222         366,765   

Contango Oil & Gas Co.*

      11,632         631,152   

GeoResources, Inc.*

      19,087         719,771   
     

 

 

  

Total Oil, Gas & Consumable Fuels

         1,717,688   
     

 

 

  

Paper & Forest Products - 1.1%

  

Deltic Timber Corp.

      7,103         433,851   

Schweitzer-Mauduit International, Inc.

      6,002         407,056   
     

 

 

  

Total Paper & Forest Products

         840,907   
     

 

 

  

Personal Products - 0.7%

  

Medifast, Inc.*

      30,738         590,784   
     

 

 

  

Total Personal Products

         590,784   
     

 

 

  

Pharmaceuticals - 3.8%

  

Akorn, Inc.*

      25,686         311,571   

Hi-Tech Pharmacal Co., Inc.*

      21,038         685,628   

Medicines Co. (The)*

      29,727         656,669   

Questcor Pharmaceuticals, Inc.*

      15,091         677,586   

Salix Pharmaceuticals Ltd.*

      5,922         292,547   

ViroPharma, Inc.*

      17,922         389,804   
     

 

 

  

Total Pharmaceuticals

         3,013,805   
     

 

 

  

Professional Services - 1.3%

  

Dolan Co. (The)*

      65,217         522,388   

Exponent, Inc.*

      10,497         501,757   
     

 

 

  

Total Professional Services

         1,024,145   
     

 

 

  

Real Estate Investment Trusts (REITs) - 1.2%

  

EastGroup Properties, Inc.

      5,416         272,425   

Mid-America Apartment Communities, Inc.

      5,036         342,801   

PS Business Parks, Inc.

      5,385         367,526   
     

 

 

  

Total Real Estate Investment Trusts (REITs)

         982,752   
     

 

 

  
 

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       31

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (concluded)   April 30, 2012

 

GUGGENHEIM S&P SMALLCAP 600 PURE GROWTH ETF

 

      SHARES      MARKET
VALUE		  
     

Semiconductors & Semiconductor
Equipment - 10.0%

  

Cabot Microelectronics Corp.

      9,197       $ 316,193   

CEVA, Inc.*

      9,151         202,145   

Cirrus Logic, Inc.*

      40,705         1,114,503   

Cymer, Inc.*

      8,601         445,876   

Entropic Communications, Inc.*

      92,653         391,922   

Exar Corp.*

      85,228         675,006   

GT Advanced Technologies, Inc.*

      53,436         347,868   

Hittite Microwave Corp.*

      14,729         788,591   

Kulicke & Soffa Industries, Inc.*

      65,056         852,234   

Power Integrations, Inc.

      16,858         638,581   

Rubicon Technology, Inc.*

      51,722         488,773   

Veeco Instruments, Inc.*

      32,540         982,383   

Volterra Semiconductor Corp.*

      20,642         678,915   
     

 

 

  

Total Semiconductors & Semiconductor Equipment

         7,922,990   
     

 

 

  

Software - 7.5%

  

Blackbaud, Inc.

      8,920         276,342   

CommVault Systems, Inc.*

      14,832         772,302   

Ebix, Inc.

      22,515         460,432   

Interactive Intelligence Group*

      13,306         394,656   

JDA Software Group, Inc.*

      9,821         283,630   

Manhattan Associates, Inc.*

      7,027         352,404   

MicroStrategy, Inc. — Class A*

      4,955         692,610   

Netscout Systems, Inc.*

      17,357         359,116   

OPNET Technologies, Inc.

      11,366         263,237   

Sourcefire, Inc.*

      18,157         925,825   

Synchronoss Technologies, Inc.*

      8,735         273,406   

Tyler Technologies, Inc.*

      13,937         556,783   

Websense, Inc.*

      18,716         388,170   
     

 

 

  

Total Software

         5,998,913   
     

 

 

  
      SHARES      MARKET
VALUE		  
     

Specialty Retail - 6.0%

  

Buckle, Inc. (The)

      14,861       $ 686,281   

Children’s Place Retail Stores, Inc. (The)*

      7,700         354,046   

Genesco, Inc.*

      8,795         659,625   

Hibbett Sports, Inc.*

      12,152         725,718   

JOS A Bank Clothiers, Inc.*

      13,184         626,899   

Monro Muffler Brake, Inc.

      13,532         558,330   

Rue21, Inc.*

      20,402         619,201   

Vitamin Shoppe, Inc.*

      11,190         526,713   
     

 

 

  

Total Specialty Retail

         4,756,813   
     

 

 

  

Textiles, Apparel & Luxury Goods - 1.9%

  

Steven Madden Ltd.*

      17,314         748,138   

True Religion Apparel, Inc.*

      16,330         443,523   

Wolverine World Wide, Inc.

      7,287         305,689   
     

 

 

  

Total Textiles, Apparel & Luxury Goods

         1,497,350   
     

 

 

  

Water Utilities - 0.4%

  

American States Water Co.

      8,489         309,339   
     

 

 

  

Total Water Utilities

         309,339   
     

 

 

  

Total Common Stocks
(Cost $75,305,032)

         79,360,871   
     

 

 

  

SHORT TERM INVESTMENTS - 0.1%

  

SSgA Government Money Market Fund

      45,037         45,037   
     

 

 

  

Total Short Term Investments
(Cost $45,037)

   

      45,037   
     

 

 

  

Total Investments - 100.0%a
(Cost $75,350,069)

   

      79,405,908   
     

 

 

  

Other Assets and Liabilities, net - 0.0%b

  

      (17,925 ) 
     

 

 

  

Net Assets - 100.0%

       $ 79,387,983   
     

 

 

  
 

 

*   Non-Income Producing Security.
a   

Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs.

b   

Amount represents less than 0.05% of net assets.

 

32     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents
STATEMENT OF ASSETS AND LIABILITIES (Unaudited)   April 30, 2012

 

 

 

      Guggenheim
Russell
Top  50® ETF		     Guggenheim
S&P 500 Pure
Value ETF		     Guggenheim
S&P 500 Pure
Growth ETF		     Guggenheim
S&P MidCap 400
Pure Value ETF		  
ASSETS         

Investments at market value*

    $ 484,845,903      $ 93,237,617      $ 321,268,237      $ 35,559,247   

Receivables:

         

Investments sold

      —        123,385        —        432,672   

Fund shares sold

      5,119,129        —        —        —   

Dividends

      548,255        63,732        113,989        12,107   

Total assets

      490,513,287        93,424,734        321,382,226        36,004,026   
LIABILITIES         

Payables:

         

Investments purchased

      5,111,014        197,426        —        449,901   

Accrued management fees

      76,631        26,638        90,467        10,934   

Total liabilities

      5,187,645        224,064        90,467        460,835   
NET ASSETS    $ 485,325,642      $ 93,200,670      $ 321,291,759      $ 35,543,191   
NET ASSETS CONSIST OF:         

Paid-in capital

    $ 553,191,007      $ 99,858,494      $ 304,933,273      $ 36,489,125   

Undistributed net investment income

      739,997        94,108        62,879        11,475   

Accumulated net realized loss on investment securities

      (67,675,096 )      (6,848,996 )      (17,505,956 )      (2,791,779 ) 

Net unrealized appreciation (depreciation) on investment securities

      (930,266 )      97,064        33,801,563        1,834,370   
NET ASSETS    $ 485,325,642      $ 93,200,670      $ 321,291,759      $ 35,543,191   

Shares outstanding (unlimited shares authorized), no par value

      4,750,785        3,002,836        6,550,299        1,000,499   

Net asset value, offering price and repurchase price per share

      $102.16        $31.04        $49.05        $35.53   

*Total cost of investments

    $ 485,776,169      $ 93,140,553      $ 287,466,674      $ 33,724,877   

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       33

Table of Contents
STATEMENT OF ASSETS AND LIABILITIES (Unaudited) (concluded)   April 30, 2012

 

 

 

      Guggenheim S&P
MidCap 400
Pure Growth ETF		     Guggenheim S&P
SmallCap 600
Pure Value ETF		     Guggenheim S&P
SmallCap 600
Pure Growth ETF		  
ASSETS       

Investments at market value*

    $ 602,671,223      $ 77,220,259      $ 79,405,908   

Receivables:

       

Investments sold

      —        637,821        —   

Dividends

      59,983        18,504        4,867   

Total assets

      602,731,206        77,876,584        79,410,775   
LIABILITIES       

Payables:

       

Investments purchased

      —        710,699        —   

Accrued management fees

      171,678        21,952        22,792   

Total liabilities

      171,678        732,651        22,792   
NET ASSETS    $ 602,559,528      $ 77,143,933      $ 79,387,983   
NET ASSETS CONSIST OF:       

Paid-in capital

    $ 582,703,721      $ 101,950,658      $ 77,973,174   

Undistributed (distributions in excess) of net investment income

      (31,052 )      20,892        (3,425 ) 

Accumulated net realized loss on investment securities

      (39,451,708 )      (24,070,952 )      (2,637,605 ) 

Net unrealized appreciation (depreciation) on investment securities

      59,338,567        (756,665 )      4,055,839   
NET ASSETS    $ 602,559,528      $ 77,143,933      $ 79,387,983   

Shares outstanding (unlimited shares authorized), no par value

      6,700,021        1,950,040        1,450,004   

Net asset value, offering price and repurchase price per share

      $89.93        $39.56        $54.75   

*Total cost of investments

    $ 543,332,656      $ 77,976,924      $ 75,350,069   

 

34     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents

STATEMENT OF OPERATIONS (Unaudited)

 

  

For the Six Months Ended April 30, 2012

 

      Guggenheim
Russell
Top  50® ETF		     Guggenheim
S&P 500 Pure
Value ETF		     Guggenheim
S&P 500 Pure
Growth ETF		     Guggenheim
S&P MidCap 400
Pure Value ETF		  
INVESTMENT INCOME         

Dividends

    $ 5,489,266      $ 831,618      $ 1,576,400      $ 345,951   

Interest

      6        1        12        —   

Total income

      5,489,272        831,619        1,576,412        345,951   
EXPENSES         

Management fee

      462,860        147,009        503,039        69,587   
       462,860        147,009        503,039        69,587   

Net investment income

      5,026,412        684,610        1,073,373        276,364   
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS         

Net realized gain (loss) from:

         

Investments

      (939,285 )      (304,125 )      (18,426,127 )      (1,137,920 ) 

In-kind Redemptions

      33,570,582        1,637,601        3,527,365        1,182,720   

Net realized gain (loss)

      32,631,297        1,333,476        (14,898,762 )      44,800   

Net change in unrealized appreciation on:

         

Investment securities

      24,055,450        5,638,730        41,661,810        5,410,215   

Net realized and unrealized gain on investments

      56,686,747        6,972,206        26,763,048        5,455,015   

Net increase in net assets resulting from operations

    $ 61,713,159      $ 7,656,816      $ 27,836,421      $ 5,731,379   

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       35

Table of Contents

STATEMENT OF OPERATIONS (Unaudited) (concluded)

 

  

For the Six Months Ended April 30, 2012

 

      Guggenheim
S&P MidCap
400 Pure
Growth ETF		     Guggenheim
S&P SmallCap
600 Pure
Value ETF		     Guggenheim
S&P SmallCap
600 Pure
Growth ETF		  
INVESTMENT INCOME       

Dividends

    $ 1,462,423      $ 378,069      $ 305,143   

Interest

      4        —        1   

Total income

      1,462,427        378,069        305,144   
EXPENSES       

Management fee

      1,028,998        122,607        113,069   
       1,028,998        122,607        113,069   

Net investment income

      433,429        255,462        192,075   
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS       

Net realized gain (loss) from:

       

Investments

      (54,244,070 )      (3,073,716 )      (2,143,451 ) 

In-kind redemptions

      16,979,841        —        437,622   

Net realized loss

      (37,264,229 )      (3,073,716 )      (1,705,829 ) 

Net change in unrealized appreciation on:

       

Investment securities

      82,735,691        9,759,258        8,152,107   

Net realized and unrealized gain on investments

      45,471,462        6,685,542        6,446,278   

Net increase in net assets resulting from operations

    $ 45,904,891      $ 6,941,004      $ 6,638,353   

 

36     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS  

 

 

 

     Guggenheim Russell
Top 50® ETF		     Guggenheim S&P 500
Pure Value ETF		  
     Six Months Ended
April 30, 2012
(Unaudited)		     Year Ended
October 31, 2011		     Six Months Ended
April 30, 2012
(Unaudited)		     Year Ended
October 31, 2011		  
OPERATIONS        

Net investment income

   $ 5,026,412      $ 7,875,126      $ 684,610      $ 1,288,269   

Net realized gain (loss) on investments

     32,631,297        (1,000,821 )      1,333,476        1,122,980   

Net change in unrealized appreciation (depreciation) on investments

     24,055,450        19,318,113        5,638,730        (2,290,115 ) 

Net increase in net assets
resulting from operations

     61,713,159        26,192,418        7,656,816        121,134   
DISTRIBUTIONS TO SHAREHOLDERS FROM:        

Net investment income

     (5,076,826 )      (7,603,764 )      (672,022 )      (1,211,677 ) 
SHAREHOLDER TRANSACTIONS        

Proceeds from shares purchased

     179,271,892        150,183,009        17,479,492        60,757,533   

Value of shares redeemed

     (204,991,871 )      (38,031,580 )      (10,813,895 )      (35,992,276 ) 

Net increase (decrease) in net assets resulting from share transactions

     (25,719,979 )      112,151,429        6,665,597        24,765,257   

Increase in net assets

     30,916,354        130,740,083        13,650,391        23,674,714   
NET ASSETS        

Beginning of period

     454,409,288        323,669,205        79,550,279        55,875,565   

End of period1

  $ 485,325,642      $ 454,409,288      $ 93,200,670      $ 79,550,279   

1 Including undistributed net investment income

   $ 739,997      $ 790,411      $ 94,108      $ 81,520   
CHANGES IN SHARES OUTSTANDING:        

Shares purchased

     1,900,000        1,700,000        550,000        2,000,000   

Shares redeemed

     (2,200,000 )      (450,000 )      (350,000 )      (1,350,000 ) 

Shares outstanding, beginning of period

     5,050,785        3,800,785        2,802,836        2,152,836   

Shares outstanding, end of period

     4,750,785        5,050,785        3,002,836        2,802,836   

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       37

Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS (continued)  

 

 

 

     Guggenheim S&P 500
Pure Growth ETF		     Guggenheim S&P MidCap 400
Pure Value ETF		  
     Six Months Ended
April 30, 2012
(Unaudited)		     Year Ended
October 31, 2011		     Six Months Ended
April 30, 2012
(Unaudited)		     Year Ended
October 31, 2011		  
OPERATIONS        

Net Investment Income

   $ 1,073,373      $ 1,020,216      $ 276,364      $ 588,491   

Net realized gain (loss) on investments

     (14,898,762 )      23,480,072        44,800        1,240,256   

Net change in unrealized appreciation (depreciation) on investments

     41,661,810        (23,088,187 )      5,410,215        (2,426,037 ) 

Net increase (decrease) in net assets resulting from operations

     27,836,421        1,412,101        5,731,379        (597,290 ) 
DISTRIBUTIONS TO SHAREHOLDERS FROM:        

Net investment income

     (1,025,692 )      (996,112 )      (293,225 )      (566,319 ) 
SHAREHOLDER TRANSACTIONS        

Proceeds from shares purchased

     55,143,833        259,891,376        3,130,358        10,618,563   

Value of shares redeemed

     (26,551,559 )      (141,889,014 )      (8,696,285 )      (16,872,735 ) 

Net increase (decrease) in net assets resulting from share transactions

     28,592,274        118,002,362        (5,565,927 )      (6,254,172 ) 

Increase (decrease) in net assets

     55,403,003        118,418,351        (127,773 )      (7,417,781 ) 
NET ASSETS        

Beginning of period

     265,888,756        147,470,405        35,670,964        43,088,745   

End of period1

  $ 321,291,759      $ 265,888,756      $ 35,543,191      $ 35,670,964   

1 Including undistributed net investment income

   $ 62,879      $ 15,198      $ 11,475      $ 28,336   
CHANGES IN SHARES OUTSTANDING:        

Shares purchased

     1,200,000        5,700,000        100,000        300,000   

Shares redeemed

     (600,000 )      (3,400,000 )      (250,000 )      (550,000 ) 

Shares outstanding, beginning of period

     5,950,299        3,650,299        1,150,499        1,400,499   

Shares outstanding, end of period

     6,550,299        5,950,299        1,000,499        1,150,499   

 

38     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS (continued)  

 

 

 

     Guggenheim S&P MidCap 400
Pure Growth ETF		     Guggenheim S&P SmallCap 600
Pure Value ETF		  
     Six Months Ended
April 30, 2012
(Unaudited)		     Year Ended
October 31, 2011		     Six Months Ended
April 30, 2012
(Unaudited)		     Year Ended
October 31, 2011		  
OPERATIONS        

Net investment income

   $ 433,429      $ 494,420      $ 255,462      $ 444,600   

Net realized gain (loss)

     (37,264,229 )      69,090,697        (3,073,716 )      3,386,071   

Net change in unrealized appreciation (depreciation) on Investments

     82,735,691        (51,357,329 )      9,759,258        849,778   

Net increase in net assets resulting from operations

     45,904,891        18,227,788        6,941,004        4,680,449   
DISTRIBUTIONS TO SHAREHOLDERS FROM:        

Net investment income

     (464,481 )      (494,945 )      (234,570 )      (444,287 ) 
SHAREHOLDER TRANSACTIONS        

Proceeds from shares purchased

     74,690,949        689,925,224        8,307,891        14,049,940   

Value of shares redeemed

     (170,817,803 )      (346,841,356 )      —        (43,539,405 ) 

Net increase (decrease) in net assets resulting from share transactions

     (96,126,854 )      343,083,868        8,307,891        (29,489,465 ) 

Increase (decrease) in net assets

     (50,686,444 )      360,816,711        15,014,325        (25,253,303 ) 
NET ASSETS        

Beginning of period

     653,245,972        292,429,261        62,129,608        87,382,911   

End of period1

   $ 602,559,528      $ 653,245,972      $ 77,143,933      $ 62,129,608   

1 Including undistributed (distributions in excess) of net investment income

   $ (31,052 )    $ —      $ 20,892      $ —   
CHANGES IN SHARES OUTSTANDING:        

Shares purchased

     900,000        8,250,000        200,000        350,000   

Shares redeemed

     (2,150,000 )      (4,450,000 )      —        (1,150,000 ) 

Shares outstanding, beginning of period

     7,950,021        4,150,021        1,750,040        2,550,040   

Shares outstanding, end of period

     6,700,021        7,950,021        1,950,040        1,750,040   

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       39

Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS (concluded)  

 

 

 

      Guggenheim S&P SmallCap 600
Pure Growth ETF		  
      Six Months Ended
April 30, 2012
(Unaudited)		     Year Ended
October 31, 2011		  
OPERATIONS     

Net investment income

    $ 192,075      $ 12,081   

Net realized loss on investments

      (1,705,829 )      (1,667,405 ) 

Net change in unrealized appreciation (depreciation) on investments

      8,152,107        (6,355,046 ) 

Net increase (decrease) in net assets resulting from operations

      6,638,353        (8,010,370 ) 
DISTRIBUTIONS TO SHAREHOLDERS FROM:     

Net investment income

      (195,500 )      (46,996 ) 
SHAREHOLDER TRANSACTIONS     

Proceeds from shares purchased

      40,808,973        103,804,934   

Value of shares redeemed

      (2,736,392 )      (78,204,381 ) 

Net increase in net assets resulting from share transactions

      38,072,581        25,600,553   

Increase in net assets

      44,515,434        17,543,187   
NET ASSETS     

Beginning of period

      34,872,549        17,329,362   

End of period1

    $ 79,387,983      $ 34,872,549   

1 Including undistributed (distributions in excess) of net investment income

    $ (3,425 )    $ —   
CHANGES IN SHARES OUTSTANDING:     

Shares purchased

      800,000        1,950,000   

Shares redeemed

      (50,000 )      (1,650,000 ) 

Shares outstanding, beginning of period

      700,004        400,004   

Shares outstanding, end of period

      1,450,004        700,004   

 

40     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents

GUGGENHEIM RUSSELL TOP 50® ETF

 

FINANCIAL HIGHLIGHTS  

 

 

     Six Months Ended
April 30, 2012
(Unaudited)		     Year Ended
October 31,
2011		     Year Ended
October 31,
2010		     Year Ended
October 31,
2009		     Year Ended
October 31,
2008		     Year Ended
October 31,
2007		  

Per Share Operating Performance:

  

Net asset value at beginning of period

     $89.97        $85.16        $78.90        $76.29        $116.47        $104.15   

Net investment income*

     1.03        1.87        1.72        1.95        2.34        2.15   

Net realized and unrealized gain (loss) on investments

         12.20        4.74        6.26        2.61        (40.20 )      12.25   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

     13.23        6.61        7.98        4.56        (37.86 )      14.40   

Distributions to shareholders from:

            

Net investment income

     (1.04 )      (1.80 )      (1.72 )      (1.95 )      (2.32 )      (2.08 ) 

Net asset value at end of period

     $102.16        $89.97        $85.16        $78.90        $76.29        $116.47   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
                                                 

Total Return**

     14.77%        7.80%        10.22%        6.35%        (32.92% )      13.96%   

Ratios/Supplemental Data:

            

Net assets at end of period (000’s omitted)

     $485,326        $454,409        $323,669        $315,662        $434,878        $681,355   

Ratio to average net assets of:

            

Expenses

     0.20%        0.20%        0.20%        0.20%        0.20%        0.20%   

Net investment income

     2.17%        2.08%        2.09%        2.79%        2.37%        1.96%   

Portfolio turnover rate†

     1%        6%        9%        12%        10%        8%   

 

*   Based on average shares outstanding.
**   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. Total investment return calculated for a period of less than one year is not annualized.
†   

Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions.

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       41

Table of Contents

GUGGENHEIM S&P 500 PURE VALUE ETF

 

FINANCIAL HIGHLIGHTS (continued)

 

 

     Six Months Ended
April 30, 2012
(Unaudited)		     Year Ended
October 31,
2011		     Year Ended
October 31,
2010		     Year Ended
October 31,
2009		    

Year Ended
October 31,

2008

    

Year Ended

October 31,
2007

  

Per Share Operating Performance:

  

Net asset value at beginning of period

     $28.38        $25.95        $21.46        $17.98        $34.46        $32.66   

Net investment income*

     0.24        0.42        0.35        0.49        1.00        0.75   

Net realized and unrealized gain (loss) on investments

         2.66        2.40        4.49        3.53        (16.44 )      1.80   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

     2.90        2.82        4.84        4.02        (15.44 )      2.55   

Distributions to shareholders from:

            

Net investment income

     (0.24 )      (0.39 )      (0.35 )      (0.54 )      (1.04 )      (0.75 ) 

Net asset value at end of period

     $31.04        $28.38        $25.95        $21.46        $17.98        $34.46   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
                                                 

Total Return**

     10.24%        10.84%        22.67%        23.73%        (45.76% )      7.79%   

Ratios/Supplemental Data:

            

Net assets at end of period (000’s omitted)

     $93,201        $79,550        $55,876        $30,101        $17,994        $39,635   

Ratio to average net assets of:

            

Expenses

     0.35%        0.35%        0.35%        0.35%        0.35%        0.35%   

Net investment income

     1.63%        1.44%        1.38%        2.92%        3.63%        2.15%   

Portfolio turnover rate†

     34%        23%        27%        45%        53%        26%   

 

 

*   Based on average shares outstanding.
**   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. Total investment return calculated for a period of less than one year is not annualized.
†   

Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions.

 

42     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents

GUGGENHEIM S&P 500 PURE GROWTH ETF

  

 

FINANCIAL HIGHLIGHTS (continued)

 

 

     Six Months Ended
April 30, 2012
(Unaudited)		     Year Ended
October 31,
2011		     Year Ended
October 31,
2010		     Year Ended
October 31,
2009		     Year Ended
October 31,
2008		     Year Ended
October 31,
2007		  

Per Share Operating Performance:

  

Net asset value at beginning of period

     $44.68        $40.40        $30.85        $24.40        $39.59        $35.30   

Net investment income*

     0.17        0.18        0.13        0.18        0.20        0.25   

Net realized and unrealized gain (loss) on investments

         4.36        4.28        9.57        6.46        (15.19 )      4.26   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

     4.53        4.46        9.70        6.64        (14.99 )      4.51   

Distributions to shareholders from:

            

Net investment income

     (0.16 )      (0.18 )      (0.15 )      (0.19 )      (0.20 )      (0.22 ) 

Net asset value at end of period

     $49.05        $44.68        $40.40        $30.85        $24.40        $39.59   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
                                                 

Total Return**

     10.16%        11.06%        31.51%        27.41%        (38.00% )      12.79%   

Ratios/Supplemental Data:

            

Net assets at end of period (000’s omitted)

     $321,292        $265,889        $147,470        $38,568        $24,398        $63,340   

Ratio to average net assets of:

            

Expenses

     0.35%        0.35%        0.35%        0.35%        0.35%        0.35%   

Net investment income

     0.75%        0.41%        0.37%        0.69%        0.57%        0.66%   

Portfolio turnover rate†

     34%        21%        31%        27%        30%        24%   

 

 

 

*   Based on average shares outstanding.
**   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. Total investment return calculated for a period of less than one year is not annualized.
†   

Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions.

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       43

Table of Contents

GUGGENHEIM S&P MIDCAP 400 PURE VALUE ETF

 

FINANCIAL HIGHLIGHTS (continued)  

 

 

     Six Months Ended
April 30, 2012
(Unaudited)		     Year Ended
October 31,
2011		     Year Ended
October 31,
2010		     Year Ended
October 31,
2009		     Year Ended
October 31,
2008		     Year Ended
October 31,
2007		  

Per Share Operating Performance:

  

Net asset value at beginning of period

     $31.00        $30.77        $24.20        $20.24        $35.76        $33.27   

Net investment income*

     0.23        0.41        0.36        0.59        0.87        0.82   

Net realized and unrealized gain (loss) on investments

         4.54        0.22        6.57        3.92        (15.54 )      2.48   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

     4.77        0.63        6.93        4.51        (14.67 )      3.30   

Distributions to shareholders from:

            

Net investment income

     (0.24 )      (0.40 )      (0.36 )      (0.55 )      (0.84 )      (0.81 ) 

Net asset value at end of period

     $35.53        $31.00        $30.77        $24.20        $20.24        $35.76   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
                                                 

Total Return**

     15.41%        2.03%        28.75%        23.32%        (41.75% )      9.94%   

Ratios/Supplemental Data:

  

          

Net assets at end of period (000’s omitted)

     $35,543        $35,671        $43,089        $22,997        $10,126        $21,458   

Ratio to average net assets of:

            

Expenses

     0.35%        0.35%        0.35%        0.35%        0.35%        0.35%   

Net investment income

     1.39%        1.22%        1.20%        2.90%        2.87%        2.28%   

Portfolio turnover rate†

     42%        49%        35%        57%        64%        46%   

 

*   Based on average shares outstanding.
**   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. Total investment return calculated for a period of less than one year is not annualized.
†   Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions.

 

44     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents

GUGGENHEIM S&P MIDCAP 400 PURE GROWTH ETF

 

FINANCIAL HIGHLIGHTS (continued)  

 

 

     Six Months Ended
April 30, 2012
(Unaudited)		     Year Ended
October 31,
2011		     Year Ended
October 31,
2010		     Year Ended
October 31,
2009		     Year Ended
October 31,
2008		     Year Ended
October 31,
2007		  

Per Share Operating Performance:

  

Net asset value at beginning of period

     $82.17        $70.46        $52.89        $39.10        $59.75        $50.10   

Net investment income*

     0.06        0.07        0.02        0.09        0.02        0.33   

Net realized and unrealized gain (loss) on investments

         7.77        11.72        17.59        13.79        (20.63 )      9.73   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

     7.83        11.79        17.61        13.88        (20.61 )      10.06   

Distributions to shareholders from:

            

Net investment income

     (0.07 )      (0.08 )      (0.04 )      (0.09 )      (0.04 )      (0.27 ) 

Net realized gains

             —        —        —        —        —        (0.14 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total distributions

     (0.07 )      (0.08 )      (0.04 )      (0.09 )      (0.04 )      (0.41 ) 

Net asset value at end of period

     $89.93        $82.17        $70.46        $52.89        $39.10        $59.75   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
                                                 

Total Return**

     9.53%        16.73%        33.32%        35.59%        (34.52% )      20.17%   

Ratios/Supplemental Data:

            

Net assets at end of period (000’s omitted)

     $602,560        $653,246        $292,429        $108,432        $17,596        $20,914   

Ratio to average net assets of:

            

Expenses

     0.35%        0.35%        0.35%        0.35%        0.35%        0.35%   

Net investment income

     0.15%        0.09%        0.03%        0.19%        0.04%        0.60%   

Portfolio turnover rate†

     41%        45%        51%        29%        52%        53%   

 

 

*   Based on average shares outstanding.
**   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. Total investment return calculated for a period of less than one year is not annualized.
†   

Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions.

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       45

Table of Contents

GUGGENHEIM S&P SMALLCAP 600 PURE VALUE ETF

 

FINANCIAL HIGHLIGHTS (continued)

 

 

     Six Months Ended
April 30, 2012
(Unaudited)		     Year Ended
October 31,
2011		     Year Ended
October 31,
2010		     Year Ended
October 31,
2009		     Year Ended
October 31,
2008		     Year Ended
October 31,
2007		  

Per Share Operating Performance:

  

Net asset value at beginning of period

     $35.50        $34.27        $28.50        $23.21        $37.38        $40.13   

Net investment income*

     0.14        0.20        0.20        0.32        0.79        0.74   

Net realized and unrealized gain (loss) on investments

         4.04        1.23        5.78        5.29        (14.26 )      (2.85 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

     4.18        1.43        5.98        5.61        (13.47 )      (2.11 ) 

Distributions to shareholders from:

            

Net investment income

     (0.12 )      (0.20 )      (0.21 )      (0.32 )      (0.70 )      (0.62 ) 

Net realized gains

             —        —        —        —        —        (0.02 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total distributions

     (0.12 )      (0.20 )      (0.21 )      (0.32 )      (0.70 )      (0.64 ) 

Net asset value at end of period

     $39.56        $35.50        $34.27        $28.50        $23.21        $37.38   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
                                                 

Total Return**

     11.76%        4.16%        21.07%        25.00%        (36.48% )      (5.38% ) 

Ratios/Supplemental Data:

            

Net assets at end of period (000’s omitted)

     $77,144        $62,130        $87,383        $108,284        $25,527        $22,426   

Ratio to average net assets of:

            

Expenses

     0.35%        0.35%        0.35%        0.35%        0.35%        0.35%   

Net investment income

     0.73%        0.53%        0.60%        1.18%        2.57%        1.78%   

Portfolio turnover rate†

     44%        76%        62%        43%        50%        37%   

 

*   Based on average shares outstanding.
**   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. Total investment return calculated for a period of less than one year is not annualized.
†   

Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions.

 

46     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents

GUGGENHEIM S&P SMALLCAP 600 PURE GROWTH ETF

 

FINANCIAL HIGHLIGHTS (concluded)  

 

 

     Six Months Ended
April 30, 2012
(Unaudited)		     Year Ended
October 31,
2011		     Year Ended
October 31,
2010		     Year Ended
October 31,
2009		     Year Ended
October 31,
2008		     Year Ended
October 31,
2007		  

Per Share Operating Performance:

  

Net asset value at beginning of period

     $49.82        $43.32        $34.13        $29.03        $44.92        $39.10   

Net investment income*

     0.16        0.02        0.06        0.06        0.17        —   

Net realized and unrealized gain (loss) on investments

         4.90        6.57        9.18        5.13        (15.87 )      5.84   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

     5.06        6.59        9.24        5.19        (15.70 )      5.84   

Distributions to shareholders from:

  

Net investment income

     (0.13 )      (0.09 )      (0.05 )      (0.09 )      (0.19 )      (0.02 ) 

Net asset value at end of period

     $54.75        $49.82        $43.32        $34.13        $29.03        $44.92   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
                                                 

Total Return**

     10.16%        15.22%        27.11%        17.93%        (35.05% )      14.93%   

Ratios/Supplemental Data:

            

Net assets at end of period (000’s omitted)

     $79,388        $34,873        $17,329        $11,945        $7,257        $11,229   

Ratio to average net assets of:

            

Expenses

     0.35%        0.35%        0.35%        0.35%        0.35%        0.35%   

Net investment income

     0.59%        0.03%        0.14%        0.21%        0.44%        —%   

Portfolio turnover rate†

     42%        33%        55%        46%        63%        51%   

 

*   Based on average shares outstanding.
**   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. Total investment return calculated for a period of less than one year is not annualized.
†   

Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions.

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       47

Table of Contents

NOTES TO FINANCIAL STATEMENTS (Unaudited)

 

  

 

 

1.    Organization

Rydex ETF Trust (the “Trust”) is an open-end, management investment company registered under the Investment Company Act of 1940 (the “1940 Act”). The Trust was organized as a Delaware statutory trust on November 22, 2002. As of April 30, 2012, the Trust offers twenty-six portfolios, each of which represents a separate series of beneficial interest in the Trust (each a “Fund”, and collectively, the “Funds”). The financial statements herein relate to the following Funds: Guggenheim Russell Top 50® ETF, Guggenheim S&P 500 Pure Value ETF, Guggenheim S&P 500 Pure Growth ETF, Guggenheim S&P MidCap 400 Pure Value ETF, Guggenheim S&P 400 Pure Growth ETF, Guggenheim S&P SmallCap 600 Pure Value ETF and Guggenheim S&P SmallCap 600 Pure Growth ETF. Guggenheim Russell Top 50® ETF commenced operations on May 4, 2005. Guggenheim S&P 500 Pure Value ETF, Guggenheim S&P 500 Pure Growth ETF, Guggenheim S&P MidCap 400 Pure Value ETF, Guggenheim S&P MidCap 400 Pure Growth ETF, Guggenheim S&P SmallCap 600 Pure Value ETF and Guggenheim S&P SmallCap 600 Pure Growth ETF commenced operations on March 1, 2006.

The Funds’ 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”). The Guggenheim Russell Top 50® ETF tracks the Russell Top 50® Index. The Guggenheim S&P 500 Pure Value ETF tracks the S&P 500 Pure Value Index, the Guggenheim S&P 500 Pure Growth ETF tracks the S&P 500 Pure Growth Index, the Guggenheim S&P MidCap 400 Pure Value ETF tracks the S&P MidCap 400 Pure Value Index, the Guggenheim S&P MidCap 400 Pure Growth ETF tracks the S&P MidCap 400 Pure Growth Index, the Guggenheim S&P SmallCap 600 Pure Value ETF tracks the S&P SmallCap 600 Pure Value Index and the Guggenheim S&P SmallCap 600 Pure Growth ETF tracks the S&P SmallCap 600 Pure Growth Index. The Funds seek to achieve their objective by investing in common stocks or 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 called a “Creation Unit”. Creation Units are issued and redeemed principally in-kind for securities included in the Underlying Index.

 

Guggenheim Investments (“GI”) provides advisory services and Rydex Distributors, LLC (“RDL”) acts as principal underwriter for the Trust. GI and RDL are affiliated entities.

2.    Significant Accounting Policies

The following significant accounting policies are in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and are consistently followed by the Trust. This requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. All time references are based on Eastern Time.

A.    Security Valuation

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 on the valuation date. Equity securities listed on the NASDAQ market system are valued at the NASDAQ Official Closing Price on the valuation date.

Investments for which market quotations are not readily available are fair valued as determined in good faith by GI under the direction of the Board of Trustees using methods established or ratified by the Board of Trustees. These methods include, but are not limited to: (i) using general information as to how these securities and assets trade; and (ii) using other information and considerations, including current values in related markets.

B.    Security Transactions and Income Recognition

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. 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 discount, is accrued on a daily basis. Distributions received from investments in REITs are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distribution by the issuer.

C.    Repurchase Agreements

The Funds 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

 

 

48     GUGGENHEIM ETFS SEMI-ANNUAL REPORT

Table of Contents
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)  

 

 

 

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 Funds follow 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 Funds will seek to liquidate such collateral. However, the exercising of the Funds 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 Funds could suffer a loss. It is the current policy of the Funds 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 Funds, amounts to more than 15% of a Funds net assets. The investments of the Funds in repurchase agreements, at times, may be substantial when, in the view of GI, liquidity or other considerations so warrant. For the period ended April 30, 2012, the Funds had not engaged in repurchase agreement transactions.

D.    Federal Income Taxes

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 (fiscal years 2008-2011), and has concluded that no provision for income tax was required in the Funds’ financial statements.

The RIC Modernization Act of 2010 was signed into law on December 22, 2010 and seeks to simplify some of the tax provisions applicable to regulated investment companies and the tax reporting to their shareholders, and to improve the tax efficiency of certain fund structures. The changes are generally effective for taxable years beginning after the date of enactment.

One of the more prominent changes addresses capital loss carryforwards. Funds will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. Under pre-enactment law, capital losses could be carried forward for eight years, and carried forward as short-term capital, irrespective of the character of the original loss. As a result of this ordering rule, pre-enactment capital loss carryforwards may potentially expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

For the period ended April 30, 2012, the Funds realized net capital gains resulting from in-kind redemptions and other transactions. Because gains from in-kind redemptions are non-taxable to the Funds, and are not distributed to existing Fund shareholders, the gains are reclassified from accumulated net realized gains to paid-in-capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or NAV. The in-kind net capital gains for the period ended April 30, 2012 are disclosed in the Fund’s Statement of Operations.

 

 

At April 30, 2012, the identified cost of investments in securities owned by each Fund for Federal income tax purposes and the gross unrealized appreciation and depreciation were as follows:

 

      Identified
Cost		      Gross Unrealized
Appreciation		      Gross Unrealized
Depreciation		     Net Unrealized
(Depreciation)		  

Guggenheim Russell Top 50® ETF

    $ 485,776,169       $ 46,101,517       $ (47,031,783 )    $ (930,266 ) 

Guggenheim S&P 500 Pure Value ETF

      93,140,553         6,066,868         (5,969,804 )      97,064   

Guggenheim S&P 500 Pure Growth ETF

      287,466,674         45,557,533         (11,755,970 )      33,801,563   

Guggenheim S&P Midcap 400 Pure Value ETF

      33,724,877         3,513,868         (1,679,498 )      1,834,370   

Guggenheim S&P Midcap 400 Pure Growth ETF

      543,332,656         89,011,820         (29,673,253 )      59,338,567   

Guggenheim S&P Smallcap 600 Pure Value ETF

      77,976,924         7,607,344         (8,364,009 )      (756,665)   

Guggenheim S&P Smallcap 600 Pure Growth ETF

      75,350,069         7,427,762         (3,371,923 )      4,055,839   

E.    Fair Value Measurement

In accordance with U.S. GAAP, fair value is defined as the price that the Fund 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

 

GUGGENHEIM ETFS SEMI-ANNUAL REPORT       49

Table of Contents

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

 

  

 

 

advantageous market for the investment or liability. A three-tier hierarchy is utilized to distinguish between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Funds’ investments. The inputs are summarized in the three broad levels listed 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 inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following table summarizes the inputs used to value the Funds’ net assets as of April 30, 2012:

 

Fund    Level 1
Investments
in Securities		      Level 2
Investments
in Securities		      Level 3
Investments
in Securities		      Total  

Guggenheim Russell Top 50® ETF

    $ 484,845,903       $         —       $         —       $ 484,845,903   

Guggenheim S&P 500 Pure Value ETF

      93,237,617         —         —         93,237,617   

Guggenheim S&P 500 Pure Growth ETF

      321,268,237         —         —         321,268,237   

Guggenheim S&P MidCap 400 Pure Value ETF

      35,559,247         —         —         35,559,247   

Guggenheim S&P MidCap 400 Pure Growth ETF

      602,671,223         —         —         602,671,223   

Guggenheim S&P SmallCap 600 Pure Value ETF

      77,220,259         —         —         77,220,259   

Guggenheim S&P SmallCap 600 Pure Growth ETF

      79,405,908         —         —         79,405,908   

For the period ended April 30, 2012, there were no transfers between levels.

 

F.    Dividends and Distributions

Distributions of net investment income and net realized gains, if any, in all the Funds, are declared at least annually and recorded on the ex-dividend date and are determined in accordance with income tax regulations which may differ from U.S. GAAP.

G.    Risk and Uncertainties

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. The Guggenheim Russell Top 50® ETF is a non-diversified fund, subjecting it to a greater risk than a fund that is diversified.

H.    Risk Disclosure

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.

3.    Advisory, Administration 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.

 

      Advisory
Fee		  

Guggenheim Russell 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, legal, audit and other services, except: interest, taxes, distribution fees or expenses and extraordinary expenses.

Under an Administration Agreement, State Street Bank and Trust Company (the “Administrator”) provides various administrative and accounting services for the maintenance and operations of the Funds. Under a Custodian Agreement with the Trust, the Administrator maintains cash, securities and

 

 

50     GUGGENHEIM ETFS SEMI-ANNUAL REPORT

Table of Contents
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)  

 

 

 

other assets of the Funds in separate accounts for each Fund, keeps all necessary accounts and records, and provides other services. The Administrator 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, the Administrator 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 the Administrator directly for the foregoing services.

The Funds have adopted a Distribution Plan (the “Plan”) that allows the Funds to pay distribution fees to RDL and other firms that provide distribution services (“Service Providers”). If a Service Provider provides distribution services, the Funds will pay distribution fees to RDL at an annual rate not to exceed 0.25% of average daily net assets, pursuant to Rule 12b-1 of the 1940 Act. RDL will, in turn, pay the Service Provider out of its fees. No such fee is currently charged to the Funds.

4.    Capital

At April 30, 2012, there were an unlimited number of no par value shares of beneficial interest authorized. 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:

 

      Minimum
Transaction
Fee		  

Guggenheim Russell 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   
 

 

5.    Investment Transactions

For the period ended April 30, 2012, the Funds had investment transactions in-kind associated with subscriptions and redemptions as follows:

 

      Subscriptions      Redemptions  

Guggenheim Russell Top 50® ETF

      178,670,203         204,409,246   

Guggenheim S&P 500 Pure Value ETF

      17,450,694         10,794,081   

Guggenheim S&P 500 Pure Growth ETF

      55,121,084         26,521,975   

Guggenheim S&P MidCap 400 Pure Value ETF

      3,124,192         8,686,567   

Guggenheim S&P MidCap 400 Pure Growth ETF

      74,675,840         170,775,071   

Guggenheim S&P SmallCap 600 Pure Value ETF

      8,290,896         —   

Guggenheim S&P SmallCap 600 Pure Growth ETF

      40,735,432         2,728,541   

Purchases and sales of investment securities (excluding short-term investments, U.S. government and government agency obligations) for the Funds were as follows:

 

      Purchases      Sales  

Guggenheim Russell Top 50® ETF

    $ 6,073,884       $ 5,638,934   

Guggenheim S&P 500 Pure Value ETF

      28,423,576         31,857,144   

Guggenheim S&P 500 Pure Growth ETF

      98,320,919         98,031,643   

Guggenheim S&P MidCap 400 Pure Value ETF

      16,341,131         17,803,075   

Guggenheim S&P MidCap 400 Pure Growth ETF

      260,697,666         243,944,473   

Guggenheim S&P SmallCap 600 Pure Value ETF

      30,865,787         31,042,923   

Guggenheim S&P SmallCap 600 Pure Growth ETF

      28,939,105         26,998,264   

There were no purchases or sales of U.S. government or government agency obligations for the period ended April 30, 2012.

6.    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 Official Committee of Unsecured Creditors of Tribune Co. v. FitzSimons (In re Tribune Co.), Adv. Pro. No. 10-54010 (Bankr. D. Del.), as a result of ownership of shares in the Tribune Company (“Tribune”) in 2007 by certain series of the Rydex ETF Trust when Tribune effected a leveraged buyout transaction (“LBO”) by which Tribune converted to a privately-held company. In its complaint, the Unsecured Creditors Committee (the “UCC”) has alleged that, in connection with the LBO, insiders and major shareholders were overpaid for their Tribune stock using financing that the insiders knew would, and ultimately did, leave the Tribune insolvent. The UCC

 

GUGGENHEIM ETFS SEMI-ANNUAL REPORT       51

Table of Contents

NOTES TO FINANCIAL STATEMENTS (Unaudited) (concluded)

 

  

 

 

has asserted claims against certain insiders, major shareholders, professional advisers, and others involved in the LBO, and is attempting to obtain from these individuals and entities the proceeds paid out in connection with the LBO. This adversary proceeding in the Bankruptcy Court has been stayed pending further order of the Bankruptcy Court.

In June 2011, a group of Tribune creditors, not including the UCC, filed multiple actions involving state law constructive fraudulent conveyance claims against former Tribune shareholders. Rydex ETF Trust also has been named as a defendant in one or more of these suits. These cases have been consolidated in a multidistrict litigation proceeding in the United States District Court for the Southern District of New York and have been stayed pending further order of that court or of the Bankruptcy Court.

None of these lawsuits allege 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 Funds was $197,050. At this stage of the proceedings, Rydex ETF Trust is not able to make a reliable predication as to the outcome of these lawsuits or the effect, if any, on the Fund’s net asset value.

Lyondell Chemical Company

Rydex ETF Trust has been named as a defendant in Weisfelner, as Trustee of the LB Creditor Trust v. Fund 1 (In re Lyondell Co.), Adversary Proceeding No. 10-4609 (Bankr. S.D.N.Y.). In this action, the creditors of Lyondell Chemical Company (“Lyondell”) are seeking to recover money paid in connection with a pre-bankruptcy distribution by Lyondell to its shareholders pursuant to a December 2007 merger transaction. When the merger closed on December 20, 2007, all outstanding shares of Lyondell stock were converted into the right to receive $48 in cash. The creditors allege that the merged company, LyondellBasell Industries AF S.C.A., and many of its affiliates and subsidiaries filed for bankruptcy as a direct consequence of the merger transaction. The creditors allege that the shareholder payments constituted a fraud on creditors and should be paid back, and are advancing claims of constructive fraudulent transfer and intentional fraudulent transfer under state law.

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: Rydex 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 predication as to the outcome of this lawsuit or the effect, if any, on a fund’s net asset value.

 

52     GUGGENHEIM ETFS SEMI-ANNUAL REPORT

Table of Contents
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 1.800.820.0888. This information is also available from the EDGAR database on the SEC’s website at http://www.sec.gov.

Information regarding how the Funds voted proxies relating to portfolio securities, during the most recent 12-month period ended June 30 is available, without charge, upon request, by calling 1.800.820.0888. The information is also available from the EDGAR database on the SEC’s website at http://www.sec.gov.

At a special meeting of shareholders held on January 26, 2012, the shareholders of the Funds voted on whether to approve a new investment advisory agreement between Rydex ETF Trust and Security Investors, LLC. A description of the number of shares voted is as follows:

 

Fund      Shares For        Shares Against        Shares Abstained  

Guggenheim Russell Top 50® ETF

        2,331,830           13,474           13,969   

Guggenheim S&P 500 Pure Value ETF

        1,470,710           27,115           45,005   

Guggenheim S&P 500 Pure Growth ETF

        2,877,038           31,565           27,507   

Guggenheim S&P MidCap 400 Pure Value ETF

        589,707           11,100           10,030   

Guggenheim S&P MidCap 400 Pure Growth ETF

        2,934,561           40,028           32,740   

Guggenheim S&P SmallCap 600 Pure Value ETF

        100,975           11           —   

Guggenheim S&P SmallCap 600 Pure Growth ETF

        297,409           4,342           4,050   

At a special meeting of shareholders held on November 22, 2011, the shareholders of the Funds also voted on whether to approve the election of nominees to the Board of Trustees. A description of the number of shares voted is as follows:

 

Donald C. Cacciapaglia            Corey A. Colehour            J. Kenneth Dalton  

    For

      72,100,198         

    For

      72,258,142         

    For

      72,216,847   

    Withhold

      2,135,025         

    Withhold

      1,977,081         

    Withhold

      2,018,376   

Total

      74,235,223         

Total

      74,235,223         

Total

      74,235,223   
John O. Demaret            Richard M. Goldman            Werner E. Keller  

    For

      72,234,406         

    For

      72,161,702         

    For

      72,220,467   

    Withhold

      2,000,817         

    Withhold

      2,073,521         

    Withhold

      2,014,756   

Total

      74,235,223         

Total

      74,235,223         

Total

      74,235,223   
Thomas F. Lydon            Patrick T. McCarville            Roger Somers  

    For

      72,247,608         

    For

      72,174,312         

    For

      72,250,544   

    Withhold

      1,987,615         

    Withhold

      2,060,911         

    Withhold

      1,984,679   

Total

      74,235,223         

Total

      74,235,223         

Total

      74,235,223   

At a special meeting of shareholders held on January 26, 2012, the shareholders of the Funds also voted on whether to approve a “manager of managers” arrangement for each of the Funds. Although shareholder votes were placed, not enough votes were received to meet the minimum requirements to constitute a majority vote. As such, the matter was closed.

Quarterly Portfolio Schedules Information

The Trust files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q; which are available on the SEC’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and that information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. Copies of the portfolio holdings are also available to shareholders, without charge and upon request, by calling 1.800.820.0888.

Office Locations

The offices of Guggenheim Investments can be found in the following locations:

40 East 52nd Street

16th Floor

New York, NY 10022

(Headquarters)

Four Irvington Centre

805 King Farm Boulevard

Suite 600

Rockville, MD 20850

9401 Indian Creek Parkway

40 Corporate Woods

Suite 850

Overland Park, KS 66210

 

GUGGENHEIM ETFS SEMI-ANNUAL REPORT       53

Table of Contents

OTHER INFORMATION  (Unaudited) (concluded)

 

 

Premium/Discount Information

Information about the differences between the daily market price on secondary markets for Shares and the NAV of each Fund can be found at www.guggenheimfunds.com.

Guggenheim Transaction

On September 20, 2011, Guggenheim Capital, LLC agreed to purchase the indirect holding company of Security Investors, LLC, the Fund’s investment manager (the “Investment Manager”) (the “Transaction”). Guggenheim Capital, LLC’s subsidiary, Guggenheim Partners, LLC (“Guggenheim”), is a global, independent, privately-held, diversified financial services firm with more than 1,500 dedicated professionals. The Transaction closed on February 29, 2012.

The Transaction should not result in material changes to the day-to-day management and operation of the Fund or any increase in fees.

In anticipation of the Transaction, the Board of Trustees of the Fund (the “Board”) called a special meeting of shareholders (the “Meeting”), at which shareholders of the Fund of record as of October 3, 2011 were asked to consider the approval of a new investment management agreement between the Fund and the Investment Manager (the “New Agreement”). This approval was necessary because, under the Investment Company Act of 1940 (the “1940 Act”), the Transaction could result in the termination of the Fund’s current investment management agreement with the Investment Manager (the “Current Agreement”). The Fund’s shareholders approved the New Agreement, the terms of which are substantially identical to the corresponding Current Agreement, except with respect to the date of execution.

Election of Board Members

The Board also approved a proposal to elect nine individuals to the Board. The Board proposed the election of the following nominees: Donald C. Cacciapaglia, Corey A. Colehour, J. Kenneth Dalton, John O. Demaret, Richard M. Goldman, Werner E. Keller, Thomas F. Lydon, Patrick T. McCarville and Roger Somers. Each of the nominees, other than Mr. Cacciapaglia, currently serves as a Trustee. In connection with the Transaction, the Board believes that expanding the Board to include Mr. Cacciapaglia, who is a member of senior management of Guggenheim’s investment management business, and who would serve on other boards in the Guggenheim Investments family of funds, would be appropriate. The Trusts’ shareholders ultimately approved the aforementioned proposal.

 

54     GUGGENHEIM ETFS SEMI-ANNUAL REPORT

Table of Contents
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 calling 800.820.0888.

All Trustees and Officers may be reached c/o Guggenheim Investments, 805 King Farm Boulevard, Suite 600, Rockville, MD 20850.

TRUSTEE AND OFFICER

 

  Name, Position and
       Year of Birth                        

        

Length of Service
As Trustee
(Year Began)

        

Number of
Funds Overseen

Donald C. Cacciapaglia*

      

Rydex Series Funds – 2012

      

148

Trustee, President (1951)      

Rydex Variable Trust – 2012

      
     

Rydex Dynamic Funds – 2012

      
     

Rydex ETF Trust – 2012

      

Principal Occupations During Past Five Years: Security Investors, LLC: President and CEO from April 2012 to present; Guggenheim Investments: President and Chief Administrative Officer from February 2010 to present; Channel Capital Group, Inc.: Chairman and CEO from April 2002 to February 2010.

INDEPENDENT TRUSTEES

 

  Name, Position and
       Year of Birth                            

        

Length of Service
As Trustee
(Year Began)

        

Number of
Funds Overseen

Corey A. Colehour

      

Rydex Series Funds – 1993

      

148

Trustee (1945)      

Rydex Variable Trust – 1998

      
     

Rydex Dynamic Funds – 1999

      
     

Rydex ETF Trust – 2003

      

Principal Occupations During Past Five Years: Retired; Member of the Audit, Governance and Nominating Committees (1995 to present)

 

 

J. Kenneth Dalton

      

Rydex Series Funds – 1995

      

148

Trustee (1941)      

Rydex Variable Trust – 1998

      
     

Rydex Dynamic Funds – 1999

      
     

Rydex ETF Trust – 2003

      

Principal Occupations During Past Five Years: Retired; Member of the Governance and Nominating Committees (1995 to present); Chairman of the Audit Committee (1997 to present); Member of the Risk Oversight Committee (2010 to present)

 

 

John O. Demaret

      

Rydex Series Funds – 1997

      

148

Trustee, Chairman of the      

Rydex Variable Trust – 1998

      
Board (1941)      

Rydex Dynamic Funds – 1999

      
     

Rydex ETF Trust – 2003

      

Principal Occupations During Past Five Years: Retired; Member of the Audit Committee (1997 to present); Member of the Risk Oversight Committee (2010 to present)

 

 

Werner E. Keller

      

Rydex Series Funds – 2005

      

148

Trustee (1940)      

Rydex Variable Trust – 2005

      
     

Rydex Dynamic Funds – 2005

      
     

Rydex ETF Trust – 2005

      

Principal Occupations During Past Five Years: Founder and President of Keller Partners, LLC (registered investment adviser) (2005 to present); Member of the Audit, Governance and Nominating Committees (2005 to present); Chairman and Member of the Risk Oversight Committee (2010 to present)

 

 

GUGGENHEIM ETFS SEMI-ANNUAL REPORT       55

Table of Contents
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS  (Unaudited) (continued)  

 

 

TRUSTEE AND OFFICER – concluded

 

  Name, Position and
       Year of Birth                            

        

Length of Service
As Trustee
(Year Began)

        

Number of
Funds Overseen

Thomas F. Lydon, Jr.

      

Rydex Series Funds – 2005

      

148

Trustee (1960)      

Rydex Variable Trust – 2005

      
     

Rydex Dynamic Funds – 2005

      
     

Rydex ETF Trust – 2005

      

Principal Occupations During Past Five Years: President, Global Trends Investments (1996 to present); Member of the Audit, Governance and Nominating Committees (2005 to present)

 

 

Patrick T. McCarville

      

Rydex Series Funds – 1997

      

148

Trustee (1942)      

Rydex Variable Trust – 1998

      
     

Rydex Dynamic Funds – 1999

      
     

Rydex ETF Trust – 2003

      

Principal Occupations During Past Five Years: CEO, Par Industries, Inc., d/b/a Par Leasing (1977 to 2010); Chairman of the Governance and Nominating Committees (1997 to present); Member of the Audit Committee (1997 to present)

 

 

Roger Somers

      

Rydex Series Funds – 1993

      

148

Trustee (1944)      

Rydex Variable Trust – 1998

      
     

Rydex Dynamic Funds – 1999

      
     

Rydex ETF Trust – 2003

      

Principal Occupations During Past Five Years: Founder and CEO of Arrow Limousine (1965 to present); Member of the Audit, Governance and Nominating Committees (1995 to present)

 

 

EXECUTIVE OFFICERS

 

 Name, Position and
      Year of Birth

  

Principal Occupations
During Past Five Years

Michael P. Byrum*

Vice President (1970)

  

Current: President, Security Benefit Asset Management Holdings, LLC; Senior Vice President, Security Investors, LLC; President and Chief Investment Officer, Rydex Holdings, LLC; Director and Chairman of the Board, Advisor Research Center, Inc.; Manager, Rydex Specialized Products, LLC

 

Previous: Rydex Distributors, LLC (f/k/a Rydex Distributors, Inc.), Vice President (2009); Rydex Fund Services, LLC, Director (2009-2010), Secretary (2002- 2010), Executive Vice President (2002- 2006); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.), Director (2008-2010), Chief Investment Officer (2006-2010), President (2004-2010), Secretary (2002-2010); Rydex Advisors II, LLC (f/k/a PADCO Advisors II, Inc.), Director (2008-2010), Chief Investment Officer (2006-2010), President (2004-2010), Secretary (2002-2010); Rydex Capital Partners, LLC, President and Secretary (2003-2007); Rydex Capital Partners II, LLC, (2003-2007); Rydex Holdings, LLC (f/k/a Rydex Holdings, Inc.), Secretary (2005-2008), Executive Vice President (2005-2006); Advisor Research Center, Inc., Secretary (2006-2009), Executive Vice President (2006); Rydex Specialized Products, LLC, Secretary (2005-2008)

 

56     GUGGENHEIM ETFS SEMI-ANNUAL REPORT

Table of Contents
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS  (Unaudited) (concluded)  

 

 

EXECUTIVE OFFICERS – concluded

 

 Name, Position and
      Year of Birth

  

Principal Occupations
During Past Five Years

Nikolaos Bonos*

Vice President and Treasurer (1963)

  

Current: Senior Vice President, Security Investors, LLC; Chief Executive Officer and Manager, Rydex Specialized Products, LLC; Chief Executive Officer and President, Rydex Fund Services, LLC; Vice President, Rydex Holdings, LLC; Treasurer, SBL Fund; Security Equity Fund; Security Income Fund; Security Large Cap Value Fund and Security Mid Cap Growth Fund; Vice President, Security Benefit Asset Management Holdings, LLC

 

Previous: Guggenheim Investments, LLC, Senior Vice President (2010-2011); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.) Senior Vice President (2006-2011); Rydex Fund Services, LLC (f/k/a Rydex Fund Services, Inc.), Director (2009), Senior Vice President (2003-2006); Rydex Specialized Products, LLC, Chief Financial Officer (2005-2009)

Elisabeth Miller*

Chief Compliance Officer (1968)

  

Current: Chief Compliance Officer, Rydex Series Funds, Rydex Dynamic Funds, Rydex Variable Trust, Rydex ETF Trust, Security Equity Fund, Security Income Fund, Security Large Cap Value Fund, Security Mid Cap Growth Fund, SBL Fund, Security Investors, LLC, and Rydex Distributors, LLC

 

Previous: Senior Manager, Security Investors, LLC and Rydex Distributors, LLC (2004-2009).

Amy J. Lee*

Vice President and

Assistant Secretary (1960)

  

Current: Senior Vice President and Secretary, Security Investors, LLC; Secretary and Chief Compliance Officer, Security Distributors, Inc.; Vice President, Associate General Counsel and Assistant Secretary, Security Benefit Life Insurance Company and Security Benefit Corporation; Associate General Counsel, First Security Benefit Life Insurance and Annuity of New York; Vice President and Secretary, SBL Fund; Security Equity Fund; Security Income Fund; Security Large Cap Value Fund and Security Mid Cap Growth Fund; Vice President and Secretary, Rydex Holdings, LLC; Secretary, Advisor Research Center, Inc., Rydex Specialized Products, LLC, Rydex Distributors, LLC and Rydex Fund Services, LLC; Assistant Secretary, Security Benefit Clinic and Hospital

 

Previous: Guggenheim Investments, LLC, Senior Vice President and Secretary (2007- 2011); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.) and Rydex Advisors II, LLC (f/k/a PADCO Advisors II, Inc.), Senior Vice President and Secretary (2010- 2011); Brecek and Young Advisors, Inc., Director (2004-2008)

Joseph M. Arruda*

Assistant Treasurer (1966)

  

Current: Assistant Treasurer, SBL Fund; Security Equity Fund; Security Income Fund; Security Large Cap Value Fund and Security Mid Cap Growth Fund; Vice President, Security Investors, LLC; Chief Financial Officer and Manager, Rydex Specialized Products, LLC

 

Previous: Guggenheim Investments, LLC, Vice President (2010-2011); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.) and Rydex Advisors II, LLC (f/k/a PADCO Advisors II, Inc.), Vice President (2004-2011)

 

 

*   Officers of the Funds are deemed to be “interested persons” of the Trust, within the meaning of Section 2(a) (19) of the 1940 Act, inasmuch as this person is affiliated with Guggenheim Investments.

 

GUGGENHEIM ETFS SEMI-ANNUAL REPORT       57

Table of Contents

LOGO

805 King Farm Boulevard, Suite 600

Rockville, MD 20850

www.rydex-sgi.com

800.820.0888

ETF2-SEMI-0412x1012

Table of Contents

LOGO

 

LOGO

 

APRIL 30, 2012

GUGGENHEIM ETFS

SEMI-ANNUAL REPORT

 

RSU GUGGENHEIM 2x S&P 500 ETF

RSW GUGGENHEIM INVERSE 2x S&P 500 ETF

Table of Contents

TABLE OF CONTENTS

 

  

 

 

LETTER TO OUR SHAREHOLDERS

     2   

A BRIEF NOTE ON THE COMPOUNDING OF RETURNS

     4   

FEES AND EXPENSES

      5   

PORTFOLIO SUMMARY

      6   

SCHEDULE OF INVESTMENTS

      7   

STATEMENT OF ASSETS AND LIABILITIES

      15   

STATEMENT OF OPERATIONS

      16   

STATEMENTS OF CHANGES IN NET ASSETS

      17   

FINANCIAL HIGHLIGHTS

      18   

NOTES TO FINANCIAL STATEMENTS

      20   

OTHER INFORMATION

      27   

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS

      29   

 

GUGGENHEIM ETFS SEMI-ANNUAL REPORT       1  

Table of Contents

LETTER TO OUR SHAREHOLDERS

 

  

 

 

To Our Shareholders:

A restructuring of Greece’s massive debt, continued accommodation by the world’s major central banks and better news on the U.S. economy helped support financial markets over the six months ended April 30, 2012. Market optimism peaked in early 2012, when several major equity indices pushed to multi-year highs. But the mood grew more cautious late in the period after first-quarter U.S. GDP came in lower than expected and the Federal Reserve suggested that it would not take any additional measures to stimulate the economy. “Operation Twist,” in which the Fed buys longer-dated Treasury securities in order to hold down long-term rates, is set to end in June, and recent history has shown that stocks struggle when stimulus ends.

U.S. equities last fall were rebounding from the loss of the U.S. AAA credit rating in August. But after touching the low for the period in mid-November, improving U.S. economic data and the European Central Bank’s injections of three-year loans into the continent’s banking system gave a boost to markets late in 2011, which carried over into a strong first quarter of 2012. The mild U.S. winter also may have pulled economic, and thus market, activity forward, a notion supported by underlying momentum in consumer spending.

Markets began to get choppy in April, and many investors remained cautious, remembering 2010 and 2011, when U.S. stocks started strong, then experienced broad-based corrections. Besides a continuation of weakness in employment and housing, adding to unsettled markets were softening economic data and concern about the “fiscal cliff” the U.S. faces in 2013 when tax rates will rise unless Congress steps in. In addition, the onset of recession in Europe is complicating that region’s efforts to manage the sovereign debt crisis. Emerging markets in the first quarter of 2012 had their best start in 20 years, but slipped in March on fears of eurozone market contagion and renewed concern that China’s economic growth might slow.

The Fed said in late April that it expected economic growth to remain moderate over coming quarters, but that the unemployment rate will subside gradually and that inflation was under control. To foster growth, the Federal Reserve has said it will leave its key interest rate close to zero at least through 2014, despite arguments by some Fed officials and investors that the Fed may have to consider raising rates much earlier than that to prevent inflation.

Signs that the U.S. economy was expanding at a slow, but sustainable, rate contributed to concern about future inflation, and both short-term and long-term Treasury yields generally moved higher over the first part of 2012. The continued accommodative stance of the Fed, combined with the slow, but stable, economic recovery, is supporting a positive outlook for U.S. fixed income, particularly among corporate issuers, as borrowing costs remain low, default rates currently hover around 2% and strong demand for primary issuance has enabled a steady wave of debt refinancing. Against an improving U.S. macroeconomic backdrop, investment-grade and high-yield corporates are expected to continue to outpace Treasuries.

Commodities, which had been slumping since mid-2011 due to slowing economic activity and the European debt crisis, rebounded in early 2012 on stronger macroeconomic data, but remain volatile. The price of a barrel of oil rose slightly over the six months ended in April, but investors have been shifting out of gold to assets with greater return potential. After peaking at above $1,900 last summer, the price per ounce has fallen back to around $1,600. The dollar strengthened slightly against a basket of other major currencies over the period, reflecting better economic performance in the U.S. versus other markets.

The U.S. economy seems to be decoupling from slowing growth in the rest of the world and from ongoing uncertainty in the European debt crisis, as well as the domestic debate over tax and spending policy. In this resiliency, we see potential in U.S. investments, including equities, high yield bonds, bank loans and other risk assets. It appears that the U.S. may have entered a period of self-sustaining, if modest, economic expansion, driven primarily by the aggressive monetary policy of the Fed and reinforced by the ECB, and is increasingly becoming the economic locomotive of the global economy.

 

 

  2     GUGGENHEIM ETFS SEMI-ANNUAL REPORT

Table of Contents

LETTER TO OUR SHAREHOLDERS   (concluded)

 

  

 

 

We look forward to continuing our service to you. Thank you for investing in our funds.

Sincerely,

 

LOGO

Donald C. Cacciapaglia

President

Performance displayed represents past performance which is no guarantee of future results. Of course, fund performance is subject to daily market volatility and may be better or worse since the end of the last quarter. For up-to-date fund performance, call us at 800.820.0888 or visit www.rydex-sgi.com.

Read each fund’s prospectus and summary prospectus (if available) carefully before investing. It contains the fund’s investment objectives, risks, charges, expenses and other information, which should be considered carefully before investing. Obtain a prospectus and summary prospectus (if available) at www.rydex-sgi.com or call 800.820.0888

The referenced funds are distributed by Rydex Distributors, LLC. Guggenheim Investments represents the investment management business of Guggenheim Partners, LLC, which includes Security Investors, LLC, the investment advisor to the referenced funds. Rydex Distributors, LLC, is affiliated with Guggenheim Partners, LLC and Security Investors, LLC.

 

GUGGENHEIM ETFS SEMI-ANNUAL REPORT       3  

Table of Contents

A BRIEF NOTE ON THE COMPOUNDING OF RETURNS   (Unaudited)

 

  

 

 

The Funds described in this report are benchmarked daily to leveraged or inverse versions of published indices. To properly evaluate the performance of these funds, it is essential to understand the effect of mathematical compounding on their respective returns.

Because of the nonlinear effects of leverage applied over time, it is possible for a fund to perform in line with its benchmark for several individual periods in a row, yet seem to trail the benchmark over the entire period. It is also possible that a fund that performs in-line with its benchmark on a daily basis may seem to outperform its benchmark over longer periods.

An Example of Compounding

For example, consider a hypothetical fund that is designed to produce returns that correspond to 150% of an index. On the first day of a period, the index rises from a level of 100 to a level of 106, producing a 6% gain and an expectation that the fund will rise by 9%. On the same day, the fund’s Net Asset Value (“NAV”) increases from $10.00 to $10.90 for a gain of 9.0% — in line with its benchmark.

On day two, assume the index falls from 106 to 99 for a loss of about 6.6%. The fund, as expected, falls 9.9% to a price of $9.82. On each day, the fund performed exactly in line with its benchmark, but for the two-day period, the fund was down 1.8%, while the index was down only 1.0%. Without taking into account the daily compounding of returns, one would expect the fund to lose 1.5% and would see the fund as trailing by 0.3% when in fact it had performed perfectly. This example is summarized in the table below.

 

      Index
Level		        Index
Performance		      Fund
Expectation		      Fund
NAV		        Fund
Performance		      Assessment  

Start

      100               $ 10.00           

Day 1

      106           6.00%         9.00%       $ 10.90           9.00%         In Line   

Day 2

      99           (6.60% )       (9.90% )     $ 9.82           (9.90% )       In Line   

Cumulative

                 (1.00% )       (1.50% )                  (1.80% )       (0.30% ) 

As illustrated by this simple example, the effect of leverage can make it difficult to form expectations or judgments about fund performance given only the returns of the unleveraged index.

Because certain funds seek to track the performance of their benchmark on a daily basis, mathematical compounding, especially with respect to those funds that use leverage as part of their investment strategy, may prevent a fund from correlating with the monthly, quarterly, annual or other period performance of its benchmark. Due to the compounding of daily returns, leveraged and inverse funds’ returns over periods other than one day will likely differ in amount and possibly direction from the benchmark return for the same period. Investors should monitor their leveraged and inverse funds’ holdings consistent with their strategies, as frequently as daily. For those funds that consistently apply leverage, the value of the fund’s shares will tend to increase or decrease more than the value of any increase or decrease in its benchmark index. For more on correlation, leverage and other risks, please read the prospectus.

In general, any change in direction in an index will produce compounding that seems to work against an investor. Were the index to move in the same direction (either up or down) for two or more periods in a row, the compounding of those returns would work in an investor’s favor, causing the fund to seemingly beat its benchmark.

As a general rule of thumb, more leverage in a fund will magnify the compounding effect, while less leverage will generally produce results that are more in line with expectations. In addition, periods of high volatility in an underlying index will also cause the effects of compounding to be more pronounced, while lower volatility will produce a more muted effect.

 

  4     GUGGENHEIM ETFS SEMI-ANNUAL REPORT

Table of Contents

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, 2011 and held for the six months ended April 30, 2012.

Actual Expenses

The first table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first table under the heading entitled “Expenses Paid During the Six-Month Period” to estimate the expenses attributable to your investment during this period.

Hypothetical Example for Comparison Purposes

The second table below provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not a Fund’s actual return. Thus, you should not use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are provided to enable you to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as creation and redemption fees, or brokerage charges. Therefore, the second table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

 

      Expense
Ratio		        Beginning
Account Value
10/31/11		        Ending
Account Value
4/30/12		       

Expenses
Paid During
Six-Month Period*

10/31/11 to 4/30/12

  

Actual

                  

Guggenheim 2x S&P 500 ETF

      0.71%         $ 1,000.00         $ 1,247.10         $ 3.97   

Guggenheim Inverse 2x S&P 500 ETF

      0.71%         $ 1,000.00         $ 750.50         $ 3.09   

Hypothetical (assuming a 5% return before expenses)

                  

Guggenheim 2x S&P 500 ETF

      0.71%         $ 1,000.00         $ 1,021.33         $ 3.57   

Guggenheim Inverse 2x S&P 500 ETF

      0.71%         $ 1,000.00         $ 1,021.33         $ 3.57   

 

*   Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 182/366 (to reflect one-half year period).

 

GUGGENHEIM ETFS SEMI-ANNUAL REPORT       5  

Table of Contents

PORTFOLIO SUMMARY

 

  

 

GUGGENHEIM 2x S&P 500 ETF  

 

Sector Allocations*

 

LOGO

 

Top 10 Holdings*  
Description    % of
Net Assets		  

Apple, Inc.

      3.57%   

Exxon Mobil Corp.

      2.66%   

International Business Machines Corp.

      1.57%   

Microsoft Corp.

      1.56%   

Chevron Corp.

      1.38%   

General Electric Co.

      1.36%   

AT&T, Inc.

      1.28%   

Johnson & Johnson, Inc.

      1.17%   

Wells Fargo & Co.

      1.15%   

Procter & Gamble Co. (The)

      1.15%   
 

 

  6     GUGGENHEIM ETFS SEMI-ANNUAL REPORT  

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited)   April 30, 2012

 

GUGGENHEIM 2x S&P 500 ETF

 

     SHARES     MARKET
VALUE		  
   

COMMON STOCKS - 82.6%

  

Aerospace & Defense - 2.1%

  

Boeing Co. (The)

     3,365      $ 258,432   

General Dynamics Corp.

     1,610        108,675   

Goodrich Corp.

     567        71,136   

Honeywell International, Inc.

     3,497        212,128   

L-3 Communications Holdings, Inc.

     445        32,725   

Lockheed Martin Corp.

     1,202        108,829   

Northrop Grumman Corp.

     1,138        72,013   

Precision Castparts Corp.

     654        115,346   

Raytheon Co.

     1,535        83,105   

Rockwell Collins, Inc.

     672        37,558   

Textron, Inc.

     1,261        33,593   

United Technologies Corp.

     4,106        335,214   
   

 

 

  

Total Aerospace & Defense

       1,468,754   
   

 

 

  

Air Freight & Logistics - 0.8%

  

C.H. Robinson Worldwide, Inc.

     736        43,969   

Expeditors International of Washington, Inc.

     958        38,320   

FedEx Corp.

     1,420        125,301   

United Parcel Service, Inc. — Class B

     4,323        337,799   
   

 

 

  

Total Air Freight & Logistics

       545,389   
   

 

 

  

Airlines - 0.0%a

  

Southwest Airlines Co.

     3,488        28,881   
   

 

 

  

Total Airlines

       28,881   
   

 

 

  

Auto Components - 0.2%

  

BorgWarner, Inc.*

     493        38,967   

Goodyear Tire & Rubber Co. (The)*

     1,105        12,133   

Johnson Controls, Inc.

     3,071        98,180   
   

 

 

  

Total Auto Components

       149,280   
   

 

 

  

Automobiles - 0.4%

  

Ford Motor Co.

     17,146        193,407   

Harley-Davidson, Inc.

     1,031        53,952   
   

 

 

  

Total Automobiles

       247,359   
   

 

 

  

Beverages - 2.1%

  

Beam, Inc.

     705        40,030   

Brown-Forman Corp. — Class B

     447        38,598   

Coca-Cola Co. (The)

     10,208        779,074   

Coca-Cola Enterprises, Inc.

     1,355        40,813   

Constellation Brands, Inc. — Class A*

     775        16,740   

Dr Pepper Snapple Group, Inc.

     958        38,876   

Molson Coors Brewing Co. — Class B

     707        29,397   

PepsiCo, Inc.

     7,084        467,544   
   

 

 

  

Total Beverages

       1,451,072   
   

 

 

  

Biotechnology - 1.0%

  

Amgen, Inc.

     3,572        254,005   

Biogen Idec, Inc.*

     1,075        144,061   
     SHARES     MARKET
VALUE		  
   

Celgene Corp.*

     1,979      $ 144,309   

Gilead Sciences, Inc.*

     3,416        177,666   
   

 

 

  

Total Biotechnology

       720,041   
   

 

 

  

Building Products - 0.0%a

  

Masco Corp.

     1,612        21,246   
   

 

 

  

Total Building Products

       21,246   
   

 

 

  

Capital Markets - 1.6%

  

Ameriprise Financial, Inc.

     1,000        54,210   

Bank of New York Mellon Corp. (The)

     5,436        128,561   

BlackRock, Inc.

     452        86,594   

Charles Schwab Corp. (The)

     4,874        69,698   

E*Trade Financial Corp.*

     1,145        12,171   

Federated Investors, Inc. — Class B

     415        9,163   

Franklin Resources, Inc.

     644        80,829   

Goldman Sachs Group, Inc. (The)

     2,232        257,015   

Invesco Ltd.

     2,013        50,003   

Legg Mason, Inc.

     559        14,573   

Morgan Stanley

     6,874        118,783   

Northern Trust Corp.

     1,087        51,730   

State Street Corp.

     2,199        101,638   

T. Rowe Price Group, Inc.

     1,143        72,141   
   

 

 

  

Total Capital Markets

       1,107,109   
   

 

 

  

Chemicals - 1.9%

  

Air Products & Chemicals, Inc.

     950        81,215   

Airgas, Inc.

     309        28,317   

CF Industries Holdings, Inc.

     297        57,339   

Dow Chemical Co. (The)

     5,348        181,190   

Du Pont (E.I.) de Nemours & Co.

     4,207        224,906   

Eastman Chemical Co.

     616        33,246   

Ecolab, Inc.

     1,313        83,625   

FMC Corp.

     315        34,792   

International Flavors & Fragrances, Inc.

     364        21,916   

Monsanto Co.

     2,416        184,051   

Mosaic Co. (The)

     1,342        70,884   

PPG Industries, Inc.

     685        72,089   

Praxair, Inc.

     1,346        155,732   

Sherwin-Williams Co. (The)

     388        46,669   

Sigma-Aldrich Corp.

     544        38,570   
   

 

 

  

Total Chemicals

       1,314,541   
   

 

 

  

Commercial Banks - 2.4%

  

BB&T Corp.

     3,143        100,702   

Comerica, Inc.

     892        28,562   

Fifth Third Bancorp

     4,148        59,026   

First Horizon National Corp.

     1,158        10,630   

Huntington Bancshares, Inc.

     3,898        26,078   

KeyCorp

     4,298        34,556   

M&T Bank Corp.

     570        49,174   

PNC Financial Services Group, Inc.

     2,379        157,775   

Regions Financial Corp.

     5,588        37,663   
 

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       7  

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   April 30, 2012

 

GUGGENHEIM 2x S&P 500 ETF

 

     SHARES     MARKET
VALUE		  
   

SunTrust Banks, Inc.

     2,400      $ 58,272   

US Bancorp

     8,621        277,337   

Wells Fargo & Co.

     23,789        795,266   

Zions Bancorp

     830        16,924   
   

 

 

  

Total Commercial Banks

       1,651,965   
   

 

 

  

Commercial Services & Supplies - 0.3%

  

Avery Dennison Corp.

     479        15,318   

Cintas Corp.

     499        19,546   

Iron Mountain, Inc.

     771        23,415   

Pitney Bowes, Inc.

     903        15,468   

R.R. Donnelley & Sons Co.

     805        10,071   

Republic Services, Inc.

     1,421        38,893   

Stericycle, Inc.*

     384        33,254   

Waste Management, Inc.

     2,083        71,239   
   

 

 

  

Total Commercial Services & Supplies

       227,204   
   

 

 

  

Communications Equipment - 1.8%

  

Cisco Systems, Inc.

     24,297        489,584   

F5 Networks, Inc.*

     359        48,081   

Harris Corp.

     513        23,362   

JDS Uniphase Corp.*

     1,037        12,600   

Juniper Networks, Inc.*

     2,373        50,853   

Motorola Mobility Holdings, Inc.*

     1,191        46,235   

Motorola Solutions, Inc.

     1,328        67,768   

QUALCOMM, Inc.

     7,629        487,035   
   

 

 

  

Total Communications Equipment

       1,225,518   
   

 

 

  

Computers & Peripherals - 4.7%

  

Apple, Inc.*

     4,208        2,458,482   

Dell, Inc.*

     6,888        112,756   

EMC Corp.*

     9,260        261,225   

Hewlett-Packard Co.

     8,917        220,785   

Lexmark International, Inc. — Class A

     320        9,632   

NetApp, Inc.*

     1,638        63,603   

SanDisk Corp.*

     1,094        40,489   

Western Digital Corp.*

     1,054        40,906   
   

 

 

  

Total Computers & Peripherals

       3,207,878   
   

 

 

  

Construction & Engineering - 0.1%

  

Fluor Corp.

     761        43,948   

Jacobs Engineering Group, Inc.*

     580        25,421   

Quanta Services, Inc.*

     954        21,103   
   

 

 

  

Total Construction & Engineering

       90,472   
   

 

 

  

Construction Materials - 0.0%a

  

Vulcan Materials Co.

     584        25,001   
   

 

 

  

Total Construction Materials

       25,001   
   

 

 

  

Consumer Finance - 0.8%

  

American Express Co.

     4,580        275,762   

Capital One Financial Corp.

     2,496        138,478   

Discover Financial Services

     2,392        81,089   

SLM Corp.

     2,298        34,079   
   

 

 

  

Total Consumer Finance

       529,408   
   

 

 

  
     SHARES     MARKET
VALUE		  
   

Containers & Packaging - 0.1%

  

Ball Corp.

     702      $ 29,316   

Bemis Co., Inc.

     466        15,094   

Owens-Illinois, Inc.*

     741        17,228   

Sealed Air Corp.

     867        16,629   
   

 

 

  

Total Containers & Packaging

       78,267   
   

 

 

  

Distributors - 0.1%

    

Genuine Parts Co.

     705        45,670   
   

 

 

  

Total Distributors

       45,670   
   

 

 

  

Diversified Consumer Services - 0.1%

  

Apollo Group, Inc. — Class A*

     506        17,821   

DeVry, Inc.

     271        8,713   

H&R Block, Inc.

     1,321        19,419   
   

 

 

  

Total Diversified Consumer Services

       45,953   
   

 

 

  

Diversified Financial Services - 2.6%

  

Bank of America Corp.

     48,414        392,638   

Citigroup, Inc.

     13,212        436,524   

CME Group, Inc.

     301        80,012   

IntercontinentalExchange, Inc.*

     329        43,770   

JPMorgan Chase & Co.

     17,219        740,073   

Leucadia National Corp.

     894        22,225   

Moody’s Corp.

     884        36,200   

Nasdaq OMX Group, Inc.
(The)*

     562        13,808   

NYSE Euronext

     1,164        29,973   
   

 

 

  

Total Diversified Financial Services

       1,795,223   
   

 

 

  

Diversified Telecommunication Services - 2.3%

  

AT&T, Inc.

     26,746        880,211   

CenturyLink, Inc.

     2,796        107,814   

Frontier Communications Corp.

     4,490        18,140   

Verizon Communications, Inc.

     12,793        516,581   

Windstream Corp.

     2,646        29,741   
   

 

 

  

Total Diversified Telecommunication Services

       1,552,487   
   

 

 

  

Electric Utilities - 1.5%

    

American Electric Power Co., Inc.

     2,181        84,710   

Duke Energy Corp.

     6,025        129,116   

Edison International

     1,470        64,695   

Entergy Corp.

     796        52,186   

Exelon Corp.

     2,875        112,154   

FirstEnergy Corp.

     1,885        88,256   

NextEra Energy, Inc.

     1,879        120,914   

Northeast Utilities

     1,411        51,882   

Pepco Holdings, Inc.

     1,026        19,412   

Pinnacle West Capital Corp.

     494        23,885   

PPL Corp.

     2,613        71,465   

Progress Energy, Inc.

     1,333        70,942   

Southern Co.

     3,910        179,625   
   

 

 

  

Total Electric Utilities

       1,069,242   
   

 

 

  

Electrical Equipment - 0.5%

  

Cooper Industries PLC

     715        44,738   
 

 

  8     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   April 30, 2012

 

GUGGENHEIM 2x S&P 500 ETF

 

     SHARES     MARKET
VALUE		  
   

Emerson Electric Co.

     3,315      $ 174,170   

Rockwell Automation, Inc.

     644        49,807   

Roper Industries, Inc.

     438        44,632   
   

 

 

  

Total Electrical Equipment

       313,347   
   

 

 

  

Electronic Equipment, Instruments & Components - 0.4%

  

Amphenol Corp. — Class A

     735        42,733   

Corning, Inc.

     6,866        98,527   

FLIR Systems, Inc.

     696        15,632   

Jabil Circuit, Inc.

     832        19,510   

Molex, Inc.

     618        17,051   

TE Connectivity Ltd.

     1,922        70,076   
   

 

 

  

Total Electronic Equipment, Instruments & Components

       263,529   
   

 

 

  

Energy Equipment & Services - 1.5%

  

Baker Hughes, Inc.

     1,973        87,029   

Cameron International Corp.*

     1,109        56,836   

Diamond Offshore Drilling, Inc.

     313        21,456   

FMC Technologies, Inc.*

     1,077        50,619   

Halliburton Co.

     4,164        142,492   

Helmerich & Payne, Inc.

     484        24,873   

Nabors Industries Ltd.*

     1,304        21,712   

National-Oilwell Varco, Inc.

     1,912        144,853   

Noble Corp.*

     1,136        43,236   

Rowan Cos., Inc.*

     559        19,303   

Schlumberger Ltd.

     6,015        445,952   
   

 

 

  

Total Energy Equipment & Services

       1,058,361   
   

 

 

  

Food & Staples Retailing - 1.8%

  

  

Costco Wholesale Corp.

     1,963        173,078   

CVS Caremark Corp.

     5,873        262,053   

Kroger Co. (The)

     2,594        60,362   

Safeway, Inc.

     1,209        24,579   

Sysco Corp.

     2,636        76,180   

Wal-Mart Stores, Inc.

     7,881        464,270   

Walgreen Co.

     3,941        138,172   

Whole Foods Market, Inc.

     734        60,973   
   

 

 

  

Total Food & Staples Retailing

       1,259,667   
   

 

 

  

Food Products - 1.5%

    

Archer-Daniels-Midland Co.

     2,984        91,997   

Campbell Soup Co.

     805        27,233   

ConAgra Foods, Inc.

     1,860        48,025   

Dean Foods Co.*

     831        10,205   

General Mills, Inc.

     2,909        113,131   

H.J. Heinz Co.

     1,444        76,980   

Hershey Co. (The)

     692        46,371   

Hormel Foods Corp.

     618        17,959   

J.M. Smucker Co. (The)

     511        40,691   

Kellogg Co.

     1,111        56,183   

Kraft Foods, Inc. — Class A

     7,976        318,003   

McCormick & Co., Inc.

     600        33,546   

Mead Johnson Nutrition Co.

     919        78,630   

Sara Lee Corp.

     2,668        58,803   
     SHARES     MARKET
VALUE		  
   

Tyson Foods, Inc. — Class A

     1,314      $ 23,980   
   

 

 

  

Total Food Products

       1,041,737   
   

 

 

  

Gas Utilities - 0.1%

  

AGL Resources, Inc.

     530        20,898   

Oneok, Inc.

     470        40,368   
   

 

 

  

Total Gas Utilities

       61,266   
   

 

 

  

Health Care Equipment & Supplies - 1.5%

  

Baxter International, Inc.

     2,528        140,076   

Becton, Dickinson and Co.

     948        74,371   

Boston Scientific Corp.*

     6,547        40,984   

C.R. Bard, Inc.

     380        37,605   

CareFusion Corp.*

     1,015        26,299   

Covidien PLC

     2,180        120,401   

DENTSPLY International, Inc.

     642        26,361   

Edwards Lifesciences Corp.*

     519        43,061   

Intuitive Surgical, Inc.*

     178        102,920   

Medtronic, Inc.

     4,696        179,387   

St Jude Medical, Inc.

     1,447        56,028   

Stryker Corp.

     1,460        79,672   

Varian Medical Systems, Inc.*

     509        32,281   

Zimmer Holdings, Inc.

     803        50,533   
   

 

 

  

Total Health Care Equipment & Supplies

       1,009,979   
   

 

 

  

Health Care Providers & Services - 1.6%

  

Aetna, Inc.

     1,581        69,627   

AmerisourceBergen Corp.

     1,161        43,201   

Cardinal Health, Inc.

     1,561        65,983   

CIGNA Corp.

     1,293        59,775   

Coventry Health Care, Inc.

     638        19,134   

DaVita, Inc.*

     422        37,381   

Express Scripts Holding Co.*

     3,605        201,123   

Humana, Inc.

     739        59,622   

Laboratory Corp. of America Holdings*

     440        38,672   

McKesson Corp.

     1,109        101,374   

Patterson Cos., Inc.

     394        13,431   

Quest Diagnostics, Inc.

     714        41,191   

Tenet Healthcare Corp.*

     1,851        9,607   

UnitedHealth Group, Inc.

     4,715        264,747   

WellPoint, Inc.

     1,508        102,273   
   

 

 

  

Total Health Care Providers & Services

       1,127,141   
   

 

 

  

Health Care Technology - 0.1%

  

Cerner Corp.*

     658        53,357   
   

 

 

  

Total Health Care Technology

       53,357   
   

 

 

  

Hotels, Restaurants & Leisure - 1.7%

  

Carnival Corp.

     2,044        66,410   

Chipotle Mexican Grill, Inc.*

     141        58,395   

Darden Restaurants, Inc.

     580        29,046   

International Game Technology

     1,341        20,893   

Marriott International, Inc. — Class A

     1,205        47,103   

McDonald’s Corp.

     4,595        447,783   
 

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       9  

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   April 30, 2012

 

GUGGENHEIM 2x S&P 500 ETF

 

     SHARES     MARKET
VALUE		  
   

Starbucks Corp.

     3,400      $ 195,092   

Starwood Hotels & Resorts Worldwide, Inc.

     884        52,333   

Wyndham Worldwide Corp.

     658        33,124   

Wynn Resorts Ltd.

     360        48,024   

Yum! Brands, Inc.

     2,078        151,133   
   

 

 

  

Total Hotels, Restaurants & Leisure

       1,149,336   
   

 

 

  

Household Durables - 0.2%

  

DR Horton, Inc.

     1,257        20,552   

Harman International Industries, Inc.

     317        15,717   

Leggett & Platt, Inc.

     632        13,759   

Lennar Corp. — Class A

     734        20,361   

Newell Rubbermaid, Inc.

     1,302        23,696   

Pulte Homes, Inc.*

     1,518        14,937   

Whirlpool Corp.

     346        22,151   
   

 

 

  

Total Household Durables

       131,173   
   

 

 

  

Household Products - 1.7%

  

Clorox Co. (The)

     587        41,149   

Colgate-Palmolive Co.

     2,165        214,205   

Kimberly-Clark Corp.

     1,775        139,284   

Procter & Gamble Co. (The)

     12,424        790,663   
   

 

 

  

Total Household Products

       1,185,301   
   

 

 

  

Independent Power Producers & Energy Traders - 0.1%

  

AES Corp. (The)*

     2,903        36,346   

NRG Energy, Inc.*

     1,026        17,442   
   

 

 

  

Total Independent Power Producers & Energy Traders

       53,788   
   

 

 

  

Industrial Conglomerates - 2.1%

  

3M Co.

     3,134        280,054   

Danaher Corp.

     2,580        139,888   

General Electric Co.

     47,734        934,632   

Tyco International Ltd.

     2,081        116,806   
   

 

 

  

Total Industrial Conglomerates

       1,471,380   
   

 

 

  

Insurance - 2.9%

  

ACE Ltd.

     1,521        115,550   

AFLAC, Inc.

     2,109        94,989   

Allstate Corp. (The)

     2,249        74,959   

American International Group, Inc.*

     2,425        82,523   

Aon PLC

     1,467        75,991   

Assurant, Inc.

     394        15,894   

Berkshire Hathaway, Inc. — Class B*

     7,932        638,129   

Chubb Corp. (The)

     1,221        89,219   

Cincinnati Financial Corp.

     734        26,145   

Genworth Financial, Inc. — Class A*

     2,217        13,324   

Hartford Financial Services Group, Inc.

     1,987        40,833   

Lincoln National Corp.

     1,313        32,523   

Loews Corp.

     1,378        56,677   
     SHARES     MARKET
VALUE		  
   

Marsh & McLennan Cos., Inc.

     2,453      $ 82,053   

MetLife, Inc.

     4,781        172,260   

Principal Financial Group, Inc.

     1,361        37,659   

Progressive Corp. (The)

     2,759        58,767   

Prudential Financial, Inc.

     2,120        128,345   

Torchmark Corp.

     451        21,968   

Travelers Cos., Inc. (The)

     1,772        113,975   

Unum Group

     1,310        31,099   

XL Group PLC

     1,422        30,587   
   

 

 

  

Total Insurance

       2,033,469   
   

 

 

  

Internet & Catalog Retail - 0.9%

  

Amazon.com, Inc.*

     1,643        381,012   

Expedia, Inc.

     428        18,245   

Netflix, Inc.*

     249        19,955   

priceline.com, Inc.*

     224        170,424   

TripAdvisor, Inc.*

     427        16,017   
   

 

 

  

Total Internet & Catalog Retail

       605,653   
   

 

 

  

Internet Software & Services - 1.5%

  

Akamai Technologies, Inc.*

     802        26,145   

eBay, Inc.*

     5,166        212,065   

Google, Inc. — Class A*

     1,143        691,778   

VeriSign, Inc.

     720        29,599   

Yahoo!, Inc.*

     5,474        85,066   
   

 

 

  

Total Internet Software & Services

       1,044,653   
   

 

 

  

IT Services - 3.3%

    

Accenture PLC — Class A

     2,918        189,524   

Automatic Data Processing, Inc.

     2,213        123,087   

Cognizant Technology Solutions Corp. — Class A*

     1,367        100,228   

Computer Sciences Corp.

     701        19,670   

Fidelity National Information Services, Inc.

     1,057        35,589   

Fiserv, Inc.*

     624        43,861   

International Business Machines Corp.

     5,227        1,082,407   

Mastercard, Inc. — Class A

     478        216,185   

Paychex, Inc.

     1,454        45,045   

SAIC, Inc.

     1,248        15,176   

Teradata Corp.*

     756        52,754   

Total System Services, Inc.

     725        17,052   

Visa, Inc. — Class A

     2,245        276,090   

Western Union Co. (The)

     2,800        51,464   
   

 

 

  

Total IT Services

       2,268,132   
   

 

 

  

Leisure Equipment & Products - 0.1%

  

Hasbro, Inc.

     523        19,215   

Mattel, Inc.

     1,530        51,408   
   

 

 

  

Total Leisure Equipment & Products

       70,623   
   

 

 

  

Life Sciences Tools & Services - 0.4%

  

Agilent Technologies, Inc.

     1,567        66,096   

Life Technologies Corp.*

     804        37,273   

PerkinElmer, Inc.

     511        14,104   
 

 

10     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   April 30, 2012

 

GUGGENHEIM 2x S&P 500 ETF

 

     SHARES     MARKET
VALUE		  
   

Thermo Fisher Scientific, Inc.

     1,652      $ 91,934   

Waters Corp.*

     402        33,812   
   

 

 

  

Total Life Sciences Tools & Services

       243,219   
   

 

 

  

Machinery - 1.7%

    

Caterpillar, Inc.

     2,920        300,088   

Cummins, Inc.

     866        100,309   

Deere & Co.

     1,813        149,319   

Dover Corp.

     828        51,882   

Eaton Corp.

     1,508        72,655   

Flowserve Corp.

     244        28,043   

Illinois Tool Works, Inc.

     2,182        125,203   

Ingersoll-Rand PLC

     1,340        56,977   

Joy Global, Inc.

     476        33,686   

PACCAR, Inc.

     1,610        69,166   

Pall Corp.

     521        31,057   

Parker Hannifin Corp.

     680        59,629   

Snap-on, Inc.

     264        16,511   

Stanley Black & Decker, Inc.

     763        55,821   

Xylem, Inc.

     833        23,224   
   

 

 

  

Total Machinery

       1,173,570   
   

 

 

  

Media - 2.6%

    

Cablevision Systems Corp. — Class A

     978        14,494   

CBS Corp. — Class B

     2,928        97,649   

Comcast Corp. — Class A

     12,162        368,873   

DIRECTV — Class A*

     3,052        150,372   

Discovery Communications, Inc. —Class A*

     1,165        63,399   

Gannett Co., Inc.

     1,070        14,787   

Interpublic Group of Cos., Inc. (The)

     2,013        23,774   

McGraw-Hill Cos., Inc. (The)

     1,253        61,610   

News Corp. — Class A

     9,710        190,316   

Omnicom Group, Inc.

     1,230        63,111   

Scripps Networks Interactive, Inc. — Class A

     431        21,645   

Time Warner Cable, Inc.

     1,418        114,078   

Time Warner, Inc.

     4,375        163,888   

Viacom, Inc. — Class B

     2,436        113,006   

Walt Disney Co. (The)

     8,084        348,501   

Washington Post Co. (The) — Class B

     21        7,942   
   

 

 

  

Total Media

       1,817,445   
   

 

 

  

Metals & Mining - 0.7%

    

Alcoa, Inc.

     4,811        46,811   

Allegheny Technologies, Inc.

     480        20,611   

Cliffs Natural Resources, Inc.

     642        39,971   

Freeport-McMoRan Copper & Gold, Inc.

     4,276        163,771   

Newmont Mining Corp.

     2,232        106,355   

Nucor Corp.

     1,429        56,031   

Titanium Metals Corp.

     371        5,479   
     SHARES     MARKET
VALUE		  
   

United States Steel Corp.

     648      $ 18,358   
   

 

 

  

Total Metals & Mining

       457,387   
   

 

 

  

Multi-utilities - 1.1%

    

Ameren Corp.

     1,095        35,905   

CenterPoint Energy, Inc.

     1,922        38,844   

CMS Energy Corp.

     1,162        26,714   

Consolidated Edison, Inc.

     1,321        78,533   

Dominion Resources, Inc.

     2,570        134,128   

DTE Energy Co.

     763        43,018   

Integrys Energy Group, Inc.

     354        19,343   

NiSource, Inc.

     1,274        31,404   

PG&E Corp.

     1,858        82,086   

Public Service Enterprise Group, Inc.

     2,285        71,178   

SCANA Corp.

     524        24,167   

Sempra Energy

     1,085        70,243   

TECO Energy, Inc.

     973        17,533   

Wisconsin Energy Corp.

     1,040        38,314   

Xcel Energy, Inc.

     2,198        59,478   
   

 

 

  

Total Multi-Utilities

       770,888   
   

 

 

  

Multiline Retail - 0.7%

    

Big Lots, Inc.*

     297        10,882   

Dollar Tree, Inc.*

     536        54,490   

Family Dollar Stores, Inc.

     533        36,004   

J.C. Penney Co., Inc.

     651        23,475   

Kohl’s Corp.

     1,142        57,249   

Macy’s, Inc.

     1,869        76,666   

Nordstrom, Inc.

     722        40,331   

Sears Holdings Corp.*

     173        9,304   

Target Corp.

     3,028        175,442   
   

 

 

  

Total Multiline Retail

       483,843   
   

 

 

  

Office Electronics - 0.1%

    

Xerox Corp.

     6,009        46,750   
   

 

 

  

Total Office Electronics

       46,750   
   

 

 

  

Oil, Gas & Consumable Fuels - 7.7%

  

Alpha Natural Resources, Inc.*

     991        15,985   

Anadarko Petroleum Corp.

     2,250        164,723   

Apache Corp.

     1,735        166,456   

Cabot Oil & Gas Corp.

     946        33,242   

Chesapeake Energy Corp.

     2,989        55,117   

Chevron Corp.

     8,916        950,089   

ConocoPhillips

     5,773        413,520   

CONSOL Energy, Inc.

     1,023        34,005   

Denbury Resources, Inc.*

     1,762        33,548   

Devon Energy Corp.

     1,825        127,476   

El Paso Corp.

     3,488        103,489   

EOG Resources, Inc.

     1,215        133,419   

EQT Corp.

     676        33,678   

Exxon Mobil Corp.

     21,263        1,835,847   

Hess Corp.

     1,363        71,067   

Marathon Oil Corp.

     3,174        93,125   

Marathon Petroleum Corp.

     1,567        65,203   

Murphy Oil Corp.

     876        48,154   
 

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       11

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   April 30, 2012

 

GUGGENHEIM 2x S&P 500 ETF

 

     SHARES     MARKET
VALUE		  
   

Newfield Exploration Co.*

     597      $ 21,432   

Noble Energy, Inc.

     797        79,158   

Occidental Petroleum Corp.

     3,660        333,865   

Peabody Energy Corp.

     1,227        38,172   

Pioneer Natural Resources Co.

     557        64,512   

QEP Resources, Inc.

     800        24,648   

Range Resources Corp.

     711        47,395   

Southwestern Energy Co.*

     1,574        49,707   

Spectra Energy Corp.

     2,939        90,345   

Sunoco, Inc.

     481        23,709   

Tesoro Corp.*

     626        14,555   

Valero Energy Corp.

     2,505        61,874   

Williams Cos., Inc. (The)

     2,671        90,894   

WPX Energy, Inc.*

     897        15,760   
   

 

 

  

Total Oil, Gas & Consumable Fuels

  

     5,334,169   
   

 

 

  

Paper & Forest Products - 0.1%

  

  

International Paper Co.

     1,970        65,621   

MeadWestvaco Corp.

     771        24,533   
   

 

 

  

Total Paper & Forest Products

  

     90,154   
   

 

 

  

Personal Products - 0.2%

    

Avon Products, Inc.

     1,943        41,969   

Estee Lauder Cos., Inc. (The) — Class A

     1,016        66,395   
   

 

 

  

Total Personal Products

       108,364   
   

 

 

  

Pharmaceuticals - 4.8%

    

Abbott Laboratories

     7,093        440,192   

Allergan, Inc.

     1,373        131,808   

Bristol-Myers Squibb Co.

     7,616        254,146   

Eli Lilly & Co.

     4,608        190,725   

Forest Laboratories, Inc.*

     1,197        41,691   

Hospira, Inc.*

     743        26,094   

Johnson & Johnson, Inc.

     12,384        806,075   

Merck & Co., Inc.

     13,732        538,844   

Mylan, Inc.*

     1,926        41,813   

Perrigo Co.

     420        44,058   

Pfizer, Inc.

     34,008        779,803   

Watson Pharmaceuticals, Inc.*

     574        43,257   
   

 

 

  

Total Pharmaceuticals

       3,338,506   
   

 

 

  

Professional Services - 0.1%

  

  

Dun & Bradstreet Corp. (The)

     217        16,878   

Equifax, Inc.

     540        24,743   

Robert Half International, Inc.

     643        19,161   
   

 

 

  

Total Professional Services

       60,782   
   

 

 

  

Real Estate Investment Trusts (REITs) - 1.7%

  

American Tower Corp.

     1,775        116,405   

Apartment Investment & Management
Co. — Class A

     547        14,851   

AvalonBay Communities, Inc.

     429        62,377   

Boston Properties, Inc.

     670        72,528   

Equity Residential

     1,355        83,251   

HCP, Inc.

     1,849        76,641   

Health Care REIT, Inc.

     949        53,770   
     SHARES     MARKET
VALUE		  
   

Host Hotels & Resorts, Inc.

     3,192      $ 53,115   

Kimco Realty Corp.

     1,836        35,637   

Plum Creek Timber Co., Inc.

     730        30,689   

ProLogis, Inc.

     2,071        74,100   

Public Storage

     643        92,116   

Simon Property Group, Inc.

     1,382        215,039   

Ventas, Inc.

     1,305        76,721   

Vornado Realty Trust

     835        71,676   

Weyerhaeuser Co.

     2,421        49,292   
   

 

 

  

Total Real Estate Investment Trusts (REITs)

       1,178,208   
   

 

 

  

Real Estate Management & Development - 0.0%a

  

CBRE Group, Inc.*

     1,477        27,782   
   

 

 

  

Total Real Estate Management & Development

       27,782   
   

 

 

  

Road & Rail - 0.7%

    

CSX Corp.

     4,748        105,928   

Norfolk Southern Corp.

     1,489        108,593   

Ryder System, Inc.

     231        11,254   

Union Pacific Corp.

     2,167        243,657   
   

 

 

  

Total Road & Rail

       469,432   
   

 

 

  

Semiconductors & Semiconductor Equipment - 2.0%

  

Advanced Micro Devices, Inc.*

     2,647        19,482   

Altera Corp.

     1,453        51,683   

Analog Devices, Inc.

     1,343        52,350   

Applied Materials, Inc.

     5,824        69,830   

Broadcom Corp. — Class A*

     2,213        80,996   

First Solar, Inc.*

     266        4,894   

Intel Corp.

     22,537        640,051   

KLA-Tencor Corp.

     753        39,269   

Linear Technology Corp.

     1,033        33,789   

LSI Corp.*

     2,557        20,558   

Microchip Technology, Inc.

     867        30,640   

Micron Technology, Inc.*

     4,457        29,372   

Novellus Systems, Inc.*

     319        14,913   

NVIDIA Corp.*

     2,754        35,802   

Teradyne, Inc.*

     842        14,491   

Texas Instruments, Inc.

     5,165        164,970   

Xilinx, Inc.

     1,182        43,001   
   

 

 

  

Total Semiconductors & Semiconductor Equipment

       1,346,091   
   

 

 

  

Software - 3.1%

    

Adobe Systems, Inc.*

     2,226        74,705   

Autodesk, Inc.*

     1,021        40,197   

BMC Software, Inc.*

     740        30,532   

CA, Inc.

     1,644        43,434   

Citrix Systems, Inc.*

     838        71,741   

Electronic Arts, Inc.*

     1,495        22,993   

Intuit, Inc.

     1,332        77,216   

Microsoft Corp.

     33,688        1,078,690   

Oracle Corp.

     17,683        519,703   

Red Hat, Inc.*

     873        52,040   

Salesforce.com, Inc.*

     615        95,774   
 

 

12     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited) (concluded)   April 30, 2012

 

 

GUGGENHEIM 2x S&P 500 ETF

 

     SHARES     MARKET
VALUE		  
   

Symantec Corp.*

     3,289      $ 54,334   
   

 

 

  

Total Software

       2,161,359   
   

 

 

  

Specialty Retail - 1.8%

    

Abercrombie & Fitch Co. — Class A

     388        19,466   

AutoNation, Inc.*

     203        7,020   

AutoZone, Inc.*

     124        49,124   

Bed Bath & Beyond, Inc.*

     1,069        75,247   

Best Buy Co., Inc.

     1,278        28,205   

CarMax, Inc.*

     1,021        31,518   

GameStop Corp. — Class A

     617        14,043   

Gap, Inc.(The)

     1,499        42,722   

Home Depot, Inc.

     6,955        360,199   

Limited Brands, Inc.

     1,108        55,068   

Lowe’s Cos., Inc.

     5,598        176,169   

O’Reilly Automotive, Inc.*

     574        60,534   

Ross Stores, Inc.

     1,031        63,499   

Staples, Inc.

     3,131        48,217   

Tiffany & Co.

     572        39,159   

TJX Cos., Inc.

     3,405        142,023   

Urban Outfitters, Inc.*

     503        14,567   
   

 

 

  

Total Specialty Retail

       1,226,780   
   

 

 

  

Textiles, Apparel & Luxury Goods - 0.6%

  

Coach, Inc.

     1,299        95,035   

Fossil, Inc.*

     234        30,577   

NIKE, Inc. — Class B

     1,655        185,145   

Ralph Lauren Corp.

     292        50,303   

V.F. Corp.

     393        59,755   
   

 

 

  

Total Textiles, Apparel & Luxury Goods

  

     420,815   
   

 

 

  

Thrifts & Mortgage Finance - 0.1%

  

Hudson City Bancorp, Inc.

     2,379        16,796   

People’s United Financial, Inc.

     1,622        20,015   
   

 

 

  

Total Thrifts & Mortgage Finance

  

     36,811   
   

 

 

  

Tobacco - 1.6%

    

Altria Group, Inc.

     9,230        297,298   

Lorillard, Inc.

     594        80,362   

Philip Morris International, Inc.

     7,769        695,403   

Reynolds American, Inc.

     1,509        61,613   
   

 

 

  

Total Tobacco

       1,134,676   
   

 

 

  

Trading Companies & Distributors - 0.2%

  

Fastenal Co.

     1,334        62,458   

W.W. Grainger, Inc.

     273        56,735   
   

 

 

  

Total Trading Companies & Distributors

       119,193   
   

 

 

  

Wireless Telecommunication Services - 0.2%

  

Crown Castle International Corp.*

     1,131        64,026   
     SHARES     MARKET
VALUE		  
   

MetroPCS Communications, Inc.*

     1,325      $ 9,672   

Sprint Nextel Corp.*

     13,521        33,532   
   

 

 

  

Total Wireless Telecommunication Services

       107,230   
   

 

 

  

Total Common Stocks
(Cost $43,424,934)

       56,953,306   
   

 

 

  
     FACE
AMOUNT		         

REPURCHASE AGREEMENTS - 4.4%

  

State Street Bank & Trust Co., 0.010%, dated 04/30/12, to be repurchased at $3,032,001 on 05/01/12 collateralized by $2,745,000 FNMA at 4.375% due 10/15/2015 with a value of $3,094,988b

     $3,032,000        3,032,000   
   

 

 

  

Total Repurchase Agreements
(Cost $3,032,000)

       3,032,000   
   

 

 

  

Total Investments - 87.0%c
(Cost $46,456,934)

   

     59,985,306   
   

 

 

  

Other Assets and Liabilities, net - 13.0%

  

     8,958,041   
   

 

 

  

Net Assets - 100.0%

     $ 68,943,347   
     CONTRACTS     UNREALIZED
GAIN/
(LOSS) 		 

FUTURES CONTRACTS PURCHASED

  

June 2012 S&P 500 Index
Futures Contracts (Aggregate Market Value of
Contracts $25,195,200)c

     362      $ 814,029   
     UNITS         

EQUITY INDEX SWAP AGREEMENTS PURCHASED

  

Credit Suisse First Boston May 2012 S&P 500 Index Swap, Terminating 05/30/2012 (Notional Market Value $42,325,248)**,b

     30,278      $ (167,745 ) 

Goldman Sachs International May 2012 S&P 500 Index Swap, Terminating 05/29/2012 (Notional Market Value $13,244,051)**,b

     9,474        (19,617 ) 
   

 

 

  

(Total Notional Market Value $55,569,299)

     $ (187,362 ) 
   

 

 

  

 

 
*   Non-Income Producing Security.
**   Price return based on S&P 500 Index +/- financing at a variable rate.
a   

Amount represents less than 0.05% of net assets.

b   

Values determined based on Level 2 inputs.

c   

Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs.

    FNMA — Federal National Mortgage Association
    REIT — Real Estate Investment Trust

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       13

Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited)   April 30, 2012

 

GUGGENHEIM INVERSE 2x S&P 500 ETF

 

     FACE
AMOUNT		     MARKET
VALUE		  
   

REPURCHASE AGREEMENTS - 75.4%

  

State Street Bank & Trust Co., 0.010%, dated 04/30/12, to be repurchased at $28,780,008 on 05/01/12 collateralized by $26,040,000 FNMA at 4.375% due 10/15/15 with a value of $29,360,100a

   $ 28,780,000      $ 28,780,000   
   

 

 

  

Total Repurchase Agreements
(Cost $28,780,000)

       28,780,000   
   

 

 

  

Total Investments - 75.4%b
(Cost $28,780,000)

   

     28,780,000   
   

 

 

  

Other Assets and Liabilities, net - 24.6%

  

     9,403,465   
   

 

 

  

Net Assets - 100.0%

     $ 38,183,465   
     CONTRACTS     UNREALIZED
GAIN  (LOSS)		  

FUTURES CONTRACTS SOLD SHORT

  

June 2012 S&P 500 Index E-Mini Futures Contracts (Aggregate Market Value of Contracts $21,228,000)b

     305      $ (649,847 ) 
     UNITS         

EQUITY INDEX SWAP AGREEMENTS SOLD SHORT

  

Credit Suisse First Boston May 2012 S&P 500 Index Swap, Terminating 05/30/2012 (Notional Market Value $46,587,210)*,a

     33,326      $ 177,735   

Goldman Sachs International May 2012 S&P 500 Index Swap, Terminating 05/29/2012 (Notional Market Value $8,545,452)*,a

     6,113        12,657   
   

 

 

  

(Total Notional Market Value $55,132,662)

     $ 190,392   
   

 

 

  

 

 
*   Price return based on S&P 500 Index +/- financing at a variable rate.
a   

Values determined based on Level 2 inputs.

b   

Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs.

    FNMA — Federal National Mortgage Association

 

14     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents
STATEMENT OF ASSETS AND LIABILITIES (Unaudited)   April 30, 2012

 

 

 

      Guggenheim
2x S&P 500 ETF		      Guggenheim
Inverse 2x S&P
500 ETF		  

ASSETS

      

Investments at market value

    $ 56,953,306       $ —   

Repurchase agreements

      3,032,000         28,780,000   

Total investments*

      59,985,306         28,780,000   

Cash

      456         49   

Segregated cash for swaps

      7,970,972         8,069,862   

Margin deposit for future contracts

      1,267,000         1,067,500   

Unrealized appreciation on swap agreements

      —         190,392   

Receivables:

      

Investments sold

      5,735         —   

Dividends and interest

      57,541         8   

Variation margin on futures contracts

      —         99,125   

Equity index swap settlement

      1,013         —   

Total assets

      69,288,023         38,206,936   

LIABILITIES

      

Unrealized depreciation on swap agreements

      187,362         —   

Payables:

      

Equity index swap settlement

      —         1,214   

Variation margin on futures contracts

      117,650         —   

Accrued management fees

      39,664         22,257   

Total liabilities

      344,676         23,471   

NET ASSETS

    $ 68,943,347       $ 38,183,465   

NET ASSETS CONSIST OF:

      

Paid-in capital

    $ 46,957,387       $ 168,189,857   

Undistributed (distributions in excess) of net investment income

      17,790         (160,155 ) 

Accumulated net realized gain (loss) on investment securities, futures and swaps

      7,813,131         (129,386,782 ) 

Net unrealized appreciation (depreciation) on investment securities, futures and swaps

      14,155,039         (459,455 ) 

NET ASSETS

    $ 68,943,347       $ 38,183,465   

Shares outstanding (unlimited shares authorized), no par value

      1,400,002         1,550,000   

Net asset value, offering price and repurchase price per share

      $49.25         $24.63   

*Total cost of investments

      $46,456,934         $28,780,000   

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       15

Table of Contents
STATEMENT OF OPERATIONS (Unaudited)  

 

 

For the Six Months Ended April 30, 2012

 

      Guggenheim
2x S&P 500 ETF		     Guggenheim
Inverse 2x S&P
500 ETF		  

INVESTMENT INCOME

     

Dividends, net of foreign taxes withheld

    $ 674,055      $ —   

Interest

      217        2,128   

Total income

      674,272        2,128   

EXPENSES

     

Management fee

      257,941        159,571   

Trustee fees

      3,003        2,712   

Total expenses

      260,944        162,283   

Net investment income (loss)

      413,328        (160,155 ) 

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS

     

Net realized gain (loss) from:

     

Investments

      (324,502 )      —   

In-kind redemptions

      7,432,038        —   

Futures contracts

      3,769,609        (2,773,812 ) 

Swap contracts

      6,655,670        (9,501,092 ) 

Net realized gain (loss)

      17,532,815        (12,274,904 ) 

Net change in unrealized appreciation (depreciation) on:

     

Investment securities

      (492,338 )      —   

Futures contracts

      (641,924 )      643,220   

Swap contracts

      343,653        (1,079,198 ) 

Net change in unrealized (depreciation)

      (790,609 )      (435,978 ) 

Net realized and unrealized gain (loss) on investments, futures and swap contracts

      16,742,206        (12,710,882 ) 

Net increase (decrease) in net assets resulting from operations

    $ 17,155,534      $ (12,871,037 ) 

Foreign taxes withheld

    $ (21 )    $ —   

 

16     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents

STATEMENTS OF CHANGES IN NET ASSETS

 

 

 

      Guggenheim 2x S&P 500 ETF      Guggenheim Inverse 2x S&P 500 ETF  
      Six Months Ended
April 30, 2012
(Unaudited)		     Year Ended
October 31, 2011		      Six Months Ended
April 30, 2012
(Unaudited)		      Year Ended
October 31, 2011		  

OPERATIONS

           

Net investment income (loss)

    $ 413,328      $ 832,050       $ (160,155 )     $ (414,624 ) 

Net realized gain (loss)

      17,532,815        7,271,159         (12,274,904 )       (21,831,711 ) 

Net change in unrealized appreciation (depreciation)

      (790,609 )      1,517,229         (435,978 )       1,679,620   

Net increase (decrease) in net assets resulting from operations

      17,155,534        9,620,438         (12,871,037 )       (20,566,715 ) 

DISTRIBUTIONS TO SHAREHOLDERS FROM:

           

Net investment income

      (397,864 )      (849,031 )       —         —   

SHAREHOLDER TRANSACTIONS

           

Proceeds from shares purchased

      —        2,087,505         2,590,440         22,017,345   

Value of shares redeemed

      (27,201,702 )      (11,417,222 )       (7,337,448 )       (29,862,599 ) 

Net decrease in net assets resulting from share transactions

      (27,201,702 )      (9,329,717 )       (4,747,008 )       (7,845,254 ) 

Decrease in net assets

      (10,444,032 )      (558,310 )       (17,618,045 )       (28,411,969 ) 

NET ASSETS

           

Beginning of period

      79,387,379        79,945,689         55,801,510         84,213,479   

End of period1

    $ 68,943,347      $ 79,387,379       $ 38,183,465       $ 55,801,510   

1 Including undistributed (distributions in excess) of net investment income

    $ 17,790      $ 2,326       $ (160,155 )     $ —   

CHANGES IN SHARES OUTSTANDING:

           

Shares purchased

      —        50,000         100,000         600,000   

Shares redeemed

      (600,000 )      (250,000 )       (250,000 )       (800,000 ) 

Shares outstanding, beginning of period

      2,000,002        2,200,002         1,700,000         1,900,000   

Shares outstanding, end of period

      1,400,002        2,000,002         1,550,000         1,700,000   

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       17

Table of Contents

GUGGENHEIM 2x S&P 500 ETF

 

FINANCIAL HIGHLIGHTS

 

 

      Six Months Ended
April 30, 2012
(Unaudited)		     Year Ended
October 31,
2011		      Year Ended
October 31,
2010		      Year Ended
October 31,
2009		      Year Ended
October 31,
2008*		  

Per Share Operating Performance:

              

Net asset value at beginning of period

      $39.69        $36.34         $28.22         $27.65         $75.00   

Net investment income**

      0.24        0.41         0.33         0.31         0.61   

Net realized and unrealized gain (loss) on investments

          9.55        3.36         8.13         0.57         (47.27 ) 
  

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Total from investment operations

      9.79        3.77         8.46         0.88         (46.66 ) 

Distributions to shareholders from:

              

Net investment income

      (0.23 )      (0.42 )       (0.34 )       (0.31 )       (0.69 ) 

Net asset value at end of period

      $49.25        $39.69         $36.34         $28.22         $27.65   
  

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  
             

Total Return***

      24.71%        10.36%         30.12%         3.51%         (62.68% ) 

Ratios/Supplemental Data:

              

Net assets at end of period (000’s omitted)

      $68,943        $79,387         $79,946         $117,126         $113,364   

Ratio to average net assets of:

              

Expenses

      0.71% ****      0.71%         0.71%         0.70%         0.70% **** 

Net investment income

      1.12% ****      0.98%         1.01%         1.43%         1.35% **** 

Portfolio turnover rate†

      6%        41%         23%         69%         44%   

 

 

 

 

*   The Fund commenced operations on November 5, 2007.
**   Based on average shares outstanding.
***   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. Total investment return calculated for a period of less than one year is not annualized.
****   Annualized.
†   

Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts).

 

18     GUGGENHEIM ETFS SEMI-ANNUAL REPORT   See Notes to Financial Statements.

Table of Contents

GUGGENHEIM INVERSE 2x S&P 500 ETF

 

FINANCIAL HIGHLIGHTS (concluded)

 

 

      Six Months Ended
April 30, 2012
(Unaudited)		     Year Ended
October 31,
2011		      Year Ended
October 31,
2010		      Year Ended
October 31,
2009		      Year Ended
October 31,
2008*		  

Per Share Operating Performance:

              

Net asset value at beginning of period

      $32.82        $44.32         $66.76         $132.21         $75.00   

Net investment income (loss)**

      (0.10 )      (0.25 )       (0.35 )       (0.61 )       1.04   

Net realized and unrealized gain (loss) on investments

         (8.09 )      (11.25 )       (22.09 )       (46.79 )       57.20   
  

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Total from investment operations

      (8.19 )      (11.50 )       (22.44 )       (47.40 )       58.24   

Distributions to shareholders from:

              

Net investment income

      —        —         —         —         (1.03 ) 

Net realized gains

             —        —         —         (18.05 )       —   
  

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Total distributions

      —        —         —         (18.05 )       (1.03 ) 

Net asset value at end of period

      $24.63        $32.82         $44.32         $66.76         $132.21   
  

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  
             

Total Return***

      (24.95% )      (25.94% )       (33.61% )       (41.45% )       78.27%   

Ratios/Supplemental Data:

              

Net assets at end of period (000’s omitted)

      $38,183        $55,802         $84,213         $103,474         $66,106   

Ratio to average net assets of:

              

Expenses

      0.71% ****      0.71%         0.71%         0.71%         0.71% **** 

Net investment income

      (0.70% )****      (0.68% )       (0.65% )       (0.64% )       1.09% **** 

Portfolio turnover rate†

      —%        —%         —%         —%         —%   

 

 

*   The Fund commenced operations on November 5, 2007.
**   Based on average shares outstanding.
***   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. Total investment return calculated for a period of less than one year is not annualized.
****   Annualized.
†   

Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts).

 

See Notes to Financial Statements.   GUGGENHEIM ETFS SEMI-ANNUAL REPORT       19

Table of Contents

NOTES TO FINANCIAL STATEMENTS (Unaudited)

 

  

 

 

1.    Organization

Rydex ETF Trust (the “Trust”) is an open-end, management investment company registered under the Investment Company Act of 1940 (the “1940 Act”). The Trust was organized as a Delaware statutory trust on November 22, 2002. As of April 30, 2012, the Trust offers twenty-six portfolios, each of which represents a separate series of beneficial interest in the Trust (each a “Fund”, and collectively, the “Funds”). The financial statements herein relate to the following Funds: Guggenheim 2x S&P 500 ETF and Guggenheim Inverse 2x S&P 500 ETF. Guggenheim 2x S&P 500 ETF and Guggenheim Inverse 2x S&P 500 ETF commenced operations on November 5, 2007.

The Funds’ 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”). The Funds’ investment objective is to provide investment results that match the performance of a specific benchmark, before fees and expenses, on a daily basis. For Guggenheim 2x S&P 500 ETF (a “Leveraged Fund”), the Fund’s benchmark is 200% of the daily performance of an index representing publicly traded securities (the “Underlying Index”). For Guggenheim Inverse 2x S&P 500 ETF (a “Leveraged Inverse Fund”), the Fund’s benchmark is 200% of the daily inverse (opposite) performance of its Underlying Index. The Underlying Index for Guggenheim 2x S&P 500 ETF and Guggenheim Inverse 2x S&P 500 ETF is the S&P 500 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 called a “Creation Unit”. Creation Units are issued and redeemed principally in-kind for securities included in the Underlying Index.

Guggenheim Investments (“GI”) provides advisory services and Rydex Distributors, LLC (“RDL”) acts as principal underwriter for the Trust. GI and RDL are affiliated entities.

2.    Significant Accounting Policies

The following significant accounting policies are in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and are consistently followed by the Trust. This requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. All time references are based on Eastern Time.

A.    Security Valuation

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 on the valuation date. Equity securities listed on the NASDAQ market system are valued at the NASDAQ Official Closing Price on the valuation date.

Investments for which market quotations are not readily available are fair valued as determined in good faith by GI under the direction of the Board of Trustees using methods established or ratified by the Board of Trustees. These methods include, but are not limited to: (i) using general information as to how these securities and assets trade; (ii) in connection with futures contracts and options thereupon, and other derivative investments, information as to how (a) these contracts and other derivative investments trade in the futures or other derivative markets, respectively, and (b) the securities underlying these contracts and other derivative investments trade in the cash market; and (iii) other information and considerations, including current values in related markets.

The value of futures contracts purchased and sold by the Funds are accounted for using the unrealized gain or loss on the contracts that is determined by marking the contracts to their current realized settlement prices. Financial futures contracts are valued at the 4:00 p.m. price on the valuation date. In the event that the exchange for a specific futures contract closes earlier than 4:00 p.m., the futures contract is valued at the Official Settlement Price of the exchange. However, the underlying securities from which the futures contract value is derived are monitored until 4:00 p.m. to determine if fair valuation would provide a more accurate valuation.

The value of swap agreements entered into by a Fund is accounted for using the unrealized gain or loss on the agreements that is determined by marking the agreements to the last quoted value of the index that the swap pertains to at the close the NYSE. The swap’s market value is then adjusted to include dividends accrued, financing charges and/or interest associated with the swap agreements.

Debt securities with a maturity of greater than 60 days at acquisition are valued at prices that reflect broker/dealer-supplied valuations or obtained from independent pricing services, which may consider the trade activity, treasury yields, yield or price of bonds of comparable quality, coupon, maturity, and type, as well as prices quoted by dealers who make markets in such securities. Short-term debt securities, with a maturity of 60 days or less at acquisition and repurchase agreements, are valued at amortized cost which approximates market value.

 

 

 

20     GUGGENHEIM ETFS SEMI-ANNUAL REPORT

Table of Contents
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)  

 

 

 

Certain U.S. Government and Agency Obligations are traded on a discount basis; the interest rates shown on the Schedules of Investments reflect the effective rates paid at the time of purchase by the Funds. Other securities bear interest at the rates shown, payable at fixed dates through maturity.

B.    Security Transactions and Income Recognition

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. 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 discount, is accrued on a daily basis. Distributions received from investments in REITs are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distribution by the issuer.

C.    Repurchase Agreements

The Funds 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 Funds follow 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 Funds will seek to liquidate such collateral. However, the exercising of the Funds 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 Funds could suffer a loss. It is the current policy of the Funds 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 Funds, amounts to more than 15% of the Funds net assets. The investments of the Funds in repurchase agreements, at times, may be substantial when, in the view of GI, liquidity or other considerations so warrant. For the period

ended April 30, 2012, the Funds had not engaged in repurchase agreement transactions.

D.    Futures Contracts

Upon entering into a contract, a Fund deposits and maintains as collateral such initial margin as required by the exchange on which the transaction is effected. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin and are recorded by the Fund as unrealized gains or losses. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

E.    Swap Agreements

The swap agreements are marked-to-market daily and the change, if any, is recorded as unrealized gain or loss. Payments received or made as a result of an agreement or termination of the agreement are recognized as realized gains or losses.

 

F.    Federal Income Taxes

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 (fiscal years 2008 – 2011), and has concluded that no provision for income tax was required in the Funds’ financial statements.

The RIC Modernization Act of 2010 was signed into law on December 22, 2010 and seeks to simplify some of the tax provisions applicable to regulated investment companies and the tax reporting to their shareholders, and to improve the tax efficiency of certain fund structures. The changes are generally effective for taxable years beginning after the date of enactment.

 

 

 

GUGGENHEIM ETFS SEMI-ANNUAL REPORT       21

Table of Contents

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

 

  

 

 

One of the more prominent changes addresses capital loss carryforwards. Funds will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. Under pre-enactment law, capital losses could be carried forward for eight years, and carried forward as short-term capital, irrespective of the character of the original loss. As a result of this ordering rule, pre-enactment capital loss carryforwards may potentially expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

For the period ended April 30, 2012, the Funds realized net capital gains resulting from in-kind redemptions and other transactions. Because gains from in-kind redemptions are non-taxable to the Funds, and are not distributed to existing Fund shareholders, the gains are reclassified from accumulated net realized gains to paid-in-capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or NAV. The in-kind net capital gains for the period ended April 30, 2012 are disclosed in the Fund’s Statement of Operations.

At April 30, 2012, the identified cost of investments in securities owned by each Fund for Federal income tax purposes and the gross unrealized appreciation and depreciation were as follows:

 

      Identified Cost        Gross Unrealized
Appreciation		        Gross Unrealized
Depreciation		        Net Unrealized
Appreciation
(Depreciation)		  

Guggenheim 2x S&P 500 ETF

    $ 46,456,934         $ 14,371,452         $ (843,080 )       $ 13,528,372   

Guggenheim Inverse 2x S&P 500 ETF

      28,780,000           —           —           —   

G.    Fair Value Measurement

In accordance with U.S. GAAP, fair value is defined as the price that the Fund 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. A three-tier hierarchy is utilized to distinguish between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Funds’ investments. The inputs are summarized in the three broad levels listed 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 inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following table summarizes the inputs used to value the Funds’ net assets as of April 30, 2012:

 

Fund    Level 1
Investments
in Securities		      Level 1
Other Financial
Instruments		      Level 2
Investments
in Securities		      Level 2
Other Financial
Instruments		      Level 3
Investments
in Securities		      Total  

Assets

                  

Guggenheim 2x S&P 500 ETF

    $ 56,953,306       $ 814,029       $ 3,032,000       $ —       $         —       $ 60,799,335   

Guggenheim Inverse 2x S&P 500 ETF

      —         —         28,780,000         190,392         —         28,970,392   
                                                       

Liabilities

                  

Guggenheim 2x S&P 500 ETF

      —         —         —         187,362         —         187,362   

Guggenheim Inverse 2x S&P 500 ETF

      —         649,847         —         —         —         649,847   

For the period ended April 30, 2012, there were no securities transferred between any levels.

H.    Dividends and Distributions

Distributions of net investment income and net realized gains, if any, in the Funds are declared at least annually and recorded on the ex-dividend date and are determined in accordance with income tax regulations which may differ from U.S. GAAP.

 

 

22     GUGGENHEIM ETFS SEMI-ANNUAL REPORT

Table of Contents
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)  

 

 

 

I.    Risk and Uncertainties

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. The risk inherent in the use of futures and options contracts, and swap agreements, include i) adverse changes in the value of such instruments; ii) imperfect correlation between the price of the instruments and movements in the price of the underlying securities, indices, or futures contracts; iii) the possible absence of a liquid secondary market for any particular instrument at any time; and iv) the potential of counterparty default. The Funds have established strict counterparty credit guidelines and enter into transactions only with financial institutions of investment grade or better. The Trust monitors the counterparty credit risk.

J.    Risk Disclosure

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.

Financial Instruments

A futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities or other instruments at a set price for delivery at a future date. There are significant risks associated with a Fund’s or an underlying fund’s use of futures contracts and related options, including (i) there may be an imperfect or no correlation between the changes in market value of the underlying asset and the prices of futures contracts; (ii) there may not be a liquid secondary market for a futures contract; (iii) trading restrictions or limitations may be imposed by an exchange; and (iv) government regulations may restrict trading in futures contracts. When investing in futures, there is minimal counterparty credit risk to the Fund because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default.

A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. A credit default swap enables a Fund to buy or sell protection against a defined credit event of an issuer or a basket of securities. Generally, the seller of credit protection against an issuer or basket of securities receives a periodic payment from the buyer to compensate against potential default events. If a default event occurs, the seller must pay the buyer the full notional value of the reference obligation in exchange for the reference obligation. If no default occurs, the counterparty will pay the stream of payments and have no further obligations to the Fund selling the credit protection. A Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty, or in the case of a credit default swap in which the Fund is selling credit protection, the default of a third party issuer. Additionally, there is no guarantee that a Fund or an underlying fund could eliminate its exposure under an outstanding swap agreement by entering into an offsetting swap agreement with the same or another party.

In conjunction with the use of short sales, futures, and swap agreements, the Funds are required to maintain collateral in various forms. The Funds use, where appropriate, depending on the financial instrument utilized and the broker involved, margin deposits at the broker, cash and/or securities segregated at the custodian bank, discount notes, or the repurchase agreements allocated to each Fund.

Disclosures About Derivative Instruments and Hedging Activities

U.S. GAAP requires disclosures to enable investors to better understand how and why the Funds use derivative instruments, how these derivative instruments are accounted for and their effects on the Funds’ financial position and results of operations. None of the derivatives currently held by the Funds are being used as hedging instruments.

The Funds utilized derivatives for the following purposes:

 

Fund    Index Exposure  

Guggenheim 2x S&P 500 ETF

      X   

Guggenheim Inverse 2x S&P 500 ETF

      X   

 

 

GUGGENHEIM ETFS SEMI-ANNUAL REPORT       23

Table of Contents

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

 

  

 

 

The following table represents the notional amount of derivative instruments outstanding, as an approximate percentage of the Funds’ net assets on a daily basis, while the risk to the Fund is limited to the profit earned on such derivatives.

 

Approximate percentage of Fund’s net assets on a daily basis  
Fund    Long        Short  

Guggenheim 2x S&P 500 ETF

      115%           —   

Guggenheim Inverse 2x S&P 500 ETF

      —           200%   

The following is a summary of the location of derivative investments on the Funds’ Statements of Assets and Liabilities as of April 30, 2012:

 

Location on the Statements of Assets and Liabilities
Derivative Investment Type    Asset Derivatives    Liability Derivatives

Equity Contracts

    Unrealized appreciation on swap agreements    Unrealized depreciation on swap agreements
   Variation margin    Variation margin

The following table sets forth the fair value of the Funds’ derivative investments categorized by primary risk exposure at April 30, 2012:

 

Asset Derivative Investments Value  
Portfolio      Total Value at
April 30, 2012		        Swap
Equity 
Contracts		        Futures
Equity 
Contracts*		  

Guggenheim 2x S&P 500 ETF

      $ 814,029         $ —         $ 814,029   

Guggenheim Inverse 2x S&P 500 ETF

        190,392           190,392           —   
Liability Derivative Investments Value  
Portfolio      Total Value at
April 30, 2012		        Swap
Equity
Contracts		        Futures
Equity
Contracts*		  

Guggenheim 2x S&P 500 ETF

      $ 187,362         $ 187,362         $ —   

Guggenheim Inverse 2x S&P 500 ETF

        649,847           —           649,847   

 

*   Includes cumulative appreciation (depreciation) of futures contracts as reported on the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

The following is a summary of the location of derivative investments on the Funds’ Statements of Operations for the period ended April 30, 2012:

 

Derivative Investment Type    Location of Gain (Loss) on Derivatives

Equity Contracts

    Net realized gain (loss) on swap contracts and futures contracts
   Net change in unrealized appreciation (depreciation) on swap contracts and futures contracts

The following is a summary of the Funds’ realized gain (loss) and change in unrealized appreciation (depreciation) on derivative investments recognized on the Statements of Operations categorized by primary risk exposure for the period ended April 30, 2012:

 

Realized Gain (Loss) on Derivative Investments Recognized in the Statement of Operations  
Portfolio      Total Value at
October 31, 2011		        Swap
Equity 
Contracts		        Futures
Equity 
Contracts		  

Guggenheim 2x S&P 500 ETF

      $ 10,425,279         $ 6,655,670         $ 3,769,609   

Guggenheim Inverse 2x S&P 500 ETF

        (12,274,904 )         (9,501,092 )         (2,773,812 ) 

 

Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized in the Statement of Operations  
Portfolio      Total Value at
October 31, 2011		        Swap
Equity 
Contracts		        Futures
Equity 
Contracts		  

Guggenheim 2x S&P 500 ETF

      $ (298,271 )       $ 343,653         $ (641,924 ) 

Guggenheim Inverse 2x S&P 500 ETF

        (435,978 )         (1,079,198 )         643,220   

3.    Advisory, Administration 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

 

24     GUGGENHEIM ETFS SEMI-ANNUAL REPORT

Table of Contents
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)  

 

 

 

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.

 

      Advisory Fee  

Guggenheim 2x S&P 500 ETF

      0.70%   

Guggenheim Inverse 2x S&P 500 ETF

      0.70%   

GI pays all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except: interest, taxes, distribution fees or expenses and extraordinary expenses.

Under an Administration Agreement, State Street Bank and Trust Company (the “Administrator”) provides various administrative and accounting services for the maintenance and operations of the Funds. Under a Custodian Agreement with the Trust, the Administrator maintains cash, securities and other assets of the Funds in separate accounts for each Fund, keeps all necessary accounts and records, and provides other services. The Administrator 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, the Administrator 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 the Administrator directly for the foregoing services.

The Funds have adopted a Distribution Plan (the “Plan”) that allows the Funds to pay distribution fees to RDL and other firms that provide distribution services (“Service Providers”). If a Service Provider provides distribution services, the Funds will pay distribution fees to RDL at an annual rate not to exceed 0.25% of average daily net assets, pursuant to Rule 12b-1 of the 1940 Act. RDL will, in turn, pay the Service Provider out of its fees. No such fee is currently charged to the Funds.

4.    Capital

At April 30, 2012, there were an unlimited number of no par value shares of beneficial interest authorized. 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. The minimum transaction fees are:

 

      Minimum
Transaction Fee		  

Guggenheim 2x S&P 500 ETF

    $ 2,000   

Guggenheim Inverse 2x S&P 500 ETF

      50   

5.    Investment Transactions

For the period ended April 30, 2012, the Funds had investment transactions in-kind associated with subscriptions and redemptions as follows:

 

        Subscriptions        Redemptions  

Guggenheim 2x S&P 500 ETF

      $         —         $ 21,636,592   

Guggenheim Inverse 2x S&P 500 ETF

        —           —   

Purchases and sales of investment securities (excluding short-term investments, U.S. government and government agency obligations) for the Funds were as follows:

 

        Purchases        Sales  

Guggenheim 2x S&P 500 ETF

      $ 10,842,697         $ 3,670,637   

Guggenheim Inverse 2x S&P 500 ETF

        —           —   

6.    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 Official Committee of Unsecured Creditors of Tribune Co. v. FitzSimons (In re Tribune Co.), Adv. Pro. No. 10-54010 (Bankr. D. Del.), as a result of ownership of shares in the Tribune Company (“Tribune”) in 2007 by certain series of the Rydex ETF Trust when Tribune effected a leveraged buyout transaction (“LBO”) by which Tribune converted to a privately-held company. In its complaint, the Unsecured Creditors Committee (the “UCC”) has alleged that, in connection with the LBO, insiders and major shareholders were overpaid for their Tribune stock using financing that the insiders knew would, and ultimately did, leave the Tribune insolvent. The UCC has asserted claims against certain insiders, major shareholders, professional advisers, and others involved in the LBO, and is

 

GUGGENHEIM ETFS SEMI-ANNUAL REPORT       25

Table of Contents

NOTES TO FINANCIAL STATEMENTS (Unaudited) (concluded)

 

  

 

 

attempting to obtain from these individuals and entities the proceeds paid out in connection with the LBO. This adversary proceeding in the Bankruptcy Court has been stayed pending further order of the Bankruptcy Court.

In June 2011, a group of Tribune creditors, not including the UCC, filed multiple actions involving state law constructive fraudulent conveyance claims against former Tribune shareholders. Rydex ETF Trust also has been named as a defendant in one or more of these suits. These cases have been consolidated in a multidistrict litigation proceeding in the United States District Court for the Southern District of New York and have been stayed pending further order of that court or of the Bankruptcy Court.

None of these lawsuits allege 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 2x S&P 500 ETF (the “Fund”). The value of the proceeds received by the foregoing Funds was $1,699. At this stage of the proceedings, Rydex ETF Trust is not able to make a reliable predication as to the outcome of these lawsuits or the effect, if any, on the Fund’s net asset value.

 

26     GUGGENHEIM ETFS SEMI-ANNUAL REPORT

Table of Contents
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 1.800.820.0888. This information is also available from the EDGAR database on the SEC’s website at http://www.sec.gov.

Information regarding how the Funds voted proxies relating to portfolio securities, during the most recent 12-month period ended June 30 is available, without charge, upon request, by calling 1.800.820.0888. The information is also available from the EDGAR database on the SEC’s website at http://www.sec.gov.

At a special meeting of shareholders held on January 26, 2012, the shareholders of the Funds voted on whether to approve a new investment advisory agreement between Rydex ETF Trust and Security Investors, LLC. A description of the number of shares voted is as follows:

 

Fund      Shares For        Shares Against        Shares Abstained  

Guggenheim 2x S&P 500 ETF

        720,797           23,279           31,489   

Guggenheim Inverse 2x S&P 500 ETF

        759,999           49,494           28,529   

At a special meeting of shareholders held on November 22, 2011, the shareholders of the Funds also voted on whether to approve the election of nominees to the Board of Trustees. A description of the number of shares voted is as follows:

 

Donald C. Cacciapaglia   Corey A. Colehour          J. Kenneth Dalton  

    For

      72,100,198             For      72,258,142            For      72,216,847   

    Withhold

      2,135,025             Withhold      1,977,081            Withhold      2,018,376   

Total

      74,235,223         Total      74,235,223        Total      74,235,223   
John O. Demaret   Richard M. Goldman          Werner E. Keller  

    For

      72,234,406             For      72,161,702            For      72,220,467   

    Withhold

      2,000,817             Withhold      2,073,521            Withhold      2,014,756   

Total

      74,235,223         Total      74,235,223        Total      74,235,223   
Thomas F. Lydon   Patrick T. McCarville          Roger Somers  

    For

      72,247,608             For      72,174,312            For      72,250,544   

    Withhold

      1,987,615             Withhold      2,060,911            Withhold      1,984,679   

Total

      74,235,223         Total      74,235,223        Total      74,235,223   

At a special meeting of shareholders held on January 26, 2012, the shareholders of the Funds also voted on whether to approve a “manager of managers” arrangement for each of the Funds. Although shareholder votes were placed, not enough votes were received to meet the minimum requirements to constitute a majority vote. As such, the matter was closed.

Quarterly Portfolio Schedules Information

The Trust files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q; which are available on the SEC’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and that information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. Copies of the portfolio holdings are also available to shareholders, without charge and upon request, by calling 1.800.820.0888.

Office Locations

The offices of Guggenheim Investments can be found in the following locations:

40 East 52nd Street

16th Floor

New York, NY 10022

(Headquarters)

Four Irvington Centre

805 King Farm Boulevard

Suite 600

Rockville, MD 20850

9401 Indian Creek Parkway

40 Corporate Woods

Suite 850

Overland Park, KS 66210

 

GUGGENHEIM ETFS SEMI-ANNUAL REPORT       27

Table of Contents

OTHER INFORMATION (Unaudited) (concluded)

 

 

 

Premium/Discount Information

Information about the differences between the daily market price on secondary markets for Shares and the NAV of each Fund can be found at www.guggenheimfunds.com.

Guggenheim Transaction

On September 20, 2011, Guggenheim Capital, LLC agreed to purchase the indirect holding company of Security Investors, LLC, the Fund’s investment manager (the “Investment Manager”) (the “Transaction”). Guggenheim Capital, LLC’s subsidiary, Guggenheim Partners, LLC (“Guggenheim”), is a global, independent, privately-held, diversified financial services firm with more than 1,500 dedicated professionals. The Transaction closed on February 29, 2012.

The Transaction should not result in material changes to the day-to-day management and operation of the Fund or any increase in fees.

In anticipation of the Transaction, the Board of Trustees of the Fund (the “Board”) called a special meeting of shareholders (the “Meeting”), at which shareholders of the Fund of record as of October 3, 2011 were asked to consider the approval of a new investment management agreement between the Fund and the Investment Manager (the “New Agreement”). This approval was necessary because, under the Investment Company Act of 1940 (the “1940 Act”), the Transaction could result in the termination of the Fund’s current investment management agreement with the Investment Manager (the “Current Agreement”). The Fund’s shareholders approved the New Agreement, the terms of which are substantially identical to the corresponding Current Agreement, except with respect to the date of execution.

Election of Board Members

The Board also approved a proposal to elect nine individuals to the Board. The Board proposed the election of the following nominees: Donald C. Cacciapaglia, Corey A. Colehour, J. Kenneth Dalton, John O. Demaret, Richard M. Goldman, Werner E. Keller, Thomas F. Lydon, Patrick T. McCarville and Roger Somers. Each of the nominees, other than Mr. Cacciapaglia, currently serves as a Trustee. In connection with the Transaction, the Board believes that expanding the Board to include Mr. Cacciapaglia, who is a member of senior management of Guggenheim’s investment management business, and who would serve on other boards in the Guggenheim Investments family of funds, would be appropriate. The Trusts’ shareholders ultimately approved the aforementioned proposal.

 

28     GUGGENHEIM ETFS SEMI-ANNUAL REPORT

Table of Contents
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 calling 800.820.0888.

All Trustees and Officers may be reached c/o Guggenheim Investments, 805 King Farm Boulevard, Suite 600, Rockville, MD 20850.

TRUSTEE AND OFFICER

 

  Name, Position and
       Year of Birth                            

        

Length of Service
As Trustee
(Year Began)

        

Number of
Funds Overseen

Donald C. Cacciapaglia*

       Rydex Series Funds – 2012       148

Trustee, President (1951)

       Rydex Variable Trust – 2012      
      Rydex Dynamic Funds – 2012      
      Rydex ETF Trust – 2012      

Principal Occupations During Past Five Years: Security Investors, LLC: President and CEO from April 2012 to present; Guggenheim Investments: President and Chief Administrative Officer from February 2010 to present; Channel Capital Group, Inc.: Chairman and CEO from April 2002 to February 2010.

INDEPENDENT TRUSTEES

 

  Name, Position and
       Year of Birth                            

        

Length of Service
As Trustee
(Year Began)

        

Number of
Funds Overseen

Corey A. Colehour

       Rydex Series Funds – 1993       148

Trustee (1945)

       Rydex Variable Trust – 1998      
      Rydex Dynamic Funds – 1999      
      Rydex ETF Trust – 2003      

Principal Occupations During Past Five Years: Retired; Member of the Audit, Governance and Nominating Committees (1995 to present)

 

J. Kenneth Dalton

       Rydex Series Funds – 1995       148

Trustee (1941)

       Rydex Variable Trust – 1998      
      Rydex Dynamic Funds – 1999      
      Rydex ETF Trust – 2003      

Principal Occupations During Past Five Years: Retired; Member of the Governance and Nominating Committees (1995 to present); Chairman of the Audit Committee (1997 to present); Member of the Risk Oversight Committee (2010 to present)

 

John O. Demaret

       Rydex Series Funds – 1997       148

Trustee, Chairman of the

       Rydex Variable Trust – 1998      

Board (1941)

       Rydex Dynamic Funds – 1999      
      Rydex ETF Trust – 2003      

Principal Occupations During Past Five Years: Retired; Member of the Audit Committee (1997 to present); Member of the Risk Oversight Committee (2010 to present)

 

Werner E. Keller

       Rydex Series Funds – 2005       148

Trustee (1940)

       Rydex Variable Trust – 2005      
      Rydex Dynamic Funds – 2005      
      Rydex ETF Trust – 2005      

Principal Occupations During Past Five Years: Founder and President of Keller Partners, LLC (registered investment adviser) (2005 to present); Member of the Audit, Governance and Nominating Committees (2005 to present); Chairman and Member of the Risk Oversight Committee (2010 to present)

 

 

GUGGENHEIM ETFS SEMI-ANNUAL REPORT       29

Table of Contents
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited) (continued)  

 

 

INDEPENDENT TRUSTEES – concluded

 

  Name, Position and
       Year of Birth                            

         Length of Service
As Trustee
(Year Began)		        

Number of
Funds Overseen

Thomas F. Lydon, Jr.

       Rydex Series Funds – 2005       148

Trustee (1960)

       Rydex Variable Trust – 2005      
      Rydex Dynamic Funds – 2005      
      Rydex ETF Trust – 2005      

Principal Occupations During Past Five Years: President, Global Trends Investments (1996 to present); Member of the Audit, Governance and Nominating Committees (2005 to present)

 

Patrick T. McCarville

       Rydex Series Funds – 1997       148

Trustee (1942)

       Rydex Variable Trust – 1998      
      Rydex Dynamic Funds – 1999      
      Rydex ETF Trust – 2003      

Principal Occupations During Past Five Years: CEO, Par Industries, Inc., d/b/a Par Leasing (1977 to 2010); Chairman of the Governance and Nominating Committees (1997 to present); Member of the Audit Committee (1997 to present)

 

Roger Somers

       Rydex Series Funds – 1993       148

Trustee (1944)

       Rydex Variable Trust – 1998      
      Rydex Dynamic Funds – 1999      
      Rydex ETF Trust – 2003      

Principal Occupations During Past Five Years: Founder and CEO of Arrow Limousine (1965 to present); Member of the Audit, Governance and Nominating Committees (1995 to present)

 

 

EXECUTIVE OFFICERS

 

 Name, Position and
      Year of Birth

  

Principal Occupations
During Past Five Years

Michael P. Byrum*

Vice President (1970)

  

Current: President, Security Benefit Asset Management Holdings, LLC; Senior Vice President, Security Investors, LLC; President and Chief Investment Officer, Rydex Holdings, LLC; Director and Chairman of the Board, Advisor Research Center, Inc.; Manager, Rydex Specialized Products, LLC

 

Previous: Rydex Distributors, LLC (f/k/a Rydex Distributors, Inc.), Vice President (2009); Rydex Fund Services, LLC, Director (2009-2010), Secretary (2002- 2010), Executive Vice President (2002- 2006); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.), Director (2008-2010), Chief Investment Officer (2006-2010), President (2004-2010), Secretary (2002-2010); Rydex Advisors II, LLC (f/k/a PADCO Advisors II, Inc.), Director (2008-2010), Chief Investment Officer (2006-2010), President (2004-2010), Secretary (2002-2010); Rydex Capital Partners, LLC, President and Secretary (2003-2007); Rydex Capital Partners II, LLC, (2003-2007); Rydex Holdings, LLC (f/k/a Rydex Holdings, Inc.), Secretary (2005-2008), Executive Vice President (2005-2006); Advisor Research Center, Inc., Secretary (2006-2009), Executive Vice President (2006); Rydex Specialized Products, LLC, Secretary (2005-2008)

Nikolaos Bonos*

Vice President and Treasurer (1963)

  

Current: Senior Vice President, Security Investors, LLC; Chief Executive Officer and Manager, Rydex Specialized Products, LLC; Chief Executive Officer and President, Rydex Fund Services, LLC; Vice President, Rydex Holdings, LLC; Treasurer, SBL Fund; Security Equity Fund; Security Income Fund; Security Large Cap Value Fund and Security Mid Cap Growth Fund; Vice President, Security Benefit Asset Management Holdings, LLC

 

Previous: Guggenheim Investments, LLC, Senior Vice President (2010-2011); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.) Senior Vice President (2006-2011); Rydex Fund Services, LLC (f/k/a Rydex Fund Services, Inc.), Director (2009), Senior Vice President (2003-2006); Rydex Specialized Products, LLC, Chief Financial Officer (2005-2009)

 

30     GUGGENHEIM ETFS SEMI-ANNUAL REPORT

Table of Contents
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited) (concluded)  

 

 

EXECUTIVE OFFICERS – concluded

 

 Name, Position and
      Year of Birth

  

Principal Occupations
During Past Five Years

Elisabeth Miller*

Chief Compliance Officer (1968)

  

Current: Chief Compliance Officer, Rydex Series Funds, Rydex Dynamic Funds, Rydex Variable Trust, Rydex ETF Trust, Security Equity Fund, Security Income Fund, Security Large Cap Value Fund, Security Mid Cap Growth Fund, SBL Fund, Security Investors, LLC, and Rydex Distributors, LLC

 

Previous: Senior Manager, Security Investors, LLC and Rydex Distributors, LLC (2004-2009).

Amy J. Lee*

Vice President and

Assistant Secretary (1960)

  

Current: Senior Vice President and Secretary, Security Investors, LLC; Secretary and Chief Compliance Officer, Security Distributors, Inc.; Vice President, Associate General Counsel and Assistant Secretary, Security Benefit Life Insurance Company and Security Benefit Corporation; Associate General Counsel, First Security Benefit Life Insurance and Annuity of New York; Vice President and Secretary, SBL Fund; Security Equity Fund; Security Income Fund; Security Large Cap Value Fund and Security Mid Cap Growth Fund; Vice President and Secretary, Rydex Holdings, LLC; Secretary, Advisor Research Center, Inc., Rydex Specialized Products, LLC, Rydex Distributors, LLC and Rydex Fund Services, LLC; Assistant Secretary, Security Benefit Clinic and Hospital

 

Previous: Guggenheim Investments, LLC, Senior Vice President and Secretary (2007- 2011); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.) and Rydex Advisors II, LLC (f/k/a PADCO Advisors II, Inc.), Senior Vice President and Secretary (2010- 2011); Brecek and Young Advisors, Inc., Director (2004- 2008)

Joseph M. Arruda*

Assistant Treasurer (1966)

  

Current: Assistant Treasurer, SBL Fund; Security Equity Fund; Security Income Fund; Security Large Cap Value Fund and Security Mid Cap Growth Fund; Vice President, Security Investors, LLC; Chief Financial Officer and Manager, Rydex Specialized Products, LLC

 

Previous: Guggenheim Investments, LLC, Vice President (2010-2011); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.) and Rydex Advisors II, LLC (f/k/a PADCO Advisors II, Inc.), Vice President (2004-2011)

 

*   Officers of the Funds are deemed to be “interested persons” of the Trust, within the meaning of Section 2(a) (19) of the 1940 Act, inasmuch as this person is affiliated with Guggenheim Investments.

 

GUGGENHEIM ETFS SEMI-ANNUAL REPORT       31

Table of Contents

LOGO

805 King Farm Boulevard, Suite 600

Rockville, MD 20850

www.rydex-sgi.com

800.820.0888

ETF3-SEMI-0412x1012

Table of Contents

Item 2. Code of Ethics.

Not applicable for a semiannual reporting period.

Item 3. Audit Committee Financial Expert.

Not applicable for a semiannual reporting period.

Item 4. Principal Accountant Fees and Services.

Not applicable for a semiannual reporting period.

Item 5. Audit Committee of Listed Registrants.

Not applicable for a semiannual reporting period.

Item 6. Schedule of Investments

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

Table of Contents

Item 11. Controls and Procedures.

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

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

Item 12. Exhibits.

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

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

Table of Contents

SIGNATURES

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

 

(Registrant)                                  Rydex ETF Trust                                         
By (Signature and Title)*  

/s/ Donald C. Cacciapaglia

  Donald C. Cacciapaglia, President
Date   July 9, 2012

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By (Signature and Title)*  

/s/ Donald C. Cacciapaglia

  Donald C. Cacciapaglia, President
Date   July 9, 2012

 

By (Signature and Title)*  

/s/ Nikolaos Bonos

  Nikolaos Bonos, Vice President and Treasurer
Date   July 9, 2012

 

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