0001193125-18-008253.txt : 20180110 0001193125-18-008253.hdr.sgml : 20180110 20180110162903 ACCESSION NUMBER: 0001193125-18-008253 CONFORMED SUBMISSION TYPE: 425 PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20180110 DATE AS OF CHANGE: 20180110 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: RYDEX ETF TRUST CENTRAL INDEX KEY: 0001208211 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 425 SEC ACT: 1934 Act SEC FILE NUMBER: 811-21261 FILM NUMBER: 18521802 BUSINESS ADDRESS: STREET 1: 805 KING FARM BOULEVARD STREET 2: SUITE 600 CITY: ROCKVILLE STATE: MD ZIP: 20850 BUSINESS PHONE: 9138252649 MAIL ADDRESS: STREET 1: 805 KING FARM BOULEVARD STREET 2: SUITE 600 CITY: ROCKVILLE STATE: MD ZIP: 20850 FORMER COMPANY: FORMER CONFORMED NAME: RYDEX DYNAMIC FUNDS DATE OF NAME CHANGE: 20170713 FORMER COMPANY: FORMER CONFORMED NAME: RYDEX ETF TRUST DATE OF NAME CHANGE: 20021129 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: POWERSHARES EXCHANGE TRADED FUND TRUST CENTRAL INDEX KEY: 0001209466 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: 425 BUSINESS ADDRESS: STREET 1: 3500 LACEY ROAD STREET 2: SUITE 700 CITY: DOWNERS GROVE STATE: IL ZIP: 60515 BUSINESS PHONE: 800-983-0903 MAIL ADDRESS: STREET 1: 3500 LACEY ROAD STREET 2: SUITE 700 CITY: DOWNERS GROVE STATE: IL ZIP: 60515 CENTRAL INDEX KEY: 0001209466 S000060787 PowerShares S&P 100(R) Equal Weight Portfolio C000197603 PowerShares S&P 100(R) Equal Weight Portfolio CENTRAL INDEX KEY: 0001208211 S000053884 Guggenheim S&P 100(R) Equal Weight ETF C000169566 Guggenheim S&P 100(R) Equal Weight ETF OEW CENTRAL INDEX KEY: 0001209466 S000060788 PowerShares S&P 500(R) Equal Weight Real Estate Portfolio C000197604 PowerShares S&P 500(R) Equal Weight Real Estate Portfolio CENTRAL INDEX KEY: 0001208211 S000050322 Guggenheim S&P 500(R) Equal Weight Real Estate ETF C000158878 Guggenheim S&P 500(R) Equal Weight Real Estate ETF EWRE CENTRAL INDEX KEY: 0001209466 S000060789 PowerShares S&P 500(R) Equal Weight Technology Portfolio C000197605 PowerShares S&P 500(R) Equal Weight Technology Portfolio CENTRAL INDEX KEY: 0001208211 S000013917 Guggenheim S&P 500(R) Equal Weight Technology ETF C000038144 Guggenheim S&P 500(R) Equal Weight Technology ETF RYT CENTRAL INDEX KEY: 0001209466 S000060790 PowerShares S&P 500(R) Equal Weight Utilities Portfolio C000197606 PowerShares S&P 500(R) Equal Weight Utilities Portfolio CENTRAL INDEX KEY: 0001208211 S000013918 Guggenheim S&P 500(R) Equal Weight Utilities ETF C000038145 Guggenheim S&P 500(R) Equal Weight Utilities ETF RYU CENTRAL INDEX KEY: 0001209466 S000060791 PowerShares S&P 500(R) Pure Growth Portfolio C000197607 PowerShares S&P 500(R) Pure Growth Portfolio CENTRAL INDEX KEY: 0001208211 S000010938 Guggenheim S&P 500(R) Pure Growth ETF C000030282 Guggenheim S&P 500(R) Pure Growth ETF RPG CENTRAL INDEX KEY: 0001209466 S000060792 PowerShares S&P 500(R) Pure Value Portfolio C000197608 PowerShares S&P 500(R) Pure Value Portfolio CENTRAL INDEX KEY: 0001208211 S000010936 Guggenheim S&P 500(R) Pure Value ETF C000030280 Guggenheim S&P 500(R) Pure Value ETF RPV CENTRAL INDEX KEY: 0001209466 S000060793 PowerShares S&P 500(R) Top 50 Portfolio C000197609 PowerShares S&P 500(R) Top 50 Portfolio CENTRAL INDEX KEY: 0001208211 S000010907 Guggenheim S&P 500(R) Top 50 ETF C000030223 Guggenheim S&P 500(R) Top 50 ETF XLG CENTRAL INDEX KEY: 0001209466 S000060794 PowerShares S&P MidCap 400(R) Equal Weight Portfolio C000197610 PowerShares S&P MidCap 400(R) Equal Weight Portfolio CENTRAL INDEX KEY: 0001208211 S000030434 Guggenheim S&P MidCap 400(R) Equal Weight ETF C000093477 Guggenheim S&P MidCap 400(R) Equal Weight ETF EWMC CENTRAL INDEX KEY: 0001209466 S000060795 PowerShares S&P MidCap 400(R) Pure Growth Portfolio C000197611 PowerShares S&P MidCap 400(R) Pure Growth Portfolio CENTRAL INDEX KEY: 0001208211 S000010941 Guggenheim S&P MidCap 400(R) Pure Growth ETF C000030287 Guggenheim S&P MidCap 400(R) Pure Growth ETF RFG CENTRAL INDEX KEY: 0001209466 S000060796 PowerShares S&P MidCap 400(R) Pure Value Portfolio C000197612 PowerShares S&P MidCap 400(R) Pure Value Portfolio CENTRAL INDEX KEY: 0001208211 S000010939 Guggenheim S&P MidCap 400(R) Pure Value ETF C000030283 Guggenheim S&P MidCap 400(R) Pure Value ETF RFV CENTRAL INDEX KEY: 0001209466 S000060797 PowerShares S&P SmallCap 600(R) Equal Weight Portfolio C000197613 PowerShares S&P SmallCap 600(R) Equal Weight Portfolio CENTRAL INDEX KEY: 0001208211 S000030446 Guggenheim S&P SmallCap 600(R) Equal Weight ETF C000093489 Guggenheim S&P SmallCap 600(R) Equal Weight ETF EWSC CENTRAL INDEX KEY: 0001209466 S000060798 PowerShares S&P 500(R) Equal Weight Consumer Discretionary Portfolio C000197614 PowerShares S&P 500(R) Equal Weight Consumer Discretionary Portfolio CENTRAL INDEX KEY: 0001208211 S000013910 Guggenheim S&P 500(R) Equal Weight Consumer Discretionary ETF C000038137 Guggenheim S&P 500(R) Equal Weight Consumer Discretionary ETF RCD CENTRAL INDEX KEY: 0001209466 S000060799 PowerShares S&P SmallCap 600(R) Pure Growth Portfolio C000197615 PowerShares S&P SmallCap 600(R) Pure Growth Portfolio CENTRAL INDEX KEY: 0001208211 S000010944 Guggenheim S&P SmallCap 600(R) Pure Growth ETF C000030299 Guggenheim S&P SmallCap 600(R) Pure Growth ETF RZG CENTRAL INDEX KEY: 0001209466 S000060800 PowerShares S&P SmallCap 600(R) Pure Value Portfolio C000197616 PowerShares S&P SmallCap 600(R) Pure Value Portfolio CENTRAL INDEX KEY: 0001208211 S000010943 Guggenheim S&P SmallCap 600(R) Pure Value ETF C000030298 Guggenheim S&P SmallCap 600(R) Pure Value ETF RZV CENTRAL INDEX KEY: 0001209466 S000060809 PowerShares S&P 500(R) Equal Weight Consumer Staples Portfolio C000197625 PowerShares S&P 500(R) Equal Weight Consumer Staples Portfolio CENTRAL INDEX KEY: 0001208211 S000013911 Guggenheim S&P 500(R) Equal Weight Consumer Staples ETF C000038138 Guggenheim S&P 500(R) Equal Weight Consumer Staples ETF RHS CENTRAL INDEX KEY: 0001209466 S000060811 PowerShares S&P 500(R) Equal Weight Energy Portfolio C000197627 PowerShares S&P 500(R) Equal Weight Energy Portfolio CENTRAL INDEX KEY: 0001208211 S000013912 Guggenheim S&P 500(R) Equal Weight Energy ETF C000038139 Guggenheim S&P 500(R) Equal Weight Energy ETF RYE CENTRAL INDEX KEY: 0001209466 S000060812 PowerShares S&P 500(R) Equal Weight Portfolio C000197628 PowerShares S&P 500(R) Equal Weight Portfolio CENTRAL INDEX KEY: 0001208211 S000010914 Guggenheim S&P 500(R) Equal Weight ETF C000030236 Guggenheim S&P 500(R) Equal Weight ETF RSP CENTRAL INDEX KEY: 0001209466 S000060813 PowerShares S&P 500(R) Equal Weight Financials Portfolio C000197629 PowerShares S&P 500(R) Equal Weight Financials Portfolio CENTRAL INDEX KEY: 0001208211 S000013913 Guggenheim S&P 500(R) Equal Weight Financials ETF C000038140 Guggenheim S&P 500(R) Equal Weight Financials ETF RYF CENTRAL INDEX KEY: 0001209466 S000060814 PowerShares S&P 500(R) Equal Weight Health Care Portfolio C000197630 PowerShares S&P 500(R) Equal Weight Health Care Portfolio CENTRAL INDEX KEY: 0001208211 S000013914 Guggenheim S&P 500(R) Equal Weight Health Care ETF C000038141 Guggenheim S&P 500(R) Equal Weight Health Care ETF RYH CENTRAL INDEX KEY: 0001209466 S000060815 PowerShares S&P 500(R) Equal Weight Industrials Portfolio C000197631 PowerShares S&P 500(R) Equal Weight Industrials Portfolio CENTRAL INDEX KEY: 0001208211 S000013915 Guggenheim S&P 500(R) Equal Weight Industrials ETF C000038142 Guggenheim S&P 500(R) Equal Weight Industrials ETF RGI CENTRAL INDEX KEY: 0001209466 S000060816 PowerShares S&P 500(R) Equal Weight Materials Portfolio C000197632 PowerShares S&P 500(R) Equal Weight Materials Portfolio CENTRAL INDEX KEY: 0001208211 S000013916 Guggenheim S&P 500(R) Equal Weight Materials ETF C000038143 Guggenheim S&P 500(R) Equal Weight Materials ETF RTM 425 1 d523474d425.htm 425 425

Filing by PowerShares Exchange-Traded Fund Trust pursuant to Rule 425 under the Securities Act of 1933.

Subject Companies:

Claymore Exchange-Traded Fund Trust

Rydex ETF Trust

333-221696

LOGO

  

 

EXCHANGE-TRADED FUNDS PROXY FACT SHEET FOR:

  

 

GUGGENHEIM EXCHANGE-TRADED FUNDS

  

 

RYDEX ETF TRUST

 

SPECIAL JOINT MEETING IMPORTANT DATES       SPECIAL MEETING LOCATION
Record Date    DECEMBER 20, 2017       OFFICES OF GUGGENHEIM INVESTMENTS
Mail Date    JANUARY 10, 2018       227 WEST MONROE STREET
Meeting Date    FEBRUARY 16, 2018 @ 1:00 PM CST       CHICAGO, ILLINOIS 60606
ADDITIONAL INFORMATION       C ONTACT INFORMATION
Ticker Symbol      SEE PAGE 5       Inbound Line      1-888-567-1626
CUSIP    SEE PAGE 5       Website    www.guggenheiminvestments.com

What are Shareholders being asked to vote on?

 

  1.

To approve an Agreement and Plan of Reorganization (“Plan of Reorganization”) that provides for the reorganization of the Fund into a corresponding, newly formed series of the PowerShares by Invesco family of funds (a “PowerShares Fund”).

BOARD OF TRUSTEES RECOMMENDATION – FOR

 

 

What is happening?

Management and the Board of Trustees of the Rydex Funds (the “Rydex Board”) has recommended reorganizing each Rydex Fund into a corresponding, newly formed PowerShares Fund (the “Reorganization”). The Plan of Reorganization is being submitted to a vote of the shareholders of each Rydex Fund because, pursuant to the terms of the Plan of Reorganization and as required by the Rydex Funds’ governing documents, the Reorganization will not be consummated without shareholder approval. In other words, if shareholders of a Rydex Fund do not approve the Plan of Reorganization, that Rydex Fund will not be reorganized into its corresponding PowerShares Fund.

Why is the Plan of Reorganization being proposed by Management?

On September 28, 2017, Guggenheim Capital LLC (“Guggenheim Capital”) entered into an agreement (the “Transaction Agreement”) to sell its exchange-traded funds (“ETF”) business to Invesco Ltd. (“Invesco”), a leading independent global investment management company (the “Transaction”). In connection with the Transaction, Security Investors, LLC (which operates under the name Guggenheim Investments) (“SI”) the investment adviser of the Rydex Funds, recommended that the Rydex Board approve the Plan of Reorganization to reorganize the Rydex Funds into the PowerShares by Invesco family of funds.

Will the value of my shares change as a result of the Reorganization?

Under the Plan of Reorganization, shares of each Rydex Fund will be reorganized into shares of its corresponding PowerShares Fund. The shares of a PowerShares Fund (and cash with respect to any fractional shares) you receive in exchange for your Rydex Fund shares will have an aggregate Net Asset Value equal to the aggregate Net Asset Value of your respective Rydex Fund shares as of the close of business on the business day before the closing date of the Reorganization (the “Closing Date”).

 

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Are there any significant differences between the Rydex Fund shares and the PowerShares Fund shares?

In general, the method of buying and selling shares, pricing, and portfolio holdings disclosure policies, among other factors, are substantially similar between the Funds. Additionally, distributions of net investment income and net realized capital gains by each PowerShares Fund will be paid on the same schedule as the corresponding Rydex Fund after the Reorganization.

Certain Rydex Funds will be reorganized into PowerShares Trusts that are organized in Massachusetts, whereas the Rydex Trust is organized in Delaware. Although the differing state laws result in some differences, the governing instruments of the Trusts are substantially similar.

Will the reorganization result in a higher investment management fee rate or higher fund expense ratios? How do the expenses of the funds compare?

No change will occur in the advisory fee rates as a result of the Reorganization. In addition, IPCM has agreed to limit the total annual fund operating expense ratio (after waivers) of each PowerShares Fund (subject to certain exclusions) at the same or lower level as the current total annual fund operating expense ratio of the corresponding Rydex Fund (subject to certain exclusions) through two years from the Closing Date. After the expiration of the PowerShares’ expense limit discussed above, the expense ratio of a Fund (which is expressed as a percentage of the value of your investment) may increase due to any fluctuation in an expense not covered by a unitary fee or expense cap. Given potential variations in asset levels and excluded expenses, the Funds cannot reasonably forecast expenses beyond the duration of the expense limit.

How are the Funds expected to benefit from the proposed Reorganizations?

After a careful consideration of the proposed Reorganization, the Rydex Board determined that the Reorganization was in the best interests of each of the Rydex Funds. In making this determination, the Rydex Board considered information provided by Guggenheim Capital and Invesco with respect to the potential benefits of the Reorganization, including that the Rydex Funds may benefit from an organization of Invesco’s size and scale, as well as from Invesco’s range of services, financial strength and ETF industry expertise, and that access to Invesco’s distribution capabilities may create the potential for asset growth which, if realized, may result in better liquidity, narrower trading spreads and greater efficiencies.

What did Management consider when proposing the Plan of Reorganization?

SI conducted a comparative evaluation of (i) the PowerShares by Invesco family of funds, (ii) IPCM, the investment adviser of the PowerShares Funds, and an indirect, wholly-owned subsidiary of Invesco, and (iii) Invesco, the parent company of IPCM. Such evaluation included (i) IPCM’s investment processes and capabilities, (ii) IPCM’s and Invesco’s administrative and distribution capabilities, (iii) the nature and performance of other funds offered by IPCM, (iv) the compliance culture and infrastructure of IPCM, Invesco and the PowerShares by Invesco family of funds, and (v) the reputation of Invesco, IPCM and the PowerShares by Invesco family of funds in the marketplace. In view of the foregoing considerations, SI believes that the proposed Reorganization is in the best interests of the Rydex Funds and their shareholders.

 

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How do the funds’ investment objectives, fundamental investment restrictions, principal investment strategies and principal investment risks compare?

The investment objectives, fundamental investment restrictions, principal investment strategies and principal investment risks of each PowerShares Fund are substantially similar (and in some instances identical) to its corresponding Rydex Fund.

How do the Funds’ historical performance compare?

Each PowerShares Fund is a newly formed “shell” fund that has not yet commenced operations, and therefore has no performance history. Each PowerShares Fund has been organized solely in connection with the Reorganization to acquire all or substantially all of the assets and all of the stated liabilities included in the Rydex Fund’s financial statements and continue the business of its corresponding Rydex Fund. Therefore, if shareholders of a Rydex Fund approve the Plan of Reorganization and that Rydex Fund is reorganized into its corresponding PowerShares Fund, the Rydex Fund will remain the “accounting survivor.” This means that the PowerShares Funds will continue to show the historical investment performance and returns of the Rydex Funds (even after their liquidation).

Will the service providers change if shareholders approve the proposal?

Most service providers will change. SI currently serves as the investment adviser to the Rydex Funds. IPCM will serve as the investment adviser to the PowerShares Funds and will manage the PowerShares Funds after the Reorganization. The current portfolio managers of the Rydex Funds will no longer manage the Funds after the Reorganization, and portfolio managers of certain of the PowerShares by Invesco family of funds will assume management responsibilities for the PowerShares Funds. Additionally, the distributor, administrator and independent registered public accounting firm of the Rydex Funds will change in connection with the Reorganization.

Assuming shareholders approve the Plan of Reorganization, when will it take place?

If shareholders of a Rydex Fund approve the Plan of Reorganization and other closing conditions are met or waived, the Reorganization will occur on or about the Closing Date, which is anticipated to be March 26, 2018.

Who is Invesco PowerShares?

Invesco PowerShares Capital Management LLC, located at 3500 Lacey Road, Suite 700, Downers Grove, Illinois 60515, is registered as an investment adviser with the SEC. IPCM is an indirect, wholly owned subsidiary of Invesco. IPCM serves as the investment adviser to the PowerShares by Invesco family of funds. As of November 30, 2017, IPCM advised more than 154 ETFs with combined assets under management of approximately $79.4 billion.

Will the Funds pay expenses associated with the Meeting and/or Reorganization?

No. SI, IPCM or their affiliates will bear all of the fees and expenses of the Rydex Funds and the PowerShares Funds relating to the Reorganization, including proxy solicitation costs. The Funds will not bear any costs or expenses, directly or indirectly, related to the Transaction and the Reorganization, regardless of whether the Reorganization is consummated.

 

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What happens if the Reorganization is not approved?

The Reorganization will be carried out on a fund-by-fund basis. If shareholders of a Rydex Fund do not vote to approve the Plan of Reorganization, the Reorganization will not occur with respect to that Rydex Fund. While the consummation of the Reorganization of one Rydex Fund is not contingent on the specific consummation of the Reorganization of any other Rydex Fund, the Reorganization will not close unless the conditions to the closing of the Transaction Agreement are met or waived by the applicable parties. One condition to both parties’ obligations to effect the closing under the Transaction Agreement is that the annualized revenues of Guggenheim Capital’s ETF business as of a date shortly prior to the closing under the Transaction Agreement are at least 70% of those revenues as of September 8, 2017, calculated in a manner that excludes the impact of market movements and any Rydex Funds that have not received shareholder approval for the Reorganization by the calculation date. If this condition (or other applicable conditions) are not met or waived, the Reorganization will not be consummated, even if shareholders of one or more Rydex Funds approved the Reorganization, and the Rydex Funds will not be combined with the PowerShares Funds.

Who will manage my Fund if the Reorganization is not approved before the closing of the Transaction?

One of the conditions of the Transaction is that each Rydex Fund’s current Advisory Agreement with SI will terminate immediately prior to the closing of the Transaction, which is expected to occur at the same time as the closing of the Reorganization. If shareholders of a Rydex Fund have not approved the Reorganization of such Rydex Fund by the time of closing of the Transaction, it is anticipated that the Rydex Fund would follow Rule 15a-4 under the 1940 Act, which permits the Rydex Board to approve, and for the Rydex Fund to enter into, an interim investment advisory contract with IPCM pursuant to which IPCM, as an interim adviser, may serve as the investment adviser to the Rydex Fund for a period not to exceed 150 days following the termination of the current advisory agreement(s) to be able to continue uninterrupted portfolio management services for such Rydex Fund. After the 150 day period has expired, if shareholders of a Rydex Fund have still not approved the Reorganization, the Rydex Board will consider what additional action to take in the best interests of that Rydex Fund, including possibly liquidating the Rydex Fund.

What are the Federal Income Tax Consequences of the reorganization?

Each Reorganization is intended to qualify as a tax-free “reorganization” within the meaning of Section 368(a) of the Internal Revenue Code and will not take place unless an opinion of counsel is provided to that effect. Assuming each Reorganization so qualifies, there is expected to be no gain or loss recognized by shareholders for U.S. federal income tax purposes as a direct result of the Reorganization (except with respect to cash received by a shareholder in lieu of fractional shares).

THE BOARD OF TRUSTEES RECOMMENDS A VOTE “FOR” PROPOSAL 1

 

For Internal Distribution Only

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VOTING METHODS

 

PHONE:

   

To cast your vote by telephone with a proxy specialist, call the toll-free number found on your proxy card. Representatives are available to take your voting instructions Monday through Friday 9:00 a.m. to 10:00 p.m. Eastern Time.

MAIL:

   

To vote your proxy by mail, check the appropriate voting box on the proxy card, sign and date the card and return it in the enclosed postage-paid envelope. 

TOUCH-TONE:

   

To cast your vote via a touch-tone voting line, call the toll-free number and enter the control number found on your proxy card.

INTERNET:

   

To vote via the Internet, go to the website on your proxy card and enter the control number found on the proxy card.

 

 

Proxy Materials Are Available Online At: www.proxyonline.com/docs/rydexetftrust.pdf

 

NAME OF FUND

    CUSIP    CLASS    TICKER
Guggenheim S&P 500® Equal Weight ETF    78355W106    Common    RSP
Guggenheim S&P 500® Pure Growth ETF    78355W403    Common    RPG
Guggenheim S&P 500® Pure Value ETF    78355W304    Common    RPV
Guggenheim S&P 500® Top 50 ETF    78355W205    Common    XLG
Guggenheim S&P MidCap 400® Pure Growth ETF    78355W601    Common    RFG
Guggenheim S&P MidCap 400® Pure Value ETF    78355W502    Common    RFV
Guggenheim S&P SmallCap 600® Pure Growth ETF    78355W809    Common    RZG
Guggenheim S&P SmallCap 600® Pure Value ETF    78355W700    Common    RZV
Guggenheim MSCI Emerging Markets Equal Country Weight ETF    78355W536    Common    EWEM
Guggenheim S&P 100® Equal Weight ETF    78355W478    Common    OEW
Guggenheim S&P 500® Equal Weight Utilities ETF    78355W791    Common    RYU
Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF    78355W882    Common    RCD
Guggenheim S&P 500® Equal Weight Consumer Staples ETF    78355W874    Common    RHS
Guggenheim S&P 500® Equal Weight Energy ETF    78355W866    Common    RYE
Guggenheim S&P 500® Equal Weight Financials ETF    78355W858    Common    RYF
Guggenheim S&P 500® Equal Weight Health Care ETF    78355W841    Common    RYH
Guggenheim S&P 500® Equal Weight Industrials ETF    78355W833    Common    RGI
Guggenheim S&P 500® Equal Weight Materials ETF    78355W825    Common    RTM
Guggenheim S&P 500® Equal Weight Technology ETF    78355W817    Common    RYT
Guggenheim S&P 500® Equal Weight Real Estate ETF    78355W486    Common    EWRE
Guggenheim S&P MidCap 400® Equal Weight ETF    78355W577    Common    EWMC
Guggenheim S&P SmallCap 600® Equal Weight ETF    78355W585    Common    EWSC
Guggenheim Multi-Factor Large Cap ETF    78355W460    Common    GMFL

 

For Internal Distribution Only

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