N-CSRS

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)

Amy Lee

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, 2015

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.

Item 1. Reports to Stockholders.

4.30.2015

Guggenheim ETFs Semi-Annual Report

EWRM	Guggenheim Russell MidCap® Equal Weight ETF
EWRI	Guggenheim Russell 1000® Equal Weight ETF
EWRS	Guggenheim Russell 2000® Equal Weight ETF
EWEM	Guggenheim MSCI Emerging Markets Equal Country 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

ETF-SEMI-0415x1015 guggenheiminvestments.com

TABLE OF CONTENTS

DEAR SHAREHOLDER	2
ECONOMIC AND MARKET OVERVIEW	3
FEES AND EXPENSES	5
PORTFOLIO SUMMARY	7
SCHEDULES OF INVESTMENTS	20
STATEMENTS OF ASSETS AND LIABILITIES	81
STATEMENTS OF OPERATIONS	85
STATEMENTS OF CHANGES IN NET ASSETS	89
FINANCIAL HIGHLIGHTS	96
NOTES TO FINANCIAL STATEMENTS	109
OTHER INFORMATION	118
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS	119
GUGGENHEIM INVESTMENTS PRIVACY POLICIES	122

GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 1

April 30, 2015

Dear Shareholder:

Security Investors, LLC (the “Investment Adviser”) is pleased to present the semi-annual shareholder report for a selection of our exchange-traded funds (“ETFs”) for the six-month period ended April 30, 2015.

The Investment Adviser is part of Guggenheim Investments, which represents the investment management businesses of Guggenheim Partners, LLC (“Guggenheim”), a global, diversified financial services firm.

Guggenheim Funds Distributors, LLC, the distributor of the Funds, is affiliated with Guggenheim and the Investment Adviser.

We encourage you to read the Economic and Market Overview, which follows this letter.

We are committed to providing investors with innovative investment solutions and appreciate the trust you place in us.

Sincerely,

Donald C. CacciapagliaPresident May 31, 2015

Read a prospectus and summary prospectus (if available) carefully before investing. It contains the investment objectives, risks, charges, expenses, and other information, which should be considered carefully before investing. Obtain a prospectus and summary prospectus (if available) at guggenheiminvestments.com or call 800.820.0888.

ETFs may not be suitable for all investors. • Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than original cost. Most investors will also incur customary brokerage commissions when buying or selling shares of an ETF. • Investments in securities and derivatives, in general, are subject to market risks that may cause their prices to fluctuate over time. • ETF shares may trade below their net asset value per share (“NAV”). The NAV of shares will fluctuate with changes in the market value of an ETF’s holdings. In addition, there can be no assurance that an active trading market for shares will develop or be maintained. • Tracking error risk refers to the risk that the Adviser may not be able to cause the ETF’s performance to match or correlate to that of the ETF’s underlying index, either on a daily or aggregate basis. Tracking error risk may cause the ETF’s performance to be less than you expect.

2 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT

ECONOMIC AND MARKET OVERVIEW (Unaudited) April 30, 2015

As of the six months ended April 30, 2015, the U.S. remains a bright spot in the global economy. Harsh winter weather did cause U.S. growth to slow dramatically in the first quarter of 2015, but the economy should bounce back, similar to a year ago. The underlying fundamentals of the U.S. economy are strong, even though interim data is weaker, and we are now in a self-sustained economic expansion.

An improving labor market, an increase in family formation, subdued mortgage rates, and tight housing inventory all point to a rebound in the in the housing market, which is key to the ongoing recovery. Lower energy prices are acting as a tax cut for U.S. consumers. Ideally this would free up discretionary spending in other areas, of which we have seen some evidence. A U.S. Federal Reserve (the “Fed”) rate hike appears to be drawing nearer, with the likely timeframe being in the fall of 2015. Liquidity from foreign central banks and comparatively attractive yields has been pushing global investors to U.S. Treasuries, which should continue to hold down interest rates in the near term, but more volatility is evident both in the U.S. and overseas. The Fed is focused on wage growth, an indicator of inflationary pressure. With recent minimum wage increases and a falling unemployment rate, wages could begin to accelerate this year.

Oil is key to the global outlook. While some technical indicators are pointing to a bottom in oil, U.S. production continues to increase and inventory levels keep making new highs. Once inventories in the U.S. are full, the oversupply of oil could push prices lower. Based on the resilience of U.S. production and OPEC’s unwillingness to cut production, oil prices are likely stay in a low range for the next few years.

The economy in Europe has been strengthening on the back of ECB quantitative easing and a steady depreciation of euro. In Japan, the impact of ongoing monetary accommodation on the economy is more muted, but the “Abenomics” is likely to continue to be supportive of the equities markets. The Chinese economy is slowing down and policymakers appear likely to continue to ease monetary policy and do whatever is necessary to maintain growth at an acceptable level in the near term.

Several challenges remain on the horizon, including a stronger dollar. But there has never been a recession in the post-war period without the Fed first raising interest rates, after which it typically takes several years for a recession to be induced. Once the Fed begins its tightening process, the terminal value of the Fed Funds rate may be lower than expected. Based on the level of debt in the economy, we currently expect that the Fed would stop tightening around 2.5 or 3.0 percent, a level we are unlikely to arrive before late 2017 or early 2018. We believe the U.S. would not face a recession until about a year later.

For the six months ended April 30, 2015, the Standard & Poor’s 500^® (“S&P 500”) Index* returned 4.40%. The Morgan Stanley Capital International (“MSCI”) Europe-Australasia-Far East (“EAFE”) Index* returned 6.81%. The return of the MSCI Emerging Markets Index* was 3.92%.

In the bond market, the Barclays U.S. Aggregate Bond Index* posted a 2.06% return for the period, while the Barclays U.S. Corporate High Yield Index* returned 1.51%. The return of the Bank of America Merrill Lynch 3-Month U.S. Treasury Bill Index* was 0.01% for the six-month period.

The opinions and forecasts expressed may not actually come to pass. This information is subject to change at any time, based on market and other conditions, and should not be construed as a recommendation of any specific security or strategy.

GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 3

ECONOMIC AND MARKET OVERVIEW (Unaudited)(concluded) April 30, 2015

*Index Definitions:

The following indices are referenced throughout this report. Indices are unmanaged and not available for direct investment. Index performance does not reflect transaction costs, fees, or expenses.

Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar denominated, fixed-rate taxable bond market, including U.S. Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS, and CMBS.

Barclays U.S. Corporate High Yield Index measures the market of U.S. dollar-denominated, non-investment grade, fixed-rate, taxable corporate bonds. Securities are classified as high yield if the middle rating of Moody’s, Fitch, and S&P is Ba1/BB+/BB+ or below.

Bank of America (“BofA”) Merrill Lynch 3-Month U.S. Treasury Bill Index is an unmanaged market index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income.

MSCI EAFE Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada.

MSCI Emerging Markets Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance in the global emerging markets.

S&P 500^® Index is a capitalization-weighted index of 500 stocks designed to measure the performance of the broad economy, representing all major industries and is considered a representation of the U.S. stock market.

4 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT

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 Adviser. 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, 2014 and held for the six months ended April 30, 2015.

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.

GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 5

FEES AND EXPENSES (Unaudited)(concluded)

	ExpenseRatio1	Fund Return	BeginningAccount Value October 31, 2014	EndingAccount Value April 30, 2015	ExpensesPaid DuringPeriod2
Table 1. Based on actual Fund return3
Guggenheim Russell MidCap® Equal Weight ETF	0.40%	4.92%	$1,000.00	$1,049.20	$2.03
Guggenheim Russell 1000® Equal Weight ETF	0.40%	5.04%	1,000.00	1,050.40	2.03
Guggenheim Russell 2000® Equal Weight ETF	0.40%	2.82%	1,000.00	1,028.20	2.01
Guggenheim MSCI Emerging Markets Equal Country Weight ETF	0.62%	0.87%	1,000.00	1,008.70	3.09
Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF	0.40%	8.82%	1,000.00	1,088.20	2.07
Guggenheim S&P 500® Equal Weight Consumer Staples ETF	0.40%	6.82%	1,000.00	1,068.20	2.05
Guggenheim S&P 500® Equal Weight Energy ETF	0.40%	(4.55%)	1,000.00	954.50	1.94
Guggenheim S&P 500® Equal Weight Financials ETF	0.40%	3.05%	1,000.00	1,030.50	2.01
Guggenheim S&P 500® Equal Weight Health Care ETF	0.40%	11.44%	1,000.00	1,114.40	2.10
Guggenheim S&P 500® Equal Weight Industrials ETF	0.40%	1.84%	1,000.00	1,018.40	2.00
Guggenheim S&P 500® Equal Weight Materials ETF	0.40%	8.10%	1,000.00	1,081.00	2.06
Guggenheim S&P 500® Equal Weight Technology ETF	0.40%	6.83%	1,000.00	1,068.30	2.05
Guggenheim S&P 500® Equal Weight Utilities ETF	0.40%	(1.01%)	1,000.00	989.90	1.97
Table 2. Based on hypothetical 5% return (before expenses)
Guggenheim Russell MidCap® Equal Weight ETF	0.40%	5.00%	$1,000.00	$1,022.81	$2.01
Guggenheim Russell 1000® Equal Weight ETF	0.40%	5.00%	1,000.00	1,022.81	2.01
Guggenheim Russell 2000® Equal Weight ETF	0.40%	5.00%	1,000.00	1,022.81	2.01
Guggenheim MSCI Emerging Markets Equal Country Weight ETF	0.62%	5.00%	1,000.00	1,021.72	3.11
Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF	0.40%	5.00%	1,000.00	1,022.81	2.01
Guggenheim S&P 500® Equal Weight Consumer Staples ETF	0.40%	5.00%	1,000.00	1,022.81	2.01
Guggenheim S&P 500® Equal Weight Energy ETF	0.40%	5.00%	1,000.00	1,022.81	2.01
Guggenheim S&P 500® Equal Weight Financials ETF	0.40%	5.00%	1,000.00	1,022.81	2.01
Guggenheim S&P 500® Equal Weight Health Care ETF	0.40%	5.00%	1,000.00	1,022.81	2.01
Guggenheim S&P 500® Equal Weight Industrials ETF	0.40%	5.00%	1,000.00	1,022.81	2.01
Guggenheim S&P 500® Equal Weight Materials ETF	0.40%	5.00%	1,000.00	1,022.81	2.01
Guggenheim S&P 500® Equal Weight Technology ETF	0.40%	5.00%	1,000.00	1,022.81	2.01
Guggenheim S&P 500® Equal Weight Utilities ETF	0.40%	5.00%	1,000.00	1,022.81	2.01

1	Annualized and excludes expenses of the underlying funds in which the Funds invest.
2	Expenses are equal to the Fund’s annualized expense ratio, net of any applicable fee waivers, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
3	Actual cumulative return at net asset value for the period October 31, 2014 to April 30, 2015.

6 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT

PORTFOLIO SUMMARY (Unaudited) April 30, 2015

GUGGENHEIM RUSSELL MIDCAP^® EQUAL WEIGHT ETF

Holdings Diversification*

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

* The Fund’s Ten Largest Holdings are expressed as a percentage of net assets and the Holdings Diversification is expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time.

Ten Largest Holdings*	(% of Total Net Assets)
Bunge Ltd.	0.4%
Pilgrim's Pride Corp.	0.3%
Lorillard, Inc.	0.3%
ConAgra Foods, Inc.	0.3%
Tyson Foods, Inc. — Class A	0.3%
Flowers Foods, Inc.	0.3%
Ingredion, Inc.	0.3%
Keurig Green Mountain, Inc.	0.3%
Brown-Forman Corp. — Class B	0.3%
Molson Coors Brewing Co. — Class B	0.3%
Top Ten Total	3.1%
“Ten Largest Holdings” exclude any temporary cash or derivative investments.

GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 7

PORTFOLIO SUMMARY (Unaudited) April 30, 2015

GUGGENHEIM RUSSELL 1000^® EQUAL WEIGHT ETF

Holdings Diversification*

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

* The Fund’s Ten Largest Holdings are expressed as a percentage of net assets and the Holdings Diversification is expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time.

Ten Largest Holdings*	(% of Total Net Assets)
Bunge Ltd.	0.2%
Mondelez International, Inc. — Class A	0.2%
Philip Morris International, Inc.	0.2%
Reynolds American, Inc.	0.2%
Archer-Daniels-Midland Co.	0.2%
Pilgrim's Pride Corp.	0.2%
Lorillard, Inc.	0.2%
ConAgra Foods, Inc.	0.2%
Tyson Foods, Inc. — Class A	0.2%
Kimberly-Clark Corp.	0.2%
Top Ten Total	2.0%
“Ten Largest Holdings” exclude any temporary cash or derivative investments.

8 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT

PORTFOLIO SUMMARY (Unaudited) April 30, 2015

GUGGENHEIM RUSSELL 2000^® EQUAL WEIGHT ETF

Holdings Diversification*

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

* The Fund’s Ten Largest Holdings are expressed as a percentage of net assets and the Holdings Diversification is expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time.

Ten Largest Holdings*	(% of Total Net Assets)
John B Sanfilippo & Son, Inc.	0.3%
Cal-Maine Foods, Inc.	0.3%
Freshpet, Inc.	0.3%
USANA Health Sciences, Inc.	0.3%
Coca-Cola Bottling Company Consolidated	0.3%
Andersons, Inc.	0.3%
Diplomat Pharmacy, Inc.	0.3%
Limoneira Co.	0.3%
Roundy's, Inc.	0.3%
B&G Foods, Inc.	0.3%
Top Ten Total	3.0%
“Ten Largest Holdings” exclude any temporary cash or derivative investments.

GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 9

PORTFOLIO SUMMARY (Unaudited) April 30, 2015

GUGGENHEIM MSCI EMERGING MARKETS EQUAL COUNTRY WEIGHT ETF

Holdings Diversification*

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

* The Fund’s Ten Largest Holdings are expressed as a percentage of net assets and the Holdings Diversification is expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time.

Ten Largest Holdings*	(% of Total Net Assets)
iShares MSCI India ETF	3.9%
iShares MSCI Qatar Capped ETF	3.9%
OTP Bank plc	2.9%
Commercial International Bank Egypt SAE GDR	2.8%
Credicorp Ltd.	2.7%
CEZ AS	2.2%
Komercni Banka AS	1.8%
Southern Copper Corp.	1.4%
Richter Gedeon Nyrt	1.4%
MOL Hungarian Oil & Gas plc	1.3%
Top Ten Total	24.3%
“Ten Largest Holdings” exclude any temporary cash or derivative investments.

10 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT

PORTFOLIO SUMMARY (Unaudited) April 30, 2015

GUGGENHEIM S&P 500^® EQUAL WEIGHT CONSUMER DISCRETIONARY ETF

Holdings Diversification*

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

* The Fund’s Ten Largest Holdings are expressed as a percentage of net assets and the Holdings Diversification is expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time.

Ten Largest Holdings*	(% of Total Net Assets)
Netflix, Inc.	1.5%
Hasbro, Inc.	1.4%
Amazon.com, Inc.	1.4%
Mattel, Inc.	1.3%
Goodyear Tire & Rubber Co.	1.3%
Cablevision Systems Corp. — Class A	1.3%
Yum! Brands, Inc.	1.3%
Delphi Automotive plc	1.3%
CarMax, Inc.	1.3%
Priceline Group, Inc.	1.3%
Top Ten Total	13.4%
“Ten Largest Holdings” exclude any temporary cash or derivative investments.

GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 11

PORTFOLIO SUMMARY (Unaudited) April 30, 2015

GUGGENHEIM S&P 500^® EQUAL WEIGHT CONSUMER STAPLES ETF

Holdings Diversification*

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

* The Fund’s Ten Largest Holdings are expressed as a percentage of net assets and the Holdings Diversification is expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time.

Ten Largest Holdings*	(% of Total Net Assets)
Kraft Foods Group, Inc.	3.6%
Mondelez International, Inc. — Class A	2.9%
Philip Morris International, Inc.	2.8%
ConAgra Foods, Inc.	2.8%
Coca-Cola Enterprises, Inc.	2.8%
General Mills, Inc.	2.8%
Archer-Daniels-Midland Co.	2.7%
Tyson Foods, Inc. — Class A	2.7%
Reynolds American, Inc.	2.7%
McCormick & Company, Inc.	2.7%
Top Ten Total	28.5%
“Ten Largest Holdings” exclude any temporary cash or derivative investments.

12 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT

PORTFOLIO SUMMARY (Unaudited) April 30, 2015

GUGGENHEIM S&P 500^® EQUAL WEIGHT ENERGY ETF

Holdings Diversification*

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

* The Fund’s Ten Largest Holdings are expressed as a percentage of net assets and the Holdings Diversification is expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time.

Ten Largest Holdings*	(% of Total Net Assets)
Range Resources Corp.	2.9%
Transocean Ltd.	2.9%
Ensco plc — Class A	2.8%
Noble Corporation plc	2.7%
Cameron International Corp.	2.7%
Southwestern Energy Co.	2.6%
Diamond Offshore Drilling, Inc.	2.6%
Newfield Exploration Co.	2.6%
Helmerich & Payne, Inc.	2.6%
CONSOL Energy, Inc.	2.6%
Top Ten Total	27.0%
“Ten Largest Holdings” exclude any temporary cash or derivative investments.

GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 13

PORTFOLIO SUMMARY (Unaudited) April 30, 2015

GUGGENHEIM S&P 500^® EQUAL WEIGHT FINANCIALS ETF

Holdings Diversification*

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

* The Fund’s Ten Largest Holdings are expressed as a percentage of net assets and the Holdings Diversification is expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time.

Ten Largest Holdings*	(% of Total Net Assets)
Genworth Financial, Inc. — Class A	1.4%
CBRE Group, Inc. — Class A	1.3%
Moody's Corp.	1.3%
Affiliated Managers Group, Inc.	1.2%
State Street Corp.	1.2%
Fifth Third Bancorp	1.2%
Torchmark Corp.	1.2%
Loews Corp.	1.2%
Goldman Sachs Group, Inc.	1.2%
JPMorgan Chase & Co.	1.2%
Top Ten Total	12.4%
“Ten Largest Holdings” exclude any temporary cash or derivative investments.

14 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT

PORTFOLIO SUMMARY (Unaudited) April 30, 2015

GUGGENHEIM S&P 500^® EQUAL WEIGHT HEALTH CARE ETF

Holdings Diversification*

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

* The Fund’s Ten Largest Holdings are expressed as a percentage of net assets and the Holdings Diversification is expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time.

Ten Largest Holdings*	(% of Total Net Assets)
Mylan N.V.	2.2%
AbbVie, Inc.	2.0%
Perrigo Company plc	2.0%
PerkinElmer, Inc.	1.9%
AmerisourceBergen Corp. — Class A	1.9%
Boston Scientific Corp.	1.9%
Regeneron Pharmaceuticals, Inc.	1.9%
Express Scripts Holding Co.	1.9%
Merck & Company, Inc.	1.9%
St. Jude Medical, Inc.	1.9%
Top Ten Total	19.5%
“Ten Largest Holdings” exclude any temporary cash or derivative investments.

GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 15

PORTFOLIO SUMMARY (Unaudited) April 30, 2015

GUGGENHEIM S&P 500^® EQUAL WEIGHT INDUSTRIALS ETF

Holdings Diversification*

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

* The Fund’s Ten Largest Holdings are expressed as a percentage of net assets and the Holdings Diversification is expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time.

Ten Largest Holdings*	(% of Total Net Assets)
United Rentals, Inc.	1.7%
Caterpillar, Inc.	1.7%
Joy Global, Inc.	1.7%
General Electric Co.	1.7%
WW Grainger, Inc.	1.7%
Xylem, Inc.	1.6%
Emerson Electric Co.	1.6%
Rockwell Automation, Inc.	1.6%
Dover Corp.	1.6%
Fluor Corp.	1.6%
Top Ten Total	16.5%
“Ten Largest Holdings” exclude any temporary cash or derivative investments.

16 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT

PORTFOLIO SUMMARY (Unaudited) April 30, 2015

GUGGENHEIM S&P 500^® EQUAL WEIGHT MATERIALS ETF

Holdings Diversification*

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

* The Fund’s Ten Largest Holdings are expressed as a percentage of net assets and the Holdings Diversification is expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time.

Ten Largest Holdings*	(% of Total Net Assets)
Freeport-McMoRan, Inc.	4.3%
LyondellBasell Industries N.V. — Class A	4.2%
Newmont Mining Corp.	4.0%
Allegheny Technologies, Inc.	3.8%
Eastman Chemical Co.	3.7%
Dow Chemical Co.	3.6%
Avery Dennison Corp.	3.6%
Ball Corp.	3.6%
Owens-Illinois, Inc.	3.5%
Nucor Corp.	3.5%
Top Ten Total	37.8%
“Ten Largest Holdings” exclude any temporary cash or derivative investments.

GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 17

PORTFOLIO SUMMARY (Unaudited) April 30, 2015

GUGGENHEIM S&P 500^® EQUAL WEIGHT TECHNOLOGY ETF

Holdings Diversification*

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

* The Fund’s Ten Largest Holdings are expressed as a percentage of net assets and the Holdings Diversification is expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time.

Ten Largest Holdings*	(% of Total Net Assets)
Altera Corp.	1.8%
Microsoft Corp.	1.8%
Red Hat, Inc.	1.7%
Juniper Networks, Inc.	1.7%
Salesforce.com, Inc.	1.7%
Harris Corp.	1.7%
Citrix Systems, Inc.	1.7%
Equinix, Inc.	1.7%
International Business Machines Corp.	1.7%
Seagate Technology plc	1.6%
Top Ten Total	17.1%
“Ten Largest Holdings” exclude any temporary cash or derivative investments.

18 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT

PORTFOLIO SUMMARY (Unaudited) April 30, 2015

GUGGENHEIM S&P 500^® EQUAL WEIGHT UTILITIES ETF

Holdings Diversification*

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

* The Fund’s Ten Largest Holdings are expressed as a percentage of net assets and the Holdings Diversification is expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time.

Ten Largest Holdings*	(% of Total Net Assets)
AES Corp.	3.1%
NRG Energy, Inc.	3.0%
PPL Corp.	3.0%
AGL Resources, Inc.	3.0%
AT&T, Inc.	2.9%
NiSource, Inc.	2.9%
Exelon Corp.	2.9%
CenturyLink, Inc.	2.9%
Duke Energy Corp.	2.9%
Dominion Resources, Inc.	2.9%
Top Ten Total	29.5%
“Ten Largest Holdings” exclude any temporary cash or derivative investments.

GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 19

SCHEDULE OF INVESTMENTS (Unaudited)	April 30, 2015
GUGGENHEIM RUSSELL MIDCAP® EQUAL WEIGHT ETF

	Shares		Value
COMMON STOCKS† - 99.6%
CONSUMER, NON-CYCLICAL - 22.8%
Bunge Ltd.		6,627	$	572,374
Pilgrim’s Pride Corp.1		22,089		545,598
Lorillard, Inc.		7,804		545,187
ConAgra Foods, Inc.		14,970		541,166
Tyson Foods, Inc. — Class A		13,632		538,464
Flowers Foods, Inc.		24,005		536,272
Ingredion, Inc.		6,737		534,918
Keurig Green Mountain, Inc.		4,582		533,207
Brown-Forman Corp. — Class B		5,880		530,553
Molson Coors Brewing Co. — Class B		7,206		529,713
Coca-Cola Enterprises, Inc.		11,901		528,523
JM Smucker Co.		4,544		526,740
Constellation Brands, Inc. — Class A		4,531		525,324
Spectrum Brands Holdings, Inc.		5,735		524,351
Pinnacle Foods, Inc.		12,886		522,527
Monster Beverage Corp.*		3,809		522,252
WhiteWave Foods Co. — Class A*		11,871		521,968
Campbell Soup Co.		11,550		516,401
Herbalife Ltd. *,1		12,427		515,969
McCormick & Company, Inc.		6,769		509,706
Clorox Co.		4,745		503,445
Sprouts Farmers Market, Inc.*		15,723		502,900
Mead Johnson Nutrition Co. — Class A		5,238		502,429
Church & Dwight Company, Inc.		6,178		501,468
Hormel Foods Corp.		9,181		498,987
Hain Celestial Group, Inc.*		8,231		495,835
Dr Pepper Snapple Group, Inc.		6,576		490,438
Whole Foods Market, Inc.		9,975		476,406
Hershey Co.		5,150		473,388
Kroger Co.		6,837		471,138
Catamaran Corp.*		4,796		284,642
Mylan N.V.*		3,749		270,903
Omnicare, Inc.		3,060		269,219
Perrigo Company plc		1,412		258,791
Incyte Corp.*		2,595		252,131
Align Technology, Inc.*		4,250		250,070
St. Jude Medical, Inc.		3,554		248,957
VWR Corp.*		9,354		248,255
Hologic, Inc.*		7,263		245,054
Sirona Dental Systems, Inc.*		2,634		244,304
Vertex Pharmaceuticals, Inc.*		1,973		243,231
Hill-Rom Holdings, Inc.		4,854		242,409
Bruker Corp.*		12,711		241,000
Teleflex, Inc.		1,947		239,403
Jazz Pharmaceuticals plc*		1,338		239,100
Alnylam Pharmaceuticals, Inc.*		2,336		237,968
Community Health Systems, Inc.*		4,432		237,911
Boston Scientific Corp.*		13,302		237,042
Premier, Inc. — Class A*		6,229		236,079
AmerisourceBergen Corp. — Class A		2,065		236,029
Alere, Inc.*		4,971		236,022
LifePoint Hospitals, Inc.*		3,133		234,599
DENTSPLY International, Inc.		4,592		234,192
Envision Healthcare Holdings, Inc.*		6,129		232,657
DaVita HealthCare Partners, Inc.*		2,861		232,027
CR Bard, Inc.		1,392		231,879
Henry Schein, Inc.*		1,691		231,836
Illumina, Inc.*		1,258		231,787
Pharmacyclics, Inc.*		903		231,349
Bio-Rad Laboratories, Inc. — Class A*		1,720		231,254
Universal Health Services, Inc. — Class B		1,977		231,210
Intuitive Surgical, Inc.*		465		230,631
Quintiles Transnational Holdings, Inc.*		3,499		230,514
Hospira, Inc.*		2,634		229,922
Cigna Corp.		1,834		228,590
MEDNAX, Inc.*		3,223		228,124
Bio-Techne Corp.		2,356		226,082
HCA Holdings, Inc.*		3,048		225,582
Brookdale Senior Living, Inc. — Class A*		6,226		225,568
Patterson Companies, Inc.		4,793		225,055
VCA, Inc.*		4,407		224,625
BioMarin Pharmaceutical, Inc.*		2,003		224,436
Tenet Healthcare Corp.*		4,676		223,793
Zoetis, Inc.		5,031		223,477
Cooper Companies, Inc.		1,253		223,122
Seattle Genetics, Inc.*		6,494		223,004
QIAGEN N.V.*		9,350		222,624
Endo International plc*		2,642		222,100
Varian Medical Systems, Inc.*		2,498		221,947
United Therapeutics Corp.*		1,381		220,532
Laboratory Corporation of America Holdings*		1,844		220,469
Zimmer Holdings, Inc.		2,006		220,339
Cardinal Health, Inc.		2,602		219,453
Quest Diagnostics, Inc.		3,058		218,402
Humana, Inc.		1,317		218,095
Medivation, Inc.*		1,803		217,694
Myriad Genetics, Inc.*,1		6,525		215,521
ResMed, Inc.		3,294		210,618
Centene Corp.*		3,394		210,394
Edwards Lifesciences Corp.*		1,635		207,073
Intercept Pharmaceuticals, Inc.*		819		207,051
Mallinckrodt plc*		1,825		206,554
Health Net, Inc.*		3,911		205,914
Alkermes plc*		3,686		204,094
Charles River Laboratories International, Inc.*		2,929		202,570
IDEXX Laboratories, Inc.*		1,545		193,697
Sabre Corp.		7,477		186,103
Juno Therapeutics, Inc.*,1		4,342		185,577
Gartner, Inc.*		2,169		179,983
CoStar Group, Inc.*		810		165,587
Verisk Analytics, Inc. — Class A*		2,195		164,713
Avery Dennison Corp.		2,939		163,379
United Rentals, Inc.*		1,683		162,543
Quanta Services, Inc.*		5,427		156,895

20 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	April 30, 2015
GUGGENHEIM RUSSELL MIDCAP® EQUAL WEIGHT ETF

	Shares		Value
Rollins, Inc.		6,297	$	156,166
ManpowerGroup, Inc.		1,814		154,788
Vectrus, Inc.*		6,049		154,612
RR Donnelley & Sons Co.		8,292		154,397
Cintas Corp.		1,889		151,026
Towers Watson & Co. — Class A		1,182		150,002
Booz Allen Hamilton Holding Corp.		5,355		147,263
Robert Half International, Inc.		2,550		141,398
ADT Corp.		3,737		140,511
Aaron’s, Inc.		3,974		135,116
Service Corporation International		4,187		115,896
Avon Products, Inc.		13,929		113,800
KAR Auction Services, Inc.		2,997		111,518
Hertz Global Holdings, Inc.*		5,334		111,161
Live Nation Entertainment, Inc.*		4,414		110,615
ServiceMaster Global Holdings, Inc.*		3,192		110,316
Coty, Inc. — Class A*		4,593		109,819
Aramark		3,486		107,125
Graham Holdings Co. — Class B		104		106,385
Avis Budget Group, Inc.*		1,947		105,411
H&R Block, Inc.		3,441		104,055
DeVry Education Group, Inc.		3,296		99,671
Apollo Education Group, Inc. — Class A*		5,728		96,144
Global Payments, Inc.		955		95,767
FleetCor Technologies, Inc.*		576		92,673
Equifax, Inc.		935		90,630
Moody’s Corp.		841		90,425
SEI Investments Co.		1,970		89,950
Western Union Co.		4,427		89,780
Total System Services, Inc.		2,266		89,643
Vantiv, Inc. — Class A*		2,292		89,617
Morningstar, Inc.		1,143		86,742
McGraw Hill Financial, Inc.		824		85,943
Total Consumer, Non-cyclical				35,869,768
INDUSTRIAL - 14.2%
Energizer Holdings, Inc.		3,827		522,845
Golar LNG Ltd.		8,283		298,147
TimkenSteel Corp.		10,042		293,126
SunPower Corp. — Class A*		9,034		290,804
Ball Corp.		3,729		273,747
Greif, Inc. — Class A		6,707		273,377
Valmont Industries, Inc.1		2,163		272,581
Crown Holdings, Inc.*		5,021		272,439
USG Corp.*		10,113		268,399
Owens-Illinois, Inc.*		11,216		268,175
Masco Corp.		10,062		266,542
Hexcel Corp.		5,278		264,692
Vulcan Materials Co.		3,089		264,171
Sealed Air Corp.		5,774		263,295
Eagle Materials, Inc.		3,142		262,011
Acuity Brands, Inc.		1,568		261,778
Martin Marietta Materials, Inc.		1,830		261,050
Sonoco Products Co.		5,745		256,745
AptarGroup, Inc.		4,130		256,349
MeadWestvaco Corp.		5,248		256,102
Rock-Tenn Co. — Class A		4,056		255,447
Bemis Company, Inc.		5,669		255,105
Ingersoll-Rand plc		3,855		253,813
Armstrong World Industries, Inc.*		4,612		252,461
Lennox International, Inc.		2,370		251,125
Timken Co.		6,336		248,941
Silgan Holdings, Inc.		4,545		244,839
Owens Corning		6,187		239,189
Agilent Technologies, Inc.		5,700		235,809
PerkinElmer, Inc.		4,593		235,437
Packaging Corporation of America		3,363		232,686
Tidewater, Inc.1		7,599		210,416
KBR, Inc.		10,637		185,828
Tech Data Corp.*		3,185		179,538
Arrow Electronics, Inc.*		2,943		175,726
Knowles Corp.*,1		9,137		175,156
Oshkosh Corp.		3,240		174,441
Jabil Circuit, Inc.		7,738		174,260
Avnet, Inc.		4,071		173,547
AVX Corp.		12,489		171,973
SBA Communications Corp. — Class A*		1,484		171,876
Amphenol Corp. — Class A		3,078		170,429
AGCO Corp.		3,281		169,004
Vishay Intertechnology, Inc.		13,266		168,213
Dover Corp.		2,205		166,963
Joy Global, Inc.		3,914		166,893
KLX, Inc.*		3,964		166,131
Teekay Corp.		3,334		165,733
Xylem, Inc.		4,421		163,665
Zebra Technologies Corp. — Class A*		1,774		163,350
Kirby Corp.*		2,078		163,185
Carlisle Companies, Inc.		1,691		163,181
Snap-on, Inc.		1,078		161,215
Fluor Corp.		2,667		160,393
Rockwell Automation, Inc.		1,352		160,347
Colfax Corp.*		3,222		159,779
Nordson Corp.		2,005		159,698
Babcock & Wilcox Co.		4,941		159,693
Trimble Navigation Ltd.*		6,276		159,599
Stanley Black & Decker, Inc.		1,616		159,499
Kennametal, Inc.		4,503		159,451
Lincoln Electric Holdings, Inc.		2,384		159,394
Triumph Group, Inc.		2,690		159,356
Terex Corp.		5,799		159,241
Flowserve Corp.		2,701		158,090
Rockwell Collins, Inc.		1,621		157,772
Exelis, Inc.		6,432		157,713
Waters Corp.*		1,258		157,489
AECOM*		4,978		157,106
J.B. Hunt Transport Services, Inc.		1,795		156,524
Parker-Hannifin Corp.		1,306		155,884

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 21

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	April 30, 2015
GUGGENHEIM RUSSELL MIDCAP® EQUAL WEIGHT ETF

	Shares		Value
Ryder System, Inc.		1,628	$	155,246
AMETEK, Inc.		2,956		154,954
Graco, Inc.		2,163		154,914
Allegion plc		2,533		154,893
Donaldson Company, Inc.		4,141		154,750
ITT Corp.		3,898		154,556
Republic Services, Inc. — Class A		3,803		154,516
Spirit AeroSystems Holdings, Inc. — Class A*		3,034		154,400
IDEX Corp.		2,055		154,146
Middleby Corp.*		1,519		153,935
AO Smith Corp.		2,398		153,232
Textron, Inc.		3,483		153,182
Wabtec Corp.		1,627		153,019
FLIR Systems, Inc.		4,951		152,936
Regal Beloit Corp.		1,953		152,725
Mettler-Toledo International, Inc.*		481		152,482
Kansas City Southern		1,486		152,300
Waste Connections, Inc.		3,209		152,138
Hubbell, Inc. — Class B		1,397		152,036
Chicago Bridge & Iron Company N.V.1		3,187		151,861
Pentair plc		2,438		151,522
Roper Technologies, Inc.		899		151,185
TransDigm Group, Inc.		712		151,037
Clean Harbors, Inc.*		2,725		150,557
Pall Corp.		1,539		149,775
Crane Co.		2,434		148,742
B/E Aerospace, Inc.		2,484		148,518
Stericycle, Inc.*		1,108		147,840
Expeditors International of Washington, Inc.		3,189		146,152
Jacobs Engineering Group, Inc.*		3,409		146,110
Orbital ATK, Inc.		1,994		145,881
Huntington Ingalls Industries, Inc.		1,108		145,802
Manitowoc Company, Inc.		7,372		145,450
Landstar System, Inc.		2,327		144,995
GATX Corp.		2,663		144,867
Genesee & Wyoming, Inc. — Class A*		1,558		144,816
Con-way, Inc.		3,465		142,412
Covanta Holding Corp.		7,002		142,071
Old Dominion Freight Line, Inc.*		1,991		141,620
Tyco International plc		3,590		141,374
L-3 Communications Holdings, Inc.		1,225		140,765
SPX Corp.		1,826		140,602
Keysight Technologies, Inc.*		4,174		139,662
National Instruments Corp.		4,829		138,109
CH Robinson Worldwide, Inc.		2,096		134,961
GoPro, Inc. — Class A*,1		2,545		127,454
Trinity Industries, Inc.		4,457		120,740
Fortune Brands Home & Security, Inc.		2,481		110,653
AMERCO		341		109,816
Gentex Corp.		6,096		105,766
Garmin Ltd.		2,318		104,750
Total Industrial				22,365,203
ENERGY - 12.1%
EP Energy Corp. — Class A*,1		26,865		396,796
Seadrill Ltd.1		28,440		372,279
Oasis Petroleum, Inc.*		20,220		362,747
Unit Corp.*		10,370		361,291
Antero Resources Corp.*		8,098		358,822
Diamond Offshore Drilling, Inc.1		10,700		358,129
WPX Energy, Inc.*		25,963		356,991
Southwestern Energy Co.*		12,699		355,953
Range Resources Corp.		5,597		355,745
RPC, Inc.		22,352		355,621
Laredo Petroleum, Inc.*,1		22,213		350,965
Nabors Industries Ltd.		20,991		350,550
Cameron International Corp.*		6,385		350,026
Continental Resources, Inc.*		6,649		349,937
Whiting Petroleum Corp.*		9,071		343,882
SolarCity Corp.*,1		5,713		343,066
Kosmos Energy Ltd.*		34,977		342,075
Rice Energy, Inc.*		13,842		340,928
Oil States International, Inc.*		7,163		340,887
Frank’s International N.V.		16,302		339,082
CONSOL Energy, Inc.		10,438		339,027
Rowan Companies plc — Class A		15,842		335,692
Patterson-UTI Energy, Inc.		14,983		334,870
Atwood Oceanics, Inc.		10,011		334,167
Cabot Oil & Gas Corp. — Class A		9,873		333,905
FMC Technologies, Inc.*		7,571		333,881
NOW, Inc.*,1		13,956		333,548
Dril-Quip, Inc.*		4,182		333,389
Memorial Resource Development Corp.*		16,368		330,470
Ultra Petroleum Corp.*,1		19,280		328,338
Newfield Exploration Co.*		8,356		327,889
Superior Energy Services, Inc.		12,818		326,859
SM Energy Co.		5,602		324,748
Concho Resources, Inc.*		2,560		324,250
Helmerich & Payne, Inc.		4,140		322,796
Equities Corp.		3,580		321,985
Denbury Resources, Inc.1		36,125		318,261
Targa Resources Corp.		3,027		317,744
Chesapeake Energy Corp.		20,120		317,292
Cimarex Energy Co.		2,519		313,364
Cobalt International Energy, Inc.*		29,254		313,018
Energen Corp.		4,382		311,867
MRC Global, Inc.*		21,320		311,272
Gulfport Energy Corp.*		6,305		308,567
Noble Energy, Inc.		5,968		302,697
Dresser-Rand Group, Inc.*		3,618		299,100
SandRidge Energy, Inc.*,1		157,202		297,112
QEP Resources, Inc.		13,197		296,933
Oceaneering International, Inc.		5,344		294,508
ONEOK, Inc.		6,067		291,823
Murphy Oil Corp.		6,042		287,660
First Solar, Inc.*		4,799		286,356

22 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	April 30, 2015
GUGGENHEIM RUSSELL MIDCAP® EQUAL WEIGHT ETF

	Shares		Value
Cheniere Energy, Inc.*		3,635	$	278,040
HollyFrontier Corp.		7,059		273,748
CVR Energy, Inc.		6,812		272,752
Tesoro Corp.		3,131		268,734
PBF Energy, Inc. — Class A		8,683		246,424
Peabody Energy Corp.1		51,091		241,660
SunEdison, Inc.*		7,448		188,583
Murphy USA, Inc.*		1,603		104,724
Total Energy				19,113,825
CONSUMER, CYCLICAL - 10.1%
GNC Holdings, Inc. — Class A		11,405		490,985
Rite Aid Corp.*		63,439		489,115
World Fuel Services Corp.		5,041		279,776
Fastenal Co.		6,273		267,355
Scotts Miracle-Gro Co. — Class A		3,959		255,395
Dolby Laboratories, Inc. — Class A		4,661		187,652
Ingram Micro, Inc. — Class A*		7,298		183,618
HD Supply Holdings, Inc.*		5,154		170,082
Copa Holdings S.A. — Class A		1,497		166,002
WW Grainger, Inc.		654		162,473
PACCAR, Inc.		2,459		160,696
Navistar International Corp.*		5,315		159,237
WESCO International, Inc.*		2,198		158,564
Alaska Air Group, Inc.		2,372		151,950
Toro Co.		2,245		150,505
MSC Industrial Direct Company, Inc. — Class A		2,116		150,363
Allison Transmission Holdings, Inc.		4,886		149,902
Copart, Inc.*		4,171		148,362
Southwest Airlines Co.		3,550		143,988
Spirit Airlines, Inc.*		2,081		142,486
United Continental Holdings, Inc.*		2,359		140,927
Mattel, Inc.		4,836		136,182
Tesla Motors, Inc.*		578		130,657
DreamWorks Animation SKG, Inc. — Class A*,1		4,997		130,222
Hasbro, Inc.		1,817		128,625
Panera Bread Co. — Class A*		700		127,736
LKQ Corp.*		4,560		123,439
Ascena Retail Group, Inc.*		8,068		120,939
Carter’s, Inc.		1,206		120,432
Dunkin’ Brands Group, Inc.		2,306		120,166
SeaWorld Entertainment, Inc.		5,658		119,950
Tempur Sealy International, Inc.*		1,963		119,566
JC Penney Company, Inc.*		14,385		119,395
Goodyear Tire & Rubber Co.		4,208		119,360
Domino’s Pizza, Inc.		1,094		117,988
WABCO Holdings, Inc.*		942		117,232
Visteon Corp.*		1,152		116,813
Restaurant Brands International, Inc.		2,845		116,019
Vista Outdoor, Inc.*		2,624		114,826
Fossil Group, Inc.*		1,357		113,961
CarMax, Inc.*		1,672		113,880
O’Reilly Automotive, Inc.*		521		113,489
Abercrombie & Fitch Co. — Class A		5,022		112,895
Lear Corp.		1,016		112,806
Macy’s, Inc.		1,740		112,456
Deckers Outdoor Corp.*		1,519		112,406
Staples, Inc.		6,869		112,102
AutoZone, Inc.*		166		111,662
Starwood Hotels & Resorts Worldwide, Inc.		1,298		111,563
Tiffany & Co.		1,275		111,537
Ralph Lauren Corp. — Class A		834		111,264
Madison Square Garden Co. — Class A*		1,384		111,135
Tractor Supply Co.		1,291		111,103
Ulta Salon Cosmetics & Fragrance, Inc.*		734		110,900
Hyatt Hotels Corp. — Class A*		1,902		110,411
TRW Automotive Holdings Corp.*		1,050		110,313
BorgWarner, Inc.		1,861		110,171
NVR, Inc.*		83		110,099
DSW, Inc. — Class A		3,031		109,934
AutoNation, Inc.*		1,786		109,928
Kate Spade & Co.*		3,357		109,774
Marriott International, Inc. — Class A		1,366		109,348
GameStop Corp. — Class A1		2,837		109,338
Signet Jewelers Ltd.		815		109,316
Hilton Worldwide Holdings, Inc.*		3,771		109,208
Jarden Corp.*		2,131		109,065
MGM Resorts International*		5,145		108,816
PVH Corp.		1,052		108,724
Family Dollar Stores, Inc.		1,389		108,536
Under Armour, Inc. — Class A*		1,399		108,492
Penske Automotive Group, Inc.		2,217		108,212
Six Flags Entertainment Corp.		2,298		108,052
Dillard’s, Inc. — Class A		821		108,035
VF Corp.		1,489		107,848
Harman International Industries, Inc.		827		107,824
Newell Rubbermaid, Inc.		2,823		107,641
Cinemark Holdings, Inc.		2,523		107,555
Polaris Industries, Inc.		784		107,377
Genuine Parts Co.		1,192		107,101
Dollar General Corp.		1,472		107,029
Foot Locker, Inc.		1,795		106,713
CST Brands, Inc.		2,552		106,444
L Brands, Inc.		1,191		106,428
Nu Skin Enterprises, Inc. — Class A		1,880		106,314
Thor Industries, Inc.		1,765		106,200
Chico’s FAS, Inc.		6,295		106,134
Mohawk Industries, Inc.*		611		106,009
Choice Hotels International, Inc.		1,770		105,970
Michaels Companies, Inc.*		4,074		105,354
Advance Auto Parts, Inc.		736		105,248
Regal Entertainment Group — Class A		4,782		105,204
Sears Holdings Corp.*,1		2,634		105,202
Kohl’s Corp.		1,467		105,111
Nordstrom, Inc.		1,391		105,104
Bed Bath & Beyond, Inc.*		1,491		105,056

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 23

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	April 30, 2015
GUGGENHEIM RUSSELL MIDCAP® EQUAL WEIGHT ETF

	Shares		Value
Williams-Sonoma, Inc.		1,426	$	104,854
Ross Stores, Inc.		1,060		104,813
DR Horton, Inc.		4,123		104,724
Dick’s Sporting Goods, Inc.		1,928		104,613
Tupperware Brands Corp.		1,564		104,569
Norwegian Cruise Line Holdings Ltd.*		2,150		104,297
Wyndham Worldwide Corp.		1,219		104,103
Wendy’s Co.		10,284		104,074
Leggett & Platt, Inc.		2,448		103,967
Liberty TripAdvisor Holdings, Inc. — Class A*		3,493		103,777
Dollar Tree, Inc.*		1,358		103,765
Chipotle Mexican Grill, Inc. — Class A*		167		103,764
Coach, Inc.		2,704		103,320
Harley-Davidson, Inc.		1,835		103,145
Big Lots, Inc.		2,258		102,897
The Gap, Inc.		2,595		102,866
Darden Restaurants, Inc.		1,612		102,797
Lions Gate Entertainment Corp.		3,313		102,736
Cabela’s, Inc.*		1,939		102,263
Hanesbrands, Inc.		3,289		102,222
Michael Kors Holdings Ltd.*		1,651		102,131
Toll Brothers, Inc.*		2,871		102,035
Lennar Corp. — Class A		2,227		101,997
Taylor Morrison Home Corp. — Class A*		5,502		101,897
Brinker International, Inc.		1,833		101,493
Sally Beauty Holdings, Inc.*		3,211		100,215
Royal Caribbean Cruises Ltd.		1,467		99,844
Best Buy Company, Inc.		2,866		99,307
PulteGroup, Inc.		5,113		98,681
Whirlpool Corp.		561		98,512
Urban Outfitters, Inc.*		2,421		96,937
Wynn Resorts Ltd.		867		96,298
Gaming and Leisure Properties, Inc.		2,333		83,288
Total Consumer, Cyclical				15,962,978
FINANCIAL - 10.0%
Communications Sales & Leasing, Inc. *,1		9,952		299,357
Air Lease Corp. — Class A		4,062		156,915
Outfront Media, Inc.		3,671		105,431
Genworth Financial, Inc. — Class A*		11,758		103,353
CoreLogic, Inc.*		2,524		98,714
SLM Corp.*		9,548		97,294
PartnerRe Ltd.		749		95,871
Santander Consumer USA Holdings, Inc.		3,854		95,155
SVB Financial Group*		704		93,462
BOK Financial Corp.		1,425		92,895
Citizens Financial Group, Inc.		3,559		92,712
CBRE Group, Inc. — Class A*		2,408		92,322
Realogy Holdings Corp.*		1,933		91,644
Home Properties, Inc.		1,243		91,434
StanCorp Financial Group, Inc.		1,266		91,254
Zions Bancorporation		3,211		90,984
Ally Financial, Inc.*		4,155		90,953
Regions Financial Corp.		9,219		90,622
Cullen/Frost Bankers, Inc.		1,240		90,446
Comerica, Inc.		1,905		90,315
Signature Bank*		673		90,243
Affiliated Managers Group, Inc.*		399		90,227
Federated Investors, Inc. — Class B		2,622		90,197
Northern Trust Corp.		1,233		90,194
FNFV Group*		6,023		90,044
E*TRADE Financial Corp.*		3,127		90,027
Fifth Third Bancorp		4,496		89,920
City National Corp.		958		89,286
Old Republic International Corp.		5,831		89,156
Invesco Ltd.		2,151		89,094
NorthStar Realty Finance Corp.		4,745		89,016
American Homes 4 Rent — Class A		5,269		88,994
Everest Re Group Ltd.		497		88,918
American National Insurance Co.		887		88,753
New York Community Bancorp, Inc.		5,161		88,718
Ocwen Financial Corp.*,1		10,429		88,542
Loews Corp.		2,123		88,402
First Niagara Financial Group, Inc.		9,710		88,312
First Republic Bank		1,513		88,193
First Horizon National Corp.		6,184		88,122
Arthur J Gallagher & Co.		1,841		88,055
Unum Group		2,574		87,928
Torchmark Corp.		1,567		87,924
RenaissanceRe Holdings Ltd.		857		87,834
KeyCorp		6,066		87,654
SunTrust Banks, Inc.		2,109		87,524
Allied World Assurance Company Holdings AG		2,127		87,505
Associated Banc-Corp.		4,650		87,467
Jones Lang LaSalle, Inc.		526		87,348
Synchrony Financial*		2,804		87,345
CIT Group, Inc.		1,938		87,268
Commerce Bancshares, Inc.		2,038		87,043
Axis Capital Holdings Ltd.		1,668		86,836
East West Bancorp, Inc.		2,139		86,822
Principal Financial Group, Inc.		1,693		86,546
HCC Insurance Holdings, Inc.		1,519		86,522
XL Group plc — Class A		2,331		86,433
Validus Holdings Ltd.		2,066		86,421
Assured Guaranty Ltd.		3,324		86,391
Post Properties, Inc.		1,508		86,212
TFS Financial Corp.		5,895		86,185
TCF Financial Corp.		5,502		86,161
People’s United Financial, Inc.		5,699		86,112
Assurant, Inc.		1,400		86,044
Aon plc		894		86,030
Interactive Brokers Group, Inc. — Class A		2,534		86,030
T. Rowe Price Group, Inc.		1,058		85,888
Huntington Bancshares, Inc.		7,889		85,675
Lazard Ltd. — Class A		1,615		85,643
Raymond James Financial, Inc.		1,514		85,586

24 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	April 30, 2015
GUGGENHEIM RUSSELL MIDCAP® EQUAL WEIGHT ETF

	Shares		Value
BankUnited, Inc.		2,603	$	85,535
FNF Group		2,376		85,512
Synovus Financial Corp.		3,089		85,442
Bank of Hawaii Corp.		1,413		85,331
Aspen Insurance Holdings Ltd.		1,826		85,329
Host Hotels & Resorts, Inc.		4,232		85,233
Fulton Financial Corp.		7,007		85,205
MFA Financial, Inc.		10,962		85,175
Eaton Vance Corp.		2,071		85,077
Lincoln National Corp.		1,506		85,074
Reinsurance Group of America, Inc. — Class A		928		85,023
Progressive Corp.		3,187		84,966
American Financial Group, Inc.		1,342		84,814
Crown Castle International Corp.		1,014		84,699
Columbia Property Trust, Inc.		3,229		84,696
PacWest Bancorp		1,875		84,563
Waddell & Reed Financial, Inc. — Class A		1,714		84,534
White Mountains Insurance Group Ltd.		125		84,496
Howard Hughes Corp.*		569		84,480
Artisan Partners Asset Management, Inc. — Class A		1,886		84,474
Starwood Property Trust, Inc.		3,516		84,419
MBIA, Inc.*		9,644		84,385
Equity Commonwealth*		3,346		84,353
CNA Financial Corp.		2,093		84,348
Alleghany Corp.*		178		84,287
ProAssurance Corp.		1,874		84,236
NASDAQ OMX Group, Inc.		1,732		84,228
Brown & Brown, Inc.		2,634		84,156
TD Ameritrade Holding Corp.		2,321		84,136
Extra Space Storage, Inc.		1,276		84,127
Arch Capital Group Ltd.*		1,386		84,102
Voya Financial, Inc.		1,986		84,087
Intercontinental Exchange, Inc.		374		83,974
Retail Properties of America, Inc. — Class A		5,545		83,785
Plum Creek Timber Company, Inc.		1,985		83,767
CBOE Holdings, Inc.		1,487		83,673
Liberty Property Trust		2,399		83,581
Mercury General Corp.		1,521		83,564
Mid-America Apartment Communities, Inc.		1,119		83,489
Nationstar Mortgage Holdings, Inc.*		3,323		83,407
Paramount Group, Inc.		4,549		83,338
UDR, Inc.		2,542		83,301
Two Harbors Investment Corp.		7,933		83,297
Douglas Emmett, Inc.		2,921		83,249
Navient Corp.		4,258		83,201
Ameriprise Financial, Inc.		664		83,186
WR Berkley Corp.		1,698		83,185
Hartford Financial Services Group, Inc.		2,038		83,089
Hanover Insurance Group, Inc.		1,211		83,038
Markel Corp.*		112		82,952
M&T Bank Corp.		693		82,931
Forest City Enterprises, Inc. — Class A*		3,486		82,827
Equity LifeStyle Properties, Inc.		1,567		82,769
HCP, Inc.		2,051		82,635
Camden Property Trust		1,100		82,588
Ventas, Inc.		1,198		82,542
American Campus Communities, Inc.		2,054		82,448
Apartment Investment & Management Co. — Class A		2,185		82,440
Endurance Specialty Holdings Ltd.		1,362		82,238
Erie Indemnity Co. — Class A		993		82,171
Cincinnati Financial Corp.		1,620		82,037
Spirit Realty Capital, Inc.		7,262		81,988
Tanger Factory Outlet Centers, Inc.		2,440		81,936
Rayonier, Inc.		3,201		81,914
SL Green Realty Corp.		669		81,859
Weyerhaeuser Co.		2,596		81,800
Popular, Inc.*		2,519		81,691
Essex Property Trust, Inc.		368		81,678
Digital Realty Trust, Inc.		1,287		81,609
American Capital Agency Corp.		3,945		81,405
Piedmont Office Realty Trust, Inc. — Class A		4,657		81,404
Iron Mountain, Inc.		2,360		81,396
Alexandria Real Estate Equities, Inc.		880		81,294
Healthcare Trust of America, Inc. — Class A		3,133		81,113
Legg Mason, Inc.		1,540		81,081
National Retail Properties, Inc.		2,111		81,062
Urban Edge Properties		3,575		80,901
Boston Properties, Inc.		611		80,841
Macerich Co.		987		80,697
Regency Centers Corp.		1,284		80,610
Vornado Realty Trust		778		80,515
Taubman Centers, Inc.		1,115		80,291
Health Care REIT, Inc.		1,114		80,230
Kilroy Realty Corp.		1,130		80,219
AvalonBay Communities, Inc.		488		80,198
Prologis, Inc.		1,993		80,119
Chimera Investment Corp.		5,265		79,975
Annaly Capital Management, Inc.		7,933		79,885
Hospitality Properties Trust		2,655		79,862
WP Carey, Inc.		1,253		79,540
DDR Corp.		4,662		79,487
CBL & Associates Properties, Inc.		4,413		79,478
General Growth Properties, Inc.		2,898		79,405
BioMed Realty Trust, Inc.		3,815		79,161
Federal Realty Investment Trust		592		79,133
Senior Housing Properties Trust		3,854		78,891
Duke Realty Corp.		3,974		78,725
Weingarten Realty Investors		2,402		78,690
Realty Income Corp.		1,675		78,675
Brandywine Realty Trust		5,391		78,601
American Realty Capital Properties, Inc.		8,670		78,290
Kimco Realty Corp.		3,245		78,205
Corporate Office Properties Trust		2,963		78,194
Hudson City Bancorp, Inc.		8,382		77,953

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 25

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	April 30, 2015
GUGGENHEIM RUSSELL MIDCAP® EQUAL WEIGHT ETF

	Shares		Value
Corrections Corporation of America		2,114	$	77,774
WP GLIMCHER, Inc.		5,164		77,460
Brixmor Property Group, Inc.		3,301		77,408
NorthStar Asset Management Group, Inc.		3,674		77,264
LendingClub Corp.*		4,404		76,850
Omega Healthcare Investors, Inc.		2,128		76,800
LPL Financial Holdings, Inc.		1,884		76,245
Total Financial				15,646,949
UTILITIES - 9.5%
National Fuel Gas Co.		6,536		421,245
UGI Corp.		12,053		419,565
AES Corp.		31,312		414,884
MDU Resources Group, Inc.		18,499		412,344
Consolidated Edison, Inc.		6,635		408,385
OGE Energy Corp.		12,461		407,225
AGL Resources, Inc.		8,049		404,623
FirstEnergy Corp.		11,240		403,628
PPL Corp.		11,815		402,064
CenterPoint Energy, Inc.		19,106		400,653
Aqua America, Inc.		14,937		400,610
NRG Energy, Inc.		15,821		399,322
Integrys Energy Group, Inc.		5,451		398,468
American Water Works Company, Inc.		7,298		397,887
NiSource, Inc.		9,116		395,817
Calpine Corp.*		18,113		395,045
Great Plains Energy, Inc.		15,052		394,061
Questar Corp.		16,802		393,839
Public Service Enterprise Group, Inc.		9,474		393,550
Entergy Corp.		5,099		393,541
Wisconsin Energy Corp.		7,983		392,125
DTE Energy Co.		4,911		391,063
Atmos Energy Corp.		7,240		390,960
Ameren Corp.		9,527		390,035
Westar Energy, Inc.		10,321		388,586
CMS Energy Corp.		11,438		388,091
Vectren Corp.		8,988		388,012
Sempra Energy		3,640		386,459
Xcel Energy, Inc.		11,375		385,726
TECO Energy, Inc.		20,331		385,272
Alliant Energy Corp.		6,365		384,892
Edison International		6,269		382,033
Pinnacle West Capital Corp.		6,236		381,643
Eversource Energy		7,817		381,157
ITC Holdings Corp.		10,585		381,060
SCANA Corp.		7,184		380,608
Hawaiian Electric Industries, Inc.		12,139		379,951
Pepco Holdings, Inc.		14,542		377,801
Total Utilities				14,992,230
TECHNOLOGY - 8.6%
Zayo Group Holdings, Inc.*		14,488		384,657
Allscripts Healthcare Solutions, Inc.*		19,709		262,130
Veeva Systems, Inc. — Class A*		9,151		242,960
athenahealth, Inc.*		1,931		236,856
Cerner Corp.*		3,207		230,295
Altera Corp.		5,119		213,359
Fortinet, Inc.*		5,261		198,550
Informatica Corp.*		4,032		193,818
Nuance Communications, Inc.*		12,641		193,786
Workday, Inc. — Class A*		2,107		192,179
Xilinx, Inc.		4,427		191,954
DST Systems, Inc.		1,663		191,379
Analog Devices, Inc.		3,075		190,158
PTC, Inc.*		4,950		189,783
Lam Research Corp.		2,487		187,967
Citrix Systems, Inc.*		2,792		187,511
NVIDIA Corp.		8,441		187,348
Tableau Software, Inc. — Class A*		1,907		186,581
Rackspace Hosting, Inc.*		3,444		185,632
Broadcom Corp. — Class A		4,199		185,617
Western Digital Corp.		1,890		184,728
IMS Health Holdings, Inc.*		6,666		183,915
Akamai Technologies, Inc.*		2,491		183,786
Intuit, Inc.		1,829		183,504
VeriFone Systems, Inc.*		5,127		183,392
Cadence Design Systems, Inc.*		9,832		183,367
Electronic Arts, Inc.*		3,156		183,331
Teradata Corp.*		4,152		182,646
NetSuite, Inc.*		1,905		182,061
Synopsys, Inc.*		3,880		181,894
Amdocs Ltd.		3,290		181,180
NetApp, Inc.		4,978		180,453
Activision Blizzard, Inc.		7,873		179,623
Linear Technology Corp.		3,881		179,031
SanDisk Corp.		2,673		178,931
KLA-Tencor Corp.		3,029		178,105
Diebold, Inc.		5,110		177,675
Leidos Holdings, Inc.		4,257		177,261
Red Hat, Inc.*		2,348		176,710
CA, Inc.		5,560		176,641
ON Semiconductor Corp.*		15,217		175,300
Teradyne, Inc.		9,603		175,255
ANSYS, Inc.*		2,041		175,199
Skyworks Solutions, Inc.		1,898		175,091
Computer Sciences Corp.		2,716		175,046
Microchip Technology, Inc.		3,671		174,942
Rovi Corp.*		9,449		174,901
Freescale Semiconductor Ltd.*		4,465		174,537
IHS, Inc. — Class A*		1,390		174,403
Brocade Communications Systems, Inc.		15,296		172,845
ServiceNow, Inc.*		2,297		171,953
SolarWinds, Inc.*		3,520		171,706
Maxim Integrated Products, Inc.		5,221		171,405
IPG Photonics Corp.*		1,935		171,402
Autodesk, Inc.*		3,014		171,286
Solera Holdings, Inc.		3,491		169,383

26 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	April 30, 2015
GUGGENHEIM RUSSELL MIDCAP® EQUAL WEIGHT ETF

	Shares		Value
Atmel Corp.		21,903	$	166,025
Marvell Technology Group Ltd.		11,830		165,738
Avago Technologies Ltd.		1,416		165,502
NCR Corp.*		5,913		162,253
3D Systems Corp.*,1		6,389		160,300
Cree, Inc.*,1		5,055		160,142
Zynga, Inc. — Class A*		65,064		159,407
Lexmark International, Inc. — Class A		3,547		157,451
Applied Materials, Inc.		7,901		156,361
Paychex, Inc.		3,127		151,315
Advanced Micro Devices, Inc.*,1		66,783		150,930
Genpact Ltd.*		6,717		146,834
Pitney Bowes, Inc.		6,553		146,591
Inovalon Holdings, Inc. — Class A*		5,583		140,971
Xerox Corp.		11,909		136,954
Stratasys Ltd.*,1		3,084		115,496
MSCI, Inc. — Class A		1,435		87,808
Broadridge Financial Solutions, Inc.		1,627		87,728
Dun & Bradstreet Corp.		682		87,071
Fiserv, Inc.*		1,094		84,894
Jack Henry & Associates, Inc.		1,247		82,938
Fidelity National Information Services, Inc.		1,273		79,550
Total Technology				13,577,667
BASIC MATERIALS - 6.4%
Cliffs Natural Resources, Inc.1		54,300		322,542
Celanese Corp. — Class A		4,730		313,884
Newmont Mining Corp.		11,737		310,913
Albemarle Corp.		5,100		304,471
Tahoe Resources, Inc.		21,567		304,310
Carpenter Technology Corp.		6,863		296,825
Axalta Coating Systems Ltd.*		9,545		292,840
Allegheny Technologies, Inc.		8,590		291,974
Rayonier Advanced Materials, Inc.		17,328		289,551
Eastman Chemical Co.		3,779		288,035
Steel Dynamics, Inc.		12,998		287,646
Westlake Chemical Corp.		3,683		287,200
Reliance Steel & Aluminum Co.		4,355		281,856
Huntsman Corp.		12,103		278,974
Platform Specialty Products Corp.*		10,293		277,294
Alcoa, Inc.		20,194		271,003
Cytec Industries, Inc.		4,889		270,313
Nucor Corp.		5,521		269,756
FMC Corp.		4,472		265,234
Sigma-Aldrich Corp.		1,882		261,447
Royal Gold, Inc.		4,045		261,024
RPM International, Inc.		5,482		260,614
Ashland, Inc.		2,058		260,049
WR Grace & Co.*		2,679		259,113
Sherwin-Williams Co.		931		258,818
Cabot Corp.		6,049		258,534
International Paper Co.		4,798		257,749
International Flavors & Fragrances, Inc.		2,229		255,778
CF Industries Holdings, Inc.		884		254,123
Airgas, Inc.		2,504		253,605
Valspar Corp.		3,105		251,816
United States Steel Corp.1		10,471		251,513
NewMarket Corp.		559		249,817
Compass Minerals International, Inc.		2,819		249,002
Mosaic Co.		5,568		244,992
Domtar Corp.		5,560		240,303
Veritiv Corp.*		5,665		225,127
Total Basic Materials				10,058,045
COMMUNICATIONS - 5.8%
Telephone & Data Systems, Inc.		15,464		413,042
Level 3 Communications, Inc.*		7,272		406,796
United States Cellular Corp.*		10,996		406,082
Frontier Communications Corp.		53,592		367,641
ARRIS Group, Inc.*		6,247		210,368
Juniper Networks, Inc.		7,933		209,669
Splunk, Inc.*		2,970		197,045
Harris Corp.		2,415		193,780
F5 Networks, Inc.*		1,577		192,426
Symantec Corp.		7,602		189,480
IAC/InterActiveCorp		2,669		186,349
FireEye, Inc.*		4,502		185,933
Palo Alto Networks, Inc.*		1,248		184,354
CDW Corp.		4,787		183,438
AOL, Inc.*		4,548		181,465
CommScope Holding Company, Inc.*		6,130		180,896
LinkedIn Corp. — Class A*		692		174,474
EchoStar Corp. — Class A*		3,486		174,300
VeriSign, Inc.*		2,726		173,128
JDS Uniphase Corp.*		13,582		171,948
Arista Networks, Inc.*,1		2,571		164,570
Motorola Solutions, Inc.		2,705		161,624
Groupon, Inc. — Class A*		23,348		161,567
Yelp, Inc. — Class A*		3,872		152,518
Netflix, Inc.*		263		146,360
Twitter, Inc.*		3,537		137,802
Starz — Class A*		3,251		127,862
Clear Channel Outdoor Holdings, Inc. — Class A		11,026		125,476
Pandora Media, Inc.*		6,956		124,095
Cablevision Systems Corp. — Class A		6,093		121,738
Discovery Communications, Inc. — Class A*		3,558		115,137
Nielsen N.V.		2,557		114,912
AMC Networks, Inc. — Class A*		1,504		113,461
Charter Communications, Inc. — Class A*		605		113,171
Sirius XM Holdings, Inc.*		28,508		112,607
Liberty Broadband Corp. — Class A*		2,066		112,060
Discovery Communications, Inc. — Class C*		3,706		112,032
Expedia, Inc.		1,186		111,757
Liberty Broadband Corp. — Class C*		2,058		111,667
Liberty Ventures*		2,669		111,244
Liberty Media Corp. — Class C*		2,927		111,080
Liberty Media Corp. — Class A*		2,894		111,072

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 27

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	April 30, 2015
GUGGENHEIM RUSSELL MIDCAP® EQUAL WEIGHT ETF

	Shares		Value
Scripps Networks Interactive, Inc. — Class A		1,586	$	110,798
Liberty Interactive Corp. — Class A*		3,840		110,438
Lamar Advertising Co. — Class A		1,894		109,776
Omnicom Group, Inc.		1,432		108,489
News Corp. — Class A*		6,801		107,319
TripAdvisor, Inc.*		1,316		105,925
DISH Network Corp. — Class A*		1,565		105,888
Interpublic Group of Companies, Inc.		5,057		105,388
zulily, Inc. — Class A*,1		8,445		105,267
Gannett Company, Inc.		3,052		104,745
John Wiley & Sons, Inc. — Class A		1,814		103,180
HomeAway, Inc.*		3,606		100,788
Windstream Holdings, Inc.1		8,294		96,874
Equinix, Inc.		376		96,230
Alliance Data Systems Corp.*		298		88,598
FactSet Research Systems, Inc.		548		86,250
Zillow Group, Inc. — Class A*		847		82,701
Total Communications				9,085,080
DIVERSIFIED - 0.1%
Leucadia National Corp.		3,858		91,705
Total Common Stocks
(Cost $132,689,798)				156,763,450
RIGHTS†† - 0.0%
Casa Ley
Expires 01/17/19		14,113		11,572
PDC
Expires 01/17/17		14,113		689
Total Rights
(Cost $11,734)				12,261
SHORT TERM INVESTMENTS† - 0.4%
Federated U.S. Treasury Cash Reserve Fund 0.00%		616,801		616,801
Total Short Term Investments
(Cost $616,801)				616,801

	Face Amount
SECURITIES LENDING COLLATERAL††,2 - 4.8%
Repurchase Agreements
HSBC Securities, Inc.issued 04/30/15 at 0.09% due 05/01/15	$	5,703,007		5,703,007
BNP Paribas Securities Corp.issued 04/30/15 at 0.10% due 05/01/15		1,057,649		1,057,649
Barclays Capital, Inc.issued 04/30/15 at 0.08% due 05/01/15		870,216		870,216
Total Securities Lending Collateral
(Cost $7,630,872)				7,630,872
Total Investments - 104.8%
(Cost $140,949,205)			$	165,023,384
Other Assets & Liabilities, net - (4.8)%				(7,597,089	)
Total Net Assets - 100.0%			$	157,426,295

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or portion of this security is on loan at April 30, 2015 — See Note 5.
2	Securities lending collateral — See Note 5.
	plc — Public Limited Company
	REIT — Real Estate Investment Trust

28 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)	April 30, 2015
GUGGENHEIM RUSSELL 1000® EQUAL WEIGHT ETF

	Shares		Value
COMMON STOCKS† - 99.5%
CONSUMER, NON-CYCLICAL - 22.5%
Bunge Ltd.		2,895	$	250,041
Mondelez International, Inc. — Class A		6,479		248,598
Philip Morris International, Inc.		2,977		248,490
Reynolds American, Inc.		3,303		242,110
Archer-Daniels-Midland Co.		4,909		239,952
Pilgrim’s Pride Corp.1		9,651		238,380
Lorillard, Inc.		3,409		238,153
ConAgra Foods, Inc.		6,540		236,420
Tyson Foods, Inc. — Class A		5,956		235,262
Kimberly-Clark Corp.		2,138		234,517
Flowers Foods, Inc.		10,488		234,302
Ingredion, Inc.		2,943		233,674
General Mills, Inc.		4,214		233,203
Keurig Green Mountain, Inc.		2,002		232,973
Brown-Forman Corp. — Class B		2,569		231,800
Molson Coors Brewing Co. — Class B		3,148		231,409
Coca-Cola Enterprises, Inc.		5,200		230,933
JM Smucker Co.		1,985		230,101
Spectrum Brands Holdings, Inc.		2,506		229,124
Constellation Brands, Inc. — Class A		1,974		228,866
Kellogg Co.		3,608		228,495
Coca-Cola Co.		5,633		228,475
Pinnacle Foods, Inc.		5,630		228,297
WhiteWave Foods Co. — Class A*		5,187		228,072
Kraft Foods Group, Inc.		2,685		227,554
Altria Group, Inc.		4,546		227,527
Monster Beverage Corp.*		1,659		227,465
PepsiCo, Inc.		2,377		226,100
Campbell Soup Co.		5,046		225,607
Herbalife Ltd.*,1		5,429		225,412
McCormick & Company, Inc.		2,957		222,662
Colgate-Palmolive Co.		3,306		222,428
Sysco Corp.		6,000		222,180
Procter & Gamble Co.		2,767		220,004
Clorox Co.		2,073		219,945
Sprouts Farmers Market, Inc.*		6,869		219,705
Mead Johnson Nutrition Co. — Class A		2,289		219,561
Church & Dwight Company, Inc.		2,699		219,078
Hormel Foods Corp.		4,011		217,998
Hain Celestial Group, Inc.*		3,596		216,623
Dr Pepper Snapple Group, Inc.		2,873		214,268
Whole Foods Market, Inc.		4,358		208,138
Hershey Co.		2,250		206,820
Kroger Co.		2,978		205,214
Catamaran Corp.*		2,326		138,048
Mylan N.V.*		1,818		131,369
Omnicare, Inc.		1,484		130,562
AbbVie, Inc.		1,964		126,992
Perrigo Company plc		685		125,547
Incyte Corp.*		1,258		122,226
Align Technology, Inc.*		2,061		121,270
St. Jude Medical, Inc.		1,723		120,697
VWR Corp.*		4,536		120,385
Hologic, Inc.*		3,522		118,832
Sirona Dental Systems, Inc.*		1,277		118,442
Vertex Pharmaceuticals, Inc.*		957		117,978
Hill-Rom Holdings, Inc.		2,349		117,309
Express Scripts Holding Co.*		1,355		117,072
Bruker Corp.*		6,164		116,869
Merck & Company, Inc.		1,953		116,321
Teleflex, Inc.		944		116,074
Jazz Pharmaceuticals plc*		649		115,976
Community Health Systems, Inc.*		2,149		115,357
Alnylam Pharmaceuticals, Inc.*		1,132		115,317
Boston Scientific Corp.*		6,450		114,939
Regeneron Pharmaceuticals, Inc.*		251		114,822
Premier, Inc. — Class A*		3,021		114,496
AmerisourceBergen Corp. — Class A		1,001		114,415
Alere, Inc.*		2,403		114,094
LifePoint Hospitals, Inc.*		1,520		113,818
Baxter International, Inc.		1,654		113,696
DENTSPLY International, Inc.		2,227		113,577
Stryker Corp.		1,229		113,363
Aetna, Inc.		1,059		113,175
Envision Healthcare Holdings, Inc.*		2,972		112,817
Halyard Health, Inc.*		2,323		112,619
DaVita HealthCare Partners, Inc.*		1,388		112,567
CR Bard, Inc.		675		112,442
Henry Schein, Inc.*		820		112,422
Illumina, Inc.*		610		112,393
Abbott Laboratories		2,419		112,290
Pharmacyclics, Inc.*		438		112,216
Universal Health Services, Inc. — Class B		959		112,155
Bio-Rad Laboratories, Inc. — Class A*		834		112,131
Gilead Sciences, Inc.*		1,113		111,868
Quintiles Transnational Holdings, Inc.*		1,697		111,798
Pfizer, Inc.		3,293		111,731
Intuitive Surgical, Inc.*		225		111,596
Hospira, Inc.*		1,277		111,469
Johnson & Johnson		1,123		111,402
McKesson Corp.		498		111,253
Cigna Corp.		889		110,805
Anthem, Inc.		734		110,783
Amgen, Inc.		701		110,695
MEDNAX, Inc.*		1,563		110,629
Becton Dickinson and Co.		785		110,583
Bristol-Myers Squibb Co.		1,731		110,317
Eli Lilly & Co.		1,532		110,105
Bio-Techne Corp.		1,142		109,586
HCA Holdings, Inc.*		1,478		109,387
Brookdale Senior Living, Inc. — Class A*		3,019		109,378
Patterson Companies, Inc.		2,324		109,123
Medtronic plc		1,464		108,995
VCA, Inc.*		2,137		108,923

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 29

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	April 30, 2015
GUGGENHEIM RUSSELL 1000® EQUAL WEIGHT ETF

	Shares		Value
BioMarin Pharmaceutical, Inc.*		971	$	108,801
Tenet Healthcare Corp.*		2,267		108,499
Zoetis, Inc.		2,440		108,385
Cooper Companies, Inc.		608		108,267
Alexion Pharmaceuticals, Inc.*		639		108,138
Seattle Genetics, Inc.*		3,149		108,137
QIAGEN N.V.*		4,534		107,955
UnitedHealth Group, Inc.		968		107,835
Varian Medical Systems, Inc.*		1,211		107,597
Endo International plc*		1,277		107,351
United Therapeutics Corp.*		670		106,992
Zimmer Holdings, Inc.		973		106,874
Laboratory Corporation of America Holdings*		892		106,647
Cardinal Health, Inc.		1,262		106,437
Quest Diagnostics, Inc.		1,483		105,916
Humana, Inc.		638		105,653
Medivation, Inc.*		874		105,527
Actavis plc*		373		105,507
Myriad Genetics, Inc.*,1		3,159		104,342
Celgene Corp.*		956		103,305
ResMed, Inc.		1,597		102,112
Centene Corp.*		1,645		101,974
Edwards Lifesciences Corp.*		793		100,433
Intercept Pharmaceuticals, Inc.*		397		100,366
Mallinckrodt plc*		885		100,164
Health Net, Inc.*		1,897		99,877
Sabre Corp.		3,987		99,236
Alkermes plc*		1,787		98,946
Charles River Laboratories International, Inc.*		1,420		98,207
Biogen, Inc.*		262		97,970
Gartner, Inc.*		1,157		96,008
IDEXX Laboratories, Inc.*		749		93,902
Juno Therapeutics, Inc.*,1		2,105		89,968
CoStar Group, Inc.*		427		87,292
Verisk Analytics, Inc. — Class A*		1,155		86,671
Avery Dennison Corp.		1,542		85,720
United Rentals, Inc.*		886		85,570
Quanta Services, Inc.*		2,858		82,625
Rollins, Inc.		3,315		82,212
ManpowerGroup, Inc.		955		81,490
Vectrus, Inc.*		3,185		81,409
RR Donnelley & Sons Co.		4,366		81,295
Automatic Data Processing, Inc.		956		80,819
Cintas Corp.		995		79,550
Towers Watson & Co. — Class A		622		78,935
Danaher Corp.		957		78,359
Booz Allen Hamilton Holding Corp.		2,820		77,550
Aaron’s, Inc.		2,198		74,732
Robert Half International, Inc.		1,342		74,414
ADT Corp.		1,968		73,997
Service Corporation International		2,316		64,107
Avon Products, Inc.		7,703		62,934
KAR Auction Services, Inc.		1,657		61,657
Hertz Global Holdings, Inc.*		2,950		61,478
Live Nation Entertainment, Inc.*		2,441		61,171
ServiceMaster Global Holdings, Inc.*		1,760		60,826
Coty, Inc. — Class A*		2,533		60,564
Estee Lauder Companies, Inc. — Class A		739		60,073
Graham Holdings Co. — Class B		58		59,329
Aramark		1,928		59,247
Avis Budget Group, Inc.*		1,077		58,309
H&R Block, Inc.		1,903		57,547
DeVry Education Group, Inc.		1,823		55,128
Apollo Education Group, Inc. — Class A*		3,168		53,175
Global Payments, Inc.		527		52,848
FleetCor Technologies, Inc.*		318		51,163
Equifax, Inc.		516		50,016
Moody’s Corp.		464		49,889
SEI Investments Co.		1,088		49,678
Western Union Co.		2,444		49,564
Total System Services, Inc.		1,251		49,490
Vantiv, Inc. — Class A*		1,265		49,462
MasterCard, Inc. — Class A		539		48,623
Morningstar, Inc.		631		47,887
McGraw Hill Financial, Inc.		455		47,457
Total Consumer, Non-cyclical				23,105,042
INDUSTRIAL - 13.6%
Energizer Holdings, Inc.		1,672		228,429
TimkenSteel Corp.		5,584		162,997
Greif, Inc. — Class A		3,729		151,995
Ball Corp.		2,067		151,738
Valmont Industries, Inc.1		1,203		151,602
Crown Holdings, Inc.*		2,792		151,494
USG Corp.*		5,623		149,235
Owens-Illinois, Inc.*		6,237		149,127
Masco Corp.		5,595		148,212
Vulcan Materials Co.		1,717		146,838
Hexcel Corp.		2,926		146,739
Sealed Air Corp.		3,210		146,376
Eagle Materials, Inc.		1,747		145,682
Acuity Brands, Inc.		869		145,080
Martin Marietta Materials, Inc.		1,015		144,790
Sonoco Products Co.		3,195		142,785
AptarGroup, Inc.		2,296		142,513
MeadWestvaco Corp.		2,918		142,398
Precision Castparts Corp.		688		142,203
Bemis Company, Inc.		3,159		142,155
Rock-Tenn Co. — Class A		2,256		142,083
Ingersoll-Rand plc		2,144		141,161
Armstrong World Industries, Inc.*		2,564		140,353
Golar LNG Ltd.		3,885		139,840
Lennox International, Inc.		1,318		139,655
Timken Co.		3,523		138,419
SunPower Corp. — Class A*		4,237		136,389
Silgan Holdings, Inc.		2,527		136,129
Owens Corning		3,440		132,990

30 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	April 30, 2015
GUGGENHEIM RUSSELL 1000® EQUAL WEIGHT ETF

	Shares		Value
Packaging Corporation of America		1,870	$	129,385
Agilent Technologies, Inc.		2,764		114,347
PerkinElmer, Inc.		2,227		114,155
Tidewater, Inc.1		4,001		110,788
Thermo Fisher Scientific, Inc.		845		106,200
KBR, Inc.		5,600		97,832
Tech Data Corp.*		1,698		95,716
Arrow Electronics, Inc.*		1,570		93,745
Knowles Corp.*,1		4,872		93,396
Jabil Circuit, Inc.		4,127		92,940
Avnet, Inc.		2,176		92,763
Oshkosh Corp.		1,706		91,851
SBA Communications Corp. — Class A*		792		91,729
AVX Corp.		6,660		91,708
Amphenol Corp. — Class A		1,641		90,862
Vishay Intertechnology, Inc.		7,075		89,711
AGCO Corp.		1,728		89,009
General Electric Co.		3,254		88,118
Dover Corp.		1,161		87,911
Corning, Inc.		4,200		87,906
Joy Global, Inc.		2,061		87,881
Caterpillar, Inc.		1,010		87,749
CSX Corp.		2,426		87,554
KLX, Inc.*		2,087		87,467
Teekay Corp.		1,755		87,241
Xylem, Inc.		2,328		86,182
Zebra Technologies Corp. — Class A*		934		86,003
Kirby Corp.*		1,094		85,912
Carlisle Companies, Inc.		890		85,885
Snap-on, Inc.		568		84,944
Rockwell Automation, Inc.		712		84,444
Fluor Corp.		1,404		84,436
Nordson Corp.		1,056		84,110
Colfax Corp.*		1,696		84,105
Babcock & Wilcox Co.		2,602		84,096
Emerson Electric Co.		1,429		84,068
Trimble Navigation Ltd.*		3,305		84,046
Stanley Black & Decker, Inc.		851		83,994
Kennametal, Inc.		2,371		83,957
Triumph Group, Inc.		1,417		83,943
United Parcel Service, Inc. — Class B		835		83,942
Lincoln Electric Holdings, Inc.		1,255		83,909
Terex Corp.		3,053		83,835
Flowserve Corp.		1,422		83,230
Eaton Corporation plc		1,210		83,163
Rockwell Collins, Inc.		854		83,120
Deere & Co.		917		83,007
Waters Corp.*		662		82,876
Exelis, Inc.		3,377		82,804
FedEx Corp.		488		82,750
AECOM*		2,621		82,719
General Dynamics Corp.		600		82,392
Parker-Hannifin Corp.		688		82,120
J.B. Hunt Transport Services, Inc.		940		81,967
Ryder System, Inc.		857		81,724
Graco, Inc.		1,139		81,575
Allegion plc		1,334		81,574
Cummins, Inc.		590		81,573
AMETEK, Inc.		1,556		81,566
Donaldson Company, Inc.		2,180		81,466
ITT Corp.		2,052		81,362
Republic Services, Inc. — Class A		2,002		81,341
IDEX Corp.		1,082		81,161
Middleby Corp.*		800		81,072
Spirit AeroSystems Holdings, Inc. — Class A*		1,593		81,068
AO Smith Corp.		1,263		80,706
Textron, Inc.		1,834		80,659
FLIR Systems, Inc.		2,607		80,530
Wabtec Corp.		856		80,507
Regal Beloit Corp.		1,028		80,390
Kansas City Southern		783		80,250
Mettler-Toledo International, Inc.*		253		80,203
Waste Connections, Inc.		1,690		80,123
Hubbell, Inc. — Class B		736		80,099
Chicago Bridge & Iron Company N.V.		1,678		79,957
Pentair plc		1,284		79,801
Honeywell International, Inc.		790		79,727
TransDigm Group, Inc.		375		79,549
Roper Technologies, Inc.		473		79,544
Clean Harbors, Inc.*		1,435		79,284
Union Pacific Corp.		746		79,248
United Technologies Corp.		695		79,056
Pall Corp.		808		78,635
Norfolk Southern Corp.		777		78,360
Crane Co.		1,282		78,343
Illinois Tool Works, Inc.		836		78,233
B/E Aerospace, Inc.		1,308		78,205
Boeing Co.		545		78,120
Northrop Grumman Corp.		507		78,098
Stericycle, Inc.*		584		77,923
3M Co.		496		77,569
Raytheon Co.		742		77,168
Expeditors International of Washington, Inc.		1,679		76,949
Jacobs Engineering Group, Inc.*		1,795		76,934
Orbital ATK, Inc.		1,050		76,818
Manitowoc Company, Inc.		3,882		76,592
Huntington Ingalls Industries, Inc.		582		76,585
Landstar System, Inc.		1,225		76,330
GATX Corp.		1,402		76,268
Genesee & Wyoming, Inc. — Class A*		820		76,219
Lockheed Martin Corp.		402		75,013
Con-way, Inc.		1,825		75,008
Waste Management, Inc.		1,511		74,840
Covanta Holding Corp.		3,687		74,809
Old Dominion Freight Line, Inc.*		1,048		74,544
Tyco International plc		1,890		74,428

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 31

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	April 30, 2015
GUGGENHEIM RUSSELL 1000® EQUAL WEIGHT ETF

	Shares		Value
L-3 Communications Holdings, Inc.		645	$	74,117
SPX Corp.		961		73,997
Keysight Technologies, Inc.*		2,198		73,545
National Instruments Corp.		2,541		72,673
CH Robinson Worldwide, Inc.		1,103		71,022
GoPro, Inc. — Class A*,1		1,408		70,513
Trinity Industries, Inc.		2,347		63,580
Fortune Brands Home & Security, Inc.		1,372		61,191
AMERCO		188		60,544
Gentex Corp.		3,371		58,487
Garmin Ltd.		1,282		57,934
Total Industrial				13,934,039
ENERGY - 12.1%
EP Energy Corp. — Class A*,1		12,599		186,087
Seventy Seven Energy, Inc.*		35,876		181,891
Seadrill Ltd.1		13,337		174,581
MRC Global, Inc.*		11,855		173,082
Oasis Petroleum, Inc.*		9,482		170,108
Unit Corp.*		4,863		169,428
Antero Resources Corp.*		3,798		168,290
Diamond Offshore Drilling, Inc.1		5,018		167,952
WPX Energy, Inc.*		12,176		167,420
Southwestern Energy Co.*		5,955		166,919
Range Resources Corp.		2,625		166,845
RPC, Inc.		10,481		166,752
California Resources Corp.		17,819		165,717
Laredo Petroleum, Inc.*,1		10,417		164,589
Nabors Industries Ltd.		9,844		164,395
Cameron International Corp.*		2,994		164,131
Continental Resources, Inc.*		3,118		164,100
Whiting Petroleum Corp.*		4,254		161,269
SolarCity Corp.*,1		2,679		160,873
Kosmos Energy Ltd.*		16,403		160,421
Rice Energy, Inc.*		6,491		159,873
Oil States International, Inc.*		3,359		159,855
Frank’s International N.V.		7,645		159,016
CONSOL Energy, Inc.		4,895		158,989
Marathon Oil Corp.		5,086		158,174
Rowan Companies plc — Class A		7,429		157,421
Patterson-UTI Energy, Inc.		7,027		157,053
Atwood Oceanics, Inc.		4,695		156,719
FMC Technologies, Inc.*		3,551		156,599
Cabot Oil & Gas Corp. — Class A		4,630		156,587
NOW, Inc.*,1		6,545		156,426
Dril-Quip, Inc.*		1,961		156,331
Memorial Resource Development Corp.*		7,676		154,978
Ultra Petroleum Corp.*,1		9,041		153,968
Newfield Exploration Co.*		3,919		153,782
Apache Corp.		2,243		153,421
Superior Energy Services, Inc.		6,011		153,281
Schlumberger Ltd.		1,613		152,606
Devon Energy Corp.		2,234		152,381
SM Energy Co.		2,627		152,287
Halliburton Co.		3,107		152,088
Concho Resources, Inc.*		1,200		151,992
Anadarko Petroleum Corp.		1,613		151,783
Helmerich & Payne, Inc.		1,941		151,340
Equities Corp.		1,679		151,009
Hess Corp.		1,947		149,724
Denbury Resources, Inc.		16,941		149,250
National Oilwell Varco, Inc.		2,741		149,138
Targa Resources Corp.		1,420		149,057
Chesapeake Energy Corp.1		9,436		148,806
Cimarex Energy Co.		1,181		146,916
Cobalt International Energy, Inc.*		13,719		146,793
Energen Corp.		2,055		146,254
Baker Hughes, Inc.		2,135		146,162
Occidental Petroleum Corp.		1,820		145,782
EOG Resources, Inc.		1,469		145,358
Gulfport Energy Corp.*		2,957		144,716
ConocoPhillips		2,122		144,126
Noble Energy, Inc.		2,799		141,965
Chevron Corp.		1,275		141,602
Pioneer Natural Resources Co.		818		141,334
Dresser-Rand Group, Inc.*		1,697		140,291
Kinder Morgan, Inc.		3,250		139,587
Williams Companies, Inc.		2,724		139,442
SandRidge Energy, Inc.*,1		73,722		139,335
QEP Resources, Inc.		6,189		139,253
Exxon Mobil Corp.		1,591		139,006
Spectra Energy Corp.		3,729		138,905
Oceaneering International, Inc.		2,506		138,106
ONEOK, Inc.		2,845		136,845
Phillips 66		1,711		135,699
Murphy Oil Corp.		2,834		134,927
First Solar, Inc.*		2,250		134,258
Marathon Petroleum Corp.		1,326		130,704
Cheniere Energy, Inc.*		1,700		130,033
HollyFrontier Corp.		3,310		128,362
CVR Energy, Inc.		3,195		127,928
Tesoro Corp.		1,468		125,998
Valero Energy Corp.		2,111		120,116
PBF Energy, Inc. — Class A		4,072		115,563
Peabody Energy Corp.1		23,960		113,331
SunEdison, Inc.*		3,972		100,571
Murphy USA, Inc.*		887		57,948
Total Energy				12,386,000
FINANCIAL - 10.0%
Communications Sales & Leasing, Inc.*,1		5,073		152,595
Air Lease Corp. — Class A		2,139		82,630
Outfront Media, Inc.		2,030		58,302
Genworth Financial, Inc. — Class A*		6,492		57,064
CoreLogic, Inc.*		1,394		54,519
PartnerRe Ltd.		420		53,759
SLM Corp.*		5,271		53,712
Santander Consumer USA Holdings, Inc.		2,128		52,540

32 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	April 30, 2015
GUGGENHEIM RUSSELL 1000® EQUAL WEIGHT ETF

	Shares		Value
SVB Financial Group*		389	$	51,643
Citizens Financial Group, Inc.		1,965		51,188
BOK Financial Corp.		783		51,044
StanCorp Financial Group, Inc.		707		50,961
CBRE Group, Inc. — Class A*		1,329		50,955
Realogy Holdings Corp.*		1,067		50,586
Home Properties, Inc.		686		50,463
Bank of New York Mellon Corp.		1,190		50,385
Zions Bancorporation		1,773		50,238
Ally Financial, Inc.*		2,294		50,216
JPMorgan Chase & Co.		793		50,166
Regions Financial Corp.		5,090		50,034
Comerica, Inc.		1,051		49,827
Northern Trust Corp.		681		49,815
Federated Investors, Inc. — Class B		1,448		49,812
Affiliated Managers Group, Inc.*		220		49,748
Signature Bank*		371		49,747
FNFV Group*		3,326		49,724
Fifth Third Bancorp		2,482		49,640
Morgan Stanley		1,330		49,622
State Street Corp.		643		49,588
E*TRADE Financial Corp.*		1,721		49,547
Goldman Sachs Group, Inc.		252		49,498
Cullen/Frost Bankers, Inc.		678		49,453
Citigroup, Inc.		926		49,374
American International Group, Inc.		876		49,310
City National Corp.		529		49,303
Old Republic International Corp.		3,219		49,219
Invesco Ltd.		1,187		49,166
NorthStar Realty Finance Corp.		2,620		49,151
American Homes 4 Rent — Class A		2,909		49,133
American National Insurance Co.		490		49,029
New York Community Bancorp, Inc.		2,850		48,992
Bank of America Corp.		3,073		48,953
Ocwen Financial Corp.*,1		5,758		48,885
Loews Corp.		1,173		48,844
Capital One Financial Corp.		604		48,833
First Niagara Financial Group, Inc.		5,361		48,758
First Republic Bank		835		48,672
Everest Re Group Ltd.		272		48,664
First Horizon National Corp.		3,414		48,650
Arthur J Gallagher & Co.		1,016		48,596
Torchmark Corp.		865		48,535
Charles Schwab Corp.		1,591		48,526
RenaissanceRe Holdings Ltd.		473		48,478
Unum Group		1,418		48,439
KeyCorp		3,349		48,393
Wells Fargo & Co.		878		48,378
SunTrust Banks, Inc.		1,165		48,348
Discover Financial Services		834		48,347
Prudential Financial, Inc.		592		48,307
Allied World Assurance Company Holdings AG		1,174		48,298
Associated Banc-Corp.		2,567		48,285
Synchrony Financial*		1,548		48,220
CIT Group, Inc.		1,070		48,182
Jones Lang LaSalle, Inc.		290		48,157
MetLife, Inc.		937		48,059
Commerce Bancshares, Inc.		1,125		48,049
Axis Capital Holdings Ltd.		921		47,947
East West Bancorp, Inc.		1,181		47,937
Marsh & McLennan Companies, Inc.		852		47,848
HCC Insurance Holdings, Inc.		839		47,789
Assured Guaranty Ltd.		1,838		47,769
Visa, Inc. — Class A		723		47,754
XL Group plc — Class A		1,287		47,722
Principal Financial Group, Inc.		933		47,695
BlackRock, Inc. — Class A		131		47,676
Validus Holdings Ltd.		1,138		47,603
TFS Financial Corp.		3,255		47,588
TCF Financial Corp.		3,038		47,575
Post Properties, Inc.		832		47,565
People’s United Financial, Inc.		3,147		47,551
Assurant, Inc.		773		47,509
T. Rowe Price Group, Inc.		584		47,409
Interactive Brokers Group, Inc. — Class A		1,395		47,360
Huntington Bancshares, Inc.		4,356		47,306
Raymond James Financial, Inc.		836		47,259
Lazard Ltd. — Class A		891		47,250
Franklin Resources, Inc.		916		47,229
BankUnited, Inc.		1,437		47,220
PacWest Bancorp		1,047		47,220
FNF Group		1,312		47,219
Synovus Financial Corp.		1,705		47,160
Aon plc		490		47,153
Bank of Hawaii Corp.		780		47,104
Aspen Insurance Holdings Ltd.		1,008		47,104
American Tower Corp. — Class A		498		47,075
Host Hotels & Resorts, Inc.		2,337		47,067
Fulton Financial Corp.		3,869		47,047
Aflac, Inc.		746		47,028
MFA Financial, Inc.		6,052		47,024
Allstate Corp.		675		47,021
U.S. Bancorp		1,096		46,986
PNC Financial Services Group, Inc.		512		46,966
Eaton Vance Corp.		1,143		46,954
BB&T Corp.		1,226		46,944
Lincoln National Corp.		831		46,943
Progressive Corp.		1,760		46,921
Reinsurance Group of America, Inc. — Class A		512		46,909
American Financial Group, Inc.		741		46,831
American Express Co.		604		46,780
Crown Castle International Corp.		560		46,777
Columbia Property Trust, Inc.		1,783		46,768
Berkshire Hathaway, Inc. — Class B*		331		46,741
Waddell & Reed Financial, Inc. — Class A		946		46,657

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 33

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	April 30, 2015
GUGGENHEIM RUSSELL 1000® EQUAL WEIGHT ETF

	Shares		Value
White Mountains Insurance Group Ltd.		69	$	46,642
Artisan Partners Asset Management, Inc. — Class A		1,041		46,626
Howard Hughes Corp.*		314		46,620
Chubb Corp.		474		46,618
Starwood Property Trust, Inc.		1,941		46,603
MBIA, Inc.*		5,325		46,594
Equity Commonwealth*		1,848		46,588
CNA Financial Corp.		1,156		46,587
ProAssurance Corp.		1,035		46,523
Brown & Brown, Inc.		1,456		46,519
NASDAQ OMX Group, Inc.		956		46,490
Extra Space Storage, Inc.		705		46,480
Voya Financial, Inc.		1,097		46,447
TD Ameritrade Holding Corp.		1,281		46,436
Arch Capital Group Ltd.*		765		46,420
Alleghany Corp.*		98		46,405
Intercontinental Exchange, Inc.		206		46,253
Retail Properties of America, Inc. — Class A		3,061		46,252
Plum Creek Timber Company, Inc.		1,096		46,251
CBOE Holdings, Inc.		821		46,198
Liberty Property Trust		1,324		46,128
Mid-America Apartment Communities, Inc.		618		46,109
Nationstar Mortgage Holdings, Inc.*		1,835		46,059
Paramount Group, Inc.		2,511		46,002
Two Harbors Investment Corp.		4,380		45,990
UDR, Inc.		1,403		45,976
Douglas Emmett, Inc.		1,613		45,970
WR Berkley Corp.		938		45,953
Navient Corp.		2,351		45,939
Markel Corp.*		62		45,920
Mercury General Corp.		835		45,875
Hartford Financial Services Group, Inc.		1,125		45,866
Hanover Insurance Group, Inc.		668		45,805
Forest City Enterprises, Inc. — Class A*		1,925		45,738
M&T Bank Corp.		382		45,714
Equity LifeStyle Properties, Inc.		865		45,689
HCP, Inc.		1,132		45,608
Ameriprise Financial, Inc.		364		45,602
Camden Property Trust		607		45,574
Ventas, Inc.		661		45,543
American Campus Communities, Inc.		1,134		45,519
Apartment Investment & Management Co. — Class A		1,206		45,502
CME Group, Inc. — Class A		500		45,455
Endurance Specialty Holdings Ltd.		752		45,406
Erie Indemnity Co. — Class A		548		45,347
Cincinnati Financial Corp.		895		45,323
Public Storage		241		45,286
Spirit Realty Capital, Inc.		4,009		45,262
Tanger Factory Outlet Centers, Inc.		1,347		45,232
Weyerhaeuser Co.		1,433		45,154
SL Green Realty Corp.		369		45,150
Rayonier, Inc.		1,764		45,141
Popular, Inc.*		1,391		45,110
Digital Realty Trust, Inc.		711		45,085
Essex Property Trust, Inc.		203		45,056
ACE Ltd.		421		45,043
American Capital Agency Corp.		2,178		44,943
Piedmont Office Realty Trust, Inc. — Class A		2,571		44,941
Alexandria Real Estate Equities, Inc.		486		44,896
Travelers Companies, Inc.		444		44,893
Iron Mountain, Inc.		1,299		44,803
Healthcare Trust of America, Inc. — Class A		1,730		44,790
National Retail Properties, Inc.		1,166		44,774
Legg Mason, Inc.		850		44,753
Boston Properties, Inc.		338		44,721
Urban Edge Properties		1,974		44,672
Simon Property Group, Inc.		246		44,647
Equity Residential		604		44,611
Macerich Co.		545		44,559
Regency Centers Corp.		709		44,511
Vornado Realty Trust		430		44,501
Taubman Centers, Inc.		616		44,358
Kilroy Realty Corp.		624		44,298
Prologis, Inc.		1,100		44,220
AvalonBay Communities, Inc.		269		44,207
Chimera Investment Corp.		2,907		44,157
Annaly Capital Management, Inc.		4,380		44,107
Hospitality Properties Trust		1,466		44,097
Health Care REIT, Inc.		612		44,076
WP Carey, Inc.		692		43,928
DDR Corp.		2,574		43,887
CBL & Associates Properties, Inc.		2,436		43,872
General Growth Properties, Inc.		1,600		43,840
Federal Realty Investment Trust		327		43,710
BioMed Realty Trust, Inc.		2,106		43,700
Senior Housing Properties Trust		2,133		43,663
Duke Realty Corp.		2,194		43,463
Realty Income Corp.		925		43,447
Weingarten Realty Investors		1,326		43,440
Brandywine Realty Trust		2,977		43,405
American Realty Capital Properties, Inc.		4,787		43,227
Kimco Realty Corp.		1,792		43,187
Corporate Office Properties Trust		1,636		43,174
Hudson City Bancorp, Inc.		4,628		43,040
Corrections Corporation of America		1,167		42,934
WP GLIMCHER, Inc.		2,851		42,765
Brixmor Property Group, Inc.		1,823		42,749
NorthStar Asset Management Group, Inc.		2,029		42,670
LendingClub Corp.*		2,431		42,421
Omega Healthcare Investors, Inc.		1,175		42,406
LPL Financial Holdings, Inc.		1,040		42,089
Total Financial				10,190,749

34 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	April 30, 2015
GUGGENHEIM RUSSELL 1000® EQUAL WEIGHT ETF

	Shares		Value
CONSUMER, CYCLICAL - 9.9%
Walgreens Boots Alliance, Inc.		2,692	$	223,248
CVS Health Corp.		2,228		221,218
GNC Holdings, Inc. — Class A		4,983		214,518
Rite Aid Corp.*		27,717		213,698
Fastenal Co.		3,488		148,658
Scotts Miracle-Gro Co. — Class A		2,201		141,987
World Fuel Services Corp.		2,357		130,814
Dolby Laboratories, Inc. — Class A		2,486		100,087
Ingram Micro, Inc. — Class A*		3,892		97,922
HD Supply Holdings, Inc.*		2,714		89,562
Copa Holdings S.A. — Class A		788		87,380
WW Grainger, Inc.		344		85,460
PACCAR, Inc.		1,295		84,628
Navistar International Corp.*		2,798		83,828
WESCO International, Inc.*		1,157		83,466
Delta Air Lines, Inc.		1,830		81,691
Alaska Air Group, Inc.		1,249		80,011
Toro Co.		1,182		79,241
MSC Industrial Direct Company, Inc. — Class A		1,114		79,161
Allison Transmission Holdings, Inc.		2,573		78,940
Copart, Inc.*		2,196		78,112
American Airlines Group, Inc.		1,574		76,001
Southwest Airlines Co.		1,869		75,807
Mattel, Inc.		2,674		75,300
Spirit Airlines, Inc.*		1,095		74,975
United Continental Holdings, Inc.*		1,242		74,197
Tesla Motors, Inc.*		320		72,336
DreamWorks Animation SKG, Inc. — Class A*,1		2,764		72,030
Hasbro, Inc.		1,005		71,144
Panera Bread Co. — Class A*		387		70,620
LKQ Corp.*		2,522		68,271
Ascena Retail Group, Inc.*		4,462		66,884
Yum! Brands, Inc.		775		66,619
Carter’s, Inc.		667		66,607
SeaWorld Entertainment, Inc.		3,129		66,335
Dunkin’ Brands Group, Inc.		1,271		66,232
Tempur Sealy International, Inc.*		1,086		66,148
JC Penney Company, Inc.*		7,955		66,026
Goodyear Tire & Rubber Co.		2,327		66,005
Domino’s Pizza, Inc.		605		65,249
WABCO Holdings, Inc.*		521		64,838
Visteon Corp.*		637		64,591
Restaurant Brands International, Inc.		1,573		64,147
Vista Outdoor, Inc.*		1,451		63,496
Starbucks Corp.		1,280		63,462
CarMax, Inc.*		925		63,002
Fossil Group, Inc.*		750		62,985
O’Reilly Automotive, Inc.*		288		62,735
Abercrombie & Fitch Co. — Class A		2,778		62,449
Lear Corp.		562		62,399
Johnson Controls, Inc.		1,237		62,320
Macy’s, Inc.		962		62,174
Deckers Outdoor Corp.*		840		62,160
Staples, Inc.		3,799		62,000
AutoZone, Inc.*		92		61,885
Starwood Hotels & Resorts Worldwide, Inc.		718		61,711
Tiffany & Co.		705		61,673
Ralph Lauren Corp. — Class A		461		61,502
Tractor Supply Co.		714		61,447
Madison Square Garden Co. — Class A*		765		61,430
Ulta Salon Cosmetics & Fragrance, Inc.*		406		61,343
Hyatt Hotels Corp. — Class A*		1,052		61,069
NVR, Inc.*		46		61,018
TRW Automotive Holdings Corp.*		580		60,935
BorgWarner, Inc.		1,029		60,917
AutoNation, Inc.*		988		60,811
DSW, Inc. — Class A		1,676		60,789
Kate Spade & Co.*		1,856		60,691
NIKE, Inc. — Class B		613		60,589
Signet Jewelers Ltd.		451		60,493
GameStop Corp. — Class A1		1,569		60,469
Marriott International, Inc. — Class A		755		60,438
Hilton Worldwide Holdings, Inc.*		2,086		60,411
Jarden Corp.*		1,178		60,290
Carnival Corp.		1,370		60,239
MGM Resorts International*		2,845		60,171
McDonald’s Corp.		623		60,151
PVH Corp.		582		60,150
Ford Motor Co.		3,801		60,056
Under Armour, Inc. — Class A*		774		60,024
Family Dollar Stores, Inc.		768		60,012
Penske Automotive Group, Inc.		1,226		59,841
Six Flags Entertainment Corp.		1,271		59,762
Dillard’s, Inc. — Class A		454		59,742
Target Corp.		757		59,674
Newell Rubbermaid, Inc.		1,561		59,521
Harman International Industries, Inc.		456		59,453
Polaris Industries, Inc.		434		59,441
VF Corp.		819		59,320
Cinemark Holdings, Inc.		1,391		59,298
Genuine Parts Co.		659		59,211
Dollar General Corp.		814		59,186
Foot Locker, Inc.		993		59,034
CST Brands, Inc.		1,411		58,853
Nu Skin Enterprises, Inc. — Class A		1,040		58,812
L Brands, Inc.		658		58,799
Thor Industries, Inc.		976		58,726
Chico’s FAS, Inc.		3,481		58,690
Mohawk Industries, Inc.*		338		58,643
Choice Hotels International, Inc.		979		58,613
Las Vegas Sands Corp.		1,104		58,380
Michaels Companies, Inc.*		2,253		58,263
Advance Auto Parts, Inc.		407		58,201
Regal Entertainment Group — Class A		2,645		58,190

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 35

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	April 30, 2015
GUGGENHEIM RUSSELL 1000® EQUAL WEIGHT ETF

	Shares		Value
Bed Bath & Beyond, Inc.*		825	$	58,130
Nordstrom, Inc.		769		58,106
Costco Wholesale Corp.		406		58,078
Sears Holdings Corp.*,1		1,453		58,033
Williams-Sonoma, Inc.		789		58,015
Wal-Mart Stores, Inc.		743		57,991
Home Depot, Inc.		542		57,983
Kohl’s Corp.		809		57,965
Ross Stores, Inc.		586		57,944
DR Horton, Inc.		2,280		57,912
Dick’s Sporting Goods, Inc.		1,066		57,841
Tupperware Brands Corp.		865		57,834
Norwegian Cruise Line Holdings Ltd.*		1,189		57,678
Wyndham Worldwide Corp.		674		57,560
Wendy’s Co.		5,687		57,552
Leggett & Platt, Inc.		1,354		57,504
Lowe’s Companies, Inc.		835		57,498
Liberty TripAdvisor Holdings, Inc. — Class A*		1,932		57,400
Dollar Tree, Inc.*		751		57,384
Chipotle Mexican Grill, Inc. — Class A*		92		57,163
Coach, Inc.		1,496		57,162
General Motors Co.		1,629		57,113
Harley-Davidson, Inc.		1,015		57,053
TJX Companies, Inc.		882		56,924
Big Lots, Inc.		1,249		56,917
The Gap, Inc.		1,435		56,883
Lions Gate Entertainment Corp.		1,832		56,810
Darden Restaurants, Inc.		889		56,692
Cabela’s, Inc.*		1,072		56,537
Michael Kors Holdings Ltd.*		913		56,478
Toll Brothers, Inc.*		1,588		56,438
Lennar Corp. — Class A		1,231		56,380
Hanesbrands, Inc.		1,814		56,379
Taylor Morrison Home Corp. — Class A*		3,043		56,356
Brinker International, Inc.		1,014		56,145
Sally Beauty Holdings, Inc.*		1,776		55,429
Royal Caribbean Cruises Ltd.		811		55,197
Best Buy Company, Inc.		1,585		54,920
PulteGroup, Inc.		2,828		54,580
Whirlpool Corp.		310		54,436
Urban Outfitters, Inc.*		1,335		53,453
Wynn Resorts Ltd.		480		53,314
Gaming and Leisure Properties, Inc.		1,288		45,982
Total Consumer, Cyclical				10,124,690
UTILITIES - 8.9%
National Fuel Gas Co.		3,332		214,746
UGI Corp.		6,144		213,873
AES Corp.		15,960		211,470
MDU Resources Group, Inc.		9,429		210,172
Consolidated Edison, Inc.		3,382		208,162
Exelon Corp.		6,115		208,032
OGE Energy Corp.		6,352		207,583
Duke Energy Corp.		2,675		207,500
AGL Resources, Inc.		4,103		206,258
FirstEnergy Corp.		5,729		205,728
PPL Corp.		6,023		204,963
American Electric Power Company, Inc.		3,594		204,391
CenterPoint Energy, Inc.		9,739		204,227
Aqua America, Inc.		7,614		204,208
NRG Energy, Inc.		8,064		203,535
Integrys Energy Group, Inc.		2,779		203,145
American Water Works Company, Inc.		3,720		202,814
Dominion Resources, Inc.		2,826		202,568
NiSource, Inc.		4,646		201,729
Calpine Corp.*		9,232		201,350
Southern Co.		4,544		201,299
PG&E Corp.		3,797		200,937
Great Plains Energy, Inc.		7,672		200,853
Questar Corp.		8,564		200,740
Public Service Enterprise Group, Inc.		4,829		200,597
Entergy Corp.		2,599		200,591
Wisconsin Energy Corp.		4,069		199,869
DTE Energy Co.		2,503		199,314
Atmos Energy Corp.		3,690		199,260
Ameren Corp.		4,856		198,805
Westar Energy, Inc.		5,261		198,077
CMS Energy Corp.		5,830		197,812
Vectren Corp.		4,581		197,762
Sempra Energy		1,856		197,052
Xcel Energy, Inc.		5,798		196,610
TECO Energy, Inc.		10,363		196,379
Alliant Energy Corp.		3,244		196,165
NextEra Energy, Inc.		1,936		195,400
Edison International		3,196		194,764
Pinnacle West Capital Corp.		3,179		194,555
Eversource Energy		3,984		194,260
ITC Holdings Corp.		5,395		194,220
SCANA Corp.		3,662		194,013
Hawaiian Electric Industries, Inc.		6,187		193,653
Pepco Holdings, Inc.		7,412		192,564
Total Utilities				9,062,005
TECHNOLOGY - 8.5%
Zayo Group Holdings, Inc.*		7,385		196,071
Allscripts Healthcare Solutions, Inc.*		9,557		127,108
Veeva Systems, Inc. — Class A*		4,437		117,802
athenahealth, Inc.*		937		114,932
Altera Corp.		2,730		113,786
Cerner Corp.*		1,555		111,665
Microsoft Corp.		2,290		111,385
Fortinet, Inc.*		2,806		105,898
Salesforce.com, Inc.*		1,430		104,132
Informatica Corp.*		2,150		103,351
Nuance Communications, Inc.*		6,741		103,340
Workday, Inc. — Class A*		1,124		102,520
Xilinx, Inc.		2,361		102,373
Intel Corp.		3,138		102,142

36 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	April 30, 2015
GUGGENHEIM RUSSELL 1000® EQUAL WEIGHT ETF

	Shares		Value
DST Systems, Inc.		887	$	102,075
Analog Devices, Inc.		1,644		101,665
PTC, Inc.*		2,640		101,218
VMware, Inc. — Class A*		1,147		101,051
International Business Machines Corp.		588		100,718
Lam Research Corp.		1,326		100,220
Citrix Systems, Inc.*		1,489		100,001
NVIDIA Corp.		4,502		99,922
Micron Technology, Inc.*		3,540		99,580
Tableau Software, Inc. — Class A*		1,017		99,503
Broadcom Corp. — Class A		2,239		98,975
Rackspace Hosting, Inc.*		1,836		98,960
Western Digital Corp.		1,008		98,522
EMC Corp.		3,657		98,410
Adobe Systems, Inc.*		1,293		98,346
IMS Health Holdings, Inc.*		3,555		98,082
Akamai Technologies, Inc.*		1,329		98,054
VeriFone Systems, Inc.*		2,734		97,796
Cadence Design Systems, Inc.*		5,243		97,782
Intuit, Inc.		974		97,721
CDK Global, Inc.		2,035		97,517
Electronic Arts, Inc.*		1,678		97,475
Teradata Corp.*		2,214		97,394
Hewlett-Packard Co.		2,948		97,196
NetSuite, Inc.*		1,016		97,099
Synopsys, Inc.*		2,069		96,995
Amdocs Ltd.		1,755		96,648
NetApp, Inc.		2,655		96,244
Activision Blizzard, Inc.		4,198		95,777
Oracle Corp.		2,195		95,746
QUALCOMM, Inc.		1,405		95,540
SanDisk Corp.		1,426		95,456
Linear Technology Corp.		2,069		95,443
Apple, Inc.		760		95,114
KLA-Tencor Corp.		1,615		94,962
Diebold, Inc.		2,725		94,748
Leidos Holdings, Inc.		2,270		94,523
CA, Inc.		2,965		94,198
Red Hat, Inc.*		1,249		94,000
ON Semiconductor Corp.*		8,115		93,485
Teradyne, Inc.		5,121		93,458
ANSYS, Inc.*		1,088		93,394
Computer Sciences Corp.		1,448		93,324
Microchip Technology, Inc.		1,958		93,308
Rovi Corp.*		5,039		93,272
Skyworks Solutions, Inc.		1,011		93,265
Freescale Semiconductor Ltd.*		2,374		92,800
Brocade Communications Systems, Inc.		8,157		92,174
IHS, Inc. — Class A*		732		91,844
ServiceNow, Inc.*		1,225		91,704
Texas Instruments, Inc.		1,691		91,669
SolarWinds, Inc.*		1,877		91,560
Maxim Integrated Products, Inc.		2,784		91,399
Autodesk, Inc.*		1,607		91,326
IPG Photonics Corp.*		1,029		91,149
Solera Holdings, Inc.		1,862		90,344
Atmel Corp.		11,680		88,534
Marvell Technology Group Ltd.		6,309		88,389
Avago Technologies Ltd.		755		88,244
Cognizant Technology Solutions Corp. — Class A*		1,505		88,103
NCR Corp.*		3,153		86,518
3D Systems Corp.*,1		3,407		85,482
Cree, Inc.*,1		2,696		85,409
Zynga, Inc. — Class A*		34,697		85,008
Applied Materials, Inc.		4,213		83,375
Lexmark International, Inc. — Class A		1,868		82,921
Advanced Micro Devices, Inc.*		35,614		80,488
Paychex, Inc.		1,647		79,699
Accenture plc — Class A		857		79,401
Genpact Ltd.*		3,536		77,297
Pitney Bowes, Inc.		3,450		77,177
Inovalon Holdings, Inc. — Class A*		2,977		75,169
Xerox Corp.		6,270		72,105
Stratasys Ltd.*,1		1,645		61,605
Broadridge Financial Solutions, Inc.		898		48,420
MSCI, Inc. — Class A		790		48,340
Dun & Bradstreet Corp.		377		48,132
Fiserv, Inc.*		604		46,870
Jack Henry & Associates, Inc.		688		45,759
Fidelity National Information Services, Inc.		703		43,930
Total Technology				8,743,031
COMMUNICATIONS - 7.0%
Sprint Corp.*		41,517		212,982
Telephone & Data Systems, Inc.		7,882		210,527
AT&T, Inc.		6,059		209,884
T-Mobile US, Inc.*		6,127		208,563
Level 3 Communications, Inc.*		3,707		207,370
Verizon Communications, Inc.		4,107		207,157
United States Cellular Corp.*		5,605		206,993
CenturyLink, Inc.		5,754		206,914
Frontier Communications Corp.		27,317		187,395
ARRIS Group, Inc.*		3,325		111,969
Juniper Networks, Inc.		4,230		111,799
Splunk, Inc.*		1,584		105,090
Harris Corp.		1,288		103,349
F5 Networks, Inc.*		841		102,619
Symantec Corp.		4,054		101,046
Cisco Systems, Inc.		3,484		100,444
IAC/InterActiveCorp		1,423		99,353
FireEye, Inc.*		2,401		99,161
Palo Alto Networks, Inc.*		667		98,529
CDW Corp.		2,553		97,831
AOL, Inc.*		2,426		96,797
CommScope Holding Company, Inc.*		3,260		96,203
LinkedIn Corp. — Class A*		369		93,036

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 37

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	April 30, 2015
GUGGENHEIM RUSSELL 1000® EQUAL WEIGHT ETF

	Shares		Value
EchoStar Corp. — Class A*		1,856	$	92,800
VeriSign, Inc.*		1,454		92,344
JDS Uniphase Corp.*		7,243		91,696
Google, Inc. — Class A*		167		91,645
Google, Inc. — Class C*		170		91,348
Yahoo!, Inc.*		2,122		90,323
Facebook, Inc. — Class A*		1,137		89,562
Arista Networks, Inc.*,1		1,371		87,758
Motorola Solutions, Inc.		1,443		86,219
Groupon, Inc. — Class A*		12,451		86,160
Yelp, Inc. — Class A*		2,065		81,340
Netflix, Inc.*		145		80,692
Twitter, Inc.*		1,885		73,440
Starz — Class A*		1,798		70,716
Amazon.com, Inc.*		166		70,015
Clear Channel Outdoor Holdings, Inc. — Class A		6,098		69,395
Pandora Media, Inc.*		3,847		68,630
Cablevision Systems Corp. — Class A		3,370		67,333
Priceline Group, Inc.*		53		65,604
DIRECTV*		708		64,219
Discovery Communications, Inc. — Class A*		1,968		63,684
Nielsen N.V.		1,414		63,545
Time Warner Cable, Inc.		408		63,452
Viacom, Inc. — Class B		905		62,853
Comcast Corp. — Class A		1,088		62,843
Walt Disney Co.		578		62,841
AMC Networks, Inc. — Class A*		832		62,766
Charter Communications, Inc. — Class A*		335		62,665
Sirius XM Holdings, Inc.*		15,766		62,276
CBS Corp. — Class B		998		62,006
Discovery Communications, Inc. — Class C*		2,050		61,972
Liberty Broadband Corp. — Class A*		1,142		61,942
Expedia, Inc.		656		61,815
Liberty Broadband Corp. — Class C*		1,138		61,748
eBay, Inc.*		1,058		61,639
Liberty Ventures*		1,476		61,520
Liberty Media Corp. — Class A*		1,601		61,446
Liberty Media Corp. — Class C*		1,619		61,441
Scripps Networks Interactive, Inc. — Class A		877		61,267
Twenty-First Century Fox, Inc. — Class A		1,793		61,105
Liberty Interactive Corp. — Class A*		2,119		60,942
Lamar Advertising Co. — Class A		1,048		60,742
Time Warner, Inc.		718		60,606
Omnicom Group, Inc.		792		60,003
News Corp. — Class A*		3,761		59,349
TripAdvisor, Inc.*		728		58,597
DISH Network Corp. — Class A*		865		58,526
Interpublic Group of Companies, Inc.		2,797		58,289
zulily, Inc. — Class A*		4,670		58,212
Gannett Company, Inc.		1,688		57,932
John Wiley & Sons, Inc. — Class A		1,003		57,051
HomeAway, Inc.*		1,994		55,732
Equinix, Inc.		207		52,978
Windstream Holdings, Inc.1		4,228		49,379
Alliance Data Systems Corp.*		162		48,164
Thomson Reuters Corp.		1,172		48,122
FactSet Research Systems, Inc.		303		47,689
Zillow Group, Inc. — Class A*		468		45,696
Total Communications				7,129,085
BASIC MATERIALS - 7.0%
Cliffs Natural Resources, Inc.1		30,194		179,352
Celanese Corp. — Class A		2,630		174,527
Newmont Mining Corp.		6,527		172,900
Freeport-McMoRan, Inc.		7,417		172,594
LyondellBasell Industries N.V. — Class A		1,646		170,394
Albemarle Corp.		2,836		169,309
Tahoe Resources, Inc.		11,993		169,221
Carpenter Technology Corp.		3,816		165,042
Axalta Coating Systems Ltd.*		5,308		162,849
Allegheny Technologies, Inc.		4,776		162,336
Rayonier Advanced Materials, Inc.		9,636		161,018
Southern Copper Corp.		4,918		160,228
Eastman Chemical Co.		2,101		160,138
Steel Dynamics, Inc.		7,228		159,956
Westlake Chemical Corp.		2,048		159,703
Dow Chemical Co.		3,086		157,386
Reliance Steel & Aluminum Co.		2,422		156,752
Huntsman Corp.		6,730		155,127
Platform Specialty Products Corp.*		5,723		154,178
Alcoa, Inc.		11,229		150,693
Cytec Industries, Inc.		2,719		150,334
Nucor Corp.		3,070		150,000
FMC Corp.		2,487		147,504
EI du Pont de Nemours & Co.		2,007		146,912
Monsanto Co.		1,288		146,781
Praxair, Inc.		1,200		146,315
Sigma-Aldrich Corp.		1,046		145,310
Royal Gold, Inc.		2,249		145,128
RPM International, Inc.		3,048		144,902
PPG Industries, Inc.		654		144,900
Ashland, Inc.		1,144		144,556
WR Grace & Co.*		1,490		144,113
Sherwin-Williams Co.		518		144,004
Cabot Corp.		3,363		143,735
International Paper Co.		2,668		143,325
International Flavors & Fragrances, Inc.		1,239		142,175
Ecolab, Inc.		1,266		141,767
CF Industries Holdings, Inc.		492		141,435
Airgas, Inc.		1,392		140,982
Valspar Corp.		1,726		139,979
United States Steel Corp.1		5,822		139,844
NewMarket Corp.		310		138,539
Compass Minerals International, Inc.		1,567		138,413
Air Products & Chemicals, Inc.		957		137,263
Mosaic Co.		3,095		136,180

38 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	April 30, 2015
GUGGENHEIM RUSSELL 1000® EQUAL WEIGHT ETF

	Shares		Value
Domtar Corp.		3,092	$	133,636
Veritiv Corp.*		3,150		125,181
Total Basic Materials				7,116,916
DIVERSIFIED - 0.0%
Leucadia National Corp.		2,130		50,630
Total Common Stocks
(Cost $91,640,142)				101,842,187
SHORT TERM INVESTMENTS† - 0.4%
Federated U.S. Treasury Cash Reserve Fund 0.00%		420,534		420,534
Total Short Term Investments
(Cost $420,534)				420,534

	Face Amount
SECURITIES LENDING COLLATERAL††,2 - 3.4%
Repurchase Agreements
HSBC Securities, Inc.issued 04/30/15 at 0.09% due 05/01/15	$	2,579,411		2,579,411
BNP Paribas Securities Corp.issued 04/30/15 at 0.10% due 05/01/15		478,363		478,363
Barclays Capital, Inc.issued 04/30/15 at 0.08% due 05/01/15		393,590		393,590
Total Securities Lending Collateral
(Cost $3,451,364)				3,451,364
Total Investments - 103.3%
(Cost $95,512,040)			$	105,714,085
Other Assets & Liabilities, net - (3.3)%				(3,419,946	)
Total Net Assets - 100.0%			$	102,294,139

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or portion of this security is on loan at April 30, 2015 — See Note 5.
2	Securities lending collateral — See Note 5.
	plc — Public Limited Company
	REIT — Real Estate Investment Trust

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 39

SCHEDULE OF INVESTMENTS (Unaudited)	April 30, 2015
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF

	Shares		Value
COMMON STOCKS† - 99.7%
CONSUMER, NON-CYCLICAL - 23.7%
John B Sanfilippo & Son, Inc.		3,285	$	170,853
Cal-Maine Foods, Inc.1		3,472		155,233
USANA Health Sciences, Inc.*		1,253		142,516
Coca-Cola Bottling Company Consolidated		1,261		142,493
Andersons, Inc.		3,330		142,158
Diplomat Pharmacy, Inc.*		3,889		139,304
Limoneira Co.		6,055		138,902
B&G Foods, Inc.		4,566		138,806
Universal Corp.		2,937		138,127
Dean Foods Co.		8,488		137,930
SpartanNash Co.		4,557		137,484
Village Super Market, Inc. — Class A		4,278		136,596
Medifast, Inc.*		4,546		136,380
Boulder Brands, Inc.*		14,286		136,288
Vector Group Ltd.		6,152		136,267
J&J Snack Foods Corp.		1,291		134,690
Calavo Growers, Inc.		2,644		133,919
Post Holdings, Inc.*		2,845		133,544
Natural Grocers by Vitamin Cottage, Inc.*		5,041		132,679
Seneca Foods Corp. — Class A*		4,592		132,341
TreeHouse Foods, Inc.*		1,627		132,210
Smart & Final Stores, Inc.*		7,580		131,285
Lancaster Colony Corp.		1,454		130,366
Sanderson Farms, Inc.1		1,726		129,657
Fresh Del Monte Produce, Inc.		3,506		129,477
Snyder’s-Lance, Inc.		4,345		128,308
WD-40 Co.		1,576		127,593
Boston Beer Company, Inc. — Class A*		506		125,387
National Beverage Corp.*		5,607		125,316
Omega Protein Corp.*		9,761		124,746
United Natural Foods, Inc.*		1,830		123,452
Tootsie Roll Industries, Inc.1		3,976		123,176
Weis Markets, Inc.		2,727		120,941
Civeo Corp.		25,720		120,112
Ingles Markets, Inc. — Class A		2,831		118,506
Fresh Market, Inc.*		3,368		118,352
Diamond Foods, Inc.*		4,218		118,273
Chefs’ Warehouse, Inc.*		6,309		114,887
Seaboard Corp.*		31		111,600
SUPERVALU, Inc.*		12,007		105,542
Pendrell Corp.*		87,822		95,726
Senomyx, Inc.*,1		11,411		66,070
Wausau Paper Corp.		5,651		52,667
Cellular Dynamics International, Inc.*		2,358		38,953
TrueBlue, Inc.*		1,004		28,895
Neff Corp. — Class A*		2,349		27,719
FTI Consulting, Inc.*		674		27,708
Hackett Group, Inc.		2,854		27,398
Ennis, Inc.		1,780		27,377
Dyax Corp.*		1,139		27,232
Auspex Pharmaceuticals, Inc.*		267		26,937
RPX Corp.*		1,729		26,903
Navigant Consulting, Inc.*		1,854		26,809
PRGX Global, Inc.*		6,230		26,414
Barrett Business Services, Inc.		593		26,371
Corporate Executive Board Co.		314		26,323
Agenus, Inc.*		3,936		26,016
ServiceSource International, Inc.*		7,178		25,625
SP Plus Corp.*		1,123		25,559
Veracyte, Inc.*,1		2,758		25,235
Kforce, Inc.		1,102		25,059
TriNet Group, Inc.*		713		24,969
McGrath RentCorp		749		24,799
Electro Rent Corp.		2,286		24,780
Adeptus Health, Inc. — Class A*		390		24,753
ABM Industries, Inc.		772		24,743
Ascent Capital Group, Inc. — Class A*		617		24,705
Heidrick & Struggles International, Inc.		1,023		24,613
Team, Inc.*		629		24,581
TransEnterix, Inc.*,1		6,535		24,571
ACCO Brands Corp.*		3,118		24,539
CDI Corp.		1,799		24,538
Advisory Board Co.*		472		24,492
Information Services Group, Inc.		6,199		24,362
CBIZ, Inc.*		2,693		24,345
Deluxe Corp.		375		24,281
CytRx Corp.*,1		5,502		24,153
Korn/Ferry International		764		24,089
Rigel Pharmaceuticals, Inc.*		5,616		23,924
Darling Ingredients, Inc.*		1,751		23,919
Kelly Services, Inc. — Class A		1,443		23,694
Sucampo Pharmaceuticals, Inc. — Class A*		1,334		23,691
Patriot National, Inc.*		1,753		23,613
Forrester Research, Inc.		677		23,553
Great Lakes Dredge & Dock Corp.*		4,056		23,525
Eleven Biotherapeutics, Inc.*		1,986		23,514
Huron Consulting Group, Inc.*		387		23,460
Paylocity Holding Corp.*		832		23,421
Quad/Graphics, Inc.		1,076		23,177
CRA International, Inc.*		793		23,156
Monster Worldwide, Inc.*		3,913		23,048
ICF International, Inc.*		598		23,023
Weight Watchers International, Inc.*		2,685		22,957
Brink’s Co.		862		22,817
Insperity, Inc.		472		22,732
Multi-Color Corp.		362		22,726
AAC Holdings, Inc.*		655		22,702
Resources Connection, Inc.		1,430		22,537
Healthcare Services Group, Inc.		743		22,491
STAAR Surgical Co.*,1		2,541		22,487
Helen of Troy Ltd.*		255		22,341
Entellus Medical, Inc.*		810		22,292
Vitae Pharmaceuticals, Inc.*		1,666		22,208
Franklin Covey Co.*		1,183		22,051

40 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	April 30, 2015
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF

	Shares		Value
Rent-A-Center, Inc.		744	$	22,022
Addus HomeCare Corp.*		819		21,981
Bluebird Bio, Inc.*		165		21,975
Atara Biotherapeutics, Inc.*		528		21,886
On Assignment, Inc.*		649		21,839
DexCom, Inc.*		322		21,757
Momenta Pharmaceuticals, Inc.*		1,245		21,724
Performant Financial Corp.*		7,284		21,633
Sage Therapeutics, Inc.*		405		21,465
Sequenom, Inc.*,1		4,823		21,414
Cara Therapeutics, Inc.*		1,983		21,317
Organovo Holdings, Inc.*,1		4,689		21,288
LifeLock, Inc.*		1,457		21,287
Inogen, Inc.*		576		21,162
BioCryst Pharmaceuticals, Inc.*		2,273		21,116
Grand Canyon Education, Inc.*		464		21,011
K12, Inc.*		1,296		20,956
NanoString Technologies, Inc.*		1,751		20,907
Cimpress N.V.*		249		20,901
Supernus Pharmaceuticals, Inc.*		1,628		20,837
Surgical Care Affiliates, Inc.*		550		20,735
ACADIA Pharmaceuticals, Inc.*		605		20,672
Clovis Oncology, Inc.*		257		20,652
Halozyme Therapeutics, Inc.*		1,385		20,595
Sotheby’s		482		20,586
TherapeuticsMD, Inc.*		3,166		20,516
Almost Family, Inc.*		474		20,515
SFX Entertainment, Inc.*		4,694		20,513
Cambrex Corp.*		530		20,400
Ligand Pharmaceuticals, Inc. — Class B*		262		20,342
Collectors Universe, Inc.		883		20,335
Pain Therapeutics, Inc.*		9,906		20,208
NxStage Medical, Inc.*		1,096		20,090
ARC Document Solutions, Inc.*		2,352		20,086
BioScrip, Inc.*		4,266		20,050
RTI Surgical, Inc.*		3,575		20,020
Bellicum Pharmaceuticals, Inc.*		832		19,951
Viad Corp.		750		19,928
Revlon, Inc. — Class A*		509		19,907
Cynosure, Inc. — Class A*		595		19,885
Esperion Therapeutics, Inc.*		209		19,882
Northwest Biotherapeutics, Inc.*,1		2,529		19,878
Masimo Corp.*		588		19,851
Enanta Pharmaceuticals, Inc.*		579		19,825
Emergent Biosolutions, Inc.*		666		19,774
Receptos, Inc.*		134		19,744
HMS Holdings Corp.*		1,159		19,715
CSS Industries, Inc.		695		19,696
Bright Horizons Family Solutions, Inc.*		391		19,659
Orthofix International N.V.*		608		19,644
Accelerate Diagnostics, Inc.*		859		19,584
Depomed, Inc.*		842		19,584
Zogenix, Inc.*,1		14,066		19,552
ARIAD Pharmaceuticals, Inc.*,1		2,255		19,551
Tandem Diabetes Care, Inc.*		1,460		19,491
Hyperion Therapeutics, Inc.*		424		19,487
Cerus Corp.*,1		4,378		19,438
Tumi Holdings, Inc.*		831		19,437
Mirati Therapeutics, Inc.*		698		19,397
Vascular Solutions, Inc.*		605		19,396
Lexicon Pharmaceuticals, Inc.*,1		19,357		19,357
Cepheid*		345		19,355
Carriage Services, Inc. — Class A		818		19,337
Incorporated Research Holdings, Inc. — Class A*		576		19,319
Matthews International Corp. — Class A		398		19,315
AtriCure, Inc.*		877		19,303
Amedisys, Inc.*		694		19,300
NutriSystem, Inc.		1,012		19,279
IPC Healthcare, Inc.*		393		19,226
Merit Medical Systems, Inc.*		988		19,178
Liberty Tax, Inc.		692		19,168
Corcept Therapeutics, Inc.*		3,321		19,162
CorVel Corp.*		536		19,157
PharMerica Corp.*		668		19,145
Ultragenyx Pharmaceutical, Inc.*		339		19,130
Albany Molecular Research, Inc.*		1,057		19,089
ImmunoGen, Inc.*		2,308		19,087
ANI Pharmaceuticals, Inc.*		313		19,087
LHC Group, Inc.*		595		19,076
Inter Parfums, Inc.		631		19,044
Zeltiq Aesthetics, Inc.*		620		19,034
Repligen Corp.*		645		19,034
Adamas Pharmaceuticals, Inc.*		1,102		19,032
Cenveo, Inc.*		9,610		19,028
Exelixis, Inc.*,1		7,401		19,021
AcelRx Pharmaceuticals, Inc.*,1		4,763		19,004
HealthEquity, Inc.*		725		19,002
Insmed, Inc.*		947		18,978
Symmetry Surgical, Inc.*		2,452		18,954
POZEN, Inc.*		2,421		18,932
Invacare Corp.		943		18,926
BioSpecifics Technologies Corp.*		493		18,887
Arrowhead Research Corp.*,1		2,734		18,864
CONMED Corp.		375		18,836
CryoLife, Inc.		1,846		18,829
Revance Therapeutics, Inc.*		957		18,829
RadNet, Inc.*		2,246		18,821
Capital Senior Living Corp.*		718		18,790
NuVasive, Inc.*		420		18,787
Oxford Immunotec Global plc*		1,415		18,777
Novavax, Inc.*		2,429		18,776
US Physical Therapy, Inc.		398		18,770
HealthSouth Corp.		415		18,766
Kindred Biosciences, Inc.*		2,751		18,762
Bridgepoint Education, Inc.*		2,138		18,750

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 41

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	April 30, 2015
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF

	Shares		Value
Monro Muffler Brake, Inc.		313	$	18,746
Natus Medical, Inc.*		497		18,742
Cempra, Inc.*		595		18,737
BioTime, Inc.*,1		3,648		18,714
American Public Education, Inc.*		668		18,631
Affymetrix, Inc.*		1,535		18,620
Inovio Pharmaceuticals, Inc.*,1		2,278		18,588
Amsurg Corp. — Class A*		296		18,565
National Research Corp. — Class A		1,287		18,559
Impax Laboratories, Inc.*		410		18,557
Five Star Quality Care, Inc.*		4,366		18,556
ExamWorks Group, Inc.*		452		18,509
Arena Pharmaceuticals, Inc.*		4,245		18,508
Anacor Pharmaceuticals, Inc.*		351		18,494
Owens & Minor, Inc.		547		18,445
Vanda Pharmaceuticals, Inc.*		2,014		18,428
Tornier N.V.*		712		18,419
Tetraphase Pharmaceuticals, Inc.*		522		18,416
Thoratec Corp.*		459		18,410
Agios Pharmaceuticals, Inc.*		199		18,376
Central Garden & Pet Co. — Class A*		1,875		18,375
Abaxis, Inc.		287		18,368
Alimera Sciences, Inc.*,1		4,208		18,347
Select Medical Holdings Corp.		1,260		18,333
Globus Medical, Inc. — Class A*		766		18,300
Intrexon Corp.*		470		18,250
Alliance HealthCare Services, Inc.*		858		18,250
Intersect ENT, Inc.*		727		18,244
Team Health Holdings, Inc.*		306		18,228
PRA Health Sciences, Inc.*		640		18,227
CTI BioPharma Corp.*		10,237		18,222
Wright Medical Group, Inc.*		718		18,216
Hanger, Inc.*		815		18,207
TESARO, Inc.*		334		18,193
T2 Biosystems, Inc.*		1,176		18,193
Merrimack Pharmaceuticals, Inc.*		1,637		18,171
Luminex Corp.*		1,169		18,143
Elizabeth Arden, Inc.*,1		1,287		18,108
Kindred Healthcare, Inc.		789		18,107
Universal Technical Institute, Inc.		2,142		18,100
SurModics, Inc.*		717		18,083
K2M Group Holdings, Inc.*		860		18,069
Exact Sciences Corp.*,1		864		18,058
NeoStem, Inc.*,1		6,269		18,055
Galena Biopharma, Inc.*		13,352		18,025
Synta Pharmaceuticals Corp.*		8,011		18,025
Synageva BioPharma Corp.*		196		18,024
Theravance, Inc.		1,109		18,021
Integra LifeSciences Holdings Corp.*		306		17,987
PTC Therapeutics, Inc.*		306		17,978
Greatbatch, Inc.*		333		17,955
Retrophin, Inc.*		833		17,943
Sagent Pharmaceuticals, Inc.*		769		17,925
Genesis Healthcare, Inc.*		2,594		17,925
OraSure Technologies, Inc.*		2,845		17,923
STERIS Corp.		269		17,889
Geron Corp.*		4,940		17,883
Sientra, Inc.*		1,023		17,882
Acadia Healthcare Company, Inc.*		261		17,879
Immunomedics, Inc.*		4,966		17,878
National Healthcare Corp.		282		17,851
AMN Healthcare Services, Inc.*		782		17,837
Analogic Corp.		211		17,830
Amphastar Pharmaceuticals, Inc.*		1,231		17,800
OPKO Health, Inc.*		1,292		17,778
Universal American Corp.*		1,776		17,742
Cross Country Healthcare, Inc.*		1,596		17,716
Sunesis Pharmaceuticals, Inc.*		7,552		17,672
Ophthotech Corp.*		390		17,659
Air Methods Corp.*		386		17,640
ChemoCentryx, Inc.*		2,636		17,635
Actinium Pharmaceuticals, Inc.*,1		6,979		17,587
Bio-Reference Laboratories, Inc.*		531		17,587
Prestige Brands Holdings, Inc.*		447		17,545
Pacific Biosciences of California, Inc.*		3,400		17,544
Atrion Corp.		54		17,542
Endologix, Inc.*		1,127		17,536
AngioDynamics, Inc.*		1,050		17,525
Antares Pharma, Inc.*		7,142		17,498
Spectrum Pharmaceuticals, Inc.*		3,096		17,492
Xencor, Inc.*		1,230		17,491
Unilife Corp.*		5,221		17,490
Cyberonics, Inc.*		287		17,481
Applied Genetic Technologies Corp.*		912		17,456
Strayer Education, Inc.*		344		17,448
Catalent, Inc.*		606		17,435
Foundation Medicine, Inc.*		383		17,430
West Pharmaceutical Services, Inc.		327		17,423
Portola Pharmaceuticals, Inc.*		488		17,417
Chemed Corp.		151		17,403
Insys Therapeutics, Inc.*		331		17,401
Theravance Biopharma, Inc.*		1,087		17,392
PDL BioPharma, Inc.		2,607		17,389
Peregrine Pharmaceuticals, Inc.*		13,256		17,365
Triple-S Management Corp. — Class B*		927		17,353
SciClone Pharmaceuticals, Inc.*		2,117		17,296
OncoMed Pharmaceuticals, Inc.*		721		17,290
LDR Holding Corp.*		510		17,264
Vital Therapies, Inc.*		710		17,260
PAREXEL International Corp.*		271		17,229
Haemonetics Corp.*		425		17,225
Sarepta Therapeutics, Inc.*		1,411		17,214
Cantel Medical Corp.		384		17,199
Enzo Biochem, Inc.*		6,141		17,195
Isis Pharmaceuticals, Inc.*		303		17,186
ZS Pharma, Inc.*		451		17,170

42 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	April 30, 2015
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF

	Shares		Value
Oncothyreon, Inc.*		11,446	$	17,169
Karyopharm Therapeutics, Inc.*		632		17,165
MacroGenics, Inc.*		599		17,137
Landauer, Inc.		529		17,066
Meridian Bioscience, Inc.		963		17,064
Celldex Therapeutics, Inc.*		711		17,064
Nevro Corp.*		379		17,063
Alder Biopharmaceuticals, Inc.*		669		17,060
Dermira, Inc.*		1,156		17,051
Rockwell Medical, Inc.*,1		1,754		17,031
Magellan Health, Inc.*		269		17,028
AMAG Pharmaceuticals, Inc.*		334		17,024
Phibro Animal Health Corp. — Class A		536		17,023
Ensign Group, Inc.		404		17,012
Endocyte, Inc.*		2,931		17,000
Molina Healthcare, Inc.*		287		16,999
Insulet Corp.*		569		16,985
Stemline Therapeutics, Inc.*		1,222		16,974
Career Education Corp.*		4,040		16,968
ICU Medical, Inc.*		201		16,958
Second Sight Medical Products, Inc.*,1		1,458		16,942
Omeros Corp.*		840		16,901
Chimerix, Inc.*		497		16,898
Neurocrine Biosciences, Inc.*		495		16,875
NewLink Genetics Corp.*		378		16,859
Bio-Path Holdings, Inc.*,1		10,838		16,853
Care.com, Inc.*		2,624		16,846
Genomic Health, Inc.*		622		16,838
ABIOMED, Inc.*		266		16,817
Medicines Co.*		656		16,800
Aegerion Pharmaceuticals, Inc.*		722		16,794
Neogen Corp.*		377		16,792
Epizyme, Inc.*		1,029		16,783
Acorda Therapeutics, Inc.*		558		16,779
Civitas Solutions, Inc.*		894		16,763
Five Prime Therapeutics, Inc.*		834		16,730
Capella Education Co.		309		16,695
Orexigen Therapeutics, Inc.*		2,541		16,694
KYTHERA Biopharmaceuticals, Inc.*		382		16,690
Akorn, Inc.*		400		16,656
Derma Sciences, Inc.*		2,105		16,630
Threshold Pharmaceuticals, Inc.*		4,695		16,620
MiMedx Group, Inc.*,1		1,766		16,600
Dynavax Technologies Corp.*,1		822		16,535
VIVUS, Inc.*,1		7,401		16,504
Utah Medical Products, Inc.		306		16,496
Kite Pharma, Inc.*		326		16,424
Prothena Corporation plc*		504		16,335
Ironwood Pharmaceuticals, Inc. — Class A*		1,194		16,310
Genocea Biosciences, Inc.*		1,590		16,282
Cytokinetics, Inc.*		2,588		16,279
Puma Biotechnology, Inc.*		90		16,252
Accuray, Inc.*		1,997		16,236
Repros Therapeutics, Inc.*		2,109		16,218
Lannett Company, Inc.*		281		16,158
Infinity Pharmaceuticals, Inc.*		1,274		16,142
Raptor Pharmaceutical Corp.*		1,595		16,141
Immune Design Corp.*		719		16,127
Achillion Pharmaceuticals, Inc.*		1,843		16,126
Exactech, Inc.*		737		16,103
Spark Therapeutics, Inc.*		281		16,093
Nektar Therapeutics*		1,690		16,089
BioTelemetry, Inc.*		2,002		16,036
TG Therapeutics, Inc.*		1,148		16,026
Osiris Therapeutics, Inc.*		1,056		16,020
Progenics Pharmaceuticals, Inc.*		3,229		15,984
Anika Therapeutics, Inc.*		468		15,968
WellCare Health Plans, Inc.*		206		15,951
Quidel Corp.*		682		15,891
Versartis, Inc.*		927		15,833
Relypsa, Inc.*		547		15,825
HeartWare International, Inc.*		209		15,823
Radius Health, Inc.*		439		15,734
ITT Educational Services, Inc.*,1		2,976		15,713
Array BioPharma, Inc.*		2,514		15,713
Synergy Pharmaceuticals, Inc.*,1		4,479		15,677
Xoom Corp.*		885		15,638
Loxo Oncology, Inc.*		1,373		15,597
Galectin Therapeutics, Inc.*,1		5,191		15,521
XenoPort, Inc.*		2,617		15,519
MannKind Corp.*,1		3,607		15,474
Neuralstem, Inc.*,1		9,123		15,418
Healthways, Inc.*		885		15,399
XOMA Corp.*		5,132		15,396
Dicerna Pharmaceuticals, Inc.*		767		15,394
Keryx Biopharmaceuticals, Inc.*,1		1,441		15,361
Sangamo BioSciences, Inc.*		1,238		15,314
Cardiovascular Systems, Inc.*		489		15,306
Avalanche Biotechnologies, Inc.*		480		15,293
Providence Service Corp.*		358		15,222
Navidea Biopharmaceuticals, Inc.*		11,168		15,077
Intra-Cellular Therapies, Inc.*		736		15,051
Verastem, Inc.*		1,804		14,973
Coherus Biosciences, Inc.*		685		14,912
Idera Pharmaceuticals, Inc.*		5,279		14,834
ZIOPHARM Oncology, Inc.*,1		1,658		14,607
Tokai Pharmaceuticals, Inc.*		1,455		14,550
FibroGen, Inc.*		624		14,508
Aratana Therapeutics, Inc.*		1,120		14,459
Otonomy, Inc.*		547		14,353
Heron Therapeutics, Inc.*		1,317		14,224
WEX, Inc.*		126		14,201
Acceleron Pharma, Inc.*		509		14,074
Regulus Therapeutics, Inc.*		1,111		13,943
Zafgen, Inc.*		446		13,880
Heartland Payment Systems, Inc.		272		13,845

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 43

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	April 30, 2015
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF

	Shares		Value
Ardelyx, Inc.*		1,314	$	13,797
Akebia Therapeutics, Inc.*		1,792		13,745
Spectranetics Corp.*		534		13,697
Pacira Pharmaceuticals, Inc.*		200		13,696
Cytori Therapeutics, Inc.*,1		15,617		13,665
GenMark Diagnostics, Inc.*		1,419		13,622
James River Group Holdings Ltd.		576		13,617
TriVascular Technologies, Inc.*		1,814		13,242
NanoViricides, Inc.*		7,646		13,151
Flexion Therapeutics, Inc.*		810		12,976
Euronet Worldwide, Inc.*		220		12,866
Global Cash Access Holdings, Inc.*		1,734		12,832
Green Dot Corp. — Class A*		795		12,800
LendingTree, Inc.*		232		12,767
Cardtronics, Inc.*		329		12,413
Egalet Corp.*		1,343		12,302
EVERTEC, Inc.		592		12,272
Tejon Ranch Co.*		479		11,831
MoneyGram International, Inc.*		1,509		11,695
Calithera Biosciences, Inc.*		1,159		11,602
Invitae Corp.*		1,056		11,563
Pernix Therapeutics Holdings, Inc.*		1,790		11,420
IGI Laboratories, Inc.*,1		2,213		11,242
BioDelivery Sciences International, Inc.*		1,359		10,954
Achaogen, Inc.*		1,907		10,660
Ocular Therapeutix, Inc.*		448		9,834
OvaScience, Inc.*		382		9,453
Ohr Pharmaceutical, Inc.*		2,111		5,932
Aerie Pharmaceuticals, Inc.*		612		5,900
Ampio Pharmaceuticals, Inc.*,1		2,421		5,835
Total Consumer, Non-cyclical				13,017,807
INDUSTRIAL - 13.5%
Builders FirstSource, Inc.*		8,457		107,912
Hornbeck Offshore Services, Inc.*		3,373		77,073
PowerSecure International, Inc.*		5,416		71,004
Nordic American Offshore Ltd.1		7,346		69,273
Era Group, Inc.*		3,117		69,135
Capstone Turbine Corp.*,1		104,092		65,391
Apogee Enterprises, Inc.		1,214		63,882
RBC Bearings, Inc.		838		61,165
Trinseo S.A.*		2,681		61,046
LSI Industries, Inc.		6,717		60,184
Ply Gem Holdings, Inc.*		4,257		57,810
Stock Building Supply Holdings, Inc.*		3,128		57,461
US Concrete, Inc.*		1,565		56,809
Gibraltar Industries, Inc.*		3,403		56,354
Continental Building Products, Inc.*		2,560		56,346
LSB Industries, Inc.*		1,308		55,471
PGT, Inc.*		4,854		54,947
RTI International Metals, Inc.*		1,457		54,856
NN, Inc.		2,162		54,396
Universal Forest Products, Inc.		979		54,158
Tredegar Corp.		2,642		54,082
Northwest Pipe Co.*		2,222		53,861
Comfort Systems USA, Inc.		2,577		53,318
AAON, Inc.		2,223		53,285
Masonite International Corp.*		797		52,761
Rexnord Corp.*		1,989		52,689
Haynes International, Inc.		1,173		52,163
Insteel Industries, Inc.		2,568		52,028
Polypore International, Inc.*		886		51,884
Mueller Industries, Inc.		1,478		51,789
Global Brass & Copper Holdings, Inc.		3,392		51,694
Griffon Corp.		3,066		51,539
Headwaters, Inc.*		2,922		51,369
Dynamic Materials Corp.		3,827		51,244
Quanex Building Products Corp.		2,652		51,184
Advanced Drainage Systems, Inc.		1,824		51,072
Berry Plastics Group, Inc.*		1,492		51,056
Graphic Packaging Holding Co.		3,610		50,901
Nortek, Inc.*		601		50,857
AEP Industries, Inc.*		1,014		50,801
Mueller Water Products, Inc. — Class A		5,371		50,273
Patrick Industries, Inc.*		837		50,270
Belden, Inc.		594		49,866
Boise Cascade Co.*		1,419		49,239
UFP Technologies, Inc.*		2,416		49,021
LB Foster Co. — Class A		1,146		48,969
Trex Company, Inc.*		1,038		48,703
Louisiana-Pacific Corp.*		3,182		48,494
Myers Industries, Inc.		2,992		48,381
Ampco-Pittsburgh Corp.		2,962		47,362
Simpson Manufacturing Company, Inc.		1,436		47,072
NCI Building Systems, Inc.*		3,027		46,858
KapStone Paper and Packaging Corp.		1,637		45,754
Chase Corp.		1,241		44,440
Handy & Harman Ltd.*		1,237		43,827
Olympic Steel, Inc.		3,885		42,541
Layne Christensen Co.*,1		5,491		36,901
Encore Wire Corp.		680		30,607
TASER International, Inc.*		996		30,070
GrafTech International Ltd.*		6,183		29,925
Chart Industries, Inc.*		713		28,911
Ducommun, Inc.*		951		28,911
Ardmore Shipping Corp.		2,347		28,234
Mesa Laboratories, Inc.		330		28,013
DHT Holdings, Inc.		3,456		27,648
GasLog Ltd.		1,240		27,640
Xerium Technologies, Inc.*		1,549		27,541
Tetra Tech, Inc.		1,013		27,462
John Bean Technologies Corp.		708		27,322
Multi-Fineline Electronix, Inc.*		1,159		27,098
CECO Environmental Corp.		2,279		26,869
Atlas Air Worldwide Holdings, Inc.*		550		26,807
Hill International, Inc.*		6,953		26,769
AM Castle & Co.*,1		6,819		26,730

44 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	April 30, 2015
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF

	Shares		Value
PAM Transportation Services, Inc.*		456	$	26,716
Teekay Tankers Ltd. — Class A		4,240		26,712
Energy Recovery, Inc.*		8,990		26,700
Navios Maritime Acquisition Corp.		6,932		26,411
XPO Logistics, Inc.*		544		26,384
Casella Waste Systems, Inc. — Class A*		4,813		26,375
Ship Finance International Ltd.		1,673		26,366
American Railcar Industries, Inc.		496		26,308
Frontline Ltd.*,1		10,271		26,294
Echo Global Logistics, Inc.*		906		26,183
Patriot Transportation Holding, Inc.*		1,013		26,145
Lindsay Corp.		330		26,133
EnerSys		384		26,074
Dorian LPG Ltd.*		1,963		26,029
Scorpio Bulkers, Inc.*,1		10,717		25,828
Badger Meter, Inc.		414		25,759
Hub Group, Inc. — Class A*		645		25,736
Exponent, Inc.		288		25,520
Nordic American Tankers Ltd.		2,085		25,500
Blount International, Inc.*		1,921		25,472
Granite Construction, Inc.		733		25,442
Power Solutions International, Inc.*		398		25,392
Hurco Companies, Inc.		783		25,337
Curtiss-Wright Corp.		346		25,279
Manitex International, Inc.*		2,547		25,241
Vicor Corp.*		1,649		25,147
Greenbrier Companies, Inc.1		435		25,096
Air Transport Services Group, Inc.*		2,690		25,071
Standex International Corp.		310		25,070
Aegion Corp. — Class A*		1,360		25,051
Safe Bulkers, Inc.1		6,973		24,963
Hyster-Yale Materials Handling, Inc.		340		24,936
Proto Labs, Inc.*		356		24,920
Alamo Group, Inc.		403		24,897
AZZ, Inc.		535		24,819
Kaman Corp.		595		24,817
Kadant, Inc.		486		24,767
Heritage-Crystal Clean, Inc.*		2,112		24,752
Barnes Group, Inc.		616		24,702
Teledyne Technologies, Inc.*		235		24,668
Watts Water Technologies, Inc. — Class A		452		24,657
CLARCOR, Inc.		379		24,635
Altra Industrial Motion Corp.		934		24,630
Textainer Group Holdings Ltd.		812		24,604
Scorpio Tankers, Inc.		2,634		24,602
Golden Ocean Group Ltd.1		4,929		24,546
Actuant Corp. — Class A		1,030		24,535
Federal Signal Corp.		1,558		24,492
Esterline Technologies Corp.*		220		24,484
CIRCOR International, Inc.		448		24,479
Briggs & Stratton Corp.		1,252		24,477
Itron, Inc.*		678		24,313
Albany International Corp. — Class A		619		24,265
EnPro Industries, Inc.		379		24,260
Twin Disc, Inc.		1,347		24,233
Columbus McKinnon Corp.		954		24,193
Astec Industries, Inc.		574		24,154
DXP Enterprises, Inc.*		536		24,147
Mistras Group, Inc.*		1,344		24,138
ESCO Technologies, Inc.		657		24,112
Control4 Corp.*		2,052		24,049
Baltic Trading Ltd.		16,925		24,034
Tennant Co.		373		23,980
Matson, Inc.		592		23,976
Sterling Construction Company, Inc.*		5,455		23,947
Kratos Defense & Security Solutions, Inc.*		4,360		23,849
Dycom Industries, Inc.*		518		23,818
Powell Industries, Inc.		717		23,797
Graham Corp.		1,015		23,751
CAI International, Inc.*		997		23,749
EMCOR Group, Inc.		532		23,743
Applied Industrial Technologies, Inc.		568		23,725
Raven Industries, Inc.		1,189		23,709
Marten Transport Ltd.		1,064		23,685
Aerovironment, Inc.*		924		23,654
US Ecology, Inc.		503		23,596
CUI Global, Inc.*		4,274		23,550
Sun Hydraulics Corp.		605		23,541
General Cable Corp.		1,443		23,535
Advanced Energy Industries, Inc.*		962		23,531
Littelfuse, Inc.		240		23,518
Astronics Corp.*		349		23,491
TriMas Corp.*		833		23,466
Brady Corp. — Class A		881		23,461
General Finance Corp.*		3,019		23,427
Furmanite Corp.*		3,208		23,418
Celadon Group, Inc.		905		23,385
Quality Distribution, Inc.*		2,356		23,372
Roadrunner Transportation Systems, Inc.*		955		23,369
Franklin Electric Company, Inc.		646		23,359
Harsco Corp.		1,447		23,268
LMI Aerospace, Inc.*		2,054		23,190
Smith & Wesson Holding Corp.*		1,559		23,175
ArcBest Corp.		649		23,169
USA Truck, Inc.*		942		23,136
TAL International Group, Inc.		599		23,085
Moog, Inc. — Class A*		330		23,060
Orion Marine Group, Inc.*		2,736		23,037
Argan, Inc.		712		23,005
MSA Safety, Inc.		500		22,870
Cubic Corp.		459		22,757
Global Power Equipment Group, Inc.		1,871		22,733
MYR Group, Inc.*		773		22,664
Applied Optoelectronics, Inc.*		1,585		22,634
Bel Fuse, Inc. — Class B		1,102		22,625
Forward Air Corp.		449		22,616

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 45

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	April 30, 2015
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF

	Shares		Value
Swift Transportation Co. — Class A*		934	$	22,603
Vishay Precision Group, Inc.*		1,582		22,575
AAR Corp.		746		22,559
Plexus Corp.*		524		22,558
Saia, Inc.*		553		22,535
Tutor Perini Corp.*		1,061		22,493
Woodward, Inc.		478		22,490
Revolution Lighting Technologies, Inc.*,1		19,203		22,468
KEMET Corp.*		5,191		22,425
Sturm Ruger & Company, Inc.		409		22,417
OSI Systems, Inc.*		333		22,381
HEICO Corp.		400		22,336
MasTec, Inc.*		1,245		22,335
GP Strategies Corp.*		684		22,292
Sparton Corp.*		865		22,291
Knight Transportation, Inc.		769		22,224
Gorman-Rupp Co.		818		22,176
Stoneridge, Inc.*		1,838		22,130
Navios Maritime Holdings, Inc.		5,829		22,092
VSE Corp.		308		21,911
TTM Technologies, Inc.*		2,341		21,888
FreightCar America, Inc.		835		21,785
Heartland Express, Inc.		1,037		21,694
Viasystems Group, Inc.*		1,214		21,585
Park-Ohio Holdings Corp.		464		21,497
CTS Corp.		1,198		21,492
GSI Group, Inc.*		1,618		21,487
Werner Enterprises, Inc.		792		21,281
Park Electrochemical Corp.		978		21,242
NVE Corp.		313		21,240
International Shipholding Corp.		1,934		21,235
FEI Co.		281		21,204
Aerojet Rocketdyne Holdings, Inc.*		1,076		21,154
YRC Worldwide, Inc.*		1,346		20,998
II-VI, Inc.*		1,180		20,992
National Presto Industries, Inc.		334		20,902
Generac Holdings, Inc.*		500		20,845
Rofin-Sinar Technologies, Inc.*		880		20,821
Newport Corp.*		1,090		20,786
Benchmark Electronics, Inc.*		882		20,753
Fabrinet*		1,144		20,718
Universal Truckload Services, Inc.		975		20,709
Lydall, Inc.*		768		20,613
Checkpoint Systems, Inc.		1,973		20,440
Universal Display Corp.*		462		20,360
Methode Electronics, Inc.		474		20,126
Imprivata, Inc.*		1,342		20,036
Kimball Electronics, Inc.*		1,566		20,029
Coherent, Inc.*		331		19,860
Hillenbrand, Inc.		673		19,779
Cognex Corp.*		440		19,752
Electro Scientific Industries, Inc.		3,358		19,141
Rogers Corp.*		262		19,050
Drew Industries, Inc.		336		19,041
Sanmina Corp.*		884		17,972
UTI Worldwide, Inc.*		1,934		17,464
Fluidigm Corp.*		458		17,157
FARO Technologies, Inc.*		426		16,968
SIFCO Industries, Inc.		1,164		16,959
Intevac, Inc.*		3,322		16,078
American Science & Engineering, Inc.		408		15,267
Total Industrial				7,435,946
ENERGY - 11.6%
Clean Energy Fuels Corp.*,1		11,939		117,839
Pattern Energy Group, Inc.		3,650		105,777
Comstock Resources, Inc.1		18,104		97,218
CARBO Ceramics, Inc.1		2,178		96,332
Basic Energy Services, Inc.*		9,396		95,744
McDermott International, Inc.*		17,860		93,765
Pioneer Energy Services Corp.*		12,524		93,304
Solazyme, Inc.*,1		23,707		91,272
Bill Barrett Corp.*		7,811		90,608
C&J Energy Services Ltd.*		5,166		90,147
FMSA Holdings, Inc.*,1		10,250		90,097
Gastar Exploration, Inc.*		24,315		88,263
Rosetta Resources, Inc.*		3,862		88,169
Key Energy Services, Inc.*		36,011		87,867
Natural Gas Services Group, Inc.*		3,420		86,697
Matador Resources Co.*		3,111		86,237
Geospace Technologies Corp.*		3,967		85,687
TETRA Technologies, Inc.*		11,196		80,835
Vivint Solar, Inc.*		5,712		80,653
PetroQuest Energy, Inc.*		30,007		80,419
Matrix Service Co.*		3,648		80,147
Jones Energy, Inc. — Class A*,1		7,746		79,474
Rex Energy Corp.*,1		15,824		79,120
W&T Offshore, Inc.1		12,268		78,883
Approach Resources, Inc.*,1		8,979		78,746
SunCoke Energy, Inc.		4,486		78,639
Abraxas Petroleum Corp.*		20,497		77,889
Forum Energy Technologies, Inc.*		3,344		77,781
Panhandle Oil and Gas, Inc. — Class A		3,411		77,771
Green Plains, Inc.		2,472		76,978
Evolution Petroleum Corp.		11,140		76,643
Bonanza Creek Energy, Inc.*		2,778		76,562
Helix Energy Solutions Group, Inc.*		4,581		75,495
Pacific Ethanol, Inc.*,1		6,308		75,444
Exterran Holdings, Inc.		2,035		75,437
Callon Petroleum Co.*		8,402		75,114
Clayton Williams Energy, Inc.*		1,344		74,820
Stone Energy Corp.*		4,368		74,562
Tesco Corp.		5,757		74,035
Carrizo Oil & Gas, Inc.*		1,327		73,954
RSP Permian, Inc.*		2,544		73,827
TerraForm Power, Inc. — Class A		1,866		73,763
Goodrich Petroleum Corp.*		19,033		73,658

46 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	April 30, 2015
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF

	Shares		Value
Triangle Petroleum Corp.*,1		12,337	$	73,652
Contango Oil & Gas Co.*		2,927		73,380
Northern Oil and Gas, Inc.*		8,286		73,248
Sanchez Energy Corp.*,1		4,986		73,244
Eclipse Resources Corp.*,1		11,506		72,833
TransAtlantic Petroleum Ltd.*		12,500		72,500
SemGroup Corp. — Class A		860		72,404
Westmoreland Coal Co.*		2,534		72,016
Parker Drilling Co.*		19,198		71,993
Diamondback Energy, Inc.*		866		71,506
Alon USA Energy, Inc.		4,428		71,246
Newpark Resources, Inc.*		6,941		71,215
Parsley Energy, Inc. — Class A*		4,102		71,129
EXCO Resources, Inc.1		33,988		70,015
SEACOR Holdings, Inc.*		963		69,972
Cloud Peak Energy, Inc.*		10,729		69,631
Energy XXI Ltd.1		15,901		69,487
PDC Energy, Inc.*		1,223		69,393
ION Geophysical Corp.*		30,421		69,360
Enphase Energy, Inc.*		5,446		68,456
REX American Resources Corp.*		1,070		67,645
Trecora Resources*		5,576		66,912
Synergy Resources Corp.*		5,576		66,800
FuelCell Energy, Inc.*,1		53,725		66,082
Isramco, Inc.*		532		65,729
Arch Coal, Inc.*,1		66,957		65,230
Renewable Energy Group, Inc.*		7,059		65,013
Flotek Industries, Inc.*		4,454		63,648
Delek US Holdings, Inc.		1,722		63,576
Hallador Energy Co.		5,465		62,793
Penn Virginia Corp.*		9,151		61,129
Western Refining, Inc.		1,362		59,996
Gulf Island Fabrication, Inc.		4,393		57,944
Halcon Resources Corp.*		37,427		55,766
Alpha Natural Resources, Inc.*,1		67,634		54,784
Magnum Hunter Resources Corp.*,1		24,137		52,860
VAALCO Energy, Inc.*		20,687		51,097
Willbros Group, Inc.*		19,479		48,698
Adams Resources & Energy, Inc.		1,043		48,604
FutureFuel Corp.		4,388		47,698
Bristow Group, Inc.		456		28,331
Gulfmark Offshore, Inc. — Class A		1,858		27,889
Primoris Services Corp.		1,366		26,268
Thermon Group Holdings, Inc.*		1,048		24,387
PHI, Inc.*		774		24,249
Plug Power, Inc.*,1		9,369		23,797
Vertex Energy, Inc.*,1		6,855		14,807
Total Energy				6,374,084
CONSUMER, CYCLICAL - 10.9%
Freshpet, Inc.*,1		7,123		154,427
Roundy’s, Inc.*		27,549		138,847
PetMed Express, Inc.1		8,363		132,386
Casey’s General Stores, Inc.		1,546		127,050
Core-Mark Holding Company, Inc.		2,094		110,375
Dixie Group, Inc.*		5,806		57,073
Interface, Inc. — Class A		2,521		54,782
Unifi, Inc.*		1,470		51,876
Beacon Roofing Supply, Inc.*		1,731		51,445
Watsco, Inc.		427		51,364
Installed Building Products, Inc.*		2,437		50,715
Culp, Inc.		1,953		50,485
Shake Shack, Inc. — Class A*,1		428		29,425
Titan International, Inc.		2,731		28,374
Titan Machinery, Inc.*		1,861		27,264
JetBlue Airways Corp.*		1,324		27,183
Oxford Industries, Inc.		340		27,014
Hawaiian Holdings, Inc.*		1,166		26,911
Skechers U.S.A., Inc. — Class A*		290		26,077
Wesco Aircraft Holdings, Inc.*		1,602		25,120
Empire Resorts, Inc.*,1		4,629		25,088
United Stationers, Inc.		617		25,056
Knoll, Inc.		1,100		25,048
H&E Equipment Services, Inc.		1,006		24,868
Wabash National Corp.*		1,772		24,843
Movado Group, Inc.		843		24,683
Sequential Brands Group, Inc.*		1,983		24,589
Kimball International, Inc. — Class B		2,429		24,581
Sportsman’s Warehouse Holdings, Inc.*		2,536		24,421
Ruby Tuesday, Inc.*		3,352		24,403
Herman Miller, Inc.		888		24,340
Scientific Games Corp. — Class A*,1		1,921		24,339
G&K Services, Inc. — Class A		342		24,145
Intrawest Resorts Holdings, Inc.*		2,392		24,111
Houston Wire & Cable Co.		2,553		24,100
Flexsteel Industries, Inc.		669		24,091
Spartan Motors, Inc.		5,112		24,078
UniFirst Corp.		209		23,665
Norcraft Companies, Inc.*		912		23,548
Douglas Dynamics, Inc.		1,080		23,490
Crocs, Inc.*		1,775		23,430
ClubCorp Holdings, Inc.		1,068		23,379
SkyWest, Inc.		1,702		23,232
Rush Enterprises, Inc. — Class A*		888		23,213
Mobile Mini, Inc.		599		23,085
Noodles & Co.*		1,152		23,063
Steelcase, Inc. — Class A		1,311		23,034
International Speedway Corp. — Class A		632		22,980
DTS, Inc.*		639		22,909
Virgin America, Inc.*		796		22,877
Christopher & Banks Corp.*		3,835		22,780
Tile Shop Holdings, Inc.*		1,753		22,736
NACCO Industries, Inc. — Class A		464		22,726
Miller Industries, Inc.		1,014		22,693
Bon-Ton Stores, Inc.1		3,163		22,679
Modine Manufacturing Co.*		1,842		22,638
Nautilus, Inc.*		1,346		22,627

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 47

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	April 30, 2015
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF

	Shares		Value
Potbelly Corp.*		1,506	$	22,605
Gentherm, Inc.*		428		22,569
Accuride Corp.*		5,455		22,256
Carrols Restaurant Group, Inc.*		2,459		22,229
Commercial Vehicle Group, Inc.*		3,859		22,228
VOXX International Corp. — Class A*		2,325		22,157
Escalade, Inc.		1,231		22,145
Men’s Wearhouse, Inc.		391		22,127
Republic Airways Holdings, Inc.*		1,806		22,105
New York & Company, Inc.*		8,702		22,016
Vince Holding Corp.*		1,194		22,005
LGI Homes, Inc.*		1,335		21,987
Eros International plc*		1,241		21,953
Asbury Automotive Group, Inc.*		260		21,848
Meritor, Inc.*		1,662		21,805
Jamba, Inc.*,1		1,383		21,796
West Marine, Inc.*		2,153		21,638
Dana Holding Corp.		999		21,549
iRobot Corp.*		663		21,494
HNI Corp.		460		21,454
Columbia Sportswear Co.		342		21,443
Lithia Motors, Inc. — Class A		215		21,442
TiVo, Inc.*		1,934		21,371
Habit Restaurants, Inc. — Class A*		645		21,362
Winmark Corp.		237		21,332
Boot Barn Holdings, Inc.*		859		21,320
ScanSource, Inc.*		534		21,280
Dave & Buster’s Entertainment, Inc.*		675		21,276
Perry Ellis International, Inc.*		889		21,265
Motorcar Parts of America, Inc.*		726		21,221
Tenneco, Inc.*		363		21,217
Cheesecake Factory, Inc.		422		21,155
Bravo Brio Restaurant Group, Inc.*		1,436		21,152
Steven Madden Ltd.*		542		21,149
Vail Resorts, Inc.		213		21,131
Churchill Downs, Inc.		177		21,093
Libbey, Inc.		536		21,092
Daktronics, Inc.		1,965		21,084
Penn National Gaming, Inc.*		1,310		21,065
Vitamin Shoppe, Inc.*		502		21,024
LeapFrog Enterprises, Inc. — Class A*		9,301		21,021
Big 5 Sporting Goods Corp.		1,540		21,006
Cooper Tire & Rubber Co.		494		20,990
Marriott Vacations Worldwide Corp.		255		20,964
Strattec Security Corp.		279		20,945
Cato Corp. — Class A		532		20,929
Callaway Golf Co.		2,157		20,880
Pinnacle Entertainment, Inc.*		568		20,879
La Quinta Holdings, Inc.*		867		20,877
Kirkland’s, Inc.*		877		20,820
Cooper-Standard Holding, Inc.*		341		20,808
Outerwall, Inc.		313		20,793
Finish Line, Inc. — Class A		846		20,752
Chuy’s Holdings, Inc.*		917		20,743
G-III Apparel Group Ltd.*		186		20,679
Del Frisco’s Restaurant Group, Inc.*		1,024		20,654
Belmond Ltd. — Class A*		1,675		20,636
Fuel Systems Solutions, Inc.*		1,859		20,635
Beazer Homes USA, Inc.*		1,178		20,627
Winnebago Industries, Inc.		995		20,607
Steiner Leisure Ltd.*		427		20,598
National CineMedia, Inc.		1,351		20,590
Fox Factory Holding Corp.*		1,349		20,532
Regis Corp.*		1,242		20,518
Destination XL Group, Inc.*		4,208		20,493
Isle of Capri Casinos, Inc.*		1,440		20,477
Life Time Fitness, Inc.*		286		20,449
Speedway Motorsports, Inc.		891		20,404
Express, Inc.*		1,251		20,391
Tower International, Inc.*		788		20,378
Papa John’s International, Inc.		332		20,375
Monarch Casino & Resort, Inc.*		1,111		20,332
Federal-Mogul Holdings Corp.*		1,575		20,318
El Pollo Loco Holdings, Inc.*		776		20,316
Fred’s, Inc. — Class A		1,204		20,311
American Axle & Manufacturing Holdings, Inc.*		813		20,268
Office Depot, Inc.*		2,198		20,266
M/I Homes, Inc.*		898		20,259
Container Store Group, Inc.*,1		1,108		20,232
Francesca’s Holdings Corp.*		1,193		20,197
Caesars Entertainment Corp.*,1		2,125		20,166
WCI Communities, Inc.*		867		20,158
Skullcandy, Inc.*		1,863		20,139
Remy International, Inc.		903		20,092
Famous Dave’s of America, Inc.*		710		20,022
New Home Company, Inc.*		1,348		20,004
Century Communities, Inc.*		1,046		20,000
Conn’s, Inc.*		715		19,999
Brunswick Corp.		399		19,966
MDC Holdings, Inc.		742		19,915
Tuesday Morning Corp.*		1,255		19,854
Arctic Cat, Inc.		559		19,839
Children’s Place, Inc.		327		19,836
Allegiant Travel Co. — Class A		129		19,835
America’s Car-Mart, Inc.*		386		19,817
Genesco, Inc.*		293		19,804
Metaldyne Performance Group, Inc.*		1,096		19,794
PriceSmart, Inc.		246		19,793
Wolverine World Wide, Inc.		644		19,790
Aeropostale, Inc.*		6,397		19,767
La-Z-Boy, Inc.		754		19,762
Dorman Products, Inc.*		422		19,762
Caesars Acquisition Co. — Class A*		3,139		19,713
Build-A-Bear Workshop, Inc. — Class A*		1,069		19,702
Johnson Outdoors, Inc. — Class A		625		19,688

48 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	April 30, 2015
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF

	Shares		Value
Diamond Resorts International, Inc.*		615	$	19,686
Sonic Automotive, Inc. — Class A		843		19,684
Superior Industries International, Inc.		1,058		19,679
JAKKS Pacific, Inc.*,1		2,947		19,656
Reading International, Inc. — Class A*		1,475		19,647
American Woodmark Corp.*		387		19,621
Pep Boys-Manny Moe & Jack*		2,142		19,621
PC Connection, Inc.		807		19,602
Universal Electronics, Inc.*		363		19,580
TRI Pointe Homes, Inc.*		1,371		19,578
Guess?, Inc.		1,068		19,555
Barnes & Noble, Inc.*		891		19,513
Popeyes Louisiana Kitchen, Inc.*		350		19,488
Interval Leisure Group, Inc.		786		19,485
KB Home		1,342		19,446
Travelport Worldwide Ltd.		1,228		19,439
Stein Mart, Inc.		1,643		19,437
Boyd Gaming Corp.*		1,465		19,338
Weyco Group, Inc.		677		19,295
Pool Corp.		297		19,272
Five Below, Inc.*		571		19,254
Bob Evans Farms, Inc.		447		19,230
Select Comfort Corp.*		623		19,201
Group 1 Automotive, Inc.		243		19,192
Zoe’s Kitchen, Inc.*		626		19,174
Papa Murphy’s Holdings, Inc.*		1,124		19,142
Hibbett Sports, Inc.*		409		19,141
Lifetime Brands, Inc.		1,314		19,119
American Eagle Outfitters, Inc.		1,198		19,060
Ruth’s Hospitality Group, Inc.		1,309		19,046
HSN, Inc.		305		19,038
ANN, Inc.*		502		19,006
Ethan Allen Interiors, Inc.		784		18,988
Bloomin’ Brands, Inc.		837		18,966
BJ’s Restaurants, Inc.*		405		18,954
Marcus Corp.		976		18,905
hhgregg, Inc.*,1		3,303		18,893
Malibu Boats, Inc. — Class A*		889		18,820
DineEquity, Inc.		195		18,804
Texas Roadhouse, Inc. — Class A		559		18,782
Restoration Hardware Holdings, Inc.*		217		18,699
Meritage Homes Corp.*		437		18,690
Standard Pacific Corp.*		2,304		18,662
Standard Motor Products, Inc.		493		18,635
Lumber Liquidators Holdings, Inc.*		677		18,611
bebe stores, Inc.		5,602		18,543
Jack in the Box, Inc.		213		18,482
Brown Shoe Company, Inc.		622		18,473
Pier 1 Imports, Inc.		1,460		18,469
Cavco Industries, Inc.*		281		18,425
Buckle, Inc.		411		18,413
Denny’s Corp.*		1,763		18,353
Buffalo Wild Wings, Inc.*		115		18,320
Black Diamond, Inc.*		2,029		18,281
Shoe Carnival, Inc.		700		18,277
William Lyon Homes — Class A*		844		18,273
Sonic Corp.		636		18,221
Red Robin Gourmet Burgers, Inc.*		242		18,172
Haverty Furniture Companies, Inc.		846		18,155
Cracker Barrel Old Country Store, Inc.		137		18,150
Krispy Kreme Doughnuts, Inc.*		1,019		18,138
Carmike Cinemas, Inc.*		596		17,987
Vera Bradley, Inc.*		1,263		17,985
Burlington Stores, Inc.*		348		17,946
Morgans Hotel Group Co.*		2,616		17,920
Stage Stores, Inc.		927		17,900
Ryland Group, Inc.		434		17,889
Hovnanian Enterprises, Inc. — Class A*		5,728		17,871
Citi Trends, Inc.*		784		17,860
Gaiam, Inc. — Class A*		2,716		17,817
Systemax, Inc.*		1,701		17,775
Tilly’s, Inc. — Class A*		1,331		17,756
MarineMax, Inc.*		799		17,642
AMC Entertainment Holdings, Inc. — Class A		584		17,555
Biglari Holdings, Inc.*		48		17,544
Rentrak Corp.*		369		17,491
Mattress Firm Holding Corp.*		294		17,370
Fiesta Restaurant Group, Inc.*		339		17,136
Marine Products Corp.		2,361		16,763
Zumiez, Inc.*		528		16,743
Sears Hometown and Outlet Stores, Inc.*		2,349		16,279
Destination Maternity Corp.		1,355		15,975
Pacific Sunwear of California, Inc.*		7,481		15,710
Iconix Brand Group, Inc.*		575		15,128
Flex Pharma, Inc.*		903		15,098
Quiksilver, Inc.*,1		9,012		14,960
Cash America International, Inc.		541		14,023
Ignite Restaurant Group, Inc.*		3,890		13,693
First Cash Financial Services, Inc.*		269		13,003
UCP, Inc. — Class A*		1,487		12,877
EZCORP, Inc. — Class A*		1,364		12,549
AV Homes, Inc.*		795		12,545
Nathan’s Famous, Inc.		279		11,478
Total Consumer, Cyclical				5,987,414
FINANCIAL - 10.5%
Aircastle Ltd.		1,110		26,618
PHH Corp.*		1,024		25,722
Marlin Business Services Corp.		1,189		23,744
WageWorks, Inc.*		461		23,235
Altisource Portfolio Solutions S.A.*		918		22,262
Acacia Research Corp.		1,961		21,610
Ellie Mae, Inc.*		392		21,560
eHealth, Inc.*		1,355		16,612
Credit Acceptance Corp.*		68		16,061
TriState Capital Holdings, Inc.*		1,259		15,739
Flagstar Bancorp, Inc.*		914		15,702

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 49

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	April 30, 2015
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF

	Shares		Value
Altisource Asset Management Corp.*		68	$	15,232
Associated Estates Realty Corp.		530		15,105
InfraREIT, Inc.*		481		15,003
HomeStreet, Inc.*		724		14,972
Excel Trust, Inc.		933		14,789
Diamond Hill Investment Group, Inc.		80		14,577
New Residential Investment Corp.		854		14,551
PennyMac Financial Services, Inc. — Class A*		770		14,538
Higher One Holdings, Inc.*		5,159		14,497
Federal Agricultural Mortgage Corp. — Class C		461		14,494
World Acceptance Corp.*		171		14,470
Regional Management Corp.*		889		14,357
PrivateBancorp, Inc. — Class A		386		14,310
Silvercrest Asset Management Group, Inc. — Class A		917		14,296
LegacyTexas Financial Group, Inc.		561		14,276
MGIC Investment Corp.*		1,370		14,275
Green Bancorp, Inc.*		1,190		14,220
Meta Financial Group, Inc.		346		14,155
Brookline Bancorp, Inc.		1,312		14,129
Western Alliance Bancorporation*		456		14,099
BGC Partners, Inc. — Class A		1,403		14,079
Radian Group, Inc.		786		14,038
International. FCStone, Inc.*		437		14,029
Bancorp, Inc.*		1,438		14,006
EMC Insurance Group, Inc.		403		13,959
Texas Capital Bancshares, Inc.*		265		13,955
HFF, Inc. — Class A		356		13,951
Bridge Capital Holdings*		515		13,931
Boston Private Financial Holdings, Inc.		1,059		13,926
Pinnacle Financial Partners, Inc.		292		13,914
Heartland Financial USA, Inc.		404		13,901
OM Asset Management plc		718		13,900
NMI Holdings, Inc. — Class A*		1,739		13,877
ServisFirst Bancshares, Inc.		398		13,874
Cowen Group, Inc. — Class A*		2,471		13,813
Hallmark Financial Services, Inc.*		1,246		13,806
Opus Bank		441		13,803
AmTrust Financial Services, Inc.		232		13,796
Walter Investment Management Corp.*,1		783		13,789
First NBC Bank Holding Co.*		391		13,755
First Defiance Financial Corp.		393		13,755
National General Holdings Corp.		711		13,751
Glacier Bancorp, Inc.		522		13,749
Walker & Dunlop, Inc.*		718		13,743
iStar Financial, Inc.*		1,014		13,730
Bank of the Ozarks, Inc.		354		13,722
Republic First Bancorp, Inc.*		3,806		13,702
BancorpSouth, Inc.		565		13,679
Anchor BanCorp Wisconsin, Inc.*		377		13,632
Suffolk Bancorp		568		13,609
Northwest Bancshares, Inc.		1,103		13,577
Beneficial Bancorp, Inc.*		1,169		13,560
NewStar Financial, Inc.*		1,179		13,559
Fidelity & Guaranty Life		605		13,539
Independent Bank Corp.		1,021		13,518
RE/MAX Holdings, Inc. — Class A		400		13,516
Blackhawk Network Holdings, Inc.*		367		13,495
CommunityOne Bancorp*		1,369		13,485
Northrim BanCorp, Inc.		540		13,457
Investment Technology Group, Inc.*		472		13,447
First Financial Bankshares, Inc.		464		13,437
Triumph Bancorp, Inc.*		1,000		13,420
TowneBank		810		13,406
Janus Capital Group, Inc.		748		13,389
KCG Holdings, Inc. — Class A*		1,042		13,379
Atlas Financial Holdings, Inc.*		725		13,376
Hilltop Holdings, Inc.*		665		13,373
EverBank Financial Corp.		720		13,370
Preferred Bank/Los Angeles CA		474		13,357
CyrusOne, Inc.		411		13,348
Wilshire Bancorp, Inc.		1,265		13,346
AG Mortgage Investment Trust, Inc.		694		13,339
Customers Bancorp, Inc.*		529		13,336
Horizon Bancorp		571		13,333
OneBeacon Insurance Group Ltd. — Class A		884		13,331
Cardinal Financial Corp.		646		13,327
Essent Group Ltd.*		534		13,323
BNC Bancorp		730		13,323
Oritani Financial Corp.		894		13,321
Alexander & Baldwin, Inc.		329		13,318
Colony Capital, Inc. — Class A		514		13,318
Columbia Banking System, Inc.		448		13,306
Talmer Bancorp, Inc. — Class A		865		13,304
Banc of California, Inc.		1,072		13,293
American Residential Properties, Inc.*		708		13,282
Astoria Financial Corp.		1,008		13,275
Navigators Group, Inc.*		170		13,269
Symetra Financial Corp.		558		13,253
First Commonwealth Financial Corp.		1,468		13,241
AMERISAFE, Inc.		293		13,241
Hanmi Financial Corp.		622		13,236
Oppenheimer Holdings, Inc. — Class A		554		13,235
FNB Corp.		997		13,230
Stock Yards Bancorp, Inc.		380		13,224
Old Line Bancshares, Inc.		823		13,217
CenterState Banks, Inc.		1,085		13,194
Berkshire Hills Bancorp, Inc.		471		13,193
Mercantile Bank Corp.		665		13,180
Blue Hills Bancorp, Inc.*		982		13,178
Cathay General Bancorp		461		13,175
Prosperity Bancshares, Inc.		247		13,175
Financial Institutions, Inc.		559		13,164
Wintrust Financial Corp.		270		13,160
Banner Corp.		291		13,159

50 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	April 30, 2015
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF

	Shares		Value
Enterprise Bancorp, Inc.		613	$	13,155
Merchants Bancshares, Inc.		446		13,139
MarketAxess Holdings, Inc.		153		13,135
CatchMark Timber Trust, Inc. — Class A		1,131		13,120
Investors Bancorp, Inc.		1,107		13,107
Territorial Bancorp, Inc.		567		13,098
FirstMerit Corp.		676		13,094
Independent Bank Group, Inc.		340		13,090
Great Southern Bancorp, Inc.		332		13,087
Charter Financial Corp.		1,093		13,083
Pzena Investment Management, Inc. — Class A		1,422		13,082
Ares Commercial Real Estate Corp.		1,152		13,075
CNB Financial Corp.		761		13,074
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		688		13,072
Enstar Group Ltd.*		92		13,068
United Financial Bancorp, Inc.		1,023		13,043
Chemical Financial Corp.		422		13,040
Global Indemnity plc — Class A*		475		13,039
First Business Financial Services, Inc.		287		13,036
Starwood Waypoint Residential Trust		506		13,024
Meadowbrook Insurance Group, Inc.		1,525		13,024
Gain Capital Holdings, Inc.		1,318		13,022
Ames National Corp.		522		13,019
International Bancshares Corp.		501		13,016
Horace Mann Educators Corp.		383		13,011
Montpelier Re Holdings Ltd.		341		12,996
Yadkin Financial Corp.*		660		12,989
American National Bankshares, Inc.		577		12,988
GAMCO Investors, Inc. — Class A		168		12,988
New York Mortgage Trust, Inc.		1,663		12,988
CYS Investments, Inc.		1,456		12,988
Hatteras Financial Corp.		719		12,985
PRA Group, Inc.*		237		12,982
Heritage Financial Corp.		768		12,979
Fidelity Southern Corp.		772		12,970
First Interstate BancSystem, Inc. — Class A		479		12,962
Maiden Holdings Ltd.		892		12,961
JG Wentworth Co. — Class A*		1,288		12,957
CNO Financial Group, Inc.		762		12,954
Sandy Spring Bancorp, Inc.		497		12,952
BofI Holding, Inc.*		141		12,945
BankFinancial Corp.		1,011		12,941
National Bankshares, Inc.		446		12,938
Valley National Bancorp		1,372		12,938
FBL Financial Group, Inc. — Class A		222		12,936
C1 Financial, Inc.*		691		12,936
Square 1 Financial, Inc. — Class A*		500		12,930
Umpqua Holdings Corp.		760		12,928
Cascade Bancorp*		2,682		12,927
UMH Properties, Inc.		1,283		12,920
Washington Federal, Inc.		598		12,917
First American Financial Corp.		371		12,907
BBX Capital Corp. — Class A*,1		704		12,904
United Community Financial Corp.		2,394		12,904
Greenhill & Company, Inc.		326		12,893
Westamerica Bancorporation		296		12,891
Palmetto Bancshares, Inc.		710		12,887
Seacoast Banking Corporation of Florida*		923		12,885
Lakeland Bancorp, Inc.		1,135		12,882
Univest Corporation of Pennsylvania		660		12,877
Invesco Mortgage Capital, Inc.		836		12,874
Community Bank System, Inc.		368		12,862
First Midwest Bancorp, Inc.		752		12,859
Medley Management, Inc. — Class A		1,122		12,858
United Bankshares, Inc.		342		12,852
Trustmark Corp.		540		12,852
CubeSmart		557		12,850
Southside Bancshares, Inc.		470		12,840
CoBiz Financial, Inc.		1,069		12,839
Kansas City Life Insurance Co.		286		12,836
Argo Group International Holdings Ltd.		262		12,835
CVB Financial Corp.		820		12,833
Dime Community Bancshares, Inc.		806		12,832
Century Bancorp, Inc. — Class A		332		12,825
Home BancShares, Inc.		390		12,823
Financial Engines, Inc.		304		12,820
Bank Mutual Corp.		1,782		12,813
FRP Holdings, Inc.*		369		12,812
Bank of Marin Bancorp		254		12,807
QTS Realty Trust, Inc. — Class A		353		12,803
South State Corp.		189		12,799
Donegal Group, Inc. — Class A		847		12,798
Macatawa Bank Corp.		2,435		12,784
MidWestOne Financial Group, Inc.		437		12,782
Hancock Holding Co.		439		12,779
Fox Chase Bancorp, Inc.		768		12,772
United Community Banks, Inc.		686		12,766
Hersha Hospitality Trust		1,985		12,763
Bridge Bancorp, Inc.		505		12,761
Citizens & Northern Corp.		643		12,757
BBCN Bancorp, Inc.		899		12,757
HomeTrust Bancshares, Inc.*		815		12,747
MB Financial, Inc.		423		12,745
First of Long Island Corp.		509		12,735
Stifel Financial Corp.*		241		12,734
Enterprise Financial Services Corp.		620		12,729
ConnectOne Bancorp, Inc.		662		12,724
Camden National Corp.		332		12,722
First Financial Bancorp		737		12,721
Capital Bank Financial Corp. — Class A*		469		12,719
TrustCo Bank Corp. NY		1,906		12,713
United Fire Group, Inc.		425		12,695
CoreSite Realty Corp.		264		12,693
National Interstate Corp.		453		12,693

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 51

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	April 30, 2015
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF

	Shares		Value
Renasant Corp.		427	$	12,686
West Bancorporation, Inc.		669		12,684
Webster Financial Corp.		354		12,684
Meridian Bancorp, Inc.*		987		12,683
Heritage Commerce Corp.		1,423		12,679
NBT Bancorp, Inc.		525		12,679
Safety Insurance Group, Inc.		218		12,677
Republic Bancorp, Inc. — Class A		533		12,675
Trade Street Residential, Inc.		1,818		12,671
Northfield Bancorp, Inc.		878		12,670
Sun Bancorp, Inc.*		669		12,664
CorEnergy Infrastructure Trust, Inc.		1,863		12,650
LTC Properties, Inc.		291		12,647
Pennsylvania Real Estate Investment Trust		559		12,639
PennyMac Mortgage Investment Trust		603		12,633
Physicians Realty Trust		761		12,633
Gramercy Property Trust, Inc.		462		12,631
TriCo Bancshares		541		12,616
Peoples Bancorp, Inc.		544		12,615
Apollo Commercial Real Estate Finance, Inc.		738		12,612
Eagle Bancorp, Inc.*		342		12,606
WesBanco, Inc.		400		12,604
Simmons First National Corp. — Class A		288		12,600
Peapack Gladstone Financial Corp.		602		12,600
Union Bankshares Corp.		579		12,599
Silver Bay Realty Trust Corp.		814		12,593
State Auto Financial Corp.		533		12,589
Federated National Holding Co.		437		12,586
Kemper Corp.		334		12,582
Western Asset Mortgage Capital Corp.		861		12,579
Southwest Bancorp, Inc.		730		12,578
Pacific Continental Corp.		975		12,578
Sovran Self Storage, Inc.		144		12,577
1st Source Corp.		404		12,572
Baldwin & Lyons, Inc. — Class B		554		12,570
Tompkins Financial Corp.		241		12,568
Universal Insurance Holdings, Inc.		523		12,562
German American Bancorp, Inc.		439		12,560
Ladder Capital Corp. — Class A		716		12,559
RAIT Financial Trust		1,938		12,558
Stonegate Mortgage Corp.*		1,169		12,555
Great Western Bancorp, Inc.		574		12,553
Easterly Government Properties, Inc.*		797		12,553
Bank of Kentucky Financial Corp.		262		12,547
State Bank Financial Corp.		627		12,546
Empire State Realty Trust, Inc. — Class A		697		12,546
Community Trust Bancorp, Inc.		391		12,543
Hudson Valley Holding Corp.		507		12,543
Old National Bancorp		918		12,540
Summit Hotel Properties, Inc.		952		12,538
Anworth Mortgage Asset Corp.		2,467		12,532
Susquehanna Bancshares, Inc.		932		12,526
Marcus & Millichap, Inc.*		354		12,525
Great Ajax Corp.*		883		12,521
Kennedy-Wilson Holdings, Inc.		505		12,514
Washington Trust Bancorp, Inc.		338		12,513
First Bancorp, Inc.		750		12,510
FelCor Lodging Trust, Inc.		1,126		12,510
Armada Hoffler Properties, Inc.		1,218		12,509
New York REIT, Inc.		1,266		12,508
HCI Group, Inc.		287		12,507
Alexander’s, Inc.		29		12,506
Sterling Bancorp		963		12,500
Waterstone Financial, Inc.		981		12,498
Encore Capital Group, Inc.*		309		12,496
RLJ Lodging Trust		421		12,491
Investors Real Estate Trust		1,742		12,490
DCT Industrial Trust, Inc.		378		12,489
Chambers Street Properties		1,663		12,473
EastGroup Properties, Inc.		218		12,470
Kearny Financial Corp.*		934		12,460
St. Joe Co.*		714		12,459
Stonegate Bank		435		12,458
EPR Properties		216		12,457
OceanFirst Financial Corp.		742		12,451
Heritage Oaks Bancorp		1,562		12,449
Clifton Bancorp, Inc.		912		12,449
Cass Information Systems, Inc.		238		12,440
Getty Realty Corp.		716		12,437
State National Companies, Inc.		1,303		12,431
Virtus Investment Partners, Inc.		93		12,427
Hudson Pacific Properties, Inc.		412		12,426
Westwood Holdings Group, Inc.		212		12,421
Selective Insurance Group, Inc.		461		12,419
First Merchants Corp.		550		12,414
Inland Real Estate Corp.		1,206		12,410
Capitol Federal Financial, Inc.		1,034		12,408
National Penn Bancshares, Inc.		1,193		12,407
Springleaf Holdings, Inc.*		248		12,400
IBERIABANK Corp.		199		12,400
Sierra Bancorp		757		12,400
Bryn Mawr Bank Corp.		412		12,397
Flushing Financial Corp.		647		12,397
DiamondRock Hospitality Co.		914		12,394
Fifth Street Asset Management, Inc.		1,123		12,387
Lakeland Financial Corp.		317		12,379
Arrow Financial Corp.		475		12,379
Gladstone Commercial Corp.		695		12,378
Consolidated-Tomoka Land Co.		226		12,371
City Holding Co.		269		12,366
Metro Bancorp, Inc.		482		12,358
Sun Communities, Inc.		199		12,350
Education Realty Trust, Inc.		367		12,339
First Community Bancshares, Inc.		736		12,335
Provident Financial Services, Inc.		685		12,330
Chatham Lodging Trust		446		12,327

52 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	April 30, 2015
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF

	Shares		Value
Capstead Mortgage Corp.		1,058	$	12,326
Guaranty Bancorp		783		12,324
Sunstone Hotel Investors, Inc.		791		12,324
Terreno Realty Corp.		579		12,321
Third Point Reinsurance Ltd.*		914		12,321
Forestar Group, Inc.*		834		12,310
Pacific Premier Bancorp, Inc.*		786		12,309
Strategic Hotels & Resorts, Inc.*		1,052		12,308
Greenlight Capital Re Ltd. — Class A*		405		12,308
Independent Bank Corp.		295		12,307
Dynex Capital, Inc.		1,538		12,304
MainSource Financial Group, Inc.		639		12,301
UMB Financial Corp.		247		12,298
First Connecticut Bancorp, Inc.		832		12,297
PS Business Parks, Inc.		161		12,292
LaSalle Hotel Properties		335		12,291
Independence Holding Co.		988		12,291
Hampton Roads Bankshares, Inc.*		6,899		12,280
American Capital Mortgage Investment Corp.		700		12,278
CIFC Corp.		1,637		12,278
National Health Investors, Inc.		184		12,276
Enova International, Inc.*		663		12,272
RLI Corp.		247		12,266
Ambac Financial Group, Inc.*		533		12,264
Ashford Hospitality Prime, Inc.		783		12,262
Piper Jaffray Cos.*		243		12,259
Park Sterling Corp.		1,828		12,248
Cedar Realty Trust, Inc.		1,752		12,246
Apollo Residential Mortgage, Inc.		772		12,244
First Busey Corp.		1,961		12,237
FXCM, Inc. — Class A1		6,085		12,231
Nelnet, Inc. — Class A		273		12,222
Ramco-Gershenson Properties Trust		699		12,219
Whitestone REIT — Class B		830		12,201
STORE Capital Corp.		581		12,201
Chesapeake Lodging Trust		384		12,192
Monmouth Real Estate Investment Corp.		1,180		12,189
BancFirst Corp.		211		12,179
Resource Capital Corp.		2,761		12,176
Ameris Bancorp		487		12,170
WSFS Financial Corp.		171		12,170
Ryman Hospitality Properties, Inc.		211		12,162
Infinity Property & Casualty Corp.		164		12,161
Crawford & Co. — Class B		1,487		12,149
Medical Properties Trust, Inc.		869		12,149
Calamos Asset Management, Inc. — Class A		982		12,147
First Financial Northwest, Inc.		1,020		12,138
Highwoods Properties, Inc.		282		12,137
First Financial Corp.		357		12,120
Equity One, Inc.		492		12,118
First BanCorp*		2,015		12,110
Healthcare Realty Trust, Inc.		473		12,109
Parkway Properties, Inc.		744		12,105
Central Pacific Financial Corp.		528		12,091
ARMOUR Residential REIT, Inc.		4,030		12,090
GEO Group, Inc.		310		12,090
Ashford Hospitality Trust, Inc.		1,334		12,086
Kite Realty Group Trust		461		12,078
First Industrial Realty Trust, Inc.		612		12,075
Consumer Portfolio Services, Inc.*		1,889		12,071
Potlatch Corp.		327		12,070
Citizens, Inc.*,1		2,138		12,058
Stewart Information Services Corp.		330		12,045
Agree Realty Corp.		391		12,035
On Deck Capital, Inc.*		625		12,031
DuPont Fabros Technology, Inc.		386		12,024
American Assets Trust, Inc.		302		12,020
Retail Opportunity Investments Corp.		716		12,014
Redwood Trust, Inc.		698		11,999
Mack-Cali Realty Corp.		667		11,973
Heritage Insurance Holdings, Inc.*		597		11,970
Lexington Realty Trust		1,290		11,958
Nicholas Financial, Inc.*		946		11,948
First Bancorp		736		11,945
Acadia Realty Trust		386		11,927
Government Properties Income Trust		572		11,920
Franklin Street Properties Corp.		1,009		11,916
Cousins Properties, Inc.		1,221		11,893
STAG Industrial, Inc.		547		11,886
Peoples Financial Services Corp.		302		11,866
Employers Holdings, Inc.		486		11,863
Altisource Residential Corp.		619		11,854
Cohen & Steers, Inc.		313		11,850
WisdomTree Investments, Inc.		622		11,843
FBR & Co.*		551		11,824
Evercore Partners, Inc. — Class A		245		11,819
Park National Corp.		143		11,806
American Equity Investment Life Holding Co.		438		11,804
CU Bancorp*		569		11,790
Primerica, Inc.		255		11,786
Pebblebrook Hotel Trust		274		11,766
Rexford Industrial Realty, Inc.		791		11,754
Sabra Health Care REIT, Inc.		393		11,743
Owens Realty Mortgage, Inc.		871		11,741
Penns Woods Bancorp, Inc.		269		11,726
Select Income REIT		505		11,711
NewBridge Bancorp		1,453		11,697
Washington Real Estate Investment Trust		473		11,693
Rouse Properties, Inc.		666		11,635
Universal Health Realty Income Trust		234		11,620
First Potomac Realty Trust		1,083		11,610
CareTrust REIT, Inc.		927		11,578
Moelis & Co. — Class A		428		11,577
One Liberty Properties, Inc.		515		11,577
Trupanion, Inc.*,1		1,558		11,545
First Citizens BancShares, Inc. — Class A		48		11,536

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 53

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	April 30, 2015
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF

	Shares		Value
National Western Life Insurance Co. — Class A		48	$	11,501
MidSouth Bancorp, Inc.		885		11,478
S&T Bancorp, Inc.		426		11,459
Urstadt Biddle Properties, Inc. — Class A		552		11,454
Campus Crest Communities, Inc.		1,790		11,331
RCS Capital Corp. — Class A1		1,315		11,296
Ladenburg Thalmann Financial Services, Inc.*		3,333		11,232
Saul Centers, Inc.		223		11,221
Arlington Asset Investment Corp. — Class A		516		11,187
Capital City Bank Group, Inc.		791		11,129
OFG Bancorp		761		10,722
Manning & Napier, Inc. — Class A		1,006		10,694
Ashford, Inc.*		104		10,374
United Insurance Holdings Corp.		589		9,795
Phoenix Companies, Inc.*		237		8,084
Total Financial				5,763,473
COMMUNICATIONS - 9.9%
Inteliquent, Inc.		6,558		124,667
Gogo, Inc.*,1		5,463		115,489
FairPoint Communications, Inc.*		5,846		115,283
Shenandoah Telecommunications Co.		3,259		112,305
Intelsat S.A.*		8,896		112,000
Premiere Global Services, Inc.*		10,931		111,606
Iridium Communications, Inc.*		10,897		110,822
ORBCOMM, Inc.*		18,090		108,902
8x8, Inc.*		12,262		107,048
j2 Global, Inc.		1,536		106,552
General Communication, Inc. — Class A*		6,598		104,644
Cogent Communications Holdings, Inc.		2,946		103,081
Hawaiian Telcom Holdco, Inc.*		3,902		102,779
IDT Corp. — Class B		6,010		102,350
Consolidated Communications Holdings, Inc.		4,855		102,294
Spok Holdings, Inc.		5,351		100,733
Cincinnati Bell, Inc.*		28,865		99,007
Vonage Holdings Corp.*		21,186		98,091
Atlantic Tele-Network, Inc.		1,485		98,040
West Corp.		3,110		96,255
Lumos Networks Corp.		6,700		94,738
RigNet, Inc.*		2,211		82,824
Globalstar, Inc.*,1		30,310		78,503
EW Scripps Co. — Class A		1,532		35,680
Aerohive Networks, Inc.*		4,959		30,200
Gigamon, Inc.*		1,005		29,578
Travelzoo, Inc.*		2,186		28,723
NeuStar, Inc. — Class A*,1		910		27,300
Procera Networks, Inc.*		2,283		26,278
Comverse, Inc.*		1,065		26,093
CalAmp Corp.*		1,285		25,327
LogMeIn, Inc.*		382		24,517
RingCentral, Inc. — Class A*		1,405		24,208
Connecture, Inc.*		2,165		24,076
Radio One, Inc. — Class D*		6,735		24,044
Global Sources Ltd.*		4,307		23,861
HealthStream, Inc.*		821		23,760
Bankrate, Inc.*		1,897		23,523
Liquidity Services, Inc.*		2,513		23,523
Demand Media, Inc.*		3,642		23,345
Preformed Line Products Co.		556		23,324
VASCO Data Security International, Inc.*,1		915		23,259
Marketo, Inc.*		814		23,158
Zix Corp.*		5,431		23,136
Telenav, Inc.*		2,733		22,848
Limelight Networks, Inc.*		6,140		22,718
InterDigital, Inc.		415		22,709
Ciena Corp.*		1,066		22,706
A10 Networks, Inc.*,1		4,969		22,609
Wix.com Ltd.*		1,157		22,526
Alliance Fiber Optic Products, Inc.		1,226		22,510
comScore, Inc.*		429		22,462
TubeMogul, Inc.*,1		1,557		22,421
Coupons.com, Inc.*,1		1,782		22,329
ShoreTel, Inc.*		3,201		22,279
Scholastic Corp.		548		22,271
EarthLink Holdings Corp.		4,703		22,245
VirnetX Holding Corp.*,1		3,441		22,229
Millennial Media, Inc.*		14,274		22,125
Unwired Planet, Inc.*		36,973		21,825
Endurance International Group Holdings, Inc.*		1,190		21,825
ViaSat, Inc.*		362		21,763
Zendesk, Inc.*		941		21,699
RetailMeNot, Inc.*		1,180		21,689
Oclaro, Inc.*		11,295		21,686
Perficient, Inc.*		1,049		21,641
Media General, Inc.*		1,276		21,552
Ixia*		1,793		21,480
Townsquare Media, Inc. — Class A*		1,570		21,446
Tremor Video, Inc.*		8,553		21,382
Comtech Telecommunications Corp.		738		21,328
Tessco Technologies, Inc.		844		21,328
Loral Space & Communications, Inc.*		309		21,321
DHI Group, Inc.*		2,805		21,318
Nexstar Broadcasting Group, Inc. — Class A		363		21,221
Aruba Networks, Inc.*		862		21,214
Infinera Corp.*		1,128		21,206
Central European Media Enterprises Ltd. — Class A*		7,682		21,125
ChannelAdvisor Corp.*		2,056		21,033
RealNetworks, Inc.*		3,201		21,031
GTT Communications, Inc.*		1,151		21,017
Lionbridge Technologies, Inc.*		3,786		21,012
Entercom Communications Corp. — Class A*		1,766		20,980
Polycom, Inc.*		1,605		20,945
Rubicon Project, Inc.*		1,198		20,929
Daily Journal Corp.*		104		20,905
Wayfair, Inc. — Class A*		649		20,846

54 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	April 30, 2015
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF

	Shares		Value
Q2 Holdings, Inc.*		1,023	$	20,818
Numerex Corp. — Class A*		1,894		20,815
Covisint Corp.*		10,614		20,803
Plantronics, Inc.		390		20,776
Time, Inc.		908		20,729
Ubiquiti Networks, Inc.		725		20,713
Sonus Networks, Inc.*		2,614		20,703
Gray Television, Inc.*		1,560		20,686
NIC, Inc.		1,214		20,638
Box, Inc. — Class A*,1		1,203		20,583
Entravision Communications Corp. — Class A		3,143		20,555
New York Times Co. — Class A		1,531		20,500
YuMe, Inc.*		3,984		20,438
Internap Corp.*		2,173		20,426
Houghton Mifflin Harcourt Co.*		893		20,414
Harmonic, Inc.*		2,901		20,336
New Media Investment Group, Inc.		879		20,331
Finisar Corp.*		1,000		20,330
Orbitz Worldwide, Inc.*		1,734		20,322
Sinclair Broadcast Group, Inc. — Class A		662		20,284
Web.com Group, Inc.*		1,102		20,244
Lee Enterprises, Inc.*		6,736		20,208
Textura Corp.*		772		20,203
ePlus, Inc.*		243		20,159
Blucora, Inc.*		1,474		20,150
Global Eagle Entertainment, Inc.*		1,577		20,138
Black Box Corp.		1,008		20,059
Anixter International, Inc.*		284		20,050
Marchex, Inc. — Class B		4,715		20,039
NETGEAR, Inc.*		662		20,039
Ruckus Wireless, Inc.*		1,715		20,031
Marin Software, Inc.*		3,310		19,992
DigitalGlobe, Inc.*		621		19,978
Yodlee, Inc.*		1,567		19,964
Hemisphere Media Group, Inc.*,1		1,579		19,959
Cyan, Inc.*		5,347		19,944
Bazaarvoice, Inc.*		3,698		19,895
Clearfield, Inc.*,1		1,466		19,864
Intralinks Holdings, Inc.*		2,014		19,737
Shutterstock, Inc.*		292		19,707
FTD Companies, Inc.*		689		19,664
Shutterfly, Inc.*		439		19,650
ReachLocal, Inc.*		7,016		19,645
Meredith Corp.		376		19,567
GrubHub, Inc.*		471		19,391
TechTarget, Inc.*		1,791		19,379
XO Group, Inc.*		1,187		19,301
ADTRAN, Inc.		1,153		19,151
Saga Communications, Inc. — Class A		477		19,075
KVH Industries, Inc.*		1,411		19,034
ModusLink Global Solutions, Inc.*		5,416		18,956
Overstock.com, Inc.*		879		18,872
Chegg, Inc.*,1		2,538		18,857
Sizmek, Inc.*		2,704		18,820
Calix, Inc.*		2,544		18,800
Stamps.com, Inc.*		303		18,753
Angie’s List, Inc.*		3,192		18,737
1-800-Flowers.com, Inc. — Class A*		1,749		18,487
EVINE Live, Inc.*		3,082		18,369
WebMD Health Corp. — Class A*		414		18,278
Vringo, Inc.*,1		29,462		18,266
TeleCommunication Systems, Inc. — Class A*		5,851		18,255
Reis, Inc.		799		18,161
Rightside Group Ltd.*		2,230		18,152
Martha Stewart Living Omnimedia, Inc. — Class A*		3,272		17,996
Rocket Fuel, Inc.*,1		2,244		17,974
Qorvo, Inc.*		272		17,928
TrueCar, Inc.*,1		1,158		17,856
Crown Media Holdings, Inc. — Class A*		4,748		17,805
Harte-Hanks, Inc.		2,610		17,722
Blue Nile, Inc.*		650		17,687
QuinStreet, Inc.*		3,238		17,582
Cumulus Media, Inc. — Class A*		7,710		17,579
ParkerVision, Inc.*,1		25,280		17,190
Extreme Networks, Inc.*		6,813		17,169
Lands’ End, Inc.*		572		16,805
World Wrestling Entertainment, Inc. — Class A1		1,241		16,654
A H Belo Corp. — Class A		2,489		16,651
Salem Media Group, Inc. — Class A		3,361		16,402
McClatchy Co. — Class A*		11,140		15,485
MDC Partners, Inc. — Class A		735		15,391
Dex Media, Inc.*		5,017		13,195
Safeguard Scientifics, Inc.*		725		13,043
Cinedigm Corp. — Class A*		13,629		11,312
Journal Media Group, Inc.*		479		4,450
Total Communications				5,457,716
TECHNOLOGY - 7.2%
inContact, Inc.*		9,722		100,622
Cabot Microelectronics Corp.*		1,069		50,563
Glu Mobile, Inc.*		4,437		29,994
Immersion Corp.*		2,420		26,209
Quantum Corp.*		13,039		26,208
KEYW Holding Corp.*,1		2,690		25,958
Electronics for Imaging, Inc.*		604		25,205
Sykes Enterprises, Inc.*		1,004		25,129
Convergys Corp.		1,103		25,016
TeleTech Holdings, Inc.		964		25,006
Inphi Corp.*		1,165		24,990
Vocera Communications, Inc.*		2,190		24,944
Dot Hill Systems Corp.*		3,939		24,737
MAXIMUS, Inc.		383		24,516
Aspen Technology, Inc.*		550		24,415
ExOne Co.*,1		1,767		24,226
2U, Inc.*		903		24,029

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 55

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	April 30, 2015
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF

	Shares		Value
IGATE Corp.*		505	$	24,018
Globant S.A.*		1,143		24,014
Ultratech, Inc.*		1,202		23,992
InnerWorkings, Inc.*		3,764		23,826
Rudolph Technologies, Inc.*		1,854		23,787
Nimble Storage, Inc.*		971		23,751
Computer Task Group, Inc.		2,878		23,686
Imperva, Inc.*		518		23,631
Xcerra Corp.*		2,400		23,592
Qlik Technologies, Inc.*		673		23,413
Blackbaud, Inc.		463		23,396
MTS Systems Corp.		331		23,363
Qualys, Inc.*		471		23,323
AVG Technologies N.V.*		974		23,298
Rambus, Inc.*		1,681		23,266
ExlService Holdings, Inc.*		668		22,999
Barracuda Networks, Inc.*		567		22,981
Digimarc Corp.		980		22,932
Guidance Software, Inc.*		3,920		22,893
Interactive Intelligence Group, Inc.*		520		22,870
Axcelis Technologies, Inc.*		8,989		22,652
MaxLinear, Inc. — Class A*		2,655		22,647
ACI Worldwide, Inc.*		982		22,615
Ambarella, Inc.*		309		22,604
Jive Software, Inc.*		4,199		22,591
MicroStrategy, Inc. — Class A*		124		22,582
Rosetta Stone, Inc.*		2,701		22,580
Sapiens International Corporation N.V.*		2,586		22,575
Silicon Laboratories, Inc.*		432		22,321
Manhattan Associates, Inc.*		424		22,285
EPAM Systems, Inc.*		344		22,260
OmniVision Technologies, Inc.*		795		22,177
Mentor Graphics Corp.		926		22,159
Varonis Systems, Inc.*		770		22,138
CommVault Systems, Inc.*		483		22,097
Applied Micro Circuits Corp.*		4,111		22,076
Integrated Silicon Solution, Inc.		1,190		22,075
Tyler Technologies, Inc.*		181		22,072
Silver Spring Networks, Inc.*		2,270		22,064
Insight Enterprises, Inc.*		769		22,009
Synchronoss Technologies, Inc.*		479		21,977
FleetMatics Group plc*		482		21,970
Cirrus Logic, Inc.*		650		21,957
Synaptics, Inc.*		258		21,858
PDF Solutions, Inc.*		1,206		21,792
QLogic Corp.*		1,478		21,727
Digi International, Inc.*		2,150		21,714
Entropic Communications, Inc.*		7,186		21,702
MKS Instruments, Inc.		623		21,687
SYNNEX Corp.		283		21,650
Dealertrack Technologies, Inc.*		550		21,621
QAD, Inc. — Class A		884		21,552
Photronics, Inc.*		2,457		21,548
Demandware, Inc.*		349		21,498
Audience, Inc.*		4,495		21,396
RealPage, Inc.*		1,077		21,368
Kofax Ltd.*		1,934		21,331
CEVA, Inc.*		1,030		21,321
Fairchild Semiconductor International, Inc. — Class A*		1,170		21,253
HubSpot, Inc.*		549		21,252
Emulex Corp.*		2,648		21,237
Cascade Microtech, Inc.*		1,599		21,203
InvenSense, Inc. — Class A*,1		1,419		21,171
Workiva, Inc.*		1,458		21,097
Luxoft Holding, Inc.*		407		21,095
Monolithic Power Systems, Inc.		407		21,095
Verint Systems, Inc.*		343		21,070
Monotype Imaging Holdings, Inc.		650		21,067
Virtusa Corp.*		529		21,054
Paycom Software, Inc.*		665		21,021
Entegris, Inc.*		1,579		21,016
Pegasystems, Inc.		975		21,002
Infoblox, Inc.*		887		20,898
Medidata Solutions, Inc.*		391		20,891
Engility Holdings, Inc.		748		20,847
Progress Software Corp.*		788		20,803
Five9, Inc.*		3,828		20,786
Cornerstone OnDemand, Inc.*		726		20,785
DSP Group, Inc.*		1,826		20,780
Ultimate Software Group, Inc.*		125		20,778
SPS Commerce, Inc.*		318		20,753
Cvent, Inc.*		772		20,751
Datalink Corp.*		1,793		20,727
Eastman Kodak Co.*		1,069		20,707
CSG Systems International, Inc.		711		20,704
Tangoe, Inc.*		1,513		20,698
Epiq Systems, Inc.		1,155		20,686
Exar Corp.*		2,089		20,618
Model N, Inc.*		1,754		20,610
Merge Healthcare, Inc.*		4,142		20,586
SS&C Technologies Holdings, Inc.		342		20,578
CACI International, Inc. — Class A*		233		20,560
Rubicon Technology, Inc.*,1		5,347		20,532
Microsemi Corp.*		614		20,483
Amber Road, Inc.*		2,333		20,437
Bottomline Technologies de, Inc.*		763		20,418
Cavium, Inc.*		315		20,409
Rally Software Development Corp.*		1,410		20,389
Actua Corp.*		1,408		20,374
New Relic, Inc.*		627		20,371
RealD, Inc.*		1,658		20,360
Agilysys, Inc.*		2,163		20,354
Kopin Corp.*		6,106		20,272
Take-Two Interactive Software, Inc.*		855		20,264
BroadSoft, Inc.*		640		20,250

56 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	April 30, 2015
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF

	Shares		Value
Everyday Health, Inc.*		1,651	$	20,241
Brightcove, Inc.*		2,925		20,241
Cohu, Inc.		1,933		20,239
Violin Memory, Inc.*		5,934		20,235
Mitel Networks Corp.*		2,176		20,219
Intersil Corp. — Class A		1,514		20,212
Veeco Instruments, Inc.*		684		20,185
Omnicell, Inc.*		568		20,181
IXYS Corp.		1,782		20,154
Guidewire Software, Inc.*		403		20,130
Cray, Inc.*		716		20,112
OPOWER, Inc.*		2,006		20,060
Power Integrations, Inc.		404		19,994
QuickLogic Corp.*		11,357		19,988
Benefitfocus, Inc.*		576		19,901
Cypress Semiconductor Corp.		1,494		19,900
NetScout Systems, Inc.*,1		484		19,892
Alpha & Omega Semiconductor Ltd.*		2,427		19,877
Proofpoint, Inc.*		368		19,865
Diodes, Inc.*		742		19,826
Unisys Corp.*		910		19,811
American Software, Inc. — Class A		2,039		19,799
MedAssets, Inc.*		978		19,795
Envestnet, Inc.*		386		19,786
Integrated Device Technology, Inc.*		1,087		19,773
Acxiom Corp.*		1,132		19,765
Callidus Software, Inc.*		1,597		19,723
PMC-Sierra, Inc.*		2,338		19,709
Lattice Semiconductor Corp.*		3,322		19,699
Science Applications International Corp.		393		19,689
Brooks Automation, Inc.		1,813		19,508
Micrel, Inc.		1,433		19,489
Ebix, Inc.		712		19,430
Silicon Graphics International Corp.*		2,376		19,269
SciQuest, Inc.*		1,241		19,074
Tessera Technologies, Inc.		528		19,066
Nanometrics, Inc.*		1,222		18,892
Ciber, Inc.*		5,347		18,875
FormFactor, Inc.*		2,361		18,817
PROS Holdings, Inc.*		845		18,784
ManTech International Corp. — Class A		638		18,649
Hortonworks, Inc.*		919		18,536
Constant Contact, Inc.*		530		18,471
Quality Systems, Inc.		1,182		18,433
M/A-COM Technology Solutions Holdings, Inc.*		604		18,404
Computer Programs & Systems, Inc.		351		18,368
Super Micro Computer, Inc.*		638		18,355
Syntel, Inc.*		407		18,323
Mercury Systems, Inc.*		1,325		18,298
Semtech Corp.*		784		18,259
LivePerson, Inc.*		1,937		18,208
Maxwell Technologies, Inc.*		3,163		17,713
Amkor Technology, Inc.*		2,507		17,624
Pericom Semiconductor Corp.		1,407		17,616
Castlight Health, Inc. — Class B*,1		2,317		17,447
Seachange International, Inc.*		2,591		17,386
Ultra Clean Holdings, Inc.*		2,890		17,369
Park City Group, Inc.*,1		1,529		16,590
Carbonite, Inc.*		1,479		15,145
MobileIron, Inc.*		2,393		14,406
Fair Isaac Corp.		149		13,181
Advent Software, Inc.		292		12,676
Total Technology				3,981,800
UTILITIES - 6.6%
Dynegy, Inc.*		3,664		121,901
Atlantic Power Corp.		36,829		119,694
York Water Co.		4,326		108,842
Abengoa Yield plc		3,158		107,088
Laclede Group, Inc.		2,033		105,573
Piedmont Natural Gas Company, Inc.		2,809		105,168
Middlesex Water Co.		4,590		104,514
ONE Gas, Inc.		2,459		103,204
Unitil Corp.		3,014		103,079
UIL Holdings Corp.		2,064		102,952
New Jersey Resources Corp.		3,374		102,941
Cleco Corp.		1,888		102,613
WGL Holdings, Inc.		1,861		102,374
Northwest Natural Gas Co.		2,187		102,133
PNM Resources, Inc.		3,672		102,008
El Paso Electric Co.		2,741		101,993
NRG Yield, Inc. — Class A		2,064		101,549
IDACORP, Inc.		1,683		101,535
Chesapeake Utilities Corp.		2,125		101,533
Connecticut Water Service, Inc.		2,820		101,520
Avista Corp.		3,111		101,481
Black Hills Corp.		2,055		101,291
NorthWestern Corp.		1,943		101,211
South Jersey Industries, Inc.		1,910		100,753
Portland General Electric Co.		2,864		100,698
Ormat Technologies, Inc.		2,745		100,440
American States Water Co.		2,609		100,160
California Water Service Group		4,174		99,633
MGE Energy, Inc.		2,395		99,345
SJW Corp.		3,391		99,187
Southwest Gas Corp.		1,803		99,165
ALLETE, Inc.		1,968		98,990
Empire District Electric Co.		4,177		98,452
Otter Tail Corp.		3,178		95,054
EnerNOC, Inc.*		6,102		67,427
Ameresco, Inc. — Class A*		8,871		59,613
PICO Holdings, Inc.*		806		14,516
Total Utilities				3,639,630

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 57

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	April 30, 2015
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF

	Shares		Value
BASIC MATERIALS - 5.6%
Orchids Paper Products Co.		5,071	$	108,977
Ring Energy, Inc.*		6,213		75,426
Stepan Co.		1,295		65,954
Koppers Holdings, Inc.		2,755		61,932
Chemtura Corp.*		2,036		61,345
Zep, Inc.		3,075		61,131
Horsehead Holding Corp.*		4,049		60,533
AK Steel Holding Corp.*		11,852		60,208
Schnitzer Steel Industries, Inc. — Class A		3,401		59,245
KMG Chemicals, Inc.		2,020		59,146
Kraton Performance Polymers, Inc.*		2,595		58,491
Noranda Aluminum Holding Corp.		17,305		57,799
US Silica Holdings, Inc.1		1,534		57,295
Ferro Corp.*		4,221		56,941
Commercial Metals Co.		3,422		56,805
Olin Corp.		1,921		56,727
Globe Specialty Metals, Inc.		2,813		56,035
Calgon Carbon Corp.		2,523		55,985
Kronos Worldwide, Inc.		4,145		55,750
PolyOne Corp.		1,419		55,412
Materion Corp.		1,379		55,146
Intrepid Potash, Inc.*		4,391		55,019
Rentech, Inc.*		45,844		55,013
Kaiser Aluminum Corp.		680		54,652
American Vanguard Corp.		4,987		54,408
Gold Resource Corp.1		16,130		54,358
Worthington Industries, Inc.		2,003		54,141
United States Lime & Minerals, Inc.		817		53,922
Hawkins, Inc.		1,359		53,613
OM Group, Inc.		1,774		53,291
Quaker Chemical Corp.		640		53,261
Landec Corp.*		3,741		53,160
Sensient Technologies Corp.		812		53,072
Stillwater Mining Co.*		3,904		52,431
Clearwater Paper Corp.*		819		52,391
Coeur Mining, Inc.*		10,032		52,367
Oil-Dri Corporation of America		1,589		52,151
Tronox Ltd. — Class A		2,487		52,103
Neenah Paper, Inc.		847		51,218
OMNOVA Solutions, Inc.*		6,404		51,168
Schweitzer-Mauduit International, Inc.		1,154		51,018
Deltic Timber Corp.		793		50,752
Hecla Mining Co.		16,804		50,748
HB Fuller Co.		1,196		49,957
Innospec, Inc.		1,141		49,862
Minerals Technologies, Inc.		732		49,578
Resolute Forest Products, Inc.*		3,204		49,406
A. Schulman, Inc.		1,163		49,369
PH Glatfelter Co.		1,963		48,682
Axiall Corp.		1,181		48,185
Innophos Holdings, Inc.		910		48,084
Balchem Corp.		917		48,069
Century Aluminum Co.*		3,588		46,249
Aceto Corp.		2,379		46,105
Shiloh Industries, Inc.*		3,785		44,020
Universal Stainless & Alloy Products, Inc.*		2,043		42,903
Total Basic Materials				3,081,009
DIVERSIFIED - 0.2%
Horizon Pharma plc*		871		24,493
HRG Group, Inc.*		1,072		13,432
Tiptree Financial, Inc. — Class A		1,985		13,379
National Bank Holdings Corp. — Class A		697		13,243
FCB Financial Holdings, Inc. — Class A*		491		13,139
Resource America, Inc. — Class A		1,446		12,349
Total Diversified				90,035
GOVERNMENT - 0.0%
Banco Latinoamericano de Comercio Exterior S.A. — Class E		400		12,708
Total Common Stocks
(Cost $50,754,625)				54,841,622
RIGHTS††† - 0.0%
Leap Wireless International, Inc.
Expires 09/17/15		3,402		8,573
Total Rights
(Cost $8,301)				8,573
SHORT TERM INVESTMENTS† - 0.2%
Federated U.S. Treasury Cash Reserve Fund 0.00%		108,198		108,198
Total Short Term Investments
(Cost $108,198)				108,198

58 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	April 30, 2015
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF

	Face Amount		Value
SECURITIES LENDING COLLATERAL††,2 - 6.3%
Repurchase Agreements
HSBC Securities, Inc.issued 04/30/15 at 0.09% due 05/01/15	$	2,588,130	$	2,588,130
BNP Paribas Securities Corp.issued 04/30/15 at 0.10% due 05/01/15		479,980		479,980
Barclays Capital, Inc.issued 04/30/15 at 0.08% due 05/01/15		394,920		394,920
Total Securities Lending Collateral
(Cost $3,463,030)				3,463,030
Total Investments - 106.2%
(Cost $54,334,154)			$	58,421,423
Other Assets & Liabilities, net - (6.2)%				(3,414,195	)
Total Net Assets - 100.0%			$	55,007,228

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
†††	Value determined based on Level 3 inputs — See Note 4.
1	All or portion of this security is on loan at April 30, 2015 — See Note 5.
2	Securities lending collateral — See Note 5.
	plc — Public Limited Company
	REIT — Real Estate Investment Trust

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 59

SCHEDULE OF INVESTMENTS (Unaudited)	April 30, 2015
GUGGENHEIM MSCI EMERGING MARKETS EQUAL COUNTRY WEIGHT ETF

	Shares		Value
COMMON STOCKS† - 89.9%
FINANCIAL - 37.3%
OTP Bank plc		17,772	$	394,406
Commercial International Bank Egypt SAE GDR		56,516		389,959
Credicorp Ltd.		2,427		370,238
Komercni Banka AS		1,105		246,070
Emaar Properties PJSC		73,000		163,771
Powszechna Kasa Oszczednosci Bank Polski S.A.		9,939		99,415
Bancolombia S.A. ADR		2,006		90,812
Bank Central Asia Tbk PT		84,484		87,824
Ayala Land, Inc.		99,700		86,535
First Gulf Bank PJSC		18,461		76,650
Powszechny Zaklad Ubezpieczen S.A.		585		76,174
Turkiye Garanti Bankasi AS		23,270		74,697
Itau Unibanco Holding S.A. ADR		5,694		72,997
Grupo de Inversiones Suramericana S.A.		4,441		72,436
Bank Pekao S.A.		1,394		72,421
Public Bank BHD		13,200		72,199
China Construction Bank Corp.		3,492		67,347
Bank Rakyat Indonesia Persero Tbk PT		73,700		66,095
Industrial & Commercial Bank of China Ltd.		3,712		64,218
National Bank of Greece S.A. ADR*		41,615		60,758
Malayan Banking BHD		22,800		58,961
Bank Mandiri Persero Tbk PT		67,700		56,145
Siam Commercial Bank PCL		11,522		55,574
BDO Unibank, Inc.		22,065		54,010
Ayala Corp.		3,080		53,950
Banco Bradesco S.A. ADR		5,012		53,578
Sberbank of Russia ADR		8,902		53,154
Akbank TAS ADR		9,118		52,793
Bank of China Ltd.		3,047		52,104
Aldar Properties PJSC		65,500		49,219
Abu Dhabi Commercial Bank PJSC		23,000		46,777
Banco de Chile ADR		629		44,156
Grupo Financiero Banorte SAB de CV — Class O		7,609		43,333
National Bank of Abu Dhabi PJSC		14,190		42,884
Banco Santander Chile ADR		1,918		41,832
FirstRand Ltd.		8,454		40,184
Bank Zachodni WBK S.A.*		388		39,971
Standard Bank Group Ltd.		2,699		39,810
SM Prime Holdings, Inc.		91,700		38,427
Dubai Islamic Bank PJSC		20,000		37,899
CIMB Group Holdings BHD		22,800		37,771
Alpha Bank AE — Class B*		102,088		35,577
Turkiye Halk Bankasi AS		6,720		34,038
Turkiye Is Bankasi — Class C		15,097		33,973
Ping An Insurance Group Company of China Ltd.		1,169		33,597
China Overseas Land & Investment Ltd.		8,000		33,492
Bank of the Philippine Islands		14,540		33,077
Eurobank Ergasias S.A.*		217,871		32,958
China Life Insurance Company Ltd. ADR		453		32,919
Kasikornbank PCL		1,265		32,409
Sanlam Ltd.		2,251		29,488
Bank Negara Indonesia Persero Tbk PT		56,100		27,807
Piraeus Bank S.A.*		60,933		27,038
Corporation Financiera Colombiana S.A.		1,639		26,160
Fubon Financial Holding Company Ltd.		11,788		25,441
mBank S.A.*		196		25,329
Shinhan Financial Group Company Ltd. ADR		593		24,882
Dubai Financial Market PJSC		41,500		24,744
VTB Bank OJSC GDR		9,475		23,536
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		19,991		23,091
Evergrande Real Estate Group Ltd.		24,272		23,016
AMMB Holdings BHD		12,500		22,778
Cielo S.A.		1,629		22,415
PICC Property & Casualty Company Ltd. — Class H		10,000		22,242
Cathay Financial Holding Company Ltd.		12,486		21,893
KB Financial Group, Inc. ADR		553		21,086
Agricultural Bank of China Ltd. ADR		1,478		20,840
Yapi ve Kredi Bankasi AS		13,135		20,573
Corpbanca S.A. ADR		1,173		19,882
Bangkok Bank PCL		3,541		19,872
Banco de Credito e Inversiones		396		19,742
Banco Bradesco ADR		1,845		19,483
Turkiye Vakiflar Bankasi TAO — Class D		10,836		19,240
CTBC Financial Holding Company Ltd.		24,403		19,044
Mega Financial Holding Company Ltd.		20,956		18,680
Shin Kong Financial Holding Company Ltd.		56,478		18,349
Fibra Uno Administracion S.A. de CV		7,208		17,962
Krung Thai Bank PCL		29,597		17,957
BB Seguridade Participacoes S.A.		1,534		17,748
Shanghai Industrial Holdings Ltd.		4,432		17,725
Grupo Financiero Inbursa SAB de CV — Class O		7,208		17,188
Nedbank Group Ltd.		789		16,945
Hana Financial Group, Inc.		569		16,826
RMB Holdings Ltd.		2,783		16,694
Barclays Africa Group Ltd.		1,009		16,083
Taiwan Business Bank*		48,000		15,830
Central Pattana PCL		12,414		15,816
Hong Leong Bank BHD		4,000		15,814
Banco do Brasil S.A.		1,754		15,260
Taiwan Cooperative Financial Holding Company Ltd.		28,000		15,131
China Pacific Insurance Group Company Ltd. — Class H		2,600		14,189
Samsung Securities Company Ltd.		232		14,175
Yuanta Financial Holding Company Ltd.		24,169		14,087
E.Sun Financial Holding Company Ltd.		20,449		14,022
Country Garden Holdings Company Ltd.		24,940		13,514
Growthpoint Properties Ltd.		5,666		13,227
Redefine Properties Ltd.		13,063		13,176

60 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	April 30, 2015
GUGGENHEIM MSCI EMERGING MARKETS EQUAL COUNTRY WEIGHT ETF

	Shares		Value
First Financial Holding Company Ltd.		20,327	$	12,810
Bank of Communications Company Ltd. — Class H		12,444		12,795
China Merchants Bank Company Ltd. — Class H		4,204		12,719
SinoPac Financial Holdings Company Ltd.		28,000		12,708
Daewoo Securities Company Ltd.		793		12,465
China Development Financial Holding Corp.		29,000		12,120
Samsung Fire & Marine Insurance Company Ltd.		44		11,595
China CITIC Bank Corporation Ltd. — Class H		12,520		11,387
Grupo Financiero Santander Mexico SAB de CV ADR		1,117		11,360
Hua Nan Financial Holdings Company Ltd.		16,793		10,336
Yuexiu Property Company Ltd.		40,000		9,805
Shimao Property Holdings Ltd.		4,108		9,731
NH Investment & Securities Company Ltd.		685		9,553
Hyundai Marine & Fire Insurance Company Ltd.		356		9,498
China Life Insurance Company Ltd.		8,642		9,171
China Minsheng Banking Corporation Ltd. — Class H		6,175		9,066
BNK Financial Group, Inc.		513		7,681
Taishin Financial Holding Company Ltd.		16,420		7,533
Longfor Properties Company Ltd.		4,232		7,371
Industrial Bank of Korea		481		6,641
SOHO China Ltd.		8,424		6,401
Chang Hwa Commercial Bank Ltd.		8,926		5,465
Total Financial				5,133,825
COMMUNICATIONS - 9.2%
Naspers Ltd.		793		125,080
America Movil SAB de CV — Class L ADR		4,994		104,324
Tencent Holdings Ltd.		4,205		86,707
Philippine Long Distance Telephone Co. ADR		1,305		84,094
Global Telecom Holding SAE GDR*		35,973		78,780
China Mobile Ltd. ADR		1,025		73,216
MTN Group Ltd.		3,464		70,734
Telekomunikasi Indonesia Persero Tbk PT		325,500		65,664
Hellenic Telecommunications Organization S.A.*		6,868		62,337
Grupo Televisa SAB ADR*		1,546		56,290
Advanced Info Service PCL		7,548		54,953
O2 Czech Republic AS		5,642		46,260
Turkcell Iletisim Hizmetleri AS ADR		3,412		37,737
DiGi.com BHD		16,900		28,519
Axiata Group BHD		14,100		26,684
Mobile Telesystems OJSC ADR		1,982		23,943
Chunghwa Telecom Company Ltd. ADR		689		22,172
NAVER Corp.		36		21,828
Orange Polska S.A.		7,713		21,798
True Corporation PCL*		57,200		21,169
Maxis BHD		9,300		18,122
Turk Telekomunikasyon AS		5,895		16,285
Telefonica Brasil S.A. ADR		989		16,239
Cyfrowy Polsat S.A.		2,211		15,389
China Unicom Hong Kong Ltd. ADR		789		14,825
Telekom Malaysia BHD		6,900		14,356
China Telecom Corporation Ltd. ADR		164		12,166
Vodacom Group Ltd.		909		11,372
Rostelecom OJSC ADR		921		8,667
Samsung SDI Company Ltd.		72		8,060
MegaFon OAO GDR		368		6,256
Tim Participacoes S.A. ADR		380		5,974
Sistema JSFC GDR		621		4,689
Total Communications				1,264,689
ENERGY - 8.3%
MOL Hungarian Oil & Gas plc		3,268		181,767
Gazprom OAO ADR		23,495		139,185
Lukoil OAO ADR		2,066		105,780
Ecopetrol S.A. ADR1		4,421		75,688
PTT PCL		6,767		73,079
Polski Koncern Naftowy Orlen S.A.		3,272		62,084
Sasol Ltd. ADR		1,101		44,315
NovaTek OAO GDR		388		37,713
Polskie Gornictwo Naftowe i Gazownictwo S.A.		20,199		36,378
Tatneft OAO ADR		989		33,962
PTT Exploration & Production PCL		9,522		33,796
China Petroleum & Chemical Corp. ADR		344		32,498
Petroleo Brasileiro S.A. ADR*		3,596		31,213
Tupras Turkiye Petrol Rafinerileri AS*		1,265		30,689
KOC Holding AS		1,297		30,220
CNOOC Ltd. ADR		172		29,455
PetroChina Company Ltd. ADR		208		26,815
Petroleo Brasileiro S.A. ADR*,1		2,611		24,805
Rosneft OAO GDR		4,926		24,334
Surgutneftegas OAO ADR		3,284		23,809
GS Holdings Corp.		304		14,236
SapuraKencana Petroleum BHD		17,600		13,145
China Shenhua Energy Company Ltd.		1,117		11,561
SK Innovation Company Ltd.*		96		10,567
SK Holdings Company Ltd.		56		9,664
China Longyuan Power Group Corporation Ltd. — Class H		5,000		6,231
Total Energy				1,142,989
CONSUMER, NON-CYCLICAL - 8.0%
Richter Gedeon Nyrt		11,073		186,648
DP World Ltd.		3,493		80,618
Universal Robina Corp.		12,330		60,308
JG Summit Holdings, Inc.		35,920		57,675
Ambev S.A. ADR		9,106		57,641
Magnit PJSC GDR		1,029		56,749
Fomento Economico Mexicano SAB de CV ADR		585		52,936
BIM Birlesik Magazalar AS		2,130		39,413

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 61

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	April 30, 2015
GUGGENHEIM MSCI EMERGING MARKETS EQUAL COUNTRY WEIGHT ETF

	Shares		Value
Cencosud S.A.		14,797	$	38,339
Unilever Indonesia Tbk PT		11,000		36,150
BRF S.A. ADR		1,293		27,761
International Container Terminal Services, Inc.		11,090		27,395
Aspen Pharmacare Holdings Ltd.*		801		24,252
Kalbe Farma Tbk PT		157,500		21,810
IHH Healthcare BHD		12,800		21,276
Cia Cervecerias Unidas S.A. ADR		949		20,755
Bidvest Group Ltd.		765		20,646
IOI Corporation BHD		14,900		18,157
Bangkok Dusit Medical Services PCL — Class F		28,432		17,422
Anadolu Efes Biracilik Ve Malt Sanayii AS*		2,046		17,208
Shoprite Holdings Ltd.		1,081		15,645
Kuala Lumpur Kepong BHD		2,500		15,541
Indofood Sukses Makmur Tbk PT		29,300		15,257
Charoen Pokphand Indonesia Tbk PT		66,500		14,544
Gudang Garam Tbk PT		3,700		14,272
Grupo Bimbo SAB de CV*		5,206		13,963
Coca-Cola Icecek AS		817		13,850
Charoen Pokphand Foods PCL		20,423		13,816
Want Want China Holdings Ltd.		12,312		13,517
Uni-President Enterprises Corp.		8,017		13,167
Cia Brasileira de Distribuicao ADR		384		12,879
KT&G Corp.		144		12,775
Mediclinic International Ltd.		1,137		11,996
Tiger Brands Ltd.		412		10,682
Coca-Cola Femsa SAB de CV ADR		124		9,908
Life Healthcare Group Holdings Ltd.		2,687		9,172
Celltrion, Inc.*		25		1,999
Total Consumer, Non-cyclical				1,096,142
BASIC MATERIALS - 6.0%
Southern Copper Corp.		5,879		191,538
Cia de Minas Buenaventura S.A.A. ADR		6,295		70,378
KGHM Polska Miedz S.A.		1,482		51,924
MMC Norilsk Nickel OJSC ADR		2,170		40,753
Empresas CMPC S.A.		14,364		40,300
Grupo Mexico SAB de CV		11,613		35,805
PTT Global Chemical PCL		13,211		25,748
Vale S.A. ADR		4,001		24,206
Eregli Demir ve Celik Fabrikalari TAS		14,312		24,075
Sociedad Quimica y Minera de Chile S.A. ADR		1,053		22,998
Vale S.A. ADR1		2,887		22,172
POSCO ADR		360		21,269
Formosa Plastics Corp.		8,240		21,228
Ultrapar Participacoes S.A. ADR		917		20,944
Petronas Chemicals Group BHD		12,500		20,602
Fibria Celulose S.A. ADR		1,470		20,595
Nan Ya Plastics Corp.		8,090		19,944
China Steel Corp.		20,934		17,601
Uralkali PJSC GDR		1,081		16,010
LG Chem Ltd.		60		15,280
Hyundai Steel Co.		204		14,976
Severstal PAO GDR		973		10,781
Formosa Chemicals & Fibre Corp.		4,180		10,673
CITIC Ltd.		5,000		10,024
AngloGold Ashanti Ltd. ADR*		877		9,936
Gerdau S.A. ADR		2,799		9,405
Jiangxi Copper Company Ltd. — Class H		4,444		9,219
Braskem S.A. ADR		1,049		8,707
Gold Fields Ltd. ADR		1,698		7,760
Korea Zinc Company Ltd.		16		7,127
Total Basic Materials				821,978
CONSUMER, CYCLICAL - 6.0%
SACI Falabella		10,848		84,618
Astra International Tbk PT		124,100		65,580
OPAP S.A.		5,983		53,299
SM Investments Corp.		2,361		47,745
CP ALL PCL		32,361		41,230
Almacenes Exito S.A.		3,816		40,647
Wal-Mart de Mexico SAB de CV		16,018		37,790
Latam Airlines Group S.A. ADR*		3,784		36,212
Steinhoff International Holdings Ltd.		5,382		34,022
Hyundai Motor Co.		180		28,376
Jollibee Foods Corp.		6,330		28,288
FF Group*		901		27,159
JUMBO S.A.		2,623		27,011
Genting BHD		9,700		23,831
Kia Motors Corp.		449		20,775
Genting Malaysia BHD		16,500		19,921
Hyundai Mobis Company Ltd.		88		19,414
Matahari Department Store Tbk PT		14,100		19,036
Great Wall Motor Company Ltd. — Class H		2,468		18,834
Woolworths Holdings Limited/South Africa		2,459		18,411
Turk Hava Yollari AO*		5,286		17,547
LPP S.A.		8		16,957
Dongfeng Motor Group Company Ltd. — Class H		10,000		16,694
Mr Price Group Ltd.		585		12,445
Cheng Shin Rubber Industry Company Ltd.		4,199		10,064
Far Eastern New Century Corp.		8,852		9,741
LG Corp.		156		9,706
Samsung C&T Corp.		172		9,178
Shinsegae Company Ltd.		40		7,519
Kangwon Land, Inc.		216		7,385
Lotte Shopping Company Ltd.		24		5,799
Hankook Tire Company Ltd.		112		4,712
Total Consumer, Cyclical				819,946
UTILITIES - 5.9%
CEZ AS		11,649		302,430
Enersis S.A. ADR		4,537		80,621
Empresa Nacional de Electricidad S.A. ADR		1,265		58,342
Tenaga Nasional BHD		12,800		51,610
PGE Polska Grupa Energetyczna S.A.		8,618		49,548
Colbun S.A.		98,235		29,720

62 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	April 30, 2015
GUGGENHEIM MSCI EMERGING MARKETS EQUAL COUNTRY WEIGHT ETF

	Shares		Value
Aboitiz Power Corp.		30,000	$	28,935
Perusahaan Gas Negara Persero Tbk PT		82,848		26,204
Energy Development Corp.		143,000		26,012
Interconexion Electrica S.A. ESP		7,036		23,457
Petronas Gas BHD		3,600		22,966
Public Power Corporation S.A.*		3,116		20,915
Aguas Andinas S.A. — Class A		32,933		19,480
Energa S.A.		2,687		18,620
Tauron Polska Energia S.A.		12,670		16,921
Cia Energetica de Minas Gerais ADR		2,178		10,716
CPFL Energia S.A. ADR		752		9,795
Cia de Saneamento Basico do Estado de Sao Paulo ADR		1,317		7,757
RusHydro JSC ADR		5,666		6,856
Total Utilities				810,905
INDUSTRIAL - 3.4%
Hon Hai Precision Industry Company Ltd.		16,000		48,064
Grupo Argos S.A.		5,366		41,817
Cemex SAB de CV ADR*		3,811		36,658
Cementos Argos S.A.		7,633		32,191
Titan Cement Company S.A.		1,241		31,289
Airports of Thailand PCL		3,200		28,151
Semen Indonesia Persero Tbk PT		24,076		23,217
Delta Electronics, Inc.		3,680		22,229
Indocement Tunggal Prakarsa Tbk PT		11,672		18,909
Arabtec Holding PJSC*		23,000		18,535
Gamuda BHD		12,000		17,621
Cemex Latam Holdings S.A.*		3,096		17,160
MISC BHD		6,000		15,415
BTS Group Holdings PCL		52,460		14,720
Taiwan Cement Corp.		8,296		11,810
Embraer S.A. ADR		368		11,474
LG Electronics, Inc.		200		11,269
China National Building Material Company Ltd. — Class H		8,768		10,678
China Everbright International Ltd.		5,000		9,366
Hyundai Heavy Industries Company Ltd.*		68		8,881
LG Display Company Ltd. ADR		637		8,803
Orascom Construction Industries SAE GDR*		434		8,680
Hyundai Engineering & Construction Company Ltd.		152		7,359
China Communications Construction Company Ltd. — Class H		4,012		7,340
Asia Cement Corp.		4,201		5,322
Total Industrial				466,958
TECHNOLOGY - 3.4%
Samsung Electronics Company Ltd.GDR2		248		163,307
Taiwan Semiconductor Manufacturing Company Ltd. ADR		6,523		159,422
MediaTek, Inc.		4,000		51,590
SK Hynix, Inc.		701		30,178
Quanta Computer, Inc.		5,000		12,571
Advanced Semiconductor Engineering, Inc. ADR		1,626		11,594
United Microelectronics Corp. ADR		3,360		8,131
Siliconware Precision Industries Company Ltd. ADR		941		7,632
Innolux Corp.		12,820		6,656
Inotera Memories, Inc.*		5,000		5,804
SK C&C Company Ltd.		24		5,698
Total Technology				462,583
DIVERSIFIED - 2.1%
Empresas COPEC S.A.		5,366		61,596
Siam Cement PCL		2,400		39,169
Sime Darby BHD		14,000		35,614
Aboitiz Equity Ventures, Inc.		27,830		35,405
Haci Omer Sabanci Holding AS		9,106		33,256
Remgro Ltd.		1,185		26,235
Alfa SAB de CV — Class A		8,410		17,054
IJM Corporation BHD		8,100		16,671
CJ Corp.		60		10,690
LS Corp.		144		7,267
Total Diversified				282,957
CONSUMER STAPLES - 0.1%
Kimberly-Clark de Mexico, SAB de CV1		929		10,274
JBS S.A.		837		8,521
Total Consumer Staples				18,795
CONSUMER DISCRETIONARY - 0.1%
Kroton Educational S.A.		3,092		11,008
Estacio Participacoes S.A.		1,037		6,564
Total Consumer Discretionary				17,572
MATERIALS - 0.1%
Impala Platinum Holdings Ltd.*		1,502		8,261
Total Common Stocks
(Cost $11,659,146)				12,347,600
PREFERRED STOCKS† - 0.8%
Grupo Aval Acciones y Valores S.A.*		67,208		33,889
Grupo de Inversiones Suramericana		1,966		29,085
Samsung Electronics Company, Ltd.*		24		24,403
Banco Davivienda S.A.*		1,934		22,325
Hyundai Motor Co.*		56		6,373
Total Preferred Stocks
(Cost $114,112)				116,075

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 63

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	April 30, 2015
GUGGENHEIM MSCI EMERGING MARKETS EQUAL COUNTRY WEIGHT ETF

	Shares		Value
EXCHANGE-TRADED FUNDS† - 8.6%
iShares MSCI India ETF		18,294	$	537,570
iShares MSCI Qatar Capped ETF1		22,635		529,659
Market Vectors Egypt Index ETF		2,186		116,273
Total Exchange-Traded Funds
(Cost $1,246,947)				1,183,502
SHORT TERM INVESTMENTS† - 0.4%
Federated U.S. Treasury Cash Reserve Fund 0.00%		49,262		49,262
Total Short Term Investments
(Cost $49,262)				49,262

	Face Amount
SECURITIES LENDING COLLATERAL††,3 - 1.4%
Repurchase Agreements
HSBC Securities, Inc.issued 04/30/15 at 0.09% due 05/01/15	$	141,379		141,379
BNP Paribas Securities Corp.issued 04/30/15 at 0.10% due 05/01/15		26,219		26,219
Barclays Capital, Inc.issued 04/30/15 at 0.08% due 05/01/15		21,573		21,573
Total Securities Lending Collateral
(Cost $189,171)				189,171
Total Investments - 101.1%
(Cost $13,258,638)			$	13,885,610
Other Assets & Liabilities, net - (1.1)%				(145,585	)
Total Net Assets - 100.0%			$	13,740,025

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or portion of this security is on loan at April 30, 2015 — See Note 5.
2	Security is a 144A or Section 4(a)(2) security. The total market value of 144A or Section 4(a)(2) securities is $163,307 (cost $148,826), or 1.2% of total net assets.
3	Securities lending collateral — See Note 5.
	ADR — American Depositary Receipt
	GDR — Global Depositary Receipt
	plc — Public Limited Company

64 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	April 30, 2015
GUGGENHEIM MSCI EMERGING MARKETS EQUAL COUNTRY WEIGHT ETF

INVESTMENT CONCENTRATION

At April 30, 2015, the investment diversification of the Fund by country was as follows:

Country	% of Total Investments
United States	9.0%
China	6.3%
Hungary	5.6%
Taiwan, Province of China	5.2%
Republic of Korea	4.9%
Philippines	4.8%
Mexico	4.8%
South Africa	4.7%
Chile	4.5%
Russian Federation	4.5%
Poland	4.4%
Czech Republic	4.3%
Malaysia	4.3%
Indonesia	4.1%
Brazil	4.0%
United Arab Emirates	3.9%
Turkey	3.8%
Thailand	3.7%
Colombia	3.7%
Egypt	3.5%
Peru	3.2%
Greece	2.8%
Total Investments	100.0%

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 65

SCHEDULE OF INVESTMENTS (Unaudited)	April 30, 2015
GUGGENHEIM S&P 500® EQUAL WEIGHT CONSUMER DISCRETIONARY ETF

	Shares		Value
COMMON STOCKS† - 99.9%
RETAIL-APPAREL/SHOE - 6.9%
PVH Corp.		24,230	$	2,504,170
L Brands, Inc.		25,913		2,315,586
The Gap, Inc.		57,321		2,272,204
Ross Stores, Inc.		22,231		2,198,201
Coach, Inc.		57,169		2,184,427
Urban Outfitters, Inc.*		52,591		2,105,744
Total Retail-Apparel/Shoe				13,580,332
RETAIL-RESTAURANTS - 6.1%
Yum! Brands, Inc.		30,419		2,614,817
Starbucks Corp.		50,546		2,506,071
Darden Restaurants, Inc.		37,362		2,382,575
McDonald’s Corp.		24,468		2,362,385
Chipotle Mexican Grill, Inc. — Class A*		3,494		2,170,962
Total Retail-Restaurants				12,036,810
APPAREL MANUFACTURERS - 5.9%
Ralph Lauren Corp. — Class A		18,133		2,419,123
Under Armour, Inc. — Class A*		31,001		2,404,127
VF Corp.		32,327		2,341,445
Michael Kors Holdings Ltd.*		36,416		2,252,694
Hanesbrands, Inc.		72,298		2,247,022
Total Apparel Manufacturers				11,664,411
E-COMMERCE/SERVICES - 5.2%
Netflix, Inc.*		5,377		2,992,301
Priceline Group, Inc.*		2,035		2,518,943
Expedia, Inc.		25,833		2,434,244
TripAdvisor, Inc.*		28,571		2,299,680
Total E-Commerce/Services				10,245,168
CABLE/SATELLITE TV - 5.0%
Cablevision Systems Corp. — Class A		132,007		2,637,500
DIRECTV*		27,677		2,510,442
Time Warner Cable, Inc.		15,213		2,365,926
Comcast Corp. — Class A		39,927		2,306,184
Total Cable/Satellite TV				9,820,052
MULTIMEDIA - 4.8%
Walt Disney Co.		22,150		2,408,148
Viacom, Inc. — Class B		34,605		2,403,317
Time Warner, Inc.		28,036		2,366,519
Twenty-First Century Fox, Inc. — Class A		69,299		2,361,710
Total Multimedia				9,539,694
RETAIL-DISCOUNT - 4.7%
Target Corp.		29,775		2,347,163
Family Dollar Stores, Inc.		29,730		2,323,102
Dollar General Corp.		31,729		2,307,016
Dollar Tree, Inc.*		28,782		2,199,233
Total Retail-Discount				9,176,514
AUTO/TRUCK PARTS & EQUIPMENTS - 3.7%
Delphi Automotive plc		30,698		2,547,934
Johnson Controls, Inc.		48,292		2,432,951
BorgWarner, Inc.		40,097		2,373,742
Total Auto/Truck Parts & Equipments				7,354,627
HOTELS & MOTELS - 3.6%
Starwood Hotels & Resorts Worldwide, Inc.		29,190		2,508,880
Marriott International, Inc. — Class A		28,723		2,299,276
Wyndham Worldwide Corp.		26,314		2,247,216
Total Hotels & Motels				7,055,372
BUILDINGS-RESIDENTIAL/COMMERCIAL - 3.4%
DR Horton, Inc.		89,473		2,272,615
Lennar Corp. — Class A		47,918		2,194,644
PulteGroup, Inc.		111,997		2,161,542
Total Buildings-Residential/Commercial				6,628,801
TOYS - 2.7%
Hasbro, Inc.		38,822		2,748,210
Mattel, Inc.		94,153		2,651,348
Total Toys				5,399,558
RETAIL-AUTOMOBILE - 2.5%
CarMax, Inc.*		37,232		2,535,871
AutoNation, Inc.*		38,316		2,358,350
Total Retail-Automobile				4,894,221
RETAIL-AUTO PARTS - 2.5%
O’Reilly Automotive, Inc.*		11,214		2,442,746
AutoZone, Inc.*		3,602		2,422,921
Total Retail-Auto Parts				4,865,667
DISTRIBUTION/WHOLESALE - 2.4%
Fossil Group, Inc.*		29,402		2,469,180
Genuine Parts Co.		24,955		2,242,207
Total Distribution/Wholesale				4,711,387
RETAIL-REGIONAL DEPARTMENT STORES - 2.4%
Macy’s, Inc.		37,210		2,404,882
Kohl’s Corp.		31,815		2,279,545
Total Retail-Regional Department Stores				4,684,427
BROADCAST SERVICES/PROGRAM - 2.4%
Scripps Networks Interactive, Inc. — Class A		32,784		2,290,289
Discovery Communications, Inc. — Class C*		48,737		1,473,320
Discovery Communications, Inc. — Class A*		26,482		856,958
Total Broadcast Services/Program				4,620,567
ADVERTISING AGENCIES - 2.3%
Omnicom Group, Inc.		30,595		2,317,877
Interpublic Group of Companies, Inc.		109,453		2,281,001
Total Advertising Agencies				4,598,878

66 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	April 30, 2015
GUGGENHEIM S&P 500® EQUAL WEIGHT CONSUMER DISCRETIONARY ETF

	Shares		Value
PUBLISHING-NEWSPAPERS - 2.3%
Gannett Company, Inc.		66,299	$	2,275,381
News Corp. — Class A*		141,174		2,227,726
Total Publishing-Newspapers				4,503,107
AUTO-CARS/LIGHT TRUCKS - 2.3%
Ford Motor Co.		145,531		2,299,390
General Motors Co.		61,962		2,172,388
Total Auto-Cars/Light Trucks				4,471,778
RETAIL-MAJOR DEPARTMENT STORES - 2.3%
TJX Companies, Inc.		34,675		2,237,924
Nordstrom, Inc.		29,339		2,216,855
Total Retail-Major Department Stores				4,454,779
RETAIL-BUILDING PRODUCTS - 2.2%
Home Depot, Inc.		20,533		2,196,621
Lowe’s Companies, Inc.		31,791		2,189,128
Total Retail-Building Products				4,385,749
CRUISE LINES - 2.2%
Carnival Corp.		52,008		2,286,792
Royal Caribbean Cruises Ltd.		30,400		2,069,024
Total Cruise Lines				4,355,816
E-COMMERCE/PRODUCTS - 1.4%
Amazon.com, Inc.*		6,362		2,683,364
RUBBER-TIRES - 1.3%
Goodyear Tire & Rubber Co.		93,428		2,650,085
ATHLETIC FOOTWEAR - 1.2%
NIKE, Inc. — Class B		24,605		2,431,958
TELEVISION - 1.2%
CBS Corp. — Class B		38,695		2,404,120
RETAIL-JEWELRY - 1.2%
Tiffany & Co.		27,481		2,404,038
RETAIL-OFFICE SUPPLIES - 1.2%
Staples, Inc.		147,257		2,403,234
AUDIO/VIDEO PRODUCTS - 1.2%
Harman International Industries, Inc.		18,094		2,359,096
RETAIL-GARDENING PRODUCTS - 1.2%
Tractor Supply Co.		27,330		2,352,020
HOME DECORATION PRODUCTS - 1.2%
Newell Rubbermaid, Inc.		61,077		2,328,866
TEXTILE-HOME FURNISHINGS - 1.2%
Mohawk Industries, Inc.*		13,200		2,290,200
MOTORCYCLE/MOTOR SCOOTER - 1.1%
Harley-Davidson, Inc.		40,094		2,253,684
COMMERCIAL SERVICES-FINANCE - 1.1%
H&R Block, Inc.		74,116		2,241,268
RETAIL-COMPUTER EQUIPMENTS - 1.1%
GameStop Corp. — Class A1		57,928		2,232,545
ELECTRONIC COMPONENTS-MISCELLANEOUS - 1.1%
Garmin Ltd.		49,118		2,219,642
RETAIL-BEDDING - 1.1%
Bed Bath & Beyond, Inc.*		31,304		2,205,680
DIVERSIFIED MANUFACTURING OPERATIONS - 1.1%
Leggett & Platt, Inc.		51,851		2,202,112
APPLIANCES - 1.1%
Whirlpool Corp.		11,929		2,094,732
CASINO HOTELS - 1.1%
Wynn Resorts Ltd.		18,554		2,060,793
RETAIL-CONSUMER ELECTRONICS - 1.0%
Best Buy Company, Inc.		58,169		2,015,556
Total Common Stocks
(Cost $183,383,007)				196,880,708
SHORT TERM INVESTMENTS† - 0.1%
Federated U.S. Treasury Cash Reserve Fund 0.00%		130,268		130,268
Total Short Term Investments
(Cost $130,268)				130,268

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 67

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	April 30, 2015
GUGGENHEIM S&P 500® EQUAL WEIGHT CONSUMER DISCRETIONARY ETF

	Face Amount		Value
SECURITIES LENDING COLLATERAL††,2 - 1.1%
Repurchase Agreements
HSBC Securities, Inc.issued 04/30/15 at 0.09% due 05/01/15	$	1,692,298	$	1,692,298
BNP Paribas Securities Corp.issued 04/30/15 at 0.10% due 05/01/15		313,844		313,844
Barclays Capital, Inc.issued 04/30/15 at 0.08% due 05/01/15		258,226		258,226
Total Securities Lending Collateral
(Cost $2,264,368)				2,264,368
Total Investments - 101.1%
(Cost $185,777,643)			$	199,275,344
Other Assets & Liabilities, net - (1.1)%				(2,230,928	)
Total Net Assets - 100.0%			$	197,044,416

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or portion of this security is on loan at April 30, 2015 — See Note 5.
2	Securities lending collateral — See Note 5.
	plc — Public Limited Company

68 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)	April 30, 2015
GUGGENHEIM S&P 500® EQUAL WEIGHT CONSUMER STAPLES ETF

	Shares		Value
COMMON STOCKS† - 99.7%
FOOD-MISCELLANEOUS/DIVERSIFIED - 19.9%
Kraft Foods Group, Inc.		112,273	$	9,515,136
Mondelez International, Inc. — Class A		200,569		7,695,833
ConAgra Foods, Inc.		203,936		7,372,286
General Mills, Inc.		132,723		7,344,891
McCormick & Company, Inc.		96,159		7,240,773
Kellogg Co.		111,370		7,053,062
Campbell Soup Co.		152,692		6,826,859
Total Food-Miscellaneous/Diversified				53,048,840
BEVERAGES-NON-ALCOHOLIC - 13.2%
Coca-Cola Enterprises, Inc.		165,390		7,344,969
Coca-Cola Co.		173,429		7,034,280
Monster Beverage Corp.*		51,088		7,004,676
PepsiCo, Inc.		73,383		6,980,191
Dr Pepper Snapple Group, Inc.		90,255		6,731,218
Total Beverages-Non-alcoholic				35,095,334
TOBACCO - 10.8%
Philip Morris International, Inc.		89,137		7,440,265
Reynolds American, Inc.		99,062		7,261,245
Lorillard, Inc.		103,399		7,223,454
Altria Group, Inc.		134,688		6,741,134
Total Tobacco				28,666,098
COSMETICS & TOILETRIES - 7.7%
Estee Lauder Companies, Inc. — Class A		85,950		6,986,876
Colgate-Palmolive Co.		101,104		6,802,277
Procter & Gamble Co.		84,583		6,725,194
Total Cosmetics & Toiletries				20,514,347
FOOD-MEAT PRODUCTS - 5.3%
Tyson Foods, Inc. — Class A		184,971		7,306,354
Hormel Foods Corp.		125,279		6,808,914
Total Food-Meat Products				14,115,268
BEVERAGES-WINE/SPIRITS - 5.2%
Brown-Forman Corp. — Class B		78,094		7,046,422
Constellation Brands, Inc. — Class A		59,443		6,891,821
Total Beverages-Wine/Spirits				13,938,243
CONSUMER PRODUCTS-MISCELLANEOUS - 5.2%
Kimberly-Clark Corp.		65,427		7,176,688
Clorox Co.		63,634		6,751,567
Total Consumer Products-Miscellaneous				13,928,255
FOOD-CONFECTIONERY - 5.1%
JM Smucker Co.		62,343		7,226,801
Hershey Co.		69,300		6,370,056
Total Food-Confectionery				13,596,857
RETAIL-DRUG STORE - 5.1%
Walgreens Boots Alliance, Inc.		82,675		6,856,238
CVS Health Corp.		67,029		6,655,309
Total Retail-Drug Store				13,511,547
RETAIL-DISCOUNT - 5.0%
Costco Wholesale Corp.		46,365		6,632,513
Wal-Mart Stores, Inc.		84,514		6,596,318
Total Retail-Discount				13,228,831
FOOD-RETAIL - 4.6%
Kroger Co.		90,657		6,247,174
Whole Foods Market, Inc.		127,680		6,097,997
Total Food-Retail				12,345,171
AGRICULTURAL OPERATIONS - 2.7%
Archer-Daniels-Midland Co.		149,494		7,307,267
BREWERY - 2.5%
Molson Coors Brewing Co. — Class B		92,213		6,778,578
VITAMINS & NUTRITION PRODUCTS - 2.5%
Mead Johnson Nutrition Co. — Class A		69,632		6,679,101
FOOD-WHOLESALE/DISTRIBUTION - 2.5%
Sysco Corp.		179,454		6,645,182
COFFEE - 2.4%
Keurig Green Mountain, Inc.		55,508		6,459,466
Total Common Stocks
(Cost $244,871,457)				265,858,385
SHORT TERM INVESTMENTS† - 0.2%
Federated U.S. Treasury Cash Reserve Fund 0.00%		477,681		477,681
Total Short Term Investments
(Cost $477,681)				477,681
Total Investments - 99.9%
(Cost $245,349,138)			$	266,336,066
Other Assets & Liabilities, net - 0.1%				282,190
Total Net Assets - 100.0%			$	266,618,256

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 69

SCHEDULE OF INVESTMENTS (Unaudited)	April 30, 2015
GUGGENHEIM S&P 500® EQUAL WEIGHT ENERGY ETF

	Shares		Value
COMMON STOCKS† - 99.9%
OIL COMPANY-EXPLORATION & PRODUCTION - 41.9%
Range Resources Corp.		80,944	$	5,144,801
Southwestern Energy Co.*		164,025		4,597,621
Newfield Exploration Co.*		116,897		4,587,038
Cabot Oil & Gas Corp. — Class A		130,367		4,409,012
Anadarko Petroleum Corp.		46,744		4,398,610
Devon Energy Corp.		63,534		4,333,654
Equities Corp.		48,088		4,325,035
Cimarex Energy Co.		34,340		4,271,896
EOG Resources, Inc.		42,930		4,247,924
Apache Corp.		61,756		4,224,110
Noble Energy, Inc.		83,260		4,222,947
Chesapeake Energy Corp.1		265,648		4,189,269
Pioneer Natural Resources Co.		23,707		4,096,095
Hess Corp.		53,127		4,085,466
QEP Resources, Inc.		179,994		4,049,865
ConocoPhillips		59,472		4,039,338
Occidental Petroleum Corp.		50,328		4,031,273
Total Oil Company-Exploration & Production				73,253,954
OIL & GAS DRILLING - 13.6%
Transocean Ltd.1		269,553		5,072,987
Ensco plc — Class A		179,174		4,887,867
Noble Corporation plc1		270,350		4,679,759
Diamond Offshore Drilling, Inc.1		137,249		4,593,724
Helmerich & Payne, Inc.		58,666		4,574,188
Total Oil & Gas Drilling				23,808,525
PIPELINES - 9.2%
Williams Companies, Inc.		79,452		4,067,149
Spectra Energy Corp.		108,461		4,040,172
Kinder Morgan, Inc.		91,831		3,944,141
ONEOK, Inc.		81,700		3,929,770
Total Pipelines				15,981,232
OIL COMPANY-INTEGRATED - 9.1%
Marathon Oil Corp.		142,199		4,422,389
Chevron Corp.		36,074		4,006,378
Exxon Mobil Corp.		43,708		3,818,768
Murphy Oil Corp.		78,280		3,726,911
Total Oil Company-Integrated				15,974,446
OIL REFINING & MARKETING - 8.5%
Phillips 66		49,115		3,895,311
Marathon Petroleum Corp.		38,109		3,756,404
Tesoro Corp.		42,511		3,648,719
Valero Energy Corp.		62,632		3,563,761
Total Oil Refining & Marketing				14,864,195
OIL FIELD MACHINERY & EQUIPMENT - 7.5%
Cameron International Corp.*		85,234		4,672,527
FMC Technologies, Inc.*		99,996		4,409,824
National Oilwell Varco, Inc.		74,709		4,064,917
Total Oil Field Machinery & Equipment				13,147,268
OIL-FIELD SERVICES - 7.5%
Halliburton Co.		91,238		4,466,099
Schlumberger Ltd.		45,583		4,312,608
Baker Hughes, Inc.		62,273		4,263,210
Total Oil-Field Services				13,041,917
COAL - 2.6%
CONSOL Energy, Inc.		138,024		4,483,020
Total Common Stocks
(Cost $189,864,832)				174,554,557

	Face Amount
SECURITIES LENDING COLLATERAL††,2 - 9.2%
Repurchase Agreements
HSBC Securities, Inc.issued 04/30/15 at 0.09% due 05/01/15	$	12,057,107		12,057,107
BNP Paribas Securities Corp.issued 04/30/15 at 0.10% due 05/01/15		2,236,045		2,236,045
Barclays Capital, Inc.issued 04/30/15 at 0.08% due 05/01/15		1,839,783		1,839,783
Total Securities Lending Collateral
(Cost $16,132,935)				16,132,935
Total Investments - 109.1%
(Cost $205,997,767)			$	190,687,492
Other Assets & Liabilities, net - (9.1)%				(15,979,740	)
Total Net Assets - 100.0%			$	174,707,752

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or portion of this security is on loan at April 30, 2015 — See Note 5.
2	Securities lending collateral — See Note 5.
	plc — Public Limited Company

70 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)	April 30, 2015
GUGGENHEIM S&P 500® EQUAL WEIGHT FINANCIALS ETF

	Shares		Value
COMMON STOCKS† - 99.9%
MULTI-LINE INSURANCE - 11.7%
Genworth Financial, Inc. — Class A*		277,552	$	2,439,681
Loews Corp.		51,091		2,127,428
XL Group plc — Class A		56,370		2,090,200
American International Group, Inc.		36,888		2,076,426
Assurant, Inc.		33,325		2,048,155
Allstate Corp.		29,330		2,043,128
MetLife, Inc.		39,729		2,037,700
Hartford Financial Services Group, Inc.		48,514		1,977,916
ACE Ltd.		18,254		1,952,995
Cincinnati Financial Corp.		38,406		1,944,880
Total Multi-Line Insurance				20,738,509
SUPER-REGIONAL BANKS-U.S. - 10.4%
Fifth Third Bancorp		106,920		2,138,399
Comerica, Inc.		44,360		2,103,108
Capital One Financial Corp.		25,501		2,061,756
KeyCorp		140,595		2,031,598
Wells Fargo & Co.		36,864		2,031,206
SunTrust Banks, Inc.		48,078		1,995,237
Huntington Bancshares, Inc.		183,455		1,992,321
U.S. Bancorp		46,060		1,974,592
PNC Financial Services Group, Inc.		21,314		1,955,133
Total Super-Regional Banks-U.S.				18,283,350
INVESTMENT MANAGEMENT/ADVISORY SERVICES - 8.0%
Affiliated Managers Group, Inc.*		9,674		2,187,581
Invesco Ltd.		50,534		2,093,118
BlackRock, Inc. — Class A		5,544		2,017,683
T. Rowe Price Group, Inc.		24,820		2,014,888
Franklin Resources, Inc.		38,844		2,002,797
Legg Mason, Inc.		36,444		1,918,777
Ameriprise Financial, Inc.		15,295		1,916,158
Total Investment Management/Advisory Services				14,151,002
LIFE/HEALTH INSURANCE - 7.0%
Torchmark Corp.		38,080		2,136,669
Unum Group		61,319		2,094,657
Aflac, Inc.		32,830		2,069,603
Principal Financial Group, Inc.		40,417		2,066,117
Prudential Financial, Inc.		25,139		2,051,342
Lincoln National Corp.		35,389		1,999,125
Total Life/Health Insurance				12,417,513
DIVERSIFIED BANKING INSTITUTIONS - 5.9%
Goldman Sachs Group, Inc.		10,776		2,116,622
JPMorgan Chase & Co.		33,441		2,115,478
Morgan Stanley		56,123		2,093,949
Citigroup, Inc.		38,100		2,031,492
Bank of America Corp.		126,787		2,019,717
Total Diversified Banking Institutions				10,377,258
REITs-DIVERSIFIED - 5.7%
American Tower Corp. — Class A		21,649		2,046,479
Plum Creek Timber Company, Inc.		48,478		2,045,772
Crown Castle International Corp.		24,023		2,006,641
Vornado Realty Trust		19,287		1,996,012
Weyerhaeuser Co.		61,703		1,944,262
Total REITs-Diversified				10,039,166
REITs-APARTMENTS - 4.5%
Apartment Investment & Management Co. — Class A		53,152		2,005,425
Essex Property Trust, Inc.		8,930		1,982,014
AvalonBay Communities, Inc.		11,948		1,963,534
Equity Residential		26,485		1,956,182
Total REITs-Apartments				7,907,155
FIDUCIARY BANKS - 3.6%
State Street Corp.		27,786		2,142,856
Bank of New York Mellon Corp.		49,828		2,109,718
Northern Trust Corp.		28,785		2,105,623
Total Fiduciary Banks				6,358,197
REITs-HEALTH CARE - 3.4%
HCP, Inc.		50,761		2,045,161
Ventas, Inc.		29,098		2,004,852
Health Care REIT, Inc.		27,193		1,958,440
Total REITs-Health Care				6,008,453
PROPERTY & CASUALTY INSURANCE - 3.4%
Progressive Corp.		77,012		2,053,140
Chubb Corp.		20,335		1,999,947
Travelers Companies, Inc.		19,115		1,932,718
Total Property & Casualty Insurance				5,985,805
FINANCE-OTHER SERVICES - 3.3%
Intercontinental Exchange, Inc.		8,902		1,998,767
NASDAQ OMX Group, Inc.		40,599		1,974,329
CME Group, Inc. — Class A		21,065		1,915,019
Total Finance-Other Services				5,888,115
REITs-REGIONAL MALLS - 3.2%
Simon Property Group, Inc.		11,090		2,012,724
General Growth Properties, Inc.		68,801		1,885,147
Macerich Co.		21,610		1,766,834
Total REITs-Regional Malls				5,664,705
COMMERCIAL SERVICES-FINANCE - 2.4%
Moody’s Corp.		21,008		2,258,780
McGraw Hill Financial, Inc.		19,564		2,040,525
Total Commercial Services-Finance				4,299,305

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 71

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	April 30, 2015
GUGGENHEIM S&P 500® EQUAL WEIGHT FINANCIALS ETF

	Shares		Value
FINANCE-INVESTMENT BANKERS/BROKERS - 2.4%
E*TRADE Financial Corp.*		72,924	$	2,099,482
Charles Schwab Corp.		67,240		2,050,820
Total Finance-Investment Bankers/Brokers				4,150,302
INSURANCE BROKERS - 2.3%
Marsh & McLennan Companies, Inc.		36,357		2,041,809
Aon plc		21,055		2,026,123
Total Insurance Brokers				4,067,932
COMMERCIAL BANKS-SOUTHERN U.S. - 2.3%
Regions Financial Corp.		205,854		2,023,545
BB&T Corp.		52,425		2,007,353
Total Commercial Banks-Southern U.S.				4,030,898
FINANCE-CREDIT CARD - 2.2%
Discover Financial Services		34,380		1,993,008
American Express Co.		25,306		1,959,950
Total Finance-Credit Card				3,952,958
REITs-OFFICE PROPERTY - 2.2%
Boston Properties, Inc.		15,005		1,985,312
SL Green Realty Corp.		16,009		1,958,861
Total REITs-Office Property				3,944,173
REITs-STORAGE - 2.2%
Public Storage		10,802		2,029,804
Iron Mountain, Inc.		55,331		1,908,366
Total REITs-Storage				3,938,170
SAVINGS & LOANS/THRIFTS-EASTERN U.S. - 2.2%
People’s United Financial, Inc.		135,325		2,044,761
Hudson City Bancorp, Inc.		199,806		1,858,196
Total Savings & Loans/Thrifts-Eastern U.S.				3,902,957
REAL ESTATE MANAGEMENT/SERVICES - 1.3%
CBRE Group, Inc. — Class A*		59,059		2,264,322
COMMERCIAL BANKS-WESTERN U.S. - 1.2%
Zions Bancorporation		73,937		2,095,005
FINANCE-CONSUMER LOANS - 1.2%
Navient Corp.		105,810		2,067,527
DIVERSIFIED OPERATIONS - 1.2%
Leucadia National Corp.		86,476		2,055,535
REITs-SINGLE TENANT - 1.2%
Realty Income Corp.		43,106		2,024,689
REINSURANCE - 1.1%
Berkshire Hathaway, Inc. — Class B*		14,168		2,000,663
REITs-HOTELS - 1.1%
Host Hotels & Resorts, Inc.		98,075		1,975,231
COMMERCIAL BANKS-EASTERN U.S. - 1.1%
M&T Bank Corp.		16,293		1,949,783
REITs-WAREHOUSE/INDUSTRIES - 1.1%
Prologis, Inc.		48,058		1,931,932
REITs-SHOPPING CENTERS - 1.1%
Kimco Realty Corp.		78,341		1,888,018
Total Common Stocks
(Cost $173,389,623)				176,358,628
SHORT TERM INVESTMENTS† - 0.1%
Federated U.S. Treasury Cash Reserve Fund 0.00%		214,835		214,835
Total Short Term Investments
(Cost $214,835)				214,835
Total Investments - 100.0%
(Cost $173,604,458)			$	176,573,463
Other Assets & Liabilities, net - 0.0%				62,782
Total Net Assets - 100.0%			$	176,636,245

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
	plc — Public Limited Company
	REIT — Real Estate Investment Trust

72 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)	April 30, 2015
GUGGENHEIM S&P 500® EQUAL WEIGHT HEALTH CARE ETF

	Shares		Value
COMMON STOCKS† - 99.7%
MEDICAL-DRUGS - 18.0%
AbbVie, Inc.		213,349	$	13,795,146
Merck & Company, Inc.		220,378		13,125,714
Eli Lilly & Co.		177,263		12,739,892
Johnson & Johnson		124,806		12,380,755
Pfizer, Inc.		364,732		12,375,357
Abbott Laboratories		264,455		12,276,001
Endo International plc*		142,105		11,946,057
Zoetis, Inc.		267,012		11,860,673
Bristol-Myers Squibb Co.		185,519		11,823,126
Mallinckrodt plc*		100,124		11,332,034
Total Medical-Drugs				123,654,755
MEDICAL-BIOMEDICAL/GENETICS - 12.4%
Regeneron Pharmaceuticals, Inc.*		28,858		13,201,382
Amgen, Inc.		80,255		12,673,067
Gilead Sciences, Inc.		124,316		12,495,001
Vertex Pharmaceuticals, Inc.*		99,954		12,322,329
Alexion Pharmaceuticals, Inc.*		69,996		11,845,423
Celgene Corp.*		105,257		11,374,071
Biogen, Inc.*		30,028		11,228,370
Total Medical-Biomedical/Genetics				85,139,643
MEDICAL PRODUCTS - 10.7%
Baxter International, Inc.		183,801		12,634,481
Stryker Corp.		135,694		12,516,415
Henry Schein, Inc.*		90,844		12,454,712
Becton Dickinson and Co.		87,366		12,307,248
Varian Medical Systems, Inc.*		132,769		11,796,526
Zimmer Holdings, Inc.		106,613		11,710,372
Total Medical Products				73,419,754
MEDICAL INSTRUMENTS - 9.1%
Boston Scientific Corp.*		747,954		13,328,540
St. Jude Medical, Inc.		186,912		13,093,186
Intuitive Surgical, Inc.*		25,101		12,449,594
Medtronic plc		162,094		12,067,898
Edwards Lifesciences Corp.*		91,571		11,597,467
Total Medical Instruments				62,536,685
MEDICAL-HMO - 9.0%
Aetna, Inc.		119,249		12,744,140
Cigna Corp.		101,019		12,591,008
Anthem, Inc.		82,771		12,492,627
Humana, Inc.		74,528		12,341,837
UnitedHealth Group, Inc.		107,669		11,994,327
Total Medical-HMO				62,163,939

MEDICAL-GENERIC DRUGS - 7.7%
Mylan N.V.*	207,556	14,997,996
Perrigo Company plc	74,501	13,654,543
Hospira, Inc.*	142,131	12,406,615
Actavis plc*	41,532	11,747,742
Total Medical-Generic Drugs		52,806,896
INSTRUMENTS-SCIENTIFIC - 5.6%
PerkinElmer, Inc.	261,447	13,401,773
Waters Corp.*	102,510	12,833,227
Thermo Fisher Scientific, Inc.	97,245	12,221,752
Total Instruments-Scientific		38,456,752
MEDICAL-HOSPITALS - 5.5%
HCA Holdings, Inc.*	172,926	12,798,253
Universal Health Services, Inc. — Class B	108,670	12,708,957
Tenet Healthcare Corp.*	261,813	12,530,370
Total Medical-Hospitals		38,037,580
MEDICAL-WHOLESALE DRUG DISTRIBUTION - 5.5%
AmerisourceBergen Corp. — Class A	116,903	13,362,013
McKesson Corp.	55,201	12,331,903
Cardinal Health, Inc.	140,741	11,870,096
Total Medical-Wholesale Drug Distribution		37,564,012
DENTAL SUPPLIES & EQUIPMENTS - 3.6%
DENTSPLY International, Inc.	244,952	12,492,552
Patterson Companies, Inc.	255,492	11,996,627
Total Dental Supplies & Equipments		24,489,179
MEDICAL LABS & TESTING SERVICES - 3.5%
Quest Diagnostics, Inc.	169,528	12,107,690
Laboratory Corporation of America Holdings*	100,340	11,996,650
Total Medical Labs & Testing Services		24,104,340
PHARMACY SERVICES - 1.9%
Express Scripts Holding Co.*	152,220	13,151,808
MEDICAL INFORMATION SYSTEM - 1.8%
Cerner Corp.*	176,283	12,658,882
ELECTRONIC MEASURING INSTRUMENTS - 1.8%
Agilent Technologies, Inc.	303,206	12,543,632
DISPOSABLE MEDICAL PRODUCTS - 1.8%
CR Bard, Inc.	74,760	12,453,521
DIALYSIS CENTERS - 1.8%
DaVita HealthCare Partners, Inc.*	153,458	12,445,444
Total Common Stocks
(Cost $634,130,605)		685,626,822

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 73

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	April 30, 2015
GUGGENHEIM S&P 500® EQUAL WEIGHT HEALTH CARE ETF

	Shares		Value
SHORT TERM INVESTMENTS† - 0.3%
Federated U.S. Treasury Cash Reserve Fund 0.00%		2,175,867	$	2,175,867
Total Short Term Investments
(Cost $2,175,867)				2,175,867
Total Investments - 100.0%
(Cost $636,306,472)			$	687,802,689
Other Assets & Liabilities, net - 0.0%				62,021
Total Net Assets - 100.0%			$	687,864,710

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
	plc — Public Limited Company

74 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)	April 30, 2015
GUGGENHEIM S&P 500® EQUAL WEIGHT INDUSTRIALS ETF

	Shares		Value
COMMON STOCKS† - 99.9%
DIVERSIFIED MANUFACTURING OPERATIONS - 13.9%
General Electric Co.		84,565	$	2,290,019
Dover Corp.		29,719		2,250,322
Eaton Corporation plc		31,775		2,183,896
Textron, Inc.		49,473		2,175,823
Parker-Hannifin Corp.		17,987		2,146,928
Ingersoll-Rand plc		31,501		2,074,026
Pentair plc		33,210		2,064,002
3M Co.		13,011		2,034,790
Illinois Tool Works, Inc.		21,682		2,029,002
Total Diversified Manufacturing Operations				19,248,808
AEROSPACE/DEFENSE - 9.1%
Rockwell Collins, Inc.		22,712		2,210,558
General Dynamics Corp.		16,018		2,199,591
Northrop Grumman Corp.		13,439		2,070,144
Raytheon Co.		19,878		2,067,312
Lockheed Martin Corp.		10,742		2,004,457
Boeing Co.		13,970		2,002,460
Total Aerospace/Defense				12,554,522
TRANSPORT-SERVICES - 7.5%
Ryder System, Inc.		22,739		2,168,391
United Parcel Service, Inc. — Class B		21,491		2,160,490
FedEx Corp.		12,217		2,071,637
Expeditors International of Washington, Inc.		44,077		2,020,049
CH Robinson Worldwide, Inc.		28,884		1,859,841
Total Transport-Services				10,280,408
TRANSPORT-RAIL - 5.8%
CSX Corp.		62,042		2,239,095
Norfolk Southern Corp.		19,488		1,965,365
Union Pacific Corp.		18,490		1,964,193
Kansas City Southern		18,504		1,896,475
Total Transport-Rail				8,065,128
AIRLINES - 4.4%
Delta Air Lines, Inc.		46,538		2,077,456
American Airlines Group, Inc.		43,020		2,077,221
Southwest Airlines Co.		47,573		1,929,561
Total Airlines				6,084,238
MACHINERY-CONSTRUCTION & MINING - 3.4%
Caterpillar, Inc.		26,725		2,321,868
Joy Global, Inc.		54,253		2,313,348
Total Machinery-Construction & Mining				4,635,216
DISTRIBUTION/WHOLESALE - 3.3%
WW Grainger, Inc.		9,177		2,279,842
Fastenal Co.		51,861		2,210,316
Total Distribution/Wholesale				4,490,158
MACHINERY-PUMPS - 3.2%
Xylem, Inc.		61,181		2,264,921
Flowserve Corp.		37,557		2,198,211
Total Machinery-Pumps				4,463,132
TOOLS-HAND HELD - 3.2%
Snap-on, Inc.		14,860		2,222,313
Stanley Black & Decker, Inc.		22,016		2,172,979
Total Tools-Hand Held				4,395,292
ELECTRIC PRODUCTS-MISCELLANEOUS - 3.2%
Emerson Electric Co.		38,318		2,254,248
AMETEK, Inc.		40,792		2,138,317
Total Electric Products-Miscellaneous				4,392,565
ENGINEERING/RESEARCH & DEVELOPMENT SERVICES - 3.2%
Fluor Corp.		37,352		2,246,349
Jacobs Engineering Group, Inc.*		48,993		2,099,840
Total Engineering/Research & Development Services				4,346,189
COMMERCIAL SERVICES - 3.1%
Quanta Services, Inc.*		76,527		2,212,395
Cintas Corp.		25,647		2,050,478
Total Commercial Services				4,262,873
ELECTRONIC SECURITY DEVICES - 3.0%
Allegion plc		36,407		2,226,288
Tyco International plc		50,251		1,978,884
Total Electronic Security Devices				4,205,172
NON-HAZARDOUS WASTE DISPOSAL - 3.0%
Republic Services, Inc. — Class A		51,924		2,109,672
Waste Management, Inc.		39,713		1,966,985
Total Non-hazardous Waste Disposal				4,076,657
RENTAL AUTOMOTIVE/EQUIPMENT - 1.7%
United Rentals, Inc.*		24,117		2,329,220
INDUSTRIAL AUTOMATION/ROBOT - 1.6%
Rockwell Automation, Inc.		18,988		2,251,977
AUTO-MEDIUM & HEAVY DUTY TRUCKS - 1.6%
PACCAR, Inc.		34,302		2,241,636
COMMERCIAL SERVICES-FINANCE - 1.6%
Equifax, Inc.		23,101		2,239,180
PUBLISHING-PERIODICALS - 1.6%
Nielsen N.V.		49,718		2,234,327
MACHINERY-FARM - 1.6%
Deere & Co.		23,661		2,141,794
METAL PROCESSORS & FABRICATION - 1.6%
Precision Castparts Corp.		10,349		2,139,035

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 75

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	April 30, 2015
GUGGENHEIM S&P 500® EQUAL WEIGHT INDUSTRIALS ETF

	Shares		Value
MACHINERY-GENERAL INDUSTRIES - 1.5%
Roper Technologies, Inc.		12,685	$	2,133,236
BUILDING PRODUCTS-WOOD - 1.5%
Masco Corp.		80,026		2,119,889
DATA PROCESSING/MANAGEMENT - 1.5%
Dun & Bradstreet Corp.		16,580		2,116,769
INSTRUMENTS-CONTROLS - 1.5%
Honeywell International, Inc.		20,929		2,112,155
OFFICE AUTOMATION & EQUIPMENTS - 1.5%
Pitney Bowes, Inc.		94,362		2,110,878
ENGINES-INTERNAL COMBUSTION - 1.5%
Cummins, Inc.		15,204		2,102,105
SECURITY SERVICES - 1.5%
ADT Corp.1		55,157		2,073,903
HAZARDOUS WASTE DISPOSAL - 1.5%
Stericycle, Inc.*		15,522		2,071,100
FILTRATION/SEPARATE PRODUCTS - 1.5%
Pall Corp.		21,258		2,068,829
DIAGNOSTIC EQUIPMENT - 1.5%
Danaher Corp.		24,927		2,041,023
AEROSPACE/DEFENSE-EQUIPMENTS - 1.5%
United Technologies Corp.		17,833		2,028,504
HUMAN RESOURCES - 1.4%
Robert Half International, Inc.		35,169		1,950,121
ELECTRONICS-MILITARY - 1.4%
L-3 Communications Holdings, Inc.		16,955		1,948,299
Total Common Stocks
(Cost $132,603,995)				137,954,338
SHORT TERM INVESTMENTS† - 0.1%
Federated U.S. Treasury Cash Reserve Fund 0.00%		68,979		68,979
Total Short Term Investments
(Cost $68,979)				68,979

	Face Amount
SECURITIES LENDING COLLATERAL††,2 - 1.5%
Repurchase Agreements
HSBC Securities, Inc.issued 04/30/15 at 0.09% due 05/01/15	$	1,559,902		1,559,902
BNP Paribas Securities Corp.issued 04/30/15 at 0.10% due 05/01/15		289,291		289,291
Barclays Capital, Inc.issued 04/30/15 at 0.08% due 05/01/15		238,024		238,024
Total Securities Lending Collateral
(Cost $2,087,217)				2,087,217
Total Investments - 101.5%
(Cost $134,760,191)			$	140,110,534
Other Assets & Liabilities, net - (1.5)%				(2,006,520	)
Total Net Assets - 100.0%			$	138,104,014

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or portion of this security is on loan at April 30, 2015 — See Note 5.
2	Securities lending collateral — See Note 5.
	plc — Public Limited Company

76 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)	April 30, 2015
GUGGENHEIM S&P 500® EQUAL WEIGHT MATERIALS ETF

	Shares		Value
COMMON STOCKS† - 99.9%
CHEMICALS-DIVERSIFIED - 21.1%
LyondellBasell Industries N.V. — Class A		33,742	$	3,492,972
Eastman Chemical Co.		40,564		3,091,788
Dow Chemical Co.		60,038		3,061,938
FMC Corp.		46,886		2,780,809
PPG Industries, Inc.		12,394		2,746,015
EI du Pont de Nemours & Co.		35,090		2,568,588
Total Chemicals-Diversified				17,742,110
CHEMICALS-SPECIALTY - 10.0%
Sigma-Aldrich Corp.		20,484		2,845,638
Ecolab, Inc.		24,676		2,763,218
International Flavors & Fragrances, Inc.		23,931		2,746,082
Total Chemicals-Specialty				8,354,938
AGRICULTURAL CHEMICALS - 9.7%
CF Industries Holdings, Inc.		9,653		2,774,948
Monsanto Co.		24,171		2,754,527
Mosaic Co.		60,322		2,654,168
Total Agricultural Chemicals				8,183,643
INDUSTRIAL GASES - 9.5%
Praxair, Inc.		22,817		2,782,077
Air Products & Chemicals, Inc.		18,583		2,665,360
Airgas, Inc.		24,598		2,491,285
Total Industrial Gases				7,938,722
CONTAINERS-METAL/GLASS - 7.1%
Ball Corp.		40,839		2,997,991
Owens-Illinois, Inc.*		123,627		2,955,922
Total Containers-Metal/Glass				5,953,913
BUILDING PRODUCTS-CEMENT/AGGREGATES - 6.8%
Vulcan Materials Co.		33,386		2,855,171
Martin Marietta Materials, Inc.		19,920		2,841,588
Total Building Products-Cement/Aggregates				5,696,759
CONTAINERS-PAPER/PLASTIC - 6.6%
Sealed Air Corp.		61,813		2,818,672
MeadWestvaco Corp.		55,477		2,707,278
Total Containers-Paper/Plastic				5,525,950
METAL-COPPER - 4.3%
Freeport-McMoRan, Inc.		155,727		3,623,767
GOLD MINING - 4.0%
Newmont Mining Corp.		126,676		3,355,647
STEEL-SPECIALTY - 3.8%
Allegheny Technologies, Inc.		94,921		3,226,365
OFFICE SUPPLIES & FORMS - 3.6%
Avery Dennison Corp.		54,314		3,019,315
STEEL-PRODUCERS - 3.5%
Nucor Corp.		60,374		2,949,874
METAL-ALUMINUM - 3.3%
Alcoa, Inc.		208,170		2,793,641
PAPER & RELATED PRODUCTS - 3.3%
International Paper Co.		51,652		2,774,745
COATINGS/PAINT - 3.3%
Sherwin-Williams Co.		9,904		2,753,312
Total Common Stocks
(Cost $82,524,146)				83,892,701
SHORT TERM INVESTMENTS† - 0.1%
Federated U.S. Treasury Cash Reserve Fund 0.00%		87,835		87,835
Total Short Term Investments
(Cost $87,835)				87,835
Total Investments - 100.0%
(Cost $82,611,981)			$	83,980,536
Other Assets & Liabilities, net - 0.0%				18,243
Total Net Assets - 100.0%			$	83,998,779

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 77

SCHEDULE OF INVESTMENTS (Unaudited)	April 30, 2015
GUGGENHEIM S&P 500® EQUAL WEIGHT TECHNOLOGY ETF

	Shares		Value
COMMON STOCKS† - 100.0%
ELECTRONIC COMPONENTS-SEMICONDUCTOR - 15.1%
Altera Corp.		392,501	$	16,359,442
Xilinx, Inc.		346,098		15,006,809
Intel Corp.		444,911		14,481,853
Broadcom Corp. — Class A		310,844		13,740,859
Skyworks Solutions, Inc.		148,090		13,661,303
Micron Technology, Inc.*		479,232		13,480,796
NVIDIA Corp.		606,212		13,454,875
Microchip Technology, Inc.		277,885		13,242,610
Texas Instruments, Inc.		240,937		13,061,195
Avago Technologies Ltd.		110,154		12,874,800
Total Electronic Components-Semiconductor				139,364,542
APPLICATIONS SOFTWARE - 8.3%
Microsoft Corp.		332,550		16,175,232
Red Hat, Inc.*		208,027		15,656,112
Salesforce.com, Inc.*		213,015		15,511,752
Citrix Systems, Inc.*		227,856		15,302,809
Intuit, Inc.		140,749		14,121,347
Total Applications Software				76,767,252
COMPUTER SERVICES - 7.7%
International Business Machines Corp.		89,193		15,277,869
Accenture plc — Class A		156,601		14,509,083
Teradata Corp.*		326,552		14,365,022
Cognizant Technology Solutions Corp. — Class A*		225,207		13,183,618
Computer Sciences Corp.		204,256		13,164,299
Total Computer Services				70,499,891
COMPUTERS-MEMORY DEVICES - 7.4%
Seagate Technology plc		255,970		15,030,558
EMC Corp.		529,273		14,242,736
Western Digital Corp.		141,589		13,838,909
NetApp, Inc.		373,786		13,549,743
SanDisk Corp.		164,170		10,989,540
Total Computers-Memory Devices				67,651,486
COMMERCIAL SERVICES-FINANCE - 6.1%
Total System Services, Inc.		363,087		14,363,723
Western Union Co.1		705,333		14,304,153
MasterCard, Inc. — Class A		156,821		14,146,822
Automatic Data Processing, Inc.		160,234		13,546,182
Total Commercial Services-Finance				56,360,880
SEMICONDUCTOR COMPONENTS-INTEGRATED CIRCUIT - 4.6%
Analog Devices, Inc.		239,195		14,791,819
QUALCOMM, Inc.		200,479		13,632,572
Linear Technology Corp.		294,041		13,564,111
Total Semiconductor Components-Integrated Circuit				41,988,502
DATA PROCESSING/MANAGEMENT - 4.4%
Fiserv, Inc.*		177,801		13,797,357
Paychex, Inc.		275,662		13,339,284
Fidelity National Information Services, Inc.		210,730		13,168,518
Total Data Processing/Management				40,305,159
SEMICONDUCTOR EQUIPMENT - 4.1%
KLA-Tencor Corp.		226,666		13,327,960
Lam Research Corp.		174,434		13,183,722
Applied Materials, Inc.		567,701		11,234,803
Total Semiconductor Equipment				37,746,485
TELECOMMUNICATION EQUIPMENTS - 3.4%
Juniper Networks, Inc.		587,324		15,522,974
Harris Corp.		191,416		15,359,220
Total Telecommunication Equipments				30,882,194
INTERNET SECURITY - 3.1%
Symantec Corp.		589,086		14,682,968
VeriSign, Inc.*		216,264		13,734,927
Total Internet Security				28,417,895
ENTERPRISE SOFTWARE/SERVICES - 3.0%
Oracle Corp.		324,708		14,163,763
CA, Inc.		438,388		13,927,587
Total Enterprise Software/Services				28,091,350
COMPUTERS - 3.0%
Hewlett-Packard Co.		424,330		13,990,160
Apple, Inc.		111,342		13,934,451
Total Computers				27,924,611
WEB PORTALS/ISP - 3.0%
Yahoo!, Inc.*		320,993		13,663,067
Google, Inc. — Class A*		12,509		6,864,564
Google, Inc. — Class C*		12,529		6,732,333
Total Web Portals/ISP				27,259,964
ELECTRONIC COMPONENTS-MISCELLANEOUS - 2.8%
TE Connectivity Ltd.		193,709		12,891,333
Corning, Inc.		598,305		12,522,524
Total Electronic Components-Miscellaneous				25,413,857
WEB HOSTING/DESIGN - 1.6%
Equinix, Inc.		59,702		15,279,533
INTERNET INFRASTRUCTURE SOFTWARE - 1.6%
F5 Networks, Inc.*		122,467		14,943,423
ENTERTAINMENT SOFTWARE - 1.6%
Electronic Arts, Inc.*		248,842		14,455,232
ADVERTISING AGENCIES - 1.6%
Alliance Data Systems Corp.*		48,426		14,397,534

78 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	April 30, 2015
GUGGENHEIM S&P 500® EQUAL WEIGHT TECHNOLOGY ETF

	Shares		Value
COMPUTER SOFTWARE - 1.6%
Akamai Technologies, Inc.*		194,335	$	14,338,036
NETWORKING PRODUCTS - 1.5%
Cisco Systems, Inc.		492,517		14,199,265
INTERNET CONTENT-ENTERTAINMENT - 1.5%
Facebook, Inc. — Class A*		176,307		13,887,702
FINANCE-CREDIT CARD - 1.5%
Visa, Inc. — Class A		207,683		13,717,462
ELECTRONIC MEASURING INSTRUMENTS - 1.5%
FLIR Systems, Inc.		441,057		13,624,251
E-COMMERCE/PRODUCTS - 1.5%
eBay, Inc.*		232,962		13,572,366
ENERGY-ALTERNATE SOURCES - 1.5%
First Solar, Inc.*		227,231		13,558,874
ELECTRONIC FORMS - 1.5%
Adobe Systems, Inc.*		177,284		13,484,221
ELECTRONIC CONNECTORS - 1.4%
Amphenol Corp. — Class A		237,462		13,148,271
COMPUTER AIDED DESIGN - 1.4%
Autodesk, Inc.*		227,526		12,930,303
WIRELESS EQUIPMENT - 1.4%
Motorola Solutions, Inc.		212,361		12,688,570
OFFICE AUTOMATION & EQUIPMENTS - 1.3%
Xerox Corp.		1,079,298		12,411,927
Total Common Stocks
(Cost $825,268,126)				919,311,038
SHORT TERM INVESTMENTS† - 0.0%
Federated U.S. Treasury Cash Reserve Fund 0.00%		139,875		139,875
Total Short Term Investments
(Cost $139,875)				139,875

	Face Amount
SECURITIES LENDING COLLATERAL††,2 - 0.1%
Repurchase Agreements
HSBC Securities, Inc.issued 04/30/15 at 0.09% due 05/01/15	$	563,577		563,577
BNP Paribas Securities Corp.issued 04/30/15 at 0.10% due 05/01/15		104,518		104,518
Barclays Capital, Inc.issued 04/30/15 at 0.08% due 05/01/15		85,996		85,996
Total Securities Lending Collateral
(Cost $754,091)				754,091
Total Investments - 100.1%
(Cost $826,162,092)			$	920,205,004
Other Assets & Liabilities, net - (0.1)%				(605,056	)
Total Net Assets - 100.0%			$	919,599,948

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or portion of this security is on loan at April 30, 2015 — See Note 5.
2	Securities lending collateral — See Note 5.
	plc — Public Limited Company

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 79

SCHEDULE OF INVESTMENTS (Unaudited)	April 30, 2015
GUGGENHEIM S&P 500® EQUAL WEIGHT UTILITIES ETF

	Shares		Value
COMMON STOCKS† - 99.7%
ELECTRIC-INTEGRATED - 65.1%
PPL Corp.		123,827	$	4,213,834
Exelon Corp.		121,572		4,135,880
Duke Energy Corp.		52,778		4,093,989
Dominion Resources, Inc.		57,101		4,093,000
FirstEnergy Corp.		113,806		4,086,773
Entergy Corp.		52,749		4,071,168
American Electric Power Company, Inc.		71,192		4,048,689
Integrys Energy Group, Inc.		55,282		4,041,114
DTE Energy Co.		50,664		4,034,374
Public Service Enterprise Group, Inc.		97,107		4,033,825
Wisconsin Energy Corp.		81,678		4,012,023
CMS Energy Corp.		117,579		3,989,455
Consolidated Edison, Inc.		64,723		3,983,701
Southern Co.		89,596		3,969,103
TECO Energy, Inc.		209,451		3,969,096
SCANA Corp.		74,891		3,967,725
Xcel Energy, Inc.		116,707		3,957,534
NextEra Energy, Inc.		39,138		3,950,198
Ameren Corp.		95,738		3,919,514
Eversource Energy		80,148		3,908,016
Pinnacle West Capital Corp.		63,429		3,881,855
Edison International		62,670		3,819,110
Pepco Holdings, Inc.		146,876		3,815,838
Total Electric-Integrated				91,995,814
GAS-DISTRIBUTION - 11.5%
AGL Resources, Inc.		83,126		4,178,744
NiSource, Inc.		95,529		4,147,869
CenterPoint Energy, Inc.		191,709		4,020,138
Sempra Energy		37,022		3,930,626
Total Gas-Distribution				16,277,377
TELEPHONE-INTEGRATED - 11.3%
AT&T, Inc.		120,199		4,163,694
CenturyLink, Inc.		114,402		4,113,896
Verizon Communications, Inc.		80,626		4,066,775
Frontier Communications Corp.1		540,898		3,710,560
Total Telephone-Integrated				16,054,925
ELECTRIC-GENERATION - 3.1%
AES Corp.		330,346		4,377,085
INDEPENDENT POWER PRODUCER - 3.0%
NRG Energy, Inc.		167,778		4,234,717
TELECOMMUNICATION SERVICES - 2.9%
Level 3 Communications, Inc.*		72,370		4,048,378
ELECTRIC-DISTRIBUTION - 2.8%
PG&E Corp.		76,018		4,022,873
Total Common Stocks
(Cost $151,639,182)				141,011,169
SHORT TERM INVESTMENTS† - 0.2%
Federated U.S. Treasury Cash Reserve Fund 0.00%		282,014		282,014
Total Short Term Investments
(Cost $282,014)				282,014

	Face Amount
SECURITIES LENDING COLLATERAL††,2 - 0.2%
Repurchase Agreements
HSBC Securities, Inc.issued 04/30/15 at 0.09% due 05/01/15	$	236,724		236,724
BNP Paribas Securities Corp.issued 04/30/15 at 0.10% due 05/01/15		43,902		43,902
Barclays Capital, Inc.issued 04/30/15 at 0.08% due 05/01/15		36,122		36,122
Total Securities Lending Collateral
(Cost $316,748)				316,748
Total Investments - 100.1%
(Cost $152,237,944)			$	141,609,931
Other Assets & Liabilities, net - (0.1)%				(199,618	)
Total Net Assets - 100.0%			$	141,410,313

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or portion of this security is on loan at April 30, 2015 — See Note 5.
2	Securities lending collateral — See Note 5.

80 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) April 30, 2015

	Guggenheim Russell MidCap® Equal Weight ETF			Guggenheim Russell 1000® Equal Weight ETF			Guggenheim Russell 2000® Equal Weight ETF			Guggenheim MSCI Emerging Markets Equal Country Weight ETF
Assets:
Investments, at value* — including $7,714,732, $3,485,950, $3,208,926 and $184,926 of securities loaned, respectively	$	157,392,512		$	102,262,721		$	54,958,393		$	13,696,439
Repurchase agreements		7,630,872			3,451,364			3,463,030			189,171
Total Investments		165,023,384			105,714,085			58,421,423			13,885,610
Cash		324			204			—			—
Segregated cash with broker		19,316			8,736			8,766			479
Foreign currency, at value (cost $—, $—, $—, $3,000)		—			—			—			3,018
Receivables:
Investment adviser		—			—			—			683
Fund shares sold		—			—			6,957			—
Investments sold		—			—			21,036			—
Securities lending		21,022			9,617			18,624			1,082
Dividends and interest		64,625			55,459			18,436			46,142
Capital gains tax reclaims		—			—			—			397
Total assets		165,128,671			105,788,101			58,495,242			13,937,411
Liabilities:
Payable for:
Return of securities loaned		7,650,188			3,460,100			3,471,796			189,650
Management fees		52,188			33,862			16,085			7,736
Due to custodian		—			—			133			—
Total liabilities		7,702,376			3,493,962			3,488,014			197,386
Commitments and contingent liabilities (Note 8)		—			—			—			—
Net assets	$	157,426,295		$	102,294,139		$	55,007,228		$	13,740,025
Net assets consist of:
Paid-in capital	$	129,701,905		$	88,670,214		$	51,725,094		$	16,652,220
Undistributed (distributions in excess of) net investment income		(57,932	)		(38,352	)		(3,065	)		113,287
Accumulated net realized gain (loss) on investments and foreign currency		3,708,143			3,460,232			(802,070	)		(3,653,065	)
Net unrealized appreciation on investments and foreign currency		24,074,179			10,202,045			4,087,269			627,583
Net assets	$	157,426,295		$	102,294,139		$	55,007,228		$	13,740,025
Shares outstanding (unlimited shares authorized), no par value		3,000,000			1,950,000			1,200,000			400,000
Net asset value, offering price and repurchase price per share	$	52.48		$	52.46		$	45.84		$	34.35
Cost of investments	$	133,318,333		$	92,060,676		$	50,871,124		$	13,069,467
Cost of repurchase agreements		7,630,872			3,451,364			3,463,030			189,171
*Total cost of investments	$	140,949,205		$	95,512,040		$	54,334,154		$	13,258,638

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 81

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)(continued) April 30, 2015

	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 value* — including $2,173,656, $— and $16,682,492 of securities loaned, respectively	$	197,010,976		$	266,336,066	$	174,554,557
Repurchase agreements		2,264,368			—		16,132,935
Total Investments		199,275,344			266,336,066		190,687,492
Segregated cash with broker		5,732			—		40,837
Receivables:
Securities lending		12,307			—		52,769
Dividends and interest		87,543			371,927		210,328
Total assets		199,380,926			266,707,993		190,991,426
Liabilities:
Payable for:
Return of securities loaned		2,270,100			—		16,173,772
Management fees		66,410			89,737		52,604
Due to custodian		—			—		57,298
Total liabilities		2,336,510			89,737		16,283,674
Commitments and contingent liabilities (Note 8)		—			—		—
Net assets	$	197,044,416		$	266,618,256	$	174,707,752
Net assets consist of:
Paid-in capital	$	186,909,199		$	244,266,922	$	204,172,730
Undistributed net investment income		104,220			556,584		221,854
Accumulated net realized gain (loss) on investments		(3,466,704	)		807,822		(14,376,557	)
Net unrealized appreciation (depreciation) on investments		13,497,701			20,986,928		(15,310,275	)
Net assets	$	197,044,416		$	266,618,256	$	174,707,752
Shares outstanding (unlimited shares authorized), no par value		2,200,000			2,500,000		2,400,005
Net asset value, offering price and repurchase price per share	$	89.57		$	106.65	$	72.79
Cost of investments	$	183,513,275		$	245,349,138	$	189,864,832
Cost of repurchase agreements		2,264,368			—		16,132,935
*Total cost of investments	$	185,777,643		$	245,349,138	$	205,997,767

82 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)(continued) April 30, 2015

	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 value* — including $—, $—, $2,030,400 and $— of securities loaned, respectively	$	176,573,463		$	687,802,689	$	138,023,317	$	83,980,536
Repurchase agreements		—			—		2,087,217		—
Total Investments		176,573,463			687,802,689		140,110,534		83,980,536
Segregated cash with broker		—			—		5,283		—
Receivables:
Fund shares sold		9,837			—		—		—
Securities lending		—			—		91		—
Dividends and interest		109,491			286,525		126,453		45,328
Total assets		176,692,791			688,089,214		140,242,361		84,025,864
Liabilities:
Payable for:
Return of securities loaned		—			—		2,092,500		—
Management fees		54,511			224,504		45,847		27,085
Due to custodian		2,035			—		—		—
Total liabilities		56,546			224,504		2,138,347		27,085
Commitments and contingent liabilities (Note 8)		—			—		—		—
Net assets	$	176,636,245		$	687,864,710	$	138,104,014	$	83,998,779
Net assets consist of:
Paid-in capital	$	172,685,142		$	586,784,249	$	129,536,771	$	83,934,313
Undistributed (distributions in excess of) net investment income		(163,258	)		364,904		104,028		62,804
Accumulated net realized gain (loss) on investments		1,145,356			49,219,340		3,112,872		(1,366,893	)
Net unrealized appreciation on investments		2,969,005			51,496,217		5,350,343		1,368,555
Net assets	$	176,636,245		$	687,864,710	$	138,104,014	$	83,998,779
Shares outstanding (unlimited shares authorized), no par value		4,000,000			4,500,000		1,550,000		950,000
Net asset value, offering price and repurchase price per share	$	44.16		$	152.86	$	89.10	$	88.42
Cost of investments	$	173,604,458		$	636,306,472	$	132,672,974	$	82,611,981
Cost of repurchase agreements		—			—		2,087,217		—
*Total cost of investments	$	173,604,458		$	636,306,472	$	134,760,191	$	82,611,981

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 83

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)(concluded) April 30, 2015

	Guggenheim S&P 500® Equal Weight Technology ETF		Guggenheim S&P 500® Equal Weight Utilities ETF
Assets:
Investments, at value* — including $730,080 and $300,468 of securities loaned, respectively	$	919,450,913	$	141,293,183
Repurchase agreements		754,091		316,748
Total Investments		920,205,004		141,609,931
Segregated cash with broker		1,909		802
Receivables:
Securities lending		263		673
Dividends and interest		454,218		196,360
Total assets		920,661,394		141,807,766
Liabilities:
Payable for:
Return of securities loaned		756,000		317,550
Fund shares redeemed		—		8,318
Management fees		303,808		50,622
Due to custodian		1,638		20,963
Total liabilities		1,061,446		397,453
Commitments and contingent liabilities (Note 8)		—		—
Net assets	$	919,599,948	$	141,410,313
Net assets consist of:
Paid-in capital	$	812,028,195	$	148,697,847
Undistributed net investment income		310,376		320,401
Accumulated net realized gain on investments		13,218,465		3,020,078
Net unrealized appreciation (depreciation) on investments		94,042,912		(10,628,013	)
Net assets	$	919,599,948	$	141,410,313
Shares outstanding (unlimited shares authorized), no par value		9,950,000		1,900,000
Net asset value, offering price and repurchase price per share	$	92.42	$	74.43
Cost of investments	$	825,408,001	$	151,921,196
Cost of repurchase agreements		754,091		316,748
*Total cost of investments	$	826,162,092	$	152,237,944

84 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

STATEMENTS OF OPERATIONS (Unaudited)

For the Six Months Ended April 30, 2015

	Guggenheim Russell MidCap® Equal Weight ETF		Guggenheim Russell 1000® Equal Weight ETF		Guggenheim Russell 2000® Equal Weight ETF			Guggenheim MSCI Emerging Markets Equal Country Weight ETF
Investment Income:
Dividends, net of foreign taxes withheld*	$	1,299,325	$	854,390	$	282,961		$	167,023
Income from securities lending		116,886		53,257		99,365			3,068
Interest		4		2		2			1
Total investment income		1,416,215		907,649		382,328			170,092
Expenses:
Management fees		309,174		192,581		90,111			45,697
Trustee fees		2,064		1,719		570			—
Miscellaneous		—		—		4			—
Total expenses		311,238		194,300		90,685			45,697
Less:
Expenses waived by adviser		—		—		—			(5,248	)
Net investment income		1,104,977		713,349		291,643			129,643
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		1,312,377		735,986		(622,589	)		(601,365	)
In-kind redemptions		3,270,920		3,408,742		1,235,885			—
Foreign currency transactions		—		—		—			(22,607	)
Net realized gain (loss)		4,583,297		4,144,728		613,296			(623,972	)
Net change in unrealized appreciation (depreciation) on:
Investments		1,844,246		95,699		40,899			612,671
Foreign currency transactions		—		—		—			754
Net change in unrealized appreciation (depreciation)		1,844,246		95,699		40,899			613,425
Net realized and unrealized gain (loss)		6,427,543		4,240,427		654,195			(10,547	)
Net increase in net assets resulting from operations	$	7,532,520	$	4,953,776	$	945,838		$	119,096
* Foreign taxes withheld	$	1,629	$	780	$	420		$	20,535

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 85

STATEMENTS OF OPERATIONS (Unaudited)(continued)

For the Six Months Ended April 30, 2015

	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	$	1,148,248		$	2,999,888		$	1,587,091
Income from securities lending		46,673			—			242,237
Interest		2			5			2
Total investment income		1,194,923			2,999,893			1,829,330
Expenses:
Management fees		285,938			480,533			251,275
Total expenses		285,938			480,533			251,275
Net investment income		908,985			2,519,360			1,578,055
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(24,743	)		(1,667,140	)		(5,646,971	)
In-kind redemptions		—			4,620,445			(557,563	)
Net realized gain (loss)		(24,743	)		2,953,305			(6,204,534	)
Net change in unrealized appreciation (depreciation) on:
Investments		8,706,930			8,627,515			4,681,328
Net realized and unrealized gain (loss)		8,682,187			11,580,820			(1,523,206	)
Net increase in net assets resulting from operations	$	9,591,172		$	14,100,180		$	54,849

86 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

STATEMENTS OF OPERATIONS (Unaudited)(continued)

For the Six Months Ended April 30, 2015

	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, net of foreign taxes withheld*	$	1,535,850		$	2,303,842		$	1,167,708		$	642,851
Income from securities lending		—			—			1,311			—
Interest		3			8			2			—
Total investment income		1,535,853			2,303,850			1,169,021			642,851
Expenses:
Management fees		304,539			1,041,678			259,378			141,323
Total expenses		304,539			1,041,678			259,378			141,323
Net investment income		1,231,314			1,262,172			909,643			501,528
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		415,481			7,513,281			167,261			(256,755	)
In-kind redemptions		7,054,676			42,024,376			4,771,346			1,433,594
Net realized gain		7,470,157			49,537,657			4,938,607			1,176,839
Net change in unrealized appreciation (depreciation) on:
Investments		(5,441,946	)		(2,105,393	)		(3,557,000	)		2,106,164
Net realized and unrealized gain		2,028,211			47,432,264			1,381,607			3,283,003
Net increase in net assets resulting from operations	$	3,259,525		$	48,694,436		$	2,291,250		$	3,784,531
* Foreign taxes withheld	$	—		$	—		$	3,201		$	—

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 87

STATEMENTS OF OPERATIONS (Unaudited)(concluded)

For the Six Months Ended April 30, 2015

	Guggenheim S&P 500® Equal Weight Technology ETF			Guggenheim S&P 500® Equal Weight Utilities ETF
Investment Income:
Dividends	$	7,914,148		$	3,913,656
Income from securities lending		11,089			16,767
Interest		17			4
Total investment income		7,925,254			3,930,427
Expenses:
Management fees		1,616,908			409,234
Total expenses		1,616,908			409,234
Net investment income		6,308,346			3,521,193
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(841,014	)		(826,019	)
In-kind redemptions		21,299,077			4,409,909
Net realized gain		20,458,063			3,583,890
Net change in unrealized appreciation (depreciation) on:
Investments		20,831,237			(17,369,221	)
Net realized and unrealized gain (loss)		41,289,300			(13,785,331	)
Net increase (decrease) in net assets resulting from operations	$	47,597,646		$	(10,264,138	)

88 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

STATEMENTS OF CHANGES IN NET ASSETS

	Guggenheim Russell MidCap® Equal Weight ETF
	Period EndedApril 30, 2015 (Unaudited)			Year Ended October 31, 2014
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	1,104,977		$	1,471,185
Net realized gain on investments		4,583,297			7,898,418
Net change in unrealized appreciation (depreciation) on investments		1,844,246			4,759,529
Net increase in net assets resulting from operations		7,532,520			14,129,132
Distributions to shareholders from:
Net investment income		(1,162,053	)		(1,462,291	)
Capital gains		—			(692,837	)
Total distributions to shareholders		(1,162,053	)		(2,155,128	)
Shareholder transactions:
Proceeds from shares purchased		12,736,001			81,939,005
Cost of shares redeemed		(7,805,155	)		(24,692,404	)
Net increase in net assets resulting from share transactions		4,930,846			57,246,601
Net increase in net assets		11,301,313			69,220,605
Net assets:
Beginning of period		146,124,982			76,904,377
End of period	$	157,426,295		$	146,124,982
Distributions in excess of net investment income at end of period	$	(57,932	)	$	(856	)
Changes in shares outstanding:
Shares sold		250,000			1,700,000
Shares redeemed		(150,000	)		(500,000	)
Net increase in shares		100,000			1,200,000

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 89

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	Guggenheim Russell 1000® Equal Weight ETF						Guggenheim Russell 2000® Equal Weight ETF
	Period EndedApril 30, 2015 (Unaudited)			Year Ended October 31, 2014			Period EndedApril 30, 2015 (Unaudited)			Year Ended October 31, 2014
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	713,349		$	1,255,253		$	291,643		$	340,576
Net realized gain on investments		4,144,728			10,283,263			613,296			895,195
Net change in unrealized appreciation (depreciation) on investments		95,699			(2,477,145	)		40,899			202,910
Net increase in net assets resulting from operations		4,953,776			9,061,371			945,838			1,438,681
Distributions to shareholders from:
Net investment income		(771,058	)		(1,246,900	)		(286,135	)		(344,321	)
Shareholder transactions:
Proceeds from shares purchased		15,374,210			58,765,204			18,252,207			15,879,739
Cost of shares redeemed		(10,399,707	)		(38,162,845	)		(4,285,159	)		(2,329,715	)
Net increase in net assets resulting from share transactions		4,974,503			20,602,359			13,967,048			13,550,024
Net increase in net assets		9,157,221			28,416,830			14,626,751			14,644,384
Net assets:
Beginning of period		93,136,918			64,720,088			40,380,477			25,736,093
End of period	$	102,294,139		$	93,136,918		$	55,007,228		$	40,380,477
Undistributed (distributions in excess of) net investment income at end of period	$	(38,352	)	$	19,357		$	(3,065	)	$	(8,573	)
Changes in shares outstanding:
Shares sold		300,000			1,200,000			400,000			350,000
Shares redeemed		(200,000	)		(800,000	)		(100,000	)		(50,000	)
Net increase in shares		100,000			400,000			300,000			300,000

90 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	Guggenheim MSCI Emerging Markets Equal Country Weight ETF						Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF
	Period EndedApril 30, 2015 (Unaudited)			Year Ended October 31, 2014			Period EndedApril 30, 2015 (Unaudited)			Year Ended October 31, 2014
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	129,643		$	215,609		$	908,985		$	1,298,864
Net realized gain (loss) on investments and foreign currency		(623,972	)		(411,708	)		(24,743	)		19,268,780
Net change in unrealized appreciation (depreciation) on investments and foreign currency		613,425			203,736			8,706,930			(13,526,852	)
Net increase in net assets resulting from operations		119,096			7,637			9,591,172			7,040,792
Distributions to shareholders from:
Net investment income		(33,266	)		(231,261	)		(833,155	)		(1,282,123	)
Shareholder transactions:
Proceeds from shares purchased		—			3,549,961			101,389,240			47,523,459
Cost of shares redeemed		—			—			—			(91,882,052	)
Net increase (decrease) in net assets resulting from share transactions		—			3,549,961			101,389,240			(44,358,593	)
Net increase (decrease) in net assets		85,830			3,326,337			110,147,257			(38,599,924	)
Net assets:
Beginning of period		13,654,195			10,327,858			86,897,159			125,497,083
End of period	$	13,740,025		$	13,654,195		$	197,044,416		$	86,897,159
Undistributed net investment income at end of period	$	113,287		$	16,910		$	104,220		$	28,390
Changes in shares outstanding:
Shares sold		—			100,000			1,150,000			600,000
Shares redeemed		—			—			—			(1,200,000	)
Net increase (decrease) in shares		—			100,000			1,150,000			(600,000	)

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 91

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	Guggenheim S&P 500® Equal Weight Consumer Staples ETF						Guggenheim S&P 500® Equal Weight Energy ETF
	Period EndedApril 30, 2015 (Unaudited)			Year Ended October 31, 2014			Period EndedApril 30, 2015 (Unaudited)			Year Ended October 31, 2014
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	2,519,360		$	2,743,797		$	1,578,055		$	2,610,239
Net realized gain (loss) on investments		2,953,305			13,443,116			(6,204,534	)		1,887,504
Net change in unrealized appreciation (depreciation) on investments		8,627,515			2,905,504			4,681,328			(22,261,676	)
Net increase (decrease) in net assets resulting from operations		14,100,180			19,092,417			54,849			(17,763,933	)
Distributions to shareholders from:
Net investment income		(2,268,347	)		(2,571,891	)		(1,466,832	)		(2,499,608	)
Shareholder transactions:
Proceeds from shares purchased		94,617,437			161,078,918			85,926,407			318,175,018
Cost of shares redeemed		(26,212,984	)		(75,271,970	)		(10,113,532	)		(241,528,311	)
Net increase in net assets resulting from share transactions		68,404,453			85,806,948			75,812,875			76,646,707
Net increase in net assets		80,236,286			102,327,474			74,400,892			56,383,166
Net assets:
Beginning of period		186,381,970			84,054,496			100,306,860			43,923,694
End of period	$	266,618,256		$	186,381,970		$	174,707,752		$	100,306,860
Undistributed net investment income at end of period	$	556,584		$	305,571		$	221,854		$	110,631
Changes in shares outstanding:
Shares sold		900,000			1,700,000			1,250,000			3,700,000
Shares redeemed		(250,000	)		(800,000	)		(150,000	)		(2,950,000	)
Net increase in shares		650,000			900,000			1,100,000			750,000

92 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	Guggenheim S&P 500® Equal Weight Financials ETF						Guggenheim S&P 500® Equal Weight Health Care ETF
	Period EndedApril 30, 2015 (Unaudited)			Year Ended October 31, 2014			Period EndedApril 30, 2015 (Unaudited)			Year Ended October 31, 2014
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	1,231,314		$	1,269,880		$	1,262,172		$	1,172,940
Net realized gain on investments		7,470,157			9,241,788			49,537,657			22,872,428
Net change in unrealized appreciation (depreciation) on investments		(5,441,946	)		4,351,272			(2,105,393	)		42,079,888
Net increase in net assets resulting from operations		3,259,525			14,862,940			48,694,436			66,125,256
Distributions to shareholders from:
Net investment income		(1,394,572	)		(1,579,128	)		(1,129,646	)		(1,057,835	)
Shareholder transactions:
Proceeds from shares purchased		99,557,652			121,631,679			388,801,428			275,032,704
Cost of shares redeemed		(61,102,013	)		(56,936,567	)		(140,215,494	)		(79,013,536	)
Net increase in net assets resulting from share transactions		38,455,639			64,695,112			248,585,934			196,019,168
Net increase in net assets		40,320,592			77,978,924			296,150,724			261,086,589
Net assets:
Beginning of period		136,315,653			58,336,729			391,713,986			130,627,397
End of period	$	176,636,245		$	136,315,653		$	687,864,710		$	391,713,986
Undistributed (distributions in excess of) net investment income at end of period	$	(163,258	)	$	—		$	364,904		$	232,378
Changes in shares outstanding:
Shares sold		2,250,000			3,000,000			2,600,000			2,250,000
Shares redeemed		(1,400,000	)		(1,400,000	)		(950,000	)		(650,000	)
Net increase in shares		850,000			1,600,000			1,650,000			1,600,000

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 93

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	Guggenheim S&P 500® Equal Weight Industrials ETF						Guggenheim S&P 500® Equal Weight Materials ETF
	Period EndedApril 30, 2015 (Unaudited)			Year Ended October 31, 2014			Period EndedApril 30, 2015 (Unaudited)			Year Ended October 31, 2014
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	909,643		$	1,404,910		$	501,528		$	1,102,693
Net realized gain on investments		4,938,607			11,502,355			1,176,839			15,434,502
Net change in unrealized appreciation (depreciation) on investments		(3,557,000	)		2,104,725			2,106,164			(10,400,723	)
Net increase (decrease) in net assets resulting from operations		2,291,250			15,011,990			3,784,531			(6,136,472	)
Distributions to shareholders from:
Net investment income		(1,082,460	)		(1,179,408	)		(509,891	)		(1,078,681	)
Shareholder transactions:
Proceeds from shares purchased		40,478,969			102,807,929			31,336,177			85,250,481
Cost of shares redeemed		(27,031,229	)		(50,443,556	)		(24,750,537	)		(65,238,463	)
Net increase in net assets resulting from share transactions		13,447,740			52,364,373			6,585,640			20,012,018
Net increase in net assets		14,656,530			66,196,955			9,860,280			25,069,809
Net assets:
Beginning of period		123,447,484			57,250,529			74,138,499			49,068,690
End of period	$	138,104,014		$	123,447,484		$	83,998,779		$	74,138,499
Undistributed net investment income at end of period	$	104,028		$	276,845		$	62,804		$	71,167
Changes in shares outstanding:
Shares sold		450,000			1,250,000			350,000			1,050,000
Shares redeemed		(300,000	)		(600,000	)		(300,000	)		(800,000	)
Net increase in shares		150,000			650,000			50,000			250,000

94 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

STATEMENTS OF CHANGES IN NET ASSETS (concluded)

	Guggenheim S&P 500® Equal Weight Technology ETF						Guggenheim S&P 500® Equal Weight Utilities ETF
	Period EndedApril 30, 2015 (Unaudited)			Year Ended October 31, 2014			Period EndedApril 30, 2015 (Unaudited)			Year Ended October 31, 2014
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	6,308,346		$	4,762,621		$	3,521,193		$	3,112,103
Net realized gain on investments		20,458,063			35,025,103			3,583,890			11,924,787
Net change in unrealized appreciation (depreciation) on investments		20,831,237			52,724,598			(17,369,221	)		3,851,728
Net increase (decrease) in net assets resulting from operations		47,597,646			92,512,322			(10,264,138	)		18,888,618
Distributions to shareholders from:
Net investment income		(6,115,480	)		(4,572,706	)		(3,400,366	)		(3,002,830	)
Shareholder transactions:
Proceeds from shares purchased		288,492,666			444,290,459			169,995,944			218,070,696
Cost of shares redeemed		(81,595,662	)		(134,284,608	)		(156,796,611	)		(143,819,030	)
Net increase in net assets resulting from share transactions		206,897,004			310,005,851			13,199,333			74,251,666
Net increase (decrease) in net assets		248,379,170			397,945,467			(465,171	)		90,137,454
Net assets:
Beginning of period		671,220,778			273,275,311			141,875,484			51,738,030
End of period	$	919,599,948		$	671,220,778		$	141,410,313		$	141,875,484
Undistributed net investment income at end of period	$	310,376		$	117,510		$	320,401		$	199,574
Changes in shares outstanding:
Shares sold		3,150,000			5,550,000			2,150,000			3,050,000
Shares redeemed		(900,000	)		(1,700,000	)		(2,100,000	)		(2,000,000	)
Net increase in shares		2,250,000			3,850,000			50,000			1,050,000

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 95

GUGGENHEIM RUSSELL MIDCAP^® EQUAL WEIGHT ETF

FINANCIAL HIGHLIGHTS

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund’s performance for the periods presented.

	Period EndedApril 30,2015 (Unaudited)			Year EndedOctober 31, 2014			Year EndedOctober 31, 2013			Year EndedOctober 31, 2012			Period EndedOctober 31,2011a
Per Share Data:
Net asset value, beginning of period	$	50.39		$	45.24		$	33.95		$	31.15		$	30.21
Income from investment operations:
Net investment income (loss)b		0.36			0.62			0.57			0.46			0.30
Net gain (loss) on investments (realized and unrealized)		2.11			5.48			11.28			2.80			0.85
Total from investment operations		2.47			6.10			11.85			3.26			1.15
Less distributions from:
Net investment income		(0.38	)		(0.59	)		(0.56	)		(0.46	)		(0.21	)
Capital gains		—			(0.36	)		—			—			—
Total distributions to shareholders		(0.38	)		(0.95	)		(0.56	)		(0.46	)		(0.21	)
Net asset value, end of period	$	52.48		$	50.39		$	45.24		$	33.95		$	31.15
Total Returnc		4.92	%		13.61	%		35.21	%		10.52	%		3.80	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	157,426		$	146,125		$	76,904		$	52,617		$	54,508
Ratio to average net assets of:
Net investment income (loss)		1.43	%d		1.27	%		1.44	%		1.39	%		1.06	%d
Total expenses		0.40	%d		0.41	%		0.41	%		0.41	%		0.41	%d
Portfolio turnover ratee		15	%		29	%		29	%		33	%		30	%

a	The Fund commenced operations on December 3, 2010.
b	Based on average shares outstanding.
c	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.
d	Annualized.
e	Portfolio turnover does not include securities received or delivered from processing creations or redemptions.

96 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

GUGGENHEIM RUSSELL 1000^® EQUAL WEIGHT ETF

FINANCIAL HIGHLIGHTS

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund’s performance for the periods presented.

	Period EndedApril 30,2015 (Unaudited)			Year EndedOctober 31, 2014			Year EndedOctober 31, 2013			Year EndedOctober 31, 2012			Period EndedOctober 31,2011a
Per Share Data:
Net asset value, beginning of period	$	50.34		$	44.63		$	33.92		$	31.08		$	30.18
Income from investment operations:
Net investment income (loss)b		0.38			0.67			0.62			0.51			0.36
Net gain (loss) on investments (realized and unrealized)		2.15			5.70			10.71			2.83			0.85
Total from investment operations		2.53			6.37			11.33			3.34			1.21
Less distributions from:
Net investment income		(0.41	)		(0.66	)		(0.62	)		(0.50	)		(0.31	)
Total distributions to shareholders		(0.41	)		(0.66	)		(0.62	)		(0.50	)		(0.31	)
Net asset value, end of period	$	52.46		$	50.34		$	44.63		$	33.92		$	31.08
Total Returnc		5.04	%		14.33	%		33.71	%		10.83	%		4.00	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	102,294		$	93,137		$	64,720		$	39,011		$	34,183
Ratio to average net assets of:
Net investment income (loss)		1.48	%d		1.38	%		1.57	%		1.56	%		1.26	%d
Total expenses		0.40	%d		0.41	%		0.40	%		0.41	%		0.41	%d
Portfolio turnover ratee		13	%		27	%		27	%		27	%		25	%

a	The Fund commenced operations on December 3, 2010.
b	Based on average shares outstanding.
c	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.
d	Annualized.
e	Portfolio turnover does not include securities received or delivered from processing creations or redemptions.

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 97

GUGGENHEIM RUSSELL 2000^® EQUAL WEIGHT ETF

FINANCIAL HIGHLIGHTS

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund’s performance for the periods presented.

	Period EndedApril 30,2015 (Unaudited)			Year EndedOctober 31, 2014			Year EndedOctober 31, 2013			Year EndedOctober 31, 2012			Period EndedOctober 31,2011a
Per Share Data:
Net asset value, beginning of period	$	44.87		$	42.89		$	31.82		$	29.48		$	30.19
Income from investment operations:
Net investment income (loss)b		0.29			0.43			0.54			0.34			0.22
Net gain (loss) on investments (realized and unrealized)		0.97			1.97			11.12			2.33			(0.75	)
Total from investment operations		1.26			2.40			11.66			2.67			(0.53	)
Less distributions from:
Net investment income		(0.29	)		(0.42	)		(0.59	)		(0.33	)		(0.18	)
Total distributions to shareholders		(0.29	)		(0.42	)		(0.59	)		(0.33	)		(0.18	)
Net asset value, end of period	$	45.84		$	44.87		$	42.89		$	31.82		$	29.48
Total Returnc		2.82	%		5.58	%		37.07	%		9.08	%		(1.78	%)
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	55,007		$	40,380		$	25,736		$	14,318		$	23,584
Ratio to average net assets of:
Net investment income (loss)		1.29	%d		0.96	%		1.46	%		1.10	%		0.79	%d
Total expenses		0.40	%d		0.42	%		0.41	%		0.41	%		0.41	%d
Portfolio turnover ratee		21	%		43	%		42	%		43	%		38	%

a	The Fund commenced operations on December 3, 2010.
b	Based on average shares outstanding.
c	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.
d	Annualized.
e	Portfolio turnover does not include securities received or delivered from processing creations or redemptions.

98 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

GUGGENHEIM MSCI EMERGING MARKETS EQUAL COUNTRY WEIGHT ETF

FINANCIAL HIGHLIGHTS

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund’s performance for the periods presented.

	Period EndedApril 30,2015 (Unaudited)			Year EndedOctober 31, 2014			Year EndedOctober 31, 2013			Year EndedOctober 31, 2012			Period EndedOctober 31,2011a
Per Share Data:
Net asset value, beginning of period	$	34.14		$	34.43		$	33.31		$	33.83		$	40.21
Income from investment operations:
Net investment income (loss)b		0.32			0.64			0.50			0.55			0.69
Net gain (loss) on investments (realized and unrealized)		(0.03	)		(0.31	)		1.06			(0.53	)		(6.35	)
Total from investment operations		0.29			0.33			1.56			0.02			(5.66	)
Less distributions from:
Net investment income		(0.08	)		(0.62	)		(0.44	)		(0.48	)		(0.36	)
Return of capital		—			—			—			(0.06	)		(0.36	)
Total distributions to shareholders		(0.08	)		(0.62	)		(0.44	)		(0.54	)		(0.72	)
Net asset value, end of period	$	34.35		$	34.14		$	34.43		$	33.31		$	33.83
Total Returnc		0.87	%		0.99	%		4.76	%		0.10	%		(14.13	%)
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	13,740		$	13,654		$	10,328		$	13,325		$	16,914
Ratio to average net assets of:
Net investment income (loss)		1.99	%d		1.86	%		1.47	%		1.66	%		1.99	%d
Total expenses		0.70	%d		0.70	%		0.71	%		0.72	%		0.71	%d
Net expensese		0.62	%d		0.60	%		0.60	%		0.61	%		0.63	%d
Portfolio turnover ratef		80	%		25	%		38	%		39	%		63	%

a	The Fund commenced operations on December 3, 2010.
b	Based on average shares outstanding.
c	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.
d	Annualized and excludes expenses of the underlying funds in which the Fund invests.
e	Net expense information reflects the expense ratios after expense waivers.
f	Portfolio turnover does not include securities received or delivered from processing creations or redemptions.

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 99

GUGGENHEIM S&P 500^® EQUAL WEIGHT CONSUMER DISCRETIONARY ETF

FINANCIAL HIGHLIGHTS

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund’s performance for the periods presented.

	Period EndedApril 30,2015 (Unaudited)			Year EndedOctober 31, 2014			Year EndedOctober 31, 2013			Year EndedOctober 31, 2012			Year EndedOctober 31, 2011			Year EndedOctober 31, 2010
Per Share Data:
Net asset value, beginning of period	$	82.76		$	76.06		$	55.09		$	47.70		$	42.37		$	32.78
Income from investment operations:
Net investment income (loss)a		0.56			0.95			0.79			0.64			0.56			0.35
Net gain (loss) on investments (realized and unrealized)		6.74			6.67			21.02			7.46			5.31			9.56
Total from investment operations		7.30			7.62			21.81			8.10			5.87			9.91
Less distributions from:
Net investment income		(0.49	)		(0.92	)		(0.84	)		(0.71	)		(0.54	)		(0.32	)
Total distributions to shareholders		(0.49	)		(0.92	)		(0.84	)		(0.71	)		(0.54	)		(0.32	)
Net asset value, end of period	$	89.57		$	82.76		$	76.06		$	55.09		$	47.70		$	42.37
Total Returnb		8.82	%		10.07	%		39.91	%		17.05	%		13.91	%		30.35	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	197,044		$	86,897		$	125,497		$	41,314		$	21,467		$	25,425
Ratio to average net assets of:
Net investment income (loss)		1.27	%c		1.20	%		1.19	%		1.22	%		1.20	%		0.89	%
Total expenses		0.40	%c		0.40	%		0.50	%		0.50	%		0.50	%		0.50	%
Portfolio turnover rated		13	%		22	%		20	%		25	%		26	%		28	%

a	Based on average shares outstanding.
b	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.
c	Annualized.
d	Portfolio turnover does not include securities received or delivered from processing creations or redemptions.

100 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

GUGGENHEIM S&P 500^® EQUAL WEIGHT CONSUMER STAPLES ETF

FINANCIAL HIGHLIGHTS

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund’s performance for the periods presented.

	Period EndedApril 30,2015 (Unaudited)			Year EndedOctober 31, 2014			Year EndedOctober 31, 2013			Year EndedOctober 31, 2012			Year EndedOctober 31, 2011			Year EndedOctober 31, 2010
Per Share Data:
Net asset value, beginning of period	$	100.75		$	88.48		$	68.24		$	61.01		$	55.42		$	48.42
Income from investment operations:
Net investment income (loss)a		1.10			2.04			1.73			1.41			1.31			1.14
Net gain (loss) on investments (realized and unrealized)		5.76			12.03			20.22			7.20			5.49			6.95
Total from investment operations		6.86			14.07			21.95			8.61			6.80			8.09
Less distributions from:
Net investment income		(0.96	)		(1.80	)		(1.71	)		(1.38	)		(1.21	)		(1.09	)
Total distributions to shareholders		(0.96	)		(1.80	)		(1.71	)		(1.38	)		(1.21	)		(1.09	)
Net asset value, end of period	$	106.65		$	100.75		$	88.48		$	68.24		$	61.01		$	55.42
Total Returnb		6.82	%		16.04	%		32.59	%		14.19	%		12.37	%		16.89	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	266,618		$	186,382		$	84,054		$	40,944		$	30,507		$	13,856
Ratio to average net assets of:
Net investment income (loss)		2.10	%c		2.18	%		2.15	%		2.14	%		2.20	%		2.20	%
Total expenses		0.40	%c		0.40	%		0.50	%		0.50	%		0.50	%		0.50	%
Portfolio turnover rated		11	%		20	%		17	%		18	%		15	%		18	%

a	Based on average shares outstanding.
b	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.
c	Annualized.
d	Portfolio turnover does not include securities received or delivered from processing creations or redemptions.

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 101

GUGGENHEIM S&P 500^® EQUAL WEIGHT ENERGY ETF

FINANCIAL HIGHLIGHTS

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund’s performance for the periods presented.

	Period EndedApril 30,2015 (Unaudited)			Year EndedOctober 31, 2014			Year EndedOctober 31, 2013			Year EndedOctober 31, 2012			Year EndedOctober 31, 2011			Year EndedOctober 31, 2010
Per Share Data:
Net asset value, beginning of period	$	77.16		$	79.86		$	64.01		$	64.16		$	53.74		$	47.69
Income from investment operations:
Net investment income (loss)a		0.85			1.40			0.78			0.55			0.36			0.44
Net gain (loss) on investments (realized and unrealized)		(4.43	)		(2.91	)		15.87			(0.19	)		10.43			6.07
Total from investment operations		(3.58	)		(1.51	)		16.65			0.36			10.79			6.51
Less distributions from:
Net investment income		(0.79	)		(1.19	)		(0.80	)		(0.51	)		(0.37	)		(0.46	)
Total distributions to shareholders		(0.79	)		(1.19	)		(0.80	)		(0.51	)		(0.37	)		(0.46	)
Net asset value, end of period	$	72.79		$	77.16		$	79.86		$	64.01		$	64.16		$	53.74
Total Returnb		(4.55	%)		(2.02	%)		26.19	%		0.58	%		20.09	%		13.74	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	174,708		$	100,307		$	43,924		$	32,004		$	35,287		$	16,122
Ratio to average net assets of:
Net investment income (loss)		2.52	%c		1.64	%		1.09	%		0.88	%		0.53	%		0.87	%
Total expenses		0.40	%c		0.40	%		0.50	%		0.50	%		0.50	%		0.50	%
Portfolio turnover rated		16	%		25	%		17	%		30	%		23	%		31	%

a	Based on average shares outstanding.
b	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.
c	Annualized.
d	Portfolio turnover does not include securities received or delivered from processing creations or redemptions.

102 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

GUGGENHEIM S&P 500^® EQUAL WEIGHT FINANCIALS ETF

FINANCIAL HIGHLIGHTS

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund’s performance for the periods presented.

	Period EndedApril 30,2015 (Unaudited)			Year EndedOctober 31, 2014			Year EndedOctober 31, 2013			Year EndedOctober 31, 2012			Year EndedOctober 31, 2011			Year EndedOctober 31, 2010
Per Share Data:
Net asset value, beginning of period	$	43.27		$	37.64		$	28.68		$	24.48		$	25.40		$	21.53
Income from investment operations:
Net investment income (loss)a		0.35			0.53			0.57			0.39			0.42			0.31
Net gain (loss) on investments (realized and unrealized)		0.97			5.76			9.08			4.32			(0.96	)		3.87
Total from investment operations		1.32			6.29			9.65			4.71			(0.54	)		4.18
Less distributions from:
Net investment income		(0.43	)		(0.66	)		(0.58	)		(0.42	)		(0.38	)		(0.31	)
Return of capital		—			—			(0.11	)		(0.09	)		—			—
Total distributions to shareholders		(0.43	)		(0.66	)		(0.69	)		(0.51	)		(0.38	)		(0.31	)
Net asset value, end of period	$	44.16		$	43.27		$	37.64		$	28.68		$	24.48		$	25.40
Total Returnb		3.05	%		16.84	%		34.05	%		19.32	%		(2.25	%)		19.46	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	176,636		$	136,316		$	58,337		$	14,339		$	17,133		$	16,510
Ratio to average net assets of:
Net investment income (loss)		1.62	%c		1.30	%		1.65	%		1.48	%		1.59	%		1.26	%
Total expenses		0.40	%c		0.40	%		0.50	%		0.50	%		0.50	%		0.50	%
Portfolio turnover rated		7	%		19	%		14	%		17	%		18	%		19	%

a	Based on average shares outstanding.
b	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.
c	Annualized.
d	Portfolio turnover does not include securities received or delivered from processing creations or redemptions.

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 103

GUGGENHEIM S&P 500^® EQUAL WEIGHT HEALTH CARE ETF

FINANCIAL HIGHLIGHTS

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund’s performance for the periods presented.

	Period EndedApril 30,2015 (Unaudited)			Year EndedOctober 31, 2014			Year EndedOctober 31, 2013			Year EndedOctober 31, 2012			Year EndedOctober 31, 2011			Year EndedOctober 31, 2010
Per Share Data:
Net asset value, beginning of period	$	137.44		$	104.50		$	76.84		$	66.49		$	59.74		$	50.56
Income from investment operations:
Net investment income (loss)a		0.36			0.66			0.55			0.47			0.32			0.20
Net gain (loss) on investments (realized and unrealized)		15.35			32.89			27.63			11.04			6.73			9.20
Total from investment operations		15.71			33.55			28.18			11.51			7.05			9.40
Less distributions from:
Net investment income		(0.29	)		(0.61	)		(0.52	)		(1.16	)		(0.30	)		(0.22	)
Total distributions to shareholders		(0.29	)		(0.61	)		(0.52	)		(1.16	)		(0.30	)		(0.22	)
Net asset value, end of period	$	152.86		$	137.44		$	104.50		$	76.84		$	66.49		$	59.74
Total Returnb		11.44	%		32.20	%		36.81	%		17.39	%		11.80	%		18.64	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	687,865		$	391,714		$	130,627		$	38,419		$	53,196		$	53,770
Ratio to average net assets of:
Net investment income (loss)		0.48	%c		0.55	%		0.60	%		0.65	%		0.47	%		0.35	%
Total expenses		0.40	%c		0.40	%		0.50	%		0.50	%		0.50	%		0.50	%
Portfolio turnover rated		17	%		23	%		24	%		15	%		19	%		20	%

a	Based on average shares outstanding.
b	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.
c	Annualized.
d	Portfolio turnover does not include securities received or delivered from processing creations or redemptions.

104 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

GUGGENHEIM S&P 500^® EQUAL WEIGHT INDUSTRIALS ETF

FINANCIAL HIGHLIGHTS

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund’s performance for the periods presented.

	Period EndedApril 30,2015 (Unaudited)			Year EndedOctober 31, 2014			Year EndedOctober 31, 2013			Year EndedOctober 31, 2012			Year EndedOctober 31, 2011			Year EndedOctober 31, 2010
Per Share Data:
Net asset value, beginning of period	$	88.18		$	76.33		$	56.94		$	51.50		$	49.54		$	39.76
Income from investment operations:
Net investment income (loss)a		0.62			1.22			0.95			1.05			0.83			0.61
Net gain (loss) on investments (realized and unrealized)		1.01			11.59			19.41			5.42			2.05			9.78
Total from investment operations		1.63			12.81			20.36			6.47			2.88			10.39
Less distributions from:
Net investment income		(0.71	)		(0.96	)		(0.97	)		(1.03	)		(0.92	)		(0.61	)
Total distributions to shareholders		(0.71	)		(0.96	)		(0.97	)		(1.03	)		(0.92	)		(0.61	)
Net asset value, end of period	$	89.10		$	88.18		$	76.33		$	56.94		$	51.50		$	49.54
Total Returnb		1.84	%		16.85	%		36.10	%		12.64	%		5.80	%		26.28	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	138,104		$	123,447		$	57,251		$	17,082		$	15,450		$	42,105
Ratio to average net assets of:
Net investment income (loss)		1.40	%c		1.47	%		1.41	%		1.90	%		1.52	%		1.34	%
Total expenses		0.40	%c		0.40	%		0.50	%		0.50	%		0.50	%		0.50	%
Portfolio turnover rated		9	%		15	%		24	%		18	%		15	%		18	%

a	Based on average shares outstanding.
b	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.
c	Annualized.
d	Portfolio turnover does not include securities received or delivered from processing creations or redemptions.

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 105

GUGGENHEIM S&P 500^® EQUAL WEIGHT MATERIALS ETF

FINANCIAL HIGHLIGHTS

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund’s performance for the periods presented.

	Period EndedApril 30,2015 (Unaudited)			Year EndedOctober 31, 2014			Year EndedOctober 31, 2013			Year EndedOctober 31, 2012			Year EndedOctober 31, 2011			Year EndedOctober 31, 2010
Per Share Data:
Net asset value, beginning of period	$	82.38		$	75.49		$	60.71		$	56.57		$	57.32		$	45.78
Income from investment operations:
Net investment income (loss)a		0.60			1.21			1.25			0.92			0.82			1.52
Net gain (loss) on investments (realized and unrealized)		6.05			6.85			14.73			4.14			(0.76	)		11.65
Total from investment operations		6.65			8.06			15.98			5.06			0.06			13.17
Less distributions from:
Net investment income		(0.61	)		(1.17	)		(1.20	)		(0.92	)		(0.81	)		(1.63	)
Total distributions to shareholders		(0.61	)		(1.17	)		(1.20	)		(0.92	)		(0.81	)		(1.63	)
Net asset value, end of period	$	88.42		$	82.38		$	75.49		$	60.71		$	56.57		$	57.32
Total Returnb		8.10	%		10.68	%		26.59	%		8.99	%		0.04	%		29.05	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	83,999		$	74,138		$	49,069		$	33,388		$	36,771		$	34,395
Ratio to average net assets of:
Net investment income (loss)		1.42	%c		1.48	%		1.84	%		1.55	%		1.33	%		2.88	%
Total expenses		0.40	%c		0.40	%		0.50	%		0.50	%		0.50	%		0.50	%
Portfolio turnover rated		14	%		22	%		18	%		20	%		21	%		27	%

a	Based on average shares outstanding.
b	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.
c	Annualized.
d	Portfolio turnover does not include securities received or delivered from processing creations or redemptions.

106 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

GUGGENHEIM S&P 500^® EQUAL WEIGHT TECHNOLOGY ETF

FINANCIAL HIGHLIGHTS

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund’s performance for the periods presented.

	Period EndedApril 30,2015 (Unaudited)			Year EndedOctober 31, 2014			Year EndedOctober 31, 2013			Year EndedOctober 31, 2012			Year EndedOctober 31, 2011			Year EndedOctober 31, 2010
Per Share Data:
Net asset value, beginning of period	$	87.17		$	70.98		$	51.53		$	52.23		$	50.72		$	39.98
Income from investment operations:
Net investment income (loss)a		0.70			0.78			0.68			0.41			0.29			0.12
Net gain (loss) on investments (realized and unrealized)		5.24			16.15			19.43			(0.75	)		1.49			10.75
Total from investment operations		5.94			16.93			20.11			(0.34	)		1.78			10.87
Less distributions from:
Net investment income		(0.69	)		(0.74	)		(0.66	)		(0.36	)		(0.27	)		(0.13	)
Total distributions to shareholders		(0.69	)		(0.74	)		(0.66	)		(0.36	)		(0.27	)		(0.13	)
Net asset value, end of period	$	92.42		$	87.17		$	70.98		$	51.53		$	52.23		$	50.72
Total Returnb		6.83	%		23.92	%		39.23	%		0.71	%		3.51	%		27.23	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	919,600		$	671,221		$	273,275		$	100,479		$	109,685		$	88,759
Ratio to average net assets of:
Net investment income (loss)		1.56	%c		0.97	%		1.07	%		0.76	%		0.54	%		0.26	%
Total expenses		0.40	%c		0.40	%		0.50	%		0.50	%		0.50	%		0.50	%
Portfolio turnover rated		10	%		22	%		24	%		25	%		29	%		25	%

a	Based on average shares outstanding.
b	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.
c	Annualized.
d	Portfolio turnover does not include securities received or delivered from processing creations or redemptions.

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 107

GUGGENHEIM S&P 500^® EQUAL WEIGHT UTILITIES ETF

FINANCIAL HIGHLIGHTS

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund’s performance for the periods presented.

	Period EndedApril 30,2015 (Unaudited)			Year EndedOctober 31, 2014			Year EndedOctober 31, 2013			Year EndedOctober 31, 2012			Year EndedOctober 31, 2011			Year EndedOctober 31, 2010
Per Share Data:
Net asset value, beginning of period	$	76.69		$	64.67		$	60.52		$	54.03		$	50.27		$	42.13
Income from investment operations:
Net investment income (loss)a		1.32			2.59			2.36			2.03			1.89			1.84
Net gain (loss) on investments (realized and unrealized)		(2.07	)		11.75			4.11			6.45			3.71			8.13
Total from investment operations		(0.75	)		14.34			6.47			8.48			5.60			9.97
Less distributions from:
Net investment income		(1.51	)		(2.32	)		(2.32	)		(1.99	)		(1.84	)		(1.83	)
Total distributions to shareholders		(1.51	)		(2.32	)		(2.32	)		(1.99	)		(1.84	)		(1.83	)
Net asset value, end of period	$	74.43		$	76.69		$	64.67		$	60.52		$	54.03		$	50.27
Total Returnb		(1.01	%)		22.61	%		10.95	%		15.98	%		11.29	%		24.10	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	141,410		$	141,875		$	51,738		$	42,364		$	32,417		$	20,110
Ratio to average net assets of:
Net investment income (loss)		3.47	%c		3.72	%		3.78	%		3.60	%		3.60	%		3.95	%
Total expenses		0.40	%c		0.40	%		0.50	%		0.50	%		0.50	%		0.50	%
Portfolio turnover rated		9	%		31	%		22	%		22	%		15	%		16	%

a	Based on average shares outstanding.
b	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.
c	Annualized.
d	Portfolio turnover does not include securities received or delivered from processing creations or redemptions.

108 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

NOTES TO FINANCIAL STATEMENTS (Unaudited)

1. Organization and Significant Accounting Policies

Organization

Rydex ETF Trust (the “Trust”) is registered with the SEC under the Investment Company Act of 1940 (the “1940 Act”), as a non-diversified, open-ended investment company of the series type, and is authorized to issue an unlimited number of no par value shares. Each portfolio represents a separate series of beneficial interest in the Trust (each a “Fund”, and collectively, the “Funds”). The Trust was organized as a Delaware statutory trust on November 22, 2002. At April 30, 2015, the Trust consisted of twenty-one funds.

The financial statements herein relate to the following Funds, whose 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”) as follows:

Fund	Underlying Index
Guggenheim Russell MidCap® Equal Weight ETF	Russell MidCap® Equal Weight Index
Guggenheim Russell 1000® Equal Weight ETF	Russell 1000® Equal Weight Index
Guggenheim Russell 2000® Equal Weight ETF	Russell 2000® Equal Weight Index
Guggenheim MSCI Emerging Markets Equal Country Weight ETF	MSCI Emerging Markets Equal Country Weighted Index
Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF	S&P 500® Equal Weight Index Consumer Discretionary
Guggenheim S&P 500® Equal Weight Consumer Staples ETF	S&P 500® Equal Weight Index Consumer Staples
Guggenheim S&P 500® Equal Weight Energy ETF	S&P 500® Equal Weight Index Energy
Guggenheim S&P 500® Equal Weight Financials ETF	S&P 500® Equal Weight Index Financials
Guggenheim S&P 500® Equal Weight Health Care ETF	S&P 500® Equal Weight Index Health Care
Guggenheim S&P 500® Equal Weight Industrials ETF	S&P 500® Equal Weight Index Industrials
Guggenheim S&P 500® Equal Weight Materials ETF	S&P 500® Equal Weight Index Materials
Guggenheim S&P 500® Equal Weight Technology ETF	S&P 500® Equal Weight Index Information Technology
Guggenheim S&P 500® Equal Weight Utilities ETF	S&P 500® Equal Weight Index Telecommunication Service and Utilities

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 (100,000 shares for the Guggenheim MSCI Emerging Markets Equal Country Weight ETF) called a “Creation Unit.” Creation Units are issued and redeemed principally in-kind for securities included in the Underlying Index.

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 Sector ETFs are non-diversified funds, subjecting them to a greater risk than funds that are diversified.

Guggenheim Investments (“GI”) provides advisory services, and Rydex Fund Services, LLC (“RFS”) provides transfer agent, administrative and accounting services to the Trust. Guggenheim Funds Distributors, LLC (“GFD”) acts as principal underwriter for the Trust. GI, RFS and GFD are affiliated entities.

Significant Accounting Policies

The Funds operate as investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 Financial Services – Investment Companies.

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. The Board of Trustees of the Funds (the “Board”) has adopted policies and procedures for the valuation of the Funds’ investments (the “Valuation Procedures”).

GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 109

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Pursuant to the Valuation Procedures, the Board has delegated to a valuation committee, consisting of representatives from Guggenheim’s investment management, fund administration, legal and compliance departments (the “Valuation Committee”), the day-to-day responsibility for implementing the Valuation Procedures, including, under most circumstances, the responsibility for determining the fair value of the Funds’ securities or other assets.

Valuations of the Funds’ securities are supplied primarily by pricing services appointed pursuant to the processes set forth in the Valuation Procedures. The Valuation Committee convenes monthly, or more frequently as needed and will review the valuation of all assets which have been fair valued for reasonableness. The Funds’ officers, through the Valuation Committee and consistent with the monitoring and review responsibilities set forth in the Valuation Procedures, regularly review procedures used by, and valuations provided by, the pricing services.

If the pricing service cannot or does not provide a valuation for a particular investment or such valuation is deemed unreliable, such investment is fair valued by the Valuation Committee.

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, usually 4:00 p.m. on the valuation date. Equity securities listed on the NASDAQ market system are valued at the NASDAQ Official Closing Price on the valuation date, which may not necessarily represent the last sale price. If there has been no sale on such exchange or NASDAQ on a given day, the security is valued at the closing bid price on that day.

The Funds invest in money market mutual funds, which are valued at their NAV. Exchange-traded funds (“ETFs”) are valued at the last quoted sales price.

Generally, trading in foreign securities markets is substantially completed each day at various times prior to the close of the NYSE. The values of foreign securities are determined as of the close of such foreign markets or the close of the NYSE, if earlier. All investments quoted in foreign currency are valued in U.S. dollars on the basis of the foreign currency exchange rates prevailing at the close of business. Investments in foreign securities may involve risks not present in domestic investments. The Valuation Committee will determine the current value of such foreign securities by taking into consideration certain factors which may include those discussed above, as well as the following factors, among others: the value of the securities traded on other foreign markets, ADR trading, closed-end fund trading, foreign currency exchange activity, and the trading prices of financial products that are tied to foreign securities such as World Equity Benchmark Shares. In addition, the Board of Trustees has authorized the Valuation Committee and GI to use prices and other information supplied by a third party pricing vendor in valuing foreign 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.

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) obtaining general information as to how these securities and assets trade; and (ii) obtaining other information and considerations, including current values in related markets.

B. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Trust does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain and loss from investments.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies and currency gains or losses realized between the trade and settlement dates on investment transactions. Net unrealized exchange gains and losses arise from changes in the fair values of assets and liabilities other than investments insecurities at the fiscal period end, resulting from changes in exchange rates.

C. 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

110 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

in the respective Fund. 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 discounts, is accrued on a daily basis. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.

D. Distributions of net investment income and net realized gains, if any, are declared and paid at least annually. Distributions are recorded on the ex-dividend date and are determined in accordance with income tax regulations which may differ from U.S. GAAP.

E. The Funds may leave cash overnight in their cash account with the custodian. Periodically, a Fund may have cash due to the custodian bank as an overdraft balance. A fee is incurred on this overdraft, calculated by multiplying the overdraft by a rate based on the federal funds rate.

F. 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 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.

G. Under the Funds’ organizational documents, their Trustees and Officers are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, 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.

2. Capital

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:

Fund	Minimum Transaction Fee
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 Emerging Markets Equal Country 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 | 111

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

3. Fees 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.

Fund	Advisory Fee
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 Emerging Markets Equal Country Weight ETF	0.70%
Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF	0.40%
Guggenheim S&P 500® Equal Weight Consumer Staples ETF	0.40%
Guggenheim S&P 500® Equal Weight Energy ETF	0.40%
Guggenheim S&P 500® Equal Weight Financials ETF	0.40%
Guggenheim S&P 500® Equal Weight Health Care ETF	0.40%
Guggenheim S&P 500® Equal Weight Industrials ETF	0.40%
Guggenheim S&P 500® Equal Weight Materials ETF	0.40%
Guggenheim S&P 500® Equal Weight Technology ETF	0.40%
Guggenheim S&P 500® Equal Weight Utilities ETF	0.40%

GI pays all expenses of the Funds, including the cost of transfer agency, custody, fund administration, fund accounting, legal, audit and other services, except: interest, taxes, distribution fees or expenses, trustee fees (where applicable) and extraordinary expenses.

Under a Fund Administration Agreement with the Trust, RFS provides various administrative and financial reporting services for the Funds. GI compensates RFS directly for this service.

Under a Fund Accounting Agreement with the Trust, BNYMellon maintains the books and records of the Funds. Under a Custodian Agreement with the Trust, BNYMellon maintains cash, securities and other assets of the Funds in a separate account for the Funds, keeps all necessary accounts and records, and provides other services. BNYMellon 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, BNYMellon 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 BNYMellon directly for the foregoing services.

For the Guggenheim MCSI Emerging Markets Equal Country Weight ETF, GI has contractually agreed to reduce fees and/or reimburse expenses to the extent necessary to keep the Fund’s net operating expenses (excluding interest, taxes, brokerage commissions, dividends on securities sold short, distribution fees and expenses, and extraordinary expenses (“Excluded Expenses”)) plus Acquired Fund Fees and Expense borne indirectly from exceeding 0.70% of the Fund’s average daily net assets until February 28, 2016. This agreement may be terminated only with the approval of the Fund’s Board of Trustees. In any event, this undertaking will continue until at least February 28, 2016.

The Funds have adopted a Distribution Plan (the “Plan”) that allows the Funds to pay distribution fees to GFD and other firms that provide distribution services (“Service Providers”). If a Service Provider provides distribution services, the Funds will pay distribution fees to GFD at an annual rate not to exceed 0.25% of average daily net assets, pursuant to Rule 12b-1 of the 1940 Act. GFD will, in turn, pay the Service Provider out of its fees. No such fee is currently charged to the Funds.

Certain trustees and officers of the Trust are also officers of GI, RFS and GFD.

4. Fair Value Measurement

In accordance with U.S. GAAP, fair value is defined as the price that the Funds 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. U.S. GAAP establishes a three-tier fair value hierarchy based on the types of inputs used to value assets and liabilities and requires corresponding disclosure. The hierarchy and the corresponding inputs are summarized 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).

112 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

The types of inputs available depend on a variety of factors, such as the type of security and the characteristics of the markets in which it trades, if any. Fair valuation determinations that rely on fewer or no observable inputs require greater judgment. Accordingly, fair value determinations for Level 3 securities require the greatest amount of judgment.

The following table summarizes the inputs used to value the Funds’ investments at April 30, 2015:

Fund	Level 1Investments In Securities		Level 2Investments In Securities		Level 3Investments In Securities		Total
Guggenheim Russell MidCap® Equal Weight ETF	$	157,380,251	$	7,643,133	$	—	$	165,023,384
Guggenheim Russell 1000® Equal Weight ETF		102,262,721		3,451,364		—		105,714,085
Guggenheim Russell 2000® Equal Weight ETF		54,949,820		3,463,030		8,573		58,421,423
Guggenheim MSCI Emerging Markets Equal Country Weight ETF		13,696,439		189,171		—		13,885,610
Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF		197,010,976		2,264,368		—		199,275,344
Guggenheim S&P 500® Equal Weight Consumer Staples ETF		266,336,066		—		—		266,336,066
Guggenheim S&P 500® Equal Weight Energy ETF		174,554,557		16,132,935		—		190,687,492
Guggenheim S&P 500® Equal Weight Financials ETF		176,573,463		—		—		176,573,463
Guggenheim S&P 500® Equal Weight Health Care ETF		687,802,689		—		—		687,802,689
Guggenheim S&P 500® Equal Weight Industrials ETF		138,023,317		2,087,217		—		140,110,534
Guggenheim S&P 500® Equal Weight Materials ETF		83,980,536		—		—		83,980,536
Guggenheim S&P 500® Equal Weight Technology ETF		919,450,913		754,091		—		920,205,004
Guggenheim S&P 500® Equal Weight Utilities ETF		141,293,183		316,748		—		141,609,931

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in the investment’s valuation changes. The Funds recognize transfers between the levels as of the beginning of the period. As of April 30, 2015, Guggenheim Russell 2000^® Equal Weight ETF had securities with a total value of $8,573, transfer from Level 2 to Level 3 based on a change in availability of market information.

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The suitability of the techniques and sources employed to determine fair valuation are regularly monitored and subject to change.

5. Portfolio Securities Loaned

The Funds may lend their securities to approved brokers to earn additional income. Security lending income shown on the Statements of Operations is shown net of rebates paid to the borrowers and earnings on cash collateral investments shared with the lending agent. Within this arrangement, the Funds act as the lender, Credit Suisse acts as the lending agent, and other approved registered broker dealers act as the borrowers. The Funds receive cash collateral, valued at 102% of the value of the securities on loan. Under the terms of the Funds’ securities lending agreement with Credit Suisse, cash collateral is invested in one or more joint repurchase agreements collateralized by obligations of the U.S. Treasury or Government Agencies and cash. The Funds bear the risk of loss on cash collateral investments. Collateral is maintained over the life of the loan in an amount not less than the value of loaned securities, as determined at the close of fund business each day; any additional collateral required due to changes in security values is delivered to the Funds the next business day. Although the collateral mitigates the risk, the Funds could experience a delay in recovering its securities and a possible loss of income or value if the borrower fails to return the securities. The Funds have the right under the securities lending agreement to recover the securities from the borrower on demand.

GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 113

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

At April 30, 2015, the Funds participated in securities lending as follows:

Fund	Value ofSecurities Loaned		CashCollateral Received
Guggenheim Russell MidCap® Equal Weight ETF	$	7,714,732	$	7,650,188	*
Guggenheim Russell 1000® Equal Weight ETF		3,485,950		3,460,100	*
Guggenheim Russell 2000® Equal Weight ETF		3,208,926		3,471,796
Guggenheim MSCI Emerging Markets Equal Country Weight ETF		184,926		189,650
Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF		2,173,656		2,270,100
Guggenheim S&P 500® Equal Weight Energy ETF		16,682,492		16,173,772	*
Guggenheim S&P 500® Equal Weight Industrials ETF		2,030,400		2,092,500
Guggenheim S&P 500® Equal Weight Technology ETF		730,080		756,000
Guggenheim S&P 500® Equal Weight Utilities ETF		300,468		317,550

* Subsequent to April 30, 2015, additional collateral was received.

Cash collateral received was invested in the following joint repurchase agreements at April 30, 2015:

Counterparty and Terms of Agreement	Face Value		Repurchase Price		Collateral	Par Value		Fair Value
HSBC Securities, Inc.					U.S. Treasury Notes
0.09%					0.63% - 4.00%
Due 05/01/15	$	27,121,534	$	27,121,602	12/15/16 - 11/15/22	$	19,590,357	$	20,601,846
					U.S. Treasury Floating Rate Note
					0.09%
					04/30/17	7,062,447		7,062,447
BNP Paribas Securities Corp.					U.S. Treasury Strips
0.10%					0.00%
Due 05/01/15	5,029,811		5,029,825		08/15/27 - 02/15/44	3,535,418		1,632,478
					U.S. Treasury Notes
					1.00% - 2.13%
					06/30/19 - 08/15/21	2,617,179		2,693,160
					U.S. TIP Bonds
					0.13%
					01/15/23 - 07/15/24	810,382		804,770
Barclays Capital, Inc.					U.S. Treasury Notes
0.08%					1.38%
Due 05/01/15	4,138,450		4,138,459		04/30/20	4,229,805		4,219,231
					U.S. Treasury Strips
					0.00%
					05/15/30 - 02/15/41	2,947		1,998

There was also $91,859 in segregated cash held as collateral.

In the event of counterparty default, the Funds have the right to collect the collateral to offset losses incurred. There is potential loss to the Funds in the event the Funds are delayed or prevented from exercising their rights to dispose of the collateral securities, including the risk of a possible decline in the value of the underlying securities during the period while the Funds seek to assert their rights. The Funds’ investment adviser, acting under the supervision of the Board of Trustees, reviews the value of the collateral and the creditworthiness of those banks and dealers with which the Funds enter into repurchase agreements to evaluate potential risks.

114 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

6. Federal Income Tax Information

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, and has concluded that no provision for income tax is required in the Funds’ financial statements. The Funds’ federal tax returns are subject to examination by the Internal Revenue Service for a period of three years after they are filed.

At April 30, 2015, the cost of securities for Federal income tax purposes, the aggregate gross unrealized gain for all securities for which there was an excess of value over tax cost and the aggregate gross unrealized loss for all securities for which there was an excess of tax cost over value, were as follows:

Fund	Tax Cost		TaxUnrealized Gain		TaxUnrealized Loss			NetUnrealized Gain (Loss)
Guggenheim Russell MidCap® Equal Weight ETF	$	141,008,970	$	30,522,815	$	(6,508,401	)	$	24,014,414
Guggenheim Russell 1000® Equal Weight ETF		95,519,781		14,525,766		(4,331,462	)		10,194,304
Guggenheim Russell 2000® Equal Weight ETF		54,355,333		8,521,619		(4,455,529	)		4,066,090
Guggenheim MSCI Emerging Markets Equal Country Weight ETF		13,355,581		1,441,534		(911,505	)		530,029
Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF		185,997,544		20,277,099		(6,999,299	)		13,277,800
Guggenheim S&P 500® Equal Weight Consumer Staples ETF		245,357,758		24,926,018		(3,947,710	)		20,978,308
Guggenheim S&P 500® Equal Weight Energy ETF		206,045,315		9,362,800		(24,720,623	)		(15,357,823	)
Guggenheim S&P 500® Equal Weight Financials ETF		173,792,389		7,332,071		(4,550,997	)		2,781,074
Guggenheim S&P 500® Equal Weight Health Care ETF		636,455,785		60,687,346		(9,340,442	)		51,346,904
Guggenheim S&P 500® Equal Weight Industrials ETF		134,792,110		10,627,955		(5,309,530	)		5,318,425
Guggenheim S&P 500® Equal Weight Materials ETF		82,665,243		5,732,818		(4,417,525	)		1,315,293
Guggenheim S&P 500® Equal Weight Technology ETF		827,253,428		110,416,521		(17,464,945	)		92,951,576
Guggenheim S&P 500® Equal Weight Utilities ETF		152,372,197		688,061		(11,450,326	)		(10,762,265	)

7. Investment Transactions

For the period ended April 30, 2015, the Funds had investments transactions in-kind associated with subscriptions and redemptions as follows:

Fund	Subscriptions		Redemptions
Guggenheim Russell MidCap® Equal Weight ETF	$	12,675,071	$	7,731,806
Guggenheim Russell 1000® Equal Weight ETF		15,296,768		10,315,302
Guggenheim Russell 2000® Equal Weight ETF		18,216,741		4,270,503
Guggenheim MSCI Emerging Markets Equal Country Weight ETF		—		—
Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF		101,232,128		—
Guggenheim S&P 500® Equal Weight Consumer Staples ETF		94,423,286		26,164,331
Guggenheim S&P 500® Equal Weight Energy ETF		85,753,297		10,076,156
Guggenheim S&P 500® Equal Weight Financials ETF		99,408,761		60,963,832
Guggenheim S&P 500® Equal Weight Health Care ETF		386,521,545		140,128,794
Guggenheim S&P 500® Equal Weight Industrials ETF		40,360,752		27,006,364
Guggenheim S&P 500® Equal Weight Materials ETF		31,273,690		24,710,728
Guggenheim S&P 500® Equal Weight Technology ETF		286,143,075		81,073,104
Guggenheim S&P 500® Equal Weight Utilities ETF		169,659,827		155,840,788

GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 115

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

For the period ended April 30, 2015, the cost of purchases and proceeds from sales of investment securities, excluding government securities, short-term investments and in-kind transactions, were as follows:

Fund	Purchases		Sales
Guggenheim Russell MidCap® Equal Weight ETF	$	22,868,246	$	22,938,754
Guggenheim Russell 1000® Equal Weight ETF		12,706,762		12,902,618
Guggenheim Russell 2000® Equal Weight ETF		9,771,993		9,597,691
Guggenheim MSCI Emerging Markets Equal Country Weight ETF		10,546,888		10,555,057
Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF		18,108,167		17,805,957
Guggenheim S&P 500® Equal Weight Consumer Staples ETF		25,494,897		25,540,670
Guggenheim S&P 500® Equal Weight Energy ETF		21,062,546		20,818,848
Guggenheim S&P 500® Equal Weight Financials ETF		11,455,654		11,363,456
Guggenheim S&P 500® Equal Weight Health Care ETF		89,080,723		89,785,013
Guggenheim S&P 500® Equal Weight Industrials ETF		11,581,751		11,702,618
Guggenheim S&P 500® Equal Weight Materials ETF		10,157,871		10,194,982
Guggenheim S&P 500® Equal Weight Technology ETF		84,065,424		81,170,870
Guggenheim S&P 500® Equal Weight Utilities ETF		19,193,570		19,686,206

8. 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 Kirschner v. FitzSimons, No. 12-2652 (S.D.N.Y.) (formerly Official Committee of Unsecured Creditors of Tribune Co. v. FitzSimons, Adv. Pro. No. 10-54010 (Bankr. D. Del.)) (the “FitzSimons action”), as a result of ownership of shares by certain series of the Rydex ETF Trust in the Tribune Company (“Tribune”) in 2007, when Tribune effected a leveraged buyout transaction (“LBO”) by which Tribune converted to a privately-held company. In his complaint, the plaintiff has alleged that, in connection with the LBO, insiders and shareholders were overpaid for their Tribune stock using financing that the insiders knew would, and ultimately did, leave the Tribune Company insolvent. The plaintiff has asserted claims against certain insiders, major shareholders, professional advisers, and others involved in the LBO. The plaintiff is also attempting to obtain from former Tribune shareholders, including Rydex ETF Trust, the proceeds they received in connection with the LBO.

In June 2011, a group of Tribune creditors filed multiple actions against former Tribune shareholders involving state law constructive fraudulent conveyance claims arising out of the 2007 LBO (the “SLCFC actions”). Rydex ETF Trust has been named as a defendant in one of the SLCFC actions: Deutsche Bank Trust Co. Americas v. McGurn, No. 11-1510 (S.D.N.Y.). In those actions, the creditors seek to recover from Tribune’s former shareholders the proceeds received in connection with the 2007 LBO.

The FitzSimons action and the SLCFC actions have been consolidated with the majority of the other Tribune LBO-related lawsuits in a multidistrict litigation proceeding captioned In re Tribune Company Fraudulent Conveyance Litig., No. 11-md-2696 (S.D.N.Y.) (the “MDL Proceeding”).

On September 23, 2013, the District Court granted the defendants’ omnibus motion to dismiss the SLCFC actions, on the basis that the creditors lacked standing. On September 30, 2013, the creditors filed a notice of appeal of the September 23 order. On October 28, 2013, the defendants filed a joint notice of cross-appeal of that same order. The SLCFC appeals have been fully briefed, and oral argument in front of the U.S. Court of Appeals for the Second Circuit occurred on November 5, 2014. The Court has not yet issued a decision on the appeals.

On May 23, 2014, the defendants filed motions to dismiss the FitzSimons action, including a global motion to dismiss Count I, which is the claim brought against former Tribune shareholders for intentional fraudulent conveyance under U.S. federal law. The Court has not yet issued a decision on any of these motions.

116 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(concluded)

None of these lawsuits alleges 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 Consumer Discretionary Fund (the “Fund”). The value of the proceeds received by the foregoing Fund was $249,481. At this stage of the proceedings, Rydex ETF Trust is not able to make a reliable prediction as to the outcome of these lawsuits or the effect, if any, on the Fund’s net asset value.

GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 117

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 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 800.820.0888. This information is also available from the EDGAR database on the SEC’s website at http://www.sec.gov.

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 800-SEC-0330. Copies of the portfolio holdings are also available to shareholders, without charge and upon request, by calling 800.820.0888.

118 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT

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 visiting guggenheiminvestments.com or by calling 800.820.0888.

Name, Address* and Year of Birth of Trustee	Position(s) Held with the Trust, Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number ofPortfolios inFund ComplexOverseen by Trustee***	OtherDirectorshipsHeld by Trustee
INTERESTED TRUSTEE
Donald C. Cacciapaglia** (1951)	Trustee from 2012 to present.	Current: President and CEO, certain other funds in the Fund Complex (2012-present); Vice Chairman, Guggenheim Investments (2010-present). Former: Chairman and CEO, Channel Capital Group, Inc. (2002-2010).	221	Clear Spring Life Insurance Company (2015-present); Guggenheim Partners Japan, Ltd. (2014-present); Delaware Life (2013-present); Guggenheim Life and Annuity Company (2011-present); Paragon Life Insurance Company of Indiana (2011-present).
INDEPENDENT TRUSTEES
Corey A. Colehour (1945)	Trustee and Member of the Audit Committee from 2003 to present; Member of the Governance and Nominating Committees from 2005 to present; and Member of the Investment and Performance Committee from 2014 to present.	Retired.	133	None.
J. Kenneth Dalton (1941)	Trustee from 2003 to present; Chairman and Member of the Audit Committee from 2003 to present; Member of the Governance and Nominating Committees from 2005 to present; and Member of the Compliance and Risk Oversight Committee from 2010 to present.	Retired.	133	Epiphany Funds (4) (2009-present).
John O. Demaret (1940)	Vice Chairman of the Board of Trustees from 2014 to present; Trustee and Member of the Audit Committee from 2003 to present; Chairman of the Board from 2006 to 2014; Member of the Compliance and Risk Oversight Committee from 2010 to present; Chairman and Member of the Investment and Performance Committee from 2014 to present; and Member of the Nominating Committee from 2014 to present.	Retired.	133	None.

GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 119

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth of Trustee	Position(s) Held with theTrust, Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number ofPortfolios inFund ComplexOverseen by Trustee***	OtherDirectorshipsHeld by Trustee
INDEPENDENT TRUSTEES - concluded
Werner E. Keller (1940)	Chairman of the Board from 2014 to present; Trustee and Member of the Audit, Governance and Nominating Committees from 2005 to present; Vice Chairman of the Board from 2010 to 2014; Chairman and Member of the Compliance and Risk Oversight Committee from 2010 to present; and Member of the Investment and Performance Committee from 2014 to present.	Current: Founder and President, Keller Partners, LLC (investment research firm) (2005-present).	133	None.
Thomas F. Lydon, Jr. (1960)	Trustee and Member of the Audit, Governance and Nominating Committees from 2005 to present.	Current: President, Global Trends Investments (registered investment adviser) (1996-present).	133	US Global Investors (GROW) (1995-present).
Patrick T. McCarville (1942)	Trustee and Member of the Audit Committee from 2003 to present; Chairman and Member of the Governance and Nominating Committees from 2005 to present.	Retired. Former: Chief Executive Officer, Par Industries, Inc., d/b/a Par Leasing (1977-2010).	133	None.

Name, Address* and Year of Birth	Position(s) Held with theTrust, Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
OFFICERS
Donald C. Cacciapaglia (1951)	President (2012-present).	Current: President and CEO, certain other funds in the Fund Complex (2012-present); Vice Chairman, Guggenheim Investments (2010-present). Former: Chairman and CEO, Channel Capital Group Inc. (2002-2010).
Michael P. Byrum (1970)	Vice President (1999-present).	Current: Senior Vice President, Security Investors, LLC (2010-present); President and Chief Investment Officer, Rydex Holdings, LLC (2008-present); Director and Chairman, Advisory Research Center, Inc. (2006-present); Manager, Guggenheim Specialized Products, LLC (2005-present). Former: Vice President, Guggenheim Distributors, LLC (2009); Director (2009-2010) and Secretary (2002-2010), Rydex Fund Services, LLC; Director (2008-2010), Chief Investment Officer (2006-2010), President (2004-2010) and Secretary (2002-2010), Rydex Advisors, LLC; Director (2008-2010), Chief Investment Officer (2006-2010), President (2004-2010) and Secretary (2002-2010), Rydex Advisors II, LLC.

120 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(concluded)

Name, Address* and Year of Birth	Position(s) Held with theTrust, Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
OFFICERS - concluded
Nikolaos Bonos (1963)	Vice President and Treasurer (2003-present).	Current: Senior Vice President, Security Investors, LLC (2010-present); Chief Executive Officer, Guggenheim Specialized Products, LLC (2009-present); Chief Executive Officer & President, Rydex Fund Services, LLC (2009-present); Vice President, Rydex Holdings, LLC (2008-present). Former: Senior Vice President, Security Global Investors, LLC (2010-2011); and Senior Vice President, Rydex Advisors, LLC and Rydex Advisors II, LLC (2006-2011).
Elisabeth Miller (1968)	Chief Compliance Officer (2012-present).	Current: CCO, certain other funds in the Fund Complex (2012-present); CCO, Security Investors, LLC (2012-present); CCO, Guggenheim Funds Investment Advisors, LLC (2012-present); Managing Director, Guggenheim Investments (2012-present); Vice President, Guggenheim Funds Distributors, LLC (March 2014-present). Former: CCO, Guggenheim Distributors, LLC (2009-March 2014); Senior Manager, Security Investors, LLC (2004-2009); Senior Manager, Guggenheim Distributors, LLC (2004-2009).
Joseph M. Arruda (1966)	Assistant Treasurer (2006-present).	Current: Assistant Treasurer, certain other funds in the Fund Complex (2006-present); Vice President, Security Investors, LLC (2010-present); CFO and Manager, Guggenheim Specialized Products, LLC (2009-present). Former: Vice President, Security Global Investors, LLC (2010-2011); Vice President, Rydex Advisors, LLC (2010); Vice President, Rydex Advisors II, LLC (2010).
Paul J. Davio (1972)	Assistant Treasurer (2014-present).	Current: Assistant Treasurer, certain other funds in the Fund Complex (2014-present); Director, Guggenheim Investments (2006-present). Former: Manager, Mutual Fund Administration, Guggenheim Investments (2003-2006).
Amy J. Lee (1961)	Vice President (2009-present) and Secretary (2012-present).	Current: Chief Legal Officer, certain other funds in the Fund Complex (2013-present); Senior Managing Director, Guggenheim Investments (2012-present). Former: Vice President, Associate General Counsel and Assistant Secretary, Security Benefit Life Insurance Company and Security Benefit Corporation (2004-2012).

*	All Trustees and Officers may be reached c/o Guggenheim Investments, 805 King Farm Boulevard, Suite 600, Rockville, MD 20850.
**	Mr. Cacciapaglia is an “interested” person of the Trust, as that term is defined in the 1940 Act by virtue of his affiliation with the Adviser’s parent company.
***	The “Fund Complex” includes all closed-end and open-end funds (including all of their portfolios) advised by the Adviser and any funds that have an investment adviser or servicing agent that is an affiliated person of the Adviser. Information provided is as of the date of this report.

GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 121

GUGGENHEIM INVESTMENTS PRIVACY POLICIES (Unaudited)

Rydex Funds, Guggenheim Funds, Rydex Investments, Guggenheim Funds Distributors, LLC, Security Investors, LLC, Security Distributors, Inc., Guggenheim Partners Investment Managers, LLC, and Rydex Advisory Services (Collectively “Guggenheim Investments”).

Our Commitment to You

When you become a Guggenheim Investments investor, you entrust us with not only your hard-earned money but also with personal and financial information about you. We recognize that your relationship with us is based on trust and that you expect us to act responsibly and in your best interests. Because we have access to this private information about you, we hold ourselves to the highest standards in its safekeeping and use. This means, most importantly, that we do not sell client information to anyone—whether it is your personal information or if you are a current or former Guggenheim Investments client.

The Information We Collect About You

In the course of doing business with shareholders and investors, we collect nonpublic personal information about you. You typically provide personal information when you complete a Guggenheim Investments account application or when you request a transaction that involves Rydex and Guggenheim Investments funds or one of the Guggenheim Investments affiliated companies. “Nonpublic personal information” is personally identifiable private information about you. For example, it includes information regarding your name and address, Social Security or taxpayer identification number, assets, income, account balance, bank account information and investment activity (e.g., purchase and redemption history).

How We Handle Your Personal Information

As emphasized above, we do not sell information about current or former clients or their accounts to third parties. Nor do we share such information, except when necessary to complete transactions at your request or to make you aware of related investment products and services that we offer. Additional details about how we handle your personal information are provided below. To complete certain transactions or account changes that you direct, it may be necessary to provide identifying information to companies, individuals or groups that are not affiliated with Guggenheim Investments. For example, if you ask to transfer assets from another financial institution to Guggenheim Investments, we will need to provide certain information about you to that company to complete the transaction. To alert you to other Guggenheim Investments investment products and services, we may share your information within the Guggenheim Investments family of affiliated companies. This would include, for example, sharing your information within Guggenheim Investments so we can make you aware of new Rydex and Guggenheim Investments funds or the services offered through another Guggenheim Investments affiliated company. In certain instances, we may contract with nonaffiliated companies to perform services for us. Where necessary, we will disclose information we have about you to these third parties. In all such cases, we provide the third party with only the information necessary to carry out its assigned responsibilities and only for that purpose. And we require these third parties to treat your private information with the same high degree of confidentiality that we do. In certain instances, we may share information with other financial institutions regarding individuals and entities in response to the U.S.A. Patriot Act. Finally, we will release information about you if you direct us to do so, if we are compelled by law to do so or in other circumstances permitted by law.

Opt Out Provisions

We do not sell your personal information to anyone. The law allows you to “opt out” of only certain kinds of information sharing with third parties. The firm does not share personal information about you with any third parties that triggers this opt-out right. This means YOU ARE ALREADY OPTED OUT.

122 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT

GUGGENHEIM INVESTMENTS PRIVACY POLICIES (Unaudited)(concluded)

How We Protect Privacy Online

Our concern for the privacy of our shareholders also extends to those who use our web site, guggenheiminvestments.com. Our web site uses some of the most secure forms of online communication available, including encryption technology, Secure Socket Layer (SSL) protocol, firewalls and user names and passwords. These technologies provide a high level of security and privacy when you access your account information or initiate online transactions. The Guggenheim Investments web site offers customized features that require our use of “http cookies”—tiny pieces of information that we ask your browser to store. However, we make very limited use of these cookies. We only use cookies for session management and security features on the Guggenheim Investments web site. We do not use them to pull data from your hard drive, to learn your email address, or to view data in cookies created by other web sites. We will not share the information in our cookies or give others access to it. See the legal information area on our web site for more details about web site security and privacy features.

How We Safeguard Your Personal Information

We restrict access to nonpublic personal information about shareholders to our employees and in some cases to third parties (for example, the service providers described above) as permitted by law. We maintain strict physical, electronic and procedural safeguards that comply with federal standards to guard your nonpublic personal information.

We’ll Keep You Informed

As required by federal law, we will notify shareholders of our privacy policy annually. We reserve the right to modify this policy at any time, but rest assured that if we do change it, we will tell you promptly. You will also be able to access our privacy policy from our web site at guggenheiminvestments.com. Should you have any questions regarding our privacy policy, contact us at 800.820.0888 or 301.296.5100.

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4.30.2015

Guggenheim ETFs Semi-Annual Report

XLG	Guggenheim Russell Top 50® Mega Cap 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

ETF2-SEMI-0415x1015 guggenheiminvestments.com

TABLE OF CONTENTS

DEAR SHAREHOLDER	2
ECONOMIC AND MARKET OVERVIEW	3
FEES AND EXPENSES	5
PORTFOLIO SUMMARY	7
SCHEDULES OF INVESTMENTS	14
STATEMENTS OF ASSETS AND LIABILITIES	28
STATEMENTS OF OPERATIONS	30
STATEMENTS OF CHANGES IN NET ASSETS	32
FINANCIAL HIGHLIGHTS	36
NOTES TO FINANCIAL STATEMENTS	43
OTHER INFORMATION	51
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS	52
GUGGENHEIM INVESTMENTS PRIVACY POLICIES	55

GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 1

April 30, 2015

Dear Shareholder:

Security Investors, LLC (the “Investment Adviser”) is pleased to present the semi-annual shareholder report for a selection of our exchange-traded funds (“ETFs”) for the six-month period ended April 30, 2015.

The Investment Adviser is part of Guggenheim Investments, which represents the investment management businesses of Guggenheim Partners, LLC (“Guggenheim”), a global, diversified financial services firm.

Guggenheim Funds Distributors, LLC, the distributor of the Funds, is affiliated with Guggenheim and the Investment Adviser.

We encourage you to read the Economic and Market Overview, which follows this letter.

We are committed to providing investors with innovative investment solutions and appreciate the trust you place in us.

Sincerely,

Donald C. CacciapagliaPresident May 31, 2015

Read a prospectus and summary prospectus (if available) carefully before investing. It contains the investment objectives, risks, charges, expenses, and other information, which should be considered carefully before investing. Obtain a prospectus and summary prospectus (if available) at guggenheiminvestments.com or call 800.820.0888.

ETFs may not be suitable for all investors. • Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than original cost. Most investors will also incur customary brokerage commissions when buying or selling shares of an ETF. • Investments in securities and derivatives, in general, are subject to market risks that may cause their prices to fluctuate over time. • ETF shares may trade below their net asset value per share (“NAV”). The NAV of shares will fluctuate with changes in the market value of an ETF’s holdings. In addition, there can be no assurance that an active trading market for shares will develop or be maintained. • Tracking error risk refers to the risk that the Adviser may not be able to cause the ETF’s performance to match or correlate to that of the ETF’s underlying index, either on a daily or aggregate basis. Tracking error risk may cause the ETF’s performance to be less than you expect.

2 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT

ECONOMIC AND MARKET OVERVIEW (Unaudited) April 30, 2015

As of the six months ended April 30, 2015, the U.S. remains a bright spot in the global economy. Harsh winter weather did cause U.S. growth to slow dramatically in the first quarter of 2015, but the economy should bounce back, similar to a year ago. The underlying fundamentals of the U.S. economy are strong, even though interim data is weaker, and we are now in a self-sustained economic expansion.

An improving labor market, an increase in family formation, subdued mortgage rates, and tight housing inventory all point to a rebound in the in the housing market, which is key to the ongoing recovery. Lower energy prices are acting as a tax cut for U.S. consumers. Ideally this would free up discretionary spending in other areas, of which we have seen some evidence. A U.S. Federal Reserve (the “Fed”) rate hike appears to be drawing nearer, with the likely timeframe being in the fall of 2015. Liquidity from foreign central banks and comparatively attractive yields has been pushing global investors to U.S. Treasuries, which should continue to hold down interest rates in the near term, but more volatility is evident both in the U.S. and overseas. The Fed is focused on wage growth, an indicator of inflationary pressure. With recent minimum wage increases and a falling unemployment rate, wages could begin to accelerate this year.

Oil is key to the global outlook. While some technical indicators are pointing to a bottom in oil, U.S. production continues to increase and inventory levels keep making new highs. Once inventories in the U.S. are full, the oversupply of oil could push prices lower. Based on the resilience of U.S. production and OPEC’s unwillingness to cut production, oil prices are likely stay in a low range for the next few years.

The economy in Europe has been strengthening on the back of ECB quantitative easing and a steady depreciation of euro. In Japan, the impact of ongoing monetary accommodation on the economy is more muted, but the “Abenomics” is likely to continue to be supportive of the equities markets. The Chinese economy is slowing down and policymakers appear likely to continue to ease monetary policy and do whatever is necessary to maintain growth at an acceptable level in the near term.

Several challenges remain on the horizon, including a stronger dollar. But there has never been a recession in the post-war period without the Fed first raising interest rates, after which it typically takes several years for a recession to be induced. Once the Fed begins its tightening process, the terminal value of the Fed Funds rate may be lower than expected. Based on the level of debt in the economy, we currently expect that the Fed would stop tightening around 2.5 or 3.0 percent, a level we are unlikely to arrive before late 2017 or early 2018. We believe the U.S. would not face a recession until about a year later.

For the six months ended April 30, 2015, the Standard & Poor’s 500^® (“S&P 500”) Index* returned 4.40%. The Morgan Stanley Capital International (“MSCI”) Europe-Australasia-Far East (“EAFE”) Index* returned 6.81%. The return of the MSCI Emerging Markets Index* was 3.92%.

In the bond market, the Barclays U.S. Aggregate Bond Index* posted a 2.06% return for the period, while the Barclays U.S. Corporate High Yield Index* returned 1.51%. The return of the Bank of America Merrill Lynch 3-Month U.S. Treasury Bill Index* was 0.01% for the six-month period.

The opinions and forecasts expressed may not actually come to pass. This information is subject to change at any time, based on market and other conditions, and should not be construed as a recommendation of any specific security or strategy.

GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 3

ECONOMIC AND MARKET OVERVIEW (Unaudited)(concluded) April 30, 2015

*Index Definitions:

The following indices are referenced throughout this report. Indices are unmanaged and not available for direct investment. Index performance does not reflect transaction costs, fees, or expenses.

Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar denominated, fixed-rate taxable bond market, including U.S. Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS, and CMBS.

Barclays U.S. Corporate High Yield Index measures the market of U.S. dollar-denominated, non-investment grade, fixed-rate, taxable corporate bonds. Securities are classified as high yield if the middle rating of Moody’s, Fitch, and S&P is Ba1/BB+/BB+ or below.

Bank of America (“BofA”) Merrill Lynch 3-Month U.S. Treasury Bill Index is an unmanaged market index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income.

MSCI EAFE Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada.

MSCI Emerging Markets Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance in the global emerging markets.

S&P 500^® Index is a capitalization-weighted index of 500 stocks designed to measure the performance of the broad economy, representing all major industries and is considered a representation of the U.S. stock market.

4 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT

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 Adviser. 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, 2014 and held for the six months ended April 30, 2015.

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.

GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 5

FEES AND EXPENSES (Unaudited)(concluded)

	ExpenseRatio1	Fund Return	BeginningAccount Value October 31, 2014	EndingAccount Value April 30, 2015	ExpensesPaid DuringPeriod2
Table 1. Based on actual Fund return3
Guggenheim Russell Top 50® Mega Cap ETF	0.20%	3.11%	$1,000.00	$1,031.10	$1.01
Guggenheim S&P 500® Pure Value ETF	0.35%	3.03%	1,000.00	1,030.30	1.76
Guggenheim S&P 500® Pure Growth ETF	0.35%	3.96%	1,000.00	1,039.60	1.77
Guggenheim S&P MidCap 400® Pure Value ETF	0.35%	6.53%	1,000.00	1,065.30	1.79
Guggenheim S&P MidCap 400® Pure Growth ETF	0.35%	4.51%	1,000.00	1,045.10	1.77
Guggenheim S&P SmallCap 600® Pure Value ETF	0.35%	3.78%	1,000.00	1,037.80	1.77
Guggenheim S&P SmallCap 600® Pure Growth ETF	0.35%	7.30%	1,000.00	1,073.00	1.80
Table 2. Based on hypothetical 5% return (before expenses)
Guggenheim Russell Top 50® Mega Cap ETF	0.20%	5.00%	$1,000.00	$1,023.80	$1.00
Guggenheim S&P 500® Pure Value ETF	0.35%	5.00%	1,000.00	1,023.06	1.76
Guggenheim S&P 500® Pure Growth ETF	0.35%	5.00%	1,000.00	1,023.06	1.76
Guggenheim S&P MidCap 400® Pure Value ETF	0.35%	5.00%	1,000.00	1,023.06	1.76
Guggenheim S&P MidCap 400® Pure Growth ETF	0.35%	5.00%	1,000.00	1,023.06	1.76
Guggenheim S&P SmallCap 600® Pure Value ETF	0.35%	5.00%	1,000.00	1,023.06	1.76
Guggenheim S&P SmallCap 600® Pure Growth ETF	0.35%	5.00%	1,000.00	1,023.06	1.76

1	Annualized.
2	Expenses are equal to the Fund’s annualized expense ratio, net of any applicable fee waivers, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
3	Actual cumulative return at net asset value for the period October 31, 2014 to April 30, 2015.

6 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT

PORTFOLIO SUMMARY (Unaudited) April 30, 2015

GUGGENHEIM RUSSELL TOP 50^® MEGA CAP ETF

Holdings Diversification*

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

* The Fund’s Ten Largest Holdings are expressed as a percentage of net assets and the Holdings Diversification is expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time.

Ten Largest Holdings*	(% of Total Net Assets)
Apple, Inc.	8.7%
Microsoft Corp.	4.6%
Exxon Mobil Corp.	4.3%
Johnson & Johnson	3.2%
General Electric Co.	3.1%
Wells Fargo & Co.	3.0%
Berkshire Hathaway, Inc. — Class B	3.0%
JPMorgan Chase & Co.	2.8%
Pfizer, Inc.	2.5%
Procter & Gamble Co.	2.5%
Top Ten Total	37.7%
“Ten Largest Holdings” exclude any temporary cash or derivative investments.

GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 7

PORTFOLIO SUMMARY (Unaudited) April 30, 2015

GUGGENHEIM S&P 500^® PURE VALUE ETF

Holdings Diversification*

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

* The Fund’s Ten Largest Holdings are expressed as a percentage of net assets and the Holdings Diversification is expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time.

Ten Largest Holdings*	(% of Total Net Assets)
Valero Energy Corp.	2.1%
Berkshire Hathaway, Inc. — Class B	2.0%
Assurant, Inc.	1.8%
General Motors Co.	1.7%
Staples, Inc.	1.7%
Phillips 66	1.6%
Anthem, Inc.	1.6%
Noble Corporation plc	1.5%
Unum Group	1.5%
Newfield Exploration Co.	1.5%
Top Ten Total	17.0%
“Ten Largest Holdings” exclude any temporary cash or derivative investments.

8 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT

PORTFOLIO SUMMARY (Unaudited) April 30, 2015

GUGGENHEIM S&P 500^® PURE GROWTH ETF

Holdings Diversification*

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

* The Fund’s Ten Largest Holdings are expressed as a percentage of net assets and the Holdings Diversification is expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time.

Ten Largest Holdings*	(% of Total Net Assets)
DR Horton, Inc.	2.4%
Micron Technology, Inc.	2.0%
Under Armour, Inc. — Class A	1.9%
Lennar Corp. — Class A	1.9%
Constellation Brands, Inc. — Class A	1.8%
Facebook, Inc. — Class A	1.8%
Akamai Technologies, Inc.	1.7%
Avago Technologies Ltd.	1.7%
Regeneron Pharmaceuticals, Inc.	1.7%
Apple, Inc.	1.7%
Top Ten Total	18.6%
“Ten Largest Holdings” exclude any temporary cash or derivative investments.

GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 9

PORTFOLIO SUMMARY (Unaudited) April 30, 2015

GUGGENHEIM S&P MIDCAP 400^® PURE VALUE ETF

Holdings Diversification*

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

* The Fund’s Ten Largest Holdings are expressed as a percentage of net assets and the Holdings Diversification is expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time.

Ten Largest Holdings*	(% of Total Net Assets)
Nabors Industries Ltd.	2.3%
AGCO Corp.	2.2%
Domtar Corp.	2.0%
Ascena Retail Group, Inc.	1.9%
Reinsurance Group of America, Inc. — Class A	1.8%
Patterson-UTI Energy, Inc.	1.8%
ManpowerGroup, Inc.	1.7%
Ingram Micro, Inc. — Class A	1.6%
Arrow Electronics, Inc.	1.6%
AECOM	1.6%
Top Ten Total	18.5%
“Ten Largest Holdings” exclude any temporary cash or derivative investments.

10 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT

PORTFOLIO SUMMARY (Unaudited) April 30, 2015

GUGGENHEIM S&P MIDCAP 400^® PURE GROWTH ETF

Holdings Diversification*

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

* The Fund’s Ten Largest Holdings are expressed as a percentage of net assets and the Holdings Diversification is expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time.

Ten Largest Holdings*	(% of Total Net Assets)
JetBlue Airways Corp.	2.8%
ARRIS Group, Inc.	2.5%
Centene Corp.	2.5%
Eagle Materials, Inc.	2.4%
United Therapeutics Corp.	2.3%
Alexander & Baldwin, Inc.	2.3%
Trinity Industries, Inc.	2.1%
Toll Brothers, Inc.	2.1%
Cadence Design Systems, Inc.	2.0%
Akorn, Inc.	2.0%
Top Ten Total	23.0%
“Ten Largest Holdings” exclude any temporary cash or derivative investments.

GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 11

PORTFOLIO SUMMARY (Unaudited) April 30, 2015

GUGGENHEIM S&P SMALLCAP 600^® PURE VALUE ETF

Holdings Diversification*

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

* The Fund’s Ten Largest Holdings are expressed as a percentage of net assets and the Holdings Diversification is expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time.

Ten Largest Holdings*	(% of Total Net Assets)
Basic Energy Services, Inc.	1.6%
Pioneer Energy Services Corp.	1.6%
Cash America International, Inc.	1.5%
Meadowbrook Insurance Group, Inc.	1.5%
TTM Technologies, Inc.	1.4%
Universal Corp.	1.3%
Central Garden & Pet Co. — Class A	1.3%
Green Plains, Inc.	1.2%
SkyWest, Inc.	1.2%
Seneca Foods Corp. — Class A	1.1%
Top Ten Total	13.7%
“Ten Largest Holdings” exclude any temporary cash or derivative investments.

12 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT

PORTFOLIO SUMMARY (Unaudited) April 30, 2015

GUGGENHEIM S&P SMALLCAP 600^® PURE GROWTH ETF

Holdings Diversification*

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

* The Fund’s Ten Largest Holdings are expressed as a percentage of net assets and the Holdings Diversification is expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time.

Ten Largest Holdings*	(% of Total Net Assets)
Lannett Company, Inc.	2.2%
Gentherm, Inc.	1.9%
TASER International, Inc.	1.9%
Carrizo Oil & Gas, Inc.	1.8%
Skechers U.S.A., Inc. — Class A	1.7%
Take-Two Interactive Software, Inc.	1.4%
Synchronoss Technologies, Inc.	1.4%
Synergy Resources Corp.	1.4%
General Communication, Inc. — Class A	1.4%
ABIOMED, Inc.	1.4%
Top Ten Total	16.5%
“Ten Largest Holdings” exclude any temporary cash or derivative investments.

GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 13

SCHEDULE OF INVESTMENTS (Unaudited)	April 30, 2015
GUGGENHEIM RUSSELL TOP 50® MEGA CAP ETF

	Shares		Value
COMMON STOCKS† - 100.0%
CONSUMER, NON-CYCLICAL - 23.0%
Johnson & Johnson		168,797	$	16,744,663
Pfizer, Inc.		380,583		12,913,182
Procter & Gamble Co.		161,450		12,836,890
Merck & Company, Inc.		174,362		10,385,001
Coca-Cola Co.		236,901		9,608,705
Gilead Sciences, Inc.		91,626		9,209,329
PepsiCo, Inc.		90,454		8,603,984
Philip Morris International, Inc.		93,845		7,833,242
Amgen, Inc.		45,167		7,132,321
Bristol-Myers Squibb Co.		98,874		6,301,240
AbbVie, Inc.		94,870		6,134,294
Altria Group, Inc.		118,521		5,931,976
MasterCard, Inc. — Class A		59,983		5,411,066
Total Consumer, Non-cyclical				119,045,893
TECHNOLOGY - 20.1%
Apple, Inc.		359,757		45,023,588
Microsoft Corp.		492,853		23,972,370
Intel Corp.		297,009		9,667,643
International Business Machines Corp.		56,440		9,667,608
Oracle Corp.		195,968		8,548,124
QUALCOMM, Inc.		100,706		6,848,008
Total Technology				103,727,341
COMMUNICATIONS - 18.0%
Verizon Communications, Inc.		247,079		12,462,665
Walt Disney Co.		103,329		11,233,929
AT&T, Inc.		309,689		10,727,627
Amazon.com, Inc.*		22,415		9,454,199
Facebook, Inc. — Class A*		117,807		9,279,657
Google, Inc. — Class A*		16,747		9,190,251
Google, Inc. — Class C*		16,992		9,130,481
Comcast Corp. — Class A		154,551		8,926,866
Cisco Systems, Inc.		305,642		8,811,659
Twenty-First Century Fox, Inc. — Class A		113,618		3,872,101
Total Communications				93,089,435
FINANCIAL - 14.9%
Wells Fargo & Co.		284,935		15,699,919
Berkshire Hathaway, Inc. — Class B*		109,199		15,419,991
JPMorgan Chase & Co.		225,813		14,284,931
Bank of America Corp.		627,411		9,994,657
Citigroup, Inc.		181,248		9,664,143
Visa, Inc. — Class A		119,671		7,904,269
American Express Co.		54,124		4,191,904
Total Financial				77,159,814
ENERGY - 9.9%
Exxon Mobil Corp.		256,221		22,386,028
Chevron Corp.		113,581		12,614,306
Schlumberger Ltd.		77,596		7,341,358
ConocoPhillips		73,250		4,975,140
Occidental Petroleum Corp.		46,873		3,754,527
California Resources Corp.		18,749		174,366
Total Energy				51,245,725
INDUSTRIAL - 8.6%
General Electric Co.		598,301		16,201,992
Boeing Co.		43,509		6,236,580
United Technologies Corp.		54,696		6,221,670
3M Co.		39,037		6,104,996
Union Pacific Corp.		54,045		5,741,200
United Parcel Service, Inc. — Class B		42,233		4,245,683
Total Industrial				44,752,121
CONSUMER, CYCLICAL - 5.5%
Home Depot, Inc.		77,466		8,287,312
Wal-Mart Stores, Inc.		95,059		7,419,355
CVS Health Corp.		69,761		6,926,570
McDonald’s Corp.		58,973		5,693,843
Total Consumer, Cyclical				28,327,080
Total Common Stocks
(Cost $433,115,342)				517,347,409
SHORT TERM INVESTMENTS† - 0.0%
Federated U.S. Treasury Cash Reserve Fund 0.00%		252,647		252,647
Total Short Term Investments
(Cost $252,647)				252,647
Total Investments - 100.0%
(Cost $433,367,989)			$	517,600,056
Other Assets & Liabilities, net - 0.0%				(156,402	)
Total Net Assets - 100.0%			$	517,443,654

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.

14 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)	April 30, 2015
GUGGENHEIM S&P 500® PURE VALUE ETF

	Shares		Value
COMMON STOCKS† - 99.9%
FINANCIAL - 31.7%
Berkshire Hathaway, Inc. — Class B*		142,659	$	20,144,877
Assurant, Inc.		292,048		17,949,271
Unum Group		441,373		15,077,302
Genworth Financial, Inc. — Class A*		1,672,749		14,703,464
MetLife, Inc.		261,941		13,434,954
Prudential Financial, Inc.		156,293		12,753,509
American International Group, Inc.		226,066		12,725,255
Lincoln National Corp.		212,009		11,976,388
Hartford Financial Services Group, Inc.		293,252		11,955,884
Loews Corp.		267,289		11,129,914
XL Group plc — Class A		260,143		9,646,102
SunTrust Banks, Inc.		213,830		8,873,944
Citigroup, Inc.		162,909		8,686,308
Morgan Stanley		225,195		8,402,025
Zions Bancorporation		290,535		8,232,309
JPMorgan Chase & Co.		128,791		8,147,319
Capital One Financial Corp.		93,999		7,599,819
People’s United Financial, Inc.		496,610		7,503,777
Aflac, Inc.		115,206		7,262,586
Bank of America Corp.		448,812		7,149,575
Travelers Companies, Inc.		68,604		6,936,551
Goldman Sachs Group, Inc.		35,002		6,875,093
KeyCorp		466,348		6,738,729
PNC Financial Services Group, Inc.		73,279		6,721,883
Fifth Third Bancorp		303,301		6,066,020
ACE Ltd.		56,264		6,019,685
Comerica, Inc.		124,732		5,913,544
NASDAQ OMX Group, Inc.		121,319		5,899,743
Progressive Corp.		210,202		5,603,985
Cincinnati Financial Corp.		109,140		5,526,850
BB&T Corp.		138,630		5,308,143
Bank of New York Mellon Corp.		122,276		5,177,166
Chubb Corp.		52,037		5,117,839
Torchmark Corp.		89,317		5,011,577
Principal Financial Group, Inc.		97,371		4,977,606
Hudson City Bancorp, Inc.		465,294		4,327,234
Huntington Bancshares, Inc.		396,852		4,309,813
Total Financial				319,886,043
ENERGY - 26.8%
Valero Energy Corp.		373,069		21,227,626
Phillips 66		208,976		16,573,887
Noble Corporation plc1		898,177		15,547,443
Newfield Exploration Co.*		378,910		14,868,429
Tesoro Corp.		170,880		14,666,630
Marathon Petroleum Corp.		148,789		14,666,132
Hess Corp.		188,538		14,498,572
Marathon Oil Corp.		407,138		12,661,992
Chesapeake Energy Corp.1		779,267		12,289,041
First Solar, Inc.*		198,731		11,858,279
Diamond Offshore Drilling, Inc.1		350,795		11,741,109
Devon Energy Corp.		167,476		11,423,538
Ensco plc — Class A		384,851		10,498,735
Murphy Oil Corp.		208,313		9,917,782
Chevron Corp.		85,001		9,440,211
QEP Resources, Inc.		411,454		9,257,715
Baker Hughes, Inc.		128,482		8,795,877
Apache Corp.		125,571		8,589,056
National Oilwell Varco, Inc.		126,674		6,892,332
ConocoPhillips		98,246		6,672,868
Transocean Ltd.1		328,445		6,181,335
Helmerich & Payne, Inc.		75,047		5,851,415
Halliburton Co.		111,207		5,443,583
Exxon Mobil Corp.		60,967		5,326,687
Occidental Petroleum Corp.		62,464		5,003,366
Total Energy				269,893,640
CONSUMER, CYCLICAL - 12.0%
General Motors Co.		477,679		16,747,426
Staples, Inc.		1,018,374		16,619,864
GameStop Corp. — Class A1		374,471		14,432,112
Ford Motor Co.		837,348		13,230,098
Best Buy Company, Inc.		310,734		10,766,933
Goodyear Tire & Rubber Co.		379,172		10,755,214
Kohl’s Corp.		140,801		10,088,392
Wal-Mart Stores, Inc.		72,270		5,640,673
Target Corp.		69,407		5,471,354
Costco Wholesale Corp.		34,163		4,887,017
Whirlpool Corp.		24,180		4,246,008
Johnson Controls, Inc.		79,716		4,016,092
Carnival Corp.		86,214		3,790,830
Total Consumer, Cyclical				120,692,013
UTILITIES - 7.9%
NRG Energy, Inc.		323,447		8,163,802
FirstEnergy Corp.		209,202		7,512,443
Exelon Corp.		209,160		7,115,623
AES Corp.		536,609		7,110,069
Entergy Corp.		74,104		5,719,347
Consolidated Edison, Inc.		90,532		5,572,245
PG&E Corp.		98,974		5,237,704
DTE Energy Co.		50,568		4,026,730
SCANA Corp.		73,487		3,893,341
Duke Energy Corp.		49,902		3,870,898
Xcel Energy, Inc.		113,844		3,860,450
American Electric Power Company, Inc.		66,496		3,781,628
Ameren Corp.		90,404		3,701,140
Pepco Holdings, Inc.		139,318		3,619,482
Pinnacle West Capital Corp.		55,909		3,421,631
TECO Energy, Inc.		168,666		3,196,221
Total Utilities				79,802,754
CONSUMER, NON-CYCLICAL - 7.3%
Anthem, Inc.		109,749		16,564,417
Archer-Daniels-Midland Co.		265,763		12,990,495

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 15

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	April 30, 2015
GUGGENHEIM S&P 500® PURE VALUE ETF

	Shares		Value
Tyson Foods, Inc. — Class A		326,770	$	12,907,415
Humana, Inc.		75,909		12,570,530
Cardinal Health, Inc.		103,073		8,693,177
Sysco Corp.		160,721		5,951,499
Avery Dennison Corp.		72,290		4,018,601
Total Consumer, Non-cyclical				73,696,134
INDUSTRIAL - 5.0%
Jacobs Engineering Group, Inc.*		328,481		14,078,696
Fluor Corp.		187,789		11,293,630
L-3 Communications Holdings, Inc.		51,520		5,920,163
Owens-Illinois, Inc.*		247,160		5,909,596
Ryder System, Inc.		57,200		5,454,592
Deere & Co.		47,192		4,271,820
Joy Global, Inc.		76,074		3,243,795
Total Industrial				50,172,292
BASIC MATERIALS - 3.3%
Newmont Mining Corp.		291,535		7,722,762
Freeport-McMoRan, Inc.		330,835		7,698,530
Allegheny Technologies, Inc.		155,014		5,268,926
LyondellBasell Industries N.V. — Class A		42,938		4,444,942
Nucor Corp.		86,622		4,232,351
Dow Chemical Co.		77,071		3,930,621
Total Basic Materials				33,298,132
COMMUNICATIONS - 2.4%
News Corp. — Class A*		717,390		11,320,414
CenturyLink, Inc.		129,799		4,667,573
AT&T, Inc.		125,957		4,363,150
Juniper Networks, Inc.		147,610		3,901,332
Total Communications				24,252,469
TECHNOLOGY - 2.1%
Xerox Corp.		724,929		8,336,684
Computer Sciences Corp.		102,352		6,596,586
Hewlett-Packard Co.		175,937		5,800,643
Total Technology				20,733,913
DIVERSIFIED - 1.4%
Leucadia National Corp.		600,733		14,279,423
Total Common Stocks
(Cost $1,002,063,675)				1,006,706,813
SHORT TERM INVESTMENTS† - 0.0%
Federated U.S. Treasury Cash Reserve Fund 0.00%		461,927		461,927
Total Short Term Investments
(Cost $461,927)				461,927

	Face Amount
SECURITIES LENDING COLLATERAL††,2 - 5.5%
Repurchase Agreements
HSBC Securities, Inc.issued 04/30/15 at 0.09% due 05/01/15	$	41,357,377		41,357,377
BNP Paribas Securities Corp.issued 04/30/15 at 0.10% due 05/01/15		7,669,914		7,669,914
Barclays Capital, Inc.issued 04/30/15 at 0.08% due 05/01/15		6,310,684		6,310,684
Total Securities Lending Collateral
(Cost $55,337,975)				55,337,975
Total Investments - 105.4%
(Cost $1,057,863,577)			$	1,062,506,715
Other Assets & Liabilities, net - (5.4)%				(54,417,156	)
Total Net Assets - 100.0%			$	1,008,089,559

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or portion of this security is on loan at April 30, 2015 — See Note 5.
2	Securities lending collateral — See Note 5.
	plc — Public Limited Company

16 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)	April 30, 2015
GUGGENHEIM S&P 500® PURE GROWTH ETF

	Shares		Value
COMMON STOCKS† - 100.0%
CONSUMER, NON-CYCLICAL - 27.9%
Constellation Brands, Inc. — Class A		338,404	$	39,234,560
Regeneron Pharmaceuticals, Inc.*		79,652		36,437,603
Actavis plc*		125,142		35,397,665
Monster Beverage Corp.*		239,230		32,800,826
AmerisourceBergen Corp. — Class A		281,574		32,183,908
Alexion Pharmaceuticals, Inc.*		181,727		30,753,659
Gilead Sciences, Inc.		304,568		30,612,130
Celgene Corp.*		274,063		29,615,248
Zoetis, Inc.		580,460		25,784,033
DaVita HealthCare Partners, Inc.*		313,076		25,390,464
Keurig Green Mountain, Inc.		205,815		23,950,692
Amgen, Inc.		150,013		23,688,553
Moody’s Corp.		213,537		22,959,498
Edwards Lifesciences Corp.*		177,156		22,436,808
United Rentals, Inc.*		218,732		21,125,137
Mylan N.V.*		291,132		21,037,198
Biogen, Inc.*		49,407		18,474,760
Robert Half International, Inc.		328,598		18,220,759
Intuitive Surgical, Inc.*		29,192		14,478,648
Hospira, Inc.*		164,831		14,388,098
Molson Coors Brewing Co. — Class B		193,767		14,243,812
Cintas Corp.		171,297		13,695,195
AbbVie, Inc.		205,069		13,259,762
Dr Pepper Snapple Group, Inc.		175,061		13,056,049
MasterCard, Inc. — Class A		139,183		12,555,698
Lorillard, Inc.		147,845		10,328,452
Total Consumer, Non-cyclical				596,109,215
CONSUMER, CYCLICAL - 21.3%
DR Horton, Inc.		2,017,730		51,250,343
Under Armour, Inc. — Class A*		519,030		40,250,777
Lennar Corp. — Class A		863,907		39,566,941
Southwest Airlines Co.		830,275		33,675,954
Delta Air Lines, Inc.		725,338		32,379,088
O’Reilly Automotive, Inc.*		139,545		30,397,088
Chipotle Mexican Grill, Inc. — Class A*		38,101		23,673,675
CVS Health Corp.		223,337		22,175,131
Harman International Industries, Inc.		162,930		21,242,813
Lowe’s Companies, Inc.		281,010		19,350,349
Dollar Tree, Inc.*		226,486		17,305,795
Wyndham Worldwide Corp.		188,975		16,138,465
AutoZone, Inc.*		22,967		15,448,982
Michael Kors Holdings Ltd.*		232,549		14,385,481
Hanesbrands, Inc.		416,429		12,942,613
VF Corp.		177,053		12,823,949
Nordstrom, Inc.		145,465		10,991,335
NIKE, Inc. — Class B		109,229		10,796,194
Home Depot, Inc.		100,678		10,770,532
Ross Stores, Inc.		104,088		10,292,221
Leggett & Platt, Inc.		231,632		9,837,411
Total Consumer, Cyclical				455,695,137
TECHNOLOGY - 17.9%
Micron Technology, Inc.*		1,496,996		42,110,497
Akamai Technologies, Inc.*		501,074		36,969,240
Avago Technologies Ltd.		312,768		36,556,324
Apple, Inc.		288,624		36,121,294
Skyworks Solutions, Inc.		327,863		30,245,362
Red Hat, Inc.*		346,299		26,062,463
Seagate Technology plc		437,017		25,661,638
Electronic Arts, Inc.*		361,105		20,976,589
Western Digital Corp.		203,795		19,918,923
Cognizant Technology Solutions Corp. — Class A*		336,038		19,671,665
Fiserv, Inc.*		184,770		14,338,152
NVIDIA Corp.		499,676		11,090,309
Cerner Corp.*		152,198		10,929,338
SanDisk Corp.		156,503		10,476,311
Citrix Systems, Inc.*		155,969		10,474,878
Lam Research Corp.		138,205		10,445,534
Intel Corp.		312,235		10,163,249
QUALCOMM, Inc.		148,897		10,124,996
Total Technology				382,336,762
COMMUNICATIONS - 13.4%
Facebook, Inc. — Class A*		478,950		37,726,892
Expedia, Inc.		364,877		34,382,359
VeriSign, Inc.*,1		515,300		32,726,703
DIRECTV*		356,578		32,343,407
Equinix, Inc.		105,896		27,101,963
F5 Networks, Inc.*		200,327		24,443,901
Yahoo!, Inc.*		491,906		20,937,979
Priceline Group, Inc.*		11,513		14,250,907
Time Warner, Inc.		164,646		13,897,769
Alliance Data Systems Corp.*		44,325		13,178,266
Walt Disney Co.		118,057		12,835,157
eBay, Inc.*		180,666		10,525,601
Google, Inc. — Class A*		10,090		5,537,089
Google, Inc. — Class C*		10,031		5,390,058
Total Communications				285,278,051
FINANCIAL - 10.9%
American Tower Corp. — Class A		268,986		25,427,247
CBRE Group, Inc. — Class A*		578,406		22,176,086
Host Hotels & Resorts, Inc.		898,982		18,105,497
Health Care REIT, Inc.		242,258		17,447,421
Navient Corp.		861,430		16,832,342
Visa, Inc. — Class A		235,550		15,558,078
Equity Residential		210,401		15,540,217
Legg Mason, Inc.		290,193		15,278,662
Kimco Realty Corp.		625,488		15,074,261
AvalonBay Communities, Inc.		83,000		13,640,220
Ameriprise Financial, Inc.		99,240		12,432,787

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 17

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	April 30, 2015
GUGGENHEIM S&P 500® PURE GROWTH ETF

	Shares		Value
Essex Property Trust, Inc.		54,245	$	12,039,678
Macerich Co.		145,715		11,913,658
Boston Properties, Inc.		85,563		11,320,841
Ventas, Inc.		155,719		10,729,039
Total Financial				233,516,034
ENERGY - 3.4%
Range Resources Corp.		331,152		21,048,022
EOG Resources, Inc.		210,271		20,806,315
Cabot Oil & Gas Corp. — Class A		574,213		19,419,884
Williams Companies, Inc.		231,155		11,832,824
Total Energy				73,107,045
INDUSTRIAL - 3.4%
Martin Marietta Materials, Inc.		121,961		17,397,737
Union Pacific Corp.		159,075		16,898,537
Amphenol Corp. — Class A		243,879		13,503,580
Thermo Fisher Scientific, Inc.		102,223		12,847,387
CH Robinson Worldwide, Inc.		182,782		11,769,333
Total Industrial				72,416,574
BASIC MATERIALS - 1.8%
Sherwin-Williams Co.		58,399		16,234,922
Sigma-Aldrich Corp.		81,880		11,374,770
Ecolab, Inc.		90,782		10,165,768
Total Basic Materials				37,775,460
Total Common Stocks
(Cost $1,951,454,915)				2,136,234,278
SHORT TERM INVESTMENTS† - 0.0%
Federated U.S. Treasury Cash Reserve Fund 0.00%		212,635		212,635
Total Short Term Investments
(Cost $212,635)				212,635

	Face Amount
SECURITIES LENDING COLLATERAL††,2 - 0.7%
Repurchase Agreements
HSBC Securities, Inc.issued 04/30/15 at 0.09% due 05/01/15	$	11,183,807		11,183,807
BNP Paribas Securities Corp.issued 04/30/15 at 0.10% due 05/01/15		2,074,088		2,074,088
Barclays Capital, Inc.issued 04/30/15 at 0.08% due 05/01/15		1,706,526		1,706,526
Total Securities Lending Collateral
(Cost $14,964,421)				14,964,421
Total Investments - 100.7%
(Cost $1,966,631,971)			$	2,151,411,334
Other Assets & Liabilities, net - (0.7)%				(14,884,257	)
Total Net Assets - 100.0%			$	2,136,527,077

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or portion of this security is on loan at April 30, 2015 — See Note 5.
2	Securities lending collateral — See Note 5.
	plc — Public Limited Company
	REIT — Real Estate Investment Trust

18 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)	April 30, 2015
GUGGENHEIM S&P MIDCAP 400® PURE VALUE ETF

	Shares		Value
COMMON STOCKS† - 99.8%
INDUSTRIAL - 23.9%
AGCO Corp.		51,716	$	2,663,891
Arrow Electronics, Inc.*		33,021		1,971,685
AECOM*		61,401		1,937,817
Avnet, Inc.		45,357		1,933,569
Tech Data Corp.*		33,682		1,898,654
Terex Corp.		68,436		1,879,253
KBR, Inc.		101,028		1,764,959
Orbital ATK, Inc.		19,458		1,423,547
Oshkosh Corp.		26,429		1,422,937
Tidewater, Inc.1		50,239		1,391,118
Jabil Circuit, Inc.		57,925		1,304,471
Greif, Inc. — Class A		30,516		1,243,832
Exelis, Inc.		47,053		1,153,740
Vishay Intertechnology, Inc.		86,990		1,103,033
Con-way, Inc.		21,134		868,607
Triumph Group, Inc.		12,866		762,182
SPX Corp.		9,628		741,356
Rock-Tenn Co. — Class A		11,505		724,585
Kennametal, Inc.		19,391		686,635
Regal Beloit Corp.		7,942		621,064
Granite Construction, Inc.		16,061		557,477
Bemis Company, Inc.		10,988		494,460
TimkenSteel Corp.		14,486		422,846
Timken Co.		10,026		393,922
Total Industrial				29,365,640
FINANCIAL - 18.9%
Reinsurance Group of America, Inc. — Class A		24,716		2,264,481
Old Republic International Corp.		112,363		1,718,031
Aspen Insurance Holdings Ltd.		33,416		1,561,530
Kemper Corp.		41,323		1,556,637
Hanover Insurance Group, Inc.		22,550		1,546,253
CNO Financial Group, Inc.		78,252		1,330,284
American Financial Group, Inc.		20,250		1,279,800
First American Financial Corp.		33,392		1,161,708
StanCorp Financial Group, Inc.		15,081		1,087,038
Everest Re Group Ltd.		6,012		1,075,607
FirstMerit Corp.		39,650		768,021
Associated Banc-Corp.		39,051		734,549
Trustmark Corp.		30,199		718,736
International Bancshares Corp.		27,583		716,606
Fulton Financial Corp.		57,811		702,981
Mercury General Corp.		12,744		700,155
Umpqua Holdings Corp.		37,846		643,760
Hancock Holding Co.		21,626		629,533
HCC Insurance Holdings, Inc.		11,009		627,073
Washington Federal, Inc.		27,737		599,119
TCF Financial Corp.		29,606		463,630
New York Community Bancorp, Inc.		25,861		444,551
Valley National Bancorp1		46,799		441,315
Prosperity Bancshares, Inc.		7,929		422,933
Total Financial				23,194,331
ENERGY - 18.0%
Nabors Industries Ltd.		172,116		2,874,338
Patterson-UTI Energy, Inc.		96,415		2,154,876
Denbury Resources, Inc.		218,264		1,922,907
HollyFrontier Corp.		49,152		1,906,114
Superior Energy Services, Inc.		68,695		1,751,722
Unit Corp.*		42,741		1,489,096
Western Refining, Inc.		33,521		1,476,600
Atwood Oceanics, Inc.		42,279		1,411,273
SM Energy Co.		23,895		1,385,193
Rowan Companies plc — Class A		62,149		1,316,937
Murphy USA, Inc.*		16,857		1,101,268
NOW, Inc.*,1		41,537		992,734
Rosetta Resources, Inc.*		35,439		809,072
Oil States International, Inc.*		13,352		635,422
Peabody Energy Corp.1		104,517		494,365
Helix Energy Solutions Group, Inc.*		21,439		353,315
Total Energy				22,075,232
CONSUMER, NON-CYCLICAL - 12.1%
ManpowerGroup, Inc.		24,189		2,064,047
Community Health Systems, Inc.*		28,716		1,541,475
Halyard Health, Inc.*		31,198		1,512,479
WellCare Health Plans, Inc.*		16,350		1,265,981
Rent-A-Center, Inc.		42,547		1,259,391
RR Donnelley & Sons Co.		67,570		1,258,153
Health Net, Inc.*		23,728		1,249,279
Owens & Minor, Inc.		36,190		1,220,327
FTI Consulting, Inc.*		20,471		841,563
Aaron’s, Inc.		22,849		776,866
Dean Foods Co.		40,625		660,156
United Natural Foods, Inc.*		9,773		659,287
Avon Products, Inc.		67,838		554,236
Total Consumer, Non-cyclical				14,863,240
CONSUMER, CYCLICAL - 10.8%
Ascena Retail Group, Inc.*		157,119		2,355,213
Ingram Micro, Inc. — Class A*		78,623		1,978,155
World Fuel Services Corp.		32,246		1,789,653
MDC Holdings, Inc.		53,449		1,434,571
Abercrombie & Fitch Co. — Class A		43,265		972,597
CST Brands, Inc.		20,789		867,109
JC Penney Company, Inc.*,1		103,213		856,668
Guess?, Inc.		37,647		689,317
International Speedway Corp. — Class A		18,830		684,659
Dana Holding Corp.		31,015		668,994
Office Depot, Inc.*		58,351		537,996
ANN, Inc.*		11,992		454,017
Total Consumer, Cyclical				13,288,949

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 19

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	April 30, 2015
GUGGENHEIM S&P MIDCAP 400® PURE VALUE ETF

	Shares		Value
BASIC MATERIALS - 8.3%
Domtar Corp.		55,825	$	2,412,757
Reliance Steel & Aluminum Co.		28,575		1,849,373
Commercial Metals Co.		104,555		1,735,612
United States Steel Corp.1		57,291		1,376,130
Cabot Corp.		26,028		1,112,437
Steel Dynamics, Inc.		40,912		905,383
Olin Corp.		27,150		801,740
Total Basic Materials				10,193,432
UTILITIES - 3.3%
ONE Gas, Inc.		21,729		911,967
Great Plains Energy, Inc.		29,619		775,424
Hawaiian Electric Industries, Inc.		22,886		716,332
MDU Resources Group, Inc.		30,847		687,580
Atmos Energy Corp.		9,188		496,152
WGL Holdings, Inc.		8,037		442,115
Total Utilities				4,029,570
TECHNOLOGY - 2.3%
Lexmark International, Inc. — Class A		20,092		891,884
Advanced Micro Devices, Inc.*,1		330,673		747,321
Convergys Corp.		27,085		614,288
NCR Corp.*		19,862		545,013
Total Technology				2,798,506
COMMUNICATIONS - 2.2%
Telephone & Data Systems, Inc.		57,110		1,525,408
Time, Inc.		52,449		1,197,411
Total Communications				2,722,819
Total Common Stocks
(Cost $114,723,003)				122,531,719
SHORT TERM INVESTMENTS† - 0.2%
Federated U.S. Treasury Cash Reserve Fund 0.00%		214,906		214,906
Total Short Term Investments
(Cost $214,906)				214,906

	Face Amount
SECURITIES LENDING COLLATERAL††,2 - 4.2%
Repurchase Agreements
HSBC Securities, Inc.issued 04/30/15 at 0.09% due 05/01/15	$	3,829,903		3,829,903
BNP Paribas Securities Corp.issued 04/30/15 at 0.10% due 05/01/15		710,273		710,273
Barclays Capital, Inc.issued 04/30/15 at 0.08% due 05/01/15		584,402		584,402
Total Securities Lending Collateral
(Cost $5,124,578)				5,124,578
Total Investments - 104.2%
(Cost $120,062,487)			$	127,871,203
Other Assets & Liabilities, net - (4.2)%				(5,137,308	)
Total Net Assets - 100.0%			$	122,733,895

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or portion of this security is on loan at April 30, 2015 — See Note 5.
2	Securities lending collateral — See Note 5.
	plc — Public Limited Company

20 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)	April 30, 2015
GUGGENHEIM S&P MIDCAP 400® PURE GROWTH ETF

	Shares		Value
COMMON STOCKS† - 100.0%
CONSUMER, NON-CYCLICAL - 23.9%
Centene Corp.*		282,623	$	17,519,800
United Therapeutics Corp.*		102,997		16,447,591
Akorn, Inc.*		340,439		14,175,880
WhiteWave Foods Co. — Class A*		289,083		12,710,980
Hain Celestial Group, Inc.*		207,987		12,529,137
Global Payments, Inc.		94,042		9,430,532
Gartner, Inc.*		86,255		7,157,440
VCA, Inc.*		139,368		7,103,587
Boston Beer Company, Inc. — Class A*,1		28,651		7,099,718
IDEXX Laboratories, Inc.*		55,471		6,954,399
Corporate Executive Board Co.		82,842		6,944,645
Live Nation Entertainment, Inc.*		252,212		6,320,433
Service Corporation International		225,863		6,251,888
STERIS Corp.		88,032		5,854,128
SEI Investments Co.		122,467		5,591,843
MEDNAX, Inc.*		73,627		5,211,319
Align Technology, Inc.*		83,281		4,900,254
WEX, Inc.*		42,433		4,782,623
Charles River Laboratories International, Inc.*		65,053		4,499,065
Sirona Dental Systems, Inc.*		47,246		4,382,066
Cooper Companies, Inc.		23,980		4,270,119
Total Consumer, Non-cyclical				170,137,447
CONSUMER, CYCLICAL - 21.7%
JetBlue Airways Corp.*		974,443		20,005,314
Toll Brothers, Inc.*		413,295		14,688,504
NVR, Inc.*		9,068		12,028,611
Advance Auto Parts, Inc.		65,773		9,405,539
Signet Jewelers Ltd.		68,837		9,233,107
Buffalo Wild Wings, Inc.*		56,944		9,071,179
Alaska Air Group, Inc.		141,359		9,055,457
Tempur Sealy International, Inc.*		148,014		9,015,533
Foot Locker, Inc.		146,486		8,708,593
Polaris Industries, Inc.		57,604		7,889,444
Carter’s, Inc.		67,100		6,700,606
Domino’s Pizza, Inc.		60,748		6,551,672
Brunswick Corp.		127,811		6,395,662
Williams-Sonoma, Inc.		77,709		5,713,943
LKQ Corp.*		176,853		4,787,411
Brinker International, Inc.		76,525		4,237,189
Dunkin’ Brands Group, Inc.		81,041		4,223,047
Deckers Outdoor Corp.*		47,704		3,530,096
HSN, Inc.		55,080		3,438,094
Total Consumer, Cyclical				154,679,001
FINANCIAL - 17.2%
Alexander & Baldwin, Inc.		396,851		16,064,528
Extra Space Storage, Inc.		189,559		12,497,625
Camden Property Trust		146,198		10,976,546
Jones Lang LaSalle, Inc.		64,544		10,718,177
LaSalle Hotel Properties		282,106		10,350,469
RenaissanceRe Holdings Ltd.		85,122		8,724,154
Duke Realty Corp.		380,730		7,542,261
Douglas Emmett, Inc.		251,640		7,171,740
Omega Healthcare Investors, Inc.		193,388		6,979,373
Primerica, Inc.		137,750		6,366,805
Signature Bank*		45,801		6,141,456
Weingarten Realty Investors		180,838		5,924,253
Regency Centers Corp.		81,758		5,132,767
Kilroy Realty Corp.		57,434		4,077,240
UDR, Inc.		113,517		3,719,952
Total Financial				122,387,346
INDUSTRIAL - 13.6%
Eagle Materials, Inc.		201,136		16,772,731
Trinity Industries, Inc.		564,137		15,282,472
Packaging Corporation of America		140,181		9,699,123
Wabtec Corp.		97,186		9,140,343
Old Dominion Freight Line, Inc.*		119,560		8,504,303
Zebra Technologies Corp. — Class A*		88,541		8,152,855
ITT Corp.		188,598		7,477,911
Acuity Brands, Inc.		40,365		6,738,937
Landstar System, Inc.		90,214		5,621,234
Cognex Corp.		123,424		5,540,503
Gentex Corp.		227,366		3,944,800
Total Industrial				96,875,212
TECHNOLOGY - 12.0%
Cadence Design Systems, Inc.*		770,255		14,365,255
Fortinet, Inc.*		373,789		14,106,797
SolarWinds, Inc.*		268,481		13,096,503
MAXIMUS, Inc.		179,046		11,460,734
Rackspace Hosting, Inc.*		160,322		8,641,356
Fair Isaac Corp.		78,775		6,968,437
Ultimate Software Group, Inc.*		37,927		6,304,226
ACI Worldwide, Inc.*		267,864		6,168,908
Tyler Technologies, Inc.*		34,707		4,232,519
Total Technology				85,344,735
COMMUNICATIONS - 7.1%
ARRIS Group, Inc.*		524,677		17,668,498
InterDigital, Inc.		178,923		9,790,667
Qorvo, Inc.*		111,391		7,341,781
Lamar Advertising Co. — Class A		103,341		5,989,644
AMC Networks, Inc. — Class A*		76,975		5,806,994
FactSet Research Systems, Inc.		26,526		4,174,927
Total Communications				50,772,511
BASIC MATERIALS - 2.5%
Cytec Industries, Inc.		124,347		6,875,146
Minerals Technologies, Inc.		96,182		6,514,407
Valspar Corp.		51,512		4,177,623
Total Basic Materials				17,567,176

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 21

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	April 30, 2015
GUGGENHEIM S&P MIDCAP 400® PURE GROWTH ETF

	Shares		Value
ENERGY - 1.1%
Dresser-Rand Group, Inc.*		98,923	$	8,177,964
UTILITIES - 0.9%
UGI Corp.		186,615		6,496,068
Total Common Stocks
(Cost $645,901,663)				712,437,460
SHORT TERM INVESTMENTS† - 0.0%
Federated U.S. Treasury Cash Reserve Fund 0.00%		219,178		219,178
Total Short Term Investments
(Cost $219,178)				219,178

	Face Amount
SECURITIES LENDING COLLATERAL††,2 - 1.0%
Repurchase Agreements
HSBC Securities, Inc.issued 04/30/15 at 0.09% due 05/01/15	$	5,314,102		5,314,102
BNP Paribas Securities Corp.issued 04/30/15 at 0.10% due 05/01/15		985,525		985,525
Barclays Capital, Inc.issued 04/30/15 at 0.08% due 05/01/15		810,874		810,874
Total Securities Lending Collateral
(Cost $7,110,501)				7,110,501
Total Investments - 101.0%
(Cost $653,231,342)			$	719,767,139
Other Assets & Liabilities, net - (1.0)%				(7,178,531	)
Total Net Assets - 100.0%			$	712,588,608

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or portion of this security is on loan at April 30, 2015 — See Note 5.
2	Securities lending collateral — See Note 5.

22 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)	April 30, 2015
GUGGENHEIM S&P SMALLCAP 600® PURE VALUE ETF

	Shares		Value
COMMON STOCKS† - 99.9%
INDUSTRIAL - 20.6%
TTM Technologies, Inc.*		263,081	$	2,459,807
Griffon Corp.		116,021		1,950,313
AAR Corp.		61,957		1,873,580
Benchmark Electronics, Inc.*		77,569		1,825,200
Gibraltar Industries, Inc.*		109,074		1,806,265
Atlas Air Worldwide Holdings, Inc.*		34,676		1,690,108
Universal Forest Products, Inc.		29,207		1,615,731
RTI International Metals, Inc.*		41,424		1,559,614
Comfort Systems USA, Inc.		69,095		1,429,576
Roadrunner Transportation Systems, Inc.*		55,753		1,364,276
Aegion Corp. — Class A*		71,807		1,322,685
Olympic Steel, Inc.		119,421		1,307,660
Sanmina Corp.*		58,797		1,195,343
Hornbeck Offshore Services, Inc.*,1		49,810		1,138,159
EMCOR Group, Inc.		25,384		1,132,888
Plexus Corp.*		25,088		1,080,038
Hub Group, Inc. — Class A*		26,246		1,047,215
Briggs & Stratton Corp.		52,858		1,033,374
Encore Wire Corp.		22,850		1,028,479
Tredegar Corp.		49,740		1,018,178
Fabrinet*		50,136		907,963
Celadon Group, Inc.		31,375		810,730
National Presto Industries, Inc.1		12,777		799,585
II-VI, Inc.*		44,032		783,329
Kaman Corp.		17,696		738,100
General Cable Corp.		39,613		646,088
DXP Enterprises, Inc.*		12,846		578,712
LSB Industries, Inc.*		13,418		569,057
Astec Industries, Inc.		11,313		476,051
Powell Industries, Inc.		14,288		474,219
Tetra Tech, Inc.		17,113		463,933
AM Castle & Co.*,1		86,503		339,092
Total Industrial				36,465,348
CONSUMER, NON-CYCLICAL - 17.8%
Universal Corp.		50,338		2,367,396
Central Garden & Pet Co. — Class A*		228,627		2,240,545
Seneca Foods Corp. — Class A*		69,719		2,009,302
Kelly Services, Inc. — Class A		120,450		1,977,789
SpartanNash Co.		59,869		1,806,248
Almost Family, Inc.*		41,574		1,799,323
PharMerica Corp.*		60,505		1,734,073
Monster Worldwide, Inc.*		293,653		1,729,616
Kindred Healthcare, Inc.		67,915		1,558,649
Viad Corp.		58,582		1,556,524
ABM Industries, Inc.		47,508		1,522,631
Magellan Health, Inc.*		21,566		1,365,128
LHC Group, Inc.*		39,957		1,281,021
CDI Corp.		93,164		1,270,757
TrueBlue, Inc.*		42,397		1,220,186
Invacare Corp.		55,813		1,120,167
Hanger, Inc.*		49,885		1,114,431
Brink’s Co.		41,992		1,111,528
Insperity, Inc.		22,678		1,092,172
Andersons, Inc.		23,848		1,018,071
Heidrick & Struggles International, Inc.		26,304		632,874
Total Consumer, Non-cyclical				31,528,431
CONSUMER, CYCLICAL - 17.4%
Cash America International, Inc.		102,471		2,656,047
SkyWest, Inc.		153,141		2,090,375
Pep Boys-Manny Moe & Jack*		186,735		1,710,493
M/I Homes, Inc.*		75,109		1,694,459
Big 5 Sporting Goods Corp.		108,609		1,481,427
ScanSource, Inc.*		37,172		1,481,304
EZCORP, Inc. — Class A*		159,234		1,464,953
Titan International, Inc.1		129,838		1,349,017
United Stationers, Inc.		32,100		1,303,581
Stage Stores, Inc.		64,305		1,241,730
Fred’s, Inc. — Class A		70,766		1,193,822
Sonic Automotive, Inc. — Class A		46,383		1,083,043
Superior Industries International, Inc.		57,860		1,076,196
Perry Ellis International, Inc.*		44,176		1,056,690
VOXX International Corp. — Class A*		103,444		985,821
Ruby Tuesday, Inc.*		127,882		930,981
Unifi, Inc.*		24,148		852,183
Arctic Cat, Inc.		23,935		849,453
Haverty Furniture Companies, Inc.		37,850		812,261
Biglari Holdings, Inc.*		2,216		809,970
Barnes & Noble, Inc.*		33,110		725,109
Marcus Corp.		35,613		689,824
Casey’s General Stores, Inc.		8,272		679,793
Callaway Golf Co.		69,902		676,651
Stein Mart, Inc.		53,023		627,262
Children’s Place, Inc.		8,827		535,446
Genesco, Inc.*		7,063		477,388
Movado Group, Inc.		14,252		417,299
Total Consumer, Cyclical				30,952,578
ENERGY - 16.4%
Basic Energy Services, Inc.*		286,182		2,916,194
Pioneer Energy Services Corp.*		383,905		2,860,092
Green Plains, Inc.		68,730		2,140,252
Northern Oil and Gas, Inc.*,1		199,138		1,760,380
TETRA Technologies, Inc.*		197,791		1,428,051
Penn Virginia Corp.*,1		213,347		1,425,158
Cloud Peak Energy, Inc.*		196,073		1,272,514
Matrix Service Co.*		57,072		1,253,872
Swift Energy Co.*,1		397,890		1,201,628
CARBO Ceramics, Inc.1		25,986		1,149,361
Stone Energy Corp.*		61,568		1,050,965
Gulf Island Fabrication, Inc.		76,135		1,004,221
ION Geophysical Corp.*		428,838		977,750
SEACOR Holdings, Inc.*		13,255		963,108
Newpark Resources, Inc.*		84,373		865,667

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 23

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	April 30, 2015
GUGGENHEIM S&P SMALLCAP 600® PURE VALUE ETF

	Shares		Value
Rex Energy Corp.*,1		170,588	$	852,940
Tesco Corp.		65,824		846,497
PDC Energy, Inc.*		13,494		765,650
Exterran Holdings, Inc.		20,115		745,663
Gulfmark Offshore, Inc. — Class A1		49,226		738,882
Geospace Technologies Corp.*,1		30,328		655,085
Comstock Resources, Inc.1		106,922		574,171
FutureFuel Corp.		40,934		444,953
Bristow Group, Inc.		6,844		425,218
Paragon Offshore plc1		217,041		392,844
Arch Coal, Inc.*,1		327,948		319,487
Total Energy				29,030,603
FINANCIAL - 11.1%
Meadowbrook Insurance Group, Inc.		304,409		2,599,653
Stewart Information Services Corp.		42,666		1,557,309
United Fire Group, Inc.		48,801		1,457,686
Employers Holdings, Inc.		59,649		1,456,032
Infinity Property & Casualty Corp.		15,181		1,125,671
Selective Insurance Group, Inc.		40,145		1,081,506
Navigators Group, Inc.*		13,825		1,079,041
Horace Mann Educators Corp.		29,672		1,007,958
Astoria Financial Corp.		68,297		899,471
First BanCorp*		145,264		873,037
OFG Bancorp		59,112		832,888
Forestar Group, Inc.*		56,190		829,364
Calamos Asset Management, Inc. — Class A		66,567		823,434
Susquehanna Bancshares, Inc.		51,910		697,670
Provident Financial Services, Inc.		33,600		604,800
Safety Insurance Group, Inc.		10,199		593,072
Wintrust Financial Corp.		11,020		537,115
Central Pacific Financial Corp.		18,457		422,665
Capstead Mortgage Corp.		35,627		415,055
ProAssurance Corp.		9,021		405,494
Old National Bancorp		27,136		370,678
Total Financial				19,669,599
BASIC MATERIALS - 6.7%
Kraton Performance Polymers, Inc.*		75,118		1,693,159
Zep, Inc.		79,607		1,582,587
Stepan Co.		30,905		1,573,992
OM Group, Inc.		45,309		1,361,082
A. Schulman, Inc.		25,402		1,078,315
Materion Corp.		24,445		977,556
Veritiv Corp.*		23,230		923,160
PH Glatfelter Co.		36,027		893,470
Kaiser Aluminum Corp.		10,922		877,801
American Vanguard Corp.		39,183		427,487
Koppers Holdings, Inc.		18,800		422,624
Total Basic Materials				11,811,233
TECHNOLOGY - 5.5%
Insight Enterprises, Inc.*		68,179		1,951,282
Ciber, Inc.*		403,832		1,425,527
SYNNEX Corp.		17,687		1,353,055
Digi International, Inc.*		114,616		1,157,622
ManTech International Corp. — Class A		33,439		977,422
CACI International, Inc. — Class A*		10,801		953,080
Engility Holdings, Inc.		26,293		732,786
Sykes Enterprises, Inc.*		27,686		692,981
Cohu, Inc.		44,310		463,926
Total Technology				9,707,681
COMMUNICATIONS - 4.0%
Liquidity Services, Inc.*		189,560		1,774,282
Harte-Hanks, Inc.		166,694		1,131,852
Scholastic Corp.		26,932		1,094,516
Blucora, Inc.*		69,374		948,343
Anixter International, Inc.*		12,313		869,298
Spok Holdings, Inc.		28,169		530,281
NETGEAR, Inc.*		13,351		404,135
Black Box Corp.		16,228		322,937
Total Communications				7,075,644
UTILITIES - 0.4%
Laclede Group, Inc.		7,620		395,707
Avista Corp.		11,287		368,182
Total Utilities				763,889
Total Common Stocks
(Cost $166,783,115)				177,005,006

24 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	April 30, 2015
GUGGENHEIM S&P SMALLCAP 600® PURE VALUE ETF

	Face Amount		Value
SECURITIES LENDING COLLATERAL††,2 - 5.3%
Repurchase Agreements
HSBC Securities, Inc.issued 04/30/15 at 0.09% due 05/01/15	$	7,017,564	$	7,017,564
BNP Paribas Securities Corp.issued 04/30/15 at 0.10% due 05/01/15		1,301,439		1,301,439
Barclays Capital, Inc.issued 04/30/15 at 0.08% due 05/01/15		1,070,804		1,070,804
Total Securities Lending Collateral
(Cost $9,389,807)				9,389,807
Total Investments - 105.2%
(Cost $176,172,922)			$	186,394,813
Other Assets & Liabilities, net - (5.2)%				(9,140,689	)
Total Net Assets - 100.0%			$	177,254,124

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or portion of this security is on loan at April 30, 2015 — See Note 5.
2	Securities lending collateral — See Note 5.
	plc — Public Limited Company

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 25

SCHEDULE OF INVESTMENTS (Unaudited)	April 30, 2015
GUGGENHEIM S&P SMALLCAP 600® PURE GROWTH ETF

	Shares		Value
COMMON STOCKS† - 99.9%
FINANCIAL - 21.7%
Universal Insurance Holdings, Inc.		79,168	$	1,901,615
Sabra Health Care REIT, Inc.		58,975		1,762,173
CoreSite Realty Corp.		36,636		1,761,459
Chesapeake Lodging Trust		54,168		1,719,834
HFF, Inc. — Class A		35,872		1,405,824
Bank Mutual Corp.		192,374		1,383,169
DiamondRock Hospitality Co.		98,165		1,331,117
Associated Estates Realty Corp.		45,443		1,295,125
American Assets Trust, Inc.		31,276		1,244,785
Universal Health Realty Income Trust		22,267		1,105,779
Post Properties, Inc.		18,147		1,037,464
Boston Private Financial Holdings, Inc.		73,812		970,628
Glacier Bancorp, Inc.		36,728		967,416
First Midwest Bancorp, Inc.		55,799		954,163
Retail Opportunity Investments Corp.		54,166		908,905
Home BancShares, Inc.		25,735		846,167
BofI Holding, Inc.*		9,163		841,255
PrivateBancorp, Inc. — Class A		22,574		836,818
MB Financial, Inc.		27,387		825,170
Medical Properties Trust, Inc.		58,911		823,576
HCI Group, Inc.		18,474		805,097
PRA Group, Inc.*		14,086		771,561
Bank of the Ozarks, Inc.		19,770		766,285
Pinnacle Financial Partners, Inc.		14,257		679,346
Sovran Self Storage, Inc.		7,523		657,059
Enova International, Inc.*		34,137		631,876
Education Realty Trust, Inc.		17,990		604,824
Inland Real Estate Corp.		56,262		578,936
Healthcare Realty Trust, Inc.		22,345		572,032
Cousins Properties, Inc.		43,166		420,437
CareTrust REIT, Inc.		30,925		386,253
Total Financial				30,796,148
CONSUMER, NON-CYCLICAL - 21.2%
Lannett Company, Inc.*		54,988		3,161,811
ABIOMED, Inc.*		31,100		1,966,142
Repligen Corp.*		57,961		1,710,430
Depomed, Inc.*		70,534		1,640,621
Molina Healthcare, Inc.*		27,443		1,625,449
PAREXEL International Corp.*		25,477		1,619,700
On Assignment, Inc.*		44,762		1,506,241
ExamWorks Group, Inc.*		36,013		1,474,732
AMN Healthcare Services, Inc.*		52,647		1,200,878
Natus Medical, Inc.*		30,984		1,168,407
Calavo Growers, Inc.		22,416		1,135,370
Cynosure, Inc. — Class A*		32,655		1,091,330
Cal-Maine Foods, Inc.1		24,123		1,078,539
Cambrex Corp.*		25,978		999,893
Ligand Pharmaceuticals, Inc. — Class B*		12,863		998,683
Abaxis, Inc.		13,961		893,504
Chemed Corp.		7,527		867,487
Albany Molecular Research, Inc.*,1		46,153		833,523
Ensign Group, Inc.		18,312		771,118
Anika Therapeutics, Inc.*		22,544		769,201
Helen of Troy Ltd.*		8,218		719,979
Snyder’s-Lance, Inc.		23,383		690,500
Impax Laboratories, Inc.*		15,100		683,426
Affymetrix, Inc.*,1		49,652		602,279
Cantel Medical Corp.		11,906		533,270
J&J Snack Foods Corp.		3,778		394,159
Total Consumer, Non-cyclical				30,136,672
CONSUMER, CYCLICAL - 19.0%
Gentherm, Inc.*		51,331		2,706,684
Skechers U.S.A., Inc. — Class A*		26,368		2,371,010
Pinnacle Entertainment, Inc.*		52,052		1,913,432
Meritage Homes Corp.*		41,330		1,767,684
Standard Pacific Corp.*		188,466		1,526,575
G-III Apparel Group Ltd.*		12,767		1,419,435
DTS, Inc.*		38,311		1,373,449
Ryland Group, Inc.		30,613		1,261,868
Papa John’s International, Inc.		16,180		992,966
Select Comfort Corp.*		31,647		975,361
Allegiant Travel Co. — Class A		6,231		958,079
Popeyes Louisiana Kitchen, Inc.*		16,178		900,790
BJ’s Restaurants, Inc.*		19,190		898,091
Zumiez, Inc.*		27,053		857,851
Sonic Corp.		29,861		855,518
Winnebago Industries, Inc.1		39,952		827,406
Outerwall, Inc.1		11,451		760,690
Jack in the Box, Inc.		8,050		698,499
Texas Roadhouse, Inc. — Class A		20,331		683,122
Wolverine World Wide, Inc.		21,471		659,803
Universal Electronics, Inc.*		11,237		606,124
Marriott Vacations Worldwide Corp.		7,366		605,559
Iconix Brand Group, Inc.*		21,432		563,876
Francesca’s Holdings Corp.*		26,560		449,661
Scientific Games Corp. — Class A*,1		32,341		409,760
Total Consumer, Cyclical				27,043,293
INDUSTRIAL - 13.7%
TASER International, Inc.*,1		88,522		2,672,479
Methode Electronics, Inc.		40,048		1,700,438
PGT, Inc.*		144,966		1,641,015
Apogee Enterprises, Inc.		29,717		1,563,709
ArcBest Corp.		34,313		1,224,975
Headwaters, Inc.*		62,647		1,101,334
US Ecology, Inc.		22,630		1,061,573
Heartland Express, Inc.		50,683		1,060,288
Lydall, Inc.*		38,877		1,043,459
KapStone Paper and Packaging Corp.		37,203		1,039,824
Hillenbrand, Inc.		30,421		894,073
Bel Fuse, Inc. — Class B		39,404		808,964
Knight Transportation, Inc.		27,488		794,403
Curtiss-Wright Corp.		9,720		710,143

26 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	April 30, 2015
GUGGENHEIM S&P SMALLCAP 600® PURE GROWTH ETF

	Shares		Value
Saia, Inc.*		17,227	$	702,000
Matson, Inc.		14,471		586,076
AZZ, Inc.		10,729		497,718
Forward Air Corp.		8,427		424,468
Total Industrial				19,526,939
TECHNOLOGY - 11.3%
Take-Two Interactive Software, Inc.*		86,817		2,057,563
Synchronoss Technologies, Inc.*		44,445		2,039,137
Omnicell, Inc.*		40,802		1,449,695
Manhattan Associates, Inc.*		26,537		1,394,785
IGATE Corp.*		28,608		1,360,596
Synaptics, Inc.*		13,729		1,163,121
NetScout Systems, Inc.*,1		23,991		986,031
Super Micro Computer, Inc.*		32,685		940,347
Monolithic Power Systems, Inc.		16,848		873,232
Tessera Technologies, Inc.		23,195		837,571
Virtusa Corp.*		17,561		698,928
Dealertrack Technologies, Inc.*		16,587		652,035
Blackbaud, Inc.		12,746		644,055
Electronics for Imaging, Inc.*		12,906		538,567
MicroStrategy, Inc. — Class A*		2,009		365,879
Total Technology				16,001,542
COMMUNICATIONS - 6.5%
General Communication, Inc. — Class A*		126,862		2,012,032
LogMeIn, Inc.*		25,871		1,660,401
comScore, Inc.*		20,879		1,093,224
j2 Global, Inc.		15,527		1,077,108
DHI Group, Inc.*		133,865		1,017,374
EW Scripps Co. — Class A		36,713		855,046
VASCO Data Security International, Inc.*,1		23,834		605,860
Consolidated Communications Holdings, Inc.		24,811		522,768
ViaSat, Inc.*		6,632		398,716
Journal Media Group, Inc.*		253		2,350
Total Communications				9,244,879
ENERGY - 4.1%
Carrizo Oil & Gas, Inc.*		45,254		2,522,005
Synergy Resources Corp.*		168,669		2,020,655
Flotek Industries, Inc.*		51,097		730,176
PetroQuest Energy, Inc.*		216,795		581,011
Total Energy				5,853,847
BASIC MATERIALS - 2.4%
US Silica Holdings, Inc.1		34,070		1,272,515
Deltic Timber Corp.		11,790		754,560
Neenah Paper, Inc.		10,262		620,543
Century Aluminum Co.*		33,790		435,553
Balchem Corp.		7,698		403,529
Total Basic Materials				3,486,700
Total Common Stocks
(Cost $129,495,729)				142,090,020
SHORT TERM INVESTMENTS† - 0.1%
Federated U.S. Treasury Cash Reserve Fund 0.00%		138,141		138,141
Total Short Term Investments
(Cost $138,141)				138,141

	Face Amount
SECURITIES LENDING COLLATERAL††,2 - 6.0%
Repurchase Agreements
HSBC Securities, Inc.issued 04/30/15 at 0.09% due 05/01/15	$	6,368,183		6,368,183
BNP Paribas Securities Corp.issued 04/30/15 at 0.10% due 05/01/15		1,181,008		1,181,008
Barclays Capital, Inc.issued 04/30/15 at 0.08% due 05/01/15		971,715		971,715
Total Securities Lending Collateral
(Cost $8,520,906)				8,520,906
Total Investments - 106.0%
(Cost $138,154,776)			$	150,749,067
Other Assets & Liabilities, net - (6.0)%				(8,499,556	)
Total Net Assets - 100.0%			$	142,249,511

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or portion of this security is on loan at April 30, 2015 — See Note 5.
2	Securities lending collateral — See Note 5.
	REIT — Real Estate Investment Trust

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 27

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) April 30, 2015

	Guggenheim Russell Top 50® Mega Cap 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 value* — including $—, $56,132,224, $14,454,876 and $5,000,973 of securities loaned, respectively	$	517,600,056		$	1,007,168,740	$	2,136,446,913		$	122,746,625
Repurchase agreements		—			55,337,975		14,964,421			5,124,578
Total Investments		517,600,056			1,062,506,715		2,151,411,334			127,871,203
Segregated cash with broker		—			140,075		37,879			12,972
Receivables:
Investments sold		433,990			—		—			—
Securities lending		—			160,162		2,408			12,022
Dividends and interest		527,449			1,056,485		697,377			10,407
Total assets		518,561,495			1,063,863,437		2,152,148,998			127,906,604
Liabilities:
Payable for:
Return of securities loaned		—			55,478,050		15,002,300			5,137,550
Investments purchased		1,032,350			—		—			—
Management fees		85,491			292,475		618,748			35,159
Due to custodian		—			3,353		873			—
Total liabilities		1,117,841			55,773,878		15,621,921			5,172,709
Commitments and contingent liabilities (Note 8)		—			—		—			—
Net assets	$	517,443,654		$	1,008,089,559	$	2,136,527,077		$	122,733,895
Net assets consist of:
Paid-in capital	$	504,268,563		$	913,281,039	$	1,887,734,030		$	105,967,369
Undistributed (distributions in excess of) net investment income		741,373			1,512,797		(83,229	)		67,350
Accumulated net realized gain (loss) on investments		(71,798,349	)		88,652,585		64,096,913			8,890,460
Net unrealized appreciation on investments		84,232,067			4,643,138		184,779,363			7,808,716
Net assets	$	517,443,654		$	1,008,089,559	$	2,136,527,077		$	122,733,895
Shares outstanding (unlimited shares authorized), no par value		3,600,785			18,252,836		26,100,299			2,200,499
Net asset value, offering price and repurchase price per share	$	143.70		$	55.23	$	81.86		$	55.78
Cost of investments	$	433,367,989		$	1,002,525,602	$	1,951,667,550		$	114,937,909
Cost of repurchase agreements		—			55,337,975		14,964,421			5,124,578
*Total cost of investments	$	433,367,989		$	1,057,863,577	$	1,966,631,971		$	120,062,487

28 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)(concluded) April 30, 2015

	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 value* — including $6,665,820, $9,180,756 and $8,444,640 of securities loaned, respectively	$	712,656,638		$	177,005,006		$	142,228,161
Repurchase agreements		7,110,501			9,389,807			8,520,906
Total Investments		719,767,139			186,394,813			150,749,067
Cash		4,335,715			—			—
Segregated cash with broker		17,999			23,768			21,569
Receivables:
Fund shares sold		2,461			—			7,683
Securities lending		1,526			19,956			6,072
Dividends and interest		137,745			342,961			45,437
Capital gains tax reclaims		—			327			774
Total assets		724,262,585			186,781,825			150,830,602
Liabilities:
Payable for:
Return of securities loaned		7,128,500			9,413,575			8,542,475
Investments purchased		4,335,715			—			—
Management fees		209,762			51,344			38,616
Due to custodian		—			62,782			—
Total liabilities		11,673,977			9,527,701			8,581,091
Commitments and contingent liabilities (Note 8)		—			—			—
Net assets	$	712,588,608		$	177,254,124		$	142,249,511
Net assets consist of:
Paid-in capital	$	611,408,525		$	170,133,147		$	125,079,101
Undistributed (distributions in excess of) net investment income		(208,383	)		47,538			56,070
Accumulated net realized gain (loss) on investments		34,852,669			(3,148,452	)		4,520,049
Net unrealized appreciation on investments		66,535,797			10,221,891			12,594,291
Net assets	$	712,588,608		$	177,254,124		$	142,249,511
Shares outstanding (unlimited shares authorized), no par value		5,550,021			2,750,040			1,650,004
Net asset value, offering price and repurchase price per share	$	128.39		$	64.46		$	86.21
Cost of investments	$	646,120,841		$	166,783,115		$	129,633,870
Cost of repurchase agreements		7,110,501			9,389,807			8,520,906
*Total cost of investments	$	653,231,342		$	176,172,922		$	138,154,776

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 29

STATEMENTS OF OPERATIONS (Unaudited)

For the Six Months Ended April 30, 2015

	Guggenheim Russell Top 50® Mega Cap 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	$	6,556,939		$	13,752,703		$	8,854,542		$	1,074,525
Income from securities lending		—			1,187,741			14,055			47,254
Interest		14			11			7			3
Total investment income		6,556,953			14,940,455			8,868,604			1,121,782
Expenses:
Management fees		571,541			1,988,597			3,391,124			209,882
Total expenses		571,541			1,988,597			3,391,124			209,882
Net investment income		5,985,412			12,951,858			5,477,480			911,900
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		82,887			(9,099,102	)		8,839,192			(1,004,559	)
In-kind redemptions		35,731,540			101,338,848			60,592,602			11,639,918
Net realized gain		35,814,427			92,239,746			69,431,794			10,635,359
Net change in unrealized appreciation (depreciation) on:
Investments		(24,980,583	)		(64,051,473	)		(7,288	)		(3,779,286	)
Net realized and unrealized gain		10,833,844			28,188,273			69,424,506			6,856,073
Net increase in net assets resulting from operations	$	16,819,256		$	41,140,131		$	74,901,986		$	7,767,973

30 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

STATEMENTS OF OPERATIONS (Unaudited)(concluded)

For the Six Months Ended April 30, 2015

	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, net of foreign taxes withheld*	$	3,484,879		$	1,542,425		$	551,177
Income from securities lending		126,305			77,779			20,323
Interest		9			3			1
Total investment income		3,611,193			1,620,207			571,501
Expenses:
Management fees		1,242,442			302,549			194,364
Total expenses		1,242,442			302,549			194,364
Net investment income		2,368,751			1,317,658			377,137
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(3,964,345	)		(2,443,277	)		(1,700,195	)
In-kind redemptions		39,712,945			13,957,029			6,449,545
Net realized gain		35,748,600			11,513,752			4,749,350
Net change in unrealized appreciation (depreciation) on:
Investments		(8,053,343	)		(6,024,864	)		1,935,517
Net realized and unrealized gain		27,695,257			5,488,888			6,684,867
Net increase in net assets resulting from operations	$	30,064,008		$	6,806,546		$	7,062,004
* Foreign taxes withheld	$	—		$	1,670		$	376

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 31

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)

	Guggenheim RussellTop 50® Mega Cap ETF						Guggenheim S&P 500® Pure Value ETF
	Period EndedApril 30, 2015 (Unaudited)			Year Ended October 31, 2014			Period EndedApril 30, 2015 (Unaudited)			Year Ended October 31, 2014
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	5,985,412		$	10,854,977		$	12,951,858		$	15,060,597
Net realized gain on investments		35,814,427			17,409,553			92,239,746			94,111,013
Net change in unrealized appreciation (depreciation) on investments		(24,980,583	)		53,282,676			(64,051,473	)		1,693,099
Net increase in net assets resulting from operations		16,819,256			81,547,206			41,140,131			110,864,709
Distributions to shareholders from:
Net investment income		(6,226,614	)		(10,780,498	)		(12,391,828	)		(14,264,565	)
Shareholder transactions:
Proceeds from shares purchased		28,502,448			81,178,515			403,511,764			1,190,583,615
Cost of shares redeemed		(120,448,618	)		(76,270,708	)		(699,232,817	)		(386,686,594	)
Net increase (decrease) in net assets resulting from share transactions		(91,946,170	)		4,907,807			(295,721,053	)		803,897,021
Net increase (decrease) in net assets		(81,353,528	)		75,674,515			(266,972,750	)		900,497,165
Net assets:
Beginning of period		598,797,182			523,122,667			1,275,062,309			374,565,144
End of period	$	517,443,654		$	598,797,182		$	1,008,089,559		$	1,275,062,309
Undistributed net investment income at end of period	$	741,373		$	982,575		$	1,512,797		$	952,767
Changes in shares outstanding:
Shares sold		200,000			600,000			7,500,000			23,250,000
Shares redeemed		(850,000	)		(600,000	)		(12,800,000	)		(7,750,000	)
Net increase (decrease) in shares		(650,000	)		—			(5,300,000	)		15,500,000

32 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)(continued)

	Guggenheim S&P 500® Pure Growth ETF						Guggenheim S&P MidCap 400® Pure Value ETF
	Period EndedApril 30, 2015 (Unaudited)			Year Ended October 31, 2014			Period EndedApril 30, 2015 (Unaudited)			Year Ended October 31, 2014
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	5,477,480		$	9,650,949		$	911,900		$	1,355,738
Net realized gain on investments		69,431,794			170,107,806			10,635,359			11,809,141
Net change in unrealized appreciation (depreciation) on investments		(7,288	)		24,829,879			(3,779,286	)		(3,924,921	)
Net increase in net assets resulting from operations		74,901,986			204,588,634			7,767,973			9,239,958
Distributions to shareholders from:
Net investment income		(5,560,709	)		(9,850,742	)		(927,520	)		(1,275,783	)
Shareholder transactions:
Proceeds from shares purchased		495,207,678			1,424,145,593			40,446,540			70,386,738
Cost of shares redeemed		(220,537,952	)		(586,763,950	)		(43,183,979	)		(37,222,874	)
Net increase (decrease) in net assets resulting from share transactions		274,669,726			837,381,643			(2,737,439	)		33,163,864
Net increase in net assets		344,011,003			1,032,119,535			4,103,014			41,128,039
Net assets:
Beginning of period		1,792,516,074			760,396,539			118,630,881			77,502,842
End of period	$	2,136,527,077		$	1,792,516,074		$	122,733,895		$	118,630,881
Undistributed (distributions in excess of) net investment income at end of period	$	(83,229	)	$	—		$	67,350		$	82,970
Changes in shares outstanding:
Shares sold		6,150,000			19,500,000			750,000			1,400,000
Shares redeemed		(2,750,000	)		(8,300,000	)		(800,000	)		(750,000	)
Net increase (decrease) in shares		3,400,000			11,200,000			(50,000	)		650,000

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 33

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)(continued)

	Guggenheim S&P MidCap 400® Pure Growth ETF						Guggenheim S&P SmallCap 600® Pure Value ETF
	Period EndedApril 30, 2015 (Unaudited)			Year Ended October 31, 2014			Period EndedApril 30, 2015 (Unaudited)			Year Ended October 31, 2014
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	2,368,751		$	4,925,126		$	1,317,658		$	1,228,980
Net realized gain on investments		35,748,600			141,305,766			11,513,752			19,660,177
Net change in unrealized appreciation (depreciation) on investments		(8,053,343	)		(89,652,357	)		(6,024,864	)		(7,910,036	)
Net increase in net assets resulting from operations		30,064,008			56,578,535			6,806,546			12,979,121
Distributions to shareholders from:
Net investment income		(2,727,147	)		(5,020,350	)		(1,309,418	)		(1,189,682	)
Shareholder transactions:
Proceeds from shares purchased		106,151,260			364,665,781			47,006,491			75,735,185
Cost of shares redeemed		(166,841,928	)		(408,252,769	)		(47,239,375	)		(38,885,016	)
Net increase (decrease) in net assets resulting from share transactions		(60,690,668	)		(43,586,988	)		(232,884	)		36,850,169
Net increase (decrease) in net assets		(33,353,807	)		7,971,197			5,264,244			48,639,608
Net assets:
Beginning of period		745,942,415			737,971,218			171,989,880			123,350,272
End of period	$	712,588,608		$	745,942,415		$	177,254,124		$	171,989,880
Undistributed (distributions in excess of) net investment income at end of period	$	(208,383	)	$	150,013		$	47,538		$	39,298
Changes in shares outstanding:
Shares sold		850,000			3,050,000			750,000			1,250,000
Shares redeemed		(1,350,000	)		(3,400,000	)		(750,000	)		(650,000	)
Net increase (decrease) in shares		(500,000	)		(350,000	)		—			600,000

34 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)(concluded)

	Guggenheim S&P SmallCap 600® Pure Growth ETF
	Period EndedApril 30, 2015 (Unaudited)			Year Ended October 31, 2014
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	377,137		$	432,137
Net realized gain on investments		4,749,350			21,771,031
Net change in unrealized appreciation (depreciation) on investments		1,935,517			(12,261,811	)
Net increase in net assets resulting from operations		7,062,004			9,941,357
Distributions to shareholders from:
Net investment income		(321,067	)		(499,340	)
Shareholder transactions:
Proceeds from shares purchased		59,629,547			50,760,931
Cost of shares redeemed		(28,844,389	)		(63,109,671	)
Net increase (decrease) in net assets resulting from share transactions		30,785,158			(12,348,740	)
Net increase (decrease) in net assets		37,526,095			(2,906,723	)
Net assets:
Beginning of period		104,723,416			107,630,139
End of period	$	142,249,511		$	104,723,416
Undistributed net investment income at end of period	$	56,070		$	—
Changes in shares outstanding:
Shares sold		700,000			650,000
Shares redeemed		(350,000	)		(800,000	)
Net increase (decrease) in shares		350,000			(150,000	)

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 35

GUGGENHEIM RUSSELL TOP 50^® MEGA CAP ETF

FINANCIAL HIGHLIGHTS

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund’s performance for the periods presented.

	Period EndedApril 30,2015 (Unaudited)			Year EndedOctober 31, 2014			Year EndedOctober 31, 2013			Year EndedOctober 31, 2012			Year EndedOctober 31, 2011			Year EndedOctober 31, 2010
Per Share Data:
Net asset value, beginning of period	$	140.87		$	123.06		$	104.06		$	89.97		$	85.16		$	78.90
Income from investment operations:
Net investment income (loss)a		1.48			2.74			2.56			2.17			1.87			1.72
Net gain (loss) on investments (realized and unrealized)		2.87			17.82			19.05			14.02			4.74			6.26
Total from investment operations		4.35			20.56			21.61			16.19			6.61			7.98
Less distributions from:
Net investment income		(1.52	)		(2.75	)		(2.61	)		(2.10	)		(1.80	)		(1.72	)
Total distributions to shareholders		(1.52	)		(2.75	)		(2.61	)		(2.10	)		(1.80	)		(1.72	)
Net asset value, end of period	$	143.70		$	140.87		$	123.06		$	104.06		$	89.97		$	85.16
Total Returnb		3.11	%		16.86	%		21.07	%		18.11	%		7.80	%		10.22	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	517,444		$	598,797		$	523,123		$	624,468		$	454,409		$	323,669
Ratio to average net assets of:
Net investment income (loss)		2.09	%c		2.08	%		2.28	%		2.19	%		2.08	%		2.09	%
Total expenses		0.20	%c		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Portfolio turnover rated		—			6	%		8	%		7	%		6	%		9	%

a	Based on average shares outstanding.
b	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.
c	Annualized.
d	Portfolio turnover does not include securities received or delivered from processing creations or redemptions.

36 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

GUGGENHEIM S&P 500^® PURE VALUE ETF

FINANCIAL HIGHLIGHTS

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund’s performance for the periods presented.

	Period EndedApril 30,2015 (Unaudited)			Year EndedOctober 31, 2014			Year EndedOctober 31, 2013			Year EndedOctober 31, 2012			Year EndedOctober 31, 2011			Year EndedOctober 31, 2010
Per Share Data:
Net asset value, beginning of period	$	54.14		$	46.51		$	32.26		$	28.38		$	25.95		$	21.46
Income from investment operations:
Net investment income (loss)a		0.62			0.90			0.67			0.48			0.42			0.35
Net gain (loss) on investments (realized and unrealized)		1.01			7.50			14.18			3.89			2.40			4.49
Total from investment operations		1.63			8.40			14.85			4.37			2.82			4.84
Less distributions from:
Net investment income		(0.54	)		(0.77	)		(0.60	)		(0.49	)		(0.39	)		(0.35	)
Total distributions to shareholders		(0.54	)		(0.77	)		(0.60	)		(0.49	)		(0.39	)		(0.35	)
Net asset value, end of period	$	55.23		$	54.14		$	46.51		$	32.26		$	28.38		$	25.95
Total Returnb		3.03	%		18.13	%		46.39	%		15.54	%		10.84	%		22.67	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	1,008,090		$	1,275,062		$	374,565		$	85,583		$	79,550		$	55,876
Ratio to average net assets of:
Net investment income (loss)		2.28	%c		1.74	%		1.65	%		1.60	%		1.44	%		1.38	%
Total expenses		0.35	%c		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Portfolio turnover rated		46	%		25	%		24	%		37	%		23	%		27	%

a	Based on average shares outstanding.
b	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.
c	Annualized.
d	Portfolio turnover does not include securities received or delivered from processing creations or redemptions.

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 37

GUGGENHEIM S&P 500^® PURE GROWTH ETF

FINANCIAL HIGHLIGHTS

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund’s performance for the periods presented.

	Period EndedApril 30,2015 (Unaudited)			Year EndedOctober 31, 2014			Year EndedOctober 31, 2013			Year EndedOctober 31, 2012			Year EndedOctober 31, 2011			Year EndedOctober 31, 2010
Per Share Data:
Net asset value, beginning of period	$	78.96		$	66.12		$	47.80		$	44.68		$	40.40		$	30.85
Income from investment operations:
Net investment income (loss)a		0.23			0.55			0.44			0.33			0.18			0.13
Net gain (loss) on investments (realized and unrealized)		2.89			12.81			18.33			3.11			4.28			9.57
Total from investment operations		3.12			13.36			18.77			3.44			4.46			9.70
Less distributions from:
Net investment income		(0.22	)		(0.52	)		(0.42	)		(0.32	)		(0.18	)		(0.15	)
Return of capital		—			—			(0.03	)		—			—			—
Total distributions to shareholders		(0.22	)		(0.52	)		(0.45	)		(0.32	)		(0.18	)		(0.15	)
Net asset value, end of period	$	81.86		$	78.96		$	66.12		$	47.80		$	44.68		$	40.40
Total Returnb		3.96	%		20.24	%		39.45	%		7.72	%		11.06	%		31.51	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	2,136,527		$	1,792,516		$	760,397		$	332,253		$	265,889		$	147,470
Ratio to average net assets of:
Net investment income (loss)		0.57	%c		0.74	%		0.76	%		0.71	%		0.41	%		0.37	%
Total expenses		0.35	%c		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Portfolio turnover rated		60	%		46	%		44	%		35	%		21	%		31	%

a	Based on average shares outstanding.
b	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.
c	Annualized.
d	Portfolio turnover does not include securities received or delivered from processing creations or redemptions.

38 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

GUGGENHEIM S&P MIDCAP 400^® PURE VALUE ETF

FINANCIAL HIGHLIGHTS

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund’s performance for the periods presented.

	Period EndedApril 30,2015 (Unaudited)			Year EndedOctober 31, 2014			Year EndedOctober 31, 2013			Year EndedOctober 31, 2012			Year EndedOctober 31, 2011			Year EndedOctober 31, 2010
Per Share Data:
Net asset value, beginning of period	$	52.71		$	48.42		$	35.00		$	31.00		$	30.77		$	24.20
Income from investment operations:
Net investment income (loss)a		0.40			0.71			0.52			0.46			0.41			0.36
Net gain (loss) on investments (realized and unrealized)		3.03			4.18			13.46			4.01			0.22			6.57
Total from investment operations		3.43			4.89			13.98			4.47			0.63			6.93
Less distributions from:
Net investment income		(0.36	)		(0.60	)		(0.56	)		(0.47	)		(0.40	)		(0.36	)
Total distributions to shareholders		(0.36	)		(0.60	)		(0.56	)		(0.47	)		(0.40	)		(0.36	)
Net asset value, end of period	$	55.78		$	52.71		$	48.42		$	35.00		$	31.00		$	30.77
Total Returnb		6.53	%		10.14	%		40.27	%		14.46	%		2.03	%		28.75	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	122,734		$	118,631		$	77,503		$	35,015		$	35,671		$	43,089
Ratio to average net assets of:
Net investment income (loss)		1.52	%c		1.38	%		1.22	%		1.36	%		1.22	%		1.20	%
Total expenses		0.35	%c		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Portfolio turnover rated		47	%		40	%		28	%		47	%		49	%		35	%

a	Based on average shares outstanding.
b	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.
c	Annualized.
d	Portfolio turnover does not include securities received or delivered from processing creations or redemptions.

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 39

GUGGENHEIM S&P MIDCAP 400^® PURE GROWTH ETF

FINANCIAL HIGHLIGHTS

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund’s performance for the periods presented.

	Period EndedApril 30,2015 (Unaudited)			Year EndedOctober 31, 2014			Year EndedOctober 31, 2013			Year EndedOctober 31, 2012			Year EndedOctober 31, 2011			Year EndedOctober 31, 2010
Per Share Data:
Net asset value, beginning of period	$	123.30		$	115.31		$	88.25		$	82.17		$	70.46		$	52.89
Income from investment operations:
Net investment income (loss)a		0.42			0.75			1.02			0.20			0.07			0.02
Net gain (loss) on investments (realized and unrealized)		5.13			7.93			27.10			6.04			11.72			17.59
Total from investment operations		5.55			8.68			28.12			6.24			11.79			17.61
Less distributions from:
Net investment income		(0.46	)		(0.69	)		(1.06	)		(0.16	)		(0.08	)		(0.04	)
Total distributions to shareholders		(0.46	)		(0.69	)		(1.06	)		(0.16	)		(0.08	)		(0.04	)
Net asset value, end of period	$	128.39		$	123.30		$	115.31		$	88.25		$	82.17		$	70.46
Total Returnb		4.51	%		7.53	%		32.07	%		7.60	%		16.73	%		33.32	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	712,589		$	745,942		$	737,971		$	511,881		$	653,246		$	292,429
Ratio to average net assets of:
Net investment income (loss)		0.67	%c		0.62	%		1.01	%		0.23	%		0.09	%		0.03	%
Total expenses		0.35	%c		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Portfolio turnover rated		83	%		75	%		72	%		56	%		45	%		51	%

a	Based on average shares outstanding.
b	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.
c	Annualized.
d	Portfolio turnover does not include securities received or delivered from processing creations or redemptions.

40 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

GUGGENHEIM S&P SMALLCAP 600^® PURE VALUE ETF

FINANCIAL HIGHLIGHTS

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund’s performance for the periods presented.

	Period EndedApril 30,2015 (Unaudited)			Year EndedOctober 31, 2014			Year EndedOctober 31, 2013			Year EndedOctober 31, 2012			Year EndedOctober 31, 2011			Year EndedOctober 31, 2010
Per Share Data:
Net asset value, beginning of period	$	62.54		$	57.37		$	40.04		$	35.50		$	34.27		$	28.50
Income from investment operations:
Net investment income (loss)a		0.47			0.44			0.56			0.25			0.20			0.20
Net gain (loss) on investments (realized and unrealized)		1.90			5.14			17.40			4.56			1.23			5.78
Total from investment operations		2.37			5.58			17.96			4.81			1.43			5.98
Less distributions from:
Net investment income		(0.45	)		(0.41	)		(0.63	)		(0.25	)		(0.20	)		(0.21	)
Return of capital		—			—			—			(0.02	)		—			—
Total distributions to shareholders		(0.45	)		(0.41	)		(0.63	)		(0.27	)		(0.20	)		(0.21	)
Net asset value, end of period	$	64.46		$	62.54		$	57.37		$	40.04		$	35.50		$	34.27
Total Returnb		3.78	%		9.73	%		45.20	%		13.52	%		4.16	%		21.07	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	177,254		$	171,990		$	123,350		$	72,066		$	62,130		$	87,383
Ratio to average net assets of:
Net investment income (loss)		1.52	%c		0.73	%		1.14	%		0.65	%		0.53	%		0.60	%
Total expenses		0.35	%c		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Portfolio turnover rated		41	%		51	%		43	%		48	%		76	%		62	%

a	Based on average shares outstanding.
b	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.
c	Annualized.
d	Portfolio turnover does not include securities received or delivered from processing creations or redemptions.

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 41

GUGGENHEIM S&P SMALLCAP 600^® PURE GROWTH ETF

FINANCIAL HIGHLIGHTS

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund’s performance for the periods presented.

	Period EndedApril 30,2015 (Unaudited)			Year EndedOctober 31, 2014			Year EndedOctober 31, 2013			Year EndedOctober 31, 2012			Year EndedOctober 31, 2011			Year EndedOctober 31, 2010
Per Share Data:
Net asset value, beginning of period	$	80.56		$	74.23		$	54.34		$	49.82		$	43.32		$	34.13
Income from investment operations:
Net investment income (loss)a		0.28			0.31			0.59			0.20			0.02			0.06
Net gain (loss) on investments (realized and unrealized)		5.60			6.33			19.87			4.50			6.57			9.18
Total from investment operations		5.88			6.64			20.46			4.70			6.59			9.24
Less distributions from:
Net investment income		(0.23	)		(0.31	)		(0.54	)		(0.18	)		(0.09	)		(0.05	)
Return of capital		—			—			(0.03	)		—			—			—
Total distributions to shareholders		(0.23	)		(0.31	)		(0.57	)		(0.18	)		(0.09	)		(0.05	)
Net asset value, end of period	$	86.21		$	80.56		$	74.23		$	54.34		$	49.82		$	43.32
Total Returnb		7.30	%		8.96	%		37.94	%		9.44	%		15.22	%		27.11	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	142,250		$	104,723		$	107,630		$	73,359		$	34,873		$	17,329
Ratio to average net assets of:
Net investment income (loss)		0.68	%c		0.39	%		0.94	%		0.38	%		0.03	%		0.14	%
Total expenses		0.35	%c		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Portfolio turnover rated		60	%		78	%		73	%		44	%		33	%		55	%

a	Based on average shares outstanding.
b	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.
c	Annualized.
d	Portfolio turnover does not include securities received or delivered from processing creations or redemptions.

42 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

NOTES TO FINANCIAL STATEMENTS (Unaudited)

1. Organization and Significant Accounting Policies

Organization

Rydex ETF Trust (the “Trust”) is registered with the SEC under the Investment Company Act of 1940 (the “1940 Act”), as a non-diversified, open-ended investment company of the series type, and is authorized to issue an unlimited number of no par value shares. Each portfolio represents a separate series of beneficial interest in the Trust (each a “Fund”, and collectively, the “Funds”). The Trust was organized as a Delaware statutory trust on November 22, 2002. At April 30, 2015, the Trust consisted of twenty-one funds.

The financial statements herein relate to the following Funds, whose 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”) as follows:

Fund	Underlying Index
Guggenheim Russell Top 50® Mega Cap ETF	Russell Top 50® Mega Cap Index
Guggenheim S&P 500® Pure Value ETF	S&P 500® Pure Value Index
Guggenheim S&P 500® Pure Growth ETF	S&P 500® Pure Growth Index
Guggenheim S&P MidCap 400® Pure Value ETF	S&P MidCap 400® Pure Value Index
Guggenheim S&P MidCap 400® Pure Growth ETF	S&P MidCap 400® Pure Growth Index
Guggenheim S&P SmallCap 600® Pure Value ETF	S&P SmallCap 600® Pure Value Index
Guggenheim S&P SmallCap 600® Pure Growth ETF	S&P SmallCap 600® Pure Growth Index

The Funds seek to achieve their objective by investing in common stocks 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 (a “Creation Unit”). Creation Units are issued and redeemed principally in-kind for securities included in the Underlying Index.

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^® Mega Cap ETF is a non-diversified fund, subjecting it to a greater risk than funds that are diversified.

Guggenheim Investments (“GI”) provides advisory services, and Rydex Fund Services, LLC (“RFS”) provides transfer agent, administrative and accounting services to the Trust. Guggenheim Funds Distributors, LLC (“GFD”) acts as principal underwriter for the Trust. GI, RFS and GFD are affiliated entities.

Significant Accounting Policies

The Funds operate as investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 Financial Services – Investment Companies.

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. The Board of Trustees of the Funds (the “Board”) has adopted policies and procedures for the valuation of the Funds’ investments (the “Valuation Procedures”). Pursuant to the Valuation Procedures, the Board has delegated to a valuation committee, consisting of representatives from Guggenheim’s investment management, fund administration, legal and compliance departments (the “Valuation Committee”), the day-to-day responsibility for implementing the Valuation Procedures, including, under most circumstances, the responsibility for determining the fair value of the Funds’ securities or other assets.

GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 43

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Valuations of the Funds’ securities are supplied primarily by pricing services appointed pursuant to the processes set forth in the Valuation Procedures. The Valuation Committee convenes monthly, or more frequently as needed and will review the valuation of all assets which have been fair valued for reasonableness. The Funds’ officers, through the Valuation Committee and consistent with the monitoring and review responsibilities set forth in the Valuation Procedures, regularly review procedures used by, and valuations provided by, the pricing services.

If the pricing service cannot or does not provide a valuation for a particular investment or such valuation is deemed unreliable, such investment is fair valued by the Valuation Committee.

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, usually 4:00 p.m. on the valuation date. Equity securities listed on the NASDAQ market system are valued at the NASDAQ Official Closing Price on the valuation date, which may not necessarily represent the last sale price. If there has been no sale on such exchange or NASDAQ on a given day, the security is valued at the closing bid price on that day.

The Funds invest in money market mutual funds, which are valued at their NAV.

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.

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) obtaining general information as to how these securities and assets trade; and (ii) obtaining other information and considerations, including current values in related markets.

B. 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 in the respective Fund. 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 discounts, is accrued on a daily basis. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.

C. Distributions of net investment income and net realized gains, if any, are declared and paid at least annually. Distributions are recorded on the ex-dividend date and are determined in accordance with income tax regulations which may differ from U.S. GAAP.

D. The Funds may leave cash overnight in their cash account with the custodian. Periodically, a Fund may have cash due to the custodian bank as an overdraft balance. A fee is incurred on this overdraft, calculated by multiplying the overdraft by a rate based on the federal funds rate.

E. 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

44 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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.

F. Under the Funds’ organizational documents, their Trustees and Officers are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, 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.

2. Capital

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:

Fund	Minimum Transaction Fee
Guggenheim Russell Top 50® Mega Cap 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

3. Fees 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.

Fund	Advisory Fee
Guggenheim Russell Top 50® Mega Cap 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, fund accounting, legal, audit and other services, except: interest, taxes, distribution fees or expenses and extraordinary expenses.

Under a Fund Administration Agreement with the Trust, RFS provides various administrative and financial reporting services for the Funds. GI compensates RFS directly for this service.

Under a Fund Accounting Agreement with the Trust, BNYMellon maintains the books and records of the Funds. Under a Custodian Agreement with the Trust, BNYMellon maintains cash, securities and other assets of the Funds in a separate account for the Funds, keeps all necessary accounts and records, and provides other services. BNYMellon 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, BNYMellon 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 BNYMellon directly for the foregoing services.

The Funds have adopted a Distribution Plan (the “Plan”) that allows the Funds to pay distribution fees to GFD and other firms that provide distribution services (“Service Providers”). If a Service Provider provides distribution services, the Funds will pay distribution fees to GFD at an annual rate not to exceed 0.25% of average daily net assets, pursuant to Rule 12b-1 of the 1940 Act. GFD will, in turn, pay the Service Provider out of its fees. No such fee is currently charged to the Funds.

Certain trustees and officers of the Trust are also officers of GI, RFS and GFD.

GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 45

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

4. Fair Value Measurement

In accordance with U.S. GAAP, fair value is defined as the price that the Funds 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. U.S. GAAP establishes a three-tier fair value hierarchy based on the types of inputs used to value assets and liabilities and requires corresponding disclosure. The hierarchy and the corresponding inputs are summarized 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 types of inputs available depend on a variety of factors, such as the type of security and the characteristics of the markets in which it trades, if any. Fair valuation determinations that rely on fewer or no observable inputs require greater judgment. Accordingly, fair value determinations for Level 3 securities require the greatest amount of judgment.

The following table summarizes the inputs used to value the Funds’ investments at April 30, 2015:

Fund	Level 1Investments In Securities		Level 2Investments In Securities		Level 3Investments In Securities		Total
Guggenheim Russell Top 50® Mega Cap ETF	$	517,600,056	$	—	$	—	$	517,600,056
Guggenheim S&P 500® Pure Value ETF		1,007,168,740		55,337,975		—		1,062,506,715
Guggenheim S&P 500® Pure Growth ETF		2,136,446,913		14,964,421		—		2,151,411,334
Guggenheim S&P MidCap 400® Pure Value ETF		122,746,625		5,124,578		—		127,871,203
Guggenheim S&P MidCap 400® Pure Growth ETF		712,656,638		7,110,501		—		719,767,139
Guggenheim S&P SmallCap 600® Pure Value ETF		177,005,006		9,389,807		—		186,394,813
Guggenheim S&P SmallCap 600® Pure Growth ETF		142,228,161		8,520,906		—		150,749,067

For the period ended April 30, 2015, there were no transfers between levels.

5. Portfolio Securities Loaned

The Funds may lend their securities to approved brokers to earn additional income. Security lending income shown on the Statements of Operations is shown net of rebates paid to the borrowers and earnings on cash collateral investments shared with the lending agent. Within this arrangement, the Funds act as the lender, Credit Suisse acts as the lending agent, and other approved registered broker dealers act as the borrowers. The Funds receive cash collateral, valued at 102% of the value of the securities on loan. Under the terms of the Funds’ securities lending agreement with Credit Suisse, cash collateral is invested in one or more joint repurchase agreements collateralized by obligations of the U.S. Treasury or Government Agencies and cash. The Funds bear the risk of loss on cash collateral investments. Collateral is maintained over the life of the loan in an amount not less than the value of loaned securities, as determined at the close of fund business each day; any additional collateral required due to changes in security values is delivered to the Funds the next business day. Although the collateral mitigates the risk, the Funds could experience a delay in recovering its securities and a possible loss of income or value if the borrower fails to return the securities. The Funds have the right under the securities lending agreement to recover the securities from the borrower on demand.

46 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

At April 30, 2015, the Funds participated in securities lending as follows:

Fund	Value ofSecurities Loaned		CashCollateral Received
Guggenheim S&P 500® Pure Value ETF	$	56,132,224	$	55,478,050	*
Guggenheim S&P 500® Pure Growth ETF		14,454,876		15,002,300
Guggenheim S&P MidCap 400® Pure Value ETF		5,000,973		5,137,550
Guggenheim S&P MidCap 400® Pure Growth ETF		6,665,820		7,128,500
Guggenheim S&P SmallCap 600® Pure Value EFT		9,180,756		9,413,575
Guggenheim S&P SmallCap 600® Pure Growth ETF		8,444,640		8,542,475

* Subsequent to April 30, 2015, additional collateral was received.

Cash collateral received was invested in the following joint repurchase agreements at April 30, 2015:

Counterparty and Terms of Agreement	Face Value		Repurchase Price		Collateral	Par Value		Fair Value
HSBC Securities, Inc.					U.S. Treasury Notes
0.09%					0.63% - 4.00%
Due 05/01/15	$	75,070,937	$	75,071,125	12/15/16 - 11/15/22	$	54,225,048	$	57,024,793
					U.S. Treasury Floating Rate Note
					0.09%
					04/30/17	19,548,472		19,548,472
BNP Paribas Securities Corp.					U.S. Treasury Strips
0.10%					0.00%
Due 05/01/15	13,922,247		13,922,286		08/15/27 - 02/15/44	9,785,846		4,518,611
					U.S. Treasury Notes
					1.00% - 2.13%
					06/30/19 - 08/15/21	7,244,209		7,454,521
					U.S. TIP Bonds
					0.13%
					01/15/23 - 07/15/24	2,243,092		2,227,560
Barclays Capital, Inc.					U.S. Treasury Notes
0.08%					1.38%
Due 05/01/15	11,455,005		11,455,030		04/30/20	11,707,872		11,678,602
					U.S. Treasury Strips
					0.00%
					05/15/30 - 02/15/41	8,158		5,531

There was also $254,261 in segregated cash held as collateral.

In the event of counterparty default, the Funds have the right to collect the collateral to offset losses incurred. There is potential loss to the Funds in the event the Funds are delayed or prevented from exercising their rights to dispose of the collateral securities, including the risk of a possible decline in the value of the underlying securities during the period while the Funds seek to assert their rights. The Funds’ investment adviser, acting under the supervision of the Board of Trustees, reviews the value of the collateral and the creditworthiness of those banks and dealers with which the Funds enter into repurchase agreements to evaluate potential risks.

GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 47

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

6. Federal Income Tax Information

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, and has concluded that no provision for income tax is required in the Funds’ financial statements. The Funds’ federal tax returns are subject to examination by the Internal Revenue Service for a period of three years after they are filed.

At April 30, 2015, the cost of securities for Federal income tax purposes, the aggregate gross unrealized gain for all securities for which there was an excess of value over tax cost and the aggregate gross unrealized loss for all securities for which there was an excess of tax cost over value, were as follows:

Fund	Tax Cost		TaxUnrealized Gain		TaxUnrealized Loss			NetUnrealized Gain
Guggenheim Russell Top 50® Mega Cap ETF	$	434,123,918	$	106,957,307	$	(23,481,169	)	$	83,476,138
Guggenheim S&P 500® Pure Value ETF		1,058,376,001		62,266,021		(58,135,307	)		4,130,714
Guggenheim S&P 500® Pure Growth ETF		1,967,649,400		238,447,980		(54,686,046	)		183,761,934
Guggenheim S&P MidCap 400® Pure Value ETF		120,371,315		12,544,082		(5,044,195	)		7,499,887
Guggenheim S&P MidCap 400® Pure Growth ETF		653,817,091		83,743,272		(17,793,224	)		65,950,048
Guggenheim S&P SmallCap 600® Pure Value ETF		176,798,621		23,457,527		(13,861,335	)		9,596,192
Guggenheim S&P SmallCap 600® Pure Growth ETF		138,290,750		18,166,932		(5,708,615	)		12,458,317

7. Investment Transactions

For the period ended April 30, 2015, the Funds had investments transactions in-kind associated with subscriptions and redemptions as follows:

Fund	Subscriptions		Redemptions
Guggenheim Russell Top 50® Mega Cap ETF	$	28,407,112	$	120,175,204
Guggenheim S&P 500® Pure Value ETF		398,677,880		695,762,334
Guggenheim S&P 500® Pure Growth ETF		492,807,333		219,389,559
Guggenheim S&P MidCap 400® Pure Value ETF		40,293,121		43,041,205
Guggenheim S&P MidCap 400® Pure Growth ETF		105,984,922		163,581,500
Guggenheim S&P SmallCap 600® Pure Value ETF		46,914,189		47,186,206
Guggenheim S&P SmallCap 600® Pure Growth ETF		59,522,763		25,115,603

For the period ended April 30, 2015, the cost of purchases and proceeds from sales of investment securities, excluding government securities, short-term investments and in-kind transactions, were as follows:

Fund	Purchases		Sales
Guggenheim Russell Top 50® Mega Cap ETF	$	1,032,350	$	506,794
Guggenheim S&P 500® Pure Value ETF		520,976,865		519,212,083
Guggenheim S&P 500® Pure Growth ETF		1,162,642,187		1,160,601,832
Guggenheim S&P MidCap 400® Pure Value ETF		56,909,094		56,975,377
Guggenheim S&P MidCap 400® Pure Growth ETF		589,482,435		591,899,344
Guggenheim S&P SmallCap 600® Pure Value ETF		70,656,263		70,606,985
Guggenheim S&P SmallCap 600® Pure Growth ETF		67,492,642		71,035,660

48 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

8. Legal Proceedings

Lyondell Chemical Company

In December 2011, Rydex ETF Trust was named as a defendant in Weisfelner, as Trustee of the LB Creditor Trust, v. Fund 1 (In re Lyondell Chemical Co.), Adv. Pro. No. 10-4609 (Bankr. S.D.N.Y.) (the “Creditor Trust Action”).

Similar to the claims made in the Tribune matter, the Weisfelner complaint seeks to have set aside and recovered as fraudulent transfers from former Lyondell Chemical Company (“Lyondell”) shareholders the consideration paid to them pursuant to the cash out merger of Lyondell shareholders in connection with the combination of Lyondell and Basell AF in 2007. Lyondell filed for bankruptcy in 2008.

On April 7, 2014, the plaintiff filed a Third Amended Complaint. In the related action entitled Weisfelner, as Trustee of the LB Litigation Trust v. A. Holmes & H. Holmes TTEE (In re Lyondell Co.), Adversary Proceeding No. 10-5525 (Bankr. S.D.N.Y.) (the “Litigation Trust Action”), the plaintiff also filed a Second Amended Complaint that alleges a claim against the former Lyondell shareholders under federal law for intentional fraudulent transfer. A third related action against the former Lyondell shareholders, Weisfelner, as Trustee of the LB Creditor Trust v. Reichman, Adversary Proceeding No. 12-1570 (Bankr. S.D.N.Y.) (the “Reichman action”), is pending as well.

On May 8, 2014, the plaintiff in the Litigation Trust action filed a motion to certify a defendant class generally comprised of all former Lyondell shareholders that received proceeds in exchange for their shares in the 2007 merger transaction.

On July 30, 2014, the defendants filed a motion to dismiss these lawsuits. The Court held oral argument on the motions to dismiss and on the motion for class certification on January 14 and January 15, 2015. The Court has not yet issued decisions on these motions. Discovery has commenced in these lawsuits.

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: Guggenheim 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 prediction as to the outcome of this lawsuit or the effect, if any, on the fund’s net asset value.

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 Kirschner v. FitzSimons, No. 12-2652 (S.D.N.Y.) (formerly Official Committee of Unsecured Creditors of Tribune Co. v. FitzSimons, Adv. Pro. No. 10-54010 (Bankr. D. Del.)) (the “FitzSimons action”), as a result of ownership of shares by certain series of the Rydex ETF Trust in the Tribune Company (“Tribune”) in 2007, when Tribune effected a leveraged buyout transaction (“LBO”) by which Tribune converted to a privately-held company. In his complaint, the plaintiff has alleged that, in connection with the LBO, insiders and shareholders were overpaid for their Tribune stock using financing that the insiders knew would, and ultimately did, leave the Tribune Company insolvent. The plaintiff has asserted claims against certain insiders, major shareholders, professional advisers, and others involved in the LBO. The plaintiff is also attempting to obtain from former Tribune shareholders, including Rydex ETF Trust, the proceeds they received in connection with the LBO.

In June 2011, a group of Tribune creditors filed multiple actions against former Tribune shareholders involving state law constructive fraudulent conveyance claims arising out of the 2007 LBO (the “SLCFC actions”). Rydex ETF Trust has been named as a defendant in one of the SLCFC actions: Deutsche Bank Trust Co. Americas v. McGurn, No. 11-1510 (S.D.N.Y.). In those actions, the creditors seek to recover from Tribune’s former shareholders the proceeds received in connection with the 2007 LBO.

The FitzSimons action and the SLCFC actions have been consolidated with the majority of the other Tribune LBO-related lawsuits in a multidistrict litigation proceeding captioned In re Tribune Company Fraudulent Conveyance Litig., No. 11-md-2696 (S.D.N.Y.) (the “MDL Proceeding”).

GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 49

NOTES TO FINANCIAL STATEMENTS (Unaudited)(concluded)

On September 23, 2013, the District Court granted the defendants’ omnibus motion to dismiss the SLCFC actions, on the basis that the creditors lacked standing. On September 30, 2013, the creditors filed a notice of appeal of the September 23 order. On October 28, 2013, the defendants filed a joint notice of cross-appeal of that same order. The SLCFC appeals have been fully briefed, and oral argument in front of the U.S. Court of Appeals for the Second Circuit occurred on November 5, 2014. The Court has not yet issued a decision on the appeals.

On May 23, 2014, the defendants filed motions to dismiss the FitzSimons action, including a global motion to dismiss Count I, which is the claim brought against former Tribune shareholders for intentional fraudulent conveyance under U.S. federal law. The Court has not yet issued a decision on any of these motions.

None of these lawsuits alleges 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 Fund was $197,050. At this stage of the proceedings, Rydex ETF Trust is not able to make a reliable prediction as to the outcome of these lawsuits or the effect, if any, on the Fund’s net asset value.

50 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT

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 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 800.820.0888. This information is also available from the EDGAR database on the SEC’s website at http://www.sec.gov.

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 800-SEC-0330. Copies of the portfolio holdings are also available to shareholders, without charge and upon request, by calling 800.820.0888.

GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 51

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 visiting guggenheiminvestments.com or by calling 800.820.0888.

Name, Address* and Year of Birth of Trustee	Position(s) Held with the Trust, Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number ofPortfolios inFund ComplexOverseen by Trustee***	OtherDirectorshipsHeld by Trustee
INTERESTED TRUSTEE
Donald C. Cacciapaglia** (1951)	Trustee from 2012 to present.	Current: President and CEO, certain other funds in the Fund Complex (2012-present); Vice Chairman, Guggenheim Investments (2010-present). Former: Chairman and CEO, Channel Capital Group, Inc. (2002-2010).	221	Clear Spring Life Insurance Company (2015-present); Guggenheim Partners Japan, Ltd. (2014-present); Delaware Life (2013-present); Guggenheim Life and Annuity Company (2011-present); Paragon Life Insurance Company of Indiana (2011-present).
INDEPENDENT TRUSTEES
Corey A. Colehour (1945)	Trustee and Member of the Audit Committee from 2003 to present; Member of the Governance and Nominating Committees from 2005 to present; and Member of the Investment and Performance Committee from 2014 to present.	Retired.	133	None.
J. Kenneth Dalton (1941)	Trustee from 2003 to present; Chairman and Member of the Audit Committee from 2003 to present; Member of the Governance and Nominating Committees from 2005 to present; and Member of the Compliance and Risk Oversight Committee from 2010 to present.	Retired.	133	Epiphany Funds (4) (2009-present).
John O. Demaret (1940)	Vice Chairman of the Board of Trustees from 2014 to present; Trustee and Member of the Audit Committee from 2003 to present; Chairman of the Board from 2006 to 2014; Member of the Compliance and Risk Oversight Committee from 2010 to present; Chairman and Member of the Investment and Performance Committee from 2014 to present; and Member of the Nominating Committee from 2014 to present.	Retired.	133	None.

52 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth of Trustee	Position(s) Held with theTrust, Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number ofPortfolios inFund ComplexOverseen by Trustee***	OtherDirectorshipsHeld by Trustee
INDEPENDENT TRUSTEES - concluded
Werner E. Keller (1940)	Chairman of the Board from 2014 to present; Trustee and Member of the Audit, Governance and Nominating Committees from 2005 to present; Vice Chairman of the Board from 2010 to 2014; Chairman and Member of the Compliance and Risk Oversight Committee from 2010 to present; and Member of the Investment and Performance Committee from 2014 to present.	Current: Founder and President, Keller Partners, LLC (investment research firm) (2005-present).	133	None.
Thomas F. Lydon, Jr. (1960)	Trustee and Member of the Audit, Governance and Nominating Committees from 2005 to present.	Current: President, Global Trends Investments (registered investment adviser) (1996-present).	133	US Global Investors (GROW) (1995-present).
Patrick T. McCarville (1942)	Trustee and Member of the Audit Committee from 2003 to present; Chairman and Member of the Governance and Nominating Committees from 2005 to present.	Retired. Former: Chief Executive Officer, Par Industries, Inc., d/b/a Par Leasing (1977-2010).	133	None.

Name, Address* and Year of Birth	Position(s) Held with theTrust, Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
OFFICERS
Donald C. Cacciapaglia (1951)	President (2012-present).	Current: President and CEO, certain other funds in the Fund Complex (2012-present); Vice Chairman, Guggenheim Investments (2010-present). Former: Chairman and CEO, Channel Capital Group Inc. (2002-2010).
Michael P. Byrum (1970)	Vice President (1999-present).	Current: Senior Vice President, Security Investors, LLC (2010-present); President and Chief Investment Officer, Rydex Holdings, LLC (2008-present); Director and Chairman, Advisory Research Center, Inc. (2006-present); Manager, Guggenheim Specialized Products, LLC (2005-present). Former: Vice President, Guggenheim Distributors, LLC (2009); Director (2009-2010) and Secretary (2002-2010), Rydex Fund Services, LLC; Director (2008-2010), Chief Investment Officer (2006-2010), President (2004-2010) and Secretary (2002-2010), Rydex Advisors, LLC; Director (2008-2010), Chief Investment Officer (2006-2010), President (2004-2010) and Secretary (2002-2010), Rydex Advisors II, LLC.

GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 53

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(concluded)

Name, Address* and Year of Birth	Position(s) Held with theTrust, Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
OFFICERS - concluded
Nikolaos Bonos (1963)	Vice President and Treasurer (2003-present).	Current: Senior Vice President, Security Investors, LLC (2010-present); Chief Executive Officer, Guggenheim Specialized Products, LLC (2009-present); Chief Executive Officer & President, Rydex Fund Services, LLC (2009-present); Vice President, Rydex Holdings, LLC (2008-present). Former: Senior Vice President, Security Global Investors, LLC (2010-2011); and Senior Vice President, Rydex Advisors, LLC and Rydex Advisors II, LLC (2006-2011).
Elisabeth Miller (1968)	Chief Compliance Officer (2012-present).	Current: CCO, certain other funds in the Fund Complex (2012-present); CCO, Security Investors, LLC (2012-present); CCO, Guggenheim Funds Investment Advisors, LLC (2012-present); Managing Director, Guggenheim Investments (2012-present); Vice President, Guggenheim Funds Distributors, LLC (March 2014-present). Former: CCO, Guggenheim Distributors, LLC (2009-March 2014); Senior Manager, Security Investors, LLC (2004-2009); Senior Manager, Guggenheim Distributors, LLC (2004-2009).
Joseph M. Arruda (1966)	Assistant Treasurer (2006-present).	Current: Assistant Treasurer, certain other funds in the Fund Complex (2006-present); Vice President, Security Investors, LLC (2010-present); CFO and Manager, Guggenheim Specialized Products, LLC (2009-present). Former: Vice President, Security Global Investors, LLC (2010-2011); Vice President, Rydex Advisors, LLC (2010); Vice President, Rydex Advisors II, LLC (2010).
Paul J. Davio (1972)	Assistant Treasurer (2014-present).	Current: Assistant Treasurer, certain other funds in the Fund Complex (2014-present); Director, Guggenheim Investments (2006-present). Former: Manager, Mutual Fund Administration, Guggenheim Investments (2003-2006).
Amy J. Lee (1961)	Vice President (2009-present) and Secretary (2012-present).	Current: Chief Legal Officer, certain other funds in the Fund Complex (2013-present); Senior Managing Director, Guggenheim Investments (2012-present). Former: Vice President, Associate General Counsel and Assistant Secretary, Security Benefit Life Insurance Company and Security Benefit Corporation (2004-2012).

*	All Trustees and Officers may be reached c/o Guggenheim Investments, 805 King Farm Boulevard, Suite 600, Rockville, MD 20850.
**	Mr. Cacciapaglia is an “interested” person of the Trust, as that term is defined in the 1940 Act by virtue of his affiliation with the Adviser’s parent company.
***	The “Fund Complex” includes all closed-end and open-end funds (including all of their portfolios) advised by the Adviser and any funds that have an investment adviser or servicing agent that is an affiliated person of the Adviser. Information provided is as of the date of this report.

54 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT

GUGGENHEIM INVESTMENTS PRIVACY POLICIES (Unaudited)

Rydex Funds, Guggenheim Funds, Rydex Investments, Guggenheim Funds Distributors, LLC, Security Investors, LLC, Security Distributors, Inc., Guggenheim Partners Investment Managers, LLC, and Rydex Advisory Services (Collectively “Guggenheim Investments”).

Our Commitment to You

When you become a Guggenheim Investments investor, you entrust us with not only your hard-earned money but also with personal and financial information about you. We recognize that your relationship with us is based on trust and that you expect us to act responsibly and in your best interests. Because we have access to this private information about you, we hold ourselves to the highest standards in its safekeeping and use. This means, most importantly, that we do not sell client information to anyone—whether it is your personal information or if you are a current or former Guggenheim Investments client.

The Information We Collect About You

In the course of doing business with shareholders and investors, we collect nonpublic personal information about you. You typically provide personal information when you complete a Guggenheim Investments account application or when you request a transaction that involves Rydex and Guggenheim Investments funds or one of the Guggenheim Investments affiliated companies. “Nonpublic personal information” is personally identifiable private information about you. For example, it includes information regarding your name and address, Social Security or taxpayer identification number, assets, income, account balance, bank account information and investment activity (e.g., purchase and redemption history).

How We Handle Your Personal Information

As emphasized above, we do not sell information about current or former clients or their accounts to third parties. Nor do we share such information, except when necessary to complete transactions at your request or to make you aware of related investment products and services that we offer. Additional details about how we handle your personal information are provided below. To complete certain transactions or account changes that you direct, it may be necessary to provide identifying information to companies, individuals or groups that are not affiliated with Guggenheim Investments. For example, if you ask to transfer assets from another financial institution to Guggenheim Investments, we will need to provide certain information about you to that company to complete the transaction. To alert you to other Guggenheim Investments investment products and services, we may share your information within the Guggenheim Investments family of affiliated companies. This would include, for example, sharing your information within Guggenheim Investments so we can make you aware of new Rydex and Guggenheim Investments funds or the services offered through another Guggenheim Investments affiliated company. In certain instances, we may contract with nonaffiliated companies to perform services for us. Where necessary, we will disclose information we have about you to these third parties. In all such cases, we provide the third party with only the information necessary to carry out its assigned responsibilities and only for that purpose. And we require these third parties to treat your private information with the same high degree of confidentiality that we do. In certain instances, we may share information with other financial institutions regarding individuals and entities in response to the U.S.A. Patriot Act. Finally, we will release information about you if you direct us to do so, if we are compelled by law to do so or in other circumstances permitted by law.

Opt Out Provisions

We do not sell your personal information to anyone. The law allows you to “opt out” of only certain kinds of information sharing with third parties. The firm does not share personal information about you with any third parties that triggers this opt-out right. This means YOU ARE ALREADY OPTED OUT.

GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 55

GUGGENHEIM INVESTMENTS PRIVACY POLICIES (Unaudited)(concluded)

How We Protect Privacy Online

Our concern for the privacy of our shareholders also extends to those who use our web site, guggenheiminvestments.com. Our web site uses some of the most secure forms of online communication available, including encryption technology, Secure Socket Layer (SSL) protocol, firewalls and user names and passwords. These technologies provide a high level of security and privacy when you access your account information or initiate online transactions. The Guggenheim Investments web site offers customized features that require our use of “http cookies”—tiny pieces of information that we ask your browser to store. However, we make very limited use of these cookies. We only use cookies for session management and security features on the Guggenheim Investments web site. We do not use them to pull data from your hard drive, to learn your email address, or to view data in cookies created by other web sites. We will not share the information in our cookies or give others access to it. See the legal information area on our web site for more details about web site security and privacy features.

How We Safeguard Your Personal Information

We restrict access to nonpublic personal information about shareholders to our employees and in some cases to third parties (for example, the service providers described above) as permitted by law. We maintain strict physical, electronic and procedural safeguards that comply with federal standards to guard your nonpublic personal information.

We’ll Keep You Informed

As required by federal law, we will notify shareholders of our privacy policy annually. We reserve the right to modify this policy at any time, but rest assured that if we do change it, we will tell you promptly. You will also be able to access our privacy policy from our web site at guggenheiminvestments.com. Should you have any questions regarding our privacy policy, contact us at 800.820.0888 or 301.296.5100.

56 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT

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4.30.2015

Guggenheim ETFs Semi-Annual Report

RSP Guggenheim S&P 500^® Equal Weight ETF

ETF3-SEMI-0415x1015 guggenheiminvestments.com

TABLE OF CONTENTS

DEAR SHAREHOLDER	2
ECONOMIC AND MARKET OVERVIEW	3
FEES AND EXPENSES	5
PORTFOLIO SUMMARY	6
SCHEDULE OF INVESTMENTS	7
STATEMENT OF ASSETS AND LIABILITIES	13
STATEMENT OF OPERATIONS	14
STATEMENTS OF CHANGES IN NET ASSETS	15
FINANCIAL HIGHLIGHTS	16
NOTES TO FINANCIAL STATEMENTS	17
OTHER INFORMATION	24
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS	25
GUGGENHEIM INVESTMENTS PRIVACY POLICIES	28

GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 1

April 30, 2015

Dear Shareholder:

Security Investors, LLC (the “Investment Adviser”) is pleased to present the semi-annual shareholder report for Guggenheim S&P 500^® Equal Weight Exchange-Traded Fund (“ETF”) for the six-month period ended April 30, 2015.

The Investment Adviser is part of Guggenheim Investments, which represents the investment management businesses of Guggenheim Partners, LLC (“Guggenheim”), a global, diversified financial services firm.

Guggenheim Funds Distributors, LLC, the distributor of the Funds, is affiliated with Guggenheim and the Investment Adviser.

We encourage you to read the Economic and Market Overview, which follows this letter.

We are committed to providing investors with innovative investment solutions and appreciate the trust you place in us.

Sincerely,

Donald C. CacciapagliaPresident May 31, 2015

Read a prospectus and summary prospectus (if available) carefully before investing. It contains the investment objectives, risks, charges, expenses, and other information, which should be considered carefully before investing. Obtain a prospectus and summary prospectus (if available) at guggenheiminvestments.com or call 800.820.0888.

ETFs may not be suitable for all investors. • Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than original cost. Most investors will also incur customary brokerage commissions when buying or selling shares of an ETF. • Investments in securities and derivatives, in general, are subject to market risks that may cause their prices to fluctuate over time. • ETF shares may trade below their net asset value per share (“NAV”). The NAV of shares will fluctuate with changes in the market value of an ETF’s holdings. In addition, there can be no assurance that an active trading market for shares will develop or be maintained. • Tracking error risk refers to the risk that the Adviser may not be able to cause the ETF’s performance to match or correlate to that of the ETF’s underlying index, either on a daily or aggregate basis. Tracking error risk may cause the ETF’s performance to be less than you expect.

2 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT

ECONOMIC AND MARKET OVERVIEW (Unaudited) April 30, 2015

As of the six months ended April 30, 2015, the U.S. remains a bright spot in the global economy. Harsh winter weather did cause U.S. growth to slow dramatically in the first quarter of 2015, but the economy should bounce back, similar to a year ago. The underlying fundamentals of the U.S. economy are strong, even though interim data is weaker, and we are now in a self-sustained economic expansion.

An improving labor market, an increase in family formation, subdued mortgage rates, and tight housing inventory all point to a rebound in the in the housing market, which is key to the ongoing recovery. Lower energy prices are acting as a tax cut for U.S. consumers. Ideally this would free up discretionary spending in other areas, of which we have seen some evidence. A U.S. Federal Reserve (the “Fed”) rate hike appears to be drawing nearer, with the likely timeframe being in the fall of 2015. Liquidity from foreign central banks and comparatively attractive yields has been pushing global investors to U.S. Treasuries, which should continue to hold down interest rates in the near term, but more volatility is evident both in the U.S. and overseas. The Fed is focused on wage growth, an indicator of inflationary pressure. With recent minimum wage increases and a falling unemployment rate, wages could begin to accelerate this year.

Oil is key to the global outlook. While some technical indicators are pointing to a bottom in oil, U.S. production continues to increase and inventory levels keep making new highs. Once inventories in the U.S. are full, the oversupply of oil could push prices lower. Based on the resilience of U.S. production and OPEC’s unwillingness to cut production, oil prices are likely stay in a low range for the next few years.

The economy in Europe has been strengthening on the back of ECB quantitative easing and a steady depreciation of euro. In Japan, the impact of ongoing monetary accommodation on the economy is more muted, but the “Abenomics” is likely to continue to be supportive of the equities markets. The Chinese economy is slowing down and policymakers appear likely to continue to ease monetary policy and do whatever is necessary to maintain growth at an acceptable level in the near term.

Several challenges remain on the horizon, including a stronger dollar. But there has never been a recession in the post-war period without the Fed first raising interest rates, after which it typically takes several years for a recession to be induced. Once the Fed begins its tightening process, the terminal value of the Fed Funds rate may be lower than expected. Based on the level of debt in the economy, we currently expect that the Fed would stop tightening around 2.5 or 3.0 percent, a level we are unlikely to arrive before late 2017 or early 2018. We believe the U.S. would not face a recession until about a year later.

For the six months ended April 30, 2015, the Standard & Poor’s 500^® (“S&P 500”) Index* returned 4.40%. The Morgan Stanley Capital International (“MSCI”) Europe-Australasia-Far East (“EAFE”) Index* returned 6.81%. The return of the MSCI Emerging Markets Index* was 3.92%.

In the bond market, the Barclays U.S. Aggregate Bond Index* posted a 2.06% return for the period, while the Barclays U.S. Corporate High Yield Index* returned 1.51%. The return of the Bank of America Merrill Lynch 3-Month U.S. Treasury Bill Index* was 0.01% for the six-month period.

The opinions and forecasts expressed may not actually come to pass. This information is subject to change at any time, based on market and other conditions, and should not be construed as a recommendation of any specific security or strategy.

GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 3

ECONOMIC AND MARKET OVERVIEW (Unaudited)(concluded) April 30, 2015

*Index Definitions:

The following indices are referenced throughout this report. Indices are unmanaged and not available for direct investment. Index performance does not reflect transaction costs, fees, or expenses.

Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar denominated, fixed-rate taxable bond market, including U.S. Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS, and CMBS.

Barclays U.S. Corporate High Yield Index measures the market of U.S. dollar-denominated, non-investment grade, fixed-rate, taxable corporate bonds. Securities are classified as high yield if the middle rating of Moody’s, Fitch, and S&P is Ba1/BB+/BB+ or below.

Bank of America (“BofA”) Merrill Lynch 3-Month U.S. Treasury Bill Index is an unmanaged market index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income.

MSCI EAFE Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada.

MSCI Emerging Markets Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance in the global emerging markets.

S&P 500^® Index is a capitalization-weighted index of 500 stocks designed to measure the performance of the broad economy, representing all major industries and is considered a representation of the U.S. stock market.

4 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT

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 Adviser. 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, 2014 and held for the six months ended April 30, 2015.

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.

	ExpenseRatio1	Fund Return	BeginningAccount Value October 31, 2014	EndingAccount Value April 30, 2015	ExpensesPaid DuringPeriod2
Table 1. Based on actual Fund return3
Guggenheim S&P 500® Equal Weight ETF	0.40%	5.07%	$1,000.00	$1,050.70	$2.03
Table 2. Based on hypothetical 5% return (before expenses)
Guggenheim S&P 500® Equal Weight ETF	0.40%	5.00%	$1,000.00	$1,022.81	$2.01

1	Annualized.
2	Expenses are equal to the Fund’s annualized expense ratio, net of any applicable fee waivers, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
3	Actual cumulative return at net asset value for the period October 31, 2014 to April 30, 2015.

GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 5

PORTFOLIO SUMMARY (Unaudited) April 30, 2015

GUGGENHEIM S&P 500^® EQUAL WEIGHT ETF

Holdings Diversification*

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

* The Fund’s Ten Largest Holdings are expressed as a percentage of net assets and the Holdings Diversification is expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time.

Ten Largest Holdings*	(% of Total Net Assets)
Range Resources Corp.	0.3%
Transocean Ltd.	0.3%
Kraft Foods Group, Inc.	0.3%
Ensco plc — Class A	0.3%
Freeport-McMoRan, Inc.	0.3%
Noble Corporation plc	0.3%
Cameron International Corp.	0.3%
Netflix, Inc.	0.2%
Southwestern Energy Co.	0.2%
Diamond Offshore Drilling, Inc.	0.2%
Top Ten Total	2.7%
“Ten Largest Holdings” exclude any temporary cash or derivative investments.

6 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	April 30, 2015
GUGGENHEIM S&P 500® EQUAL WEIGHT ETF

	Shares		Value
COMMON STOCKS† - 99.9%
CONSUMER, NON-CYCLICAL - 19.7%
Kraft Foods Group, Inc.		365,470	$	30,973,583
Mylan N.V.*		377,021		27,243,537
AbbVie, Inc.		388,451		25,117,242
Mondelez International, Inc. — Class A		652,812		25,048,396
Moody’s Corp.		231,961		24,940,446
Perrigo Company plc		135,370		24,810,614
United Rentals, Inc.*		256,603		24,782,718
AmerisourceBergen Corp. — Class A		212,224		24,257,203
Philip Morris International, Inc.		290,145		24,218,403
Boston Scientific Corp.*		1,356,392		24,170,906
Avery Dennison Corp.		433,204		24,081,810
Regeneron Pharmaceuticals, Inc.*		52,486		24,010,246
ConAgra Foods, Inc.		663,780		23,995,647
Express Scripts Holding Co.*		276,867		23,921,309
Coca-Cola Enterprises, Inc.		538,343		23,907,813
General Mills, Inc.		431,995		23,906,603
Merck & Company, Inc.		400,873		23,875,996
Equifax, Inc.		245,778		23,823,263
St. Jude Medical, Inc.		339,883		23,808,804
Archer-Daniels-Midland Co.		486,626		23,786,279
Tyson Foods, Inc. — Class A		602,041		23,780,619
Reynolds American, Inc.		322,424		23,633,679
McCormick & Company, Inc.		312,995		23,568,524
Quanta Services, Inc.*		814,241		23,539,708
JM Smucker Co.		202,928		23,523,413
Total System Services, Inc.		594,460		23,516,838
Lorillard, Inc.		336,538		23,510,545
Western Union Co.1		1,154,741		23,418,147
Kimberly-Clark Corp.		212,929		23,356,182
HCA Holdings, Inc.*		313,765		23,221,747
Eli Lilly & Co.		322,335		23,166,216
MasterCard, Inc. — Class A		256,746		23,161,057
Aetna, Inc.		216,459		23,132,974
Universal Health Services, Inc. — Class B		197,482		23,095,520
Amgen, Inc.		146,062		23,064,650
Baxter International, Inc.		334,490		22,992,842
Kellogg Co.		362,532		22,959,152
Brown-Forman Corp. — Class B		254,183		22,934,932
Coca-Cola Co.		564,493		22,895,836
Cigna Corp.		183,324		22,849,503
Tenet Healthcare Corp.*		476,417		22,801,318
Monster Beverage Corp.*		166,294		22,800,570
Stryker Corp.		246,758		22,760,958
Estee Lauder Companies, Inc. — Class A		279,750		22,740,877
DENTSPLY International, Inc.		445,768		22,734,168
Gilead Sciences, Inc.		226,163		22,731,643
PepsiCo, Inc.		238,879		22,722,170
Anthem, Inc.		150,167		22,664,705
Henry Schein, Inc.*		165,226		22,652,485
CR Bard, Inc.		135,953		22,647,051
Intuitive Surgical, Inc.*		45,644		22,638,511
DaVita HealthCare Partners, Inc.*		278,803		22,610,923
McGraw Hill Financial, Inc.		216,052		22,534,224
Johnson & Johnson		227,055		22,523,856
Pfizer, Inc.		662,635		22,483,206
Hospira, Inc.*		257,285		22,458,408
Constellation Brands, Inc. — Class A		193,510		22,435,549
McKesson Corp.		100,319		22,411,265
Humana, Inc.		135,315		22,408,164
Vertex Pharmaceuticals, Inc.*		181,663		22,395,415
Becton Dickinson and Co.		158,803		22,370,579
Abbott Laboratories		480,555		22,307,363
Campbell Soup Co.		496,990		22,220,423
Automatic Data Processing, Inc.		262,334		22,177,716
Hormel Foods Corp.		407,802		22,164,039
Colgate-Palmolive Co.		329,111		22,142,588
ADT Corp.1		586,848		22,065,485
Molson Coors Brewing Co. — Class B		300,124		22,062,115
Quest Diagnostics, Inc.		307,814		21,984,076
Clorox Co.		207,098		21,973,098
Altria Group, Inc.		438,376		21,940,719
Medtronic plc		294,591		21,932,300
Dr Pepper Snapple Group, Inc.		293,765		21,908,994
Procter & Gamble Co.		275,337		21,892,045
Cintas Corp.		272,895		21,817,955
Patterson Companies, Inc.		464,547		21,812,804
UnitedHealth Group, Inc.		195,459		21,774,133
Laboratory Corporation of America Holdings*		182,113		21,773,430
Mead Johnson Nutrition Co. — Class A		226,625		21,737,870
Endo International plc*		257,946		21,684,230
Danaher Corp.		264,446		21,652,838
Sysco Corp.		584,108		21,629,519
Cardinal Health, Inc.		255,689		21,564,810
Alexion Pharmaceuticals, Inc.*		127,350		21,551,441
Zoetis, Inc.		485,031		21,545,077
Bristol-Myers Squibb Co.		336,879		21,469,299
Varian Medical Systems, Inc.*		241,244		21,434,529
H&R Block, Inc.		708,246		21,417,359
Actavis plc*		75,380		21,321,987
Zimmer Holdings, Inc.		193,818		21,288,969
Edwards Lifesciences Corp.*		166,448		21,080,639
Keurig Green Mountain, Inc.		180,673		21,024,917
Robert Half International, Inc.		374,205		20,749,667
Hershey Co.		225,568		20,734,211
Celgene Corp.*		191,376		20,680,091
Mallinckrodt plc*		181,487		20,540,699
Biogen, Inc.*		54,479		20,371,332
Kroger Co.		295,106		20,335,754
Whole Foods Market, Inc.		415,571		19,847,671
Total Consumer, Non-cyclical				2,252,141,139
FINANCIAL - 16.6%
Genworth Financial, Inc. — Class A*		3,065,261		26,943,643
CBRE Group, Inc. — Class A*		652,250		25,007,265
Affiliated Managers Group, Inc.*		106,843		24,160,408

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 7

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	April 30, 2015
GUGGENHEIM S&P 500® EQUAL WEIGHT ETF

	Shares		Value
State Street Corp.		306,911	$	23,668,976
Fifth Third Bancorp		1,180,812		23,616,240
Torchmark Corp.		420,554		23,597,284
Loews Corp.		564,218		23,494,038
Goldman Sachs Group, Inc.		118,978		23,369,660
JPMorgan Chase & Co.		369,332		23,363,942
Bank of New York Mellon Corp.		550,291		23,299,321
Northern Trust Corp.		317,912		23,255,263
Comerica, Inc.		489,893		23,225,827
E*TRADE Financial Corp.*		805,374		23,186,717
Zions Bancorporation		816,617		23,138,843
Unum Group		677,167		23,132,025
Morgan Stanley		619,807		23,124,999
Invesco Ltd.		558,079		23,115,632
XL Group plc — Class A		622,546		23,084,006
American International Group, Inc.		407,375		22,931,139
Aflac, Inc.		362,642		22,860,952
Navient Corp.		1,168,525		22,832,979
Principal Financial Group, Inc.		446,374		22,818,639
Capital One Financial Corp.		281,619		22,768,896
Progressive Corp.		850,523		22,674,943
Prudential Financial, Inc.		277,627		22,654,363
Charles Schwab Corp.		742,548		22,647,714
Assurant, Inc.		367,980		22,616,051
American Tower Corp. — Class A		239,077		22,599,948
Plum Creek Timber Company, Inc.		535,406		22,594,133
HCP, Inc.		560,587		22,586,049
People’s United Financial, Inc.1		1,494,500		22,581,895
Marsh & McLennan Companies, Inc.		401,500		22,548,240
Allstate Corp.		323,413		22,528,950
MetLife, Inc.		438,771		22,504,565
KeyCorp		1,552,718		22,436,775
Citigroup, Inc.		420,785		22,436,256
Visa, Inc. — Class A		339,652		22,434,015
Wells Fargo & Co.		407,089		22,430,604
Public Storage		119,287		22,415,220
Aon plc		232,522		22,375,592
Regions Financial Corp.		2,273,418		22,347,699
Bank of America Corp.		1,400,182		22,304,899
BlackRock, Inc. — Class A		61,276		22,300,787
T. Rowe Price Group, Inc.		274,117		22,252,818
Simon Property Group, Inc.		122,422		22,218,369
BB&T Corp.		578,993		22,169,642
Crown Castle International Corp.		265,327		22,162,764
Apartment Investment & Management Co. — Class A		587,002		22,147,585
Ventas, Inc.		321,345		22,140,671
Franklin Resources, Inc.		428,959		22,117,126
Berkshire Hathaway, Inc. — Class B*		156,449		22,092,163
Chubb Corp.		224,622		22,091,574
Intercontinental Exchange, Inc.		98,350		22,082,526
Lincoln National Corp.		390,893		22,081,546
Vornado Realty Trust		213,048		22,048,338
SunTrust Banks, Inc.		530,962		22,034,923
Discover Financial Services		379,694		22,010,861
Huntington Bancshares, Inc.		2,026,024		22,002,621
Boston Properties, Inc.		165,699		21,923,635
Essex Property Trust, Inc.		98,593		21,882,716
Hartford Financial Services Group, Inc.		535,780		21,843,751
Host Hotels & Resorts, Inc.		1,083,144		21,814,520
U.S. Bancorp		508,652		21,805,911
NASDAQ OMX Group, Inc.		448,342		21,802,871
AvalonBay Communities, Inc.		132,003		21,693,373
American Express Co.		279,507		21,647,817
SL Green Realty Corp.		176,833		21,637,286
Health Care REIT, Inc.		300,278		21,626,022
Equity Residential		292,532		21,606,414
PNC Financial Services Group, Inc.		235,404		21,593,609
ACE Ltd.		201,587		21,567,793
M&T Bank Corp.		179,924		21,531,505
Cincinnati Financial Corp.		424,141		21,478,500
Weyerhaeuser Co.		681,501		21,474,097
Travelers Companies, Inc.		211,357		21,370,306
Prologis, Inc.		530,720		21,334,944
Realty Income Corp.		453,489		21,300,378
Legg Mason, Inc.		402,478		21,190,467
Ameriprise Financial, Inc.		168,945		21,165,430
CME Group, Inc. — Class A		232,643		21,149,575
Iron Mountain, Inc.		611,071		21,075,839
Kimco Realty Corp.		865,199		20,851,296
General Growth Properties, Inc.		759,820		20,819,068
Hudson City Bancorp, Inc.		2,206,597		20,521,352
Macerich Co.		238,703		19,516,357
Total Financial				1,898,893,751
CONSUMER, CYCLICAL - 13.9%
Hasbro, Inc.1		371,003		26,263,302
Mattel, Inc.		899,743		25,336,763
Goodyear Tire & Rubber Co.		892,823		25,324,924
Yum! Brands, Inc.		290,663		24,985,392
Delphi Automotive plc		293,347		24,347,801
WW Grainger, Inc.		97,668		24,263,661
CarMax, Inc.*		355,790		24,232,857
Starwood Hotels & Resorts Worldwide, Inc.		278,935		23,974,463
Starbucks Corp.		482,980		23,946,148
PVH Corp.		231,531		23,928,729
PACCAR, Inc.		364,943		23,849,025
Fossil Group, Inc.*		281,003		23,598,632
Fastenal Co.		551,808		23,518,057
O’Reilly Automotive, Inc.*		107,163		23,343,316
Johnson Controls, Inc.		461,499		23,250,320
NIKE, Inc. — Class B		235,118		23,239,063
AutoZone, Inc.*		34,401		23,140,177
Ralph Lauren Corp. — Class A		173,259		23,114,484
Macy’s, Inc.		355,570		22,980,489
Under Armour, Inc. — Class A*		296,240		22,973,412
Tiffany & Co.		262,599		22,972,161

8 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	April 30, 2015
GUGGENHEIM S&P 500® EQUAL WEIGHT ETF

	Shares		Value
Staples, Inc.		1,407,217	$	22,965,781
Darden Restaurants, Inc.		357,065		22,770,035
BorgWarner, Inc.		383,160		22,683,072
McDonald’s Corp.		233,830		22,576,287
Harman International Industries, Inc.		172,895		22,542,050
AutoNation, Inc.*		366,163		22,537,333
Tractor Supply Co.		261,200		22,478,872
Target Corp.		284,535		22,429,894
VF Corp.		308,945		22,376,886
Walgreens Boots Alliance, Inc.		269,079		22,314,721
Newell Rubbermaid, Inc.		583,668		22,255,261
Family Dollar Stores, Inc.		284,116		22,200,824
L Brands, Inc.		247,636		22,128,753
Delta Air Lines, Inc.		495,185		22,105,059
American Airlines Group, Inc.		457,705		22,100,286
Dollar General Corp.		303,183		22,044,436
Ford Motor Co.		1,390,705		21,973,139
Marriott International, Inc. — Class A		274,458		21,970,363
Mohawk Industries, Inc.*		126,161		21,888,934
Carnival Corp.		496,990		21,852,651
Kohl’s Corp.		304,050		21,785,183
DR Horton, Inc.		855,002		21,717,050
The Gap, Inc.		547,750		21,712,810
CVS Health Corp.		218,154		21,660,511
Costco Wholesale Corp.		150,882		21,583,670
Harley-Davidson, Inc.		383,160		21,537,424
Michael Kors Holdings Ltd.*		347,968		21,525,300
Wyndham Worldwide Corp.		251,455		21,474,257
Wal-Mart Stores, Inc.		275,117		21,472,882
Hanesbrands, Inc.		690,875		21,472,395
Genuine Parts Co.		238,505		21,429,674
TJX Companies, Inc.		331,335		21,384,361
GameStop Corp. — Class A1		553,536		21,333,277
Nordstrom, Inc.		280,333		21,181,961
Bed Bath & Beyond, Inc.*		300,157		21,149,062
Leggett & Platt, Inc.		495,504		21,044,055
Dollar Tree, Inc.*		275,016		21,013,973
Ross Stores, Inc.		212,434		21,005,474
Home Depot, Inc.		196,238		20,993,541
Lennar Corp. — Class A		457,892		20,971,454
Lowe’s Companies, Inc.		303,808		20,920,219
Coach, Inc.		546,318		20,874,811
General Motors Co.		592,106		20,759,236
Chipotle Mexican Grill, Inc. — Class A*		33,410		20,758,969
PulteGroup, Inc.		1,070,252		20,655,864
Southwest Airlines Co.		506,133		20,528,754
Urban Outfitters, Inc.*		502,535		20,121,501
Whirlpool Corp.		113,973		20,013,659
Royal Caribbean Cruises Ltd.		290,508		19,771,974
Wynn Resorts Ltd.		177,306		19,693,377
Best Buy Company, Inc.		555,868		19,260,826
Total Consumer, Cyclical				1,599,585,317
INDUSTRIAL - 12.6%
Caterpillar, Inc.		284,358		24,705,023
Joy Global, Inc.		577,254		24,614,111
General Electric Co.		899,743		24,365,041
PerkinElmer, Inc.		474,779		24,337,172
Xylem, Inc.		650,962		24,098,613
Emerson Electric Co.		407,725		23,986,462
Rockwell Automation, Inc.		202,047		23,962,774
Dover Corp.		316,196		23,942,362
Ball Corp.		325,680		23,908,169
Fluor Corp.		397,418		23,900,718
CSX Corp.		660,105		23,823,190
Allegion plc		387,342		23,685,964
Snap-on, Inc.		158,098		23,643,556
Owens-Illinois, Inc.*		986,003		23,575,332
Rockwell Collins, Inc.		241,674		23,522,131
General Dynamics Corp.		170,398		23,399,053
Flowserve Corp.		399,618		23,389,642
Waters Corp.*		186,261		23,318,015
Eaton Corporation plc		338,088		23,236,788
Textron, Inc.		526,406		23,151,336
Stanley Black & Decker, Inc.		234,237		23,119,192
Ryder System, Inc.		241,949		23,072,256
United Parcel Service, Inc. — Class B		228,649		22,986,084
Parker-Hannifin Corp.		191,387		22,843,952
Agilent Technologies, Inc.		551,216		22,803,806
Deere & Co.		251,730		22,786,600
Vulcan Materials Co.		266,241		22,768,930
Precision Castparts Corp.		110,111		22,758,843
AMETEK, Inc.		434,019		22,751,276
Roper Technologies, Inc.		134,973		22,698,409
Martin Marietta Materials, Inc.		158,847		22,659,525
Masco Corp.		851,459		22,555,149
Sealed Air Corp.		492,996		22,480,617
Honeywell International, Inc.		222,686		22,473,471
Republic Services, Inc. — Class A		552,469		22,446,816
Cummins, Inc.		161,740		22,362,172
Jacobs Engineering Group, Inc.*		521,280		22,342,061
FLIR Systems, Inc.		722,096		22,305,545
Thermo Fisher Scientific, Inc.		176,833		22,224,371
Ingersoll-Rand plc		335,173		22,067,790
FedEx Corp.		129,979		22,040,539
Stericycle, Inc.*		165,182		22,040,234
Northrop Grumman Corp.		143,004		22,028,336
Pall Corp.		226,163		22,010,183
Raytheon Co.		211,498		21,995,792
Pentair plc		353,326		21,959,211
3M Co.		138,428		21,648,755
MeadWestvaco Corp.		442,457		21,591,902
Illinois Tool Works, Inc.		230,706		21,589,467
United Technologies Corp.		189,716		21,580,195
Amphenol Corp. — Class A		388,782		21,526,859
Expeditors International of Washington, Inc.		468,948		21,491,887

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 9

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	April 30, 2015
GUGGENHEIM S&P 500® EQUAL WEIGHT ETF

	Shares		Value
Lockheed Martin Corp.		114,259	$	21,320,729
Boeing Co.		148,658		21,308,638
Garmin Ltd.		469,334		21,209,203
TE Connectivity Ltd.		317,110		21,103,671
Tyco International plc		535,406		21,084,288
Waste Management, Inc.		422,544		20,928,604
Norfolk Southern Corp.		207,318		20,908,020
Union Pacific Corp.		196,745		20,900,221
L-3 Communications Holdings, Inc.		180,397		20,729,419
Corning, Inc.		979,525		20,501,458
Kansas City Southern		196,888		20,179,051
CH Robinson Worldwide, Inc.		306,746		19,751,375
Total Industrial				1,440,500,354
ENERGY - 9.5%
Range Resources Corp.		497,420		31,616,014
Transocean Ltd.1		1,656,560		31,176,459
Ensco plc — Class A		1,101,121		30,038,581
Noble Corporation plc1		1,661,466		28,759,976
Cameron International Corp.*		523,832		28,716,471
Southwestern Energy Co.*		1,008,007		28,254,435
Diamond Offshore Drilling, Inc.1		843,483		28,231,376
Newfield Exploration Co.*		718,432		28,191,271
Helmerich & Payne, Inc.		360,542		28,111,460
CONSOL Energy, Inc.		848,268		27,551,745
Halliburton Co.		560,730		27,447,733
Marathon Oil Corp.		873,923		27,179,005
FMC Technologies, Inc.*		614,559		27,102,052
Cabot Oil & Gas Corp. — Class A		801,184		27,096,043
Anadarko Petroleum Corp.		287,296		27,034,554
Devon Energy Corp.		390,433		26,631,435
Equities Corp.		295,558		26,582,487
Schlumberger Ltd.		280,124		26,502,532
Cimarex Energy Co.		211,057		26,255,491
Baker Hughes, Inc.		382,720		26,201,011
EOG Resources, Inc.		263,863		26,109,244
Apache Corp.		379,562		25,962,041
Noble Energy, Inc.		511,655		25,951,142
Chesapeake Energy Corp.1		1,632,587		25,745,897
Pioneer Natural Resources Co.		145,710		25,175,774
Hess Corp.		326,526		25,109,849
Williams Companies, Inc.		488,277		24,994,899
National Oilwell Varco, Inc.		459,145		24,982,079
QEP Resources, Inc.		1,103,827		24,836,108
Spectra Energy Corp.		666,530		24,828,243
ConocoPhillips		365,525		24,826,458
Occidental Petroleum Corp.		309,320		24,776,532
Chevron Corp.		221,728		24,625,112
Kinder Morgan, Inc.		564,361		24,239,305
ONEOK, Inc.		502,105		24,151,251
Phillips 66		301,840		23,938,930
Exxon Mobil Corp.		268,606		23,468,106
Marathon Petroleum Corp.		234,193		23,084,404
Murphy Oil Corp.		481,114		22,905,838
Tesoro Corp.		261,289		22,426,435
First Solar, Inc.*		371,785		22,184,411
Valero Energy Corp.		384,889		21,900,184
Total Energy				1,094,902,373
TECHNOLOGY - 9.1%
Altera Corp.		642,612		26,784,069
Microsoft Corp.		544,449		26,482,000
Red Hat, Inc.*		340,596		25,633,255
Salesforce.com, Inc.*		348,770		25,397,431
Citrix Systems, Inc.*		373,864		25,108,706
International Business Machines Corp.		146,040		25,015,192
Seagate Technology plc		419,101		24,609,611
Xilinx, Inc.		566,638		24,569,424
Analog Devices, Inc.		391,620		24,217,781
Accenture plc — Class A		256,394		23,754,904
Intel Corp.		728,389		23,709,062
Electronic Arts, Inc.*		407,375		23,664,414
Teradata Corp.*		534,657		23,519,561
Akamai Technologies, Inc.*		318,176		23,475,025
EMC Corp.		866,509		23,317,757
Oracle Corp.		531,578		23,187,432
Intuit, Inc.		230,452		23,121,249
Cerner Corp.*		320,081		22,985,017
Hewlett-Packard Co.		694,693		22,904,028
Apple, Inc.		182,311		22,816,222
CA, Inc.		717,697		22,801,234
Western Digital Corp.		231,795		22,655,643
Fiserv, Inc.*		291,081		22,587,885
Dun & Bradstreet Corp.		176,436		22,525,584
Broadcom Corp. — Class A		508,883		22,495,173
Pitney Bowes, Inc.		1,003,991		22,459,279
Skyworks Solutions, Inc.		242,455		22,366,474
QUALCOMM, Inc.		328,199		22,317,532
Linear Technology Corp.		481,422		22,207,997
NetApp, Inc.		611,963		22,183,659
Adobe Systems, Inc.*		290,255		22,076,795
Micron Technology, Inc.*		784,583		22,070,320
NVIDIA Corp.		992,494		22,028,404
Paychex, Inc.		451,313		21,839,036
KLA-Tencor Corp.		371,124		21,822,091
Microchip Technology, Inc.1		454,933		21,679,832
Lam Research Corp.		286,197		21,630,769
Cognizant Technology Solutions Corp. — Class A*		368,484		21,571,053
Fidelity National Information Services, Inc.		344,987		21,558,238
Computer Sciences Corp.		334,435		21,554,336
Texas Instruments, Inc.		394,469		21,384,164
Autodesk, Inc.*		372,500		21,169,175
Avago Technologies Ltd.		180,232		21,065,516
Xerox Corp.		1,766,980		20,320,270

10 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	April 30, 2015
GUGGENHEIM S&P 500® EQUAL WEIGHT ETF

	Shares		Value
Applied Materials, Inc.		929,468	$	18,394,172
SanDisk Corp.		268,760		17,990,794
Total Technology				1,047,027,565
COMMUNICATIONS - 7.9%
Netflix, Inc.*		51,376		28,590,744
Amazon.com, Inc.*		60,814		25,650,129
Juniper Networks, Inc.		961,570		25,414,295
Cablevision Systems Corp. — Class A1		1,261,441		25,203,592
Harris Corp.		313,380		25,145,611
Equinix, Inc.		97,767		25,021,508
F5 Networks, Inc.*		200,497		24,464,644
Priceline Group, Inc.*		19,461		24,089,020
Symantec Corp.		964,452		24,038,966
DIRECTV*		264,501		23,991,563
AT&T, Inc.		687,728		23,822,899
Nielsen N.V.		529,013		23,773,844
Alliance Data Systems Corp.*		79,275		23,569,251
CenturyLink, Inc.		654,538		23,537,186
Verizon Communications, Inc.		461,323		23,269,132
Cisco Systems, Inc.		806,354		23,247,186
Expedia, Inc.		246,593		23,236,458
Level 3 Communications, Inc.*		414,073		23,163,244
Walt Disney Co.		211,652		23,010,806
CBS Corp. — Class B		369,750		22,972,568
Viacom, Inc. — Class B		330,663		22,964,545
Facebook, Inc. — Class A*		288,628		22,735,228
Time Warner, Inc.		267,923		22,615,380
Time Warner Cable, Inc.		145,402		22,612,919
Twenty-First Century Fox, Inc. — Class A		662,249		22,569,446
VeriSign, Inc.*,1		354,094		22,488,510
Yahoo!, Inc.*		525,506		22,368,162
eBay, Inc.*		381,390		22,219,781
Omnicom Group, Inc.		292,378		22,150,557
Comcast Corp. — Class A		381,511		22,036,075
TripAdvisor, Inc.*		273,027		21,975,943
Scripps Networks Interactive, Inc. — Class A		313,292		21,886,578
Interpublic Group of Companies, Inc.		1,045,949		21,797,577
Gannett Company, Inc.		633,580		21,744,466
News Corp. — Class A*		1,349,055		21,288,088
Frontier Communications Corp.1		3,094,712		21,229,724
Motorola Solutions, Inc.		347,660		20,772,685
Discovery Communications, Inc. — Class C*		465,725		14,078,867
Google, Inc. — Class A*		20,463		11,229,481
Google, Inc. — Class C*		20,497		11,013,858
Discovery Communications, Inc. — Class A*		253,082		8,189,734
Total Communications				905,180,250
UTILITIES - 6.0%
AES Corp.		1,890,060		25,043,295
NRG Energy, Inc.		959,910		24,228,128
PPL Corp.		708,466		24,109,097
AGL Resources, Inc.		475,625		23,909,669
NiSource, Inc.		546,583		23,732,634
Exelon Corp.		695,593		23,664,074
Duke Energy Corp.		301,961		23,423,115
Dominion Resources, Inc.		326,713		23,418,788
FirstEnergy Corp.		651,149		23,382,761
Entergy Corp.		301,796		23,292,615
American Electric Power Company, Inc.		407,298		23,163,037
Integrys Energy Group, Inc.		316,285		23,120,434
DTE Energy Co.		289,892		23,084,100
Public Service Enterprise Group, Inc.		555,593		23,079,333
PG&E Corp.		434,921		23,016,019
CenterPoint Energy, Inc.		1,096,862		23,001,196
Wisconsin Energy Corp.1		467,341		22,955,790
CMS Energy Corp.		672,761		22,826,781
Consolidated Edison, Inc.		370,290		22,791,350
Southern Co.		512,633		22,709,642
TECO Energy, Inc.		1,198,381		22,709,320
SCANA Corp.		428,485		22,701,135
Xcel Energy, Inc.		667,750		22,643,403
NextEra Energy, Inc.		223,897		22,597,924
Sempra Energy		211,817		22,488,611
Ameren Corp.		547,750		22,424,885
Eversource Energy		458,595		22,361,092
Pinnacle West Capital Corp.		362,929		22,211,255
Edison International		358,562		21,850,768
Pepco Holdings, Inc.		840,348		21,832,241
Total Utilities				691,772,492
BASIC MATERIALS - 4.4%
Freeport-McMoRan, Inc.		1,241,958		28,900,363
LyondellBasell Industries N.V. — Class A		269,079		27,855,057
Newmont Mining Corp.		1,010,284		26,762,423
Allegheny Technologies, Inc.		757,015		25,730,940
Eastman Chemical Co.		323,533		24,659,685
Dow Chemical Co.		478,848		24,421,248
Nucor Corp.		481,522		23,527,165
Sigma-Aldrich Corp.		163,379		22,696,610
Alcoa, Inc.		1,660,266		22,280,770
Praxair, Inc.		181,950		22,185,164
FMC Corp.		373,963		22,179,746
International Paper Co.		411,940		22,129,417
CF Industries Holdings, Inc.		76,965		22,125,128
Ecolab, Inc.		196,822		22,040,128
Monsanto Co.		192,753		21,966,132
Sherwin-Williams Co.		78,978		21,955,884
International Flavors & Fragrances, Inc.		190,881		21,903,595
PPG Industries, Inc.		98,846		21,900,320
Air Products & Chemicals, Inc.		148,240		21,262,063
Mosaic Co.		481,114		21,169,016
EI du Pont de Nemours & Co.		279,849		20,484,947
Airgas, Inc.		196,205		19,871,642
Total Basic Materials				508,007,443

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 11

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	April 30, 2015
GUGGENHEIM S&P 500® EQUAL WEIGHT ETF

	Shares		Value
DIVERSIFIED - 0.2%
Leucadia National Corp.		955,068	$	22,701,966
Total Common Stocks
(Cost $9,715,067,903)				11,460,712,650
SHORT TERM INVESTMENTS† - 0.1%
Federated U.S. Treasury Cash Reserve Fund 0.00%		8,017,944		8,017,944
Total Short Term Investments
(Cost $8,017,944)				8,017,944

	Face Amount
SECURITIES LENDING COLLATERAL††,2 - 2.0%
Repurchase Agreements
HSBC Securities, Inc.issued 04/30/15 at 0.09% due 05/01/15	$	172,788,676		172,788,676
BNP Paribas Securities Corp.issued 04/30/15 at 0.10% due 05/01/15		32,044,445		32,044,445
Barclays Capital, Inc.issued 04/30/15 at 0.08% due 05/01/15		26,365,667		26,365,667
Total Securities Lending Collateral
(Cost $231,198,788)				231,198,788
Total Investments - 102.0%
(Cost $9,954,284,635)			$	11,699,929,382
Other Assets & Liabilities, net - (2.0)%				(226,031,020	)
Total Net Assets - 100.0%			$	11,473,898,362

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or portion of this security is on loan at April 30, 2015 — See Note 5.
2	Securities lending collateral — See Note 5.
	plc — Public Limited Company
	REIT — Real Estate Investment Trust

12 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

STATEMENT OF ASSETS AND LIABILITIES (Unaudited) April 30, 2015

	Guggenheim S&P 500® Equal Weight ETF
Assets:
Investments, at value* — including $231,363,019 of securities loaned	$	11,468,730,594
Repurchase agreements		231,198,788
Total Investments		11,699,929,382
Segregated cash with broker		585,226
Receivables:
Securities lending		446,171
Dividends and interest		8,614,089
Total assets		11,709,574,868
Liabilities:
Payable for:
Return of securities loaned		231,784,014
Due to custodian		124,265
Management fees		3,768,227
Total liabilities		235,676,506
Commitments and contingent liabilities (Note 8)		—
Net assets	$	11,473,898,362
Net assets consist of:
Paid-in capital	$	10,023,097,406
Distributions in excess of net investment income		(992,741	)
Accumulated net realized loss on investments		(293,851,050	)
Net unrealized appreciation on investments		1,745,644,747
Net assets	$	11,473,898,362
Shares outstanding (unlimited shares authorized), no par value		141,008,863
Net asset value, offering price and repurchase price per share	$	81.37
Cost of investments	$	9,723,085,847
Cost of repurchase agreements		231,198,788
*Total cost of investments	$	9,954,284,635

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 13

STATEMENT OF OPERATIONS (Unaudited)

For the Six Months Ended April 30, 2015

	Guggenheim S&P 500® Equal Weight ETF
Investment Income:
Dividends, net of foreign taxes withheld*	$	103,618,867
Income from securities lending		2,297,336
Interest		37
Total investment income		105,916,240
Expenses:
Management fees		20,822,315
Total expenses		20,822,315
Net investment income		85,093,925
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		76,240,676
In-kind redemptions		141,543,591
Net realized gain		217,784,267
Net change in unrealized appreciation (depreciation) on:
Investments		192,703,672
Net realized and unrealized gain		410,487,939
Net increase in net assets resulting from operations	$	495,581,864
* Foreign taxes withheld	$	34,139

14 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)

	Guggenheim S&P 500® Equal Weight ETF
	Period EndedApril 30, 2015 (Unaudited)			Year Ended October 31, 2014
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	85,093,925		$	109,088,349
Net realized gain on investments		217,784,267			310,206,875
Net change in unrealized appreciation (depreciation) on investments		192,703,672			663,737,970
Net increase in net assets resulting from operations		495,581,864			1,083,033,194
Distributions to shareholders from:
Net investment income		(86,554,951	)		(109,511,409	)
Shareholder transactions:
Proceeds from shares purchased		2,499,727,883			3,153,662,668
Cost of shares redeemed		(411,053,502	)		(814,758,926	)
Net increase in net assets resulting from share transactions		2,088,674,381			2,338,903,742
Net increase in net assets		2,497,701,294			3,312,425,527
Net assets:
Beginning of period		8,976,197,068			5,663,771,541
End of period	$	11,473,898,362		$	8,976,197,068
Undistributed (distributions in excess of) net investment income at end of period	$	(992,741	)	$	468,285
Changes in shares outstanding:
Shares sold		31,250,000			42,950,000
Shares redeemed		(5,200,000	)		(11,350,000	)
Net increase in shares		26,050,000			31,600,000

SEE NOTES TO FINANCIAL STATEMENTS. GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 15

GUGGENHEIM S&P 500^® EQUAL WEIGHT ETF

FINANCIAL HIGHLIGHTS

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund’s performance for the periods presented.

	Period Ended April 30, 2015 (Unaudited)			Year EndedOctober 31, 2014			Year EndedOctober 31, 2013			Year EndedOctober 31, 2012			Year EndedOctober 31, 2011			Year EndedOctober 31, 2010
Per Share Data:
Net asset value, beginning of period	$	78.08		$	67.94		$	51.76		$	46.77		$	43.87		$	35.99
Income from investment operations:
Net investment income (loss)a		0.65			1.09			0.99			0.80			0.69			0.60
Net gain (loss) on investments (realized and unrealized)		3.30			10.13			16.13			4.97			2.87			7.87
Total from investment operations		3.95			11.22			17.12			5.77			3.56			8.47
Less distributions from:
Net investment income		(0.66	)		(1.08	)		(0.94	)		(0.78	)		(0.66	)		(0.59	)
Total distributions to shareholders		(0.66	)		(1.08	)		(0.94	)		(0.78	)		(0.66	)		(0.59	)
Net asset value, end of period	$	81.37		$	78.08		$	67.94		$	51.76		$	46.77		$	43.87
Total Returnb		5.07	%		16.60	%		33.36	%		12.42	%		8.12	%		23.67	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	11,473,898		$	8,976,197		$	5,663,772		$	2,772,440		$	3,063,809		$	2,154,259
Ratio to average net assets of:
Net investment income (loss)		1.63	%c		1.48	%		1.64	%		1.61	%		1.45	%		1.48	%
Total expenses		0.40	%c		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Portfolio turnover rated		12	%		18	%		37	%		20	%		21	%		20	%

a	Based on average shares outstanding.
b	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.
c	Annualized.
d	Portfolio turnover does not include securities received or delivered from processing creations or redemptions.

16 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

NOTES TO FINANCIAL STATEMENTS (Unaudited)

1. Organization and Significant Accounting Policies

Organization

Rydex ETF Trust (the “Trust”) is registered with the SEC under the Investment Company Act of 1940 (the “1940 Act”), as a non-diversified, open-ended investment company of the series type, and is authorized to issue an unlimited number of no par value shares. Each portfolio represents a separate series of beneficial interest in the Trust (each a “Fund”, and collectively, the “Funds”). The Trust was organized as a Delaware statutory trust on November 22, 2002. At April 30, 2015, the Trust consisted of twenty-one funds.

The financial statements herein relate to the following Fund, whose 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”) as follows:

Fund	Underlying Index
Guggenheim S&P 500® Equal Weight ETF	S&P 500® Equal Weight Index

The Fund seeks to achieve its objective by investing in common stocks that comprise the Underlying Index. The Fund uses 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 Fund operates as an index fund and is not actively managed. Adverse performance of a security in the Fund’s portfolio will ordinarily not result in the elimination of the security from the Fund’s portfolio.

The Fund issues and redeems shares on a continuous basis, at net asset value per share (“NAV”), only in aggregation of 50,000 shares (a “Creation Unit”). Creation Units are issued and redeemed principally in-kind for securities included in the Underlying Index.

The Fund invests 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.

Guggenheim Investments (“GI”) provides advisory services, and Rydex Fund Services, LLC (“RFS”) provides transfer agent, administrative and accounting services to the Trust. Guggenheim Funds Distributors, LLC (“GFD”) acts as principal underwriter for the Trust. GI, RFS and GFD are affiliated entities.

Significant Accounting Policies

The Fund operates as an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 Financial Services – Investment Companies.

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. The Board of Trustees of the Fund (the “Board”) has adopted policies and procedures for the valuation of the Fund’s investments (the “Valuation Procedures”). Pursuant to the Valuation Procedures, the Board has delegated to a valuation committee, consisting of representatives from Guggenheim’s investment management, fund administration, legal and compliance departments (the “Valuation Committee”), the day-to-day responsibility for implementing the Valuation Procedures, including, under most circumstances, the responsibility for determining the fair value of the Fund’s securities or other assets.

Valuations of the Fund’s securities are supplied primarily by pricing services appointed pursuant to the processes set forth in the Valuation Procedures. The Valuation Committee convenes monthly, or more frequently as needed and will review the valuation of all assets which have been fair valued for reasonableness. The Fund’s officers, through the Valuation Committee and consistent with the monitoring and review responsibilities set forth in the Valuation Procedures, regularly review procedures used by, and valuations provided by, the pricing services.

If the pricing service cannot or does not provide a valuation for a particular investment or such valuation is deemed unreliable, such investment is fair valued by the Valuation Committee.

GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 17

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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, usually 4:00 p.m. on the valuation date. Equity securities listed on the NASDAQ market system are valued at the NASDAQ Official Closing Price on the valuation date, which may not necessarily represent the last sale price. If there has been no sale on such exchange or NASDAQ on a given day, the security is valued at the closing bid price on that day.

The Fund invests in money market mutual funds, which are valued at their NAV.

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.

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) obtaining general information as to how these securities and assets trade; and (ii) obtaining other information and considerations, including current values in related markets.

B. 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 in the Fund. 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 discounts, is accrued on a daily basis. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.

C. Distributions of net investment income and net realized gains, if any, are declared and paid at least annually. Distributions are recorded on the ex-dividend date and are determined in accordance with income tax regulations which may differ from U.S. GAAP.

D. The Fund may leave cash overnight in its cash account with the custodian. Periodically, the Fund may have cash due to the custodian bank as an overdraft balance. A fee is incurred on this overdraft, calculated by multiplying the overdraft by a rate based on the federal funds rate.

E. The Fund 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 Fund follows 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 Fund’s 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 Fund could suffer a loss. It is the current policy of the Fund 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 Fund, amounts to more than 15% of a Fund’s net assets. The investments of the Fund in repurchase agreements, at times, may be substantial when, in the view of GI, liquidity or other considerations so warrant.

F. Under the Fund’s organizational documents, its Trustees and Officers are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, throughout the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties which provide general indemnifications. The Fund’s maximum

18 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

2. Capital

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 Fund. The minimum transaction fees are:

Fund	Minimum Transaction Fee
Guggenheim S&P 500® Equal Weight ETF	$2,000

3. Fees 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 Fund 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 Fund.

Fund	Advisory Fee
Guggenheim S&P 500® Equal Weight ETF	0.40%

GI pays all expenses of the Fund, including the cost of transfer agency, custody, fund administration, fund accounting, legal, audit and other services, except: interest, taxes, distribution fees or expenses and extraordinary expenses.

Under a Fund Administration Agreement with the Trust, RFS provides various administrative and financial reporting services for the Fund. GI compensates RFS directly for this service.

Under a Fund Accounting Agreement with the Trust, BNYMellon maintains the books and records of the Fund. Under a Custodian Agreement with the Trust, BNYMellon maintains cash, securities and other assets of the Fund in a separate account for the Fund, keeps all necessary accounts and records, and provides other services. BNYMellon 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 Fund. Pursuant to a Transfer Agency and Service Agreement with the Trust, BNYMellon 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 BNYMellon directly for the foregoing services.

The Fund has adopted a Distribution Plan (the “Plan”) that allows the Fund to pay distribution fees to GFD and other firms that provide distribution services (“Service Providers”). If a Service Provider provides distribution services, the Fund will pay distribution fees to GFD at an annual rate not to exceed 0.25% of average daily net assets, pursuant to Rule 12b-1 of the 1940 Act. GFD will, in turn, pay the Service Provider out of its fees. No such fee is currently charged to the Fund.

Certain trustees and officers of the Trust are also officers of GI, RFS and GFD.

4. Fair Value Measurement

In accordance with U.S. GAAP, fair value is defined as the price that the Funds 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. U.S. GAAP establishes a three-tier fair value hierarchy based on the types of inputs used to value assets and liabilities and requires corresponding disclosure. The hierarchy and the corresponding inputs are summarized 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).

GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 19

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

The types of inputs available depend on a variety of factors, such as the type of security and the characteristics of the markets in which it trades, if any. Fair valuation determinations that rely on fewer or no observable inputs require greater judgment. Accordingly, fair value determinations for Level 3 securities require the greatest amount of judgment.

The following table summarizes the inputs used to value the Fund’s investments at April 30, 2015:

Fund	Level 1Investments In Securities		Level 2Investments In Securities		Level 3Investments In Securities		Total
Guggenheim S&P 500® Equal Weight ETF	$	11,468,730,594	$	231,198,788	$	—	$	11,699,929,382

For the period ended April 30, 2015, there were no transfers between levels.

5. Portfolio Securities Loaned

The Funds may lend their securities to approved brokers to earn additional income. Security lending income shown on the Statement of Operations is shown net of rebates paid to the borrowers and earnings on cash collateral investments shared with the lending agent. Within this arrangement, the Funds act as the lender, Credit Suisse acts as the lending agent, and other approved registered broker dealers act as the borrowers. The Funds receive cash collateral, valued at 102% of the value of the securities on loan. Under the terms of the Funds’ securities lending agreement with Credit Suisse, cash collateral is invested in one or more joint repurchase agreements collateralized by obligations of the U.S. Treasury or Government Agencies and cash. The Funds bear the risk of loss on cash collateral investments. Collateral is maintained over the life of the loan in an amount not less than the value of loaned securities, as determined at the close of fund business each day; any additional collateral required due to changes in security values is delivered to the Funds the next business day. Although the collateral mitigates the risk, the Funds could experience a delay in recovering its securities and a possible loss of income or value if the borrower fails to return the securities. The Funds have the right under the securities lending agreement to recover the securities from the borrower on demand.

At April 30, 2015, the Fund participated in securities lending as follows:

Fund	Value ofSecurities Loaned		CashCollateral Received
Guggenheim S&P 500® Equal Weight ETF	$	231,363,019	$	231,784,014

20 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Cash collateral received was invested in the following joint repurchase agreements at April 30, 2015:

Counterparty and Terms of Agreement	Face Value		Repurchase Price		Collateral	Par Value		Fair Value
HSBC Securities, Inc.					U.S. Treasury Notes
0.09%					0.63% - 4.00%
Due 05/01/15	$	172,788,676	$	172,789,108	12/15/16 - 11/15/22	$	124,821,895	$	131,266,694
					U.S. Treasury Floating Rate Note
					0.09%
					04/30/17	44,999,081		44,999,081
BNP Paribas Securities Corp.					U.S. Treasury Strips
0.10%					0.00%
Due 05/01/15	32,044,445		32,044,534		08/15/27 - 02/15/44	22,526,267		10,401,495
					U.S. Treasury Notes
					1.00% - 2.13%
					06/30/19 - 08/15/21	16,675,612		17,159,735
					U.S. TIP Bonds
					0.13%
					01/15/23 - 07/15/24	5,163,426		5,127,671
Barclays Capital, Inc.					U.S. Treasury Notes
0.08%					1.38%
Due 05/01/15	26,365,667		26,365,726		04/30/20	26,950,623		26,883,246
					U.S. Treasury Strips
					0.00%
					05/15/30 - 02/15/41	18,780		12,733

There was also $585,226 in segregated cash held as collateral.

In the event of counterparty default, the Funds have the right to collect the collateral to offset losses incurred. There is potential loss to the Funds in the event the Funds are delayed or prevented from exercising their rights to dispose of the collateral securities, including the risk of a possible decline in the value of the underlying securities during the period while the Funds seek to assert their rights. The Funds’ investment adviser, acting under the supervision of the Board of Trustees, reviews the value of the collateral and the creditworthiness of those banks and dealers with which the Funds enter into repurchase agreements to evaluate potential risks.

6. Federal Income Tax Information

The Fund intends 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 Fund 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 Fund’s 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 Fund’s tax positions taken, or to be taken, on Federal income tax returns for all open tax years, and has concluded that no provision for income tax is required in the Fund’s financial statements. The Fund’s federal tax returns are subject to examination by the Internal Revenue Service for a period of three years after they are filed.

GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 21

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

At April 30, 2015, the cost of securities for Federal income tax purposes, the aggregate gross unrealized gain for all securities for which there was an excess of value over tax cost and the aggregate gross unrealized loss for all securities for which there was an excess of tax cost over value, were as follows:

Fund	Tax Cost		TaxUnrealized Gain		TaxUnrealized Loss			NetUnrealized Gain
Guggenheim S&P 500® Equal Weight ETF	$	9,965,618,236	$	2,026,696,411	$	(292,385,265	)	$	1,734,311,146

7. Investment Transactions

For the period ended April 30, 2015, the Fund had investments transactions in-kind associated with subscriptions and redemptions as follows:

Fund	Subscriptions		Redemptions
Guggenheim S&P 500® Equal Weight ETF	$	2,495,098,719	$	410,331,255

For the period ended April 30, 2015, the cost of purchases and proceeds from sales of investment securities, excluding government securities, short-term investments and in-kind transactions, were as follows:

Fund	Purchases		Sales
Guggenheim S&P 500® Equal Weight ETF	$	1,289,627,129	$	1,292,209,338

8. 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 Kirschner v. FitzSimons, No. 12-2652 (S.D.N.Y.) (formerly Official Committee of Unsecured Creditors of Tribune Co. v. FitzSimons, Adv. Pro. No. 10-54010 (Bankr. D. Del.)) (the “FitzSimons action”), as a result of ownership of shares by certain series of the Rydex ETF Trust in the Tribune Company (“Tribune”) in 2007, when Tribune effected a leveraged buyout transaction (“LBO”) by which Tribune converted to a privately-held company. In his complaint, the plaintiff has alleged that, in connection with the LBO, insiders and shareholders were overpaid for their Tribune stock using financing that the insiders knew would, and ultimately did, leave the Tribune Company insolvent. The plaintiff has asserted claims against certain insiders, major shareholders, professional advisers, and others involved in the LBO. The plaintiff is also attempting to obtain from former Tribune shareholders, including Rydex ETF Trust, the proceeds they received in connection with the LBO.

In June 2011, a group of Tribune creditors filed multiple actions against former Tribune shareholders involving state law constructive fraudulent conveyance claims arising out of the 2007 LBO (the “SLCFC actions”). Rydex ETF Trust has been named as a defendant in one of the SLCFC actions: Deutsche Bank Trust Co. Americas v. McGurn, No. 11-1510 (S.D.N.Y.). In those actions, the creditors seek to recover from Tribune’s former shareholders the proceeds received in connection with the 2007 LBO.

The FitzSimons action and the SLCFC actions have been consolidated with the majority of the other Tribune LBO-related lawsuits in a multidistrict litigation proceeding captioned In re Tribune Company Fraudulent Conveyance Litig., No. 11-md-2696 (S.D.N.Y.) (the “MDL Proceeding”).

On September 23, 2013, the District Court granted the defendants’ omnibus motion to dismiss the SLCFC actions, on the basis that the creditors lacked standing. On September 30, 2013, the creditors filed a notice of appeal of the September 23 order. On October 28, 2013, the defendants filed a joint notice of cross-appeal of that same order. The SLCFC appeals have been fully briefed, and oral argument in front of the U.S. Court of Appeals for the Second Circuit occurred on November 5, 2014. The Court has not yet issued a decision on the appeals.

22 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(concluded)

On May 23, 2014, the defendants filed motions to dismiss the FitzSimons action, including a global motion to dismiss Count I, which is the claim brought against former Tribune shareholders for intentional fraudulent conveyance under U.S. federal law. The Court has not yet issued a decision on any of these motions.

None of these lawsuits alleges 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 (the “Fund”). The value of the proceeds received by the foregoing Fund was $4,766,035. At this stage of the proceedings, Rydex ETF Trust is not able to make a reliable prediction as to the outcome of these lawsuits or the effect, if any, on the Fund’s net asset value.

GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 23

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 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 800.820.0888. This information is also available from the EDGAR database on the SEC’s website at http://www.sec.gov.

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 800-SEC-0330. Copies of the portfolio holdings are also available to shareholders, without charge and upon request, by calling 800.820.0888.

24 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT

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 visiting guggenheiminvestments.com or by calling 800.820.0888.

Name, Address* and Year of Birth of Trustee	Position(s) Held with the Trust, Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number ofPortfolios inFund ComplexOverseen by Trustee***	OtherDirectorshipsHeld by Trustee
INTERESTED TRUSTEE
Donald C. Cacciapaglia** (1951)	Trustee from 2012 to present.	Current: President and CEO, certain other funds in the Fund Complex (2012-present); Vice Chairman, Guggenheim Investments (2010-present). Former: Chairman and CEO, Channel Capital Group, Inc. (2002-2010).	221	Clear Spring Life Insurance Company (2015-present); Guggenheim Partners Japan, Ltd. (2014-present); Delaware Life (2013-present); Guggenheim Life and Annuity Company (2011-present); Paragon Life Insurance Company of Indiana (2011-present).
INDEPENDENT TRUSTEES
Corey A. Colehour (1945)	Trustee and Member of the Audit Committee from 2003 to present; Member of the Governance and Nominating Committees from 2005 to present; and Member of the Investment and Performance Committee from 2014 to present.	Retired.	133	None.
J. Kenneth Dalton (1941)	Trustee from 2003 to present; Chairman and Member of the Audit Committee from 2003 to present; Member of the Governance and Nominating Committees from 2005 to present; and Member of the Compliance and Risk Oversight Committee from 2010 to present.	Retired.	133	Epiphany Funds (4) (2009-present).
John O. Demaret (1940)	Vice Chairman of the Board of Trustees from 2014 to present; Trustee and Member of the Audit Committee from 2003 to present; Chairman of the Board from 2006 to 2014; Member of the Compliance and Risk Oversight Committee from 2010 to present; Chairman and Member of the Investment and Performance Committee from 2014 to present; and Member of the Nominating Committee from 2014 to present.	Retired.	133	None.

GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 25

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth of Trustee	Position(s) Held with theTrust, Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number ofPortfolios inFund ComplexOverseen by Trustee***	OtherDirectorshipsHeld by Trustee
INDEPENDENT TRUSTEES - concluded
Werner E. Keller (1940)	Chairman of the Board from 2014 to present; Trustee and Member of the Audit, Governance and Nominating Committees from 2005 to present; Vice Chairman of the Board from 2010 to 2014; Chairman and Member of the Compliance and Risk Oversight Committee from 2010 to present; and Member of the Investment and Performance Committee from 2014 to present.	Current: Founder and President, Keller Partners, LLC (investment research firm) (2005-present).	133	None.
Thomas F. Lydon, Jr. (1960)	Trustee and Member of the Audit, Governance and Nominating Committees from 2005 to present.	Current: President, Global Trends Investments (registered investment adviser) (1996-present).	133	US Global Investors (GROW) (1995-present).
Patrick T. McCarville (1942)	Trustee and Member of the Audit Committee from 2003 to present; Chairman and Member of the Governance and Nominating Committees from 2005 to present.	Retired. Former: Chief Executive Officer, Par Industries, Inc., d/b/a Par Leasing (1977-2010).	133	None.

Name, Address* and Year of Birth	Position(s) Held with theTrust, Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
OFFICERS
Donald C. Cacciapaglia (1951)	President (2012-present).	Current: President and CEO, certain other funds in the Fund Complex (2012-present); Vice Chairman, Guggenheim Investments (2010-present). Former: Chairman and CEO, Channel Capital Group Inc. (2002-2010).
Michael P. Byrum (1970)	Vice President (1999-present).	Current: Senior Vice President, Security Investors, LLC (2010-present); President and Chief Investment Officer, Rydex Holdings, LLC (2008-present); Director and Chairman, Advisory Research Center, Inc. (2006-present); Manager, Guggenheim Specialized Products, LLC (2005-present). Former: Vice President, Guggenheim Distributors, LLC (2009); Director (2009-2010) and Secretary (2002-2010), Rydex Fund Services, LLC; Director (2008-2010), Chief Investment Officer (2006-2010), President (2004-2010) and Secretary (2002-2010), Rydex Advisors, LLC; Director (2008-2010), Chief Investment Officer (2006-2010), President (2004-2010) and Secretary (2002-2010), Rydex Advisors II, LLC.

26 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(concluded)

Name, Address* and Year of Birth	Position(s) Held with theTrust, Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
OFFICERS - concluded
Nikolaos Bonos (1963)	Vice President and Treasurer (2003-present).	Current: Senior Vice President, Security Investors, LLC (2010-present); Chief Executive Officer, Guggenheim Specialized Products, LLC (2009-present); Chief Executive Officer & President, Rydex Fund Services, LLC (2009-present); Vice President, Rydex Holdings, LLC (2008-present). Former: Senior Vice President, Security Global Investors, LLC (2010-2011); and Senior Vice President, Rydex Advisors, LLC and Rydex Advisors II, LLC (2006-2011).
Elisabeth Miller (1968)	Chief Compliance Officer (2012-present).	Current: CCO, certain other funds in the Fund Complex (2012-present); CCO, Security Investors, LLC (2012-present); CCO, Guggenheim Funds Investment Advisors, LLC (2012-present); Managing Director, Guggenheim Investments (2012-present); Vice President, Guggenheim Funds Distributors, LLC (March 2014-present). Former: CCO, Guggenheim Distributors, LLC (2009-March 2014); Senior Manager, Security Investors, LLC (2004-2009); Senior Manager, Guggenheim Distributors, LLC (2004-2009).
Joseph M. Arruda (1966)	Assistant Treasurer (2006-present).	Current: Assistant Treasurer, certain other funds in the Fund Complex (2006-present); Vice President, Security Investors, LLC (2010-present); CFO and Manager, Guggenheim Specialized Products, LLC (2009-present). Former: Vice President, Security Global Investors, LLC (2010-2011); Vice President, Rydex Advisors, LLC (2010); Vice President, Rydex Advisors II, LLC (2010).
Paul J. Davio (1972)	Assistant Treasurer (2014-present).	Current: Assistant Treasurer, certain other funds in the Fund Complex (2014-present); Director, Guggenheim Investments (2006-present). Former: Manager, Mutual Fund Administration, Guggenheim Investments (2003-2006).
Amy J. Lee (1961)	Vice President (2009-present) and Secretary (2012-present).	Current: Chief Legal Officer, certain other funds in the Fund Complex (2013-present); Senior Managing Director, Guggenheim Investments (2012-present). Former: Vice President, Associate General Counsel and Assistant Secretary, Security Benefit Life Insurance Company and Security Benefit Corporation (2004-2012).

*	All Trustees and Officers may be reached c/o Guggenheim Investments, 805 King Farm Boulevard, Suite 600, Rockville, MD 20850.
**	Mr. Cacciapaglia is an “interested” person of the Trust, as that term is defined in the 1940 Act by virtue of his affiliation with the Adviser’s parent company.
***	The “Fund Complex” includes all closed-end and open-end funds (including all of their portfolios) advised by the Adviser and any funds that have an investment adviser or servicing agent that is an affiliated person of the Adviser. Information provided is as of the date of this report.

GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 27

GUGGENHEIM INVESTMENTS PRIVACY POLICIES (Unaudited)

Rydex Funds, Guggenheim Funds, Rydex Investments, Guggenheim Funds Distributors, LLC, Security Investors, LLC, Security Distributors, Inc., Guggenheim Partners Investment Managers, LLC, and Rydex Advisory Services (Collectively “Guggenheim Investments”).

Our Commitment to You

When you become a Guggenheim Investments investor, you entrust us with not only your hard-earned money but also with personal and financial information about you. We recognize that your relationship with us is based on trust and that you expect us to act responsibly and in your best interests. Because we have access to this private information about you, we hold ourselves to the highest standards in its safekeeping and use. This means, most importantly, that we do not sell client information to anyone—whether it is your personal information or if you are a current or former Guggenheim Investments client.

The Information We Collect About You

In the course of doing business with shareholders and investors, we collect nonpublic personal information about you. You typically provide personal information when you complete a Guggenheim Investments account application or when you request a transaction that involves Rydex and Guggenheim Investments funds or one of the Guggenheim Investments affiliated companies. “Nonpublic personal information” is personally identifiable private information about you. For example, it includes information regarding your name and address, Social Security or taxpayer identification number, assets, income, account balance, bank account information and investment activity (e.g., purchase and redemption history).

How We Handle Your Personal Information

As emphasized above, we do not sell information about current or former clients or their accounts to third parties. Nor do we share such information, except when necessary to complete transactions at your request or to make you aware of related investment products and services that we offer. Additional details about how we handle your personal information are provided below. To complete certain transactions or account changes that you direct, it may be necessary to provide identifying information to companies, individuals or groups that are not affiliated with Guggenheim Investments. For example, if you ask to transfer assets from another financial institution to Guggenheim Investments, we will need to provide certain information about you to that company to complete the transaction. To alert you to other Guggenheim Investments investment products and services, we may share your information within the Guggenheim Investments family of affiliated companies. This would include, for example, sharing your information within Guggenheim Investments so we can make you aware of new Rydex and Guggenheim Investments funds or the services offered through another Guggenheim Investments affiliated company. In certain instances, we may contract with nonaffiliated companies to perform services for us. Where necessary, we will disclose information we have about you to these third parties. In all such cases, we provide the third party with only the information necessary to carry out its assigned responsibilities and only for that purpose. And we require these third parties to treat your private information with the same high degree of confidentiality that we do. In certain instances, we may share information with other financial institutions regarding individuals and entities in response to the U.S.A. Patriot Act. Finally, we will release information about you if you direct us to do so, if we are compelled by law to do so or in other circumstances permitted by law.

Opt Out Provisions

We do not sell your personal information to anyone. The law allows you to “opt out” of only certain kinds of information sharing with third parties. The firm does not share personal information about you with any third parties that triggers this opt-out right. This means YOU ARE ALREADY OPTED OUT.

28 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT

GUGGENHEIM INVESTMENTS PRIVACY POLICIES (Unaudited)(concluded)

How We Protect Privacy Online

Our concern for the privacy of our shareholders also extends to those who use our web site, guggenheiminvestments.com. Our web site uses some of the most secure forms of online communication available, including encryption technology, Secure Socket Layer (SSL) protocol, firewalls and user names and passwords. These technologies provide a high level of security and privacy when you access your account information or initiate online transactions. The Guggenheim Investments web site offers customized features that require our use of “http cookies”—tiny pieces of information that we ask your browser to store. However, we make very limited use of these cookies. We only use cookies for session management and security features on the Guggenheim Investments web site. We do not use them to pull data from your hard drive, to learn your email address, or to view data in cookies created by other web sites. We will not share the information in our cookies or give others access to it. See the legal information area on our web site for more details about web site security and privacy features.

How We Safeguard Your Personal Information

We restrict access to nonpublic personal information about shareholders to our employees and in some cases to third parties (for example, the service providers described above) as permitted by law. We maintain strict physical, electronic and procedural safeguards that comply with federal standards to guard your nonpublic personal information.

We’ll Keep You Informed

As required by federal law, we will notify shareholders of our privacy policy annually. We reserve the right to modify this policy at any time, but rest assured that if we do change it, we will tell you promptly. You will also be able to access our privacy policy from our web site at guggenheiminvestments.com. Should you have any questions regarding our privacy policy, contact us at 800.820.0888 or 301.296.5100.

GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 29

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. 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.

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.

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 8, 2015

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 8, 2015
By (Signature and Title)*		/s/ Nikolaos Bonos
		Nikolaos Bonos, Vice President and Treasurer
Date	July 8, 2015

^* Print the name and title of each signing officer under his or her signature.

EX-99.CERT

EX.-12(a)(2)(i)

CERTIFICATIONS

I, Donald C. Cacciapaglia, certify that:

1. I have reviewed this report on Form N-CSR of Rydex ETF Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financialreporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: July 8, 2015	/s/ Donald C. Cacciapaglia
	Donald C. Cacciapaglia,
	President

EX.-12(a)(2)(ii)

CERTIFICATIONS

I, Nikolaos Bonos, certify that:

1. I have reviewed this report on Form N-CSR of Rydex ETF Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financialreporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: July 8, 2015	/s/ Nikolaos Bonos
	Nikolaos Bonos,
	Vice President and Treasurer

EX-99.906 CERT

EX. 12(b)(i)

CERTIFICATIONS

I, Donald C. Cacciapaglia, President of Rydex ETF Trust (the “Trust”), certify that:

1. The Form N-CSR of the Trust (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

A signed original of this written statement required by Section 906 has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.

Dated: July 8, 2015	/s/ Donald C. Cacciapaglia
	Donald C. Cacciapaglia,
	President

EX. 12(b)(ii)

CERTIFICATIONS

I, Nikolaos Bonos, Vice President and Treasurer of Rydex ETF Trust (the “Trust”), certify that:

1. The Form N-CSR of the Trust (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

A signed original of this written statement required by Section 906 has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.

Dated: July 8, 2015	/s/ Nikolaos Bonos
	Nikolaos Bonos,
	Vice President and Treasurer