N-CSR

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 J. 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: October 31, 2016

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.

10.31.2016

Guggenheim ETFs Funds Annual Report

EWEM	Guggenheim MSCI Emerging Markets Equal Country Weight ETF
EWMC	Guggenheim S&P MidCap 400® Equal Weight ETF
EWSC	Guggenheim S&P SmallCap 600® Equal Weight ETF
OEW	Guggenheim S&P 100® Equal Weight ETF
RCD	Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF
RHS	Guggenheim S&P 500® Equal Weight Consumer Staples ETF
RYE	Guggenheim S&P 500® Equal Weight Energy ETF
RYF	Guggenheim S&P 500® Equal Weight Financials ETF
RYH	Guggenheim S&P 500® Equal Weight Health Care ETF
RGI	Guggenheim S&P 500® Equal Weight Industrials ETF
RTM	Guggenheim S&P 500® Equal Weight Materials ETF
EWRE	Guggenheim S&P 500® Equal Weight Real Estate ETF
RYT	Guggenheim S&P 500® Equal Weight Technology ETF
RYU	Guggenheim S&P 500® Equal Weight Utilities ETF

GuggenheimInvestments.com ETF1-ANN-1016x1017

TABLE OF CONTENTS

DEAR SHAREHOLDER	2
ECONOMIC AND MARKET OVERVIEW	3
FEES AND EXPENSES	5
MANAGER'S ANALYSIS	7
PORTFOLIO SUMMARY	8
SCHEDULES OF INVESTMENTS	37
STATEMENTS OF ASSETS AND LIABILITIES	76
STATEMENTS OF OPERATIONS	80
STATEMENTS OF CHANGES IN NET ASSETS	84
FINANCIAL HIGHLIGHTS	91
NOTES TO FINANCIAL STATEMENTS	105
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	117
OTHER INFORMATION	118
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS	123
GUGGENHEIM INVESTMENTS PRIVACY POLICIES	127

GUGGENHEIM ETFs ANNUAL REPORT | 1

October 31, 2016

Dear Shareholder:

Security Investors, LLC (the “Investment Adviser”) is pleased to present the annual shareholder report for a selection of our exchange-traded funds (“ETFs”) for the annual fiscal period ended October 31, 2016.

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

We encourage you to read the Economic and Market Overview, which follows this letter, followed by the Manager’s Analysis for each ETF.

Sincerely,

Donald C. Cacciapaglia
President and Chief Executive Officer
November 30, 2016

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. Please review a prospectus carefully for more information of the risks associated with each ETF.

2 | GUGGENHEIM ETFs ANNUAL REPORT

ECONOMIC AND MARKET OVERVIEW (Unaudited) October 31, 2016

Behind the performance numbers for the past 12 months are a multitude of events that unfolded throughout 2016, including a beginning-of-the-year recession scare, an increase in U.S. corporate default volume, several quarters of negative earnings growth, the British vote to exit the European Union, and stubbornly low inflation across the globe. Some might forget that in the first six weeks of the year U.S. corporate bonds suffered one of the worst selloffs since the financial crisis, or that the S&P 500 was down almost 11%. We continue to believe that the turnaround in market performance was a result of global central bank easing.

The surprise end to the fractious U.S. election season leaves many questions unanswered about the new administration, but as it relates to the economy we are particularly alert to the possible market impact of resurgent fiscal policy. We will learn more as we move through the transition of power, but in the meantime several market positives should support asset performance in the fourth quarter and into 2017. The domestic economy just turned in the highest growth rate in two years, early indications point to a strong Christmas selling season, corporate earnings are turning higher or recovering, and the energy sector is stabilizing with the oil market recovery.

U.S. real gross domestic product (“GDP”) was up 2.9% in the third quarter (revised higher to 3.2% in late November), up from 1.4% in the second quarter. We expect output to rise by around 2% on average in coming quarters, a bit faster than the trend rate over the past year, as drags from past dollar strength and an inventory adjustment cycle fade.

The labor market continues to strengthen, as seen in the impressive growth in the size of the labor force. In the year through October, the labor force participation rate increased by 0.3 percentage point while the unemployment rate declined by just 0.1 percentage point. The cyclical rise in participation has helped to keep the unemployment rate steady and stave off U.S. Federal Reserve (the “Fed”) rate hikes in 2016.

We believe it is highly likely the Fed will raise rates in December, and we expect policymakers to hike twice more in 2017. While this would be a bit faster than markets are now pricing in, it would still leave rates below levels prescribed by standard policy rules. President-elect Trump will have an opportunity to fill two open seats on the Board of Governors, though this should not affect Fed policy in the near term.

Fed Chair Yellen has spoken about temporarily running a “high-pressure economy”—one that enables robust business activity and a tight labor market—to offset persistent shortfalls in aggregate demand. If this is the case, before the expansion ends the Fed will likely allow unemployment to drop below 4%, and inflation to overshoot its 2% goal. This change in perspective, as well as the president-elect’s proposed changes to fiscal policy, accounts for why we are starting to see a backup in long-term interest rates, although global monetary policy intervention will likely continue to support bond prices.

Meanwhile, monetary policy divergence will continue to support the U.S. dollar. We expect the European Central Bank (“ECB”) to extend quantitative easing (“QE”) at the current pace of €80 billion per month in December, which will require adjustments to the program. In our view, the QE programs of the ECB and Bank of Japan (“BoJ”) will continue to buttress global sovereign debt and credit markets.

For the 12 months ended October 31, 2016, the Standard & Poor’s 500^® (“S&P 500”) Index* returned 4.51%. The MSCI Europe-Australasia-Far East (“EAFE”) Index* returned -3.23%. The return of the MSCI Emerging Markets Index* was 9.27%.

In the bond market, the Bloomberg Barclays U.S. Aggregate Bond Index* posted a 4.37% return for the period, while the Bloomberg Barclays U.S. Corporate High Yield Index* returned 10.14%. The return of the Bank of America (“BofA”) Merrill Lynch 3-Month U.S. Treasury Bill Index* was 0.31% for the 12-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.

*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.

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.

Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including U.S. Treasuries, government-related and corporate securities, mortgage-backed securities or “MBS” (agency fixed-rate and hybrid adjustable-rate mortgage, or “ARM”, pass-throughs), asset-backed securities (“ABS”), and commercial mortgage-backed securities (“CMBS”) (agency and non-agency).

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

GUGGENHEIM ETFs ANNUAL REPORT | 3

ECONOMIC AND MARKET OVERVIEW (Unaudited)(concluded) October 31, 2016

MSCI EAFE Index is a capitalization-weighted measure of stock markets in Europe, Australasia, and the Far East.

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 broad-based index, the performance of which is based on the performance of 500 widely held common stocks chosen for market size, liquidity, and industry group representation.

MSCI Emerging Markets Equal Country Weighted Index captures large and mid-cap representation across 23 Emerging Market countries. The index represents an alternative weighting scheme to its market-cap weighted parent index, the MSCI Emerging Markets Index. The Index includes the same constituents as its parent index but applies an equal country weighting at each semi-annual index review date.

MSCI Emerging Markets Equal Weighted Index equally weights the securities in the MSCI Emerging Markets Index (the MSCI Emerging Markets cap-weighted index), which is a free float-adjusted market capitalization index that is designed to measure the equity market performance of emerging markets. In the MSCI Emerging Markets Equal Weighted Index, each security has the same weight, which means that the weight of each security is set to unity of the rebalancing date.

S&P 100^® Equal Weight Index is an unmanaged equal weighted version of the S&P 100^® Index, which is an unmanaged capitalization-weighted index composed of a subset of 100 common stocks of the S&P 500^® Index representing major blue-chip companies across multiple industry groups.

Russell MidCap^® Equal Weight Index is an unmanaged equal-weighted version of the Russell Midcap^® Index, which is an unmanaged capitalization-weighted index representing the U.S. mid-cap market. The Russell Midcap Equal Weight Index offers sector equal weight exposure by equally weighting the nine sectors within the Index and then equally weighting the securities within each sector. Russell Midcap^® Index measures the performance of the 800 smallest companies in the Russell 1000^® Index, which represent approximately 31% of the total market capitalization of the Russell 1000^® Index.

Russell 2000^® Equal Weight Index is an unmanaged equal-weighted version of the Russell 2000^® Index, which is an unmanaged capitalization-weighted index representing the U.S. small-cap market. The Russell 2000^® Equal Weight Index offers sector equal weight exposure by equally weighting the nine sectors within the Index and then equally weighting the securities within each sector. Russell 2000^® Index measures the performance of the small-cap value segment of the U.S. equity universe. The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000^® Index, which represents approximately 10% of the total market capitalization of the Russell 3000^® Index. The Russell 3000^® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.

S&P MidCap 400^® Equal Weight Index is an equal weighted version of the S&P MidCap 400^® Index, which measures the performance of 400 mid-sized companies selected by Standard&Poor’s, and covers approximately 7% of the U.S. equities market. The S&P MidCap 400^® EWI has the same constituents as the capitalization weighted S&P 400^® Index, but each company is allocated to a fixed weight, rebalancing quarterly.

S&P SmallCap 600^® Equal Weight Index is an equal weighted version of the S&P SmallCap 600^® Index, which measures the performance of 600 small-sized companies selected by Standard&Poor’s, and covers approximately 3% of the U.S. equities market. The S&P SmallCap 600^® EWI has the same constituents as the capitalization weighted S&P SmallCap 600^® Index, but each company is allocated to a fixed weight, rebalancing quarterly.

S&P 500^® Equal Weight Index Consumer Discretionary is an unmanaged equal weighted version of the S&P 500^® Consumer Discretionary Index that consists of the common stocks of the following industries: automobiles and components, consumer durables, apparel, hotels, restaurants, leisure, media and retailing that comprise the Consumer Discretionary sector of the S&P 500^® Index.

S&P 500^® Equal Weight Index Consumer Staples is an unmanaged equal weighted version of the S&P 500^® Consumer Staples Index that consists of the common stocks of the following industries: food and drug retailing, beverages, food products, tobacco, household products and personal products that comprise the Consumer Staples sector of the S&P 500^® Index.

S&P 500^® Equal Weight Index Energy is an unmanaged equal weighted version of the S&P 500^® Energy Index that consists of the common stocks of the following industries: oil and gas exploration, production, marketing, refining and/or transportation and energy equipment and services industries that comprise the Energy sector of the S&P 500^® Index.

S&P 500^® Equal Weight Index Financials is an unmanaged equal weighted version of the S&P 500^® Financials Index that consists of the common stocks of the following industries: banks, diversified financials, brokerage, asset management insurance and real estate, including investment trusts that comprise the Financials sector of the S&P 500^® Index.

S&P 500^® Equal Weight Index Health Care is an unmanaged equal weighted version of the S&P 500^® Health Care Index that consists of the common stocks of the following industries: health care equipment and supplies, health care providers and services, and biotechnology and pharmaceuticals that comprise the Health Care sector of the S&P 500^® Index.

S&P 500^® Equal Weight Index Industrials is an unmanaged equal weighted version of the S&P 500^® Industrials Index that consists of the common stocks of the following industries: aerospace and defense, building products, construction and engineering, electrical equipment, conglomerates, machinery; commercial services and supplies, air freight and logistics, airlines, and marine, road and rail transportation infrastructure that comprise the 52 Industrials sector of the S&P 500^® Index.

S&P 500^® Equal Weight Index Materials is an unmanaged equal weighted version of the S&P 500^® Materials Index that consists of the common stocks of the following industries: chemicals, construction materials, containers and packaging, metals and mining, and paper and forest products that comprise the Materials sector of the S&P 500^® Index.

S&P 500^® Equal Weight Real Estate Index is an unmanaged equal weighted version of the S&P 500^® Real Estate Index, which equally weights the index constituents in the S&P 500 that are currently classified in the Global Industry Classification Standard (GICS^®) Real Estate Industry Group within the Financial Sector, excluding the mortgage REITs sub-industry. The Real Estate Industry Group will be elevated to the Real Estate Sector after the market close on August 31, 2016, raising the number of GICS Sectors to eleven.

S&P 500^® Equal Weight Index Information Technology is an unmanaged equal weighted version of the S&P 500^® Information Technology Index that consists of the common stocks of the following industries: Internet equipment, computers and peripherals, electronic equipment, office electronics and instruments, semiconductor equipment and products, diversified telecommunication services, and wireless telecommunication services that comprise the Information Technology sector of the S&P 500^® Index.

S&P 500^® Equal Weight Index Telecommunication Services & Utilities is an unmanaged equal weighted version of the S&P 500^® Telecommunication Services Index and S&P 500^® Utilities Index that consists of the common stocks of the following industries: electric utilities, gas utilities, multi-utilities and unregulated power and water utilities, telecommunication service companies, including fixed-line, cellular, wireless, high bandwidth and fiber-optic cable networks that comprise the Telecommunications Services and Utilities sectors of the S&P 500^® Index.

4 | GUGGENHEIM ETFs 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 advisor. This example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example in the table is based on an investment of $1,000 invested on April 30, 2016 and held for the six months ended October 31, 2016.

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 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 ANNUAL REPORT | 5

FEES AND EXPENSES (Unaudited)(concluded)

	Expense Ratio1	Fund Return	Beginning Account Value April 30, 2016	Ending Account Value October 31, 2016	Expenses Paid During Period2
Table 1. Based on actual Fund return3
Guggenheim MSCI Emerging Markets Equal Country Weight ETF	0.67%	3.98%	$ 1,000.00	$ 1,039.80	$ 3.44
Guggenheim S&P MidCap 400® Equal Weight ETF	0.41%	3.71%	1,000.00	1,037.10	2.11
Guggenheim S&P SmallCap 600® Equal Weight ETF	0.41%	3.84%	1,000.00	1,038.40	2.11
Guggenheim S&P 100® Equal Weight ETF4	0.40%	3.73%	1,000.00	1,037.30	1.40
Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF	0.40%	(0.79%)	1,000.00	992.10	2.01
Guggenheim S&P 500® Equal Weight Consumer Staples ETF	0.40%	1.63%	1,000.00	1,016.30	2.03
Guggenheim S&P 500® Equal Weight Energy ETF	0.40%	2.85%	1,000.00	1,028.50	2.05
Guggenheim S&P 500® Equal Weight Financials ETF	0.40%	5.10%	1,000.00	1,051.00	2.07
Guggenheim S&P 500® Equal Weight Health Care ETF	0.40%	(2.77%)	1,000.00	972.30	1.99
Guggenheim S&P 500® Equal Weight Industrials ETF	0.40%	3.33%	1,000.00	1,033.30	2.05
Guggenheim S&P 500® Equal Weight Materials ETF	0.40%	(0.40%)	1,000.00	996.00	2.01
Guggenheim S&P 500® Equal Weight Real Estate ETF	0.36%	(0.54%)	1,000.00	994.60	1.81
Guggenheim S&P 500® Equal Weight Technology ETF	0.40%	16.84%	1,000.00	1,168.40	2.19
Guggenheim S&P 500® Equal Weight Utilities ETF	0.40%	0.89%	1,000.00	1,008.90	2.03
Table 2. Based on hypothetical 5% return (before expenses)
Guggenheim MSCI Emerging Markets Equal Country Weight ETF	0.67%	5.00%	1,000.00	1,021.83	3.41
Guggenheim S&P MidCap 400® Equal Weight ETF	0.41%	5.00%	1,000.00	1,023.14	2.09
Guggenheim S&P SmallCap 600® Equal Weight ETF	0.41%	5.00%	1,000.00	1,023.14	2.09
Guggenheim S&P 100® Equal Weight ETF	0.40%	5.00%	1,000.00	1,023.19	2.04
Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF	0.40%	5.00%	1,000.00	1,023.19	2.04
Guggenheim S&P 500® Equal Weight Consumer Staples ETF	0.40%	5.00%	1,000.00	1,023.19	2.04
Guggenheim S&P 500® Equal Weight Energy ETF	0.40%	5.00%	1,000.00	1,023.19	2.04
Guggenheim S&P 500® Equal Weight Financials ETF	0.40%	5.00%	1,000.00	1,023.19	2.04
Guggenheim S&P 500® Equal Weight Health Care ETF	0.40%	5.00%	1,000.00	1,023.19	2.04
Guggenheim S&P 500® Equal Weight Industrials ETF	0.40%	5.00%	1,000.00	1,023.19	2.04
Guggenheim S&P 500® Equal Weight Materials ETF	0.40%	5.00%	1,000.00	1,023.19	2.04
Guggenheim S&P 500® Equal Weight Real Estate ETF	0.36%	5.00%	1,000.00	1,023.39	1.84
Guggenheim S&P 500® Equal Weight Technology ETF	0.40%	5.00%	1,000.00	1,023.19	2.04
Guggenheim S&P 500® Equal Weight Utilities ETF	0.40%	5.00%	1,000.00	1,023.19	2.04

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 184/365 (to reflect the one-half year period).
3	Actual cumulative return at net asset value for the period April 30, 2016 to October 31, 2016.
4	Since commencement of operations: June 29, 2016. Expenses paid based on actual fund return are calculated using 125 days from the commencement of operations.

6 | GUGGENHEIM ETFs ANNUAL REPORT

MANAGER'S ANALYSIS (Unaudited) October 31, 2016

Guggenheim MSCI Emerging Markets Equal Country Weight ETF

Guggenheim MSCI Emerging Markets Equal Country Weight ETF (“EWEM”) returned 7.80% for the one-year period ended October 31, 2016. The MSCI Emerging Markets Equal Country Weighted Index returned 8.86% for the period, and the MSCI Emerging Markets Equal Weighted Index returned 7.56%. Over the period, EWEM achieved over 99% correlation to the MSCI Emerging Markets Equal Country Weighted Index on a daily basis.

The Financials, Energy, and Materials sectors contributed the most to the Fund’s return for the period. The Industrials, Real Estate, and Utilities sectors contributed the least to the Fund’s return for the period. No sector detracted.

Top contributors to the Fund’s return included Credicorp Ltd., OTP Bank plc, and Taiwan Semiconductor Manufacturing Co., Ltd. Top detractors included National Bank of Greece SA, Commercial International Bank (Egypt) SAE, and Global X MSCI Greece ETF.

Cumulative Fund Performance: December 3, 2010 – October 31, 2016

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2016
	One Year	Three Year	Five Year	Since Inception (12/03/10)
Guggenheim MSCI Emerging Markets Equal Country Weight ETF	7.80%	-3.41%	-1.13%	-3.47%
MSCI Emerging Markets Equal Country Weighted Index	8.86%	N/A	N/A	N/A
MSCI Emerging Markets Equal Country Weighted Blended Index	2.62%	-4.41%	-0.66%	-2.74%
MSCI Emerging Markets Equal Weighted Index	7.56%	-2.29%	0.67%	-1.64%
MSCI Emerging Markets Index	9.27%	-2.05%	0.55%	-1.15%

The MSCI Emerging Markets Equal Country Weighted Index incepted on 11/10/14. Therefore, the index returns for the times periods listed above are not available.

The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Performance displayed represents past performance, which is no guarantee of future results.

GUGGENHEIM ETFs ANNUAL REPORT | 7

PORTFOLIO SUMMARY (Unaudited) October 31, 2016

Guggenheim MSCI Emerging Markets Equal Country Weight ETF

Holdings Diversification (Market Exposure as % of Net Assets)

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

Ten Largest Holdings	(% of Total Net Assets)
iShares MSCI India ETF	4.4%
Commercial International Bank Egypt SAE GDR	2.8%
Credicorp Ltd.	2.6%
OTP Bank plc	2.4%
CEZ AS	1.6%
Komercni Banka AS	1.5%
Taiwan Semiconductor Manufacturing Company Ltd. ADR	1.3%
Qatar National Bank SAQ	1.2%
VanEck Vectors Egypt Index ETF	1.2%
Richter Gedeon Nyrt	1.2%
Top Ten Total	20.2%
“Ten Largest Holdings” excludes any temporary cash investments.

8 | GUGGENHEIM ETFs ANNUAL REPORT

MANAGER'S ANALYSIS (Unaudited) October 31, 2016

Guggenheim S&P MidCap 400^® Equal Weight ETF

Guggenheim S&P MidCap 400^® Equal Weight ETF (“EWMC”) returned 6.08% for the one-year period ended October 31, 2016, compared with the 6.38% return of the benchmark, the S&P MidCap 400^® Equal Weight Index. The cap-weighted S&P MidCap 400^® Index returned 6.26%. During the period, the Fund achieved over 99% correlation to its benchmark on a daily basis. The Fund’s ticker is EWMC.

Prior to January 27, 2016, the Fund was known as the Guggenheim Russell MidCap^® Equal Weight ETF and its benchmark was the Russell MidCap^® Equal Weight Index, which returned 5.74% for the one-year period. The Fund’s previous ticker was EWRM.

The Industrials, Utilities, and Materials sectors contributed the most to the Fund’s return for the period. The sectors detracting the most from performance were Energy, Health Care, and Telecommunications Services.

Top contributors to the Fund’s return included United States Steel Corp., Keurig Green Mountain, Inc., and Royal Gold, Inc. Top detractors included SunEdison, Inc., California Resources Corp., and Flowers Foods, Inc.

Cumulative Fund Performance: December 3, 2010 – October 31, 2016

Effective January 27, 2016, the Fund changed its principal investment strategy. As a result of the investment strategy change, the Fund’s new benchmark is the S&P MidCap 400 Equal Weight Index. Prior to January 27, 2016, the Fund’s benchmark was the Russell MidCap Equal Weight Index.

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2016
	One Year	Three Year	Five Year	Since Inception (12/03/10)
Guggenheim S&P MidCap 400® Equal Weight ETF	6.08%	5.99%	12.22%	10.94%
S&P MidCap 400 Equal Weight Index	6.38%	6.24%	12.66%	10.72%
Russell MidCap Equal Weight Index	5.74%	6.10%	12.49%	11.22%
S&P MidCap 400 Index	6.26%	7.06%	12.92%	11.08%

The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Performance displayed represents past performance, which is no guarantee of future results.

GUGGENHEIM ETFs ANNUAL REPORT | 9

PORTFOLIO SUMMARY (Unaudited) October 31, 2016

Guggenheim S&P MidCap 400^® Equal Weight ETF

Holdings Diversification (Market Exposure as % of Net Assets)

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

Ten Largest Holdings	(% of Total Net Assets)
Endurance Specialty Holdings Ltd.	0.4%
Cabela's, Inc.	0.3%
Mentor Graphics Corp.	0.3%
Advanced Micro Devices, Inc.	0.3%
Avon Products, Inc.	0.3%
B/E Aerospace, Inc.	0.3%
Patterson-UTI Energy, Inc.	0.3%
Computer Sciences Corp.	0.3%
IPG Photonics Corp.	0.3%
Nabors Industries Ltd.	0.3%
Top Ten Total	3.1%
“Ten Largest Holdings” excludes any temporary cash investments.

10 | GUGGENHEIM ETFs ANNUAL REPORT

MANAGER'S ANALYSIS (Unaudited) October 31, 2016

Guggenheim S&P SmallCap 600^® Equal Weight ETF

Guggenheim S&P SmallCap 600^® Equal Weight ETF (“EWSC”) returned 2.39% for the one-year period ended October 31, 2016, compared with the 6.76% return of the benchmark, the S&P SmallCap 600^® Equal Weight Index. The cap-weighted S&P SmallCap 600^® Index returned 6.35%. During the period, the Fund achieved over 99% correlation to its benchmark on a daily basis. The Fund’s ticker is EWSC.

Prior to January 27, 2016, the Fund was known as the Guggenheim Russell 2000^® Equal Weight ETF and its benchmark was the Russell 2000^® Equal Weight Index, which returned 3.92% for the one-year period. The Fund’s previous ticker was EWRS.

The Information Technology, Materials, and Financials sectors contributed the most to the Fund’s return for the period. The only sectors detracting from performance were Energy and Health Care. Telecommunications Services contributed least.

Top contributors to Fund return included SunCoke Energy, Inc., Century Aluminum Co., and Cloud Peak Energy, Inc. Top detractors included Bonanza Creek Energy, Inc., Stone Energy Corp., and Halcon Resources Corp.

Cumulative Fund Performance: December 3, 2010 – October 31, 2016

Effective January 27, 2016, the Fund changed its principal investment strategy. As a result of the investment strategy change, the Fund’s new benchmark is the S&P SmallCap 600 Equal Weight Index. Prior to January 27, 2016, the Fund’s benchmark was the Russell 2000 Equal Weight Index.

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2016
	One Year	Three Year	Five Year	Since Inception (12/03/10)
Guggenheim S&P SmallCap 600® Equal Weight ETF	2.39%	0.68%	8.82%	7.09%
S&P SmallCap 600 Equal Weight Index	6.76%	4.88%	13.18%	11.14%
Russell 2000 Equal Weight Index	3.92%	1.32%	9.49%	7.74%
S&P SmallCap 600 Index	6.35%	6.13%	13.56%	11.86%

The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Performance displayed represents past performance, which is no guarantee of future results.

GUGGENHEIM ETFs ANNUAL REPORT | 11

PORTFOLIO SUMMARY (Unaudited) October 31, 2016

Guggenheim S&P SmallCap 600^® Equal Weight ETF

Holdings Diversification (Market Exposure as % of Net Assets)

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

Ten Largest Holdings	(% of Total Net Assets)
Cloud Peak Energy, Inc.	0.3%
SunCoke Energy, Inc.	0.3%
Orion Group Holdings, Inc.	0.2%
Abercrombie & Fitch Co. — Class A	0.2%
iRobot Corp.	0.2%
II-VI, Inc.	0.2%
DTS, Inc.	0.2%
Chemours Co.	0.2%
Zumiez, Inc.	0.2%
Strayer Education, Inc.	0.2%
Top Ten Total	2.2%
“Ten Largest Holdings” excludes any temporary cash investments.

12 | GUGGENHEIM ETFs ANNUAL REPORT

MANAGER'S ANALYSIS (Unaudited) October 31, 2016

Guggenheim S&P 100^® Equal Weight ETF

Guggenheim S&P 100^® Equal Weight ETF (“OEW”) returned 3.73% for the abbreviated annual fiscal period ended October 31, 2016, compared with the 3.89% return of the benchmark, the S&P 100^® Equal Weight Index. The Fund’s inception date was June 29, 2016, and its ticker is OEW.

The Financials, Information Technology, and Industrials sectors contributed the most to the Fund’s return for the abbreviated period. The sectors detracting the most from performance were Health Care, Consumer Staples, and Telecommunications Services.

Top contributors to the Fund’s return included Morgan Stanley, QUALCOMM, Inc., and Bank of America Corp. Top detractors included Bristol-Myers Squibb Co., Lowe’s Companies, Inc., and Simon Property Group, Inc.

Cumulative Fund Performance: June 29, 2016 – October 31, 2016

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2016
	Since Inception (06/29/16)
Guggenheim S&P 100® Equal Weight ETF	3.73%
S&P 100 Equal Weight Index	3.89%
S&P 100 Index	3.70%

The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Performance displayed represents past performance, which is no guarantee of future results.

GUGGENHEIM ETFs ANNUAL REPORT | 13

PORTFOLIO SUMMARY (Unaudited) October 31, 2016

Guggenheim S&P 100^® Equal Weight ETF

Holdings Diversification (Market Exposure as % of Net Assets)

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

Ten Largest Holdings	(% of Total Net Assets)
Time Warner, Inc.	1.2%
QUALCOMM, Inc.	1.1%
Boeing Co.	1.1%
Apple, Inc.	1.1%
Halliburton Co.	1.1%
PayPal Holdings, Inc.	1.1%
Mastercard, Inc. — Class A	1.1%
FedEx Corp.	1.1%
Priceline Group, Inc.	1.1%
MetLife, Inc.	1.1%
Top Ten Total	11.1%
“Ten Largest Holdings” excludes any temporary cash investments.

14 | GUGGENHEIM ETFs ANNUAL REPORT

MANAGER'S ANALYSIS (Unaudited) October 31, 2016

Guggenheim S&P 500^® Equal Weight Consumer Discretionary ETF

For the one-year period ended October 31, 2016, Guggenheim S&P 500^® Equal Weight Consumer Discretionary ETF (“RCD”) returned -4.07%, compared to its benchmark, the S&P 500^® Equal Weight Index Consumer Discretionary, which returned -3.57%. RCD achieved over 99% correlation to its benchmark on a daily basis.

The return of the cap-weighted S&P 500^® Index was 4.51%.

The Leisure Products, Internet & Direct Marketing Retail, and Multiline Retail industries were the largest contributors to the Fund’s return. The Specialty Retail; Textiles, Apparel & Luxury Goods; and Auto Components industries detracted the most from the Fund’s return.

Wynn Resorts Ltd., Michael Kors Holdings Ltd., and Garmin Ltd. contributed the most to the Fund’s return. Signet Jewelers Ltd., Chipotle Mexican Grill, Inc., and Staples, Inc. detracted the most from the Fund’s return.

Cumulative Fund Performance: November 1, 2006 – October 31, 2016

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2016
	One Year	Three Year	Five Year	Since Inception (11/01/06)
Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF	-4.07%	5.23%	13.80%	7.95%
S&P 500 Equal Weight Index Consumer Discretionary	-3.57%	5.71%	14.31%	8.44%
S&P 500 Index	4.51%	8.84%	13.57%	6.78%

The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Performance displayed represents past performance, which is no guarantee of future results.

GUGGENHEIM ETFs ANNUAL REPORT | 15

PORTFOLIO SUMMARY (Unaudited) October 31, 2016

Guggenheim S&P 500^® Equal Weight Consumer Discretionary ETF

Holdings Diversification (Market Exposure as % of Net Assets)

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

Ten Largest Holdings	(% of Total Net Assets)
Netflix, Inc.	1.6%
The Gap, Inc.	1.4%
Royal Caribbean Cruises Ltd.	1.4%
Expedia, Inc.	1.4%
Time Warner, Inc.	1.4%
Harley-Davidson, Inc.	1.4%
Carnival Corp.	1.4%
Tiffany & Co.	1.3%
CBS Corp. — Class B	1.3%
Michael Kors Holdings Ltd.	1.3%
Top Ten Total	13.9%
“Ten Largest Holdings” excludes any temporary cash investments.

16 | GUGGENHEIM ETFs ANNUAL REPORT

MANAGER'S ANALYSIS (Unaudited) October 31, 2016

Guggenheim S&P 500^® Equal Weight Consumer Staples ETF

For the one-year period ended October 31, 2016, Guggenheim S&P 500^® Equal Weight Consumer Staples ETF (“RHS”) returned 10.63%. For the same period, its benchmark, the S&P 500^® Equal Weight Index Consumer Staples, returned 10.85%. RHS achieved over 99% correlation to its benchmark on a daily basis.

The return of the cap-weighted S&P 500^® Index was 4.51%.

The Food Products, Beverages, and Tobacco industries were the largest contributors to the Fund’s return. The Food & Staples Retailing, Personal Products, and Household Products industries contributed the least to the Fund’s return. No industry detracted.

Keurig Green Mountain, Inc., Tyson Foods, Inc.—Class A, and Wal-Mart Stores, Inc., contributed the most to the Fund’s return. Kroger Co., CVS Health Corp., and Brown-Forman Corp.—Class B contributed the least.

Cumulative Fund Performance: November 1, 2006 – October 31, 2016

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2016
	One Year	Three Year	Five Year	Since Inception (11/01/06)
Guggenheim S&P 500® Equal Weight Consumer Staples ETF	10.63%	13.19%	17.03%	11.91%
S&P 500 Equal Weight Index Consumer Staples	10.85%	13.77%	17.59%	12.53%
S&P 500 Index	4.51%	8.84%	13.57%	6.78%

The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Performance displayed represents past performance, which is no guarantee of future results.

GUGGENHEIM ETFs ANNUAL REPORT | 17

PORTFOLIO SUMMARY (Unaudited) October 31, 2016

Guggenheim S&P 500^® Equal Weight Consumer Staples ETF

Holdings Diversification (Market Exposure as % of Net Assets)

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

Ten Largest Holdings	(% of Total Net Assets)
Reynolds American, Inc.	3.1%
Coty, Inc. — Class A	3.0%
ConAgra Foods, Inc.	3.0%
Hormel Foods Corp.	2.9%
Mondelez International, Inc. — Class A	2.9%
Hershey Co.	2.8%
Altria Group, Inc.	2.8%
Archer-Daniels-Midland Co.	2.8%
Kraft Heinz Co.	2.8%
PepsiCo, Inc.	2.8%
Top Ten Total	28.9%
“Ten Largest Holdings” excludes any temporary cash investments.

18 | GUGGENHEIM ETFs ANNUAL REPORT

MANAGER'S ANALYSIS (Unaudited) October 31, 2016

Guggenheim S&P 500^® Equal Weight Energy ETF

For the one-year period ended October 31, 2016, Guggenheim S&P 500^® Equal Weight Energy ETF (“RYE”) returned 6.50%. For the same period, its benchmark, the S&P 500^® Equal Weight Index Energy, returned 6.81%. RYE achieved over 99% correlation to its benchmark on a daily basis.

The return of the cap-weighted S&P 500^® Index was 4.51%.

The Oil & Gas Storage & Transportation, Oil & Gas Exploration & Production, and Coal & Consumable Fuels industries contributed the most to the Fund’s return.

The Oil & Gas Equipment & Services industries contributed the least to the Fund’s return.

The largest detractors from the Fund’s return were the Oil & Gas Drilling and Oil & Gas Refining & Marketing industries.

ONEOK, Inc., Spectra Energy Corp., and Southwestern Energy Co. contributed the most to the Fund’s return.

Ensco Plc, Transocean Ltd., and Marathon Oil Corp. detracted the most from the Fund’s return.

Cumulative Fund Performance: November 1, 2006 – October 31, 2016

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2016
	One Year	Three Year	Five Year	Since Inception (11/01/06)
Guggenheim S&P 500® Equal Weight Energy ETF	6.50%	-9.06%	-0.92%	3.03%
S&P 500 Equal Weight Index Energy	6.81%	-8.88%	-0.53%	3.53%
S&P 500 Index	4.51%	8.84%	13.57%	6.78%

The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Performance displayed represents past performance, which is no guarantee of future results.

GUGGENHEIM ETFs ANNUAL REPORT | 19

PORTFOLIO SUMMARY (Unaudited) October 31, 2016

Guggenheim S&P 500^® Equal Weight Energy ETF

Holdings Diversification (Market Exposure as % of Net Assets)

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

Ten Largest Holdings	(% of Total Net Assets)
FMC Technologies, Inc.	3.3%
Baker Hughes, Inc.	3.2%
Halliburton Co.	3.1%
Valero Energy Corp.	3.1%
Tesoro Corp.	3.1%
Helmerich & Payne, Inc.	3.0%
Phillips 66	3.0%
Chevron Corp.	3.0%
Marathon Petroleum Corp.	3.0%
Anadarko Petroleum Corp.	2.9%
Top Ten Total	30.7%
“Ten Largest Holdings” excludes any temporary cash investments.

20 | GUGGENHEIM ETFs ANNUAL REPORT

MANAGER'S ANALYSIS (Unaudited) October 31, 2016

Guggenheim S&P 500^® Equal Weight Financials ETF

For the one-year period ended October 31, 2016, Guggenheim S&P 500^® Equal Weight Financials ETF (“RYF”) returned 4.33%. For the same period, its benchmark, the S&P 500^® Equal Weight Index Financials, returned 5.42%. RYF achieved a daily correlation of over 99% to its benchmark on a daily basis.

The return of the cap-weighted S&P 500^® Index was 4.51%.

As a reflection of the rising importance of real estate as an asset class, on August 31, 2016, real estate was removed from the Financials sector and elevated from its "industry group" status with the Global Industry Classification Standard (GICS^®) Financials sector to its own sector category. As of that date, real estate investment trusts (“REITs”) made up about 20% of the market capitalization of the Financials sector.

After the close of business on September 16, 2016, S&P Dow Jones Indices reconstituted the S&P 500^® Equal Weight Index Financials, the underlying index for RYF, by removing the stocks of companies involved in the real estate industry (including REITs, but excluding mortgage REITs). RYF will continue to hold stocks included in the reconstituted S&P 500^® Equal Weight Index Financials in accordance with its principal investment strategies. To effect a corresponding change to the RYF portfolio, RYF replaced its real estate stock holdings with shares of Guggenheim S&P 500^® Equal Weight Real Estate ETF (“EWRE”) after the market close on September 16, 2016. Shareholders of record of RYF as of September 16, 2016 received 0.50 shares of EWRE for each share of RYF owned, plus a small amount of cash for any fractional shares.

The leading contributors and detractors the period reflect all but two weeks of time in which REITs were part of the Fund.

Equity Real Estate Investment Trusts, Banks, and Insurance were the industries contributing the most to return. Capital Markets, Real Estate Management & Development, and Consumer Finance were the industries detracting the most the return.

Realty Income Corp., Iron Mountain, Inc., and Ventas, Inc. were the largest contributors to the Fund’s return. Legg Mason, Inc., Affiliated Managers Group, Inc., and Ameriprise Financial, Inc., were the largest detractors from the Fund’s return.

Cumulative Fund Performance: November 1, 2006 – October 31, 2016

GUGGENHEIM ETFs ANNUAL REPORT | 21

MANAGER'S ANALYSIS (Unaudited)(concluded) October 31, 2016

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2016
	One Year	Three Year	Five Year	Since Inception (11/01/06)
Guggenheim S&P 500® Equal Weight Financials ETF	4.33%	7.89%	14.97%	1.09%
S&P 500 Equal Weight Index Financials	5.42%	8.47%	15.66%	1.87%
S&P 500 Index	4.51%	8.84%	13.57%	6.78%

The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Performance displayed represents past performance, which is no guarantee of future results.

22 | GUGGENHEIM ETFs ANNUAL REPORT

PORTFOLIO SUMMARY (Unaudited) October 31, 2016

Guggenheim S&P 500^® Equal Weight Financials ETF

Holdings Diversification (Market Exposure as % of Net Assets)

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

Ten Largest Holdings	(% of Total Net Assets)
KeyCorp	1.8%
Principal Financial Group, Inc.	1.7%
Comerica, Inc.	1.7%
Fifth Third Bancorp	1.7%
Regions Financial Corp.	1.7%
Huntington Bancshares, Inc.	1.7%
Hartford Financial Services Group, Inc.	1.7%
Prudential Financial, Inc.	1.7%
MetLife, Inc.	1.6%
PNC Financial Services Group, Inc.	1.6%
Top Ten Total	16.9%
“Ten Largest Holdings” excludes any temporary cash investments.

GUGGENHEIM ETFs ANNUAL REPORT | 23

MANAGER'S ANALYSIS (Unaudited) October 31, 2016

Guggenheim S&P 500^® Equal Weight Health Care ETF

For the one-year period ended October 31, 2016, Guggenheim S&P 500^® Equal Weight Health Care ETF (“RYH”) returned -3.65%. For the same period, its benchmark, the S&P 500^® Equal Weight Index Health Care, returned -3.61%. RYH achieved over 99% correlation to its benchmark on a daily basis.

The return of the cap-weighted S&P 500^® Index was 4.51%.

The Health Care Equipment & Supplies, Life Sciences Tools & Services, and Health Care Technology were the largest contributors to the Fund’s return. Pharmaceuticals, Biotechnology, and Health Care Providers & Services were the largest detractors.

Intuitive Surgical, Inc., Baxalta, Inc., and Baxter International, Inc. were the largest contributors to the Fund’s return. Endo International Plc, Perrigo Co. Plc, and Vertex Pharmaceuticals, Inc. were the largest detractors from the Fund’s return.

Cumulative Fund Performance: November 1, 2006 – October 31, 2016

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2016
	One Year	Three Year	Five Year	Since Inception (11/01/06)
Guggenheim S&P 500® Equal Weight Health Care ETF	-3.65%	11.77%	17.53%	11.86%
S&P 500 Equal Weight Index Health Care	-3.61%	12.30%	18.09%	12.63%
S&P 500 Index	4.51%	8.84%	13.57%	6.78%

The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Performance displayed represents past performance, which is no guarantee of future results.

24 | GUGGENHEIM ETFs ANNUAL REPORT

PORTFOLIO SUMMARY (Unaudited) October 31, 2016

Guggenheim S&P 500^® Equal Weight Health Care ETF

Holdings Diversification (Market Exposure as % of Net Assets)

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

Ten Largest Holdings	(% of Total Net Assets)
UnitedHealth Group, Inc.	1.9%
Baxter International, Inc.	1.9%
Alexion Pharmaceuticals, Inc.	1.9%
Stryker Corp.	1.9%
Mettler-Toledo International, Inc.	1.9%
Thermo Fisher Scientific, Inc.	1.8%
Danaher Corp.	1.8%
CR Bard, Inc.	1.8%
HCA Holdings, Inc.	1.8%
Quest Diagnostics, Inc.	1.8%
Top Ten Total	18.5%
“Ten Largest Holdings” excludes any temporary cash investments.

GUGGENHEIM ETFs ANNUAL REPORT | 25

MANAGER'S ANALYSIS (Unaudited) October 31, 2016

Guggenheim S&P 500^® Equal Weight Industrials ETF

For the one-year period ended October 31, 2016, Guggenheim S&P 500^® Equal Weight Industrials ETF (“RGI”) returned 8.25% compared to its benchmark S&P 500^® Equal Weight Index Industrials, which returned 8.89%. RGI achieved over 99% correlation to its benchmark on a daily basis.

The return of the cap-weighted S&P 500^® Index was 4.51%.

The Machinery, Construction & Engineering, and Aerospace & Defense industries contributed the most to the Fund’s return. The only detractors were the Airlines and Chemicals industries.

Quanta Services, Inc., Cummins, Inc., and Xylem, Inc. contributed the most to the Fund’s return. Stericycle, Inc., Robert Half International, Inc., and Ametek, Inc. detracted the most from the Fund’s return.

Cumulative Fund Performance: November 1, 2006 – October 31, 2016

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2016
	One Year	Three Year	Five Year	Since Inception (11/01/06)
Guggenheim S&P 500® Equal Weight Industrials ETF	8.25%	7.50%	13.75%	8.32%
S&P 500 Equal Weight Index Industrials	8.89%	7.99%	14.30%	8.87%
S&P 500 Index	4.51%	8.84%	13.57%	6.78%

The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Performance displayed represents past performance, which is no guarantee of future results.

26 | GUGGENHEIM ETFs ANNUAL REPORT

PORTFOLIO SUMMARY (Unaudited) October 31, 2016

Guggenheim S&P 500^® Equal Weight Industrials ETF

Holdings Diversification (Market Exposure as % of Net Assets)

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

Ten Largest Holdings	(% of Total Net Assets)
Quanta Services, Inc.	1.7%
Boeing Co.	1.6%
Delta Air Lines, Inc.	1.6%
Northrop Grumman Corp.	1.6%
Cummins, Inc.	1.6%
CSX Corp.	1.6%
FedEx Corp.	1.6%
Deere & Co.	1.6%
Southwest Airlines Co.	1.6%
United Continental Holdings, Inc.	1.6%
Top Ten Total	16.1%
“Ten Largest Holdings” excludes any temporary cash investments.

GUGGENHEIM ETFs ANNUAL REPORT | 27

MANAGER'S ANALYSIS (Unaudited) October 31, 2016

Guggenheim S&P 500^® Equal Weight Materials ETF

For the one-year period ended October 31, 2016, Guggenheim S&P 500^® Equal Weight Materials ETF (“RTM”) returned 7.29% compared with the 7.80% return of the benchmark, the S&P 500^® Equal Weight Index Materials. RTM achieved over 99% correlation to its benchmark on a daily basis.

The return of the cap-weighted S&P 500^® Index was 4.51%.

The Metals & Mining, Construction Materials, and Containers & Packaging industries were the largest contributors to the Fund’s return. The Chemicals and Semiconductors & Semiconductors Equipment industries was the only detractor from return.

Newmont Mining Corp., Airgas, Inc., and Freeport-McMoRan, Inc., contributed the most to the Fund’s return. CF Industries Holdings, Inc., Mosaic Co., and LyondellBasell Industries NV detracted the most from the Fund’s return.

Cumulative Fund Performance: November 1, 2006 – October 31, 2016

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2016
	One Year	Three Year	Five Year	Since Inception (11/01/06)
Guggenheim S&P 500® Equal Weight Materials ETF	7.29%	5.39%	10.06%	7.62%
S&P 500 Equal Weight Index Materials	7.80%	5.83%	10.58%	8.31%
S&P 500 Index	4.51%	8.84%	13.57%	6.78%

The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Performance displayed represents past performance, which is no guarantee of future results.

28 | GUGGENHEIM ETFs ANNUAL REPORT

PORTFOLIO SUMMARY (Unaudited) October 31, 2016

Guggenheim S&P 500^® Equal Weight Materials ETF

Holdings Diversification (Market Exposure as % of Net Assets)

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

Ten Largest Holdings	(% of Total Net Assets)
Eastman Chemical Co.	4.1%
Owens-Illinois, Inc.	4.1%
Freeport-McMoRan, Inc.	4.0%
Albemarle Corp.	4.0%
Martin Marietta Materials, Inc.	3.9%
Vulcan Materials Co.	3.9%
FMC Corp.	3.9%
LyondellBasell Industries N.V. — Class A	3.9%
Nucor Corp.	3.9%
Dow Chemical Co.	3.7%
Top Ten Total	39.4%
“Ten Largest Holdings” excludes any temporary cash investments.

GUGGENHEIM ETFs ANNUAL REPORT | 29

MANAGER'S ANALYSIS (Unaudited) October 31, 2016

Guggenheim S&P 500^® Equal Weight Real Estate ETF

For the one-year period ended October 31, 2016, Guggenheim S&P 500^® Equal Weight Real Estate ETF (“EWRE”) returned 2.39%, compared with its benchmark, the S&P 500^® Equal Weight Real Estate Index, which returned 2.82%.

The return of the cap-weighted S&P 500^® Index was 4.51%.

The Fund was launched on August 12, 2015, shortly after S&P Dow Jones Indices launched the S&P 500 Equal Weight Real Estate Index. As a reflection of the rising importance of real estate as an asset class, on August 31, 2016, real estate was removed from the Financials sector and elevated from its "industry group" status with the Global Industry Classification Standard (GICS^®) Financials sector to its own sector category. As of that date, REITs made up about 20% of the market capitalization of the Financials sector.

To reflect the removal of real estate from the Financials sector and subsequent elevation to its own sector status, on September 16, 2016, Guggenheim S&P 500^® Equal Weight Financials ETF (“RYF”) replaced its real estate holdings with shares of EWRE. After market close on September 16, RYF made an in-kind distribution of 0.50 shares of EWRE for each share of RYF owned, plus a small amount of cash for fractional shares.

The Specialized REITs, Health Care REITs, and Industrials REITs were the largest contributors to the Fund’s return. Real Estate Services, Office REITs, and Hotel & Resorts REITs were the largest detractors from return.

Ventas, Inc., Realty Income Corp., and Equinix, Inc. contributed the most to the Fund’s return. CBRE Group, Inc.—Class A, SL Green Realty Corp., and Extra Space Storage, Inc. detracted the most from the Fund’s return.

Cumulative Fund Performance: August 12, 2015 – October 31, 2016

30 | GUGGENHEIM ETFs ANNUAL REPORT

MANAGER'S ANALYSIS (Unaudited)(concluded) October 31, 2016

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2016
	One Year	Since Inception (08/12/15)
Guggenheim S&P 500® Equal Weight Real Estate ETF	2.39%	3.31%
S&P 500 Equal Weight Real Estate Index	2.82%	3.73%
S&P 500 Index	4.51%	3.77%

The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Performance displayed represents past performance, which is no guarantee of future results.

GUGGENHEIM ETFs ANNUAL REPORT | 31

PORTFOLIO SUMMARY (Unaudited) October 31, 2016

Guggenheim S&P 500^® Equal Weight Real Estate ETF

Holdings Diversification (Market Exposure as % of Net Assets)

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

Ten Largest Holdings	(% of Total Net Assets)
American Tower Corp. — Class A	4.0%
Apartment Investment & Management Co. — Class A	3.9%
Prologis, Inc.	3.8%
Equinix, Inc.	3.8%
Ventas, Inc.	3.7%
UDR, Inc.	3.7%
Weyerhaeuser Co.	3.7%
AvalonBay Communities, Inc.	3.7%
Crown Castle International Corp.	3.7%
Essex Property Trust, Inc.	3.6%
Top Ten Total	37.6%
“Ten Largest Holdings” excludes any temporary cash investments.

32 | GUGGENHEIM ETFs ANNUAL REPORT

MANAGER'S ANALYSIS (Unaudited) October 31, 2016

Guggenheim S&P 500^® Equal Weight Technology ETF

For the one-year period ended October 31, 2016, Guggenheim S&P 500^® Equal Weight Technology ETF (“RYT”) returned 14.06% compared with its benchmark, the S&P 500^® Equal Weight Index Information Technology, which returned 14.92%. RYT achieved over 99% correlation to its benchmark on a daily basis.

The return of the cap-weighted S&P 500^® Index was 4.51%.

The Semiconductors & Semiconductor Equipment, Software, and Internet Software & Services industries were the largest contributors to the Fund’s return. Electronic Equipment & Instruments was the only detractor from return; Consumer Finance and IT Services industries contributed the least to return.

NVIDIA Corp., Applied Materials, Inc., and Hewlett Packard Enterprise Co. contributed the most to the Fund’s return. Alliance Data Systems Corp., Cognizant Technology Solutions Corp.—Class A, and Juniper Networks, Inc. detracted the most from the Fund’s return.

Cumulative Fund Performance: November 1, 2006 – October 31, 2016

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2016
	One Year	Three Year	Five Year	Since Inception (11/01/06)
Guggenheim S&P 500® Equal Weight Technology ETF	14.06%	15.25%	16.18%	8.90%
S&P 500 Equal Weight Index Information Technology	14.92%	15.79%	16.75%	9.45%
S&P 500 Index	4.51%	8.84%	13.57%	6.78%

The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Performance displayed represents past performance, which is no guarantee of future results.

GUGGENHEIM ETFs ANNUAL REPORT | 33

PORTFOLIO SUMMARY (Unaudited) October 31, 2016

Guggenheim S&P 500^® Equal Weight Technology ETF

Holdings Diversification (Market Exposure as % of Net Assets)

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

Ten Largest Holdings	(% of Total Net Assets)
Akamai Technologies, Inc.	1.9%
NVIDIA Corp.	1.7%
F5 Networks, Inc.	1.7%
Skyworks Solutions, Inc.	1.7%
Juniper Networks, Inc.	1.7%
QUALCOMM, Inc.	1.7%
Western Digital Corp.	1.7%
VeriSign, Inc.	1.6%
Apple, Inc.	1.6%
PayPal Holdings, Inc.	1.6%
Top Ten Total	16.9%
“Ten Largest Holdings” excludes any temporary cash investments.

34 | GUGGENHEIM ETFs ANNUAL REPORT

MANAGER'S ANALYSIS (Unaudited) October 31, 2016

Guggenheim S&P 500^® Equal Weight Utilities ETF

For the one-year period ended October 31, 2016, Guggenheim S&P 500^® Equal Weight Utilities ETF (“RYU”) returned 14.13% while its benchmark, the S&P 500^® Equal Weight Index Telecommunication Services & Utilities, returned 14.61%. RYU had a 96% correlation to its benchmark on a daily basis.

The return of the cap-weighted S&P 500^® Index was 4.51%.

The industries for Electric Utilities, Multi-Utilities, and Diversified Telecommunication Services were the largest contributors to the Fund’s return. The Independent Power & Renewable Electricity Producers, Gas Utilities, and Water Utilities industries contributed the least; there were no detractors from return.

NextEra Energy, Inc., Exelon Corp., and CenterPoint Energy, Inc. contributed the most to the Fund’s return. Frontier Communications Corp., NRG Energy, Inc., and Alliant Energy Corp. detracted the most from the Fund’s return.

Cumulative Fund Performance: November 1, 2006 – October 31, 2016

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2016
	One Year	Three Year	Five Year	Since Inception (11/01/06)
Guggenheim S&P 500® Equal Weight Utilities ETF	14.13%	11.64%	12.35%	7.73%
S&P 500 Equal Weight Index Telecommunication Services & Utilities	14.61%	12.11%	12.90%	8.28%
S&P 500 Index	4.51%	8.84%	13.57%	6.78%

The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Performance displayed represents past performance, which is no guarantee of future results.

GUGGENHEIM ETFs ANNUAL REPORT | 35

PORTFOLIO SUMMARY (Unaudited) October 31, 2016

Guggenheim S&P 500^® Equal Weight Utilities ETF

Holdings Diversification (Market Exposure as % of Net Assets)

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

Ten Largest Holdings	(% of Total Net Assets)
Level 3 Communications, Inc.	3.5%
SCANA Corp.	3.2%
NextEra Energy, Inc.	3.2%
DTE Energy Co.	3.2%
FirstEnergy Corp.	3.1%
Sempra Energy	3.1%
Ameren Corp.	3.1%
Dominion Resources, Inc.	3.1%
Consolidated Edison, Inc.	3.1%
Eversource Energy	3.1%
Top Ten Total	31.7%
“Ten Largest Holdings” excludes any temporary cash investments.

36 | GUGGENHEIM ETFs ANNUAL REPORT

SCHEDULE OF INVESTMENTS	October 31, 2016
Guggenheim MSCI Emerging Markets Equal Country Weight ETF

	Shares		Value
COMMON STOCKS† - 91.7%
Financial - 36.2%
Commercial International Bank Egypt SAE GDR		74,310	$	328,449
Credicorp Ltd.		2,047		304,347
OTP Bank plc		9,934		279,240
Komercni Banka AS		4,915		179,787
Qatar National Bank SAQ		3,162		138,930
Bancolombia S.A. ADR		2,845		108,907
Emaar Properties PJSC		52,203		99,060
Grupo de Inversiones Suramericana S.A.		5,907		76,457
Bank Central Asia Tbk PT		62,000		73,770
Powszechna Kasa Oszczednosci Bank Polski S.A.		10,356		72,305
Bank Rakyat Indonesia Persero Tbk PT		73,200		68,443
Public Bank BHD		13,600		64,385
Masraf Al Rayan QSC		6,515		61,902
Banco Bradesco S.A. ADR		5,887		61,284
Bank Mandiri Persero Tbk PT		67,200		59,099
Ayala Land, Inc.		77,385		57,933
Turkiye Garanti Bankasi AS ADR		20,793		57,285
Siam Commercial Bank PCL		13,522		55,444
Akbank TAS ADR		10,136		54,278
Grupo Financiero Banorte SAB de CV — Class O		7,818		46,270
Banco de Chile ADR1		630		45,662
Ayala Corp.		2,640		45,525
Bank Pekao S.A.		1,452		44,657
Malayan Banking BHD		23,600		44,443
BDO Unibank, Inc.		19,040		44,354
SM Prime Holdings, Inc.		79,200		43,998
China Construction Bank Corp. ADR		2,905		42,282
Powszechny Zaklad Ubezpieczen S.A.		6,080		42,079
Banco Santander Chile ADR		1,840		42,044
First Gulf Bank PJSC		13,377		41,882
Bank Zachodni WBK S.A.		514		41,398
Abu Dhabi Commercial Bank PJSC		24,232		40,507
Ezdan Holding Group QSC		9,113		39,289
Qatar Islamic Bank SAQ		1,376		38,693
Industrial & Commercial Bank of China Ltd. ADR1		3,079		36,732
Qatar Insurance Company SAQ		1,509		36,300
Aldar Properties PJSC		50,027		35,956
Alpha Bank AE*		21,008		35,925
Corporation Financiera Colombiana S.A.		2,752		34,243
FirstRand Ltd.1		7,996		28,657
Bank of China Ltd. ADR1		2,544		28,442
CIMB Group Holdings BHD		23,600		28,298
Doha Bank QSC		2,754		27,528
VTB Bank PJSC GDR		13,066		27,360
Turkiye Is Bankasi — Class C		16,780		27,203
Standard Bank Group Ltd. ADR		2,552		26,975
Emaar Malls PJSC		38,108		26,663
Banco Bradesco ADR		2,594		25,110
National Bank of Abu Dhabi PJSC		10,081		24,289
Bank Negara Indonesia Persero Tbk PT		55,600		23,756
mBank S.A.*		264		23,731
Central Pattana PCL		14,714		23,439
Turkiye Halk Bankasi AS		7,534		22,870
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		22,220		22,675
Shinhan Financial Group Company Ltd. ADR		548		21,176
Dubai Islamic Bank PJSC		14,676		20,937
Ping An Insurance Group Company of China Ltd. ADR1		1,948		20,658
Banco do Brasil S.A. ADR		2,242		20,649
Eurobank Ergasias S.A.*		34,983		20,555
Banco de Credito e Inversiones		393		20,196
Banco Santander Brasil S.A. ADR1		2,400		19,632
BB Seguridade Participacoes S.A. ADR		1,961		19,541
Piraeus Bank S.A.*		116,015		19,204
KB Financial Group, Inc. ADR		512		18,934
China Overseas Land & Investment Ltd.		6,000		18,530
Bangkok Bank PCL		3,941		17,961
Nedbank Group Ltd.		1,088		17,794
Krung Thai Bank PCL		35,197		17,298
RMB Holdings Ltd.		3,832		16,917
Barclays Africa Group Ltd.		1,386		16,074
China Life Insurance Company Ltd. ADR1		1,261		15,574
Cathay Financial Holding Company Ltd.		12,000		15,572
Redefine Properties Ltd.		17,860		15,340
Hana Financial Group, Inc.		528		15,135
National Bank of Greece S.A. ADR*		72,530		14,919
Growthpoint Properties Ltd.		7,760		14,469
Agricultural Bank of China Ltd. ADR		1,376		14,407
Fibra Uno Administracion S.A. de CV		7,358		14,112
Dubai Financial Market PJSC		43,720		13,688
PICC Property & Casualty Company Ltd. — Class H		8,000		12,957
AMMB Holdings BHD		12,800		12,815
Turkiye Vakiflar Bankasi TAO — Class D		8,660		12,809
Hong Leong Bank BHD		4,000		12,701
CTBC Financial Holding Company Ltd.		23,349		12,578
Sanlam Ltd. ADR		1,268		12,338
Shanghai Industrial Holdings Ltd.		4,000		12,250
Grupo Financiero Santander Mexico SAB de CV — Class B		6,657		12,109
Grupo Financiero Inbursa SAB de CV — Class O		7,358		11,999
Yapi ve Kredi Bankasi AS*		10,032		11,987
Taiwan Cooperative Financial Holding Company Ltd.		26,964		11,834
Taiwan Business Bank		45,066		11,396
Fubon Financial Holding Company Ltd.		8,000		11,357
Mega Financial Holding Company Ltd.		16,000		10,951
E.Sun Financial Holding Company Ltd.		19,130		10,881
Shin Kong Financial Holding Company Ltd.*		49,959		10,844
China Evergrande Group1		16,000		10,584
Hyundai Marine & Fire Insurance Company Ltd.		332		10,257

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

SCHEDULE OF INVESTMENTS (continued)	October 31, 2016
Guggenheim MSCI Emerging Markets Equal Country Weight ETF

	Shares		Value
Samsung Fire & Marine Insurance Company Ltd.		40	$	10,190
China Merchants Bank Company Ltd. — Class H		4,000		9,759
First Financial Holding Company Ltd.		17,806		9,338
Discovery Ltd.		1,060		9,059
China Life Insurance Company Ltd.		9,152		8,454
Country Garden Holdings Company Ltd.1		16,000		8,335
Alior Bank S.A.*		694		8,314
China Resources Land Ltd.		3,283		8,188
SinoPac Financial Holdings Company Ltd.		27,054		7,810
Yuanta Financial Holding Company Ltd.		20,524		7,674
China Smarter Energy Group Holdings Ltd.*		64,777		7,267
Hua Nan Financial Holdings Company Ltd.		13,534		6,883
Brait SE*		1,005		6,678
Samsung Securities Company Ltd.		216		6,522
Bank of Communications Company Ltd. — Class H		8,000		6,097
China Development Financial Holding Corp.		24,000		6,016
China Pacific Insurance Group Company Ltd. — Class H		1,600		5,787
CITIC Ltd.		4,000		5,746
NH Investment & Securities Company Ltd.		636		5,614
Longfor Properties Company Ltd.		4,000		5,313
China CITIC Bank Corporation Ltd. — Class H		8,000		5,168
Mirae Asset Daewoo Company Ltd.		736		4,985
Total Financial				4,221,656
Communications - 10.9%
Emirates Telecommunications Group Company PJSC		25,818		132,496
Naspers Ltd. ADR		6,760		114,244
Telekomunikasi Indonesia Persero Tbk PT		323,200		104,529
Global Telecom Holding SAE GDR*		47,804		97,997
Tencent Holdings Ltd. ADR		3,219		85,400
O2 Czech Republic AS		8,630		79,077
Hellenic Telecommunications Organization S.A.		8,592		78,645
America Movil SAB de CV — Class L ADR1		4,401		57,829
China Mobile Ltd. ADR		746		42,843
Ooredoo QSC		1,548		41,234
Advanced Info Service PCL		8,748		38,369
Grupo Televisa SAB ADR		1,430		35,078
PLDT, Inc. ADR		901		28,652
Alibaba Group Holding Ltd. ADR*,1		259		26,338
Turkcell Iletisim Hizmetleri AS ADR*		3,112		24,958
NAVER Corp.		32		23,967
MTN Group Ltd. ADR		2,711		23,369
DiGi.com BHD		17,600		21,103
Chunghwa Telecom Company Ltd. ADR		564		19,261
Telefonica Brasil S.A. ADR		1,261		18,158
Axiata Group BHD		14,800		17,358
Orange Polska S.A.		10,336		14,706
Rostelecom PJSC ADR		1,981		14,600
Baidu, Inc. ADR*		80		14,149
Cyfrowy Polsat S.A.*		2,289		14,086
Maxis BHD		9,600		13,639
Vodacom Group Ltd. ADR		1,240		13,442
True Corporation PCL		68,614		13,234
Telekom Malaysia BHD		7,200		11,225
Sistema PJSC FC GDR		1,312		9,801
China Unicom Hong Kong Ltd. ADR1		734		8,602
China Telecom Corporation Ltd. ADR		156		8,042
MegaFon OAO GDR		792		7,548
TIM Participacoes S.A. ADR		484		6,703
Samsung SDI Company Ltd.		68		5,604
Total Communications				1,266,286
Consumer, Non-cyclical - 8.6%
Richter Gedeon Nyrt		6,302		135,549
Ambev S.A. ADR		10,222		60,310
Fomento Economico Mexicano SAB de CV ADR		573		54,819
JG Summit Holdings, Inc.		31,000		48,654
Cencosud S.A.		14,208		46,311
DP World Ltd.		2,466		44,265
Magnit PJSC GDR		1,096		43,500
Universal Robina Corp.		10,640		39,991
Unilever Indonesia Tbk PT		10,800		36,813
BIM Birlesik Magazalar AS		2,041		33,220
Cielo S.A. ADR		2,498		25,455
Shoprite Holdings Ltd. ADR1		1,484		21,948
Bangkok Dusit Medical Services PCL — Class F		33,532		21,845
BRF S.A. ADR		1,300		21,736
Charoen Pokphand Foods PCL		23,923		21,532
Kalbe Farma Tbk PT		156,400		20,857
IHH Healthcare BHD		13,200		20,138
Anadolu Efes Biracilik Ve Malt Sanayii AS		3,276		20,006
Kroton Educational S.A. ADR		3,947		19,814
Cia Cervecerias Unidas S.A. ADR		912		19,608
Charoen Pokphand Indonesia Tbk PT		66,000		18,716
IOI Corporation BHD		15,600		16,734
Aspen Pharmacare Holdings Ltd.		756		16,470
Tiger Brands Ltd.		568		16,177
Uni-President Enterprises Corp.		8,320		16,109
Grupo Bimbo SAB de CV		5,518		14,937
Gruma SAB de CV — Class B		1,000		13,944
Kuala Lumpur Kepong BHD		2,400		13,708
Netcare Ltd.		5,220		13,408
Arca Continental SAB de CV		2,100		13,133
KT&G Corp.		132		13,036
Coca-Cola Femsa SAB de CV		1,722		13,000
Ulker Biskuvi Sanayi AS		2,000		12,400
Kimberly-Clark de Mexico SAB de CV — Class A		5,302		11,491
Mediclinic International plc		972		10,731
Eurocash S.A.		1,035		10,455
Bidvest Group Ltd.		724		8,990
JBS S.A ADR1		1,071		6,560

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

SCHEDULE OF INVESTMENTS (continued)	October 31, 2016
Guggenheim MSCI Emerging Markets Equal Country Weight ETF

	Shares		Value
Want Want China Holdings Ltd.1		8,000	$	4,880
Total Consumer, Non-cyclical				1,001,250
Energy - 7.5%
MOL Hungarian Oil & Gas plc		1,583		101,921
Gazprom PJSC ADR		20,367		87,985
LUKOIL PJSC ADR		1,790		87,263
PTT PCL		7,967		78,765
Polski Koncern Naftowy ORLEN S.A.		3,408		67,366
Ecopetrol S.A. ADR*,1		6,161		53,539
Novatek OJSC GDR		412		44,043
Petroleo Brasileiro S.A. ADR*		3,334		38,908
Polskie Gornictwo Naftowe i Gazownictwo S.A.		26,948		34,371
Tatneft PJSC ADR		856		28,650
Rosneft PJSC GDR		5,240		28,558
Ultrapar Participacoes S.A. ADR		1,171		26,465
PTT Exploration & Production PCL		11,122		26,456
Tupras Turkiye Petrol Rafinerileri AS		1,225		24,943
Sasol Ltd. ADR		874		24,044
China Petroleum & Chemical Corp. ADR		323		23,392
CNOOC Ltd. ADR1		164		20,579
Surgutneftegas OJSC ADR		4,536		19,496
Petronas Gas BHD		3,600		18,880
PetroChina Company Ltd. ADR		193		13,072
GS Holdings Corp.		280		12,504
SK Innovation Company Ltd.		88		11,651
Total Energy				872,851
Consumer, Cyclical - 6.9%
SACI Falabella		10,416		81,775
Astra International Tbk PT		123,200		77,661
OPAP S.A.		8,204		69,877
CP ALL PCL		38,361		66,588
JUMBO S.A.		3,624		51,446
SM Investments Corp.		3,060		42,465
Wal-Mart de Mexico SAB de CV		16,555		35,201
Latam Airlines Group S.A. ADR*		3,632		34,831
FF Group*		1,216		29,086
Steinhoff International Holdings N.V.		5,092		27,491
Jollibee Foods Corp.		5,480		26,935
Hyundai Motor Co.		168		20,555
Arcelik AS		3,000		19,803
Woolworths Holdings Limited/South Africa		3,378		19,570
Genting Malaysia BHD		17,200		19,517
Matahari Department Store Tbk PT		14,000		19,340
Hyundai Mobis Company Ltd.		80		19,157
Genting BHD		10,000		18,689
LPP S.A.		10		14,940
Kia Motors Corp.		416		14,797
Turk Hava Yollari AO*		7,376		12,958
Bid Corporation Ltd.		724		12,767
Mr Price Group Ltd.		802		9,144
Dongfeng Motor Group Company Ltd. — Class H		8,000		8,325
Truworths International Ltd.		1,563		8,283
Cheng Shin Rubber Industry Company Ltd.		4,000		8,150
Samsung C&T Corp.		56		7,904
LG Corp.		144		7,714
Kangwon Land, Inc.		200		6,633
Far Eastern New Century Corp.		8,160		6,322
Great Wall Motor Company Ltd. — Class H		6,000		5,857
Shinsegae, Inc.		36		5,852
Total Consumer, Cyclical				809,633
Basic Materials - 6.4%
Southern Copper Corp.		3,929		111,544
Cia de Minas Buenaventura S.A.A. ADR*		6,551		87,062
Industries Qatar QSC		2,401		67,252
KGHM Polska Miedz S.A.		1,974		35,650
MMC Norilsk Nickel PJSC ADR		2,316		34,926
Empresas CMPC S.A.		13,792		29,872
Sociedad Quimica y Minera de Chile S.A. ADR		1,012		29,612
Grupo Mexico SAB de CV		11,956		29,605
PTT Global Chemical PCL		15,511		26,592
Vale S.A. ADR1		3,688		25,521
Braskem S.A. ADR1		1,339		23,767
Formosa Plastics Corp.		8,000		21,649
Eregli Demir ve Celik Fabrikalari TAS		15,908		21,578
Petronas Chemicals Group BHD		12,800		21,359
Severstal PJSC GDR		1,456		20,530
Industrias Penoles SAB de CV		800		19,498
POSCO ADR		332		17,247
Nan Ya Plastics Corp.		8,000		16,655
Fibria Celulose S.A. ADR		1,879		14,994
AngloGold Ashanti Ltd. ADR*		1,059		14,551
LG Chem Ltd.		56		12,064
Formosa Chemicals & Fibre Corp.		4,000		11,902
China Steel Corp.		16,000		11,560
Gerdau S.A. ADR		3,022		10,365
Mexichem SAB de CV		3,810		9,157
Grupa Azoty S.A.		538		8,543
Hyundai Steel Co.		188		8,116
Korea Zinc Company Ltd.		16		6,362
Total Basic Materials				747,533
Utilities - 5.1%
CEZ AS		10,212		192,200
Tenaga Nasional BHD		13,200		45,122
Interconexion Electrica S.A. ESP		11,415		38,061
Enersis Americas S.A. ADR		4,356		37,767
PGE Polska Grupa Energetyczna S.A.		11,480		29,955
Empresa Nacional de Electricidad S.A. ADR*		1,216		25,244
Aboitiz Power Corp.		26,000		24,672
Enersis Chile S.A. ADR		4,356		21,649
Aguas Andinas S.A. — Class A		31,616		20,842
Colbun S.A.		94,312		20,544
Centrais Eletricas Brasileiras S.A. ADR*		2,700		19,953
Cia de Saneamento Basico do Estado de Sao Paulo ADR		1,680		17,674
Endesa Americas S.A. ADR		1,216		17,474
Korea Electric Power Corp. ADR		800		17,448

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

SCHEDULE OF INVESTMENTS (continued)	October 31, 2016
Guggenheim MSCI Emerging Markets Equal Country Weight ETF

	Shares		Value
Perusahaan Gas Negara Persero Tbk		82,400	$	16,167
CPFL Energia S.A. ADR1		982		14,926
RusHydro PJSC ADR		12,033		14,680
Cia Energetica de Minas Gerais ADR		2,782		8,402
Energa S.A.		3,600		7,354
Total Utilities				590,134
Industrial - 4.2%
Grupo Argos S.A.		8,347		54,327
Cementos Argos S.A.		12,385		49,191
Qatar Gas Transport Company Ltd.		7,000		43,462
Titan Cement Company S.A.		1,702		39,498
Airports of Thailand PCL		3,600		39,191
Hon Hai Precision Industry Company Ltd.		13,860		37,464
Cemex SAB de CV ADR*,1		4,078		35,397
Delta Electronics, Inc.		4,000		21,104
United Tractors Tbk PT		12,257		20,314
Semen Indonesia Persero Tbk PT		24,000		18,118
BTS Group Holdings PCL		61,960		15,137
Indocement Tunggal Prakarsa Tbk PT		11,600		14,624
Gamuda BHD		12,400		14,513
Grupo Aeroportuario del Sureste SAB de CV — Class B		727		11,621
MISC BHD		6,400		11,473
Embraer S.A. ADR		471		10,075
Taiwan Cement Corp.		8,000		9,595
Promotora y Operadora de Infraestructura SAB de CV		837		9,404
Arabtec Holding PJSC*		25,444		9,213
LG Electronics, Inc.		184		7,686
Grupo Aeroportuario del Pacifico SAB de CV ADR		75		7,247
LG Display Company Ltd. ADR1		592		7,110
China Everbright International Ltd.		4,000		4,797
China Communications Construction Company Ltd. — Class H		4,000		4,405
Total Industrial				494,966
Technology - 3.5%
Taiwan Semiconductor Manufacturing Company Ltd. ADR		4,982		154,940
Samsung Electronics Company Ltd. GDR		191		134,750
Advanced Semiconductor Engineering, Inc. ADR		5,328		31,169
MediaTek, Inc.		4,000		30,421
SK Hynix, Inc.		652		23,362
United Microelectronics Corp. ADR		7,000		13,300
SK Holdings Company Ltd.		62		12,110
Quanta Computer, Inc.		4,000		8,112
Total Technology				408,164
Diversified - 2.4%
Empresas COPEC S.A.		5,152		51,761
Siam Cement PCL		2,800		40,003
Aboitiz Equity Ventures, Inc.		24,000		38,660
Haci Omer Sabanci Holding AS		10,120		30,557
KOC Holding AS ADR		1,440		29,851
Sime Darby BHD		14,400		28,113
Remgro Ltd.		1,120		18,608
Alfa SAB de CV — Class A		8,737		13,314
IJM Corporation BHD		16,800		13,216
Grupo Carso SAB de CV		3,000		13,160
CJ Corp.		56		8,540
Total Diversified				285,783
Total Common Stocks
(Cost $11,096,579)				10,698,256
PREFERRED STOCKS† - 2.6%
Itau Unibanco Holding S.A.		7,686		91,694
Petroleo Brasileiro S.A.*		4,591		50,776
Grupo Aval Acciones y Valores S.A.		104,519		43,258
Grupo de Inversiones Suramericana		3,190		40,459
Vale S.A.		5,109		32,902
Samsung Electronics Company, Ltd.		24		27,623
Cia Brasileira de Distribuicao		492		9,373
Hyundai Motor Co.		52		4,567
Total Preferred Stocks
(Cost $290,535)				300,652
EXCHANGE-TRADED FUNDS† - 5.5%
iShares MSCI India ETF		17,594		510,930
VanEck Vectors Egypt Index ETF1		3,657		136,516
Total Exchange-Traded Funds
(Cost $746,250)				647,446
SHORT TERM INVESTMENTS† - 0.1%
Federated U.S. Treasury Cash Reserve Fund Institutional Shares, 0.18%2		6,439		6,439
Total Short Term Investments
(Cost $6,439)				6,439
	Face Amount
SECURITIES LENDING COLLATERAL††,3 - 3.4%
Joint Repurchase Agreements
Citigroup Global Markets, Inc. issued 10/31/16 at 0.34% due 11/01/16	$	250,000		250,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. issued 10/31/16 at 0.31% due 11/01/16		145,137		145,137
Total Securities Lending Collateral
(Cost $395,137)				395,137
Total Investments - 103.3%
(Cost $12,534,940)			$	12,047,930
Other Assets & Liabilities, net - (3.3)%				(382,065	)
Total Net Assets - 100.0%			$	11,665,865

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

SCHEDULE OF INVESTMENTS (continued)	October 31, 2016
Guggenheim MSCI Emerging Markets Equal Country Weight ETF

INVESTMENT CONCENTRATION

At October 31, 2016, the investment diversification of the Fund by country was as follows:

Country	% of Total Investments
Brazil	6.1%
Indonesia	4.9%
Egypt	4.8%
Taiwan, Province of China	4.8%
Chile	4.7%
China	4.7%
Republic of Korea	4.5%
Hungary	4.4%
India	4.4%
South Africa	4.4%
Peru	4.3%
Thailand	4.3%
Colombia	4.3%
Qatar	4.2%
United Arab Emirates	4.2%
Mexico	4.1%
Poland	4.0%
Russian Federation	4.0%
Malaysia	4.0%
Czech Republic	3.9%
Philippines	3.8%
Turkey	3.8%
Greece	3.1%
Netherlands	0.2%
United States	0.1%
Total Investments	100.0%

*	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 October 31, 2016 — See Note 5.
2	Rate indicated is the 7 day yield as of October 31, 2016.
3	Securities lending collateral — See Note 5.
	ADR — American Depositary Receipt
	GDR — Global Depositary Receipt
	plc — Public Limited Company
	See Sector Classification in Other Information section.

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

SCHEDULE OF INVESTMENTS (concluded)	October 31, 2016
Guggenheim MSCI Emerging Markets Equal Country Weight ETF

The following table summarizes the inputs used to value the Fund’s investments at October 31, 2016 (See Note 4 in the Notes to Financial Statements):

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	10,698,256	$	—	$	—	$	10,698,256
Exchange-Traded Funds		647,446		—		—		647,446
Preferred Stocks		300,652		—		—		300,652
Securities Lending Collateral		—		395,137		—		395,137
Short Term Investments		6,439		—		—		6,439
Total	$	11,652,793	$	395,137	$	—	$	12,047,930

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the previous fiscal period.

For the year ended October 31, 2016, there were no transfers between levels.

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

SCHEDULE OF INVESTMENTS	October 31, 2016
Guggenheim S&P MidCap 400® Equal Weight ETF

	Shares		Value
COMMON STOCKS† - 99.8%
Financial - 23.7%
Endurance Specialty Holdings Ltd.1		3,486	$	320,537
SVB Financial Group*		2,112		258,234
Cousins Properties, Inc.		32,827		255,065
Alexander & Baldwin, Inc.		5,917		247,271
East West Bancorp, Inc.		6,219		245,713
Everest Re Group Ltd.		1,203		244,835
Cullen/Frost Bankers, Inc.1		3,221		244,764
American Campus Communities, Inc.		4,688		244,291
Aspen Insurance Holdings Ltd.		4,989		240,719
Webster Financial Corp.		5,957		240,664
Lamar Advertising Co. — Class A		3,779		239,777
Bank of Hawaii Corp.1		3,184		239,278
International Bancshares Corp.		7,739		238,748
Raymond James Financial, Inc.		3,967		238,496
FNB Corp.1		18,216		238,083
RenaissanceRe Holdings Ltd.		1,914		237,891
Fulton Financial Corp.		15,956		237,744
Kilroy Realty Corp.		3,291		236,392
Washington Federal, Inc.		8,671		236,285
Hancock Holding Co.		7,041		236,226
Associated Banc-Corp.		11,558		234,627
Stifel Financial Corp.*		5,976		233,901
Kemper Corp.		6,196		232,660
First Horizon National Corp.1		15,069		232,213
Valley National Bancorp1		23,547		232,173
Rayonier, Inc.		8,654		232,100
Signature Bank*		1,923		231,837
Prosperity Bancshares, Inc.1		4,178		231,754
PacWest Bancorp		5,326		231,095
Alexandria Real Estate Equities, Inc.		2,142		230,929
Liberty Property Trust		5,711		230,896
Potlatch Corp.		6,006		230,630
Synovus Financial Corp.		6,972		230,564
Hanover Insurance Group, Inc.		3,020		230,094
Post Properties, Inc.		3,494		229,870
SEI Investments Co.		5,160		228,743
American Financial Group, Inc.		3,067		228,492
Reinsurance Group of America, Inc. — Class A		2,117		228,340
Mid-America Apartment Communities, Inc.		2,461		228,258
Mercury General Corp.		4,189		228,175
Commerce Bancshares, Inc.		4,576		227,976
WR Berkley Corp.		3,992		227,943
Brown & Brown, Inc.		6,182		227,869
Alleghany Corp.*		440		227,132
Douglas Emmett, Inc.		6,201		226,337
PrivateBancorp, Inc. — Class A		4,982		225,386
Medical Properties Trust, Inc.		16,160		225,271
DCT Industrial Trust, Inc.		4,798		224,307
TCF Financial Corp.		15,638		223,623
Education Realty Trust, Inc.		5,249		223,555
Umpqua Holdings Corp.		14,558		222,446
Duke Realty Corp.		8,506		222,432
Trustmark Corp.1		8,023		222,077
Highwoods Properties, Inc.		4,457		221,201
Primerica, Inc.1		4,033		220,605
Chemical Financial Corp.		5,126		220,162
Senior Housing Properties Trust		10,270		218,443
Corporate Office Properties Trust		8,179		218,298
BancorpSouth, Inc.		9,282		218,127
Cathay General Bancorp		7,275		217,886
CNO Financial Group, Inc.		14,447		217,861
Camden Property Trust		2,670		217,445
SLM Corp.*		30,728		216,632
First Industrial Realty Trust, Inc.		8,193		216,377
Bank of the Ozarks, Inc.		5,850		216,216
EPR Properties		2,973		216,197
Healthcare Realty Trust, Inc.		6,771		215,927
Taubman Centers, Inc.		2,979		215,858
New York Community Bancorp, Inc.		14,990		215,256
LaSalle Hotel Properties		9,050		214,938
First American Financial Corp.		5,495		214,635
Equity One, Inc.		7,515		214,178
National Retail Properties, Inc.		4,686		213,775
Communications Sales & Leasing, Inc.		7,517		213,708
MB Financial, Inc.		5,871		213,646
Hospitality Properties Trust		7,803		213,490
Corrections Corporation of America		14,697		212,372
Regency Centers Corp.		2,943		212,102
Urban Edge Properties		8,205		211,771
CBOE Holdings, Inc.1		3,348		211,627
Mack-Cali Realty Corp.		8,211		210,858
Weingarten Realty Investors		5,810		210,380
Janus Capital Group, Inc.		16,206		207,761
Eaton Vance Corp.		5,916		207,415
Old Republic International Corp.		12,222		206,063
Omega Healthcare Investors, Inc.		6,407		203,935
Care Capital Properties, Inc.		7,669		203,765
Tanger Factory Outlet Centers, Inc.		5,825		202,710
Life Storage, Inc.		2,497		201,383
Waddell & Reed Financial, Inc. — Class A1		12,615		198,308
Jones Lang LaSalle, Inc.		2,031		196,702
Federated Investors, Inc. — Class B		7,203		194,481
WisdomTree Investments, Inc.1		22,566		193,616
Genworth Financial, Inc. — Class A*,1		46,659		193,168
Washington Prime Group, Inc.		17,583		184,446
Total Financial				21,308,442
Industrial - 17.8%
B/E Aerospace, Inc.		4,502		267,958
Worthington Industries, Inc.		5,511		259,017
Keysight Technologies, Inc.*		7,711		252,921
Old Dominion Freight Line, Inc.*,1		3,380		252,419
Tech Data Corp.*		3,254		250,623
Crane Co.		3,667		249,394
AGCO Corp.		4,857		248,096
Knowles Corp.*,1		16,535		247,032
Eagle Materials, Inc.		3,050		246,959
EMCOR Group, Inc.		4,084		246,918
Cognex Corp.		4,740		244,584
Lincoln Electric Holdings, Inc.		3,687		242,715

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

SCHEDULE OF INVESTMENTS (continued)	October 31, 2016
Guggenheim S&P MidCap 400® Equal Weight ETF

	Shares		Value
Kennametal, Inc.		8,554	$	242,164
Trimble, Inc.*		8,757		242,043
MSA Safety, Inc.		4,144		241,595
Landstar System, Inc.		3,382		240,630
Kirby Corp.*,1		4,057		239,160
Avnet, Inc.		5,685		238,486
Granite Construction, Inc.		4,851		238,475
GATX Corp.1		5,442		238,196
Packaging Corporation of America		2,885		238,013
Graco, Inc.		3,174		237,733
Nordson Corp.		2,373		237,608
National Instruments Corp.		8,452		237,417
Carlisle Companies, Inc.		2,255		236,437
Werner Enterprises, Inc.		9,827		236,339
Silgan Holdings, Inc.1		4,633		236,051
Curtiss-Wright Corp.		2,624		235,163
Jabil Circuit, Inc.		11,005		234,847
Vishay Intertechnology, Inc.1		16,632		234,511
Teledyne Technologies, Inc.*		2,177		234,420
ITT, Inc.		6,579		231,712
Belden, Inc.		3,572		231,501
Energizer Holdings, Inc.		4,974		231,341
Genesee & Wyoming, Inc. — Class A*		3,403		231,200
Wabtec Corp.1		2,987		230,925
Joy Global, Inc.		8,295		230,850
KBR, Inc.		15,574		230,651
Valmont Industries, Inc.		1,798		230,054
Timken Co.		6,952		229,764
Regal Beloit Corp.		3,882		229,426
Hubbell, Inc.		2,195		229,421
Greif, Inc. — Class A		4,885		228,911
Clean Harbors, Inc.*		4,808		227,515
Donaldson Company, Inc.1		6,218		227,081
Gentex Corp.1		13,425		227,017
Zebra Technologies Corp. — Class A*		3,444		226,753
Esterline Technologies Corp.*		3,087		226,740
AO Smith Corp.		5,000		225,850
Huntington Ingalls Industries, Inc.		1,398		225,581
Terex Corp.		9,444		225,523
Orbital ATK, Inc.		3,030		225,311
CLARCOR, Inc.		3,620		225,200
KLX, Inc.*		6,511		224,109
Sonoco Products Co.		4,456		224,092
Oshkosh Corp.		4,182		223,737
Arrow Electronics, Inc.*		3,654		223,332
Woodward, Inc.		3,772		222,473
AECOM*		7,890		219,737
EnerSys		3,360		218,837
Bemis Company, Inc.		4,485		218,509
IDEX Corp.		2,509		216,878
Louisiana-Pacific Corp.*		11,749		215,594
Dycom Industries, Inc.*,1		2,789		214,558
Lennox International, Inc.		1,462		213,291
Cree, Inc.*,1		9,424		210,155
AptarGroup, Inc.		2,939		209,962
Trinity Industries, Inc.		9,551		203,914
Triumph Group, Inc.		7,242		171,635
Total Industrial				15,987,064
Consumer, Non-cyclical - 14.5%
Avon Products, Inc.		41,856		274,157
Dean Foods Co.1		14,337		261,794
Sprouts Farmers Market, Inc.*,1		11,616		257,294
ManpowerGroup, Inc.		3,293		252,902
Rollins, Inc.		7,945		244,865
Live Nation Entertainment, Inc.*		8,839		244,575
WEX, Inc.*		2,236		243,948
CoreLogic, Inc.*		5,689		242,124
Flowers Foods, Inc.1		15,594		242,019
Snyder’s-Lance, Inc.		6,773		240,916
LifePoint Health, Inc.*		3,909		233,953
DeVry Education Group, Inc.1		10,252		232,720
Hain Celestial Group, Inc.*		6,364		231,459
WellCare Health Plans, Inc.*		2,022		229,518
Lancaster Colony Corp.		1,750		228,638
United Natural Foods, Inc.*,1		5,472		228,401
Bio-Rad Laboratories, Inc. — Class A*		1,444		228,267
United Therapeutics Corp.*		1,898		227,893
Aaron’s, Inc.1		9,207		227,505
TreeHouse Foods, Inc.*,1		2,563		224,211
WhiteWave Foods Co. — Class A*		4,109		223,899
Bio-Techne Corp.		2,146		223,162
Edgewell Personal Care Co.*		2,957		222,958
Service Corporation International		8,704		222,822
IDEXX Laboratories, Inc.*		2,070		221,780
Owens & Minor, Inc.		6,834		221,763
Gartner, Inc.*		2,568		220,951
Prestige Brands Holdings, Inc.*		4,870		220,513
Tootsie Roll Industries, Inc.1		6,214		220,286
Sotheby’s1		6,139		220,267
Molina Healthcare, Inc.*		4,045		220,088
Catalent, Inc.*		9,644		219,980
Ingredion, Inc.		1,673		219,447
Charles River Laboratories International, Inc.*		2,891		219,369
Hill-Rom Holdings, Inc.		3,943		218,482
LivaNova plc*,1		3,848		218,105
Graham Holdings Co. — Class B		455		216,125
West Pharmaceutical Services, Inc.		2,839		215,849
STERIS plc		3,230		215,829
Align Technology, Inc.*		2,481		213,168
Post Holdings, Inc.*		2,790		212,682
MEDNAX, Inc.*		3,456		211,680
Halyard Health, Inc.*		6,519		210,890
Helen of Troy Ltd.*		2,565		209,048
ResMed, Inc.		3,479		207,940
FTI Consulting, Inc.*		5,314		207,033
Deluxe Corp.		3,372		206,366
ABIOMED, Inc.*		1,957		205,465
Avis Budget Group, Inc.*		6,293		203,641
VCA, Inc.*		3,308		203,310
Boston Beer Company, Inc. — Class A*		1,307		202,912
NuVasive, Inc.*,1		3,380		201,887

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

SCHEDULE OF INVESTMENTS (continued)	October 31, 2016
Guggenheim S&P MidCap 400® Equal Weight ETF

	Shares		Value
CEB, Inc.		4,120	$	200,438
MarketAxess Holdings, Inc.		1,329		200,360
Amsurg Corp. — Class A*,1		3,348		200,043
Akorn, Inc.*		8,350		199,983
PAREXEL International Corp.*		3,422		199,366
Tenet Healthcare Corp.*		9,639		189,985
Teleflex, Inc.		1,261		180,487
Total Consumer, Non-cyclical				13,045,518
Consumer, Cyclical - 13.7%
Cabela’s, Inc.*		4,719		290,738
Domino’s Pizza, Inc.		1,558		263,677
Scotts Miracle-Gro Co. — Class A		2,871		252,906
JetBlue Airways Corp.*		14,037		245,367
Dana, Inc.		15,834		245,110
Cheesecake Factory, Inc.		4,569		243,025
Wendy’s Co.		22,301		241,743
Ingram Micro, Inc. — Class A		6,491		241,466
Copart, Inc.*,1		4,553		238,896
Cinemark Holdings, Inc.		5,943		236,531
Thor Industries, Inc.		2,920		231,585
Toro Co.		4,810		230,303
Dunkin’ Brands Group, Inc.		4,757		230,049
MSC Industrial Direct Company, Inc. — Class A		3,157		229,830
CST Brands, Inc.		4,772		229,151
Fossil Group, Inc.*,1		8,383		228,604
International Speedway Corp. — Class A		6,923		227,767
Vista Outdoor, Inc.*		5,826		225,291
KB Home		15,323		222,797
Pool Corp.		2,397		221,914
Jack in the Box, Inc.		2,354		220,640
Brinker International, Inc.1		4,478		220,497
Watsco, Inc.		1,603		220,076
Brunswick Corp.		5,026		218,631
Texas Roadhouse, Inc. — Class A		5,342		216,458
Polaris Industries, Inc.1		2,817		215,810
Williams-Sonoma, Inc.		4,652		215,015
Dick’s Sporting Goods, Inc.		3,863		214,976
Casey’s General Stores, Inc.		1,900		214,681
Chico’s FAS, Inc.		18,392		214,634
Cracker Barrel Old Country Store, Inc.1		1,550		213,900
Tupperware Brands Corp.		3,584		213,320
Toll Brothers, Inc.*		7,769		213,181
American Eagle Outfitters, Inc.1		12,504		213,068
Churchill Downs, Inc.1		1,551		210,936
Kate Spade & Co.*		12,587		210,832
HSN, Inc.		5,582		210,441
CalAtlantic Group, Inc.1		6,478		209,369
Panera Bread Co. — Class A*,1		1,095		208,882
NVR, Inc.*		137		208,651
Carter’s, Inc.		2,404		207,561
Buffalo Wild Wings, Inc.*,1		1,413		205,803
Guess?, Inc.		15,159		204,647
Big Lots, Inc.1		4,715		204,631
Skechers U.S.A., Inc. — Class A*,1		9,696		203,907
Sally Beauty Holdings, Inc.*,1		7,854		203,733
Deckers Outdoor Corp.*		3,901		203,593
World Fuel Services Corp.		5,036		202,699
GameStop Corp. — Class A1		8,377		201,467
J.C. Penney Company, Inc.*,1		23,000		197,570
Office Depot, Inc.		62,042		195,432
TRI Pointe Group, Inc.*		17,775		192,503
Herman Miller, Inc.		6,573		182,730
Restoration Hardware Holdings, Inc.*,1		6,259		181,323
HNI Corp.		4,276		173,862
Tempur Sealy International, Inc.*,1		2,953		159,669
Ascena Retail Group, Inc.*,1		30,039		146,891
Total Consumer, Cyclical				12,328,769
Technology - 11.5%
Mentor Graphics Corp.		9,685		279,897
Advanced Micro Devices, Inc.*		38,592		279,020
Computer Sciences Corp.		4,905		267,078
IPG Photonics Corp.*		2,751		266,875
Brocade Communications Systems, Inc.		24,857		263,484
Teradyne, Inc.		11,228		261,500
Intersil Corp. — Class A		11,761		259,682
Lexmark International, Inc. — Class A		6,316		250,682
PTC, Inc.*		5,269		249,961
NCR Corp.*		7,131		249,942
Silicon Laboratories, Inc.*		4,141		248,253
Microsemi Corp.*		5,837		245,913
Monolithic Power Systems, Inc.		3,101		244,390
Integrated Device Technology, Inc.*		11,534		238,869
j2 Global, Inc.1		3,347		238,139
CommVault Systems, Inc.*		4,441		237,593
Science Applications International Corp.		3,406		234,708
Ultimate Software Group, Inc.*		1,110		234,199
Cadence Design Systems, Inc.*		9,093		232,599
Synopsys, Inc.*		3,904		231,546
Rackspace Hosting, Inc.*		7,233		231,022
Leidos Holdings, Inc.		5,488		228,136
SYNNEX Corp.		2,223		227,946
ANSYS, Inc.*		2,459		224,630
Convergys Corp.		7,679		224,227
ACI Worldwide, Inc.*		12,354		223,854
NetScout Systems, Inc.*		8,080		221,796
Cirrus Logic, Inc.*		4,095		221,048
CDK Global, Inc.		4,044		220,843
Allscripts Healthcare Solutions, Inc.*		18,143		217,897
Tyler Technologies, Inc.*		1,356		217,502
MSCI, Inc. — Class A		2,687		215,471
Jack Henry & Associates, Inc.		2,642		214,055
Fair Isaac Corp.		1,772		213,845
Broadridge Financial Solutions, Inc.		3,280		212,085
VeriFone Systems, Inc.*		13,609		210,667
Acxiom Corp.*		8,929		210,367
3D Systems Corp.*,1		15,019		208,314
Synaptics, Inc.*,1		3,956		206,187
MAXIMUS, Inc.		3,921		204,127
Fortinet, Inc.*		6,367		204,126
Manhattan Associates, Inc.*		3,873		196,129
Cypress Semiconductor Corp.		19,561		195,023

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

SCHEDULE OF INVESTMENTS (continued)	October 31, 2016
Guggenheim S&P MidCap 400® Equal Weight ETF

	Shares		Value
Diebold, Inc.		8,880	$	193,584
DST Systems, Inc.		1,884		181,165
Total Technology				10,338,376
Energy - 5.1%
Patterson-UTI Energy, Inc.1		11,884		267,151
Nabors Industries Ltd.		22,214		264,347
Western Refining, Inc.1		8,625		248,832
Ensco plc — Class A		31,317		244,899
NOW, Inc.*		11,261		242,787
Rowan Companies plc — Class A		16,941		224,807
Oil States International, Inc.*		7,648		223,704
HollyFrontier Corp.		8,891		221,830
CONSOL Energy, Inc.		12,792		216,824
Diamond Offshore Drilling, Inc.1		13,032		214,898
Murphy USA, Inc.*		3,122		214,731
Oceaneering International, Inc.		8,932		212,582
SM Energy Co.1		6,309		212,171
Energen Corp.		4,053		203,177
QEP Resources, Inc.		12,552		201,711
Superior Energy Services, Inc.		14,186		200,874
Dril-Quip, Inc.*,1		4,214		200,165
Noble Corporation plc1		39,254		193,915
WPX Energy, Inc.*		17,803		193,341
Gulfport Energy Corp.*		7,690		185,406
Denbury Resources, Inc.*,1		73,683		176,102
Total Energy				4,564,254
Utilities - 4.9%
MDU Resources Group, Inc.		9,840		257,906
Black Hills Corp.		3,946		244,060
Great Plains Energy, Inc.		8,512		242,081
Southwest Gas Corp.		3,297		238,901
Westar Energy, Inc.		4,153		238,050
PNM Resources, Inc.		7,231		237,538
Vectren Corp.		4,714		237,161
IDACORP, Inc.		3,016		236,424
Atmos Energy Corp.		3,168		235,668
Aqua America, Inc.		7,618		233,873
WGL Holdings, Inc.		3,693		232,918
UGI Corp.		5,015		232,144
New Jersey Resources Corp.		6,836		232,082
ONE Gas, Inc.		3,773		231,209
Hawaiian Electric Industries, Inc.		7,784		229,628
Talen Energy Corp.*,1		16,476		229,511
OGE Energy Corp.		7,298		226,530
National Fuel Gas Co.		4,105		215,020
NorthWestern Corp.		3,729		214,604
Total Utilities				4,445,308
Basic Materials - 4.7%
Steel Dynamics, Inc.		9,487		260,513
United States Steel Corp.		13,370		258,576
Olin Corp.		11,712		256,844
Cabot Corp.		4,617		240,730
Commercial Metals Co.		15,038		236,247
Minerals Technologies, Inc.		3,494		234,797
Domtar Corp.		6,450		231,878
Sensient Technologies Corp.		3,083		229,714
Compass Minerals International, Inc.1		3,177		228,267
Reliance Steel & Aluminum Co.		3,237		222,641
Ashland Global Holdings, Inc.		1,955		218,432
NewMarket Corp.		539		216,090
Valspar Corp.		2,157		214,837
RPM International, Inc.		4,400		209,176
Royal Gold, Inc.		2,994		206,047
PolyOne Corp.		6,974		203,850
Carpenter Technology Corp.		6,387		201,893
Allegheny Technologies, Inc.1		14,090		192,188
Versum Materials, Inc.*		7,415		168,321
Total Basic Materials				4,231,041
Communications - 3.9%
Cable One, Inc.		420		242,231
Plantronics, Inc.		4,587		237,194
ARRIS International plc*		8,518		236,630
John Wiley & Sons, Inc. — Class A		4,537		234,109
InterDigital, Inc.		3,237		228,693
ViaSat, Inc.*		3,158		223,144
comScore, Inc.*,1		7,615		219,236
Telephone & Data Systems, Inc.		8,421		217,599
WebMD Health Corp. — Class A*,1		4,412		216,762
AMC Networks, Inc. — Class A*		4,398		215,194
Time, Inc.		15,789		205,257
Ciena Corp.*		10,512		203,723
FactSet Research Systems, Inc.		1,291		199,743
New York Times Co. — Class A1		18,289		199,350
Meredith Corp.		4,380		198,633
NeuStar, Inc. — Class A*,1		8,795		197,448
Total Communications				3,474,946
Total Common Stocks
(Cost $82,673,098)				89,723,718
SHORT TERM INVESTMENTS† - 0.2%
Federated U.S. Treasury Cash Reserve Fund Institutional Shares, 0.18%2		198,762		198,762
Total Short Term Investments
(Cost $198,762)				198,762
	Face Amount
SECURITIES LENDING COLLATERAL††,3 - 9.0%
Joint Repurchase Agreements
Citigroup Global Markets, Inc. issued 10/31/16 at 0.34% due 11/01/16	$	1,880,029		1,880,029
BNP Paribas Securities Corp. issued 10/31/16 at 0.34% due 11/01/16		1,880,029		1,880,029

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

SCHEDULE OF INVESTMENTS (concluded)	October 31, 2016
Guggenheim S&P MidCap 400® Equal Weight ETF

	Face Amount		Value
Merrill Lynch, Pierce, Fenner & Smith, Inc. issued 10/31/16 at 0.33% due 11/01/16	$	1,880,029	$	1,880,029
HSBC Securities (USA), Inc. issued 10/31/16 at 0.30% due 11/01/16		1,880,029		1,880,029
Credit Suisse Securities (USA), LLC issued 10/31/16 at 0.31% due 11/01/16		554,580		554,580
Total Securities Lending Collateral
(Cost $8,074,696)				8,074,696
Total Investments - 109.0%
(Cost $90,946,556)			$	97,997,176
Other Assets & Liabilities, net - (9.0)%				(8,053,427	)
Total Net Assets - 100.0%			$	89,943,749

*	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 October 31, 2016 — See Note 5.
2	Rate indicated is the 7 day yield as of October 31, 2016.
3	Securities lending collateral — See Note 5.
	plc — Public Limited Company
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at October 31, 2016 (See Note 4 in the Notes to Financial Statements):

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	89,723,718	$	—	$	—	$	89,723,718
Securities Lending Collateral		—		8,074,696		—		8,074,696
Short Term Investments		198,762		—		—		198,762
Total	$	89,922,480	$	8,074,696	$	—	$	97,997,176

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the previous fiscal period.

For the year ended October 31, 2016, there were no transfers between levels.

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

SCHEDULE OF INVESTMENTS	October 31, 2016
Guggenheim S&P SmallCap 600® Equal Weight ETF

	Shares		Value
COMMON STOCKS† - 99.9%
Financial - 18.7%
Piper Jaffray Cos.*		1,274	$	72,044
Virtus Investment Partners, Inc.		651		69,852
Texas Capital Bancshares, Inc.*		1,099		65,170
GEO Group, Inc.		2,701		64,716
S&T Bancorp, Inc.		2,016		63,282
LegacyTexas Financial Group, Inc.		1,847		63,186
First BanCorp*		12,205		62,612
Brookline Bancorp, Inc.		4,889		62,580
Tompkins Financial Corp.1		788		62,473
Provident Financial Services, Inc.		2,720		61,717
UMB Financial Corp.		983		60,995
Old National Bancorp		4,138		60,829
Enova International, Inc.*		6,470		60,818
ServisFirst Bancshares, Inc.1		1,123		60,799
City Holding Co.		1,163		60,790
Employers Holdings, Inc.		1,939		60,787
NBT Bancorp, Inc.1		1,803		60,779
Independent Bank Corp.		1,102		60,775
RE/MAX Holdings, Inc. — Class A		1,397		60,700
Greenhill & Company, Inc.		2,586		60,642
Evercore Partners, Inc. — Class A		1,125		60,469
Boston Private Financial Holdings, Inc.		4,594		60,411
Banner Corp.		1,337		60,352
United Community Banks, Inc.		2,783		60,029
Agree Realty Corp.		1,232		59,567
Northfield Bancorp, Inc.		3,621		59,565
Sterling Bancorp		3,309		59,562
Customers Bancorp, Inc.*		2,195		59,419
Northwest Bancshares, Inc.		3,759		59,167
Safety Insurance Group, Inc.		873		59,101
Horace Mann Educators Corp.		1,640		58,958
Columbia Banking System, Inc.		1,784		58,908
Maiden Holdings Ltd.		4,314		58,886
Ameris Bancorp		1,621		58,842
PS Business Parks, Inc.		535		58,738
Bank Mutual Corp.		7,520		58,656
Central Pacific Financial Corp.		2,280		58,436
Westamerica Bancorporation		1,179		58,431
OFG Bancorp		5,485		58,416
Southside Bancshares, Inc.		1,790		58,390
HFF, Inc. — Class A		2,192		58,373
American Equity Investment Life Holding Co.		3,255		58,362
Great Western Bancorp, Inc.		1,810		58,354
TrustCo Bank Corp. NY		8,318		58,226
Cardinal Financial Corp.		2,215		58,210
ProAssurance Corp.		1,092		58,204
World Acceptance Corp.*		1,221		58,022
Simmons First National Corp. — Class A		1,175		57,986
Navigators Group, Inc.		622		57,970
First Commonwealth Financial Corp.		5,701		57,922
PRA Group, Inc.*,1		1,810		57,739
First Financial Bankshares, Inc.1		1,593		57,667
Community Bank System, Inc.1		1,222		57,568
First Midwest Bancorp, Inc.		2,967		57,293
Stewart Information Services Corp.		1,274		57,266
Lexington Realty Trust		5,646		57,250
LTC Properties, Inc.		1,141		57,176
Oritani Financial Corp.		3,648		57,091
United Bankshares, Inc.1		1,513		57,040
Four Corners Property Trust, Inc.		2,833		56,887
Summit Hotel Properties, Inc.		4,376		56,845
DiamondRock Hospitality Co.		6,208		56,803
Urstadt Biddle Properties, Inc. — Class A		2,637		56,695
First Financial Bancorp		2,636		56,674
Getty Realty Corp.		2,493		56,666
Infinity Property & Casualty Corp.		690		56,546
Investment Technology Group, Inc.		3,692		56,525
CVB Financial Corp.		3,363		56,431
Capstead Mortgage Corp.		5,922		56,318
Universal Health Realty Income Trust		957		56,176
Wintrust Financial Corp.		1,041		56,162
Glacier Bancorp, Inc.		1,987		56,153
EastGroup Properties, Inc.		821		55,754
United Insurance Holdings Corp.1		3,835		55,608
Sabra Health Care REIT, Inc.		2,380		55,454
International. FCStone, Inc.*		1,538		55,214
CareTrust REIT, Inc.		3,912		55,081
WageWorks, Inc.*		934		55,059
Astoria Financial Corp.		3,745		54,789
Home BancShares, Inc.		2,546		54,764
Hanmi Financial Corp.		2,190		54,750
United Fire Group, Inc.		1,381		54,577
Saul Centers, Inc.		902		54,553
Franklin Street Properties Corp.		4,714		54,541
Interactive Brokers Group, Inc. — Class A1		1,641		54,465
Hope Bancorp, Inc.		3,369		54,376
CoreSite Realty Corp.		735		54,199
Acadia Realty Trust		1,607		54,139
Walker & Dunlop, Inc.*		2,246		54,061
Calamos Asset Management, Inc. — Class A		8,342		53,889
Forestar Group, Inc.*,1		4,893		53,823
American Assets Trust, Inc.		1,353		53,728
Selective Insurance Group, Inc.		1,453		53,688
AMERISAFE, Inc.		965		53,654
Retail Opportunity Investments Corp.		2,652		53,332
Dime Community Bancshares, Inc.		3,272		53,006
Pinnacle Financial Partners, Inc.		1,026		52,942
Financial Engines, Inc.1		1,898		52,480
Cedar Realty Trust, Inc.		7,679		51,987
Encore Capital Group, Inc.*,1		2,617		51,947
Chesapeake Lodging Trust		2,385		51,778
Kite Realty Group Trust		2,074		51,705
BofI Holding, Inc.*,1		2,715		50,580
Universal Insurance Holdings, Inc.1		2,363		50,332
HCI Group, Inc.		1,851		50,181
Government Properties Income Trust		2,528		48,386
Pennsylvania Real Estate Investment Trust		2,441		47,624

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

SCHEDULE OF INVESTMENTS (continued)	October 31, 2016
Guggenheim S&P SmallCap 600® Equal Weight ETF

	Shares		Value
RLI Corp.		847	$	47,212
Parkway, Inc.*		2,382		42,924
eHealth, Inc.*		5,177		40,536
Banc of California, Inc.1		2,645		35,179
Opus Bank		1,654		33,163
First NBC Bank Holding Co.*,1		4,835		26,109
Total Financial				6,364,018
Consumer, Non-cyclical - 18.5%
Strayer Education, Inc.*		1,258		73,794
Capella Education Co.		1,007		73,612
Navigant Consulting, Inc.*		3,017		70,598
Cardtronics plc — Class A*		1,350		67,501
Viad Corp.		1,624		67,396
NutriSystem, Inc.		2,102		66,633
AMAG Pharmaceuticals, Inc.*,1		2,587		66,485
ICU Medical, Inc.*		475		66,168
Insperity, Inc.		872		65,573
Brink’s Co.		1,658		65,574
Medifast, Inc.		1,593		65,409
Career Education Corp.*		8,975		64,530
Almost Family, Inc.*		1,630		63,978
CDI Corp.		10,261		63,105
Select Medical Holdings Corp.*		4,844		62,972
MiMedx Group, Inc.*,1		6,993		62,307
Andersons, Inc.		1,622		61,717
Enanta Pharmaceuticals, Inc.*		2,622		61,670
Albany Molecular Research, Inc.*,1		3,931		61,284
J&J Snack Foods Corp.		492		60,098
Chemed Corp.		422		59,679
Healthways, Inc.*		2,397		59,446
Resources Connection, Inc.		3,993		59,296
Amphastar Pharmaceuticals, Inc.*		3,258		59,100
Depomed, Inc.*		2,641		59,053
ABM Industries, Inc.		1,503		58,737
Phibro Animal Health Corp. — Class A		2,245		58,258
Surgical Care Affiliates, Inc.*		1,361		58,237
BioTelemetry, Inc.*		3,289		58,215
Abaxis, Inc.		1,218		58,147
Landauer, Inc.		1,335		58,073
Seneca Foods Corp. — Class A*		1,975		58,065
Inter Parfums, Inc.		1,781		58,061
Kelly Services, Inc. — Class A		3,096		57,988
Emergent BioSolutions, Inc.*		2,170		57,982
Heidrick & Struggles International, Inc.		3,133		57,961
American Public Education, Inc.*		2,875		57,931
HealthEquity, Inc.*,1		1,740		57,820
Matthews International Corp. — Class A		962		57,624
ANI Pharmaceuticals, Inc.*,1		964		57,551
Team, Inc.*,1		1,871		57,533
Monster Worldwide, Inc.*,1		16,854		57,472
Healthcare Services Group, Inc.		1,553		57,414
Luminex Corp.*		2,750		57,282
CryoLife, Inc.		3,363		57,171
CONMED Corp.		1,423		56,920
Sanderson Farms, Inc.1		627		56,417
AngioDynamics, Inc.*		3,535		56,348
Momenta Pharmaceuticals, Inc.*		5,046		56,263
HMS Holdings Corp.*		2,668		56,215
Darling Ingredients, Inc.*		4,124		56,086
Anika Therapeutics, Inc.*		1,263		56,027
Green Dot Corp. — Class A*		2,511		55,744
Monro Muffler Brake, Inc.1		1,012		55,660
Natus Medical, Inc.*		1,414		55,641
LHC Group, Inc.*		1,621		55,552
Masimo Corp.*		1,007		55,385
Magellan Health, Inc.*		1,073		55,206
Vascular Solutions, Inc.*		1,208		55,085
Integra LifeSciences Holdings Corp.*		689		54,782
Universal Corp.		1,008		54,634
B&G Foods, Inc.		1,286		54,527
AMN Healthcare Services, Inc.*		1,661		54,481
Integer Holdings Corp.*		2,470		54,463
Kindred Healthcare, Inc.		5,505		54,225
Neogen Corp.*		1,029		54,218
Analogic Corp.1		661		54,103
Cantel Medical Corp.		756		53,850
Eagle Pharmaceuticals, Inc.*		963		53,812
On Assignment, Inc.*		1,562		53,748
WD-40 Co.		504		53,739
Inogen, Inc.*		1,000		53,670
Haemonetics Corp.*		1,602		53,523
SpartanNash Co.		1,911		53,508
Forrester Research, Inc.		1,433		53,379
Supernus Pharmaceuticals, Inc.*,1		2,671		52,886
CorVel Corp.*		1,530		52,862
Cross Country Healthcare, Inc.*		4,710		52,611
SUPERVALU, Inc.*		12,257		52,583
PharMerica Corp.*		2,208		52,550
Merit Medical Systems, Inc.*		2,394		52,548
Ensign Group, Inc.		2,820		52,085
US Physical Therapy, Inc.		913		51,950
Korn/Ferry International		2,547		51,933
Cambrex Corp.*		1,284		51,745
Surmodics, Inc.*		2,078		51,742
Medicines Co.*,1		1,567		51,633
Amedisys, Inc.*		1,193		51,609
Cynosure, Inc. — Class A*		1,209		51,564
Cal-Maine Foods, Inc.1		1,334		51,559
Repligen Corp.*		1,801		51,455
SciClone Pharmaceuticals, Inc.*		5,746		51,427
Zeltiq Aesthetics, Inc.*,1		1,553		51,404
Calavo Growers, Inc.		857		50,692
Ligand Pharmaceuticals, Inc. — Class B*,1		523		50,067
Meridian Bioscience, Inc.		3,043		50,057
Providence Service Corp.*		1,224		49,529
Air Methods Corp.*		1,828		48,351
Impax Laboratories, Inc.*		2,388		47,999
TrueBlue, Inc.*		2,709		47,408
Rent-A-Center, Inc.		4,660		47,019
Adeptus Health, Inc. — Class A*,1		1,557		46,897
RR Donnelley & Sons Co.		2,580		45,795
LendingTree, Inc.*,1		571		45,594

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

SCHEDULE OF INVESTMENTS (continued)	October 31, 2016
Guggenheim S&P SmallCap 600® Equal Weight ETF

	Shares		Value
Central Garden & Pet Co. — Class A*		1,912	$	44,626
Invacare Corp.		4,851		44,387
Acorda Therapeutics, Inc.*,1		2,441		43,206
Diplomat Pharmacy, Inc.*,1		1,826		42,308
Lannett Company, Inc.*,1		1,906		41,741
Nektar Therapeutics*,1		3,108		38,539
Spectrum Pharmaceuticals, Inc.*,1		10,776		38,147
Quorum Health Corp.*		8,427		34,045
LSC Communications, Inc.*		1,384		33,548
Community Health Systems, Inc.*,1		4,924		25,999
Central Garden & Pet Co.*,1		570		13,862
Total Consumer, Non-cyclical				6,277,673
Consumer, Cyclical - 18.1%
Abercrombie & Fitch Co. — Class A1		5,271		77,009
iRobot Corp.*,1		1,483		75,188
DTS, Inc.		1,759		74,493
Zumiez, Inc.*,1		3,334		74,181
Winnebago Industries, Inc.		2,562		72,377
Scientific Games Corp. — Class A*,1		5,741		71,188
WCI Communities, Inc.*		3,017		69,843
Belmond Ltd. — Class A*		5,334		69,075
Marcus Corp.		2,507		66,436
Titan International, Inc.		6,420		65,420
American Axle & Manufacturing Holdings, Inc.*		3,601		64,530
Genesco, Inc.*		1,194		64,237
Big 5 Sporting Goods Corp.		4,111		63,721
Anixter International, Inc.*		967		63,580
Veritiv Corp.*		1,176		63,445
Unifi, Inc.*		2,179		62,646
Standard Motor Products, Inc.		1,280		62,592
Bob Evans Farms, Inc.1		1,505		62,035
MarineMax, Inc.*		3,099		61,825
Arctic Cat, Inc.1		4,106		61,549
Francesca’s Holdings Corp.*		3,797		61,018
Ruth’s Hospitality Group, Inc.		3,845		60,943
Movado Group, Inc.		2,756		60,770
Sonic Automotive, Inc. — Class A		3,392		60,717
SkyWest, Inc.		2,012		60,662
Fiesta Restaurant Group, Inc.*		2,296		60,614
Dorman Products, Inc.*,1		937		60,193
Lithia Motors, Inc. — Class A		696		59,703
Tile Shop Holdings, Inc.*		3,504		59,393
Papa John’s International, Inc.		783		59,077
Express, Inc.*		4,905		58,958
Fox Factory Holding Corp.*		2,715		58,916
Monarch Casino & Resort, Inc.*		2,487		58,818
Caleres, Inc.		2,351		58,799
Dave & Buster’s Entertainment, Inc.*		1,417		58,593
Group 1 Automotive, Inc.1		971		58,522
DineEquity, Inc.1		737		58,297
ScanSource, Inc.*		1,662		58,170
Hibbett Sports, Inc.*,1		1,489		57,848
Biglari Holdings, Inc.*		132		57,840
FirstCash, Inc.		1,225		57,820
Popeyes Louisiana Kitchen, Inc.*		1,079		57,597
EZCORP, Inc. — Class A*		5,886		57,389
Lumber Liquidators Holdings, Inc.*,1		3,700		57,387
PetMed Express, Inc.		2,884		57,305
Steven Madden Ltd.*		1,714		57,248
Core-Mark Holding Company, Inc.		1,614		57,055
G&K Services, Inc. — Class A		600		56,820
Chuy’s Holdings, Inc.*		1,997		56,715
Regis Corp.*		4,470		56,680
Iconix Brand Group, Inc.*,1		7,185		56,618
ILG, Inc.		3,438		56,314
Allegiant Travel Co. — Class A		408		56,263
Ruby Tuesday, Inc.*		18,885		56,088
Ollie’s Bargain Outlet Holdings, Inc.*,1		2,046		55,958
Stage Stores, Inc.		10,981		55,893
Ethan Allen Interiors, Inc.1		1,815		55,720
Universal Electronics, Inc.*		793		55,629
Tailored Brands, Inc.		3,520		55,616
Installed Building Products, Inc.*		1,680		55,524
Hawaiian Holdings, Inc.*		1,230		55,381
Children’s Place, Inc.		728		55,292
Asbury Automotive Group, Inc.*		1,083		55,179
UniFirst Corp.		450		55,125
Perry Ellis International, Inc.*		2,964		55,101
M/I Homes, Inc.*,1		2,555		54,958
Wolverine World Wide, Inc.		2,572		54,912
Kirkland’s, Inc.*		4,494		54,871
BJ’s Restaurants, Inc.*,1		1,518		54,800
Shoe Carnival, Inc.		2,155		54,672
Boyd Gaming Corp.*		3,047		54,419
Red Robin Gourmet Burgers, Inc.*		1,183		54,418
Motorcar Parts of America, Inc.*		2,072		54,369
Interface, Inc. — Class A		3,410		54,049
Cooper-Standard Holding, Inc.*		592		54,032
MDC Holdings, Inc.		2,277		53,988
Vitamin Shoppe, Inc.*		2,139		53,582
Cato Corp. — Class A		1,801		53,436
Gentherm, Inc.*		1,888		53,147
American Woodmark Corp.*		711		53,112
La-Z-Boy, Inc.		2,265		53,001
Cavco Industries, Inc.*		573		52,945
Haverty Furniture Companies, Inc.		2,982		52,931
Callaway Golf Co.		5,167		52,755
Five Below, Inc.*,1		1,402		52,687
Fred’s, Inc. — Class A		5,758		52,571
Oxford Industries, Inc.		834		52,308
Crocs, Inc.*		6,789		52,207
Barnes & Noble, Inc.		5,037		51,881
Meritage Homes Corp.*		1,670		51,687
Sonic Corp.		2,250		51,548
El Pollo Loco Holdings, Inc.*,1		4,222		51,508
Daktronics, Inc.		6,148		51,336
Barnes & Noble Education, Inc.*		5,490		51,112
Marriott Vacations Worldwide Corp.		801		50,928
G-III Apparel Group Ltd.*		1,923		50,229
Buckle, Inc.1		2,399		50,019
Wabash National Corp.*,1		4,372		49,185

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

SCHEDULE OF INVESTMENTS (continued)	October 31, 2016
Guggenheim S&P SmallCap 600® Equal Weight ETF

	Shares		Value
Mobile Mini, Inc.		1,934	$	49,027
Finish Line, Inc. — Class A		2,477		48,772
Vera Bradley, Inc.*		3,624		48,453
Superior Industries International, Inc.		1,976		48,412
LGI Homes, Inc.*,1		1,619		48,181
Essendant, Inc.		3,022		46,388
Stein Mart, Inc.		7,608		45,800
Tuesday Morning Corp.*		9,173		45,406
Select Comfort Corp.*		2,330		44,713
Nautilus, Inc.*,1		2,465		43,384
Total Consumer, Cyclical				6,153,077
Industrial - 18.0%
Orion Group Holdings, Inc.*		9,777		78,998
II-VI, Inc.*		2,692		74,837
TTM Technologies, Inc.*		5,575		73,311
Olympic Steel, Inc.		3,048		70,378
John Bean Technologies Corp.		869		69,390
Saia, Inc.*		1,936		69,018
Exponent, Inc.		1,177		67,383
AAR Corp.		2,090		67,235
Littelfuse, Inc.		475		66,263
Vicor Corp.*		5,190		66,173
AAON, Inc.		2,157		64,602
Lindsay Corp.		823		64,441
Tetra Tech, Inc.		1,662		63,904
OSI Systems, Inc.*		904		63,399
Gibraltar Industries, Inc.*		1,617		62,900
Atlas Air Worldwide Holdings, Inc.*		1,503		62,901
TimkenSteel Corp.*,1		6,122		62,751
Applied Industrial Technologies, Inc.		1,232		62,586
Advanced Energy Industries, Inc.*		1,303		62,153
ArcBest Corp.		3,111		61,909
Sturm Ruger & Company, Inc.1		1,001		61,562
Benchmark Electronics, Inc.*		2,445		61,492
MYR Group, Inc.*		2,042		60,933
Matson, Inc.		1,518		60,629
Knight Transportation, Inc.		2,071		60,577
Harsco Corp.		6,194		60,393
Sanmina Corp.*		2,178		60,222
Moog, Inc. — Class A*		1,033		59,986
Comfort Systems USA, Inc.		2,073		59,806
KapStone Paper and Packaging Corp.		3,289		59,662
Alamo Group, Inc.		919		59,661
US Concrete, Inc.*,1		1,184		59,081
Bel Fuse, Inc. — Class B		2,477		59,076
Plexus Corp.*		1,288		59,003
Griffon Corp.		3,533		59,001
Aegion Corp. — Class A*		3,187		58,991
Coherent, Inc.*		565		58,828
Rofin-Sinar Technologies, Inc.*		1,805		58,753
Aerovironment, Inc.*		2,445		58,655
Actuant Corp. — Class A		2,626		58,560
Barnes Group, Inc.		1,466		58,405
Lydall, Inc.*		1,247		58,297
FARO Technologies, Inc.*		1,737		58,277
CTS Corp.		3,195		58,149
Tredegar Corp.		3,142		58,127
National Presto Industries, Inc.1		666		58,109
Itron, Inc.*		1,077		58,050
Astec Industries, Inc.		1,048		58,017
Aerojet Rocketdyne Holdings, Inc.*		3,292		57,939
Tennant Co.		920		57,914
Badger Meter, Inc.		1,799		57,838
Albany International Corp. — Class A		1,418		57,784
Briggs & Stratton Corp.		3,103		57,778
Kaman Corp.		1,313		57,326
ESCO Technologies, Inc.		1,286		57,291
Headwaters, Inc.*		3,482		57,105
SPX Corp.*		3,003		57,087
Franklin Electric Company, Inc.		1,565		57,044
EnPro Industries, Inc.		1,052		56,934
Rogers Corp.*		1,042		56,716
Heartland Express, Inc.1		3,061		56,322
Simpson Manufacturing Company, Inc.		1,312		56,154
CIRCOR International, Inc.		1,039		55,877
Brady Corp. — Class A		1,688		55,873
Hillenbrand, Inc.		1,840		55,844
Marten Transport Ltd.		2,712		55,596
US Ecology, Inc.		1,312		55,432
Multi-Color Corp.		853		55,381
Fabrinet*		1,457		55,308
Watts Water Technologies, Inc. — Class A		921		55,260
General Cable Corp.		3,947		55,258
Raven Industries, Inc.		2,562		54,955
Federal Signal Corp.		4,446		54,597
Drew Industries, Inc.		609		54,536
Trex Company, Inc.*		1,010		54,348
Park Electrochemical Corp.		3,512		54,190
Powell Industries, Inc.		1,529		54,111
Encore Wire Corp.		1,579		53,923
Electro Scientific Industries, Inc.*		10,390		53,820
Greenbrier Companies, Inc.1		1,708		53,802
Quanex Building Products Corp.		3,262		53,171
Chart Industries, Inc.*		1,914		53,094
Cubic Corp.		1,241		52,991
Roadrunner Transportation Systems, Inc.*		6,968		52,957
Forward Air Corp.		1,279		52,848
Patrick Industries, Inc.*		919		52,705
Methode Electronics, Inc.		1,689		52,697
TopBuild Corp.*		1,747		52,637
Haynes International, Inc.		1,634		52,566
Mueller Industries, Inc.		1,735		52,553
Myers Industries, Inc.		4,359		52,526
Apogee Enterprises, Inc.		1,285		52,364
Standex International Corp.		676		51,646
TASER International, Inc.*,1		2,302		51,519
PGT, Inc.*		5,204		50,999
Hub Group, Inc. — Class A*		1,398		50,957
SPX FLOW, Inc.*		1,992		49,979
Echo Global Logistics, Inc.*		2,339		49,587
Proto Labs, Inc.*,1		1,097		49,036
AZZ, Inc.		913		48,617

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

SCHEDULE OF INVESTMENTS (continued)	October 31, 2016
Guggenheim S&P SmallCap 600® Equal Weight ETF

	Shares		Value
Universal Forest Products, Inc.		565	$	48,584
DXP Enterprises, Inc.*		2,203		48,003
Boise Cascade Co.*		2,336		44,968
Celadon Group, Inc.		6,829		44,389
Hornbeck Offshore Services, Inc.*,1		10,696		42,463
LSB Industries, Inc.*,1		5,695		30,127
Tidewater, Inc.1		17,255		29,851
Total Industrial				6,108,011
Technology - 9.1%
Mercury Systems, Inc.*		2,583		71,756
MicroStrategy, Inc. — Class A*		340		66,235
Super Micro Computer, Inc.*		2,749		65,151
Power Integrations, Inc.		1,007		64,901
Cabot Microelectronics Corp.		1,174		64,875
Tessera Technologies, Inc.		1,738		64,480
Veeco Instruments, Inc.*		2,954		64,102
Quality Systems, Inc.		4,951		63,818
Kulicke & Soffa Industries, Inc.*		4,796		63,499
LivePerson, Inc.*,1		7,433		63,181
MKS Instruments, Inc.		1,248		62,962
Tangoe, Inc.*		7,211		61,870
Brooks Automation, Inc.		4,702		61,267
Diodes, Inc.*		2,952		61,135
Qualys, Inc.*,1		1,639		61,053
Computer Programs & Systems, Inc.1		2,329		60,787
Rudolph Technologies, Inc.*		3,353		60,689
Take-Two Interactive Software, Inc.*		1,356		60,193
Cohu, Inc.		5,299		59,296
Nanometrics, Inc.*		2,831		59,140
Interactive Intelligence Group, Inc.*,1		966		58,395
TeleTech Holdings, Inc.		2,072		58,222
Exar Corp.*		6,442		58,107
MTS Systems Corp.		1,216		57,821
CEVA, Inc.*		1,914		57,516
Ebix, Inc.1		1,026		57,456
CACI International, Inc. — Class A*		586		57,340
Kopin Corp.*		27,219		56,888
Insight Enterprises, Inc.*		1,968		56,659
Bottomline Technologies de, Inc.*		2,496		56,634
ManTech International Corp. — Class A		1,456		56,536
DSP Group, Inc.*		5,121		55,819
Engility Holdings, Inc.*		1,923		55,248
Progress Software Corp.*		2,044		55,004
Cray, Inc.*		2,631		54,725
Monotype Imaging Holdings, Inc.		2,833		54,110
Rambus, Inc.*		4,426		53,953
Semtech Corp.*		2,220		53,724
Blackbaud, Inc.		873		53,602
SPS Commerce, Inc.*		858		53,522
Lumentum Holdings, Inc.*		1,592		53,491
Sykes Enterprises, Inc.*		1,997		53,400
Electronics for Imaging, Inc.*		1,243		52,865
Ultratech, Inc.*		2,458		52,331
Medidata Solutions, Inc.*,1		1,081		51,877
Synchronoss Technologies, Inc.*		1,410		51,761
Agilysys, Inc.*		5,353		51,656
CSG Systems International, Inc.		1,353		51,455
Omnicell, Inc.*		1,522		49,655
ExlService Holdings, Inc.*		1,121		49,358
Ciber, Inc.*		47,135		48,078
Digi International, Inc.*		5,135		46,985
Virtusa Corp.*		2,258		42,767
Donnelley Financial Solutions, Inc.*		1,904		40,841
Total Technology				3,078,191
Communications - 6.4%
Blucora, Inc.*		5,423		72,126
General Communication, Inc. — Class A*		4,436		70,266
Iridium Communications, Inc.*,1		8,354		68,085
Spok Holdings, Inc.		3,505		63,265
8x8, Inc.*		4,402		62,729
LogMeIn, Inc.		651		61,845
Harmonic, Inc.*,1		12,028		61,343
Stamps.com, Inc.*,1		627		61,164
ATN International, Inc.		891		60,267
Cogent Communications Holdings, Inc.		1,627		60,036
Lumos Networks Corp.*		4,217		59,924
HealthStream, Inc.*		2,221		59,900
Ixia*		4,981		59,523
Inteliquent, Inc.		3,533		59,319
Consolidated Communications Holdings, Inc.		2,476		59,251
NIC, Inc.		2,557		58,683
ePlus, Inc.*		638		58,409
XO Group, Inc.*		3,139		57,758
ADTRAN, Inc.		3,158		57,318
Blue Nile, Inc.1		1,640		57,285
Cincinnati Bell, Inc.*		2,898		56,946
Scholastic Corp.		1,488		56,916
Shutterstock, Inc.*,1		964		56,866
Viavi Solutions, Inc.*		7,699		54,817
Perficient, Inc.*		2,929		54,509
TiVo Corp.*		2,667		52,940
Liquidity Services, Inc.*		5,977		52,896
QuinStreet, Inc.*		18,005		52,215
NETGEAR, Inc.*		1,016		51,308
World Wrestling Entertainment, Inc. — Class A		2,880		50,918
FTD Companies, Inc.*		2,526		50,823
Harte-Hanks, Inc.		36,010		50,774
CalAmp Corp.*		3,850		49,742
Black Box Corp.		4,266		49,059
Comtech Telecommunications Corp.		4,547		47,289
EW Scripps Co. — Class A*,1		3,559		47,192
VASCO Data Security International, Inc.*		3,205		44,069
DHI Group, Inc.*		7,472		42,590
Gannett Company, Inc.1		5,072		39,409
Total Communications				2,189,774
Basic Materials - 5.0%
Chemours Co.		4,525		74,346
AK Steel Holding Corp.*,1		14,004		72,821
Century Aluminum Co.*		9,876		72,193

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

SCHEDULE OF INVESTMENTS (continued)	October 31, 2016
Guggenheim S&P SmallCap 600® Equal Weight ETF

	Shares		Value
Rayonier Advanced Materials, Inc.1		5,408	$	69,925
Innophos Holdings, Inc.		1,455		66,697
Balchem Corp.		872		66,185
US Silica Holdings, Inc.1		1,424		65,775
Quaker Chemical Corp.		596		64,070
Koppers Holdings, Inc.*		1,918		62,815
Stillwater Mining Co.*		4,679		62,324
Calgon Carbon Corp.		3,894		61,525
A. Schulman, Inc.		2,138		61,468
Innospec, Inc.		1,016		61,214
Materion Corp.		2,003		60,691
Neenah Paper, Inc.		742		59,286
Stepan Co.		834		59,239
PH Glatfelter Co.		2,570		57,105
American Vanguard Corp.		3,721		56,559
Schweitzer-Mauduit International, Inc.		1,523		56,214
Aceto Corp.		3,065		56,181
Hawkins, Inc.		1,378		55,602
Ingevity Corp.*		1,338		55,393
HB Fuller Co.		1,245		52,377
Clearwater Paper Corp.*		955		50,711
Kaiser Aluminum Corp.		691		50,091
Deltic Timber Corp.		829		46,573
Intrepid Potash, Inc.*		43,591		45,335
Kraton Corp.*		1,715		43,955
AdvanSix, Inc.*		2,703		43,140
Total Basic Materials				1,709,810
Energy - 4.7%
Cloud Peak Energy, Inc.*		14,350		88,396
SunCoke Energy, Inc.		8,589		87,694
Helix Energy Solutions Group, Inc.*		8,258		72,010
Exterran Corp.*		4,068		64,315
Gulf Island Fabrication, Inc.		6,240		62,400
Geospace Technologies Corp.*,1		3,334		61,446
Green Plains, Inc.		2,333		60,658
Archrock, Inc.		5,144		59,670
Era Group, Inc.*		7,899		59,637
FutureFuel Corp.		5,324		58,351
Atwood Oceanics, Inc.1		7,599		57,980
Synergy Resources Corp.*,1		8,464		57,893
Unit Corp.*		3,298		56,495
Tesco Corp.		8,235		56,410
REX American Resources Corp.*		699		55,214
Matrix Service Co.*		3,107		54,994
Pioneer Energy Services Corp.*		15,460		54,883
PDC Energy, Inc.*		872		53,480
Newpark Resources, Inc.*		8,451		53,241
TETRA Technologies, Inc.*		9,536		51,971
Carrizo Oil & Gas, Inc.*,1		1,534		51,895
Bristow Group, Inc.1		5,144		51,491
SEACOR Holdings, Inc.*,1		994		49,014
Bill Barrett Corp.*,1		8,961		46,508
Contango Oil & Gas Co.*		5,844		45,759
Flotek Industries, Inc.*,1		3,700		43,586
Northern Oil and Gas, Inc.*,1		18,405		38,651
CARBO Ceramics, Inc.*		4,725		28,823
Total Energy				1,582,865
Utilities - 1.4%
ALLETE, Inc.		980		60,065
South Jersey Industries, Inc.		2,019		59,863
El Paso Electric Co.		1,295		59,829
American States Water Co.1		1,492		59,650
Avista Corp.		1,433		59,326
California Water Service Group		1,897		58,807
Northwest Natural Gas Co.		981		57,683
Spire, Inc.		915		57,462
Total Utilities				472,685
Total Common Stocks
(Cost $31,461,755)				33,936,104
RIGHT††† - 0.0%
Dyax Corp.2		339		—
Total Right
(Cost $—)				—
SHORT TERM INVESTMENTS† - 0.1%
Federated U.S. Treasury Cash Reserve Fund Institutional Shares, 0.18%3		39,124		39,124
Total Short Term Investments
(Cost $39,124)				39,124
	Face Amount
SECURITIES LENDING COLLATERAL††,4 - 9.4%
Joint Repurchase Agreements
Citigroup Global Markets, Inc. issued 10/31/16 at 0.34% due 11/01/16	$	741,469		741,469
BNP Paribas Securities Corp. issued 10/31/16 at 0.34% due 11/01/16		741,469		741,469
Merrill Lynch, Pierce, Fenner & Smith, Inc. issued 10/31/16 at 0.33% due 11/01/16		741,469		741,469
HSBC Securities (USA), Inc. issued 10/31/16 at 0.30% due 11/01/16		741,469		741,469
Credit Suisse Securities (USA), LLC issued 10/31/16 at 0.31% due 11/01/16		218,642		218,642
Total Securities Lending Collateral
(Cost $3,184,518)				3,184,518
Total Investments - 109.4%
(Cost $34,685,397)			$	37,159,746
Other Assets & Liabilities, net - (9.4)%				(3,181,760	)
Total Net Assets - 100.0%			$	33,977,986

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

SCHEDULE OF INVESTMENTS (concluded)	October 31, 2016
Guggenheim S&P SmallCap 600® Equal Weight ETF

*	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 October 31, 2016 — See Note 5.
2	This security was fair valued by the Valuation Committee at October 31, 2016.
3	Rate indicated is the 7 day yield as of October 31, 2016.
4	Securities lending collateral — See Note 5.
	plc — Public Limited Company
	REIT — Real Estate Investment Trust
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at October 31, 2016 (See Note 4 in the Notes to Financial Statements):

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	33,936,104	$	—	$	—	$	33,936,104
Right		—		—		—		—
Securities Lending Collateral		—		3,184,518		—		3,184,518
Short Term Investments		39,124		—		—		39,124
Total	$	33,975,228	$	3,184,518	$	—	$	37,159,746

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the previous fiscal period.

For the year ended October 31, 2016, there were no transfers between levels.

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

SCHEDULE OF INVESTMENTS	October 31, 2016
Guggenheim S&P 100® Equal Weight ETF

	Shares		Value
COMMON STOCKS† - 99.8%
Consumer, Non-cyclical - 23.4%
PayPal Holdings, Inc.*		689	$	28,704
Mondelez International, Inc. — Class A		622		27,953
Altria Group, Inc.		421		27,836
UnitedHealth Group, Inc.		196		27,701
Kraft Heinz Co.		305		27,130
PepsiCo, Inc.		252		27,014
Danaher Corp.		340		26,707
Procter & Gamble Co.		304		26,387
Colgate-Palmolive Co.		369		26,332
Coca-Cola Co.		619		26,246
Philip Morris International, Inc.		268		25,846
Celgene Corp.*		251		25,647
Johnson & Johnson		221		25,634
Medtronic plc		308		25,262
Abbott Laboratories		638		25,035
Eli Lilly & Co.		335		24,736
Gilead Sciences, Inc.		335		24,666
Biogen, Inc.*		88		24,656
Merck & Company, Inc.		419		24,604
Bristol-Myers Squibb Co.		481		24,488
Pfizer, Inc.		768		24,353
Allergan plc*		111		23,192
AbbVie, Inc.		413		23,037
Amgen, Inc.		157		22,162
Total Consumer, Non-cyclical				615,328
Financial - 18.3%
Mastercard, Inc. — Class A		267		28,574
MetLife, Inc.		596		27,988
Morgan Stanley		829		27,830
Bank of New York Mellon Corp.		640		27,693
Goldman Sachs Group, Inc.		155		27,627
American International Group, Inc.		446		27,518
Bank of America Corp.		1,663		27,440
Citigroup, Inc.		555		27,278
JPMorgan Chase & Co.		393		27,219
Capital One Financial Corp.		365		27,025
U.S. Bancorp		603		26,990
American Express Co.		402		26,701
Visa, Inc. — Class A		322		26,568
Allstate Corp.		385		26,142
Berkshire Hathaway, Inc. — Class B*		179		25,830
Wells Fargo & Co.		537		24,707
BlackRock, Inc. — Class A		72		24,569
Simon Property Group, Inc.		125		23,245
Total Financial				480,944
Industrial - 13.0%
Boeing Co.		204		29,055
FedEx Corp.		163		28,414
Lockheed Martin Corp.		110		27,102
Caterpillar, Inc.		324		27,041
General Dynamics Corp.		175		26,380
Raytheon Co.		192		26,229
United Parcel Service, Inc. — Class B		243		26,186
Emerson Electric Co.		515		26,100
United Technologies Corp.		255		26,061
Honeywell International, Inc.		234		25,665
General Electric Co.		869		25,288
Union Pacific Corp.		282		24,867
3M Co.		149		24,630
Total Industrial				343,018
Consumer, Cyclical - 11.6%
General Motors Co.		859		27,145
Walgreens Boots Alliance, Inc.		316		26,142
Target Corp.		379		26,049
Wal-Mart Stores, Inc.		372		26,047
Costco Wholesale Corp.		174		25,729
McDonald’s Corp.		228		25,666
Starbucks Corp.		482		25,580
Home Depot, Inc.		205		25,013
Lowe’s Companies, Inc.		373		24,860
Ford Motor Co.		2,115		24,830
CVS Health Corp.		286		24,053
NIKE, Inc. — Class B		473		23,735
Total Consumer, Cyclical				304,849
Communications - 11.2%
Time Warner, Inc.		340		30,257
Priceline Group, Inc.*		19		28,010
Facebook, Inc. — Class A*		206		26,984
Amazon.com, Inc.*		34		26,854
Walt Disney Co.		283		26,231
Cisco Systems, Inc.		849		26,047
Comcast Corp. — Class A		402		24,852
Verizon Communications, Inc.		505		24,290
AT&T, Inc.		659		24,245
Twenty-First Century Fox, Inc. — Class A		810		21,279
Alphabet, Inc. — Class A*		17		13,768
Alphabet, Inc. — Class C*		17		13,337
Twenty-First Century Fox, Inc. — Class B		312		8,234
Total Communications				294,388
Technology - 8.3%
QUALCOMM, Inc.		433		29,756
Apple, Inc.		254		28,839
Microsoft Corp.		466		27,923
Texas Instruments, Inc.		393		27,843
Accenture plc — Class A		237		27,549
International Business Machines Corp.		168		25,820
Intel Corp.		739		25,769
Oracle Corp.		654		25,127
Total Technology				218,626
Energy - 7.0%
Halliburton Co.		624		28,704
ConocoPhillips		634		27,547
Chevron Corp.		259		27,130
Schlumberger Ltd.		338		26,442
Exxon Mobil Corp.		308		25,663

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

SCHEDULE OF INVESTMENTS (concluded)	October 31, 2016
Guggenheim S&P 100® Equal Weight ETF

	Shares		Value
Occidental Petroleum Corp.		344	$	25,081
Kinder Morgan, Inc.		1,184		24,189
Total Energy				184,756
Utilities - 4.1%
NextEra Energy, Inc.		217		27,775
Duke Energy Corp.		344		27,527
Exelon Corp.		784		26,711
Southern Co.		515		26,559
Total Utilities				108,572
Basic Materials - 2.9%
Dow Chemical Co.		490		26,366
EI du Pont de Nemours & Co.		383		26,347
Monsanto Co.		245		24,689
Total Basic Materials				77,402
Total Common Stocks
(Cost $2,617,661)				2,627,883
Total Investments - 99.8%
(Cost $2,617,661)			$	2,627,883
Other Assets & Liabilities, net - 0.2%				4,315
Total Net Assets - 100.0%			$	2,632,198

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
	plc -— Public Limited Company
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at October 31, 2016 (See Note 4 in the Notes to Financial Statements):

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	2,627,883	$	—	$	—	$	2,627,883

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the previous fiscal period.

For the year ended October 31, 2016, there were no transfers between levels.

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

SCHEDULE OF INVESTMENTS	October 31, 2016
Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF

	Shares		Value
COMMON STOCKS† - 99.9%
Retail - 40.9%
The Gap, Inc.1		35,788	$	987,392
Tiffany & Co.1		12,422		912,023
Signet Jewelers Ltd.1		10,866		882,971
Best Buy Company, Inc.1		22,664		881,856
Darden Restaurants, Inc.		13,598		881,015
Nordstrom, Inc.1		16,814		874,328
Foot Locker, Inc.		12,937		863,803
Ross Stores, Inc.		13,748		859,800
Macy’s, Inc.		23,552		859,413
AutoZone, Inc.*		1,157		858,679
Kohl’s Corp.1		19,483		852,381
Ulta Salon Cosmetics & Fragrance, Inc.*		3,500		851,690
L Brands, Inc.		11,699		844,551
PVH Corp.		7,799		834,337
Target Corp.		12,111		832,389
Yum! Brands, Inc.		9,608		828,978
TJX Companies, Inc.		11,178		824,378
McDonald’s Corp.		7,293		820,973
Coach, Inc.		22,838		819,656
Dollar General Corp.		11,839		817,957
Starbucks Corp.		15,375		815,951
Home Depot, Inc.		6,541		798,067
O’Reilly Automotive, Inc.*		3,003		794,113
Genuine Parts Co.		8,615		780,433
AutoNation, Inc.*		17,719		777,333
Bed Bath & Beyond, Inc.		19,219		776,832
Lowe’s Companies, Inc.		11,643		776,006
Urban Outfitters, Inc.*		23,161		774,735
Dollar Tree, Inc.*		10,237		773,405
Advance Auto Parts, Inc.		5,463		765,257
Tractor Supply Co.		12,213		764,900
CarMax, Inc.*,1		15,130		755,592
Staples, Inc.		98,079		725,785
Chipotle Mexican Grill, Inc. — Class A*,1		1,959		706,729
Total Retail				27,973,708
Media - 13.7%
Time Warner, Inc.		10,851		965,631
CBS Corp. — Class B		16,098		911,469
Scripps Networks Interactive, Inc. — Class A1		13,515		869,825
Viacom, Inc. — Class B		22,488		844,650
Walt Disney Co.		9,042		838,103
Comcast Corp. — Class A		12,834		793,398
Charter Communications, Inc. — Class A*		3,164		790,652
TEGNA, Inc.		39,566		776,285
Twenty-First Century Fox, Inc. — Class A		25,275		663,974
News Corp. — Class A		48,437		587,056
Discovery Communications, Inc. — Class C*		20,815		522,665
Discovery Communications, Inc. — Class A*,1		13,969		364,731
Twenty-First Century Fox, Inc. — Class B		9,946		262,475
News Corp. — Class B		13,720		170,128
Total Media				9,361,042
Apparel - 6.9%
Michael Kors Holdings Ltd.*		17,508		889,055
Hanesbrands, Inc.		32,515		835,636
Ralph Lauren Corp. — Class A		8,295		813,740
VF Corp.		14,301		775,257
NIKE, Inc. — Class B		15,103		757,869
Under Armour, Inc. — Class A*,1		11,519		358,241
Under Armour, Inc. — Class C*		11,578		299,407
Total Apparel				4,729,205
Internet - 6.8%
Netflix, Inc.*		8,659		1,081,249
Expedia, Inc.		7,521		971,938
TripAdvisor, Inc.*		13,539		872,995
Priceline Group, Inc.*		591		871,270
Amazon.com, Inc.*		1,099		868,012
Total Internet				4,665,464
Leisure Time - 4.2%
Royal Caribbean Cruises Ltd.1		12,665		973,559
Harley-Davidson, Inc.1		16,524		942,198
Carnival Corp.		18,833		924,700
Total Leisure Time				2,840,457
Lodging - 3.7%
Marriott International, Inc. — Class A		12,442		854,765
Wyndham Worldwide Corp.		12,495		822,671
Wynn Resorts Ltd.1		8,491		802,824
Total Lodging				2,480,260
Auto Parts & Equipment - 3.6%
BorgWarner, Inc.1		24,477		877,256
Goodyear Tire & Rubber Co.		27,615		801,663
Delphi Automotive plc		12,287		799,515
Adient plc*		1		32
Total Auto Parts & Equipment				2,478,466
Home Furnishings - 3.4%
Harman International Industries, Inc.		10,325		823,006
Leggett & Platt, Inc.		16,912		775,923
Whirlpool Corp.		5,012		750,898
Total Home Furnishings				2,349,827
Home Builders - 3.4%
DR Horton, Inc.		27,652		797,208
PulteGroup, Inc.		41,699		775,601
Lennar Corp. — Class A		18,496		771,098
Total Home Builders				2,343,907
Toys, Games & Hobbies - 2.5%
Hasbro, Inc.		10,454		871,968
Mattel, Inc.		26,336		830,374
Total Toys, Games & Hobbies				1,702,342

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

SCHEDULE OF INVESTMENTS (concluded)	October 31, 2016
Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF

	Shares		Value
Auto Manufacturers - 2.4%
General Motors Co.		27,416	$	866,346
Ford Motor Co.		67,499		792,438
Total Auto Manufacturers				1,658,784
Advertising - 2.4%
Interpublic Group of Companies, Inc.		37,339		836,020
Omnicom Group, Inc.		9,978		796,444
Total Advertising				1,632,464
Commercial Services - 1.3%
H&R Block, Inc.		38,087		874,858
Electronics - 1.3%
Garmin Ltd.1		17,615		851,861
Housewares - 1.2%
Newell Brands, Inc.		16,580		796,172
Distribution & Wholesale - 1.1%
LKQ Corp.*		23,937		772,686
Textiles - 1.1%
Mohawk Industries, Inc.*		4,106		756,736
Total Common Stocks
(Cost $80,260,685)				68,268,239
SHORT TERM INVESTMENTS† - 0.3%
Federated U.S. Treasury Cash Reserve Fund Institutional Shares, 0.18%2		190,489		190,489
Total Short Term Investments
(Cost $190,489)				190,489

	Face Amount
SECURITIES LENDING COLLATERAL††,3 - 10.6%
Joint Repurchase Agreements
Citigroup Global Markets, Inc. issued 10/31/16 at 0.34% due 11/01/16	$	1,685,250		1,685,250
BNP Paribas Securities Corp. issued 10/31/16 at 0.34% due 11/01/16		1,685,250		1,685,250
Merrill Lynch, Pierce, Fenner & Smith, Inc. issued 10/31/16 at 0.33% due 11/01/16		1,685,250		1,685,250
HSBC Securities (USA), Inc. issued 10/31/16 at 0.30% due 11/01/16		1,685,250		1,685,250
Credit Suisse Securities (USA), LLC issued 10/31/16 at 0.31% due 11/01/16		497,797		497,797
Total Securities Lending Collateral
(Cost $7,238,797)				7,238,797
Total Investments - 110.8%
(Cost $87,689,971)			$	75,697,525
Other Assets & Liabilities, net - (10.8)%				(7,374,288	)
Total Net Assets - 100.0%			$	68,323,237

*	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 October 31, 2016 — See Note 5.
2	Rate indicated is the 7 day yield as of October 31, 2016.
3	Securities lending collateral — See Note 5.
	plc — Public Limited Company
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at October 31, 2016 (See Note 4 in the Notes to Financial Statements):

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	68,268,239	$	—	$	—	$	68,268,239
Securities Lending Collateral		—		7,238,797		—		7,238,797
Short Term Investments		190,489		—		—		190,489
Total	$	68,458,728	$	7,238,797	$	—	$	75,697,525

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the previous fiscal period.

For the year ended October 31, 2016, there were no transfers between levels.

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

SCHEDULE OF INVESTMENTS	October 31, 2016
Guggenheim S&P 500® Equal Weight Consumer Staples ETF

	Shares		Value
COMMON STOCKS† - 99.8%
Food - 37.8%
ConAgra Foods, Inc.		378,386	$	18,230,637
Hormel Foods Corp.1		455,191		17,524,854
Mondelez International, Inc. — Class A		389,439		17,501,389
Hershey Co.		170,425		17,461,745
Kraft Heinz Co.		190,656		16,958,851
McCormick & Company, Inc.		170,425		16,338,645
Whole Foods Market, Inc.1		573,129		16,213,820
Campbell Soup Co.		298,289		16,209,024
Kroger Co.		520,194		16,115,610
Tyson Foods, Inc. — Class A		226,837		16,071,401
Kellogg Co.		212,520		15,966,628
Sysco Corp.		329,145		15,838,457
JM Smucker Co.		120,586		15,834,148
General Mills, Inc.		251,976		15,617,472
Total Food				231,882,681
Beverages - 18.9%
PepsiCo, Inc.		157,533		16,887,538
Constellation Brands, Inc. — Class A		100,961		16,872,602
Molson Coors Brewing Co. — Class B		161,745		16,790,748
Brown-Forman Corp. — Class B1		359,617		16,603,517
Coca-Cola Co.		387,772		16,441,533
Monster Beverage Corp.*		111,086		16,034,153
Dr Pepper Snapple Group, Inc.		182,443		16,016,671
Total Beverages				115,646,762
Agriculture - 11.3%
Reynolds American, Inc.		347,637		19,147,846
Altria Group, Inc.		257,889		17,051,621
Archer-Daniels-Midland Co.		390,089		16,996,178
Philip Morris International, Inc.		168,042		16,205,970
Total Agriculture				69,401,615
Cosmetics & Personal Care - 11.0%
Coty, Inc. — Class A*		797,809		18,341,629
Colgate-Palmolive Co.		231,316		16,506,710
Procter & Gamble Co.		190,068		16,497,902
Estee Lauder Companies, Inc. — Class A		187,222		16,312,653
Total Cosmetics & Personal Care				67,658,894
Retail - 10.4%
Walgreens Boots Alliance, Inc.		197,676		16,353,736
Wal-Mart Stores, Inc.		233,162		16,326,003
Costco Wholesale Corp.		108,767		16,083,376
CVS Health Corp.		179,104		15,062,646
Total Retail				63,825,761
Household Products & Housewares - 7.8%
Church & Dwight Company, Inc.		345,880		16,692,169
Clorox Co.		133,378		16,008,027
Kimberly-Clark Corp.		133,307		15,251,654
Total Household Products & Housewares				47,951,850
Pharmaceuticals - 2.6%
Mead Johnson Nutrition Co. — Class A		211,280		15,797,406
Total Common Stocks
(Cost $609,980,259)				612,164,969
SHORT TERM INVESTMENTS† - 0.2%
Federated U.S. Treasury Cash Reserve Fund Institutional Shares, 0.18%2		1,002,162		1,002,162
Total Short Term Investments
(Cost $1,002,162)				1,002,162
	Face Amount
SECURITIES LENDING COLLATERAL††,3 - 0.0%
Joint Repurchase Agreements
Citigroup Global Markets, Inc. issued 10/31/16 at 0.34% due 11/01/16	$	243,818		243,818
Total Securities Lending Collateral
(Cost $243,818)				243,818
Total Investments - 100.0%
(Cost $611,226,239)			$	613,410,949
Other Assets & Liabilities, net - 0.0%				249,655
Total Net Assets - 100.0%			$	613,660,604

*	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 October 31, 2016 — See Note 5.
2	Rate indicated is the 7 day yield as of October 31, 2016.
3	Securities lending collateral — See Note 5.
	See Sector Classification in Other Information section.

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

SCHEDULE OF INVESTMENTS (concluded)	October 31, 2016
Guggenheim S&P 500® Equal Weight Consumer Staples ETF

The following table summarizes the inputs used to value the Fund’s investments at October 31, 2016 (See Note 4 in the Notes to Financial Statements):

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	612,164,969	$	—	$	—	$	612,164,969
Securities Lending Collateral		—		243,818		—		243,818
Short Term Investments		1,002,162		—		—		1,002,162
Total	$	613,167,131	$	243,818	$	—	$	613,410,949

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the previous fiscal period.

For the year ended October 31, 2016, there were no transfers between levels.

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

SCHEDULE OF INVESTMENTS	October 31, 2016
Guggenheim S&P 500® Equal Weight Energy ETF

	Shares		Value
COMMON STOCKS† - 99.9%
Oil & Gas - 73.4%
Valero Energy Corp.		103,958	$	6,158,471
Tesoro Corp.		72,143		6,129,991
Helmerich & Payne, Inc.		95,429		6,022,524
Phillips 66		73,331		5,950,811
Chevron Corp.		56,379		5,905,699
Marathon Petroleum Corp.		135,168		5,891,973
Anadarko Petroleum Corp.		98,832		5,874,573
ConocoPhillips		135,135		5,871,616
Apache Corp.		96,119		5,717,158
Pioneer Natural Resources Co.		31,613		5,659,359
Cimarex Energy Co.		43,712		5,644,531
Transocean Ltd.*,1		580,824		5,581,719
EOG Resources, Inc.		61,624		5,572,042
Concho Resources, Inc.*,1		43,761		5,555,021
Hess Corp.		114,374		5,486,521
Exxon Mobil Corp.		65,746		5,477,957
Occidental Petroleum Corp.		75,015		5,469,344
Noble Energy, Inc.		158,246		5,454,740
Murphy Oil Corp.1		204,350		5,286,535
Newfield Exploration Co.*		128,217		5,204,328
Equities Corp.		78,707		5,194,662
Devon Energy Corp.		131,676		4,989,204
Marathon Oil Corp.		364,359		4,802,252
Cabot Oil & Gas Corp. — Class A		219,089		4,574,578
Range Resources Corp.		135,168		4,567,327
Chesapeake Energy Corp.*,1		749,281		4,128,538
Southwestern Energy Co.*		387,875		4,030,021
Total Oil & Gas				146,201,495
Oil & Gas Services - 15.4%
FMC Technologies, Inc.*		205,303		6,625,128
Baker Hughes, Inc.		116,189		6,436,871
Halliburton Co.		136,101		6,260,646
Schlumberger Ltd.		73,613		5,758,745
National Oilwell Varco, Inc.		172,231		5,528,615
Total Oil & Gas Services				30,610,005
Pipelines - 11.1%
ONEOK, Inc.		116,974		5,665,051
Spectra Energy Corp.		133,399		5,577,412
Williams Companies, Inc.		190,061		5,549,781
Kinder Morgan, Inc.		258,113		5,273,249
Total Pipelines				22,065,493
Total Common Stocks
(Cost $206,020,697)				198,876,993
SHORT TERM INVESTMENTS† - 0.1%
Federated U.S. Treasury Cash Reserve Fund Institutional Shares, 0.18%2		182,621		182,621
Total Short Term Investments
(Cost $182,621)				182,621
	Face Amount
SECURITIES LENDING COLLATERAL††,3 - 5.1%
Joint Repurchase Agreements
Citigroup Global Markets, Inc. issued 10/31/16 at 0.34% due 11/01/16	$	2,391,907		2,391,907
BNP Paribas Securities Corp. issued 10/31/16 at 0.34% due 11/01/16		2,391,907		2,391,907
Merrill Lynch, Pierce, Fenner & Smith, Inc. issued 10/31/16 at 0.33% due 11/01/16		2,391,907		2,391,907
HSBC Securities (USA), Inc. issued 10/31/16 at 0.30% due 11/01/16		2,391,907		2,391,907
Credit Suisse Securities (USA), LLC issued 10/31/16 at 0.31% due 11/01/16		704,958		704,958
Total Securities Lending Collateral
(Cost $10,272,586)				10,272,586
Total Investments - 105.1%
(Cost $216,475,904)			$	209,332,200
Other Assets & Liabilities, net - (5.1)%				(10,168,542	)
Total Net Assets - 100.0%			$	199,163,658

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

SCHEDULE OF INVESTMENTS (concluded)	October 31, 2016
Guggenheim S&P 500® Equal Weight Energy ETF

*	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 October 31, 2016 — See Note 5.
2	Rate indicated is the 7 day yield as of October 31, 2016.
3	Securities lending collateral — See Note 5.
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at October 31, 2016 (See Note 4 in the Notes to Financial Statements):

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	198,876,993	$	—	$	—	$	198,876,993
Securities Lending Collateral		—		10,272,586		—		10,272,586
Short Term Investments		182,621		—		—		182,621
Total	$	199,059,614	$	10,272,586	$	—	$	209,332,200

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the previous fiscal period.

For the year ended October 31, 2016, there were no transfers between levels.

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

SCHEDULE OF INVESTMENTS	October 31, 2016
Guggenheim S&P 500® Equal Weight Financials ETF

	Shares		Value
COMMON STOCKS† - 99.6%
Banks - 35.8%
KeyCorp		144,111	$	2,034,846
Comerica, Inc.		38,242		1,992,026
Fifth Third Bancorp		88,652		1,929,068
Regions Financial Corp.		179,736		1,924,973
Huntington Bancshares, Inc.		179,189		1,899,403
PNC Financial Services Group, Inc.		19,649		1,878,444
Morgan Stanley		55,930		1,877,571
Citizens Financial Group, Inc.		71,212		1,875,723
Bank of New York Mellon Corp.		43,166		1,867,793
Goldman Sachs Group, Inc.		10,479		1,867,777
Zions Bancorporation		57,795		1,861,577
Northern Trust Corp.		25,625		1,855,763
Bank of America Corp.		112,248		1,852,092
M&T Bank Corp.		15,090		1,851,996
SunTrust Banks, Inc.		40,718		1,841,675
Citigroup, Inc.		37,455		1,840,913
JPMorgan Chase & Co.		26,509		1,836,013
Capital One Financial Corp.		24,660		1,825,826
U.S. Bancorp		40,701		1,821,777
BB&T Corp.		46,252		1,813,078
State Street Corp.		25,348		1,779,683
Wells Fargo & Co.		36,262		1,668,415
Total Banks				40,996,432
Insurance - 34.2%
Principal Financial Group, Inc.		36,527		1,994,375
Hartford Financial Services Group, Inc.		43,039		1,898,449
Prudential Financial, Inc.		22,314		1,892,004
MetLife, Inc.		40,235		1,889,436
American International Group, Inc.		30,115		1,858,096
Lincoln National Corp.		37,615		1,846,520
Loews Corp.		42,872		1,844,782
Willis Towers Watson plc		14,476		1,822,529
Chubb Ltd.		14,216		1,805,432
Aon plc		16,218		1,797,441
XL Group Ltd.		51,525		1,787,918
Progressive Corp.		56,555		1,782,048
Unum Group		50,121		1,774,283
Allstate Corp.		25,998		1,765,264
Torchmark Corp.		27,448		1,740,478
Berkshire Hathaway, Inc. — Class B*		12,050		1,738,815
Arthur J Gallagher & Co.		35,934		1,733,097
Marsh & McLennan Companies, Inc.		26,773		1,697,140
Aflac, Inc.		24,401		1,680,497
Travelers Companies, Inc.		15,439		1,670,191
Cincinnati Financial Corp.		23,401		1,656,323
Assurant, Inc.		19,801		1,594,377
Total Insurance				39,269,495
Diversified Financial Services - 23.5%
Synchrony Financial		65,607		1,875,704
E*TRADE Financial Corp.*		66,546		1,873,935
Charles Schwab Corp.		57,645		1,827,347
American Express Co.		27,129		1,801,908
Discover Financial Services		30,076		1,694,181
Intercontinental Exchange, Inc.		6,259		1,692,370
T. Rowe Price Group, Inc.		26,180		1,675,782
Franklin Resources, Inc.		49,656		1,671,421
CME Group, Inc. — Class A		16,659		1,667,566
BlackRock, Inc. — Class A		4,877		1,664,227
Nasdaq, Inc.		25,614		1,638,528
Affiliated Managers Group, Inc.*		12,269		1,627,606
Invesco Ltd.		57,399		1,612,338
Navient Corp.		124,161		1,586,778
Ameriprise Financial, Inc.		17,771		1,570,779
Legg Mason, Inc.		51,645		1,483,244
Total Diversified Financial Services				26,963,714
Commercial Services - 3.0%
S&P Global, Inc.		14,454		1,761,220
Moody’s Corp.		16,571		1,665,717
Total Commercial Services				3,426,937
Savings & Loans - 1.6%
People’s United Financial, Inc.		109,876		1,784,386
Holding Companies-Diversified - 1.5%
Leucadia National Corp.		93,088		1,737,953
Total Common Stocks
(Cost $116,422,522)				114,178,917
SHORT TERM INVESTMENTS† - 0.4%
Federated U.S. Treasury Cash Reserve Fund Institutional Shares, 0.18%1		410,910		410,910
Total Short Term Investments
(Cost $410,910)				410,910
Total Investments - 100.0%
(Cost $116,833,432)			$	114,589,827
Other Assets & Liabilities, net - 0.0%				59,672
Total Net Assets - 100.0%			$	114,649,499

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
1	Rate indicated is the 7 day yield as of October 31, 2016.
	plc — Public Limited Company
	See Sector Classification in Other Information section.

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

SCHEDULE OF INVESTMENTS (concluded)	October 31, 2016
Guggenheim S&P 500® Equal Weight Financials ETF

The following table summarizes the inputs used to value the Fund’s investments at October 31, 2016 (See Note 4 in the Notes to Financial Statements):

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	114,178,917	$	—	$	—	$	114,178,917
Short Term Investments		410,910		—		—		410,910
Total	$	114,589,827	$	—	$	—	$	114,589,827

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the previous fiscal period.

For the year ended October 31, 2016, there were no transfers between levels.

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

SCHEDULE OF INVESTMENTS	October 31, 2016
Guggenheim S&P 500® Equal Weight Health Care ETF

	Shares		Value
COMMON STOCKS† - 99.9%
Healthcare-Products - 33.2%
Baxter International, Inc.		188,934	$	8,991,369
Stryker Corp.		77,064		8,889,332
Thermo Fisher Scientific, Inc.		59,289		8,717,262
Danaher Corp.		110,609		8,688,337
CR Bard, Inc.		39,891		8,643,582
Cooper Companies, Inc.		48,470		8,532,659
St. Jude Medical, Inc.		109,160		8,497,014
Intuitive Surgical, Inc.*		12,596		8,465,520
Becton Dickinson and Co.		49,816		8,364,605
DENTSPLY SIRONA, Inc.		144,319		8,308,445
Hologic, Inc.*		229,255		8,255,473
Varian Medical Systems, Inc.*		90,985		8,255,069
Medtronic plc		100,377		8,232,922
Abbott Laboratories		207,731		8,151,364
Patterson Companies, Inc.1		189,228		8,081,928
Henry Schein, Inc.*,1		53,624		8,000,701
Boston Scientific Corp.*		362,363		7,971,986
Zimmer Biomet Holdings, Inc.		67,991		7,166,251
Edwards Lifesciences Corp.*		74,338		7,078,464
Total Healthcare-Products				157,292,283
Pharmaceuticals - 25.8%
Johnson & Johnson		72,055		8,357,658
Zoetis, Inc.		169,063		8,081,211
Express Scripts Holding Co.*		119,767		8,072,296
Eli Lilly & Co.		108,883		8,039,921
Merck & Company, Inc.		136,328		8,005,180
Perrigo Company plc		96,032		7,988,902
Endo International plc*		425,213		7,972,744
Pfizer, Inc.		249,829		7,922,078
Mylan N.V.*		213,563		7,795,050
Bristol-Myers Squibb Co.		153,055		7,792,030
Allergan plc*		36,036		7,529,362
AbbVie, Inc.		134,454		7,499,844
Cardinal Health, Inc.		108,095		7,425,046
AmerisourceBergen Corp. — Class A		99,857		7,021,944
Mallinckrodt plc*		116,589		6,909,064
McKesson Corp.		48,376		6,151,976
Total Pharmaceuticals				122,564,306
Healthcare-Services - 19.1%
UnitedHealth Group, Inc.		63,753		9,010,212
HCA Holdings, Inc.*		112,180		8,585,136
Quest Diagnostics, Inc.		105,276		8,573,677
Universal Health Services, Inc. — Class B		70,926		8,561,477
Humana, Inc.		48,265		8,278,895
Anthem, Inc.		67,135		8,181,071
Centene Corp.*		127,434		7,962,076
Aetna, Inc.		73,725		7,914,379
Laboratory Corporation of America Holdings*		63,093		7,908,077
Cigna Corp.		66,322		7,881,043
DaVita, Inc.*		133,840		7,845,701
Total Healthcare-Services				90,701,744
Biotechnology - 13.1%
Alexion Pharmaceuticals, Inc.*		68,196		8,899,578
Celgene Corp.*		81,545		8,332,268
Biogen, Inc.*		28,769		8,060,498
Gilead Sciences, Inc.		109,148		8,036,567
Regeneron Pharmaceuticals, Inc.*,1		22,158		7,644,953
Amgen, Inc.		51,149		7,220,193
Illumina, Inc.*		51,677		7,035,307
Vertex Pharmaceuticals, Inc.*		90,938		6,898,557
Total Biotechnology				62,127,921
Electronics - 7.0%
Mettler-Toledo International, Inc.*		21,911		8,853,797
Agilent Technologies, Inc.		189,820		8,270,457
PerkinElmer, Inc.		161,498		8,218,634
Waters Corp.*		56,367		7,842,904
Total Electronics				33,185,792
Software - 1.7%
Cerner Corp.*,1		136,920		8,020,774
Total Common Stocks
(Cost $511,388,780)				473,892,820
SHORT TERM INVESTMENTS† - 0.9%
Federated U.S. Treasury Cash Reserve Fund Institutional Shares, 0.18%2		4,471,316		4,471,316
Total Short Term Investments
(Cost $4,471,316)				4,471,316
Total Investments - 100.8%
(Cost $515,860,096)			$	478,364,136
Other Assets & Liabilities, net - (0.8)%				(3,870,371	)
Total Net Assets - 100.0%			$	474,493,765

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
1	All or portion of this security is on loan at October 31, 2016 — See Note 5.
2	Rate indicated is the 7 day yield as of October 31, 2016.
	plc — Public Limited Company
	See Sector Classification in Other Information section.

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

SCHEDULE OF INVESTMENTS (concluded)	October 31, 2016
Guggenheim S&P 500® Equal Weight Health Care ETF

The following table summarizes the inputs used to value the Fund’s investments at October 31, 2016 (See Note 4 in the Notes to Financial Statements):

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	473,892,820	$	—	$	—	$	473,892,820
Short Term Investments		4,471,316		—		—		4,471,316
Total	$	478,364,136	$	—	$	—	$	478,364,136

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the previous fiscal period.

For the year ended October 31, 2016, there were no transfers between levels.

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

SCHEDULE OF INVESTMENTS	October 31, 2016
Guggenheim S&P 500® Equal Weight Industrials ETF

	Shares		Value
COMMON STOCKS† - 99.7%
Transportation - 14.9%
CSX Corp.		66,672	$	2,034,163
FedEx Corp.		11,559		2,014,965
Ryder System, Inc.1		28,629		1,986,566
J.B. Hunt Transport Services, Inc.		23,885		1,949,255
Norfolk Southern Corp.		20,484		1,905,012
Expeditors International of Washington, Inc.		36,770		1,892,552
United Parcel Service, Inc. — Class B		17,277		1,861,770
CH Robinson Worldwide, Inc.1		26,987		1,838,354
Union Pacific Corp.		20,054		1,768,362
Kansas City Southern		19,961		1,751,777
Total Transportation				19,002,776
Aerospace & Defense - 13.4%
Boeing Co.		14,467		2,060,536
Northrop Grumman Corp.		8,886		2,034,894
Rockwell Collins, Inc.		22,857		1,927,302
Lockheed Martin Corp.		7,814		1,925,213
General Dynamics Corp.		12,404		1,869,779
Raytheon Co.		13,664		1,866,639
United Technologies Corp.		18,109		1,850,740
TransDigm Group, Inc.		6,560		1,787,338
L-3 Communications Holdings, Inc.		12,648		1,732,017
Total Aerospace & Defense				17,054,458
Miscellaneous Manufacturing - 13.0%
Ingersoll-Rand plc		29,467		1,982,835
Parker-Hannifin Corp.		15,395		1,889,736
Textron, Inc.		46,684		1,871,095
Eaton Corporation plc		29,250		1,865,273
Illinois Tool Works, Inc.		16,060		1,823,934
Dover Corp.		26,930		1,801,348
General Electric Co.		61,755		1,797,071
3M Co.		10,587		1,750,031
Pentair plc1		31,048		1,711,676
Total Miscellaneous Manufacturing				16,492,999
Commercial Services - 10.0%
Quanta Services, Inc.*		73,438		2,111,344
Robert Half International, Inc.		49,851		1,865,424
Verisk Analytics, Inc. — Class A*		22,687		1,850,125
United Rentals, Inc.*		23,870		1,806,004
Equifax, Inc.		14,184		1,758,390
Cintas Corp.		16,338		1,742,774
Nielsen Holdings plc		35,759		1,609,870
Total Commercial Services				12,743,931
Machinery-Diversified - 9.0%
Cummins, Inc.		15,918		2,034,639
Deere & Co.		22,613		1,996,728
Rockwell Automation, Inc.		16,528		1,978,732
Xylem, Inc.		38,221		1,847,221
Roper Technologies, Inc.		10,562		1,830,500
Flowserve Corp.1		40,212		1,702,978
Total Machinery-Diversified				11,390,798
Airlines - 7.8%
Delta Air Lines, Inc.		49,257		2,057,465
Southwest Airlines Co.		49,797		1,994,370
United Continental Holdings, Inc.*		35,452		1,993,466
American Airlines Group, Inc.		48,309		1,961,345
Alaska Air Group, Inc.1		27,004		1,950,229
Total Airlines				9,956,875
Electronics - 5.9%
Johnson Controls International plc		48,573		1,958,463
Fortive Corp.		36,785		1,877,874
Honeywell International, Inc.		16,694		1,830,998
Allegion plc		27,823		1,776,220
Total Electronics				7,443,555
Environmental Control - 4.5%
Republic Services, Inc. — Class A		37,549		1,976,204
Waste Management, Inc.		29,632		1,945,637
Stericycle, Inc.*,1		22,658		1,814,679
Total Environmental Control				5,736,520
Electrical Components & Equipment - 4.0%
Emerson Electric Co.		36,560		1,852,860
AMETEK, Inc.		38,916		1,716,196
Acuity Brands, Inc.1		7,114		1,590,477
Total Electrical Components & Equipment				5,159,533
Engineering & Construction - 3.0%
Fluor Corp.		37,641		1,956,956
Jacobs Engineering Group, Inc.*		37,078		1,912,483
Total Engineering & Construction				3,869,439
Hand & Machine Tools - 2.9%
Snap-on, Inc.		12,604		1,942,276
Stanley Black & Decker, Inc.		15,533		1,768,277
Total Hand & Machine Tools				3,710,553
Distribution & Wholesale - 2.8%
Fastenal Co.		45,833		1,786,570
WW Grainger, Inc.1		8,359		1,739,675
Total Distribution & Wholesale				3,526,245
Building Materials - 2.8%
Fortune Brands Home & Security, Inc.		31,667		1,729,968
Masco Corp.		55,906		1,726,377
Total Building Materials				3,456,345
Machinery-Construction & Mining - 1.5%
Caterpillar, Inc.1		23,017		1,920,999
Office & Business Equipment - 1.4%
Pitney Bowes, Inc.		104,582		1,865,743
Auto Manufacturers - 1.4%
PACCAR, Inc.		33,139		1,819,994

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

SCHEDULE OF INVESTMENTS (concluded)	October 31, 2016
Guggenheim S&P 500® Equal Weight Industrials ETF

	Shares		Value
Software - 1.4%
Dun & Bradstreet Corp.		13,987	$	1,746,277
Total Common Stocks
(Cost $129,420,069)				126,897,040
SHORT TERM INVESTMENTS† - 0.2%
Federated U.S. Treasury Cash Reserve Fund Institutional Shares, 0.18%2		202,090		202,090
Total Short Term Investments
(Cost $202,090)				202,090

	Face Amount
SECURITIES LENDING COLLATERAL††,3 - 2.0%
Joint Repurchase Agreements
Citigroup Global Markets, Inc. issued 10/31/16 at 0.34% due 11/01/16	$	597,654	597,654
BNP Paribas Securities Corp. issued 10/31/16 at 0.34% due 11/01/16		597,654	597,654

Merrill Lynch, Pierce, Fenner & Smith, Inc. issued 10/31/16 at 0.33% due 11/01/16	597,654		597,654
HSBC Securities (USA), Inc. issued 10/31/16 at 0.30% due 11/01/16	597,654		597,654
Credit Suisse Securities (USA), LLC issued 10/31/16 at 0.31% due 11/01/16	176,231		176,231
Total Securities Lending Collateral
(Cost $2,566,847)			2,566,847
Total Investments - 101.9%
(Cost $132,189,006)		$	129,665,977
Other Assets & Liabilities, net - (1.9)%			(2,378,086	)
Total Net Assets - 100.0%		$	127,287,891

*	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 October 31, 2016 — See Note 5.
2	Rate indicated is the 7 day yield as of October 31, 2016.
3	Securities lending collateral — See Note 5.
	plc — Public Limited Company
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at October 31, 2016 (See Note 4 in the Notes to Financial Statements):

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	126,897,040	$	—	$	—	$	126,897,040
Securities Lending Collateral		—		2,566,847		—		2,566,847
Short Term Investments		202,090		—		—		202,090
Total	$	127,099,130	$	2,566,847	$	—	$	129,665,977

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the previous fiscal period.

For the year ended October 31, 2016, there were no transfers between levels.

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

SCHEDULE OF INVESTMENTS	October 31, 2016
Guggenheim S&P 500® Equal Weight Materials ETF

	Shares		Value
COMMON STOCKS† - 99.8%
Chemicals - 51.2%
Eastman Chemical Co.		48,393	$	3,479,940
Albemarle Corp.		40,751		3,404,746
FMC Corp.		69,790		3,272,453
LyondellBasell Industries N.V. — Class A		41,092		3,268,869
Dow Chemical Co.		58,617		3,154,181
EI du Pont de Nemours & Co.		45,746		3,146,867
Praxair, Inc.		26,665		3,121,405
International Flavors & Fragrances, Inc.		23,234		3,038,543
Air Products & Chemicals, Inc.		22,709		3,029,835
CF Industries Holdings, Inc.		125,226		3,006,677
Monsanto Co.		29,317		2,954,274
PPG Industries, Inc.		31,037		2,890,476
Sherwin-Williams Co.		11,408		2,793,363
Mosaic Co.1		115,908		2,727,315
Total Chemicals				43,288,944
Packaging & Containers - 15.2%
Owens-Illinois, Inc.*		179,922		3,472,494
Sealed Air Corp.		68,899		3,143,861
WestRock Co.		67,340		3,110,435
Ball Corp.1		40,239		3,101,220
Total Packaging & Containers				12,828,010
Building Materials - 7.8%
Martin Marietta Materials, Inc.		17,888		3,316,078
Vulcan Materials Co.		29,020		3,285,064
Total Building Materials				6,601,142
Mining - 7.5%
Freeport-McMoRan, Inc.*,1		304,840		3,408,111
Newmont Mining Corp.		79,661		2,950,643
Total Mining				6,358,754
Iron & Steel - 3.9%
Nucor Corp.		66,854		3,265,818
Aerospace & Defense - 3.7%
Arconic, Inc.		108,704		3,121,979
Commercial Services - 3.6%
Ecolab, Inc.		26,380		3,011,805
Forest Products & Paper - 3.5%
International Paper Co.		65,616		2,954,688
Household Products & Housewares - 3.4%
Avery Dennison Corp.		41,560		2,900,472
Total Common Stocks
(Cost $90,180,818)				84,331,612
SHORT TERM INVESTMENTS† - 0.1%
Federated U.S. Treasury Cash Reserve Fund Institutional Shares, 0.18%2		100,503		100,503
Total Short Term Investments
(Cost $100,503)				100,503
	Face Amount
SECURITIES LENDING COLLATERAL††,3 - 3.3%
Joint Repurchase Agreements
Citigroup Global Markets, Inc. issued 10/31/16 at 0.34% due 11/01/16	$	639,128		639,128
BNP Paribas Securities Corp. issued 10/31/16 at 0.34% due 11/01/16		639,128		639,128
Merrill Lynch, Pierce, Fenner & Smith, Inc. issued 10/31/16 at 0.33% due 11/01/16		639,128		639,128
HSBC Securities (USA), Inc. issued 10/31/16 at 0.30% due 11/01/16		639,128		639,128
Credit Suisse Securities (USA), LLC issued 10/31/16 at 0.31% due 11/01/16		188,696		188,696
Total Securities Lending Collateral
(Cost $2,745,208)				2,745,208
Total Investments - 103.2%
(Cost $93,026,529)			$	87,177,323
Other Assets & Liabilities, net - (3.2)%				(2,713,997	)
Total Net Assets - 100.0%			$	84,463,326

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

SCHEDULE OF INVESTMENTS (concluded)	October 31, 2016
Guggenheim S&P 500® Equal Weight Materials ETF

*	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 October 31, 2016 — See Note 5.
2	Rate indicated is the 7 day yield as of October 31, 2016.
3	Securities lending collateral — See Note 5.
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at October 31, 2016 (See Note 4 in the Notes to Financial Statements):

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	84,331,612	$	—	$	—	$	84,331,612
Securities Lending Collateral		—		2,745,208		—		2,745,208
Short Term Investments		100,503		—		—		100,503
Total	$	84,432,115	$	2,745,208	$	—	$	87,177,323

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the previous fiscal period.

For the year ended October 31, 2016, there were no transfers between levels.

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

SCHEDULE OF INVESTMENTS	October 31, 2016
Guggenheim S&P 500® Equal Weight Real Estate ETF

	Shares		Value
COMMON STOCKS† - 99.4%
REITs - 96.1%
American Tower Corp. — Class A		12,412	$	1,454,562
Apartment Investment & Management Co. — Class A		32,258		1,421,611
Prologis, Inc.		26,543		1,384,483
Equinix, Inc.		3,865		1,380,887
Ventas, Inc.		19,993		1,354,526
UDR, Inc.		38,634		1,351,031
Weyerhaeuser Co.		44,978		1,346,192
AvalonBay Communities, Inc.		7,851		1,343,934
Crown Castle International Corp.		14,651		1,333,094
Essex Property Trust, Inc.		6,057		1,296,743
Vornado Realty Trust		13,974		1,296,508
Welltower, Inc.		18,876		1,293,572
Digital Realty Trust, Inc.1		13,841		1,293,165
Equity Residential		20,827		1,286,067
Public Storage		5,997		1,281,679
Realty Income Corp.		21,560		1,277,214
Kimco Realty Corp.		47,826		1,272,649
Host Hotels & Resorts, Inc.		80,978		1,253,539
Federal Realty Investment Trust		8,624		1,252,464
Iron Mountain, Inc.1		36,596		1,234,383
Macerich Co.		17,328		1,226,475
Extra Space Storage, Inc.		16,411		1,200,465
Boston Properties, Inc.		9,854		1,187,210
Simon Property Group, Inc.		6,350		1,180,846
SL Green Realty Corp.		12,004		1,179,033
HCP, Inc.		34,295		1,174,604
General Growth Properties, Inc.		46,648		1,163,868
Total REITs				34,720,804
Real Estate - 3.3%
CBRE Group, Inc. — Class A*		46,909		1,208,376
Total Common Stocks
(Cost $37,581,748)				35,929,180
SHORT TERM INVESTMENTS† - 0.6%
Federated U.S. Treasury Cash Reserve Fund Institutional Shares, 0.18%2		200,768		200,768
Total Short Term Investments
(Cost $200,768)				200,768
Total Investments - 100.0%
(Cost $37,782,516)			$	36,129,948
Other Assets & Liabilities, net - 0.0%				5,104
Total Net Assets - 100.0%			$	36,135,052

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
1	All or portion of this security is on loan at October 31, 2016 — See Note 5.
2	Rate indicated is the 7 day yield as of October 31, 2016.
	REIT – Real Estate Investment Trust
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at October 31, 2016 (See Note 4 in the Notes to Financial Statements):

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	35,929,180	$	—	$	—	$	35,929,180
Short Term Investments		200,768		—		—		200,768
Total	$	36,129,948	$	—	$	—	$	36,129,948

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the previous fiscal period.

For the year ended October 31, 2016, there were no transfers between levels.

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

SCHEDULE OF INVESTMENTS	October 31, 2016
Guggenheim S&P 500® Equal Weight Technology ETF

	Shares		Value
COMMON STOCKS† - 99.8%
Semiconductors - 23.3%
NVIDIA Corp.1		225,166	$	16,022,813
Skyworks Solutions, Inc.		200,756		15,446,167
QUALCOMM, Inc.		221,447		15,217,837
KLA-Tencor Corp.		193,008		14,496,831
Analog Devices, Inc.		224,788		14,408,911
Texas Instruments, Inc.		201,017		14,242,054
Lam Research Corp.		146,977		14,236,192
Qorvo, Inc.*		255,376		14,211,674
Broadcom Ltd.		83,342		14,191,476
Linear Technology Corp.		232,278		13,950,617
Microchip Technology, Inc.		229,013		13,866,737
Micron Technology, Inc.*		797,258		13,680,947
Applied Materials, Inc.		464,376		13,504,054
Intel Corp.		378,168		13,186,718
Xilinx, Inc.		257,334		13,090,581
Total Semiconductors				213,753,609
Software - 22.6%
Akamai Technologies, Inc.*		255,272		17,733,746
Adobe Systems, Inc.*		134,855		14,498,261
Autodesk, Inc.*		200,506		14,492,574
Red Hat, Inc.*		185,504		14,367,284
Microsoft Corp.		238,426		14,286,486
Activision Blizzard, Inc.		316,897		13,680,443
Citrix Systems, Inc.*		161,067		13,658,482
salesforce.com, Inc.*		180,606		13,574,347
Intuit, Inc.		122,665		13,338,592
Electronic Arts, Inc.*		167,809		13,176,363
Fiserv, Inc.*		133,647		13,161,556
Oracle Corp.		334,803		12,863,131
Fidelity National Information Services, Inc.		173,154		12,799,544
Paychex, Inc.		226,038		12,477,298
CA, Inc.		405,262		12,457,754
Total Software				206,565,861
Computers - 16.3%
Western Digital Corp.		259,781		15,181,602
Apple, Inc.		129,951		14,754,637
Hewlett Packard Enterprise Co.		640,634		14,395,047
Accenture plc — Class A		121,404		14,112,001
HP, Inc.		952,531		13,802,174
NetApp, Inc.		391,059		13,272,542
International Business Machines Corp.		86,080		13,229,635
CSRA, Inc.		511,525		12,834,162
Seagate Technology plc1		371,358		12,741,293
Cognizant Technology Solutions Corp. — Class A*		242,657		12,460,437
Teradata Corp.*		449,890		12,129,034
Total Computers				148,912,564
Internet - 10.6%
F5 Networks, Inc.*		113,524		15,690,152
VeriSign, Inc.*,1		179,018		15,041,093
Facebook, Inc. — Class A*		105,447		13,812,503
Symantec Corp.		547,238		13,697,368
Yahoo!, Inc.*		312,257		12,974,278
eBay, Inc.*		420,248		11,981,270
Alphabet, Inc. — Class A*		8,624		6,984,578
Alphabet, Inc. — Class C*		8,687		6,815,299
Total Internet				96,996,541
Commercial Services - 7.4%
PayPal Holdings, Inc.*		352,581		14,688,524
Total System Services, Inc.		273,064		13,620,432
Automatic Data Processing, Inc.		154,810		13,477,759
Global Payments, Inc.		182,050		13,202,266
Western Union Co.		645,881		12,962,832
Total Commercial Services				67,951,813
Electronics - 6.1%
Amphenol Corp. — Class A		218,664		14,416,518
FLIR Systems, Inc.		436,534		14,370,699
TE Connectivity Ltd.1		219,768		13,816,814
Corning, Inc.		598,841		13,599,679
Total Electronics				56,203,710
Diversified Financial Services - 4.5%
Mastercard, Inc. — Class A		136,552		14,613,796
Visa, Inc. — Class A		164,787		13,596,575
Alliance Data Systems Corp.		64,220		13,131,063
Total Diversified Financial Services				41,341,434
Telecommunications - 4.5%
Juniper Networks, Inc.		578,674		15,242,273
Cisco Systems, Inc.		434,411		13,327,729
Motorola Solutions, Inc.		174,830		12,689,161
Total Telecommunications				41,259,163
Energy-Alternate Sources - 1.6%
First Solar, Inc.*,1		360,939		14,614,420
Office & Business Equipment - 1.5%
Xerox Corp.		1,397,495		13,653,526
Aerospace & Defense - 1.4%
Harris Corp.		147,494		13,157,940
Total Common Stocks
(Cost $867,349,086)				914,410,581
SHORT TERM INVESTMENTS† - 0.2%
Federated U.S. Treasury Cash Reserve Fund Institutional Shares, 0.18%2		1,517,831		1,517,831
Total Short Term Investments
(Cost $1,517,831)				1,517,831

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

SCHEDULE OF INVESTMENTS (concluded)	October 31, 2016
Guggenheim S&P 500® Equal Weight Technology ETF

	Face Amount		Value
SECURITIES LENDING COLLATERAL††,3 - 3.3%
Joint Repurchase Agreements
Citigroup Global Markets, Inc. issued 10/31/16 at 0.34% due 11/01/16	$	7,126,616	$	7,126,616
BNP Paribas Securities Corp. issued 10/31/16 at 0.34% due 11/01/16		7,126,616		7,126,616
Merrill Lynch, Pierce, Fenner & Smith, Inc. issued 10/31/16 at 0.33% due 11/01/16		7,126,616		7,126,616
HSBC Securities (USA), Inc. issued 10/31/16 at 0.30% due 11/01/16		7,126,616		7,126,616
Credit Suisse Securities (USA), LLC issued 10/31/16 at 0.31% due 11/01/16		2,099,863		2,099,863
Total Securities Lending Collateral
(Cost $30,606,327)				30,606,327
Total Investments - 103.3%
(Cost $899,473,244)			$	946,534,739
Other Assets & Liabilities, net - (3.3)%				(30,656,040	)
Total Net Assets - 100.0%			$	915,878,699

*	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 October 31, 2016 — See Note 5.
2	Rate indicated is the 7 day yield as of October 31, 2016.
3	Securities lending collateral — See Note 5.
	plc — Public Limited Company
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at October 31, 2016 (See Note 4 in the Notes to Financial Statements):

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	914,410,581	$	—	$	—	$	914,410,581
Securities Lending Collateral		—		30,606,327		—		30,606,327
Short Term Investments		1,517,831		—		—		1,517,831
Total	$	915,928,412	$	30,606,327	$	—	$	946,534,739

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the previous fiscal period.

For the year ended October 31, 2016, there were no transfers between levels.

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

SCHEDULE OF INVESTMENTS	October 31, 2016
Guggenheim S&P 500® Equal Weight Utilities ETF

	Shares		Value
COMMON STOCKS† - 99.8%
Electric - 73.1%
SCANA Corp.		91,200	$	6,690,431
NextEra Energy, Inc.		52,107		6,669,695
DTE Energy Co.		69,205		6,644,372
FirstEnergy Corp.		192,938		6,615,844
Ameren Corp.		131,034		6,545,148
Dominion Resources, Inc.		86,863		6,532,098
Consolidated Edison, Inc.		86,327		6,522,005
Eversource Energy		118,262		6,511,506
Pinnacle West Capital Corp.		85,158		6,483,079
Edison International		88,200		6,480,936
Duke Energy Corp.		80,787		6,464,576
Alliant Energy Corp.		169,514		6,450,008
Public Service Enterprise Group, Inc.		153,113		6,442,995
PG&E Corp.		103,526		6,431,035
PPL Corp.		187,258		6,430,440
CMS Energy Corp.		152,445		6,425,557
Exelon Corp.		188,549		6,423,864
Xcel Energy, Inc.		154,425		6,416,359
American Electric Power Company, Inc.		98,847		6,409,239
Southern Co.		123,794		6,384,057
WEC Energy Group, Inc.		106,573		6,364,540
AES Corp.		510,750		6,011,528
Entergy Corp.		81,194		5,982,374
NRG Energy, Inc.		542,889		5,770,910
Total Electric				154,102,596
Telecommunications - 14.5%
Level 3 Communications, Inc.*		130,250		7,313,538
CenturyLink, Inc.1		226,041		6,008,169
Verizon Communications, Inc.		121,526		5,845,401
AT&T, Inc.		158,589		5,834,489
Frontier Communications Corp.1		1,381,034		5,551,757
Total Telecommunications				30,553,354
Gas - 9.1%
Sempra Energy		61,199		6,554,413
CenterPoint Energy, Inc.		278,529		6,350,461
NiSource, Inc.		269,469		6,267,849
Total Gas				19,172,723
Water - 3.1%
American Water Works Company, Inc.		86,875		6,432,225
Total Common Stocks
(Cost $215,781,337)				210,260,898
SHORT TERM INVESTMENTS† - 0.1%
Federated U.S. Treasury Cash Reserve Fund Institutional Shares, 0.18%2		296,202		296,202
Total Short Term Investments
(Cost $296,202)				296,202
	Face Amount
SECURITIES LENDING COLLATERAL††,3 - 2.7%
Joint Repurchase Agreements
Citigroup Global Markets, Inc. issued 10/31/16 at 0.34% due 11/01/16	$	1,328,278		1,328,278
BNP Paribas Securities Corp. issued 10/31/16 at 0.34% due 11/01/16		1,328,278		1,328,278
Merrill Lynch, Pierce, Fenner & Smith, Inc. issued 10/31/16 at 0.33% due 11/01/16		1,328,278		1,328,278
HSBC Securities (USA), Inc. issued 10/31/16 at 0.30% due 11/01/16		1,328,278		1,328,278
Credit Suisse Securities (USA), LLC issued 10/31/16 at 0.31% due 11/01/16		392,193		392,193
Total Securities Lending Collateral
(Cost $5,705,305)				5,705,305
Total Investments - 102.6%
(Cost $221,782,844)			$	216,262,405
Other Assets & Liabilities, net - (2.6)%				(5,397,678	)
Total Net Assets - 100.0%			$	210,864,727

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

SCHEDULE OF INVESTMENTS (concluded)	October 31, 2016
Guggenheim S&P 500® Equal Weight Utilities ETF

*	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 October 31, 2016 — See Note 5.
2	Rate indicated is the 7 day yield as of October 31, 2016.
3	Securities lending collateral — See Note 5.
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at October 31, 2016 (See Note 4 in the Notes to Financial Statements):

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	210,260,898	$	—	$	—	$	210,260,898
Securities Lending Collateral		—		5,705,305		—		5,705,305
Short Term Investments		296,202		—		—		296,202
Total	$	210,557,100	$	5,705,305	$	—	$	216,262,405

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the previous fiscal period.

For the year ended October 31, 2016, there were no transfers between levels.

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

STATEMENTS OF ASSETS AND LIABILITIES October 31, 2016

	Guggenheim MSCI Emerging Markets Equal Country Weight ETF			Guggenheim S&P MidCap 400® Equal Weight ETF			Guggenheim S&P SmallCap 600® Equal Weight ETF			Guggenheim S&P 100® Equal Weight ETF
Assets:
Investments, at value — including $528,505, $14,392,815, $4,557,246 and $— of securities loaned, respectively	$	11,652,793		$	89,922,480		$	33,975,228		$	2,627,883
Repurchase agreements, at value		395,137			8,074,696			3,184,518			—
Total investments*		12,047,930			97,997,176			37,159,746			2,627,883
Cash		—			10			16			1,512
Receivables:
Securities lending		815			4,235			3,357			6
Dividends and interest		7,738			47,976			11,534			3,692
Tax reclaims		11,302			—			—			—
Total assets		12,067,785			98,049,397			37,174,653			2,633,093
Liabilities:
Payable upon return of securities loaned		395,137			8,074,696			3,184,518			—
Payable for:
Management fees		6,458			30,952			12,149			895
Foreign tax withheld		325			—			—			—
Total liabilities		401,920			8,105,648			3,196,667			895
Commitments and contingent liabilities (Note 8)		—			—			—			—
Net assets	$	11,665,865		$	89,943,749		$	33,977,986		$	2,632,198
Net assets consist of:
Paid-in capital	$	16,637,859		$	97,526,268		$	44,732,205		$	2,621,377
Undistributed net investment income		12,202			152,420			21,321			6,244
Accumulated net realized loss on investments		(4,496,994	)		(14,785,559	)		(13,249,889	)		(5,645	)
Net unrealized appreciation (depreciation) on investments		(487,202	)		7,050,620			2,474,349			10,222
Net assets	$	11,665,865		$	89,943,749		$	33,977,986		$	2,632,198
Shares outstanding (unlimited shares authorized), no par value		400,000			1,750,000			800,000			100,000
Net asset value, offering price and repurchase price per share	$	29.16		$	51.40		$	42.47		$	26.32
Cost of investments	$	12,139,803		$	82,871,860		$	31,500,879		$	2,617,661
Cost of repurchase agreements		395,137			8,074,696			3,184,518			—
*Total cost of investments	$	12,534,940		$	90,946,556		$	34,685,397		$	2,617,661

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

STATEMENTS OF ASSETS AND LIABILITIES (continued) October 31, 2016

	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 $12,410,755, $18,121,244 and $16,365,754 of securities loaned, respectively	$	68,458,728		$	613,167,131		$	199,059,614
Repurchase agreements, at value		7,238,797			243,818			10,272,586
Total investments*		75,697,525			613,410,949			209,332,200
Cash		—			—			4,408
Receivables:
Fund shares sold		—			11,126			—
Investments sold		808,845			—			—
Securities lending		2,609			7,152			7,321
Dividends and interest		37,597			685,000			160,728
Total assets		76,546,576			614,114,227			209,504,657
Liabilities:
Payable upon return of securities loaned		7,238,797			243,818			10,272,586
Payable for:
Investments purchased		960,379			—			—
Management fees		24,163			209,805			68,413
Total liabilities		8,223,339			453,623			10,340,999
Commitments and contingent liabilities (Note 8)		—			—			—
Net assets	$	68,323,237		$	613,660,604		$	199,163,658
Net assets consist of:
Paid-in capital	$	88,401,947		$	617,147,826		$	272,040,985
Undistributed net investment income		156,494			1,123,753			100,794
Accumulated net realized loss on investments		(8,242,758	)		(6,795,685	)		(65,834,417	)
Net unrealized appreciation (depreciation) on investments		(11,992,446	)		2,184,710			(7,143,704	)
Net assets	$	68,323,237		$	613,660,604		$	199,163,658
Shares outstanding (unlimited shares authorized), no par value		800,000			5,050,000			3,500,005
Net asset value, offering price and repurchase price per share	$	85.40		$	121.52		$	56.90
Cost of investments	$	80,451,174		$	610,982,421		$	206,203,318
Cost of repurchase agreements		7,238,797			243,818			10,272,586
*Total cost of investments	$	87,689,971		$	611,226,239		$	216,475,904

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

STATEMENTS OF ASSETS AND LIABILITIES (continued) October 31, 2016

	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 $—, $19,376,879, $9,894,534 and $7,998,039 of securities loaned, respectively	$	114,589,827		$	478,364,136		$	127,099,130		$	84,432,115
Repurchase agreements, at value		—			—			2,566,847			2,745,208
Total investments*		114,589,827			478,364,136			129,665,977			87,177,323
Receivables:
Fund shares sold		—			—			—			10,341
Investments sold		—			—			1,957,385			—
Securities lending		35			1,647			682			993
Dividends and interest		101,894			210,845			255,657			50,322
Total assets		114,691,756			478,576,628			131,879,701			87,238,979
Liabilities:
Payable upon return of securities loaned		—			—			2,566,847			2,745,208
Payable for:
Investments purchased		—			—			1,958,463			—
Fund shares redeemed		—			—			21,591			—
Management fees		37,824			169,146			44,909			30,445
Distributions		4,433			—			—			—
Due to custodian		—			3,913,717			—			—
Total liabilities		42,257			4,082,863			4,591,810			2,775,653
Commitments and contingent liabilities (Note 8)		—			—			—			—
Net assets	$	114,649,499		$	474,493,765		$	127,287,891		$	84,463,326
Net assets consist of:
Paid-in capital	$	128,567,420		$	531,371,303		$	134,451,813		$	97,588,061
Undistributed net investment income		—			292,295			235,634			94,609
Accumulated net realized loss on investments		(11,674,316	)		(19,673,873	)		(4,876,527	)		(7,370,138	)
Net unrealized depreciation on investments		(2,243,605	)		(37,495,960	)		(2,523,029	)		(5,849,206	)
Net assets	$	114,649,499		$	474,493,765		$	127,287,891		$	84,463,326
Shares outstanding (unlimited shares authorized), no par value		3,650,000			3,300,000			1,400,000			1,000,000
Net asset value, offering price and repurchase price per share	$	31.41		$	143.79		$	90.92		$	84.46
Cost of investments	$	116,833,432		$	515,860,096		$	129,622,159		$	90,281,321
Cost of repurchase agreements		—			—			2,566,847			2,745,208
*Total cost of investments	$	116,833,432		$	515,860,096		$	132,189,006		$	93,026,529

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

STATEMENTS OF ASSETS AND LIABILITIES (concluded) October 31, 2016

	Guggenheim S&P 500® Equal Weight Real Estate ETF			Guggenheim S&P 500® Equal Weight Technology ETF			Guggenheim S&P 500® Equal Weight Utilities ETF
Assets:
Investments, at value — including $1,722,302, $50,843,814 and $11,213,104 of securities loaned, respectively	$	36,129,948		$	915,928,412		$	210,557,100
Repurchase agreements, at value		—			30,606,327			5,705,305
Total investments*		36,129,948			946,534,739			216,262,405
Cash		—			1,699			—
Receivables:
Securities lending		208			10,288			1,435
Dividends and interest		18,319			286,174			377,257
Total assets		36,148,475			946,832,900			216,641,097
Liabilities:
Payable upon return of securities loaned		—			30,606,327			5,705,305
Payable for:
Fund shares redeemed		—			35,734			—
Management fees		13,423			312,140			71,065
Total liabilities		13,423			30,954,201			5,776,370
Commitments and contingent liabilities (Note 8)		—			—			—
Net assets	$	36,135,052		$	915,878,699		$	210,864,727
Net assets consist of:
Paid-in capital	$	37,631,635		$	894,357,374		$	220,474,429
Undistributed net investment income		193,328			634,073			528,629
Accumulated net realized loss on investments		(37,343	)		(26,174,243	)		(4,617,892	)
Net unrealized appreciation (depreciation) on investments		(1,652,568	)		47,061,495			(5,520,439	)
Net assets	$	36,135,052		$	915,878,699		$	210,864,727
Shares outstanding (unlimited shares authorized), no par value		1,400,000			8,750,000			2,600,000
Net asset value, offering price and repurchase price per share	$	25.81		$	104.67		$	81.10
Cost of investments	$	37,782,516		$	868,866,917		$	216,077,539
Cost of repurchase agreements		—			30,606,327			5,705,305
*Total cost of investments	$	37,782,516		$	899,473,244		$	221,782,844

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

STATEMENTS OF OPERATIONS

For the Year Ended October 31, 2016

	Guggenheim MSCI Emerging Markets Equal Country Weight ETF			Guggenheim S&P MidCap 400® Equal Weight ETF			Guggenheim S&P SmallCap 600® Equal Weight ETF			Guggenheim S&P 100® Equal Weight ETFa
Investment Income:
Dividends, net of foreign taxes withheld*	$	292,140		$	1,688,634		$	432,608		$	19,677
Income from securities lending		5,221			28,402			34,913			143
Interest		18			232			74			—
Total investment income		297,379			1,717,268			467,595			19,820
Expenses:
Management fees		76,140			390,282			155,057			3,612
Trustee fees		593			6,626			4,318			56
Total expenses		76,733			396,908			159,375			3,668
Less:
Expenses waived by Adviser		(4,671	)		—			—			—
Net expenses		72,062			—			—			—
Net investment income		225,317			1,320,360			308,220			16,152
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(759,381	)		(12,670,558	)		(8,003,158	)		(3,628	)
In-kind redemptions		—			10,954,404			5,028,008			67,589
Foreign currency transactions		(345	)		—			—			—
Net realized gain (loss)		(759,726	)		(1,716,154	)		(2,975,150	)		63,961
Net change in unrealized appreciation (depreciation) on:
Investments		1,385,620			1,522,297			3,224,307			10,222
Foreign currency transactions		(155	)		—			—			—
Net change in unrealized appreciation (depreciation)		1,385,465			1,522,297			3,224,307			10,222
Net realized and unrealized gain (loss)		625,739			(193,857	)		249,157			74,183
Net increase in net assets resulting from operations	$	851,056		$	1,126,503		$	557,377		$	90,335
* Foreign taxes withheld	$	40,465		$	871		$	497		$	—

^a Since commencement of operations: June 29, 2016.

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

STATEMENTS OF OPERATIONS (continued)

For the Year Ended October 31, 2016

	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	$	1,944,514		$	14,439,944		$	4,021,383
Income from securities lending		20,072			7,812			99,288
Interest		270			2,057			390
Total investment income		1,964,856			14,449,813			4,121,061
Expenses:
Management fees		414,891			2,619,173			776,751
Total expenses		414,891			2,619,173			776,751
Net investment income		1,549,965			11,830,640			3,344,310
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(6,433,641	)		(5,221,541	)		(43,861,000	)
In-kind redemptions		(464,136	)		69,613,688			17,247,497
Net realized gain (loss)		(6,897,777	)		64,392,147			(26,613,503	)
Net change in unrealized appreciation (depreciation) on:
Investments		(7,038,042	)		(19,573,047	)		43,196,210
Net realized and unrealized gain (loss)		(13,935,819	)		44,819,100			16,582,707
Net increase (decrease) in net assets resulting from operations	$	(12,385,854	)	$	56,649,740		$	19,927,017

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

STATEMENTS OF OPERATIONS (continued)

For the Year Ended October 31, 2016

	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	$	3,716,110		$	4,731,075		$	2,014,058		$	1,449,980
Income from securities lending		2,076			22,888			13,428			4,195
Interest		411			3,419			203			174
Total investment income		3,718,597			4,757,382			2,027,689			1,454,349
Expenses:
Management fees		631,105			2,062,556			405,833			294,786
Total expenses		631,105			2,062,556			405,833			294,786
Net investment income		3,087,492			2,694,826			1,621,856			1,159,563
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(8,143,321	)		(24,513,593	)		(2,009,236	)		(4,197,566	)
In-kind redemptions		2,015,671			19,816,280			4,698,657			4,485,272
Net realized gain (loss)		(6,127,650	)		(4,697,313	)		2,689,421			287,706
Net change in unrealized appreciation (depreciation) on:
Investments		2,466,708			(20,086,726	)		1,123,759			3,034,814
Net realized and unrealized gain (loss)		(3,660,942	)		(24,784,039	)		3,813,180			3,322,520
Net increase (decrease) in net assets resulting from operations	$	(573,450	)	$	(22,089,213	)	$	5,435,036		$	4,482,083

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

STATEMENTS OF OPERATIONS (concluded)

For the Year Ended October 31, 2016

	Guggenheim S&P 500® Equal Weight Real Estate ETF			Guggenheim S&P 500® Equal Weight Technology ETF			Guggenheim S&P 500® Equal Weight Utilities ETF
Investment Income:
Dividends	$	217,986		$	14,475,354		$	7,259,762
Income from securities lending		381			52,723			9,533
Interest		39			2,192			729
Total investment income		218,406			14,530,269			7,270,024
Expenses:
Management fees		26,333			2,979,196			834,044
Trustee fees		84			—			—
Total expenses		26,417			2,979,196			834,044
Net investment income		191,989			11,551,073			6,435,980
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		1,354			(16,172,550	)		(2,528,687	)
In-kind redemptions		266,082			61,913,573			10,638,306
Net realized gain		267,436			45,741,023			8,109,619
Net change in unrealized appreciation (depreciation) on:
Investments		(1,678,281	)		16,659,550			5,981,382
Net realized and unrealized gain (loss)		(1,410,845	)		62,400,573			14,091,001
Net increase (decrease) in net assets resulting from operations	$	(1,218,856	)	$	73,951,646		$	20,526,981

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

STATEMENTS OF CHANGES IN NET ASSETS

	Guggenheim MSCI Emerging Markets Equal Country Weight ETF						Guggenheim S&P MidCap 400® Equal Weight ETF
	Year Ended October 31, 2016			Year Ended October 31, 2015			Year Ended October 31, 2016			Year Ended October 31, 2015
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	225,317		$	284,394		$	1,320,360		$	1,851,317
Net realized gain (loss) on investments		(759,726	)		(722,821	)		(1,716,154	)		13,243,115
Net change in unrealized appreciation (depreciation) on investments		1,385,465			(1,886,825	)		1,522,297			(16,701,610	)
Net increase (decrease) in net assets resulting from operations		851,056			(2,325,252	)		1,126,503			(1,607,178	)
Distributions to shareholders from:
Net investment income		(257,333	)		(256,801	)		(1,282,647	)		(1,988,010	)
Return of capital		—			—			—			(121,017	)
Total distributions to shareholders		(257,333	)		(256,801	)		(1,282,647	)		(2,109,027	)
Shareholder transactions:
Proceeds from shares purchased		—			—			20,399,624			29,645,531
Cost of shares redeemed		—			—			(62,831,320	)		(39,522,719	)
Net decrease in net assets resulting from share transactions		—			—			(42,431,696	)		(9,877,188	)
Net increase (decrease) in net assets		593,723			(2,582,053	)		(42,587,840	)		(13,593,393	)
Net assets:
Beginning of year		11,072,142			13,654,195			132,531,589			146,124,982
End of year	$	11,665,865		$	11,072,142		$	89,943,749		$	132,531,589
Undistributed (distributions in excess of) net investment income at end of year	$	12,202		$	42,626		$	152,420		$	(856	)
Changes in shares outstanding:
Shares sold		—			—			450,000			600,000
Shares redeemed		—			—			(1,400,000	)		(800,000	)
Net decrease in shares		—			—			(950,000	)		(200,000	)

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

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	Guggenheim S&P SmallCap 600® Equal Weight ETF						Guggenheim S&P 100® Equal Weight ETF
	Year Ended October 31, 2016			Year Ended October 31, 2015			Period ended October 31, 2016a
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	308,220		$	527,920		$	16,152
Net realized gain (loss) on investments		(2,975,150	)		760,661			63,961
Net change in unrealized appreciation (depreciation) on investments		3,224,307			(4,796,328	)		10,222
Net increase (decrease) in net assets resulting from operations		557,377			(3,507,747	)		90,335
Distributions to shareholders from:
Net investment income		(343,398	)		(544,593	)		(11,925	)
Return of capital		—			(29,410	)		—
Total distributions to shareholders		(343,398	)		(574,003	)		(11,925	)
Shareholder transactions:
Proceeds from shares purchased		9,474,203			22,948,358			3,867,706
Cost of shares redeemed		(19,640,274	)		(15,317,007	)		(1,313,918	)
Net increase (decrease) in net assets resulting from share transactions		(10,166,071	)		7,631,351			2,553,788
Net increase (decrease) in net assets		(9,952,092	)		3,549,601			2,632,198
Net assets:
Beginning of period		43,930,078			40,380,477			—
End of period	$	33,977,986		$	43,930,078		$	2,632,198
Undistributed (distributions in excess of) net investment income at end of period	$	21,321		$	(4,867	)	$	6,244
Changes in shares outstanding:
Shares sold		250,000			500,000			150,000
Shares redeemed		(500,000	)		(350,000	)		(50,000	)
Net increase (decrease) in shares		(250,000	)		150,000			100,000

^a Since commencement of operations: June 29, 2016.

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

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF						Guggenheim S&P 500®Equal Weight Consumer Staples ETF
	Year Ended October 31, 2016			Year Ended October 31, 2015			Year Ended October 31, 2016			Year Ended October 31, 2015
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	1,549,965		$	2,188,663		$	11,830,640		$	5,327,763
Net realized gain (loss) on investments		(6,897,777	)		18,331,181			64,392,147			14,431,258
Net change in unrealized appreciation (depreciation) on investments		(7,038,042	)		(9,745,175	)		(19,573,047	)		9,398,344
Net increase (decrease) in net assets resulting from operations		(12,385,854	)		10,774,669			56,649,740			29,157,365
Distributions to shareholders from:
Net investment income		(1,560,723	)		(2,049,799	)		(11,421,201	)		(4,938,435	)
Shareholder transactions:
Proceeds from shares purchased		8,720,472			185,396,920			569,506,862			405,174,870
Cost of shares redeemed		(102,451,705	)		(105,017,902	)		(531,947,193	)		(84,903,374	)
Net increase (decrease) in net assets resulting from share transactions		(93,731,233	)		80,379,018			37,559,669			320,271,496
Net increase (decrease) in net assets		(107,677,810	)		89,103,888			82,788,208			344,490,426
Net assets:
Beginning of year		176,001,047			86,897,159			530,872,396			186,381,970
End of year	$	68,323,237		$	176,001,047		$	613,660,604		$	530,872,396
Undistributed net investment income at end of year	$	156,494		$	167,253		$	1,123,753		$	703,192
Changes in shares outstanding:
Shares sold		100,000			2,100,000			4,800,000			3,700,000
Shares redeemed		(1,250,000	)		(1,200,000	)		(4,500,000	)		(800,000	)
Net increase (decrease) in shares		(1,150,000	)		900,000			300,000			2,900,000

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

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	Guggenheim S&P 500® Equal Weight Energy ETF						Guggenheim S&P 500® Equal Weight Financials ETF
	Year Ended October 31, 2016			Year Ended October 31, 2015			Year Ended October 31, 2016			Year Ended October 31, 2015
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	3,344,310		$	3,139,133		$	3,087,492		$	2,856,761
Net realized gain (loss) on investments		(26,613,503	)		(16,888,985	)		(6,127,650	)		9,158,986
Net change in unrealized appreciation (depreciation) on investments		43,196,210			(30,348,311	)		2,466,708			(13,121,264	)
Net increase (decrease) in net assets resulting from operations		19,927,017			(44,098,163	)		(573,450	)		(1,105,517	)
Distributions to shareholders from:
Net investment income		(3,414,412	)		(3,174,568	)		(3,197,168	)		(3,019,133	)
Return of capital		—			—			(44,777,358	)a		(198,204	)
Total distributions to shareholders		(3,414,412	)		(3,174,568	)		(47,974,526	)		(3,217,337	)
Shareholder transactions:
Proceeds from shares purchased		82,525,656			146,213,054			101,995,202			172,998,339
Cost of shares redeemed		(76,647,251	)		(22,474,535	)		(122,418,077	)		(121,370,788	)
Net increase (decrease) in net assets resulting from share transactions		5,878,405			123,738,519			(20,422,875	)		51,627,551
Net increase (decrease) in net assets		22,391,010			76,465,788			(68,970,851	)		47,304,697
Net assets:
Beginning of year		176,772,648			100,306,860			183,620,350			136,315,653
End of year	$	199,163,658		$	176,772,648		$	114,649,499		$	183,620,350
Undistributed net investment income at end of year	$	100,794		$	170,896		$	—		$	—
Changes in shares outstanding:
Shares sold		1,600,000			2,300,000			2,400,000			3,900,000
Shares redeemed		(1,350,000	)		(350,000	)		(2,950,000	)		(2,850,000	)
Net increase (decrease) in shares		250,000			1,950,000			(550,000	)		1,050,000

^a Special Distribution — See Note 10.

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

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	Guggenheim S&P 500® Equal Weight Health Care ETF						Guggenheim S&P 500® Equal Weight Industrials ETF
	Year Ended October 31, 2016			Year Ended October 31, 2015			Year Ended October 31, 2016			Year Ended October 31, 2015
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	2,694,826		$	3,104,547		$	1,621,856		$	1,589,022
Net realized gain (loss) on investments		(4,697,313	)		92,266,709			2,689,421			7,897,507
Net change in unrealized appreciation (depreciation) on investments		(20,086,726	)		(71,010,844	)		1,123,759			(12,554,131	)
Net increase (decrease) in net assets resulting from operations		(22,089,213	)		24,360,412			5,435,036			(3,067,602	)
Distributions to shareholders from:
Net investment income		(2,529,726	)		(2,938,855	)		(1,434,252	)		(1,865,867	)
Return of capital		—			—			—			(42,175	)
Total distributions to shareholders		(2,529,726	)		(2,938,855	)		(1,434,252	)		(1,908,042	)
Shareholder transactions:
Proceeds from shares purchased		194,817,565			640,046,161			98,402,755			54,081,202
Cost of shares redeemed		(265,597,969	)		(483,288,596	)		(68,946,182	)		(78,722,508	)
Net increase (decrease) in net assets resulting from share transactions		(70,780,404	)		156,757,565			29,456,573			(24,641,306	)
Net increase (decrease) in net assets		(95,399,343	)		178,179,122			33,457,357			(29,616,950	)
Net assets:
Beginning of year		569,893,108			391,713,986			93,830,534			123,447,484
End of year	$	474,493,765		$	569,893,108		$	127,287,891		$	93,830,534
Undistributed net investment income at end of year	$	292,295		$	—		$	235,634		$	—
Changes in shares outstanding:
Shares sold		1,300,000			4,200,000			1,100,000			600,000
Shares redeemed		(1,800,000	)		(3,250,000	)		(800,000	)		(900,000	)
Net increase (decrease) in shares		(500,000	)		950,000			300,000			(300,000	)

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

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	Guggenheim S&P 500® Equal Weight Materials ETF						Guggenheim S&P 500® Equal Weight Real Estate ETF
	Year Ended October 31, 2016			Year Ended October 31, 2015			Year Ended October 31, 2016			Period ended October 31, 2015a
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	1,159,563		$	1,097,662		$	191,989		$	13,371
Net realized gain on investments		287,706			2,048,544			267,436			722
Net change in unrealized appreciation (depreciation) on investments		3,034,814			(8,146,411	)		(1,678,281	)		25,713
Net increase (decrease) in net assets resulting from operations		4,482,083			(5,000,205	)		(1,218,856	)		39,806
Distributions to shareholders from:
Net investment income		(1,136,509	)		(1,098,723	)		(66,011	)		(8,313	)
Shareholder transactions:
Proceeds from shares purchased		66,623,002			49,421,316			48,179,615			2,531,138
Cost of shares redeemed		(41,487,373	)		(61,478,764	)		(13,322,327	)		—
Net increase (decrease) in net assets resulting from share transactions		25,135,629			(12,057,448	)		34,857,288			2,531,138
Net increase (decrease) in net assets		28,481,203			(18,156,376	)		33,572,421			2,562,631
Net assets:
Beginning of period		55,982,123			74,138,499			2,562,631			—
End of period	$	84,463,326		$	55,982,123		$	36,135,052		$	2,562,631
Undistributed net investment income at end of period	$	94,609		$	70,106		$	193,328		$	5,779
Changes in shares outstanding:
Shares sold		800,000			550,000			1,800,000			100,000
Shares redeemed		(500,000	)		(750,000	)		(500,000	)		—
Net increase (decrease) in shares		300,000			(200,000	)		1,300,000			100,000

^a Since commencement of operations: August 12, 2015.

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

STATEMENTS OF CHANGES IN NET ASSETS (concluded)

	Guggenheim S&P 500® Equal Weight Technology ETF						Guggenheim S&P 500® Equal Weight Utilities ETF
	Year Ended October 31, 2016			Year Ended October 31, 2015			Year Ended October 31, 2016			Year Ended October 31, 2015
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	11,551,073		$	9,912,225		$	6,435,980		$	5,424,195
Net realized gain on investments		45,741,023			79,925,421			8,109,619			2,693,007
Net change in unrealized appreciation (depreciation) on investments		16,659,550			(42,809,730	)		5,981,382			(18,243,029	)
Net increase (decrease) in net assets resulting from operations		73,951,646			47,027,916			20,526,981			(10,125,827	)
Distributions to shareholders from:
Net investment income		(11,574,847	)		(10,224,817	)		(6,269,737	)		(5,791,076	)
Return of capital		—			(617,780	)		—			—
Total distributions to shareholders		(11,574,847	)		(10,842,597	)		(6,269,737	)		(5,791,076	)
Shareholder transactions:
Proceeds from shares purchased		547,497,519			470,511,829			182,433,708			198,571,649
Cost of shares redeemed		(434,624,288	)		(437,289,257	)		(114,084,544	)		(196,271,911	)
Net increase in net assets resulting from share transactions		112,873,231			33,222,572			68,349,164			2,299,738
Net increase (decrease) in net assets		175,250,030			69,407,891			82,606,408			(13,617,165	)
Net assets:
Beginning of year		740,628,669			671,220,778			128,258,319			141,875,484
End of year	$	915,878,699		$	740,628,669		$	210,864,727		$	128,258,319
Undistributed net investment income at end of year	$	634,073		$	—		$	528,629		$	20,079
Changes in shares outstanding:
Shares sold		5,550,000			5,100,000			2,250,000			2,550,000
Shares redeemed		(4,750,000	)		(4,850,000	)		(1,400,000	)		(2,650,000	)
Net increase (decrease) in shares		800,000			250,000			850,000			(100,000	)

90 | GUGGENHEIM ETFs 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.

	Year Ended October 31, 2016			Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012
Per Share Data:
Net asset value, beginning of period	$	27.68		$	34.14		$	34.43		$	33.31		$	33.83
Income from investment operations:
Net investment income (loss)a		0.56			0.71			0.64			0.50			0.55
Net gain (loss) on investments (realized and unrealized)		1.56			(6.53	)		(0.31	)		1.06			(0.53	)
Total from investment operations		2.12			(5.82	)		0.33			1.56			0.02
Less distributions from:
Net investment income		(0.64	)		(0.64	)		(0.62	)		(0.44	)		(0.48	)
Return of capital		—			—			—			—			(0.06	)
Total distributions to shareholders		(0.64	)		(0.64	)		(0.62	)		(0.44	)		(0.54	)
Net asset value, end of period	$	29.16		$	27.68		$	34.14		$	34.43		$	33.31
Total Returnb		7.80	%		(17.21	%)		0.99	%		4.76	%		0.10	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	11,666		$	11,072		$	13,654		$	10,328		$	13,325
Ratio to average net assets of:
Net investment income (loss)		2.07	%		2.26	%		1.86	%		1.47	%		1.66	%
Total expensesc		0.71	%		0.70	%		0.70	%		0.71	%		0.72	%
Net expensesd		0.66	%		0.64	%		0.60	%		0.60	%		0.61	%
Portfolio turnover ratee		11	%		99	%		25	%		38	%		39	%

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	Excludes expenses of the underlying funds in which the Fund invests.
d	Net expense information reflects the expense ratios after expense waivers.
e	Portfolio turnover does not include securities received or delivered from processing creations or redemptions.

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

Guggenheim S&P MidCap 400^® 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.

	Year Ended October 31, 2016			Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012
Per Share Data:
Net asset value, beginning of period	$	49.09		$	50.39		$	45.24		$	33.95		$	31.15
Income from investment operations:
Net investment income (loss)a		0.66			0.62			0.62			0.57			0.46
Net gain (loss) on investments (realized and unrealized)		2.30			(1.21	)		5.48			11.28			2.80
Total from investment operations		2.96			(0.59	)		6.10			11.85			3.26
Less distributions from:
Net investment income		(0.65	)		(0.67	)		(0.59	)		(0.56	)		(0.46	)
Capital gains		—			—			(0.36	)		—			—
Return of capital		—			(0.04	)		—			—			—
Total distributions to shareholders		(0.65	)		(0.71	)		(0.95	)		(0.56	)		(0.46	)
Net asset value, end of period	$	51.40		$	49.09		$	50.39		$	45.24		$	33.95
Total Returnb		6.08	%		(1.19	%)		13.61	%		35.21	%		10.52	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	89,944		$	132,532		$	146,125		$	76,904		$	52,617
Ratio to average net assets of:
Net investment income (loss)		1.35	%		1.22	%		1.27	%		1.44	%		1.39	%
Total expenses		0.41	%		0.41	%		0.41	%		0.41	%		0.41	%
Portfolio turnover ratec		101	%		31	%		29	%		29	%		33	%

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

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

Guggenheim S&P SmallCap 600^® 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.

	Year Ended October 31, 2016			Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012
Per Share Data:
Net asset value, beginning of period	$	41.84		$	44.87		$	42.89		$	31.82		$	29.48
Income from investment operations:
Net investment income (loss)a		0.32			0.49			0.43			0.54			0.34
Net gain (loss) on investments (realized and unrealized)		0.67			(2.97	)		1.97			11.12			2.33
Total from investment operations		0.99			(2.48	)		2.40			11.66			2.67
Less distributions from:
Net investment income		(0.36	)		(0.52	)		(0.42	)		(0.59	)		(0.33	)
Return of capital		—			(0.03	)		—			—			—
Total distributions to shareholders		(0.36	)		(0.55	)		(0.42	)		(0.59	)		(0.33	)
Net asset value, end of period	$	42.47		$	41.84		$	44.87		$	42.89		$	31.82
Total Returnb		2.39	%		(5.59	%)		5.58	%		37.07	%		9.08	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	33,978		$	43,930		$	40,380		$	25,736		$	14,318
Ratio to average net assets of:
Net investment income (loss)		0.80	%		1.11	%		0.96	%		1.46	%		1.10	%
Total expenses		0.41	%		0.41	%		0.42	%		0.41	%		0.41	%
Portfolio turnover ratec		96	%		47	%		43	%		42	%		43	%

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

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

Guggenheim S&P 100^® 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 October 31, 2016a
Per Share Data:
Net asset value, beginning of period	$	25.45
Income from investment operations:
Net investment income (loss)b		0.16
Net gain (loss) on investments (realized and unrealized)		0.79
Total from investment operations		0.95
Less distributions from:
Net investment income		(0.08	)
Total distributions to shareholders		(0.08	)
Net asset value, end of period	$	26.32
Total Returnc		3.73	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	2,632
Ratio to average net assets of:
Net investment income (loss)		1.77	%d
Total expenses		0.40	%d
Portfolio turnover ratee		3	%

a	The Fund commenced operations on June 29, 2016.
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.

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

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.

	Year Ended October 31, 2016			Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012
Per Share Data:
Net asset value, beginning of period	$	90.26		$	82.76		$	76.06		$	55.09		$	47.70
Income from investment operations:
Net investment income (loss)a		1.29			1.15			0.95			0.79			0.64
Net gain (loss) on investments (realized and unrealized)		(4.96	)		7.39			6.67			21.02			7.46
Total from investment operations		(3.67	)		8.54			7.62			21.81			8.10
Less distributions from:
Net investment income		(1.19	)		(1.04	)		(0.92	)		(0.84	)		(0.71	)
Total distributions to shareholders		(1.19	)		(1.04	)		(0.92	)		(0.84	)		(0.71	)
Net asset value, end of period	$	85.40		$	90.26		$	82.76		$	76.06		$	55.09
Total Returnb		(4.07	%)		10.35	%		10.07	%		39.91	%		17.05	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	68,323		$	176,001		$	86,897		$	125,497		$	41,314
Ratio to average net assets of:
Net investment income (loss)		1.49	%		1.29	%		1.20	%		1.19	%		1.22	%
Total expenses		0.40	%		0.40	%		0.40	%		0.50	%		0.50	%
Portfolio turnover ratec		30	%		23	%		22	%		20	%		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	Portfolio turnover does not include securities received or delivered from processing creations or redemptions.

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

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.

	Year Ended October 31, 2016			Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012
Per Share Data:
Net asset value, beginning of period	$	111.76		$	100.75		$	88.48		$	68.24		$	61.01
Income from investment operations:
Net investment income (loss)a		2.19			2.08			2.04			1.73			1.41
Net gain (loss) on investments (realized and unrealized)		9.69			10.86			12.03			20.22			7.20
Total from investment operations		11.88			12.94			14.07			21.95			8.61
Less distributions from:
Net investment income		(2.12	)		(1.93	)		(1.80	)		(1.71	)		(1.38	)
Total distributions to shareholders		(2.12	)		(1.93	)		(1.80	)		(1.71	)		(1.38	)
Net asset value, end of period	$	121.52		$	111.76		$	100.75		$	88.48		$	68.24
Total Returnb		10.63	%		12.95	%		16.04	%		32.59	%		14.19	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	613,661		$	530,872		$	186,382		$	84,054		$	40,944
Ratio to average net assets of:
Net investment income (loss)		1.81	%		1.94	%		2.18	%		2.15	%		2.14	%
Total expenses		0.40	%		0.40	%		0.40	%		0.50	%		0.50	%
Portfolio turnover ratec		17	%		16	%		20	%		17	%		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	Portfolio turnover does not include securities received or delivered from processing creations or redemptions.

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

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.

	Year Ended October 31, 2016			Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012
Per Share Data:
Net asset value, beginning of period	$	54.39		$	77.16		$	79.86		$	64.01		$	64.16
Income from investment operations:
Net investment income (loss)a		0.90			1.35			1.40			0.78			0.55
Net gain (loss) on investments (realized and unrealized)		2.53			(22.73	)		(2.91	)		15.87			(0.19	)
Total from investment operations		3.43			(21.38	)		(1.51	)		16.65			0.36
Less distributions from:
Net investment income		(0.92	)		(1.39	)		(1.19	)		(0.80	)		(0.51	)
Total distributions to shareholders		(0.92	)		(1.39	)		(1.19	)		(0.80	)		(0.51	)
Net asset value, end of period	$	56.90		$	54.39		$	77.16		$	79.86		$	64.01
Total Returnb		6.50	%		(27.93	%)		(2.02	%)		26.19	%		0.58	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	199,164		$	176,773		$	100,307		$	43,924		$	32,004
Ratio to average net assets of:
Net investment income (loss)		1.72	%		2.16	%		1.64	%		1.09	%		0.88	%
Total expenses		0.40	%		0.40	%		0.40	%		0.50	%		0.50	%
Portfolio turnover ratec		41	%		34	%		25	%		17	%		30	%

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

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

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.

	Year Ended October 31, 2016			Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012
Per Share Data:
Net asset value, beginning of period	$	43.72		$	43.27		$	37.64		$	28.68		$	24.48
Income from investment operations:
Net investment income (loss)a		0.81			0.72			0.53			0.57			0.39
Net gain (loss) on investments (realized and unrealized)		1.03			0.58			5.76			9.08			4.32
Total from investment operations		1.84			1.30			6.29			9.65			4.71
Less distributions from:
Net investment income		(0.78	)		(0.80	)		(0.66	)		(0.58	)		(0.42	)
Return of capital		(13.37	)d		(0.05	)		—			(0.11	)		(0.09	)
Total distributions to shareholders		(14.15	)		(0.85	)		(0.66	)		(0.69	)		(0.51	)
Net asset value, end of period	$	31.41		$	43.72		$	43.27		$	37.64		$	28.68
Total Returnb		4.33	%		3.04	%		16.84	%		34.05	%		19.32	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	114,649		$	183,620		$	136,316		$	58,337		$	14,339
Ratio to average net assets of:
Net investment income (loss)		1.96	%		1.64	%		1.30	%		1.65	%		1.48	%
Total expenses		0.40	%		0.40	%		0.40	%		0.50	%		0.50	%
Portfolio turnover ratec		53	%		13	%		19	%		14	%		17	%

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	Portfolio turnover does not include securities received or delivered from processing creations or redemptions.
d	Special Distribution — See Note 10.

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

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.

	Year Ended October 31, 2016			Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012
Per Share Data:
Net asset value, beginning of period	$	149.97		$	137.44		$	104.50		$	76.84		$	66.49
Income from investment operations:
Net investment income (loss)a		0.78			0.75			0.66			0.55			0.47
Net gain (loss) on investments (realized and unrealized)		(6.22	)		12.46			32.89			27.63			11.04
Total from investment operations		(5.44	)		13.21			33.55			28.18			11.51
Less distributions from:
Net investment income		(0.74	)		(0.68	)		(0.61	)		(0.52	)		(1.16	)
Total distributions to shareholders		(0.74	)		(0.68	)		(0.61	)		(0.52	)		(1.16	)
Net asset value, end of period	$	143.79		$	149.97		$	137.44		$	104.50		$	76.84
Total Returnb		(3.65	%)		9.61	%		32.20	%		36.81	%		17.39	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	474,494		$	569,893		$	391,714		$	130,627		$	38,419
Ratio to average net assets of:
Net investment income (loss)		0.52	%		0.49	%		0.55	%		0.60	%		0.65	%
Total expenses		0.40	%		0.40	%		0.40	%		0.50	%		0.50	%
Portfolio turnover ratec		28	%		22	%		23	%		24	%		15	%

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

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

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.

	Year Ended October 31, 2016			Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012
Per Share Data:
Net asset value, beginning of period	$	85.30		$	88.18		$	76.33		$	56.94		$	51.50
Income from investment operations:
Net investment income (loss)a		1.40			1.13			1.22			0.95			1.05
Net gain (loss) on investments (realized and unrealized)		5.57			(2.69	)		11.59			19.41			5.42
Total from investment operations		6.97			(1.56	)		12.81			20.36			6.47
Less distributions from:
Net investment income		(1.35	)		(1.29	)		(0.96	)		(0.97	)		(1.03	)
Return of capital		—			(0.03	)		—			—			—
Total distributions to shareholders		(1.35	)		(1.32	)		(0.96	)		(0.97	)		(1.03	)
Net asset value, end of period	$	90.92		$	85.30		$	88.18		$	76.33		$	56.94
Total Returnb		8.25	%		(1.78	%)		16.85	%		36.10	%		12.64	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	127,288		$	93,831		$	123,447		$	57,251		$	17,082
Ratio to average net assets of:
Net investment income (loss)		1.60	%		1.29	%		1.47	%		1.41	%		1.90	%
Total expenses		0.40	%		0.40	%		0.40	%		0.50	%		0.50	%
Portfolio turnover ratec		23	%		22	%		15	%		24	%		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	Portfolio turnover does not include securities received or delivered from processing creations or redemptions.

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

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.

	Year Ended October 31, 2016			Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012
Per Share Data:
Net asset value, beginning of period	$	79.97		$	82.38		$	75.49		$	60.71		$	56.57
Income from investment operations:
Net investment income (loss)a		1.29			1.23			1.21			1.25			0.92
Net gain (loss) on investments (realized and unrealized)		4.49			(2.41	)		6.85			14.73			4.14
Total from investment operations		5.78			(1.18	)		8.06			15.98			5.06
Less distributions from:
Net investment income		(1.29	)		(1.23	)		(1.17	)		(1.20	)		(0.92	)
Total distributions to shareholders		(1.29	)		(1.23	)		(1.17	)		(1.20	)		(0.92	)
Net asset value, end of period	$	84.46		$	79.97		$	82.38		$	75.49		$	60.71
Total Returnb		7.29	%		(1.44	%)		10.68	%		26.59	%		8.99	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	84,463		$	55,982		$	74,138		$	49,069		$	33,388
Ratio to average net assets of:
Net investment income (loss)		1.57	%		1.46	%		1.48	%		1.84	%		1.55	%
Total expenses		0.40	%		0.40	%		0.40	%		0.50	%		0.50	%
Portfolio turnover ratec		25	%		27	%		22	%		18	%		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	Portfolio turnover does not include securities received or delivered from processing creations or redemptions.

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

Guggenheim S&P 500^® Equal Weight Real Estate 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.

	Year Ended October 31, 2016			Period Ended October 31, 2015a
Per Share Data:
Net asset value, beginning of period	$	25.63		$	25.31
Income from investment operations:
Net investment income (loss)b		0.70			0.13
Net gain (loss) on investments (realized and unrealized)		(0.08	)		0.27
Total from investment operations		0.62			0.40
Less distributions from:
Net investment income		(0.44	)		(0.08	)
Total distributions to shareholders		(0.44	)		(0.08	)
Net asset value, end of period	$	25.81		$	25.63
Total Returnc		2.39	%		1.61	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	36,135		$	2,563
Ratio to average net assets of:
Net investment income (loss)		2.70	%		2.49	%d
Total expenses		0.37	%		0.40	%d
Portfolio turnover ratee		10	%		5	%

a	The Fund commenced operations on August 12, 2015.
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.

102 | GUGGENHEIM ETFs 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.

	Year Ended October 31, 2016			Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012
Per Share Data:
Net asset value, beginning of period	$	93.16		$	87.17		$	70.98		$	51.53		$	52.23
Income from investment operations:
Net investment income (loss)a		1.47			1.09			0.78			0.68			0.41
Net gain (loss) on investments (realized and unrealized)		11.48			6.09			16.15			19.43			(0.75	)
Total from investment operations		12.95			7.18			16.93			20.11			(0.34	)
Less distributions from:
Net investment income		(1.44	)		(1.12	)		(0.74	)		(0.66	)		(0.36	)
Return of capital		—			(0.07	)		—			—			—
Total distributions to shareholders		(1.44	)		(1.19	)		(0.74	)		(0.66	)		(0.36	)
Net asset value, end of period	$	104.67		$	93.16		$	87.17		$	70.98		$	51.53
Total Returnb		14.06	%		8.30	%		23.92	%		39.23	%		0.71	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	915,879		$	740,629		$	671,221		$	273,275		$	100,479
Ratio to average net assets of:
Net investment income (loss)		1.55	%		1.20	%		0.97	%		1.07	%		0.76	%
Total expenses		0.40	%		0.40	%		0.40	%		0.50	%		0.50	%
Portfolio turnover ratec		24	%		21	%		22	%		24	%		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	Portfolio turnover does not include securities received or delivered from processing creations or redemptions.

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

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.

	Year Ended October 31, 2016			Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012
Per Share Data:
Net asset value, beginning of period	$	73.29		$	76.69		$	64.67		$	60.52		$	54.03
Income from investment operations:
Net investment income (loss)a		2.49			2.48			2.59			2.36			2.03
Net gain (loss) on investments (realized and unrealized)		7.81			(2.97	)		11.75			4.11			6.45
Total from investment operations		10.30			(0.49	)		14.34			6.47			8.48
Less distributions from:
Net investment income		(2.49	)		(2.91	)		(2.32	)		(2.32	)		(1.99	)
Total distributions to shareholders		(2.49	)		(2.91	)		(2.32	)		(2.32	)		(1.99	)
Net asset value, end of period	$	81.10		$	73.29		$	76.69		$	64.67		$	60.52
Total Returnb		14.13	%		(0.56	%)		22.61	%		10.95	%		15.98	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	210,865		$	128,258		$	141,875		$	51,738		$	42,364
Ratio to average net assets of:
Net investment income (loss)		3.09	%		3.30	%		3.72	%		3.78	%		3.60	%
Total expenses		0.40	%		0.40	%		0.40	%		0.50	%		0.50	%
Portfolio turnover ratec		22	%		20	%		31	%		22	%		22	%

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

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

NOTES TO FINANCIAL STATEMENTS

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 an 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”), each a non-diversified investment company. The Trust was organized as a Delaware statutory trust on November 22, 2002. At October 31, 2016, the Trust consisted of twenty-two funds (the “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 MSCI Emerging Markets Equal Country Weight ETF	MSCI Emerging Markets Equal Country Weighted Index
Guggenheim S&P MidCap 400® Equal Weight ETF	S&P MidCap 400® Equal Weight Index
Guggenheim S&P SmallCap 600® Equal Weight ETF	S&P SmallCap 600® Equal Weight Index
Guggenheim S&P 100® Equal Weight ETF	S&P 100® Equal Weight 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 Real Estate ETF	S&P 500® Equal Weight Real Estate Index
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 Services and Utilities

The Funds seek to achieve their objective by investing in common stocks or exchange-traded funds (“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.

Guggenheim Investments (“GI”) provides advisory services and Rydex Fund Services, LLC (“RFS”) provides administrative services to the Trust. Guggenheim Funds Distributors, LLC (“GFD”) acts as principal underwriter for the Trust. GI and GFD are affiliated entities; RFS ceased to be an affiliate of GI as of October 4, 2016, when it was acquired by MUFG Investor Services. In connection with its acquisition, RFS changed its name to MUFG Investor Services (US), LLC (“MUIS”). This change has no impact on the financial statements of the Funds.

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, 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.

The NAV of a fund is calculated by dividing the market value of the fund’s securities and other assets, less all liabilities, by the number of outstanding shares of the fund.

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

GUGGENHEIM ETFs ANNUAL REPORT | 105

NOTES TO FINANCIAL STATEMENTS (continued)

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 and/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, to 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 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.

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 currencies 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. In addition, the Board has authorized the Valuation Committee and GI to use prices and other information supplied by a third party pricing vendor in valuing foreign securities.

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

ETFs are valued at the last quoted sales price.

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 using methods established or ratified by the Board. Valuations in accordance with these methods are intended to reflect each security’s (or asset’s) “fair value.” Each such determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. Examples of such factors may include, but are not limited to market prices; sale prices; broker quotes; and models which derive prices based on inputs such as prices of securities with comparable maturities and characteristics, or based on inputs such as anticipated cash flows or collateral, spread over Treasuries, and other information analysis.

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 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.

106 | GUGGENHEIM ETFs ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)

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, which was 0.31% at October 31, 2016.

F. 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 Fund 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 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.

G. Under the Funds’ organizational documents, the 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 MSCI Emerging Markets Equal Country Weight ETF	$	6,000
Guggenheim S&P MidCap 400® Equal Weight ETF		2,000
Guggenheim S&P SmallCap 600® Equal Weight ETF		3,000
Guggenheim S&P 100® Equal Weight ETF		500
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 Real Estate ETF		500
Guggenheim S&P 500® Equal Weight Technology ETF		750
Guggenheim S&P 500® Equal Weight Utilities ETF		500

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 MSCI Emerging Markets Equal Country Weight ETF		0.70	%
Guggenheim S&P MidCap 400® Equal Weight ETF		0.40	%
Guggenheim S&P SmallCap 600® Equal Weight ETF		0.40	%
Guggenheim S&P 100® Equal Weight ETF		0.40	%
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 Real Estate ETF		0.40	%
Guggenheim S&P 500® Equal Weight Technology ETF		0.40	%
Guggenheim S&P 500® Equal Weight Utilities ETF		0.40	%

GUGGENHEIM ETFs ANNUAL REPORT | 107

NOTES TO FINANCIAL STATEMENTS (continued)

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, MUIS provides various administrative and financial reporting services for the Funds. GI compensates MUIS 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 MSCI 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, 2017. This agreement may be terminated only with the approval of the Fund’s Board. In any event, this undertaking will continue until at least February 28, 2017.

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 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).

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 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

Each Fund may lend portfolio securities to certain creditworthy borrowers, including the Funds’ securities lending agent. The loans are collateralized at all times by cash and/or high grade debt obligations in an amount at least equal to 102% of the market value of domestic securities loaned and 105% of foreign securities loaned as determined at the close of business on the preceding business day. The cash collateral received is held in a separately managed account established for each respective Fund and maintained by the lending agent exclusively for the investment of securities lending cash collateral on behalf of each Fund. The separately managed accounts invest in short-term investments valued at amortized cost, which approximates market value. Each Fund receives compensation for lending securities from interest or dividends earned on the cash, cash equivalents or U.S. government securities held as collateral, net of fee rebates paid to the borrower plus reasonable administrative and custody fees paid to the lending agent. Such compensation is accrued daily and payable to the Fund monthly. The dividend and interest income earned on the securities loaned is accounted for in the same manner as other dividend and interest income. The borrower pays to the Funds an amount equal to any dividends or interest received on loaned securities. These payments from the borrower are not eligible for reduced tax rates as “qualified dividend income” under the Jobs and Growth Tax Reconciliation Act of 2003. The Funds retain all or

108 | GUGGENHEIM ETFs ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)

a portion of the interest received on investment of cash collateral or receives a fee from the borrower. Lending portfolio securities could result in a loss or delay in recovering each Fund’s securities if the borrower defaults. The securities lending income earned by the Funds are disclosed on the Statements of Operations.

At October 31, 2016, the Funds participated in securities lending as follows:

Fund	Value of Securities Loaned		Cash Collateral		Non-Cash Collateral		Total Collateral
Guggenheim MSCI Emerging Markets Equal Country Weight ETF	$	528,505	$	395,137	$	147,094	$	542,231
Guggenheim S&P MidCap 400® Equal Weight ETF		14,392,815		8,074,696		6,745,294		14,819,990
Guggenheim S&P SmallCap 600® Equal Weight ETF		4,557,246		3,184,518		1,513,387		4,697,905
Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF		12,410,755		7,238,797		5,366,392		12,605,189
Guggenheim S&P 500® Equal Weight Consumer Staples ETF		18,121,244		243,818		18,722,859		18,966,677
Guggenheim S&P 500® Equal Weight Energy ETF		16,365,754		10,272,586		7,283,040		17,555,626
Guggenheim S&P 500® Equal Weight Health Care ETF		19,376,879		—		20,000,896		20,000,896
Guggenheim S&P 500® Equal Weight Industrials ETF		9,894,534		2,566,847		7,555,117		10,121,964
Guggenheim S&P 500® Equal Weight Materials ETF		7,998,039		2,745,208		5,418,976		8,164,184
Guggenheim S&P 500® Equal Weight Real Estate ETF		1,722,302		—		1,741,308		1,741,308
Guggenheim S&P 500® Equal Weight Technology ETF		50,843,814		30,606,327		21,313,031		51,919,358
Guggenheim S&P 500® Equal Weight Utilities ETF		11,213,104		5,705,305		6,822,883		12,528,188

The following represents a breakdown of the collateral for the joint repurchase agreements at October 31, 2016:

Counterparty and Terms of Agreement	Face Value		Repurchase Price		Collateral	Par Value		Fair Value
Citigroup Global Markets, Inc. 0.34% Due 11/01/16	$	16,884,149	$	16,884,149	Various U.S. Government obligations and U.S. Government agency securities	$	23,943,491	$	17,223,696
BNP Paribas Securities Corp. 0.34% Due 11/01/16		16,390,331		16,390,331	Various U.S. Government obligations and U.S. Government agency securities		58,347,880		16,718,138
Merrill Lynch, Pierce, Fenner & Smith, Inc. 0.33% Due 11/01/16		16,390,331		16,390,331	Various U.S. Government obligations and U.S. Government agency securities		23,233,850		16,718,138
HSBC Securities (USA), Inc. 0.30% Due 11/01/16		16,390,331		16,390,331	Various U.S. Government obligations and U.S. Government agency securities		44,307,013		16,718,233
Credit Suisse Securities (USA), LLC 0.31% Due 11/01/16		4,832,960		4,832,960	Various U.S. Government obligations and U.S. Government agency securities		3,811,525		4,954,441
Merrill Lynch, Pierce, Fenner & Smith, Inc. 0.31% Due 11/01/16		145,137		145,137	Various U.S. Government obligations and U.S. Government agency securities		139,373		148,161

GUGGENHEIM ETFs ANNUAL REPORT | 109

NOTES TO FINANCIAL STATEMENTS (continued)

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. GI, acting under the supervision of the Board, reviews the value of the collateral and the creditworthiness of those banks and dealers to evaluate potential risks.

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.

Tax basis capital losses in excess of capital gains are carried forward to offset future net capital gains. For the year ended October 31, 2016, the following capital loss carryforward amounts were expired or used:

Fund	Expired		Utilized		Total
Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF	$	800,018	$	—	$	800,018
Guggenheim S&P 500® Equal Weight Consumer Staples ETF		11,426		135,768		147,194
Guggenheim S&P 500® Equal Weight Financials ETF		1,417,769		—		1,417,769
Guggenheim S&P 500® Equal Weight Utilities ETF		—		315,550		315,550

The tax character of distributions paid during the year ended October 31, 2016 was as follows:

Fund	Ordinary Income		Return of Capital		Total Distributions
Guggenheim MSCI Emerging Markets Equal Country Weight ETF	$	257,333	$	—	$	257,333
Guggenheim S&P MidCap 400® Equal Weight ETF		1,282,647		—		1,282,647
Guggenheim S&P SmallCap 600® Equal Weight ETF		343,398		—		343,398
Guggenheim S&P 100® Equal Weight ETF		11,925		—		11,925
Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF		1,560,723		—		1,560,723
Guggenheim S&P 500® Equal Weight Consumer Staples ETF		11,421,201		—		11,421,201
Guggenheim S&P 500® Equal Weight Energy ETF		3,414,412		—		3,414,412
Guggenheim S&P 500® Equal Weight Financials ETF		3,197,168		44,777,358		47,974,526
Guggenheim S&P 500® Equal Weight Health Care ETF		2,529,726		—		2,529,726
Guggenheim S&P 500® Equal Weight Industrials ETF		1,434,252		—		1,434,252
Guggenheim S&P 500® Equal Weight Materials ETF		1,136,509		—		1,136,509
Guggenheim S&P 500® Equal Weight Real Estate ETF		66,011		—		66,011
Guggenheim S&P 500® Equal Weight Technology ETF		11,574,847		—		11,574,847
Guggenheim S&P 500® Equal Weight Utilities ETF		6,269,737		—		6,269,737

110 | GUGGENHEIM ETFs ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)

The tax character of distributions paid during the year ended October 31, 2015 was as follows:

Fund	Ordinary Income		Return of Capital		Long-Term Capital Gain		Total Distributions
Guggenheim MSCI Emerging Markets Equal Country Weight ETF	$	256,801	$	—	$	—	$	256,801
Guggenheim S&P MidCap 400® Equal Weight ETF (formerly known as Guggenheim Russell MidCap® Equal Weight ETF)		1,988,010		121,017		—		2,109,027
Guggenheim S&P SmallCap 600® Equal Weight ETF (formerly known as Guggenheim Russell 2000® Equal Weight ETF)		544,593		29,410		—		574,003
Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF		2,049,799		—		—		2,049,799
Guggenheim S&P 500® Equal Weight Consumer Staples ETF		4,938,435		—		—		4,938,435
Guggenheim S&P 500® Equal Weight Energy ETF		3,174,568		—		—		3,174,568
Guggenheim S&P 500® Equal Weight Financials ETF		3,019,133		198,204		—		3,217,337
Guggenheim S&P 500® Equal Weight Health Care ETF		2,938,855		—		—		2,938,855
Guggenheim S&P 500® Equal Weight Industrials ETF		1,865,867		42,175		—		1,908,042
Guggenheim S&P 500® Equal Weight Materials ETF		1,098,723		—		—		1,098,723
Guggenheim S&P 500® Equal Weight Real Estate ETF		8,313		—		—		8,313
Guggenheim S&P 500® Equal Weight Technology ETF		10,224,817		617,780		—		10,842,597
Guggenheim S&P 500® Equal Weight Utilities ETF		5,791,076		—		—		5,791,076

The tax character of distributable earnings/(accumulated losses) at October 31, 2016 was as follows:

Fund	Undistributed Ordinary Income		Undistributed Long-Term Capital Gain		Accumulated Capital and Other Losses			Net Unrealized Appreciation/ (Depreciation)			Total Accumulated Earnings/(Deficit)
Guggenheim MSCI Emerging Markets Equal Country Weight ETF	$	12,555	$	—	$	(4,393,319	)	$	(591,230	)	$	(4,971,994	)
Guggenheim S&P MidCap 400® Equal Weight ETF		152,420		—		(14,701,880	)		6,966,941			(7,582,519	)
Guggenheim S&P SmallCap 600® Equal Weight ETF		21,321		—		(13,241,560	)		2,466,020			(10,754,219	)
Guggenheim S&P 100® Equal Weight ETF		6,244		—		—			4,577			10,821
Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF		156,494		—		(7,985,555	)		(12,249,649	)		(20,078,710	)
Guggenheim S&P 500® Equal Weight Consumer Staples ETF		1,123,753		—		(5,500,069	)		889,094			(3,487,222	)
Guggenheim S&P 500® Equal Weight Energy ETF		100,794		—		(56,512,658	)		(16,465,463	)		(72,877,327	)
Guggenheim S&P 500® Equal Weight Financials ETF		—		—		(11,357,861	)		(2,560,060	)		(13,917,921	)
Guggenheim S&P 500® Equal Weight Health Care ETF		292,295		—		(16,827,217	)		(40,342,616	)		(56,877,538	)
Guggenheim S&P 500® Equal Weight Industrials ETF		235,634		—		(4,642,263	)		(2,757,293	)		(7,163,922	)
Guggenheim S&P 500® Equal Weight Materials ETF		94,609		—		(6,855,141	)		(6,364,203	)		(13,124,735	)
Guggenheim S&P 500® Equal Weight Real Estate ETF		193,598		—		—			(1,690,182	)		(1,496,584	)
Guggenheim S&P 500® Equal Weight Technology ETF		634,073		—		(23,767,825	)		44,655,077			21,521,325
Guggenheim S&P 500® Equal Weight Utilities ETF		528,629		—		(3,602,616	)		(6,535,715	)		(9,609,702	)

GUGGENHEIM ETFs ANNUAL REPORT | 111

NOTES TO FINANCIAL STATEMENTS (continued)

For Federal income tax purposes, capital loss carryforwards represent realized losses of the Funds that may be carried forward and applied against future capital gains. For taxable years beginning on or before December 22, 2010, such capital losses may be carried forward for a maximum of eight years. Under the RIC Modernization Act of 2010, the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those taxable years must be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law. As of October 31, 2016, capital loss carryforwards for the Funds were as follows:

										Unlimited
Fund	Expires in 2017			Expires in 2018			Expires in 2019			Short-Term			Long-Term			Remaining Capital Loss Carryforward
Guggenheim MSCI Emerging Markets Equal Country Weight ETF	$	—		$	—		$	(18,800	)	$	(1,274,616	)	$	(3,099,903	)	$	(4,393,319	)
Guggenheim S&P MidCap 400® Equal Weight ETF		—			—			—			(6,852,211	)		(7,849,669	)		(14,701,880	)
Guggenheim S&P SmallCap 600® Equal Weight ETF		—			—			(259,648	)		(7,098,985	)		(5,882,927	)		(13,241,560	)
Guggenheim S&P 100® Equal Weight ETF		—			—			—			—			—			—
Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF		(1,981,333	)		—			—			(1,619,882	)		(4,384,340	)		(7,985,555	)
Guggenheim S&P 500® Equal Weight Consumer Staples ETF		(195,890	)		—			(61,000	)		(1,853,988	)		(3,389,191	)		(5,500,069	)
Guggenheim S&P 500® Equal Weight Energy ETF		(1,743,348	)		(393,314	)		(128,371	)		(14,834,728	)		(39,412,897	)		(56,512,658	)
Guggenheim S&P 500® Equal Weight Financials ETF		(4,062,086	)		(376,840	)		—			(2,268,236	)		(4,650,699	)		(11,357,861	)
Guggenheim S&P 500® Equal Weight Health Care ETF		—			—			—			(3,687,204	)		(13,140,013	)		(16,827,217	)
Guggenheim S&P 500® Equal Weight Industrials ETF		(1,121,641	)		—			—			(386,672	)		(3,133,950	)		(4,642,263	)
Guggenheim S&P 500® Equal Weight Materials ETF		(576,552	)		—			—			(481,684	)		(5,796,905	)		(6,855,141	)
Guggenheim S&P 500® Equal Weight Real Estate ETF		—			—			—			—			—			—
Guggenheim S&P 500® Equal Weight Technology ETF		(2,331,453	)		—			—			(4,656,598	)		(16,779,774	)		(23,767,825	)
Guggenheim S&P 500® Equal Weight Utilities ETF		—			—			—			(1,414,857	)		(2,187,759	)		(3,602,616	)

112 | GUGGENHEIM ETFs ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)

In order to present paid-in-capital, undistributed net investment income (loss) and accumulated net realized gain (loss) on investments on the statement of assets and liabilities that more closely represent their tax character, certain adjustments have been made to these accounts. These adjustments have no effect on the net assets or NAV. The most significant of these adjustments are for net capital gains (losses) resulting from in-kind redemptions, in-kind distributions, equalization debits, passive foreign investment company adjustments, expiring losses, excise tax paid, dividend reclasses, foreign currency reclasses, return of capital investments and adjustments on the disposition of REITs. For the year ended October 31, 2016, the adjustments for the Funds were as follows:

Fund	Paid-In Capital			Undistributed Net Investment Income			Accumulated Net Realized Gain/(Loss)
Guggenheim MSCI Emerging Markets Equal Country Weight ETF	$	(1,454	)	$	1,592		$	(138	)
Guggenheim S&P MidCap 400® Equal Weight ETF		10,698,943			115,563			(10,814,506	)
Guggenheim S&P SmallCap 600® Equal Weight ETF		4,965,474			61,366			(5,026,840	)
Guggenheim S&P 100® Equal Weight ETF		67,589			2,017			(69,606	)
Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF		(2,194,168	)		(1	)		2,194,169
Guggenheim S&P 500® Equal Weight Consumer Staples ETF		68,275,477			11,122			(68,286,599	)
Guggenheim S&P 500® Equal Weight Energy ETF		14,307,054			—			(14,307,054	)
Guggenheim S&P 500® Equal Weight Financials ETF		(651,855	)		109,676			542,179
Guggenheim S&P 500® Equal Weight Health Care ETF		14,314,217			127,195			(14,441,412	)
Guggenheim S&P 500® Equal Weight Industrials ETF		4,447,548			48,030			(4,495,578	)
Guggenheim S&P 500® Equal Weight Materials ETF		4,001,112			1,449			(4,002,561	)
Guggenheim S&P 500® Equal Weight Real Estate ETF		243,208			61,571			(304,779	)
Guggenheim S&P 500® Equal Weight Technology ETF		59,446,368			657,847			(60,104,215	)
Guggenheim S&P 500® Equal Weight Utilities ETF		10,261,836			342,307			(10,604,143	)

At October 31, 2016, the identified cost of investments in securities owned by each Fund for Federal income tax purposes and the gross unrealized appreciation and depreciation were as follows:

Fund	Tax Cost		Tax Unrealized Gain		Tax Unrealized Loss			Net Unrealized Gain/(Loss)
Guggenheim MSCI Emerging Markets Equal Country Weight ETF	$	12,638,968	$	1,062,865	$	(1,653,903	)	$	(591,038	)
Guggenheim S&P MidCap 400® Equal Weight ETF		91,030,235		11,878,145		(4,911,204	)		6,966,941
Guggenheim S&P SmallCap 600® Equal Weight ETF		34,693,726		5,104,695		(2,638,675	)		2,466,020
Guggenheim S&P 100® Equal Weight ETF		2,623,306		86,086		(81,509	)		4,577
Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF		87,947,174		2,230,486		(14,480,135	)		(12,249,649	)
Guggenheim S&P 500® Equal Weight Consumer Staples ETF		612,521,855		25,384,641		(24,495,547	)		889,094
Guggenheim S&P 500® Equal Weight Energy ETF		225,797,663		11,974,983		(28,440,446	)		(16,465,463	)
Guggenheim S&P 500® Equal Weight Financials ETF		117,149,887		4,234,082		(6,794,142	)		(2,560,060	)
Guggenheim S&P 500® Equal Weight Health Care ETF		518,706,751		18,545,172		(58,887,787	)		(40,342,615	)
Guggenheim S&P 500® Equal Weight Industrials ETF		132,423,270		5,231,958		(7,989,251	)		(2,757,293	)
Guggenheim S&P 500® Equal Weight Materials ETF		93,541,526		2,910,851		(9,275,054	)		(6,364,203	)
Guggenheim S&P 500® Equal Weight Real Estate ETF		37,820,129		170,085		(1,860,266	)		(1,690,181	)
Guggenheim S&P 500® Equal Weight Technology ETF		901,879,662		82,051,162		(37,396,085	)		44,655,077
Guggenheim S&P 500® Equal Weight Utilities ETF		222,798,120		6,098,564		(12,634,279	)		(6,535,715	)

GUGGENHEIM ETFs ANNUAL REPORT | 113

NOTES TO FINANCIAL STATEMENTS (continued)

7. Investment Transactions

For the year ended October 31, 2016, the Funds had investments transactions in-kind associated with subscriptions and redemptions as follows:

Fund	Subscriptions		Redemptions
Guggenheim MSCI Emerging Markets Equal Country Weight ETF	$	—	$	—
Guggenheim S&P MidCap 400® Equal Weight ETF		20,402,717		62,534,969
Guggenheim S&P SmallCap 600® Equal Weight ETF		9,455,060		19,399,858
Guggenheim S&P 100® Equal Weight ETF		3,762,528		1,251,687
Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF		8,711,592		102,357,956
Guggenheim S&P 500® Equal Weight Consumer Staples ETF		568,423,277		531,199,109
Guggenheim S&P 500® Equal Weight Energy ETF		82,366,769		76,532,931
Guggenheim S&P 500® Equal Weight Financials ETF		101,165,512		122,087,144
Guggenheim S&P 500® Equal Weight Health Care ETF		194,218,398		263,858,384
Guggenheim S&P 500® Equal Weight Industrials ETF		98,200,791		68,776,836
Guggenheim S&P 500® Equal Weight Materials ETF		66,547,749		41,220,090
Guggenheim S&P 500® Equal Weight Real Estate ETF		47,967,642		13,272,766
Guggenheim S&P 500® Equal Weight Technology ETF		545,804,530		433,072,990
Guggenheim S&P 500® Equal Weight Utilities ETF		181,913,141		113,384,538

For the year ended October 31, 2016, 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 MSCI Emerging Markets Equal Country Weight ETF	$	1,186,163	$	1,394,719
Guggenheim S&P MidCap 400® Equal Weight ETF		99,731,499		99,688,247
Guggenheim S&P SmallCap 600® Equal Weight ETF		37,700,856		37,707,941
Guggenheim S&P 100® Equal Weight ETF		132,533		89,662
Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF		32,071,633		31,779,695
Guggenheim S&P 500® Equal Weight Consumer Staples ETF		112,001,300		111,517,586
Guggenheim S&P 500® Equal Weight Energy ETF		78,812,826		78,588,640
Guggenheim S&P 500® Equal Weight Financials ETF		82,356,901		126,119,620
Guggenheim S&P 500® Equal Weight Health Care ETF		144,664,878		145,293,606
Guggenheim S&P 500® Equal Weight Industrials ETF		23,627,323		23,614,870
Guggenheim S&P 500® Equal Weight Materials ETF		18,379,343		18,679,757
Guggenheim S&P 500® Equal Weight Real Estate ETF		1,048,855		835,206
Guggenheim S&P 500® Equal Weight Technology ETF		176,353,403		176,101,117
Guggenheim S&P 500® Equal Weight Utilities ETF		45,512,036		45,504,825

The Funds are permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by a Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price to save costs, where permissible. For the year ended October 31, 2016, the Funds engaged in purchases and sales of securities, pursuant to Rule 17a-7 of the 1940 Act, as follows:

Fund	Purchases		Sales		Realized Loss
Guggenheim S&P MidCap 400® Equal Weight ETF	$	—	$	201,608	$	(10,411	)
Guggenheim S&P 500® Equal Weight Consumer Staples ETF		—		681,684		(11,821	)
Guggenheim S&P 500® Equal Weight Financials ETF		267,652		—		—
Guggenheim S&P 500® Equal Weight Real Estate ETF		13,904		—		—
Guggenheim S&P 500® Equal Weight Technology ETF		1,701,452		—		—

114 | GUGGENHEIM ETFs ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)

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 by certain series of the Rydex ETF Trust of shares 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, Tribune insiders and shareholders were overpaid for their Tribune stock using financing that the insiders knew would, and ultimately did, leave Tribune 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. 12-0063 (S.D.N.Y.). In the SLCFC 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.

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.

On March 29, 2016, the U.S. Court of Appeals for the Second Circuit issued its opinion on the appeal of the SLCFC actions. The appeals court affirmed the district court’s dismissal of those lawsuits, but on different grounds than the district court. The appeals court held that while the plaintiffs have standing under the U.S. Bankruptcy Code, their claims were preempted by Section 546(e) of the Bankruptcy Code—the statutory safe harbor for settlement payments. On April 12, 2016, the plaintiffs in the SLCFC actions filed a petition seeking rehearing en banc before the appeals court. On July 22, 2016, the appeals court denied the petition. On September 9, 2016, the plaintiffs filed a petition for writ of certiorari in the U.S. Supreme Court challenging the Second Circuit’s decision that the safe harbor of Section 546(e) applied to their claims. The shareholder defendants, including the Rydex ETF Trust, filed a joint brief in opposition to the petition for writ of certiorari on October 24, 2016. The plaintiffs filed a reply in support of the petition on November 4, 2016. The Supreme Court has not yet granted or denied the petition for certiorari.

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.

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NOTES TO FINANCIAL STATEMENTS (concluded)

9. Fund Changes

At a meeting held on October 14, 2015, the Adviser recommended and the Board of the Trust approved the following changes to the following Funds:

A. The Underlying Index for the Guggenheim Russell MidCap^® Equal Weight ETF (ticker EWRM) will change from the Russell MidCap^® Equal Weight Index to the S&P MidCap 400^® Equal Weight Index. In connection with the change in the Fund’s Underlying Index, the Board also approved changing the Fund’s name and ticker to Guggenheim S&P MidCap 400^® Equal Weight ETF (new ticker EWMC). The changes in index, Fund name and Fund ticker became effective on January 27, 2016.

B. The Underlying Index for the Guggenheim Russell 2000^® Equal Weight ETF (ticker EWRS) will change from the Russell 2000^® Equal Weight Index to the S&P SmallCap 600^® Equal Weight Index. In connection with the change in the Fund’s Underlying Index, the Board also approved changing the Fund’s name and ticker to Guggenheim S&P SmallCap 600^® Equal Weight ETF (new ticker EWSC). The changes in index, Fund name and Fund ticker became effective on January 27, 2016.

10. Special In-Kind Distribution

After the close of business on September 16, 2016 (the “Rebalance Date”), the S&P Dow Jones Indices reconstituted the S&P 500^® Equal Weight Index Financials (the “Index”), the underlying index for the Guggenheim S&P 500^® Equal Weight Financials ETF (“RYF”), by eliminating the stocks of companies involved in the real estate industry (including real estate investment trusts (“REITs”) other than mortgage REITs) (“Real Estate Stocks”). To effectuate a corresponding change to RYF’s portfolio, RYF replaced its Real Estate Stock holdings with shares of the Guggenheim S&P 500^® Equal Weight Real Estate ETF (“EWRE”) on the Rebalance Date. After market close on the Rebalance Date (and effective at market open on September 19, 2016, ex-dividend date), RYF made an in-kind distribution of its shares of EWRE (0.50 shares of EWRE for each share of RYF owned, with a value of $13.402661 per share of RYF owned), plus a small amount of cash for fractional shares, to shareholders of RYF such that, following the distribution, RYF continued to hold stocks included in the reconstituted Index in accordance with its principal investment strategies.

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Trustees and Shareholders of Rydex ETF Trust

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Guggenheim MSCI Emerging Markets Equal Country Weight ETF, Guggenheim S&P MidCap 400^® Equal Weight ETF, Guggenheim S&P SmallCap 600^® Equal Weight ETF, Guggenheim S&P 100^® Equal Weight ETF, Guggenheim S&P 500^® Equal Weight Consumer Discretionary ETF, Guggenheim S&P 500^® Equal Weight Consumer Staples ETF, Guggenheim S&P 500^® Equal Weight Energy ETF, Guggenheim S&P 500^® Equal Weight Financials ETF, Guggenheim S&P 500^® Equal Weight Health Care ETF, Guggenheim S&P 500^® Equal Weight Industrials ETF, Guggenheim S&P 500^® Equal Weight Materials ETF, Guggenheim S&P 500^® Equal Weight Real Estate ETF, Guggenheim S&P 500^® Equal Weight Technology ETF, and Guggenheim S&P 500^® Equal Weight Utilities ETF (fourteen of the series constituting the Rydex ETF Trust) (the “Funds”) as of October 31, 2016, and the related statements of operations, the statements of changes in net assets, and the financial highlights for each of the years or periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Fund’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2016, by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the above listed Funds (fourteen of the series constituting the Rydex ETF Trust) at October 31, 2016, the results of their operations, the changes in their net assets, and their financial highlights for each of the years or periods indicated therein, in conformity with U.S. generally accepted accounting principles.

McLean, Virginia
December 22, 2016

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OTHER INFORMATION (Unaudited)

Federal Income Tax Information

In January 2017, shareholders will be advised on IRS Form 1099 DIV or substitute 1099 DIV as to the federal tax status of the distributions received by shareholders in the calendar year 2016.

Of the ordinary income distributions paid during the year, the following funds had the corresponding percentages qualify for the dividends received deduction for corporations:

Fund	Dividend Received Deduction
Guggenheim MSCI Emerging Markets Equal Country Weight ETF	4.80%
Guggenheim S&P MidCap 400® Equal Weight ETF	94.39%
Guggenheim S&P SmallCap 600® Equal Weight ETF	100.00%
Guggenheim S&P 100® Equal Weight ETF	92.19%
Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF	100.00%
Guggenheim S&P 500® Equal Weight Consumer Staples ETF	100.00%
Guggenheim S&P 500® Equal Weight Energy ETF	99.49%
Guggenheim S&P 500® Equal Weight Financials ETF	67.73%
Guggenheim S&P 500® Equal Weight Health Care ETF	100.00%
Guggenheim S&P 500® Equal Weight Industrials ETF	100.00%
Guggenheim S&P 500® Equal Weight Materials ETF	100.00%
Guggenheim S&P 500® Equal Weight Technology ETF	93.38%
Guggenheim S&P 500® Equal Weight Utilities ETF	100.00%

Additionally, the following amounts of taxable ordinary income dividends paid during the fiscal year qualified for the lower income tax rate available to individuals under the Jobs and Growth Tax Relief Reconciliation Act of 2003:

Fund	Qualified Dividend Income
Guggenheim MSCI Emerging Markets Equal Country Weight ETF	72.89%
Guggenheim S&P MidCap 400® Equal Weight ETF	97.26%
Guggenheim S&P SmallCap 600® Equal Weight ETF	100.00%
Guggenheim S&P 100® Equal Weight ETF	95.63%
Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF	100.00%
Guggenheim S&P 500® Equal Weight Consumer Staples ETF	100.00%
Guggenheim S&P 500® Equal Weight Energy ETF	100.00%
Guggenheim S&P 500® Equal Weight Financials ETF	72.84%
Guggenheim S&P 500® Equal Weight Health Care ETF	100.00%
Guggenheim S&P 500® Equal Weight Industrials ETF	100.00%
Guggenheim S&P 500® Equal Weight Materials ETF	100.00%
Guggenheim S&P 500® Equal Weight Technology ETF	100.00%
Guggenheim S&P 500® Equal Weight Utilities ETF	100.00%

For the fiscal year ending October 31, 2016, Guggenheim MSCI Emerging Markets Equal Country Weight ETF earned gross income derived from foreign sources totaling $304,092. The Guggenheim MSCI Emerging Markets Equal Country Weight ETF paid foreign taxes totaling $37,341 for the fiscal year and may pass these taxes through to shareholders, who may be able to claim them as a foreign tax credit.

With respect to the taxable year ended October 31, 2016, Guggenheim S&P 500^® Equal Weight Real Estate ETF hereby designates as capital gain dividends $27,307 using proceeds from shareholder redemptions, or, if subsequently determined to be different, the net capital gain of such year.

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 https://www.sec.gov.

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OTHER INFORMATION (Unaudited)(continued)

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 https://www.sec.gov.

Sector Classification

Information in the Schedule of Investments is categorized by sectors using sector-level Classifications defined by the Bloomberg Industry Classification System, a widely recognized industry classification system provider. Each Fund’s registration statement has investment policies relating to concentration in specific sectors/industries. For purposes of these investment policies, the Funds usually classify sectors/industries based on industry-level Classifications used by widely recognized industry classification system providers such as Bloomberg Industry Classification System, Global Industry Classification Standards and Barclays Global Classification Scheme.

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 https://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.

Board Considerations in Approving the Continuation of the Investment Advisory Agreement

The Board of Trustees (the “Board”) of Rydex ETF Trust (the “Trust”), including the Trustees who are not “interested persons,” as defined by the Investment Company Act of 1940, of the Trust (“Independent Trustees”), attended an in-person meeting held on May 19, 2016, called for the purpose of, among other things, the consideration of, and voting on, the approval and continuation of the investment advisory agreement (the “Investment Advisory Agreement”) between the Trust and the Advisor applicable to each series of the Trust except for the Guggenheim S&P 100^® Equal Weight ETF (each, a “Fund” and, collectively, the “Funds”). The Board unanimously approved the continuation of the Investment Advisory Agreement for an additional one-year period based on the Board’s review of qualitative and quantitative information provided by the Advisor. The Board had previously considered information pertaining to the renewal of the Investment Advisory Agreement at an in-person meeting held on April 26, 2016 (together, with the May 19 meeting, the “Meetings”).

Prior to reaching the conclusion to approve the continuation of the Investment Advisory Agreement, the Independent Trustees requested and obtained from the Advisor such information as the Independent Trustees deemed reasonably necessary to evaluate the Investment Advisory Agreement. In addition, the Board received a memorandum from Fund counsel regarding the responsibilities of the Board with respect to the approval of investment advisory agreements and participated in question and answer sessions with representatives of the Advisor. The Independent Trustees also carefully considered information that they had received throughout the year as part of their regular oversight of the Funds. At the Meetings, the Board obtained and reviewed a wide variety of information, including certain comparative information regarding the Funds’ fees, expenses, and performance relative to the fees, expenses, and performance of other comparable funds (the “FUSE reports”). The Independent Trustees carefully evaluated this information, met in executive session outside the presence of fund management, and were advised by independent legal counsel with respect to their deliberations.

At the Meetings, the Board, including the Independent Trustees, evaluated a number of factors, including among others: (a) the nature, extent and quality of the Advisor’s investment advisory and other services; (b) the Advisor’s investment management personnel; (c) the Advisor’s operations and financial condition; (d) the Advisor’s brokerage practices (including any soft dollar arrangements) and the variety and complexity of its investment strategies; (e) a comparison of the Funds’ advisory fees to the advisory fees charged to comparable funds or accounts, giving special attention to the existence of economies of scale and the absence of breakpoints in these fees and the Advisor’s rationale for not providing for breakpoints at this point in time; (f) each Fund’s overall fees and operating expenses compared with those of similar funds; (g) the level of the Advisor’s profitability from its Fund-related operations; (h) the Advisor’s compliance processes and systems; (i) the Advisor’s compliance policies and procedures; (j) the Advisor’s reputation, expertise and resources in the financial markets; and (k) Fund performance compared with that of similar funds and/or appropriate benchmarks. In its deliberations, the Trustees did not identify any single piece of information that was all-important or controlling, noting that each Trustee could attribute different weights to the various factors considered.

Based on the Board’s deliberations at the Meetings, the Board, including all of the Independent Trustees, unanimously: (a) concluded that the terms of the Investment Advisory Agreement are fair and reasonable; (b) concluded that the Advisor’s fees are reasonable in light of the services that it provides to the Funds; and (c) agreed to approve and continue the Investment Advisory Agreement based upon the following considerations, among others:

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OTHER INFORMATION (Unaudited)(continued)

● Nature, Extent and Quality of Services Provided by the Advisor. The Board evaluated, among other things, the Advisor’s business, financial resources, quality and quantity of personnel, experience, past performance, the variety and complexity of its investment strategies (including the extent to which the Funds use derivatives), Fund risk management process, brokerage practices, and the adequacy of its compliance systems and processes, proxy voting policies and practices, and cybersecurity programs. The Board reviewed the scope of services to be provided by the Advisor under the Investment Advisory Agreement and noted that there would be no significant differences between the scope of services required to be provided by the Advisor for the past year and the scope of services required to be provided during the upcoming year. The Board also considered the Advisor’s representations to the Board that the Advisor would continue to provide investment and related services that were of materially the same quality and quantity as services provided to the Funds in the past, and whether these services are appropriate in scope and extent in light of the Funds’ operations, the competitive landscape of the investment company business and investor needs. Based on the foregoing, the Trustees determined that the approval of the Investment Advisory Agreement would enable shareholders of the Funds to receive high quality services at a cost that was appropriate and reasonable.

● Fund Expenses and Performance of the Funds and the Advisor. The Board reviewed statistical information provided by the Advisor regarding the expense ratio components and performance of each Fund. The Advisor engaged FUSE Research Network LLC (“FUSE”), an independent, third party research provider, to prepare reports to help the Board compare the Funds’ fees, expenses, and total return performance with those of a peer group and peer universe of funds selected by FUSE. In the reports, each Fund’s expense ratio components, including actual advisory fees, waivers/reimbursements, and gross and net total expenses, are compared to those of other funds with shared key characteristics (e.g., asset size, fee structure, sector or industry investment focus) determined by FUSE to comprise a Fund’s applicable peer group. The Board considered the Advisor’s representation that it found the peer groups compiled by FUSE to be appropriate, but also acknowledged the existence of certain differences between the Funds and their peer funds (e.g., specific differences in principal investment strategies) that should be reviewed in context. The statistical information related to the performance of each Fund included three-month and one-, three-, and five-year performance for the Fund compared to that of its peers. The Board also discussed the correlation between a Fund’s assets under management and tracking error, noting that a Fund’s ability to replicate an underlying index rather than employ representative sampling depends, in part, upon the Fund’s size. Based on the foregoing, the Board determined that the proposed advisory fees paid by the Funds are reasonable in relation to the nature and quality of the services provided by the Advisor.

● Costs of Services Provided to the Funds and Profits Realized by the Advisor and its Affiliates. The Board reviewed information about the profitability of the Funds to the Advisor based on the advisory fees payable under the current Investment Advisory Agreement for the last calendar year. The Board noted that the Advisor had contractually agreed to pay all operating expenses of the Funds, including the cost of index licensing fees, transfer agency, custody, fund administration, legal, audit and other services, except management fees, interest expense, taxes (expected to be de minimis), brokerage commissions and other expenses connected with the execution of portfolio transactions, extraordinary expenses, distribution fees, and expenses paid by the Trust under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act. In addition to those expenses listed above, the Board noted that for the Guggenheim S&P 500^® Equal Weight ETF and each Guggenheim S&P 500^® Equal Weight Sector ETF (with the exception of the Guggenheim S&P 500^® Equal Weight Real Estate ETF), the Advisor also had contractually agreed to pay expenses of the Independent Trustees (including any Trustees’ counsel fees). The Board also analyzed the Funds’ expenses, including the investment advisory fees paid to the Advisor, and reviewed the FUSE reports. The Board also reviewed information regarding the direct revenue received by the Advisor and ancillary revenue, if any, received by the Advisor and/or its affiliates in connection with the services provided to the Funds by the Advisor and/or its affiliates. The Board also discussed the Advisor’s profit margin, including the expense allocation methodology used in the Advisor’s profitability analysis. . Based on the foregoing, the Board determined that the profit to the Advisor on the fees paid by the Funds is not excessive in view of the nature and quality of the services provided by the Advisor.

● Economies of Scale. The Board considered the absence of breakpoints in the Advisor’s fee schedule and reviewed information regarding the extent to which economies of scale or other efficiencies may result from increases in the Funds’ asset levels. The Board noted that the Investment Advisory Agreement did not provide for breakpoints in each Fund’s advisory fee rates as assets of a Fund increase. However, the Board further noted the Advisor’s assertion that future economies of scale had been taken into consideration by fixing relatively low advisory fees for the Funds, effectively sharing the benefits of lower fees with the Funds from inception. The Board noted that it intends to continue to monitor fees as each Fund grows in size and assess whether fee breakpoints may be warranted.

● Other Benefits to the Advisor and/or its Affiliates. In addition to evaluating the Advisor’s services, the Board considered the nature and amount of other benefits to be received by the Advisor and its affiliates as a result of their relationship with the Fund, including any soft dollar usage by the Advisor and any intangible benefits. In particular, the Board considered the nature, extent, quality, and cost of certain

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OTHER INFORMATION (Unaudited)(continued)

distribution services performed by the Advisor’s affiliate under the distribution agreement and the Distribution Plan pursuant to Rule 12b-1 of the 1940 Act. In light of the costs of providing services pursuant to the separate agreements as well as the Advisor’s and its affiliates’ commitment to the Funds, the Board concluded the ancillary benefits the Advisor and its affiliates received were reasonable.

On the basis of the information provided to it and its evaluation of that information, the Board, including the Independent Trustees, concluded that the terms of the Investment Advisory Agreement were reasonable, and that approval of the continuation of the Investment Advisory Agreement was in the best interests of the Funds and their shareholders.

Board Considerations in Approving the Investment Advisory Agreement for the Guggenheim S&P 100^® Equal Weight ETF

The Board of the Trust, including the Independent Trustees, attended an in-person meeting held on February 25, 2016 (the “February Meeting”), called for the purpose of, among other things, the consideration of, and voting on, the approval of the investment advisory agreement (the “OEW Investment Advisory Agreement”) between the Trust and Security Investors, LLC (the “Advisor”) applicable to the Guggenheim S&P 100^® Equal Weight ETF, a new series of the Trust (the “OEW Fund”). The Board unanimously approved the OEW Investment Advisory Agreement based on the Board’s review of qualitative and quantitative information provided by the Advisor.

Prior to reaching the conclusion to approve the OEW Investment Advisory Agreement, the Independent Trustees requested and obtained from the Advisor such information as the Independent Trustees deemed reasonably necessary to evaluate the OEW Investment Advisory Agreement. In addition, the Board received a memorandum from Fund counsel regarding the responsibilities of the Board with respect to the approval of investment advisory agreements and participated in question and answer sessions with representatives of the Advisor. The Independent Trustees also carefully considered information that they had received about the Advisor throughout the year as part of their regular oversight of the other series of the Trust. At the May Meeting, the Board obtained and reviewed a wide variety of information, including certain comparative information regarding the OEW Fund’s proposed fees and expenses relative to the fees and expenses of other comparable funds (the “FUSE reports”). The Independent Trustees carefully evaluated this information, met in executive session outside the presence of fund management, and were advised by independent legal counsel with respect to their deliberations.

At the February Meeting, the Board, including the Independent Trustees, evaluated a number of factors, including among others: (a) the nature, extent and quality of the investment advisory and other services to be provided by the Advisor; (b) the Advisor’s investment management personnel; (c) the Advisor’s operations and financial condition; (d) the expected benefits (such as soft dollars, if any) derived by the Advisor and its affiliates from their relationship with the OEW Fund; (e) a comparison of the OEW Fund’s projected advisory fees to the advisory fees charged to comparable funds or accounts, giving special attention to the absence of breakpoints in these fees and the Advisor’s rationale for not providing for breakpoints at this point in time; (f) the OEW Fund’s expected overall fees and operating expenses compared with those of similar funds; (g) the Advisor’s compliance processes and systems; (h) the Advisor’s compliance policies and procedures; and (i) the Advisor’s reputation, expertise and resources in the financial markets; and (j) the Advisor’s performance with respect to existing similar Funds. In its deliberations, the Trustees did not identify any single piece of information that was all-important or controlling, noting that each Trustee could attribute different weights to the various factors considered.

Based on the Board’s deliberations at the February Meeting, the Board, including all of the Independent Trustees, unanimously: (a) concluded that the terms of the OEW Investment Advisory Agreement are fair and reasonable; (b) concluded that the Advisor’s fees are reasonable in light of the services that it will provide to the OEW Fund; and (c) agreed to approve the OEW Investment Advisory Agreement based upon the following considerations, among others:

● Nature, Extent and Quality of Services Provided by the Advisor. The Board reviewed the scope of services to be provided by the Advisor under the OEW Investment Advisory Agreement and determined that the Advisor was capable of providing high quality advisory services to the OEW Fund, as indicated by the nature and quality of services provided by the Advisor in the past, the firm’s management capabilities, the professional qualifications and experience of its portfolio managers, and its investment and management oversight processes. Based on the foregoing, the Trustees determined that the approval of the OEW Investment Advisory Agreement would enable shareholders of the Fund to receive high quality services at a cost that was appropriate and reasonable.

● Fund Expenses and Performance of the OEW Fund and the Advisor. As the OEW Fund had not yet commenced operations, the Board was not able to review the OEW Fund’s performance. However, the Board considered the Advisor’s track record of successfully managing funds that seek to track the performance of a benchmark and determined that the Advisor would have the capabilities, resources, and personnel necessary to provide the OEW Fund with a reasonable potential for positive performance. The Board also reviewed statistical information provided by the Advisor regarding the OEW Fund’s proposed expense ratio components. The Advisor engaged FUSE Research Network LLC (“FUSE”), an independent, third party research provider, to prepare a report to help the Board compare the OEW

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OTHER INFORMATION (Unaudited)(concluded)

Fund’s fees and expenses to those of comparable funds in the OEW Fund’s peer group, and the broader peer universe, as determined by FUSE. In the report, the OEW Fund’s proposed expense ratio components, including advisory fees, waivers/reimbursements, and gross and net total expenses, are compared to those of other funds with shared key characteristics (e.g., asset size, fee structure, sector or industry investment focus) determined by FUSE to comprise the OEW Fund’s applicable peer group. The Board considered the Advisor’s representation that it found the peer groups compiled by FUSE to be appropriate, but also acknowledged the existence of certain differences between the OEW Fund and its peer funds (e.g., specific differences in principal investment strategies) that should be reviewed in context. The Board also discussed the correlation between assets under management and tracking error, noting that the OEW Fund’s ability to replicate its underlying index rather than employ representative sampling will depend, in part, upon the OEW Fund’s size. Based on the foregoing, the Board determined that the proposed advisory fee to be paid by the OEW Fund is reasonable in relation to the nature and quality of the services to be provided by the Advisor.

● Costs of Services Provided to the OEW Fund and Profits Realized by the Advisor and its Affiliates. The Board noted that the Advisor had contractually agreed to pay all operating expenses of the OEW Fund, including the cost of index licensing fees, transfer agency, custody, fund administration, legal, audit and other services, except management fees, interest expense, taxes (expected to be de minimis), brokerage commissions and other expenses connected with the execution of portfolio transactions, extraordinary expenses, distribution fees, and expenses paid by the Trust under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act, and expenses of the Independent Trustees (including any Trustees’ counsel fees). With respect to the cost of advisory services provided and the Advisor’s profitability, the Board concluded that it was too early to predict the profitability of the OEW Fund to the Advisor, but noted that they would monitor the Advisor’s profitability with respect to the OEW Fund after the OEW Fund commenced operations.

● Economies of Scale. The Board considered the absence of breakpoints in the Advisor’s fee schedule and reviewed information regarding the extent to which economies of scale or other efficiencies may result from increases in the OEW Fund’s asset levels. The Board noted that because the OEW Fund had not yet commenced operations, there were as of now, no economies of scale to share with shareholders. The Board also considered the Advisor’s statements that it would consider the introduction of breakpoints in the future and noted that it intends to continue monitoring the existence of economies of scale as the OEW Fund grows in size.

● Other Benefits to the Advisor and/or its Affiliates. In addition to evaluating the Advisor’s services, the Board considered the nature and amount of other benefits to be received by the Advisor and its affiliates as a result of their relationship with the OEW Fund, including any soft dollar usage by the Advisor and any intangible benefits. In particular, the Board considered the nature, extent, quality, and cost of certain distribution services to be performed by the Advisor’s affiliate and the fees to be paid to the Advisor’s affiliates for those services under the distribution agreement and the Distribution Plan pursuant to Rule 12b-1 of the 1940 Act. In light of the costs of providing services pursuant to the separate agreements as well as the Advisor’s and its affiliates’ commitment to the OEW Fund, the Board concluded the ancillary benefits the Advisor and its affiliates received were reasonable.

On the basis of the information provided to it and its evaluation of that information, the Board, including the Independent Trustees, concluded that the terms of the OEW Investment Advisory Agreement were reasonable, and that approval of the OEW Investment Advisory Agreement was in the best interests of the OEW Fund and its shareholders.

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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 of Portfolios in Fund Complex Overseen by Trustee***	Other Directorships Held 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).	232	Clear Spring Life Insurance Company (2015-present); Guggenheim Partners Japan, Ltd. (2014-present); Guggenheim Partners Investment Management Holdings, LLC (2014-present); Delaware Life (2013-present); Guggenheim Life and Annuity Company (2011-present); Paragon Life Insurance Company of Indiana (2011-present).
INDEPENDENT TRUSTEES
Angela Brock-Kyle***** (1959)	Trustee from August 2016 to present.	Current: Founder and Chief Executive Officer, B.O.A.R.D.S (consulting firm) Former: Senior Leader, TIAA (financial services firm) (1987-2012).	135	Infinity Property & Casualty Corporation (2014-present).
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.	135	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.	135	Epiphany Funds (4) (2009-present).

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

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 of Portfolios in Fund Complex Overseen by Trustee***	Other Directorships Held by Trustee****
INDEPENDENT TRUSTEES - concluded
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.	135	None.
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; 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).	135	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).	135	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).	135	None.
Sandra G.Sponem***** (1958)	Trustee from August 2016 to present.	Current: Senior Vice President and Chief Financial Officer, M.A. Mortenson Companies, Inc. (general contracting firm) (2007-present).	135	None.

124 | GUGGENHEIM ETFs ANNUAL REPORT

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

Name, Address* and Year of Birth	Position(s) Held with the Trust, Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
OFFICERS
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.
Joanna M. Catalucci (1966)	AML Officer (2016-present)	Current: Chief Compliance Officer, certain funds in the Fund Complex (2012-present); Senior Managing Director, Guggenheim Investments (2012-present); AML Officer, certain funds in the Fund Complex (2016-present). Former: Chief Compliance Officer and Secretary, certain other funds in the Fund Complex (2008-2012); Senior Vice President & Chief Compliance Officer, Security Investors, LLC and certain affiliates (2010-2012); Chief Compliance Officer and Senior Vice President, Rydex Advisors, LLC and certain affiliates (2010-2011).
James M. Howley (1972)	Assistant Treasurer (2016-present)	Current: Director, Guggenheim Investments (2004-present); Assistant Treasurer, certain other funds in the Fund Complex (2006-present). Former: Manager, Mutual Fund Administration of Van Kampen Investments, Inc. (1996-2004).
Keith D. Kemp (1960)	Assistant Treasurer (2016-present)	Current: Managing Director of Transparent Value, LLC (2015-present); Managing Director of Guggenheim Investments (2015-present). Former: Director, Transparent Value, LLC (2010-2015); Director, Guggenheim Investments (2010-2015); Chief Operating Officer, Macquarie Capital Investment Management (2007-2009).
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).
Glenn McWhinnie (1969)	Assistant Treasurer (2016-present)	Current: Vice President, Guggenheim Investments (2009-present). Former: Tax Compliance Manager, Ernst & Young LLP (1996-2009).
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 (2014-present). Former: CCO, Guggenheim Distributors, LLC (2009-2014); Senior Manager, Security Investors, LLC (2004-2009); Senior Manager, Guggenheim Distributors, LLC (2004-2009).

GUGGENHEIM ETFs ANNUAL REPORT | 125

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

Name, Address* and Year of Birth	Position(s) Held with the Trust, Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
OFFICERS - concluded
Adam J. Nelson (1979)	Assistant Treasurer (2016-present)	Current: Vice President, Guggenheim Investments (2015-present); Assistant Treasurer, certain other funds in the Fund Complex (2015-present). Former: Assistant Vice President and Fund Administration Director, State Street Corporation (2013-2015); Fund Administration Assistant Director, State Street (2011-2013); Fund Administration Manager, State Street (2009-2011).
Kimberly J. Scott (1974)	Assistant Treasurer (2016-present)	Current: Vice President, Guggenheim Investments (2012-present); Assistant Treasurer, certain other funds in the Fund Complex (2012-present). Former: Financial Reporting Manager, Invesco, Ltd. (2010-2011); Vice President/Assistant Treasurer, Mutual Fund Administration for Van Kampen Investments, Inc./Morgan Stanley Investment Management (2009-2010); Manager of Mutual Fund Administration, Van Kampen Investments, Inc./Morgan Stanley Investment Management (2005-2009).
John L. Sullivan (1955)	Chief Financial Officer and Treasurer (2016-present)	Current: CFO, Chief Accounting Officer and Treasurer, certain other funds in the Fund Complex (2010-present); Senior Managing Director, Guggenheim Investments (2010-present). Former: Managing Director and CCO, each of the funds in the Van Kampen Investments fund complex (2004-2010); Managing Director and Head of Fund Accounting and Administration, Morgan Stanley Investment Management (2002-2004); CFO and Treasurer, Van Kampen Funds (1996-2004).

*	All Trustees and Officers may be reached c/o Guggenheim Investments, 227 West Monroe Street, Chicago, Illinois 60606.
**	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.
****	Certain of the Trustees may serve as directors on the boards of companies not required to be disclosed above, including certain non-profit companies and charitable foundations.
*****	Mses. Brock-Kyle and Sponem commenced serving as independent Trustees effective August 18, 2016.

126 | GUGGENHEIM ETFs ANNUAL REPORT

GUGGENHEIM INVESTMENTS PRIVACY POLICIES (Unaudited)

Guggenheim Investments as used herein refers to Guggenheim Partners, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Investment Management, LLC, Guggenheim Funds Distributors, LLC and Security Investors, LLC as well as the funds in the Guggenheim Funds complex (the “funds”).

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 personal information about you, we hold ourselves to high standards in its safekeeping and use. This means, most importantly, that we do not sell client or account information to anyone—whether you are a current or former Guggenheim Investments client.

The Information We Collect About You and How We Collect It

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 Funds or one of the Guggenheim affiliated companies. “Nonpublic personal information” is personally identifiable information about you. For example it includes 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 Share Your Personal Information

As a matter of policy, we do not disclose your nonpublic personal information to nonaffiliated third parties except as required or permitted by law. 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 your personal 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. In connection with servicing your accounts or 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 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 personal 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 share personal information about you if we are compelled by law to do so, if you direct us to do so with your consent, or in other circumstances as permitted by law.

How We Safeguard Your Personal Information

We maintain physical, electronic and procedural safeguards to protect your personal information. Within Guggenheim Investments, access to such information is limited to those who need it to perform their jobs such as servicing your account, resolving problems or informing you of new products and services.

GUGGENHEIM ETFs ANNUAL REPORT | 127

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10.31.2016

Guggenheim ETFs Funds Annual Report

XLG	Guggenheim S&P 500® Top 50 ETF
RPV	Guggenheim S&P 500® Pure Value ETF
RPG	Guggenheim S&P 500® Pure Growth ETF
RFV	Guggenheim S&P MidCap 400® Pure Value ETF
RFG	Guggenheim S&P MidCap 400® Pure Growth ETF
RZV	Guggenheim S&P SmallCap 600® Pure Value ETF
RZG	Guggenheim S&P SmallCap 600® Pure Growth ETF

GuggenheimInvestments.com ETF2-ANN-1016x1017

TABLE OF CONTENTS

DEAR SHAREHOLDER	2
ECONOMIC AND MARKET OVERVIEW	3
FEES AND EXPENSES	5
MANAGER'S ANALYSIS	6
PORTFOLIO SUMMARY	7
SCHEDULES OF INVESTMENTS	21
STATEMENTS OF ASSETS AND LIABILITIES	39
STATEMENTS OF OPERATIONS	41
STATEMENTS OF CHANGES IN NET ASSETS	43
FINANCIAL HIGHLIGHTS	47
NOTES TO FINANCIAL STATEMENTS	54
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	63
OTHER INFORMATION	64
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS	69
GUGGENHEIM INVESTMENTS PRIVACY POLICIES	73

GUGGENHEIM ETFs ANNUAL REPORT | 1

October 31, 2016

Dear Shareholder:

Security Investors, LLC (the “Investment Adviser”) is pleased to present the annual shareholder report for a selection of our exchange-traded funds (“ETFs”) for the annual fiscal year ended October 31, 2016.

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

We encourage you to read the Economic and Market Overview, which follows this letter, followed by the Manager’s Analysis for each ETF.

Sincerely,

Donald C. Cacciapaglia
President and Chief Executive Officer
November 30, 2016

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.

Guggenheim S&P 500 Top 50^® ETF may not be suitable for all investors. ● The Fund is subject to the risk that unanticipated early closings of securities exchanges and other financial markets may result in the Fund’s inability to buy or sell securities or other financial instruments on that day. ● In certain circumstances, it may be difficult for the Fund to purchase and sell particular investments within a reasonable time at a fair price. ● Investments in securities and derivatives, in general, are subject to market risks that may cause their prices to fluctuate over time. An investment in the Fund may lose money. ● Unlike many investment companies, the Fund is not actively “managed.” This means that, based on market and economic conditions, the Fund’s performance could be lower than other types of mutual funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline. ● Tracking error risk refers to the risk that the Advisor may not be able to cause the Fund’s performance to match or correlate to that of the Fund’s Underlying Index, either on a daily or aggregate basis. Tracking error risk may cause the Fund’s performance to be less than you expect. ● Shares may trade below their net asset value (“NAV”). The NAV of shares will fluctuate with changes in the market value of the Fund’s holdings. In addition, although the Fund’s shares are currently listed on NYSE Arca, Inc. (the “Exchange”), there can be no assurance that an active trading market for shares will develop or be maintained. ● The Fund is subject to the risk that large-capitalization stocks may underperform other segments of the equity market or the equity market as a whole. ● Please read the prospectus for more detailed information regarding these and other risks.

Pure style ETFs may not be suitable for all investors. The Funds are subject to the risk that large-, medium-, and small-capitalization stocks may under-perform other segments of the equity market or the equity market as a whole ● Value stocks are subject to the risk that the intrinsic value of the stock may never be realized by the market or that the price goes down. Growth stocks typically invest a high portion of their earnings back into their business and may lack the dividend yield that could cushion their decline in a market downturn. Growth stocks may be more volatile than other stocks because they are more sensitive to investor perceptions regarding the growth potential of the issuing company. ● The Funds are subject to the risk that unanticipated early closings of securities exchanges and other financial markets may result in the Fund's inability to buy or sell securities or other financial instruments on that day. ● In certain circumstances, it may be difficult for the Funds to purchase and sell particular investments within a reasonable time at a fair price. ● Investments in securities, in general, are subject to market risks that may cause their prices to fluctuate over time. An investment in the Funds may lose money. ● Unlike many investment companies, the Funds are not actively “managed.” This means that based on market and economic conditions, the Funds’ performance could be lower than other types of funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline. ● Tracking error risk refers to the risk that the Advisor may not be able to cause the Funds’ performance to match or correlate to that of the Funds’ Underlying Index, either on a daily or aggregate basis. Tracking error risk may cause the Funds’ performance to be less than you expect. ● Shares may trade below their net asset value (“NAV”). The NAV of shares will fluctuate with changes in the market value of the Funds’ holdings. In addition, although the Funds’ shares are currently listed on NYSE Arca, Inc. (the “Exchange”), there can be no assurance that an active trading market for shares will develop or be maintained. ● Each Fund is considered nondiversified and can invest a greater portion of its assets in securities of individual issuers than a diversified Fund. As a result, changes in the market value of a single security could cause greater fluctuations in the value of fund shares than would occur in a more diversified fund. ● Please read the prospectus for more detailed information regarding these and other risks.

2 | GUGGENHEIM ETFs ANNUAL REPORT

ECONOMIC AND MARKET OVERVIEW (Unaudited) October 31, 2016

Behind the performance numbers for the past 12 months are a multitude of events that unfolded throughout 2016, including a beginning-of-the-year recession scare, an increase in U.S. corporate default volume, several quarters of negative earnings growth, the British vote to exit the European Union, and stubbornly low inflation across the globe. Some might forget that in the first six weeks of the year U.S. corporate bonds suffered one of the worst selloffs since the financial crisis, or that the S&P 500 was down almost 11%. We continue to believe that the turnaround in market performance was a result of global central bank easing.

The surprise end to the fractious U.S. election season leaves many questions unanswered about the new administration, but as it relates to the economy we are particularly alert to the possible market impact of resurgent fiscal policy. We will learn more as we move through the transition of power, but in the meantime several market positives should support asset performance in the fourth quarter and into 2017. The domestic economy just turned in the highest growth rate in two years, early indications point to a strong Christmas selling season, corporate earnings are turning higher or recovering, and the energy sector is stabilizing with the oil market recovery.

U.S. real gross domestic product (“GDP”) was up 2.9% in the third quarter (revised higher to 3.2% in late November), up from 1.4% in the second quarter. We expect output to rise by around 2% on average in coming quarters, a bit faster than the trend rate over the past year, as drags from past dollar strength and an inventory adjustment cycle fade.

The labor market continues to strengthen, as seen in the impressive growth in the size of the labor force. In the year through October, the labor force participation rate increased by 0.3 percentage point while the unemployment rate declined by just 0.1 percentage point. The cyclical rise in participation has helped to keep the unemployment rate steady and stave off U.S. Federal Reserve (the “Fed”) rate hikes in 2016.

We believe it is highly likely the Fed will raise rates in December, and we expect policymakers to hike twice more in 2017. While this would be a bit faster than markets are now pricing in, it would still leave rates below levels prescribed by standard policy rules. President-elect Trump will have an opportunity to fill two open seats on the Board of Governors, though this should not affect Fed policy in the near term.

Fed Chair Yellen has spoken about temporarily running a “high-pressure economy”—one that enables robust business activity and a tight labor market—to offset persistent shortfalls in aggregate demand. If this is the case, before the expansion ends the Fed will likely allow unemployment to drop below 4%, and inflation to overshoot its 2% goal. This change in perspective, as well as the president-elect’s proposed changes to fiscal policy, accounts for why we are starting to see a backup in long-term interest rates, although global monetary policy intervention will likely continue to support bond prices.

Meanwhile, monetary policy divergence will continue to support the U.S. dollar. We expect the European Central Bank (“ECB”) to extend quantitative easing (“QE”) at the current pace of €80 billion per month in December, which will require adjustments to the program. In our view, the QE programs of the ECB and Bank of Japan (“BOJ”) will continue to buttress global sovereign debt and credit markets.

For the 12 months ended October 31, 2016, the Standard & Poor’s 500^® (“S&P 500^®”) Index* returned 4.51%. The MSCI Europe-Australasia-Far East (“EAFE”) Index* returned -3.23%. The return of the MSCI Emerging Markets Index* was 9.27%.

In the bond market, the Bloomberg Barclays U.S. Aggregate Bond Index* posted a 4.37% return for the period, while the Bloomberg Barclays U.S. Corporate High Yield Index* returned 10.14%. The return of the Bank of America (“BofA”) Merrill Lynch 3-Month U.S. Treasury Bill Index* was 0.31% for the 12-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.

*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.

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.

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

GUGGENHEIM ETFs ANNUAL REPORT | 3

ECONOMIC AND MARKET OVERVIEW (Unaudited)(concluded) October 31, 2016

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

MSCI EAFE Index is a capitalization-weighted measure of stock markets in Europe, Australasia, and the Far East.

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.

Russell Top 50^® Mega Cap Index measures the performance of the largest companies in the Russell 3000^® Index, which measures the performance of the largest 3,000 U.S. companies and represents approximately 98% of the investable U.S. equity market. The Mega Cap Index includes approximately 50 of the largest securities based on a combination of their market cap and current index membership and represents approximately 40% of the total market capitalization of the Russell 3000.

S&P 500^® Index is a broad-based index, the performance of which is based on the performance of 500 widely held common stocks chosen for market size, liquidity, and industry group representation.

S&P 500^® Top 50 Index measures the cap-weighted performance of 50 of the largest companies in the S&P 500^® Index, reflecting U.S. mega-cap performance. Index constituents are weighted by float-adjusted market capitalization.

S&P 500^® Pure Value Index is narrow in focus, containing only those stocks from the S&P 500^® Index, that exhibit strong value characteristics, and weights them by style score. It is a complement to the S&P 500^® Value Index, which consists of all value companies in the S&P 500 and measures value across several risk factors, including book value to price ratio, earnings to price ratio, and sales to price ratio.

S&P 500^® Pure Growth Index is narrow in focus, containing only those stocks from the S&P 500^® Index, that exhibit strong growth characteristics, and weights them by style score. It is a complement to the S&P 500^® Growth Index, which consists of all growth companies in the S&P 500 and measures growth across several risk factors, including sales growth, earnings change to price and momentum.

S&P MidCap 400^® Index is a capitalization-weighted index that measures the performance of the mid-cap segment of the U.S. equity universe and includes 400 domestic mid-cap stocks chosen for market capitalization, liquidity, and industry group representation.

S&P MidCap 400^® Pure Value Index is narrow in focus, containing only those S&P MidCap 400^® Index companies with strong value characteristics. It is a complement to the S&P MidCap 400^® Value Index, which consists of all value companies in the S&P 400 and measures value across several risk factors, including book value to price ratio, earnings to price ratio, and sales to price ratio.

S&P MidCap 400^® Pure Growth Index is narrow in focus, containing only those S&P MidCap 400^® Index companies with strong growth characteristics. It is a complement to the S&P MidCap 400^® Growth Index, which consists of all growth companies in the S&P 400 and measures growth across several risk factors, including sales growth, earnings change to price and momentum.

S&P SmallCap 600^® Index is a capitalization-weighted index that measures the performance of the small-cap segment of the U.S. equity universe and includes 600 domestic small-cap stocks chosen for market capitalization, liquidity, and industry group representation.

S&P SmallCap 600^® Pure Value Index is narrow in focus, containing only those S&P SmallCap 600^® Index companies with strong value characteristics. It is a complement to the S&P SmallCap 600^® Value Index, which consists of all value companies in the S&P 600 and measures value across several risk factors, including book value to price ratio, earnings to price ratio, and sales to price ratio.

S&P SmallCap 600^® Pure Growth Index is narrow in focus, containing only those S&P SmallCap 600^® Index companies with strong growth characteristics. It is a complement to the S&P SmallCap 600^® Growth Index, which consists of all growth companies in the S&P 600 and measures growth across several risk factors, including sales growth, earnings change to price and momentum.

4 | GUGGENHEIM ETFs 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 advisor. This example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example in the table is based on an investment of $1,000 invested on April 30, 2016 and held for the six months ended October 31, 2016.

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 Period” to estimate the expenses attributable to your investment during this period.

Hypothetical Example for Comparison Purposes

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

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

	Expense Ratio1	Fund Return	Beginning Account Value April 30, 2016	Ending Account Value October 31, 2016	Expenses Paid During Period2
Table 1. Based on actual Fund return3
Guggenheim S&P 500® Top 50 ETF	0.20%	4.40%	$ 1,000.00	$ 1,044.00	$ 1.03
Guggenheim S&P 500® Pure Value ETF	0.35%	1.73%	1,000.00	1,017.30	1.78
Guggenheim S&P 500® Pure Growth ETF	0.35%	4.31%	1,000.00	1,043.10	1.80
Guggenheim S&P MidCap 400® Pure Value ETF	0.35%	1.98%	1,000.00	1,019.80	1.78
Guggenheim S&P MidCap 400® Pure Growth ETF	0.35%	(1.32%)	1,000.00	986.80	1.75
Guggenheim S&P SmallCap 600® Pure Value ETF	0.35%	0.56%	1,000.00	1,005.60	1.77
Guggenheim S&P SmallCap 600® Pure Growth ETF	0.35%	4.70%	1,000.00	1,047.00	1.81
Table 2. Based on hypothetical 5% return (before expenses)
Guggenheim S&P 500® Top 50 ETF	0.20%	5.00%	1,000.00	1,024.20	1.02
Guggenheim S&P 500® Pure Value ETF	0.35%	5.00%	1,000.00	1,023.44	1.79
Guggenheim S&P 500® Pure Growth ETF	0.35%	5.00%	1,000.00	1,023.44	1.79
Guggenheim S&P MidCap 400® Pure Value ETF	0.35%	5.00%	1,000.00	1,023.44	1.79
Guggenheim S&P MidCap 400® Pure Growth ETF	0.35%	5.00%	1,000.00	1,023.44	1.79
Guggenheim S&P SmallCap 600® Pure Value ETF	0.35%	5.00%	1,000.00	1,023.44	1.79
Guggenheim S&P SmallCap 600® Pure Growth ETF	0.35%	5.00%	1,000.00	1,023.44	1.79

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 184/365 (to reflect the one-half year period).
3	Actual cumulative return at net asset value for the period April 30, 2016 to October 31, 2016.

GUGGENHEIM ETFs ANNUAL REPORT | 5

MANAGER'S ANALYSIS (Unaudited) October 31, 2016

GUGGENHEIM S&P 500^® TOP 50 ETF

Guggenheim S&P 500^® Top 50 ETF (“XLG”) returned 4.99% for the one-year period ended October 31, 2016.

Prior to January 27, 2016, the Fund was known as the Guggenheim Russell Top 50^® Mega Cap ETF and its benchmark was the Russell Top 50^® Mega Cap Index. On January 27, 2016, the Fund’s benchmark became the S&P 500^® Top 50 Index. A blend of the two benchmarks over the one-year period returned 1.11%.

The Information Technology sector was the largest contributor to the Fund’s performance, followed by Consumer Staples and Energy. The Health Care and Financials were the only sectors to detract from the Fund’s performance; the Materials sector contributed the least.

The top contributors to Fund return were Facebook, Inc.—Class A, Microsoft Corp., and Amazon.com. Inc. The largest detractors were Gilead Sciences, Inc., Allergan Plc, and Walt Disney Co.

Mega-cap stocks, as represented by the S&P 500^® Top 50 Index, outpaced performance of large-cap stocks, but underperformed mid-cap stocks and small-cap stocks. Returns for the S&P 500^®, the S&P MidCap 400^®, and the S&P SmallCap 600^® were 4.51%, 6.26%, and 6.35%, respectively.

Cumulative Fund Performance: October 31, 2006 – October 31, 2016

Effective January 27, 2016, the Fund changed its principal investment strategy. As a result of the investment strategy change, the Fund’s new benchmark is the S&P 500 Top 50 Index. The Fund’s performance was previously compared to the Russell Top 50 Mega Cap Index. The S&P 500 Top 50 Blended Index uses performance data for the Russell Top 50 Mega Cap Index from 5/04/05 to 01/26/16 and the S&P 500 Top 50 Index from 01/27/16 to 10/31/16.

6 | GUGGENHEIM ETFs ANNUAL REPORT

MANAGER'S ANALYSIS (Unaudited)(concluded) October 31, 2016

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2016
	One Year	Three Year	Five Year	10 Year
Guggenheim S&P 500® Top 50 ETF	4.99%	9.11%	13.18%	6.02%
S&P 500 Top 50 Blended Index	-0.34%	7.70%	13.08%	5.83%
Russell Top 50 Mega Cap Index	4.48%	9.05%	13.26%	6.13%
S&P 100 Index	4.26%	8.86%	13.47%	6.44%
S&P 500 Top 50 Index	N/A	N/A	N/A	N/A

The S&P 500 Top 50 Index incepted on 11/30/15. Therefore, the index returns for the time periods listed above are not available.

The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Performance displayed represents past performance, which is no guarantee of future results.

GUGGENHEIM ETFs ANNUAL REPORT | 7

PORTFOLIO SUMMARY (Unaudited) October 31, 2016

GUGGENHEIM S&P 500^® TOP 50 ETF

Holdings Diversification (Market Exposure as % of Net Assets)

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

Ten Largest Holdings	(% of Total Net Assets)
Apple, Inc.	6.9%
Microsoft Corp.	5.2%
Exxon Mobil Corp.	3.9%
Johnson & Johnson	3.6%
Amazon.com, Inc.	3.5%
Facebook, Inc. — Class A	3.4%
Berkshire Hathaway, Inc. — Class B	3.1%
General Electric Co.	2.9%
JPMorgan Chase & Co.	2.8%
Alphabet, Inc. — Class A	2.7%
Top Ten Total	38.0%
“Ten Largest Holdings” exclude any temporary cash or derivative investments.

8 | GUGGENHEIM ETFs ANNUAL REPORT

MANAGER'S ANALYSIS (Unaudited) October 31, 2016

GUGGENHEIM S&P 500^® PURE VALUE ETF

For the one-year period ended October 31, 2016, Guggenheim S&P 500^® Pure Value ETF (“RPV”) returned 3.94%. Over the year, its benchmark, the S&P 500^® Pure Value Index, posted a return of 4.34%.

For comparison, the S&P 500^® Value Index returned 6.42% for the year.

For the period, RPV achieved a correlation of over 99% to its benchmark of the daily price movement of the S&P 500^® Pure Value Index.

The Utilities sector was the largest contributor to the Fund’s performance during the period, followed by Industrials and Materials sectors. The Energy, Consumer Discretionary, and Health Care sectors were the largest detractors from the Fund’s performance.

Stocks contributing the most to the Fund’s return were Newmont Mining Corp., Tyson Foods, Inc.—Class A, and HP, Inc. Stocks detracting most from performance were Staples, Inc., GameStop Corp.—Class A, and Newfield Exploration Co.

Cumulative Fund Performance: October 31, 2006 – October 31, 2016

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2016
	One Year	Three Year	Five Year	10 Year
Guggenheim S&P 500® Pure Value ETF	3.94%	6.02%	15.05%	7.09%
S&P 500 Pure Value Index	4.34%	6.36%	15.48%	7.54%
S&P 500 Value Index	6.42%	7.25%	13.07%	5.03%

The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Performance displayed represents past performance, which is no guarantee of future results.

GUGGENHEIM ETFs ANNUAL REPORT | 9

PORTFOLIO SUMMARY (Unaudited) October 31, 2016

GUGGENHEIM S&P 500^® PURE VALUE ETF

Holdings Diversification (Market Exposure as % of Net Assets)

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

Ten Largest Holdings	(% of Total Net Assets)
HP, Inc.	2.8%
Newmont Mining Corp.	2.3%
Archer-Daniels-Midland Co.	2.3%
NRG Energy, Inc.	2.1%
Leucadia National Corp.	1.8%
Quanta Services, Inc.	1.8%
Arconic, Inc.	1.8%
Jacobs Engineering Group, Inc.	1.7%
Best Buy Company, Inc.	1.7%
Exelon Corp.	1.7%
Top Ten Total	20.0%
“Ten Largest Holdings” exclude any temporary cash or derivative investments.

10 | GUGGENHEIM ETFs ANNUAL REPORT

MANAGER'S ANALYSIS (Unaudited) October 31, 2016

GUGGENHEIM S&P 500^® PURE GROWTH ETF

For the one-year period ended October 31, 2016, Guggenheim S&P 500^® Pure Growth ETF (“RPG”) returned -0.42%. Over the year, its benchmark, the S&P 500^® Pure Growth Index, produced a return of -0.09%. For the period, RPG achieved over 99% correlation to its benchmark on a daily basis.

For comparison, the S&P 500^® Growth Index returned 2.68% for the year.

The Information Technology, Consumer Staples, and Materials sectors contributed the most to the Fund’s performance. The Consumer Discretionary, Health Care, and Energy sectors were the largest detractors from the Fund’s performance.

Stocks contributing the most to the Fund’s return were NVIDIA Corp., Broadcom Ltd., and Facebook, Inc.—Class A. Stocks detracting most from performance were Regeneron Pharmaceuticals, Inc., Signet Jewelers Ltd., and Advance Auto Parts, Inc.

Cumulative Fund Performance: October 31, 2006 – October 31, 2016

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2016
	One Year	Three Year	Five Year	10 Year
Guggenheim S&P 500® Pure Growth ETF	-0.42%	8.15%	13.70%	9.47%
S&P 500 Growth Index	2.68%	10.21%	13.99%	8.27%
S&P 500 Pure Growth Index	-0.09%	8.53%	14.11%	9.86%

The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Performance displayed represents past performance, which is no guarantee of future results.

GUGGENHEIM ETFs ANNUAL REPORT | 11

PORTFOLIO SUMMARY (Unaudited) October 31, 2016

GUGGENHEIM S&P 500^® PURE GROWTH ETF

Holdings Diversification (Market Exposure as % of Net Assets)

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

Ten Largest Holdings	(% of Total Net Assets)
Facebook, Inc. — Class A	2.1%
NVIDIA Corp.	2.1%
Constellation Brands, Inc. — Class A	1.9%
Broadcom Ltd.	1.8%
Centene Corp.	1.8%
Electronic Arts, Inc.	1.8%
Amazon.com, Inc.	1.7%
Activision Blizzard, Inc.	1.6%
Ulta Salon Cosmetics & Fragrance, Inc.	1.6%
Expedia, Inc.	1.5%
Top Ten Total	17.9%
“Ten Largest Holdings” exclude any temporary cash or derivative investments.

12 | GUGGENHEIM ETFs ANNUAL REPORT

MANAGER'S ANALYSIS (Unaudited) October 31, 2016

GUGGENHEIM S&P MIDCAP 400^® PURE VALUE ETF

For the one-year period ended October 31, 2016, Guggenheim S&P MidCap 400^® Pure Value ETF (“RFV”) returned 6.65%. Over the year, its benchmark, the S&P MidCap 400^® Pure Value Index, posted a 7.09% return. RFV achieved over 99% correlation to its benchmark on a daily basis.

For comparison, the S&P MidCap 400^® Value Index returned 8.64% for the year.

The Materials, Utilities, and Industrials sectors were the largest contributors to the Fund’s performance. The Energy, Health Care, and Consumer Discretionary sectors were the largest detractors from the Fund’s performance.

Stocks contributing the most to the Fund’s return were Joy Global, Inc., Talen Energy Corp., and United States Steel Corp. SunEdison, Inc., Community Health Systems, Inc., and Ascena Retail Group, Inc. detracted the most from the Fund’s return.

Cumulative Fund Performance: October 31, 2006 – October 31, 2016

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2016
	One Year	Three Year	Five Year	10 Year
Guggenheim S&P MidCap 400® Pure Value ETF	6.65%	4.76%	13.04%	6.71%
S&P MidCap 400 Pure Value Index	7.09%	5.11%	13.50%	7.13%
S&P MidCap 400 Value Index	8.64%	7.04%	13.78%	7.58%

The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Performance displayed represents past performance, which is no guarantee of future results.

GUGGENHEIM ETFs ANNUAL REPORT | 13

PORTFOLIO SUMMARY (Unaudited) October 31, 2016

GUGGENHEIM S&P MIDCAP 400^® PURE VALUE ETF

Holdings Diversification (Market Exposure as % of Net Assets)

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

Ten Largest Holdings	(% of Total Net Assets)
Joy Global, Inc.	4.3%
Talen Energy Corp.	3.1%
United States Steel Corp.	2.9%
Terex Corp.	2.1%
Computer Sciences Corp.	2.1%
KB Home	2.1%
Tech Data Corp.	2.0%
WPX Energy, Inc.	1.9%
Ingram Micro, Inc. — Class A	1.9%
Reliance Steel & Aluminum Co.	1.8%
Top Ten Total	24.2%
“Ten Largest Holdings” exclude any temporary cash or derivative investments.

14 | GUGGENHEIM ETFs ANNUAL REPORT

MANAGER'S ANALYSIS (Unaudited) October 31, 2016

GUGGENHEIM S&P MIDCAP 400^® PURE GROWTH ETF

For the one-year period ended October 31, 2016, Guggenheim S&P MidCap 400^® Pure Growth ETF (“RFG”) returned -6.65%. Over the year, its benchmark, the S&P MidCap 400^® Pure Growth Index, returned -6.36%. RFG achieved over 99% correlation to its benchmark on a daily basis.

For comparison, the S&P MidCap 400^® Growth Index returned 3.68% for the year.

The Real Estate, Consumer Staples, and Materials sectors contributed the most to the Fund’s performance. The Consumer Discretionary, Information Technology, and Financials sectors detracted the most from the Fund’s performance.

Stocks contributing the most to return were MarketAxess Holdings, Inc., Post Holdings, Inc., and Convergys Corp. Stocks detracting the most from return were WisdomTree Investments, Inc., Synaptics, Inc., and Skechers U.S.A., Inc.—Class A.

Cumulative Fund Performance: October 31, 2006 – October 31, 2016

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2016
	One Year	Three Year	Five Year	10 Year
Guggenheim S&P MidCap 400® Pure Growth ETF	-6.65%	1.68%	8.36%	9.51%
S&P MidCap 400 Growth Index	3.68%	6.89%	11.99%	9.10%
S&P MidCap 400 Pure Growth Index	-6.36%	1.97%	8.67%	9.87%

The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Performance displayed represents past performance, which is no guarantee of future results.

GUGGENHEIM ETFs ANNUAL REPORT | 15

PORTFOLIO SUMMARY (Unaudited) October 31, 2016

GUGGENHEIM S&P MIDCAP 400^® PURE GROWTH ETF

Holdings Diversification (Market Exposure as % of Net Assets)

 

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

Ten Largest Holdings	(% of Total Net Assets)
Convergys Corp.	2.4%
ABIOMED, Inc.	2.4%
Alexander & Baldwin, Inc.	2.3%
MarketAxess Holdings, Inc.	2.1%
WebMD Health Corp. — Class A	2.0%
Post Holdings, Inc.	2.0%
ARRIS International plc	1.9%
Cirrus Logic, Inc.	1.8%
Skechers U.S.A., Inc. — Class A	1.8%
Ultimate Software Group, Inc.	1.8%
Top Ten Total	20.5%
“Ten Largest Holdings” exclude any temporary cash or derivative investments.

16 | GUGGENHEIM ETFs ANNUAL REPORT

MANAGER'S ANALYSIS (Unaudited) October 31, 2016

GUGGENHEIM S&P SMALLCAP 600^® PURE VALUE ETF

For the one-year period ended October 31, 2016, Guggenheim S&P SmallCap 600^® Pure Value ETF (“RZV”) returned 5.50%. Over the year, its benchmark, the S&P SmallCap 600^® Pure Value Index, returned 5.88%. RZV achieved over 99% correlation to its benchmark on a daily basis.

For comparison, the S&P SmallCap 600^® Value Index returned 9.38% for the year.

The largest contributors to the Fund’s performance were the Materials, Industrials, and Information Technology sectors. The Consumer Discretionary, Health Care, and Energy sectors detracted the most from the Fund’s performance.

Century Aluminum Co., Chemours Co., and SPX Corp. contributed the most to the Fund’s return. Republic Airways Holdings, Inc., CIBER, Inc., and Hanger, Inc. were the largest detractors from the Fund’s return.

Cumulative Fund Performance: October 31, 2006 – October 31, 2016

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2016
	One Year	Three Year	Five Year	10 Year
Guggenheim S&P SmallCap 600® Pure Value ETF	5.50%	2.64%	12.26%	5.38%
S&P SmallCap 600 Pure Value Index	5.88%	2.98%	12.64%	5.60%
S&P SmallCap 600 Value Index	9.38%	6.07%	13.89%	6.79%

The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Performance displayed represents past performance, which is no guarantee of future results.

GUGGENHEIM ETFs ANNUAL REPORT | 17

PORTFOLIO SUMMARY (Unaudited) October 31, 2016

GUGGENHEIM S&P SMALLCAP 600^® PURE VALUE ETF

Holdings Diversification (Market Exposure as % of Net Assets)

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

Ten Largest Holdings	(% of Total Net Assets)
Century Aluminum Co.	2.6%
Orion Group Holdings, Inc.	1.9%
EZCORP, Inc. — Class A	1.9%
SPX Corp.	1.9%
SkyWest, Inc.	1.7%
Big 5 Sporting Goods Corp.	1.6%
Chemours Co.	1.6%
TTM Technologies, Inc.	1.6%
Archrock, Inc.	1.4%
Kelly Services, Inc. — Class A	1.4%
Top Ten Total	17.6%
“Ten Largest Holdings” exclude any temporary cash or derivative investments.

18 | GUGGENHEIM ETFs ANNUAL REPORT

MANAGER'S ANALYSIS (Unaudited) October 31, 2016

GUGGENHEIM S&P SMALLCAP 600^® PURE GROWTH ETF

For the one-year period ended October 31, 2016, Guggenheim S&P SmallCap 600^® Pure Growth ETF (“RZG”) returned -2.20%. Over the year, its benchmark, the S&P SmallCap 600^® Pure Growth Index, returned -2.01%. RZG achieved over 99% correlation to its benchmark on a daily basis.

For comparison, the S&P SmallCap 600^® Growth Index returned 3.66% for the year.

The largest contributors to the Fund’s performance were the Information Technology, Health Care, and Real Estate sectors. The Financials, Industrials, and Energy sectors were the largest detractors from the Fund’s performance.

Cirrus Logic, Inc., Fabrinet, and Ebix, Inc. were the holdings contributing the most to the Fund’s return. Universal Insurance Holdings, Inc., LendingTree, Inc., and Lannett Company, Inc. were the largest detractors.

Cumulative Fund Performance: October 31, 2006 – October 31, 2016

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2016
	One Year	Three Year	Five Year	10 Year
Guggenheim S&P SmallCap 600® Pure Growth ETF	-2.20%	4.28%	11.35%	8.24%
S&P SmallCap 600 Growth Index	3.66%	6.16%	13.25%	8.60%
S&P SmallCap 600 Pure Growth Index	-2.01%	4.55%	11.67%	8.50%

The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Performance displayed represents past performance, which is no guarantee of future results.

GUGGENHEIM ETFs ANNUAL REPORT | 19

PORTFOLIO SUMMARY (Unaudited) October 31, 2016

GUGGENHEIM S&P SMALLCAP 600^® PURE GROWTH ETF

Holdings Diversification (Market Exposure as % of Net Assets)

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

Ten Largest Holdings	(% of Total Net Assets)
Supernus Pharmaceuticals, Inc.	1.7%
LogMeIn, Inc.	1.6%
LGI Homes, Inc.	1.5%
Fabrinet	1.5%
Ligand Pharmaceuticals, Inc. — Class B	1.5%
Depomed, Inc.	1.4%
First Midwest Bancorp, Inc.	1.3%
Dave & Buster's Entertainment, Inc.	1.3%
II-VI, Inc.	1.2%
PGT, Inc.	1.2%
Top Ten Total	14.2%
“Ten Largest Holdings” exclude any temporary cash or derivative investments.

20 | GUGGENHEIM ETFs ANNUAL REPORT

SCHEDULE OF INVESTMENTS	October 31, 2016
GUGGENHEIM S&P 500® TOP 50 ETF

	Shares		Value
COMMON STOCKS† - 99.7%
Consumer, Non-cyclical - 25.6%
Johnson & Johnson		176,962	$	20,525,822
Procter & Gamble Co.		172,621		14,983,503
Pfizer, Inc.		392,340		12,441,101
Coca-Cola Co.		251,253		10,653,128
Merck & Company, Inc.		178,860		10,502,659
PepsiCo, Inc.		93,087		9,978,926
Philip Morris International, Inc.		100,343		9,677,079
UnitedHealth Group, Inc.		61,602		8,706,211
Altria Group, Inc.		126,380		8,356,246
Medtronic plc		89,386		7,331,440
Amgen, Inc.		48,406		6,832,991
Gilead Sciences, Inc.		85,359		6,284,983
AbbVie, Inc.		105,337		5,875,698
Bristol-Myers Squibb Co.		108,076		5,502,149
Allergan plc*		25,611		5,351,162
Celgene Corp.*		50,137		5,122,999
Total Consumer, Non-cyclical				148,126,097
Communications - 21.8%
Amazon.com, Inc.*		25,451		20,101,709
Facebook, Inc. — Class A*		150,254		19,681,771
Alphabet, Inc. — Class A*		19,071		15,445,603
Alphabet, Inc. — Class C*		19,114		14,995,698
AT&T, Inc.		397,925		14,639,661
Verizon Communications, Inc.		263,663		12,682,190
Cisco Systems, Inc.		325,332		9,981,186
Comcast Corp. — Class A		155,391		9,606,272
Walt Disney Co.		95,634		8,864,315
Total Communications				125,998,405
Technology - 17.8%
Apple, Inc.		348,536		39,572,777
Microsoft Corp.		504,037		30,201,897
Intel Corp.		306,011		10,670,604
International Business Machines Corp.		56,262		8,646,907
Oracle Corp.		194,667		7,479,106
QUALCOMM, Inc.		95,318		6,550,253
Total Technology				103,121,544
Financial - 14.6%
Berkshire Hathaway, Inc. — Class B*		122,809		17,721,339
JPMorgan Chase & Co.		233,631		16,181,282
Wells Fargo & Co.		293,721		13,514,103
Bank of America Corp.		660,067		10,891,106
Visa, Inc. — Class A		122,018		10,067,705
Citigroup, Inc.		187,926		9,236,563
Mastercard, Inc. — Class A		62,832		6,724,281
Total Financial				84,336,379
Industrial - 7.6%
General Electric Co.		579,632		16,867,291
3M Co.		39,094		6,462,238
Honeywell International, Inc.		49,216		5,398,011
Boeing Co.		37,526		5,344,828
United Technologies Corp.		50,345		5,145,259
Union Pacific Corp.		53,875		4,750,698
Total Industrial				43,968,325
Energy - 7.3%
Exxon Mobil Corp.		268,215		22,347,674
Chevron Corp.		122,024		12,782,014
Schlumberger Ltd.		89,953		7,037,023
Total Energy				42,166,711
Consumer, Cyclical - 5.0%
Home Depot, Inc.		79,919		9,750,916
Wal-Mart Stores, Inc.		98,038		6,864,621
McDonald’s Corp.		55,198		6,213,639
CVS Health Corp.		68,965		5,799,957
Total Consumer, Cyclical				28,629,133
Total Common Stocks
(Cost $510,204,999)				576,346,594
SHORT TERM INVESTMENTS† - 0.2%
Federated U.S. Treasury Cash Reserve Fund Institutional Shares, 0.18%1		942,693		942,693
Total Short Term Investments
(Cost $942,693)				942,693
Total Investments - 99.9%
(Cost $511,147,692)			$	577,289,287
Other Assets & Liabilities, net - 0.1%				512,850
Total Net Assets - 100.0%			$	577,802,137

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
1	Rate indicated is the 7 day yield as of October 31, 2016.
	plc — Public Limited Company
	See Sector Classification in Other Information section.

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

SCHEDULE OF INVESTMENTS (concluded)	October 31, 2016
GUGGENHEIM S&P 500® TOP 50 ETF

The following table summarizes the inputs used to value the Fund’s investments at October 31, 2016 (See Note 4 in the Notes to Financial Statements):

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	576,346,594	$	—	$	—	$	576,346,594
Short Term Investments		942,693		—		—		942,693
Total	$	577,289,287	$	—	$	—	$	577,289,287

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the previous fiscal period.

For the year ended October 31, 2016, there were no transfers between levels.

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

SCHEDULE OF INVESTMENTS	October 31, 2016
GUGGENHEIM S&P 500® PURE VALUE ETF

	Shares		Value
COMMON STOCKS† - 99.8%
Financial - 26.9%
Prudential Financial, Inc.		137,899	$	11,692,455
MetLife, Inc.		228,931		10,750,599
Loews Corp.		248,273		10,683,187
Regions Financial Corp.		790,107		8,462,046
Lincoln National Corp.		171,229		8,405,632
Allstate Corp.		122,885		8,343,892
American International Group, Inc.		134,368		8,290,506
Hartford Financial Services Group, Inc.		176,208		7,772,535
Bank of America Corp.		469,272		7,742,988
Unum Group		217,280		7,691,712
Citigroup, Inc.		150,726		7,408,183
Capital One Financial Corp.		97,804		7,241,407
Zions Bancorporation		198,551		6,395,328
SunTrust Banks, Inc.		139,583		6,313,339
Navient Corp.		479,436		6,127,192
KeyCorp		431,382		6,091,114
Comerica, Inc.		112,387		5,854,239
Fifth Third Bancorp		243,501		5,298,582
JPMorgan Chase & Co.		76,247		5,280,867
Goldman Sachs Group, Inc.		29,343		5,230,096
Principal Financial Group, Inc.		90,766		4,955,824
Chubb Ltd.		37,389		4,748,403
Berkshire Hathaway, Inc. — Class B*		32,384		4,673,011
Travelers Companies, Inc.		41,043		4,440,032
PNC Financial Services Group, Inc.		46,376		4,433,546
Aflac, Inc.		63,671		4,385,022
People’s United Financial, Inc.		256,283		4,162,036
BB&T Corp.		103,816		4,069,587
Legg Mason, Inc.		136,873		3,930,993
Bank of New York Mellon Corp.		64,073		2,772,439
Total Financial				193,646,792
Consumer, Cyclical - 15.1%
Best Buy Company, Inc.1		320,449		12,468,671
Wal-Mart Stores, Inc.		151,735		10,624,484
General Motors Co.		305,957		9,668,241
Kohl’s Corp.1		187,517		8,203,869
Ford Motor Co.		691,827		8,122,049
Staples, Inc.		1,050,287		7,772,124
PVH Corp.		58,343		6,241,534
Macy’s, Inc.		166,974		6,092,881
United Continental Holdings, Inc.*		105,160		5,913,147
AutoNation, Inc.*		134,696		5,909,114
Urban Outfitters, Inc.*		175,296		5,863,651
Whirlpool Corp.		30,993		4,643,371
PulteGroup, Inc.1		245,134		4,559,492
Target Corp.		52,450		3,604,889
PACCAR, Inc.		65,283		3,585,342
The Gap, Inc.1		118,571		3,271,374
Bed Bath & Beyond, Inc.1		54,583		2,206,245
Total Consumer, Cyclical				108,750,478
Utilities - 14.7%
NRG Energy, Inc.		1,403,648		14,920,778
Exelon Corp.		361,592		12,319,439
AES Corp.		957,671		11,271,788
FirstEnergy Corp.		225,345		7,727,080
NiSource, Inc.		253,743		5,902,062
Duke Energy Corp.		63,626		5,091,353
Consolidated Edison, Inc.1		65,316		4,934,624
SCANA Corp.		57,682		4,231,552
DTE Energy Co.		43,983		4,222,808
Entergy Corp.		57,010		4,200,497
Edison International		53,348		3,920,011
Public Service Enterprise Group, Inc.		92,196		3,879,608
American Electric Power Company, Inc.		58,793		3,812,138
CenterPoint Energy, Inc.		159,634		3,639,655
Ameren Corp.		70,022		3,497,599
Pinnacle West Capital Corp.		44,111		3,358,170
PG&E Corp.		51,043		3,170,791
Xcel Energy, Inc.		69,719		2,896,824
Eversource Energy		50,601		2,786,091
Total Utilities				105,782,868
Industrial - 10.7%
Arconic, Inc.		442,276		12,702,167
Jacobs Engineering Group, Inc.*		242,290		12,497,317
Fluor Corp.		212,750		11,060,873
Ryder System, Inc.		128,026		8,883,724
WestRock Co.		169,842		7,845,002
Corning, Inc.		239,084		5,429,598
Cummins, Inc.		39,318		5,025,627
Eaton Corporation plc		66,198		4,221,447
Caterpillar, Inc.		44,270		3,694,774
Textron, Inc.		70,003		2,805,720
Owens-Illinois, Inc.*		143,027		2,760,421
Total Industrial				76,926,670
Consumer, Non-cyclical - 9.6%
Archer-Daniels-Midland Co.		379,147		16,519,434
Quanta Services, Inc.*		446,432		12,834,920
Tyson Foods, Inc. — Class A		134,229		9,510,125
Anthem, Inc.		77,522		9,446,831
Cardinal Health, Inc.		82,373		5,658,202
McKesson Corp.		37,414		4,757,938
Sysco Corp.		88,776		4,271,901
Whole Foods Market, Inc.1		119,934		3,392,933
Express Scripts Holding Co.*		40,190		2,708,806
Total Consumer, Non-cyclical				69,101,090
Energy - 9.0%
National Oilwell Varco, Inc.1		321,115		10,307,792
Valero Energy Corp.		160,083		9,483,316
Chevron Corp.		68,059		7,129,180
Phillips 66		84,097		6,824,472
Marathon Petroleum Corp.		145,340		6,335,371
Transocean Ltd.*,1		550,335		5,288,719
Helmerich & Payne, Inc.		80,027		5,050,504
First Solar, Inc.*,1		110,791		4,485,928

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

SCHEDULE OF INVESTMENTS (continued)	October 31, 2016
GUGGENHEIM S&P 500® PURE VALUE ETF

	Shares		Value
Hess Corp.		81,960	$	3,931,621
Baker Hughes, Inc.		54,929		3,043,067
Marathon Oil Corp.		228,213		3,007,847
Total Energy				64,887,817
Technology - 4.6%
HP, Inc.		1,397,682		20,252,412
Xerox Corp.		847,448		8,279,567
Western Digital Corp.1		80,157		4,684,375
Total Technology				33,216,354
Basic Materials - 4.6%
Newmont Mining Corp.		446,997		16,556,769
Nucor Corp.		126,615		6,185,143
Freeport-McMoRan, Inc.*,1		487,714		5,452,643
Mosaic Co.		205,631		4,838,497
Total Basic Materials				33,033,052
Communications - 2.8%
CenturyLink, Inc.1		297,908		7,918,394
News Corp. — Class A		453,690		5,498,723
Frontier Communications Corp.1		1,194,452		4,801,697
News Corp. — Class B		128,167		1,589,271
Total Communications				19,808,085
Diversified - 1.8%
Leucadia National Corp.		692,421		12,927,500
Total Common Stocks
(Cost $743,091,957)				718,080,706
SHORT TERM INVESTMENTS† - 0.2%
Federated U.S. Treasury Cash Reserve Fund Institutional Shares, 0.18%2		1,213,912		1,213,912
Total Short Term Investments
(Cost $1,213,912)				1,213,912

	Face Amount
SECURITIES LENDING COLLATERAL††,3 - 2.9%
Joint Repurchase Agreements
Citigroup Global Markets, Inc. issued 10/31/16 at 0.34% due 11/01/16	$	4,777,134		4,777,134
BNP Paribas Securities Corp. issued 10/31/16 at 0.34% due 11/01/16		4,777,134		4,777,134
Merrill Lynch, Pierce, Fenner & Smith, Inc. issued 10/31/16 at 0.33% due 11/01/16		4,777,134		4,777,134
HSBC Securities (USA), Inc. issued 10/31/16 at 0.30% due 11/01/16		4,777,134		4,777,134
Credit Suisse Securities (USA), LLC issued 10/31/16 at 0.31% due 11/01/16		1,409,320		1,409,320
Total Securities Lending Collateral
(Cost $20,517,856)				20,517,856
Total Investments - 102.8%
(Cost $764,823,725)			$	739,812,474
Other Assets & Liabilities, net - (2.8)%				(20,149,272	)
Total Net Assets - 100.0%			$	719,663,202

*	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 October 31, 2016 — See Note 5.
2	Rate indicated is the 7 day yield as of October 31, 2016.
3	Securities lending collateral — See Note 5.
	plc — Public Limited Company
	See Sector Classification in Other Information section.

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

SCHEDULE OF INVESTMENTS (concluded)	October 31, 2016
GUGGENHEIM S&P 500® PURE VALUE ETF

The following table summarizes the inputs used to value the Fund’s investments at October 31, 2016 (See Note 4 in the Notes to Financial Statements):

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	718,080,706	$	—	$	—	$	718,080,706
Securities Lending Collateral		—		20,517,856		—		20,517,856
Short Term Investments		1,213,912		—		—		1,213,912
Total	$	719,294,618	$	20,517,856	$	—	$	739,812,474

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the previous fiscal period.

For the year ended October 31, 2016, there were no transfers between levels.

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

SCHEDULE OF INVESTMENTS	October 31, 2016
GUGGENHEIM S&P 500® PURE GROWTH ETF

	Shares		Value
COMMON STOCKS† - 99.7%
Consumer, Non-cyclical - 26.2%
Constellation Brands, Inc. — Class A		198,981	$	33,253,705
Centene Corp.*		501,932		31,360,712
S&P Global, Inc.		166,057		20,234,045
Mondelez International, Inc. — Class A		408,927		18,377,179
Hologic, Inc.*		505,593		18,206,404
Global Payments, Inc.		250,886		18,194,253
Total System Services, Inc.		364,626		18,187,545
Aetna, Inc.		167,175		17,946,236
Equifax, Inc.		136,934		16,975,708
Edwards Lifesciences Corp.*		173,881		16,556,949
Reynolds American, Inc.		286,624		15,787,250
Boston Scientific Corp.*		714,106		15,710,332
Regeneron Pharmaceuticals, Inc.*		44,830		15,467,246
Cigna Corp.		130,122		15,462,397
Gilead Sciences, Inc.		199,674		14,701,997
Monster Beverage Corp.*		96,704		13,958,256
Biogen, Inc.*		48,846		13,685,672
Avery Dennison Corp.		184,321		12,863,763
Celgene Corp.*		123,169		12,585,408
Coty, Inc. — Class A*		547,304		12,582,519
AmerisourceBergen Corp. — Class A		170,918		12,018,954
Verisk Analytics, Inc. — Class A*		146,131		11,916,983
Hormel Foods Corp.		302,618		11,650,793
Laboratory Corporation of America Holdings*		86,004		10,779,741
Cintas Corp.		100,759		10,747,963
Moody’s Corp.		93,354		9,383,944
Alexion Pharmaceuticals, Inc.*		71,347		9,310,784
Illumina, Inc.*		67,046		9,127,642
CR Bard, Inc.		36,662		7,943,922
Becton Dickinson and Co.		43,002		7,220,466
Dr Pepper Snapple Group, Inc.		71,712		6,295,596
Allergan plc*		21,267		4,443,527
Total Consumer, Non-cyclical				462,937,891
Technology - 19.8%
NVIDIA Corp.		513,690		36,554,180
Broadcom Ltd.		188,858		32,158,740
Electronic Arts, Inc.*,1		396,280		31,115,906
Activision Blizzard, Inc.		652,261		28,158,107
salesforce.com, Inc.*		320,623		24,098,025
Skyworks Solutions, Inc.1		285,290		21,950,213
Lam Research Corp.		201,867		19,552,838
Red Hat, Inc.*		236,449		18,312,975
Fiserv, Inc.*		159,661		15,723,415
Cognizant Technology Solutions Corp. — Class A*		297,633		15,283,454
Applied Materials, Inc.		503,324		14,636,662
Citrix Systems, Inc.*		166,734		14,139,043
Microchip Technology, Inc.		216,610		13,115,736
Apple, Inc.		107,931		12,254,486
Qorvo, Inc.*		203,774		11,340,023
Akamai Technologies, Inc.*		158,758		11,028,918
Cerner Corp.*,1		146,726		8,595,209
Microsoft Corp.		130,547		7,822,376
Accenture plc — Class A		64,083		7,449,008
Paychex, Inc.		121,905		6,729,156
Total Technology				350,018,470
Consumer, Cyclical - 17.5%
Ulta Salon Cosmetics & Fragrance, Inc.*		115,585		28,126,454
O’Reilly Automotive, Inc.*		84,760		22,413,935
DR Horton, Inc.		711,173		20,503,118
Dollar Tree, Inc.*		230,811		17,437,771
Starbucks Corp.		323,432		17,164,536
AutoZone, Inc.*		21,845		16,212,485
Alaska Air Group, Inc.		217,248		15,689,650
Lennar Corp. — Class A		364,822		15,209,429
Home Depot, Inc.		122,210		14,910,842
LKQ Corp.*		435,791		14,067,333
Advance Auto Parts, Inc.		87,105		12,201,668
Lowe’s Companies, Inc.		169,724		11,312,105
NIKE, Inc. — Class B		224,217		11,251,209
Mohawk Industries, Inc.*		59,107		10,893,420
Ross Stores, Inc.		172,618		10,795,530
Signet Jewelers Ltd.1		117,278		9,530,010
Southwest Airlines Co.		228,478		9,150,544
Under Armour, Inc. — Class A*,1		249,709		7,765,950
Tractor Supply Co.		121,021		7,579,545
Chipotle Mexican Grill, Inc. — Class A*,1		18,806		6,784,453
TJX Companies, Inc.		90,177		6,650,554
Newell Brands, Inc.		137,635		6,609,233
Under Armour, Inc. — Class C*,1		251,479		6,503,247
Hanesbrands, Inc.		218,723		5,621,181
Delphi Automotive plc		85,158		5,541,231
Total Consumer, Cyclical				309,925,433
Communications - 13.0%
Facebook, Inc. — Class A*		285,263		37,366,600
Amazon.com, Inc.*		37,571		29,674,328
Expedia, Inc.		202,661		26,189,882
Netflix, Inc.*		195,629		24,428,193
VeriSign, Inc.*,1		264,771		22,246,059
Priceline Group, Inc.*		11,856		17,478,471
TripAdvisor, Inc.*		231,432		14,922,735
eBay, Inc.*		474,215		13,519,870
Alphabet, Inc. — Class A*		11,966		9,691,263
Alphabet, Inc. — Class C*		12,205		9,575,311
Walt Disney Co.		95,231		8,826,961
Juniper Networks, Inc.		331,477		8,731,104
Discovery Communications, Inc. — Class C*		194,172		4,875,659
Discovery Communications, Inc. — Class A*,1		112,483		2,936,931
Total Communications				230,463,367
Financial - 12.3%
XL Group Ltd.		582,219		20,202,999
Extra Space Storage, Inc.		220,707		16,144,717
Visa, Inc. — Class A		194,682		16,063,211
Prologis, Inc.		299,667		15,630,631

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

SCHEDULE OF INVESTMENTS (continued)	October 31, 2016
GUGGENHEIM S&P 500® PURE GROWTH ETF

	Shares		Value
Intercontinental Exchange, Inc.		54,663	$	14,780,329
Equity Residential		236,715		14,617,152
Mastercard, Inc. — Class A		117,134		12,535,681
Equinix, Inc.		34,440		12,304,723
E*TRADE Financial Corp.*		431,830		12,160,333
Kimco Realty Corp.		428,268		11,396,211
CBRE Group, Inc. — Class A*		420,323		10,827,520
Public Storage		47,561		10,164,737
UDR, Inc.		282,200		9,868,534
American Tower Corp. — Class A		82,768		9,699,582
Charles Schwab Corp.		279,854		8,871,372
AvalonBay Communities, Inc.		50,641		8,668,726
Crown Castle International Corp.		93,929		8,546,600
Alliance Data Systems Corp.		22,612		4,623,476
Total Financial				217,106,534
Industrial - 9.7%
PerkinElmer, Inc.		385,459		19,616,009
Vulcan Materials Co.		170,523		19,303,203
Masco Corp.		554,466		17,121,910
Fortune Brands Home & Security, Inc.		297,132		16,232,321
Martin Marietta Materials, Inc.		85,339		15,820,144
TransDigm Group, Inc.		53,803		14,659,166
Acuity Brands, Inc.		63,721		14,246,104
Northrop Grumman Corp.		60,977		13,963,733
Stanley Black & Decker, Inc.		83,828		9,542,979
Amphenol Corp. — Class A		141,638		9,338,193
Snap-on, Inc.		51,025		7,862,953
Roper Technologies, Inc.		40,904		7,089,072
Boeing Co.		45,282		6,449,515
Total Industrial				171,245,302
Energy - 0.8%
Pioneer Natural Resources Co.		84,125		15,060,058
Basic Materials - 0.4%
Sherwin-Williams Co.		29,047		7,112,449
Total Common Stocks
(Cost $1,607,065,748)				1,763,869,504
SHORT TERM INVESTMENTS† - 0.3%
Federated U.S. Treasury Cash Reserve Fund Institutional Shares, 0.18%2		4,537,039		4,537,039
Total Short Term Investments
(Cost $4,537,039)				4,537,039

	Face Amount
SECURITIES LENDING COLLATERAL††,3 - 2.2%
Joint Repurchase Agreements
Citigroup Global Markets, Inc. issued 10/31/16 at 0.34% due 11/01/16	$	9,284,461		9,284,461
BNP Paribas Securities Corp. issued 10/31/16 at 0.34% due 11/01/16		9,284,461		9,284,461
Merrill Lynch, Pierce, Fenner & Smith, Inc. issued 10/31/16 at 0.33% due 11/01/16		9,284,461		9,284,461
HSBC Securities (USA), Inc. issued 10/31/16 at 0.30% due 11/01/16		9,284,461		9,284,461
Credit Suisse Securities (USA), LLC issued 10/31/16 at 0.31% due 11/01/16		2,733,281		2,733,281
Total Securities Lending Collateral
(Cost $39,871,125)				39,871,125
Total Investments - 102.2%
(Cost $1,651,473,912)			$	1,808,277,668
Other Assets & Liabilities, net - (2.2)%				(38,692,187	)
Total Net Assets - 100.0%			$	1,769,585,481

*	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 October 31, 2016 — See Note 5.
2	Rate indicated is the 7 day yield as of October 31, 2016.
3	Securities lending collateral — See Note 5.
	plc — Public Limited Company
	See Sector Classification in Other Information section.

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

SCHEDULE OF INVESTMENTS (concluded)	October 31, 2016
GUGGENHEIM S&P 500® PURE GROWTH ETF

The following table summarizes the inputs used to value the Fund’s investments at October 31, 2016 (See Note 4 in the Notes to Financial Statements):

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	1,763,869,504	$	—	$	—	$	1,763,869,504
Securities Lending Collateral		—		39,871,125		—		39,871,125
Short Term Investments		4,537,039		—		—		4,537,039
Total	$	1,768,406,543	$	39,871,125	$	—	$	1,808,277,668

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the previous fiscal period.

For the year ended October 31, 2016, there were no transfers between levels.

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

SCHEDULE OF INVESTMENTS	October 31, 2016
GUGGENHEIM S&P MIDCAP 400® PURE VALUE ETF

	Shares		Value
COMMON STOCKS† - 99.8%
Industrial - 25.0%
Joy Global, Inc.		258,076	$	7,182,254
Terex Corp.		148,981		3,557,666
Tech Data Corp.*		42,634		3,283,671
Arrow Electronics, Inc.*		49,493		3,025,013
Avnet, Inc.		61,712		2,588,818
Greif, Inc. — Class A		53,171		2,491,593
KLX, Inc.*		60,921		2,096,901
Vishay Intertechnology, Inc.1		145,407		2,050,239
Oshkosh Corp.		33,754		1,805,839
Triumph Group, Inc.		75,846		1,797,550
AECOM*		64,250		1,789,362
Jabil Circuit, Inc.		81,007		1,728,689
Trinity Industries, Inc.		76,246		1,627,852
AGCO Corp.		31,319		1,599,775
EMCOR Group, Inc.		24,365		1,473,108
Worthington Industries, Inc.		22,635		1,063,845
Granite Construction, Inc.		18,094		889,501
Regal Beloit Corp.		13,835		817,649
GATX Corp.1		16,045		702,290
Total Industrial				41,571,615
Financial - 15.1%
Reinsurance Group of America, Inc. — Class A		25,916		2,795,300
Endurance Specialty Holdings Ltd.1		23,672		2,176,640
Aspen Insurance Holdings Ltd.		33,880		1,634,710
Hancock Holding Co.		47,451		1,591,981
Genworth Financial, Inc. — Class A*,1		368,058		1,523,760
Kemper Corp.1		38,074		1,429,679
Hanover Insurance Group, Inc.		18,581		1,415,687
Everest Re Group Ltd.		6,946		1,413,650
Senior Housing Properties Trust		64,742		1,377,062
CNO Financial Group, Inc.		88,125		1,328,925
Alleghany Corp.*		2,245		1,158,891
First American Financial Corp.		26,046		1,017,357
WR Berkley Corp.		17,330		989,543
Associated Banc-Corp.		42,223		857,127
Trustmark Corp.1		30,749		851,132
Umpqua Holdings Corp.		49,570		757,430
Stifel Financial Corp.*		19,266		754,071
Prosperity Bancshares, Inc.1		13,586		753,615
International Bancshares Corp.		20,870		643,840
TCF Financial Corp.		40,390		577,577
Total Financial				25,047,977
Consumer, Cyclical - 13.9%
KB Home		240,051		3,490,341
Ingram Micro, Inc. — Class A		84,969		3,160,846
World Fuel Services Corp.		56,434		2,271,469
CST Brands, Inc.		46,554		2,235,523
GameStop Corp. — Class A1		74,422		1,789,849
Dana, Inc.		102,918		1,593,171
Dick’s Sporting Goods, Inc.		23,315		1,297,480
Big Lots, Inc.1		29,490		1,279,866
Fossil Group, Inc.*,1		40,590		1,106,889
Cabela’s, Inc.*,1		15,357		946,145
J.C. Penney Company, Inc.*,1		106,225		912,473
Deckers Outdoor Corp.*		16,006		835,353
Office Depot, Inc.		252,850		796,478
Ascena Retail Group, Inc.*,1		144,085		704,575
Guess?, Inc.		50,425		680,738
Total Consumer, Cyclical				23,101,196
Basic Materials - 12.4%
United States Steel Corp.1		252,629		4,885,844
Reliance Steel & Aluminum Co.		44,518		3,061,948
Commercial Metals Co.		190,511		2,992,928
Allegheny Technologies, Inc.1		216,354		2,951,069
Steel Dynamics, Inc.		94,587		2,597,359
Domtar Corp.		64,230		2,309,069
Olin Corp.1		41,694		914,349
Carpenter Technology Corp.		27,272		862,068
Total Basic Materials				20,574,634
Energy - 11.0%
WPX Energy, Inc.*		292,336		3,174,768
SM Energy Co.		76,231		2,563,649
CONSOL Energy, Inc.1		130,126		2,205,636
Diamond Offshore Drilling, Inc.1		118,508		1,954,197
Murphy USA, Inc.*		26,469		1,820,539
Patterson-UTI Energy, Inc.1		71,036		1,596,889
Western Refining, Inc.1		36,378		1,049,505
NOW, Inc.*,1		46,474		1,001,979
Oil States International, Inc.*		31,164		911,547
Noble Corporation plc1		144,075		711,731
HollyFrontier Corp.		28,092		700,895
Rowan Companies plc — Class A		36,579		485,403
Total Energy				18,176,738
Consumer, Non-cyclical - 9.9%
United Natural Foods, Inc.*,1		60,242		2,514,501
Aaron’s, Inc.1		80,456		1,988,067
DeVry Education Group, Inc.1		80,917		1,836,817
ManpowerGroup, Inc.		21,435		1,646,208
Owens & Minor, Inc.		46,961		1,523,884
Graham Holdings Co. — Class B		2,791		1,325,725
Dean Foods Co.1		71,643		1,308,201
LifePoint Health, Inc.*		20,329		1,216,691
FTI Consulting, Inc.*		29,876		1,163,969
Tenet Healthcare Corp.*		49,641		978,424
Avis Budget Group, Inc.*		28,057		907,925
Total Consumer, Non-cyclical				16,410,412
Utilities - 6.3%
Talen Energy Corp.*,1		373,433		5,201,921
MDU Resources Group, Inc.		80,419		2,107,782
Great Plains Energy, Inc.		33,709		958,684
PNM Resources, Inc.		24,112		792,079
ONE Gas, Inc.		11,485		703,801
Hawaiian Electric Industries, Inc.		22,285		657,408
Total Utilities				10,421,675

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

SCHEDULE OF INVESTMENTS (concluded)	October 31, 2016
GUGGENHEIM S&P MIDCAP 400® PURE VALUE ETF

	Shares		Value
Technology - 4.7%
Computer Sciences Corp.		64,367	$	3,504,783
SYNNEX Corp.		18,754		1,923,035
3D Systems Corp.*,1		103,993		1,442,383
Lexmark International, Inc. — Class A		21,698		861,194
Total Technology				7,731,395
Communications - 1.5%
Telephone & Data Systems, Inc.		94,762		2,448,650
Total Common Stocks
(Cost $156,339,787)				165,484,292
SHORT TERM INVESTMENTS† - 0.2%
Federated U.S. Treasury Cash Reserve Fund Institutional Shares, 0.18%2		256,688		256,688
Total Short Term Investments
(Cost $256,688)				256,688

	Face Amount
SECURITIES LENDING COLLATERAL††,3 – 13.5%
Joint Repurchase Agreements
Citigroup Global Markets, Inc. issued 10/31/16 at 0.34% due 11/01/16	$	5,219,666		5,219,666
BNP Paribas Securities Corp. issued 10/31/16 at 0.34% due 11/01/16		5,219,666		5,219,666
Merrill Lynch, Pierce, Fenner & Smith, Inc. issued 10/31/16 at 0.33% due 11/01/16		5,219,666		5,219,666
HSBC Securities (USA), Inc. issued 10/31/16 at 0.30% due 11/01/16		5,219,666		5,219,666
Credit Suisse Securities (USA), LLC issued 10/31/16 at 0.31% due 11/01/16		1,540,367		1,540,367
Total Securities Lending Collateral
(Cost $22,419,031)				22,419,031
Total Investments - 113.5%
(Cost $179,015,506)			$	188,160,011
Other Assets & Liabilities, net - (13.5)%				(22,406,630	)
Total Net Assets - 100.0%			$	165,753,381

*	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 October 31, 2016 — See Note 5.
2	Rate indicated is the 7 day yield as of October 31, 2016.
3	Securities lending collateral — See Note 5.
	plc — Public Limited Company
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at October 31, 2016 (See Note 4 in the Notes to Financial Statements):

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	165,484,292	$	—	$	—	$	165,484,292
Securities Lending Collateral		—		22,419,031		—		22,419,031
Short Term Investments		256,688		—		—		256,688
Total	$	165,740,980	$	22,419,031	$	—	$	188,160,011

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the previous fiscal period.

For the year ended October 31, 2016, there were no transfers between levels.

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

SCHEDULE OF INVESTMENTS	October 31, 2016
GUGGENHEIM S&P MIDCAP 400® PURE GROWTH ETF

	Shares		Value
COMMON STOCKS† - 99.9%
Technology - 26.0%
Convergys Corp.		429,639	$	12,545,458
Cirrus Logic, Inc.*		173,504		9,365,746
Ultimate Software Group, Inc.*		43,312		9,138,399
j2 Global, Inc.1		122,606		8,723,417
ACI Worldwide, Inc.*		394,993		7,157,273
Fortinet, Inc.*		221,900		7,114,114
Fair Isaac Corp.		57,261		6,910,258
Synaptics, Inc.*,1		127,595		6,650,251
Microsemi Corp.*		156,363		6,587,573
IPG Photonics Corp.*		65,853		6,388,400
Integrated Device Technology, Inc.*		303,102		6,277,242
Tyler Technologies, Inc.*		38,458		6,168,664
MAXIMUS, Inc.		118,326		6,160,051
Monolithic Power Systems, Inc.		77,013		6,069,395
MSCI, Inc. — Class A		71,280		5,715,943
Manhattan Associates, Inc.*		109,757		5,558,094
Jack Henry & Associates, Inc.		54,201		4,391,365
Broadridge Financial Solutions, Inc.		60,692		3,924,345
Cadence Design Systems, Inc.*		143,331		3,666,407
CDK Global, Inc.		66,562		3,634,951
DST Systems, Inc.		34,519		3,319,347
Total Technology				135,466,693
Consumer, Non-cyclical - 23.9%
ABIOMED, Inc.*		117,228		12,307,768
MarketAxess Holdings, Inc.		71,170		10,729,589
Post Holdings, Inc.*		133,874		10,205,215
WhiteWave Foods Co. — Class A*		132,925		7,243,083
Sprouts Farmers Market, Inc.*,1		316,196		7,003,741
NuVasive, Inc.*		117,200		7,000,357
Amsurg Corp. — Class A*,1		109,845		6,563,239
Align Technology, Inc.*		71,719		6,162,096
United Therapeutics Corp.*,1		46,951		5,637,407
Prestige Brands Holdings, Inc.*		112,998		5,116,550
Helen of Troy Ltd.*		57,465		4,683,398
Service Corporation International		167,467		4,287,155
PAREXEL International Corp.*		72,055		4,197,924
VCA, Inc.*		61,921		3,805,665
MEDNAX, Inc.*		61,717		3,780,166
CEB, Inc.		70,637		3,436,490
Rollins, Inc.		110,913		3,418,339
Gartner, Inc.*		39,061		3,360,808
STERIS plc		40,154		2,683,090
Bio-Techne Corp.		24,757		2,574,480
Akorn, Inc.*		102,694		2,459,521
Charles River Laboratories International, Inc.*		32,133		2,438,252
LivaNova plc*,1		41,537		2,354,317
Flowers Foods, Inc.1		149,307		2,317,245
Total Consumer, Non-cyclical				123,765,895
Financial - 19.3%
Alexander & Baldwin, Inc.		291,543		12,183,582
PrivateBancorp, Inc. — Class A		162,123		7,334,445
WisdomTree Investments, Inc.1		834,592		7,160,799
Old Republic International Corp.		422,659		7,126,031
Lamar Advertising Co. — Class A		105,255		6,678,429
Equity One, Inc.		224,007		6,384,200
Bank of the Ozarks, Inc.		158,129		5,844,447
SEI Investments Co.		125,149		5,547,855
Signature Bank*		45,830		5,525,265
Education Realty Trust, Inc.		129,709		5,524,306
First Horizon National Corp.		323,665		4,987,678
Weingarten Realty Investors		135,873		4,919,961
SVB Financial Group*		39,341		4,810,224
Communications Sales & Leasing, Inc.		143,964		4,092,897
CBOE Holdings, Inc.		58,415		3,692,412
Healthcare Realty Trust, Inc.		101,758		3,245,063
Jones Lang LaSalle, Inc.		25,767		2,495,534
Life Storage, Inc.		30,787		2,482,972
Total Financial				100,036,100
Consumer, Cyclical - 16.2%
Skechers U.S.A., Inc. — Class A*,1		435,040		9,148,891
NVR, Inc.*		5,448		8,297,304
Churchill Downs, Inc.1		55,879		7,599,544
Vista Outdoor, Inc.*		176,045		6,807,660
Tempur Sealy International, Inc.*,1		124,973		6,757,290
Pool Corp.		64,114		5,935,674
Wendy’s Co.1		514,856		5,581,040
Toll Brothers, Inc.*		173,845		4,770,307
Domino’s Pizza, Inc.		27,456		4,646,653
JetBlue Airways Corp.*		246,607		4,310,690
Toro Co.		81,458		3,900,209
Buffalo Wild Wings, Inc.*,1		26,496		3,859,142
Restoration Hardware Holdings, Inc.*,1		121,372		3,516,147
Panera Bread Co. — Class A*,1		16,610		3,168,524
Carter’s, Inc.		33,654		2,905,686
Dunkin’ Brands Group, Inc.1		53,736		2,598,673
Total Consumer, Cyclical				83,803,434
Industrial - 8.2%
Dycom Industries, Inc.*,1		110,890		8,530,768
AO Smith Corp.		160,219		7,237,092
Packaging Corporation of America		78,043		6,438,548
Lennox International, Inc.		42,953		6,266,413
Eagle Materials, Inc.		67,188		5,440,212
Zebra Technologies Corp. — Class A*		76,844		5,059,409
Cognex Corp.		68,735		3,546,726
Total Industrial				42,519,168
Communications - 6.3%
WebMD Health Corp. — Class A*,1		208,373		10,237,366
ARRIS International plc*		358,148		9,949,352
AMC Networks, Inc. — Class A*		102,352		5,008,083
Ciena Corp.*		200,859		3,892,647

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

SCHEDULE OF INVESTMENTS (concluded)	October 31, 2016
GUGGENHEIM S&P MIDCAP 400® PURE GROWTH ETF

	Shares		Value
FactSet Research Systems, Inc.		21,970	$	3,399,198
Total Communications				32,486,646
Total Common Stocks
(Cost $527,258,377)				518,077,936
SHORT TERM INVESTMENTS† - 0.1%
Federated U.S. Treasury Cash Reserve Fund Institutional Shares, 0.18%2		571,867		571,867
Total Short Term Investments
(Cost $571,867)				571,867

	Face Amount
SECURITIES LENDING COLLATERAL††,3 – 10.1%
Joint Repurchase Agreements
Citigroup Global Markets, Inc. issued 10/31/16 at 0.34% due 11/01/16	$	12,235,034		12,235,034
BNP Paribas Securities Corp. issued 10/31/16 at 0.34% due 11/01/16		12,235,034		12,235,034
Merrill Lynch, Pierce, Fenner & Smith, Inc. issued 10/31/16 at 0.33% due 11/01/16		12,235,034		12,235,034
HSBC Securities (USA), Inc. issued 10/31/16 at 0.30% due 11/01/16		12,235,034		12,235,034
Credit Suisse Securities (USA), LLC issued 10/31/16 at 0.31% due 11/01/16		3,610,524		3,610,524
Total Securities Lending Collateral
(Cost $52,550,660)				52,550,660
Total Investments - 110.1%
(Cost $580,380,904)			$	571,200,463
Other Assets & Liabilities, net - (10.1)%				(52,580,768	)
Total Net Assets - 100.0%			$	518,619,695

*	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 October 31, 2016 — See Note 5.
2	Rate indicated is the 7 day yield as of October 31, 2016.
3	Securities lending collateral — See Note 5.
	plc — Public Limited Company
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at October 31, 2016 (See Note 4 in the Notes to Financial Statements):

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	518,077,936	$	—	$	—	$	518,077,936
Securities Lending Collateral		—		52,550,660		—		52,550,660
Short Term Investments		571,867		—		—		571,867
Total	$	518,649,803	$	52,550,660	$	—	$	571,200,463

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the previous fiscal period.

For the year ended October 31, 2016, there were no transfers between levels.

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

SCHEDULE OF INVESTMENTS	October 31, 2016
GUGGENHEIM S&P SMALLCAP 600® PURE VALUE ETF

	Shares		Value
COMMON STOCKS† - 99.9%
Industrial - 26.1%
Orion Group Holdings, Inc.*		466,942	$	3,772,890
SPX Corp.*		188,606		3,585,400
TTM Technologies, Inc.*		228,634		3,006,537
Chart Industries, Inc.*		90,361		2,506,614
Sanmina Corp.*		87,747		2,426,204
Benchmark Electronics, Inc.*		95,790		2,409,119
MYR Group, Inc.*		80,598		2,405,044
Bel Fuse, Inc. — Class B		95,277		2,272,356
TimkenSteel Corp.*		201,154		2,061,829
Saia, Inc.*		53,358		1,902,212
Atlas Air Worldwide Holdings, Inc.*		43,669		1,827,548
ArcBest Corp.		89,508		1,781,209
Roadrunner Transportation Systems, Inc.*		228,271		1,734,860
Greenbrier Companies, Inc.		54,805		1,726,358
Olympic Steel, Inc.		65,643		1,515,697
Plexus Corp.*		32,611		1,493,910
Celadon Group, Inc.		181,360		1,178,840
AAR Corp.		36,214		1,165,004
Briggs & Stratton Corp.		61,536		1,145,800
Powell Industries, Inc.		32,271		1,142,071
LSB Industries, Inc.*,1		204,441		1,081,493
SPX FLOW, Inc.*		42,271		1,060,579
Hub Group, Inc. — Class A*		28,067		1,023,043
Echo Global Logistics, Inc.*		42,002		890,442
Boise Cascade Co.*		41,133		791,810
Kaman Corp.		15,735		686,990
Aegion Corp. — Class A*		35,901		664,528
Marten Transport Ltd.		30,503		625,312
Hornbeck Offshore Services, Inc.*,1		144,369		573,145
Astec Industries, Inc.		9,775		541,144
Applied Industrial Technologies, Inc.		10,517		534,264
Tredegar Corp.		26,572		491,582
Haynes International, Inc.		13,822		444,654
Tidewater, Inc.1		91,193		157,764
Total Industrial				50,626,252
Consumer, Cyclical - 25.8%
EZCORP, Inc. — Class A*		381,030		3,715,043
SkyWest, Inc.		106,889		3,222,703
Big 5 Sporting Goods Corp.		204,877		3,175,594
Veritiv Corp.*		39,255		2,117,807
Barnes & Noble Education, Inc.*		204,150		1,900,637
Shoe Carnival, Inc.		73,884		1,874,436
Finish Line, Inc. — Class A		94,671		1,864,072
Zumiez, Inc.*,1		78,129		1,738,370
Titan International, Inc.		169,557		1,727,786
Iconix Brand Group, Inc.*,1		217,600		1,714,688
Tailored Brands, Inc.1		102,387		1,617,715
ScanSource, Inc.*		42,858		1,500,030
Anixter International, Inc.*		21,358		1,404,289
Stage Stores, Inc.1		275,346		1,401,511
Genesco, Inc.*		25,629		1,378,840
Perry Ellis International, Inc.*		67,084		1,247,092
Barnes & Noble, Inc.		114,167		1,175,920
Tuesday Morning Corp.*		235,976		1,168,082
Abercrombie & Fitch Co. — Class A		79,070		1,155,213
Ruby Tuesday, Inc.*		351,373		1,043,578
Sonic Automotive, Inc. — Class A		57,769		1,034,065
Group 1 Automotive, Inc.		16,478		993,129
Superior Industries International, Inc.		40,330		988,085
Lumber Liquidators Holdings, Inc.*,1		63,532		985,381
Children’s Place, Inc.		12,126		920,970
Biglari Holdings, Inc.*		1,928		844,811
Caleres, Inc.		32,075		802,196
Kirkland’s, Inc.*		61,068		745,640
Stein Mart, Inc.		123,464		743,253
Wolverine World Wide, Inc.		33,028		705,148
Fred’s, Inc. — Class A		75,503		689,342
Arctic Cat, Inc.1		43,156		646,908
Essendant, Inc.		41,617		638,821
Regis Corp.*		44,039		558,415
Vitamin Shoppe, Inc.*		19,921		499,021
Unifi, Inc.*		16,095		462,731
Movado Group, Inc.		20,038		441,838
Vera Bradley, Inc.*		32,081		428,923
Daktronics, Inc.		51,337		428,664
Express, Inc.*		29,760		357,715
Total Consumer, Cyclical				50,058,462
Consumer, Non-cyclical - 15.0%
Kelly Services, Inc. — Class A		140,479		2,631,171
SpartanNash Co.		90,283		2,527,924
Seneca Foods Corp. — Class A*		81,573		2,398,246
Andersons, Inc.		50,919		1,937,468
Rent-A-Center, Inc.		186,349		1,880,261
Darling Ingredients, Inc.*		134,746		1,832,546
ABM Industries, Inc.		43,607		1,704,162
Magellan Health, Inc.*		28,366		1,459,431
Community Health Systems, Inc.*		250,404		1,322,133
Universal Corp.		22,817		1,236,681
Central Garden & Pet Co. — Class A*		48,717		1,137,054
Kindred Healthcare, Inc.		111,555		1,098,817
Select Medical Holdings Corp.*		84,203		1,094,639
AngioDynamics, Inc.*		64,184		1,023,093
CDI Corp.		165,858		1,020,027
Sanderson Farms, Inc.1		11,166		1,004,717
Healthways, Inc.*		34,388		852,822
Viad Corp.		18,030		748,245
Green Dot Corp. — Class A*		28,021		622,066
PharMerica Corp.*		17,427		414,763
Central Garden & Pet Co.*		14,733		358,307
RR Donnelley & Sons Co.		19,572		347,403
Invacare Corp.		34,514		315,803
LSC Communications, Inc.		7,342		177,970
Total Consumer, Non-cyclical				29,145,749
Energy - 11.9%
Archrock, Inc.		230,166		2,669,925
Cloud Peak Energy, Inc.*		399,306		2,459,725
Exterran Corp.*		150,585		2,380,749

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

SCHEDULE OF INVESTMENTS (continued)	October 31, 2016
GUGGENHEIM S&P SMALLCAP 600® PURE VALUE ETF

	Shares		Value
SunCoke Energy, Inc.*		212,094	$	2,165,480
Green Plains, Inc.		82,456		2,143,856
Helix Energy Solutions Group, Inc.*		227,138		1,980,643
Gulf Island Fabrication, Inc.		177,033		1,770,330
Atwood Oceanics, Inc.1		223,522		1,705,473
Newpark Resources, Inc.*		232,238		1,463,099
SEACOR Holdings, Inc.*,1		20,366		1,004,247
Pioneer Energy Services Corp.*		280,016		994,057
Era Group, Inc.*		124,794		942,195
REX American Resources Corp.*		11,233		887,295
Bristow Group, Inc.1		43,568		436,116
Total Energy				23,003,190
Financial - 8.2%
Enova International, Inc.*		244,605		2,299,286
Piper Jaffray Cos.*		30,979		1,751,861
First BanCorp*		325,126		1,667,896
World Acceptance Corp.*		31,175		1,481,436
International. FCStone, Inc.*		38,855		1,394,895
OFG Bancorp		124,228		1,323,028
Calamos Asset Management, Inc. — Class A		146,923		949,123
Stewart Information Services Corp.		18,268		821,147
Infinity Property & Casualty Corp.		9,862		808,191
Capstead Mortgage Corp.		82,868		788,075
Horace Mann Educators Corp.		19,587		704,153
Navigators Group, Inc.		7,400		689,680
American Equity Investment Life Holding Co.		32,658		585,558
Encore Capital Group, Inc.*,1		26,376		523,564
Total Financial				15,787,893
Basic Materials - 7.5%
Century Aluminum Co.*		695,873		5,086,831
Chemours Co.		191,636		3,148,579
PH Glatfelter Co.		83,072		1,845,860
Materion Corp.		42,473		1,286,932
Innophos Holdings, Inc.		17,826		817,144
A. Schulman, Inc.		25,473		732,349
Clearwater Paper Corp.*		13,081		694,601
Stepan Co.		9,138		649,072
Intrepid Potash, Inc.*		303,668		315,815
Total Basic Materials				14,577,183
Technology - 3.1%
Insight Enterprises, Inc.*		59,987		1,727,026
ManTech International Corp. — Class A		27,510		1,068,213
Engility Holdings, Inc.*		25,206		724,168
Kulicke & Soffa Industries, Inc.*		47,706		631,627
Ciber, Inc.*		582,484		594,134
CACI International, Inc. — Class A*		5,644		552,265
Brooks Automation, Inc.		35,618		464,103
Donnelley Financial Solutions, Inc.*		7,342		157,486
Total Technology				5,919,022
Communications - 2.3%
Iridium Communications, Inc.*,1		122,309		996,818
Black Box Corp.		65,290		750,835
Blucora, Inc.*		55,467		737,711
FTD Companies, Inc.*		30,855		620,803
Scholastic Corp.		13,365		511,211
Comtech Telecommunications Corp.		48,640		505,856
Gannett Company, Inc.		37,697		292,906
Total Communications				4,416,140
Total Common Stocks
(Cost $186,538,953)				193,533,891
SHORT TERM INVESTMENTS† - 0.1%
Federated U.S. Treasury Cash Reserve Fund Institutional Shares, 0.18%2		114,757		114,757
Total Short Term Investments
(Cost $114,757)				114,757

	Face Amount
SECURITIES LENDING COLLATERAL††,3 – 6.5%
Joint Repurchase Agreements
Citigroup Global Markets, Inc. issued 10/31/16 at 0.34% due 11/01/16	$	2,927,698		2,927,698
BNP Paribas Securities Corp. issued 10/31/16 at 0.34% due 11/01/16		2,927,698		2,927,698
Merrill Lynch, Pierce, Fenner & Smith, Inc. issued 10/31/16 at 0.33% due 11/01/16		2,927,698		2,927,698
HSBC Securities (USA), Inc. issued 10/31/16 at 0.30% due 11/01/16		2,927,698		2,927,698
Credit Suisse Securities (USA), LLC issued 10/31/16 at 0.31% due 11/01/16		863,366		863,366
Total Securities Lending Collateral
(Cost $12,574,158)				12,574,158
Total Investments - 106.5%
(Cost $199,227,868)			$	206,222,806
Other Assets & Liabilities, net - (6.5)%				(12,557,865	)
Total Net Assets - 100.0%			$	193,664,941

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

SCHEDULE OF INVESTMENTS (concluded)	October 31, 2016
GUGGENHEIM S&P SMALLCAP 600® PURE VALUE ETF

*	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 October 31, 2016 — See Note 5.
2	Rate indicated is the 7 day yield as of October 31, 2016.
3	Securities lending collateral — See Note 5.
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at October 31, 2016 (See Note 4 in the Notes to Financial Statements):

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	193,533,891	$	—	$	—	$	193,533,891
Securities Lending Collateral		—		12,574,158		—		12,574,158
Short Term Investments		114,757		—		—		114,757
Total	$	193,648,648	$	12,574,158	$	—	$	206,222,806

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the previous fiscal period.

For the year ended October 31, 2016, there were no transfers between levels.

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

SCHEDULE OF INVESTMENTS	October 31, 2016
GUGGENHEIM S&P SMALLCAP 600® PURE GROWTH ETF

	Shares		Value
COMMON STOCKS† - 99.9%
Consumer, Non-cyclical - 33.2%
Supernus Pharmaceuticals, Inc.*,1		130,092	$	2,575,821
Ligand Pharmaceuticals, Inc. — Class B*,1		24,329		2,329,015
Depomed, Inc.*,1		92,700		2,072,772
NutriSystem, Inc.		55,995		1,775,042
Eagle Pharmaceuticals, Inc.*,1		31,383		1,753,682
Zeltiq Aesthetics, Inc.*,1		50,761		1,680,189
MiMedx Group, Inc.*,1		183,508		1,635,056
Masimo Corp.*		29,193		1,605,615
AMN Healthcare Services, Inc.*		47,536		1,559,181
LendingTree, Inc.*,1		19,072		1,522,899
BioTelemetry, Inc.*		79,327		1,404,088
Vascular Solutions, Inc.*		29,684		1,353,591
On Assignment, Inc.*		35,692		1,228,162
Almost Family, Inc.*		30,284		1,188,647
Repligen Corp.*		41,107		1,174,427
Cantel Medical Corp.		16,456		1,172,161
Cross Country Healthcare, Inc.*		103,298		1,153,839
Cynosure, Inc. — Class A*		25,583		1,091,115
Emergent BioSolutions, Inc.*		38,386		1,025,674
Surgical Care Affiliates, Inc.*		23,381		1,000,473
Cal-Maine Foods, Inc.1		25,380		980,937
Albany Molecular Research, Inc.*,1		62,499		974,359
Merit Medical Systems, Inc.*		43,679		958,754
Cambrex Corp.*		23,298		938,909
TrueBlue, Inc.*		53,367		933,923
Neogen Corp.*		17,303		911,696
Calavo Growers, Inc.		15,311		905,646
US Physical Therapy, Inc.		15,501		882,007
Natus Medical, Inc.*		22,138		871,130
Amphastar Pharmaceuticals, Inc.*,1		47,262		857,333
Surmodics, Inc.*		34,021		847,123
Lannett Company, Inc.*,1		38,344		839,734
Matthews International Corp. — Class A		13,919		833,748
Heidrick & Struggles International, Inc.		43,492		804,602
B&G Foods, Inc.		18,965		804,116
Nektar Therapeutics*,1		61,770		765,948
Chemed Corp.		5,245		741,748
LHC Group, Inc.*		20,672		708,429
Luminex Corp.*		33,146		690,431
Monro Muffler Brake, Inc.1		11,734		645,370
Integra LifeSciences Holdings Corp.*		7,949		632,025
Healthcare Services Group, Inc.		16,355		604,644
WD-40 Co.		5,498		586,224
Korn/Ferry International		27,064		551,835
CorVel Corp.*		12,921		446,421
Phibro Animal Health Corp. — Class A		12,091		313,761
Impax Laboratories, Inc.*		13,734		276,053
Acorda Therapeutics, Inc.*		13,379		236,808
Total Consumer, Non-cyclical				50,845,163
Financial - 19.2%
First Midwest Bancorp, Inc.		101,337		1,956,817
CoreSite Realty Corp.		24,156		1,781,263
Ameris Bancorp		46,486		1,687,443
Home BancShares, Inc.		72,152		1,551,990
Universal Insurance Holdings, Inc.1		72,693		1,548,361
Employers Holdings, Inc.		42,969		1,347,078
Walker & Dunlop, Inc.*		55,061		1,325,318
Hanmi Financial Corp.		48,055		1,201,375
BofI Holding, Inc.*,1		62,809		1,170,132
Pinnacle Financial Partners, Inc.		22,504		1,161,206
Simmons First National Corp. — Class A		23,121		1,141,021
Acadia Realty Trust		30,723		1,035,058
Opus Bank		51,456		1,031,693
Evercore Partners, Inc. — Class A		19,130		1,028,238
Four Corners Property Trust, Inc.		50,503		1,014,100
LegacyTexas Financial Group, Inc.		29,508		1,009,469
Northfield Bancorp, Inc.1		61,131		1,005,605
ServisFirst Bancshares, Inc.1		18,091		979,447
Bank Mutual Corp.		124,849		973,822
AMERISAFE, Inc.		14,485		805,366
Hope Bancorp, Inc.		45,808		739,341
HFF, Inc. — Class A		27,140		722,738
Banner Corp.		14,796		667,891
First Financial Bankshares, Inc.1		18,353		664,379
Financial Engines, Inc.1		23,942		661,996
RLI Corp.		10,646		593,408
Retail Opportunity Investments Corp.		27,991		562,899
Total Financial				29,367,454
Industrial - 17.4%
Fabrinet*		61,370		2,329,606
II-VI, Inc.*		66,504		1,848,811
PGT, Inc.*		188,449		1,846,800
TASER International, Inc.*,1		79,998		1,790,355
Headwaters, Inc.*		91,950		1,507,980
Lydall, Inc.*		32,176		1,504,228
Drew Industries, Inc.		16,543		1,481,426
Universal Forest Products, Inc.		16,169		1,390,372
John Bean Technologies Corp.		16,891		1,348,746
US Concrete, Inc.*,1		25,695		1,282,181
Griffon Corp.		72,467		1,210,199
AZZ, Inc.		19,448		1,035,606
US Ecology, Inc.		22,443		948,217
Trex Company, Inc.*		16,415		883,291
Comfort Systems USA, Inc.		30,451		878,511
Methode Electronics, Inc.		24,810		774,072
AAON, Inc.		25,674		768,936
Exponent, Inc.		12,896		738,296
Sturm Ruger & Company, Inc.1		11,919		733,019
Matson, Inc.		17,680		706,139
Apogee Enterprises, Inc.		15,113		615,855
Proto Labs, Inc.*,1		10,769		481,374
OSI Systems, Inc.*		6,664		467,346
Total Industrial				26,571,366
Consumer, Cyclical - 13.6%
LGI Homes, Inc.*,1		78,942		2,349,313
Dave & Buster’s Entertainment, Inc.*		46,464		1,921,286
Installed Building Products, Inc.*,1		55,530		1,835,266

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

SCHEDULE OF INVESTMENTS (continued)	October 31, 2016
GUGGENHEIM S&P SMALLCAP 600® PURE GROWTH ETF

	Shares		Value
Nautilus, Inc.*,1		93,833	$	1,651,461
Meritage Homes Corp.*		52,949		1,638,772
Lithia Motors, Inc. — Class A		13,981		1,199,290
American Woodmark Corp.*		14,763		1,102,796
Fox Factory Holding Corp.*		47,978		1,041,123
Monarch Casino & Resort, Inc.*		41,085		971,660
Hawaiian Holdings, Inc.*		21,517		968,803
Papa John’s International, Inc.		12,388		934,675
Allegiant Travel Co. — Class A		5,960		821,884
Ruth’s Hospitality Group, Inc.		46,403		735,488
Francesca’s Holdings Corp.*		45,455		730,462
Interface, Inc. — Class A		44,755		709,367
Popeyes Louisiana Kitchen, Inc.*		12,748		680,488
Boyd Gaming Corp.*		37,392		667,821
Gentherm, Inc.*		19,119		538,200
Sonic Corp.		12,731		291,667
Total Consumer, Cyclical				20,789,822
Technology - 8.5%
Ebix, Inc.1		32,170		1,801,520
Take-Two Interactive Software, Inc.*		33,811		1,500,870
Blackbaud, Inc.		18,385		1,128,839
Tessera Technologies, Inc.		29,028		1,076,939
SPS Commerce, Inc.*		16,635		1,037,691
ExlService Holdings, Inc.*		21,841		961,660
Kopin Corp.*		456,968		955,063
Medidata Solutions, Inc.*		18,688		896,837
Synchronoss Technologies, Inc.*		21,804		800,425
CEVA, Inc.*		25,115		754,706
Rambus, Inc.*		52,516		640,170
Omnicell, Inc.*		18,176		592,992
Cray, Inc.*		22,573		469,518
Virtusa Corp.*		19,676		372,663
Total Technology				12,989,893
Communications - 5.4%
LogMeIn, Inc.1		25,619		2,433,805
Stamps.com, Inc.*,1		13,454		1,312,438
8x8, Inc.*		81,112		1,155,846
World Wrestling Entertainment, Inc. — Class A1		51,894		917,486
NIC, Inc.		36,737		843,114
HealthStream, Inc.*		26,390		711,738
Blue Nile, Inc.1		16,859		588,885
General Communication, Inc. — Class A*		19,462		308,278
Total Communications				8,271,590
Basic Materials - 2.1%
Balchem Corp.		15,890		1,206,051
Innospec, Inc.		16,404		988,341
Deltic Timber Corp.		9,551		536,575
Aceto Corp.		25,102		460,120
Total Basic Materials				3,191,087
Energy - 0.5%
Synergy Resources Corp.*,1		109,441		748,576
Total Common Stocks
(Cost $154,116,779)				152,774,951
SHORT TERM INVESTMENTS† - 0.1%
Federated U.S. Treasury Cash Reserve Fund Institutional Shares, 0.18%2		137,746		137,746
Total Short Term Investments
(Cost $137,746)				137,746
	Face Amount
SECURITIES LENDING COLLATERAL††,3 – 15.3%
Joint Repurchase Agreements
Citigroup Global Markets, Inc. issued 10/31/16 at 0.34% due 11/01/16	$	5,452,271		5,452,271
BNP Paribas Securities Corp. issued 10/31/16 at 0.34% due 11/01/16		5,452,271		5,452,271
Merrill Lynch, Pierce, Fenner & Smith, Inc. issued 10/31/16 at 0.33% due 11/01/16		5,452,271		5,452,271
HSBC Securities (USA), Inc. issued 10/31/16 at 0.30% due 11/01/16		5,452,271		5,452,271
Credit Suisse Securities (USA), LLC issued 10/31/16 at 0.31% due 11/01/16		1,607,443		1,607,443
Total Securities Lending Collateral
(Cost $23,416,527)				23,416,527
Total Investments - 115.3%
(Cost $177,671,052)			$	176,329,224
Other Assets & Liabilities, net - (15.3)%				(23,419,412	)
Total Net Assets - 100.0%			$	152,909,812

*	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 October 31, 2016 — See Note 5.
2	Rate indicated is the 7 day yield as of October 31, 2016.
3	Securities lending collateral — See Note 5.
	See Sector Classification in Other Information section.

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

SCHEDULE OF INVESTMENTS (concluded)	October 31, 2016
GUGGENHEIM S&P SMALLCAP 600® PURE GROWTH ETF

The following table summarizes the inputs used to value the Fund’s investments at October 31, 2016 (See Note 4 in the Notes to Financial Statements):

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	152,774,951	$	—	$	—	$	152,774,951
Securities Lending Collateral		—		23,416,527		—		23,416,527
Short Term Investments		137,746		—		—		137,746
Total	$	152,912,697	$	23,416,527	$	—	$	176,329,224

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the previous fiscal period.

For the year ended October 31, 2016, there were no transfers between levels.

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

STATEMENTS OF ASSETS AND LIABILITIES October 31, 2016

	Guggenheim S&P 500® Top 50 ETF			Guggenheim S&P 500® Pure Value ETF			Guggenheim S&P 500® Pure Growth ETF			Guggenheim S&P MidCap 400® Pure Value ETF
Assets:
Investments, at value — including $—, $57,980,569, $79,278,590 and $33,075,017 of securities loaned, respectively	$	577,289,287		$	719,294,618		$	1,768,406,543		$	165,740,980
Repurchase agreements, at value		—			20,517,856			39,871,125			22,419,031
Total investments*		577,289,287			739,812,474			1,808,277,668			188,160,011
Receivables:
Securities lending		5,192			11,028			24,715			8,482
Dividends and interest		607,198			570,519			1,685,171			45,768
Total assets		577,901,677			740,394,021			1,809,987,554			188,214,261
Liabilities:
Payable upon return of securities loaned		—			20,517,856			39,871,125			22,419,031
Payable for:
Management fees		99,540			212,963			530,948			41,849
Total liabilities		99,540			20,730,819			40,402,073			22,460,880
Commitments and contingent liabilities (Note 8)		—			—			—			—
Net assets	$	577,802,137		$	719,663,202		$	1,769,585,481		$	165,753,381
Net assets consist of:
Paid-in capital	$	584,971,957		$	845,474,944		$	1,777,119,320		$	175,607,210
Undistributed net investment income		1,017,450			915,703			1,926,363			62,225
Accumulated net realized loss on investments		(74,328,865	)		(101,716,194	)		(166,263,958	)		(19,060,559	)
Net unrealized appreciation (depreciation) on investments		66,141,595			(25,011,251	)		156,803,756			9,144,505
Net assets	$	577,802,137		$	719,663,202		$	1,769,585,481		$	165,753,381
Shares outstanding (unlimited shares authorized), no par value		3,850,785			13,752,836			21,550,299			3,100,499
Net asset value, offering price and repurchase price per share	$	150.05		$	52.33		$	82.11		$	53.46
Cost of investments	$	511,147,692		$	744,305,869		$	1,611,602,787		$	156,596,475
Cost of repurchase agreements		—			20,517,856			39,871,125			22,419,031
*Total cost of investments	$	511,147,692		$	764,823,725		$	1,651,473,912		$	179,015,506

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

STATEMENTS OF ASSETS AND LIABILITIES (concluded) October 31, 2016

	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 $84,139,894, $17,500,053 and $30,189,103 of securities loaned, respectively	$	518,649,803		$	193,648,648		$	152,912,697
Repurchase agreements, at value		52,550,660			12,574,158			23,416,527
Total investments*		571,200,463			206,222,806			176,329,224
Receivables:
Fund shares sold		—			3,202			—
Securities lending		23,780			9,668			30,268
Dividends and interest		104,968			54,609			15,271
Tax reclaims		—			1,306			—
Total assets		571,329,211			206,291,591			176,374,763
Liabilities:
Payable upon return of securities loaned		52,550,660			12,574,158			23,416,527
Payable for:
Management fees		158,856			52,492			48,424
Total liabilities		52,709,516			12,626,650			23,464,951
Commitments and contingent liabilities (Note 8)		—			—			—
Net assets	$	518,619,695		$	193,664,941		$	152,909,812
Net assets consist of:
Paid-in capital	$	572,721,075		$	231,496,282		$	181,134,259
Undistributed net investment income		40,670			43,617			61,092
Accumulated net realized loss on investments		(44,961,609	)		(44,869,896	)		(26,943,711	)
Net unrealized appreciation (depreciation) on investments		(9,180,441	)		6,994,938			(1,341,828	)
Net assets	$	518,619,695		$	193,664,941		$	152,909,812
Shares outstanding (unlimited shares authorized), no par value		4,350,021			3,200,040			1,850,004
Net asset value, offering price and repurchase price per share	$	119.22		$	60.52		$	82.65
Cost of investments	$	527,830,244		$	186,653,710		$	154,254,525
Cost of repurchase agreements		52,550,660			12,574,158			23,416,527
*Total cost of investments	$	580,380,904		$	199,227,868		$	177,671,052

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

STATEMENTS OF OPERATIONS

For the Year Ended October 31, 2016

	Guggenheim S&P 500® Top 50 ETF			Guggenheim S&P 500® Pure Value ETF			Guggenheim S&P 500® Pure Growth ETF			Guggenheim S&P MidCap 400® Pure Value ETF
Investment Income:
Dividends	$	13,618,574		$	19,945,331		$	21,186,503		$	1,836,075
Income from securities lending		5,192			100,169			111,728			66,459
Interest		1,257			1,437			3,172			233
Total investment income		13,625,023			20,046,937			21,301,403			1,902,767
Expenses:
Management fees		1,167,416			2,627,444			6,856,409			389,175
Total expenses		1,167,416			2,627,444			6,856,409			389,175
Net investment income		12,457,607			17,419,493			14,444,994			1,513,592
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(4,323,755	)		(79,387,544	)		(165,052,045	)		(15,001,016	)
In-kind redemptions		30,606,722			33,820,506			145,626,105			7,059,921
Net realized gain (loss)		26,282,967			(45,567,038	)		(19,425,940	)		(7,941,095	)
Net change in unrealized appreciation (depreciation) on:
Investments		(9,569,287	)		30,087,617			(48,938,900	)		10,946,947
Net realized and unrealized gain (loss)		16,713,680			(15,479,421	)		(68,364,840	)		3,005,852
Net increase (decrease) in net assets resulting from operations	$	29,171,287		$	1,940,072		$	(53,919,846	)	$	4,519,444

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

STATEMENTS OF OPERATIONS (concluded)

For the Year Ended October 31, 2016

	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*	$	5,150,036		$	1,741,385		$	2,205,016
Income from securities lending		101,136			83,171			270,603
Interest		410			215			175
Total investment income		5,251,582			1,824,771			2,475,794
Expenses:
Management fees		2,204,814			558,930			658,400
Total expenses		2,204,814			558,930			658,400
Net investment income		3,046,768			1,265,841			1,817,394
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(37,993,542	)		(24,157,514	)		(27,011,806	)
In-kind redemptions		50,971,014			21,057,316			10,861,818
Net realized gain (loss)		12,977,472			(3,100,198	)		(16,149,988	)
Net change in unrealized appreciation (depreciation) on:
Investments		(70,464,100	)		11,888,389			1,528,718
Net realized and unrealized gain (loss)		(57,486,628	)		8,788,191			(14,621,270	)
Net increase (decrease) in net assets resulting from operations	$	(54,439,860	)	$	10,054,032		$	(12,803,876	)
* Foreign taxes withheld	$	—		$	3,087		$	105

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

STATEMENTS OF CHANGES IN NET ASSETS

	Guggenheim S&P 500® Top 50 ETF						Guggenheim S&P 500® Pure Value ETF
	Year Ended October 31, 2016			Year Ended October 31, 2015			Year Ended October 31, 2016			Year Ended October 31, 2015
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	12,457,607		$	11,229,034		$	17,419,493		$	21,342,768
Net realized gain (loss) on investments		26,282,967			52,721,047			(45,567,038	)		85,264,523
Net change in unrealized appreciation (depreciation) on investments		(9,569,287	)		(33,501,768	)		30,087,617			(123,793,479	)
Net increase (decrease) in net assets resulting from operations		29,171,287			30,448,313			1,940,072			(17,186,188	)
Distributions to shareholders from:
Net investment income		(12,305,640	)		(11,355,966	)		(16,846,207	)		(22,046,039	)
Shareholder transactions:
Proceeds from shares purchased		173,560,668			49,329,473			396,931,870			437,829,978
Cost of shares redeemed		(108,888,149	)		(170,955,031	)		(475,391,756	)		(860,630,837	)
Net increase (decrease) in net assets resulting from share transactions		64,672,519			(121,625,558	)		(78,459,886	)		(422,800,859	)
Net increase (decrease) in net assets		81,538,166			(102,533,211	)		(93,366,021	)		(462,033,086	)
Net assets:
Beginning of year		496,263,971			598,797,182			813,029,223			1,275,062,309
End of year	$	577,802,137		$	496,263,971		$	719,663,202		$	813,029,223
Undistributed net investment income at end of year	$	1,017,450		$	861,244		$	915,703		$	249,496
Changes in shares outstanding:
Shares sold		1,200,000			350,000			8,050,000			8,200,000
Shares redeemed		(750,000	)		(1,200,000	)		(10,100,000	)		(15,950,000	)
Net increase (decrease) in shares		450,000			(850,000	)		(2,050,000	)		(7,750,000	)

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

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	Guggenheim S&P 500® Pure Growth ETF						Guggenheim S&P MidCap 400® Pure Value ETF
	Year Ended October 31, 2016			Year Ended October 31, 2015			Year Ended October 31, 2016			Year Ended October 31, 2015
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	14,444,994		$	13,162,229		$	1,513,592		$	1,892,083
Net realized gain (loss) on investments		(19,425,940	)		79,728,627			(7,941,095	)		9,487,503
Net change in unrealized appreciation (depreciation) on investments		(48,938,900	)		20,956,005			10,946,947			(13,390,444	)
Net increase (decrease) in net assets resulting from operations		(53,919,846	)		113,846,861			4,519,444			(2,010,858	)
Distributions to shareholders from:
Net investment income		(12,804,542	)		(12,287,095	)		(1,503,674	)		(1,909,844	)
Shareholder transactions:
Proceeds from shares purchased		427,793,413			752,877,885			94,638,501			42,976,874
Cost of shares redeemed		(930,069,089	)		(308,368,180	)		(36,043,334	)		(53,544,609	)
Net increase (decrease) in net assets resulting from share transactions		(502,275,676	)		444,509,705			58,595,167			(10,567,735	)
Net increase (decrease) in net assets		(569,000,064	)		546,069,471			61,610,937			(14,488,437	)
Net assets:
Beginning of year		2,338,585,545			1,792,516,074			104,142,444			118,630,881
End of year	$	1,769,585,481		$	2,338,585,545		$	165,753,381		$	104,142,444
Undistributed net investment income at end of year	$	1,926,363		$	—		$	62,225		$	65,209
Changes in shares outstanding:
Shares sold		5,250,000			9,350,000			1,800,000			800,000
Shares redeemed		(11,900,000	)		(3,850,000	)		(750,000	)		(1,000,000	)
Net increase (decrease) in shares		(6,650,000	)		5,500,000			1,050,000			(200,000	)

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

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	Guggenheim S&P MidCap 400® Pure Growth ETF						Guggenheim S&P SmallCap 600® Pure Value ETF
	Year Ended October 31, 2016			Year Ended October 31, 2015			Year Ended October 31, 2016			Year Ended October 31, 2015
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	3,046,768		$	4,023,714		$	1,265,841		$	1,951,573
Net realized gain (loss) on investments		12,977,472			38,311,360			(3,100,198	)		7,972,396
Net change in unrealized appreciation (depreciation) on investments		(70,464,100	)		(13,305,481	)		11,888,389			(21,140,206	)
Net increase (decrease) in net assets resulting from operations		(54,439,860	)		29,029,593			10,054,032			(11,216,237	)
Distributions to shareholders from:
Net investment income		(3,174,670	)		(4,173,726	)		(1,222,224	)		(1,976,663	)
Return of capital		—			(467,016	)		—			—
Total distributions to shareholders		(3,174,670	)		(4,640,742	)		(1,222,224	)		(1,976,663	)
Shareholder transactions:
Proceeds from shares purchased		134,585,419			206,271,851			114,670,713			50,291,876
Cost of shares redeemed		(328,223,276	)		(206,731,035	)		(80,027,741	)		(58,898,695	)
Net increase (decrease) in net assets resulting from share transactions		(193,637,857	)		(459,184	)		34,642,972			(8,606,819	)
Net increase (decrease) in net assets		(251,252,387	)		23,929,667			43,474,780			(21,799,719	)
Net assets:
Beginning of year		769,872,082			745,942,415			150,190,161			171,989,880
End of year	$	518,619,695		$	769,872,082		$	193,664,941		$	150,190,161
Undistributed net investment income at end of year	$	40,670		$	—		$	43,617		$	14,208
Changes in shares outstanding:
Shares sold		1,100,000			1,600,000			2,050,000			800,000
Shares redeemed		(2,750,000	)		(1,650,000	)		(1,450,000	)		(950,000	)
Net increase (decrease) in shares		(1,650,000	)		(50,000	)		600,000			(150,000	)

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

STATEMENTS OF CHANGES IN NET ASSETS (concluded)

	Guggenheim S&P SmallCap 600® Pure Growth ETF
	Year Ended October 31, 2016			Year Ended October 31, 2015
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	1,817,394		$	849,033
Net realized gain (loss) on investments		(16,149,988	)		12,944,793
Net change in unrealized appreciation (depreciation) on investments		1,528,718			(13,529,320	)
Net increase (decrease) in net assets resulting from operations		(12,803,876	)		264,506
Distributions to shareholders from:
Net investment income		(1,779,427	)		(849,033	)
Return of capital		—			(5,968	)
Total distributions to shareholders		(1,779,427	)		(855,001	)
Shareholder transactions:
Proceeds from shares purchased		54,819,343			188,816,454
Cost of shares redeemed		(113,259,262	)		(67,016,341	)
Net increase (decrease) in net assets resulting from share transactions		(58,439,919	)		121,800,113
Net increase (decrease) in net assets		(73,023,222	)		121,209,618
Net assets:
Beginning of year		225,933,034			104,723,416
End of year	$	152,909,812		$	225,933,034
Undistributed net investment income at end of year	$	61,092		$	—
Changes in shares outstanding:
Shares sold		650,000			2,150,000
Shares redeemed		(1,450,000	)		(800,000	)
Net increase (decrease) in shares		(800,000	)		1,350,000

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

GUGGENHEIM S&P 500^® TOP 50 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.

	Year Ended October 31, 2016			Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012
Per Share Data:
Net asset value, beginning of period	$	145.93		$	140.87		$	123.06		$	104.06		$	89.97
Income from investment operations:
Net investment income(loss)a		3.12			3.00			2.74			2.56			2.17
Net gain on investments (realized and unrealized)		4.09			5.09			17.82			19.05			14.02
Total from investment operations		7.21			8.09			20.56			21.61			16.19
Less distributions from:
Net investment income		(3.09	)		(3.03	)		(2.75	)		(2.61	)		(2.10	)
Total distributions to shareholders		(3.09	)		(3.03	)		(2.75	)		(2.61	)		(2.10	)
Net asset value, end of period	$	150.05		$	145.93		$	140.87		$	123.06		$	104.06
Total Returnb		4.99	%		5.87	%		16.86	%		21.07	%		18.11	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	577,802		$	496,264		$	598,797		$	523,123		$	624,468
Ratio to average net assets of:
Net investment income(loss)		2.13	%		2.11	%		2.08	%		2.28	%		2.19	%
Total expenses		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Portfolio turnover ratec		7	%		8	%		6	%		8	%		7	%

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

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

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.

	Year Ended October 31, 2016			Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012
Per Share Data:
Net asset value, beginning of period	$	51.45		$	54.14		$	46.51		$	32.26		$	28.38
Income from investment operations:
Net investment income(loss)a		1.17			1.12			0.90			0.67			0.48
Net gain (loss) on investments (realized and unrealized)		0.81			(2.70	)		7.50			14.18			3.89
Total from investment operations		1.98			(1.58	)		8.40			14.85			4.37
Less distributions from:
Net investment income		(1.10	)		(1.11	)		(0.77	)		(0.60	)		(0.49	)
Total distributions to shareholders		(1.10	)		(1.11	)		(0.77	)		(0.60	)		(0.49	)
Net asset value, end of period	$	52.33		$	51.45		$	54.14		$	46.51		$	32.26
Total Returnb		3.94	%		(2.94	%)		18.13	%		46.39	%		15.54	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	719,663		$	813,029		$	1,275,062		$	374,565		$	85,583
Ratio to average net assets of:
Net investment income(loss)		2.32	%		2.09	%		1.74	%		1.65	%		1.60	%
Total expenses		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Portfolio turnover ratec		44	%		54	%		25	%		24	%		37	%

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

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

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.

	Year Ended October 31, 2016			Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012
Per Share Data:
Net asset value, beginning of period	$	82.93		$	78.96		$	66.12		$	47.80		$	44.68
Income from investment operations:
Net investment income(loss)a		0.59			0.52			0.55			0.44			0.33
Net (loss) gain on investments (realized and unrealized)		(0.95	)		3.93			12.81			18.33			3.11
Total from investment operations		(0.36	)		4.45			13.36			18.77			3.44
Less distributions from:
Net investment income		(0.46	)		(0.48	)		(0.52	)		(0.42	)		(0.32	)
Return of capital		—			—			—			(0.03	)		—
Total distributions to shareholders		(0.46	)		(0.48	)		(0.52	)		(0.45	)		(0.32	)
Net asset value, end of period	$	82.11		$	82.93		$	78.96		$	66.12		$	47.80
Total Returnb		(0.42	%)		5.65	%		20.24	%		39.45	%		7.72	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	1,769,585		$	2,338,586		$	1,792,516		$	760,397		$	332,253
Ratio to average net assets of:
Net investment income(loss)		0.74	%		0.64	%		0.74	%		0.76	%		0.71	%
Total expenses		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Portfolio turnover ratec		67	%		62	%		46	%		44	%		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	Portfolio turnover does not include securities received or delivered from processing creations or redemptions.

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

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.

	Year Ended October 31, 2016			Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012
Per Share Data:
Net asset value, beginning of period	$	50.79		$	52.71		$	48.42		$	35.00		$	31.00
Income from investment operations:
Net investment income(loss)a		0.69			0.86			0.71			0.52			0.46
Net gain (loss) on investments (realized and unrealized)		2.65			(1.96	)		4.18			13.46			4.01
Total from investment operations		3.34			(1.10	)		4.89			13.98			4.47
Less distributions from:
Net investment income		(0.67	)		(0.82	)		(0.60	)		(0.56	)		(0.47	)
Total distributions to shareholders		(0.67	)		(0.82	)		(0.60	)		(0.56	)		(0.47	)
Net asset value, end of period	$	53.46		$	50.79		$	52.71		$	48.42		$	35.00
Total Returnb		6.65	%		(2.12	%)		10.14	%		40.27	%		14.46	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	165,753		$	104,142		$	118,631		$	77,503		$	35,015
Ratio to average net assets of:
Net investment income(loss)		1.36	%		1.62	%		1.38	%		1.22	%		1.36	%
Total expenses		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Portfolio turnover ratec		47	%		59	%		40	%		28	%		47	%

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

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

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.

	Year Ended October 31, 2016			Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012
Per Share Data:
Net asset value, beginning of period	$	128.31		$	123.30		$	115.31		$	88.25		$	82.17
Income from investment operations:
Net investment income(loss)a		0.59			0.70			0.75			1.02			0.20
Net (loss) gain on investments (realized and unrealized)		(9.10	)		5.10			7.93			27.10			6.04
Total from investment operations		(8.51	)		5.80			8.68			28.12			6.24
Less distributions from:
Net investment income		(0.58	)		(0.71	)		(0.69	)		(1.06	)		(0.16	)
Return of capital		—			(0.08	)		—			—			—
Total distributions to shareholders		(0.58	)		(0.79	)		(0.69	)		(1.06	)		(0.16	)
Net asset value, end of period	$	119.22		$	128.31		$	123.30		$	115.31		$	88.25
Total Returnb		(6.65	%)		4.71	%		7.53	%		32.07	%		7.60	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	518,620		$	769,872		$	745,942		$	737,971		$	511,881
Ratio to average net assets of:
Net investment income(loss)		0.48	%		0.54	%		0.62	%		1.01	%		0.23	%
Total expenses		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Portfolio turnover ratec		78	%		102	%		75	%		72	%		56	%

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

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

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.

	Year Ended October 31, 2016			Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012
Per Share Data:
Net asset value, beginning of period	$	57.76		$	62.54		$	57.37		$	40.04		$	35.50
Income from investment operations:
Net investment income(loss)a		0.47			0.71			0.44			0.56			0.25
Net gain (loss) on investments (realized and unrealized)		2.69			(4.79	)		5.14			17.40			4.56
Total from investment operations		3.16			(4.08	)		5.58			17.96			4.81
Less distributions from:
Net investment income		(0.40	)		(0.70	)		(0.41	)		(0.63	)		(0.25	)
Return of capital		—			—			—			—			(0.02	)
Total distributions to shareholders		(0.40	)		(0.70	)		(0.41	)		(0.63	)		(0.27	)
Net asset value, end of period	$	60.52		$	57.76		$	62.54		$	57.37		$	40.04
Total Returnb		5.50	%		(6.60	%)		9.73	%		45.20	%		13.52	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	193,665		$	150,190		$	171,990		$	123,350		$	72,066
Ratio to average net assets of:
Net investment income(loss)		0.83	%		1.15	%		0.73	%		1.14	%		0.65	%
Total expenses		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Portfolio turnover ratec		51	%		52	%		51	%		43	%		48	%

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

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

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.

	Year Ended October 31, 2016			Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012
Per Share Data:
Net asset value, beginning of period	$	85.26		$	80.56		$	74.23		$	54.34		$	49.82
Income from investment operations:
Net investment income(loss)a		0.79			0.47			0.31			0.59			0.20
Net gain (loss) on investments (realized and unrealized)		(2.69	)		4.70			6.33			19.87			4.50
Total from investment operations		(1.90	)		5.17			6.64			20.46			4.70
Less distributions from:
Net investment income		(0.71	)		(0.47	)		(0.31	)		(0.54	)		(0.18	)
Return of capital		—			(—	)d		—			(0.03	)		—
Total distributions to shareholders		(0.71	)		(0.47	)		(0.31	)		(0.57	)		(0.18	)
Net asset value, end of period	$	82.65		$	85.26		$	80.56		$	74.23		$	54.34
Total Returnb		(2.20	%)		6.42	%		8.96	%		37.94	%		9.44	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	152,910		$	225,933		$	104,723		$	107,630		$	73,359
Ratio to average net assets of:
Net investment income(loss)		0.97	%		0.55	%		0.39	%		0.94	%		0.38	%
Total expenses		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Portfolio turnover ratec		92	%		62	%		78	%		73	%		44	%

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	Portfolio turnover does not include securities received or delivered from processing creations or redemptions.
d	Less than $0.01 per share.

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

NOTES TO FINANCIAL STATEMENTS

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 an 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”), each a non-diversified investment company. The Trust was organized as a Delaware statutory trust on November 22, 2002. At October 31, 2016, the Trust consisted of twenty-two 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 S&P 500® Top 50 ETF	S&P 500® Top 50 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.

Guggenheim Investments (“GI”) provides advisory services and Rydex Fund Services, LLC (“RFS”) provides administrative services to the Trust. Guggenheim Funds Distributors, LLC (“GFD”) acts as principal underwriter for the Trust. GI and GFD are affiliated entities; RFS ceased to be an affiliate of GI as of October 4, 2016, when it was acquired by MUFG Investor Services. In connection with its acquisition, RFS changed its name to MUFG Investor Services (US), LLC (“MUIS”). This change has no impact on the financial statements of the Funds.

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, 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.

The NAV of a fund is calculated by dividing the market value of the fund’s securities and other assets, less all liabilities, by the number of outstanding shares of the fund.

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 and/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, to review the valuation of all assets which have been fair valued for reasonableness. The Funds’ officers, through the Valuation Committee and consistent with the

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NOTES TO FINANCIAL STATEMENTS (continued)

monitoring and review responsibilities set forth in the Valuation Procedures, regularly review procedures used 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.

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 using methods established or ratified by the Board. Valuations in accordance with these methods are intended to reflect each security’s (or asset’s) “fair value.” Each such determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. Examples of such factors may include, but are not limited to market prices; sale prices; broker quotes; and models which derive prices based on inputs such as prices of securities with comparable maturities and characteristics, or based on inputs such as anticipated cash flows or collateral, spread over Treasuries, and other information analysis.

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 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 Fund’s 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, the 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.

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NOTES TO FINANCIAL STATEMENTS (continued)

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 S&P 500® Top 50 ETF	$	500
Guggenheim S&P 500® Pure Value ETF		1,000
Guggenheim S&P 500® Pure Growth ETF		1,000
Guggenheim S&P MidCap 400® Pure Value ETF		750
Guggenheim S&P MidCap 400® Pure Growth ETF		750
Guggenheim S&P SmallCap 600® Pure Value ETF		1,000
Guggenheim S&P SmallCap 600® Pure Growth ETF		1,000

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 S&P 500® Top 50 ETF		0.20	%
Guggenheim S&P 500® Pure Value ETF		0.35	%
Guggenheim S&P 500® Pure Growth ETF		0.35	%
Guggenheim S&P MidCap 400® Pure Value ETF		0.35	%
Guggenheim S&P MidCap 400® Pure Growth ETF		0.35	%
Guggenheim S&P SmallCap 600® Pure Value ETF		0.35	%
Guggenheim S&P SmallCap 600® Pure Growth ETF		0.35	%

GI pays all expenses of the Funds, including the cost of transfer agency, custody, fund administration, 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, MUIS provides various administrative and financial reporting services for the Funds. GI compensates MUIS 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 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).

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 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.

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5. Portfolio Securities Loaned

Each Fund may lend portfolio securities to certain creditworthy borrowers, including the Funds’ securities lending agent. The loans are collateralized at all times by cash and/or high grade debt obligations in an amount at least equal to 102% of the market value of domestic securities loaned and 105% of foreign securities loaned as determined at the close of business on the preceding business day. The cash collateral received is held in a separately managed account established for each respective Fund and maintained by the lending agent exclusively for the investment of securities lending cash collateral on behalf of each Fund. The separately managed accounts invest in short-term investments valued at amortized cost, which approximates market value. Each Fund receives compensation for lending securities from interest or dividends earned on the cash, cash equivalents or U.S. government securities held as collateral, net of fee rebates paid to the borrower plus reasonable administrative and custody fees paid to the lending agent. Such compensation is accrued daily and payable to the Fund monthly. The dividend and interest income earned on the securities loaned is accounted for in the same manner as other dividend and interest income. The borrower pays to the Funds an amount equal to any dividends or interest received on loaned securities. These payments from the borrower are not eligible for reduced tax rates as “qualified dividend income” under the Jobs and Growth Tax Reconciliation Act of 2003. The Funds retain all or a portion of the interest received on investment of cash collateral or receives a fee from the borrower. Lending portfolio securities could result in a loss or delay in recovering each Fund’s securities if the borrower defaults. The securities lending income earned by the Funds are disclosed on the Statements of Operations.

At October 31, 2016, the Funds participated in securities lending as follows:

Fund	Value of Securities Loaned		Cash Collateral		Non-Cash Collateral		Total Collateral
Guggenheim S&P 500® Pure Value ETF	$	57,980,569	$	20,517,856	$	40,242,806	$	60,760,662
Guggenheim S&P 500® Pure Growth ETF		79,278,590		39,871,125		42,205,298		82,076,423
Guggenheim S&P MidCap 400® Pure Value ETF		33,075,017		22,419,031		11,708,326		34,127,357
Guggenheim S&P MidCap 400® Pure Growth ETF		84,139,894		52,550,660		34,156,417		86,707,077
Guggenheim S&P SmallCap 600® Pure Value ETF		17,500,053		12,574,158		5,776,554		18,350,712
Guggenheim S&P SmallCap 600® Pure Growth ETF		30,189,103		23,416,527		7,319,755		30,736,282

The following represents a breakdown of the collateral for the joint repurchase agreements at October 31, 2016:

Counterparty and Terms of Agreement	Face Value		Repurchase Price		Collateral	Par Value		Fair Value
Citigroup Global Markets, Inc.					Various U.S. Government obligations and
0.34%					U.S. Government
Due 11/01/16	$	39,896,264	$	39,896,264	agency securities	$	56,571,791	$	40,694,669
BNP Paribas Securities Corp.					Various U.S. Government obligations and
0.34%					U.S. Government
Due 11/01/16		39,896,264		39,896,264	agency securities		142,026,569		40,694,189
Merrill Lynch, Pierce, Fenner & Smith, Inc.					Various U.S. Government obligations and
0.33%					U.S. Government
Due 11/01/16		39,896,264		39,896,264	agency securities		56,554,325		40,694,189
HSBC Securities (USA), Inc.					Various U.S. Government obligations and
0.30%					U.S. Government
Due 11/01/16		39,896,264		39,896,264	agency securities		107,849,219		40,694,421
Credit Suisse Securities (USA), LLC					Various U.S. Government obligations and
0.31%					U.S. Government
Due 11/01/16		11,764,301		11,764,301	agency securities		9,278,002		12,060,074

GUGGENHEIM ETFs ANNUAL REPORT | 57

NOTES TO FINANCIAL STATEMENTS (continued)

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. GI, acting under the supervision of the Board, reviews the value of the collateral and the creditworthiness of those banks and dealers to evaluate potential risks.

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.

Tax basis capital losses in excess of capital gains are carried forward to offset future net capital gains. For the year ended October 31, 2016, the following capital loss carryforward amounts were expired:

Fund	Amount
Guggenheim S&P 500® Top 50 ETF	$	32,651,414

The tax character of distributions paid during the year ended October 31, 2016 was as follows:

Fund	Ordinary Income		Return of Capital		Total Distributions
Guggenheim S&P 500® Top 50 ETF	$	12,305,640	$	—	$	12,305,640
Guggenheim S&P 500® Pure Value ETF		16,846,207		—		16,846,207
Guggenheim S&P 500® Pure Growth ETF		12,804,542		—		12,804,542
Guggenheim S&P MidCap 400® Pure Value ETF		1,503,674		—		1,503,674
Guggenheim S&P MidCap 400® Pure Growth ETF		3,174,670		—		3,174,670
Guggenheim S&P SmallCap 600® Pure Value ETF		1,222,224		—		1,222,224
Guggenheim S&P SmallCap 600® Pure Growth ETF		1,779,427		—		1,779,427

The tax character of distributions paid during the year ended October 31, 2015 was as follows:

Fund	Ordinary Income		Return of Capital		Total Distributions
Guggenheim S&P 500® Top 50 ETF	$	11,355,966	$	—	$	11,355,966
Guggenheim S&P 500® Pure Value ETF		22,046,039		—		22,046,039
Guggenheim S&P 500® Pure Growth ETF		12,287,095		—		12,287,095
Guggenheim S&P MidCap 400® Pure Value ETF		1,909,844		—		1,909,844
Guggenheim S&P MidCap 400® Pure Growth ETF		4,173,726		467,016		4,640,742
Guggenheim S&P SmallCap 600® Pure Value ETF		1,976,663		—		1,976,663
Guggenheim S&P SmallCap 600® Pure Growth ETF		849,033		5,968		855,001

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NOTES TO FINANCIAL STATEMENTS (continued)

The tax character of distributable earnings/(accumulated losses) at October 31, 2016 was as follows:

Fund	Undistributed Ordinary Income		Undistributed Long-Term Capital Gain		Accumulated Capital and Other Losses			Net Unrealized Appreciation/ (Depreciation)			Total Accumulated Earnings/(Deficit)
Guggenheim S&P 500® Top 50 ETF	$	1,017,450	$	—	$	(73,579,215	)	$	65,391,945		$	(7,169,820	)
Guggenheim S&P 500® Pure Value ETF		915,703		—		(101,049,974	)		(25,677,471	)		(125,811,742	)
Guggenheim S&P 500® Pure Growth ETF		1,926,363		—		(164,432,898	)		154,972,696			(7,533,839	)
Guggenheim S&P MidCap 400® Pure Value ETF		62,225		—		(18,181,742	)		8,265,688			(9,853,829	)
Guggenheim S&P MidCap 400® Pure Growth ETF		40,670		—		(44,468,541	)		(9,673,509	)		(54,101,380	)
Guggenheim S&P SmallCap 600® Pure Value ETF		43,617		—		(43,334,388	)		5,459,430			(37,831,341	)
Guggenheim S&P SmallCap 600® Pure Growth ETF		61,092		—		(26,051,301	)		(2,234,238	)		(28,224,447	)

For Federal income tax purposes, capital loss carryforwards represent realized losses of the Funds that may be carried forward and applied against future capital gains. For taxable years beginning on or before December 22, 2010, such capital losses may be carried forward for a maximum of eight years. Under the RIC Modernization Act of 2010, the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those taxable years must be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law. As of October 31, 2016, capital loss carryforwards for the Funds were as follows:

										Unlimited
Fund	Expires in 2017			Expires in 2018			Expires in 2019			Short-Term			Long-Term			Capital Loss Carryforward
Guggenheim S&P 500® Top 50 ETF	$	(51,313,952	)	$	(10,584,384	)	$	(3,619,667	)	$	(3,487,327	)	$	(4,573,885	)	$	(73,579,215	)
Guggenheim S&P 500® Pure Value ETF		(2,158,232	)		—			—			(38,037,579	)		(60,854,163	)		(101,049,974	)
Guggenheim S&P 500® Pure Growth ETF		—			—			—			(116,066,054	)		(48,366,844	)		(164,432,898	)
Guggenheim S&P MidCap 400® Pure Value ETF		(1,163,866	)		—			—			(11,291,550	)		(5,726,326	)		(18,181,742	)
Guggenheim S&P MidCap 400® Pure Growth ETF		—			—			—			(42,215,668	)		(2,252,873	)		(44,468,541	)
Guggenheim S&P SmallCap 600® Pure Value ETF		(5,771,118	)		(8,325,244	)		—			(19,000,516	)		(10,237,510	)		(43,334,388	)
Guggenheim S&P SmallCap 600® Pure Growth ETF		—			—			—			(24,196,920	)		(1,854,381	)		(26,051,301	)

In order to present paid-in-capital, undistributed net investment income and accumulated net realized gain (loss) on investments on the statement of assets and liabilities that more closely represent their tax character, certain adjustments have been made to these accounts. These adjustments have no effect on the net assets or NAV. The most significant of these adjustments are for net capital gains (losses) resulting from in-kind redemptions, return of capital on investments, excise tax paid, expiring losses and adjustments on the disposition of REITs. For the year ended October 31, 2016, the adjustments for the Funds were as follows:

Fund	Paid-In Capital			Undistributed Net Investment Income			Accumulated Net Realized Gain (Loss)
Guggenheim S&P 500® Top 50 ETF	$	(2,423,782	)	$	4,239		$	2,419,543
Guggenheim S&P 500® Pure Value ETF		33,106,579			92,921			(33,199,500	)
Guggenheim S&P 500® Pure Growth ETF		144,743,182			285,911			(145,029,093	)
Guggenheim S&P MidCap 400® Pure Value ETF		6,234,381			(12,902	)		(6,221,479	)
Guggenheim S&P MidCap 400® Pure Growth ETF		49,925,738			168,573			(50,094,311	)
Guggenheim S&P SmallCap 600® Pure Value ETF		20,037,180			(14,208	)		(20,022,972	)
Guggenheim S&P SmallCap 600® Pure Growth ETF		9,448,026			23,125			(9,471,151	)

GUGGENHEIM ETFs ANNUAL REPORT | 59

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016, the identified cost of investments in securities owned by each Fund for Federal income tax purposes and the gross unrealized appreciation and depreciation were as follows:

Fund	Tax Cost		Tax Unrealized Gain		Tax Unrealized Loss			Net Unrealized Gain/(Loss)
Guggenheim S&P 500® Top 50 ETF	$	511,897,342	$	94,129,702	$	(28,737,757	)	$	65,391,945
Guggenheim S&P 500® Pure Value ETF		765,489,945		53,036,525		(78,713,996	)		(25,677,471	)
Guggenheim S&P 500® Pure Growth ETF		1,653,304,972		232,011,915		(77,039,219	)		154,972,696
Guggenheim S&P MidCap 400® Pure Value ETF		179,894,323		19,107,094		(10,841,406	)		8,265,688
Guggenheim S&P MidCap 400® Pure Growth ETF		580,873,972		49,040,579		(58,714,088	)		(9,673,509	)
Guggenheim S&P SmallCap 600® Pure Value ETF		200,763,376		30,583,386		(25,123,956	)		5,459,430
Guggenheim S&P SmallCap 600® Pure Growth ETF		178,563,462		13,805,584		(16,039,822	)		(2,234,238	)

7. Investment Transactions

For the year ended October 31, 2016, the Funds had investments transactions in-kind associated with subscriptions and redemptions as follows:

Fund	Subscriptions		Redemptions
Guggenheim S&P 500® Top 50 ETF	$	173,117,416	$	108,407,985
Guggenheim S&P 500® Pure Value ETF		395,777,330		475,054,478
Guggenheim S&P 500® Pure Growth ETF		422,080,559		927,821,515
Guggenheim S&P MidCap 400® Pure Value ETF		94,458,594		36,111,706
Guggenheim S&P MidCap 400® Pure Growth ETF		134,425,774		326,652,649
Guggenheim S&P SmallCap 600® Pure Value ETF		113,427,386		79,654,637
Guggenheim S&P SmallCap 600® Pure Growth ETF		54,744,158		112,670,185

For the year ended October 31, 2016, 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® Top 50 ETF	$	37,883,920	$	38,830,928
Guggenheim S&P 500® Pure Value ETF		335,497,732		334,276,502
Guggenheim S&P 500® Pure Growth ETF		1,321,499,392		1,316,240,004
Guggenheim S&P MidCap 400® Pure Value ETF		54,087,998		53,727,261
Guggenheim S&P MidCap 400® Pure Growth ETF		497,347,930		498,080,128
Guggenheim S&P SmallCap 600® Pure Value ETF		84,200,650		83,299,096
Guggenheim S&P SmallCap 600® Pure Growth ETF		173,475,753		173,754,323

The Funds are permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by a Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price to save costs, where permissible. For the year ended October 31, 2016, the Funds engaged in purchases and sales of securities, pursuant to Rule 17a-7 of the 1940 Act, as follows:

Fund	Purchases		Sales		Realized Gain (Loss)
Guggenheim S&P 500® Pure Value ETF	$	34,468,652	$	30,793,235	$	(17,414,358	)
Guggenheim S&P 500® Pure Growth ETF		90,859,689		98,749,388		(30,503,468	)
Guggenheim S&P MidCap 400® Pure Value ETF		1,719,483		494,182		(11,357	)
Guggenheim S&P MidCap 400® Pure Growth ETF		494,182		6,436,415		95,261
Guggenheim S&P SmallCap 600® Pure Value ETF		5,936,624		7,188,016		513,590
Guggenheim S&P SmallCap 600® Pure Growth ETF		7,188,016		5,936,624		(5,396,953	)

60 | GUGGENHEIM ETFs ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (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”). Its funds may also be putative members of the proposed defendant classes in Weisfelner, as Trustee of the LB Litigation Trust v. A. Holmes & H. Holmes TTEE (In re Lyondell Co.), Adv. Pro. No. 10-5525 (Bankr. S.D.N.Y.) (the “Litigation Trust Action”) and Weisfelner, as Trustee of the LB Creditor Trust, v. Reichman (In re Lyondell Chemical Co.), Adv. Pro. No. 12-1570 (Bankr. S.D.N.Y.) (the “Reichman Action”).

Similar to the claims made in the Tribune matter, the complaints seek 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. The Creditor Trust and Reichman Actions allege claims against the former Lyondell shareholders under state law for both constructive fraudulent transfer and intentional fraudulent transfer. The Litigation Trust Action alleges a claim against the former Lyondell shareholders under federal law for intentional fraudulent transfer.

On April 7, 2014, the plaintiff filed a Third Amended Complaint in the Creditor Trust Action, a Second Amended Complaint in the Litigation Trust Action and an Amended Complaint in the Reichman Action.

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 Bankruptcy Court held oral argument on the motions to dismiss and on the motion for class certification on January 14 and January 15, 2015. On September 15, 2015, the Bankruptcy Court denied the motion for class certification without prejudice to the plaintiff’s right to file a renewed motion.

On November 18, 2015, the Bankruptcy Court granted the defendants’ motion to dismiss the Litigation Trust Action and denied their motion to dismiss the Creditor Trust and Reichman Actions. The Bankruptcy Court entered final judgment dismissing the Litigation Trust Action, but the plaintiff appealed the dismissal to the U.S. District Court for the Southern District of New York. On July 27, 2016, the District Court reversed the Bankruptcy Court and reinstated the federal law intentional fraudulent transfer claim in the Litigation Trust Action and remanded to the Bankruptcy Court for further proceedings. On August 11, 2016, the shareholder defendants filed a motion for reconsideration and/or to certify an interlocutory appeal of the District Court’s opinion. On October 5, 2016, the District Court denied the motion for reconsideration and/or to certify an interlocutory appeal. In light of this ruling, the federal intentional fraudulent conveyance claim will move forward before the Bankruptcy Court, but a schedule for that case has not yet been set.

On May 4, 2016, the defendants filed a motion to dismiss, or in the alternative, for a stay of, the Creditor Trust and Reichman Actions in light of the U.S. Court of Appeals for the Second Circuit’s opinion affirming the dismissal of lawsuits filed against former Tribune shareholders involving state law constructive fraudulent conveyance claims arising out of the 2007 leveraged buyout of the Tribune Company. On July 20, 2016, the Bankruptcy Court issued a report and recommendation granting the defendants’ motion to dismiss. The U.S. District Court for the Southern District of New York has not yet accepted the Bankruptcy Court’s recommendation or entered a final judgment.

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 by certain series of the Rydex ETF Trust of shares 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, Tribune insiders and shareholders were overpaid for their Tribune stock using financing that the insiders knew would, and ultimately did, leave Tribune 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.

GUGGENHEIM ETFs ANNUAL REPORT | 61

NOTES TO FINANCIAL STATEMENTS (concluded)

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. 12-0063 (S.D.N.Y.). In the SLCFC 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.

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.

On March 29, 2016, the U.S. Court of Appeals for the Second Circuit issued its opinion on the appeal of the SLCFC actions. The appeals court affirmed the district court’s dismissal of those lawsuits, but on different grounds than the district court. The appeals court held that while the plaintiffs have standing under the U.S. Bankruptcy Code, their claims were preempted by Section 546(e) of the Bankruptcy Code—the statutory safe harbor for settlement payments. On April 12, 2016, the plaintiffs in the SLCFC actions filed a petition seeking rehearing en banc before the appeals court. On July 22, 2016, the appeals court denied the petition. On September 9, 2016, the plaintiffs filed a petition for writ of certiorari in the U.S. Supreme Court challenging the Second Circuit’s decision that the safe harbor of Section 546(e) applied to their claims. The shareholder defendants, including the Rydex ETF Trust, filed a joint brief in opposition to the petition for writ of certiorari on October 24, 2016. The plaintiffs filed a reply in support of the petition on November 4, 2016. The Supreme Court has not yet granted or denied the petition for certiorari.

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.

9. Fund Changes

At a meeting held on October 14, 2015, the Adviser recommended and the Board of the Trust approved changing the Underlying Index for the Guggenheim Russell Top 50^® Mega Cap ETF from the Russell Top 50^® Mega Cap Index to the S&P 500^® Top 50 Index. In connection with the change in the Fund’s Underlying Index, the Board also approved changing the Fund’s name to Guggenheim S&P 500^® Top 50 ETF. The changes in index and Fund name became effective on January 27, 2016.

62 | GUGGENHEIM ETFs ANNUAL REPORT

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Trustees and Shareholders of Rydex ETF Trust

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Guggenheim S&P 500^® Top 50 ETF, Guggenheim S&P 500^® Pure Value ETF, Guggenheim S&P 500^® Pure Growth ETF, Guggenheim S&P MidCap 400^® Pure Value ETF, Guggenheim S&P MidCap 400^® Pure Growth ETF, Guggenheim S&P SmallCap 600^® Pure Value ETF, and Guggenheim S&P SmallCap 600^® Pure Growth ETF (seven of the series constituting the Rydex ETF Trust) (the “Funds”) as of October 31, 2016, and the related statements of operations for the year then ended, and the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Fund’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2016, by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the above listed Funds (seven of the series constituting the Rydex ETF Trust) at October 31, 2016, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

 

McLean, Virginia
December 22, 2016

GUGGENHEIM ETFs ANNUAL REPORT | 63

OTHER INFORMATION (Unaudited)

Federal Income Tax Information

In January 2017, shareholders will be advised on IRS Form 1099 DIV or substitute 1099 DIV as to the federal tax status of the distributions received by shareholders in the calendar year 2016.

Of the ordinary income distributions paid during the year, the following funds had the corresponding percentages qualify for the dividends received deduction for corporations:

Fund	Dividend Received Deduction
Guggenheim S&P 500® Top 50 ETF	100.00%
Guggenheim S&P 500® Pure Value ETF	100.00%
Guggenheim S&P 500® Pure Growth ETF	93.42%
Guggenheim S&P MidCap 400® Pure Value ETF	100.00%
Guggenheim S&P MidCap 400® Pure Growth ETF	100.00%
Guggenheim S&P SmallCap 600® Pure Value ETF	100.00%
Guggenheim S&P SmallCap 600® Pure Growth ETF	67.37%

Additionally, the following amounts of taxable ordinary income dividends paid during the fiscal year qualified for the lower income tax rate available to individuals under the Jobs and Growth Tax Relief Reconciliation Act of 2003:

Fund	Qualified Dividend Income
Guggenheim S&P 500® Top 50 ETF	100.00%
Guggenheim S&P 500® Pure Value ETF	100.00%
Guggenheim S&P 500® Pure Growth ETF	100.00%
Guggenheim S&P MidCap 400® Pure Value ETF	100.00%
Guggenheim S&P MidCap 400® Pure Growth ETF	100.00%
Guggenheim S&P SmallCap 600® Pure Value ETF	100.00%
Guggenheim S&P SmallCap 600® Pure Growth ETF	66.67%

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 https://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 https://www.sec.gov.

Sector Classification

Information in the Schedule of Investments is categorized by sectors using sector-level Classifications defined by the Bloomberg Industry Classification System, a widely recognized industry classification system provider. Each Fund’s registration statement has investment policies relating to concentration in specific sectors/industries. For purposes of these investment policies, the Funds usually classify sectors/industries based on industry-level Classifications used by widely recognized industry classification system providers such as Bloomberg Industry Classification System, Global Industry Classification Standards and Barclays Global Classification Scheme.

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 https://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.

64 | GUGGENHEIM ETFs ANNUAL REPORT

OTHER INFORMATION (Unaudited)(continued)

Board Considerations in Approving the Continuation of the Investment Advisory Agreement

The Board of Trustees (the “Board”) of Rydex ETF Trust (the “Trust”), including the Trustees who are not “interested persons,” as defined by the Investment Company Act of 1940, of the Trust (“Independent Trustees”), attended an in-person meeting held on May 19, 2016, called for the purpose of, among other things, the consideration of, and voting on, the approval and continuation of the investment advisory agreement (the “Investment Advisory Agreement”) between the Trust and the Advisor applicable to each series of the Trust except for the Guggenheim S&P 100^® Equal Weight ETF (each, a “Fund” and, collectively, the “Funds”). The Board unanimously approved the continuation of the Investment Advisory Agreement for an additional one-year period based on the Board’s review of qualitative and quantitative information provided by the Advisor. The Board had previously considered information pertaining to the renewal of the Investment Advisory Agreement at an in-person meeting held on April 26, 2016 (together, with the May 19 meeting, the “Meetings”).

Prior to reaching the conclusion to approve the continuation of the Investment Advisory Agreement, the Independent Trustees requested and obtained from the Advisor such information as the Independent Trustees deemed reasonably necessary to evaluate the Investment Advisory Agreement. In addition, the Board received a memorandum from Fund counsel regarding the responsibilities of the Board with respect to the approval of investment advisory agreements and participated in question and answer sessions with representatives of the Advisor. The Independent Trustees also carefully considered information that they had received throughout the year as part of their regular oversight of the Funds. At the Meetings, the Board obtained and reviewed a wide variety of information, including certain comparative information regarding the Funds’ fees, expenses, and performance relative to the fees, expenses, and performance of other comparable funds (the “FUSE reports”). The Independent Trustees carefully evaluated this information, met in executive session outside the presence of fund management, and were advised by independent legal counsel with respect to their deliberations.

At the Meetings, the Board, including the Independent Trustees, evaluated a number of factors, including among others: (a) the nature, extent and quality of the Advisor’s investment advisory and other services; (b) the Advisor’s investment management personnel; (c) the Advisor’s operations and financial condition; (d) the Advisor’s brokerage practices (including any soft dollar arrangements) and the variety and complexity of its investment strategies; (e) a comparison of the Funds’ advisory fees to the advisory fees charged to comparable funds or accounts, giving special attention to the existence of economies of scale and the absence of breakpoints in these fees and the Advisor’s rationale for not providing for breakpoints at this point in time; (f) each Fund’s overall fees and operating expenses compared with those of similar funds; (g) the level of the Advisor’s profitability from its Fund-related operations; (h) the Advisor’s compliance processes and systems; (i) the Advisor’s compliance policies and procedures; (j) the Advisor’s reputation, expertise and resources in the financial markets; and (k) Fund performance compared with that of similar funds and/or appropriate benchmarks. In its deliberations, the Trustees did not identify any single piece of information that was all-important or controlling, noting that each Trustee could attribute different weights to the various factors considered.

Based on the Board’s deliberations at the Meetings, the Board, including all of the Independent Trustees, unanimously: (a) concluded that the terms of the Investment Advisory Agreement are fair and reasonable; (b) concluded that the Advisor’s fees are reasonable in light of the services that it provides to the Funds; and (c) agreed to approve and continue the Investment Advisory Agreement based upon the following considerations, among others:

● Nature, Extent and Quality of Services Provided by the Advisor. The Board evaluated, among other things, the Advisor’s business, financial resources, quality and quantity of personnel, experience, past performance, the variety and complexity of its investment strategies (including the extent to which the Funds use derivatives), Fund risk management process, brokerage practices, and the adequacy of its compliance systems and processes, proxy voting policies and practices, and cybersecurity programs. The Board reviewed the scope of services to be provided by the Advisor under the Investment Advisory Agreement and noted that there would be no significant differences between the scope of services required to be provided by the Advisor for the past year and the scope of services required to be provided during the upcoming year. The Board also considered the Advisor’s representations to the Board that the Advisor would continue to provide investment and related services that were of materially the same quality and quantity as services provided to the Funds in the past, and whether these services are appropriate in scope and extent in light of the Funds’ operations, the competitive landscape of the investment company business and investor needs. Based on the foregoing, the Trustees determined that the approval of the Investment Advisory Agreement would enable shareholders of the Funds to receive high quality services at a cost that was appropriate and reasonable.

● Fund Expenses and Performance of the Funds and the Advisor. The Board reviewed statistical information provided by the Advisor regarding the expense ratio components and performance of each Fund. The Advisor engaged FUSE Research Network LLC (“FUSE”), an independent, third party research provider, to prepare reports to help the Board compare the Funds’ fees, expenses, and total return performance with those of a peer group and peer universe of funds selected by FUSE. In the reports, each Fund’s expense ratio components, including actual advisory fees, waivers/reimbursements, and gross and net total expenses, are compared to those of

GUGGENHEIM ETFs ANNUAL REPORT | 65

OTHER INFORMATION (Unaudited)(continued)

other funds with shared key characteristics (e.g., asset size, fee structure, sector or industry investment focus) determined by FUSE to comprise a Fund’s applicable peer group. The Board considered the Advisor’s representation that it found the peer groups compiled by FUSE to be appropriate, but also acknowledged the existence of certain differences between the Funds and their peer funds (e.g., specific differences in principal investment strategies) that should be reviewed in context. The statistical information related to the performance of each Fund included three-month and one-, three-, and five-year performance for the Fund compared to that of its peers. The Board also discussed the correlation between a Fund’s assets under management and tracking error, noting that a Fund’s ability to replicate an underlying index rather than employ representative sampling depends, in part, upon the Fund’s size. Based on the foregoing, the Board determined that the proposed advisory fees paid by the Funds are reasonable in relation to the nature and quality of the services provided by the Advisor.

● Costs of Services Provided to the Funds and Profits Realized by the Advisor and its Affiliates. The Board reviewed information about the profitability of the Funds to the Advisor based on the advisory fees payable under the current Investment Advisory Agreement for the last calendar year. The Board noted that the Advisor had contractually agreed to pay all operating expenses of the Funds, including the cost of index licensing fees, transfer agency, custody, fund administration, legal, audit and other services, except management fees, interest expense, taxes (expected to be de minimis), brokerage commissions and other expenses connected with the execution of portfolio transactions, extraordinary expenses, distribution fees, and expenses paid by the Trust under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act. In addition to those expenses listed above, the Board noted that for the Guggenheim S&P 500^® Equal Weight ETF and each Guggenheim S&P 500^® Equal Weight Sector ETF (with the exception of the Guggenheim S&P 500^® Equal Weight Real Estate ETF), the Advisor also had contractually agreed to pay expenses of the Independent Trustees (including any Trustees’ counsel fees). The Board also analyzed the Funds’ expenses, including the investment advisory fees paid to the Advisor, and reviewed the FUSE reports. The Board also reviewed information regarding the direct revenue received by the Advisor and ancillary revenue, if any, received by the Advisor and/or its affiliates in connection with the services provided to the Funds by the Advisor and/or its affiliates. The Board also discussed the Advisor’s profit margin, including the expense allocation methodology used in the Advisor’s profitability analysis. . Based on the foregoing, the Board determined that the profit to the Advisor on the fees paid by the Funds is not excessive in view of the nature and quality of the services provided by the Advisor.

● Economies of Scale. The Board considered the absence of breakpoints in the Advisor’s fee schedule and reviewed information regarding the extent to which economies of scale or other efficiencies may result from increases in the Funds’ asset levels. The Board noted that the Investment Advisory Agreement did not provide for breakpoints in each Fund’s advisory fee rates as assets of a Fund increase. However, the Board further noted the Advisor’s assertion that future economies of scale had been taken into consideration by fixing relatively low advisory fees for the Funds, effectively sharing the benefits of lower fees with the Funds from inception. The Board noted that it intends to continue to monitor fees as each Fund grows in size and assess whether fee breakpoints may be warranted.

● Other Benefits to the Advisor and/or its Affiliates. In addition to evaluating the Advisor’s services, the Board considered the nature and amount of other benefits to be received by the Advisor and its affiliates as a result of their relationship with the Fund, including any soft dollar usage by the Advisor and any intangible benefits. In particular, the Board considered the nature, extent, quality, and cost of certain distribution services performed by the Advisor’s affiliate under the distribution agreement and the Distribution Plan pursuant to Rule 12b-1 of the 1940 Act. In light of the costs of providing services pursuant to the separate agreements as well as the Advisor’s and its affiliates’ commitment to the Funds, the Board concluded the ancillary benefits the Advisor and its affiliates received were reasonable.

On the basis of the information provided to it and its evaluation of that information, the Board, including the Independent Trustees, concluded that the terms of the Investment Advisory Agreement were reasonable, and that approval of the continuation of the Investment Advisory Agreement was in the best interests of the Funds and their shareholders.

Board Considerations in Approving the Investment Advisory Agreement for the Guggenheim S&P 100^® Equal Weight ETF

The Board of the Trust, including the Independent Trustees, attended an in-person meeting held on February 25, 2016 (the “February Meeting”), called for the purpose of, among other things, the consideration of, and voting on, the approval of the investment advisory agreement (the “OEW Investment Advisory Agreement”) between the Trust and Security Investors, LLC (the “Advisor”) applicable to the Guggenheim S&P 100^® Equal Weight ETF, a new series of the Trust (the “OEW Fund”). The Board unanimously approved the OEW Investment Advisory Agreement based on the Board’s review of qualitative and quantitative information provided by the Advisor.

66 | GUGGENHEIM ETFs ANNUAL REPORT

OTHER INFORMATION (Unaudited)(continued)

Prior to reaching the conclusion to approve the OEW Investment Advisory Agreement, the Independent Trustees requested and obtained from the Advisor such information as the Independent Trustees deemed reasonably necessary to evaluate the OEW Investment Advisory Agreement. In addition, the Board received a memorandum from Fund counsel regarding the responsibilities of the Board with respect to the approval of investment advisory agreements and participated in question and answer sessions with representatives of the Advisor. The Independent Trustees also carefully considered information that they had received about the Advisor throughout the year as part of their regular oversight of the other series of the Trust. At the May Meeting, the Board obtained and reviewed a wide variety of information, including certain comparative information regarding the OEW Fund’s proposed fees and expenses relative to the fees and expenses of other comparable funds (the “FUSE reports”). The Independent Trustees carefully evaluated this information, met in executive session outside the presence of fund management, and were advised by independent legal counsel with respect to their deliberations.

At the February Meeting, the Board, including the Independent Trustees, evaluated a number of factors, including among others: (a) the nature, extent and quality of the investment advisory and other services to be provided by the Advisor; (b) the Advisor’s investment management personnel; (c) the Advisor’s operations and financial condition; (d) the expected benefits (such as soft dollars, if any) derived by the Advisor and its affiliates from their relationship with the OEW Fund; (e) a comparison of the OEW Fund’s projected advisory fees to the advisory fees charged to comparable funds or accounts, giving special attention to the absence of breakpoints in these fees and the Advisor’s rationale for not providing for breakpoints at this point in time; (f) the OEW Fund’s expected overall fees and operating expenses compared with those of similar funds; (g) the Advisor’s compliance processes and systems; (h) the Advisor’s compliance policies and procedures; and (i) the Advisor’s reputation, expertise and resources in the financial markets; and (j) the Advisor’s performance with respect to existing similar Funds. In its deliberations, the Trustees did not identify any single piece of information that was all-important or controlling, noting that each Trustee could attribute different weights to the various factors considered.

Based on the Board’s deliberations at the February Meeting, the Board, including all of the Independent Trustees, unanimously: (a) concluded that the terms of the OEW Investment Advisory Agreement are fair and reasonable; (b) concluded that the Advisor’s fees are reasonable in light of the services that it will provide to the OEW Fund; and (c) agreed to approve the OEW Investment Advisory Agreement based upon the following considerations, among others:

● Nature, Extent and Quality of Services Provided by the Advisor. The Board reviewed the scope of services to be provided by the Advisor under the OEW Investment Advisory Agreement and determined that the Advisor was capable of providing high quality advisory services to the OEW Fund, as indicated by the nature and quality of services provided by the Advisor in the past, the firm’s management capabilities, the professional qualifications and experience of its portfolio managers, and its investment and management oversight processes. Based on the foregoing, the Trustees determined that the approval of the OEW Investment Advisory Agreement would enable shareholders of the Fund to receive high quality services at a cost that was appropriate and reasonable.

● Fund Expenses and Performance of the OEW Fund and the Advisor. As the OEW Fund had not yet commenced operations, the Board was not able to review the OEW Fund’s performance. However, the Board considered the Advisor’s track record of successfully managing funds that seek to track the performance of a benchmark and determined that the Advisor would have the capabilities, resources, and personnel necessary to provide the OEW Fund with a reasonable potential for positive performance. The Board also reviewed statistical information provided by the Advisor regarding the OEW Fund’s proposed expense ratio components. The Advisor engaged FUSE Research Network LLC (“FUSE”), an independent, third party research provider, to prepare a report to help the Board compare the OEW Fund’s fees and expenses to those of comparable funds in the OEW Fund’s peer group, and the broader peer universe, as determined by FUSE. In the report, the OEW Fund’s proposed expense ratio components, including advisory fees, waivers/reimbursements, and gross and net total expenses, are compared to those of other funds with shared key characteristics (e.g., asset size, fee structure, sector or industry investment focus) determined by FUSE to comprise the OEW Fund’s applicable peer group. The Board considered the Advisor’s representation that it found the peer groups compiled by FUSE to be appropriate, but also acknowledged the existence of certain differences between the OEW Fund and its peer funds (e.g., specific differences in principal investment strategies) that should be reviewed in context. The Board also discussed the correlation between assets under management and tracking error, noting that the OEW Fund’s ability to replicate its underlying index rather than employ representative sampling will depend, in part, upon the OEW Fund’s size. Based on the foregoing, the Board determined that the proposed advisory fee to be paid by the OEW Fund is reasonable in relation to the nature and quality of the services to be provided by the Advisor.

● Costs of Services Provided to the OEW Fund and Profits Realized by the Advisor and its Affiliates. The Board noted that the Advisor had contractually agreed to pay all operating expenses of the OEW Fund, including the cost of index licensing fees, transfer agency, custody, fund administration, legal, audit and other services, except management fees, interest expense, taxes (expected to be de minimis), brokerage commissions and other expenses connected with the execution of portfolio transactions, extraordinary expenses, distribution

GUGGENHEIM ETFs ANNUAL REPORT | 67

OTHER INFORMATION (Unaudited)(concluded)

fees, and expenses paid by the Trust under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act, and expenses of the Independent Trustees (including any Trustees’ counsel fees). With respect to the cost of advisory services provided and the Advisor’s profitability, the Board concluded that it was too early to predict the profitability of the OEW Fund to the Advisor, but noted that they would monitor the Advisor’s profitability with respect to the OEW Fund after the OEW Fund commenced operations.

● Economies of Scale. The Board considered the absence of breakpoints in the Advisor’s fee schedule and reviewed information regarding the extent to which economies of scale or other efficiencies may result from increases in the OEW Fund’s asset levels. The Board noted that because the OEW Fund had not yet commenced operations, there were as of now, no economies of scale to share with shareholders. The Board also considered the Advisor’s statements that it would consider the introduction of breakpoints in the future and noted that it intends to continue monitoring the existence of economies of scale as the OEW Fund grows in size.

● Other Benefits to the Advisor and/or its Affiliates. In addition to evaluating the Advisor’s services, the Board considered the nature and amount of other benefits to be received by the Advisor and its affiliates as a result of their relationship with the OEW Fund, including any soft dollar usage by the Advisor and any intangible benefits. In particular, the Board considered the nature, extent, quality, and cost of certain distribution services to be performed by the Advisor’s affiliate and the fees to be paid to the Advisor’s affiliates for those services under the distribution agreement and the Distribution Plan pursuant to Rule 12b-1 of the 1940 Act. In light of the costs of providing services pursuant to the separate agreements as well as the Advisor’s and its affiliates’ commitment to the OEW Fund, the Board concluded the ancillary benefits the Advisor and its affiliates received were reasonable.

On the basis of the information provided to it and its evaluation of that information, the Board, including the Independent Trustees, concluded that the terms of the OEW Investment Advisory Agreement were reasonable, and that approval of the OEW Investment Advisory Agreement was in the best interests of the OEW Fund and its shareholders.

68 | GUGGENHEIM ETFs 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 of Portfolios in FundComplex Overseen by Trustee***	Other Directorships Held 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).	232	Clear Spring Life Insurance Company (2015-present); Guggenheim Partners Japan, Ltd. (2014-present); Guggenheim Partners Investment Management Holdings, LLC (2014-present); Delaware Life (2013-present); Guggenheim Life and Annuity Company (2011-present); Paragon Life Insurance Company of Indiana (2011-present).
INDEPENDENT TRUSTEES
Angela Brock-Kyle***** (1959)	Trustee from August 2016 to present.	Current: Founder and Chief Executive Officer, B.O.A.R.D.S (consulting firm) Former: Senior Leader, TIAA (financial services firm) (1987-2012).	135	Infinity Property & Casualty Corporation (2014-present).
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.	135	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.	135	Epiphany Funds (4) (2009-present).

GUGGENHEIM ETFs ANNUAL REPORT | 69

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

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 of Portfolios in FundComplex Overseen by Trustee***	Other Directorships Held by Trustee****
INDEPENDENT TRUSTEES - concluded
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.	135	None.
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; 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).	135	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).	135	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).	135	None.
Sandra G.Sponem***** (1958)	Trustee from August 2016 to present.	Current: Senior Vice President and Chief Financial Officer, M.A. Mortenson Companies, Inc. (general contracting firm) (2007-present).	135	None.

70 | GUGGENHEIM ETFs ANNUAL REPORT

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

Name, Address* and Year of Birth	Position(s) Held withthe Trust, Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
OFFICERS
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.
Joanna M. Catalucci (1966)	AML Officer (2016-present)	Current: Chief Compliance Officer, certain funds in the Fund Complex (2012-present); Senior Managing Director, Guggenheim Investments (2012-present); AML Officer, certain funds in the Fund Complex (2016-present). Former: Chief Compliance Officer and Secretary, certain other funds in the Fund Complex (2008-2012); Senior Vice President & Chief Compliance Officer, Security Investors, LLC and certain affiliates (2010-2012); Chief Compliance Officer and Senior Vice President, Rydex Advisors, LLC and certain affiliates (2010-2011).
James M. Howley (1972)	Assistant Treasurer (2016-present)	Current: Director, Guggenheim Investments (2004-present); Assistant Treasurer, certain other funds in the Fund Complex (2006-present). Former: Manager, Mutual Fund Administration of Van Kampen Investments, Inc. (1996-2004).
Keith D. Kemp (1960)	Assistant Treasurer (2016-present)	Current: Managing Director of Transparent Value, LLC (2015-present); Managing Director of Guggenheim Investments (2015-present). Former: Director, Transparent Value, LLC (2010-2015); Director, Guggenheim Investments (2010-2015); Chief Operating Officer, Macquarie Capital Investment Management (2007-2009).
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).
Glenn McWhinnie (1969)	Assistant Treasurer (2016-present)	Current: Vice President, Guggenheim Investments (2009-present). Former: Tax Compliance Manager, Ernst & Young LLP (1996-2009).
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 (2014-present). Former: CCO, Guggenheim Distributors, LLC (2009-2014); Senior Manager, Security Investors, LLC (2004-2009); Senior Manager, Guggenheim Distributors, LLC (2004-2009).

GUGGENHEIM ETFs ANNUAL REPORT | 71

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

Name, Address* and Year of Birth	Position(s) Held withthe Trust, Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
OFFICERS - concluded
Adam J. Nelson (1979)	Assistant Treasurer (2016-present)	Current: Vice President, Guggenheim Investments (2015-present); Assistant Treasurer, certain other funds in the Fund Complex (2015-present). Former: Assistant Vice President and Fund Administration Director, State Street Corporation (2013-2015); Fund Administration Assistant Director, State Street (2011-2013); Fund Administration Manager, State Street (2009-2011).
Kimberly J. Scott (1974)	Assistant Treasurer (2016-present)	Current: Vice President, Guggenheim Investments (2012-present); Assistant Treasurer, certain other funds in the Fund Complex (2012-present). Former: Financial Reporting Manager, Invesco, Ltd. (2010-2011); Vice President/Assistant Treasurer, Mutual Fund Administration for Van Kampen Investments, Inc./Morgan Stanley Investment Management (2009-2010); Manager of Mutual Fund Administration, Van Kampen Investments, Inc./Morgan Stanley Investment Management (2005-2009).
John L. Sullivan (1955)	Chief Financial Officer and Treasurer (2016-present)	Current: CFO, Chief Accounting Officer and Treasurer, certain other funds in the Fund Complex (2010-present); Senior Managing Director, Guggenheim Investments (2010-present). Former: Managing Director and CCO, each of the funds in the Van Kampen Investments fund complex (2004-2010); Managing Director and Head of Fund Accounting and Administration, Morgan Stanley Investment Management (2002-2004); CFO and Treasurer, Van Kampen Funds (1996-2004).

*	All Trustees and Officers may be reached c/o Guggenheim Investments, 227 West Monroe Street, Chicago, Illinois 60606.
**	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.
****	Some of the Trustees may serve as directors on the boards of companies not required to be disclosed above, including certain non-profit companies and charitable foundations.
*****	Mses. Brock-Kyle and Sponem commenced serving as independent Trustees effective August 18, 2016.

72 | GUGGENHEIM ETFs ANNUAL REPORT

GUGGENHEIM INVESTMENTS PRIVACY POLICIES (Unaudited)

Guggenheim Investments as used herein refers to Guggenheim Partners, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Investment Management, LLC, Guggenheim Funds Distributors, LLC and Security Investors, LLC as well as the funds in the Guggenheim Funds complex (the “funds”).

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 personal information about you, we hold ourselves to high standards in its safekeeping and use. This means, most importantly, that we do not sell client or account information to anyone—whether you are a current or former Guggenheim Investments client.

The Information We Collect About You and How We Collect It

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 Funds or one of the Guggenheim affiliated companies. “Nonpublic personal information” is personally identifiable information about you. For example it includes 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 Share Your Personal Information

As a matter of policy, we do not disclose your nonpublic personal information to nonaffiliated third parties except as required or permitted by law. 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 your personal 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.  In connection with servicing your accounts or 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 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 personal 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 share personal information about you if we are compelled by law to do so, if you direct us to do so with your consent, or in other circumstances as permitted by law.

GUGGENHEIM ETFs ANNUAL REPORT | 73

GUGGENHEIM INVESTMENTS PRIVACY POLICIES (Unaudited)(concluded)

How We Safeguard Your Personal Information

We maintain physical, electronic and procedural safeguards to protect your personal information. Within Guggenheim Investments, access to such information is limited to those who need it to perform their jobs such as servicing your account, resolving problems or informing you of new products and services.

74 | GUGGENHEIM ETFs ANNUAL REPORT

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10.31.2016

Guggenheim ETFs Funds Annual Report

RSP Guggenheim S&P 500^® Equal Weight ETF

GuggenheimInvestments.com ETF3-ANN-1016x1017

TABLE OF CONTENTS

DEAR SHAREHOLDER	2
ECONOMIC AND MARKET OVERVIEW	3
FEES AND EXPENSES	5
MANAGER’S ANALYSIS	6
PORTFOLIO SUMMARY	7
SCHEDULE OF INVESTMENTS	8
STATEMENT OF ASSETS AND LIABILITIES	14
STATEMENT OF OPERATIONS	15
STATEMENTS OF CHANGES IN NET ASSETS	16
FINANCIAL HIGHLIGHTS	17
NOTES TO FINANCIAL STATEMENTS	18
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	25
OTHER INFORMATION	26
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS	30
GUGGENHEIM INVESTMENTS PRIVACY POLICIES	34

GUGGENHEIM ETFs ANNUAL REPORT | 1

October 31, 2016

Dear Shareholder:

Security Investors, LLC (the “Investment Adviser”) is pleased to present the annual shareholder report for Guggenheim S&P 500^® Equal Weight Exchange-Traded Fund (“ETF”) for the annual fiscal period ended October 31, 2016.

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

We encourage you to read the Economic and Market Overview, which follows this letter, followed by the Manager’s Analysis for the ETF.

Sincerely,

Donald C. Cacciapaglia
President and Chief Executive Officer
November 30, 2016

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.

Guggenheim S&P 500^® Equal Weight ETF may not be suitable for all investors. ● The Fund is subject to the risk that unanticipated early closings of securities exchanges and other financial markets may result in the Fund’s inability to buy or sell securities or other financial instruments on that day. ● In certain circumstances, it may be difficult for the Fund to purchase and sell particular investments within a reasonable time at a fair price. ● Investments in securities and derivatives, in general, are subject to market risks that may cause their prices to fluctuate over time. An investment in the Fund may lose money. ● Unlike many investment companies, the Fund is not actively “managed.” This means that, based on market and economic conditions, the Fund’s performance could be lower than other types of mutual funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline. ● Tracking error risk refers to the risk that the Adviser may not be able to cause the Fund’s performance to match or correlate to that of the Fund’s Underlying Index, either on a daily or aggregate basis. Tracking error risk may cause the Fund’s performance to be less than you expect. ● Shares may trade below their net asset value (“NAV”). The NAV of shares will fluctuate with changes in the market value of the Fund’s holdings. In addition, although the Fund’s shares are currently listed on NYSE Arca, Inc. (the “Exchange”), there can be no assurance that an active trading market for shares will develop or be maintained. ● The Fund is subject to the risk that large-capitalization stocks may underperform other segments of the equity market or the equity market as a whole. ● Please read the prospectus for more detailed information regarding these and other risks.

2 | GUGGENHEIM ETFs ANNUAL REPORT

ECONOMIC AND MARKET OVERVIEW (Unaudited) October 31, 2016

Behind the performance numbers for the past 12 months are a multitude of events that unfolded throughout 2016, including a beginning-of-the-year recession scare, an increase in U.S. corporate default volume, several quarters of negative earnings growth, the British vote to exit the European Union, and stubbornly low inflation across the globe. Some might forget that in the first six weeks of the year U.S. corporate bonds suffered one of the worst selloffs since the financial crisis, or that the S&P 500 was down almost 11%. We continue to believe that the turnaround in market performance was a result of global central bank easing.

The surprise end to the fractious U.S. election season leaves many questions unanswered about the new administration, but as it relates to the economy we are particularly alert to the possible market impact of resurgent fiscal policy. We will learn more as we move through the transition of power, but in the meantime several market positives should support asset performance in the fourth quarter and into 2017. The domestic economy just turned in the highest growth rate in two years, early indications point to a strong Christmas selling season, corporate earnings are turning higher or recovering, and the energy sector is stabilizing with the oil market recovery.

U.S. real gross domestic product (“GDP”) was up 2.9% in the third quarter (revised higher to 3.2% in late November), up from 1.4% in the second quarter. We expect output to rise by around 2% on average in coming quarters, a bit faster than the trend rate over the past year, as drags from past dollar strength and an inventory adjustment cycle fade.

The labor market continues to strengthen, as seen in the impressive growth in the size of the labor force. In the year through October, the labor force participation rate increased by 0.3 percentage point while the unemployment rate declined by just 0.1 percentage point. The cyclical rise in participation has helped to keep the unemployment rate steady and stave off U.S. Federal Reserve (the “Fed”) rate hikes in 2016.

We believe it is highly likely the Fed will raise rates in December, and we expect policymakers to hike twice more in 2017. While this would be a bit faster than markets are now pricing in, it would still leave rates below levels prescribed by standard policy rules. President-elect Trump will have an opportunity to fill two open seats on the Board of Governors, though this should not affect Fed policy in the near term.

Fed Chair Yellen has spoken about temporarily running a “high-pressure economy”—one that enables robust business activity and a tight labor market—to offset persistent shortfalls in aggregate demand. If this is the case, before the expansion ends the Fed will likely allow unemployment to drop below 4%, and inflation to overshoot its 2% goal. This change in perspective, as well as the president-elect’s proposed changes to fiscal policy, accounts for why we are starting to see a backup in long-term interest rates, although global monetary policy intervention will likely continue to support bond prices.

Meanwhile, monetary policy divergence will continue to support the U.S. dollar. We expect the European Central Bank (“ECB”) to extend quantitative easing (“QE”) at the current pace of €80 billion per month in December, which will require adjustments to the program. In our view, the QE programs of the ECB and Bank of Japan (“BoJ”) will continue to buttress global sovereign debt and credit markets.

For the 12 months ended October 31, 2016, the Standard & Poor’s 500^® (“S&P 500”) Index* returned 4.51%. The MSCI Europe-Australasia-Far East (“EAFE”) Index* returned -3.23%. The return of the MSCI Emerging Markets Index* was 9.27%.

In the bond market, the Bloomberg Barclays U.S. Aggregate Bond Index* posted a 4.37% return for the period, while the Bloomberg Barclays U.S. Corporate High Yield Index* returned 10.14%. The return of the Bank of America (“BofA”) Merrill Lynch 3-Month U.S. Treasury Bill Index* was 0.31% for the 12-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 ANNUAL REPORT | 3

ECONOMIC AND MARKET OVERVIEW (Unaudited)(concluded) October 31, 2016

*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.

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.

Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including U.S. Treasuries, government-related and corporate securities, mortgage-backed securities or “MBS” (agency fixed-rate and hybrid adjustable-rate mortgage, or “ARM”, pass-throughs), asset-backed securities (“ABS”), and commercial mortgage-backed securities (“CMBS”) (agency and non-agency).

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

MSCI EAFE Index is a capitalization-weighted measure of stock markets in Europe, Australasia, and the Far East.

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 broad-based index, the performance of which is based on the performance of 500 widely held common stocks chosen for market size, liquidity, and industry group representation.

S&P 500^® Equal Weight Index is the equal weighted version of the widely regarded S&P 500^® Index, which measures 500 leading companies in leading U.S. industries. It has the same constituents as the capitalization-weighted S&P 500^® Index, but each company in the equal weight index is allocated a fixed weight, rebalancing quarterly.

4 | GUGGENHEIM ETFs 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 advisor. This example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example in the table is based on an investment of $1,000 invested on April 30, 2016 and held for the six months ended October 31, 2016.

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 Period” to estimate the expenses attributable to your investment during this period.

Hypothetical Example for Comparison Purposes

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

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

	Expense Ratio1	Fund Return	Beginning Account Value April 30, 2016	Ending Account Value October 31,  2016	Expenses Paid During Period2
Table 1. Based on actual Fund return3
Guggenheim S&P 500® Equal Weight ETF	0.40%	3.25%	$ 1,000.00	$ 1,032.50	$ 2.05
Table 2. Based on hypothetical 5% return (before expenses)
Guggenheim S&P 500® Equal Weight ETF	0.40%	5.00%	1,000.00	1,023.19	2.04

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 184/365 (to reflect the one-half year period).
3	Actual cumulative return at net asset value for the period April 30, 2016 to October 31, 2016.

GUGGENHEIM ETFs ANNUAL REPORT | 5

MANAGER’S ANALYSIS (Unaudited) October 31, 2016

GUGGENHEIM S&P 500^® EQUAL WEIGHT ETF

Guggenheim S&P 500^® Equal Weight ETF (“RSP”) returned 5.24% for the one-year period ended October 31, 2016, compared with the benchmark S&P 500^® Equal Weight Index, which returned 5.66%. The cap-weighted S&P 500 Index returned 4.51%. During the period, RSP achieved over 99% correlation to its benchmark on a daily basis.

On January 26, 2016, Guggenheim Russell 1000^® Equal Weight ETF was merged into RSP.

The Information Technology, Utilities, and Industrials sectors contributed the most to the Fund’s performance. The only detractors to return were Consumer Discretionary and Health Care. The Telecommunications Services sector contributed the least.

Top contributors to the Fund’s return included NVIDIA Corp., Newmont Mining Corp., and ONEOK, Inc. The top detractors were Endo International Plc, CF Industries Holdings, Inc., and Signet Jewelers Ltd.

The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Performance displayed represents past performance, which is no guarantee of future results.

Cumulative Fund Performance: October 31, 2006 – October 31, 2016

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2016
	One Year	Three Year	Five Year	10 Year
Guggenheim S&P 500® Equal Weight ETF	5.24%	7.94%	13.52%	7.52%
S&P 500 Equal Weight Index	5.66%	8.30%	14.03%	8.11%
S&P 500 Index	4.51%	8.84%	13.57%	6.70%

The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Performance displayed represents past performance, which is no guarantee of future results.

6 | GUGGENHEIM ETFs ANNUAL REPORT

PORTFOLIO SUMMARY (Unaudited) October 31, 2016

GUGGENHEIM S&P 500^® EQUAL WEIGHT ETF

Holdings Diversification (Market Exposure as % of Net Assets)

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

Ten Largest Holdings	(% of Total Net Assets)
Akamai Technologies, Inc.	0.3%
Netflix, Inc.	0.3%
NVIDIA Corp.	0.2%
The Gap, Inc.	0.2%
F5 Networks, Inc.	0.2%
Reynolds American, Inc.	0.2%
Royal Caribbean Cruises Ltd.	0.2%
Expedia, Inc.	0.2%
Level 3 Communications, Inc.	0.2%
FMC Technologies, Inc.	0.2%
Top Ten Total	2.2%
“Ten Largest Holdings” excludes any temporary cash or derivative investments.

GUGGENHEIM ETFs ANNUAL REPORT | 7

SCHEDULE OF INVESTMENTS	October 31, 2016
GUGGENHEIM S&P 500® EQUAL WEIGHT ETF

	Shares		Value
COMMON STOCKS† - 99.8%
Consumer, Non-cyclical - 20.3%
Reynolds American, Inc.		423,823	$	23,344,170
Quanta Services, Inc.*		789,265		22,691,368
ConAgra Foods, Inc.		461,328		22,226,783
Coty, Inc. — Class A*		962,577		22,129,645
PayPal Holdings, Inc.*		525,754		21,902,912
Hormel Foods Corp.		554,963		21,366,075
Mondelez International, Inc. — Class A		474,788		21,336,973
Hershey Co.		207,777		21,288,831
UnitedHealth Group, Inc.		149,546		21,135,335
Baxter International, Inc.		443,190		21,091,413
H&R Block, Inc.		910,831		20,921,789
Alexion Pharmaceuticals, Inc.*		159,958		20,874,520
Stryker Corp.		180,780		20,852,974
Altria Group, Inc.		314,389		20,787,401
Archer-Daniels-Midland Co.		475,565		20,720,367
Kraft Heinz Co.		232,444		20,675,894
PepsiCo, Inc.		192,038		20,586,474
Constellation Brands, Inc. — Class A		123,080		20,569,129
Molson Coors Brewing Co. — Class B		197,208		20,472,162
Thermo Fisher Scientific, Inc.		139,085		20,449,667
Danaher Corp.		259,461		20,380,662
Church & Dwight Company, Inc.		421,670		20,349,794
Total System Services, Inc.		407,149		20,308,592
CR Bard, Inc.		93,566		20,273,881
Brown-Forman Corp. — Class B		438,422		20,241,944
HCA Holdings, Inc.*		263,167		20,140,170
Colgate-Palmolive Co.		282,005		20,123,877
Procter & Gamble Co.		231,736		20,114,685
Quest Diagnostics, Inc.		246,955		20,112,015
Automatic Data Processing, Inc.		230,822		20,095,363
Universal Health Services, Inc. — Class B		166,377		20,083,368
Robert Half International, Inc.		535,763		20,048,251
Coca-Cola Co.		472,753		20,044,727
Cooper Companies, Inc.		113,681		20,012,403
St. Jude Medical, Inc.		256,078		19,933,112
S&P Global, Inc.		163,506		19,923,206
McCormick & Company, Inc.		207,777		19,919,581
Estee Lauder Companies, Inc. — Class A		228,246		19,887,074
Verisk Analytics, Inc. — Class A*,1		243,838		19,884,989
Intuitive Surgical, Inc.*		29,543		19,855,259
Whole Foods Market, Inc.1		698,757		19,767,836
Campbell Soup Co.		363,683		19,762,534
Philip Morris International, Inc.		204,886		19,759,206
Global Payments, Inc.		271,445		19,685,191
Kroger Co.		634,195		19,647,361
Becton Dickinson and Co.		116,866		19,622,970
Johnson & Johnson		169,022		19,604,862
Tyson Foods, Inc. — Class A		276,548		19,593,426
Monster Beverage Corp.*		135,418		19,546,234
Celgene Corp.*		191,280		19,544,991
Dr Pepper Snapple Group, Inc.		222,436		19,527,656
Clorox Co.		162,592		19,514,291
Dentsply Sirona, Inc.		338,525		19,488,884
Kellogg Co.		259,097		19,465,958
Humana, Inc.		113,209		19,418,740
United Rentals, Inc.*		256,531		19,409,135
Hologic, Inc.*		537,788		19,365,746
Varian Medical Systems, Inc.*,1		213,421		19,363,687
Western Union Co.1		963,094		19,329,297
Medtronic plc		235,453		19,311,855
Sysco Corp.		401,279		19,309,545
JM Smucker Co.1		147,009		19,303,752
Mead Johnson Nutrition Co. — Class A		257,573		19,258,733
Ecolab, Inc.		168,392		19,225,315
Anthem, Inc.		157,470		19,189,294
Abbott Laboratories		487,284		19,121,024
General Mills, Inc.		307,221		19,041,558
Patterson Companies, Inc.		443,869		18,957,645
Zoetis, Inc.		396,580		18,956,524
Express Scripts Holding Co.*		280,952		18,936,165
Biogen, Inc.*		67,502		18,912,710
Equifax, Inc.		152,427		18,896,375
Eli Lilly & Co.		255,401		18,858,810
Gilead Sciences, Inc.		256,049		18,852,888
Moody’s Corp.		187,445		18,841,971
Merck & Company, Inc.		319,806		18,779,008
Henry Schein, Inc.*		125,774		18,765,481
Perrigo Company plc		225,267		18,739,961
Cintas Corp.		175,598		18,731,039
Endo International plc*		997,465		18,702,469
Boston Scientific Corp.*		850,005		18,700,110
Centene Corp.*		298,924		18,676,772
Kimberly-Clark Corp.		162,504		18,592,083
Pfizer, Inc.		586,025		18,582,853
Aetna, Inc.		172,954		18,566,612
Laboratory Corporation of America Holdings*		147,983		18,548,189
Avery Dennison Corp.		265,262		18,512,635
Cigna Corp.		155,591		18,488,879
DaVita, Inc.*		313,947		18,403,573
Mylan N.V.*		500,979		18,285,734
Bristol-Myers Squibb Co.		359,043		18,278,879
Regeneron Pharmaceuticals, Inc.*,1		51,969		17,930,344
Allergan plc*		84,550		17,665,877
AbbVie, Inc.		315,401		17,593,068
Cardinal Health, Inc.		253,581		17,418,479
Nielsen Holdings plc		384,300		17,301,186
Amgen, Inc.		119,983		16,936,800
Zimmer Biomet Holdings, Inc.		159,485		16,809,719
Edwards Lifesciences Corp.*		174,370		16,603,511
Illumina, Inc.*		121,240		16,505,614
AmerisourceBergen Corp. — Class A		234,253		16,472,671
Mallinckrodt plc*		273,500		16,207,610
Vertex Pharmaceuticals, Inc.*		213,312		16,181,848
McKesson Corp.		113,465		14,429,344
Total Consumer, Non-cyclical				2,018,959,352

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

SCHEDULE OF INVESTMENTS (continued)	October 31, 2016
GUGGENHEIM S&P 500® EQUAL WEIGHT ETF

	Shares		Value
Financial - 18.3%
KeyCorp		1,630,009	$	23,015,728
Principal Financial Group, Inc.		413,145		22,557,716
Comerica, Inc.		432,562		22,532,156
Fifth Third Bancorp		1,002,715		21,819,078
Mastercard, Inc. — Class A		203,589		21,788,095
Regions Financial Corp.		2,032,958		21,772,980
Huntington Bancshares, Inc.		2,026,755		21,483,603
Hartford Financial Services Group, Inc.		486,822		21,473,719
Prudential Financial, Inc.		252,372		21,398,622
MetLife, Inc.		455,106		21,371,779
American Tower Corp. — Class A		181,350		21,252,407
PNC Financial Services Group, Inc.		222,239		21,246,048
Morgan Stanley		632,621		21,237,087
Citizens Financial Group, Inc.		805,468		21,216,027
Synchrony Financial		742,056		21,215,381
E*TRADE Financial Corp.*		752,702		21,196,088
Bank of New York Mellon Corp.		488,257		21,126,880
Goldman Sachs Group, Inc.		118,528		21,126,431
Zions Bancorporation		653,700		21,055,677
American International Group, Inc.		340,600		21,015,020
Northern Trust Corp.		289,811		20,988,113
Bank of America Corp.		1,269,628		20,948,862
M&T Bank Corp.		170,673		20,946,697
Lincoln National Corp.		425,464		20,886,028
Loews Corp.		484,915		20,865,892
SunTrust Banks, Inc.		460,553		20,830,812
Citigroup, Inc.		423,645		20,822,152
JPMorgan Chase & Co.		299,848		20,767,472
Charles Schwab Corp.		651,980		20,667,766
Capital One Financial Corp.		278,907		20,650,274
Willis Towers Watson plc1		163,752		20,616,377
U.S. Bancorp		460,346		20,605,087
BB&T Corp.		523,149		20,507,441
Chubb Ltd.		160,802		20,421,854
American Express Co.		306,859		20,381,575
Aon plc		183,454		20,332,207
Visa, Inc. — Class A		245,697		20,272,459
UDR, Inc.		579,414		20,262,107
Prologis, Inc.		388,124		20,244,548
XL Group Ltd.		582,787		20,222,709
People’s United Financial, Inc.1		1,242,788		20,182,877
AvalonBay Communities, Inc.		117,761		20,158,328
Progressive Corp.		639,671		20,156,033
State Street Corp.		286,704		20,129,488
Apartment Investment & Management Co. — Class A		455,922		20,092,483
Unum Group		566,928		20,069,251
Allstate Corp.		294,048		19,965,859
Weyerhaeuser Co.		659,295		19,732,699
Torchmark Corp.		310,456		19,686,015
Equinix, Inc.		55,095		19,684,342
Berkshire Hathaway, Inc. — Class B*		136,302		19,668,379
Ventas, Inc.1		290,223		19,662,608
Equity Residential		318,213		19,649,653
Arthur J Gallagher & Co.		406,421		19,601,685
Alliance Data Systems Corp.		95,758		19,579,638
Public Storage		91,403		19,534,650
Crown Castle International Corp.		214,177		19,487,965
Essex Property Trust, Inc.		90,842		19,448,364
Digital Realty Trust, Inc.1		207,580		19,394,199
Marsh & McLennan Companies, Inc.		302,837		19,196,837
Discover Financial Services		340,206		19,163,804
Intercontinental Exchange, Inc.		70,796		19,142,530
Host Hotels & Resorts, Inc.		1,233,567		19,095,617
Aflac, Inc.		276,026		19,009,911
T. Rowe Price Group, Inc.1		296,142		18,956,050
Franklin Resources, Inc.		561,678		18,906,081
Travelers Companies, Inc.		174,606		18,888,877
Wells Fargo & Co.		410,186		18,872,658
CME Group, Inc. — Class A		188,439		18,862,744
BlackRock, Inc. — Class A		55,193		18,834,059
Federal Realty Investment Trust		129,362		18,787,243
Cincinnati Financial Corp.		264,681		18,734,121
Vornado Realty Trust		200,935		18,642,749
Welltower, Inc.		270,973		18,569,780
Nasdaq, Inc.		289,683		18,531,022
Iron Mountain, Inc.		548,839		18,512,339
CBRE Group, Inc. — Class A*		717,034		18,470,796
Realty Income Corp.		310,977		18,422,277
Affiliated Managers Group, Inc.*		138,770		18,409,228
Kimco Realty Corp.		690,047		18,362,151
Extra Space Storage, Inc.		250,043		18,290,645
Invesco Ltd.		649,237		18,237,067
Assurant, Inc.		223,969		18,033,984
HCP, Inc.1		524,093		17,950,185
Navient Corp.		1,404,358		17,947,695
Boston Properties, Inc.		147,767		17,802,969
Ameriprise Financial, Inc.		201,013		17,767,539
General Growth Properties, Inc.		710,938		17,737,903
Simon Property Group, Inc.		95,207		17,704,694
SL Green Realty Corp.		180,052		17,684,707
Macerich Co.		249,698		17,673,624
Legg Mason, Inc.		584,162		16,777,133
Total Financial				1,827,004,489
Consumer, Cyclical - 14.7%
The Gap, Inc.1		855,853		23,612,985
Royal Caribbean Cruises Ltd.		302,886		23,282,847
Harley-Davidson, Inc.		395,161		22,532,080
Carnival Corp.		450,387		22,114,002
Delta Air Lines, Inc.		529,363		22,111,492
Tiffany & Co.1		297,047		21,809,191
Southwest Airlines Co.		535,192		21,434,440
United Continental Holdings, Inc.*		381,016		21,424,530
Michael Kors Holdings Ltd.*		418,681		21,260,620
Signet Jewelers Ltd.1		259,854		21,115,736
Best Buy Company, Inc.1		542,002		21,089,298
American Airlines Group, Inc.		519,187		21,078,992
Darden Restaurants, Inc.		325,203		21,069,903
BorgWarner, Inc.		585,343		20,978,693
Alaska Air Group, Inc.1		290,223		20,959,905
Nordstrom, Inc.1		402,076		20,907,952

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

SCHEDULE OF INVESTMENTS (continued)	October 31, 2016
GUGGENHEIM S&P 500® EQUAL WEIGHT ETF

	Shares		Value
Hasbro, Inc.		250,003	$	20,852,750
General Motors Co.		655,637		20,718,129
Foot Locker, Inc.		309,375		20,656,970
Ross Stores, Inc.		328,773		20,561,463
Macy’s, Inc.		563,232		20,552,336
AutoZone, Inc.*		27,646		20,517,756
Marriott International, Inc. — Class A		297,567		20,442,853
Kohl’s Corp.1		465,911		20,383,606
Ulta Salon Cosmetics & Fragrance, Inc.*		83,695		20,366,341
L Brands, Inc.1		279,753		20,195,369
Hanesbrands, Inc.		777,595		19,984,192
PVH Corp.		186,492		19,950,914
Walgreens Boots Alliance, Inc.		240,978		19,936,110
Target Corp.1		289,604		19,904,483
Wal-Mart Stores, Inc.		284,256		19,903,605
Mattel, Inc.		629,791		19,857,310
Yum! Brands, Inc.		229,780		19,825,418
TJX Companies, Inc.		267,297		19,713,154
Harman International Industries, Inc.		246,926		19,682,471
Wyndham Worldwide Corp.1		298,796		19,672,729
McDonald’s Corp.		174,400		19,632,208
Costco Wholesale Corp.		132,596		19,606,971
Coach, Inc.		546,145		19,601,144
Dollar General Corp.		283,144		19,562,419
PACCAR, Inc.		356,172		19,560,966
Starbucks Corp.		367,675		19,512,512
Ralph Lauren Corp. — Class A		198,368		19,459,901
Fastenal Co.		492,564		19,200,145
Wynn Resorts Ltd.1		203,068		19,200,079
Goodyear Tire & Rubber Co.		660,405		19,171,557
Delphi Automotive plc		293,831		19,119,583
Home Depot, Inc.		156,437		19,086,879
DR Horton, Inc.		661,271		19,064,443
Newell Brands, Inc.		396,501		19,039,978
O’Reilly Automotive, Inc.*		71,809		18,989,172
Ford Motor Co.		1,614,219		18,950,931
WW Grainger, Inc.		89,839		18,697,293
Genuine Parts Co.		206,027		18,663,986
AutoNation, Inc.*		423,734		18,589,210
Bed Bath & Beyond, Inc.1		459,618		18,577,760
Lowe’s Companies, Inc.		278,445		18,558,359
Leggett & Platt, Inc.		404,435		18,555,478
PulteGroup, Inc.		997,210		18,548,106
VF Corp.		342,015		18,540,633
Urban Outfitters, Inc.*		553,863		18,526,717
Dollar Tree, Inc.*		244,802		18,494,791
LKQ Corp.*		572,444		18,478,492
Lennar Corp. — Class A		442,325		18,440,529
CVS Health Corp.		218,346		18,362,899
Advance Auto Parts, Inc.		130,630		18,298,650
Tractor Supply Co.		292,062		18,291,843
NIKE, Inc. — Class B		361,186		18,124,313
Mohawk Industries, Inc.*		98,177		18,094,021
CarMax, Inc.*,1		361,835		18,070,040
Whirlpool Corp.		119,865		17,958,174
Staples, Inc.		2,345,537		17,356,974
Chipotle Mexican Grill, Inc. — Class A*,1		46,837		16,896,916
Under Armour, Inc. — Class A*,1		275,485		8,567,584
Under Armour, Inc. — Class C*		276,872		7,159,910
Adient plc*		1		36
Total Consumer, Cyclical				1,459,072,227
Industrial - 13.7%
Owens-Illinois, Inc.*		1,148,486		22,165,780
Boeing Co.		155,493		22,146,868
Northrop Grumman Corp.		95,502		21,869,958
Cummins, Inc.		171,076		21,866,934
CSX Corp.		716,533		21,861,422
FedEx Corp.		124,239		21,657,342
Amphenol Corp. — Class A		326,039		21,495,751
Deere & Co.1		243,013		21,458,048
FLIR Systems, Inc.		650,938		21,428,879
Ryder System, Inc.		307,683		21,350,123
Ingersoll-Rand plc		316,680		21,309,398
Rockwell Automation, Inc.		177,643		21,267,420
Republic Services, Inc. — Class A		403,550		21,238,836
Martin Marietta Materials, Inc.1		114,201		21,170,581
Fluor Corp.		404,514		21,030,683
Vulcan Materials Co.		185,263		20,971,772
J.B. Hunt Transport Services, Inc.		256,698		20,949,124
Waste Management, Inc.		318,459		20,910,018
Snap-on, Inc.		135,448		20,872,536
Mettler-Toledo International, Inc.*		51,399		20,769,307
Rockwell Collins, Inc.		245,638		20,712,196
Lockheed Martin Corp.		83,970		20,688,529
Caterpillar, Inc.		247,349		20,643,748
TE Connectivity Ltd.		327,710		20,603,128
Jacobs Engineering Group, Inc.*		398,487		20,553,959
Norfolk Southern Corp.		220,135		20,472,555
Garmin Ltd.1		421,237		20,371,021
Expeditors International of Washington, Inc.		395,155		20,338,628
Parker-Hannifin Corp.		165,472		20,311,688
Corning, Inc.		892,938		20,278,622
Fortive Corp.		395,340		20,182,107
Textron, Inc.		501,726		20,109,178
General Dynamics Corp.		133,285		20,091,381
Sealed Air Corp.		439,798		20,067,983
Raytheon Co.		146,852		20,061,452
Eaton Corporation plc		314,340		20,045,462
United Parcel Service, Inc. — Class B		185,676		20,008,446
Arconic, Inc.		693,891		19,928,550
Emerson Electric Co.		392,931		19,913,743
United Technologies Corp.		194,632		19,891,390
WestRock Co.		429,868		19,855,603
Xylem, Inc.		410,766		19,852,321
Ball Corp.		256,855		19,795,815
CH Robinson Worldwide, Inc.		290,055		19,758,547
Honeywell International, Inc.		179,342		19,670,231
Roper Technologies, Inc.		113,484		19,667,912
Johnson Controls International plc		486,685		19,623,139
Harris Corp.		219,938		19,620,669

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

SCHEDULE OF INVESTMENTS (continued)	October 31, 2016
GUGGENHEIM S&P 500® EQUAL WEIGHT ETF

	Shares		Value
Illinois Tool Works, Inc.		172,619	$	19,604,340
Stericycle, Inc.*,1		243,514		19,503,036
Agilent Technologies, Inc.		445,274		19,400,588
Dover Corp.		289,398		19,357,832
General Electric Co.		663,689		19,313,350
PerkinElmer, Inc.		378,843		19,279,320
TransDigm Group, Inc.		70,511		19,211,427
Allegion plc		299,013		19,088,990
Union Pacific Corp.		215,524		19,004,906
Stanley Black & Decker, Inc.		166,928		19,003,084
Kansas City Southern		214,521		18,826,363
3M Co.		113,788		18,809,156
L-3 Communications Holdings, Inc.		135,948		18,616,719
Fortune Brands Home & Security, Inc.		340,314		18,591,354
Masco Corp.		600,856		18,554,433
AMETEK, Inc.		418,248		18,444,737
Waters Corp.*		132,223		18,397,508
Pentair plc		333,659		18,394,621
Flowserve Corp.		432,188		18,303,162
Acuity Brands, Inc.		76,440		17,089,691
Total Industrial				1,367,703,400
Technology - 9.3%
Akamai Technologies, Inc.*		380,662		26,444,589
NVIDIA Corp.1		335,743		23,891,472
Skyworks Solutions, Inc.		299,328		23,030,296
QUALCOMM, Inc.		330,198		22,691,206
Western Digital Corp.		387,348		22,636,617
Apple, Inc.		193,758		21,999,284
KLA-Tencor Corp.		287,834		21,619,211
Adobe Systems, Inc.*		201,072		21,617,251
Autodesk, Inc.*		298,973		21,609,768
Analog Devices, Inc.		335,182		21,485,166
Hewlett Packard Enterprise Co.		955,240		21,464,242
Red Hat, Inc.*		276,626		21,424,683
Microsoft Corp.		355,504		21,301,800
Texas Instruments, Inc.		299,720		21,235,162
Lam Research Corp.		219,181		21,229,872
Qorvo, Inc.*,1		380,799		21,191,465
Broadcom Ltd.		124,298		21,165,463
Accenture plc — Class A		181,026		21,042,462
Linear Technology Corp.		346,360		20,802,382
Microchip Technology, Inc.		341,503		20,678,007
HP, Inc.		1,420,305		20,580,219
Micron Technology, Inc.*		1,188,814		20,400,048
Activision Blizzard, Inc.		472,537		20,399,423
Citrix Systems, Inc.*		240,152		20,364,890
Xerox Corp.		2,083,850		20,359,215
salesforce.com, Inc.*		269,322		20,242,242
Applied Materials, Inc.		692,446		20,136,330
Pitney Bowes, Inc.		1,123,937		20,051,036
Intuit, Inc.		182,923		19,891,047
NetApp, Inc.		583,121		19,791,127
International Business Machines Corp.		128,340		19,724,575
Intel Corp.		563,861		19,661,833
Electronic Arts, Inc.*,1		250,220		19,647,274
Fiserv, Inc.*,1		199,264		19,623,519
Xilinx, Inc.		383,720		19,519,836
Oracle Corp.		499,219		19,179,994
CSRA, Inc.		762,750		19,137,398
Fidelity National Information Services, Inc.		258,202		19,086,292
Seagate Technology plc1		553,715		18,997,962
Cerner Corp.*,1		321,173		18,814,314
Dun & Bradstreet Corp.		150,313		18,766,578
Paychex, Inc.		337,060		18,605,712
Cognizant Technology Solutions Corp. — Class A*		361,835		18,580,227
CA, Inc.		604,288		18,575,813
Teradata Corp.*		670,817		18,085,226
Total Technology				926,782,528
Energy - 7.2%
FMC Technologies, Inc.*		718,597		23,189,125
Baker Hughes, Inc.		406,667		22,529,351
Halliburton Co.		476,381		21,913,526
First Solar, Inc.*,1		538,211		21,792,163
Valero Energy Corp.		363,880		21,556,252
Tesoro Corp.		252,500		21,454,925
Helmerich & Payne, Inc.		334,024		21,080,255
Phillips 661		256,668		20,828,608
Chevron Corp.		197,345		20,671,889
Marathon Petroleum Corp.		473,088		20,621,906
Anadarko Petroleum Corp.		345,909		20,560,831
ConocoPhillips		472,980		20,550,981
Schlumberger Ltd.		257,642		20,155,334
Apache Corp.		336,412		20,009,786
ONEOK, Inc.		409,410		19,827,726
Pioneer Natural Resources Co.		110,643		19,807,310
Cimarex Energy Co.		153,015		19,758,827
Transocean Ltd.*,1		2,032,958		19,536,726
Spectra Energy Corp.		466,913		19,521,633
EOG Resources, Inc.		215,682		19,501,966
Concho Resources, Inc.*,1		153,183		19,445,050
Williams Companies, Inc.		665,242		19,425,066
National Oilwell Varco, Inc.		602,813		19,350,297
Hess Corp.		400,334		19,204,022
Exxon Mobil Corp.		230,114		19,173,098
Occidental Petroleum Corp.		262,548		19,142,375
Noble Energy, Inc.		553,863		19,091,658
Murphy Oil Corp.1		715,226		18,502,897
Kinder Morgan, Inc.		903,418		18,456,830
Newfield Exploration Co.*		448,755		18,214,965
Equities Corp.		275,495		18,182,670
Devon Energy Corp.		460,867		17,462,251
Marathon Oil Corp.		1,275,291		16,808,335
Cabot Oil & Gas Corp. — Class A		766,821		16,011,222
Range Resources Corp.		473,088		15,985,644
Chesapeake Energy Corp.*,1		2,622,577		14,450,399
Southwestern Energy Co.*,1		1,357,609		14,105,558
Total Energy				717,881,457

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

SCHEDULE OF INVESTMENTS (continued)	October 31, 2016
GUGGENHEIM S&P 500® EQUAL WEIGHT ETF

	Shares		Value
Communications - 6.8%
Netflix, Inc.*		207,098	$	25,860,327
F5 Networks, Inc.*		169,268		23,394,530
Expedia, Inc.		179,885		23,246,538
Level 3 Communications, Inc.*		413,322		23,208,030
Time Warner, Inc.		259,490		23,092,016
Juniper Networks, Inc.		862,873		22,728,075
VeriSign, Inc.*,1		266,943		22,428,551
CBS Corp. — Class B		384,959		21,796,378
TripAdvisor, Inc.*,1		323,768		20,876,561
Priceline Group, Inc.*		14,137		20,841,190
Scripps Networks Interactive, Inc. — Class A		323,198		20,801,023
Amazon.com, Inc.*		26,299		20,771,477
Facebook, Inc. — Class A*		157,214		20,593,462
Symantec Corp.		815,978		20,423,929
Viacom, Inc. — Class B		537,788		20,199,318
Walt Disney Co.		216,213		20,040,783
Interpublic Group of Companies, Inc.		892,938		19,992,882
Cisco Systems, Inc.		647,781		19,873,921
Yahoo!, Inc.*		465,596		19,345,513
CenturyLink, Inc.1		717,290		19,065,568
Omnicom Group, Inc.		238,627		19,047,207
Comcast Corp. — Class A		306,908		18,973,053
Motorola Solutions, Inc.		260,728		18,923,638
Charter Communications, Inc. — Class A*		75,662		18,907,177
TEGNA, Inc.		946,214		18,564,719
Verizon Communications, Inc.		385,656		18,550,054
AT&T, Inc.		503,260		18,514,935
eBay, Inc.*		626,644		17,865,620
Frontier Communications Corp.1		4,382,475		17,617,550
Twenty-First Century Fox, Inc. — Class A		604,435		15,878,507
News Corp. — Class A		1,158,337		14,039,044
Discovery Communications, Inc. — Class C*		497,765		12,498,879
Alphabet, Inc. — Class A*		12,860		10,415,314
Alphabet, Inc. — Class C*		12,929		10,143,318
Discovery Communications, Inc. — Class A*,1		334,081		8,722,855
Twenty-First Century Fox, Inc. — Class B		237,852		6,276,914
News Corp. — Class B		328,104		4,068,490
Total Communications				677,587,346
Utilities - 5.7%
SCANA Corp.		289,398		21,230,237
NextEra Energy, Inc.		165,364		21,166,592
DTE Energy Co.		219,614		21,085,140
FirstEnergy Corp.		612,242		20,993,778
Sempra Energy		194,190		20,797,749
Ameren Corp.1		415,810		20,769,710
Dominion Resources, Inc.		275,653		20,729,106
Consolidated Edison, Inc.1		273,942		20,696,318
Eversource Energy		375,265		20,662,091
Pinnacle West Capital Corp.		270,217		20,571,620
Edison International		279,871		20,564,921
Duke Energy Corp.		256,373		20,514,967
Alliant Energy Corp.		537,925		20,468,046
Public Service Enterprise Group, Inc.		485,887		20,446,125
American Water Works Company, Inc.		275,692		20,412,236
PG&E Corp.		328,507		20,406,855
PPL Corp.		594,230		20,405,858
CMS Energy Corp.		483,764		20,390,653
Exelon Corp.		598,344		20,385,580
Xcel Energy, Inc.		490,027		20,360,622
American Electric Power Company, Inc.		313,662		20,337,844
Southern Co.		392,853		20,259,429
WEC Energy Group, Inc.		338,181		20,196,169
CenterPoint Energy, Inc.		883,844		20,151,643
NiSource, Inc.		855,087		19,889,324
AES Corp.		1,620,748		19,076,204
Entergy Corp.		257,642		18,983,063
NRG Energy, Inc.		1,722,748		18,312,811
Total Utilities				570,264,691
Basic Materials - 3.6%
Eastman Chemical Co.		308,903		22,213,216
Freeport-McMoRan, Inc.*,1		1,945,843		21,754,525
Albemarle Corp.		260,120		21,733,026
FMC Corp.		445,471		20,888,135
LyondellBasell Industries N.V. — Class A		262,283		20,864,613
Nucor Corp.		426,713		20,844,930
Dow Chemical Co.		374,164		20,133,765
EI du Pont de Nemours & Co.		292,013		20,087,574
Praxair, Inc.		170,220		19,925,953
International Flavors & Fragrances, Inc.		148,316		19,396,766
CF Industries Holdings, Inc.		799,362		19,192,681
Air Products & Chemicals, Inc.		142,474		19,008,881
International Paper Co.		418,848		18,860,725
Monsanto Co.		187,132		18,857,292
Newmont Mining Corp.		508,500		18,834,840
PPG Industries, Inc.		198,132		18,452,033
Sherwin-Williams Co.		72,831		17,833,399
Mosaic Co.		739,853		17,408,741
AdvanSix, Inc.*		1		16
Total Basic Materials				356,291,111
Diversified - 0.2%
Leucadia National Corp.		1,052,885		19,657,363
Total Common Stocks
(Cost $9,152,368,039)				9,941,203,964
SHORT TERM INVESTMENTS† - 0.2%
Federated U.S. Treasury Cash Reserve Fund Institutional Shares, 0.18%2		20,959,466		20,959,466
Total Short Term Investments
(Cost $20,959,466)				20,959,466

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

SCHEDULE OF INVESTMENTS (concluded)	October 31, 2016
GUGGENHEIM S&P 500® EQUAL WEIGHT ETF

	Face Amount		Value
SECURITIES LENDING COLLATERAL††,3 - 2.1%
Joint Repurchase Agreements
Citigroup Global Markets, Inc.
issued 10/31/16 at 0.34% due 11/01/16	$	47,679,164	$	47,679,164
BNP Paribas Securities Corp.
issued 10/31/16 at 0.34% due 11/01/16		47,679,164		47,679,164
Merrill Lynch, Pierce, Fenner & Smith, Inc.
issued 10/31/16 at 0.33% due 11/01/16		47,679,164		47,679,164
HSBC Securities (USA), Inc.
issued 10/31/16 at 0.30% due 11/01/16		47,679,164		47,679,164
Credit Suisse Securities (USA), LLC
issued 10/31/16 at 0.31% due 11/01/16		14,058,593		14,058,593
Total Securities Lending Collateral
(Cost $204,775,249)				204,775,249
Total Investments - 102.1%
(Cost $9,378,102,754)			$	10,166,938,679
Other Assets & Liabilities, net - (2.1)%				(207,268,061	)
Total Net Assets - 100.0%			$	9,959,670,618

*	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 October 31, 2016 — See Note 5.
2	Rate indicated is the 7 day yield as of October 31, 2016.
3	Securities lending collateral — See Note 5.
	plc — Public Limited Company
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at October 31, 2016 (See Note 4 in the Notes to Financial Statements):

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	9,941,203,964	$	—	$	—	$	9,941,203,964
Securities Lending Collateral		—		204,775,249		—		204,775,249
Short Term Investments		20,959,466		—		—		20,959,466
Total	$	9,962,163,430	$	204,775,249	$	—	$	10,166,938,679

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the previous fiscal period.

For the year ended October 31, 2016, there were no transfers between levels.

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

STATEMENT OF ASSETS AND LIABILITIES October 31, 2016

	Guggenheim S&P 500® Equal Weight ETF
Assets:
Investments, at value — including $485,687,206 of securities loaned	$	9,962,163,430
Repurchase agreements, at value		204,775,249
Total investments*		10,166,938,679
Cash		43
Receivables:
Investments sold		1,990,149
Securities lending		125,956
Dividends and interest		8,624,414
Total assets		10,177,679,241
Liabilities:
Payable upon return of securities loaned		204,775,249
Payable for:
Investments purchased		1,991,687
Due to custodian		7,848,450
Management fees		3,393,237
Total liabilities		218,008,623
Commitments and contingent liabilities (Note 8)		—
Net assets	$	9,959,670,618
Net assets consist of:
Paid-in capital	$	9,852,850,985
Undistributed net investment income		14,490,211
Accumulated net realized loss on investments		(696,506,503	)
Net unrealized appreciation on investments		788,835,925
Net assets	$	9,959,670,618
Shares outstanding (unlimited shares authorized), no par value		122,102,663
Net asset value, offering price and repurchase price per share	$	81.57
Cost of investments	$	9,173,327,505
Cost of repurchase agreements		204,775,249
*Total cost of investments	$	9,378,102,754

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

STATEMENT OF OPERATIONS

For the Year Ended October 31, 2016

	Guggenheim S&P 500® Equal Weight ETF
Investment Income:
Dividends	$	192,843,895
Income from securities lending		1,085,761
Interest		17,485
Total investment income		193,947,141
Expenses:
Management fees		37,688,647
Total expenses		37,688,647
Net investment income		156,258,494
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(311,151,582	)
In-kind redemptions		482,589,003
Net realized gain		171,437,421
Net change in unrealized appreciation (depreciation) on:
Investments		52,138,821
Net realized and unrealized gain		223,576,242
Net increase in net assets resulting from operations	$	379,834,736

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

STATEMENTS OF CHANGES IN NET ASSETS

	Guggenheim S&P 500® Equal Weight ETF
	Year Ended October 31, 2016			Year Ended October 31, 2015
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	156,258,494		$	161,196,685
Net realized gain on investments		171,437,421			815,507,564
Net change in unrealized appreciation (depreciation) on investments		52,138,821			(816,243,971	)
Net increase in net assets resulting from operations		379,834,736			160,460,278
Distributions to shareholders from:
Net investment income		(147,336,657	)		(171,350,548	)
Shareholder transactions:
Proceeds from shares purchased		1,891,999,471			3,306,916,862
Cost of shares redeemed		(1,964,368,770	)		(2,472,681,822	)
Net increase (decrease) in net assets resulting from share transactions		(72,369,299	)		834,235,040
Net increase in net assets		160,128,780			823,344,770
Net assets:
Beginning of year		9,799,541,838			8,976,197,068
End of year	$	9,959,670,618		$	9,799,541,838
Undistributed net investment income at end of year	$	14,490,211		$	—
Changes in shares outstanding:
Shares sold		23,893,800			41,400,000
Shares redeemed		(26,300,000	)		(31,850,000	)
Net increase (decrease) in shares		(2,406,200	)		9,550,000

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

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.

	Year Ended October 31, 2016			Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012
Per Share Data:
Net asset value, beginning of period	$	78.71		$	78.08		$	67.94		$	51.76		$	46.77
Income from investment operations:
Net investment income (loss)a		1.31			1.22			1.09			0.99			0.80
Net gain (loss) on investments (realized and unrealized)		2.78			0.71			10.13			16.13			4.97
Total from investment operations		4.09			1.93			11.22			17.12			5.77
Less distributions from:
Net investment income		(1.23	)		(1.30	)		(1.08	)		(0.94	)		(0.78	)
Total distributions to shareholders		(1.23	)		(1.30	)		(1.08	)		(0.94	)		(0.78	)
Net asset value, end of period	$	81.57		$	78.71		$	78.08		$	67.94		$	51.76
Total Returnb		5.24	%		2.49	%		16.60	%		33.36	%		12.42	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	9,959,671		$	9,799,542		$	8,976,197		$	5,663,772		$	2,772,440
Ratio to average net assets of:
Net investment income (loss)		1.66	%		1.53	%		1.48	%		1.64	%		1.61	%
Total expenses		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Portfolio turnover ratec		22	%		22	%		18	%		37	%		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	Portfolio turnover does not include securities received or delivered from processing creations or redemptions.

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

NOTES TO FINANCIAL STATEMENTS

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 an 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”), each a non-diversified investment company. The Trust was organized as a Delaware statutory trust on November 22, 2002. At October 31, 2016, the Trust consisted of twenty-two 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 administrative services to the Trust. Guggenheim Funds Distributors, LLC (“GFD”) acts as principal underwriter for the Trust. GI and GFD are affiliated entities; RFS ceased to be an affiliate of GI as of October 4, 2016, when it was acquired by MUFG Investor Services. In connection with its acquisition, RFS changed its name to MUFG Investor Services (US), LLC (“MUIS”). This change has no impact on the financial statements of the Funds.

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, 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.

The NAV of a fund is calculated by dividing the market value of the fund’s securities and other assets, less all liabilities, by the number of outstanding shares of the fund.

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 and/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, to 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 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,

18 | GUGGENHEIM ETFs ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)

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.

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 using methods established or ratified by the Board. Valuations in accordance with these methods are intended to reflect each security’s (or asset’s) “fair value.” Each such determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. Examples of such factors may include, but are not limited to market prices; sale prices; broker quotes; and models which derive prices based on inputs such as prices of securities with comparable maturities and characteristics, or based on inputs such as anticipated cash flows or collateral, spread over Treasuries, and other information analysis.

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, which was 0.31% at October 31, 2016.

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 Fund 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 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 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

GUGGENHEIM ETFs ANNUAL REPORT | 19

NOTES TO FINANCIAL STATEMENTS (continued)

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, MUIS provides various administrative and financial reporting services for the Fund. GI compensates MUIS 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 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).

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 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 Fund may lend portfolio securities to certain creditworthy borrowers, including the Fund’s securities lending agent. The loans are collateralized at all times by cash and/or high grade debt obligations in an amount at least equal to 102% of the market value of domestic securities loaned and 105% of foreign securities loaned as determined at the close of business on the preceding business day. The cash collateral received is held in a separately managed account established for the Fund and maintained by the lending agent exclusively for the investment of securities lending cash collateral on behalf of the Fund. The separately managed accounts invest in short-term investments valued at amortized cost, which approximates market value. The Fund receives compensation for lending securities from interest or dividends earned on the cash, cash equivalents or U.S. government securities held as collateral, net of fee rebates paid to the borrower plus reasonable administrative

20 | GUGGENHEIM ETFs ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)

and custody fees paid to the lending agent. Such compensation is accrued daily and payable to the Fund monthly. The dividend and interest income earned on the securities loaned is accounted for in the same manner as other dividend and interest income. The borrower pays to the Fund an amount equal to any dividends or interest received on loaned securities. These payments from the borrower are not eligible for reduced tax rates as “qualified dividend income” under the Jobs and Growth Tax Reconciliation Act of 2003. The Fund retains all or a portion of the interest received on investment of cash collateral or receives a fee from the borrower. Lending portfolio securities could result in a loss or delay in recovering the Fund’s securities if the borrower defaults. The securities lending income earned by the Fund is disclosed on the Statement of Operations.

At October 31, 2016, the Fund participated in securities lending as follows:

Fund	Value of Securities Loaned		Cash Collateral		Non-Cash Collateral		Total Collateral
Guggenheim S&P 500® Equal Weight ETF	$	485,687,206	$	204,775,249	$	295,112,066	$	499,887,315

The following represents a breakdown of the collateral for the joint repurchase agreements at October 31, 2016:

Counterparty and Terms of Agreement	Face Value		Repurchase Price		Collateral	Par Value		Fair Value
Citigroup Global Markets, Inc.					Various U.S. Government obligations and
0.34%					U.S. Government
Due 11/01/16	$	47,679,164	$	47,679,164	agency securities	$	67,606,856	$	48,632,747
BNP Paribas Securities Corp.					Various U.S. Government obligations and
0.34%					U.S. Government
Due 11/01/16		47,679,164		47,679,164	agency securities		169,732,911		48,632,747
Merrill Lynch, Pierce, Fenner & Smith, Inc.					Various U.S. Government obligations and
0.33%					U.S. Government
Due 11/01/16		47,679,164		47,679,164	agency securities		67,586,849		48,632,747
HSBC Securities (USA), Inc.					Various U.S. Government obligations and
0.30%					U.S. Government
Due 11/01/16		47,679,164		47,679,164	agency securities		128,888,273		48,633,024
Credit Suisse Securities (USA), LLC					Various U.S. Government obligations and
0.31%					U.S. Government
Due 11/01/16		14,058,593		14,058,593	agency securities		11,087,738		14,412,474

In the event of counterparty default, the Fund has the right to collect the collateral to offset losses incurred. There is potential loss to the Fund in the event the Fund is delayed or prevented from exercising its right 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 Fund seeks to assert its rights. GI, acting under the supervision of the Board, reviews the value of the collateral and the creditworthiness of those banks and dealers 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

GUGGENHEIM ETFs ANNUAL REPORT | 21

NOTES TO FINANCIAL STATEMENTS (continued)

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.

Tax basis capital losses in excess of capital gains are carried forward to offset future net capital gains. For the year ended October 31, 2016, the following capital loss carryforward amounts were expired:

Fund	Amount
Guggenheim S&P 500® Equal Weight ETF	$	105,390,715

The tax character of distributions paid during the year ended October 31, 2016 was as follows:

Fund	Ordinary Income		Long-Term Capital Gain		Total Distributions
Guggenheim S&P 500® Equal Weight ETF	$	147,336,657	$	—	$	147,336,657

The tax character of distributions paid during the year ended October 31, 2015 was as follows:

Fund	Ordinary Income		Long-Term Capital Gain		Total Distributions
Guggenheim S&P 500® Equal Weight ETF	$	171,350,548	$	—	$	171,350,548

The tax character of distributable earnings/(accumulated losses) at October 31, 2016 was as follows:

Fund	Undistributed Ordinary Income		Undistributed Long-Term Capital Gain		Accumulated Capital and Other Losses			Net Unrealized Appreciation		Total Accumulated Earnings
Guggenheim S&P 500® Equal Weight ETF	$	14,508,459	$	—	$	(673,697,804	)	$	766,008,978	$	106,819,633

For Federal income tax purposes, capital loss carryforwards represent realized losses of the Funds that may be carried forward and applied against future capital gains. For taxable years beginning on or before December 22, 2010, such capital losses may be carried forward for a maximum of eight years. Under the RIC Modernization Act of 2010, the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those taxable years must be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law. As of October 31, 2016, capital loss carryforwards for the Fund were as follows:

										Unlimited
Fund	Expires in 2017			Expires in 2018			Expires in 2019			Short-Term			Long-Term			Remaining Capital Loss Carryforward
Guggenheim S&P 500® Equal Weight ETF	$	(313,762,207	)	$	(35,251,288	)	$	(20,783,254	)	$	(12,276,510	)	$	(291,624,545	)	$	(673,697,804	)

In order to present paid-in-capital, distributions in excess of net investment income and accumulated net realized gain on investments on the statement of assets and liabilities that more closely represent their tax character, certain adjustments have been made to these accounts. These adjustments have no effect on the net assets or NAV. The most significant of these adjustments are for net capital gains (losses) resulting from in-kind redemptions, adjustments due to merger, expiring losses, and adjustments on the disposition of REITs. For the year ended October 31, 2016, the adjustments for the Fund were as follows:

Fund	Paid-In Capital		Undistributed Net Investment Income		Accumulated Net Realized Loss
Guggenheim S&P 500® Equal Weight ETF	$	375,296,024	$	5,568,374	$	(380,864,398	)

22 | GUGGENHEIM ETFs ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016, the identified cost of investments in securities owned by the Fund for Federal income tax purposes and the gross unrealized appreciation and depreciation were as follows:

Fund	Tax Cost		Tax Unrealized Gain		Tax Unrealized Loss			Net Unrealized Gain
Guggenheim S&P 500® Equal Weight ETF	$	9,400,929,701	$	1,344,403,692	$	(578,394,714	)	$	766,008,978

7. Investment Transactions

For the year ended October 31, 2016, the Fund had investments transactions in-kind associated with subscriptions and redemptions as follows:

Fund	Subscriptions		Redemptions
Guggenheim S&P 500® Equal Weight ETF	$	1,820,296,974	$	1,941,019,166

For the year ended October 31, 2016, 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	$	2,180,218,678	$	2,112,857,143

The Fund is permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by a Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price to save costs, where permissible. For the year ended October 31, 2016, the Fund engaged in purchases and sales of securities, pursuant to Rule 17a-7 of the 1940 Act, as follows:

Fund	Purchases		Sales		Realized Loss
Guggenheim S&P 500® Equal Weight ETF	$	170,809,633	$	97,904,618	$	(8,146,738	)

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 by certain series of the Rydex ETF Trust of shares 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, Tribune insiders and shareholders were overpaid for their Tribune stock using financing that the insiders knew would, and ultimately did, leave Tribune 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. 12-0063 (S.D.N.Y.). In the SLCFC 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 ANNUAL REPORT | 23

NOTES TO FINANCIAL STATEMENTS (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.

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.

On March 29, 2016, the U.S. Court of Appeals for the Second Circuit issued its opinion on the appeal of the SLCFC actions. The appeals court affirmed the district court’s dismissal of those lawsuits, but on different grounds than the district court. The appeals court held that while the plaintiffs have standing under the U.S. Bankruptcy Code, their claims were preempted by Section 546(e) of the Bankruptcy Code—the statutory safe harbor for settlement payments. On April 12, 2016, the plaintiffs in the SLCFC actions filed a petition seeking rehearing en banc before the appeals court. On July 22, 2016, the appeals court denied the petition. On September 9, 2016, the plaintiffs filed a petition for writ of certiorari in the U.S. Supreme Court challenging the Second Circuit’s decision that the safe harbor of Section 546(e) applied to their claims. The shareholder defendants, including the Rydex ETF Trust, filed a joint brief in opposition to the petition for writ of certiorari on October 24, 2016. The plaintiffs filed a reply in support of the petition on November 4, 2016. The Supreme Court has not yet granted or denied the petition for certiorari.

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.

9. Fund Merger

At a meeting held on October 14, 2015, the Adviser recommended and the Board approved the following changes to the following Funds:

An Agreement and Plan of Reorganization (the “Agreement”) was unanimously approved by the Board providing for the reorganization of the Guggenheim Russell 1000^® Equal Weight ETF (the “Acquired Fund”) with and into the Guggenheim S&P 500^® Equal Weight ETF (the “Surviving Fund”), each a separate series of the Trust. The Agreement provides for: (a) the transfer of the assets and stated liabilities of the Acquired Fund in exchange for shares of the Surviving Fund and cash in lieu of fractional shares of the Surviving Fund, and (b) the pro rata distribution of shares of the Surviving Fund and cash in lieu of fractional shares of the Surviving Fund by the Acquired Fund to its shareholders, in complete liquidation of the Acquired Fund (the “Reorganization”).

The Reorganization was a tax-free transaction. Security Investors, LLC, the investment adviser to both the Acquired Fund and the Surviving Fund, agreed to bear the costs (except for brokerage expenses incurred by the Acquired Fund prior to the Reorganization) directly related to the Reorganization.

The Reorganization occurred at close of business January 26, 2016, and was effective at market open on January 27, 2016.

24 | GUGGENHEIM ETFs ANNUAL REPORT

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Trustees and Shareholders of Rydex ETF Trust

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Guggenheim S&P 500^® Equal Weight ETF (one of the series constituting the Rydex ETF Trust) (the “Fund”) as of October 31, 2016, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Fund’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2016, by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Guggenheim S&P 500^® Equal Weight ETF (one of the series constituting the Rydex ETF Trust) at October 31, 2016, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and their financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

McLean, Virginia
December 22, 2016

GUGGENHEIM ETFs ANNUAL REPORT | 25

OTHER INFORMATION (Unaudited)

Federal Income Tax Information

In January 2017, shareholders will be advised on IRS Form 1099 DIV or substitute 1099 DIV as to the federal tax status of the distributions received by shareholders in the calendar year 2016.

Of the ordinary income distributions paid during the year, 100% qualifies for the dividends received deduction for corporations.

Additionally, of the ordinary income distributions paid during the year, 100% qualifies for the lower income tax rate available to individuals under the Jobs and Growth Tax Relief Reconciliation Act of 2003.

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 https://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 https://www.sec.gov.

Sector Classification

Information in the Schedule of Investments is categorized by sectors using sector-level Classifications defined by the Bloomberg Industry Classification System, a widely recognized industry classification system provider. Each Fund’s registration statement has investment policies relating to concentration in specific sectors/industries. For purposes of these investment policies, the Funds usually classify sectors/industries based on industry-level Classifications used by widely recognized industry classification system providers such as Bloomberg Industry Classification System, Global Industry Classification Standards and Barclays Global Classification Scheme.

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 https://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.

Board Considerations in Approving the Continuation of the Investment Advisory Agreement

The Board of Trustees (the “Board”) of Rydex ETF Trust (the “Trust”), including the Trustees who are not “interested persons,” as defined by the Investment Company Act of 1940, of the Trust (“Independent Trustees”), attended an in-person meeting held on May 19, 2016, called for the purpose of, among other things, the consideration of, and voting on, the approval and continuation of the investment advisory agreement (the “Investment Advisory Agreement”) between the Trust and the Advisor applicable to each series of the Trust except for the Guggenheim S&P 100^® Equal Weight ETF (each, a “Fund” and, collectively, the “Funds”). The Board unanimously approved the continuation of the Investment Advisory Agreement for an additional one-year period based on the Board’s review of qualitative and quantitative information provided by the Advisor. The Board had previously considered information pertaining to the renewal of the Investment Advisory Agreement at an in-person meeting held on April 26, 2016 (together, with the May 19 meeting, the “Meetings”).

Prior to reaching the conclusion to approve the continuation of the Investment Advisory Agreement, the Independent Trustees requested and obtained from the Advisor such information as the Independent Trustees deemed reasonably necessary to evaluate the Investment Advisory Agreement. In addition, the Board received a memorandum from Fund counsel regarding the responsibilities of the Board with respect to the approval of investment advisory agreements and participated in question and answer sessions with representatives of the Advisor. The Independent Trustees also carefully considered information that they had received throughout the year as part of their regular oversight of the Funds. At the Meetings, the Board obtained and reviewed a wide variety of information, including certain comparative information regarding the Funds’ fees, expenses, and performance relative to the fees, expenses, and performance of other comparable funds (the “FUSE reports”). The Independent Trustees carefully evaluated this information, met in executive session outside the presence of fund management, and were advised by independent legal counsel with respect to their deliberations.

26 | GUGGENHEIM ETFs ANNUAL REPORT

OTHER INFORMATION (Unaudited)(continued)

At the Meetings, the Board, including the Independent Trustees, evaluated a number of factors, including among others: (a) the nature, extent and quality of the Advisor’s investment advisory and other services; (b) the Advisor’s investment management personnel; (c) the Advisor’s operations and financial condition; (d) the Advisor’s brokerage practices (including any soft dollar arrangements) and the variety and complexity of its investment strategies; (e) a comparison of the Funds’ advisory fees to the advisory fees charged to comparable funds or accounts, giving special attention to the existence of economies of scale and the absence of breakpoints in these fees and the Advisor’s rationale for not providing for breakpoints at this point in time; (f) each Fund’s overall fees and operating expenses compared with those of similar funds; (g) the level of the Advisor’s profitability from its Fund-related operations; (h) the Advisor’s compliance processes and systems; (i) the Advisor’s compliance policies and procedures; (j) the Advisor’s reputation, expertise and resources in the financial markets; and (k) Fund performance compared with that of similar funds and/or appropriate benchmarks. In its deliberations, the Trustees did not identify any single piece of information that was all-important or controlling, noting that each Trustee could attribute different weights to the various factors considered.

Based on the Board’s deliberations at the Meetings, the Board, including all of the Independent Trustees, unanimously: (a) concluded that the terms of the Investment Advisory Agreement are fair and reasonable; (b) concluded that the Advisor’s fees are reasonable in light of the services that it provides to the Funds; and (c) agreed to approve and continue the Investment Advisory Agreement based upon the following considerations, among others:

● Nature, Extent and Quality of Services Provided by the Advisor. The Board evaluated, among other things, the Advisor’s business, financial resources, quality and quantity of personnel, experience, past performance, the variety and complexity of its investment strategies (including the extent to which the Funds use derivatives), Fund risk management process, brokerage practices, and the adequacy of its compliance systems and processes, proxy voting policies and practices, and cybersecurity programs. The Board reviewed the scope of services to be provided by the Advisor under the Investment Advisory Agreement and noted that there would be no significant differences between the scope of services required to be provided by the Advisor for the past year and the scope of services required to be provided during the upcoming year. The Board also considered the Advisor’s representations to the Board that the Advisor would continue to provide investment and related services that were of materially the same quality and quantity as services provided to the Funds in the past, and whether these services are appropriate in scope and extent in light of the Funds’ operations, the competitive landscape of the investment company business and investor needs. Based on the foregoing, the Trustees determined that the approval of the Investment Advisory Agreement would enable shareholders of the Funds to receive high quality services at a cost that was appropriate and reasonable.

● Fund Expenses and Performance of the Funds and the Advisor. The Board reviewed statistical information provided by the Advisor regarding the expense ratio components and performance of each Fund. The Advisor engaged FUSE Research Network LLC (“FUSE”), an independent, third party research provider, to prepare reports to help the Board compare the Funds’ fees, expenses, and total return performance with those of a peer group and peer universe of funds selected by FUSE. In the reports, each Fund’s expense ratio components, including actual advisory fees, waivers/reimbursements, and gross and net total expenses, are compared to those of other funds with shared key characteristics (e.g., asset size, fee structure, sector or industry investment focus) determined by FUSE to comprise a Fund’s applicable peer group. The Board considered the Advisor’s representation that it found the peer groups compiled by FUSE to be appropriate, but also acknowledged the existence of certain differences between the Funds and their peer funds (e.g., specific differences in principal investment strategies) that should be reviewed in context. The statistical information related to the performance of each Fund included three-month and one-, three-, and five-year performance for the Fund compared to that of its peers. The Board also discussed the correlation between a Fund’s assets under management and tracking error, noting that a Fund’s ability to replicate an underlying index rather than employ representative sampling depends, in part, upon the Fund’s size. Based on the foregoing, the Board determined that the proposed advisory fees paid by the Funds are reasonable in relation to the nature and quality of the services provided by the Advisor.

● Costs of Services Provided to the Funds and Profits Realized by the Advisor and its Affiliates. The Board reviewed information about the profitability of the Funds to the Advisor based on the advisory fees payable under the current Investment Advisory Agreement for the last calendar year. The Board noted that the Advisor had contractually agreed to pay all operating expenses of the Funds, including the cost of index licensing fees, transfer agency, custody, fund administration, legal, audit and other services, except management fees, interest expense, taxes (expected to be de minimis), brokerage commissions and other expenses connected with the execution of portfolio transactions, extraordinary expenses, distribution fees, and expenses paid by the Trust under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act. In addition to those expenses listed above, the Board noted that for the Guggenheim S&P 500^® Equal Weight ETF and each Guggenheim S&P 500^® Equal Weight Sector ETF (with the exception of the Guggenheim S&P 500^® Equal Weight Real Estate ETF), the Advisor also had contractually agreed to pay expenses of the Independent Trustees (including any Trustees’ counsel fees). The Board also analyzed the Funds’ expenses, including the investment advisory fees paid to the Advisor, and reviewed the FUSE

GUGGENHEIM ETFs ANNUAL REPORT | 27

OTHER INFORMATION (Unaudited)(continued)

reports. The Board also reviewed information regarding the direct revenue received by the Advisor and ancillary revenue, if any, received by the Advisor and/or its affiliates in connection with the services provided to the Funds by the Advisor and/or its affiliates. The Board also discussed the Advisor’s profit margin, including the expense allocation methodology used in the Advisor’s profitability analysis. . Based on the foregoing, the Board determined that the profit to the Advisor on the fees paid by the Funds is not excessive in view of the nature and quality of the services provided by the Advisor.

● Economies of Scale. The Board considered the absence of breakpoints in the Advisor’s fee schedule and reviewed information regarding the extent to which economies of scale or other efficiencies may result from increases in the Funds’ asset levels. The Board noted that the Investment Advisory Agreement did not provide for breakpoints in each Fund’s advisory fee rates as assets of a Fund increase. However, the Board further noted the Advisor’s assertion that future economies of scale had been taken into consideration by fixing relatively low advisory fees for the Funds, effectively sharing the benefits of lower fees with the Funds from inception. The Board noted that it intends to continue to monitor fees as each Fund grows in size and assess whether fee breakpoints may be warranted.

● Other Benefits to the Advisor and/or its Affiliates. In addition to evaluating the Advisor’s services, the Board considered the nature and amount of other benefits to be received by the Advisor and its affiliates as a result of their relationship with the Fund, including any soft dollar usage by the Advisor and any intangible benefits. In particular, the Board considered the nature, extent, quality, and cost of certain distribution services performed by the Advisor’s affiliate under the distribution agreement and the Distribution Plan pursuant to Rule 12b-1 of the 1940 Act. In light of the costs of providing services pursuant to the separate agreements as well as the Advisor’s and its affiliates’ commitment to the Funds, the Board concluded the ancillary benefits the Advisor and its affiliates received were reasonable.

On the basis of the information provided to it and its evaluation of that information, the Board, including the Independent Trustees, concluded that the terms of the Investment Advisory Agreement were reasonable, and that approval of the continuation of the Investment Advisory Agreement was in the best interests of the Funds and their shareholders.

Board Considerations in Approving the Investment Advisory Agreement for the Guggenheim S&P 100^® Equal Weight ETF

The Board of the Trust, including the Independent Trustees, attended an in-person meeting held on February 25, 2016 (the “February Meeting”), called for the purpose of, among other things, the consideration of, and voting on, the approval of the investment advisory agreement (the “OEW Investment Advisory Agreement”) between the Trust and Security Investors, LLC (the “Advisor”) applicable to the Guggenheim S&P 100^® Equal Weight ETF, a new series of the Trust (the “OEW Fund”). The Board unanimously approved the OEW Investment Advisory Agreement based on the Board’s review of qualitative and quantitative information provided by the Advisor.

Prior to reaching the conclusion to approve the OEW Investment Advisory Agreement, the Independent Trustees requested and obtained from the Advisor such information as the Independent Trustees deemed reasonably necessary to evaluate the OEW Investment Advisory Agreement. In addition, the Board received a memorandum from Fund counsel regarding the responsibilities of the Board with respect to the approval of investment advisory agreements and participated in question and answer sessions with representatives of the Advisor. The Independent Trustees also carefully considered information that they had received about the Advisor throughout the year as part of their regular oversight of the other series of the Trust. At the May Meeting, the Board obtained and reviewed a wide variety of information, including certain comparative information regarding the OEW Fund’s proposed fees and expenses relative to the fees and expenses of other comparable funds (the “FUSE reports”). The Independent Trustees carefully evaluated this information, met in executive session outside the presence of fund management, and were advised by independent legal counsel with respect to their deliberations.

At the February Meeting, the Board, including the Independent Trustees, evaluated a number of factors, including among others: (a) the nature, extent and quality of the investment advisory and other services to be provided by the Advisor; (b) the Advisor’s investment management personnel; (c) the Advisor’s operations and financial condition; (d) the expected benefits (such as soft dollars, if any) derived by the Advisor and its affiliates from their relationship with the OEW Fund; (e) a comparison of the OEW Fund’s projected advisory fees to the advisory fees charged to comparable funds or accounts, giving special attention to the absence of breakpoints in these fees and the Advisor’s rationale for not providing for breakpoints at this point in time; (f) the OEW Fund’s expected overall fees and operating expenses compared with those of similar funds; (g) the Advisor’s compliance processes and systems; (h) the Advisor’s compliance policies and procedures; and (i) the Advisor’s reputation, expertise and resources in the financial markets; and (j) the Advisor’s performance with respect to existing similar Funds. In its deliberations, the Trustees did not identify any single piece of information that was all-important or controlling, noting that each Trustee could attribute different weights to the various factors considered.

28 | GUGGENHEIM ETFs ANNUAL REPORT

OTHER INFORMATION (Unaudited)(concluded)

Based on the Board’s deliberations at the February Meeting, the Board, including all of the Independent Trustees, unanimously: (a) concluded that the terms of the OEW Investment Advisory Agreement are fair and reasonable; (b) concluded that the Advisor’s fees are reasonable in light of the services that it will provide to the OEW Fund; and (c) agreed to approve the OEW Investment Advisory Agreement based upon the following considerations, among others:

● Nature, Extent and Quality of Services Provided by the Advisor. The Board reviewed the scope of services to be provided by the Advisor under the OEW Investment Advisory Agreement and determined that the Advisor was capable of providing high quality advisory services to the OEW Fund, as indicated by the nature and quality of services provided by the Advisor in the past, the firm’s management capabilities, the professional qualifications and experience of its portfolio managers, and its investment and management oversight processes. Based on the foregoing, the Trustees determined that the approval of the OEW Investment Advisory Agreement would enable shareholders of the Fund to receive high quality services at a cost that was appropriate and reasonable.

● Fund Expenses and Performance of the OEW Fund and the Advisor. As the OEW Fund had not yet commenced operations, the Board was not able to review the OEW Fund’s performance. However, the Board considered the Advisor’s track record of successfully managing funds that seek to track the performance of a benchmark and determined that the Advisor would have the capabilities, resources, and personnel necessary to provide the OEW Fund with a reasonable potential for positive performance. The Board also reviewed statistical information provided by the Advisor regarding the OEW Fund’s proposed expense ratio components. The Advisor engaged FUSE Research Network LLC (“FUSE”), an independent, third party research provider, to prepare a report to help the Board compare the OEW Fund’s fees and expenses to those of comparable funds in the OEW Fund’s peer group, and the broader peer universe, as determined by FUSE. In the report, the OEW Fund’s proposed expense ratio components, including advisory fees, waivers/reimbursements, and gross and net total expenses, are compared to those of other funds with shared key characteristics (e.g., asset size, fee structure, sector or industry investment focus) determined by FUSE to comprise the OEW Fund’s applicable peer group. The Board considered the Advisor’s representation that it found the peer groups compiled by FUSE to be appropriate, but also acknowledged the existence of certain differences between the OEW Fund and its peer funds (e.g., specific differences in principal investment strategies) that should be reviewed in context. The Board also discussed the correlation between assets under management and tracking error, noting that the OEW Fund’s ability to replicate its underlying index rather than employ representative sampling will depend, in part, upon the OEW Fund’s size. Based on the foregoing, the Board determined that the proposed advisory fee to be paid by the OEW Fund is reasonable in relation to the nature and quality of the services to be provided by the Advisor.

● Costs of Services Provided to the OEW Fund and Profits Realized by the Advisor and its Affiliates. The Board noted that the Advisor had contractually agreed to pay all operating expenses of the OEW Fund, including the cost of index licensing fees, transfer agency, custody, fund administration, legal, audit and other services, except management fees, interest expense, taxes (expected to be de minimis), brokerage commissions and other expenses connected with the execution of portfolio transactions, extraordinary expenses, distribution fees, and expenses paid by the Trust under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act, and expenses of the Independent Trustees (including any Trustees’ counsel fees). With respect to the cost of advisory services provided and the Advisor’s profitability, the Board concluded that it was too early to predict the profitability of the OEW Fund to the Advisor, but noted that they would monitor the Advisor’s profitability with respect to the OEW Fund after the OEW Fund commenced operations.

● Economies of Scale. The Board considered the absence of breakpoints in the Advisor’s fee schedule and reviewed information regarding the extent to which economies of scale or other efficiencies may result from increases in the OEW Fund’s asset levels. The Board noted that because the OEW Fund had not yet commenced operations, there were as of now, no economies of scale to share with shareholders. The Board also considered the Advisor’s statements that it would consider the introduction of breakpoints in the future and noted that it intends to continue monitoring the existence of economies of scale as the OEW Fund grows in size.

● Other Benefits to the Advisor and/or its Affiliates. In addition to evaluating the Advisor’s services, the Board considered the nature and amount of other benefits to be received by the Advisor and its affiliates as a result of their relationship with the OEW Fund, including any soft dollar usage by the Advisor and any intangible benefits. In particular, the Board considered the nature, extent, quality, and cost of certain distribution services to be performed by the Advisor’s affiliate and the fees to be paid to the Advisor’s affiliates for those services under the distribution agreement and the Distribution Plan pursuant to Rule 12b-1 of the 1940 Act. In light of the costs of providing services pursuant to the separate agreements as well as the Advisor’s and its affiliates’ commitment to the OEW Fund, the Board concluded the ancillary benefits the Advisor and its affiliates received were reasonable.

On the basis of the information provided to it and its evaluation of that information, the Board, including the Independent Trustees, concluded that the terms of the OEW Investment Advisory Agreement were reasonable, and that approval of the OEW Investment Advisory Agreement was in the best interests of the OEW Fund and its shareholders.

GUGGENHEIM ETFs ANNUAL REPORT | 29

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 of Portfolios in Fund Complex Overseen by Trustee***	Other Directorships Held 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).	232	Clear Spring Life Insurance Company (2015-present); Guggenheim Partners Japan, Ltd. (2014-present); Guggenheim Partners Investment Management Holdings, LLC (2014-present); Delaware Life (2013-present); Guggenheim Life and Annuity Company (2011-present); Paragon Life Insurance Company of Indiana (2011-present).
INDEPENDENT TRUSTEES
Angela Brock-Kyle***** (1959)	Trustee from August 2016 to present.	Current: Founder and Chief Executive Officer, B.O.A.R.D.S (consulting firm) Former: Senior Leader, TIAA (financial services firm) (1987-2012).	135	Infinity Property & Casualty Corporation (2014-present).
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.	135	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.	135	Epiphany Funds (4) (2009-present).

30 | GUGGENHEIM ETFs ANNUAL REPORT

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

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 of Portfolios in Fund Complex Overseen by Trustee***	Other Directorships Held by Trustee****
INDEPENDENT TRUSTEES - concluded
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.	135	None.
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; 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).	135	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).	135	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).	135	None.
Sandra G.Sponem***** (1958)	Trustee from August 2016 to present.	Current: Senior Vice President and Chief Financial Officer, M.A. Mortenson Companies, Inc. (general contracting firm) (2007-present).	135	None.

GUGGENHEIM ETFs ANNUAL REPORT | 31

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

Name, Address* and Year of Birth	Position(s) Held with the Trust, Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
OFFICERS
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.
Joanna M. Catalucci (1966)	AML Officer (Since 2016)	Current: Chief Compliance Officer, certain funds in the Fund Complex (2012-present); Senior Managing Director, Guggenheim Investments (2012-present); AML Officer, certain funds in the Fund Complex (2016-present). Former: Chief Compliance Officer and Secretary, certain other funds in the Fund Complex (2008-2012); Senior Vice President & Chief Compliance Officer, Security Investors, LLC and certain affiliates (2010-2012); Chief Compliance Officer and Senior Vice President, Rydex Advisors, LLC and certain affiliates (2010-2011).
James M. Howley (1972)	Assistant Treasurer (2016-present).	Current: Director, Guggenheim Investments (2004-present); Assistant Treasurer, certain other funds in the Fund Complex (2006-present). Former: Manager, Mutual Fund Administration of Van Kampen Investments, Inc. (1996-2004).
Keith D. Kemp (1960)	Assistant Treasurer (2016-present).	Current: Managing Director of Transparent Value, LLC (2015-present); Managing Director of Guggenheim Investments (2015-present). Former: Director, Transparent Value, LLC (2010-2015); Director, Guggenheim Investments (2010-2015); Chief Operating Officer, Macquarie Capital Investment Management (2007-2009).
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).
Glenn McWhinnie (1969)	Assistant Treasurer (2016-present).	Current: Vice President, Guggenheim Investments (2009-present). Former: Tax Compliance Manager, Ernst & Young LLP (1996-2009).
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 (2014-present). Former: CCO, Guggenheim Distributors, LLC (2009-2014); Senior Manager, Security Investors, LLC (2004-2009); Senior Manager, Guggenheim Distributors, LLC (2004-2009).

32 | GUGGENHEIM ETFs ANNUAL REPORT

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

Name, Address* and Year of Birth	Position(s) Held with the Trust, Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
OFFICERS - concluded
Adam J. Nelson (1979)	Assistant Treasurer (2016-present).	Current: Vice President, Guggenheim Investments (2015-present); Assistant Treasurer, certain other funds in the Fund Complex (2015-present). Former: Assistant Vice President and Fund Administration Director, State Street Corporation (2013-2015); Fund Administration Assistant Director, State Street (2011-2013); Fund Administration Manager, State Street (2009-2011).
Kimberly J. Scott (1974)	Assistant Treasurer (2016-present).	Current: Vice President, Guggenheim Investments (2012-present); Assistant Treasurer, certain other funds in the Fund Complex (2012-present). Former: Financial Reporting Manager, Invesco, Ltd. (2010-2011); Vice President/Assistant Treasurer, Mutual Fund Administration for Van Kampen Investments, Inc./Morgan Stanley Investment Management (2009-2010); Manager of Mutual Fund Administration, Van Kampen Investments, Inc./Morgan Stanley Investment Management (2005-2009).
John L. Sullivan (1955)	Chief Financial Officer and Treasurer (2016-present).	Current: CFO, Chief Accounting Officer and Treasurer, certain other funds in the Fund Complex (2010-present); Senior Managing Director, Guggenheim Investments (2010-present). Former: Managing Director and CCO, each of the funds in the Van Kampen Investments fund complex (2004-2010); Managing Director and Head of Fund Accounting and Administration, Morgan Stanley Investment Management (2002-2004); CFO and Treasurer, Van Kampen Funds (1996-2004).

*	All Trustees and Officers may be reached c/o Guggenheim Investments, 227 West Monroe Street, Chicago, Illinois 60606.
**	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.
****	Certain of the Trustees may serve as directors on the boards of companies not required to be disclosed above, including certain non-profit companies and charitable foundations.
*****	Mses. Brock-Kyle and Sponem commenced serving as independent Trustees effective August 18, 2016.

GUGGENHEIM ETFs ANNUAL REPORT | 33

GUGGENHEIM INVESTMENTS PRIVACY POLICIES (Unaudited)

Guggenheim Investments as used herein refers to Guggenheim Partners, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Investment Management, LLC, Guggenheim Funds Distributors, LLC and Security Investors, LLC as well as the funds in the Guggenheim Funds complex (the “funds”).

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 personal information about you, we hold ourselves to high standards in its safekeeping and use. This means, most importantly, that we do not sell client or account information to anyone—whether you are a current or former Guggenheim Investments client.

The Information We Collect About You and How We Collect It

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 Funds or one of the Guggenheim affiliated companies. “Nonpublic personal information” is personally identifiable information about you. For example it includes 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 Share Your Personal Information

As a matter of policy, we do not disclose your nonpublic personal information to nonaffiliated third parties except as required or permitted by law. 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 your personal 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. In connection with servicing your accounts or 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 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 personal 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 share personal information about you if we are compelled by law to do so, if you direct us to do so with your consent, or in other circumstances as permitted by law.

How We Safeguard Your Personal Information

We maintain physical, electronic and procedural safeguards to protect your personal information. Within Guggenheim Investments, access to such information is limited to those who need it to perform their jobs such as servicing your account, resolving problems or informing you of new products and services.

34 | GUGGENHEIM ETFs ANNUAL REPORT

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Item 2. Code of Ethics.

The registrant’s Board of Trustees has adopted a code of ethics that applies to the registrant’s principal executive officer and principal financial officer. No substantive amendments were approved or waivers were granted to the Code during the period covered by this report.  The Code is filed as an exhibit to this Form N-CSR.

Item 3. Audit Committee Financial Expert.

The registrant's Board of Trustees has determined that Werner Keller, an "independent" Trustee serving on the registrant's audit committee, is an "audit committee financial expert," as defined in Item 3 of Form N-CSR. Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and Board of Trustees in the absence of such designation or identification.

Item 4. Principal Accountant Fees and Services.

(a)  Audit Fees. The aggregate Audit Fees billed by the Trust’s principal accountant, for the audit of the annual financial statements in connection with statutory and regulatory filings for the fiscal years ended October 31, 2016 and October 31, 2015 were $245,990 and $238,194, respectively.

(b)  Audit-Related Fees. The aggregate Audit Related Fees billed by the Trust’s principal account for the fiscal years ended October 31, 2016 and October 31, 2015 were $0 and $0, respectively.

(c)  Tax Fees. The aggregate Tax Fees billed by the Trust’s principal accountant for professional services rendered for tax compliance, tax advice, and tax planning, including preparation of tax returns and distribution assistance, for the fiscal years ended October 31, 2016 and October 31, 2015, were $133,452 and $130,588, respectively.

(d)  All Other Fees. The aggregate All Other Fees billed by the Trust’s principal accountant for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item, for the fiscal years ended October 31, 2016 and October 31, 2015 were $0 and $0, respectively.

(e)  Audit Committee Pre-Approval Policies and Procedures. The audit committee has adopted a policy whereby audit and non-audit services performed by the registrant’s principal accountant for the registrant, its investment advisor, and any entity controlling, controlled by, or under common control with the investment advisor that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings.  If such service is required between regularly scheduled audit committee meetings, the chairman of the audit committee, J. Kenneth Dalton, is authorized to pre-approve the service with full committee approval at the next scheduled meeting.  There shall be no waivers of the pre-approval process.  No services described in (b)-(d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f)  Not applicable.

(g)   Non-Audit Fees. The aggregate non-audit fees billed by the registrant’s accountant for the most recent fiscal year and the preceding fiscal year for services rendered to the registrant, the investment advisor, and any entity controlling, controlled by, or under common control with the advisor that provides ongoing services to the registrant were $133,452 and $169,173, respectively. These aggregate fees were less than the aggregate fees billed for the same periods by the registrant’s principal accountant for audit services rendered to the registrant, the investment advisor, and any entity controlling, controlled by, or under common control with the advisor that provides ongoing services to the registrant.

(h)   Auditor Independence. The registrant’s Audit Committee was provided with information relating to the provision of non‑audit services by Ernst & Young, LLP to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre‑approved by the Audit Committee so that a determination could be made whether the provision of such services is compatible with maintaining Ernst & Young, LLP’s  independence.

Item 5. Audit Committee of Listed Registrants.

(a)  The Registrant has a separately standing Audit Committee, which includes the following independent members: John O. Demaret, Corey A. Colehour, J. Kenneth Dalton, Patrick T. McCarville, Thomas F. Lydon, Werner E. Keller, Angela Brock-Kyle, and Sandra Sponem.

(b)  Not applicable.

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)(1)  The registrant’s code of ethics pursuant to Item 2 of Form N-CSR is attached.

(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	January 6, 2017
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	January 6, 2017
By (Signature and Title)*		/s/ John L. Sullivan
		John L. Sullivan, Chief Financial Officer and Treasurer
Date	January 6, 2017

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

EX-99.CODE ETH

EX – 12(a)(1)

Procedure Number: IC23.4

Senior Financial Officer Code of Ethics

Procedure Creation Date: Procedure Reviewed As Of: Procedure Revised As Of:	February 2015
Regulatory Rule:	The Sarbanes-Oxley Act of 2002 and Rule 17j-1(c) of the Investment Company Act of 1940

BUSINESS UNIT RESPONSIBLE: GI Intermediary Compliance Department

PURPOSE:

The senior financial officers (“SFOs”) of Guggenheim Funds(each a “Fund” and, collectively, the “Funds”) are responsible for conducting the Funds’ business in a manner that demonstrates a commitment to the highest standards of integrity. The Funds’ SFOs include the chief executive officer, the chief financial officer, comptroller or chief accounting officer, and any person who performs a similar function.

The Sarbanes-Oxley Act of 2002 (the “Act”) effected sweeping corporate disclosure and financial reporting reform on public companies, including mutual funds, to address corporate malfeasance and assure investors that the companies in which they invest are accurately and completely disclosing financial information. Under the Act, all public companies (including the Funds) must either have a code of ethics for their SFOs, or disclose why they do not. The Act was intended to foster corporate environments, which encourage employees to question and report unethical and potentially illegal business practices. The Funds have adopted a Financial Officer Code of Ethics that sufficiently conveys the highest principles of ethical conduct.

The purposes of the Code are:

· To promote honest and ethical conduct by the Funds’ SFOs, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

· To assist the Funds’ SFOs in recognizing and avoiding conflicts of interest, including disclosing to an appropriate person any material transaction or relationship that reasonably could be expected to give rise to such a conflict;

· To promote full, fair, accurate, timely, and understandable disclosure in reports and documents that the Funds file with, or submit to, the SEC and in other public communications made by the Funds;

· To promote compliance with applicable laws, rules and regulations;

· To encourage the prompt internal reporting to an appropriate person of violations of this Code; and

· To establish accountability for adherence to the Code of Ethics.

PROCEDURE:

Please refer to Appendix A for the Financial Officer Code of Ethics.

On an annual basis the senior financial officers (“SFOs”) of the Trusts must execute a certification that they will comply with the Financial Officer Code of Ethics. GI Intermediary Compliance Department will maintain evidence of this certification.

REVISIONS:

These procedures shall remain in effect until amended, modified or terminated.

Page 1 of 6

Procedure Number: IC23.4

APPENDIX A

CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS

I. Covered Officers/Purpose of the Code

This code of ethics (the “Code”) is applicable to Guggenheim Funds (each a “Company” and together the “Companies,” each set forth in Exhibit A) and applies to the Companies’ President/CEO (Principal Executive Officer),and CFO/Treasurer (Principal Financial Officer)(the “Covered Officers”) for the purpose of promoting:

· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

· full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the Securities and Exchange Commission (“SEC”) and in other public communications made by the Company;

· compliance with applicable laws and governmental rules and regulations;

· the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

· accountability for adherence to the Code.

Covered Officers are expected to dedicate their best efforts to advancing the Trust’s interests and to use objective and unbiased standards when making decisions that affect the Trust, while being sensitive to situations that may give rise to actual conflicts of interest, as well as apparent conflicts of interest.

II.  Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

 Overview. A “conflict of interest” occurs when a Covered Officer’s private interest interferes with the interests of, or his or her service to, the Company. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with the Company.

 Certain conflicts of interest arise out of the relationships between Covered Officers and the Company and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (“Investment Company Act”) and the Investment Advisers Act of 1940 (“Investment Advisers Act”). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Company because of their status as “affiliated persons” of the Company. The Company's and the investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

 Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or result from, the contractual relationship between the Company and the investment adviser of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Company or for the adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the adviser and the Company. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Company and the adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Company. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds’ Boards of Trustees (“Boards”) that the Covered Officers may also be officers or employees of one or more other investment companies covered by this code.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Company.

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Procedure Number: IC23.4

***

Each Covered Officer must:

· not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Company whereby the Covered Officer would benefit personally to the detriment of the Company;

· not cause the Company to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit the Company;

· report at least annually his or her affiliations or other relationships which may give rise to conflicts of interest with the Funds (provided that annual completion of the Funds’ /Trustees and Officers Questionnaire shall satisfy the requirements of this bullet point).

There are some conflict of interest situations that should always be discussed with the Secretary of the Funds (the "Secretary"), or other senior legal officer, if material. Examples of these include:¹

· service as a director on the board of any public company;

· the receipt of any non de minimis gifts;

· the receipt of any entertainment from any company with which the Company has current or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

· any ownership interest in, or any consulting or employment relationship with, any of the Company’s service providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof;

· a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Company for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer’s employment, such as compensation or equity ownership.

III.  Disclosure and Compliance

· Each Covered Officer should familiarize himself or herself with the disclosure requirements generally applicable to the Company;

· each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Company to others, whether within or outside the Company, including to the Company’s directors and auditors, and to governmental regulators and self-regulatory organizations;

· each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Funds and the adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public communications made by the Funds; and

· it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

IV.  Reporting and Accountability

Each Covered Officer must:

¹ Any activity or relationship that would present a conflict for a Covered Officer would likely also present a conflict for the Covered Officer if a member of the Covered Officer’s family engages in such an activity or has such a relationship.

Page 3 of 6

Procedure Number: IC23.4

· upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he or she has received, read, and understands the Code;

· annually thereafter affirm to the Board that he or she has complied with the requirements of the Code;

· not retaliate against any other Covered Officer or any employee of the Funds or their affiliated persons for reports of potential violations that are made in good faith; and

· notify the Secretary promptly if he or she knows of any violation of this Code. Failure to do so is itself a violation of this Code.

The Secretary, or other designated senior legal officer of the Funds’ investment adviser, is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation.² However, any approvals or waivers³ sought by the President/ CEO) will be considered by the Audit Committee of the Funds (the “Committee”). The Chairman of the Audit Committee of the Trust is authorized and encouraged to consult, as appropriate, with the Chairman of the Board of Trustees of the Trust, the Independent Trustees or the Board of Trustees of the Trust and/or with counsel to the Trust, the Investment Adviser(s) or the Independent Trustees.

The Independent Trustees are responsible for granting waivers of this Code of Ethics, as appropriate. Any changes to or waivers of this Code of Ethics will be disclosed on Form N-CSR³ to the extent required by Securities and Exchange Commission rules.

The Funds will follow these procedures in investigating and enforcing this Code:

· the Secretary or other designated senior legal officer will take all appropriate action to investigate any potential violations reported to him or her;

· if, after such investigation, the Secretary believes that no violation has occurred, the Secretary is not required to take any further action;

· any matter that the Secretary believes is a violation will be reported to the Committee;

· if the Committee concurs that a violation has occurred, it will inform and make a recommendation to the Board, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to dismiss the Covered Officer as an officer of the Funds;

· the Board will be responsible for granting waivers, as appropriate; and

· any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

V.  Other Policies and Procedures

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds’ adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds’ and their investment adviser’s and principal underwriter’s codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

² The Secretary or other designated senior legal officer is authorized to consult, as appropriate, with counsel to the Company and counsel to the Independent Trustees, and is encouraged to do so.

³ Item 2 of Form N-CSR defines “waiver” as “the approval by the registrant of a material departure from a provision of the code of ethics” and “implicit waiver,” which must also be disclosed, as “the registrant’s failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer” of the registrant.

Page 4 of 6

Procedure Number: IC23.4

VI.  Amendments

Any amendments to this Code must be approved or ratified by a majority vote of the Board, including a majority of independent directors/trustees.

VII  Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Board and its counsel, as appropriate Trust, its counsel, the Adviser and its counsel and any otheradvisers, consultants or counsel retained by the Board of Trustees.

VIII.  Internal Use

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Company, as to any fact, circumstance, or legal conclusion.

Page 5 of 6

Procedure Number: IC23.4

Exhibit A - Covered Entities

Claymore Exchange-Traded Fund Trust

Claymore Exchange-Traded Fund Trust 2

Fiduciary/Claymore MLP Opportunity Fund (“FMO”)

Guggenheim Municipal Managed Duration Trust (“GBAB”)

Guggenheim Credit Allocation Fund (“GGM”)

Guggenheim Enhanced Equity Income Fund (“GPM”)

Guggenheim Enhanced Equity Strategy Fund (“GGE”)

Guggenheim Equal Weight Enhanced Equity Income Fund (“GEQ”)

Guggenheim Floating Rate & Income Fund (“GFT”)

Guggenheim Strategic Opportunities Fund (“GOF”)

Guggenheim Energy & Income Fund (“XGEIX”)

Guggenheim Funds Trust (“GFT” and its series, the “Open-End Funds”)

Guggenheim Variable Funds Trust (“GVGT” and its series, the “Variable Insurance Funds”)

Guggenheim Strategy Funds Trust (“GSF”)

Transparent Value Trust (“TVT”)

Rydex Series Funds

Rydex Dynamic Funds

Rydex Variable Trust

Rydex ETF Trust

Page 6 of 6

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: January 6, 2017	/s/ Donald C. Cacciapaglia
	Donald C. Cacciapaglia,
	President

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

CERTIFICATIONS

I, John L. Sullivan, 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: January 6, 2017	/s/ John L. Sullivan
	John L. Sullivan,
	Chief Financial Officer 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: January 6, 2017	/s/ Donald C. Cacciapaglia
	Donald C. Cacciapaglia,
	President

EX. 12(b)(ii)

CERTIFICATIONS

I, John L. Sullivan, 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: January 6, 2017	/s/ John L. Sullivan
	John L. Sullivan,
	Chief Financial Officer and Treasurer