Guggenheim S&P Global Water Index ETF

NAV $34.37
Change $0.40 / 1.18%
As of 2/23/18

Market Close $33.91
Change $0.15 / 0.44%
As of 2/22/18

Investment Objective

Guggenheim S&P Global Water Index ETF (CGW) seeks investment results that correspond generally to the performance, before the fund’s fees and expenses, of the S&P Global Water Index. The fund invests in companies across all capitalizations.

Index Description

The S&P Global Water NR Index is comprised of approximately 50 equity securities, selected based on investment and other criteria, from a universe of companies listed on global developed market exchanges, which include water utilities, infrastructure, equipment, instruments and materials.

Fund Highlights

  • Offers exposure to those companies, across all capitalizations, positioned to benefit from the global demand for water.
  • Seeks to benefit from the development of new infrastructure, intended to ensure the efficient delivery and quality of water, by investing in companies spanning the water sector.
  • Positioned to access opportunities resulting from dynamic trends in population growth, consumption and climate.

Top Fund Holdings

Security Name % of Net Assets

Fund Profile

Fund Ticker CGW
Exchange NYSE Arca
iNAV Ticker CGW.IV
CUSIP 18383Q507
Fund Inception Date 5/14/2007
Distribution Schedule (if any) Annually
Gross Expense Ratio 0.63%
Net Expense Ratio 0.63%
Fiscal Year-End 8/31
Index Ticker SPGTAQD
Index Name S&P Global Water Index
Volume 32,383
Shares Outstanding 18,200,000
Total Assets $625,548,215
Investment Adviser Guggenheim Funds Investment Advisors, LLC
Distributor Guggenheim Funds Distributors, LLC

Net Asset Value (NAV)

NAV $34.37
Change $0.40 | 1.18%
52-Week High $36.28
52-Week Low $29.87

Market Close

Closing Price $33.91
Change $0.15 | 0.44%
52-Week High $36.40
52-Week Low $29.84
Bid/Ask Midpoint $33.93
Premium/Discount -1.28%

Fund Characteristics

Number of Securities 55
Price to Earning (P/E) 24.52
Price to Book (P/B) 2.82

Fund Statistics

Beta 0.74
Standard Deviation 9.88

Current Distribution

Ex-Date 12/26/17
Record Date 12/27/17
Payable Date 12/29/17
Distribution per Share $0.608600

Index Methodology

The Index methodology is published at The Index is comprised of approximately 50 securities selected based on the relative importance of the global water industry within the company’s business model. The Index is designed to have a balanced representation from different segments of the water industry consisting of the following two clusters: 25 water utilities and infrastructure companies (water supply, water utilities, waste water treatment, water, sewer and pipeline construction, water purification, water well drilling, water testing) and 25 water equipment and materials companies (water treatment chemicals, water treatment appliances, pumps and pumping equipment, fluid power pumps and motors, plumbing equipment, plumbing pipes, fluid meters and counting devices) based upon Standard & Poor’s Capital IQ (“CIQ”) industry classification. To determine whether global demand for water is a major component of a company’s business, the Index Provider implements the following methodology:

  1. All companies in the CIQ database with the term “water” in their business description are identified.
  2. From the resulting list, companies not belonging to the two clusters of the water industry set forth earlier in this paragraph are excluded.
  3. Based on a review of CIQ business description and industry classification, companies are put into three groups:
    • Primary Set – Companies whose primary businesses are in the water industry. These are assigned an Exposure Score of 1.
    • Secondary Set – Companies which operate in multiple industries, but have significant exposure to the water industry. These are assigned an Exposure Score of 0.5.
    • Eliminated Set – Companies with marginal exposure to the water industry. These are assigned an Exposure Score of 0 and eliminated from consideration as Index constituents.

      To ensure investability, a developed market listing and a minimum total market capitalization and float-adjusted market capitalization of at least $250 million and $100 million, respectively, is required. The Index is rebalanced semi-annually. No single stock may have a weight of more than 10% in the Index at each rebalancing.

Index Construction

  • All companies in S&P’s CIQ industry classification involved in the water industry are identified by S&P Dow Jones’ indices and scored based on relative exposure in the manner set forth above and classified into one of two clusters.
  • The companies are screened for those with a developed market listing and a total market capitalization and float-adjusted market capitalization of at least $250 million and $100 million, respectively.
  • 25 of the largest companies from each of the following two clusters: water utilities and infrastructure companies and water equipment and materials companies, are selected based on a proprietary scoring metric that defines the relative exposure to the global water industry.
  • The Index uses a modified market cap weighting methodology. No single stock may have a weight of more than 10%.
  • Companies that are acquired or delisted are deleted intra-year. There are no intra-year reconstitution additions.
  • The Index is reconstituted semi-annually effective after the close of business of the third Fridays of April and October of each year, with a reference date for the data being the third Friday of the previous March and September, respectively.

Risks and Other Considerations

Risk Considerations Investors should consider the following risk factors and special considerations associated with investing in the fund, which may cause you to lose money, including the entire principal amount that you invest. Equity Risk: The value of the equity securities held by the fund will fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities held by the fund participate, or factors relating to specific companies in which the fund invests. Risk of Concentrating in the Water Industry: Adverse developments in the water industry may significantly affect the value of the securities held by the fund. Companies involved in the water industry are subject to environmental considerations, taxes, government regulation, price and supply fluctuations, competition and water conservation. Industrial Sector Risk: The stock prices of companies in this sector are affected by supply and demand both for their specific product or service and for industrial sector products in general. The products of manufacturing companies may face product obsolescence due to rapid technological developments and frequent new product introduction. Government regulation, world events, and economic conditions may affect the performance of companies in the industrial sector. Companies in this sector may be at risk for environmental damage and product liability claims. Utilities Sector Risk: The rates that traditional regulated utility companies may charge their customers generally are subject to review and limitation by governmental regulatory commissions. Rate changes ordinarily occur only following a delay after the changes in financing costs. This factor will tend to favorably affect a regulated utility company’s earnings and dividends in times of decreasing costs, but conversely, will tend to adversely affect earnings and dividends when costs are rising. Foreign Investment Risk: The fund’s investments in non-U.S. issuers, although generally limited to ADRs, may involve unique risks compared to investing in securities of U.S. issuers, including less market liquidity, generally greater market volatility than U.S. securities, and less complete financial information than for U.S. issuers. Small- and Medium-Sized Company Risk: Investing in securities of small- and medium-sized companies involves greater risk than is customarily associated with investing in larger, more established companies. Concentration Risk: If the index concentrates in an industry or group of industries, the fund’s investments will be concentrated accordingly. In such event, the value of the fund’s shares may rise and fall more than the value of shares of a fund that invests in securities of companies in a broader range of industries. In addition, the funds are subject to: Non-correlation risk, Replication Management Risk, Issuer-Specific Changes and Non-Diversified Fund Risk. Please read the prospectus for more detailed Information regarding these and other risks.

Fund data is subject to change on a daily basis.

Composition is subject to change. Information provided is for illustration purposes only and may not reflect current investments by the fund. Referenced companies are not affiliated with Guggenheim Investments and Guggenheim Investments does not sponsor, endorse, sell or promote the referenced companies.

Performance displayed represents past performance, which is no guarantee of future results. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than original cost. Total returns reflect the reinvestment of all dividends. Current performance may be lower or higher than the performance data quoted. For up-to-date fund performance, including performance current to the most recent month-end, please visit the ETF performance page. ETFs are subject to third party transaction fees/commissions. Net asset value (NAV) is calculated by subtracting total liabilities from total assets, then dividing by the number of shares outstanding. Market close is the last price at which shares are traded. Fund shares may trade at, above or below NAV. For additional information, see the fund’s prospectus.

Read a prospectus and summary prospectus (if available) carefully before investing. It contains the investment objective, risks charges, expenses and the other information, which should be considered carefully before investing. To obtain a prospectus and summary prospectus (if available) click here or call 800.820.0888.

Investing involves risk, including the possible loss of principal.

Guggenheim Investments represents the investment management business of Guggenheim Partners, LLC ("Guggenheim"), which includes Security Investors, LLC ("SI"), Guggenheim Funds Investments Advisors, LLC ("GFIA") and Guggenheim Partners Investment Management ("GPIM") the investment advisors to the referenced funds.

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