Guggenheim Defensive Equity ETF

NAV $47.05
Change ($0.18) / -0.38%
As of 3/21/18

Market Close $47.11
Change ($0.19) / -0.40%
As of 3/21/18


Oct 2017 - Dec 2017

Greatest Premium (12/13/2017) 0.08% Number of days at:
Greatest Discount (11/14/2017) -0.09% Premium 37
# of Days within +0.5% and -0.5% 63 NAV 5
% of Days within +0.5% and -0.5% 100% Discount 21

Jul 2017 - Sep 2017

Greatest Premium (9/21/2017) 0.00% Number of days at:
Greatest Discount (8/9/2017) -0.07% Premium 0
# of Days within +0.5% and -0.5% 63 NAV 4
% of Days within +0.5% and -0.5% 100% Discount 59

Apr 2017 - Jun 2017

Greatest Premium (6/23/2017) 0.07% Number of days at:
Greatest Discount (6/2/2017) -0.13% Premium 25
# of Days within +0.5% and -0.5% 63 NAV 13
% of Days within +0.5% and -0.5% 100% Discount 25

Jan 2017 - Mar 2017

Greatest Premium (3/20/2017) 0.04% Number of days at:
Greatest Discount (2/15/2017) -0.07% Premium 14
# of Days within +0.5% and -0.5% 62 NAV 11
% of Days within +0.5% and -0.5% 100% Discount 37

Oct 2016 - Dec 2016

Greatest Premium (11/25/2016) 5.89% Number of days at:
Greatest Discount (10/4/2016) -0.05% Premium 29
# of Days within +0.5% and -0.5% 62 NAV 13
% of Days within +0.5% and -0.5% 0% Discount 21

Jul 2016 - Sep 2016

Greatest Premium (9/29/2016) 0.05% Number of days at:
Greatest Discount (8/5/2016) -0.08% Premium 18
# of Days within +0.5% and -0.5% 64 NAV 16
% of Days within +0.5% and -0.5% 100% Discount 30

Chart Description

Shareholders may pay more than net asset value when they buy shares of an ETF and receive less than net asset value when they sell those shares, because shares are bought and sold at current market prices. The chart above provides information about the difference between the daily market closing price for shares of the Fund and the Fund's net asset value (NAV). The chart's vertical axis shows the premium or discount expressed as a percentage of NAV. The horizontal axis indicates the number of trading days in the period covered by the chart. Each bar in the chart shows the number of trading days in which the Fund traded within the premium/discount range indicated.

Why is there a difference between NAV and Bid/Ask Midpoint?

The NAV represents the fund's assets less its liabilities on a per share basis as calculated by the fund's administrator. The bid/ask midpoint is the midpoint of the highest bid and lowest offer in the listing exchange at the time that the NAV is calculated, usually 4 p.m. EST. As a practical matter, information is constantly flowing to and among investors, corporations, and financial institutions that affects their outlook on the financial markets and the value of securities. This process, known as price discovery, is why market prices change and evolve throughout the trading day. It is important to note that even when markets are closed, the price discovery process continues 24 hours a day, 7 days a week, 365 days a year.

Reasons for Possible Timing Discrepancies:

1. Closing of Trading Times: The NAV of the GuggenheimShares ETFs normally is calculated using prices as of 4:00 p.m. Eastern Time. Each GuggenheimShares ETF normally trades on its respective stock exchange until 4:00 p.m. Eastern Time.
2. Time of Last Trade: Trading generally takes place throughout the normal trading hours for GuggenheimShares ETFs on the listing exchange on which it is listed (generally 9:30 a.m. - 4:00 p.m. Eastern Time). At times, many trades are placed in rapid succession. At other intervals, little or no trading activity may take place. It is important to note that the date/time of the last trade (which is recorded as the Market Close) may not take place at exactly 4:00 p.m. Eastern Time when the GuggenheimShares ETFs normally calculate NAV. The date/time of the last trade sometimes may occur before 4:00 p.m. Eastern Time. Thus, ongoing price discovery may result in a deviation between the price recorded as the Closing Price and the NAV of the fund shares calculated at 4:00 p.m. Eastern Time.

Risk Considerations Guggenheim Defensive Equity ETF is subject to risks and may not be suitable for all investors. Investing involves risk and special consideration, including the possible loss of principal. There are no assurances that the fund will achieve its investment objective and/or strategy. Investments in large capitalization stocks may underperform other segments of the equity market or the equity market as a whole. The fund seeks to track quantitative strategy index, meaning that the fund invests in securities comprising an index created by a proprietary quantitative model. The fund’s return depends on the effectiveness of the model in screening securities for inclusion in the index. The factors used the model’s quantitative analysis and the weight placed on these factors may not accurately predict a security’s value. As a result, the fund may have a lower return than if the fund tracked an index based on a fundamental investment strategy, or an index that did not incorporate quantitative analysis. The fund is not actively “managed” which means the fund would not necessarily sell a security because the security’s issuer was in financial trouble unless that security is removed from the Index. In addition, the fund will not otherwise take defensive positions in declining markets unless such positions are reflected in the Index. Non-correlation 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. 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. Most investors will incur customary brokerage commissions when buying or selling shares of an ETF. 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. 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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• Not FDIC Insured • No Bank Guarantee • May Lose Value

This website is directed to and intended for use by citizens or residents of the United States of America only. The material provided on this website is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation. Investing involves risk, including the possible loss of principal.