Guggenheim Frontier Markets ETF

NAV $16.17
Change ($0.01) / -0.06%
As of 3/19/18

Market Close $16.21
Change ($0.12) / -0.73%
As of 3/19/18


Oct 2017 - Dec 2017

Greatest Premium (10/5/2017) 1.45% Number of days at:
Greatest Discount (11/9/2017) -0.89% Premium 23
# of Days within +0.5% and -0.5% 36 NAV 2
% of Days within +0.5% and -0.5% 0% Discount 38

Jul 2017 - Sep 2017

Greatest Premium (9/18/2017) 1.04% Number of days at:
Greatest Discount (7/12/2017) -0.86% Premium 45
# of Days within +0.5% and -0.5% 39 NAV 1
% of Days within +0.5% and -0.5% 0% Discount 17

Apr 2017 - Jun 2017

Greatest Premium (6/15/2017) 1.07% Number of days at:
Greatest Discount (5/17/2017) -0.74% Premium 52
# of Days within +0.5% and -0.5% 51 NAV 5
% of Days within +0.5% and -0.5% 0% Discount 6

Jan 2017 - Mar 2017

Greatest Premium (1/25/2017) 1.76% Number of days at:
Greatest Discount (1/20/2017) -0.73% Premium 47
# of Days within +0.5% and -0.5% 42 NAV 1
% of Days within +0.5% and -0.5% 0% Discount 14

Oct 2016 - Dec 2016

Greatest Premium (12/15/2016) 0.75% Number of days at:
Greatest Discount (11/25/2016) -3.31% Premium 10
# of Days within +0.5% and -0.5% 30 NAV 0
% of Days within +0.5% and -0.5% 0% Discount 53

Jul 2016 - Sep 2016

Greatest Premium (8/15/2016) 0.56% Number of days at:
Greatest Discount (9/14/2016) -1.64% Premium 7
# of Days within +0.5% and -0.5% 26 NAV 0
% of Days within +0.5% and -0.5% 0% Discount 57

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 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. 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. Risks of Investing in Frontier Securities: Frontier Market countries are emerging market countries. Investment in securities in emerging market countries involves risks not associated with investments in securities in developed countries, including risks associated with expropriation and/or nationalization, political or social instability, armed conflict, the impact on the economy as a result of civil war, religious or ethnic unrest and the withdrawal or non-renewal of any license enabling the fund to trade in securities of a particular country, confiscatory taxation, restrictions on transfers of assets, lack of uniform accounting, auditing and financial reporting standards, less publicly available financial and other information, diplomatic development which could affect U.S. investments in those countries and potential difficulties in enforcing contractual obligations. Frontier countries generally have smaller economies or less developed capital markets than traditional emerging markets, and, as a result, the risks of investing in emerging market countries are magnified in frontier countries. Political Risk: Certain of the frontier countries may be subject to a greater degree of political and social instability than is the case in more developed countries. Licensing, Custody and Settlement Risk: Approval of governmental authorities may be required prior to investing in the securities of companies based in certain frontier countries. Delays in obtaining such an approval would delay investments in the particular country. Certain banks in foreign countries that are eligible foreign sub-custodians may lack extensive operating experience, and there may be legal restrictions or limitations on the ability of the fund to recover assets held in custody by a foreign sub-custodian in the event of the bankruptcy of the sub-custodian. Because settlement systems may be less well organized than in developed markets, there may be a risk of delayed settlements and that cash or securities of the fund may be in jeopardy because of failures of or defects in the systems. Financial Services Sector Risk: The financial services industries are subject to extensive government regulation, can be subject to relatively rapid change due to increasingly blurred distinctions between service segments, and can be significantly affected by availability and cost of capital funds, changes in interest rates, the rate of corporate and consumer debt defaults, and price competition. 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. Micro-Cap Company Risk: Micro-cap stocks involve substantially greater risk so floss and price fluctuations because their earnings and revenues tend to be less predictable (and some companies may be experiencing significant losses), and their share prices tend to be more volatile and their markets less liquid than companies with larger market capitalizations. 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. Please note: the above risks are a broad overview of the potential risks associated with investing in the Frontier markets. Investing in securities of Frontier countries involves significant risk. The prospect us contains a more detailed discussion of these individual risks and should be evaluated when determining an investor’s risk tolerance.

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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