Guggenheim Total Return Bond ETF

NAV $52.22
Change ($0.02) / -0.04%
As of 3/23/18

Market Close $52.19
Change ($0.05) / -0.10%
As of 3/23/18


Oct 2017 - Dec 2017

Greatest Premium (12/13/2017) 0.36% Number of days at:
Greatest Discount (11/10/2017) -0.21% Premium 57
# of Days within +0.5% and -0.5% 63 NAV 2
% of Days within +0.5% and -0.5% 100% Discount 4

Jul 2017 - Sep 2017

Greatest Premium (7/26/2017) 0.24% Number of days at:
Greatest Discount (7/6/2017) -0.06% Premium 54
# of Days within +0.5% and -0.5% 63 NAV 2
% of Days within +0.5% and -0.5% 100% Discount 7

Apr 2017 - Jun 2017

Greatest Premium (4/26/2017) 0.35% Number of days at:
Greatest Discount (6/27/2017) -0.15% Premium 49
# of Days within +0.5% and -0.5% 63 NAV 1
% of Days within +0.5% and -0.5% 100% Discount 13

Jan 2017 - Mar 2017

Greatest Premium (3/8/2017) 0.13% Number of days at:
Greatest Discount (1/18/2017) -0.59% Premium 12
# of Days within +0.5% and -0.5% 61 NAV 2
% of Days within +0.5% and -0.5% 0% Discount 48

Oct 2016 - Dec 2016

Greatest Premium (10/11/2016) 0.30% Number of days at:
Greatest Discount (11/25/2016) -0.89% Premium 29
# of Days within +0.5% and -0.5% 60 NAV 0
% of Days within +0.5% and -0.5% 0% Discount 34

Jul 2016 - Sep 2016

Greatest Premium (9/16/2016) 0.38% Number of days at:
Greatest Discount (9/9/2016) -0.45% Premium 33
# of Days within +0.5% and -0.5% 64 NAV 0
% of Days within +0.5% and -0.5% 100% Discount 31

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. Investment Risk: An investment in the fund is subject to investment risk, including the possible loss of the entire principal amount that you invest. Non- Diversified Fund Risk: The fund is considered non-diversified and can invest a greater portion of assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in share price than would occur in a diversified fund. Credit/Default Risk: Issuers or guarantors of debt instruments or the counterparty to a repurchase agreement or loan of portfolio securities may be unable or unwilling to make timely interest and/or principal payments or otherwise honor its obligations. Interest Rate Risk: As interest rates rise, the value of fixed-income securities held by the fund are likely to decrease. Securities with longer durations tend to be more sensitive to interest rate changes, making them more volatile than securities with shorter durations. Income Risk: Falling interest rates may cause the fund’s income to decline. Municipal Securities Risk: Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest. Asset-Backed and Mortgage-Backed Securities Risk: Investors in ABS, including MBS and structured finance investments, generally receive payments that are part interest and part return of principal. These payments may vary based on the rate at which the underlying borrowers pay off their loans. Some asset-backed securities, including mortgage-backed securities, may have structures that make their reaction to interest rates and other factors difficult to predict, making their prices very volatile and they are subject to liquidity risk. High-Yield Securities Risk: High yield securities generally offer a higher current yield than that available from higher grade issues, but typically involve greater risk. Securities rated below investment grade are commonly referred to as “junk bonds.” The ability of issuers of high yield securities to make timely payments of interest and principal may be adversely impacted by adverse changes in general economic conditions, changes in the financial condition of the issuers, and price fluctuations in response to changes in interest rates. Investments in Loans Risk: Investments in loans involve special types of risks, including credit risk, interest rate risk, counterparty risk, and prepayment risk. Foreign Issuers Risk: The fund may invest in U.S. and non-U.S. dollar- denominated bonds of foreign corporations, governments, agencies, and supra-national agencies, which have different risks than investing in U.S. companies. Emerging Markets Risk: Investment in securities of issuers based in developing or “emerging market” countries entails all of the risks of investing in securities of non-U.S. issuers, as previously described, but to a heightened degree. 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. Derivatives Risk: Derivatives may pose risks in addition to and greater than those associated with investing directly in securities or other investments, including risks relating to leverage, imperfect correlations with underlying investments or the fund’s other portfolio holdings, high price volatility, lack of availability, counterparty credit, liquidity, valuation, and legal restrictions. Leverage Risk: The fund’s use of leverage, whether through borrowings or through economic leverage from instruments such as derivatives, may cause the fund to be more volatile and riskier than if it had not been leveraged. Portfolio Turnover Risk: The fund may engage inactive and frequent trading of its portfolio securities in connection with the rebalancing of the index, and therefore the fund’s investments. Management Risk: The fund is subject to management risk because it is an actively managed portfolio. In managing the fund’s portfolio securities, the investment advisor will apply investment techniques and risk analyses in making investment decisions for the fund, but there can be no guarantee that these will produce the desired results. Risk of Deviation Between Market Price and NAV: Unlike conventional ETFs, the fund is not an index fund. The fund is actively managed and does not seek to replicate the performance of a specified index. There can be no assurance as to whether and/or the extent to which the shares will trade at premiums or discounts to NAV. In addition, the fund is subject to additional risks and other considerations not mentioned above. Please read the prospectus for additional information.

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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