Guggenheim Raymond James SB-1 Equity ETF

NAV $44.65
Change $0.49 / 1.11%
As of 3/21/18

Market Close $44.69
Change $0.58 / 1.31%
As of 3/21/18


Oct 2017 - Dec 2017

Greatest Premium (12/22/2017) 0.07% Number of days at:
Greatest Discount (12/14/2017) -0.25% Premium 5
# of Days within +0.5% and -0.5% 63 NAV 3
% of Days within +0.5% and -0.5% 100% Discount 55

Jul 2017 - Sep 2017

Greatest Premium (7/24/2017) 0.11% Number of days at:
Greatest Discount (9/15/2017) -0.31% Premium 3
# of Days within +0.5% and -0.5% 63 NAV 6
% of Days within +0.5% and -0.5% 100% Discount 54

Apr 2017 - Jun 2017

Greatest Premium (4/25/2017) 0.14% Number of days at:
Greatest Discount (6/23/2017) -0.14% Premium 8
# of Days within +0.5% and -0.5% 63 NAV 4
% of Days within +0.5% and -0.5% 100% Discount 51

Jan 2017 - Mar 2017

Greatest Premium (2/14/2017) 0.15% Number of days at:
Greatest Discount (1/11/2017) -0.08% Premium 50
# of Days within +0.5% and -0.5% 62 NAV 3
% of Days within +0.5% and -0.5% 100% Discount 9

Oct 2016 - Dec 2016

Greatest Premium (12/29/2016) 0.13% Number of days at:
Greatest Discount (11/21/2016) -0.14% Premium 20
# of Days within +0.5% and -0.5% 63 NAV 3
% of Days within +0.5% and -0.5% 100% Discount 40

Jul 2016 - Sep 2016

Greatest Premium (8/1/2016) 0.06% Number of days at:
Greatest Discount (8/24/2016) -0.15% Premium 7
# of Days within +0.5% and -0.5% 64 NAV 3
% of Days within +0.5% and -0.5% 100% Discount 54

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 prices of equity securities generally fluctuate in value more than fixed-income investments, may rise or fall rapidly or unpredictably and may reflect real or perceived changes in the issuing company’s financial condition and changes in the overall market or economy. A decline in the value of equity securities held by the fund will adversely affect the value of your investment in the fund. Small- and Medium-Sized Company Risk The fund is subject to the risk that small- and mid- capitalization securities may underperform other segments of the equity market or the equity market as a whole, may be more speculative, volatile and less liquid than securities of large companies, and may be more vulnerable to adverse developments than large capitalization companies. Micro-Cap Company Risk: Micro-cap stocks involve substantially greater risks of loss 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. 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. REIT Risk: Investments in securities of real estate companies involve risks. These risks include, among others, adverse changes in national, state or local real estate conditions; obsolescence of properties; changes in the availability, cost and terms of mortgage funds; and the impact of changes in environmental laws. Depositary Receipt Risk: The fund may hold the securities of non-U.S. companies in the form of depositary receipts, which are subject to fluctuations in foreign currency exchange rates that may affect the value of the fund’s portfolio. The value of the securities underlying the depositary receipts may change materially when the U.S. markets are not open for trading. Investments in the underlying foreign securities also involve political and economic risks distinct from those associated with investing in the securities of U.S. issuers. Investment in BDCs Risk: BDCs generally invest in less mature private companies, which involve greater risk than well-established, publicly-traded companies. The Investment Company Act of 1940, as amended (the “1940 Act”), imposes certain restraints upon the operations of a BDC and these limitations may prohibit the way that the BDC raises capital. MLP Risk: MLPs are subject to tax risks, limited control and voting rights and potential conflicts of interest. MLPs that concentrate in a particular industry or a particular geographic region are subject to risks associated with such industry or region. Securities issued by MLPs may be relatively illiquid or volatile at times. MLPs may be subject to state taxation in certain jurisdictions, which may reduce the amount of income an MLP pays to its investors. Financial Services Sector Risk: The financial sector can be affected by changes in interest rates, government regulation, the rate of defaults on corporate, consumer and government debt, the availability and cost of capital, and the impact of more stringent capital requirements, which may adversely affect the fund. Risks Relating to Raymond James & Associate Equity Securities Ratings: The fund will seek to construct and maintain a portfolio consisting of the equity securities rated SB-1 by Raymond James & Associates analysts. Changes in the ratings methodologies or in the scope of equity research by Raymond James & Associates may have an adverse effect on the ability of the fund to pursue its investment strategy. Please see the prospectus for more details and risks pertaining to the following subjects: the details of and possible changes in the ratings system used by Raymond James & Associates analysts, Raymond James & Associates’ provision of research, the subsequent risks and procedures in the event that an analyst leaves Raymond James & Associates, the effects of the modification of research reports published by Raymond James & Associates, including the timing of updating this research and the timing of communicating to investors a change in sentiment pertaining to a covered security (based on the laws, rules and regulations of the SEC and of, other regulatory agencies). Portfolio Turnover Risk: The fund may engage in active and frequent trading of its portfolio securities in connection with the rebalancing of the index, and therefore the fund’s investments. In addition, the fund is 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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• Not FDIC Insured • No Bank Guarantee • May Lose Value

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