Guggenheim Shipping ETF

NAV $10.60
Change ($0.10) / -0.93%
As of 3/23/18

Market Close $10.55
Change ($0.10) / -0.94%
As of 3/23/18


Oct 2017 - Dec 2017

Greatest Premium (10/5/2017) 0.17% Number of days at:
Greatest Discount (12/1/2017) -0.39% Premium 14
# of Days within +0.5% and -0.5% 63 NAV 5
% of Days within +0.5% and -0.5% 100% Discount 44

Jul 2017 - Sep 2017

Greatest Premium (7/12/2017) 0.41% Number of days at:
Greatest Discount (8/10/2017) -0.42% Premium 22
# of Days within +0.5% and -0.5% 63 NAV 15
% of Days within +0.5% and -0.5% 100% Discount 26

Apr 2017 - Jun 2017

Greatest Premium (4/3/2017) 0.33% Number of days at:
Greatest Discount (5/17/2017) -0.72% Premium 20
# of Days within +0.5% and -0.5% 62 NAV 6
% of Days within +0.5% and -0.5% 0% Discount 37

Jan 2017 - Mar 2017

Greatest Premium (2/9/2017) 0.66% Number of days at:
Greatest Discount (3/21/2017) -0.32% Premium 57
# of Days within +0.5% and -0.5% 58 NAV 1
% of Days within +0.5% and -0.5% 0% Discount 4

Oct 2016 - Dec 2016

Greatest Premium (11/9/2016) 0.86% Number of days at:
Greatest Discount (11/25/2016) -2.89% Premium 48
# of Days within +0.5% and -0.5% 48 NAV 2
% of Days within +0.5% and -0.5% 0% Discount 13

Jul 2016 - Sep 2016

Greatest Premium (9/21/2016) 0.92% Number of days at:
Greatest Discount (8/1/2016) -0.27% Premium 58
# of Days within +0.5% and -0.5% 48 NAV 2
% of Days within +0.5% and -0.5% 0% Discount 4

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. Shipping Industry Risk: Due to the composition of the index, the fund will concentrate its investments in securities of companies in the shipping industry. Accordingly, the fund may be subject to more risks than if it were broadly diversified over numerous industries and sectors of the economy. Companies in the shipping industry are subject to volatile fluctuations in the price and supply of energy fuels, steel, raw materials, and other products transported by containerships. In addition, changes in seaborne transportation patterns, weather patterns, and events including hurricane activity, commodities prices, international politics and conflicts, port congestion, canal closures, embargoes, and labor strikes can significantly affect companies involved in the maritime shipping of crude oil, dry bulk and container cargo. 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. Energy Sector Risk: The profitability of companies in the energy sector is related to worldwide energy prices, exploration, and production spending. 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 Related to Investing in Greece: Greece’s economy is heavily dependent on the services sector and has a large public sector. Key trading partners are member states of the EU, most notably Germany, Spain, Italy and the United Kingdom. Decreasing demand for Greek products and services or changes in governmental regulations on trade may have a significantly adverse effect on Greece’s economy. Greece’s ability to repay its sovereign debt is in question, and the possibility of default is not unlikely, which could limit its ability to borrow in the future. 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 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. MLP Risk: Investments in securities of MLPs involve risks that differ from an investment in common stock. Holders of the units of MLPs have more limited control and limited rights to vote on matters affecting the partnership. There are also certain tax risks associated with an investment in units of MLPs. 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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