Guggenheim China All-Cap ETF

NAV $37.54
Change ($0.26) / -0.69%
As of 3/21/18

Market Close $37.52
Change ($0.25) / -0.66%
As of 3/21/18

Investment Objective

Guggenheim China All-Cap ETF (YAO) seeks investment results that correspond generally to the performance, before the fund’s fees and expenses, of the AlphaShares China All-Cap Index. YAO generally will invest in all of the securities comprising the index in proportion to their weightings in the index.

Index Description

The AlphaShares China All-Cap Index is designed to measure and monitor the performance of publicly issued common equity securities trading on a major exchange of publicly-traded mainland China-based companies that are open to foreign ownership.

Fund Highlights

  • Offers broad investment exposure to publicly-traded Chinese companies across all market-capitalizations.
  • Encourages diversification by limiting individual equity positions to not more than 5% and by allowing the inclusion of Chinese companies listed on exchanges outside of China (i.e. NYSE Arca, Inc. or NASDAQ Stock Market).
  • Provides an opportunity to benefit from China’s economic growth outlook which is forecast to be higher than most developed and emerging countries. (Source: IMF World Economic Outlook, Oct. 2014).

Top Fund Holdings

Security Name % of Net Assets

Fund Profile

Fund Ticker YAO
Exchange NYSE Arca
iNAV Ticker YAO.IV
CUSIP 18385P101
Fund Inception Date 10/19/2009
Distribution Schedule (if any) Annually
Gross Expense Ratio 0.70%
Net Expense Ratio 0.70%
Fiscal Year-End 8/31
Index Ticker ACNAC
Index Name AlphaShares China All Cap Index
Volume 446
Shares Outstanding 700,000
Total Assets $26,279,967
Investment Adviser Guggenheim Funds Investment Advisors, LLC
Distributor Guggenheim Funds Distributors, LLC

Net Asset Value (NAV)

NAV $37.54
Change ($0.26) | -0.69%
52-Week High $39.79
52-Week Low $27.34

Market Close

Closing Price $37.52
Change ($0.25) | -0.66%
52-Week High $39.90
52-Week Low $27.27
Bid/Ask Midpoint $37.58
Premium/Discount 0.09%

Fund Characteristics

Number of Securities 304
Price to Earning (P/E) 39.65
Price to Book (P/B) 4.83

Fund Statistics

Beta 0.99
Standard Deviation 22.16

Current Distribution

Ex-Date 12/26/17
Record Date 12/27/17
Payable Date 12/29/17
Distribution per Share $0.714400

Index Methodology

The Index was created by AlphaShares and the Index methodology is published at www.alphashares.com. The Index is designed to measure and monitor the performance of publicly issued common equity securities of publicly-traded companies based in mainland China. Proprietary and third-party financial and economic information and research are utilized to: (1) identify potential Index constituents and verify that such companies are based in mainland China; and (2) calculate the number of shares of each potential Index constituent outstanding, adjusted for free-float, for usage in the modified float-adjusted market capitalization weighting methodology. To ensure adequate liquidity, constituents must have a float-adjusted market capitalization of $500 million or greater for initial inclusion in the Index. A float-adjusted market capitalization of $400 million or greater is required for ongoing inclusion in the Index. The Index is rebalanced and reconstituted annually. The AlphaShares Index Committee will meet annually in October to review the Index methodology. Any changes to the methodology will be publicly disclosed on www.alphashares.com at least 10 business days prior to implementation of the change.

Index Construction

Index construction is the responsibility of the Index Provider. Securities that meet the following criteria will be included in the Index:

  1. Chinese Companies. Only companies based in mainland China are eligible for inclusion in the Index. For purposes of the Index, companies are considered to be based in mainland China if they are so classified under the S&P BMI Country Code classification system.
  2. Investability. To ensure adequate investability, only shares open to foreign ownership that meet the criteria below are eligible for inclusion:
    1. China A-shares are not eligible.
    2. China B-shares are not eligible.
    3. Hong Kong listed securities including China H-shares and Red Chips are eligible.
    4. N-Shares trading in New York and their equivalents trading in other foreign markets are eligible.
    5. Equity Securities. Only publicly issued common equity securities trading on a major exchange are eligible for inclusion in the Index. Debt or quasi-debt securities, such as convertible securities, are not eligible for inclusion.
    6. Depositary Receipts. ADRs, ADSs, GDRs and IDRs are eligible for inclusion in the Index.
    7. Market Capitalization. The Index will include equity securities of companies of all capitalizations as defined by the Index Provider. To ensure adequate liquidity, constituents must have a float-adjusted market capitalization of $500 million or greater for initial inclusion in the Index. A float-adjusted market capitalization of $400 million or greater at the time of each rebalance is required for ongoing inclusion in the Index.
    8. Weighting Methodology. The Index uses a modified float-adjusted market capitalization weighting methodology to weight individual positions. At the time of each rebalance, the weight of any one sector (based on Standard & Poor’s Global Industry Classification Standard) cannot be greater than 35% of the Index and the weight of any one position cannot be greater than 5.0% of the Index.
    9. Rebalancing. Except in unusual circumstances (including, but not limited to, mergers, spin-offs, delisting, tender offers or the acquisition or bankruptcy of the company), the Index is rebalanced and reconstituted annually.

Risks and Other Considerations

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. China Investment Risk: Investing in securities of Chinese companies involves additional risks, including, but not limited to: the economy of China differs, often unfavorably, from the U.S. economy in such respects as structure, general development, government involvement, wealth distribution, rate of inflation, growth rate, allocation of resources and capital reinvestment, among others; the central government has historically exercised substantial control over virtually every sector of the Chinese economy through administrative regulation and/or state ownership; and actions of the Chinese central and local government authorities continue to have a substantial effect on economic conditions in China. In addition, previously the Chinese government has from time to time taken actions that influence the prices at which certain goods may be sold, encourage companies to invest or concentrate in particular industries, induce mergers between companies in certain industries and induce private companies to publicly offer their securities to increase or continue the rate of economic growth, control the rate of inflation or otherwise regulate economic expansion. From time to time, certain of the companies comprising the Index that are located in China may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. government and the United Nations and/or in countries identified by the U.S. government as state sponsors of terrorism. Limited Exposure Risk: China A-Shares and China B-Shares are not eligible for inclusion in the index, even if they would otherwise qualify under the other criteria set forth under “Index Construction” found in the prospectus. China A-Shares are subject to substantial restrictions on foreign investment, while the China B-Share market generally is smaller and offers less liquidity than the categories of securities that may be included in the index. However, by excluding such shares from the index, the exposure provided by the index (and thus the fund) to the Chinese presence in the sector may be more limited than would be the case if the index included China A-Shares or China B-Shares. 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. 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. In addition, the funds are subject to: Non-correlation risk, Replication Management Risk, Issuer-Specific Changes and Non-Diversified Fund Risk. Please read the prospect us 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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