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Guggenheim Ultra Short Duration ETF (GSY)


Guggenheim Ultra Short Duration ETF (GSY) seeks maximum current income, consistent with preservation of capital and daily liquidity. GSY holds a diversified portfolio of varying maturities, with an average duration of less than one year.

Fund Highlights and Applications

  • Actively managed approach may offer enhanced yield opportunities within a risk-managed approach.
  • Can be used for tactical cash positions to deliver potentially greater return than cash as well as liquidity for non-immediate needs.
  • May provide flexibility to invest in floating rate securities, which re-set based on current interest rates, strategically positioning the fund for a changing interest rate environment.

Active ETFs: The Benefits of ETFs Combined with Active Management

An actively managed ETF combines the benefits of the ETF structure with the dynamics of an actively managed strategy. The results is a transparent, diversified and liquid investment product blended with portfolio management expertise. An active ETF doesn’t just seek to match its benchmark, it strives to outperform it, while also seeking to mitigate risk.

Active ETFs

Portfolio Management Team

  • B. Scott Minerd, Chairman of Investments and Global Chief Investment Officer
  • Anne B. Walsh, CFA, JD Senior Managing Director and Chief Investment Officer
  • James W. Michal, Senior Managing Director and Portfolio Manager
  • Steven H. Brown, CFA, Managing Director, Portfolio Manager
  • Kris Dorr, Director, Portfolio Manager


Ticker Magazine: Divide and Structure to Win - Guggenheim Fixed Income Funds

November 3, 2016

Traditionally, fixed-income investment organizations have relied on a single manager overseeing the whole decision-making cycle with the support of a research team. Guggenheim Investments has deconstructed this common execution model. Instead of using a centralized structure, Guggenheim’s fixed income group has four individual teams working together at macro research, sector, portfolio construction, and portfolio management levels.

Read More

Steven H. Brown, CFA,

Managing Director and Portfolio Manager

Overall Morningstar Rating™

4 Stars

Based on risk-adjusted returns out of 135 Ultrashort Bond funds. As of 9.30.2017.*


Fund Resources

Fixed Income Tools

Performance Comparison Tool
Allocation Comparison Tool
Allocation Over Time Tool

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Performance Comparison - Fund vs Benchmark

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Guggenheim Ultra Short Duration ETF (GSY)

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Bloomberg Barclays 1-3 Month T-Bill Index

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Chart illustrates values of a hypothetical $10,000 investment made on the fund's inception date, plotted monthly, to the most recent year-end, with dividends and capital gains reinvested.

Annualized Volatility: is measured by standard deviation, a statistical measure of the historical volatility of an investment, usually computed using 36 monthly returns.

Standard Deviation: A statistical measure of the historical volatility of an investment, usually computed using 36 monthly returns.

Yield to Maturity (YTM) is the total return anticipated on a bond if the bond is held until the end of its lifetime.

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. Current performance may be lower or higher than the performance data quoted. Returns for performance under one year are cumulative, not annualized. For standard performance and performance current to the most recent month end, click here.

The Bloomberg Barclays 1-3 Month U.S. Treasury Bill Index tracks the performance of U.S. Treasury bills with a remaining maturity of one to three months. U.S. Treasury bills, which are short-term loans to the U.S. government, are full-faith-and-credit obligations of the U.S. Treasury and are generally regarded as being free of any risk of default. The referenced indices are unmanaged and not available for direct investment. Index performance does not reflect transaction costs, fees, or expenses.

Index performance is for illustration purposes only and is not meant to represent any particular fund. Returns do not reflect any management fees, transaction costs or expenses. The index is unmanaged and not available for direct investment.

Sector Allocation Comparison - Fund vs Benchmark

Click and Drag pip_handle.jpg to change time periods and view respective data

As of December 2016

Correlation: A measurement between -1 and 1, which indicates the linear relationship between two variables. If there is no relationship between two variables, the correlation coefficient is 0. If there is a perfect relationship, the correlation is 1. And if there is a perfect inverse relationship, the correlation is -1.

Duration is a measure of interest-rate sensitivity of a fixed-income security based on an interest rate change of 1% or 100 basis points.

Weighted average effective duration of the securities comprising the fund portfolio or the index. Effective duration takes into account any embedded options (i.e., a put or a call) and reflects the expected change in future cash flows caused by the options in response to changing interest rates.

Yield to Maturity (YTM) is the total return anticipated on a bond if the bond is held until the end of its lifetime.

Sector Allocation Breakdown Over Time

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Cash was set to zero for periods where the ending cash balance was negative due to traded but not settled trades.

Past performance is no guarantee of future results.

Prior to June 30, 2017, the fund was named the Guggenheim Enhanced Short Duration ETF.

*As of 9.30.2017, Institutional Class was rated, based on its risk-adjusted returns, 4 stars Overall, 4 stars for 3 years, and 4 stars for 5 years out of 135, 135, and 101 Ultrashort Bond funds, respectively.

The Morningstar Rating for funds, or “star rating”, is calculated for managed products with at least a three-year history and does not include the effect of sales charges. Exchange-traded funds and open-end mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with its 3-year. 5-year, and 10-year (if applicable) Morningstar Rating metrics.

©2017 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary of Morningstar and /or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of its information. Past performance is no guarantee of future results.

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. 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. 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. 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. 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. As with any investment, you should consider how your investment will be taxed. The tax information contained in the prospectus is provided as general information. Investors should consult their own tax professional about the tax consequences of an investment as Guggenheim Funds Distributors, LLC does not offer tax advice.

Read the fund’s prospectus and summary prospectus (if available) carefully before investing. It contains the fund’s investment objectives, risks, charges, expenses and 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.

©2018 Guggenheim Investments. All Rights Reserved.

• Not FDIC Insured • No Bank Guarantee • May Lose Value

The referenced fund is distributed by Guggenheim Funds Distributors, LLC. Guggenheim Investments represents the investment management business of Guggenheim Partners, LLC ("Guggenheim"), which includes Guggenheim Funds Investment Advisors ("GFIA"), the investment advisors to the referenced fund. Guggenheim Funds Distributors, LLC is affiliated with Guggenheim and GFIA.

This website is directed to and intended for use by citizens or residents of the United States of America only. The material provided on this website is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation. Investing involves risk, including the possible loss of principal.