Guggenheim Bulletshares® 2011-2017 Corporate Bond ETF Ladder Allocation Portfolio Series 1

Under normal circumstances, the Trust will invest at least 80% of the value of its assets in shares of ETFs that invest in investment-grade corporate bonds which have scheduled maturities from 2011 through 2017. The ETFs in which the Trust invests are sponsored by or affiliated with Guggenheim Funds Distributors Inc., ("Guggenheim Funds" or "Sponsor"), the Sponsor of the Trust. The ETFs held by the Trust invest in investment-grade corporate bonds and have scheduled maturities from 2011 through 2017. Each ETF will hold bonds with effective maturities for the same year as the ETF is scheduled to mature. The effective maturity of an eligible corporate bond is determined by its actual maturity or, in the case of callable securities, its redemption provisions.

By investing in a portfolio of corporate bond ETFs that have a scheduled maturity, the Trust may provide unitholders with diversification across different issuers and relatively low overall duration exposure. As each ETF matures and returns its net assets to the shareholders of such fund, the proceeds will be distributed to unitholders of the Trust in the form of principal. This approach may allow unitholders to take advantage of changing market conditions at the time of the principal distribution in order to meet their investment goals. The ETFs held by the Trust are affiliated funds of the Sponsor and the Sponsor will receive management fees from the funds held in the Trust.

When selecting the ETFs for the Trust, the Sponsor begins with a universe consisting of ETFs Sponsored by Guggenheim Funds. From this starting universe of ETFs, the Sponsor has selected ETFs holding investment-grade corporate bonds that have scheduled maturities from 2011 through 2017 to create a laddered bond ETF portfolio. The Trust will initially consist of a portfolio with an approximately equal weighting in each of the BulletShares^® ETF bonds funds that are currently trading on the New York Stock Exchange on the initial date of deposit (the “Inception Date”). Except for the different maturity dates of the underlying corporate bonds, each of the ETFs utilizes a similar investment methodology. This may provide unitholders with a consistent management style approach while gaining exposure to a range of different maturities in the investment-grade, corporate bond ETF space.

As with all investments, you may lose some or all of your investment in the Trust. No assurance can be given that the Trust’s investment objective will be achieved. The Trust also might not perform as well as you expect. This can happen for reasons such as these:

• Securities prices can be volatile. The value of your investment may fall over time. Market value fluctuates in response to various factors. These can include stock market movements, purchases or sales of securities by the Trust, government policies, litigation, and changes in interest rates, inflation, the financial condition of the securities’ issuer or even perceptions of the issuer. Units of the Trust are not deposits of any bank and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
• Due to the current state of the economy, the value of the securities held by the Trust may be subject to steep declines or increased volatility due to changes in performance or perception of the issuers. Starting in December 2007, economic activity declined across all sectors of the economy, and the United States experienced increased unemployment. The economic crisis affected the global economy with European and Asian markets also suffering historic losses. Extraordinary steps have been taken by the governments of several leading countries to combat the economic crisis; however, the impact of these measures is not yet fully known and cannot be predicted.
• Share prices or dividend rates on the securities in the Trust may decline during the life of the Trust. There is no guarantee that the issuers of the securities will declare dividends in the future and, if declared, whether they will remain at current levels or increase over time.
• The Trust invests in shares of ETFs. ETFs are investment pools that hold other securities. The ETFs in the Trust are usually passively-managed index funds that seek to replicate the performance or composition of a recognized securities index. ETFs are subject to various risks, including management’s ability to meet the fund’s investment objective. You will bear not only your share of your trust’s expenses, but also the expenses of the underlying ETFs. By investing in ETFs, the Trust incurs greater expenses than you would incur if you invested directly in the ETFs.
• The Trust invests in ETFs that are sponsored by Guggenheim Funds, the Sponsor of the Trust. In selecting among these ETFs, the Sponsor is subject to potential conflicts of interest because the Sponsor will receive management fees for the ETFs held by the Trust. However, the Sponsor seeks to meet the Trust’s investment objective by selecting ETFs that best satisfy the requirements of the security selection process.
• The Trust is subject to index correlation risk. Index correlation risk is the risk that the performance of an ETF will vary from the actual performance of the fund’s target index, known as “tracking error.” This can happen due to transaction costs, market impact, corporate actions (such as mergers and spin-offs) and timing variances.
• The ETFs in the Trust invest in investment-grade corporate bonds. The value of these bonds will decline with increases in interest rates, not only because increases in rates generally decrease values, but also because increased rates may indicate an economic slowdown. An economic slowdown, or a reduction in an issuer’s creditworthiness, may result in the issuer being unable to maintain earnings at a level sufficient to maintain interest and principal payments.
• The value of the fixed-income securities ETFs will generally fall if interest rates, in general, rise. Typically, fixed-income securities with longer periods before maturity are more sensitive to interest rate changes.
• An ETF or an issuer of securities held by an ETF may be unwilling or unable to make principal payments and/or to declare dividends in the future, may call a security before its stated maturity, or may reduce the level of dividends declared. This may result in a reduction in the value of your units.
• The financial condition of an ETF or an issuer of securities held by an ETF may worsen, resulting in a reduction in the value of your units. This may occur at any point in time, including during the primary offering period.
• Certain ETFs held by the Trust invest in foreign securities. Investment in foreign securities presents additional risk. Foreign risk is the risk that foreign securities will be more volatile than U.S. securities due to such factors as adverse economic, currency, political, social or regulatory developments in a country, including government seizure of assets, excessive taxation, limitations on the use or transfer of assets, the lack of liquidity or regulatory controls with respect to certain industries or differing legal and/or accounting standards.
• The Sponsor does not actively manage the portfolio. The Trust will generally hold, and may, when crating additional units, continue to buy, the same securities even though a security’s outlook, market value or yield may have changed.
• Inflation may lead to a decrease in the value of assets or income from investments.