Undervalued Top Picks Portfolio Series 21

The Trust seeks to provide a portfolio of securities that the Sponsor believes are undervalued by the market and have the potential for increased profitability. However, there can be no assurance that any security held by the Trust will meet the Trust’s objective.

The Trust may hold U.S.-listed common stocks of companies of all market capitalizations. The U.S.-listed common stocks held by the Trust may include the common stocks of U.S. and non- U.S. companies. The Trust may invest in the common stock of real estate investment companies.

The Trust’s portfolio is constructed and the securities are selected on April 30, 2019 using the methodology described below.

In constructing the Trust portfolio, securities will be selected based on the following fundamentally-based quantitative criteria:

• Begin with all companies listed in the Russell 3000 Index.

• Exclude the smallest 1000 companies as measured by market capitalization.

• Exclude companies with a price per share of less than $5 and more than $500.

• Exclude companies with a 30-day average daily traded value of less than $1 million.

• Rank companies according to Guggenheim’s Compass Valuation Model, which is a proprietary process that evaluates companies based on a company’s profitability trend relative to its market valuation trend.

• Select the top companies as identified by the Compass Valuation Model, subject to a sector limitation of +/- 15% of the sector weightings of the Russell 3000 Index.

• Equally weight each selected security within the portfolio as of the security selection date. Please note that due to the fluctuating nature of security prices, the weighting of an individual security in the Trust portfolio may change after the security selection date.

Compass Valuation Model

The Compass Valuation Model is a proprietary process that evaluates companies based on a company’s profitability trend relative to its trend in market valuation. The Compass Valuation Model generates a measure derived from many discrete factors that are used to determine the trajectory of a company’s return on invested capital (ROIC) relative to the company’s market valuation trend. Stocks that demonstrate a strong, relatively uninterrupted improvement in their ROIC, but remain undervalued by the marketplace, result in higher model scores and are selected for the portfolio.

INDEX DEFINITION: The Russell 3000 Index is composed of the 3,000 largest U.S. companies ranked by total market capitalization, representing approximately 98% of the U.S. investable equity market. The index is unmanaged and it is not possible to invest directly in the index.

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.

• The Trust invests in REITs. REITs may concentrate their investments in specific geographic areas or in specific property types, such as, hotels, shopping malls, residential complexes and office buildings. The Trust invests in REITs. REITs may concentrate their investments in specific geographic areas or in specific property types, such as, hotels, shopping malls, residential complexes and office buildings. The value of the REITs and other real estate securities and the ability of such securities to distribute income may be adversely affected by several factors, including: rising interest rates; changes in the global and local economic climate and real estate conditions; perceptions of prospective tenants of the safety, convenience and attractiveness of the properties; the ability of the owner to provide adequate management, maintenance and insurance; the cost of complying with the Americans with Disabilities Act; increased competition from new properties; the impact of present or future environmental legislation and compliance with environmental laws; changes in real estate taxes and other operating expenses; adverse changes in governmental rules and fiscal policies; adverse changes in zoning laws; declines in the value of real estate; the downturn in the subprime mortgage lending market and the real estate markets in the United States; and other factors beyond the control of the issuer of the security.

• The Trust invests in securities issued by small-capitalization and mid-capitalization companies. These securities customarily involve more investment risk than securities of large-capitalization companies. Small-capitalization and mid-capitalization companies may have limited product lines, markets or financial resources and may be more vulnerable to adverse general market or economic developments.

• Share prices or dividend rates on the securities in the Trust may decline during the life of the Trust. There is no guarantee that share prices of the securities in the Trust will not decline and 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.

• Inflation may lead to a decrease in the value of assets or income from investments.

• The Sponsor does not actively manage the portfolio. The Trust will generally hold, and may, when creating additional units, continue to buy, the same securities even though a security’s outlook, market value or yield may have changed.

See “Investment Risks” in Part A of the prospectus and “Risk Factors” in Part B of the prospectus for additional information.