0000891804-12-001341.txt : 20121018 0000891804-12-001341.hdr.sgml : 20121018 20121018164645 ACCESSION NUMBER: 0000891804-12-001341 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 8 FILED AS OF DATE: 20121018 DATE AS OF CHANGE: 20121018 EFFECTIVENESS DATE: 20121022 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Claymore Exchange-Traded Fund Trust CENTRAL INDEX KEY: 0001364089 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-134551 FILM NUMBER: 121150827 BUSINESS ADDRESS: STREET 1: C/O GUGGENHEIM FUNDS INVESTMENT ADVISORS STREET 2: 2455 CORPORATE WEST DRIVE CITY: LISLE STATE: IL ZIP: 60532 BUSINESS PHONE: 630-505-3700 MAIL ADDRESS: STREET 1: C/O GUGGENHEIM FUNDS INVESTMENT ADVISORS STREET 2: 2455 CORPORATE WEST DRIVE CITY: LISLE STATE: IL ZIP: 60532 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Claymore Exchange-Traded Fund Trust CENTRAL INDEX KEY: 0001364089 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-21906 FILM NUMBER: 121150828 BUSINESS ADDRESS: STREET 1: C/O GUGGENHEIM FUNDS INVESTMENT ADVISORS STREET 2: 2455 CORPORATE WEST DRIVE CITY: LISLE STATE: IL ZIP: 60532 BUSINESS PHONE: 630-505-3700 MAIL ADDRESS: STREET 1: C/O GUGGENHEIM FUNDS INVESTMENT ADVISORS STREET 2: 2455 CORPORATE WEST DRIVE CITY: LISLE STATE: IL ZIP: 60532 0001364089 S000016396 Guggenheim S&P Global Dividend Opportunities Index ETF C000045527 Guggenheim S&P Global Dividend Opportunities Index ETF LVL 0001364089 S000020358 Guggenheim Enhanced Core Bond ETF C000057144 Guggenheim Enhanced Core Bond ETF GIY 0001364089 S000020359 Guggenheim Enhanced Ultra-Short Bond ETF C000057145 Guggenheim Enhanced Short Duration Bond ETF GSY 0001364089 S000027340 Guggenheim BulletShares 2020 Corporate Bond ETF C000082549 Guggenheim BulletShares 2020 Corporate Bond ETF 0001364089 S000027341 Guggenheim BulletShares 2012 Corporate Bond ETF C000082550 Guggenheim BulletShares 2012 Corporate Bond ETF BSCC 0001364089 S000027342 Guggenheim BulletShares 2013 Corporate Bond ETF C000082551 Guggenheim BulletShares 2013 Corporate Bond ETF BSCD 0001364089 S000027343 Guggenheim BulletShares 2014 Corporate Bond ETF C000082552 Guggenheim BulletShares 2014 Corporate Bond ETF BSCE 0001364089 S000027344 Guggenheim BulletShares 2015 Corporate Bond ETF C000082553 Guggenheim BulletShares 2015 Corporate Bond ETF BSCF 0001364089 S000027345 Guggenheim BulletShares 2016 Corporate Bond ETF C000082554 Guggenheim BulletShares 2016 Corporate Bond ETF BSCG 0001364089 S000027346 Guggenheim BulletShares 2017 Corporate Bond ETF C000082555 Guggenheim BulletShares 2017 Corporate Bond ETF BSCH 0001364089 S000027347 Guggenheim BulletShares 2018 Corporate Bond ETF C000082556 Guggenheim BulletShares 2018 Corporate Bond ETF 0001364089 S000027348 Guggenheim BulletShares 2019 Corporate Bond ETF C000082557 Guggenheim BulletShares 2019 Corporate Bond ETF 0001364089 S000030303 Guggenheim BulletShares 2012 High Yield Corporate Bond ETF C000093273 Guggenheim BulletShares 2012 High Yield Corporate Bond ETF BSJC 0001364089 S000030304 Guggenheim BulletShares 2013 High Yield Corporate Bond ETF C000093274 Guggenheim BulletShares 2013 High Yield Corporate Bond ETF BSJD 0001364089 S000030305 Guggenheim BulletShares 2014 High Yield Corporate Bond ETF C000093275 Guggenheim BulletShares 2014 High Yield Corporate Bond ETF BSJE 0001364089 S000030306 Guggenheim BulletShares 2015 High Yield Corporate Bond ETF C000093276 Guggenheim BulletShares 2015 High Yield Corporate Bond ETF BSJF 0001364089 S000030307 Guggenheim BulletShares 2016 High Yield Corporate Bond ETF C000093277 Guggenheim BulletShares 2016 High Yield Corporate Bond ETF BSJG 0001364089 S000030308 Guggenheim BulletShares 2017 High Yield Corporate Bond ETF C000093278 Guggenheim BulletShares 2017 High Yield Corporate Bond ETF BSJH 0001364089 S000030309 Guggenheim BulletShares 2018 High Yield Corporate Bond ETF C000093279 Guggenheim BulletShares 2018 High Yield Corporate Bond ETF BSJI 485BPOS 1 gug549878889etf1-485bxbrl.htm GUGGENHEIM ETF 1 TRUST gug549878889etf1-485bxbrl.htm
As filed with the Securities and Exchange Commission on October 18, 2012
 
SECURITIES ACT FILE NO. 333-134551
INVESTMENT COMPANY ACT FILE NO. 811-21906
======================================================================================================================================================================================================================================================
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM N-1A
 
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
x
Pre-Effective Amendment No.
 ¨
Post Effective Amendment No. 215    
x
 
and/or
 
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
x
Amendment No. 218
 
(Check appropriate box or boxes)
 
CLAYMORE EXCHANGE-TRADED FUND TRUST
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
 
2455 CORPORATE WEST DRIVE
LISLE, ILLINOIS 60532
(Address of Principal Executive Offices)
 
(630) 505-3700
Registrant's Telephone Number
 
KEVIN M. ROBINSON, ESQ.
GUGGENHEIM FUNDS INVESTMENT ADVISORS, LLC
2455 CORPORATE WEST DRIVE
LISLE, ILLINOIS 60532
(Name and Address of Agent for Service)
 
Copy to:
STUART M. STRAUSS, ESQ.
DECHERT LLP
1095 AVENUE OF THE AMERICAS
NEW YORK, NY 10036
 
APPROXIMATE DATE OF PROPOSED PUBLIC OFFERING:
 
IT IS PROPOSED THAT THIS FILING WILL BECOME EFFECTIVE (CHECK APPROPRIATE BOX)
 
x
           IMMEDIATELY UPON FILING PURSUANT TO PARAGRAPH (B) OF RULE 485.
¨
           ON [DATE] PURSUANT TO PARAGRAPH (B) OF RULE 485.
¨
           60 DAYS AFTER FILING PURSUANT TO PARAGRAPH (A)(1) OF RULE 485.
¨
           ON [DATE] PURSUANT TO PARAGRAPH (A) OF RULE 485.
¨
           75 DAYS AFTER FILING PURSUANT TO PARAGRAPH (A)(2) OF RULE 485.
¨
           ON [DATE] PURSUANT TO PARAGRAPH (A)(2) OF RULE 485.
 
 
 
 

 
EXPLANATORY NOTE
 
This filing relates to the following series of the Registrant:
 
Guggenheim S&P Global Dividend Opportunities Index ETF
Guggenheim Enhanced Short Duration Bond ETF
Guggenheim Enhanced Core Bond ETF
Guggenheim BulletShares 2012 Corporate Bond ETF
Guggenheim BulletShares 2013 Corporate Bond ETF
Guggenheim BulletShares 2014 Corporate Bond ETF
Guggenheim BulletShares 2015 Corporate Bond ETF
Guggenheim BulletShares 2016 Corporate Bond ETF
Guggenheim BulletShares 2017 Corporate Bond ETF
Guggenheim BulletShares 2018 Corporate Bond ETF
Guggenheim BulletShares 2019 Corporate Bond ETF
Guggenheim BulletShares 2020 Corporate Bond ETF
Guggenheim BulletShares 2012 High Yield Corporate Bond ETF
Guggenheim BulletShares 2013 High Yield Corporate Bond ETF
Guggenheim BulletShares 2014 High Yield Corporate Bond ETF
Guggenheim BulletShares 2015 High Yield Corporate Bond ETF
Guggenheim BulletShares 2016 High Yield Corporate Bond ETF
Guggenheim BulletShares 2017 High Yield Corporate Bond ETF
Guggenheim BulletShares 2018 High Yield Corporate Bond ETF
 
 
2

 

SIGNATURES
 
Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all the requirements for effectiveness pursuant to Rule 485(b) under the Securities Act of 1933 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Lisle and State of Illinois on the 18th day of October, 2012.
 
CLAYMORE EXCHANGE-TRADED FUND TRUST
 
By:                  
/s/ Donald C. Cacciapaglia
 
Donald C. Cacciapaglia
 
Chief Executive Officer

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities and on the date indicated.
 
SIGNATURES
TITLE
DATE
*
   
Randall C. Barnes
Trustee
October 18, 2012
*
   
Roman Friedrich III
Trustee
October 18, 2012
*
   
Robert B. Karn III
Trustee
October 18, 2012
*
   
Ronald A. Nyberg
Trustee
October 18, 2012
*
   
Ronald E. Toupin, Jr.
Trustee
October 18, 2012
     
/s/ Donald C. Cacciapaglia
Donald C. Cacciapaglia
Trustee and Chief Executive Officer
 
 
October 18, 2012
/s/ John L. Sullivan
John L. Sullivan
Treasurer,
Chief Financial Officer and
Chief Accounting Officer
October 18, 2012
     
/s/ Kevin M. Robinson
 
October 18, 2012
Kevin M. Robinson
*Attorney-In-Fact, pursuant to power of attorney


 
3

 
EXHIBIT INDEX
 
EX-101.INS
 
XBRL Instance Document
     
EX-101.SCH
 
XBRL Taxonomy Extension Schema Document
     
EX-101.CAL
 
XBRL Taxonomy Extension Calculation Linkbase
     
EX-101.DEF
 
XBRL Taxonomy Extension Definition Linkbase
     
EX-101.LAB
 
XBRL Taxonomy Extension Labels Linkbase
     
EX-101.PRE
 
XBRL Taxonomy Extension Presentation Linkbase

4
EX-101.INS 3 ck0001364089-20120531.xml INSTANCE DOCUMENT 485BPOS 2012-05-31 0001364089 2012-09-28 Claymore Exchange-Traded Fund Trust false 2012-09-28 2012-09-28 The Fund is considered non-diversified and can invest a greater portion of assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Shares are<br />held in a taxable account. These costs, which are not reflected in annual fund<br />operating expenses or in the Example, affect the Fund's performance. During the <br />period beginning on March 28, 2012 (the Fund's commencement of operations) and <br />ending on May 31, 2012, the Fund's portfolio turnover rate was 4% of the average <br />value of its portfolio.</tt> <div style="display:none">~ http://guffenheimfunds.com/role/ExpenseExample_S000030309Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks investment results that correspond generally to the performance,<br />before the Fund's fees and expenses, of a high yield corporate bond index called<br />the BulletShares&#xAE; USD High Yield Corporate Bond 2018 Index (the "High Yield 2018<br />Index" or the "Index").</tt> <tt>This Example is intended to help you compare the cost of investing in the Fund<br />with the costs of investing in other funds. The Example does not take into account <br />brokerage commissions that you may pay when purchasing or selling Shares.<br /> <br />The Example assumes that you invest $10,000 in the Fund for the time periods<br />indicated and then redeem all of your Shares at the end of those periods. The<br />Example also assumes that your investment has a 5% return each year and that the<br />Fund's operating expenses remain the same. Although your actual costs may be<br />higher or lower, based on these assumptions your costs would be:</tt> <tt>The Fund, using a low cost "passive" or "indexing" investment approach, will<br />seek to replicate, before the Fund's fees and expenses, the performance of <br />the High Yield 2018 Index. The High Yield 2018 Index is a rules-based index<br />comprised of, as of the date of this prospectus, approximately 231 high yield<br />corporate bonds with effective maturities in the year 2018. The High Yield 2018<br />Index is designed to represent the performance of a held-to-maturity portfolio<br />of U.S. dollar-denominated high yield corporate bonds with effective maturities<br />in 2018. The effective maturity of an eligible corporate bond is determined by<br />its actual maturity or, in the case of callable securities, the effective<br />maturity of the security as determined in accordance with a rules-based<br />methodology developed by Accretive Asset Management LLC ("Accretive" or the<br />"Index Provider").<br /> <br />The Fund has a designated year of maturity of 2018 and will terminate on or<br />about December 31, 2018. In connection with such termination, the Fund will make<br />a cash distribution to then-current shareholders of its net assets after making<br />appropriate provisions for any liabilities of the Fund. The Fund does not seek<br />to return any predetermined amount at maturity. The Fund will invest at least<br />80% of its total assets in component securities that comprise the Index. Under<br />normal conditions, the Fund will invest at least 80% of its net assets in high<br />yield securities ("junk bonds"), which are debt securities that are rated below<br />investment grade by nationally recognized statistical rating organizations, or<br />are unrated securities that the Investment Adviser believes are of comparable<br />quality. There are no minimum credit rating requirements for securities that <br />the Fund may purchase; however, the Fund will not purchase securities that <br />are in default. The Fund has adopted a policy that requires the Fund to provide<br />shareholders with at least 60 days notice prior to any material change in this<br />policy or the Index. In the last twelve months of operation, when the bonds <br />held by the Fund mature, the Fund's portfolio will transition to cash and cash<br />equivalents, including without limitation U.S. Treasury Bills and investment<br />grade commercial paper. The Fund will terminate on or about December 31, 2018<br />without requiring additional approval by the Trust's Board of Trustees (the<br />"Board") or Fund shareholders. The Board may change the termination date to an<br />earlier or later date without shareholder approval if a majority of the Board<br />determines the change to be in the best interest of the Fund. The Board may<br />change the Fund's investment strategy and other policies without shareholder<br />approval, except as otherwise indicated.<br /> <br />The Fund expects to use a sampling approach in seeking to achieve its investment<br />objective. Sampling means that the Investment Adviser uses quantitative analysis<br />to select securities from the Index universe to obtain a representative sample<br />of securities that resemble the Index in terms of key risk factors, performance<br />attributes and other characteristics. These characteristics include maturity,<br />credit quality, sector, duration and other financial characteristics of fixed<br />income securities. The quantity of holdings in the Fund will be based on a<br />number of factors, including the asset size of the Fund, potential transaction<br />costs in acquiring particular securities, the anticipated impact of particular<br />index securities on the performance of the Index and the availability of<br />particular securities in the secondary market. However, the Fund may use<br />replication to achieve its objective if practicable. A replication strategy <br />involves generally investing in all of the securities in the Index with the<br />same weights as the Index. There may also be instances in which the Investment<br />Adviser may choose to overweight another security in the Index, or purchase <br />(or sell) securities not in the Index which the Investment Adviser believes <br />are appropriate to substitute for one or more Index components, in seeking to <br />accurately track the Index. In addition, from time to time securities are added <br />to or removed from the Index. The Fund may sell securities that are represented <br />in the Index or purchase securities that are not yet represented in the Index <br />in anticipation of their removal from or addition to the Index. If the Index <br />concentrates in a particular industry or group of industries, the Fund's <br />investments will be concentrated accordingly.</tt> Guggenheim BulletShares 2018 High Yield Corporate Bond ETF Example As of the date of this Prospectus, the Fund has not yet completed a full calendar year of investment operations. Investment Objective Investors should consider the following risk factors and special considerations associated with investing in the Fund, which may cause you to lose money. Principal Investment Risks 0.04 Fund Performance Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover <tt>Investors should consider the following risk factors and special considerations<br />associated with investing in the Fund, which may cause you to lose money.<br /> <br />Investment Risk. An investment in the Fund is subject to investment risk,<br />including the possible loss of the entire principal amount that you invest.<br /> <br />Interest Rate Risk. As interest rates rise, the value of fixed-income securities<br />held by the Fund are likely to decrease. Securities with longer durations tend<br />to be more sensitive to interest rate changes, making them more volatile than<br />securities with shorter durations.<br /> <br />Credit/Default Risk. Issuers or guarantors of debt instruments or the<br />counterparty to a repurchase agreement or loan of portfolio securities may <br />be unable or unwilling to make timely interest and/or principal payments or<br />otherwise honor its obligations. Debt instruments are subject to varying degrees<br />of credit risk, which may be reflected in credit ratings. Securities issued by<br />the U.S. government generally have less credit risk than debt securities of<br />non-government issuers. However, securities issued by certain U.S. government<br />agencies are not necessarily backed by the full faith and credit of the U.S.<br />government. Credit rating downgrades and defaults (failure to make interest or<br />principal payment) may potentially reduce the Fund's income and share price.<br /> <br />High Yield Securities Risk. High yield securities generally offer a higher<br />current yield than that available from higher grade issues, but typically<br />involve greater risk. Securities rated below investment grade are commonly<br />referred to as "junk bonds." The ability of issuers of high yield securities <br />to make timely payments of interest and principal may be adversely impacted <br />by adverse changes in general economic conditions, changes in the financial<br />condition of the issuers and price fluctuations in response to changes in<br />interest rates. High yield securities are less liquid than investment grade<br />securities and may be difficult to price or sell, particularly in times of<br />negative sentiment toward high yield securities.<br /> <br />Asset Class Risk. The bonds in the Fund's portfolio may underperform the returns<br />of other bonds or indexes that track other industries, markets, asset classes or<br />sectors. Different types of bonds and indexes tend to go through different<br />performance cycles than the general bond market.<br /> <br />Call Risk/Prepayment Risk. During periods of falling interest rates, an issuer<br />of a callable bond may exercise its right to pay principal on an obligation<br />earlier than expected. This may result in the Fund reinvesting proceeds at lower<br />interest rates, resulting in a decline in the Fund's income.<br />&#xA0;&#xA0;<br />Extension Risk. An issuer may exercise its right to pay principal on an<br />obligation later than expected. This may happen when there is a rise in interest<br />rates. Under these circumstances, the value of the obligation will decrease and<br />the Fund's performance may suffer from its inability to invest in higher<br />yielding securities.<br /> <br />Income Risk. Falling interest rates may cause the Fund's income to decline.<br /> <br />Liquidity Risk. Liquidity risk exists when particular investments are difficult<br />to purchase or sell. If the Fund invests in illiquid securities or securities<br />that become illiquid, Fund returns may be reduced because the Fund may be unable<br />to sell the illiquid securities at an advantageous time or price.<br /> <br />Declining Yield Risk. During the final year of the Fund's operations, as the<br />bonds held by the Fund mature and the Fund's portfolio transitions to cash and<br />cash equivalents, the Fund's yield will generally tend to move toward the yield<br />of cash and cash equivalents and thus may be lower than the yields of the bonds<br />previously held by the Fund and/or prevailing yields for bonds in the market.<br /> <br />Fluctuation of Yield and Liquidation Amount Risk. The Fund, unlike a direct<br />investment in a bond that has a level coupon payment and a fixed payment at<br />maturity, will make distributions of income that vary over time. Unlike a <br />direct investment in bonds, the breakdown of returns between Fund distributions <br />and liquidation proceeds are not predictable at the time of your investment. <br />For example, at times during the Fund's existence, it may make distributions <br />at a greater (or lesser) rate than the coupon payments received on the Fund's<br />portfolio, which will result in the Fund returning a lesser (or greater) amount<br />on liquidation than would otherwise be the case. The rate of Fund distribution<br />payments may adversely affect the tax characterization of your returns from an<br />investment in the Fund relative to a direct investment in corporate bonds. If<br />the amount you receive as liquidation proceeds upon the Fund's termination is<br />higher or lower than your cost basis, you may experience a gain or loss for tax<br />purposes.<br /> <br />Consumer Discretionary Sector Risk. The success of consumer product<br />manufacturers and retailers is tied closely to the performance of the overall<br />domestic and international economy, interest rates, competition and consumer<br />confidence. Success depends heavily on disposable household income and consumer<br />spending. Changes in demographics and consumer tastes can also affect the demand<br />for, and success of, consumer products in the marketplace.<br /> <br />Non-Correlation Risk. The Fund's return may not match the return of the Index<br />for a number of reasons. For example, the Fund incurs a number of operating<br />expenses not applicable to the Index, and incurs costs in buying and selling<br />securities, especially when rebalancing the Fund's securities holdings to<br />reflect changes in the composition of the Index. Since the Index constituents<br />may vary on a monthly basis, the Fund's costs associated with rebalancing may be<br />greater than those incurred by other exchange-traded funds ("ETFs") that track<br />indices whose composition changes less frequently.<br /> <br />The Fund may not be fully invested at times, either as a result of cash flows<br />into the Fund or reserves of cash held by the Fund to meet redemptions and<br />expenses. Since the Fund utilizes a sampling approach, its return may not<br />correlate as well with the return on the Index as would be the case if it<br />purchased all of the securities in the Index with the same weightings as the<br />Index.<br />&#xA0;&#xA0;<br />Concentration Risk. If the Index concentrates in an industry or group of<br />industries the Fund's investments will be concentrated accordingly. In such<br />event, the value of the Fund's Shares may rise and fall more than the value of<br />shares of a fund that invests in securities of companies in a broader range of<br />industries.<br /> <br />Passive Management Risk. Unlike many investment companies, the Fund is not<br />"actively" managed. Therefore, it would not necessarily sell a security because<br />the security's issuer was in financial trouble or defaulted, or whose credit<br />rating was downgraded, unless that security is removed from the Index.<br /> <br />Issuer-Specific Changes. The value of an individual security or particular type<br />of security can be more volatile than the market as a whole and can perform<br />differently from the value of the market as a whole. The value of securities of<br />smaller issuers can be more volatile than that of larger issuers.<br /> <br />Risk of Cash Transactions. In certain instances, unlike most ETFs, the Fund may<br />effect creations and redemptions for cash, rather than in-kind. As a result, an<br />investment in the Fund may be less tax-efficient than an investment in a more<br />conventional ETF. ETFs generally are able to make in-kind redemptions and avoid<br />being taxed on gain on the distributed portfolio securities at the Fund level.<br />Because the Fund may effect redemptions for cash, rather than in-kind distributions, <br />it may be required to sell portfolio securities in order to obtain the cash needed <br />to distribute redemption proceeds. If the Fund recognizes gain on these sales, <br />this generally will cause the Fund to recognize gain it might not otherwise have <br />recognized, or to recognize such gain sooner than would otherwise be required <br />if it were to distribute portfolio securities in-kind. The Fund generally intends <br />to distribute these gains to shareholders to avoid being taxed on this gain at <br />the Fund level and otherwise comply with the special tax rules that apply to it. <br />This strategy may cause shareholders to be subject to tax on gains they would <br />not otherwise be subject to, or at an earlier date than, if they had made an <br />investment in a different ETF. Moreover, cash transactions may have to be <br />carried out over several days if the securities market is relatively illiquid <br />and may involve considerable brokerage fees and taxes. These brokerage fees <br />and taxes, which will be higher than if the Fund sold and redeemed its Shares <br />principally in-kind, will be passed on to purchasers and redeemers of Creation <br />Units in the form of creation and redemption transaction fees.<br /> <br />Non-Diversified Fund Risk. The Fund is considered non-diversified and can invest<br />a greater portion of assets in securities of individual issuers than a diversified <br />fund. As a result, changes in the market value of a single investment could cause <br />greater fluctuations in Share price than would occur in a diversified fund.<br /> <br />The Fund's Shares will change in value, and you could lose money by investing in<br />the Fund. The Fund may not achieve its investment objective. An investment in<br />the Fund has not been guaranteed, sponsored, recommended, or approved by the<br />United States, or any agency, instrumentality or officer of the United States,<br />has not been insured by the Federal Deposit Insurance Corporation (FDIC) and is<br />not guaranteed by and is not otherwise an obligation of any bank or insured<br />depository institution.</tt> Fees and Expenses of the Fund Principal Investment Strategies The Fund, using a low cost "passive" or "indexing" investment approach, will seek to replicate, before the Fund's fees and expenses, the performance of the High Yield 2018 Index. The High Yield 2018 Index is a rules-based index comprised of, as of the date of this prospectus, approximately 231 high yield corporate bonds with effective maturities in the year 2018. <tt>As of the date of this Prospectus, the Fund has not yet completed a full<br />calendar year of investment operations. When the Fund has completed a full<br />calendar year of investment operations, this section will include charts <br />that show annual total returns, highest and lowest quarterly returns and <br />average annual total returns (before and after taxes) compared to the Index<br />and a broad measure of market performance.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund ("Shares"). Investors purchasing Shares in the secondary<br />market may be subject to costs (including customary brokerage commissions)<br />charged by their broker.</tt> <div style="display:none">~ http://guffenheimfunds.com/role/OperatingExpensesData_S000030309Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Investors purchasing Shares in the secondary market may be subject to costs (including customary brokerage commissions) charged by their broker. The Fund may not achieve its investment objective. An investment in the Fund has not been guaranteed, sponsored, recommended, or approved by the United States, or any agency, instrumentality or officer of the United States, has not been insured by the Federal Deposit Insurance Corporation (FDIC) and is not guaranteed by and is not otherwise an obligation of any bank or insured depository institution. BSJI 43 189 811 348 0.0000 0.0042 0.0042 The Fund is considered non-diversified and can invest a greater portion of assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Shares are<br />held in a taxable account. These costs, which are not reflected in annual fund <br />operating expenses or in the Example, affect the Fund's performance. During the <br />period beginning on March 28, 2012 (the Fund's commencement of operations) and <br />ending on May 31, 2012, the Fund's portfolio turnover rate was 5% of the average <br />value of its portfolio.</tt> <div style="display:none">~ http://guffenheimfunds.com/role/ExpenseExample_S000030308Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks investment results that correspond generally to the performance,<br />before the Fund's fees and expenses, of a high yield corporate bond index called<br />the BulletShares&#xAE; USD High Yield Corporate Bond 2017 Index (the "High Yield 2017<br />Index" or the "Index").</tt> <tt>This Example is intended to help you compare the cost of investing in the Fund<br />with the costs of investing in other funds. The Example does not take into account <br />brokerage commissions that you may pay when purchasing or selling Shares.<br /> <br />The Example assumes that you invest $10,000 in the Fund for the time periods<br />indicated and then redeem all of your shares at the end of those periods. The<br />Example also assumes that your investment has a 5% return each year and that the<br />Fund's operating expenses remain the same. Although your actual costs may be<br />higher or lower, based on these assumptions your costs would be:</tt> <tt>The Fund, using a low cost "passive" or "indexing" investment approach, will<br />seek to replicate, before the Fund's fees and expenses, the performance of <br />the High Yield 2017 Index. The High Yield 2017 Index is a rules-based index<br />comprised of, as of the date of this prospectus, approximately 159 high yield<br />corporate bonds with effective maturities in the year 2017. The High Yield 2017<br />Index is designed to represent the performance of a held-to-maturity portfolio<br />of U.S. dollar-denominated high yield corporate bonds with effective maturities<br />in 2017. The effective maturity of an eligible corporate bond is determined by<br />its actual maturity or, in the case of callable securities, the effective<br />maturity of the security as determined in accordance with a rules-based<br />methodology developed by Accretive Asset Management LLC ("Accretive" or the<br />"Index Provider").<br /> <br />The Fund has a designated year of maturity of 2017 and will terminate on or<br />about December 31, 2017. In connection with such termination, the Fund will make<br />a cash distribution to then-current shareholders of its net assets after making<br />appropriate provisions for any liabilities of the Fund. The Fund does not seek<br />to return any predetermined amount at maturity. The Fund will invest at least<br />80% of its total assets in component securities that comprise the Index. Under<br />normal conditions, the Fund will invest at least 80% of its net assets in high<br />yield securities ("junk bonds"), which are debt securities that are rated below<br />investment grade by nationally recognized statistical rating organizations, or<br />are unrated securities that the Investment Adviser believes are of comparable<br />quality. There are no minimum credit rating requirements for securities that <br />the Fund may purchase; however, the Fund will not purchase securities that <br />are in default. The Fund has adopted a policy that requires the Fund to provide<br />shareholders with at least 60 days notice prior to any material change in this<br />policy or the Index. In the last twelve months of operation, when the bonds held<br />by the Fund mature, the Fund's portfolio will transition to cash and cash<br />equivalents, including without limitation U.S. Treasury Bills and investment<br />grade commercial paper. The Fund will terminate on or about December 31, 2017<br />without requiring additional approval by the Trust's Board of Trustees (the<br />"Board") or Fund shareholders. The Board may change the termination date to an<br />earlier or later date without shareholder approval if a majority of the Board<br />determines the change to be in the best interest of the Fund. The Board may<br />change the Fund's investment strategy and other policies without shareholder<br />approval, except as otherwise indicated.<br /> <br />The Fund expects to use a sampling approach in seeking to achieve its investment<br />objective. Sampling means that the Investment Adviser uses quantitative analysis<br />to select securities from the Index universe to obtain a representative sample<br />of securities that resemble the Index in terms of key risk factors, performance<br />attributes and other characteristics. These characteristics include maturity,<br />credit quality, sector, duration and other financial characteristics of fixed<br />income securities. The quantity of holdings in the Fund will be based on a<br />number of factors, including the asset size of the Fund, potential transaction<br />costs in acquiring particular securities, the anticipated impact of particular<br />index securities on the performance of the Index and the availability of<br />particular securities in the secondary market. However, the Fund may use<br />replication to achieve its objective if practicable. A replication strategy <br />involves generally investing in all of the securities in the Index with the <br />same weights as the Index. There may also be instances in which the Investment <br />Adviser may choose to overweight another security in the Index, or purchase <br />(or sell) securities not in the Index which the Investment Adviser believes <br />are appropriate to substitute for one or more Index components, in seeking to <br />accurately track the Index. In addition, from time to time securities are added<br />to or removed from the Index. The Fund may sell securities that are represented <br />in the Index or purchase securities that are not yet represented in the Index in <br />anticipation of their removal from or addition to the Index. If the Index <br />concentrates in a particular industry or group of industries, the Fund's<br />investments will be concentrated accordingly.</tt> Guggenheim BulletShares 2017 High Yield Corporate Bond ETF Example As of the date of this Prospectus, the Fund has not yet completed a full calendar year of investment operations. Investment Objective Investors should consider the following risk factors and special considerations associated with investing in the Fund, which may cause you to lose money. Principal Investment Risks 0.05 Fund Performance Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover <tt>Investors should consider the following risk factors and special considerations<br />associated with investing in the Fund, which may cause you to lose money.<br /> <br />Investment Risk. An investment in the Fund is subject to investment risk,<br />including the possible loss of the entire principal amount that you invest.<br /> <br />Interest Rate Risk. As interest rates rise, the value of fixed-income securities<br />held by the Fund are likely to decrease. Securities with longer durations tend<br />to be more sensitive to interest rate changes, making them more volatile than<br />securities with shorter durations.<br /> <br />Credit/Default Risk. Issuers or guarantors of debt instruments or the<br />counterparty to a repurchase agreement or loan of portfolio securities may <br />be unable or unwilling to make timely interest and/or principal payments or<br />otherwise honor its obligations. Debt instruments are subject to varying degrees<br />of credit risk, which may be reflected in credit ratings. Securities issued by<br />the U.S. government generally have less credit risk than debt securities of<br />non-government issuers. However, securities issued by certain U.S. government<br />agencies are not necessarily backed by the full faith and credit of the U.S.<br />government. Credit rating downgrades and defaults (failure to make interest or<br />principal payment) may potentially reduce the Fund's income and share price.<br /> <br />High Yield Securities Risk. High yield securities generally offer a higher<br />current yield than that available from higher grade issues, but typically<br />involve greater risk. Securities rated below investment grade are commonly<br />referred to as "junk bonds." The ability of issuers of high yield securities <br />to make timely payments of interest and principal may be adversely impacted <br />by adverse changes in general economic conditions, changes in the financial<br />condition of the issuers and price fluctuations in response to changes in<br />interest rates. High yield securities are less liquid than investment grade<br />securities and may be difficult to price or sell, particularly in times of<br />negative sentiment toward high yield securities.<br /> <br />Asset Class Risk. The bonds in the Fund's portfolio may underperform the returns<br />of other bonds or indexes that track other industries, markets, asset classes or<br />sectors. Different types of bonds and indexes tend to go through different<br />performance cycles than the general bond market.<br /> <br />Call Risk/Prepayment Risk. During periods of falling interest rates, an issuer<br />of a callable bond may exercise its right to pay principal on an obligation<br />earlier than expected. This may result in the Fund reinvesting proceeds at lower<br />interest rates, resulting in a decline in the Fund's income.<br />&#xA0;&#xA0;<br />Extension Risk. An issuer may exercise its right to pay principal on an<br />obligation later than expected. This may happen when there is a rise in interest<br />rates. Under these circumstances, the value of the obligation will decrease and<br />the Fund's performance may suffer from its inability to invest in higher<br />yielding securities.<br /> <br />Income Risk. Falling interest rates may cause the Fund's income to decline.<br /> <br />Liquidity Risk. Liquidity risk exists when particular investments are difficult<br />to purchase or sell. If the Fund invests in illiquid securities or securities<br />that become illiquid, Fund returns may be reduced because the Fund may be unable<br />to sell the illiquid securities at an advantageous time or price.<br /> <br />Declining Yield Risk. During the final year of the Fund's operations, as the<br />bonds held by the Fund mature and the Fund's portfolio transitions to cash and<br />cash equivalents, the Fund's yield will generally tend to move toward the yield<br />of cash and cash equivalents and thus may be lower than the yields of the bonds<br />previously held by the Fund and/or prevailing yields for bonds in the market.<br /> <br />Fluctuation of Yield and Liquidation Amount Risk. The Fund, unlike a direct<br />investment in a bond that has a level coupon payment and a fixed payment at<br />maturity, will make distributions of income that vary over time. Unlike a <br />direct investment in bonds, the breakdown of returns between Fund distributions <br />and liquidation proceeds are not predictable at the time of your investment. <br />For example, at times during the Fund's existence, it may make distributions <br />at a greater (or lesser) rate than the coupon payments received on the Fund's<br />portfolio, which will result in the Fund returning a lesser (or greater) amount<br />on liquidation than would otherwise be the case. The rate of Fund distribution<br />payments may adversely affect the tax characterization of your returns from an<br />investment in the Fund relative to a direct investment in corporate bonds. If<br />the amount you receive as liquidation proceeds upon the Fund's termination is<br />higher or lower than your cost basis, you may experience a gain or loss for tax<br />purposes.<br /> <br />Non-Correlation Risk. The Fund's return may not match the return of the Index<br />for a number of reasons. For example, the Fund incurs a number of operating<br />expenses not applicable to the Index, and incurs costs in buying and selling<br />securities, especially when rebalancing the Fund's securities holdings to<br />reflect changes in the composition of the Index. Since the Index constituents<br />may vary on a monthly basis, the Fund's costs associated with rebalancing may be<br />greater than those incurred by other exchange-traded funds ("ETFs") that track<br />indices whose composition changes less frequently.<br /> <br />The Fund may not be fully invested at times, either as a result of cash flows<br />into the Fund or reserves of cash held by the Fund to meet redemptions and<br />expenses. Since the Fund utilizes a sampling approach, its return may not<br />correlate as well with the return on the Index as would be the case if it<br />purchased all of the securities in the Index with the same weightings as the<br />Index.<br /> <br />Concentration Risk. If the Index concentrates in an industry or group of<br />industries the Fund's investments will be concentrated accordingly. In such<br />event, the value of the Fund's Shares may rise and fall more than the value of<br />shares of a fund that invests in securities of companies in a broader range of<br />industries.<br /> <br />Passive Management Risk. Unlike many investment companies, the Fund is not<br />"actively" managed. Therefore, it would not necessarily sell a security because<br />the security's issuer was in financial trouble or defaulted, or whose credit<br />rating was downgraded, unless that security is removed from the Index.<br /> <br />Issuer-Specific Changes. The value of an individual security or particular type<br />of security can be more volatile than the market as a whole and can perform<br />differently from the value of the market as a whole. The value of securities of<br />smaller issuers can be more volatile than that of larger issuers.<br /> <br />Risk of Cash Transactions. In certain instances, unlike most ETFs, the Fund may<br />effect creations and redemptions for cash, rather than in-kind. As a result, an<br />investment in the Fund may be less tax-efficient than an investment in a more<br />conventional ETF. ETFs generally are able to make in-kind redemptions and avoid<br />being taxed on gain on the distributed portfolio securities at the Fund level.<br />Because the Fund may effect redemptions for cash, rather than in-kind distributions, <br />it may be required to sell portfolio securities in order to obtain the cash needed <br />to distribute redemption proceeds. If the Fund recognizes gain on these sales, <br />this generally will cause the Fund to recognize gain it might not otherwise have <br />recognized, or to recognize such gain sooner than would otherwise be required if <br />it were to distribute portfolio securities in-kind. The Fund generally intends <br />to distribute these gains to shareholders to avoid being taxed on this gain at <br />the Fund level and otherwise comply with the special tax rules that apply to it. <br />This strategy may cause shareholders to be subject to tax on gains they would not <br />otherwise be subject to, or at an earlier date than, if they had made an investment <br />in a different ETF. Moreover, cash transactions may have to be carried out over <br />several days if the securities market is relatively illiquid and may involve <br />considerable brokerage fees and taxes. These brokerage fees and taxes, which <br />will be higher than if the Fund sold and redeemed its Shares principally <br />in-kind, will be passed on to purchasers and redeemers of Creation Units <br />in the form of creation and redemption transaction fees.<br /> <br />Non-Diversified Fund Risk. The Fund is considered non-diversified and can invest<br />a greater portion of assets in securities of individual issuers than a diversified <br />fund. As a result, changes in the market value of a single investment could cause <br />greater fluctuations in Share price than would occur in a diversified fund.<br /> <br />The Fund's Shares will change in value, and you could lose money by investing in<br />the Fund. The Fund may not achieve its investment objective. An investment in<br />the Fund has not been guaranteed, sponsored, recommended, or approved by the<br />United States, or any agency, instrumentality or officer of the United States,<br />has not been insured by the Federal Deposit Insurance Corporation (FDIC) and is<br />not guaranteed by and is not otherwise an obligation of any bank or insured<br />depository institution.</tt> Fees and Expenses of the Fund Principal Investment Strategies The Fund, using a low cost "passive" or "indexing" investment approach, will seek to replicate, before the Fund's fees and expenses, the performance of the High Yield 2017 Index. The High Yield 2017 Index is a rules-based index comprised of, as of the date of this prospectus, approximately 159 high yield corporate bonds with effective maturities in the year 2017. <tt>As of the date of this Prospectus, the Fund has not yet completed a full<br />calendar year of investment operations. When the Fund has completed a full<br />calendar year of investment operations, this section will include charts that<br />show annual total returns, highest and lowest quarterly returns and average<br />annual total returns (before and after taxes) compared to the Index and a broad<br />measure of market performance.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund ("Shares"). Investors purchasing Shares in the secondary<br />market may be subject to costs (including customary brokerage commissions)<br />charged by their broker.</tt> <div style="display:none">~ http://guffenheimfunds.com/role/OperatingExpensesData_S000030308Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Investors purchasing Shares in the secondary market may be subject to costs (including customary brokerage commissions) charged by their broker. The Fund may not achieve its investment objective. An investment in the Fund has not been guaranteed, sponsored, recommended, or approved by the United States, or any agency, instrumentality or officer of the United States, has not been insured by the Federal Deposit Insurance Corporation (FDIC) and is not guaranteed by and is not otherwise an obligation of any bank or insured depository institution. BSJH 43 189 811 348 0.0000 0.0042 0.0042 The Fund is considered non-diversified and can invest a greater portion of assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Shares are<br />held in a taxable account. These costs, which are not reflected in annual fund<br />operating expenses or in the Example, affect the Fund's performance. During the<br />period beginning on March 28, 2012 (the Fund's commencement of operations) and<br />ending on May 31, 2012, the Fund's portfolio turnover rate was 7% of the average<br />value of its portfolio.</tt> <div style="display:none">~ http://guffenheimfunds.com/role/ExpenseExample_S000030307Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks investment results that correspond generally to the performance,<br />before the Fund's fees and expenses, of a high yield corporate bond index called<br />the BulletShares&#xAE; USD High Yield Corporate Bond 2016 Index (the "High Yield 2016<br />Index" or the "Index").</tt> <tt>This Example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other funds. The Example does not take into account <br />brokerage commissions that you may pay when purchasing or selling Shares.<br /> <br />The Example assumes that you invest $10,000 in the Fund for the time periods<br />indicated and then redeem all of your shares at the end of those periods. The<br />Example also assumes that your investment has a 5% return each year and that the<br />Fund's operating expenses remain the same. Although your actual costs may be<br />higher or lower, based on these assumptions your costs would be:</tt> <tt>The Fund, using a low cost "passive" or "indexing" investment approach, will<br />seek to replicate, before the Fund's fees and expenses, the performance of <br />the High Yield 2016 Index. The High Yield 2016 Index is a rules-based index<br />comprised of, as of the date of this prospectus, approximately 120 high yield<br />corporate bonds with effective maturities in the year 2016. The High Yield 2016<br />Index is designed to represent the performance of a held-to-maturity portfolio<br />of U.S. dollar-denominated high yield corporate bonds with effective maturities<br />in 2016. The effective maturity of an eligible corporate bond is determined by<br />its actual maturity or, in the case of callable securities, the effective<br />maturity of the security as determined in accordance with a rules-based<br />methodology developed by Accretive Asset Management LLC ("Accretive" or the<br />"Index Provider").<br /> <br />The Fund has a designated year of maturity of 2016 and will terminate on or<br />about December 31, 2016. In connection with such termination, the Fund will make<br />a cash distribution to then-current shareholders of its net assets after making<br />appropriate provisions for any liabilities of the Fund. The Fund does not seek<br />to return any predetermined amount at maturity. The Fund will invest at least<br />80% of its total assets in component securities that comprise the Index. Under<br />normal conditions, the Fund will invest at least 80% of its net assets in high<br />yield securities ("junk bonds"), which are debt securities that are rated below<br />investment grade by nationally recognized statistical rating organizations, or<br />are unrated securities that the Investment Adviser believes are of comparable<br />quality. There are no minimum credit rating requirements for securities that <br />the Fund may purchase; however, the Fund will not purchase securities that are <br />in default. The Fund has adopted a policy that requires the Fund to provide<br />shareholders with at least 60 days notice prior to any material change in this<br />policy or the Index. In the last twelve months of operation, when the bonds <br />held by the Fund mature, the Fund's portfolio will transition to cash and cash<br />equivalents, including without limitation U.S. Treasury Bills and investment<br />grade commercial paper. The Fund will terminate on or about December 31, 2016<br />without requiring additional approval by the Trust's Board of Trustees (the<br />"Board") or Fund shareholders. The Board may change the termination date to an<br />earlier or later date without shareholder approval if a majority of the Board<br />determines the change to be in the best interest of the Fund. The Board may<br />change the Fund's investment strategy and other policies without shareholder<br />approval, except as otherwise indicated.<br /> <br />The Fund expects to use a sampling approach in seeking to achieve its investment<br />objective. Sampling means that the Investment Adviser uses quantitative analysis<br />to select securities from the Index universe to obtain a representative sample<br />of securities that resemble the Index in terms of key risk factors, performance<br />attributes and other characteristics. These characteristics include maturity,<br />credit quality, sector, duration and other financial characteristics of fixed <br />income securities. The quantity of holdings in the Fund will be based on a number <br />of factors, including the asset size of the Fund, potential transaction costs in <br />acquiring particular securities, the anticipated impact of particular index <br />securities on the performance of the Index and the availability of particular <br />securities in the secondary market. However, the Fund may use replication to <br />achieve its objective if practicable. A replication strategy involves generally <br />investing in all of the securities in the Index with the same weights as the <br />Index. There may also be instances in which the Investment Adviser may choose <br />to overweight another security in the Index, or purchase (or sell) securities <br />not in the Index which the Investment Adviser believes are appropriate to <br />substitute for one or more Index components, in seeking to accurately track<br />the Index. In addition, from time to time securities are added to or removed <br />from the Index. The Fund may sell securities that are represented in the Index <br />or purchase securities that are not yet represented in the Index in <br />anticipation of their removal from or addition to the Index. If the Index<br />concentrates in a particular industry or group of industries, the Fund's <br />investments will be concentrated accordingly.</tt> Guggenheim BulletShares 2016 High Yield Corporate Bond ETF Example As of the date of this Prospectus, the Fund has not yet completed a full calendar year of investment operations. Investment Objective Investors should consider the following risk factors and special considerations associated with investing in the Fund, which may cause you to lose money. Principal Investment Risks 0.07 Fund Performance Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover <tt>Investors should consider the following risk factors and special considerations<br />associated with investing in the Fund, which may cause you to lose money.<br /> <br />Investment Risk. An investment in the Fund is subject to investment risk,<br />including the possible loss of the entire principal amount that you invest.<br /> <br />Interest Rate Risk. As interest rates rise, the value of fixed-income securities<br />held by the Fund are likely to decrease. Securities with longer durations tend<br />to be more sensitive to interest rate changes, making them more volatile than<br />securities with shorter durations.<br /> <br />Credit/Default Risk. Issuers or guarantors of debt instruments or the<br />counterparty to a repurchase agreement or loan of portfolio securities may <br />be unable or unwilling to make timely interest and/or principal payments or<br />otherwise honor its obligations. Debt instruments are subject to varying degrees<br />of credit risk, which may be reflected in credit ratings. Securities issued by<br />the U.S. government generally have less credit risk than debt securities of<br />non-government issuers. However, securities issued by certain U.S. government<br />agencies are not necessarily backed by the full faith and credit of the U.S.<br />government. Credit rating downgrades and defaults (failure to make interest <br />or principal payment) may potentially reduce the Fund's income and share price.<br /> <br />High Yield Securities Risk. High yield securities generally offer a higher<br />current yield than that available from higher grade issues, but typically<br />involve greater risk. Securities rated below investment grade are commonly<br />referred to as "junk bonds." The ability of issuers of high yield securities <br />to make timely payments of interest and principal may be adversely impacted <br />by adverse changes in general economic conditions, changes in the financial<br />condition of the issuers and price fluctuations in response to changes in<br />interest rates. High yield securities are less liquid than investment grade<br />securities and may be difficult to price or sell, particularly in times of<br />negative sentiment toward high yield securities.<br /> <br />Asset Class Risk. The bonds in the Fund's portfolio may underperform the returns<br />of other bonds or indexes that track other industries, markets, asset classes or<br />sectors. Different types of bonds and indexes tend to go through different<br />performance cycles than the general bond market.<br /> <br />Call Risk/Prepayment Risk. During periods of falling interest rates, an issuer<br />of a callable bond may exercise its right to pay principal on an obligation<br />earlier than expected. This may result in the Fund reinvesting proceeds at lower<br />interest rates, resulting in a decline in the Fund's income.<br /> <br />Extension Risk. An issuer may exercise its right to pay principal on an obligation <br />later than expected. This may happen when there is a rise in interest rates. Under <br />these circumstances, the value of the obligation will decrease and the Fund's <br />performance may suffer from its inability to invest in higher yielding securities.<br /> <br />Income Risk. Falling interest rates may cause the Fund's income to decline.<br /> <br />Liquidity Risk. Liquidity risk exists when particular investments are difficult<br />to purchase or sell. If the Fund invests in illiquid securities or securities<br />that become illiquid, Fund returns may be reduced because the Fund may be unable<br />to sell the illiquid securities at an advantageous time or price.<br /> <br />Declining Yield Risk. During the final year of the Fund's operations, as the<br />bonds held by the Fund mature and the Fund's portfolio transitions to cash and<br />cash equivalents, the Fund's yield will generally tend to move toward the yield<br />of cash and cash equivalents and thus may be lower than the yields of the bonds<br />previously held by the Fund and/or prevailing yields for bonds in the market.<br /> <br />Fluctuation of Yield and Liquidation Amount Risk. The Fund, unlike a direct<br />investment in a bond that has a level coupon payment and a fixed payment at<br />maturity, will make distributions of income that vary over time. Unlike a <br />direct investment in bonds, the breakdown of returns between Fund distributions <br />and liquidation proceeds are not predictable at the time of your investment. <br />For example, at times during the Fund's existence, it may make distributions <br />at a greater (or lesser) rate than the coupon payments received on the Fund's<br />portfolio, which will result in the Fund returning a lesser (or greater) amount<br />on liquidation than would otherwise be the case. The rate of Fund distribution<br />payments may adversely affect the tax characterization of your returns from an<br />investment in the Fund relative to a direct investment in corporate bonds. If<br />the amount you receive as liquidation proceeds upon the Fund's termination is<br />higher or lower than your cost basis, you may experience a gain or loss for tax<br />purposes.<br /> <br />Consumer Discretionary Sector Risk. The success of consumer product<br />manufacturers and retailers is tied closely to the performance of the overall<br />domestic and international economy, interest rates, competition and consumer<br />confidence. Success depends heavily on disposable household income and consumer<br />spending. Changes in demographics and consumer tastes can also affect the demand<br />for, and success of, consumer products in the marketplace.<br /> <br />Non-Correlation Risk. The Fund's return may not match the return of the Index<br />for a number of reasons. For example, the Fund incurs a number of operating<br />expenses not applicable to the Index, and incurs costs in buying and selling<br />securities, especially when rebalancing the Fund's securities holdings to<br />reflect changes in the composition of the Index. Since the Index constituents<br />may vary on a monthly basis, the Fund's costs associated with rebalancing may <br />be greater than those incurred by other exchange-traded funds ("ETFs") that <br />track indices whose composition changes less frequently.<br /> <br />The Fund may not be fully invested at times, either as a result of cash flows<br />into the Fund or reserves of cash held by the Fund to meet redemptions and<br />expenses. Since the Fund utilizes a sampling approach, its return may not<br />correlate as well with the return on the Index as would be the case if it<br />purchased all of the securities in the Index with the same weightings as the<br />Index.<br /> <br />Concentration Risk. If the Index concentrates in an industry or group of<br />industries the Fund's investments will be concentrated accordingly. In such<br />event, the value of the Fund's Shares may rise and fall more than the value of<br />shares of a fund that invests in securities of companies in a broader range of<br />industries.<br /> <br />Passive Management Risk. Unlike many investment companies, the Fund is not<br />"actively" managed. Therefore, it would not necessarily sell a security because<br />the security's issuer was in financial trouble or defaulted, or whose credit<br />rating was downgraded, unless that security is removed from the Index.<br /> <br />Issuer-Specific Changes. The value of an individual security or particular type<br />of security can be more volatile than the market as a whole and can perform<br />differently from the value of the market as a whole. The value of securities of<br />smaller issuers can be more volatile than that of larger issuers.<br /> <br />Risk of Cash Transactions. In certain instances, unlike most ETFs, the Fund may<br />effect creations and redemptions for cash, rather than in-kind. As a result, an<br />investment in the Fund may be less tax-efficient than an investment in a more<br />conventional ETF. ETFs generally are able to make in-kind redemptions and avoid<br />being taxed on gain on the distributed portfolio securities at the Fund level.<br />Because the Fund may effect redemptions for cash, rather than in-kind<br />distributions, it may be required to sell portfolio securities in order to<br />obtain the cash needed to distribute redemption proceeds. If the Fund recognizes<br />gain on these sales, this generally will cause the Fund to recognize gain it<br />might not otherwise have recognized, or to recognize such gain sooner than would<br />otherwise be required if it were to distribute portfolio securities in-kind. The<br />Fund generally intends to distribute these gains to shareholders to avoid being<br />taxed on this gain at the Fund level and otherwise comply with the special tax<br />rules that apply to it. This strategy may cause shareholders to be subject to<br />tax on gains they would not otherwise be subject to, or at an earlier date than,<br />if they had made an investment in a different ETF. Moreover, cash transactions<br />may have to be carried out over several days if the securities market is relatively <br />illiquid and may involve considerable brokerage fees and taxes. These brokerage <br />fees and taxes, which will be higher than if the Fund sold and redeemed its Shares <br />principally in-kind, will be passed on to purchasers and redeemers of Creation <br />Units in the form of creation and redemption transaction fees.<br /> <br />Non-Diversified Fund Risk. The Fund is considered non-diversified and can invest<br />a greater portion of assets in securities of individual issuers than a diversified <br />fund. As a result, changes in the market value of a single investment could cause <br />greater fluctuations in Share price than would occur in a diversified fund.<br /> <br />The Fund's Shares will change in value, and you could lose money by investing in<br />the Fund. The Fund may not achieve its investment objective. An investment in<br />the Fund has not been guaranteed, sponsored, recommended, or approved by the<br />United States, or any agency, instrumentality or officer of the United States, <br />has not been insured by the Federal Deposit Insurance Corporation (FDIC) and is <br />not guaranteed by and is not otherwise an obligation of any bank or insured<br />depository institution.</tt> Fees and Expenses of the Fund Principal Investment Strategies The Fund, using a low cost "passive" or "indexing" investment approach, will seek to replicate, before the Fund's fees and expenses, the performance of the High Yield 2016 Index. The High Yield 2016 Index is a rules-based index comprised of, as of the date of this prospectus, approximately 120 high yield corporate bonds with effective maturities in the year 2016. <tt>As of the date of this Prospectus, the Fund has not yet completed a full<br />calendar year of investment operations. When the Fund has completed a full<br />calendar year of investment operations, this section will include charts that<br />show annual total returns, highest and lowest quarterly returns and average<br />annual total returns (before and after taxes) compared to the Index and a broad<br />measure of market performance.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund ("Shares"). Investors purchasing Shares in the secondary<br />market may be subject to costs (including customary brokerage commissions)<br />charged by their broker.</tt> <div style="display:none">~ http://guffenheimfunds.com/role/OperatingExpensesData_S000030307Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Investors purchasing Shares in the secondary market may be subject to costs (including customary brokerage commissions) charged by their broker. The Fund may not achieve its investment objective. An investment in the Fund has not been guaranteed, sponsored, recommended, or approved by the United States, or any agency, instrumentality or officer of the United States, has not been insured by the Federal Deposit Insurance Corporation (FDIC) and is not guaranteed by and is not otherwise an obligation of any bank or insured depository institution. BSJG 43 189 811 348 0.0000 0.0042 0.0042 The Fund is considered non-diversified and can invest a greater portion of assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Shares are<br />held in a taxable account. These costs, which are not reflected in annual fund <br />operating expenses or in the example, affect the Fund's performance. During the <br />most recent fiscal year, the Fund's portfolio turnover rate was 70% of the average <br />value of its portfolio.</tt> <div style="display:none">~ http://guffenheimfunds.com/role/ExpenseExample_S000030306Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks investment results that correspond generally to the performance,<br />before the Fund's fees and expenses, of a high yield corporate bond index called<br />the BulletShares&#xAE; USD High Yield Corporate Bond 2015 Index (the "High Yield 2015<br />Index" or the "Index").</tt> <tt>This Example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other funds. The Example does not take into account <br />brokerage commissions that you may pay when purchasing or selling Shares.<br /> <br />The Example assumes that you invest $10,000 in the Fund for the time periods<br />indicated and then redeem all of your shares at the end of those periods. The<br />Example also assumes that your investment has a 5% return each year and that the<br />Fund's operating expenses remain the same. Although your actual costs may be<br />higher or lower, based on these assumptions your costs would be:</tt> <tt>The Fund, using a low cost "passive" or "indexing" investment approach, will<br />seek to replicate, before the Fund's fees and expenses, the performance of <br />the High Yield 2015 Index. The High Yield 2015 Index is a rules-based index<br />comprised of, as of the date of this prospectus, approximately 134 high yield<br />corporate bonds with effective maturities in the year 2015. The High Yield 2015<br />Index is designed to represent the performance of a held-to-maturity portfolio<br />of U.S. dollar-denominated high yield corporate bonds with effective maturities<br />in 2015. The effective maturity of an eligible corporate bond is determined by<br />its actual maturity or, in the case of callable securities, the effective<br />maturity of the security as determined in accordance with a rules-based<br />methodology developed by Accretive Asset Management LLC ("Accretive" or the<br />"Index Provider").<br /> <br />The Fund has a designated year of maturity of 2015 and will terminate on or<br />about December 31, 2015. In connection with such termination, the Fund will make<br />a cash distribution to then-current shareholders of its net assets after making<br />appropriate provisions for any liabilities of the Fund. The Fund does not seek<br />to return any predetermined amount at maturity. The Fund will invest at least<br />80% of its total assets in component securities that comprise the High Yield<br />2015 Index. Under normal conditions, the Fund will invest at least 80% of its<br />net assets in high yield securities ("junk bonds"), which are debt securities<br />that are rated below investment grade by nationally recognized statistical<br />rating organizations, or are unrated securities that the Investment Adviser<br />believes are of comparable quality. There are no minimum credit requirements <br />for securities that the Fund may purchase; however, the Fund will not purchase<br />securities that are in default. In the last twelve months of operation, when <br />the bonds held by the Fund mature, the Fund's portfolio will transition to <br />cash and cash equivalents, including without limitation U.S. Treasury Bills <br />and investment grade commercial paper. The Fund has adopted a policy that <br />requires the Fund to provide shareholders with at least 60 days notice prior <br />to any material change in this policy or the 2015 Index. The Fund will terminate <br />on or about the December 31, 2015 without requiring additional approval by the <br />Trust's Board of Trustees (the "Board") or Fund shareholders. The Board may <br />change the termination date to an earlier or later date without shareholder <br />approval if a majority of the Board determines the change to be in the best <br />interest of the Fund. The Board of Trustees of the Trust may change the Fund's <br />investment strategy and other policies without shareholder approval, except <br />as otherwise indicated.<br /> <br />The Fund expects to use a sampling approach in seeking to achieve its investment<br />objective. Sampling means that the Investment Adviser uses quantitative analysis<br />to select securities from the Index universe to obtain a representative sample<br />of securities that resemble the Index in terms of key risk factors, performance<br />attributes and other characteristics. These characteristics include maturity,<br />credit quality, sector, duration and other financial characteristics of fixed<br />income securities. The quantity of holdings in the Fund will be based on a<br />number of factors, including the asset size of the Fund. However, the Fund may<br />use replication to achieve its objective if practicable. There may also be<br />instances in which the Investment Adviser may choose to overweight another<br />security in the Index, or purchase (or sell) securities not in the Index which<br />the Investment Adviser believes are appropriate to substitute for one or more <br />Index components, in seeking to accurately track the Index. In addition, from <br />time to time securities are added to or removed from the Index. The Fund may <br />sell securities that are represented in the Index or purchase securities that <br />are not yet represented in the Index in anticipation of their removal from or <br />addition to the Index. If the Index concentrates in a particular industry or <br />group of industries, the Fund's investments will be concentrated accordingly.</tt> Guggenheim BulletShares 2015 High Yield Corporate Bond ETF Example As of the date of this Prospectus, the Fund has not yet completed a full calendar year of investment operations. Investment Objective Investors should consider the following risk factors and special considerations associated with investing in the Fund, which may cause you to lose money. Principal Investment Risks 0.70 Fund Performance Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover <tt>Investors should consider the following risk factors and special considerations<br />associated with investing in the Fund, which may cause you to lose money.<br /> <br />Investment Risk. An investment in the Fund is subject to investment risk,<br />including the possible loss of the entire principal amount that you invest.<br /> <br />Interest Rate Risk. As interest rates rise, the value of fixed-income securities<br />held by the Fund are likely to decrease. Securities with longer durations tend<br />to be more sensitive to interest rate changes, making them more volatile than<br />securities with shorter durations.<br /> <br />Credit/Default Risk. Issuers or guarantors of debt instruments or the<br />counterparty to a repurchase agreement or loan of portfolio securities may <br />be unable or unwilling to make timely interest and/or principal payments or<br />otherwise honor its obligations. Debt instruments are subject to varying degrees<br />of credit risk, which may be reflected in credit ratings. Securities issued by<br />the U.S. government generally have less credit risk than debt securities of<br />non-government issuers. However, securities issued by certain U.S. government<br />agencies are not necessarily backed by the full faith and credit of the U.S.<br />government. Credit rating downgrades and defaults (failure to make interest or<br />principal payment) may potentially reduce the Fund's income and share price.<br /> <br />High Yield Securities Risk. High yield securities generally offer a higher<br />current yield than that available from higher grade issues, but typically<br />involve greater risk. Securities rated below investment grade are commonly<br />referred to as "junk bonds." The ability of issuers of high yield securities <br />to make timely payments of interest and principal may be adversely impacted <br />by adverse changes in general economic conditions, changes in the financial<br />condition of the issuers and price fluctuations in response to changes in<br />interest rates. High yield securities are less liquid than investment grade<br />securities and may be difficult to price or sell, particularly in times of<br />negative sentiment toward high yield securities.<br /> <br />Asset Class Risk. The bonds in the Fund's portfolios may underperform the<br />returns of other bonds or indexes that track other industries, markets, asset<br />classes or sectors. Different types of bonds and indexes tend to go through<br />different performance cycles than the general bond market.<br /> <br />Call Risk/Prepayment Risk. During periods of falling interest rates, an issuer<br />of a callable bond may exercise its right to pay principal on an obligation<br />earlier than expected. This may result in the Fund reinvesting proceeds at lower<br />interest rates, resulting in a decline in the Fund's income.<br /> <br />Extension Risk. An issuer may exercise its right to pay principal on an<br />obligation later than expected. This may happen when there is a rise in interest<br />rates. Under these circumstances, the value of the obligation will decrease and<br />the Fund's performance may suffer from its inability to invest in higher<br />yielding securities.<br />&#xA0;&#xA0;<br />Income Risk. Falling interest rates may cause the Fund's income to decline.<br /> <br />Liquidity Risk. Liquidity risk exists when particular investments are difficult<br />to purchase or sell. If the Fund invests in illiquid securities or securities<br />that become illiquid, Fund returns may be reduced because the Fund may be unable<br />to sell the illiquid securities at an advantageous time or price.<br /> <br />Declining Yield Risk. During the final year of the Fund's operations, as the<br />bonds held by the Fund mature and the Fund's portfolio transitions to cash and<br />cash equivalents, the Fund's yield will generally tend to move toward the yield<br />of cash and cash equivalents and thus may be lower than the yields of the bonds<br />previously held by the Fund and/or prevailing yields for bonds in the market.<br /> <br />Fluctuation of Yield and Liquidation Amount Risk. The Fund, unlike a direct<br />investment in a bond that has a level coupon payment and a fixed payment at<br />maturity, will make distributions of income that vary over time. Unlike a <br />direct investment in bonds, the breakdown of returns between Fund distributions <br />and liquidation proceeds are not predictable at the time of your investment. <br />For example, at times during the Fund's existence, it may make distributions <br />at a greater (or lesser) rate than the coupon payments received on the Fund's<br />portfolio, which will result in the Fund returning a lesser (or greater) amount<br />on liquidation than would otherwise be the case. The rate of Fund distribution<br />payments may adversely affect the tax characterization of your returns from an<br />investment in the Fund relative to a direct investment in corporate bonds. If<br />the amount you receive as liquidation proceeds upon the Fund's termination is<br />higher or lower than your cost basis, you may experience a gain or loss for tax<br />purposes.<br /> <br />Non-Correlation Risk. The Fund's return may not match the return of the Index<br />for a number of reasons. For example, the Fund incurs a number of operating<br />expenses not applicable to the Index, and incurs costs in buying and selling<br />securities, especially when rebalancing the Fund's securities holdings to<br />reflect changes in the composition of the Index. Since the Index constituents<br />may vary on a monthly basis, the Fund's costs associated with rebalancing may be<br />greater than those incurred by other exchange-traded funds ("ETFs") that track<br />indices whose composition changes less frequently.<br /> <br />The Fund may not be fully invested at times, either as a result of cash flows<br />into the Fund or reserves of cash held by the Fund to meet redemptions and<br />expenses. Since the Fund utilizes a sampling approach, its return may not<br />correlate as well with the return on the Index as would be the case if it<br />purchased all of the securities in the Index with the same weightings as the<br />Index.<br /> <br />Concentration Risk. If the Index concentrates in an industry or group of<br />industries the Fund's investments will be concentrated accordingly. In such<br />event, the value of the Fund's Shares may rise and fall more than the value of<br />shares of a fund that invests in securities of companies in a broader range of<br />industries.<br /> <br />Passive Management Risk. Unlike many investment companies, the Fund is not<br />"actively" managed. Therefore, it would not necessarily sell a security because<br />the security's issuer was in financial trouble or defaulted, or whose credit<br />rating was downgraded, unless that security is removed from the Index.<br /> <br />Issuer-Specific Changes. The value of an individual security or particular type<br />of security can be more volatile than the market as a whole and can perform<br />differently from the value of the market as a whole. The value of securities of <br />smaller issuers can be more volatile than that of larger issuers.<br /> <br />Risk of Cash Transactions. In certain instances, unlike most ETFs, the Fund may<br />effect creations and redemptions for cash, rather than in-kind. As a result, an<br />investment in the Fund may be less tax-efficient than an investment in a more<br />conventional ETF. ETFs generally are able to make in-kind redemptions and avoid<br />being taxed on gain on the distributed portfolio securities at the Fund level.<br />Because the Fund may effect redemptions for cash, rather than in-kind distributions, <br />it may be required to sell portfolio securities in order to obtain the cash needed <br />to distribute redemption proceeds. If the Fund recognizes gain on these sales, <br />this generally will cause the Fund to recognize gain it might not otherwise have <br />recognized, or to recognize such gain sooner than would otherwise be required if <br />it were to distribute portfolio securities in-kind. The Fund generally intends <br />to distribute these gains to shareholders to avoid being taxed on this gain at <br />the Fund level and otherwise comply with the special tax rules that apply to it. <br />This strategy may cause shareholders to be subject to tax on gains they would <br />not otherwise be subject to, or at an earlier date than, if they had made an <br />investment in a different ETF. Moreover, cash transactions may have to be <br />carried out over several days if the securities market is relatively illiquid <br />and may involve considerable brokerage fees and taxes. These brokerage fees <br />and taxes, which will be higher than if the Fund sold and redeemed its Shares <br />principally in-kind, will be passed on to purchasers and redeemers of Creation <br />Units in the form of creation and redemption transaction fees.<br /> <br />Non-Diversified Fund Risk. The Fund is considered non-diversified and can invest<br />a greater portion of assets in securities of individual issuers than a diversified <br />fund. As a result, changes in the market value of a single investment could cause <br />greater fluctuations in Share price than would occur in a diversified fund.<br /> <br />The Fund's Shares will change in value, and you could lose money by investing in<br />the Fund. The Fund may not achieve its investment objective. An investment in<br />the Fund has not been guaranteed, sponsored, recommended, or approved by the<br />United States, or any agency, instrumentality or officer of the United States,<br />has not been insured by the Federal Deposit Insurance Corporation (FDIC) and is<br />not guaranteed by and is not otherwise an obligation of any bank or insured<br />depository institution.</tt> Fees and Expenses of the Fund Principal Investment Strategies The Fund, using a low cost "passive" or "indexing" investment approach, will seek to replicate, before the Fund's fees and expenses, the performance of the High Yield 2015 Index. The High Yield 2015 Index is a rules-based index comprised of, as of the date of this prospectus, approximately 134 high yield corporate bonds with effective maturities in the year 2015. <tt>As of the date of this Prospectus, the Fund has not yet completed a full<br />calendar year of investment operations. When the Fund has completed a full<br />calendar year of investment operations, this section will include charts that<br />show annual total returns, highest and lowest quarterly returns and average<br />annual total returns (before and after taxes) compared to the Index and a broad<br />measure of market performance.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund ("Shares"). Investors purchasing Shares in the secondary<br />market may be subject to costs (including customary brokerage commissions)<br />charged by their broker.</tt> <div style="display:none">~ http://guffenheimfunds.com/role/OperatingExpensesData_S000030306Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Investors purchasing Shares in the secondary market may be subject to costs (including customary brokerage commissions) charged by their broker. The Fund may not achieve its investment objective. An investment in the Fund has not been guaranteed, sponsored, recommended, or approved by the United States, or any agency, instrumentality or officer of the United States, has not been insured by the Federal Deposit Insurance Corporation (FDIC) and is not guaranteed by and is not otherwise an obligation of any bank or insured depository institution. BSJF 43 189 811 348 0.0000 0.0042 0.0042 The Fund is considered non-diversified and can invest a greater portion of assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Shares are<br />held in a taxable account. These costs, which are not reflected in annual fund <br />operating expenses or in the example, affect the Fund's performance. During the<br />most recent fiscal year, the Fund's portfolio turnover rate was 56% of the average <br />value of its portfolio.</tt> <div style="display:none">~ http://guffenheimfunds.com/role/ExpenseExample_S000030305Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks investment results that correspond generally to the performance,<br />before the Fund's fees and expenses, of a high yield corporate bond index called<br />the BulletShares&#xAE; USD High Yield Corporate Bond 2014 Index (the "High Yield 2014<br />Index" or the "Index").</tt> <tt>This Example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other funds. The Example does not take into account <br />brokerage commissions that you may pay when purchasing or selling Shares.<br /> <br />The Example assumes that you invest $10,000 in the Fund for the time periods<br />indicated and then redeem all of your shares at the end of those periods. The<br />Example also assumes that your investment has a 5% return each year and that <br />the Fund's operating expenses remain the same. Although your actual costs may be<br />higher or lower, based on these assumptions your costs would be:</tt> <tt>The Fund, using a low cost "passive" or "indexing" investment approach, will<br />seek to replicate, before the Fund's fees and expenses, the performance of <br />the High Yield 2014 Index. The High Yield 2014 Index is a rules-based index<br />comprised of, as of the date of this prospectus, approximately 117 high yield<br />corporate bonds with effective maturities in the year 2014. The High Yield 2014<br />Index is designed to represent the performance of a held-to-maturity portfolio<br />of U.S. dollar-denominated high yield corporate bonds with effective maturities<br />in 2014. The effective maturity of an eligible corporate bond is determined by<br />its actual maturity or, in the case of callable securities, the effective<br />maturity of the security as determined in accordance with a rules-based<br />methodology developed by Accretive Asset Management LLC ("Accretive" or the<br />"Index Provider").<br /> <br />The Fund has a designated year of maturity of 2014 and will terminate on or<br />about December 31, 2014. In connection with such termination, the Fund will make<br />a cash distribution to then-current shareholders of its net assets after making<br />appropriate provisions for any liabilities of the Fund. The Fund does not seek<br />to return any predetermined amount at maturity. The Fund will invest at least<br />80% of its total assets in component securities that comprise the High Yield<br />2014 Index. Under normal conditions, the Fund will invest at least 80% of its<br />net assets in high yield securities ("junk bonds"), which are debt securities<br />that are rated below investment grade by nationally recognized statistical<br />rating organizations, or are unrated securities that the Investment Adviser<br />believes are of comparable quality. There are no minimum credit requirements <br />for securities that the Fund may purchase; however, the Fund will not purchase<br />securities that are in default. In the last twelve months of operation, when <br />the bonds held by the Fund mature, the Fund's portfolio will transition to <br />cash and cash equivalents, including without limitation U.S. Treasury Bills <br />andinvestment grade commercial paper. The Fund has adopted a policy that <br />requires the Fund to provide shareholders with at least 60 days notice prior <br />to any material change in this policy or the 2014 Index. The Fund will terminate <br />on or about December 31, 2014 without requiring additional approval by the Trust's<br />Board of Trustees (the "Board") or Fund shareholders. The Board may change the<br />termination date to an earlier or later date without shareholder approval if a<br />majority of the Board determines the change to be in the best interest of the<br />Fund. The Board of Trustees of the Trust may change the Fund's investment<br />strategy and other policies without shareholder approval, except as otherwise<br />indicated.<br /> <br />The Fund expects to use a sampling approach in seeking to achieve its investment<br />objective. Sampling means that the Investment Adviser uses quantitative analysis<br />to select securities from the Index universe to obtain a representative sample<br />of securities that resemble the Index in terms of key risk factors, performance<br />attributes and other characteristics. These characteristics include maturity,<br />credit quality, sector, duration and other financial characteristics of fixed<br />income securities. The quantity of holdings in the Fund will be based on a<br />number of factors, including the asset size of the Fund. However, the Fund may<br />use replication to achieve its objective if practicable. There may also be<br />instances in which the Investment Adviser may choose to overweight another<br />security in the Index, or purchase (or sell) securities not in the Index which <br />the Investment Adviser believes are appropriate to substitute for one or more <br />Index components, in seeking to accurately track the Index. In addition, from <br />time to time securities are added to or removed from the Index. The Fund may <br />sell securities that are represented in the Index or purchase securities that <br />are not yet represented in the Index in anticipation of their removal from or <br />addition to the Index. If the Index concentrates in a particular industry or <br />group of industries, the Fund's investments will be concentrated accordingly.</tt> Guggenheim BulletShares 2014 High Yield Corporate Bond ETF Example As of the date of this Prospectus, the Fund has not yet completed a full calendar year of investment operations. Investment Objective Investors should consider the following risk factors and special considerations associated with investing in the Fund, which may cause you to lose money. Principal Investment Risks 0.56 Fund Performance Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover <tt>Investors should consider the following risk factors and special considerations<br />associated with investing in the Fund, which may cause you to lose money.<br /> <br />Investment Risk. An investment in the Fund is subject to investment risk,<br />including the possible loss of the entire principal amount that you invest.<br /> <br />Interest Rate Risk. As interest rates rise, the value of fixed-income securities<br />held by the Fund are likely to decrease. Securities with longer durations tend<br />to be more sensitive to interest rate changes, making them more volatile than<br />securities with shorter durations.<br /> <br />Credit/Default Risk. Issuers or guarantors of debt instruments or the<br />counterparty to a repurchase agreement or loan of portfolio securities may <br />be unable or unwilling to make timely interest and/or principal payments or<br />otherwise honor its obligations. Debt instruments are subject to varying degrees<br />of credit risk, which may be reflected in credit ratings. Securities issued by<br />the U.S. government generally have less credit risk than debt securities of<br />non-government issuers. However, securities issued by certain U.S. government<br />agencies are not necessarily backed by the full faith and credit of the U.S.<br />government. Credit rating downgrades and defaults (failure to make interest or<br />principal payment) may potentially reduce the Fund's income and share price.<br /> <br />High Yield Securities Risk. High yield securities generally offer a higher<br />current yield than that available from higher grade issues, but typically<br />involve greater risk. Securities rated below investment grade are commonly<br />referred to as "junk bonds." The ability of issuers of high yield securities <br />to make timely payments of interest and principal may be adversely impacted <br />by adverse changes in general economic conditions, changes in the financial<br />condition of the issuers and price fluctuations in response to changes in<br />interest rates. High yield securities are less liquid than investment grade<br />securities and may be difficult to price or sell, particularly in times of<br />negative sentiment toward high yield securities.<br /> <br />Asset Class Risk. The bonds in the Fund's portfolios may underperform the<br />returns of other bonds or indexes that track other industries, markets, asset<br />classes or sectors. Different types of bonds and indexes tend to go through<br />different performance cycles than the general bond market.<br /> <br />Call Risk/Prepayment Risk. During periods of falling interest rates, an issuer<br />of a callable bond may exercise its right to pay principal on an obligation<br />earlier than expected. This may result in the Fund reinvesting proceeds at lower<br />interest rates, resulting in a decline in the Fund's income.<br /> <br />Extension Risk. An issuer may exercise its right to pay principal on an<br />obligation later than expected. This may happen when there is a rise in interest<br />rates. Under these circumstances, the value of the obligation will decrease and <br />the Fund's performance may suffer from its inability to invest in higher yielding<br />securities.<br /> <br />Income Risk. Falling interest rates may cause the Fund's income to decline.<br /> <br />Liquidity Risk. Liquidity risk exists when particular investments are difficult<br />to purchase or sell. If the Fund invests in illiquid securities or securities<br />that become illiquid, Fund returns may be reduced because the Fund may be unable<br />to sell the illiquid securities at an advantageous time or price.<br /> <br />Declining Yield Risk. During the final year of the Fund's operations, as the<br />bonds held by the Fund mature and the Fund's portfolio transitions to cash and<br />cash equivalents, the Fund's yield will generally tend to move toward the yield<br />of cash and cash equivalents and thus may be lower than the yields of the bonds<br />previously held by the Fund and/or prevailing yields for bonds in the market.<br /> <br />Fluctuation of Yield and Liquidation Amount Risk. The Fund, unlike a direct<br />investment in a bond that has a level coupon payment and a fixed payment at<br />maturity, will make distributions of income that vary over time. Unlike a <br />direct investment in bonds, the breakdown of returns between Fund distributions <br />and liquidation proceeds are not predictable at the time of your investment. <br />For example, at times during the Fund's existence, it may make distributions <br />at a greater (or lesser) rate than the coupon payments received on the Fund's<br />portfolio, which will result in the Fund returning a lesser (or greater) amount<br />on liquidation than would otherwise be the case. The rate of Fund distribution<br />payments may adversely affect the tax characterization of your returns from an<br />investment in the Fund relative to a direct investment in corporate bonds. If<br />the amount you receive as liquidation proceeds upon the Fund's termination is<br />higher or lower than your cost basis, you may experience a gain or loss for tax<br />purposes.<br /> <br />Consumer Discretionary Sector Risk. The success of consumer product<br />manufacturers and retailers is tied closely to the performance of the overall<br />domestic and international economy, interest rates, competitive and consumer<br />confidence. Success depends heavily on disposable household income and consumer<br />spending. Changes in demographics and consumer tastes can also affect the demand<br />for, and success of, consumer products in the marketplace.<br /> <br />Non-Correlation Risk. The Fund's return may not match the return of the Index<br />for a number of reasons. For example, the Fund incurs a number of operating<br />expenses not applicable to the Index, and incurs costs in buying and selling<br />securities, especially when rebalancing the Fund's securities holdings to<br />reflect changes in the composition of the Index. Since the Index constituents<br />may vary on a monthly basis, the Fund's costs associated with rebalancing may be<br />greater than those incurred by other exchange-traded funds ("ETFs") that track<br />indices whose composition changes less frequently.<br /> <br />The Fund may not be fully invested at times, either as a result of cash flows<br />into the Fund or reserves of cash held by the Fund to meet redemptions and<br />expenses. Since the Fund utilizes a sampling approach, its return may not<br />correlate as well with the return on the Index as would be the case if it<br />purchased all of the securities in the Index with the same weightings as the<br />Index.<br /> <br />Concentration Risk. If the Index concentrates in an industry or group of<br />industries the Fund's investments will be concentrated accordingly. In such<br />event, the value of the Fund's Shares may rise and fall more than the value of<br />shares of a fund that invests in securities of companies in a broader range of<br />industries.<br /><br />Passive Management Risk. Unlike many investment companies, the Fund is not<br />"actively" managed. Therefore, it would not necessarily sell a security because<br />the security's issuer was in financial trouble or defaulted, or whose credit<br />rating was downgraded, unless that security is removed from the Index.<br /> <br />Issuer-Specific Changes. The value of an individual security or particular type<br />of security can be more volatile than the market as a whole and can perform<br />differently from the value of the market as a whole. The value of securities of<br />smaller issuers can be more volatile than that of larger issuers.<br /> <br />Risk of Cash Transactions. In certain instances, unlike most ETFs, the Fund may<br />effect creations and redemptions for cash, rather than in-kind. As a result, an<br />investment in the Fund may be less tax-efficient than an investment in a more<br />conventional ETF. ETFs generally are able to make in-kind redemptions and avoid<br />being taxed on gain on the distributed portfolio securities at the Fund level.<br />Because the Fund may effect redemptions for cash, rather than in-kind distributions, <br />it may be required to sell portfolio securities in order to obtain the cash needed <br />to distribute redemption proceeds. If the Fund recognizes gain on these sales, <br />this generally will cause the Fund to recognize gain it might not otherwise have <br />recognized, or to recognize such gain sooner than would otherwise be required if <br />it were to distribute portfolio securities in-kind. The Fund generally intends <br />to distribute these gains to shareholders to avoid being taxed on this gain at <br />the Fund level and otherwise comply with the special tax rules that apply to <br />it. This strategy may cause shareholders to be subject to tax on gains they <br />would not otherwise be subject to, or at an earlier date than, if they had <br />made an investment in a different ETF. Moreover, cash transactions may have <br />to be carried out over several days if the securities market is relatively <br />illiquid and may involve considerable brokerage fees and taxes. These brokerage <br />fees and taxes, which will be higher than if the Fund sold and redeemed its <br />Shares principally in-kind, will be passed on to purchasers and redeemers of <br />Creation Units in the form of creation and redemption transaction fees.<br /> <br />Non-Diversified Fund Risk. The Fund is considered non-diversified and can invest<br />a greater portion of assets in securities of individual issuers than a diversified <br />fund. As a result, changes in the market value of a single investment could cause <br />greater fluctuations in Share price than would occur in a diversified fund.<br /> <br />The Fund's Shares will change in value, and you could lose money by investing in<br />the Fund. The Fund may not achieve its investment objective. An investment in<br />the Fund has not been guaranteed, sponsored, recommended, or approved by the<br />United States, or any agency, instrumentality or officer of the United States,<br />has not been insured by the Federal Deposit Insurance Corporation (FDIC) and is<br />not guaranteed by and is not otherwise an obligation of any bank or insured<br />depository institution.</tt> Fees and Expenses of the Fund Principal Investment Strategies The Fund, using a low cost "passive" or "indexing" investment approach, will seek to replicate, before the Fund's fees and expenses, the performance of the High Yield 2014 Index. The High Yield 2014 Index is a rules-based index comprised of, as of the date of this prospectus, approximately 117 high yield corporate bonds with effective maturities in the year 2014. <tt>As of the date of this Prospectus, the Fund has not yet completed a full<br />calendar year of investment operations. When the Fund has completed a full<br />calendar year of investment operations, this section will include charts that<br />show annual total returns, highest and lowest quarterly returns and average<br />annual total returns (before and after taxes) compared to the Index and a broad<br />measure of market performance.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund ("Shares"). Investors purchasing Shares in the secondary<br />market may be subject to costs (including customary brokerage commissions)<br />charged by their broker.</tt> <div style="display:none">~ http://guffenheimfunds.com/role/OperatingExpensesData_S000030305Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Investors purchasing Shares in the secondary market may be subject to costs (including customary brokerage commissions) charged by their broker. The Fund may not achieve its investment objective. An investment in the Fund has not been guaranteed, sponsored, recommended, or approved by the United States, or any agency, instrumentality or officer of the United States, has not been insured by the Federal Deposit Insurance Corporation (FDIC) and is not guaranteed by and is not otherwise an obligation of any bank or insured depository institution. BSJE 43 189 811 348 0.0000 0.0042 0.0042 The Fund is considered non-diversified and can invest a greater portion of assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Shares are<br />held in a taxable account. These costs, which are not reflected in annual fund <br />operating expenses or in the example, affect the Fund's performance. During the<br />most recent fiscal year, the Fund's portfolio turnover rate was 50% of the average<br />value of its portfolio.</tt> <div style="display:none">~ http://guffenheimfunds.com/role/ExpenseExample_S000030304Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks investment results that correspond generally to the performance,<br />before the Fund's fees and expenses, of a high yield corporate bond index called<br />the BulletShares&#xAE; USD High Yield Corporate Bond 2013 Index (the "High Yield 2013<br />Index" or the "Index").</tt> <tt>This Example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other funds. The Example does not take into account <br />brokerage commissions that you may pay when purchasing or selling Shares.<br /> <br />The Example assumes that you invest $10,000 in the Fund for the time periods<br />indicated and then redeem all of your shares at the end of those periods. The<br />Example also assumes that your investment has a 5% return each year and that <br />the Fund's operating expenses remain the same. Although your actual costs may be<br />higher or lower, based on these assumptions your costs would be:</tt> <tt>The Fund, using a low cost "passive" or "indexing" investment approach, will<br />seek to replicate, before the Fund's fees and expenses, the performance of <br />the High Yield 2013 Index. The High Yield 2013 Index is a rules-based index<br />comprised of, as of the date of this prospectus, approximately 93 high yield<br />corporate bonds with effective maturities in the year 2013. The High Yield 2013<br />Index is designed to represent the performance of a held-to-maturity portfolio<br />of U.S. dollar-denominated high yield corporate bonds with effective maturities<br />in 2013. The effective maturity of an eligible corporate bond is determined by<br />its actual maturity or, in the case of callable securities, the effective<br />maturity of the security as determined in accordance with a rules-based<br />methodology developed by Accretive Asset Management LLC ("Accretive" or the<br />"Index Provider").<br /> <br />The Fund has a designated year of maturity of 2013 and will terminate on or<br />about December 31, 2013. In connection with such termination, the Fund will make<br />a cash distribution to then-current shareholders of its net assets after making<br />appropriate provisions for any liabilities of the Fund. The Fund does not seek<br />to return any predetermined amount at maturity. The Fund will invest at least<br />80% of its total assets in component securities that comprise the High Yield<br />2013 Index. Under normal conditions, the Fund will invest at least 80% of its<br />net assets in high yield securities ("junk bonds"), which are debt securities<br />that are rated below investment grade by nationally recognized statistical<br />rating organizations, or are unrated securities that the Investment Adviser<br />believes are of comparable quality. There are no minimum credit requirements <br />for securities that the Fund may purchase; however, the Fund will not purchase<br />securities that are in default. In the last twelve months of operation, when <br />the bonds held by the Fund mature, the Fund's portfolio will transition to <br />cash and cash equivalents, including without limitation U.S. Treasury Bills <br />and investment grade commercial paper. The Fund has adopted a policy that <br />requires the Fund to provide shareholders with at least 60 days notice prior <br />to any material change in this policy or the 2013 Index. The Fund will terminate <br />on or about December 31, 2013 without requiring additional approval by the Trust's<br />Board of Trustees (the "Board") or Fund shareholders. The Board may change the<br />termination date to an earlier or later date without shareholder approval if a<br />majority of the Board determines the change to be in the best interest of the<br />Fund. The Board of Trustees of the Trust may change the Fund's investment<br />strategy and other policies without shareholder approval, except as otherwise<br />indicated.<br /> <br />The Fund expects to use a sampling approach in seeking to achieve its investment<br />objective. Sampling means that the Investment Adviser uses quantitative analysis<br />to select securities from the Index universe to obtain a representative sample<br />of securities that resemble the Index in terms of key risk factors, performance<br />attributes and other characteristics. These characteristics include maturity,<br />credit quality, sector, duration and other financial characteristics of fixed<br />income securities. The quantity of holdings in the Fund will be based on a<br />number of factors, including the asset size of the Fund. However, the Fund may<br />use replication to achieve its objective if practicable. There may also be<br />instances in which the Investment Adviser may choose to overweight another<br />security in the Index, or purchase (or sell) securities not in the Index which<br />the Investment Adviser believes are appropriate to substitute for one or more <br />Index components, in seeking to accurately track the Index. In addition, from <br />time to time securities are added to or removed from the Index. The Fund may <br />sell securities that are represented in the Index or purchase securities that <br />are not yet represented in the Index in anticipation of their removal from or <br />addition to the Index. If the Index concentrates in a particular industry or <br />group of industries, the Fund's investments will be concentrated accordingly.</tt> Guggenheim BulletShares 2013 High Yield Corporate Bond ETF Example As of the date of this Prospectus, the Fund has not yet completed a full calendar year of investment operations. Investment Objective Investors should consider the following risk factors and special considerations associated with investing in the Fund, which may cause you to lose money. Principal Investment Risks 0.50 Fund Performance Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover <tt>Investors should consider the following risk factors and special considerations<br />associated with investing in the Fund, which may cause you to lose money.<br /> <br />Investment Risk. An investment in the Fund is subject to investment risk,<br />including the possible loss of the entire principal amount that you invest.<br /> <br />Interest Rate Risk. As interest rates rise, the value of fixed-income securities<br />held by the Fund are likely to decrease. Securities with longer durations tend<br />to be more sensitive to interest rate changes, making them more volatile than<br />securities with shorter durations.<br /> <br />Credit/Default Risk. Issuers or guarantors of debt instruments or the<br />counterparty to a repurchase agreement or loan of portfolio securities may <br />be unable or unwilling to make timely interest and/or principal payments or<br />otherwise honor its obligations. Debt instruments are subject to varying degrees<br />of credit risk, which may be reflected in credit ratings. Securities issued by<br />the U.S. government generally have less credit risk than debt securities of<br />non-government issuers. However, securities issued by certain U.S. government<br />agencies are not necessarily backed by the full faith and credit of the U.S.<br />government. Credit rating downgrades and defaults (failure to make interest or<br />principal payment) may potentially reduce the Fund's income and share price.<br /> <br />High Yield Securities Risk. High yield securities generally offer a higher<br />current yield than that available from higher grade issues, but typically<br />involve greater risk. Securities rated below investment grade are commonly<br />referred to as "junk bonds." The ability of issuers of high yield securities <br />to make timely payments of interest and principal may be adversely impacted <br />by adverse changes in general economic conditions, changes in the financial<br />condition of the issuers and price fluctuations in response to changes in<br />interest rates. High yield securities are less liquid than investment grade<br />securities and may be difficult to price or sell, particularly in times of<br />negative sentiment toward high yield securities.<br /> <br />Asset Class Risk. The bonds in the Fund's portfolios may underperform the<br />returns of other bonds or indexes that track other industries, markets, asset<br />classes or sectors. Different types of bonds and indexes tend to go through<br />different performance cycles than the general bond market.<br /> <br />Call Risk/Prepayment Risk. During periods of falling interest rates, an issuer<br />of a callable bond may exercise its right to pay principal on an obligation<br />earlier than expected. This may result in the Fund reinvesting proceeds at lower<br />interest rates, resulting in a decline in the Fund's income.<br /> <br />Extension Risk. An issuer may exercise its right to pay principal on an<br />obligation later than expected. This may happen when there is a rise in interest<br />rates. Under these circumstances, the value of the obligation will decrease and<br />the Fund's performance may suffer from its inability to invest in higher<br />yielding securities.&#xA0;&#xA0;<br /><br />Income Risk. Falling interest rates may cause the Fund's income to decline.<br /> <br />Liquidity Risk. Liquidity risk exists when particular investments are difficult<br />to purchase or sell. If the Fund invests in illiquid securities or securities<br />that become illiquid, Fund returns may be reduced because the Fund may be unable<br />to sell the illiquid securities at an advantageous time or price.<br /> <br />Declining Yield Risk. During the final year of the Fund's operations, as the<br />bonds held by the Fund mature and the Fund's portfolio transitions to cash and<br />cash equivalents, the Fund's yield will generally tend to move toward the yield<br />of cash and cash equivalents and thus may be lower than the yields of the bonds<br />previously held by the Fund and/or prevailing yields for bonds in the market.<br /> <br />Fluctuation of Yield and Liquidation Amount Risk. The Fund, unlike a direct<br />investment in a bond that has a level coupon payment and a fixed payment at<br />maturity, will make distributions of income that vary over time. Unlike a <br />direct investment in bonds, the breakdown of returns between Fund distributions <br />and liquidation proceeds are not predictable at the time of your investment. <br />For example, at times during the Fund's existence, it may make distributions <br />at a greater (or lesser) rate than the coupon payments received on the Fund's<br />portfolio, which will result in the Fund returning a lesser (or greater) amount<br />on liquidation than would otherwise be the case. The rate of Fund distribution<br />payments may adversely affect the tax characterization of your returns from an<br />investment in the Fund relative to a direct investment in corporate bonds. If<br />the amount you receive as liquidation proceeds upon the Fund's termination is<br />higher or lower than your cost basis, you may experience a gain or loss for tax<br />purposes.<br /> <br />Consumer Discretionary Sector Risk. The success of consumer product<br />manufacturers and retailers is tied closely to the performance of the overall<br />domestic and international economy, interest rates, competitive and consumer<br />confidence. Success depends heavily on disposable household income and consumer<br />spending. Changes in demographics and consumer tastes can also affect the demand<br />for, and success of, consumer products in the marketplace.<br /> <br />Non-Correlation Risk. The Fund's return may not match the return of the Index<br />for a number of reasons. For example, the Fund incurs a number of operating<br />expenses not applicable to the Index, and incurs costs in buying and selling<br />securities, especially when rebalancing the Fund's securities holdings to<br />reflect changes in the composition of the Index. Since the Index constituents<br />may vary on a monthly basis, the Fund's costs associated with rebalancing may be<br />greater than those incurred by other exchange-traded funds ("ETFs") that track<br />indices whose composition changes less frequently.<br /> <br />The Fund may not be fully invested at times, either as a result of cash flows<br />into the Fund or reserves of cash held by the Fund to meet redemptions and<br />expenses. Since the Fund utilizes a sampling approach, its return may not<br />correlate as well with the return on the Index as would be the case if it<br />purchased all of the securities in the Index with the same weightings as the<br />Index.<br /> <br />Concentration Risk. If the Index concentrates in an industry or group of<br />industries the Fund's investments will be concentrated accordingly. In such<br />event, the value of the Fund's Shares may rise and fall more than the value of<br />shares of a fund that invests in securities of companies in a broader range of<br />industries.<br /> <br />Passive Management Risk. Unlike many investment companies, the Fund is not<br />"actively" managed. Therefore, it would not necessarily sell a security because<br />the security's issuer was in financial trouble or defaulted, or whose credit rating<br />was downgraded, unless that security is removed from the Index.<br /> <br />Issuer-Specific Changes. The value of an individual security or particular type<br />of security can be more volatile than the market as a whole and can perform<br />differently from the value of the market as a whole. The value of securities of<br />smaller issuers can be more volatile than that of larger issuers.<br /> <br />Risk of Cash Transactions. In certain instances, unlike most ETFs, the Fund may<br />effect creations and redemptions for cash, rather than in-kind. As a result, an<br />investment in the Fund may be less tax-efficient than an investment in a more<br />conventional ETF. ETFs generally are able to make in-kind redemptions and avoid<br />being taxed on gain on the distributed portfolio securities at the Fund level.<br />Because the Fund may effect redemptions for cash, rather than in-kind distributions, <br />it may be required to sell portfolio securities in order to obtain the cash needed <br />to distribute redemption proceeds. If the Fund recognizes gain on these sales, <br />this generally will cause the Fund to recognize gain it might not otherwise have <br />recognized, or to recognize such gain sooner than would otherwise be required if <br />it were to distribute portfolio securities in-kind. The Fund generally intends <br />to distribute these gains to shareholders to avoid being taxed on this gain at <br />the Fund level and otherwise comply with the special tax rules that apply to it. <br />This strategy may cause shareholders to be subject to tax on gains they would <br />not otherwise be subject to, or at an earlier date than, if they had made an <br />investment in a different ETF. Moreover, cash transactions may have to be <br />carried out over several days if the securities market is relatively illiquid <br />and may involve considerable brokerage fees and taxes. These brokerage fees <br />and taxes, which will be higher than if the Fund sold and redeemed its <br />Shares principally in-kind, will be passed on to purchasers and redeemers <br />of Creation Units in the form of creation and redemption transaction fees.<br /> <br />Non-Diversified Fund Risk. The Fund is considered non-diversified and can invest<br />a greater portion of assets in securities of individual issuers than a diversified <br />fund. As a result, changes in the market value of a single investment could cause <br />greater fluctuations in Share price than would occur in a diversified fund.<br /> <br />The Fund's Shares will change in value, and you could lose money by investing in<br />the Fund. The Fund may not achieve its investment objective. An investment in<br />the Fund has not been guaranteed, sponsored, recommended, or approved by the<br />United States, or any agency, instrumentality or officer of the United States,<br />has not been insured by the Federal Deposit Insurance Corporation (FDIC) and is<br />not guaranteed by and is not otherwise an obligation of any bank or insured<br />depository institution.</tt> Fees and Expenses of the Fund Principal Investment Strategies The Fund, using a low cost "passive" or "indexing" investment approach, will seek to replicate, before the Fund's fees and expenses, the performance of the High Yield 2013 Index. The High Yield 2013 Index is a rules-based index comprised of, as of the date of this prospectus, approximately 93 high yield corporate bonds with effective maturities in the year 2013. <tt>As of the date of this Prospectus, the Fund has not yet completed a full<br />calendar year of investment operations. When the Fund has completed a full<br />calendar year of investment operations, this section will include charts that<br />show annual total returns, highest and lowest quarterly returns and average<br />annual total returns (before and after taxes) compared to the Index and a broad<br />measure of market performance.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund ("Shares"). Investors purchasing Shares in the secondary<br />market may be subject to costs (including customary brokerage commissions)<br />charged by their broker.</tt> <div style="display:none">~ http://guffenheimfunds.com/role/OperatingExpensesData_S000030304Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Investors purchasing Shares in the secondary market may be subject to costs (including customary brokerage commissions) charged by their broker. The Fund may not achieve its investment objective. An investment in the Fund has not been guaranteed, sponsored, recommended, or approved by the United States, or any agency, instrumentality or officer of the United States, has not been insured by the Federal Deposit Insurance Corporation (FDIC) and is not guaranteed by and is not otherwise an obligation of any bank or insured depository institution. BSJD 43 189 811 348 0.0000 0.0042 0.0042 BSJC The Fund is considered non-diversified and can invest a greater portion of assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Shares are<br />held in a taxable account. These costs, which are not reflected in annual fund <br />operating expenses or in the example, affect the Fund's performance. During the<br />most recent fiscal year, the Fund's portfolio turnover rate was 72% of the average<br />value of its portfolio.</tt> <div style="display:none">~ http://guffenheimfunds.com/role/ExpenseExample_S000030303Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks investment results that correspond generally to the performance,<br />before the Fund's fees and expenses, of a high yield corporate bond index called<br />the BulletShares&#xAE; USD High Yield Corporate Bond 2012 Index (the "High Yield 2012<br />Index" or the "Index").</tt> <tt>This Example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other funds. The Example does not take into account <br />brokerage commissions that you may pay when purchasing or selling Shares.<br /> <br />The Example assumes that you invest $10,000 in the Fund for the time periods<br />indicated and then redeem all of your shares at the end of those periods. The<br />Example also assumes that your investment has a 5% return each year and that the<br />Fund's operating expenses remain the same. Although your actual costs may be<br />higher or lower, based on these assumptions your costs would be:</tt> <tt>The Fund, using a low cost "passive" or "indexing" investment approach, will<br />seek to replicate, before the Fund's fees and expenses, the performance of <br />the High Yield 2012 Index. The High Yield 2012 Index is a rules-based index<br />comprised of, as of the date of this prospectus, approximately 25 high yield<br />corporate bonds with effective maturities in the year 2012. The High Yield 2012<br />Index is designed to represent the performance of a held-to-maturity portfolio<br />of U.S. dollar-denominated high yield corporate bonds with effective maturities<br />in 2012. The effective maturity of an eligible corporate bond is determined by<br />its actual maturity or, in the case of callable securities, the effective<br />maturity of the security as determined in accordance with a rules-based<br />methodology developed by Accretive Asset Management LLC ("Accretive" or the<br />"Index Provider").<br /> <br />The Fund has a designated year of maturity of 2012 and will terminate on or<br />about December 31, 2012. In connection with such termination, the Fund will make<br />a cash distribution to then-current shareholders of its net assets after making<br />appropriate provisions for any liabilities of the Fund. The Fund does not seek<br />to return any predetermined amount at maturity. The Fund will invest at least<br />80% of its total assets in component securities that comprise the High Yield<br />2012 Index. Under normal conditions, the Fund will invest at least 80% of its<br />net assets in high yield securities ("junk bonds"), which are debt securities<br />that are rated below investment grade by nationally recognized statistical<br />rating organizations, or are unrated securities the Investment Adviser believes<br />are of comparable quality. There are no minimum credit rating requirements for<br />securities that the Fund may purchase; however, the Fund will not purchase<br />securities that are in default. The Fund has adopted a policy that requires the<br />Fund to provide shareholders with at least 60 days notice prior to any material<br />change in these policies or the 2012 Index. As the Fund is in its final year of<br />operations and the bonds in the High Yield 2012 Index are maturing, the Fund's<br />portfolio is in the process of transitioning to cash and cash equivalents,<br />including without limitation U.S. Treasury Bills and investment grade commercial<br />paper. The Fund will terminate on or about December 31, 2012 without requiring<br />additional approval by the Trust's Board of Trustees (the "Board") or Fund<br />shareholders. The Board may change the termination date to an earlier or later<br />date without shareholder approval if a majority of the Board determines the<br />change to be in the best interest of the Fund. The Board of Trustees of the<br />Trust may change the Fund's investment strategy and other policies without<br />shareholder approval, except as otherwise indicated.<br /> <br />The Fund expects to use a sampling approach in seeking to achieve its investment<br />objective. Sampling means that the Investment Adviser uses quantitative analysis<br />to select securities from the Index universe to obtain a representative sample<br />of securities that resemble the Index in terms of key risk factors, performance<br />attributes and other characteristics. These characteristics include maturity,<br />credit quality, sector, duration and other financial characteristics of fixed<br />income securities. The quantity of holdings in the Fund will be based on a<br />number of factors, including the asset size of the Fund. However, the Fund may<br />use replication to achieve its objective if practicable. There may also be<br />instances in which the Investment Adviser may choose to overweight another<br />security in the Index, or purchase (or sell) securities not in the Index which<br />the Investment Adviser believes are appropriate to substitute for one or more <br />Index components, in seeking to accurately track the Index. In addition, from <br />time to time securities are added to or removed from the Index. The Fund may sell <br />securities that are represented in the Index or purchase securities that are not <br />yet represented in the Index in anticipation of their removal from or addition <br />to the Index. If the Index concentrates in a particular industry or group of <br />industries, the Fund's investments will be concentrated accordingly.</tt> Guggenheim BulletShares 2012 High Yield Corporate Bond ETF Example As of the date of this Prospectus, the Fund has not yet completed a full calendar year of investment operations. Investment Objective Investors should consider the following risk factors and special considerations associated with investing in the Fund, which may cause you to lose money. Principal Investment Risks 0.72 Fund Performance Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover <tt>Investors should consider the following risk factors and special considerations<br />associated with investing in the Fund, which may cause you to lose money.<br /> <br />Investment Risk. An investment in the Fund is subject to investment risk,<br />including the possible loss of the entire principal amount that you invest.<br /> <br />Interest Rate Risk. As interest rates rise, the value of fixed-income securities<br />held by the Fund are likely to decrease. Securities with longer durations tend<br />to be more sensitive to interest rate changes, making them more volatile than<br />securities with shorter durations.<br /> <br />Credit/Default Risk. Issuers or guarantors of debt instruments or the<br />counterparty to a repurchase agreement or loan of portfolio securities may <br />be unable or unwilling to make timely interest and/or principal payments or<br />otherwise honor its obligations. Debt instruments are subject to varying degrees<br />of credit risk, which may be reflected in credit ratings. Securities issued by<br />the U.S. government generally have less credit risk than debt securities of<br />non-government issuers. However, securities issued by certain U.S. government<br />agencies are not necessarily backed by the full faith and credit of the U.S.<br />government. Credit rating downgrades and defaults (failure to make interest <br />or principal payment) may potentially reduce the Fund's income and share price.<br /> <br />High Yield Securities Risk. High yield securities generally offer a higher<br />current yield than that available from higher grade issues, but typically<br />involve greater risk. Securities rated below investment grade are commonly<br />referred to as "junk bonds." The ability of issuers of high yield securities <br />to make timely payments of interest and principal may be adversely impacted <br />by adverse changes in general economic conditions, changes in the financial<br />condition of the issuers and price fluctuations in response to changes in<br />interest rates. High yield securities are less liquid than investment grade<br />securities and may be difficult to price or sell, particularly in times of<br />negative sentiment toward high yield securities.<br /> <br />Asset Class Risk. The bonds in the Fund's portfolio may underperform the returns<br />of other bonds or indexes that track other industries, markets, asset classes or<br />sectors. Different types of bonds and indexes tend to go through different<br />performance cycles than the general bond market.<br /> <br />Call Risk/Prepayment Risk. During periods of falling interest rates, an issuer<br />of a callable bond may exercise its right to pay principal on an obligation<br />earlier than expected. This may result in the Fund reinvesting proceeds at lower<br />interest rates, resulting in a decline in the Fund's income.<br /> <br />Extension Risk. An issuer may exercise its right to pay principal on an<br />obligation later than expected. This may happen when there is a rise in interest<br />rates. Under these circumstances, the value of the obligation will decrease and <br />the Fund's performance may suffer from its inability to invest in higher yielding<br />securities.<br /> <br />Income Risk. Falling interest rates may cause the Fund's income to decline.<br /> <br />Liquidity Risk. Liquidity risk exists when particular investments are difficult<br />to purchase or sell. If the Fund invests in illiquid securities or securities<br />that become illiquid, Fund returns may be reduced because the Fund may be unable<br />to sell the illiquid securities at an advantageous time or price.<br /> <br />Declining Yield Risk. As the Fund is in the final year of its operations, the<br />bonds held by the Fund are maturing and the Fund's portfolio is transitioning to<br />cash and cash equivalents. Accordingly, the Fund's yield will generally tend to<br />move toward the yield of cash and cash equivalents and thus may be lower than<br />the yields of the bonds previously held by the Fund and/or prevailing yields for<br />bonds in the market.<br /> <br />Fluctuation of Yield and Liquidation Amount Risk. The Fund, unlike a direct<br />investment in a bond that has a level coupon payment and a fixed payment at<br />maturity, will make distributions of income that vary over time. Unlike a <br />direct investment in bonds, the breakdown of returns between Fund distributions <br />and liquidation proceeds are not predictable at the time of your investment. <br />For example, at times during the Fund's existence, it may make distributions <br />at a greater (or lesser) rate than the coupon payments received on the Fund's<br />portfolio, which will result in the Fund returning a lesser (or greater) amount<br />on liquidation than would otherwise be the case. The rate of Fund distribution<br />payments may adversely affect the tax characterization of your returns from an<br />investment in the Fund relative to a direct investment in corporate bonds. If<br />the amount you receive as liquidation proceeds upon the Fund's termination is<br />higher or lower than your cost basis, you may experience a gain or loss for tax<br />purposes.<br /> <br />Financial Services Sector Risk. The financial services industries are subject <br />to extensive government regulation, can be subject to relatively rapid change <br />due to increasingly blurred distinctions between service segments, and can be<br />significantly affected by availability and cost of capital funds, changes in<br />interest rates, the rate of corporate and consumer debt defaults, and price<br />competition. In addition, the deterioration of the credit markets since late<br />2007 generally has caused an adverse impact in a broad range of markets,<br />including U.S. and international credit and interbank money markets generally,<br />thereby affecting a wide range of financial institutions and markets. In<br />particular, events in the financial sector since late 2008 have resulted, <br />and may continue to result, in an unusually high degree of volatility in <br />the financial markets, both domestic and foreign. This situation has created<br />instability in the financial markets and caused certain financial services<br />companies to incur large losses. Numerous financial services companies have<br />experienced substantial declines in the valuations of their assets, taken action<br />to raise capital (such as the issuance of debt or equity securities), or even<br />ceased operations. These actions have caused the securities of many financial<br />services companies to experience a dramatic decline in value. Issuers that have<br />exposure to the real estate, mortgage and credit markets have been particularly<br />affected by the foregoing events and the general market turmoil, and it is<br />uncertain whether or for how long these conditions will continue.<br /> <br />Non-Correlation Risk. The Fund's return may not match the return of the Index<br />for a number of reasons. For example, the Fund incurs a number of operating<br />expenses not applicable to the Index, and incurs costs in buying and selling<br />securities, especially when rebalancing the Fund's securities holdings to reflect <br />changes in the composition of the Index. Since the Index constituents may vary on <br />a monthly basis, the Fund's costs associated with rebalancing may be greater than <br />those incurred by other exchange-traded funds ("ETFs") that track indices whose <br />composition changes less frequently.<br /> <br />The Fund may not be fully invested at times, either as a result of cash flows<br />into the Fund or reserves of cash held by the Fund to meet redemptions and<br />expenses. Since the Fund utilizes a sampling approach, its return may not<br />correlate as well with the return on the Index as would be the case if it<br />purchased all of the securities in the Index with the same weightings as the<br />Index.<br /> <br />Concentration Risk. If the Index concentrates in an industry or group of<br />industries the Fund's investments will be concentrated accordingly. In such<br />event, the value of the Fund's Shares may rise and fall more than the value of<br />shares of a fund that invests in securities of companies in a broader range of<br />industries.<br /> <br />Passive Management Risk. Unlike many investment companies, the Fund is not<br />"actively" managed. Therefore, it would not necessarily sell a security because<br />the security's issuer was in financial trouble or defaulted, or whose credit<br />rating was downgraded, unless that security is removed from the Index.<br /> <br />Issuer-Specific Changes. The value of an individual security or particular type<br />of security can be more volatile than the market as a whole and can perform<br />differently from the value of the market as a whole. The value of securities of<br />smaller issuers can be more volatile than that of larger issuers.<br /> <br />Risk of Cash Transactions. In certain instances, unlike most ETFs, the Fund may<br />effect creations and redemptions for cash, rather than in-kind. As a result, an<br />investment in the Fund may be less tax-efficient than an investment in a more<br />conventional ETF. ETFs generally are able to make in-kind redemptions and avoid<br />being taxed on gain on the distributed portfolio securities at the Fund level.<br />Because the Fund may effect redemptions for cash, rather than in-kind distributions, <br />it may be required to sell portfolio securities in order to obtain the cash needed <br />to distribute redemption proceeds. If the Fund recognizes gain on these sales, <br />this generally will cause the Fund to recognize gain it might not otherwise have <br />recognized, or to recognize such gain sooner than would otherwise be required if <br />it were to distribute portfolio securities in-kind. The Fund generally intends <br />to distribute these gains to shareholders to avoid being taxed on this gain at <br />the Fund level and otherwise comply with the special tax rules that apply to it. <br />This strategy may cause shareholders to be subject to tax on gains they would <br />not otherwise be subject to, or at an earlier date than, if they had made an <br />investment in a different ETF. Moreover, cash transactions may have to be <br />carried out over several days if the securities market is relatively illiquid <br />and may involve considerable brokerage fees and taxes. These brokerage fees <br />and taxes, which will be higher than if the Fund sold and redeemed its Shares <br />principally in-kind, will be passed on to purchasers and redeemers of Creation <br />Units in the form of creation and redemption transaction fees.<br /> <br />Non-Diversified Fund Risk. The Fund is considered non-diversified and can invest<br />a greater portion of assets in securities of individual issuers than a diversified <br />fund. As a result, changes in the market value of a single investment could cause <br />greater fluctuations in Share price than would occur in a diversified fund.<br />&#xA0;&#xA0;<br />The Fund's Shares will change in value, and you could lose money by investing <br />in the Fund. The Fund may not achieve its investment objective. An investment <br />in the Fund has not been guaranteed, sponsored, recommended, or approved by the<br />United States, or any agency, instrumentality or officer of the United States,<br />has not been insured by the Federal Deposit Insurance Corporation (FDIC) and is<br />not guaranteed by and is not otherwise an obligation of any bank or insured<br />depository institution.</tt> Fees and Expenses of the Fund Principal Investment Strategies The Fund, using a low cost "passive" or "indexing" investment approach, will seek to replicate, before the Fund's fees and expenses, the performance of the High Yield 2012 Index. The High Yield 2012 Index is a rules-based index comprised of, as of the date of this prospectus, approximately 25 high yield corporate bonds with effective maturities in the year 2012. <tt>As of the date of this Prospectus, the Fund has not yet completed a full<br />calendar year of investment operations. When the Fund has completed a full<br />calendar year of investment operations, this section will include charts that<br />show annual total returns, highest and lowest quarterly returns and average<br />annual total returns (before and after taxes) compared to the Index and a broad<br />measure of market performance.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund ("Shares"). Investors purchasing Shares in the secondary<br />market may be subject to costs (including customary brokerage commissions)<br />charged by their broker.</tt> <div style="display:none">~ http://guffenheimfunds.com/role/OperatingExpensesData_S000030303Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Investors purchasing Shares in the secondary market may be subject to costs (including customary brokerage commissions) charged by their broker. The Fund may not achieve its investment objective. An investment in the Fund has not been guaranteed, sponsored, recommended, or approved by the United States, or any agency, instrumentality or officer of the United States, has not been insured by the Federal Deposit Insurance Corporation (FDIC) and is not guaranteed by and is not otherwise an obligation of any bank or insured depository institution. 43 189 811 348 0.0000 0.0042 0.0042 The Fund is considered non-diversified and can invest a greater portion of assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Shares are<br />held in a taxable account. These costs, which are not reflected in annual fund <br />operating expenses or in the Example, affect the Fund's performance. During the <br />period beginning on March 28, 2012 (the Fund's commencement of operations) and <br />ending on May 31, 2012, the Fund's portfolio turnover rate was 0% of the average <br />value of its portfolio.</tt> <div style="display:none">~ http://guffenheimfunds.com/role/ExpenseExample_S000027348Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks investment results that correspond generally to the performance,<br />before the Fund's fees and expenses, of an investment grade corporate bond index<br />called the BulletShares&#xAE; USD Corporate Bond 2019 Index (the "2019 Index" or the<br />"Index").</tt> <tt>This Example is intended to help you compare the cost of investing in the Fund<br />with the costs of investing in other funds. The Example does not take into account <br />brokerage commissions that you may pay when purchasing or selling Shares.<br /> <br />The Example assumes that you invest $10,000 in the Fund for the time periods<br />indicated and then redeem all of your shares at the end of those periods. The<br />Example also assumes that your investment has a 5% return each year and that the<br />Fund's operating expenses remain the same. Although your actual costs may be<br />higher or lower, based on these assumptions your costs would be:</tt> <tt>The Fund, using a low cost "passive" or "indexing" investment approach, will<br />seek to replicate, before the Fund's fees and expenses, the performance of the<br />2019 Index. The 2019 Index is a rules-based index comprised of, as of the date<br />of this prospectus, approximately 171 investment grade corporate bonds with<br />effective maturities in the year 2019. The 2019 Index is designed to represent<br />the performance of a held-to-maturity portfolio of U.S. dollar-denominated<br />investment-grade corporate bonds with effective maturities in the year 2019. <br />The effective maturity of an eligible corporate bond is determined by its actual<br />maturity or, in the case of callable securities, the effective maturity of the<br />security as determined in accordance with a rules-based methodology developed by<br />Accretive Asset Management LLC ("Accretive" or the "Index Provider").<br /> <br />The Fund has a designated year of maturity of 2019 and will terminate on or<br />about December 31, 2019. In connection with such termination, the Fund will make<br />a cash distribution to then-current shareholders of its net assets after making<br />appropriate provisions for any liabilities of the Fund. The Fund does not seek<br />to return any predetermined amount at maturity. The Fund will invest at least<br />80% of its total assets in component securities that comprise the 2019 Index.<br />Under normal conditions, the Fund will invest at least 80% of its net assets in<br />corporate bonds. The Fund has adopted a policy that requires the Fund to provide<br />shareholders with at least 60 days notice prior to any material change in this<br />policy or the 2019 Index. In the last six months of operation, when the bonds<br />held by the Fund mature, the Fund's portfolio will transition to cash and cash<br />equivalents, including without limitation U.S. Treasury Bills and investment<br />grade commercial paper. The Fund will terminate on or about December 31, 2019<br />without requiring additional approval by the Trust's Board of Trustees (the<br />"Board") or Fund shareholders. The Board may change the termination date to an<br />earlier or later date without shareholder approval if a majority of the Board<br />determines the change to be in the best interest of the Fund. The Board of<br />Trustees of the Trust may change the Fund's investment strategy and other<br />policies without shareholder approval, except as otherwise indicated.<br /> <br />The Fund expects to use a sampling approach in seeking to achieve its investment<br />objective. Sampling means that the Investment Adviser uses quantitative analysis<br />to select securities from the Index universe to obtain a representative sample<br />of securities that resemble the Index in terms of key risk factors, performance<br />attributes and other characteristics. These characteristics include maturity,<br />credit quality, sector, duration and other financial characteristics of fixed<br />income securities. The quantity of holdings in the Fund will be based on a<br />number of factors, including the asset size of the Fund, potential transaction<br />costs in acquiring particular securities, the anticipated impact of particular<br />index securities on the performance of the Index and the availability of<br />particular securities in the secondary market. However, the Fund may use<br />replication to achieve its objective if practicable. A replication strategy<br />involves generally investing in all of the securities in the Index with the <br />same weights as the Index. There may also be instances in which the Investment<br />Adviser may choose to overweight another security in the Index, or purchase (or<br />sell) securities not in the Index which the Investment Adviser believes are<br />appropriate to substitute for one or more Index components, in seeking to <br />accurately track the Index. In addition, from time to time securities are added <br />to or removed from the Index. The Fund may sell securities that are represented <br />in the Index or purchase securities that are not yet represented in the Index in<br />anticipation of their removal from or addition to the Index. If the Index <br />concentrates in a particular industry or group of industries, the Fund's <br />investments will be concentrated accordingly.</tt> Guggenheim BulletShares 2019 Corporate Bond ETF Example As of the date of this Prospectus, the Fund has not yet completed a full calendar year of investment operations. Investment Objective Investors should consider the following risk factors and special considerations associated with investing in the Fund, which may cause you to lose money. Principal Investment Risks 0.00 Fund Performance Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover <tt>Investors should consider the following risk factors and special considerations<br />associated with investing in the Fund, which may cause you to lose money.<br /> <br />Investment Risk. An investment in the Fund is subject to investment risk,<br />including the possible loss of the entire principal amount that you invest.<br /> <br />Interest Rate Risk. As interest rates rise, the value of fixed-income securities<br />held by the Fund are likely to decrease. Securities with longer durations tend<br />to be more sensitive to interest rate changes, making them more volatile than<br />securities with shorter durations.<br /> <br />Credit/Default Risk. Issuers or guarantors of debt instruments or the<br />counterparty to a repurchase agreement or loan of portfolio securities may <br />be unable or unwilling to make timely interest and/or principal payments or<br />otherwise honor its obligations. Debt instruments are subject to varying degrees<br />of credit risk, which may be reflected in credit ratings. Securities issued by<br />the U.S. government generally have less credit risk than debt securities of<br />non-government issuers. However, securities issued by certain U.S. government<br />agencies are not necessarily backed by the full faith and credit of the U.S.<br />government. Credit rating downgrades and defaults (failure to make interest or<br />principal payment) may potentially reduce the Fund's income and share price.<br /> <br />Asset Class Risk. The bonds in the Fund's portfolio may underperform the returns<br />of other bonds or indexes that track other industries, markets, asset classes or<br />sectors. Different types of bonds and indexes tend to go through different<br />performance cycles than the general bond market.<br /> <br />Call Risk/Prepayment Risk. During periods of falling interest rates, an issuer<br />of a callable bond may exercise its right to pay principal on an obligation<br />earlier than expected. This may result in the Fund reinvesting proceeds at lower<br />interest rates, resulting in a decline in the Fund's income.<br /> <br />Extension Risk. An issuer may exercise its right to pay principal on an<br />obligation later than expected. This may happen when there is a rise in interest<br />rates. Under these circumstances, the value of the obligation will decrease and<br />the Fund's performance may suffer from its inability to invest in higher<br />yielding securities.<br /> <br />Income Risk. Falling interest rates may cause the Fund's income to decline.<br /> <br />Liquidity Risk. Liquidity risk exists when particular investments are difficult<br />to purchase or sell. If the Fund invests in illiquid securities or securities<br />that become illiquid, Fund returns may be reduced because the Fund may be unable<br />to sell the illiquid securities at an advantageous time or price.<br /> <br />Declining Yield Risk. During the final year of the Fund's operations, as the<br />bonds held by the Fund mature and the Fund's portfolio transitions to cash and<br />cash equivalents, the Fund's yield will generally tend to move toward the yield <br />of cash and cash equivalents and thus may be lower than the yields of the bonds <br />previously held by the Fund and/or prevailing yields for bonds in the market.<br /> <br />Fluctuation of Yield and Liquidation Amount Risk. The Fund, unlike a direct<br />investment in a bond that has a level coupon payment and a fixed payment at<br />maturity, will make distributions of income that vary over time. Unlike a <br />direct investment in bonds, the breakdown of returns between Fund distributions <br />and liquidation proceeds are not predictable at the time of your investment. <br />For example, at times during the Fund's existence, it may make distributions <br />at a greater (or lesser) rate than the coupon payments received on the Fund's<br />portfolio, which will result in the Fund returning a lesser (or greater) amount<br />on liquidation than would otherwise be the case. The rate of Fund distribution<br />payments may adversely affect the tax characterization of your returns from an<br />investment in the Fund relative to a direct investment in corporate bonds. If<br />the amount you receive as liquidation proceeds upon the Fund's termination is<br />higher or lower than your cost basis, you may experience a gain or loss for tax<br />purposes.<br /> <br />Financial Services Sector Risk. The financial services industries are subject <br />to extensive government regulation, can be subject to relatively rapid change <br />due to increasingly blurred distinctions between service segments, and can be<br />significantly affected by availability and cost of capital funds, changes in<br />interest rates, the rate of corporate and consumer debt defaults, and price<br />competition. In addition, the deterioration of the credit markets since late<br />2007 generally has caused an adverse impact in a broad range of markets,<br />including U.S. and international credit and interbank money markets generally,<br />thereby affecting a wide range of financial institutions and markets. In<br />particular, events in the financial sector since late 2008 have resulted, <br />and may continue to result, in an unusually high degree of volatility in <br />the financial markets, both domestic and foreign. This situation has created<br />instability in the financial markets and caused certain financial services<br />companies to incur large losses. Numerous financial services companies have<br />experienced substantial declines in the valuations of their assets, taken action<br />to raise capital (such as the issuance of debt or equity securities), or even<br />ceased operations. These actions have caused the securities of many financial<br />services companies to experience a dramatic decline in value. Issuers that have<br />exposure to the real estate, mortgage and credit markets have been particularly<br />affected by the foregoing events and the general market turmoil, and it is<br />uncertain whether or for how long these conditions will continue.<br /> <br />Non-Correlation Risk. The Fund's return may not match the return of the Index<br />for a number of reasons. For example, the Fund incurs a number of operating<br />expenses not applicable to the Index, and incurs costs in buying and selling<br />securities, especially when rebalancing the Fund's securities holdings to<br />reflect changes in the composition of the Index. Since the Index constituents<br />may vary on a monthly basis, the Fund's costs associated with rebalancing may be<br />greater than those incurred by other exchange-traded funds ("ETFs") that track<br />indices whose composition changes less frequently.<br /> <br />The Fund may not be fully invested at times, either as a result of cash flows<br />into the Fund or reserves of cash held by the Fund to meet redemptions and<br />expenses. Since the Fund utilizes a sampling approach, its return may not<br />correlate as well with the return on the Index as would be the case if it<br />purchased all of the securities in the Index with the same weightings as the<br />Index.<br />&#xA0;&#xA0;<br />Concentration Risk. If the Index concentrates in an industry or group of<br />industries the Fund's investments will be concentrated accordingly. In such<br />event, the value of the Fund's Shares may rise and fall more than the value of<br />shares of a fund that invests in securities of companies in a broader range of<br />industries.<br /> <br />Passive Management Risk. Unlike many investment companies, the Fund is not<br />"actively" managed. Therefore, it would not necessarily sell a security because<br />the security's issuer was in financial trouble or defaulted, or whose credit<br />rating was downgraded, unless that security is removed from the Index.<br /> <br />Issuer-Specific Changes. The value of an individual security or particular type<br />of security can be more volatile than the market as a whole and can perform<br />differently from the value of the market as a whole. The value of securities of<br />smaller issuers can be more volatile than that of larger issuers.<br /> <br />Risk of Cash Transactions. In certain instances, unlike most ETFs, the Fund may<br />effect creations and redemptions for cash, rather than in-kind. As a result, an<br />investment in the Fund may be less tax-efficient than an investment in a more<br />conventional ETF. ETFs generally are able to make in-kind redemptions and avoid<br />being taxed on gain on the distributed portfolio securities at the Fund level.<br />Because the Fund may effect redemptions for cash, rather than in-kind distributions, <br />it may be required to sell portfolio securities in order to obtain the cash needed <br />to distribute redemption proceeds. If the Fund recognizes gain on these sales, <br />this generally will cause the Fund to recognize gain it might not otherwise have <br />recognized, or to recognize such gain sooner than would otherwise be required <br />if it were to distribute portfolio securities in-kind. The Fund generally intends <br />to distribute these gains to shareholders to avoid being taxed on this gain at <br />the Fund level and otherwise comply with the special tax rules that apply to it. <br />This strategy may cause shareholders to be subject to tax on gains they would <br />not otherwise be subject to, or at an earlier date than, if they had made an <br />investment in a different ETF. Moreover, cash transactions may have to be <br />carried out over several days if the securities market is relatively illiquid <br />and may involve considerable brokerage fees and taxes. These brokerage fees <br />and taxes, which will be higher than if the Fund sold and redeemed its Shares <br />principally in-kind, will be passed on to purchasers and redeemers of Creation <br />Units in the form of creation and redemption transaction fees.<br /> <br />Non-Diversified Fund Risk. The Fund is considered non-diversified and can invest<br />a greater portion of assets in securities of individual issuers than a diversified <br />fund. As a result, changes in the market value of a single investment could cause <br />greater fluctuations in Share price than would occur in a diversified fund.<br /> <br />The Fund's Shares will change in value, and you could lose money by investing <br />in the Fund. The Fund may not achieve its investment objective. An investment <br />in the Fund has not been guaranteed, sponsored, recommended, or approved by the<br />United States, or any agency, instrumentality or officer of the United States,<br />has not been insured by the Federal Deposit Insurance Corporation (FDIC) and is<br />not guaranteed by and is not otherwise an obligation of any bank or insured<br />depository institution.</tt> Fees and Expenses of the Fund Principal Investment Strategies The Fund, using a low cost "passive" or "indexing" investment approach, will seek to replicate, before the Fund's fees and expenses, the performance of the 2019 Index. The 2019 Index is a rules-based index comprised of, as of the date of this prospectus, approximately 171 investment grade corporate bonds with effective maturities in the year 2019. <tt>As of the date of this Prospectus, the Fund has not yet completed a full<br />calendar year of investment operations. When the Fund has completed a full<br />calendar year of investment operations, this section will include charts that <br />show annual total returns, highest and lowest quarterly returns and average <br />annual total returns (before and after taxes) compared to the Index and a <br />broad measure of market performance.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund ("Shares"). Investors purchasing Shares in the secondary<br />market may be subject to costs (including customary brokerage commissions)<br />charged by their broker.</tt> <div style="display:none">~ http://guffenheimfunds.com/role/OperatingExpensesData_S000027348Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Investors purchasing Shares in the secondary market may be subject to costs (including customary brokerage commissions) charged by their broker. The Fund may not achieve its investment objective. An investment in the Fund has not been guaranteed, sponsored, recommended, or approved by the United States, or any agency, instrumentality or officer of the United States, has not been insured by the Federal Deposit Insurance Corporation (FDIC) and is not guaranteed by and is not otherwise an obligation of any bank or insured depository institution. BSCJ 25 132 592 249 0.0000 0.0024 0.0024 The Fund is considered non-diversified and can invest a greater portion of assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Shares are<br />held in a taxable account. These costs, which are not reflected in annual fund <br />operating expenses or in the Example, affect the Fund's performance. During the<br />period beginning on March 28, 2012 (the Fund's commencement of operations) and<br />ending on May 31, 2012, the Fund's portfolio turnover rate was 2% of the average <br />value of its portfolio.</tt> <div style="display:none">~ http://guffenheimfunds.com/role/ExpenseExample_S000027347Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks investment results that correspond generally to the performance,<br />before the Fund's fees and expenses, of an investment grade corporate bond index<br />called the BulletShares&#xAE; USD Corporate Bond 2018 Index (the "2018 Index" or the<br />"Index").</tt> <tt>This Example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other funds. The Example does not take into account <br />brokerage commissions that you may pay when purchasing or selling Shares.<br /> <br />The Example assumes that you invest $10,000 in the Fund for the time periods<br />indicated and then redeem all of your shares at the end of those periods. The<br />Example also assumes that your investment has a 5% return each year and that the<br />Fund's operating expenses remain the same. Although your actual costs may be<br />higher or lower, based on these assumptions your costs would be:</tt> <tt>The Fund, using a low cost "passive" or "indexing" investment approach, will<br />seek to replicate, before the Fund's fees and expenses, the performance of the<br />2018 Index. The 2018 Index is a rules-based index comprised of, as of the date<br />of this prospectus, approximately 156 investment grade corporate bonds with<br />effective maturities in the year 2018. The 2018 Index is designed to represent<br />the performance of a held-to-maturity portfolio of U.S. dollar-denominated<br />investment-grade corporate bonds with effective maturities in the year 2018. <br />The effective maturity of an eligible corporate bond is determined by its actual<br />maturity or, in the case of callable securities, the effective maturity of the<br />security as determined in accordance with a rules-based methodology developed by<br />Accretive Asset Management LLC ("Accretive" or the "Index Provider").<br /> <br />The Fund has a designated year of maturity of 2018 and will terminate on or<br />about December 31, 2018. In connection with such termination, the Fund will make<br />a cash distribution to then-current shareholders of its net assets after making<br />appropriate provisions for any liabilities of the Fund. The Fund does not seek<br />to return any predetermined amount at maturity. The Fund will invest at least<br />80% of its total assets in component securities that comprise the 2018 Index.<br />Under normal conditions, the Fund will invest at least 80% of its net assets in<br />corporate bonds. The Fund has adopted a policy that requires the Fund to provide<br />shareholders with at least 60 days notice prior to any material change in this<br />policy or the 2018 Index. In the last six months of operation, when the bonds<br />held by the Fund mature, the Fund's portfolio will transition to cash and cash<br />equivalents, including without limitation U.S. Treasury Bills and investment<br />grade commercial paper. The Fund will terminate on or about December 31, 2018<br />without requiring additional approval by the Trust's Board of Trustees (the<br />"Board") or Fund shareholders. The Board may change the termination date to an<br />earlier or later date without shareholder approval if a majority of the Board<br />determines the change to be in the best interest of the Fund. The Board of<br />Trustees of the Trust may change the Fund's investment strategy and other<br />policies without shareholder approval, except as otherwise indicated.<br /> <br />The Fund expects to use a sampling approach in seeking to achieve its investment<br />objective. Sampling means that the Investment Adviser uses quantitative analysis<br />to select securities from the Index universe to obtain a representative sample<br />of securities that resemble the Index in terms of key risk factors, performance<br />attributes and other characteristics. These characteristics include maturity,<br />credit quality, sector, duration and other financial characteristics of fixed<br />income securities. The quantity of holdings in the Fund will be based on a<br />number of factors, including the asset size of the Fund, potential transaction<br />costs in acquiring particular securities, the anticipated impact of particular<br />index securities on the performance of the Index and the availability of<br />particular securities in the secondary market. However, the Fund may use<br />replication to achieve its objective if practicable. A replication strategy<br />involves generally investing in all of the securities in the Index with the <br />same weights as the Index. There may also be instances in which the Investment<br />Adviser may choose to overweight another security in the Index, or purchase (or<br />sell) securities not in the Index which the Investment Adviser believes are<br />appropriate to substitute for one or more Index components, in seeking to<br />accurately track the Index. In addition, from time to time securities are added <br />to or removed from the Index. The Fund may sell securities that are represented <br />in the Index or purchase securities that are not yet represented in the Index in <br />anticipation of their removal from or addition to the Index. If the Index <br />concentrates in a particular industry or group of industries, the Fund's <br />investments will be concentrated accordingly.</tt> Guggenheim BulletShares 2018 Corporate Bond ETF Example As of the date of this Prospectus, the Fund has not yet completed a full calendar year of investment operations. Investment Objective Investors should consider the following risk factors and special considerations associated with investing in the Fund, which may cause you to lose money. Principal Investment Risks 0.02 Fund Performance Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover <tt>Investors should consider the following risk factors and special considerations<br />associated with investing in the Fund, which may cause you to lose money.<br /> <br />Investment Risk. An investment in the Fund is subject to investment risk,<br />including the possible loss of the entire principal amount that you invest.<br /> <br />Interest Rate Risk. As interest rates rise, the value of fixed-income securities<br />held by the Fund are likely to decrease. Securities with longer durations tend<br />to be more sensitive to interest rate changes, making them more volatile than<br />securities with shorter durations.<br /> <br />Credit/Default Risk. Issuers or guarantors of debt instruments or the<br />counterparty to a repurchase agreement or loan of portfolio securities may <br />be unable or unwilling to make timely interest and/or principal payments or<br />otherwise honor its obligations. Debt instruments are subject to varying degrees<br />of credit risk, which may be reflected in credit ratings. Securities issued by<br />the U.S. government generally have less credit risk than debt securities of<br />non-government issuers. However, securities issued by certain U.S. government<br />agencies are not necessarily backed by the full faith and credit of the U.S.<br />government. Credit rating downgrades and defaults (failure to make interest or<br />principal payment) may potentially reduce the Fund's income and share price.<br /> <br />Asset Class Risk. The bonds in the Fund's portfolio may underperform the returns<br />of other bonds or indexes that track other industries, markets, asset classes or<br />sectors. Different types of bonds and indexes tend to go through different<br />performance cycles than the general bond market.<br /> <br />Call Risk/Prepayment Risk. During periods of falling interest rates, an issuer<br />of a callable bond may exercise its right to pay principal on an obligation<br />earlier than expected. This may result in the Fund reinvesting proceeds at lower<br />interest rates, resulting in a decline in the Fund's income.<br /> <br />Extension Risk. An issuer may exercise its right to pay principal on an<br />obligation later than expected. This may happen when there is a rise in interest<br />rates. Under these circumstances, the value of the obligation will decrease and<br />the Fund's performance may suffer from its inability to invest in higher<br />yielding securities.<br /> <br />Income Risk. Falling interest rates may cause the Fund's income to decline.<br /> <br />Liquidity Risk. Liquidity risk exists when particular investments are difficult<br />to purchase or sell. If the Fund invests in illiquid securities or securities<br />that become illiquid, Fund returns may be reduced because the Fund may be unable<br />to sell the illiquid securities at an advantageous time or price.<br /> <br />Declining Yield Risk. During the final year of the Fund's operations, as the<br />bonds held by the Fund mature and the Fund's portfolio transitions to cash and<br />cash equivalents, the Fund's yield will generally tend to move toward the yield<br />of cash and cash equivalents and thus may be lower than the yields of the bonds <br />previously held by the Fund and/or prevailing yields for bonds in the market.<br /> <br />Fluctuation of Yield and Liquidation Amount Risk. The Fund, unlike a direct<br />investment in a bond that has a level coupon payment and a fixed payment at<br />maturity, will make distributions of income that vary over time. Unlike a <br />direct investment in bonds, the breakdown of returns between Fund distributions <br />and liquidation proceeds are not predictable at the time of your investment. For<br />example, at times during the Fund's existence, it may make distributions at a<br />greater (or lesser) rate than the coupon payments received on the Fund's<br />portfolio, which will result in the Fund returning a lesser (or greater) amount<br />on liquidation than would otherwise be the case. The rate of Fund distribution<br />payments may adversely affect the tax characterization of your returns from an<br />investment in the Fund relative to a direct investment in corporate bonds. If<br />the amount you receive as liquidation proceeds upon the Fund's termination is<br />higher or lower than your cost basis, you may experience a gain or loss for tax<br />purposes.<br /> <br />Financial Services Sector Risk. The financial services industries are subject <br />to extensive government regulation, can be subject to relatively rapid change <br />due to increasingly blurred distinctions between service segments, and can be<br />significantly affected by availability and cost of capital funds, changes in<br />interest rates, the rate of corporate and consumer debt defaults, and price<br />competition. In addition, the deterioration of the credit markets since late<br />2007 generally has caused an adverse impact in a broad range of markets,<br />including U.S. and international credit and interbank money markets generally,<br />thereby affecting a wide range of financial institutions and markets. In<br />particular, events in the financial sector since late 2008 have resulted, <br />and may continue to result, in an unusually high degree of volatility in <br />the financial markets, both domestic and foreign. This situation has created<br />instability in the financial markets and caused certain financial services<br />companies to incur large losses. Numerous financial services companies have<br />experienced substantial declines in the valuations of their assets, taken action<br />to raise capital (such as the issuance of debt or equity securities), or even<br />ceased operations. These actions have caused the securities of many financial<br />services companies to experience a dramatic decline in value. Issuers that have<br />exposure to the real estate, mortgage and credit markets have been particularly<br />affected by the foregoing events and the general market turmoil, and it is<br />uncertain whether or for how long these conditions will continue.<br /> <br />Non-Correlation Risk. The Fund's return may not match the return of the Index<br />for a number of reasons. For example, the Fund incurs a number of operating<br />expenses not applicable to the Index, and incurs costs in buying and selling<br />securities, especially when rebalancing the Fund's securities holdings to<br />reflect changes in the composition of the Index. Since the Index constituents<br />may vary on a monthly basis, the Fund's costs associated with rebalancing may be<br />greater than those incurred by other exchange-traded funds ("ETFs") that track<br />indices whose composition changes less frequently.<br /> <br />The Fund may not be fully invested at times, either as a result of cash flows<br />into the Fund or reserves of cash held by the Fund to meet redemptions and<br />expenses. Since the Fund utilizes a sampling approach, its return may not<br />correlate as well with the return on the Index as would be the case if it<br />purchased all of the securities in the Index with the same weightings as the<br />Index.<br /> <br />Concentration Risk. If the Index concentrates in an industry or group of<br />industries the Fund's investments will be concentrated accordingly. In such<br />event, the value of the Fund's Shares may rise and fall more than the value<br />of shares of a fund that invests in securities of companies in a broader range <br />of industries.<br /> <br />Passive Management Risk. Unlike many investment companies, the Fund is not<br />"actively" managed. Therefore, it would not necessarily sell a security because<br />the security's issuer was in financial trouble or defaulted, or whose credit<br />rating was downgraded, unless that security is removed from the Index.<br /> <br />Issuer-Specific Changes. The value of an individual security or particular type<br />of security can be more volatile than the market as a whole and can perform<br />differently from the value of the market as a whole. The value of securities of<br />smaller issuers can be more volatile than that of larger issuers.<br /> <br />Risk of Cash Transactions. In certain instances, unlike most ETFs, the Fund may<br />effect creations and redemptions for cash, rather than in-kind. As a result, an<br />investment in the Fund may be less tax-efficient than an investment in a more<br />conventional ETF. ETFs generally are able to make in-kind redemptions and avoid<br />being taxed on gain on the distributed portfolio securities at the Fund level.<br />Because the Fund may effect redemptions for cash, rather than in-kind distributions, <br />it may be required to sell portfolio securities in order to obtain the cash needed <br />to distribute redemption proceeds. If the Fund recognizes gain on these sales, <br />this generally will cause the Fund to recognize gain it might not otherwise have <br />recognized, or to recognize such gain sooner than would otherwise be required if <br />it were to distribute portfolio securities in-kind. The Fund generally intends <br />to distribute these gains to shareholders to avoid being taxed on this gain at <br />the Fund level and otherwise comply with the special tax rules that apply to <br />it. This strategy may cause shareholders to be subject to tax on gains they <br />would not otherwise be subject to, or at an earlier date than, if they had <br />made an investment in a different ETF. Moreover, cash transactions may have <br />to be carried out over several days if the securities market is relatively <br />illiquid and may involve considerable brokerage fees and taxes. These brokerage <br />fees and taxes, which will be higher than if the Fund sold and redeemed its Shares <br />principally in-kind, will be passed on to purchasers and redeemers of Creation <br />Units in the form of creation and redemption transaction fees.<br /> <br />Non-Diversified Fund Risk. The Fund is considered non-diversified and can invest<br />a greater portion of assets in securities of individual issuers than a diversified <br />fund. As a result, changes in the market value of a single investment could cause <br />greater fluctuations in Share price than would occur in a diversified fund.<br /> <br />The Fund's Shares will change in value, and you could lose money by investing in<br />the Fund. The Fund may not achieve its investment objective. An investment in<br />the Fund has not been guaranteed, sponsored, recommended, or approved by the<br />United States, or any agency, instrumentality or officer of the United States,<br />has not been insured by the Federal Deposit Insurance Corporation (FDIC) and is<br />not guaranteed by and is not otherwise an obligation of any bank or insured<br />depository institution.</tt> Fees and Expenses of the Fund Principal Investment Strategies The Fund, using a low cost "passive" or "indexing" investment approach, will seek to replicate, before the Fund's fees and expenses, the performance of the 2018 Index. The 2018 Index is a rules-based index comprised of, as of the date of this prospectus, approximately 156 investment grade corporate bonds with effective maturities in the year 2018. <tt>As of the date of this Prospectus, the Fund has not yet completed a full<br />calendar year of investment operations. When the Fund has completed a full<br />calendar year of investment operations, this section will include charts that<br />show annual total returns, highest and lowest quarterly returns and average <br />annual total returns (before and after taxes) compared to the Index and a broad <br />measure of market performance.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund ("Shares"). Investors purchasing Shares in the secondary<br />market may be subject to costs (including customary brokerage commissions)<br />charged by their broker.</tt> <div style="display:none">~ http://guffenheimfunds.com/role/OperatingExpensesData_S000027347Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Investors purchasing Shares in the secondary market may be subject to costs (including customary brokerage commissions) charged by their broker. The Fund may not achieve its investment objective. An investment in the Fund has not been guaranteed, sponsored, recommended, or approved by the United States, or any agency, instrumentality or officer of the United States, has not been insured by the Federal Deposit Insurance Corporation (FDIC) and is not guaranteed by and is not otherwise an obligation of any bank or insured depository institution. BSCI 25 132 592 249 0.0000 0.0024 0.0024 The Fund is considered non-diversified and can invest a greater portion of assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Shares are<br />held in a taxable account. These costs, which are not reflected in annual fund <br />operating expenses or in the example, affect the Fund's performance. During the <br />most recent fiscal year, the Fund's portfolio turnover rate was 3% of the average <br />value of its portfolio.</tt> <div style="display:none">~ http://guffenheimfunds.com/role/ExpenseExample_S000027346Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://guffenheimfunds.com/role/BarChartData_S000027346Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks investment results that correspond generally to the performance,<br />before the Fund's fees and expenses, of an investment grade corporate bond index<br />called the BulletShares&#xAE; USD Corporate Bond 2017 Index (the "2017 Index" or the<br />"Index").</tt> <tt>This Example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other funds. The Example does not take into account <br />brokerage commissions that you may pay when purchasing or selling Shares.<br /> <br />The Example assumes that you invest $10,000 in the Fund for the time periods<br />indicated and then redeem all of your shares at the end of those periods. The<br />Example also assumes that your investment has a 5% return each year and that the<br />Fund's operating expenses remain the same. Although your actual costs may be<br />higher or lower, based on these assumptions your costs would be:</tt> reflects no deduction for fees, expenses or taxes <tt>The Fund, using a low cost "passive" or "indexing" investment approach, will<br />seek to replicate, before the Fund's fees and expenses, the performance of the<br />2017 Index. The 2017 Index is a rules-based index comprised of, as of the date<br />of this prospectus, approximately 212 investment grade corporate bonds with<br />effective maturities in the year 2017. The 2017 Index is designed to represent<br />the performance of a held-to-maturity portfolio of U.S. dollar-denominated<br />investment-grade corporate bonds with effective maturities in the year 2017. <br />The effective maturity of an eligible corporate bond is determined by its actual<br />maturity or, in the case of callable securities, the effective maturity of the<br />security as determined in accordance with a rules-based methodology developed by<br />Accretive Asset Management LLC ("Accretive" or the "Index Provider").<br /> <br />The Fund has a designated year of maturity of 2017 and will terminate on or<br />about December 31, 2017. In connection with such termination, the Fund will make<br />a cash distribution to then-current shareholders of its net assets after making<br />appropriate provisions for any liabilities of the Fund. The Fund does not seek<br />to return any predetermined amount at maturity. The Fund will invest at least<br />80% of its total assets in component securities that comprise the 2017 Index.<br />Under normal conditions, the Fund will invest at least 80% of its net assets in<br />corporate bonds. The Fund has adopted a policy that requires the Fund to provide<br />shareholders with at least 60 days notice prior to any material change in this<br />policy or the 2017 Index. In the last six months of operation, when the bonds<br />held by the Fund mature, the Fund's portfolio will transition to cash and cash<br />equivalents, including without limitation U.S. Treasury Bills and investment<br />grade commercial paper. The Fund will terminate on or about December 31, 2017<br />without requiring additional approval by the Trust's Board of Trustees (the<br />"Board") or Fund shareholders. The Board may change the termination date to an<br />earlier or later date without shareholder approval if a majority of the Board<br />determines the change to be in the best interest of the Fund. The Board of<br />Trustees of the Trust may change the Fund's investment strategy and other<br />policies without shareholder approval, except as otherwise indicated.<br /> <br />The Fund expects to use a sampling approach in seeking to achieve its investment<br />objective. Sampling means that the Investment Adviser uses quantitative analysis<br />to select securities from the Index universe to obtain a representative sample<br />of securities that resemble the Index in terms of key risk factors, performance<br />attributes and other characteristics. These characteristics include maturity,<br />credit quality, sector, duration and other financial characteristics of fixed<br />income securities. The quantity of holdings in the Fund will be based on a<br />number of factors, including the asset size of the Fund, potential transaction<br />costs in acquiring particular securities, the anticipated impact of particular<br />index securities on the performance of the Index and the availability of<br />particular securities in the secondary market. However, the Fund may use<br />replication to achieve its objective if practicable. There may also be instances<br />in which the Investment Adviser may choose to overweight another security in the<br />Index, or purchase (or sell) securities not in the Index which the Investment<br />Adviser believes are appropriate to substitute for one or more Index components,<br />in seeking to accurately track the Index. In addition, from time to time securities <br />are added to or removed from the Index. The Fund may sell securities that are <br />represented in the Index or purchase securities that are not yet represented in <br />the Index in anticipation of their removal from or addition to the Index. If the <br />Index concentrates in a particular industry or group of industries, the Fund's <br />investments will be concentrated accordingly.</tt> Guggenheim BulletShares 2017 Corporate Bond ETF Example All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax. Investment Objective The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Investors should consider the following risk factors and special considerations associated with investing in the Fund, which may cause you to lose money. Principal Investment Risks 0.03 Your own actual after-tax returns will depend on your tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Shares of the Fund in tax-deferred accounts such as individual retirement accounts (IRAs) or employee-sponsored retirement plans. Calendar Year Total Return as of 12/31 Fund Performance The chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for one year and since inception compare with those of the Index and a broad measure of market performance. <tt>The Fund commenced operations on June 7, 2010. The Fund's year-to-date total<br />return was 5.50% as of June 30, 2012.<br /> <br />During the period shown in the chart above, the Fund's highest and lowest<br />calendar quarter returns were 2.72% and -0.84%, respectively, for the quarters<br />ended June 30, 2011 and September 30, 2011.</tt> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Returns for the Periods Ended December 31, 2011 Portfolio Turnover <tt>Investors should consider the following risk factors and special considerations<br />associated with investing in the Fund, which may cause you to lose money.<br /> <br />Investment Risk. An investment in the Fund is subject to investment risk,<br />including the possible loss of the entire principal amount that you invest.<br /> <br />Interest Rate Risk. As interest rates rise, the value of fixed-income securities<br />held by the Fund are likely to decrease. Securities with longer durations tend<br />to be more sensitive to interest rate changes, making them more volatile than<br />securities with shorter durations.<br /> <br />Credit/Default Risk. Issuers or guarantors of debt instruments or the<br />counterparty to a repurchase agreement or loan of portfolio securities may <br />be unable or unwilling to make timely interest and/or principal payments or<br />otherwise honor its obligations. Debt instruments are subject to varying degrees<br />of credit risk, which may be reflected in credit ratings. Securities issued by<br />the U.S. government generally have less credit risk than debt securities of<br />non-government issuers. However, securities issued by certain U.S. government<br />agencies are not necessarily backed by the full faith and credit of the U.S.<br />government. Credit rating downgrades and defaults (failure to make interest or<br />principal payment) may potentially reduce the Fund's income and share price.<br /> <br />Asset Class Risk. The bonds in the Fund's portfolio may underperform the returns<br />of other bonds or indexes that track other industries, markets, asset classes or<br />sectors. Different types of bonds and indexes tend to go through different<br />performance cycles than the general bond market.<br /> <br />Call Risk/Prepayment Risk. During periods of falling interest rates, an issuer<br />of a callable bond may exercise its right to pay principal on an obligation<br />earlier than expected. This may result in the Fund reinvesting proceeds at lower<br />interest rates, resulting in a decline in the Fund's income.<br /> <br />Extension Risk. An issuer may exercise its right to pay principal on an<br />obligation later than expected. This may happen when there is a rise in interest<br />rates. Under these circumstances, the value of the obligation will decrease and<br />the Fund's performance may suffer from its inability to invest in higher<br />yielding securities.<br /> <br />Income Risk. Falling interest rates may cause the Fund's income to decline.<br /> <br />Liquidity Risk. Liquidity risk exists when particular investments are difficult<br />to purchase or sell. If the Fund invests in illiquid securities or securities<br />that become illiquid, Fund returns may be reduced because the Fund may be unable<br />to sell the illiquid securities at an advantageous time or price.<br /> <br />Declining Yield Risk. During the final year of the Fund's operations, as the<br />bonds held by the Fund mature and the Fund's portfolio transitions to cash and<br />cash equivalents, the Fund's yield will generally tend to move toward the yield<br />of cash and cash equivalents and thus may be lower than the yields of the bonds<br />previously held by the Fund and/or prevailing yields for bonds in the market.<br />&#xA0;&#xA0;<br />Fluctuation of Yield and Liquidation Amount Risk. The Fund, unlike a direct<br />investment in a bond that has a level coupon payment and a fixed payment at<br />maturity, will make distributions of income that vary over time. Unlike a <br />direct investment in bonds, the breakdown of returns between Fund distributions <br />and liquidation proceeds are not predictable at the time of your investment. <br />For example, at times during the Fund's existence, it may make distributions <br />at a greater (or lesser) rate than the coupon payments received on the Fund's<br />portfolio, which will result in the Fund returning a lesser (or greater) amount<br />on liquidation than would otherwise be the case. The rate of Fund distribution<br />payments may adversely affect the tax characterization of your returns from an<br />investment in the Fund relative to a direct investment in corporate bonds. If<br />the amount you receive as liquidation proceeds upon the Fund's termination is<br />higher or lower than your cost basis, you may experience a gain or loss for tax<br />purposes.<br /> <br />Financial Services Sector Risk. The financial services industries are subject <br />to extensive government regulation, can be subject to relatively rapid change <br />due to increasingly blurred distinctions between service segments, and can be<br />significantly affected by availability and cost of capital funds, changes in<br />interest rates, the rate of corporate and consumer debt defaults, and price<br />competition. In addition, the deterioration of the credit markets since late<br />2007 generally has caused an adverse impact in a broad range of markets,<br />including U.S. and international credit and interbank money markets generally,<br />thereby affecting a wide range of financial institutions and markets. In<br />particular, events in the financial sector since late 2008 have resulted, <br />and may continue to result, in an unusually high degree of volatility in <br />the financial markets, both domestic and foreign. This situation has created<br />instability in the financial markets and caused certain financial services<br />companies to incur large losses. Numerous financial services companies have<br />experienced substantial declines in the valuations of their assets, taken action<br />to raise capital (such as the issuance of debt or equity securities), or even<br />ceased operations. These actions have caused the securities of many financial<br />services companies to experience a dramatic decline in value. Issuers that have<br />exposure to the real estate, mortgage and credit markets have been particularly<br />affected by the foregoing events and the general market turmoil, and it is<br />uncertain whether or for how long these conditions will continue.<br /> <br />Non-Correlation Risk. The Fund's return may not match the return of the Index<br />for a number of reasons. For example, the Fund incurs a number of operating<br />expenses not applicable to the Index, and incurs costs in buying and selling<br />securities, especially when rebalancing the Fund's securities holdings to<br />reflect changes in the composition of the Index. Since the Index constituents<br />may vary on a monthly basis, the Fund's costs associated with rebalancing may be<br />greater than those incurred by other exchange-traded funds ("ETFs") that track<br />indices whose composition changes less frequently.<br /> <br />The Fund may not be fully invested at times, either as a result of cash flows<br />into the Fund or reserves of cash held by the Fund to meet redemptions and<br />expenses. Since the Fund utilizes a sampling approach, its return may not<br />correlate as well with the return on the Index as would be the case if it<br />purchased all of the securities in the Index with the same weightings as the<br />Index.<br /> <br />Concentration Risk. If the Index concentrates in an industry or group of<br />industries the Fund's investments will be concentrated accordingly. In such<br />event, the value of the Fund's Shares may rise and fall more than the value of<br />shares of a fund that invests in securities of companies in a broader range of<br />industries.<br />&#xA0;&#xA0;<br />Passive Management Risk. Unlike many investment companies, the Fund is not<br />"actively" managed. Therefore, it would not necessarily sell a security because<br />the security's issuer was in financial trouble or defaulted, or whose credit<br />rating was downgraded, unless that security is removed from the Index.<br /> <br />Issuer-Specific Changes. The value of an individual security or particular type<br />of security can be more volatile than the market as a whole and can perform<br />differently from the value of the market as a whole. The value of securities of<br />smaller issuers can be more volatile than that of larger issuers.<br /> <br />Risk of Cash Transactions. In certain instances, unlike most ETFs, the Fund may<br />effect creations and redemptions for cash, rather than in-kind. As a result, an<br />investment in the Fund may be less tax-efficient than an investment in a more<br />conventional ETF. ETFs generally are able to make in-kind redemptions and avoid<br />being taxed on gain on the distributed portfolio securities at the Fund level.<br />Because the Fund may effect redemptions for cash, rather than in-kind distributions, <br />it may be required to sell portfolio securities in order to obtain the cash needed <br />to distribute redemption proceeds. If the Fund recognizes gain on these sales, <br />this generally will cause the Fund to recognize gain it might not otherwise have <br />recognized, or to recognize such gain sooner than would otherwise be required if <br />it were to distribute portfolio securities in-kind. The Fund generally intends to <br />distribute these gains to shareholders to avoid being taxed on this gain at the <br />Fund level and otherwise comply with the special tax rules that apply to it. <br />This strategy may cause shareholders to be subject to tax on gains they would <br />not otherwise be subject to, or at an earlier date than, if they had made an <br />investment in a different ETF. Moreover, cash transactions may have to be <br />carried out over several days if the securities market is relatively illiquid <br />and may involve considerable brokerage fees and taxes. These brokerage fees <br />and taxes, which will be higher than if the Fund sold and redeemed its Shares <br />principally in-kind, will be passed on to purchasers and redeemers of Creation <br />Units in the form of creation and redemption transaction fees.<br /> <br />Non-Diversified Fund Risk. The Fund is considered non-diversified and can invest<br />a greater portion of assets in securities of individual issuers than a diversified <br />fund. As a result, changes in the market value of a single investment could cause <br />greater fluctuations in Share price than would occur in a diversified fund.<br /> <br />The Fund's Shares will change in value, and you could lose money by investing in<br />the Fund. The Fund may not achieve its investment objective. An investment in<br />the Fund has not been guaranteed, sponsored, recommended, or approved by the<br />United States, or any agency, instrumentality or officer of the United States,<br />has not been insured by the Federal Deposit Insurance Corporation (FDIC) and is<br />not guaranteed by and is not otherwise an obligation of any bank or insured<br />depository institution.</tt> Fees and Expenses of the Fund Principal Investment Strategies www.guggenheimfunds.com The Fund, using a low cost "passive" or "indexing" investment approach, will seek to replicate, before the Fund's fees and expenses, the performance of the 2017 Index. The 2017 Index is a rules-based index comprised of, as of the date of this prospectus, approximately 212 investment grade corporate bonds with effective maturities in the year 2017. <tt>The chart and table below provide some indication of the risks of investing in<br />the Fund by showing changes in the Fund's performance from year to year and by<br />showing how the Fund's average annual returns for one year and since inception<br />compare with those of the Index and a broad measure of market performance. The<br />Fund's past performance (before and after taxes) is not necessarily an<br />indication of how the Fund will perform in the future. Updated performance<br />information for the Fund is available at www.guggenheimfunds.com.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund ("Shares"). Investors purchasing Shares in the secondary<br />market may be subject to costs (including customary brokerage commissions)<br />charged by their broker.</tt> <div style="display:none">~ http://guffenheimfunds.com/role/OperatingExpensesData_S000027346Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://guffenheimfunds.com/role/PerformanceTableData_S000027346Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> Investors purchasing Shares in the secondary market may be subject to costs (including customary brokerage commissions) charged by their broker. <tt>All after-tax returns are calculated using the historical highest individual<br />federal marginal income tax rates and do not reflect the impact of any state or<br />local tax. Your own actual after-tax returns will depend on your tax situation<br />and may differ from what is shown here. After-tax returns are not relevant to<br />investors who hold Shares of the Fund in tax-deferred accounts such as<br />individual retirement accounts (IRAs) or employee-sponsored retirement plans.</tt> The Fund may not achieve its investment objective. An investment in the Fund has not been guaranteed, sponsored, recommended, or approved by the United States, or any agency, instrumentality or officer of the United States, has not been insured by the Federal Deposit Insurance Corporation (FDIC) and is not guaranteed by and is not otherwise an obligation of any bank or insured depository institution. BulletShares® USD Corporate Bond 2017 Index (reflects no deduction for fees, expenses or taxes) 0.0550 0.0723 2010-06-07 Barclays Capital U.S. 5-7 Year Corporate Bond Index (reflects no deduction for fees, expenses or taxes) 0.0632 0.0742 2010-06-07 Returns After Taxes on Distributions and Sale of Fund Shares 0.0293 0.0483 2010-06-07 Returns After Taxes on Distributions 0.0330 0.0526 2010-06-07 BSCH lowest calendar quarter returns highest calendar quarter returns 2012-06-30 Returns Before Taxes 25 2011-06-30 132 -0.0084 592 249 0.0272 0.0452 0.0000 0.0024 2011-09-30 The Fund's year-to-date total return 0.0452 0.0024 0.0653 2010-06-07 0.0550 The Fund is considered non-diversified and can invest a greater portion of assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Shares are<br />held in a taxable account. These costs, which are not reflected in annual fund <br />operating expenses or in the example, affect the Fund's performance. During the <br />most recent fiscal year, the Fund's portfolio turnover rate was 5% of the average <br />value of its portfolio.</tt> <div style="display:none">~ http://guffenheimfunds.com/role/ExpenseExample_S000027345Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://guffenheimfunds.com/role/BarChartData_S000027345Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks investment results that correspond generally to the performance,<br />before the Fund's fees and expenses, of an investment grade corporate bond index<br />called the BulletShares&#xAE; USD Corporate Bond 2016 Index (the "2016 Index" or the<br />"Index").</tt> <tt>This Example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other funds. The Example does not take into account <br />brokerage commissions that you may pay when purchasing or selling Shares.<br /> <br />The Example assumes that you invest $10,000 in the Fund for the time periods<br />indicated and then redeem all of your shares at the end of those periods. The<br />Example also assumes that your investment has a 5% return each year and that the<br />Fund's operating expenses remain the same. Although your actual costs may be<br />higher or lower, based on these assumptions your costs would be:</tt> reflects no deduction for fees, expenses or taxes <tt>The Fund, using a low cost "passive" or "indexing" investment approach, will<br />seek to replicate, before the Fund's fees and expenses, the performance of the<br />2016 Index. The 2016 Index is a rules-based index comprised of, as of the date<br />of this prospectus, approximately 214 investment grade corporate bonds with<br />effective maturities in the year 2016. The 2016 Index is designed to represent<br />the performance of a held-to-maturity portfolio of U.S. dollar-denominated<br />investment-grade corporate bonds with effective maturities in the year 2016. <br />The effective maturity of an eligible corporate bond is determined by its actual<br />maturity or, in the case of callable securities, the effective maturity of the<br />security as determined in accordance with a rules-based methodology developed by<br />Accretive Asset Management LLC ("Accretive" or the "Index Provider").<br /> <br />The Fund has a designated year of maturity of 2016 and will terminate on or<br />about December 31, 2016. In connection with such termination, the Fund will make<br />a cash distribution to then-current shareholders of its net assets after making<br />appropriate provisions for any liabilities of the Fund. The Fund does not seek<br />to return any predetermined amount at maturity. The Fund will invest at least<br />80% of its total assets in component securities that comprise the 2016 Index.<br />Under normal conditions, the Fund will invest at least 80% of its net assets in<br />corporate bonds. The Fund has adopted a policy that requires the Fund to provide<br />shareholders with at least 60 days notice prior to any material change in this<br />policy or the 2016 Index. In the last six months of operation, when the bonds<br />held by the Fund mature, the Fund's portfolio will transition to cash and cash<br />equivalents, including without limitation U.S. Treasury Bills and investment<br />grade commercial paper. The Fund will terminate on or about December 31, 2016<br />without requiring additional approval by the Trust's Board of Trustees (the<br />"Board") or Fund shareholders. The Board may change the termination date to an<br />earlier or later date without shareholder approval if a majority of the Board<br />determines the change to be in the best interest of the Fund. The Board of<br />Trustees of the Trust may change the Fund's investment strategy and other<br />policies without shareholder approval, except as otherwise indicated.<br /> <br />The Fund expects to use a sampling approach in seeking to achieve its investment<br />objective. Sampling means that the Investment Adviser uses quantitative analysis<br />to select securities from the Index universe to obtain a representative sample<br />of securities that resemble the Index in terms of key risk factors, performance<br />attributes and other characteristics. These characteristics include maturity,<br />credit quality, sector, duration and other financial characteristics of fixed<br />income securities. The quantity of holdings in the Fund will be based on a<br />number of factors, including the asset size of the Fund, potential transaction<br />costs in acquiring particular securities, the anticipated impact of particular<br />index securities on the performance of the Index and the availability of<br />particular securities in the secondary market. However, the Fund may use<br />replication to achieve its objective if practicable. There may also be instances<br />in which the Investment Adviser may choose to overweight another security in the<br />Index, or purchase (or sell) securities not in the Index which the Investment<br />Adviser believes are appropriate to substitute for one or more Index components,<br />in seeking to accurately track the Index. In addition, from time to time securities <br />are added to or removed from the Index. The Fund may sell securities that are <br />represented in the Index or purchase securities that are not yet represented in <br />the Index in anticipation of their removal from or addition to the Index. If the <br />Index concentrates in a particular industry or group of industries, the Fund's <br />investments will be concentrated accordingly.</tt> Guggenheim BulletShares 2016 Corporate Bond ETF Example All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax. Investment Objective The Fund's past performance (before after taxes) is not necessarily an indication of how the Fund will perform in the future. Investors should consider the following risk factors and special considerations associated with investing in the Fund, which may cause you to lose money. Principal Investment Risks 0.05 Your own actual after-tax returns will depend on your tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Shares of the Fund in tax-deferred accounts such as individual retirement accounts (IRAs) or employee-sponsored retirement plans. Calendar Year Total Return as of 12/31 Fund Performance The chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for one year and since inception compare with those of the Index and a broad measure of market performance. <tt>The Fund commenced operations on June 7, 2010. The Fund's year-to-date total<br />return was 4.38% as of June 30, 2012.<br /> <br />During the period shown in the chart above, the Fund's highest and lowest<br />calendar quarter returns were 2.36% and -0.89%, respectively, for the quarters<br />ended June 30, 2011 and September 30, 2011.</tt> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Returns for the Periods Ended December 31, 2011 Portfolio Turnover <tt>Investors should consider the following risk factors and special considerations<br />associated with investing in the Fund, which may cause you to lose money.<br /> <br />Investment Risk. An investment in the Fund is subject to investment risk,<br />including the possible loss of the entire principal amount that you invest.<br /> <br />Interest Rate Risk. As interest rates rise, the value of fixed-income securities<br />held by the Fund are likely to decrease. Securities with longer durations tend<br />to be more sensitive to interest rate changes, making them more volatile than<br />securities with shorter durations.<br /> <br />Credit/Default Risk. Issuers or guarantors of debt instruments or the<br />counterparty to a repurchase agreement or loan of portfolio securities may <br />be unable or unwilling to make timely interest and/or principal payments or<br />otherwise honor its obligations. Debt instruments are subject to varying degrees<br />of credit risk, which may be reflected in credit ratings. Securities issued by<br />the U.S. government generally have less credit risk than debt securities of<br />non-government issuers. However, securities issued by certain U.S. government<br />agencies are not necessarily backed by the full faith and credit of the U.S.<br />government. Credit rating downgrades and defaults (failure to make interest or<br />principal payment) may potentially reduce the Fund's income and share price.<br /> <br />Asset Class Risk. The bonds in the Fund's portfolio may underperform the returns<br />of other bonds or indexes that track other industries, markets, asset classes or<br />sectors. Different types of bonds and indexes tend to go through different<br />performance cycles than the general bond market.<br /> <br />Call Risk/Prepayment Risk. During periods of falling interest rates, an issuer<br />of a callable bond may exercise its right to pay principal on an obligation<br />earlier than expected. This may result in the Fund reinvesting proceeds at lower<br />interest rates, resulting in a decline in the Fund's income.<br /> <br />Extension Risk. An issuer may exercise its right to pay principal on an<br />obligation later than expected. This may happen when there is a rise in interest<br />rates. Under these circumstances, the value of the obligation will decrease and<br />the Fund's performance may suffer from its inability to invest in higher<br />yielding securities.<br /> <br />Income Risk. Falling interest rates may cause the Fund's income to decline.<br /> <br />Liquidity Risk. Liquidity risk exists when particular investments are difficult<br />to purchase or sell. If the Fund invests in illiquid securities or securities<br />that become illiquid, Fund returns may be reduced because the Fund may be unable<br />to sell the illiquid securities at an advantageous time or price.<br /> <br />Declining Yield Risk. During the final year of the Fund's operations, as the<br />bonds held by the Fund mature and the Fund's portfolio transitions to cash and<br />cash equivalents, the Fund's yield will generally tend to move toward the yield<br />of cash and cash equivalents and thus may be lower than the yields of the bonds<br />previously held by the Fund and/or prevailing yields for bonds in the market.<br />&#xA0;&#xA0;<br />Fluctuation of Yield and Liquidation Amount Risk. The Fund, unlike a direct<br />investment in a bond that has a level coupon payment and a fixed payment at<br />maturity, will make distributions of income that vary over time. Unlike a <br />direct investment in bonds, the breakdown of returns between Fund distributions <br />and liquidation proceeds are not predictable at the time of your investment. <br />For example, at times during the Fund's existence, it may make distributions <br />at a greater (or lesser) rate than the coupon payments received on the Fund's<br />portfolio, which will result in the Fund returning a lesser (or greater) amount<br />on liquidation than would otherwise be the case. The rate of Fund distribution<br />payments may adversely affect the tax characterization of your returns from an<br />investment in the Fund relative to a direct investment in corporate bonds. If<br />the amount you receive as liquidation proceeds upon the Fund's termination is<br />higher or lower than your cost basis, you may experience a gain or loss for tax<br />purposes.<br /> <br />Financial Services Sector Risk. The financial services industries are subject <br />to extensive government regulation, can be subject to relatively rapid change <br />due to increasingly blurred distinctions between service segments, and can be<br />significantly affected by availability and cost of capital funds, changes in<br />interest rates, the rate of corporate and consumer debt defaults, and price<br />competition. In addition, the deterioration of the credit markets since late<br />2007 generally has caused an adverse impact in a broad range of markets,<br />including U.S. and international credit and interbank money markets generally,<br />thereby affecting a wide range of financial institutions and markets. In<br />particular, events in the financial sector since late 2008 have resulted, <br />and may continue to result, in an unusually high degree of volatility in <br />the financial markets, both domestic and foreign. This situation has created<br />instability in the financial markets and caused certain financial services<br />companies to incur large losses. Numerous financial services companies have<br />experienced substantial declines in the valuations of their assets, taken action<br />to raise capital (such as the issuance of debt or equity securities), or even<br />ceased operations. These actions have caused the securities of many financial<br />services companies to experience a dramatic decline in value. Issuers that have<br />exposure to the real estate, mortgage and credit markets have been particularly<br />affected by the foregoing events and the general market turmoil, and it is<br />uncertain whether or for how long these conditions will continue.<br /> <br />Non-Correlation Risk. The Fund's return may not match the return of the Index<br />for a number of reasons. For example, the Fund incurs a number of operating<br />expenses not applicable to the Index, and incurs costs in buying and selling<br />securities, especially when rebalancing the Fund's securities holdings to<br />reflect changes in the composition of the Index. Since the Index constituents<br />may vary on a monthly basis, the Fund's costs associated with rebalancing may be<br />greater than those incurred by other exchange-traded funds ("ETFs") that track<br />indices whose composition changes less frequently.<br /> <br />The Fund may not be fully invested at times, either as a result of cash flows<br />into the Fund or reserves of cash held by the Fund to meet redemptions and<br />expenses. Since the Fund utilizes a sampling approach, its return may not<br />correlate as well with the return on the Index as would be the case if it<br />purchased all of the securities in the Index with the same weightings as the<br />Index.<br /> <br />Concentration Risk. If the Index concentrates in an industry or group of<br />industries the Fund's investments will be concentrated accordingly. In such<br />event, the value of the Fund's Shares may rise and fall more than the value of<br />shares of a fund that invests in securities of companies in a broader range of<br />industries.<br />&#xA0;&#xA0;<br />Passive Management Risk. Unlike many investment companies, the Fund is not<br />"actively" managed. Therefore, it would not necessarily sell a security because<br />the security's issuer was in financial trouble or defaulted, or whose credit<br />rating was downgrading, unless that security is removed from the Index.<br /> <br />Issuer-Specific Changes. The value of an individual security or particular type<br />of security can be more volatile than the market as a whole and can perform<br />differently from the value of the market as a whole. The value of securities of<br />smaller issuers can be more volatile than that of larger issuers.<br /> <br />Risk of Cash Transactions. In certain instances, unlike most ETFs, the Fund may<br />effect creations and redemptions for cash, rather than in-kind. As a result, an<br />investment in the Fund may be less tax-efficient than an investment in a more<br />conventional ETF. ETFs generally are able to make in-kind redemptions and avoid<br />being taxed on gain on the distributed portfolio securities at the Fund level.<br />Because the Fund may effect redemptions for cash, rather than in-kind distributions, <br />it may be required to sell portfolio securities in order to obtain the cash needed <br />to distribute redemption proceeds. If the Fund recognizes gain on these sales, <br />this generally will cause the Fund to recognize gain it might not otherwise have <br />recognized, or to recognize such gain sooner than would otherwise be required if <br />it were to distribute portfolio securities in-kind. The Fund generally intends <br />to distribute these gains to shareholders to avoid being taxed on this gain at <br />the Fund level and otherwise comply with the special tax rules that apply to it. <br />This strategy may cause shareholders to be subject to tax on gains they would not <br />otherwise be subject to, or at an earlier date than, if they had made an investment <br />in a different ETF. Moreover, cash transactions may have to be carried out over <br />several days if the securities market is relatively illiquid and may involve <br />considerable brokerage fees and taxes. These brokerage fees and taxes, which <br />will be higher than if the Fund sold and redeemed its Shares principally <br />in-kind, will be passed on to purchasers and redeemers of Creation Units <br />in the form of creation and redemption transaction fees.<br /> <br />Non-Diversified Fund Risk. The Fund is considered non-diversified and can invest<br />a greater portion of assets in securities of individual issuers than a diversified <br />fund. As a result, changes in the market value of a single investment could cause <br />greater fluctuations in Share price than would occur in a diversified fund.<br /> <br />The Fund's Shares will change in value, and you could lose money by investing in<br />the Fund. The Fund may not achieve its investment objective. An investment in<br />the Fund has not been guaranteed, sponsored, recommended, or approved by the<br />United States, or any agency, instrumentality or officer of the United States,<br />has not been insured by the Federal Deposit Insurance Corporation (FDIC) and is<br />not guaranteed by and is not otherwise an obligation of any bank or insured<br />depository institution.</tt> Fees and Expenses of the Fund Principal Investment Strategies www.guggenheimfunds.com The Fund, using a low cost "passive" or "indexing" investment approach, will seek to replicate, before the Fund's fees and expenses, the performance of the 2016 Index. The 2016 Index is a rules-based index comprised of, as of the date of this prospectus, approximately 214 investment grade corporate bonds with effective maturities in the year 2016. <tt>The chart and table below provide some indication of the risks of investing in<br />the Fund by showing changes in the Fund's performance from year to year and by<br />showing how the Fund's average annual returns for one year and since inception<br />compare with those of the Index and a broad measure of market performance. The<br />Fund's past performance (before after taxes) is not necessarily an indication of<br />how the Fund will perform in the future. Updated performance information for the<br />Fund is available at www.guggenheimfunds.com.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund ("Shares"). Investors purchasing Shares in the secondary<br />market may be subject to costs (including customary brokerage commissions)<br />charged by their broker.</tt> <div style="display:none">~ http://guffenheimfunds.com/role/OperatingExpensesData_S000027345Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://guffenheimfunds.com/role/PerformanceTableData_S000027345Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> Investors purchasing Shares in the secondary market may be subject to costs (including customary brokerage commissions) charged by their broker. <tt>All after-tax returns are calculated using the historical highest individual<br />federal marginal income tax rates and do not reflect the impact of any state or<br />local tax. Your own actual after-tax returns will depend on your tax situation<br />and may differ from what is shown here. After-tax returns are not relevant to<br />investors who hold Shares of the Fund in tax-deferred accounts such as<br />individual retirement accounts (IRAs) or employee-sponsored retirement plans.</tt> The Fund may not achieve its investment objective. An investment in the Fund has not been guaranteed, sponsored, recommended, or approved by the United States, or any agency, instrumentality or officer of the United States, has not been insured by the Federal Deposit Insurance Corporation (FDIC) and is not guaranteed by and is not otherwise an obligation of any bank or insured depository institution. Barclays Capital U.S. 5-7 Year Corporate Bond Index (reflects no deduction for fees, expenses or taxes) 0.0632 0.0742 2010-06-07 BulletShares® USD Corporate Bond 2016 Index (reflects no deduction for fees, expenses or taxes) 0.0531 0.0669 2010-06-07 Returns After Taxes on Distributions and Sale of Fund Shares 0.0279 0.0441 2010-06-07 Returns After Taxes on Distributions 0.0326 0.0482 2010-06-07 BSCG lowest calendar quarter returns highest calendar quarter returns 2012-06-30 Returns Before Taxes 25 2011-06-30 132 -0.0089 592 249 0.0236 0.0431 0.0000 0.0024 2011-09-30 The Fund's year-to-date total return 0.0431 0.0024 0.0591 2010-06-07 0.0438 The Fund is considered non-diversified and can invest a greater portion of assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Shares are<br />held in a taxable account. These costs, which are not reflected in annual fund <br />operating expenses or in the example, affect the Fund's performance. During the <br />most recent fiscal year, the Fund's portfolio turnover rate was 1% of the average <br />value of its portfolio.</tt> <div style="display:none">~ http://guffenheimfunds.com/role/ExpenseExample_S000027344Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://guffenheimfunds.com/role/BarChartData_S000027344Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks investment results that correspond generally to the performance,<br />before the Fund's fees and expenses, of an investment grade corporate bond index<br />called the BulletShares&#xAE; USD Corporate Bond 2015 Index (the "2015 Index" or the<br />"Index").</tt> <tt>This Example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other funds. The Example does not take into account <br />brokerage commissions that you may pay when purchasing or selling Shares.<br /> <br />The Example assumes that you invest $10,000 in the Fund for the time periods<br />indicated and then redeem all of your shares at the end of those periods. The<br />Example also assumes that your investment has a 5% return each year and that the<br />Fund's operating expenses remain the same. Although your actual costs may be<br />higher or lower, based on these assumptions your costs would be:</tt> reflects no deduction for fees, expenses or taxes <tt>The Fund, using a low cost "passive" or "indexing" investment approach, will<br />seek to replicate, before the Fund's fees and expenses, the performance of the<br />2015 Index. The 2015 Index is a rules-based index comprised of, as of the date<br />of this prospectus, approximately 244 investment grade corporate bonds with<br />effective maturities in the year 2015. The 2015 Index is designed to represent<br />the performance of a held-to-maturity portfolio of U.S. dollar-denominated<br />investment-grade corporate bonds with effective maturities in the year 2015. <br />The effective maturity of an eligible corporate bond is determined by its actual<br />maturity or, in the case of callable securities, the effective maturity of the<br />security as determined in accordance with a rules-based methodology developed by<br />Accretive Asset Management LLC ("Accretive" or the "Index Provider").<br /> <br />The Fund has a designated year of maturity of 2015 and will terminate on or<br />about December 31, 2015. In connection with such termination, the Fund will make<br />a cash distribution to then-current shareholders of its net assets after making<br />appropriate provisions for any liabilities of the Fund. The Fund does not seek<br />to return any predetermined amount at maturity. The Fund will invest at least<br />80% of its total assets in component securities that comprise the 2015 Index.<br />Under normal conditions, the Fund will invest at least 80% of its net assets in<br />corporate bonds. The Fund has adopted a policy that requires the Fund to provide<br />shareholders with at least 60 days notice prior to any material change in this<br />policy or the 2015 Index. In the last six months of operation, when the bonds<br />held by the Fund mature, the Fund's portfolio will transition to cash and cash<br />equivalents, including without limitation U.S. Treasury Bills and investment<br />grade commercial paper. The Fund will terminate on or about December 31, 2015<br />without requiring additional approval by the Trust's Board of Trustees (the<br />"Board") or Fund shareholders. The Board may change the termination date to an<br />earlier or later date without shareholder approval if a majority of the Board<br />determines the change to be in the best interest of the Fund. The Board of<br />Trustees of the Trust may change the Fund's investment strategy and other<br />policies without shareholder approval, except as otherwise indicated.<br /> <br />The Fund expects to use a sampling approach in seeking to achieve its investment<br />objective. Sampling means that the Investment Adviser uses quantitative analysis<br />to select securities from the Index universe to obtain a representative sample<br />of securities that resemble the Index in terms of key risk factors, performance<br />attributes and other characteristics. These characteristics include maturity,<br />credit quality, sector, duration and other financial characteristics of fixed<br />income securities. The quantity of holdings in the Fund will be based on a<br />number of factors, including the asset size of the Fund, potential transaction<br />costs in acquiring particular securities, the anticipated impact of particular<br />index securities on the performance of the Index and the availability of<br />particular securities in the secondary market. However, the Fund may use<br />replication to achieve its objective if practicable. There may also be instances<br />in which the Investment Adviser may choose to overweight another security in the<br />Index, or purchase (or sell) securities not in the Index which the Investment<br />Adviser believes are appropriate to substitute for one or more Index components,<br />in seeking to accurately track the Index. In addition, from time to time securities <br />are added to or removed from the Index. The Fund may sell securities that are <br />represented in the Index or purchase securities that are not yet represented in <br />the Index in anticipation of their removal from or addition to the Index. If the <br />Index concentrates in a particular industry or group of industries, the Fund's <br />investments will be concentrated accordingly.</tt> Guggenheim BulletShares 2015 Corporate Bond ETF Example All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax. Investment Objective The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Investors should consider the following risk factors and special considerations associated with investing in the Fund, which may cause you to lose money. Principal Investment Risks 0.01 Your own actual after-tax returns will depend on your tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Shares of the Fund in tax-deferred accounts such as individual retirement accounts (IRAs) or employee-sponsored retirement plans. Calendar Year Total Return as of 12/31 Fund Performance The chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for one year and since inception compare with those of the Index and a broad measure of market performance. <tt>The Fund commenced operations on June 7, 2010. The Fund's year-to-date total<br />return was 3.72% as of June 30, 2012.<br /> <br />During the period shown in the chart above, the Fund's highest and lowest<br />calendar quarter returns were 2.21% and -0.65%, respectively, for the quarters<br />ended June 30, 2011 and September 30, 2011.</tt> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Returns for the Periods Ended December 31, 2011 Portfolio Turnover <tt>Investors should consider the following risk factors and special considerations<br />associated with investing in the Fund, which may cause you to lose money.<br /> <br />Investment Risk. An investment in the Fund is subject to investment risk,<br />including the possible loss of the entire principal amount that you invest.<br /> <br />Interest Rate Risk. As interest rates rise, the value of fixed-income securities<br />held by the Fund are likely to decrease. Securities with longer durations tend<br />to be more sensitive to interest rate changes, making them more volatile than<br />securities with shorter durations.<br /> <br />Credit/Default Risk. Issuers or guarantors of debt instruments or the<br />counterparty to a repurchase agreement or loan of portfolio securities may <br />be unable or unwilling to make timely interest and/or principal payments or<br />otherwise honor its obligations. Debt instruments are subject to varying degrees<br />of credit risk, which may be reflected in credit ratings. Securities issued by<br />the U.S. government generally have less credit risk than debt securities of<br />non-government issuers. However, securities issued by certain U.S. government<br />agencies are not necessarily backed by the full faith and credit of the U.S.<br />government. Credit rating downgrades and defaults (failure to make interest or<br />principal payment) may potentially reduce the Fund's income and share price.<br /> <br />Asset Class Risk. The bonds in the Fund's portfolio may underperform the returns<br />of other bonds or indexes that track other industries, markets, asset classes or<br />sectors. Different types of bonds and indexes tend to go through different<br />performance cycles than the general bond market.<br /> <br />Call Risk/Prepayment Risk. During periods of falling interest rates, an issuer<br />of a callable bond may exercise its right to pay principal on an obligation<br />earlier than expected. This may result in the Fund reinvesting proceeds at lower<br />interest rates, resulting in a decline in the Fund's income.<br /> <br />Extension Risk. An issuer may exercise its right to pay principal on an<br />obligation later than expected. This may happen when there is a rise in interest<br />rates. Under these circumstances, the value of the obligation will decrease and<br />the Fund's performance may suffer from its inability to invest in higher<br />yielding securities.<br /> <br />Income Risk. Falling interest rates may cause the Fund's income to decline.<br /> <br />Liquidity Risk. Liquidity risk exists when particular investments are difficult<br />to purchase or sell. If the Fund invests in illiquid securities or securities<br />that become illiquid, Fund returns may be reduced because the Fund may be unable<br />to sell the illiquid securities at an advantageous time or price.<br /> <br />Declining Yield Risk. During the final year of the Fund's operations, as the<br />bonds held by the Fund mature and the Fund's portfolio transitions to cash and<br />cash equivalents, the Fund's yield will generally tend to move toward the yield<br />of cash and cash equivalents and thus may be lower than the yields of the bonds<br />previously held by the Fund and/or prevailing yields for bonds in the market.<br />&#xA0;&#xA0;<br />Fluctuation of Yield and Liquidation Amount Risk. The Fund, unlike a direct<br />investment in a bond that has a level coupon payment and a fixed payment at<br />maturity, will make distributions of income that vary over time. Unlike a <br />direct investment in bonds, the breakdown of returns between Fund distributions <br />and liquidation proceeds are not predictable at the time of your investment. <br />For example, at times during the Fund's existence, it may make distributions <br />at a greater (or lesser) rate than the coupon payments received on the Fund's<br />portfolio, which will result in the Fund returning a lesser (or greater) amount<br />on liquidation than would otherwise be the case. The rate of Fund distribution<br />payments may adversely affect the tax characterization of your returns from an<br />investment in the Fund relative to a direct investment in corporate bonds. If<br />the amount you receive as liquidation proceeds upon the Fund's termination is<br />higher or lower than your cost basis, you may experience a gain or loss for tax<br />purposes.<br /> <br />Financial Services Sector Risk. The financial services industries are subject <br />to extensive government regulation, can be subject to relatively rapid change <br />due to increasingly blurred distinctions between service segments, and can be<br />significantly affected by availability and cost of capital funds, changes in<br />interest rates, the rate of corporate and consumer debt defaults, and price<br />competition. In addition, the deterioration of the credit markets since late<br />2007 generally has caused an adverse impact in a broad range of markets,<br />including U.S. and international credit and interbank money markets generally,<br />thereby affecting a wide range of financial institutions and markets. In<br />particular, events in the financial sector since late 2008 have resulted, <br />and may continue to result, in an unusually high degree of volatility in <br />the financial markets, both domestic and foreign. This situation has created<br />instability in the financial markets and caused certain financial services<br />companies to incur large losses. Numerous financial services companies have<br />experienced substantial declines in the valuations of their assets, taken action<br />to raise capital (such as the issuance of debt or equity securities), or even<br />ceased operations. These actions have caused the securities of many financial<br />services companies to experience a dramatic decline in value. Issuers that have<br />exposure to the real estate, mortgage and credit markets have been particularly<br />affected by the foregoing events and the general market turmoil, and it is<br />uncertain whether or for how long these conditions will continue.<br /> <br />Non-Correlation Risk. The Fund's return may not match the return of the Index<br />for a number of reasons. For example, the Fund incurs a number of operating<br />expenses not applicable to the Index, and incurs costs in buying and selling<br />securities, especially when rebalancing the Fund's securities holdings to<br />reflect changes in the composition of the Index. Since the Index constituents<br />may vary on a monthly basis, the Fund's costs associated with rebalancing may be<br />greater than those incurred by other exchange-traded funds ("ETFs") that track<br />indices whose composition changes less frequently.<br /> <br />The Fund may not be fully invested at times, either as a result of cash flows<br />into the Fund or reserves of cash held by the Fund to meet redemptions and<br />expenses. Since the Fund utilizes a sampling approach, its return may not<br />correlate as well with the return on the Index as would be the case if it<br />purchased all of the securities in the Index with the same weightings as the<br />Index.<br /> <br />Concentration Risk. If the Index concentrates in an industry or group of<br />industries the Fund's investments will be concentrated accordingly. In such<br />event, the value of the Fund's Shares may rise and fall more than the value of<br />shares of a fund that invests in securities of companies in a broader range of<br />industries.<br />&#xA0;&#xA0;<br />Passive Management Risk. Unlike many investment companies, the Fund is not<br />"actively" managed. Therefore, it would not necessarily sell a security because<br />the security's issuer was in financial trouble or defaulted, or whose credit<br />rating was downgraded, unless that security is removed from the Index.<br /> <br />Issuer-Specific Changes. The value of an individual security or particular type<br />of security can be more volatile than the market as a whole and can perform<br />differently from the value of the market as a whole. The value of securities of<br />smaller issuers can be more volatile than that of larger issuers.<br /> <br />Risk of Cash Transactions. In certain instances, unlike most ETFs, the Fund may<br />effect creations and redemptions for cash, rather than in-kind. As a result, an<br />investment in the Fund may be less tax-efficient than an investment in a more<br />conventional ETF. ETFs generally are able to make in-kind redemptions and avoid<br />being taxed on gain on the distributed portfolio securities at the Fund level.<br />Because the Fund may effect redemptions for cash, rather than in-kind distributions, <br />it may be required to sell portfolio securities in order to obtain the cash needed <br />to distribute redemption proceeds. If the Fund recognizes gain on these sales, <br />this generally will cause the Fund to recognize gain it might not otherwise have <br />recognized, or to recognize such gain sooner than would otherwise be required if <br />it were to distribute portfolio securities in-kind. The Fund generally intends <br />to distribute these gains to shareholders to avoid being taxed on this gain at <br />the Fund level and otherwise comply with the special tax rules that apply to <br />it. This strategy may cause shareholders to be subject to tax on gains they <br />would not otherwise be subject to, or at an earlier date than, if they had <br />made an investment in a different ETF. Moreover, cash transactions may have <br />to be carried out over several days if the securities market is relatively&#xA0;&#xA0;<br />illiquid and may involve considerable brokerage fees and taxes. These <br />brokerage fees and taxes, which will be higher than if the Fund sold and <br />redeemed its Shares principally in-kind, will be passed on to purchasers <br />and redeemers of Creation Units in the form of creation and redemption <br />transaction fees.<br /> <br />Non-Diversified Fund Risk. The Fund is considered non-diversified and can invest<br />a greater portion of assets in securities of individual issuers than a diversified <br />fund. As a result, changes in the market value of a single investment could cause <br />greater fluctuations in Share price than would occur in a diversified fund.<br /> <br />The Fund's Shares will change in value, and you could lose money by investing <br />in the Fund. The Fund may not achieve its investment objective. An investment <br />in the Fund has not been guaranteed, sponsored, recommended, or approved by the<br />United States, or any agency, instrumentality or officer of the United States,<br />has not been insured by the Federal Deposit Insurance Corporation (FDIC) and is<br />not guaranteed by and is not otherwise an obligation of any bank or insured<br />depository institution.</tt> Fees and Expenses of the Fund Principal Investment Strategies www.guggenheimfunds.com The Fund, using a low cost "passive" or "indexing" investment approach, will seek to replicate, before the Fund's fees and expenses, the performance of the 2015 Index. The 2015 Index is a rules-based index comprised of, as of the date of this prospectus, approximately 244 investment grade corporate bonds with effective maturities in the year 2015. <tt>The chart and table below provide some indication of the risks of investing in<br />the Fund by showing changes in the Fund's performance from year to year and by<br />showing how the Fund's average annual returns for one year and since inception<br />compare with those of the Index and a broad measure of market performance. The<br />Fund's past performance (before and after taxes) is not necessarily an<br />indication of how the Fund will perform in the future. Updated performance<br />information for the Fund is available at www.guggenheimfunds.com.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund ("Shares"). Investors purchasing Shares in the secondary<br />market may be subject to costs (including customary brokerage commissions)<br />charged by their broker.</tt> <div style="display:none">~ http://guffenheimfunds.com/role/OperatingExpensesData_S000027344Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://guffenheimfunds.com/role/PerformanceTableData_S000027344Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> Investors purchasing Shares in the secondary market may be subject to costs (including customary brokerage commissions) charged by their broker. <tt>All after-tax returns are calculated using the historical highest individual<br />federal marginal income tax rates and do not reflect the impact of any state or<br />local tax. Your own actual after-tax returns will depend on your tax situation<br />and may differ from what is shown here. After-tax returns are not relevant to<br />investors who hold Shares of the Fund in tax-deferred accounts such as<br />individual retirement accounts (IRAs) or employee-sponsored retirement plans.</tt> The Fund may not achieve its investment objective. An investment in the Fund has not been guaranteed, sponsored, recommended, or approved by the United States, or any agency, instrumentality or officer of the United States, has not been insured by the Federal Deposit Insurance Corporation (FDIC) and is not guaranteed by and is not otherwise an obligation of any bank or insured depository institution. BulletShares® USD Corporate Bond 2015 Index (reflects no deduction for fees, expenses or taxes) 0.0363 0.0512 2010-06-07 Barclays Capital U.S. 3-5 Year Corporate Bond Index (reflects no deduction for fees, expenses or taxes) 0.0450 0.0503 2010-06-07 Returns After Taxes on Distributions and Sale of Fund Shares 0.0224 0.0355 2010-06-07 Returns After Taxes on Distributions 0.0258 0.0387 2010-06-07 BSCF lowest calendar quarter returns highest calendar quarter returns 2012-06-30 Returns Before Taxes 25 2011-06-30 132 -0.0065 592 249 0.0221 0.0345 0.0000 0.0024 2011-09-30 The Fund's year-to-date total return 0.0345 0.0024 0.0478 2010-06-07 0.0372 The Fund is considered non-diversified and can invest a greater portion of assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Shares are<br />held in a taxable account. These costs, which are not reflected in annual fund <br />operating expenses or in the example, affect the Fund's performance. During the <br />most recent fiscal year, the Fund's portfolio turnover rate was 3% of the <br />average value of its portfolio.</tt> <div style="display:none">~ http://guffenheimfunds.com/role/ExpenseExample_S000027343Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://guffenheimfunds.com/role/BarChartData_S000027343Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks investment results that correspond generally to the performance,<br />before the Fund's fees and expenses, of an investment grade corporate bond index<br />called the BulletShares&#xAE; USD Corporate Bond 2014 Index (the "2014 Index"or the<br />"Index").</tt> <tt>This Example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other funds. The Example does not take into account <br />brokerage commissions that you may pay when purchasing or selling Shares.<br /> <br />The Example assumes that you invest $10,000 in the Fund for the time periods<br />indicated and then redeem all of your shares at the end of those periods. The<br />Example also assumes that your investment has a 5% return each year and that the<br />Fund's operating expenses remain the same. Although your actual costs may be<br />higher or lower, based on these assumptions your costs would be:</tt> reflects no deduction for fees, expenses or taxes <tt>The Fund, using a low cost "passive" or "indexing" investment approach, will<br />seek to replicate, before the Fund's fees and expenses, the performance of the<br />2014 Index. The 2014 Index is a rules-based index comprised of, as of the date<br />of this prospectus approximately 233 investment grade corporate bonds with<br />effective maturities in the year 2014. The 2014 Index is designed to represent<br />the performance of a held-to-maturity portfolio of U.S. dollar-denominated<br />investment-grade corporate bonds with effective maturities in the year 2014. <br />The effective maturity of an eligible corporate bond is determined by its actual<br />maturity or, in the case of callable securities, the effective maturity of the<br />security as determined in accordance with a rules-based methodology developed by<br />Accretive Asset Management LLC ("Accretive" or the "Index Provider").<br /> <br />The Fund has a designated year of maturity of 2014 and will terminate on or<br />about December 31, 2014. In connection with such termination, the Fund will make<br />a cash distribution to then-current shareholders of its net assets after making<br />appropriate provisions for any liabilities of the Fund. The Fund does not seek<br />to return any predetermined amount at maturity. The Fund will invest at least<br />80% of its total assets in component securities that comprise the 2014 Index.<br />Under normal conditions, the Fund will invest at least 80% of its net assets in<br />corporate bonds. The Fund has adopted a policy that requires the Fund to provide<br />shareholders with at least 60 days notice prior to any material change in this<br />policy or the 2014 Index. In the last six months of operation, when the bonds<br />held by the Fund mature, the Fund's portfolio will transition to cash and cash<br />equivalents, including without limitation U.S. Treasury Bills and investment<br />grade commercial paper. The Fund will terminate on or about December 31, 2014<br />without requiring additional approval by the Trust's Board of Trustees (the<br />"Board") or Fund shareholders. The Board may change the termination date to an<br />earlier or later date without shareholder approval if a majority of the Board<br />determines the change to be in the best interest of the Fund. The Board of<br />Trustees of the Trust may change the Fund's investment strategy and other<br />policies without shareholder approval, except as otherwise indicated.<br /> <br />The Fund expects to use a sampling approach in seeking to achieve its investment<br />objective. Sampling means that the Investment Adviser uses quantitative analysis<br />to select securities from the Index universe to obtain a representative sample<br />of securities that resemble the Index in terms of key risk factors, performance<br />attributes and other characteristics. These characteristics include maturity,<br />credit quality, sector, duration and other financial characteristics of fixed<br />income securities. The quantity of holdings in the Fund will be based on a<br />number of factors, including the asset size of the Fund, potential transaction<br />costs in acquiring particular securities, the anticipated impact of particular<br />index securities on the performance of the Index and the availability of<br />particular securities in the secondary market. However, the Fund may use<br />replication to achieve its objective if practicable. There may also be instances<br />in which the Investment Adviser may choose to overweight another security in the<br />Index, or purchase (or sell) securities not in the Index which the Investment<br />Adviser believes are appropriate to substitute for one or more Index components,<br />in seeking to accurately track the Index. In addition, from time to time securities <br />are added to or removed from the Index. The Fund may sell securities that are <br />represented in the Index or purchase securities that are not yet represented in <br />the Index in anticipation of their removal from or addition to the Index. If the <br />Index concentrates in a particular industry or group of industries, the Fund's <br />investments will be concentrated accordingly.</tt> Guggenheim BulletShares 2014 Corporate Bond ETF Example All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax. Investment Objective The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Investors should consider the following risk factors and special considerations associated with investing in the Fund, which may cause you to lose money. Principal Investment Risks 0.03 Your own actual after-tax returns will depend on your tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Shares of the Fund in tax-deferred accounts such as individual retirement accounts (IRAs) or employee-sponsored retirement plans. Calendar Year Total Return as of 12/31 Fund Performance The chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for one year and since inception compare with those of the Index and a broad measure of market performance. <tt>The Fund commenced operations on June 7, 2010. The Fund's year-to-date total<br />return was 2.52% as of June 30, 2012.<br /> <br />During the period shown in the chart above, the Fund's highest and lowest<br />calendar quarter returns were 1.65% and -1.08%, respectively, for the quarters<br />ended June 30, 2011 and September 30, 2011.</tt> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Returns for the Periods Ended December 31, 2011 Portfolio Turnover <tt>Investors should consider the following risk factors and special considerations<br />associated with investing in the Fund, which may cause you to lose money.<br /> <br />Investment Risk. An investment in the Fund is subject to investment risk,<br />including the possible loss of the entire principal amount that you invest.<br /> <br />Interest Rate Risk. As interest rates rise, the value of fixed-income securities<br />held by the Fund are likely to decrease. Securities with longer durations tend<br />to be more sensitive to interest rate changes, making them more volatile than<br />securities with shorter durations.<br /> <br />Credit/Default Risk. Issuers or guarantors of debt instruments or the<br />counterparty to a repurchase agreement or loan of portfolio securities may <br />be unable or unwilling to make timely interest and/or principal payments or<br />otherwise honor its obligations. Debt instruments are subject to varying degrees<br />of credit risk, which may be reflected in credit ratings. Securities issued by<br />the U.S. government generally have less credit risk than debt securities of<br />non-government issuers. However, securities issued by certain U.S. government<br />agencies are not necessarily backed by the full faith and credit of the U.S.<br />government. Credit rating downgrades and defaults (failure to make interest or<br />principal payment) may potentially reduce the Fund's income and share price.<br /> <br />Asset Class Risk. The bonds in the Fund's portfolio may underperform the returns<br />of other bonds or indexes that track other industries, markets, asset classes or<br />sectors. Different types of bonds and indexes tend to go through different<br />performance cycles than the general bond market.<br /> <br />Call Risk/Prepayment Risk. During periods of falling interest rates, an issuer<br />of a callable bond may exercise its right to pay principal on an obligation<br />earlier than expected. This may result in the Fund reinvesting proceeds at lower<br />interest rates, resulting in a decline in the Fund's income.<br /> <br />Extension Risk. An issuer may exercise its right to pay principal on an<br />obligation later than expected. This may happen when there is a rise in interest<br />rates. Under these circumstances, the value of the obligation will decrease and<br />the Fund's performance may suffer from its inability to invest in higher<br />yielding securities.<br /> <br />Income Risk. Falling interest rates may cause the Fund's income to decline.<br /> <br />Liquidity Risk. Liquidity risk exists when particular investments are difficult<br />to purchase or sell. If the Fund invests in illiquid securities or securities<br />that become illiquid, Fund returns may be reduced because the Fund may be unable<br />to sell the illiquid securities at an advantageous time or price.<br /> <br />Declining Yield Risk. During the final year of the Fund's operations, as the<br />bonds held by the Fund mature and the Fund's portfolio transitions to cash and<br />cash equivalents, the Fund's yield will generally tend to move toward the yield<br />of cash and cash equivalents and thus may be lower than the yields of the bonds<br />previously held by the Fund and/or prevailing yields for bonds in the market.<br />&#xA0;&#xA0;<br />Fluctuation of Yield and Liquidation Amount Risk. The Fund, unlike a direct<br />investment in a bond that has a level coupon payment and a fixed payment at<br />maturity, will make distributions of income that vary over time. Unlike a <br />direct investment in bonds, the breakdown of returns between Fund distributions <br />and liquidation proceeds are not predictable at the time of your investment. <br />For example, at times during the Fund's existence, it may make distributions <br />at a greater (or lesser) rate than the coupon payments received on the Fund's<br />portfolio, which will result in the Fund returning a lesser (or greater) amount<br />on liquidation than would otherwise be the case. The rate of Fund distribution<br />payments may adversely affect the tax characterization of your returns from an<br />investment in the Fund relative to a direct investment in corporate bonds. If<br />the amount you receive as liquidation proceeds upon the Fund's termination is<br />higher or lower than your cost basis, you may experience a gain or loss for tax<br />purposes.<br /> <br />Financial Services Sector Risk. The financial services industries are subject <br />to extensive government regulation, can be subject to relatively rapid change <br />due to increasingly blurred distinctions between service segments, and can be<br />significantly affected by availability and cost of capital funds, changes in<br />interest rates, the rate of corporate and consumer debt defaults, and price<br />competition. In addition, the deterioration of the credit markets since late<br />2007 generally has caused an adverse impact in a broad range of markets,<br />including U.S. and international credit and interbank money markets generally,<br />thereby affecting a wide range of financial institutions and markets. In<br />particular, events in the financial sector since late 2008 have resulted, <br />and may continue to result, in an unusually high degree of volatility in <br />the financial markets, both domestic and foreign. This situation has created<br />instability in the financial markets and caused certain financial services<br />companies to incur large losses. Numerous financial services companies have<br />experienced substantial declines in the valuations of their assets, taken action<br />to raise capital (such as the issuance of debt or equity securities), or even<br />ceased operations. These actions have caused the securities of many financial<br />services companies to experience a dramatic decline in value. Issuers that have<br />exposure to the real estate, mortgage and credit markets have been particularly<br />affected by the foregoing events and the general market turmoil, and it is<br />uncertain whether or for how long these conditions will continue.<br /> <br />Non-Correlation Risk. The Fund's return may not match the return of the Index<br />for a number of reasons. For example, the Fund incurs a number of operating<br />expenses not applicable to the Index, and incurs costs in buying and selling<br />securities, especially when rebalancing the Fund's securities holdings to<br />reflect changes in the composition of the Index. Since the Index constituents<br />may vary on a monthly basis, the Fund's costs associated with rebalancing may be<br />greater than those incurred by other exchange-traded funds ("ETFs") that track<br />indices whose composition changes less frequently.<br /> <br />The Fund may not be fully invested at times, either as a result of cash flows<br />into the Fund or reserves of cash held by the Fund to meet redemptions and<br />expenses. Since the Fund utilizes a sampling approach, its return may not<br />correlate as well with the return on the Index as would be the case if it<br />purchased all of the securities in the Index with the same weightings as the<br />Index.<br /> <br />Concentration Risk. If the Index concentrates in an industry or group of<br />industries the Fund's investments will be concentrated accordingly. In such<br />event, the value of the Fund's Shares may rise and fall more than the value <br />of shares of a fund that invests in securities of companies in a broader range <br />of industries.<br />&#xA0;&#xA0;<br />Passive Management Risk. Unlike many investment companies, the Fund is not<br />"actively" managed. Therefore, it would not necessarily sell a security because<br />the security's issuer was in financial trouble or defaulted, or whose credit<br />rating was downgraded, unless that security is removed from the Index.<br /> <br />Issuer-Specific Changes. The value of an individual security or particular type<br />of security can be more volatile than the market as a whole and can perform<br />differently from the value of the market as a whole. The value of securities of<br />smaller issuers can be more volatile than that of larger issuers.<br /> <br />Risk of Cash Transactions. In certain instances, unlike most ETFs, the Fund may<br />effect creations and redemptions for cash, rather than in-kind. As a result, an<br />investment in the Fund may be less tax-efficient than an investment in a more<br />conventional ETF. ETFs generally are able to make in-kind redemptions and avoid<br />being taxed on gain on the distributed portfolio securities at the Fund level.<br />Because the Fund may effect redemptions for cash, rather than in-kind distributions, <br />it may be required to sell portfolio securities in order to obtain the cash needed <br />to distribute redemption proceeds. If the Fund recognizes gain on these sales, <br />this generally will cause the Fund to recognize gain it might not otherwise have <br />recognized, or to recognize such gain sooner than would otherwise be required if <br />it were to distribute portfolio securities in-kind. The Fund generally intends <br />to distribute these gains to shareholders to avoid being taxed on this gain at <br />the Fund level and otherwise comply with the special tax rules that apply to <br />it. This strategy may cause shareholders to be subject to tax on gains they <br />would not otherwise be subject to, or at an earlier date than, if they had made <br />an investment in a different ETF. Moreover, cash transactions may have to be <br />carried out over several days if the securities market is relatively illiquid <br />and may involve considerable brokerage fees and taxes. These brokerage fees <br />and taxes, which will be higher than if the Fund sold and redeemed its Shares <br />principally in-kind, will be passed on to purchasers and redeemers of Creation <br />Units in the form of creation and redemption transaction fees.<br /> <br />Non-Diversified Fund Risk. The Fund is considered non-diversified and can invest<br />a greater portion of assets in securities of individual issuers than a diversified <br />fund. As a result, changes in the market value of a single investment could cause <br />greater fluctuations in Share price than would occur in a diversified fund.<br /> <br />The Fund's Shares will change in value, and you could lose money by investing in<br />the Fund. The Fund may not achieve its investment objective. An investment in<br />the Fund has not been guaranteed, sponsored, recommended, or approved by the<br />United States, or any agency, instrumentality or officer of the United States,<br />has not been insured by the Federal Deposit Insurance Corporation (FDIC) and is<br />not guaranteed by and is not otherwise an obligation of any bank or insured<br />depository institution.</tt> Fees and Expenses of the Fund Principal Investment Strategies www.guggenheimfunds.com The Fund, using a low cost "passive" or "indexing" investment approach, will seek to replicate, before the Fund's fees and expenses, the performance of the 2014 Index. The 2014 Index is a rules-based index comprised of, as of the date of this prospectus approximately 233 investment grade corporate bonds with effective maturities in the year 2014. <tt>The chart and table below provide some indication of the risks of investing in<br />the Fund by showing changes in the Fund's performance from year to year and by<br />showing how the Fund's average annual returns for one year and since inception<br />compare with those of the Index and a broad measure of market performance. The<br />Fund's past performance (before and after taxes) is not necessarily an<br />indication of how the Fund will perform in the future. Updated performance<br />information for the Fund is available at www.guggenheimfunds.com.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund ("Shares"). Investors purchasing Shares in the secondary<br />market may be subject to costs (including customary brokerage commissions)<br />charged by their broker.</tt> <div style="display:none">~ http://guffenheimfunds.com/role/OperatingExpensesData_S000027343Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://guffenheimfunds.com/role/PerformanceTableData_S000027343Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> Investors purchasing Shares in the secondary market may be subject to costs (including customary brokerage commissions) charged by their broker. <tt>All after-tax returns are calculated using the historical highest individual<br />federal marginal income tax rates and do not reflect the impact of any state or<br />local tax. Your own actual after-tax returns will depend on your tax situation<br />and may differ from what is shown here. After-tax returns are not relevant to<br />investors who hold Shares of the Fund in tax-deferred accounts such as individual <br />retirement accounts (IRAs) or employee-sponsored retirement plans.</tt> The Fund may not achieve its investment objective. An investment in the Fund has not been guaranteed, sponsored, recommended, or approved by the United States, or any agency, instrumentality or officer of the United States, has not been insured by the Federal Deposit Insurance Corporation (FDIC) and is not guaranteed by and is not otherwise an obligation of any bank or insured depository institution. Barclays Capital U.S. 3-5 Year Corporate Bond Index (reflects no deduction for fees, expenses or taxes) 0.0450 0.0503 2010-06-07 BulletShares® USD Corporate Bond 2014 Index (reflects no deduction for fees, expenses or taxes) 0.0316 0.0452 2010-06-07 Returns After Taxes on Distributions and Sale of Fund Shares 0.0165 0.0295 2010-06-07 Returns After Taxes on Distributions 0.0184 0.0323 2010-06-07 BSCE lowest calendar quarter returns highest calendar quarter returns 2012-06-30 Returns Before Taxes 25 2011-06-30 132 -0.0108 592 249 0.0165 0.0255 0.0000 0.0024 2011-09-30 The Fund's year-to-date total return 0.0255 0.0024 0.0395 2010-06-07 0.0252 The Fund is considered non-diversified and can invest a greater portion of assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Shares are<br />held in a taxable account. These costs, which are not reflected in annual fund <br />operating expenses or in the Example, affect the Fund's performance. During the <br />most recent fiscal year, the Fund's portfolio turnover rate was 4% of the average <br />value of its portfolio.</tt> <div style="display:none">~ http://guffenheimfunds.com/role/ExpenseExample_S000027342Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://guffenheimfunds.com/role/BarChartData_S000027342Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks investment results that correspond generally to the performance,<br />before the Fund's fees and expenses, of an investment grade corporate bond index<br />called the BulletShares&#xAE; USD Corporate Bond 2013 Index (the "2013 Index"or the<br />"Index").</tt> <tt>This Example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other funds. The Example does not take into account <br />brokerage commissions that you may pay when purchasing or selling Shares.<br /> <br />The Example assumes that you invest $10,000 in the Fund for the time periods<br />indicated and then redeem all of your shares at the end of those periods. The<br />Example also assumes that your investment has a 5% return each year and that the<br />Fund's operating expenses remain the same. Although your actual costs may be<br />higher or lower, based on these assumptions your costs would be:</tt> reflects no deduction for fees, expenses or taxes <tt>The Fund, using a low cost "passive" or "indexing" investment approach, will<br />seek to replicate, before the Fund's fees and expenses, the performance of the<br />2013 Index. The 2013 Index is a rules-based index comprised of, as of the date<br />of this prospectus, approximately 187 investment grade corporate bonds with<br />effective maturities in the year 2013. The 2013 Index is designed to represent<br />the performance of a held-to-maturity portfolio of U.S. dollar-denominated<br />investment-grade corporate bonds with effective maturities in the year 2013. <br />The effective maturity of an eligible corporate bond is determined by its actual<br />maturity or, in the case of callable securities, the effective maturity of the<br />security as determined in accordance with a rules-based methodology developed by<br />Accretive Asset Management LLC ("Accretive" or the "Index Provider").<br /> <br />The Fund has a designated year of maturity of 2013 and will terminate on or<br />about December 31, 2013. In connection with such termination, the Fund will make<br />a cash distribution to then-current shareholders of its net assets after making<br />appropriate provisions for any liabilities of the Fund. The Fund does not seek<br />to return any predetermined amount at maturity. The Fund will invest at least<br />80% of its total assets in component securities that comprise the 2013 Index.<br />Under normal conditions, the Fund will invest at least 80% of its net assets in<br />corporate bonds. The Fund has adopted a policy that requires the Fund to provide<br />shareholders with at least 60 days notice prior to any material change in this<br />policy or the 2013 Index. In the last six months of operation, when the bonds<br />held by the Fund mature, the Fund's portfolio will transition to cash and cash<br />equivalents, including without limitation U.S. Treasury Bills and investment<br />grade commercial paper. The Fund will terminate on or about December 31, 2013<br />without requiring additional approval by the Trust's Board of Trustees (the<br />"Board") or Fund shareholders. The Board may change the termination date to an<br />earlier or later date without shareholder approval if a majority of the Board<br />determines the change to be in the best interest of the Fund. The Board of<br />Trustees of the Trust may change the Fund's investment strategy and other<br />policies without shareholder approval, except as otherwise indicated.<br /> <br />The Fund expects to use a sampling approach in seeking to achieve its investment<br />objective. Sampling means that the Investment Adviser uses quantitative analysis<br />to select securities from the Index universe to obtain a representative sample<br />of securities that resemble the Index in terms of key risk factors, performance<br />attributes and other characteristics. These characteristics include maturity,<br />credit quality, sector, duration and other financial characteristics of fixed<br />income securities. The quantity of holdings in the Fund will be based on a<br />number of factors, including the asset size of the Fund, potential transaction<br />costs in acquiring particular securities, the anticipated impact of particular<br />index securities on the performance of the Index and the availability of<br />particular securities in the secondary market. However, the Fund may use<br />replication to achieve its objective if practicable. There may also be instances<br />in which the Investment Adviser may choose to overweight another security in the<br />Index, or purchase (or sell) securities not in the Index which the Investment<br />Adviser believes are appropriate to substitute for one or more Index components,<br />in seeking to accurately track the Index. In addition, from time to time securities <br />are added to or removed from the Index. The Fund may sell securities that are <br />represented in the Index or purchase securities that are not yet represented in <br />the Index in anticipation of their removal from or addition to the Index. If the <br />Index concentrates in a particular industry or group of industries, the Fund's <br />investments will be concentrated accordingly.</tt> Guggenheim BulletShares 2013 Corporate Bond ETF Example All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax. Investment Objective The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Investors should consider the following risk factors and special considerations associated with investing in the Fund, which may cause you to lose money. Principal Investment Risks 0.04 Your own actual after-tax returns will depend on your tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Shares of the Fund in tax-deferred accounts such as individual retirement accounts (IRAs) or employee-sponsored retirement plans. Calendar Year Total Return as of 12/31 Fund Performance The chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for one year and since inception compare with those of the Index and a broad measure of market performance. <tt>The Fund commenced operations on June 7, 2010. The Fund's year-to-date total<br />return was 1.70% as of June 30, 2012.<br /> <br />During the period shown in the chart above, the Fund's highest and lowest<br />calendar quarter returns were 0.92% and -0.67%, respectively, for the quarters<br />ended June 30, 2011 and September 30, 2011.</tt> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Returns for the Periods Ended December 31, 2011 Portfolio Turnover <tt>Investors should consider the following risk factors and special considerations<br />associated with investing in the Fund, which may cause you to lose money.<br /> <br />Investment Risk. An investment in the Fund is subject to investment risk,<br />including the possible loss of the entire principal amount that you invest.<br /> <br />Interest Rate Risk. As interest rates rise, the value of fixed-income securities<br />held by the Fund are likely to decrease. Securities with longer durations tend<br />to be more sensitive to interest rate changes, making them more volatile than<br />securities with shorter durations.<br /> <br />Credit/Default Risk. Issuers or guarantors of debt instruments or the<br />counterparty to a repurchase agreement or loan of portfolio securities may <br />be unable or unwilling to make timely interest and/or principal payments or<br />otherwise honor its obligations. Debt instruments are subject to varying degrees<br />of credit risk, which may be reflected in credit ratings. Securities issued by<br />the U.S. government generally have less credit risk than debt securities of<br />non-government issuers. However, securities issued by certain U.S. government<br />agencies are not necessarily backed by the full faith and credit of the U.S.<br />government. Credit rating downgrades and defaults (failure to make interest or<br />principal payment) may potentially reduce the Fund's income and share price.<br /> <br />Asset Class Risk. The bonds in the Fund's portfolio may underperform the returns<br />of other bonds or indexes that track other industries, markets, asset classes or<br />sectors. Different types of bonds and indexes tend to go through different<br />performance cycles than the general bond market.<br /> <br />Call Risk/Prepayment Risk. During periods of falling interest rates, an issuer<br />of a callable bond may exercise its right to pay principal on an obligation<br />earlier than expected. This may result in the Fund reinvesting proceeds at lower<br />interest rates, resulting in a decline in the Fund's income.<br /> <br />Extension Risk. An issuer may exercise its right to pay principal on an<br />obligation later than expected. This may happen when there is a rise in interest<br />rates. Under these circumstances, the value of the obligation will decrease and<br />the Fund's performance may suffer from its inability to invest in higher<br />yielding securities.<br /> <br />Income Risk. Falling interest rates may cause the Fund's income to decline.<br /> <br />Liquidity Risk. Liquidity risk exists when particular investments are difficult<br />to purchase or sell. If the Fund invests in illiquid securities or securities<br />that become illiquid, Fund returns may be reduced because the Fund may be unable<br />to sell the illiquid securities at an advantageous time or price.<br /> <br />Declining Yield Risk. During the final year of the Fund's operations, as the<br />bonds held by the Fund mature and the Fund's portfolio transitions to cash and<br />cash equivalents, the Fund's yield will generally tend to move toward the yield<br />of cash and cash equivalents and thus may be lower than the yields of the bonds<br />previously held by the Fund and/or prevailing yields for bonds in the market.<br />&#xA0;&#xA0;<br />Fluctuation of Yield and Liquidation Amount Risk. The Fund, unlike a direct<br />investment in a bond that has a level coupon payment and a fixed payment at<br />maturity, will make distributions of income that vary over time. Unlike a <br />direct investment in bonds, the breakdown of returns between Fund distributions <br />and liquidation proceeds are not predictable at the time of your investment. <br />For example, at times during the Fund's existence, it may make distributions <br />at a greater (or lesser) rate than the coupon payments received on the Fund's<br />portfolio, which will result in the Fund returning a lesser (or greater) amount<br />on liquidation than would otherwise be the case. The rate of Fund distribution<br />payments may adversely affect the tax characterization of your returns from an<br />investment in the Fund relative to a direct investment in corporate bonds. If<br />the amount you receive as liquidation proceeds upon the Fund's termination is<br />higher or lower than your cost basis, you may experience a gain or loss for tax<br />purposes.<br /> <br />Financial Services Sector Risk. The financial services industries are subject <br />to extensive government regulation, can be subject to relatively rapid change <br />due to increasingly blurred distinctions between service segments, and can be<br />significantly affected by availability and cost of capital funds, changes in<br />interest rates, the rate of corporate and consumer debt defaults, and price<br />competition. In addition, the deterioration of the credit markets since late<br />2007 generally has caused an adverse impact in a broad range of markets,<br />including U.S. and international credit and interbank money markets generally,<br />thereby affecting a wide range of financial institutions and markets. In<br />particular, events in the financial sector since late 2008 have resulted, <br />and may continue to result, in an unusually high degree of volatility in <br />the financial markets, both domestic and foreign. This situation has created<br />instability in the financial markets and caused certain financial services<br />companies to incur large losses. Numerous financial services companies have<br />experienced substantial declines in the valuations of their assets, taken action<br />to raise capital (such as the issuance of debt or equity securities), or even<br />ceased operations. These actions have caused the securities of many financial<br />services companies to experience a dramatic decline in value. Issuers that have<br />exposure to the real estate, mortgage and credit markets have been particularly<br />affected by the foregoing events and the general market turmoil, and it is<br />uncertain whether or for how long these conditions will continue.<br /> <br />Non-Correlation Risk. The Fund's return may not match the return of the Index<br />for a number of reasons. For example, the Fund incurs a number of operating<br />expenses not applicable to the Index, and incurs costs in buying and selling<br />securities, especially when rebalancing the Fund's securities holdings to<br />reflect changes in the composition of the Index. Since the Index constituents<br />may vary on a monthly basis, the Fund's costs associated with rebalancing may be<br />greater than those incurred by other exchange-traded funds ("ETFs") that track<br />indices whose composition changes less frequently.<br /> <br />The Fund may not be fully invested at times, either as a result of cash flows<br />into the Fund or reserves of cash held by the Fund to meet redemptions and<br />expenses. Since the Fund utilizes a sampling approach, its return may not<br />correlate as well with the return on the Index as would be the case if it<br />purchased all of the securities in the Index with the same weightings as the<br />Index.<br /> <br />Concentration Risk. If the Index concentrates in an industry or group of<br />industries the Fund's investments will be concentrated accordingly. In such<br />event, the value of the Fund's Shares may rise and fall more than the value of<br />shares of a fund that invests in securities of companies in a broader range of<br />industries.<br />&#xA0;&#xA0;<br />Passive Management Risk. Unlike many investment companies, the Fund is not<br />"actively" managed. Therefore, it would not necessarily sell a security because<br />the security's issuer was in financial trouble or defaulted, or whose credit<br />rating was downgraded, unless that security is removed from the Index.<br /> <br />Issuer-Specific Changes. The value of an individual security or particular type<br />of security can be more volatile than the market as a whole and can perform<br />differently from the value of the market as a whole. The value of securities of<br />smaller issuers can be more volatile than that of larger issuers.<br /> <br />Risk of Cash Transactions. In certain instances, unlike most ETFs, the Fund may<br />effect creations and redemptions for cash, rather than in-kind. As a result, an<br />investment in the Fund may be less tax-efficient than an investment in a more<br />conventional ETF. ETFs generally are able to make in-kind redemptions and avoid<br />being taxed on gain on the distributed portfolio securities at the Fund level.<br />Because the Fund may effect redemptions for cash, rather than in-kind distributions, <br />it may be required to sell portfolio securities in order to obtain the cash needed <br />to distribute redemption proceeds. If the Fund recognizes gain on these sales, <br />this generally will cause the Fund to recognize gain it might not otherwise have <br />recognized, or to recognize such gain sooner than would otherwise be required if <br />it were to distribute portfolio securities in-kind. The Fund generally intends <br />to distribute these gains to shareholders to avoid being taxed on this gain at <br />the Fund level and otherwise comply with the special tax rules that apply to <br />it. This strategy may cause shareholders to be subject to tax on gains they <br />would not otherwise be subject to, or at an earlier date than, if they had <br />made an investment in a different ETF. Moreover, cash transactions may have <br />to be carried out over several days if the securities market is relatively <br />illiquid and may involve considerable brokerage fees and taxes. These <br />brokerage fees and taxes, which will be higher than if the Fund sold and<br />redeemed its Shares principally in-kind, will be passed on to purchasers <br />and redeemers of Creation Units in the form of creation and redemption <br />transaction fees.<br /> <br />Non-Diversified Fund Risk. The Fund is considered non-diversified and can invest<br />a greater portion of assets in securities of individual issuers than a diversified <br />fund. As a result, changes in the market value of a single investment could cause <br />greater fluctuations in Share price than would occur in a diversified fund.<br /> <br />The Fund's Shares will change in value, and you could lose money by investing <br />in the Fund. The Fund may not achieve its investment objective. An investment <br />in the Fund has not been guaranteed, sponsored, recommended, or approved by the<br />United States, or any agency, instrumentality or officer of the United States,<br />has not been insured by the Federal Deposit Insurance Corporation (FDIC) and is<br />not guaranteed by and is not otherwise an obligation of any bank or insured<br />depository institution.</tt> Fees and Expenses of the Fund Principal Investment Strategies www.guggenheimfunds.com The Fund, using a low cost "passive" or "indexing" investment approach, will seek to replicate, before the Fund's fees and expenses, the performance of the 2013 Index. The 2013 Index is a rules-based index comprised of, as of the date of this prospectus, approximately 187 investment grade corporate bonds with effective maturities in the year 2013. <tt>The chart and table below provide some indication of the risks of investing in<br />the Fund by showing changes in the Fund's performance from year to year and by<br />showing how the Fund's average annual returns for one year and since inception<br />compare with those of the Index and a broad measure of market performance. The<br />Fund's past performance (before and after taxes) is not necessarily an<br />indication of how the Fund will perform in the future. Updated performance<br />information for the Fund is available at www.guggenheimfunds.com.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />Shares of the Fund ("Shares"). Investors purchasing Shares in the secondary<br />market may be subject to costs (including customary brokerage commissions)<br />charged by their broker.</tt> <div style="display:none">~ http://guffenheimfunds.com/role/OperatingExpensesData_S000027342Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://guffenheimfunds.com/role/PerformanceTableData_S000027342Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> Investors purchasing Shares in the secondary market may be subject to costs (including customary brokerage commissions) charged by their broker. <tt>All after-tax returns are calculated using the historical highest individual<br />federal marginal income tax rates and do not reflect the impact of any state or<br />local tax. Your own actual after-tax returns will depend on your tax situation<br />and may differ from what is shown here. After-tax returns are not relevant to<br />investors who hold Shares of the Fund in tax-deferred accounts such as individual <br />retirement accounts (IRAs) or employee-sponsored retirement plans.</tt> The Fund may not achieve its investment objective. An investment in the Fund has not been guaranteed, sponsored, recommended, or approved by the United States, or any agency, instrumentality or officer of the United States, has not been insured by the Federal Deposit Insurance Corporation (FDIC) and is not guaranteed by and is not otherwise an obligation of any bank or insured depository institution. BulletShares® USD Corporate Bond 2013 Index (reflects no deduction for fees, expenses or taxes) 0.0168 0.0328 2010-06-07 Barclays Capital U.S. 1-3 Year Corporate Bond Index (reflects no deduction for fees, expenses or taxes) 0.0187 0.0289 2010-06-07 Returns After Taxes on Distributions and Sale of Fund Shares 0.0093 0.0239 2010-06-07 Returns After Taxes on Distributions 0.0095 0.0264 2010-06-07 BSCD lowest calendar quarter returns highest calendar quarter returns 2012-06-30 Returns Before Taxes 25 2011-06-30 132 -0.0067 592 249 0.0092 0.0144 0.0000 0.0024 2011-09-30 The Fund's year-to-date total return 0.0144 0.0024 0.0315 2010-06-07 0.0170 The Fund is considered non-diversified and can invest a greater portion of assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Shares are<br />held in a taxable account. These costs, which are not reflected in annual fund<br />operating expenses or in the Example, affect the Fund's performance. During the<br />most recent fiscal year, the Fund's portfolio turnover rate was 13% of the<br />average value of its portfolio.</tt> <div style="display:none">~ http://guffenheimfunds.com/role/ExpenseExample_S000027341Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://guffenheimfunds.com/role/BarChartData_S000027341Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks investment results that correspond generally to the performance,<br />before the Fund's fees and expenses, of an investment grade corporate bond index<br />called the BulletShares&#xAE; USD Corporate Bond 2012 Index (the "2012 Index" or the<br />"Index").</tt> <tt>This Example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other funds. The Example does not take into account <br />brokerage commissions that you may pay when purchasing or selling Shares.<br /> <br />The Example assumes that you invest $10,000 in the Fund for the time periods<br />indicated and then redeem all of your shares at the end of those periods. The<br />Example also assumes that your investment has a 5% return each year and that the<br />Fund's operating expenses remain the same. Although your actual costs may be<br />higher or lower, based on these assumptions your costs would be:</tt> (reflects no deduction for fees, expenses or taxes <tt>The Fund, using a low cost "passive" or "indexing" investment approach, will<br />seek to replicate, before the Fund's fees and expenses, the performance of the<br />2012 Index. The 2012 Index is a rules-based index comprised of, as of the date<br />of this prospectus, approximately 48 investment grade corporate bonds with<br />effective maturities in the year 2012. The 2012 Index is designed to represent<br />the performance of a held-to-maturity portfolio of U.S. dollar-denominated<br />investment-grade corporate bonds with effective maturities in the year 2012. <br />The effective maturity of an eligible corporate bond is determined by its actual<br />maturity or, in the case of callable securities, the effective maturity of the<br />security as determined in accordance with a rules-based methodology developed by<br />Accretive Asset Management LLC ("Accretive" or the "Index Provider").<br /> <br />The Fund has a designated year of maturity of 2012 and will terminate on or<br />about December 31, 2012. In connection with such termination, the Fund will make<br />a cash distribution to then-current shareholders of its net assets after making<br />appropriate provisions for any liabilities of the Fund. The Fund does not seek<br />to return any predetermined amount at maturity. The Fund will invest at least<br />80% of its total assets in component securities that comprise the 2012 Index.<br />Under normal conditions, the Fund will invest at least 80% of its net assets in<br />corporate bonds. The Fund has adopted a policy that requires the Fund to provide<br />shareholders with at least 60 days notice prior to any material change in this<br />policy or the 2012 Index. As the Fund is in the final year of its operations,<br />the bonds in the 2012 Index are maturing, and the Fund's portfolio is in the<br />process of transitioning to cash and cash equivalents, including without<br />limitation U.S. Treasury Bills and investment grade commercial paper. The <br />Fund will terminate on or about December 31, 2012 without requiring additional<br />approval by the Trust's Board of Trustees (the "Board") or Fund shareholders.<br />The Board may change the termination date to an earlier or later date without<br />shareholder approval if a majority of the Board determines the change to be in<br />the best interest of the Fund. The Board of Trustees of the Trust may change the<br />Fund's investment strategy and other policies without shareholder approval,<br />except as otherwise indicated.<br /> <br />The Fund expects to use a sampling approach in seeking to achieve its investment<br />objective. Sampling means that the Investment Adviser uses quantitative analysis<br />to select securities from the Index universe to obtain a representative sample<br />of securities that resemble the Index in terms of key risk factors, performance<br />attributes and other characteristics. These characteristics include maturity,<br />credit quality, sector, duration and other financial characteristics of fixed<br />income securities. The quantity of holdings in the Fund will be based on a<br />number of factors, including the asset size of the Fund, potential transaction<br />costs in acquiring particular securities, the anticipated impact of particular<br />index securities on the performance of the Index and the availability of particular <br />securities in the secondary market. However, the Fund may use replication to achieve <br />its objective if practicable. There may also be instances in which the Investment <br />Adviser may choose to overweight another security in the Index, or purchase (or sell) <br />securities not in the Index which the Investment Adviser believes are appropriate <br />to substitute for one or more Index components, in seeking to accurately track the <br />Index. In addition, from time to time securities are added to or removed from the <br />Index. The Fund may sell securities that are represented in the Index or purchase <br />securities that are not yet represented in the Index in anticipation of their <br />removal from or addition to the Index. If the Index concentrates in a particular <br />industry or group of industries, the Fund's investments will be concentrated <br />accordingly.</tt> Guggenheim BulletShares 2012 Corporate Bond ETF Example All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax. Investment Objective The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Investors should consider the following risk factors and special considerations associated with investing in the Fund, which may cause you to lose money. Principal Investment Risks 0.13 Your own actual after-tax returns will depend on your tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Shares of the Fund in tax-deferred accounts such as individual retirement accounts (IRAs) or employee-sponsored retirement plans. Calendar Year Total Return as of 12/31 Fund Performance The chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for one year and since inception compare with those of the Index and a broad measure of market performance. <tt>The Fund commenced operations on June 7, 2010. The Fund's year-to-date total<br />return was 0.67% as of June 30, 2012.<br /> <br />During the period shown in the chart above, the Fund's highest and lowest<br />calendar quarter returns were 0.48% and -0.35%, respectively, for the quarters<br />ended June 30, 2011 and September 30, 2011.</tt> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Returns for the Periods Ended December 31, 2011 Portfolio Turnover <tt>Investors should consider the following risk factors and special considerations<br />associated with investing in the Fund, which may cause you to lose money.<br /> <br />Investment Risk. An investment in the Fund is subject to investment risk,<br />including the possible loss of the entire principal amount that you invest.<br /> <br />Interest Rate Risk. As interest rates rise, the value of fixed-income securities<br />held by the Fund are likely to decrease. Securities with longer durations tend<br />to be more sensitive to interest rate changes, making them more volatile than<br />securities with shorter durations.<br /> <br />Credit/Default Risk. Issuers or guarantors of debt instruments or the<br />counterparty to a repurchase agreement or loan of portfolio securities may <br />be unable or unwilling to make timely interest and/or principal payments or<br />otherwise honor its obligations. Debt instruments are subject to varying degrees<br />of credit risk, which may be reflected in credit ratings. Securities issued by<br />the U.S. government generally have less credit risk than debt securities of<br />non-government issuers. However, securities issued by certain U.S. government<br />agencies are not necessarily backed by the full faith and credit of the U.S.<br />government. Credit rating downgrades and defaults (failure to make interest or<br />principal payment) may potentially reduce the Fund's income and share price.<br /> <br />Asset Class Risk. The bonds in the Fund's portfolio may underperform the returns<br />of other bonds or indexes that track other industries, markets, asset classes or<br />sectors. Different types of bonds and indexes tend to go through different<br />performance cycles than the general bond market.<br /> <br />Call Risk/Prepayment Risk. During periods of falling interest rates, an issuer<br />of a callable bond may exercise its right to pay principal on an obligation<br />earlier than expected. This may result in the Fund reinvesting proceeds at lower<br />interest rates, resulting in a decline in the Fund's income.<br /> <br />Extension Risk. An issuer may exercise its right to pay principal on an<br />obligation later than expected. This may happen when there is a rise in interest<br />rates. Under these circumstances, the value of the obligation will decrease and<br />the Fund's performance may suffer from its inability to invest in higher<br />yielding securities.<br /> <br />Income Risk. Falling interest rates may cause the Fund's income to decline.<br /> <br />Liquidity Risk. Liquidity risk exists when particular investments are difficult<br />to purchase or sell. If the Fund invests in illiquid securities or securities<br />that become illiquid, Fund returns may be reduced because the Fund may be unable<br />to sell the illiquid securities at an advantageous time or price.<br />&#xA0;&#xA0;<br />Declining Yield Risk. As the Fund is in the final year of its operations, the<br />bonds held by the Fund are maturing and the Fund's portfolio is transitioning <br />to cash and cash equivalents. Accordingly, the Fund's yield will generally tend <br />to move toward the yield of cash and cash equivalents and thus may be lower than<br />the yields of the bonds previously held by the Fund and/or prevailing yields for<br />bonds in the market.<br /> <br />Fluctuation of Yield and Liquidation Amount Risk. The Fund, unlike a direct<br />investment in a bond that has a level coupon payment and a fixed payment at<br />maturity, will make distributions of income that vary over time. Unlike a <br />direct investment in bonds, the breakdown of returns between Fund distributions <br />and liquidation proceeds are not predictable at the time of your investment. <br />For example, at times during the Fund's existence, it may make distributions <br />at a greater (or lesser) rate than the coupon payments received on the Fund's<br />portfolio, which will result in the Fund returning a lesser (or greater) amount<br />on liquidation than would otherwise be the case. The rate of Fund distribution<br />payments may adversely affect the tax characterization of your returns from an<br />investment in the Fund relative to a direct investment in corporate bonds. If<br />the amount you receive as liquidation proceeds upon the Fund's termination is<br />higher or lower than your cost basis, you may experience a gain or loss for tax<br />purposes.<br /> <br />Financial Services Sector Risk. The financial services industries are subject <br />to extensive government regulation, can be subject to relatively rapid change <br />due to increasingly blurred distinctions between service segments, and can be<br />significantly affected by availability and cost of capital funds, changes in<br />interest rates, the rate of corporate and consumer debt defaults, and price<br />competition. In addition, the deterioration of the credit markets since late<br />2007 generally has caused an adverse impact in a broad range of markets,<br />including U.S. and international credit and interbank money markets generally,<br />thereby affecting a wide range of financial institutions and markets. In<br />particular, events in the financial sector since late 2008 have resulted, <br />and may continue to result, in an unusually high degree of volatility in <br />the financial markets, both domestic and foreign. This situation has created<br />instability in the financial markets and caused certain financial services<br />companies to incur large losses. Numerous financial services companies have<br />experienced substantial declines in the valuations of their assets, taken action<br />to raise capital (such as the issuance of debt or equity securities), or even<br />ceased operations. These actions have caused the securities of many financial<br />services companies to experience a dramatic decline in value. Issuers that have<br />exposure to the real estate, mortgage and credit markets have been particularly<br />affected by the foregoing events and the general market turmoil, and it is<br />uncertain whether or for how long these conditions will continue.<br /> <br />Non-Correlation Risk. The Fund's return may not match the return of the Index<br />for a number of reasons. For example, the Fund incurs a number of operating<br />expenses not applicable to the Index, and incurs costs in buying and selling<br />securities, especially when rebalancing the Fund's securities holdings to<br />reflect changes in the composition of the Index. Since the Index constituents<br />may vary on a monthly basis, the Fund's costs associated with rebalancing may <br />be greater than those incurred by other exchange-traded funds ("ETFs") that <br />track indices whose composition changes less frequently.<br /> <br />The Fund may not be fully invested at times, either as a result of cash flows<br />into the Fund or reserves of cash held by the Fund to meet redemptions and<br />expenses. Since the Fund utilizes a sampling approach, its return may not<br />correlate as well with the return on the Index as would be the case if it<br />purchased all of the securities in the Index with the same weightings as <br />the Index.<br />&#xA0;&#xA0;<br />Concentration Risk. If the Index concentrates in an industry or group of<br />industries the Fund's investments will be concentrated accordingly. In such<br />event, the value of the Fund's Shares may rise and fall more than the value of<br />shares of a fund that invests in securities of companies in a broader range of<br />industries.<br /> <br />Passive Management Risk. Unlike many investment companies, the Fund is not<br />"actively" managed. Therefore, it would not necessarily sell a security because<br />the security's issuer was in financial trouble or defaulted, or whose credit<br />rating was downgraded, unless that security is removed from the Index.<br /> <br />Issuer-Specific Changes. The value of an individual security or particular type<br />of security can be more volatile than the market as a whole and can perform<br />differently from the value of the market as a whole. The value of securities of<br />smaller issuers can be more volatile than that of larger issuers.<br /> <br />Risk of Cash Transactions. In certain instances, unlike most ETFs, the Fund may<br />effect creations and redemptions for cash, rather than in-kind. As a result, an<br />investment in the Fund may be less tax-efficient than an investment in a more<br />conventional ETF. ETFs generally are able to make in-kind redemptions and avoid<br />being taxed on gain on the distributed portfolio securities at the Fund level.<br />Because the Fund may effect redemptions for cash, rather than in-kind distributions, <br />it may be required to sell portfolio securities in order to obtain the cash needed <br />to distribute redemption proceeds. If the Fund recognizes gain on these sales, <br />this generally will cause the Fund to recognize gain it might not otherwise have <br />recognized, or to recognize such gain sooner than would otherwise be required if <br />it were to distribute portfolio securities in-kind. The Fund generally intends <br />to distribute these gains to shareholders to avoid being taxed on this gain at <br />the Fund level and otherwise comply with the special tax rules that apply to <br />it. This strategy may cause shareholders to be subject to tax on gains they <br />would not otherwise be subject to, or at an earlier date than, if they had <br />made an investment in a different ETF. Moreover, cash transactions may have <br />to be carried out over several days if the securities market is relatively <br />illiquid and may involve considerable brokerage fees and taxes. These brokerage <br />fees and taxes, which will be higher than if the Fund sold and redeemed its <br />Shares principally in-kind, will be passed on to purchasers and redeemers of <br />Creation Units in the form of creation and redemption transaction fees.<br /> <br />Non-Diversified Fund Risk. The Fund is considered non-diversified and can invest<br />a greater portion of assets in securities of individual issuers than a diversified <br />fund. As a result, changes in the market value of a single investment could cause <br />greater fluctuations in Share price than would occur in a diversified fund.<br /> <br />The Fund's Shares will change in value, and you could lose money by investing in<br />the Fund. The Fund may not achieve its investment objective. An investment in<br />the Fund has not been guaranteed, sponsored, recommended, or approved by the<br />United States, or any agency, instrumentality or officer of the United States,<br />has not been insured by the Federal Deposit Insurance Corporation (FDIC) and is<br />not guaranteed by and is not otherwise an obligation of any bank or insured<br />depository institution.</tt> Fees and Expenses of the Fund Principal Investment Strategies www.guggenheimfunds.com The Fund, using a low cost "passive" or "indexing" investment approach, will seek to replicate, before the Fund's fees and expenses, the performance of the 2012 Index. The 2012 Index is a rules-based index comprised of, as of the date of this prospectus, approximately 48 investment grade corporate bonds with effective maturities in the year 2012. <tt>The chart and table below provide some indication of the risks of investing in<br />the Fund by showing changes in the Fund's performance from year to year and by<br />showing how the Fund's average annual returns for one year and since inception<br />compare with those of the Index and a broad measure of market performance. The<br />Fund's past performance (before and after taxes) is not necessarily an<br />indication of how the Fund will perform in the future. Updated performance<br />information for the Fund is available at www.guggenheimfunds.com.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund ("Shares"). Investors purchasing Shares in the secondary<br />market may be subject to costs (including customary brokerage commissions)<br />charged by their broker.</tt> <div style="display:none">~ http://guffenheimfunds.com/role/OperatingExpensesData_S000027341Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://guffenheimfunds.com/role/PerformanceTableData_S000027341Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> Investors purchasing Shares in the secondary market may be subject to costs (including customary brokerage commissions) charged by their broker. <tt>All after-tax returns are calculated using the historical highest individual<br />federal marginal income tax rates and do not reflect the impact of any state or<br />local tax. Your own actual after-tax returns will depend on your tax situation<br />and may differ from what is shown here. After-tax returns are not relevant to<br />investors who hold Shares of the Fund in tax-deferred accounts such as<br />individual retirement accounts (IRAs) or employee-sponsored retirement plans.</tt> The Fund may not achieve its investment objective. An investment in the Fund has not been guaranteed, sponsored, recommended, or approved by the United States, or any agency, instrumentality or officer of the United States, has not been insured by the Federal Deposit Insurance Corporation (FDIC) and is not guaranteed by and is not otherwise an obligation of any bank or insured depository institution. Barclays Capital U.S. 1-3 Year Corporate Bond Index (reflects no deduction for fees, expenses or taxes) 0.0187 0.0289 2010-06-07 BulletShares® USD Corporate Bond 2012 Index (reflects no deduction for fees, expenses or taxes) 0.0125 0.0258 2010-06-07 Returns After Taxes on Distributions and Sale of Fund Shares 0.0063 0.0173 2010-06-07 Returns After Taxes on Distributions 0.0063 0.0191 2010-06-07 BSCC lowest calendar quarter returns highest calendar quarter returns 2012-06-30 Returns Before Taxes 25 2011-06-30 132 -0.0035 592 249 0.0048 0.0096 0.0000 0.0024 2011-09-30 The Fund's year-to-date total return 0.0096 0.0024 0.0229 2010-06-07 0.0067 The Fund is considered non-diversified and can invest a greater portion of assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Shares are<br />held in a taxable account. These costs, which are not reflected in annual fund <br />operating expenses or in the Example, affect the Fund's performance. During the <br />period beginning on March 28, 2012 (the Fund's commencement of operations) and <br />ending on May 31, 2012, the Fund's portfolio turnover rate was 0% of the average <br />value of its portfolio.</tt> <div style="display:none">~ http://guffenheimfunds.com/role/ExpenseExample_S000027340Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks investment results that correspond generally to the performance,<br />before the Fund's fees and expenses, of an investment grade corporate bond index<br />called the BulletShares&#xAE; USD Corporate Bond 2020 Index (the "2020 Index" or the<br />"Index").</tt> <tt>This Example is intended to help you compare the cost of investing in the Fund<br />with the costs of investing in other funds. The Example does not take into account <br />brokerage commissions that you may pay when purchasing or selling Shares.<br /> <br />The Example assumes that you invest $10,000 in the Fund for the time periods<br />indicated and then redeem all of your Shares at the end of those periods. The<br />Example also assumes that your investment has a 5% return each year and that the<br />Fund's operating expenses remain the same. Although your actual costs may be<br />higher or lower, based on these assumptions your costs would be:</tt> <tt>The Fund, using a low cost "passive" or "indexing" investment approach, will<br />seek to replicate, before the Fund's fees and expenses, the performance of the<br />2020 Index. The 2020 Index is a rules-based index comprised of, as of the date<br />of this prospectus, approximately 157 investment grade corporate bonds with<br />effective maturities in the year 2020. The 2020 Index is designed to represent<br />the performance of a held-to-maturity portfolio of U.S. dollar-denominated<br />investment-grade corporate bonds with effective maturities in the year 2020. <br />The effective maturity of an eligible corporate bond is determined by its actual<br />maturity or, in the case of callable securities, the effective maturity of the<br />security as determined in accordance with a rules-based methodology developed by<br />Accretive Asset Management LLC ("Accretive" or the "Index Provider").<br /> <br />The Fund has a designated year of maturity of 2020 and will terminate on or<br />about December 31, 2020. In connection with such termination, the Fund will make<br />a cash distribution to then-current shareholders of its net assets after making<br />appropriate provisions for any liabilities of the Fund. The Fund does not seek<br />to return any predetermined amount at maturity. The Fund will invest at least<br />80% of its total assets in component securities that comprise the 2020 Index.<br />Under normal conditions, the Fund will invest at least 80% of its net assets in<br />corporate bonds. The Fund has adopted a policy that requires the Fund to provide<br />shareholders with at least 60 days notice prior to any material change in this<br />policy or the 2020 Index. In the last six months of operation, when the bonds<br />held by the Fund mature, the Fund's portfolio will transition to cash and cash<br />equivalents, including without limitation U.S. Treasury Bills and investment<br />grade commercial paper. The Fund will terminate on or about December 31, 2020<br />without requiring additional approval by the Trust's Board of Trustees (the<br />"Board") or Fund shareholders. The Board may change the termination date to an<br />earlier or later date without shareholder approval if a majority of the Board<br />determines the change to be in the best interest of the Fund. The Board of<br />Trustees of the Trust may change the Fund's investment strategy and other<br />policies without shareholder approval, except as otherwise indicated.<br /> <br />The Fund expects to use a sampling approach in seeking to achieve its investment<br />objective. Sampling means that the Investment Adviser uses quantitative analysis<br />to select securities from the Index universe to obtain a representative sample<br />of securities that resemble the Index in terms of key risk factors, performance<br />attributes and other characteristics. These characteristics include maturity,<br />credit quality, sector, duration and other financial characteristics of fixed<br />income securities. The quantity of holdings in the Fund will be based on a<br />number of factors, including the asset size of the Fund, potential transaction<br />costs in acquiring particular securities, the anticipated impact of particular<br />index securities on the performance of the Index and the availability of<br />particular securities in the secondary market. However, the Fund may use<br />replication to achieve its objective if practicable. A replication strategy<br />involves generally investing in all of the securities in the Index with the <br />same weights as the Index. There may also be instances in which the Investment<br />Adviser may choose to overweight another security in the Index, or purchase (or<br />sell) securities not in the Index which the Investment Adviser believes are<br />appropriate to substitute for one or more Index components, in seeking to <br />accurately track the Index. In addition, from time to time securities are added <br />to or removed from the Index. The Fund may sell securities that are represented <br />in the Index or purchase securities that are not yet represented in the Index in <br />anticipation of their removal from or addition to the Index. If the Index <br />concentrates in a particular industry or group of industries, the Fund's <br />investments will be concentrated accordingly.</tt> Guggenheim BulletShares 2020 Corporate Bond ETF Example As of the date of this Prospectus, the Fund has not yet completed a full calendar year of investment operations. Investment Objective Investors should consider the following risk factors and special considerations associated with investing in the Fund, which may cause you to lose money. Principal Investment Risks 0.00 Fund Performance Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover <tt>Investors should consider the following risk factors and special considerations<br />associated with investing in the Fund, which may cause you to lose money.<br /> <br />Investment Risk. An investment in the Fund is subject to investment risk,<br />including the possible loss of the entire principal amount that you invest.<br /> <br />Interest Rate Risk. As interest rates rise, the value of fixed-income securities<br />held by the Fund are likely to decrease. Securities with longer durations tend<br />to be more sensitive to interest rate changes, making them more volatile than<br />securities with shorter durations.<br /> <br />Credit/Default Risk. Issuers or guarantors of debt instruments or the<br />counterparty to a repurchase agreement or loan of portfolio securities may <br />be unable or unwilling to make timely interest and/or principal payments or<br />otherwise honor its obligations. Debt instruments are subject to varying degrees<br />of credit risk, which may be reflected in credit ratings. Securities issued by<br />the U.S. government generally have less credit risk than debt securities of<br />non-government issuers. However, securities issued by certain U.S. government<br />agencies are not necessarily backed by the full faith and credit of the U.S.<br />government. Credit rating downgrades and defaults (failure to make interest or<br />principal payment) may potentially reduce the Fund's income and share price.<br /> <br />Asset Class Risk. The bonds in the Fund's portfolio may underperform the returns<br />of other bonds or indexes that track other industries, markets, asset classes or<br />sectors. Different types of bonds and indexes tend to go through different<br />performance cycles than the general bond market.<br /> <br />Call Risk/Prepayment Risk. During periods of falling interest rates, an issuer<br />of a callable bond may exercise its right to pay principal on an obligation<br />earlier than expected. This may result in the Fund reinvesting proceeds at lower<br />interest rates, resulting in a decline in the Fund's income.<br /> <br />Extension Risk. An issuer may exercise its right to pay principal on an obligation <br />later than expected. This may happen when there is a rise in interest rates. Under <br />these circumstances, the value of the obligation will decrease and the Fund's <br />performance may suffer from its inability to invest in higher yielding securities.<br /> <br />Income Risk. Falling interest rates may cause the Fund's income to decline.<br /> <br />Liquidity Risk. Liquidity risk exists when particular investments are difficult<br />to purchase or sell. If the Fund invests in illiquid securities or securities<br />that become illiquid, Fund returns may be reduced because the Fund may be unable<br />to sell the illiquid securities at an advantageous time or price.<br /> <br />Declining Yield Risk. During the final year of the Fund's operations, as the<br />bonds held by the Fund mature and the Fund's portfolio transitions to cash and<br />cash equivalents, the Fund's yield will generally tend to move toward the yield <br />of cash and cash equivalents and thus may be lower than the yields of the bonds <br />previously held by the Fund and/or prevailing yields for bonds in the market.<br /> <br />Fluctuation of Yield and Liquidation Amount Risk. The Fund, unlike a direct<br />investment in a bond that has a level coupon payment and a fixed payment at<br />maturity, will make distributions of income that vary over time. Unlike a <br />direct investment in bonds, the breakdown of returns between Fund distributions <br />and liquidation proceeds are not predictable at the time of your investment. <br />For example, at times during the Fund's existence, it may make distributions <br />at a greater (or lesser) rate than the coupon payments received on the Fund's<br />portfolio, which will result in the Fund returning a lesser (or greater) amount<br />on liquidation than would otherwise be the case. The rate of Fund distribution<br />payments may adversely affect the tax characterization of your returns from an<br />investment in the Fund relative to a direct investment in corporate bonds. If<br />the amount you receive as liquidation proceeds upon the Fund's termination is<br />higher or lower than your cost basis, you may experience a gain or loss for tax<br />purposes.<br /> <br />Financial Services Sector Risk. The financial services industries are subject <br />to extensive government regulation, can be subject to relatively rapid change <br />due to increasingly blurred distinctions between service segments, and can be<br />significantly affected by availability and cost of capital funds, changes in<br />interest rates, the rate of corporate and consumer debt defaults, and price<br />competition. In addition, the deterioration of the credit markets since late<br />2007 generally has caused an adverse impact in a broad range of markets,<br />including U.S. and international credit and interbank money markets generally,<br />thereby affecting a wide range of financial institutions and markets. In<br />particular, events in the financial sector since late 2008 have resulted, <br />and may continue to result, in an unusually high degree of volatility in <br />the financial markets, both domestic and foreign. This situation has created<br />instability in the financial markets and caused certain financial services<br />companies to incur large losses. Numerous financial services companies have<br />experienced substantial declines in the valuations of their assets, taken action<br />to raise capital (such as the issuance of debt or equity securities), or even<br />ceased operations. These actions have caused the securities of many financial<br />services companies to experience a dramatic decline in value. Issuers that have<br />exposure to the real estate, mortgage and credit markets have been particularly<br />affected by the foregoing events and the general market turmoil, and it is<br />uncertain whether or for how long these conditions will continue.<br /> <br />Consumer Discretionary Sector Risk. The success of consumer product<br />manufacturers and retailers is tied closely to the performance of the overall<br />domestic and international economy, interest rates, competition and consumer<br />confidence. Success depends heavily on disposable household income and consumer<br />spending. Changes in demographics and consumer tastes can also affect the demand<br />for, and success of, consumer products in the marketplace.<br /> <br />Non-Correlation Risk. The Fund's return may not match the return of the Index<br />for a number of reasons. For example, the Fund incurs a number of operating<br />expenses not applicable to the Index, and incurs costs in buying and selling<br />securities, especially when rebalancing the Fund's securities holdings to<br />reflect changes in the composition of the Index. Since the Index constituents<br />may vary on a monthly basis, the Fund's costs associated with rebalancing may be<br />greater than those incurred by other exchange-traded funds ("ETFs") that track<br />indices whose composition changes less frequently.<br />&#xA0;&#xA0;<br />The Fund may not be fully invested at times, either as a result of cash flows<br />into the Fund or reserves of cash held by the Fund to meet redemptions and<br />expenses. Since the Fund utilizes a sampling approach, its return may not<br />correlate as well with the return on the Index as would be the case if it<br />purchased all of the securities in the Index with the same weightings as the<br />Index.<br /> <br />Concentration Risk. If the Index concentrates in an industry or group of<br />industries the Fund's investments will be concentrated accordingly. In such<br />event, the value of the Fund's Shares may rise and fall more than the value of<br />shares of a fund that invests in securities of companies in a broader range of<br />industries.<br /> <br />Passive Management Risk. Unlike many investment companies, the Fund is not<br />"actively" managed. Therefore, it would not necessarily sell a security because<br />the security's issuer was in financial trouble or defaulted, or whose credit<br />rating was downgraded, unless that security is removed from the Index.<br /> <br />Issuer-Specific Changes. The value of an individual security or particular type<br />of security can be more volatile than the market as a whole and can perform<br />differently from the value of the market as a whole. The value of securities of<br />smaller issuers can be more volatile than that of larger issuers.<br /> <br />Risk of Cash Transactions. In certain instances, unlike most ETFs, the Fund may<br />effect creations and redemptions for cash, rather than in-kind. As a result, an<br />investment in the Fund may be less tax-efficient than an investment in a more<br />conventional ETF. ETFs generally are able to make in-kind redemptions and avoid<br />being taxed on gain on the distributed portfolio securities at the Fund level.<br />Because the Fund may effect redemptions for cash, rather than in-kind distributions, <br />it may be required to sell portfolio securities in order to obtain the cash needed <br />to distribute redemption proceeds. If the Fund recognizes gain on these sales, <br />this generally will cause the Fund to recognize gain it might not otherwise have <br />recognized, or to recognize such gain sooner than would otherwise be required if <br />it were to distribute portfolio securities in-kind. The Fund generally intends <br />to distribute these gains to shareholders to avoid being taxed on this gain at <br />the Fund level and otherwise comply with the special tax rules that apply to it. <br />This strategy may cause shareholders to be subject to tax on gains they would <br />not otherwise be subject to, or at an earlier date than, if they had made an <br />investment in a different ETF. Moreover, cash transactions may have to be <br />carried out over several days if the securities market is relatively illiquid <br />and may involve considerable brokerage fees and taxes. These brokerage fees <br />and taxes, which will be higher than if the Fund sold and redeemed its Shares <br />principally in-kind, will be passed on to purchasers and redeemers of Creation <br />Units in the form of creation and redemption transaction fees.<br /> <br />Non-Diversified Fund Risk. The Fund is considered non-diversified and can invest<br />a greater portion of assets in securities of individual issuers than a diversified <br />fund. As a result, changes in the market value of a single investment could cause <br />greater fluctuations in Share price than would occur in a diversified fund.<br /> <br />The Fund's Shares will change in value, and you could lose money by investing in<br />the Fund. The Fund may not achieve its investment objective. An investment in<br />the Fund has not been guaranteed, sponsored, recommended, or approved by the<br />United States, or any agency, instrumentality or officer of the United States,<br />has not been insured by the Federal Deposit Insurance Corporation (FDIC) and is<br />not guaranteed by and is not otherwise an obligation of any bank or insured<br />depository institution.</tt> Fees and Expenses of the Fund Principal Investment Strategies The Fund, using a low cost "passive" or "indexing" investment approach, will seek to replicate, before the Fund's fees and expenses, the performance of the 2020 Index. The 2020 Index is a rules-based index comprised of, as of the date of this prospectus, approximately 157 investment grade corporate bonds with effective maturities in the year 2020. <tt>As of the date of this Prospectus, the Fund has not yet completed a full<br />calendar year of investment operations. When the Fund has completed a full<br />calendar year of investment operations, this section will include charts that<br />show annual total returns, highest and lowest quarterly returns and average<br />annual total returns (before and after taxes) compared to the Index and a broad<br />measure of market performance.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund ("Shares"). Investors purchasing Shares in the secondary<br />market may be subject to costs (including customary brokerage commissions)<br />charged by their broker.</tt> <div style="display:none">~ http://guffenheimfunds.com/role/OperatingExpensesData_S000027340Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Investors purchasing Shares in the secondary market may be subject to costs (including customary brokerage commissions) charged by their broker. The Fund may not achieve its investment objective. An investment in the Fund has not been guaranteed, sponsored, recommended, or approved by the United States, or any agency, instrumentality or officer of the United States, has not been insured by the Federal Deposit Insurance Corporation (FDIC) and is not guaranteed by and is not otherwise an obligation of any bank or insured depository institution. BSCK 25 132 592 249 0.0000 0.0024 0.0024 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Shares are<br />held in a taxable account. These costs, which are not reflected in annual fund<br />operating expenses or in the Example, affect the Fund's performance. During the<br />most recent fiscal year, the Fund's portfolio turnover rate was 7% of the<br />average value of its portfolio.</tt> <div style="display:none">~ http://guffenheimfunds.com/role/ExpenseExample_S000020359Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://guffenheimfunds.com/role/BarChartData_S000020359Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks maximum current income, consistent with preservation of capital<br />and daily liquidity.</tt> <tt>This Example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other funds. The Example does not take into account <br />brokerage commissions that you may pay when purchasing or selling Shares.<br /> <br />The Example assumes that you invest $10,000 in the Fund for the time periods<br />indicated and then redeem all of your shares at the end of those periods. The<br />Example also assumes that your investment has a 5% return each year and that the<br />Fund's operating expenses remain the same. Although your actual costs may be<br />higher or lower, based on these assumptions your costs would be:</tt> reflects no deduction for fees, expenses or taxes <tt>The Fund will invest at least 80% of its net assets in fixed income securities.<br />The Fund uses a low duration strategy to seek to outperform the Barclays<br />Capital1-3 Month U.S. Treasury Bill Index (the "Benchmark") in addition to<br />providing returns in excess of those available in U.S. Treasury bills,<br />government repurchase agreements, and money market funds, while seeking to<br />provide preservation of capital and daily liquidity. The Fund is not a money<br />market fund and thus does not seek to maintain a stable net asset value of $1.00<br />per share.<br /> <br />The Fund expects, under normal circumstances, to hold a diversified portfolio <br />of fixed income instruments of varying maturities, but that have an average <br />duration of less than one year. Duration is a measure of the price volatility <br />of a debt instrument as a result of changes in market rates of interest, based <br />on the weighted average timing of the instrument's expected principal and <br />interest payments. Duration differs from maturity in that it considers a <br />security's yield, coupon payments, principal payments and call features in <br />addition to the amount of time until the security matures. As the value of <br />a security changes over time, so will its duration.<br /> <br />The Fund may invest, without limitation, in short-term instruments such as<br />commercial paper and/or repurchase agreements. Commercial paper includes<br />variable amount master demand notes and asset-backed commercial paper.<br />Commercial paper normally represents short-term unsecured promissory notes<br />issued by banks or bank holding companies, corporations, finance companies <br />and other issuers. Repurchase agreements are fixed-income securities in the <br />form of agreements backed by collateral. These agreements, which may be viewed <br />as a type of secured lending by the Fund, typically involve the acquisition by <br />the Fund of securities from the selling institution (such as a bank or a <br />broker-dealer), coupled with the agreement that the selling institution will <br />repurchase the underlying securities at a specified price and at a fixed time <br />in the future (or on demand). The Fund may accept a wide variety of underlying <br />securities as collateral for the repurchase agreements entered into by the Fund. <br />Such collateral may include U.S. government securities, corporate obligations, <br />equity securities, municipal debt securities, mortgage-backed securities and<br />convertible securities. Any such securities serving as collateral are<br />marked-to-market daily in order to maintain full collateralization (typically<br />purchase price plus accrued interest).<br /> <br />The Fund primarily invests in U.S. dollar-denominated investment grade debt<br />securities, including U.S. Treasury securities and corporate bonds, rated Baa3<br />or higher by Moody's Investors Service, Inc. ("Moody's"), or equivalently rated<br />by Standard &amp; Poor's Rating Group ("S&amp;P") or Fitch Investor Services ("Fitch")<br />or, if unrated, determined by the Investment Adviser to be of comparable<br />quality. The Fund may invest no more than 10% of its assets in high yield<br />securities ("junk bonds"), which are debt securities that are rated below<br />investment grade by nationally recognized statistical rating organizations, or<br />are unrated securities that the Investment Adviser believes are of comparable<br />quality. The Fund will not invest in securities that are in default at the time<br />of investment. If a security defaults subsequent to purchase by the Fund, the<br />Investment Adviser will determine in its discretion whether to hold or dispose<br />of such security.<br /> <br />The Fund may invest in bank obligations, which include certificates of deposit,<br />commercial paper, unsecured bank promissory notes, bankers' acceptances, time<br />deposits and other debt obligations. The Fund may invest in obligations issued<br />or backed by U.S. banks when a bank has more than $1 billion in total assets at<br />the time of purchase or is a branch or subsidiary of such a bank. In addition,<br />the Fund may invest in U.S. dollar-denominated obligations issued or guaranteed<br />by foreign banks that have more than $1 billion in total assets at the time of<br />purchase, U.S. branches of such foreign banks (Yankee obligations), foreign<br />branches of such foreign banks and foreign branches of U.S. banks having more<br />than $1 billion in total assets at the time of purchase. Bank obligations may be<br />general obligations of the parent bank or may be limited to the issuing branch<br />by the terms of the specific obligation or by U.S. government regulation.<br /> <br />The Fund may invest, without limitation, in U.S. dollar-denominated debt<br />securities of foreign issuers, including emerging market issuers. The Fund may<br />also invest up to 10% of its assets in sovereign and corporate debt securities<br />denominated in foreign currencies. The Investment Adviser may attempt to reduce<br />foreign currency exchange rate risk by entering into contracts with banks,<br />brokers or dealers to purchase or sell securities or foreign currencies at a<br />future date ("forward contracts"). The Fund may also invest up to 25% of its<br />assets in municipal securities. The Fund will not invest in options contracts,<br />futures contracts or swap agreements.<br /> <br />The Fund may invest up to 10% of its assets in mortgage-backed securities<br />("MBS") or in other asset-backed securities. This limitation does not apply <br />to securities issued or guaranteed by federal agencies and/or U.S. government<br />sponsored instrumentalities, such as the Government National Mortgage<br />Administration ("GNMA"), the Federal Housing Administration ("FHA"), the Federal<br />National Mortgage Association ("FNMA") and the Federal Home Loan Mortgage<br />Corporation ("FHLMC"). In addition to securities issued or guaranteed by such<br />agencies or instrumentalities, the Fund may invest in MBS or other asset-backed<br />securities issued or guaranteed by private issuers. The MBS in which the Fund<br />may invest may also include residential mortgage-backed securities ("RMBS"),<br />collateralized mortgage obligations ("CMOs") and commercial mortgage-backed <br />securities ("CMBS"). The asset-backed securities in which the Fund may invest <br />include collateralized debt obligations ("CDOs"). CDOs include collateralized <br />bond obligations ("CBOs"), collateralized loan obligations ("CLOs") and other <br />similarly structured securities. A CBO is a trust which is backed by a diversified <br />pool of high risk, below investment grade fixed income securities. A CLO is a trust <br />typically collateralized by a pool of loans, which may include domestic and foreign <br />senior secured loans, senior unsecured loans, and subordinate corporate loans, <br />including loans that may be rated below investment grade or equivalent unrated loans.<br /> <br />The Fund may obtain exposure to the securities in which it normally invests by<br />engaging in various investment techniques, including forward purchase agreements, <br />mortgage dollar roll and "TBA" mortgage trading. A mortgage dollar roll involves <br />the sale of a MBS by a Fund and its agreement to repurchase the instrument (or <br />one which is substantially similar) at a specified time and price. Most transactions <br />in fixed-rate mortgage pass-through securities occur through standardized contracts <br />for future delivery in which the exact mortgage pools to be delivered are not <br />specified until a few days prior to settlements (a "TBA" transaction). The Fund <br />may enter into such contracts on a regular basis. The Fund, pending settlement of <br />such contracts, will invest its assets in high-quality, liquid short-term instruments, <br />including shares of money market funds. The Fund will assume its pro rata share of the <br />fees and expenses of any money market fund that it may invest in, in addition to the <br />Fund's own fees and expenses. The Fund may also acquire interests in mortgage pools <br />through means other than such standardized contracts for future delivery. The Fund <br />also may invest directly in exchange-traded funds ("ETFs") and other investment <br />companies that provide exposure to fixed income securities similar to those <br />securities in which the Fund may invest in directly.<br /> <br />Prior to December 5, 2011, the Fund's name was the "Guggenheim Enhanced<br />Ultra-Short Duration Bond ETF."</tt> Guggenheim Enhanced Short Duration Bond ETF Example All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax. Investment Objective The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Investors should consider the following risk factors and special considerations associated with investing in the Fund, which may cause you to lose money. Principal Investment Risks 0.07 Your own actual after-tax returns will depend on your tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Shares of the Fund in tax-deferred accounts such as individual retirement accounts (IRAs) or employee-sponsored retirement plans. Calendar Year Total Return as of 12/31 Fund Performance The chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for one year and since inception compare with those of a broad measure of market performance. <tt>The Fund commenced operations on February 12, 2008. The Fund's year-to-date<br />total return was 0.67% as of June 30, 2012.<br /> <br />During the periods shown in the chart above, the Fund's highest and lowest<br />calendar quarter returns were 0.20% and -0.25%, respectively, for the quarters<br />ended December 31, 2011 and September 30, 2011.</tt> Annual Fund Operating Expenses (expenses that you pay as a percentage of the value of your investments) Average Annual Total Returns for the Periods Ended December 31, 2011 Portfolio Turnover <tt>Investors should consider the following risk factors and special considerations<br />associated with investing in the Fund, which may cause you to lose money.<br /> <br />Investment Risk. An investment in the Fund is subject to investment risk,<br />including the possible loss of the entire principal amount that you invest. The<br />Fund is not a money market fund and thus does not seek to maintain a stable net<br />asset value of $1.00 per share.<br /> <br />Credit/Default Risk. Issuers or guarantors of debt instruments or the<br />counterparty to a derivatives contract, repurchase agreement or loan of<br />portfolio securities may be unable or unwilling to make timely interest and/or<br />principal payments or otherwise honor its obligations. Debt instruments are<br />subject to varying degrees of credit risk, which may be reflected in credit<br />ratings. Securities issued by the U.S. government generally have less credit<br />risk than debt securities of non-government issuers. However, securities issued<br />by certain U.S. government agencies are not necessarily backed by the full faith<br />and credit of the U.S. government. Credit rating downgrades and defaults<br />(failure to make interest or principal payment) may potentially reduce the<br />Fund's income and share price.<br /> <br />Interest Rate Risk. As interest rates rise, the value of fixed-income securities<br />held by the Fund are likely to decrease. Securities with longer durations tend<br />to be more sensitive to interest rate changes, making them more volatile than<br />securities with shorter durations.<br />&#xA0;&#xA0;<br />Asset Class Risk. The bonds in the Fund's portfolio may underperform the returns<br />of other bonds or indexes that track other industries, markets, asset classes or<br />sectors. Different types of bonds and indexes tend to go through different<br />performance cycles than the general bond market.<br /> <br />Call Risk/Prepayment Risk. During periods of falling interest rates, an issuer<br />of a callable bond may exercise its right to pay principal on an obligation<br />earlier than expected. This may result in the Fund reinvesting proceeds at lower<br />interest rates, resulting in a decline in the Fund's income.<br /> <br />Extension Risk. An issuer may exercise its right to pay principal on an obligation <br />later than expected. This may happen when there is a rise in interest rates. Under <br />these circumstances, the value of the obligation will decrease and the Fund's <br />performance may suffer from its inability to invest in higher yielding securities.<br /> <br />Income Risk. Falling interest rates may cause the Fund's income to decline.<br /> <br />Liquidity Risk. Liquidity risk exists when particular investments are difficult<br />to purchase or sell. The market for MBS may be less liquid than for other fixed<br />income instruments. This means that it may be harder to buy and sell MBS,<br />especially on short notice, and MBS may be more difficult for the Fund to value<br />accurately than other fixed income instruments. If the Fund invests in illiquid<br />securities or securities that become illiquid, Fund returns may be reduced<br />because the Fund may be unable to sell the illiquid securities at an<br />advantageous time or price.<br /> <br />Bank Obligations Risk. The Fund's investments in bank obligations may expose it<br />to favorable and adverse developments in or related to the banking industry. The<br />activities of U.S. and most foreign banks are subject to comprehensive regulations, <br />which, in the case of U.S. regulations, have undergone substantial changes in the <br />past decade. The enactment of new legislation or regulations, as well as changes <br />in interpretation and enforcement of current laws, may affect the manner of <br />operations and profitability of domestic and foreign banks. Significant <br />developments in the U.S. banking industry have included increased competition <br />from other types of financial institutions, increased acquisition activity and <br />geographic expansion. Banks may be particularly susceptible to certain economic <br />factors, such as interest rate changes and adverse developments in the real <br />estate markets. Fiscal and monetary policy and general economic cycles can <br />affect the availability and cost of funds, loan demand and asset quality and <br />thereby impact the earnings and financial conditions of banks. Obligations of <br />foreign banks, including Yankee obligations, are subject to the same risks that <br />pertain to domestic issuers, notably credit risk and market risk, but are also <br />subject to certain additional risks such as adverse foreign political and <br />economic developments, the extent and quality of foreign government regulation <br />of the financial markets and institutions, foreign withholding taxes and other <br />sovereign action such as nationalization or expropriation.<br /> <br />Repurchase Agreements Risk. Repurchase agreements are fixed-income securities <br />in the form of agreements backed by collateral. These agreements, which may <br />be viewed as a type of secured lending by the Fund, typically involve the<br />acquisition by the Fund of securities from the selling institution (such <br />as a bank or a broker-dealer), coupled with the agreement that the selling<br />institution will repurchase the underlying securities at a specified price <br />and at a fixed time in the future (or on demand). The Fund may accept a wide <br />variety of underlying securities as collateral for the repurchase agreements <br />entered into by the Fund. Such collateral may include U.S. government securities,<br />corporate obligations, equity securities, municipal debt securities,<br />mortgage-backed securities and convertible securities. Any such securities <br />serving as collateral are marked-to-market daily in order to maintain full <br />collateralization (typically purchase price plus accrued interest).<br /> <br />The use of repurchase agreements involves certain risks. For example, if the<br />selling institution defaults on its obligation to repurchase the underlying<br />securities at a time when the value of the securities has declined, the Fund <br />may incur a loss upon disposition of them. In the event of an insolvency <br />or bankruptcy by the selling institution, the Fund's right to control the<br />collateral could be affected and result in certain costs and delays. In<br />addition, the Fund may enter into repurchase agreements which the Investment<br />Adviser determines, after reviewing the creditworthiness of the selling<br />institution, would be of comparable credit quality to securities which are <br />rated in one of the four highest rating categories by any nationally recognized<br />statistical rating organization ("NRSRO"). Accordingly, the risk of default<br />and/or bankruptcy of a selling institution may be higher than if the Fund only<br />entered into repurchase agreements determined to be of higher credit quality.<br />Additionally, if the proceeds from the liquidation of such collateral after an<br />insolvency were less than the repurchase price, the Fund could suffer a loss.<br /> <br />In addition, Rule 5b-3 under the Investment Company Act of 1940, as amended <br />(the "1940 Act"), stipulates that if a repurchase agreement entered into by <br />a fund is "collateralized fully," the repurchase agreement is deemed a <br />transaction in the underlying securities and not a separate security issued <br />to the fund by the selling institution. In order for the repurchase agreement <br />to qualify as "collateralized fully," the collateral must consist solely of <br />cash items, government securities, securities that are rated in the highest <br />rating category by at least two NRSROs (or one NRSRO, if that is the only <br />such NRSRO which has issued a rating on the security) or unrated securities <br />which the Investment Adviser deems to be of comparable quality. However, the <br />Fund may accept collateral in respect of repurchase agreements which do not <br />meet the above criteria, and in such event the repurchase agreement will not <br />be considered "collateralized fully" for purposes of Rule 5b-3.<br /> <br />Accepting collateral beyond the criteria of Rule 5b-3 exposes the Fund to two<br />categories of risks. First, because the Fund's repurchase agreements which are<br />secured by such collateral are not "collateralized fully" under Rule 5b-3, the<br />repurchase agreement is considered a separate security issued by the selling<br />institution to the Fund. Accordingly, in addition to the risks of a default <br />or bankruptcy of the selling institution, the Fund must include repurchase<br />agreements that are not "collateralized fully" under Rule 5b-3 in its<br />calculations of securities issued by the selling institution held by the Fund<br />for purposes of various diversification and concentration requirements applicable <br />to the Fund. In particular, to the extent a selling institution is a "securities <br />related business" for purposes of Section 12(d)(3) of the 1940 Act and Rule <br />12d3-1 thereunder, the Fund would not be permitted to hold more than 5% of its <br />total assets in securities issued by the selling institution, including repurchase <br />agreements that are not "collateralized fully" under Rule 5b-3. While this<br /> limitation (as well as other applicable limitations arising under concentration <br />and diversification requirements) limits the Fund's exposure to each such selling <br />institution, the Fund will be required to monitor its holdings of such securities <br />and ensure that it complies with the applicable limitations. Second, the collateral <br />underlying a repurchase agreement that is not "collateralized fully" under Rule <br />5b-3 may not qualify as permitted or appropriate investments for the Fund under <br />the Fund's investment strategies and limitations. Accordingly, if a selling <br />institution defaults and the Fund takes possession of such collateral, the <br />Fund may need to promptly dispose of such collateral (or other securities held <br />by the Fund, if the Fund exceeds a limitation on a permitted investment by virtue <br />of taking possession of the collateral). In cases of market turmoil (which may be <br />associated with a default or bankruptcy of a selling institution), the Fund may <br />have more difficulty than anticipated in selling such securities and/or in <br />avoiding a loss on the sale of such securities. This risk may be more acute in <br />the case of a selling institution's insolvency or bankruptcy, which may restrict <br />the Fund's ability to dispose of collateral received from the selling institution. <br />The Investment Adviser follows various procedures to monitor the liquidity and <br />quality of any collateral received under a repurchase agreement (as well as the <br />credit quality of each selling institution) designed to minimize these risks, but <br />there can be no assurance that the procedures will be successful in doing so.<br /> <br />Municipal Securities Risk. The Fund may invest in municipal securities.<br />Municipal securities are subject to the risk that litigation, legislation or<br />other political events, local business or economic conditions or the bankruptcy<br />of the issuer could have a significant effect on an issuer's ability to make<br />payments of principal and/or interest. In addition, there is a risk that, as a<br />result of the current economic crisis, the ability of any issuer to pay, when<br />due, the principal or interest on its municipal bonds may be materially<br />affected.<br /> <br />Municipal securities can be significantly affected by political changes as <br />well as uncertainties in the municipal market related to taxation, legislative<br />changes or the rights of municipal security holders. Because many securities <br />are issued to finance similar projects, especially those relating to education,<br />health care, transportation and utilities, conditions in those sectors can<br />affect the overall municipal market. In addition, changes in the financial<br />condition of an individual municipal insurer can affect the overall municipal<br />market.<br /> <br />Municipal securities backed by current or anticipated revenues from a specific<br />project or specific assets can be negatively affected by the discontinuance of<br />the taxation supporting the project or assets or the inability to collect<br />revenues for the project or from the assets. If the Internal Revenue Service<br />("IRS") determines that an issuer of a municipal security has not complied with<br />applicable tax requirements, interest from the security could become taxable and<br />the security could decline significantly in value.<br /> <br />The market for municipal bonds may be less liquid than for taxable bonds. There<br />may also be less information available on the financial condition of issuers of<br />municipal securities than for public corporations. This means that it may be<br />harder to buy and sell municipal securities, especially on short notice, and<br />municipal securities may be more difficult for the Funds to value accurately<br />than securities of public corporations.<br /> <br />Mortgage- and Asset-Backed Securities Risks. MBS (residential and commercial)<br />and asset-backed securities represent interests in "pools" of mortgages or other<br />assets, including consumer loans or receivables held in trust. The characteristics <br />of these MBS and asset-backed securities differ from traditional fixed income <br />securities. Like traditional fixed income securities, the value of MBS or <br />asset-backed securities typically increases when interest rates fall and<br />decreases when interest rates rise. However, a main difference is that the<br />principal on MBS or asset-backed securities may normally be prepaid at any <br />time, which will reduce the yield and market value of these securities. <br />Therefore, MBS and asset-backed backed securities are subject to "prepayment <br />risk" and "extension risk." Because of prepayment risk and extension risk, <br />MBS react differently to changes in interest rates than other fixed income <br />securities.<br />&#xA0;&#xA0;<br />Prepayment risk is the risk that, when interest rates fall, certain types of<br />obligations will be paid off by the obligor more quickly than originally<br />anticipated and the Fund may have to invest the proceeds in securities with<br />lower yields. In periods of falling interest rates, the rate of prepayments<br />tends to increase (as does price fluctuation) as borrowers are motivated to <br />pay off debt and refinance at new lower rates. During such periods, reinvestment <br />of the prepayment proceeds will generally be at lower rates of return than the<br />return on the assets which were prepaid. Prepayment reduces the yield to<br />maturity and the average life of the MBS or asset-backed securities.<br /> <br />Extension risk is the risk that, when interest rates rise, certain obligations<br />will be paid off by the obligor more slowly than anticipated causing the value<br />of these securities to fall. Rising interest rates tend to extend the duration<br />of MBS and asset-backed securities, making them more sensitive to changes in<br />interest rates. The value of longer-term securities generally changes more in<br />response to changes in interest rates than shorter-term securities. As a result,<br />in a period of rising interest rates, MBS and asset-backed securities may<br />exhibit additional volatility and may lose value.<br /> <br />Small movements in interest rates (both increases and decreases) may quickly <br />and significantly reduce the value of certain MBS. The Fund's investments in<br />asset-backed securities are subject to risks similar to those associated with<br />MBS, as well as additional risks associated with the nature of the assets and<br />the servicing of those assets. These securities also are subject to the risk <br />of default on the underlying mortgage or assets, particularly during periods <br />of economic downturn. Certain MBS are issued in several classes with different<br />levels of yield and credit protection. The Fund's investments in MBS with<br />several classes may be in the lower classes that have greater risks than the<br />higher classes, including greater interest rate, credit and prepayment risks.<br /> <br />MBS may be either pass-through securities or CMOs. Pass-through securities<br />represent a right to receive principal and interest payments collected on a pool<br />of mortgages, which are passed through to security holders. CMOs are created by<br />dividing the principal and interest payments collected on a pool of mortgages<br />into several revenue streams (tranches) with different priority rights to<br />portions of the underlying mortgage payments. The Fund will not invest in CMO<br />tranches which represent a right to receive interest only ("IOs"), principal<br />only ("POs") or an amount that remains after other floating-rate tranches are<br />paid (an inverse floater). If the Fund invests in CMO tranches (including CMO<br />tranches issued by government agencies) and interest rates move in a manner not<br />anticipated by Fund management, it is possible that the Fund could lose all or<br />substantially all of its investment.<br /> <br />There is also risk associated with the roll market for pass-through MBS. First,<br />the value and safety of the roll depends entirely upon the counterparty's<br />ability to redeliver the security at the termination of the roll. Therefore, <br />the counterparty to a roll must meet the same credit criteria as any existing<br />repurchase counterparty. Second, the security which is redelivered at the end <br />of the roll period must be substantially the same as the initial security, i.e.,<br />must have the same coupon, be issued by the same agency and be of the same type,<br />have the same original stated term to maturity, be priced to result in similar<br />market yields and be "good delivery."Within these parameters, however, the<br />actual pools that are redelivered could be less desirable than those originally<br />rolled, especially with respect to prepayment and/or delinquency characteristics. <br />In addition, the Fund's use of mortgage dollar rolls may give rise to a form of <br />leverage, which could exaggerate the effects on NAV of any increase or decrease <br />in the market value of the Fund's portfolio securities. The Fund will earmark <br />or segregate assets determined to be liquid by the Investment Adviser to cover <br />its obligations under mortgage dollar rolls which may give rise to a form of <br />leverage.<br /> <br />The residential mortgage market in the United States has experienced<br />difficulties that may adversely affect the performance and market value of<br />certain of the Fund's mortgage-related investments. Delinquencies and losses on<br />residential mortgage loans (especially subprime and second-lien mortgage loans)<br />generally have increased since 2007 and may continue to increase, and a decline<br />in or flattening of housing values (as has recently been experienced and may<br />continue to be experienced in many housing markets) may exacerbate such<br />delinquencies and losses. Reduced investor demand for mortgage loans and<br />mortgage-related securities and increased investor yield requirements have<br />caused limited liquidity in the secondary market for mortgage-related<br />securities, which can adversely affect the market value of mortgage-related<br />securities. It is possible that such limited liquidity in such secondary <br />markets could continue or worsen.<br /> <br />Asset-backed securities entail certain risks not presented by MBS, including the<br />risk that in certain states it may be difficult to perfect the liens securing<br />the collateral backing certain asset-backed securities. In addition, certain<br />asset-backed securities are based on loans that are unsecured, which means that<br />there is no collateral to seize if the underlying borrower defaults. Certain MBS<br />in which the Fund may invest may also provide a degree of investment leverage,<br />which could cause the Fund to lose all or substantially all of its investment.<br /> <br />High Yield Securities Risk. High yield securities are subject to the increased<br />risk of an issuer's inability to meet principal and interest payment obligations. <br />These securities may be subject to greater price volatility due to such factors <br />as specific corporate developments, interest rate sensitivity, negative perceptions <br />of the high yield securities markets generally and less secondary market liquidity.<br /> <br />Foreign Issuers Risk. The Fund may invest in U.S. and non-U.S.<br />dollar-denominated bonds of foreign corporations, governments, agencies and<br />supra-national agencies which have different risks than investing in U.S.<br />companies. These include differences in accounting, auditing and financial<br />reporting standards, the possibility of expropriation or confiscatory taxation,<br />adverse changes in investment or exchange control regulations, political<br />instability which could affect U.S. investments in foreign countries, and<br />potential restrictions of the flow of international capital. Foreign companies<br />may be subject to less governmental regulation than U.S. issuers. Moreover,<br />individual foreign economies may differ favorably or unfavorably from the U.S.<br />economy in such respects as growth of gross domestic product, rate of inflation,<br />capital investment, resource self-sufficiency and balance of payment options.<br /> <br />Emerging market countries are countries that major international financial<br />institutions, such as the World Bank, generally consider to be less economically<br />mature than developed nations. Emerging market countries can include every<br />nation in the world except the United States, Canada, Japan, Australia, New<br />Zealand and most countries located in Western Europe. Investing in foreign<br />countries, particularly emerging market countries, entails the risk that news<br />and events unique to a country or region will affect those markets and their<br />issuers. Countries with emerging markets may have relatively unstable governments, <br />may present the risks of nationalization of businesses, restrictions on foreign <br />ownership and prohibitions on the repatriation of assets. The economies of <br />emerging markets countries also may be based on only a few industries, making <br />them more vulnerable to changes in local or global trade conditions and more <br />sensitive to debt burdens or inflation rates. Local securities markets may <br />trade a small number of securities and may be unable to respond effectively <br />to increases in trading volume, potentially making prompt liquidation of <br />holdings difficult or impossible at times.<br /> <br />European Economic Risk. The Economic and Monetary Union of the European Union<br />(the "EU") requires member countries to comply with restrictions on inflation<br />rates, deficits, interest rates, debt levels and fiscal and monetary controls,<br />each of which may significantly affect every country in Europe. Decreasing<br />imports or exports, changes in governmental or EU regulations on trade, changes<br />in the exchange rate of the euro, the default or threat of default by an EU<br />member country on its sovereign debt, and/or an economic recession in an EU<br />member country may have a significant adverse effect on the economies of EU<br />member countries and on major trading partners outside Europe. The European<br />financial markets have recently experienced volatility and have been adversely<br />affected by concerns about economic downturns, credit rating downgrades, rising<br />government debt levels and possible default on or restructuring of government<br />debt in several European countries, including Greece, Ireland, Italy, Portugal<br />and Spain. A default or debt restructuring by any European country would<br />adversely impact holders of that country's debt, and sellers of credit default<br />swaps linked to that country's creditworthiness (which may be located in<br />countries other than those listed in the previous sentence). These events have<br />adversely affected the value and exchange rate of the euro and may continue to<br />significantly affect the economies of every country in Europe, including EU<br />member countries that do not use the euro and non-EU member countries.<br /> <br />Foreign Currency Risk. The Fund's investments may be denominated in foreign<br />currencies. The value of foreign currencies may fluctuate relative to the value<br />of the U.S. dollar. Since the Fund may invest in such non-U.S. dollar-denominated <br />securities, and therefore may convert the value of such securities into U.S. <br />dollars, changes in currency exchange rates can increase or decrease the U.S. <br />dollar value of the Fund's assets. The Investment Adviser may attempt to reduce <br />this risk by entering into forward contracts with banks, brokers or dealers. A <br />foreign currency forward contract is a negotiated agreement between the contracting <br />parties to exchange a specified amount of currency at a specified future time at <br />a specified rate. The rate can be higher or lower than the spot rate between the <br />currencies that are the subject of the contract. Hedging the Fund's currency risks <br />involves the risk of mismatching the Fund's objectives under a forward or futures <br />contract with the value of securities denominated in a particular currency. <br />Furthermore, such transactions reduce or preclude the opportunity for gain if <br />the value of the currency should move in the direction opposite to the position <br />taken. If the counterparty under the contract defaults on its obligation to make <br />payments due from it as a result of its bankruptcy or otherwise, the Fund may lose <br />such payments altogether or collect only a portion thereof, which collection could <br />involve costs or delays. The Investment Adviser may in its discretion choose not to <br />hedge against currency risk. In addition, certain market conditions may make it <br />impossible or uneconomical to hedge against currency risk.<br /> <br />Financial Services Sector Risk. The financial services industries are subject to<br />extensive government regulation, can be subject to relatively rapid change due<br />to increasingly blurred distinctions between service segments, and can be<br />significantly affected by availability and cost of capital funds, changes in<br />interest rates, the rate of corporate and consumer debt defaults, and price <br />competition. In addition, the deterioration of the credit markets since late <br />2007 generally has caused an adverse impact in a broad range of markets, <br />including U.S. and international credit and interbank money markets generally, <br />thereby affecting a wide range of financial institutions and markets. In particular, <br />events in the financial sector since late 2008 have resulted, and may continue to <br />result, in an unusually high degree of volatility in the financial markets, both <br />domestic and foreign. This situation has created instability in the financial <br />markets and caused certain financial services companies to incur large losses. <br />Numerous financial services companies have experienced substantial declines in <br />the valuations of their assets, taken action to raise capital (such as the <br />issuance of debt or equity securities), or even ceased operations. These actions <br />have caused the securities of many financial services companies to experience a <br />dramatic decline in value. Issuers that have exposure to the real estate, mortgage <br />and credit markets have been particularly affected by the foregoing events and the <br />general market turmoil, and it is uncertain whether or for how long these conditions <br />will continue.<br /> <br />Risks of Investing In Other Investment Companies. Shares of other investment<br />companies are subject to the management fees and other expenses of those companies, <br />and the purchase of shares of some investment companies (in the case of closed-end <br />investment companies) may sometimes require the payment of substantial premiums <br />above the value of such companies' portfolio securities or net asset values. The <br />Fund must continue, at the same time, to pay its own management fees and expenses <br />with respect to all of its investments, including shares of other investment <br />companies. The securities of other investment companies may also be leveraged <br />and will therefore be subject to certain leverage risks.<br /> <br />Portfolio Turnover Risk. The Fund may engage in active and frequent trading of<br />its portfolio securities. A portfolio turnover rate of 200%, for example, is<br />equivalent to the Fund buying and selling all of its securities two times during<br />the course of the year. A high portfolio turnover rate (such as 100% or more)<br />could result in high brokerage costs. A high portfolio turnover rate can result<br />in an increase in taxable capital gains distributions to the Fund's<br />shareholders.<br /> <br />Issuer-Specific Changes. The value of an individual security or particular type<br />of security can be more volatile than the market as a whole and can perform<br />differently from the value of the market as a whole. The value of securities of<br />smaller issuers can be more volatile than that of larger issuers.<br /> <br />Active Management Risk. The Fund is subject to management risk because it is an<br />actively managed portfolio. In managing the Fund's portfolio securities, the<br />Investment Adviser will apply investment techniques and risk analyses in making<br />investment decisions for the Fund, but there can be no guarantee that these will<br />produce the desired results.<br /> <br />Risk of Deviation between Market Price and NAV. Unlike conventional ETFs, the<br />Fund is not an index fund. The Fund is actively managed and does not seek to<br />replicate the performance of a specified index. Index based ETFs have generally<br />traded at prices which closely correspond to net asset value ("NAV") per Share.<br />There can be no assurance as to whether and/or the extent to which the Shares<br />will trade at premiums or discounts to NAV. The deviation risk may be heightened<br />to the extent the Fund invests in mortgage-backed securities, as such<br />investments may be difficult to value. Because mortgage-backed securities may<br />trade infrequently, the most recent trade price may not indicate their true<br />value. A third-party pricing service may be used to value some or all of the<br />Fund's mortgage-backed securities. To the extent that market participants<br />question the accuracy of the pricing service's prices, there is a risk of <br />significant deviation between the NAV and market price of some or all of <br />the mortgage-backed securities in which the Fund invests.<br /> <br />Risk of Cash Transactions. In certain instances, unlike most ETFs, the Fund may<br />effect creations and redemptions for cash, rather than in-kind. As a result, an<br />investment in the Fund may be less tax-efficient than an investment in a more<br />conventional ETF. ETFs generally are able to make in-kind redemptions and avoid<br />being taxed on gain on the distributed portfolio securities at the Fund level.<br />Because the Fund may effect redemptions for cash, rather than in-kind <br />distributions, it may be required to sell portfolio securities in order to obtain <br />the cash needed to distribute redemption proceeds. If the Fund recognizes gain on <br />these sales, this generally will cause the Fund to recognize gain it might not <br />otherwise have recognized, or to recognize such gain sooner than would otherwise be <br />required if it were to distribute portfolio securities in-kind. The Fund generally <br />intends to distribute these gains to shareholders to avoid being taxed on this gain <br />at the Fund level and otherwise comply with the special tax rules that apply to it. <br />This strategy may cause shareholders to be subject to tax on gains they would <br />not otherwise be subject to, or at an earlier date than, if they had made an <br />investment in a different ETF. Moreover, cash transactions may have to be carried <br />out over several days if the securities market is relatively illiquid and may <br />involve considerable brokerage fees and taxes. These brokerage fees and taxes, <br />which will be higher than if the Fund sold and redeemed its Shares principally <br />in-kind, will be passed on to purchasers and redeemers of Creation Units in the <br />form of creation and redemption transaction fees. In addition, these factors may <br />result in wider spreads between the bid and the offered prices of the Fund's Shares <br />than for more conventional ETFs.<br /> <br />The Fund's Shares will change in value, and you could lose money by investing in<br />the Fund. The Fund may not achieve its investment objective. An investment in<br />the Fund has not been guaranteed, sponsored, recommended, or approved by the<br />United States, or any agency, instrumentality or officer of the United States,<br />has not been insured by the Federal Deposit Insurance Corporation (FDIC) and is<br />not guaranteed by and is not otherwise an obligation of any bank or insured<br />depository institution.</tt> Fees and Expenses of the Fund Principal Investment Strategies www.guggenheimfunds.com The Fund will invest at least 80% of its net assets in fixed income securities. <tt>The chart and table below provide some indication of the risks of investing in<br />the Fund by showing changes in the Fund's performance from year to year and by<br />showing how the Fund's average annual returns for one year and since inception<br />compare with those of a broad measure of market performance. The Fund's past<br />performance (before and after taxes) is not necessarily an indication of how the<br />Fund will perform in the future. Updated performance information for the Fund is<br />available at www.guggenheimfunds.com.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund ("Shares"). Investors purchasing Shares in the secondary<br />market may be subject to costs (including customary brokerage commissions)<br />charged by their broker.</tt> <div style="display:none">~ http://guffenheimfunds.com/role/OperatingExpensesData_S000020359Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://guffenheimfunds.com/role/PerformanceTableData_S000020359Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> Investors purchasing Shares in the secondary market may be subject to costs (including customary brokerage commissions) charged by their broker. <tt>All after-tax returns are calculated using the historical highest individual<br />federal marginal income tax rates and do not reflect the impact of any state or<br />local tax. Your own actual after-tax returns will depend on your tax situation<br />and may differ from what is shown here. After-tax returns are not relevant to<br />investors who hold Shares of the Fund in tax-deferred accounts such as individual <br />retirement accounts (IRAs) or employee-sponsored retirement plans.</tt> The Fund may not achieve its investment objective. An investment in the Fund has not been guaranteed, sponsored, recommended, or approved by the United States, or any agency, instrumentality or officer of the United States, has not been insured by the Federal Deposit Insurance Corporation (FDIC) and is not guaranteed by and is not otherwise an obligation of any bank or insured depository institution. Barclays Capital 1-3 Month U.S. Treasury Bill Index (reflects no deduction for fees, expenses or taxes) 0.0007 0.0045 2008-02-12 Return After Taxes on Distributions and Sale of Fund Shares 0.0002 0.0025 2008-02-12 Return After Taxes on Distributions 0.0008 0.0022 2008-02-12 GSY lowest calendar quarter returns highest calendar quarter returns 2012-06-30 Return Before Taxes 28 2011-12-31 141 -0.0025 -0.0030 0.0001 902 337 0.0020 0.0004 0.0036 0.0020 December 31, 2015 2011-09-30 -0.0006 The Fund's year-to-date total return 0.0004 0.0027 0.0057 0.0044 2008-02-12 0.0067 0.0001 The Fund is considered non-diversified and can invest a greater portion of assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate <br />may indicate higher transaction costs and may result in higher taxes when Shares <br />are held in a taxable account. These costs, which are not reflected in annual <br />fund operating expenses or in the Example, affect the Fund's performance. During <br />the most recent fiscal year, the Fund's portfolio turnover rate was 296% of the<br />average value of its portfolio.</tt> <div style="display:none">~ http://guffenheimfunds.com/role/ExpenseExample_S000020358Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://guffenheimfunds.com/role/BarChartData_S000020358Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks total return, comprised of income and capital appreciation.</tt> <tt>This Example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other funds. The Example does not take into account <br />brokerage commissions that you may pay when purchasing or selling Shares.<br /> <br />The Example assumes that you invest $10,000 in the Fund for the time periods<br />indicated and then redeem all of your shares at the end of those periods. The<br />Example also assumes that your investment has a 5% return each year and that <br />the Fund's operating expenses remain the same. Although your actual costs may <br />be higher or lower, based on these assumptions your costs would be:</tt> reflects no deduction for fees, expenses or taxes <tt>The Fund uses a strategy that seeks total return, comprised of income and<br />capital appreciation, which attempts to outperform the Barclays Capital U.S.<br />Aggregate Bond Index (the "Benchmark"). The Fund will invest at least 80% <br />of its net assets in fixed income securities. The Fund's investment strategy <br />utilizes quantitative security selection, fundamental credit analysis and <br />the Investment Adviser's views of particular sectors to construct a portfolio <br />through a process that employs a rigorous risk management framework. The <br />Investment Adviser utilizes a quantitative strategy which attempts to identify <br />relative mispricing among the instruments of a given asset class and estimate <br />future returns which may arise from the eventual correction of the relative <br />mispricing. The Investment Adviser then applies these quantitative results <br />in constructing a portfolio which attempts to maximize expected return due <br />to security specific mispricing while attempting to control for interest rate <br />and credit spread (i.e. differences in yield between different debt instruments <br />arising from differences in credit risk) risks. The Fund's average duration is <br />expected to be generally similar to the average duration of the Benchmark <br />components.<br /> <br />The Fund primarily invests in U.S. dollar-denominated investment grade debt<br />securities, including U.S. Treasury securities and corporate bonds, rated Baa3<br />or higher by Moody's Investors Service, Inc. ("Moody's"), or equivalently rated<br />by Standard &amp; Poor's Rating Group ("S&amp;P") or Fitch Investor Services ("Fitch")<br />or, if unrated, determined by the Investment Adviser to be of comparable<br />quality. The Fund may invest no more than 10% of its assets in high yield<br />securities ("junk bonds"), which are debt securities that are rated below<br />investment grade by nationally recognized statistical rating organizations, <br />or are unrated securities that the Investment Adviser believes are of <br />comparable quality. The Fund will not invest in securities that are in default <br />at the time of investment. If a security defaults subsequent to purchase by the <br />Fund, the Investment Adviser will determine in its discretion whether to hold <br />or dispose of such security. The Fund may invest, without limitation, in U.S. <br />dollar-denominated debt securities of foreign issuers, including emerging market <br />issuers. The Fund may also invest up to 10% of its assets in sovereign and <br />corporate debt securities denominated in foreign currencies. The Investment <br />Adviser may attempt to reduce foreign currency exchange rate risk by entering <br />into contracts with banks, brokers or dealers to purchase or sell securities or <br />foreign currencies at a future date ("forward contracts"). The Fund will not <br />invest in options contracts, futures contracts or swap agreements.<br /> <br />The Fund may invest up to 10% of its assets in mortgage-backed securities<br />("MBS") or in other asset-backed securities. This limitation does not apply <br />tosecurities issued or guaranteed by federal agencies and/or U.S. government<br />sponsored instrumentalities, such as the Government National Mortgage<br />Administration ("GNMA"), the Federal Housing Administration ("FHA"), the Federal<br />National Mortgage Association ("FNMA") and the Federal Home Loan Mortgage<br />Corporation ("FHLMC"). In addition to securities issued or guaranteed by such<br />agencies or instrumentalities, the Fund may invest in MBS or other asset-backed<br />securities issued or guaranteed by private issuers. The MBS in which the Fund<br />may invest may also include residential mortgage-backed securities ("RMBS"),<br />collateralized mortgage obligations ("CMOs") and commercial mortgage-backed<br />securities ("CMBS"). The asset-backed securities in which the Fund may invest<br />include collateralized debt obligations ("CDOs"). CDOs include collateralized<br />bond obligations ("CBOs"), collateralized loan obligations ("CLOs") and other<br />similarly structured securities. A CBO is a trust which is backed by a<br />diversified pool of high risk, below investment grade fixed income securities. <br />A CLO is a trust typically collateralized by a pool of loans, which may include<br />domestic and foreign senior secured loans, senior unsecured loans, and subordinate <br />corporate loans, including loans that may be rated below investment grade or <br />equivalent unrated loans.<br /> <br />The Fund may obtain exposure to the securities in which it normally invests by<br />engaging in various investment techniques, including forward purchase agreements, <br />mortgage dollar roll and "TBA" mortgage trading. A mortgage dollar roll involves <br />the sale of a MBS by the Fund and its agreement to repurchase the instrument <br />(or one which is substantially similar) at a specified time and price. Most <br />transactions in fixed-rate mortgage pass-through securities occur through <br />standardized contracts for future delivery in which the exact mortgage pools <br />to be delivered are not specified until a few days prior to settlements (a<br />"TBA" transaction). The Fund may enter into such contracts on a regular basis.<br />The Fund, pending settlement of such contracts, will invest its assets in<br />high-quality, liquid short-term instruments, including shares of money market<br />funds. The Fund will assume its pro rata share of the fees and expenses of any<br />money market fund that it may invest in, in addition to the Fund's own fees and<br />expenses. The Fund may also acquire interests in mortgage pools through means<br />other than such standardized contracts for future delivery. The Fund may also<br />invest the cash collateral it holds as part of its TBA transactions in repurchase <br />agreements. Repurchase agreements are fixed-income securities in the form of <br />agreements backed by collateral. These agreements, which may be viewed as a type <br />of secured lending by the Fund, typically involve the acquisition by the Fund of <br />securities from the selling institution (such as a bank or a broker-dealer), <br />coupled with the agreement that the selling institution will repurchase the <br />underlying securities at a specified price and at a fixed time in the future <br />(or on demand). The underlying securities which serve as collateral for the <br />repurchase agreements entered into by the Fund may include U.S. government <br />securities, corporate obligations and convertible securities, and are marked-to <br />market daily in order to maintain full collateralization (typically&#xA0;&#xA0;purchase <br />price plus accrued interest). The Fund also may invest directly in&#xA0;&#xA0;exchange-traded <br />funds ("ETFs") and other investment companies that provide exposure to fixed income <br />securities similar to those securities in which the Fund may invest in directly.</tt> Guggenheim Enhanced Core Bond ETF Example All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax. Investment Objective The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Investors should consider the following risk factors and special considerations associated with investing in the Fund, which may cause you to lose money. Principal Investment Risks 2.96 Your own actual after-tax returns will depend on your tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Shares of the Fund in tax-deferred accounts such as individual retirement accounts (IRAs) or employee-sponsored retirement plans. Calendar Year Total Return as of 12/31 Fund Performance The chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for one year and since inception compare with those of a broad measure of market performance. <tt>The Fund commenced operations on February 12, 2008. The Fund's year-to-date<br />total return was 2.59% as of June 30, 2012.<br /> <br />During the periods shown in the chart above, the Fund's highest and lowest<br />calendar quarter returns were 3.83% and -1.25%, respectively, for the <br />quarters ended September 30, 2011 and December 31, 2010.</tt> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Returns for the Periods Ended December 31, 2011 Portfolio Turnover <tt>Investors should consider the following risk factors and special considerations<br />associated with investing in the Fund, which may cause you to lose money.<br /> <br />Investment Risk. An investment in the Fund is subject to investment risk,<br />including the possible loss of the entire principal amount that you invest.<br /> <br />Credit/Default Risk. Issuers or guarantors of debt instruments or the<br />counterparty to a derivatives contract, repurchase agreement or loan of<br />portfolio securities may be unable or unwilling to make timely interest and/or<br />principal payments or otherwise honor its obligations. Debt instruments are<br />subject to varying degrees of credit risk, which may be reflected in credit<br />ratings. Securities issued by the U.S. government generally have less credit<br />risk then debt securities of non-government issuers. However, securities issued<br />by certain U.S. government agencies are not necessarily backed by the full faith<br />and credit of the U.S. government. Credit rating downgrades and defaults<br />(failure to make interest or principal payment) may potentially reduce the<br />Fund's income and share price.<br /> <br />Interest Rate Risk. As interest rates rise, the value of fixed-income securities<br />held by the Fund are likely to decrease. Securities with longer durations tend<br />to be more sensitive to interest rate changes, making them more volatile than<br />securities with shorter durations.<br /> <br />Asset Class Risk. The bonds in the Fund's portfolio may underperform the returns<br />of other bonds or indexes that track other industries, markets, asset classes or<br />sectors. Different types of bonds and indexes tend to go through different<br />performance cycles than the general bond market.<br /> <br />Call Risk/Prepayment Risk. During periods of falling interest rates, an issuer<br />of a callable bond may exercise its right to pay principal on an obligation<br />earlier than expected. This may result in the Fund's having to reinvest proceeds<br />at lower interest rates, resulting in a decline in the Fund's income.<br /> <br />Extension Risk. An issuer may exercise its right to pay principal on an obligation <br />later than expected. This may happen when there is a rise in interest rates. Under <br />these circumstances, the value of the obligation will decrease and the Fund's <br />performance may suffer from its inability to invest in higher yielding securities.<br /> <br />Income Risk. Falling interest rates may cause the Fund's income to decline.<br /> <br />Liquidity Risk. Liquidity risk exists when particular investments are difficult<br />to purchase or sell. The market for MBS may be less liquid than for other fixed<br />income instruments. This means that it may be harder to buy and sell MBS,<br />especially on short notice, and MBS may be more difficult for the Fund to value<br />accurately than other fixed income instruments. If the Fund invests in illiquid<br />securities or securities that become illiquid, Fund returns may be reduced<br />because the Fund may be unable to sell the illiquid securities at an<br />advantageous time or price.<br /> <br />Mortgage- and Asset-Backed Securities Risks. MBS (residential and commercial)<br />and asset-backed securities represent interests in "pools" of mortgages or <br />other assets, including consumer loans or receivables held in trust. The <br />characteristics of these MBS and asset-backed securities differ from <br />traditional fixed income securities. Like traditional fixed income securities, <br />the value of MBS or asset-backed securities typically increases when interest <br />rates fall and decreases when interest rates rise. However, a main difference <br />is that the principal on MBS or asset-backed securities may normally be prepaid <br />at any time, which will reduce the yield and market value of these securities. <br />Therefore, MBS and asset-backed backed securities are subject to "prepayment <br />risk" and "extension risk." Because of prepayment risk and extension risk, <br />MBS react differently to changes in interest rates than other fixed income <br />securities.<br /> <br />Prepayment risk is the risk that, when interest rates fall, certain types of<br />obligations will be paid off by the obligor more quickly than originally<br />anticipated and the Fund may have to invest the proceeds in securities with<br />lower yields. In periods of falling interest rates, the rate of prepayments<br />tends to increase (as does price fluctuation) as borrowers are motivated to <br />pay off debt and refinance at new lower rates. During such periods, reinvestment <br />of the prepayment proceeds will generally be at lower rates of return than the<br />return on the assets which were prepaid. Prepayment reduces the yield to<br />maturity and the average life of the MBS or asset-backed securities.<br /> <br />Extension risk is the risk that, when interest rates rise, certain obligations<br />will be paid off by the obligor more slowly than anticipated causing the value<br />of these securities to fall. Rising interest rates tend to extend the duration<br />of MBS and asset-backed securities, making them more sensitive to changes in<br />interest rates. The value of longer-term securities generally changes more in<br />response to changes in interest rates than shorter-term securities. As a result,<br />in a period of rising interest rates, MBS and asset-backed securities may<br />exhibit additional volatility and may lose value.<br /> <br />Small movements in interest rates (both increases and decreases) may quickly <br />and significantly reduce the value of certain MBS. The Fund's investments in<br />asset-backed securities are subject to risks similar to those associated with<br />MBS, as well as additional risks associated with the nature of the assets and<br />the servicing of those assets. These securities also are subject to the risk of<br />default on the underlying mortgage or assets, particularly during periods of<br />economic downturn. Certain MBS are issued in several classes with different<br />levels of yield and credit protection. The Fund's investments in MBS with<br />several classes may be in the lower classes that have greater risks than the<br />higher classes, including greater interest rate, credit and prepayment risks.<br /> <br />MBS may be either pass-through securities or CMOs. Pass-through securities<br />represent a right to receive principal and interest payments collected on a pool<br />of mortgages, which are passed through to security holders. CMOs are created by<br />dividing the principal and interest payments collected on a pool of mortgages<br />into several revenue streams (tranches) with different priority rights to<br />portions of the underlying mortgage payments. The Fund will not invest in CMO<br />tranches which represent a right to receive interest only ("IOs"), principal<br />only ("POs") or an amount that remains after other floating-rate tranches are<br />paid (an inverse floater). If the Fund invests in CMO tranches (including CMO<br />tranches issued by government agencies) and interest rates move in a manner not<br />anticipated by Fund management, it is possible that the Fund could lose all or<br />substantially all of its investment.<br />&#xA0;&#xA0;<br />There is also risk associated with the roll market for pass-through MBS. First,<br />the value and safety of the roll depends entirely upon the counterparty's<br />ability to redeliver the security at the termination of the roll. Therefore, <br />the counterparty to a roll must meet the same credit criteria as any existing<br />repurchase counterparty. Second, the security which is redelivered at the end <br />of the roll period must be substantially the same as the initial security, i.e.,<br />must have the same coupon, be issued by the same agency and be of the same type,<br />have the same original stated term to maturity, be priced to result in similar<br />market yields and be "good delivery."Within these parameters, however, the<br />actual pools that are redelivered could be less desirable than those originally<br />rolled, especially with respect to prepayment and/or delinquency characteristics. <br />In addition, the Fund's use of mortgage dollar rolls may give rise to a form of <br />leverage, which could exaggerate the effects on NAV of any increase or decrease <br />in the market value of the Fund's portfolio securities. The Fund will earmark or <br />segregate assets determined to be liquid by the Investment Adviser to cover its <br />obligations under mortgage dollar rolls which may give rise to a form of leverage.<br /> <br />The residential mortgage market in the United States has experienced difficulties <br />that may adversely affect the performance and market value of certain of the Fund's <br />mortgage-related investments. Delinquencies and losses on residential mortgage <br />loans (especially subprime and second-lien mortgage loans) generally have increased <br />since 2007 and may continue to increase, and a decline in or flattening of housing <br />values (as has recently been experienced and may continue to be experienced in many <br />housing markets) may exacerbate such delinquencies and losses. Reduced investor <br />demand for mortgage loans and mortgage-related securities and increased investor <br />yield requirements have caused limited liquidity in the secondary market for <br />mortgage-related securities, which can adversely affect the market value of <br />mortgage-related securities. It is possible that such limited liquidity in such <br />secondary markets could continue or worsen.<br /> <br />Asset-backed securities entail certain risks not presented by MBS, including the<br />risk that in certain states it may be difficult to perfect the liens securing<br />the collateral backing certain asset-backed securities. In addition, certain<br />asset-backed securities are based on loans that are unsecured, which means that<br />there is no collateral to seize if the underlying borrower defaults. Certain MBS<br />in which the Fund may invest may also provide a degree of investment leverage,<br />which could cause the Fund to lose all or substantially all of its investment.<br /> <br />High Yield Securities Risk. High yield securities generally offer a higher<br />current yield than that available from higher grade issues, but typically<br />involve greater risk. Securities rated below investment grade are commonly<br />referred to as "junk bonds."The ability of issuers of high yield securities <br />to make timely payments of interest and principal may be adversely impacted <br />by adverse changes in general economic conditions, changes in the financial<br />condition of the issuers and price fluctuations in response to changes in<br />interest rates. High yield securities are less liquid than investment grade<br />securities and may be difficult to price or sell, particularly in times of<br />negative sentiment toward high yield securities.<br /> <br />Foreign Issuers Risk. The Fund may invest in U.S. and non-U.S. dollar-denominated <br />bonds of foreign corporations, governments, agencies and supra-national agencies <br />which have different risks than investing in U.S. companies. These include <br />differences in accounting, auditing and financial reporting standards, the <br />possibility of expropriation or confiscatory taxation, adverse changes in <br />investment or exchange control regulations, political instability which could <br />affect U.S. investments in foreign countries, and potential restrictions of <br />the flow of international capital. Foreign companies may be subject to less <br />governmental regulation than U.S. issuers. Moreover, individual foreign economies <br />may differ favorably or unfavorably from the U.S. economy in such respects as <br />growth of gross domestic product, rate of inflation, capital investment, resource <br />self-sufficiency and balance of payment options.<br /> <br />Emerging market countries are countries that major international financial<br />institutions, such as the World Bank, generally consider to be less economically<br />mature than developed nations. Emerging market countries can include every<br />nation in the world except the United States, Canada, Japan, Australia, New<br />Zealand and most countries located in Western Europe. Investing in foreign<br />countries, particularly emerging market countries, entails the risk that news<br />and events unique to a country or region will affect those markets and their<br />issuers. Countries with emerging markets may have relatively unstable governments, <br />may present the risks of nationalization of businesses, restrictions on foreign <br />ownership and prohibitions on the repatriation of assets. The economies of <br />emerging markets countries also may be based on only a few industries, making <br />them more vulnerable to changes in local or global trade conditions and more <br />sensitive to debt burdens or inflation rates. Local securities markets may trade <br />a small number of securities and may be unable to respond effectively to increases <br />in trading volume, potentially making prompt liquidation of holdings difficult or <br />impossible at times.<br /> <br />European Economic Risk. The Economic and Monetary Union of the European Union<br />(the "EU") requires member countries to comply with restrictions on inflation<br />rates, deficits, interest rates, debt levels and fiscal and monetary controls,<br />each of which may significantly affect every country in Europe. Decreasing<br />imports or exports, changes in governmental or EU regulations on trade, changes<br />in the exchange rate of the euro, the default or threat of default by an EU<br />member country on its sovereign debt, and/or an economic recession in an EU<br />member country may have a significant adverse effect on the economies of EU<br />member countries and on major trading partners outside Europe. The European<br />financial markets have recently experienced volatility and have been adversely<br />affected by concerns about economic downturns, credit rating downgrades, rising<br />government debt levels and possible default on or restructuring of government<br />debt in several European countries, including Greece, Ireland, Italy, Portugal<br />and Spain. A default or debt restructuring by any European country would<br />adversely impact holders of that country's debt, and sellers of credit default<br />swaps linked to that country's creditworthiness (which may be located in<br />countries other than those listed in the previous sentence). These events have<br />adversely affected the value and exchange rate of the euro and may continue to<br />significantly affect the economies of every country in Europe, including EU<br />member countries that do not use the euro and non-EU member countries.<br /> <br />Foreign Currency Risk. The Fund's investments may be denominated in foreign<br />currencies. The value of foreign currencies may fluctuate relative to the value<br />of the U.S. dollar. Since the Fund may invest in such non-U.S. dollar-denominated <br />securities, and therefore may convert the value of such securities into U.S. <br />dollars, changes in currency exchange rates can increase or decrease the U.S. <br />dollar value of the Fund's assets. The Investment Adviser may attempt to reduce <br />this risk by entering into forward contracts with banks, brokers or dealers. A <br />foreign currency forward contract is a negotiated agreement between the <br />contracting parties to exchange a specified amount of currency at a specified <br />future time at a specified rate. The rate can be higher or lower than the spot <br />rate between the currencies that are the subject of the contract. Hedging the <br />Fund's currency risks involves the risk of mismatching the Fund's objectives <br />under a forward or futures contract with the value of securities denominated <br />in a particular currency. Furthermore, such transactions reduce or preclude the <br />opportunity for gain if the value of the currency should move in the direction <br />opposite to the position taken. If the counterparty under the contract defaults <br />on its obligation to make payments due from it as a result of its bankruptcy or <br />otherwise, the Fund may lose such payments altogether or collect only a portion <br />thereof, which collection could involve costs or delays. The Investment Adviser <br />may in its discretion choose not to hedge against currency risk. In addition, <br />certain market conditions may make it impossible or uneconomical to hedge against<br />currency risk.<br /> <br />Financial Services Sector Risk. The financial services industries are subject <br />to extensive government regulation, can be subject to relatively rapid change <br />due to increasingly blurred distinctions between service segments, and can be<br />significantly affected by availability and cost of capital funds, changes in<br />interest rates, the rate of corporate and consumer debt defaults, and price<br />competition. In addition, the deterioration of the credit markets since late<br />2007 generally has caused an adverse impact in a broad range of markets,<br />including U.S. and international credit and interbank money markets generally,<br />thereby affecting a wide range of financial institutions and markets. In<br />particular, events in the financial sector since late 2008 have resulted, <br />and may continue to result, in an unusually high degree of volatility in <br />the financial markets, both domestic and foreign. This situation has created<br />instability in the financial markets and caused certain financial services<br />companies to incur large losses. Numerous financial services companies have<br />experienced substantial declines in the valuations of their assets, taken action<br />to raise capital (such as the issuance of debt or equity securities), or even<br />ceased operations. These actions have caused the securities of many financial<br />services companies to experience a dramatic decline in value. Issuers that have<br />exposure to the real estate, mortgage and credit markets have been particularly<br />affected by the foregoing events and the general market turmoil, and it is<br />uncertain whether or for how long these conditions will continue.<br /> <br />Risks of Investing In Other Investment Companies. Shares of other investment<br />companies are subject to the management fees and other expenses of those<br />companies, and the purchase of shares of some investment companies (in the <br />case of closed-end investment companies) may sometimes require the payment <br />of substantial premiums above the value of such companies' portfolio securities <br />or net asset values. The Fund must continue, at the same time, to pay its own<br />management fees and expenses with respect to all of its investments, including<br />shares of other investment companies. The securities of other investment<br />companies may also be leveraged and will therefore be subject to certain<br />leverage risks.<br /> <br />Portfolio Turnover Risk. The Fund may engage in active and frequent trading of<br />its portfolio securities. A portfolio turnover rate of 200%, for example, is<br />equivalent to the Fund buying and selling all of its securities two times during<br />the course of the year. A high portfolio turnover rate (such as 100% or more)<br />could result in high brokerage costs. A high portfolio turnover rate can result<br />in an increase in taxable capital gains distributions to the Fund's<br />shareholders.<br /> <br />Issuer-Specific Changes. The value of an individual security or particular type<br />of security can be more volatile than the market as a whole and can perform<br />differently from the value of the market as a whole. The value of securities of<br />smaller issuers can be more volatile than that of larger issuers.<br />&#xA0;&#xA0;<br />Active Management Risk. The Fund is subject to management risk because it is an<br />actively managed portfolio. In managing the Fund's portfolio securities, the<br />Investment Adviser will apply investment techniques and risk analyses in making<br />investment decisions for the Fund, but there can be no guarantee that these will<br />produce the desired results.<br /> <br />Non-Diversified Fund Risk. The Fund is considered non-diversified and can invest<br />a greater portion of assets in securities of individual issuers than a diversified <br />fund. As a result, changes in the market value of a single investment could cause <br />greater fluctuations in Share price than would occur in a diversified fund.<br /> <br />Risk of Deviation between Market Price and NAV. Unlike conventional ETFs, the<br />Fund is not an index fund. The Fund is actively managed and does not seek to<br />replicate the performance of a specified index. Index based ETFs have generally<br />traded at prices which closely correspond to net asset value ("NAV") per Share.<br />There can be no assurance as to whether and/or the extent to which the Shares<br />will trade at premiums or discounts to NAV. The deviation risk may be heightened<br />to the extent the Fund invests in mortgage-backed securities, as such investments <br />may be difficult to value. Because mortgage-backed securities may trade infrequently, <br />the most recent trade price may not indicate their true value. A third-party pricing <br />service may be used to value some or all of the Fund's mortgage-backed securities. To <br />the extent that market participants question the accuracy of the pricing service's <br />prices, there is a risk of significant deviation between the NAV and market price <br />of some or all of the mortgage-backed securities in which the Fund invests.<br /> <br />Risk of Cash Transactions. In certain instances, unlike most ETFs, the Fund may<br />effect creations and redemptions for cash, rather than in-kind. As a result, an<br />investment in the Fund may be less tax-efficient than an investment in a more<br />conventional ETF. ETFs generally are able to make in-kind redemptions and avoid<br />being taxed on gain on the distributed portfolio securities at the Fund level.<br />Because the Fund may effect redemptions for cash, rather than in-kind distributions, <br />it may be required to sell portfolio securities in order to obtain the cash needed <br />to distribute redemption proceeds. If the Fund recognizes gain on these sales, this <br />generally will cause the Fund to recognize gain it might not otherwise have recognized, <br />or to recognize such gain sooner than would otherwise be required if it were to <br />distribute portfolio securities in-kind. The Fund generally intends to distribute <br />these gains to shareholders to avoid being taxed on this gain at the Fund level and <br />otherwise comply with the special tax rules that apply to it. This strategy may cause <br />shareholders to be subject to tax on gains they would not otherwise be subject to, or <br />at an earlier date than, if they had made an investment in a different ETF. Moreover, <br />cash transactions may have to be carried out over several days if the securities market <br />is relatively illiquid and may involve considerable brokerage fees and taxes. These<br />brokerage fees and taxes, which will be higher than if the Fund sold and redeemed its <br />Shares principally in-kind, will be passed on to purchasers and redeemers of Creation <br />Units in the form of creation and redemption transaction fees. In addition, these <br />factors may result in wider spreads between the bid and the offered prices of the <br />Fund's Shares than for more conventional ETFs.<br /> <br />The Fund's Shares will change in value, and you could lose money by investing <br />in the Fund. The Fund may not achieve its investment objective. An investment <br />in the Fund has not been guaranteed, sponsored, recommended, or approved by the<br />United States, or any agency, instrumentality or officer of the United States,<br />has not been insured by the Federal Deposit Insurance Corporation (FDIC) and is<br />not guaranteed by and is not otherwise an obligation of any bank or insured<br />depository institution.</tt> Fees and Expenses of the Fund Principal Investment Strategies www.guggenheimfunds.com The Fund uses a strategy that seeks total return, comprised of income and capital appreciation, which attempts to outperform the Barclays Capital U.S. Aggregate Bond Index (the "Benchmark"). The Fund will invest at least 80% of its net assets in fixed income securities. <tt>The chart and table below provide some indication of the risks of investing in<br />the Fund by showing changes in the Fund's performance from year to year and by<br />showing how the Fund's average annual returns for one year and since inception <br />compare with those of a broad measure of market performance. The Fund's past <br />performance (before and after taxes) is not necessarily an indication of how <br />the Fund will perform in the future. Updated performance information for the <br />Fund is available at www.guggenheimfunds.com.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold shares <br />of the Fund ("Shares"). Investors purchasing Shares in the secondary market may be <br />subject to costs (including customary brokerage commissions) charged by their broker.</tt> <div style="display:none">~ http://guffenheimfunds.com/role/OperatingExpensesData_S000020358Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://guffenheimfunds.com/role/PerformanceTableData_S000020358Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> Investors purchasing Shares in the secondary market may be subject to costs (including customary brokerage commissions) charged by their broker. <tt>All after-tax returns are calculated using the historical highest individual<br />federal marginal income tax rates and do not reflect the impact of any state <br />or local tax. Your own actual after-tax returns will depend on your tax <br />situation and may differ from what is shown here. After-tax returns are not <br />relevant to investors who hold Shares of the Fund in tax-deferred accounts <br />such as individual retirement accounts (IRAs) or employee-sponsored retirement <br />plans.</tt> The Fund may not achieve its investment objective. An investment in the Fund has not been guaranteed, sponsored, recommended, or approved by the United States, or any agency, instrumentality or officer of the United States, has not been insured by the Federal Deposit Insurance Corporation (FDIC) and is not guaranteed by and is not otherwise an obligation of any bank or insured depository institution. Barclays Capital U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) 0.0784 0.0612 2008-02-12 Return After Taxes on Distributions and Sale of Fund Shares 0.0482 0.0371 2008-02-12 Return After Taxes on Distributions 0.0449 0.0382 2008-02-12 GIY lowest calendar quarter returns highest calendar quarter returns 2012-06-30 Return Before Taxes 28 2011-09-30 141 -0.0125 -0.0251 0.0603 2740 848 0.0383 0.0651 0.0258 0.0020 December 31, 2015 2010-12-31 0.0469 The Fund's year-to-date total return 0.0651 0.0027 0.0278 0.0519 2008-02-12 0.0259 The Fund is considered non-diversified and can invest a greater portion of assets in securities of individual issuers than a diversified fund. Even though no single security weight may exceed 3% of the Index at the time of each semi-annual rebalance, changes in the market value of the Index's constituent securities may result in the Fund being invested in the securities of individual issuers (and making additional investments in the case of creations of additional Creation Units) in greater proportions. As a result, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate <br />may indicate higher transaction costs and may result in higher taxes when <br />Shares are held in a taxable account. These costs, which are not reflected in <br />annual fund operating expenses or in the Example, affect the Fund's performance. <br />During the most recent fiscal year, the Fund's portfolio turnover rate was 91% <br />of the average value of its portfolio.</tt> <div style="display:none">~ http://guffenheimfunds.com/role/ExpenseExample_S000016396Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://guffenheimfunds.com/role/BarChartData_S000016396Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks investment results that correspond generally to the performance,<br />before the Fund's fees and expenses, of an equity index called the S&amp;P Global<br />Dividend Opportunities Index (the "Dividend Opportunities Index" or the "Index").</tt> <tt>This Example is intended to help you compare the cost of investing in the <br />Fund with the cost of investing in other funds. The Example does not take <br />into account brokerage commissions that you may pay when purchasing or <br />selling Shares.<br /> <br />The Example assumes that you invest $10,000 in the Fund for the time periods<br />indicated and then redeem all of your shares at the end of those periods. <br />The Example also assumes that your investment has a 5% return each year and <br />that the Fund's operating expenses remain the same. Although your actual <br />costs may be higher or lower, based on these assumptions your costs would be:</tt> reflects no deduction for fees, expenses or taxes <tt>The Fund, using a low cost "passive" or "indexing" investment approach, seeks <br />to replicate, before the Fund's fees and expenses, the performance of the <br />Dividend Opportunities Index. As of the date of this prospectus, the Dividend<br />Opportunities Index consists of 100 common stocks and sponsored and unsponsored<br />American depositary receipts ("ADRs") (which may include other investment<br />companies, including business development companies) that offer high dividend<br />yields chosen from a universe consisting of the stocks listed on the exchanges<br />of those countries included in the S&amp;P Global Broad Market Index (BMI). As of<br />August 31, 2012, the countries in the S&amp;P Broad Market Index that allow for <br />free in-kind transfer of shares were Australia, Austria, Belgium, Canada, the <br />Czech Republic, Denmark, Finland, France, Germany, Hong Kong, Hungary, Iceland,<br />Indonesia, Ireland, Israel, Italy, Japan, Luxembourg, Mexico, the Netherlands,<br />New Zealand, Norway, Philippines, Portugal, Singapore, Spain, South Africa,<br />Sweden, Switzerland, Thailand, Turkey, the United Kingdom and the United <br />States. Potential Index constituents include common stocks and ADRs with market<br />capitalizations greater than $1.0 billion at the time of reconstitution, which<br />for ADRs is determined based on an evaluation of the underlying security, and<br />includes securities of mid- and large-capitalization companies, as defined by<br />Standard &amp; Poor's, a division of The McGraw-Hill Companies, Inc., the Fund's<br />index provider ("S&amp;P" or the "Index Provider"). The Fund will invest at least<br />90% of its total assets in common stocks and ADRs that comprise the Index and<br />depositary receipts and shares representing common stocks that comprise the<br />Index (or underlying securities representing ADRs that comprise the Index.) The<br />Fund has adopted a policy that requires the Fund to provide shareholders with at<br />least 60 days notice prior to any material change in this policy or the Index.<br />The Board of Trustees of the Trust may change the Fund's investment strategy and<br />other policies without shareholder approval, except as otherwise indicated.<br /> <br />The Fund may invest directly in one or more underlying securities represented by<br />the ADRs included in the Index under the following limited circumstances: (a)<br />when market conditions result in the underlying security providing more liquidity <br />than the ADR; (b) when an ADR is trading at a significantly different price than <br />its underlying security; or (c) the timing of trade execution is improved due to <br />the local market in which an underlying security is traded being open at different <br />times than the market in which the security's corresponding ADR is traded.<br /> <br />The Investment Adviser seeks a correlation over time of 0.95 or better between<br />the Fund's performance and the performance of the Index. A figure of 1.00 would<br />represent perfect correlation.<br /> <br />The Fund generally will invest in all of the securities comprising the Index in<br />proportion to their weightings in the Index. However, under various circumstances, <br />it may not be possible or practicable to purchase all of the securities in the <br />Index in those weightings. In those circumstances, the Fund may purchase a sample <br />of the securities in the Index in proportions expected by the Investment Adviser <br />to replicate generally the performance of the Index as a whole. There may also be <br />instances in which the Investment Adviser may choose to overweight another security <br />in the Index, or purchase (or sell) securities not in the Index which the Investment <br />Adviser believes are appropriate to substitute for one or more Index components, <br />in seeking to accurately track the Index. In addition, from time to time securities <br />are added to or removed from the Index. The Fund may sell securities that are <br />represented in the Index or purchase securities that are not yet represented in <br />the Index in anticipation of their removal from or addition to the Index.</tt> Guggenheim S&P Global Dividend Opportunities Index ETF Example All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax. Investment Objective The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Investors should consider the following risk factors and special considerations associated with investing in the Fund, which may cause you to lose money. Principal Investment Risks 0.91 Your own actual after-tax returns will depend on your tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Shares of the Fund in tax-deferred accounts such as individual retirement accounts (IRAs) or employee-sponsored retirement plans. Calendar Year Total Return as of 12/31 Fund Performance The chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for one year and since inception compare with those of the Index and a broad measure of market performance. <tt>The Fund commenced operations on June 25, 2007. The Fund's year-to-date total<br />return was -2.04% as of June 30, 2012.<br /><br />During the periods shown in the chart above, the Fund's highest and lowest<br />calendar quarter returns were 36.58% and -35.74%, respectively, for the <br />quarters ended June 30, 2009 and December 31, 2008.</tt> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Returns for the Periods Ended December 31, 2011 Portfolio Turnover <tt>Investors should consider the following risk factors and special considerations<br />associated with investing in the Fund, which may cause you to lose money.<br /> <br />Investment Risk. An investment in the Fund is subject to investment risk,<br />including the possible loss of the entire principal amount that you invest.<br /> <br />Equity Risk. The value of the equity securities held by the Fund may fall due <br />to general market and economic conditions, perceptions regarding the industries <br />in which the issuers of securities held by the Fund participate, or factors <br />relating to specific companies in which the Fund invests. For example, an adverse <br />event, such as an unfavorable earnings report, may depress the value of equity <br />securities of an issuer held by the Fund; the price of common stock of an issuer <br />may be particularly sensitive to general movements in the stock market; or a drop <br />in the stock market may depress the price of most or all of the common stocks and <br />other equity securities held by the Fund. In addition, common stock of an issuer <br />in the Fund's portfolio may decline in price if the issuer fails to make anticipated <br />dividend payments because the issuer of the security experiences a decline in <br />its financial condition. Common stock is subordinated to preferred stocks, bonds <br />and other debt instruments in a company's capital structure, in terms of priority <br />to corporate income, and therefore will be subject to greater dividend risk than <br />preferred stocks or debt instruments of such issuers. In addition, while broad <br />market measures of common stocks have historically generated higher average returns <br />than fixed income securities, common stocks have also experienced significantly <br />more volatility in those returns.<br />&#xA0;&#xA0;<br />Foreign Investment Risk. The Fund's investments in non-U.S. issuers may involve<br />unique risks compared to investing in securities of U.S. issuers, including less<br />market liquidity, generally greater market volatility than U.S. securities and<br />less complete financial information than for U.S. issuers. In addition, adverse<br />political, economic or social developments could undermine the value of the<br />Fund's investments or prevent the Fund from realizing the full value of its<br />investments. Financial reporting standards for companies based in foreign<br />markets differ from those in the United States. In addition, the underlying<br />issuers of certain depositary receipts, particularly unsponsored or unregistered<br />depositary receipts, are under no obligation to distribute shareholder<br />communications to the holders of such receipts, or to pass through to them <br />any voting rights with respect to the deposited securities. Issuers of <br />unsponsored depositary receipts are not contractually obligated to disclose <br />material information in the U.S. and, therefore, such information may not <br />correlate to the market value of the unsponsored depositary receipt. Finally, <br />the value of the currency of the country in which the Fund has invested could <br />decline relative to the value of the U.S. dollar, which may affect the value <br />of the investment to U.S. investors. The Fund will not enter into transactions <br />to&#xA0;&#xA0;hedge against declines in the value of the Fund's assets that are denominated <br />in a foreign currency.<br /> <br />Emerging market countries are countries that major international financial<br />institutions, such as the World Bank, generally consider to be less economically<br />mature than developed nations. Emerging market countries can include every<br />nation in the world except the United States, Canada, Japan, Australia, New<br />Zealand and most countries located in Western Europe. Investing in foreign<br />countries, particularly emerging market countries, entails the risk that news<br />and events unique to a country or region will affect those markets and their<br />issuers. Countries with emerging markets may have relatively unstable governments, <br />may present the risks of nationalization of businesses, restrictions on foreign <br />ownership and prohibitions on the repatriation of assets. The economies of <br />emerging markets countries also may be based on only a few industries, making <br />them more vulnerable to changes in local or global trade conditions and more <br />sensitive to debt burdens or inflation rates. Local securities markets may <br />trade a small number of securities and may be unable to respond effectively <br />to increases in trading volume, potentially making prompt liquidation of <br />holdings difficult or impossible at times.<br /> <br />European Economic Risk. The Economic and Monetary Union of the European Union<br />(the "EU") requires member countries to comply with restrictions on inflation<br />rates, deficits, interest rates, debt levels and fiscal and monetary controls,<br />each of which may significantly affect every country in Europe. Decreasing<br />imports or exports, changes in governmental or EU regulations on trade, changes<br />in the exchange rate of the euro, the default or threat of default by an EU<br />member country on its sovereign debt, and/or an economic recession in an EU<br />member country may have a significant adverse effect on the economies of EU<br />member countries and on major trading partners outside Europe. The European<br />financial markets have recently experienced volatility and have been adversely<br />affected by concerns about economic downturns, credit rating downgrades, rising<br />government debt levels and possible default on or restructuring of government<br />debt in several European countries, including Greece, Ireland, Italy, Portugal<br />and Spain. A default or debt restructuring by any European country would<br />adversely impact holders of that country's debt, and sellers of credit default<br />swaps linked to that country's creditworthiness (which may be located in<br />countries other than those listed in the previous sentence). These events have<br />adversely affected the value and exchange rate of the euro and may continue to<br />significantly affect the economies of every country in Europe, including EU <br />member countries that do not use the euro and non-EU member countries.<br /> <br />Telecommunications Sector Risk. The telecommunications sector is subject to<br />extensive government regulation. The costs of complying with governmental<br />regulations, delays or failure to receive required regulatory approvals or <br />the enactment of new adverse regulatory requirements may adversely affect <br />the business of the telecommunications companies. The telecommunications <br />sector&#xA0;&#xA0;can also be significantly affected by intense competition, including <br />competition with alternative technologies such as wireless communications, <br />product compatibility, consumer preferences, rapid obsolescence and research <br />and development of new products. Other risks include those related to regulatory<br />changes, such as the uncertainties resulting from such companies' diversification <br />into new domestic and international businesses, as well as agreements by any such <br />companies linking future rate increases to inflation or other factors not directly <br />related to the actual operating profits of the enterprise.<br /> <br />Financial Services Sector Risk. The financial services industries are subject to<br />extensive government regulation, can be subject to relatively rapid change due to <br />increasingly blurred distinctions between service segments, and can be significantly <br />affected by availability and cost of capital funds, changes in interest rates, the <br />rate of corporate and consumer debt defaults, and price competition. In addition, <br />the deterioration of the credit markets since late 2007 generally has caused an <br />adverse impact in a broad range of markets, including U.S. and international credit <br />and interbank money markets generally, thereby affecting a wide range of financial <br />institutions and markets. In particular, events in the financial sector since late <br />2008 have resulted, and may continue to result, in an unusually high degree of <br />volatility in the financial markets, both domestic and foreign. This situation has <br />created instability in the financial markets and caused certain financial services <br />companies to incur large losses. Numerous financial services companies have <br />experienced substantial declines in the valuations of their assets, taken action to <br />raise capital (such as the issuance of debt or equity securities), or even ceased <br />operations. These actions have caused the securities of many financial services <br />companies to experience a dramatic decline in value. Issuers that have exposure to <br />the real estate, mortgage and credit markets have been particularly affected by the <br />foregoing events and the general market turmoil, and it is uncertain whether or for <br />how long these conditions will continue.<br /> <br />Medium-Sized Company Risk. Investing in securities of medium-sized companies<br />involves greater risk than is customarily associated with investing in larger,<br />more established companies. These companies' securities may be more volatile and<br />less liquid than those of larger, more established companies. These securities<br />may have returns that vary, sometimes significantly, from the overall stock<br />market.<br /> <br />Risks of Investing in Other Investment Companies. Shares of other investment<br />companies are subject to the management fees and other expenses of those<br />companies, and the purchase of shares of some investment companies (in the <br />case of closed-end investment companies) may sometimes require the payment of<br />substantial premiums above the value of such companies' portfolio securities <br />or net asset values. The Fund must continue, at the same time, to pay its own<br />management fees and expenses with respect to all of its investments, including<br />shares of other investment companies. The securities of other investment<br />companies may also be leveraged and will therefore be subject to certain<br />leverage risks.<br />&#xA0;&#xA0;&#xA0;&#xA0;<br />Non-Correlation Risk. The Fund's return may not match the return of the Index<br />for a number of reasons. For example, the Fund incurs a number of operating<br />expenses not applicable to the Index, and incurs costs in buying and selling<br />securities, especially when rebalancing the Fund's securities holdings to<br />reflect changes in the composition of the Index.<br /> <br />The Fund may not be fully invested at times, either as a result of cash flows<br />into the Fund or reserves of cash held by the Fund to meet redemptions and<br />expenses. If the Fund utilizes a sampling approach, or otherwise holds<br />investments other than those which comprise the Index, its return may not<br />correlate as well with the return on the Index, as would be the case if it<br />purchased all of the securities in the Index with the same weightings as the<br />Index.<br /> <br />Passive Management Risk. Unlike many investment companies, the Fund is not<br />"actively" managed. Therefore, it would not necessarily sell a security because<br />the security's issuer was in financial trouble unless that security is removed<br />from the Index.<br /> <br />Issuer-Specific Changes. The value of an individual security or particular type<br />of security can be more volatile than the market as a whole and can perform<br />differently from the value of the market as a whole. The value of securities of<br />smaller issuers can be more volatile than that of larger issuers.<br /> <br />Non-Diversified Fund Risk. The Fund is considered non-diversified and can <br />invest a greater portion of assets in securities of individual issuers than a<br />diversified fund. Even though no single security weight may exceed 3% of the<br />Index at the time of each semi-annual rebalance, changes in the market value of<br />the Index's constituent securities may result in the Fund being invested in the<br />securities of individual issuers (and making additional investments in the case<br />of creations of additional Creation Units) in greater proportions. As a result,<br />changes in the market value of a single investment could cause greater<br />fluctuations in Share price than would occur in a diversified fund.<br /> <br />The Fund's Shares will change in value, and you could lose money by investing <br />in the Fund. The Fund may not achieve its investment objective. An investment <br />in the Fund has not been guaranteed, sponsored, recommended, or approved by the<br />United States, or any agency, instrumentality or officer of the United States,<br />has not been insured by the Federal Deposit Insurance Corporation (FDIC) and is<br />not guaranteed by and is not otherwise an obligation of any bank or insured<br />depository institution.</tt> Fees and Expenses of the Fund Principal Investment Strategies www.guggenheimfunds.com The Fund, using a low cost "passive" or "indexing" investment approach, seeks to replicate, before the Fund's fees and expenses, the performance of the Dividend Opportunities Index. As of the date of this prospectus, the Dividend Opportunities Index consists of 100 common stocks and sponsored and unsponsored American depositary receipts ("ADRs") (which may include other investment companies, including business development companies) that offer high dividend yields chosen from a universe consisting of the stocks listed on the exchanges of those countries included in the S&P Global Broad Market Index (BMI). <tt>The chart and table below provide some indication of the risks of investing in<br />the Fund by showing changes in the Fund's performance from year to year and by<br />showing how the Fund's average annual returns for one year and since inception <br />compare with those of the Index and a broad measure of market performance. The <br />Fund's past performance (before and after taxes) is not necessarily an indication <br />of how the Fund will perform in the future. Updated performance information for <br />the Fund is available at www.guggenheimfunds.com.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />Shares of the Fund ("Shares"). Investors purchasing Shares in the secondary<br />market may be subject to costs (including customary brokerage commissions)<br />charged by their broker.</tt> <div style="display:none">~ http://guffenheimfunds.com/role/OperatingExpensesData_S000016396Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://guffenheimfunds.com/role/PerformanceTableData_S000016396Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> Investors purchasing Shares in the secondary market may be subject to costs (including customary brokerage commissions) charged by their broker. <tt>All after-tax returns are calculated using the historical highest individual<br />federal marginal income tax rates and do not reflect the impact of any state <br />or local tax. Your own actual after-tax returns will depend on your tax <br />situation and may differ from what is shown here. After-tax returns are not <br />relevant to investors who hold Shares of the Fund in tax-deferred accounts <br />such as individual retirement accounts (IRAs) or employee-sponsored retirement <br />plans.</tt> The Fund may not achieve its investment objective. An investment in the Fund has not been guaranteed, sponsored, recommended, or approved by the United States, or any agency, instrumentality or officer of the United States, has not been insured by the Federal Deposit Insurance Corporation (FDIC) and is not guaranteed by and is not otherwise an obligation of any bank or insured depository institution. MSCI World Index (reflects no deduction for fees, expenses or taxes) -0.0554 -0.0442 2007-06-25 S&P Global Dividend Opportunities Index (reflects no deduction for fees, expenses or taxes) -0.0488 2007-06-25 Returns After Taxes on Distributions and Sale of Fund Shares -0.0308 -0.0737 2007-06-25 Returns After Taxes on Distributions -0.0676 -0.0958 2007-06-25 LVL lowest calendar quarter returns highest calendar quarter returns 2012-06-30 Returns Before Taxes 115 2009-06-30 412 -0.3574 -0.0040 0.0583 1968 822 0.3658 -0.0485 0.0055 -0.4921 0.0050 December 31, 2015 2008-12-31 0.6446 The Fund's year-to-date total return -0.0485 0.0113 0.0153 -0.0765 2007-06-25 -0.0204 0.0048 0001364089 ck0001364089:SummaryS000016396Memberck0001364089:S000016396Memberck0001364089:C000045527Member 2012-09-28 2012-09-28 0001364089 ck0001364089:SummaryS000016396Memberck0001364089:S000016396Memberrr:AfterTaxesOnDistributionsMemberck0001364089:C000045527Member 2012-09-28 2012-09-28 0001364089 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0001364089 ck0001364089:SummaryS000030308Memberck0001364089:S000030308Memberck0001364089:C000093278Member 2012-09-28 2012-09-28 0001364089 ck0001364089:SummaryS000030308Memberck0001364089:S000030308Member 2012-09-28 2012-09-28 0001364089 ck0001364089:SummaryS000030309Memberck0001364089:S000030309Memberck0001364089:C000093279Member 2012-09-28 2012-09-28 0001364089 ck0001364089:SummaryS000030309Memberck0001364089:S000030309Member 2012-09-28 2012-09-28 0001364089 2012-09-28 2012-09-28 pure iso4217:USD The Fund has adopted a Distribution and Service (12b-1) Plan pursuant to which the Fund may bear a 12b-1 fee not to exceed 0.25% per annum of the Fund's average daily net assets. However, no such fee is currently paid by the Fund and the Board of Trustees has adopted a resolution that no such fee will be paid for at least 12 months from the date of this prospectus. Acquired Fund Fees and Expenses include the Fund's pro rata portion of the management fees and operating expenses of business development companies in which the Fund invested during its fiscal year ended May 31, 2012. Since Acquired Fund Fees and Expenses are not directly borne by the Fund, they are not reflected in the Fund's financial statements with the result that the information presented in the table will differ from that presented in the Fund's financial highlights. The Fund's Investment Adviser has contractually agreed to reimburse Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding interest expenses, a portion of the Fund's licensing fees, offering costs, brokerage commissions and other trading expenses, taxes and extraordinary expenses such as litigation and other expenses not incurred in the ordinary course of the Fund's business) from exceeding 0.60% of average net assets per year (the "Expense Cap"), at least until December 31, 2015, and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. For a period of five years subsequent to the Fund's commencement of operations, the Investment Adviser may recover from the Fund expenses reimbursed during the prior three years if the Fund's expense ratio, including the recovered expenses, falls below the Expense Cap. To the extent the Fund incurs expenses that are excluded from the Expense Cap, the Fund's expense ratio will exceed the Expense Cap. Prior to September 30, 2008, the Fund's underlying index was the Benchmarks By Design High Income Index. Returns for this index are not shown because the index ceased publication on September 30, 2008. Returns for the S&P Global Dividend Opportunities Index are not shown for the period covering since the Fund's inception on June 25, 2007 because the Index commenced publication on January 25, 2008. The Fund's Investment Adviser has contractually agreed to reimburse Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding interest expenses, offering costs up to 0.25% of average net assets, brokerage commissions and other trading expenses, taxes and extraordinary expenses such as litigation and other expenses not incurred in the ordinary course of the Fund's business) from exceeding 0.27% of average net assets per year (the "Expense Cap"), at least until December 31, 2015. For a period of five years subsequent to the Fund's commencement of operations, the Investment Adviser may recover from the Fund expenses reimbursed during the prior three years if the Fund's expense ratio, including the recovered expenses, falls below the Expense Cap. To the extent that the Fund incurs expenses that are excluded from the Expense Cap, the Fund's expense ratio will exceed the Expense Cap. The Fund has adopted a Distribution and Service (12b-1) Plan pursuant to which the Fund may bear a 12b-1 fee not to exceed 0.25% per annum of the Fund's average daily net assets. However, no such fee is currently paid by the Fund and the Board of Trustees has adopted a resolution that no such fees will be paid for at least 12 months from the date of this prospectus. Acquired Fund Fees and Expenses include the Fund's pro rata portion of the management fees and operating expenses of closed-end funds in which the Fund invested during its fiscal year ended May 31, 2012. Since Acquired Fund Fees and Expenses are not directly borne by the Fund, they are not reflected in the Fund's financial statements with the result that the Information presented in the table will differ from that presented in the Fund's financial highlights. The Fund has adopted a Distribution and Service (12b-1) Plan pursuant to which the Fund may bear a 12b-1 fee not to exceed 0.25% per annum of the Fund's average daily net assets. However, no such fee is currently paid by the Fund and the Board of Trustees has adopted a resolution that no such fee may be paid for at least 12 months from the date of this prospectus. The Fund has adopted a Distribution and Service (12b-1) Plan pursuant to which the Fund may bear a 12b-1 fee not to exceed 0.25% per annum of the Fund's average daily net assets. However, no such fee is currently paid by the Fund and the Board of Trustees has adopted a resolution that no such fee will be paid for at least 12 months from the date of this prospectus. The Fund has adopted a Distribution and Service (12b-1) Plan pursuant to which the Fund may bear a 12b-1 fee not to exceed 0.25% per annum of the Fund's average daily net assets. However, no such fee is currently paid by the Fund and the Board of Trustees has adopted a resolution that no such fee may be paid for at least 12 months from the date of this prospectus. The Fund has adopted a Distribution and Service (12b-1) Plan pursuant to which the Fund may bear a 12b-1 fee not to exceed 0.25% per annum of the Fund's average daily net assets. However, no such fee is currently paid by the Fund and the Board of Trustees has adopted a resolution that no such fee will be paid for at least 12 months from the date of this prospectus. 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