0000891804-13-001276.txt : 20131009 0000891804-13-001276.hdr.sgml : 20131009 20131009171206 ACCESSION NUMBER: 0000891804-13-001276 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 8 FILED AS OF DATE: 20131009 DATE AS OF CHANGE: 20131009 EFFECTIVENESS DATE: 20131009 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: 131143847 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: 131143848 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 S000030310 Guggenheim BulletShares 2019 High Yield Corporate Bond ETF C000093280 Guggenheim BulletShares 2019 High Yield Corporate Bond ETF BSJJ 0001364089 S000030311 Guggenheim BulletShares 2020 High Yield Corporate Bond ETF C000093281 Guggenheim BulletShares 2020 High Yield Corporate Bond ETF BSJK 485BPOS 1 gug54126-485bxbrl.htm CLAYMORE ETF gug54126-485bxbrl.htm
As filed with the Securities and Exchange Commission on October 9, 2013
 
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.
o
Post Effective Amendment No. 280
x
 
and/or
 
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
x
Amendment No. 283
 
(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
 
AMY J. LEE, 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 BulletShares 2019 High Yield Corporate Bond ETF
Guggenheim BulletShares 2020 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 9th day of October, 2013.
 
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 9, 2013
*
   
Roman Friedrich III
Trustee
October 9, 2013
*
   
Robert B. Karn III
Trustee
October 9, 2013
*
   
Ronald A. Nyberg
Trustee
October 9, 2013
*
   
Ronald E. Toupin, Jr.
Trustee
October 9, 2013
     
/s/ Donald C. Cacciapaglia
Donald C. Cacciapaglia
Trustee and
Chief Executive Officer
 
October 9, 2013
/s/ John L. Sullivan
John L. Sullivan
 
Treasurer, Chief Financial Officer
And Chief Accounting Officer
October 9, 2013
*/s/ Stevens T. Kelly
 
October 9, 2013
Stevens T. Kelly
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 ck0001364089-20130919.xml INSTANCE DOCUMENT 0001364089 2013-09-19 2013-09-19 0001364089 ck0001364089:S000030310Member 2013-09-19 2013-09-19 0001364089 ck0001364089:S000030311Member 2013-09-19 2013-09-19 0001364089 ck0001364089:S000030310Member ck0001364089:C000093280Member 2013-09-19 2013-09-19 0001364089 ck0001364089:S000030311Member ck0001364089:C000093281Member 2013-09-19 2013-09-19 iso4217:USD xbrli:pure 485BPOS 2013-09-19 Claymore Exchange-Traded Fund Trust 0001364089 false 2013-09-19 2013-09-20 2013-09-23 0.0042 0.0042 0 0 <p style="margin: 0; font: 8pt Times New Roman, Times, Serif">As of the date of this prospectus, the Fund has not yet completed a full calendar year of investment operations.</p> <p style="margin: 0; font: 8pt Times New Roman, Times, Serif">As of the date of this prospectus, the Fund has not yet completed a full calendar year of investment operations.</p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif">Guggenheim BulletShares 2019 High Yield Corporate Bond ETF (BSJJ)</p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">Guggenheim BulletShares 2020 High Yield Corporate Bond ETF (BSJK)</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Investment Objective</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Investment Objective</p> <p style="margin: 0pt">&#160;</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">The Fund seeks investment results that correspond generally to the performance, before the Fund&#146;s fees and expenses, of a high yield corporate bond index called the NASDAQ BulletShares&#174; USD High Yield Corporate Bond 2019 Index (the &#147;High Yield 2019 Index&#148; or the &#147;Index&#148;).</p> <p style="margin: 0pt"></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">The Fund seeks investment results that correspond generally to the performance, before the Fund&#146;s fees and expenses, of a high yield corporate bond index called the NASDAQ BulletShares&#174; USD High Yield Corporate Bond 2020 Index (the &#147;High Yield 2020 Index&#148; or the &#147;Index&#148;).</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Fees and Expenses of the Fund</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Fees and Expenses of the Fund</p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund (&#147;Shares&#148;). Investors purchasing Shares in the secondary market may be subject to costs (including customary brokerage commissions) charged by their broker.</p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund (&#147;Shares&#148;). Investors purchasing Shares in the secondary market may be subject to costs (including customary brokerage commissions) charged by their broker.</p> <table cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>Annual Fund Operating Expenses </b>(expenses that you pay each year as</font></td></tr> <tr style="vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Arial, Helvetica, Sans-Serif">a percentage of the value of your investment)</font></td></tr> </table> <table cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>Annual Fund Operating Expenses </b>(expenses that you pay each year as</font></td></tr> <tr style="vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Arial, Helvetica, Sans-Serif">a percentage of the value of your investment)</font></td></tr> </table> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Example</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Example</p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example does not take into account brokerage commissions that you pay when purchasing or selling Shares.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#146;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">This Example is intended to help you compare the cost of investing in the Fund with the costs of investing in other funds. The Example does not take into account brokerage commissions that you may pay when purchasing or selling Shares.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#146;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Portfolio Turnover</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Portfolio Turnover</p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#146;s performance.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#146;s performance.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Principal Investment Strategies</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Principal Investment Strategies</p> <p style="margin: 0pt"></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">The Fund, using a low cost &#147;passive&#148; or &#147;indexing&#148; investment approach, will seek to replicate, before the Fund&#146;s fees and expenses, the performance of the High Yield 2019 Index. The High Yield 2019 Index is a rules-based index (i.e., an index constructed using specified criteria) comprised of, as of September 9, 2013, approximately 178 high yield corporate bonds with effective maturities in the year 2019. The High Yield 2019 Index is designed to represent the performance of a held-to-maturity portfolio of U.S. dollar-denominated high yield corporate bonds with effective maturities in 2019. The effective maturity of an eligible corporate bond is determined by its actual maturity or, in the case of callable securities, the effective maturity of the security as determined in accordance with the rules-based methodology developed by Accretive Asset Management LLC (&#147;Accretive&#148; or the &#147;Index Provider&#148;).</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">The Fund has a designated year of maturity of 2019 and will terminate on or about December 31, 2019. In connection with such termination, the Fund will make a cash distribution to then-current shareholders of its net assets after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to return any predetermined amount at maturity. The Fund will invest at least 80% of its total assets in securities that are components of the Index. Under normal conditions, the Fund will invest at least 80% of its net assets in high yield securities (&#147;junk bonds&#148;), which are debt securities that are rated below investment grade by nationally recognized statistical rating organizations, or are unrated securities that the Investment Adviser believes are of comparable quality. There are no minimum credit rating requirements for securities that the Fund may purchase; however, the Fund will not purchase securities that are in default. The Fund has adopted a policy that requires the Fund to provide shareholders with at least 60 days notice prior to any material change in these 80% policies or the Index. In the last twelve months of operation, when the bonds held by the Fund mature, the Fund&#146;s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper. The Fund will terminate on or about the date above without requiring additional approval by the Board or Fund shareholders. The Board may change the termination date to an earlier or later date without shareholder approval if a majority of the Board determines the change to be in the best interest of the Fund. The Board may change the Fund&#146;s investment strategy and other policies without shareholder approval, except as otherwise indicated.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">The Fund expects to use a sampling approach in seeking to achieve its investment objective. Sampling means that Guggenheim Funds Investment Advisors, LLC (the &#147;Investment Adviser&#148;) uses quantitative analysis to select securities from the Index universe to obtain a representative sample of securities that resemble the Index in terms of key risk factors, performance attributes and other characteristics. These characteristics include maturity, credit quality, sector, duration and other financial characteristics of fixed income securities. The quantity of holdings in the Fund will be based on a number of factors, including the asset size of the Fund, potential transaction costs in acquiring particular securities, the anticipated impact of particular Index securities on the performance of the Index and the availability of particular securities in the secondary market. However, the Fund may use full replication to achieve its objective if practicable. A replication strategy involves generally investing in all of the securities in the Index with the same weights as the Index. There may also be instances in which the Investment Adviser may choose to overweight another security in the Index, or purchase (or sell) securities not in the Index which the Investment Adviser believes are appropriate to substitute for one or more Index components, in seeking to accurately track the Index. In addition, from time to time securities are added to or removed from the Index. The Fund may sell securities that are represented in the Index or purchase securities that are not yet represented in the Index in anticipation of their removal from or addition to the Index. If the Index concentrates in a particular industry or group of industries, the Fund&#146;s investments will be concentrated accordingly. As of the date of this prospectus, the financial services, telecommunications, consumer staples and consumer discretionary sectors each represent a substantial portion of the Index.</p> <p style="margin: 0pt"></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">The Fund, using a low cost &#147;passive&#148; or &#147;indexing&#148; investment approach, will seek to replicate, before the Fund&#146;s fees and expenses, the performance of the High Yield 2020 Index. The High Yield 2020 Index is a rules-based index (i.e., an index constructed using specified criteria) comprised of, as of September 9, 2013, approximately 215 high yield corporate bonds with effective maturities in the year 2020. The High Yield 2020 Index is designed to represent the performance of a held-to-maturity portfolio of U.S. dollar-denominated high yield corporate bonds with effective maturities in 2020. The effective maturity of an eligible corporate bond is determined by its actual maturity or, in the case of callable securities, the effective maturity of the security as determined in accordance with the rules-based methodology developed by Accretive Asset Management LLC (&#147;Accretive&#148; or the &#147;Index Provider&#148;).</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">The Fund has a designated year of maturity of 2020 and will terminate on or about December 31, 2020. In connection with such termination, the Fund will make a cash distribution to then-current shareholders of its net assets after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to return any predetermined amount at maturity. The Fund will invest at least 80% of its total assets in securities that are components of the Index. Under normal conditions, the Fund will invest at least 80% of its net assets in high yield securities (&#147;junk bonds&#148;), which are debt securities that are rated below investment grade by nationally recognized statistical rating organizations, or are unrated securities that the Investment Adviser believes are of comparable quality. There are no minimum credit rating requirements for securities that the Fund may purchase; however, the Fund will not purchase securities that are in default. The Fund has adopted a policy that requires the Fund to provide shareholders with at least 60 days notice prior to any material change in these 80% policies or the Index. In the last twelve months of operation, when the bonds held by the Fund mature, the Fund&#146;s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper. The Fund will terminate on or about the date above without requiring additional approval by the Board or Fund shareholders. The Board may change the termination date to an earlier or later date without shareholder approval if a majority of the Board determines the change to be in the best interest of the Fund. The Board may change the Fund&#146;s investment strategy and other policies without shareholder approval, except as otherwise indicated.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">The Fund expects to use a sampling approach in seeking to achieve its investment objective. Sampling means that Guggenheim Funds Investment Advisors, LLC (the &#147;Investment Adviser&#148;) uses quantitative analysis to select securities from the Index universe to obtain a representative sample of securities that resemble the Index in terms of key risk factors, performance attributes and other characteristics. These characteristics include maturity, credit quality, sector, duration and other financial characteristics of fixed income securities. The quantity of holdings in the Fund will be based on a number of factors, including the asset size of the Fund, potential transaction costs in acquiring particular securities, the anticipated impact of particular index securities on the performance of the Index and the availability of particular securities in the secondary market. However, the Fund may use full replication to achieve its objective if practicable. A replication strategy involves generally investing in all of the securities in the Index with the same weights as the Index. There may also be instances in which the Investment Adviser may choose to overweight another security in the Index, or purchase (or sell) securities not in the Index which the Investment Adviser believes are appropriate to substitute for one or more Index components, in seeking to accurately track the Index. In addition, from time to time securities are added to or removed from the Index. The Fund may sell securities that are represented in the Index or purchase securities that are not yet represented in the Index in anticipation of their removal from or addition to the Index. If the Index concentrates in a particular industry or group of industries, the Fund&#146;s investments will be concentrated accordingly. As of the date of this prospectus, the telecommunications, financial services, consumer staples, consumer discretionary and energy sectors each represent a substantial portion of the Index.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Principal Investment Risks</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Principal Investment Risks</p> <p style="margin: 0pt">&#160;</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><i>Investors should consider the following risk factors and special considerations associated with investing in the Fund, which may cause you to lose money. The Fund&#146;s Shares will change in value, and you could lose money by investing in the Fund. 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.</i></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><i>Investment Risk.</i> An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><i>Interest Rate Risk.</i> As interest rates rise, the value of fixed-income securities held by the Fund are likely to decrease. Securities with longer durations tend to be more sensitive to interest rate changes, making them more volatile than securities with shorter durations.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><i>Credit/Default Risk.</i> Issuers or guarantors of debt instruments or the counterparty to a repurchase agreement or loan of portfolio securities may be unable or unwilling to make timely interest and/or principal payments or otherwise honor their obligations. Debt instruments are subject to varying degrees of credit risk, which may be reflected in credit ratings. Securities issued by the U.S. government generally have less credit risk than debt securities of non-government issuers. However, securities issued by certain U.S. government agencies are not necessarily backed by the full faith and credit of the U.S. government. Credit rating downgrades and defaults (failure to make interest or principal payment) may potentially reduce the Fund&#146;s income and Share price.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><i>High Yield Securities Risk.</i> High yield securities generally offer a higher current yield than that available from higher grade issues, but typically involve greater risk. Securities rated below investment grade are commonly referred to as &#147;junk bonds.&#148;The ability of issuers of high yield securities to make timely payments of interest and principal may be adversely impacted by adverse changes in general economic conditions, changes in the financial condition of the issuers and price fluctuations in response to changes in interest rates. High yield securities are less liquid than investment grade securities and may be difficult to price or sell, particularly in times of negative sentiment toward high yield securities.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><i>Asset Class Risk.</i> The bonds in the Fund&#146;s portfolio may underperform the returns of other bonds or indexes that track other industries, markets, asset classes or sectors. Different types of bonds and indexes tend to go through different performance cycles than the general bond market.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><i>Call Risk/Prepayment Risk.</i> During periods of falling interest rates, an issuer of a callable bond may exercise its right to pay principal on an obligation earlier than expected. This may result in the Fund reinvesting proceeds at lower interest rates, resulting in a decline in the Fund&#146;s income.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><i>Extension Risk.</i> An issuer may exercise its right to pay principal on an obligation later than expected. This may happen when there is a rise in interest rates. Under these circumstances, the value of the obligation will decrease and the Fund&#146;s performance may suffer from its inability to invest in higher yielding securities.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><i>Income Risk.</i> Falling interest rates may cause the Fund&#146;s income to decline.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><i>Liquidity Risk.</i> Liquidity risk exists when particular investments are difficult to purchase or sell. If the Fund invests in illiquid securities or securities that become illiquid, Fund returns may be reduced because the Fund may be unable to sell the illiquid securities at an advantageous time or price.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><i>Declining Yield Risk.</i> During the final year of the Fund&#146;s operations, as the bonds held by the Fund mature and the Fund&#146;s portfolio transitions to cash and cash equivalents, the Fund&#146;s yield will generally tend to move toward the yield of cash and cash equivalents and thus may be lower than the yields of the bonds previously held by the Fund and/or prevailing yields for bonds in the market.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><i>Fluctuation of Yield and Liquidation Amount Risk.</i> The Fund, unlike a direct investment in a bond that has a level coupon payment and a fixed payment at maturity, will make distributions of income that vary over time. Unlike a direct investment in bonds, the breakdown of returns between Fund distributions and liquidation proceeds are not predictable at the time of your investment. For example, at times during the Fund&#146;s existence, it may make distributions at a greater (or lesser) rate than the coupon payments received on the Fund&#146;s portfolio, which will result in the Fund returning a lesser (or greater) amount on liquidation than would otherwise be the case. The rate of Fund distribution payments may adversely affect the tax characterization of your returns from an investment in the Fund relative to a direct investment in corporate bonds. If the amount you receive as liquidation proceeds upon the Fund&#146;s termination is higher or lower than your cost basis, you may experience a gain or loss for tax purposes.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><i>Financial Services Sector Risk.</i> The financial services industries are subject to extensive government regulation, can be subject to relatively rapid change due to increasingly blurred distinctions between service segments, and can be significantly affected by availability and cost of capital funds, changes in interest rates, the rate of corporate and consumer debt defaults, and price competition. In addition, the deterioration of the credit markets since late 2007 generally has caused an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets. In particular, events in the financial sector since late 2008 have resulted, and may continue to result, in an unusually high degree of volatility in the financial markets, both domestic and foreign. This situation has created instability in the financial markets and caused certain financial services companies to incur large losses. Numerous financial services companies have experienced substantial declines in the valuations of their assets, taken action to raise capital (such as the issuance of debt or equity securities), or even ceased operations. These actions have caused the securities of many financial services companies to experience a dramatic decline in value. Issuers that have exposure to the real estate, mortgage and credit markets have been particularly affected by the foregoing events and the general market turmoil, and it is uncertain whether or for how long these conditions will continue.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><i>Telecommunications Sector Risk.</i> The telecommunications sector is subject to extensive government regulation. The costs of complying with governmental regulations, delays or failure to receive required regulatory approvals or the enactment of new adverse regulatory requirements may adversely affect the business of the telecommunications companies. The telecommunications sector can also be significantly affected by intense competition, including competition with alternative technologies such as wireless communications, product compatibility, consumer preferences, rapid obsolescence and research and development of new products. Other risks include those related to regulatory changes, such as the uncertainties resulting from such companies&#146; diversification into new domestic and international businesses, as well as agreements by any such companies linking future rate increases to inflation or other factors not directly related to the actual operating profits of the enterprise.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><i>Consumer Staples Sector Risk.</i> Companies in this sector are subject to government regulation affecting the permissibility of using various food additives and production methods, which regulations could affect company profitability. Tobacco companies may be adversely affected by the adoption of proposed legislation and/or by litigation. Also, the success of food and soft drink may be strongly affected by fads, marketing campaigns and other factors affecting supply and demand.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><i>Consumer Discretionary Sector Risk.</i> The success of consumer product manufacturers and retailers is tied closely to the performance of the overall domestic and international economy, interest rates, competition and consumer confidence. Success depends heavily on disposable household income and consumer spending. Changes in demographics and consumer tastes can also affect the demand for, and success of, consumer products in the marketplace.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><i>Non-Correlation Risk.</i> The Fund&#146;s return may not match the return of the Index for a number of reasons. For example, the Fund incurs a number of operating expenses not applicable to the Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund&#146;s securities holdings to reflect changes in the composition of the Index. Since the Index constituents may vary on a monthly basis, the Fund&#146;s costs associated with rebalancing may be greater than those incurred by other exchange-traded funds (&#147;ETFs&#148;) that track indices whose composition changes less frequently.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">The Fund may not be fully invested at times, either as a result of cash flows into the Fund or reserves of cash held by the Fund to meet redemptions and expenses. Since the Fund utilizes a sampling approach, its return may not correlate as well with the return on the Index as would be the case if it purchased all of the securities in the Index with the same weightings as the Index.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><i>Concentration Risk.</i> If the Index concentrates in an industry or group of industries, the Fund&#146;s investments will be concentrated accordingly. In such event, the value of the Fund&#146;s Shares may rise and fall more than the value of shares of a fund that invests in securities of companies in a broader range of industries.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><i>Passive Management Risk.</i> Unlike many investment companies, the Fund is not &#147;actively&#148; managed. Therefore, it would not necessarily sell a security because the security&#146;s issuer was in financial trouble or defaulted, or whose credit rating was downgraded, unless that security is removed from the Index. In addition, the Fund will not otherwise take defensive positions in declining markets unless such positions are reflected in the Index.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><i>Issuer-Specific Changes.</i> The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. The value of securities of smaller issuers can be more volatile than that of larger issuers.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><i>Risk of Cash Transactions.</i> In certain instances, unlike most ETFs, the Fund may effect creations and redemptions for cash, rather than in-kind. As a result, an investment in the Fund may be less tax-efficient than an investment in a more conventional ETF. ETFs generally are able to make in-kind redemptions and avoid being taxed on gain on the distributed portfolio securities at the Fund level. Because the Fund may effect redemptions for cash, rather than in-kind distributions, it may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. If the Fund recognizes gain on these sales, this generally will cause the Fund to recognize gain it might not otherwise have recognized, or to recognize such gain sooner than would otherwise be required if it were to distribute portfolio securities in-kind. The Fund generally intends to distribute these gains to shareholders to avoid being taxed on this gain at the Fund level and otherwise comply with the special tax rules that apply to it. This strategy may cause shareholders to be subject to tax on gains they would not otherwise be subject to, or at an earlier date than, if they had made an investment in a different ETF. Moreover, cash transactions may have to be carried out over several days if the securities market is relatively illiquid and may involve considerable transaction fees and taxes. These transaction fees and taxes, which will be higher than if the Fund sold and redeemed its Shares principally in-kind, will be passed on to purchasers and redeemers of Creation Units in the form of creation and redemption transaction fees.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><i>Non-Diversified Fund Risk.</i> 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.</p> <p style="margin: 0pt"></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><i>Investors should consider the following risk factors and special considerations associated with investing in the Fund, which may cause you to lose money. The Fund&#146;s Shares will change in value, and you could lose money by investing in the Fund. 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.</i></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><i>Investment Risk.</i> An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><i>Interest Rate Risk.</i> As interest rates rise, the value of fixed-income securities held by the Fund are likely to decrease. Securities with longer durations tend to be more sensitive to interest rate changes, making them more volatile than securities with shorter durations.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><i>Credit/Default Risk.</i> Issuers or guarantors of debt instruments or the counterparty to a repurchase agreement or loan of portfolio securities may be unable or unwilling to make timely interest and/or principal payments or otherwise honor their obligations. Debt instruments are subject to varying degrees of credit risk, which may be reflected in credit ratings. Securities issued by the U.S. government generally have less credit risk than debt securities of non-government issuers. However, securities issued by certain U.S. government agencies are not necessarily backed by the full faith and credit of the U.S. government. Credit rating downgrades and defaults (failure to make interest or principal payment) may potentially reduce the Fund&#146;s income and Share price.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><i>High Yield Securities Risk.</i> High yield securities generally offer a higher current yield than that available from higher grade issues, but typically involve greater risk. Securities rated below investment grade are commonly referred to as &#147;junk bonds.&#148;The ability of issuers of high yield securities to make timely payments of interest and principal may be adversely impacted by adverse changes in general economic conditions, changes in the financial condition of the issuers and price fluctuations in response to changes in interest rates. High yield securities are less liquid than investment grade securities and may be difficult to price or sell, particularly in times of negative sentiment toward high yield securities.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><i>Asset Class Risk.</i> The bonds in the Fund&#146;s portfolios may underperform the returns of other bonds or indexes that track other industries, markets, asset classes or sectors. Different types of bonds and indexes tend to go through different performance cycles than the general bond market.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><i>Call Risk/Prepayment Risk.</i> During periods of falling interest rates, an issuer of a callable bond may exercise its right to pay principal on an obligation earlier than expected. This may result in the Fund reinvesting proceeds at lower interest rates, resulting in a decline in the Fund&#146;s income.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><i>Extension Risk.</i> An issuer may exercise its right to pay principal on an obligation later than expected. This may happen when there is a rise in interest rates. Under these circumstances, the value of the obligation will decrease and the Fund&#146;s performance may suffer from its inability to invest in higher yielding securities.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><i>Income Risk.</i> Falling interest rates may cause the Fund&#146;s income to decline.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><i>Liquidity Risk.</i> Liquidity risk exists when particular investments are difficult to purchase or sell. If the Fund invests in illiquid securities or securities that become illiquid, Fund returns may be reduced because the Fund may be unable to sell the illiquid securities at an advantageous time or price.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><i>Declining Yield Risk.</i> During the final year of the Fund&#146;s operations, as the bonds held by the Fund mature and the Fund&#146;s portfolio transitions to cash and cash equivalents, the Fund&#146;s yield will generally tend to move toward the yield of cash and cash equivalents and thus may be lower than the yields of the bonds previously held by the Fund and/or prevailing yields for bonds in the market.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><i>Fluctuation of Yield and Liquidation Amount Risk.</i> The Fund, unlike a direct investment in a bond that has a level coupon payment and a fixed payment at maturity, will make distributions of income that vary over time. Unlike a direct investment in bonds, the breakdown of returns between Fund distributions and liquidation proceeds are not predictable at the time of your investment. For example, at times during the Fund&#146;s existence, it may make distributions at a greater (or lesser) rate than the coupon payments received on the Fund&#146;s portfolio, which will result in the Fund returning a lesser (or greater) amount on liquidation than would otherwise be the case. The rate of Fund distribution payments may adversely affect the tax characterization of your returns from an investment in the Fund relative to a direct investment in corporate bonds. If the amount you receive as liquidation proceeds upon the Fund&#146;s termination is higher or lower than your cost basis, you may experience a gain or loss for tax purposes.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><i>Telecommunications Sector Risk.</i> The telecommunications sector is subject to extensive government regulation. The costs of complying with governmental regulations, delays or failure to receive required regulatory approvals or the enactment of new adverse regulatory requirements may adversely affect the business of the telecommunications companies. The telecommunications sector can also be significantly affected by intense competition, including competition with alternative technologies such as wireless communications, product compatibility, consumer preferences, rapid obsolescence and research and development of new products. Other risks include those related to regulatory changes, such as the uncertainties resulting from such companies&#146; diversification into new domestic and international businesses, as well as agreements by any such companies linking future rate increases to inflation or other factors not directly related to the actual operating profits of the enterprise.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><i>Financial Services Sector Risk.</i> The financial services industries are subject to extensive government regulation, can be subject to relatively rapid change due to increasingly blurred distinctions between service segments, and can be significantly affected by availability and cost of capital funds, changes in interest rates, the rate of corporate and consumer debt defaults, and price competition. In addition, the deterioration of the credit markets since late 2007 generally has caused an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets. In particular, events in the financial sector since late 2008 have resulted, and may continue to result, in an unusually high degree of volatility in the financial markets, both domestic and foreign. This situation has created instability in the financial markets and caused certain financial services companies to incur large losses. Numerous financial services companies have experienced substantial declines in the valuations of their assets, taken action to raise capital (such as the issuance of debt or equity securities), or even ceased operations. These actions have caused the securities of many financial services companies to experience a dramatic decline in value. Issuers that have exposure to the real estate, mortgage and credit markets have been particularly affected by the foregoing events and the general market turmoil, and it is uncertain whether or for how long these conditions will continue.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><i>Consumer Staples Sector Risk.</i> Companies in this sector are subject to government regulation affecting the permissibility of using various food additives and production methods, which regulations could affect company profitability. Tobacco companies may be adversely affected by the adoption of proposed legislation and/or by litigation. Also, the success of food and soft drink may be strongly affected by fads, marketing campaigns and other factors affecting supply and demand.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><i>Consumer Discretionary Sector Risk.</i> The success of consumer product manufacturers and retailers is tied closely to the performance of the overall domestic and international economy, interest rates, competition and consumer confidence. Success depends heavily on disposable household income and consumer spending. Changes in demographics and consumer tastes can also affect the demand for, and success of, consumer products in the marketplace.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><i>Energy Sector Risk.</i> The profitability of companies in the energy sector is related to worldwide energy prices, exploration, and production spending. Such companies also are subject to risks of changes in exchange rates, government regulation, world events, depletion of resources and economic conditions, as well as market, economic and political risks of the countries where energy companies are located or do business.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><i>Non-Correlation Risk.</i> The Fund&#146;s return may not match the return of the Index for a number of reasons. For example, the Fund incurs a number of operating expenses not applicable to the Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund&#146;s securities holdings to reflect changes in the composition of the Index. Since the Index constituents may vary on a monthly basis, the Fund&#146;s costs associated with rebalancing may be greater than those incurred by other exchange-traded funds (&#147;ETFs&#148;) that track indices whose composition changes less frequently.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">The Fund may not be fully invested at times, either as a result of cash flows into the Fund or reserves of cash held by the Fund to meet redemptions and expenses. Since the Fund utilizes a sampling approach, its return may not correlate as well with the return on the Index as would be the case if it purchased all of the securities in the Index with the same weightings as the Index.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><i>Concentration Risk.</i> If the Index concentrates in an industry or group of industries, the Fund&#146;s investments will be concentrated accordingly. In such event, the value of the Fund&#146;s Shares may rise and fall more than the value of shares of a fund that invests in securities of companies in a broader range of industries.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><i>Passive Management Risk.</i> Unlike many investment companies, the Fund is not &#147;actively&#148; managed. Therefore, it would not necessarily sell a security because the security&#146;s issuer was in financial trouble or defaulted, or whose credit rating was downgraded, unless that security is removed from the Index. In addition, the Fund will not otherwise take defensive positions in declining markets unless such positions are reflected in the Index.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><i>Issuer-Specific Changes.</i> The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. The value of securities of smaller issuers can be more volatile than that of larger issuers.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><i>Risk of Cash Transactions.</i> In certain instances, unlike most ETFs, the Fund may effect creations and redemptions for cash, rather than in-kind. As a result, an investment in the Fund may be less tax-efficient than an investment in a more conventional ETF. ETFs generally are able to make in-kind redemptions and avoid being taxed on gain on the distributed portfolio securities at the Fund level. Because the Fund may effect redemptions for cash, rather than in-kind distributions, it may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. If the Fund recognizes gain on these sales, this generally will cause the Fund to recognize gain it might not otherwise have recognized, or to recognize such gain sooner than would otherwise be required if it were to distribute portfolio securities in-kind. The Fund generally intends to distribute these gains to shareholders to avoid being taxed on this gain at the Fund level and otherwise comply with the special tax rules that apply to it. This strategy may cause shareholders to be subject to tax on gains they would not otherwise be subject to, or at an earlier date than, if they had made an investment in a different ETF. Moreover, cash transactions may have to be carried out over several days if the securities market is relatively illiquid and may involve considerable transaction fees and taxes. These transaction fees and taxes, which will be higher than if the Fund sold and redeemed its Shares principally in-kind, will be passed on to purchasers and redeemers of Creation Units in the form of creation and redemption transaction fees.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><i>Non-Diversified Fund Risk.</i> 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.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Fund Performance</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Fund Performance</p> <p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif">As of the date of this prospectus, the Fund has not yet completed a full calendar year of investment operations. When the Fund has completed a full calendar year of investment operations, this section will include charts that show annual total returns, highest and lowest quarterly returns and average annual total returns (before and after taxes) compared to the Index and a broad measure of market performance.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">As of the date of this prospectus, the Fund has not yet completed a full calendar year of investment operations. When the Fund has completed a full calendar year of investment operations, this section will include charts that show annual total returns, highest and lowest quarterly returns and average annual total returns (before and after taxes) compared to a benchmark index selected for the Fund.</font></p> <p style="margin-top: 0; font: 8pt Times New Roman, Times, Serif"></p> 0 0 0.0042 0.0042 189 189 43 43 <div style="display: none">~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column period compact * column dei_LegalEntityAxis compact ck0001364089_S000030310Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display: none">~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column period compact * column dei_LegalEntityAxis compact ck0001364089_S000030311Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display: none">~ http://xbrl.sec.gov/rr/role/ExpenseExample column period compact * column dei_LegalEntityAxis compact ck0001364089_S000030310Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display: none">~ http://xbrl.sec.gov/rr/role/ExpenseExample column period compact * column dei_LegalEntityAxis compact ck0001364089_S000030311Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <p style="margin: 0; font: 8pt Times New Roman, Times, Serif">Investors should consider the following risk factors and special considerations associated with investing in the Fund, which may cause you to lose money.</p> <p style="margin: 0; font: 8pt Times New Roman, Times, Serif">Investors should consider the following risk factors and special considerations associated with investing in the Fund, which may cause you to lose money.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif"><i>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.</i></font></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif"><i>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.</i></font></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">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.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">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.</p> 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 (the Board) of the Claymore Exchange-Traded Fund Trust (the Trust) has adopted a resolution that no such fee may be paid in the first 12 months of the Fund's operations. Other expenses have been estimated for the current fiscal year. EX-101.SCH 4 ck0001364089-20130919.xsd TAXONOMY SCHEMA 0005 - Document - Document And Entity Information {Elements} link:presentationLink link:calculationLink link:definitionLink 0013 - Document - Guggenheim BulletShares 2019 High Yield Corporate Bond ETF {Unlabeled} link:presentationLink link:calculationLink link:definitionLink 0014 - Document - Guggenheim BulletShares 2020 High Yield Corporate Bond ETF {Unlabeled} link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 5 ck0001364089-20130919_cal.xml TAXONOMY CALCULATIONS EX-101.DEF 6 ck0001364089-20130919_def.xml TAXONOMY DEFINITIONS EX-101.LAB 7 ck0001364089-20130919_lab.xml TAXONOMY LABELS Guggenheim BulletShares 2019 High Yield Corporate Bond ETF Legal Entity [Axis] Guggenheim BulletShares 2020 High Yield Corporate Bond ETF Guggenheim BulletShares 2019 High Yield Corporate Bond ETF Share Class [Axis] Guggenheim BulletShares 2020 High Yield Corporate Bond ETF Document Type Document Period End Date Registrant Name Central Index Key Amendment Flag Amendment Description Trading Symbol Document Creation Date Document Effective Date Prospectus Date [dei:EntityDomain] Objective [Heading] Objective, Primary [Text Block] Objective, Secondary [Text Block] Expense [Heading] Expense Narrative [Text Block] Shareholder Fees Caption [Text] Shareholder Fees Column [Text] Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) Maximum Cumulative Sales Charge (as a percentage) Guggenheim BulletShares 2021 Corporate Bond ETF Maximum Deferred Sales Charge (as a percentage of Offering Price) Maximum Deferred Sales Charge (as a percentage) Maximum Sales Charge on Reinvested Dividends and Distributions (as a percentage) Redemption Fee (as a percentage of Amount Redeemed) Redemption Fee Exchange Fee (as a percentage of Amount Redeemed) Exchange Fee Maximum Account Fee (as a percentage of Assets) Maximum Account Fee Guggenheim BulletShares 2022 Corporate Bond ETF Operating Expenses Caption [Text] Operating Expenses Column [Text] Management Fees (comprehensive management fee) Distribution and service (12b-1) fees Distribution or Similar (Non 12b-1) Fees Interest Expense Remaining Other Expenses Component3 Other Expenses Other Expenses [rr:AfterTaxesOnDistributionsAndSalesMember] Total Annual Fund Operating Expenses Fee Waiver (and/or expense reimbursement) Total Annual Fund Operating Expenses After Fee Waiver (and/or expense reimbursement) Fee Waiver or Reimbursement over Assets, Date of Termination Portfolio Turnover [Heading] Portfolio Turnover [Text Block] Portfolio Turnover, Rate Expense Footnotes [Text Block] Expenses Deferred Charges [Text Block] Expenses Range of Exchange Fees [Text Block] Expense Breakpoint Discounts [Text] Expense Breakpoint, Minimum Investment Required [Amount] Expense Exchange Traded Fund Commissions [Text] Expenses Represent Both Master and Feeder [Text] Expenses Explanation of Nonrecurring Account Fee [Text] Other Expenses, New Fund, Based on Estimates [Text] Acquired Fund Fees and Expenses, Based on Estimates [Text] Expenses Other Expenses Had Extraordinary Expenses Been Included [Text] Expenses Restated to Reflect Current [Text] Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] Expense Example [Heading] Expense Example by Year [Heading] Expense Example Narrative [Text Block] Expense Example by, Year, Caption [Text] Expense Example, with Redemption, 1 Year Expense Example, with Redemption, 3 Years Expense Example, with Redemption, 5 Years Expense Example, with Redemption, 10 Years Expense Example, No Redemption Narrative [Text Block] Expense Example, No Redemption, By Year, Caption [Text] Expense Example, No Redemption, 1 Year Expense Example, No Redemption, 3 Years Expense Example, No Redemption, 5 Years Expense Example, No Redemption, 10 Years Expense Example Footnotes [Text Block] Expense Example Closing [Text Block] Strategy [Heading] Strategy Narrative [Text Block] Strategy Portfolio Concentration [Text] Risk [Heading] Risk Narrative [Text Block] Risk Footnotes [Text Block] Risk Closing [Text Block] Risk Lose Money [Text] Risk Nondiversified Status [Text] Risk Money Market Fund [Text] Risk Not Insured Depository Institution [Text] Risk Caption Risk Column [Text] Risk [Text] Bar Chart and Performance Table [Heading] Performance Narrative [Text Block] Performance Information Illustrates Variability of Returns [Text] Performance One Year or Less [Text] Performance Additional Market Index [Text] Performance Availability Phone [Text] Performance Availability Website Address [Text] Performance Past Does Not Indicate Future [Text] Bar Chart [Heading] Bar Chart Narrative [Text Block] Bar Chart Does Not Reflect Sales Loads [Text] Annual Return Caption [Text] Annual Return, Column [Text] Annual Return, Inception Date Annual Return 1990 Annual Return 1991 Annual Return 1992 Annual Return 1993 Annual Return 1994 Annual Return 1995 Annual Return 1996 Annual Return 1997 Annual Return 1998 Annual Return 1999 Annual Return 2000 Annual Return 2001 Annual Return 2002 Annual Return 2003 Annual Return 2004 Annual Return 2005 Annual Return 2006 Annual Return 2007 Annual Return 2008 Annual Return 2009 Annual Return 2010 Annual Return 2011 Annual Return 2012 Annual Return 2013 Annual Return 2014 Annual Return 2015 Annual Return 2016 Annual Return 2017 Annual Return 2018 Annual Return 2019 Annual Return 2020 Bar Chart Footnotes [Text Block] Bar Chart Closing [Text Block] Bar Chart, Reason Selected Class Different from Immediately Preceding Period [Text] Bar Chart, Returns for Class Not Offered in Prospectus [Text] Year to Date Return, Label Bar Chart, Year to Date Return, Date Bar Chart, Year to Date Return Highest Quarterly Return, Label Highest Quarterly Return, Date Highest Quarterly Return Lowest Quarterly Return, Label Lowest Quarterly Return, Date Lowest Quarterly Return Performance Table Heading Performance Table Does Reflect Sales Loads Performance Table Market Index Changed Index No Deduction for Fees, Expenses, Taxes [Text] Performance Table Uses Highest Federal Rate Performance Table Not Relevant to Tax Deferred Performance Table One Class of after Tax Shown [Text] Performance Table Explanation after Tax Higher Performance Table Narrative Performance Table Footnotes, Reason Performance Information for Class Different from Immediately Preceding Period [Text] Performance Table Footnotes Performance Table Closing [Text Block] Caption Column Label 1 Year 5 Years 10 Years Since Inception Inception Date Money Market Seven Day Yield, Caption [Text] Money Market Seven Day Yield Column [Text] Money Market Seven Day Yield Phone Money Market Seven Day Yield Money Market Seven Day Tax Equivalent Yield Thirty Day Yield Caption Thirty Day Yield Column [Text] Thirty Day Yield Phone Thirty Day Yield Thirty Day Tax Equivalent Yield Risk/Return [Heading] Shareholder Fees [Table] Annual Fund Operating Expenses [Table] Expense Example, With Redemption [Table] Expense Example, No Redemption [Table] Bar Chart [Table] Performance [Table] Market Index Performance [Table] Document And Entity Information Elements Maximum Sales Charge Imposed on Purchases (as a percentage of Offering Price) Shareholder Fee, Other Acquired Fund Fees and Expenses Total Annual Fund Operating Expenses Expense Example, By Year, Column [Text] 1 Year 3 Years 10 Years Expense Example, No Redemption, By Year, Column [Text] C000109649Member [rr:ShareClassDomain] C000127770Member [rr:AfterTaxesOnDistributionsMember] [rr:PerformanceMeasureDomain] Risk/Return Detail [Table] Prospectus: [Table] Prospectus [Line Items] C000093280Member C000093281Member EX-101.PRE 8 ck0001364089-20130919_pre.xml TAXONOMY PRESENTATION GRAPHIC 9 dechertlogo.jpg begin 644 dechertlogo.jpg M_]C_X``02D9)1@`!`0$`2`!(``#_XABH24-#7U!23T9)3$4``0$``!B887!P M;`(0``!M;G1R4D="(%A96B`'W0`!``(`!P`X`")A8W-P05!03``````````` M````````````````````````]M8``0````#3+6%P<&P````````````````` M`````````````````````````````````````````````!%D97-C```!4``` M`&)DD!\@'Z`@,"#`(4`AT")@(O`C@"00)+`E0"70)G`G$" M>@*$`HX"F`*B`JP"M@+!`LL"U0+@`NL"]0,``PL#%@,A`RT#.`-#`T\#6@-F M`W(#?@.*`Y8#H@.N`[H#QP/3`^`#[`/Y!`8$$P0@!"T$.P1(!%4$8P1Q!'X$ MC`2:!*@$M@3$!-,$X03P!/X%#044%]@8&!A8&)P8W!D@&609J!GL&C`:=!J\&P`;1!N,&]0<'!QD'*P<]!T\' M80=T!X8'F0>L![\'T@?E!_@("P@?"#((1@A:"&X(@@B6"*H(O@C2".<(^PD0 M"24).@E/"60)>0F/":0)N@G/">4)^PH1"B<*/0I4"FH*@0J8"JX*Q0K<"O,+ M"PLB"SD+40MI"X`+F`NP"\@+X0OY#!(,*@Q##%P,=0R.#*<,P`S9#/,-#0TF M#4`-6@UT#8X-J0W##=X-^`X3#BX.20YD#G\.FPZV#M(.[@\)#R4/00]>#WH/ ME@^S#\\/[!`)$"800Q!A$'X0FQ"Y$-<0]1$3$3$13Q%M$8P1JA')$>@2!Q(F M$D429!*$$J,2PQ+C$P,3(Q-#$V,3@Q.D$\43Y10&%"<4211J%(L4K13.%/`5 M$A4T%585>!6;%;T5X!8#%B86219L%H\6LA;6%OH7'1=!%V47B1>N%](7]Q@; M&$`891B*&*\8U1CZ&2`911EK&9$9MQG=&@0:*AI1&G<:GAK%&NP;%!L[&V,; MBANR&]H<`APJ'%(<>QRC',P<]1T>'4<=:AZ4'KX>Z1\3 M'SX?:1^4'[\?ZB`5($$@;""8(,0@\"$<(4@A=2&A(B>K)]PH#2@_*'$HHBC4*08I."EK*9TIT"H"*C4J:"J;*L\K`BLV*VDK MG2O1+`4L.2QN+*(LURT,+4$M=BVK+>$N%BY,+H(NMR[N+R0O6B^1+\<-] M1B)&9T:K1O!'-4=[1\!(!4A+2)%(UTD=26-)J4GP2C=*?4K$2PQ+4TN:2^), M*DQR3+I-`DU*39--W$XE3FY.MT\`3TE/DT_=4"=0<5"[40914%&;4>92,5)\ M4L=3$U-?4ZI3]E1"5(]4VU4H5755PE8/5EQ6J5;W5T17DE?@6"]8?5C+61I9 M:5FX6@=:5EJF6O5;15N56^5<-5R&7-9=)UUX7&EYL7KU?#U]A7[-@!6!7 M8*I@_&%/8:)A]6))8IQB\&-#8Y=CZV1`9)1DZ64]99)EYV8]9I)FZ&<]9Y-G MZ6@_:)9H[&E#:9II\6I(:I]J]VM/:Z=K_VQ7;*]M"&U@;;EN$FYK;L1O'F]X M;]%P*W"&<.!Q.G&5&YXS'DJ>8EYYWI&>J5[!'MC>\)\(7R!?.%]07VA?@%^8G["?R-_A'_E M@$>`J($*@6N!S8(P@I*"](-7@[J$'82`A..%1X6KA@Z&I+CDTV3MI0@E(J4])5?EAMJ(FHI:C!J-VH^:D5J3' MI3BEJ:8:IHNF_:=NI^"H4JC$J3>IJ:H_R#W(O,DZR;G*.,JWRS;+MLPUS+7--,.Q`^P$)L1AA)X$VP48!55%DT711A"&4,:0AM!'$@=2AY3'UL@82%H(FXC M:R1@)4LF,"<,)^0HN"F,*E\K,RP#+-,MHRYT+TT^NS^+0%Y!-$(,0N=#PD2<179&3TK)[PWS4?>1^\X`"@1&"'H,KA#>%0X9.AUB(8HEM MBG6+?HR&C8Z.E(^O7^^G[^^P-S!^<,6Q#'%3<9HQX/(G_2`"(08B!B,!(_(DW"6\)I8G;2@_*0\IWRJN*WTL2RT9+>0N ML2]_,$XQ'C'M,KTSC31=-2PU^C;(-Y0X83DL.?4!( M01A![$+!0Y=$;45"1A=&[$>_2)-)9DHX2PI+VDRK37Q.3D\A3_=0T5&O4I!3 M`%[B7\A@LV&E8IQCEF2298QFAV>" M:'QI=6IN:V9L7VU7;E%O3'!.<55R8G-S=(5UF':K=[UXT'GC>O5\!GT8?BA_ M.(!(@5>"9(-RA'Z%BH:6AZ"(JXFUBKZ+QXS0C=B.X(_HD/"1^),`E`B5#Y86 MEQR8(IDFFBF;+)PNG3">,I\VH#RA1Z)5HV:D>*6*IIRGKZC`J=&JXJOTK02N M%J\IL$"Q6[)\LZ"TQK7LMQ*X-[E=NH*[I[S,O?"_$\`VP5?"=\.7Q+;%U,;R MR!#)+/]]YX+KB M!^-=RZ-#J+>N+[.GN3.^Y\3SRUO2"]C;WZ/F3^S7\T/YH__\````K M`,0!2P'8`G(#(`/2!(`%-07P!J0'8@@L"/<)O`J("UD,*`S_#=8.L`^+$&D1 M2Q(K$Q`3^A3@%E&)89AAIY&V\<9!U:'E,?2"!`(3$B'"+^(]HDLR6' M)EHG+"?Z*,HIF2IF*S0L`"S,+9I6']955HI6OQ; MT%RD77=>2U\A7_M@VV'`8JICEF2#97!F76=(:#-I'FH):O-KW6S';;)NG6^, M<(%Q>W)Z91ZEWN9?)M]G7Z>?YZ`GH&>@IV#FH29A9:& MDX>0B(R)B8J$BW^,>HUUCF^/:I!ED6*27I--)\QH#&A-J(]HTBD5:5AIFVG>:B$J8^JF:NCK*RMMJ["K]&PYK("LR6T M2K5PMI:WO+CAN@:[*[Q/O7.^EK^[P-_"!,,JQ%#%=L:N``&ZX0`!CUP``P$```(````"``<`#@`7`",` M,`!``%$`9`!Y`(\`J`#"`-T`^P$9`3H!7`%_`:0!RP'S`AT"2`)T`J("T@," M`S4#:`.=`]0$#01'!(4$QP4.!5H%JP8!!EL&N`<8!WP'XPA-"+D)*`F9"@T* M@PK]"WH+^PR`#0@-E`XD#K4BN2.2)&XE328P)Q8G_RCJ*=0J MNRN>+'XM7"X\+QXP`S#K,=-G-&B):>%K/&R9;?AO5W"T<@]S:'3! M=AQW>'C8>CI[GGT%?F]_VX%*@KJ$+(6-Y^_H4NBVJ1KI?^GEJDOJLNL::X*KZZQ5;+_M*BV4+?S MN9&[*KS"OEF_\L&.PRO$RL9LR`_)M73>M4*UI;8(=FMVSO< MRMY;W^WA@>,5Y*KF/N?.Z5GJV^Q4[<7O,O"<\@3S;/33]CKWH/D%^FG[SOTS M_IC__P````(`!P`.`!@`(P`Q`$$`4P!F`'L`D@"K`,8`X@$``1\!0`%C`8@! MK0'5`?X"*`)4`H("L0+A`Q,#1@-[`[$#Z00C!&`$H`3E!2X%?@72!BL&B`;H M!TL'L@@<"(H(^@EM">(*6@K5"U,+U0Q:#.,-<`X!#I4/+@_*$&L1#A&T$EH3 M`1.H%%$4_16M%F`7%A?1&(\941H7&N$;KAQ^'4\>(![O'[T@C"%=(C$C""/C M),$EHB:')W`H7"E+*CPK+2P;+00MZB[/+[4PGC&),GVY\TWX[?Z:!$X*"@_2%:(;=B%")P(LL MC)2-_(]CD,R2-Y.EE166AI?ZF7&:Z9QDG>*?8J#FHFZC^:6'IQ>HJJI`J]BM M<:MQN+'&,=0!X@'P0? MZ"#-(;`BDR-W)%XE2"8V)R@H'BD7*A4K%RP<+28N,B\],$8Q23)),T@T2#5, M-E(W7#AJ.7HZCCNE/+\]VS[Z0!=!,$)%0U=$9T5X1HM'H$BY2=1*\4P2335. M6T^$4+!1WU,15$95?E:Z5_A9.5I^6\5=#UY<7ZUA`&)78[!E#&9J9\II*VJ. M:_-M6F[$<#)QHG,5=(IV`W=^>/UZ?GP!?8-_`H!^@?>#;X3HAF2'XXEEBNF, M<8W\CXF1&I*LE#Z5SI=8F-N:6)O2G4R>R*!%H<6C2*3-IE2GWJEKJOFLBJX< MK["Q1++:M'*V"[>GN42ZX[R%OBB_SL%VPR#$R\9TR!C)L\M&S-#.5<_7T5G2 MW-1?U>37:MCQVGK<`]V+WP_@BN'YXUKDL>8!YTWHE.G;ZR'L9^VK[N[P+O%E M\HSSJ/2I]9SV>O=.^!#XT_F#^C/ZX/N&_"W\TOUU_AC^NO]=__\``'-F,S(` M``````$,0@``!=[___,F```'D@``_9'___NB___]HP```]P``,!L;6UO9``` M``````80``"&EF``!- M30`J````"``%`1(``P````$``0```1H`!0````$```!*`1L`!0````$```!2 M`2@``P````$``@``AVD`!`````$```!:`````````$@````!````2`````$` M`J`"``0````!````EJ`#``0````!````1@````#_VP!#``(!`0(!`0("`0(" M`@("`P4#`P,#`P8$!`,%!P8'!P<&!@8'"`L)!P@*"`8&"0T)"@L+#`P,!PD- M#@T,#@L,#`O_VP!#`0("`@,"`P4#`P4+"`8("PL+"PL+"PL+"PL+"PL+"PL+ M"PL+"PL+"PL+"PL+"PL+"PL+"PL+"PL+"PL+"PL+"PO_P``1"`!&`)8#`2(` M`A$!`Q$!_\0`'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1`` M`@$#`P($`P4%!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152 MT?`D,V)R@@D*%A<8&1HE)B7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6V MM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0` M'P$``P$!`0$!`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<% M!`0``0)W``$"`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D M-.$E\1<8&1HF)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T M=79W>'EZ@H.$A8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$ MQ<;'R,G*TM/4U=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$` M/P#]_****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"O MG7X6_MB_$+XQ>$;?7_`?P<-]H]P[HLR^*H%:RU3P_XFTI%DO-&U2(1742'@ M2I@E98R>`Z$CUQ7<^97B7[4T"^$OB=\*/%^E@1:A!XDCT&=U&&GM+M'5XV]0 M&56`/0\U=CU_Q;\=O'GB.U^'WB!O"/A?PM>'2FN[:SBN;S5+Q%!FP9@R1Q1E M@G"DLP;D`4`>P>91YE>3?#CXH:WX/\>>(_!WQOOK;4+G1--77;+6(K<6_P!O ML"65S+$ORK)&ZX.W@@@X%9?P_7XA?'[PA;^+H/&+^"['64-SH^EV>EV]SY5N M?]4]U),"TCNN&*IL`#8![T`=]\8?BS_PJ>RT";[!_:']N:[9Z+CS_*\C[0Q7 MS?NMNVXSMXSZBNO+X-?,G[0WC#QA!\$/"=U\3]!C/B;1O'=A"L-FX6#63'(W ME30Y),:R_+PW*G/;%=+\5[;XH?#/X8ZKXWN/&]KN^.O%7AOPI\'+B#2+[7-)&O:A MJ<\`N#I=D2JH(XCA7ED=BHW<`*Q(/2JDWB#Q?\!_B-X9L_'_`(A;Q=X6\67G M]E+=7-E%;7FEWC*S19,(5)(I-C+RH*G')H`]E\RN.U/XN?V=\=M)\%?V?O\` M[4T>XU;[;Y^/*\J6./R_+V\Y\S.[<,8Z&O*O!/Q`^)'QC^+WC_PYX;UNTT#1 MO"FMO!_:9TZ.YF*&-/*M8D;"G!$CO(V3AD`ZYK&\0?#SQI'^V%X;LYOB)/)J MJZE86TB75X626X1&4>>YR037T?7E'_#$GPE+[CX!\.DCU@)_K0!R MGC;QC9?M,?M`^#_#WPSN(]5T/P+J0U_7=2MSYEK'/&C+;VRR#Y7G>"]-L=)L(?N6]I`L,:^^U0!GWK+^(/P<\*_%86__"QM M`TO6'M,^1)<0!I(<]0K_`'E!]`:`/,+'X9?#D^+/&'A7X06$H\5OX(O@#H%K--#::GX:LH])U:SE< M)+I]Q;J(W613ROW-P)X((-=SX(^'VA_#71O[.\`:3I^CV6XN8;2%8U9CU9L? M>/NXFME,DH'0.1]\>S9H`\N^/'Q6TG MXM>%_"-WX*-Q<:?8?$;2[);QH]L%ZR2'<\#Y_>(&)7>."5.,]:]#_:R_Y-C^ M(/\`V`+S_P!$M74:G\/M#UC2]-L=0TJQ>RT>XBN[&`1!8[26(YC:-5P%*]L5 M<\0^'[+Q9H5YIGB2VBO=/U"%K>Y@D&4FC8896'H02*`/F'5/`WAN?X[>`;CX MSP,=$\4>";73=/N6NY;6*.^A(D\IGC=>7CD)4,>2O'-=YXB^$_PC^&7CCPK; M76D7%SK^HZE&=)MH;ZZNY4E0[_M!C:8@1QXRSD8'XUZMKOP]T+Q3X470O$ND M:?J&C)&L2V=S"LL*JHPH"MG&`.#U%9O@#X'>#_A9>37/P\\.:5I-U.OER3P0 M#S67^[O.6V^V<4`<-^RN/^*Z^,/OXTF_])H*3Q9<1P?MV^$!.Z(9/".H*FXX MW'[1`<#U.`3^%=IX;N-&\,Z!XKUSPYI*6;F^O+G4!&<-?3P91I"?5A$/TK$^ M.^C>$_%7AG0;WXE>'-%UG[1<)%:-J4RP)9F2)G),Y!*@B/&!U.*`/3HV#("I M!'J*6N:^#]II=E\-=)3P9I?]C:88B\%GCB$,S,<>H+$D'N"#WKI:`"BBB@`H MHHH`****`"DV#WI:*`$V#WHV#WI:*`$V#WHV#WI:*`$V#WHV#WI:*`$V#WHV M#WI:*`.3L_A0EI+K:-KFMS:?K@N/,L'-OY%NTY)=HB(1)G);&YV'S'CIB31/ MAB--T_3H-8UO6=:.E7:W=O)>_9PZD1-$$/DPH"N'8],Y[XXKJ**``<4444`% M%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`44 )44`%%%%`'__9 ` end EXCEL 10 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx M4$L#!!0`!@`(````(0!(04+*5^@^1MU5B MH`]5%8%%'\L6J?0#W'A"+!S;\A@*?]^)>:A"*0@5J6QB)9ZY]WADW?2'BUHG M<_"HK,E9-^NP!$QAI3*3G'V,7])[EF`01@IM#>1L";Q?S/X!@``__\#`%!+`P04 M``8`"````"$`M54P(_4```!,`@``"P`(`E]R96QS+RYR96QS(*($`BB@``(` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M`````````````````````(R2ST[#,`S&[TB\0^3[ZFY("*&ENTQ(NR%4'L`D M[A^UC:,D0/?VA`."2F/;T?;GSS];WN[F:50?'&(O3L.Z*$&Q,V)[UVIXK9]6 M#Z!B(F=I%,<:CAQA5]W>;%]XI)2;8M?[J+*+BQJZE/PC8C0=3Q0+\>QRI9$P M4P>J/OH\^;*W-$UO>"_F?6*73HQ` MGA,[RW;E0V8+J<_;J)I"RTF#%?.&PO7W)E;',O=V]R:V)O;VLN>&UL+G)E M;',@H@0!**```0`````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M``````````````````````````````````````````````````````"\E-MJ MPS`,AN\'>X>@^\5)>E@9=7HS!KW=N@'[[8)/M%2;;2$.(P@0)V9O-:EA/?3R\,.`G)*YZHQ&B7T2'!([^_V MK]@HQY>HJCL*6$63A,JY[DD(RBIL%86F0\V5PMA6.0YM*3J5G56)(HFBK;!_ M-2"=:0;'7((]YNQ_ZCMV_E_;%$6=X;/)/EK4[HJ%H$I9S-^Q9ZH0W00RIHA1N;+RP3PN"4.N;WBUTTB&V&>?+&D_-CX1 MC*G++!(?3'QCF-@'LUT2QO%3PFDJ0RB&T\NP69)A7,7$,:8NV]GX!K*^,'(2^N^NUH>QR+N8\ MVUQ$_@Q,02U[@\\D[TPGO_+K/%^,-T8T MP#"E7K7"EO)"B,O9`^BFQ?,AX;.$/SE(?::5N4G>V9'RJU/EO4.-QW+G3NYK M3T\XNKXC93/.PDK3)NS4;!P\I7SOFP9<"]J6=[TQ@$^M#!#+7,R6Y4-"6224 M_/V47+RA?$XHD]WI+(\Z[A\!^^#*I]Y:&8Y)?_J4%Q77__=/*K>`4IMR*U$F MU&PO=V]R:W-H965T&ULK%W; M;N/($7T/D'\P_+ZV*%$W8V86*VXV62`!@B"79ZVM&0MK6X:DV=G]^YQJLKNN MLD3.S(,QKJKN+IZJ/BR17?*[[W]_?KKZ;;,_;';E?O>P??GT M_OH___[IN\7UU>&X?GE8/^U>-N^O_]@-QLCE>8X>7P M_OKQ>'R]N[T]W#]NGM>'F]WKY@6:C[O]\_J(7_>?;@^O^\WZ(0UZ?KH=CT:S MV^?U]N6ZG>%N?\D;'W?WGY\W+\=VDOWF:7V$_X?'[>LAS_9\?\ET MS^O]KY]?O[O?/;]BBE^V3]OC'VG2ZZOG^[N?/[WL]NM?GG#=OU?U^C[/G7YQ MTS]O[_>[P^[C\0;3W;:.^FM>WBYO,=.'=P];7`'!?K7??'Q__4-UUU2SZOKV MP[N$T'^WFR\'\?^KP^/NRU_WVX>_;U\V@!N!HA#\LMO]2J8_/Y`(@V_=Z)]2 M"/ZYOWK8?%Q_?CK^:_?E;YOMI\/F<`](,$HSW>^> MX`!^7CUO*3<`R?KW]]<3++Q].#[B?[.;Z7PTJ6!^]7]U_/AQW MS_]KC=(5W;9S)==^7!_7'][M=U^N$'!8'U[7E#[5'2;./K4S%"]/.0GO:)(? M:!;,4%]?P8$#L/WMPWCR[O8WH''?V:R*#5T9C6JDY!;^%*?&VJD8H+PV&6-M M0,!KUV;M8E/6EA*U-D"0@+R]-AG;M:=F[6)3UI82M3;PNWQM,DZ8YWE73M)( MB5H):,F5*.SC\0VD/0-/\U@`9@:`8I,=;:1$N373;KT-/AG;M>=F[6)3UI82 MM?9(_LT&'4^(($[P1MX6-.[]-:;E7;$L7J@5 MEGJ%MT$GX_?7F+Q,.QG%TU8@2.OY!+*WYT^C`!_V)Z]0E142<:S8J."716*8 M8"!UO57`>1)H$S< MJ_D%<2?D$"'E)Z_1X=?:():,L:',IIN'P&(CYC;MK"'-=!>YR-F6"I6SECZJ MUD8Y:[9YT]EM35$+L**`X0R&%2SES:T>N5%C1*IU<81 MIT]NYLBGGH5#FLG<)FO+4VR4W6V42/M&5'MQDHP[8A;L5MMM$MDP`[8U;&3# M#*8=Q':0#EZVE<8T2F\3<6-K^;RSJ=N;C$&Q4=IJ<6*CCPV'O[W'DK4-G]WA M;,3A:\F\34"-3D3+BT&IU3$NDK+#<2%4=FW*%-^Y M5HS8-2G2KADB/@.-9,UN-2=JQE*D5S/M#_I:!OXR#2*_?BS30EKKRH42*]&O'7Y:MU;*>NUMS+5Y-B MQ%=%E+(NRVAA,U MRDH!,35T^38E)6L;=EN=L5&Y6B72Z_>BQ*FG1"]JE$BO%E#B("*8%K(38;=E M(ALQ$&6<#?NT%R,F:UVN>U&C1!J(@!$G@SZX3`NU"21LFU"B11B*@Q/F@QPK3PFT""5M"LA$C4<8Y)'IQXM1SHA MU"B11N*;,>:L,)]`PA:1;,1(E'$.B5Z,.?.,Z46-$FDD`L:DDK/G\X59H3V& M86Y+2#9B&,HX!T,ONIQYNO2B1HDT#`%=#MP:'>T!P_*D96YKR%DQ8B2D2/O6 MBRYGGBZ]J%$BM=H\H,M!556:R+#EW):7;%2`4"+M6B^VG'NV]*)&B?1JWXPM MYX7U1$K8^I*-&(DRSFZ.>2^V3-::+;VH42*-1,"6PU*BD)X`PI:7\V+$0$B1 M=JT76=*C?/,4THL:)=*K!619#7M%,"_$)Z"P]24;,11EG,N)7H0Y]X3I18T2 M:2@"PAR6$QWOX;J8+VUY.2]&#(04:==Z\>6\\*58WQ9U;,3KEW$V$'1JPSZ7 M&78O23.EC2M\LV46&Q7?E$AALS`42L4PO1[I>;M/TV`D]B4'S58];,2.=9R< M7HAHQPS;OOWH8M$QH[S)+FRYP4:\?AGG@M:+41=D;0(SMKN7C7C],LZM3Q3W M+1[F+3JN5-#8^H.-V+4RSKE&K"E<.Q,:LK;0V/VT*$:\OA3IU`A8=Q#5+#KN MQ$HE:\=N.Q4C=DV*M&N&<],CV(O.:[;TBY_L">\?O89AVC/PM[2(GV7B4TYT$!TKI&'N/(YO+B$DO.069!AH_;3'8V0`RQMC424UG<]$IR*5AUT3[%SG; M$J8*MKTYI\GI%*1PUFSXIK.YS%E#Q9<[V[*KTJLCFU68@W!3M?MHN7+=LJ)TS,5H'-J2.;2T/19Q`H?,H9 MXXYLIBG3?:10B!(ICEQ&/#SD86>:R-R]%HY%6O*6Y[MX'+S5KO6B[V5+WV+J ME1'UM[.D-4OMI'J[:9E!*>+H02]:JE''ORK1+&T+JY)I6F;\,]Q\#B-9_.9@.1D2 M22;2HEA#VRJ4:%FOFLM[(U;6`E(RD@/B>'K M153]W>8"MQU86*_54'A#KLI%N5VZ.P$4M4 MIBY1V4KXUU'QC,ZK&HSZ$6K7&27KF,K+$)73A$K4V"79.3OFK)AVG+XJJES*QH.)(8:]##CJKJ:%$!PE5/QQYL)0`I M(WT:&$(]!XADOKRBDP$0*3.`&(8D0(9NC(X5%2*N$LK]4&D3Y("5D0X1VR1U M!A'5T=0AXF7HQZ1:.5.81B0U(8FD_`I$Z9W/(4W$S&@+<'K2;SO!AN[PT]29&HO$BL/W16Y14FG@BD"VXC10,AV4 MU(HDW#L3%-^YM*J\#("<9L[4>R16)$"&O:NL!Y<8H22-*9OPCENN1(Y(4)E3:5D&I'4N"1B\!4\DGN@ M%"*N)F4K1D3)C'_]:M+D0Z==>5>4^*8F( MES7:3L<@-3\91(8]#JN85*`2(9M`N!LC,K?CM6 MS?U4"A%7P;.50.0TJZ;>*!&P,ZR:6ZD4(I)!,R)29A`)6'5@B@2D.G<%?&Z^ MDJ2J9,8]8K\>@)"Y(=7<9<4@8<](.[-B0*H##^E6N;]*Y8BKX-E*Y,AI8DV] M4CT@D839W6=RNY6"1-H92()Z=6".E*)3\*HK5W,SELJ1,M+QJNW0.K-I[@!BS%:N`*6K81_\KU5ZU_[_;+ME[@^;_:? M-LWFZ>EP=;_[3-\=2Q\?/KPK\OS5MM,EOMP60<#,3C<;T1??IN^N]3K^4ERG MFTYHSDDXY[0F73K4Z\=-29<2U>MFI$M9XG5STLWC]1:D6X2ZFL:A((JNO:9Q M*$!"'6&&@B#230DSW+I#'6&&>V2H&Y-N'.IJ&H=/+-&XFL;ALT6HHSB@U@]U M%`=4X*&.XH#B,M11'%"G1KH)C<,SBE!'X_#D(-11'/"I/=11'/#Y.M11')#6 MD:ZF..!3:*0;TS@\@(QT$QJ'QX*ACN*`9W*ACN*`IV>ACN*`IUFACN*`9TR1 M;DSC\`(AU-$X/-8/=10'/%,/=10'//T.=10'/(X.=10'/"2.=!6-P]O!4$?C M\,XNU%$<\`XMTHTI#GBS%>HH#GBK%.HH#GC_$^DJ&H<7_J&.QN%%?*BC..`E M>*BC..#5=*BC.+0OJQQG512']B6(TXUHW"B.WXC&XOD`SPQCT:D<:C$'S=*0!UNAJCC3`&IW& MD098HP4XT@!K].0&FBG&Q%7(%&/B&H3*K[CZHN(KKKUFP!HE8>#!#%BCE3[0 M3#$FKCRF&!/7'53&Q54<%7%Q#3<%UG$%-P76?MB^'JZ?-1WQ4':4O4MVW?PBE_>6X>\5'6/PQD]T1?\`D_?<1 M?[%F@[\6,J(OH/VXVQWS+X#HMOP-G`__%P```/__`P!02P,$%``&``@````A M`,0[*3C'"0``_#,``!@```!X;"]W;W)KGA6)MH5(HB#2W9$4C<_?-EM)Y_+8[VI]K?3Z&(^G93[5;7>[!]NIW__]>'= MY712-\O]>KFM]N7M]&M93W^X^_Z[F^?J^*E^+,MF@A'V]>WTL6D.U[-9O7HL M=\OZHCJ4>UCNJ^-NV>#C\6%6'X[E#[/9[OE9C_M1K@^GC-&=7^_ M697OJ]73KMPWW2#'WTQ^C:7,ZGL[N;EJ!_-N5S[?T]J1^KYY^/F_5OFWT) MMC%/=@8^5M4GZ_KKVD((G@71']H9^.,X69?WRZ=M\V?U_$NY>7AL,-T9KLA> MV/7ZZ_NR7H%1#',19W:D5;5%`?A_LMO8I0%&EE]NIPD2;];-(_[*+[)BGD1P MGWPLZ^;#Q@XYG:R>ZJ;:_=LY16U1W5AM:>^7S?+NYE@]3S#?\*X/2[MZHFL, M?*JI&X&J?*E(5&<'^=&.@A'2Z00%U*#V\UV(%W3AM"QMW M.\6P;E=<414LPQ7/\#KIUOEVBL%IV&2N#QM!(&7E";#7QV^C0!_VI\L04896 M.!;.B?@[05Z8IT#L>B-%\\XHK%,K5EER]/QU/IA+Q[&03-./8\ER3D[;>+%"--M3 MY*QB.REDQ4KYB#H?5JS8YJ;W.:]8H;+G%]NI*2M6;FQ[!()]?P7T&CQ\!5B5 ME"L`_%/)-B(YQ^DFTFO?ZD[@$/( M,(AG4U0RR]NO!4-GHE<[R(";"7D")N3DF/`A7IL5N;-5TBX>+HF+$#(,XMFL M?IV?K5<[=K7B+%\DY.2NUH=X?J&2;ZP[7](Z*4H"R#"(9Q/"9_??J!LV2:]V MC`C7L/2ED9,CPH=X:4(EWR#"%[0^6P"9Q(=8ME3(GB5BW`9H1X(D,B9D"^.< MB`D&\=J$2+[.1$I2>!IZ$4*&03R;$+[_P40O;HP)V3"EY'0JUS"(US9(%%._ M*>S61`@9!O%LBBB.VAPI:9NGB;*72R;W-.C@B* M"X@8))>I+X3]U@@@P[P8$9F0R]4S('M(Y.28H+F!BD"AF@0(N0L@PB#&1"U&TQ^2X M-=&.)`53]I#.B9A@$*]MD&#FH6"&D&$0SZ8(YCB=R$GYO#4A>TCGY)B@.+DF M\D&*V7ISQ0PAPR#.Q#=3S)R4SV-"-I'.R3%!<0$3@Q0S#Q4SA`R#.!.*8MJ6 M<^#]A9QDS]%0R!;2.3D:*"Z@89!VR"YS$.Y#"'#():M4.1R5%?5#B34LI#MI7,B(AC$2QNDED6HEB%D M&,2S?3.U+$CUO"4A^TOGY)B@.+DYBD%JV7ISM0PAPR#.A**6XY8$B9Y'A&PO M"W)R1/@0+VV06-I;^>(N9`@9!O%LBEA&XQX1%"1\'A6ROW1.C@J*"];$(,$L M0L$,(<,@3H4BF./61*][N"ZGE[*]+,C)$>%#O+1!>EF07GKY95/GG%Q^BI,3 M8=_:D/=EQITE[4CMQO5JDVV6[#NH M.`[N;@CN7Y"]G)_>D)66(KTVV*;(%U@R6-KW#0)+#DNNQA2P%*KE$I9+U7(% M2_O>C5$L&6)PUTFS(`9WB#0+N,8]&\T"KG$S1;.`:]S= MT"S@&K<=%$N*&-PDUBR(02NM6<`U[J=J%G"-&YV:!5SCUJ-F`=>X)ZA8$L3@ M$9!F00P>NRB6%%SCH8=F`==X0*%9P#4>#V@6<(U;^8HE00P>O6H6Q."9J&8! MUWA(J5G`-9X>:A9PC4=]F@5H%7#R-7^[V33<;D\-QT2J\P@26PYG='S@MQ>' MY4/Y^_+XL-G7DVUYCW-QWK[]<>Q^O=%]:*H#3F3\`J-J\*N+]L]'_,JFQ$\< MYO:MF?NJ:DX?0,2,?K=S]Q\```#__P,`4$L#!!0`!@`(````(0!@UZ5_Z0D` M`+4T```8````>&PO=V]R:W-H965T&ULK%M=;]LZ$GU?8/^# MX??&UK<3)"FNV>WN!>X%%HO[\>S:2F+4M@Q+:=I_OX>2,N0,)W8DM`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`JS9:]ZLY3.!DIUOW@:!/,P9U[X<3^1#Y/6(%^1I`BLJ0@7^Q;ZO MJC8*,\1+D,2B2WN?ZU9..]&QN7`Q\U:ETJOHFOTK_O4AH39XD9I4%N_H\ZC3 M.5:GR]%*X;+W`66.X93JZ.6RUTO\YYR[]O(4;J-$OXH^6RH^Z1LR$@E=/J\?K;=0WU0*B',B!6$0 M']^:`(^Y54:=(O/E0Z`BY.1*\R%>VB#ECCKI1O[7IIH%542=[%^1S;*#Z5O!M;I^>]3]K=9`2+AEFCQ1L3/18:?H&^3I390$[E M#&^;;"U/L3S"[6U-\B\&/%@$-."ULWQA1B=2^?D2J.X MH".$$%^@QE?-GH@`,K$/<2*$MK8KA7B4W,4DO!X5@=Z0DZ/"AWAQ0HHO4!$H MZ3(.(,,@ELW>\J5V16G>KD<'*G_;E!BP"R&K2^=$5#"(%R>$]3P522>H_CTP MA`R#>+9!0IDH0IG).>"Z`4/TXWNP9D\&_J%<>>K6G^U M`602'^+9A/99-1JU7Y/T@H=,KMO=FJ4OC9P<$3[$2Q-">8$(7]/Z;`%D$A_B MV83R62)&3H!>`AD32(ES9( M$]-0$T/(,(AG$YHX6B52DCVG$KE[/N_[B)P<$3[$2[/2]FZY3*VWF!L!9)@7 MS_:SY#(EV?.(D-L)SLD107'!B!@DEZDOA#WM`628%R="R.4%22)I\ZY6[E"D MY.2NUH=8_FR0)+;>O-M#R#"(9U,D<9009(HBYG+AYIR("`;QT@8I8A8J8@@9 M!O%LBB*.VZK)2-J\(2&7B<[),4%Q<@)D@R2Q]19#(E!)P[PX$XHD%J-V%C+2 M-H\)N81T3HX)B@N8&*2)62"`RQ`R#.),*)HXD@D2-X\)N7+*R,DQX4.\MD&B MF`4*N`PAPR">38BBO4U&T9@MW8R$SV-"+AB>*7*XAG1,QP2!>VR#%S$/%#"'#()[MIREF3LKG,2'W MY)R38X+B@C$Q2#'S0!Z7(608Q)E0%'/DF"#EVR#%S$/% M#"'#()Y-44R[,AZXYY63[#D:"KF8=DZ.!HH+!L0@N4RA`R#>#9%+D>M+PME?5G(A;9S(B(8 MQ$L;I)9%J)8A9!C$L_TTM2Q(];PA(5?:SLDQ07%R7!3DY(GR(E6:/ MD/C#]?Q^0.O=3@ZO(^0-W#E1?@;Q_(J"CKN7X/AL\.IS(1>BQ-N=O5DW7U;(_(XG9P?TMP?WZWN+XQ(!Y-2,MBCJ.][>G*#5+.`:3YB*)0?7 M>/13+"EBL(VG6#+$8']-LX!K;&]I%G"-K2C-`JZQ-Z19P#4V;11+BAALL6L6 MQ&#O6[.`:RS,-0NXQC:Q9@'7V+C5+.`:.ZJ*)4$,7J!I%L3@I95F`==XBZ18 M4G"-USN:!5SCY8IF`==X$:)8$L3@O;5F00Q>,FL6<(WWN9H%7./=JV8!UWB; MJEG`-=Y@*I88,=UW!E*18L3@$(@6`ZYQ.D.S@&L[\M:XM0`<[L:3&H`.?D-`LJP"DUQ1*C%W``2K.@%W`@2+%&@JNVK&5&%CT:.J\?R]]7I<7NH)[OR`7?,>7MP MZ]1]=M+]T51'K"/PZ4C5X'.1]ML?(&)&'QS=_Q\` M`/__`P!02P,$%``&``@````A`(_<7Q_X`@``/`D``!@```!X;"]W;W)K`$]^^5*7W3(5DO%ZAT`^01^N49ZS> MK="OGP\W<^1)1>J,E+RF*_1*);I=?_P0'[AXD@6ERH.$6JY0H52SQ%BF!:V( M]'E#:_@EYZ(B"@[%#LM&4)*9DZH2CX)@BBO":F03EN*2#)[G+*7W/-U7M%8V M1-"2*/"7!6OD*:U*+XFKB'C:-SKWF!%QB2UG'&8`6Z[)Z@^0K=AQZ9` MOQD]R-YG3Q;\\$FP[`NK*50;^J3(]@HC?&7"\%G: M@^G(-^%E-"?[4GWGA\^4[0H%(1&L4"]TF;W>4YE"A2'&'T5:*^4E",&K5S$] M*E`A\K)"([@PRU2Q0N.I'\V"<0BXMZ52/3`=B;QT+Q6O_E@H/$;9D/$Q!-Y/ M(=&E(=@*F?7=$T76L>`'#X8(+BD;HDH^[^(FAX8%;-\-VVBSBN`T&,K'(?\=M<8V9A@=F73.LF47Z9J/!1"86 MZ9\RMG=WO['[0D!W]2L2. MU=(K:0Z/K<"?P=TD[&YG#Q1OS/-_RQ7L4N9C`?]2*&P.@0]PSKDZ'>C'9_N_ M9_T7``#__P,`4$L#!!0`!@`(````(0`_'GLW&2@``(.+```4````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`#;5=4[]%B7=4=%?:L,/Z`3L3[5$;ST[9!1;7'E^?G3\[^Z?^ MNUKC][_[CXP>P[>__]U_%DUKVS#$)O#1O>,QJE[$8SP/Q]`IM+`..AY\<56# MNG*RJ(I9U4W;>@(.-'@'&7P*@J^;3;$LKXLU_ZWG]N=D55/06[;7[-6^J7K;PF=)G`$ MMRBLW#>'55^[:Z\_ALM=J@ITR3O8*9T!%LFY#LF&6Z M_O.:_^E^6[PM%U_>^>+.@\>/ILW":;=DS5-]TKYH4+8VXJRMRX4^FY?+&H:U M#Q_J@P>V4O_X;F3)@0JB0%5.XQD*::?HF"%C$`3%M_8'Y"R MS01I1RQO/N^8D7Y1KMC$M:\8\"ZX!W=7"))TWW+X&L[:V>N9C$\]V9C:E0@* MY_6T*NZ>/IS\KO3?QU]M)]P*YR78C3R\2MXH$W4&W_[W#$R%X8?H2>8M78T.K]M&*7D^.'G_]0Y$<1RB!N;:FETQ'2#9EWUC%Z7=10BAT;T$FA/FK*=:2.S M\\8$Z>-[$8`_P$,H3`W:(O=&F$,8FX5SB:FC'$A'BH,7],B\;O%43Q\62V3M MJHLP!"3@JTJ(40XC'=`'[DA"=P6^0'BU*M!<-9XM",9^V*D#8HIYW6$(3!IW MEGO^OERN%SM>E2G?\)UP7*]Z/!C6AN)7U6)MZE5RA*7VO5!Z.H2;/ZF?<%#C MBG=U[SPBW;@SK($6;3&'_E#Y`G+%C6<-XFK,4[Z!U"LV+Z?FF^_7I$`2#(%4 MT#LD/%?D8*6K%HM!I^\@(]\;KL,Y#\9;ML5/5OS@].0(]WOK>!'A$,",.7ZO M4#:KIT:/P(6KHJUF5;4L,,K"@6FY8%T`6PP)CIT3FBXMM(V2ABOD7@-2B6F*HE8(KV#I?[N#A;]%?-1KZ&-#.1 MA,R-V[G`V_)$("(X7B"F".FD[&`77%7.Q6$,Y+6QM"_BL]\U&TSSI/K96,T% MXY58X:X\E1_L:.?3XI.)8@!C6/@' MTA-T=!Q6#K>!>^1Z!XV9F>\C9[2Z+W`WW$L3FW4P&P)8][5,#GC!UQ`]$'4V MEL=4XR7@LCE(]T"RN7,@,7U8:(*&%^;V"M61J^+8'1C-X=%(%!+>I_@TT*8O MWP.*247D.H07:9:WB.[G>_.V@H@9WT&Y<'+7\Q)W"61;S1>XPU!84]W]D``7 M>[B)LP=F"G)]5)06>1C+)SY$Y44G>$HQ:,*(/[7J[7;8/P0.`:B95[+_77 M5NN%"?8?[*I+LK/3N817N=\]N-(N[7N];.GALF@WBZJ[[])E@.-I'E?'X'0% MFA6HXJ#BLFR,.GY^A6?UO(9:N-$]<7F)SRDGJ#89G3/9+-!YA1NPG,!O/SU2 M^/497P@)[\VP8&!/?_+%X9@#WI*:KU)4B36*`A`8P!Q"'?:68^+PUYF4J62.P- MG&XYQ`#[SC&OM1]$J!;U9:VH91R1=<0Q(!\0.!BNON0_J-($?(/F#+B:HD"U MI&(XD\M!GQRYL1@CVB`0DL)(@I^M/26JF,]V5A)H.K$T.N>H986B!U_-Y370 MOJT6R+,!>S:=8D_D+Y_)'2LRI_JKKYY:))6&!,G2VDC72V-*4@!OZYDIOMVX M\(*1IG;-&56X!_6-3L8P(&%`T-SS`K*I)I:.40;+UJ!JRDFSZ8MGU=09^;-3 MXV08[J64^&JE()Z1QJKF1<8%^-3Q:I#8VDNY'244Z*Z*61X'H`8XW>I^]+`Z MQ9:*,LE8BF8B[>"ZHN[8A#.\D>]A$H7H"61DZVUM0:`Y;>7JNEC4Y:1>N-E@ M)2%1`+G`&&C)*QHTDNP$O`?SR\7P$T&W&$8NJQ#7[ MXN2'$?[>H@IT)')@/X!B@DR!E`@AS(H1`5:C]G'Q+41OL13D6N4HX`J9 MZ1\C^(;M,_2Q>2:O&1R*WW^]6;TIE/+H8+M[,L:*1P3Z&6V9#3(:/@ M$)@]N50^4(()Z\$,EJ!I"?.:R@2*;%W$FKG2ZV1Z7#7)?S3&%\2F1:2V[!^B M%OD.44L:/Z:*='CIKT6]K,5O:"HS81UT\P15Q)W.'<^63DE,10M8E M_D9&EQLTI0XPDRY"<8*,"(#3R_35S(6794UU`75(5,6PNG64Y%3TO3WL%K\% M"FDSUTY^-MO8J$F8TB(''D&(K@Y4!"=;>X""+%\)$_RZP:E)ML_W3$K0&2YN MWR!M@4WX%RR@N!;OPF+22,H;8!?C&J4SY*LV@1OJF48/91/OW03^$?'6%(?+ M?"_V;M^A#@`H1(T[/O`%N#/!49@V1>."MPTSRJ)3")],B\(]4]>5F1MA=WHE M#6-6*0.\B1GMX^(\KK"L8%F7V"R9KFV['=U%GO2H,.,OS)FE3]GRH-RDD@5D M5Z#*5.""[`!"QFUQW>'.`ARQ$J?)5,8"Z&`QE=CBQY!`,JWTHCG!UT=17P>E3BS)N>7OS38R)TCZ ML,<<-Y6`!TD;+XN!F-?O,4>LWY!M&,[K;!OP;.(@AP2V,.NMXQOWF"I`"E)\ M7A8DX>3S:^F(A4$C::(Y`46'&8QF7DL=H6/)"O4"<,.85]$94/%1H-ZK>D$-V9,G1D:V:K MB1LX(I]LY?6S=&-"G129)&Y.E4H<:&&@"#>2L218JD.LQ14X#?"@0OQ\6M(< M"&6#)>JRRI#+J7`G1+(?2`EPCF(J/[0TC0\@85.\JXAO4!'X_YID0XP_,-PZ MA6613!6JB#YE9W89,KDOAR`X>BFNQ!OEI22'2*3O`=.Z6`24*D,Q[&D^47(C ME`51:N1>Q@263]+2)!O*W'6_P9;)_U%JG?^SFJ_C:/!6+4JYHHU^V:$.W@`J`[29W8 MUUF+LI,!C#0;P&P3SVV'S3#BK!B1"O^H3MX[%U'8&82]7LVH?>&VL-AEVVS6 MVBM\B&\V'2,Y.L"FB-LX@ MK4DT(V[.K9E9%$O^`$\<[P>63F^P,%*[ICNV%$Y4>3&<,NDOI?N4"8>[%U($ M.,Z5!R=F6LPQ.O%VPFU7VE**:V0*D\#G`L(9E0TSG!(47]Q_)BCC[ M=F?F3(FPY(D$W6+RIO!$:UB]Y'*#P<;]JS!DJLMW5-WYIR(^_&CB5_Z0#*P5 MI8"EX/U_NR*#-BO.<66L#,\(0A$J5JLI-KZVU)N",(O?)E4C=P^`)QQ$A1O? MP#W%1X`J&?X`DFMP,!&BVE2--W_S_HZ_N1L3R_XMZC=F11NR`VA,_%1$#=I%?2]F6NRO8J;B13X<`O`$$BBKT,V#4HM?1(N%-QL MGC[3\+_LEE2PF2X1+T12,]@(^:\A89VJ3S(D^0.L0&3&1^60`:SC MXFDXBN&%0LF[E65!W?L)^3W*EZRWP#))'(WPB>+[J'W/0HP4&P(AFVRFS$:K MR@Z'#(K%KX+1?`9QS;0Z))5902S3)A]>@1IYGHKV\UH3T@;=Z#P:$$J^NNU\L\F;)AG2UXH5R;JD^,KXP,)0TX6K M2OX<5E/54E2S2J;-.W4^[274(5GS`A_=4(#^X25,W.`J.NM[\88CQ#X:N`1@+02JT0)GH>[_N(/#+U]D[XR9-?4Z%#)L;)Q>CU5V!F40I687$O" M%FHV/42QITH0B50/7A.-NLW]"$CWC$P5UII#6D,44C<'4'VT+4`*#(,P2C15 M<`TE[W!VVDG?J[*!(*JRVBJY98(!W0(99#N MT"$3+1,?N8`:W&VC?D5L(?48-37M@.T+^($`&X^7TRF';PPX,G6'B/?\/>ZO M:L`?`<7.$AV$G^^%=)QP,'4(Y5>$TW3E61,22,<,00L<5"]]C!`FXGA2BBW^!)>O(HQA_F!D4"N^(8.HV,#[J-66DSO>(ODN]6@C?O MV?E!-`U6V:R]:#YH[D.D?>DY^@^O1%_LE3L[_-32.EOX":$>EB=P]*'S?66& M3<6W#W_$`1:8Z0V\2WDF=+L-!A,RQL20^]+;=C8&2<'44BUV1\&21S[5_`J% M06;2!Q8(AB'FYLVT3)1*@L/#Z",OP$2[%"R]^\;RU+8I8<29I/@+8EBF6(2* M"V8<*!V%$L57(J5%M-!LL"2X``++W(=#)'QF.DOL[)=L/CPA@]700>6[>=]R M=-F23DVE>K/0IF_=]EH_8\C5&=V\4K]'"Z2@UXI7WJ`BJW)#H7Y+3-SMMTSG MX/#'5(8R_]'[TBP?C'4[N'J`$,(%SG";D_P!6\&<#*WGAUVWU=L:6N,([IP; M)\2#\4K!A2@<5E!QQ*<'0W6S<_%B\(E%A5_:;2-Y."YQYBP79]YI].&YYP+< MB.RT?JZ4BY)9)F-'57$0?2GSTE`@.]6'CNF%VMV()#9X_/C8EK@PFI2AXIH^ M&]JI0FNHQ<1Y@YB1*:I1;:',A57-3"IEV&X"SJCC)FY"?/=&<;EP'U7'I*)U M!3-J_+V]KPCCRLD)0_(Z.#'86F4.8)E9/?5[50`F7G)%$1K2!S0=%R_@E,HO M"."C,1B-0D>ANW6:F<31U"TI<'*')*K%P'MPP@IE"EA5#%0VI6KO>7=S8O1M M$N#ND>L@JJ'^/O*K4@`0RQ0FBWN]NIX&.8D`G<"VIW5DA]B9W+ES+^OGJ#.` MO$%]R%VAD75PI)C$IIA-(:!HLT.+R$,NST-LF_4^TW&=%?B]CTQK69=])+:Y M)7*0D^D2_T;L@QVE/3U5>H#7MQM1NV36PK&5M@XX5OR?HR!QCPE%W-.<*+P\ M&M&KG'-#5L8S5NI4]1*3 MD1G>G0*-KJ/-4<)0_Q-5;E)Z!1:7`5*JT6JPE5F,:TB$S;T;)JS7MR%:/ MHBZ6*M6^JG5_T2CHW`E0XMR0"0UQ/=TLXCY%*S04G_PDAMNRI`B!^6(4G,VE MLNXC3TE)]#`=W`N8@7?*&!+7E"I@R7#ETQ*X.HI%NK&A-,*0OK"*FY51XR(# M'':4ME(%C_`$JIGZ>D?)=]AYX+*L0.?)VP"4=3P.#C!-9V])6.S)CN'*2GJV MT4*WO^Z7N4I505202X"A$``YK_FWUE(!OC:K#7<#E:*TI).GZH6E4)\1OP3] M-4"?,#A!TY*&QLS0,V.[H1!H9EE)V:I\1Q'2J6I4LN2GD$Q8&$*V0VO;8H&L MTY!F'P!(0BK&HJ<7<74IVJ#0=#E7U6JIH^)K,:;V'RDOK2>^NFPD5$$BM)2^"+Y\6$]7L)9-3=K5 MA!8WLH/%(P.1QV`*52RN+_)?>JGA$Y;D0U$I9:4](Q&%YE`L=K'3EO)QV;3= MMAFQA+2&)'.X`'^+.3,V`SF*SV%52=S"RGI6J!TL(/0>;""B,,/3N68*N![* M4=%Q"?WE:&4WFVI:B.W*-D>DK5:PMN7%V7=%BT&L+623MOKHI>KV>FX37:Q2 M;I^%M/(>U"1-XN?=,R(@3[8V-N3IXLM^@RM#HDI$9OGRCH7L8^_G*1=X:#(\ MR%)?3:]6NM0CO195QCO"(B]GCCJA4UE5^AJ?AG89 M?>:3!/3H$"9M`0[&W2MX$K;X4ZOK,MPOD&3R'3C<'!.>6?1 MR,P7IG_%V5Z'"&VX%J]Y](H"R]`ACH.3=0DW:&_."DKGREX&CL3*4P\!KP=K MJD\C0<]#Q]NY"_.'#^*?)B-LUES:Q4$;]0,,NB)RB*@YN$O"$];-'MH([@'8 M\3N11.2UF?&&1XJ\T5$=N.+7P)Q:R^_#07)O+JD:(",$7 M0?`;BO-3/0D2O0II%#SYL5)QI]KHJK<8M#60LIJ"(")ZO8$4N`0(E=?!+]0M M,>_@T@WMKG'G%_Y#,HT/YG8V3M0U\Q[S"RN:]Z90HF\Q5".[..PA=U-4(-H+7`O?A&#!Q:I&""*S>$OSCFW2- MU[6MG1`A5K^8U`:D$1^%L,?V3R#RCSF1`=O0!!`8@/8]:H\X1%7Y5GTB\!01 M(`QE#3TTD79V95':2&EJG2>M1],H%?75)1TB=K?*?-49_AQ%`UJ$/18M+4_L@;Q/-W5/[Z(A!>@XB;TM]J\%$BKG`48,3D+ MF>C\(B*1:P*O68$;7K.JPYS4G$0LZ";C)2R)?#6>D3*+8>-V2@E,6/)&(B.1 M9K-.+O^1UW):V:HT"B^X+208=BZG*4.LI*Y2LDD^R/^X?Y-\*PL&1,@H,-FU M$AL47@XQ!E$Z5I=M"`/CU0AP@I(-8I:Q9,@/N."E38`RWIJ!GX';0VKG1*=) M?./1&GF?IFL)XML/KWM"H=)/A5J.=R9,HQ)?P(B;/]5%C)=TV\KGM3C:?1"+ MZB/RDTX\][L!XF+YI:9IYJ*2-?T&L:L\):#)G8_G7Y1@2">Z9#G/V\$RLHK' MDY,%C4.2#DE(:;J``V*@/5)F5'V-EE"\](OA2;`/3]I0*L**1GFW0"J=UC%N M8H<3(O5`!Y]2.)2SKO44`S-)E?@+`H1NY#VL2..5#8W/FTFMR(S4NN*7KSJ4 MI>.'IN6]>:YXAZ2`[B$/A%^YD;U!L83$;;A($72@)VN4<<)N:'9J.O6:G5Q7 MTZ!Q-[E6AVY2P7KQCE*&!BL#Z6"FLNV^@])H@D>=-A`X6AR#W;-1`B>FD"@= M"@SCZF&H@H^MIF)IIUQ#Y%K;^,FS6O?/_?F5:?2E!O9CU!_Y(-^%E>#^-]B5&B)IT!>P%U+ MM@K>,&YH:(##A%F(KFD)IKUK>!(EC0F0*I\A1<$K$WCA<(JWRM\$'Y:2&9;3 M31,&@FP7F23\&OU4#X!V*#4.]>JMPF7R03 M"&E9B81,) M7_1C0PNZ`09(VSY)^;;1(X#T\>&6\N*5E8V]Q.A@IGHY7ZU3#TC&4/*EXG&L M*>"X>))IP73,@-$<@!MQ:/6W^)0DY`F%AAIE$JP-(-5^[10D3_UU$VX>6Q'6,(1E[GB9PA@(W3OT MMIA>'R!LUM#1P*2?$Y%2M#;$TV;6M@=`T7"P/_[:F_)VRY MPT=CIA4)LH,?0%_@Y(M(W.%DEEPE5-[&']@%%P+)OC%W)#[RP\B]G-:K2F6G MV&$C4X.#29(!A[$'%U16`NY7]=N>9'(SJ!#.&Q'MH156QX\C&\"#$Y(U)\<8 M-'@JR\=K1;S4<)`KGCP8;/\`S]8<(P\G0%[)X]K#'';+5D(,YUK26Y5250,I M2.X1ZZ3C79Q_@90K\T'0+V7*$9(RM7,8>X!4H)B6+54SY)8+#YJ"2%C*Q!^" M\;VCJ9(!"/;&W`3ER.3W##UR"F>%*-Q&W;&W*%+79EV9#&`,SPI+:W1F;Z!^ M!NAH1,P)FE0`=NB`,#47@#0)(3-.+`(44A1(B7%-RCS98OPE^Q24NETN-9]&B@%E9(^K1I6?@/`0;N=HAZR@ M,BW/P*IES(''3O7A_>(DQA`>\V%WH8%.%Z]2?I^_A7GY`QXV8,-BF"\E$9(. M7FQE2,Y6X!7#%UVCZ%JX%4/+#OB8$YJ,[.-T2)J)$H%#D_>"?XUYPC%RH((_ M;Y>ZK1LW@CB^CF)BCBXGI^#F-&C'*5D:0:_^GQ%X@%FK0('@3DM1E5:L.SE?[.F6<9L'DF MQKA0XANU,O%/WE31W5%$-(RR+^-#Q?N6*>Y._!5WK>*OOYE6\6<7\67,5.O$ M%C_X>J&MA"=XK.X-N@+?9$GD(*,#K;)7>D:/YS\\R5^8)%4*PZOX]$3W2?ZH MQ_-O6\D>S__'G;=9+R)!]="&M%*BO;N1@1:6^OF+>Q@?G#CI]CZ,'[]5^(U; M+4+;^T@D>_4DT@X5_Y3/+9LP._+E$\N+!)[_X_>696'IC_7,<#!5VHW#QURR M6[P]1W>Q_PMZJS52UV/2G^ORGW=%/SR)7REI0;BTP8W^4&^U/CS]W%NPK.T; MY1P5@/=^F]_I(0PV`U5#/I8L//X4'"*^U/CRYY9BSC_>MU@C[SC')YNO) MBT]OM<97D',-5;S^OWRK%8F0$313C!&UGF&R@];QN_>M5A'MY:>W6L.SG^X2 M!4=&!M1N(^(B?'JKE4LPG]YJY2Z8Y?QC>)A',.;J*G&&1@^Y>-?ER?OCC MTUNMG]YJY:$`2RE9\&H^0%38"J8\_Z.7=U-*".]N04CQZ:W6<01]$4,?5<@_ MO=6Z5HL!]U)[>9J?WFH-V<7X)JXYHZE3)GC?IJ)C:O$OYJU6$F:T,V6U%/2& M7,LL@Q%32T/B0P/*_#H1OGE6?N*GMUHS.4-V_V0M0G]@1GGWC@0O[J:+GO&.5M8W MRG4@O=6:?4(5D'J'%9+1#XH\]6.;%,N4$];#>?_;-UNML>.,PDQ?_`4]D>27 MD"E4_+]](^FYL\&Y7R3X.,I76[<%9!A34U=,PFTQKW="R>.V\L&[IEW,[#YH M&&6%(80!IY.?]+0V#^_T91_=Z)$7/S1VGV_?4_$?EB-8S`K'K=W*$5Q#/2LV MP,:6]+UW,*AA"KAPM4Y7MQ#36&W#&>17Y.A90\5Q MDFE%JUPDI%J>0)3EYTH&+U$KATF',D<)>!FPJF!XT?BO\A&\S*@WAXM<>XJ? MGPIA]#_\60IA-&MR=>%*I(;QW84,/R^GCIKHU.W4#KZ3&']CG<3Q)\YW?AR5 MGY_>'36.US3B@2]4?/=S?A.>VL7-*X5!XX72KT3?N$P:==LJ1^1B^>TU+-EW M%]RJ+)[`O&_V`996#.,UV@:/`7SNUP-N!"^,.0!<7.%KVC0\HKL%MC`AC3\( MVRO"!%:D;!2F='3>^64HVV+OP>.<."7,&)_[=>KTNJ#OW-I*;B)T&AY''T!& M&I=^4O(V2J49<>6#Z(B(CK^&>A.\86P8>@#8\8*)(K?!O+UZFG80\O/8H703 MR''0`6#CUT7:[C8HXXPTX2!\$O<;)4`##L!E<],6M\&DT6GPS?!\I0LGO]"3 M^K[H/F[7NS'L[J(:-SYL^3`\_6,#L M;/*84F>Q)VNGASCV%'WZF09R[=FSEE:SUB6W[_$S#?WC)_1A/54/E+G=KX?V MK^+">B%OTM7,M:EGJUDVT>8=4)/9L#]<@V>3;E>:V>#B%:^NZH>@"[S%KW1U MXR"C9K.8I#FO6LW8X/_#?5VG/[VYKZOXM^+[3QZ#@?<\7(9ZP9O[ MKU#9EOW8P1A#G_'`5&QPAU7._>6KTX>3TUNGOL+);X.?M_-E[_,/7HI=%W_^'\$````__\#`%!+`P04``8`"````"$`^V*E;90&``"G&P`` M$P```'AL+W1H96UE+W1H96UE,2YX;6SL64]OVS84OP_8=R!T;VTGMAL'=8K8 ML9NM31O$;H<>:9F66%.B0-))?1O:XX`!P[IAEP&[[3!L*]`"NW2?)EN'K0/Z M%?9(2K(8RTO2!AO6U8=$(G]\_]_C(W7UVH.(H4,B).5QVZM=KGJ(Q#X?TSAH M>W>&_4L;'I(*QV/,>$S:WIQ([]K6^^]=Q9LJ)!%!L#Z6F[CMA4HEFY6*]&$8 MR\L\(3',3;B(L()7$53&`A\!W8A5UJK59B7"-/90C",@>WLRH3Y!0TW2V\J( M]QB\QDKJ`9^)@29-G!4&.Y[6-$+.99<)=(A9VP,^8WXT)`^4AQB6"B;:7M7\ MO,K6U0K>3!`6#?!TVM+$6:]?Y&K9/1+(#LXS+M;K51K;OX`OWU)9E;G4ZGT4IEL40- MR#[6E_`;U69]>\W!&Y#%-Y;P]?O/R\1?E>%G$__K# M)[_\_'DY$#)H(=&++Y_\]NS)BZ\^_?V[QR7P;8%'1?B01D2B6^0('?`(=#.& M<24G(W&^%<,04V<%#H%V">F>"AW@K3EF9;@.<8UW5T#Q*`->G]UW9!V$8J9H M"><;8>0`]SAG'2Y*#7!#\RI8>#B+@W+F8E;$'6!\6,:[BV/'M;U9`E4S"TK' M]MV0.&+N,QPK')"8**3G^)20$NWN4>K8=8_Z@DL^4>@>11U,2TTRI",GD!:+ M=FD$?IF7Z0RN=FRS=Q=U."O3>H<],9&R;,UM`?H6G'X#0[TJ=?L>FT1.[P:3?$45*&'=`X+&(_D%,(48SVN2J#[W$W0_0[^`''*]U]EQ+'W:<7 M@CLT<$1:!(B>F8D27UXGW(G?P9Q-,#%5!DJZ4ZDC&O]=V684ZK;E\*YLM[UM MV,3*DF?W1+%>A?L/EN@=/(OW"63%\A;UKD*_J]#>6U^A5^7RQ=?E12F&*JT; M$MMKF\X[6MEX3RAC`S5GY*8TO;>$#6C\S210*:D`XD2+N&\:(9+:6L\]/[*GC8;^AQB*X?$:H^/ M[?"Z'LZ.&SD9(U5@SK09HW5-X*S,UJ^D1$&WUV%6TT*=F5O-B&:*HL,M5UF; MV)S+P>2Y:C"86Q,Z&P3]$%BY"<=^S1K..YB1L;:[]5'F%N.%BW21#/&8I#[2 M>B_[J&:+T5';:S76&A[R<=+V)G!4AL MZ%8JNU'N_*J8E+\@58IA_#]31>\G<`6Q/M8>\.%V6&"D,Z7M<:%"#E4H":G? M%]`XF-H!T0)7O#`-005WU.:_((?ZO\TY2\.D-9PDU0$-D*"P'ZE0$+(/994FRE)")J(*X,K%BC\@A84-=`YMZ;_=0"*%NJDE:!@SN9/RY[VD& MC0+=Y!3SS:ED^=YK<^"?[GQL,H-2;ATV#4UF_US$O#U8[*IVO5F>[;U%1?3$ MHLVJ9UD!S`I;02M-^]<4X9Q;K:U82QJO-3+AP(O+&L-@WA`E<)&$]!_8_ZCP MF?W@H3?4(3^`VHK@^X4F!F$#47W)-AY(%T@[.(+&R0[:8-*DK&G3UDE;+=NL M+[C3S?F>,+:6["S^/J>Q\^;,9>?DXD4:.[6P8VL[MM+4X-F3*0I#D^P@8QQC MOI05/V;QT7UP]`Y\-I@Q)4TPP:&PO=V]R:W-H965T&ULG%U=;R-)]A;S<[JCHJ*BNR23')]W_[X_'AXK?C\\O]Z>G#97HW MN[PX/MV=/M\_??UP^<]__/S3]O+BY?7VZ?/MP^GI^.'RS^/+Y=\^_NN_O/_] M]/S+R[?C\?6"9GAZ^7#Y[?7U^_75UO7R_?EX^SD/>GRXFL]FZZO'V_NGRS+#]7//'*3Y M^'#[2OQ?OMU_?]'9'N]ZIGN\??[EU^\_W9T>O],4G^X?[E__S)->7CS>7?_] MZ]/I^?;3`ZW[C[2\O=.Y\W^$Z1_O[YY/+ZCU\^7-ZDZR%MYY=7']]GA?[W_OC[B_GWBY=OI]___?G^\W_>/QU) M;MHHWH)/I],O#/W[9P[1X*LP^N>\!?_]?/'Y^.7VUX?7_SG]_A_'^Z_?7FF_ M5[0D7MGUYS^'X\L=24K3O)NO>*:[TP,1H']>/-YS;I`DMW]\N%S0C>\_OWZC M?UN_6VUFBT3PBT_'E]>?[WG*RXN[7U]>3X__5T!)IBJ3+&42^G^99-X[QU7A MDY?GS_?/K]@I*&[OCR_993,%W3O+JNPJ*N]$<+I17R)#<\2YZ+UO!" MV_/;Q]G[J]](SSM![",B(>(@B/GE19UDCI"A0GBK:`%U%33(KJ*]*TJ6P7DG MZGVV.[S1OD!(CPK9N04=%,)[S1H,)@#<:,O[N3'XPR5-56^\)M]05BJ3N=#0:QRQBS3:N&6,N@,GBB=F7ZB#$:B MR6WFOD`LT^33LP'QZ:D0SW9]#EL&.[8+IVN!`-LE0@X*X:.8%NOES*?XH`A/ M=G,.608[LCY?"P3(NET^6,BGEGL,BO!DN;X:]WK[W#/8D74'8U\@0-8E]:%` M?IRR.H6GNCN'*H,=57=T]@5BJI),#>%P'.#=I]N_EIYGSS M(""@[Y9(+YYDHD"?BX2CW^<1I;KPQ#4QTRRXA*!P!<$G"HJVJDXU=U(,J<[D MES`_JYQE-!THD\8:,FDL(;NXA=-]@&&0QG-7L-Y.XXQ&ZTHS[UT"0AV]>0G( M9L+2)W*=*,C(!)NL[;F::>5M3%*['&<5!4<2B)L;2I[:" MHAW/N;28%4UL0RE$D!@2LHDAH?(F0'EA:%&8![2\,P@PVN>!V[[]O(!0-R?) M04"0!^YD#G6BD`=<<8QJ;&@K.IH3ZDF=LB(X_7:S=WR4)JB44@4)*"%+ MI83H]N.1<&8QS.TP),=UP)";8,1HEY'^A?-^7D"0D,.!84C. M59X)1K7`D,CY%=!^(2'+J(2L.!:$]V<#=_G5)XXXOWF66-ABD-D=)`3BN/,Q MP#`DQX9OR$V(4\H#+;6Z0TJ^^"X*"$^LK[T"`M;NY`QUHI#N[//]I*4JX#'U ME6\A**3M2Y^@QDP8QG&!)2W.LN1#D58]KX46/-(=4`F-=SXHBE*B[L;*^]FWZ@61;GMD=+ M0Y:*H.C^H^\XHQQ@'+([R[R7U;PU+_8:LI0*RJI3[=S;\K)ARWU'*[IRGHOV MSE(1%*CCGT5A'*K#?FGV;B)WQ%UM.EO#+<:S+"&KC@7A_1NNW*=.M.5EM&4- M6776_CE705E59,>&V:^.V*M5QSJNJ%-"5AT+@ONO&K:\Z3A8>1R><0V9U-$0 MB..?[?<.6N]_I6T90U9-5IF/+:/^C".-PZ M4K4_=5:,=NI(R%(J(:N.!>']&Z;<=;!6T90U9*DT3'GM'ZAA'+([RY17T90U M9"D%4P80WK]AREWO:JRB*6O(4FF8\MH_*L,X9,=VV6T[_&Z6SQWKM\5V!&5S MQX+P_@U3GB\(_G9U6$5+UI#51E"4N;69\$\$L^XAHP\&@)Y_*.R@O(XI'>6*:_%@8T\&K*4"LK( M`R"\?].4)U-G'2U90Y9(RY+]']&Y:< M4L]?L-?1DS5DN;0\V3\HPSBD=Y8GKZ,G:\A2"IX,(+Q_PY/3C+;\;==91T?6 MD"72=%Q"9ZLH8LDX8G;_QC,HQ#^(=D&(?PS4 MD*44#!E`>/^&(7>]A-A$2]:0I=*PY(U_2(9QR([-LC]SQ%IMYEBW+9ZS*2'C M.1(I[[C@_1N6O.!$?[M<;:(?:\AJT_)C_Y`,XY`;.V6_-N*K5AMKM:)-"5EM M+`CNOVWX<8_EY'%HQQHRXFB(COGHQ_X164%Y'))S?MS[AX!M\5S:X7K7E-PC MQ%Y`=/!'4/BDJX!L/4G^0ZA#G_5YX'N[]]S9]5[`>$"G&<= M!(0+\$>WSA06X#R?%]!5K;?%V&$'YNY4[`6$"W#9<1`0?PS.[)-_*5&G"BM@ M8S?G*Z<0Y?S;1W_+H[S^[OE\+R"D[[+L(""K_R:0+W=KY+\K*TR^XSE[6RH' MB.\_1+87$+!?N$>E@X"`O9-AJ!,%Z6E8D+[CSWA;'N?$7X3D+R"D'Y*_@.B? M8^HL0O+K3($_EQB7.OQR?B)U2F%"\4/F%Y!U2A\9MB:"KNC*V02?4I^L`X>/ M?V\+QHH9/OY=,213+C.#C2!!KC9../Z$R`314J.L<''7"\82I284UZ*RE6(W M*]T_[](._K?YMY],6..P\;L&O4T;3H^@IT'NA4YV?>"P14YLS@(:&)%I7S#BD9I<$64 M+C;5WDZQ':/=,AS#O6!P&=[5!42-(]P'M>Q(L3JM=YE=H\1VI%BCOOJ^EGV> MVGV(>^DMOH+R2ER:#O5JH$T"6>'[ZNJ.1^$&I*6W=@'!#BP=L4,%Y48T[VA# MO1QX-TIJA]RQHFY<3NQW!6,\/40&&\$\YB)D+',BCTO)>M/3=UK61EL(GEXQ MU=-M!`ER-3($>;^[_H2W*V7,VGIHZ1&,W?'0TB,86E6UN:U_VZO.$W;]K)*Y M*^40*+O\VPL&*(^N6UZ'"<92]L_`0YTG4.8JY@3O>DF_*^4/V+N:L1<,L'=^ M?A",9;]UYC'4>3Q[:A9!^F\G=(&C,>Q&R\]R[A4$K)U]4[,?WY@^$F7R9.YF MHH:_`HH%GQI)D#?G>9?L9:1;@O<(!=DE$!GW`*,H6(-;**VA5,G6&KC,N=3I M.JOYM06)1Q_S&4\9W0CYT4;P#0B&RW`^3EM18&0`]1&[;,JDKE;/O*$H MRB9&Z+-14"LQ&L6/WU0\L].&NFJ*JE;"V&I389@FWF1*:;2JJM2S2 MXYP-83B^=95F$LNS:YY(S'3<(,ZEA:N04VD1ZV*:.:.BDU90J*"S`CIH!45\ M1P'=H:6,UJGB.>-ZY_QBNO$FS7A8,(MH>0*#-836&YW-KF'K'(764.>*BW#U MCV82*%1AR*9/*XPV[SJ,&]H("ZRQ:BKE.%#?9=[_D) MM*<9)TF?.E:UT(U38;B,X,$RFUW&UCT=TC)JA8SK.*^J29LZ)*K&(#%*P;*) M"C`T*R[=_LAW=9Y0?U(C424&?$H,9'):DDQVH&/H:M54HM:29,Z/Q(!6B8%, M%N9($/V_*!./=$4&VL^ER#3:UK?N:9UDDLE:YYE=W3C.E$RE"&`V20QD*C&0 MR<*<3*Z`3)$H+HZFXA9-[E=0E"&UJ)$0^"A*IE)0-LU6\33J5/$PLI<;^=A4 M^CIQZ`]*NL.68*C@"L-UA!*N,#K%=;FA9:?>LY$(N2GVHC'0J50#K@!C.KG#0SH)JJ43._,9 M.HF1@TX2`UXE!CI9F-.)G=F0R*>SJYLG?_N=]U]HW=:-$_,'H=PA)J%^7")R M/[;A.)50C;H`+=W*J^!`J!]7@=QW;4ADH7KZ>I)V;,/&6:=7/A(#G9R+D4YV MI-M+]F!#<4JG8ME0J*1/FQX:U"0.J?9W:XA(R-!65C?LON_='>W5!IWL"P'5 M26)6IVT\>'8DZL1O1I^A4X8[0]"8U4EB-I\`YDBPS9K-ZCCK029)&;3 M:1U>VNMLC8S/G=*&X<2QD\9J.'8:`U[1QP'F9&KX>-\;DMI##3I9,]9M:]AX M:`&BC^$:A1U%-M]S;+0HP7^%@S5CX2`YW"RU>= MK7'N'<1CIA#K/ MQ;7M&H2R]JP;&%U'MYPAI&H4FZH-CLY<>ZT M_]JJI#'+2V+6G0#F2#0>Q7M4TFYL8-/P<,59=]H&=U)48QMS8_49*HD1`R]K MSI)+TJ\-*EF84XD]UI!@=^KKNJ(O!X\VKC'8-L%9H4+C59VM)=1Y-JXMV2!4 MP\8%!T)9F!.*/=8)U??HI"W:P*?AXH(CSZSO/(46K*23M60ZS\2U-QMH-4Q< M<""3A3F9&B;>]<*NT>*=-`;9U+#PT(R%(QW#\RQ&A+2OI;(UDRNW7)MTG+%R[M2TOC5E>$K,J`0Q5RCW8A@2; M4]^[3MJ]#7P:)JXX\*;P<0WNXT&TAE+7<`WA0`C*KB&%EJYQ MKK@(8F$+7:[%TYDD;?&PA*4[A[0$GIP_Q$FW%6\/(5+8H-#:<_.[47@BO:57 MWOJT;X0@3J7H65E#'\`(4N+$4L=%"6DN+V''893N>2MAZ.]*`K)L8X.7HNAC M;KWM-SJD=3(;];1G.:5RPG)("X')IEY.>C#@\J5=0N)X6>KR1?-0`I M%YJ^1E2SZVN\'+ES&?P+W$OU1.ZQ!!04'BO)*4>W6K_%Z()^_:<"0G_!7 M^&*"[.?[%&/T,RBE9)8_W&+&YJ\&,'?DK>:&S7,_<2]?,6#U\U6/N,DK0\J3 MT2)"*H^HJ`_-[S>7?]#G;+8\#[8\+,8SK4H6$'^`K[+UZ4S:5E1E6WY+L_S8 MY./Q^>OQ<'QX>+FX._W*OY-)?Y/[^+Z&]5<\T^[Z)M%+%IK$7:,/&NZNZ2&P M=8T^>;FCW_]L7KNA;;_.>]^:+)FA>N9F3O/3AO,9L=&7?O$*_ M67-]:%X9Z,K0O'(S)];TF:W6?8AU\PK]``K-UAISX-_*;7NGW<_._?J,?3#[2C_;-^(NS MOYQ.K_H?1.JJ_@3SQ_\7````__\#`%!+`P04``8`"````"$`A[AO#G`)``!& M2P``#0```'AL+W-T>6QE*YYSYX25Y1NOOE M/0J-'WZ:!4D\-7M?NJ;AQUZR#.+UU/S'BW,S-HTL=^.E&R:Q/S4__,S\Y?Z/ M?[C+\H_0__[J^[D!B#B;FJ]YOKGM=#+OU8_<[$NR\6/\LDK2R,UQF*X[V2;U MW65&C:*P8W6[PT[D!K%9(-Q&G@I(Y*9OV\V-ET0;-P\601CD'PS+-"+O]NLZ M3E)W$8+J>\]VO0J;'>S`1X&7)EFRRK\`KI.L5H'G[[*<="8=(-W?K9(XSPPO MV<;YU+1L8).(V[%P70C4YVB$A!YWIR%L2FTFE,-"2= M^G1&U"F"2BZ=/*Z3^^\].DFR!J=EG6,_21;3XKA>KKR:.=L7=DB[,@U?JP=0AVO7B@&Z[I'^/7+H3S'*0GP^?G/D3DRLP4V5Q`-1QYJ,+@#[-)O/VF?ED$?!O1I M&=3!?_/6;%IV?;LMDC6>D0>TENI^&4TFDW%O.!Z/)W:_9]O,R(LRHH-XZ;_[ MRZDY;,U,NPP&8##ICR=#"T2Z]IB)NBJ#/@B,!H/QH#>Q;/S/!I;+,VC;I@-3 MMU<%!IJ\*C#0Y%6V+NFTD/G+GC+4[E6!@2:O"@PT>774<@8>:?>JP$"35P4& MFKS*9KXM]E74;#6/JP(#35X5&&CR:FN3SS(#3[1[56"@R:L"@[.]RE976,\M MDG2)M6]5U^]UL98JSMW?A?XJQ\HM#=:O]#=/-OAWD>0Y;A?)!GNT M/-%"541$^5<4+7!+G>[75E]1'BR_%D-%<0".AQI9:+^_D>%N-N''\S9:^*G# M[K,S:>PLE2'YT8R-S`+FUS3)?2]G^P!8G?T0G_X!/KT22(7/ M.?)QWWVO/6`G97N<(Q]K^[WR81>M\A%GRO+;C`>LBBM[P`5B4!_CTR8#K.`J M!G""#@98;50,$)XZ&&!F7#%`@'(&H',D*L[I!Y@HUR(1`UPDY%]*)'),I:4D M\H):'DJ_D']$2T=*OV>96*$=R.GL9-@(,C)J`M M6>T,>;U#.5^;082D"P[<(D@#QRS27E0*.1Y'^JGQKOJY.% MU-ZA11/\7C4O5D_%RA&^8&LI82E-C_>XM&N6:J?&:Y(&OV&128_Y>#CAIR8] M2Y4'GGCF9^IN7OQW+$6+6Q;OJ\.U7C"IZAN?@U%F>)`3EX^2MVDT$=ZZ?<[@ M'T_RCPE%U_,.F(B9#=)-2<>$0^[21F6C=HZQ_G.ZA)*M";AW3:V1)* M[;"Y-"V7A]\+9.#SG:PPW+*Y%V9;PKUK^;(,0FPQITD7S9F^;8=_.K#A9SG2.8<'-!1;97,3"PK0I%A!*+%I+ M";PPH#;%@O@"JP]M!2SI+(*+Q&+^Y$J"@(65&Z*Q?U(ZU$!"RHWQ>)^!$,!RX:0IEC7$_ M`E6PEXT?FF)Q/\IYPE;,$Z*.W(^R[0>*MO^<4>6(MQ0COD#AOL,WP49X-E') M1@4*]YH9KO-G6'I)S*0W= M*A#?@OC-7\J1(UN8WF.C@O3L;_,43ZN7&LE=RE(TS#/M4JPQY!3!-AU^GC,^ M8U-B)9(*-D(RH&6T"O&_;7/!C&RK`!]W:?6O`O(2Y-B'7.HN]V&BI021H%!8 M0WS**(H8_W33F'J+U'4_Q>@!C7C9%;/_Y3O?LUGH]`/,N_96[ M#?.7^L>IR;__E>WP1S"55_T:_$AR!C$U^?=O].@$>C$VN"+=?,NP'1]_C6T: M3,W?GV:CR>.38]V,N[/QC=WW!S>3P>SQ9F#/9X^/SJ1K=>?_@-G2 M&2]P8B^:0N&U9]]F(5[SE);*EN2_\W-34S@HZ+/]TJ"-C<25$IVL?@'6_7\! M``#__P,`4$L#!!0`!@`(````(0!1>O>=,@$``$`"```1``@!9&]C4')O<',O M8V]R92YX;6P@H@0!**```0`````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M``"&>TMIU2AI6:)F)Y>8.#/C#>';2BR4`-KMW\NZKL[H MR2-Y7QZ>[Z.:;76;?(+SJC,U(EF.$C"BD\IL:O2\G*?7*/&!&\G;SD"-=N#1 MC)V?5<)2T3EX=)T%%Q3X))*,I\+6J`G!4HR]:$!SG\6&B>&Z'0;;+EX MYQO`19Y?80V!2QXXW@-3.Q'1B)1B0MH/UPX`*3"TH,$$CTE&\';MCVS?7)MXW%?Z=55(,=E0XX`%D$M^C![MCLBKO[I=SQ(J&UL(*($`2B@ M``$````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M````````````````````````````````````````````G)-1;],P$,??D?@. MD=_7I&5#4#F>QCHH$HAJ[<9C9)Q+8M6Q(]^E:OGT.(FZIFQ[@+?SW=]__>Y\ MYM?[VD0[\*B=3=ETDK`(K'*YMF7*'C:?+SZP"$G:7!IG(64'0'8MWK[A*^\: M\*0!HV!A,64543./8U05U!(GH6Q#I7"^EA2.OHQ=46@%"Z?:&BS%LR1Y'\.> MP.:07S1/AFQPG._H?TUSISH^?-PDT'D?!X?.1K)0W@Z^]0:`[2NI`?,9LGT8[;\QRNSY)4K]QJW]T"MM]FZK6OI M#R\ZCV0+(*E-MI`DQ]*SR?TUJV_:;O&AV;AP"8Z[<)[D?7=YF-.Q?DKP95@# M;SJ3VTK:$O*CYGFAV]S'X7N*Z>4D>9>$I1SE>'SZB.(/````__\#`%!+`0(M M`!0`!@`(````(0!(04+*7!E&UL4$L!`BT`%``&``@````A`+55,"/U````3`(```L` M````````````````K`,``%]R96QS+RYR96QS4$L!`BT`%``&``@````A`#U8 M@'H?`0``[@0``!H`````````````````T@8``'AL+U]R96QS+W=O&PO=V]R:W-H965T&UL4$L!`BT`%``&``@````A M`I7_I"0``M30``!@`````````````````'B<``'AL+W=O&PO&PO=&AE;64O=&AE;64Q+GAM;%!+`0(M`!0`!@`(```` M(0``4FX.8Q8``,=Y```8`````````````````'MC``!X;"]W;W)K@``>&POO>= M,@$``$`"```1`````````````````*^#``!D;V-0Z`P&R0$``,X#```0`````````````````!B&``!D E;V-0&UL4$L%!@`````.``X`F`,``!>)```````` ` end XML 11 R4.htm IDEA: XBRL DOCUMENT v2.4.0.8
Guggenheim BulletShares 2019 High Yield Corporate Bond ETF

Guggenheim BulletShares 2019 High Yield Corporate Bond ETF (BSJJ)

Investment Objective

 

The Fund seeks investment results that correspond generally to the performance, before the Fund’s fees and expenses, of a high yield corporate bond index called the NASDAQ BulletShares® USD High Yield Corporate Bond 2019 Index (the “High Yield 2019 Index” or the “Index”).

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund (“Shares”). Investors purchasing Shares in the secondary market may be subject to costs (including customary brokerage commissions) charged by their broker.

Annual Fund Operating Expenses (expenses that you pay each year as
a percentage of the value of your investment)
Annual Fund Operating Expenses
Guggenheim BulletShares 2019 High Yield Corporate Bond ETF
Management Fees (comprehensive management fee) 0.42%
Distribution and service (12b-1) fees [1] none
Other Expenses [2] none
Total Annual Fund Operating Expenses 0.42%
[1] 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 (the Board) of the Claymore Exchange-Traded Fund Trust (the Trust) has adopted a resolution that no such fee may be paid in the first 12 months of the Fund's operations.
[2] Other expenses have been estimated for the current fiscal year.

Example

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example does not take into account brokerage commissions that you pay when purchasing or selling Shares.

 

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example (USD $)
1 Year
3 Years
Guggenheim BulletShares 2019 High Yield Corporate Bond ETF
43 189

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance.

 

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 2019 Index. The High Yield 2019 Index is a rules-based index (i.e., an index constructed using specified criteria) comprised of, as of September 9, 2013, approximately 178 high yield corporate bonds with effective maturities in the year 2019. The High Yield 2019 Index is designed to represent the performance of a held-to-maturity portfolio of U.S. dollar-denominated high yield corporate bonds with effective maturities in 2019. The effective maturity of an eligible corporate bond is determined by its actual maturity or, in the case of callable securities, the effective maturity of the security as determined in accordance with the rules-based methodology developed by Accretive Asset Management LLC (“Accretive” or the “Index Provider”).

 

The Fund has a designated year of maturity of 2019 and will terminate on or about December 31, 2019. In connection with such termination, the Fund will make a cash distribution to then-current shareholders of its net assets after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to return any predetermined amount at maturity. The Fund will invest at least 80% of its total assets in securities that are components of the Index. Under normal conditions, the Fund will invest at least 80% of its net assets in high yield securities (“junk bonds”), which are debt securities that are rated below investment grade by nationally recognized statistical rating organizations, or are unrated securities that the Investment Adviser believes are of comparable quality. There are no minimum credit rating requirements for securities that the Fund may purchase; however, the Fund will not purchase securities that are in default. The Fund has adopted a policy that requires the Fund to provide shareholders with at least 60 days notice prior to any material change in these 80% policies or the Index. In the last twelve months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper. The Fund will terminate on or about the date above without requiring additional approval by the Board or Fund shareholders. The Board may change the termination date to an earlier or later date without shareholder approval if a majority of the Board determines the change to be in the best interest of the Fund. The Board may change the Fund’s investment strategy and other policies without shareholder approval, except as otherwise indicated.

 

The Fund expects to use a sampling approach in seeking to achieve its investment objective. Sampling means that Guggenheim Funds Investment Advisors, LLC (the “Investment Adviser”) uses quantitative analysis to select securities from the Index universe to obtain a representative sample of securities that resemble the Index in terms of key risk factors, performance attributes and other characteristics. These characteristics include maturity, credit quality, sector, duration and other financial characteristics of fixed income securities. The quantity of holdings in the Fund will be based on a number of factors, including the asset size of the Fund, potential transaction costs in acquiring particular securities, the anticipated impact of particular Index securities on the performance of the Index and the availability of particular securities in the secondary market. However, the Fund may use full replication to achieve its objective if practicable. A replication strategy involves generally investing in all of the securities in the Index with the same weights as the Index. There may also be instances in which the Investment Adviser may choose to overweight another security in the Index, or purchase (or sell) securities not in the Index which the Investment Adviser believes are appropriate to substitute for one or more Index components, in seeking to accurately track the Index. In addition, from time to time securities are added to or removed from the Index. The Fund may sell securities that are represented in the Index or purchase securities that are not yet represented in the Index in anticipation of their removal from or addition to the Index. If the Index concentrates in a particular industry or group of industries, the Fund’s investments will be concentrated accordingly. As of the date of this prospectus, the financial services, telecommunications, consumer staples and consumer discretionary sectors each represent a substantial portion of the Index.

Principal Investment Risks

 

Investors should consider the following risk factors and special considerations associated with investing in the Fund, which may cause you to lose money. The Fund’s Shares will change in value, and you could lose money by investing in the Fund. 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.

 

Investment Risk. An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest.

 

Interest Rate Risk. As interest rates rise, the value of fixed-income securities held by the Fund are likely to decrease. Securities with longer durations tend to be more sensitive to interest rate changes, making them more volatile than securities with shorter durations.

 

Credit/Default Risk. Issuers or guarantors of debt instruments or the counterparty to a repurchase agreement or loan of portfolio securities may be unable or unwilling to make timely interest and/or principal payments or otherwise honor their obligations. Debt instruments are subject to varying degrees of credit risk, which may be reflected in credit ratings. Securities issued by the U.S. government generally have less credit risk than debt securities of non-government issuers. However, securities issued by certain U.S. government agencies are not necessarily backed by the full faith and credit of the U.S. government. Credit rating downgrades and defaults (failure to make interest or principal payment) may potentially reduce the Fund’s income and Share price.

 

High Yield Securities Risk. High yield securities generally offer a higher current yield than that available from higher grade issues, but typically involve greater risk. Securities rated below investment grade are commonly referred to as “junk bonds.”The ability of issuers of high yield securities to make timely payments of interest and principal may be adversely impacted by adverse changes in general economic conditions, changes in the financial condition of the issuers and price fluctuations in response to changes in interest rates. High yield securities are less liquid than investment grade securities and may be difficult to price or sell, particularly in times of negative sentiment toward high yield securities.

 

Asset Class Risk. The bonds in the Fund’s portfolio may underperform the returns of other bonds or indexes that track other industries, markets, asset classes or sectors. Different types of bonds and indexes tend to go through different performance cycles than the general bond market.

 

Call Risk/Prepayment Risk. During periods of falling interest rates, an issuer of a callable bond may exercise its right to pay principal on an obligation earlier than expected. This may result in the Fund reinvesting proceeds at lower interest rates, resulting in a decline in the Fund’s income.

 

Extension Risk. An issuer may exercise its right to pay principal on an obligation later than expected. This may happen when there is a rise in interest rates. Under these circumstances, the value of the obligation will decrease and the Fund’s performance may suffer from its inability to invest in higher yielding securities.

 

Income Risk. Falling interest rates may cause the Fund’s income to decline.

 

Liquidity Risk. Liquidity risk exists when particular investments are difficult to purchase or sell. If the Fund invests in illiquid securities or securities that become illiquid, Fund returns may be reduced because the Fund may be unable to sell the illiquid securities at an advantageous time or price.

 

Declining Yield Risk. During the final year of the Fund’s operations, as the bonds held by the Fund mature and the Fund’s portfolio transitions to cash and cash equivalents, the Fund’s yield will generally tend to move toward the yield of cash and cash equivalents and thus may be lower than the yields of the bonds previously held by the Fund and/or prevailing yields for bonds in the market.

 

Fluctuation of Yield and Liquidation Amount Risk. The Fund, unlike a direct investment in a bond that has a level coupon payment and a fixed payment at maturity, will make distributions of income that vary over time. Unlike a direct investment in bonds, the breakdown of returns between Fund distributions and liquidation proceeds are not predictable at the time of your investment. For example, at times during the Fund’s existence, it may make distributions at a greater (or lesser) rate than the coupon payments received on the Fund’s portfolio, which will result in the Fund returning a lesser (or greater) amount on liquidation than would otherwise be the case. The rate of Fund distribution payments may adversely affect the tax characterization of your returns from an investment in the Fund relative to a direct investment in corporate bonds. If the amount you receive as liquidation proceeds upon the Fund’s termination is higher or lower than your cost basis, you may experience a gain or loss for tax purposes.

 

Financial Services Sector Risk. The financial services industries are subject to extensive government regulation, can be subject to relatively rapid change due to increasingly blurred distinctions between service segments, and can be significantly affected by availability and cost of capital funds, changes in interest rates, the rate of corporate and consumer debt defaults, and price competition. In addition, the deterioration of the credit markets since late 2007 generally has caused an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets. In particular, events in the financial sector since late 2008 have resulted, and may continue to result, in an unusually high degree of volatility in the financial markets, both domestic and foreign. This situation has created instability in the financial markets and caused certain financial services companies to incur large losses. Numerous financial services companies have experienced substantial declines in the valuations of their assets, taken action to raise capital (such as the issuance of debt or equity securities), or even ceased operations. These actions have caused the securities of many financial services companies to experience a dramatic decline in value. Issuers that have exposure to the real estate, mortgage and credit markets have been particularly affected by the foregoing events and the general market turmoil, and it is uncertain whether or for how long these conditions will continue.

 

Telecommunications Sector Risk. The telecommunications sector is subject to extensive government regulation. The costs of complying with governmental regulations, delays or failure to receive required regulatory approvals or the enactment of new adverse regulatory requirements may adversely affect the business of the telecommunications companies. The telecommunications sector can also be significantly affected by intense competition, including competition with alternative technologies such as wireless communications, product compatibility, consumer preferences, rapid obsolescence and research and development of new products. Other risks include those related to regulatory changes, such as the uncertainties resulting from such companies’ diversification into new domestic and international businesses, as well as agreements by any such companies linking future rate increases to inflation or other factors not directly related to the actual operating profits of the enterprise.

 

Consumer Staples Sector Risk. Companies in this sector are subject to government regulation affecting the permissibility of using various food additives and production methods, which regulations could affect company profitability. Tobacco companies may be adversely affected by the adoption of proposed legislation and/or by litigation. Also, the success of food and soft drink may be strongly affected by fads, marketing campaigns and other factors affecting supply and demand.

 

Consumer Discretionary Sector Risk. The success of consumer product manufacturers and retailers is tied closely to the performance of the overall domestic and international economy, interest rates, competition and consumer confidence. Success depends heavily on disposable household income and consumer spending. Changes in demographics and consumer tastes can also affect the demand for, and success of, consumer products in the marketplace.

 

Non-Correlation Risk. The Fund’s return may not match the return of the Index for a number of reasons. For example, the Fund incurs a number of operating expenses not applicable to the Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of the Index. Since the Index constituents may vary on a monthly basis, the Fund’s costs associated with rebalancing may be greater than those incurred by other exchange-traded funds (“ETFs”) that track indices whose composition changes less frequently.

 

The Fund may not be fully invested at times, either as a result of cash flows into the Fund or reserves of cash held by the Fund to meet redemptions and expenses. Since the Fund utilizes a sampling approach, its return may not correlate as well with the return on the Index as would be the case if it purchased all of the securities in the Index with the same weightings as the Index.

 

Concentration Risk. If the Index concentrates in an industry or group of industries, the Fund’s investments will be concentrated accordingly. In such event, the value of the Fund’s Shares may rise and fall more than the value of shares of a fund that invests in securities of companies in a broader range of industries.

 

Passive Management Risk. Unlike many investment companies, the Fund is not “actively” managed. Therefore, it would not necessarily sell a security because the security’s issuer was in financial trouble or defaulted, or whose credit rating was downgraded, unless that security is removed from the Index. In addition, the Fund will not otherwise take defensive positions in declining markets unless such positions are reflected in the Index.

 

Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. The value of securities of smaller issuers can be more volatile than that of larger issuers.

 

Risk of Cash Transactions. In certain instances, unlike most ETFs, the Fund may effect creations and redemptions for cash, rather than in-kind. As a result, an investment in the Fund may be less tax-efficient than an investment in a more conventional ETF. ETFs generally are able to make in-kind redemptions and avoid being taxed on gain on the distributed portfolio securities at the Fund level. Because the Fund may effect redemptions for cash, rather than in-kind distributions, it may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. If the Fund recognizes gain on these sales, this generally will cause the Fund to recognize gain it might not otherwise have recognized, or to recognize such gain sooner than would otherwise be required if it were to distribute portfolio securities in-kind. The Fund generally intends to distribute these gains to shareholders to avoid being taxed on this gain at the Fund level and otherwise comply with the special tax rules that apply to it. This strategy may cause shareholders to be subject to tax on gains they would not otherwise be subject to, or at an earlier date than, if they had made an investment in a different ETF. Moreover, cash transactions may have to be carried out over several days if the securities market is relatively illiquid and may involve considerable transaction fees and taxes. These transaction fees and taxes, which will be higher than if the Fund sold and redeemed its Shares principally in-kind, will be passed on to purchasers and redeemers of Creation Units in the form of creation and redemption transaction fees.

 

Non-Diversified Fund Risk. 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.

Fund Performance

As of the date of this prospectus, the Fund has not yet completed a full calendar year of investment operations. When the Fund has completed a full calendar year of investment operations, this section will include charts that show annual total returns, highest and lowest quarterly returns and average annual total returns (before and after taxes) compared to the Index and a broad measure of market performance.

Guggenheim BulletShares 2020 High Yield Corporate Bond ETF

Guggenheim BulletShares 2020 High Yield Corporate Bond ETF (BSJK)

Investment Objective

The Fund seeks investment results that correspond generally to the performance, before the Fund’s fees and expenses, of a high yield corporate bond index called the NASDAQ BulletShares® USD High Yield Corporate Bond 2020 Index (the “High Yield 2020 Index” or the “Index”).

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund (“Shares”). Investors purchasing Shares in the secondary market may be subject to costs (including customary brokerage commissions) charged by their broker.

Annual Fund Operating Expenses (expenses that you pay each year as
a percentage of the value of your investment)
Annual Fund Operating Expenses
Guggenheim BulletShares 2020 High Yield Corporate Bond ETF
Management Fees (comprehensive management fee) 0.42%
Distribution and service (12b-1) fees [1] none
Other Expenses [2] none
Total Annual Fund Operating Expenses 0.42%
[1] 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 (the Board) of the Claymore Exchange-Traded Fund Trust (the Trust) has adopted a resolution that no such fee may be paid in the first 12 months of the Fund's operations.
[2] Other expenses have been estimated for the current fiscal year.

Example

This Example is intended to help you compare the cost of investing in the Fund with the costs of investing in other funds. The Example does not take into account brokerage commissions that you may pay when purchasing or selling Shares.

 

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example (USD $)
1 Year
3 Years
Guggenheim BulletShares 2020 High Yield Corporate Bond ETF
43 189

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance.

 

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 2020 Index. The High Yield 2020 Index is a rules-based index (i.e., an index constructed using specified criteria) comprised of, as of September 9, 2013, approximately 215 high yield corporate bonds with effective maturities in the year 2020. The High Yield 2020 Index is designed to represent the performance of a held-to-maturity portfolio of U.S. dollar-denominated high yield corporate bonds with effective maturities in 2020. The effective maturity of an eligible corporate bond is determined by its actual maturity or, in the case of callable securities, the effective maturity of the security as determined in accordance with the rules-based methodology developed by Accretive Asset Management LLC (“Accretive” or the “Index Provider”).

 

The Fund has a designated year of maturity of 2020 and will terminate on or about December 31, 2020. In connection with such termination, the Fund will make a cash distribution to then-current shareholders of its net assets after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to return any predetermined amount at maturity. The Fund will invest at least 80% of its total assets in securities that are components of the Index. Under normal conditions, the Fund will invest at least 80% of its net assets in high yield securities (“junk bonds”), which are debt securities that are rated below investment grade by nationally recognized statistical rating organizations, or are unrated securities that the Investment Adviser believes are of comparable quality. There are no minimum credit rating requirements for securities that the Fund may purchase; however, the Fund will not purchase securities that are in default. The Fund has adopted a policy that requires the Fund to provide shareholders with at least 60 days notice prior to any material change in these 80% policies or the Index. In the last twelve months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper. The Fund will terminate on or about the date above without requiring additional approval by the Board or Fund shareholders. The Board may change the termination date to an earlier or later date without shareholder approval if a majority of the Board determines the change to be in the best interest of the Fund. The Board may change the Fund’s investment strategy and other policies without shareholder approval, except as otherwise indicated.

 

The Fund expects to use a sampling approach in seeking to achieve its investment objective. Sampling means that Guggenheim Funds Investment Advisors, LLC (the “Investment Adviser”) uses quantitative analysis to select securities from the Index universe to obtain a representative sample of securities that resemble the Index in terms of key risk factors, performance attributes and other characteristics. These characteristics include maturity, credit quality, sector, duration and other financial characteristics of fixed income securities. The quantity of holdings in the Fund will be based on a number of factors, including the asset size of the Fund, potential transaction costs in acquiring particular securities, the anticipated impact of particular index securities on the performance of the Index and the availability of particular securities in the secondary market. However, the Fund may use full replication to achieve its objective if practicable. A replication strategy involves generally investing in all of the securities in the Index with the same weights as the Index. There may also be instances in which the Investment Adviser may choose to overweight another security in the Index, or purchase (or sell) securities not in the Index which the Investment Adviser believes are appropriate to substitute for one or more Index components, in seeking to accurately track the Index. In addition, from time to time securities are added to or removed from the Index. The Fund may sell securities that are represented in the Index or purchase securities that are not yet represented in the Index in anticipation of their removal from or addition to the Index. If the Index concentrates in a particular industry or group of industries, the Fund’s investments will be concentrated accordingly. As of the date of this prospectus, the telecommunications, financial services, consumer staples, consumer discretionary and energy sectors each represent a substantial portion of the Index.

 

Principal Investment Risks

Investors should consider the following risk factors and special considerations associated with investing in the Fund, which may cause you to lose money. The Fund’s Shares will change in value, and you could lose money by investing in the Fund. 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.

 

Investment Risk. An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest.

 

Interest Rate Risk. As interest rates rise, the value of fixed-income securities held by the Fund are likely to decrease. Securities with longer durations tend to be more sensitive to interest rate changes, making them more volatile than securities with shorter durations.

 

Credit/Default Risk. Issuers or guarantors of debt instruments or the counterparty to a repurchase agreement or loan of portfolio securities may be unable or unwilling to make timely interest and/or principal payments or otherwise honor their obligations. Debt instruments are subject to varying degrees of credit risk, which may be reflected in credit ratings. Securities issued by the U.S. government generally have less credit risk than debt securities of non-government issuers. However, securities issued by certain U.S. government agencies are not necessarily backed by the full faith and credit of the U.S. government. Credit rating downgrades and defaults (failure to make interest or principal payment) may potentially reduce the Fund’s income and Share price.

 

High Yield Securities Risk. High yield securities generally offer a higher current yield than that available from higher grade issues, but typically involve greater risk. Securities rated below investment grade are commonly referred to as “junk bonds.”The ability of issuers of high yield securities to make timely payments of interest and principal may be adversely impacted by adverse changes in general economic conditions, changes in the financial condition of the issuers and price fluctuations in response to changes in interest rates. High yield securities are less liquid than investment grade securities and may be difficult to price or sell, particularly in times of negative sentiment toward high yield securities.

 

Asset Class Risk. The bonds in the Fund’s portfolios may underperform the returns of other bonds or indexes that track other industries, markets, asset classes or sectors. Different types of bonds and indexes tend to go through different performance cycles than the general bond market.

 

Call Risk/Prepayment Risk. During periods of falling interest rates, an issuer of a callable bond may exercise its right to pay principal on an obligation earlier than expected. This may result in the Fund reinvesting proceeds at lower interest rates, resulting in a decline in the Fund’s income.

 

Extension Risk. An issuer may exercise its right to pay principal on an obligation later than expected. This may happen when there is a rise in interest rates. Under these circumstances, the value of the obligation will decrease and the Fund’s performance may suffer from its inability to invest in higher yielding securities.

 

Income Risk. Falling interest rates may cause the Fund’s income to decline.

 

Liquidity Risk. Liquidity risk exists when particular investments are difficult to purchase or sell. If the Fund invests in illiquid securities or securities that become illiquid, Fund returns may be reduced because the Fund may be unable to sell the illiquid securities at an advantageous time or price.

 

Declining Yield Risk. During the final year of the Fund’s operations, as the bonds held by the Fund mature and the Fund’s portfolio transitions to cash and cash equivalents, the Fund’s yield will generally tend to move toward the yield of cash and cash equivalents and thus may be lower than the yields of the bonds previously held by the Fund and/or prevailing yields for bonds in the market.

 

Fluctuation of Yield and Liquidation Amount Risk. The Fund, unlike a direct investment in a bond that has a level coupon payment and a fixed payment at maturity, will make distributions of income that vary over time. Unlike a direct investment in bonds, the breakdown of returns between Fund distributions and liquidation proceeds are not predictable at the time of your investment. For example, at times during the Fund’s existence, it may make distributions at a greater (or lesser) rate than the coupon payments received on the Fund’s portfolio, which will result in the Fund returning a lesser (or greater) amount on liquidation than would otherwise be the case. The rate of Fund distribution payments may adversely affect the tax characterization of your returns from an investment in the Fund relative to a direct investment in corporate bonds. If the amount you receive as liquidation proceeds upon the Fund’s termination is higher or lower than your cost basis, you may experience a gain or loss for tax purposes.

 

Telecommunications Sector Risk. The telecommunications sector is subject to extensive government regulation. The costs of complying with governmental regulations, delays or failure to receive required regulatory approvals or the enactment of new adverse regulatory requirements may adversely affect the business of the telecommunications companies. The telecommunications sector can also be significantly affected by intense competition, including competition with alternative technologies such as wireless communications, product compatibility, consumer preferences, rapid obsolescence and research and development of new products. Other risks include those related to regulatory changes, such as the uncertainties resulting from such companies’ diversification into new domestic and international businesses, as well as agreements by any such companies linking future rate increases to inflation or other factors not directly related to the actual operating profits of the enterprise.

 

Financial Services Sector Risk. The financial services industries are subject to extensive government regulation, can be subject to relatively rapid change due to increasingly blurred distinctions between service segments, and can be significantly affected by availability and cost of capital funds, changes in interest rates, the rate of corporate and consumer debt defaults, and price competition. In addition, the deterioration of the credit markets since late 2007 generally has caused an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets. In particular, events in the financial sector since late 2008 have resulted, and may continue to result, in an unusually high degree of volatility in the financial markets, both domestic and foreign. This situation has created instability in the financial markets and caused certain financial services companies to incur large losses. Numerous financial services companies have experienced substantial declines in the valuations of their assets, taken action to raise capital (such as the issuance of debt or equity securities), or even ceased operations. These actions have caused the securities of many financial services companies to experience a dramatic decline in value. Issuers that have exposure to the real estate, mortgage and credit markets have been particularly affected by the foregoing events and the general market turmoil, and it is uncertain whether or for how long these conditions will continue.

 

Consumer Staples Sector Risk. Companies in this sector are subject to government regulation affecting the permissibility of using various food additives and production methods, which regulations could affect company profitability. Tobacco companies may be adversely affected by the adoption of proposed legislation and/or by litigation. Also, the success of food and soft drink may be strongly affected by fads, marketing campaigns and other factors affecting supply and demand.

 

Consumer Discretionary Sector Risk. The success of consumer product manufacturers and retailers is tied closely to the performance of the overall domestic and international economy, interest rates, competition and consumer confidence. Success depends heavily on disposable household income and consumer spending. Changes in demographics and consumer tastes can also affect the demand for, and success of, consumer products in the marketplace.

 

Energy Sector Risk. The profitability of companies in the energy sector is related to worldwide energy prices, exploration, and production spending. Such companies also are subject to risks of changes in exchange rates, government regulation, world events, depletion of resources and economic conditions, as well as market, economic and political risks of the countries where energy companies are located or do business.

 

Non-Correlation Risk. The Fund’s return may not match the return of the Index for a number of reasons. For example, the Fund incurs a number of operating expenses not applicable to the Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of the Index. Since the Index constituents may vary on a monthly basis, the Fund’s costs associated with rebalancing may be greater than those incurred by other exchange-traded funds (“ETFs”) that track indices whose composition changes less frequently.

 

The Fund may not be fully invested at times, either as a result of cash flows into the Fund or reserves of cash held by the Fund to meet redemptions and expenses. Since the Fund utilizes a sampling approach, its return may not correlate as well with the return on the Index as would be the case if it purchased all of the securities in the Index with the same weightings as the Index.

 

Concentration Risk. If the Index concentrates in an industry or group of industries, the Fund’s investments will be concentrated accordingly. In such event, the value of the Fund’s Shares may rise and fall more than the value of shares of a fund that invests in securities of companies in a broader range of industries.

 

Passive Management Risk. Unlike many investment companies, the Fund is not “actively” managed. Therefore, it would not necessarily sell a security because the security’s issuer was in financial trouble or defaulted, or whose credit rating was downgraded, unless that security is removed from the Index. In addition, the Fund will not otherwise take defensive positions in declining markets unless such positions are reflected in the Index.

 

Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. The value of securities of smaller issuers can be more volatile than that of larger issuers.

 

Risk of Cash Transactions. In certain instances, unlike most ETFs, the Fund may effect creations and redemptions for cash, rather than in-kind. As a result, an investment in the Fund may be less tax-efficient than an investment in a more conventional ETF. ETFs generally are able to make in-kind redemptions and avoid being taxed on gain on the distributed portfolio securities at the Fund level. Because the Fund may effect redemptions for cash, rather than in-kind distributions, it may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. If the Fund recognizes gain on these sales, this generally will cause the Fund to recognize gain it might not otherwise have recognized, or to recognize such gain sooner than would otherwise be required if it were to distribute portfolio securities in-kind. The Fund generally intends to distribute these gains to shareholders to avoid being taxed on this gain at the Fund level and otherwise comply with the special tax rules that apply to it. This strategy may cause shareholders to be subject to tax on gains they would not otherwise be subject to, or at an earlier date than, if they had made an investment in a different ETF. Moreover, cash transactions may have to be carried out over several days if the securities market is relatively illiquid and may involve considerable transaction fees and taxes. These transaction fees and taxes, which will be higher than if the Fund sold and redeemed its Shares principally in-kind, will be passed on to purchasers and redeemers of Creation Units in the form of creation and redemption transaction fees.

 

Non-Diversified Fund Risk. 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.

Fund Performance

As of the date of this prospectus, the Fund has not yet completed a full calendar year of investment operations. When the Fund has completed a full calendar year of investment operations, this section will include charts that show annual total returns, highest and lowest quarterly returns and average annual total returns (before and after taxes) compared to a benchmark index selected for the Fund.

XML 12 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; EXCEL 13 Financial_Report.xls IDEA: XBRL DOCUMENT begin 644 Financial_Report.xls M[[N_34E-12U697)S:6]N.B`Q+C`-"E@M1&]C=6UE;G0M5'EP93H@5V]R:V)O M;VL-"D-O;G1E;G0M5'EP93H@;75L=&EP87)T+W)E;&%T960[(&)O=6YD87)Y M/2(M+2TM/5].97AT4&%R=%]F,SDW9#`W8E\T-S%D7S0X939?83(S8U\U8S8S M-C$T.64Q-S'!L;W)E&UL;G,Z=CTS1")U&UL;G,Z;STS1")U&UL/@T*(#QX.D5X8V5L5V]R:V)O;VL^#0H@(#QX M.D5X8V5L5V]R:W-H965T5]);F9O#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O#I%>&-E M;%=O#I%>&-E;%=O#I!8W1I=F53:&5E M=#X-"B`@/'@Z4')O=&5C=%-T#I0#I0#I0&UL/CPA6V5N9&EF M72TM/@T*/"]H96%D/@T*("`\8F]D>3X-"B`@(#QP/E1H:7,@<&%G92!S:&]U M;&0@8F4@;W!E;F5D('=I=&@@36EC'1087)T M7V8S.3=D,#=B7S0W,61?-#AE-E]A,C-C7S5C-C,V,30Y93$W-PT*0V]N=&5N M="U,;V-A=&EO;CH@9FEL93HO+R]#.B]F,SDW9#`W8E\T-S%D7S0X939?83(S M8U\U8S8S-C$T.64Q-S'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA4EN9F]R;6%T:6]N16QE;65N M='-!8G-T'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S M/3-$'0^ M-#@U0E!/4SQS<&%N/CPO'0^4V5P(#$Y+`T*"0DR,#$S M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L M87-S/3-$3PO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^4V5P(#(P+`T*"0DR,#$S/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^4V5P(#(S+`T*"0DR,#$S/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@(#PO=&%B;&4^#0H@ M(#PO8F]D>3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%]F,SDW9#`W M8E\T-S%D7S0X939?83(S8U\U8S8S-C$T.64Q-S<-"D-O;G1E;G0M3&]C871I M;VXZ(&9I;&4Z+R\O0SHO9C,Y-V0P-V)?-#'0O:'1M;#L@8VAA'0^/'`@6QE/3-$)VUA'0^/'`@6QE/3-$)V9O;G0Z M(#AP="]N;W)M86P@5&EM97,@3F5W(%)O;6%N+"!4:6UE6EE;&0@8V]R<&]R871E(&)O;F0@:6YD97@@8V%L;&5D('1H M92!.05-$05$@0G5L;&5T4VAA6QE/3-$)VUA'0^/'`@ M6QE/3-$)VUA'!E;G-E2!M87)K970@;6%Y(&)E('-U8FIE8W0@=&\@8V]S=',@*&EN8VQU9&EN M9R!C=7-T;VUA6QE M/3-$)VUA6QE/3-$)V9O;G0Z(#AP="!!'!E M;G-E6QE/3-$)W9E6QE/3-$)V9O;G0Z(#AP="!4:6UE6]U'!E;G-E6UO&%M<&QE(&1O97,@;F]T('1A:V4@ M:6YT;R!A8V-O=6YT(&)R;VME6QE/3-$)V9O;G0Z(#AP="]N;W)M86P@5&EM97,@3F5W(%)O M;6%N+"!4:6UE&%M<&QE(&%S6]U65A6]U6QE/3-$)VUA'!E;G-E M($5X86UP;&4-"@T*#0H-"BA54T0@)"D\8G(^/"]S=')O;F<^/"]T:#X-"B`@ M("`@("`@("`@("`@/'1H(&-L87-S/3-$=&@^,2!996%R/&)R/CPO=&@^#0H@ M("`@("`@("`@("`@(#QT:"!C;&%S'0^/'`@7,@86YD('-E;&QS('-E8W5R:71I97,@*&]R("8C,30W.W1U2!I;F1I8V%T92!H:6=H97(@=')A;G-A8W1I M;VX@8V]S=',@86YD(&UA>2!R97-U;'0@:6X@:&EG:&5R('1A>&5S#0H-"G=H M96X@4VAA&%M<&QE+`T*#0IA M9F9E8W0@=&AE($9U;F0F(S$T-CMS('!E6QE/3-$)V9O;G0Z(#AP="]N;W)M86P@5&EM97,@3F5W(%)O;6%N M+"!4:6UE6QE/3-$)VUA2`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`@6QE/3-$)V9O;G0Z(#AP="]N;W)M86P@5&EM97,@ M3F5W(%)O;6%N+"!4:6UE6]U M('1O(&QO2!B M>2!I;G9E2!N;W0@86-H M:65V92!I=',@:6YV97-T;65N="!O8FIE8W1I=F4N($%N(&EN=F5S=&UE;G0@ M:6X-"@T*=&AE($9U;F0@:&%S(&YO="!B965N(&=U87)A;G1E960L('-P;VYS M;W)E9"P@2!A;F0@:7,- M"@T*;F]T(&]T:&5R=VES92!A;B!O8FQI9V%T:6]N(&]F(&%N>2!B86YK(&]R M(&EN2!I;G-T:71U=&EO;BX\+VD^/"]P/@T*#0H- M"@T*/'`@6QE/3-$)V9O;G0Z(#AP="]N M;W)M86P@5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)V9O;G0Z(#AP="]N;W)M86P@5&EM M97,@3F5W(%)O;6%N+"!4:6UE&5D+6EN8V]M92!S96-U2!T;R!D96-R96%S92X@4V5C=7)I=&EE M6QE/3-$)V9O;G0Z(#AP="]N;W)M86P@5&EM97,@3F5W(%)O;6%N+"!4:6UE M6QE/3-$)V9O;G0Z(#AP="]N M;W)M86P@5&EM97,@3F5W(%)O;6%N+"!4:6UE0T* M#0IO9F9E2!I M;B!T:6UE6EE;&0@'0M:6YD96YT.B`P+C5I;B<^)B,Q-C`[/"]P/@T*#0H- M"@T*/'`@&5S('1H870@=')A8VL@;W1H97(@:6YD=7-T6-L97,@=&AA;B!T:&4@9V5N M97)A;"!B;VYD(&UA'0M:6YD96YT.B`P+C5I;B<^)B,Q-C`[/"]P/@T*#0H- M"@T*/'`@2!P6QE/3-$)V9O;G0Z(#AP="]N;W)M86P@5&EM97,@3F5W(%)O;6%N+"!4:6UE M2!E>&5R8VES92!I=',@ M2!T;R!I;G9E6QE/3-$)V9O;G0Z(#AP="]N;W)M86P@5&EM M97,@3F5W(%)O;6%N+"!4:6UE2!C875S M92!T:&4@1G5N9"8C,30V.W,-"@T*:6YC;VUE('1O(&1E8VQI;F4N/"]P/@T* M#0H-"@T*/'`@6QE/3-$)V9O;G0Z(#AP M="]N;W)M86P@5&EM97,@3F5W(%)O;6%N+"!4:6UE&ES=',@=VAE;B!P87)T:6-U;&%R#0H-"FEN=F5S=&UE;G1S(&%R92!D:69F M:6-U;'0@=&\@<'5R8VAA2!B92!U;F%B;&4@=&\@'0M:6YD96YT.B`P+C5I;B<^)B,Q-C`[/"]P/@T*#0H-"@T*/'`@65A2!B92!L;W=E2!T:&4@1G5N9"!A;F0O;W(@<')E M=F%I;&EN9R!Y:65L9',@9F]R(&)O;F1S(&EN('1H92!M87)K970N/"]P/@T* M#0H-"@T*/'`@6QE/3-$)V9O;G0Z(#AP M="]N;W)M86P@5&EM97,@3F5W(%)O;6%N+"!4:6UE&5D('!A>6UE;G0@870@;6%T=7)I='DL('=I M;&P@;6%K92!D:7-T2!A9F9E M8W0@=&AE('1A>"!C:&%R86-T97)I>F%T:6]N(&]F('EO=7(@6]U(')E8V5I=F4@87,@;&EQ=6ED871I;VX@<')O8V5E9',@ M=7!O;B!T:&4@1G5N9"8C,30V.W,@=&5R;6EN871I;VX@:7,@:&EG:&5R(&]R M(&QO=V5R('1H86X-"@T*>6]U"!P=7)P;W-E'0M:6YD96YT.B`P M+C5I;B<^)B,Q-C`[/"]P/@T*#0H-"@T*/'`@2!R87!I9"!C:&%N9V4@9'5E('1O(&EN M8W)E87-I;F=L>2!B;'5R0T*#0II;B!T:&4@9FEN86YC:6%L(&UA'!E2!S96-U'0M:6YD96YT.B`P+C5I;B<^)B,Q M-C`[/"]P/@T*#0H-"@T*/'`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`P+C5I;B<^)B,Q-C`[/"]P/@T*#0H- M"@T*/'`@"!F;W(@82!N=6UB97(@ M;V8@6EN9R!A;F0@ M2!B92!G6QE/3-$)V9O;G0Z(#AP M="]N;W)M86P@5&EM97,@3F5W(%)O;6%N+"!4:6UEF5S(&$@6QE/3-$)V9O;G0Z(#AP M="]N;W)M86P@5&EM97,@3F5W(%)O;6%N+"!4:6UE2!R:7-E M(&%N9"!F86QL(&UO6QE/3-$)V9O;G0Z(#AP="]N M;W)M86P@5&EM97,@3F5W(%)O;6%N+"!4:6UE2!I;G9E2!B96-A=7-E('1H M92!S96-U28C,30V.W,-"@T*:7-S=65R('=A'0M:6YD96YT.B`P+C5I;B<^)B,Q-C`[ M/"]P/@T*#0H-"@T*/'`@2!C86X@8F4@;6]R92!V;VQA=&EL92!T:&%N('1H92!M87)K970@87,@ M82!W:&]L92!A;F0@8V%N('!E6QE/3-$)V9O;G0Z(#AP="]N;W)M86P@5&EM97,@3F5W(%)O M;6%N+"!4:6UE2!B92!R97%U:7)E9"!T;R!S96QL('!OF5S(&=A:6X@;VX@=&AE2!T;R!I="X@ M5&AI2!M87D@8V%U2!H860@;6%D92!A;B!I;G9E&5S M+"!W:&EC:"!W:6QL(&)E(&AI9VAE6QE/3-$)V9O;G0Z(#AP="]N M;W)M86P@5&EM97,@3F5W(%)O;6%N+"!4:6UE65T(&-O;7!L971E9"!A M(&9U;&P@8V%L96YD87(@>65A65A2!R971U M&5S*2!C;VUP87)E9`T*#0IT;R!T:&4@26YD97@@86YD M(&$@8G)O860@;65A7!E M.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@ M/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C M;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA'0^1W5G9V5N:&5I;2!"=6QL9713:&%R97,@,C`R,"!(:6=H(%EI96QD M($-O6QE/3-$)V9O;G0Z(#AP="]N;W)M86P@5&EM97,@ M3F5W(%)O;6%N+"!4:6UE'0^/'`@6QE/3-$)V9O;G0Z(#AP="]N;W)M86P@5&EM97,@3F5W(%)O;6%N+"!4 M:6UE6EE;&0@8V]R<&]R871E(&)O;F0@ M:6YD97@@8V%L;&5D('1H92!.05-$05$@0G5L;&5T4VAA'0^/'`@6QE/3-$)V9O;G0Z(#AP="]N;W)M86P@5&EM97,@ M3F5W(%)O;6%N+"!4:6UE6]U(&UA M>2!P87D-"@T*:68@>6]U(&)U>2!A;F0@:&]L9"!S:&%R97,@;V8@=&AE($9U M;F0@*"8C,30W.U-H87)E6QE/3-$)V9O;G0Z(#AP="!!'!E;G-E6QE/3-$)W9E M6QE/3-$)V9O M;G0Z(#AP="!4:6UE6]U'!E;G-E6UO&%M<&QE(&1O97,@;F]T('1A:V4@:6YT;R!A8V-O=6YT(&)R M;VME'0M:6YD96YT.B`P+C5I;B<^)B,Q M-C`[/"]P/@T*#0H-"@T*/'`@6]U(&EN=F5S="`D,3`L,#`P(&EN('1H M92!&=6YD(&9O<@T*#0IT:&4@=&EM92!P97)I;V1S(&EN9&EC871E9"!A;F0@ M=&AE;B!R961E96T@86QL(&]F('EO=7(@4VAA6]U'!E;G-E2!B92!H:6=H97(-"@T*;W(@;&]W97(L(&)A6QE/3-$)V9O;G0Z(#AP="]N;W)M86P@5&EM97,@3F5W(%)O M;6%N+"!4:6UE&%B;&4@86-C;W5N="X@5&AE M'!E;G-E'0M:6YD96YT.B`P+C5I M;B<^)B,Q-C`[/"]P/CQS<&%N/CPO6QE/3-$)V9O;G0Z(#AP="!4:6UE6QE/3-$)V9O;G0Z(#AP="]N;W)M86P@5&EM97,@3F5W(%)O M;6%N+"!4:6UE&EN9R8C,30X.PT*#0II;G9E"X@5&AE($AI9V@@66EE;&0@,C`R,"!);F1E>"!I"!C;VYS=')U8W1E M9"!U&EM871E;'D@,C$U(&AI M9V@@>6EE;&0@8V]R<&]R871E(&)O;F1S('=I=&@@969F96-T:79E(&UA='5R M:71I97,@:6X@=&AE('EE87(@,C`R,"X@5&AE($AI9V@@66EE;&0@,C`R,`T* M#0I);F1E>"!I2!P;W)T9F]L:6\@;V8@52Y3+B!D M;VQL87(M9&5N;VUI;F%T960@:&EG:"!Y:65L9"!C;W)P;W)A=&4-"@T*8F]N M9',@=VET:"!E9F9E8W1I=F4@;6%T=7)I=&EE0T*#0IO2!O9B!T:&4@2!!8V-R971I=F4@07-S970@36%N86=E;65N="!, M3$,@*"8C,30W.T%C8W)E=&EV928C,30X.R!O6QE/3-$)V9O;G0Z M(#AP="]N;W)M86P@5&EM97,@3F5W(%)O;6%N+"!4:6UE65A2!O9B`R,#(P(&%N9"!W:6QL#0H- M"G1E&-E<'0@87,@;W1H97)W:7-E(&EN9&EC M871E9"X\+W`^#0H-"@T*#0H\<"!S='EL93TS1"=F;VYT.B`X<'0O;F]R;6%L M(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E'0M:6YD96YT.B`P+C5I;B<^)B,Q-C`[/"]P/@T*#0H-"@T*/'`@'!E8W1S('1O('5S92!A('-A M;7!L:6YG(&%P<')O86-H(&EN('-E96MI;F<@=&\-"@T*86-H:65V92!I=',@ M:6YV97-T;65N="!O8FIE8W1I=F4N(%-A;7!L:6YG(&UE86YS('1H870@1W5G M9V5N:&5I;2!&=6YD2!R:7-K(&9A8W1O&5D(&EN8V]M92!S96-UF4@;V8@=&AE($9U;F0L('!O=&5N=&EA;"!T"X@5&AE2!T M"!O6QE/3-$)V9O;G0Z(#AP="]N;W)M86P@5&EM97,@ M3F5W(%)O;6%N+"!4:6UE'0^/'`@6QE/3-$)V9O;G0Z(#AP="]N;W)M86P@5&EM97,@3F5W M(%)O;6%N+"!4:6UE6]U('1O M(&QO2!B>2!I M;G9E2!N;W0@86-H:65V M92!I=',@:6YV97-T;65N="!O8FIE8W1I=F4N($%N(&EN=F5S=&UE;G0@:6X- M"@T*=&AE($9U;F0@:&%S(&YO="!B965N(&=U87)A;G1E960L('-P;VYS;W)E M9"P@2!A;F0@:7,-"@T* M;F]T(&]T:&5R=VES92!A;B!O8FQI9V%T:6]N(&]F(&%N>2!B86YK(&]R(&EN M2!I;G-T:71U=&EO;BX\+VD^/"]P/@T*#0H-"@T* M/'`@6QE/3-$)V9O;G0Z(#AP="]N;W)M M86P@5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)V9O;G0Z(#AP="]N;W)M86P@5&EM97,@ M3F5W(%)O;6%N+"!4:6UE&5D+6EN8V]M92!S96-U2!T;R!D96-R96%S92X@4V5C=7)I=&EE6QE M/3-$)V9O;G0Z(#AP="]N;W)M86P@5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)V9O;G0Z(#AP="]N;W)M M86P@5&EM97,@3F5W(%)O;6%N+"!4:6UE0T*#0IO M9F9E2!I;B!T M:6UE6EE M;&0@'0M:6YD96YT.B`P+C5I;B<^)B,Q-C`[/"]P/@T*#0H-"@T* M/'`@2!U;F1E&5S('1E;F0@=&\@9V\@=&AR;W5G M:"!D:69F97)E;G0@<&5R9F]R;6%N8V4@8WEC;&5S('1H86X@=&AE(&=E;F5R M86P@8F]N9"!M87)K970N/"]P/@T*#0H-"@T*/'`@6QE/3-$)V9O;G0Z(#AP="]N;W)M86P@5&EM97,@3F5W(%)O;6%N M+"!4:6UE6UE;G0@4FES:RX\+VD^($1U2!R97-U;'0@:6X@=&AE($9U;F0@'0M:6YD96YT.B`P+C5I;B<^)B,Q-C`[ M/"]P/@T*#0H-"@T*/'`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`P+C5I M;B<^)B,Q-C`[/"]P/@T*#0H-"@T*/'`@2!R87!I9"!C:&%N9V4@9'5E('1O(&EN8W)E M87-I;F=L>2!B;'5R0T*#0II;B!T:&4@9FEN86YC:6%L(&UA'!E2!S96-U'0M:6YD96YT.B`P+C5I;B<^)B,Q-C`[ M/"]P/@T*#0H-"@T*/'`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`P+C5I M;B<^)B,Q-C`[/"]P/@T*#0H-"@T*/'`@2!T:&4@1G5N9"!T M;R!M965T(')E9&5M<'1I;VYS(&%N9"!E>'!E;G-E"X\+W`^#0H-"@T* M#0H\<"!S='EL93TS1"=F;VYT.B`X<'0O;F]R;6%L(%1I;65S($YE=R!2;VUA M;BP@5&EM97,L(%-E'0M:6YD96YT.B`P+C5I M;B<^)B,Q-C`[/"]P/@T*#0H-"@T*/'`@2X@26X@'0M:6YD96YT.B`P+C5I;B<^ M)B,Q-C`[/"]P/@T*#0H-"@T*/'`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`P+C5I;B<^ M)B,Q-C`[/"]P/@T*#0H-"@T*/'`@6QE/3-$)V9O;G0Z(#AP="!4:6UE6QE/3-$)V9O;G0Z(#AP="]N;W)M86P@5&EM97,@3F5W(%)O;6%N+"!4 M:6UE65T(&-O;7!L971E9"!A(&9U;&P@8V%L96YD87(@>65A65A2!R971U&5S*2!C;VUP87)E9"!T;R!A M(&)E;F-H;6%R:R!I;F1E>"!S96QE8W1E9`T*#0IF;W(@=&AE($9U;F0N/"]F M;VYT/CPO<#X-"@T*#0H-"CQP('-T>6QE/3-$)VUA7!E M.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@ M/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C M;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA'0^1W5G9V5N:&5I;2!"=6QL9713:&%R97,@,C`Q.2!(:6=H(%EI96QD M($-O6QE/3-$)VUA'0^/'`@ M6QE/3-$)VUA M'!E;G-E"8C,30X M.RDN/"]P/@T*#0H-"@T*#0H-"@T*#0H\<"!S='EL93TS1"=M87)G:6XZ(#!P M="<^/"]P/CQS<&%N/CPO6QE/3-$)V9O;G0Z(#AP="!4:6UE'!E;G-E2!I9B!Y;W4@8G5Y(&%N M9"!H;VQD('-H87)E2!B92!S=6)J96-T('1O(&-O2!T:&5I'0^/'1A8FQE(&-E;&QS<&%C:6YG/3-$,"!C96QL<&%D9&EN9STS M1#`@65A6QE/3-$)V9O;G0Z(#AP="!!'!E;G-E'!E;G-E M2!P86ED(&)Y('1H M92!&=6YD(&%N9"!T:&4@0F]A2!B92!P86ED(&EN('1H92!F:7)S="`Q,B!M;VYT:',@;V8@ M=&AE($9U;F0G'0^/'`@'0^/'`@&%M<&QE(&ES M(&EN=&5N9&5D('1O(&AE;'`@>6]U(&-O;7!A'0M:6YD96YT.B`P M+C5I;B<^)B,Q-C`[/"]P/@T*#0H-"@T*/'`@6]U(&EN=F5S="`D,3`L M,#`P(&EN('1H92!&=6YD(&9O<@T*#0IT:&4@=&EM92!P97)I;V1S(&EN9&EC M871E9"!A;F0@=&AE;B!R961E96T@86QL(&]F('EO=7(@4VAA6]U'!E;G-E2!B92!H:6=H97(-"@T*;W(@;&]W97(L(&)A&%M<&QE#0H-"@T*#0HH55-$("0I/&)R/CPO6QE/3-$)V9O;G0Z(#AP="!4 M:6UE'0^/'`@&%B;&4@86-C;W5N="X@5&AE M'!E;G-E'0M:6YD96YT.B`P+C5I M;B<^)B,Q-C`[/"]P/@T*#0H-"@T*#0H-"@T*#0H\<"!S='EL93TS1"=M87)G M:6XZ(#!P=#L@9F]N=#H@.'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E M'0^ M/'`@'0^ M/'`@6QE M/3-$)V9O;G0Z(#AP="]N;W)M86P@5&EM97,@3F5W(%)O;6%N+"!4:6UE&EN9R8C,30X.PT* M#0II;G9E"X@5&AE($AI9V@@66EE;&0@,C`Q.2!);F1E>"!I"!C;VYS=')U8W1E9"!U&EM871E;'D@,36EE;&0@8V]R M<&]R871E(&)O;F1S('=I=&@@969F96-T:79E(&UA='5R:71I97,@:6X@=&AE M('EE87(@,C`Q.2X@5&AE($AI9V@@66EE;&0@,C`Q.0T*#0I);F1E>"!I2!P;W)T9F]L:6\@;V8@52Y3+B!D;VQL87(M9&5N;VUI M;F%T960@:&EG:"!Y:65L9"!C;W)P;W)A=&4-"@T*8F]N9',@=VET:"!E9F9E M8W1I=F4@;6%T=7)I=&EE2!!8V-R971I=F4@07-S970@36%N86=E;65N="!,3$,@*"8C,30W.T%C M8W)E=&EV928C,30X.R!O6QE/3-$)V9O;G0Z(#AP="]N;W)M86P@ M5&EM97,@3F5W(%)O;6%N+"!4:6UE65A M2!O9B`R,#$Y(&%N9"!W:6QL#0H-"G1E2!L:6%B:6QI=&EE&-E<'0@87,@;W1H97)W:7-E(&EN9&EC871E9"X\+W`^#0H- M"@T*#0H\<"!S='EL93TS1"=F;VYT.B`X<'0O;F]R;6%L(%1I;65S($YE=R!2 M;VUA;BP@5&EM97,L(%-E'0M:6YD96YT.B`P M+C5I;B<^)B,Q-C`[/"]P/@T*#0H-"@T*/'`@'!E8W1S('1O('5S92!A('-A;7!L:6YG(&%P<')O M86-H(&EN('-E96MI;F<@=&\-"@T*86-H:65V92!I=',@:6YV97-T;65N="!O M8FIE8W1I=F4N(%-A;7!L:6YG(&UE86YS('1H870@1W5G9V5N:&5I;2!&=6YD M2!R:7-K(&9A8W1O&5D(&EN8V]M92!S96-UF4@;V8@ M=&AE($9U;F0L('!O=&5N=&EA;"!T"X@ M5&AE2!T"!O"X\+W`^#0H-"@T*#0H-"@T*#0H-"CQP M('-T>6QE/3-$)VUA'0^/'`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`P+C5I;B<^)B,Q-C`[/"]P/@T*#0H-"@T*/'`@ M6EE;&0@2!I;G9O;'9E(&=R96%T97(@2!R969E6UE;G1S(&]F(&EN=&5R97-T(&%N9"!P2!I;7!A8W1E9"!B>2!A9'9E6QE/3-$)V9O;G0Z(#AP="]N;W)M86P@5&EM97,@3F5W(%)O M;6%N+"!4:6UE2!U;F1E&5S('1E;F0@=&\@9V\@=&AR M;W5G:"!D:69F97)E;G0@<&5R9F]R;6%N8V4@8WEC;&5S('1H86X@=&AE(&=E M;F5R86P@8F]N9"!M87)K970N/"]P/@T*#0H-"@T*/'`@6QE/3-$)V9O;G0Z(#AP="]N;W)M86P@5&EM97,@3F5W(%)O M;6%N+"!4:6UE6UE;G0@4FES:RX\+VD^($1U2!R97-U;'0@:6X@=&AE($9U;F0@'0M:6YD96YT.B`P+C5I;B<^)B,Q M-C`[/"]P/@T*#0H-"@T*/'`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`P+C5I;B<^)B,Q M-C`[/"]P/@T*#0H-"@T*/'`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`P M+C5I;B<^)B,Q-C`[/"]P/@T*#0H-"@T*/'`@2!E9F9E8W0@8W)E871I;VYS(&%N9"!R961E;7!T:6]N2!W:6QL(&-A=7-E('1H92!&=6YD('1O(')E8V]G;FEZ92!G M86EN#0H-"FET(&UI9VAT(&YO="!O=&AEF5D M+"!OF4@"!O;B!G86EN&5S+B!4:&5S92!T6QE/3-$)V9O;G0Z(#AP="]N;W)M86P@5&EM97,@3F5W(%)O M;6%N+"!4:6UE6QE/3-$)VUA'0^/'`@'0^/'`@'0^/'`@'0^/'`@'0^/'`@0T*#0II9B!Y;W4@ M8G5Y(&%N9"!H;VQD('-H87)E2!B92!S=6)J96-T#0H-"G1O(&-O2!T:&5I6QE/3-$)W=I9'1H.B`Q,#`E)SX-"@T*/'1R('-T>6QE M/3-$)W9E6QE M/3-$)V9O;G0Z(#AP="!4:6UE'!E;G-E6]U('!A>2!E86-H('EE87(@87,\+V9O;G0^ M/"]T9#X\+W1R/@T*#0H\='(@2!B96%R(&$@,3)B+3$@9F5E(&YO="!T;R!E>&-E960@,"XR M-24@<&5R(&%N;G5M(&]F('1H92!&=6YD)W,@879E2!N970@ M87-S971S+B!(;W=E=F5R+"!N;R!S=6-H(&9E92!I2!T:&4@1G5N9"!A;F0@=&AE($)O87)D(&]F(%1R=7-T965S("AT:&4@ M0F]A&-H86YG92U4'!E;G-E M65A6QE/3-$)V9O;G0Z(#AP="!4:6UE&%M<&QE/"]P/CQS<&%N/CPO6QE/3-$)V9O;G0Z(#AP="]N;W)M86P@ M5&EM97,@3F5W(%)O;6%N+"!4:6UE&%M<&QE(&ES(&EN=&5N9&5D('1O(&AE;'`@>6]U(&-O;7!A6]U(&UA>0T*#0IP87D@=VAE;B!P=7)C:&%S:6YG(&]R('-E M;&QI;F<@4VAA6QE/3-$)V9O;G0Z(#AP M="]N;W)M86P@5&EM97,@3F5W(%)O;6%N+"!4:6UE&%M<&QE(&%S6]U65A6]U6]U&%M<&QE#0H-"@T*#0HH55-$ M("0I/&)R/CPO6QE/3-$)V9O;G0Z(#AP="!4:6UE'0^/'`@7,@86YD('-E M;&QS('-E8W5R:71I97,@*&]R("8C,30W.W1U2!I;F1I8V%T92!H:6=H97(-"@T*=')A;G-A8W1I;VX@8V]S=',@86YD M(&UA>2!R97-U;'0@:6X@:&EG:&5R('1A>&5S('=H96X@4VAA&%M<&QE+"!A9F9E8W0@=&AE($9U;F0F M(S$T-CMS('!E6QE/3-$)V9O M;G0Z(#AP="]N;W)M86P@5&EM97,@3F5W(%)O;6%N+"!4:6UE'0^/'`@'0^/'`@2`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`@2!C875S92!Y;W4@=&\@;&]S92!M;VYE>2X@5&AE M($9U;F0F(S$T-CMS(%-H87)E2!A9V5N M8WDL(&EN2!O2!T:&4@1F5D97)A M;"!$97!O'0M:6YD96YT.B`P+C5I;B<^)B,Q-C`[/"]P/@T*#0H- M"@T*/'`@6]U M(&EN=F5S="X\+W`^#0H-"@T*#0H\<"!S='EL93TS1"=F;VYT.B`X<'0O;F]R M;6%L(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E'0M:6YD96YT.B`P+C5I;B<^)B,Q-C`[/"]P/@T*#0H-"@T*/'`@2!T:&4@1G5N9"!A'0M:6YD96YT.B`P+C5I M;B<^)B,Q-C`[/"]P/@T*#0H-"@T*/'`@2!T;R!A(')E<'5R8VAA6EN9R!D96=R M965S(&]F(&-R961I=`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`P+C5I;B<^)B,Q-C`[/"]P/@T*#0H-"@T*/'`@2!P6QE/3-$)V9O;G0Z(#AP="]N M;W)M86P@5&EM97,@3F5W(%)O;6%N+"!4:6UE2!E>&5R8VES92!I=',@2!T;R!I;G9E6QE/3-$)V9O;G0Z(#AP="]N;W)M86P@5&EM97,@3F5W(%)O;6%N+"!4:6UE M2!C875S92!T:&4@1G5N9"8C,30V.W,- M"@T*:6YC;VUE('1O(&1E8VQI;F4N/"]P/@T*#0H-"@T*/'`@6QE/3-$)V9O;G0Z(#AP="]N;W)M86P@5&EM97,@3F5W M(%)O;6%N+"!4:6UE2!B92!U;F%B;&4@=&\@'0M:6YD96YT.B`P+C5I M;B<^)B,Q-C`[/"]P/@T*#0H-"@T*/'`@65A2!B92!L;W=E M2!T:&4@1G5N9"!A;F0O;W(@<')E=F%I;&EN9R!Y:65L9',@9F]R M(&)O;F1S(&EN('1H92!M87)K970N/"]P/@T*#0H-"@T*/'`@6QE/3-$)V9O;G0Z(#AP="]N;W)M86P@5&EM97,@3F5W M(%)O;6%N+"!4:6UE&5D('!A>6UE;G0@870@;6%T=7)I='DL('=I;&P@;6%K92!D:7-T"!C:&%R86-T M97)I>F%T:6]N(&]F('EO=7(@6]U(')E8V5I M=F4@87,@;&EQ=6ED871I;VX@<')O8V5E9',@=7!O;B!T:&4@1G5N9"8C,30V M.W,@=&5R;6EN871I;VX@:7,@:&EG:&5R(&]R(&QO=V5R('1H86X-"@T*>6]U M"!P=7)P;W-E'0M:6YD96YT.B`P+C5I;B<^)B,Q-C`[/"]P/@T* M#0H-"@T*/'`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`P+C5I;B<^)B,Q-C`[/"]P/@T*#0H-"@T*/'`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`P+C5I;B<^)B,Q-C`[/"]P/@T*#0H- M"@T*/'`@2!E9F9E8W0@8W)E871I;VYS M(&%N9"!R961E;7!T:6]N2!W:6QL(&-A=7-E M('1H92!&=6YD('1O(')E8V]G;FEZ92!G86EN#0H-"FET(&UI9VAT(&YO="!O M=&AEF5D+"!OF4@"!O;B!G M86EN&5S+B!4:&5S92!T M6QE/3-$)V9O;G0Z M(#AP="]N;W)M86P@5&EM97,@3F5W(%)O;6%N+"!4:6UE'0^/'`@ M'0^/'`@3X-"CPO:'1M M;#X-"@T*+2TM+2TM/5].97AT4&%R=%]F,SDW9#`W8E\T-S%D7S0X939?83(S M8U\U8S8S-C$T.64Q-S<-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO M9C,Y-V0P-V)?-#'0O:'1M;#L@8VAA M7!E/"]T9#X-"B`@("`@("`@/'1D(&-L87-S M/3-$=&5X=#XT.#5"4$]3/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^0VQA>6UO4-E;G1R86Q);F1E>$ME>3PO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^,#`P,3,V-#`X.3QS<&%N/CPO M'0^9F%L6QE/3-$ M)VUA6QE/3-$)V9O;G0Z(#AP="!4:6UE M2!;5&5X="!";&]C:UT\+W1D/@T*("`@ M("`@("`\=&0@8VQA"!C86QL960@=&AE M($Y!4T1!42!"=6QL9713:&%R97,F(S$W-#L-"E531"!(:6=H(%EI96QD($-O M'!E;G-E2&5A9&EN M9SPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'`@'0@0FQO8VM=/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&@^'1";&]C:SPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'`@6]U(&UA>2!P M87D@:68@>6]U(&)U>2!A;F0@:&]L9"!S:&%R97,@;V8@=&AE($9U;F0-"B@F M(S$T-SM3:&%R97,F(S$T.#LI+B!);G9E2!M87)K970@;6%Y(&)E('-U8FIE8W0@=&\@ M8V]S=',@*&EN8VQU9&EN9R!C=7-T;VUA2!T:&5I'1=/"]T M9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&@^6QE/3-$)V9O;G0Z(#AP="!4:6UE'!E;G-E6]U('!A M>2!E86-H('EE87(@87,\+V9O;G0^/"]T9#X\+W1R/@T*/'1R('-T>6QE/3-$ M)W9E6QE/3-$)V9O;G0Z(#AP="!!6QE/3-$)V9O;G0Z(#AP="!4:6UE'0@0FQO8VM=/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&@^ M6QE/3-$)VUA7,@=')A;G-A8W1I;VX@8V]S=',L('-U8V@@87,@8V]M;6ES2!I;F1I8V%T92!H:6=H97(@=')A M;G-A8W1I;VX@8V]S=',@86YD(&UA>2!R97-U;'0@:6X@:&EG:&5R('1A>&5S M#0IW:&5N(%-H87)E&%B;&4@86-C;W5N="X@ M5&AE'!E;G-E'0M:6YD96YT.B`P+C5I;B<^ M)B,Q-C`[/"]P/@T*#0H-"@T*/'`@&%M<&QE M(%M(96%D:6YG73PO=&0^#0H@("`@("`@(#QT9"!C;&%S&%M<&QE2&5A9&EN9SPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'`@'!E;G-E($5X86UP;&4@3F%R&%M<&QE3F%R6QE/3-$)V9O;G0Z(#AP="]N;W)M86P@5&EM M97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)V9O;G0Z M(#AP="]N;W)M86P@5&EM97,@3F5W(%)O;6%N+"!4:6UE6]U'!E;G-E2!B92!H:6=H97(-"F]R(&QO=V5R+"!B87-E9"!O;B!T:&5S M92!A6QE/3-$)VUA'0^/'`@6QE/3-$)VUA6QE M/3-$)V9O;G0Z(#AP="]N;W)M86P@5&EM97,@3F5W(%)O;6%N+"!4:6UE&EN9R8C,30X.PT* M:6YV97-T;65N="!A<'!R;V%C:"P@=VEL;"!S965K('1O(')E<&QI8V%T92P@ M8F5F;W)E('1H92!&=6YD)B,Q-#8['!E;G-E&EM871E;'D@,36EE;&0@8V]R<&]R871E M(&)O;F1S('=I=&@@969F96-T:79E(&UA='5R:71I97,@:6X@=&AE('EE87(@ M,C`Q.2X@5&AE($AI9V@@66EE;&0@,C`Q.0T*26YD97@@:7,@9&5S:6=N960@ M=&\@6EE;&0@8V]R<&]R871E#0IB;VYD2!I=',@ M86-T=6%L(&UA='5R:71Y#0IO2!O9B!T:&4@2!D979E;&]P960@8GD@06-C6QE/3-$)V9O;G0Z(#AP="]N;W)M86P@5&EM97,@3F5W(%)O;6%N+"!4 M:6UE6QE/3-$)V9O;G0Z(#AP="]N;W)M86P@5&EM M97,@3F5W(%)O;6%N+"!4:6UE6EE;&0@2X@5&AE M2!T:&%T(')E<75I"X@26X@=&AE(&QA'0M:6YD96YT.B`P+C5I;B<^)B,Q M-C`[/"]P/@T*#0H\<"!S='EL93TS1"=F;VYT.B`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`X<'0O;F]R;6%L(%1I;65S($YE=R!2;VUA;BP@5&EM M97,L(%-E'0M:6YD96YT.B`P+C5I;B<^)B,Q M-C`[/"]P/@T*#0H\<"!S='EL93TS1"=F;VYT.B`X<'0O;F]R;6%L(%1I;65S M($YE=R!2;VUA;BP@5&EM97,L(%-E6]U(&EN=F5S="X\+W`^#0H-"CQP('-T>6QE/3-$)V9O;G0Z(#AP="]N M;W)M86P@5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE M/3-$)V9O;G0Z(#AP="]N;W)M86P@5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE M/3-$)V9O;G0Z(#AP="]N;W)M86P@5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)V9O;G0Z(#AP="]N;W)M86P@5&EM97,@3F5W M(%)O;6%N+"!4:6UE0T* M:6YT97)E6EN9R!D96=R965S(&]F(&-R961I=`T*2!C97)T86EN(%4N4RX@9V]V97)N;65N="!A9V5N M8VEE6EE;&0@6EE;&0@=&AA;B!T:&%T(&%V86EL86)L92!F6UE;G1S(&]F M(&EN=&5R97-T(&%N9"!P2!I;7!A M8W1E9"!B>2!A9'9E6EE M;&0@2!I;B!T:6UE'0M:6YD96YT.B`P M+C5I;B<^)B,Q-C`[/"]P/@T*#0H\<"!S='EL93TS1"=F;VYT.B`X<'0O;F]R M;6%L(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E&5S('1H870@=')A8VL@;W1H M97(@:6YD=7-T&5S('1E M;F0@=&\@9V\@=&AR;W5G:"!D:69F97)E;G0@<&5R9F]R;6%N8V4@8WEC;&5S M('1H86X@=&AE(&=E;F5R86P@8F]N9"!M87)K970N/"]P/@T*#0H\<"!S='EL M93TS1"=F;VYT.B`X<'0O;F]R;6%L(%1I;65S($YE=R!2;VUA;BP@5&EM97,L M(%-E'0M:6YD96YT.B`P+C5I;B<^)B,Q-C`[ M/"]P/@T*#0H\<"!S='EL93TS1"=F;VYT.B`X<'0O;F]R;6%L(%1I;65S($YE M=R!2;VUA;BP@5&EM97,L(%-E2!P2!R97-U;'0@:6X@=&AE($9U;F0@6QE M/3-$)V9O;G0Z(#AP="]N;W)M86P@5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)V9O;G0Z(#AP="]N;W)M86P@5&EM97,@3F5W M(%)O;6%N+"!4:6UE6QE/3-$)V9O;G0Z(#AP="]N M;W)M86P@5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE M/3-$)V9O;G0Z(#AP="]N;W)M86P@5&EM97,@3F5W(%)O;6%N+"!4:6UE2!C875S92!T:&4@1G5N9"8C,30V.W,-"FEN M8V]M92!T;R!D96-L:6YE+CPO<#X-"@T*/'`@'0M:6YD96YT.B`P+C5I;B<^)B,Q-C`[/"]P/@T*#0H\<"!S M='EL93TS1"=F;VYT.B`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`P M+C5I;B<^)B,Q-C`[/"]P/@T*#0H\<"!S='EL93TS1"=F;VYT.B`X<'0O;F]R M;6%L(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E2!N;W0@8F4@9G5L;'D@:6YV97-T960@870@=&EM97,L M(&5I=&AE2!T:&4@1G5N9"!T;R!M M965T(')E9&5M<'1I;VYS(&%N9"!E>'!E;G-E"!W:71H('1H92!S M86UE('=E:6=H=&EN9W,@87,@=&AE($EN9&5X+CPO<#X-"@T*/'`@6QE/3-$)V9O;G0Z(#AP="]N;W)M M86P@5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$ M)V9O;G0Z(#AP="]N;W)M86P@5&EM97,@3F5W(%)O;6%N+"!4:6UE2!I;G9E2!S96QL(&$@"X-"DEN(&%D9&ET:6]N+"!T:&4@ M1G5N9"!W:6QL(&YO="!O=&AE'0M:6YD96YT.B`P+C5I;B<^)B,Q-C`[ M/"]P/@T*#0H\<"!S='EL93TS1"=F;VYT.B`X<'0O;F]R;6%L(%1I;65S($YE M=R!2;VUA;BP@5&EM97,L(%-E6QE M/3-$)V9O;G0Z(#AP="]N;W)M86P@5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)V9O;G0Z(#AP="]N;W)M86P@5&EM97,@3F5W M(%)O;6%N+"!4:6UE&5D(&]N(&=A:6X@;VX@=&AE(&1I2!E9F9E8W0@2!B92!R97%U M:7)E9"!T;R!S96QL('!O2!W:6QL(&-A=7-E('1H92!& M=6YD('1O(')E8V]G;FEZ92!G86EN#0II="!M:6=H="!N;W0@;W1H97)W:7-E M(&AA=F4@&5S+B!4:&5S92!T2!I M;BUK:6YD+"!W:6QL(&)E('!A'0M:6YD96YT.B`P+C5I M;B<^)B,Q-C`[/"]P/@T*#0H\<"!S='EL93TS1"=F;VYT.B`X<'0O;F]R;6%L M(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E6QE/3-$)VUA'1=/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$ M=&@^3PO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'`@2!C875S92!Y;W4@=&\@;&]S92!M;VYE>2X\ M+W`^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S6QE/3-$)V9O;G0Z(#AP="!4 M:6UE2!);G-T M:71U=&EO;B!;5&5X=%T\+W1D/@T*("`@("`@("`\=&0@8VQA'0^/'`@6QE/3-$)V9O;G0M9F%M:6QY.B!!2!A9V5N M8WDL(&EN2!O<@T*;V9F:6-E0T*86YD(&ES(&YO="!O=&AE6QE/3-$)V9O;G0Z(#AP="!4:6UE65T(&-O;7!L971E9"!A(&9U;&P@8V%L96YD M87(@>65A6QE/3-$)VUA65T(&-O;7!L971E9"!A(&9U M;&P@8V%L96YD87(@>65A'!E;G-E'!E;G-E'!E;G-E($5X86UP;&4L('=I=&@@4F5D96UP=&EO;BP@,2!996%R/"]T9#X- M"B`@("`@("`@/'1D(&-L87-S/3-$=&@^&%M<&QE+"!W:71H M(%)E9&5M<'1I;VXL(#,@665A'!E;G-E17AA;7!L95EE87(P,SPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0@0FQO8VM=/"]T9#X-"B`@ M("`@("`@/'1D(&-L87-S/3-$=&@^51E>'1" M;&]C:SPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'`@6EE;&0@8V]R<&]R871E(&)O;F0@:6YD97@@8V%L M;&5D('1H92!.05-$05$@0G5L;&5T4VAA"8C M,30X.RDN/"]P/CQS<&%N/CPO'!E;G-E2&5A9&EN9SPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'`@'0@0FQO8VM=/"]T9#X-"B`@("`@("`@/'1D M(&-L87-S/3-$=&@^'1";&]C:SPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'`@0T*:68@>6]U(&)U>2!A;F0@:&]L9"!S M:&%R97,@;V8@=&AE($9U;F0@*"8C,30W.U-H87)E'!E;G-E6QE/3-$)W=I9'1H.B`Q,#`E)SX- M"CQT65A6QE/3-$)V9O;G0Z(#AP="!4:6UE M6]U'0^/'`@'1";&]C:SPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'`@&%M<&QE+"!A9F9E8W0@ M=&AE($9U;F0F(S$T-CMS('!E'!E;G-E17AA;7!L94AE861I;F<\+W1D/@T*("`@("`@("`\=&0@8VQA M6QE/3-$)V9O;G0Z(#AP="!4:6UE&%M<&QE/"]P/CQS<&%N M/CPO&%M<&QE($YA M'!E;G-E17AA;7!L94YA'1";&]C:SPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'`@6]U(&UA>0T*<&%Y('=H96X@<'5R8VAA6QE/3-$)V9O;G0Z M(#AP="]N;W)M86P@5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)V9O;G0Z(#AP="]N;W)M86P@5&EM97,@3F5W(%)O;6%N+"!4 M:6UE6]U'!E;G-E2!B92!H:6=H97(-"F]R(&QO=V5R M+"!B87-E9"!O;B!T:&5S92!A'0^/'`@6QE/3-$)V9O M;G0Z(#AP="]N;W)M86P@5&EM97,@3F5W(%)O;6%N+"!4:6UE&EN9R8C,30X.PT*:6YV97-T M;65N="!A<'!R;V%C:"P@=VEL;"!S965K('1O(')E<&QI8V%T92P@8F5F;W)E M('1H92!&=6YD)B,Q-#8['!E;G-E&EM871E;'D@,C$U(&AI9V@@>6EE;&0@8V]R<&]R871E(&)O;F1S M('=I=&@@969F96-T:79E(&UA='5R:71I97,@:6X@=&AE('EE87(@,C`R,"X@ M5&AE($AI9V@@66EE;&0@,C`R,`T*26YD97@@:7,@9&5S:6=N960@=&\@6EE M;&0@8V]R<&]R871E#0IB;VYD2!I=',@86-T=6%L M(&UA='5R:71Y#0IO2!O9B!T:&4@2!D979E;&]P960@8GD@06-C6QE M/3-$)V9O;G0Z(#AP="]N;W)M86P@5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)V9O;G0Z(#AP="]N;W)M86P@5&EM97,@3F5W M(%)O;6%N+"!4:6UE6EE;&0@2X@5&AE"X@26X@=&AE(&QA'0M:6YD96YT.B`P+C5I;B<^)B,Q-C`[/"]P M/@T*#0H\<"!S='EL93TS1"=F;VYT.B`X<'0O;F]R;6%L(%1I;65S($YE=R!2 M;VUA;BP@5&EM97,L(%-E7-I"!U;FEV97)S92!T;R!O8G1A:6X@82!R97!R97-E M;G1A=&EV92!S86UP;&4@;V8@2P-"F-R961I M="!Q=6%L:71Y+"!S96-T;W(L(&1U&5D(&EN8V]M92!S96-U"!S M96-U"X@ M5&AE($9U;F0@;6%Y('-E;&P-"G-E8W5R:71I97,@=&AA="!A2!O2!S96-T;W)S(&5A8V@@'0M:6YD96YT.B`P+C5I;B<^)B,Q-C`[/"]P M/CQS<&%N/CPO'0^/'`@'0@ M0FQO8VM=/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&@^'1";&]C:SPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'`@6]U('1O(&QO6]U(&-O=6QD(&QO2!A9V5N8WDL(&EN2!O2!A;F0@:7,-"FYO="!O=&AE'0M:6YD96YT M.B`P+C5I;B<^)B,Q-C`[/"]P/@T*#0H\<"!S='EL93TS1"=F;VYT.B`X<'0O M;F]R;6%L(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E2!T:&4@1G5N9"!A'0M:6YD96YT.B`P+C5I;B<^)B,Q-C`[/"]P/@T*#0H\<"!S='EL M93TS1"=F;VYT.B`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`P+C5I;B<^)B,Q-C`[/"]P/@T*#0H\<"!S='EL93TS1"=F;VYT.B`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`P M+C5I;B<^)B,Q-C`[/"]P/@T*#0H\<"!S='EL93TS1"=F;VYT.B`X<'0O;F]R M;6%L(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E2!R97%U:7)E;65N=',@;6%Y(&%D=F5R2!A9F9E8W0@=&AE(&)U M2!A9F9E8W1E9"!B>2!I;G1E;G-E(&-O;7!E=&ET:6]N+"!I M;F-L=61I;F<-"F-O;7!E=&ET:6]N('=I=&@@86QT97)N871I=F4@=&5C:&YO M;&]G:65S('-U8V@@87,@=VER96QE2P@8V]N6QE/3-$)V9O;G0Z(#AP M="]N;W)M86P@5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)V9O;G0Z(#AP="]N;W)M86P@5&EM97,@3F5W(%)O;6%N+"!4:6UE M'!E'!E'0M:6YD96YT.B`P+C5I;B<^)B,Q-C`[/"]P/@T*#0H\ M<"!S='EL93TS1"=F;VYT.B`X<'0O;F]R;6%L(%1I;65S($YE=R!2;VUA;BP@ M5&EM97,L(%-E2!B92!A9'9E2!A;F0@9&5M86YD+CPO<#X-"@T*/'`@2!T;R!T:&4@<&5R9F]R;6%N8V4@;V8@=&AE(&]V97)A;&P@9&]M M97-T:6,@86YD(&EN=&5R;F%T:6]N86P@96-O;F]M>2P-"FEN=&5R97-T(')A M=&5S+"!C;VUP971I=&EO;B!A;F0@8V]N2!O9B!C;VUP86YI97,-"FEN M('1H92!E;F5R9WD@2!P&-H86YG92!R871E2!C;VUP86YI97,@87)E(&QO8V%T960@;W(@9&\@ M8G5S:6YE'0M:6YD96YT.B`P+C5I;B<^)B,Q-C`[/"]P/@T*#0H\<"!S='EL93TS1"=F M;VYT.B`X<'0O;F]R;6%L(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E"!F;W(@82!N=6UB97(@;V8@"P@86YD(&EN M8W5R2!W:&5N(')E8F%L86YC:6YG('1H92!&=6YD)B,Q-#8["X@4VEN8V4@=&AE($EN9&5X(&-O M;G-T:71U96YT2!O;B!A(&UO;G1H;'D@8F%S:7,L('1H92!& M=6YD)B,Q-#8[2!B92!GF5S(&$@"!A"X\ M+W`^#0H-"CQP('-T>6QE/3-$)V9O;G0Z(#AP="]N;W)M86P@5&EM97,@3F5W M(%)O;6%N+"!4:6UE6QE/3-$)V9O;G0Z(#AP="]N M;W)M86P@5&EM97,@3F5W(%)O;6%N+"!4:6UE'0M:6YD96YT.B`P+C5I;B<^)B,Q-C`[/"]P M/@T*#0H\<"!S='EL93TS1"=F;VYT.B`X<'0O;F]R;6%L(%1I;65S($YE=R!2 M;VUA;BP@5&EM97,L(%-E2!O'0M:6YD96YT M.B`P+C5I;B<^)B,Q-C`[/"]P/@T*#0H\<"!S='EL93TS1"=F;VYT.B`X<'0O M;F]R;6%L(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E2!E9F9E8W0@8W)E871I;VYS(&%N9"!R961E;7!T:6]N2!B92!L97-S('1A>"UE9F9I8VEE;G0@=&AA M;B!A;B!I;G9E2!AF4@9V%I;@T*:70@;6EG M:'0@;F]T(&]T:&5R=VES92!H879E(')E8V]G;FEZ960L(&]R('1O(')E8V]G M;FEZ92!S=6-H(&=A:6X@2!W:71H('1H92!S<&5C:6%L M('1A>"!R=6QE2!C875S92!S:&%R96AO;&1E'1=/"]T M9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&@^3PO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'`@2!C M875S92!Y;W4@=&\@;&]S92!M;VYE>2X\+W`^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S6QE/3-$)V9O;G0Z(#AP="!4:6UE2!);G-T:71U=&EO;B!;5&5X=%T\+W1D/@T* M("`@("`@("`\=&0@8VQA'0^/'`@6QE/3-$)V9O;G0M9F%M M:6QY.B!!2!A9V5N8WDL(&EN2!O M<@T*;V9F:6-E0T*86YD M(&ES(&YO="!O=&AE6QE/3-$)V9O;G0Z(#AP="!4:6UE6QE/3-$)V9O;G0Z(#AP="!4:6UE65A'1=/"]T9#X-"B`@("`@("`@/'1D(&-L M87-S/3-$=&@^'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S&%M<&QE+"!W:71H(%)E M9&5M<'1I;VXL(#$@665A&%M<&QE665A&%M<&QE+"!W:71H(%)E9&5M<'1I;VXL(#,@665A'!E;G-E17AA;7!L95EE M87(P,SPO=&0^#0H@("`@("`@(#QT9"!C;&%S6UO'1087)T7V8S.3=D,#=B7S0W,61?-#AE-E]A,C-C7S5C-C,V,30Y93$W-PT* M0V]N=&5N="U,;V-A=&EO;CH@9FEL93HO+R]#.B]F,SDW9#`W8E\T-S%D7S0X M939?83(S8U\U8S8S-C$T.64Q-S&UL/@T*+2TM+2TM/5].97AT4&%R=%]F,SDW9#`W8E\T-S%D7S0X 8939?83(S8U\U8S8S-C$T.64Q-S XML 14 FilingSummary.xml IDEA: XBRL DOCUMENT 2.4.0.8 Html 5 36 1 true 4 0 false 2 false false R1.htm 0005 - Document - Document And Entity Information {Elements} Sheet http://guggenheiminvestments.com/role/DocumentAndEntityInformationElements Document And Entity Information false true R2.htm 0013 - Document - Guggenheim BulletShares 2019 High Yield Corporate Bond ETF {Unlabeled} Sheet http://guggenheiminvestments.com/role/GuggenheimBulletshares2021CorporateBondEtfSummaryUnlabeled Guggenheim BulletShares 2019 High Yield Corporate Bond ETF false true R3.htm 0014 - Document - Guggenheim BulletShares 2020 High Yield Corporate Bond ETF {Unlabeled} Sheet http://guggenheiminvestments.com/role/GuggenheimBulletshares2022CorporateBondEtfSummaryUnlabeled Guggenheim BulletShares 2020 High Yield Corporate Bond ETF false true R4.htm 010000 - Document - Risk/Return Summary {Unlabeled} Sheet http://xbrl.sec.gov/rr/role/RiskReturn Risk/Return Summary false false R7.htm 040000 - Disclosure - Risk/Return Detail Data {Elements} Sheet http://xbrl.sec.gov/rr/role/RiskReturnDetailData Risk/Return Detail Data true false All Reports Book All Reports ck0001364089-20130919.xml ck0001364089-20130919.xsd ck0001364089-20130919_cal.xml ck0001364089-20130919_def.xml ck0001364089-20130919_lab.xml ck0001364089-20130919_pre.xml true true XML 15 R3.htm IDEA: XBRL DOCUMENT v2.4.0.8
Guggenheim BulletShares 2020 High Yield Corporate Bond ETF

Guggenheim BulletShares 2020 High Yield Corporate Bond ETF (BSJK)

Investment Objective

The Fund seeks investment results that correspond generally to the performance, before the Fund’s fees and expenses, of a high yield corporate bond index called the NASDAQ BulletShares® USD High Yield Corporate Bond 2020 Index (the “High Yield 2020 Index” or the “Index”).

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund (“Shares”). Investors purchasing Shares in the secondary market may be subject to costs (including customary brokerage commissions) charged by their broker.

Annual Fund Operating Expenses (expenses that you pay each year as
a percentage of the value of your investment)
Annual Fund Operating Expenses
Guggenheim BulletShares 2020 High Yield Corporate Bond ETF
Management Fees (comprehensive management fee) 0.42%
Distribution and service (12b-1) fees [1] none
Other Expenses [2] none
Total Annual Fund Operating Expenses 0.42%
[1] 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 (the Board) of the Claymore Exchange-Traded Fund Trust (the Trust) has adopted a resolution that no such fee may be paid in the first 12 months of the Fund's operations.
[2] Other expenses have been estimated for the current fiscal year.

Example

This Example is intended to help you compare the cost of investing in the Fund with the costs of investing in other funds. The Example does not take into account brokerage commissions that you may pay when purchasing or selling Shares.

 

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example (USD $)
1 Year
3 Years
Guggenheim BulletShares 2020 High Yield Corporate Bond ETF
43 189

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance.

 

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 2020 Index. The High Yield 2020 Index is a rules-based index (i.e., an index constructed using specified criteria) comprised of, as of September 9, 2013, approximately 215 high yield corporate bonds with effective maturities in the year 2020. The High Yield 2020 Index is designed to represent the performance of a held-to-maturity portfolio of U.S. dollar-denominated high yield corporate bonds with effective maturities in 2020. The effective maturity of an eligible corporate bond is determined by its actual maturity or, in the case of callable securities, the effective maturity of the security as determined in accordance with the rules-based methodology developed by Accretive Asset Management LLC (“Accretive” or the “Index Provider”).

 

The Fund has a designated year of maturity of 2020 and will terminate on or about December 31, 2020. In connection with such termination, the Fund will make a cash distribution to then-current shareholders of its net assets after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to return any predetermined amount at maturity. The Fund will invest at least 80% of its total assets in securities that are components of the Index. Under normal conditions, the Fund will invest at least 80% of its net assets in high yield securities (“junk bonds”), which are debt securities that are rated below investment grade by nationally recognized statistical rating organizations, or are unrated securities that the Investment Adviser believes are of comparable quality. There are no minimum credit rating requirements for securities that the Fund may purchase; however, the Fund will not purchase securities that are in default. The Fund has adopted a policy that requires the Fund to provide shareholders with at least 60 days notice prior to any material change in these 80% policies or the Index. In the last twelve months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper. The Fund will terminate on or about the date above without requiring additional approval by the Board or Fund shareholders. The Board may change the termination date to an earlier or later date without shareholder approval if a majority of the Board determines the change to be in the best interest of the Fund. The Board may change the Fund’s investment strategy and other policies without shareholder approval, except as otherwise indicated.

 

The Fund expects to use a sampling approach in seeking to achieve its investment objective. Sampling means that Guggenheim Funds Investment Advisors, LLC (the “Investment Adviser”) uses quantitative analysis to select securities from the Index universe to obtain a representative sample of securities that resemble the Index in terms of key risk factors, performance attributes and other characteristics. These characteristics include maturity, credit quality, sector, duration and other financial characteristics of fixed income securities. The quantity of holdings in the Fund will be based on a number of factors, including the asset size of the Fund, potential transaction costs in acquiring particular securities, the anticipated impact of particular index securities on the performance of the Index and the availability of particular securities in the secondary market. However, the Fund may use full replication to achieve its objective if practicable. A replication strategy involves generally investing in all of the securities in the Index with the same weights as the Index. There may also be instances in which the Investment Adviser may choose to overweight another security in the Index, or purchase (or sell) securities not in the Index which the Investment Adviser believes are appropriate to substitute for one or more Index components, in seeking to accurately track the Index. In addition, from time to time securities are added to or removed from the Index. The Fund may sell securities that are represented in the Index or purchase securities that are not yet represented in the Index in anticipation of their removal from or addition to the Index. If the Index concentrates in a particular industry or group of industries, the Fund’s investments will be concentrated accordingly. As of the date of this prospectus, the telecommunications, financial services, consumer staples, consumer discretionary and energy sectors each represent a substantial portion of the Index.

 

Principal Investment Risks

Investors should consider the following risk factors and special considerations associated with investing in the Fund, which may cause you to lose money. The Fund’s Shares will change in value, and you could lose money by investing in the Fund. 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.

 

Investment Risk. An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest.

 

Interest Rate Risk. As interest rates rise, the value of fixed-income securities held by the Fund are likely to decrease. Securities with longer durations tend to be more sensitive to interest rate changes, making them more volatile than securities with shorter durations.

 

Credit/Default Risk. Issuers or guarantors of debt instruments or the counterparty to a repurchase agreement or loan of portfolio securities may be unable or unwilling to make timely interest and/or principal payments or otherwise honor their obligations. Debt instruments are subject to varying degrees of credit risk, which may be reflected in credit ratings. Securities issued by the U.S. government generally have less credit risk than debt securities of non-government issuers. However, securities issued by certain U.S. government agencies are not necessarily backed by the full faith and credit of the U.S. government. Credit rating downgrades and defaults (failure to make interest or principal payment) may potentially reduce the Fund’s income and Share price.

 

High Yield Securities Risk. High yield securities generally offer a higher current yield than that available from higher grade issues, but typically involve greater risk. Securities rated below investment grade are commonly referred to as “junk bonds.”The ability of issuers of high yield securities to make timely payments of interest and principal may be adversely impacted by adverse changes in general economic conditions, changes in the financial condition of the issuers and price fluctuations in response to changes in interest rates. High yield securities are less liquid than investment grade securities and may be difficult to price or sell, particularly in times of negative sentiment toward high yield securities.

 

Asset Class Risk. The bonds in the Fund’s portfolios may underperform the returns of other bonds or indexes that track other industries, markets, asset classes or sectors. Different types of bonds and indexes tend to go through different performance cycles than the general bond market.

 

Call Risk/Prepayment Risk. During periods of falling interest rates, an issuer of a callable bond may exercise its right to pay principal on an obligation earlier than expected. This may result in the Fund reinvesting proceeds at lower interest rates, resulting in a decline in the Fund’s income.

 

Extension Risk. An issuer may exercise its right to pay principal on an obligation later than expected. This may happen when there is a rise in interest rates. Under these circumstances, the value of the obligation will decrease and the Fund’s performance may suffer from its inability to invest in higher yielding securities.

 

Income Risk. Falling interest rates may cause the Fund’s income to decline.

 

Liquidity Risk. Liquidity risk exists when particular investments are difficult to purchase or sell. If the Fund invests in illiquid securities or securities that become illiquid, Fund returns may be reduced because the Fund may be unable to sell the illiquid securities at an advantageous time or price.

 

Declining Yield Risk. During the final year of the Fund’s operations, as the bonds held by the Fund mature and the Fund’s portfolio transitions to cash and cash equivalents, the Fund’s yield will generally tend to move toward the yield of cash and cash equivalents and thus may be lower than the yields of the bonds previously held by the Fund and/or prevailing yields for bonds in the market.

 

Fluctuation of Yield and Liquidation Amount Risk. The Fund, unlike a direct investment in a bond that has a level coupon payment and a fixed payment at maturity, will make distributions of income that vary over time. Unlike a direct investment in bonds, the breakdown of returns between Fund distributions and liquidation proceeds are not predictable at the time of your investment. For example, at times during the Fund’s existence, it may make distributions at a greater (or lesser) rate than the coupon payments received on the Fund’s portfolio, which will result in the Fund returning a lesser (or greater) amount on liquidation than would otherwise be the case. The rate of Fund distribution payments may adversely affect the tax characterization of your returns from an investment in the Fund relative to a direct investment in corporate bonds. If the amount you receive as liquidation proceeds upon the Fund’s termination is higher or lower than your cost basis, you may experience a gain or loss for tax purposes.

 

Telecommunications Sector Risk. The telecommunications sector is subject to extensive government regulation. The costs of complying with governmental regulations, delays or failure to receive required regulatory approvals or the enactment of new adverse regulatory requirements may adversely affect the business of the telecommunications companies. The telecommunications sector can also be significantly affected by intense competition, including competition with alternative technologies such as wireless communications, product compatibility, consumer preferences, rapid obsolescence and research and development of new products. Other risks include those related to regulatory changes, such as the uncertainties resulting from such companies’ diversification into new domestic and international businesses, as well as agreements by any such companies linking future rate increases to inflation or other factors not directly related to the actual operating profits of the enterprise.

 

Financial Services Sector Risk. The financial services industries are subject to extensive government regulation, can be subject to relatively rapid change due to increasingly blurred distinctions between service segments, and can be significantly affected by availability and cost of capital funds, changes in interest rates, the rate of corporate and consumer debt defaults, and price competition. In addition, the deterioration of the credit markets since late 2007 generally has caused an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets. In particular, events in the financial sector since late 2008 have resulted, and may continue to result, in an unusually high degree of volatility in the financial markets, both domestic and foreign. This situation has created instability in the financial markets and caused certain financial services companies to incur large losses. Numerous financial services companies have experienced substantial declines in the valuations of their assets, taken action to raise capital (such as the issuance of debt or equity securities), or even ceased operations. These actions have caused the securities of many financial services companies to experience a dramatic decline in value. Issuers that have exposure to the real estate, mortgage and credit markets have been particularly affected by the foregoing events and the general market turmoil, and it is uncertain whether or for how long these conditions will continue.

 

Consumer Staples Sector Risk. Companies in this sector are subject to government regulation affecting the permissibility of using various food additives and production methods, which regulations could affect company profitability. Tobacco companies may be adversely affected by the adoption of proposed legislation and/or by litigation. Also, the success of food and soft drink may be strongly affected by fads, marketing campaigns and other factors affecting supply and demand.

 

Consumer Discretionary Sector Risk. The success of consumer product manufacturers and retailers is tied closely to the performance of the overall domestic and international economy, interest rates, competition and consumer confidence. Success depends heavily on disposable household income and consumer spending. Changes in demographics and consumer tastes can also affect the demand for, and success of, consumer products in the marketplace.

 

Energy Sector Risk. The profitability of companies in the energy sector is related to worldwide energy prices, exploration, and production spending. Such companies also are subject to risks of changes in exchange rates, government regulation, world events, depletion of resources and economic conditions, as well as market, economic and political risks of the countries where energy companies are located or do business.

 

Non-Correlation Risk. The Fund’s return may not match the return of the Index for a number of reasons. For example, the Fund incurs a number of operating expenses not applicable to the Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of the Index. Since the Index constituents may vary on a monthly basis, the Fund’s costs associated with rebalancing may be greater than those incurred by other exchange-traded funds (“ETFs”) that track indices whose composition changes less frequently.

 

The Fund may not be fully invested at times, either as a result of cash flows into the Fund or reserves of cash held by the Fund to meet redemptions and expenses. Since the Fund utilizes a sampling approach, its return may not correlate as well with the return on the Index as would be the case if it purchased all of the securities in the Index with the same weightings as the Index.

 

Concentration Risk. If the Index concentrates in an industry or group of industries, the Fund’s investments will be concentrated accordingly. In such event, the value of the Fund’s Shares may rise and fall more than the value of shares of a fund that invests in securities of companies in a broader range of industries.

 

Passive Management Risk. Unlike many investment companies, the Fund is not “actively” managed. Therefore, it would not necessarily sell a security because the security’s issuer was in financial trouble or defaulted, or whose credit rating was downgraded, unless that security is removed from the Index. In addition, the Fund will not otherwise take defensive positions in declining markets unless such positions are reflected in the Index.

 

Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. The value of securities of smaller issuers can be more volatile than that of larger issuers.

 

Risk of Cash Transactions. In certain instances, unlike most ETFs, the Fund may effect creations and redemptions for cash, rather than in-kind. As a result, an investment in the Fund may be less tax-efficient than an investment in a more conventional ETF. ETFs generally are able to make in-kind redemptions and avoid being taxed on gain on the distributed portfolio securities at the Fund level. Because the Fund may effect redemptions for cash, rather than in-kind distributions, it may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. If the Fund recognizes gain on these sales, this generally will cause the Fund to recognize gain it might not otherwise have recognized, or to recognize such gain sooner than would otherwise be required if it were to distribute portfolio securities in-kind. The Fund generally intends to distribute these gains to shareholders to avoid being taxed on this gain at the Fund level and otherwise comply with the special tax rules that apply to it. This strategy may cause shareholders to be subject to tax on gains they would not otherwise be subject to, or at an earlier date than, if they had made an investment in a different ETF. Moreover, cash transactions may have to be carried out over several days if the securities market is relatively illiquid and may involve considerable transaction fees and taxes. These transaction fees and taxes, which will be higher than if the Fund sold and redeemed its Shares principally in-kind, will be passed on to purchasers and redeemers of Creation Units in the form of creation and redemption transaction fees.

 

Non-Diversified Fund Risk. 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.

Fund Performance

As of the date of this prospectus, the Fund has not yet completed a full calendar year of investment operations. When the Fund has completed a full calendar year of investment operations, this section will include charts that show annual total returns, highest and lowest quarterly returns and average annual total returns (before and after taxes) compared to a benchmark index selected for the Fund.

XML 16 R2.htm IDEA: XBRL DOCUMENT v2.4.0.8
Guggenheim BulletShares 2019 High Yield Corporate Bond ETF

Guggenheim BulletShares 2019 High Yield Corporate Bond ETF (BSJJ)

Investment Objective

 

The Fund seeks investment results that correspond generally to the performance, before the Fund’s fees and expenses, of a high yield corporate bond index called the NASDAQ BulletShares® USD High Yield Corporate Bond 2019 Index (the “High Yield 2019 Index” or the “Index”).

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund (“Shares”). Investors purchasing Shares in the secondary market may be subject to costs (including customary brokerage commissions) charged by their broker.

Annual Fund Operating Expenses (expenses that you pay each year as
a percentage of the value of your investment)
Annual Fund Operating Expenses
Guggenheim BulletShares 2019 High Yield Corporate Bond ETF
Management Fees (comprehensive management fee) 0.42%
Distribution and service (12b-1) fees [1] none
Other Expenses [2] none
Total Annual Fund Operating Expenses 0.42%
[1] 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 (the Board) of the Claymore Exchange-Traded Fund Trust (the Trust) has adopted a resolution that no such fee may be paid in the first 12 months of the Fund's operations.
[2] Other expenses have been estimated for the current fiscal year.

Example

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example does not take into account brokerage commissions that you pay when purchasing or selling Shares.

 

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example (USD $)
1 Year
3 Years
Guggenheim BulletShares 2019 High Yield Corporate Bond ETF
43 189

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance.

 

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 2019 Index. The High Yield 2019 Index is a rules-based index (i.e., an index constructed using specified criteria) comprised of, as of September 9, 2013, approximately 178 high yield corporate bonds with effective maturities in the year 2019. The High Yield 2019 Index is designed to represent the performance of a held-to-maturity portfolio of U.S. dollar-denominated high yield corporate bonds with effective maturities in 2019. The effective maturity of an eligible corporate bond is determined by its actual maturity or, in the case of callable securities, the effective maturity of the security as determined in accordance with the rules-based methodology developed by Accretive Asset Management LLC (“Accretive” or the “Index Provider”).

 

The Fund has a designated year of maturity of 2019 and will terminate on or about December 31, 2019. In connection with such termination, the Fund will make a cash distribution to then-current shareholders of its net assets after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to return any predetermined amount at maturity. The Fund will invest at least 80% of its total assets in securities that are components of the Index. Under normal conditions, the Fund will invest at least 80% of its net assets in high yield securities (“junk bonds”), which are debt securities that are rated below investment grade by nationally recognized statistical rating organizations, or are unrated securities that the Investment Adviser believes are of comparable quality. There are no minimum credit rating requirements for securities that the Fund may purchase; however, the Fund will not purchase securities that are in default. The Fund has adopted a policy that requires the Fund to provide shareholders with at least 60 days notice prior to any material change in these 80% policies or the Index. In the last twelve months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper. The Fund will terminate on or about the date above without requiring additional approval by the Board or Fund shareholders. The Board may change the termination date to an earlier or later date without shareholder approval if a majority of the Board determines the change to be in the best interest of the Fund. The Board may change the Fund’s investment strategy and other policies without shareholder approval, except as otherwise indicated.

 

The Fund expects to use a sampling approach in seeking to achieve its investment objective. Sampling means that Guggenheim Funds Investment Advisors, LLC (the “Investment Adviser”) uses quantitative analysis to select securities from the Index universe to obtain a representative sample of securities that resemble the Index in terms of key risk factors, performance attributes and other characteristics. These characteristics include maturity, credit quality, sector, duration and other financial characteristics of fixed income securities. The quantity of holdings in the Fund will be based on a number of factors, including the asset size of the Fund, potential transaction costs in acquiring particular securities, the anticipated impact of particular Index securities on the performance of the Index and the availability of particular securities in the secondary market. However, the Fund may use full replication to achieve its objective if practicable. A replication strategy involves generally investing in all of the securities in the Index with the same weights as the Index. There may also be instances in which the Investment Adviser may choose to overweight another security in the Index, or purchase (or sell) securities not in the Index which the Investment Adviser believes are appropriate to substitute for one or more Index components, in seeking to accurately track the Index. In addition, from time to time securities are added to or removed from the Index. The Fund may sell securities that are represented in the Index or purchase securities that are not yet represented in the Index in anticipation of their removal from or addition to the Index. If the Index concentrates in a particular industry or group of industries, the Fund’s investments will be concentrated accordingly. As of the date of this prospectus, the financial services, telecommunications, consumer staples and consumer discretionary sectors each represent a substantial portion of the Index.

Principal Investment Risks

 

Investors should consider the following risk factors and special considerations associated with investing in the Fund, which may cause you to lose money. The Fund’s Shares will change in value, and you could lose money by investing in the Fund. 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.

 

Investment Risk. An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest.

 

Interest Rate Risk. As interest rates rise, the value of fixed-income securities held by the Fund are likely to decrease. Securities with longer durations tend to be more sensitive to interest rate changes, making them more volatile than securities with shorter durations.

 

Credit/Default Risk. Issuers or guarantors of debt instruments or the counterparty to a repurchase agreement or loan of portfolio securities may be unable or unwilling to make timely interest and/or principal payments or otherwise honor their obligations. Debt instruments are subject to varying degrees of credit risk, which may be reflected in credit ratings. Securities issued by the U.S. government generally have less credit risk than debt securities of non-government issuers. However, securities issued by certain U.S. government agencies are not necessarily backed by the full faith and credit of the U.S. government. Credit rating downgrades and defaults (failure to make interest or principal payment) may potentially reduce the Fund’s income and Share price.

 

High Yield Securities Risk. High yield securities generally offer a higher current yield than that available from higher grade issues, but typically involve greater risk. Securities rated below investment grade are commonly referred to as “junk bonds.”The ability of issuers of high yield securities to make timely payments of interest and principal may be adversely impacted by adverse changes in general economic conditions, changes in the financial condition of the issuers and price fluctuations in response to changes in interest rates. High yield securities are less liquid than investment grade securities and may be difficult to price or sell, particularly in times of negative sentiment toward high yield securities.

 

Asset Class Risk. The bonds in the Fund’s portfolio may underperform the returns of other bonds or indexes that track other industries, markets, asset classes or sectors. Different types of bonds and indexes tend to go through different performance cycles than the general bond market.

 

Call Risk/Prepayment Risk. During periods of falling interest rates, an issuer of a callable bond may exercise its right to pay principal on an obligation earlier than expected. This may result in the Fund reinvesting proceeds at lower interest rates, resulting in a decline in the Fund’s income.

 

Extension Risk. An issuer may exercise its right to pay principal on an obligation later than expected. This may happen when there is a rise in interest rates. Under these circumstances, the value of the obligation will decrease and the Fund’s performance may suffer from its inability to invest in higher yielding securities.

 

Income Risk. Falling interest rates may cause the Fund’s income to decline.

 

Liquidity Risk. Liquidity risk exists when particular investments are difficult to purchase or sell. If the Fund invests in illiquid securities or securities that become illiquid, Fund returns may be reduced because the Fund may be unable to sell the illiquid securities at an advantageous time or price.

 

Declining Yield Risk. During the final year of the Fund’s operations, as the bonds held by the Fund mature and the Fund’s portfolio transitions to cash and cash equivalents, the Fund’s yield will generally tend to move toward the yield of cash and cash equivalents and thus may be lower than the yields of the bonds previously held by the Fund and/or prevailing yields for bonds in the market.

 

Fluctuation of Yield and Liquidation Amount Risk. The Fund, unlike a direct investment in a bond that has a level coupon payment and a fixed payment at maturity, will make distributions of income that vary over time. Unlike a direct investment in bonds, the breakdown of returns between Fund distributions and liquidation proceeds are not predictable at the time of your investment. For example, at times during the Fund’s existence, it may make distributions at a greater (or lesser) rate than the coupon payments received on the Fund’s portfolio, which will result in the Fund returning a lesser (or greater) amount on liquidation than would otherwise be the case. The rate of Fund distribution payments may adversely affect the tax characterization of your returns from an investment in the Fund relative to a direct investment in corporate bonds. If the amount you receive as liquidation proceeds upon the Fund’s termination is higher or lower than your cost basis, you may experience a gain or loss for tax purposes.

 

Financial Services Sector Risk. The financial services industries are subject to extensive government regulation, can be subject to relatively rapid change due to increasingly blurred distinctions between service segments, and can be significantly affected by availability and cost of capital funds, changes in interest rates, the rate of corporate and consumer debt defaults, and price competition. In addition, the deterioration of the credit markets since late 2007 generally has caused an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets. In particular, events in the financial sector since late 2008 have resulted, and may continue to result, in an unusually high degree of volatility in the financial markets, both domestic and foreign. This situation has created instability in the financial markets and caused certain financial services companies to incur large losses. Numerous financial services companies have experienced substantial declines in the valuations of their assets, taken action to raise capital (such as the issuance of debt or equity securities), or even ceased operations. These actions have caused the securities of many financial services companies to experience a dramatic decline in value. Issuers that have exposure to the real estate, mortgage and credit markets have been particularly affected by the foregoing events and the general market turmoil, and it is uncertain whether or for how long these conditions will continue.

 

Telecommunications Sector Risk. The telecommunications sector is subject to extensive government regulation. The costs of complying with governmental regulations, delays or failure to receive required regulatory approvals or the enactment of new adverse regulatory requirements may adversely affect the business of the telecommunications companies. The telecommunications sector can also be significantly affected by intense competition, including competition with alternative technologies such as wireless communications, product compatibility, consumer preferences, rapid obsolescence and research and development of new products. Other risks include those related to regulatory changes, such as the uncertainties resulting from such companies’ diversification into new domestic and international businesses, as well as agreements by any such companies linking future rate increases to inflation or other factors not directly related to the actual operating profits of the enterprise.

 

Consumer Staples Sector Risk. Companies in this sector are subject to government regulation affecting the permissibility of using various food additives and production methods, which regulations could affect company profitability. Tobacco companies may be adversely affected by the adoption of proposed legislation and/or by litigation. Also, the success of food and soft drink may be strongly affected by fads, marketing campaigns and other factors affecting supply and demand.

 

Consumer Discretionary Sector Risk. The success of consumer product manufacturers and retailers is tied closely to the performance of the overall domestic and international economy, interest rates, competition and consumer confidence. Success depends heavily on disposable household income and consumer spending. Changes in demographics and consumer tastes can also affect the demand for, and success of, consumer products in the marketplace.

 

Non-Correlation Risk. The Fund’s return may not match the return of the Index for a number of reasons. For example, the Fund incurs a number of operating expenses not applicable to the Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of the Index. Since the Index constituents may vary on a monthly basis, the Fund’s costs associated with rebalancing may be greater than those incurred by other exchange-traded funds (“ETFs”) that track indices whose composition changes less frequently.

 

The Fund may not be fully invested at times, either as a result of cash flows into the Fund or reserves of cash held by the Fund to meet redemptions and expenses. Since the Fund utilizes a sampling approach, its return may not correlate as well with the return on the Index as would be the case if it purchased all of the securities in the Index with the same weightings as the Index.

 

Concentration Risk. If the Index concentrates in an industry or group of industries, the Fund’s investments will be concentrated accordingly. In such event, the value of the Fund’s Shares may rise and fall more than the value of shares of a fund that invests in securities of companies in a broader range of industries.

 

Passive Management Risk. Unlike many investment companies, the Fund is not “actively” managed. Therefore, it would not necessarily sell a security because the security’s issuer was in financial trouble or defaulted, or whose credit rating was downgraded, unless that security is removed from the Index. In addition, the Fund will not otherwise take defensive positions in declining markets unless such positions are reflected in the Index.

 

Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. The value of securities of smaller issuers can be more volatile than that of larger issuers.

 

Risk of Cash Transactions. In certain instances, unlike most ETFs, the Fund may effect creations and redemptions for cash, rather than in-kind. As a result, an investment in the Fund may be less tax-efficient than an investment in a more conventional ETF. ETFs generally are able to make in-kind redemptions and avoid being taxed on gain on the distributed portfolio securities at the Fund level. Because the Fund may effect redemptions for cash, rather than in-kind distributions, it may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. If the Fund recognizes gain on these sales, this generally will cause the Fund to recognize gain it might not otherwise have recognized, or to recognize such gain sooner than would otherwise be required if it were to distribute portfolio securities in-kind. The Fund generally intends to distribute these gains to shareholders to avoid being taxed on this gain at the Fund level and otherwise comply with the special tax rules that apply to it. This strategy may cause shareholders to be subject to tax on gains they would not otherwise be subject to, or at an earlier date than, if they had made an investment in a different ETF. Moreover, cash transactions may have to be carried out over several days if the securities market is relatively illiquid and may involve considerable transaction fees and taxes. These transaction fees and taxes, which will be higher than if the Fund sold and redeemed its Shares principally in-kind, will be passed on to purchasers and redeemers of Creation Units in the form of creation and redemption transaction fees.

 

Non-Diversified Fund Risk. 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.

Fund Performance

As of the date of this prospectus, the Fund has not yet completed a full calendar year of investment operations. When the Fund has completed a full calendar year of investment operations, this section will include charts that show annual total returns, highest and lowest quarterly returns and average annual total returns (before and after taxes) compared to the Index and a broad measure of market performance.

ZIP 17 0000891804-13-001276-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0000891804-13-001276-xbrl.zip M4$L#!!0````(`(>)24,DD8"8YBD``)TI`0`9`!P`8VLP,#`Q,S8T,#@Y+3(P M,3,P.3$Y+GAM;%54"0`#K<954JW&55)U>`L``00E#@``!#D!``#M/=MRV\B5 M[UNU_]"K[&3M%$F1LF?&EB\I6;(S2CRV8VDVFZ>I)M`D.P(!I@&(8A[R[7LN MW8T&",J23=H>"UNU$XL`&J=/G_L-3_]X-4_$I3*YSM)G>Z/!<$^H-,IBG4Z? M[?URUC\Z.SX]W1-_?/Z?_R'@_Y[^5[\O7FF5Q(?B)(OZI^DD>R+>R+DZ%']2 MJ3*RR,P3\;\R*>&7O_[?:5K`;U&A+Q7\RJ\Y%`\&W\>BW[_!FF=9:2+E%XST MQ7`X'#WXX>'PT6,$6QP,KB;PPA-9P.4#N+0_&NX/'YZ/OC\\&!X^?'3#UQ2R M*'/_FN'5(W@+O&G(CS^]&IM$'^)_!>`KS0^O5R.5@^&&1F MNG\`C^W_W\^OSZ*9FLN^3O-"II':V[T^/'C?;KJ;EV[$U_NWO%@ M'R^/95ZMC`!><_\:)'`U+OP#X!W8?(=[P)CVY8UI63T*2,4_-BVG4Y7.E)[K M]%+EQ5RE13Z(LCDN\&#X>/1XSY$+HO@PIX-\KR:"3N=P9M3DV5ZX=-\].+C* MXSU[6[%:J&=[N9XO$D#YOEN2R2C*@"FN"J'C9WM'^=L)+M`?/NY7[_:W`G2Z M6/E?_>\ZQBL3#0Q`$*H:#AU:CD__LO>\@O3I?O/AZG7[K>^S;ULHH[-X'0H@ M*5,@YSVOMN!6JJZM/:;2>,-#[DH3K!H`[D>+QIOB]M>HS(ML_NL9LO6#X8/1 M\&H5%-D0R#"_92#,!<+1(=Z8)A%;&&.UE4`TL=OE93F;PD>(^N M=+[W/"3,P^9.G^ZW+AH"M-\.T5TDC]&=(8]11QX?+3W<[\?X^^,'!X\ZJ;)& M-C=YKS&'[TR6+U0$=MC93!IUG,@\;WE_$],=V7Z$5%LCVT[:?2ZR[:2M6[M, M-=/L+V/=UO/M6VVCM"WTM&[K7+AD>R<87P M%S3.CQ,NK:";3J>J?&QFK6+PJTUB<&Y`A_.JV ME=???`S`&9FZCM M-(Z-0MI)/_HPP@7:7O!R,E$4';GQ&PZ&]3?45G"OJ,FEFR_]X.G^VI/!DC_+ M5$X5X4NI_.VE,D=YKHK\FL5O;3<)9#-:B+E6Q"K28HC<^4N=21&AV,1Y\1YR@T7V59T1\.^\/U M#=%>;@KHCO=VZ],)]S;:WMY`ZDXR,\<8V]M4_5U)\]:\5OG'G-/>\]\GQ9.% MR(M5`G;57)JI3@_%\(F8P%J'XM&B$.=@@^3BC5J*]QF\M,<_]`2`JB=[OY\6 M3XYRD4U$,5,B1OZG?^M<+#QS]^@BB?*9S$6:%6*E"H`7@U8%2'DI)F62B$@F M("6E@:OP'UBGBIR);($17\!2/D"8]Q?X9A8B&_"Q992-[A;*WNO\XKTJ2I/^ MI"3&Z+=(7HOB=MCZDP^EBA>P:560_9MC$/ZQ^$E/9^+O&&P7QYE99`81^B(# MQ+T\?R7NO3C[\Y_O5]O__>]&#];^LQ4@&RA>P]^V<-M.AQ[2_10/-KD>X"?" M;_,#"#X87H]@0B`B^2_W;X&`M^-_L"6Q-=JZX4DU-WY:<8N'J;&/)JQ;VL8' MCO&+;..=`05E5N>PA1=)%EULE>692>1\\>1WHQ^&3UI9ZD9Z[411Y* M1:#K,@'-7\PDRE,#?R^0F*>44TR2%8%29"2`%Y6@[(FQFJ"+X@2SW([`6&.2[XY.CLY^FN- M_^P;?GS(Z`'']!IF)&%(_HJXA^LY\'Y\$CQ3W>0N/WHB,B/J#S1NN#_X./G9 M)A8WTMJVZ7$78O(N$A4H@`\3E;OI(XGJQI3QDA'QI;7&*W]FJZMCF7MY(@P;GI=J-!KF=/7:.!G4AQPG8V"J/P,E2.6ULC:V8:U=9 M":A9B07\OY[0G^-R13?.,J#RG$VB$#MD^U047N,O(G'!BCDS8-J7)@)+'H_: M&E1?^XBG&W7"I3:%"@?9GH*9#`."O@Y=7= MN!%Z(KZEW/5L@?>O/WMDM$QZXB>57"H$`)Z2:=ZO/SJFT$&:ED#"1#,>G97T MID.A&^^MDR7*-B6C&4<+9$XW(Q">9XNX^J?YK>%(HFD5@3V&)&QYZQ+K[/`/ MV+\)3+;[M]G[/I%99:ILH.(M$_JH(_2.T+]V0K=77EY)C$Q^:HP M;G,/6[7(M[&'K\\2MX`)C?9*H5),[H(U,E/)@C@6(]O2.L)HHE2Q;#P+:^*0 M+%CJ8M9^&YM;JBN6Z!.!A]='!Q]7&`Z^U^GGCZ@Y/,H\+^>AO.4C M$/\]&O:PE#T\KDEFV/2$'PI87W#9!I)!#+*-]@; MK91;#).LS7DA7F&9E>`]C-7AEW/B-DJ8'0FCG;ETGR21G*AIETKYFO3:@4B: M6_^R$TV=:/HZ1=-MQ<:[S!23+-'9.6P\`^O[2YN3'B#A(&HFTC=`O.5-;=6^ MW,FFO@X[T_(U2$1@,`,^$_8#DM,-%-H3>0FL)/-0G/98=.H"XW,\`*57`.F3)G#D'451D/#4RP<'BY#]QFN:GZ41066X(R+,AS3M*X M>]>@)I#P3DXQH?QRM\HKQ8#0%IPT`HTUPZP,W"CQ'HH;6)5"\BA7#A_+F4:$ MP!.H@(R:)"I"H8>/LO.-"JM-M&3&"5++UST"1%*%8*M\"I)>7Z$NVJWEM)E; MMLY2.TU[WIJOV$JZ)6^)'?`5J_E;\I;8,E\YF_'6O"5^6WQU-3B.]`(0$E306.*#2QM8:4&]G/]M5\5O>SX[#20V9N=."H)XHR4.2:-VR M7U?)GP78ME@Z52MCJ"Y3>04Z?_ZZ96F/8[E8F`P,=I`!&CP%K!-!G](H[+P! M5-ZVWJ-1+N)BO8V*'H*"ZBO8X6@M^$$_5PI3)BKOLT7/U2+W]$`-0,2DKGH$ MI'=A2C($&%58DHH]5+&(0&H#I<<]&I+0 M8YQPY.Q&*]=H`&=8.$UA92)Y0KBKUJU6F,#MQBK7TY3= M>C@"$.-X1BTXE23:^T76MR])4CK.R$"`4FG M0!62^S3D!%Z$*Y+L1HD"X@?!7N"!DK$#_!?['"$L;6.&A"S:PBYN"$*#16KA69H5V M>,5(_RC3"Y;&`1/UK*/I#-M8C8O6O1@BOK%"[1HHQBFV\R'7,ZE@220@/S@S4PD7I=TMGJUAX5JF_)+FZQEI_I5',1`&H`Y@T2!W MV(1'"4AQ79*!_P2)Z8X3+K+%+N#4];R<@[93@&P'CU'_++4A^<3:;D)!UG40 MZ$RH`(CCL>J)F&5+@,`TSPPIT-W4BDPXKEA-)/@F`<41I\?9PGD4$G056!O`O)>L%04-28C'O;T\L-0Q.C>`4PZ0K;2*&$S8BA4W9B2%MR;:54* MP`Q$QB%H!$"S[Q*0[BFKG@37+Y:8S19SD'8S8DO?G6)#,'@GJTURL[C8R"$3 MV$[UVOT?IZ>90!&MY.=I)VE(_*#,HW\@=BZQ9P;]M*H&"G&!@B_1K3`3XL>%XV%A30+2+6=__`W]>*@\$'R$)NIBY M'24(RCR`W"'F129-C$MQ07)PL`,"X]S?@Z1H#XX"W97`YI?3(0O0%@GVV&/8 M%X^;KSF0@O4K2#0:3G/YCRPT%OB=7GKF7IPY$#*,,UNC9(PB"Y,O1G%^I2ZK M6^%O$D!P'KEU5^B<../B*--2Q^;=],#JCL!X12.''EV"\*@2`7?#B$#'(R*E M!:8_ZNX<`Q!>Y6(F@E28(C5<,,_!KRA?2=6$W6>NGGL@SMPJ$#-<7Z`:,H(-JQD9N\5J`'F:QR31O+%49C0G$[,=F\ M$EO8QHE3ZHA4LW$A*>#CW0=>,.>,#E!L4VSC77.LH:FI<2)XX`B2?!<*=)_. M+\0$;';:9NB.R((-)>L+,AEC"2;<#(>'2C+W\:;ZSU:@518\:VVKQZRRZR'( M!7H&<"%ZHIYU>*;Y`"R%ARW\]D(B$H6 M`OO[C)(4:4F&)B[OL%&)9<0?62XB!S,A%!"`LZS`N10R:8F9DVOBA"@H>]A! M";X;&YH-OP?!QE@)!;[!,HA($%4/V0,,SIDS86U^.=]J]`_+1F.*`T1-ZD[D\75["J+N1$SWXHIAQ;?8S<`H#Z'GSW@_$E*-8*K`VT7S/0[N`K2W<":9$V6%&6#G1`D:)35=W0= M*#7C,O1+4-*48\!<`:Q,K@E8^`@!C;DXM:$69_?W`KGJ"K7!N48&Q:`)G$]T MT;"LG&W0L_(+\]?H6.D:#!0L(BQM"+[!7$+F(F":-5A:^$X4< M`Z@0%:*W[4'7Q+QQ`8J-6VY$DJZ<(6T!Q[`Y`HXFE-V_]28]9D).!':*:)!' MP50E0[X&A5L"Y:]PL:G)R@47;="/7CHTK(U&O"_W$BUX4VS#(G"4";@6-VSU MKB1OSC,`\'=456!=@D:*G!^$X;ER;C,:P#"@AEA1N`OH:E.X!,Q&L[+"/NZ/A@>&WHV/?^?1VAXX/1 M]]L('1\,6[?ZFPH=NSUTH>,N=/RY0L<@#6X?.D9"[4+'7>BX"QUWH>,N=-R% MCKO0\3=J1'2AXRYTW(6.&Z%CW86.N]!Q%SKN0L<[#1VWA8G;PLEMH>/>IK@Q M!1.!DZ=;#R%_H8+T&P6A<6CE5UF,CH`UZ[8#8#]]"[NO/[_=%CY+R?GGLI)Q M*5T-ZD1FRF?4+XG MI$%;IR:XIA32?Q*M`.R-!?F7H"H$UUH%D:G01[+M+R2LV)5R;2PT<*1'@H+; MI7$_U7(47&X#I:$P4+1_V`\X2L,+.O4V MJ]H=KL07O/%1>9_@EF?C1$^=-J3-C&5ZP>U%#$K,[\[,BO:']@;]"(JV/X:U56V-)Q&8ZY:.`T4EFGZ(H#IG!(RP"%>K:,78BAB9L6E MC1_%CVZZW.PP9SW:.RL'45>17O8*,,<(AM`)(D<'Y*KV5]S-==#@VA7 M)OJ"C.0,I_-CP`Y##M4S)$^3#(2>\2XO6*6*0Z-CQ19YKBAF>*DJ4@@`M5(3 MMF]3$`#`G!\$CPF63#`X)6OA?#IL"LHX?T-.C>+<(8T\D"0NJQQN<"QV M2$*94@8`[BY3U(L*^K!5('#DTNC$U1ZT85-=]B-4/QC(BF'@<%]AMFI\/K: M`W%<2^7$V3*EV#V'V&R*)1?W8+VD-,H30A6:#D[>1OGI].]SHL>%HBBI%9?1 MID@UB3-\)1EDN.37T_"[6X$0U&D$M-F4"S^UYB;K\[?!8L.PO6ORMCED^Q21 M*P<<./@&+$X!`WLW9VR(&`'D,>9@5@O,.B8^^`7W*$J`(/W7.(F<>QNM:DUO MVEPN6,Y$"`"GX;@+F)!M^=5!%;E&:SH(%6HG("<;\K4V]AZ(JT`@340HM@*9 M946'C"G`C7NF@*XG0MZ MZ-N&:SQ^[O.\@2F^.:-+\6XL@;#A=JXQ4G;(Q,3F+7C!S`;K?3:>PJ9\1QC8 MX^AZWK.YA0CAY.2UC9*!NM8H9OR)KA9\XOP>Z:;TJ\J.G&(4TM!@IM@]6TL1 M1*LH85%Z2$RTNI6 MF6$?'?FC"P2[6)-]B$N!MT M\O*JX.^FMGKT?-P;S]89:=>=+]NJ:-3-KR;9/2*)4HS)%%%5SI*TS!!FF=93WJ'N3.J(ZS9799LPL29>Z)"N5^.- M%9V3N[M7??##&1#>ET:G#0L=C?VZ#:G;^0^$KEL%2D92HF.1VVD.#:0L'-(K2:->9+!//K M:P1K*8IP+3;L2717,11G#&**75@W`!_FFZGZ?L.++,RE)TFV%IRU2�*C[L MS"A8&'6I@=`P@+,6&W4A*X6^,.+. M.(3?XKMX"NV!5,#(,QIMVF`4KYYED&Q]DB#BXOP$NQ\PC`ENKO/6Z+\#480Z1R&!([:)-QV!Z7&!4##'B9.-8 M%4O,>7'%?/AN`CJIT,7&EC=U;?P.B^AUQ)^\L*71+`W7OFXP$*^`(I4?E%=8 M%SNN)$63_4C%*/KXFN:/Y""*")`&J%CCX$(Z6/2#$0)E[G-8WWMC]5/!L;N1 MTI=^8NYF4>*BLG1,;,R'$1'K$2!&;=<9O9X@L5#==PDC-$D#&B38>"!O%5\> MVU'6E.1`5]K8HI*U4PK#E"Q5JK!/,(JPD%=!K=^_/%_0$3E2("-3;LRC&95P M'(2B\FO$YO#1Z/7RVMUN'U-E%NTHYD-4>-JB0VH[C["J&>QT:_6Z\<>$2Y:A M;M8QUB!J('_WH2?T`(Q65($IIAB@IH=SEI:();!.%EE^5VSF5SZ49S]GG6,H MM`!EXI='G*@J.I*C!,,"\=>'L!%%@=.J%DPX7^G5!8%39!(D-?<$6D=+1`Q8'P^&/M3Q0SNY/;(U9"@K; MREC6:R:3P/2$?&HPL]&T*E=.^1>.D@$XKN4GA,-?I'(&KC5QL'E8>NQXC]T9 ML`1=8B>+?WM%>4'U@POMTGJ$I/LG)%^B\3IZ'G%RC*4[5IZX MP#$6,^F4Z8^O]KB($6R#,B\9GQ@&YJP>PFO3Q:Y#FR\BM,S'W2J6<<,#S+;$[ MQ$RY``+#'F^06-'1N?9A0E\E8>.PZ)!YE/UH?R`8*K&9`:9A;6P+6X^^L8#U MW:[XTTA4C(X![[DYQB[IX.JSB:'0S`"U4JP"M\WVMN$E(`H1*2Y.K[Z[;HOM MI14AM!G+(8U*:.*&=/5!3-:436PD6'LZ"A$A7&G6P.?*K2')B,QRFZ;D:#BF M:+"%#JRA.1@F4_S<1)`5=>=.3U,=4RVE$0@X[^X@K4TS&FE\&?@G5=C:?IX0 M[(-YIA-F"8U)8"!]1U#+F2JL&D8E.LN65(?AHF0^EV0+TRPSW0W]>KY6[WN= M?EVO#G:!/'RBJF.Z@6IEL]%_X`3I,EFY'KC@$>S$]`_!=F)0ORL*LU19"DLR*PLS6*,K&>09K1?@C9T7)0,^5 M--',ECM0$WYX"/8]@*.WQ+`8Q:NZB?AK*&1^N5D*_JQ\750H=KT$\*G9*LM! MK@3=[$^FLN/!=\"3)M2S*8^?TD$(:XJP9E5X0E`<'EIBA`[];5<1E'.-)A/LX[P%88O9BT19,6['$=+6R MAVW-,)`[V1@[0@*R6ZO#"$4,T0_V=UL+'GN*,C0V$C75>5)%7&Q\;XP3#PJ; M3,+O`^49^P)`ZUA!158R[1$;A;,)4*W1:'3;+PL7)B.?*81A(F.?)Z<>!*`6 M"4(QZ$DD$'QUN\=X7BX6RH].ITK-;P,IUE/KR[ M1/2"7+)E,[`L:%[\"SM9:1X/5NISZ6O1WI&(_('Y]FOD)Q?WV%[1IJ<:*K.: M?PK_F(`CAE^L$&=V*[%:*([+RTNLVL,.I1\$4B M[TJFYDV6]H\SPX&5ECQ[6RN)_:"9;?JP=1"%;9"T%VO=L#25)6CS1=U*7E4M MYAMD^<";RFM/M'Q>A?I-%M3%ZGNM@S9`ZX[P4KXE>%R2G>L^84/2*F@&5K8U M)[%?XC-J+!-TXS:$H,.R=-OP[`"QM;EA&1L'F>?4J['68B?.*-Y0:URD8(8W M@3FTC]$7FJ!!);$4O]R4H[;?QFFT%85[LO+?Q<9M*#RC\@:JJB1-P#:/NN*M M]`NLH8LYS!4.C7EY_BH<%Q/47[E`('G!2UH_Q(-#$=F_$S3]%1K=WS0#KK5. MC;F>V?5:8>C-YD"`+#6=`&60@OR"2R9.DFR9LYWL>8C:?#'R8.O(\;ZU[""F M*15UXX*P7%11,\=C(5'2`R6&K?Z%%I(?"\%FB)]Y1P4X-?F`T4TVC;UI7@T* ML\(B[`"6U2<(?9X#&]AU-2@G;N]"#Z-IFSO1:2I!K1G]6Z:ST#JQW)I6SR%A8+WZ=G.^G M*D'Z=!?)J:"RI![,BT)7Q`:^K>7K`]`5$NX&+;V3-",S'-?7)"B;=Z90:)`R M]-BL5U6XILA*FYQ`T$CE&NT/"D0/L M_3.>^^L!QHW)-.K6^R=9U!'?ZZB,L!<0G6)=LTPW4P2@H84@+(/W`W M:`0E'.[]&$VI\VK>4(U*<$2FS7SX63:N2H@=)4P6HZ7C;/@(+7%OAX5V MV83BT_D,@[QD#=K6EOZ%QE;\H\HV[&TNT_`UZV/;)E/(J[["\DO-8W%ENOZP M9$H`K8U:F0,&L(,!;2/(&M.8&5LC:5OG"+BF><94-UUPP MN+Z.!8NBVIHXPU&+5%8U$"_::C;4%2),0*'F6I0Z'+?5*'FMLQR\59RZK MS7.E4CLJ+85[CRD<3%50L*FVE,4)@L7#WL*!EUB=U$9YA6OHH-VLD585\J0= M<<(L\"[L0`\L$:+9QRPH)85!,8-0N(2]F[)5%9@WP",@ZD4ON*IE#O):5H') M4\-R]0R/O2C"H8ZQJW7KX2'0,C.)'!*K-99G#@V:F(C=?P8ID%%3+]%Q,'+- M=4M+ZK7QH=9?45FD:OP8XWWU$KWAM7W^\F:3"I6ZEY9NM$D57![HW)W;4.B.\R M(<(DHNWY57&JO*6TJL;=Y.%BW.IY;!4`C2"I3<\C]<\MX=+'8@.9T=SBW=#* M&+\\<1E#P#"=TZ8@)A*8(QP54_-Z7#WK4Z61YX>@;C28BR7;)CFS&VA-0F]* ML485P5O(YVSHZT:I6&#!51:GH+(V57>F:/(0B1$'9K.C-J^ZS&O2&0?+V7:S M)FRM1]=^B!_X7D3[_*>M#HC:Q7>JF/'53GKHI3]V4IV[*4S?EJ9OR]'%3GJI9.MV8IV^).KHQ3]V8 MIV[,4S?FJ1OS]!M#8S?FJ1OSU(UYZL8\_;;)LQOSU(UYZL8\=6.>NC%/W1B* M;@Q%-X;"TD@WAN*NCZ'H!MMU@^VZP7;=8+MNL%TWV*X;;->->>K&/'5CGKHQ M3]V8IV^7:%^"8IM>2Z0U258;?!':YS$P2DP%K[R*;'L?77"T2 M:[7WFD+7$P.25N@/\SE7.L!5:W-``.&K",>-)G*DO,'M(@"MSL%K)M" MUDTAZZ:0=5/(NBEDW10R5GS=%+)N"EDWA:R;0O;;T\K=%+(=3B&[V2BQ%]*` MO6R*HS1^5R7'SI$S?U*2*G=N,59L>/U8L=N1"1UZ`%1C:Q^&?&?;_,#TM"^W MS>".3YL/UWZ0P=RZ)^*&V]WC?G<7\(MMB1N9.V`IH?8MRM"@=O/$5HHC#HFB M2!,/-(FP&2@&W\RU1#6*Z,,2G;_9QM1JV=LL5VNJ\D46OAO5E=9B9T#A(@2S M;&GE4(IRI,BX!IM:!'JLG.S("2RZAW_^LY0X_8C*3[F1@+I=4-U2N<[Z,N+> MF*(G?..$`O^H">]S=,85.(;)%-M!PR5ZYH5UQ+M[XH?<>TVTIPGFZ]AMTA[7)_S%BET0RIDV=(H*M& M\2UG27GD,+WB@;J#OM9J8;KH%]F"S*#;$,)',@85X[^T"9FW@)HCMCYN+XG= M[\?X^^,'!X^$>1A(U\$S^;._TS:N] MYT."?P-,0P!H,6P3QYJC<)HBCSX7%AP\V03C:(H2?@L2; M07A$^@2%_EM73>(HEVSA3[=RP95RB@)K\A*Y.D0G4Y'\_[>8%<7B<'__:FR2 M`6C3P32[!+#W39:H_3603F0A`9"DG*=V0@^KN*@0?W"_QTK_^EI-9?(R+72Q M.KK2N;\IN@`(1P]^>#A\]'@-7+>`,;^^\T8(Q3%HH%1MH3\(DV%W&*#;K()? M_TT*#;;L5=J-$;SK0QG]M@YE]+4=2IV1_J:+V7L?9_KRK%*'[C?&(S='[<[/ M8UM^$DE MEPHKN&$-F>;]NN/,(R_39JQ.I^N!D\_Y;0,;VJ'O&_C!R)_YVP8^J&(O[N3; M!NL!DBHW<#W1[8Y$MQI"[TBT(U%_=QKDQ!!)Y.HE\-)EA4@A=1K;-"]HI^P3//9 M'DT/`;F[9W]%[^;9GG5]ELOE@-R?S$SW#^#@V?G!&_?L\NX%X"W4UJ7^LLRX M96<&:>IW'*8>8H"=?T_D6"4N?#W\%9[:$_N?M/3H-DL[M!R9^BNDB=PR\,\/ MX,3>L8]&M4&$/9%&?^,-_>'`#45SSW;&WT:`D8;<#OZ=-R.-N!V MP]*?%[>CS;@]N`ZW;LT:B*X_\S9,T00N0)$_XJMY`K^G4V"[M/_+V=[S\]!* MHMY\2E2>!)68_%T/.V/GWNA@W!_=%^\2+(\N#<[DH'HY=JEJ-:!CS&]*04]@ M<119(30Q`\LLQ7!P\/UW&+&@G./9#BW%%YT;D";8$7:/?_S?0?`<2)75'O[TO7> MG7/O'2U%3_)C],_[#)24.8+0I=P`0``"LB```=`!P`8VLP,#`Q M,S8T,#@Y+3(P,3,P.3$Y7V-A;"YX;6Q55`D``ZW&55*MQE52=7@+``$$)0X` M``0Y`0``S5G;M06I`Y=$, MF1EA7*[\>WH$$F"#D(VX^$%8TG3WZ3ZM'G7K^,LH8F0(4H6"GU34"9X'!2X:+RY?>??R+X=_R+99'+$%C0).?"MZYX M5WPF-S2")OD*'"350GXF?U,6XY6_OE]QC==\'0X!KXZM-DFM>A`0RRJ@LRUB MZ4.FT`\?'<=Q:X=UYZAAO"!>==1%@^=4XVT/;]FN8SOU>_>@Z3G-^E%!,YKJ M6&5FG-$16D%+SEC\F(7\L6D.':J`8`2Y:HY4>%+I:SUHVO;3TU/UJ585LF=[ M*&E__W;=]OL042OD)I(^5%(IHV61G-MH-.SD;KKTS_ MEOFU''>"Y-<\??IY@'FNPFC`,#YV&:#+@;H.P%[7:7%NMVG M$OJ"!2`O`=2Z^9&CKC3(MP-3(;'47HP&P-7ZH',5E@9[HOQB1,>J/HYWL:8- M`;T1=Q!`-#!96![H15I+<^"4RC/,0[UN7BS24QK(/T$F3S=N)O>TPV!=L'GZ M-E"9Q^6_S*UD@U7Z:W;[-&8,M#)52GF.YYX).1#X\,.IP*JKN^TXBJA\?N", M=H!!4+1VKV]AFVY[&W>[L(4\MWW*_)@E^]\UGL])P$@##Z9ZC,,??Q7"W=:( MHYLU8I'S4/E,J%@"GA@Q>RQ'QH+F/9F2EW1+_F];L-^"K1NPD[>&5U`G\2X- M6XGO05/\!_/XLW]1"QFK(3-ZMA;RO)>8#/LA`C;M21`SDR8S,L0(;19A_AM+ MAO'3/,86YS%EY#+&\&8:2*HB[3)2Q$SX;:/("C5$J7Q7BB@O>I-(B=709V.*-BOD"<)>7R/:;7&`!5C+ ML!,GT>)!&^0P],'U.FX!3HH+%^/(VQU'[XW#OG!V*]NX3S`J;P3_`&NKQ(OQ M5ML/WHK%8I?,G8EH(#@6`O=6]R''P3G""D@5XZF^.YX*>[X7]'@?HF>Y5#%Z M#O:`GE6>[P4]M0_1LURJ&#V'>T#/*L]W2<][2%F3BD^[HV*/"6CY_\:AA,!T M'6;O,QUB,3H*2A8CYVAWY+PK`OE4'=N+FLD--II+1LU9AWDTWV%.EI/)>O)R M+RE7`Z$@V'#/7F"\G(%NY(+^C=P(,A7?H@\+Y\TI:M=9V,S?"XW'\=!GPT.' MW`ES!M-]!1,S'/O,A7"W&-JEP^8,M[=\EC89^[UDP\ORP&Y\<#UUL#;OX%0U M&>M.)EC*?/YOD#^P\I!_S&=^DADBQA*YN+_&UL550)``.MQE52K<954G5X"P`!!"4.```$ M.0$``.U<6W/B.!I]WZK]#U[V=8EM2'H"T]FI7&=2U>GN#>FY/*446X`WQJ)D MDR;5M?]])6,;;"0C@RWD*N4A(?!)/CI'MT\VY^,ORYEOO$$<>BBXZ-@G5L>` M@8-<+YA<=+Z-NI>CZ_O[CA%&('"!CP)XT0E0YY=___UO!OGY^(]NU[CSH.\. MC1OD=.^#,?K9^`QF<&C\"@.(083PS\;OP%^0=_[SYWT0D?>*^69=G]#Z?6^8"VPNB=+,?D@C<@(A_WR$>F;9G6 MZ9-]-NQ9P]-SP"UR']]0)":!`&@W"X#+V+ MSC2*YD/3_/[]^\GW_@G"$[-'2II_/GP:.5,X`UTOH$PZL).6HK6PRMF#P<", M/TU#MR*7+]A/K]$W4SA9S>13-\H*;`:?F:L/-T.]DJHW0(?>,(Q;\@DY((K[ MS$Y$!C>"_M=-P[KTK:[=Z_;MDV7H=E*=8K(Q\N$C'!OT[[?'^WRS0NB<3-"; MB;%)/SJ(<`G"PF$QA,H3?S@C<81C,81.&)@V8KJ&2X+.A; MEX%[&T1>]$['#I[%_>'6AW%TOA'.QCBED/O6P![$@*O451O7HRG`<(I\%^([ M",-#^T=)=;5!_C*GDRF9E6^7G3(OG M,9.WO<"CF]9/Y-\<;KB,8."N%S9:X?ZY.4G_:'&R[O:-KG'CA8Z/Z$1%_J'% MS%4Y8U60GO$`XT>:(_Y/$NIMK*<4:Y+%%I`FZW]=T&I,R]?PS_+PLY>D%F-5 MC;%1CRS"RU+J#/H'@I>>J[D+G_:1C3(&+=0HP/+T.8/X4Q[B91`L@&_<+0BY M60U&6D6C@#GY2>./'$P9!.$4U@IM`I:-MB=HDG%)'?JWFCV8Y0FC-G*.T"RC?262>0B58>L=SL.8/=XT_& MR;+Q(\O&:L/:>"*^;E\_W[YUU<:J[G@.#.F=CX'QFS>9&G_1.QQ&=BLFX M?;K+\9"PD/+@(R?7>)^>]2-\2/:!\?,ZRR3LPOL(SK+5*`827^<98V:<*1EB M/#)VP$MBBM#6O>@2IR"3O9;@AG:UP1LZ*(A(OTL67+))A!/Z(D4UQFA6REG" M#^(BWR20`.@8").U\Z)C6VL,/AW5%YT(+QA-W5L%%WHK&=/<`+\ MU>[C<_^UXY17@0.9IT)>E07)44C;%Y$-499J!DD?N MJ61R/P-,#_C>8'GWYD8K3CD',(_],UGL%XZ.KT'N\#!'/3M45=Y+T/)(_W`D MTN-UH5=4H!UQV]"N5_O`&CB'&T*5W MS":"*G`+*2Y&.6ZN)M+RXA3F(P@F\,OX=NE,Z:MXJ1/2I:R@ZMKLQ,[51UKF MG+\W+I"\Y2,55X`!EDNY[$0YP7;U_A<$6)SX7'P[Z-^&S!5!=D*=/A-2*:_F M%FJ''!6S;%M:FLWJ-66I1DE\.Y38ALP505K:G4?XAQ=-U\\[":0\Q]OVV]:*ZV@':H)M(&KF[3@;:RA,B MOW#[I*HP&?9DGP$D<*N=Q'`+M4.;BN>%CA`;[`T]^0%JZI`*5XN]])2_RUXY:.`']X:_@5[O[2\ M?Q319]8G[V6=OA"C*M MM8L0N:1*2[(I(L$NS0Y5F>JJ75E:BDS!">[AV:$JLUYUORXMWZ7@A';IK$"5 M&:^T(V>UHQF^TR]W7@9N\9N49?/X[F*J:B&(G*N,M,QU`YW@Y%]:0E4]=H/F M2B$M;4W[C*`._'!51=B!F*N`M.0U!2@R)[5D`A*:;:3EIBDJ@5-E=JCJ=%Y+2UA3<(+[3'ZXZNQ7W&_VI26L*4"A/26U53:<+=ME[K6U ME);:%M%5WU]RBK5%CJK['&GI;Q%H-4%:IX,8_:?2LN$'@%]A=!^X<%E-"9&" MJHHBC)VKSS%RXAB?X+YI=S%5M1%$SE5&WIW=`E"A_=2N0FU1I=+^ZG0C:?YH M%II$+OIZ5!,O<=/GS,3K5-3$JV=I$R]MXI4?2=K$2YMX:1,O95C5)EZUF7C9 MU4R\[/:8>&U`E='#M8D7CV5MXK4/Q]K$ZYBD:Q.O8RN@3;RTB9VL1+FWAI$Z\6W,W2)E[JB:%-O!361IMXJ?%U:FWB=53ZM8F7 M4G)H$R]5E-`F7LI+I$V\6CG%:1.O%DV#VL2KE0-+FWBII8TV\5)+#VWB)5\! M;>*E&/_:Q$N;>&D3+VWBI4V\%*9:FWAI$R]MXE5\<%*;>&D3+VWBI4V\M(F7 M-O'2)E[:Q"O?EO;L-;6)EPKL:Q.O8]M\:!,OI>30)EYJZ*!-O!0019MXJ:N- M-O%J@RH*FG@5E8M;/X+8@V%M_EA-N_((`:OJK6)5\U;)PE5W5BFTJS['#SGF M->H3;.\B>//+9I(']K4/POK&]>ZO1L?7XP[LY(O%N:`FN]XUE6C0[YV+C>WM M<+E+#(]!5N_C-8UA2&`U/,`S*&(#?#N\!2SO'.-G1QSD&[N.!PC"!4XL#!,8 M]-<+""%YY_]02P,$%`````@`AXE)0\,LYHT1'P``!-\!`!T`'`!C:S`P,#$S M-C0P.#DM,C`Q,S`Y,3E?;&%B+GAM;%54"0`#K<954JW&55)U>`L``00E#@`` M!#D!``#5G6MSW+B5AK]OU?X'K//%4R59S99L2\I,4K(N&=7*DB)I,DFYMJ:H M)EIBS"9[2+8L_?L%P$N3(&YLQ3AGMK821WP/^D7C:5P.0?#'OSXO$O)$\R+. MTI_>!.\F;PA-9UD4IP\_O?GE=OOH]OC\_`TIRC"-PB1+Z4]OTNS-7__RW_]% MV/_]^#_;V^0LIDET2$ZRV?9Y.L_^3"[#!3TD?Z,IS<,RR_],_A$F*_:7O__S M/"W9WV9E_$397ZM//22[[]Y'9'O;H;BS\^W;MW??=M]E^WLD2["[3CEW^2,OFFB>"FJN.#@X&!'7&VD`^7S?9XTG[&[T]AI2V978X.^ MXZ2(#PMA[R*;A:4`P?HQ1*O@_VN[D6WS/VT'T^W=X-US$;UIOGSQ#>990F_H MG(AJ'I8O2P97$2^6"3.]5 MN,O*,-G(?#?2N^U+NMDWOH[S_TVSSI]N]DUW(ONV$_['"_:OGG'Z7-(THE%C MG9=EZ.#$1XE^MRZ[+3V;]&>9Y?UO9-89D+;Y^#,Y"`Y$O;M7?KOE@\GN M9#>8?*:+>]H6(FK0+T6AW9&=\:BCO+$7YC-+'6O%SBQC`\"RW$ZJ;[,*G^?9 MPFJA_B(RB_"WY+XMM_K6V$=K*M"3Y;000_VH1NO6PN6;K-TM$J;FTQV:;O]R M^^8O?UL]/-#TD<8+\FF5)+2\?0R9'SZ=."`_QP^/Y%]\VD".LWR9L1D.)9^R M-"*G=V<_[JP_>Q-ZZOJ)NA5T]NXA>]J):,SJ&$SY/SA1T^U)4(^F?V)_^NV" M_2J2T[2,RY>CY[B0ZJ]4^.#'8(U3H[@,SHK>DTR(4)%*1KYPX?^]MNG'=AS! MB(XC@.\X`M>.(T#=<00;=AS3R??M.!SI.>;U.-B=[CL,.T.M=WIT=@?TR$*O M]+!EYWW6SDC>S)\]^N\ZQ8TAE;*@N/QTE8%(HQR*CT M`96#58Z400;>'=F]R1P)$1$JOT-4R[G#$#74PG4RMB%*%N+N9+".5)M,<4^R MV6I!T_*.%:N8L_4O^YK5,BT0E9@N>2&36(>BH%ELW]"$NRCQ,2YZH5U1/+?/%ALED M@X9*@X(,@S$9C+5(W#"!X^&8T9F'R7D:T>?_I2_:6@UT?HG0V.PC(8D0,:%V M)D-1JXB0$::#P.*(]5<1[[/.DO!!42'INB\,E+::YN]=1-'L*D=R<[<:PD6@ M;7U"BUD>+_F=2U-E>C+O+:\P.0"@H\'%P="8'H>.%H**NSSDFQ=N7Q;WF:I. MTG5?'"AM-0#T+J)H>94CNZ&A0< M&(QI5PN-%FRMT#@YG<^IV&MDX4+2^09#:5,FHR="A8;*F9:-5OS=X'#,6"N0 M4%SWGIV6$1ATQI#< MSE^8[K"K>_5]AM&_ZJO[?U>=RL]4S$B&Q`X5GG[9.FOU;UN^#-[H>D]RN[7VL%EF.<*BA/J&LY\QIM-'8ZQ;LM_L:4Z%^)^82"8[B M1G9U'5I3A+D[XP-L4RJY!AU@=74V#J_F(!QTZH=64\0?@$:'8=6-0C#FNC5* M;VBV'8P7&-K M4&(@TFYO^&Q#(^#Y'^5`?[3(5FE)N)(N:`3,DZ72,,R8*$''A1,)`/>?9H_, M#G7H,@Q2;_>?+&;;^T\:'08H;.:&]Y\J/=Z.HE,C8W4A.-&3@8P%A]:'FG+T!:/8[VS99+@_$58I,8!AMZ>;OM8A^MY"%`*VAEO7R*'2 M<-S8:$')B#L9/M/B>T&P/W5,B_>T,&EQA5UU6KPC!*?!Q=V(M/@40UK\:LD/ M]HW3AWH#CGZKBU[I:_NDQ6JS=U(C`\?'[FVP:[*1DT8/O>EE6`'#MA>C&`P: MW=87@Q(G.K;M+RIZ@#?`I&QZ))Y%I[0PSW)U2F]3%;/5=L:BEF$`QN)M.']I MY-5>J;>S;+',Z2,#AV\`6*POSRE`VK6;!CY*HUN:/\4S&DSO`QM+[I&>V!I; ME9HUUS`,[(WT.GC$M!,N;@(450'D+2MB._B!(UB`(GB5W\:+.`GSRRP="Z$M M%@!#M^HH0#0'8D/1R:T1QBPG=1'D+2N$U#R>0?!XS#KH+&4]E0H64P. M;W3QY[;YI%_$M5-_.*1VQR.E#_&-E,V\C)1.CPHIB\G!87!M'#13SB1!\^-& M#6)6QA$"C,71G`V?=^$SB!2:B1&7&$_,N-NO&;('8&#*V:7,&+_97T62MV$:[60Y MH?5CZWFW(/_9T4M:NO0_&IDGG(PF:X*4&@S0F(QMTA<1,9`1O$C9?R7\*+BK M^1W-%W$:JN\9;U0(FMY-6T'G[FY0`@:4-[=MZ!`9N+W"2,;_6A6W)4X-Y-NB M.D7Z/R\RR\MYEL39W2I/N3OMT3]ZI:\S)"U6F],D-3(,D%F\#4Z8;.2DT0.> M%C3P;C@NR*2%HD5W8)!>B)(8VY%!*F8@SPP:5.!&?2ZM6@8%RXWBE%J5!B4B M-X8S:P=T;)$;B'.*ZQG?69:5:5;2PG[VF$KJ-TV@-]O/%@QU&#"QF=.=/=8& MH#B9L&B>$ZX>DG3@QA#A.]>!.-BZX4^[7,T[ M3\:X\&6.\LR82Q4DSDPAF%AS\*GE3<3RM5;WF281(7XBD) M?8YG>Z<7`=0=H0J#W#@TI\CE/^G,VY."V`9QINZ.^K MF'6PU0.:#E^#M00HS!RKIH//$HX223?/=E"W2%T261=%FK+(EZHT,'J;KIB_ M98E&/"-\G"T6<5'P&Y?:;\D2Y9=2IRKTR32&(*+1Q:>.P':0K8*K;'\G'+C; M+&[HDGUA[,?P*2L?/X=%2?.C-&(S@DBU'\(MRO<\SZ$*\CS/$(((/!>?^GE> M$TMX,*FBQ6;Y*AZ://;?S+A(]5_-+[,TI[-5SH]4,SV;/"K8,X:)(S/`1>PTL'DS;W2[=7^// M(:MQF8=9'L5IF+^TU:F;`B2:_,]25>*FF*A2;_AA8E^P5&=]D-G2=T5AZS&0PUI)@,$=[73&;K M@_626HZ)2HM'PSJIBB-E1NI(4H="`W:9E<<9+SY9,5ODI,BDG+;L:1&PIC>G3DD(,_\:]VLBGEW_14+_ATB@&841I6$E*3XF/%Y4] M&S7W+X0'H:%GQ&L;#1$@'+F^Q%$KQT?4Z%;6CZO>A/?3.*`;LF=1' MWQF4^#A2V;/W3%NB:]J"/@>O7Q5N:1+8*MRH0+#I6U3R4DGP@=+S92%DBWR+ MRT>R/NY[BP2"&`R$[#K5=!>2D%T[(;M("=G=F)!=08C_QX,5E7CO5-7WD(B\ MMR/R'BDB[S=&Y#T:1(*)2U6Y"@R1M44M(L$$)R*MKPW&F0D*1BZSM:D-%DZ6 M:)A%E%.5U`LJ8R@^!IW\6MF\S#IDXEQW=2LZ:@UF"`2'TWUMIHW"C>0&:S:) MQBWRZ07C$JY;2[?EG"H"G$"'9=Y0CINY<.C:_1Q"A"N=+:55,EB?$QI'-J(JL-@>;HM^9O9'EZTNU8&`D_$:(S5B$A7 M,3"AMB1#T*@`MYTT%ESRIB:M9Q"L.5&]$!,>SOG.EA0DF&%1R\B8NOFH'GMY%3[`H#-5D=*Y@ MP&!H9_"*%*8`'&3XQ[L,,#J=QP:W#BQJ$18,G`<40022P81[<5D8ZW0>\;`N M@M4B+'@X+W@%'DA6N=R+?6VK5GE$P[*.54FP8.&X9A50H%BHI<]DC!`-3G=9OKV%I=MF0LKVYB`@5Y,3P,DLC?NAZ$<]C&MV68;E2/"*H M5_J<01BL=N<0"AD6,`S>U/.(GIY4`9"X"%X_A_E76O+'!=6U'(@\0J(QV.%# M4F!!0VU+2475:53:ZJE-T`ZD/$^+54ZC$[ID(Q@K]87]H8S+E3ICX13DM5MQ MJD"OAS%&8"'*S::FWRE)'4O6P:03#8F<=G=?[Z+/&:IREU[G"A8DS+OMJFEH M)8%IV"Q9+=++<*$XSDV^[K-Y![:Z+=Q>1-/(LB-U.PL5Y,]8[=YKRRK:$TLK M&A..,(WV*Y8N0?<%WX;WAL`:7&$\-[FZ_QL$>@`$69Y&=6*)"(9\:=+:BTMVVR+W]38<%]/-6W%,6@Q0N1@A_=Q$I+X:;1U@5`C.KS*+VAA1EA2^J=4:74( M8D^&C#65-Q-.3%^=@Y/EA(<@`.8HBF*.=YA4F:3S-*+/QDIK(OP#9+0^!$DI M1P:4R:,)K'5@KCI.XJKQ^S5/7Z0J,:@"N=9053LA0;3QI_1I8Z M,40$(O'($9-:=29.19=L&A2AR.@[SHL MRI-,',;)^M68E4[/5FS*9^[,#%'^V;-688B>-@09>3:?)O!X+.'!] M+Y.FJS"I@--J^%&2HPX**W-7C-BU#6B4;H`\I+<'"@.!%DJ`"@HVM-`06_C(V%CB?SB,*%T.VN.!]MJ(!I=_G\ M,_DRPG;7G6\V:/<`NMVGUKI,H=I]:F[W*<)VG[JV^Q2ZW15GU@T5,.TNGTDG M7T;8[KHSYP;MO@O=[GO6NNQ!M?N>N=WW$+;[GFN[[T&WN^(8P:$"IMWE8P+E MRPC;77<,X*#=WT.W^P=K73Y`M?L'<[M_0-CN'US;_0-TNW^TUN4C5+M_-+?[ M1X3M_M&UW3]"M_N^M2[[4.V^;V[W?83MON_:[OO0[7Y@KNX$+K=+?FZ2@'3[J9\';^,L-W=\G5<"-WNEGQ=I8!I=U.^CE]&V.YN M^3HNA&YW2[ZN4L"TNRE?QR\C;'>W?!T70K>[)5]7*6#:W92OXY<1MKM;OHX+ MH=O=DJ^K%##M;LK7\%T.UNR==5"IAV-^7K^&6$[>Z6K^-"Z':W MY.LJ!4R[F_)U_#+"=G?+UW$A=+M;\G65`J;=3?DZ?AEAN[OEZ[@0N-U5;]P: M*D#:??!&+?DROG;7OC%+;O<`.E\76/-U`52^+C#GZP*$^;K`-5\70.?K`FN^ M+H#*UP7F?%V`,%\7N.;K`NA\76#-UP50^;K`G*\+$.;K`M=\70"=KPNL^;H` M*E\7F/-U`<)\7>":KPN@\W6!-5\70.7K`G.^+D"8KPM<\W4!=+XNL.;K`JA\ M76#.UP4(\W6!:[XN@,[7!=9\70"5KPO,^;H`8;XN<,W7!=#YNL":KPN@\G6! M.5\7(,S7!:[YN@`Z7Q=8\W4!5+XN,.?K`H3YNL`U7Q=`Y^NFUGS=%"I?-S7G MZZ8(\W53UWS=U'^^KCD]Q.5E?2:MY_-;K"_MTPLQ\&%UIS^M!DOY(4,T.D["HCB)YW.:T[0\ M8ZUUOEC0*`Y+FKQ!N1S@>0]A-(]1'0QS%64X/B+,N%]H_/T.L^* M):N6ZJV)(\.]_Q!&5&K`O$,L+KS=#1M)%L60>9;7%/,3V^JB2)R2=6%0S/)3 MYN\R?II/9?9"_<5H9)X8-)JL65-J,#!E,B:S(\[\+S-QNE)[Z)((`.O,9/OJ MX[G,:L]=E4&(&EQ)`H:P,P<.7LTATOT%%,78^Q]49"U2BB\-,TDB3O#%UDWYP'-Y/6$SMV MNS4W>B$&9JSN9%ZJ`'3CFK(>YF'-$.*Y_[&:E[H@K1X#4:XFG<$"'=&4M1A9 M:1P\C6$)/4?C&()\XY7Y==[0[_!V>W$WXK=UCWM%]_"EW+4>G!#^NA*'5\XX MA@'18ZR$AB5E#$:R3$;MG(G7T2A>10,.7N?UJ*R[31^HXK:T2PP0F7V0F-5C/^.HRS+#^CM#A]7M*TH,5=^$P5O9M; ME"?2QE2A9LTE!`-M(WS*O%5876:D#18W;WGX%FD*V"*B"`3O&Q4_B5^8I3K- M<48CFH?)C7)AZ!H'U-69JZ'I[M1!&"`[?%PTB2SZ@+(#<324:Z8>'U= M0I_"M+S+V`_CA,YIGKN,L_I((`1M5=%`J`O#B*'%JQW$ZIV#50G\CB$K@S2% M@+-XE5*QS^9J?C1G*V3F[?8Q^Z9(:#@'`I%HJ8@&1$T41@[-5NT8LOAZ2U4V M)R$O0I`H"L$R,+/Y`JM%R&<1325%#Y[;OQY#*!"1ULIHF-3&8:329M;.9:>$ M#I95(>!`NKPSVB4&:GBVO4/:'H`1.N=W2BL&XR84'*WV"9=J]W;G\GDJ_E4O MQ%[W`(&?3P7"^WM^A9H?R/?X2(P_L>]83_N/M/WP]M&&KJ9CH+-/_`_PM(/V M.QXQN``^E.ANW_;;03VX.#^L:.`6'"W[\XKV"""L+,\OVN08D7)\GG$(%(KG M&H^>:!X^T.[#WL>A>*?UL.8FK:_GZ*UVFR?JM4(,#%G=R?345U'@D26K17H9 M+E2OI3?+`2$9F#9PTFJQHB(;'-`B!!A@T>SHU"OA$%'MYM3)D()AW,D)LF%3 M89(_6Z-\!Y9>"@=%WZR>BDJ'%(N>.9F+0#SLA`8,U6&,>BDP&(/C&74ZS&#H M#FQ\+\#PO]K1^%0>OZZ7PI(Q/)!=IT-,AO:(]F""!XW;6&2M>!.YKEGD$#A4 MU.;UR/3U2-%1FI01$B+2JC"0U)I1/T=BCX#C2&E=CU%/CI0BEOH)8# M\]4S;4%+:#%3U34X"B@1B`8D]PJ#X^-(#F9H-N`%`REWX?/I[ZOX*4QH6KIC MHPJ#8TA?"3U0PQBD=&F-.J+&-_ZM"P`B[^XQSLL7ZTQ=(_-$EM%D39)2@X$< MDS&9E$K;G0D!W>:43!OFV'HE#!RZ^;1.AA`1V]QY2`GH?+GO7C-+5HI`"%'- MB!4*?%R89K\#)&!FO'W#M@H!`6!L>WS-[MCB<&WM,E,UBGU38)V5&I2H^'"> M@79@03'KO(F+KU5:6WLTC$+BB1.MN9J.P74,3.A,R21PW4[];IHOM=3_E.'V M,N'`R73-BU&+@Q<7@X![E.D:<>,`FG#P,8(^N MN"]VMDJCJR7E#SBE#^O#&\PHC0CU^B:L$97IO2++(0X#;F/-:EZJQ0L@;0GM M@1M@(-8&3I_#Q3*AO\;EXPV-Z$*LV6TDCHGUA.+XZM0LN@=B@'&T6YG&N@!2 ME[!%>!ED70@2'B^S36DT18*P:*^*DD1]&#X.K5ZM%%YF&!AL#JZT$:?3>3XL MU$B36H2!':,S_:OCH*"0GQ$;\:@>_#-ZK@_GH0+$9L[T.!X4)9UC_T8`XQ;E MZR;HB"HT]T`=0C`0-<+GX`YH]U#&[T#:[.MD,@EV/^Q-]@\X5[N3@^!`4-6] M\MM)-ELM:%H>I=%I6L;E2^?A^M.$\DO%T7U1YN&LE.K_BG)\D/?J:G(6-RX$ MG,[7.I=Y;8H@K`Q2%=([B*$I!J"'?(X7JX4X09>/Z`_T?+',"AI=I=?LBWP, MV6KXZHGFXAV"_"B*/)ZI]JQM5HRW/O05E6P[U0W*`.?XE<:'W:XHJSYPN2J- MU,41?LY(4R!Y&Q8D)$O*ZI"6(5-E<])\`A$?\0-PDOBJ5!Z,IA2!)(1[!I5I M8*'`P)C>EB7ENT6$V'_"=_;[*LYIQ/-_///,N_8Z]\=_"T=%04O%@],VBJ-K4:RN461DF M%\:TDLK)&&ILZU,4\IB##]H)X?6E.2G M%_%D[);[%C4?C:,\Q$`E\?VKIGE!S;]JM;WQ9QAX^YIW[5_SKN>OF?6+]]F8 M+WI7^T7OVA_\]O5-#QZQ5TE0`]VQA^8)>_T]FK$#DSD6_*[:J`'+%(AO\')P M.^[>VB;CVG\PC7G,_STY^+!W\)DN[@>K8HO6>SI29W>0/OK/Y&6\2968U.#O.%E4]BR42=#O'9QH6JYSJQAJ]TO]F#J75X5Z.G@P#.!9O M*F)T(?Y163^8<$++,$YLNSEL>N\/@9AL#YX(48DQ(.3DT/2L2!4&MW\LSXHE MG96K:KNXXCEW2A>B.T2N2] M[0<&!^W?*G`Q(-O2W*P.]UW63]TA9YSGTXK"*4_U1JB M*T3Q[0>NWWZ`_-N7_6F__4#[[7?_Q'XE7]F?FS^Q_[@/"\K^\O]02P,$%``` M``@`AXE)0_?@ARL$#@``9A,!`!T`'`!C:S`P,#$S-C0P.#DM,C`Q,S`Y,3E? M<')E+GAM;%54"0`#K<954JW&55)U>`L``00E#@``!#D!``#M76USV[@1_MZ9 M_@?6_5I9E&3'EB_IC>.7.T^=Y&HY[=VG#"5!,AN*U("4(T^F_[T`*5&42(`+ MD^)"*6[F$D=>@+O/`RRP(/GH[<_+F6<]$QJZ@?_NJ'-L'UG$'P5CUY^^._H\ M:%T.KN[NCJPP7?D!T<___W/?[+8?V__TFI9MR[QQA?6=3!JW?F3 MX"?KHS,C%]8OQ"?4B0+ZD_4OQUNP3_[Y^YT?L<]&D?M,V*?)52^LWO'IV&JU M`'T.@@4=D;3#D?O5MNU.[\V)?=[G45C=X^6$7?#:B=BON^Q7[8[=MD\>.Z<7 M7?OBY!QXF#P*9HFK;`XL^$>7_OC&C]SH MA4\(.HO'PXU'8NOM($:9R<==[MG]3C]V6*6OVK`>/#F4/`7>F-!;0L*JXT/2 M76TN?YKS#,E2[]7YS=))NGJ]O\4][/OG>2_VK+:$NJ>1@TL->G+OR MG+"2;W$'>W$MD]P^$"=UK&LW''D!=Y7]@S=K)^VLI"$OW1SK^WJ7^-]UQ;#VVPM& M6ZYZO&0):!40*?VRKNY5%>\[2 MHQ^U1D^NEPZ3"0UF,JA6L`0"A[.HL MZ=GY^0V3@3SJ=\RX<^"US(/`];8`O"+96X)53 MW^4D(O316?*EF.7FB+K#!4R+.3<3IW"#KIFLM]7F/[6F25 MEEB[U[$5EMBL.72)M9M'5>YXCO1&8.ZHP=Q175!U@;E3+\S*R^>FS(X/C./" M49"0*14;'T!BEKF_3B*]6A.T%/B-"\(,36G>"!WHL@&S@3OO?$.Y^HI/KGZO M>P[+U7ESM%P-AU<>0,$FCTP(I61\GV`@]#-V\IG081"2V+8AJF#Y/F^.EN\K M4B7.^XU3I;YFY$[MQ"N&P!0]C8'6"X'SZS36;6ZUR+LB637$QNBPRX>.#/JZ MUI#Z#AA><[``35O:$%$:22;!_C`'/AK4PC4PE(]I?4R5X>IM.Q?=/?N@F7LM M^3LL)_P.R^KIFYW[*ZO[E@=S0V6_R-;X--0&_=-M]-,?62]6THV5Z:?J72[@ M%A$2BH2D;%]J735V4+=VZY%U6WQ0MVT!W//6ON5]/92Y4[RBD/=Q]@&%GB5; M-V"1C/F3MW(.=DRAMRD/@8U"%#!H28)X(%.^GCE^Q!]KEAUA[UJB%?`UDB+# M`(^3*^8U=;P[MC`M_T%>9*3D3-%J]=I9$:"`0=;OPQU;:@[7NHAGD&TMA?U\&_:5N;6RM[ZSK88?SH.0C!MZOGW;82GB(M-F,VWL5E$E-B`W M@5(^3O7B@_N>8T3MP8*(T/2Q`H3'N@NBZD&IZ\&/FC2;2+W#F4AP-A0F4D^S MB=2K82)M/Z&CQ53:W(PH(:_H*0O1"95>4VD3HO9328$-A:ETJM=42GS?]YJ$ MOI9%"W=F!FJV,SI040EY]\"L\@-RQ^V].^N`' MD+?-&WKH+<$J@2K!2%+.2*RACROLX45&.8Z[2TAIQ,BOG0K<.U4BY%2%D*Z> MA)QJ38A@A`ZC7B=U#\;6.7*FTDSD0[_WIC94]36E2B>*&GJK,"4%N:0L"_=' M5I!BX*.BW[B0E&;2:0Q_U/J]<04UG20"CSNHI7H32H'_-QIC9=6TG?\0XIY-\TVK=^=:=/ MUA_\&T6M]$(6OY)U\WA[D#0V5:['S[R65.DK&_1DI2:4O?*Z^05]XP*;6^0N M(K.R8Y",'3K(@J%1A'#&[?38L'A(7L1X=R79]G(A_8$FLTX4AIHYD&*"U4 MFD/Y0:NYU;'`SF`9@;O79;.2#J"4H57JK\%#(])4,YZD+90JM-)=$06-6%+. M@[+&X'MX^O&D90Y4.VB1-((2@UWEE\:-3,B5%X1LDZ]"1[X)E`SLRKXDYN9? MW`QH-`D\-WA<4#]X)M("4VP,A1^MLB^+$Q]X^?B7F4/!1ROMRV-M_OY@Q)\1 MG[[(AGO.!@HT6MTNB`H-76"-(3.'8HYWX[LT5I0G(,N>?50>U&A5=D$T*(@" M![/(%(HS6FDLCQ$%760*A1RMQ)7'B`(Y:#=>;`A^W!$3;FUVWNNO0KCT MQ[O?02#+W9!F4"+0*E-X[,WORS?^`!-^20LH&6B5*2ABM.D!)$%F#F4`K3@M MCQ4-?D@J4LX[:(6H("HT=`$'Q2)3*-9HM:@\1C3(@5M*F3D4>K22M#Q6-/A! MVTNQ,11ZM&*U+$[,_4SIWK+RAA*M=M5X%QG[H[Z5%#:#!N]*_40\%=EHW^%1[V1O_*Z%\9_2NC?V7TKXS^E=&_ M`H6@!2%&_PJ;`:-_9?2OC/Y5M!C]*Z-_9?2OC/Z5T;\R^E?KWJ3Z M5[O4Q2$/"'5)6)NT5#.R-R#W5"5.;#6)$UM1XD07A1.[7H43(R3S6B$9A,E^ MY3EA?7,=*"06O]P;7UDPX[-Y===XGV/RBG/5[W7/83,_;P[6$MCK4E2,;]'@ M%`6<&9PLA.2MNOL$!*&?L9//A`Z#D,2V#7$%RQ]Y'-D550)``.MQE52K<95 M4G5X"P`!!"4.```$.0$``.U8VW*;2!!]WJW:?YCE'<&`9`LB)>7X%J7L.+'D MQ/%+"L%(FC7,X&&PI:3VW[<'!$(W1XKB6J=V]00]YW3WH7MN:KT:1R&Z)R*A MG+4U7#,U1)C/`\J&;>VJJQ]T#SL=#;UZ^80/^ M`KWS(N*B4\*(\"07+]!'+TS!\N&ZPR38?$GO"5CS,"ZR:XT`Z?H&/KL\%3XI M'?KTUC1-;._5S::CTD96;3R`@$>>A&$+A@QL&F:]AQNN9;KUYH9AI"?3I`QC MCIL0!2*9F]'/:>*79.?N($[VQY?T>GC!FNG[FVMYWO6LMWO]BV#R]F9";F[' M\A-NO+FZ]<3D_.ZOWD7S9.)$^/"K97[\?)&';"7^B$0>@O*PI*V-I(Q=PWAX M>*@]V#4NAH8%&1K7YV?=#*?E0'<<4G:["HX=QS&RT0*ZA!SW15BXM@TUW/<2 M4GJ&4?H(GK)$>LR?PP>R)%3!#2,?G(/2E="]'$H+:$`6<`GQ:T-^;\``X+&E MFUBW<0$78C5:B!5@QAE+H]42`RD,.8F)`2`=4$10O^1]GS1/\"M-7#*'Z7!( MV(C0B+)[DLB(,)G4?!ZI3&W3P0[,S)`H\PD7T1$9>&D(W_XQQF`LP2Z<698MC"LT.AM]:JBMK'4?P&)-=B'"J@*\9)E"X\(2_Y&7IV`%.>$R$ MI"2IGBUR"50J^OM*&*3BP&Y@_$SIT`[;2L\ZZ`DUGRG_3R(6NG);L0N-_$22 M#V=1GD0X3*UMA<_/QB?2?50&J'K*,V2EK^KYX$FO!!^!"(K9TOGOL,)Y? M(\ZXG[EZA*+>](*G*Y,.!V0;U\9),,MTFR1FGV&[)`K>#R2Q<,C78369.^BO M2635W6!*UV?T'TQBEP2V#[[!K663:E29[W*B*H>CRH'W%I*97DNR,T%U2G[I MJBNT;=K8/"=1GP@M2[BM+=N]?B+5_P1M38H4.H;1$%9>-6OR]^SVZ<($HSSH M9>M!D(HL?[CV9._Y[.11UI$D4C`0FX)G*E,%/14\C=M:[HL"9"L->(T& M_/PU'*I<'=MJ+M1AV?X+:,!K-/P"=`Q0````(`(>)24.8+0I=P`0``"LB```= M`!@```````$```"D@3DJ``!C:S`P,#$S-C0P.#DM,C`Q,S`Y,3E?8V%L+GAM M;%54!0`#K<954G5X"P`!!"4.```$.0$``%!+`0(>`Q0````(`(>)24,Y]N42 M-@H``,RX```=`!@```````$```"D@5`O``!C:S`P,#$S-C0P.#DM,C`Q,S`Y M,3E?9&5F+GAM;%54!0`#K<954G5X"P`!!"4.```$.0$``%!+`0(>`Q0````( M`(>)24/#+.:-$1\```3?`0`=`!@```````$```"D@=TY``!C:S`P,#$S-C0P M.#DM,C`Q,S`Y,3E?;&%B+GAM;%54!0`#K<954G5X"P`!!"4.```$.0$``%!+ M`0(>`Q0````(`(>)24/WX(`Q0````(`(>)24,>Z!&OC00``&87```9`!@```````$` M``"D@:!G``!C:S`P,#$S-C0P.#DM,C`Q,S`Y,3DN>'-D550%``.MQE52=7@+ B``$$)0X```0Y`0``4$L%!@`````&``8`2@(``(!L```````` ` end XML 18 R7.htm IDEA: XBRL DOCUMENT v2.4.0.8
Label Element Value
[RiskReturnAbstract] rr_RiskReturnAbstract  
Document Type dei_DocumentType 485BPOS
Document Period End Date dei_DocumentPeriodEndDate Sep. 19, 2013
Registrant Name dei_EntityRegistrantName Claymore Exchange-Traded Fund Trust
Central Index Key dei_EntityCentralIndexKey 0001364089
Amendment Flag dei_AmendmentFlag false
Document Creation Date dei_DocumentCreationDate Sep. 19, 2013
Document Effective Date dei_DocumentEffectiveDate Sep. 20, 2013
Prospectus Date rr_ProspectusDate Sep. 23, 2013
Guggenheim BulletShares 2019 High Yield Corporate Bond ETF
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading

Guggenheim BulletShares 2019 High Yield Corporate Bond ETF (BSJJ)

Objective [Heading] rr_ObjectiveHeading

Investment Objective

Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

 

The Fund seeks investment results that correspond generally to the performance, before the Fund’s fees and expenses, of a high yield corporate bond index called the NASDAQ BulletShares® USD High Yield Corporate Bond 2019 Index (the “High Yield 2019 Index” or the “Index”).

Expense [Heading] rr_ExpenseHeading

Fees and Expenses of the Fund

Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund (“Shares”). Investors purchasing Shares in the secondary market may be subject to costs (including customary brokerage commissions) charged by their broker.

Operating Expenses Caption [Text] rr_OperatingExpensesCaption
Annual Fund Operating Expenses (expenses that you pay each year as
a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading

Portfolio Turnover

Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance.

 

Expense Example [Heading] rr_ExpenseExampleHeading

Example

Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example does not take into account brokerage commissions that you pay when purchasing or selling Shares.

 

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Strategy [Heading] rr_StrategyHeading

Principal Investment Strategies

Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

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 2019 Index. The High Yield 2019 Index is a rules-based index (i.e., an index constructed using specified criteria) comprised of, as of September 9, 2013, approximately 178 high yield corporate bonds with effective maturities in the year 2019. The High Yield 2019 Index is designed to represent the performance of a held-to-maturity portfolio of U.S. dollar-denominated high yield corporate bonds with effective maturities in 2019. The effective maturity of an eligible corporate bond is determined by its actual maturity or, in the case of callable securities, the effective maturity of the security as determined in accordance with the rules-based methodology developed by Accretive Asset Management LLC (“Accretive” or the “Index Provider”).

 

The Fund has a designated year of maturity of 2019 and will terminate on or about December 31, 2019. In connection with such termination, the Fund will make a cash distribution to then-current shareholders of its net assets after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to return any predetermined amount at maturity. The Fund will invest at least 80% of its total assets in securities that are components of the Index. Under normal conditions, the Fund will invest at least 80% of its net assets in high yield securities (“junk bonds”), which are debt securities that are rated below investment grade by nationally recognized statistical rating organizations, or are unrated securities that the Investment Adviser believes are of comparable quality. There are no minimum credit rating requirements for securities that the Fund may purchase; however, the Fund will not purchase securities that are in default. The Fund has adopted a policy that requires the Fund to provide shareholders with at least 60 days notice prior to any material change in these 80% policies or the Index. In the last twelve months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper. The Fund will terminate on or about the date above without requiring additional approval by the Board or Fund shareholders. The Board may change the termination date to an earlier or later date without shareholder approval if a majority of the Board determines the change to be in the best interest of the Fund. The Board may change the Fund’s investment strategy and other policies without shareholder approval, except as otherwise indicated.

 

The Fund expects to use a sampling approach in seeking to achieve its investment objective. Sampling means that Guggenheim Funds Investment Advisors, LLC (the “Investment Adviser”) uses quantitative analysis to select securities from the Index universe to obtain a representative sample of securities that resemble the Index in terms of key risk factors, performance attributes and other characteristics. These characteristics include maturity, credit quality, sector, duration and other financial characteristics of fixed income securities. The quantity of holdings in the Fund will be based on a number of factors, including the asset size of the Fund, potential transaction costs in acquiring particular securities, the anticipated impact of particular Index securities on the performance of the Index and the availability of particular securities in the secondary market. However, the Fund may use full replication to achieve its objective if practicable. A replication strategy involves generally investing in all of the securities in the Index with the same weights as the Index. There may also be instances in which the Investment Adviser may choose to overweight another security in the Index, or purchase (or sell) securities not in the Index which the Investment Adviser believes are appropriate to substitute for one or more Index components, in seeking to accurately track the Index. In addition, from time to time securities are added to or removed from the Index. The Fund may sell securities that are represented in the Index or purchase securities that are not yet represented in the Index in anticipation of their removal from or addition to the Index. If the Index concentrates in a particular industry or group of industries, the Fund’s investments will be concentrated accordingly. As of the date of this prospectus, the financial services, telecommunications, consumer staples and consumer discretionary sectors each represent a substantial portion of the Index.

Risk [Heading] rr_RiskHeading

Principal Investment Risks

Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

 

Investors should consider the following risk factors and special considerations associated with investing in the Fund, which may cause you to lose money. The Fund’s Shares will change in value, and you could lose money by investing in the Fund. 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.

 

Investment Risk. An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest.

 

Interest Rate Risk. As interest rates rise, the value of fixed-income securities held by the Fund are likely to decrease. Securities with longer durations tend to be more sensitive to interest rate changes, making them more volatile than securities with shorter durations.

 

Credit/Default Risk. Issuers or guarantors of debt instruments or the counterparty to a repurchase agreement or loan of portfolio securities may be unable or unwilling to make timely interest and/or principal payments or otherwise honor their obligations. Debt instruments are subject to varying degrees of credit risk, which may be reflected in credit ratings. Securities issued by the U.S. government generally have less credit risk than debt securities of non-government issuers. However, securities issued by certain U.S. government agencies are not necessarily backed by the full faith and credit of the U.S. government. Credit rating downgrades and defaults (failure to make interest or principal payment) may potentially reduce the Fund’s income and Share price.

 

High Yield Securities Risk. High yield securities generally offer a higher current yield than that available from higher grade issues, but typically involve greater risk. Securities rated below investment grade are commonly referred to as “junk bonds.”The ability of issuers of high yield securities to make timely payments of interest and principal may be adversely impacted by adverse changes in general economic conditions, changes in the financial condition of the issuers and price fluctuations in response to changes in interest rates. High yield securities are less liquid than investment grade securities and may be difficult to price or sell, particularly in times of negative sentiment toward high yield securities.

 

Asset Class Risk. The bonds in the Fund’s portfolio may underperform the returns of other bonds or indexes that track other industries, markets, asset classes or sectors. Different types of bonds and indexes tend to go through different performance cycles than the general bond market.

 

Call Risk/Prepayment Risk. During periods of falling interest rates, an issuer of a callable bond may exercise its right to pay principal on an obligation earlier than expected. This may result in the Fund reinvesting proceeds at lower interest rates, resulting in a decline in the Fund’s income.

 

Extension Risk. An issuer may exercise its right to pay principal on an obligation later than expected. This may happen when there is a rise in interest rates. Under these circumstances, the value of the obligation will decrease and the Fund’s performance may suffer from its inability to invest in higher yielding securities.

 

Income Risk. Falling interest rates may cause the Fund’s income to decline.

 

Liquidity Risk. Liquidity risk exists when particular investments are difficult to purchase or sell. If the Fund invests in illiquid securities or securities that become illiquid, Fund returns may be reduced because the Fund may be unable to sell the illiquid securities at an advantageous time or price.

 

Declining Yield Risk. During the final year of the Fund’s operations, as the bonds held by the Fund mature and the Fund’s portfolio transitions to cash and cash equivalents, the Fund’s yield will generally tend to move toward the yield of cash and cash equivalents and thus may be lower than the yields of the bonds previously held by the Fund and/or prevailing yields for bonds in the market.

 

Fluctuation of Yield and Liquidation Amount Risk. The Fund, unlike a direct investment in a bond that has a level coupon payment and a fixed payment at maturity, will make distributions of income that vary over time. Unlike a direct investment in bonds, the breakdown of returns between Fund distributions and liquidation proceeds are not predictable at the time of your investment. For example, at times during the Fund’s existence, it may make distributions at a greater (or lesser) rate than the coupon payments received on the Fund’s portfolio, which will result in the Fund returning a lesser (or greater) amount on liquidation than would otherwise be the case. The rate of Fund distribution payments may adversely affect the tax characterization of your returns from an investment in the Fund relative to a direct investment in corporate bonds. If the amount you receive as liquidation proceeds upon the Fund’s termination is higher or lower than your cost basis, you may experience a gain or loss for tax purposes.

 

Financial Services Sector Risk. The financial services industries are subject to extensive government regulation, can be subject to relatively rapid change due to increasingly blurred distinctions between service segments, and can be significantly affected by availability and cost of capital funds, changes in interest rates, the rate of corporate and consumer debt defaults, and price competition. In addition, the deterioration of the credit markets since late 2007 generally has caused an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets. In particular, events in the financial sector since late 2008 have resulted, and may continue to result, in an unusually high degree of volatility in the financial markets, both domestic and foreign. This situation has created instability in the financial markets and caused certain financial services companies to incur large losses. Numerous financial services companies have experienced substantial declines in the valuations of their assets, taken action to raise capital (such as the issuance of debt or equity securities), or even ceased operations. These actions have caused the securities of many financial services companies to experience a dramatic decline in value. Issuers that have exposure to the real estate, mortgage and credit markets have been particularly affected by the foregoing events and the general market turmoil, and it is uncertain whether or for how long these conditions will continue.

 

Telecommunications Sector Risk. The telecommunications sector is subject to extensive government regulation. The costs of complying with governmental regulations, delays or failure to receive required regulatory approvals or the enactment of new adverse regulatory requirements may adversely affect the business of the telecommunications companies. The telecommunications sector can also be significantly affected by intense competition, including competition with alternative technologies such as wireless communications, product compatibility, consumer preferences, rapid obsolescence and research and development of new products. Other risks include those related to regulatory changes, such as the uncertainties resulting from such companies’ diversification into new domestic and international businesses, as well as agreements by any such companies linking future rate increases to inflation or other factors not directly related to the actual operating profits of the enterprise.

 

Consumer Staples Sector Risk. Companies in this sector are subject to government regulation affecting the permissibility of using various food additives and production methods, which regulations could affect company profitability. Tobacco companies may be adversely affected by the adoption of proposed legislation and/or by litigation. Also, the success of food and soft drink may be strongly affected by fads, marketing campaigns and other factors affecting supply and demand.

 

Consumer Discretionary Sector Risk. The success of consumer product manufacturers and retailers is tied closely to the performance of the overall domestic and international economy, interest rates, competition and consumer confidence. Success depends heavily on disposable household income and consumer spending. Changes in demographics and consumer tastes can also affect the demand for, and success of, consumer products in the marketplace.

 

Non-Correlation Risk. The Fund’s return may not match the return of the Index for a number of reasons. For example, the Fund incurs a number of operating expenses not applicable to the Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of the Index. Since the Index constituents may vary on a monthly basis, the Fund’s costs associated with rebalancing may be greater than those incurred by other exchange-traded funds (“ETFs”) that track indices whose composition changes less frequently.

 

The Fund may not be fully invested at times, either as a result of cash flows into the Fund or reserves of cash held by the Fund to meet redemptions and expenses. Since the Fund utilizes a sampling approach, its return may not correlate as well with the return on the Index as would be the case if it purchased all of the securities in the Index with the same weightings as the Index.

 

Concentration Risk. If the Index concentrates in an industry or group of industries, the Fund’s investments will be concentrated accordingly. In such event, the value of the Fund’s Shares may rise and fall more than the value of shares of a fund that invests in securities of companies in a broader range of industries.

 

Passive Management Risk. Unlike many investment companies, the Fund is not “actively” managed. Therefore, it would not necessarily sell a security because the security’s issuer was in financial trouble or defaulted, or whose credit rating was downgraded, unless that security is removed from the Index. In addition, the Fund will not otherwise take defensive positions in declining markets unless such positions are reflected in the Index.

 

Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. The value of securities of smaller issuers can be more volatile than that of larger issuers.

 

Risk of Cash Transactions. In certain instances, unlike most ETFs, the Fund may effect creations and redemptions for cash, rather than in-kind. As a result, an investment in the Fund may be less tax-efficient than an investment in a more conventional ETF. ETFs generally are able to make in-kind redemptions and avoid being taxed on gain on the distributed portfolio securities at the Fund level. Because the Fund may effect redemptions for cash, rather than in-kind distributions, it may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. If the Fund recognizes gain on these sales, this generally will cause the Fund to recognize gain it might not otherwise have recognized, or to recognize such gain sooner than would otherwise be required if it were to distribute portfolio securities in-kind. The Fund generally intends to distribute these gains to shareholders to avoid being taxed on this gain at the Fund level and otherwise comply with the special tax rules that apply to it. This strategy may cause shareholders to be subject to tax on gains they would not otherwise be subject to, or at an earlier date than, if they had made an investment in a different ETF. Moreover, cash transactions may have to be carried out over several days if the securities market is relatively illiquid and may involve considerable transaction fees and taxes. These transaction fees and taxes, which will be higher than if the Fund sold and redeemed its Shares principally in-kind, will be passed on to purchasers and redeemers of Creation Units in the form of creation and redemption transaction fees.

 

Non-Diversified Fund Risk. 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.

Risk Lose Money [Text] rr_RiskLoseMoney

Investors should consider the following risk factors and special considerations associated with investing in the Fund, which may cause you to lose money.

Risk Nondiversified Status [Text] rr_RiskNondiversifiedStatus

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.

Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution

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.

Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading

Fund Performance

Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

As of the date of this prospectus, the Fund has not yet completed a full calendar year of investment operations. When the Fund has completed a full calendar year of investment operations, this section will include charts that show annual total returns, highest and lowest quarterly returns and average annual total returns (before and after taxes) compared to the Index and a broad measure of market performance.

Performance One Year or Less [Text] rr_PerformanceOneYearOrLess

As of the date of this prospectus, the Fund has not yet completed a full calendar year of investment operations.

Guggenheim BulletShares 2019 High Yield Corporate Bond ETF | Guggenheim BulletShares 2019 High Yield Corporate Bond ETF
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
Management Fees (comprehensive management fee) rr_ManagementFeesOverAssets 0.42%
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none [1]
Other Expenses rr_OtherExpensesOverAssets none [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.42%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 43
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 189
Guggenheim BulletShares 2020 High Yield Corporate Bond ETF
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading

Guggenheim BulletShares 2020 High Yield Corporate Bond ETF (BSJK)

Objective [Heading] rr_ObjectiveHeading

Investment Objective

Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The Fund seeks investment results that correspond generally to the performance, before the Fund’s fees and expenses, of a high yield corporate bond index called the NASDAQ BulletShares® USD High Yield Corporate Bond 2020 Index (the “High Yield 2020 Index” or the “Index”).

Expense [Heading] rr_ExpenseHeading

Fees and Expenses of the Fund

Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund (“Shares”). Investors purchasing Shares in the secondary market may be subject to costs (including customary brokerage commissions) charged by their broker.

Operating Expenses Caption [Text] rr_OperatingExpensesCaption
Annual Fund Operating Expenses (expenses that you pay each year as
a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading

Portfolio Turnover

Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance.

 

Expense Example [Heading] rr_ExpenseExampleHeading

Example

Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

This Example is intended to help you compare the cost of investing in the Fund with the costs of investing in other funds. The Example does not take into account brokerage commissions that you may pay when purchasing or selling Shares.

 

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Strategy [Heading] rr_StrategyHeading

Principal Investment Strategies

Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

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 2020 Index. The High Yield 2020 Index is a rules-based index (i.e., an index constructed using specified criteria) comprised of, as of September 9, 2013, approximately 215 high yield corporate bonds with effective maturities in the year 2020. The High Yield 2020 Index is designed to represent the performance of a held-to-maturity portfolio of U.S. dollar-denominated high yield corporate bonds with effective maturities in 2020. The effective maturity of an eligible corporate bond is determined by its actual maturity or, in the case of callable securities, the effective maturity of the security as determined in accordance with the rules-based methodology developed by Accretive Asset Management LLC (“Accretive” or the “Index Provider”).

 

The Fund has a designated year of maturity of 2020 and will terminate on or about December 31, 2020. In connection with such termination, the Fund will make a cash distribution to then-current shareholders of its net assets after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to return any predetermined amount at maturity. The Fund will invest at least 80% of its total assets in securities that are components of the Index. Under normal conditions, the Fund will invest at least 80% of its net assets in high yield securities (“junk bonds”), which are debt securities that are rated below investment grade by nationally recognized statistical rating organizations, or are unrated securities that the Investment Adviser believes are of comparable quality. There are no minimum credit rating requirements for securities that the Fund may purchase; however, the Fund will not purchase securities that are in default. The Fund has adopted a policy that requires the Fund to provide shareholders with at least 60 days notice prior to any material change in these 80% policies or the Index. In the last twelve months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper. The Fund will terminate on or about the date above without requiring additional approval by the Board or Fund shareholders. The Board may change the termination date to an earlier or later date without shareholder approval if a majority of the Board determines the change to be in the best interest of the Fund. The Board may change the Fund’s investment strategy and other policies without shareholder approval, except as otherwise indicated.

 

The Fund expects to use a sampling approach in seeking to achieve its investment objective. Sampling means that Guggenheim Funds Investment Advisors, LLC (the “Investment Adviser”) uses quantitative analysis to select securities from the Index universe to obtain a representative sample of securities that resemble the Index in terms of key risk factors, performance attributes and other characteristics. These characteristics include maturity, credit quality, sector, duration and other financial characteristics of fixed income securities. The quantity of holdings in the Fund will be based on a number of factors, including the asset size of the Fund, potential transaction costs in acquiring particular securities, the anticipated impact of particular index securities on the performance of the Index and the availability of particular securities in the secondary market. However, the Fund may use full replication to achieve its objective if practicable. A replication strategy involves generally investing in all of the securities in the Index with the same weights as the Index. There may also be instances in which the Investment Adviser may choose to overweight another security in the Index, or purchase (or sell) securities not in the Index which the Investment Adviser believes are appropriate to substitute for one or more Index components, in seeking to accurately track the Index. In addition, from time to time securities are added to or removed from the Index. The Fund may sell securities that are represented in the Index or purchase securities that are not yet represented in the Index in anticipation of their removal from or addition to the Index. If the Index concentrates in a particular industry or group of industries, the Fund’s investments will be concentrated accordingly. As of the date of this prospectus, the telecommunications, financial services, consumer staples, consumer discretionary and energy sectors each represent a substantial portion of the Index.

 

Risk [Heading] rr_RiskHeading

Principal Investment Risks

Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

Investors should consider the following risk factors and special considerations associated with investing in the Fund, which may cause you to lose money. The Fund’s Shares will change in value, and you could lose money by investing in the Fund. 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.

 

Investment Risk. An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest.

 

Interest Rate Risk. As interest rates rise, the value of fixed-income securities held by the Fund are likely to decrease. Securities with longer durations tend to be more sensitive to interest rate changes, making them more volatile than securities with shorter durations.

 

Credit/Default Risk. Issuers or guarantors of debt instruments or the counterparty to a repurchase agreement or loan of portfolio securities may be unable or unwilling to make timely interest and/or principal payments or otherwise honor their obligations. Debt instruments are subject to varying degrees of credit risk, which may be reflected in credit ratings. Securities issued by the U.S. government generally have less credit risk than debt securities of non-government issuers. However, securities issued by certain U.S. government agencies are not necessarily backed by the full faith and credit of the U.S. government. Credit rating downgrades and defaults (failure to make interest or principal payment) may potentially reduce the Fund’s income and Share price.

 

High Yield Securities Risk. High yield securities generally offer a higher current yield than that available from higher grade issues, but typically involve greater risk. Securities rated below investment grade are commonly referred to as “junk bonds.”The ability of issuers of high yield securities to make timely payments of interest and principal may be adversely impacted by adverse changes in general economic conditions, changes in the financial condition of the issuers and price fluctuations in response to changes in interest rates. High yield securities are less liquid than investment grade securities and may be difficult to price or sell, particularly in times of negative sentiment toward high yield securities.

 

Asset Class Risk. The bonds in the Fund’s portfolios may underperform the returns of other bonds or indexes that track other industries, markets, asset classes or sectors. Different types of bonds and indexes tend to go through different performance cycles than the general bond market.

 

Call Risk/Prepayment Risk. During periods of falling interest rates, an issuer of a callable bond may exercise its right to pay principal on an obligation earlier than expected. This may result in the Fund reinvesting proceeds at lower interest rates, resulting in a decline in the Fund’s income.

 

Extension Risk. An issuer may exercise its right to pay principal on an obligation later than expected. This may happen when there is a rise in interest rates. Under these circumstances, the value of the obligation will decrease and the Fund’s performance may suffer from its inability to invest in higher yielding securities.

 

Income Risk. Falling interest rates may cause the Fund’s income to decline.

 

Liquidity Risk. Liquidity risk exists when particular investments are difficult to purchase or sell. If the Fund invests in illiquid securities or securities that become illiquid, Fund returns may be reduced because the Fund may be unable to sell the illiquid securities at an advantageous time or price.

 

Declining Yield Risk. During the final year of the Fund’s operations, as the bonds held by the Fund mature and the Fund’s portfolio transitions to cash and cash equivalents, the Fund’s yield will generally tend to move toward the yield of cash and cash equivalents and thus may be lower than the yields of the bonds previously held by the Fund and/or prevailing yields for bonds in the market.

 

Fluctuation of Yield and Liquidation Amount Risk. The Fund, unlike a direct investment in a bond that has a level coupon payment and a fixed payment at maturity, will make distributions of income that vary over time. Unlike a direct investment in bonds, the breakdown of returns between Fund distributions and liquidation proceeds are not predictable at the time of your investment. For example, at times during the Fund’s existence, it may make distributions at a greater (or lesser) rate than the coupon payments received on the Fund’s portfolio, which will result in the Fund returning a lesser (or greater) amount on liquidation than would otherwise be the case. The rate of Fund distribution payments may adversely affect the tax characterization of your returns from an investment in the Fund relative to a direct investment in corporate bonds. If the amount you receive as liquidation proceeds upon the Fund’s termination is higher or lower than your cost basis, you may experience a gain or loss for tax purposes.

 

Telecommunications Sector Risk. The telecommunications sector is subject to extensive government regulation. The costs of complying with governmental regulations, delays or failure to receive required regulatory approvals or the enactment of new adverse regulatory requirements may adversely affect the business of the telecommunications companies. The telecommunications sector can also be significantly affected by intense competition, including competition with alternative technologies such as wireless communications, product compatibility, consumer preferences, rapid obsolescence and research and development of new products. Other risks include those related to regulatory changes, such as the uncertainties resulting from such companies’ diversification into new domestic and international businesses, as well as agreements by any such companies linking future rate increases to inflation or other factors not directly related to the actual operating profits of the enterprise.

 

Financial Services Sector Risk. The financial services industries are subject to extensive government regulation, can be subject to relatively rapid change due to increasingly blurred distinctions between service segments, and can be significantly affected by availability and cost of capital funds, changes in interest rates, the rate of corporate and consumer debt defaults, and price competition. In addition, the deterioration of the credit markets since late 2007 generally has caused an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets. In particular, events in the financial sector since late 2008 have resulted, and may continue to result, in an unusually high degree of volatility in the financial markets, both domestic and foreign. This situation has created instability in the financial markets and caused certain financial services companies to incur large losses. Numerous financial services companies have experienced substantial declines in the valuations of their assets, taken action to raise capital (such as the issuance of debt or equity securities), or even ceased operations. These actions have caused the securities of many financial services companies to experience a dramatic decline in value. Issuers that have exposure to the real estate, mortgage and credit markets have been particularly affected by the foregoing events and the general market turmoil, and it is uncertain whether or for how long these conditions will continue.

 

Consumer Staples Sector Risk. Companies in this sector are subject to government regulation affecting the permissibility of using various food additives and production methods, which regulations could affect company profitability. Tobacco companies may be adversely affected by the adoption of proposed legislation and/or by litigation. Also, the success of food and soft drink may be strongly affected by fads, marketing campaigns and other factors affecting supply and demand.

 

Consumer Discretionary Sector Risk. The success of consumer product manufacturers and retailers is tied closely to the performance of the overall domestic and international economy, interest rates, competition and consumer confidence. Success depends heavily on disposable household income and consumer spending. Changes in demographics and consumer tastes can also affect the demand for, and success of, consumer products in the marketplace.

 

Energy Sector Risk. The profitability of companies in the energy sector is related to worldwide energy prices, exploration, and production spending. Such companies also are subject to risks of changes in exchange rates, government regulation, world events, depletion of resources and economic conditions, as well as market, economic and political risks of the countries where energy companies are located or do business.

 

Non-Correlation Risk. The Fund’s return may not match the return of the Index for a number of reasons. For example, the Fund incurs a number of operating expenses not applicable to the Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of the Index. Since the Index constituents may vary on a monthly basis, the Fund’s costs associated with rebalancing may be greater than those incurred by other exchange-traded funds (“ETFs”) that track indices whose composition changes less frequently.

 

The Fund may not be fully invested at times, either as a result of cash flows into the Fund or reserves of cash held by the Fund to meet redemptions and expenses. Since the Fund utilizes a sampling approach, its return may not correlate as well with the return on the Index as would be the case if it purchased all of the securities in the Index with the same weightings as the Index.

 

Concentration Risk. If the Index concentrates in an industry or group of industries, the Fund’s investments will be concentrated accordingly. In such event, the value of the Fund’s Shares may rise and fall more than the value of shares of a fund that invests in securities of companies in a broader range of industries.

 

Passive Management Risk. Unlike many investment companies, the Fund is not “actively” managed. Therefore, it would not necessarily sell a security because the security’s issuer was in financial trouble or defaulted, or whose credit rating was downgraded, unless that security is removed from the Index. In addition, the Fund will not otherwise take defensive positions in declining markets unless such positions are reflected in the Index.

 

Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. The value of securities of smaller issuers can be more volatile than that of larger issuers.

 

Risk of Cash Transactions. In certain instances, unlike most ETFs, the Fund may effect creations and redemptions for cash, rather than in-kind. As a result, an investment in the Fund may be less tax-efficient than an investment in a more conventional ETF. ETFs generally are able to make in-kind redemptions and avoid being taxed on gain on the distributed portfolio securities at the Fund level. Because the Fund may effect redemptions for cash, rather than in-kind distributions, it may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. If the Fund recognizes gain on these sales, this generally will cause the Fund to recognize gain it might not otherwise have recognized, or to recognize such gain sooner than would otherwise be required if it were to distribute portfolio securities in-kind. The Fund generally intends to distribute these gains to shareholders to avoid being taxed on this gain at the Fund level and otherwise comply with the special tax rules that apply to it. This strategy may cause shareholders to be subject to tax on gains they would not otherwise be subject to, or at an earlier date than, if they had made an investment in a different ETF. Moreover, cash transactions may have to be carried out over several days if the securities market is relatively illiquid and may involve considerable transaction fees and taxes. These transaction fees and taxes, which will be higher than if the Fund sold and redeemed its Shares principally in-kind, will be passed on to purchasers and redeemers of Creation Units in the form of creation and redemption transaction fees.

 

Non-Diversified Fund Risk. 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.

Risk Lose Money [Text] rr_RiskLoseMoney

Investors should consider the following risk factors and special considerations associated with investing in the Fund, which may cause you to lose money.

Risk Nondiversified Status [Text] rr_RiskNondiversifiedStatus

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.

Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution

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.

Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading

Fund Performance

Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

As of the date of this prospectus, the Fund has not yet completed a full calendar year of investment operations. When the Fund has completed a full calendar year of investment operations, this section will include charts that show annual total returns, highest and lowest quarterly returns and average annual total returns (before and after taxes) compared to a benchmark index selected for the Fund.

Performance One Year or Less [Text] rr_PerformanceOneYearOrLess

As of the date of this prospectus, the Fund has not yet completed a full calendar year of investment operations.

Guggenheim BulletShares 2020 High Yield Corporate Bond ETF | Guggenheim BulletShares 2020 High Yield Corporate Bond ETF
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
Management Fees (comprehensive management fee) rr_ManagementFeesOverAssets 0.42%
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none [1]
Other Expenses rr_OtherExpensesOverAssets none [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.42%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 43
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 $ 189
[1] 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 (the Board) of the Claymore Exchange-Traded Fund Trust (the Trust) has adopted a resolution that no such fee may be paid in the first 12 months of the Fund's operations.
[2] Other expenses have been estimated for the current fiscal year.
XML 19 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; word-wrap: break-word; } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 20 R1.htm IDEA: XBRL DOCUMENT v2.4.0.8
Label Element Value
Document And Entity Information Elements ck0001364089_DocumentAndEntityInformationElementsAbstract  
Document Type dei_DocumentType 485BPOS
Document Period End Date dei_DocumentPeriodEndDate Sep. 19, 2013
Registrant Name dei_EntityRegistrantName Claymore Exchange-Traded Fund Trust
Central Index Key dei_EntityCentralIndexKey 0001364089
Amendment Flag dei_AmendmentFlag false
Document Creation Date dei_DocumentCreationDate Sep. 19, 2013
Document Effective Date dei_DocumentEffectiveDate Sep. 20, 2013
Prospectus Date rr_ProspectusDate Sep. 23, 2013