N-Q 1 gug63616etf1-nq.htm ETF 1 gug63616etf1-nq.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC  20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number
     811-21906
 
Claymore Exchange-Traded Fund Trust
(Exact name of registrant as specified in charter)

227 West Monroe Street, Chicago, IL 60606
(Address of principal executive offices) (Zip code)
 
Amy J. Lee
227 West Monroe Street, Chicago, IL 60606
(Name and address of agent for service)

Registrant’s telephone number, including area code:  (312) 827-0100

Date of fiscal year end: August 31                                                       

Date of reporting period: September 1, 2015 to November 30, 2015                                                                                                           
 
 
 
 
 


Item 1.    Schedule of Investments.
Attached hereto.
 
 
Guggenheim BRIC ETF
  
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2015
 
 
Shares
    
Value
  
COMMON STOCKS† - 92.0%
      
Communications - 39.2%
      
Alibaba Group Holding Ltd. ADR*,1
118,273
  
$
9,944,393
  
China Mobile Ltd.
582,450
    
6,619,476
  
Baidu, Inc. ADR*
29,084
    
6,339,439
  
JD.com, Inc. ADR*
91,904
    
2,819,615
  
Ctrip.com International Ltd. ADR*,1
14,959
    
1,600,763
  
China Unicom Hong Kong Ltd.
604,000
    
747,992
  
China Telecom Corporation Ltd. — Class H
1,463,480
    
717,397
  
Qihoo 360 Technology Company Ltd. ADR*,1
10,355
    
703,105
  
Vipshop Holdings Ltd. ADR*,1
32,523
    
537,605
  
Mobile TeleSystems PJSC ADR
53,322
    
375,921
  
Youku Tudou, Inc. ADR*
11,939
    
320,801
  
Mail.Ru Group Ltd. GDR*
11,012
    
253,276
  
YY, Inc. ADR*
3,495
    
211,727
  
MegaFon OAO GDR
12,407
    
187,966
  
SouFun Holdings Ltd. ADR
25,144
    
168,465
  
Tim Participacoes S.A. ADR1
16,829
    
167,953
  
Autohome, Inc. ADR*,1
4,428
    
134,168
  
21Vianet Group, Inc. ADR*,1
6,325
    
131,750
  
Sistema JSFC GDR
18,294
    
122,570
  
Bitauto Holdings Ltd. ADR*
3,802
    
102,084
  
58.com, Inc. ADR*
1,690
    
101,755
  
51job, Inc. ADR*
2,369
    
75,239
  
VimpelCom Ltd. ADR1
20,352
    
73,267
  
Weibo Corp ADR*
3,341
    
62,142
  
Videocon d2h Ltd. ADR*
5,174
    
44,859
  
E-Commerce China Dangdang, Inc. — Class A ADR*
5,889
    
41,694
  
Tuniu Corp ADR*,1
2,402
    
37,327
  
KongZhong Corp. ADR*
3,369
    
23,111
  
Xunlei Ltd ADR*,1
2,944
    
21,786
  
AirMedia Group, Inc. ADR*,1
3,200
    
17,440
  
Leju Holdings Ltd. ADR1
2,265
    
13,250
  
eLong, Inc. ADR*
293
    
4,981
  
Total Communications
  
32,723,317
  
Energy - 16.7%
        
Gazprom PAO ADR
635,807
    
2,626,519
  
Lukoil PJSC ADR
51,062
    
1,967,419
  
CNOOC Ltd.
1,694,060
    
1,875,017
  
China Petroleum & Chemical Corp. — Class H
2,688,574
    
1,647,421
  
PetroChina Company Ltd. — Class H
2,225,414
    
1,581,800
  
Reliance Industries Ltd. GDR2
28,988
    
827,607
  
Petroleo Brasileiro S.A. ADR*,1
156,772
    
747,802
  
Tatneft PAO ADR*
25,242
    
743,377
  
Novatek OAO GDR
7,355
    
688,428
  
Surgutneftegas OAO ADR
101,595
    
507,975
  
Rosneft OAO GDR
111,622
    
448,720
  
Trina Solar Ltd. ADR*1
9,215
    
88,924
  
Yanzhou Coal Mining Company Ltd. — Class H
190,000
    
86,765
  
 
 
Shares
    
Value
  
COMMON STOCKS† - 92.0%
      
Energy - 16.7% - (continued)
      
JinkoSolar Holding Company Ltd. ADR*,1
2,225
  
$
56,738
  
JA Solar Holdings Company Ltd. ADR*,1
4,412
    
38,517
  
Total Energy
      
13,933,029
  
Financial - 12.0%
        
China Life Insurance Company Ltd. — Class H
784,933
    
2,708,603
  
HDFC Bank Ltd. ADR
43,098
    
2,504,856
  
Sberbank of Russia PJSC ADR
295,568
    
1,980,601
  
ICICI Bank Ltd. ADR
149,735
    
1,244,298
  
State Bank of India GDR
15,726
    
585,007
  
VTB Bank PJSC GDR
266,183
    
567,502
  
Axis Bank Ltd. GDR
6,319
    
223,061
  
Noah Holdings Ltd. ADR*,1
2,427
    
79,897
  
Banco Santander Brasil S.A. ADR
17,637
    
66,668
  
E-House China Holdings Ltd. ADR1
7,560
    
45,738
  
CNinsure, Inc. ADR*
4,000
    
36,200
  
Total Financial
    
10,042,431
  
Consumer, Non-cyclical - 8.0%
      
Ambev S.A. ADR
463,335
    
2,210,108
  
Magnit PJSC GDR
30,875
    
1,488,793
  
BRF S.A. ADR
68,918
    
981,392
  
Dr Reddy's Laboratories Ltd. ADR
8,799
    
412,145
  
New Oriental Education & Technology Group ADR
13,846
    
401,811
  
WuXi PharmaTech Cayman, Inc. ADR*
7,534
    
344,304
  
Mindray Medical International Ltd. ADR
9,344
    
250,606
  
X5 Retail Group N.V. GDR*
10,865
    
245,549
  
TAL Education Group ADR*
4,653
    
204,918
  
QIWI plc ADR
3,269
    
62,405
  
China Distance Education Holdings Ltd. ADR
2,129
    
32,212
  
Ikang Healthcare Group, Inc. ADR*
1,272
    
24,804
  
Xueda Education Corp. ADR
2,757
    
14,888
  
Total Consumer, Non-cyclical
  
6,673,935
  
Technology - 7.3%
        
Infosys Ltd. ADR
210,319
    
3,508,121
  
NetEase, Inc. ADR
7,723
    
1,287,115
  
Wipro Ltd. ADR1
61,844
    
776,142
  
Semiconductor Manufacturing International Corp.*
2,962,000
    
309,499
  
WNS Holdings Ltd. ADR*
5,473
    
168,295
  
Momo, Inc. ADR*,1
3,254
    
43,181
  
Cheetah Mobile Inc ADR*
1,157
    
22,330
  
iDreamsky Technology Ltd ADR*,1
608
    
7,673
  
Total Technology
    
6,122,356
  
Basic Materials - 4.3%
        
MMC Norilsk Nickel PJSC ADR
70,000
    
946,750
  
 
 
 
 
 
 
 
Guggenheim BRIC ETF
  
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2015
 
 
Shares
     Value  
COMMON STOCKS† - 92.0% (continued)
    
Basic Materials - 4.3% (continued)
    
Ultrapar Participacoes S.A. ADR
45,710
  
$
731,360
  
Vale S.A. ADR1
159,256
    
536,693
  
Fibria Celulose S.A. ADR
23,336
    
339,539
  
Severstal PAO GDR
18,529
    
198,261
  
Vedanta Resources plc ADR
28,883
    
161,745
  
Aluminum Corporation of China Ltd. — Class H*
418,000
    
133,187
  
Sinopec Shanghai Petrochemical Company Ltd. — Class H
368,000
    
131,497
  
PhosAgro OAO GDR
8,594
    
112,151
  
Uralkali PJSC GDR
8,667
    
111,198
  
Cia Siderurgica Nacional S.A. ADR
73,070
    
103,759
  
Novolipetsk Steel OJSC GDR
8,837
    
93,230
  
Total Basic Materials
    
3,599,370
  
Consumer, Cyclical - 2.2%
      
Tata Motors Ltd. ADR*
21,285
    
671,968
  
Mahindra & Mahindra Ltd. GDR
14,652
    
298,901
  
Lenta Ltd. GDR*
25,982
    
197,203
  
Qunar Cayman Islands Ltd. ADR*
3,664
    
164,990
  
China Southern Airlines Company Ltd. — Class H
188,000
    
137,509
  
China Eastern Airlines Corporation Ltd. — Class H*
166,000
    
87,797
  
China Lodging Group Ltd. ADR
2,977
    
84,904
  
Homeinns Hotel Group ADR*
2,497
    
77,032
  
500.com Ltd. ADR*,1
2,336
    
46,720
  
Bona Film Group Ltd. ADR*,1
3,307
    
42,032
  
Jumei International Holding Ltd. ADR*
4,003
    
35,106
  
Total Consumer, Cyclical
  
1,844,162
  
Industrial - 1.4%
        
Embraer S.A. ADR1
17,157
    
536,842
  
Larsen & Toubro Ltd. GDR
23,479
    
481,320
  
Guangshen Railway Company Ltd. — Class H
152,000
    
76,471
  
Globaltrans Investment plc GDR
10,165
    
49,199
  
Total Industrial
    
1,143,832
  
Utilities – 0.9%
        
Huaneng Power International, Inc. — Class H
364,000
    
317,422
  
CPFL Energia S.A. ADR*,1
32,423
    
263,923
  
Cia de Saneamento Basico do Estado de Sao Paulo ADR
35,995
    
173,856
  
 
 
Shares
    
Value
  
COMMON STOCKS† - 92.0% (continued)
    
Utilities – 0.9% (continued)
      
Centrais Eletricas Brasileiras S.A. ADR*
33,202
  
$
46,815
  
Total Utilities
    
802,016
  
Total Common Stocks
        
(Cost $98,250,378)
    
76,884,448
  
           
 
Shares
    
Value
  
PREFERRED STOCKS† - 7.5%
      
Financial - 4.4%
        
Itau Unibanco Holding S.A. ADR
319,851
    
2,264,546
  
Banco Bradesco S.A. ADR1
265,873
    
1,425,079
  
Total Financial
    
3,689,625
  
Energy - 1.0%
        
Petroleo Brasileiro S.A. ADR*
215,359
    
833,439
  
Basic Materials - 1.0%
          
Vale S.A. ADR1
213,503
    
572,188
  
Gerdau S.A. ADR
94,148
    
148,754
  
Braskem S.A. ADR1
7,994
    
107,439
  
Total Basic Materials
    
828,381
  
Communications - 0.6%
        
Telefonica Brasil S.A. ADR due
49,514
    
464,441
  
Oi S.A. ADR*,1
16,626
    
7,648
  
Total Communications
    
472,089
  
Consumer, Non-cyclical - 0.3%
      
Cia Brasileira de Distribuicao ADR1
17,404
    
218,594
  
Utilities - 0.2%
          
Cia Energetica de Minas Gerais ADR
75,911
    
129,808
  
Cia Paranaense de Energia ADR
10,703
    
78,881
  
Total Utilities
    
208,689
  
Total Preferred Stocks
        
(Cost $28,754,577)
    
6,250,817
  
 
 
Shares
    
Value
  
SECURITIES LENDING COLLATERAL†,3 - 7.5%
  
BNY Mellon Separately Managed Cash Collateral Account, 0.1139%
6,252,185
  
$
6,252,185
  
Total Securities Lending Collateral
      
(Cost $6,252,185)
    
6,252,185
  
Total Investments - 107.0%
      
(Cost $133,257,140)
  
$
89,387,450
  
Other Assets & Liabilities, net - (7.0)%
    
(5,881,640
)
Total Net Assets - 100.0%
$
83,505,810
  
 
 
 
 
 
 
*
Non-income producing security.
†
Value determined based on Level 1 inputs — See Note 2.
1
All or portion of this security is on loan at November 30, 2015 — See Note 4.
2
Security is a 144A or Section 4(a)(2) security.  The total market value of 144A or Section 4(a)(2) securities is $827,607 (cost $823,065), or 1.0% of total net assets. These securities have been determined to be liquid under guidelines established by the Board of Trustees.
3
Securities lending collateral — See Note 4.
 
ADR
 American Depositary Receipt
GDR
Global Depositary Receipt
plc
Public Limited Company
 
See Sector Classification in Supplemental Information section.
 
The following table summarizes the inputs used to value the Fund’s net assets at November 30, 2015 (see Note 2 in the Notes to Schedule of Investments):
 
 
Level 1 Quoted
Prices
    
Level 2
Significant
Observable
Inputs
    
Level 3
Significant
Unobservable
Inputs
    
 
 
Total
  
Assets
                        
Common Stocks
   $ 76,884,448     $ –     $ –     $ 76,884,448  
Preferred Stocks
     6,250,817       –       –       6,250,817  
Securities Lending Collateral
     6,252,185       –       –       6,252,185  
Total
   $ 89,387,450     $ –     $ –     $ 89,387,450  
 
Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the current fiscal period.

For the period ended November 30, 2015, there were no transfers between levels.
 
 
 
 
 
Guggenheim Defensive Equity ETF
  
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2015
 
 
Shares
    
Value
  
COMMON STOCKS† - 94.0%
      
Financial - 25.5%
        
Plum Creek Timber Company, Inc. REIT
43,360
  
$
2,203,123
  
Weyerhaeuser Co. REIT
58,532
    
1,882,974
  
UDR, Inc. REIT
50,858
    
1,877,169
  
Lamar Advertising Co. REIT — Class A
31,565
    
1,843,712
  
Axis Capital Holdings Ltd.
32,783
    
1,835,847
  
American Financial Group, Inc.
24,757
    
1,832,018
  
Mid-America Apartment Communities, Inc. REIT
20,683
    
1,831,686
  
Willis Group Holdings plc
39,715
    
1,825,301
  
Santander Consumer USA Holdings, Inc.*
102,848
    
1,814,239
  
Travelers Companies, Inc.
15,807
    
1,811,008
  
Camden Property Trust REIT
23,665
    
1,807,533
  
RenaissanceRe Holdings Ltd.
16,268
    
1,801,844
  
National Retail Properties, Inc. REIT
46,713
    
1,796,582
  
PartnerRe Ltd.
12,905
    
1,795,473
  
Starwood Property Trust, Inc. REIT
87,969
    
1,788,410
  
Realty Income Corp. REIT
35,577
    
1,765,331
  
Crown Castle International Corp. REIT
20,512
    
1,762,186
  
Ventas, Inc. REIT
33,031
    
1,761,874
  
Brixmor Property Group, Inc. REIT
69,331
    
1,740,901
  
Digital Realty Trust, Inc. REIT
24,024
    
1,732,371
  
WP Carey, Inc. REIT
27,935
    
1,728,338
  
Welltower, Inc. REIT
27,328
    
1,726,856
  
Macerich Co. REIT
22,000
    
1,719,300
  
Banco de Chile ADR
28,256
    
1,691,969
  
Iron Mountain, Inc. REIT
56,582
    
1,571,848
  
Total Financial
    
44,947,893
  
Utilities - 19.0%
        
FirstEnergy Corp.
57,763
    
1,813,182
  
Eversource Energy
35,320
    
1,799,554
  
SCANA Corp.
30,403
    
1,798,033
  
AGL Resources, Inc.
28,687
    
1,794,945
  
PPL Corp.
52,704
    
1,794,044
  
Pinnacle West Capital Corp.
28,049
    
1,777,185
  
Southern Co.
39,794
    
1,772,425
  
PG&E Corp.
33,611
    
1,772,308
  
American Electric Power Company, Inc.
31,637
    
1,771,988
  
DTE Energy Co.
21,906
    
1,763,214
  
NextEra Energy, Inc.
17,605
    
1,758,035
  
Edison International
29,558
    
1,754,563
  
TECO Energy, Inc.
66,538
    
1,751,280
  
Entergy Corp.
26,256
    
1,749,437
  
National Grid plc ADR1
25,096
    
1,742,917
  
Pepco Holdings, Inc.
67,563
    
1,734,342
  
Public Service Enterprise Group, Inc.
44,310
    
1,732,521
  
Consolidated Edison, Inc.
27,441
    
1,705,458
  
CenterPoint Energy, Inc.
97,289
    
1,649,049
  
Total Utilities
    
33,434,480
  
 
 
Shares
    
Value
  
COMMON STOCKS† - 94.0% (continued)
    
Communications - 15.0%
      
Telekomunikasi Indonesia Persero Tbk PT ADR1
44,695
  
$
1,899,984
  
Vodafone Group plc ADR
54,196
    
1,818,817
  
Nippon Telegraph & Telephone Corp. ADR
48,487
    
1,807,111
  
AT&T, Inc.
53,552
    
1,803,096
  
Time Warner Cable, Inc.
9,604
    
1,774,531
  
Chunghwa Telecom Company Ltd. ADR1
58,249
    
1,770,770
  
Viacom, Inc. — Class B
35,493
    
1,767,197
  
SK Telecom Company Ltd. ADR
79,220
    
1,765,022
  
Thomson Reuters Corp.
43,569
    
1,757,573
  
Verizon Communications, Inc.
38,474
    
1,748,643
  
Frontier Communications Corp.
348,810
    
1,740,562
  
NTT DOCOMO, Inc. ADR
90,308
    
1,717,658
  
China Mobile Ltd. ADR
29,744
    
1,709,388
  
CenturyLink, Inc.
63,354
    
1,706,123
  
Cablevision Systems Corp. — Class A
55,380
    
1,689,090
  
Total Communications
    
26,475,565
  
Consumer, Non-cyclical - 11.1%
      
ADT Corp.1
53,985
    
1,914,848
  
Campbell Soup Co.
35,472
    
1,853,057
  
Keurig Green Mountain, Inc.
34,874
    
1,827,398
  
Dr Pepper Snapple Group, Inc.
20,191
    
1,812,142
  
Sysco Corp.
43,855
    
1,802,441
  
Clorox Co.
14,319
    
1,779,852
  
British American Tobacco plc ADR
15,251
    
1,765,151
  
Procter & Gamble Co.
23,496
    
1,758,440
  
Unilever N.V. — Class Y
39,644
    
1,734,028
  
Unilever plc ADR
40,355
    
1,729,212
  
Macquarie Infrastructure Corp.
22,541
    
1,691,251
  
Total Consumer, Non-cyclical
  
19,667,820
  
Consumer, Cyclical - 7.4%
      
Wal-Mart Stores, Inc.
31,242
    
1,838,278
  
The Gap, Inc.
66,050
    
1,765,517
  
Ford Motor Co.
122,024
    
1,748,604
  
WW Grainger, Inc.1
8,525
    
1,709,604
  
Target Corp.
23,296
    
1,688,960
  
Best Buy Company, Inc.
50,801
    
1,614,456
  
Macy's, Inc.
35,057
    
1,370,028
  
GameStop Corp. — Class A1
38,974
    
1,365,259
  
Total Consumer, Cyclical
    
13,100,706
  
Energy - 5.7%
        
Valero Energy Corp.
26,457
    
1,901,199
  
Total S.A. ADR1
36,243
    
1,792,217
  
National Oilwell Varco, Inc.
46,328
    
1,729,888
  
HollyFrontier Corp.
35,805
    
1,721,504
  
China Petroleum & Chemical Corp. ADR
24,873
    
1,539,141
  
Plains GP Holdings, LP — Class A1
113,199
    
1,387,820
  
Total Energy
      
10,071,769
  
Industrial - 5.1%
        
Garmin Ltd.1
50,094
    
1,896,058
  
Grupo Aeroportuario del Pacifico SAB de CV ADR
19,883
    
1,806,172
  
 
 
 
 
 
 
Guggenheim Defensive Equity ETF
  
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2015
 
 
Shares
    
Value
  
COMMON STOCKS† - 94.0% (continued)
    
Industrial - 5.1% (continued)
      
Republic Services, Inc. — Class A
40,914
  
$
1,797,351
  
Lockheed Martin Corp.
8,160
    
1,788,346
  
Waste Management, Inc.
33,062
    
1,777,744
  
Total Industrial
    
9,065,671
  
Technology - 4.1%
        
Taiwan Semiconductor Manufacturing Company Ltd. ADR
81,442
    
1,853,619
  
Intel Corp.
52,767
    
1,834,709
  
Canon, Inc. ADR
60,016
    
1,813,684
  
Maxim Integrated Products, Inc.
43,558
    
1,688,744
  
Total Technology
    
7,190,756
  
Basic Materials - 1.1%
        
Syngenta AG ADR
26,413
    
1,954,826
  
Total Common Stocks
          
(Cost $165,422,919)
    
165,909,486
  
MASTER LIMITED PARTNERSHIPS† - 5.5%
    
Energy - 3.7%
        
Spectra Energy Partners, LP1
41,877
    
1,774,328
  
Sunoco Logistics Partners, LP1
61,096
    
1,702,746
  
ONEOK Partners, LP1
55,448
    
1,676,193
  
 
 
Shares
    
Value
  
MASTER LIMITED PARTNERSHIPS† - 5.5% (continued)
  
Energy - 3.7% (continued)
      
Targa Resources Partners, LP
59,032
  
$
1,348,291
  
Total Energy
      
6,501,558
  
Financial - 1.8%
        
Icahn Enterprises, LP1
22,242
    
1,639,013
  
Carlyle Group, LP
89,634
    
1,616,101
  
Total Financial
    
3,255,114
  
Total Master Limited Partnerships
      
(Cost $13,503,116)
    
9,756,672
  
SECURITIES LENDING COLLATERAL†,2 - 7.2%
  
BNY Mellon Separately Managed Cash Collateral Account, 0.1207%
12,646,142
    
12,646,142
  
Total Securities Lending Collateral
      
(Cost $12,646,142)
    
12,646,142
  
Total Investments - 106.7%
      
(Cost $191,572,177)
  
$
188,312,300
  
Other Assets & Liabilities, net - (6.7)%
  
(11,903,693
)
Total Net Assets - 100.0%
  
$
176,408,607
  
 
 
 
 
 
 
*
Non-income producing security.
†
Value determined based on Level 1 inputs —See Note 2.
1
All or portion of this security is on loan at November 30, 2015 - See Note 4.
2
Securities lending collateral - See Note 4.
 
ADR
American Depositary Receipt
plc
Public Limited Company
REIT
Real Estate Investment Trust
 
See Sector Classification in Supplemental Information section.
 
The following table summarizes the inputs used to value the Fund’s net assets at November 30, 2015 (See Note 2 in the Notes to Schedule of Investments):
 
 
  
Level 1
Quoted Prices
    
Level 2 Significant
Observable Inputs
    
Level 3 Significant
Unobservable Inputs
    
 
Total
  
Assets
                        
Common Stocks
   $ 165,909,486     $ –     $ –     $ 165,909,486  
Master Limited Partnerships
     9,756,672       –       –       9,756,672  
Securities Lending Collateral
     12,646,142       –       –       12,646,142  
Total
   $ 188,312,300     $ –     $ –     $ 188,312,300  
 
Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the current fiscal period.

For the period ended November 30, 2015, there were no transfers between levels.

Summary of Fair Value Level 3 Activity
Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value for the period ended November 30, 2015:
 
Level 3 – Fair value measurement using significant unobservable inputs
  
Beginning Balance
   $ 14,143  
Realized Gain/Loss
     (65,401 ) 
Change in Unrealized Gain/Loss
     51,258  
Sales
     –  
Ending Balance
   $ –  
 
 
 
 
 
Guggenheim Insider Sentiment ETF
  
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2015
 
 
Shares
    
Value
  
COMMON STOCKS† - 96.8%
      
Financial - 20.3%
        
Healthcare Realty Trust, Inc. REIT
50,000
  
$
1,359,500
  
Pinnacle Financial Partners, Inc.
24,486
    
1,330,324
  
Piedmont Office Realty Trust, Inc. REIT — Class A
66,179
    
1,289,829
  
STORE Capital Corp. REIT
56,242
    
1,280,068
  
MB Financial, Inc.
35,332
    
1,262,765
  
Beneficial Bancorp, Inc.*
90,407
    
1,262,082
  
National Health Investors, Inc. REIT
20,581
    
1,242,887
  
Brixmor Property Group, Inc. REIT
49,410
    
1,240,685
  
Huntington Bancshares, Inc.
105,652
    
1,235,073
  
UMB Financial Corp.
23,101
    
1,217,423
  
Ryman Hospitality Properties, Inc. REIT
22,374
    
1,215,803
  
JPMorgan Chase & Co.
18,043
    
1,203,107
  
Fifth Third Bancorp
57,999
    
1,198,839
  
Endurance Specialty Holdings Ltd.1
17,949
    
1,183,916
  
Aon plc
12,366
    
1,171,555
  
Ambac Financial Group, Inc.*
68,173
    
1,150,760
  
FS Investment Corp.1
111,757
    
1,115,335
  
KeyCorp
84,090
    
1,102,420
  
MGIC Investment Corp.*
108,749
    
1,037,465
  
Enova International, Inc.*
91,579
    
688,674
  
Total Financial
    
23,788,510
  
Consumer, Non-cyclical - 20.1%
      
Weight Watchers International, Inc.*,1
176,719
    
4,661,848
  
Barrett Business Services, Inc.
32,993
    
1,473,137
  
Global Payments, Inc.
20,380
    
1,443,923
  
Tyson Foods, Inc. — Class A
26,493
    
1,324,650
  
Regeneron Pharmaceuticals, Inc.*
2,225
    
1,211,513
  
Cardinal Health, Inc.
13,938
    
1,210,515
  
Moody's Corp.
11,206
    
1,155,563
  
AmerisourceBergen Corp. — Class A
11,309
    
1,115,520
  
AAC Holdings, Inc.*,1
44,703
    
1,097,012
  
Spectrum Brands Holdings, Inc.
11,573
    
1,096,079
  
Coty, Inc. — Class A
39,189
    
1,088,670
  
Celgene Corp.*
9,614
    
1,052,252
  
Archer-Daniels-Midland Co.
25,852
    
943,339
  
Sotheby's
32,956
    
932,984
  
Enanta Pharmaceuticals, Inc.*,1
28,911
    
910,697
  
HCA Holdings, Inc.*
13,089
    
890,837
  
Horizon Pharma plc*
38,196
    
822,360
  
Lannett Company, Inc.*,1
20,265
    
748,994
  
Valeant Pharmaceuticals International, Inc.*
4,951
    
445,392
  
Total Consumer, Non-cyclical
  
23,625,285
  
Consumer, Cyclical - 17.6%
      
Southwest Airlines Co.
30,217
    
1,386,355
  
Starbucks Corp.
20,679
    
1,269,483
  
Genuine Parts Co.
13,814
    
1,251,963
  
AutoZone, Inc.*
1,550
    
1,214,844
  
Newell Rubbermaid, Inc.
26,955
    
1,203,810
  
Delta Air Lines, Inc.
25,099
    
1,166,100
  
 
 
Shares
    
Value
  
COMMON STOCKS† - 96.8% (continued)
    
Consumer, Cyclical - 17.6% (continued)
    
Hanesbrands, Inc.
37,839
  
$
1,160,522
  
Marriott International, Inc. — Class A1
15,915
    
1,128,533
  
Rite Aid Corp.*
138,094
    
1,088,181
  
Texas Roadhouse, Inc. — Class A
30,859
    
1,080,065
  
Ethan Allen Interiors, Inc.
37,825
    
1,072,717
  
Vista Outdoor, Inc.*
24,203
    
1,066,142
  
Group 1 Automotive, Inc.
13,073
    
1,061,789
  
American Eagle Outfitters, Inc.1
66,765
    
1,039,531
  
Michaels Companies, Inc.*
43,550
    
967,246
  
Tuesday Morning Corp.*
143,163
    
956,329
  
Chipotle Mexican Grill, Inc. — Class A*
1,560
    
904,098
  
Crocs, Inc.*
79,928
    
889,199
  
G-III Apparel Group Ltd.*
16,151
    
740,846
  
Total Consumer, Cyclical
    
20,647,753
  
Industrial - 9.2%
        
Dycom Industries, Inc.*
15,446
    
1,349,672
  
Comfort Systems USA, Inc.
40,307
    
1,279,344
  
Allegion plc
18,916
    
1,271,344
  
Woodward, Inc.
24,896
    
1,255,505
  
Oshkosh Corp.
27,988
    
1,227,554
  
Corning, Inc.
65,526
    
1,227,302
  
Briggs & Stratton Corp.
57,178
    
1,088,669
  
Patrick Industries, Inc.*
25,508
    
1,056,796
  
Sealed Air Corp.
22,138
    
1,004,180
  
Total Industrial
    
10,760,366
  
Technology - 8.8%
        
Integrated Device Technology, Inc.*
58,938
    
1,652,621
  
Ebix, Inc.1
39,753
    
1,491,135
  
DST Systems, Inc.
10,935
    
1,337,132
  
Logitech International S.A.1
84,655
    
1,263,899
  
Cadence Design Systems, Inc.*
55,116
    
1,229,087
  
Blackbaud, Inc.
19,764
    
1,221,020
  
Ultratech, Inc.*
66,413
    
1,103,120
  
VeriFone Systems, Inc.*
36,424
    
1,044,640
  
Total Technology
    
10,342,654
  
Utilities - 6.8%
        
IDACORP, Inc.
19,482
    
1,325,556
  
SCANA Corp.
21,824
    
1,290,672
  
California Water Service Group
56,721
    
1,277,924
  
NorthWestern Corp.
22,446
    
1,223,980
  
Consolidated Edison, Inc.
18,276
    
1,135,853
  
Exelon Corp.
37,377
    
1,020,766
  
NRG Energy, Inc.
59,842
    
739,647
  
Total Utilities
    
8,014,398
  
Basic Materials - 4.9%
        
Innospec, Inc.
22,975
    
1,341,740
  
LyondellBasell Industries N.V. — Class A
13,677
    
1,310,530
  
RPM International, Inc.
26,000
    
1,221,480
  
Commercial Metals Co.
74,505
    
1,101,929
  
Platform Specialty Products Corp.*,1
62,143
    
780,516
  
Total Basic Materials
    
5,756,195
  
 
 
 
 
 
Guggenheim Insider Sentiment ETF
  
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2015
 
 
Shares
    
Value
  
COMMON STOCKS† - 96.8% (continued)
    
Energy - 4.8%
        
Marathon Petroleum Corp.
24,075
  
$
1,406,221
  
Tesoro Corp.
12,178
    
1,402,540
  
Diamond Offshore Drilling, Inc.1
49,387
    
1,117,628
  
EP Energy Corp. — Class A*,1
166,814
    
944,167
  
Plains GP Holdings, LP — Class A
59,030
    
723,708
  
Total Energy
      
5,594,264
  
Communications - 4.3%
        
EW Scripps Co. — Class A
67,806
    
1,487,663
  
Stamps.com, Inc.*
13,964
    
1,415,391
  
West Corp.
47,243
    
1,204,697
  
Time, Inc.
57,120
    
950,477
  
Total Communications
    
5,058,228
  
Total Common Stocks
        
(Cost $106,126,685)
    
113,587,653
  
MASTER LIMITED PARTNERSHIPS† - 2.8%
    
Energy - 2.7%
        
Tallgrass Energy Partners, LP
23,721
    
1,021,189
  
NuStar GP Holdings LLC
35,016
    
870,498
  
NuStar Energy, LP
21,399
    
856,388
  
 
 
Shares
    
Value
  
MASTER LIMITED PARTNERSHIPS† - 2.8% (continued)
  
Energy - 2.7% (continued)
      
EV Energy Partners, LP1
133,529
  
$
466,016
  
Total Energy
      
3,214,091
  
Total Master Limited Partnerships
      
(Cost $5,593,177)
    
3,214,091
  
SECURITIES LENDING COLLATERAL†,2 - 10.8%
  
BNY Mellon Separately Managed Cash Collateral Account, 0.1207%
12,716,280
    
12,716,280
  
Total Securities Lending Collateral
      
(Cost $12,716,280)
    
12,716,280
  
Total Investments - 110.4%
      
(Cost $124,436,142)
  
$
129,518,024
  
Other Assets & Liabilities, net - (10.4)%
(12,201,181
)
Total Net Assets - 100.0%
  
$
117,316,843
 
 
 
 
 
 
 
 
*
Non-income producing security.
†
Value determined based on Level 1 inputs —See Note 2.
1
All or portion of this security is on loan at November 30, 2015 - See Note 4.
2
Securities lending collateral - See Note 4.
 
plc
Public Limited Company
REIT
Real Estate Investment Trust
 
See Sector Classification in Supplemental Information section.
 
The following table summarizes the inputs used to value the Fund’s net assets at November 30, 2015 (See Note 2 in the Notes to Schedule of Investments):
 
    Level 1
Quoted Prices
     Level 2 Significant
Observable Inputs
     Level 3 Significant
Unobservable Inputs
    
Total
  
Assets
                        
Common Stocks
   $ 113,587,653     $ –     $ –     $ 113,587,653  
Master Limited Partnerships
     3,214,091       –       –       3,214,091  
Securities Lending Collateral
     12,716,280       –       –       12,716,280  
Total
   $ 129,518,024     $ –     $ –     $ 129,518,024  
 
Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the current fiscal period.
 
For the period ended November 30, 2015, there were no transfers between levels.
 
 
 
 
 
 
Guggenheim Mid-Cap Core ETF
  
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2015
 
 
Shares
    
Value
  
COMMON STOCKS† - 88.1%
      
Financial - 30.7%
        
Vornado Realty Trust
35,634
  
$
3,447,946
  
Essex Property Trust, Inc. REIT
12,397
    
2,861,104
  
Invesco Ltd.
81,654
    
2,750,923
  
Citizens Financial Group, Inc.
99,608
    
2,652,561
  
Lincoln National Corp.
46,721
    
2,569,188
  
Regions Financial Corp.
244,857
    
2,482,850
  
Macerich Co. REIT
31,368
    
2,451,409
  
CNA Financial Corp.
50,844
    
1,868,009
  
Affiliated Managers Group, Inc.*
10,465
    
1,854,712
  
Voya Financial, Inc.
43,336
    
1,763,775
  
Annaly Capital Management, Inc. REIT
177,049
    
1,696,129
  
Credicorp Ltd.
15,892
    
1,678,354
  
Unum Group
45,754
    
1,678,257
  
Signature Bank*
9,312
    
1,472,693
  
Brixmor Property Group, Inc. REIT
57,322
    
1,439,355
  
Duke Realty Corp. REIT
64,162
    
1,305,697
  
Grupo Financiero Santander Mexico SAB de CV ADR
128,759
    
1,247,675
  
American Financial Group, Inc.
16,296
    
1,205,904
  
East West Bancorp, Inc.
26,660
    
1,156,511
  
Axis Capital Holdings Ltd.
18,302
    
1,024,912
  
Equity LifeStyle Properties, Inc. REIT
15,801
    
985,666
  
Erie Indemnity Co. — Class A
8,613
    
829,690
  
Taubman Centers, Inc. REIT
11,533
    
828,877
  
Paramount Group, Inc. REIT
40,551
    
745,327
  
CoreLogic, Inc.*
16,628
    
612,908
  
Post Properties, Inc. REIT
10,203
    
601,569
  
Two Harbors Investment Corp. REIT
68,770
    
584,545
  
Chimera Investment Corp. REIT
38,534
    
542,944
  
Total Financial
    
44,339,490
  
Consumer, Non-cyclical - 14.2%
      
Equifax, Inc.
22,102
    
2,464,374
  
Universal Health Services, Inc. — Class B
19,618
    
2,383,979
  
Verisk Analytics, Inc. — Class A*
31,291
    
2,345,260
  
Coca-Cola Enterprises, Inc.*
42,475
    
2,136,493
  
Total System Services, Inc.
34,373
    
1,923,513
  
SEI Investments Co.
31,772
    
1,728,079
  
Global Payments, Inc.
24,024
    
1,702,100
  
Quintiles Transnational Holdings, Inc.*
24,355
    
1,655,896
  
ManpowerGroup, Inc.
14,780
    
1,334,338
  
ServiceMaster Global Holdings, Inc.*
26,095
    
978,041
  
Pinnacle Foods, Inc.
22,268
    
969,549
  
VCA, Inc.*
15,586
    
857,698
  
Total Consumer, Non-cyclical
  
20,479,320
  
Industrial - 13.3%
        
Tyco International plc
81,530
    
2,878,824
  
Agilent Technologies, Inc.
64,534
    
2,698,813
  
WestRock Co.
52,697
    
2,668,049
  
Harris Corp.
23,511
    
1,954,469
  
Crown Holdings, Inc.*
27,526
    
1,428,875
  
Spirit AeroSystems Holdings, Inc. — Class A*
26,777
    
1,404,454
  
 
 
Shares
    
Value
  
COMMON STOCKS† - 88.1% (continued)
    
Industrial - 13.3% (continued)
    
Huntington Ingalls Industries, Inc.
9,475
  
$ 
1,240,467
  
Keysight Technologies, Inc.*
33,678
    
1,037,619
  
Sonoco Products Co.
19,775
    
866,541
  
ITT Corp.
17,637
    
700,365
  
Curtiss-Wright Corp.
8,957
    
630,662
  
BWX Technologies, Inc.
20,256
    
616,795
  
Crane Co.
11,498
    
598,126
  
Progressive Waste Solutions Ltd.
21,073
    
497,744
  
Total Industrial
    
19,221,803
  
Technology - 8.5%
        
Western Digital Corp.
46,562
    
2,905,934
  
Xerox Corp.
205,991
    
2,173,205
  
IMS Health Holdings, Inc.*,1
63,411
    
1,757,753
  
Amdocs Ltd.
28,981
    
1,639,455
  
Broadridge Financial Solutions, Inc.
21,692
    
1,192,626
  
Genpact Ltd.*
40,608
    
1,023,322
  
DST Systems, Inc.
6,716
    
821,232
  
Leidos Holdings, Inc.
13,963
    
808,877
  
Total Technology
    
12,322,404
  
Consumer, Cyclical - 6.5%
      
Signet Jewelers Ltd.
14,605
    
1,918,951
  
Allison Transmission Holdings, Inc.
35,492
    
992,356
  
Copart, Inc.*
24,138
    
952,727
  
Watsco, Inc.
6,649
    
845,154
  
Scotts Miracle-Gro Co. — Class A
11,877
    
828,896
  
Penske Automotive Group, Inc.
17,697
    
825,742
  
Extended Stay America, Inc.
39,819
    
681,303
  
Columbia Sportswear Co.
13,637
    
638,621
  
International Game Technology plc
38,421
    
596,678
  
Choice Hotels International, Inc.
11,236
    
573,935
  
AMC Entertainment Holdings, Inc. — Class A
20,076
    
510,131
  
Total Consumer, Cyclical
    
9,364,494
  
Utilities - 6.3%
        
DTE Energy Co.
33,064
    
2,661,321
  
American Water Works Company, Inc.
32,977
    
1,904,752
  
Atmos Energy Corp.
18,321
    
1,141,582
  
UGI Corp.
32,186
    
1,115,889
  
NiSource, Inc.
57,902
    
1,111,139
  
Westar Energy, Inc.
25,811
    
1,101,613
  
Total Utilities
    
9,036,296
  
Communications - 5.4%
        
Symantec Corp.
128,959
    
2,525,018
  
Juniper Networks, Inc.
72,901
    
2,196,507
  
CDW Corp.
31,871
    
1,375,871
  
Markit Ltd.*
33,766
    
996,097
  
United States Cellular Corp.*
15,999
    
666,998
  
Total Communications
    
7,760,491
  
Basic Materials - 3.2%
        
Mosaic Co.
76,526
    
2,421,282
  
Ashland, Inc.
12,469
    
1,404,633
  
 
 
 
 
 
Guggenheim Mid-Cap Core ETF
  
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2015
 
 
Shares
    
Value
  
COMMON STOCKS† - 88.1% (continued)
          
Basic Materials - 3.2% (continued)
          
Reliance Steel & Aluminum Co.
14,132
  
$
831,103
  
Total Basic Materials
      
4,657,018
  
Total Common Stocks
          
(Cost $121,668,208)
      
127,181,316
  
MASTER LIMITED PARTNERSHIPS† - 11.3%
          
Energy - 7.1%
          
Magellan Midstream Partners, LP
44,348
    
2,773,081
  
Spectra Energy Partners, LP1
58,282
    
2,469,408
  
Plains All American Pipeline, LP
80,379
    
1,991,792
  
Sunoco Logistics Partners, LP1
52,402
    
1,460,444
  
TC PipeLines, LP1
12,222
    
604,500
  
CVR Refining, LP
27,311
    
591,556
  
Enable Midstream Partners, LP1
44,540
    
418,676
  
Total Energy
      
10,309,457
  
Financial - 2.4%
          
Icahn Enterprises, LP
24,662
    
1,817,343
  
Lazard Ltd. — Class A
25,118
    
1,167,233
  
AllianceBernstein Holding, LP1
19,084
    
467,558
  
Total Financial
      
3,452,134
  
Utilities - 1.4%
          
Brookfield Infrastructure Partners, LP1
30,398
    
1,262,733
  
           
 
Shares
    
Value
  
MASTER LIMITED PARTNERSHIPS† - 11.3% (continued)
          
Utilities - 1.4% (continued)
          
AmeriGas Partners, LP
18,058
  
$
708,054
  
Total Utilities
      
1,970,787
  
Consumer, Cyclical - 0.4%
          
Cedar Fair, LP
10,837
    
610,340
  
Total Master Limited Partnerships
          
(Cost $18,127,277)
      
16,342,718
  
SECURITIES LENDING COLLATERAL†,2 - 2.4%
          
BNY Mellon Separately Managed Cash Collateral Account, 0.12%
3,490,146
    
3,490,146
  
Total Securities Lending Collateral
          
(Cost $3,490,146)
      
3,490,146
  
Total Investments - 101.8%
          
(Cost $143,285,631)
    
$
147,014,180
  
Other Assets & Liabilities, net - (1.8)%
      
(2,590,760
)
Total Net Assets - 100.0%
    
$
144,423,420
  
 
 
 
 
 
 
*
Non-income producing security.
†
Value determined based on Level 1 inputs – See Note 2.
1
All or portion of this security is on loan at November 30, 2015 – See Note 4.
2
Securities lending collateral – See Note 4.
 
ADR
American Depositary Receipt
plc
Public Limited Company
REIT
Real Estate Investment Trust
 
See Sector Classification in Supplemental Information section.
 
The following table summarizes the inputs used to value the Fund’s net assets at November 30, 2015 (See Note 2 in the Notes to Schedule of Investments):
 
   
Level 1
Quoted Prices
    
Level 2 Significant
Observable Inputs
    
Level 3 Significant
 Unobservable Inputs
    
Total
  
Assets                                
Common Stocks
   $ 127,181,316     $ –     $ –     $ 127,181,316  
Master Limited Partnerships
     16,342,718       –       –       16,342,718  
Securities Lending Collateral
     3,490,146       –       –       3,490,146  
Total
   $ 147,014,180     $ –     $ –     $ 147,014,180  
 
Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the current fiscal period.
 
For the period ended November 30, 2015, there were no transfers between levels.
 
 
 
 
 
 
Guggenheim Multi-Asset Income ETF
  
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2015
 
 
Shares
    
Value
  
COMMON STOCKS† - 74.2%
      
Financial - 19.5%
        
Royal Bank of Canada
100,477
  
$
5,712,116
  
HSBC Holdings plc ADR
136,545
    
5,448,146
  
Chimera Investment Corp. REIT
386,612
    
5,447,362
  
Annaly Capital Management, Inc. REIT
535,368
    
5,128,825
  
American Capital Agency Corp. REIT
276,621
    
4,965,347
  
New Residential Investment Corp. REIT
379,474
    
4,826,909
  
Two Harbors Investment Corp. REIT
527,784
    
4,486,164
  
FirstMerit Corp.
202,270
    
4,091,922
  
Cullen/Frost Bankers, Inc.
57,662
    
4,024,231
  
People's United Financial, Inc.
236,206
    
3,956,451
  
Hancock Holding Co.
134,975
    
3,930,472
  
Toronto-Dominion Bank
91,684
    
3,742,541
  
Manulife Financial Corp.
226,012
    
3,722,418
  
Invesco Mortgage Capital, Inc. REIT
269,948
    
3,622,702
  
Government Properties Income Trust REIT
207,759
    
3,517,360
  
Waddell & Reed Financial, Inc. — Class A
92,495
    
3,459,313
  
Navient Corp.
284,502
    
3,388,419
  
Select Income REIT
164,935
    
3,387,765
  
MFA Financial, Inc. REIT
464,063
    
3,239,160
  
CYS Investments, Inc. REIT
376,236
    
2,851,869
  
Hatteras Financial Corp. REIT
183,161
    
2,578,907
  
Grupo Financiero Santander Mexico SAB de CV ADR
233,111
    
2,258,846
  
Capstead Mortgage Corp. REIT
234,985
    
2,230,008
  
OFG Bancorp
259,997
    
2,173,575
  
E-House China Holdings Ltd. ADR
316,411
    
1,914,287
  
Sun Life Financial, Inc.
57,340
    
1,892,220
  
BGC Partners, Inc. — Class A
206,853
    
1,879,260
  
Aircastle Ltd.
88,741
    
1,860,011
  
New York Mortgage Trust, Inc. REIT
297,249
    
1,724,044
  
ARMOUR Residential REIT, Inc.
81,338
    
1,718,672
  
Western Asset Mortgage Capital Corp. REIT1
143,665
    
1,690,937
  
Total Financial
    
104,870,259
  
Energy - 9.3%
        
Total S.A. ADR1
125,245
    
6,193,365
  
Exxon Mobil Corp.
73,698
    
6,018,179
  
Enerplus Corp.1
1,182,550
    
5,853,623
  
Baytex Energy Corp.*
1,351,095
    
5,647,577
  
Statoil ASA ADR1
358,093
    
5,503,889
  
BP Prudhoe Bay Royalty Trust1
150,391
    
5,156,907
  
PBF Energy, Inc. — Class A
124,023
    
5,021,691
  
TransCanada Corp.
109,666
    
3,464,349
  
Eni SpA ADR
72,970
    
2,356,201
  
Frank's International N.V.1
121,818
    
2,058,724
  
Bristow Group, Inc.
51,490
    
1,573,020
  
 
 
Shares
    
Value
  
COMMON STOCKS† - 74.2% (continued)
    
Energy – 9.3% (continued)
      
Ecopetrol S.A. ADR
140,025
  
$ 
1,174,810
  
Total Energy
      
50,022,335
  
Utilities - 7.7%
        
PG&E Corp.
108,091
    
5,699,638
  
WEC Energy Group, Inc.
111,964
    
5,522,065
  
Southern Co.
122,518
    
5,456,952
  
National Grid plc ADR1
66,759
    
4,636,412
  
Portland General Electric Co.
102,592
    
3,787,697
  
NorthWestern Corp.
68,070
    
3,711,857
  
OGE Energy Corp.
128,919
    
3,366,075
  
AES Corp.
305,749
    
3,054,433
  
WGL Holdings, Inc.
32,412
    
1,998,524
  
El Paso Electric Co.
50,611
    
1,956,115
  
Cia Energetica de Minas Gerais ADR
784,481
    
1,341,463
  
Cia Paranaense de Energia ADR
96,114
    
708,360
  
Total Utilities
    
41,239,591
  
Technology - 7.3%
        
Intel Corp.
195,716
    
6,805,044
  
CA, Inc.
200,790
    
5,644,207
  
International Business Machines Corp.
36,423
    
5,078,095
  
KLA-Tencor Corp.
74,038
    
4,921,306
  
QUALCOMM, Inc.
94,301
    
4,600,946
  
Lexmark International, Inc. — Class A
123,378
    
4,236,801
  
Pitney Bowes, Inc.
186,003
    
4,017,665
  
Seagate Technology plc1
111,568
    
4,009,754
  
Total Technology
    
39,313,818
  
Basic Materials - 6.9%
        
Dow Chemical Co.
130,156
    
6,785,033
  
LyondellBasell Industries N.V. — Class A
66,042
    
6,328,144
  
International Paper Co.
127,184
    
5,320,107
  
Potash Corporation of Saskatchewan, Inc.
215,618
    
4,359,796
  
Agrium, Inc.
35,978
    
3,552,108
  
Huntsman Corp.
222,066
    
2,780,266
  
Teck Resources Ltd. — Class B1
645,289
    
2,742,478
  
Domtar Corp.
47,044
    
1,933,038
  
Commercial Metals Co.
124,110
    
1,835,587
  
Innophos Holdings, Inc.
38,184
    
1,134,828
  
Total Basic Materials
    
36,771,385
  
Industrial - 6.8%
        
Eaton Corporation plc
97,908
    
5,694,329
  
Packaging Corporation of America
82,848
    
5,632,836
  
Caterpillar, Inc.
72,329
    
5,254,702
  
Timken Co.
118,853
    
3,831,821
  
Garmin Ltd.
94,431
    
3,574,213
  
American Railcar Industries, Inc.
46,881
    
2,650,183
  
Tidewater, Inc.
234,802
    
2,232,967
  
Sonoco Products Co.
46,176
    
2,023,432
  
Tsakos Energy Navigation Ltd.
243,303
    
1,890,464
  
 
 
 
 
 
Guggenheim Multi-Asset Income ETF
  
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2015
 
 
Shares
    
Value
  
COMMON STOCKS† - 74.2% (continued)
    
Industrial - 6.8% (continued)
      
GATX Corp.
37,635
  
$ 
1,742,501
  
GasLog Ltd.1
142,140
    
1,701,416
  
Total Industrial
    
36,228,864
  
Consumer, Non-cyclical - 6.4%
      
Diageo plc ADR
51,198
    
5,865,243
  
Johnson & Johnson
56,176
    
5,687,258
  
Procter & Gamble Co.
75,361
    
5,640,017
  
Western Union Co.
291,967
    
5,506,498
  
GlaxoSmithKline plc ADR
132,024
    
5,348,292
  
Baxter International, Inc.
141,834
    
5,340,050
  
PDL BioPharma, Inc.
330,117
    
1,249,493
  
Total Consumer, Non-cyclical
  
34,636,851
  
Communications - 5.3%
        
Viacom, Inc. — Class B
138,385
    
6,890,188
  
SouFun Holdings Ltd. ADR
983,976
    
6,592,639
  
Telefonaktiebolaget LM Ericsson ADR
473,349
    
4,586,752
  
Mobile TeleSystems PJSC ADR
331,304
    
2,335,693
  
Telefonica S.A. ADR1
174,689
    
2,143,434
  
Rogers Communications, Inc. — Class B1
52,927
    
2,037,690
  
West Corp.
77,069
    
1,965,260
  
TELUS Corp.
55,446
    
1,760,411
  
Total Communications
    
28,312,067
  
Consumer, Cyclical - 5.0%
      
General Motors Co.
190,143
    
6,883,176
  
Ford Motor Co.
404,466
    
5,795,998
  
Kohl's Corp.
105,051
    
4,951,054
  
Copa Holdings S.A. — Class A1
72,035
    
3,720,608
  
Nu Skin Enterprises, Inc. — Class A
82,550
    
2,878,519
  
DineEquity, Inc.
18,442
    
1,564,619
  
Stage Stores, Inc.
168,652
    
1,305,366
  
Total Consumer, Cyclical
    
27,099,340
  
Total Common Stocks
        
(Cost $436,631,746)
    
398,494,510
  
PREFERRED STOCKS† - 5.2%
      
Financial - 5.2%
        
JPMorgan Chase & Co. 6.13%2
207,620
    
5,308,844
  
Citigroup, Inc. 6.88%1,2,3
160,835
    
4,376,320
  
Morgan Stanley, Series I 6.38%1,2,3
163,389
    
4,311,836
  
Wells Fargo & Co. 5.85%2,3
151,303
    
3,903,617
  
RBS Capital Funding Trust VII 6.08%2
145,152
    
3,631,703
  
RBS Capital Funding Trust V 5.90%2
129,336
    
3,206,239
  
Bank of America Corp. 6.50%1,2
112,007
    
2,967,065
  
Total Financial
    
27,705,624
  
Total Preferred Stocks
        
(Cost $27,499,017)
    
27,705,624
  
CONVERTIBLE PREFERRED STOCKS† - 1.6%
    
Basic Materials - 0.8%
      
Alcoa, Inc. 5.38%2
137,528
    
4,428,401
  
 
 
Shares
    
Value
  
CONVERTIBLE PREFERRED STOCKS† - 1.6% (continued)
  
Financial - 0.8%
        
Wells Fargo & Co. 7.50%2
3,651
  
$ 
4,262,543
  
Total Convertible Preferred Stocks
      
(Cost $10,548,660)
    
8,690,944
  
MASTER LIMITED PARTNERSHIPS† - 9.0%
    
Energy - 7.9%
        
ONEOK Partners, LP1
186,760
    
5,645,756
  
Targa Resources Partners, LP
229,306
    
5,237,348
  
Enbridge Energy Partners, LP
198,635
    
4,936,080
  
Energy Transfer Partners, LP
108,576
    
4,148,689
  
Buckeye Partners, LP
58,948
    
3,990,190
  
Williams Partners, LP
142,137
    
3,897,397
  
Plains All American Pipeline, LP
143,007
    
3,543,713
  
Genesis Energy, LP
84,873
    
3,339,753
  
Enterprise Products Partners, LP
120,158
    
3,050,812
  
Sunoco Logistics Partners, LP
90,406
    
2,519,615
  
Magellan Midstream Partners, LP
37,812
    
2,364,384
  
Total Energy
      
42,673,737
  
Financial - 1.1%
        
Blackstone Group, LP
136,675
    
4,268,360
  
Carlyle Group, LP
84,371
    
1,521,209
  
Total Financial
    
5,789,569
  
Total Master Limited Partnerships
      
(Cost $64,434,413)
    
48,463,306
  
CLOSED-END FUNDS† - 9.8%
      
PIMCO Dynamic Credit Income Fund
314,124
    
5,745,328
  
PIMCO Dynamic Income Fund1
178,713
    
5,268,458
  
First Trust Intermediate Duration Preferred & Income Fund1
192,222
    
4,153,918
  
AllianzGI Convertible & Income Fund
591,359
    
3,435,796
  
AllianceBernstein Global High Income Fund, Inc.
304,864
    
3,411,428
  
Templeton Global Income Fund1
478,646
    
3,068,121
  
Prudential Global Short Duration High Yield Fund, Inc.1
217,080
    
3,002,216
  
Prudential Short Duration High Yield Fund, Inc.
203,250
    
2,922,735
  
PIMCO Income Strategy Fund II
281,685
    
2,546,432
  
Western Asset High Income Fund II, Inc.
376,797
    
2,498,164
  
NexPoint Credit Strategies Fund
106,351
    
2,362,056
  
Babson Capital Global Short Duration High Yield Fund1
123,279
    
2,072,320
  
Wells Fargo Advantage Income Opportunities Fund
267,607
    
1,980,292
  
Nuveen Quality Preferred Income Fund
201,568
    
1,691,156
  
John Hancock Preferred Income Fund III
94,461
    
1,620,951
  
Wells Fargo Advantage Global Dividend Opportunity Fund
266,299
    
1,613,772
  
 
 
 
 
 
Guggenheim Multi-Asset Income ETF
  
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2015
 
 
Shares
     Value  
CLOSED-END FUNDS† - 9.8% (continued)
    
John Hancock Preferred Income Fund
80,199
  
$
1,588,742
  
Western Asset Global High Income Fund, Inc.
149,420
    
1,338,803
  
John Hancock Preferred Income Fund II
61,831
    
1,205,705
  
Brookfield Total Return Fund, Inc.
53,738
    
1,173,638
  
Total Closed-End Funds
        
(Cost $63,303,072)
    
52,700,031
  
SECURITIES LENDING COLLATERAL†,4 - 5.2%
  
BNY Mellon Separately Managed Cash Collateral Account issued at 0.1133%
27,683,114
  
$
27,683,114
  
Total Securities Lending Collateral
      
(Cost $27,683,114)
    
27,683,114
  
Total Investments - 105.0%
      
(Cost $630,100,022)
  
$
563,737,529
  
Other Assets & Liabilities, net - (5.0)%
  
(26,683,849
)
Total Net Assets - 100.0%
  
$
537,053,680
  
 
 
 
 
 
 
   
*
Non-income producing security.
†
Value determined based on Level 1 inputs — See Note 2.
1
All or portion of this security is on loan at November 30, 2015 — See Note 4.
2
Perpetual maturity.
3
Variable rate security.  Rate indicated is rate effective at November 30, 2015.
4
Securities lending collateral — See Note 4.
 
ADR
 American Depositary Receipt
plc
Public Limited Company
REIT
Real Estate Investment Trust
 
See Sector Classification in Supplemental Information section.
 
The following table summarizes the inputs used to value the Fund’s net assets at November 30, 2015 (see Note 2 in the Notes to Schedule of Investments):
 
   
Level 1
Quoted Prices
    
Level 2 Significant
Observable Inputs
    
Level 3 Significant
Unobservable Inputs
    
Total
  
Assets
                        
Common Stocks
   $ 398,494,510     $ –     $ –     $ 398,494,510  
Closed-End Funds
     52,700,031       –       –       52,700,031  
Master Limited Partnerships
     48,463,306       –       –       48,463,306  
Preferred Stocks
     27,705,624       –       –       27,705,624  
Convertible Preferred Stocks
     8,690,944       –       –       8,690,944  
Securities Lending Collateral
     27,683,114       –       –       27,683,114  
Total
   $ 563,737,529     $ –     $ –     $ 563,737,529  
 
Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the current fiscal period.
 
For the period ended November 30, 2015, there were no transfers between levels.
 
 
 
 
 
 
 
Guggenheim Raymond James SB-1 Equity ETF
  
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2015
 
 
Shares
    
Value
  
COMMON STOCKS† - 94.0%
      
Financial - 19.4%
        
CyrusOne, Inc.
42,524
  
$
1,537,668
  
Yadkin Financial Corp.
58,238
    
1,531,076
  
ConnectOne Bancorp, Inc.1
78,077
    
1,523,282
  
SVB Financial Group*
11,407
    
1,511,199
  
Equinix, Inc.
5,095
    
1,510,668
  
Federated National Holding Co.
52,796
    
1,509,438
  
Extra Space Storage, Inc.
18,002
    
1,507,668
  
BofI Holding, Inc.*,1
75,138
    
1,505,014
  
Apartment Investment & Management Co. — Class A
39,419
    
1,502,257
  
Kite Realty Group Trust
55,679
    
1,498,322
  
American Homes 4 Rent — Class A
89,210
    
1,496,944
  
Talmer Bancorp, Inc. — Class A
81,847
    
1,495,345
  
Retail Opportunity Investments Corp.
81,481
    
1,490,287
  
Wintrust Financial Corp.
28,315
    
1,490,218
  
Umpqua Holdings Corp.
82,918
    
1,485,891
  
Signature Bank*
9,368
    
1,481,549
  
Bank of the Ozarks, Inc.1
27,232
    
1,478,153
  
PrivateBancorp, Inc. — Class A
33,418
    
1,474,068
  
Renasant Corp.
40,279
    
1,471,392
  
Meta Financial Group, Inc.
32,466
    
1,460,970
  
BGC Partners, Inc. — Class A
160,539
    
1,458,497
  
Regions Financial Corp.
143,757
    
1,457,696
  
PRA Group, Inc.*
35,216
    
1,454,773
  
American Tower Corp. — Class A
14,632
    
1,454,128
  
Northern Trust Corp.
19,333
    
1,448,815
  
Argo Group International Holdings Ltd.
22,777
    
1,447,023
  
Allstate Corp.
23,002
    
1,443,606
  
Prudential Financial, Inc.
16,679
    
1,443,567
  
Nasdaq, Inc.
24,557
    
1,439,531
  
Fidus Investment Corp.
64,296
    
919,433
  
Alcentra Capital Corp.1
68,879
    
838,257
  
CM Finance, Inc.
53,232
    
602,054
  
Health Insurance Innovations, Inc. — Class A*,1
43,211
    
234,204
  
Total Financial
    
45,602,993
  
Consumer, Cyclical - 19.1%
      
Fiesta Restaurant Group, Inc.*
42,908
    
1,648,954
  
Dollar Tree, Inc.*
21,704
    
1,637,783
  
MCBC Holdings, Inc.*
110,181
    
1,581,096
  
MarineMax, Inc.*
86,922
    
1,577,634
  
Pier 1 Imports, Inc.
231,011
    
1,561,634
  
Arctic Cat, Inc.
69,249
    
1,541,483
  
Steelcase, Inc. — Class A
76,319
    
1,526,380
  
Dollar General Corp.
23,282
    
1,522,876
  
Carrols Restaurant Group, Inc.*
126,426
    
1,522,169
  
Select Comfort Corp.*
64,131
    
1,514,774
  
Best Buy Company, Inc.
47,529
    
1,510,472
  
Malibu Boats, Inc. — Class A*
97,050
    
1,506,216
  
Rush Enterprises, Inc. — Class A*
61,793
    
1,503,424
  
Red Robin Gourmet Burgers, Inc.*
22,173
    
1,496,234
  
La-Z-Boy, Inc.
55,743
    
1,494,470
  
Harman International Industries, Inc.
14,456
    
1,491,281
  
 
 
Shares
    
Value
  
COMMON STOCKS† - 94.0% (continued)
    
Consumer, Cyclical - 19.1% (continued)
    
Whirlpool Corp.
9,127
  
$
1,483,320
  
Bed Bath & Beyond, Inc.*
27,089
    
1,476,892
  
Alaska Air Group, Inc.
18,398
    
1,466,873
  
AutoZone, Inc.*
1,871
    
1,466,434
  
Polaris Industries, Inc.
13,878
    
1,463,158
  
Advance Auto Parts, Inc.
8,978
    
1,460,990
  
Tractor Supply Co.
16,334
    
1,459,443
  
WCI Communities, Inc.*
60,136
    
1,455,893
  
Mohawk Industries, Inc.*
7,617
    
1,452,714
  
Ingram Micro, Inc. — Class A
46,291
    
1,431,781
  
Cinemark Holdings, Inc.
41,247
    
1,431,271
  
O'Reilly Automotive, Inc.*
5,420
    
1,430,175
  
Regal Entertainment Group — Class A1
75,607
    
1,417,631
  
Wal-Mart Stores, Inc.
24,015
    
1,413,043
  
Total Consumer, Cyclical
    
44,946,498
  
Consumer, Non-cyclical - 14.4%
      
TESARO, Inc.*
31,194
    
1,592,143
  
Sagent Pharmaceuticals, Inc.*
101,937
    
1,562,694
  
Merit Medical Systems, Inc.*
80,403
    
1,557,406
  
Amphastar Pharmaceuticals, Inc.*
101,300
    
1,554,955
  
Amsurg Corp. — Class A*
18,221
    
1,531,657
  
Surgery Partners, Inc.*
80,094
    
1,530,596
  
Capital Senior Living Corp.*
66,319
    
1,520,031
  
Jarden Corp.*
32,559
    
1,519,854
  
Alere, Inc.*
36,745
    
1,516,466
  
Boston Scientific Corp.*
82,730
    
1,512,304
  
Carriage Services, Inc. — Class A
60,864
    
1,502,732
  
Service Corporation International
53,889
    
1,500,809
  
ICU Medical, Inc.*
13,199
    
1,497,295
  
Alexion Pharmaceuticals, Inc.*
8,355
    
1,490,867
  
McKesson Corp.
7,864
    
1,489,048
  
UnitedHealth Group, Inc.
13,176
    
1,485,067
  
Becton Dickinson and Co.
9,720
    
1,460,430
  
Masimo Corp.*
35,142
    
1,457,690
  
Biogen, Inc.*
5,036
    
1,444,627
  
Quintiles Transnational Holdings, Inc.*
21,104
    
1,434,861
  
TG Therapeutics, Inc.*,1
108,540
    
1,430,557
  
Celgene Corp.*
12,770
    
1,397,677
  
Dipexium Pharmaceuticals, Inc.*
48,507
    
581,114
  
ADMA Biologics, Inc.*
23,801
    
218,969
  
Total Consumer, Non-cyclical
  
33,789,849
  
Technology - 14.3%
        
NXP Semiconductor N.V.*
18,015
    
1,683,682
  
Rackspace Hosting, Inc.*
56,786
    
1,625,215
  
Skyworks Solutions, Inc.
18,689
    
1,551,561
  
BroadSoft, Inc.*
38,179
    
1,528,305
  
Qorvo, Inc.*
26,138
    
1,517,834
  
Envestnet, Inc.*
46,691
    
1,516,057
  
Benefitfocus, Inc.*,1
37,301
    
1,511,437
  
Analog Devices, Inc.
24,388
    
1,503,033
  
Atmel Corp.
173,536
    
1,501,087
  
VeriFone Systems, Inc.*
51,950
    
1,489,926
  
NVIDIA Corp.
46,841
    
1,485,797
  
Xilinx, Inc.
29,798
    
1,480,663
  
 
 
 
 
 
 
 
Guggenheim Raymond James SB-1 Equity ETF
  
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2015
 
 
Shares
    
Value
  
COMMON STOCKS† - 94.0% (continued)
    
Technology - 14.3% (continued)
    
ServiceNow, Inc.*
16,999
  
$
1,479,083
  
EMC Corp.
58,215
    
1,475,168
  
Micron Technology, Inc.*
91,852
    
1,463,202
  
Synchronoss Technologies, Inc.*
37,139
    
1,462,162
  
Texas Instruments, Inc.
25,155
    
1,462,009
  
Applied Micro Circuits Corp.*,1
198,867
    
1,455,706
  
salesforce.com, Inc.*
18,076
    
1,440,476
  
Microsemi Corp.*
39,730
    
1,430,677
  
Maxim Integrated Products, Inc.
36,764
    
1,425,340
  
Cavium, Inc.*
20,546
    
1,378,842
  
Nimble Storage, Inc.*,1
71,490
    
748,500
  
Total Technology
    
33,615,762
  
Industrial - 11.8%
        
Applied Optoelectronics, Inc.*
84,114
    
1,577,138
  
Saia, Inc.*
61,924
    
1,517,756
  
Progressive Waste Solutions Ltd.
63,324
    
1,495,713
  
Covanta Holding Corp.1
92,552
    
1,494,715
  
Celadon Group, Inc.
106,713
    
1,483,310
  
Advanced Energy Industries, Inc.*
50,774
    
1,481,078
  
Teekay Corp.1
53,026
    
1,476,244
  
Knight Transportation, Inc.
55,573
    
1,473,796
  
YRC Worldwide, Inc.*
86,613
    
1,466,358
  
SBA Communications Corp. — Class A*
13,853
    
1,456,781
  
Republic Services, Inc. — Class A
33,115
    
1,454,742
  
PGT, Inc.*
130,501
    
1,451,171
  
Swift Transportation Co. — Class A*
89,982
    
1,437,013
  
Ryder System, Inc.
21,557
    
1,421,900
  
Kansas City Southern
15,566
    
1,415,260
  
FedEx Corp.
8,924
    
1,414,811
  
Union Pacific Corp.
16,747
    
1,405,911
  
Genesee & Wyoming, Inc. — Class A*
20,095
    
1,391,981
  
ArcBest Corp.
57,435
    
1,383,035
  
Total Industrial
    
27,698,713
  
Communications - 9.3%
      
Palo Alto Networks, Inc.*
8,708
    
1,631,357
  
Wayfair, Inc. — Class A*
41,048
    
1,556,130
  
WebMD Health Corp. — Class A*,1
33,892
    
1,541,747
  
Iridium Communications, Inc.*,1
187,848
    
1,534,718
  
ORBCOMM, Inc.*
237,023
    
1,519,317
  
Zayo Group Holdings, Inc.*
62,162
    
1,510,536
  
ARRIS Group, Inc.*
49,048
    
1,499,397
  
RingCentral, Inc. — Class A*
64,757
    
1,483,583
  
Amazon.com, Inc.*
2,205
    
1,465,884
  
United States Cellular Corp.*
34,275
    
1,428,925
  
Priceline Group, Inc.*
1,135
    
1,417,445
  
Comcast Corp. — Class A
23,278
    
1,416,699
  
LinkedIn Corp. — Class A*
5,826
    
1,416,359
  
Telephone & Data Systems, Inc.
50,058
    
1,416,141
  
KVH Industries, Inc.*
49,412
    
487,202
  
 
 
Shares
    
Value
  
COMMON STOCKS† - 94.0% (continued)
    
Communications - 9.3% (continued)
    
Connecture, Inc.*,1
117,940
  
$
421,046
  
Total Communications
    
21,746,486
  
Energy - 4.5%
        
Newpark Resources, Inc.*
254,841
    
1,656,466
  
Superior Energy Services, Inc.
101,158
    
1,585,146
  
Baker Hughes, Inc.
28,655
    
1,549,376
  
Halliburton Co.
38,321
    
1,527,092
  
Patterson-UTI Energy, Inc.
92,611
    
1,502,150
  
Occidental Petroleum Corp.
19,358
    
1,463,271
  
Targa Resources Corp.
34,625
    
1,360,763
  
Total Energy
      
10,644,264
  
Utilities - 0.6%
        
EnerNOC, Inc.*
355,533
    
1,514,571
  
Basic Materials - 0.6%
          
Praxair, Inc.
12,614
    
1,422,859
  
Total Common Stocks
          
(Cost $207,775,713)
    
220,981,995
  
MASTER LIMITED PARTNERSHIPS† - 5.7%
    
Energy - 2.4%
        
Antero Midstream Partners, LP
63,186
    
1,416,630
  
Enterprise Products Partners, LP
55,595
    
1,411,557
  
Tesoro Logistics, LP
28,141
    
1,405,643
  
Energy Transfer Equity, LP
73,621
    
1,394,382
  
Total Energy
      
5,628,212
  
Financial - 0.7%
        
Lazard Ltd. — Class A
33,030
    
1,534,904
  
Consumer, Cyclical - 0.6%
          
Green Plains Partners, LP1
115,050
    
1,519,811
  
Utilities - 0.6%
          
8Point3 Energy Partners, LP1
119,482
    
1,461,265
  
Industrial - 0.6%
          
Fortress Transportation & Infrastructure Investors LLC1
120,870
    
1,390,005
  
Consumer, Non-cyclical - 0.6%
          
StoneMor Partners, LP1
49,836
    
1,387,434
  
Diversified - 0.2%
          
Landmark Infrastructure Partners, LP
34,595
    
505,087
  
Total Master Limited Partnerships
          
(Cost $15,109,747)
    
13,426,718
  
SECURITIES LENDING COLLATERAL†,2 - 4.6%
    
BNY Mellon Separately Managed Cash Collateral Account, 0.1134%
10,734,980
    
10,734,980
  
Total Securities Lending Collateral
      
(Cost $10,734,980)
    
10,734,980
  
Total Investments - 104.3%
      
(Cost $233,620,440)
  
$
245,143,693
  
Other Assets & Liabilities, net - (4.3)%
  
(10,198,976
)
Total Net Assets - 100.0%
  
$
234,944,717
  
 
 
 
 
 
 
 
Guggenheim Raymond James SB-1 Equity ETF
  
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2015
 
*
Non-income producing security.
†
Value determined based on Level 1 inputs – See Note 2.
1
All or portion of this security is on loan at November 30, 2015 – See Note 4.
2
Securities lending collateral – See Note 4.
 
See Sector Classification in Supplemental Information section.
 
The following table summarizes the inputs used to value the Fund’s net assets at November 30, 2015 (See Note 2 in the Notes to Schedule of Investments):
 
   
Level 1
Quoted Prices
    
Level 2 Significant
Observable Inputs
    
Level 3 Significant
Unobservable Inputs
    
Total
  
Assets
                                
Common Stocks
   $ 220,981,995     $ –     $ –     $ 220,981,995  
Master Limited Partnerships
     13,426,718       –       –       13,426,718  
Securities Lending Collateral
     10,734,980       –       –       10,734,980  
Total
   $ 245,143,693     $ –     $ –     $ 245,143,693  
 
Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the current fiscal period.
 
For the period ended November 30, 2015, there were no transfers between levels.
 
 
 
 
 
 
 
Guggenheim Spin-Off ETF
  
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2015
 
 
Shares
    
Value
  
COMMON STOCKS† - 94.5%
      
Consumer, Non-cyclical - 22.1%
    
Zoetis, Inc.
381,205
  
$
17,802,273
  
WhiteWave Foods Co. — Class A*
399,078
    
16,214,539
  
AbbVie, Inc.
276,490
    
16,077,893
  
Prothena Corporation plc*
146,115
    
10,306,952
  
Mallinckrodt plc*
149,993
    
10,186,025
  
Halyard Health, Inc.*
218,825
    
7,000,212
  
Civeo Corp.
508,078
    
985,671
  
Total Consumer, Non-cyclical
  
78,573,565
  
Financial - 19.8%
        
New Residential Investment Corp. REIT
1,085,288
    
13,804,864
  
Blackhawk Network Holdings, Inc.*
259,087
    
12,267,769
  
NorthStar Asset Management Group, Inc.
888,935
    
12,089,516
  
Navient Corp.
978,014
    
11,648,147
  
WP GLIMCHER, Inc.
857,958
    
9,051,457
  
Starwood Waypoint Residential Trust
179,035
    
4,234,178
  
Altisource Residential Corp.
264,847
    
3,506,574
  
Silver Bay Realty Trust Corp.
170,942
    
2,688,918
  
Enova International, Inc.*
155,450
    
1,168,984
  
Altisource Asset Management Corp.*,1
10,488
    
177,876
  
Total Financial
    
70,638,283
  
Communications - 16.6%
        
Liberty Media Corp. — Class A*
480,065
    
19,447,433
  
News Corp. — Class A
1,242,730
    
17,833,175
  
Time, Inc.
513,575
    
8,545,888
  
New Media Investment Group, Inc.
221,153
    
4,027,196
  
Lands' End, Inc.*,1
156,421
    
3,760,361
  
FTD Companies, Inc.*
132,896
    
3,524,402
  
Tribune Publishing Co.
120,075
    
1,222,364
  
Straight Path Communications, Inc. — Class B*,1
57,149
    
685,788
  
Total Communications
    
59,046,607
  
Industrial - 13.1%
        
Allegion plc
301,488
    
20,263,009
  
Keysight Technologies, Inc.*,1
566,940
    
17,467,421
  
Knowles Corp.*,1
417,048
    
6,868,781
  
TimkenSteel Corp.
211,848
    
2,162,968
  
Total Industrial
    
46,762,179
  
 
 
Shares
    
Value
  
COMMON STOCKS† - 94.5% (continued)
    
Energy - 6.5%
        
Murphy USA, Inc.*
213,784
  
$
12,732,975
  
NOW, Inc.*,1
507,176
    
9,321,895
  
Era Group, Inc.*
100,886
    
1,189,446
  
Total Energy
      
23,244,316
  
Technology - 6.1%
        
Science Applications International Corp.
217,655
    
10,934,988
  
Cheetah Mobile Inc ADR*,1
563,171
    
10,869,200
  
Total Technology
    
21,804,188
  
Consumer, Cyclical - 4.7%
        
CST Brands, Inc.
364,547
    
13,575,730
  
Veritiv Corp.*
82,743
    
3,265,866
  
Total Consumer, Cyclical
    
16,841,596
  
Utilities - 3.4%
        
ONE Gas, Inc.
247,783
    
12,079,421
  
Basic Materials - 2.2%
          
Sibanye Gold Ltd. ADR
1,098,281
    
5,787,941
  
Rayonier Advanced Materials, Inc.
197,581
    
2,214,883
  
Total Basic Materials
    
8,002,824
  
Total Common Stocks
        
(Cost $379,560,090)
    
336,992,979
  
MASTER LIMITED PARTNERSHIPS† - 5.3%
    
Financial - 5.3%
        
Brookfield Property Partners, LP1
842,338
    
18,800,984
  
Total Master Limited Partnerships
          
(Cost $17,084,968)
    
18,800,984
  
SECURITIES LENDING COLLATERAL†,2 - 10.0%
    
BNY Mellon Separately Managed Cash Collateral Account, 0.1207%
35,707,021
    
35,707,021
  
Total Securities Lending Collateral
      
(Cost $35,707,021)
    
35,707,021
  
Total Investments - 109.8%
      
(Cost $432,352,079)
  
$
391,500,984
  
Other Assets & Liabilities, net - (9.8)%
  
(35,091,520
)
Total Net Assets - 100.0%
  
$
356,409,464
  
 
 
 
 
 
 
 
*
Non-income producing security.
†
Value determined based on Level 1 inputs – See Note 2.
1
All or portion of this security is on loan at November 30, 2015 – See Note 4.
2
Securities lending collateral – See Note 4.
 
ADR
American Depositary Receipt
plc
Public Limited Company
REIT
Real Estate Investment Trust
 
See Sector Classification in Supplemental Information section.
 
The following table summarizes the inputs used to value the Fund’s net assets at November 30, 2015 (See Note 2 in the Notes to Schedule of Investments):
 
   
Level 1 Quoted
Prices
    
Level 2 Significant
Observable Inputs
    
Level 3 Significant
Unobservable Inputs
    
Total
  
Assets                                
Common Stocks
   $ 336,992,979     $ –     $ –     $ 336,992,979  
Master Limited Partnerships
     18,800,984       –       –       18,800,984  
Securities Lending Collateral
     35,707,021       –       –       35,707,021  
Total
   $ 391,500,984     $ –     $ –     $ 391,500,984  
 
Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the current fiscal period.
 
For the period ended November 30, 2015, there were no transfers between levels.
 
 
 
 
 
 
 
Wilshire Micro-Cap ETF
  
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2015
 
 
Shares
    
Value
  
COMMON STOCKS† - 99.4%
      
Financial - 33.4%
        
Heritage Financial Corp.
5,999
  
$
117,459
  
Bridge Bancorp, Inc.
3,390
    
108,074
  
German American Bancorp, Inc.
2,927
    
100,923
  
Peoples Bancorp, Inc.
4,719
    
97,306
  
NewBridge Bancorp
7,249
    
93,076
  
Enterprise Financial Services Corp.
2,933
    
85,937
  
CU Bancorp*
3,012
    
81,083
  
Preferred Bank/Los Angeles CA
2,223
    
80,962
  
Pacific Continental Corp.
5,045
    
80,266
  
HCI Group, Inc.1
2,051
    
80,257
  
Banc of California, Inc.
5,243
    
78,750
  
MainSource Financial Group, Inc.
3,387
    
77,969
  
Federated National Holding Co.
2,687
    
76,821
  
Agree Realty Corp. REIT
2,261
    
75,834
  
Sierra Bancorp
4,160
    
74,214
  
Arbor Realty Trust, Inc. REIT
10,705
    
73,650
  
Meta Financial Group, Inc.
1,602
    
72,090
  
Metro Bancorp, Inc.
2,101
    
71,393
  
First Defiance Financial Corp.
1,715
    
71,224
  
HomeStreet, Inc.*
3,275
    
70,969
  
Bryn Mawr Bank Corp.
2,332
    
69,377
  
Mercantile Bank Corp.
2,676
    
69,228
  
Guaranty Bancorp
3,944
    
69,099
  
CommunityOne Bancorp*,1
4,804
    
67,736
  
Arlington Asset Investment Corp. — Class A1
4,833
    
67,275
  
MidWestOne Financial Group, Inc.
2,020
    
64,135
  
Independent Bank Corp.
4,127
    
64,010
  
Seacoast Banking Corporation of Florida*
3,973
    
63,767
  
Fidelity Southern Corp.
2,768
    
62,612
  
Financial Institutions, Inc.
2,282
    
62,230
  
West Bancorporation, Inc.
2,981
    
61,796
  
Gladstone Investment Corp.
7,794
    
60,949
  
United Community Financial Corp.
10,168
    
59,788
  
Pacific Premier Bancorp, Inc.*
2,524
    
59,137
  
Southwest Bancorp, Inc.
3,090
    
57,165
  
Peapack Gladstone Financial Corp.
2,495
    
56,836
  
Consolidated-Tomoka Land Co.
938
    
55,943
  
Bear State Financial, Inc.*,1
5,039
    
53,665
  
Whitestone REIT — Class B
4,296
    
52,153
  
ConnectOne Bancorp, Inc.
2,672
    
52,131
  
Independence Realty Trust, Inc. REIT
6,660
    
52,080
  
RE/MAX Holdings, Inc. — Class A
1,384
    
51,914
  
National Bankshares, Inc.1
1,443
    
51,833
  
Suffolk Bancorp
1,685
    
49,943
  
Marlin Business Services Corp.
2,856
    
49,923
  
Federal Agricultural Mortgage Corp. — Class C
1,643
    
49,241
  
PennantPark Floating Rate Capital Ltd.
3,991
    
48,011
  
BNC Bancorp
1,872
    
47,736
  
 
 
Shares
    
Value
  
COMMON STOCKS† - 99.4% (continued)
    
Financial - 33.4% (continued)
      
CNB Financial Corp.
2,530
  
$
47,286
  
First Connecticut Bancorp, Inc.
2,553
    
46,592
  
Houlihan Lokey, Inc.
1,900
    
46,455
  
Southern National Bancorp of Virginia, Inc.
3,704
    
45,743
  
Ares Commercial Real Estate Corp. REIT
3,546
    
45,637
  
Gladstone Commercial Corp. REIT
3,126
    
45,608
  
One Liberty Properties, Inc. REIT
2,026
    
45,261
  
Horizon Bancorp
1,621
    
44,626
  
Territorial Bancorp, Inc.
1,546
    
44,540
  
Oppenheimer Holdings, Inc. — Class A
2,437
    
43,622
  
Bank of Marin Bancorp
790
    
43,395
  
United Insurance Holdings Corp.
2,228
    
42,198
  
Horizon Technology Finance Corp.
3,420
    
41,587
  
Severn Bancorp, Inc.*,1
7,300
    
41,464
  
Conifer Holdings, Inc.*
4,100
    
40,139
  
Fidus Investment Corp.
2,794
    
39,954
  
OceanFirst Financial Corp.
2,018
    
39,876
  
CorEnergy Infrastructure Trust, Inc.1
7,834
    
39,562
  
Old Second Bancorp, Inc.*
5,074
    
39,324
  
First Bancorp, Inc.
1,755
    
38,943
  
Easterly Government Properties, Inc. REIT
2,171
    
38,774
  
Farmland Partners, Inc. REIT
3,400
    
38,726
  
Enterprise Bancorp, Inc.
1,580
    
38,694
  
Westfield Financial, Inc.
4,804
    
38,624
  
Sun Bancorp, Inc.*
1,756
    
38,492
  
EMC Insurance Group, Inc.
1,472
    
38,449
  
Independent Bank Group, Inc.
955
    
38,171
  
American National Bankshares, Inc.
1,452
    
37,752
  
Shore Bancshares, Inc.
3,555
    
37,719
  
Penns Woods Bancorp, Inc.
843
    
37,606
  
Preferred Apartment Communities, Inc. REIT — Class A
3,190
    
37,419
  
Hallmark Financial Services, Inc.*
2,924
    
37,281
  
GSV Capital Corp.*,1
3,626
    
36,913
  
Phoenix Companies, Inc.*
1,023
    
36,757
  
BSB Bancorp, Inc.*
1,608
    
36,502
  
Garrison Capital, Inc.
2,616
    
36,415
  
Fox Chase Bancorp, Inc.
1,988
    
36,261
  
Farmers Capital Bank Corp.*
1,336
    
36,086
  
Heritage Commerce Corp.
3,322
    
35,878
  
Citizens & Northern Corp.
1,733
    
35,578
  
CIFC Corp.
5,066
    
35,462
  
Jernigan Capital, Inc. REIT
2,200
    
35,046
  
Northwest Bancshares, Inc.
2,477
    
34,529
  
Entegra Financial Corp.*,1
1,864
    
34,484
  
CatchMark Timber Trust, Inc. REIT — Class A
3,029
    
34,379
  
UMH Properties, Inc. REIT
3,457
    
33,879
  
Northrim BanCorp, Inc.
1,132
    
33,315
  
Gladstone Land Corp. REIT
3,500
    
32,935
  
 
 
 
 
 
 
 
Wilshire Micro-Cap ETF
  
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2015
 
 
Shares
    
Value
  
COMMON STOCKS† - 99.4% (continued)
    
Financial - 33.4% (continued)
      
Merchants Bancshares, Inc.
1,000
  
$
32,690
  
1347 Property Insurance Holdings, Inc.*,1
4,100
    
32,021
  
California First National Bancorp
2,400
    
31,992
  
Bar Harbor Bankshares
915
    
31,943
  
WashingtonFirst Bankshares, Inc.
1,407
    
31,911
  
Gladstone Capital Corp.
3,603
    
31,526
  
Pulaski Financial Corp.
1,915
    
31,425
  
Medallion Financial Corp.1
3,929
    
31,275
  
Macatawa Bank Corp.
5,243
    
30,881
  
QCR Holdings, Inc.
1,268
    
30,686
  
BBX Capital Corp. — Class A*,1
1,785
    
30,434
  
Republic First Bancorp, Inc.*,1
6,507
    
29,997
  
Access National Corp.
1,361
    
29,738
  
Owens Realty Mortgage, Inc. REIT1
2,111
    
29,470
  
Bankwell Financial Group, Inc.
1,491
    
29,372
  
Southcoast Financial Corp.*
1,777
    
27,757
  
Sotherly Hotels, Inc. REIT
4,476
    
27,751
  
Heritage Insurance Holdings, Inc.*
1,227
    
27,558
  
Monarch Financial Holdings, Inc.
2,099
    
27,455
  
Home Bancorp, Inc.
1,028
    
27,139
  
PacWest Bancorp
574
    
26,990
  
Heritage Oaks Bancorp
3,212
    
26,756
  
MutualFirst Financial, Inc.
1,116
    
26,561
  
Nicholas Financial, Inc.*
2,055
    
26,469
  
SI Financial Group, Inc.
2,036
    
26,427
  
Summit Financial Group, Inc.
2,230
    
26,158
  
CM Finance, Inc.1
2,312
    
26,149
  
C&F Financial Corp.
670
    
26,123
  
Wheeler Real Estate Investment Trust, Inc. REIT
14,000
    
26,040
  
JAVELIN Mortgage Investment Corp. REIT
4,017
    
25,829
  
Monroe Capital Corp.
1,714
    
25,410
  
First Internet Bancorp
774
    
24,962
  
Higher One Holdings, Inc.*
7,799
    
24,723
  
Cheviot Financial Corp.
1,600
    
24,240
  
Southern Missouri Bancorp, Inc.
1,015
    
24,238
  
First Financial Northwest, Inc.
1,777
    
24,061
  
MidSouth Bancorp, Inc.
2,170
    
23,762
  
Avenue Financial Holdings, Inc.*
1,700
    
23,749
  
Orchid Island Capital, Inc. REIT1
2,467
    
23,609
  
MBT Financial Corp.*
3,603
    
23,600
  
Saratoga Investment Corp.
1,500
    
23,445
  
Atlas Financial Holdings, Inc.*
1,118
    
23,444
  
Independence Holding Co.
1,540
    
23,300
  
Five Oaks Investment Corp. REIT
3,410
    
23,290
  
Bluerock Residential Growth REIT, Inc. REIT
2,007
    
22,960
  
Ellington Residential Mortgage REIT
1,715
    
22,741
  
Stellus Capital Investment Corp.
2,139
    
22,652
  
Melrose Bancorp, Inc.*
1,500
    
22,500
  
Veritex Holdings, Inc.*
1,300
    
22,373
  
 
 
Shares
    
Value
  
COMMON STOCKS† - 99.4% (continued)
    
Financial - 33.4% (continued)
      
ESSA Bancorp, Inc.
1,663
  
$
22,268
  
People's Utah Bancorp
1,300
    
22,113
  
Southern First Bancshares, Inc.*
1,002
    
22,084
  
Century Bancorp, Inc. — Class A
486
    
21,826
  
Manning & Napier, Inc. — Class A
2,377
    
21,773
  
Atlantic American Corp.
4,500
    
21,510
  
Chemung Financial Corp.
766
    
21,371
  
Cape Bancorp, Inc.
1,572
    
20,640
  
Consumer Portfolio Services, Inc.*
4,409
    
20,634
  
Ameriana Bancorp
808
    
20,119
  
Lake Sunapee Bank Group
1,416
    
19,824
  
Codorus Valley Bancorp, Inc.
940
    
19,778
  
TriplePoint Venture Growth BDC Corp.
1,592
    
19,645
  
Riverview Bancorp, Inc.
4,319
    
19,436
  
Triumph Bancorp, Inc.*
1,114
    
19,417
  
First Acceptance Corp.*
7,577
    
19,246
  
Norwood Financial Corp.1
659
    
18,946
  
Central Valley Community Bancorp1
1,643
    
18,451
  
Union Bankshares, Inc.
665
    
18,354
  
Peoples Bancorp of North Carolina, Inc.
952
    
18,193
  
Naugatuck Valley Financial Corp.*
1,604
    
17,580
  
Maui Land & Pineapple Company, Inc.*
3,200
    
17,312
  
BRT Realty Trust REIT*
2,549
    
17,308
  
Bank of South Carolina Corp.
1,054
    
17,180
  
Cherry Hill Mortgage Investment Corp. REIT
1,122
    
16,538
  
Parke Bancorp, Inc.
1,280
    
16,410
  
Institutional Financial Markets, Inc.
11,000
    
16,060
  
AmeriServ Financial, Inc.
4,718
    
15,758
  
Poage Bankshares, Inc.
846
    
14,171
  
Emergent Capital, Inc.*
3,218
    
13,773
  
Harvest Capital Credit Corp.
1,154
    
13,652
  
Vestin Realty Mortgage II, Inc. REIT*
4,000
    
12,920
  
US Global Investors, Inc. — Class A
9,700
    
12,222
  
Plumas Bancorp*
1,200
    
10,452
  
AeroCentury Corp.*
1,100
    
10,230
  
Power REIT*,1
2,400
    
9,600
  
First Marblehead Corp.*,1
2,247
    
8,943
  
Regional Management Corp.*
543
    
8,525
  
Urstadt Biddle Properties, Inc. REIT1
472
    
8,218
  
Medley Management, Inc. — Class A
1,184
    
7,045
  
Full Circle Capital Corp.1
2,432
    
6,907
  
JG Wentworth Co. — Class A*
3,400
    
6,460
  
Transcontinental Realty Investors, Inc. REIT*
700
    
6,300
  
Porter Bancorp, Inc.*
3,900
    
6,006
  
Fifth Street Asset Management, Inc.1
943
    
4,300
  
 
 
 
 
 
 
 
Wilshire Micro-Cap ETF
  
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2015
 
 
Shares
    
Value
  
COMMON STOCKS† - 99.4% (continued)
    
Financial - 33.4% (continued)
      
Viggle, Inc.*
8,200
  
$
3,773
  
Total Financial
    
7,200,761
  
Consumer, Non-cyclical - 26.7%
      
Anika Therapeutics, Inc.*
2,687
    
112,747
  
Vascular Solutions, Inc.*
2,993
    
106,371
  
Rockwell Medical, Inc.*,1
8,306
    
100,752
  
US Physical Therapy, Inc.
1,867
    
98,652
  
Cerus Corp.*,1
15,457
    
87,641
  
John B Sanfilippo & Son, Inc.
1,433
    
82,470
  
Five Prime Therapeutics, Inc.*
2,101
    
80,782
  
Omega Protein Corp.*
3,251
    
79,911
  
Idera Pharmaceuticals, Inc.*,1
18,475
    
71,682
  
Carriage Services, Inc. — Class A1
2,819
    
69,601
  
Agenus, Inc.*
12,897
    
65,904
  
Cytokinetics, Inc.*,1
5,571
    
65,849
  
NeoGenomics, Inc.*
7,669
    
61,122
  
Trevena, Inc.*
4,664
    
58,719
  
Peregrine Pharmaceuticals, Inc.*
43,732
    
56,414
  
BioTelemetry, Inc.*
4,246
    
53,542
  
Franklin Covey Co.*
3,395
    
52,045
  
Teligent, Inc.*,1
5,996
    
50,846
  
Northwest Biotherapeutics, Inc.*,1
10,891
    
50,316
  
Barrett Business Services, Inc.
1,103
    
49,249
  
Concert Pharmaceuticals, Inc.*
2,135
    
48,955
  
Enzo Biochem, Inc.*
10,674
    
48,567
  
Hackett Group, Inc.
2,535
    
48,013
  
GenMark Diagnostics, Inc.*
6,012
    
47,916
  
Ardelyx, Inc.*
2,422
    
47,374
  
Zogenix, Inc.*,1
3,031
    
46,768
  
Five Star Quality Care, Inc.*
12,858
    
46,160
  
Paratek Pharmaceuticals, Inc.*,1
2,230
    
46,095
  
Durect Corp.*
19,507
    
46,036
  
Aerie Pharmaceuticals, Inc.*,1
1,651
    
45,303
  
Versartis, Inc.*,1
3,543
    
44,819
  
Cynosure, Inc. — Class A*
1,065
    
44,793
  
AtriCure, Inc.*
2,064
    
44,335
  
BioTime, Inc.*,1
12,412
    
43,690
  
Addus HomeCare Corp.*
1,915
    
43,643
  
Catalyst Pharmaceuticals, Inc.*,1
15,375
    
41,742
  
Advaxis, Inc.*,1
3,400
    
41,038
  
RadNet, Inc.*
6,469
    
40,108
  
LeMaitre Vascular, Inc.
2,577
    
39,763
  
Cara Therapeutics, Inc.*
2,393
    
39,604
  
Dermira, Inc.*
1,269
    
39,098
  
Alico, Inc.1
900
    
38,412
  
Limoneira Co.1
2,255
    
38,403
  
Applied Genetic Technologies Corp.*
2,245
    
38,255
  
Revance Therapeutics, Inc.*
973
    
37,762
  
Tandem Diabetes Care, Inc.*
3,634
    
37,467
  
Atrion Corp.
88
    
37,039
  
BioSpecifics Technologies Corp.*
764
    
37,016
  
Synthetic Biologics, Inc.*,1
12,685
    
36,279
  
 
 
Shares
    
Value
  
COMMON STOCKS† - 99.4% (continued)
    
Consumer, Non-cyclical - 26.7% (continued)
  
Loxo Oncology, Inc.*
1,099
  
$
36,190
  
Inotek Pharmaceuticals Corp.*,1
3,000
    
35,970
  
REGENXBIO, Inc.*,1
1,500
    
35,955
  
CTI BioPharma Corp.*,1
29,148
    
35,852
  
Senomyx, Inc.*,1
7,710
    
35,697
  
Crimson Wine Group Ltd.*
3,961
    
35,570
  
Heska Corp.*
1,016
    
35,347
  
CytRx Corp.*
11,202
    
35,062
  
Cutera, Inc.*
2,465
    
35,052
  
Galena Biopharma, Inc.*,1
23,321
    
34,982
  
Flexion Therapeutics, Inc.*
1,770
    
34,409
  
Civitas Solutions, Inc.*
1,305
    
34,204
  
Vitae Pharmaceuticals, Inc.*
2,378
    
34,148
  
Akebia Therapeutics, Inc.*,1
3,171
    
34,025
  
Ampio Pharmaceuticals, Inc.*,1
9,086
    
33,800
  
Aduro Biotech, Inc.*,1
1,086
    
33,655
  
Exactech, Inc.*
1,900
    
33,307
  
Seres Therapeutics, Inc.*,1
900
    
32,247
  
Pernix Therapeutics Holdings, Inc.*,1
10,514
    
31,542
  
PFSweb, Inc.*
2,364
    
31,158
  
AcelRx Pharmaceuticals, Inc.*,1
5,436
    
31,094
  
Nature's Sunshine Products, Inc.
2,611
    
30,731
  
Bellicum Pharmaceuticals, Inc.*,1
1,300
    
29,939
  
ArQule, Inc.*
13,131
    
29,807
  
Tonix Pharmaceuticals Holding Corp.*,1
4,095
    
29,689
  
Nutraceutical International Corp.*
1,185
    
29,601
  
Collectors Universe, Inc.
1,854
    
29,590
  
Anthera Pharmaceuticals, Inc.*
5,153
    
29,321
  
National Research Corp. — Class A
1,887
    
29,173
  
Immune Design Corp.*,1
1,334
    
27,921
  
Assembly Biosciences, Inc.*,1
2,807
    
27,593
  
Juniper Pharmaceuticals, Inc.*,1
2,327
    
27,552
  
Intersect ENT, Inc.*
1,387
    
27,338
  
Griffin Land & Nurseries, Inc.
988
    
26,656
  
Avinger, Inc.*,1
1,480
    
26,625
  
Utah Medical Products, Inc.
458
    
25,872
  
NanoString Technologies, Inc.*,1
1,674
    
25,512
  
Seneca Foods Corp. — Class A*
919
    
25,309
  
Derma Sciences, Inc.*,1
5,639
    
25,263
  
Alimera Sciences, Inc.*,1
8,083
    
24,896
  
SeaSpine Holdings Corp.*
1,500
    
24,720
  
Primo Water Corp.*
2,705
    
24,047
  
iRadimed Corp.*
759
    
23,537
  
GlycoMimetics, Inc.*,1
3,333
    
23,264
  
VIVUS, Inc.*,1
18,500
    
23,125
  
Supernus Pharmaceuticals, Inc.*
1,401
    
22,640
  
Agile Therapeutics, Inc.*
2,528
    
22,550
  
KemPharm, Inc.*
1,300
    
22,516
  
Information Services Group, Inc.
5,923
    
22,093
  
Cidara Therapeutics, Inc.*,1
1,400
    
21,588
  
AxoGen, Inc.*
3,917
    
21,544
  
EPIRUS Biopharmaceuticals, Inc.*,1
4,340
    
21,136
  
 
 
 
 
 
 
 
Wilshire Micro-Cap ETF
  
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2015
 
 
Shares
    
Value
  
COMMON STOCKS† - 99.4% (continued)
    
Consumer, Non-cyclical - 26.7% (continued)
  
PharmAthene, Inc.*
11,950
  
$
21,032
  
Stemline Therapeutics, Inc.*
2,524
    
20,798
  
AAC Holdings, Inc.*,1
840
    
20,614
  
Intersections, Inc.*,1
7,222
    
20,222
  
FONAR Corp.*
1,268
    
20,187
  
Proteon Therapeutics, Inc.*,1
1,261
    
20,100
  
CAS Medical Systems, Inc.*
11,300
    
19,662
  
Fibrocell Science, Inc.*,1
3,321
    
19,594
  
Fortress Biotech, Inc.*,1
6,457
    
19,306
  
Inventure Foods, Inc.*,1
2,538
    
19,187
  
Willdan Group, Inc.*,1
2,132
    
18,762
  
Egalet Corp.*,1
1,800
    
18,468
  
LendingTree, Inc.*
175
    
17,829
  
CareDx, Inc.*,1
2,700
    
17,577
  
Calithera Biosciences, Inc.*,1
2,200
    
17,468
  
Golden Enterprises, Inc.
3,800
    
17,290
  
Newtek Business Services Corp.
1,230
    
17,269
  
Synutra International, Inc.*,1
3,354
    
17,172
  
CCA Industries, Inc.*
5,300
    
16,907
  
Alliance One International, Inc.*
1,316
    
16,818
  
Fate Therapeutics, Inc.*
4,000
    
16,760
  
Adamis Pharmaceuticals Corp.*,1
3,661
    
16,658
  
Care.com, Inc.*
2,400
    
16,560
  
VirtualScopics, Inc.*
5,400
    
16,200
  
AVEO Pharmaceuticals, Inc.*
13,239
    
15,754
  
MediciNova, Inc.*,1
4,471
    
15,649
  
Carbylan Therapeutics, Inc.*
3,900
    
15,561
  
Vermillion, Inc.*,1
8,594
    
15,383
  
Corium International, Inc.*,1
1,868
    
15,318
  
Chembio Diagnostics, Inc.*
2,900
    
15,109
  
Genocea Biosciences, Inc.*
2,344
    
15,002
  
vTv Therapeutics, Inc. — Class A*,1
2,200
    
14,938
  
ITT Educational Services, Inc.*
4,300
    
14,835
  
Coffee Holding Co., Inc.*
3,400
    
14,620
  
OncoGenex Pharmaceuticals, Inc.*,1
5,622
    
14,505
  
Invuity, Inc.*
1,200
    
14,412
  
Rexahn Pharmaceuticals, Inc.*
31,748
    
14,318
  
CoLucid Pharmaceuticals, Inc.*,1
2,500
    
14,225
  
Veracyte, Inc.*,1
1,921
    
13,812
  
Synergy Pharmaceuticals, Inc.*,1
2,198
    
13,803
  
Palatin Technologies, Inc.*
19,400
    
13,580
  
Tokai Pharmaceuticals, Inc.*,1
1,179
    
13,559
  
Retrophin, Inc.*
599
    
13,388
  
Catabasis Pharmaceuticals, Inc.*,1
1,600
    
13,280
  
Great Basin Scientific, Inc.*
58,900
    
12,952
  
Neothetics, Inc.*,1
1,411
    
12,882
  
Arrhythmia Research Technology, Inc.*
2,100
    
12,474
  
Eagle Pharmaceuticals, Inc.*,1
135
    
12,371
  
T2 Biosystems, Inc.*,1
1,048
    
12,356
  
Cleveland BioLabs, Inc.*,1
2,916
    
12,276
  
Opexa Therapeutics, Inc.*
3,100
    
12,183
  
OXiGENE, Inc.*
12,400
    
12,152
  
Tobira Therapeutics, Inc.*,1
900
    
12,060
  
Hudson Global, Inc.*
5,061
    
12,045
  
 
 
Shares
    
Value
  
COMMON STOCKS† - 99.4% (continued)
    
Consumer, Non-cyclical - 26.7% (continued)
  
TriVascular Technologies, Inc.*,1
1,833
  
$
11,969
  
aTyr Pharma, Inc.*,1
1,400
    
11,914
  
Cogentix Medical, Inc.*
8,200
    
11,890
  
Arcadia Biosciences, Inc.*,1
3,000
    
11,820
  
Pieris Pharmaceuticals, Inc.*,1
4,700
    
11,797
  
Lantheus Holdings, Inc.*
3,300
    
11,682
  
Sunesis Pharmaceuticals, Inc.*
11,298
    
11,637
  
Cumberland Pharmaceuticals, Inc.*
2,055
    
11,570
  
Chiasma, Inc.*
500
    
11,095
  
InfuSystems Holdings, Inc.*,1
3,731
    
10,932
  
Mannatech, Inc.*
500
    
10,910
  
Zynerba Pharmaceuticals, Inc.*,1
800
    
10,856
  
Luna Innovations, Inc.*
10,000
    
10,800
  
Escalon Medical Corp.*
8,800
    
10,736
  
Acme United Corp.
600
    
10,350
  
MGC Diagnostics Corp.*
1,500
    
10,305
  
Cytori Therapeutics, Inc.*
28,033
    
10,201
  
Perseon Corp.*
11,600
    
9,845
  
Reed's, Inc.*
1,972
    
9,821
  
AdCare Health Systems, Inc.
3,235
    
9,737
  
Dipexium Pharmaceuticals, Inc.*
800
    
9,584
  
Vital Therapies, Inc.*,1
1,009
    
9,485
  
Oculus Innovative Sciences, Inc.*
7,700
    
9,394
  
Avalon Holdings Corp. — Class A*
4,100
    
9,287
  
Cerulean Pharma, Inc.*,1
2,833
    
9,179
  
Joint Corp.*
1,600
    
9,024
  
Repros Therapeutics, Inc.*
3,767
    
9,022
  
XBiotech, Inc.*
1,200
    
8,964
  
Galectin Therapeutics, Inc.*,1
4,468
    
8,936
  
Celladon Corp.*
5,019
    
8,934
  
Kindred Biosciences, Inc.*,1
2,220
    
8,858
  
CombiMatrix Corp.*
10,600
    
8,798
  
BioLife Solutions, Inc.*,1
3,800
    
8,550
  
Stereotaxis, Inc.*
8,100
    
8,505
  
Acura Pharmaceuticals, Inc.*
3,300
    
8,349
  
Reliv International, Inc.*
12,200
    
8,052
  
ImmunoCellular Therapeutics Ltd.*
19,166
    
8,050
  
SPAR Group, Inc.*
6,000
    
8,040
  
Marinus Pharmaceuticals, Inc.*,1
1,104
    
8,026
  
Ocera Therapeutics, Inc.*
2,223
    
7,936
  
Cyanotech Corp.*,1
1,300
    
7,579
  
Rock Creek Pharmaceuticals, Inc.*,1
7,400
    
7,474
  
InterCloud Systems, Inc.*
4,700
    
7,473
  
USMD Holdings, Inc.*
900
    
7,200
  
Recro Pharma, Inc.*
800
    
7,128
  
Natural Alternatives International, Inc.*
900
    
6,912
  
Command Security Corp.*
3,100
    
6,882
  
Ocean Bio-Chem, Inc.*
3,000
    
6,840
  
Heat Biologics, Inc.*
2,200
    
6,820
  
QC Holdings, Inc.
5,000
    
6,750
  
Electromed, Inc.*
3,100
    
6,665
  
 
 
 
 
 
 
 
Wilshire Micro-Cap ETF
  
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2015
 
 
Shares
    
Value
  
COMMON STOCKS† - 99.4% (continued)
    
Consumer, Non-cyclical - 26.7% (continued)
  
Neurometrix, Inc.*
9,300
  
$
6,604
  
ERBA Diagnostics, Inc.*
5,400
    
6,588
  
Signal Genetics, Inc.*
6,100
    
6,527
  
GlobeImmune, Inc.*
1,900
    
6,498
  
BioPharmX Corp.*
5,000
    
6,450
  
Conatus Pharmaceuticals, Inc.*,1
2,014
    
6,425
  
MELA Sciences, Inc.*
5,500
    
6,380
  
TetraLogic Pharmaceuticals Corp.*,1
2,903
    
6,358
  
Ritter Pharmaceuticals, Inc.*
2,900
    
6,322
  
Allied Healthcare Products, Inc.*
5,300
    
6,307
  
Hooper Holmes, Inc.*
48,200
    
6,266
  
Swisher Hygiene, Inc.*
5,900
    
6,254
  
Second Sight Medical Products, Inc.*,1
1,200
    
6,072
  
Fairway Group Holdings Corp.*,1
7,200
    
5,994
  
Crystal Rock Holdings, Inc.*
10,300
    
5,970
  
Argos Therapeutics, Inc.*,1
1,419
    
5,775
  
OpGen, Inc.*
3,200
    
5,728
  
Premier Exhibitions, Inc.*
5,300
    
5,565
  
Cellectar Biosciences, Inc.*
4,700
    
5,452
  
Marrone Bio Innovations, Inc.*,1
2,900
    
5,394
  
Truett-Hurst, Inc.*
5,500
    
5,115
  
ProPhase Labs, Inc.*
3,500
    
5,075
  
Viking Therapeutics, Inc.*
1,600
    
5,040
  
Penumbra, Inc.*
100
    
5,032
  
Minerva Neurosciences, Inc.*
1,000
    
5,020
  
Eleven Biotherapeutics, Inc.*,1
1,539
    
4,909
  
SunLink Health Systems, Inc.*
4,100
    
4,838
  
NephroGenex, Inc.*,1
2,300
    
4,646
  
Sientra, Inc.*,1
940
    
4,550
  
PhotoMedex, Inc.*
10,700
    
4,334
  
Cardica, Inc.*
17,668
    
4,037
  
EyeGate Pharmaceuticals, Inc.*
1,300
    
3,926
  
Akers Biosciences, Inc.*
2,000
    
3,920
  
Cancer Genetics, Inc.*,1
1,100
    
3,828
  
American CareSource Holdings, Inc.*
5,000
    
3,750
  
Lpath, Inc. — Class A*
12,800
    
3,584
  
Amedica Corp.*
25,400
    
3,454
  
Nanosphere, Inc.*
3,000
    
3,450
  
Rennova Health, Inc.*,1
940
    
3,403
  
Alphatec Holdings, Inc.*
13,691
    
3,149
  
Onconova Therapeutics, Inc.*,1
2,100
    
2,940
  
CytoSorbents Corp.*,1
400
    
2,908
  
Universal Security Instruments, Inc.*
300
    
1,401
  
NovaBay Pharmaceuticals, Inc.*
7,900
    
1,263
  
SFX Entertainment, Inc.*,1
4,169
    
1,168
  
Total Consumer, Non-cyclical
  
5,756,956
  
Industrial - 11.3%
        
Patrick Industries, Inc.*,1
2,725
    
112,896
  
Lydall, Inc.*
2,822
    
102,778
  
Insteel Industries, Inc.
3,366
    
82,130
  
Kadant, Inc.
1,778
    
77,005
  
Stoneridge, Inc.*
4,818
    
70,487
  
AEP Industries, Inc.*
729
    
66,470
  
National Presto Industries, Inc.1
712
    
61,901
  
 
 
Shares
    
Value
  
COMMON STOCKS† - 99.4% (continued)
    
Industrial - 11.3% (continued)
    
ZAGG, Inc.*
5,592
  
$
57,709
  
PowerSecure International, Inc.*
3,925
    
54,872
  
VSE Corp.
848
    
52,398
  
Mesa Laboratories, Inc.
479
    
51,828
  
LSI Industries, Inc.
4,220
    
49,880
  
CECO Environmental Corp.
5,722
    
49,724
  
Kratos Defense & Security Solutions, Inc.*
10,667
    
49,602
  
Chase Corp.
1,106
    
49,106
  
Casella Waste Systems, Inc. — Class A*,1
6,635
    
44,985
  
Covenant Transportation Group, Inc. — Class A*
2,089
    
43,891
  
Global Brass & Copper Holdings, Inc.
1,836
    
42,705
  
Stock Building Supply Holdings, Inc.*
2,253
    
38,729
  
Breeze-Eastern Corp.*
1,953
    
38,612
  
TRC Companies, Inc.*,1
3,542
    
37,722
  
NN, Inc.
2,173
    
37,050
  
Sparton Corp.*
1,731
    
36,732
  
Milacron Holdings Corp.*
2,300
    
33,856
  
Integrated Electrical Services, Inc.*
4,429
    
33,793
  
Key Technology, Inc.*
2,936
    
33,588
  
Heritage-Crystal Clean, Inc.*
3,011
    
32,820
  
NVE Corp.
527
    
31,388
  
Advanced Emissions Solutions, Inc.*
5,127
    
30,224
  
Lawson Products, Inc.*
1,008
    
28,204
  
Allied Motion Technologies, Inc.
1,154
    
27,558
  
PAM Transportation Services, Inc.*
866
    
26,751
  
Intevac, Inc.*
5,200
    
25,844
  
Hurco Companies, Inc.
942
    
25,104
  
Applied Optoelectronics, Inc.*,1
1,311
    
24,581
  
UFP Technologies, Inc.*
998
    
24,361
  
USA Truck, Inc.*
1,211
    
24,147
  
Energous Corp.*,1
2,904
    
24,132
  
Energy Focus, Inc.*
1,500
    
24,015
  
US Concrete, Inc.*
405
    
23,786
  
Omega Flex, Inc.
575
    
23,017
  
Xerium Technologies, Inc.*
1,970
    
22,931
  
Hardinge, Inc.
2,232
    
21,717
  
Pure Cycle Corp.*,1
4,098
    
20,777
  
Core Molding Technologies, Inc.*
1,340
    
19,095
  
Argan, Inc.
480
    
18,869
  
MicroVision, Inc.*,1
7,399
    
18,571
  
Global Power Equipment Group, Inc.
4,000
    
18,480
  
Sterling Construction Company, Inc.*,1
3,366
    
18,345
  
Napco Security Technologies, Inc.*
3,051
    
17,848
  
Active Power, Inc.*
11,500
    
17,250
  
Manitex International, Inc.*,1
2,600
    
16,172
  
Iteris, Inc.*
6,366
    
14,896
  
Frequency Electronics, Inc.*
1,378
    
14,524
  
 
 
 
 
 
 
 
Wilshire Micro-Cap ETF
  
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2015
 
 
Shares
    
Value
  
COMMON STOCKS† - 99.4% (continued)
    
Industrial - 11.3% (continued)
    
Innovative Solutions & Support, Inc.*
5,600
  
$
13,944
  
Perma-Fix Environmental Services, Inc.*,1
3,600
    
13,896
  
MOCON, Inc.
932
    
13,533
  
Control4 Corp.*,1
1,817
    
13,228
  
CVD Equipment Corp.*,1
1,143
    
13,145
  
Aspen Aerogels, Inc.*
2,015
    
13,098
  
Ideal Power, Inc.*
1,600
    
12,896
  
Aehr Test Systems*
6,300
    
12,474
  
Gencor Industries, Inc.*
1,179
    
12,332
  
LGL Group, Inc.*,1
3,100
    
12,168
  
Lime Energy Co.*,1
4,000
    
12,080
  
MagneGas Corp.*,1
7,300
    
11,753
  
Turtle Beach Corp.*,1
4,900
    
11,466
  
Imprivata, Inc.*
946
    
11,276
  
SigmaTron International, Inc.*
1,700
    
10,761
  
API Technologies Corp.*
5,271
    
10,384
  
AG&E Holdings, Inc.
18,000
    
10,258
  
AM Castle & Co.*,1
4,100
    
9,676
  
Astrotech Corp.*,1
6,500
    
9,620
  
EnSync, Inc.*
18,100
    
8,063
  
Goldfield Corp.*
4,585
    
7,840
  
Digital Ally, Inc.*,1
1,700
    
7,786
  
Giga-Tronics, Inc.*
7,000
    
7,770
  
Chicago Rivet & Machine Co.
300
    
7,680
  
Document Security Systems, Inc.*
36,400
    
7,644
  
Clean Diesel Technologies, Inc.*,1
5,600
    
7,448
  
American Electric Technologies, Inc.*
3,100
    
7,285
  
CryoPort, Inc.*
2,700
    
7,128
  
Art's-Way Manufacturing Company, Inc.
2,300
    
7,107
  
P&F Industries, Inc. — Class A*
800
    
6,872
  
WSI Industries, Inc.
1,600
    
6,752
  
Tecogen, Inc.*
1,700
    
6,460
  
Broadwind Energy, Inc.*
3,163
    
6,136
  
Intellicheck Mobilisa, Inc.*
6,700
    
6,030
  
Superconductor Technologies, Inc.*
26,100
    
5,742
  
Ecology and Environment, Inc. — Class A
500
    
5,420
  
Applied DNA Sciences, Inc.*,1
1,800
    
5,400
  
Rand Logistics, Inc.*
2,391
    
5,045
  
Erickson, Inc.*
1,900
    
4,883
  
Metabolix, Inc.*,1
2,100
    
4,347
  
NXT-ID, Inc.*
8,300
    
3,171
  
International Shipholding Corp.1
1,355
    
2,940
  
Pyxis Tankers, Inc.*
1,402
    
2,902
  
IntriCon Corp.*
300
    
2,223
  
CTI Industries Corp.*,1
500
    
2,215
  
Axion Power International, Inc.*,1
1,322
    
1,481
  
Total Industrial
    
2,427,614
  
Consumer, Cyclical - 11.2%
      
Motorcar Parts of America, Inc.*
3,088
    
123,705
  
Ruth's Hospitality Group, Inc.
5,840
    
100,739
  
Nautilus, Inc.*
4,935
    
94,801
  
 
 
Shares
    
Value
  
COMMON STOCKS† - 99.4% (continued)
    
Consumer, Cyclical - 11.2% (continued)
    
PC Connection, Inc.*
3,940
  
$
87,941
  
Unifi, Inc.*
2,906
    
86,686
  
Beazer Homes USA, Inc.*,1
6,016
    
86,270
  
MarineMax, Inc.*
3,887
    
70,549
  
Green Brick Partners, Inc.*,1
8,611
    
65,013
  
Douglas Dynamics, Inc.
2,738
    
63,686
  
Reading International, Inc. — Class A*
4,213
    
60,794
  
Carrols Restaurant Group, Inc.*
4,802
    
57,816
  
Bassett Furniture Industries, Inc.
1,813
    
56,856
  
Culp, Inc.
1,931
    
54,416
  
Hooker Furniture Corp.
1,631
    
44,689
  
Jamba, Inc.*,1
3,099
    
43,293
  
Miller Industries, Inc.
1,947
    
42,737
  
Chuy's Holdings, Inc.*
1,231
    
40,931
  
Flexsteel Industries, Inc.
852
    
40,879
  
Destination XL Group, Inc.*,1
8,155
    
40,775
  
Luby's, Inc.*
7,510
    
35,898
  
Installed Building Products, Inc.*
1,406
    
35,234
  
Sportsman's Warehouse Holdings, Inc.*
3,003
    
34,384
  
Winmark Corp.
359
    
34,285
  
Kona Grill, Inc.*
2,443
    
33,982
  
West Marine, Inc.*
3,536
    
32,496
  
Build-A-Bear Workshop, Inc. — Class A*
2,516
    
32,356
  
Monarch Casino & Resort, Inc.*
1,435
    
32,173
  
America's Car-Mart, Inc.*
1,204
    
31,882
  
Lifetime Brands, Inc.
2,195
    
30,533
  
Superior Uniform Group, Inc.
1,617
    
29,898
  
Malibu Boats, Inc. — Class A*
1,922
    
29,829
  
J Alexander's Holdings, Inc.*
2,700
    
28,728
  
Escalade, Inc.
2,283
    
27,396
  
NACCO Industries, Inc. — Class A
635
    
26,835
  
Century Casinos, Inc.*
4,002
    
26,813
  
New York & Company, Inc.*
12,086
    
26,589
  
Supreme Industries, Inc. — Class A
3,260
    
26,080
  
Johnson Outdoors, Inc. — Class A
1,076
    
25,824
  
Spartan Motors, Inc.
7,100
    
25,773
  
UCP, Inc. — Class A*
3,272
    
25,522
  
Fogo De Chao, Inc.*,1
1,500
    
24,570
  
New Home Company, Inc.*
1,563
    
22,929
  
Black Diamond, Inc.*
4,654
    
22,665
  
Nathan's Famous, Inc.
518
    
22,663
  
Strattec Security Corp.
343
    
21,389
  
Golden Entertainment, Inc.*
1,996
    
20,958
  
Red Lion Hotels Corp.*
2,648
    
19,754
  
Canterbury Park Holding Corp.
1,800
    
18,738
  
Del Frisco's Restaurant Group, Inc.*
1,244
    
18,648
  
Dixie Group, Inc.*,1
3,291
    
18,561
  
Peak Resorts, Inc.1
2,539
    
18,535
  
Rocky Brands, Inc.
1,542
    
17,517
  
Skyline Corp.*
4,200
    
15,540
  
 
 
 
 
 
 
 
Wilshire Micro-Cap ETF
  
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2015
 
 
Shares
    
Value
  
COMMON STOCKS† - 99.4% (continued)
    
Consumer, Cyclical - 11.2% (continued)
    
ADDvantage Technologies Group, Inc.*
6,600
  
$
15,444
  
Rave Restaurant Group, Inc.*,1
2,518
    
15,234
  
PCM, Inc.*
1,593
    
14,656
  
Freshpet, Inc.*,1
1,700
    
14,637
  
MCBC Holdings, Inc.*,1
1,000
    
14,350
  
Boot Barn Holdings, Inc.*,1
1,332
    
13,986
  
Papa Murphy's Holdings, Inc.*,1
1,137
    
13,871
  
Diversified Restaurant Holdings, Inc.*
4,700
    
12,502
  
Kewaunee Scientific Corp.
700
    
12,173
  
Noodles & Co.*,1
1,074
    
11,921
  
Entertainment Gaming Asia, Inc.*
5,000
    
10,800
  
LeapFrog Enterprises, Inc. — Class A*
15,600
    
10,678
  
Nevada Gold & Casinos, Inc.*
5,600
    
10,360
  
Unique Fabricating, Inc.
800
    
9,676
  
Gordmans Stores, Inc.*
3,100
    
9,455
  
Cosi, Inc.*
16,008
    
7,732
  
DGSE Companies, Inc.*
17,500
    
6,433
  
Forward Industries, Inc.*
4,200
    
6,300
  
Full House Resorts, Inc.*
3,500
    
5,775
  
Koss Corp.*
2,600
    
5,434
  
bebe stores, Inc.
11,600
    
5,338
  
Comstock Holding Companies, Inc.*
2,400
    
4,680
  
Joe's Jeans, Inc.*
22,700
    
4,654
  
Ignite Restaurant Group, Inc.*,1
1,198
    
4,612
  
AMREP Corp.*
1,000
    
4,600
  
Books-A-Million, Inc. — Class A*
800
    
2,592
  
Compx International, Inc.
200
    
2,261
  
American Apparel, Inc.*
21,102
    
698
  
Total Consumer, Cyclical
    
2,408,405
  
Communications - 6.4%
        
ORBCOMM, Inc.*
12,345
    
79,130
  
FairPoint Communications, Inc.*
4,060
    
74,339
  
ePlus, Inc.*
735
    
64,820
  
Zix Corp.*
11,385
    
63,870
  
Oclaro, Inc.*
16,637
    
57,230
  
TeleCommunication Systems, Inc. — Class A*
10,702
    
52,654
  
NeoPhotonics Corp.*
4,452
    
46,212
  
Autobytel, Inc.*
1,753
    
43,071
  
Clearfield, Inc.*,1
2,901
    
39,193
  
Entravision Communications Corp. — Class A
4,662
    
39,114
  
Saga Communications, Inc. — Class A
847
    
36,506
  
Alliance Fiber Optic Products, Inc.
2,295
    
36,399
  
NTELOS Holdings Corp.*
3,585
    
32,874
  
RF Industries Ltd.
7,000
    
31,570
  
Hawaiian Telcom Holdco, Inc.*
1,302
    
30,896
  
HC2 Holdings, Inc.*,1
4,499
    
28,164
  
Reis, Inc.
1,023
    
25,606
  
Tessco Technologies, Inc.
1,122
    
23,831
  
Hemisphere Media Group, Inc.*,1
1,656
    
23,565
  
 
 
Shares
    
Value
  
COMMON STOCKS† - 99.4% (continued)
    
Communications - 6.4% (continued)
    
Remark Media, Inc.*
5,200
  
$
23,452
  
A H Belo Corp. — Class A
4,085
    
22,630
  
Rapid7, Inc.*,1
1,300
    
22,269
  
KVH Industries, Inc.*
2,244
    
22,126
  
A10 Networks, Inc.*
2,753
    
21,226
  
Alaska Communications Systems Group, Inc.*
10,746
    
20,632
  
Straight Path Communications, Inc. — Class B*,1
1,617
    
19,404
  
Rubicon Project, Inc.*
1,298
    
19,146
  
Lee Enterprises, Inc.*
10,476
    
18,543
  
Numerex Corp. — Class A*,1
2,701
    
17,719
  
Value Line, Inc.
1,100
    
17,617
  
Windstream Holdings, Inc.1
2,800
    
17,444
  
EVINE Live, Inc.*
8,822
    
16,409
  
RELM Wireless Corp.*,1
3,893
    
15,961
  
Aerohive Networks, Inc.*,1
2,600
    
15,860
  
Inuvo, Inc.*
5,000
    
15,650
  
Rightside Group Ltd.*,1
1,900
    
14,991
  
Beasley Broadcast Group, Inc. — Class A
3,700
    
14,615
  
Covisint Corp.*
5,600
    
14,504
  
Ooma, Inc.*,1
1,800
    
13,950
  
Tremor Video, Inc.*
6,700
    
13,735
  
Corindus Vascular Robotics, Inc.*,1
4,000
    
12,800
  
Globalscape, Inc.
2,932
    
12,344
  
YuMe, Inc.*
3,800
    
12,312
  
Spark Networks, Inc.*,1
3,034
    
11,742
  
Wireless Telecom Group, Inc.*
8,200
    
11,316
  
Lantronix, Inc.*
9,400
    
11,280
  
Aviat Networks, Inc.*
10,971
    
10,203
  
Net Element, Inc.*
37,300
    
8,952
  
LightPath Technologies, Inc. — Class A*
5,100
    
8,874
  
Communications Systems, Inc.
1,070
    
8,421
  
US Auto Parts Network, Inc.*
3,326
    
8,248
  
Fusion Telecommunications International, Inc.*
3,500
    
7,945
  
Sajan, Inc.*
1,900
    
7,714
  
Marin Software, Inc.*
1,877
    
7,302
  
Bridgeline Digital, Inc.*
6,200
    
7,130
  
CafePress, Inc.*
1,500
    
6,375
  
Xcel Brands, Inc.*
800
    
5,928
  
RLJ Entertainment, Inc.*
6,100
    
5,856
  
Towerstream Corp.*,1
11,557
    
4,738
  
Rocket Fuel, Inc.*,1
854
    
2,980
  
xG Technology, Inc.*
5,400
    
1,462
  
Total Communications
    
1,380,849
  
Technology - 5.4%
        
inContact, Inc.*
7,001
    
69,100
  
Glu Mobile, Inc.*,1
18,877
    
63,804
  
Immersion Corp.*
4,293
    
57,569
  
Workiva, Inc.*
2,787
    
52,256
  
Digimarc Corp.*,1
1,351
    
48,069
  
Cascade Microtech, Inc.*
2,535
    
41,194
  
Axcelis Technologies, Inc.*
15,417
    
40,701
  
Integrated Silicon Solution, Inc.
1,754
    
40,149
  
Mattson Technology, Inc.*
13,341
    
39,756
  
 
 
 
 
 
 
 
Wilshire Micro-Cap ETF
  
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2015
 
 
Shares
    
Value
  
COMMON STOCKS† - 99.4% (continued)
    
Technology - 5.4% (continued)
    
Exa Corp.*
3,245
  
$
34,949
  
Appfolio, Inc. — Class A*,1
2,000
    
32,780
  
MINDBODY, Inc. — Class A*,1
1,800
    
31,770
  
Brightcove, Inc.*
4,300
    
30,014
  
American Software, Inc. — Class A
2,800
    
28,980
  
EMCORE Corp.*
3,865
    
28,021
  
QAD, Inc. — Class B
1,378
    
27,794
  
TubeMogul, Inc.*
2,098
    
25,973
  
GSE Systems, Inc.*
13,800
    
25,530
  
Xactly Corp.*
2,600
    
25,428
  
Hutchinson Technology, Inc.*
6,383
    
23,553
  
Ultra Clean Holdings, Inc.*
4,619
    
23,418
  
Mattersight Corp.*,1
2,985
    
21,164
  
Guidance Software, Inc.*,1
3,289
    
20,063
  
Computer Task Group, Inc.
2,981
    
20,062
  
Intermolecular, Inc.*
8,800
    
19,976
  
SunEdison Semiconductor Ltd.*
2,077
    
19,835
  
CSP, Inc.
3,400
    
19,516
  
NCI, Inc. — Class A
1,147
    
18,937
  
Silver Spring Networks, Inc.*
1,352
    
18,022
  
Data I/O Corp.*
6,200
    
17,298
  
SharpSpring, Inc.*
4,000
    
17,000
  
GSI Technology, Inc.*
3,673
    
14,692
  
MoSys, Inc.*
12,111
    
14,654
  
Xplore Technologies Corp.*
2,700
    
14,148
  
Upland Software, Inc.*
1,900
    
13,927
  
Astro-Med, Inc.
943
    
12,778
  
Sonic Foundry, Inc.*
1,900
    
12,312
  
Envestnet, Inc.*
366
    
11,884
  
ExOne Co.*,1
1,105
    
10,962
  
Richardson Electronics Ltd.
1,915
    
10,781
  
Concurrent Computer Corp.
2,143
    
10,651
  
Technical Communications Corp.*
2,800
    
8,708
  
Everyday Health, Inc.*
1,304
    
8,020
  
Amber Road, Inc.*,1
1,628
    
7,831
  
Sysorex Global Holdings Corp.*
8,400
    
7,182
  
Rubicon Technology, Inc.*
6,600
    
6,600
  
Medical Transcription Billing Corp.*
5,100
    
6,579
  
Inventergy Global, Inc.*
22,500
    
3,398
  
Code Rebel Corp.*,1
800
    
2,992
  
Liquid Holdings Group, Inc.*
57,300
    
1,656
  
Total Technology
    
1,162,436
  
Energy - 2.9%
        
Callon Petroleum Co.*
9,971
    
94,625
  
Panhandle Oil and Gas, Inc. — Class A
2,814
    
53,269
  
Trecora Resources*
3,588
    
51,882
  
Natural Gas Services Group, Inc.*
2,180
    
50,620
  
Pacific Ethanol, Inc.*
7,907
    
39,455
  
Evolution Petroleum Corp.
5,077
    
31,224
  
Adams Resources & Energy, Inc.
645
    
27,683
  
Dawson Geophysical Co.*
6,125
    
27,134
  
Willbros Group, Inc.*
8,800
    
26,135
  
VAALCO Energy, Inc.*
12,300
    
25,215
  
Key Energy Services, Inc.*
39,500
    
21,022
  
 
 
Shares
    
Value
  
COMMON STOCKS† - 99.4% (continued)
    
Energy - 2.9% (continued)
      
Isramco, Inc.*
192
  
$
17,664
  
Zion Oil & Gas, Inc.*
7,809
    
15,306
  
Resolute Energy Corp.*
17,729
    
14,388
  
ION Geophysical Corp.*
21,500
    
11,988
  
Approach Resources, Inc.*
5,000
    
11,150
  
PetroQuest Energy, Inc.*
12,800
    
9,441
  
Enphase Energy, Inc.*,1
4,910
    
8,200
  
Houston American Energy Corp.*
41,400
    
7,249
  
PostRock Energy Corp.*
19,386
    
7,173
  
Ocean Power Technologies, Inc.*,1
2,630
    
6,812
  
Penn Virginia Corp.*,1
13,700
    
6,144
  
Solar3D, Inc.*
2,000
    
5,900
  
Tengasco, Inc.*
28,000
    
5,600
  
Vertex Energy, Inc.*,1
2,864
    
5,528
  
Barnwell Industries, Inc.*
2,400
    
5,196
  
Superior Drilling Products, Inc.*
4,500
    
5,175
  
Vantage Drilling Co.*
180,243
    
4,325
  
Royale Energy, Inc.*
8,500
    
3,825
  
Yuma Energy, Inc.*
12,200
    
3,632
  
Ascent Solar Technologies, Inc.*
30,500
    
3,453
  
Mexco Energy Corp.*
1,400
    
3,416
  
Lucas Energy, Inc.*
1,500
    
3,270
  
FieldPoint Petroleum Corp.*
3,800
    
3,268
  
Nuverra Environmental Solutions, Inc.*
3,929
    
3,234
  
ZaZa Energy Corp.*
16,400
    
3,034
  
US Energy Corp.*
11,600
    
2,787
  
GreenHunter Resources, Inc.*
16,000
    
2,720
  
Magellan Petroleum Corp.*
5,000
    
2,626
  
Hercules Offshore, Inc.*
394
    
1,466
  
Emerald Oil, Inc.*,1
897
    
1,363
  
Total Energy
      
633,597
  
Basic Materials - 1.2%
        
Landec Corp.*
3,980
    
50,984
  
Orchids Paper Products Co.
1,442
    
42,784
  
Oil-Dri Corporation of America
874
    
27,286
  
KMG Chemicals, Inc.
1,178
    
23,242
  
Uranium Energy Corp.*,1
15,278
    
16,500
  
United States Lime & Minerals, Inc.
300
    
15,543
  
Ikonics Corp.*,1
1,200
    
13,920
  
Northern Technologies International Corp.*
783
    
13,154
  
Ryerson Holding Corp.*,1
2,368
    
11,746
  
Charles & Colvard Ltd.*
9,500
    
11,495
  
Rare Element Resources Ltd.*
38,498
    
7,318
  
General Moly, Inc.*
26,700
    
7,185
  
Solitario Exploration & Royalty Corp.*
13,700
    
6,850
  
General Steel Holdings, Inc.*
3,860
    
4,014
  
Vista Gold Corp.*
11,500
    
3,049
  
Timberline Resources Corp.*
7,500
    
2,850
  
Verso Corp.*
5,327
    
192
  
Total Basic Materials
    
258,112
  
Utilities - 0.7%
        
York Water Co.
2,041
    
48,698
  
Artesian Resources Corp. — Class A
1,461
    
38,293
  
 
 
 
 
 
 
 
Wilshire Micro-Cap ETF
  
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2015
 
 
Shares
    
Value
  
COMMON STOCKS† - 99.4% (continued)
    
Utilities - 0.7% (continued)
      
Delta Natural Gas Company, Inc.
1,187
  
$
24,666
  
RGC Resources, Inc.
867
    
18,580
  
US Geothermal, Inc.*
22,982
    
13,559
  
Synthesis Energy Systems, Inc.*
13,125
    
11,681
  
Total Utilities
    
155,477
  
Diversified - 0.2%
        
Resource America, Inc. — Class A
7,225
    
42,194
  
Total Common Stocks
          
(Cost $22,143,238)
    
21,426,401
  
MASTER LIMITED PARTNERSHIPS† - 0.3%
    
Energy - 0.2%
        
NextEra Energy Partners, LP
1,400
    
36,204
  
Diversified - 0.1%
          
Landmark Infrastructure Partners, LP
1,700
    
24,820
  
Total Master Limited Partnerships
          
(Cost $63,208)
    
61,024
  
 
   
Face
        
   
Amount
    
Value
  
CONVERTIBLE BONDS - 0.0%**
      
Consumer, Non-cyclical -  0.0%**
    
Targacept, Inc.
      
0.00% due 02/19/18†††,2,3
 $
 6,475
   $
6,475
  
Total Convertible Bonds
        
(Cost $6,475)
    
6,475
  
             
 
  
Shares
    
Value
  
SECURITIES LENDING COLLATERAL†,4 - 14.2%
  
BNY Mellon Separately Managed Cash Collateral Account, 0.1139%
  
3,061,737
  
$
3,061,737
  
Total Securities Lending Collateral
      
(Cost $3,061,737)
    
3,061,737
  
Total Investments - 113.9%
      
(Cost $25,274,658)
  
$
24,555,637
  
Other Assets & Liabilities, net - (13.9)%
      
(2,996,197
)
Total Net Assets - 100.0%
$
21,559,440
  
 
 
 
 
 
 
 
*
Non-income producing security.
**
Less than 0.1%.
†
Value determined based on Level 1 inputs —See Note 2.
†††
Value determined based on Level 3 inputs —See Note 2.
1
All or portion of this security is on loan at November 30, 2015 - See Note 4.
2
Security was fair valued by the Valuation Committee at November 30, 2015.  The total market value of fair valued securities amounts to $6,475, (cost $6,475) or less than 0.0% of total net assets.
3
Zero coupon rate security.
4
Securities lending collateral - See Note 4.
 
REIT
Real Estate Investment Trust
 
See Sector Classification in Supplemental Information section.
 
The following table summarizes the inputs used to value the Fund’s net assets at November 30, 2015 (See Note 2 in the Notes to Schedule of Investments):
 
   
Level 1 Quoted
Prices
    
Level 2 Significant
Observable Inputs
    
Level 3 Significant
Unobservable Inputs
    
Total
  
Common Stocks
   $ 21,426,401     $ –     $ –     $ 21,426,401  
Master Limited Partnerships
     61,024       –       –       61,024  
Convertible Bonds
     -       –       6,475       6,475  
Securities Lending Collateral
     3,061,737       –       –       3,061,737  
Total
   $ 24,549,162     $ –     $ 6,475     $ 24,555,637  
 
The following is a summary of significant unobservable inputs used in the fair valuation of assets and liabilities categorized within Level 3 of the fair value hierarchy:
 
     
Ending Balance at
      
Fund
Category
  
11/30/2015
  
Valuation Technique
Unobservable Inputs
Wilshire Micro-Cap ETF
Convertible Bonds
   $ 6,475  
Model Price
Trade Price
 
Any remaining level 3 securities held by the Fund and excluded from the table above were not considered material to the Fund.
 
Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the current fiscal period.
 
For the period ended November 30, 2015, there were no transfers between levels.
 
Summary of Fair Value Level 3 Activity
Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value for the period ended November 30, 2015:
 
   
Convertible Bond
    
Rights
    
Total
  
Assets:
                  
Beginning Balance
   $ –     $ 2,021     $ 2,021  
Realized Gain/Loss
     –       (1,328 )     (1,328 )
Change in Unrealized Gain/Loss
     –       (693 )     (693 )
Corporate action
     6,475       –       6,475  
Ending Balance
   $ 6,475       –     $ 6,475  
 
 
 
 
 
 
 
Wilshire US REIT ETF
  
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2015
 
 
Shares
    
Value
  
COMMON STOCKS† - 99.8%
      
Financial - 99.8%
        
Simon Property Group, Inc.
8,017
  
$
1,493,085
  
Public Storage
3,761
    
902,866
  
Equity Residential
9,426
    
752,383
  
AvalonBay Communities, Inc.
3,421
    
621,904
  
Prologis, Inc.
13,269
    
567,249
  
Welltower, Inc.
8,959
    
566,119
  
Boston Properties, Inc.
3,969
    
496,085
  
Vornado Realty Trust
4,868
    
471,029
  
Ventas, Inc.
8,571
    
457,178
  
HCP, Inc.
11,938
    
424,157
  
Essex Property Trust, Inc.
1,687
    
389,343
  
Host Hotels & Resorts, Inc.
19,627
    
325,809
  
Macerich Co.
4,098
    
320,259
  
SL Green Realty Corp.
2,555
    
301,694
  
Kimco Realty Corp.
10,690
    
278,902
  
Extra Space Storage, Inc.
3,329
    
278,804
  
Federal Realty Investment Trust
1,779
    
260,659
  
General Growth Properties, Inc.
10,094
    
257,094
  
UDR, Inc.
6,705
    
247,482
  
Digital Realty Trust, Inc.
3,340
    
240,847
  
Duke Realty Corp.
8,932
    
181,766
  
Mid-America Apartment Communities, Inc.
1,951
    
172,781
  
Camden Property Trust
2,247
    
171,626
  
Regency Centers Corp.
2,439
    
164,340
  
Alexandria Real Estate Equities, Inc.
1,736
    
159,868
  
Apartment Investment & Management Co. — Class A
4,049
    
154,307
  
Kilroy Realty Corp.
2,238
    
149,342
  
DDR Corp.
8,321
    
141,873
  
Equity LifeStyle Properties, Inc.
2,183
    
136,175
  
Liberty Property Trust
3,858
    
130,786
  
CubeSmart
4,295
    
125,070
  
BioMed Realty Trust, Inc.
5,278
    
123,875
  
Taubman Centers, Inc.
1,640
    
117,867
  
American Campus Communities, Inc.
2,907
    
117,443
  
Douglas Emmett, Inc.
3,765
    
116,640
  
Weingarten Realty Investors
3,174
    
110,963
  
Highwoods Properties, Inc.
2,407
    
104,849
  
Hospitality Properties Trust
3,691
    
102,500
  
Strategic Hotels & Resorts, Inc.*
7,120
    
100,819
  
Equity Commonwealth*
3,361
    
92,831
  
Sovran Self Storage, Inc.
917
    
92,149
  
Sun Communities, Inc.
1,330
    
88,911
  
Senior Housing Properties Trust
6,088
    
87,972
  
DCT Industrial Trust, Inc.
2,286
    
87,257
  
RLJ Lodging Trust
3,418
    
83,399
  
LaSalle Hotel Properties
2,926
    
82,542
  
Columbia Property Trust, Inc.
3,241
    
81,219
  
Paramount Group, Inc.
4,342
    
79,806
  
Sunstone Hotel Investors, Inc.
5,402
    
79,301
  
Post Properties, Inc.
1,344
    
79,242
  
Piedmont Office Realty Trust, Inc. — Class A
3,999
    
77,941
  
 
 
Shares
    
Value
  
COMMON STOCKS† - 99.8% (continued)
    
Financial - 99.8% (continued)
      
Tanger Factory Outlet Centers, Inc.
2,326
  
$
77,479
  
American Homes 4 Rent — Class A
4,316
    
72,422
  
Ryman Hospitality Properties, Inc.
1,323
    
71,892
  
Healthcare Realty Trust, Inc.
2,576
    
70,041
  
Care Capital Properties, Inc.
2,143
    
67,826
  
Healthcare Trust of America, Inc. — Class A
2,567
    
67,024
  
Hudson Pacific Properties, Inc.
2,294
    
65,769
  
First Industrial Realty Trust, Inc.
2,869
    
65,557
  
Brandywine Realty Trust
4,656
    
64,067
  
Brixmor Property Group, Inc.
2,465
    
61,896
  
Urban Edge Properties
2,571
    
61,678
  
Acadia Realty Trust
1,766
    
59,232
  
Pebblebrook Hotel Trust
1,858
    
59,177
  
CyrusOne, Inc.
1,631
    
58,977
  
National Health Investors, Inc.
973
    
58,759
  
Kite Realty Group Trust
2,164
    
58,233
  
DiamondRock Hospitality Co.
5,195
    
57,820
  
CBL & Associates Properties, Inc.
4,411
    
57,652
  
DuPont Fabros Technology, Inc.
1,712
    
56,564
  
Cousins Properties, Inc.
5,608
    
55,127
  
Mack-Cali Realty Corp.
2,308
    
54,238
  
New York REIT, Inc.
4,569
    
52,589
  
WP GLIMCHER, Inc.
4,796
    
50,598
  
Equity One, Inc.
1,845
    
50,239
  
Parkway Properties, Inc.
2,879
    
49,173
  
Corporate Office Properties Trust
2,205
    
49,149
  
Washington Real Estate Investment Trust
1,765
    
48,555
  
EastGroup Properties, Inc.
834
    
48,547
  
CoreSite Realty Corp.
794
    
46,504
  
Education Realty Trust, Inc.
1,245
    
45,878
  
PS Business Parks, Inc.
509
    
45,006
  
Monogram Residential Trust, Inc.
4,375
    
43,663
  
Retail Opportunity Investments Corp.
2,369
    
43,329
  
American Assets Trust, Inc.
982
    
39,093
  
Empire State Realty Trust, Inc. — Class A
2,120
    
38,987
  
Pennsylvania Real Estate Investment Trust
1,788
    
38,549
  
Chesapeake Lodging Trust
1,398
    
37,970
  
Ramco-Gershenson Properties Trust
2,019
    
34,061
  
Sabra Health Care REIT, Inc.
1,535
    
31,744
  
Government Properties Income Trust REIT
1,823
    
30,863
  
Hersha Hospitality Trust
1,288
    
30,410
  
Summit Hotel Properties, Inc.
2,228
    
29,699
  
FelCor Lodging Trust, Inc.
3,394
    
27,220
  
Franklin Street Properties Corp.
2,466
    
25,819
  
 
 
 
 
 
 
 
Wilshire US REIT ETF
  
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2015
 
 
Shares
    
Value
  
COMMON STOCKS† - 99.8% (continued)
    
Financial - 99.8% (continued)
      
Terreno Realty Corp.
1,111
  
$
25,164
  
Inland Real Estate Corp.
2,602
    
25,005
  
Alexander's, Inc.
61
    
24,444
  
Investors Real Estate Trust
2,969
    
24,257
  
Retail Properties of America, Inc. — Class A
1,537
    
23,516
  
Chatham Lodging Trust
974
    
22,197
  
Urstadt Biddle Properties, Inc. — Class A
914
    
18,298
  
First Potomac Realty Trust
1,496
    
17,384
  
Saul Centers, Inc.
303
    
16,856
  
Ashford Hospitality Trust, Inc.
2,395
    
16,837
  
Universal Health Realty Income Trust
311
    
16,387
  
Cedar Realty Trust, Inc.
2,161
    
15,819
  
Rouse Properties, Inc.1
955
    
15,376
  
QTS Realty Trust, Inc. — Class A
363
    
15,326
  
Monmouth Real Estate Investment Corp.
1,405
    
14,640
  
Silver Bay Realty Trust Corp.
870
    
13,685
  
 
 
Shares
    
Value
  
COMMON STOCKS† - 99.8% (continued)
    
Financial - 99.8% (continued)
      
Campus Crest Communities, Inc.
1,658
  
$
11,109
  
Ashford Hospitality Prime, Inc.
745
    
10,579
  
American Residential Properties, Inc.
352
    
6,156
  
Total Financial
    
15,840,518
  
Total Common Stocks
        
(Cost $14,190,957)
    
15,840,518
  
SECURITIES LENDING COLLATERAL†,2 - 0.1%
    
BNY Mellon Separately Managed Cash Collateral Account, 0.1839%
15,661
    
15,661
  
Total Securities Lending Collateral
      
(Cost $15,661)
    
15,661
  
Total Investments – 99.9%
      
(Cost $14,206,618)
  
$
15,856,179
  
Other Assets & Liabilities, net - 0.1%
  
7,716
  
Total Net Assets - 100.0%
$
15,863,895
  
 
*
Non-income producing security.
†
Value determined based on Level 1 inputs — See Note 2.
1
All or portion of this security is on loan at November 30, 2015 — See Note 4.
2
Securities lending collateral — See Note 4.
 
REIT
Real Estate Investment Trust
 
See Sector Classification in Supplemental Information section.
 
The following table summarizes the inputs used to value the Fund’s net assets at November 30, 2015 (see Note 2 in the Notes to Schedule of Investments):
 
   
Level 1 Quoted
Prices
    
Level 2 Significant
Observable Inputs
    
Level 3 Significant
Unobservable Inputs
    
Total
  
Assets
                        
Common Stocks
   $ 15,840,518     $ –     $ –     $ 15,840,518  
Securities Lending Collateral
     15,661       –       –       15,661  
Total
   $ 15,856,179     $ –     $ –     $ 15,856,179  
 
Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the current fiscal period.
 
For the period ended November 30, 2015, there were no transfers between levels.
 
 
 
 
 
 
 
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)
 
For information on the Claymore Exchange–Traded Fund Trust’s (the “Trust”) policy regarding valuation of investments and other significant accounting policies, please refer to the Trust’s most recent semiannual or annual shareholder report.

1.  Significant Accounting Policies
The Trust operates as an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 Financial Services – Investment Companies.

The preparation of the financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from these estimates.

The following is a summary of the significant accounting policies followed by the Funds.

The Board of Trustees of the Funds (the “Board”) has adopted policies and procedures for the valuation of the Funds’ investments (the “Valuation Procedures”). Pursuant to the Valuation Procedures, the Board has delegated to a valuation committee, consisting of representatives from Guggenheim’s investment management, fund administration, legal and compliance departments (the “Valuation Committee”), the day-to-day responsibility for implementing the Valuation Procedures, including, under most circumstances, the responsibility for determining the fair value of the Funds’ securities or other assets.

Valuations of the Funds’ securities are supplied primarily by pricing services appointed pursuant to the processes set forth in the Valuation Procedures. The Valuation Committee convenes monthly, or more frequently as needed and will review the valuation of all assets which have been fair valued for reasonableness. The Funds’ officers, through the Valuation Committee and consistent with the monitoring and review responsibilities set forth in the Valuation Procedures, regularly review procedures used by, and valuations provided by, the pricing services.

If the pricing service cannot or does not provide a valuation for a particular investment or such valuation is deemed unreliable, such investment is fair valued by the Valuation Committee.

Equity securities listed on an exchange (New York Stock Exchange (“NYSE”) or American Stock Exchange) are valued at the last quoted sales price as of the close of U.S. business on the NYSE, usually 4:00 p.m. Eastern time on the valuation date. Equity securities listed on the NASDAQ market system are valued at the NASDAQ Official Closing Price on the valuation date, which may not necessarily represent the last sale price. If there has been no sale on such exchange or NASDAQ on such day, the security is valued at the mean of the most recent bid and ask prices on such day.

Open-end investment companies (“Mutual Funds”) are valued at their NAV as of the close of business on the valuation date. Exchange traded funds (“ETFs”) and closed-end investment companies are valued at the last quoted sale price.

Debt securities with a maturity of greater than 60 days at acquisition are valued at prices that reflect broker/dealer supplied valuations or are obtained from independent pricing services, which may consider the trade activity, treasury spreads, yields or price of bonds of comparable quality, coupon, maturity, and type, as well as prices quoted by dealers who make markets in such securities. Short-term securities with remaining maturities of 60 days or less are valued at market price, or if a market price is not available, at amortized cost, provided such amount approximates market value. Money market funds are valued at net asset value.

Generally, trading in foreign securities markets is substantially completed each day at various times prior to the close of the NYSE. The values of foreign securities are determined as of the close of such foreign markets or the close of the NYSE, if earlier. All investments quoted in foreign currency are valued in U.S. dollars on the basis of the foreign currency exchange rates prevailing at the close of U.S. business at 4:00 p.m. Eastern time. Investments in foreign securities may involve risks not present in domestic investments. The Valuation Committee will determine the current value of such foreign securities by taking into consideration certain factors which may include those discussed above, as well as the following factors, among others: the value of the securities traded on other foreign markets, ADR trading, closed-end fund trading, foreign currency exchange activity, and the trading prices of financial products that are tied to foreign securities such as World Equity Benchmark Securities. In addition, under the Valuation Procedures, the Valuation Committee and
 
 
 
 
 
 
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)
 
Guggenheim Funds Investment Advisors, LLC (“GFIA” or the “Investment Adviser”) are authorized to use prices and other information supplied by a third party pricing vendor in valuing foreign securities.
 
Investments for which market quotations are not readily available are fair valued as determined in good faith by the Investment Adviser, subject to review by the Valuation Committee, pursuant to methods established or ratified by the Board. Valuations in accordance with these methods are intended to reflect each security’s (or asset’s) “fair value.” Each such determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. Examples of such factors may include, but are not limited to: (i) the type of security, (ii) the initial cost of the security, (iii) the existence of any contractual restrictions on the security’s disposition, (iv) the price and extent of public trading in similar securities of the issuer or of comparable companies, (v) quotations or evaluated prices from broker/dealers and/or pricing services, (vi) information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange traded securities), (vii) an analysis of the company’s financial statements, and (viii) an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold (e.g. the existence of pending merger activity, public offerings or tender offers that might affect the value of the security).

2.  Fair Value Measurement
In accordance with GAAP, fair value is defined as the price that the Funds would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the investment or liability. GAAP establishes a three-tier fair value hierarchy based on the types of inputs used to value assets and liabilities and requires corresponding disclosure. The hierarchy and the corresponding inputs are summarized below:

Level 1 — quoted prices in active markets for identical assets or liabilities.

Level 2 — significant other observable inputs (for example quoted prices for securities that are similar based on characteristics such as interest rates, prepayment speeds, credit risk, etc.).

Level 3— significant unobservable inputs based on the best information available under the circumstances, to the extent observable inputs are not available, which may include assumptions.

The types of inputs available depend on a variety of factors, such as the type of security and the characteristics of the markets in which it trades, if any. Fair valuation determinations that rely on fewer or no observable inputs require greater judgment. Accordingly, fair value determinations for Level 3 securities require the greatest amount of judgment.

Independent pricing services are used to value a majority of the Funds’ investments. When values are not available from a pricing service, they will be determined under the valuation policies that have been reviewed and approved by the Board. In any event, values are determined using a variety of sources and techniques, including: market prices; broker quotes; and models which derive prices based on inputs such as prices of securities with comparable maturities and characteristics or based on inputs such as prices of securities with comparable maturities and characteristics or based on inputs such as anticipated cash flows or collateral spread over Treasuries, and other information and analysis.

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The suitability of the techniques and sources employed to determine fair valuation are regularly monitored and subject to change.

3.  Federal Income Taxes
As of November 30, 2015, cost and related gross unrealized appreciation and depreciation on investments for tax purposes are as follows:


 
 
 

 
   
Cost of
Investments
for Tax
Purposes
    
Gross Tax
Unrealized
Appreciation
    
Gross Tax
Unrealized
Depreciation
    
Net Tax
Unrealized
Appreciation
(Depreciation)
  
Guggenheim BRIC ETF
   $ 134,523,705     $ 11,013,439     $ (56,149,694 )   $ (45,136,255 )
Guggenheim Defensive Equity ETF
     192,363,399       9,850,915       (13,902,014 )     (4,051,099 )
Guggenheim Insider Sentiment ETF
     125,208,843       15,468,695       (11,159,514 )     4,309,181  
Guggenheim Mid-Cap Core ETF
     144,576,657       10,075,038       (7,637,515 )     2,437,523  
Guggenheim Multi-Asset Income ETF
     632,098,000       14,159,575       (82,520,046 )     (68,360,471 )
Guggenheim Raymond James SB-1 Equity ETF
     241,634,018       27,017,186       (23,507,511 )     3,509,675  
Guggenheim Spin-Off ETF
     434,513,528       32,511,443       (75,523,987 )     (43,012,544 )
Wilshire Micro-Cap ETF
     26,053,288       2,651,519       (4,149,170 )     (1,497,651 )
Wilshire US REIT ETF
     14,141,809       2,241,461       (527,091 )     1,714,370  

4.  Portfolio Securities Loaned
Each Fund may lend portfolio securities to certain creditworthy borrowers, including the Funds’ securities lending agent. The loans are collateralized at all times by cash and/or high grade debt obligations in an amount at least equal to 102% of the market value of domestic securities loaned and 105% of foreign securities loaned as determined at the close of business on the preceding business day. The cash collateral received is held in a separately managed account established for each respective Fund and maintained by the lending agent exclusively for the investment of securities lending cash collateral on behalf of each Fund. The separately managed accounts invest in short-term investments valued at amortized cost, which approximates market value. Each Fund receives compensation for lending securities from interest or dividends earned on the cash, cash equivalents or U.S. government securities held as collateral, net of fee rebates paid to the borrower plus reasonable administrative and custody fees paid to the lending agent. Such compensation is accrued daily and payable to the Fund monthly. The dividend and interest income earned on the securities loaned is accounted for in the same manner as other dividend and interest income. The borrower pays to the Funds an amount equal to any dividends or interest received on loaned securities. These payments from the borrower are not eligible for reduced tax rates as “qualified dividend income” under the Jobs and Growth Tax Reconciliation Act of 2003. The Funds retain all or a portion of the interest received on investment of cash collateral or receive a fee from the borrower. Lending portfolio securities could result in a loss or delay in recovering each Fund’s securities if the borrower defaults.

As of November 30, 2015, the Funds participated in securities lending as follows:

   
Value of
Securities
Loaned
    
Cash
Collateral
    
Non-cash
Collateral
    
Total
Collateral
  
Guggenheim BRIC ETF
   $ 6,025,218     $ 6,252,185     $ –     $ 6,252,185  
Guggenheim Defensive Equity ETF
     12,589,430       12,646,142       252,670       12,898,812  
Guggenheim Insider Sentiment ETF
     12,419,643       12,716,280       –       12,716,280  
Guggenheim Mid-Cap Core ETF
     3,413,825       3,490,146       –       3,490,146  
Guggenheim Multi-Asset Income ETF
     27,024,196       27,683,114       195,605       27,878,719  
Guggenheim Raymond James SB-1 Equity ETF
     10,478,966       10,734,980       –       10,734,980  
Guggenheim Spin-Off ETF
     34,876,719       35,707,021       –       35,707,021  
Wilshire Micro-Cap ETF
     2,934,398       3,061,737       –       3,061,737  
Wilshire US REIT ETF
     15,306       15,661       –       15,661  
 
 
 
 
 
 
 
SUPPLEMENTAL INFORMATION (Unaudited)
 
Sector Classification
Information in the “Schedule of Investments” is categorized by sectors using sector-level classifications used by Bloomberg Industry Classification System, a widely recognized industry classification system provider. In the Fund’s registration statement, the Fund has investment policies relating to concentration in specific industries. For purposes of these investment policies, the Fund usually classifies industries based on industry-level classifications used by widely recognized industry classification system providers such as Bloomberg Industry Classification System, Global Industry Classification Standards and Barclays Global Classification Scheme.
 
 
 
 
 

 
Item 2.    Controls and Procedures.

 
(a)
The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “Investment Company Act”)) as of a date within 90 days of the filing date of this report and have concluded, based on such evaluation, that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-Q was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

 
(b)
There was no change in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the registrant’s last fiscal quarter that has materially affected or is reasonably likely to materially affect the registrant’s internal control over financial reporting.

Item 3.    Exhibits.

A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)), is attached hereto.
 
 
 
 
 

 
SIGNATURES

 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Claymore Exchange-Traded Fund Trust
 
 
 
By:     /s/ Donald C. Cacciapaglia          
Donald C. Cacciapaglia
President and Chief Executive Officer
 
Date:  January 29, 2016
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
By:     /s/ Donald C. Cacciapaglia          
Donald C. Cacciapaglia
President and Chief Executive Officer

Date:  January 29, 2016
 
By:     /s/ John L. Sullivan                       
John L. Sullivan
Chief Financial Officer, Chief Accounting Officer and Treasurer
 
Date:  January 29, 2016