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, 2016 to November 30, 2016

Item 1. Schedule of Investments.

Attached hereto.

Guggenheim BRIC ETF
SCHEDULE OF INVESTMENTS (Unaudited)	November 30, 2016

	Shares		Value
COMMON STOCKS^† - 87.5%
Communications - 29.4%
Alibaba Group Holding Ltd. ADR^*	69,793	$	6,561,938
China Mobile Ltd.	350,950		3,829,993
Baidu, Inc. ADR^*	17,327		2,892,743
Ctrip.com International Ltd. ADR^*	38,793		1,754,608
JD.com, Inc. ADR^*	62,854		1,688,887
China Unicom Hong Kong Ltd.	731,351		888,183
China Telecom Corporation Ltd. — Class H	1,695,203		819,557
Vipshop Holdings Ltd. ADR^*,1	51,304		575,631
Mobile TeleSystems PJSC ADR	64,362		503,955
58.com, Inc. ADR^*,1	10,632		340,968
Weibo Corp. ADR^*	5,679		291,389
TIM Participacoes S.A. ADR	20,415		248,246
Mail.Ru Group Ltd. GDR^*	13,421		241,578
VimpelCom Ltd. ADR¹	59,772		200,834
YY, Inc. ADR^*	4,407		190,691
Sistema PJSC FC GDR	22,467		185,577
Autohome, Inc. ADR^*	6,168		170,113
MegaFon OAO GDR	15,303		133,901
Tuniu Corp ADR^*,1	14,604		132,604
21Vianet Group, Inc. ADR^*,1	16,060		126,071
Bitauto Holdings Ltd. ADR^*,1	5,423		122,289
Fang Holdings Ltd. ADR^*,1	32,810		96,133
Total Communications			21,995,889
Energy - 20.4%
Gazprom PJSC ADR	395,239		1,821,656
China Petroleum & Chemical Corp. — Class H	2,601,996		1,818,157
Petroleo Brasileiro S.A. ADR^*	158,971		1,728,015
LUKOIL PJSC ADR	33,007		1,617,343
CNOOC Ltd.	1,224,354		1,543,731
PetroChina Company Ltd. — Class H	2,256,011		1,532,772
Tatneft PJSC ADR	31,020		1,128,508
Ultrapar Participacoes S.A. ADR¹	51,373		1,042,358
Novatek OJSC GDR	8,169		964,759
Rosneft PJSC GDR^*	142,987		752,112
Surgutneftegas OJSC ADR	115,614		525,466
Reliance Industries Ltd. GDR²	8,612		246,734
Yanzhou Coal Mining Company Ltd. — Class H¹	240,580		168,107
Trina Solar Ltd. ADR^*,1	13,811		129,961
JinkoSolar Holding Company Ltd. ADR^*,1	7,890		111,565
JA Solar Holdings Company Ltd. ADR^*,1	19,388		105,471
Total Energy			15,236,715
Financial - 11.1%
Sberbank of Russia PJSC ADR	176,615		1,770,566
HDFC Bank Ltd. ADR	27,027		1,743,782
China Life Insurance Company Ltd. — Class H	567,933		1,651,085
ICICI Bank Ltd. ADR	171,256		1,342,647
VTB Bank PJSC GDR	312,033		654,333
Axis Bank Ltd. GDR	11,829		410,466
State Bank of India GDR	6,173		232,105

	Shares		Value
COMMON STOCKS^† - 87.5% (continued)
Financial - 11.1% (continued)
Banco Santander Brasil S.A. ADR¹	21,784	$	179,718
PIK Group PJSC GDR^*	37,762		161,621
Xinyuan Real Estate Co. Ltd. ADR^*	20,747		114,731
Total Financial			8,261,054
Consumer, Non-cyclical - 7.6%
Ambev S.A. ADR	287,791		1,436,077
Magnit PJSC GDR	30,984		1,248,036
BRF S.A. ADR	73,428		1,118,308
Dr Reddy's Laboratories Ltd. ADR	10,138		473,749
TAL Education Group ADR^*	5,721		437,828
X5 Retail Group N.V. GDR^*	13,009		390,270
Tarena International, Inc.^*,1	10,092		169,444
BeiGene Ltd^*,1	4,764		151,019
Ros Agro plc GDR	10,742		135,349
QIWI plc ADR^*	9,405		125,087
Total Consumer, Non-cyclical			5,685,167
Technology - 7.3%
Infosys Ltd. ADR	129,899		1,880,937
NetEase, Inc. ADR	7,607		1,704,729
Wipro Ltd. ADR¹	71,948		689,981
Semiconductor Manufacturing International Corp.^*	4,323,050		585,201
Momo, Inc. ADR^*	9,240		198,891
WNS Holdings Ltd. ADR^*	6,325		158,315
Changyou.com Ltd. ADR^*	5,905		142,488
NQ Mobile, Inc. — Class A ADR^*,1	34,944		131,040
Total Technology			5,491,582
Basic Materials - 6.4%
MMC Norilsk Nickel PJSC ADR	82,230		1,379,819
Vale S.A. ADR	157,371		1,336,080
Severstal PJSC GDR	22,474		338,683
Vedanta Ltd. ADR^*	24,166		323,824
Cia Siderurgica Nacional S.A. ADR^*,1	86,955		306,951
Fibria Celulose S.A. ADR	29,278		266,430
Sinopec Shanghai Petrochemical Company Ltd. — Class H	447,611		235,444
Aluminum Corporation of China Ltd. — Class H^*,1	509,640		227,335
Novolipetsk Steel PJSC GDR	10,916		201,400
PhosAgro PJSC GDR	10,904		149,930
Total Basic Materials			4,765,896
Consumer, Cyclical - 2.5%
Tata Motors Ltd. ADR	24,555		812,034
Lenta Ltd. GDR^*	35,767		277,194
China Lodging Group Ltd. ADR^*	4,024		210,777
Qunar Cayman Islands Ltd. ADR^*,1	6,262		188,048
China Southern Airlines Company Ltd. — Class H	239,898		137,629
China Eastern Airlines Corporation Ltd. — Class H	271,204		131,815
500.com Ltd. ADR^*,1	7,714		107,225
Total Consumer, Cyclical			1,864,722

Guggenheim BRIC ETF
SCHEDULE OF INVESTMENTS (Unaudited)	November 30, 2016

	Shares		Value
COMMON STOCKS^† - 87.5% (continued)
Utilities - 1.9%
CPFL Energia S.A. ADR¹	40,427	$	580,127
Cia de Saneamento Basico do Estado de Sao Paulo ADR	42,918		377,679
Huaneng Power International, Inc. — Class H	535,706		335,651
Cia Paranaense de Energia ADR	13,244		112,839
Total Utilities			1,406,296
Industrial - 0.9%
Embraer S.A. ADR	20,927		409,960
Guangshen Railway Company Ltd. — Class H	265,466		140,320
Larsen & Toubro Ltd. GDR	6,358		126,842
Total Industrial			677,122
Total Common Stocks
(Cost $80,238,526)			65,384,443
PREFERRED STOCKS^† - 12.5%
Financial - 5.0%
Itau Unibanco Holding S.A. ADR	206,185		2,131,953
Banco Bradesco S.A. AD	182,152		1,575,615
Total Financial			3,707,568
Basic Materials - 3.2%
Vale S.A. ADR	238,787		1,790,903
Gerdau S.A. ADR	113,559		458,778

	Shares		Value
PREFERRED STOCKS^† - 12.5% (continued)
Basic Materials - 3.2% (continued)
Braskem S.A. ADR¹	9,629	$	157,049
Total Basic Materials			2,406,730
Energy - 2.6%
Petroleo Brasileiro S.A. ADR^*	208,968		1,960,120
^*	–		–
Communications - 0.9%
Telefonica Brasil S.A. ADR	50,960		665,028
	–		–
Consumer, Non-cyclical - 0.5%
Cia Brasileira de Distribuicao ADR	20,973		333,890
	–		–
Utilities - 0.3%
Cia Energetica de Minas Gerais ADR	106,596		239,841
	–		–
Total Preferred Stocks
(Cost $23,016,723)			9,313,177
SECURITIES LENDING COLLATERAL^††,³ - 3.5%

Joint Repurchase Agreements	Face Amount		Value
HSBC Securities (USA), Inc. issued 11/30/16 at 0.27% due 12/01/16	$ 626,041	$	626,041
Mizuho Securities (USA), Inc. issued 11/30/16 at 0.28% due 12/01/16	626,041		626,041
RBC Dominion Securities, Inc. issued 11/30/16 at 0.29% due 12/01/16	551,042		551,042
Merrill Lynch, Pierce, Fenner & Smith, Inc. issued 11/30/16 at 0.26% due 12/01/16	542,635		542,635
Citigroup Global Markets, Inc. issued 11/30/16 at 0.28% due 12/01/16	268,282		268,282

Total Securities Lending Collateral
(Cost $2,614,041)		2,614,041
Total Investments - 103.5%
(Cost $105,869,290)	$	77,311,661
Other Assets & Liabilities, net - (3.5)%		(2,600,093)
Total Net Assets - 100.0%	$	74,711,568

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 2.
††	Value determined based on Leveil 2 inputs — See Note 2.
1	All or portion of this security is on loan at November 30, 2016 — 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 $246,734 (cost $245,903), or 0.3% 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 investments at November 30, 2016 (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	$	65,384,443	$	—	$	—	$	65,384,443
Preferred Stocks		9,313,177		—		—		9,313,177
Securities Lending Collateral		—		2,614,041		—		2,614,041
Total	$	74,697,620	$	2,614,041	$	—	$	77,311,661

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, 2016, there were no transfers between levels.

Guggenheim Defensive Equity ETF
SCHEDULE OF INVESTMENTS (Unaudited)	November 30, 2016

	Shares		Value
COMMON STOCKS^† - 99.3%
Consumer, Non-cyclical - 27.2%
Automatic Data Processing, Inc.	18,603	$	1,786,260
Reynolds American, Inc.	32,905		1,780,161
Sysco Corp.	31,523		1,678,600
Hologic, Inc.^*	43,278		1,656,682
Danaher Corp.	21,091		1,648,684
Total System Services, Inc.	33,206		1,634,399
Merck & Company, Inc.	26,619		1,628,817
Western Union Co.	76,874		1,616,660
Altria Group, Inc.	25,083		1,603,556
Becton Dickinson and Co.	9,415		1,592,076
Mondelez International, Inc. — Class A	38,384		1,582,957
Intuitive Surgical, Inc.^*	2,425		1,561,070
Thermo Fisher Scientific, Inc.	11,120		1,558,023
Johnson & Johnson	13,992		1,557,310
Dr Pepper Snapple Group, Inc.	17,889		1,551,692
Avery Dennison Corp.	21,365		1,539,562
Constellation Brands, Inc. — Class A	10,082		1,523,793
Kimberly-Clark Corp.	13,169		1,522,469
Kraft Heinz Co.	18,639		1,521,874
McCormick & Company, Inc.	16,637		1,517,294
Henry Schein, Inc.^*	10,179		1,516,264
Hormel Foods Corp.	43,972		1,505,601
Clorox Co.	12,924		1,493,497
AmerisourceBergen Corp. — Class A	19,072		1,487,425
Estee Lauder Companies, Inc. — Class A	18,972		1,474,124
Cardinal Health, Inc.	20,620		1,464,226
Eli Lilly & Co.	21,295		1,429,320
Medtronic plc	19,426		1,418,292
Amgen, Inc.	9,808		1,413,039
Total Consumer, Non-cyclical			45,263,727
Financial - 18.3%
PNC Financial Services Group, Inc.	18,509		2,045,985
People's United Financial, Inc.	102,798		1,924,379
Discover Financial Services	28,108		1,904,878
U.S. Bancorp	38,332		1,902,034
American Express Co.	25,284		1,821,459
T. Rowe Price Group, Inc.	24,136		1,787,512
Wells Fargo & Co.	33,626		1,779,488
Progressive Corp.	51,781		1,724,307
Mastercard, Inc. — Class A	16,808		1,717,778
Marsh & McLennan Companies, Inc.	24,582		1,703,778
Allstate Corp.	24,101		1,685,142
Willis Towers Watson plc	13,019		1,619,173
Visa, Inc. — Class A	20,105		1,554,519
Public Storage REIT	7,407		1,550,285
Digital Realty Trust, Inc. REIT¹	16,441		1,517,998
Extra Space Storage, Inc. REIT	20,246		1,420,459
Kimco Realty Corp. REIT	54,727		1,397,728
Realty Income Corp. REIT	24,615		1,364,656
Total Financial			30,421,558
Industrial - 17.5%
J.B. Hunt Transport Services, Inc.	20,878		1,991,135

	Shares		Value
COMMON STOCKS^† - 99.3% (continued)
Industrial - 17.5% (continued)
FLIR Systems, Inc.	53,899	$	1,935,513
Boeing Co.	12,617		1,899,616
Ingersoll-Rand plc	24,941		1,859,102
Snap-on, Inc.	11,060		1,849,232
Lockheed Martin Corp.	6,934		1,839,244
Waste Management, Inc.	26,104		1,814,750
Emerson Electric Co.	31,702		1,789,261
Raytheon Co.	11,954		1,787,601
Mettler-Toledo International, Inc.^*	4,114		1,695,050
Stanley Black & Decker, Inc.	13,643		1,618,469
Allegion plc	23,608		1,579,611
Agilent Technologies, Inc.	35,524		1,562,346
PerkinElmer, Inc.	30,719		1,558,067
Masco Corp.	47,436		1,501,349
Fortune Brands Home & Security, Inc.	26,768		1,476,255
Waters Corp.^*	10,510		1,414,331
Total Industrial			29,170,932
Consumer, Cyclical - 16.1%
Darden Restaurants, Inc.	26,594		1,949,340
Target Corp.	23,806		1,838,775
General Motors Co.	52,479		1,812,100
Dollar General Corp.	23,325		1,803,489
AutoZone, Inc.^*	2,286		1,790,350
Hasbro, Inc.	20,251		1,729,233
Walgreens Boots Alliance, Inc.	20,193		1,710,953
McDonald's Corp.	14,314		1,707,231
Home Depot, Inc.	12,603		1,630,828
O'Reilly Automotive, Inc.^*	5,919		1,624,766
Genuine Parts Co.	16,686		1,605,694
Ford Motor Co.	131,776		1,576,041
Lowe's Companies, Inc.	22,184		1,565,081
Mohawk Industries, Inc.^*	7,740		1,528,186
Tractor Supply Co.	20,035		1,504,027
CVS Health Corp.	17,878		1,374,639
Total Consumer, Cyclical			26,750,733
Communications - 7.5%
F5 Networks, Inc.^*	13,898		1,956,144
Twenty-First Century Fox, Inc. — Class A	68,645		1,929,611
Walt Disney Co.	17,859		1,770,184
Comcast Corp. — Class A	25,223		1,753,251
Interpublic Group of Companies, Inc.	72,261		1,739,322
VeriSign, Inc.^*	21,712		1,711,991
Alphabet, Inc. — Class C^*	2,145		1,625,996
Total Communications			12,486,499
Technology - 7.0%
Accenture plc — Class A	14,538		1,736,273
Apple, Inc.	15,444		1,706,871
Fiserv, Inc.^*	16,228		1,697,773
Adobe Systems, Inc.^*	16,248		1,670,457
Oracle Corp.	40,571		1,630,549
Paychex, Inc.	27,195		1,603,145
CA, Inc.	48,721		1,557,123
Total Technology			11,602,191
Utilities - 4.8%
CenterPoint Energy, Inc.	71,857		1,714,508

Guggenheim Defensive Equity ETF
SCHEDULE OF INVESTMENTS (Unaudited)	November 30, 2016

	Shares		Value
COMMON STOCKS^† - 99.3% (continued)
Utilities - 4.8% (continued)
Pinnacle West Capital Corp.	21,749	$	1,607,903
FirstEnergy Corp.	50,515		1,580,614
Sempra Energy	15,782		1,575,044
Duke Energy Corp.	20,779		1,532,867
Total Utilities			8,010,936

	Shares		Value
COMMON STOCKS^† - 99.3% (continued)
Utilities - 4.8% (continued)
Basic Materials - 0.9%
Sherwin-Williams Co.	5,842	$	1,569,570
Total Common Stocks
(Cost $159,663,501)			165,276,146
Other Assets & Liabilities, net - 0.7%			1,083,240
Total Net Assets - 100.0%		$	166,359,386

*	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, 2016 — See Note 4.

plc	Public Limited Company

See Sector Classification in Supplemental Information section.

The following table summarizes the inputs used to value the Fund's investments at November 30, 2016 (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	$	165,276,146	$	—	$	—	$	165,276,146
Total	$	165,276,146	$	—	$	—	$	165,276,146

For the period ended November 30, 2016, there were no transfers between levels.

Guggenheim Dow Jones Industrial Average Dividend ETF
SCHEDULE OF INVESTMENTS (Unaudited)	November 30, 2016

	Shares		Value
COMMON STOCKS^† - 99.6%
Consumer, Non-cyclical - 20.1%
Pfizer, Inc.	5,087	$	163,496
Coca-Cola Co.	3,836		154,783
Procter & Gamble Co.	1,790		147,603
Merck & Company, Inc.	2,358		144,286
Johnson & Johnson	1,140		126,882
UnitedHealth Group, Inc.	692		109,557
Total Consumer, Non-cyclical			846,607
Industrial - 19.6%
Caterpillar, Inc.	2,340		223,610
Boeing Co.	1,320		198,739
General Electric Co.	4,919		151,309
United Technologies Corp.	1,215		130,880
3M Co.	710		121,935
Total Industrial			826,473
Technology - 13.7%
International Business Machines Corp.	1,139		184,769
Intel Corp.	4,113		142,721
Microsoft Corp.	2,243		135,163
Apple, Inc.	1,049		115,936
Total Technology			578,589
Financial - 12.2%
JPMorgan Chase & Co.	2,147		172,125
Travelers Companies, Inc.	992		112,443
Goldman Sachs Group, Inc.	458		100,435

	Shares		Value
COMMON STOCKS^† - 99.6% (continued)
Financial - 12.2% (continued)
American Express Co.	1,367	$	98,479
Visa, Inc. — Class A	428		33,093
Total Financial			516,575
Consumer, Cyclical - 10.8%
McDonald's Corp.	1,352		161,253
Wal-Mart Stores, Inc.	2,003		141,071
Home Depot, Inc.	810		104,814
NIKE, Inc. — Class B	1,010		50,571
Total Consumer, Cyclical			457,709
Communications - 10.7%
Verizon Communications, Inc.	4,191		209,131
Cisco Systems, Inc.	5,393		160,819
Walt Disney Co.	819		81,179
Total Communications			451,129
Energy - 9.7%
Chevron Corp.	2,114		235,838
Exxon Mobil Corp.	1,994		174,076
Total Energy			409,914
Basic Materials - 2.8%
EI du Pont de Nemours & Co.	1,605		118,144
Total Common Stocks
(Cost $4,038,345)			4,205,140
Total Investments - 99.6%
(Cost $4,038,345)		$	4,205,140
Other Assets & Liabilities, net - 0.4%			18,061
Total Net Assets - 100.0%		$	4,223,201

†	Value determined based on Level 1 inputs — See Note 2.


See Sector Classification in Supplemental Information section.

The following table summarizes the inputs used to value the Fund's investments at November 30, 2016 (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	$	4,205,140	$	—	$	—	$	4,205,140
Total	$	4,205,140	$	—	$	—	$	4,205,140

For the period ended November 30, 2016, there were no transfers between levels.

Guggenheim Insider Sentiment ETF
SCHEDULE OF INVESTMENTS (Unaudited)	November 30, 2016

	Shares		Value
COMMON STOCKS^† - 99.7%
Consumer, Non-cyclical - 22.6%
Cintas Corp.	6,457	$	739,972
IDEXX Laboratories, Inc.^*	6,133		721,547
WEX, Inc.^*	6,492		717,431
Live Nation Entertainment, Inc.^*	25,104		694,879
Merck & Company, Inc.	11,105		679,515
DENTSPLY SIRONA, Inc.	11,641		677,273
Zoetis, Inc.	13,391		674,639
Conagra Brands, Inc.	18,346		673,115
S&P Global, Inc.	5,631		670,033
Procter & Gamble Co.	8,106		668,421
Kellogg Co.	9,266		667,152
Johnson & Johnson	5,989		666,576
AmerisourceBergen Corp. — Class A	8,511		663,773
Post Holdings, Inc.^*	8,600		656,438
Avery Dennison Corp.	9,056		652,575
Intuitive Surgical, Inc.^*	1,010		650,178
Baxter International, Inc.	14,258		632,628
Laboratory Corporation of America Holdings^*	4,912		618,175
Hill-Rom Holdings, Inc.	11,527		614,850
Spectrum Brands Holdings, Inc.	5,124		614,316
Boston Scientific Corp.^*	29,875		611,243
Medtronic plc	8,177		597,003
Tyson Foods, Inc. — Class A	9,856		559,919
Zimmer Biomet Holdings, Inc.	5,361		546,071
Total Consumer, Non-cyclical			15,667,722
Financial - 18.3%
Chimera Investment Corp. REIT	44,926		761,945
Colony Starwood Homes REIT	24,405		745,573
Validus Holdings Ltd.	13,655		742,013
Erie Indemnity Co. — Class A	6,748		723,183
Hudson Pacific Properties, Inc. REIT	20,644		719,856
Alexandria Real Estate Equities, Inc. REIT	6,461		708,061
Endurance Specialty Holdings Ltd.	7,482		689,840
Camden Property Trust REIT	8,761		689,578
American Homes 4 Rent — Class A REIT	32,364		681,909
Liberty Property Trust REIT	17,053		671,888
Gramercy Property Trust REIT	73,771		644,759
Piedmont Office Realty Trust, Inc. — Class A REIT	32,607		640,401
Sun Communities, Inc. REIT	8,820		636,539
EPR Properties REIT	9,103		633,023
Healthcare Realty Trust, Inc. REIT	21,111		620,241
Physicians Realty Trust REIT	33,789		612,257
American Tower Corp. — Class A REIT	5,984		611,984
CyrusOne, Inc. REIT	14,098		601,703
Senior Housing Properties Trust REIT	31,748		573,369
Total Financial			12,708,122
Technology - 15.6%
Veeva Systems, Inc. — Class A^*	17,563		816,328
Medidata Solutions, Inc.^*	14,057		776,368

	Shares		Value
COMMON STOCKS^† - 99.7% (continued)
Technology - 15.6% (continued)
Aspen Technology, Inc.^*	14,495	$	765,771
Lam Research Corp.	7,095		752,212
Computer Sciences Corp.	12,386		750,963
Xilinx, Inc.	13,724		740,822
Monolithic Power Systems, Inc.	8,936		733,109
CDK Global, Inc.	12,555		724,424
PTC, Inc.^*	14,827		722,223
Fiserv, Inc.^*	6,901		721,982
Fidelity National Information Services, Inc.	9,136		705,208
Cadence Design Systems, Inc.^*	26,631		699,863
Workday, Inc. — Class A^*	7,803		657,949
Fair Isaac Corp.	5,573		633,594
Tyler Technologies, Inc.^*	4,240		631,336
Total Technology			10,832,152
Industrial - 15.0%
XPO Logistics, Inc.^*	19,938		887,839
CLARCOR, Inc.	11,242		791,999
Northrop Grumman Corp.	3,163		789,643
Lockheed Martin Corp.	2,966		786,732
Huntington Ingalls Industries, Inc.	4,373		781,717
Harris Corp.	7,547		781,567
Waste Management, Inc.	11,007		765,207
Flowserve Corp.	15,717		745,772
Sonoco Products Co.	13,461		728,644
Amphenol Corp. — Class A	10,332		705,262
BWX Technologies, Inc.	17,750		695,090
Allegion plc	10,220		683,820
TransDigm Group, Inc.	2,648		665,787
Waters Corp.^*	4,371		588,205
Total Industrial			10,397,284
Utilities - 11.7%
American Water Works Co., Inc.	9,581		694,335
Ameren Corp.	14,134		694,263
NorthWestern Corp.	12,308		690,479
DTE Energy Co.	7,381		687,097
UGI Corp.	15,304		685,619
Portland General Electric Co.	16,394		681,990
Pinnacle West Capital Corp.	9,192		679,565
ONE Gas, Inc.	11,254		675,353
PG&E Corp.	11,293		664,028
WEC Energy Group, Inc.	11,839		663,102
NiSource, Inc.	30,161		661,732
Southern Co.	13,552		634,505
Total Utilities			8,112,068
Energy - 4.4%
WPX Energy, Inc.^*	53,438		830,426
Devon Energy Corp.	16,012		773,860
Chevron Corp.	6,746		752,584
Diamondback Energy, Inc.^*	6,721		724,860
Total Energy			3,081,730
Communications - 4.1%
Comcast Corp. — Class A	10,689		742,992
Charter Communications, Inc. — Class A^*	2,663		733,151
Verizon Communications, Inc.	14,001		698,650
Symantec Corp.	28,403		692,749
Total Communications			2,867,542

Guggenheim Insider Sentiment ETF
SCHEDULE OF INVESTMENTS (Unaudited)	November 30, 2016

	Shares		Value
COMMON STOCKS^† - 99.7% (continued)
Basic Materials - 4.1%
FMC Corp.	14,279	$	801,337
NewMarket Corp.	1,711		715,899
Ashland Global Holdings, Inc.	6,124		690,175
Newmont Mining Corp.	18,524		600,919
Total Basic Materials			2,808,330
Consumer, Cyclical - 3.9%
Dick's Sporting Goods, Inc.	12,120		715,929
Copart, Inc.^*	12,721		696,093

	Shares		Value
COMMON STOCKS^† - 99.7% (continued)
Consumer, Cyclical - 3.9% (continued)
Vail Resorts, Inc.	4,360	$	690,624
Newell Brands, Inc.	13,100		615,831
Total Consumer, Cyclical			2,718,477
Total Common Stocks
(Cost $67,625,046)			69,193,427
Other Assets & Liabilities, net - 0.3%			230,589
Total Net Assets - 100.0%		$	69,424,016

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 2.

plc	Public Limited Company

See Sector Classification in Supplemental Information section.

The following table summarizes the inputs used to value the Fund's investments at November 30, 2016 (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	$	69,193,427	$	—	$	—	$	69,193,427
Total	$	69,193,427	$	—	$	—	$	69,193,427

For the period ended November 30, 2016, there were no transfers between levels.

Guggenheim Large Cap Optimized Diversification ETF
SCHEDULE OF INVESTMENTS (Unaudited)	November 30, 2016

	Shares		Value
COMMON STOCKS^† - 99.7%
Consumer, Non-cyclical - 34.6%
Humana, Inc.	76	$	16,161
Reynolds American, Inc.	275		14,877
Envision Healthcare Holdings, Inc.^*	636		14,450
United Therapeutics Corp.^*	112		14,068
Sysco Corp.	263		14,005
ServiceMaster Global Holdings, Inc.^*	366		13,989
Alere, Inc.^*	349		13,862
Whole Foods Market, Inc.	449		13,645
Verisk Analytics, Inc. — Class A^*	164		13,625
Zoetis, Inc.	267		13,451
Hershey Co.	137		13,240
Altria Group, Inc.	206		13,170
Premier, Inc. — Class A^*	431		12,990
Intuitive Surgical, Inc.^*	20		12,875
Procter & Gamble Co.	156		12,864
HCA Holdings, Inc.^*	181		12,831
Campbell Soup Co.	225		12,800
Dr Pepper Snapple Group, Inc.	146		12,664
Kraft Heinz Co.	152		12,411
Blue Buffalo Pet Products, Inc.^*	529		12,394
JM Smucker Co.	96		12,091
Clorox Co.	104		12,018
Kellogg Co.	166		11,952
Monster Beverage Corp.^*	267		11,948
Vertex Pharmaceuticals, Inc.^*	144		11,752
Eli Lilly & Co.	175		11,746
Mead Johnson Nutrition Co. — Class A	160		11,534
Herbalife Ltd.^*	225		11,032
Kroger Co.	325		10,497
Tyson Foods, Inc. — Class A	181		10,283
Post Holdings, Inc.^*	133		10,152
Coty, Inc. — Class A	506		9,467
Endo International plc^*	583		9,334
Conagra Brands, Inc.	210		7,705
Ionis Pharmaceuticals, Inc.^*	168		7,352
Allergan plc	31		6,023
Lamb Weston Holdings, Inc.^*	70		2,344
AmerisourceBergen Corp. — Class A	30		2,340
Cooper Companies, Inc.	11		1,809
Constellation Brands, Inc. — Class A	4		605
Total Consumer, Non-cyclical			442,356
Consumer, Cyclical - 22.2%
Kohl's Corp.	307		16,526
Best Buy Company, Inc.	355		16,223
Six Flags Entertainment Corp.	280		16,139
Scotts Miracle-Gro Co. — Class A	165		15,060
Target Corp.	194		14,985
Dollar Tree, Inc.^*	165		14,546
Rite Aid Corp.^*	1,812		14,424
Dollar General Corp.	186		14,382
Walgreens Boots Alliance, Inc.	169		14,319
Ulta Salon Cosmetics & Fragrance, Inc.^*	55		14,273
AutoZone, Inc.^*	18		14,097

	Shares		Value
COMMON STOCKS^† - 99.7% (continued)
Consumer, Cyclical - 22.2% (continued)
McDonald's Corp.	118	$	14,074
Wal-Mart Stores, Inc.	191		13,452
Sally Beauty Holdings, Inc.^*	501		13,121
Chipotle Mexican Grill, Inc. — Class A^*	33		13,079
Carter's, Inc.	143		13,054
Costco Wholesale Corp.	84		12,609
Urban Outfitters, Inc.^*	381		12,040
Vail Resorts, Inc.	65		10,296
Panera Bread Co. — Class A^*	46		9,757
Tesla Motors, Inc.^*	28		5,303
Allison Transmission Holdings, Inc.	56		1,858
Total Consumer, Cyclical			283,617
Financial - 14.5%
RenaissanceRe Holdings Ltd.	114		14,884
CBOE Holdings, Inc.	199		13,711
Ares Capital Corp.¹	844		13,538
AGNC Investment Corp. REIT	707		13,193
Annaly Capital Management, Inc. REIT	1,274		13,020
American Campus Communities, Inc. REIT	272		12,814
CubeSmart REIT	496		12,226
Equity LifeStyle Properties, Inc. REIT	176		12,220
National Retail Properties, Inc. REIT	272		11,609
Spirit Realty Capital, Inc. REIT	1,030		11,114
Omega Healthcare Investors, Inc. REIT	377		11,106
VEREIT, Inc. REIT	1,306		10,827
Erie Indemnity Co. — Class A	91		9,752
American Capital Ltd.^*	562		9,739
Apple Hospitality REIT, Inc.	450		8,298
Iron Mountain, Inc. REIT	150		4,950
Realty Income Corp. REIT	49		2,717
Total Financial			185,718
Communications - 8.2%
Netflix, Inc.^*	140		16,380
Charter Communications, Inc. — Class A^*	53		14,591
Twitter, Inc.^*	710		13,128
Palo Alto Networks, Inc.^*	97		13,034
Facebook, Inc. — Class A^*	108		12,789
Frontier Communications Corp.	2,966		10,826
TripAdvisor, Inc.^*	168		8,111
Match Group, Inc.^*	437		7,857
Verizon Communications, Inc.	76		3,792
AT&T, Inc.	93		3,593
GoDaddy, Inc. — Class A^*	27		954
Total Communications			105,055
Utilities - 5.4%
Edison International	188		12,929
Consolidated Edison, Inc.	181		12,628
Duke Energy Corp.	171		12,615
Southern Co.	266		12,454
Avangrid, Inc.	328		11,864

Guggenheim Large Cap Optimized Diversification ETF
SCHEDULE OF INVESTMENTS (Unaudited)	November 30, 2016

	Shares		Value
COMMON STOCKS^† - 99.7% (continued)
Utilities - 5.4% (continued)
Exelon Corp.	185	$	6,014
Total Utilities			68,504
Technology - 4.7%
CSRA, Inc.	537		17,189
Apple, Inc.	129		14,257
Black Knight Financial Services, Inc. — Class A^*	350		12,950
athenahealth, Inc.^*	111		10,501
VMware, Inc. — Class A^*	66		5,355
Total Technology			60,252
Industrial - 4.7%
Orbital ATK, Inc.	181		15,445
Republic Services, Inc. — Class A	270		14,982
Waste Management, Inc.	213		14,808
CH Robinson Worldwide, Inc.	197		14,745
Total Industrial			59,980
Energy - 4.4%
Targa Resources Corp.	313		16,680
Antero Resources Corp.^*	534		13,078
Range Resources Corp.	354		12,454

	Shares		Value
COMMON STOCKS^† - 99.7% (continued)
Energy - 4.4% (continued)
Kinder Morgan, Inc.	550	$	12,210
Southwestern Energy Co.^*	158		1,793
Total Energy			56,215
Basic Materials - 1.0%
Newmont Mining Corp.	357		11,581
CF Industries Holdings, Inc.	51		1,476
Total Basic Materials			13,057
Total Common Stocks
(Cost $1,342,138)			1,274,754
SECURITIES LENDING COLLATERAL^††^,2 - 0.7%

Joint Repurchase Agreements	Face Amount			Value
Merrill Lynch, Pierce, Fenner & Smith, Inc. issued 11/30/16 at 0.28% due 12/01/16	$ 9,026		$	9,026

Total Securities Lending Collateral
(Cost $9,026)		9,026
Total Investments - 100.4%
(Cost $1,351,164)	$	1,283,780
Other Assets & Liabilities, net - (0.4)%		(4,737)
Total Net Assets - 100.0%	$	1,279,043

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 2.
††	Value determined based on Level 2 inputs — See Note 2.
1	All or portion of this security is on loan at November 30, 2016 — 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 investments at November 30, 2016 (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	$	1,274,754	$	—	$	—	$	1,274,754
Securities Lending Collateral		—		9,026		—		9,026
Total	$	1,274,754	$	9,026	$	—	$	1,283,780

For the period ended November 30, 2016, there were no transfers between levels.

Guggenheim Mid-Cap Core ETF
SCHEDULE OF INVESTMENTS (Unaudited)	November 30, 2016

	Shares		Value
COMMON STOCKS^† - 92.6%
Financial – 27.9%
Progressive Corp.	109,522	$	3,647,083
Northern Trust Corp.	43,852		3,602,442
Hartford Financial Services Group, Inc.	72,353		3,409,273
Credicorp Ltd.	15,210		2,383,255
Nasdaq, Inc.	32,054		2,054,341
Arch Capital Group Ltd.^*	23,596		1,951,861
CNA Financial Corp.	50,746		1,942,049
Affiliated Managers Group, Inc.^*	10,305		1,526,171
VEREIT, Inc. REIT	179,316		1,486,530
American Financial Group, Inc.	16,631		1,367,567
Brixmor Property Group, Inc. REIT	56,077		1,365,475
East West Bancorp, Inc.	27,363		1,310,140
Endurance Specialty Holdings Ltd.	12,793		1,179,514
WP Carey, Inc. REIT	19,687		1,144,209
Equity LifeStyle Properties, Inc. REIT	15,920		1,105,326
Liberty Property Trust REIT	27,008		1,064,115
Axis Capital Holdings Ltd.	17,271		1,053,704
DDR Corp. REIT	68,941		1,049,282
Lazard Ltd. — Class A	24,662		958,119
Erie Indemnity Co. — Class A	8,529		914,053
Highwoods Properties, Inc. REIT	18,408		884,688
Santander Consumer USA Holdings, Inc.^*	61,620		849,124
Grupo Financiero Santander Mexico SAB de CV ADR	120,540		844,985
Validus Holdings Ltd.	15,138		822,599
CubeSmart REIT	32,693		805,882
Hudson Pacific Properties, Inc. REIT	22,033		768,291
Retail Properties of America, Inc. — Class A REIT	44,562		680,016
Paramount Group, Inc. REIT	41,435		651,358
Two Harbors Investment Corp. REIT	65,671		569,368
Total Financial			41,390,820
Industrial - 22.6%
Republic Services, Inc. — Class A	65,387		3,628,325
Fortive Corp.	64,179		3,529,203
Ingersoll-Rand plc	47,263		3,522,984
Roper Technologies, Inc.	18,906		3,424,066
Agilent Technologies, Inc.	60,554		2,663,166
Textron, Inc.	50,462		2,322,766
L-3 Communications Holdings, Inc.	14,214		2,242,543
AMETEK, Inc.	43,567		2,062,897
Crown Holdings, Inc.^*	25,444		1,383,899
Trimble, Inc.^*	45,273		1,276,246
Allegion plc	17,839		1,193,607
Keysight Technologies, Inc.^*	31,911		1,175,282
Hubbell, Inc.	10,164		1,141,214
FLIR Systems, Inc.	25,658		921,379
Graco, Inc.	10,590		860,226
Crane Co.	10,945		804,348
BWX Technologies, Inc.	19,403		759,821

	Shares		Value
COMMON STOCKS^† - 92.6% (continued)
Industrial – 22.6% (continued)
ITT, Inc.	17,200	$	694,364
Total Industrial			33,606,336
Consumer, Non-cyclical - 13.3%
Equifax, Inc.	22,601		2,586,683
DaVita, Inc.^*	38,664		2,449,364
Universal Health Services, Inc. — Class B	18,692		2,299,490
Hologic, Inc.^*	52,168		1,996,991
Vantiv, Inc. — Class A^*	35,039		1,977,251
Total System Services, Inc.	34,471		1,696,663
Robert Half International, Inc.	24,023		1,077,912
Booz Allen Hamilton Holding Corp.	27,221		1,029,226
TransUnion^*	34,471		1,028,270
VCA, Inc.^*	15,920		996,592
Euronet Worldwide, Inc.^*	9,737		698,338
Bruker Corp.	29,992		680,219
Hill-Rom Holdings, Inc.	12,011		640,667
CoreLogic, Inc.^*	16,489		622,130
Total Consumer, Non-cyclical			19,779,796
Utilities - 11.2%
DTE Energy Co.	33,760		3,142,718
Eversource Energy	59,416		3,067,054
FirstEnergy Corp.	81,236		2,541,874
Avangrid, Inc.	57,924		2,095,111
CenterPoint Energy, Inc.	80,738		1,926,408
UGI Corp.	32,622		1,461,466
MDU Resources Group, Inc.	36,034		1,002,466
Vectren Corp.	15,422		756,912
Hawaiian Electric Industries, Inc.	20,327		626,072
Total Utilities			16,620,081
Technology - 8.5%
First Data Corp. — Class A^*	176,616		2,573,295
Maxim Integrated Products, Inc.	53,304		2,093,248
Amdocs Ltd.	28,572		1,684,891
CDK Global, Inc.	28,003		1,615,773
Broadridge Financial Solutions, Inc.	22,388		1,449,399
CSRA, Inc.	30,490		975,985
Genpact Ltd.^*	39,517		945,642
Leidos Holdings, Inc.	13,362		684,134
DST Systems, Inc.	6,255		645,579
Total Technology			12,667,946
Basic Materials - 3.9%
Celanese Corp. — Class A	26,723		2,119,668
Axalta Coating Systems Ltd.^*	44,562		1,177,328
Israel Chemicals Ltd.¹	247,875		966,713
WR Grace & Co.	13,148		858,038
Cabot Corp.	11,443		582,792
Total Basic Materials			5,704,539
Consumer, Cyclical - 3.2%
NVR, Inc.^*	711		1,134,045
Allison Transmission Holdings, Inc.	31,557		1,046,746
International Game Technology plc	37,455		965,590
Pool Corp.	7,818		786,569

Guggenheim Mid-Cap Core ETF
SCHEDULE OF INVESTMENTS (Unaudited)	November 30, 2016

	Shares		Value
COMMON STOCKS^† - 92.6% (continued)
Consumer, Cyclical – 3.2% (continued)
Columbia Sportswear Co.	13,291	$	755,859
Total Consumer, Cyclical			4,688,809
Communications - 2.0%
News Corp. — Class B	108,740		1,299,443
EchoStar Corp. — Class A^*	17,057		869,907
Match Group, Inc.^*,1	43,283		778,228
Total Communications			2,947,578
Total Common Stocks
(Cost $129,152,237)			137,405,905
MASTER LIMITED PARTNERSHIPS^† - 7.2%
Energy - 5.2%
Magellan Midstream Partners, LP	42,004		2,908,777
Spectra Energy Partners, LP¹	55,223		2,346,425
EQT Midstream Partners, LP	14,783		1,082,559
Tesoro Logistics, LP	18,124		854,184
Valero Energy Partners, LP¹	12,224		494,094
Total Energy			7,686,039

	Shares		Value
MASTER LIMITED PARTNERSHIPS^† - 7.2% (continued)
Financial - 1.0%
Icahn Enterprises, LP¹	26,581	$	1,536,648
Utilities - 0.5%
AmeriGas Partners, LP¹	17,341		778,264
Consumer, Cyclical - 0.5%
Cedar Fair, LP	10,945		667,864
	–		–
Total Master Limited Partnerships
(Cost $10,647,354)			10,668,815
SECURITIES LENDING COLLATERAL^††^,2 - 3.0%

Joint Repurchase Agreements	Face Amount		Value
HSBC Securities (USA), Inc. issued 11/30/16 at 0.27% due 12/01/16	$ 1,047,841	$	1,047,841
Mizuho Securities (USA), Inc. issued 11/30/16 at 0.28% due 12/01/16	1,047,841		1,047,841
RBC Dominion Securities, Inc. issued 11/30/16 at 0.29% due 12/01/16	1,047,841		1,047,841
Merrill Lynch, Pierce, Fenner & Smith, Inc. issued 11/30/16 at 0.26% due 12/01/16	683,135		683,135
Citigroup Global Markets, Inc. issued 11/30/16 at 0.28% due 12/01/16	674,604		674,604

Total Securities Lending Collateral
(Cost $4,501,262)		4,501,262
Total Investments - 102.8%
(Cost $144,300,853)	$	152,575,982
Other Assets & Liabilities, net - (2.8)%		(4,107,742)
Total Net Assets - 100.0%	$	148,468,240

*	Non-income producing security.
†	Value determined based on Level 1 inputs —See Note 2.
††	Value determined based on Level 2 inputs —See Note 2.
1	All or portion of this security is on loan at November 30, 2016 - 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 investments at November 30, 2016 (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	$	137,405,905	$	—	$	—	$	137,405,905
Master Limited Partnerships		10,668,815		—		—		10,668,815
Securities Lending Collateral		—		4,501,262		—		4,501,262
Total	$	148,074,720	$	4,501,262	$	—	$	152,575,982

For the period ended November 30, 2016, there were no transfers between levels.

Guggenheim Multi-Asset Income ETF
SCHEDULE OF INVESTMENTS (Unaudited)	November 30, 2016

	Shares		Value
COMMON STOCKS^† - 69.3%
Financial - 23.7%
MetLife, Inc.	96,023	$	5,282,225
Prudential Financial, Inc.	51,731		5,204,138
Wells Fargo & Co.	82,719		4,377,489
HSBC Holdings plc ADR¹	103,102		4,076,653
EPR Properties REIT	49,884		3,468,932
Iron Mountain, Inc. REIT	104,915		3,462,195
Manulife Financial Corp.	195,133		3,403,120
DuPont Fabros Technology, Inc. REIT	80,671		3,280,083
VEREIT, Inc. REIT	390,354		3,236,035
Navient Corp.	187,740		3,234,760
Principal Financial Group, Inc.	55,433		3,197,930
BB&T Corp.	70,420		3,186,505
People's United Financial, Inc.	168,573		3,155,687
Liberty Property Trust REIT	79,854		3,146,248
Ameriprise Financial, Inc.	27,201		3,106,627
Cullen/Frost Bankers, Inc.	36,938		3,040,367
UBS Group AG	190,678		3,022,246
Senior Housing Properties Trust REIT	158,419		2,861,047
Bank of Nova Scotia	50,475		2,788,744
Invesco Ltd.	86,637		2,712,604
Bank of Montreal	40,057		2,638,154
Canadian Imperial Bank of Commerce	33,471		2,633,164
Banco Santander Chile ADR	120,431		2,608,535
Medical Properties Trust, Inc. REIT	212,843		2,537,089
Chimera Investment Corp. REIT	139,745		2,370,075
Washington Prime Group, Inc. REIT	213,313		2,137,396
Bancolombia S.A. ADR	50,937		1,706,390
NorthStar Asset Management Group, Inc.	111,938		1,652,205
Sun Life Financial, Inc.¹	41,618		1,598,131
Boston Private Financial Holdings, Inc.	105,574		1,583,610
Maiden Holdings Ltd.	96,653		1,488,456
STAG Industrial, Inc. REIT	54,860		1,295,245
Government Properties Income Trust REIT	65,248		1,226,010
Lexington Realty Trust REIT	100,936		1,042,669
Select Income REIT	39,000		953,160
Agree Realty Corp. REIT	15,687		704,189
Total Financial			97,418,113
Consumer, Cyclical - 10.7%
Target Corp.	57,039		4,405,692
General Motors Co.	127,276		4,394,840
Macy's, Inc.	104,071		4,391,796
Ford Motor Co.	324,140		3,876,714
The Gap, Inc.	151,543		3,784,029
L Brands, Inc.	52,622		3,695,117
Gaming and Leisure Properties, Inc. REIT	117,921		3,597,770
Kohl's Corp.	60,065		3,233,299
Best Buy Co., Inc.	67,759		3,096,586
Toyota Motor Corp. ADR	23,334		2,765,779
International Game Technology plc	58,770		1,515,091

	Shares		Value
COMMON STOCKS^† - 69.3% (continued)
Consumer, Cyclical - 10.7% (continued)
Steelcase, Inc. — Class A	91,492	$	1,422,701
Buckle, Inc.¹	49,878		1,261,913
HSN, Inc.	31,458		1,198,550
Cato Corp. — Class A	38,222		1,131,371
Total Consumer, Cyclical			43,771,248
Energy - 6.0%
Marathon Petroleum Corp.	95,882		4,508,372
Valero Energy Corp.	72,595		4,468,948
Phillips 66	51,045		4,240,819
Western Refining, Inc.¹	111,328		3,993,335
Total S.A. ADR	63,760		3,038,802
China Petroleum & Chemical Corp. ADR¹	41,580		3,002,076
EnLink Midstream LLC¹	78,411		1,434,921
Total Energy			24,687,273
Consumer, Non-cyclical - 5.6%
Reynolds American, Inc.	80,471		4,353,481
AbbVie, Inc.	62,110		3,776,289
Flowers Foods, Inc.	177,993		2,762,451
Western Union Co.	123,796		2,603,430
GlaxoSmithKline plc ADR¹	67,684		2,557,778
H&R Block, Inc.	110,277		2,443,738
AstraZeneca plc ADR	81,338		2,126,175
Novartis AG ADR	23,502		1,615,998
Kindred Healthcare, Inc.	128,988		857,770
Total Consumer, Non-cyclical			23,097,110
Technology - 5.5%
Western Digital Corp.	85,506		5,443,312
QUALCOMM, Inc.	63,726		4,341,652
International Business Machines Corp.	25,349		4,112,116
Leidos Holdings, Inc.	67,646		3,463,475
Xerox Corp.	274,949		2,570,773
Advanced Semiconductor Engineering, Inc. ADR	328,325		1,763,105
Pitney Bowes, Inc.	71,264		1,022,638
Total Technology			22,717,071
Industrial - 5.1%
Boeing Co.	30,351		4,569,647
Cummins, Inc.	32,227		4,569,144
WestRock Co.	55,681		2,850,867
Eaton Corp. plc	39,738		2,642,974
ABB Ltd. ADR	99,797		2,038,853
GATX Corp.¹	30,420		1,662,149
American Railcar Industries, Inc.	31,360		1,407,750
Sturm Ruger & Company, Inc.	21,325		1,096,105
Total Industrial			20,837,489
Utilities - 5.0%
Exelon Corp.	118,371		3,848,242
PG&E Corp.	64,619		3,799,597
Southern Co.	78,604		3,680,239
Ameren Corp.	54,152		2,659,946
AES Corp.	222,563		2,548,346
Entergy Corp.	34,623		2,379,639
WGL Holdings, Inc.	21,277		1,543,859
Total Utilities			20,459,868

Guggenheim Multi-Asset Income ETF
SCHEDULE OF INVESTMENTS (Unaudited)	November 30, 2016

	Shares		Value
COMMON STOCKS^† - 69.3% (continued)
Communications - 4.7%
Cisco Systems, Inc.	128,003	$	3,817,049
Viacom, Inc. — Class B	97,610		3,658,423
Chunghwa Telecom Company Ltd. ADR¹	66,994		2,234,251
Inteliquent, Inc.	82,719		1,872,758
NTT DOCOMO, Inc. ADR	81,751		1,866,375
West Corp.	57,013		1,360,330
TELUS Corp.	40,356		1,260,318
Windstream Holdings, Inc.¹	161,161		1,194,203
Rogers Communications, Inc. — Class B	30,852		1,190,887
Gannett Company, Inc.	112,121		1,069,634
Total Communications			19,524,228
Basic Materials - 3.0%
LyondellBasell Industries N.V. — Class A	50,690		4,578,320
Ternium S.A. ADR	132,189		3,237,309
A. Schulman, Inc.	52,996		1,764,767
Schweitzer-Mauduit International, Inc.	34,163		1,436,213
Domtar Corp.	35,770		1,404,688
Total Basic Materials			12,421,297
Total Common Stocks
(Cost $273,851,121)			284,933,697
MASTER LIMITED PARTNERSHIPS^† - 10.6%
Energy - 8.6%
SunCoke Energy Partners, LP¹	519,921		10,294,436
Crestwood Equity Partners, LP¹	181,580		4,067,392
Plains All American Pipeline, LP	112,914		3,720,516
Alliance Resource Partners, LP	152,090		3,604,533
Williams Partners, LP	85,394		3,116,881
Energy Transfer Partners, LP	88,601		3,111,667
EnLink Midstream Partners, LP	165,519		2,899,893
Genesis Energy, LP	70,881		2,476,582
Tallgrass Energy Partners, LP	47,096		2,205,977
Total Energy			35,497,877
Consumer, Cyclical - 0.7%
Suburban Propane Partners, LP	108,508		3,074,032
Utilities - 0.7%
AmeriGas Partners, LP	61,565		2,763,037
Industrial - 0.6%
Capital Product Partners, LP	796,121		2,308,751
Total Master Limited Partnerships
(Cost $40,488,815)			43,643,697
CLOSED-END FUNDS^† - 9.2%
PIMCO Dynamic Credit and Mortgage Income Fund¹	220,048		4,405,361
DoubleLine Income Solutions Fund¹	230,021		4,239,286
First Trust Intermediate Duration Preferred & Income Fund	164,576		3,516,989
AllianceBernstein Global High Income Fund, Inc.¹	172,925		2,085,476
Prudential Global Short Duration High Yield Fund, Inc.	133,787		1,969,345
Prudential Short Duration High Yield Fund, Inc.	119,704		1,812,319

	Shares		Value
CLOSED-END FUNDS^† - 9.2% (continued)
Alpine Global Premier Properties Fund	357,457	$	1,812,307
Wells Fargo Income Opportunities Fund	219,501		1,777,958
NexPoint Credit Strategies Fund	80,107		1,738,322
AllianzGI Convertible & Income Fund II	301,962		1,675,889
Brookfield Total Return Fund, Inc.¹	77,317		1,645,306
Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.	231,708		1,640,493
Western Asset High Income Fund II, Inc.	223,118		1,523,896
Nuveen Global High Income Fund	91,352		1,393,118
PIMCO Income Strategy Fund II	141,601		1,297,065
Barings Global Short Duration High Yield Fund	65,482		1,208,798
Western Asset Global High Income Fund, Inc.¹	125,274		1,193,861
John Hancock Preferred Income Fund III¹	64,524		1,108,522
Brookfield Mortgage Opportunity Income Fund, Inc.	65,325		954,398
Wells Fargo Global Dividend Opportunity Fund	173,008		916,942
Total Closed-End Funds
(Cost $41,213,646)			37,915,651
PREFERRED STOCKS^† - 7.0%
Financial - 7.0%
Itau Unibanco Holding S.A. ADR	402,383		4,160,640
Bank of America Corp. 6.00%^1,2	163,547		4,078,863
Deutsche Bank Contingent Capital Trust III 7.60%²	164,528		3,928,929
Wells Fargo & Co. 8.00%²	102,087		2,692,034
Citigroup, Inc. 6.30%²	104,991		2,644,723
Charles Schwab Corp. 5.95%²	105,439		2,635,975
Citigroup, Inc. 6.88%^2,3	89,128		2,385,065
Huntington Bancshares, Inc. 6.25%²	89,093		2,249,598
JPMorgan Chase & Co. 6.13%^1,2	82,660		2,121,056
JPMorgan Chase & Co. 6.15%²	77,327		1,979,571
Total Financial			28,876,454
Total Preferred Stocks
(Cost $30,155,749)			28,876,454
CONVERTIBLE PREFERRED STOCKS^† - 3.0%
Financial – 2.0%
Bank of America Corp. 7.25%²	3,578		4,189,838
Wells Fargo & Co. 7.50%²	3,214		3,864,417
Total Financial			8,054,255

Guggenheim Multi-Asset Income ETF
SCHEDULE OF INVESTMENTS (Unaudited)	November 30, 2016

	Shares		Value
CONVERTIBLE PREFERRED STOCKS^† - 3.0% (continued)
Industrial - 1.0%
Stericycle, Inc. 5.25%	63,997	$	3,933,256
	–		–
Total Convertible Preferred Stocks
(Cost $12,297,610)			11,987,511

SECURITIES LENDING COLLATERAL^††^,4 - 2.7%

Joint Repurchase Agreements	Face Amount		Value
HSBC Securities (USA), Inc. issued 11/30/16 at 0.27% due 12/01/16	$ 2,574,517	$	2,574,517
Merrill Lynch, Pierce, Fenner & Smith, Inc. issued 11/30/16 at 0.28% due 12/01/16	2,574,517		2,574,517
RBC Dominion Securities, Inc. issued 11/30/16 at 0.29% due 12/01/16	2,574,517		2,574,517
Credit Suisse Securities (USA), LLC issued 11/30/16 at 0.26% due 12/01/16	1,678,355		1,678,355
Citigroup Global Markets, Inc. issued 11/30/16 at 0.28% due 12/01/16	1,655,258		1,655,258

Total Securities Lending Collateral
(Cost $11,057,164)		11,057,164
Total Investments - 101.8%
(Cost $409,064,105)	$	418,414,174
Other Assets & Liabilities, net - (1.8)%		(7,231,183)
Total Net Assets - 100.0%	$	411,182,991

†	Value determined based on Level 1 inputs — See Note 2.
††	Value determined based on Level 2 inputs — See Note 2.
1	All or portion of this security is on loan at November 30, 2016 - See Note 4.
2	Perpetual maturity.
3	Variable rate security. Rate indicated is rate effective at November 30, 2016.
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 investments at November 30, 2016 (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	$	284,933,697	$	—	$	—	$	284,933,697
Master Limited Partnerships		43,643,697		—		—		43,643,697
Closed-End Funds		37,915,651		—		—		37,915,651
Preferred Stocks		28,876,454		—		—		28,876,454
Convertible Preferred Stocks		11,987,511		—		—		11,987,511
Securities Lending Collateral		—		11,057,164		—		11,057,164
Total	$	407,357,010	$	11,057,164	$	—	$	418,414,174

For the period ended November 30, 2016, there were no transfers between levels.

Guggenheim Raymond James SB-1 Equity ETF
SCHEDULE OF INVESTMENTS (Unaudited)	November 30, 2016

	Shares		Value
COMMON STOCKS^† - 93.4%
Financial - 18.8%
Apartment Investment & Management Co. — Class A REIT	30,478	$	1,283,124
CyrusOne, Inc. REIT	29,696		1,267,425
Communications Sales & Leasing, Inc. REIT	50,581		1,260,984
Retail Opportunity Investments Corp. REIT	60,895		1,256,873
SVB Financial Group^*	7,940		1,254,758
United Community Banks, Inc.	45,953		1,249,003
Bank of the Ozarks, Inc.	25,691		1,246,527
Wintrust Financial Corp.	18,873		1,242,598
Chemical Financial Corp.	23,656		1,227,273
Equinix, Inc. REIT	3,618		1,225,634
Heartland Financial USA, Inc.	28,599		1,225,467
Physicians Realty Trust REIT	67,525		1,223,553
BofI Holding, Inc.^*,1	51,722		1,222,191
American Homes 4 Rent — Class A REIT	57,990		1,221,849
ConnectOne Bancorp, Inc.	51,943		1,220,660
BGC Partners, Inc. — Class A	124,919		1,220,459
Willis Towers Watson plc	9,811		1,220,194
Northern Trust Corp.	14,842		1,219,270
Signature Bank^*	8,120		1,217,269
Meta Financial Group, Inc.	13,299		1,209,544
Union Bankshares Corp.	35,759		1,208,654
Texas Capital Bancshares, Inc.^*	16,548		1,203,867
Argo Group International Holdings Ltd.	18,815		1,193,812
Fidus Investment Corp.	73,264		1,185,412
Lazard Ltd. — Class A	30,356		1,179,331
Allstate Corp.	16,840		1,177,453
American Tower Corp. — Class A REIT	11,476		1,173,651
Bancorp, Inc.^*	166,501		1,152,187
Alcentra Capital Corp.¹	61,625		722,245
MidSouth Bancorp, Inc.	14,981		176,776
Total Financial			35,088,043
Energy - 15.5%
Whiting Petroleum Corp.^*,1	118,813		1,451,895
Nabors Industries Ltd.	85,476		1,376,164
Oasis Petroleum, Inc.^*	90,706		1,357,869
Synergy Resources Corp.^*	142,325		1,350,665
Unit Corp.^*	55,374		1,345,588
RPC, Inc.¹	66,564		1,336,605
Marathon Oil Corp.	73,753		1,331,979
QEP Resources, Inc.	67,189		1,320,936
Continental Resources, Inc.^*	22,643		1,313,520
Newfield Exploration Co.^*	28,994		1,311,109
Patterson-UTI Energy, Inc.	49,129		1,310,270
Superior Energy Services, Inc.	75,121		1,295,086
Halliburton Co.	24,261		1,288,016
Kosmos Energy Ltd.^*,1	241,642		1,280,703
Parsley Energy, Inc. — Class A^*	33,382		1,273,523
RSP Permian, Inc.^*	28,471		1,271,230
Concho Resources, Inc.^*	8,874		1,269,159
Pioneer Natural Resources Co.	6,637		1,267,932
Kinder Morgan, Inc.	55,173		1,224,841
Marathon Petroleum Corp.	25,767		1,211,564

	Shares		Value
COMMON STOCKS^† - 93.4% (continued)
Energy - 15.5% (continued)
Newpark Resources, Inc.^*	158,883	$	1,167,790
Cabot Oil & Gas Corp. — Class A	52,617		1,163,888
Dawson Geophysical Co.^*	60,636		475,993
Total Energy			28,996,325
Consumer, Non-cyclical - 15.4%
UnitedHealth Group, Inc.	8,081		1,279,384
Alexion Pharmaceuticals, Inc.^*	10,328		1,266,111
ICU Medical, Inc.^*	8,283		1,244,520
ANI Pharmaceuticals, Inc.^*	21,076		1,242,009
Amphastar Pharmaceuticals, Inc.^*	60,441		1,225,139
Amsurg Corp. — Class A^*	17,948		1,222,618
Service Corp. International	44,967		1,213,659
Mylan N.V.^*	33,137		1,213,146
Aaron's, Inc.	41,427		1,206,354
Rent-A-Center, Inc.	104,331		1,205,023
Teleflex, Inc.	8,083		1,195,718
Merit Medical Systems, Inc.^*	50,750		1,195,163
Becton Dickinson and Co.	7,063		1,194,353
Acadia Healthcare Company, Inc.^*	31,399		1,193,476
HCA Holdings, Inc.^*	16,664		1,181,311
Teligent, Inc.^*,1	162,930		1,171,467
Quintiles IMS Holdings, Inc.^*	15,190		1,167,048
Celgene Corp.^*	9,789		1,160,094
Boston Scientific Corp.^*	56,638		1,158,813
InVivo Therapeutics Holdings Corp.^*,1	233,743		1,157,028
TG Therapeutics, Inc.^*,1	200,903		1,155,192
Aerie Pharmaceuticals, Inc.^*	30,425		1,130,289
Biogen, Inc.^*	3,819		1,123,053
Surgery Partners, Inc.^*	69,060		1,018,635
Proteon Therapeutics, Inc.^*,1	31,037		316,577
Total Consumer, Non-cyclical			28,836,180
Consumer, Cyclical - 13.0%
Spirit Airlines, Inc.^*	22,977		1,277,521
Malibu Boats, Inc. — Class A^*	69,415		1,263,353
MarineMax, Inc.^*	66,419		1,248,677
Advance Auto Parts, Inc.	7,283		1,236,070
O'Reilly Automotive, Inc.^*	4,501		1,235,525
Wal-Mart Stores, Inc.	17,521		1,234,005
Dollar General Corp.	15,839		1,224,671
AutoZone, Inc.^*	1,562		1,223,327
Carrols Restaurant Group, Inc.^*	89,702		1,219,947
Best Buy Co., Inc.	26,626		1,216,808
Toll Brothers, Inc.^*	40,980		1,215,467
Bed Bath & Beyond, Inc.	27,106		1,214,620
Beacon Roofing Supply, Inc.^*	25,921		1,202,475
Mohawk Industries, Inc.^*	6,085		1,201,422
Newell Brands, Inc.	25,551		1,201,153
La-Z-Boy, Inc.	44,851		1,199,764
MCBC Holdings, Inc.	89,175		1,198,512
Select Comfort Corp.^*	52,595		1,189,699
Lennar Corp. — Class A	27,668		1,176,997
Red Robin Gourmet Burgers, Inc.^*	22,550		1,160,198
Total Consumer, Cyclical			24,340,211
Industrial - 10.4%
Jabil Circuit, Inc.	59,494		1,258,298

Guggenheim Raymond James SB-1 Equity ETF
SCHEDULE OF INVESTMENTS (Unaudited)	November 30, 2016

	Shares		Value
COMMON STOCKS^† - 93.4% (continued)
Industrial - 10.4% (continued)
Saia, Inc.^*	29,645	$	1,237,678
Avnet, Inc.	26,778		1,228,842
Flex Ltd.^*	86,203		1,227,531
Casella Waste Systems, Inc. — Class A^*	96,619		1,223,197
Union Pacific Corp.	12,064		1,222,446
Swift Transportation Co. — Class A^*	48,814		1,218,886
Republic Services, Inc. — Class A	21,959		1,218,505
Genesee & Wyoming, Inc. — Class A^*	15,928		1,216,899
Kansas City Southern	13,697		1,215,061
Roper Technologies, Inc.	6,677		1,209,271
Waste Connections, Inc.	15,798		1,207,599
Covanta Holding Corp.	81,574		1,190,980
SBA Communications Corp. — Class A^*	11,960		1,183,562
PGT, Inc.^*	106,619		1,183,471
Applied Optoelectronics, Inc.^*	46,374		1,148,684
Total Industrial			19,390,910
Technology - 10.3%
Applied Micro Circuits Corp.^*	150,057		1,312,999
Cavium, Inc.^*	22,315		1,272,624
Xilinx, Inc.	22,877		1,234,900
BroadSoft, Inc.^*	29,183		1,211,095
Microsemi Corp.^*	22,120		1,211,070
Synchronoss Technologies, Inc.^*	24,968		1,210,449
NVIDIA Corp.	13,072		1,205,238
Microsoft Corp.	19,971		1,203,452
Monolithic Power Systems, Inc.	14,669		1,203,445
Lumentum Holdings, Inc.^*	30,011		1,203,441
Nuance Communications, Inc.^*	73,575		1,192,651
ServiceNow, Inc.^*	14,043		1,167,675
VeriFone Systems, Inc.^*	68,982		1,165,106
salesforce.com, Inc.^*	15,961		1,149,192
Envestnet, Inc.^*	31,366		1,132,313
Silver Spring Networks, Inc.^*	78,977		1,101,729
Total Technology			19,177,379
Communications - 8.1%
Charter Communications, Inc. — Class A^*	4,602		1,266,978
United States Cellular Corp.^*	33,373		1,255,826
Comcast Corp. — Class A	17,822		1,238,807
Telephone & Data Systems, Inc.	45,591		1,227,765
Alibaba Group Holding Ltd. ADR^*	13,012		1,223,388
NeoPhotonics Corp.^*	93,569		1,208,911
Iridium Communications, Inc.^*,1	137,340		1,208,592
WebMD Health Corp. — Class A^*,1	22,554		1,203,030

	Shares		Value
COMMON STOCKS^† - 93.4% (continued)
Communications - 8.1% (continued)
ARRIS International plc^*	41,927	$	1,202,886
Zayo Group Holdings, Inc.^*	34,589		1,193,321
ORBCOMM, Inc.^*	141,662		1,191,377
RingCentral, Inc. — Class A^*	53,544		1,153,873
KVH Industries, Inc.^*	43,698		476,308
Total Communications			15,051,062
Utilities - 1.2%
8Point3 Energy Partners, LP	94,076		1,202,291
EnerNOC, Inc.^*,1	175,660		1,036,394
Total Utilities			2,238,685
Basic Materials - 0.7%
Praxair, Inc.	10,412		1,252,564
Total Common Stocks
(Cost $146,950,848)			174,371,359
MASTER LIMITED PARTNERSHIPS^† - 6.5%
Energy - 3.9%
Western Refining Logistics, LP¹	61,698		1,270,979
Tesoro Logistics, LP	26,678		1,257,335
Enterprise Products Partners, LP	47,442		1,230,171
Magellan Midstream Partners, LP	17,672		1,223,786
MPLX, LP	35,540		1,167,489
Antero Midstream Partners, LP	39,995		1,126,659
Total Energy			7,276,419
Basic Materials - 0.7%
Hi-Crush Partners, LP^*	70,872		1,293,414
Consumer, Cyclical - 0.7%
Green Plains Partners, LP¹	66,601		1,215,468
Industrial - 0.6%
Fortress Transportation & Infrastructure Investors LLC	90,101		1,207,353
Diversified - 0.6%
Landmark Infrastructure Partners, LP¹	81,574		1,195,059
Total Master Limited Partnerships
(Cost $11,212,908)			12,187,713
SECURITIES LENDING COLLATERAL^††^,2 - 3.5%

Joint Repurchase Agreements	Face Amount		Value
HSBC Securities (USA), Inc. issued 11/30/16 at 0.27% due 12/01/16	$ 1,526,383	$	1,526,383
Merrill Lynch, Pierce, Fenner & Smith, Inc. issued 11/30/16 at 0.28% due 12/01/16	1,526,383		1,526,383
RBC Dominion Securities, Inc. issued 11/30/16 at 0.29% due 12/01/16	1,526,383		1,526,383
Credit Suisse Securities (USA), LLC issued 11/30/16 at 0.26% due 12/01/16	995,097		995,097
Citigroup Global Markets, Inc. issued 11/30/16 at 0.28% due 12/01/16	982,307		982,307

Total Securities Lending Collateral
(Cost $6,556,553)		6,556,553
Total Investments - 103.4%
(Cost $164,720,309)	$	193,115,625
Other Assets & Liabilities, net - (3.4)%		(6,333,630)
Total Net Assets - 100.0%	$	186,781,995

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 2.
††	Value determined based on Level 2 inputs — See Note 2.
1	All or portion of this security is on loan at November 30, 2016 — See Note 4.
2	Securities lending collateral — See Note 4.

ADR	American Depositary Receipt
plc	Public Limited Company
REIT	Real Estate Investment Trust

Other Information (unaudited)

See Sector Classification in Supplemental Information section.

The following table summarizes the inputs used to value the Fund's investments at November 30, 2016 (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	$	174,371,359	$	—	$	—	$	174,371,359
Master Limited Partnerships		12,187,713		—		—		12,187,713
Securities Lending Collateral		—		6,556,553		—		6,556,553
Total	$	186,559,072	$	6,556,553	$	—	$	193,115,625

For the period ended November 30, 2016, there were no transfers between levels.

Guggenheim S&P Spin-Off ETF
SCHEDULE OF INVESTMENTS (Unaudited)	November 30, 2016

	Shares		Value
COMMON STOCKS^† - 99.8%
Consumer, Non-cyclical - 28.1%
Zoetis, Inc.	297,838	$	15,005,078
PayPal Holdings, Inc.^*	376,086		14,772,658
AbbVie, Inc.	238,883		14,524,086
WhiteWave Foods Co. — Class A^*	124,985		6,885,424
Mallinckrodt plc^*	75,975		4,003,883
Hertz Global Holdings, Inc.^*	52,760		1,328,497
Halyard Health, Inc.^*	32,919		1,222,941
Total Consumer, Non-cyclical			57,742,567
Financial - 15.6%
Synchrony Financial	464,086		16,038,811
Navient Corp.	223,620		3,852,973
Communications Sales & Leasing, Inc. REIT	95,882		2,390,338
NorthStar Asset Management Group, Inc.	133,312		1,967,685
Urban Edge Properties REIT	64,520		1,747,847
Care Capital Properties, Inc. REIT	59,209		1,425,753
Washington Prime Group, Inc. REIT	130,735		1,309,965
Colony Starwood Homes REIT	35,076		1,071,572
Quality Care Properties, Inc. REIT^*	65,962		989,430
FNFV Group^*	48,469		620,403
New Senior Investment Group, Inc. REIT	57,928		587,390
Total Financial			32,002,167
Industrial - 14.5%
Fortive Corp.	212,066		11,661,510
Allegion plc	67,642		4,525,926
Keysight Technologies, Inc.^*	119,865		4,414,628
Energizer Holdings, Inc.	43,664		1,959,204
Manitowoc Foodservice, Inc.^*	96,762		1,716,558
KLX, Inc.^*	37,177		1,449,531
Knowles Corp.^*,1	62,559		1,002,821
TopBuild Corp.^*	27,117		984,076
SPX FLOW, Inc.^*	29,486		924,091
Babcock & Wilcox Enterprises, Inc.^*	35,744		569,759
TimkenSteel Corp.^*	27,448		433,678
Total Industrial			29,641,782
Technology - 13.4%
Hewlett Packard Enterprise Co.	646,656		15,390,412
CDK Global, Inc.	105,904		6,110,661
CSRA, Inc.	102,720		3,288,067
Science Applications International Corp.	31,617		2,610,616
Total Technology			27,399,756
Communications - 12.9%
Liberty Media Corporation-Liberty SiriusXM — Class C^*	124,137		4,439,139
Liberty Broadband Corp. — Class C^*	47,478		3,385,657
News Corp. — Class A	268,412		3,102,842
Zillow Group, Inc. — Class C^*,1	74,111		2,662,067
Liberty Media Corporation-Liberty SiriusXM — Class A^*	61,351		2,227,041

	Shares		Value
COMMON STOCKS^† - 99.8% (continued)
Communications - 12.9% (continued)
Cable One, Inc.	3,308	$	1,955,227
Liberty Global plc LiLAC — Class C^*	85,461		1,809,209
Liberty Expedia Holdings, Inc. — Class A^*	38,152		1,677,162
Liberty Broadband Corp. — Class A^*	18,479		1,284,845
Time, Inc.	70,605		1,143,801
Liberty Media Corporation-Liberty Media — Class C^*	31,030		966,585
Gannett Company, Inc.	82,201		784,198
Liberty Media Corporation-Liberty Media — Class A^*,1	15,511		485,339
Liberty Media Corporation-Liberty Braves — Class C^*	23,451		465,971
Liberty Media Corporation-Liberty Braves — Class A^*	6,134		123,600
Total Communications			26,512,683
Consumer, Cyclical - 6.3%
Gaming and Leisure Properties, Inc. REIT	136,002		4,149,421
Adient plc^*	66,581		3,566,078
CST Brands, Inc.	53,385		2,564,082
Madison Square Garden Co. — Class A^*	10,547		1,831,381
Liberty TripAdvisor Holdings, Inc. — Class A^*	50,791		815,196
Total Consumer, Cyclical			12,926,158
Basic Materials - 5.6%
Chemours Co.	128,000		3,164,160
Alcoa Corp.	103,089		2,986,488
Versum Materials, Inc.^*	76,372		1,868,059
Ingevity Corp.^*	29,696		1,555,180
GCP Applied Technologies, Inc.^*	50,033		1,400,924
Rayonier Advanced Materials, Inc.	30,515		423,548
Total Basic Materials			11,398,359
Energy - 1.9%
Murphy USA, Inc.^*	25,966		1,770,621
NOW, Inc.^*	75,807		1,632,883
California Resources Corp.^*,1	28,990		504,426
Total Energy			3,907,930
Utilities - 1.5%
ONE Gas, Inc.	36,848		2,211,249
Talen Energy Corp.^*	60,740		847,930
Total Utilities			3,059,179
Total Common Stocks
(Cost $181,947,803)			204,590,581

Guggenheim S&P Spin-Off ETF
SCHEDULE OF INVESTMENTS (Unaudited)	November 30, 2016

	Face Amount	Value
SECURITIES LENDING COLLATERAL^††,² - 2.0%
Joint Repurchase Agreements

HSBC Securities (USA), Inc. issued 11/30/16 at 0.27% due 12/01/16	$ 969,771	$	969,771
Mizuho Securities (USA), Inc. issued 11/30/16 at 0.28% due 12/01/16	969,771		969,771
RBC Dominion Securities, Inc. issued 11/30/16 at 0.29% due 12/01/16	969,771		969,771
Merrill Lynch, Pierce, Fenner & Smith, Inc. issued 11/30/16 at 0.26% due 12/01/16	632,239		632,239
Citigroup Global Markets, Inc. issued 11/30/16 at 0.28% due 12/01/16	623,843		623,843

Total Securities Lending Collateral
(Cost $4,165,395)				4,165,395

	Shares		Value
Total Investments - 101.8%
(Cost $186,113,198)		$	208,755,976
Other Assets & Liabilities, net - (1.8)%			(3,771,593)
Total Net Assets - 100.0%		$	204,984,383

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 2.
††	Value determined based on Level 2 inputs — See Note 2.
1	All or portion of this security is on loan at November 30, 2016 — See Note 4.
2	Securities lending collateral — See Note 4.

plc	Public Limited Company

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at November 30, 2016 (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	$	204,590,581	$	—	$	—	$	204,590,581
Securities Lending Collateral		—		4,165,395		—		4,165,395
Total	$	204,590,581	$	4,165,395	$	—	$	208,755,976

For the period ended November 30, 2016, there were no transfers between levels.

Wilshire Micro-Cap ETF
SCHEDULE OF INVESTMENTS (Unaudited)	November 30, 2016

	Shares		Value
COMMON STOCKS^† - 99.0%
Financial - 33.1%
QCR Holdings, Inc.	3,897	$	148,670
Independent Bank Corp.	7,387		139,614
Citizens & Northern Corp.	5,309		126,619
CNB Financial Corp.	5,108		118,811
CorEnergy Infrastructure Trust, Inc. REIT	3,536		115,734
Arlington Asset Investment Corp. — Class A¹	7,083		115,028
Peapack Gladstone Financial Corp.	4,275		114,441
Enterprise Bancorp, Inc.	3,550		112,003
Pacific Continental Corp.	5,633		111,814
Guaranty Bancorp	5,101		108,651
Financial Institutions, Inc.	3,541		108,532
UMH Properties, Inc. REIT	8,227		107,938
Territorial Bancorp, Inc.	3,413		107,407
Sierra Bancorp	4,644		106,115
Consolidated-Tomoka Land Co.	1,940		103,537
Sutherland Asset Management Corp. REIT	7,687		101,468
Preferred Apartment Communities, Inc. — Class A REIT	7,432		101,224
PennantPark Floating Rate Capital Ltd.¹	7,136		98,833
Bear State Financial, Inc.	9,894		97,951
Ares Commercial Real Estate Corp. REIT	7,235		97,890
First Defiance Financial Corp.	2,014		93,228
United Community Financial Corp.	11,353		92,868
MidWestOne Financial Group, Inc.	2,751		92,131
Arbor Realty Trust, Inc. REIT	12,250		91,263
Midland States Bancorp, Inc.	2,779		90,484
WashingtonFirst Bankshares, Inc.	3,159		86,429
Heritage Commerce Corp.	6,886		85,318
Monroe Capital Corp.	5,586		85,297
Bank of Marin Bancorp	1,279		81,153
Macatawa Bank Corp.	8,435		79,542
Southwest Bancorp, Inc.	3,450		75,383
Fidus Investment Corp.¹	4,623		74,800
HCI Group, Inc.	2,290		74,059
West Bancorporation, Inc.	3,328		74,048
American National Bankshares, Inc.	2,316		72,144
Equity Bancshares, Inc. — Class A^*	2,283		71,504
Gladstone Investment Corp.	8,702		70,834
ESSA Bancorp, Inc.	4,537		67,192
Marlin Business Services Corp.	3,288		66,911
BSB Bancorp, Inc.^*	2,490		66,358
Bluerock Residential Growth REIT, Inc. REIT	5,219		65,969
Summit Financial Group, Inc.¹	2,688		65,802
Newtek Business Services Corp.	4,227		64,758
United Insurance Holdings Corp.	4,671		63,432

	Shares		Value
COMMON STOCKS^† - 99.0% (continued)
Financial - 33.1% (continued)
Southern National Bancorp of Virginia, Inc.	4,235	$	62,932
Century Bancorp, Inc. — Class A	1,138		61,850
First Connecticut Bancorp, Inc.	2,851		61,724
TriplePoint Venture Growth BDC Corp.	4,954		61,033
WhiteHorse Finance, Inc.¹	5,062		59,276
Community Healthcare Trust, Inc. REIT	2,680		58,370
National Bankshares, Inc.	1,611		58,157
Garrison Capital, Inc.	6,193		58,028
Northrim BanCorp, Inc.	2,058		57,830
Hawthorn Bancshares, Inc.	3,474		56,974
First Bancorp, Inc.	1,959		56,850
Shore Bancshares, Inc.	3,969		55,368
Merchants Bancshares, Inc.	1,117		55,180
Orchid Island Capital, Inc. REIT	5,137		55,069
Severn Bancorp, Inc.^*,1	8,151		53,796
Farmers Capital Bank Corp.	1,492		53,563
Federated National Holding Co.	3,001		52,187
Old Second Bancorp, Inc.	5,666		52,127
Republic First Bancorp, Inc.^*,1	9,648		51,617
Bankwell Financial Group, Inc.	1,764		51,421
Impac Mortgage Holdings, Inc.^*	3,276		50,254
Atlas Financial Holdings, Inc.^*	2,936		49,618
Jernigan Capital, Inc. REIT¹	2,457		48,870
Chemung Financial Corp.¹	1,550		48,732
Oppenheimer Holdings, Inc. — Class A	2,721		47,889
Eastern Virginia Bankshares, Inc.	5,161		47,275
Salisbury Bancorp, Inc.	1,390		45,523
National Commerce Corp.^*	1,390		45,453
Western New England Bancorp, Inc.	5,364		45,058
Bar Harbor Bankshares	1,021		44,995
Middleburg Financial Corp.	1,290		44,815
Penns Woods Bancorp, Inc.	941		44,528
Southern First Bancshares, Inc.^*	1,416		43,471
BBX Capital Corp. — Class A^*	1,993		43,368
Peoples Bancorp of North Carolina, Inc.	1,956		43,345
Owens Realty Mortgage, Inc. REIT	2,357		42,827
Gladstone Land Corp. REIT¹	3,908		42,636
Farmland Partners, Inc. REIT¹	3,797		42,185
Access National Corp.¹	1,520		41,602
Horizon Technology Finance Corp.	3,818		41,578
Entegra Financial Corp.^*	2,081		39,851
GSV Capital Corp.¹	8,118		39,210
CM Finance, Inc.	3,971		38,916
Home Bancorp, Inc.	1,147		38,654
Capstar Financial Holdings, Inc.^*,1	2,000		38,600
MBT Financial Corp.	4,023		38,420
Investar Holding Corp.¹	2,084		37,408
Manning & Napier, Inc. — Class A	5,036		37,267
MutualFirst Financial, Inc.	1,246		37,069

Wilshire Micro-Cap ETF
SCHEDULE OF INVESTMENTS (Unaudited)	November 30, 2016

	Shares		Value
COMMON STOCKS^† - 99.0% (continued)
Financial - 33.1% (continued)
Investors Title Co.	298	$	36,782
Unity Bancorp, Inc.	2,680		36,448
Health Insurance Innovations, Inc. — Class A^*,1	2,680		36,180
Heritage Oaks Bancorp	3,586		35,681
Ellington Residential Mortgage REIT	2,609		34,882
Hallmark Financial Services, Inc.^*	3,265		34,838
Griffin Industrial Realty, Inc.	1,103		34,689
Lake Sunapee Bank Group	1,581		34,466
Independence Holding Co.	1,719		34,122
Global Medical REIT, Inc. REIT¹	4,665		34,101
Saratoga Investment Corp.¹	1,674		33,781
First Internet Bancorp	1,162		33,756
C&F Financial Corp.	748		33,735
First Financial Northwest, Inc.	1,984		33,649
People's Utah Bancorp	1,451		33,518
1347 Property Insurance Holdings, Inc.^*,1	4,578		33,419
Allegiance Bancshares, Inc.^*,1	1,092		33,415
Gladstone Capital Corp.	4,023		33,270
Provident Bancorp, Inc.^*	1,787		32,881
Southern Missouri Bancorp, Inc.	1,134		32,773
Veritex Holdings, Inc.^*	1,650		32,753
Conifer Holdings, Inc.^*,1	4,578		32,733
Union Bankshares, Inc.¹	742		32,574
Civista Bancshares, Inc.	1,687		32,053
SI Financial Group, Inc.	2,273		31,822
Alcentra Capital Corp.¹	2,680		31,410
First United Corp.^*	2,382		30,847
Central Valley Community Bancorp	1,834		30,298
Ocean Shore Holding Co.	1,092		29,812
Riverview Bancorp, Inc.	4,822		29,270
MidSouth Bancorp, Inc.	2,423		28,591
Stellus Capital Investment Corp.	2,388		28,346
Timberland Bancorp, Inc.	1,455		27,834
Two River Bancorp	1,985		27,472
Sotherly Hotels, Inc. REIT	4,998		27,439
Parke Bancorp, Inc.¹	1,572		27,431
Regional Management Corp.^*	1,103		27,200
HMN Financial, Inc.^*	1,687		27,076
Triumph Bancorp, Inc.^*	1,244		26,684
Silvercrest Asset Management Group, Inc. — Class A	1,985		26,599
Codorus Valley Bancorp, Inc.	1,101		26,424
Franklin Financial Network, Inc.^*	695		26,236
Premier Financial Bancorp, Inc.	1,419		26,095
Wheeler Real Estate Investment Trust, Inc. REIT	15,631		25,479
First South Bancorp, Inc.	2,287		25,409
Eagle Bancorp Montana, Inc.	1,290		25,284
BCB Bancorp, Inc.	2,084		25,216
Consumer Portfolio Services, Inc.^*	4,923		24,861
Maui Land & Pineapple Company, Inc.^*	3,573		24,832
County Bancorp, Inc.	1,092		24,657

	Shares		Value
COMMON STOCKS^† - 99.0% (continued)
Financial - 33.1% (continued)
United Bancorp, Inc.¹	1,985	$	24,614
United Security Bancshares^*,1	3,645		24,057
Old Point Financial Corp.	1,092		23,478
Provident Financial Holdings, Inc.	1,191		23,475
Asta Funding, Inc.^*	2,581		22,971
Nicholas Financial, Inc.^*	2,295		22,675
Plumas Bancorp	1,340		22,445
BRT Realty Trust REIT^*	2,846		22,426
Cherry Hill Mortgage Investment Corp. REIT	1,253		22,191
AmeriServ Financial, Inc.	6,260		21,910
Harris & Harris Group, Inc.^*	17,271		21,589
American Farmland Co. REIT¹	2,878		21,326
Power REIT^*,1	2,680		20,904
Great Ajax Corp. REIT	1,588		20,580
Poage Bankshares, Inc.¹	1,044		19,627
Five Oaks Investment Corp. REIT	3,808		19,345
Atlantic American Corp.	5,024		19,342
OFS Capital Corp.	1,489		19,074
American Realty Investors, Inc.^*,1	2,779		17,925
Pacific Mercantile Bancorp^*	2,878		17,412
Carolina Bank Holdings, Inc.^*	695		16,590
FXCM, Inc. — Class A^*	2,084		16,047
US Global Investors, Inc. — Class A	10,731		15,453
Porter Bancorp, Inc.^*,1	5,943		14,858
Medallion Financial Corp.	4,387		14,302
Institutional Financial Markets, Inc.	12,183		14,132
Urstadt Biddle Properties, Inc. REIT	626		11,694
Crossroads Capital, Inc.	6,849		11,232
AeroCentury Corp.^*	1,228		10,929
Great Elm Capital Group, Inc.^*,1	2,680		10,586
First Acceptance Corp.^*	8,360		10,366
Colony Bankcorp, Inc.^*	893		10,046
Emergent Capital, Inc.^*	7,266		9,301
JG Wentworth Co. — Class A^*	28,710		7,028
Condor Hospitality Trust, Inc. REIT	2,978		5,092
Westbury Bancorp, Inc.^*	199		4,020
Randolph Bancorp, Inc.^*	199		2,955
Total Financial			8,617,076
Consumer, Non-cyclical - 25.4%
Heska Corp.^*	1,730		114,371
Carriage Services, Inc. — Class A	4,140		112,360
GenMark Diagnostics, Inc.^*	9,294		107,996
Barrett Business Services, Inc.	1,827		106,496
Protagonist Therapeutics, Inc.^*,1	4,268		106,486
LeMaitre Vascular, Inc.	4,565		103,489
Novan, Inc.^*	3,800		102,068
CoLucid Pharmaceuticals, Inc.^*	2,791		98,661
BioTime, Inc.^*,1	30,434		95,866
Sunesis Pharmaceuticals, Inc.^*,1	22,301		89,873
Zogenix, Inc.^*	6,957		87,658
Collegium Pharmaceutical, Inc.^*,1	5,174		85,681

Wilshire Micro-Cap ETF
SCHEDULE OF INVESTMENTS (Unaudited)	November 30, 2016

	Shares		Value
COMMON STOCKS^† - 99.0% (continued)
Consumer, Non-cyclical - 25.4% (continued)
Teligent, Inc.^*,1	11,856	$	85,244
RadNet, Inc.^*	13,575		84,165
Enzo Biochem, Inc.^*	11,918		81,281
Franklin Covey Co.^*	3,791		78,852
Exactech, Inc.^*	3,114		78,161
Addus HomeCare Corp.^*	2,138		74,189
BioSpecifics Technologies Corp.^*	1,448		71,473
Akebia Therapeutics, Inc.^*	8,106		69,794
Nature's Sunshine Products, Inc.	4,603		69,504
Willdan Group, Inc.^*	2,678		65,825
Assembly Biosciences, Inc.^*	5,120		65,792
Clearside Biomedical, Inc.^*,1	4,467		65,397
NanoString Technologies, Inc.^*,1	2,961		65,142
MediciNova, Inc.^*,1	9,161		64,768
Hanger, Inc.^*	6,750		64,125
Limoneira Co.	3,511		62,987
Collectors Universe, Inc.	2,964		59,160
Versartis, Inc.^*,1	4,650		57,893
Selecta Biosciences, Inc.^*,1	2,779		56,970
Cutera, Inc.^*	3,447		56,358
Turning Point Brands, Inc.^*,1	3,772		54,770
Primo Water Corp.^*	4,212		54,166
Cadiz, Inc.^*,1	5,161		53,674
Paratek Pharmaceuticals, Inc.^*	3,780		50,841
Cara Therapeutics, Inc.^*,1	5,451		49,059
Idera Pharmaceuticals, Inc.^*	28,072		47,442
Lantheus Holdings, Inc.^*	5,173		47,074
Crimson Wine Group Ltd.^*	4,721		44,849
Care.com, Inc.^*	5,161		43,972
Craft Brew Alliance, Inc.^*	2,878		43,746
Alico, Inc.	1,600		43,680
Nutraceutical International Corp.	1,323		42,667
Entellus Medical, Inc.^*,1	2,283		42,076
Inventure Foods, Inc.^*,1	4,620		41,765
Madrigal Pharmaceuticals, Inc.^*	2,581		41,322
PharmAthene, Inc.^*	13,342		40,693
Navidea Biopharmaceuticals, Inc.^*	49,927		39,447
Seneca Foods Corp. — Class A^*	1,026		38,578
PRGX Global, Inc.^*	7,047		38,406
REGENXBIO, Inc.^*,1	1,674		37,247
Stemline Therapeutics, Inc.^*	2,818		37,198
Corvus Pharmaceuticals, Inc.^*,1	2,382		36,754
AxoGen, Inc.^*,1	4,373		36,515
Derma Sciences, Inc.^*,1	7,500		36,000
Tactile Systems Technology, Inc.^*	2,184		35,665
Argos Therapeutics, Inc.^*	7,639		35,521
Oncocyte Corp.^*,1	5,853		35,118
Agile Therapeutics, Inc.^*	5,106		35,078
Utah Medical Products, Inc.	511		34,850
Sensus Healthcare, Inc.^*	5,955		34,539
National Research Corp. — Class A	2,107		33,712
Voyager Therapeutics, Inc.^*	2,680		33,393
Five Star Quality Care, Inc.^*	14,357		33,021

	Shares		Value
COMMON STOCKS^† - 99.0% (continued)
Consumer, Non-cyclical - 25.4% (continued)
Information Services Group, Inc.^*	9,194	$	32,271
Bovie Medical Corp.^*	7,444		31,637
Lifeway Foods, Inc.^*	2,680		31,168
Misonix, Inc.^*,1	3,375		31,050
Edge Therapeutics, Inc.^*	2,481		30,045
Iridex Corp.^*,1	1,886		29,780
Span-America Medical Systems, Inc.	1,489		29,452
AcelRx Pharmaceuticals, Inc.^*,1	9,345		28,970
United-Guardian, Inc.	1,787		28,949
Neff Corp. — Class A^*	2,184		28,720
Trevena, Inc.^*	5,207		28,534
Durect Corp.^*	21,780		28,532
Synutra International, Inc.^*,1	5,532		28,490
FONAR Corp.^*	1,415		28,300
Lifevantage Corp.^*	3,474		28,105
VIVUS, Inc.^*	20,556		27,545
Aviragen Therapeutics, Inc.^*	19,355		27,291
Proteostasis Therapeutics, Inc.^*,1	2,581		27,178
CTI BioPharma Corp.^*,1	63,017		26,436
Egalet Corp.^*,1	3,896		26,220
Diversicare Healthcare Services, Inc.¹	2,283		25,889
Patriot National, Inc.^*,1	4,169		25,806
Invitae Corp.^*	3,573		24,546
Proteon Therapeutics, Inc.^*,1	2,400		24,480
Perceptron, Inc.^*	3,573		23,868
GlycoMimetics, Inc.^*	3,721		23,628
Intersections, Inc.^*,1	10,446		23,504
Performant Financial Corp.^*	6,551		23,453
Heat Biologics, Inc.^*,1	8,139		23,359
Catalyst Pharmaceuticals, Inc.^*	21,335		23,255
Cumberland Pharmaceuticals, Inc.^*	4,181		23,163
Applied Genetic Technologies Corp.^*	2,506		23,055
Genocea Biosciences, Inc.^*	5,694		22,890
Chembio Diagnostics, Inc.^*	3,238		22,828
Edgewater Technology, Inc.^*	3,276		22,604
Cidara Therapeutics, Inc.^*	2,159		22,454
Recro Pharma, Inc.^*,1	2,779		22,232
Protalix BioTherapeutics, Inc.^*	40,398		22,219
Biolase, Inc.^*	12,606		22,061
CAS Medical Systems, Inc.^*	12,517		21,780
Alliance One International, Inc.^*	1,469		21,741
Sientra, Inc.^*,1	2,637		21,703
Senseonics Holdings, Inc.^*	7,544		21,576
Concert Pharmaceuticals, Inc.^*,1	2,384		21,551
Inotek Pharmaceuticals Corp.^*,1	3,350		21,440
iRadimed Corp.^*	1,939		21,426
Digirad Corp.	4,566		21,232
Abeona Therapeutics, Inc.^*,1	3,375		21,094
PFSweb, Inc.^*	2,639		20,980
Novelion Therapeutics, Inc.^*	10,383		20,974
Vital Therapies, Inc.^*	4,104		20,930
Vericel Corp.^*	8,635		20,724
Alimera Sciences, Inc.^*,1	18,553		20,408
ArQule, Inc.^*	14,661		20,086

Wilshire Micro-Cap ETF
SCHEDULE OF INVESTMENTS (Unaudited)	November 30, 2016

	Shares		Value
COMMON STOCKS^† - 99.0% (continued)
Consumer, Non-cyclical - 25.4% (continued)
Nuvectra Corp.^*	3,474	$	19,941
Gemphire Therapeutics, Inc.^*	2,084		19,861
Cenveo, Inc.^*,1	2,903		19,421
GTx, Inc.^*	24,318		19,357
MEI Pharma, Inc.^*	12,407		19,231
Luna Innovations, Inc.^*	13,151		19,069
Fate Therapeutics, Inc.^*	6,252		18,381
Peregrine Pharmaceuticals, Inc.^*	60,640		18,283
SeaSpine Holdings Corp.^*	2,600		18,200
Dicerna Pharmaceuticals, Inc.^*	5,955		17,746
Juniper Pharmaceuticals, Inc.^*,1	3,194		17,727
Infinity Pharmaceuticals, Inc.^*,1	14,988		17,386
Ampio Pharmaceuticals, Inc.^*,1	22,850		17,366
Fortress Biotech, Inc.^*	7,209		17,230
Tracon Pharmaceuticals, Inc.^*,1	2,978		17,124
Trovagene, Inc.^*,1	5,856		16,982
RCM Technologies, Inc.	2,581		16,673
Veracyte, Inc.^*	2,145		16,366
GEE Group, Inc.^*,1	3,276		16,118
NovaBay Pharmaceuticals, Inc.^*,1	4,025		16,100
MGC Diagnostics Corp.^*	2,072		16,058
Marrone Bio Innovations, Inc.^*	6,811		15,870
Harvard Bioscience, Inc.^*	6,383		15,638
CCA Industries, Inc.^*	5,918		15,209
Reed's, Inc.^*,1	3,690		14,760
Immune Design Corp.^*,1	1,986		14,597
Neuralstem, Inc.^*	51,217		14,371
Ocean Bio-Chem, Inc.¹	3,945		14,084
Flex Pharma, Inc.^*,1	2,283		14,040
Northwest Biotherapeutics, Inc.^*,1	27,644		13,960
AstroNova, Inc.	1,053		13,952
Hudson Global, Inc.	9,522		13,902
Alphatec Holdings, Inc.^*	2,572		13,452
Female Health Co.^*	11,911		13,340
Tandem Diabetes Care, Inc.^*	5,348		13,103
Electromed, Inc.^*	3,362		13,011
DLH Holdings Corp.^*,1	2,084		13,004
Cogentix Medical, Inc.^*	5,000		13,000
Aptevo Therapeutics, Inc.^*	6,750		12,825
ARCA biopharma, Inc.^*,1	5,360		12,596
Natural Alternatives International, Inc.^*	1,004		12,299
XOMA Corp.^*,1	2,163		12,070
Odyssey Marine Exploration, Inc.^*,1	3,077		12,062
Kura Oncology, Inc.^*	2,481		12,033
Vical, Inc.^*	5,161		11,922
Eleven Biotherapeutics, Inc.^*,1	5,291		11,852
Aeglea BioTherapeutics, Inc.^*	2,283		11,803
Aldeyra Therapeutics, Inc.^*	2,283		11,757
Conatus Pharmaceuticals, Inc.^*	6,452		11,678
Adamis Pharmaceuticals Corp.^*,1	4,087		11,648
Vermillion, Inc.^*	9,595		11,514
Cesca Therapeutics, Inc.^*,1	3,673		11,496
AVEO Pharmaceuticals, Inc.^*	18,454		11,475
Stereotaxis, Inc.^*	20,260		11,447

	Shares		Value
COMMON STOCKS^† - 99.0% (continued)
Consumer, Non-cyclical - 25.4% (continued)
Rexahn Pharmaceuticals, Inc.^*	68,500	$	11,309
Synthetic Biologics, Inc.^*	14,163		11,285
Oragenics, Inc.^*	17,866		11,256
Threshold Pharmaceuticals, Inc.^*	22,631		10,919
Verastem, Inc.^*	9,429		10,749
CareDx, Inc.^*,1	3,014		10,700
Corium International, Inc.^*	2,085		10,550
Kindred Biosciences, Inc.^*	2,478		10,532
Imprimis Pharmaceuticals, Inc.^*,1	3,871		10,529
AdCare Health Systems, Inc.^*	6,504		10,406
Caladrius Biosciences, Inc.^*,1	2,779		10,393
Dimension Therapeutics, Inc.^*,1	2,283		10,045
Cleveland BioLabs, Inc.^*,1	6,233		9,973
Celsion Corp.^*	15,286		9,966
Orexigen Therapeutics, Inc.^*,1	5,062		9,922
Galectin Therapeutics, Inc.^*	11,639		9,544
Crystal Rock Holdings, Inc.^*	11,401		9,349
Senomyx, Inc.^*,1	8,609		9,298
Strata Skin Sciences, Inc.^*	15,174		9,241
Invuity, Inc.^*,1	1,340		9,112
Truett-Hurst, Inc.^*	5,347		9,090
Cancer Genetics, Inc.^*	6,055		9,083
BioLife Solutions, Inc.^*,1	5,235		8,690
Anthera Pharmaceuticals, Inc.^*,1	5,753		8,630
Sonoma Pharmaceuticals, Inc.^*	1,719		8,286
Pernix Therapeutics Holdings, Inc.^*,1	2,643		7,982
Versar, Inc.^*	5,558		7,837
Cerecor, Inc.^*	3,673		7,640
InfuSystem Holdings, Inc.^*	4,166		7,291
Windtree Therapeutics, Inc.^*	4,963		7,196
MabVax Therapeutics Holdings, Inc.^*	1,886		7,035
Marinus Pharmaceuticals, Inc.^*	6,650		6,983
Bioanalytical Systems, Inc.^*	9,032		6,954
CytoSorbents Corp.^*,1	1,340		6,901
Cerulean Pharma, Inc.^*	9,913		6,735
Pronai Therapeutics, Inc.^*	5,062		6,732
SPAR Group, Inc.^*	6,600		6,666
Professional Diversity Network, Inc.^*,1	782		6,530
Cartesian, Inc.^*	10,025		6,216
CytRx Corp.^*	12,408		6,215
Hemispherx Biopharma, Inc.^*	7,404		6,071
Bioptix, Inc.^*	1,985		6,054
Strongbridge Biopharma plc^*	1,588		6,034
PhotoMedex, Inc.^*,1	2,350		5,993
Cytori Therapeutics, Inc.^*,1	3,755		5,783
ImmunoCellular Therapeutics Ltd.^*	1,984		5,734
Microbot Medical, Inc.^*,1	683		5,580
NeuroMetrix, Inc.^*	6,070		5,524
OncoGenex Pharmaceuticals, Inc.^*	11,935		5,490
Nivalis Therapeutics, Inc.^*	2,481		5,384
Akers Biosciences, Inc.^*	2,829		5,375
Histogenics Corp.^*	2,779		5,363

Wilshire Micro-Cap ETF
SCHEDULE OF INVESTMENTS (Unaudited)	November 30, 2016

	Shares		Value
COMMON STOCKS^† - 99.0% (continued)
Consumer, Non-cyclical - 25.4% (continued)
Transgenomic, Inc.^*	24,814	$	5,335
Jaguar Animal Health, Inc.^*	7,643		5,128
SunLink Health Systems, Inc.^*	4,479		5,016
Interpace Diagnostics Group, Inc.^*	31,365		4,862
Skyline Medical, Inc.^*,1	1,819		4,820
Aytu BioScience, Inc.^*	3,792		4,512
Apricus Biosciences, Inc.^*	2,948		4,186
Lpath, Inc. — Class A^*,1	1,645		4,014
Mast Therapeutics, Inc.^*	46,353		3,986
Opexa Therapeutics, Inc.^*	3,660		3,477
Dipexium Pharmaceuticals, Inc.^*	2,481		3,473
Acura Pharmaceuticals, Inc.^*	3,684		3,371
Delcath Systems, Inc.^*	1,588		3,319
Roka Bioscience, Inc.^*,1	675		3,227
Evoke Pharma, Inc.^*	1,886		3,093
Hooper Holmes, Inc.^*	3,587		2,870
InterCloud Systems, Inc.^*	58,152		2,849
Dextera Surgical, Inc.^*,1	1,972		2,800
American CareSource Holdings, Inc.^*	161,715		2,749
Viking Therapeutics, Inc.^*	2,481		2,679
Tonix Pharmaceuticals Holding Corp.^*	6,557		2,498
Biocept, Inc.^*,1	2,514		2,212
CombiMatrix Corp.^*,1	788		2,206
Semler Scientific, Inc.^*	1,489		2,159
EnteroMedics, Inc.^*	39,306		2,091
ERBA Diagnostics, Inc.^*	5,930		1,898
Zosano Pharma Corp.^*	2,184		1,747
BioPharmX Corp.^*	5,483		1,700
TetraLogic Pharmaceuticals Corp.^*	21,405		1,605
Cellectar Biosciences, Inc.^*,1	921		1,354
GlobeImmune, Inc.^*	2,121		1,273
Amedica Corp.^*	1,891		1,263
Universal Security Instruments, Inc.^*,1	334		1,136
Onconova Therapeutics, Inc.^*,1	235		684
Rock Creek Pharmaceuticals, Inc.^*	6,277		7
Great Basin Scientific, Inc.^*	1		–
Tobira Therapeutics, Inc.^*,^†††^,2	1,799		–
Total Consumer, Non-cyclical			6,608,679
Industrial - 10.2%
CECO Environmental Corp.	8,274		117,407
Casella Waste Systems, Inc. — Class A^*	9,195		116,409
IES Holdings, Inc.^*	4,945		97,169
VSE Corp.	2,092		80,981
Advanced Emissions Solutions, Inc.^*,1	7,312		65,954
Applied Optoelectronics, Inc.^*	2,655		65,764
Heritage-Crystal Clean, Inc.^*	3,957		64,499
Hudson Technologies, Inc.^*	8,238		62,690
CyberOptics Corp.^*	2,084		60,227
Hurco Companies, Inc.	1,846		60,180
Energous Corp.^*,1	3,739		59,263

	Shares		Value
COMMON STOCKS^† - 99.0% (continued)
Industrial - 10.2% (continued)
LSI Industries, Inc.	5,804	$	56,995
KEMET Corp.^*	9,330		52,994
Covenant Transportation Group, Inc. — Class A^*	2,333		48,363
Sparton Corp.^*	1,933		47,126
Control4 Corp.^*	3,915		44,788
ZAGG, Inc.^*	6,740		44,484
Napco Security Technologies, Inc.^*	4,697		40,159
Layne Christensen Co.^*	3,772		40,134
Key Technology, Inc.^*	3,278		40,090
NVE Corp.	589		39,328
Goldfield Corp.^*	9,388		38,960
TRC Companies, Inc.^*	3,954		38,354
Synalloy Corp.^*	3,772		38,286
Intevac, Inc.^*	5,806		36,869
LMI Aerospace, Inc.^*	3,970		35,968
UFP Technologies, Inc.^*	1,412		35,441
Eagle Bulk Shipping, Inc.^*	5,558		35,127
Core Molding Technologies, Inc.^*	2,191		34,946
Gencor Industries, Inc.^*	2,272		31,922
Ballantyne Strong, Inc.^*	4,367		31,220
Sterling Construction Company, Inc.^*	3,758		31,154
MOCON, Inc.	1,735		30,363
Willis Lease Finance Corp.^*	1,092		29,255
Omega Flex, Inc.	642		28,717
Ultralife Corp.^*	5,558		28,068
Eastern Co.	1,290		27,542
Allied Motion Technologies, Inc.	1,288		27,537
Hardinge, Inc.	2,492		27,487
Lawson Products, Inc.^*	1,126		26,686
Xerium Technologies, Inc.^*	4,383		26,298
Orion Energy Systems, Inc.^*	13,301		26,203
LRAD Corp.	14,095		25,089
Global Power Equipment Group, Inc.^*,1	6,649		24,734
PAM Transportation Services, Inc.^*	967		23,972
Revolution Lighting Technologies, Inc.^*,1	4,427		23,950
Broadwind Energy, Inc.^*	5,815		23,783
Arotech Corp.^*	6,055		23,615
Iteris, Inc.^*	7,108		22,888
Pure Cycle Corp.^*,1	4,576		22,651
Innovative Solutions & Support, Inc.^*	6,252		22,195
CPI Aerostructures, Inc.^*	3,077		21,539
Aehr Test Systems^*,1	7,034		21,453
MFRI, Inc.^*	2,481		20,468
MicroVision, Inc.^*,1	12,232		20,183
Aspen Aerogels, Inc.^*	5,129		19,747
Intellicheck Mobilisa, Inc.^*,1	7,382		19,415
CUI Global, Inc.^*,1	3,176		19,374
EnSync, Inc.^*	20,010		18,609
Taylor Devices, Inc.^*	1,092		16,194
Identiv, Inc.^*	5,955		15,721
Manitex International, Inc.^*	2,903		15,676

Wilshire Micro-Cap ETF
SCHEDULE OF INVESTMENTS (Unaudited)	November 30, 2016

	Shares		Value
COMMON STOCKS^† - 99.0% (continued)
Industrial - 10.2% (continued)
Ecology and Environment, Inc. — Class A	1,687	$	15,183
Ideal Power, Inc.^*	3,077		14,308
Air T, Inc.^*	695		12,927
IEC Electronics Corp.^*	3,573		12,506
Research Frontiers, Inc.^*,1	7,047		12,473
Empire Resources, Inc.¹	2,418		12,163
Astrotech Corp.^*	7,258		11,903
Digital Ally, Inc.^*,1	2,295		11,475
Chicago Rivet & Machine Co.	334		11,456
UQM Technologies, Inc.^*	22,829		11,296
SigmaTron International, Inc.^*,1	2,096		10,899
Resonant, Inc.^*,1	2,283		10,707
CryoPort, Inc.^*	4,268		9,902
CVD Equipment Corp.^*,1	1,276		9,889
Tecogen, Inc.^*	2,295		9,616
ENGlobal Corp.^*	6,452		8,646
ClearSign Combustion Corp.^*,1	2,084		8,336
Energy Focus, Inc.^*,1	1,674		8,119
NXT-ID, Inc.^*	2,382		7,670
P&F Industries, Inc. — Class A	893		7,376
Document Security Systems, Inc.^*	10,062		7,243
American Electric Technologies, Inc.^*,1	3,759		6,766
Appliance Recycling Centers of America, Inc.^*	5,558		5,836
Giga-Tronics, Inc.^*	7,716		5,788
Clean Diesel Technologies, Inc.^*	1,925		4,986
MagneGas Corp.^*,1	8,052		3,825
AG&E Holdings, Inc.^*	19,899		3,383
Digital Power Corporation^*	3,474		2,154
IntriCon Corp.^*	334		2,121
Pro-DEX, Inc.^*,1	397		1,707
Metabolix, Inc.^*	4,826		1,375
Erickson, Inc.^*,1	2,022		213
Total Industrial			2,654,910
Consumer, Cyclical - 10.1%
Culp, Inc.	3,843		129,701
Green Brick Partners, Inc.^*,1	13,914		127,313
Hooker Furniture Corp.	3,707		101,201
Beazer Homes USA, Inc.^*	7,412		99,914
Reading International, Inc. — Class A^*	5,796		91,055
Malibu Boats, Inc. — Class A^*	4,429		80,608
Flexsteel Industries, Inc.	1,447		79,411
Build-A-Bear Workshop, Inc. — Class A^*	5,290		75,912
Spartan Motors, Inc.	7,928		70,955
Destination XL Group, Inc.^*,1	17,046		69,888
America's Car-Mart, Inc.^*	1,344		61,219
Nathan's Famous, Inc.^*	976		60,366
Bassett Furniture Industries, Inc.	2,024		58,797
Miller Industries, Inc.	2,174		55,437
Superior Uniform Group, Inc.	2,699		51,793
Supreme Industries, Inc. — Class A	3,640		51,614
J Alexander's Holdings, Inc.^*	5,297		50,322

	Shares		Value
COMMON STOCKS^† - 99.0% (continued)
Consumer, Cyclical - 10.1% (continued)
Johnson Outdoors, Inc. — Class A	1,201	$	50,202
Golden Entertainment, Inc.	4,015		49,866
West Marine, Inc.^*	4,743		45,628
RCI Hospitality Holdings, Inc.	3,544		43,166
Commercial Vehicle Group, Inc.^*	8,139		41,753
Lifetime Brands, Inc.	2,451		40,932
UCP, Inc. — Class A^*,1	3,654		40,011
EnviroStar, Inc.	2,779		39,740
Kona Grill, Inc.^*,1	3,125		38,437
Delta Apparel, Inc.^*	1,858		37,921
Skyline Corp.^*	2,902		37,146
Destination Maternity Corp.¹	5,360		35,912
PCM, Inc.^*	1,779		35,847
Del Frisco's Restaurant Group, Inc.^*	2,083		35,828
Luby's, Inc.^*	8,385		35,720
Escalade, Inc.	2,549		35,049
Jamba, Inc.^*,1	3,460		34,323
Century Casinos, Inc.^*	4,800		33,120
VOXX International Corp. — Class A^*	6,750		32,738
Black Diamond, Inc.^*,1	5,196		31,955
Tandy Leather Factory, Inc.^*	4,070		30,729
Freshpet, Inc.^*,1	3,287		30,405
Castle Brands, Inc.^*	39,008		28,936
New York & Company, Inc.^*	13,693		27,797
Gaia, Inc.^*	3,176		26,996
Red Lion Hotels Corp.^*	2,957		26,022
Rocky Brands, Inc.	2,417		25,741
BlueLinx Holdings, Inc.^*	3,077		24,031
Lakeland Industries, Inc.^*,1	1,985		22,530
Kewaunee Scientific Corp.	880		21,560
Bravo Brio Restaurant Group, Inc.^*	5,161		21,418
New Home Company, Inc.^*,1	1,745		20,120
Morgans Hotel Group Co.^*	9,132		19,634
Town Sports International Holdings, Inc.^*	8,635		19,429
DGSE Companies, Inc.^*	16,561		15,733
Famous Dave's of America, Inc.^*	3,276		15,233
Strattec Security Corp.	383		14,899
Dixie Group, Inc.^*	4,270		14,518
Peak Resorts, Inc.	2,835		13,608
Dover Motorsports, Inc.	5,062		11,896
Nevada Gold & Casinos, Inc.^*	6,252		11,066
hhgregg, Inc.^*	6,650		10,175
Emerson Radio Corp.^*	10,918		8,842
Papa Murphy's Holdings, Inc.^*	1,865		8,840
AMREP Corp.^*	1,117		7,975
Koss Corp.^*	2,903		7,548
Entertainment Gaming Asia, Inc.^*	5,582		7,257
Diversified Restaurant Holdings, Inc.^*	5,149		7,209
Forward Industries, Inc.^*	4,689		6,752
Virco Manufacturing Corp.^*	1,588		6,511
Rave Restaurant Group, Inc.^*,1	2,811		6,072
Educational Development Corp.	596		5,394

Wilshire Micro-Cap ETF
SCHEDULE OF INVESTMENTS (Unaudited)	November 30, 2016

	Shares		Value
COMMON STOCKS^† - 99.0% (continued)
Consumer, Cyclical - 10.1% (continued)
Comstock Holding Companies, Inc.^*	2,680	$	4,958
Dover Downs Gaming & Entertainment, Inc.^*	2,382		2,573
Cosi, Inc.^*	17,675		627
Ignite Restaurant Group, Inc.^*	1,338		364
Total Consumer, Cyclical			2,624,198
Technology - 6.3%
Ultra Clean Holdings, Inc.^*	10,220		102,610
Digimarc Corp.^*,1	2,998		93,088
Axcelis Technologies, Inc.^*	5,866		80,071
Immersion Corp.^*	7,076		72,882
CommerceHub, Inc.^*	4,169		63,035
Exa Corp.^*	3,623		53,729
GigPeak, Inc.^*	19,138		51,481
Tabula Rasa HealthCare, Inc.^*	3,700		51,356
QAD, Inc. — Class B	2,035		50,590
Amber Road, Inc.^*	4,299		49,997
GSE Systems, Inc.^*	15,110		46,086
Mitek Systems, Inc.^*,1	8,040		45,024
Radisys Corp.^*	10,224		42,736
CSP, Inc.	3,797		40,590
Datalink Corp.^*	3,573		40,018
NCI, Inc. — Class A	2,869		37,584
Model N, Inc.^*	3,871		34,645
American Software, Inc. — Class A	3,127		34,460
DMC Global, Inc.	2,087		34,123
Everyday Health, Inc.^*	3,243		33,889
AXT, Inc.^*	6,508		31,238
WidePoint Corp.^*	45,063		30,305
USA Technologies, Inc.^*	7,047		29,950
ExOne Co.^*,1	3,020		29,807
Inseego Corp.^*	12,904		29,679
Pixelworks, Inc.^*	9,429		29,041
Innodata, Inc.^*	11,613		27,871
EMCORE Corp.	4,316		27,622
Simulations Plus, Inc.	2,878		27,197
Guidance Software, Inc.^*	3,673		25,895
Mattersight Corp.^*,1	6,609		25,114
SharpSpring, Inc.^*	4,466		23,759
Richardson Electronics Ltd.	3,726		22,505
GSI Technology, Inc.^*	4,101		22,350
Datawatch Corp.^*,1	3,474		20,844
PAR Technology Corp.^*	3,673		19,504
eMagin Corp.^*	8,238		18,536
Icad, Inc.^*	4,268		15,664
Netlist, Inc.^*	14,095		15,364
Computer Task Group, Inc.	3,328		13,844
Zedge, Inc. — Class B^*	3,673		13,223
Echelon Corp.^*	2,283		11,780
Socket Mobile, Inc.^*	3,276		10,975
Intermolecular, Inc.^*	9,726		9,921
Imation Corp.^*	9,628		9,531
Smith Micro Software, Inc.^*	6,452		9,097
Mastech Digital, Inc.^*	1,191		8,194
Atomera, Inc.^*	1,191		8,039
MoSys, Inc.^*	22,157		7,192
Majesco Entertainment Co.¹	1,224		3,954

	Shares		Value
COMMON STOCKS^† - 99.0% (continued)
Technology - 6.3% (continued)
Sysorex Global Holdings Corp.^*	9,280	$	2,320
Inventergy Global, Inc.^*,1	3,474		2,213
Total Technology			1,640,522
Communications - 6.1%
FairPoint Communications, Inc.^*	4,533		75,475
MeetMe, Inc.^*	14,988		72,241
Aviat Networks, Inc.^*	5,380		67,949
Clearfield, Inc.^*	3,437		65,990
Zix Corp.^*	14,300		63,635
Hawaiian Telcom Holdco, Inc.^*	2,744		62,673
Preformed Line Products Co.	893		49,954
Numerex Corp. — Class A^*,1	5,894		47,211
Saga Communications, Inc. — Class A	946		45,219
Autobytel, Inc.^*	3,248		44,985
Straight Path Communications, Inc. — Class B^*,1	1,805		43,266
Reis, Inc.	1,837		40,138
Townsquare Media, Inc. — Class A^*	4,169		36,395
Lee Enterprises, Inc.^*	11,697		35,676
A H Belo Corp. — Class A	5,752		35,375
Tremor Video, Inc.^*	15,322		32,176
iPass, Inc.^*	17,569		28,286
KVH Industries, Inc.^*	2,505		27,305
Value Line, Inc.	1,228		27,139
Beasley Broadcast Group, Inc. — Class A	4,131		26,232
Communications Systems, Inc.	5,062		25,310
HC2 Holdings, Inc.^*	5,023		23,909
Remark Media, Inc.^*	5,806		23,514
Salem Media Group, Inc. — Class A	4,070		23,199
ClearOne, Inc.	2,084		22,820
McClatchy Co. — Class A^*	1,588		22,486
RELM Wireless Corp.	4,346		22,165
UTStarcom, Inc.^*	10,918		21,618
Optical Cable Corp.^*,1	6,253		19,697
Ooma, Inc.^*,1	2,010		18,693
ID Systems, Inc.^*	3,772		18,332
Alaska Communications Systems Group, Inc.^*	11,998		18,237
Airgain, Inc.^*	893		17,511
US Auto Parts Network, Inc.^*	5,897		16,806
Rightside Group Ltd.^*	2,121		16,650
EVINE Live, Inc.^*	9,850		16,450
Aerohive Networks, Inc.^*	2,903		15,996
Lantronix, Inc.^*	10,496		15,744
Tessco Technologies, Inc.	1,253		15,349
Emmis Communications Corp. — Class A^*	4,417		14,488
YuMe, Inc.^*,1	4,242		14,465
Covisint Corp.^*	6,252		14,067
Support.com, Inc.^*	18,263		13,068
RF Industries Ltd.	7,816		12,896
Westell Technologies, Inc. — Class A^*	23,623		12,754
Globalscape, Inc.	3,274		12,474
Leaf Group Ltd.^*	1,687		11,134

Wilshire Micro-Cap ETF
SCHEDULE OF INVESTMENTS (Unaudited)	November 30, 2016

	Shares		Value
COMMON STOCKS^† - 99.0% (continued)
Communications - 6.1% (continued)
Onvia, Inc.^*,1	2,283	$	10,958
Spanish Broadcasting System, Inc. — Class A^*	2,680		10,854
BroadVision, Inc.^*	2,184		10,702
Radio One, Inc. — Class D^*,1	3,673		10,652
Synacor, Inc.^*	3,474		10,596
TheStreet.com, Inc.	11,712		10,424
NTN Buzztime, Inc.^*	993		10,347
ParkerVision, Inc.^*,1	3,772		10,109
Marin Software, Inc.^*	3,981		9,554
Spark Networks, Inc.^*,1	9,145		8,962
Connecture, Inc.^*	4,665		8,537
Xcel Brands, Inc.^*	1,687		8,351
LightPath Technologies, Inc. — Class A^*,1	5,694		7,972
Fusion Telecommunications International, Inc.^*,1	5,099		7,954
Rocket Fuel, Inc.^*	4,268		7,768
Sajan, Inc.^*	2,121		7,551
eGain Corp.^*	3,081		7,240
CafePress, Inc.^*	2,171		6,622
FunctionX, Inc.^*	1,692		5,245
Cinedigm Corp. — Class A^*	3,057		4,555
Spherix, Inc.^*	3,871		4,374
Net Element, Inc.^*	4,165		3,832
RLJ Entertainment, Inc.^*	2,270		3,655
WPCS International, Inc.^*	2,680		3,243
Xtera Communications, Inc.^*	7,246		362
Total Communications			1,597,571
Energy - 4.3%
Panhandle Oil and Gas, Inc. — Class A	5,325		130,462
Resolute Energy Corp.^*	3,457		115,947
Natural Gas Services Group, Inc.^*	4,022		114,426
Pioneer Energy Services Corp.^*	17,172		85,861
Evolution Petroleum Corp.	9,540		80,612
Pacific Ethanol, Inc.^*,1	8,828		75,921
Dawson Geophysical Co.^*	6,839		53,686
Trecora Resources^*	4,006		48,272
Peabody Energy Corp.^*,1	4,300		44,355
Adams Resources & Energy, Inc.	1,118		44,206
Willbros Group, Inc.^*	12,307		31,875
Gastar Exploration, Inc.^*	22,432		28,488
Renewable Energy Group, Inc.^*	2,779		27,095
Isramco, Inc.^*,1	214		25,199
Harvest Natural Resources, Inc.^*,1	4,516		24,973
Comstock Resources, Inc.^*,1	2,481		23,470
Zion Oil & Gas, Inc.^*	15,071		20,196
Mitcham Industries, Inc.^*	5,161		19,715
Approach Resources, Inc.^*,1	5,582		19,593
Magellan Petroleum Corp.^*	2,704		15,954
Superior Drilling Products, Inc.^*	8,697		11,219
Mexco Energy Corp.^*	2,317		10,751
VAALCO Energy, Inc.^*	13,634		10,512
Sunworks, Inc.^*	4,516		10,116
Bonanza Creek Energy, Inc.^*,1	8,834		8,834
Vantage Drilling Co.^*	857,240		7,887

	Shares		Value
COMMON STOCKS^† - 99.0% (continued)
Energy - 4.3% (continued)
Enphase Energy, Inc.^*	5,482	$	6,140
Stone Energy Corp.^*,1	993		4,886
Barnwell Industries, Inc.^*	2,680		4,636
Gevo, Inc.^*,1	13,896		4,516
Basic Energy Services, Inc.^*	6,948		3,543
Vertex Energy, Inc.^*,1	3,198		3,390
Lucas Energy, Inc.^*,1	1,674		2,561
Tengasco, Inc.^*	3,127		2,158
ZaZa Energy Corp.^*	17,418		1,742
Real Goods Solar, Inc. — Class A^*	1,092		483
Ascent Solar Technologies, Inc.^*	1,007		8
Total Energy			1,123,688
Basic Materials - 2.2%
Landec Corp.^*	7,719		110,382
KMG Chemicals, Inc.	2,606		88,030
Orchids Paper Products Co.	3,000		74,730
Codexis, Inc.^*	10,422		49,505
Oil-Dri Corporation of America	976		38,757
Universal Stainless & Alloy Products, Inc.^*	2,878		35,399
Intrepid Potash, Inc.^*	20,149		27,604
Uranium Energy Corp.^*	29,069		25,540
United States Lime & Minerals, Inc.	334		24,232
Shiloh Industries, Inc.^*	3,375		23,794
Friedman Industries, Inc.	3,474		19,659
Northern Technologies International Corp.^*	1,172		16,291
Golden Minerals Co.^*	17,569		12,124
Vista Gold Corp.^*,1	12,840		10,657
Uranium Resources, Inc.^*	5,757		9,096
US Antimony Corp.^*	23,425		7,028
Total Basic Materials			572,828
Utilities - 1.3%
York Water Co.	2,974		108,254
Gas Natural, Inc.	5,261		65,762
Artesian Resources Corp. — Class A	1,631		51,409
Delta Natural Gas Company, Inc.	1,325		33,801
RGC Resources, Inc.¹	1,266		31,283
Global Water Resources, Inc.¹	2,680		22,646
Synthesis Energy Systems, Inc.^*	20,610		19,580
US Geothermal, Inc.^*,1	4,260		17,977
Total Utilities			350,712
Total Common Stocks
(Cost $25,222,878)			25,790,184
ROYALTY TRUST^† - 0.4%
Energy - 0.4%
Cross Timbers Royalty Trust	2,084		35,428
Enduro Royalty Trust	7,047		27,483
Hugoton Royalty Trust	10,124		20,754
Pacific Coast Oil Trust^*	13,896		17,787
Total Royalty Trust
(Cost $106,432)			101,452

Wilshire Micro-Cap ETF
SCHEDULE OF INVESTMENTS (Unaudited)	November 30, 2016

		Face
		Amount		Value
CONVERTIBLE BONDS^†† - 0.0%^**
Consumer, Non-cyclical - 0.0%^**
Catalyst Biosciences, Inc.
0.00% due 02/19/18³	$	6,475	$	4,209
(Cost $6,475)

SECURITIES LENDING COLLATERAL^††^,4 - 9.8%
Joint Repurchase Agreements

HSBC Securities (USA), Inc. issued 11/30/16 at 0.27% due 12/01/16	$	610,922	$	610,922
Merrill Lynch, Pierce, Fenner & Smith, Inc. issued 11/30/16 at 0.28% due 12/01/16		610,922		610,922
RBC Dominion Securities, Inc. issued 11/30/16 at 0.29% due 12/01/16		535,270		535,270
Credit Suisse Securities (USA), LLC issued 11/30/16 at 0.26% due 12/01/16		398,286		398,286
Citigroup Global Markets, Inc. issued 11/30/16 at 0.28% due 12/01/16		393,049		393,049

Total Securities Lending Collateral
(Cost $2,548,449)		2,548,449
Total Investments - 109.2%
(Cost $27,884,234)	$	28,444,294
Other Assets & Liabilities, net - (9.2)%		(2,390,919)
Total Net Assets - 100.0%	$	26,053,375

*	Non-income producing security.
**	Less than 0.1%
†	Value determined based on Level 1 inputs, unless otherwise noted — See Note 2.
††	Value determined based on Level 2 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, 2016 — See Note 4.
2	Security was fair valued by the Valuation Committee at November 30, 2016. The total market value of fair valued securities amounts to $4,209, (cost $31,193) or less than 0.1% of total net assets.
3	Zero coupon rate security.
4	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 investments at November 30, 2016 (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	$	25,790,184	$	—	$	—	*	$	25,790,184
Convertible Bonds		—		4,209		—			4,209
Royalty Trust		101,452		—		—			101,452
Securities Lending Collateral		—		2,548,449		—			2,548,449
Total	$	25,891,636	$	2,552,658	$	—	*	$	28,444,294

*Market value is less than $1.

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:

Category	Ending Balance at 11/30/16	Valuation Technique	Unobservable Inputs
Common Stocks	$--*	Model Price	Trade Price

For the period ended November 30, 2016, 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, 2016:

Other Information (unaudited)

Beginning Balance	$	2,701
Change in Unrealized Gain/Loss		(27,419	)
Purchases		24,718
Ending Balance	$	-	*
Net change in unrealized appreciation (depreciation) for investments in securities still held at November 30, 2016	$	(24,718	)

*Market value is less than $1.

Wilshire US REIT ETF
SCHEDULE OF INVESTMENTS (Unaudited)	November 30, 2016

	Shares		Value
COMMON STOCKS^† - 99.1%
Financial - 99.1%
Simon Property Group, Inc.	9,851	$	1,769,731
Public Storage	4,892		1,023,895
Prologis, Inc.	16,521		840,918
AvalonBay Communities, Inc.	4,306		708,294
Welltower, Inc.	11,222		704,516
Equity Residential	11,461		687,775
Ventas, Inc.	11,016		665,586
Boston Properties, Inc.	4,819		596,977
Vornado Realty Trust	5,920		578,680
Essex Property Trust, Inc.	2,054		443,500
HCP, Inc.	14,659		432,880
Digital Realty Trust, Inc.¹	4,605		425,180
Host Hotels & Resorts, Inc.	23,279		415,297
General Growth Properties, Inc.	15,811		400,650
Kimco Realty Corp.	13,171		336,388
SL Green Realty Corp.	3,145		331,357
Federal Realty Investment Trust	2,240		314,541
UDR, Inc.	8,373		285,017
Duke Realty Corp.	10,998		279,679
Extra Space Storage, Inc.	3,944		276,711
Macerich Co.	3,782		256,760
Alexandria Real Estate Equities, Inc.	2,249		246,468
Brixmor Property Group, Inc.	9,064		220,708
Mid-America Apartment Communities, Inc.	2,369		217,071
Camden Property Trust	2,740		215,665
Kilroy Realty Corp.	2,893		209,280
Regency Centers Corp.	3,112		208,006
Apartment Investment & Management Co. — Class A	4,899		206,248
American Campus Communities, Inc.	4,090		192,680
Equity LifeStyle Properties, Inc.	2,674		185,656
Liberty Property Trust	4,601		181,279
Douglas Emmett, Inc.	4,736		173,764
Sun Communities, Inc.	2,153		155,382
DDR Corp.	10,209		155,381
American Homes 4 Rent — Class A	7,081		149,197
Highwoods Properties, Inc.	3,091		148,553
Hospitality Properties Trust	5,097		147,788
Weingarten Realty Investors	4,008		142,324
Forest City Realty Trust, Inc. — Class A	7,591		140,358
CubeSmart	5,621		138,558
Senior Housing Properties Trust	7,446		134,475
Hudson Pacific Properties, Inc.	3,742		130,484
DCT Industrial Trust, Inc.	2,827		129,901
Taubman Centers, Inc.	1,780		129,353
Apple Hospitality REIT, Inc.	7,003		129,135
Healthcare Trust of America, Inc. — Class A	4,320		122,170
Life Storage, Inc.	1,455		118,190
Equity Commonwealth^*	3,936		114,459
Retail Properties of America, Inc. — Class A	7,443		113,580

	Shares		Value
COMMON STOCKS^† - 99.1% (continued)
Financial - 99.1% (continued)
CyrusOne, Inc.	2,618	$	111,736
Healthcare Realty Trust, Inc.	3,631		106,679
Tanger Factory Outlet Centers, Inc.	3,012		103,824
Post Properties, Inc.	1,544		100,391
LaSalle Hotel Properties	3,545		99,508
Sunstone Hotel Investors, Inc.	6,790		98,727
Cousins Properties, Inc.	12,299		97,285
First Industrial Realty Trust, Inc.	3,664		96,913
DuPont Fabros Technology, Inc.	2,369		96,324
Paramount Group, Inc.	6,056		95,200
PS Business Parks, Inc.	849		94,859
Ryman Hospitality Properties, Inc.	1,600		94,240
Education Realty Trust, Inc.	2,290		92,974
Piedmont Office Realty Trust, Inc. — Class A	4,554		89,441
RLJ Lodging Trust	3,898		88,835
Equity One, Inc.	2,929		87,460
National Health Investors, Inc.	1,227		86,823
Corporate Office Properties Trust	2,971		85,030
Brandywine Realty Trust	5,490		84,272
Acadia Realty Trust	2,533		83,741
Columbia Property Trust, Inc.	3,871		81,523
Urban Edge Properties	2,929		79,347
Empire State Realty Trust, Inc. — Class A	3,890		78,461
Mack-Cali Realty Corp.	2,811		76,038
CoreSite Realty Corp.	1,063		74,974
Washington Real Estate Investment Trust	2,308		71,686
Retail Opportunity Investments Corp.	3,413		70,444
EastGroup Properties, Inc.	1,031		70,428
DiamondRock Hospitality Co.	6,298		66,696
Pebblebrook Hotel Trust	2,260		64,998
CBL & Associates Properties, Inc.	5,355		63,510
Care Capital Properties, Inc.	2,632		63,379
Kite Realty Group Trust	2,614		62,867
American Assets Trust, Inc.	1,424		57,045
Monogram Residential Trust, Inc.	5,230		55,072
Washington Prime Group, Inc.	5,427		54,379
New York REIT, Inc.	5,200		50,128
Sabra Health Care REIT, Inc.	2,047		45,300
Chesapeake Lodging Trust	1,885		44,693
Quality Care Properties, Inc.^*	2,931		43,965
Ramco-Gershenson Properties Trust	2,485		42,170
Government Properties Income Trust	2,231		41,920
Franklin Street Properties Corp.	3,333		41,862
Pennsylvania Real Estate Investment Trust	2,180		41,791

Wilshire US REIT ETF
SCHEDULE OF INVESTMENTS (Unaudited)	November 30, 2016

	Shares		Value
COMMON STOCKS^† - 99.1% (continued)
Financial - 99.1% (continued)
Terreno Realty Corp.	1,444	$	39,306
Summit Hotel Properties, Inc.	2,736		38,906
Alexander's, Inc.	85		36,354
FelCor Lodging Trust, Inc.	4,333		31,458
Parkway, Inc.^*	1,537		30,125
Monmouth Real Estate Investment Corp.	2,123		29,807
Hersha Hospitality Trust	1,330		26,826
Urstadt Biddle Properties, Inc. — Class A	1,127		25,527
Tier REIT, Inc.	1,497		24,057
Investors Real Estate Trust	3,798		23,889
Saul Centers, Inc.	376		23,872
QTS Realty Trust, Inc. — Class A	510		23,868
Universal Health Realty Income Trust	400		23,724

	Shares		Value
COMMON STOCKS^† - 99.1% (continued)
Financial - 99.1% (continued)
Chatham Lodging Trust	1,202	$	23,030
NorthStar Realty Europe Corp.	1,894		20,323
National Storage Affiliates Trust	957		19,695
Ashford Hospitality Trust, Inc.	2,654		18,658
First Potomac Realty Trust	1,822		17,910
Silver Bay Realty Trust Corp.	1,009		17,627
Cedar Realty Trust, Inc.	2,573		16,596
Easterly Government Properties, Inc.	849		16,471
Ashford Hospitality Prime, Inc.	1,031		13,217
NexPoint Residential Trust, Inc.	567		11,125
Total Financial			20,219,754
Total Common Stocks - 99.1%
(Cost $19,775,000)			20,219,754
Other Assets & Liabilities, net - 0.9%			175,605
Total Net Assets - 100.0%		$	20,395,359

*	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, 2016 — 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 investments at November 30, 2016 (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	$	20,219,754	$	—	$	—	$	20,219,754
Total	$	20,219,754	$	—	$	—	$	20,219,754

For the period ended November 30, 2016, 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.

The following 11 portfolios have a quarterly reporting period ended on November 30, 2016:

Guggenheim BRIC ETF

Guggenheim Defensive Equity ETF

Guggenheim Dow Jones Industrial Average Dividend ETF

Guggenheim Insider Sentiment ETF

Guggenheim Large Cap Optimized Diversification ETF

Guggenheim Mid-Cap Core ETF

Guggenheim Multi-Asset Income ETF

Guggenheim Raymond James SB-1 Equity ETF

Guggenheim Spin-Off ETF

Wilshire Micro-Cap ETF

Wilshire US REIT ETF

Each portfolio represents a separate series of the Trust (each a “Fund” or collectively the “Funds”).

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 following significant accounting policies are in conformity with U.S. generally accepted accounting principles (“GAAP”) and are consistently followed by the Trust. This requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. All time references are based on Eastern Time.

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. 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.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

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. 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 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: market prices; sale 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 anticipated cash flows or collateral, spread over Treasuries, and other information analysis.

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 anticipated cash flows or collateral spread over Treasuries, and other information and analysis.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

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, 2016, the cost of investments and accumulated unrealized appreciation/depreciation on investments for federal income tax purposes were as follows:

	Cost of Investments for Tax Purposes		Gross Tax Unrealized Appreciation		Gross Tax Unrealized Depreciation			Net Tax Unrealized Appreciation (Depreciation)
Guggenheim BRIC ETF	$	107,620,768	$	7,229,835	$	(37,538,942	)	$	(30,309,107	)
Guggenheim Defensive Equity ETF		160,557,758		9,474,976		(4,756,588	)		4,718,388
Guggenheim Dow Jones Industrial Average Dividend ETF		4,038,345		209,869		(43,074	)		166,795
Guggenheim Insider Sentiment ETF		67,758,290		3,467,912		(2,032,775	)		1,435,137
Guggenheim Large Cap Optimized Diversification ETF		1,361,228		37,310		(114,758	)		(77,448	)
Guggenheim Mid-Cap Core ETF		145,754,994		12,490,239		(5,669,251	)		6,820,988
Guggenheim Multi-Asset Income ETF		408,161,177		29,214,841		(18,961,844	)		10,252,997
Guggenheim Raymond James SB-1 Equity ETF		170,354,421		30,700,324		(7,939,120	)		22,761,204
Guggenheim Spin-Off ETF		197,402,981		27,758,405		(16,405,410	)		11,352,995
Wilshire Micro-Cap ETF		28,218,736		4,415,624		(4,190,066	)		225,558
Wilshire US REIT ETF		19,821,624		1,167,850		(769,720	)		398,130

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, 2016, the Funds participated in securities lending as follows:

	Value of Securities Loaned		Cash Collateral		Non-Cash Collateral		Total Collateral
Guggenheim BRIC ETF	$	3,961,833	$	2,614,041	$	1,500,716	$	4,114,757
Guggenheim Defensive Equity ETF		81,626		-		83,283		83,283
Guggenheim Dow Jones Industrial Average Dividend ETF		-		-		-		-
Guggenheim Insider Sentiment ETF		-		-		-		-
Guggenheim Large Cap Optimized Diversification ETF		8,763		9,026		-		9,026
Guggenheim Mid-Cap Core ETF		4,401,152		4,501,262		-		4,501,262
Guggenheim Multi-Asset Income ETF		12,039,565		11,057,164		1,305,297		12,362,461
Guggenheim Raymond James SB-1 Equity ETF		8,037,146		6,556,553		1,712,256		8,268,809
Guggenheim Spin-Off ETF		4,070,200		4,165,395		-		4,165,395
Wilshire Micro-Cap ETF		2,871,206		2,548,449		474,467		3,022,916
Wilshire US REIT ETF		430,568		-		439,313		439,313

The following represents a breakdown of the collateral for the joint repurchase agreements at November 30, 2016:

Counterparty and Terms of Agreement	Face Value		Repurchase Price		Collateral	Par Value		Fair Value
HSBC Securities (USA), Inc. issued 11/30/16 at 0.27% due 12/01/16	$	7,355,475	$	7,355,475	Various U.S. Government obligations and U.S. Government agency securities	$	17,498,949	$	7,502,644
RBC Dominion Securities, Inc. issued 11/30/16 at 0.29% due 12/01/16		7,204,824		7,204,824	Various U.S. Government obligations and U.S. Government agency securities		13,034,181		7,502,600
Citigroup Global Markets, Inc. issued 11/30/16 at 0.28% due 12/01/16		4,597,343		4,597,343	Various U.S. Government obligations and U.S. Government agency securities		6,560,193		4,697,997
Mizuho Securities (USA), Inc. issued 11/30/16 at 0.28% due 12/01/16		2,643,653		2,643,653	Various U.S. Government obligations and U.S. Government agency securities		2,677,447		2,696,526
Merrill Lynch, Pierce, Fenner & Smith, Inc. issued 11/30/16 at 0.28% due 12/01/16		4,720,848		4,720,848	Various U.S. Government obligations and U.S. Government agency securities		6,552,369		4,806,058
Merrill Lynch, Pierce, Fenner & Smith, Inc. issued 11/30/16 at 0.26% due 12/01/16		1,858,009		1,858,009	Various U.S. Government obligations and U.S. Government agency securities		1,799,436		1,904,380
Credit Suisse Securities (USA), LLC issued 11/30/16 at 0.26% due 12/01/16		3,071,738		3,071,738	Various U.S. Government obligations and U.S. Government agency securities		2,470,851		3,133,209

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 30, 2017

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 30, 2017

By:	/s/ John L. Sullivan
	John L. Sullivan
	Chief Financial Officer, Chief Accounting Officer and Treasurer

Date:

January 30, 2017