0000891804-12-001343.txt : 20121018 0000891804-12-001343.hdr.sgml : 20121018 20121018164927 ACCESSION NUMBER: 0000891804-12-001343 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 8 FILED AS OF DATE: 20121018 DATE AS OF CHANGE: 20121018 EFFECTIVENESS DATE: 20121022 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Claymore Exchange-Traded Fund Trust 2 CENTRAL INDEX KEY: 0001365662 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-135105 FILM NUMBER: 121150856 BUSINESS ADDRESS: STREET 1: C/O CLAYMORE SECURITIES, INC. STREET 2: 2455 CORPORATE WEST DRIVE CITY: LISLE STATE: IL ZIP: 60532 BUSINESS PHONE: 630-505-3700 MAIL ADDRESS: STREET 1: C/O CLAYMORE SECURITIES, INC. STREET 2: 2455 CORPORATE WEST DRIVE CITY: LISLE STATE: IL ZIP: 60532 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Claymore Exchange-Traded Fund Trust 2 CENTRAL INDEX KEY: 0001365662 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-21910 FILM NUMBER: 121150857 BUSINESS ADDRESS: STREET 1: C/O CLAYMORE SECURITIES, INC. STREET 2: 2455 CORPORATE WEST DRIVE CITY: LISLE STATE: IL ZIP: 60532 BUSINESS PHONE: 630-505-3700 MAIL ADDRESS: STREET 1: C/O CLAYMORE SECURITIES, INC. STREET 2: 2455 CORPORATE WEST DRIVE CITY: LISLE STATE: IL ZIP: 60532 0001365662 S000017280 Guggenheim Canadian Energy Income ETF C000047825 Guggenheim Canadian Energy Income ETF ENY 0001365662 S000017282 Guggenheim International Multi-Asset Income ETF C000047827 Guggenheim International Multi-Asset Income ETF HGI 0001365662 S000019498 Guggenheim Timber ETF C000054146 Guggenheim Timber ETF CUT 0001365662 S000019626 Guggenheim China Real Estate ETF C000054711 Guggenheim China Real Estate ETF TAO 0001365662 S000020486 Guggenheim China Small Cap ETF C000057433 Guggenheim China Small Cap ETF HAO 0001365662 S000022470 Guggenheim Frontier Markets ETF C000065012 Guggenheim Frontier Markets ETF FRN 0001365662 S000029421 Guggenheim Shipping ETF C000090353 Guggenheim Shipping ETF SEA 0001365662 S000031992 Guggenheim Yuan Bond ETF C000099595 Guggenheim Yuan Bond ETF RMB 485BPOS 1 gug54990etf2-485bxbrl.htm GUGGENENHEIM ETF TRUST 2 gug54990etf2-485bxbrl.htm
As filed with the Securities and Exchange Commission on October 18, 2012
 
SECURITIES ACT FILE NO. 333-135105
INVESTMENT COMPANY ACT FILE NO. 811-21910
=========================================================================================================================================================================================================================================
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM N-1A
 
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
x
Pre-Effective Amendment No.
¨
Post Effective Amendment No. 125
x
 
and/or
 
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
x
Amendment No. 127
 
(Check appropriate box or boxes)
 
CLAYMORE EXCHANGE-TRADED FUND TRUST 2
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
 
2455 CORPORATE WEST DRIVE
LISLE, ILLINOIS 60532
(Address of Principal Executive Offices)
 
(630) 505-3700
Registrant's Telephone Number
 
KEVIN M. ROBINSON, ESQ.
GUGGENHEIM FUNDS INVESTMENT ADVISORS, LLC
2455 CORPORATE WEST DRIVE
LISLE, ILLINOIS 60532
(Name and Address of Agent for Service)
 
Copy to:
STUART M. STRAUSS, ESQ.
DECHERT LLP
1095 AVENUE OF THE AMERICAS
NEW YORK, NY 10036
 
APPROXIMATE DATE OF PROPOSED PUBLIC OFFERING:
 
IT IS PROPOSED THAT THIS FILING WILL BECOME EFFECTIVE (CHECK APPROPRIATE BOX)
 
x
           IMMEDIATELY UPON FILING PURSUANT TO PARAGRAPH (B) OF RULE 485.
¨
           ON [DATE] PURSUANT TO PARAGRAPH (B) OF RULE 485.
¨
           60 DAYS AFTER FILING PURSUANT TO PARAGRAPH (A)(1) OF RULE 485.
¨
           ON [DATE] PURSUANT TO PARAGRAPH (A) OF RULE 485.
¨
           75 DAYS AFTER FILING PURSUANT TO PARAGRAPH (A)(2) OF RULE 485.
¨
           ON [DATE] PURSUANT TO PARAGRAPH (A)(2) OF RULE 485.
 
 
1

 
 
EXPLANATORY NOTE
 
This filing relates to the following series of the Registrant:
 
Guggenheim Canadian Energy Income ETF
Guggenheim China Real Estate ETF
Guggenheim China Small Cap ETF
Guggenheim Frontier Markets ETF
Guggenheim International Multi-Asset Income ETF
Guggenheim Shipping ETF
Guggenheim Timber ETF
Guggenheim Yuan Bond ETF
 
 
2

 
SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all the requirements for effectiveness pursuant to Rule 485(b) under the Securities Act of 1933 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Lisle and State of Illinois on the 18th day of October, 2012.

CLAYMORE EXCHANGE-TRADED FUND TRUST 2
 
By:             
/s/ Donald C. Cacciapaglia
 
Donald C. Cacciapaglia
 
Chief Executive Officer

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

 
 
3

 

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

4
EX-101.INS 3 ck0001365662-20120531.xml INSTANCE DOCUMENT 485BPOS 2012-05-31 0001365662 2012-09-28 Claymore Exchange-Traded Fund Trust 2 false 2012-09-28 2012-09-28 The Fund is considered non-diversified and can invest a greater portion of assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Shares are <br />held in a taxable account. These costs, which are not reflected in annual fund <br />operating expenses or in the Example, affect the Fund's performance. During the <br />period September 22, 2011 (the Fund's commencement of operations) through May 31,<br />2012, the Fund's portfolio turnover was 54% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.guggenheimfunds.com/role/ExpenseExample_S000031992Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks investment results that correspond generally to the performance,<br />before the Fund's fees and expenses, of a Yuan bond index called the AlphaShares<br />China Yuan Bond Index (the "Index").</tt> <tt>This Example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other funds. The Example does not take into account <br />brokerage commissions that you pay when purchasing or selling Shares of the Fund.<br /> <br />The Example assumes that you invest $10,000 in the Fund for the time periods<br />indicated and then redeem all of your shares at the end of those periods. The<br />Example also assumes that your investment has a 5% return each year and that the<br />Fund's operating expenses remain the same. Although your actual costs may be<br />higher or lower, based on these assumptions your costs would be:</tt> <tt>The Fund, using a low cost "passive" or "indexing" investment approach, will<br />seek to replicate, before the Fund's fees and expenses, the performance of the<br />AlphaShares China Yuan Bond Index. The Index is a rules-based index comprised<br />of, as of August 31, 2012, approximately 57 securities. The securities in the<br />Index are bonds that are eligible for investment by U.S. and other foreign<br />investors and denominated in Chinese Yuan, whether issued by Chinese or<br />non-Chinese issuers and traded in the secondary market, a market commonly<br />referred to as the "Dim Sum" bond market. The Fund will not invest in onshore<br />securities in mainland China. The Index includes bonds issued by mainland<br />Chinese entities with a minimum of Yuan 1 billion outstanding par value, as <br />well as bonds issued by non-mainland Chinese entities (which have no minimum<br />outstanding par value requirement). All of the bond issues or issuers must have<br />an investment grade rating by Moody's Investors Service ("Moody's"), Standard &amp;<br />Poor's Ratings Services ("S&amp;P") and/or Fitch Ratings of Baa3/BBB-/BBB-,<br />respectively, or better. Bonds must have a minimum of one year maturity for<br />inclusion in the Index. Only bonds that pay a fixed periodic coupon, that delay<br />coupon payments until maturity, zero coupon bonds or floating rate bonds are<br />eligible for inclusion in the Index. The interest rates of the floating rate<br />bonds in the Index typically adjust based upon the then-current Shanghai<br />Interbank Offered Rate on a quarterly basis. The Chinese Yuan-denominated debt<br />securities in which the Fund invests are currently not listed on a stock<br />exchange or a primary securities market where trading is conducted on a regular<br />basis. The Index was created by AlphaShares, LLC ("AlphaShares" or the "Index<br />Provider") and is maintained by Interactive Data Corporation (the "Index<br />Administrator"). The Fund will invest at least 80% of its total assets in fixed<br />income securities that comprise the Index. The Fund has adopted a policy that<br />requires the Fund to provide shareholders with at least 60 days notice prior to<br />any material change in this policy or the Index. The Board of Trustees of the<br />Trust may change the Fund's investment strategies and other policies without<br />shareholder approval, except as otherwise indicated.<br /> <br />Guggenheim Funds Investment Advisors, LLC (the "Investment Adviser"), J.P.<br />Morgan Investment Management, Inc. ("JPMIM") and JF International Management<br />Inc. ("JFIMI") (the "Investment Sub-Advisers") seek a correlation over time of<br />0.95 or better between the Fund's performance and the performance of the Index.<br />A figure of 1.00 would represent perfect correlation.<br /> <br />The Fund expects to use a sampling approach in seeking to achieve its investment<br />objective. Sampling means that the Investment Adviser and Investment Sub-Advisers <br />use quantitative analysis to select securities from the Index universe to obtain <br />a representative sample of securities that resemble the Index in terms of key <br />risk factors, performance attributes and other characteristics. These characteristics <br />include maturity, credit quality, duration and other financial characteristics of <br />fixed income securities. The quantity of holdings in the Fund will be based on a <br />number of factors, including the asset size of the Fund, potential transaction <br />costs in acquiring particular securities, the anticipated impact of particular <br />index securities on the performance of the Index and the availability of<br />particular securities in the secondary market. However, the Fund may use<br />replication to achieve its objective if practicable. There may also be instances<br />in which the Investment Adviser and Investment Sub-Advisers may choose to<br />overweight another security in the Index, or purchase (or sell) securities not<br />in the Index which the Investment Adviser and Investment Sub-Advisers believe<br />are appropriate to substitute for one or more Index components, in seeking to<br />accurately track the Index. In addition, from time to time securities are added<br />to or removed from the Index. The Fund may sell securities that are represented<br />in the Index or purchase securities that are not yet represented in the Index in<br />anticipation of their removal from or addition to the Index.<br /> <br />If the Index concentrates in an industry or group of industries, the Fund's<br />investments will be concentrated accordingly. As of the date of this Prospectus,<br />a significant percentage (i.e., greater than 30%) of the Index was comprised of<br />companies in the financial services and government-related issues sectors.<br />Within the financial services sector, the Index was concentrated in the Chinese<br />banking industry. The financial services sector includes companies that are<br />principally engaged in the business of providing financial services and<br />products, including banking, investment services, insurance and real estate<br />finance services. The government-related issues sector includes debt securities<br />issued by the Chinese government, Chinese government agencies and instrumentalities, <br />and supranational agencies. Sector and industry allocation is not a factor in the <br />construction of the Index and, accordingly, the Index's allocations to any particular <br />sector or industry may increase or decrease over time.</tt> Guggenheim Yuan Bond ETF Example As of the date of this Prospectus, the Fund has not yet completed a full calendar year of investment operations. Investment Objective The Fund's Shares will change in value, and you could lose money by investing in the Fund. Principal Investment Risks 0.54 Fund Performance Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover <tt>Investors should consider the following risk factors and special considerations<br />associated with investing in the Fund, which may cause you to lose money.<br /> <br />Investment Risk. An investment in the Fund is subject to investment risk,<br />including the possible loss of the entire principal amount that you invest.<br /> <br />Foreign Issuers Risk. The Fund invests in Chinese Yuan-denominated bonds <br />of foreign corporations, governments, agencies and instrumentalities and<br />supranational agencies which have different risks than investing in U.S.<br />companies. These include differences in accounting, auditing and financial<br />reporting standards, the possibility of expropriation or confiscatory taxation,<br />adverse changes in investment or exchange control regulations, political<br />instability which could affect U.S. investments in foreign countries, and<br />potential restrictions of the flow of international capital. Foreign companies<br />may be subject to less governmental regulation than U.S. issuers. Moreover,<br />individual foreign economies may differ favorably or unfavorably from the U.S.<br />economy in such respects as growth of gross domestic product, rate of inflation,<br />capital investment, resource self-sufficiency and balance of payment options.<br /> <br />China Investment Risk. The Index includes only bonds open to foreign ownership<br />by U.S. investors. Accordingly, the Index does not include, and the Fund will<br />not invest in, securities traded in mainland China. As a result, returns<br />achieved by non-Chinese investors, such as the Fund, could differ from those<br />available to domestic investors in mainland China. While the Index does not<br />include securities traded in mainland China, Yuan-denominated bonds issued by<br />mainland Chinese government, government agency and instrumentality, and bank<br />issuers trading on the secondary market will be included in the Index. Investing<br />in Chinese bonds involves additional risks, including: the economy of China<br />differs, often unfavorably, from the U.S. economy in such respects as structure, <br />general development, government involvement, wealth distribution, rate of inflation, <br />growth rate, allocation of resources and capital reinvestment; the central <br />government has historically exercised substantial control over virtually every <br />sector of the Chinese economy through administrative regulation and/or state <br />ownership; and actions of the Chinese central and local government authorities <br />continue to have a substantial effect on economic conditions in China. It is<br />difficult for non-Chinese investors to directly access securities issued by Chinese<br />issuers because of investment and trading restrictions. These limitations and <br />restrictions may impact the availability, liquidity, and pricing of certain <br />Yuan-denominated securities.<br /> <br />Currency Risk. Changes in currency exchange rates and the relative value of the<br />Chinese Yuan will affect the value of the Fund's investment and the value of<br />your Shares. Because the Fund's net asset value ("NAV") is determined on the<br />basis of U.S. dollars, the U.S. dollar value of your investment in the Fund <br />may go down if the value of the Chinese Yuan depreciates against the U.S. <br />dollar. This is true even if the Chinese Yuan value of securities in the Fund's<br />portfolio goes up. Currency exchange rates can be very volatile and can change<br />quickly and unpredictably. As a result, the value of an investment in the Fund<br />may change quickly and without warning and you may lose money. The Yuan is<br />currently not a freely convertible currency. The government of China maintains<br />strict currency controls in order to achieve economic, trade and political<br />objectives and regularly intervenes in the currency market. The government's<br />actions may not be transparent or predictable. As a result, the value of the<br />Yuan, and the value of securities designed to provide exposure to the Yuan, <br />can change quickly and arbitrarily. In addition, the Chinese government places<br />strict regulation on the Yuan and manages the Yuan so that it has historically<br />traded in a tight range relative to the U.S. dollar. The Chinese government has<br />been under pressure to manage the currency in a less restrictive fashion so that<br />it is less correlated to the U.S. dollar, which could increase the value of the<br />Yuan relative to the U.S. dollar. Of course, there can be no guarantee that this<br />will occur, or that the Yuan will move in relation to the U.S. dollar as<br />expected. Further, the Chinese government's imposition of restrictions on the<br />repatriation of Yuan out of mainland China may limit the depth of the offshore<br />Yuan market and reduce the liquidity of the Fund's investments. These and other<br />factors could have a negative impact on the Fund's performance and increase the<br />volatility of an investment in the Fund. The Chinese government's policies on<br />currency, control and repatriation restrictions are subject to change, and the<br />Fund's or the shareholders' position may be adversely affected.<br /> <br />Limited Pool of Investments. The Index consists of Chinese-Yuan denominated debt<br />securities issued or distributed outside mainland China. However, the quantity<br />of such debt securities that are available for inclusion in the Index, and thus<br />for the Fund to invest in, is currently limited, and the remaining duration of<br />such instruments may be short. This may adversely affect the Fund's return and<br />performance. The Chinese government may restrict the ability of non-Chinese<br />issuers to issue Yuan-denominated bonds in the "Dim Sum" market and the supply<br />of eligible securities for the Index, and thus the Fund, may accordingly be<br />limited. Moreover, the "Dim Sum" bond market is a relatively new market and<br />there can be no guarantee that this market will continue to grow.<br /> <br />Credit/Default Risk. Credit risk is the risk that issuers or guarantors of debt<br />instruments are unable or unwilling to make timely interest and/or principal<br />payments or otherwise honor their obligations. Debt instruments are subject to<br />varying degrees of credit risk, which may be reflected in credit ratings. Credit<br />rating downgrades and defaults (failure to make interest or&#xA0;&#xA0;principal payment) <br />may potentially reduce the Fund's income and share price. Chinese-Yuan denominated <br />debt securities that the Fund invests in are typically unsecured debt obligations <br />and are not supported by any collateral. The Fund will accordingly be fully <br />exposed to the credit/insolvency risk of its counterparties as an unsecured <br />creditor. The Fund may also encounter difficulties or delays in enforcing its <br />rights against the issuers of Chinese-Yuan denominated debt securities as such <br />issuers may be incorporated outside the United States and subject to foreign laws. <br />The Fund may invest in bond issues or issuers with an investment grade rating by <br />Moody's, S&amp;P and/or Fitch Ratings of Baa3/BBB-/BBB-, respectively. Securities with <br />such ratings may possess certain speculative characteristics, and the ability of <br />issuers of such securities to make timely payments of interest and principal may <br />be adversely impacted by adverse changes in general economic conditions, changes <br />in the financial condition of the issuers and price fluctuations in response to <br />changes in interest rates.<br /> <br />Interest Rate Risk. As interest rates rise, the value of fixed-income securities<br />held by the Fund are likely to decrease. Securities with longer durations tend<br />to be more sensitive to interest rate changes, making them more volatile than<br />securities with shorter durations.<br /> <br />Asset Class Risk. The bonds in the Fund's portfolio may underperform the returns<br />of other bonds or indexes that track other industries, markets, asset classes or<br />sectors. Different types of bonds and indexes tend to go through different<br />performance cycles than the general bond market.<br /> <br />Call Risk/Prepayment Risk. During periods of falling interest rates, an issuer<br />of a callable bond may exercise its right to pay principal on an obligation<br />earlier than expected. This may result in the Fund reinvesting proceeds at lower<br />interest rates, resulting in a decline in the Fund's income.<br /> <br />Extension Risk. Extension risk is the risk that an issuer will exercise its<br />right to pay principal on an obligation later than expected. This may happen<br />when there is a rise in interest rates. Under these circumstances, the value <br />of the obligation will decrease and the Fund's performance may suffer from its<br />inability to invest in higher yielding securities.<br /> <br />Income Risk. Income risk is the risk that falling interest rates will cause the<br />Fund's income to decline.<br /> <br />Liquidity Risk. Liquidity risk exists when particular investments are difficult<br />to purchase or sell. If the Fund invests in securities that become illiquid,<br />Fund returns may be reduced because the Fund may be unable to sell the illiquid<br />securities at an advantageous time or price. The Chinese-Yuan denominated debt<br />securities in which the Fund invests are currently not listed on a stock<br />exchange or a primary securities market where trading is conducted on a regular<br />basis. There is also no guarantee that market making arrangements will be in<br />place at all times to make a market and quote a price for all Chinese-Yuan<br />denominated debt securities. If a security for which there is not an active<br />secondary market is removed from the Index, the Fund may need to sell such<br />security at a substantial discount in order to rebalance its holdings to match<br />the Index and the Fund may suffer losses in trading such security. Even if a<br />secondary market exists, the price at which the Chinese-Yuan denominated debt<br />securities are traded may be higher or lower than the initial subscription price<br />due to many factors, including the prevailing interest rates. Further, the bid<br />and offer spread of the price of Chinese-Yuan denominated debt securities may be<br />high, and the Fund may therefore incur significant trading costs and may even<br />suffer losses when selling such investments. Moreover, the "Dim Sum" bond market<br />is a relatively new market and there can be no guarantee that trading will<br />continue to thrive or increase in this market.<br /><br />Financial Services Sector Risk. The financial services industries are subject <br />to extensive government regulation, can be subject to relatively rapid change <br />due to increasingly blurred distinctions between service segments, and can be<br />significantly affected by availability and cost of capital funds, changes in<br />interest rates, the rate of corporate and consumer debt defaults, and price<br />competition. In addition, the deterioration of the credit markets since late<br />2007 generally has caused an adverse impact in a broad range of markets,<br />including U.S. and international credit and interbank money markets generally,<br />thereby affecting a wide range of financial institutions and markets. In<br />particular, events in the financial sector since late 2008 have resulted, <br />and may continue to result, in an unusually high degree of volatility in <br />the financial markets, both domestic and foreign. This situation has created<br />instability in the financial markets and caused certain financial services<br />companies to incur large losses. Numerous financial services companies have<br />experienced substantial declines in the valuations of their assets, taken action<br />to raise capital (such as the issuance of debt or equity securities), or even<br />ceased operations. These actions have caused the securities of many financial<br />services companies to experience a dramatic decline in value. Issuers that have<br />exposure to the real estate, mortgage and credit markets have been particularly<br />affected by the foregoing events and the general market turmoil, and it is<br />uncertain whether or for how long these conditions will continue.<br /> <br />Government-Related Issues Risk. Investments in government-related securities<br />involve special risks. The governmental agency or instrumentality or<br />supranational agency that controls the repayment of the debt may be unwilling or<br />unable to repay the principal and/or interest when due in accordance with the<br />terms of such securities due to such factors as: its cash flow situation; the<br />extent of its foreign reserves; the availability of sufficient foreign exchange<br />on the date a payment is due; the relative size of the debt service burden to<br />the economy as a whole; the agency's policy toward principal international<br />lenders; or political constraints to which a government-related debtor may <br />be subject. Government-related debtors may also be dependent on expected<br />disbursements from foreign governments, multilateral agencies and other entities<br />to reduce principal and interest arrears on their debt. The failure of a<br />government-related issuer to achieve specified levels of economic performance <br />or repay principal or interest when due may result in the cancellation of<br />third-party commitments to lend funds to the government-related debtor, which<br />may further impair such debtor's ability or willingness to service its debts. <br />If an issuer of government-related debt defaults on payments of principal and/or<br />interest, the Fund may have limited legal recourse against the issuer and/or<br />guarantor. In addition, even if a foreign government subsequently guarantees <br />the obligations of a government-related issuer or otherwise provides sufficient<br />support to allow a government-related issuer to meet its obligations, that may<br />cause the securities of such issuer to be considered as having been issued by<br />the applicable foreign government directly, which may make it difficult for the<br />Fund to comply with certain diversification requirements under the Internal<br />Revenue Code of 1986, as amended (the "Code"). During periods of economic<br />uncertainty, the market prices of government-related debt, and the Fund's NAV,<br />may be more volatile than prices of corporate debt obligations.<br /> <br />Any material changes in the political, economic, regulatory or social conditions<br />prevailing in China may have a material adverse effect on the Chinese economy.<br />The market prices of government-related debt and the Fund's NAV may, therefore,<br />be more volatile than prices of corporate debt obligations.<br /><br />Chinese Banking Industry Risk. The banking industry a highly regulated industry<br />in China and is subject to laws regulating all aspects of the banking business,<br />including the Commercial Banking Law and related rules and regulations. The<br />principal regulators of the Chinese banking industry include the China Banking<br />Regulatory Commission (CBRC) and the People's Bank of China (PBOC) and, in<br />exercising their authority, these regulators are given wide discretion. The<br />Chinese banking regulatory regime is currently undergoing significant changes,<br />including changes in the rules and regulations, as it moves toward a more<br />transparent regulatory process. Some of these changes may have an adverse impact<br />on the performance of Chinese banks that issued Yuan-denominated debt securities<br />and thus may adversely affect their capacity to honor their commitments under<br />the Yuan-denominated debt securities to their creditors, which may include the<br />Fund.<br /> <br />As some of these laws, rules, regulations or policies are relatively new, there<br />is uncertainty regarding their interpretation and application. Failure to comply<br />with any of these laws, rules, regulations or policies may result in fines,<br />restrictions on business activities or, in extreme cases, suspension or<br />revocation of business licenses of Chinese banks. In addition, future laws,<br />rules, regulations or policies, or the interpretation of existing or future<br />laws, rules, regulations or policies, including accounting policies and<br />standards, may have a material adverse affect on the business, financial<br />condition and results of operations of Chinese banks. Future legislative or<br />regulatory changes, including deregulation, may have a material adverse effect<br />on Chinese banks' business, financial condition and results of operations, and<br />the Chinese banks may not be able to achieve full compliance with any such new<br />laws, rules, regulations or policies.<br /> <br />Risks of Change in Government Support and Regulatory Regime governing "Dim Sum"<br />bonds. Issuance of "Dim Sum" bonds in Hong Kong is subject to Hong Kong laws and<br />regulations. The Chinese central government currently views Hong Kong as one of<br />the key offshore Chinese Yuan centers and has established a cooperative relationship <br />with the Hong Kong government to develop the Hong Kong Chinese Yuan bond market. <br />However, there is no assurance that the Chinese central government will continue to <br />encourage issuance of Chinese Yuan bonds overseas and any change in the Chinese <br />central government's policy and/or the legal or regulatory regime in Hong Kong <br />governing the issuance of "Dim Sum" bonds may have an adverse impact on the Fund's <br />investments.<br /> <br />Non-Correlation Risk. The Fund's return may not match the return of the Index<br />for a number of reasons. For example, the Fund incurs a number of operating<br />expenses not applicable to the Index, and incurs costs in buying and selling<br />securities, especially when rebalancing the Fund's securities holdings to<br />reflect changes in the composition of the Index. Since the Index constituents<br />may vary on a monthly basis, the Fund's costs associated with rebalancing may <br />be greater than those incurred by other exchange-traded funds that track indices<br />whose composition changes less frequently.<br /> <br />The Fund may not be fully invested at times, either as a result of cash flows<br />into the Fund or reserves of cash held by the Fund to meet redemptions and<br />expenses. Since the Fund utilizes a sampling approach, its return may not<br />correlate as well with the return on the Index as would be the case if it<br />purchased all of the securities in the Index with the same weightings as the<br />Index.<br /> <br />Concentration Risk. If the Index concentrates in an industry or group of<br />industries the Fund's investments will be concentrated accordingly. In such<br />event, the value of the Fund's Shares may rise and fall more than the value <br />of shares of a fund that invests in securities of companies in a broader range <br />of industries.<br /> <br />Passive Management Risk. Unlike many investment companies, the Fund is not<br />"actively" managed. Therefore, it would not necessarily sell a security because<br />the security's issuer was in financial trouble or in default, or whose credit<br />rating was downgraded, unless that security is removed from the Index.<br /> <br />Issuer-Specific Changes. The value of an individual security or particular type<br />of security can be more volatile than the market as a whole and can perform<br />differently from the value of the market as a whole. The value of securities of<br />smaller issuers can be more volatile than that of larger issuers.<br /> <br />Non-Diversified Fund Risk. The Fund is considered non-diversified and can invest<br />a greater portion of assets in securities of individual issuers than a diversified <br />fund. As a result, changes in the market value of a single investment could cause <br />greater fluctuations in Share price than would occur in a diversified fund.<br /> <br />Risk of Cash Transactions. In certain instances, unlike most ETFs, the Fund may<br />effect creations and redemptions for cash, rather than in-kind. As a result, an<br />investment in the Fund may be less tax-efficient than an investment in a more<br />conventional ETF. ETFs generally are able to make in-kind redemptions and avoid<br />being taxed on gain on the distributed portfolio securities at the Fund level.<br />Because the Fund may effect redemptions for cash, rather than in-kind<br />distributions, it may be required to sell portfolio securities in order to<br />obtain the cash needed to distribute redemption proceeds. If the Fund recognizes<br />gain on these sales, this generally will cause the Fund to recognize gain it<br />might not otherwise have recognized, or to recognize such gain sooner than would<br />otherwise be required if it were to distribute portfolio securities in-kind. The<br />Fund generally intends to distribute these gains to shareholders to avoid being<br />taxed on this gain at the Fund level and otherwise comply with the special tax<br />rules that apply to it.<br /> <br />This strategy may cause shareholders to be subject to tax on gains they would<br />not otherwise be subject to, or at an earlier date than, if they had made an<br />investment in a different ETF. Moreover, cash transactions may have to be<br />carried out over several days if the securities market is relatively illiquid<br />and may involve considerable brokerage fees and taxes. These brokerage fees <br />and taxes, which will be higher than if the Fund sold and redeemed its Shares<br />principally in-kind, will be passed on to purchasers and redeemers of Creation<br />Units in the form of creation and redemption transaction fees. In addition,<br />these factors may result in wider spreads between the bid and the offered prices<br />of the Fund's Shares than for more conventional ETFs.<br /> <br />The Fund's Shares will change in value, and you could lose money by investing <br />in the Fund. The Fund may not achieve its investment objective. An investment <br />in the Fund has not been guaranteed, sponsored, recommended, or approved by the<br />United States, or any agency, instrumentality or officer of the United States,<br />has not been insured by the Federal Deposit Insurance Corporation (FDIC) and is<br />not guaranteed by and is not otherwise an obligation of any bank or insured<br />depository institution.</tt> Fees and Expenses of the Fund Principal Investment Strategies The Fund, using a low cost "passive" or "indexing" investment approach, will seek to replicate, before the Fund's fees and expenses, the performance of the AlphaShares China Yuan Bond Index. The Index is a rules-based index comprised of, as of August 31, 2012, approximately 57 securities. The securities in the Index are bonds that are eligible for investment by U.S. and other foreign investors and denominated in Chinese Yuan, whether issued by Chinese or non-Chinese issuers and traded in the secondary market, a market commonly referred to as the "Dim Sum" bond market. <tt>As of the date of this Prospectus, the Fund has not yet completed a full<br />calendar year of investment operations. When the Fund has completed a full<br />calendar year of investment operations, this section will include charts <br />that show annual total returns, highest and lowest quarterly returns and <br />average annual total returns (before and after taxes) compared to a <br />benchmark index selected for the Fund.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund ("Shares"). Investors purchasing Shares in the secondary<br />market may be subject to costs (including customary brokerage commissions)<br />charged by their broker.</tt> <div style="display:none">~ http://www.guggenheimfunds.com/role/OperatingExpensesData_S000031992Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Investors purchasing Shares in the secondary market may be subject to costs (including customary brokerage commissions) charged by their broker. The Fund may not achieve its investment objective. An investment in the Fund has not been guaranteed, sponsored, recommended, or approved by the United States, or any agency, instrumentality or officer of the United States, has not been insured by the Federal Deposit Insurance Corporation (FDIC) and is not guaranteed by and is not otherwise an obligation of any bank or insured depository institution. RMB 66 262 1085 474 0.0000 0.0065 0.0000 0.0065 The Fund is considered non-diversified and can invest a greater portion of assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Shares are<br />held in a taxable account. These costs, which are not reflected in annual fund<br />operating expenses or in the Example, affect the Fund's performance. During the<br />most recent fiscal year, the Fund's portfolio turnover rate was 43% of the<br />average value of its portfolio.</tt> <div style="display:none">~ http://www.guggenheimfunds.com/role/ExpenseExample_S000029421Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.guggenheimfunds.com/role/BarChartData_S000029421Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks investment results that correspond generally to the performance,<br />before the Fund's fees and expenses, of an equity index called the Dow Jones<br />Global Shipping IndexSM (the "Index").</tt> <tt>This Example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other funds. The Example does not take into account <br />brokerage commissions that you pay when purchasing or selling Shares of the Fund.<br /> <br />The Example assumes that you invest $10,000 in the Fund for the time periods<br />indicated and then redeem all of your shares at the end of those periods. The<br />Example also assumes that your investment has a 5% return each year and that the<br />Fund's operating expenses remain the same. Although your actual costs may be<br />higher or lower, based on these assumptions your costs would be:</tt> reflects no deduction for fees, expenses or taxes <tt>The Fund, using a low cost "passive" or "indexing" investment approach, will<br />seek to replicate, before the Fund's fees and expenses, the performance of the<br />Index. The Index is designed to measure the performance of high dividend-paying<br />companies in the shipping industry. CME Group Index Services LLC ("CME Indexes"<br />or the "Index Provider") uses a rules-based methodology to rank companies by<br />yield that are involved in the shipping industry globally that primarily<br />transport goods and materials. The Index Provider determines whether a company<br />is "high-dividend paying" by ranking it relative to other companies in the<br />shipping industry based upon indicated annual yield (most recent distribution<br />annualized and divided by the current share price). The Index Provider considers<br />a company to be in the shipping industry if its revenues are derived primarily<br />from shipping activities (excluding companies solely involved in transporting<br />passengers). As of the date of this Prospectus, a significant percentage (i.e.,<br />greater than 25%) of the Index was comprised of companies in the industrials <br />and energy sectors. The companies in the Index may be located in any country,<br />including those classified as emerging markets. The Index constituents are<br />weighted based on their float-adjusted market capitalization and, as of August<br />31, 2012, the market capitalizations of the 25 stocks included in the Index<br />range from $100 million to $2 billion, which includes micro-, small-, mid- and<br />large-capitalization stocks as defined by the Index Provider. As of that date,<br />the Index constituents' countries of domicile were represented (in approximate<br />market capitalization) in the Index as follows: United States 40.22%, Denmark<br />18.54%, Japan 12.92%, China 7.28%, Singapore 7.10%, Hong Kong 6.98%, Greece<br />5.19% and Norway 1.76%.<br /> <br />The Fund will at all times invest at least 90% of its total assets in common<br />stock, American depositary receipts ("ADRs"), global depositary receipts<br />("GDRs") and master limited partnerships ("MLPs") that comprise the Index <br />and the underlying stocks in respect of the ADRs and GDRs in the Index. The<br />depositary receipts included in the Index may be sponsored or unsponsored. The<br />Fund has adopted a policy that requires the Fund to provide shareholders with <br />at least 60 days notice prior to any material change in this policy or the Index.<br />The Board of Trustees of the Trust may change the Fund's investment strategy and<br />other policies without shareholder approval, except as otherwise indicated.<br /> <br />The Fund may invest directly in one or more underlying securities represented by<br />depositary receipts included in the Index under the following limited circumstances: <br />(a) when market conditions result in the underlying security providing improved <br />liquidity relative to the depositary receipt; (b) when a depositary receipt is <br />trading at a significantly different price than its underlying security; or (c) <br />the timing of trade executions is improved.&#xA0;&#xA0;<br /><br />The Investment Adviser seeks a correlation over time of 0.95 or better between the <br />Fund's performance and the performance of the Index. A figure of 1.00 would represent <br />perfect correlation.<br /> <br />The Fund generally will invest in all of the securities comprising the Index in<br />proportion to their weightings in the Index. However, under various circumstances, <br />it may not be possible or practicable to purchase all of the securities in the Index <br />in those weightings. In those circumstances, the Fund may purchase a sample of the <br />securities in the Index in proportions expected by the Investment Adviser to replicate <br />generally the performance of the Index as a whole. There may also be instances in <br />which the Investment Adviser may choose to overweight another stock in the Index, <br />or purchase (or sell) securities not in the Index which the Investment Adviser <br />believes are appropriate to substitute for one or more Index components, in seeking <br />to accurately track the Index. In addition, from time to time securities are added <br />to or removed from the Index. The Fund may sell securities that are represented in <br />the Index or purchase securities that are not yet represented in the Index in <br />anticipation of their removal from or addition to the Index.<br /> <br />Prior to July 27, 2011, the Fund sought to replicate, before the Fund's fees and<br />expenses, the performance of the Delta Global Shipping Index.</tt> Guggenheim Shipping ETF Example All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax. Investment Objective The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The Fund's Shares will change in value, and you could lose money by investing in the Fund. Principal Investment Risks 0.43 Your own actual after-tax returns will depend on your tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Shares of the Fund in tax-deferred accounts such as individual retirement accounts (IRAs) or employee-sponsored retirement plans. Calendar Year Total Return as of 12/31 Fund Performance The chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for one year and since inception compare with those of the Index and a broad measure of market performance. <tt>The Fund commenced operations on June 11, 2010. The Fund's year-to-date total<br />return was 10.46% as of June 30, 2012.<br /> <br />During the period shown in the chart above, the Fund's highest and lowest<br />calendar quarter returns were 0.01% and -33.93%, respectively, for the quarters<br />ended December 31, 2011 and September 30, 2011.</tt> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Returns for the Periods Ended December 31, 2011 Portfolio Turnover <tt>Investors should consider the following risk factors and special considerations<br />associated with investing in the Fund, which may cause you to lose money.<br /> <br />Investment Risk. An investment in the Fund is subject to investment risk,<br />including the possible loss of the entire principal amount that you invest.<br /> <br />Equity Risk. The value of the equity securities held by the Fund may fall due to<br />general market and economic conditions, perceptions regarding the industries in<br />which the issuers of securities held by the Fund participate, or factors relating <br />to specific companies in which the Fund invests. For example, an adverse event, <br />such as an unfavorable earnings report, may depress the value of equity securities <br />of an issuer held by the Fund; the price of common stock of an issuer may be <br />particularly sensitive to general movements in the stock market; or a drop in the <br />stock market may depress the price of most or all of the common stocks and other <br />equity securities held by the Fund. In addition, common stock of an issuer in the <br />Fund's portfolio may decline in price if the issuer fails to make anticipated <br />dividend payments because the issuer of the security experiences a decline in <br />its financial condition. Common stock is subordinated to preferred stocks, bonds <br />and other debt instruments in a company's capital structure, in terms of priority <br />to corporate income, and therefore will be subject to greater dividend risk than <br />preferred stocks or debt instruments of such issuers. In addition, while broad <br />market measures of common stocks have historically generated higher average <br />returns than fixed income securities, common stocks have also experienced <br />significantly more volatility in those returns.<br /> <br />Shipping Industry Risk. Due to the composition of the Index, the Fund will<br />concentrate its investments in securities of companies in the shipping industry.<br />Accordingly, the Fund may be subject to more risks than if it were broadly<br />diversified over numerous industries and sectors of the economy. Companies in<br />the shipping industry are subject to volatile fluctuations in the price and<br />supply of energy fuels, steel, raw materials and other products transported by<br />containerships. In addition, changes in seaborne transportation patterns,<br />weather patterns and events including hurricane activity, commodities prices,<br />international politics and conflicts, port congestion, canal closures, embargoes<br />and labor strikes can significantly affect companies involved in the maritime<br />shipping of crude oil, dry bulk and container cargo.<br /> <br />Industrials Sector Risk. The stock prices of companies in the industrials sector<br />are affected by supply and demand both for their specific product or service and<br />for industrials sector products in general. The products of manufacturing<br />companies may face product obsolescence due to rapid technological developments<br />and frequent new product introduction. Government regulation, world events and<br />economic conditions may affect the performance of companies in the industrials<br />sector. Companies in the industrials sector may be at risk for environmental<br />damage and product liability claims.<br /> <br />Energy Sector Risk. The profitability of companies in the energy sector is<br />related to worldwide energy prices, exploration, and production spending. Such<br />companies also are subject to risks of changes in exchange rates, government<br />regulation, world events, depletion of resources and economic conditions, as<br />well as market, economic and political risks of the countries where energy<br />companies are located or do business.<br /> <br />Foreign Investment Risk. The Fund's investments in non-U.S. issuers may involve<br />unique risks compared to investing in securities of U.S. issuers, including less<br />market liquidity, generally greater market volatility than U.S. securities and<br />less complete financial information than for U.S. issuers. In addition, adverse<br />political, economic or social developments could undermine the value of the<br />Fund's investments or prevent the Fund from realizing the full value of its<br />investments. Financial reporting standards for companies based in foreign<br />markets differ from those in the United States. Finally, the value of the<br />currency of the country in which the Fund has invested could decline relative <br />to the value of the U.S. dollar, which may affect the value of the investment <br />to U.S. investors. The Fund will not enter into transactions to hedge against<br />declines in the value of the Fund's assets that are denominated in a foreign<br />currency.<br /> <br />Emerging market countries are countries that major international financial<br />institutions, such as the World Bank, generally consider to be less economically<br />mature than developed nations. Emerging market countries can include every<br />nation in the world except the United States, Canada, Japan, Australia, New<br />Zealand and most countries located in Western Europe. Investing in foreign<br />countries, particularly emerging market countries, entails the risk that news<br />and events unique to a country or region will affect those markets and their<br />issuers. Countries with emerging markets may have relatively unstable<br />governments, may present the risks of nationalization of businesses,<br />restrictions on foreign ownership and prohibitions on the repatriation of<br />assets. The economies of emerging markets countries also may be based on only a<br />few industries, making them more vulnerable to changes in local or global trade<br />conditions and more sensitive to debt burdens or inflation rates.<br /> <br />European Economic Risk. The Economic and Monetary Union of the European Union<br />(the "EU") requires member countries to comply with restrictions on inflation<br />rates, deficits, interest rates, debt levels and fiscal and monetary controls,<br />each of which may significantly affect every country in Europe. Decreasing<br />imports or exports, changes in governmental or EU regulations on trade, changes<br />in the exchange rate of the euro, the default or threat of default by an EU<br />member country on its sovereign debt, and/or an economic recession in an EU<br />member country may have a significant adverse effect on the economies of EU<br />member countries and on major trading partners outside Europe. The European<br />financial markets have recently experienced volatility and have been adversely<br />affected by concerns about economic downturns, credit rating downgrades, rising<br />government debt levels and possible default on or restructuring of government<br />debt in several European countries, including Greece, Ireland, Italy, Portugal<br />and Spain. A default or debt restructuring by any European country would adversely <br />impact holders of that country's debt, and sellers of credit default swaps linked <br />to that country's creditworthiness (which may be located in countries other than <br />those listed in the previous sentence). These events have adversely affected the <br />value and exchange rate of the euro and may continue to significantly affect the <br />economies of every country in Europe, including EU member countries that do not <br />use the euro and non-EU member countries.<br /> <br />Risks Related to Investing in Japan. The growth of Japan's economy has<br />historically lagged that of its Asian neighbors and other major developed<br />economies. The Japanese economy is heavily dependent on international trade <br />and has been adversely affected by trade tariffs, other protectionist measures,<br />competition from emerging economies and the economic conditions of its trading<br />partners. Japan's relations with its neighbors, particularly China, North Korea,<br />South Korea and Russia, have at times been strained due to territorial disputes,<br />historical animosities and defense concerns. Most recently, the Japanese government <br />has shown concern over the increased nuclear and military activity by North Korea. <br />Strained relations may cause uncertainty in the Japanese markets and adversely <br />affect the overall Japanese economy in times of crisis. China has become an <br />important trading partner with Japan, yet the countries' political relationship <br />has become strained. Should political tension increase, it could adversely affect <br />the economy, especially the export sector, and destabilize the region as a whole. <br />Historically, Japan has been subject to unpredictable national politics and may <br />experience frequent political turnover. Future political developments may lead <br />to changes in policy that might adversely affect the Fund's investments. In <br />addition, the Japanese economy faces several concerns, including a financial <br />system with large levels of nonperforming loans, over-leveraged corporate <br />balance sheets, extensive cross-ownership by major corporations, a changing <br />corporate governance structure, and large government deficits. The Japanese <br />yen has fluctuated widely at times and any increase in its value may cause <br />a decline in exports that could weaken the economy. Furthermore, Japan has <br />an aging workforce. It is a labor market undergoing fundamental structural <br />changes, as traditional lifetime employment clashes with the need for <br />increased labor mobility, which may adversely affect Japan's economic <br />competitiveness. Japan also remains heavily dependent on oil imports,<br />and higher commodity prices could therefore have a negative impact on the<br />economy. Furthermore, Japanese corporations often engage in high levels of<br />corporate leveraging, extensive cross-purchases of the securities of other<br />corporations and are subject to a changing corporate governance structure.<br /> <br />Japan is located in a part of the world that has historically been prone to<br />natural disasters such as earthquakes, volcanoes and tsunamis and is economically <br />sensitive to environmental events. In March of 2011 Japan suffered a major <br />earthquake and tsunami, which resulted in a nuclear crisis and which significantly <br />impacted the Japanese economy. Japan's economy is still recovering from the impact <br />of these incidents, and is therfore particularly subject to certain risks as <br />described above. In particular, the effects of radiation caused by the nuclear <br />meltdown remain a depressant to farming and agriculture in northern Japan. Japan <br />remains subject to the risk of additional environmental events or natural disasters.<br /> <br />Small and Medium- Sized Company Risk. Investing in securities of small and<br />medium-sized companies involves greater risk than is customarily associated with<br />investing in larger, more established companies. These companies' securities may<br />be more volatile and less liquid than those of larger, more established companies. <br />These securities may have returns that vary, sometimes significantly, from the <br />overall stock market.<br /> <br />Master Limited Partnership Risk. Investments in securities of MLPs involve risks<br />that differ from an investment in common stock. Holders of the units of MLPs<br />have more limited control and limited rights to vote on matters affecting the<br />partnership. There are also certain tax risks associated with an investment in<br />units of MLPs. In addition, conflicts of interest may exist between common unit<br />holders, subordinated unit holders and the general partner of a MLP, including a<br />conflict arising as a result of incentive distribution payments.<br /> <br />Micro-Cap Company Risk. Micro-cap stocks involve substantially greater risks of<br />loss and price fluctuations because their earnings and revenues tend to be less<br />predictable (and some companies may be experiencing significant losses), and<br />their share prices tend to be more volatile and their markets less liquid than<br />companies with larger market capitalizations. Micro-cap companies may be newly<br />formed or in the early stages of development, with limited product lines, markets <br />or financial resources and may lack management depth. In addition, there may be <br />less public information available abou these companies. The shares of micro-cap <br />companies tend to trade less frequently than those of larger, more established <br />companies, which can adversely affect the pricing of these securities and the <br />future ability to sell these securities. Also, it may take a long time before <br />the Fund realizes a gain, if any, on an investment in a micro-cap company.<br /> <br />Non-Correlation Risk. The Fund's return may not match the return of the Index<br />for a number of reasons. For example, the Fund incurs a number of operating<br />expenses not applicable to the Index, and incurs costs in buying and selling<br />securities, especially when rebalancing the Fund's securities holdings to<br />reflect changes in the composition of the Index.<br /> <br />The Fund may not be fully invested at times, either as a result of cash flows<br />into the Fund or reserves of cash held by the Fund to meet redemptions and<br />expenses. If the Fund utilizes a sampling approach or otherwise holds<br />investments other than those that comprise the Index, its return may not<br />correlate as well with the return on the Index, as would be the case if it<br />purchased all of the securities in the Index with the same weightings as the<br />Index.<br /> <br />Passive Management Risk. Unlike many investment companies, the Fund is not<br />"actively" managed. Therefore, it would not necessarily sell a security because<br />the security's issuer was in financial trouble unless that security is removed<br />from the Index.<br /> <br />Issuer-Specific Changes. The value of an individual security or particular type<br />of security can be more volatile than the market as a whole and can perform<br />differently from the value of the market as a whole. The value of securities of<br />smaller issuers can be more volatile than that of larger issuers.<br /> <br />Non-Diversified Fund Risk. The Fund is considered non-diversified and can invest<br />a greater portion of assets in securities of individual issuers than a diversified <br />fund. As a result, changes in the market value of a single investment could cause <br />greater fluctuations in Share price than would occur in a diversified fund.<br /> <br />The Fund's Shares will change in value, and you could lose money by investing in<br />the Fund. The Fund may not achieve its investment objective. An investment in<br />the Fund has not been guaranteed, sponsored, recommended, or approved by the<br />United States, or any agency, instrumentality or officer of the United States,<br />has not been insured by the Federal Deposit Insurance Corporation (FDIC) and is<br />not guaranteed by and is not otherwise an obligation of any bank or insured<br />depository institution.</tt> Fees and Expenses of the Fund Principal Investment Strategies www.guggenheimfunds.com The Fund, using a low cost "passive" or "indexing" investment approach, will seek to replicate, before the Fund's fees and expenses, the performance of the Index. The Index is designed to measure the performance of high dividend-paying companies in the shipping industry. <tt>The chart and table below provide some indication of the risks of investing in<br />the Fund by showing changes in the Fund's performance from year to year and by<br />showing how the Fund's average annual returns for one year and since inception<br />compare with those of the Index and a broad measure of market performance. The<br />Fund's past performance (before and after taxes) is not necessarily an<br />indication of how the Fund will perform in the future. Updated performance<br />information for the Fund is available at www.guggenheimfunds.com.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund ("Shares"). Investors purchasing Shares in the secondary<br />market may be subject to costs (including customary brokerage commissions)<br />charged by their broker.</tt> <div style="display:none">~ http://www.guggenheimfunds.com/role/OperatingExpensesData_S000029421Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.guggenheimfunds.com/role/PerformanceTableData_S000029421Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> Investors purchasing Shares in the secondary market may be subject to costs (including customary brokerage commissions) charged by their broker. <tt>All after-tax returns are calculated using the historical highest individual<br />federal marginal income tax rates and do not reflect the impact of any state or<br />local tax. Your own actual after-tax returns will depend on your tax situation<br />and may differ from what is shown here. After-tax returns are not relevant to<br />investors who hold Shares of the Fund in tax-deferred accounts such as<br />individual retirement accounts (IRAs) or employee-sponsored retirement plans.</tt> The Fund may not achieve its investment objective. An investment in the Fund has not been guaranteed, sponsored, recommended, or approved by the United States, or any agency, instrumentality or officer of the United States, has not been insured by the Federal Deposit Insurance Corporation (FDIC) and is not guaranteed by and is not otherwise an obligation of any bank or insured depository institution. Delta Global Shipping IndexSM/Dow Jones Global Shipping Index (reflects no deduction for fees, expenses or taxes) -0.4355 -0.2655 2010-06-11 Dow Jones Global Shipping IndexSM (reflects no deduction for fees, expenses or taxes) -0.3728 -0.1881 2010-06-11 MSCI World Index (reflects no deduction for fees, expenses or taxes) -0.0554 0.0846 2010-06-11 Returns After Taxes on Distributions and Sale of Fund Shares -0.2875 -0.2338 2010-06-11 Returns After Taxes on Distributions -0.4548 -0.2855 2010-06-11 SEA lowest calendar quarter highest calendar quarter 2012-06-30 Returns Before Taxes 66 2011-12-31 262 -0.3393 1085 474 0.0001 -0.4460 0.0000 0.0065 2011-09-30 Fund's year-to-date total return -0.4460 0.0065 -0.2760 2010-06-11 0.1046 The Fund is considered non-diversified and can invest a greater portion of assets in securities of individual issuers than a diversified fund. Even though no single security weight may exceed 10% of the Index at the time of each quarterly rebalance, changes in the market value of the Index's constituent securities may result in the Fund being invested in the securities of individual issuers (and making additional such investments in the case of creations of additional Creation Units) in greater proportions. As a result, changes in the market value of a single investment could cause greater fluctuations in share price than would occur in a diversified fund. <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Shares are<br />held in a taxable account. These costs, which are not reflected in annual fund<br />operating expenses or in the Example, affect the Fund's performance. During the<br />most recent fiscal year ended May 31, 2012, the Fund's portfolio turnover rate<br />was 30% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.guggenheimfunds.com/role/ExpenseExample_S000022470Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.guggenheimfunds.com/role/BarChartData_S000022470Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks investment results that correspond generally to the performance,<br />before the Fund's fees and expenses, of an equity index called the BNY Mellon<br />New Frontier DR Index (the "Index").</tt> <tt>This Example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other funds. The Example does not take into account <br />brokerage commissions that you pay when purchasing or selling Shares of the Fund.<br /> <br />The Example assumes that you invest $10,000 in the Fund for the time periods<br />indicated and then redeem all of your shares at the end of those periods. The<br />Example also assumes that your investment has a 5% return each year and that the<br />Fund's operating expenses remain the same. Although your actual costs may be higher <br />or lower, based on these assumptions your costs would be:</tt> reflects no deduction for fees, expenses or taxes <tt>The Fund, using a low cost "passive" or "indexing" investment approach, seeks to<br />replicate, before the Fund's fees and expenses, the performance of the Index.<br />The Index is composed of all liquid (as defined by the criteria set forth below)<br />American depositary receipts ("ADRs") and global depositary receipts ("GDRs") of<br />certain countries that are represented in the Index. As of August 31, 2012, the<br />Index was comprised of 38 constituents. The Index tracks the performance of<br />depositary receipts, in ADR or GDR form, that trade on the London Stock Exchange<br />("LSE"), New York Stock Exchange ("NYSE"), NYSE Arca, Inc. ("NYSE Arca"), NYSE<br />AMEX, and Nasdaq Stock Market ("NASDAQ") of companies from countries that are<br />defined as the "Frontier Market." The Bank of New York Mellon, the Fund's index<br />provider ("BNY Mellon" or the "Index Provider"), defines Frontier Market<br />countries based upon an evaluation of gross domestic product growth, per capita<br />income growth, experienced and expected inflation rates, privatization of<br />infrastructure and social inequalities. The countries currently are: Argentina,<br />Bahrain, Jordan, Kuwait, Lebanon, Oman, Qatar, United Arab Emirates, Egypt,<br />Ghana, Kenya, Malawi, Mauritius, Morocco, Nigeria, Tunisia, Zimbabwe, Bulgaria,<br />Croatia, Czech Republic, Estonia, Georgia, Kazakhstan, Latvia, Lithuania,<br />Poland, Romania, Slovak Republic, Slovenia, Ukraine, Bangladesh, Pakistan, Papua<br />New Guinea, Sri Lanka, Vietnam, Peru, Chile, Colombia, Ecuador, Jamaica, Panama<br />and Trinidad &amp; Tobago. The universe of potential Index constituents includes all<br />liquid ADRs and GDRs which meet the criteria set forth under "Index Construction" <br />with respect to trading volume and market capitalization. As of August 31, 2012, <br />potential Index constituents include securities with free-float market <br />capitalizations greater than $100 million which may include securities of all <br />categories of market capitalizations, as defined by the Index Provider.<br /> <br />The Fund will invest at least 80% of its total assets in ADRs and GDRs that<br />comprise the Index or in the securities underlying such ADRs and GDRs. The <br />Fund also will normally invest at least 80% of its total assets in securities <br />of issuers from Frontier Market countries (whether directly or through ADRs <br />or GDRs), as defined by the Index Provider from time to time in the manner set<br />forth above. The Fund has adopted a policy that requires the Fund to provide<br />shareholders with at least 60 days notice prior to any material change in these<br />policies or the Index. The Board of Trustees of the Trust may change the Fund's<br />investment strategy and other policies without shareholder approval, except as<br />otherwise indicated.<br /> <br />The Fund may invest directly in one or more underlying securities represented by<br />the ADRs or GDRs comprising the Index under the following limited circumstances:<br />(a) when market conditions result in the underlying security providing improved<br />liquidity relative to the ADR or GDR; (b) when an ADR or GDR is trading at a<br />significantly different price than its underlying security; or (c) the timing <br />of trade execution is improved due to the local market in which an underlying<br />security is traded being open at different times than the market in which the<br />security's corresponding ADR or GDR is traded.<br /> <br />The Investment Adviser seeks a correlation over time of 0.95 or better between<br />the Fund's performance and the performance of the Index. A figure of 1.00 would<br />represent perfect correlation.<br /> <br />The Fund generally will invest in all of the securities comprising the Index in<br />proportion to their weightings in the Index. However, under various circumstances, <br />it may not be possible or practicable to purchase all of the securities in the <br />Index in those weightings. In those circumstances, the Fund may purchase a sample <br />of the securities in the Index in proportions expected by the Investment Adviser <br />to replicate generally the performance of the Index as a whole. There may also be <br />instances in which the Investment Adviser may choose to overweight another security <br />in the Index, or purchase (or sell) securities not in the Index which the Investment <br />Adviser believes are appropriate to substitute for one or more Index components, in <br />seeking to accurately track the Index. In addition, from time to time securities are <br />added to or removed from the Index. The Fund may sell securities that are represented <br />in the Index or purchase securities that are not yet represented in the Index in <br />anticipation of their removal from or addition to the Index.</tt> Guggenheim Frontier Markets ETF Example All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax. Investment Objective The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The Fund's Shares will change in value, and you could lose money by investing in the Fund. Principal Investment Risks 0.30 Your own actual after-tax returns will depend on your tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Shares of the Fund in tax-deferred accounts such as individual retirement accounts (IRAs) or employee-sponsored retirement plans. Calendar Year Total Return as of 12/31 Fund Performance The chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for one year and since inception compare with those of the Index and a broad measure of market performance. <tt>The Fund commenced operations on June 12, 2008. The Fund's year-to-date total<br />return was 5.75% as of June 30, 2012.<br /> <br />During the periods shown in the chart above, the Fund's highest and lowest<br />calendar quarter returns were 35.80% and -32.92%, respectively, for the quarters<br />ended June 30, 2009 and December 31, 2008.</tt> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Returns for the Periods Ended December 31, 2011 Portfolio Turnover <tt>Investors should consider the following risk factors and special considerations<br />associated with investing in the Fund, which may cause you to lose money.<br /> <br />Investment Risk. An investment in the Fund is subject to investment risk,<br />including the possible loss of the entire principal amount that you invest.<br /> <br />Equity Risk. The value of the equity securities held by the Fund may fall due to<br />general market and economic conditions, perceptions regarding the industries in<br />which the issuers of securities held by the Fund participate, or factors relating <br />to specific companies in which the Fund invests. For example, an adverse event, <br />such as an unfavorable earnings report, may depress the value of equity securities <br />of an issuer held by the Fund; the price of common stock of an issuer may be <br />particularly sensitive to general movements in the stock market; or a drop in the <br />stock market may depress the price of most or all of the common stocks and other <br />equity securities held by the Fund. In addition, equity securities of an issuer in <br />the Fund's portfolio may decline in price if the issuer fails to make anticipated <br />dividend payments because the issuer of the security experiences a decline in its <br />financial condition. Common stock is subordinated to preferred stocks, bonds and <br />other debt instruments in a company's capital structure, in terms of priority to <br />corporate income, and therefore will be subject to greater dividend risk than <br />preferred stocks or debt instruments of such issuers. In addition, while broad <br />market measures of common stocks have historically generated higher average <br />returns than fixed income securities, common stocks have also experienced <br />significantly more volatility in those returns.<br /> <br />Foreign Investment Risk. The Fund's investments in non-U.S. issuers may involve<br />unique risks compared to investing in securities of U.S. issuers, including less<br />market liquidity, generally greater market volatility than U.S. securities and<br />less complete financial information than for U.S. issuers. In addition, adverse<br />political, economic or social developments could undermine the value of the<br />Fund's investments or prevent the Fund from realizing the full value of its<br />investments. Financial reporting standards for companies based in foreign<br />markets differ from those in the United States. Finally, the value of the<br />currency of the country in which the Fund has invested could decline relative <br />to the value of the U.S. dollar, which may affect the value of the investment <br />to U.S. investors. The Fund will not enter into transactions to hedge against<br />declines in the value of the Fund's assets that are denominated in a foreign<br />currency.<br /> <br />Risks of Investing In Frontier Securities. Frontier market countries are<br />emerging market countries. Investment in securities in emerging market countries<br />involves risks not associated with investments in securities in developed<br />countries, including risks associated with expropriation and/or nationalization,<br />political or social instability, armed conflict, the impact on the economy as a<br />result of civil war, religious or ethnic unrest and the withdrawal or non-renewal <br />of any license enabling the Fund to trade in securities of a particular country, <br />confiscatory taxation, restrictions on transfers of assets, lack of uniform <br />accounting, auditing and financial reporting standards, less publicly available <br />financial and other information, diplomatic development which could affect U.S. <br />investments in those countries and potential difficulties in enforcing contractual <br />obligations. Emerging markets are subject to greater market volatility, lower <br />trading volume, political and economic instability, uncertainty regarding the <br />existence of trading markets and more governmental limitations on foreign investment <br />than more developed markets. In addition, securities in emerging markets may be <br />subject to greater price fluctuations than securities in more developed markets. <br />There may be less information publicly available with regard to emerging market <br />issuers and such issuers are not subject to the uniform accounting, auditing and <br />financial reporting standards applicable to U.S. issuers. There may be no single <br />centralized securities exchange on which securities are traded in emerging market <br />countries and the systems of corporate governance to which companies in emerging <br />markets are subject may be less advanced than that to which U.S. issuers are <br />subject, and therefore, shareholders in such companies may not receive many of <br />the protections available to shareholders of U.S. issuers. Securities law in many <br />emerging markets countries is relatively new and unsettled. Therefore, laws regarding <br />foreign investment in emerging market securities, securities regulation, title to <br />securities, and shareholder rights may change quickly and unpredictably. In addition, <br />the enforcement of systems of taxation at federal, regional and local levels in <br />emerging market countries may be inconsistent, and subject to sudden change.<br /> <br />Frontier countries generally have smaller economies or less developed capital<br />markets than traditional emerging markets, and, as a result, the risks of<br />investing in emerging market countries are magnified in frontier countries. <br />The economies of frontier countries are less correlated to global economic <br />cycles than those of their more developed counterparts and their markets <br />have low trading volumes and the potential for extreme price volatility and <br />illiquidity. This volatility may be further heightened by the actions of a <br />few major investors. For example, a substantial increase or decrease in cash <br />flows of mutual funds investing in these markets could significantly affect <br />local stock prices and, therefore, the price of Fund Shares. These factors make <br />investing in frontier countries significantly riskier than in other countries <br />and any one of them could cause the price of the Fund's Shares to decline.<br /> <br />Governments of many frontier countries in which the Fund may invest may exercise<br />substantial influence over many aspects of the private sector. In some cases,<br />the governments of such frontier countries may own or control certain companies.<br />Accordingly, government actions could have a significant effect on economic<br />conditions in a frontier country and on market conditions, prices and yields of<br />securities in the Fund's portfolio. Moreover, the economies of frontier countries <br />may be heavily dependent upon international trade and, accordingly, have been and <br />may continue to be, adversely affected by trade barriers, exchange controls, managed <br />adjustments in relative currency values and other protectionist measures imposed or <br />negotiated by the countries with which they trade. These economies also have been <br />and may continue to be adversely affected by economic conditions in the countries <br />with which they trade.<br /> <br />Certain foreign governments in countries in which the Fund may invest levy<br />withholding or other taxes on dividend and interest income. Although in some<br />countries a portion of these taxes are recoverable, the non-recovered portion <br />of foreign withholding taxes will reduce the income received from investments <br />in such countries.<br /> <br />From time to time, certain of the companies in which the Fund may invest may<br />operate in, or have dealings with, countries subject to sanctions or embargoes<br />imposed by the U.S. government and the United Nations and/or countries identified <br />by the U.S. government as state sponsors of terrorism. A company may suffer damage <br />to its reputation if it is identified as a company which operates in, or has <br />dealings with, countries subject to sanctions or embargoes imposed by the U.S. <br />government and the United Nations and/or countries identified by the U.S. <br />government as state sponsors of terrorism. As an investor in such companies, the <br />Fund will be indirectly subject to those risks.<br /> <br />Investment in equity securities of issuers operating in certain frontier<br />countries is restricted or controlled to varying degrees. These restrictions or<br />controls may at times limit or preclude foreign investment in equity securities<br />of issuers operating in certain frontier countries and increase the costs and<br />expenses of the Fund. Certain frontier countries require governmental approval<br />prior to investments by foreign persons, limit the amount of investment by<br />foreign persons in a particular issuer, limit the investment by foreign persons<br />only to a specific class of securities of an issuer that may have less advantageous <br />rights than the classes available for purchase by domiciliaries of the countries <br />and/or impose additional taxes on foreign investors. Certain frontier countries may <br />also restrict investment opportunities in issuers in industries deemed important to <br />national interests.<br /> <br />Frontier countries may require governmental approval for the repatriation of<br />investment income, capital or the proceeds of sales of securities by foreign<br />investors, such as the Fund. In addition, if deterioration occurs in a frontier<br />country's balance of payments, the country could impose temporary restrictions<br />on foreign capital remittances. The Fund could be adversely affected by delays<br />in, or a refusal to grant, any required governmental approval for repatriation<br />of capital, as well as by the application to the Fund of any restrictions on<br />investments. Investing in local markets in frontier countries may require the<br />Fund to adopt special procedures, seek local government approvals or take other<br />actions, each of which may involve additional costs to the Fund.<br /> <br />As of August 31, 2012, a significant percentage of the Index is comprised of<br />securities of companies from Chile, Colombia and Egypt. To the extent that the<br />Index is focused on securities of any one country, including Chile, Colombia and<br />Egypt, the value of the Index, and thus the Fund, will be especially affected by<br />adverse developments in such country, including the risks described above.<br /> <br />Political Risk. Certain of the frontier countries may be subject to a greater<br />degree of political and social instability than is the case in more developed<br />countries. Such instability may result from, among other things, authoritarian<br />governments or military involvement in political and economic decision-making,<br />including changes in government through extra-constitutional means, popular<br />unrest associated with demands for improved political, economic and social<br />conditions, internal insurgencies, hostile relations with neighboring countries<br />and ethnic, religious and racial disaffection. Some frontier countries may be<br />affected by a greater degree of public corruption and crime, including organized<br />crime.<br /> <br />Licensing, Custody and Settlement Risk. Approval of governmental authorities may<br />be required prior to investing in the securities of companies based in certain<br />frontier countries. Delays in obtaining such an approval would delay investments<br />in the particular country.<br /> <br />Rules adopted under the Investment Company Act of 1940, as amended, permit a<br />fund to maintain its foreign securities and cash in the custody of certain<br />eligible non-U.S. banks and securities depositories. Certain banks in foreign<br />countries that are eligible foreign sub-custodians may be recently organized or<br />otherwise lack extensive operating experience. In addition, in certain countries<br />there may be legal restrictions or limitations on the ability of the Fund to<br />recover assets held in custody by a foreign sub-custodian in the event of the<br />bankruptcy of the sub-custodian. Settlement systems in emerging markets may be<br />less well organized than in developed markets. Thus there may be a risk that<br />settlement may be delayed and that cash or securities of the Fund may be in<br />jeopardy because of failures of or defects in the systems. Under the laws of<br />certain countries in which the Fund may invest, the Fund may be required to<br />release local shares before receiving cash payment or may be required to make<br />cash payment prior to receiving local shares.<br /> <br />Certain countries in which the Fund may invest utilize share blocking schemes.<br />Share blocking refers to a practice, in certain foreign markets, where voting<br />rights related to an issuer's securities are predicated on these securities<br />being blocked from trading at the custodian or sub-custodian level, for a period<br />of time around a shareholder meeting. These restrictions have the effect of<br />prohibiting securities to potentially be voted (or having been voted), from<br />trading within a specified number of days before, and in certain instances,<br />after the shareholder meeting.<br /> <br />Share blocking may prevent the Fund from buying or selling securities for a<br />period of time. During the time that shares are blocked, trades in such<br />securities will not settle. The specific practices may vary by market and the<br />blocking period can last from a day to several weeks, typically terminating on a<br />date established at the discretion of the issuer.<br /> <br />Once blocked, the only manner in which to remove this block would be to withdraw<br />a previously cast vote, or to abstain from voting all together. The process for<br />having a blocking restriction lifted can be quite onerous, with the particular<br />requirements varying widely by country. In addition, in certain countries, the<br />block cannot be removed.<br /><br />Share blocking may present operational challenges for the Fund and Authorized<br />Participants, including the effect that an imposed block would have on pending<br />trades. Pending trades may be caused to fail and could potentially remain<br />unsettled for an extended period of time. Fails may also expose the transfer<br />agent and the Fund to "Buy In" situations in which if unable to deliver shares<br />after a certain period of time, a counter party has the right to go to market,<br />purchase a security at the current market price and have any additional expense<br />borne by the fund or transfer agent.<br /> <br />As a result of the ramifications of voting ballots in share blocking proxy<br />markets, the Investment Adviser, on behalf of the Fund, reserves the right to<br />abstain from voting proxies in share blocking proxy markets.<br /> <br />Financial Services Sector Risk. The financial services industries are subject <br />to extensive government regulation, can be subject to relatively rapid change <br />due to increasingly blurred distinctions between service segments, and can be<br />significantly affected by availability and cost of capital funds, changes in<br />interest rates, the rate of corporate and consumer debt defaults, and price<br />competition. In addition, the deterioration of the credit markets since late<br />2007 generally has caused an adverse impact in a broad range of markets,<br />including U.S. and international credit and interbank money markets generally,<br />thereby affecting a wide range of financial institutions and markets. In<br />particular, events in the financial sector since late 2008 have resulted, <br />and may continue to result, in an unusually high degree of volatility in <br />the financial markets, both domestic and foreign. This situation has created<br />instability in the financial markets and caused certain financial services<br />companies to incur large losses. Numerous financial services companies have<br />experienced substantial declines in the valuations of their assets, taken action<br />to raise capital (such as the issuance of debt or equity securities), or even<br />ceased operations. These actions have caused the securities of many financial<br />services companies to experience a dramatic decline in value. Issuers that have<br />exposure to the real estate, mortgage and credit markets have been particularly<br />affected by the foregoing events and the general market turmoil, and it is<br />uncertain whether or for how long these conditions will continue.<br /> <br />Non-Correlation Risk. The Fund has historically experienced differences between<br />the Fund's return and that of the Index ("tracking error"), which often have<br />been substantial and exceed those experienced by many other ETFs. The tracking<br />error experienced by the Fund has generally arisen from the application of the<br />Fund's fair valuation policies to certain underlying securities which, despite<br />being listed on a stock exchange (as set forth under "Principal Investment<br />Strategies"), may not experience trades on a daily basis. The underlying Index<br />is not required to fair value its constituents. In addition, the Fund's return<br />may not match the return of the Index for a number of other reasons. For example, <br />the Fund incurs a number of operating expenses not applicable to the Index, and <br />incurs costs in buying and selling securities, especially when rebalancing the <br />Fund's securities holdings to reflect changes in the composition of the Index.<br /> <br />The Fund may not be fully invested at times, either as a result of cash flows<br />into the Fund or reserves of cash held by the Fund to meet redemptions and<br />expenses. If the Fund utilizes a sampling approach or otherwise holds<br />instruments other than those which constitute the Index, its return may not<br />correlate as well with the return on the Index, as would be the case if it<br />purchased all of the securities in the Index with the same weightings as the<br />Index.<br /><br />Small and Medium-Sized Company Risk. Investing in securities of small and<br />medium-sized companies involves greater risk than is customarily associated with<br />investing in larger, more established companies. These companies' securities may<br />be more volatile and less liquid than those of larger, more established companies. <br />These securities may have returns that vary, sometimes significantly, from the <br />overall stock market.<br /> <br />Micro-Cap Company Risk. Micro-cap securities involve substantially greater risks<br />of loss and price fluctuations because their earnings and revenues tend to be<br />less predictable (and some companies may be experiencing significant losses),<br />and their share prices tend to be more volatile and their markets less liquid<br />than companies with larger market capitalizations. Micro-cap companies may be<br />newly formed or in the early stages of development, with limited product lines,<br />markets or financial resources and may lack management depth. In addition, there<br />may be less public information available about these companies. The shares of<br />micro-cap companies tend to trade less frequently than those of larger, more<br />established companies, which can adversely affect the pricing of these securities <br />and the future ability to sell these securities. Also, it may take a long time <br />before the Fund realizes a gain, if any, on an investment in a micro-cap company.<br /> <br />Passive Management Risk. Unlike many investment companies, the Fund is not<br />"actively" managed. Therefore, it would not necessarily sell a security because<br />the security's issuer was in financial trouble unless that security is removed<br />from the Index.<br /> <br />Issuer-Specific Changes. The value of an individual security or particular type<br />of security can be more volatile than the market as a whole and can perform<br />differently from the value of the market as a whole. The value of securities of<br />smaller issuers can be more volatile than that of larger issuers.<br /> <br />Non-Diversified Fund Risk. The Fund is considered non-diversified and can invest<br />a greater portion of assets in securities of individual issuers than a diversified <br />fund. Even though no single security weight may exceed 10% of the Index at the time <br />of each quarterly rebalance, changes in the market value of the Index's constituent <br />securities may result in the Fund being invested in the securities of individual <br />issuers (and making additional such investments in the case of creations of <br />additional Creation Units) in greater proportions. As a result, changes in the <br />market value of a single investment could cause greater fluctuations in share <br />price than would occur in a diversified fund.<br /> <br />The Fund's Shares will change in value, and you could lose money by investing in<br />the Fund. The Fund may not achieve its investment objective. An investment in<br />the Fund has not been guaranteed, sponsored, recommended, or approved by the<br />United States, or any agency, instrumentality or officer of the United States,<br />has not been insured by the Federal Deposit Insurance Corporation (FDIC) and is<br />not guaranteed by and is not otherwise an obligation of any bank or insured<br />depository institution.</tt> Fees and Expenses of the Fund Principal Investment Strategies www.guggenheimfunds.com The Fund, using a low cost "passive" or "indexing" investment approach, seeks to replicate, before the Fund's fees and expenses, the performance of the Index. The Index is composed of all liquid (as defined by the criteria set forth below) American depositary receipts ("ADRs") and global depositary receipts ("GDRs") of certain countries that are represented in the Index. <tt>The chart and table below provide some indication of the risks of investing in<br />the Fund by showing changes in the Fund's performance from year to year and by<br />showing how the Fund's average annual returns for one year and since inception<br />compare with those of the Index and a broad measure of market performance. The<br />Fund's past performance (before and after taxes) is not necessarily an<br />indication of how the Fund will perform in the future. Updated performance<br />information for the Fund is available at www.guggenheimfunds.com.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund ("Shares"). Investors purchasing Shares in the secondary<br />market may be subject to costs (including customary brokerage commissions)<br />charged by their broker.</tt> <div style="display:none">~ http://www.guggenheimfunds.com/role/OperatingExpensesData_S000022470Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.guggenheimfunds.com/role/PerformanceTableData_S000022470Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> Investors purchasing Shares in the secondary market may be subject to costs (including customary brokerage commissions) charged by their broker. <tt>All after-tax returns are calculated using the historical highest individual<br />federal marginal income tax rates and do not reflect the impact of any state or<br />local tax. Your own actual after-tax returns will depend on your tax situation<br />and may differ from what is shown here. After-tax returns are not relevant to<br />investors who hold Shares of the Fund in tax-deferred accounts such as<br />individual retirement accounts (IRAs) or employee-sponsored retirement plans.<br /> </tt> The Fund may not achieve its investment objective. An investment in the Fund has not been guaranteed, sponsored, recommended, or approved by the United States, or any agency, instrumentality or officer of the United States, has not been insured by the Federal Deposit Insurance Corporation (FDIC) and is not guaranteed by and is not otherwise an obligation of any bank or insured depository institution. MSCI Emerging Markets Index (reflects no deduction for fees, expenses or taxes) -0.1842 -0.0351 2008-06-12 The BNY Mellon New Frontier DR Index (reflects no deduction for fees, expenses or taxes) -0.2073 -0.0485 2008-06-12 Returns After Taxes on Distributions and Sale of Fund Shares -0.1353 -0.0521 2008-06-12 Returns After Taxes on Distributions -0.2201 -0.0644 2008-06-12 FRN lowest calendar quarter returns highest calendar quarter returns 2012-06-30 Returns Before Taxes 72 2009-06-30 278 -0.3292 -0.0011 0.3340 1240 527 0.3580 -0.2081 0.0031 0.0050 2015-12-31 2008-12-31 0.5325 Fund's year-to-date total return -0.2081 0.0070 0.0081 -0.0573 2008-06-12 0.0575 The Fund is considered non-diversified and can invest a greater portion of assets in securities of individual issuers than a diversified fund. Even though no single security weight may exceed 5% of the Index at the time of each annual rebalance, changes in the market value of the Index's constituent securities may result in the Fund being invested in the securities of individual issuers (and making additional such investments in the case of creations of additional Creation Units) in greater proportions. As a result, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Shares are<br />held in a taxable account. These costs, which are not reflected in annual fund<br />operating expenses or in the Example, affect the Fund's performance. During the<br />most recent fiscal year, the Fund's portfolio turnover rate was 35% of the<br />average value of its portfolio.</tt> <div style="display:none">~ http://www.guggenheimfunds.com/role/ExpenseExample_S000020486Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.guggenheimfunds.com/role/BarChartData_S000020486Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks investment results that correspond generally to the performance,<br />before the Fund's fees and expenses, of an equity index called the AlphaShares<br />China Small Cap Index (the "Index").</tt> <tt>This Example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other funds. The Example does not take into account <br />brokerage commissions that you pay when purchasing or selling Shares of the Fund.<br /> <br />The Example assumes that you invest $10,000 in the Fund for the time periods<br />indicated and then redeem all of your shares at the end of those periods. The<br />Example also assumes that your investment has a 5% return each year and that the<br />Fund's operating expenses remain the same. Although your actual costs may be<br />higher or lower, based on these assumptions your costs would be:</tt> reflects no deduction for fees, expenses or taxes <tt>The Fund, using a low cost "passive" or "indexing" investment approach, seeks to<br />replicate, before the Fund's fees and expenses, the performance of the Index.<br />The Index is designed to measure and monitor the performance of publicly-traded<br />mainland China-based small capitalization companies. For inclusion in the Index,<br />AlphaShares, LLC ("AlphaShares" or the "Index Provider") defines <br />small-capitalization companies as those companies with a maximum $1.5 billion <br />float-adjusted market capitalization.<br /> <br />The Index may include Hong Kong listed securities, including China H-shares and<br />Red Chips. China H-shares are issued by companies incorporated in mainland China<br />and listed on the Hong Kong Stock Exchange. Red Chip shares are issued by<br />companies with controlling Chinese shareholders that are incorporated outside<br />mainland China and listed on the Hong Kong Stock Exchange. The Index may also<br />include N-Shares, which are issued by companies based in mainland China and<br />listed on the NYSE Arca or NASDAQ. The Index will not include China A-Shares<br />(which are subject to substantial restrictions on foreign investment) or China<br />B-Shares (which offer a generally smaller market and limited liquidity), each <br />of which trade on the Shanghai Stock Exchange and the Shenzhen Stock Exchange.<br /> <br />The Fund will invest at least 90% of its total assets in common stock, American<br />depositary receipts ("ADRs"), American depositary shares ("ADSs"), global<br />depositary receipts ("GDRs") and international depositary receipts ("IDRs") that<br />comprise the Index and depositary receipts representing common stocks included<br />in the Index (or underlying securities representing the ADRs, ADSs, GDRs and<br />IDRs included in the Index). The Fund has adopted a policy that requires the <br />Fund to provide shareholders with at least 60 days notice prior to any material <br />change in this policy or the Index. The Board of Trustees of the Trust may <br />change the Fund's investment strategy and other policies without shareholder <br />approval, except as otherwise indicated.<br /> <br />The Fund may invest directly in one or more underlying securities represented by<br />the ADRs included in the Index under the following limited circumstances: (a)<br />when market conditions result in the underlying security providing more liquidity <br />than the ADR; (b) when an ADR is trading at a significantly different price than <br />its underlying security; or (c) the timing of trade execution is improved due to <br />the local market in which an underlying security is traded being open at different <br />times than the market in which the security's corresponding ADR is traded.<br /> <br />The Investment Adviser seeks a correlation over time of 0.95 or better between<br />the Fund's performance and the performance of the Index. A figure of 1.00 would<br />represent perfect correlation.<br /> <br />The Fund generally will invest in all of the securities comprising the Index in<br />proportion to their weightings in the Index. However, under various circumstances, <br />it may not be possible or practicable to purchase all of the securities in the <br />Index in those weightings. In those circumstances, the Fund may purchase a sample <br />of the securities in the Index in proportions expected by the Investment Adviser <br />to replicate generally the performance of the Index as a whole. There may also be <br />instances in which the Investment Adviser may choose to overweight another security <br />in the Index, or purchase (or sell) securities not in the Index which the Investment <br />Adviser believes are appropriate to substitute for one or more Index components, in <br />seeking to accurately track the Index. In addition, from time to time securities are <br />added to or removed from the Index. The Fund may sell securities that are represented <br />in the Index or purchase securities that are not yet represented in the Index in <br />anticipation of their removal from or addition to the Index.</tt> Guggenheim China Small Cap ETF Example All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax. Investment Objective The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The Fund's Shares will change in value, and you could lose money by investing in the Fund. Principal Investment Risks Average Annual Total Returns for the Periods Ended December 31, 2011 0.35 Your own actual after-tax returns will depend on your tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Shares of the Fund in tax-deferred accounts such as individual retirement accounts (IRAs) or employee-sponsored retirement plans. Calendar Year Total Return as of 12/31 Fund Performance The chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for one year and since inception compare with those of the Index and a broad measure of market performance. <tt>The Fund commenced operations on January 30, 2008. The Fund's year-to-date<br />return was 0.98% as of June 30, 2012.<br /> <br />During the periods shown in the chart above, the Fund's highest and lowest<br />calendar quarter returns were 52.30% and -33.69%, respectively, for the quarters<br />ended June 30, 2009 and September 30, 2011.</tt> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover <tt>Investors should consider the following risk factors and special considerations<br />associated with investing in the Fund, which may cause you to lose money.<br /> <br />Investment Risk. An investment in the Fund is subject to investment risk,<br />including the possible loss of the entire principal amount that you invest.<br /> <br />China Investment Risk. Investing in securities of Chinese companies involves<br />additional risks, including, but not limited to: the economy of China differs,<br />often unfavorably, from the U.S. economy in such respects as structure, general<br />development, government involvement, wealth distribution, rate of inflation,<br />growth rate, allocation of resources and capital reinvestment, among others; the<br />central government has historically exercised substantial control over virtually<br />every sector of the Chinese economy through administrative regulation and/or<br />state ownership; and actions of the Chinese central and local government<br />authorities continue to have a substantial effect on economic conditions in<br />China. In addition, previously the Chinese government has from time to time<br />taken actions that influence the prices at which certain goods may be sold,<br />encourage companies to invest or concentrate in particular industries, induce<br />mergers between companies in certain industries and induce private companies to<br />publicly offer their securities to increase or continue the rate of economic<br />growth, control the rate of inflation or otherwise regulate economic expansion. <br />It may do so in the future as well, potentially having a significant adverse <br />effect on economic conditions in China, the economic prospects for, and the <br />market prices and liquidity of, the securities of Chinese companies and the <br />payments of dividends and interest by Chinese companies.<br /> <br />From time to time, certain of the companies comprising the Index that are<br />located in China may operate in, or have dealings with, countries subject to<br />sanctions or embargoes imposed by the U.S. government and the United Nations<br />and/or in countries identified by the U.S. government as state sponsors of<br />terrorism. One or more of these companies may be subject to constraints under<br />U.S. law or regulations which could negatively affect the company's performance,<br />and/or could suffer damage to its reputation if it is identified as a company<br />which invests or deals with countries which are identified by the U.S.<br />government as state sponsors of terrorism or subject to sanctions. As an<br />investor in such companies, the Fund is indirectly subject to those risks.<br /> <br />Equity Risk. The value of the equity securities held by the Fund may fall due to<br />general market and economic conditions, perceptions regarding the industries in<br />which the issuers of securities held by the Fund participate, or factors relating <br />to specific companies in which the Fund invests. For example, an adverse event, <br />such as an unfavorable earnings report, may depress the value of equity securities <br />of an issuer held by the Fund; the price of common stock of an issuer may be <br />particularly sensitive to general movements in the stock market; or a drop in <br />the stock market may depress the price of most or all of the common stocks and <br />other equity securities held by the Fund. In addition, common stock of an issuer <br />in the Fund's portfolio may decline in price if the issuer fails to make anticipated <br />dividend payments because the issuer of the security experiences a decline in its <br />financial condition. Common stock is subordinated to preferred stocks, bonds and <br />other debt instruments in a company's capital structure, in terms of priority to <br />corporate income, and therefore will be subject to greater dividend risk than <br />preferred stocks or debt instruments of such issuers. In addition, while broad <br />market measures of common stocks have historically generated higher average <br />returns than fixed income securities, common stocks have also experienced <br />significantly more volatility in those returns.<br /> <br />Foreign Investment Risk. The Fund's investments in non-U.S. issuers may involve<br />unique risks compared to investing in securities of U.S. issuers, including less<br />market liquidity, generally greater market volatility than U.S. securities and<br />less complete financial information than for U.S. issuers. In addition, adverse<br />political, economic or social developments could undermine the value of the<br />Fund's investments or prevent the Fund from realizing the full value of its<br />investments. Financial reporting standards for companies based in foreign<br />markets differ from those in the United States. Finally, the value of the<br />currency of the country in which the Fund has invested could decline relative <br />to the value of the U.S. dollar, which may affect the value of the investment <br />to U.S. investors. The Fund will not enter into transactions to hedge against<br />declines in the value of the Fund's assets that are denominated in a foreign<br />currency.<br /> <br />Emerging market countries are countries that major international financial<br />institutions, such as the World Bank, generally consider to be less economically<br />mature than developed nations. Emerging market countries can include every<br />nation in the world except the United States, Canada, Japan, Australia, New<br />Zealand and most countries located in Western Europe. Investing in foreign<br />countries, particularly emerging market countries, entails the risk that news<br />and events unique to a country or region will affect those&#xA0;&#xA0;markets and their <br />issuers. Countries with emerging markets may have relatively unstable governments, <br />may present the risks of nationalization of businesses, restrictions on foreign <br />ownership and prohibitions on the repatriation of assets. The economies of emerging <br />markets countries also may be based on only a few industries, making them more <br />vulnerable to changes in local or global trade conditions and more sensitive to <br />debt burdens or inflation rates. Local securities markets may trade a small number <br />of securities and may be unable to respond effectively to increases in trading <br />volume, potentially making prompt liquidation of holdings difficult or impossible <br />at times.<br /> <br />Financial Services Sector Risk. The financial services industries are subject <br />to extensive government regulation, can be subject to relatively rapid change <br />due to increasingly blurred distinctions between service segments, and can be<br />significantly affected by availability and cost of capital funds, changes in<br />interest rates, the rate of corporate and consumer debt defaults, and price<br />competition. In addition, the deterioration of the credit markets since late<br />2007 generally has caused an adverse impact in a broad range of markets,<br />including U.S. and international credit and interbank money markets generally,<br />thereby affecting a wide range of financial institutions and markets. In<br />particular, events in the financial sector since late 2008 have resulted, <br />and may continue to result, in an unusually high degree of volatility in <br />the financial markets, both domestic and foreign. This situation has created<br />instability in the financial markets and caused certain financial services<br />companies to incur large losses. Numerous financial services companies have<br />experienced substantial declines in the valuations of their assets, taken action<br />to raise capital (such as the issuance of debt or equity securities), or even<br />ceased operations. These actions have caused the securities of many financial<br />services companies to experience a dramatic decline in value. Issuers that have<br />exposure to the real estate, mortgage and credit markets have been particularly<br />affected by the foregoing events and the general market turmoil, and it is<br />uncertain whether or for how long these conditions will continue.<br /> <br />Industrial Sector Risk. The stock prices of companies in the industrial sector<br />are affected by supply and demand both for their specific product or service and<br />for industrial sector products in general. The products of manufacturing companies <br />may face product obsolescence due to rapid technological developments and frequent <br />new product introduction. Government regulation, world events and economic <br />conditions may affect the performance of companies in the industrial sector. <br />Companies in the industrial sector may be at risk for environmental damage and <br />product liability claims.<br /> <br />Limited Exposure Risk. China A-Shares and China B-Shares are not eligible for<br />inclusion in the Index, even if they would otherwise qualify under the other<br />criteria set forth under "Index Construction." China A-Shares are subject to<br />substantial restrictions on foreign investment, while the China B-Share market<br />generally is smaller and offers less liquidity than the categories of securities<br />which may be included in the Index. However, by excluding such shares from the<br />Index, the exposure provided by the Index (and thus the Fund) to the Chinese<br />presence in the applicable sector may be more limited than would be the case if<br />the Index included China A-Shares or China B-Shares.<br /> <br />Small Company Risk. Investing in securities of small companies involves greater<br />risk than is customarily associated with investing in larger, more established<br />companies. These companies' securities may be more volatile and less liquid than<br />those of larger, more established companies. These securities may have returns<br />that vary, sometimes significantly, from the overall stock market.<br /><br />Micro-cap Company Risk. Micro-cap stocks involve substantially greater risks of<br />loss and price fluctuations because their earnings and revenues tend to be less<br />predictable (and some companies may be experiencing significant losses), and<br />their share prices tend to be more volatile and their markets less liquid than<br />companies with larger market capitalizations. Micro-cap companies may be newly<br />formed or in the early stages of development, with limited product lines, markets <br />or financial resources and may lack management depth. In addition, there may be <br />less public information available about these companies. The shares of micro-cap <br />companies tend to trade less frequently than those of larger, more established <br />companies, which can adversely affect the pricing of these securities and the <br />future ability to sell these securities. Also, it may take a long time before <br />the Fund realizes a gain, if any, on an investment in a micro-cap company.<br /> <br />Non-Correlation Risk. The Fund's return may not match the return of the Index<br />for a number of reasons. For example, the Fund incurs a number of operating<br />expenses not applicable to the Index, and incurs costs in buying and selling<br />securities, especially when rebalancing the Fund's securities holdings to<br />reflect changes in the composition of the Index.<br /> <br />The Fund may not be fully invested at times, either as a result of cash flows<br />into the Fund or reserves of cash held by the Fund to meet redemptions and<br />expenses. If the Fund utilizes a sampling approach, its return may not correlate<br />as well with the return on the Index, as would be the case if it purchased all<br />of the securities in the Index with the same weightings as the Index.<br /> <br />Passive Management Risk. Unlike many investment companies, the Fund is not<br />"actively" managed. Therefore, it would not necessarily sell a security because<br />the security's issuer was in financial trouble unless that security is removed<br />from the Index.<br /> <br />Issuer-Specific Changes. The value of an individual security or particular type<br />of security can be more volatile than the market as a whole and can perform<br />differently from the value of the market as a whole. The value of securities of<br />smaller issuers can be more volatile than that of larger issuers.<br /> <br />Non-Diversified Fund Risk. The Fund is considered non-diversified and can invest<br />a greater portion of assets in securities of individual issuers than a diversified <br />fund. Even though no single security weight may exceed 5% of the Index at the time <br />of each annual rebalance, changes in the market value of the Index's constituent <br />securities may result in the Fund being invested in the securities of individual <br />issuers (and making additional such investments in the case of creations of <br />additional Creation Units) in greater proportions. As a result, changes in the <br />market value of a single investment could cause greater fluctuations in Share <br />price than would occur in a diversified fund.<br /> <br />The Fund's Shares will change in value, and you could lose money by investing in<br />the Fund. The Fund may not achieve its investment objective. An investment in<br />the Fund has not been guaranteed, sponsored, recommended, or approved by the<br />United States, or any agency, instrumentality or officer of the United States,<br />has not been insured by the Federal Deposit Insurance Corporation (FDIC) and is<br />not guaranteed by and is not otherwise an obligation of any bank or insured<br />depository institution.</tt> Fees and Expenses of the Fund Principal Investment Strategies www.guggenheimfunds.com The Fund, using a low cost "passive" or "indexing" investment approach, seeks to replicate, before the Fund's fees and expenses, the performance of the Index. The Index is designed to measure and monitor the performance of publicly-traded mainland China-based small capitalization companies. <tt>The chart and table below provide some indication of the risks of investing in<br />the Fund by showing changes in the Fund's performance from year to year and by<br />showing how the Fund's average annual returns for one year and since inception<br />compare with those of the Index and a broad measure of market performance. The<br />Fund's past performance (before and after taxes) is not necessarily an<br />indication of how the Fund will perform in the future. Updated performance<br />information for the Fund is available at www.guggenheimfunds.com.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund ("Shares"). Investors purchasing Shares in the secondary<br />market may be subject to costs (including customary brokerage commissions)<br />charged by their broker.</tt> <div style="display:none">~ http://www.guggenheimfunds.com/role/OperatingExpensesData_S000020486Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.guggenheimfunds.com/role/PerformanceTableData_S000020486Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> Investors purchasing Shares in the secondary market may be subject to costs (including customary brokerage commissions) charged by their broker. <tt>All after-tax returns are calculated using the historical highest individual<br />federal marginal income tax rates and do not reflect the impact of any state or<br />local tax. Your own actual after-tax returns will depend on your tax situation<br />and may differ from what is shown here. After-tax returns are not relevant to<br />investors who hold Shares of the Fund in tax-deferred accounts such as<br />individual retirement accounts (IRAs) or employee-sponsored retirement plans.</tt> The Fund may not achieve its investment objective. An investment in the Fund has not been guaranteed, sponsored, recommended, or approved by the United States, or any agency, instrumentality or officer of the United States, has not been insured by the Federal Deposit Insurance Corporation (FDIC) and is not guaranteed by and is not otherwise an obligation of any bank or insured depository institution. MSCI China Index (reflects no deduction for fees, expenses or taxes) -0.1841 -0.0472 2008-01-30 AlphaShares China Small Cap Index (reflects no deduction for fees, expenses or taxes) -0.3282 -0.0317 2008-01-30 Returns After Taxes on Distributions and Sale of Fund Shares -0.2171 -0.0378 2008-01-30 Returns After Taxes on Distributions -0.3412 -0.0469 2008-01-30 HAO lowest calendar quarter returns highest calendar quarter returns 2012-06-30 Returns Before Taxes 77 2009-06-30 294 -0.3369 -0.0017 0.1536 1350 568 0.5230 -0.3340 0.0037 0.0055 December 31, 2015 2011-09-30 1.0206 Fund's year-to-date return -0.3340 0.0075 0.0092 -0.0423 2008-01-30 0.0098 The Fund is considered non-diversified and can invest a greater portion of assets in securities of individual issuers than a diversified fund. Even though no single security weight may exceed 5% of the Index at the time of each annual rebalance, changes in the market value of the Index's constituent securities may result in the Fund being invested in the securities of individual issuers (and making additional such investments in the case of creations of additional Creation Units) in greater proportions. As a result, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Shares are<br />held in a taxable account. These costs, which are not reflected in annual fund<br />operating expenses or in the Example, affect the Fund's performance. During the<br />most recent fiscal year, the Fund's portfolio turnover rate was 14% of the<br />average value of its portfolio.</tt> <div style="display:none">~ http://www.guggenheimfunds.com/role/ExpenseExample_S000019626Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.guggenheimfunds.com/role/BarChartData_S000019626Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks investment results that correspond generally to the performance,<br />before the Fund's fees and expenses, of an equity index called the AlphaShares<br />China Real Estate Index (the "Index").</tt> <tt>This Example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other funds. The Example does not take into account <br />brokerage commissions that you pay when purchasing or selling Shares of the Fund.<br /> <br />The Example assumes that you invest $10,000 in the Fund for the time periods<br />indicated and then redeem all of your shares at the end of those periods. The<br />Example also assumes that your investment has a 5% return each year and that the<br />Fund's operating expenses remain the same. Although your actual costs may be<br />higher or lower, based on these assumptions your costs would be:</tt> reflects no deduction for fees, expenses or taxes <tt>The Fund, using a low cost "passive" or "indexing" investment approach, seeks <br />to replicate, before the Fund's fees and expenses, the performance of the Index.<br />The Index is designed to measure and monitor the performance of the investable<br />universe of publicly-traded companies and real estate investment trusts ("REITs") <br />deriving a majority of their revenues from real estate development, management <br />and/or ownership of property in China or the Special Administrative Regions of <br />China, which are Hong Kong and Macau. The Index was created by AlphaShares, LLC <br />("AlphaShares" or the "Index Provider") and is maintained by Standard &amp; Poor's <br />(the "Index Administrator"). The Index includes equity securities of companies <br />of all categories of market capitalizations, as defined by AlphaShares (subject <br />to the minimum capitalization requirements set forth below under "Index <br />Construction").<br /> <br />The Index may include Hong Kong listed securities, including China H-shares <br />and Red Chips. China H-shares are issued by companies incorporated in mainland <br />China and listed on the Hong Kong Stock Exchange. Red Chip shares are issued by<br />companies with controlling Chinese shareholders that are incorporated outside<br />mainland China and listed on the Hong Kong Stock Exchange. The Index may also<br />include N-Shares, which are issued by companies based in mainland China and<br />listed on the NYSE Arca or NASDAQ. The Index will not include China A-Shares<br />(which are subject to substantial restrictions on foreign investment) or China<br />B-Shares (which offer a generally smaller market and limited liquidity), each <br />of which trade on the Shanghai Stock Exchange and the Shenzhen Stock Exchange.<br /> <br />The Fund will invest at least 90% of its total assets in common stocks, American<br />depositary receipts ("ADRs"), American depositary shares ("ADSs"), global<br />depositary receipts ("GDRs") and international depositary receipts ("IDRs") that<br />comprise the Index and depositary&#xA0;&#xA0;receipts representing common stocks included <br />in the Index (or underlying securities representing the ADRs, ADSs, GDRs and IDRs <br />included in the Index). The Fund has adopted a policy that requires the Fund to <br />provide shareholders with at least 60 days notice prior to any material change <br />in this policy or the Index. The Board of Trustees of the Trust may change the <br />Fund's investment strategy and other policies without shareholder approval, <br />except as otherwise indicated.<br /> <br />The Fund may invest directly in one or more underlying securities represented by<br />the ADRs included in the Index under the following limited circumstances: (a)<br />when market conditions result in the underlying security providing more liquidity <br />than the ADR; (b) when an ADR is trading at a significantly different price than <br />its underlying security; or (c) the timing of trade execution is improved due to <br />the local market in which an underlying security is traded being open at different <br />times than the market in which the security's corresponding ADR is traded.<br /> <br />The Investment Adviser seeks a correlation over time of 0.95 or better between<br />the Fund's performance and the performance of the Index. A figure of 1.00 would<br />represent perfect correlation.<br /> <br />The Fund generally will invest in all of the securities comprising the Index in<br />proportion to their weightings in the Index. However, under various circumstances, <br />it may not be possible or practicable to purchase all of the securities in the <br />Index in those weightings. In those circumstances, the Fund may purchase a sample <br />of the securities in the Index in proportions expected by the Investment Adviser <br />to replicate generally the performance of the Index as a whole. There may also be <br />instances in which the Investment Adviser may choose to overweight another security <br />in the Index, or purchase (or sell) securities not in the Index which the Investment <br />Adviser believes are appropriate to substitute for one or more Index components, in <br />seeking to accurately track the Index. In addition, from time to time securities <br />are added to or removed from the Index. The Fund may sell securities that are <br />represented in the Index or purchase securities that are not yet represented in <br />the Index in anticipation of their removal from or addition to the Index.</tt> Guggenheim China Real Estate ETF Example All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax. Investment Objective The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The Fund's Shares will change in value, and you could lose money by investing in the Fund. Principal Investment Risks 0.14 Your own actual after-tax returns will depend on your tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Shares of the Fund in tax-deferred accounts such as individual retirement accounts (IRAs) or employee-sponsored retirement plans. Calendar Year Total Return as of 12/31 Fund Performance The chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for one year and since inception compare with those of the Index and a broad measure of market performance. <tt>The Fund commenced operations on December 18, 2007. The Fund's year-to-date<br />total return was 21.61% as of June 30, 2012.<br /> <br />During the periods shown in the chart above, the Fund's highest and lowest<br />calendar quarter returns were 58.57% and -31.05%, respectively, for the quarters<br />ended June 30, 2009 and September 30, 2008.</tt> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Returns for the Periods Ended December 31, 2011 Portfolio Turnover <tt>Investors should consider the following risk factors and special considerations<br />associated with investing in the Fund, which may cause you to lose money.<br /> <br />Investment Risk. An investment in the Fund is subject to investment risk,<br />including the possible loss of the entire principal amount that you invest.<br /> <br />Equity Risk. The value of the equity securities held by the Fund may fall due <br />to general market and economic conditions, perceptions regarding the industries <br />in which the issuers of securities held by the Fund participate, or factors <br />relating to specific companies in which the Fund invests. For example, an<br />adverse event, such as an unfavorable earnings report, may depress the value of<br />equity securities of an issuer held by the Fund; the price of common stock of an<br />issuer may be particularly sensitive to general movements in the stock market;<br />or a drop in the stock market may depress the price of most or all of the common<br />stocks and other equity securities held by the Fund. In addition, common stock<br />of an issuer in the Fund's portfolio may decline in price if the issuer fails to<br />make anticipated dividend payments because the issuer of the security experiences <br />a decline in its financial condition. Common stock is subordinated to preferred <br />stocks, bonds and other debt instruments in a company's capital structure, in<br />terms of priority to corporate income, and therefore will be subject to greater<br />dividend risk than preferred stocks or debt instruments of such issuers. In<br />addition, while broad market measures of common stocks have historically<br />generated higher average returns than fixed income securities, common stocks<br />have also experienced significantly more volatility in those returns.<br /> <br />China Investment Risk. Investing in securities of Chinese companies involves<br />additional risks, including, but not limited to: the economy of China differs,<br />often unfavorably, from the U.S. economy in such respects as structure, general<br />development, government involvement, wealth distribution, rate of inflation,<br />growth rate, allocation of resources and capital reinvestment, among others; the<br />central government has historically exercised substantial control over virtually<br />every sector of the Chinese economy through administrative regulation and/or<br />state ownership; and actions of the Chinese central and local government<br />authorities continue to have a substantial effect on economic conditions in<br />China. In addition, previously the Chinese government has from time to time<br />taken actions that influence the prices at which certain goods may be sold,<br />encourage companies to invest or concentrate in particular industries, induce<br />mergers between companies in certain industries and induce private companies to<br />publicly offer their securities to increase or continue the rate of economic<br />growth, control the rate of inflation or otherwise regulate economic expansion.<br />It may do so in the future as well, potentially having a significant adverse<br />effect on economic conditions in China, the economic prospects for, and the<br />market prices and liquidity of, the securities of Chinese companies and the<br />payments of dividends and interest by Chinese companies.<br /> <br />From time to time, certain of the companies comprising the Index that are<br />located in China may operate in, or have dealings with, countries subject to<br />sanctions or embargoes imposed by the U.S. government and the United Nations<br />and/or in countries identified by the U.S. government as state sponsors of<br />terrorism. One or more of these companies may be subject to constraints under<br />U.S. law or regulations which could negatively affect the company's performance,<br />and/or could suffer damage to its reputation if it is identified as a company<br />which invests or deals with countries which are identified by the U.S. government <br />as state sponsors of terrorism or subject to sanctions. As an investor in any such <br />companies, the Fund is indirectly subject to those risks.<br /> <br />Foreign Investment Risk. The Fund's investments in non-U.S. issuers may involve<br />unique risks compared to investing in securities of U.S. issuers, including less<br />market liquidity, generally greater market volatility than U.S. securities and<br />less complete financial information than for U.S. issuers. In addition, adverse<br />political, economic or social developments could undermine the value of the<br />Fund's investments or prevent the Fund from realizing the full value of its<br />investments. Financial reporting standards for companies based in foreign<br />markets differ from those in the United States. Finally, the value of the<br />currency of the country in which the Fund has invested could decline relative <br />to the value of the U.S. dollar, which may affect the value of the investment <br />to U.S. investors. The Fund will not enter into transactions to hedge against<br />declines in the value of the Fund's assets that are denominated in a foreign<br />currency.<br /> <br />Emerging market countries are countries that major international financial<br />institutions, such as the World Bank, generally consider to be less economically<br />mature than developed nations. Emerging market countries can include every<br />nation in the world except the United States, Canada, Japan, Australia, New<br />Zealand and most countries located in Western Europe. Investing in foreign<br />countries, particularly emerging market countries, entails the risk that news <br />and events unique to a country or region will affect those markets and their <br />issuers. Countries with emerging markets may have relatively unstable governments, <br />may present the risks of nationalization of businesses, restrictions on foreign <br />ownership and prohibitions on the repatriation of assets. The economies of emerging <br />markets countries also may be based on only a few industries, making them more <br />vulnerable to changes in local or global trade conditions and more sensitive to <br />debt burdens or inflation rates. Local securities markets may trade a small number <br />of securities and may be unable to respond effectively to increases in trading volume, <br />potentially making prompt liquidation of holdings difficult or impossible at times.<br /> <br />Financial Services Sector Risk. The financial services industries are subject <br />to extensive government regulation, can be subject to relatively rapid change <br />due to increasingly blurred distinctions between service segments, and can be<br />significantly affected by availability and cost of capital funds, changes in<br />interest rates, the rate of corporate and consumer debt defaults, and price<br />competition. In addition, the deterioration of the credit markets since late<br />2007 generally has caused an adverse impact in a broad range of markets,<br />including U.S. and international credit and interbank money markets generally,<br />thereby affecting a wide range of financial institutions and markets. In<br />particular, events in the financial sector since late 2008 have resulted, <br />and may continue to result, in an unusually high degree of volatility in <br />the financial markets, both domestic and foreign. This situation has created<br />instability in the financial markets and caused certain financial services<br />companies to incur large losses. Numerous financial services companies have<br />experienced substantial declines in the valuations of their assets, taken action<br />to raise capital (such as the issuance of debt or equity securities), or even<br />ceased operations. These actions have caused the securities of many financial<br />services companies to experience a dramatic decline in value. Issuers that have<br />exposure to the real estate, mortgage and credit markets have been particularly<br />affected by the foregoing events and the general market turmoil, and it is<br />uncertain whether or for how long these conditions will continue.<br /> <br />Real Estate Securities and REIT Risk. The Fund invests in companies in the real<br />estate industry, including REITs. Therefore, the Fund is subject to the risks<br />associated with investing in real estate, which may include possible declines <br />in the value of real estate, increased competition and other risks related to<br />national, state or local real estate conditions, obsolescence of properties,<br />changes in the availability, cost and terms of mortgage funds (including changes<br />in interest rates), the impact of changes in environmental laws and possible<br />environmental liabilities, overbuilding in a real estate company's market,<br />increases in operating costs and property taxes, changes in zoning laws,<br />casualty or condemnation losses, regulatory limitations on rent and <br />fluctuations in rental income.<br /> <br />Certain real estate securities have a relatively small market capitalization,<br />which may tend to increase the volatility of the market price of these securities. <br />Real estate securities are dependent upon specialized management skills, have <br />limited diversification and are, therefore, subject to risks inherent in operating <br />and financing a limited number of projects. Real estate securities are also subject <br />to heavy cash flow dependency and defaults by borrowers.<br /> <br />In addition, the federal tax requirement that a REIT distribute substantially<br />all of its net income to its shareholders may result in a REIT having insufficient <br />capital for future expenditures. The value of a REIT can depend on the structure <br />of and cash flow generated by the REIT. In addition, like mutual funds, REITs have <br />expenses, including advisory and&#xA0;&#xA0;administration fees, that are paid by their <br />shareholders. As a result, you will absorb duplicate levels of fees when the <br />Fund invests in REITs. In addition, REITs are subject to certain provisions <br />under federal tax law. The failure of a company to qualify as a REIT could <br />have adverse consequences for the Fund, including significantly reducing <br />return to the Fund on its investment in any such company.<br /> <br />Limited Exposure Risk. China A-Shares and China B-Shares are not eligible for<br />inclusion in the Index, even if they would otherwise qualify under the other<br />criteria set forth under "Index Construction." China A-Shares are subject to<br />substantial restrictions on foreign investment, while the China B-Share market<br />generally is smaller and offers less liquidity than the categories of securities<br />which may be included in the Index. However, by excluding such shares from the<br />Index, the exposure provided by the Index (and thus the Fund) to the Chinese<br />presence in the sector may be more limited than would be the case if the Index<br />included China A-Shares or China B-Shares.<br /> <br />Small and Medium-Sized Company Risk. Investing in securities of small and<br />medium-sized companies involves greater risk than is customarily associated with<br />investing in larger, more established companies. These companies' securities may<br />be more volatile and less liquid than those of larger, more established companies. <br />These securities may have returns that vary, sometimes significantly, from the <br />overall stock market.<br /> <br />Micro-Cap Company Risk. Micro-cap stocks involve substantially greater risks of<br />loss and price fluctuations because their earnings and revenues tend to be less<br />predictable (and some companies may be experiencing significant losses), and<br />their share prices tend to be more volatile and their markets less liquid than<br />companies with larger market capitalizations. Micro-cap companies may be newly<br />formed or in the early stages of development, with limited product lines, markets <br />or financial resources and may lack management depth. In addition, there may be <br />less public information available about these companies. The shares of micro-cap <br />companies tend to trade less frequently than those of larger, more established <br />companies, which can adversely affect the pricing of these securities and the <br />future ability to sell these securities. Also, it may take a long time before <br />the Fund realizes a gain, if any, on an investment in a micro-cap company.<br /> <br />Non-Correlation Risk. The Fund's return may not match the return of the Index<br />for a number of reasons. For example, the Fund incurs a number of operating<br />expenses not applicable to the Index, and incurs costs in buying and selling<br />securities, especially when rebalancing the Fund's securities holdings to<br />reflect changes in the composition of the Index.<br /> <br />The Fund may not be fully invested at times, either as a result of cash flows<br />into the Fund or reserves of cash held by the Fund to meet redemptions and<br />expenses. If the Fund utilizes a sampling approach, its return may not correlate<br />as well with the return on the Index, as would be the case if it purchased all<br />of the securities in the Index with the same weightings as the Index.<br /> <br />Passive Management Risk. Unlike many investment companies, the Fund is not<br />"actively" managed. Therefore, it would not necessarily sell a security because<br />the security's issuer was in financial trouble unless that security is removed<br />from the Index.<br /> <br />Issuer-Specific Changes. The value of an individual security or particular type<br />of security can be more volatile than the market as a whole and can perform<br />differently from the value of the market as a whole. The value of securities of<br />smaller issuers can be more volatile than that of larger issuers.<br /><br />Non-Diversified Fund Risk. The Fund is considered non-diversified and can invest<br />a greater portion of assets in securities of individual issuers than a diversified <br />fund. Even though no single security weight may exceed 5% of the Index at the time <br />of each annual rebalance, changes in the market value of the Index's constituent <br />securities may result in the Fund being invested in the securities of individual <br />issuers (and making additional such investments in the case of creations of <br />additional Creation Units) in greater proportions. As a result, changes in the <br />market value of a single investment could cause greater fluctuations in Share <br />price than would occur in a diversified fund.<br /> <br />The Fund's Shares will change in value, and you could lose money by investing <br />in the Fund. The Fund may not achieve its investment objective. An investment <br />in the Fund has not been guaranteed, sponsored, recommended, or approved by the<br />United States, or any agency, instrumentality or officer of the United States,<br />has not been insured by the Federal Deposit Insurance Corporation (FDIC) and is<br />not guaranteed by and is not otherwise an obligation of any bank or insured<br />depository institution.</tt> Fees and Expenses of the Fund Principal Investment Strategies www.guggenheimfunds.com The Fund, using a low cost "passive" or "indexing" investment approach, seeks to replicate, before the Fund's fees and expenses, the performance of the Index. The Index is designed to measure and monitor the performance of the investable universe of publicly-traded companies and real estate investment trusts ("REITs") deriving a majority of their revenues from real estate development, management and/or ownership of property in China or the Special Administrative Regions of China, which are Hong Kong and Macau. <tt>The chart and table below provide some indication of the risks of investing in<br />the Fund by showing changes in the Fund's performance from year to year and by<br />showing how the Fund's average annual returns for one year and since inception<br />compare with those of the Index and a broad measure of market performance. The<br />Fund's past performance (before and after taxes) is not necessarily an<br />indication of how the Fund will perform in the future. Updated performance<br />information for the Fund is available at www.guggenheimfunds.com.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund ("Shares"). Investors purchasing Shares in the secondary<br />market may be subject to costs (including customary brokerage commissions)<br />charged by their broker.</tt> <div style="display:none">~ http://www.guggenheimfunds.com/role/OperatingExpensesData_S000019626Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.guggenheimfunds.com/role/PerformanceTableData_S000019626Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> Investors purchasing Shares in the secondary market may be subject to costs (including customary brokerage commissions) charged by their broker. <tt>All after-tax returns are calculated using the historical highest individual<br />federal marginal income tax rates and do not reflect the impact of any state or<br />local tax. Your own actual after-tax returns will depend on your tax situation<br />and may differ from what is shown here. After-tax returns are not relevant to<br />investors who hold Shares of the Fund in tax-deferred accounts such as<br />individual retirement accounts (IRAs) or employee-sponsored retirement plans.</tt> The Fund may not achieve its investment objective. An investment in the Fund has not been guaranteed, sponsored, recommended, or approved by the United States, or any agency, instrumentality or officer of the United States, has not been insured by the Federal Deposit Insurance Corporation (FDIC) and is not guaranteed by and is not otherwise an obligation of any bank or insured depository institution. Morgan Stanley Capital International China Index (reflects no deduction for fees, expenses or taxes) -0.1841 -0.0778 2007-12-18 AlphaShares China Real Estate Index (reflects no deduction for fees, expenses or taxes) -0.2502 -0.0807 2007-12-18 Returns After Taxes on Distributions and Sale of Fund Shares -0.1657 -0.0779 2007-12-18 Returns After Taxes on Distributions -0.2583 -0.0962 2007-12-18 TAO lowest calendar quarter returns highest calendar quarter returns 2012-06-30 Returns Before Taxes 72 2009-06-30 278 -0.3105 -0.0065 0.0991 1703 652 0.5857 -0.2549 0.0085 -0.5700 0.0050 December 31, 2015 2008-09-30 0.8101 Fund's year-to-date total return -0.2549 0.0070 0.0135 -0.0894 2007-12-18 0.2161 The Fund is considered non-diversified and can invest a greater portion of assets in securities of individual issuers than a diversified fund. Even though no single security weight may exceed 4.5% of the Index at the time of each quarterly rebalance, changes in the market value of the Index's constituent securities may result in the Fund being invested in the securities of individual issuers (and making additional such investments in the case of creations of additional Creation Units) in greater proportions. As a result, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Shares are<br />held in a taxable account. These costs, which are not reflected in annual fund<br />operating expenses or in the Example, affect the Fund's performance. During the<br />most recent fiscal year, the Fund's portfolio turnover rate was 56% of the<br />average value of its portfolio.</tt> <div style="display:none">~ http://www.guggenheimfunds.com/role/ExpenseExample_S000019498Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.guggenheimfunds.com/role/BarChartData_S000019498Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks investment results that correspond generally to the performance,<br />before the Fund's fees and expenses, of an equity index called the Beacon Global<br />Timber Index (the "Index").</tt> <tt>This Example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other funds. The Example does not take into account <br />brokerage commissions that you pay when purchasing or selling Shares of the Fund.<br /> <br />The Example assumes that you invest $10,000 in the Fund for the time periods<br />indicated and then redeem all of your shares at the end of those periods. The<br />Example also assumes that your investment has a 5% return each year and that the<br />Fund's operating expenses remain the same. Although your actual costs may be higher <br />or lower, based on these assumptions your costs would be:</tt> reflects no deduction for fees, expenses or taxes <tt>The Fund, using a low cost "passive" or "indexing" investment approach, seeks <br />to replicate, before the Fund's fees and expenses, the performance of the Index.<br />All securities in the Index are selected from the universe of global timber<br />companies. Beacon Indexes LLC ("Beacon" or the "Index Provider") defines global<br />timber companies as firms who own or lease forested land and harvest the timber<br />from such forested land for commercial use and sale of wood-based products,<br />including lumber, pulp or other processed or finished goods such as paper and<br />packaging. Potential Index constituents include securities with market<br />capitalizations greater than $300 million, which includes securities of all<br />categories of market capitalizations, as determined by Beacon. The Fund will<br />invest at least 90% of its total assets in common stock, American depositary<br />receipts ("ADRs") and global depositary receipts ("GDRs") that comprise the<br />Index and depositary receipts representing common stocks included in the Index<br />(or underlying securities representing the ADRs and GDRs included in the Index).<br />The Fund has adopted a policy that requires the Fund to provide shareholders<br />with at least 60 days notice prior to any material change in this policy or the<br />Index. The Board of Trustees of the Trust may change the Fund's investment<br />strategy and other policies without shareholder approval, except as otherwise<br />indicated.<br /> <br />The Fund may invest directly in one or more underlying securities represented by<br />the ADRs included in the Index under the following limited circumstances: (a)<br />when market conditions result in the underlying security providing more liquidity <br />than the ADR; (b) when an ADR is trading at a significantly different price than <br />its underlying security; or (c) the timing of trade execution is improved due to <br />the local market in which an underlying security is traded being open at different <br />times than the market in which the security's corresponding ADR is traded.<br /> <br />The Investment Adviser seeks a correlation over time of 0.95 or better between<br />the Fund's performance and the performance of the Index. A figure of 1.00 would<br />represent perfect correlation.<br /> <br />The Fund generally will invest in all of the securities comprising the Index in<br />proportion to their weightings in the Index. However, under various circumstances, <br />it may not be possible or practicable to purchase all of the securities in the <br />Index in those weightings. In those circumstances, the Fund may purchase a sample <br />of the securities in the Index in proportions expected by the Investment Adviser <br />to replicate generally the performance of the Index as a whole. There may also <br />be instances in which the Investment Adviser may choose to overweight another<br />security in the Index, or purchase (or sell) securities not in the Index which<br />the Investment Adviser believes are appropriate to substitute for one or more<br />Index components, in seeking to accurately track the Index. In addition, from<br />time to time securities are added to or removed from the Index. The Fund may<br />sell securities that are represented in the Index or purchase securities that<br />are not yet represented in the Index in anticipation of their removal from or<br />addition to the Index.</tt> Guggenheim Timber ETF Example All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax. Investment Objective The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The Fund's Shares will change in value, and you could lose money by investing in the Fund. Principal Investment Risks 0.56 Your own actual after-tax returns will depend on your tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Shares of the Fund in tax-deferred accounts such as individual retirement accounts (IRAs) or employee-sponsored retirement plans. Calendar Year Total Return as of 12/31 FundPerformance The chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for one year and since inception compare with those of the Index and a broad measure of market performance. <tt>The Fund commenced operations on November 9, 2007. The Fund's year-to-date total<br />return was -19.14% as of June 30, 2012.<br /> <br />During the periods shown in the chart above, the Fund's highest and lowest<br />calendar quarter returns were 44.84% and -26.14%, respectively, for the quarters<br />ended June 30, 2009 and December 31, 2008.</tt> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Returns for the Periods Ended December 31, 2011 Portfolio Turnover <tt>Investors should consider the following risk factors and special considerations<br />associated with investing in the Fund, which may cause you to lose money.<br /> <br />Investment Risk. An investment in the Fund is subject to investment risk,<br />including the possible loss of the entire principal amount that you invest.<br /> <br />Equity Risk. The value of the equity securities held by the Fund may fall due to<br />general market and economic conditions, perceptions regarding the industries in<br />which the issuers of securities held by the Fund participate, or factors relating <br />to specific companies in which the Fund invests. For example, an adverse event, <br />such as an unfavorable earnings report, may depress the value of equity securities <br />of an issuer held by the Fund; the price of common stock of an issuer may be <br />particularly sensitive to general movements in the stock market; or a drop in the <br />stock market may depress the price of most or all of the common stocks and other <br />equity securities held by the Fund. In addition, common stock of an issuer in the <br />Fund's portfolio may decline in price if the issuer fails to make anticipated <br />dividend payments because the issuer of the security experiences a decline in <br />its financial condition. Common stock is subordinated to preferred stocks, bonds <br />and other debt instruments in a company's capital structure, in terms of priority <br />to corporate income, and therefore will be subject to greater dividend risk than <br />preferred stocks or debt instruments of such issuers. In addition, while broad <br />market measures of common stocks have historically generated higher average <br />returns than fixed income securities, common stocks have also experienced <br />significantly more volatility in those returns.<br /> <br />Global Timber Industry Risk. As the Index is comprised of issuers in the global<br />timber industry, the Fund is therefore focused in that industry. Accordingly,<br />the Fund may be subject to more risks than if it were broadly diversified over<br />numerous industries and sectors of the economy. The market value of securities<br />of global timber companies may be affected by numerous factors, including events<br />occurring in nature and international politics. For example, the volume and<br />value of timber that can be harvested from timberlands may be limited by natural<br />disasters and other events such as fire, volcanic eruptions, insect infestation,<br />disease, ice storms, wind storms, flooding, other weather conditions and other<br />causes. In periods of poor logging conditions, global timber companies may<br />harvest less timber than expected. Global timber companies involved in the<br />forest, paper and packaging products industries are highly competitive globally,<br />including significant competition from non-wood and engineered wood products,<br />and no single company is dominant. These industries have suffered, and continue<br />to suffer, from excess capacity. Global timber companies are subject to many <br />federal, state and local environmental, health and safety laws and regulations, <br />particularly with respect to the restoration and reforestation of timberlands, <br />harvesting timber near waterways, discharges of pollutants and emissions, and the <br />management, disposal and remediation of hazardous substances or other contaminants.<br />Political risks and the other risks to which foreign securities are subject may <br />also affect domestic companies in which the Fund may invest if they have significant <br />operations or investments in foreign countries. In particular, tariffs, quotas or <br />trade agreements can also affect the markets for products of global timber companies,<br />particularly wood products. In addition, rising interest rates and general economic <br />conditions may affect the demand for timber products.<br /> <br />Foreign Investment Risk. The Fund's investments in non-U.S. issuers may involve<br />unique risks compared to investing in securities of U.S. issuers, including less<br />market liquidity, generally greater market volatility than U.S. securities and<br />less complete financial information than for U.S. issuers. In addition, adverse<br />political, economic or social developments could undermine the value of the<br />Fund's investments or prevent the Fund from realizing the full value of its<br />investments. Financial reporting standards for companies based in foreign<br />markets differ from those in the United States. Finally, the value of the<br />currency of the country in which the Fund has invested could decline relative <br />to the value of the U.S. dollar, which may affect the value of the investment <br />to U.S. investors. The Fund will not enter into transactions to hedge against<br />declines in the value of the Fund's assets that are denominated in a foreign<br />currency.<br /> <br />Emerging market countries are countries that major international financial<br />institutions, such as the World Bank, generally consider to be less economically<br />mature than developed nations. Emerging market countries can include every<br />nation in the world except the United States, Canada, Japan, Australia, New<br />Zealand and most countries located in Western Europe. Investing in foreign<br />countries, particularly emerging market countries, entails the risk that news<br />and events unique to a country or region will affect those markets and their<br />issuers. Countries with emerging markets may have relatively unstable governments, <br />may present the risks of nationalization of businesses, restrictions on foreign <br />ownership and prohibitions on the repatriation of assets. The economies of emerging <br />markets countries also may be based on only a few industries, making them more <br />vulnerable to changes in local or global trade conditions and more sensitive to <br />debt burdens or inflation rates. Local securities markets may trade a small number <br />of securities and may be unable to respond effectively to increases in trading volume, <br />potentially making prompt liquidation of holdings difficult or impossible at times.<br /> <br />European Economic Risk. The Economic and Monetary Union of the European Union<br />(the "EU") requires member countries to comply with restrictions on inflation<br />rates, deficits, interest rates, debt levels and fiscal and monetary controls,<br />each of which may significantly affect every country in Europe. Decreasing<br />imports or exports, changes in governmental or EU regulations on trade, changes<br />in the exchange rate of the euro, the default or threat of default by an EU<br />member country on its sovereign debt, and/or an economic recession in an EU<br />member country may have a significant adverse effect on the economies of EU<br />member countries and on major trading partners outside Europe. The European<br />financial markets have recently experienced volatility and have been adversely<br />affected by concerns about economic downturns, credit rating downgrades, rising<br />government debt levels and possible default on or restructuring of government<br />debt in several European countries, including Greece, Ireland, Italy, Portugal<br />and Spain. A default or debt restructuring by any European country would<br />adversely impact holders of that country's debt, and sellers of credit default<br />swaps linked to that country's creditworthiness (which may be located in<br />countries other than those listed in the previous sentence). These events have<br />adversely affected the value and exchange rate of the euro and may continue to<br />significantly affect&#xA0;&#xA0;the economies of every country in Europe, including EU <br />member countries that do not use the euro and non-EU member countries.<br /> <br />Basic Materials Sector Risk. Companies in the basic materials sector could <br />be adversely affected by commodity price volatility, exchange rates, import<br />controls and increased competition. Production of industrial materials often<br />exceeds demand as a result of overbuilding or economic downturns, leading to<br />poor investment returns. Companies in the basic materials sector are at risk <br />for environmental damage and product liability claims. Companies in the basic<br />materials sector may be adversely affected by depletion of resources, technical<br />progress, labor relations, and government regulations.<br /> <br />Financial Services Sector Risk. The financial services industries are subject <br />to extensive government regulation, can be subject to relatively rapid change <br />due to increasingly blurred distinctions between service segments, and can be<br />significantly affected by availability and cost of capital funds, changes in<br />interest rates, the rate of corporate and consumer debt defaults, and price<br />competition. In addition, the deterioration of the credit markets since late<br />2007 generally has caused an adverse impact in a broad range of markets,<br />including U.S. and international credit and interbank money markets generally,<br />thereby affecting a wide range of financial institutions and markets. In<br />particular, events in the financial sector since late 2008 have resulted, <br />and may continue to result, in an unusually high degree of volatility in <br />the financial markets, both domestic and foreign. This situation has created<br />instability in the financial markets and caused certain financial services<br />companies to incur large losses. Numerous financial services companies have<br />experienced substantial declines in the valuations of their assets, taken action<br />to raise capital (such as the issuance of debt or equity securities), or even<br />ceased operations. These actions have caused the securities of many financial<br />services companies to experience a dramatic decline in value. Issuers that have<br />exposure to the real estate, mortgage and credit markets have been particularly<br />affected by the foregoing events and the general market turmoil, and it is<br />uncertain whether or for how long these conditions will continue.<br /> <br />Small and Medium-Sized Company Risk. Investing in securities of small and<br />medium-sized companies involves greater risk than is customarily associated with<br />investing in larger, more established companies. These companies' securities may<br />be more volatile and less liquid than those of larger, more established companies. <br />These securities may have returns that vary, sometimes significantly, from the <br />overall stock market.<br /> <br />Non-Correlation Risk. The Fund's return may not match the return of the Index<br />for a number of reasons. For example, the Fund incurs a number of operating<br />expenses not applicable to the Index, and incurs costs in buying and selling<br />securities, especially when rebalancing the Fund's securities holdings to<br />reflect changes in the composition of the Index.<br /> <br />The Fund may not be fully invested at times, either as a result of cash flows<br />into the Fund or reserves of cash held by the Fund to meet redemptions and<br />expenses. If the Fund utilizes a sampling approach, its return may not correlate<br />as well with the return on the Index, as would be the case if it purchased all<br />of the securities in the Index with the same weightings as the Index.<br /> <br />Passive Management Risk. Unlike many investment companies, the Fund is not<br />"actively" managed. Therefore, it would not necessarily sell a security because<br />the security's issuer was in financial trouble unless that security is removed<br />from the Index.<br /> <br />Issuer-Specific Changes. The value of an individual security or particular type<br />of security can be more volatile than the market as a whole and can perform<br />differently from the value of&#xA0;&#xA0;the market as a whole. The value of securities <br />of smaller issuers can be more volatile than that of larger issuers.<br /> <br />Non-Diversified Fund Risk. The Fund is considered non-diversified and can invest<br />a greater portion of assets in securities of individual issuers than a diversified <br />fund. Even though no single security weight may exceed 4.5% of the Index at the time <br />of each quarterly rebalance, changes in the market value of the Index's constituent <br />securities may result in the Fund being invested in the securities of individual <br />issuers (and making additional such investments in the case of creations of <br />additional Creation Units) in greater proportions. As a result, changes in the <br />market value of a single investment could cause greater fluctuations in Share <br />price than would occur in a diversified fund.<br /> <br />The Fund's Shares will change in value, and you could lose money by investing in<br />the Fund. The Fund may not achieve its investment objective. An investment in<br />the Fund has not been guaranteed, sponsored, recommended, or approved by the<br />United States, or any agency, instrumentality or officer of the United States, <br />has not been insured by the Federal Deposit Insurance Corporation (FDIC) and <br />is not guaranteed by and is not otherwise an obligation of any bank or insured<br />depository institution.</tt> Fees and Expenses of the Fund Principal Investment Strategies www.guggenheimfunds.com The Fund, using a low cost "passive" or "indexing" investment approach, seeks to replicate, before the Fund's fees and expenses, the performance of the Index. All securities in the Index are selected from the universe of global timber companies. Beacon Indexes LLC ("Beacon" or the "Index Provider") defines global timber companies as firms who own or lease forested land and harvest the timber from such forested land for commercial use and sale of wood-based products, including lumber, pulp or other processed or finished goods such as paper and packaging. <tt>The chart and table below provide some indication of the risks of investing in<br />the Fund by showing changes in the Fund's performance from year to year and by<br />showing how the Fund's average annual returns for one year and since inception<br />compare with those of the Index and a broad measure of market performance. The<br />Fund's past performance (before and after taxes) is not necessarily an<br />indication of how the Fund will perform in the future. Updated performance<br />information for the Fund is available at www.guggenheimfunds.com.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund ("Shares"). Investors purchasing Shares in the secondary<br />market may be subject to costs (including customary brokerage commissions)<br />charged by their broker.</tt> <div style="display:none">~ http://www.guggenheimfunds.com/role/OperatingExpensesData_S000019498Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.guggenheimfunds.com/role/PerformanceTableData_S000019498Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> Investors purchasing Shares in the secondary market may be subject to costs (including customary brokerage commissions) charged by their broker. <tt>All after-tax returns are calculated using the historical highest individual<br />federal marginal income tax rates and do not reflect the impact of any state or<br />local tax. Your own actual after-tax returns will depend on your tax situation<br />and may differ from what is shown here. After-tax returns are not relevant to<br />investors who hold Shares of the Fund in tax-deferred accounts such as<br />individual retirement accounts (IRAs) or employee-sponsored retirement plans.</tt> The Fund may not achieve its investment objective. An investment in the Fund has not been guaranteed, sponsored, recommended, or approved by the United States, or any agency, instrumentality or officer of the United States, has not been insured by the Federal Deposit Insurance Corporation (FDIC) and is not guaranteed by and is not otherwise an obligation of any bank or insured depository institution. STOXX Europe Total Market Forestry & Paper Index (reflects no deduction for fees, expenses or taxes) -0.3063 -0.1261 2007-11-09 MSCI World Index (reflects no deduction for fees, expenses or taxes) -0.0554 -0.0527 2007-11-09 Dow Jones World Forestry & Paper Index (reflects no deduction for fees, expenses or taxes) -0.2588 -0.1198 2007-11-09 Beacon Global Timber Index (reflects no deduction for fees, expenses or taxes) -0.1656 -0.0609 2007-11-09 Returns After Taxes on Distributions and Sale of Fund Shares -0.1136 -0.0650 2007-11-09 Returns After Taxes on Distributions -0.1814 -0.0805 2007-11-09 CUT lowest calendar quarter returns highest calendar quarter returns 2012-06-30 Returns Before Taxes 72 2009-06-30 278 -0.2614 -0.0012 0.1812 1249 529 0.4484 -0.1748 0.0032 -0.4867 0.0050 December 31, 2015 2008-12-31 0.5172 Fund's year-to-date total return -0.1748 0.0070 0.0082 -0.0734 2007-11-09 -0.1914 The Fund is considered non-diversified and can invest a greater portion of assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Shares are<br />held in a taxable account. These costs, which are not reflected in annual fund<br />operating expenses or in the Example, affect the Fund's performance. During the<br />most recent fiscal year ended May 31, 2012, the Fund's portfolio turnover rate<br />was 73% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.guggenheimfunds.com/role/ExpenseExample_S000017282Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.guggenheimfunds.com/role/BarChartData_S000017282Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks investment results that correspond generally to the performance,<br />before the Fund's fees and expenses, of an index called the Zacks International<br />Multi-Asset Income Index (the "Index")</tt> <tt>This Example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other funds. The Example does not take into account <br />brokerage commissions that you pay when purchasing or selling Shares of the Fund.<br /> <br />The Example assumes that you invest $10,000 in the Fund for the time periods<br />indicated and then redeem all of your shares at the end of those periods. The<br />Example also assumes that your investment has a 5% return each year and that the<br />Fund's operating expenses remain the same. Although your actual costs may be<br />higher or lower, based on these assumptions your costs would be:</tt> reflects no deduction for fees, expenses or taxes <tt>The Fund, using a low cost "passive" or "indexing" investment approach, seeks <br />to replicate, before the Fund's fees and expenses, the performance of the Index.<br />The Index is comprised of approximately 150 stocks selected, based on investment<br />and other criteria, from a universe of international companies, global REITs,<br />master limited partnerships ("MLPs"), Canadian royalty trusts, American<br />depositary receipts ("ADRs") of emerging market companies and U.S. listed<br />closed-end funds that invest in international companies, and at all times is<br />comprised of at least 40% non-U.S. securities. The companies in the universe are<br />selected using a proprietary strategy developed by Zacks Investment Research,<br />Inc. ("Zacks" or the "Index Provider"). The Fund will invest at least 90% of its<br />total assets in stocks that comprise the Index (and underlying securities<br />representing the ADRs included in the Index). The Fund has adopted a policy that<br />requires the Fund to provide shareholders with at least 60 days notice prior to<br />any material change in this policy or the Index. The Board of Trustees of the<br />Trust may change the Fund's investment strategy and other policies without<br />shareholder approval, except as otherwise indicated.<br /> <br />The Investment Adviser seeks a correlation over time of 0.95 or better between<br />the Fund's performance and the performance of the Index. A figure of 1.00 would<br />represent perfect correlation.<br /> <br />The Fund generally will invest in all of the securities comprising the Index in<br />proportion to their weightings in the Index. However, under various circumstances, <br />it may not be possible or practicable to purchase all of the securities in the <br />Index in those weightings. In those circumstances, the Fund may purchase a sample <br />of the securities in the Index in proportions expected by the Investment Adviser <br />to replicate generally the performance of the Index as a whole. There may also be <br />instances in which&#xA0;&#xA0;the Investment Adviser may choose to overweight another <br />security in the Index, or purchase (or sell) securities not in the Index which the <br />Investment Adviser believes are appropriate to substitute for one or more Index <br />components, in seeking to accurately track the Index. In addition, from time to <br />time securities are added to or removed from the Index. The Fund may sell securities <br />that are represented in the Index or purchase securities that are not yet represented<br />in the Index in anticipation of their removal from or addition to the Index.<br /> <br />The Fund may invest directly in one or more underlying securities represented by<br />the ADRs included in the Index under the following limited circumstances: (a)<br />when market conditions result in the underlying security providing more liquidity <br />than the ADR; (b) when an ADR is trading at a significantly different price than <br />its underlying security; or (c) the timing of trade execution is improved due to <br />the local market in which an underlying security is traded being open at different <br />times than the market in which the security's corresponding ADR is traded.</tt> Guggenheim International Multi-Asset Income ETF Example All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax. Investment Objective Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The Fund's Shares will change in value, and you could lose money by investing in the Fund. Principal Investment Risks 0.73 Your own actual after-tax returns will depend on your tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Shares of the Fund in tax-deferred accounts such as individual retirement accounts (IRAs) or employee-sponsored retirement plans. Calendar Year Total Return as of 12/31 Fund Performance The chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for one year and since inception compare with those of the Index and a broad measure of market performance. <tt>The Fund commenced operations on July 11, 2007. The Fund's year-to-date total<br />return was -0.88% as of June 30, 2012.<br /> <br />During the periods shown in the chart above, the Fund's highest and lowest<br />calendar quarter returns were 33.97% and -24.82%, respectively, for the quarters<br />ended June 30, 2009 and December 31, 2008.</tt> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Returns for the Periods Ended December 31, 2011 Portfolio Turnover <tt>Investors should consider the following risk factors and special considerations<br />associated with investing in the Fund, which may cause you to lose money.<br /> <br />Investment Risk. An investment in the Fund is subject to investment risk,<br />including the possible loss of the entire principal amount that you invest.<br /> <br />Equity Risk. The value of the equity securities held by the Fund may fall due <br />to general market and economic conditions, perceptions regarding the industries <br />in which the issuers of securities held by the Fund participate, or factors<br />relating to specific companies in which the Fund invests. For example, an<br />adverse event, such as an unfavorable earnings report, may depress the value of<br />equity securities of an issuer held by the Fund; the price of common stock of an<br />issuer may be particularly sensitive to general movements in the stock market;<br />or a drop in the stock market may depress the price of most or all of the common<br />stocks and other equity securities held by the Fund. In addition, common stock<br />of an issuer in the Fund's portfolio may decline in price if the issuer fails to<br />make anticipated dividend payments because the issuer of the security experiences <br />a decline in its financial condition. Common stock is subordinated to preferred <br />stocks, bonds and other debt instruments in a company's capital structure, in <br />terms of priority to corporate income, and therefore will be subject to greater <br />dividend risk than preferred stocks or debt instruments of such issuers. In <br />addition, while broad market measures of common stocks have historically generated <br />higher average returns than fixed income securities, common stocks have also <br />experienced significantly more volatility in those returns.<br /> <br />Foreign Investment Risk. The Fund's investments in non-U.S. issuers may involve<br />unique risks compared to investing in securities of U.S. issuers, including less<br />market liquidity, generally greater market volatility than U.S. securities and<br />less complete financial information than for U.S. issuers. In addition, adverse<br />political, economic or social developments could undermine the value of the<br />Fund's investments or prevent the Fund from realizing the full value of its<br />investments. Financial reporting standards for companies based in foreign<br />markets differ from those in the United States. Finally, the value of the<br />currency of the country in which the Fund has invested could decline relative <br />to the value of the U.S. dollar, which may affect the value of the investment <br />to U.S. investors. The Fund will not enter into transactions to hedge against<br />declines in the value of the Fund's assets that are denominated in a foreign<br />currency.<br /> <br />Emerging market countries are countries that major international financial<br />institutions, such as the World Bank, generally consider to be less economically<br />mature than developed nations. Emerging market countries can include every<br />nation in the world except the United States, Canada, Japan, Australia, New<br />Zealand and most countries located in Western Europe. Investing in foreign<br />countries, particularly emerging market countries, entails the risk that news<br />and events unique to a country or region will affect those markets and their<br />issuers. Countries with emerging markets may have relatively unstable governments, <br />may present the risks of nationalization of businesses, restrictions on foreign <br />ownership and prohibitions on the repatriation of assets. The economies of emerging <br />markets countries also may be based on only a few industries, making them more <br />vulnerable to changes in local or global trade conditions and more sensitive to <br />debt burdens or inflation rates. Local securities markets may trade a small number <br />of securities and may be unable to respond effectively to increases in trading <br />volume, potentially making prompt liquidation of holdings difficult or impossible <br />at times.<br /> <br />European Economic Risk. The Economic and Monetary Union of the European Union<br />(the "EU") requires member countries to comply with restrictions on inflation<br />rates, deficits, interest rates, debt levels and fiscal and monetary controls,<br />each of which may significantly affect every country in Europe. Decreasing<br />imports or exports, changes in governmental or EU regulations on trade, changes<br />in the exchange rate of the euro, the default or threat of default by an EU<br />member country on its sovereign debt, and/or an economic recession in an EU<br />member country may have a significant adverse effect on the economies of EU<br />member countries and on major trading partners outside Europe. The European<br />financial markets have recently experienced volatility and have been adversely<br />affected by concerns about economic downturns, credit rating downgrades, rising<br />government debt levels and possible default on or restructuring of government<br />debt in several European countries, including Greece, Ireland, Italy, Portugal<br />and Spain. A default or debt restructuring by any European country would<br />adversely impact holders of that country's debt, and sellers of credit default<br />swaps linked to that country's creditworthiness (which may be located in<br />countries other than those listed in the previous sentence). These events have<br />adversely affected the value and exchange rate of the euro and may continue to<br />significantly affect the economies of every country in Europe, including EU<br />member countries that do not use the euro and non-EU member countries.<br /> <br />Financial Services Sector Risk. The financial services industries are subject <br />to extensive government regulation, can be subject to relatively rapid change <br />due to increasingly blurred distinctions between service segments, and can be<br />significantly affected by availability and cost of capital funds, changes in<br />interest rates, the rate of corporate and consumer debt defaults, and price<br />competition. In addition, the deterioration of the credit markets since late<br />2007 generally has caused an adverse impact in a broad range of markets,<br />including U.S. and international credit and interbank money markets generally,<br />thereby affecting a wide range of financial institutions and markets. In<br />particular, events in the financial sector since late 2008 have resulted, <br />and may continue to result, in an unusually high degree of volatility in <br />the financial markets, both domestic and foreign. This situation has created<br />instability in the financial markets and caused certain financial services <br />companies to incur large losses. Numerous financial services companies have <br />experienced substantial declines in the valuations of their assets, taken<br />action to raise capital (such as the issuance of debt or equity securities), <br />or even ceased operations. These actions have caused the securities of many<br />financial services companies to experience a dramatic decline in value. Issuers<br />that have exposure to the real estate, mortgage and credit markets have been<br />particularly affected by the foregoing events and the general market turmoil,<br />and it is uncertain whether or for how long these conditions will continue.<br /> <br />Canadian Risk. As the Fund invests in Canadian royalty trusts and stocks listed<br />on the Toronto Stock Exchange, the Fund is subject to the following risks:<br /> <br />&#xA0;&#xA0;Commodity Exposure Risk. The Canadian economy is very dependent on the demand<br />&#xA0;&#xA0;for, and supply and price of, natural resources. The Canadian market is<br />&#xA0;&#xA0;relatively concentrated in issuers involved in the production and distribution<br />&#xA0;&#xA0;of natural resources. There is a risk that any changes in these sectors could<br />&#xA0;&#xA0;have an adverse impact on the Canadian economy.<br /> <br />&#xA0;&#xA0;Reliance on Exports Risk. The Canadian economy is dependent on the economies of<br />&#xA0;&#xA0;the United States as a key trading partner. Reduction in spending on Canadian<br />&#xA0;&#xA0;products and services or changes in the U.S. economy may cause an impact in the<br />&#xA0;&#xA0;Canadian economy.<br /> <br />&#xA0;&#xA0;U.S. Economic Risk. The Canadian economy may be significantly affected by the<br />&#xA0;&#xA0;U.S. economy, given that the United States is Canada's largest trading partner<br />&#xA0;&#xA0;and foreign investor. Since the implementation of the North American Free Trade<br />&#xA0;&#xA0;Agreement (NAFTA) in 1994, total two-way merchandise trade between the United<br />&#xA0;&#xA0;States and Canada has more than doubled. To further this relationship, all three<br />&#xA0;&#xA0;NAFTA countries entered into The Security and Prosperity Partnership of North<br />&#xA0;&#xA0;America in March 2005, which addressed economic and security related issues. <br />&#xA0;&#xA0;The new agreement may further affect Canada's dependency on the U.S. economy.<br /> <br />&#xA0;&#xA0;Structural Risk (Political Risk). In addition, past periodic demands by the<br />&#xA0;&#xA0;Province of Quebec for sovereignty have significantly affected equity valuations<br />&#xA0;&#xA0;and foreign currency movements in the Canadian market.<br /> <br />Canadian Royalty Trust Risk. As the Fund invests in Canadian royalty trusts, <br />it is subject to the following risks applicable to Canadian royalty trusts:<br /> <br />&#xA0;&#xA0;Lack of diversification. The royalty trusts in which the Fund invests are<br />&#xA0;&#xA0;heavily invested in oil and gas.<br /> <br />&#xA0;&#xA0;Potential sacrifice of growth. Potential growth may be sacrificed because<br />&#xA0;&#xA0;revenue is passed on to a royalty trust's unit holders (such as the Fund),<br />&#xA0;&#xA0;rather than reinvested in the business.<br /> <br />&#xA0;&#xA0;No guarantees. Royalty trusts generally do not guarantee minimum distributions<br />&#xA0;&#xA0;or even return of capital. If the assets underlying a royalty trust do not<br />&#xA0;&#xA0;perform as expected, the royalty trust may reduce or even eliminate distributions. <br />&#xA0;&#xA0;The declaration of such distributions generally depends upon various factors, <br />&#xA0;&#xA0;including the operating performance and financial condition of the royalty trust <br />&#xA0;&#xA0;and general economic conditions.<br /> <br />&#xA0;&#xA0;Potential for tax recharacterization or changes. Under amendments to the Income<br />&#xA0;&#xA0;Tax Act (Canada) passed in 2007 (the "SIFT Rules"), certain trusts (defined as<br />&#xA0;&#xA0;"SIFT trusts") are taxable on certain income and gains on a basis similar to that <br />&#xA0;&#xA0;which applies to a corporation, with the result that tax efficiencies formerly <br />&#xA0;&#xA0;available in respect of an investment in the trust may cease to be available. A <br />&#xA0;&#xA0;royalty trust may be a SIFT trust. In addition, as a result of the SIFT Rules, <br />&#xA0;&#xA0;some trusts may undertake reorganization transactions, the costs of which may <br />&#xA0;&#xA0;affect the return earned on an investment in the trust. After any such conversion, <br />&#xA0;&#xA0;tax efficiencies that were formerly available in respect of an investment in the <br />&#xA0;&#xA0;trust may cease to be available. Accordingly, the SIFT Rules have had and may <br />&#xA0;&#xA0;continue to have an effect on the trading price of investments in royalty trusts, <br />&#xA0;&#xA0;and consequently could impact the value of Shares of the Fund.<br /> <br />REIT Risk. The risks of investing in real estate companies include, among<br />others, adverse changes in national, state or local real estate conditions;<br />obsolescence of properties; changes in the availability, cost and terms of<br />mortgage funds; and the impact of changes in environmental laws. In addition,<br />the federal tax requirement that a REIT distribute substantially all of its net<br />income to its shareholders may result in a REIT having insufficient capital for<br />future expenditures. The value of a REIT can depend on the structure of and cash<br />flow generated by the REIT. In addition, like mutual funds, REITs have expenses,<br />including advisory and administration fees, that are paid by their shareholders.<br />As a result, you will absorb duplicate levels of fees when the Fund invests in<br />REITs. In addition, REITs are subject to certain provisions under federal tax<br />law. The failure of a company to qualify as a REIT could have adverse consequences <br />for the Fund, including significantly reducing return to the Fund on its investment <br />in such company.<br /> <br />Master Limited Partnership Risk. Investments in securities of MLPs involve risks<br />that differ from an investment in common stock. Holders of the units of MLPs<br />have more limited control and limited rights to vote on matters affecting the<br />partnership. There are also certain tax risks associated with an investment in<br />units of MLPs. In addition, conflicts of interest may exist between common unit<br />holders, subordinated unit holders and the general partner of a MLP, including a<br />conflict arising as a result of incentive distribution payments.<br /> <br />Risks of Investing in Other Investment Companies. Shares of other investment<br />companies are subject to the management fees and other expenses of those companies, <br />and the purchase of shares of some investment companies (in the case of closed-end <br />investment companies) may sometimes require the payment of substantial premiums <br />above the value of such companies' portfolio securities or net asset values. The <br />Fund must continue, at the same time, to pay its own management fees and expenses <br />with respect to all of its investments, including shares of other investment <br />companies. The securities of other investment companies may also be leveraged <br />and will therefore be subject to certain leverage risks.<br /> <br />Small and Medium-Sized Company Risk. Investing in securities of small and<br />medium-sized companies involves greater risk than is customarily associated with<br />investing in larger, more established companies. These companies' securities may<br />be more volatile and less liquid than those of larger, more established companies. <br />These securities may have returns that vary, sometimes significantly, from the <br />overall stock market.<br /> <br />Non-Correlation Risk. The Fund's return may not match the return of the Index<br />for a number of reasons. For example, the Fund incurs a number of operating<br />expenses not applicable to the Index, and incurs costs in buying and selling<br />securities, especially when rebalancing the Fund's securities holdings to<br />reflect changes in the composition of the Index. Since the Index constituents<br />may vary on a semi-annual basis, the Fund's costs associated with&#xA0;&#xA0;rebalancing <br />may be greater than those incurred by other exchange-traded funds that track <br />indices whose composition changes less frequently.<br /> <br />The Fund may not be fully invested at times, either as a result of cash flows<br />into the Fund or reserves of cash held by the Fund to meet redemptions and<br />expenses. If the Fund utilizes a sampling approach, its return may not correlate<br />as well with the return on the Index, as would be the case if it purchased all<br />of the securities in the Index with the same weightings as the Index.<br /> <br />Passive Management Risk. Unlike many investment companies, the Fund is not<br />"actively" managed. Therefore, it would not necessarily sell a security because<br />the security's issuer was in financial trouble unless that security is removed<br />from the Index.<br /> <br />Issuer-Specific Changes. The value of an individual security or particular type<br />of security can be more volatile than the market as a whole and can perform<br />differently from the value of the market as a whole. The value of securities of<br />smaller issuers can be more volatile than that of larger issuers.<br /> <br />Non-Diversified Fund Risk. The Fund is considered non-diversified and can invest<br />a greater portion of assets in securities of individual issuers than a diversified <br />fund. As a result, changes in the market value of a single investment could cause <br />greater fluctuations in Share price than would occur in a diversified fund.<br /> <br />The Fund's Shares will change in value, and you could lose money by investing <br />in the Fund. The Fund may not achieve its investment objective. An investment <br />in the Fund has not been guaranteed, sponsored, recommended, or approved by the<br />United States, or any agency, instrumentality or officer of the United States,<br />has not been insured by the Federal Deposit Insurance Corporation (FDIC) and is<br />not guaranteed by and is not otherwise an obligation of any bank or insured<br />depository institution.</tt> Fees and Expenses of the Fund Principal Investment Strategies www.guggenheimfunds.com The Fund, using a low cost "passive" or "indexing" investment approach, seeks to replicate, before the Fund's fees and expenses, the performance of the Index. The Index is comprised of approximately 150 stocks selected, based on investment and other criteria, from a universe of international companies, global REITs, master limited partnerships ("MLPs"), Canadian royalty trusts, American depositary receipts ("ADRs") of emerging market companies and U.S. listed closed-end funds that invest in international companies, and at all times is comprised of at least 40% non-U.S. securities. <tt>The chart and table provide some indication of the risks of investing in the<br />Fund by showing changes in the Fund's performance from year to year and by<br />showing how the Fund's average annual returns for one year and since inception<br />compare with those of the Index and a broad measure of market performance. The<br />Fund's past performance (before and after taxes) is not necessarily an<br />indication of how the Fund will perform in the future. Updated Fund performance<br />information is available at www.guggenheimfunds.com.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund ("Shares").</tt> <div style="display:none">~ http://www.guggenheimfunds.com/role/OperatingExpensesData_S000017282Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.guggenheimfunds.com/role/PerformanceTableData_S000017282Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <tt>All after-tax returns are calculated using the historical highest individual<br />federal marginal income tax rates and do not reflect the impact of any state or<br />local tax. Your own actual after-tax returns will depend on your tax situation<br />and may differ from what is shown here. After-tax returns are not relevant to<br />investors who hold Shares of the Fund in tax-deferred accounts such as<br />individual retirement accounts (IRAs) or employee-sponsored retirement plans.</tt> The Fund may not achieve its investment objective. An investment in the Fund has not been guaranteed, sponsored, recommended, or approved by the United States, or any agency, instrumentality or officer of the United States, has not been insured by the Federal Deposit Insurance Corporation (FDIC) and is not guaranteed by and is not otherwise an obligation of any bank or insured depository institution. Morgan Stanley Capital International EAFE Index (reflects no deduction for fees, expenses or taxes) -0.1214 -0.0780 2007-07-11 Zacks International Multi-Asset Income Index (reflects no deduction for fees, expenses or taxes) -0.1057 -0.0431 2007-07-11 Returns After Taxes on Distributions and Sale of Fund Shares -0.0712 -0.0492 2007-07-11 Returns After Taxes on Distributions -0.1263 -0.0641 2007-07-11 HGI lowest calendar quarter returns highest calendar quarter returns 2012-06-30 Returns Before Taxes 86 2009-06-30 322 -0.2482 -0.0022 0.1224 1496 627 0.3397 -0.1106 0.0042 -0.4411 0.0050 December 31, 2015 2008-12-31 0.5168 Fund's year-to-date total return -0.1106 0.0084 0.0106 -0.0484 2007-07-11 -0.0088 0.0014 The Fund is considered non-diversified and can invest a greater portion of assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Shares are<br />held in a taxable account. These costs, which are not reflected in annual fund<br />operating expenses or in the Example, affect the Fund's performance. During the<br />most recent fiscal year, the Fund's portfolio turnover rate was 81% of the<br />average value of its portfolio.</tt> <div style="display:none">~ http://www.guggenheimfunds.com/role/ExpenseExample_S000017280Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.guggenheimfunds.com/role/BarChartData_S000017280Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks investment results that correspond generally to the performance,<br />before the Fund's fees and expenses, of an equity index called the Sustainable<br />Canadian Energy Income Index (the "Index").</tt> <tt>This Example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other funds. The Example does not take into account <br />brokerage commissions that you pay when purchasing or selling Shares of the Fund.<br /><br />The Example assumes that you invest $10,000 in the Fund for the time periods<br />indicated and then redeem all of your shares at the end of those periods. The<br />Example also assumes that your investment has a 5% return each year and that <br />the Fund's operating expenses remain the same. Although your actual costs may <br />be higher or lower, based on these assumptions your costs would be:</tt> reflects no deduction for fees, expenses or taxes <tt>The Fund, using a low cost "passive" or "indexing" investment approach, seeks <br />to replicate, before the Fund's fees and expenses, the performance of the Index. <br />As of the date of this prospectus, the Index is comprised of 34 stocks selected,<br />based on investment and other criteria, from a universe of companies listed on<br />the Toronto Stock Exchange (the "TSX"), NYSE AMEX, NASDAQ or NYSE. The universe<br />of companies includes approximately 250 TSX listed oil and gas sector securities<br />including royalty trusts, as defined by the TSX, and approximately 20 oil sands<br />resource producers that are classified as oil and gas producers. The companies<br />in the universe are selected using criteria as identified by Sustainable Wealth<br />Management, Ltd. ("SWM" or the "Index Provider"). The Fund will invest at least<br />90% of its total assets in securities that comprise the Index. The Fund has<br />adopted a policy that requires the Fund to provide shareholders with at least <br />60 days notice prior to any material change in this policy or the Index. The <br />Board of Trustees of the Trust may change the Fund's investment strategy and <br />other policies without shareholder approval, except as otherwise indicated.<br /> <br />The Investment Adviser seeks a correlation over time of 0.95 or better between<br />the Fund's performance and the performance of the Index. A figure of 1.00 would<br />represent perfect correlation.<br /> <br />The Fund generally will invest in all of the securities comprising the Index in<br />proportion to their weightings in the Index. However, under various circumstances, <br />it may not be possible or practicable to purchase all of the securities in the <br />Index in those weightings. In those circumstances, the Fund may purchase a sample <br />of the securities in the Index in proportions expected by the Investment Adviser <br />to replicate generally the performance of the Index as a whole. There may also be <br />instances in which the Investment Adviser may choose to overweight another security <br />in the Index, or purchase (or sell) securities not in the Index which the Investment <br />Adviser believes are appropriate to substitute for one or more Index components, in <br />seeking to accurately track the Index. In addition, from time to time securities are <br />added to or removed from the Index. The Fund may sell securities that&#xA0;&#xA0;are represented <br />in the Index or purchase securities that are not yet represented in the Index in <br />anticipation of their removal from or addition to the Index.</tt> Guggenheim Canadian Energy Income ETF Example All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax. Investment Objective The Fund's performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The Fund's Shares will change in value, and you could lose money by investing in the Fund. Principal Investment Risks 0.81 Your own actual after-tax returns will depend on your tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Shares of the Fund in tax-deferred accounts such as individual retirement accounts (IRAs) or employee-sponsored retirement plans. Calendar Year Total Return as of 12/31 Fund Performance The chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for one year and since inception compare with those of the Index and a broad measure of market performance. <tt>The Fund commenced operations on July 3, 2007. The Fund's year-to-date total<br />return was -11.66% as of June 30, 2012. <br /> <br />During the periods shown in the chart above, the Fund's highest and lowest<br />calendar quarter returns were 36.25% and -45.18%, respectively, for the quarters<br />ended June 30, 2009 and December 31, 2008.</tt> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Returns for the Periods Ended December 31, 2011 Portfolio Turnover <tt>Investors should consider the following risk factors and special considerations<br />associated with investing in the Fund, which may cause you to lose money.<br /> <br />Investment Risk. An investment in the Fund is subject to investment risk,<br />including the possible loss of the entire principal amount that you invest.<br /> <br />Equity Risk. The value of the equity securities held by the Fund may fall due <br />to general market and economic conditions, perceptions regarding the industries <br />in which the issuers of securities held by the Fund participate, or factors <br />relating to specific companies in which the Fund invests. For example, an adverse <br />event, such as an unfavorable earnings report, may depress the value of equity <br />securities of an issuer held by the Fund; the price of common stock of an issuer <br />may be particularly sensitive to general movements in the stock market; or a drop <br />in the stock market may depress the price of most or all of the common stocks and <br />other equity securities held by the Fund. In addition, common stock of an issuer <br />in the Fund's portfolio may decline in price if the issuer fails to make anticipated <br />dividend payments because the issuer of the security experiences a decline in its <br />financial condition. Common stock is subordinated to preferred stocks, bonds and <br />other debt instruments in a company's capital structure, in terms of priority to <br />corporate income, and therefore will be subject to greater dividend risk than <br />preferred stocks or debt instruments of such issuers. In addition, while broad <br />market measures of common stocks have historically generated higher average <br />returns than fixed income securities, common stocks have also experienced <br />significantly more volatility in those returns.<br />&#xA0;&#xA0;<br />Oils/Energy Sector Risk. The profitability of companies in the oils/energy<br />sector is related to worldwide energy prices, exploration, and production<br />spending. Such companies also are subject to risks of changes in exchange <br />rates, government regulation, world events, depletion of resources and economic<br />conditions, as well as market, economic and political risks of the countries<br />where energy companies are located or do business. Oil and gas exploration and<br />production can be significantly affected by natural disasters. Oil exploration<br />and production companies may be adversely affected by changes in exchange rates,<br />interest rates, government regulation, world events, and economic conditions.<br />Oil exploration and production companies may be at risk for environmental damage<br />claims.<br />&#xA0;&#xA0;<br />Foreign Investment Risk. The Fund's investments in non-U.S. issuers may involve<br />unique risks compared to investing in securities of U.S. issuers, including less<br />market liquidity, generally greater market volatility than U.S. securities and<br />less complete financial information than for U.S. issuers. In addition, adverse<br />political, economic or social developments could undermine the value of the<br />Fund's investments or prevent the Fund from realizing the full value of its<br />investments. Financial reporting standards for companies based in foreign<br />markets differ from those in the United States. Finally, the value of the<br />currency of the country in which the Fund has invested could decline relative <br />to the value of the U.S. dollar, which may affect the value of the investment <br />to U.S. investors. The Fund will not enter into transactions to hedge against<br />declines in the value of the Fund's assets that are denominated in a foreign<br />currency.<br /> <br />Canadian Risk. As the Fund invests in Canadian royalty trusts and stocks listed<br />on the TSX, the Fund is subject to the following risks:<br /> <br />&#xA0;&#xA0;Commodity Exposure Risk. The Canadian economy is very dependent on the demand<br />&#xA0;&#xA0;for, and supply and price of, natural resources. The Canadian market is<br />&#xA0;&#xA0;relatively concentrated in issuers involved in the production and distribution<br />&#xA0;&#xA0;of natural resources. There is a risk that any changes in these sectors could<br />&#xA0;&#xA0;have an adverse impact on the Canadian economy.<br /> <br />&#xA0;&#xA0;Reliance on Exports Risk. The Canadian economy is dependent on the economies of<br />&#xA0;&#xA0;the United States as a key trading partner. Reduction in spending on Canadian<br />&#xA0;&#xA0;products and services or changes in the U.S. economy may cause an impact in the<br />&#xA0;&#xA0;Canadian economy.<br /> <br />&#xA0;&#xA0;U.S. Economic Risk. The Canadian economy may be significantly affected by the<br />&#xA0;&#xA0;U.S. economy, given that the United States is Canada's largest trading partner<br />&#xA0;&#xA0;and foreign investor. Since the implementation of the North American Free Trade<br />&#xA0;&#xA0;Agreement (NAFTA) in 1994, total two-way merchandise trade between the United<br />&#xA0;&#xA0;States and Canada has more than doubled. To further this relationship, all three<br />&#xA0;&#xA0;NAFTA countries entered into The Security and Prosperity Partnership of North<br />&#xA0;&#xA0;America in March 2005, which addressed economic and security related issues. <br />&#xA0;&#xA0;The new agreement may further affect Canada's dependency on the U.S. economy.<br /> <br />&#xA0;&#xA0;Structural Risk (Political Risk). In addition, past periodic demands by the<br />&#xA0;&#xA0;Province of Quebec for sovereignty have significantly affected equity valuations<br />&#xA0;&#xA0;and foreign currency movements in the Canadian market.<br /> <br />Canadian Royalty Trust Risk. As the Fund invests in Canadian royalty trusts, it<br />is subject to the following risks applicable to Canadian royalty trusts:<br /> <br />&#xA0;&#xA0;Lack of diversification. The royalty trusts in which the Fund invests are<br />&#xA0;&#xA0;heavily invested in oil and gas.<br /> <br />&#xA0;&#xA0;Potential sacrifice of growth. Potential growth may be sacrificed because<br />&#xA0;&#xA0;revenue is passed on to a royalty trust's unit holders (such as the Fund),<br />&#xA0;&#xA0;rather than reinvested in the business.<br /> <br />&#xA0;&#xA0;No guarantees. Royalty trusts generally do not guarantee minimum distributions<br />&#xA0;&#xA0;or even return of capital. If the assets underlying a royalty trust do not<br />&#xA0;&#xA0;perform as expected, the royalty trust may reduce or even eliminate distributions. <br />&#xA0;&#xA0;The declaration of such distributions generally depends upon various factors, <br />&#xA0;&#xA0;including the operating performance and financial condition of the royalty <br />&#xA0;&#xA0;trust and general economic conditions.<br /> <br />&#xA0;&#xA0;Potential for tax recharacterization or changes. Under amendments to the Income<br />&#xA0;&#xA0;Tax Act (Canada) passed in 2007 (the "SIFT Rules"), certain trusts (defined as<br />&#xA0;&#xA0;"SIFT trusts") are taxable on certain income and gains on a basis similar to<br />&#xA0;&#xA0;that which applies to a corporation, with the result that tax efficiencies<br />&#xA0;&#xA0;formerly available in respect of an investment in the trust may cease to be<br />&#xA0;&#xA0;available. A royalty trust may be a SIFT trust. In addition, as a result of the<br />&#xA0;&#xA0;SIFT Rules, some trusts may undertake reorganization transactions, the costs of<br />&#xA0;&#xA0;which may affect the return earned on an investment in the trust. After any such<br />&#xA0;&#xA0;conversion, tax efficiencies that were formerly available in respect of an<br />&#xA0;&#xA0;investment in the trust may cease to be available. Accordingly, the SIFT Rules <br />&#xA0;&#xA0;have had and may continue to have an effect on the trading price of investments<br />&#xA0;&#xA0;in royalty trusts, and consequently could impact the value of Shares of the<br />&#xA0;&#xA0;Fund.<br /> <br />Small and Medium-Sized Company Risk. Investing in securities of small and<br />medium-sized companies involves greater risk than is customarily associated with<br />investing in larger, more established companies. These companies' securities may<br />be more volatile and less liquid than those of larger, more established companies. <br />These securities may have returns that vary, sometimes significantly, from the <br />overall stock market.<br /> <br />Non-Correlation Risk. The Fund's return may not match the return of the Index<br />for a number of reasons. For example, the Fund incurs a number of operating<br />expenses not applicable to the Index, and incurs costs in buying and selling<br />securities, especially when rebalancing the Fund's securities holdings to<br />reflect changes in the composition of the Index. Since the Index constituents<br />may vary on a quarterly basis, the Fund's costs associated with rebalancing may<br />be greater than those incurred by other exchange-traded funds that track indices<br />whose composition changes less frequently.<br /> <br />The Fund may not be fully invested at times, either as a result of cash flows<br />into the Fund or reserves of cash held by the Fund to meet redemptions and<br />expenses. If the Fund utilizes a sampling approach, its return may not correlate<br />as well with the return on the Index, as would be the case if it purchased all<br />of the securities in the Index with the same weightings as the Index.<br /> <br />Passive Management Risk. Unlike many investment companies, the Fund is not<br />"actively" managed. Therefore, it would not necessarily sell a security because<br />the security's issuer was in financial trouble unless that security is removed<br />from the Index.<br /> <br />Issuer-Specific Changes. The value of an individual security or particular type<br />of security can be more volatile than the market as a whole and can perform<br />differently from the value of the market as a whole. The value of securities <br />of smaller issuers can be more volatile than that of larger issuers.<br /> <br />Non-Diversified Fund Risk. The Fund is considered non-diversified and can invest<br />a greater portion of assets in securities of individual issuers than a diversified <br />fund. As a result, changes in the market value of a single investment could cause <br />greater fluctuations in Share price than would occur in a diversified fund.<br /> <br />The Fund's Shares will change in value, and you could lose money by investing <br />in the Fund. The Fund may not achieve its investment objective. An investment <br />in the Fund has not been guaranteed, sponsored, recommended, or approved by the<br />United States, or any agency, instrumentality or officer of the United States,<br />has not been insured by the Federal Deposit Insurance Corporation (FDIC) and is<br />not guaranteed by and is not otherwise an obligation of any bank or insured<br />depository institution.</tt> Fees and Expenses of the Fund Principal Investment Strategies www.guggenheimfunds.com The Fund, using a low cost "passive" or "indexing" investment approach, seeks to replicate, before the Fund's fees and expenses, the performance of the Index. As of the date of this prospectus, the Index is comprised of 34 stocks selected, based on investment and other criteria, from a universe of companies listed on the Toronto Stock Exchange (the "TSX"), NYSE AMEX, NASDAQ or NYSE. The universe of companies includes approximately 250 TSX listed oil and gas sector securities including royalty trusts, as defined by the TSX, and approximately 20 oil sands resource producers that are classified as oil and gas producers. <tt>The chart and table provide some indication of the risks of investing in the<br />Fund by showing changes in the Fund's performance from year to year and by<br />showing how the Fund's average annual returns for one year and since inception<br />compare with those of the Index and a broad measure of market performance. The<br />Fund's performance (before and after taxes) is not necessarily an indication of<br />how the Fund will perform in the future. Updated Fund performance information is<br />available at www.guggenheimfunds.com.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund ("Shares"). Investors purchasing Shares in the secondary<br />market may be subject to costs (including customary brokerage commissions)<br />charged by their broker.</tt> <div style="display:none">~ http://www.guggenheimfunds.com/role/OperatingExpensesData_S000017280Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.guggenheimfunds.com/role/PerformanceTableData_S000017280Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> Investors purchasing Shares in the secondary market may be subject to costs (including customary brokerage commissions) charged by their broker. <tt>All after-tax returns are calculated using the historical highest individual<br />federal marginal income tax rates and do not reflect the impact of any state or<br />local tax. Your own actual after-tax returns will depend on your tax situation<br />and may differ from what is shown here. After-tax returns are not relevant to<br />investors who hold Shares of the Fund in tax-deferred accounts such as individual <br />retirement accounts (IRAs) or employee-sponsored retirement plans.</tt> The Fund may not achieve its investment objective. An investment in the Fund has not been guaranteed, sponsored, recommended, or approved by the United States, or any agency, instrumentality or officer of the United States, has not been insured by the Federal Deposit Insurance Corporation (FDIC) and is not guaranteed by and is not otherwise an obligation of any bank or insured depository institution. 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ck0001365662:SummaryS000022470Memberck0001365662:S000022470Member 2012-09-28 2012-09-28 0001365662 ck0001365662:SummaryS000029421Memberck0001365662:S000029421Memberck0001365662:C000090353Member 2012-09-28 2012-09-28 0001365662 ck0001365662:SummaryS000029421Memberck0001365662:S000029421Memberrr:AfterTaxesOnDistributionsMemberck0001365662:C000090353Member 2012-09-28 2012-09-28 0001365662 ck0001365662:SummaryS000029421Memberck0001365662:S000029421Memberrr:AfterTaxesOnDistributionsAndSalesMemberck0001365662:C000090353Member 2012-09-28 2012-09-28 0001365662 ck0001365662:SummaryS000029421Memberck0001365662:S000029421Memberck0001365662:RRINDEX00007Member 2012-09-28 2012-09-28 0001365662 ck0001365662:SummaryS000029421Memberck0001365662:S000029421Memberck0001365662:RRINDEX00015Member 2012-09-28 2012-09-28 0001365662 ck0001365662:SummaryS000029421Memberck0001365662:S000029421Memberck0001365662:RRINDEX00016Member 2012-09-28 2012-09-28 0001365662 ck0001365662:SummaryS000029421Memberck0001365662:S000029421Member 2012-09-28 2012-09-28 0001365662 ck0001365662:SummaryS000031992Memberck0001365662:S000031992Memberck0001365662:C000099595Member 2012-09-28 2012-09-28 0001365662 ck0001365662:SummaryS000031992Memberck0001365662:S000031992Member 2012-09-28 2012-09-28 0001365662 2012-09-28 2012-09-28 pure iso4217:USD The Fund has adopted a Distribution and Service (12b-1) Plan pursuant to which the Fund may bear a 12b-1 fee not to exceed 0.25% per annum of the Fund's average daily net assets. However, no such fee is currently paid by the Fund and the Board of Trustees has adopted a resolution that no such fee will be paid for at least 12 months from the date of this prospectus. The Fund's Investment Adviser has contractually agreed to reimburse Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding interest expenses, a portion of the Fund's licensing fees, offering costs, brokerage commissions and other trading expenses, taxes and extraordinary expenses such as litigation and other expenses not incurred in the ordinary course of the Fund's business) from exceeding 0.65% of average net assets per year (the "Expense Cap"), at least until December 31, 2015, and prior to such date the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. For a period of five years subsequent to the Fund's commencement of operations, the Investment Adviser may recover from the Fund expenses reimbursed during the prior three years if the Fund's expense ratio, including the recovered expenses, falls below the Expense Cap. To the extent that the Fund incurs expenses that are excluded from the Expense Cap, the Fund's expense ratio will exceed the Expense Cap. Acquired Fund Fees and Expenses include the Fund's pro rata portion of the management fees and operating expenses of closed-end funds in which the Fund invested during its fiscal year ended May 31, 2012. Since Acquired Fund Fees and Expenses are not directly borne by the Fund, they are not reflected in the Fund's financial statements with the result that the information presented in the table will differ from that presented in the Fund's financial highlights. The Fund's Investment Adviser has contractually agreed to reimburse Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding interest expenses, a portion of the Fund's licensing fees, offering costs, brokerage commissions and other trading expenses, taxes and extraordinary expenses such as litigation and other expenses not incurred in the ordinary course of the Fund's business) from exceeding 0.65% of average net assets per year (the"Expense Cap"), at least until December 31, 2015, and prior to such date the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. For a period of five years subsequent to the Fund's commencement of operations, the Investment Adviser may recover from the Fund expenses reimbursed during the prior three years if the Fund's expense ratio, including the recovered expenses, falls below the Expense Cap. Acquired Fund Fees and Expenses are not subject to the Expense Cap. To the extent that the Fund incurs expenses that are excluded from the Expense Cap, the Fund's expense ratio will exceed the Expense Cap. The Fund's Investment Adviser has contractually agreed to reimburse Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding interest expenses, a portion of the Fund's licensing fees, offering costs up to 0.25% of average net assets, brokerage commissions and other trading expenses, taxes and extraordinary expenses such as litigation and other expenses not incurred in the ordinary course of the Fund's business) from exceeding 0.65% of average net assets per year (the "Expense Cap"), at least until December 31, 2015, and prior to such date the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. For a period of five years subsequent to the Fund's commencement of operations, the Investment Adviser may recover from the Fund expenses reimbursed during the prior three years if the Fund's expense ratio, including the recovered expenses, falls below the Expense Cap. To the extent that the Fund incurs expenses that are excluded from the Expense Cap, the Fund's expense ratio will exceed the Expense Cap. The Fund's Investment Adviser has contractually agreed to reimburse Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding interest expenses, a portion of the Fund's licensing fees, offering costs up to 0.25% of average net assets, brokerage commissions and other trading expenses, taxes and extraordinary expenses such as litigation and other expenses not incurred in the ordinary course of the Fund's business) from exceeding 0.70% of average net assets per year (the "Expense Cap"), at least until December 31, 2015, and prior to such date the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. For a period of five years subsequent to the Fund's commencement of operations, the Investment Adviser may recover from the Fund expenses reimbursed during the prior three years if the Fund's expense ratio, including the recovered expenses, falls below the Expense Cap. To the extent that the Fund incurs expenses that are excluded from the Expense Cap, the Fund's expense ratio will exceed the Expense Cap. The benchmark return reflects the blended return of the Delta Global Shipping Index from 1/01/11 - 7/26/11 and the return of the Dow Jones Global Shipping IndexSM from 7/27/11 - 12/31/11. The benchmark return reflects the blended return of the Delta Global Shipping Index from 6/11/10 - 7/26/11 and the return of the Dow Jones Global Shipping IndexSM from 7/27/11 - 12/31/11. The Fund has adopted a Distribution and Service (12b-1) Plan pursuant to which the Fund may bear a 12b-1 fee not to exceed 0.25% per annum of the Fund's average daily net assets. However, no such fee is currently paid by the Fund and the Board of Trustees has adopted a resolution that no such fees will be paid in the first 12 months from the date of this prospectus. 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