GSY Fund Description

The Guggenheim Enhanced Short Duration Bond ETF seeks to outperform the Barclays Capital 1-3 Month U.S. Treasury Bill Index and to provide maximum current income.

GSY ETF.com Insight

GSY is a large and liquid choice for those looking for global broad market exposure to short-duration debt securities. (To be fair, the choice is narrow as its only direct peer is RAVI.)Over $3M turns over on a daily basis For 28 bps, the actively-managed fund holds anything from commercial paper to repurchase agreements to bank loans in order to provide its exposure. Both small and large investors will find the fund’s liquidity to be more than adequate. Over $5M turns over on a daily basis, with narrow spreads. Liquid underlying securities means market makers are more than willing to assist those trying to trade the fund in size. (Insight updated 06/30/2014)

1 Year
Performance [as of 10/22/14] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years
GSY -0.09% 0.01% 0.62% 0.94% 1.28% 0.69% --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

GSY Top 10 Countries

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GSY Top 10 Sectors

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GSY Top 10 Holdings

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GSY Summary Data

Guggenheim

A company that produces and manages ETFs.

02/12/08

The first date of a fund's operations, as documented by the issuer.

Open-Ended Fund

The organizational structure of the fund or ETN.

0.28%

The net total annual fee a fund holder pays to the issuer.

$531.38 M

The market value of total assets that a fund has accumulated and now manages on behalf of investors.

$11.43 M

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

0.03%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 60 days, as a percent.

GSY Portfolio Data

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Price sensitivity in percentage to a 100 basis point parallel shift (up or down) in interest rates.

--

The weighted average of remaining time until maturity for all securities in the portfolio.

--

The weighted average yield if all securities in the portfolio were held until maturity. Assumes that interest can be reinvested at YTM rate.

11/03/14

The date on which a security's price excludes an upcoming dividend.

--

The number of securities held in the fund as of ETF.com’s analysis date, based on issuer portfolios or the creation basket. If an ETF holds other ETFs, we count every constituent, looking through the ETF wrapper.

GSY Index Data

No Underlying Index

This is the benchmark an ETF is desigend to track or replicate.

Proprietary

A set of rules that the underlying index provider follows to weight its constituent securities.

Proprietary

A set of rules that the underlying index provider follows to select its constituent securities.

N/A

This is the index that we have chosen as the best-in-class gauge for each segment's broad market.

Related ETFs to GSY

RAVI

ETFs from within the same segment or closely related segments with similar investment objectives or market exposures.

GSY ETF.com Efficiency Insight

At 28 bps, GSY is competitively priced, considering it’s actively managed. Its asset base of over $500M in AUM and its 5+ years of history underscore its stability. (Insight updated 06/30/2014)

Total Return - 09/30/2014
Performance [as of 09/30/14] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years
GSY -0.05% -0.04% 0.63% 1.03% 1.19% 0.67% --
GSY (NAV) -0.04% -0.04% 0.61% 1.06% 1.20% 0.68% --
No Underlying Index -- -- -- -- -- -- --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

GSY Portfolio Management

0.28%

The net total annual fee a fund holder pays to the issuer.

--

Compares returns of the fund's NAV to its underlying index for a daily series of overlapping 12 month periods. The median is the middle value of the results.

--

Largest deviation in a positive direction of a fund's returns vs. its underlying index over the past 12 months.

--

Largest deviation in a negative direction of a fund's returns vs. its underlying index over the past 12 months.

GSY Tax exposures

20.00% / 39.60%

The maximum long-term and short-term U.S. tax rates applicable to a realized capital gain.

--

The average capital gains paid out to shareholders in the past 36 months, measured as a percent of net asset value (NAV) at the time.

N/A

IRS treatment of the majority of the fund's distributions.

No

ETFs that are structured as commodities pools and classified as limited partnerships by the IRS will issue K-1 forms to holders.

GSY Fund Structure

Open-Ended Fund

The organizational structure of the fund or ETN.

No

An indicator of whether a fund uses over-the-counter derivatives such as swaps or forwards to achieve its objectives.

Yes

An indicator of whether or not a fund actively lends its portfolio holdings.

100% / 0%

The division of securities lending revenue between the fund and the issuer.

N/A

The institution responsible for providing the return of the stated index and whose credit is the sole backing of the ETN.

N/A

The risk of default by the ETN counterparty.

Low

The likelihood that an issuer will shut down a fund for business or regulatory reasons.

Daily

The frequency of an issuer's disclosure of all fund holdings.

GSY ETF.com Tradability Insight

GSY trades well. Over $5M changes hands on a daily basis while spreads are very narrow, ensure that trading costs are low for investors relying on on-screen liquidity. Underlying securities look to be liquid; hence institutions should get good block trade executions when working with market makers. (Insight updated 06/30/2014)



Average Spread
Premium/Discount
Volume

GSY ETF.com/ Block LiquidityAs of 10/23/2014

5
4
3
2
1

This measurement shows how easy it is to trade 25,000 shares of GSY. GSY is rated a 4 out of 5.

GSY Tradability

227,893

It is the daily number of shares traded, averaged over the past 45 trading days.

$11.43 M

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

122,561

Median number of shares traded over the past 45 trading days.

$6.14 M

Median dollar value of shares traded over the past 45 trading days.

0.03%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 45 days, as a percent.

$0.02

The difference between the highest and lowest posted prices for an ETF, averaged over the past 45 days, in dollars.

0.02%

The middle value in the ranked set of all premium/discount values over a maximum 12-month period.

0.10% / -0.08%

The greatest amount that the market price exceeded (premium) and fell below (discount) its fair value/net asset value (NAV) over a maximum 12-month period.

None

This flags whether there is currently a systemic issue that has restricted the ability to create or redeem shares of the fund. This may be imposed by the fund's issuer, or by external circumstances.

100.00%

The percent of time that the underlying securities of an ETF are open to trading while US exchanges are open.

100,000

The smallest block of ETF shares that an Authorized Participant can either create or redeem at net asset value (NAV) with the issuer in exchange for the underlying shares of the fund.

1.23

The median 45 day share volume divided by the creation unit size of the fund. The higher the number, the more likely that liquidity providers will trade the fund in size, or in odd lots.

0.01%

The standard fee to create or redeem 1 creation unit of an ETF as a percentage of the dollar value of 1 creation unit.

--

The total number of net outstanding options contracts for an ETF.

$50.13

The total market value of the assets that an ETF holds less fund expenses.

4

An estimate of liquidity for the underlying baskets of securities, scaled 1 to 5.

GSY ETF.com Fit Insight

GSY attempts to minimize duration while providing income. As a result, the bulk of its portfolio is invested in commercial paper and repurchase agreements—and a smattering of the issuer’s high yield target maturity funds. Its average effective duration of 0.46 (per Guggenheim) is consistent with its short-term focus. (Insight updated 06/30/2014)

GSY Sector/Industry Breakdown

GSY Segment Benchmark
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GSY Top 10 Holdings

GSY Top 5 Countries

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GSY Top 5 Currencies

GSY Performance Statistics

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The degree to which the fund and its segment benchmark move up and down in unison.

--

The sensitivity of the returns of the fund to the movement of the ETF.com segment benchmark. Beta of 1.0 means magnitude of fund returns equals that of IU benchmark returns.

--

The comparison of a fund's return to our benchmark's for days when the benchmark is up. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

--

The comparison of a fund's return to our benchmark's for days when the benchmark is down. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

--

A measure of the variability between the fund's returns and the ETF.com segment benchmark returns on days when the fund underperforms the benchmark.

GSY Holdings Statistics

GSY Segment Benchmark
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The weighted average of remaining time until maturity for all securities in the portfolio.

-- --

A measure of interest rate risk. Estimates change in value to the portfolio based on a 1% parallel shift in the yield curve.

-- --

A measure of interest rate risk. Estimates the portfolio's sensitivity to changes in 2 year interest rates holding other rates constant.

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A measure of interest rate risk. Estimates the portfolio's sensitivity to changes in 10 year interest rates holding other rates constant.

-- --

The weighted average yield if all securities in the portfolio were held until maturity. Assumes that interest can be reinvested at YTM rate.

-- --

Price sensitivity in percentage to a 100 basis point change (widening or narrowing) of spread relative to Treasury spot curve.

N/A N/A

The Herfindahl Index number – a metric of portfolio concentration where higher numbers mean higher concentration of holdings.

-- --

The number of securities held in the fund as of ETF.com’s analysis date, based on issuer portfolios or the creation basket. If an ETF holds other ETFs, we count every constituent, looking through the ETF wrapper.

N/A N/A

Market–value–weighted average credit quality of the portfolio.

GSY Maturity Distribution

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Percent of the portfolio's exposure to securities with 0 - 1 years until maturity.

-- --

Percent of the portfolio's exposure to securities with 1 - 3 years until maturity.

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Percent of the portfolio's exposure to securities with 3 - 5 years until maturity.

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Percent of the portfolio's exposure to securities with 5 - 7 years until maturity.

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Percent of the portfolio's exposure to securities with 7 - 10 years until maturity

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Percent of the portfolio's exposure to securities with 10+ years until maturity.

GSY Credit Breakdown

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Percent of portfolio's exposure to AAA rated bonds (Investment Grade).

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Percent of portfolio's exposure to AA rated bonds (Investment Grade).

-- --

Percent of portfolio's exposure to A rated bonds (Investment Grade).

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Percent of portfolio's exposure to BBB rated bonds (Investment Grade).

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Percent of portfolio's exposure to BB rated bonds (High Yield).

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Percent of portfolio's exposure to B rated bonds (High Yield).

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Percent of portfolio's exposure to CCC rated bonds (High Yield).

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Percent of portfolio's exposure to CC rated bonds (High Yield).

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Percent of portfolio's exposure to C rated bonds (High Yield).