|
1
SCHEDULE
OF
INVESTMENTS
(Unaudited)
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
GUGGENHEIM
ULTRA
SHORT
INCOME
ETF
June
30,
2026
A
A
A
SHARES
VALUE
EXCHANGE-TRADED
FUNDS
(a)
-
4
.5
%
iShares
Core
S&P
500
ETF
8,285
$
6,204,554
Total
Exchange-Traded
Funds
(Cost
$6,195,440)
6,204,554
MONEY
MARKET
FUNDS
(a)
-
9
.6
%
BNY
Dreyfus
Treasury
Securities
Cash
Management
Fund
—
Institutional
Shares,
3.53%
(b)
10,068,777
10,068,777
BNY
Dreyfus
Treasury
Obligations
Cash
Management
Fund
—
Institutional
Shares,
3.52%
(b)
3,109,900
3,109,900
Total
Money
Market
Funds
(Cost
$13,178,677)
13,178,677
FACE
AMOUNT
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
29
.9
%
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
-
22
.5
%
OBX
Trust
2024-NQM5,
5.99%
due
01/25/64
(c),(d)
$
1,590,104
1,593,959
2024-NQM6,
6.45%
due
02/25/64
(c),(d)
804,100
808,729
2024-NQM8,
6.23%
due
05/25/64
(c),(d)
765,524
769,409
2024-NQM7,
6.24%
due
03/25/64
(c),(d)
730,786
734,108
2024-NQM1,
6.25%
due
11/25/63
(c),(d)
356,704
356,987
2026-NQM5,
5.32%
(WAC)
due
01/25/66
◊,(c)
143,865
143,557
2025-R1,
5.09%
due
09/25/62
(c),(d)
92,775
91,475
FIGRE
Trust
2026-HE1,
5.18%
(WAC)
due
01/25/56
◊,(c)
451,498
446,364
2026-HE1,
4.98%
(WAC)
due
01/25/56
◊,(c)
451,498
445,054
2024-HE5,
5.44%
(WAC)
due
10/25/54
◊,(c)
327,502
328,492
2026-HE5,
5.61%
(WAC)
due
06/25/56
◊,(c)
291,959
292,365
2025-HE8,
5.21%
(WAC)
due
11/25/55
◊,(c)
257,796
255,561
2026-FL2,
5.52%
(WAC)
due
06/25/56
◊,(c)
150,000
149,861
2026-HE2,
5.05%
(WAC)
due
01/25/56
◊,(c)
138,566
136,475
2024-HE1,
6.17%
(WAC)
due
03/25/54
◊,(c)
110,706
112,096
JP
Morgan
Mortgage
Trust
2021-12,
2.50%
(WAC)
due
02/25/52
◊,(c)
945,056
884,582
2026-VIS1,
4.79%
(WAC)
due
06/25/66
◊,(c)
732,314
721,741
2026-CES1,
4.91%
due
06/25/56
(c),(d)
317,871
314,560
A
A
A
FACE
AMOUNT
VALUE
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
29.9%
(continued)
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
-
22.5%
(continued)
Legacy
Mortgage
Asset
Trust
2021-GS3,
5.75%
due
07/25/61
(c),(d)
$
797,541
$
798,523
2021-GS4,
5.65%
due
11/25/60
(c),(d)
657,516
658,088
2021-GS2,
5.75%
due
04/25/61
(c),(d)
306,156
306,369
New
Residential
Mortgage
Loan
Trust
2020-1A,
3.50%
(WAC)
due
10/25/59
◊,(c)
602,730
560,255
2018-2A,
3.50%
(WAC)
due
02/25/58
◊,(c)
546,009
517,184
2025-NQM3,
5.53%
(WAC)
due
05/25/65
◊,(c)
358,942
359,295
OSAT
Trust
2021-RPL1,
6.12%
due
05/25/65
(c),(d)
1,212,985
1,213,976
Angel
Oak
Mortgage
Trust
2024-4,
6.20%
due
01/25/69
(c),(d)
463,682
465,574
2022-1,
3.29%
(WAC)
due
12/25/66
◊,(c)
427,904
383,702
2025-12,
5.14%
due
12/25/70
(c),(d)
187,215
185,154
2023-1,
4.75%
due
09/26/67
(c),(d)
138,590
137,862
GCAT
Trust
2024-NQM2,
6.09%
due
06/25/59
(c),(d)
680,824
683,382
2023-NQM3,
6.89%
due
08/25/68
(c),(d)
252,958
253,412
2025-NQM4,
5.53%
due
06/25/70
(c),(d)
235,095
234,898
Home
Equity
Loan
Trust
2007-FRE1,
3.96%
(1
Month
Term
SOFR
+
0.30%,
Rate
Floor:
0.19%)
due
04/25/37
◊
1,170,168
1,120,448
Imperial
Fund
Mortgage
Trust
2022-NQM2,
4.02%
(WAC)
due
03/25/67
◊,(c)
1,185,702
1,115,869
NLT
Trust
2026-NQM1,
7.04%
(WAC)
due
02/25/71
◊,(c)
902,964
940,693
NYMT
Loan
Trust
2025-CP1,
3.75%
(WAC)
due
11/25/69
◊,(c)
700,000
657,228
2026-INV2,
5.63%
due
04/25/61
(c),(d)
173,526
173,101
Verus
Securitization
Trust
2021-6,
1.89%
(WAC)
due
10/25/66
◊,(c)
465,683
408,024
2025-12,
5.37%
due
12/25/70
(c),(d)
280,039
277,955
2021-3,
1.44%
(WAC)
due
06/25/66
◊,(c)
146,548
129,853
PRPM
LLC
2026-3,
5.96%
due
04/25/31
(c),(d)
479,607
479,013
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
GUGGENHEIM
ULTRA
SHORT
INCOME
ETF
June
30,
2026
2
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
VALUE
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
29.9%
(continued)
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
-
22.5%
(continued)
2026-1,
5.19%
due
02/25/31
(c),(d)
$
187,856
$
185,476
2026-2,
5.09%
due
02/25/31
(c),(d)
109,848
108,290
HOMES
Trust
2026-NQM1,
4.80%
due
09/25/70
(c),(d),(e)
449,223
436,186
2024-AFC2,
5.58%
(WAC)
due
10/25/59
◊,(c)
334,182
334,531
Towd
Point
Mortgage
Trust
2026-CES1,
4.96%
due
01/25/66
(c),(d)
605,493
600,351
2018-2,
3.25%
(WAC)
due
03/25/58
◊,(c)
95,161
94,534
CSMC
Trust
2021-RPL4,
4.14%
(WAC)
due
12/27/60
◊,(c)
400,872
399,562
2020-NQM1,
2.21%
due
05/25/65
(c),(d),(e)
261,339
249,280
NovaStar
Mortgage
Funding
Trust
2007-2,
3.96%
(1
Month
Term
SOFR
+
0.31%,
Rate
Floor:
0.20%)
due
09/25/37
◊
608,619
601,137
Structured
Asset
Securities
Corp.
Mortgage
Loan
Trust
2007-BC4,
4.39%
(1
Month
Term
SOFR
+
0.74%,
Rate
Floor:
0.63%)
due
11/25/37
◊
600,729
588,857
PMT
Loan
Trust
2026-CNF3,
5.50%
(WAC)
due
04/25/57
◊,(c)
292,412
292,459
2025-INV8,
6.00%
(WAC)
due
07/25/56
◊,(c)
261,664
263,267
Soundview
Home
Loan
Trust
2006-OPT5,
4.05%
(1
Month
Term
SOFR
+
0.39%,
Rate
Floor:
0.28%)
due
07/25/36
◊
532,179
522,381
Morgan
Stanley
Residential
Mortgage
Loan
Trust
2025-NQM9,
5.22%
due
09/25/70
(c),(d)
519,040
512,678
Alternative
Loan
Trust
2007-OA7,
4.05%
(1
Month
Term
SOFR
+
0.39%,
Rate
Floor:
0.28%)
due
05/25/47
◊
538,324
500,499
RCKT
Mortgage
Trust
2026-CES4,
5.23%
due
04/25/56
(c),(d)
293,552
292,370
2025-CES7,
5.48%
due
07/25/55
(c),(d)
177,422
177,271
HarborView
Mortgage
Loan
Trust
2006-14,
4.06%
(1
Month
Term
SOFR
+
0.41%,
Rate
Floor:
0.30%)
due
01/25/47
◊
477,608
457,475
Archwest
Mortgage
Trust
2025-RTL1,
5.20%
due
10/25/40
(c),(d)
400,000
397,993
A
A
A
FACE
AMOUNT
VALUE
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
29.9%
(continued)
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
-
22.5%
(continued)
Vista
Point
Securitization
Trust
2026-CES2,
5.42%
due
05/25/56
(c),(d)
$
342,916
$
342,917
Deephaven
Residential
Mortgage
Trust
2026-CES1,
5.31%
due
03/25/61
(c),(d)
337,080
336,008
Cross
Mortgage
Trust
2026-NQM3,
5.13%
(WAC)
due
03/25/71
◊,(c)
190,980
189,605
2026-NQM1,
4.95%
due
02/25/61
(c),(d)
142,488
140,402
BRAVO
Residential
Funding
Trust
2025-NQM8,
5.29%
due
06/25/65
(c),(d)
199,689
198,245
2025-NQM7,
5.46%
(WAC)
due
07/25/65
◊,(c)
117,570
117,642
GS
Mortgage-Backed
Securities
Trust
2026-NQM4,
5.46%
(WAC)
due
06/25/66
◊,(c)
290,721
289,557
COLT
Mortgage
Loan
Trust
2023-3,
7.18%
due
09/25/68
(c),(d)
252,969
253,247
Aspire
Mortgage
Trust
2026-2,
5.33%
(WAC)
due
04/26/66
◊,(c)
245,811
244,872
CIM
Trust
2026-R1,
4.75%
due
12/25/65
(c),(d)
248,346
243,716
Saluda
Grade
Alternative
Mortgage
Trust
2025-RRTL1,
5.32%
due
10/25/40
(c),(d)
200,000
198,248
SG
Residential
Mortgage
Trust
2025-1,
5.10%
(WAC)
due
12/25/65
◊,(c)
188,349
186,819
Barclays
Mortgage
Loan
Trust
2026-CES1,
4.85%
due
01/25/56
(c),(d)
178,965
176,593
Bear
Stearns
Asset-Backed
Securities
I
Trust
2006-HE9,
4.04%
(1
Month
Term
SOFR
+
0.39%,
Rate
Floor:
0.28%)
due
11/25/36
◊
167,109
165,704
Provident
Funding
Mortgage
Trust
2026-1,
5.00%
(WAC)
due
01/25/56
◊,(c)
145,245
143,475
ACHM
Trust
2025-HE3,
5.20%
(WAC)
due
11/25/55
◊,(c)
90,317
89,046
Starwood
Mortgage
Residential
Trust
2020-1,
2.28%
(WAC)
due
02/25/50
◊,(c),(e)
24,153
23,123
Total
Residential
Mortgage-Backed
Securities
30,999,049
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
GUGGENHEIM
ULTRA
SHORT
INCOME
ETF
June
30,
2026
|
3
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
VALUE
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
29.9%
(continued)
COMMERCIAL
MORTGAGE-BACKED
SECURITIES
-
5
.9
%
JP
Morgan
Chase
Commercial
Mortgage
Securities
Trust
2021-NYAH,
5.53%
(1
Month
Term
SOFR
+
1.90%,
Rate
Floor:
1.54%)
due
06/15/38
◊,(c)
$
3,900,000
$
3,400,252
WMRK
Commercial
Mortgage
Trust
2022-WMRK,
7.06%
(1
Month
Term
SOFR
+
3.44%,
Rate
Floor:
3.44%)
due
11/15/27
◊,(c)
2,493,022
2,494,580
Citigroup
Commercial
Mortgage
Trust
2018-C6,
0.72%
(WAC)
due
11/10/51
◊,(f)
41,867,134
611,762
BX
Trust
2025-VOLT,
5.33%
(1
Month
Term
SOFR
+
1.70%,
Rate
Floor:
1.70%)
due
12/15/44
◊,(c)
450,000
450,422
BXHPP
Trust
2021-FILM,
4.84%
(1
Month
Term
SOFR
+
1.21%,
Rate
Floor:
1.10%)
due
08/15/36
◊,(c)
500,000
433,745
Benchmark
Mortgage
Trust
2019-B14,
0.75%
(WAC)
due
12/15/62
◊,(f)
21,217,615
364,109
JPMDB
Commercial
Mortgage
Securities
Trust
2018-C8,
0.59%
(WAC)
due
06/15/51
◊,(f)
32,557,778
279,095
Life
Mortgage
Trust
2021-BMR,
4.84%
(1
Month
Term
SOFR
+
1.21%,
Rate
Floor:
1.10%)
due
03/15/38
◊,(c)
101,460
100,579
Total
Commercial
Mortgage-Backed
Securities
8,134,544
GOVERNMENT
AGENCY
-
1
.5
%
Freddie
Mac
5.00%
due
07/25/55
919,280
923,024
Ginnie
Mae
4.50%
due
02/20/56
624,514
604,005
Fannie
Mae
6.50%
due
04/25/49
338,484
339,599
5.00%
due
05/25/52
211,072
209,461
Total
Government
Agency
2,076,089
Total
Collateralized
Mortgage
Obligations
(Cost
$42,986,359)
41,209,682
CORPORATE
BONDS
-
27
.8
%
FINANCIAL
-
16
.1
%
Brighthouse
Financial
Global
Funding
5.55%
due
04/09/27
(c)
2,700,000
2,716,352
AEGON
Funding
Co.
LLC
5.50%
due
04/16/27
(c)
2,600,000
2,616,636
A
A
A
FACE
AMOUNT
VALUE
CORPORATE
BONDS
-
27.8%
(continued)
FINANCIAL
-
16.1%
(continued)
F&G
Global
Funding
5.88%
due
06/10/27
(c)
$
2,100,000
$
2,120,562
Mutual
of
Omaha
Companies,
Global
Funding
5.35%
due
04/09/27
(c)
1,750,000
1,763,960
Standard
Chartered
plc
5.69%
due
05/14/28
(c),(g)
1,600,000
1,615,043
HSBC
Holdings
plc
5.60%
due
05/17/28
(g)
1,600,000
1,613,865
LPL
Holdings,
Inc.
5.70%
due
05/20/27
1,550,000
1,561,793
CNO
Global
Funding
5.88%
due
06/04/27
(c)
1,060,000
1,071,896
Barclays
plc
4.22%
due
05/24/30
(g)
1,050,000
1,032,202
Cooperatieve
Rabobank
UA
4.66%
due
08/22/28
(c),(g)
850,000
851,223
Mizuho
Financial
Group,
Inc.
5.41%
due
09/13/28
(g)
800,000
808,376
Societe
Generale
S.A.
5.52%
due
01/19/28
(c),(g)
800,000
803,895
Lincoln
Financial
Global
Funding
4.20%
due
01/12/29
(c)
700,000
690,234
SLM
Corp.
3.13%
due
11/02/26
600,000
596,295
Nationwide
Building
Society
4.65%
due
07/14/29
(c),(g)
550,000
549,787
Host
Hotels
&
Resorts,
LP
4.25%
due
12/15/28
325,000
321,533
Gabx
Leasing
LLC
4.63%
due
04/15/31
(c)
300,000
295,811
Protective
Life
Corp.
4.70%
due
01/15/31
(c)
300,000
295,732
American
National
Group,
Inc.
5.00%
due
06/15/27
240,000
240,397
American
National
Global
Funding
5.00%
due
06/22/29
(c)
200,000
199,372
Brown
&
Brown,
Inc.
4.60%
due
12/23/26
175,000
175,082
Voya
Global
Funding
4.60%
due
11/24/30
(c)
150,000
147,995
Cushman
&
Wakefield
US
Borrower
LLC
6.75%
due
05/15/28
(c)
92,000
92,071
Total
Financial
22,180,112
CONSUMER,
NON-CYCLICAL
-
5
.4
%
Universal
Health
Services,
Inc.
1.65%
due
09/01/26
1,950,000
1,941,993
Icon
Investments
Six
DAC
5.81%
due
05/08/27
1,600,000
1,612,591
Global
Payments,
Inc.
4.95%
due
08/15/27
1,600,000
1,603,249
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
GUGGENHEIM
ULTRA
SHORT
INCOME
ETF
June
30,
2026
4
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
VALUE
CORPORATE
BONDS
-
27.8%
(continued)
CONSUMER,
NON-CYCLICAL
-
5.4%
(continued)
IQVIA,
Inc.
5.00%
due
05/15/27
(c)
$
1,000,000
$
999,453
Mobility
Global,
Inc.
5.05%
due
06/15/29
(c)
650,000
651,118
Element
Fleet
Management
Corp.
4.80%
due
05/29/29
(c)
300,000
299,261
Medline
Borrower,
LP
3.88%
due
04/01/29
(c)
190,000
184,517
U.S.
Foods,
Inc.
7.25%
due
01/15/32
(c)
150,000
155,657
Total
Consumer,
Non-cyclical
7,447,839
CONSUMER,
CYCLICAL
-
1
.9
%
Live
Nation
Entertainment,
Inc.
6.50%
due
05/15/27
(c)
900,000
899,889
LG
Electronics,
Inc.
5.63%
due
04/24/27
(c)
850,000
855,646
LG
Energy
Solution
Ltd.
5.00%
due
04/02/29
(c)
400,000
400,455
Air
Canada
3.88%
due
08/15/26
(c)
330,000
329,585
1011778
BC
ULC
/
New
Red
Finance,
Inc.
3.88%
due
01/15/28
(c)
150,000
147,181
Newell
Brands,
Inc.
6.38%
due
09/15/27
84,000
84,609
Total
Consumer,
Cyclical
2,717,365
TECHNOLOGY
-
1
.5
%
CDW
LLC
/
CDW
Finance
Corp.
2.67%
due
12/01/26
1,450,000
1,438,271
SS&C
Technologies,
Inc.
5.50%
due
09/30/27
(c)
350,000
349,943
Salesforce,
Inc.
4.65%
due
03/15/29
300,000
299,845
Total
Technology
2,088,059
INDUSTRIAL
-
1
.4
%
Penske
Truck
Leasing
Co.,
LP
/
PTL
Finance
Corp.
5.35%
due
01/12/27
(c)
1,650,000
1,655,421
Jabil,
Inc.
4.25%
due
05/15/27
250,000
249,736
Total
Industrial
1,905,157
COMMUNICATIONS
-
1
.2
%
FactSet
Research
Systems,
Inc.
2.90%
due
03/01/27
1,500,000
1,480,708
Match
Group
Holdings
II
LLC
4.13%
due
08/01/30
(c)
150,000
141,174
Total
Communications
1,621,882
ENERGY
-
0
.3
%
Buckeye
Partners,
LP
3.95%
due
12/01/26
250,000
248,422
A
A
A
FACE
AMOUNT
VALUE
CORPORATE
BONDS
-
27.8%
(continued)
ENERGY
-
0.3%
(continued)
Venture
Global
Plaquemines
LNG
LLC
6.13%
due
12/15/30
(c)
$
125,000
$
127,895
Total
Energy
376,317
Total
Corporate
Bonds
(Cost
$38,245,274)
38,336,731
ASSET-BACKED
SECURITIES
-
24
.8
%
COLLATERALIZED
LOAN
OBLIGATIONS
-
14
.4
%
BXMT
Ltd.
2020-FL2
AS,
5.15%
(1
Month
Term
SOFR
+
1.51%,
Rate
Floor:
1.51%)
due
02/15/38
◊,(c)
1,971,534
1,967,731
2026-FL6
AS,
5.36%
(1
Month
Term
SOFR
+
1.75%,
Rate
Floor:
1.75%)
due
08/19/43
◊,(c)
100,000
100,080
FS
Rialto
2021-FL3
B,
5.55%
(1
Month
Term
SOFR
+
1.91%,
Rate
Floor:
1.91%)
due
11/16/36
◊,(c)
2,000,000
1,998,882
Owl
Rock
CLO
IV
Ltd.
2020-4A
A1R,
5.50%
(3
Month
Term
SOFR
+
1.86%,
Rate
Floor:
1.60%)
due
08/20/33
◊,(c)
1,531,009
1,531,471
STWD
LLC
2025-FL4
AS,
5.31%
(1
Month
Term
SOFR
+
1.70%,
Rate
Floor:
1.70%)
due
11/19/42
◊,(c)
1,250,000
1,251,081
PFP
Ltd.
2026-13
AS,
5.26%
(1
Month
Term
SOFR
+
1.65%,
Rate
Floor:
1.65%)
due
08/18/43
◊,(c)
650,000
650,529
2026-14
AS,
5.25%
(1
Month
Term
SOFR
+
1.60%,
Rate
Floor:
1.60%)
due
12/18/43
◊,(c)
350,000
349,691
Cerberus
Loan
Funding
XLIV
LLC
2023-5AR
A1R
due
01/15/36
◊,(c)
1,000,000
1,000,000
Cerberus
Loan
Funding
XXXII,
LP
2021-2A
A,
5.55%
(3
Month
Term
SOFR
+
1.88%,
Rate
Floor:
1.88%)
due
04/22/33
◊,(c)
800,424
800,903
ACREC
LLC
2026-FL4
AS,
5.24%
(1
Month
Term
SOFR
+
1.60%,
Rate
Floor:
1.60%)
due
01/18/43
◊,(c)
650,000
649,750
2026-FL5
AS,
5.13%
(1
Month
Term
SOFR
+
1.50%,
Rate
Floor:
1.50%)
due
07/18/43
◊,(c)
150,000
150,000
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
GUGGENHEIM
ULTRA
SHORT
INCOME
ETF
June
30,
2026
|
5
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
VALUE
ASSET-BACKED
SECURITIES
-
24.8%
(continued)
COLLATERALIZED
LOAN
OBLIGATIONS
-
14.4%
(continued)
Ares
Direct
Lending
CLO
6
LLC
2025-2A
A1,
5.13%
(3
Month
Term
SOFR
+
1.45%,
Rate
Floor:
1.45%)
due
10/16/37
◊,(c)
$
750,000
$
749,268
Cerberus
Loan
Funding
XL
LLC
2023-1A
AR,
5.25%
(3
Month
Term
SOFR
+
1.60%,
Rate
Floor:
1.60%)
due
03/22/35
◊,(c)
650,000
650,994
KKR
CLO
16
Ltd.
16
A2R3,
5.28%
(3
Month
Term
SOFR
+
1.60%,
Rate
Floor:
1.60%)
due
10/20/34
◊,(c)
650,000
650,650
ACRES
Commercial
Realty
Issuer
LLC
2026-FL4
AS,
5.34%
(1
Month
Term
SOFR
+
1.70%,
Rate
Floor:
1.70%)
due
08/18/44
◊,(c)
650,000
650,258
Madison
Park
Funding
XLVIII
Ltd.
2021-48A
BR,
5.23%
(3
Month
Term
SOFR
+
1.55%,
Rate
Floor:
1.55%)
due
01/19/39
◊,(c)
650,000
649,289
Cerberus
Loan
Funding
53
LLC
2025-4A
B,
5.42%
(3
Month
Term
SOFR
+
1.75%,
Rate
Floor:
1.75%)
due
01/15/38
◊,(c)
650,000
648,593
Owl
Rock
CLO
XXIV
LLC
2026-24A
A,
5.06%
(3
Month
Term
SOFR
+
1.39%,
Rate
Floor:
1.39%)
due
01/22/38
◊,(c)
600,000
600,600
Hlend
CLO
LLC
2026-5A
A2,
5.21%
(3
Month
Term
SOFR
+
1.55%,
Rate
Floor:
1.55%)
due
04/15/39
◊,(c)
300,000
299,883
2025-3A
A,
5.08%
(3
Month
Term
SOFR
+
1.40%,
Rate
Floor:
1.40%)
due
01/20/37
◊,(c)
250,000
249,832
CIFC
Funding
Ltd.
2015-4A
A2R3,
5.13%
(3
Month
Term
SOFR
+
1.45%,
Rate
Floor:
1.45%)
due
01/17/39
◊,(c)
500,000
500,873
Golub
Capital
Partners
CLO
46M
Ltd.
2019-46AR
BR2
due
04/20/37
◊,(c)
500,000
500,000
Madison
Park
Funding
LXIX
Ltd.
2024-69A
BR,
5.19%
(3
Month
Term
SOFR
+
1.55%,
Rate
Floor:
1.55%)
due
07/25/37
◊,(c)
500,000
499,500
A
A
A
FACE
AMOUNT
VALUE
ASSET-BACKED
SECURITIES
-
24.8%
(continued)
COLLATERALIZED
LOAN
OBLIGATIONS
-
14.4%
(continued)
THL
Credit
Lake
Shore
MM
CLO
I
Ltd.
2019-1A
A1R,
5.63%
(3
Month
Term
SOFR
+
1.96%,
Rate
Floor:
1.70%)
due
04/15/33
◊,(c)
$
476,329
$
476,625
Golub
Capital
Partners
CLO
16M-R3
2013-16A
A1R3,
5.28%
(3
Month
Term
SOFR
+
1.63%,
Rate
Floor:
1.63%)
due
08/09/39
◊,(c)
350,000
349,967
BSPDF
Issuer
LLC
2026-FL4
AS,
5.29%
(1
Month
Term
SOFR
+
1.65%,
Rate
Floor:
1.65%)
due
11/18/43
◊,(c)
300,000
300,423
AREIT
Ltd.
2025-CRE11
AS,
5.38%
(1
Month
Term
SOFR
+
1.75%,
Rate
Floor:
1.75%)
due
07/25/43
◊,(c)
300,000
299,999
Golub
Capital
Partners
CLO
49M
Ltd.
2020-49A
A2R2,
5.36%
(3
Month
Term
SOFR
+
1.68%,
Rate
Floor:
1.68%)
due
07/20/38
◊,(c)
300,000
299,985
D2
Multifamily
Credit
Issuer
Ltd.
2026-FL1
AS,
5.26%
(1
Month
Term
SOFR
+
1.65%,
Rate
Floor:
1.65%)
due
11/19/43
◊,(c)
200,000
199,916
2026-FL1
B,
5.51%
(1
Month
Term
SOFR
+
1.90%,
Rate
Floor:
1.90%)
due
11/19/43
◊,(c)
100,000
99,999
LRECS
LLC
2025-CRE1
AS,
5.39%
(1
Month
Term
SOFR
+
1.75%,
Rate
Floor:
1.75%)
due
08/19/43
◊,(c)
200,000
199,869
GS
REFT
Issuer
Ltd.
2026-FL1
A,
5.11%
(1
Month
Term
SOFR
+
1.50%,
Rate
Floor:
1.50%)
due
10/19/43
◊,(c)
150,000
150,277
Eldridge
CLO
Ltd.
2025-2A
A2,
5.10%
(3
Month
Term
SOFR
+
1.45%,
Rate
Floor:
1.45%)
due
01/20/39
◊,(c)
150,000
150,253
VMC
Finance
LLC
2026-FL6
AS,
5.49%
(1
Month
Term
SOFR
+
1.85%,
Rate
Floor:
1.85%)
due
11/19/43
◊,(c)
100,000
100,039
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
GUGGENHEIM
ULTRA
SHORT
INCOME
ETF
June
30,
2026
6
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
VALUE
ASSET-BACKED
SECURITIES
-
24.8%
(continued)
COLLATERALIZED
LOAN
OBLIGATIONS
-
14.4%
(continued)
FS
Rialto
Issuer
LLC
2026-FL11
AS,
5.29%
(1
Month
Term
SOFR
+
1.65%,
Rate
Floor:
1.65%)
due
01/19/44
◊,(c)
$
100,000
$
99,959
Total
Collateralized
Loan
Obligations
19,827,169
NET
LEASE
-
2
.5
%
Oak
Street
Investment
Grade
Net
Lease
Fund
2020-1A,
1.85%
due
11/20/50
(c)
2,646,072
2,355,001
Capital
Automotive
REIT
2024-2A,
4.90%
due
05/15/54
(c)
562,250
560,447
CF
Hippolyta
Issuer
LLC
2021-1A,
1.98%
due
03/15/61
(c)
942,448
548,137
Total
Net
Lease
3,463,585
TRANSPORT-CONTAINER
-
2
.4
%
Triton
Container
Finance
VIII
LLC
2021-1A,
1.86%
due
03/20/46
(c)
1,661,250
1,531,425
Textainer
Marine
Containers
VII
Ltd.
2021-1A,
1.68%
due
02/20/46
(c)
573,333
539,233
2020-1A,
2.73%
due
08/21/45
(c)
196,571
189,902
CLI
Funding
VIII
LLC
2021-1A,
1.64%
due
02/18/46
(c)
691,507
638,906
Triton
Container
Finance
IX
LLC
2026-1A,
5.26%
due
05/20/51
(c)
447,188
444,270
Total
Transport-Container
3,343,736
SINGLE
FAMILY
RESIDENCE
-
2
.2
%
FirstKey
Homes
Trust
2022-SFR1,
4.49%
due
05/19/39
(c)
750,000
744,728
2021-SFR1,
2.19%
due
08/17/38
(c)
450,000
447,940
STAR
Trust
2025-SFR6,
5.03%
(1
Month
Term
SOFR
+
1.40%,
Rate
Floor:
1.40%)
due
08/17/42
◊,(c)
750,000
749,531
2026-SFR7,
5.33%
(1
Month
Term
SOFR
+
1.70%,
Rate
Floor:
1.70%)
due
05/17/43
◊,(c)
300,000
300,609
Progress
Residential
Trust
2025-SFR6,
4.00%
due
12/17/42
(c)
650,000
608,919
A
A
A
FACE
AMOUNT
VALUE
ASSET-BACKED
SECURITIES
-
24.8%
(continued)
SINGLE
FAMILY
RESIDENCE
-
2.2%
(continued)
Tricon
Residential
Trust
2025-SFR2,
5.42%
due
08/17/44
(c)
$
174,817
$
171,916
Total
Single
Family
Residence
3,023,643
TRANSPORT-AIRCRAFT
-
1
.4
%
Lunar
Structured
Aircraft
Portfolio
Notes
2021-1,
2.64%
due
10/15/46
(c)
655,709
622,557
Slam
Ltd.
2021-1A,
2.43%
due
06/15/46
(c)
503,592
478,417
Castlelake
Aircraft
Securitization
Trust
2018-1,
4.13%
due
06/15/43
(c)
269,800
267,267
Eclipse
Aircraft
LLC
2026-1,
5.63%
due
05/15/51
(c)
248,228
247,251
MAPS
Trust
2026-1A,
5.20%
due
01/15/51
(c)
242,424
238,071
FTAI
Aircraft
Leasing
Offshore
SPV,
LP
5.63%
due
03/27/31
(e)
136,776
139,620
Total
Transport-Aircraft
1,993,183
INFRASTRUCTURE
-
1
.3
%
Aligned
Data
Centers
Issuer
LLC
2021-1A,
1.94%
due
08/15/46
(c)
1,233,000
1,228,976
VB-S1
Issuer
LLC
2026-1A,
4.69%
due
03/15/56
(c)
500,000
488,618
Total
Infrastructure
1,717,594
AUTOMOTIVE
-
0
.3
%
Avis
Budget
Rental
Car
Funding
AESOP
LLC
2026-3A,
5.21%
due
04/20/31
(c)
350,000
349,262
FINANCIAL
-
0
.2
%
Ceamer
Finance
LLC
6.18%
(WAC)
due
12/15/40
◊,(e)
296,469
295,314
UNSECURED
CONSUMER
LOANS
-
0
.1
%
GreenSky
Home
Improvement
Issuer
Trust
2025-3A,
4.86%
due
12/27/60
(c)
150,000
148,574
COLLATERALIZED
DEBT
OBLIGATIONS
-
0
.0
%
Project
Indigo
6.01%
due
03/31/32
(e)
45,759
45,759
Total
Asset-Backed
Securities
(Cost
$35,094,321)
34,207,819
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
GUGGENHEIM
ULTRA
SHORT
INCOME
ETF
June
30,
2026
|
7
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
See
Sector
Classification
in
Other
Information
section.
A
A
A
FACE
AMOUNT
VALUE
REPURCHASE
AGREEMENTS
(h)
-
5
.3
%
Bank
of
America
Securities,
Inc.
issued
06/30/26
at
3.63%
due
07/01/26
$
2,445,574
$
2,445,574
J.P.
Morgan
Securities
LLC
issued
06/30/26
at
3.64%
due
07/01/26
2,037,978
2,037,978
BNP
Paribas
issued
06/30/26
at
3.62%
due
07/01/26
1,834,180
1,834,180
Bank
of
Montreal
issued
06/30/26
at
3.61%
due
07/01/26
1,059,749
1,059,749
Total
Repurchase
Agreements
(Cost
$7,377,481)
7,377,481
SENIOR
FLOATING
RATE
INTERESTS
-
0
.7
%
FINANCIAL
-
0
.4
%
Citadel
Securities
Global
Holdings
LLC
5.81%
(1
Month
Term
SOFR
+
2.17%)
due
06/10/33
◊
323,431
322,645
Jane
Street
Group
LLC
5.67%
(3
Month
Term
SOFR
+
2.00%)
due
12/15/31
◊
292,268
289,369
Total
Financial
612,014
A
A
A
FACE
AMOUNT
VALUE
SENIOR
FLOATING
RATE
INTERESTS
-
0.7%
(continued)
TECHNOLOGY
-
0
.2
%
World
Wide
Technology
Holding
Co.
LLC
5.64%
(1
Month
Term
SOFR
+
2.00%,
Rate
Floor:
0.50%)
due
03/01/30
◊
$
217,593
$
216,324
COMMUNICATIONS
-
0
.1
%
Discovery
Global
Holdings,
Inc.
6.14%
(1
Month
Term
SOFR
+
2.50%)
due
06/20/33
◊
147,115
147,102
Total
Senior
Floating
Rate
Interests
(Cost
$978,741)
975,440
U.S.
TREASURY
BILLS
-
0
.3
%
U.S.
Treasury
Bills
due
09/17/26
(i),(j)
425,000
421,643
Total
U.S.
Treasury
Bills
(Cost
$421,605)
421,643
Total
Investments
-
102.9%
(Cost
$144,477,898)
$
141,912,027
Other
Assets
&
Liabilities,
net
-
(2.9)%
(
3,941,057
)
Total
Net
Assets
-
100.0%
$
137,970,970
◊
Variable
rate
security.
Rate
indicated
is
the
rate
effective
at
June
30,
2026.
In
some
instances,
the
effective
rate
is
limited
by
a
minimum
rate
floor
or
a
maximum
rate
cap
established
by
the
issuer.
The
settlement
status
of
a
position
may
also
impact
the
effective
rate
indicated.
In
some
cases,
a
position
may
be
unsettled
at
period
end
and
may
not
have
a
stated
effective
rate.
In
instances
where
multiple
underlying
reference
rates
and
spread
amounts
are
shown,
the
effective
rate
is
based
on
a
weighted
average.
(a)
A
copy
of
each
underlying
unaffiliated
fund’s
financial
statements
is
available
at
the
SEC’s
website
at
www.sec.gov.
(b)
Rate
indicated
is
the
7-day
yield
as
of
June
30,
2026.
(c)
Security
is
a
144A
or
Section
4(a)(2)
security.
These
securities
have
been
determined
to
be
liquid
under
guidelines
established
by
the
Board
of
Trustees.
The
total
market
value
of
144A
or
Section
4(a)(2)
liquid
securities
is
$90,677,016
(cost
$92,356,271),
or
65.7%
of
total
net
assets.
(d)
Security
is
a
step
up/down
bond.
The
coupon
increases
or
decreases
at
regular
intervals
until
the
bond
reaches
full
maturity.
Rate
indicated
is
the
rate
at
June
30,
2026.
See
table
below
for
additional
step
information
for
each
security.
(e)
Value
determined
based
on
Level
3
inputs
—
See
Note
3
.
(f)
Security
is
an
interest-only
strip.
(g)
Security
has
a
fixed
rate
coupon
which
will
convert
to
a
floating
or
variable
rate
coupon
on
a
future
date.
(h)
Repurchase
Agreements
—
The
interest
rate
on
repurchase
agreements
is
market
driven
and
based
on
the
underlying
collateral
obtained.
See
additional
disclosure
in
the
repurchase
agreements
table
below
for
more
information
on
repurchase
agreements.
(i)
Rate
indicated
is
the
effective
yield
at
the
time
of
purchase.
(j)
All
or
a
portion
of
this
security
is
pledged
as
swap
collateral
at
June
30,
2026.
LLC
—
Limited
Liability
Company
plc
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
SOFR
—
Secured
Overnight
Financing
Rate
WAC
—
Weighted
Average
Coupon
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
GUGGENHEIM
ULTRA
SHORT
INCOME
ETF
June
30,
2026
8
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Centrally
Cleared
Interest
Rate
Swap
Agreements
Counterparty
Exchange
Floating
Rate
Type
Floating
Rate
Index
Fixed
Rate
Payment
Frequency
Maturity
Date
Notional
Amount
Value
Upfront
Premiums
Paid
Unrealized
Appreciation
(Depreciation)
(a)
J.P.
Morgan
Securities
LLC
CME
Receive
U.S.
Secured
Overnight
Financing
Rate
3.85%
At
Maturity
06/17/27
$
15,000,000
$
21,312
$
—
$
21,312
J.P.
Morgan
Securities
LLC
CME
Receive
U.S.
Secured
Overnight
Financing
Rate
3.88%
Annually
06/17/29
3,000,000
5,768
—
5,768
J.P.
Morgan
Securities
LLC
CME
Receive
U.S.
Secured
Overnight
Financing
Rate
3.89%
Annually
06/17/31
4,000,000
3,486
—
3,486
J.P.
Morgan
Securities
LLC
CME
Receive
U.S.
Secured
Overnight
Financing
Rate
3.95%
Annually
06/17/33
2,000,000
(
1,573
)
—
(
1,573
)
J.P.
Morgan
Securities
LLC
CME
Receive
U.S.
Secured
Overnight
Financing
Rate
4.06%
Annually
06/17/36
1,000,000
(
3,165
)
—
(
3,165
)
$
25,828
$
—
$
25,828
Total
Return
Swap
Agreements
Counterparty
Reference
Obligation
Type
(a)
Financing
Rate
Payment
Frequency
Maturity
Date
Units
Notional
Amount
Value
and
Unrealized
Depreciation
OTC
Equity
Index
Swap
Agreements
Sold
Short
Goldman
Sachs
International
iShares
Core
S&P
500
ETF
Receive
3.63%
(Federal
Funds
Rate
+
0.00%)
At
Maturity
09/22/26
8,285
$
6,204,554
$
(
4,199
)
(a)
Includes
cumulative
appreciation
(depreciation).
(b)
Total
Return
Swap
-
Type
"Receive"
indicates
that
the
Fund
receives
the
indicated
financing
rate.
For
such
swaps,
the
Fund
receives
payments
for
any
negative
net
return
on
the
underlying
reference
obligation.
The
Fund
makes
payments
for
any
positive
net
return
on
the
underlying
reference
obligation.
Type
"Pay"
indicates
that
the
Fund
pays
the
indicated
financing
rate.
For
such
swaps,
the
Fund
receives
payments
for
any
positive
net
return
on
the
underlying
reference
obligation.
The
Fund
makes
payments
for
any
negative
net
return
on
the
underlying
reference
obligation.
CME
—
Chicago
Mercantile
Exchange
The
following
table
summarizes
the
inputs
used
to
value
the
Fund’s
investments
at
June
30,
2026
(See
Note
3
in
the
Notes
to
Schedule
of
Investments):
Investments
in
Securities
(Assets)
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Total
Exchange-Traded
Funds
$
6,204,554
$
—
$
—
$
6,204,554
Money
Market
Funds
13,178,677
—
—
13,178,677
Collateralized
Mortgage
Obligations
—
40,501,093
708,589
41,209,682
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
GUGGENHEIM
ULTRA
SHORT
INCOME
ETF
June
30,
2026
|
9
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Investments
in
Securities
(Assets)
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Total
Corporate
Bonds
$
—
$
38,336,731
$
—
$
38,336,731
Asset-Backed
Securities
—
33,727,126
480,693
34,207,819
Repurchase
Agreements
—
7,377,481
—
7,377,481
Senior
Floating
Rate
Interests
—
975,440
—
975,440
U.S.
Treasury
Bills
—
421,643
—
421,643
Interest
Rate
Swap
Agreements
(a)
—
30,566
—
30,566
Total
Assets
$
19,383,231
$
121,370,080
$
1,189,282
$
141,942,593
–
–
–
–
Investments
in
Securities
(Liabilities)
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Total
Interest
Rate
Swap
Agreements
(a)
$
—
$
4,738
$
—
$
4,738
Equity
Index
Swap
Agreements
(a)
—
4,199
—
4,199
Total
Liabilities
$
—
$
8,937
$
—
$
8,937
(a)
Reported
as
unrealized
appreciation/(depreciation)
at
period
end.
Step
Coupon
Bonds
The
following
table
discloses
additional
information
related
to
step
coupon
bonds
held
by
the
Fund.
Certain
securities
are
subject
to
multiple
rate
changes
prior
to
maturity.
For
those
securities,
a
range
of
rates
and
corresponding
dates
have
been
provided.
Rates
for
all
step
coupon
bonds
held
by
the
Fund
are
scheduled
to
increase,
none
are
scheduled
to
decrease.
Name
Coupon
Rate
at
Next
Reset
Date
Next
Rate
Reset
Date
Angel
Oak
Mortgage
Trust
2025-12,
5.14%
due
12/25/70
6.14%
11/01/29
Angel
Oak
Mortgage
Trust
2023-1,
4.75%
due
09/26/67
5.75%
01/01/27
Angel
Oak
Mortgage
Trust
2024-4,
6.20%
due
01/25/69
7.20%
03/01/28
Archwest
Mortgage
Trust
2025-RTL1,
5.20%
due
10/25/40
6.16%
04/25/28
Barclays
Mortgage
Loan
Trust
2026-CES1,
4.85%
due
01/25/56
5.85%
02/01/30
BRAVO
Residential
Funding
Trust
2025-NQM8,
5.29%
due
06/25/65
6.29%
08/01/29
CIM
Trust
2026-R1,
4.75%
due
12/25/65
7.75%
05/01/29
COLT
Mortgage
Loan
Trust
2023-3,
7.18%
due
09/25/68
8.18%
09/01/27
Cross
Mortgage
Trust
2026-NQM1,
4.95%
due
02/25/61
5.95%
01/01/30
CSMC
Trust
2020-NQM1,
2.21%
due
05/25/65
3.21%
09/01/28
Deephaven
Residential
Mortgage
Trust
2026-CES1,
5.31%
due
03/25/61
6.31%
04/01/30
GCAT
Trust
2025-NQM4,
5.53%
due
06/25/70
6.53%
07/25/28
GCAT
Trust
2024-NQM2,
6.09%
due
06/25/59
7.36%
05/01/28
GCAT
Trust
2023-NQM3,
6.89%
due
08/25/68
7.89%
09/01/27
HOMES
Trust
2026-NQM1,
4.80%
due
09/25/70
6.53%
07/25/28
JP
Morgan
Mortgage
Trust
2026-CES1,
4.91%
due
06/25/56
5.91%
01/01/39
Legacy
Mortgage
Asset
Trust
2021-GS2,
5.75%
due
04/25/61
7.75%
04/25/27
Legacy
Mortgage
Asset
Trust
2021-GS4,
5.65%
due
11/25/60
7.65%
08/25/27
Legacy
Mortgage
Asset
Trust
2021-GS3,
5.75%
due
07/25/61
7.75%
07/25/27
Morgan
Stanley
Residential
Mortgage
Loan
Trust
2025-NQM9,
5.22%
due
09/25/70
6.22%
11/01/29
NYMT
Loan
Trust
2026-INV2,
5.63%
due
04/25/61
6.63%
03/01/30
OBX
Trust
2024-NQM6,
6.45%
due
02/25/64
7.45%
04/01/28
OBX
Trust
2025-R1,
5.09%
due
09/25/62
6.09%
11/01/29
OBX
Trust
2024-NQM1,
6.25%
due
11/25/63
7.25%
12/01/27
OBX
Trust
2024-NQM7,
6.24%
due
03/25/64
7.24%
04/01/28
OBX
Trust
2024-NQM5,
5.99%
due
01/25/64
6.99%
03/01/28
OBX
Trust
2024-NQM8,
6.23%
due
05/25/64
7.23%
05/01/28
OSAT
Trust
2021-RPL1,
6.12%
due
05/25/65
8.12%
06/25/27
PRPM
LLC
2026-3,
5.96%
due
04/25/31
8.96%
04/01/29
PRPM
LLC
2026-2,
5.09%
due
02/25/31
8.09%
02/01/29
PRPM
LLC
2026-1,
5.19%
due
02/25/31
6.19%
02/25/29
RCKT
Mortgage
Trust
2026-CES4,
5.23%
due
04/25/56
6.23%
04/01/30
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
GUGGENHEIM
ULTRA
SHORT
INCOME
ETF
June
30,
2026
10
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Name
Coupon
Rate
at
Next
Reset
Date
Next
Rate
Reset
Date
RCKT
Mortgage
Trust
2025-CES7,
5.48%
due
07/25/55
6.48%
07/01/29
Saluda
Grade
Alternative
Mortgage
Trust
2025-RRTL1,
5.32%
due
10/25/40
6.32%
03/01/28
Towd
Point
Mortgage
Trust
2026-CES1,
4.96%
due
01/25/66
6.13%
01/01/30
Verus
Securitization
Trust
2025-12,
5.37%
due
12/25/70
6.37%
12/01/29
Vista
Point
Securitization
Trust
2026-CES2,
5.42%
due
05/25/56
6.42%
04/01/30
Repurchase
Agreements
The
Fund
may
engage
in
repurchase
agreements.
Repurchase
agreements
are
fixed
income
securities
in
the
form
of
agreements
backed
by
collateral.
These
agreements
typically
involve
the
acquisition
by
the
Fund
of
securities
from
the
selling
institution
coupled
with
the
agreement
that
the
selling
institution
will
repurchase
the
underlying
securities
at
a
specified
price
and
at
a
fixed
time
in
the
future.
The
Fund
may
accept
a
wide
variety
of
underlying
securities
as
collateral
for
the
repurchase
agreements
entered
into
by
the
Fund.
Any
such
securities
serving
as
collateral
are
marked-to-market
daily
in
order
to
maintain
full
collateralization.
In
connection
with
transactions
in
repurchase
agreements,
it
is
the
Fund’s
policy
that
its
custodian
take
possession
of
the
underlying
collateral.
The
collateral
is
in
the
possession
of
the
Fund’s
custodian
and
is
evaluated
to
ensure
that
its
market
value
exceeds,
at
a
minimum,
102%
of
the
original
face
amount
of
the
repurchase
agreements.
The
use
of
repurchase
agreements
involves
certain
risks.
For
example,
if
the
selling
institution
defaults
on
its
obligation
to
repurchase
the
underlying
securities
at
a
time
when
the
value
of
securities
has
declined,
the
Fund
may
incur
a
loss
upon
disposition
of
them.
In
the
event
of
an
insolvency
or
bankruptcy
by
the
selling
institution,
the
Fund’s
right
to
control
the
collateral
could
be
affected
and
result
in
certain
costs
and
delays.
In
addition,
the
Fund
could
incur
a
loss
if
the
value
of
the
underlying
collateral
falls
below
the
agreed
upon
repurchase
price.
At
June
30,
2026,
the
repurchase
agreements
in
the
account
were
as
follows:
Counterparty
and
Terms
of
Agreement
Face
Value
Repurchase
Price
Collateral
Par
Value
Fair
Value
Bank
of
America
Securities,
Inc.
3.63%
Due
07/01/26
$
2,445,574
$
2,445,821
U.S.
Treasury
Strip
Coupon
0.00%
Due
05/15/37
$
4,085,451
$
2,494,486
—
—
—
J.P.
Morgan
Securities
LLC
3.64%
Due
07/01/26
2,037,978
2,038,184
U.S.
Treasury
Bond
1.38%
Due
11/15/40
3,186,000
2,077,504
U.S.
Treasury
Inflation-
Protected
Security
0.13%
Due
07/15/26
800
1,113
U.S.
Treasury
Strip
Coupon
0.00%
Due
08/15/29
377
331
2,037,978
3,187,177
2,078,948
BNP
Paribas
3.62%
Due
07/01/26
1,834,180
1,834,364
U.S.
Treasury
Inflation-
Protected
Security
0.25%
Due
07/15/29
201,100
250,032
U.S.
Treasury
Note
1.88%
-
3.88%
Due
07/31/26
-
08/31/30
995,200
991,890
U.S.
Treasury
Strip
Coupon
0.00%
Due
02/15/32
-
08/15/50
799,320
629,211
1,834,180
1,995,620
1,871,133
Bank
of
Montreal
3.61%
Due
07/01/26
1,059,749
1,059,855
U.S.
Treasury
Bill
Due
07/09/26
1,082,000
1,081,132
—
—
—
THE
GUGGENHEIM
FUNDS
|
11
June
30,
2026
NOTES
TO
SCHEDULE
OF
INVESTMENTS
(Unaudited)
NOTES
TO
SCHEDULE
OF
INVESTMENTS
(Unaudited)
Note
1
‒
Organization
and
Significant
Accounting
Policies
Organization
Guggenheim Funds
Trust
(the
“Trust”),
a
Delaware
statutory trust,
is
registered
with
the
U.S.
Securities
and
Exchange
Commission
(the
“SEC”)
under
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
as
an open-end
investment
company. The
Trust
consists
of
multiple
series.
Each
series
represents
a
separate
fund
(each,
a
“Fund”
and
collectively,
the
“Funds”). The
Trust
may
issue
an
unlimited
number
of
authorized
shares.
The
Trust
accounts
for
the
assets
of
each
Fund
separately.
This
report
covers
the
Guggenheim
Ultra
Short
Income
ETF,
which
is
a
non-diversified
fund.
For
information
on
the
Fund's
policy
regarding
valuation
of
investments
and
other
significant
accounting
policies,
please
refer
to
the
Fund's
prospectus.
On
June
15,
2026,
Guggenheim
Strategy
Fund
II,
a
series
of
the
Guggenheim
Strategy
Funds
Trust,
was
reorganized
with
and
into
the
Guggenheim
Ultra
Short
Income
ETF,
a
newly
organized
series
of
the
Trust.
The
Fund
is
an
actively-
managed
exchange-traded
fund
("ETF").
Unlike
shares
of
traditional
mutual
funds,
shares
of
the
Fund
are
not
individually
redeemable
and
may
only
be
purchased
or
redeemed
directly
from
the
Fund
at
net
asset
value
("NAV")
in
large
increments
called
“Creation
Units”
through
Authorized
Participants.
Shares
of
the
Fund
are
listed
and
trade
on
the
listing
exchange,
NYSE
Arca,
Inc.,
and
individual
investors
can
purchase
or
sell
shares
in
much
smaller
increments
for
cash
in
the
secondary
market
through
a
broker-dealer.
These
transactions,
which
do
not
involve
the
Fund,
are
made
at
market
prices
that
may
vary
throughout
the
day
and
differ
from
the
Fund’s
NAV.
As
a
result,
individual
investors
may
pay
more
than
NAV
(at
a
premium)
when
purchasing
shares,
and
receive
less
than
NAV
(at
a
discount)
when
selling
shares,
in
the
secondary
market.
The
Fund
seeks
a
high
level
of
income
consistent
with
the
preservation
of
capital.
For
additional
information
on
the
Fund’s
policies,
please
refer
to
the
Fund's
prospectus.
Significant
Accounting
Policies
The
Fund
operates
as
an
investment
company
and,
accordingly,
follows
the
investment
company
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
(“FASB”)
Accounting
Standards
Codification
Topic
946
Financial
Services
–
Investment
Companies.
The
following
significant
accounting
policies
are
in
conformity
with
U.S.
generally
accepted
accounting
principles
(“U.S.
GAAP”)
and
are
consistently
followed
by
the
Trust.
This
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amount
of
assets
and
liabilities,
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements,
and
the
reported
amounts
of
revenues
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
these
estimates.
All
time
references
are
based
on
Eastern
Time.
(a)
Valuation
of
Investments
The
Board
of
Trustees
of
the
Trust (the
“Board”) has
adopted
policies
and
procedures
for
the
valuation
of
the
Fund's
investments
(the
“Fund
Valuation
Procedures”).
Pursuant
to
Rule
2a-5
under
the
1940
Act,
the
Board
designated Guggenheim
Partners
Investment
Management,
LLC
(the
"Adviser") as
the
valuation
designee
to
perform
fair
valuation
determinations
for
the
Fund
with
respect
to
all
Fund
investments
and/or
other
assets.
As
the
Fund's
valuation
designee
pursuant
to
Rule
2a-5,
the
Adviser
has
adopted
separate
procedures
(the
“Valuation
Designee
Procedures”
and
collectively
with
the
Fund
Valuation
Procedures,
the
“Valuation
Procedures”)
reasonably
designed
to
prevent
violations
of
the
requirements
of
Rule
2a-5
and
Rule
31a-4
under
the
1940
Act.
The
Adviser,
in
its
role
as
valuation
designee,
utilizes
the
assistance
of
a
valuation
committee,
consisting
of
representatives
from
Guggenheim’s
investment
management,
fund
administration,
legal
and
compliance
departments
(the
“Valuation
Committee”),
in
determining
the fair
value
of
the
Fund's
securities
and/or
other
assets.
The
Valuation
Procedures
may
be
amended
and
potentially
adversely
affected
as
the
Fund
seeks
to
comply
with
regulations
that
apply
to
the
valuation
practices
of
registered
investment
companies.
12
|
THE
GUGGENHEIM
FUNDS
June
30,
2026
NOTES
TO
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
NOTES
TO
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
Valuations
of
the
Fund's
securities
and
other
assets
are
supplied
primarily
by
independent
third-party
pricing
services
appointed
pursuant
to
the
processes
set
forth
in
the
Valuation
Procedures.
The
Adviser,
with
the
assistance
of
the
Valuation
Committee,
convenes
monthly,
or
more
frequently
as
needed,
to
review
the
valuation
of
all
assets
which
have
been
fair
valued.
The
Adviser,
consistent
with
the
monitoring
and
review
responsibilities
set
forth
in
the
Valuation
Procedures,
regularly
reviews
the
appropriateness
of
the
inputs,
methods,
models
and
assumptions
employed
by
the
independent
third-party
pricing
services.
If
the
independent
third-party
pricing
service
cannot
or
does
not
provide
a
valuation
for
a
particular
investment
or
such
valuation
is
deemed
unreliable,
such
investment
is
fair
valued
by
the
Adviser.
U.S.
Government
securities
are
valued
by
independent
third-party
pricing
services,
using
the
last
traded
fill
price,
or
at
the
reported
bid
price
at
the
close
of
business
on
the
valuation
date.
Commercial
paper
and
discount
notes
with
a
maturity
of
greater
than
60
days
at
acquisition
are
valued
at
prices
that
reflect
broker-dealer
supplied
valuations
or
are
obtained
from
independent
third-party
pricing
services,
which
may
consider
the
trade
activity,
treasury
spreads,
yields
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.
Commercial
paper
and
discount
notes
with
a
maturity
of
60
days
or
less
at
acquisition
are
valued
at
amortized
cost,
unless
the
Adviser
concludes
that
amortized
cost
does
not
represent
the
fair
value
of
the
applicable
asset
in
which
case
it
will
be
valued
using
an
independent
third-party
pricing
service. 
CLOs,
CDOs,
MBS,
ABS,
and
other
structured
finance
securities
are
generally
valued
using
an
independent
third-party
pricing
service.
Repurchase
agreements
are
generally
valued
at
amortized
cost,
provided
such
amounts
approximate
market
value.
Equity
securities
listed
or
traded
on
a
recognized
U.S.
securities
exchange
or
the
Nasdaq
Stock
Market
(“NASDAQ”)
will
generally
be
valued
on
the
basis
of
the
last
sale
price
on
the
primary
U.S.
exchange
or
market
on
which
the
security
is
listed
or
traded;
provided,
however,
that
securities
listed
on
NASDAQ
will
be
valued
at
the
NASDAQ
official
closing
price,
which
may
not
necessarily
represent
the
last
sale
price.
Open-end
investment
companies
are
valued
at
their NAV
as
of
the
close
of
business,
on
the
valuation
date.
Exchange-
traded
funds
and
listed
closed-end
investment
companies
are
generally
valued
at
the
last
quoted
sale
price. 
Interest
rate
swap
agreements
entered
into
by the
Fund
are
valued
on
the
basis
of
the
last
sale
price
on
the
primary
exchange
on
which
the
swap
is
traded.
Other
swap
agreements
entered
into
by
the
Fund
are
generally
valued
using
an
evaluated
price
provided
by
an
independent
third-party
pricing
service.
Typically,
loans
are
valued
using
information
provided
by independent
third-party
pricing
services
that
use
broker
quotes,
among
other
inputs.
If
the
independent
third-party
pricing
service
cannot
or
does
not
provide
a
valuation
for
a
particular
loan,
or
such
valuation
is
deemed
unreliable,
such
investment
is
valued
based
on
a
quote
from
a
broker-dealer
or
is
fair
valued
by
the
Adviser.
Funds
that
invest
in
loans
or
asset-backed
securities
as
part
of
their
investment
strategies
may
have
a
significant
amount
of
these
instruments
that
are
fair
valued
by
the
Adviser.
Generally,
trading
in
foreign
securities
markets
is
substantially
completed
each
day
at
various
times
prior
to
the
close
of
the
New
York
Stock
Exchange
(“NYSE”).
The
values
of
foreign
securities
are
determined
as
of
the
close
of
such
foreign
markets
or
the
close
of
the
NYSE,
if
earlier.
All
investments
quoted
in
foreign
currencies
are
valued
in
U.S.
dollars
on
the
basis
of
the
foreign
currency
exchange
rates
prevailing
at
the
close
of
U.S.
business
at
4:00
p.m. Investments
in
foreign
securities
may
involve
risks
not
present
in
domestic
investments.
The
Adviser
will
determine
the
current
value
of
such
foreign
securities
by
taking
into
consideration
certain
factors
which
may
include
the
following
factors,
among
others:
the
value
of
the
securities
traded
on
other
foreign
markets,
American
Depositary
Receipts
(“ADR”)
trading,
closed-end
fund
Note
1
‒
Organization
and
Significant
Accounting
Policies
(continued)
THE
GUGGENHEIM
FUNDS
|
13
June
30,
2026
NOTES
TO
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
trading,
foreign
currency
exchange
activity,
and
the
trading
prices
of
financial
products
that
are
tied
to
foreign
securities.
In
addition,
under
the
Valuation
Procedures,
the
Adviser
is
authorized
to
use
prices
and
other
information
supplied
by
an
independent
third-party
pricing
service
in
valuing
foreign
securities.
Investments
for
which
market
quotations
are
not
readily
available
are
fair
valued
as
determined
in
good
faith
by
the
Adviser.
Valuations
in
accordance
with
these
methods
are
intended
to
reflect
each
security’s
(or
asset’s
or
liability’s)
“fair
value”.
Each
such
determination
is
based
on
a
consideration
of
all
relevant
factors,
which
are
likely
to
vary
from
one
pricing
context
to
another.
Examples
of
such
factors
may
include,
but
are
not
limited
to
market
prices;
sale
prices;
broker
quotes;
and
models
which
derive
prices
based
on
inputs
such
as
prices
of
securities
with
comparable
maturities
and
characteristics, or
on
inputs
such
as anticipated
cash
flows
or
collateral,
spread
over
U.S.
Treasury
securities,
and
other
information
analysis.
In
connection
with
futures
contracts
and
other
derivative
investments,
such
factors
may
include
obtaining
information
as
to
how
(a)
these
contracts
and
other
derivative
investments
trade
in
the
futures
or
other
derivative
markets,
respectively,
and
(b)
the
securities
underlying
these
contracts
and
other
derivative
investments
trade
in
the
cash
market.
Note
2
‒
Financial
Instruments
and
Derivatives
As
part
of
its
investment
strategy,
the
Fund utilizes a
variety
of
derivative
instruments.
These
investments
involve,
to
varying
degrees,
elements
of
market
risk.
Valuation
and
accounting
treatment
of
these
instruments
can
be
found
under
Significant
Accounting
Policies
in
Note
1
of
these
Notes
to
Schedule
of
Investments.
Derivatives
are
instruments
whose
values
depend
on,
or
are
derived
from,
in
whole
or
in
part,
the
value
of
one
or
more
other
assets,
such
as
securities,
currencies,
commodities
or
indices.
Derivative
instruments
may
be
used
for
investment
purposes
(including
to
maintain
cash
reserves
while
maintaining
exposure
to
certain
other
assets),
for
risk
management
(hedging)
purposes,
to
facilitate
trading,
to
reduce
transaction
costs
and
to
pursue
higher
investment
returns.
Derivative
instruments
may
also
be
used
to
seek
to
mitigate
certain
investment
risks,
such
as
foreign
currency
exchange
rate
risk,
interest
rate
risk
and
credit
risk.
U.S.
GAAP
requires
disclosures
to
enable
investors
to
better
understand
how
and
why
a
Fund
uses
derivative
instruments,
how
these
derivative
instruments
are
accounted
for
and
their
effects
on
the
Fund’s
financial
position
and
results
of
operations.
The
Fund
may
utilize
derivatives
for
the
following
purposes:
Duration:
the
use
of
an
instrument
to
manage
the
interest
rate
risk
of
a
portfolio.
Income:
the
use
of
any
instrument
that
distributes
cash
flows
typically
based
upon
some
rate
of
interest.
Swap
Agreements
A
swap
is
an
agreement
that
obligates
two
parties
to
exchange
a
series
of
cash
flows
at
specified
intervals
based
upon
or
calculated
by
reference
to
changes
in
specified
prices
or
rates
for
a
specified
amount
of
an
underlying
asset.
When
utilizing
OTC
swaps,
a
Fund
bears
the
risk
of
loss
of
the
amount
expected
to
be
received
under
a
swap
agreement
in
the
event
of
the
default
or
bankruptcy
of
a
swap
agreement
counterparty
or
if
the
underlying
asset
declines
in
value.
Certain
standardized
swaps
are
subject
to
mandatory
central
clearing
and
are
executed
on
a
multi-lateral
or
other
trade
facility
platform,
such
as
a
registered
exchange.
There
is
limited
counterparty
credit
risk
with
respect
to
centrally-cleared
swaps
as
the
transaction
is
facilitated
through
a
central
clearinghouse,
much
like
exchange-traded
futures
contracts.
For
a
Fund
utilizing
centrally-cleared
swaps,
the
exchange
bears
the
risk
of
loss
resulting
from
a
counterparty
not
being
able
to
pay.
There
is
no
guarantee
that
a
Fund
or
an
underlying
fund
could
eliminate
its
exposure
under
an
outstanding
swap
agreement
by
entering
into
an
offsetting
swap
agreement
with
the
same
or
another
party.
Total
return
swaps
involve
commitments
where
single
or
multiple
cash
flows
are
exchanged
based
on
the
price
of
an
underlying
reference
asset
(such
as
an
index)
for
a
fixed
or
variable
interest
rate.
Total
return
swaps
will
usually
be
computed
based
on
the
current
value
of
the
reference
asset
as
of
the
close
of
regular
trading
on
the
NYSE
or
other
exchange,
with
the
swap
value
being
adjusted
to
include
dividends
accrued,
financing
charges
and/or
interest
Note
1
‒
Organization
and
Significant
Accounting
Policies
(continued)
14
|
THE
GUGGENHEIM
FUNDS
June
30,
2026
NOTES
TO
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
associated
with
the
swap
agreement.
When
utilizing
total
return
swaps,
a
Fund
bears
the
risk
of
loss
of
the
amount
expected
to
be
received
under
a
swap
agreement
in
the
event
of
the
default
or
bankruptcy
of
a
swap
agreement
counterparty
or
if
the
underlying
reference
asset
declines
in
value.
Interest
rate
swaps
involve
the
exchange
by
the
Fund
with
another
party
for
their
respective
commitment
to
pay
or
receive
a
fixed
or
variable
interest
rate
on
a
notional
amount
of
principal.
Interest
rate
swaps
are
generally
centrally-
cleared,
but
central
clearing
does
not
make
interest
rate
swap
transactions
risk
free.
Foreign
Investments
There
are
several
risks
associated
with
exposure
to
foreign
currencies,
foreign
issuers
and
emerging
markets.
A
Fund’s
indirect
and
direct
exposure
to
foreign
currencies
subjects
the
Fund
to
the
risk
that
those
currencies
will
decline
in
value
relative
to
the
U.S.
dollar,
or
in
the
case
of
short
positions,
that
the
U.S.
dollar
will
decline
in
value
relative
to
the
currency
being
hedged.
Currency
rates
in
foreign
countries
may
fluctuate
significantly
over
short
periods
of
time
for
a
number
of
reasons,
including
changes
in
interest
rates
and
the
imposition
of
currency
controls
or
other
political
developments
in
the
U.S.
or
abroad.
In
addition,
the
Fund
may
incur
transaction
costs
in
connection
with
conversions
between
various
currencies.
The
Fund
may,
but
is
not
obligated
to,
engage
in
currency
hedging
transactions,
which
generally
involve
buying
currency
forward,
options
or
futures
contracts.
However,
not
all
currency
risks
may
be
effectively
hedged,
and
in
some
cases
the
costs
of
hedging
techniques
may
outweigh
expected
benefits.
In
such
instances,
the
value
of
securities
denominated
in
foreign
currencies
can
change
significantly
when
foreign
currencies
strengthen
or
weaken
relative
to
the
U.S.
dollar.
The
Fund
may
invest
in
securities
of
foreign
companies
directly,
or
in
financial
instruments,
such
as
ADRs
and
exchange-traded
funds,
which
are
indirectly
linked
to
the
performance
of
foreign
issuers.
Foreign
markets
can
be
more
volatile
than
the
U.S.
market
due
to
increased
risks
of
adverse
issuer,
political,
regulatory,
market,
or
economic
developments
and
can
perform
differently
from
the
U.S.
market.
Investing
in
securities
of
foreign
companies
directly,
or
in
financial
instruments
that
are
indirectly
linked
to
the
performance
of
foreign
issuers,
may
involve
risks
not
typically
associated
with
investing
in
U.S.
issuers.
The
value
of
securities
denominated
in
foreign
currencies,
and
of
dividends
from
such
securities,
can
change
significantly
when
foreign
currencies
strengthen
or
weaken
relative
to
the
U.S.
dollar.
Foreign
securities
markets
generally
have
less
trading
volume
and
less
liquidity
than
U.S.
markets,
and
prices
in
some
foreign
markets
may
fluctuate
more
than
those
of
securities
traded
on
U.S.
markets.
Many
foreign
countries
lack
accounting
and
disclosure
standards
comparable
to
those
that
apply
to
U.S.
companies,
and
it
may
be
more
difficult
to
obtain
reliable
information
regarding
a
foreign
issuer’s
financial
condition
and
operations.
Transaction
costs
and
costs
associated
with
custody
services
are
generally
higher
for
foreign
securities
than
they
are
for
U.S.
securities.
Some
foreign
governments
levy
withholding
taxes
against
dividend
and
interest
income.
Although
in
some
countries
portions
of
these
taxes
are
recoverable,
the
non-recovered
portion
will
reduce
the
income
received
by
the
Fund.
Note
3
‒
Fair
Value
Measurement
In
accordance
with
U.S.
GAAP,
fair
value
is
defined
as
the
price
that
the
Fund
would
receive
to
sell
an
investment
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
U.S.
GAAP
establishes
a
three-tier
fair
value
hierarchy
based
on
the
types
of
inputs
used
to
value
assets
and
liabilities
and
requires
corresponding
disclosure.
The
hierarchy
and
the
corresponding
inputs
are
summarized
below:
Level
1
—
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities.
Level
2
—
significant
other
observable
inputs
(for
example
quoted
prices
for
securities
that
are
similar
based
on
characteristics
such
as
interest
rates,
prepayment
speeds,
credit
risk,
etc.).
Level
3
—
significant
unobservable
inputs
based
on
the
best
information
available
under
the
circumstances,
to
the
extent
observable
inputs
are
not
available,
which
may
include
assumptions.
Note
2
‒
Financial
Instruments
and
Derivatives
(continued)
THE
GUGGENHEIM
FUNDS
|
15
June
30,
2026
NOTES
TO
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
Rule
2a-5
sets
forth
a
definition
of
“readily
available
market
quotations,”
which
is
consistent
with
the
definition
of
a
Level
1
input
under
U.S.
GAAP.
Rule
2a-5
provides
that
“a
market
quotation
is
readily
available
only
when
that
quotation
is
a
quoted
price
(unadjusted)
in
active
markets
for
identical
investments
that
the
fund
can
access
at
the
measurement
date,
provided
that
a
quotation
will
not
be
readily
available
if
it
is
not
reliable.”
Securities
for
which
market
quotations
are
not
readily
available
must
be
valued
at
fair
value
as
determined
in
good
faith.
Accordingly,
any
security
priced
using
inputs
other
than
Level
1
inputs
will
be
subject
to
fair
value
requirements.
The
types
of
inputs
available
depend
on
a
variety
of
factors,
such
as
the
type
of
security
and
the
characteristics
of
the
markets
in
which
it
trades,
if
any.
Fair
valuation
determinations
that
rely
on
fewer
or
no
observable
inputs
require
greater
judgment.
Accordingly,
fair
value
determinations
for
Level
3
securities
require
the
greatest
amount
of
judgment.
Independent
third-party
pricing
services
are
used
to
value
a
majority
of
the
Fund's
investments.
When
values
are
not
available
from
an
independent
third-party
pricing
service,
they
will
be
determined
using
a
variety
of
sources
and
techniques,
including:
market
prices;
broker
quotes;
and
models
which
derive
prices
based
on
inputs
such
as
prices
of
securities
with
comparable
maturities
and
characteristics
or
based
on
inputs
such
as
anticipated
cash
flows
or
collateral,
spread
over
U.S.
Treasury
securities,
and
other
information
and
analysis.
A
significant
portion
of
the
Fund's
assets
and
liabilities
are
categorized
as
Level
2,
as
indicated
in
this
report.
Quotes
from
broker-dealers,
adjusted
for
fluctuations
in
criteria
such
as
credit
spreads
and
interest
rates,
may
also
be
used
to
value
the
Fund's
assets
and
liabilities,
i.e.
prices
provided
by
a
broker-dealer
or
other
market
participant
who
has
not
committed
to
trade
at
that
price.
Although
quotes
are
typically
received
from
established
market
participants,
the
Fund
may
not
have
the
transparency
to
view
the
underlying
inputs
which
support
the
market
quotations.
Significant
changes
in
a
quote
would
generally
result
in
significant
changes
in
the
fair
value
of
the
security.
Certain
fixed
income
securities
are
valued
by
obtaining
a
monthly
quote
from
a
broker-dealer,
adjusted
for
fluctuations
in
criteria
such
as
credit
spreads
and
interest
rates.
Certain
loans
and
other
securities
are
valued
using
a
single
daily
broker
quote
or
a
price
from
an
independent
third-party
pricing
service
based
on
a
single
daily
or
monthly
broker
quote.
The
inputs
or
methodologies
selected
and
applied
for
valuing
securities
or
other
assets
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
securities.
The
suitability,
appropriateness
and
accuracy
of
the
techniques,
methodologies
and
sources
employed
to
determine
fair
valuation
are
periodically
reviewed
and
subject
to
change.
Note
4
‒
Market
Risks
The
value
of,
or
income
generated
by,
the
investments
held
by
the
Fund
is
subject
to
the
possibility
of
rapid
and
unpredictable
fluctuation,
and
loss
that
may
result
from
various
factors.
These
factors
include,
among
others,
developments
affecting
(or
perceived
to
affect)
individual
companies,
or
issuers
or
particular
industries,
or
from
broader
influences,
including
real
or
perceived
changes
in
prevailing
interest
rates
(which
may
change
at
any
time
based
on
changes
in
monetary
policies
and
various
market
and
other
economic
conditions),
changes
in
inflation
rates
or
expectations
about
inflation
rates,
deflation,
adverse
investor
confidence
or
sentiment,
general
outlook
for
corporate
earnings,
changing
economic,
political
(including
geopolitical),
social
or
financial
market
conditions,
bank
failures,
increased
instability
or
general
uncertainty,
extreme
weather,
environmental
or
man-made
disasters,
or
geological
events,
governmental
actions,
tariffs
(which
may
be
imposed
by
U.S.
and
foreign
governments)
and
trade
disruptions,
public
health
emergencies
(such
as
the
spread
of
infectious
diseases,
pandemics
and
epidemics),
debt
crises,
terrorism,
actual
or
threatened
wars
or
other
armed
conflicts
(such
as
the
conflict
in
the
Middle
East
and
the
ongoing
Russia-Ukraine
conflict
and
its
collateral
economic
and
other
effects,
including,
but
not
limited
to,
sanctions
and
other
international
trade
barriers)
or
ratings
downgrades,
and
other
similar
events,
each
of
which
may
be
temporary
or
last
for
extended
periods.
Different
sectors,
industries
and
security
types
may
react
differently
to
such
developments.
Moreover,
changing
economic,
political,
geopolitical,
social,
financial
market
or
other
conditions
in
one
country,
geographic
region
or
industry
could
adversely
affect
the
value,
yield
and
return
of
any
investments
held
by
the
Fund
in
a
different
country,
Note
3
‒
Fair
Value
Measurement
(continued)
16
|
THE
GUGGENHEIM
FUNDS
June
30,
2026
NOTES
TO
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(concluded)
geographic
region,
economy,
industry
or
market
because
of
the
increasingly
interconnected
global
economies
and
financial
markets.
The
duration
and
extent
of
the
foregoing
types
of
factors
or
conditions
are
highly
uncertain
and
difficult
to
predict
and
have
in
the
past,
and
may
in
the
future,
cause
volatility
and
distress
in
economies
and
financial
markets
or
other
adverse
circumstances,
which
may
negatively
affect
the
value
of
the
Fund's
investments
and
performance
of
the
Fund.
Note
4
‒
Market
Risks
(continued)
THE
GUGGENHEIM
FUNDS
|
17
OTHER
INFORMATION
(Unaudited)
Sector
Classification
Information
in
the
“Schedule
of
Investments”
is
categorized
by
sectors
using
sector-level
classifications
defined
by
the
Bloomberg
Industry
Classification
System,
a
widely
recognized
industry
classification
system
provider.
The
Fund’s
registration
statement
has
investment
policies
relating
to
concentration
in
specific
sectors/industries.
For
purposes
of
these
investment
policies,
the
Fund
usually
classifies
sectors/industries
based
on
industry-level
Classifications
used
by
widely
recognized
industry
classification
system
providers
such
as
Bloomberg
Industry
Classification
System,
Global
Industry
Classification
Standards
and
Barclays
Global
Classification
Scheme.