Guggenheim S&P High Income Infrastructure ETF


Investment Objectives

Guggenheim S&P High Income Infrastructure ETF (GHII) seeks investment results that correspond generally to the performance, before the fund’s fees and expenses, of an equity index called the S&P High Income Infrastructure Index (the “Index”). GHII will invest in the 50 highest-yielding global equity securities of companies that engage in various infrastructure-related industries. Securities are selected from global companies, trading on exchanges in developed countries.

Highlights & Applications

  • Performance Potential: Seeks to provide access to the 50 highest-yielding securities in the global infrastructure market, a segment that may be poised for strong growth as the global population expands and standards of living around the world continue to improve.
  • Unique Yield-Weighted Approach: Most companies have long-term regulatory contracts or concessions to operate infrastructure assets. As a result, they may generate consistent stable cash flow streams. GHII employs a strategic beta approach in an attempt to capture these steady flows and maximize income through “yield-weighting.”
  • Lower Correlation: Global infrastructure securities may provide a lower correlation to traditional asset classes, such as stocks and bonds, and offer a hedge against inflation.*

*Source: S&P Dow Jones Indices LLC, ‘Approaches to Benchmarking Listed Infrastructure’, 9.2014.

Top Fund Holdings

as of 10/20/16 View All Holdings

Top Fund Geographic Weightings

as of 6/30/16

Geographic Weighting
United States 52.05 %
Canada 21.17 %
Australia 5.57 %
United Kingdom 3.70 %
New Zealand 3.48 %
Spain 3.31 %
France 2.91 %
Hong Kong 2.39 %
Finland 1.68 %
Germany 1.62 %
Italy 1.07 %
Portugal 0.95 %

Top Fund Sectors

as of 6/30/16

Energy 54.46 %
Utilities 41.70 %
Industrials 3.83 %
Cash 0.01 %

All data is provided by Guggenheim Funds Distributors, LLC, Morningstar or Fact Set. Data is subject to change on a daily basis and represents a percentage of the Fund’s holdings, excluding cash. The securities mentioned are provided for informational purposes only and should not be deemed as a recommendation to buy or sell.

Fund Profile

as of 10/20/16
Symbol GHII
Exchange NYSE Arca
CUSIP 18383Q721
Fund Inception Date 2/11/15
Distribution Schedule (if any) Quarterly
Gross Expense Ratio 0.45 %
Net Expense Ratio 0.45 %
Fiscal Year-End 8/31
Investment Adviser Guggenheim Funds Investment Advisors, LLC
Distributor Guggenheim Funds Distributors, LLC
S&P High Income Infrastructure IndexSPHIIUT
Index Provider Standard & Poors
Volume 4,088
Shares Outstanding 250,000
Total Managed Assets $6,576,760

The expense ratio is expressed as a unitary fee and covers all expenses of the Fund, except for the fee payments under the investment advisory agreement, distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses and other extraordinary expenses.

The gross expense ratio reflects the fund’s actual total annual operating expense ratio, gross of any fee waivers or expense reimbursements as of its most recent prospectus.

Net Asset Value

as of 10/20/16 Price History
NAV  $26.31
Change $-0.01
52-Week High $27.61
52-Week Low $18.45

Market Close

as of 10/20/16 Price History
  Market Price 
Close  $26.41
Change $-0.28
52-Week High $27.73
52-Week Low $18.16
Bid/Ask Midpoint  $26.37
Premium / Discount  0.23%
Premium / Discount Historical Download1

1Shareholders may pay more than net asset value when they buy shares of an ETF and receive less than net asset value when they sell those shares, because shares are bought and sold at current market prices.

NAV is the price per share at which each Fund issues and redeems shares. The net asset value per share for each Fund is determined once daily as of the close of the listing exchange, usually 4:00 p.m. Eastern time, each day the listing exchange is open for trading. NAV per share is determined by dividing the value of the Fund’s portfolio securities, cash and other assets (including accrued interest), less all liabilities (including accrued expenses), by the total number of shares outstanding.

In general, market price represents what the fund is trading at.

The closing price is the price of the last reported trade on any exchange on which the Fund trades before the market closes, usually at 4 pm Eastern time.

The bid/ask midpoint is the midpoint of the highest bid and lowest offer on the listing exchange at the time that the NAV is calculated, usually 4 pm Eastern time.

The premium/discount is the amount the Fund is trading higher (“premium”) or lower (“discount”) to its NAV, expressed as a percentage of its bid/ask midpoint to its NAV. A positive number indicates it’s trading at premium and a negative number indicates it’s trading at a discount.

Index Description

The S&P High Income Infrastructure Index is designed to serve as a benchmark for yield-seeking equity investors looking for infrastructure exposure. The index is composed of the 50 highest-dividend-paying companies within the S&P Global BMI that operate in the energy, transportation, and utilities sectors.

Index Characteristics

as of 6/30/16

Number of Securities54
Average Market Capitalization $110.0 Mil

P/E ratio is a harmonic weighted average and is equal to a security’s market capitalization divided by it after-tax earnings over the most recent 12-month period.

P/B ratio is a harmonic weighted average and is equal to a security’s market capitalization divided by its book value.

Alpha is a statistical measurement that depicts the performance difference between a fund’s return and an underlying performance benchmark, given a fund’s level of volatility, measured by beta. The benchmark will always reflect an alpha of 0.00%. A positive alpha indicates a fund has performed better than its beta would predict in the stated period.

Beta is the measure of a fund’s sensitivity to an index. By definition, the beta of an index is 1.00. Any fund with a higher beta is more volatile than the index. Likewise, any portfolio with a lower beta will be less volatile than the index in the stated period.

Standard deviation is a measure of historical volatility that indicates the degree to which an investment’s returns fluctuate around its average return. Generally, a higher standard deviation indicates a more risky investment.

Average market capitalization is the geometric mean of the market capitalization s for all securities in a fund’s portfolio.

Weighted average coupon is calculated by weighting each bond’s coupon by its relative size in the portfolio.

Weighted average bond price is a weighted average of individual bond prices.

Weighted average option-adjusted duration is a weighted average which measures the sensitivity of the price (the value of principal), incorporating the expected duration-shortening effect of an embedded call provision, of a fixed-income investment to a change in interest rates. The larger the duration number, the greater the interest-rate risk for bond prices.

Average maturity is the length of time until the principal amount of a bond must be repaid.

Average effective duration measures the sensitivity of the price (value of principal) of a fixed income investment to a change in interest rates. The larger the duration number, the greater the interest rate risk for bond prices.


The Index is designed to measure and monitor the performance of fifty high-yielding global equity securities of companies that engage in various infrastructure-related sub-industries. Index constituents must meet size, listing and liquidity requirements and also be part of the S&P Global BMI Index, which is a rules-based index that measures global stock market performance. The Index employs a yield-weighted methodology that weights all constituents by their twelve month dividend yield over the prior twelve months. The Index was created by the S&P Dow Jones Index Group and is maintained by S&P Dow Jones Indices, LLC.


S&P High Income Infrastructure Index

  1. Parent Index and Listing Requirements. Eligible securities must be components of the S&P Global BMI Index that are listed on a developed stock exchange.
  2. Infrastructure Company Exposure. Eligible securities must be equity securities of companies classified in one of the Infrastructure Clusters. The Infrastructure Clusters are formed based on the GICS sub-industry classifications as follows:
    • Energy Cluster:
      Oil & Gas Storage & Transportation Sub-Industry
    • Transportation Cluster:
      Airport Services Sub-Industry
      Highway & Railtracks Sub-Industry
      Marine Ports & Services Sub-Industry
    • Utilities Cluster:
      Electric Utilities Sub-Industry
      Gas Utilities Sub-Industry
      Multi Utilities Sub-Industry
      Water Utilities Sub-Industry
  3. Market Capitalization. Securities must have float adjusted market capitalization of $250 million and above as of the reference date.
  4. Liquidity. Securities must have a three-month average daily value traded of $1 million or higher as of the reference date.
  5. High Yield Securities. The top 50 highest yielding securities (based on their 12-month dividend yield over the prior 12 months at the most recent Index rebalancing date) that meet the requirements described above form the Index.
  6. Weighting Methodology. Index constituents are weighted based on their twelve-month dividend yield over the prior twelve months. The maximum weight of a particular security is 5% of the Index and the maximum weight of each Infrastructure Cluster is 50% of the Index.
  7. Chinese Company Exposure. The Index may include Hong Kong listed securities, including China H-shares. China H-shares are issued by companies incorporated in mainland China and listed on the Hong Kong Stock Exchange. The Index does not currently include China A-Shares (which are subject to substantial restrictions on foreign investment) or China B-Shares (which offer a generally smaller market and limited liquidity), each of which trade on the Shanghai Stock Exchange and the Shenzhen Stock Exchange.
  8. Reconstitution and Rebalance. The Index Administrator reconstitutes the Index on a semi-annual basis. The reference dates are the last trading days of June and December. Changes are effective after the close of the third Friday following the reference date. New securities will be added to the Index if they meet the eligibility requirements described above. Any additions will be funded on a pro-rata basis from the remainder of the Index, net of deletions. Securities will be deleted from the Index if they no longer meet the eligibility requirements described above. The Index will be rebalanced semi-annually to accommodate any additions or deletions to the Index and to enforce the target weights as described above. Once set, either initially or at a semi-annual rebalance, target weights are free to float due to market actions.
  9. Index Methodology Changes. The Index Committee meets semi-annually to review the methodology. Any changes to the methodology will be publicly disclosed five days prior to implementation. All methodology changes, as well as the current version of the methodology, are available at


Investors should consider the following risk factors and special considerations associated with investing in the Fund, which may cause you to lose money.

Guggenheim S&P High Income Infrastructure ETF (the "Fund") may not be suitable for all investors. • The Fund is subject to the risk that medium, small and micro-capitalization stocks may under-perform other segments of the equity market or the equity market as a whole. • The Fund is subject to the risk that unanticipated early closings of securities exchanges and other financial markets may result in the Fund's inability to buy or sell securities or other financial instruments on that day. • In certain circumstances, it may be difficult for the Fund to purchase and sell particular investments within a reasonable time at a fair price. • Investments in securities, in general, are subject to market risks that may cause their prices to fluctuate over time. An investment in the Fund may lose money. • Unlike many investment companies, the Fund is not actively "managed." This means that based on market and economic conditions, the Fund's performance could be lower than other types of funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline. • Tracking error risk refers to the risk that the Fund’s performance may be unable to match or correlate to that of the Fund’s Underlying Index, either on a daily or aggregate basis. Tracking error risk may cause the Funds’ performance to be less than expected. • Shares may trade below their net asset value ("NAV"). The NAV of shares will fluctuate with changes in the market value of the Fund’s holdings. In addition, although the Fund’s shares are currently listed on NYSE Arca, Inc. (the "Exchange"), there can be no assurance that an active trading market for shares will develop or be maintained. • The Fund’s investments in foreign securities carry additional risks when compared to U.S. securities, due to the impact of diplomatic, political or economic developments in the country in question (investments in emerging markets securities are generally subject to an even greater level of risks). • Investing in companies within one of the sectors (particularly, Energy, Industrials, Utilities and Infrastructure Clusters) may cause greater fluctuations in the value of the Fund’s shares. • The Fund is considered non-diversified and can invest a greater portion of its assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single security could cause greater fluctuations in the value of the Fund’s shares than would occur in a more diversified fund. &bsull; Please read the Fund’s prospectus for more detailed information regarding these and other risks. • The Fund is not actively "managed" which means the Fund would not necessarily sell a security because the security’s issuer was in financial trouble unless that security is removed from the Index. In addition, the Fund will not otherwise take defensive positions in declining markets unless such positions are reflected in the Index. • The Fund’s returns may not match the return of the Index for a number of reasons. The Fund may not be fully invested at times, either as a result of cash flows into the Fund, reserves of cash held by the Fund to meet redemptions and expenses, or if the Fund uses a "sampling" approach. • See the Fund’s Prospectus for more information on these and other risks.

The Fund’s Shares will change in value, and you could lose money by investing in the Fund. 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.

Investors buying or selling ETF shares on the secondary market may incur brokerage costs and other transactional fees. Shares of ETFs may fluctuate in price due to daily changes in trading volume. At times, shares may not have a high volume of trading.

Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC, a subsidiary of McGraw Hill Financial, Inc., and have been licensed for use by Guggenheim Investments and its affiliates.  Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC.  S&P Dow Jones Indices LLC (together with its affiliates, “S&P”) does not make investment recommendations, and S&P does not sponsor, endorse, sell or promote the Guggenheim S&P High Income Infrastructure ETF.  S&P makes no representation or warranty regarding the advisability of investing in the Guggenheim S&P High Income Infrastructure ETF.  Past performance of an index is not a guarantee of future results.


Read a prospectus and summary prospectus (if available) carefully before investing. It contains the investment objectives, risks, charges, expenses and other information, which should be considered carefully before investing. To obtain a prospectus and summary prospectus (if available) click here or contact us.

Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC ("Guggenheim"), which includes Security Investors, LLC ("SI"), Guggenheim Funds Investment Advisors, LLC, ("GFIA") and Guggenheim Partners Investment Management ("GPIM") the investment advisers to the referenced funds. Securities offered through Guggenheim Funds Distributors, LLC, an affiliate of Guggenheim, SI, GFIA and GPIM.


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