Transparent Value
Transparent Value Small-Cap Fund As of 12/31/2015
Fund Objective The Fund’s investment objective is to provide investment results that before fees and expenses, correspond generally to the total return performance of the Transparent Value Small-Cap IndexSM (the “Small-Cap Index” or “Index”).
Fund Strategy Designed for: • Investors seeking capital appreciation by investing in a portfolio of high RBP® Probability stocks, who expect a generally rising market environment
RBP® quantifies the probability of whether a stock can perform according to market expectations by measuring the likelihood that the company’s management can achieve the Required Business Performance® to support its current valuation or if investors’ systematic behavioral biases might have caused misalignment between the stock price and management’s ability to deliver. RBP® Probability cannot guarantee nor does it predict profit, performance or future stock prices.
Portfolio Management Gennadiy Khayutin Senior Portfolio Manager Scott Hammond Senior Portfolio Manager Farhan Sharaff Chief Investment Officer
Invests in: • U.S. small-capitalization companies believed to have a high RBP® Probability, while avoiding companies believed to have the most behavioral risk Process:
Fund Information Net assets
$2.3 million
Number of holdings
102
Average market cap. $2,983 million
• Applies Transparent Value’s proprietary RBP® Methodology to small-cap stocks • Combines the deeper research insights of active management with the transparency, consistency and disciplined rules-based methodology of an index-based portfolio
Average P/E ratio
19.6x
Beta
1.07
Class A
Class C
Class F-1
Class I
CUSIP
89386C621
89386C613
89386C597
89386C589
Ticker
TVSAX
TVSCX
TVSFX
TVSIX
Transparent Value Large-Cap Value IndexSM
DRSMLT
Index Construction The Fund seeks to generally replicate performance of the Transparent Value Small-Cap IndexSM. The index consists of the 100 stocks in the Dow Jones U.S. Small-Cap Total Stock Market IndexSM with the highest RBP® probabilities.
Dow Jones U.S. Small-Cap Total Stock Market IndexSM ~1,750 stocks
Screen liquidity ~750 Stocks
20% of Companies with Lowest RBP® are Dismissed
Top 90% with beta closest to 1.0
High RBP® Probabilities (Within Industry Group)
Weight by RBP ® Probability
Low RBP ® Probabilities
Transparent Value Small-Cap IndexSM 100 stocks
small-cap Please see important disclosures at the end of this document. The views and strategies described may not be suitable for all investors. 1
www.transparentvalue.com
Transparent Value Small-Cap Fund As of 12/31/2015
Fund Allocation
Sector Composition (% of Net Assets) Sources: S&P Dow Jones (Industry Classification & Index Holdings)/ALPS Fund Services, Inc. (Fund Holdings)
Domestic Equities (Excluding Exchange-Traded Funds) Cash & Equivalents*
96.1%
n
3.9%
n
Financials
27.1 28.1 27.0
Information Technology
17.8 18.6 16.9
Consumer Discretionary
13.9 14.3 13.4
Health Care
12.1 12.7 14.0
Industrials
11.9 12.3 13.0
Materials
3.3 3.5 4.8
Consumer Staples
3.2 3.3 3.0
Energy
3.0 3.1 3.8
Utilities
2.4 2.6 3.4
Top 10 Holdings** (% of Net Assets) 1
Fairchild Semiconductor Intl A
1.5
2
Monolithic Power Systems
1.4
3
8X8 Inc
1.4
4
Globus Medical Inc. A
1.4
Telecommunication Services
1.4 1.5 0.6
5
Shutterfly Inc
1.3
Cash & Equivalents*
6
On Assignment Inc
1.3
3.9 0.0 0.0
7
Veeva Systems Inc A
1.3
8
BofI Holding
1.3
9
Manhattan Associates Inc
1.3
10
Education Realty Trust
1.2
Total (% of Net Assets)
Transparent Value Small-Cap Fund Transparent Value Small-Cap IndexSM Dow Jones U.S. Small-Cap Total Stock Market IndexSM
13.5
Holdings are subject to change
Performance As of 12/31/2015
Annualized Total Returns 3 Month
Class A (with max. 5.75% front-end sales charge)(1) Class A (without sales charge) Class I Dow Jones U.S. Small-Cap Total Stock Market Index Russell 2000 IndexSM
SM
YTD
1 Year
Since Class Inception
Class Net Expense Gross Inception Ratio*** Expense Ratio***
-1.22%
-9.47%
-9.47%
-6.55%
4/1/2014
1.71%
9.91%
4.82%
-3.94%
-3.94%
-3.33%
4/1/2014
1.71%
9.91%
5.02%
-3.52%
-3.52%
-2.89%
4/1/2014
1.31%
9.51%
3.03%
-4.23%
-4.23%
-1.07%
4/1/2014
3.59%
-4.41%
-4.41%
-1.24%
4/1/2014(2)
(2)
Returns for periods less than one year are not annualized. Performance data quoted represents past performance. Past performance is not a guarantee of future results and investment returns, and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Please call 1.888.727.6885 for current month-end performance. For the latest performance on Class C and I shares, please visit www.transparentvalue.com. (1) Maximum Sales Charge (Load) imposed on purchases (as a percentage of offering price) of Class A shares is 5.75%. This sales charge varies depending upon how much is invested. A 1.25% deferred sales charge (as a percentage of net asset value) will be imposed on purchases of $1,000,000 or more on Fund shares purchased without a front-end sales charge that are redeemed within 18 months of purchase. See “Sales Charges” of the Prospectus
(2) Inception date represents index performance from date of fund class inception. *Includes cash, short-term investments, exchange-traded funds and other assets less liabilities. **Does not include cash, short-term investments or exchange-traded funds.
***As reported in the Fund’s most recent prospectus (Dated 01/28/2015) Guggenheim Partners Investment Management, LLC (“Guggenheim” or the “Adviser”) has contractually agreed to reduce fees and reimburse expenses to the extent necessary to keep Net Expenses (excluding interest, taxes, acquired fund fees and expenses, brokerage commissions and extraordinary expenses (“Excluded Expenses”)) from exceeding 1.70%, 2.30%, 1.55% and 1.30% of the Fund’s average daily net assets of the Class A, Class C, Class F-1 and Class I Shares, respectively, until January 31, 2016 (the “Agreement”). To the extent Excluded Expenses are incurred (e.g., the estimated acquired fund fees and expenses of 0.01%), Net Annual Fund Operating Expenses may be higher than the contractual caps. This Agreement may be terminated by the Board, for any reason at any time. If, at any point, Total Annual Fund Operating Expenses (not including Excluded Expenses) are below the contractual caps, the Adviser is entitled to be reimbursed by the Fund in an amount equal to the difference between the Fund’s Total Annual Fund Operating Expenses (not including Excluded Expenses) and the contractual caps to recapture all or a portion of its prior fee reductions or expense reimbursements made during the preceding three-year period during which this Agreement was in place. No reimbursement shall be paid to the Adviser until reported to the Board.
Please see important disclosures at the end of this document. The views and strategies described may not be suitable for all investors. www.transparentvalue.com
2
Risks: The Funds seek to track quantitative strategy indexes and, as a result, may have lower returns than other types of index-based strategies. An investment in the Transparent Value Funds involves risk, including loss of principal. Since the Funds invest in securities comprising an index created by a proprietary model the Funds may have a lower return than if the Funds were managed using a fundamental or index-based strategy that did not incorporate quantitative analysis. The Fund is non-diversified and as a result, may have greater exposure to volatility than other funds.
stock that is more volatile than the market over time tends to have a beta above 1.0. If a stock is less volatile than the market over time, the stocks beta tends to be less than 1.
The Fund’s return may not match or achieve a high degree of correlation with the return of the Index. The Fund invests primarily in small-cap companies. While small-cap companies may offer greater potential for capital appreciation than larger more established companies, they may also involve greater risk of loss and price fluctuation. Small-cap companies may be more vulnerable to adverse business or economic events than larger, more established companies because of the small-cap companies’ more limited product lines and financial resources. The trading markets for securities of small-cap issuers may be less liquid and more volatile than securities of larger companies. This means that the Fund could have greater difficulty buying or selling a security of a small-cap issuer at an acceptable price, especially in periods of market volatility. The Fund is nondiversified and, as a result, may have greater exposure to volatility than other funds. The Fund’s assets will only be concentrated in an industry or group of industries to the extent that the Index concentrates in a particular industry or group of industries. By concentrating its assets in a single industry or group of industries, the Fund is subject to the risk that economic, political or other conditions that have a negative effect on that industry or group of industries will negatively impact the Fund to a greater extent than if the Fund’s assets were invested in a wider variety of industries. The Fund is subject to risks related to investments in REITs, including fluctuations in the value of underlying properties, defaults by borrowers or tenants, lack of diversification, heavy cash flow dependency, self-liquidation, and potential failure to qualify for tax-free pass through of income and exemption from registration as an investment company. The Fund may also invest in derivative instruments, investments whose values depend on the performance of an underlying security, asset, interest rate, index or currency and entail potentially higher volatility and risk of loss compared to traditional stock or bond investments. Interest Rate Risk - The Fund may invest in fixed income securities that change in value based on changes in interest rates. If rates increase, the value of these investments generally declines.
Dow Jones U.S. Small-Cap Total Stock Market Index is a subset of the Dow Jones U.S. Total Stock Market Index, which measures all U.S. equity securities with readily available prices. The index represents the stocks ranked 751-2,500 by full market capitalization and is floatadjusted market cap weighted.
Index - The Transparent Value Small Index focuses on small-cap companies that are believed to have the strong fundamental scores and highest RBP® Probabilities.
Market Cap- Current market cap is the sum of the market capitalization of all classes of common stock, in millions. PE Ratio (Price to Earnings Ratio) the price of a stock divided by its historical earnings per share. Free Cash Flow is cash flow available for distribution among all the securities holders of an organization. Return on Equity (ROE) is the amount of net income returned as a percentage of shareholders equity. ROE measures a corporation’s profitability.
Russell 2000 An index measuring the performance approximately 2000 small-cap companies in the Russell 3000 Index, which is made up of 3000 of the biggest U.S. stocks.
An investor should consider investment objectives, risks, charges and expenses carefully before investing. To obtain a prospectus, which contains this and other information, call 1-888-727-6885 or visit www. transparentvalue.com. Read the prospectus carefully before investing. Required Business Performance® is the revenue growth necessary to support the current stock price. Required Business Performance® is used as a benchmark against which to measure management’s ability to perform in the future. It is calculated using a reverse discounted cash flow valuation model that uses the current stock price as the primary input. Required Business Performance® Probability – Measures the likelihood that management will deliver the Required Business Performance® to support the stock price. There is no assurance the RBP® methodology will successfully identify companies that will achieve their RBP or outperform the performance of other indices. Transparent Value Small-Cap Index (the “Index”) is the property of Transparent Value which has contracted with S&P Dow Jones Indices LLC or its affiliate (“S&PDJI”) to maintain and calculate the Index. The S&P Dow Jones U.S. Small Cap Total Stock Market Index is the property of S&PDJI and/or their third party licensors and has been licensed by S&PDJI for use by Transparent Value in connection with the Index. S&PDJI shall have no liability for any errors or omissions in calculating the Index. The Transparent Value Small-Cap Fund is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, its affiliates or their third party licensors and neither S&P Dow Jones Indices LLC, its affiliates nor their its third party licensors make any representation regarding the advisability of investing in the Transparent Value Small Cap Fund. Guggenheim Investments represents the following affiliated investment management businesses of Guggenheim Partners, LLC: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Aviation Partners, LLC, Guggenheim Real Estate, LLC, Transparent Value Advisors, LLC, GS GAMMA Advisors, LLC, Guggenheim Partners Europe Limited and Guggenheim Partners India Management. This material is intended to inform you of services available through Guggenheim Investments’ affiliate businesses. Transparent Value Mutual Funds are distributed by ALPS Distributors, Inc. Guggenheim Funds Distributors, LLC is the marketing agent for Transparent Value Mutual Funds. Transparent Value, LLC, and Guggenheim Funds Distributors, LLC are subsidiaries of Guggenheim Partners, LLC.
Definitions and Index Language Beta – A measure of a given stocks volatility in relation to the volatility of a specific market. A
Contact Us Transparent Value, LLC 330 Madison Avenue, 10th Floor, New York, NY 10017 Phone: 1-888-727-6885 Website: www.transparentvalue.com © 2016 Transparent Value, LLC. All rights reserved.
TVA000836 SKU TV-SMCAP-FC 04/30/2016
Fund Objective The Fund’s investment objective is to provide investment results that before fees and expenses, correspond generally to the total return performance of the Transparent Value Small-Cap IndexSM (the “Small-Cap Index” or “Index”).
Fund Strategy Designed for: • Investors seeking capital appreciation by investing in a portfolio of high RBP® Probability stocks, who expect a generally rising market environment
RBP® quantifies the probability of whether a stock can perform according to market expectations by measuring the likelihood that the company’s management can achieve the Required Business Performance® to support its current valuation or if investors’ systematic behavioral biases might have caused misalignment between the stock price and management’s ability to deliver. RBP® Probability cannot guarantee nor does it predict profit, performance or future stock prices.
Portfolio Management Gennadiy Khayutin Senior Portfolio Manager Scott Hammond Senior Portfolio Manager Farhan Sharaff Chief Investment Officer
Invests in: • U.S. small-capitalization companies believed to have a high RBP® Probability, while avoiding companies believed to have the most behavioral risk Process:
Fund Information Net assets
$2.3 million
Number of holdings
102
Average market cap. $2,983 million
• Applies Transparent Value’s proprietary RBP® Methodology to small-cap stocks • Combines the deeper research insights of active management with the transparency, consistency and disciplined rules-based methodology of an index-based portfolio
Average P/E ratio
19.6x
Beta
1.07
Class A
Class C
Class F-1
Class I
CUSIP
89386C621
89386C613
89386C597
89386C589
Ticker
TVSAX
TVSCX
TVSFX
TVSIX
Transparent Value Large-Cap Value IndexSM
DRSMLT
Index Construction The Fund seeks to generally replicate performance of the Transparent Value Small-Cap IndexSM. The index consists of the 100 stocks in the Dow Jones U.S. Small-Cap Total Stock Market IndexSM with the highest RBP® probabilities.
Dow Jones U.S. Small-Cap Total Stock Market IndexSM ~1,750 stocks
Screen liquidity ~750 Stocks
20% of Companies with Lowest RBP® are Dismissed
Top 90% with beta closest to 1.0
High RBP® Probabilities (Within Industry Group)
Weight by RBP ® Probability
Low RBP ® Probabilities
Transparent Value Small-Cap IndexSM 100 stocks
small-cap Please see important disclosures at the end of this document. The views and strategies described may not be suitable for all investors. 1
www.transparentvalue.com
Transparent Value Small-Cap Fund As of 12/31/2015
Fund Allocation
Sector Composition (% of Net Assets) Sources: S&P Dow Jones (Industry Classification & Index Holdings)/ALPS Fund Services, Inc. (Fund Holdings)
Domestic Equities (Excluding Exchange-Traded Funds) Cash & Equivalents*
96.1%
n
3.9%
n
Financials
27.1 28.1 27.0
Information Technology
17.8 18.6 16.9
Consumer Discretionary
13.9 14.3 13.4
Health Care
12.1 12.7 14.0
Industrials
11.9 12.3 13.0
Materials
3.3 3.5 4.8
Consumer Staples
3.2 3.3 3.0
Energy
3.0 3.1 3.8
Utilities
2.4 2.6 3.4
Top 10 Holdings** (% of Net Assets) 1
Fairchild Semiconductor Intl A
1.5
2
Monolithic Power Systems
1.4
3
8X8 Inc
1.4
4
Globus Medical Inc. A
1.4
Telecommunication Services
1.4 1.5 0.6
5
Shutterfly Inc
1.3
Cash & Equivalents*
6
On Assignment Inc
1.3
3.9 0.0 0.0
7
Veeva Systems Inc A
1.3
8
BofI Holding
1.3
9
Manhattan Associates Inc
1.3
10
Education Realty Trust
1.2
Total (% of Net Assets)
Transparent Value Small-Cap Fund Transparent Value Small-Cap IndexSM Dow Jones U.S. Small-Cap Total Stock Market IndexSM
13.5
Holdings are subject to change
Performance As of 12/31/2015
Annualized Total Returns 3 Month
Class A (with max. 5.75% front-end sales charge)(1) Class A (without sales charge) Class I Dow Jones U.S. Small-Cap Total Stock Market Index Russell 2000 IndexSM
SM
YTD
1 Year
Since Class Inception
Class Net Expense Gross Inception Ratio*** Expense Ratio***
-1.22%
-9.47%
-9.47%
-6.55%
4/1/2014
1.71%
9.91%
4.82%
-3.94%
-3.94%
-3.33%
4/1/2014
1.71%
9.91%
5.02%
-3.52%
-3.52%
-2.89%
4/1/2014
1.31%
9.51%
3.03%
-4.23%
-4.23%
-1.07%
4/1/2014
3.59%
-4.41%
-4.41%
-1.24%
4/1/2014(2)
(2)
Returns for periods less than one year are not annualized. Performance data quoted represents past performance. Past performance is not a guarantee of future results and investment returns, and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Please call 1.888.727.6885 for current month-end performance. For the latest performance on Class C and I shares, please visit www.transparentvalue.com. (1) Maximum Sales Charge (Load) imposed on purchases (as a percentage of offering price) of Class A shares is 5.75%. This sales charge varies depending upon how much is invested. A 1.25% deferred sales charge (as a percentage of net asset value) will be imposed on purchases of $1,000,000 or more on Fund shares purchased without a front-end sales charge that are redeemed within 18 months of purchase. See “Sales Charges” of the Prospectus
(2) Inception date represents index performance from date of fund class inception. *Includes cash, short-term investments, exchange-traded funds and other assets less liabilities. **Does not include cash, short-term investments or exchange-traded funds.
***As reported in the Fund’s most recent prospectus (Dated 01/28/2015) Guggenheim Partners Investment Management, LLC (“Guggenheim” or the “Adviser”) has contractually agreed to reduce fees and reimburse expenses to the extent necessary to keep Net Expenses (excluding interest, taxes, acquired fund fees and expenses, brokerage commissions and extraordinary expenses (“Excluded Expenses”)) from exceeding 1.70%, 2.30%, 1.55% and 1.30% of the Fund’s average daily net assets of the Class A, Class C, Class F-1 and Class I Shares, respectively, until January 31, 2016 (the “Agreement”). To the extent Excluded Expenses are incurred (e.g., the estimated acquired fund fees and expenses of 0.01%), Net Annual Fund Operating Expenses may be higher than the contractual caps. This Agreement may be terminated by the Board, for any reason at any time. If, at any point, Total Annual Fund Operating Expenses (not including Excluded Expenses) are below the contractual caps, the Adviser is entitled to be reimbursed by the Fund in an amount equal to the difference between the Fund’s Total Annual Fund Operating Expenses (not including Excluded Expenses) and the contractual caps to recapture all or a portion of its prior fee reductions or expense reimbursements made during the preceding three-year period during which this Agreement was in place. No reimbursement shall be paid to the Adviser until reported to the Board.
Please see important disclosures at the end of this document. The views and strategies described may not be suitable for all investors. www.transparentvalue.com
2
Risks: The Funds seek to track quantitative strategy indexes and, as a result, may have lower returns than other types of index-based strategies. An investment in the Transparent Value Funds involves risk, including loss of principal. Since the Funds invest in securities comprising an index created by a proprietary model the Funds may have a lower return than if the Funds were managed using a fundamental or index-based strategy that did not incorporate quantitative analysis. The Fund is non-diversified and as a result, may have greater exposure to volatility than other funds.
stock that is more volatile than the market over time tends to have a beta above 1.0. If a stock is less volatile than the market over time, the stocks beta tends to be less than 1.
The Fund’s return may not match or achieve a high degree of correlation with the return of the Index. The Fund invests primarily in small-cap companies. While small-cap companies may offer greater potential for capital appreciation than larger more established companies, they may also involve greater risk of loss and price fluctuation. Small-cap companies may be more vulnerable to adverse business or economic events than larger, more established companies because of the small-cap companies’ more limited product lines and financial resources. The trading markets for securities of small-cap issuers may be less liquid and more volatile than securities of larger companies. This means that the Fund could have greater difficulty buying or selling a security of a small-cap issuer at an acceptable price, especially in periods of market volatility. The Fund is nondiversified and, as a result, may have greater exposure to volatility than other funds. The Fund’s assets will only be concentrated in an industry or group of industries to the extent that the Index concentrates in a particular industry or group of industries. By concentrating its assets in a single industry or group of industries, the Fund is subject to the risk that economic, political or other conditions that have a negative effect on that industry or group of industries will negatively impact the Fund to a greater extent than if the Fund’s assets were invested in a wider variety of industries. The Fund is subject to risks related to investments in REITs, including fluctuations in the value of underlying properties, defaults by borrowers or tenants, lack of diversification, heavy cash flow dependency, self-liquidation, and potential failure to qualify for tax-free pass through of income and exemption from registration as an investment company. The Fund may also invest in derivative instruments, investments whose values depend on the performance of an underlying security, asset, interest rate, index or currency and entail potentially higher volatility and risk of loss compared to traditional stock or bond investments. Interest Rate Risk - The Fund may invest in fixed income securities that change in value based on changes in interest rates. If rates increase, the value of these investments generally declines.
Dow Jones U.S. Small-Cap Total Stock Market Index is a subset of the Dow Jones U.S. Total Stock Market Index, which measures all U.S. equity securities with readily available prices. The index represents the stocks ranked 751-2,500 by full market capitalization and is floatadjusted market cap weighted.
Index - The Transparent Value Small Index focuses on small-cap companies that are believed to have the strong fundamental scores and highest RBP® Probabilities.
Market Cap- Current market cap is the sum of the market capitalization of all classes of common stock, in millions. PE Ratio (Price to Earnings Ratio) the price of a stock divided by its historical earnings per share. Free Cash Flow is cash flow available for distribution among all the securities holders of an organization. Return on Equity (ROE) is the amount of net income returned as a percentage of shareholders equity. ROE measures a corporation’s profitability.
Russell 2000 An index measuring the performance approximately 2000 small-cap companies in the Russell 3000 Index, which is made up of 3000 of the biggest U.S. stocks.
An investor should consider investment objectives, risks, charges and expenses carefully before investing. To obtain a prospectus, which contains this and other information, call 1-888-727-6885 or visit www. transparentvalue.com. Read the prospectus carefully before investing. Required Business Performance® is the revenue growth necessary to support the current stock price. Required Business Performance® is used as a benchmark against which to measure management’s ability to perform in the future. It is calculated using a reverse discounted cash flow valuation model that uses the current stock price as the primary input. Required Business Performance® Probability – Measures the likelihood that management will deliver the Required Business Performance® to support the stock price. There is no assurance the RBP® methodology will successfully identify companies that will achieve their RBP or outperform the performance of other indices. Transparent Value Small-Cap Index (the “Index”) is the property of Transparent Value which has contracted with S&P Dow Jones Indices LLC or its affiliate (“S&PDJI”) to maintain and calculate the Index. The S&P Dow Jones U.S. Small Cap Total Stock Market Index is the property of S&PDJI and/or their third party licensors and has been licensed by S&PDJI for use by Transparent Value in connection with the Index. S&PDJI shall have no liability for any errors or omissions in calculating the Index. The Transparent Value Small-Cap Fund is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, its affiliates or their third party licensors and neither S&P Dow Jones Indices LLC, its affiliates nor their its third party licensors make any representation regarding the advisability of investing in the Transparent Value Small Cap Fund. Guggenheim Investments represents the following affiliated investment management businesses of Guggenheim Partners, LLC: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Aviation Partners, LLC, Guggenheim Real Estate, LLC, Transparent Value Advisors, LLC, GS GAMMA Advisors, LLC, Guggenheim Partners Europe Limited and Guggenheim Partners India Management. This material is intended to inform you of services available through Guggenheim Investments’ affiliate businesses. Transparent Value Mutual Funds are distributed by ALPS Distributors, Inc. Guggenheim Funds Distributors, LLC is the marketing agent for Transparent Value Mutual Funds. Transparent Value, LLC, and Guggenheim Funds Distributors, LLC are subsidiaries of Guggenheim Partners, LLC.
Definitions and Index Language Beta – A measure of a given stocks volatility in relation to the volatility of a specific market. A
Contact Us Transparent Value, LLC 330 Madison Avenue, 10th Floor, New York, NY 10017 Phone: 1-888-727-6885 Website: www.transparentvalue.com © 2016 Transparent Value, LLC. All rights reserved.
TVA000836 SKU TV-SMCAP-FC 04/30/2016
