On January 11, 2012, Claymore Investments, Inc. (“Claymore”), the manager of the Claymore exchange traded funds, announced that BlackRock, Inc. (“BlackRock”) entered into a definitive agreement with subsidiaries of Guggenheim Partners, LLC (“Guggenheim”) to acquire all of Guggenheim’s interest in Claymore (the “Transaction”). The Transaction closed on March 7, 2012. As of March 7, 2012, Claymore is owned and controlled by BlackRock, Inc.

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Overview : Glossary of Terms

Arbitrage

the practice in trading of taking advantage of a price difference between two or more separate markets by purchasing and selling the same security at the same time in different markets.

Authorized Participant (AP)

an entity, typically an institutional investor, large broker/dealer, specialist, or market maker, who has entered in to an agreement that allows them to create and redeem fund shares directly with an ETF sponsor.

Backwardation

the opposite of contango is when the forward price or futures price of a commodity is below its spot price. This situation is referred to as ''backwardation'', i.e. Positive roll return.

Bid/Ask Spread

the difference between the ask price for an immediate purchase, or the lowest price a seller is willing to sell at, and the bid price for an immediate sale, or the highest price a buyer is willing to pay.

Creation/Redemption Unit

a specified number of fund shares that makes up one unit of an ETF. The creation/redemption unit size varies by fund, with most units containing between 25,000 and 600,000 fund shares. A unit of the fund can be created to receive a specified number of ETF shares or redeemed to receive a specified number of the securities underlying the ETF shares.

Contango

a commodity market is in contango when the forward price or futures price are higher than the spot price because market participants believe the spot price will be higher in the future, i.e. Negative roll return.

Expense Ratio

of a mutual fund or other investment company, the cost of investment management, marketing, custody, administration and other related expenses. The expense ratio, expressed in basis points or as a percentage, represents a fund's operating expenses divided by the average dollar value of its assets under management.

Intraday Indicative Value (IIV)/Indicative Optimized Portfolio Value (IOPV)

a measure of the intraday net asset value (NAV) of an ETF. The IIV/IOPV is designed to provide an indication of the relationship between an ETF's market price, (the price at which share transactions are executed) on an intraday basis, and the basket of securities that are representative of those owned by the ETF. Instead of waiting for the end of the trading day calculation of an investment's NAV, the IIV/IOPV gives a theoretical real-time view of the value.

Market Maker

a firm that facilitates trading in a security by standing ready to buy and/or sell generally at least 100 shares of a security at a publicly quoted price. The process of receiving and executing an order may take place in just seconds.

Market Depth

the size of a buy or sell order needed to move a stock price in either direction. A large order is needed to change a stock price in a deep market.

Net Asset Value (NAV)

the value of the underlying portfolio per share of a closed-end, exchange-traded, or mutual fund based on the market price of the underlying portfolio. The NAV is calculated daily by dividing the fund's total assets (securities, cash, and accrued earnings), less the fund's liabilities, by the number of shares outstanding. An official NAV is calculated once a day by most U.S. funds at 4:00pm Eastern Time, with some funds calculating an NAV several times a day or, in a few cases, hourly. ETFs shares trade at market value, which can be a dollar value above or below NAV.

Standard Deviation

a statistical measure of the degree to which an individual value in a probability distribution tends to vary from the mean of the distribution.

Tracking Error

a measure of how closely a portfolio tracks its benchmark index. It measures the standard deviation of the difference between the returns of a portfolio and the returns of its benchmark. The difference between the net asset value of the portfolio and the returns of the index on which the portfolio is based is called the net-asset-value tracking error. Price-to-index tracking error is the difference between the portfolio returns and underlying index returns based on closing market.

Rebalancing

the action of realigning the individual weighting of an index's security to the defined allocations as determined by the index's weighting methodology. Often times this prevents individual securities from overwhelming an index once the security has greatly outpaced its peers.

Reconstitution

the process in which an index is adjusted by making additions to and/or deletions from the index's securities. Generally indexes will reconstitute annually, semi-annually, or quarterly.

Underlying Constituents

the securities that together make up the underlying index that an ETF tracks.