Guggenheim Ultra Short Income ETF (GCSH) Quarterly Commentary Q2 2026

Past performance is no guarantee of future results. This EFT is not a money market fund and does not seek to maintain a stable net asset value of $1.00 per share. The ETF is not a bank
deposit and is not insured or guaranteed by the FDIC or any government agency.

Asset Backed Securities are financial investments, similar to bonds, that are collateralized by a pool of underlying assets—typically loans, leases, or receivables like credit card debt or auto loans. Types of ABS includes ABS – Financial, ABS – Aircraft, ABS – Infrastructure, ABS – Whole Business Securitization, ABS – Other and ABS – Consumer. Carry: The difference between the cost of financing an asset and the interest received on that asset. Non-Agency Residential Mortgage-Backed Securities (RMBS) are financial investments backed by pools of residential mortgage loans that are issued by private entities, rather than government-sponsored enterprises (like Fannie Mae or Freddie Mac). ETF shares are bought and sold through an exchange at the then current market price, not net asset value (NAV). Shares may trade at a premium or discount to their NAV when traded on an exchange. Buying and selling shares may result in brokerage commissions which will reduce returns.

Investing involves risk, including the possible loss of principal. • In general, the value of a fixed-income security falls when interest rates rise and rises when interest rates fall. Longer term bonds are more sensitive to interest rate changes and subject to greater volatility than those with shorter maturities. During periods of declining rates, the interest rates on floating rate securities generally reset downward and their value is unlikely to rise to the same extent as comparable fixed rate securities. • Investors in asset-backed securities, including collateralized loan obligations (CLOs), generally receive payments that are part interest and part return of principal. These payments may vary based on the rate loans are repaid. Some asset-backed securities may have structures that make their reaction to interest rates and other factors difficult to predict, making their prices volatile and they are subject to liquidity and valuation risk. CLOs bear similar risks to investing in loans directly. • Investments in loans involve special types of risks, including credit, interest rate, counterparty, prepayment, liquidity, and valuation risks. Loans are often below investment grade, may be unrated, and typically offer a fixed or floating interest rate. • High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility. • The fund’s use of leverage, through borrowings or instruments such as derivatives, may cause the fund to be more volatile and riskier than if it had not been leveraged. The more a fund invests in leveraged instruments, the more the leverage will magnify any gains or losses on those investments. • Dividend and income distributions are not guaranteed and will fluctuate based on performance of portfolio holdings. • There can be no assurance that an ETF will achieve its investment objective. Please refer to the individual ETF prospectus for a more detailed discussion of the fund-specific risks and considerations.

Read the fund’s prospectus and summary prospectus (if available) carefully before investing. It contains the fund’s investment objectives, risks, charges, expenses, and other information, which should be considered carefully before investing. Obtain a prospectus and summary prospectus (if available) at GuggenheimInvestments.com.

Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC (“Guggenheim”). This communication is issued by Guggenheim Funds Distributors, LLC. Guggenheim Funds Distributors, LLC. is affiliated with Guggenheim Partners, LLC.
ETF-COM-GCSH-0726 x1026 #5783413