The Guggenheim/BNY Mellon International Small Cap LDRs ETF ("the Fund") seeks investment results that correspond generally to the performance, before the Fund’s fees and expenses, of an equity index called The Bank of New York Mellon Small Cap Select ADR Index (the “Small Cap Select Index” or the “Index”). The Fund will at all times invest at least 80% of its total assets in ADRs, GDRs, New York Shares and Global Registered Shares that comprise the Index and investments that have economic characteristics that are substantially identical to the economic characteristics of the component securities that comprise the Index including underlying stocks in respect of ADRs, GDRs, New York Shares or Global Registered Shares that comprise the Index). Guggenheim Advisors, LLC (the "Investment Adviser”) seeks a correlation over time of 0.95 or better between the Fund’s performance and the performance of the Index. A figure of 1.00 would represent perfect correlation. The Fund, using a low cost “passive” or “indexing” investment approach, seeks to replicate, before the Fund’s fees and expenses, the performance of the Small Cap Select Index. The Small Cap Select Index is comprised of U.S.-listed depositary receipts in American depositary receipt (“ADR”) or global depositary receipt (“GDR”) form, New York Shares and Global Registered Shares selected, based on liquidity, from a universe of all listed ADRs, GDRs, New York Shares and Global Registered Shares trading on the New York Stock Exchange (“NYSE”), Nasdaq Stock Market (“NASDAQ”) and The NYSE Amex of companies worldwide, excluding the United States and Canada.
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