Guggenheim Macro Markets

Adam Bloch, Portfolio Manager on our Total Return team, joins Macro Markets to discuss separately managed accounts (SMAs), a structure that offers many benefits to individual investors. Bloch also shares his views on growth, inflation, and relative value in the market.

Related Insights:

1Q 2025 High Yield and Bank Loan Outlook

Reframing tight spreads in leveraged credit.

Read High Yield and Bank Loan Outlook

Macro Markets Podcast Episode 63: Post-Inauguration/Post-FOMC Analysis—Into the Known Unknown

Matt Bush and Evan Serdensky discuss evolving economic and investing conditions, as well as recent A.I.-related volatility.

Listen to Macro Markets Podcast

1Q 2025 Fixed-Income Sector Views

Entering 2025, bond yields remain attractive amid a resilient U.S. economy and uncertainty over policy shifts from the incoming administration.

Read Fixed-Income Sector Views

Investing involves risk, including the possible loss of principal.

SMA strategies discussed herein are available exclusively through third party financial professionals and are not offered directly to the public through Guggenheim Investments.

SMA target characteristics and allocations are for illustrative purposes only. Individual account holdings and characteristics will vary depending on the size of an account, cash flows and account restrictions. Individual accounts within the same strategy may have portfolio characteristics and performance that differ from one another.

This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.

This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.

Investment Risks. The strategies described herein may not be suitable for all investors. All investments have inherent risks. There is no guarantee the manager will be able to implement investment strategies successfully or achieve investment objectives. • The market value of fixed income securities will change in response to interest rate changes and market conditions among other things. In general, bond prices rise when interest rates fall and vice versa. • High yield securities present more liquidity and credit risk than investment grade bonds and may be subject to greater volatility. • Structured credit, including asset-backed securities (ABS), mortgage-backed securities, and collateralized loan obligations (CLOs), are complex investments and not suitable for all investors. • Loans are often below investment grade, may be unrated, and typically offer a fixed or floating interest rate. • The strategies discussed herein may include the use of derivatives. Derivatives often involve a high degree of financial risk. • Municipal assets will be significantly affected by events that affect the municipal bond market, which could include unfavorable legislative or political developments and adverse changes in the financial conditions of state and municipal issuers or the federal government in case it provides financial support to the municipality. Income from municipal bonds held by investors could be declared taxable because of changes in tax laws. • Diversification neither assures a profit nor eliminates the risk of experiencing investment losses.

Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC, which includes Guggenheim Wealth Solutions, LLC and Guggenheim Partners Investment Management, LLC. Guggenheim Wealth Solutions, LLC is the primary investment adviser to the Guggenheim Wealth Management SMAs and Guggenheim Partners Investment Management, LLC serves as Sub-Adviser. Please visit www.guggenheiminvestments.com/separately-managed-accounts for more information. Securities distributed by Guggenheim Funds Distributors, LLC.

The Bloomberg U.S. Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasurys, government-related and corporate securities, MBS (Agency fixed-rate and hybrid ARM pass-throughs), ABS, and CMBS (Agency and non Agency).

The Bloomberg U.S. Aggregate Bond 1–3 Year Total Return Index measures the performance of publicly issued investment-grade corporate, U.S. Treasury, and Agency securities with maturities of one to three years.

The Bloomberg Municipal Bond Index is a rules-based, market-value-weighted index engineered for the long-term tax-exempt bond market.

SP 64082

The new administration has hit the ground running, the Fed held rates steady at its last policy meeting, and markets have been volatile. Matt Bush, our U.S. economist, and Evan Serdensky, Portfolio Manager on our Total Return team, join Macro Markets to discuss evolving economic and investing conditions, as well as recent A-.I.-related volatility.

Related Insights:

10 Macro Themes for 2025

10 trends that will shape credit markets in 2025.

Read 10 Macro Themes

Macro Markets Podcast Episode 62: 10 Macro Themes for 2025 (and a Quick Fed Update)

Patricia Zobel, Head of our Macroeconomic Research and Market Strategy Group joins Macro Markets to discuss our 10 Macro Themes likely to shape monetary policy and investment performance this year.

Listen to Macro Markets Episode

First Quarter 2025 Fixed-Income Sector Views

Entering 2025, bond yields remain attractive amid a resilient U.S. economy and uncertainty over policy shifts from the incoming administration. Learn where we’re finding value.

Read Fixed-Income Sector Views

Investing involves risk, including the possible loss of principal.

This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.

This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.

Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Private Investments, LLC, Guggenheim Wealth Solutions, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, and GS GAMMA Advisors, LLC.

SP 63850

Patricia Zobel, Head of our Macroeconomic Research and Market Strategy Group, joins Macro Markets to discuss the top 10 Macro Themes we believe will shape monetary policy and investment performance this year. She also discusses December economic data releases, the incoming Trump administration, and the future path of Fed policy.

10 Macro Themes for 2025

10 trends that will shape credit markets in 2025.

Read 10 Macro Themes

1Q25 Fixed-Income Sector Views

Planning begins now for Life and Annuity companies.

Read Fixed-Income Sector Views

The Power of Private Credit in Fixed-Income Portfolios

Dina DiLorenzo, President of Guggenheim Investments, joins CNBC to discuss opportunities across private credit and innovative new products to meet clients’ evolving needs.

Watch Video

Investing involves risk, including the possible loss of principal.

This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.

This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.

Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Wealth Solutions, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Private Investments, LLC.

SP 63613

Anne Walsh, Chief Investment Officer for Guggenheim Partners Investment Management, joins Macro Markets after the Fed’s December rate cut to discuss her 2025 economic outlook, and how she navigates heightened uncertainty amid potentially sweeping changes in government policies that could significantly affect economic growth, inflation, and the outlook for certain sectors.

Related Content:

4Q24 Fixed-Income Sector Views

A good time for active fixed-income management.

Read Fixed-Income Sector Views

4Q24 High Yield and Bank Loan Outlook

Effects of rate cuts on high yield bonds may be mixed.

Read High Yield and Bank Loan Outlook

Companies with Access to Capital are Doing Well…and That is Where We Are Investing

Anne Walsh, CIO of Guggenheim Partners Investment Management, joins Fox Business to discuss her outlook for bonds in an election year and beyond.

Watch Video

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. 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.

Investors in asset-backed securities ("ABS"), including mortgage-backed securities ("MBS"), and 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, such as 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.

This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.

This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.

Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, and GS GAMMA Advisors, LLC.

SP 63434

Steve Brown, Chief Investment Officer for Fixed Income, joins Macro Markets to discuss portfolio strategy and our outlook following the  U.S. election and the Fed’s most recent rate cut.

Related Content:

4Q24 High Yield and Bank Loan Outlook

Effects of rate cuts on high yield bonds may be mixed.

3Q24 Quarterly Macro Themes

Research spotlight on what’s next.

Companies with Access to Capital are Doing Well…and That is Where We Are Investing

Anne Walsh, CIO of Guggenheim Partners Investment Management, joins Fox Business to discuss her outlook for bonds in an election year and beyond

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. 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.

Investors in asset-backed securities ("ABS"), including mortgage-backed securities ("MBS"), and 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, such as 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.

This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.

This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.

Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, and GS GAMMA Advisors, LLC.

SP 63127

Where can investors find attractive yield while mitigating risk in the current environment? Karthik Narayanan, Head of Structured Credit, joins Macro Markets to discuss what makes the sector an important component of our actively managed fixed-income portfolios and where we are finding value now.

4Q24 High Yield and Bank Loan Outlook

Effects of rate cuts on high yield bonds may be mixed.

Read High Yield and Bank Loan Outlook

3Q24 Quarterly Macro Themes

Research spotlight on what’s next.

Read Quarterly Macro Themes

Companies with Access to Capital are Doing Well…and That is Where We Are Investing

Anne Walsh, CIO of Guggenheim Partners Investment Management, joins Fox Business to discuss her outlook for bonds in an election year and beyond

Watch Video

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. 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.

Investors in asset-backed securities ("ABS"), including mortgage-backed securities ("MBS"), and 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, such as 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.

This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.

This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.

Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, and GS GAMMA Advisors, LLC.

SP 62975

Tad Nygren, Head of Governments and Agencies, joins the podcast to offer insights on the market’s reaction to the Fed’s recent rate cut, economic data releases, and what may come next.

Related Content:

4Q24 High Yield and Bank Loan Outlook

Effects of rate cuts on high yield bonds may be mixed.

High Yield and Bank Loan Outlook

3Q24 Quarterly Macro Themes

Research spotlight on what’s next.

Read Quarterly Macro Themes

Higher Quality Fixed Income is ‘the Place to Be’

Anne Walsh, CIO of Guggenheim Partners Investment Management, joins Bloomberg TV to discuss her outlook for credit markets during a period of political instability.

Watch Video

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. 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.

This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.

This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.

Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, and GS GAMMA Advisors, LLC.

SP 62773

U.S. Economist Matt Bush and Investment Strategist Maria Giraldo discuss the macro and market implications of the Fed’s decision to cut interest rates. They also provide commentary on the latest issue of Quarterly Macro Themes.

Related Content:

3Q24 Quarterly Macro Themes

Research spotlight on what’s next.

Read Quarterly Macro Themes

3Q24 High Yield and Bank Loan Outlook

Relatively low distress ratios suggest manageable default rates down the road.

High Yield and Bank Loan Outlook

Higher Quality Fixed Income is ‘the Place to Be’

Anne Walsh, CIO of Guggenheim Partners Investment Management, joins Bloomberg TV to discuss her outlook for credit markets during a period of political instability.

Watch Video

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. 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.

This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.

This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.

Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, and GS GAMMA Advisors, LLC.

SP 62634

Patricia Zobel, Head of Macroeconomic Research and Market Strategy, updates our outlook following the strong market response to the July FOMC decision and jobs report. She also draws from her experience with the Fed’s System Open Market Account, one of its most critical operating functions, to share insights on the Fed’s balance sheet management.

Related Content:

3Q24 High Yield and Bank Loan Outlook

Relatively low distress ratios suggest manageable default rates down the road.

High Yield and Bank Loan Outlook

Higher Quality Fixed Income is ‘the Place to Be’

Anne Walsh, CIO of Guggenheim Partners Investment Management, joins Bloomberg TV to discuss her outlook for credit markets during a period of political instability.

Watch Video

2Q24 Quarterly Macro Themes

Research spotlight on what’s next.

Read Quarterly Macro Themes

Investing involves risk, including the possible loss of principal.

This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.

This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.

Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, and GS GAMMA Advisors, LLC.

SP 62173

Allen Li, Head of our Municipal Bond Sector Team, reviews trends, opportunities, and idiosyncratic risk in municipal bonds. And U.S. Economist Matt Bush discusses the implications of the soft June CPI release.

Related Content:

2Q24 Quarterly Macro Themes

Research spotlight on what’s next.

Read Quarterly Macro Themes

2Q24 Fixed-Income Sector Views

Balancing attractive yields and tight spreads.

Read Fixed-Income Sector Views

The Economic Cycle Isn’t Dead, Merely Delayed…And That’s Good for Bonds

Navigating an economic cycle where old patterns don’t seem to apply.

Read Portfolio Strategy Commentary

Investing involves risk, including the possible loss of principal.

This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.

This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.

Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.

SP 61892