Claymore/Zacks Country Rotation ETF (the Fund) seeks investment results that correspond to the performance of an equity index called the Zacks Country Rotation Index (the Index). The Index consists of 200 stocks selected, based on investment and other criteria, from a universe of international companies listed on developed international market exchanges. Zacks Investment Research, Inc. (Zacks or the Index Provider) defines developed international markets as countries whose economies have high income levels, strong legal protection and stock exchanges. The Index is designed to select and weight a group of stocks that have the potential, on a risk-adjusted basis, to outperform the Morgan Stanley Capital International Europe, Australasia and Far East Index (MSCI EAFE Index) and other developed international benchmark indices. It generally will invest in all of the stocks comprising the Index in proportion to their weightings in the Index. Its investment advisor is Claymore Advisors, LLC.