Claymore/Sabrient Defensive Equity Index ETF (the Fund), formerly Claymore/Sabrient Defender ETF, seeks investment results that correspond generally to the performance of an equity index called the Sabrient Defensive Equity Index (the Index). The Index consists of approximately 100 stocks selected, based on investment and other criteria, from a universe of United States-traded stocks, including master limited partnerships (MLPs) and American depositary receipts (ADRs). The universe of Index constituents includes approximately 1,000 listed companies, generally with market capitalizations in excess of $1 billion. The Fund will normally invest at least 90% of its total assets in common stock, ADRs and MLPs that comprise the Index. The Fund, using a passive or indexing investment approach, seeks to replicate the performance of the Index. The Fund’s investment advisor is Claymore Advisors, LLC.