GEQ Guggenheim Equal Weight Enhanced Equity Income Fund of Beneficial Interest

MANAGEMENT DISCUSSION

Hard Assets Market Overview

The Rogers ^TM -Van Eck Hard Assets Producer Index ^† (RVEIT), which includes equities of the world’s largest and most prominent hard assets producers, remains the most comprehensive index in the hard assets producer space. For the year ending December 31, 2013, the index returned 6.95%.

The table below shows average sector weightings within this index and the total return of each sector for the 12-month period ending December 31, 2013.

Source: Van Eck Global; FactSet; S-Network Global Indexes, LLC. Past performance is no guarantee of future results; current performance may be lower or higher than the performance data quoted. Index performance is not illustrative of fund performance. Investors cannot invest directly in an Index.

All sectors – except for metals (both base/industrial and precious) – had positive returns over the year. The two largest sectors by average weight, energy and agriculture respectively, which, together, accounted for nearly three quarters of the index, both had healthy positive returns. The two smallest sectors by average weight, alternatives and paper & forest products, also both had a very good year. However, the negative performance of the two metals sectors did not prevent the index as a whole from providing a positive total return over the 12-month period.

Two-thirds (eight) of the suite of 12 Market Vectors Hard Assets ETFs posted positive total returns during the 12-month period, with both the Market Vectors Solar Energy ETF (101.66%) and the Market Vectors Global Alternative Energy ETF (69.69%) posting extremely strong performances. Of the four ETFs showing a loss for the year ending December 31, 2013, however, only the Market Vectors Junior Gold Miners ETF (-60.95%) and the Market Vectors Gold Miners ETF (-53.90%) posted significant negative total returns.

Source: Van Eck Global. Returns based on NAV. The performance data quoted represents past performance. Past performance is not a guarantee of future results. Performance information for the Funds reflects temporary waivers of expenses and/or fees. Had the Funds incurred all expenses, investment returns would have been reduced. Investment return and value of the shares of the Funds will fluctuate so that an investor’s shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than performance data quoted.

MARKET VECTORS HARD ASSETS ETFs

(unaudited)

Agribusiness

Food product companies, together with industrial companies, led performance in the sector. Their positive contribution was partially offset by the poor performance of chemical companies engaged in agribusiness, in particular those involved in the potash industry. In the middle of the year, the price of potash plummeted when the cartel which artificially propped up its price collapsed ⁱ . Geographically, by far the greatest positive return came from the United States, while the greatest negative returns came from Canada and Russia.

Coal

While the coal industry suffered in 2013 ⁱⁱ , the use of coal as a fuel source continued to grow ⁱⁱⁱ . In the U.S., it remains the leading fuel source for electricity generation while exports of coal also continue to grow ^iv . China dominates as both a producer and consumer, with the two leading exporters being Indonesia and Australia ^v . In 2013, oversupply in the market, particularly domestically, had an adverse effect on the China’s imports of coal ^vi . No countries contributed positive returns, and the three countries detracting most to the sector’s performance were, in order of magnitude, China, Indonesia and Thailand.

Global Alternative Energy

Second only to solar energy stocks, global alternative energy stocks as a whole performed particularly strongly during 2013, with significant contributions to overall performance from companies in solar energy and/or producing semiconductors and semiconductor equipment, wind energy and automobile manufacturing. The strongest contribution came from companies in the United States, with by far the largest average weighting in the segment. But there were also significant contributions from companies in Denmark and China. Small-cap companies in the sectors performed particularly well.

Gold Miners

For gold miners, 2013 was not a good year. They were not helped either by talk ^vii of (and toward the end of the year indications ^viii of action on) tapering from the Federal Reserve, or concerns over costs and capital spending (sometimes accompanied by large writedowns ^ix ) which lead them to try rapidly to reduce production ^x . Additionally, the price of gold itself declined steeply over the course of the year, falling 28% ^xi . It was not surprising, therefore, that gold stocks suffered during the period, with junior miners affected more than their established peers. While both large and junior Canadian gold mining stocks were hard hit, junior miners in Australia also had a particularly tough year, as, too, did their established peers in both the U.S. and South Africa.

Oil Services

Oil services stocks produced a healthy positive total return in 2013. With significant help from unconventional resources (and the oil services companies that have helped them release it ^xii ), domestic crude oil production ^xiii in the U.S. showed a major increase during the year. The U.S. Energy Information Administration reported that, in October, for the first time since February 1995, the U.S. produced more crude oil than it had imported ^xiv . U.S. oil services companies contributed by far the most to total return.

Rare Earth and Strategic Metals

Despite China forcing consolidation in the industry ^xv , continuing export controls, and at least some success in curbing the illegal production and export of rare earths, rare earth and strategic metal prices failed to rise anywhere near their 2011 levels. In fact, rare earth prices actually declined in 2013 ^xvi . This decline, coupled with concerns during the year about possible oversupply, was among some of the reasons behind the sector’s poor performance, with smaller companies suffering somewhat more than their mid-cap peers.

Hard Assets Producers

Energy and agriculture companies, the two largest segments of the hard assets producers industry, provided the largest positive returns. Their performances, taken together with those of the alternatives and paper and forest sectors, were able successfully to counterbalance the negative performances of both the precious and base/industrial metals sectors.

Solar Energy

Performing even better than global alternative energy stocks, solar energy stocks gained very strongly during 2013, providing the highest total return of any Market Vectors Hard Assets ETF for the period. The solar industry in the U.S. had a good year in 2013. By the end of the third quarter, there was 10.25 GW of solar energy installed in the U.S., with 930 MW installed in the fourth quarter alone – a 35% increase in deployment over the third quarter of 2012 ^xvii . Indications at the time were that it would be a record year for installations. Within the sector, the strongest contribution came from companies in the United States, followed by companies in China, and then Taiwan. There were, however, useful contributions to performance from both Hong Kong and Norway. In addition to having the highest average weighting in the sector, small-cap companies also made the most significant contribution to its overall performance.

Steel

Reliant as it still is on the demand for automobiles, construction and manufacturing, the demand for steel remains particularly sensitive to uncertainties over global growth. Weak economic conditions in Europe had a significant effect on the steel industry there ^xviii and overcapacity still remains a major issue in the steel industry as a whole ^xix . With the largest average weighting in the segment, the U.S. contributed the most geographically to total return. With the second largest average weighting, Brazil, on the other hand, detracted most from performance over the year.

Unconventional Oil & Gas

Unconventional energy companies performed well during 2013, particularly those in the U.S. From figures for its “Reference case” used in the December 2013 “Early Release Overview” of its Annual Energy Outlook 2014, the U.S. government’s Energy Information Administration, puts tight oil production as a percentage of the country’s total crude oil production in the years 2012, 2013 and 2014 as 34.7%, 45.0% and 47.7%, respectively ^xx . Even though Canadian stocks constituted on average just under 17% of the Fund by weight, they vastly underperformed their peers in the United States (on average over 81% of the fund by weight) during the year, and provided only a very small positive contribution to the Fund’s overall strong performance.

Uranium and Nuclear Energy

Performance in the sector during 2013 was robust. Together, industrial companies and utilities produced the vast majority of the sector’s positive total return for the year. Companies in Japan and France contributed the largest positive returns, easily offsetting negative returns from companies in Australia, Poland and the UK. Nuclear generators continue to provide around 11% of the world’s electricity ^xxi and, according to the World Nuclear Association, in November 2013, there were over 430 commercial nuclear reactors in operation in 31 countries, with a further 70 under construction and over 160 firmly planned ^xxii . Supporting Prime Minister Shinzo Abe’s desire to restart his country’s nuclear reactors, in early-December 2013, a government panel in Japan said that nuclear power should remain a fundamental energy source ^xxiii . In France, nuclear power looks set to continue to provide over half the country’s electricity ^xxiv .

MARKET VECTORS HARD ASSETS ETFs

(unaudited)

All indices are unmanaged and include the reinvestment of all dividends, but do not reflect the payment of transaction costs, advisory fees or expenses that are associated with an investment in the Fund. An index’s performance is not illustrative of the Fund’s performance. Indices are not securities in which investments can be made. Results reflect past performance and do not guarantee future results.