Leveraged and inverse ETFs are not suitable for all investors. •These ETFs should be utilized only by investors who (a) understand the risks associated with the use of leverage, (b) understand the consequences of seeking daily leveraged investment results, (c) understand the risk of shorting, and (d) intend to actively monitor and manage their investments. •The more a ETF invests in leveraged instruments, the more the leverage will magnify any gains or losses on those investments. •Inverse ETFs involve certain risks, which include increased volatility due to the ETFs' possible use of short sales of securities and derivatives, such as options and futures. •The ETFs' use of derivatives, such as futures, options and swap agreements, may expose the ETFs' shareholders to additional risks that they would not be subject to if they invested directly in the securities underlying those derivatives. •Short-selling involves increased risks and costs. You risk paying more for a security than you received from its sale. •Leveraged and inverse ETFs seek to provide investment results that match the performance of a specific benchmark, before fees and expenses, on a daily basis. Because the ETFs seek to track the performance of their benchmark on a daily basis, mathematical compounding, especially with respect to those ETFs that use leverage as part of their investment strategy, may prevent a ETF from correlating with the monthly, quarterly, annual or other period performance of its benchmark. Due to the compounding of daily returns, leveraged and inverse ETFs' returns over periods other than one day will likely differ in amount and possibly direction from the benchmark return for the same period. For those ETFs that consistently apply leverage, the value of the ETF's shares will tend to increase or decrease more than the value of any increase or decrease in its benchmark index. The ETFs rebalance their portfolios on a daily basis, increasing exposure in response to that day's gains or reducing exposure in response to that day's losses. Daily rebalancing will impair a ETF's performance if the benchmark experiences volatility. Investors should monitor their leveraged and inverse ETFs' holdings consistent with their strategies, as frequently as daily. •For more on these and other risks, please read the prospectus.

The ETFs are not sponsored, endorsed, sold or promoted by Standard and Poor's Corporation or the Russell Investments or any of its affiliates. The aforementioned companies make no representation regarding the advisability of investing in the ETFs.

"Standard & Poor's^®", "S&P^®", "S&P 500^®", "Standard & Poor's 500", "500", "S&P MidCap 400" and "S&P SmallCap 600" are trademarks of Standard & Poor's, LLC and have been licensed for use by Rydex SGI and its affiliates. Citigroup is a trademark of Citigroup Global Markets Inc. and has been licensed for use by Standard & Poor's. The product is not sponsored, endorsed, sold or promoted by Standard & Poor's, and neither Standard & Poor's nor Citigroup Global Markets Inc. makes no representation regarding the advisability of investing in the product.

Rydex MSCI EAFE Equal Weight ETF and Rydex MSCI Emerging Markets Equal Weight ETF are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or any index on which such funds are based. The Prospectus contains a more detailed description of the limited relationship that MSCI has with Rydex SGI and any related funds.

The Russell MidCap^® Equal Weight, Russell 1000^® Equal Weight and Russell 2000^® Equal Weight Indexes are trademarks of Russell Investment Group and have been licensed for use by Rydex SGI and its affiliates. Neither Russell's publication of the Russell indices nor its licensing of its trademarks for use in connection with financial products derived from a Russell index in any way suggest or imply a representation or opinion by Russell as to the attractiveness of investment in any securities or other financial products based upon or derived from any Russell index. Russell is not the issuer of any such securities or other financial products and makes no expressed or implied warranties of merchantability or fitness for any particular purpose with respect to any Russell index or any data included or reflected therein, nor as to results to be obtained by any person or any entity from the use of the Russell index or any data included or reflected therein.