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| Rydex Inverse 2x S&P 500 ETF |
RSW |
| NAV: |
Change: |
data as of 09/09/2010 |
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| Greatest Premium (05/10/2010) |
0.170151% |
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Number of days at: |
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| Greatest Discount (06/25/2010) |
-0.268169% |
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Premium |
34 |
| # of Days within +0.5% & -0.5% |
63 |
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NAV |
0 |
| % of Days within +0.5% & -0.5% |
100.00% |
|
Discount |
29 |
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| Market Close to NAV |
 |
Number of Days
(NAV & Market Close are calculated at 4:00 PM ET) |
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Chart Description: |
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The chart above provides information about the difference between the daily market closing price for shares of the Fund
and the Fund’s net asset value (NAV). The chart’s vertical axis shows the premium or discount expressed as a percentage of NAV. The horizontal axis indicates the number of trading days in the period covered by the chart. Each bar in the chart
shows the number of trading days in which the Fund traded within the premium/discount range indicated. |
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Why is there a difference between NAV and Market Close? |
The NAV represents the fund’s assets less its liabilities on a per share basis as calculated by the fund’s
administrator. The Market Close is the price of the last trade executed on the listing exchange during that day’s trading session.
As a practical matter, information is constantly flowing to and among investors, corporations, and financial institutions that affects their outlook on the financial markets and the value of securities. This process, known as price discovery, is why market prices change and evolve throughout the trading day. It is important to note that even when markets are closed, the price discovery process continues 24 hours a day, 7 days a week, 365 days a year.
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Reasons for Possible Timing Discrepancies: |
| 1. Closing of Trading Times: |
The NAV of the RydexShares ETFs normally is calculated using prices as of 4:00 p.m. Eastern Time. Each RydexShares ETF normally trades on its respective stock exchange until 4:00 p.m. Eastern Time. |
| 2. Time of Last Trade: |
Trading generally takes place throughout the normal trading hours for RydexShares ETFs on the listing exchange on which it is listed (generally 9:30 a.m. - 4:00 p.m. Eastern Time). At times, many trades are placed in rapid succession. At other intervals, little or no trading activity may take place. It is important to note that the date/time of the last trade (which is recorded as the Market Close) may not take place at exactly 4:00 p.m. Eastern Time when the RydexShares ETFs normally calculate NAV. The date/time of the last trade
sometimes may occur before 4:00 p.m. Eastern Time. Thus, ongoing price discovery may result in a deviation between the price recorded as the Closing
Price and the NAV of the fund shares calculated at 4:00 p.m. Eastern Time.
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Performance displayed represents past performance, which is no guarantee of future results. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than original cost. Total returns reflect the reinvestment of all dividends. Current performance may be lower or higher than the performance data quoted. For up-to-date ETF performance, including performance current to the most recent month-end, please visit our web site at www.rydex-sgi.com. For additional information, please see the ETF’s prospectus. Returns for performance under one year are cumulative, not annualized. Performance results for periods under one year are short-term and may not provide an adequate basis for evaluating the performance potential of the ETF over varying market conditions or economic cycles.
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.
ETF data is subject to change on a daily basis.
This ETF has adopted a distribution (12b-1) plan pursuant to which the ETF may bear an annual 12b-1 fee of up to 0.25%. However, no such fee is currently charged to the ETF and no such fees will be charged prior to 3/01/10.
Composition is subject to change. Information provided is for illustration purposes only and may not reflect current investments by the ETF. Referenced companies are not affiliated with Rydex SGI and Rydex SGI does not sponsor, endorse, sell or promote the referenced companies.
“Standard & Poor’s®”, “S&P®”, “S&P 500®”, “Standard & Poor’s 500”, “500”, “Standard & Poor’s MidCap 400®” & “S&P MidCap 400” are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by Rydex SGI and its affiliates. The product is not sponsored, endorsed, sold or promoted by Standard & Poor’s, and Standard & Poor’s makes no representation regarding the advisability of investing in the product.
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©2010 Rydex Distributors, LLC. All Rights Reserved.
 Not FDIC Insured No Bank Guarantee May Lose Value
For more complete information regarding the funds click here for a prospectus. Investors should consider the investment objectives, risks, charges and expenses of a fund carefully before investing. The fund’s prospectus contains this and other information about the fund. Read the prospectus carefully before you invest or send money.
The funds are distributed by Rydex Distributors, LLC (RDL). Security Global InvestorsSM is the investment advisory arm of Security Benefit Corporation (Security Benefit). Security Global Investors consists of Security Global Investors, LLC, Security Investors, LLC and Rydex Investments. Rydex Investments is the primary business name for Rydex Advisors, LLC and Rydex Advisors II, LLC. Security Global Investors and RDL are affiliates and subsidiaries of Security Benefit, which is wholly owned by Guggenheim SBC Holdings, LLC, a special purpose entity managed by Guggenheim Partners, LLC, a diversified financial services firm with more than $100 billion in assets under supervision.
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