0000950123-12-000397.txt : 20120106 0000950123-12-000397.hdr.sgml : 20120106 20120106152028 ACCESSION NUMBER: 0000950123-12-000397 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 70 CONFORMED PERIOD OF REPORT: 20111031 FILED AS OF DATE: 20120106 DATE AS OF CHANGE: 20120106 EFFECTIVENESS DATE: 20120106 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RYDEX ETF TRUST CENTRAL INDEX KEY: 0001208211 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-21261 FILM NUMBER: 12514352 BUSINESS ADDRESS: STREET 1: 805 KING FARM BOULEVARD STREET 2: STE 600 CITY: ROCKVILLE STATE: MD ZIP: 20850 BUSINESS PHONE: 301-296-5100 MAIL ADDRESS: STREET 1: 805 KING FARM BOULEVARD STREET 2: STE 600 CITY: ROCKVILLE STATE: MD ZIP: 20850 0001208211 S000010907 Rydex Russell Top 50 ETF C000030223 Rydex Russell Top 50 ETF XLG 0001208211 S000010914 Rydex S&P 500 Equal Weight ETF C000030236 Rydex S&P 500 Equal Weight ETF RSP 0001208211 S000010936 Rydex S&P 500 Pure Value ETF C000030280 Rydex S&P 500 Pure Value ETF RPV 0001208211 S000010938 Rydex S&P 500 Pure Growth ETF C000030282 Rydex S&P 500 Pure Growth ETF RPG 0001208211 S000010939 Rydex S&P MidCap 400 Pure Value ETF C000030283 Rydex S&P MidCap 400 Pure Value ETF RFV 0001208211 S000010941 Rydex S&P MidCap 400 Pure Growth ETF C000030287 Rydex S&P MidCap 400 Pure Growth ETF RFG 0001208211 S000010943 Rydex S&P SmallCap 600 Pure Value ETF C000030298 Rydex S&P SmallCap 600 Pure Value ETF RZV 0001208211 S000010944 Rydex S&P SmallCap 600 Pure Growth ETF C000030299 Rydex S&P SmallCap 600 Pure Growth ETF RZG 0001208211 S000013910 Rydex S&P 500 Equal Weight Consumer Discretionary ETF C000038137 Rydex S&P 500 Equal Weight Consumer Discretionary ETF RCD 0001208211 S000013911 Rydex S&P 500 Equal Weight Consumer Staples ETF C000038138 Rydex S&P 500 Equal Weight Consumer Staples ETF RHS 0001208211 S000013912 Rydex S&P 500 Equal Weight Energy ETF C000038139 Rydex S&P 500 Equal Weight Energy ETF RYE 0001208211 S000013913 Rydex S&P 500 Equal Weight Financials ETF C000038140 Rydex S&P 500 Equal Weight Financials ETF RYF 0001208211 S000013914 Rydex S&P 500 Equal Weight Health Care ETF C000038141 Rydex S&P 500 Equal Weight Health Care ETF RYH 0001208211 S000013915 Rydex S&P 500 Equal Weight Industrials ETF C000038142 Rydex S&P 500 Equal Weight Industrials ETF RGI 0001208211 S000013916 Rydex S&P 500 Equal Weight Materials ETF C000038143 Rydex S&P 500 Equal Weight Materials ETF RTM 0001208211 S000013917 Rydex S&P 500 Equal Weight Technology ETF C000038144 Rydex S&P 500 Equal Weight Technology ETF RYT 0001208211 S000013918 Rydex S&P 500 Equal Weight Utilities ETF C000038145 Rydex S&P 500 Equal Weight Utilities ETF RYU 0001208211 S000015426 Rydex Inverse 2x S&P 500 ETF C000042072 Rydex Inverse 2x S&P 500 ETF RSW 0001208211 S000015437 Rydex 2x S&P 500 ETF C000042083 Rydex 2x S&P 500 ETF RSU 0001208211 S000030434 Rydex Russell MidCap Equal Weight ETF C000093477 Rydex Russell MidCap Equal Weight ETF EWRM 0001208211 S000030445 Rydex Russell 1000(R) Equal Weight ETF C000093488 Rydex Russell 1000(R) Equal Weight ETF EWRI 0001208211 S000030446 Rydex Russell 2000(R) Equal Weight ETF C000093489 Rydex Russell 2000(R) Equal Weight ETF EWRS 0001208211 S000030450 Rydex MSCI EAFE Equal Weight ETF C000093493 Rydex MSCI EAFE Equal Weight ETF EWEF 0001208211 S000030451 Rydex MSCI Emerging Markets Equal Weight ETF C000093494 Rydex MSCI Emerging Markets Equal Weight ETF EWEM 0001208211 S000030452 Rydex MSCI ACWI Equal Weight ETF C000093495 Rydex MSCI ACWI Equal Weight ETF EWAC 0001208211 S000033343 Rydex S&P MidCap 400 Equal Weight ETF C000102433 Rydex S&P MidCap 400 Equal Weight ETF 0001208211 S000033344 Rydex S&P SmallCap 600 Equal Weight ETF C000102434 Rydex S&P SmallCap 600 Equal Weight ETF N-CSR 1 b89687a1nvcsr.htm RYDEX ETF TRUST nvcsr
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number _____811- 21261__________
Rydex ETF Trust
(Exact name of registrant as specified in charter)
805 King Farm Boulevard, Suite 600
Rockville, Maryland 20850
(Address of principal executive offices) (Zip code)
Richard Goldman
Rydex ETF Trust
805 King Farm Boulevard, Suite 600
Rockville, Maryland 20850
(Name and address of agent for service)
Registrant’s telephone number, including area code: 1-301-296-5100
Date of fiscal year end: October 31
Date of reporting period: October 31, 2011
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
 
 

 


 


 

October 31, 2011
RYDEX ETF TRUST ANNUAL REPORT
 
RYDEX S&P 500 EQUAL WEIGHT ETF
 
RYDEX S&P MIDCAP 400 EQUAL WEIGHT ETF
 
RYDEX S&P SMALLCAP 600 EQUAL WEIGHT ETF
 
RYDEX RUSSELL MIDCAP® EQUAL WEIGHT ETF
 
RYDEX RUSSELL 1000® EQUAL WEIGHT ETF
 
RYDEX RUSSELL 2000® EQUAL WEIGHT ETF
 
RYDEX MSCI EAFE EQUAL WEIGHT ETF
 
RYDEX MSCI EMERGING MARKETS EQUAL WEIGHT ETF
 
RYDEX MSCI ACWI EQUAL WEIGHT ETF
 
RYDEX S&P 500 EQUAL WEIGHT CONSUMER DISCRETIONARY ETF
 
RYDEX S&P 500 EQUAL WEIGHT CONSUMER STAPLES ETF
 
RYDEX S&P 500 EQUAL WEIGHT ENERGY ETF
 
RYDEX S&P 500 EQUAL WEIGHT FINANCIALS ETF
 
RYDEX S&P 500 EQUAL WEIGHT HEALTH CARE ETF
 
RYDEX S&P 500 EQUAL WEIGHT INDUSTRIALS ETF
 
RYDEX S&P 500 EQUAL WEIGHT MATERIALS ETF
 
RYDEX S&P 500 EQUAL WEIGHT TECHNOLOGY ETF
 
RYDEX S&P 500 EQUAL WEIGHT UTILITIES ETF
 
 
 
 
         
(RYDEX SGI LOGO)     (RYDEX SGI LOGO)  


 

ANNUAL REPORT      1

 
 TABLE OF CONTENTS
 
 
     
LETTER TO OUR SHAREHOLDERS
  2
     
FEES AND EXPENSES
  4
     
PREMIUM AND DISCOUNT INFORMATION
  6
     
MANAGER’S ANALYSIS
  11
     
PORTFOLIO SUMMARY
  12
     
SCHEDULES OF INVESTMENTS
  54
     
STATEMENTS OF ASSETS AND LIABILITIES
  139
     
STATEMENTS OF OPERATIONS
  144
     
STATEMENTS OF CHANGES IN NET ASSETS
  149
     
FINANCIAL HIGHLIGHTS
  158
     
NOTES TO FINANCIAL STATEMENTS
  176
     
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
  187
     
SUPPLEMENTAL INFORMATION
  188
     
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS
  192
     
RYDEX|SGI PRIVACY POLICIES
  195


 

2

 
LETTER TO OUR SHAREHOLDERS
 
To Our Shareholders:
 
The U.S. and European debt crises weighed down equity markets in the fall of 2011, but not enough to offset strong performance in the first half of the period that was spurred by the Fed’s quantitative easing (QE) program and a belief that the economic recovery was gaining traction. The broad market S&P 500 Index returned 8.09% over the 12 months ended October 31, 2011.
 
To achieve that performance, investors had to shrug off natural disasters, Mid East uprisings, volatile oil prices and sovereign debt issues. QEII ended in June, then Congress wrangled over the debt ceiling, and that led to the U.S. losing its triple-A debt rating in August.
 
As with many countries, the central bank of the U.S. was a major factor in the markets for most of the past year. Late in the third quarter, the Fed chairman said the “recovery is close to faltering,” and there was a risk of another recession unless the government took steps to increase growth. Recessionary fears plagued U.S. markets throughout the past 12 months, driven by weak housing demand despite record-low mortgage rates, consumer confidence that has ebbed for several months and job creation insufficient to keep up with population growth.
 
Recession was also a threat in Europe, as high unemployment and austerity measures weigh on weaker members of the euro zone, with a knock-on effect for the continent’s growth engines of Germany and France. A rising number of investors are bracing for an orderly default of Greece that may prevent financial problems from spreading to other weak countries or to banks, and stabilize the euro. Even though they were not at the eye of the sovereign debt storm, many emerging market economies also began weakening over the summer, fearing global recession and financial contagion. Investors are especially concerned about the stability of China’s banking system and whether inflation will ebb along with slowing growth.
 
While the market forces play out, many investors have been driven to the sidelines or to safe havens, including gold, which reached a high of near $1,900 an ounce in August, and the dollar. Further upward moves in the dollar are expected if the world economy continues to sputter. Sluggish economic data, concern over European financial weakness and the Fed’s policy efforts also drove investors into U.S. government debt over the course of 2011, driving up the price of debt maturing in 10 years or more, leading to historic low yields.
 
As we prepare for 2012, markets continue to be affected by consumer confidence, which remains low, and the unemployment rate, which remains high. Helping matters is lower inflation expectations, good retail sales, sound corporate balance sheets and manufacturing gauges that are improving, albeit slightly. The Fed remains accommodative and the Treasury yield curve is steep. A rebound in GDP to around 2% in the third quarter, fuel prices lower than in the spring and a stronger automotive sector may be enough to keep the U.S. recovery on course, even if modest, and counterbalance difficulties in Europe and Asia.
 
We are proud of the growth of ETF assets at RydexïSGI, from $3.6 billion to $5.2 billion (about 44%) over the 12 months ended October 31, 2011, despite troubled markets. According to the Investment Company Institute (ICI), assets in ETFs in the U.S. were more than $1 trillion1 in October, up about 14% from the year earlier. There are now more than 1,000 ETFs in the U.S., 8 of them launched by RydexïSGI in the past 12 months.
 
In September, Guggenheim Partners announced it is expanding its investment management capabilities under a single brand called Guggenheim Investments. This marks an alignment of several complementary acquisitions, including RydexïSGI, into Guggenheim’s existing investment management business. Upon the change of ownership of RydexïSGI, expected to be complete in Q1 2012, Guggenheim Investments will have total assets exceeding $115 billion*, with nearly 150 investment professionals. Guggenheim Investments will offer clients investment competencies across all major asset classes, including fixed income, equities and alternatives. In addition, with the integration of RydexïSGI, Guggenheim Investments is projected to be included in the top ten of largest ETF providers globally**.
 
 
  1  ICI Exchange Traded Fund Assets, October 2011.
 *  Asset figure is based upon the best available information as of 9/30/2011 and consists of assets under management and serviced assets of the various asset managers comprising Guggenheim Investments.
 ** Figures are comprised of Guggenheim Funds Investment Advisors, LLC, Claymore Investment, Inc. and Security Investors, LLC. ETF ranking based on BlackRock Global ETF report as of 9/30/2011 and Guggenheim analysis. Performance displayed represents past performance which is no guarantee of future results. Of course, fund performance is subject to daily market volatility and may be better or worse since the end of the last quarter. For up-to-date fund performance, call us at 800.820.0888 or visit www.rydex-sgi.com.


 

ANNUAL REPORT      3

 
LETTER TO OUR SHAREHOLDERS (concluded)
 
We look forward to continuing our service to you. Thank you for investing in our funds.
 
Sincerely,
 
-s- Michael Byrum
Michael Byrum
 
The opinions and forecasts expressed are those of Michael Byrum as of 10/31/2011, and may not actually come to pass. This information is subject to change at any time, based on market and other conditions, and should not be construed as a recommendation of any specific security or strategy.
 
S&P 500® Index is a capitalization-weighted index covering 500 industrial, utility, transportation and financial companies of the U.S. markets (mostly NYSE Euronext issues).
 
Read each fund’s prospectus and summary prospectus (if available) carefully before investing. It contains the fund’s investment objectives, risks, charges, expenses and other information, which should be considered carefully before investing. Obtain a prospectus and summary prospectus (if available) at www.rydex-sgi.com or call 800.820.0888
 
RydexSGI funds are distributed by Rydex Distributors, LLC (RDL). Security Investors, LLC (SI) is a registered investment advisor, and does business as Security Global Investors® and Rydex Investments. SI and RDL are affiliates and are subsidiaries of Security Benefit Corporation, which is wholly owned by Guggenheim SBC Holdings, LLC, a special purpose entity managed by an affiliate of Guggenheim Partners, LLC, a diversified financial services firm with more than $100 billion in assets under supervision.


 

4

 
FEES AND EXPENSES
 
Shareholder Expense Example
As a shareholder of the Rydex ETF Trust, you incur transaction costs such as creation and redemption fees or brokerage charges, and ongoing costs including advisory fees, trustee fees and, if applicable, distribution fees. All other Trust expenses are paid by the advisor. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The example in the table is based on an investment of $1,000 invested on April 30, 2011 and held for the six months ended October 31, 2011.
 
Actual Expenses
The first table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first table under the heading entitled “Expenses Paid During the Six-Month Period” to estimate the expenses attributable to your investment during this period.
 
Hypothetical Example for Comparison Purposes
The second table below provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not a Fund’s actual return. Thus, you should not use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are provided to enable you to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
 
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as creation and redemption fees, or brokerage charges. Therefore, the second table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.
 
                                 
          Beginning
    Ending
    Expenses
 
          Account
    Account
    Paid During
 
    Expense
    Value
    Value
    Six-Month Period*
 
    Ratio     04/30/11     10/31/11     04/30/11 to 10/31/11  
 
Actual
                               
Rydex S&P 500 Equal Weight ETF
    0.40 %   $ 1,000.00     $ 905.80     $ 1.92  
Rydex S&P MidCap 400 Equal Weight ETF**
    0.40 %   $ 1,000.00     $ 951.90     $ 0.97  
Rydex S&P SmallCap 600 Equal Weight ETF**
    0.40 %   $ 1,000.00     $ 947.00     $ 0.97  
Rydex Russell MidCap® Equal Weight ETF
    0.41 %   $ 1,000.00     $ 897.10     $ 1.96  
Rydex Russell 1000® Equal Weight ETF
    0.41 %   $ 1,000.00     $ 904.30     $ 1.97  
Rydex Russell 2000® Equal Weight ETF
    0.41 %   $ 1,000.00     $ 857.50     $ 1.92  
Rydex MSCI EAFE Equal Weight ETF
    0.56 %   $ 1,000.00     $ 850.00     $ 2.61  
Rydex MSCI Emerging Markets Equal Weight ETF
    0.63 %   $ 1,000.00     $ 814.10     $ 2.88  
Rydex MSCI ACWI Equal Weight ETF
    0.15 %   $ 1,000.00     $ 845.90     $ 0.70  
Rydex S&P 500 Equal Weight Consumer Discretionary ETF
    0.50 %   $ 1,000.00     $ 955.10     $ 2.46  
Rydex S&P 500 Equal Weight Consumer Staples ETF
    0.50 %   $ 1,000.00     $ 977.20     $ 2.49  
Rydex S&P 500 Equal Weight Energy ETF
    0.50 %   $ 1,000.00     $ 856.70     $ 2.34  
Rydex S&P 500 Equal Weight Financials ETF
    0.50 %   $ 1,000.00     $ 837.00     $ 2.32  
Rydex S&P 500 Equal Weight Health Care ETF
    0.50 %   $ 1,000.00     $ 923.90     $ 2.42  
Rydex S&P 500 Equal Weight Industrials ETF
    0.50 %   $ 1,000.00     $ 879.70     $ 2.37  
Rydex S&P 500 Equal Weight Materials ETF
    0.50 %   $ 1,000.00     $ 839.80     $ 2.32  
Rydex S&P 500 Equal Weight Technology ETF
    0.50 %   $ 1,000.00     $ 888.60     $ 2.38  
Rydex S&P 500 Equal Weight Utilities ETF
    0.50 %   $ 1,000.00     $ 1,009.70     $ 2.53  


 

ANNUAL REPORT      5

 
FEES AND EXPENSES (concluded)
 
                                 
          Beginning
    Ending
    Expenses
 
          Account
    Account
    Paid During
 
    Expense
    Value
    Value
    Six-Month Period*
 
    Ratio     04/30/11     10/31/11     04/30/11 to 10/31/11  
 
Hypothetical (assuming a 5% return before expenses)
                               
Rydex S&P 500 Equal Weight ETF
    0.40 %   $ 1,000.00     $ 1,023.19     $ 2.04  
Rydex S&P MidCap 400 Equal Weight ETF
    0.40 %   $ 1,000.00     $ 1,023.19     $ 2.04  
Rydex S&P SmallCap 600 Equal Weight ETF
    0.40 %   $ 1,000.00     $ 1,023.19     $ 2.04  
Rydex Russell MidCap® Equal Weight ETF
    0.41 %   $ 1,000.00     $ 1,023.14     $ 2.09  
Rydex Russell 1000® Equal Weight ETF
    0.41 %   $ 1,000.00     $ 1,023.14     $ 2.09  
Rydex Russell 2000® Equal Weight ETF
    0.41 %   $ 1,000.00     $ 1,023.14     $ 2.09  
Rydex MSCI EAFE Equal Weight ETF
    0.56 %   $ 1,000.00     $ 1,022.38     $ 2.85  
Rydex MSCI Emerging Markets Equal Weight ETF
    0.63 %   $ 1,000.00     $ 1,022.03     $ 3.21  
Rydex MSCI ACWI Equal Weight ETF
    0.15 %   $ 1,000.00     $ 1,024.45     $ 0.77  
Rydex S&P 500 Equal Weight Consumer Discretionary ETF
    0.50 %   $ 1,000.00     $ 1,022.68     $ 2.55  
Rydex S&P 500 Equal Weight Consumer Staples ETF
    0.50 %   $ 1,000.00     $ 1,022.68     $ 2.55  
Rydex S&P 500 Equal Weight Energy ETF
    0.50 %   $ 1,000.00     $ 1,022.68     $ 2.55  
Rydex S&P 500 Equal Weight Financials ETF
    0.50 %   $ 1,000.00     $ 1,022.68     $ 2.55  
Rydex S&P 500 Equal Weight Health Care ETF
    0.50 %   $ 1,000.00     $ 1,022.68     $ 2.55  
Rydex S&P 500 Equal Weight Industrials ETF
    0.50 %   $ 1,000.00     $ 1,022.68     $ 2.55  
Rydex S&P 500 Equal Weight Materials ETF
    0.50 %   $ 1,000.00     $ 1,022.68     $ 2.55  
Rydex S&P 500 Equal Weight Technology ETF
    0.50 %   $ 1,000.00     $ 1,022.68     $ 2.55  
Rydex S&P 500 Equal Weight Utilities ETF
    0.50 %   $ 1,000.00     $ 1,022.68     $ 2.55  
 
* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect one-half year period).
 
** The Fund commenced operations on August 1, 2011. Actual expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 91/365 (to reflect one-half year period).


 

6

 
PREMIUM AND DISCOUNT INFORMATION (Unaudited)
 
The tables that follow present information about the differences between the daily market price on secondary markets for shares of the Funds and each Fund’s Net Asset Value per share (“NAV”). The NAV is the price per share at which a Fund issues and redeems shares. It is calculated in accordance with the standard formula for valuing mutual fund shares. The “Market Price” of a Fund generally is determined using the midpoint between the highest bid and the lowest offer on the Exchange on which the Fund is listed for trading, as of the time the Fund’s NAV is calculated. A Fund’s Market Price may be at, above or below its NAV. The NAV of a Fund will fluctuate with changes in the market value of its portfolio holdings. The Market Price of a Fund will fluctuate in accordance with changes in its NAV, as well as market supply of and demand for shares of the Funds.
 
Premiums or discounts are the differences (generally expressed as a percentage) between the NAV and Market Price of a Fund on a given day, generally at the time NAV is calculated. A premium is the amount that a Fund is trading above the reported NAV, expressed as a positive percentage of the NAV. A discount is the amount that a Fund is trading below the reported NAV, expressed as a negative percentage of the NAV.
 
The following information shows the frequency distribution of premiums and discounts for the Funds. The information shown for each Fund is for the period from inception to October 31, 2011.
 
Each line in the table shows the number of trading days in which the Funds traded within the premium/discount range indicated. The number of trading days in each premium/discount range is also shown as a percentage of the total number of trading days in the period covered by the table. All data presented here represents past performance, which cannot be used to predict future results.


 

ANNUAL REPORT      7

 
PREMIUM AND DISCOUNT INFORMATION (Unaudited) (continued)
 
                                 
    Number of Days  
       
          Rydex
    Rydex
    Rydex
 
    Rydex
    S&P MidCap
    S&P SmallCap
    Russell MidCap®
 
    S&P 500 Equal
    400 Equal
    600 Equal
    Equal
 
Premium/Discount Range   Weight ETF     Weight ETF     Weight ETF     Weight ETF  
   
 
Greater than 30%
    0       0       0       0  
Between 10.01% and 30%
    0       2       1       0  
Between 8.01% and 10%
    1       0       2       0  
Between 3.01% and 8%
    0       8       9       0  
Between 1.01% and 3%
    3       9       6       2  
Between .51% and 1%
    7       3       5       12  
Between .26% and .5%
    27       4       1       16  
Between 0% and .25%
    1,093       33       34       238  
Between -0.01% and -0.25%
    1,003       4       0       45  
Between -0.26% and -0.5%
    26       4       5       10  
Between -0.51% and -1%
    8       7       3       5  
Between -1.01% and -3%
    4       7       9       4  
Between -3.01% and -8%
    0       11       17       1  
Between -8.01% and -10%
    0       0       0       0  
Between -10.01% and -30%
    0       0       0       0  
Less than -30%
    0       0       0       0  
 
 
Total
    2,172       92       92       333  
 
                                 
    Percentage of Total Days  
       
          Rydex
    Rydex
    Rydex
 
    Rydex
    S&P MidCap
    S&P SmallCap
    Russell MidCap®
 
    S&P 500 Equal
    400 Equal
    600 Equal
    Equal
 
Premium/Discount Range   Weight ETF     Weight ETF     Weight ETF     Weight ETF  
   
 
Greater than 30%
    0.00 %     0.00 %     0.00 %     0.00 %
Between 10.01% and 30%
    0.00 %     2.17 %     1.09 %     0.00 %
Between 8.01% and 10%
    0.05 %     0.00 %     2.17 %     0.00 %
Between 3.01% and 8%
    0.00 %     8.70 %     9.78 %     0.00 %
Between 1.01% and 3%
    0.14 %     9.78 %     6.52 %     0.60 %
Between .51% and 1%
    0.32 %     3.26 %     5.44 %     3.60 %
Between .26% and .5%
    1.24 %     4.35 %     1.09 %     4.81 %
Between 0% and .25%
    50.32 %     35.86 %     36.96 %     71.47 %
Between -0.01% and -0.25%
    46.18 %     4.35 %     0.00 %     13.52 %
Between -0.26% and -0.5%
    1.20 %     4.35 %     5.43 %     3.00 %
Between -0.51% and -1%
    0.37 %     7.61 %     3.26 %     1.50 %
Between -1.01% and -3%
    0.18 %     7.61 %     9.78 %     1.20 %
Between -3.01% and -8%
    0.00 %     11.96 %     18.48 %     0.30 %
Between -8.01% and -10%
    0.00 %     0.00 %     0.00 %     0.00 %
Between -10.01% and -30%
    0.00 %     0.00 %     0.00 %     0.00 %
Less than -30%
    0.00 %     0.00 %     0.00 %     0.00 %
 
 
Total
    100.00 %     100.00 %     100.00 %     100.00 %


 

8

 
PREMIUM AND DISCOUNT INFORMATION (Unaudited) (continued)
 
                                         
    Number of Days  
       
    Rydex
    Rydex
    Rydex
    Rydex
    Rydex
 
    Russell 1000®
    Russell 2000®
    MSCI EAFE
    MSCI Emerging
    MSCI ACWI
 
    Equal
    Equal
    Equal
    Markets Equal
    Equal
 
Premium/Discount Range   Weight ETF     Weight ETF     Weight ETF     Weight ETF     Weight ETF  
   
 
Greater than 30%
    0       0       0       0       0  
Between 10.01% and 30%
    0       0       0       0       0  
Between 8.01% and 10%
    0       0       0       0       0  
Between 3.01% and 8%
    0       1       1       8       2  
Between 1.01% and 3%
    4       9       32       82       46  
Between .51% and 1%
    6       21       34       60       71  
Between .26% and .5%
    21       30       29       25       19  
Between 0% and .25%
    213       182       144       129       108  
Between -0.01% and -0.25%
    45       46       37       11       7  
Between -0.26% and -0.5%
    19       23       24       4       4  
Between -0.51% and -1%
    18       10       19       8       14  
Between -1.01% and -3%
    6       9       13       5       22  
Between -3.01% and -8%
    1       2       0       1       5  
Between -8.01% and -10%
    0       0       0       0       0  
Between -10.01% and -30%
    0       0       0       0       0  
Less than -30%
    0       0       0       0       0  
 
 
Total
    333       333       333       333       298  
 
                                         
    Percentage of Total Days  
       
    Rydex
    Rydex
    Rydex
    Rydex
    Rydex
 
    Russell 1000®
    Russell 2000®
    MSCI EAFE
    MSCI Emerging
    MSCI ACWI
 
    Equal
    Equal
    Equal
    Markets Equal
    Equal
 
Premium/Discount Range   Weight ETF     Weight ETF     Weight ETF     Weight ETF     Weight ETF  
   
 
Greater than 30%
    0.00 %     0.00 %     0.00 %     0.00 %     0.00 %
Between 10.01% and 30%
    0.00 %     0.00 %     0.00 %     0.00 %     0.00 %
Between 8.01% and 10%
    0.00 %     0.00 %     0.00 %     0.00 %     0.00 %
Between 3.01% and 8%
    0.00 %     0.30 %     0.30 %     2.40 %     0.67 %
Between 1.01% and 3%
    1.20 %     2.70 %     9.61 %     24.63 %     15.43 %
Between .51% and 1%
    1.80 %     6.31 %     10.21 %     18.02 %     23.83 %
Between .26% and .5%
    6.31 %     9.01 %     8.71 %     7.51 %     6.38 %
Between 0% and .25%
    63.96 %     54.66 %     43.24 %     38.74 %     36.24 %
Between -0.01% and -0.25%
    13.51 %     13.81 %     11.11 %     3.30 %     2.35 %
Between -0.26% and -0.5%
    5.71 %     6.91 %     7.21 %     1.20 %     1.34 %
Between -0.51% and -1%
    5.41 %     3.00 %     5.71 %     2.40 %     4.70 %
Between -1.01% and -3%
    1.80 %     2.70 %     3.90 %     1.50 %     7.38 %
Between -3.01% and -8%
    0.30 %     0.60 %     0.00 %     0.30 %     1.68 %
Between -8.01% and -10%
    0.00 %     0.00 %     0.00 %     0.00 %     0.00 %
Between -10.01% and -30%
    0.00 %     0.00 %     0.00 %     0.00 %     0.00 %
Less than -30%
    0.00 %     0.00 %     0.00 %     0.00 %     0.00 %
 
 
Total
    100.00 %     100.00 %     100.00 %     100.00 %     100.00 %


 

ANNUAL REPORT      9

 
PREMIUM AND DISCOUNT INFORMATION (Unaudited) (continued)
 
                                         
    Number of Days  
       
    Rydex
    Rydex
    Rydex
    Rydex
    Rydex
 
    S&P 500 Equal
    S&P 500 Equal
    S&P 500
    S&P 500
    S&P 500 Equal
 
    Weight Consumer
    Weight Consumer
    Equal Weight
    Equal Weight
    Weight Health
 
Premium/Discount Range   Discretionary ETF     Staples ETF     Energy ETF     Financials ETF     Care ETF  
   
 
Greater than 30%
    0       0       0       0       0  
Between 10.01% and 30%
    0       0       0       1       0  
Between 8.01% and 10%
    1       0       0       0       0  
Between 3.01% and 8%
    9       0       7       14       0  
Between 1.01% and 3%
    28       26       33       64       7  
Between .51% and 1%
    45       48       71       66       33  
Between .26% and .5%
    62       79       85       86       77  
Between 0% and .25%
    593       596       523       479       635  
Between -0.01% and -0.25%
    603       576       551       547       651  
Between -0.26% and -0.5%
    100       116       118       100       85  
Between -0.51% and -1%
    63       77       86       92       43  
Between -1.01% and -3%
    26       23       54       73       10  
Between -3.01% and -8%
    10       0       13       17       0  
Between -8.01% and -10%
    1       0       0       1       0  
Between -10.01% and -30%
    0       0       0       1       0  
Less than -30%
    0       0       0       0       0  
 
 
Total
    1,541       1,541       1,541       1,541       1,541  
 
                                         
    Percentage of Total Days  
       
    Rydex
    Rydex
    Rydex
    Rydex
    Rydex
 
    S&P 500 Equal
    S&P 500 Equal
    S&P 500
    S&P 500
    S&P 500 Equal
 
    Weight Consumer
    Weight Consumer
    Equal Weight
    Equal Weight
    Weight Health
 
Premium/Discount Range   Discretionary ETF     Staples ETF     Energy ETF     Financials ETF     Care ETF  
   
 
Greater than 30%
    0.00 %     0.00 %     0.00 %     0.00 %     0.00 %
Between 10.01% and 30%
    0.00 %     0.00 %     0.00 %     0.07 %     0.00 %
Between 8.01% and 10%
    0.07 %     0.00 %     0.00 %     0.00 %     0.00 %
Between 3.01% and 8%
    0.58 %     0.00 %     0.45 %     0.91 %     0.00 %
Between 1.01% and 3%
    1.82 %     1.69 %     2.14 %     4.15 %     0.45 %
Between .51% and 1%
    2.92 %     3.11 %     4.61 %     4.28 %     2.14 %
Between .26% and .5%
    4.02 %     5.13 %     5.52 %     5.58 %     5.00 %
Between 0% and .25%
    38.48 %     38.67 %     33.94 %     31.08 %     41.21 %
Between -0.01% and -0.25%
    39.13 %     37.38 %     35.76 %     35.50 %     42.24 %
Between -0.26% and -0.5%
    6.49 %     7.53 %     7.66 %     6.49 %     5.52 %
Between -0.51% and -1%
    4.09 %     5.00 %     5.58 %     5.97 %     2.79 %
Between -1.01% and -3%
    1.69 %     1.49 %     3.50 %     4.74 %     0.65 %
Between -3.01% and -8%
    0.65 %     0.00 %     0.84 %     1.10 %     0.00 %
Between -8.01% and -10%
    0.06 %     0.00 %     0.00 %     0.07 %     0.00 %
Between -10.01% and -30%
    0.00 %     0.00 %     0.00 %     0.06 %     0.00 %
Less than -30%
    0.00 %     0.00 %     0.00 %     0.00 %     0.00 %
 
 
Total
    100.00 %     100.00 %     100.00 %     100.00 %     100.00 %


 

10

 
PREMIUM AND DISCOUNT INFORMATION (Unaudited) (concluded)
 
                                 
    Number of Days  
       
    Rydex
    Rydex
    Rydex
    Rydex
 
    S&P 500
    S&P 500
    S&P 500
    S&P 500
 
    Equal Weight
    Equal Weight
    Equal Weight
    Equal Weight
 
Premium/Discount Range   Industrials ETF     Materials ETF     Technology ETF     Utilities ETF  
   
 
Greater than 30%
    0       0       0       0  
Between 10.01% and 30%
    0       0       0       0  
Between 8.01% and 10%
    0       0       0       0  
Between 3.01% and 8%
    6       3       6       2  
Between 1.01% and 3%
    54       43       28       40  
Between .51% and 1%
    57       49       40       51  
Between .26% and .5%
    95       66       60       93  
Between 0% and .25%
    530       584       641       557  
Between -0.01% and -0.25%
    555       595       584       570  
Between -0.26% and -0.5%
    105       90       84       107  
Between -0.51% and -1%
    89       58       59       84  
Between -1.01% and -3%
    47       46       37       31  
Between -3.01% and -8%
    3       7       2       6  
Between -8.01% and -10%
    0       0       0       0  
Between -10.01% and -30%
    0       0       0       0  
Less than -30%
    0       0       0       0  
 
 
Total
    1,541       1,541       1,541       1,541  
 
                                 
    Percentage of Total Days  
       
    Rydex
    Rydex
    Rydex
    Rydex
 
    S&P 500
    S&P 500
    S&P 500
    S&P 500
 
    Equal Weight
    Equal Weight
    Equal Weight
    Equal Weight
 
Premium/Discount Range   Industrials ETF     Materials ETF     Technology ETF     Utilities ETF  
   
 
Greater than 30%
    0.00 %     0.00 %     0.00 %     0.00 %
Between 10.01% and 30%
    0.00 %     0.00 %     0.00 %     0.00 %
Between 8.01% and 10%
    0.00 %     0.00 %     0.00 %     0.00 %
Between 3.01% and 8%
    0.39 %     0.20 %     0.39 %     0.13 %
Between 1.01% and 3%
    3.50 %     2.79 %     1.82 %     2.60 %
Between .51% and 1%
    3.70 %     3.18 %     2.60 %     3.31 %
Between .26% and .5%
    6.17 %     4.28 %     3.89 %     6.04 %
Between 0% and .25%
    34.39 %     37.90 %     41.59 %     36.14 %
Between -0.01% and -0.25%
    36.02 %     38.61 %     37.90 %     36.99 %
Between -0.26% and -0.5%
    6.81 %     5.84 %     5.45 %     6.94 %
Between -0.51% and -1%
    5.78 %     3.76 %     3.83 %     5.45 %
Between -1.01% and -3%
    3.05 %     2.99 %     2.40 %     2.01 %
Between -3.01% and -8%
    0.19 %     0.45 %     0.13 %     0.39 %
Between -8.01% and -10%
    0.00 %     0.00 %     0.00 %     0.00 %
Between -10.01% and -30%
    0.00 %     0.00 %     0.00 %     0.00 %
Less than -30%
    0.00 %     0.00 %     0.00 %     0.00 %
 
 
Total
    100.00 %     100.00 %     100.00 %     100.00 %


 

ANNUAL REPORT      11

 
RYDEX S&P 500 EQUAL WEIGHT ETF
MANAGER’S ANALYSIS (Unaudited)
 
Rydex S&P 500 Equal Weight ETF (RSP) returned 8.12% for the one-year period ended October 31, 2011, compared with the benchmark S&P 500 Equal Weight Total Return Index* (8.60%). During the period, RSP achieved over 99% correlation to its benchmark on a daily basis. The Consumer Discretionary sector contributed most to performance, followed by Financials. The sector detracting the most from performance was Information Technology, followed by Materials.
 
Holdings that were top contributors to the Fund’s return included Cabot Oil & Gas Corp. and El Paso Corp, while Sprint Nextel Corp. and Hospira, Inc. were the largest detractors.
 
After strong performance for the first half of the fiscal year, the U.S. and European debt crises weighed down equity markets. However, the S&P 500 returned 8.09% over the past 12 months. Market volatility rose to its highest level of the period in August, when Congress was debating raising the debt ceiling and the U.S. lost its triple-A debt rating. Volatility remained elevated through the rest of the fiscal year. The Fund’s equal weighting methodology allowed it to purchase stocks that had underperformed and sell stocks that had outperformed between rebalance dates.
 
*The S&P 500 Equal Weight Total Return Index is an unmanaged equal-weighted version of the S&P 500 Total Return Index, which is an unmanaged capitalization-weighted index comprised of 500 common stocks (covering industrial, utility, transportation and financial companies in the U.S. markets — mostly NYSE Euronext issues), chosen by Standard & Poor’s, a Division of The McGraw-Hill Companies, Inc. (“S&P”) on a statistical basis. Unlike the S&P 500 Index, in which each constituent stock’s weight is proportionate to its market value, each stock in the S&P 500 Equal Weight Total Return Index will be rebalanced quarterly to have the same target weighting as every other stock in the Index.
 
Cumulative Fund Performance: April 24, 2003 – October 31, 2011
 
                         
          S&P 500
       
    Rydex S&P
    Equal Weight
    S&P 500
 
    500 Equal
    Total Return
    Total Return
 
   
Weight ETF
   
Index
   
Index
 
4/24/2003
    10000       10000       10000  
4/30/2003
    10114       10114       10063  
5/31/2003
    11091       11096       10594  
6/30/2003
    11170       11179       10729  
7/31/2003
    11457       11468       10918  
8/31/2003
    11960       11976       11131  
9/30/2003
    11754       11773       11013  
10/31/2003
    12575       12605       11636  
11/30/2003
    12841       12875       11738  
12/31/2003
    13500       13543       12353  
1/31/2004
    13821       13872       12580  
2/29/2004
    14096       14151       12755  
3/31/2004
    13999       14061       12563  
4/30/2004
    13643       13707       12365  
5/31/2004
    13893       13963       12535  
6/30/2004
    14316       14394       12779  
7/31/2004
    13684       13761       12356  
8/31/2004
    13663       13732       12406  
9/30/2004
    14019       14099       12540  
10/31/2004
    14348       14437       12732  
11/30/2004
    15176       15277       13247  
12/31/2004
    15726       15839       13698  
1/31/2005
    15254       15367       13364  
2/28/2005
    15576       15693       13645  
3/31/2005
    15370       15491       13404  
4/30/2005
    14897       15012       13149  
5/31/2005
    15567       15694       13568  
6/30/2005
    15785       15921       13587  
7/31/2005
    16577       16728       14092  
8/31/2005
    16395       16550       13964  
9/30/2005
    16529       16690       14077  
10/31/2005
    16112       16272       13842  
11/30/2005
    16811       16986       14366  
12/31/2005
    16933       17115       14371  
1/31/2006
    17620       17821       14751  
2/28/2006
    17653       17856       14791  
3/31/2006
    17971       18184       14975  
4/30/2006
    18155       18377       15176  
5/31/2006
    17628       17846       14740  
6/30/2006
    17581       17807       14760  
7/31/2006
    17320       17546       14851  
8/31/2006
    17803       18045       15204  
9/30/2006
    18255       18509       15596  
10/31/2006
    18918       19192       16104  
11/30/2006
    19391       19677       16410  
12/31/2006
    19526       19819       16640  
1/31/2007
    19979       20291       16892  
2/28/2007
    19905       20221       16562  
3/31/2007
    20056       20381       16747  
4/30/2007
    20919       21265       17489  
5/31/2007
    21600       21968       18099  
6/30/2007
    21209       21578       17798  
7/31/2007
    20247       20603       17246  
8/31/2007
    20276       20640       17505  
9/30/2007
    20781       21163       18160  
10/31/2007
    21043       21437       18448  
11/30/2007
    20033       20410       17677  
12/31/2007
    19740       20122       17555  
1/31/2008
    18872       19233       16502  
2/29/2008
    18230       18586       15966  
3/31/2008
    18031       18391       15897  
4/30/2008
    18970       19359       16671  
5/31/2008
    19460       19880       16887  
6/30/2008
    17552       17936       15463  
7/31/2008
    17459       17850       15333  
8/31/2008
    17964       18379       15555  
9/30/2008
    16077       16516       14169  
10/31/2008
    12680       13037       11789  
11/30/2008
    11459       11796       10943  
12/31/2008
    11765       12129       11060  
1/31/2009
    10834       11171       10128  
2/28/2009
    9611       9911       9049  
3/31/2009
    10611       10957       9842  
4/30/2009
    12556       13006       10784  
5/31/2009
    13347       13838       11387  
6/30/2009
    13230       13711       11410  
7/31/2009
    14444       14985       12273  
8/31/2009
    15247       15823       12716  
9/30/2009
    16053       16672       13190  
10/31/2009
    15494       16096       12945  
11/30/2009
    16320       16963       13722  
12/31/2009
    17063       17746       13987  
1/31/2010
    16523       17186       13484  
2/28/2010
    17219       17920       13901  
3/31/2010
    18421       19183       14740  
4/30/2010
    18928       19723       14973  
5/31/2010
    17533       18270       13777  
6/30/2010
    16450       17137       13056  
7/31/2010
    17641       18390       13971  
8/31/2010
    16798       17511       13340  
9/30/2010
    18508       19314       14531  
10/31/2010
    19163       20003       15083  
11/30/2010
    19329       20184       15085  
12/31/2010
    20701       21634       16094  
1/31/2011
    21152       22113       16475  
2/28/2011
    22007       23017       17039  
3/31/2011
    22178       23206       17046  
4/30/2011
    22872       23943       17551  
5/31/2011
    22745       23818       17352  
6/30/2011
    22323       23384       17063  
7/31/2011
    21524       22555       16716  
8/31/2011
    20152       21122       15808  
9/30/2011
    18339       19218       14697  
10/31/2011
    20718       21722       16303  
 
(PERFORMANCE GRAPH)
 
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2011
 
                 
                Since Inception
    One Year   Three Year   Five Year   (04/24/03)
 
Rydex S&P 500 Equal Weight ETF
  8.12%   17.79%   1.83%   8.92%
S&P 500 Equal Weight Total Return Index
  8.60%   18.55%   2.51%   9.53%
S&P 500 Total Return Index
  8.09%   11.41%   0.25%   5.90%
 
The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Performance displayed represents past performance, which is no guarantee of future results.
 
Fund performance is subject to daily market volatility and may be better or worse since the end of the last quarter. For up-to-date fund performance, call 800.820.0888 or visit www.rydex-sgi.com.


 

12

 
RYDEX S&P 500 EQUAL WEIGHT ETF
PORTFOLIO SUMMARY (Unaudited) As of October 31, 2011
 
Top 10 Holdings*
 
         
   Description   % of Net Assets  
   
 
GOODRICH CORP.
    0.26 %
EL PASO CORP.
    0.25 %
GOODYEAR TIRE & RUBBER CO.(THE)
    0.25 %
HARMAN INTERNATIONAL INDUSTRIES, INC.
    0.25 %
AFLAC, INC.
    0.24 %
CITRIX SYSTEMS, INC.
    0.24 %
F5 NETWORKS, INC.
    0.24 %
SEARS HOLDINGS CORP.
    0.24 %
JUNIPER NETWORKS, INC.
    0.23 %
RED HAT, INC.
    0.23 %
 
 
 
Sector Allocations*
 
         
Financials
    16.40  
Consumer Discretionary
    15.70  
Information Technology
    15.20  
Industrials
    12.20  
Health Care
    10.00  
Energy
    8.40  
Consumer Staples
    8.20  
Utilities
    6.50  
Materials
    6.00  
Telecommunication Services
    1.40  
 
(PIE CHART)
 
The Fund’s Top Ten Holdings are expressed as a percentage of net assets and the Sector Allocations are expressed as a percentage of the Fund’s investments market value. These percentages may change over time.


 

ANNUAL REPORT      13

 
RYDEX S&P MIDCAP 400 EQUAL WEIGHT ETF
MANAGER’S ANALYSIS (Unaudited)
 
Rydex S&P MidCap 400 Equal Weight ETF returned -4.81% for the partial-year period ended October 31, 2011, compared with the benchmark S&P MidCap 400 Equal Weight Total Return Index* (-4.71%). The ETF was launched August 1, 2011. The Utilities sector was the only sector contributing to return for the period. The sectors detracting the most from performance were Energy and Financials.
 
The S&P MidCap 400 Equal Weight Total Return Index performed in-line with the cap-weighted S&P MidCap 400 Total Return Index (-4.88%) during the partial-year period. Market volatility rose to its highest level of the past 12 months in August, when Congress was debating raising the debt ceiling and the U.S. lost its triple-A debt rating. Volatility remained elevated through the rest of the fiscal year.
 
*The S&P MidCap 400 Equal Weight Total Return Index is an unmanaged equal-weighted version of the S&P MidCap 400 Total Return Index, which is an unmanaged capitalization-weighted index that covers 7% of the U.S. equity market and measures the performance of the mid-cap segment of the U.S. equity universe. The S&P MidCap 400 Equal Weight Total Return Index generally represents medium-capitalization companies, has the same constituents as the capitalization-weighted S&P MidCap 400 Index, but each company in the equal weight index is allocated a fixed weight, and is rebalanced quarterly. Through equal weighting, the S&P MidCap 400 Equal Weight Total Return Index provides broad diversification. Diversification does not ensure a profit, nor eliminate the risk of investment losses.
 
Cumulative Fund Performance: August 1, 2011 – October 31, 2011
 
                         
    Rydex S&P
          S&P Midcap
 
    MidCap 400
    S&P MidCap
    400 Equal
 
    Equal Weight
    400 Total
    Weighted Total
 
   
ETF
   
Return Index
   
Return Index
 
8/1/2011
    10000       10000       10000  
8/2/2011
    9698       9702       9696  
8/3/2011
    9738       9747       9739  
8/4/2011
    9170       9176       9171  
8/5/2011
    9012       9019       9012  
8/6/2011
    9012       9019       9012  
8/7/2011
    9012       9019       9012  
8/8/2011
    8249       8275       8251  
8/9/2011
    8767       8804       8768  
8/10/2011
    8431       8510       8431  
8/11/2011
    8891       8963       8891  
8/12/2011
    8921       9004       8921  
8/13/2011
    8921       9004       8921  
8/14/2011
    8921       9004       8921  
8/15/2011
    9167       9248       9169  
8/16/2011
    9042       9117       9043  
8/17/2011
    8995       9069       8998  
8/18/2011
    8505       8570       8505  
8/19/2011
    8350       8417       8352  
8/20/2011
    8350       8417       8352  
8/21/2011
    8350       8417       8352  
8/22/2011
    8357       8425       8358  
8/23/2011
    8703       8774       8704  
8/24/2011
    8831       8898       8832  
8/25/2011
    8632       8701       8634  
8/26/2011
    8861       8932       8863  
8/27/2011
    8861       8932       8863  
8/28/2011
    8861       8932       8863  
8/29/2011
    9241       9283       9242  
8/30/2011
    9278       9324       9281  
8/31/2011
    9301       9353       9303  
9/1/2011
    9126       9199       9129  
9/2/2011
    8814       8905       8817  
9/3/2011
    8814       8905       8817  
9/4/2011
    8814       8905       8817  
9/5/2011
    8814       8905       8817  
9/6/2011
    8750       8848       8752  
9/7/2011
    9093       9180       9097  
9/8/2011
    8952       9056       8954  
9/9/2011
    8696       8803       8700  
9/10/2011
    8696       8803       8700  
9/11/2011
    8696       8803       8700  
9/12/2011
    8747       8852       8750  
9/13/2011
    8888       8987       8893  
9/14/2011
    9056       9148       9060  
9/15/2011
    9180       9268       9186  
9/16/2011
    9175       9265       9179  
9/17/2011
    9175       9265       9179  
9/18/2011
    9175       9265       9179  
9/19/2011
    9028       9140       9034  
9/20/2011
    8893       9021       8898  
9/21/2011
    8564       8711       8567  
9/22/2011
    8255       8393       8260  
9/23/2011
    8379       8499       8382  
9/24/2011
    8379       8499       8382  
9/25/2011
    8379       8499       8382  
9/26/2011
    8560       8665       8564  
9/27/2011
    8722       8813       8728  
9/28/2011
    8406       8520       8410  
9/29/2011
    8530       8608       8537  
9/30/2011
    8265       8363       8271  
10/1/2011
    8265       8363       8271  
10/2/2011
    8265       8363       8271  
10/3/2011
    7871       7975       7875  
10/4/2011
    8241       8304       8246  
10/5/2011
    8420       8478       8425  
10/6/2011
    8642       8694       8649  
10/7/2011
    8480       8556       8487  
10/8/2011
    8480       8556       8487  
10/9/2011
    8480       8556       8487  
10/10/2011
    8800       8860       8808  
10/11/2011
    8820       8865       8829  
10/12/2011
    8962       8993       8971  
10/13/2011
    8948       8999       8956  
10/14/2011
    9110       9165       9120  
10/15/2011
    9110       9165       9120  
10/16/2011
    9110       9165       9120  
10/17/2011
    8831       8899       8839  
10/18/2011
    9090       9130       9099  
10/19/2011
    8952       8984       8960  
10/20/2011
    8996       9024       9004  
10/21/2011
    9208       9224       9215  
10/22/2011
    9208       9224       9215  
10/23/2011
    9208       9224       9215  
10/24/2011
    9491       9492       9500  
10/25/2011
    9252       9261       9261  
10/26/2011
    9383       9375       9394  
10/27/2011
    9831       9780       9841  
10/28/2011
    9787       9755       9798  
10/29/2011
    9787       9755       9798  
10/30/2011
    9787       9755       9798  
10/31/2011
    9521       9512       9529  
 
(PERFORMANCE GRAPH)
 
TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2011
 
     
    Since Inception
    (08/01/11)
 
Rydex S&P MidCap 400 Equal Weight ETF
  -4.81%
S&P MidCap 400 Equal Weight Total Return Index
  -4.71%
S&P MidCap 400 Total Return Index
  -4.88%
 
The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Performance displayed represents past performance, which is no guarantee of future results.
 
Fund performance is subject to daily market volatility and may be better or worse since the end of the last quarter. For up-to-date fund performance, call 800.820.0888 or visit www.rydex-sgi.com.


 

14

 
RYDEX S&P MIDCAP 400 EQUAL WEIGHT ETF
PORTFOLIO SUMMARY (Unaudited) As of October 31, 2011
 
Top 10 Holdings*
 
         
   Description   % of Net Assets  
   
 
HNI CORP.
    0.32 %
AMERIGROUP CORP.
    0.31 %
TIBCO SOFTWARE, INC.
    0.31 %
UNITED RENTALS, INC.
    0.31 %
AEROPOSTALE, INC.
    0.30 %
GREENHILL & CO., INC.
    0.30 %
INTERNATIONAL BANCSHARES CORP.
    0.30 %
MDC HOLDINGS, INC.
    0.30 %
NEUSTAR, INC. — CLASS A
    0.30 %
RYLAND GROUP, INC.
    0.30 %
 
 
 
Sector Allocations*
 
         
Financials
    19.20  
Industrials
    17.40  
Consumer Discretionary
    16.50  
Information Technology
    16.30  
Health Care
    9.10  
Materials
    7.00  
Energy
    5.80  
Utilities
    5.20  
Consumer Staples
    2.90  
Telecommunication Services
    0.50  
Other
    0.10  
 
(PIE CHART)
 
The Fund’s Top Ten Holdings are expressed as a percentage of net assets and the Sector Allocations are expressed as a percentage of the Fund’s investments market value. These percentages may change over time.


 

ANNUAL REPORT      15

 
RYDEX S&P SMALLCAP 600 EQUAL WEIGHT ETF
MANAGER’S ANALYSIS (Unaudited)
 
Rydex S&P SmallCap 600 Equal Weight ETF returned -5.30% for the partial-year period ended October 31, 2011, compared with the benchmark S&P SmallCap 600 Equal Weight Total Return Index* (-5.19%). The ETF was launched August 1, 2011. The Utilities sector was the only sector contributing to return for the period. The sectors detracting the most from performance were Consumer Discretionary and Health Care.
 
The S&P SmallCap 600 Equal Weight Total Return Index underperformed the cap-weighted S&P SmallCap 600 Total Return Index (-4.15%) during the partial-year period. Market volatility rose to its highest level of the past 12 months in August, when Congress was debating raising the debt ceiling and the U.S. lost its triple-A debt rating. Volatility remained elevated through the rest of the fiscal year.
 
*The S&P SmallCap 600 Equal Weight Total Return Index is an unmanaged equal-weighted version of the S&P SmallCap 600 Total Return Index, which is an unmanaged capitalization-weighted index that covers 3% of the U.S. equity market and measures the performance of the small-cap segment of the U.S. equity universe. The S&P SmallCap 600 Equal Weight Total Return Index generally represents small-capitalization companies, has the same constituents as the capitalization-weighted S&P MidCap 400 Total Return Index, but each company in the equal weight index is allocated a fixed weight, and is rebalanced quarterly. Through equal weighting, the S&P MidCap 400 Equal Weight Total Return Index provides broad diversification. Diversification does not ensure a profit, nor eliminate the risk of investment losses.
 
Cumulative Fund Performance: August 1, 2011 – October 31, 2011
 
                         
    Rydex S&P
          S&P SmallCap
 
    SmallCap 600
    S&P SmallCap
    600 Equal
 
    Equal Weight
    600 Total
    Weighted Total
 
   
ETF
   
Return Index
   
Return Index
 
8/1/2011
    10000       10000       10000  
8/2/2011
    9698       9703       9697  
8/3/2011
    9776       9772       9776  
8/4/2011
    9256       9262       9256  
8/5/2011
    9112       9122       9111  
8/6/2011
    9112       9122       9111  
8/7/2011
    9112       9122       9111  
8/8/2011
    8325       8349       8325  
8/9/2011
    8851       8872       8850  
8/10/2011
    8362       8434       8361  
8/11/2011
    8791       8881       8792  
8/12/2011
    8797       8912       8797  
8/13/2011
    8797       8912       8797  
8/14/2011
    8797       8912       8797  
8/15/2011
    9045       9165       9046  
8/16/2011
    8878       9005       8878  
8/17/2011
    8861       8980       8861  
8/18/2011
    8355       8474       8356  
8/19/2011
    8221       8341       8221  
8/20/2011
    8221       8341       8221  
8/21/2011
    8221       8341       8221  
8/22/2011
    8224       8348       8225  
8/23/2011
    8643       8761       8644  
8/24/2011
    8757       8875       8757  
8/25/2011
    8516       8648       8516  
8/26/2011
    8710       8849       8712  
8/27/2011
    8710       8849       8712  
8/28/2011
    8710       8849       8712  
8/29/2011
    9139       9254       9141  
8/30/2011
    9179       9298       9180  
8/31/2011
    9159       9291       9161  
9/1/2011
    8941       9088       8942  
9/2/2011
    8593       8760       8595  
9/3/2011
    8593       8760       8595  
9/4/2011
    8593       8760       8595  
9/5/2011
    8593       8760       8595  
9/6/2011
    8580       8742       8581  
9/7/2011
    8945       9101       8946  
9/8/2011
    8747       8922       8748  
9/9/2011
    8492       8650       8495  
9/10/2011
    8492       8650       8495  
9/11/2011
    8492       8650       8495  
9/12/2011
    8566       8715       8568  
9/13/2011
    8710       8860       8712  
9/14/2011
    8884       9016       8888  
9/15/2011
    9005       9136       9008  
9/16/2011
    9009       9132       9011  
9/17/2011
    9009       9132       9011  
9/18/2011
    9009       9132       9011  
9/19/2011
    8828       8989       8832  
9/20/2011
    8654       8835       8657  
9/21/2011
    8312       8509       8316  
9/22/2011
    8084       8274       8088  
9/23/2011
    8205       8389       8210  
9/24/2011
    8205       8389       8210  
9/25/2011
    8205       8389       8210  
9/26/2011
    8396       8566       8400  
9/27/2011
    8587       8758       8593  
9/28/2011
    8231       8420       8237  
9/29/2011
    8402       8570       8409  
9/30/2011
    8174       8335       8179  
10/1/2011
    8174       8335       8179  
10/2/2011
    8174       8335       8179  
10/3/2011
    7725       7913       7730  
10/4/2011
    8302       8445       8308  
10/5/2011
    8396       8548       8404  
10/6/2011
    8590       8756       8598  
10/7/2011
    8352       8532       8359  
10/8/2011
    8352       8532       8359  
10/9/2011
    8352       8532       8359  
10/10/2011
    8715       8895       8724  
10/11/2011
    8775       8928       8783  
10/12/2011
    8949       9073       8957  
10/13/2011
    8909       9047       8918  
10/14/2011
    9083       9208       9094  
10/15/2011
    9083       9208       9094  
10/16/2011
    9083       9208       9094  
10/17/2011
    8768       8912       8778  
10/18/2011
    9047       9150       9056  
10/19/2011
    8855       8973       8865  
10/20/2011
    8886       9014       8894  
10/21/2011
    9090       9221       9100  
10/22/2011
    9090       9221       9100  
10/23/2011
    9090       9221       9100  
10/24/2011
    9399       9524       9409  
10/25/2011
    9094       9235       9101  
10/26/2011
    9285       9402       9294  
10/27/2011
    9808       9885       9818  
10/28/2011
    9738       9823       9747  
10/29/2011
    9738       9823       9747  
10/30/2011
    9738       9823       9747  
10/31/2011
    9469       9585       9481  
 
(PERFORMANCE GRAPH)
 
TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2011
 
     
    Since Inception
    (08/01/11)
 
Rydex S&P SmallCap 600 Equal Weight ETF
  -5.30%
S&P SmallCap 600 Equal Weight Total Return Index
  -5.19%
S&P SmallCap 600 Total Return Index
  -4.15%
 
The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Performance displayed represents past performance, which is no guarantee of future results.
 
Fund performance is subject to daily market volatility and may be better or worse since the end of the last quarter. For up-to-date fund performance, call 800.820.0888 or visit www.rydex-sgi.com.


 

16

 
RYDEX S&P SMALLCAP 600 EQUAL WEIGHT ETF
PORTFOLIO SUMMARY (Unaudited) As of October 31, 2011
 
Top 10 Holdings*
 
         
   Description   % of Net Assets  
   
 
MULTIMEDIA GAMES HOLDING CO.
    0.24 %
QUESTCOR PHARMACEUTICALS, INC.
    0.24 %
LIZ CLAIBORNE, INC.
    0.23 %
ON ASSIGNMENT, INC.
    0.23 %
STAMPS.COM, INC.
    0.23 %
TEKELEC
    0.23 %
HEALTHSPRING, INC.
    0.22 %
ALIGN TECHNOLOGY, INC.
    0.21 %
PINNACLE FINANCIAL PARTNERS, INC.
    0.21 %
SYNAPTICS, INC.
    0.21 %
 
 
 
Sector Allocations*
 
         
Information Technology
    21.80  
Consumer Discretionary
    18.30  
Financials
    17.50  
Industrials
    15.10  
Health Care
    11.00  
Materials
    5.40  
Consumer Staples
    3.70  
Energy
    3.60  
Utilities
    2.50  
Telecommunication Services
    1.10  
 
(PIE CHART)
 
The Fund’s Top Ten Holdings are expressed as a percentage of net assets and the Sector Allocations are expressed as a percentage of the Fund’s investments market value. These percentages may change over time.


 

ANNUAL REPORT      17

 
RYDEX RUSSELL MIDCAP® EQUAL WEIGHT ETF
MANAGER’S ANALYSIS (Unaudited)
 
Rydex Russell MidCap® Equal Weight ETF (EWRM) returned 3.80% for the partial-year period ended October 31, 2011, compared with the benchmark Russell MidCap® Equal Weight Total Return Index* (4.12%). The cap-weighted Russell MidCap® Total Return Index returned 1.67%. The ETF was launched December 3, 2010. During the period, EWRM achieved over 99% correlation to its benchmark on a daily basis. The Consumer Staples and Utilities sectors contributed most to return for the period. The sectors detracting the most from performance were Information Technology and Telecommunication Services.
 
After strong performance for the first half of the fiscal year, the U.S. and European debt crises weighed down equity markets. Market volatility rose to its highest level of the period in August, when Congress was debating raising the debt ceiling and the U.S. lost its triple-A debt rating. Volatility remained elevated through the rest of the fiscal year. The Fund’s equal weighting methodology allowed it to purchase stocks that had underperformed and sell stocks that had outperformed between rebalance dates.
 
*The Russell MidCap® Equal Weight Total Return Index is an unmanaged equal-weighted version of the Russell MidCap® Total Return Index, which is an unmanaged capitalization-weighted index representing the U.S. mid-cap market. The Russell MidCap® Equal Weight Total Return Index offers sector equal weight exposure by equally weighting the nine sectors within the Index and then equally weighting the securities within each sector, providing broad diversification. Diversification does not ensure a profit, nor eliminate the risk of investment losses.
 
Cumulative Fund Performance: December 3, 2010 – October 31, 2011
 
                         
                Russell MidCap
 
    Rydex Russell
    Russell Midcap
    Equal Weight
 
    MidCap Equal
    Total Return
    Total Return
 
   
Weight ETF
   
Index
   
Index
 
12/3/2010
    10000       10000       10000  
12/4/2010
    10000       10000       10000  
12/5/2010
    10000       10000       10000  
12/6/2010
    10000       9998       9999  
12/7/2010
    9997       9998       9998  
12/8/2010
    9990       10002       9990  
12/9/2010
    10030       10033       10029  
12/10/2010
    10106       10105       10106  
12/11/2010
    10106       10105       10106  
12/12/2010
    10106       10105       10106  
12/13/2010
    10086       10086       10088  
12/14/2010
    10093       10083       10094  
12/15/2010
    10036       10024       10038  
12/16/2010
    10129       10112       10132  
12/17/2010
    10173       10155       10174  
12/18/2010
    10173       10155       10174  
12/19/2010
    10173       10155       10174  
12/20/2010
    10199       10189       10204  
12/21/2010
    10282       10270       10285  
12/22/2010
    10312       10292       10316  
12/23/2010
    10289       10265       10293  
12/24/2010
    10289       10265       10293  
12/25/2010
    10289       10265       10293  
12/26/2010
    10289       10265       10293  
12/27/2010
    10285       10271       10290  
12/28/2010
    10275       10261       10279  
12/29/2010
    10315       10291       10318  
12/30/2010
    10318       10288       10322  
12/31/2010
    10289       10263       10291  
1/1/2011
    10289       10263       10291  
1/2/2011
    10289       10263       10291  
1/3/2011
    10405       10390       10409  
1/4/2011
    10322       10306       10328  
1/5/2011
    10381       10365       10386  
1/6/2011
    10368       10341       10374  
1/7/2011
    10358       10326       10364  
1/8/2011
    10358       10326       10364  
1/9/2011
    10358       10326       10364  
1/10/2011
    10381       10343       10388  
1/11/2011
    10434       10388       10441  
1/12/2011
    10524       10477       10530  
1/13/2011
    10517       10469       10523  
1/14/2011
    10574       10535       10579  
1/15/2011
    10574       10535       10579  
1/16/2011
    10574       10535       10579  
1/17/2011
    10574       10535       10579  
1/18/2011
    10630       10586       10638  
1/19/2011
    10468       10422       10474  
1/20/2011
    10411       10361       10418  
1/21/2011
    10401       10360       10408  
1/22/2011
    10401       10360       10408  
1/23/2011
    10401       10360       10408  
1/24/2011
    10484       10438       10492  
1/25/2011
    10478       10431       10485  
1/26/2011
    10584       10524       10590  
1/27/2011
    10623       10582       10632  
1/28/2011
    10434       10385       10443  
1/29/2011
    10434       10385       10443  
1/30/2011
    10434       10385       10443  
1/31/2011
    10531       10481       10539  
2/1/2011
    10683       10634       10693  
2/2/2011
    10663       10606       10672  
2/3/2011
    10713       10651       10722  
2/4/2011
    10759       10707       10770  
2/5/2011
    10759       10707       10770  
2/6/2011
    10759       10707       10770  
2/7/2011
    10832       10781       10842  
2/8/2011
    10875       10826       10885  
2/9/2011
    10832       10793       10844  
2/10/2011
    10882       10844       10892  
2/11/2011
    10958       10934       10969  
2/12/2011
    10958       10934       10969  
2/13/2011
    10958       10934       10969  
2/14/2011
    11014       10974       11026  
2/15/2011
    10961       10921       10974  
2/16/2011
    11067       11006       11079  
2/17/2011
    11134       11052       11147  
2/18/2011
    11120       11054       11135  
2/19/2011
    11120       11054       11135  
2/20/2011
    11120       11054       11135  
2/21/2011
    11120       11054       11135  
2/22/2011
    10855       10769       10868  
2/23/2011
    10743       10645       10755  
2/24/2011
    10746       10656       10758  
2/25/2011
    10951       10844       10965  
2/26/2011
    10951       10844       10965  
2/27/2011
    10951       10844       10965  
2/28/2011
    10981       10880       10995  
3/1/2011
    10782       10681       10796  
3/2/2011
    10835       10721       10848  
3/3/2011
    11031       10926       11045  
3/4/2011
    10968       10855       10983  
3/5/2011
    10968       10855       10983  
3/6/2011
    10968       10855       10983  
3/7/2011
    10842       10737       10857  
3/8/2011
    10935       10840       10950  
3/9/2011
    10922       10814       10935  
3/10/2011
    10726       10607       10738  
3/11/2011
    10819       10702       10832  
3/12/2011
    10819       10702       10832  
3/13/2011
    10819       10702       10832  
3/14/2011
    10769       10642       10783  
3/15/2011
    10686       10548       10698  
3/16/2011
    10557       10406       10568  
3/17/2011
    10653       10510       10664  
3/18/2011
    10708       10567       10720  
3/19/2011
    10708       10567       10720  
3/20/2011
    10708       10567       10720  
3/21/2011
    10900       10746       10916  
3/22/2011
    10847       10681       10863  
3/23/2011
    10870       10706       10887  
3/24/2011
    10979       10819       10994  
3/25/2011
    11049       10881       11067  
3/26/2011
    11049       10881       11067  
3/27/2011
    11049       10881       11067  
3/28/2011
    10999       10830       11017  
3/29/2011
    11099       10928       11118  
3/30/2011
    11211       11038       11230  
3/31/2011
    11228       11046       11248  
4/1/2011
    11304       11124       11324  
4/2/2011
    11304       11124       11324  
4/3/2011
    11304       11124       11324  
4/4/2011
    11308       11125       11326  
4/5/2011
    11347       11145       11368  
4/6/2011
    11341       11142       11363  
4/7/2011
    11308       11109       11327  
4/8/2011
    11245       11043       11266  
4/9/2011
    11245       11043       11266  
4/10/2011
    11245       11043       11266  
4/11/2011
    11168       10987       11188  
4/12/2011
    11065       10894       11087  
4/13/2011
    11105       10934       11126  
4/14/2011
    11122       10941       11142  
4/15/2011
    11208       11026       11229  
4/16/2011
    11208       11026       11229  
4/17/2011
    11208       11026       11229  
4/18/2011
    11059       10878       11080  
4/19/2011
    11122       10939       11143  
4/20/2011
    11288       11124       11311  
4/21/2011
    11361       11188       11382  
4/22/2011
    11361       11188       11382  
4/23/2011
    11361       11188       11382  
4/24/2011
    11361       11188       11382  
4/25/2011
    11351       11173       11372  
4/26/2011
    11444       11264       11466  
4/27/2011
    11510       11327       11535  
4/28/2011
    11527       11355       11551  
4/29/2011
    11570       11377       11594  
4/30/2011
    11570       11377       11594  
5/1/2011
    11570       11377       11594  
5/2/2011
    11540       11348       11564  
5/3/2011
    11430       11249       11455  
5/4/2011
    11334       11161       11358  
5/5/2011
    11294       11119       11316  
5/6/2011
    11344       11173       11370  
5/7/2011
    11344       11173       11370  
5/8/2011
    11344       11173       11370  
5/9/2011
    11437       11249       11460  
5/10/2011
    11560       11372       11585  
5/11/2011
    11430       11247       11456  
5/12/2011
    11497       11310       11456  
5/13/2011
    11407       11209       11432  
5/14/2011
    11407       11209       11432  
5/15/2011
    11407       11209       11432  
5/16/2011
    11324       11134       11349  
5/17/2011
    11278       11090       11303  
5/18/2011
    11434       11243       11460  
5/19/2011
    11460       11271       11486  
5/20/2011
    11401       11201       11425  
5/21/2011
    11401       11201       11425  
5/22/2011
    11401       11201       11425  
5/23/2011
    11235       11038       11260  
5/24/2011
    11221       11016       11247  
5/25/2011
    11288       11077       11312  
5/26/2011
    11364       11165       11391  
5/27/2011
    11437       11229       11463  
5/28/2011
    11437       11229       11463  
5/29/2011
    11437       11229       11463  
5/30/2011
    11437       11229       11463  
5/31/2011
    11537       11329       11566  
6/1/2011
    11281       11055       11305  
6/2/2011
    11261       11051       11286  
6/3/2011
    11122       10918       11144  
6/4/2011
    11122       10918       11144  
6/5/2011
    11122       10918       11144  
6/6/2011
    10956       10762       10977  
6/7/2011
    10992       10792       11013  
6/8/2011
    10906       10696       10925  
6/9/2011
    10982       10766       11003  
6/10/2011
    10826       10600       10845  
6/11/2011
    10826       10600       10845  
6/12/2011
    10826       10600       10845  
6/13/2011
    10790       10572       10808  
6/14/2011
    10969       10753       10989  
6/15/2011
    10790       10569       10809  
6/16/2011
    10777       10560       10794  
6/17/2011
    10803       10592       10820  
6/18/2011
    10803       10592       10820  
6/19/2011
    10803       10592       10820  
6/20/2011
    10873       10664       10891  
6/21/2011
    11065       10859       11088  
6/22/2011
    11025       10804       11047  
6/23/2011
    11009       10798       11030  
6/24/2011
    10899       10684       10921  
6/25/2011
    10899       10684       10921  
6/26/2011
    10899       10684       10921  
6/27/2011
    10956       10751       10978  
6/28/2011
    11128       10911       11153  
6/29/2011
    11221       10997       11247  
6/30/2011
    11314       11093       11340  
7/1/2011
    11494       11271       11522  
7/2/2011
    11494       11271       11522  
7/3/2011
    11494       11271       11522  
7/4/2011
    11494       11271       11522  
7/5/2011
    11480       11257       11510  
7/6/2011
    11514       11280       11542  
7/7/2011
    11623       11405       11654  
7/8/2011
    11537       11313       11569  
7/9/2011
    11537       11313       11569  
7/10/2011
    11537       11313       11569  
7/11/2011
    11288       11062       11315  
7/12/2011
    11244       11016       11273  
7/13/2011
    11291       11050       11319  
7/14/2011
    11171       10927       11197  
7/15/2011
    11271       11008       11301  
7/16/2011
    11271       11008       11301  
7/17/2011
    11271       11008       11301  
7/18/2011
    11125       10871       11151  
7/19/2011
    11331       11067       11359  
7/20/2011
    11318       11053       11348  
7/21/2011
    11441       11174       11471  
7/22/2011
    11467       11201       11499  
7/23/2011
    11467       11201       11499  
7/24/2011
    11467       11201       11499  
7/25/2011
    11381       11117       11410  
7/26/2011
    11311       11055       11341  
7/27/2011
    11035       10775       11063  
7/28/2011
    10968       10724       10999  
7/29/2011
    10928       10690       10959  
7/30/2011
    10928       10690       10959  
7/31/2011
    10928       10690       10959  
8/1/2011
    10855       10604       10883  
8/2/2011
    10533       10279       10561  
8/3/2011
    10579       10339       10608  
8/4/2011
    9937       9740       9960  
8/5/2011
    9828       9639       9852  
8/6/2011
    9828       9639       9852  
8/7/2011
    9828       9639       9852  
8/8/2011
    9046       8874       9066  
8/9/2011
    9552       9393       9574  
8/10/2011
    9239       9049       9262  
8/11/2011
    9698       9504       9721  
8/12/2011
    9764       9564       9789  
8/13/2011
    9764       9564       9789  
8/14/2011
    9764       9564       9789  
8/15/2011
    10030       9813       10057  
8/16/2011
    9897       9684       9923  
8/17/2011
    9867       9652       9891  
8/18/2011
    9365       9147       9388  
8/19/2011
    9216       8999       9238  
8/20/2011
    9216       8999       9238  
8/21/2011
    9216       8999       9238  
8/22/2011
    9202       9002       9224  
8/23/2011
    9548       9343       9574  
8/24/2011
    9665       9478       9693  
8/25/2011
    9472       9288       9495  
8/26/2011
    9688       9499       9715  
8/27/2011
    9688       9499       9715  
8/28/2011
    9688       9499       9715  
8/29/2011
    10047       9845       10077  
8/30/2011
    10104       9899       10137  
8/31/2011
    10150       9955       10184  
9/1/2011
    10004       9807       10034  
9/2/2011
    9731       9530       9761  
9/3/2011
    9731       9530       9761  
9/4/2011
    9731       9530       9761  
9/5/2011
    9731       9530       9761  
9/6/2011
    9668       9464       9695  
9/7/2011
    10001       9799       10032  
9/8/2011
    9874       9668       9904  
9/9/2011
    9601       9402       9631  
9/10/2011
    9601       9402       9631  
9/11/2011
    9601       9402       9631  
9/12/2011
    9635       9456       9663  
9/13/2011
    9781       9591       9810  
9/14/2011
    9931       9750       9963  
9/15/2011
    10067       9889       10100  
9/16/2011
    10079       9911       10113  
9/17/2011
    10079       9911       10113  
9/18/2011
    10079       9911       10113  
9/19/2011
    9962       9796       9995  
9/20/2011
    9866       9714       9898  
9/21/2011
    9553       9388       9581  
9/22/2011
    9197       9060       9221  
9/23/2011
    9271       9140       9294  
9/24/2011
    9271       9140       9294  
9/25/2011
    9271       9140       9294  
9/26/2011
    9467       9344       9492  
9/27/2011
    9610       9473       9640  
9/28/2011
    9321       9203       9346  
9/29/2011
    9377       9255       9404  
9/30/2011
    9134       8997       9160  
10/1/2011
    9134       8997       9160  
10/2/2011
    9134       8997       9160  
10/3/2011
    8738       8639       8761  
10/4/2011
    9018       8910       9042  
10/5/2011
    9238       9092       9263  
10/6/2011
    9478       9318       9502  
10/7/2011
    9338       9188       9365  
10/8/2011
    9338       9188       9365  
10/9/2011
    9338       9188       9365  
10/10/2011
    9661       9516       9687  
10/11/2011
    9671       9520       9699  
10/12/2011
    9794       9632       9822  
10/13/2011
    9804       9627       9833  
10/14/2011
    9987       9794       10016  
10/15/2011
    9987       9794       10016  
10/16/2011
    9987       9794       10016  
10/17/2011
    9747       9575       9775  
10/18/2011
    9981       9799       10011  
10/19/2011
    9831       9660       9860  
10/20/2011
    9877       9710       9908  
10/21/2011
    10094       9930       10125  
10/22/2011
    10094       9930       10125  
10/23/2011
    10094       9930       10125  
10/24/2011
    10341       10160       10373  
10/25/2011
    10091       9922       10120  
10/26/2011
    10231       10035       10262  
10/27/2011
    10647       10426       10680  
10/28/2011
    10671       10425       10705  
10/29/2011
    10671       10425       10705  
10/30/2011
    10671       10425       10705  
10/31/2011
    10381       10167       10412  
 
(PERFORMANCE GRAPH)
 
TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2011
 
     
    Since Inception
    (12/03/10)
 
Rydex Russell MidCap® Equal Weight ETF
  3.80%
Russell MidCap® Equal Weight Total Return Index
  4.12%
Russell MidCap® Total Return Index
  1.67%
 
The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Performance displayed represents past performance, which is no guarantee of future results.
 
Fund performance is subject to daily market volatility and may be better or worse since the end of the last quarter. For up-to-date fund performance, call 800.820.0888 or visit www.rydex-sgi.com.


 

18

 
RYDEX RUSSELL MIDCAP® EQUAL WEIGHT ETF
PORTFOLIO SUMMARY (Unaudited) As of October 31, 2011
 
Top 10 Holdings*
 
         
   Description   % of Net Assets  
   
 
SMITHFIELD FOODS, INC.
    0.41 %
CORN PRODUCTS INTERNATIONAL, INC.
    0.39 %
SAFEWAY, INC.
    0.38 %
SUPERVALU, INC.
    0.38 %
CONSTELLATION BRANDS, INC. — CLASS A
    0.37 %
TYSON FOODS, INC. — CLASS A
    0.37 %
HERBALIFE LTD. 
    0.36 %
HORMEL FOODS CORP.
    0.36 %
RALCORP HOLDINGS, INC.
    0.36 %
BROWN-FORMAN CORP. — CLASS B
    0.35 %
 
 
 
Sector Allocations*
 
         
Information Technology
    13.50  
Energy
    11.70  
Industrials
    11.60  
Consumer Staples
    10.90  
Health Care
    10.70  
Consumer Discretionary
    10.50  
Financials
    10.40  
Materials
    10.20  
Utilities
    8.60  
Telecommunication Services
    1.90  
 
(PIE CHART)
 
The Fund’s Top Ten Holdings are expressed as a percentage of net assets and the Sector Allocations are expressed as a percentage of the Fund’s investments market value. These percentages may change over time.


 

ANNUAL REPORT      19

 
RYDEX RUSSELL 1000® EQUAL WEIGHT ETF
MANAGER’S ANALYSIS (Unaudited)
 
Rydex Russell 1000® Equal Weight ETF (EWRI) returned 4.00% for the partial-year period ended October 31, 2011, compared with the benchmark Russell 1000® Equal Weight Total Return Index* (4.30%). The cap-weighted Russell 1000® Total Return Index returned 3.73%. The ETF was launched December 3, 2010. During the period, EWRI achieved over 99% correlation to its benchmark on a daily basis. The Consumer Staples and Utilities sectors contributed most to return for the period. The sectors detracting the most from performance were Telecommunication Services and Materials.
 
After strong performance for the first half of the fiscal year, the U.S. and European debt crises weighed down equity markets. Volatility rose to its highest level of the period in August, when Congress was debating raising the debt ceiling and the U.S. lost its triple-A debt rating. Volatility remained elevated through the rest of the fiscal year. The Fund’s equal weighting methodology allowed it to purchase stocks that had underperformed and sell stocks that had outperformed between rebalance dates.
 
*The Russell 1000® Equal Weight Total Return Index is an unmanaged equal-weighted version of the Russell 1000® Total Return Index, which is an unmanaged capitalization-weighted index representing the U.S. large-cap market. The Russell 1000® Equal Weight Total Return Index offers sector equal weight exposure by equally weighting the nine sectors within the Index and then equally weighting the securities within each sector, providing broad diversification. Diversification does not ensure a profit, nor eliminate the risk of investment losses.
 
Cumulative Fund Performance: December 3, 2010 – October 31, 2011
 
                         
                Russell 1000
 
    Rydex Russell
    Russell 1000
    Equal Weight
 
    1000 Equal
    Total Return
    Total Return
 
   
Weight ETF
   
Index
   
Index
 
12/3/2010
    10000       10000       10000  
12/4/2010
    10000       10000       10000  
12/5/2010
    10000       10000       10000  
12/6/2010
    9997       9990       9997  
12/7/2010
    9997       9992       9995  
12/8/2010
    9993       10024       9992  
12/9/2010
    10030       10061       10029  
12/10/2010
    10099       10123       10100  
12/11/2010
    10099       10123       10100  
12/12/2010
    10099       10123       10100  
12/13/2010
    10089       10122       10090  
12/14/2010
    10096       10131       10097  
12/15/2010
    10040       10079       10040  
12/16/2010
    10129       10146       10130  
12/17/2010
    10164       10159       10166  
12/18/2010
    10164       10159       10166  
12/19/2010
    10164       10159       10166  
12/20/2010
    10193       10184       10195  
12/21/2010
    10266       10249       10269  
12/22/2010
    10303       10285       10304  
12/23/2010
    10280       10268       10282  
12/24/2010
    10280       10268       10282  
12/25/2010
    10280       10268       10282  
12/26/2010
    10280       10268       10282  
12/27/2010
    10276       10273       10280  
12/28/2010
    10270       10278       10273  
12/29/2010
    10306       10296       10310  
12/30/2010
    10309       10283       10312  
12/31/2010
    10286       10278       10289  
1/1/2011
    10286       10278       10289  
1/2/2011
    10286       10278       10289  
1/3/2011
    10399       10395       10402  
1/4/2011
    10333       10374       10335  
1/5/2011
    10389       10427       10392  
1/6/2011
    10376       10410       10379  
1/7/2011
    10366       10393       10370  
1/8/2011
    10366       10393       10370  
1/9/2011
    10366       10393       10370  
1/10/2011
    10382       10385       10386  
1/11/2011
    10436       10426       10438  
1/12/2011
    10522       10518       10526  
1/13/2011
    10512       10502       10518  
1/14/2011
    10572       10577       10575  
1/15/2011
    10572       10577       10575  
1/16/2011
    10572       10577       10575  
1/17/2011
    10572       10577       10575  
1/18/2011
    10625       10601       10628  
1/19/2011
    10472       10486       10476  
1/20/2011
    10422       10464       10428  
1/21/2011
    10416       10484       10422  
1/22/2011
    10416       10484       10422  
1/23/2011
    10416       10484       10422  
1/24/2011
    10495       10550       10502  
1/25/2011
    10492       10553       10497  
1/26/2011
    10588       10607       10594  
1/27/2011
    10621       10634       10628  
1/28/2011
    10436       10445       10443  
1/29/2011
    10436       10445       10443  
1/30/2011
    10436       10445       10443  
1/31/2011
    10528       10526       10536  
2/1/2011
    10688       10700       10695  
2/2/2011
    10668       10674       10675  
2/3/2011
    10708       10702       10718  
2/4/2011
    10754       10733       10762  
2/5/2011
    10754       10733       10762  
2/6/2011
    10754       10733       10762  
2/7/2011
    10820       10801       10829  
2/8/2011
    10860       10850       10871  
2/9/2011
    10820       10820       10831  
2/10/2011
    10864       10834       10874  
2/11/2011
    10933       10899       10946  
2/12/2011
    10933       10899       10946  
2/13/2011
    10933       10899       10946  
2/14/2011
    10983       10932       10996  
2/15/2011
    10937       10894       10949  
2/16/2011
    11033       10967       11047  
2/17/2011
    11099       11003       11111  
2/18/2011
    11093       11020       11107  
2/19/2011
    11093       11020       11107  
2/20/2011
    11093       11020       11107  
2/21/2011
    11093       11020       11107  
2/22/2011
    10840       10787       10851  
2/23/2011
    10741       10713       10751  
2/24/2011
    10738       10707       10749  
2/25/2011
    10923       10835       10937  
2/26/2011
    10923       10835       10937  
2/27/2011
    10923       10835       10937  
2/28/2011
    10963       10892       10976  
3/1/2011
    10774       10719       10785  
3/2/2011
    10817       10741       10830  
3/3/2011
    11010       10928       11025  
3/4/2011
    10947       10850       10962  
3/5/2011
    10947       10850       10962  
3/6/2011
    10947       10850       10962  
3/7/2011
    10830       10755       10845  
3/8/2011
    10920       10851       10935  
3/9/2011
    10907       10836       10920  
3/10/2011
    10708       10632       10721  
3/11/2011
    10801       10709       10813  
3/12/2011
    10801       10709       10813  
3/13/2011
    10801       10709       10813  
3/14/2011
    10747       10646       10761  
3/15/2011
    10658       10531       10669  
3/16/2011
    10515       10337       10527  
3/17/2011
    10618       10467       10629  
3/18/2011
    10669       10513       10680  
3/19/2011
    10669       10513       10680  
3/20/2011
    10669       10513       10680  
3/21/2011
    10852       10674       10865  
3/22/2011
    10805       10636       10819  
3/23/2011
    10832       10664       10846  
3/24/2011
    10935       10766       10951  
3/25/2011
    10994       10805       11013  
3/26/2011
    10994       10805       11013  
3/27/2011
    10994       10805       11013  
3/28/2011
    10951       10773       10968  
3/29/2011
    11044       10853       11064  
3/30/2011
    11147       10933       11166  
3/31/2011
    11157       10920       11178  
4/1/2011
    11227       10977       11250  
4/2/2011
    11227       10977       11250  
4/3/2011
    11227       10977       11250  
4/4/2011
    11234       10983       11254  
4/5/2011
    11263       10985       11286  
4/6/2011
    11267       11008       11287  
4/7/2011
    11234       10987       11254  
4/8/2011
    11174       10942       11196  
4/9/2011
    11174       10942       11196  
4/10/2011
    11174       10942       11196  
4/11/2011
    11107       10907       11129  
4/12/2011
    11007       10820       11030  
4/13/2011
    11041       10829       11061  
4/14/2011
    11054       10830       11076  
4/15/2011
    11134       10878       11157  
4/16/2011
    11134       10878       11157  
4/17/2011
    11134       10878       11157  
4/18/2011
    10991       10755       11014  
4/19/2011
    11057       10817       11078  
4/20/2011
    11217       10968       11241  
4/21/2011
    11290       11029       11313  
4/22/2011
    11290       11029       11313  
4/23/2011
    11290       11029       11313  
4/24/2011
    11290       11029       11313  
4/25/2011
    11273       11013       11298  
4/26/2011
    11370       11112       11394  
4/27/2011
    11436       11183       11461  
4/28/2011
    11460       11220       11486  
4/29/2011
    11500       11248       11527  
4/30/2011
    11500       11248       11527  
5/1/2011
    11500       11248       11527  
5/2/2011
    11473       11227       11499  
5/3/2011
    11380       11178       11404  
5/4/2011
    11287       11101       11312  
5/5/2011
    11234       11009       11260  
5/6/2011
    11287       11053       11312  
5/7/2011
    11287       11053       11312  
5/8/2011
    11287       11053       11312  
5/9/2011
    11377       11110       11402  
5/10/2011
    11490       11203       11518  
5/11/2011
    11363       11084       11391  
5/12/2011
    11430       11138       11391  
5/13/2011
    11340       11047       11367  
5/14/2011
    11340       11047       11367  
5/15/2011
    11340       11047       11367  
5/16/2011
    11263       10976       11290  
5/17/2011
    11227       10967       11253  
5/18/2011
    11370       11073       11397  
5/19/2011
    11393       11097       11421  
5/20/2011
    11330       11016       11358  
5/21/2011
    11330       11016       11358  
5/22/2011
    11330       11016       11358  
5/23/2011
    11174       10880       11201  
5/24/2011
    11167       10870       11192  
5/25/2011
    11224       10912       11251  
5/26/2011
    11293       10963       11321  
5/27/2011
    11357       11013       11386  
5/28/2011
    11357       11013       11386  
5/29/2011
    11357       11013       11386  
5/30/2011
    11357       11013       11386  
5/31/2011
    11460       11128       11489  
6/1/2011
    11204       10876       11232  
6/2/2011
    11190       10865       11217  
6/3/2011
    11057       10757       11082  
6/4/2011
    11057       10757       11082  
6/5/2011
    11057       10757       11082  
6/6/2011
    10904       10636       10927  
6/7/2011
    10934       10632       10956  
6/8/2011
    10858       10583       10879  
6/9/2011
    10934       10658       10959  
6/10/2011
    10778       10506       10800  
6/11/2011
    10778       10506       10800  
6/12/2011
    10778       10506       10800  
6/13/2011
    10751       10510       10771  
6/14/2011
    10917       10648       10942  
6/15/2011
    10741       10465       10761  
6/16/2011
    10731       10479       10752  
6/17/2011
    10758       10507       10779  
6/18/2011
    10758       10507       10779  
6/19/2011
    10758       10507       10779  
6/20/2011
    10828       10566       10852  
6/21/2011
    11008       10716       11033  
6/22/2011
    10961       10650       10986  
6/23/2011
    10938       10624       10962  
6/24/2011
    10832       10501       10854  
6/25/2011
    10832       10501       10854  
6/26/2011
    10832       10501       10854  
6/27/2011
    10891       10592       10915  
6/28/2011
    11054       10735       11082  
6/29/2011
    11148       10827       11176  
6/30/2011
    11244       10933       11273  
7/1/2011
    11418       11094       11448  
7/2/2011
    11418       11094       11448  
7/3/2011
    11418       11094       11448  
7/4/2011
    11418       11094       11448  
7/5/2011
    11404       11085       11436  
7/6/2011
    11434       11103       11465  
7/7/2011
    11544       11219       11577  
7/8/2011
    11461       11143       11495  
7/9/2011
    11461       11143       11495  
7/10/2011
    11461       11143       11495  
7/11/2011
    11221       10933       11250  
7/12/2011
    11177       10884       11208  
7/13/2011
    11221       10921       11251  
7/14/2011
    11107       10841       11137  
7/15/2011
    11201       10906       11232  
7/16/2011
    11201       10906       11232  
7/17/2011
    11201       10906       11232  
7/18/2011
    11061       10810       11092  
7/19/2011
    11261       10989       11291  
7/20/2011
    11247       10983       11280  
7/21/2011
    11374       11127       11408  
7/22/2011
    11398       11142       11430  
7/23/2011
    11398       11142       11430  
7/24/2011
    11398       11142       11430  
7/25/2011
    11311       11074       11344  
7/26/2011
    11247       11028       11282  
7/27/2011
    10987       10795       11017  
7/28/2011
    10927       10760       10959  
7/29/2011
    10881       10696       10913  
7/30/2011
    10881       10696       10913  
7/31/2011
    10881       10696       10913  
8/1/2011
    10814       10651       10845  
8/2/2011
    10504       10371       10531  
8/3/2011
    10550       10428       10578  
8/4/2011
    9937       9908       9962  
8/5/2011
    9853       9881       9877  
8/6/2011
    9853       9881       9877  
8/7/2011
    9853       9881       9877  
8/8/2011
    9103       9203       9119  
8/9/2011
    9586       9659       9608  
8/10/2011
    9263       9252       9280  
8/11/2011
    9713       9688       9736  
8/12/2011
    9776       9741       9800  
8/13/2011
    9776       9741       9800  
8/14/2011
    9776       9741       9800  
8/15/2011
    10030       9960       10055  
8/16/2011
    9907       9858       9930  
8/17/2011
    9883       9862       9908  
8/18/2011
    9400       9409       9419  
8/19/2011
    9253       9263       9274  
8/20/2011
    9253       9263       9274  
8/21/2011
    9253       9263       9274  
8/22/2011
    9243       9263       9263  
8/23/2011
    9580       9585       9603  
8/24/2011
    9700       9713       9724  
8/25/2011
    9510       9554       9533  
8/26/2011
    9710       9713       9736  
8/27/2011
    9710       9713       9736  
8/28/2011
    9710       9713       9736  
8/29/2011
    10050       10002       10079  
8/30/2011
    10103       10031       10132  
8/31/2011
    10150       10080       10182  
9/1/2011
    10013       9956       10042  
9/2/2011
    9746       9700       9774  
9/3/2011
    9746       9700       9774  
9/4/2011
    9746       9700       9774  
9/5/2011
    9746       9700       9774  
9/6/2011
    9680       9630       9707  
9/7/2011
    10000       9918       10030  
9/8/2011
    9883       9810       9911  
9/9/2011
    9613       9548       9640  
9/10/2011
    9613       9548       9640  
9/11/2011
    9613       9548       9640  
9/12/2011
    9650       9612       9677  
9/13/2011
    9783       9711       9813  
9/14/2011
    9930       9846       9961  
9/15/2011
    10073       10012       10105  
9/16/2011
    10094       10063       10126  
9/17/2011
    10094       10063       10126  
9/18/2011
    10094       10063       10126  
9/19/2011
    9980       9963       10010  
9/20/2011
    9904       9934       9933  
9/21/2011
    9594       9640       9619  
9/22/2011
    9247       9323       9266  
9/23/2011
    9310       9386       9332  
9/24/2011
    9310       9386       9332  
9/25/2011
    9310       9386       9332  
9/26/2011
    9507       9598       9530  
9/27/2011
    9644       9707       9669  
9/28/2011
    9367       9497       9391  
9/29/2011
    9423       9569       9449  
9/30/2011
    9183       9328       9206  
10/1/2011
    9183       9328       9206  
10/2/2011
    9183       9328       9206  
10/3/2011
    8815       9044       8837  
10/4/2011
    9080       9261       9102  
10/5/2011
    9297       9436       9319  
10/6/2011
    9525       9619       9548  
10/7/2011
    9397       9532       9421  
10/8/2011
    9397       9532       9421  
10/9/2011
    9397       9532       9421  
10/10/2011
    9715       9859       9740  
10/11/2011
    9725       9864       9749  
10/12/2011
    9839       9966       9866  
10/13/2011
    9843       9942       9868  
10/14/2011
    10023       10117       10050  
10/15/2011
    10023       10117       10050  
10/16/2011
    10023       10117       10050  
10/17/2011
    9792       9915       9817  
10/18/2011
    10023       10121       10049  
10/19/2011
    9879       9990       9905  
10/20/2011
    9926       10035       9952  
10/21/2011
    10144       10227       10171  
10/22/2011
    10144       10227       10171  
10/23/2011
    10144       10227       10171  
10/24/2011
    10365       10377       10393  
10/25/2011
    10120       10165       10149  
10/26/2011
    10258       10274       10286  
10/27/2011
    10666       10631       10697  
10/28/2011
    10689       10635       10720  
10/29/2011
    10689       10635       10720  
10/30/2011
    10689       10635       10720  
10/31/2011
    10401       10373       10430  
 
(PERFORMANCE GRAPH)
 
TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2011
 
     
    Since Inception
    (12/03/10)
 
Rydex Russell 1000® Equal Weight ETF
  4.00%
Russell 1000® Equal Weight Total Return Index
  4.30%
Russell 1000® Total Return Index
  3.73%
 
The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Performance displayed represents past performance, which is no guarantee of future results.
 
Fund performance is subject to daily market volatility and may be better or worse since the end of the last quarter. For up-to-date fund performance, call 800.820.0888 or visit www.rydex-sgi.com.


 

20

 
RYDEX RUSSELL 1000® EQUAL WEIGHT ETF
PORTFOLIO SUMMARY (Unaudited) As of October 31, 2011
 
Top 10 Holdings*
 
         
   Description   % of Net Assets  
   
 
SMITHFIELD FOODS, INC.
    0.27 %
CORN PRODUCTS INTERNATIONAL, INC.
    0.26 %
ARCHER-DANIELS-MIDLAND CO.
    0.25 %
SAFEWAY, INC.
    0.25 %
SUPERVALU, INC.
    0.25 %
TYSON FOODS, INC. — CLASS A
    0.25 %
CONSTELLATION BRANDS, INC. — CLASS A
    0.24 %
HERBALIFE LTD. 
    0.24 %
PHILIP MORRIS INTERNATIONAL, INC.
    0.24 %
HORMEL FOODS CORP.
    0.23 %
 
 
 
Sector Allocations*
 
         
Information Technology
    13.30  
Energy
    11.80  
Industrials
    11.70  
Consumer Staples
    11.00  
Health Care
    10.70  
Consumer Discretionary
    10.40  
Financials
    10.40  
Materials
    10.10  
Utilities
    8.40  
Telecommunication Services
    2.20  
 
(PIE CHART)
 
The Fund’s Top Ten Holdings are expressed as a percentage of net assets and the Sector Allocations are expressed as a percentage of the Fund’s investments market value. These percentages may change over time.


 

ANNUAL REPORT      21

 
RYDEX RUSSELL 2000® EQUAL WEIGHT ETF
MANAGER’S ANALYSIS (Unaudited)
 
Rydex Russell 2000® Equal Weight ETF (EWRS) returned -1.78% for the partial-year period ended October 31, 2011, compared with the benchmark Russell 2000® Equal Weight Total Return Index* (-1.29%). The cap-weighted Russell 2000® Total Return Index returned -0.88%. The ETF was launched December 3, 2010. During the period, EWRS achieved over 99% correlation to its benchmark on a daily basis. The Utilities and Health Care sectors contributed most to return for the period. The sectors detracting the most from performance were Consumer Discretionary and Industrials.
 
After strong performance for the first half of the fiscal year, the U.S. and European debt crises weighed down equity markets. Market volatility rose to its highest level of the period in August, when Congress was debating raising the debt ceiling and the U.S. lost its triple-A debt rating. Volatility remained elevated through the rest of the fiscal year. The Fund’s equal weighting methodology allowed it to purchase stocks that had underperformed and sell stocks that had outperformed between rebalance dates.
 
*The Russell 2000® Equal Weight Total Return Index is an unmanaged equal-weighted version of the Russell 2000® Total Return Index, which is an unmanaged capitalization-weighted index representing the U.S. small-cap market. The Russell 2000® Equal Weight Total Return Index offers sector equal weight exposure by equally weighting the nine sectors within the Index and then equally weighting the securities within each sector, providing broad diversification. Diversification does not ensure a profit, nor eliminate the risk of investment losses.
 
Cumulative Fund Performance: December 3, 2010 – October 31, 2011
 
                         
                Russell 2000
 
    Rydex Russell
    Russell 2000
    Equal Weight
 
    2000 Equal
    Total Return
    Total Return
 
   
Weight ETF
   
Index
   
Index
 
12/3/2010
    10000       10000       10000  
12/4/2010
    10000       10000       10000  
12/5/2010
    10000       10000       10000  
12/6/2010
    10076       10059       10075  
12/7/2010
    10129       10107       10127  
12/8/2010
    10129       10102       10127  
12/9/2010
    10195       10150       10194  
12/10/2010
    10321       10272       10322  
12/11/2010
    10321       10272       10322  
12/12/2010
    10321       10272       10322  
12/13/2010
    10272       10211       10271  
12/14/2010
    10278       10206       10278  
12/15/2010
    10238       10163       10239  
12/16/2010
    10358       10272       10359  
12/17/2010
    10388       10312       10389  
12/18/2010
    10388       10312       10389  
12/19/2010
    10388       10312       10389  
12/20/2010
    10441       10348       10442  
12/21/2010
    10547       10457       10549  
12/22/2010
    10554       10459       10549  
12/23/2010
    10544       10438       10547  
12/24/2010
    10544       10438       10547  
12/25/2010
    10544       10438       10547  
12/26/2010
    10544       10438       10547  
12/27/2010
    10594       10483       10600  
12/28/2010
    10554       10445       10557  
12/29/2010
    10574       10461       10578  
12/30/2010
    10561       10454       10567  
12/31/2010
    10491       10374       10500  
1/1/2011
    10491       10374       10500  
1/2/2011
    10491       10374       10500  
1/3/2011
    10687       10571       10696  
1/4/2011
    10504       10403       10512  
1/5/2011
    10627       10526       10637  
1/6/2011
    10574       10478       10582  
1/7/2011
    10528       10430       10535  
1/8/2011
    10528       10430       10535  
1/9/2011
    10528       10430       10535  
1/10/2011
    10561       10480       10568  
1/11/2011
    10617       10522       10627  
1/12/2011
    10720       10611       10730  
1/13/2011
    10700       10601       10710  
1/14/2011
    10790       10693       10800  
1/15/2011
    10790       10693       10800  
1/16/2011
    10790       10693       10800  
1/17/2011
    10790       10693       10800  
1/18/2011
    10766       10693       10777  
1/19/2011
    10474       10419       10483  
1/20/2011
    10358       10303       10367  
1/21/2011
    10295       10238       10303  
1/22/2011
    10295       10238       10303  
1/23/2011
    10295       10238       10303  
1/24/2011
    10395       10319       10402  
1/25/2011
    10398       10328       10408  
1/26/2011
    10600       10511       10611  
1/27/2011
    10600       10534       10612  
1/28/2011
    10312       10270       10321  
1/29/2011
    10312       10270       10321  
1/30/2011
    10312       10270       10321  
1/31/2011
    10392       10347       10401  
2/1/2011
    10644       10581       10655  
2/2/2011
    10607       10545       10618  
2/3/2011
    10627       10579       10639  
2/4/2011
    10614       10598       10625  
2/5/2011
    10614       10598       10625  
2/6/2011
    10614       10598       10625  
2/7/2011
    10720       10707       10733  
2/8/2011
    10786       10779       10801  
2/9/2011
    10720       10721       10732  
2/10/2011
    10750       10767       10763  
2/11/2011
    10866       10892       10882  
2/12/2011
    10866       10892       10882  
2/13/2011
    10866       10892       10882  
2/14/2011
    10912       10943       10929  
2/15/2011
    10849       10865       10863  
2/16/2011
    10945       10976       10963  
2/17/2011
    11035       11051       11051  
2/18/2011
    11035       11062       11053  
2/19/2011
    11035       11062       11053  
2/20/2011
    11035       11062       11053  
2/21/2011
    11035       11062       11053  
2/22/2011
    10760       10773       10773  
2/23/2011
    10604       10597       10617  
2/24/2011
    10677       10658       10692  
2/25/2011
    10926       10895       10942  
2/26/2011
    10926       10895       10942  
2/27/2011
    10926       10895       10942  
2/28/2011
    10952       10915       10969  
3/1/2011
    10736       10698       10753  
3/2/2011
    10786       10749       10801  
3/3/2011
    10995       10988       11016  
3/4/2011
    10952       10937       10970  
3/5/2011
    10952       10937       10970  
3/6/2011
    10952       10937       10970  
3/7/2011
    10776       10768       10793  
3/8/2011
    10919       10933       10939  
3/9/2011
    10892       10888       10910  
3/10/2011
    10577       10601       10590  
3/11/2011
    10614       10647       10627  
3/12/2011
    10614       10647       10627  
3/13/2011
    10614       10647       10627  
3/14/2011
    10547       10585       10562  
3/15/2011
    10445       10495       10458  
3/16/2011
    10332       10372       10345  
3/17/2011
    10405       10420       10418  
3/18/2011
    10553       10542       10567  
3/19/2011
    10553       10542       10567  
3/20/2011
    10553       10542       10567  
3/21/2011
    10798       10787       10815  
3/22/2011
    10778       10729       10794  
3/23/2011
    10821       10764       10839  
3/24/2011
    10881       10842       10900  
3/25/2011
    10961       10931       10978  
3/26/2011
    10961       10931       10978  
3/27/2011
    10961       10931       10978  
3/28/2011
    10927       10904       10947  
3/29/2011
    11040       11010       11060  
3/30/2011
    11169       11155       11190  
3/31/2011
    11216       11197       11236  
4/1/2011
    11259       11240       11283  
4/2/2011
    11259       11240       11283  
4/3/2011
    11259       11240       11283  
4/4/2011
    11292       11275       11317  
4/5/2011
    11335       11328       11359  
4/6/2011
    11355       11340       11382  
4/7/2011
    11299       11278       11323  
4/8/2011
    11186       11165       11210  
4/9/2011
    11186       11165       11210  
4/10/2011
    11186       11165       11210  
4/11/2011
    11083       11072       11108  
4/12/2011
    10911       10918       10935  
4/13/2011
    10914       10941       10939  
4/14/2011
    10984       10988       11007  
4/15/2011
    11090       11088       11114  
4/16/2011
    11090       11088       11114  
4/17/2011
    11090       11088       11114  
4/18/2011
    10917       10909       10942  
4/19/2011
    10920       10929       10944  
4/20/2011
    11120       11148       11147  
4/21/2011
    11179       11230       11208  
4/22/2011
    11179       11230       11208  
4/23/2011
    11179       11230       11208  
4/24/2011
    11179       11230       11208  
4/25/2011
    11166       11211       11192  
4/26/2011
    11299       11328       11326  
4/27/2011
    11345       11400       11375  
4/28/2011
    11402       11443       11431  
4/29/2011
    11455       11493       11484  
4/30/2011
    11455       11493       11484  
5/1/2011
    11455       11493       11484  
5/2/2011
    11292       11353       11321  
5/3/2011
    11143       11207       11171  
5/4/2011
    10990       11063       11017  
5/5/2011
    10927       11016       10954  
5/6/2011
    10984       11070       11011  
5/7/2011
    10984       11070       11011  
5/8/2011
    10984       11070       11011  
5/9/2011
    11113       11196       11141  
5/10/2011
    11312       11371       11340  
5/11/2011
    11103       11169       11132  
5/12/2011
    11216       11261       11132  
5/13/2011
    11047       11104       11074  
5/14/2011
    11047       11104       11074  
5/15/2011
    11047       11104       11074  
5/16/2011
    10871       10935       10897  
5/17/2011
    10847       10902       10873  
5/18/2011
    11013       11076       11040  
5/19/2011
    11023       11100       11050  
5/20/2011
    10960       11019       10988  
5/21/2011
    10960       11019       10988  
5/22/2011
    10960       11019       10988  
5/23/2011
    10784       10819       10810  
5/24/2011
    10738       10770       10763  
5/25/2011
    10877       10911       10907  
5/26/2011
    11013       11044       11044  
5/27/2011
    11093       11117       11125  
5/28/2011
    11093       11117       11125  
5/29/2011
    11093       11117       11125  
5/30/2011
    11093       11117       11125  
5/31/2011
    11276       11278       11309  
6/1/2011
    10920       10920       10949  
6/2/2011
    10911       10911       10940  
6/3/2011
    10738       10744       10765  
6/4/2011
    10738       10744       10765  
6/5/2011
    10738       10744       10765  
6/6/2011
    10582       10574       10608  
6/7/2011
    10605       10604       10631  
6/8/2011
    10489       10478       10512  
6/9/2011
    10549       10540       10573  
6/10/2011
    10383       10366       10404  
6/11/2011
    10383       10366       10404  
6/12/2011
    10383       10366       10404  
6/13/2011
    10350       10337       10371  
6/14/2011
    10565       10561       10592  
6/15/2011
    10383       10370       10405  
6/16/2011
    10456       10398       10481  
6/17/2011
    10448       10401       10472  
6/18/2011
    10448       10401       10472  
6/19/2011
    10448       10401       10472  
6/20/2011
    10524       10491       10546  
6/21/2011
    10753       10730       10779  
6/22/2011
    10651       10644       10677  
6/23/2011
    10700       10682       10726  
6/24/2011
    10674       10617       10700  
6/25/2011
    10674       10617       10700  
6/26/2011
    10674       10617       10700  
6/27/2011
    10763       10716       10798  
6/28/2011
    10919       10882       10959  
6/29/2011
    10933       10917       10972  
6/30/2011
    11039       11018       11080  
7/1/2011
    11189       11186       11230  
7/2/2011
    11189       11186       11230  
7/3/2011
    11189       11186       11230  
7/4/2011
    11189       11186       11230  
7/5/2011
    11205       11207       11249  
7/6/2011
    11255       11255       11298  
7/7/2011
    11438       11428       11485  
7/8/2011
    11365       11354       11409  
7/9/2011
    11365       11354       11409  
7/10/2011
    11365       11354       11409  
7/11/2011
    11125       11101       11167  
7/12/2011
    11089       11051       11132  
7/13/2011
    11215       11148       11261  
7/14/2011
    11029       10967       11070  
7/15/2011
    11125       11039       11169  
7/16/2011
    11125       11039       11169  
7/17/2011
    11125       11039       11169  
7/18/2011
    10949       10869       10989  
7/19/2011
    11198       11118       11244  
7/20/2011
    11169       11087       11214  
7/21/2011
    11302       11206       11349  
7/22/2011
    11278       11214       11324  
7/23/2011
    11278       11214       11324  
7/24/2011
    11278       11214       11324  
7/25/2011
    11132       11075       11176  
7/26/2011
    11036       10988       11078  
7/27/2011
    10716       10665       10759  
7/28/2011
    10730       10650       10773  
7/29/2011
    10690       10619       10733  
7/30/2011
    10690       10619       10733  
7/31/2011
    10690       10619       10733  
8/1/2011
    10663       10564       10707  
8/2/2011
    10324       10220       10364  
8/3/2011
    10407       10297       10449  
8/4/2011
    9775       9685       9812  
8/5/2011
    9612       9523       9650  
8/6/2011
    9612       9523       9650  
8/7/2011
    9612       9523       9650  
8/8/2011
    8765       8675       8797  
8/9/2011
    9363       9278       9400  
8/10/2011
    8848       8799       8882  
8/11/2011
    9297       9277       9332  
8/12/2011
    9283       9299       9319  
8/13/2011
    9283       9299       9319  
8/14/2011
    9283       9299       9319  
8/15/2011
    9573       9581       9610  
8/16/2011
    9363       9396       9400  
8/17/2011
    9373       9387       9410  
8/18/2011
    8851       8834       8885  
8/19/2011
    8721       8690       8752  
8/20/2011
    8721       8690       8752  
8/21/2011
    8721       8690       8752  
8/22/2011
    8688       8685       8721  
8/23/2011
    9107       9109       9144  
8/24/2011
    9227       9236       9265  
8/25/2011
    8967       8994       9001  
8/26/2011
    9177       9226       9213  
8/27/2011
    9177       9226       9213  
8/28/2011
    9177       9226       9213  
8/29/2011
    9626       9665       9667  
8/30/2011
    9666       9712       9709  
8/31/2011
    9636       9695       9679  
9/1/2011
    9396       9457       9435  
9/2/2011
    9067       9116       9103  
9/3/2011
    9067       9116       9103  
9/4/2011
    9067       9116       9103  
9/5/2011
    9067       9116       9103  
9/6/2011
    9034       9084       9068  
9/7/2011
    9403       9466       9443  
9/8/2011
    9200       9272       9238  
9/9/2011
    8931       8993       8965  
9/10/2011
    8931       8993       8965  
9/11/2011
    8931       8993       8965  
9/12/2011
    9001       9070       9036  
9/13/2011
    9164       9233       9202  
9/14/2011
    9323       9399       9365  
9/15/2011
    9433       9526       9476  
9/16/2011
    9441       9537       9483  
9/17/2011
    9441       9537       9483  
9/18/2011
    9441       9537       9483  
9/19/2011
    9271       9376       9311  
9/20/2011
    9105       9212       9144  
9/21/2011
    8796       8875       8830  
9/22/2011
    8513       8593       8542  
9/23/2011
    8630       8713       8660  
9/24/2011
    8630       8713       8660  
9/25/2011
    8630       8713       8660  
9/26/2011
    8796       8890       8829  
9/27/2011
    8992       9085       9028  
9/28/2011
    8613       8712       8645  
9/29/2011
    8759       8858       8794  
9/30/2011
    8537       8609       8569  
10/1/2011
    8537       8609       8569  
10/2/2011
    8537       8609       8569  
10/3/2011
    8027       8145       8061  
10/4/2011
    8580       8669       8617  
10/5/2011
    8690       8796       8727  
10/6/2011
    8880       9007       8917  
10/7/2011
    8627       8772       8662  
10/8/2011
    8627       8772       8662  
10/9/2011
    8627       8772       8662  
10/10/2011
    9023       9156       9060  
10/11/2011
    9096       9211       9133  
10/12/2011
    9273       9364       9313  
10/13/2011
    9256       9344       9296  
10/14/2011
    9463       9526       9503  
10/15/2011
    9463       9526       9503  
10/16/2011
    9463       9526       9503  
10/17/2011
    9130       9207       9169  
10/18/2011
    9433       9484       9474  
10/19/2011
    9206       9285       9247  
10/20/2011
    9220       9312       9258  
10/21/2011
    9420       9526       9462  
10/22/2011
    9420       9526       9462  
10/23/2011
    9420       9526       9462  
10/24/2011
    9723       9842       9767  
10/25/2011
    9403       9543       9444  
10/26/2011
    9633       9724       9678  
10/27/2011
    10186       10237       10237  
10/28/2011
    10126       10178       10175  
10/29/2011
    10126       10178       10175  
10/30/2011
    10126       10178       10175  
10/31/2011
    9823       9912       9871  
 
(PERFORMANCE GRAPH)
 
TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2011
 
     
    Since Inception
    (12/03/10)
 
Rydex Russell 2000® Equal Weight ETF
  -1.78%
Russell 2000® Equal Weight Total Return Index
  -1.29%
Russell 2000® Total Return Index
  -0.88%
 
The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Performance displayed represents past performance, which is no guarantee of future results.
 
Fund performance is subject to daily market volatility and may be better or worse since the end of the last quarter. For up-to-date fund performance, call 800.820.0888 or visit www.rydex-sgi.com.


 

22

 
RYDEX RUSSELL 2000® EQUAL WEIGHT ETF
PORTFOLIO SUMMARY (Unaudited) As of October 31, 2011
 
Top 10 Holdings*
 
         
   Description   % of Net Assets  
   
 
SSGA GOVERNMENT MONEY MARKET FUND
    0.44 %
PILGRIM’S PRIDE CORP.
    0.27 %
USANA HEALTH SCIENCES, INC.
    0.26 %
B&G FOODS, INC.
    0.25 %
BOSTON BEER CO., INC. — CLASS A
    0.25 %
GNC HOLDINGS, INC. — CLASS A
    0.24 %
OMEGA PROTEIN CORP.
    0.24 %
PREMIERE GLOBAL SERVICES, INC.
    0.24 %
SEABOARD CORP.
    0.24 %
NATURE’S SUNSHINE PRODUCTS, INC.
    0.23 %
 
 
 
Sector Allocations*
 
         
Industrials
    14.70  
Information Technology
    13.00  
Energy
    11.80  
Consumer Discretionary
    11.20  
Financials
    11.10  
Health Care
    10.70  
Consumer Staples
    10.10  
Materials
    7.20  
Utilities
    6.70  
Telecommunication Services
    3.50  
Investment Management/Advisory Services
    0.00  
 
(PIE CHART)
 
The Fund’s Top Ten Holdings are expressed as a percentage of net assets and the Sector Allocations are expressed as a percentage of the Fund’s investments market value. These percentages may change over time.


 

ANNUAL REPORT      23

 
RYDEX MSCI EAFE EQUAL WEIGHT ETF
MANAGER’S ANALYSIS (Unaudited)
 
Rydex MSCI EAFE Equal Weight ETF (EWEF) returned -6.33% for the partial-year period ended October 31, 2011, compared with the benchmark MSCI EAFE Equal Weighted Gross Index* (-5.40%). The cap-weighted MSCI EAFE Total Return Index returned -4.38%. The ETF was launched December 3, 2010. During the period, EWEF achieved over 97% correlation to its benchmark on a daily basis.
 
Major differences between the EAFE and the MSCI ACWI (All Country World Index) are that the ACWI includes the U.S. and Canada, as well as emerging markets, whereas the EAFE excludes them.
 
The period was characterized by fears of a looming recession in Europe, if not the globe, and the spread of Europe’s sovereign credit crisis, raising the question of the future of the eurozone. The situation has been compounded by continuing deleveraging in the developed world and tightening in emerging markets in response to inflation threats. Many observers believe the stronger action by institutions like the European Central Bank, under a new leader, will be needed to help weaker countries restructure and reform, while preserving the monetary union. Market turmoil is likely to continue until policymakers find a resolution to Europe’s fiscal crisis and investors see improvement in the global economy.
 
*The MSCI EAFE (Europe, Australasia, Far East) Equal Weighted Gross Index equally weights the issuers in the MSCI EAFE Total Return Index (the MSCI EAFE Cap-Weighted Index, which is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada). The MSCI EAFE Equal Weighted Total Return Index provides an alternative to market-cap indices, as each issuer has the same weight on the rebalancing date.
 
Cumulative Fund Performance: December 3, 2010 – October 31, 2011
 
                         
    Rydex MSCI
    MSCI EAFE
    MSCI EAFE
 
    EAFE Equal
    Total Return
    Equal Weighted
 
   
Weight ETF
   
Index
   
Gross Index
 
12/3/2010
    10000       10000       10000  
12/4/2010
    10000       10000       10000  
12/5/2010
    10000       10000       10000  
12/6/2010
    9988       9964       9989  
12/7/2010
    10047       10043       10042  
12/8/2010
    9978       9974       9975  
12/9/2010
    10002       10015       10002  
12/10/2010
    10015       10036       10007  
12/11/2010
    10015       10036       10007  
12/12/2010
    10015       10036       10007  
12/13/2010
    10162       10179       10157  
12/14/2010
    10197       10215       10194  
12/15/2010
    10123       10131       10117  
12/16/2010
    10069       10076       10062  
12/17/2010
    10048       10027       10041  
12/18/2010
    10048       10027       10041  
12/19/2010
    10048       10027       10041  
12/20/2010
    10062       10046       10052  
12/21/2010
    10176       10165       10163  
12/22/2010
    10181       10167       10172  
12/23/2010
    10188       10176       10182  
12/24/2010
    10188       10186       10181  
12/25/2010
    10188       10186       10181  
12/26/2010
    10188       10186       10181  
12/27/2010
    10176       10158       10171  
12/28/2010
    10217       10187       10215  
12/29/2010
    10281       10230       10278  
12/30/2010
    10264       10204       10262  
12/31/2010
    10328       10257       10323  
1/1/2011
    10328       10257       10323  
1/2/2011
    10328       10257       10323  
1/3/2011
    10345       10268       10338  
1/4/2011
    10397       10323       10393  
1/5/2011
    10259       10192       10253  
1/6/2011
    10286       10198       10284  
1/7/2011
    10276       10173       10280  
1/8/2011
    10276       10173       10280  
1/9/2011
    10276       10173       10280  
1/10/2011
    10205       10093       10210  
1/11/2011
    10249       10147       10247  
1/12/2011
    10380       10322       10378  
1/13/2011
    10518       10469       10516  
1/14/2011
    10486       10448       10482  
1/15/2011
    10486       10448       10482  
1/16/2011
    10486       10448       10482  
1/17/2011
    10486       10418       10458  
1/18/2011
    10569       10549       10561  
1/19/2011
    10606       10552       10610  
1/20/2011
    10390       10347       10397  
1/21/2011
    10439       10448       10441  
1/22/2011
    10439       10448       10441  
1/23/2011
    10439       10448       10441  
1/24/2011
    10513       10544       10515  
1/25/2011
    10530       10529       10536  
1/26/2011
    10579       10590       10579  
1/27/2011
    10609       10619       10608  
1/28/2011
    10505       10490       10512  
1/29/2011
    10505       10490       10512  
1/30/2011
    10505       10490       10512  
1/31/2011
    10486       10499       10491  
2/1/2011
    10646       10678       10645  
2/2/2011
    10710       10753       10719  
2/3/2011
    10636       10667       10648  
2/4/2011
    10665       10670       10678  
2/5/2011
    10665       10670       10678  
2/6/2011
    10665       10670       10678  
2/7/2011
    10725       10731       10731  
2/8/2011
    10811       10819       10810  
2/9/2011
    10752       10783       10751  
2/10/2011
    10653       10689       10646  
2/11/2011
    10638       10679       10630  
2/12/2011
    10638       10679       10630  
2/13/2011
    10638       10679       10630  
2/14/2011
    10678       10704       10676  
2/15/2011
    10683       10734       10676  
2/16/2011
    10727       10781       10723  
2/17/2011
    10808       10867       10809  
2/18/2011
    10840       10899       10848  
2/19/2011
    10840       10899       10848  
2/20/2011
    10840       10899       10848  
2/21/2011
    10840       10821       10787  
2/22/2011
    10670       10731       10679  
2/23/2011
    10599       10671       10613  
2/24/2011
    10555       10632       10569  
2/25/2011
    10670       10736       10684  
2/26/2011
    10670       10736       10684  
2/27/2011
    10670       10736       10684  
2/28/2011
    10781       10846       10791  
3/1/2011
    10816       10841       10829  
3/2/2011
    10720       10769       10730  
3/3/2011
    10757       10816       10762  
3/4/2011
    10794       10833       10809  
3/5/2011
    10794       10833       10809  
3/6/2011
    10794       10833       10809  
3/7/2011
    10744       10779       10760  
3/8/2011
    10690       10727       10698  
3/9/2011
    10722       10732       10734  
3/10/2011
    10510       10523       10528  
3/11/2011
    10451       10470       10473  
3/12/2011
    10451       10470       10473  
3/13/2011
    10451       10470       10473  
3/14/2011
    10203       10296       10234  
3/15/2011
    9715       9918       9732  
3/16/2011
    9875       9943       9901  
3/17/2011
    10040       10118       10059  
3/18/2011
    10119       10193       10138  
3/19/2011
    10119       10193       10138  
3/20/2011
    10119       10193       10138  
3/21/2011
    10247       10355       10264  
3/22/2011
    10404       10460       10424  
3/23/2011
    10367       10439       10386  
3/24/2011
    10456       10547       10475  
3/25/2011
    10456       10544       10476  
3/26/2011
    10456       10544       10476  
3/27/2011
    10456       10544       10476  
3/28/2011
    10424       10513       10442  
3/29/2011
    10402       10489       10423  
3/30/2011
    10527       10603       10545  
3/31/2011
    10549       10603       10570  
4/1/2011
    10522       10645       10538  
4/2/2011
    10522       10645       10538  
4/3/2011
    10522       10645       10538  
4/4/2011
    10596       10713       10611  
4/5/2011
    10525       10672       10537  
4/6/2011
    10552       10739       10562  
4/7/2011
    10512       10704       10525  
4/8/2011
    10648       10849       10663  
4/9/2011
    10648       10849       10663  
4/10/2011
    10648       10849       10663  
4/11/2011
    10633       10851       10651  
4/12/2011
    10517       10713       10537  
4/13/2011
    10574       10790       10602  
4/14/2011
    10567       10755       10593  
4/15/2011
    10547       10736       10570  
4/16/2011
    10547       10736       10570  
4/17/2011
    10547       10736       10570  
4/18/2011
    10401       10518       10426  
4/19/2011
    10421       10565       10443  
4/20/2011
    10653       10845       10666  
4/21/2011
    10779       10967       10796  
4/22/2011
    10779       10968       10792  
4/23/2011
    10779       10968       10792  
4/24/2011
    10779       10968       10792  
4/25/2011
    10749       10937       10762  
4/26/2011
    10786       10991       10800  
4/27/2011
    10791       11013       10804  
4/28/2011
    10989       11201       11006  
4/29/2011
    11021       11236       11042  
4/30/2011
    11021       11236       11042  
5/1/2011
    11021       11236       11042  
5/2/2011
    11109       11316       11132  
5/3/2011
    11040       11238       11064  
5/4/2011
    10971       11136       10994  
5/5/2011
    10865       10993       10890  
5/6/2011
    10850       11002       10877  
5/7/2011
    10850       11002       10877  
5/8/2011
    10850       11002       10877  
5/9/2011
    10737       10852       10761  
5/10/2011
    10843       10975       10865  
5/11/2011
    10838       10970       10863  
5/12/2011
    10707       10824       10732  
5/13/2011
    10668       10784       10696  
5/14/2011
    10668       10784       10696  
5/15/2011
    10668       10784       10696  
5/16/2011
    10596       10751       10624  
5/17/2011
    10480       10626       10509  
5/18/2011
    10579       10729       10608  
5/19/2011
    10589       10766       10620  
5/20/2011
    10540       10700       10572  
5/21/2011
    10540       10700       10572  
5/22/2011
    10540       10700       10572  
5/23/2011
    10308       10449       10340  
5/24/2011
    10342       10501       10376  
5/25/2011
    10342       10524       10375  
5/26/2011
    10436       10599       10470  
5/27/2011
    10562       10749       10592  
5/28/2011
    10562       10749       10592  
5/29/2011
    10562       10749       10592  
5/30/2011
    10562       10743       10602  
5/31/2011
    10722       10904       10758  
6/1/2011
    10717       10876       10751  
6/2/2011
    10579       10717       10613  
6/3/2011
    10577       10737       10614  
6/4/2011
    10577       10737       10614  
6/5/2011
    10577       10737       10614  
6/6/2011
    10537       10700       10573  
6/7/2011
    10577       10743       10613  
6/8/2011
    10483       10626       10519  
6/9/2011
    10478       10642       10513  
6/10/2011
    10352       10477       10391  
6/11/2011
    10352       10477       10391  
6/12/2011
    10352       10477       10391  
6/13/2011
    10342       10486       10379  
6/14/2011
    10471       10626       10509  
6/15/2011
    10323       10452       10370  
6/16/2011
    10135       10280       10183  
6/17/2011
    10205       10376       10256  
6/18/2011
    10205       10376       10256  
6/19/2011
    10205       10376       10256  
6/20/2011
    10156       10328       10209  
6/21/2011
    10331       10503       10383  
6/22/2011
    10395       10536       10449  
6/23/2011
    10153       10260       10208  
6/24/2011
    10193       10296       10251  
6/25/2011
    10193       10296       10251  
6/26/2011
    10193       10296       10251  
6/27/2011
    10161       10303       10213  
6/28/2011
    10245       10401       10302  
6/29/2011
    10432       10595       10494  
6/30/2011
    10590       10768       10654  
7/1/2011
    10635       10821       10700  
7/2/2011
    10635       10821       10700  
7/3/2011
    10635       10821       10700  
7/4/2011
    10635       10890       10793  
7/5/2011
    10683       10861       10755  
7/6/2011
    10625       10786       10704  
7/7/2011
    10666       10837       10736  
7/8/2011
    10623       10765       10706  
7/9/2011
    10623       10765       10706  
7/10/2011
    10623       10765       10706  
7/11/2011
    10388       10503       10482  
7/12/2011
    10325       10417       10425  
7/13/2011
    10494       10592       10589  
7/14/2011
    10401       10511       10501  
7/15/2011
    10378       10475       10480  
7/16/2011
    10378       10475       10480  
7/17/2011
    10378       10475       10480  
7/18/2011
    10225       10299       10335  
7/19/2011
    10338       10432       10439  
7/20/2011
    10467       10570       10569  
7/21/2011
    10620       10750       10721  
7/22/2011
    10716       10828       10825  
7/23/2011
    10716       10828       10825  
7/24/2011
    10716       10828       10825  
7/25/2011
    10635       10759       10743  
7/26/2011
    10711       10842       10816  
7/27/2011
    10590       10702       10698  
7/28/2011
    10489       10625       10596  
7/29/2011
    10479       10597       10586  
7/30/2011
    10479       10597       10586  
7/31/2011
    10479       10597       10586  
8/1/2011
    10426       10494       10551  
8/2/2011
    10220       10315       10347  
8/3/2011
    10051       10144       10171  
8/4/2011
    9688       9770       9813  
8/5/2011
    9484       9555       9597  
8/6/2011
    9484       9555       9597  
8/7/2011
    9484       9555       9597  
8/8/2011
    9171       9234       9288  
8/9/2011
    9204       9290       9310  
8/10/2011
    9136       9113       9261  
8/11/2011
    9252       9267       9363  
8/12/2011
    9400       9468       9503  
8/13/2011
    9400       9468       9503  
8/14/2011
    9400       9468       9503  
8/15/2011
    9587       9648       9686  
8/16/2011
    9539       9619       9647  
8/17/2011
    9595       9677       9700  
8/18/2011
    9234       9268       9357  
8/19/2011
    9106       9144       9228  
8/20/2011
    9106       9144       9228  
8/21/2011
    9106       9144       9228  
8/22/2011
    9068       9136       9180  
8/23/2011
    9171       9241       9283  
8/24/2011
    9206       9296       9309  
8/25/2011
    9169       9216       9276  
8/26/2011
    9189       9206       9301  
8/27/2011
    9189       9206       9301  
8/28/2011
    9189       9206       9301  
8/29/2011
    9365       9380       9475  
8/30/2011
    9441       9438       9550  
8/31/2011
    9622       9640       9723  
9/1/2011
    9600       9628       9701  
9/2/2011
    9400       9416       9507  
9/3/2011
    9400       9416       9507  
9/4/2011
    9400       9416       9507  
9/5/2011
    9400       9043       9168  
9/6/2011
    8914       8917       9018  
9/7/2011
    9151       9163       9258  
9/8/2011
    9201       9205       9305  
9/9/2011
    8917       8903       9032  
9/10/2011
    8917       8903       9032  
9/11/2011
    8917       8903       9032  
9/12/2011
    8659       8643       8774  
9/13/2011
    8758       8749       8874  
9/14/2011
    8786       8788       8894  
9/15/2011
    9007       9028       9116  
9/16/2011
    9101       9100       9213  
9/17/2011
    9101       9100       9213  
9/18/2011
    9101       9100       9213  
9/19/2011
    8902       8874       9021  
9/20/2011
    8965       8991       9074  
9/21/2011
    8905       8891       9019  
9/22/2011
    8484       8436       8609  
9/23/2011
    8499       8481       8619  
9/24/2011
    8499       8481       8619  
9/25/2011
    8499       8481       8619  
9/26/2011
    8466       8499       8575  
9/27/2011
    8849       8908       8950  
9/28/2011
    8824       8855       8938  
9/29/2011
    8884       8907       9000  
9/30/2011
    8700       8721       8825  
10/1/2011
    8700       8721       8825  
10/2/2011
    8700       8721       8825  
10/3/2011
    8498       8530       8628  
10/4/2011
    8287       8320       8409  
10/5/2011
    8409       8490       8515  
10/6/2011
    8673       8764       8779  
10/7/2011
    8787       8896       8893  
10/8/2011
    8787       8896       8893  
10/9/2011
    8787       8896       8893  
10/10/2011
    8956       9087       9054  
10/11/2011
    8994       9110       9096  
10/12/2011
    9141       9275       9234  
10/13/2011
    9096       9208       9199  
10/14/2011
    9144       9297       9237  
10/15/2011
    9144       9297       9237  
10/16/2011
    9144       9297       9237  
10/17/2011
    9141       9269       9250  
10/18/2011
    9020       9144       9119  
10/19/2011
    9098       9249       9202  
10/20/2011
    8923       9069       9028  
10/21/2011
    9156       9331       9258  
10/22/2011
    9156       9331       9258  
10/23/2011
    9156       9331       9258  
10/24/2011
    9329       9473       9425  
10/25/2011
    9283       9428       9381  
10/26/2011
    9245       9389       9342  
10/27/2011
    9694       9869       9780  
10/28/2011
    9734       9917       9826  
10/29/2011
    9734       9917       9826  
10/30/2011
    9734       9917       9826  
10/31/2011
    9369       9562       9460  
 
(PERFORMANCE GRAPH)
 
TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2011
 
     
    Since Inception
    (12/03/10)
 
Rydex MSCI EAFE Equal Weight ETF
  -6.33%
MSCI EAFE Equal Weighted Gross Index
  -5.40%
MSCI EAFE Total Return Index
  -4.38%
 
The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Performance displayed represents past performance, which is no guarantee of future results.
 
Fund performance is subject to daily market volatility and may be better or worse since the end of the last quarter. For up-to-date fund performance, call 800.820.0888 or visit www.rydex-sgi.com.


 

24

 
RYDEX MSCI EAFE EQUAL WEIGHT ETF
PORTFOLIO SUMMARY (Unaudited) As of October 31, 2011
 
Top 10 Holdings*
 
         
   Description   % of Net Assets  
   
 
ODAKYU ELECTRIC RAILWAY CO., LTD. 
    0.26 %
SHARP CORP.
    0.25 %
SSGA GOVERNMENT MONEY MARKET FUND
    0.25 %
CITY DEVELOPMENTS LTD. 
    0.24 %
KEIKYU CORP.
    0.24 %
SHIMADZU CORP.
    0.24 %
CENTRAL JAPAN RAILWAY CO.
    0.23 %
KUBOTA CORP.
    0.23 %
NIDEC CORP.
    0.23 %
TOTO LTD. 
    0.23 %
 
 
 
Sector Allocations*
 
         
Industrials
    20.70  
Financials
    20.00  
Consumer Discretionary
    14.40  
Materials
    11.70  
Consumer Staples
    7.00  
Information Technology
    6.70  
Health Care
    6.10  
Utilities
    5.10  
Energy
    4.40  
Telecommunication Services
    3.90  
 
(PIE CHART)
 
The Fund’s Top Ten Holdings are expressed as a percentage of net assets and the Sector Allocations are expressed as a percentage of the Fund’s investments market value. These percentages may change over time.


 

ANNUAL REPORT      25

 
RYDEX MSCI EMERGING MARKETS EQUAL WEIGHT ETF
MANAGER’S ANALYSIS (Unaudited)
 
Rydex MSCI Emerging Markets Equal Weight ETF returned -14.13% for the partial-year period ended October 31, 2011, compared with the benchmark MSCI Emerging Markets Equal Weighted Gross Index* (-12.30%). The cap-weighted MSCI Emerging Markets Total Return Index returned -9.11%. The ETF was launched December 3, 2010. During the period, EWEM achieved over 94% correlation to its benchmark on a daily basis.
 
Investor concerns about slowing global economic growth and European financial contagion was reflected in performance of emerging markets during the period, despite the higher growth rates and lower debt levels of many emerging market economies. Notable underperformance was in Asian countries, which were affected by fears that Chinese growth may slow, and in Eastern Europe, which stands to suffer if the eurozone’s sovereign debt crisis worsens. Latin America was the best-performing region, given its strong commodity markets and lower exposure to China and Europe.
 
*The MSCI Emerging Markets Equal Weighted Gross Index equally weights the securities in the MSCI Emerging Markets Total Return Index (the MSCI Emerging Markets Cap-Weighted Index), which is a free float-adjusted market capitalization index that is designed to measure the equity market performance of emerging markets. In the MSCI Emerging Markets Equal Weighted Gross Index, each security has the same weight, which means that the weight of each security is set to unity of the rebalancing date.
 
Cumulative Fund Performance: December 3, 2010 – October 31, 2011
 
                         
    Rydex MSCI
          MSCI Emerging
 
    Emerging Markets
    MSCI Emerging
    Markets Equal
 
    Equal Weight
    Markets Total
    Weighted Gross
 
   
ETF
   
Return Index
   
Index
 
12/3/2010
    10000       10000       10000  
12/4/2010
    10000       10000       10000  
12/5/2010
    10000       10000       10000  
12/6/2010
    10020       10042       10036  
12/7/2010
    10035       10079       10069  
12/8/2010
    9935       9944       9959  
12/9/2010
    9908       9955       9955  
12/10/2010
    9898       9940       9932  
12/11/2010
    9898       9940       9932  
12/12/2010
    9898       9940       9932  
12/13/2010
    9953       10012       9987  
12/14/2010
    9998       10067       10041  
12/15/2010
    9901       9990       9976  
12/16/2010
    9841       9915       9895  
12/17/2010
    9853       9947       9921  
12/18/2010
    9853       9947       9921  
12/19/2010
    9853       9947       9921  
12/20/2010
    9808       9909       9868  
12/21/2010
    9932       10028       9983  
12/22/2010
    9957       10049       10002  
12/23/2010
    9967       10062       10018  
12/24/2010
    9967       10053       10017  
12/25/2010
    9967       10053       10017  
12/26/2010
    9967       10053       10017  
12/27/2010
    9952       10037       10012  
12/28/2010
    9945       10045       10012  
12/29/2010
    10054       10144       10105  
12/30/2010
    10139       10223       10189  
12/31/2010
    10181       10273       10238  
1/1/2011
    10181       10273       10238  
1/2/2011
    10181       10273       10238  
1/3/2011
    10293       10383       10352  
1/4/2011
    10335       10397       10390  
1/5/2011
    10298       10360       10343  
1/6/2011
    10256       10307       10312  
1/7/2011
    10178       10237       10244  
1/8/2011
    10178       10237       10244  
1/9/2011
    10178       10237       10244  
1/10/2011
    10061       10140       10136  
1/11/2011
    10126       10202       10191  
1/12/2011
    10275       10380       10336  
1/13/2011
    10275       10380       10356  
1/14/2011
    10246       10353       10320  
1/15/2011
    10246       10353       10320  
1/16/2011
    10246       10353       10320  
1/17/2011
    10246       10307       10239  
1/18/2011
    10206       10347       10273  
1/19/2011
    10211       10366       10301  
1/20/2011
    10069       10205       10161  
1/21/2011
    10009       10148       10102  
1/22/2011
    10009       10148       10102  
1/23/2011
    10009       10148       10102  
1/24/2011
    9999       10149       10087  
1/25/2011
    9994       10142       10094  
1/26/2011
    10049       10202       10127  
1/27/2011
    10039       10196       10116  
1/28/2011
    9887       10058       9987  
1/29/2011
    9887       10058       9987  
1/30/2011
    9887       10058       9987  
1/31/2011
    9840       9995       9921  
2/1/2011
    9959       10102       9985  
2/2/2011
    9992       10143       10029  
2/3/2011
    9967       10123       10007  
2/4/2011
    9949       10092       9985  
2/5/2011
    9949       10092       9985  
2/6/2011
    9949       10092       9985  
2/7/2011
    9952       10080       9995  
2/8/2011
    9897       10068       9983  
2/9/2011
    9743       9920       9830  
2/10/2011
    9546       9733       9635  
2/11/2011
    9521       9750       9598  
2/12/2011
    9521       9750       9598  
2/13/2011
    9521       9750       9598  
2/14/2011
    9641       9880       9725  
2/15/2011
    9643       9867       9722  
2/16/2011
    9671       9907       9755  
2/17/2011
    9690       9937       9759  
2/18/2011
    9795       10027       9852  
2/19/2011
    9795       10027       9852  
2/20/2011
    9795       10027       9852  
2/21/2011
    9795       10014       9837  
2/22/2011
    9551       9846       9636  
2/23/2011
    9469       9796       9562  
2/24/2011
    9379       9717       9452  
2/25/2011
    9494       9827       9560  
2/26/2011
    9494       9827       9560  
2/27/2011
    9494       9827       9560  
2/28/2011
    9551       9901       9625  
3/1/2011
    9591       9941       9692  
3/2/2011
    9576       9951       9670  
3/3/2011
    9735       10078       9806  
3/4/2011
    9812       10178       9896  
3/5/2011
    9812       10178       9896  
3/6/2011
    9812       10178       9896  
3/7/2011
    9748       10121       9844  
3/8/2011
    9812       10155       9881  
3/9/2011
    9850       10156       9919  
3/10/2011
    9715       9977       9799  
3/11/2011
    9653       9914       9716  
3/12/2011
    9653       9914       9716  
3/13/2011
    9653       9914       9716  
3/14/2011
    9681       9991       9751  
3/15/2011
    9474       9775       9538  
3/16/2011
    9494       9809       9585  
3/17/2011
    9449       9765       9532  
3/18/2011
    9534       9829       9622  
3/19/2011
    9534       9829       9622  
3/20/2011
    9534       9829       9622  
3/21/2011
    9653       9933       9732  
3/22/2011
    9745       10024       9825  
3/23/2011
    9778       10056       9843  
3/24/2011
    9867       10155       9923  
3/25/2011
    9917       10238       9985  
3/26/2011
    9917       10238       9985  
3/27/2011
    9917       10238       9985  
3/28/2011
    9862       10192       9946  
3/29/2011
    9920       10230       9982  
3/30/2011
    10064       10382       10123  
3/31/2011
    10153       10484       10220  
4/1/2011
    10280       10613       10346  
4/2/2011
    10280       10613       10346  
4/3/2011
    10280       10613       10346  
4/4/2011
    10368       10688       10420  
4/5/2011
    10375       10704       10438  
4/6/2011
    10440       10782       10523  
4/7/2011
    10465       10772       10546  
4/8/2011
    10499       10806       10583  
4/9/2011
    10499       10806       10583  
4/10/2011
    10499       10806       10583  
4/11/2011
    10450       10755       10535  
4/12/2011
    10278       10551       10374  
4/13/2011
    10365       10623       10454  
4/14/2011
    10373       10598       10451  
4/15/2011
    10355       10593       10442  
4/16/2011
    10355       10593       10442  
4/17/2011
    10355       10593       10442  
4/18/2011
    10243       10421       10323  
4/19/2011
    10258       10460       10332  
4/20/2011
    10460       10719       10536  
4/21/2011
    10559       10819       10624  
4/22/2011
    10559       10819       10635  
4/23/2011
    10559       10819       10635  
4/24/2011
    10559       10819       10635  
4/25/2011
    10564       10800       10636  
4/26/2011
    10554       10797       10621  
4/27/2011
    10559       10790       10627  
4/28/2011
    10539       10777       10611  
4/29/2011
    10549       10809       10622  
4/30/2011
    10549       10809       10622  
5/1/2011
    10549       10809       10622  
5/2/2011
    10569       10836       10651  
5/3/2011
    10430       10654       10503  
5/4/2011
    10330       10521       10425  
5/5/2011
    10278       10439       10353  
5/6/2011
    10293       10456       10365  
5/7/2011
    10293       10456       10365  
5/8/2011
    10293       10456       10365  
5/9/2011
    10310       10444       10371  
5/10/2011
    10345       10489       10405  
5/11/2011
    10343       10483       10429  
5/12/2011
    10221       10321       10282  
5/13/2011
    10186       10301       10276  
5/14/2011
    10186       10301       10276  
5/15/2011
    10186       10301       10276  
5/16/2011
    10114       10230       10199  
5/17/2011
    10096       10202       10173  
5/18/2011
    10176       10285       10244  
5/19/2011
    10131       10268       10213  
5/20/2011
    10109       10272       10205  
5/21/2011
    10109       10272       10205  
5/22/2011
    10109       10272       10205  
5/23/2011
    9877       10031       9973  
5/24/2011
    9962       10131       10063  
5/25/2011
    9887       10072       9983  
5/26/2011
    10007       10211       10096  
5/27/2011
    10116       10342       10207  
5/28/2011
    10116       10342       10207  
5/29/2011
    10116       10342       10207  
5/30/2011
    10116       10346       10226  
5/31/2011
    10298       10525       10403  
6/1/2011
    10283       10515       10413  
6/2/2011
    10233       10450       10358  
6/3/2011
    10218       10421       10356  
6/4/2011
    10218       10421       10356  
6/5/2011
    10218       10421       10356  
6/6/2011
    10163       10363       10311  
6/7/2011
    10181       10399       10328  
6/8/2011
    10104       10336       10253  
6/9/2011
    10066       10308       10206  
6/10/2011
    9937       10188       10100  
6/11/2011
    9937       10188       10100  
6/12/2011
    9937       10188       10100  
6/13/2011
    9892       10150       10047  
6/14/2011
    9979       10239       10130  
6/15/2011
    9912       10180       10085  
6/16/2011
    9740       10000       9910  
6/17/2011
    9742       9968       9907  
6/18/2011
    9742       9968       9907  
6/19/2011
    9742       9968       9907  
6/20/2011
    9684       9920       9843  
6/21/2011
    9824       10053       9961  
6/22/2011
    9829       10083       9989  
6/23/2011
    9759       9984       9905  
6/24/2011
    9846       10078       10005  
6/25/2011
    9846       10078       10005  
6/26/2011
    9846       10078       10005  
6/27/2011
    9846       10050       9985  
6/28/2011
    9911       10130       10040  
6/29/2011
    10016       10240       10142  
6/30/2011
    10135       10363       10265  
7/1/2011
    10210       10459       10344  
7/2/2011
    10210       10459       10344  
7/3/2011
    10210       10459       10344  
7/4/2011
    10210       10575       10460  
7/5/2011
    10296       10547       10448  
7/6/2011
    10258       10502       10414  
7/7/2011
    10333       10564       10478  
7/8/2011
    10308       10533       10462  
7/9/2011
    10308       10533       10462  
7/10/2011
    10308       10533       10462  
7/11/2011
    10135       10344       10301  
7/12/2011
    9932       10149       10089  
7/13/2011
    10070       10302       10234  
7/14/2011
    10060       10281       10230  
7/15/2011
    10080       10283       10241  
7/16/2011
    10080       10283       10241  
7/17/2011
    10080       10283       10241  
7/18/2011
    9972       10165       10134  
7/19/2011
    10025       10227       10179  
7/20/2011
    10092       10300       10242  
7/21/2011
    10150       10362       10290  
7/22/2011
    10238       10452       10393  
7/23/2011
    10238       10452       10393  
7/24/2011
    10238       10452       10393  
7/25/2011
    10173       10407       10334  
7/26/2011
    10238       10485       10397  
7/27/2011
    10185       10417       10365  
7/28/2011
    10153       10385       10334  
7/29/2011
    10080       10317       10248  
7/30/2011
    10080       10317       10248  
7/31/2011
    10080       10317       10248  
8/1/2011
    10163       10408       10341  
8/2/2011
    9984       10221       10181  
8/3/2011
    9801       10003       9985  
8/4/2011
    9525       9736       9757  
8/5/2011
    9224       9447       9422  
8/6/2011
    9224       9447       9422  
8/7/2011
    9224       9447       9422  
8/8/2011
    8764       8985       8989  
8/9/2011
    8671       8790       8790  
8/10/2011
    8719       8902       8930  
8/11/2011
    8819       8987       8979  
8/12/2011
    8814       8990       8986  
8/13/2011
    8814       8990       8986  
8/14/2011
    8814       8990       8986  
8/15/2011
    9025       9207       9178  
8/16/2011
    9055       9258       9224  
8/17/2011
    9108       9312       9269  
8/18/2011
    8882       9046       9080  
8/19/2011
    8626       8816       8839  
8/20/2011
    8626       8816       8839  
8/21/2011
    8626       8816       8839  
8/22/2011
    8563       8780       8770  
8/23/2011
    8752       8960       8938  
8/24/2011
    8676       8892       8860  
8/25/2011
    8604       8846       8802  
8/26/2011
    8621       8872       8793  
8/27/2011
    8621       8872       8793  
8/28/2011
    8621       8872       8793  
8/29/2011
    8860       9134       9024  
8/30/2011
    8945       9218       9113  
8/31/2011
    9136       9395       9278  
9/1/2011
    9166       9440       9319  
9/2/2011
    9030       9293       9232  
9/3/2011
    9030       9293       9232  
9/4/2011
    9030       9293       9232  
9/5/2011
    9030       9003       8964  
9/6/2011
    8694       8989       8894  
9/7/2011
    8902       9188       9071  
9/8/2011
    8872       9227       9091  
9/9/2011
    8699       9035       8926  
9/10/2011
    8699       9035       8926  
9/11/2011
    8699       9035       8926  
9/12/2011
    8523       8835       8718  
9/13/2011
    8483       8785       8659  
9/14/2011
    8325       8677       8504  
9/15/2011
    8418       8779       8592  
9/16/2011
    8549       8899       8728  
9/17/2011
    8549       8899       8728  
9/18/2011
    8549       8899       8728  
9/19/2011
    8290       8650       8480  
9/20/2011
    8300       8667       8484  
9/21/2011
    8212       8565       8417  
9/22/2011
    7693       8025       7892  
9/23/2011
    7555       7851       7715  
9/24/2011
    7555       7851       7715  
9/25/2011
    7555       7851       7715  
9/26/2011
    7371       7760       7527  
9/27/2011
    7718       8143       7877  
9/28/2011
    7683       8122       7881  
9/29/2011
    7730       8153       7916  
9/30/2011
    7585       8026       7816  
10/1/2011
    7585       8026       7816  
10/2/2011
    7585       8026       7816  
10/3/2011
    7339       7770       7552  
10/4/2011
    7189       7579       7372  
10/5/2011
    7214       7627       7403  
10/6/2011
    7478       7878       7633  
10/7/2011
    7631       8059       7833  
10/8/2011
    7631       8059       7833  
10/9/2011
    7631       8059       7833  
10/10/2011
    7757       8194       7934  
10/11/2011
    7887       8296       8053  
10/12/2011
    8052       8421       8189  
10/13/2011
    8136       8488       8296  
10/14/2011
    8146       8534       8300  
10/15/2011
    8146       8534       8300  
10/16/2011
    8146       8534       8300  
10/17/2011
    8192       8589       8387  
10/18/2011
    8047       8444       8208  
10/19/2011
    8072       8515       8276  
10/20/2011
    7846       8285       8042  
10/21/2011
    7961       8398       8126  
10/22/2011
    7961       8398       8126  
10/23/2011
    7961       8398       8126  
10/24/2011
    8237       8666       8370  
10/25/2011
    8252       8720       8423  
10/26/2011
    8324       8767       8471  
10/27/2011
    8687       9072       8762  
10/28/2011
    8775       9221       8902  
10/29/2011
    8775       9221       8902  
10/30/2011
    8775       9221       8902  
10/31/2011
    8588       9089       8772  
 
(PERFORMANCE GRAPH)
 
TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2011
 
     
    Since Inception
    (12/03/10)
 
Rydex MSCI Emerging Markets Equal Weight ETF
  -14.13%
MSCI Emerging Markets Equal Weighted Gross Index
  -12.30%
MSCI Emerging Markets Total Return Index
  -9.11%
 
The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Performance displayed represents past performance, which is no guarantee of future results.
 
Fund performance is subject to daily market volatility and may be better or worse since the end of the last quarter. For up-to-date fund performance, call 800.820.0888 or visit www.rydex-sgi.com.


 

26

 
RYDEX MSCI EMERGING MARKETS EQUAL WEIGHT ETF
PORTFOLIO SUMMARY (Unaudited) As of October 31, 2011
 
Top 10 Holdings*
 
         
   Description   % of Net Assets  
   
 
WISDOMTREE INDIA EARNINGS FUND
    8.14 %
ISHARES MSCI BRAZIL INDEX FUND
    6.38 %
SSGA GOVERNMENT MONEY MARKET FUND
    0.48 %
MEDIATEK, INC.
    0.31 %
PTT GLOBAL CHEMICAL PCL
    0.30 %
TSINGTAO BREWERY CO., LTD. — CLASS H
    0.30 %
HIWIN TECHNOLOGIES CORP.
    0.28 %
YUANTA FINANCIAL HOLDING CO., LTD. 
    0.24 %
BYD CO., LTD. — CLASS H
    0.22 %
CHINA RESOURCES ENTERPRISE LTD. 
    0.22 %
 
 
 
Sector Allocations*
 
         
Financials
    18.50  
Exchange Traded Funds
    14.60  
Industrials
    13.60  
Materials
    12.50  
Information Technology
    10.20  
Consumer Discretionary
    8.50  
Consumer Staples
    6.30  
Energy
    5.70  
Telecommunication Services
    5.10  
Utilities
    3.50  
Health Care
    1.50  
 
(PIE CHART)
 
The Fund’s Top Ten Holdings are expressed as a percentage of net assets and the Sector Allocations are expressed as a percentage of the Fund’s investments market value. These percentages may change over time.


 

ANNUAL REPORT      27

 
RYDEX MSCI ACWI EQUAL WEIGHT ETF
MANAGER’S ANALYSIS (Unaudited)
 
Rydex MSCI ACWI Equal Weight ETF (EWAC) returned -8.55% for the partial-year period ended October 31, 2011, compared with the benchmark MSCI ACWI Equal Weighted Gross Index* (-8.07%). The cap-weighted MSCI ACWI Total Return Index returned -4.35%. The ETF was launched January 7, 2011. During the period, EWAC achieved over 84% correlation to its benchmark on a daily basis.
 
Major differences between the ACWI and the EAFE are that the ACWI includes the U.S. and Canada, as well as emerging markets, whereas the EAFE excludes them.
 
The period was characterized by fears of a looming recession in Europe, if not the globe, and the spread of Europe’s sovereign credit crisis, raising the question of the future of the eurozone. The situation has been compounded by continuing deleveraging in the developed world and tightening in emerging markets in response to inflation threats. Many observers believe the stronger action by institutions like the European Central Bank, under a new leader, will be needed to help weaker countries restructure and reform, while preserving the monetary union. Market turmoil is likely to continue until policymakers find a resolution to Europe’s fiscal crisis and investors see improvement in the global economy.
 
*The MSCI ACWI (All Country World Index) Equal Weighted Gross Index equally weights the securities in the MSCI ACWI Total Return Index (the MSCI ACWI cap-weighted index), which is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed and emerging markets. In the MSCI ACWI Equal Weighted Index, each security has the same weight, which means that the weight of each security is set to unity of the rebalancing date.
 
Cumulative Fund Performance: January 7, 2011 – October 31, 2011
 
                         
          MSCI All
       
    Rydex MSCI
    Country World
    MSCI ACWI
 
    ACWI Equal
    (ACWI) Total
    Equal Weighted
 
   
Weight ETF
   
Return Index
   
Gross Index
 
1/7/2011
    10000       10000       10000  
1/8/2011
    10000       10000       10000  
1/9/2011
    10000       10000       10000  
1/10/2011
    9955       9948       9937  
1/11/2011
    10000       10001       9985  
1/12/2011
    10128       10135       10107  
1/13/2011
    10135       10181       10161  
1/14/2011
    10168       10202       10153  
1/15/2011
    10168       10202       10153  
1/16/2011
    10168       10202       10153  
1/17/2011
    10168       10186       10120  
1/18/2011
    10188       10250       10181  
1/19/2011
    10113       10204       10170  
1/20/2011
    10015       10090       10033  
1/21/2011
    10020       10132       10035  
1/22/2011
    10020       10132       10035  
1/23/2011
    10020       10132       10035  
1/24/2011
    10063       10198       10077  
1/25/2011
    10028       10188       10084  
1/26/2011
    10115       10247       10135  
1/27/2011
    10150       10266       10151  
1/28/2011
    9930       10119       10026  
1/29/2011
    9930       10119       10026  
1/30/2011
    9930       10119       10026  
1/31/2011
    10043       10151       10019  
2/1/2011
    10130       10315       10143  
2/2/2011
    10130       10339       10180  
2/3/2011
    10128       10317       10158  
2/4/2011
    10130       10325       10173  
2/5/2011
    10130       10325       10173  
2/6/2011
    10130       10325       10173  
2/7/2011
    10178       10376       10213  
2/8/2011
    10208       10428       10251  
2/9/2011
    10208       10377       10169  
2/10/2011
    10058       10322       10077  
2/11/2011
    10090       10346       10078  
2/12/2011
    10090       10346       10078  
2/13/2011
    10090       10346       10078  
2/14/2011
    10123       10391       10145  
2/15/2011
    10098       10386       10135  
2/16/2011
    10180       10444       10186  
2/17/2011
    10215       10500       10236  
2/18/2011
    10251       10532       10285  
2/19/2011
    10251       10532       10285  
2/20/2011
    10251       10532       10285  
2/21/2011
    10251       10500       10256  
2/22/2011
    10013       10343       10084  
2/23/2011
    9970       10282       10008  
2/24/2011
    9920       10254       9959  
2/25/2011
    10143       10366       10082  
2/26/2011
    10143       10366       10082  
2/27/2011
    10143       10366       10082  
2/28/2011
    10238       10446       10159  
3/1/2011
    10095       10380       10153  
3/2/2011
    10145       10363       10116  
3/3/2011
    10288       10476       10220  
3/4/2011
    10266       10466       10253  
3/5/2011
    10266       10466       10253  
3/6/2011
    10266       10466       10253  
3/7/2011
    10155       10395       10190  
3/8/2011
    10258       10415       10202  
3/9/2011
    10256       10407       10221  
3/10/2011
    10028       10208       10051  
3/11/2011
    10043       10211       10022  
3/12/2011
    10043       10211       10022  
3/13/2011
    10043       10211       10022  
3/14/2011
    9960       10128       9930  
3/15/2011
    9780       9901       9643  
3/16/2011
    9531       9828       9683  
3/17/2011
    9717       9954       9756  
3/18/2011
    9829       10012       9832  
3/19/2011
    9829       10012       9832  
3/20/2011
    9829       10012       9832  
3/21/2011
    10014       10164       9961  
3/22/2011
    10007       10201       10041  
3/23/2011
    10060       10210       10040  
3/24/2011
    10132       10307       10127  
3/25/2011
    10135       10331       10157  
3/26/2011
    10135       10331       10157  
3/27/2011
    10135       10331       10157  
3/28/2011
    10127       10296       10119  
3/29/2011
    10160       10325       10143  
3/30/2011
    10295       10429       10267  
3/31/2011
    10303       10436       10309  
4/1/2011
    10390       10499       10362  
4/2/2011
    10390       10499       10362  
4/3/2011
    10390       10499       10362  
4/4/2011
    10398       10539       10415  
4/5/2011
    10393       10528       10400  
4/6/2011
    10420       10575       10444  
4/7/2011
    10423       10549       10429  
4/8/2011
    10453       10597       10483  
4/9/2011
    10453       10597       10483  
4/10/2011
    10453       10597       10483  
4/11/2011
    10425       10571       10450  
4/12/2011
    10290       10444       10325  
4/13/2011
    10358       10488       10383  
4/14/2011
    10390       10470       10379  
4/15/2011
    10415       10480       10384  
4/16/2011
    10415       10480       10384  
4/17/2011
    10415       10480       10384  
4/18/2011
    10205       10316       10254  
4/19/2011
    10280       10373       10282  
4/20/2011
    10493       10584       10477  
4/21/2011
    10558       10672       10573  
4/22/2011
    10558       10672       10575  
4/23/2011
    10558       10672       10575  
4/24/2011
    10558       10672       10575  
4/25/2011
    10531       10646       10557  
4/26/2011
    10614       10709       10589  
4/27/2011
    10669       10741       10605  
4/28/2011
    10664       10832       10686  
4/29/2011
    10812       10863       10711  
4/30/2011
    10812       10863       10711  
5/1/2011
    10812       10863       10711  
5/2/2011
    10726       10890       10752  
5/3/2011
    10573       10807       10652  
5/4/2011
    10508       10713       10576  
5/5/2011
    10390       10596       10492  
5/6/2011
    10501       10628       10509  
5/7/2011
    10501       10628       10509  
5/8/2011
    10501       10628       10509  
5/9/2011
    10501       10590       10484  
5/10/2011
    10606       10682       10563  
5/11/2011
    10461       10625       10540  
5/12/2011
    10476       10562       10451  
5/13/2011
    10320       10507       10416  
5/14/2011
    10320       10507       10416  
5/15/2011
    10320       10507       10416  
5/16/2011
    10303       10455       10347  
5/17/2011
    10295       10403       10289  
5/18/2011
    10398       10502       10385  
5/19/2011
    10378       10525       10387  
5/20/2011
    10315       10466       10349  
5/21/2011
    10315       10466       10349  
5/22/2011
    10315       10466       10349  
5/23/2011
    10167       10280       10147  
5/24/2011
    10145       10308       10185  
5/25/2011
    10180       10331       10171  
5/26/2011
    10255       10397       10260  
5/27/2011
    10328       10494       10358  
5/28/2011
    10328       10494       10358  
5/29/2011
    10328       10494       10358  
5/30/2011
    10328       10494       10369  
5/31/2011
    10473       10629       10514  
6/1/2011
    10295       10502       10446  
6/2/2011
    10340       10425       10372  
6/3/2011
    10348       10386       10341  
6/4/2011
    10348       10386       10341  
6/5/2011
    10348       10386       10341  
6/6/2011
    10182       10308       10273  
6/7/2011
    10265       10328       10299  
6/8/2011
    10155       10251       10217  
6/9/2011
    10255       10289       10219  
6/10/2011
    10042       10141       10096  
6/11/2011
    10042       10141       10096  
6/12/2011
    10042       10141       10096  
6/13/2011
    10054       10138       10066  
6/14/2011
    10092       10268       10187  
6/15/2011
    9937       10111       10072  
6/16/2011
    9909       10017       9933  
6/17/2011
    9821       10060       9968  
6/18/2011
    9821       10060       9968  
6/19/2011
    9821       10060       9968  
6/20/2011
    9944       10061       9946  
6/21/2011
    10112       10217       10098  
6/22/2011
    10082       10206       10120  
6/23/2011
    10034       10070       9992  
6/24/2011
    9989       10042       10013  
6/25/2011
    9989       10042       10013  
6/26/2011
    9989       10042       10013  
6/27/2011
    10017       10081       10009  
6/28/2011
    10114       10193       10099  
6/29/2011
    10318       10328       10233  
6/30/2011
    10378       10462       10363  
7/1/2011
    10483       10561       10446  
7/2/2011
    10483       10561       10446  
7/3/2011
    10483       10561       10446  
7/4/2011
    10483       10607       10523  
7/5/2011
    10463       10588       10501  
7/6/2011
    10413       10557       10470  
7/7/2011
    10541       10636       10536  
7/8/2011
    10425       10569       10494  
7/9/2011
    10425       10569       10494  
7/10/2011
    10425       10569       10494  
7/11/2011
    10210       10351       10294  
7/12/2011
    10182       10273       10194  
7/13/2011
    10290       10384       10319  
7/14/2011
    10255       10316       10259  
7/15/2011
    10262       10332       10273  
7/16/2011
    10262       10332       10273  
7/17/2011
    10262       10332       10273  
7/18/2011
    10097       10207       10151  
7/19/2011
    10230       10348       10254  
7/20/2011
    10287       10410       10325  
7/21/2011
    10370       10552       10432  
7/22/2011
    10458       10598       10508  
7/23/2011
    10458       10598       10508  
7/24/2011
    10458       10598       10508  
7/25/2011
    10473       10539       10441  
7/26/2011
    10448       10560       10477  
7/27/2011
    10300       10392       10355  
7/28/2011
    10232       10346       10297  
7/29/2011
    10232       10292       10250  
7/30/2011
    10232       10292       10250  
7/31/2011
    10232       10292       10250  
8/1/2011
    10172       10244       10248  
8/2/2011
    9943       10030       10041  
8/3/2011
    9863       9958       9920  
8/4/2011
    9303       9553       9567  
8/5/2011
    9288       9416       9351  
8/6/2011
    9288       9416       9351  
8/7/2011
    9288       9416       9351  
8/8/2011
    8791       8937       8907  
8/9/2011
    9067       9129       8967  
8/10/2011
    8779       8911       8918  
8/11/2011
    9077       9170       9082  
8/12/2011
    9198       9268       9150  
8/13/2011
    9198       9268       9150  
8/14/2011
    9198       9268       9150  
8/15/2011
    9361       9462       9343  
8/16/2011
    9168       9414       9314  
8/17/2011
    9281       9449       9346  
8/18/2011
    8939       9055       9030  
8/19/2011
    8799       8914       8867  
8/20/2011
    8799       8914       8867  
8/21/2011
    8799       8914       8867  
8/22/2011
    8786       8907       8828  
8/23/2011
    9015       9112       9002  
8/24/2011
    9030       9177       9016  
8/25/2011
    8887       9076       8942  
8/26/2011
    9030       9137       8990  
8/27/2011
    9030       9137       8990  
8/28/2011
    9030       9137       8990  
8/29/2011
    9195       9364       9215  
8/30/2011
    9213       9413       9286  
8/31/2011
    9401       9540       9425  
9/1/2011
    9338       9492       9396  
9/2/2011
    9155       9282       9224  
9/3/2011
    9155       9282       9224  
9/4/2011
    9155       9282       9224  
9/5/2011
    9155       9095       9004  
9/6/2011
    8959       9014       8904  
9/7/2011
    9110       9258       9136  
9/8/2011
    9055       9238       9132  
9/9/2011
    8786       8973       8901  
9/10/2011
    8786       8973       8901  
9/11/2011
    8786       8973       8901  
9/12/2011
    8746       8865       8741  
9/13/2011
    8786       8941       8791  
9/14/2011
    8849       8997       8785  
9/15/2011
    8972       9178       8934  
9/16/2011
    8939       9239       9021  
9/17/2011
    8939       9239       9021  
9/18/2011
    8939       9239       9021  
9/19/2011
    8846       9073       8832  
9/20/2011
    8831       9113       8842  
9/21/2011
    8570       8930       8716  
9/22/2011
    8206       8530       8288  
9/23/2011
    8264       8544       8246  
9/24/2011
    8264       8544       8246  
9/25/2011
    8264       8544       8246  
9/26/2011
    8314       8631       8216  
9/27/2011
    8603       8893       8513  
9/28/2011
    8379       8777       8445  
9/29/2011
    8482       8831       8491  
9/30/2011
    8151       8639       8327  
10/1/2011
    8151       8639       8327  
10/2/2011
    8151       8639       8327  
10/3/2011
    7896       8405       8076  
10/4/2011
    8064       8376       7988  
10/5/2011
    8092       8532       8093  
10/6/2011
    8309       8756       8328  
10/7/2011
    8334       8797       8411  
10/8/2011
    8334       8797       8411  
10/9/2011
    8334       8797       8411  
10/10/2011
    8663       9023       8580  
10/11/2011
    8684       9056       8644  
10/12/2011
    8824       9186       8776  
10/13/2011
    8788       9151       8790  
10/14/2011
    8831       9275       8854  
10/15/2011
    8831       9275       8854  
10/16/2011
    8831       9275       8854  
10/17/2011
    8760       9184       8831  
10/18/2011
    8816       9203       8779  
10/19/2011
    8745       9195       8800  
10/20/2011
    8561       9109       8665  
10/21/2011
    8842       9312       8839  
10/22/2011
    8842       9312       8839  
10/23/2011
    8842       9312       8839  
10/24/2011
    9017       9469       9038  
10/25/2011
    8938       9367       8980  
10/26/2011
    8964       9405       9008  
10/27/2011
    9525       9791       9374  
10/28/2011
    9486       9835       9443  
10/29/2011
    9486       9835       9443  
10/30/2011
    9486       9835       9443  
10/31/2011
    9145       9565       9194  
 
(PERFORMANCE GRAPH)
 
TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2011
 
     
    Since Inception
    (01/07/11)
 
Rydex MSCI ACWI Equal Weight ETF
  -8.55%
MSCI ACWI Equal Weighted Gross Index
  -8.07%
MSCI ACWI Total Return Index
  -4.35%
 
The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Performance displayed represents past performance, which is no guarantee of future results.
 
Fund performance is subject to daily market volatility and may be better or worse since the end of the last quarter. For up-to-date fund performance, call 800.820.0888 or visit www.rydex-sgi.com.


 

28

 
RYDEX MSCI ACWI EQUAL WEIGHT ETF
PORTFOLIO SUMMARY (Unaudited) As of October 31, 2011
 
Top 10 Holdings*
 
         
   Description   % of Net Assets  
   
 
RYDEX MSCI EAFE EQUAL WEIGHT ETF
    38.15 %
RYDEX MSCI EMERGING MARKETS EQUAL WEIGHT ETF
    31.63 %
SSGA GOVERNMENT MONEY MARKET FUND
    1.67 %
PRICELINE.COM, INC.
    0.11 %
INTUITIVE SURGICAL, INC.
    0.10 %
APPLE, INC.
    0.09 %
MASTERCARD, INC. — CLASS A
    0.08 %
WASHINGTON POST CO.(THE) — CLASS B
    0.08 %
BIOGEN IDEC, INC.
    0.07 %
GOODRICH CORP.
    0.07 %
 
 
 
Sector Allocations*
 
         
Exchange Traded Funds
    71.00  
Financials
    4.80  
Consumer Discretionary
    4.60  
Information Technology
    4.00  
Industrials
    3.60  
Energy
    2.90  
Health Care
    2.80  
Consumer Staples
    2.10  
Materials
    2.00  
Utilities
    1.60  
Telecommunication Services
    0.60  
 
(PIE CHART)
 
The Fund’s Top Ten Holdings are expressed as a percentage of net assets and the Sector Allocations are expressed as a percentage of the Fund’s investments market value. These percentages may change over time.


 

ANNUAL REPORT      29

 
RYDEX S&P 500 EQUAL WEIGHT CONSUMER DISCRETIONARY ETF
MANAGER’S ANALYSIS (Unaudited)
 
For the one-year period ended October 31, 2011, Rydex S&P 500 Equal Weight Consumer Discretionary ETF returned 13.91%, compared to its benchmark, the S&P 500 Equal Weight Consumer Discretionary Total Return Index*, which delivered 14.72% and the capitalization-weighted S&P 500 Consumer Discretionary Total Return Index, which returned 12.74% in the same time period. The ETF achieved over 99% correlation to its benchmark on a daily basis. The ETF outperformed the broad-market S&P 500 Total Return Index by almost six percentage points.
 
The sector enjoyed a bounce after steps to resolve the European debt crisis were taken in September. Although consumer confidence remains low, and the unemployment rate remains high, retail sales have been strong, reflecting positive, yet slow, economic growth. An accommodative Federal Reserve and easing commodity prices are also tailwinds for consumers, and fears of another recession have abated. Retailers are also benefiting from some pricing power due to lean inventories. The biggest threat to the sector continues to be sentiment; if the poor job market continues to pressure consumers, they may eventually curtail spending.
 
Multiline retail was the largest contributor to performance. Professional services was the only detractor.
 
VF Corp. and Abercrombie & Fitch Co. (Class A) were among the stocks with largest positive contributions to performance for the year. PulteGroup, Inc. and Best Buy Co., Inc. were among the stocks with the largest negative contributions to performance.
 
*The S&P 500 Equal Weight Consumer Discretionary Total Return Index is an unmanaged equal weighted version of the S&P 500 Consumer Discretionary Total Return Index that consists of the common stocks of the following industries: automobiles and components, consumer durables, apparel, hotels, restaurants, leisure, media and retailing that comprise the Consumer Discretionary sector of the S&P 500 Total Return Index.
 
S&P 500 Total Return Index is a capitalization-weighted index covering 500 industrial, utility, transportation and financial companies of the U.S. markets (mostly NYSE Euronext issues).
 
Cumulative Fund Performance: November 1, 2006 – October 31, 2011
 
                         
                S&P 500
 
    Rydex S&P
          Equal Weighted
 
    500 Equal
    S&P 500
    Consumer Discretionary
 
    Weight Consumer
    Total Return
    Total Return
 
   
Discretionary ETF
   
Index
   
Index
 
11/1/2006
    10000       10000       10000  
11/30/2006
    10313       10264       10314  
12/31/2006
    10431       10408       10436  
1/31/2007
    10767       10566       10779  
2/28/2007
    10593       10359       10608  
3/31/2007
    10567       10475       10586  
4/30/2007
    10953       10939       10976  
5/31/2007
    11292       11321       11322  
6/30/2007
    10997       11133       11034  
7/31/2007
    10202       10787       10240  
8/31/2007
    10081       10949       10123  
9/30/2007
    9929       11359       9978  
10/31/2007
    9960       11539       10027  
11/30/2007
    9206       11057       9270  
12/31/2007
    8749       10980       8809  
1/31/2008
    8875       10322       8939  
2/29/2008
    8297       9986       8340  
3/31/2008
    8299       9943       8335  
4/30/2008
    8649       10427       8690  
5/31/2008
    8636       10562       8687  
6/30/2008
    7455       9672       7496  
7/31/2008
    7532       9591       7577  
8/31/2008
    8081       9729       8133  
9/30/2008
    7479       8862       7537  
10/31/2008
    5652       7374       5702  
11/30/2008
    4855       6845       4902  
12/31/2008
    5159       6918       5217  
1/31/2009
    4523       6335       4574  
2/28/2009
    4076       5660       4125  
3/31/2009
    4688       6156       4743  
4/30/2009
    6171       6745       6250  
5/31/2009
    6120       7122       6193  
6/30/2009
    6040       7137       6104  
7/31/2009
    6934       7676       7013  
8/31/2009
    7423       7953       7510  
9/30/2009
    7884       8250       7980  
10/31/2009
    7583       8097       7660  
11/30/2009
    8029       8583       8119  
12/31/2009
    8462       8748       8547  
1/31/2010
    8348       8434       8435  
2/28/2010
    8784       8695       8876  
3/31/2010
    9520       9220       9636  
4/30/2010
    10085       9365       10214  
5/31/2010
    9339       8617       9461  
6/30/2010
    8298       8166       8401  
7/31/2010
    8945       8738       9063  
8/31/2010
    8405       8344       8518  
9/30/2010
    9544       9089       9681  
10/31/2010
    9885       9434       10032  
11/30/2010
    10195       9436       10349  
12/31/2010
    10728       10066       10900  
1/31/2011
    10641       10305       10818  
2/28/2011
    11293       10658       11488  
3/31/2011
    11294       10662       11495  
4/30/2011
    11789       10978       12005  
5/31/2011
    11785       10854       12005  
6/30/2011
    11706       10673       11932  
7/31/2011
    11520       10456       11756  
8/31/2011
    10726       9888       10951  
9/30/2011
    9803       9193       10011  
10/31/2011
    11259       10197       11509  
 
(PERFORMANCE GRAPH)


 

30

 
RYDEX S&P 500 EQUAL WEIGHT CONSUMER DISCRETIONARY ETF
MANAGER’S ANALYSIS (Unaudited) (concluded)
 
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2011
 
                 
                Since Inception
    One Year   Three Year   Five Year   (11/01/06)
 
Rydex S&P 500 Equal Weight Consumer Discretionary ETF
  13.91%   25.84%   2.40%   2.40%
S&P 500 Equal Weight Consumer Discretionary Total Return Index
  14.72%   26.38%   2.69%   2.85%
S&P 500 Total Return Index
  8.09%   11.41%   0.25%   0.39%
 
The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Performance displayed represents past performance, which is no guarantee of future results.
 
Fund performance is subject to daily market volatility and may be better or worse since the end of the last quarter. For up-to-date fund performance, call 800.820.0888 or visit www.rydex-sgi.com.


 

ANNUAL REPORT      31

 
RYDEX S&P 500 EQUAL WEIGHT CONSUMER DISCRETIONARY ETF
PORTFOLIO SUMMARY (Unaudited) As of October 31, 2011
 
Top 10 Holdings*
 
         
   Description   % of Net Assets  
   
 
GOODYEAR TIRE & RUBBER CO.(THE)
    1.60 %
HARMAN INTERNATIONAL INDUSTRIES, INC.
    1.58 %
SEARS HOLDINGS CORP.
    1.54 %
INTERPUBLIC GROUP OF COS., INC.(THE)
    1.46 %
LENNAR CORP. — CLASS A
    1.46 %
INTERNATIONAL GAME TECHNOLOGY
    1.44 %
GANNETT CO., INC.
    1.42 %
PULTE HOMES, INC.
    1.42 %
DR HORTON, INC.
    1.41 %
J.C. PENNEY CO., INC.
    1.40 %
 
 
 
Industry Allocations*
 
         
Specialty Retail
    21.84  
Media
    20.35  
Hotels, Restaurants & Leisure
    14.31  
Multiline Retail
    10.93  
Household Durables
    9.66  
Textiles, Apparel & Luxury Goods
    5.38  
Internet & Catalog Retail
    4.03  
Diversified Consumer Services
    3.65  
Auto Components
    2.94  
Automobiles
    2.65  
Leisure Equipment & Products
    2.57  
Distributors
    1.33  
Short-Term Investments
    0.36  
 
(PIE CHART)
 
The Fund’s Top Ten Holds are expressed as a percentage of net assets and the Industry Allocations are expressed as a percentage of the Fund’s investments market value. These percentages may change over time.


 

32

 
RYDEX S&P 500 EQUAL WEIGHT CONSUMER STAPLES ETF
MANAGER’S ANALYSIS (Unaudited)
 
For the one-year period ended October 31, 2011, Rydex S&P 500 Equal Weight Consumer Staples ETF returned 12.37%. For the same period, its benchmark, the S&P 500 Equal Weight Consumer Staples Total Return Index*, returned 13.12%, while the cap-weighted S&P 500 Consumer Staples Total Return Index delivered a return of 11.29%. The Fund achieved over 99% correlation to its benchmark on a daily basis. The ETF outperformed the broad-market S&P 500 Total Return Index by more than four percentage points.
 
Consumer staples stocks have benefited as market performance declined over the course of 2011. Investors are often attracted to the group due to its defensive characteristics, which means its earnings tend to hold up in tough economic times. But when the economy is improving, as it began to do in the third quarter of 2011, consumers shift extra spending to more discretionary items, and the staples sector often underperforms. Continuing uneven economic recovery would be a positive for the group, along with retailers’ attempts to offer customers more perceived value. Fundamentals of companies in the sector remain solid and the sector’s relatively higher exposure to emerging markets compared with other sectors has benefited performance, as growth prospects in emerging markets have been outweighing those domestically.
 
The food products industry was the largest contributor to performance. Personal products was the fund’s only detractor to performance.
 
Hormel Foods Corp. and Whole Foods Market, Inc. were among the stocks with largest positive contributions to performance for the year. Safeway, Inc. and SUPERVALU, Inc. were among the stocks with the largest negative contributions to performance.
 
*The S&P 500 Equal Weight Consumer Staples Total Return Index is an unmanaged equal weighted version of the S&P 500 Consumer Staples Total Return Index that consists of the common stocks of the following industries: food and drug retailing, beverages, food products, tobacco, household products and personal products that comprise the Consumer Staples sector of the S&P 500 Total Return Index.
 
S&P 500 Total Return Index is a capitalization-weighted index covering 500 industrial, utility, transportation and financial companies of the U.S. markets (mostly NYSE Euronext issues).
 
Cumulative Fund Performance: November 1, 2006 – October 31, 2011
 
                         
                S&P 500
 
    Rydex S&P
          Equal Weighted
 
    500 Equal
    S&P 500
    Consumer Staples
 
    Weight Consumer
    Total Return
    Total Return
 
   
Staples ETF
   
Index
   
Index
 
11/1/2006
    10000       10000       10000  
11/30/2006
    10029       10264       10032  
12/31/2006
    10230       10408       10238  
1/31/2007
    10416       10566       10429  
2/28/2007
    10359       10359       10376  
3/31/2007
    10592       10475       10616  
4/30/2007
    10952       10939       10977  
5/31/2007
    11052       11321       11084  
6/30/2007
    10838       11133       10914  
7/31/2007
    10421       10787       10498  
8/31/2007
    10663       10949       10746  
9/30/2007
    10958       11359       11050  
10/31/2007
    11146       11539       11252  
11/30/2007
    11256       11057       11334  
12/31/2007
    11097       10980       11181  
1/31/2008
    10327       10322       10410  
2/29/2008
    10283       9986       10369  
3/31/2008
    10547       9943       10636  
4/30/2008
    10713       10427       10802  
5/31/2008
    10926       10562       11023  
6/30/2008
    10112       9672       10202  
7/31/2008
    10381       9591       10480  
8/31/2008
    10536       9729       10641  
9/30/2008
    10376       8862       10487  
10/31/2008
    8931       7374       9029  
11/30/2008
    8378       6845       8465  
12/31/2008
    8680       6918       8771  
1/31/2009
    8381       6335       8471  
2/28/2009
    7754       5660       7837  
3/31/2009
    8123       6156       8216  
4/30/2009
    8781       6745       8891  
5/31/2009
    9191       7122       9310  
6/30/2009
    9273       7137       9396  
7/31/2009
    9938       7676       10075  
8/31/2009
    10135       7953       10281  
9/30/2009
    10458       8250       10615  
10/31/2009
    10681       8097       10847  
11/30/2009
    10875       8583       11050  
12/31/2009
    10981       8748       11163  
1/31/2010
    10968       8434       11154  
2/28/2010
    11465       8695       11668  
3/31/2010
    12019       9220       12240  
4/30/2010
    12039       9365       12266  
5/31/2010
    11408       8617       11624  
6/30/2010
    11123       8166       11336  
7/31/2010
    11778       8738       12010  
8/31/2010
    11468       8344       11699  
9/30/2010
    12125       9089       12379  
10/31/2010
    12486       9434       12762  
11/30/2010
    12341       9436       12618  
12/31/2010
    12952       10066       13252  
1/31/2011
    12639       10305       12936  
2/28/2011
    13306       10658       13627  
3/31/2011
    13573       10662       13910  
4/30/2011
    14359       10978       14722  
5/31/2011
    14707       10854       15088  
6/30/2011
    14383       10673       14762  
7/31/2011
    14072       10456       14449  
8/31/2011
    13793       9888       14166  
9/30/2011
    13280       9193       13644  
10/31/2011
    14030       10197       14435  
 
(PERFORMANCE GRAPH)


 

ANNUAL REPORT      33

 
RYDEX S&P 500 EQUAL WEIGHT CONSUMER STAPLES ETF
MANAGER’S ANALYSIS (Unaudited) (concluded)
 
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2011
 
                 
                Since Inception
    One Year   Three Year   Five Year   (11/01/06)
 
Rydex S&P 500 Equal Weight Consumer Staples ETF
  12.37%   16.25%   7.01%   7.01%
S&P 500 Equal Weight Consumer Staples Total Return Index
  13.12%   16.93%   7.49%   7.62%
S&P 500 Total Return Index
  8.09%   11.41%   0.25%   0.39%
 
The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Performance displayed represents past performance, which is no guarantee of future results.
 
Fund performance is subject to daily market volatility and may be better or worse since the end of the last quarter. For up-to-date fund performance, call 800.820.0888 or visit www.rydex-sgi.com.


 

34

 
RYDEX S&P 500 EQUAL WEIGHT CONSUMER STAPLES ETF
PORTFOLIO SUMMARY (Unaudited) As of October 31, 2011
 
Top 10 Holdings*
 
         
   Description   % of Net Assets  
   
 
BEAM, INC.
    2.65 %
TYSON FOODS, INC. — CLASS A
    2.60 %
DEAN FOODS CO.
    2.52 %
SAFEWAY, INC.
    2.52 %
WAL-MART STORES, INC.
    2.51 %
BROWN-FORMAN CORP. — CLASS B
    2.50 %
CONAGRA FOODS, INC.
    2.49 %
CAMPBELL SOUP CO.
    2.48 %
HORMEL FOODS CORP.
    2.47 %
CONSTELLATION BRANDS, INC. — CLASS A
    2.46 %
 
 
 
Industry Allocations*
 
         
Food Products
    36.22  
Food & Staples Retailing
    21.46  
Beverages
    19.16  
Tobacco
    9.50  
Household Products
    9.24  
Personal Products
    4.26  
Short-Term Investments
    0.16  
 
(PIE CHART)
 
The Fund’s Top Ten Holds are expressed as a percentage of net assets and the Industry Allocations are expressed as a percentage of the Fund’s investments market value. These percentages may change over time.


 

ANNUAL REPORT      35

 
RYDEX S&P 500 EQUAL WEIGHT ENERGY ETF
MANAGER’S ANALYSIS (Unaudited)
 
For the one-year period ended October 31, 2011, Rydex S&P 500 Equal Weight Energy ETF returned 20.09%. For the same period, its benchmark, the S&P 500 Equal Weight Energy Total Return Index*, returned 20.78%, outperforming the cap-weighted S&P 500 Energy Total Return Index’s 19.24% total return. The Fund achieved over 99% correlation to its benchmark on a daily basis. The ETF outperformed the S&P 500 Total Return Index by 12 percentage points.
 
Better growth expectations in high-demand countries like the U.S. and China pushed the price of oil higher in October 2011, back to $100-per-barrel levels it had not seen since mid-year. The sector is expected to be volatile as long as concerns remain about the strength of the global economy. The sector remains squeezed between worldwide political developments that could threaten supply and the curtailing of stimulus in some countries that could contribute to slower economic growth.
 
The oil, gas and consumable fuels industry; and energy equipment and services contributed the most to performance. None of the fund’s industries had negative performance during the period.
 
El Paso Corp. and Cabot Oil & Gas Corp. were among the stocks with largest positive contributions to performance for the year. Murphy Oil Corp. and Marathon Petroleum Corp. were among the stocks with the largest negative contributions to performance.
 
*The S&P 500 Equal Weight Energy Total Return Index is an unmanaged equal weighted version of the S&P 500 Energy Total Return Index that consists of the common stocks of the following industries: oil and gas exploration, production, marketing, refining and/or transportation and energy equipment and services industries that comprise the Energy sector of the S&P 500 Total Return Index.
 
S&P 500 Total Return Index is a capitalization-weighted index covering 500 industrial, utility, transportation and financial companies of the U.S. markets (mostly NYSE Euronext issues).
 
Cumulative Fund Performance: November 1, 2006 – October 31, 2011
 
                         
    Rydex S&P
          S&P 500
 
    500 Equal
    S&P 500
    Equal Weighted
 
    Weight Energy
    Total Return
    Energy Total
 
   
ETF
   
Index
   
Return Index
 
11/1/2006
    10000       10000       10000  
11/30/2006
    10951       10264       10956  
12/31/2006
    10364       10408       10373  
1/31/2007
    10383       10566       10398  
2/28/2007
    10307       10359       10324  
3/31/2007
    10934       10475       10960  
4/30/2007
    11604       10939       11640  
5/31/2007
    12515       11321       12561  
6/30/2007
    12639       11133       12691  
7/31/2007
    12446       10787       12502  
8/31/2007
    12338       10949       12397  
9/30/2007
    13302       11359       13376  
10/31/2007
    14027       11539       14113  
11/30/2007
    13397       11057       13493  
12/31/2007
    14634       10980       14728  
1/31/2008
    12942       10322       13026  
2/29/2008
    14318       9986       14421  
3/31/2008
    14036       9943       14145  
4/30/2008
    15306       10427       15435  
5/31/2008
    16516       10562       16668  
6/30/2008
    17269       9672       17438  
7/31/2008
    14244       9591       14375  
8/31/2008
    14084       9729       14217  
9/30/2008
    11463       8862       11568  
10/31/2008
    8518       7374       8600  
11/30/2008
    7935       6845       8028  
12/31/2008
    7491       6918       7580  
1/31/2009
    7566       6335       7665  
2/28/2009
    6682       5660       6773  
3/31/2009
    6899       6156       7000  
4/30/2009
    7977       6745       8102  
5/31/2009
    9442       7122       9596  
6/30/2009
    8492       7137       8632  
7/31/2009
    9197       7676       9354  
8/31/2009
    9334       7953       9498  
9/30/2009
    10232       8250       10418  
10/31/2009
    10340       8097       10533  
11/30/2009
    10453       8583       10652  
12/31/2009
    10881       8748       11101  
1/31/2010
    10510       8434       10725  
2/28/2010
    11007       8695       11237  
3/31/2010
    11349       9220       11594  
4/30/2010
    11735       9365       11995  
5/31/2010
    10353       8617       10584  
6/30/2010
    9840       8166       10062  
7/31/2010
    10670       8738       10915  
8/31/2010
    9976       8344       10208  
9/30/2010
    11139       9089       11406  
10/31/2010
    11760       9434       12052  
11/30/2010
    12640       9436       12962  
12/31/2010
    13766       10066       14126  
1/31/2011
    14807       10305       15200  
2/28/2011
    15981       10658       16414  
3/31/2011
    16505       10662       16970  
4/30/2011
    16485       10978       16956  
5/31/2011
    15878       10854       16341  
6/30/2011
    15480       10673       15934  
7/31/2011
    15920       10456       16396  
8/31/2011
    14070       9888       14496  
9/30/2011
    11396       9193       11739  
10/31/2011
    14123       10197       14558  
 
(PERFORMANCE GRAPH)
 
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2011
 
                 
                Since Inception
    One Year   Three Year   Five Year   (11/01/06)
 
Rydex S&P 500 Equal Weight Energy ETF
  20.09%   18.36%   7.15%   7.15%
S&P 500 Equal Weight Energy Total Return Index
  20.78%   19.18%   7.56%   7.80%
S&P 500 Total Return Index
  8.09%   11.41%   0.25%   0.39%
 
The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Performance displayed represents past performance, which is no guarantee of future results.
 
Fund performance is subject to daily market volatility and may be better or worse since the end of the last quarter. For up-to-date fund performance, call 800.820.0888 or visit www.rydex-sgi.com.


 

36

 
RYDEX S&P 500 EQUAL WEIGHT ENERGY ETF
PORTFOLIO SUMMARY (Unaudited) As of October 31, 2011
 
Top 10 Holdings*
 
         
   Description   % of Net Assets  
   
 
EL PASO CORP.
    2.97 %
OCCIDENTAL PETROLEUM CORP.
    2.59 %
VALERO ENERGY CORP.
    2.58 %
WILLIAMS COS., INC.(THE)
    2.57 %
CABOT OIL & GAS CORP.
    2.54 %
NATIONAL-OILWELL VARCO, INC.
    2.54 %
SPECTRA ENERGY CORP.
    2.54 %
TESORO CORP.
    2.54 %
NOBLE ENERGY, INC.
    2.52 %
RANGE RESOURCES CORP.
    2.52 %
 
 
 
Industry Allocations*
 
         
Oil, Gas & Consumable Fuels
    74.62  
Energy Equipment & Services
    25.33  
Short-Term Investments
    0.05  
 
(PIE CHART)
 
The Fund’s Top Ten Holds are expressed as a percentage of net assets and the Industry Allocations are expressed as a percentage of the Fund’s investments market value. These percentages may change over time.


 

ANNUAL REPORT      37

 
RYDEX S&P 500 EQUAL WEIGHT FINANCIALS ETF
MANAGER’S ANALYSIS (Unaudited)
 
For the one-year period ended October 31, 2011, Rydex S&P 500 Equal Weight Financials ETF returned -2.25%. For the same period, its benchmark, the S&P 500 Equal Weight Financials Total Return Index*, returned -1.73%, outperforming the cap-weighted S&P 500 Financials Total Return Index’s -5.89% total return. Rydex S&P 500 Equal Weight Financials ETF achieved a daily correlation of over 99% to its benchmark on a daily basis. The ETF underperformed the S&P 500 Total Return Index by 10 percentage points.
 
The Financials sector, like many others, experienced considerable volatility over the past 12 months, most recently due to fears of contagion related to the troubles of European banks and that region’s sovereign debt crisis. In the U.S., investors in the sector are still cautious about the impact of housing issues, particularly the growing level of foreclosures and the resulting detrimental effect on banks’ balance sheets. Other concerns impacting profits are new regulations around proprietary trading and lending, as well as new limits on credit card fees. Nonetheless, many financial institutions are returning to health and are benefiting from looser lending standards and an improving economy that is increasing loan demand. Fears of the impact of lower interest rates and volatile equity markets have checked performance of some insurers, while capital market activity remains subdued. Among REITs, the best performing group has been the large, higher-quality property owners.
 
Real estate investment trusts and consumer finance were the largest contributors to performance, while capital markets and commercial banks detracted from performance.
 
Moody’s Corp. and Simon Property Group Inc. were among the stocks bringing the largest positive contributions to performance for the year. Hudson City Bancorp Inc. and Genworth Financial, Inc. (Class A) were among the stocks with the largest negative contributions to performance.
 
*The S&P 500 Equal Weight Financials Total Return Index is an unmanaged equal weighted version of the S&P 500 Financials Total Return Index that consists of the common stocks of the following industries: banks, diversified financials, brokerage, asset management insurance and real estate, including investment trusts that comprise the Financials sector of the S&P 500 Total Return Index.
 
S&P 500 Total Return Index is a capitalization-weighted index covering 500 industrial, utility, transportation and financial companies of the U.S. markets (mostly NYSE Euronext issues).
 
Cumulative Fund Performance: November 1, 2006 – October 31, 2011
 
                         
    Rydex S&P
          S&P 500
 
    500 Equal
    S&P 500
    Equal Weighted
 
    Weight Financial
    Equal Total
    Financial Total
 
   
ETF
   
Return Index
   
Return Index
 
11/1/2006
    10000       10000       10000  
11/30/2006
    10198       10264       10204  
12/31/2006
    10505       10408       10519  
1/31/2007
    10745       10566       10765  
2/28/2007
    10536       10359       10559  
3/31/2007
    10394       10475       10421  
4/30/2007
    10757       10939       10792  
5/31/2007
    11021       11321       11063  
6/30/2007
    10589       11133       10630  
7/31/2007
    9699       10787       9739  
8/31/2007
    9732       10949       9779  
9/30/2007
    9970       11359       10024  
10/31/2007
    9777       11539       9831  
11/30/2007
    9059       11057       9129  
12/31/2007
    8587       10980       8658  
1/31/2008
    8524       10322       8592  
2/29/2008
    7741       9986       7798  
3/31/2008
    7499       9943       7554  
4/30/2008
    7873       10427       7940  
5/31/2008
    7629       10562       7708  
6/30/2008
    6292       9672       6361  
7/31/2008
    6504       9591       6581  
8/31/2008
    6754       9729       6844  
9/30/2008
    6156       8862       6326  
10/31/2008
    4606       7374       4720  
11/30/2008
    3800       6845       3896  
12/31/2008
    3882       6918       3989  
1/31/2009
    3030       6335       3108  
2/28/2009
    2438       5660       2505  
3/31/2009
    2835       6156       2920  
4/30/2009
    3553       6745       3674  
5/31/2009
    4075       7122       4216  
6/30/2009
    3973       7137       4111  
7/31/2009
    4316       7676       4479  
8/31/2009
    4930       7953       5119  
9/30/2009
    5107       8250       5307  
10/31/2009
    4752       8097       4938  
11/30/2009
    4977       8583       5174  
12/31/2009
    5067       8748       5272  
1/31/2010
    5050       8434       5255  
2/28/2010
    5224       8695       5440  
3/31/2010
    5761       9220       6004  
4/30/2010
    5974       9365       6230  
5/31/2010
    5441       8617       5673  
6/30/2010
    5100       8166       5319  
7/31/2010
    5499       8738       5738  
8/31/2010
    5138       8344       5363  
9/30/2010
    5542       9089       5790  
10/31/2010
    5676       9434       5932  
11/30/2010
    5594       9436       5847  
12/31/2010
    6224       10066       6511  
1/31/2011
    6380       10305       6678  
2/28/2011
    6622       10658       6935  
3/31/2011
    6512       10662       6824  
4/30/2011
    6630       10978       6950  
5/31/2011
    6469       10854       6785  
6/30/2011
    6271       10673       6580  
7/31/2011
    6023       10456       6320  
8/31/2011
    5416       9888       5686  
9/30/2011
    4840       9193       5081  
10/31/2011
    5550       10197       5830  
 
(PERFORMANCE GRAPH)


 

38

 
RYDEX S&P 500 EQUAL WEIGHT FINANCIALS ETF
MANAGER’S ANALYSIS (Unaudited) (concluded)
 
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2011
 
                 
                Since Inception
    One Year   Three Year   Five Year   (11/01/06)
 
Rydex S&P 500 Equal Weight Financials ETF
  -2.25%   6.40%   -11.11%   -11.11%
S&P 500 Equal Weight Financials Total Return Index
  -1.73%   7.29%   -10.39%   -10.24%
S&P 500 Total Return Index
  8.09%   11.41%   0.25%   0.39%
 
The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Performance displayed represents past performance, which is no guarantee of future results.
 
Fund performance is subject to daily market volatility and may be better or worse since the end of the last quarter. For up-to-date fund performance, call 800.820.0888 or visit www.rydex-sgi.com.


 

ANNUAL REPORT      39

 
RYDEX S&P 500 EQUAL WEIGHT FINANCIALS ETF
PORTFOLIO SUMMARY (Unaudited) As of October 31, 2011
 
Top 10 Holdings*
 
         
   Description   % of Net Assets  
   
 
AFLAC, INC.
    1.46 %
HOST HOTELS & RESORTS, INC.
    1.41 %
CBRE GROUP, INC.
    1.39 %
STATE STREET CORP.
    1.38 %
ACE LTD. 
    1.37 %
TRAVELERS COS., INC.(THE)
    1.37 %
FIFTH THIRD BANCORP.
    1.35 %
FEDERATED INVESTORS, INC. — CLASS B
    1.32 %
CHUBB CORP.(THE)
    1.31 %
INVESCO LTD. 
    1.31 %
 
 
 
Industry Allocations*
 
         
Insurance
    27.82  
Real Estate Investment Trusts (REITs)
    18.38  
Capital Markets
    18.19  
Commercial Banks
    16.04  
Diversified Financial Services
    10.78  
Consumer Finance
    4.69  
Thrifts & Mortgage Finance
    2.48  
Real Estate Management & Development
    1.39  
Short-Term Invesments
    0.23  
 
(PIE CHART)
 
The Fund’s Top Ten Holds are expressed as a percentage of net assets and the Industry Allocations are expressed as a percentage of the Fund’s investments market value. These percentages may change over time.


 

40

 
RYDEX S&P 500 EQUAL WEIGHT HEALTH CARE ETF
MANAGER’S ANALYSIS (Unaudited)
 
For the one-year period ended October 31, 2011, Rydex S&P 500 Equal Weight Health Care ETF returned 11.80%. For the same period, its benchmark, the S&P 500 Equal Weight Health Care Total Return Index*, returned 12.39% while the cap-weighted S&P 500 Health Care Total Return Index delivered a 10.02% return. The fund achieved over 99% correlation to its benchmark on a daily basis. The ETF outperformed the S&P 500 Total Return Index by almost four percentage points.
 
Legislative and judicial activity in Washington was perhaps the largest factor in the performance of the health care sector — with the government accounting for nearly half of all U.S. health care spending. Some of the more important coming events are possible deficit reduction, the Supreme Court’s review of the individual mandate, a key part of the 2010 health care law, and the 2012 presidential election. As a traditionally defensive sector, health care has benefited from concern over the strength of the U.S. and global recovery. It is also being supported by the solid balance sheets and growing dividends of many companies in the sector, as well as cash balances that could help increase the level of mergers and acquisitions.
 
Health care providers and services and biotechnology contributed the most to performance for the year. Life sciences tools and services detracted from performance.
 
Biogen Idec, Inc. and Intuitive Surgical, Inc. were among the stocks with largest positive contributions to performance for the year. Life Technologies Corp. and Edwards Lifesciences Corp. were among the stocks with the largest negative contributions to performance.
 
*The S&P 500 Equal Weight Health Care Total Return Index is an unmanaged equal weighted version of the S&P 500 Health Care Total Return Index that consists of the common stocks of the following industries: health care equipment and supplies, health care providers and services, and biotechnology and pharmaceuticals that comprise the Health Care sector of the S&P 500 Total Return Index.
 
S&P 500 Total Return Index is a capitalization-weighted index covering 500 industrial, utility, transportation and financial companies of the U.S. markets (mostly NYSE Euronext issues).
 
Cumulative Fund Performance: November 1, 2006 – October 31, 2011
 
                         
                S&P 500
 
    Rydex S&P
          Equal Weighted
 
    500 Equal
    S&P 500
    Health Care
 
    Weight Health
    Total Return
    Total Return
 
   
Care ETF
   
Index
   
Index
 
11/1/2006
    10000       10000       10000  
11/30/2006
    10111       10264       10121  
12/31/2006
    10309       10408       10324  
1/31/2007
    10782       10566       10803  
2/28/2007
    10651       10359       10675  
3/31/2007
    10743       10475       10784  
4/30/2007
    11490       10939       11540  
5/31/2007
    11737       11321       11793  
6/30/2007
    11441       11133       11500  
7/31/2007
    11032       10787       11093  
8/31/2007
    11145       10949       11213  
9/30/2007
    11555       11359       11631  
10/31/2007
    11737       11539       11820  
11/30/2007
    11687       11057       11898  
12/31/2007
    11424       10980       11635  
1/31/2008
    11120       10322       11329  
2/29/2008
    10877       9986       11085  
3/31/2008
    10419       9943       10626  
4/30/2008
    10746       10427       10964  
5/31/2008
    10912       10562       11138  
6/30/2008
    10336       9672       10553  
7/31/2008
    11014       9591       11252  
8/31/2008
    11184       9729       11432  
9/30/2008
    10317       8862       10552  
10/31/2008
    8572       7374       8777  
11/30/2008
    7894       6845       8085  
12/31/2008
    8377       6918       8591  
1/31/2009
    8410       6335       8627  
2/28/2009
    7558       5660       7752  
3/31/2009
    8003       6156       8215  
4/30/2009
    8488       6745       8726  
5/31/2009
    9128       7122       9396  
6/30/2009
    9335       7137       9617  
7/31/2009
    9910       7676       10215  
8/31/2009
    10298       7953       10620  
9/30/2009
    10602       8250       10942  
10/31/2009
    10313       8097       10646  
11/30/2009
    11214       8583       11583  
12/31/2009
    11623       8748       12012  
1/31/2010
    11607       8434       12002  
2/28/2010
    11870       8695       12278  
3/31/2010
    12384       9220       12828  
4/30/2010
    12077       9365       12515  
5/31/2010
    11348       8617       11763  
6/30/2010
    10916       8166       11319  
7/31/2010
    11025       8738       11436  
8/31/2010
    10697       8344       11102  
9/30/2010
    11832       9089       12288  
10/31/2010
    12233       9434       12710  
11/30/2010
    12141       9436       12617  
12/31/2010
    12883       10066       13396  
1/31/2011
    13227       10305       13761  
2/28/2011
    13649       10658       14208  
3/31/2011
    14000       10662       14579  
4/30/2011
    14805       10978       15424  
5/31/2011
    15059       10854       15697  
6/30/2011
    15004       10673       15646  
7/31/2011
    14299       10456       14916  
8/31/2011
    13728       9888       14326  
9/30/2011
    12801       9193       13363  
10/31/2011
    13677       10197       14281  
 
(PERFORMANCE GRAPH)
 
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2011
 
                 
                Since Inception
    One Year   Three Year   Five Year   (11/01/06)
 
Rydex S&P 500 Equal Weight Health Care ETF
  11.80%   16.86%   6.46%   6.46%
S&P 500 Equal Weight Health Care Total Return Index
  12.39%   17.62%   7.17%   7.39%
S&P 500 Total Return Index
  8.09%   11.41%   0.25%   0.39%


 

ANNUAL REPORT      41

 
RYDEX S&P 500 EQUAL WEIGHT HEALTH CARE ETF
MANAGER’S ANALYSIS (Unaudited) (concluded)
 
The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Performance displayed represents past performance, which is no guarantee of future results.
 
Fund performance is subject to daily market volatility and may be better or worse since the end of the last quarter. For up-to-date fund performance, call 800.820.0888 or visit www.rydex-sgi.com.


 

42

 
RYDEX S&P 500 EQUAL WEIGHT HEALTH CARE ETF
PORTFOLIO SUMMARY (Unaudited) As of October 31, 2011
 
Top 10 Holdings*
 
         
   Description   % of Net Assets  
   
 
BIOGEN IDEC, INC.
    2.24 %
QUEST DIAGNOSTICS, INC.
    2.21 %
PATTERSON COS., INC.
    2.19 %
EXPRESS SCRIPTS, INC.
    2.16 %
INTUITIVE SURGICAL, INC.
    2.16 %
MEDCO HEALTH SOLUTIONS, INC.
    2.13 %
VARIAN MEDICAL SYSTEMS, INC.
    2.12 %
HUMANA, INC.
    2.09 %
DENTSPLY INTERNATIONAL, INC.
    2.08 %
MCKESSON CORP.
    2.08 %
 
 
 
Industry Allocations*
 
         
Health Care Providers & Services
    32.06  
Health Care Equipment & Supplies
    26.98  
Pharmaceuticals
    21.13  
Life Sciences Tools & Services
    9.53  
Biotechnology
    8.26  
Health Care Technology
    1.83  
Short-Term Investments
    0.21  
 
(PIE CHART)
 
The Fund’s Top Ten Holds are expressed as a percentage of net assets and the Industry Allocations are expressed as a percentage of the Fund’s investments market value. These percentages may change over time.


 

ANNUAL REPORT      43

 
RYDEX S&P 500 EQUAL WEIGHT INDUSTRIALS ETF
MANAGER’S ANALYSIS (Unaudited)
 
For the one-year period ended October 31, 2011, Rydex S&P 500 Equal Weight Industrials ETF returned 5.80% compared to its benchmark the S&P 500 Equal Weight Industrials Total Return Index* (6.35%) and the capitalization-weighted S&P 500 Industrials Total Return Index (5.95%). The Fund achieved over 99% correlation to its benchmark on a daily basis. The ETF underperformed the S&P 500 Total Return Index by about two percentage points.
 
The Industrials sector was affected by slowing economic growth domestically and abroad for much of the past 12 months, but could benefit from an improving outlook for the U.S., as businesses increase equipment investment, and from infrastructure upgrades in many emerging economies. Inventory levels at many manufacturers remains low, and any rebuilding would also help companies in the sector. Defense contracting continues to be the weakest subsector, given uncertainty around the extent of expected budget cuts at the Department of Defense. The improving economic environment appears to favor commercial aerospace, industrial conglomerates and agricultural/mining machinery manufacturers.
 
Aerospace and defense and trading companies/distributors were the biggest contributors to performance. Airlines and air freight were among the lowest contributors to performance.
 
Goodrich Corp. and W.W. Grainger, Inc. were among the stocks with largest positive contributions to performance for the year. R.R. Donnelley & Sons Co. and Joy Global, Inc. were among the stocks with the largest negative contributions to performance.
 
*The S&P 500 Equal Weight Industrials Total Return Index is an unmanaged equal weighted version of the S&P 500 Industrials Total Return Index that consists of the common stocks of the following industries: aerospace and defense, building products, construction and engineering, electrical equipment, conglomerates, machinery; commercial services and supplies, air freight and logistics, airlines, and marine, road and rail transportation infrastructure that comprise the Industrials sector of the S&P 500 Total Return Index.
 
S&P 500 Total Return Index is a capitalization-weighted index covering 500 industrial, utility, transportation and financial companies of the U.S. markets (mostly NYSE Euronext issues).
 
Cumulative Fund Performance: November 1, 2006 – October 31, 2011
 
                         
    Rydex S&P
          S&P 500
 
    500 Equal
    S&P 500
    Equal Weighted
 
    Weight Industrials
    Total Return
    Industrials Total
 
   
ETF
   
Index
   
Return Index
 
11/1/2006
    10000       10000       10000  
11/30/2006
    10360       10264       10365  
12/31/2006
    10335       10408       10343  
1/31/2007
    10713       10566       10726  
2/28/2007
    10678       10359       10694  
3/31/2007
    10720       10475       10742  
4/30/2007
    11264       10939       11294  
5/31/2007
    11908       11321       11947  
6/30/2007
    11922       11133       11963  
7/31/2007
    11846       10787       11894  
8/31/2007
    11793       10949       11840  
9/30/2007
    12147       11359       12202  
10/31/2007
    12201       11539       12253  
11/30/2007
    11825       11057       11858  
12/31/2007
    11937       10980       11971  
1/31/2008
    11248       10322       11282  
2/29/2008
    11061       9986       11098  
3/31/2008
    11159       9943       11201  
4/30/2008
    11883       10427       11935  
5/31/2008
    12377       10562       12439  
6/30/2008
    10897       9672       10945  
7/31/2008
    10874       9591       10927  
8/31/2008
    11212       9729       11271  
9/30/2008
    9661       8862       9715  
10/31/2008
    7672       7374       7724  
11/30/2008
    7208       6845       7259  
12/31/2008
    7438       6918       7500  
1/31/2009
    6667       6335       6725  
2/28/2009
    5665       5660       5712  
3/31/2009
    6084       6156       6143  
4/30/2009
    7410       6745       7487  
5/31/2009
    7513       7122       7593  
6/30/2009
    7470       7137       7554  
7/31/2009
    8174       7676       8271  
8/31/2009
    8595       7953       8700  
9/30/2009
    9056       8250       9178  
10/31/2009
    8735       8097       8884  
11/30/2009
    9262       8583       9417  
12/31/2009
    9562       8748       9757  
1/31/2010
    9262       8434       9458  
2/28/2010
    9754       8695       9973  
3/31/2010
    10542       9220       10751  
4/30/2010
    11044       9365       11267  
5/31/2010
    10084       8617       10289  
6/30/2010
    9414       8166       9608  
7/31/2010
    10310       8738       10522  
8/31/2010
    9569       8344       9767  
9/30/2010
    10721       9089       10951  
10/31/2010
    11030       9434       11271  
11/30/2010
    11199       9436       11451  
12/31/2010
    12082       10066       12362  
1/31/2011
    12500       10305       12797  
2/28/2011
    12656       10658       12961  
3/31/2011
    13047       10662       13368  
4/30/2011
    13265       10978       13598  
5/31/2011
    13029       10854       13361  
6/30/2011
    12950       10673       13286  
7/31/2011
    11993       10456       12309  
8/31/2011
    11234       9888       11536  
9/30/2011
    10171       9193       10440  
10/31/2011
    11669       10197       11986  
 
(PERFORMANCE GRAPH)
 
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2011
 
                 
                Since Inception
    One Year   Three Year   Five Year   (11/01/06)
 
Rydex S&P 500 Equal Weight Industrials ETF
  5.80%   15.00%   3.13%   3.13%
S&P 500 Equal Weight Industrials Total Return Index
  6.35%   15.77%   3.57%   3.69%
S&P 500 Total Return Index
  8.09%   11.41%   0.25%   0.39%


 

44

 
RYDEX S&P 500 EQUAL WEIGHT INDUSTRIALS ETF
MANAGER’S ANALYSIS (Unaudited) (concluded)
 
The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Performance displayed represents past performance, which is no guarantee of future results.
 
Fund performance is subject to daily market volatility and may be better or worse since the end of the last quarter. For up-to-date fund performance, call 800.820.0888 or visit www.rydex-sgi.com.


 

ANNUAL REPORT      45

 
RYDEX S&P 500 EQUAL WEIGHT INDUSTRIALS ETF
PORTFOLIO SUMMARY (Unaudited) As of October 31, 2011
 
Top 10 Holdings*
 
         
   Description   % of Net Assets  
   
 
GOODRICH CORP.
    2.18 %
MASCO CORP.
    1.92 %
ROBERT HALF INTERNATIONAL, INC.
    1.87 %
PARKER HANNIFIN CORP.
    1.84 %
PALL CORP.
    1.82 %
PACCAR, INC.
    1.81 %
ROCKWELL AUTOMATION, INC.
    1.79 %
HONEYWELL INTERNATIONAL, INC.
    1.78 %
RYDER SYSTEM, INC.
    1.77 %
STANLEY BLACK & DECKER, INC.
    1.77 %
 
 
 
Industry Allocations*
 
         
Machinery
    25.25  
Aerospace & Defense
    20.18  
Commercial Services & Supplies
    12.58  
Road & Rail
    6.82  
Air Freight & Logistics
    6.60  
Industrial Conglomerates
    6.44  
Professional Services
    5.22  
Electrical Equipment
    5.15  
Construction & Engineering
    4.93  
Trading Companies & Distributors
    3.36  
Building Products
    1.92  
Airlines
    1.53  
Short-Term Investments
    0.02  
 
(PIE CHART)
 
The Fund’s Top Ten Holds are expressed as a percentage of net assets and the Industry Allocations are expressed as a percentage of the Fund’s investments market value. These percentages may change over time.


 

46

 
RYDEX S&P 500 EQUAL WEIGHT MATERIALS ETF
MANAGER’S ANALYSIS (Unaudited)
 
For the one-year period ended October 31, 2011, Rydex S&P 500 Equal Weight Materials ETF returned 0.04% compared to the benchmark S&P 500 Equal Weight Materials Total Return Index* return of 0.51% and the capitalization-weighted S&P 500 Materials Total Return Index’s 2.76% return. The Fund achieved over 99% correlation to its benchmark on a daily basis. The ETF underperformed the S&P 500 Index Total Return by about eight percentage points.
 
Materials sector performance shadowed sentiment about the economy over the course of 2011, with weak results at mid-year aligning with worries about renewed recession. Falling commodity prices and a strengthening dollar have also presented headwinds recently. The sector stands to benefit from an accommodative Federal Reserve and an expected end to tightening in China, the world’s two-largest economies. Demand may have to come from developing countries, which need more natural resources to support infrastructure spending.
 
Chemicals was the largest contributor to performance, followed by paper and forest products. Metals/mining and containers/packaging detracted from performance for the year.
 
Sherwin-Williams Co. and Monsanto Co. were among the stocks with the largest positive contributions to performance for the year. Owens-Illinois, Inc. and AK Steel Holding Corp. were among the stocks with the largest negative contributions to performance.
 
*The S&P 500 Equal Weight Materials Total Return Index is an unmanaged equal weighted version of the S&P 500 Materials Total Return Index that consists of the common stocks of the following industries: chemicals, construction materials, containers and packaging, metals and mining, and paper and forest products that comprise the Materials sector of the S&P 500 Total Return Index.
 
S&P 500 Total Return Index is a capitalization-weighted index covering 500 industrial, utility, transportation and financial companies of the U.S. markets (mostly NYSE Euronext issues).
 
Cumulative Fund Performance: November 1, 2006 – October 31, 2011
 
                         
    Rydex S&P
          S&P 500
 
    500 Equal
    S&P 500
    Equal Weighted
 
    Weight Materials
    Total Return
    Materials Total
 
   
ETF
   
Index
   
Return Index
 
11/1/2006
    10000       10000       10000  
11/30/2006
    10555       10264       10560  
12/31/2006
    10690       10408       10698  
1/31/2007
    11090       10566       11104  
2/28/2007
    11334       10359       11355  
3/31/2007
    11533       10475       11557  
4/30/2007
    11780       10939       11811  
5/31/2007
    12284       11321       12321  
6/30/2007
    12122       11133       12216  
7/31/2007
    11826       10787       11921  
8/31/2007
    11676       10949       11777  
9/30/2007
    12273       11359       12386  
10/31/2007
    12402       11539       12523  
11/30/2007
    11831       11057       11947  
12/31/2007
    11775       10980       11892  
1/31/2008
    11279       10322       11398  
2/29/2008
    11231       9986       11352  
3/31/2008
    11191       9943       11316  
4/30/2008
    11672       10427       11811  
5/31/2008
    12127       10562       12279  
6/30/2008
    10997       9672       11146  
7/31/2008
    11148       9591       11303  
8/31/2008
    11229       9729       11389  
9/30/2008
    9498       8862       9653  
10/31/2008
    7359       7374       7491  
11/30/2008
    6816       6845       6955  
12/31/2008
    6895       6918       7035  
1/31/2009
    6142       6335       6270  
2/28/2009
    5497       5660       5612  
3/31/2009
    6375       6156       6525  
4/30/2009
    8112       6745       8313  
5/31/2009
    8752       7122       8975  
6/30/2009
    8771       7137       9001  
7/31/2009
    9742       7676       10003  
8/31/2009
    10060       7953       10335  
9/30/2009
    10626       8250       10924  
10/31/2009
    9995       8097       10277  
11/30/2009
    11013       8583       11332  
12/31/2009
    11524       8748       11866  
1/31/2010
    10525       8434       10841  
2/28/2010
    11266       8695       11614  
3/31/2010
    12244       9220       12630  
4/30/2010
    12332       9365       12728  
5/31/2010
    11399       8617       11767  
6/30/2010
    10551       8166       10900  
7/31/2010
    11798       8738       12210  
8/31/2010
    11390       8344       11784  
9/30/2010
    12312       9089       12745  
10/31/2010
    12897       9434       13356  
11/30/2010
    12976       9436       13443  
12/31/2010
    14208       10066       14731  
1/31/2011
    14447       10305       14982  
2/28/2011
    14791       10658       15346  
3/31/2011
    15044       10662       15616  
4/30/2011
    15363       10978       15956  
5/31/2011
    15162       10854       15751  
6/30/2011
    14937       10673       15525  
7/31/2011
    14157       10456       14720  
8/31/2011
    13115       9888       13642  
9/30/2011
    11154       9193       11593  
10/31/2011
    12903       10197       13423  
 
(PERFORMANCE GRAPH)
 
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2011
 
                 
                Since Inception
    One Year   Three Year   Five Year   (11/01/06)
 
Rydex S&P 500 Equal Weight Materials ETF
  0.04%   20.59%   5.23%   5.23%
S&P 500 Equal Weight Materials Total Return Index
  0.51%   21.46%   5.88%   6.07%
S&P 500 Total Return Index
  8.09%   11.41%   0.25%   0.39%
 
The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Performance displayed represents past performance, which is no guarantee of future results.
 
Fund performance is subject to daily market volatility and may be better or worse since the end of the last quarter. For up-to-date fund performance, call 800.820.0888 or visit www.rydex-sgi.com.


 

ANNUAL REPORT      47

 
RYDEX S&P 500 EQUAL WEIGHT MATERIALS ETF
PORTFOLIO SUMMARY (Unaudited) As of October 31, 2011
 
Top 10 Holdings*
 
         
   Description   % of Net Assets  
   
 
PPG INDUSTRIES, INC.
    3.55 %
SHERWIN-WILLIAMS CO.(THE)
    3.53 %
OWENS-ILLINOIS, INC.
    3.50 %
NUCOR CORP.
    3.48 %
TITANIUM METALS CORP.
    3.42 %
AIRGAS, INC.
    3.41 %
AIR PRODUCTS & CHEMICALS, INC.
    3.37 %
EASTMAN CHEMICAL CO.
    3.34 %
ECOLAB, INC.
    3.34 %
MONSANTO CO.
    3.33 %
 
 
 
Industry Allocations*
 
         
Chemicals
    49.58  
Metals & Mining
    28.21  
Containers & Packaging
    12.65  
Paper & Forest Products
    6.40  
Construction Materials
    3.02  
Short-Term Investments
    0.14  
 
(PIE CHART)
 
The Fund’s Top Ten Holds are expressed as a percentage of net assets and the Industry Allocations are expressed as a percentage of the Fund’s investments market value. These percentages may change over time.


 

48

 
RYDEX S&P 500 EQUAL WEIGHT TECHNOLOGY ETF
MANAGER’S ANALYSIS (Unaudited)
 
For the one-year period ended October 31, 2011, Rydex S&P 500 Equal Weight Technology ETF returned 3.51% compared to its benchmark S&P 500 Equal Weight Technology Total Return Index* (4.06%) and the capitalization-weighted S&P 500 Technology Total Return Index (8.77%). The fund achieved over 99% correlation to its benchmark on a daily basis. The ETF underperformed the S&P 500 Total Return Index by more than four percentage points.
 
Technology stocks underperformed the broader market due a range of factors, including inventory worries, management changes and supply chain concerns, earlier in Japan and lately in Thailand. In addition, demand in consumer-related electronics and public-sector spending has been weak. The sector could benefit if investors focus on fundamentals, as companies offer large cash holdings, rising dividend payments and tight inventory controls. Tech outperformed during most of October, but then treaded water as investors feared earnings forecasts might have to be reduced.
 
IT services and semiconductors/semiconductor equipment were the biggest contributors to performance. Internet software and services, and office electronics, were the biggest detractors from performance.
 
Teradata Corp. and Electronic Arts, Inc. were among the stocks with largest positive contributions to performance for the year. Akamai Technologies, Inc. and Hewlett-Packard Co. were among the stocks with the largest negative contributions to performance.
 
*The S&P 500 Equal Weight Technology Total Return Index is an unmanaged equal weighted version of the S&P 500 Information Technology Total Return Index that consists of the common stocks of the following industries: internet equipment, computers and peripherals, electronic equipment, office electronics and instruments, semiconductor equipment and products, diversified telecommunication services, and wireless telecommunication services that comprise the Information Technology sector of the S&P 500 Total Return Index.
 
S&P 500 Total Return Index is a capitalization-weighted index covering 500 industrial, utility, transportation and financial companies of the U.S. markets (mostly NYSE Euronext issues).
 
Cumulative Fund Performance: November 1, 2006 – October 31, 2011
 
                         
                S&P 500
 
    Rydex S&P
          Equal Weighted
 
    500 Equal
    S&P 500
    Information Technology
 
    Weight Technology
    Total Return
    Total Return
 
   
ETF
   
Index
   
Index
 
11/1/2006
    10000       10000       10000  
11/30/2006
    10485       10264       10491  
12/31/2006
    10316       10408       10327  
1/31/2007
    10370       10566       10385  
2/28/2007
    10431       10359       10450  
3/31/2007
    10377       10475       10400  
4/30/2007
    10839       10939       10870  
5/31/2007
    11144       11321       11177  
6/30/2007
    11205       11133       11243  
7/31/2007
    10881       10787       10920  
8/31/2007
    10908       10949       10952  
9/30/2007
    11149       11359       11199  
10/31/2007
    11544       11539       11600  
11/30/2007
    10525       11057       10542  
12/31/2007
    10503       10980       10525  
1/31/2008
    9465       10322       9488  
2/29/2008
    9321       9986       9348  
3/31/2008
    9179       9943       9208  
4/30/2008
    9866       10427       9900  
5/31/2008
    10605       10562       10647  
6/30/2008
    9466       9672       9511  
7/31/2008
    9206       9591       9253  
8/31/2008
    9445       9729       9498  
9/30/2008
    8030       8862       8080  
10/31/2008
    6282       7374       6315  
11/30/2008
    5509       6845       5548  
12/31/2008
    5700       6918       5750  
1/31/2009
    5559       6335       5606  
2/28/2009
    5249       5660       5296  
3/31/2009
    5991       6156       6052  
4/30/2009
    6930       6745       7011  
5/31/2009
    7195       7122       7285  
6/30/2009
    7180       7137       7273  
7/31/2009
    7872       7676       7977  
8/31/2009
    8190       7953       8303  
9/30/2009
    8773       8250       8898  
10/31/2009
    8415       8097       8540  
11/30/2009
    8834       8583       8969  
12/31/2009
    9619       8748       9770  
1/31/2010
    8827       8434       8967  
2/28/2010
    9286       8695       9437  
3/31/2010
    9975       9220       10160  
4/30/2010
    10205       9365       10398  
5/31/2010
    9558       8617       9741  
6/30/2010
    8894       8166       9068  
7/31/2010
    9501       8738       9692  
8/31/2010
    8978       8344       9163  
9/30/2010
    10188       9089       10405  
10/31/2010
    10705       9434       10936  
11/30/2010
    10771       9436       11007  
12/31/2010
    11376       10066       11631  
1/31/2011
    11809       10305       12085  
2/28/2011
    12330       10658       12623  
3/31/2011
    12115       10662       12410  
4/30/2011
    12469       10978       12779  
5/31/2011
    12323       10854       12633  
6/30/2011
    11780       10673       12083  
7/31/2011
    11090       10456       11379  
8/31/2011
    10401       9888       10674  
9/30/2011
    9625       9193       9881  
10/31/2011
    11080       10197       11381  
 
(PERFORMANCE GRAPH)


 

ANNUAL REPORT      49

 
RYDEX S&P 500 EQUAL WEIGHT TECHNOLOGY ETF
MANAGER’S ANALYSIS (Unaudited) (concluded)
 
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2011
 
                 
                Since Inception
    One Year   Three Year   Five Year   (11/01/06)
 
Rydex S&P 500 Equal Weight Technology ETF
  3.51%   20.82%   2.07%   2.07%
S&P 500 Equal Weight Information Technology Total Return Index
  4.06%   21.69%   2.34%   2.62%
S&P 500 Total Return Index
  8.09%   11.41%   0.25%   0.39%
 
The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Performance displayed represents past performance, which is no guarantee of future results.
 
Fund performance is subject to daily market volatility and may be better or worse since the end of the last quarter. For up-to-date fund performance, call 800.820.0888 or visit www.rydex-sgi.com.


 

50

 
RYDEX S&P 500 EQUAL WEIGHT TECHNOLOGY ETF
PORTFOLIO SUMMARY (Unaudited) As of October 31, 2011
 
Top 10 Holdings*
 
         
   Description   % of Net Assets  
   
 
CITRIX SYSTEMS, INC.
    1.62 %
F5 NETWORKS, INC.
    1.59 %
JUNIPER NETWORKS, INC.
    1.55 %
RED HAT, INC.
    1.55 %
AKAMAI TECHNOLOGIES, INC.
    1.53 %
KLA-TENCOR CORP.
    1.53 %
AUTODESK, INC.
    1.51 %
JABIL CIRCUIT, INC.
    1.51 %
SANDISK CORP.
    1.51 %
TERADATA CORP.
    1.47 %
 
 
 
Industry Allocations*
 
         
Semiconductors & Semiconductor Equipment
    22.79  
IT Services
    18.97  
Software
    17.66  
Communications Equipment
    12.01  
Computers & Peripherals
    10.78  
Electronic Equipment, Instruments & Components
    8.22  
Internet Software & Services
    8.18  
Office Electronics
    1.30  
Short-Term Investments
    0.09  
 
(PIE CHART)
 
The Fund’s Top Ten Holds are expressed as a percentage of net assets and the Industry Allocations are expressed as a percentage of the Fund’s investments market value. These percentages may change over time.


 

ANNUAL REPORT      51

 
RYDEX S&P 500 EQUAL WEIGHT UTILITIES ETF
MANAGER’S ANALYSIS (Unaudited)
 
For the one-year period ended October 31, 2011, Rydex S&P 500 Equal Weight Utilities ETF returned 11.29% while its benchmark, the S&P 500 Equal Weight Telecommunication Services & Utilities Total Return Index*, returned 11.94%. The Fund had a 93% correlation to its benchmark on a daily basis. The ETF, which includes the telecommunications sector, outperformed the S&P 500 Total Return Index by about three percentage points.
 
Utilities tend to be a more defensive, low-beta sector, and “safe-haven” investors are attracted to the group especially when they are concerned about economic uncertainty. Companies in the sector may also be benefiting from the current low-interest-rate environment, given their relatively higher yields compared with corporate bond yields. But with regulated utilities at record valuations, the sector could be hurt if the economy picks up and the group loses favor. New EPA regulations are expected to move forward despite protests from Republicans, which could boost power prices over time.
 
Utilities was the biggest contributor to performance while wireless telecommunication services was the largest detractor.
 
ONEOK, Inc. and CenterPoint Energy, Inc. were among the stocks with largest positive contributions to performance for the year. CenturyLink, Inc. and AES Corp. were among the stocks with the largest negative contributions to performance.
 
*The S&P 500 Equal Weight Telecommunication Services & Utilities Total Return Index is an unmanaged equal weighted version of the S&P 500 Utilities Total Return Index that consists of the common stocks of the following industries: electric utilities, gas utilities, multi-utilities and unregulated power and water utilities, telecommunication service companies, including fixed-line, cellular, wireless, high bandwidth and fiber-optic cable networks that comprise the Utilities sector of the S&P 500 Total Return Index.
 
S&P 500 Total Return Index is a capitalization-weighted index covering 500 industrial, utility, transportation and financial companies of the U.S. markets (mostly NYSE Euronext issues).
 
Cumulative Fund Performance: November 1, 2006 – October 31, 2011
 
                         
    Rydex S&P
          S&P 500
 
    500 Equal
    S&P 500
    Equal Weighted
 
    Weight Utilities
    Total Return
    Utilities Total
 
   
ETF
   
Index
   
Return Index
 
11/1/2006
    10000       10000       10000  
11/30/2006
    10259       10264       10262  
12/31/2006
    10437       10408       10446  
1/31/2007
    10448       10566       10458  
2/28/2007
    10833       10359       10849  
3/31/2007
    11216       10475       11240  
4/30/2007
    11597       10939       11628  
5/31/2007
    11840       11321       11878  
6/30/2007
    11271       11133       11307  
7/31/2007
    10810       10787       10846  
8/31/2007
    10979       10949       11021  
9/30/2007
    11290       11359       11337  
10/31/2007
    11641       11539       11701  
11/30/2007
    11544       11057       11609  
12/31/2007
    11515       10980       11585  
1/31/2008
    10620       10322       10673  
2/29/2008
    10019       9986       10059  
3/31/2008
    10045       9943       10092  
4/30/2008
    10559       10427       10619  
5/31/2008
    11149       10562       11215  
6/30/2008
    10866       9672       10939  
7/31/2008
    10347       9591       10419  
8/31/2008
    10405       9729       10480  
9/30/2008
    9243       8862       9308  
10/31/2008
    7960       7374       8021  
11/30/2008
    8082       6845       8162  
12/31/2008
    7965       6918       8063  
1/31/2009
    7969       6335       8063  
2/28/2009
    7055       5660       7126  
3/31/2009
    7326       6156       7415  
4/30/2009
    7520       6745       7617  
5/31/2009
    7871       7122       7979  
6/30/2009
    8216       7137       8314  
7/31/2009
    8546       7676       8653  
8/31/2009
    8576       7953       8683  
9/30/2009
    8895       8250       9016  
10/31/2009
    8513       8097       8634  
11/30/2009
    8978       8583       9111  
12/31/2009
    9571       8748       9727  
1/31/2010
    9066       8434       9216  
2/28/2010
    9082       8695       9237  
3/31/2010
    9405       9220       9575  
4/30/2010
    9656       9365       9836  
5/31/2010
    9271       8617       9445  
6/30/2010
    9122       8166       9295  
7/31/2010
    9808       8738       10004  
8/31/2010
    9918       8344       10120  
9/30/2010
    10420       9089       10641  
10/31/2010
    10565       9434       10795  
11/30/2010
    10357       9436       10585  
12/31/2010
    10821       10066       11066  
1/31/2011
    10925       10305       11177  
2/28/2011
    11026       10658       11283  
3/31/2011
    11213       10662       11483  
4/30/2011
    11645       10978       11931  
5/31/2011
    11934       10854       12234  
6/30/2011
    11808       10673       12111  
7/31/2011
    11522       10456       11823  
8/31/2011
    11593       9888       11903  
9/30/2011
    11330       9193       11636  
10/31/2011
    11759       10197       12084  
 
(PERFORMANCE GRAPH)


 

52

 
RYDEX S&P 500 EQUAL WEIGHT UTILITIES ETF
MANAGER’S ANALYSIS (Unaudited) (concluded)
 
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2011
 
                 
                Since Inception
    One Year   Three Year   Five Year   (11/01/06)
 
Rydex S&P 500 Equal Weight Utilities ETF
  11.29%   13.89%   3.29%   3.29%
S&P 500 Equal Weight Telecommunications Services & Utilities Total Return Index
  11.94%   14.64%   3.94%   3.86%
S&P 500 Total Return Index
  8.09%   11.41%   0.25%   0.39%
 
The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Performance displayed represents past performance, which is no guarantee of future results.
 
Fund performance is subject to daily market volatility and may be better or worse since the end of the last quarter. For up-to-date fund performance, call 800.820.0888 or visit www.rydex-sgi.com.


 

ANNUAL REPORT      53

 
RYDEX S&P 500 EQUAL WEIGHT UTILITIES ETF
PORTFOLIO SUMMARY (Unaudited) As of October 31, 2011
 
Top 10 Holdings*
 
         
   Description   % of Net Assets  
   
 
ONEOK, INC.
    2.68 %
EDISON INTERNATIONAL
    2.59 %
INTEGRYS ENERGY GROUP, INC.
    2.55 %
ENTERGY CORP.
    2.54 %
SCANA CORP.
    2.54 %
AMEREN CORP.
    2.53 %
AMERICAN ELECTRIC POWER CO., INC.
    2.52 %
DUKE ENERGY CORP.
    2.52 %
CENTERPOINT ENERGY, INC.
    2.51 %
DOMINION RESOURCES, INC.
    2.50 %
 
 
 
Industry Allocations*
 
         
Multi-Utilities
    37.00  
Electric Utilities
    32.29  
Diversified Telecommunication Services
    11.79  
Independent Power Producers & Energy Traders
    7.08  
Wireless Telecommunication Services
    6.31  
Gas Utilities
    5.14  
Short-Term Investments
    0.39  
 
(PIE CHART)
 
The Fund’s Top Ten Holds are expressed as a percentage of net assets and the Industry Allocations are expressed as a percentage of the Fund’s investments market value. These percentages may change over time.


 

54

 
RYDEX S&P 500 EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS 99.9%
Aerospace & Defense 2.5%
Boeing Co.(The)
    90,943       $5,983,140  
General Dynamics Corp. 
    97,904       6,284,458  
Goodrich Corp. 
    65,775       8,065,988  
Honeywell International, Inc. 
    126,672       6,637,613  
L-3 Communications Holdings, Inc. 
    88,478       5,997,039  
Lockheed Martin Corp. 
    78,939       5,991,470  
Northrop Grumman Corp. 
    108,630       6,273,382  
Precision Castparts Corp. 
    34,758       5,670,768  
Raytheon Co. 
    140,925       6,227,476  
Rockwell Collins, Inc. 
    106,783       5,961,695  
Textron, Inc. 
    312,913       6,076,770  
United Technologies Corp. 
    78,750       6,140,925  
                 
Total Aerospace & Defense
    75,310,724  
         
Air Freight & Logistics 0.8%
C.H. Robinson Worldwide, Inc. 
    84,503       5,867,043  
Expeditors International of Washington, Inc. 
    133,467       6,086,095  
FedEx Corp. 
    77,969       6,380,203  
United Parcel Service, Inc. — Class B
    89,807       6,308,044  
                 
Total Air Freight & Logistics
    24,641,385  
         
Airlines 0.2%
Southwest Airlines Co. 
    667,288       5,705,312  
                 
Total Airlines
    5,705,312  
         
Auto Components 0.5%
Goodyear Tire & Rubber Co.(The)*
    536,236       7,700,349  
Johnson Controls, Inc. 
    196,021       6,454,971  
                 
Total Auto Components
    14,155,320  
         
Automobiles 0.4%
Ford Motor Co.*
    563,490       6,581,563  
Harley-Davidson, Inc. 
    158,849       6,179,226  
                 
Total Automobiles
    12,760,789  
         
Beverages 1.6%
Beam, Inc. 
    132,946       6,571,521  
Brown-Forman Corp. — Class B
    84,314       6,300,785  
Coca-Cola Co.(The)
    83,201       5,684,292  
Coca-Cola Enterprises, Inc. 
    216,312       5,801,488  
Constellation Brands, Inc. — Class A*
    308,368       6,235,201  
Dr Pepper Snapple Group, Inc. 
    155,155       5,810,555  
Molson Coors Brewing Co. — Class B
    137,942       5,840,464  
PepsiCo, Inc. 
    95,394       6,005,052  
                 
Total Beverages
    48,249,358  
         
Biotechnology 0.8%
Amgen, Inc. 
    104,865       6,005,619  
Biogen Idec, Inc.*
    58,529       6,810,434  
Celgene Corp.*
    96,815       6,276,517  
Gilead Sciences, Inc.*
    146,158       6,088,942  
                 
Total Biotechnology
    25,181,512  
         
Building Products 0.2%
Masco Corp. 
    746,109       7,162,646  
                 
Total Building Products
    7,162,646  
         
Capital Markets 3.0%
Ameriprise Financial, Inc. 
    133,254       6,220,297  
Bank of New York Mellon Corp.(The)
    282,859       6,019,240  
BlackRock, Inc. 
    37,220       5,872,944  
Charles Schwab Corp.(The)
    482,158       5,920,900  
E*Trade Financial Corp.*
    517,700       5,617,045  
Federated Investors, Inc. — Class B
    337,943       6,603,406  
Franklin Resources, Inc. 
    50,219       5,354,852  
Goldman Sachs Group, Inc.(The)
    55,475       6,077,286  
Invesco Ltd. 
    326,828       6,559,438  
Janus Capital Group, Inc. 
    868,002       5,694,093  
Legg Mason, Inc. 
    203,905       5,607,387  
Morgan Stanley
    365,100       6,440,364  
Northern Trust Corp. 
    161,027       6,516,763  
State Street Corp. 
    172,558       6,969,618  
T. Rowe Price Group, Inc. 
    112,937       5,967,591  
                 
Total Capital Markets
    91,441,224  
         
Chemicals 3.0%
Air Products & Chemicals, Inc. 
    72,167       6,216,465  
Airgas, Inc. 
    91,228       6,290,171  
CF Industries Holdings, Inc. 
    33,882       5,498,032  
Dow Chemical Co.(The)
    210,560       5,870,413  
Du Pont (E.I.) de Nemours & Co. 
    126,506       6,081,143  
Eastman Chemical Co. 
    156,623       6,153,718  
Ecolab, Inc. 
    114,289       6,153,320  
FMC Corp. 
    77,400       6,106,086  
International Flavors & Fragrances, Inc. 
    98,804       5,983,570  
Monsanto Co. 
    84,740       6,164,835  
Mosaic Co.(The)
    101,052       5,917,605  
PPG Industries, Inc. 
    75,908       6,559,210  
Praxair, Inc. 
    59,216       6,020,491  
Sherwin-Williams Co.(The)
    78,797       6,517,300  
Sigma-Aldrich Corp. 
    91,298       5,978,193  
                 
Total Chemicals
    91,510,552  
         
Commercial Banks 2.6%
BB&T Corp. 
    264,165       6,165,611  
Comerica, Inc. 
    240,772       6,151,725  
Fifth Third Bancorp
    565,149       6,787,440  
First Horizon National Corp. 
    891,159       6,229,201  
Huntington Bancshares, Inc. 
    1,167,394       6,047,101  
KeyCorp
    913,791       6,451,364  
M&T Bank Corp. 
    80,597       6,134,238  
PNC Financial Services Group, Inc. 
    115,852       6,222,411  
Regions Financial Corp. 
    1,500,130       5,895,511  
SunTrust Banks, Inc. 
    300,011       5,919,217  
US Bancorp
    248,443       6,357,656  
Wells Fargo & Co. 
    239,185       6,197,283  
Zions Bancorp
    349,096       6,060,307  
                 
Total Commercial Banks
    80,619,065  
         
Commercial Services & Supplies 1.5%
Avery Dennison Corp. 
    213,164       5,670,162  
Cintas Corp. 
    188,350       5,629,782  
Iron Mountain, Inc. 
    175,896       5,440,463  
Pitney Bowes, Inc. 
    290,493       5,920,247  
R.R. Donnelley & Sons Co. 
    396,731       6,466,715  
Republic Services, Inc. 
    206,345       5,872,579  
Stericycle, Inc.*
    70,770       5,914,957  
Waste Management, Inc. 
    186,125       6,129,096  
                 
Total Commercial Services & Supplies
    47,044,001  
         
Communications Equipment 1.8%
Cisco Systems, Inc. 
    356,362       6,603,388  
F5 Networks, Inc.*
    71,007       7,381,178  
Harris Corp. 
    145,400       5,488,850  
JDS Uniphase Corp.*
    448,371       5,380,452  
Juniper Networks, Inc.*
    294,186       7,198,731  
Motorola Mobility Holdings, Inc.*
    155,865       6,060,031  
 
See Notes to Financial Statements.


 

ANNUAL REPORT      55

 
RYDEX S&P 500 EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (continued) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (continued)
                 
Motorola Solutions, Inc. 
    133,302       $6,253,197  
QUALCOMM, Inc. 
    110,406       5,696,950  
Tellabs, Inc. 
    1,325,318       5,738,627  
                 
Total Communications Equipment
    55,801,404  
         
Computers & Peripherals 1.6%
Apple, Inc.*
    14,727       5,961,195  
Dell, Inc.*
    390,812       6,178,738  
EMC Corp.*
    261,726       6,414,904  
Hewlett-Packard Co. 
    253,675       6,750,292  
Lexmark International, Inc. — Class A*
    188,350       5,970,695  
NetApp, Inc.*
    157,760       6,461,850  
SanDisk Corp.*
    138,723       7,029,094  
Western Digital Corp.*
    198,555       5,289,505  
                 
Total Computers & Peripherals
    50,056,273  
         
Construction & Engineering 0.6%
Fluor Corp. 
    97,738       5,556,405  
Jacobs Engineering Group, Inc.*
    162,353       6,299,297  
Quanta Services, Inc.*
    315,590       6,592,675  
                 
Total Construction & Engineering
    18,448,377  
         
Construction Materials 0.2%
Vulcan Materials Co. 
    178,453       5,583,794  
                 
Total Construction Materials
    5,583,794  
         
Consumer Finance 0.8%
American Express Co. 
    118,669       6,007,025  
Capital One Financial Corp. 
    138,036       6,302,724  
Discover Financial Services
    223,439       5,264,223  
SLM Corp. 
    443,826       6,067,101  
                 
Total Consumer Finance
    23,641,073  
         
Containers & Packaging 0.8%
Ball Corp. 
    172,605       5,966,955  
Bemis Co., Inc. 
    191,003       5,369,094  
Owens-Illinois, Inc.*
    322,763       6,481,081  
Sealed Air Corp. 
    311,613       5,546,712  
                 
Total Containers & Packaging
    23,363,842  
         
Distributors 0.2%
Genuine Parts Co. 
    112,181       6,442,555  
                 
Total Distributors
    6,442,555  
         
Diversified Consumer Services 0.6%
Apollo Group, Inc. — Class A*
    124,943       5,916,051  
DeVry, Inc. 
    141,280       5,323,431  
H&R Block, Inc. 
    419,935       6,420,806  
                 
Total Diversified Consumer Services
    17,660,288  
         
Diversified Financial Services 1.8%
Bank of America Corp. 
    823,747       5,626,192  
Citigroup, Inc. 
    207,554       6,556,631  
CME Group, Inc. — Class A
    22,114       6,093,734  
IntercontinentalExchange, Inc.*
    47,638       6,187,223  
JPMorgan Chase & Co. 
    178,003       6,187,384  
Leucadia National Corp. 
    207,670       5,571,786  
Moody’s Corp. 
    182,550       6,478,700  
Nasdaq OMX Group, Inc.(The)*
    236,107       5,914,480  
NYSE Euronext
    212,142       5,636,613  
                 
Total Diversified Financial Services
    54,252,743  
         
Diversified Telecommunication Services 0.9%
AT&T, Inc. 
    205,942       6,036,160  
CenturyTel, Inc. 
    171,398       6,043,493  
Frontier Communications Corp. 
    836,910       5,239,057  
Verizon Communications, Inc. 
    161,903       5,987,173  
Windstream Corp. 
    458,028       5,574,201  
                 
Total Diversified Telecommunication Services
    28,880,084  
         
Electric Utilities 2.6%
American Electric Power Co., Inc. 
    157,522       6,187,464  
Duke Energy Corp. 
    302,283       6,172,619  
Edison International
    156,789       6,365,633  
Entergy Corp. 
    90,067       6,229,934  
Exelon Corp. 
    135,716       6,024,433  
FirstEnergy Corp. 
    130,436       5,864,403  
NextEra Energy, Inc. 
    106,949       6,031,924  
Northeast Utilities
    170,923       5,908,808  
Pepco Holdings, Inc. 
    307,705       6,092,559  
Pinnacle West Capital Corp. 
    133,940       6,104,985  
PPL Corp. 
    204,569       6,008,192  
Progress Energy, Inc. 
    116,822       6,086,426  
Southern Co. 
    139,008       6,005,146  
                 
Total Electric Utilities
    79,082,526  
         
Electrical Equipment 0.6%
Emerson Electric Co. 
    129,466       6,229,904  
Rockwell Automation, Inc. 
    99,135       6,706,483  
Roper Industries, Inc. 
    78,157       6,338,532  
                 
Total Electrical Equipment
    19,274,919  
         
Electronic Equipment, Instruments & Components 1.2%
Amphenol Corp. — Class A
    133,372       6,333,836  
Corning, Inc. 
    425,570       6,081,395  
FLIR Systems, Inc. 
    212,737       5,594,983  
Jabil Circuit, Inc. 
    340,500       7,000,680  
Molex, Inc. 
    275,459       6,801,083  
TE Connectivity Ltd. 
    177,223       6,300,278  
                 
Total Electronic Equipment, Instruments & Components
    38,112,255  
         
Energy Equipment & Services 2.1%
Baker Hughes, Inc. 
    100,840       5,847,712  
Cameron International Corp.*
    112,442       5,525,400  
Diamond Offshore Drilling, Inc. 
    93,524       6,129,563  
FMC Technologies, Inc.*
    136,805       6,131,600  
Halliburton Co. 
    148,999       5,566,603  
Helmerich & Payne, Inc. 
    111,305       5,919,200  
Nabors Industries Ltd.*
    324,468       5,947,498  
National-Oilwell Varco, Inc. 
    91,251       6,508,934  
Noble Corp.
    167,515       6,020,489  
Rowan Cos., Inc.*
    156,576       5,400,306  
Schlumberger Ltd. 
    80,762       5,933,584  
                 
Total Energy Equipment & Services
    64,930,889  
         
Food & Staples Retailing 1.8%
Costco Wholesale Corp. 
    70,249       5,848,229  
CVS Caremark Corp. 
    162,945       5,914,903  
Kroger Co.(The)
    262,503       6,084,820  
Safeway, Inc. 
    329,605       6,384,449  
SUPERVALU, Inc. 
    768,647       6,164,549  
Sysco Corp. 
    215,568       5,975,545  
Wal-Mart Stores, Inc. 
    111,850       6,344,132  
 
See Notes to Financial Statements.


 

56

 
RYDEX S&P 500 EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (continued) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (continued)
                 
Walgreen Co. 
    159,914       $5,309,145  
Whole Foods Market, Inc. 
    86,160       6,213,859  
                 
Total Food & Staples Retailing
    54,239,631  
         
Food Products 3.0%
Archer-Daniels-Midland Co. 
    208,074       6,021,662  
Campbell Soup Co. 
    188,610       6,271,282  
ConAgra Foods, Inc. 
    248,016       6,282,245  
Dean Foods Co.*
    655,545       6,371,897  
General Mills, Inc. 
    156,362       6,024,628  
H.J. Heinz Co. 
    115,449       6,169,595  
Hershey Co.(The)
    99,964       5,720,940  
Hormel Foods Corp. 
    211,743       6,240,066  
J.M. Smucker Co.(The)
    80,241       6,180,162  
Kellogg Co. 
    110,051       5,965,865  
Kraft Foods, Inc. — Class A
    169,196       5,952,315  
McCormick & Co., Inc. 
    125,914       6,114,384  
Mead Johnson Nutrition Co. 
    77,873       5,595,175  
Sara Lee Corp. 
    337,586       6,009,031  
Tyson Foods, Inc. — Class A
    340,333       6,568,427  
                 
Total Food Products
    91,487,674  
         
Gas Utilities 0.4%
Nicor, Inc. 
    106,949       6,015,881  
Oneok, Inc. 
    86,208       6,556,119  
                 
Total Gas Utilities
    12,572,000  
         
Health Care Equipment & Supplies 2.7%
Baxter International, Inc. 
    105,197       5,783,731  
Becton, Dickinson and Co. 
    76,666       5,997,581  
Boston Scientific Corp.*
    904,814       5,329,355  
C.R. Bard, Inc. 
    64,520       5,545,494  
CareFusion Corp.*
    240,701       6,161,946  
Covidien PLC
    123,097       5,790,483  
DENTSPLY International, Inc. 
    172,250       6,366,360  
Edwards Lifesciences Corp.*
    77,708       5,860,737  
Intuitive Surgical, Inc.*
    15,248       6,615,497  
Medtronic, Inc. 
    170,735       5,931,334  
St Jude Medical, Inc. 
    136,616       5,328,024  
Stryker Corp. 
    119,876       5,743,259  
Varian Medical Systems, Inc.*
    109,885       6,452,447  
Zimmer Holdings, Inc.*
    104,676       5,509,098  
                 
Total Health Care Equipment & Supplies
    82,415,346  
         
Health Care Providers & Services 3.2%
Aetna, Inc. 
    143,838       5,718,999  
AmerisourceBergen Corp. 
    151,486       6,180,629  
Cardinal Health, Inc. 
    139,079       6,157,027  
CIGNA Corp. 
    128,613       5,702,700  
Coventry Health Care, Inc.*
    176,204       5,605,049  
DaVita, Inc.*
    81,259       5,688,130  
Express Scripts, Inc.*
    144,714       6,617,771  
Humana, Inc. 
    75,601       6,417,769  
Laboratory Corp. of America Holdings*
    71,315       5,979,763  
McKesson Corp. 
    78,087       6,367,995  
Medco Health Solutions, Inc.*
    118,693       6,511,498  
Patterson Cos., Inc. 
    212,406       6,684,417  
Quest Diagnostics, Inc. 
    121,297       6,768,372  
Tenet Healthcare Corp.*
    1,251,916       5,921,563  
UnitedHealth Group, Inc. 
    118,030       5,664,260  
WellPoint, Inc. 
    88,647       6,107,778  
                 
Total Health Care Providers & Services
    98,093,720  
         
Health Care Technology 0.2%
Cerner Corp.*
    88,315       5,601,820  
                 
Total Health Care Technology
    5,601,820  
         
Hotels, Restaurants & Leisure 2.2%
Carnival Corp. 
    177,483       6,249,176  
Chipotle Mexican Grill, Inc.*
    18,681       6,279,058  
Darden Restaurants, Inc. 
    130,413       6,244,174  
International Game Technology
    392,377       6,901,911  
Marriott International, Inc. — Class A
    204,854       6,452,901  
McDonald’s Corp. 
    66,982       6,219,279  
Starbucks Corp. 
    151,746       6,424,926  
Starwood Hotels & Resorts Worldwide, Inc. 
    131,715       6,600,239  
Wyndham Worldwide Corp. 
    186,860       6,291,576  
Wynn Resorts Ltd. 
    39,470       5,241,616  
Yum! Brands, Inc. 
    110,453       5,916,967  
                 
Total Hotels, Restaurants & Leisure
    68,821,823  
         
Household Durables 1.5%
DR Horton, Inc. 
    611,598       6,807,086  
Harman International Industries, Inc. 
    175,991       7,595,771  
Leggett & Platt, Inc. 
    275,055       6,023,704  
Lennar Corp. — Class A
    427,842       7,076,507  
Newell Rubbermaid, Inc. 
    455,710       6,744,508  
Pulte Homes, Inc.*
    1,324,239       6,859,558  
Whirlpool Corp. 
    109,316       5,554,346  
                 
Total Household Durables
    46,661,480  
         
Household Products 0.8%
Clorox Co.(The)
    85,213       5,704,158  
Colgate-Palmolive Co. 
    63,668       5,753,677  
Kimberly-Clark Corp. 
    85,142       5,935,249  
Procter & Gamble Co.(The)
    92,483       5,917,987  
                 
Total Household Products
    23,311,071  
         
Independent Power Producers & Energy Traders 0.6%
AES Corp.(The)*
    535,715       6,010,722  
Constellation Energy Group, Inc. 
    150,774       5,985,728  
NRG Energy, Inc.*
    249,814       5,351,016  
                 
Total Independent Power Producers & Energy Traders
    17,347,466  
         
Industrial Conglomerates 0.8%
3M Co. 
    73,541       5,811,210  
Danaher Corp. 
    128,944       6,234,443  
General Electric Co. 
    364,720       6,094,471  
Tyco International Ltd. 
    131,642       5,996,293  
                 
Total Industrial Conglomerates
    24,136,417  
         
Insurance 4.6%
ACE Ltd. 
    95,111       6,862,259  
AFLAC, Inc. 
    163,466       7,370,682  
Allstate Corp.(The)
    238,048       6,270,184  
American International Group, Inc.*
    237,766       5,870,443  
Aon Corp. 
    135,764       6,329,318  
Assurant, Inc. 
    166,142       6,403,113  
Berkshire Hathaway, Inc. — Class B*
    82,870       6,452,258  
Chubb Corp.(The)
    98,591       6,610,527  
Cincinnati Financial Corp. 
    213,519       6,179,240  
Genworth Financial, Inc. — Class A*
    973,104       6,208,403  
Hartford Financial Services Group, Inc. 
    313,720       6,039,110  
Lincoln National Corp. 
    307,208       5,852,312  
Loews Corp. 
    158,186       6,279,984  
Marsh & McLennan Cos., Inc. 
    209,210       6,406,010  
 
See Notes to Financial Statements.


 

ANNUAL REPORT      57

 
RYDEX S&P 500 EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (continued) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (continued)
                 
MetLife, Inc. 
    181,248       $6,372,680  
Principal Financial Group, Inc. 
    232,863       6,003,208  
Progressive Corp.(The)
    325,938       6,196,081  
Prudential Financial, Inc. 
    115,875       6,280,425  
Torchmark Corp. 
    159,559       6,530,750  
Travelers Cos., Inc.(The)
    118,125       6,892,594  
Unum Group
    257,393       6,136,249  
XL Group PLC
    297,668       6,471,302  
                 
Total Insurance
    140,017,132  
         
Internet & Catalog Retail 0.6%
Amazon.com, Inc.*
    25,406       5,424,435  
Expedia, Inc. 
    200,426       5,263,187  
Netflix, Inc.*
    36,936       3,031,707  
priceline.com, Inc.*
    11,365       5,770,238  
                 
Total Internet & Catalog Retail
    19,489,567  
         
Internet Software & Services 1.2%
Akamai Technologies, Inc.*
    263,407       7,096,185  
eBay, Inc.*
    179,804       5,723,161  
Google, Inc. — Class A*
    10,774       6,385,103  
Monster Worldwide, Inc.*
    662,368       6,113,657  
VeriSign, Inc. 
    203,361       6,525,854  
Yahoo!, Inc.*
    389,625       6,093,735  
                 
Total Internet Software & Services
    37,937,695  
         
IT Services 2.9%
Accenture PLC — Class A
    109,460       6,596,060  
Automatic Data Processing, Inc. 
    116,893       6,117,011  
Cognizant Technology Solutions Corp. — Class A*
    91,391       6,648,695  
Computer Sciences Corp. 
    203,267       6,394,780  
Fidelity National Information Services, Inc. 
    225,405       5,901,103  
Fiserv, Inc.*
    108,985       6,415,947  
International Business Machines Corp. 
    34,592       6,386,721  
Mastercard, Inc. — Class A
    17,071       5,927,734  
Paychex, Inc. 
    218,491       6,366,828  
SAIC, Inc.*
    455,165       5,657,701  
Teradata Corp.*
    114,337       6,821,345  
Total System Services, Inc. 
    323,356       6,431,551  
Visa, Inc. — Class A
    65,325       6,092,209  
Western Union Co.(The)
    360,198       6,292,659  
                 
Total IT Services
    88,050,344  
         
Leisure Equipment & Products 0.4%
Hasbro, Inc. 
    163,726       6,231,412  
Mattel, Inc. 
    219,343       6,194,246  
                 
Total Leisure Equipment & Products
    12,425,658  
         
Life Sciences Tools & Services 1.0%
Agilent Technologies, Inc.*
    163,868       6,074,587  
Life Technologies Corp.*
    145,802       5,929,767  
PerkinElmer, Inc. 
    281,587       5,820,403  
Thermo Fisher Scientific, Inc.*
    108,962       5,477,520  
Waters Corp.*
    72,191       5,783,943  
                 
Total Life Sciences Tools & Services
    29,086,220  
         
Machinery 3.1%
Caterpillar, Inc. 
    68,852       6,503,760  
Cummins, Inc. 
    60,708       6,036,196  
Deere & Co. 
    75,908       5,761,417  
Dover Corp. 
    112,962       6,272,780  
Eaton Corp. 
    147,057       6,591,095  
Flowserve Corp. 
    66,793       6,191,043  
Illinois Tool Works, Inc. 
    130,389       6,340,817  
Ingersoll-Rand PLC
    165,786       5,160,918  
Joy Global, Inc. 
    72,878       6,354,962  
PACCAR, Inc. 
    156,197       6,753,958  
Pall Corp. 
    132,662       6,788,315  
Parker Hannifin Corp. 
    84,550       6,895,052  
Snap-on, Inc. 
    114,904       6,166,898  
Stanley Black & Decker, Inc. 
    103,728       6,623,033  
Xylem, Inc.*
    223,706       5,981,899  
                 
Total Machinery
    94,422,143  
         
Media 3.2%
Cablevision Systems Corp. — Class A
    331,430       4,795,792  
CBS Corp. — Class B
    248,018       6,401,345  
Comcast Corp. — Class A
    259,997       6,096,930  
DIRECTV — Class A*
    135,479       6,158,875  
Discovery Communications, Inc. — Class A*
    147,792       6,423,040  
Gannett Co., Inc. 
    587,922       6,872,808  
Interpublic Group of Cos., Inc.(The)
    744,095       7,054,021  
McGraw-Hill Cos., Inc.(The)
    130,365       5,540,512  
News Corp. — Class A
    351,746       6,162,590  
Omnicom Group, Inc. 
    149,283       6,640,108  
Scripps Networks Interactive, Inc. — Class A
    138,463       5,881,908  
Time Warner Cable, Inc. 
    91,062       5,799,739  
Time Warner, Inc. 
    192,328       6,729,557  
Viacom, Inc. — Class B
    126,766       5,558,689  
Walt Disney Co.(The)
    180,347       6,290,503  
Washington Post Co.(The) — Class B
    16,905       5,750,405  
                 
Total Media
    98,156,822  
         
Metals & Mining 1.7%
AK Steel Holding Corp. 
    696,433       5,801,287  
Alcoa, Inc. 
    497,311       5,351,066  
Allegheny Technologies, Inc. 
    125,677       5,831,413  
Cliffs Natural Resources, Inc. 
    75,932       5,180,081  
Freeport-McMoRan Copper & Gold, Inc. 
    141,659       5,703,191  
Newmont Mining Corp. 
    91,015       6,082,532  
Nucor Corp. 
    170,025       6,423,545  
Titanium Metals Corp. 
    375,329       6,286,761  
United States Steel Corp. 
    212,856       5,398,028  
                 
Total Metals & Mining
    52,057,904  
         
Multi-Utilities 3.0%
Ameren Corp. 
    194,530       6,201,616  
CenterPoint Energy, Inc. 
    295,509       6,158,408  
CMS Energy Corp. 
    290,445       6,047,065  
Consolidated Edison, Inc. 
    102,616       5,938,388  
Dominion Resources, Inc. 
    118,740       6,125,797  
DTE Energy Co. 
    116,822       6,087,594  
Integrys Energy Group, Inc. 
    118,219       6,254,967  
NiSource, Inc. 
    265,773       5,870,926  
PG&E Corp. 
    139,362       5,978,630  
Public Service Enterprise Group, Inc. 
    171,586       5,782,448  
SCANA Corp. 
    147,483       6,235,581  
Sempra Energy
    111,116       5,970,263  
TECO Energy, Inc. 
    318,952       5,922,939  
Wisconsin Energy Corp. 
    185,603       6,019,105  
Xcel Energy, Inc. 
    233,786       6,043,368  
                 
Total Multi-Utilities
    90,637,095  
         
 
See Notes to Financial Statements.


 

58

 
RYDEX S&P 500 EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (continued) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (continued)
                 
Multiline Retail 1.7%
Big Lots, Inc.*
    176,512       $6,652,737  
Family Dollar Stores, Inc. 
    110,263       6,464,720  
J.C. Penney Co., Inc. 
    211,317       6,779,049  
Kohl’s Corp. 
    123,878       6,566,773  
Macy’s, Inc. 
    213,045       6,504,264  
Nordstrom, Inc. 
    124,280       6,299,753  
Sears Holdings Corp.*
    95,465       7,463,454  
Target Corp. 
    111,873       6,125,047  
                 
Total Multiline Retail
    52,855,797  
         
Office Electronics 0.2%
Xerox Corp. 
    739,811       6,051,654  
                 
Total Office Electronics
    6,051,654  
         
Oil, Gas & Consumable Fuels 6.2%
Alpha Natural Resources, Inc.*
    200,710       4,825,068  
Anadarko Petroleum Corp. 
    79,933       6,274,741  
Apache Corp. 
    60,708       6,048,338  
Cabot Oil & Gas Corp. 
    83,840       6,516,045  
Chesapeake Energy Corp. 
    187,685       5,277,702  
Chevron Corp. 
    59,855       6,287,768  
ConocoPhillips
    88,434       6,159,428  
Consol Energy, Inc. 
    137,942       5,898,400  
Denbury Resources, Inc.*
    410,133       6,439,088  
Devon Energy Corp. 
    90,636       5,886,808  
El Paso Corp. 
    305,669       7,644,782  
EOG Resources, Inc. 
    65,633       5,869,559  
EQT Corp. 
    96,745       6,143,308  
Exxon Mobil Corp. 
    79,981       6,245,716  
Hess Corp. 
    96,531       6,038,979  
Marathon Oil Corp. 
    233,502       6,078,057  
Marathon Petroleum Corp. 
    168,888       6,063,079  
Murphy Oil Corp. 
    113,791       6,300,608  
Newfield Exploration Co.*
    120,420       4,848,109  
Noble Energy, Inc. 
    72,191       6,449,544  
Occidental Petroleum Corp. 
    71,173       6,614,819  
Peabody Energy Corp. 
    128,211       5,560,511  
Pioneer Natural Resources Co. 
    74,607       6,259,527  
QEP Resources, Inc. 
    175,494       6,238,812  
Range Resources Corp. 
    93,690       6,449,620  
Southwestern Energy Co.*
    152,385       6,406,265  
Spectra Energy Corp. 
    227,512       6,513,669  
Sunoco, Inc. 
    159,275       5,929,808  
Tesoro Corp.*
    250,313       6,493,119  
Valero Energy Corp. 
    267,976       6,592,210  
Williams Cos., Inc.(The)
    219,012       6,594,451  
                 
Total Oil, Gas & Consumable Fuels
    190,947,938  
         
Paper & Forest Products 0.4%
International Paper Co. 
    212,169       5,877,081  
MeadWestvaco Corp. 
    212,477       5,930,233  
                 
Total Paper & Forest Products
    11,807,314  
         
Personal Products 0.4%
Avon Products, Inc. 
    271,624       4,965,287  
Estee Lauder Cos., Inc.(The) — Class A
    58,885       5,797,228  
                 
Total Personal Products
    10,762,515  
         
Pharmaceuticals 2.1%
Abbott Laboratories
    114,549       6,170,755  
Allergan, Inc. 
    71,660       6,028,039  
Bristol-Myers Squibb Co. 
    196,108       6,195,052  
Eli Lilly & Co. 
    157,831       5,865,000  
Forest Laboratories, Inc.*
    178,998       5,602,637  
Hospira, Inc.*
    149,899       4,714,324  
Johnson & Johnson, Inc. 
    91,819       5,912,225  
Merck & Co., Inc. 
    181,318       6,255,471  
Mylan, Inc.*
    285,661       5,590,386  
Pfizer, Inc. 
    322,739       6,215,953  
Watson Pharmaceuticals, Inc.*
    88,102       5,916,930  
                 
Total Pharmaceuticals
    64,466,772  
         
Professional Services 0.6%
Dun & Bradstreet Corp.(The)
    89,689       5,996,607  
Equifax, Inc. 
    184,776       6,494,876  
Robert Half International, Inc. 
    263,502       6,964,358  
                 
Total Professional Services
    19,455,841  
         
Real Estate Investment Trusts (REITs) 3.0%
Apartment Investment & Management Co. — Class A
    222,492       5,488,878  
AvalonBay Communities, Inc. 
    46,004       6,150,275  
Boston Properties, Inc. 
    57,772       5,718,850  
Equity Residential
    102,379       6,007,600  
HCP, Inc. 
    160,270       6,386,759  
Health Care REIT, Inc. 
    117,580       6,195,290  
Host Hotels & Resorts, Inc. 
    496,343       7,082,815  
Kimco Realty Corp. 
    356,791       6,233,139  
Plum Creek Timber Co., Inc. 
    160,933       6,060,737  
ProLogis, Inc. 
    215,462       6,412,149  
Public Storage
    48,633       6,276,089  
Simon Property Group, Inc. 
    49,935       6,413,651  
Ventas, Inc. 
    111,543       6,202,906  
Vornado Realty Trust
    69,397       5,746,765  
Weyerhaeuser Co. 
    336,853       6,056,617  
                 
Total Real Estate Investment Trusts (REITs)
    92,432,520  
         
Real Estate Management & Development 0.2%
CBRE Group, Inc.*
    393,805       7,001,853  
                 
Total Real Estate Management & Development
    7,001,853  
         
Road & Rail 0.8%
CSX Corp. 
    278,678       6,189,438  
Norfolk Southern Corp. 
    84,148       6,226,111  
Ryder System, Inc. 
    130,389       6,642,016  
Union Pacific Corp. 
    64,544       6,426,646  
                 
Total Road & Rail
    25,484,211  
         
Semiconductors & Semiconductor Equipment 3.5%
Advanced Micro Devices, Inc.*
    819,955       4,780,338  
Altera Corp. 
    154,018       5,840,363  
Analog Devices, Inc. 
    171,303       6,264,551  
Applied Materials, Inc. 
    510,664       6,291,381  
Broadcom Corp. — Class A*
    166,023       5,991,770  
First Solar, Inc.*
    68,734       3,420,891  
Intel Corp. 
    270,675       6,642,365  
KLA-Tencor Corp. 
    150,633       7,093,308  
Linear Technology Corp. 
    193,749       6,260,030  
LSI Corp.*
    887,576       5,547,350  
MEMC Electronic Materials, Inc.*
    847,591       5,077,070  
Microchip Technology, Inc. 
    171,090       6,186,614  
Micron Technology, Inc.*
    844,463       4,720,548  
Novellus Systems, Inc.*
    195,808       6,765,166  
NVIDIA Corp.*
    380,440       5,630,512  
Teradyne, Inc.*
    467,692       6,697,349  
 
See Notes to Financial Statements.


 

ANNUAL REPORT      59

 
RYDEX S&P 500 EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (concluded) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (concluded)
                 
Texas Instruments, Inc. 
    212,737       $6,537,408  
Xilinx, Inc. 
    185,911       6,220,582  
                 
Total Semiconductors & Semiconductor Equipment
    105,967,596  
         
Software 2.7%
Adobe Systems, Inc.*
    232,200       6,829,002  
Autodesk, Inc.*
    202,225       6,996,985  
BMC Software, Inc.*
    140,618       4,887,882  
CA, Inc. 
    278,323       6,028,476  
Citrix Systems, Inc.*
    102,924       7,495,955  
Compuware Corp.*
    700,412       5,918,481  
Electronic Arts, Inc.*
    259,098       6,049,938  
Intuit, Inc. 
    120,990       6,493,533  
Microsoft Corp. 
    218,420       5,816,525  
Oracle Corp. 
    203,101       6,655,620  
Red Hat, Inc.*
    144,809       7,189,767  
Salesforce.com, Inc.*
    44,134       5,877,325  
Symantec Corp.*
    338,341       5,755,180  
                 
Total Software
    81,994,669  
         
Specialty Retail 3.4%
Abercrombie & Fitch Co. — Class A
    87,226       6,489,614  
AutoNation, Inc.*
    157,759       6,143,135  
AutoZone, Inc.*
    17,923       5,799,704  
Bed Bath & Beyond, Inc.*
    98,614       6,098,290  
Best Buy Co., Inc. 
    232,271       6,092,468  
CarMax, Inc.*
    201,065       6,044,014  
GameStop Corp. — Class A*
    238,569       6,100,209  
Gap, Inc.(The)
    346,204       6,543,256  
Home Depot, Inc. 
    170,853       6,116,537  
Limited Brands, Inc. 
    147,815       6,313,179  
Lowe’s Cos., Inc. 
    292,140       6,140,783  
O’Reilly Automotive, Inc.*
    82,869       6,302,187  
Ross Stores, Inc. 
    73,067       6,410,168  
Staples, Inc. 
    400,710       5,994,622  
Tiffany & Co. 
    78,987       6,297,633  
TJX Cos., Inc. 
    103,989       6,128,072  
Urban Outfitters, Inc.*
    237,455       6,470,649  
                 
Total Specialty Retail
    105,484,520  
         
Textiles, Apparel & Luxury Goods 0.8%
Coach, Inc. 
    100,059       6,510,839  
NIKE, Inc. — Class B
    66,414       6,398,989  
Ralph Lauren Corp. 
    40,630       6,451,637  
V.F. Corp. 
    47,567       6,574,711  
                 
Total Textiles, Apparel & Luxury Goods
    25,936,176  
         
Thrifts & Mortgage Finance 0.4%
Hudson City Bancorp, Inc. 
    1,001,211       6,257,569  
People’s United Financial, Inc. 
    485,380       6,188,595  
                 
Total Thrifts & Mortgage Finance
    12,446,164  
         
Tobacco 0.8%
Altria Group, Inc. 
    220,645       6,078,770  
Lorillard, Inc. 
    53,060       5,871,620  
Philip Morris International, Inc. 
    86,066       6,013,431  
Reynolds American, Inc. 
    156,670       6,059,995  
                 
Total Tobacco
    24,023,816  
         
Trading Companies & Distributors 0.4%
Fastenal Co. 
    164,413       6,262,491  
W.W. Grainger, Inc. 
    36,770       6,299,069  
                 
Total Trading Companies & Distributors
    12,561,560  
         
Wireless Telecommunication Services 0.5%
American Tower Corp. — Class A*
    108,985       6,005,074  
MetroPCS Communications, Inc.*
    581,196       4,940,166  
Sprint Nextel Corp.*
    1,756,586       4,514,426  
                 
Total Wireless Telecommunication Services
    15,459,666  
         
Total Common Stocks
(Cost $3,181,844,618)
    3,061,422,520  
         
 
SHORT TERM INVESTMENTS 0.1%
SSgA Government Money Market Fund
    880,646       880,646  
                 
Total Short Term Investments
(Cost $880,646)
    880,646  
         
Total Investments 100.0%(a)
(Cost $3,182,725,264)
    3,062,303,166  
         
Other Assets in Excess of Liabilities—0.0%(b)
    1,505,687  
         
Net Assets—100.0%
    $3,063,808,853  
 
 
 
* Non-Income Producing Security.
 
(a) Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs.
 
(b) Amount represents less than 0.05% of net assets.
 
See Notes to Financial Statements.


 

60

 
RYDEX S&P MIDCAP 400 EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS 99.8%
Aerospace & Defense 1.5%
Alliant Techsystems, Inc. 
    114       $6,621  
BE Aerospace, Inc.*
    207       7,810  
Esterline Technologies Corp.*
    112       6,261  
Exelis, Inc.*
    557       6,294  
Huntington Ingalls Industries, Inc.*
    237       6,992  
Triumph Group, Inc. 
    133       7,727  
                 
Total Aerospace & Defense
    41,705  
         
Air Freight & Logistics 0.2%
UTi Worldwide, Inc. 
    467       6,823  
                 
Total Air Freight & Logistics
    6,823  
         
Airlines 0.5%
Alaska Air Group, Inc.*
    113       7,518  
JetBlue Airways Corp.*
    1,505       6,742  
                 
Total Airlines
    14,260  
         
Auto Components 0.5%
BorgWarner, Inc.*
    98       7,496  
Gentex Corp. 
    263       7,922  
                 
Total Auto Components
    15,418  
         
Automobiles 0.3%
Thor Industries, Inc. 
    309       8,170  
                 
Total Automobiles
    8,170  
         
Beverages 0.2%
Hansen Natural Corp.*
    75       6,682  
                 
Total Beverages
    6,682  
         
Biotechnology 0.4%
United Therapeutics Corp.*
    153       6,691  
Vertex Pharmaceuticals, Inc.*
    134       5,305  
                 
Total Biotechnology
    11,996  
         
Building Products 0.5%
Fortune Brands Home & Security, Inc.*
    396       5,754  
Lennox International, Inc. 
    219       7,050  
                 
Total Building Products
    12,804  
         
Capital Markets 2.0%
Affiliated Managers Group, Inc.*
    79       7,316  
Apollo Investment Corp. 
    833       6,897  
Eaton Vance Corp. 
    283       7,440  
Greenhill & Co., Inc. 
    222       8,387  
Jefferies Group, Inc. 
    464       6,153  
Raymond James Financial, Inc. 
    246       7,471  
SEI Investments Co. 
    404       6,541  
Waddell & Reed Financial, Inc. — Class A
    219       6,073  
                 
Total Capital Markets
    56,278  
         
Chemicals 3.0%
Albemarle Corp. 
    147       7,834  
Ashland, Inc. 
    131       6,938  
Cabot Corp. 
    206       6,217  
Cytec Industries, Inc. 
    170       7,594  
Intrepid Potash, Inc.*
    199       5,538  
Minerals Technologies, Inc. 
    126       6,910  
NewMarket Corp. 
    41       7,960  
Olin Corp. 
    345       6,507  
RPM International, Inc. 
    352       7,909  
Scotts Miracle-Gro Co.(The) — Class A
    144       6,985  
Sensient Technologies Corp. 
    191       7,059  
Valspar Corp. 
    208       7,253  
                 
Total Chemicals
    84,704  
         
Commercial Banks 5.2%
Associated Banc-Corp. 
    665       7,415  
BancorpSouth, Inc. 
    659       6,438  
Bank of Hawaii Corp. 
    170       7,179  
Cathay General Bancorp
    566       7,918  
City National Corp. 
    161       6,830  
Commerce Bancshares, Inc. 
    183       7,100  
Cullen/Frost Bankers, Inc. 
    139       6,817  
East West Bancorp, Inc. 
    408       7,944  
FirstMerit Corp. 
    560       7,846  
Fulton Financial Corp. 
    779       7,354  
Hancock Holding Co. 
    234       7,090  
International Bancshares Corp. 
    464       8,408  
Prosperity Bancshares, Inc. 
    190       7,313  
SVB Financial Group*
    158       7,258  
Synovus Financial Corp. 
    4,909       7,363  
TCF Financial Corp. 
    668       7,108  
Trustmark Corp. 
    336       7,439  
Valley National Bancorp
    615       7,380  
Webster Financial Corp. 
    382       7,502  
Westamerica Bancorp
    166       7,440  
                 
Total Commercial Banks
    147,142  
         
Commercial Services & Supplies 2.6%
Brink’s Co.(The)
    261       7,253  
Clean Harbors, Inc.*
    122       7,109  
Copart, Inc.*
    164       7,142  
Corrections Corp. of America*
    285       6,336  
Deluxe Corp. 
    309       7,299  
Herman Miller, Inc. 
    376       7,764  
HNI Corp. 
    371       8,923  
Mine Safety Appliances Co. 
    217       7,280  
Rollins, Inc. 
    334       7,274  
Waste Connections, Inc. 
    201       6,844  
                 
Total Commercial Services & Supplies
    73,224  
         
Communications Equipment 1.2%
ADTRAN, Inc. 
    217       7,291  
Ciena Corp.*
    522       6,880  
Plantronics, Inc. 
    221       7,384  
Polycom, Inc.*
    308       5,091  
Riverbed Technology, Inc.*
    283       7,805  
                 
Total Communications Equipment
    34,451  
         
Computers & Peripherals 0.8%
Diebold, Inc. 
    237       7,650  
NCR Corp.*
    369       7,026  
QLogic Corp.*
    469       6,552  
                 
Total Computers & Peripherals
    21,228  
         
Construction & Engineering 1.2%
Aecom Technology Corp.*
    326       6,820  
Granite Construction, Inc. 
    327       7,357  
KBR, Inc. 
    233       6,503  
Shaw Group, Inc.(The)*
    281       6,536  
URS Corp.*
    207       7,390  
                 
Total Construction & Engineering
    34,606  
         
 
See Notes to Financial Statements.


 

ANNUAL REPORT      61

 
RYDEX S&P MIDCAP 400 EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (continued) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (continued)
                 
Construction Materials 0.3%
Martin Marietta Materials, Inc. 
    99       $7,145  
                 
Total Construction Materials
    7,145  
         
Containers & Packaging 1.7%
AptarGroup, Inc. 
    137       6,572  
Greif, Inc. — Class A
    141       6,314  
Packaging Corp. of America
    251       6,546  
Rock-Tenn Co. — Class A
    122       7,221  
Silgan Holdings, Inc. 
    182       6,832  
Sonoco Products Co. 
    210       6,592  
Temple-Inland, Inc. 
    217       6,903  
                 
Total Containers & Packaging
    46,980  
         
Distributors 0.3%
LKQ Corp.*
    255       7,441  
                 
Total Distributors
    7,441  
         
Diversified Consumer Services 1.7%
Career Education Corp.*
    408       6,581  
ITT Educational Services, Inc.*
    98       6,072  
Matthews International Corp. — Class A
    218       7,660  
Regis Corp. 
    475       7,771  
Service Corp. International
    684       6,840  
Sotheby’s
    177       6,234  
Strayer Education, Inc. 
    74       6,306  
                 
Total Diversified Consumer Services
    47,464  
         
Diversified Financial Services 0.2%
MSCI, Inc. — Class A*
    210       7,012  
                 
Total Diversified Financial Services
    7,012  
         
Diversified Telecommunication Services 0.2%
tw telecom, Inc.*
    375       6,938  
                 
Total Diversified Telecommunication Services
    6,938  
         
Electric Utilities 2.0%
Cleco Corp. 
    188       6,932  
DPL, Inc. 
    224       6,798  
Great Plains Energy, Inc. 
    343       7,114  
Hawaiian Electric Industries, Inc. 
    275       6,966  
IDACORP, Inc. 
    174       7,026  
NV Energy, Inc. 
    457       7,330  
PNM Resources, Inc. 
    453       8,145  
Westar Energy, Inc. 
    257       7,006  
                 
Total Electric Utilities
    57,317  
         
Electrical Equipment 1.8%
Acuity Brands, Inc. 
    161       7,454  
AMETEK, Inc. 
    176       6,956  
General Cable Corp.*
    247       6,926  
Hubbell, Inc. — Class B
    119       7,115  
Regal-Beloit Corp. 
    116       6,163  
Thomas & Betts Corp.*
    156       7,752  
Woodward, Inc. 
    222       7,521  
                 
Total Electrical Equipment
    49,887  
         
Electronic Equipment, Instruments & Components 2.0%
Arrow Electronics, Inc.*
    212       7,643  
Avnet, Inc.*
    243       7,365  
Ingram Micro, Inc. — Class A*
    378       6,759  
Itron, Inc.*
    183       6,733  
National Instruments Corp. 
    258       6,891  
Tech Data Corp.*
    141       6,934  
Trimble Navigation Ltd.*
    188       7,597  
Vishay Intertechnology, Inc.*
    631       6,783  
                 
Total Electronic Equipment, Instruments & Components
    56,705  
         
Energy Equipment & Services 2.8%
Atwood Oceanics, Inc.*
    167       7,138  
CARBO Ceramics, Inc. 
    44       5,977  
Dresser-Rand Group, Inc.*
    149       7,212  
Dril-Quip, Inc.*
    105       6,835  
Exterran Holdings, Inc.*
    641       6,089  
Helix Energy Solutions Group, Inc.*
    408       7,368  
Oceaneering International, Inc. 
    166       6,944  
Oil States International, Inc.*
    106       7,379  
Patterson-UTI Energy, Inc. 
    299       6,076  
Superior Energy Services, Inc.*
    192       5,399  
Tidewater, Inc. 
    124       6,104  
Unit Corp.*
    144       7,065  
                 
Total Energy Equipment & Services
    79,586  
         
Food & Staples Retailing 0.2%
Ruddick Corp. 
    160       6,994  
                 
Total Food & Staples Retailing
    6,994  
         
Food Products 1.7%
Corn Products International, Inc. 
    147       7,130  
Flowers Foods, Inc. 
    363       7,329  
Green Mountain Coffee Roasters, Inc.*
    63       4,096  
Lancaster Colony Corp. 
    111       7,384  
Ralcorp Holdings, Inc.*
    85       6,871  
Smithfield Foods, Inc.*
    342       7,818  
Tootsie Roll Industries, Inc. 
    272       6,737  
                 
Total Food Products
    47,365  
         
Gas Utilities 1.5%
AGL Resources, Inc. 
    165       6,920  
Atmos Energy Corp. 
    201       6,898  
National Fuel Gas Co. 
    114       6,987  
Questar Corp. 
    368       7,091  
UGI Corp. 
    234       6,709  
WGL Holdings, Inc. 
    164       7,021  
                 
Total Gas Utilities
    41,626  
         
Health Care Equipment & Supplies 2.6%
Cooper Cos., Inc.(The)
    85       5,891  
Gen-Probe, Inc.*
    110       6,611  
Hill-Rom Holdings, Inc. 
    224       7,542  
Hologic, Inc.*
    412       6,641  
IDEXX Laboratories, Inc.*
    91       6,551  
Kinetic Concepts, Inc.*
    102       6,976  
Masimo Corp. 
    296       6,121  
ResMed, Inc.*
    230       6,509  
STERIS Corp. 
    219       6,785  
Teleflex, Inc. 
    120       7,183  
Thoratec Corp.*
    215       7,850  
                 
Total Health Care Equipment & Supplies
    74,660  
         
Health Care Providers & Services 3.6%
AMERIGROUP Corp.*
    158       8,789  
Catalyst Health Solutions, Inc.*
    120       6,596  
Community Health Systems, Inc.*
    367       6,415  
Health Management Associates, Inc. — Class A*
    896       7,849  
Health Net, Inc.*
    257       7,142  
Henry Schein, Inc.*
    105       7,279  
 
See Notes to Financial Statements.


 

62

 
RYDEX S&P MIDCAP 400 EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (continued) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (continued)
                 
LifePoint Hospitals, Inc.*
    197       $7,616  
Lincare Holdings, Inc. 
    321       7,559  
Mednax, Inc.*
    103       6,777  
Omnicare, Inc. 
    235       7,008  
Owens & Minor, Inc. 
    227       6,792  
Universal Health Services, Inc. — Class B
    180       7,195  
VCA Antech, Inc.*
    399       8,108  
WellCare Health Plans, Inc.*
    157       7,695  
                 
Total Health Care Providers & Services
    102,820  
         
Health Care Technology 0.2%
Allscripts Healthcare Solutions, Inc.*
    369       7,066  
                 
Total Health Care Technology
    7,066  
         
Hotels, Restaurants & Leisure 2.6%
Bally Technologies, Inc.*
    231       8,378  
Bob Evans Farms, Inc. 
    227       7,468  
Brinker International, Inc. 
    316       7,236  
Cheesecake Factory, Inc.(The)*
    245       6,858  
International Speedway Corp. — Class A
    280       6,681  
Life Time Fitness, Inc.*
    177       7,634  
Panera Bread Co. — Class A*
    60       8,021  
Scientific Games Corp. — Class A*
    861       7,482  
Wendy’s Co.(The)
    1,366       6,912  
WMS Industries, Inc.*
    339       7,428  
                 
Total Hotels, Restaurants & Leisure
    74,098  
         
Household Durables 2.1%
American Greetings Corp. — Class A
    325       5,203  
KB Home
    1,057       7,367  
MDC Holdings, Inc. 
    381       8,535  
Mohawk Industries, Inc.*
    149       7,845  
NVR, Inc.*
    11       7,070  
Ryland Group, Inc. 
    634       8,559  
Toll Brothers, Inc.*
    427       7,447  
Tupperware Brands Corp. 
    111       6,276  
                 
Total Household Durables
    58,302  
         
Household Products 0.5%
Church & Dwight Co., Inc. 
    157       6,936  
Energizer Holdings, Inc.*
    95       7,010  
                 
Total Household Products
    13,946  
         
Industrial Conglomerates 0.3%
Carlisle Cos., Inc. 
    181       7,551  
                 
Total Industrial Conglomerates
    7,551  
         
Insurance 4.3%
American Financial Group, Inc. 
    207       7,417  
Arthur J. Gallagher & Co. 
    245       7,571  
Aspen Insurance Holdings Ltd. 
    284       7,523  
Brown & Brown, Inc. 
    358       7,905  
Everest Re Group Ltd. 
    85       7,643  
Fidelity National Financial, Inc. — Class A
    418       6,454  
First American Financial Corp. 
    457       5,484  
Hanover Insurance Group, Inc.(The)
    188       7,174  
HCC Insurance Holdings, Inc. 
    239       6,360  
Kemper Corp. 
    260       6,991  
Mercury General Corp. 
    175       7,577  
Old Republic International Corp. 
    699       6,179  
Protective Life Corp. 
    389       7,235  
Reinsurance Group of America, Inc. 
    130       6,790  
StanCorp Financial Group, Inc. 
    237       8,044  
Transatlantic Holdings, Inc. 
    141       7,338  
W.R. Berkley Corp. 
    228       7,937  
                 
Total Insurance
    121,622  
         
Internet Software & Services 1.2%
AOL, Inc.*
    466       6,580  
Digital River, Inc.*
    315       5,774  
Equinix, Inc.*
    71       6,817  
Rackspace Hosting, Inc.*
    178       7,367  
ValueClick, Inc.*
    393       6,917  
                 
Total Internet Software & Services
    33,455  
         
IT Services 3.4%
Acxiom Corp.*
    619       8,165  
Alliance Data Systems Corp.*
    72       7,376  
Broadridge Financial Solutions, Inc. 
    324       7,209  
Convergys Corp.*
    679       7,265  
CoreLogic, Inc.*
    567       6,900  
DST Systems, Inc. 
    148       7,428  
Gartner, Inc.*
    190       7,319  
Global Payments, Inc. 
    154       7,072  
Jack Henry & Associates, Inc. 
    230       7,454  
Lender Processing Services, Inc. 
    409       7,178  
Mantech International Corp. 
    200       7,026  
NeuStar, Inc. — Class A*
    266       8,456  
VeriFone Systems, Inc.*
    178       7,513  
                 
Total IT Services
    96,361  
         
Leisure Equipment & Products 0.3%
Polaris Industries, Inc. 
    122       7,727  
                 
Total Leisure Equipment & Products
    7,727  
         
Life Sciences Tools & Services 1.5%
Bio-Rad Laboratories, Inc. — Class A*
    70       6,969  
Charles River Laboratories International, Inc.*
    216       6,972  
Covance, Inc.*
    133       6,747  
Mettler-Toledo International, Inc.*
    43       6,605  
Pharmaceutical Product Development, Inc. 
    236       7,786  
Techne Corp. 
    93       6,398  
                 
Total Life Sciences Tools & Services
    41,477  
         
Machinery 4.7%
AGCO Corp.*
    156       6,837  
Crane Co. 
    167       7,366  
Donaldson Co., Inc. 
    116       7,430  
Gardner Denver, Inc. 
    89       6,882  
Graco, Inc. 
    179       7,686  
Harsco Corp. 
    295       6,800  
IDEX Corp. 
    196       6,948  
ITT Corp. 
    166       2,509  
Kennametal, Inc. 
    189       7,350  
Lincoln Electric Holdings, Inc. 
    207       7,535  
Nordson Corp. 
    153       7,095  
Oshkosh Corp.*
    339       7,072  
Pentair, Inc. 
    200       7,190  
SPX Corp. 
    128       6,990  
Terex Corp.*
    492       8,187  
Timken Co. 
    185       7,792  
Trinity Industries, Inc. 
    250       6,818  
Valmont Industries, Inc. 
    74       6,346  
Wabtec Corp. 
    112       7,524  
                 
Total Machinery
    132,357  
         
 
See Notes to Financial Statements.


 

ANNUAL REPORT      63

 
RYDEX S&P MIDCAP 400 EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (continued) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (continued)
                 
Marine 0.5%
Alexander & Baldwin, Inc. 
    164       $6,808  
Kirby Corp.*
    119       7,323  
                 
Total Marine
    14,131  
         
Media 1.9%
AMC Networks, Inc. — Class A*
    186       6,067  
DreamWorks Animation SKG, Inc. — Class A*
    335       6,214  
John Wiley & Sons, Inc. — Class A
    139       6,611  
Lamar Advertising Co. — Class A*
    357       8,029  
Meredith Corp. 
    280       7,512  
New York Times Co.(The) — Class A*
    931       7,094  
Scholastic Corp. 
    250       6,713  
Valassis Communications, Inc.*
    303       5,918  
                 
Total Media
    54,158  
         
Metals & Mining 1.5%
Carpenter Technology Corp. 
    127       7,204  
Commercial Metals Co. 
    589       7,321  
Compass Minerals International, Inc. 
    90       6,846  
Reliance Steel & Aluminum Co. 
    169       7,468  
Steel Dynamics, Inc. 
    560       6,994  
Worthington Industries, Inc. 
    453       7,828  
                 
Total Metals & Mining
    43,661  
         
Multi-Utilities 1.5%
Alliant Energy Corp. 
    169       6,892  
Black Hills Corp. 
    215       7,248  
MDU Resources Group, Inc. 
    323       6,657  
NSTAR
    148       6,673  
OGE Energy Corp. 
    136       7,037  
Vectren Corp. 
    243       6,896  
                 
Total Multi-Utilities
    41,403  
         
Multiline Retail 0.8%
99 Cents Only Stores*
    332       7,238  
Dollar Tree, Inc.*
    89       7,116  
Saks, Inc.*
    679       7,177  
                 
Total Multiline Retail
    21,531  
         
Office Electronics 0.3%
Zebra Technologies Corp. — Class A*
    212       7,577  
                 
Total Office Electronics
    7,577  
         
Oil, Gas & Consumable Fuels 3.0%
Arch Coal, Inc. 
    344       6,268  
Bill Barrett Corp.*
    152       6,323  
Cimarex Energy Co. 
    100       6,400  
Comstock Resources, Inc.*
    346       6,311  
Energen Corp. 
    144       7,065  
Forest Oil Corp.*
    354       4,128  
HollyFrontier Corp. 
    206       6,322  
Northern Oil and Gas, Inc.*
    307       7,420  
Patriot Coal Corp.*
    520       6,531  
Plains Exploration & Production Co.*
    231       7,276  
Quicksilver Resources, Inc.*
    734       5,652  
SM Energy Co. 
    87       7,213  
Southern Union Co. 
    161       6,767  
                 
Total Oil, Gas & Consumable Fuels
    83,676  
         
Paper & Forest Products 0.5%
Domtar Corp. 
    81       6,635  
Louisiana-Pacific Corp.*
    1,103       7,335  
                 
Total Paper & Forest Products
    13,970  
         
Pharmaceuticals 0.7%
Endo Pharmaceuticals Holdings, Inc.*
    224       7,237  
Medicis Pharmaceutical Corp. — Class A
    176       6,739  
Perrigo Co. 
    71       6,410  
                 
Total Pharmaceuticals
    20,386  
         
Professional Services 1.4%
Corporate Executive Board Co.(The)
    209       7,647  
FTI Consulting, Inc.*
    192       7,567  
Korn/Ferry International*
    491       7,841  
Manpower, Inc. 
    182       7,852  
Towers Watson & Co. — Class A
    114       7,490  
                 
Total Professional Services
    38,397  
         
Real Estate Investment Trusts (REITs) 6.2%
Alexandria Real Estate Equities, Inc. 
    100       6,609  
American Campus Communities, Inc. 
    174       6,774  
BRE Properties, Inc. 
    140       7,017  
Camden Property Trust
    108       6,549  
Corporate Office Properties Trust
    260       6,305  
Cousins Properties, Inc. 
    1,026       6,730  
Duke Realty Corp. 
    595       7,307  
Equity One, Inc. 
    399       6,843  
Essex Property Trust, Inc. 
    48       6,852  
Federal Realty Investment Trust
    79       7,012  
Highwoods Properties, Inc. 
    219       6,785  
Home Properties, Inc. 
    108       6,361  
Hospitality Properties Trust
    285       6,848  
Liberty Property Trust
    211       6,752  
Macerich Co.(The)
    145       7,215  
Mack-Cali Realty Corp. 
    223       6,257  
Omega Healthcare Investors, Inc. 
    367       6,518  
Potlatch Corp. 
    210       6,821  
Rayonier, Inc. 
    170       7,094  
Realty Income Corp. 
    197       6,582  
Regency Centers Corp. 
    176       7,209  
Senior Housing Properties Trust
    291       6,530  
SL Green Realty Corp. 
    96       6,623  
Taubman Centers, Inc. 
    120       7,348  
UDR, Inc. 
    259       6,457  
Weingarten Realty Investors
    294       6,824  
                 
Total Real Estate Investment Trusts (REITs)
    176,222  
         
Real Estate Management & Development 0.3%
Jones Lang LaSalle, Inc. 
    111       7,173  
                 
Total Real Estate Management & Development
    7,173  
         
Road & Rail 1.3%
Con-way, Inc. 
    259       7,633  
JB Hunt Transport Services, Inc. 
    170       7,193  
Kansas City Southern*
    124       7,833  
Landstar System, Inc. 
    164       7,319  
Werner Enterprises, Inc. 
    291       6,897  
                 
Total Road & Rail
    36,875  
         
Semiconductors & Semiconductor Equipment 3.2%
Atmel Corp.*
    653       6,896  
Cree, Inc.*
    206       5,488  
Cypress Semiconductor Corp.*
    391       7,472  
Fairchild Semiconductor International, Inc.*
    493       7,380  
 
See Notes to Financial Statements.


 

64

 
RYDEX S&P MIDCAP 400 EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (concluded) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (concluded)
                 
Integrated Device Technology, Inc.*
    1,086       $6,603  
International Rectifier Corp.*
    309       7,506  
Intersil Corp. — Class A
    581       6,954  
Lam Research Corp.*
    170       7,308  
RF Micro Devices, Inc.*
    985       7,230  
Semtech Corp.*
    277       6,764  
Silicon Laboratories, Inc.*
    184       7,866  
Skyworks Solutions, Inc.*
    306       6,062  
Varian Semiconductor Equipment Associates, Inc.*
    109       6,842  
                 
Total Semiconductors & Semiconductor Equipment
    90,371  
         
Software 4.2%
ACI Worldwide, Inc.*
    225       6,901  
Advent Software, Inc.*
    289       7,919  
ANSYS, Inc.*
    126       6,849  
Cadence Design Systems, Inc.*
    691       7,649  
Concur Technologies, Inc.*
    164       7,629  
Factset Research Systems, Inc. 
    78       7,755  
Fair Isaac Corp. 
    273       7,466  
Informatica Corp.*
    162       7,371  
Mentor Graphics Corp.*
    646       7,339  
MICROS Systems, Inc.*
    141       6,940  
Parametric Technology Corp.*
    396       8,249  
Quest Software, Inc.*
    398       7,001  
Rovi Corp.*
    147       7,282  
Solera Holdings, Inc. 
    125       6,829  
Synopsys, Inc.*
    261       6,997  
TIBCO Software, Inc.*
    303       8,754  
                 
Total Software
    118,930  
         
Specialty Retail 4.5%
Aaron’s, Inc. 
    246       6,583  
Advance Auto Parts, Inc. 
    108       7,028  
Aeropostale, Inc.*
    620       8,469  
American Eagle Outfitters, Inc. 
    589       7,734  
ANN, Inc.*
    269       7,166  
Ascena Retail Group, Inc.*
    251       7,254  
Barnes & Noble, Inc. 
    581       7,129  
Chico’s FAS, Inc. 
    496       6,131  
Collective Brands, Inc.*
    497       7,261  
Dick’s Sporting Goods, Inc.*
    195       7,622  
Foot Locker, Inc. 
    309       6,755  
Guess?, Inc. 
    204       6,730  
Office Depot, Inc.*
    2,743       6,281  
PetSmart, Inc. 
    152       7,136  
RadioShack Corp. 
    546       6,503  
Rent-A-Center, Inc. 
    235       8,025  
Tractor Supply Co. 
    98       6,952  
Williams-Sonoma, Inc. 
    200       7,508  
                 
Total Specialty Retail
    128,267  
         
Textiles, Apparel & Luxury Goods 1.5%
Deckers Outdoor Corp.*
    68       7,836  
Fossil, Inc.*
    67       6,945  
Hanesbrands, Inc.*
    238       6,276  
PVH Corp. 
    105       7,813  
Under Armour, Inc. — Class A*
    87       7,344  
Warnaco Group, Inc.(The)*
    128       6,285  
                 
Total Textiles, Apparel & Luxury Goods
    42,499  
         
Thrifts & Mortgage Finance 0.9%
Astoria Financial Corp. 
    750       6,225  
First Niagara Financial Group, Inc. 
    649       5,964  
New York Community Bancorp, Inc. 
    532       7,081  
Washington Federal, Inc. 
    460       6,279  
                 
Total Thrifts & Mortgage Finance
    25,549  
         
Tobacco 0.3%
Universal Corp. 
    167       7,151  
                 
Total Tobacco
    7,151  
         
Trading Companies & Distributors 1.1%
GATX Corp. 
    189       7,178  
MSC Industrial Direct Co. — Class A
    109       7,413  
United Rentals, Inc.*
    376       8,802  
Watsco, Inc. 
    117       7,215  
                 
Total Trading Companies & Distributors
    30,608  
         
Water Utilities 0.2%
Aqua America, Inc. 
    308       6,835  
                 
Total Water Utilities
    6,835  
         
Wireless Telecommunication Services 0.2%
Telephone & Data Systems, Inc. 
    282       6,537  
                 
Total Wireless Telecommunication Services
    6,537  
         
Total Common Stocks
(Cost $2,961,961)
    2,819,300  
         
 
SHORT TERM INVESTMENTS 0.2%
SSgA Government Money Market Fund
    6,118       6,118  
                 
Total Short Term Investments
(Cost $6,118)
    6,118  
         
Total Investments 100.0%(a)
(Cost $2,968,079)
    2,825,418  
         
Other Assets in Excess of Liabilities—0.0%(b)
    720  
         
Net Assets—100.0%
    $2,826,138  
 
 
 
* Non-Income Producing Security.
 
(a) Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs.
 
(b) Amount represents less than 0.05% of net assets.
 
See Notes to Financial Statements.


 

ANNUAL REPORT      65

 
RYDEX S&P SMALLCAP 600 EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS 99.7%
Aerospace & Defense 1.9%
AAR Corp. 
    425       $8,470  
Aerovironment, Inc.*
    297       9,810  
American Science & Engineering, Inc. 
    138       9,387  
Ceradyne, Inc.*
    310       10,373  
Cubic Corp. 
    217       10,225  
Curtiss-Wright Corp. 
    300       9,834  
GenCorp, Inc.*
    2,184       10,614  
Moog, Inc. — Class A*
    253       9,799  
National Presto Industries, Inc. 
    97       9,264  
Orbital Sciences Corp.*
    625       9,662  
Teledyne Technologies, Inc.*
    169       9,205  
                 
Total Aerospace & Defense
    106,643  
         
Air Freight & Logistics 0.3%
Forward Air Corp. 
    305       9,989  
HUB Group, Inc. — Class A*
    300       9,378  
                 
Total Air Freight & Logistics
    19,367  
         
Airlines 0.3%
Allegiant Travel Co.*
    190       9,873  
SkyWest, Inc. 
    703       9,427  
                 
Total Airlines
    19,300  
         
Auto Components 0.7%
Drew Industries, Inc. 
    444       10,669  
Spartan Motors, Inc. 
    1,959       9,599  
Standard Motor Products, Inc. 
    623       9,688  
Superior Industries International, Inc. 
    539       9,858  
                 
Total Auto Components
    39,814  
         
Automobiles 0.2%
Winnebago Industries, Inc.*
    1,191       9,695  
                 
Total Automobiles
    9,695  
         
Beverages 0.2%
Boston Beer Co., Inc. — Class A*
    113       9,998  
                 
Total Beverages
    9,998  
         
Biotechnology 0.8%
Arqule, Inc.*
    1,841       10,696  
Cubist Pharmaceuticals, Inc.*
    269       10,171  
Emergent Biosolutions, Inc.*
    504       9,506  
Regeneron Pharmaceuticals, Inc.*
    147       8,129  
Savient Pharmaceuticals, Inc.*
    2,200       8,250  
                 
Total Biotechnology
    46,752  
         
Building Products 1.6%
AAON, Inc. 
    495       10,479  
AO Smith Corp. 
    236       8,770  
Apogee Enterprises, Inc. 
    969       10,582  
Gibraltar Industries, Inc.*
    924       10,312  
Griffon Corp.*
    983       9,309  
NCI Building Systems, Inc.*
    952       8,673  
Quanex Building Products Corp. 
    780       11,505  
Simpson Manufacturing Co., Inc. 
    334       10,240  
Universal Forest Products, Inc. 
    317       8,898  
                 
Total Building Products
    88,768  
         
Capital Markets 1.1%
Calamos Asset Management, Inc. — Class A
    768       9,592  
Financial Engines, Inc.*
    409       9,288  
Investment Technology Group, Inc.*
    776       8,854  
Piper Jaffray Co.*
    424       8,802  
Prospect Capital Corp. 
    1,027       9,829  
Stifel Financial Corp.*
    310       9,880  
SWS Group, Inc.*
    1,523       8,392  
                 
Total Capital Markets
    64,637  
         
Chemicals 2.3%
A. Schulman, Inc. 
    482       10,175  
American Vanguard Corp. 
    770       9,525  
Balchem Corp. 
    220       8,111  
Calgon Carbon Corp.*
    603       9,618  
H.B. Fuller Co. 
    424       9,112  
Hawkins, Inc. 
    250       9,570  
Koppers Holdings, Inc. 
    295       9,762  
Kraton Performance Polymers, Inc.*
    436       8,580  
LSB Industries, Inc.*
    242       8,574  
OM Group, Inc.*
    296       8,557  
PolyOne Corp. 
    757       8,471  
Quaker Chemical Corp. 
    298       10,367  
Stepan Co. 
    123       9,507  
Zep, Inc. 
    536       8,169  
                 
Total Chemicals
    128,098  
         
Commercial Banks 6.1%
Bank of the Ozarks, Inc. 
    406       10,097  
Boston Private Financial Holdings, Inc. 
    1,417       10,741  
City Holding Co. 
    302       9,924  
Columbia Banking System, Inc. 
    542       10,336  
Community Bank System, Inc. 
    379       9,687  
First BanCorp*
    2,971       10,577  
First Commonwealth Financial Corp. 
    2,147       9,898  
First Financial Bancorp
    584       9,578  
First Financial Bankshares, Inc. 
    314       9,973  
First Midwest Bancorp, Inc. 
    1,031       9,289  
FNB Corp. 
    1,000       10,090  
Glacier Bancorp, Inc. 
    856       9,716  
Hanmi Financial Corp.*
    9,583       9,583  
Home Bancshares, Inc. 
    389       9,122  
Independent Bank Corp. 
    380       9,850  
Nara Bancorp, Inc.*
    1,336       11,329  
National Penn Bancshares, Inc. 
    1,203       9,383  
NBT Bancorp, Inc. 
    468       10,071  
Old National Bancorp
    908       10,505  
PacWest Bancorp
    553       9,755  
Pinnacle Financial Partners, Inc.*
    795       11,933  
PrivateBancorp, Inc. 
    1,061       11,565  
S&T Bancorp, Inc. 
    507       9,466  
Signature Bank*
    168       9,366  
Simmons First National Corp. — Class A
    406       10,540  
Sterling Bancorp
    1,138       9,388  
Susquehanna Bancshares, Inc. 
    1,399       10,157  
Texas Capital Bancshares, Inc.*
    354       9,912  
Tompkins Financial Corp. 
    245       9,660  
UMB Financial Corp. 
    242       8,922  
Umpqua Holdings Corp. 
    915       10,477  
United Bankshares, Inc. 
    416       9,876  
United Community Banks, Inc.*
    891       6,584  
Wilshire Bancorp, Inc.*
    3,138       10,732  
Wintrust Financial Corp. 
    303       8,751  
                 
Total Commercial Banks
    346,833  
         
Commercial Services & Supplies 2.1%
ABM Industries, Inc. 
    453       9,160  
Consolidated Graphics, Inc.*
    233       10,615  
G&K Services, Inc. — Class A
    309       9,381  
Geo Group, Inc.(The)*
    438       7,985  
 
See Notes to Financial Statements.


 

66

 
RYDEX S&P SMALLCAP 600 EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (continued) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (continued)
                 
Healthcare Services Group, Inc. 
    539       $9,352  
Interface, Inc. — Class A
    652       8,502  
Mobile Mini, Inc.*
    510       9,251  
Standard Register Co.(The)
    3,495       9,052  
SYKES Enterprises, Inc.*
    557       8,873  
Tetra Tech, Inc.*
    459       10,020  
Unifirst Corp. 
    175       9,161  
United Stationers, Inc. 
    299       9,511  
Viad Corp. 
    461       9,649  
                 
Total Commercial Services & Supplies
    120,512  
         
Communications Equipment 2.4%
Arris Group, Inc.*
    809       8,705  
Bel Fuse, Inc. — Class B
    507       9,065  
Black Box Corp. 
    370       10,356  
Blue Coat Systems, Inc.*
    562       9,048  
Comtech Telecommunications Corp. 
    316       10,463  
Digi International, Inc.*
    715       9,145  
Harmonic, Inc.*
    1,849       10,170  
Netgear, Inc.*
    332       11,773  
Network Equipment Technologies, Inc.*
    3,875       7,401  
Oplink Communications, Inc.*
    534       8,662  
PC-Tel, Inc.*
    1,435       10,389  
Symmetricom, Inc.*
    1,730       8,910  
Tekelec*
    1,303       12,795  
Viasat, Inc.*
    248       10,562  
                 
Total Communications Equipment
    137,444  
         
Computers & Peripherals 1.2%
Avid Technology, Inc.*
    963       5,971  
Intermec, Inc.*
    1,246       10,055  
Intevac, Inc.*
    1,168       9,402  
Novatel Wireless, Inc.*
    2,525       10,024  
Stratasys, Inc.*
    390       10,936  
Super Micro Computer, Inc.*
    659       10,544  
Synaptics, Inc.*
    350       11,827  
                 
Total Computers & Peripherals
    68,759  
         
Construction & Engineering 0.9%
Aegion Corp.*
    633       9,362  
Comfort Systems USA, Inc. 
    890       9,790  
Dycom Industries, Inc.*
    485       9,424  
EMCOR Group, Inc. 
    422       10,579  
Orion Marine Group, Inc.*
    1,340       9,099  
                 
Total Construction & Engineering
    48,254  
         
Construction Materials 0.4%
Eagle Materials, Inc. 
    476       9,796  
Headwaters, Inc.*
    4,766       8,388  
Texas Industries, Inc. 
    228       6,840  
                 
Total Construction Materials
    25,024  
         
Consumer Finance 0.6%
Cash America International, Inc. 
    149       8,158  
Ezcorp, Inc. — Class A*
    271       7,528  
First Cash Financial Services, Inc.*
    175       7,263  
World Acceptance Corp.*
    140       9,471  
                 
Total Consumer Finance
    32,420  
         
Containers & Packaging 0.2%
Myers Industries, Inc. 
    801       9,788  
                 
Total Containers & Packaging
    9,788  
         
Distributors 0.3%
Audiovox Corp. — Class A*
    1,461       10,387  
Pool Corp. 
    322       9,409  
                 
Total Distributors
    19,796  
         
Diversified Consumer Services 1.2%
American Public Education, Inc.*
    228       8,165  
Capella Education Co.*
    270       9,399  
Coinstar, Inc.*
    187       8,927  
Corinthian Colleges, Inc.*
    4,126       7,881  
Hillenbrand, Inc. 
    461       9,732  
Lincoln Educational Services Corp. 
    978       9,144  
School Specialty, Inc.*
    986       7,543  
Universal Technical Institute, Inc.*
    608       8,682  
                 
Total Diversified Consumer Services
    69,473  
         
Diversified Financial Services 0.5%
Encore Capital Group, Inc.*
    380       10,294  
Interactive Brokers Group, Inc. — Class A
    614       9,443  
Portfolio Recovery Associates, Inc.*
    133       9,329  
                 
Total Diversified Financial Services
    29,066  
         
Diversified Telecommunication Services 0.8%
Atlantic Tele-Network, Inc. 
    274       10,398  
Cbeyond, Inc.*
    1,017       8,380  
Cincinnati Bell, Inc.*
    2,652       8,539  
General Communication, Inc. — Class A*
    1,044       9,866  
Neutral Tandem, Inc.*
    870       9,170  
                 
Total Diversified Telecommunication Services
    46,353  
         
Electric Utilities 0.8%
Allete, Inc. 
    228       9,008  
Central Vermont Public Service Corp. 
    253       8,949  
El Paso Electric Co. 
    275       8,808  
UIL Holdings Corp. 
    269       9,168  
Unisource Energy Corp. 
    237       8,835  
                 
Total Electric Utilities
    44,768  
         
Electrical Equipment 1.3%
AZZ, Inc. 
    200       8,932  
Belden, Inc. 
    289       9,329  
Brady Corp. — Class A
    308       9,462  
Encore Wire Corp. 
    411       10,924  
Franklin Electric Co., Inc. 
    209       9,597  
II-VI, Inc.*
    465       8,840  
Powell Industries, Inc.*
    254       8,537  
Vicor Corp. 
    852       7,796  
                 
Total Electrical Equipment
    73,417  
         
Electronic Equipment, Instruments & Components 5.1%
Agilysys, Inc.*
    987       8,380  
Anixter International, Inc.*
    153       8,980  
Badger Meter, Inc. 
    255       8,349  
Benchmark Electronics, Inc.*
    650       8,931  
Brightpoint, Inc.*
    956       9,703  
Checkpoint Systems, Inc.*
    587       7,778  
Cognex Corp. 
    300       10,167  
CTS Corp. 
    937       8,695  
Daktronics, Inc. 
    949       9,585  
DTS, Inc.*
    298       8,371  
Electro Scientific Industries, Inc.*
    618       7,595  
FARO Technologies, Inc.*
    243       10,152  
FEI Co.*
    286       11,371  
Insight Enterprises, Inc.*
    527       8,906  
Littelfuse, Inc. 
    206       10,086  
 
See Notes to Financial Statements.


 

ANNUAL REPORT      67

 
RYDEX S&P SMALLCAP 600 EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (continued) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (continued)
                 
LoJack Corp.*
    2,742       $9,103  
Measurement Specialties, Inc.*
    310       9,675  
Mercury Computer Systems, Inc.*
    672       9,811  
Methode Electronics, Inc. 
    1,083       10,061  
MTS Systems Corp. 
    262       9,608  
Newport Corp.*
    715       9,903  
OSI Systems, Inc.*
    249       11,031  
Park Electrochemical Corp. 
    359       10,160  
Plexus Corp.*
    332       8,532  
Pulse Electronics Corp. 
    2,829       9,986  
Radisys Corp.*
    1,348       7,899  
Rofin-Sinar Technologies, Inc.*
    412       10,712  
Rogers Corp.*
    180       7,771  
Scansource, Inc.*
    289       10,046  
SYNNEX Corp.*
    341       9,845  
TTM Technologies, Inc.*
    784       8,757  
                 
Total Electronic Equipment, Instruments & Components
    289,949  
         
Energy Equipment & Services 1.8%
Basic Energy Services, Inc.*
    444       8,143  
Bristow Group, Inc. 
    211       10,504  
Gulf Island Fabrication, Inc. 
    379       10,555  
Hornbeck Offshore Services, Inc.*
    313       10,279  
ION Geophysical Corp.*
    1,338       10,196  
Lufkin Industries, Inc. 
    137       8,095  
Matrix Service Co.*
    924       9,813  
OYO Geospace Corp.*
    135       10,608  
Pioneer Drilling Co.*
    773       7,645  
SEACOR Holdings, Inc. 
    96       8,174  
Tetra Technologies, Inc.*
    850       8,075  
                 
Total Energy Equipment & Services
    102,087  
         
Food & Staples Retailing 0.8%
Andersons, Inc.(The)
    226       8,344  
Casey’s General Stores, Inc. 
    187       9,266  
Nash Finch Co. 
    280       7,369  
Spartan Stores, Inc. 
    556       9,519  
United Natural Foods, Inc.*
    226       8,251  
                 
Total Food & Staples Retailing
    42,749  
         
Food Products 1.8%
B&G Foods, Inc. 
    506       10,737  
Cal-Maine Foods, Inc. 
    266       8,863  
Calavo Growers, Inc. 
    432       9,750  
Darling International, Inc.*
    574       8,048  
Diamond Foods, Inc. 
    102       6,707  
Hain Celestial Group, Inc.(The)*
    274       9,195  
J&J Snack Foods Corp. 
    180       9,283  
Sanderson Farms, Inc. 
    210       10,395  
Seneca Foods Corp. — Class A*
    401       8,441  
Snyders-Lance, Inc. 
    424       8,997  
TreeHouse Foods, Inc.*
    155       9,508  
                 
Total Food Products
    99,924  
         
Gas Utilities 1.0%
Laclede Group, Inc.(The)
    230       9,228  
New Jersey Resources Corp. 
    194       9,122  
Northwest Natural Gas Co. 
    199       9,297  
Piedmont Natural Gas Co., Inc. 
    291       9,513  
South Jersey Industries, Inc. 
    172       9,685  
Southwest Gas Corp. 
    242       9,554  
                 
Total Gas Utilities
    56,399  
         
Health Care Equipment & Supplies 3.9%
Abaxis, Inc.*
    351       9,849  
Align Technology, Inc.*
    519       11,952  
Analogic Corp. 
    195       10,546  
Cantel Medical Corp. 
    370       10,212  
CONMED Corp.*
    379       9,956  
CryoLife, Inc.*
    1,808       8,335  
Cyberonics, Inc.*
    320       9,216  
Greatbatch, Inc.*
    434       9,691  
Haemonetics Corp.*
    147       8,960  
ICU Medical, Inc.*
    223       8,766  
Integra LifeSciences Holdings Corp.*
    234       7,502  
Invacare Corp. 
    351       7,880  
Kensey Nash Corp.*
    336       9,032  
Meridian Bioscience, Inc. 
    503       9,165  
Merit Medical Systems, Inc.*
    619       8,307  
Natus Medical, Inc.*
    863       7,422  
Neogen Corp.*
    270       10,435  
NuVasive, Inc.*
    402       5,958  
Palomar Medical Technologies, Inc.*
    1,022       8,697  
SonoSite, Inc.*
    285       8,832  
SurModics, Inc.*
    872       9,191  
Symmetry Medical, Inc.*
    1,110       10,090  
West Pharmaceutical Services, Inc. 
    223       8,668  
Zoll Medical Corp.*
    238       8,999  
                 
Total Health Care Equipment & Supplies
    217,661  
         
Health Care Providers & Services 4.0%
Air Methods Corp.*
    145       11,719  
Almost Family, Inc.*
    472       8,798  
Amedisys, Inc.*
    549       7,208  
AMN Healthcare Services, Inc.*
    1,811       8,584  
Amsurg Corp.*
    400       10,132  
Bio-Reference Labs, Inc.*
    462       9,258  
Centene Corp.*
    291       10,229  
Chemed Corp. 
    154       9,141  
CorVel Corp.*
    199       10,262  
Cross Country Healthcare, Inc.*
    1,804       9,020  
Ensign Group, Inc.(The)
    428       9,741  
Gentiva Health Services, Inc.*
    1,226       5,076  
Hanger Orthopedic Group, Inc.*
    488       8,477  
Healthspring, Inc.*
    230       12,406  
Healthways, Inc.*
    752       5,384  
HMS Holdings Corp.*
    343       8,383  
IPC The Hospitalist Co., Inc.*
    221       9,266  
Kindred Healthcare, Inc.*
    526       6,128  
Landauer, Inc. 
    187       9,584  
LHC Group, Inc.*
    485       7,610  
Magellan Health Services, Inc.*
    185       9,522  
Molina Healthcare, Inc.*
    539       11,416  
MWI Veterinary Supply, Inc.*
    124       9,362  
PharMerica Corp.*
    616       9,610  
PSS World Medical, Inc.*
    403       8,967  
                 
Total Health Care Providers & Services
    225,283  
         
Health Care Technology 0.4%
Computer Programs & Systems, Inc. 
    126       6,435  
Omnicell, Inc.*
    550       8,222  
Quality Systems, Inc. 
    188       7,315  
                 
Total Health Care Technology
    21,972  
         
Hotels, Restaurants & Leisure 3.9%
Biglari Holdings, Inc.*
    27       9,318  
BJ’s Restaurants, Inc.*
    194       10,268  
Boyd Gaming Corp.*
    1,493       9,675  
 
See Notes to Financial Statements.


 

68

 
RYDEX S&P SMALLCAP 600 EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (continued) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (continued)
                 
Buffalo Wild Wings, Inc.*
    139       $9,205  
CEC Entertainment, Inc. 
    307       9,707  
Cracker Barrel Old Country Store, Inc. 
    211       8,944  
DineEquity, Inc.*
    214       10,049  
Interval Leisure Group, Inc.*
    687       9,488  
Jack in the Box, Inc.*
    430       8,849  
Marcus Corp. 
    837       9,977  
Monarch Casino & Resort, Inc.*
    889       9,148  
Multimedia Games Holding Co.*
    2,025       13,385  
O’Charleys, Inc.*
    1,350       8,384  
P.F. Chang’s China Bistro, Inc. 
    304       9,454  
Papa John’s International, Inc.*
    297       10,027  
Peet’s Coffee & Tea, Inc.*
    164       10,450  
Pinnacle Entertainment, Inc.*
    762       8,626  
Red Robin Gourmet Burgers, Inc.*
    333       8,348  
Ruby Tuesday, Inc.*
    1,120       9,397  
Ruth’s Hospitality Group, Inc*
    1,826       8,619  
Shuffle Master, Inc.*
    1,033       10,960  
Sonic Corp.*
    1,120       8,299  
Texas Roadhouse, Inc. 
    620       8,885  
                 
Total Hotels, Restaurants & Leisure
    219,462  
         
Household Durables 1.7%
Blyth, Inc. 
    132       7,369  
Ethan Allen Interiors, Inc. 
    567       11,226  
Helen of Troy Ltd.*
    323       9,344  
iRobot Corp.*
    330       11,174  
La-Z-Boy, Inc.*
    1,079       10,963  
M/I Homes, Inc.*
    1,196       8,934  
Meritage Homes Corp.*
    509       9,035  
Skyline Corp. 
    896       6,057  
Standard Pacific Corp.*
    3,565       10,838  
Universal Electronics, Inc.*
    525       9,760  
                 
Total Household Durables
    94,700  
         
Household Products 0.4%
Central Garden and Pet Co. — Class A*
    1,180       10,372  
WD-40 Co. 
    229       10,081  
                 
Total Household Products
    20,453  
         
Industrial Conglomerates 0.4%
Standex International Corp. 
    246       9,498  
Tredegar Corp. 
    554       10,731  
                 
Total Industrial Conglomerates
    20,229  
         
Insurance 3.0%
AMERISAFE, Inc.*
    445       9,590  
Delphi Financial Group, Inc. — Class A
    378       10,009  
eHealth, Inc.*
    663       9,845  
Employers Holdings, Inc. 
    715       11,597  
Horace Mann Educators Corp. 
    715       9,617  
Infinity Property & Casualty Corp. 
    174       10,085  
Meadowbrook Insurance Group, Inc. 
    946       9,801  
National Financial Partners Corp.*
    736       10,061  
Navigators Group, Inc.(The)*
    200       9,124  
Presidential Life Corp. 
    1,000       9,920  
ProAssurance Corp. 
    122       9,339  
RLI Corp. 
    140       9,848  
Safety Insurance Group, Inc. 
    236       10,058  
Selective Insurance Group, Inc. 
    638       10,227  
Stewart Information Services Corp. 
    972       9,759  
Tower Group, Inc. 
    386       9,160  
United Fire & Casualty Co. 
    517       9,725  
                 
Total Insurance
    167,765  
         
Internet & Catalog Retail 0.7%
Blue Nile, Inc.*
    239       10,786  
HSN, Inc. 
    257       9,167  
Nutrisystem, Inc. 
    735       9,085  
PetMed Express, Inc. 
    897       8,943  
                 
Total Internet & Catalog Retail
    37,981  
         
Internet Software & Services 2.1%
comScore, Inc.*
    519       10,956  
DealerTrack Holdings, Inc.*
    493       10,693  
Infospace, Inc.*
    910       7,972  
j2 Global Communications, Inc. 
    277       8,526  
Liquidity Services, Inc.*
    277       9,019  
LivePerson, Inc.*
    763       9,606  
LogMeIn, Inc.*
    272       11,062  
Perficient, Inc.*
    1,107       10,550  
RightNow Technologies, Inc.*
    263       11,312  
Stamps.com, Inc. 
    393       12,796  
United Online, Inc. 
    1,542       9,113  
XO Group, Inc.*
    983       9,073  
                 
Total Internet Software & Services
    120,678  
         
IT Services 2.0%
CACI International, Inc. — Class A*
    171       9,386  
Cardtronics, Inc.*
    373       9,299  
CIBER, Inc.*
    2,613       9,093  
CSG Systems International, Inc.*
    637       9,071  
Forrester Research, Inc. 
    265       9,490  
Heartland Payment Systems, Inc. 
    393       8,552  
iGate Corp. 
    767       10,339  
MAXIMUS, Inc. 
    258       10,408  
NCI, Inc. — Class A*
    596       8,135  
TeleTech Holdings, Inc.*
    531       9,282  
Virtusa Corp.*
    580       9,448  
Wright Express Corp.*
    211       9,892  
                 
Total IT Services
    112,395  
         
Leisure Equipment & Products 0.8%
Arctic Cat, Inc.*
    540       10,967  
Brunswick Corp. 
    601       10,614  
Callaway Golf Co. 
    1,508       8,761  
Jakks Pacific, Inc. 
    450       8,537  
Sturm Ruger & Co., Inc. 
    286       8,672  
                 
Total Leisure Equipment & Products
    47,551  
         
Life Sciences Tools & Services 0.8%
Affymetrix, Inc.*
    1,572       8,788  
Cambrex Corp.*
    1,754       9,665  
Enzo Biochem, Inc.*
    3,127       8,943  
eResearchTechnology, Inc.*
    1,704       8,707  
PAREXEL International Corp.*
    415       9,142  
                 
Total Life Sciences Tools & Services
    45,245  
         
Machinery 3.3%
Actuant Corp. — Class A
    443       9,967  
Albany International Corp. — Class A
    446       10,075  
Astec Industries, Inc.*
    260       8,645  
Barnes Group, Inc. 
    403       9,378  
Briggs & Stratton Corp. 
    586       8,556  
Cascade Corp. 
    249       10,732  
CIRCOR International, Inc. 
    277       9,645  
 
See Notes to Financial Statements.


 

ANNUAL REPORT      69

 
RYDEX S&P SMALLCAP 600 EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (continued) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (continued)
                 
CLARCOR, Inc. 
    201       $9,744  
EnPro Industries, Inc.*
    259       8,920  
ESCO Technologies, Inc. 
    289       8,835  
Federal Signal Corp.*
    1,694       7,996  
John Bean Technologies Corp. 
    586       9,458  
Kaydon Corp. 
    280       8,809  
Lindsay Corp. 
    146       8,483  
Lydall, Inc.*
    985       10,796  
Mueller Industries, Inc. 
    199       8,049  
Robbins & Myers, Inc. 
    190       8,491  
Tennant Co. 
    225       8,705  
Toro Co.(The)
    165       8,917  
Watts Water Technologies, Inc. — Class A
    311       9,793  
                 
Total Machinery
    183,994  
         
Media 0.8%
Arbitron, Inc. 
    244       9,694  
DG Fastchannel, Inc.*
    432       8,053  
E.W. Scripps Co. — Class A*
    1,148       9,574  
Harte-Hanks, Inc. 
    1,048       9,201  
Live Nation Entertainment, Inc.*
    1,036       9,728  
                 
Total Media
    46,250  
         
Metals & Mining 1.3%
A.M. Castle & Co.*
    747       10,227  
AMCOL International Corp. 
    312       9,419  
Century Aluminum Co.*
    791       8,828  
Haynes International, Inc. 
    165       9,651  
Kaiser Aluminum Corp. 
    177       8,223  
Materion Corp.*
    327       8,646  
Olympic Steel, Inc. 
    449       9,182  
RTI International Metals, Inc.*
    357       9,421  
                 
Total Metals & Mining
    73,597  
         
Multi-Utilities 0.5%
Avista Corp. 
    362       9,213  
CH Energy Group, Inc. 
    163       8,999  
NorthWestern Corp. 
    267       9,198  
                 
Total Multi-Utilities
    27,410  
         
Multiline Retail 0.3%
Fred’s, Inc. — Class A
    787       9,594  
Tuesday Morning Corp.*
    2,239       8,105  
                 
Total Multiline Retail
    17,699  
         
Oil, Gas & Consumable Fuels 1.8%
Approach Resources, Inc.*
    423       10,325  
Contango Oil & Gas Co.*
    148       9,522  
GeoResources, Inc.*
    401       10,643  
Gulfport Energy Corp.*
    316       9,840  
Overseas Shipholding Group, Inc. 
    623       7,775  
Penn Virginia Corp. 
    1,179       7,180  
Petroleum Development Corp.*
    359       9,374  
Petroquest Energy, Inc.*
    1,196       8,719  
Stone Energy Corp.*
    371       9,012  
Swift Energy Co.*
    271       8,298  
World Fuel Services Corp. 
    246       9,803  
                 
Total Oil, Gas & Consumable Fuels
    100,491  
         
Paper & Forest Products 1.2%
Buckeye Technologies, Inc. 
    330       9,979  
Clearwater Paper Corp.*
    244       8,084  
Deltic Timber Corp. 
    154       10,424  
KapStone Paper and Packaging Corp.*
    602       9,873  
Neenah Paper, Inc. 
    566       9,339  
Schweitzer-Mauduit International, Inc. 
    145       10,196  
Wausau Paper Corp. 
    1,307       9,803  
                 
Total Paper & Forest Products
    67,698  
         
Personal Products 0.5%
Inter Parfums, Inc. 
    580       10,695  
Medifast, Inc.*
    522       8,582  
Prestige Brands Holdings, Inc.*
    903       9,554  
                 
Total Personal Products
    28,831  
         
Pharmaceuticals 1.1%
Hi-Tech Pharmacal Co., Inc.*
    275       9,768  
Medicines Co.(The)*
    572       10,708  
Par Pharmaceutical Cos., Inc.*
    309       9,455  
Questcor Pharmaceuticals, Inc.*
    332       13,483  
Salix Pharmaceuticals Ltd.*
    303       10,379  
Viropharma, Inc.*
    460       9,310  
                 
Total Pharmaceuticals
    63,103  
         
Professional Services 1.8%
CDI Corp. 
    814       10,688  
Dolan Co.(The)*
    1,053       9,214  
Exponent, Inc.*
    211       10,166  
Heidrick & Struggles International, Inc. 
    481       9,514  
Insperity, Inc. 
    395       10,183  
Kelly Services, Inc. — Class A
    648       10,595  
Navigant Consulting, Inc.*
    874       9,902  
On Assignment, Inc.*
    1,187       12,808  
Resources Connection, Inc. 
    850       9,426  
TrueBlue, Inc.*
    741       9,796  
                 
Total Professional Services
    102,292  
         
Real Estate Investment Trusts (REITs) 4.8%
Acadia Realty Trust
    434       8,992  
BioMed Realty Trust, Inc. 
    515       9,327  
Cedar Shopping Centers, Inc. 
    2,532       9,292  
Colonial Properties Trust
    421       8,538  
DiamondRock Hospitality Co. 
    1,168       10,570  
EastGroup Properties, Inc. 
    220       9,594  
Entertainment Properties Trust
    215       9,632  
Extra Space Storage, Inc. 
    421       9,485  
Franklin Street Properties Corp. 
    741       9,411  
Getty Realty Corp. 
    511       8,145  
Healthcare Realty Trust, Inc. 
    511       9,653  
Inland Real Estate Corp. 
    1,159       8,693  
Kilroy Realty Corp. 
    259       9,503  
Kite Realty Group Trust
    2,262       9,342  
LaSalle Hotel Properties
    467       11,166  
Lexington Realty Trust
    1,297       10,194  
LTC Properties, Inc. 
    323       9,160  
Medical Properties Trust, Inc. 
    878       8,868  
Mid-America Apartment Communities, Inc. 
    130       8,112  
National Retail Properties, Inc. 
    339       9,238  
Parkway Properties, Inc. 
    708       9,098  
Pennsylvania Real Estate Investment Trust
    936       9,603  
Post Properties, Inc. 
    215       8,832  
PS Business Parks, Inc. 
    169       8,996  
Saul Centers, Inc. 
    262       9,390  
Sovran Self Storage, Inc. 
    227       10,033  
Tanger Factory Outlet Centers
    324       9,124  
 
See Notes to Financial Statements.


 

70

 
RYDEX S&P SMALLCAP 600 EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (continued) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (continued)
                 
Universal Health Realty Income Trust
    248       $9,417  
Urstadt Biddle Properties, Inc. — Class A
    540       9,634  
                 
Total Real Estate Investment Trusts (REITs)
    271,042  
         
Real Estate Management & Development 0.2%
Forestar Group, Inc.*
    745       9,685  
                 
Total Real Estate Management & Development
    9,685  
         
Road & Rail 0.6%
Arkansas Best Corp. 
    425       8,755  
Heartland Express, Inc. 
    616       8,261  
Knight Transportation, Inc. 
    606       9,211  
Old Dominion Freight Line, Inc.*
    272       9,947  
                 
Total Road & Rail
    36,174  
         
Semiconductors & Semiconductor Equipment 5.5%
Advanced Energy Industries, Inc.*
    841       7,855  
ATMI, Inc.*
    496       10,118  
Brooks Automation, Inc. 
    972       10,157  
Cabot Microelectronics Corp.*
    225       8,667  
Ceva, Inc.*
    311       9,663  
Cirrus Logic, Inc.*
    570       9,485  
Cohu, Inc. 
    801       8,883  
Cymer, Inc.*
    220       9,559  
Diodes, Inc.*
    471       10,536  
DSP Group, Inc.*
    1,311       8,102  
Entropic Communications, Inc.*
    1,811       10,540  
Exar Corp.*
    1,426       8,713  
GT Advanced Technologies, Inc.*
    873       7,159  
Hittite Microwave Corp.*
    163       8,574  
Kopin Corp.*
    2,383       9,651  
Kulicke & Soffa Industries, Inc.*
    986       9,515  
Micrel, Inc. 
    856       9,433  
Microsemi Corp.*
    516       9,525  
MKS Instruments, Inc. 
    361       9,617  
Monolithic Power Systems, Inc.*
    703       8,759  
Nanometrics, Inc.*
    554       9,352  
Pericom Semiconductor Corp.*
    1,145       9,721  
Power Integrations, Inc. 
    252       8,979  
Rubicon Technology, Inc.*
    728       7,586  
Rudolph Technologies, Inc.*
    1,286       9,478  
Sigma Designs, Inc.*
    1,040       8,674  
Standard Microsystems Corp.*
    395       9,780  
STR Holdings, Inc.*
    877       7,498  
Supertex, Inc.*
    457       8,436  
Tessera Technologies, Inc.*
    663       9,130  
TriQuint Semiconductor, Inc.*
    1,490       7,927  
Ultratech, Inc.*
    443       9,657  
Veeco Instruments, Inc.*
    292       7,793  
Volterra Semiconductor Corp.*
    421       9,978  
                 
Total Semiconductors & Semiconductor Equipment
    308,500  
         
Software 3.3%
Blackbaud, Inc. 
    360       10,091  
Bottomline Technologies, Inc.*
    408       9,910  
CommVault Systems, Inc.*
    250       10,645  
Ebix, Inc.*
    523       8,949  
EPIQ Systems, Inc. 
    689       9,825  
Interactive Intelligence Group*
    286       7,937  
JDA Software Group, Inc.*
    338       10,772  
Manhattan Associates, Inc.*
    243       10,291  
MicroStrategy, Inc. — Class A*
    75       9,883  
Monotype Imaging Holdings, Inc.*
    730       9,906  
Netscout Systems, Inc.*
    703       11,522  
Progress Software Corp.*
    438       9,224  
Sourcefire, Inc.*
    306       8,430  
Synchronoss Technologies, Inc.*
    330       9,920  
Take-Two Interactive Software, Inc.*
    650       10,257  
Taleo Corp. — Class A*
    328       10,627  
THQ, Inc.*
    4,924       10,488  
Tyler Technologies, Inc.*
    352       11,113  
Websense, Inc.*
    460       8,206  
                 
Total Software
    187,996  
         
Specialty Retail 5.3%
Big 5 Sporting Goods Corp. 
    1,328       10,265  
Brown Shoe Co., Inc. 
    1,204       10,728  
Buckle, Inc.(The)
    224       9,981  
Cabela’s, Inc.*
    377       9,395  
Cato Corp.(The) — Class A
    373       9,560  
Children’s Place Retail Stores, Inc.(The)*
    192       9,014  
Christopher & Banks Corp. 
    1,994       6,640  
Coldwater Creek, Inc.*
    5,676       5,960  
Finish Line, Inc.(The) — Class A
    443       8,904  
Genesco, Inc.*
    170       10,020  
Group 1 Automotive, Inc. 
    227       10,342  
Haverty Furniture Cos., Inc. 
    848       9,854  
Hibbett Sports, Inc.*
    249       10,256  
HOT Topic, Inc. 
    1,078       8,150  
JOS A Bank Clothiers, Inc.*
    169       9,031  
Kirkland’s, Inc.*
    921       10,352  
Lithia Motors, Inc. — Class A
    517       10,635  
Lumber Liquidators Holdings, Inc.*
    552       8,263  
MarineMax, Inc.*
    1,356       11,038  
Men’s Wearhouse, Inc.(The)
    316       9,758  
Midas, Inc.*
    1,080       9,850  
Monro Muffler, Inc. 
    234       8,679  
OfficeMax, Inc.*
    1,526       7,813  
PEP Boys-Manny Moe & Jack
    883       10,155  
Rue21, Inc.*
    355       9,457  
Select Comfort Corp.*
    552       11,465  
Sonic Automotive, Inc. — Class A
    723       10,606  
Stage Stores, Inc. 
    612       9,566  
Stein Mart, Inc. 
    1,219       8,838  
Vitamin Shoppe, Inc.*
    216       8,145  
Zale Corp.*
    2,092       7,720  
Zumiez, Inc.*
    474       10,784  
                 
Total Specialty Retail
    301,224  
         
Textiles, Apparel & Luxury Goods 2.3%
Carter’s, Inc.*
    274       10,437  
Crocs, Inc.*
    316       5,584  
Iconix Brand Group, Inc.*
    474       8,508  
K-Swiss, Inc. — Class A*
    1,808       8,136  
Liz Claiborne, Inc.*
    1,620       12,976  
Maidenform Brands, Inc.*
    365       8,972  
Movado Group, Inc. 
    585       9,787  
Oxford Industries, Inc. 
    218       8,611  
Perry Ellis International, Inc.*
    433       10,868  
Quiksilver, Inc.*
    2,321       7,775  
Skechers U.S.A., Inc. — Class A*
    528       7,529  
Steven Madden Ltd.*
    253       9,336  
True Religion Apparel, Inc.*
    288       9,769  
Wolverine World Wide, Inc. 
    237       8,990  
                 
Total Textiles, Apparel & Luxury Goods
    127,278  
         
 
See Notes to Financial Statements.


 

ANNUAL REPORT      71

 
RYDEX S&P SMALLCAP 600 EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (concluded) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (concluded)
                 
Thrifts & Mortgage Finance 1.2%
Bank Mutual Corp. 
    3,031       $10,093  
Brookline Bancorp, Inc. 
    1,095       9,154  
Dime Community Bancshares, Inc. 
    804       9,584  
Northwest Bancshares, Inc. 
    721       8,991  
Oritani Financial Corp. 
    660       8,554  
Provident Financial Services, Inc. 
    733       9,492  
TrustCo Bank Corp. NY
    1,985       9,845  
                 
Total Thrifts & Mortgage Finance
    65,713  
         
Tobacco 0.1%
Alliance One International, Inc.*
    3,073       8,205  
                 
Total Tobacco
    8,205  
         
Trading Companies & Distributors 0.5%
Applied Industrial Technologies, Inc. 
    303       10,187  
Kaman Corp. 
    282       9,376  
Lawson Products, Inc. 
    557       9,285  
                 
Total Trading Companies & Distributors
    28,848  
         
Water Utilities 0.2%
American States Water Co. 
    260       9,084  
                 
Total Water Utilities
    9,084  
         
Wireless Telecommunication Services 0.3%
NTELOS Holdings Corp. 
    484       9,206  
USA Mobility, Inc. 
    591       7,724  
                 
Total Wireless Telecommunication Services
    16,930  
         
Total Common Stocks
(Cost $5,602,332)
    5,629,506  
         
 
RIGHTS 0.0%(a)
Commercial Banks 0.0%(a)
First BanCorp Expires 11/29/11*(b)
    2,332       70  
                 
Total Commercial Banks
    70  
         
Total Rights
(Cost $0)
    70  
         
 
SHORT TERM INVESTMENTS 0.2%
SSgA Government Money Market Fund
    9,679       9,679  
                 
Total Short Term Investments
(Cost $9,679)
    9,679  
         
Total Investments 99.9%(c)
(Cost $5,612,011)
    5,639,255  
         
Other Assets in Excess of Liabilities—0.1%
    7,675  
         
Net Assets—100.0%
    $5,646,930  
 
 
 
* Non-Income Producing Security.
 
(a) Amount represents less than 0.05% of net assets.
 
(b) Values determined based on Level 2 inputs.
 
(c) Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs.
 
See Notes to Financial Statements.


 

72

 
RYDEX RUSSELL MIDCAP® EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS 99.9%
Aerospace & Defense 0.9%
Alliant Techsystems, Inc. 
    914       $53,085  
BE Aerospace, Inc.*
    1,445       54,520  
Goodrich Corp. 
    419       51,382  
Huntington Ingalls Industries, Inc.*
    1,885       55,607  
L-3 Communications Holdings, Inc. 
    798       54,088  
Rockwell Collins, Inc. 
    954       53,262  
Spirit Aerosystems Holdings, Inc. — Class A*
    3,081       52,593  
Textron, Inc. 
    2,719       52,803  
TransDigm Group, Inc.*
    587       55,131  
                 
Total Aerospace & Defense
    482,471  
         
Air Freight & Logistics 0.3%
C.H. Robinson Worldwide, Inc. 
    736       51,100  
Expeditors International of Washington, Inc. 
    1,211       55,222  
UTi Worldwide, Inc. 
    3,596       52,538  
                 
Total Air Freight & Logistics
    158,860  
         
Airlines 0.5%
AMR Corp.*
    15,489       40,736  
Copa Holdings SA — Class A
    799       55,187  
Delta Air Lines, Inc.*
    6,241       53,173  
Southwest Airlines Co. 
    5,956       50,924  
United Continental Holdings, Inc.*
    2,487       48,049  
                 
Total Airlines
    248,069  
         
Auto Components 0.7%
Autoliv, Inc. 
    820       47,371  
BorgWarner, Inc.*
    673       51,478  
Federal-Mogul Corp.*
    2,710       45,691  
Gentex Corp. 
    1,653       49,788  
Goodyear Tire & Rubber Co.(The)*
    3,963       56,909  
Lear Corp. 
    967       45,362  
TRW Automotive Holdings Corp.*
    1,200       50,520  
Visteon Corp.*
    919       51,115  
                 
Total Auto Components
    398,234  
         
Automobiles 0.3%
Harley-Davidson, Inc. 
    1,155       44,929  
Tesla Motors, Inc.*
    1,595       46,845  
Thor Industries, Inc. 
    1,945       51,426  
                 
Total Automobiles
    143,200  
         
Beverages 2.2%
Beam, Inc. 
    725       35,837  
Brown-Forman Corp. — Class B
    2,578       192,654  
Coca-Cola Enterprises, Inc. 
    7,045       188,947  
Constellation Brands, Inc. — Class A*
    9,951       201,209  
Dr Pepper Snapple Group, Inc. 
    4,890       183,131  
Hansen Natural Corp.*
    2,013       179,338  
Molson Coors Brewing Co. — Class B
    4,463       188,963  
                 
Total Beverages
    1,170,079  
         
Biotechnology 1.4%
Alexion Pharmaceuticals, Inc.*
    1,138       76,826  
Amylin Pharmaceuticals, Inc.*
    7,613       87,702  
BioMarin Pharmaceutical, Inc.*
    2,472       84,320  
Dendreon Corp.*
    7,721       84,468  
Human Genome Sciences, Inc.*
    5,341       54,799  
Myriad Genetics, Inc.*
    4,026       85,673  
Pharmasset, Inc.*
    951       66,950  
Regeneron Pharmaceuticals, Inc.*
    1,208       66,802  
United Therapeutics Corp.*
    1,946       85,099  
Vertex Pharmaceuticals, Inc.*
    1,598       63,265  
                 
Total Biotechnology
    755,904  
         
Building Products 0.8%
Armstrong World Industries, Inc. 
    2,371       100,981  
Fortune Brands Home & Security, Inc.*
    725       10,534  
Lennox International, Inc. 
    2,959       95,250  
Masco Corp. 
    11,939       114,614  
Owens Corning*
    3,757       106,624  
                 
Total Building Products
    428,003  
         
Capital Markets 1.3%
Affiliated Managers Group, Inc.*
    395       36,581  
American Capital Ltd.*
    4,405       34,227  
Ameriprise Financial, Inc. 
    812       37,904  
Ares Capital Corp. 
    2,485       38,443  
E*Trade Financial Corp.*
    3,384       36,716  
Eaton Vance Corp. 
    1,491       39,198  
Federated Investors, Inc. — Class B
    1,806       35,289  
Greenhill & Co., Inc. 
    1,108       41,860  
Invesco Ltd. 
    2,031       40,762  
Janus Capital Group, Inc. 
    5,078       33,312  
Jefferies Group, Inc. 
    2,518       33,389  
Lazard Ltd. — Class A
    1,379       37,702  
Legg Mason, Inc. 
    1,231       33,852  
LPL Investment Holdings, Inc.*
    1,285       37,278  
Northern Trust Corp. 
    943       38,163  
Raymond James Financial, Inc. 
    1,221       37,082  
SEI Investments Co. 
    2,099       33,983  
T. Rowe Price Group, Inc. 
    678       35,826  
TD Ameritrade Holding Corp. 
    2,220       37,252  
Waddell & Reed Financial, Inc. — Class A
    1,229       34,080  
                 
Total Capital Markets
    732,899  
         
Chemicals 4.4%
Airgas, Inc. 
    1,319       90,945  
Albemarle Corp. 
    2,002       106,687  
Ashland, Inc. 
    1,863       98,665  
Cabot Corp. 
    3,288       99,232  
Celanese Corp. — Series A
    2,236       97,378  
CF Industries Holdings, Inc. 
    568       92,169  
Cytec Industries, Inc. 
    2,413       107,789  
Eastman Chemical Co. 
    2,457       96,536  
Ecolab, Inc. 
    1,724       92,820  
FMC Corp. 
    1,180       93,090  
Huntsman Corp. 
    8,464       99,367  
International Flavors & Fragrances, Inc. 
    1,493       90,416  
Intrepid Potash, Inc.*
    3,039       84,575  
Kronos Worldwide, Inc. 
    4,739       105,158  
Nalco Holding Co. 
    1,415       53,360  
PPG Industries, Inc. 
    1,183       102,223  
Rockwood Holdings, Inc.*
    2,102       96,776  
RPM International, Inc. 
    4,664       104,800  
Scotts Miracle-Gro Co.(The) — Class A
    1,936       93,915  
Sherwin-Williams Co.(The)
    1,156       95,613  
Sigma-Aldrich Corp. 
    1,358       88,922  
Solutia, Inc.*
    6,335       102,944  
Valspar Corp. 
    2,721       94,881  
Westlake Chemical Corp. 
    2,287       94,247  
WR Grace & Co.*
    2,401       100,338  
                 
Total Chemicals
    2,382,846  
         
 
See Notes to Financial Statements.


 

ANNUAL REPORT      73

 
RYDEX RUSSELL MIDCAP® EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (continued) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (continued)
                 
Commercial Banks 1.7%
Associated Banc-Corp. 
    3,575       $39,861  
Bank of Hawaii Corp. 
    900       38,007  
BOK Financial Corp. 
    710       37,076  
CapitalSource, Inc. 
    5,124       32,589  
CIT Group, Inc.*
    1,035       36,070  
City National Corp. 
    840       35,633  
Comerica, Inc. 
    1,434       36,639  
Commerce Bancshares, Inc. 
    945       36,666  
Cullen/Frost Bankers, Inc. 
    706       34,622  
East West Bancorp, Inc. 
    2,189       42,620  
Fifth Third Bancorp
    3,212       38,576  
First Citizens BancShares, Inc. — Class A
    225       36,686  
First Horizon National Corp. 
    5,311       37,124  
First Republic Bank/San Franciso*
    1,374       38,060  
Fulton Financial Corp. 
    4,059       38,317  
Huntington Bancshares, Inc. 
    6,781       35,126  
KeyCorp
    5,576       39,367  
M&T Bank Corp. 
    461       35,087  
Popular, Inc.*
    21,797       40,542  
Regions Financial Corp. 
    9,299       36,545  
SunTrust Banks, Inc. 
    1,795       35,415  
Synovus Financial Corp. 
    29,705       44,557  
TCF Financial Corp. 
    3,493       37,165  
Valley National Bancorp
    3,085       37,020  
Zions Bancorp
    2,147       37,272  
                 
Total Commercial Banks
    936,642  
         
Commercial Services & Supplies 1.1%
Avery Dennison Corp. 
    1,926       51,231  
Cintas Corp. 
    1,753       52,397  
Copart, Inc.*
    1,296       56,441  
Corrections Corp. of America*
    2,177       48,395  
Covanta Holding Corp. 
    3,259       47,777  
Iron Mountain, Inc. 
    1,562       48,313  
KAR Auction Services, Inc.*
    3,246       44,632  
Pitney Bowes, Inc. 
    2,563       52,234  
R.R. Donnelley & Sons Co. 
    3,499       57,034  
Republic Services, Inc. 
    1,769       50,346  
Stericycle, Inc.*
    605       50,566  
Waste Connections, Inc. 
    1,500       51,075  
                 
Total Commercial Services & Supplies
    610,441  
         
Communications Equipment 1.3%
Acme Packet, Inc.*
    1,305       47,254  
Brocade Communications Systems, Inc.*
    14,059       61,578  
Ciena Corp.*
    4,988       65,742  
EchoStar Corp. — Class A*
    2,621       69,090  
F5 Networks, Inc.*
    786       81,705  
Harris Corp. 
    1,667       62,929  
JDS Uniphase Corp.*
    5,312       63,744  
Motorola Mobility Holdings, Inc.*
    1,611       62,636  
Polycom, Inc.*
    3,178       52,532  
Riverbed Technology, Inc.*
    2,833       78,134  
Tellabs, Inc. 
    13,652       59,113  
                 
Total Communications Equipment
    704,457  
         
Computers & Peripherals 0.7%
Diebold, Inc. 
    2,119       68,401  
Lexmark International, Inc. — Class A*
    1,756       55,665  
NCR Corp.*
    3,403       64,793  
QLogic Corp.*
    4,381       61,203  
SanDisk Corp.*
    1,418       71,850  
Western Digital Corp.*
    2,182       58,129  
                 
Total Computers & Peripherals
    380,041  
         
Construction & Engineering 0.8%
Aecom Technology Corp.*
    2,764       57,823  
Chicago Bridge & Iron Co. NV
    1,648       60,284  
Fluor Corp. 
    981       55,770  
Jacobs Engineering Group, Inc.*
    1,459       56,609  
KBR, Inc. 
    1,959       54,676  
Quanta Services, Inc.*
    2,615       54,627  
Shaw Group, Inc.(The)*
    2,353       54,731  
URS Corp.*
    1,646       58,762  
                 
Total Construction & Engineering
    453,282  
         
Construction Materials 0.3%
Martin Marietta Materials, Inc. 
    1,338       96,563  
Vulcan Materials Co. 
    2,917       91,273  
                 
Total Construction Materials
    187,836  
         
Consumer Finance 0.2%
Discover Financial Services
    1,351       31,830  
Green Dot Corp. — Class A*
    1,048       34,238  
SLM Corp. 
    2,615       35,747  
                 
Total Consumer Finance
    101,815  
         
Containers & Packaging 2.0%
AptarGroup, Inc. 
    1,850       88,745  
Ball Corp. 
    2,740       94,722  
Bemis Co., Inc. 
    2,873       80,760  
Crown Holdings, Inc.*
    2,806       94,815  
Greif, Inc. — Class A
    1,947       87,187  
Owens-Illinois, Inc.*
    5,147       103,352  
Packaging Corp. of America
    3,458       90,185  
Rock-Tenn Co. — Class A
    1,691       100,090  
Sealed Air Corp. 
    4,873       86,739  
Silgan Holdings, Inc. 
    2,406       90,321  
Sonoco Products Co. 
    2,970       93,228  
Temple-Inland, Inc. 
    2,809       89,354  
                 
Total Containers & Packaging
    1,099,498  
         
Distributors 0.2%
Genuine Parts Co. 
    808       46,403  
LKQ Corp.*
    1,675       48,877  
                 
Total Distributors
    95,280  
         
Diversified Consumer Services 0.7%
Apollo Group, Inc. — Class A*
    986       46,687  
Career Education Corp.*
    2,886       46,551  
DeVry, Inc. 
    1,050       39,564  
Education Management Corp.*
    2,728       54,178  
H&R Block, Inc. 
    3,036       46,421  
ITT Educational Services, Inc.*
    651       40,336  
Service Corp. International
    4,275       42,750  
Weight Watchers International, Inc. 
    710       52,980  
                 
Total Diversified Consumer Services
    369,467  
         
Diversified Financial Services 0.5%
CBOE Holdings, Inc. 
    1,236       32,297  
Interactive Brokers Group, Inc. — Class A
    2,289       35,205  
IntercontinentalExchange, Inc.*
    271       35,197  
Leucadia National Corp. 
    1,412       37,884  
Moody’s Corp. 
    1,066       37,832  
MSCI, Inc. — Class A*
    1,043       34,826  
 
See Notes to Financial Statements.


 

74

 
RYDEX RUSSELL MIDCAP® EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (continued) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (continued)
                 
Nasdaq OMX Group, Inc.(The)*
    1,339       $33,542  
NYSE Euronext
    1,310       34,807  
                 
Total Diversified Financial Services
    281,590  
         
Diversified Telecommunication Services 0.8%
Frontier Communications Corp. 
    16,524       103,440  
Level 3 Communications, Inc.*
    4,324       115,408  
tw telecom, Inc.*
    6,108       112,998  
Windstream Corp. 
    8,442       102,739  
                 
Total Diversified Telecommunication Services
    434,585  
         
Electric Utilities 2.6%
DPL, Inc. 
    3,474       105,436  
Edison International
    2,765       112,259  
Entergy Corp. 
    1,563       108,113  
Great Plains Energy, Inc. 
    5,178       107,392  
Hawaiian Electric Industries, Inc. 
    4,278       108,362  
ITC Holdings Corp. 
    1,379       100,226  
Northeast Utilities
    3,027       104,643  
NV Energy, Inc. 
    7,114       114,108  
Pepco Holdings, Inc. 
    5,517       109,236  
Pinnacle West Capital Corp. 
    2,427       110,623  
PPL Corp. 
    3,616       106,202  
Progress Energy, Inc. 
    2,021       105,294  
Westar Energy, Inc. 
    3,916       106,750  
                 
Total Electric Utilities
    1,398,644  
         
Electrical Equipment 1.2%
AMETEK, Inc. 
    1,436       56,751  
Babcock & Wilcox Co.(The)*
    2,385       52,446  
Cooper Industries PLC
    1,030       54,034  
General Cable Corp.*
    2,089       58,576  
GrafTech International Ltd.*
    3,563       55,975  
Hubbell, Inc. — Class B
    970       57,996  
Polypore International, Inc.*
    1,436       75,318  
Regal-Beloit Corp. 
    996       52,917  
Rockwell Automation, Inc. 
    876       59,261  
Roper Industries, Inc. 
    707       57,338  
Thomas & Betts Corp.*
    1,214       60,324  
                 
Total Electrical Equipment
    640,936  
         
Electronic Equipment, Instruments & Components 1.8%
Amphenol Corp. — Class A
    1,401       66,533  
Arrow Electronics, Inc.*
    2,031       73,218  
Avnet, Inc.*
    2,225       67,440  
AVX Corp. 
    5,066       67,935  
Dolby Laboratories, Inc. — Class A*
    2,070       60,527  
FLIR Systems, Inc. 
    1,896       49,865  
Ingram Micro, Inc. — Class A*
    3,629       64,886  
IPG Photonics Corp.*
    1,105       58,410  
Itron, Inc.*
    1,464       53,861  
Jabil Circuit, Inc. 
    3,527       72,515  
Molex, Inc. 
    2,784       68,737  
National Instruments Corp. 
    2,123       56,705  
Tech Data Corp.*
    1,339       65,852  
Trimble Navigation, Ltd.*
    1,398       56,493  
Vishay Intertechnology, Inc.*
    6,612       71,079  
                 
Total Electronic Equipment, Instruments & Components
    954,056  
         
Energy Equipment & Services 4.0%
Atwood Oceanics, Inc.*
    3,042       130,015  
Cameron International Corp.*
    2,284       112,236  
CARBO Ceramics, Inc. 
    828       112,484  
Core Laboratories NV
    1,039       112,482  
Diamond Offshore Drilling, Inc. 
    1,814       118,890  
Dresser-Rand Group, Inc.*
    2,338       113,159  
FMC Technologies, Inc.*
    2,629       117,832  
Helmerich & Payne, Inc. 
    2,341       124,494  
IHS, Inc. — Class A*
    663       55,685  
McDermott International, Inc.*
    4,127       45,314  
Nabors Industries Ltd.*
    7,503       137,530  
Oceaneering International, Inc. 
    2,785       116,497  
Oil States International, Inc.*
    1,901       132,329  
Patterson-UTI Energy, Inc. 
    5,693       115,682  
Rowan Cos., Inc.*
    3,166       109,195  
RPC, Inc. 
    5,647       104,865  
SEACOR Holdings, Inc. 
    1,260       107,289  
Superior Energy Services, Inc.*
    3,530       99,264  
Tidewater, Inc. 
    1,141       56,171  
Unit Corp.*
    2,658       130,401  
                 
Total Energy Equipment & Services
    2,151,814  
         
Food & Staples Retailing 1.1%
Safeway, Inc. 
    10,764       208,498  
SUPERVALU, Inc. 
    26,136       209,611  
Whole Foods Market, Inc. 
    2,564       184,916  
                 
Total Food & Staples Retailing
    603,025  
         
Food Products 5.8%
Bunge Ltd. 
    3,022       186,669  
Campbell Soup Co. 
    5,620       186,865  
ConAgra Foods, Inc. 
    7,458       188,911  
Corn Products International, Inc. 
    4,436       215,146  
Dean Foods Co.*
    19,795       192,407  
Flowers Foods, Inc. 
    9,420       190,190  
Green Mountain Coffee Roasters, Inc.*
    1,731       112,550  
H.J. Heinz Co. 
    3,521       188,162  
Hershey Co.(The)
    3,034       173,636  
Hormel Foods Corp. 
    6,565       193,471  
J.M. Smucker Co.(The)
    2,422       186,542  
McCormick & Co., Inc. 
    3,814       185,208  
Mead Johnson Nutrition Co. 
    2,438       175,170  
Ralcorp Holdings, Inc.*
    2,394       193,531  
Sara Lee Corp. 
    10,419       185,458  
Smithfield Foods, Inc.*
    9,682       221,330  
Tyson Foods, Inc. — Class A
    10,522       203,075  
                 
Total Food Products
    3,178,321  
         
Gas Utilities 1.2%
AGL Resources, Inc. 
    2,585       108,415  
Atmos Energy Corp. 
    3,262       111,952  
National Fuel Gas Co. 
    1,962       120,251  
Oneok, Inc. 
    1,546       117,573  
Questar Corp. 
    5,753       110,860  
UGI Corp. 
    3,817       109,434  
                 
Total Gas Utilities
    678,485  
         
Health Care Equipment & Supplies 2.7%
Alere, Inc.*
    3,479       90,663  
Boston Scientific Corp.*
    12,514       73,708  
C.R. Bard, Inc. 
    853       73,315  
CareFusion Corp.*
    3,129       80,102  
Cooper Cos., Inc.(The)
    947       65,627  
DENTSPLY International, Inc. 
    2,350       86,856  
Edwards Lifesciences Corp.*
    979       73,836  
Gen-Probe, Inc.*
    1,246       74,885  
Hill-Rom Holdings, Inc. 
    2,436       82,020  
 
See Notes to Financial Statements.


 

ANNUAL REPORT      75

 
RYDEX RUSSELL MIDCAP® EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (continued) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (continued)
                 
Hologic, Inc.*
    4,647       $74,910  
IDEXX Laboratories, Inc.*
    1,031       74,222  
Intuitive Surgical, Inc.*
    197       85,470  
Kinetic Concepts, Inc.*
    1,151       78,717  
ResMed, Inc.*
    2,583       73,099  
Sirona Dental Systems, Inc.*
    1,771       84,831  
Teleflex, Inc. 
    1,383       82,786  
Thoratec Corp.*
    2,281       83,279  
Varian Medical Systems, Inc.*
    1,404       82,443  
Zimmer Holdings, Inc.*
    1,349       70,998  
                 
Total Health Care Equipment & Supplies
    1,491,767  
         
Health Care Providers & Services 3.3%
AMERIGROUP Corp.*
    1,774       98,688  
AmerisourceBergen Corp. 
    1,946       79,397  
Brookdale Senior Living, Inc.*
    5,570       92,350  
Catalyst Health Solutions, Inc.*
    1,259       69,207  
CIGNA Corp. 
    1,723       76,398  
Community Health Systems, Inc.*
    4,420       77,262  
Coventry Health Care, Inc.*
    2,535       80,638  
DaVita, Inc.*
    1,065       74,550  
Health Management Associates, Inc. — Class A*
    10,779       94,424  
Health Net, Inc.*
    3,013       83,731  
Henry Schein, Inc.*
    1,165       80,758  
Humana, Inc. 
    959       81,409  
Laboratory Corp. of America Holdings*
    914       76,639  
LifePoint Hospitals, Inc.*
    2,071       80,065  
Lincare Holdings, Inc. 
    3,455       81,365  
Mednax, Inc.*
    1,167       76,789  
Omnicare, Inc. 
    2,837       84,599  
Patterson Cos., Inc. 
    2,561       80,595  
Quest Diagnostics, Inc. 
    1,513       84,425  
Tenet Healthcare Corp.*
    17,764       84,024  
Universal Health Services, Inc. — Class B
    2,119       84,696  
VCA Antech, Inc.*
    4,502       91,481  
                 
Total Health Care Providers & Services
    1,813,490  
         
Health Care Technology 0.5%
Allscripts Healthcare Solutions, Inc.*
    3,951       75,662  
Cerner Corp.*
    1,046       66,348  
Emdeon, Inc. — Class A*
    4,058       76,980  
SXC Health Solutions Corp.*
    1,325       62,036  
                 
Total Health Care Technology
    281,026  
         
Hotels, Restaurants & Leisure 1.5%
Bally Technologies, Inc.*
    1,479       53,643  
Brinker International, Inc. 
    1,869       42,800  
Chipotle Mexican Grill, Inc.*
    131       44,032  
Choice Hotels International, Inc. 
    1,369       48,996  
Darden Restaurants, Inc. 
    889       42,565  
Hyatt Hotels Corp. — Class A*
    1,283       47,715  
International Game Technology
    2,825       49,692  
Marriott International, Inc. — Class A
    1,469       46,273  
MGM Resorts International*
    3,912       45,066  
Panera Bread Co. — Class A*
    366       48,931  
Penn National Gaming, Inc.*
    1,164       41,904  
Royal Caribbean Cruises Ltd. 
    1,816       53,972  
Starwood Hotels & Resorts Worldwide, Inc. 
    992       49,709  
Wendy’s Co.(The)
    8,338       42,190  
WMS Industries, Inc.*
    2,204       48,290  
Wyndham Worldwide Corp. 
    1,352       45,522  
Wynn Resorts Ltd. 
    299       39,707  
                 
Total Hotels, Restaurants & Leisure
    791,007  
         
Household Durables 1.2%
DR Horton, Inc. 
    4,448       49,506  
Garmin Ltd. 
    1,304       44,845  
Harman International Industries, Inc. 
    1,298       56,022  
Jarden Corp. 
    1,377       44,105  
Leggett & Platt, Inc. 
    1,995       43,691  
Lennar Corp. — Class A
    3,047       50,397  
Mohawk Industries, Inc.*
    936       49,280  
Newell Rubbermaid, Inc. 
    3,413       50,512  
NVR, Inc.*
    67       43,064  
Pulte Homes, Inc.*
    10,041       52,012  
Tempur-Pedic International, Inc.*
    707       48,119  
Toll Brothers, Inc.*
    2,792       48,693  
Tupperware Brands Corp. 
    724       40,935  
Whirlpool Corp. 
    784       39,835  
                 
Total Household Durables
    661,016  
         
Household Products 1.0%
Church & Dwight Co., Inc. 
    4,053       179,062  
Clorox Co.(The)
    2,700       180,738  
Energizer Holdings, Inc.*
    2,547       187,943  
                 
Total Household Products
    547,743  
         
Independent Power Producers & Energy Traders 1.0%
AES Corp.(The)*
    10,249       114,994  
Calpine Corp.*
    7,075       107,328  
Constellation Energy Group, Inc. 
    2,714       107,746  
GenOn Energy, Inc.*
    35,641       108,705  
NRG Energy, Inc.*
    4,813       103,094  
                 
Total Independent Power Producers & Energy Traders
    541,867  
         
Industrial Conglomerates 0.1%
Carlisle Cos., Inc. 
    1,529       63,790  
                 
Total Industrial Conglomerates
    63,790  
         
Insurance 2.9%
Alleghany Corp.*
    117       37,126  
Allied World Assurance Co. Holdings Ltd. 
    629       36,545  
American Financial Group, Inc. 
    1,064       38,123  
American National Insurance Co. 
    481       34,372  
Aon Corp. 
    814       37,949  
Arch Capital Group Ltd.*
    1,045       37,589  
Arthur J. Gallagher & Co. 
    1,236       38,192  
Aspen Insurance Holdings Ltd. 
    1,478       39,152  
Assurant, Inc. 
    933       35,958  
Assured Guaranty Ltd. 
    2,983       38,003  
Axis Capital Holdings Ltd. 
    1,292       40,504  
Brown & Brown, Inc. 
    1,816       40,097  
Cincinnati Financial Corp. 
    1,264       36,580  
CNA Financial Corp. 
    1,472       39,155  
Endurance Specialty Holdings Ltd. 
    976       36,307  
Erie Indemnity Co. — Class A
    474       37,422  
Everest Re Group Ltd. 
    424       38,126  
Fidelity National Financial, Inc. — Class A
    2,193       33,860  
Genworth Financial, Inc. — Class A*
    5,983       38,172  
Hanover Insurance Group, Inc.(The)
    944       36,023  
Hartford Financial Services Group, Inc. 
    2,026       39,000  
HCC Insurance Holdings, Inc. 
    1,201       31,959  
Kemper Corp. 
    1,355       36,436  
Lincoln National Corp. 
    2,005       38,195  
Markel Corp.*
    93       35,945  
 
See Notes to Financial Statements.


 

76

 
RYDEX RUSSELL MIDCAP® EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (continued) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (continued)
                 
Marsh & McLennan Cos., Inc. 
    1,226       $37,540  
MBIA, Inc.*
    4,435       39,028  
Mercury General Corp. 
    875       37,887  
Old Republic International Corp. 
    3,656       32,319  
PartnerRe Ltd. 
    627       39,012  
Principal Financial Group, Inc. 
    1,401       36,118  
Progressive Corp.(The)
    1,886       35,853  
Protective Life Corp. 
    2,071       38,521  
Reinsurance Group of America, Inc. 
    699       36,509  
RenaissanceRe Holdings Ltd. 
    525       35,763  
StanCorp Financial Group, Inc. 
    1,224       41,543  
Torchmark Corp. 
    945       38,679  
Transatlantic Holdings, Inc. 
    693       36,064  
Unum Group
    1,552       37,000  
Validus Holdings Ltd. 
    1,335       36,526  
W.R. Berkley Corp. 
    1,140       39,683  
White Mountains Insurance Group Ltd. 
    84       35,280  
XL Group PLC
    1,720       37,393  
                 
Total Insurance
    1,601,508  
         
Internet & Catalog Retail 0.2%
Expedia, Inc. 
    1,445       37,946  
Liberty Interactive Corp. — Series A*
    2,608       42,849  
Netflix, Inc.*
    327       26,840  
                 
Total Internet & Catalog Retail
    107,635  
         
Internet Software & Services 1.2%
Akamai Technologies, Inc.*
    2,768       74,570  
AOL, Inc.*
    4,888       69,018  
Equinix, Inc.*
    665       63,847  
IAC/InterActiveCorp*
    1,510       61,653  
LinkedIn Corp. — Class A*
    761       68,414  
Monster Worldwide, Inc.*
    6,181       57,051  
Rackspace Hosting, Inc.*
    1,719       71,149  
VeriSign, Inc. 
    2,078       66,683  
VistaPrint NV*
    1,566       54,685  
WebMD Health Corp.*
    2,493       89,623  
                 
Total Internet Software & Services
    676,693  
         
IT Services 2.0%
Alliance Data Systems Corp.*
    352       36,059  
Amdocs Ltd.*
    2,213       66,434  
Booz Allen Hamilton Holding Corp.*
    3,497       55,288  
Broadridge Financial Solutions, Inc. 
    1,622       36,090  
Computer Sciences Corp. 
    2,200       69,212  
CoreLogic, Inc.*
    2,949       35,889  
DST Systems, Inc. 
    1,339       67,204  
Fidelity National Information Services, Inc. 
    1,340       35,081  
Fiserv, Inc.*
    646       38,030  
FleetCor Technologies, Inc.*
    1,240       34,670  
Gartner, Inc.*
    1,682       64,791  
Genpact Ltd.*
    3,314       53,521  
Global Payments, Inc. 
    815       37,425  
Lender Processing Services, Inc. 
    2,231       39,154  
NeuStar, Inc. — Class A*
    2,370       75,342  
Paychex, Inc. 
    1,903       55,454  
SAIC, Inc.*
    4,996       62,100  
Teradata Corp.*
    1,073       64,015  
Total System Services, Inc. 
    1,901       37,811  
VeriFone Systems, Inc.*
    1,606       67,789  
Western Union Co.(The)
    2,099       36,670  
                 
Total IT Services
    1,068,029  
         
Leisure Equipment & Products 0.3%
Hasbro, Inc. 
    1,193       45,405  
Mattel, Inc. 
    1,562       44,111  
Polaris Industries, Inc. 
    782       49,532  
                 
Total Leisure Equipment & Products
    139,048  
         
Life Sciences Tools & Services 1.7%
Agilent Technologies, Inc.*
    1,514       56,124  
Bio-Rad Laboratories, Inc. — Class A*
    794       79,043  
Bruker Corp.*
    5,416       78,153  
Charles River Laboratories International, Inc.*
    2,584       83,411  
Covance, Inc.*
    1,609       81,625  
Illumina, Inc.*
    1,785       54,657  
Life Technologies Corp.*
    2,005       81,543  
Mettler-Toledo International, Inc.*
    344       52,838  
PerkinElmer, Inc. 
    3,816       78,877  
Pharmaceutical Product Development, Inc. 
    2,949       97,287  
QIAGEN NV*
    5,352       73,750  
Techne Corp. 
    1,081       74,373  
Waters Corp.*
    638       51,117  
                 
Total Life Sciences Tools & Services
    942,798  
         
Machinery 3.7%
AGCO Corp.*
    1,307       57,286  
CNH Global NV*
    1,789       66,515  
Crane Co. 
    1,354       59,725  
Donaldson Co., Inc. 
    892       57,133  
Dover Corp. 
    1,042       57,862  
Eaton Corp. 
    1,368       61,314  
Flowserve Corp. 
    628       58,209  
Gardner Denver, Inc. 
    745       57,611  
Graco, Inc. 
    1,411       60,588  
Harsco Corp. 
    2,440       56,242  
IDEX Corp. 
    1,528       54,168  
Ingersoll-Rand PLC
    1,553       48,345  
ITT Corp. 
    1,164       53,078  
Joy Global, Inc. 
    730       63,656  
Kennametal, Inc. 
    1,464       56,935  
Lincoln Electric Holdings, Inc. 
    1,617       58,859  
Manitowoc Co., Inc.(The)
    6,531       72,363  
Navistar International Corp.*
    1,418       59,655  
Nordson Corp. 
    1,207       55,969  
Oshkosh Corp.*
    2,937       61,266  
Pall Corp. 
    1,149       58,794  
Parker Hannifin Corp. 
    778       63,446  
Pentair, Inc. 
    1,526       54,860  
Snap-on, Inc. 
    883       47,391  
SPX Corp. 
    1,019       55,648  
Stanley Black & Decker, Inc. 
    785       50,122  
Terex Corp.*
    4,273       71,103  
Timken Co. 
    2,621       110,397  
Toro Co.(The)
    984       53,175  
Trinity Industries, Inc. 
    2,146       58,521  
Valmont Industries, Inc. 
    1,031       88,408  
WABCO Holdings, Inc.*
    988       49,607  
Wabtec Corp. 
    895       60,126  
                 
Total Machinery
    1,998,377  
         
Marine 0.2%
Alexander & Baldwin, Inc. 
    1,324       54,959  
Kirby Corp.*
    919       56,555  
                 
Total Marine
    111,514  
         
 
See Notes to Financial Statements.


 

ANNUAL REPORT      77

 
RYDEX RUSSELL MIDCAP® EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (continued) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (continued)
                 
Media 1.8%
AMC Networks, Inc. — Class A*
    1,227       $40,025  
Cablevision Systems Corp. — Class A
    2,329       33,701  
Charter Communications, Inc. — Class A*
    835       38,360  
Clear Channel Outdoor Holdings, Inc. — Class A*
    3,956       43,516  
Discovery Communications, Inc. — Class A*
    1,000       43,460  
DISH Network Corp. — Class A*
    1,497       36,182  
DreamWorks Animation SKG, Inc. — Class A*
    2,147       39,827  
Gannett Co., Inc. 
    4,271       49,928  
Interpublic Group of Cos., Inc.(The)
    5,281       50,064  
John Wiley & Sons, Inc. — Class A
    912       43,375  
Lamar Advertising Co. — Class A*
    2,236       50,288  
Liberty Global, Inc. — Class A*
    1,098       44,118  
Liberty Media Corp. — Liberty Capital — Series A*
    592       45,477  
Liberty Media Corp. — Liberty Starz — Series A — Tracking Stock*
    618       42,209  
Madison Square Garden, Inc.(The) — Class A*
    1,774       46,887  
McGraw-Hill Cos., Inc.(The)
    957       40,672  
Morningstar, Inc. 
    584       34,438  
Omnicom Group, Inc. 
    1,067       47,460  
Regal Entertainment Group — Class A
    3,284       47,421  
Scripps Networks Interactive, Inc. — Class A
    1,035       43,967  
Sirius XM Radio, Inc.*
    24,716       44,242  
Virgin Media, Inc. 
    1,669       40,690  
Washington Post Co.(The) — Class B
    131       44,561  
                 
Total Media
    990,868  
         
Metals & Mining 2.9%
AK Steel Holding Corp. 
    12,137       101,101  
Allegheny Technologies, Inc. 
    2,118       98,275  
Allied Nevada Gold Corp.*
    2,428       92,216  
Carpenter Technology Corp. 
    1,774       100,621  
Cliffs Natural Resources, Inc. 
    1,450       98,919  
Commercial Metals Co. 
    8,384       104,213  
Compass Minerals International, Inc. 
    1,245       94,707  
Molycorp, Inc.*
    2,328       89,093  
Nucor Corp. 
    2,634       99,513  
Reliance Steel & Aluminum Co. 
    2,355       104,068  
Royal Gold, Inc. 
    1,277       91,408  
Schnitzer Steel Industries, Inc. — Class A
    2,243       104,972  
Steel Dynamics, Inc. 
    8,061       100,682  
Titanium Metals Corp. 
    5,591       93,649  
United States Steel Corp. 
    3,689       93,553  
Walter Energy, Inc. 
    1,559       117,938  
                 
Total Metals & Mining
    1,584,928  
         
Multi-Utilities 3.4%
Alliant Energy Corp. 
    2,673       109,005  
Ameren Corp. 
    3,439       109,635  
CenterPoint Energy, Inc. 
    5,430       113,161  
CMS Energy Corp. 
    5,219       108,660  
Consolidated Edison, Inc. 
    1,845       106,770  
DTE Energy Co. 
    2,115       110,213  
Integrys Energy Group, Inc. 
    2,122       112,275  
MDU Resources Group, Inc. 
    5,312       109,480  
NiSource, Inc. 
    4,839       106,894  
NSTAR
    2,298       103,617  
OGE Energy Corp. 
    2,190       113,311  
SCANA Corp. 
    2,575       108,871  
Sempra Energy
    2,048       110,039  
TECO Energy, Inc. 
    6,016       111,717  
Vectren Corp. 
    3,817       108,326  
Wisconsin Energy Corp. 
    3,346       108,511  
Xcel Energy, Inc. 
    4,206       108,725  
                 
Total Multi-Utilities
    1,859,210  
         
Multiline Retail 0.8%
Big Lots, Inc.*
    1,176       44,323  
Dillard’s, Inc. — Class A
    881       45,398  
Dollar General Corp.*
    1,119       44,379  
Dollar Tree, Inc.*
    552       44,138  
Family Dollar Stores, Inc. 
    771       45,204  
J.C. Penney Co., Inc. 
    1,520       48,762  
Macy’s, Inc. 
    1,537       46,925  
Nordstrom, Inc. 
    882       44,708  
Sears Holdings Corp.*
    727       56,837  
                 
Total Multiline Retail
    420,674  
         
Office Electronics 0.2%
Xerox Corp. 
    6,711       54,896  
Zebra Technologies Corp. — Class A*
    1,630       58,256  
                 
Total Office Electronics
    113,152  
         
Oil, Gas & Consumable Fuels 7.9%
Alpha Natural Resources, Inc.*
    5,005       120,320  
Arch Coal, Inc. 
    6,426       117,082  
Brigham Exploration Co.*
    3,945       143,657  
Cabot Oil & Gas Corp. 
    1,605       124,741  
Cimarex Energy Co. 
    1,773       113,472  
Cobalt International Energy, Inc.*
    12,174       125,636  
Concho Resources, Inc.*
    1,352       128,061  
Consol Energy, Inc. 
    2,804       119,899  
Continental Resources, Inc.*
    2,041       123,787  
Denbury Resources, Inc.*
    8,332       130,812  
El Paso Corp. 
    5,891       147,334  
Energen Corp. 
    2,346       115,095  
EQT Corp. 
    1,829       116,142  
EXCO Resources, Inc. 
    8,643       108,988  
Forest Oil Corp.*
    6,696       78,075  
HollyFrontier Corp. 
    3,803       116,714  
Kosmos Energy Ltd.*
    8,411       130,371  
Murphy Oil Corp. 
    2,288       126,687  
Newfield Exploration Co.*
    2,452       98,718  
Noble Energy, Inc. 
    1,424       127,220  
Peabody Energy Corp. 
    2,740       118,834  
Pioneer Natural Resources Co. 
    1,478       124,004  
Plains Exploration & Production Co.*
    4,265       134,347  
QEP Resources, Inc. 
    3,597       127,873  
Quicksilver Resources, Inc.*
    12,430       95,711  
Range Resources Corp. 
    1,678       115,514  
SandRidge Energy, Inc.*
    16,395       125,586  
SM Energy Co. 
    1,536       127,350  
Southern Union Co. 
    2,546       107,008  
Spectra Energy Corp. 
    4,189       119,931  
Sunoco, Inc. 
    3,165       117,833  
Teekay Corp. 
    2,069       53,297  
Tesoro Corp.*
    5,180       134,369  
Ultra Petroleum Corp.*
    3,434       109,407  
Valero Energy Corp. 
    5,541       136,309  
Whiting Petroleum Corp.*
    2,757       128,338  
                 
Total Oil, Gas & Consumable Fuels
    4,288,522  
         
 
See Notes to Financial Statements.


 

78

 
RYDEX RUSSELL MIDCAP® EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (continued) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (continued)
                 
Paper & Forest Products 0.5%
Domtar Corp. 
    1,168       $95,671  
International Paper Co. 
    3,369       93,321  
MeadWestvaco Corp. 
    3,346       93,387  
                 
Total Paper & Forest Products
    282,379  
         
Personal Products 0.4%
Avon Products, Inc. 
    2,042       37,328  
Herbalife Ltd. 
    3,128       195,062  
                 
Total Personal Products
    232,390  
         
Pharmaceuticals 1.0%
Endo Pharmaceuticals Holdings, Inc.*
    2,628       84,911  
Forest Laboratories, Inc.*
    2,440       76,372  
Hospira, Inc.*
    1,984       62,397  
Mylan, Inc.*
    4,117       80,570  
Perrigo Co. 
    779       70,328  
Warner Chilcott PLC — Class A*
    4,835       87,610  
Watson Pharmaceuticals, Inc.*
    1,057       70,988  
                 
Total Pharmaceuticals
    533,176  
         
Professional Services 0.6%
Dun & Bradstreet Corp.(The)
    525       35,101  
Equifax, Inc. 
    1,050       36,907  
Manpower, Inc. 
    1,434       61,863  
Nielsen Holdings NV*
    1,525       44,759  
Robert Half International, Inc. 
    2,366       62,533  
Towers Watson & Co. — Class A
    848       55,714  
Verisk Analytics, Inc. — Class A*
    1,473       51,776  
                 
Total Professional Services
    348,653  
         
Real Estate Investment Trusts (REITs) 2.8%
Alexandria Real Estate Equities, Inc. 
    542       35,821  
American Capital Agency Corp. 
    1,225       33,700  
Annaly Capital Management, Inc. 
    1,940       32,689  
Apartment Investment & Management Co. — Class A
    1,431       35,303  
AvalonBay Communities, Inc. 
    279       37,300  
Boston Properties, Inc. 
    360       35,636  
Brandywine Realty Trust
    4,089       37,251  
BRE Properties, Inc. 
    770       38,592  
Camden Property Trust
    592       35,899  
Chimera Investment Corp. 
    11,189       33,679  
CommonWealth
    1,754       33,940  
Corporate Office Properties Trust
    1,423       34,508  
DDR Corp. 
    3,063       39,237  
Digital Realty Trust, Inc. 
    605       37,710  
Douglas Emmett, Inc. 
    1,891       36,875  
Duke Realty Corp. 
    3,091       37,957  
Equity Residential
    628       36,851  
Essex Property Trust, Inc. 
    271       38,688  
Federal Realty Investment Trust
    398       35,326  
General Growth Properties, Inc. 
    2,621       38,529  
HCP, Inc. 
    933       37,180  
Health Care REIT, Inc. 
    692       36,461  
Hospitality Properties Trust
    1,472       35,372  
Host Hotels & Resorts, Inc. 
    2,932       41,840  
Kimco Realty Corp. 
    2,122       37,071  
Liberty Property Trust
    1,098       35,136  
Macerich Co.(The)
    736       36,623  
Mack-Cali Realty Corp. 
    1,198       33,616  
Piedmont Office Realty Trust, Inc. — Class A
    2,021       34,317  
Plum Creek Timber Co., Inc. 
    947       35,664  
ProLogis, Inc. 
    1,278       38,033  
Rayonier, Inc. 
    881       36,764  
Realty Income Corp. 
    988       33,009  
Regency Centers Corp. 
    915       37,478  
Senior Housing Properties Trust
    1,490       33,436  
SL Green Realty Corp. 
    530       36,565  
Taubman Centers, Inc. 
    632       38,697  
UDR, Inc. 
    1,446       36,049  
Ventas, Inc. 
    660       36,703  
Vornado Realty Trust
    425       35,194  
Weingarten Realty Investors
    1,492       34,629  
Weyerhaeuser Co. 
    2,032       36,535  
                 
Total Real Estate Investment Trusts (REITs)
    1,521,863  
         
Real Estate Management & Development 0.4%
CBRE Group, Inc.*
    2,408       42,814  
Forest City Enterprises, Inc. — Class A*
    2,939       40,206  
Howard Hughes Corp.(The)*
    766       36,753  
Jones Lang LaSalle, Inc. 
    593       38,320  
St Joe Co.(The)*
    2,147       30,809  
                 
Total Real Estate Management & Development
    188,902  
         
Road & Rail 0.6%
Con-way, Inc. 
    2,093       61,681  
Hertz Global Holdings, Inc.*
    4,397       51,005  
JB Hunt Transport Services, Inc. 
    1,327       56,145  
Kansas City Southern*
    985       62,223  
Landstar System, Inc. 
    1,253       55,921  
Ryder System, Inc. 
    1,253       63,828  
                 
Total Road & Rail
    350,803  
         
Semiconductors & Semiconductor Equipment 3.8%
Advanced Micro Devices, Inc.*
    9,445       55,064  
Altera Corp. 
    1,712       64,919  
Analog Devices, Inc. 
    1,824       66,704  
Atmel Corp.*
    6,466       68,281  
Avago Technologies Ltd. 
    1,777       60,009  
Cree, Inc.*
    2,104       56,051  
Cypress Semiconductor Corp.*
    3,568       68,184  
Fairchild Semiconductor International, Inc.*
    5,066       75,838  
First Solar, Inc.*
    1,472       73,261  
Freescale Semiconductor Holdings I Ltd.*
    4,850       63,972  
International Rectifier Corp.*
    3,005       72,991  
Intersil Corp. — Class A
    5,548       66,410  
KLA-Tencor Corp. 
    1,531       72,095  
Lam Research Corp.*
    1,568       67,408  
Linear Technology Corp. 
    2,076       67,076  
LSI Corp.*
    10,642       66,513  
Marvell Technology Group Ltd.*
    4,025       56,310  
Maxim Integrated Products, Inc. 
    2,503       65,478  
MEMC Electronic Materials, Inc.*
    10,496       62,871  
Microchip Technology, Inc. 
    1,847       66,788  
Micron Technology, Inc.*
    9,488       53,038  
Novellus Systems, Inc.*
    2,095       72,382  
NVIDIA Corp.*
    4,429       65,549  
ON Semiconductor Corp.*
    7,879       59,644  
PMC — Sierra, Inc.*
    9,578       60,725  
Silicon Laboratories, Inc.*
    1,719       73,487  
Skyworks Solutions, Inc.*
    2,978       58,994  
SunPower Corp. — Class A*
    11,453       114,759  
Teradyne, Inc.*
    5,217       74,707  
Varian Semiconductor Equipment Associates, Inc.*
    1,001       62,833  
Xilinx, Inc. 
    2,098       70,199  
                 
Total Semiconductors & Semiconductor Equipment
    2,082,540  
         
 
See Notes to Financial Statements.


 

ANNUAL REPORT      79

 
RYDEX RUSSELL MIDCAP® EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (concluded) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (concluded)
                 
Software 2.5%
Activision Blizzard, Inc. 
    5,033       $67,392  
ANSYS, Inc.*
    1,175       63,873  
Ariba, Inc.*
    2,060       65,261  
Autodesk, Inc.*
    2,080       71,968  
BMC Software, Inc.*
    1,533       53,287  
CA, Inc. 
    2,981       64,568  
Cadence Design Systems, Inc.*
    6,235       69,021  
Citrix Systems, Inc.*
    1,058       77,054  
Compuware Corp.*
    7,448       62,936  
Electronic Arts, Inc.*
    2,796       65,287  
Factset Research Systems, Inc. 
    359       35,692  
Fortinet, Inc.*
    3,533       81,471  
Informatica Corp.*
    1,430       65,065  
Intuit, Inc. 
    1,257       67,463  
MICROS Systems, Inc.*
    1,303       64,134  
Nuance Communications, Inc.*
    2,933       77,666  
Red Hat, Inc.*
    1,371       68,070  
Rovi Corp.*
    1,345       66,631  
Solera Holdings, Inc. 
    1,174       64,136  
Synopsys, Inc.*
    2,039       54,665  
TIBCO Software, Inc.*
    2,654       76,674  
                 
Total Software
    1,382,314  
         
Specialty Retail 2.4%
Aaron’s, Inc. 
    1,602       42,870  
Abercrombie & Fitch Co. — Class A
    625       46,500  
Advance Auto Parts, Inc. 
    693       45,094  
American Eagle Outfitters, Inc. 
    3,388       44,484  
AutoNation, Inc.*
    1,227       47,779  
AutoZone, Inc.*
    128       41,420  
Bed Bath & Beyond, Inc.*
    703       43,474  
Best Buy Co., Inc. 
    1,692       44,381  
CarMax, Inc.*
    1,635       49,148  
Chico’s FAS, Inc. 
    3,341       41,295  
Dick’s Sporting Goods, Inc.*
    1,125       43,976  
DSW, Inc. — Class A
    875       45,798  
Foot Locker, Inc. 
    1,877       41,031  
GameStop Corp. — Class A*
    1,749       44,722  
Gap, Inc.(The)
    2,424       45,814  
Guess?, Inc. 
    1,372       45,262  
Limited Brands, Inc. 
    1,009       43,094  
O’Reilly Automotive, Inc.*
    609       46,314  
PetSmart, Inc. 
    944       44,321  
RadioShack Corp. 
    3,308       39,398  
Ross Stores, Inc. 
    519       45,532  
Sally Beauty Holdings, Inc.*
    2,454       47,092  
Signet Jewelers Ltd. 
    1,184       51,042  
Staples, Inc. 
    3,049       45,613  
Tiffany & Co. 
    590       47,041  
Tractor Supply Co. 
    620       43,983  
Ulta Salon Cosmetics & Fragrance, Inc.*
    597       40,172  
Urban Outfitters, Inc.*
    1,752       47,742  
Williams-Sonoma, Inc. 
    1,250       46,925  
                 
Total Specialty Retail
    1,301,317  
         
Textiles, Apparel & Luxury Goods 0.6%
Deckers Outdoor Corp.*
    416       47,940  
Fossil, Inc.*
    429       44,470  
Hanesbrands, Inc.*
    1,594       42,034  
PVH Corp. 
    639       47,548  
Ralph Lauren Corp. 
    281       44,620  
Under Armour, Inc. — Class A*
    553       46,679  
V.F. Corp. 
    321       44,368  
                 
Total Textiles, Apparel & Luxury Goods
    317,659  
         
Thrifts & Mortgage Finance 0.5%
BankUnited, Inc. 
    1,578       34,385  
Capitol Federal Financial, Inc. 
    3,158       35,022  
First Niagara Financial Group, Inc. 
    3,471       31,898  
Hudson City Bancorp, Inc. 
    5,828       36,425  
New York Community Bancorp, Inc. 
    2,725       36,270  
People’s United Financial, Inc. 
    2,847       36,299  
TFS Financial Corp.*
    4,129       38,028  
Washington Federal, Inc. 
    2,430       33,170  
                 
Total Thrifts & Mortgage Finance
    281,497  
         
Tobacco 0.3%
Lorillard, Inc. 
    1,649       182,478  
                 
Total Tobacco
    182,478  
         
Trading Companies & Distributors 0.7%
Air Lease Corp.*
    2,404       53,681  
Fastenal Co. 
    2,506       95,454  
GATX Corp. 
    1,524       57,882  
MSC Industrial Direct Co. — Class A
    876       59,577  
W.W. Grainger, Inc. 
    317       54,305  
WESCO International, Inc.*
    1,312       63,579  
                 
Total Trading Companies & Distributors
    384,478  
         
Water Utilities 0.4%
American Water Works Co., Inc. 
    3,424       104,535  
Aqua America, Inc. 
    4,866       107,976  
                 
Total Water Utilities
    212,511  
         
Wireless Telecommunication Services 1.1%
Clearwire Corp. — Class A*
    42,279       81,176  
Crown Castle International Corp.*
    1,450       59,972  
MetroPCS Communications, Inc.*
    11,086       94,231  
NII Holdings, Inc.*
    3,439       80,920  
SBA Communications Corp. — Class A*
    1,694       64,524  
Telephone & Data Systems, Inc. 
    4,786       110,939  
United States Cellular Corp.*
    2,570       102,466  
                 
Total Wireless Telecommunication Services
    594,228  
         
Total Common Stocks
(Cost $54,743,797)
    54,452,630  
         
 
SHORT TERM INVESTMENTS 0.1%
SSgA Government Money Market Fund
    45,454       45,454  
                 
Total Short Term Investments
(Cost $45,454)
    45,454  
         
Total Investments 100.0%(a)
(Cost $54,789,251)
    54,498,084  
         
Other Assets in Excess of Liabilities—0.0%(b)
    9,494  
         
Net Assets—100.0%
    $54,507,578  
 
 
 
* Non-Income Producing Security.
 
(a) Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs.
 
(b) Amount represents less than 0.05% of net assets.
 
REIT—Real Estate Investment Trust
 
Tracking Stock—A security issued by a parent company that tracks the performance of a particular division.
 
See Notes to Financial Statements.


 

80

 
RYDEX RUSSELL 1000® EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS 99.9%
Aerospace & Defense 1.5%
Alliant Techsystems, Inc. 
    466       $27,065  
BE Aerospace, Inc.*
    742       27,996  
Boeing Co.(The)
    411       27,040  
Exelis, Inc.*
    1,175       13,277  
General Dynamics Corp. 
    445       28,565  
Goodrich Corp. 
    216       26,488  
Honeywell International, Inc. 
    575       30,130  
Huntington Ingalls Industries, Inc.*
    966       28,497  
L-3 Communications Holdings, Inc. 
    410       27,790  
Lockheed Martin Corp. 
    351       26,641  
Northrop Grumman Corp. 
    486       28,066  
Precision Castparts Corp. 
    279       45,519  
Raytheon Co. 
    640       28,282  
Rockwell Collins, Inc. 
    486       27,133  
Spirit Aerosystems Holdings, Inc. — Class A*
    1,579       26,953  
Textron, Inc. 
    1,390       26,994  
TransDigm Group, Inc.*
    302       28,364  
United Technologies Corp. 
    352       27,449  
                 
Total Aerospace & Defense
    502,249  
         
Air Freight & Logistics 0.4%
C.H. Robinson Worldwide, Inc. 
    378       26,244  
Expeditors International of Washington, Inc. 
    617       28,135  
FedEx Corp. 
    370       30,277  
United Parcel Service, Inc. — Class B
    404       28,377  
UTi Worldwide, Inc. 
    1,842       26,912  
                 
Total Air Freight & Logistics
    139,945  
         
Airlines 0.4%
AMR Corp.*
    7,931       20,858  
Copa Holdings SA — Class A
    410       28,319  
Delta Air Lines, Inc.*
    3,193       27,204  
Southwest Airlines Co. 
    3,051       26,086  
United Continental Holdings, Inc.*
    1,274       24,614  
                 
Total Airlines
    127,081  
         
Auto Components 0.7%
Autoliv, Inc. 
    422       24,379  
BorgWarner, Inc.*
    349       26,695  
Federal-Mogul Corp.*
    1,401       23,621  
Gentex Corp. 
    853       25,692  
Goodyear Tire & Rubber Co.(The)*
    2,046       29,381  
Johnson Controls, Inc. 
    768       25,290  
Lear Corp. 
    500       23,455  
TRW Automotive Holdings Corp.*
    619       26,060  
Visteon Corp.*
    476       26,475  
                 
Total Auto Components
    231,048  
         
Automobiles 0.4%
Ford Motor Co.*
    2,131       24,890  
General Motors Co.*
    1,016       26,264  
Harley-Davidson, Inc. 
    596       23,184  
Tesla Motors, Inc.*
    821       24,113  
Thor Industries, Inc. 
    1,006       26,599  
                 
Total Automobiles
    125,050  
         
Beverages 1.9%
Beam, Inc. 
    374       18,487  
Brown-Forman Corp. — Class B
    1,064       79,513  
Coca-Cola Co.(The)
    1,081       73,854  
Coca-Cola Enterprises, Inc. 
    2,917       78,234  
Constellation Brands, Inc. — Class A*
    4,115       83,205  
Dr Pepper Snapple Group, Inc. 
    2,023       75,761  
Hansen Natural Corp.*
    834       74,301  
Molson Coors Brewing Co. — Class B
    1,846       78,159  
PepsiCo, Inc. 
    1,207       75,981  
                 
Total Beverages
    637,495  
         
Biotechnology 1.5%
Alexion Pharmaceuticals, Inc.*
    528       35,645  
Amgen, Inc. 
    623       35,679  
Amylin Pharmaceuticals, Inc.*
    3,535       40,723  
Biogen Idec, Inc.*
    367       42,704  
BioMarin Pharmaceutical, Inc.*
    1,147       39,124  
Celgene Corp.*
    552       35,786  
Dendreon Corp.*
    3,584       39,209  
Gilead Sciences, Inc.*
    882       36,744  
Human Genome Sciences, Inc.*
    2,480       25,445  
Myriad Genetics, Inc.*
    1,868       39,751  
Pharmasset, Inc.*
    441       31,047  
Regeneron Pharmaceuticals, Inc.*
    558       30,858  
United Therapeutics Corp.*
    903       39,488  
Vertex Pharmaceuticals, Inc.*
    743       29,415  
                 
Total Biotechnology
    501,618  
         
Building Products 0.7%
Armstrong World Industries, Inc. 
    1,253       53,365  
Fortune Brands Home & Security, Inc.*
    374       5,434  
Lennox International, Inc. 
    1,562       50,281  
Masco Corp. 
    6,307       60,547  
Owens Corning*
    1,983       56,278  
                 
Total Building Products
    225,905  
         
Capital Markets 1.5%
Affiliated Managers Group, Inc.*
    204       18,892  
American Capital Ltd.*
    2,324       18,057  
Ameriprise Financial, Inc. 
    425       19,839  
Ares Capital Corp. 
    1,298       20,080  
Bank of New York Mellon Corp.(The)
    920       19,578  
BlackRock, Inc. 
    110       17,357  
Charles Schwab Corp.(The)
    1,525       18,727  
E*Trade Financial Corp.*
    1,782       19,335  
Eaton Vance Corp. 
    787       20,690  
Federated Investors, Inc. — Class B
    950       18,563  
Franklin Resources, Inc. 
    174       18,554  
Goldman Sachs Group, Inc.(The)
    177       19,390  
Greenhill & Co., Inc. 
    585       22,101  
Invesco Ltd. 
    1,072       21,515  
Janus Capital Group, Inc. 
    2,677       17,561  
Jefferies Group, Inc. 
    1,325       17,570  
Lazard Ltd. — Class A
    727       19,876  
Legg Mason, Inc. 
    646       17,765  
LPL Investment Holdings, Inc.*
    679       19,698  
Morgan Stanley
    1,183       20,868  
Northern Trust Corp. 
    498       20,154  
Raymond James Financial, Inc. 
    642       19,498  
SEI Investments Co. 
    1,105       17,890  
State Street Corp. 
    528       21,326  
T. Rowe Price Group, Inc. 
    356       18,811  
TD Ameritrade Holding Corp. 
    1,169       19,616  
Waddell & Reed Financial, Inc. — Class A
    645       17,886  
                 
Total Capital Markets
    521,197  
         
Chemicals 4.7%
Air Products & Chemicals, Inc. 
    573       49,358  
Airgas, Inc. 
    699       48,196  
Albemarle Corp. 
    1,057       56,327  
Ashland, Inc. 
    986       52,219  
 
See Notes to Financial Statements.


 

ANNUAL REPORT      81

 
RYDEX RUSSELL 1000® EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (continued) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (continued)
                 
Cabot Corp. 
    1,737       $52,423  
Celanese Corp. — Series A
    1,183       51,520  
CF Industries Holdings, Inc. 
    302       49,006  
Cytec Industries, Inc. 
    1,275       56,954  
Dow Chemical Co.(The)
    1,820       50,742  
Du Pont (E.I.) de Nemours & Co. 
    1,101       52,925  
Eastman Chemical Co. 
    1,298       50,998  
Ecolab, Inc. 
    909       48,941  
FMC Corp. 
    621       48,991  
Huntsman Corp. 
    4,468       52,454  
International Flavors & Fragrances, Inc. 
    789       47,782  
Intrepid Potash, Inc.*
    1,605       44,667  
Kronos Worldwide, Inc. 
    2,504       55,564  
LyondellBasell Industries NV — Class A
    1,576       51,787  
Monsanto Co. 
    705       51,289  
Mosaic Co.(The)
    771       45,150  
Nalco Holding Co. 
    725       27,340  
PPG Industries, Inc. 
    622       53,747  
Praxair, Inc. 
    483       49,107  
Rockwood Holdings, Inc.*
    1,108       51,012  
RPM International, Inc. 
    2,463       55,344  
Scotts Miracle-Gro Co.(The) — Class A
    1,028       49,868  
Sherwin-Williams Co.(The)
    612       50,618  
Sigma-Aldrich Corp. 
    719       47,080  
Solutia, Inc.*
    3,345       54,356  
Valspar Corp. 
    1,435       50,038  
Westlake Chemical Corp. 
    1,209       49,823  
WR Grace & Co.*
    1,270       53,073  
                 
Total Chemicals
    1,608,699  
         
Commercial Banks 1.7%
Associated Banc-Corp. 
    1,885       21,018  
Bank of Hawaii Corp. 
    476       20,101  
BB&T Corp. 
    806       18,812  
BOK Financial Corp. 
    374       19,530  
CapitalSource, Inc. 
    2,701       17,178  
CIT Group, Inc.*
    547       19,063  
City National Corp. 
    442       18,750  
Comerica, Inc. 
    754       19,265  
Commerce Bancshares, Inc. 
    499       19,361  
Cullen/Frost Bankers, Inc. 
    373       18,292  
East West Bancorp, Inc. 
    1,151       22,410  
Fifth Third Bancorp
    1,693       20,333  
First Citizens BancShares Inc. — Class A
    112       18,262  
First Horizon National Corp. 
    2,797       19,551  
First Republic Bank/San Franciso*
    725       20,082  
Fulton Financial Corp. 
    2,137       20,173  
Huntington Bancshares, Inc. 
    3,570       18,493  
KeyCorp
    2,940       20,756  
M&T Bank Corp. 
    243       18,495  
PNC Financial Services Group, Inc. 
    356       19,121  
Popular, Inc.*
    11,482       21,357  
Regions Financial Corp. 
    4,900       19,257  
SunTrust Banks, Inc. 
    946       18,665  
Synovus Financial Corp. 
    15,651       23,476  
TCF Financial Corp. 
    1,842       19,599  
US Bancorp
    732       18,732  
Valley National Bancorp
    1,626       19,512  
Wells Fargo & Co. 
    707       18,318  
Zions Bancorp
    1,129       19,599  
                 
Total Commercial Banks
    567,561  
         
Commercial Services & Supplies 1.0%
Avery Dennison Corp. 
    987       26,254  
Cintas Corp. 
    905       27,051  
Copart, Inc.*
    661       28,787  
Corrections Corp. of America*
    1,116       24,809  
Covanta Holding Corp. 
    1,669       24,468  
Iron Mountain, Inc. 
    797       24,651  
KAR Auction Services, Inc.*
    1,675       23,031  
Pitney Bowes, Inc. 
    1,311       26,718  
R.R. Donnelley & Sons Co. 
    1,789       29,161  
Republic Services, Inc. 
    905       25,756  
Stericycle, Inc.*
    309       25,826  
Waste Connections, Inc. 
    769       26,184  
Waste Management, Inc. 
    795       26,179  
                 
Total Commercial Services & Supplies
    338,875  
         
Communications Equipment 1.4%
Acme Packet, Inc.*
    642       23,247  
Brocade Communications Systems, Inc.*
    6,931       30,358  
Ciena Corp.*
    2,460       32,423  
Cisco Systems, Inc. 
    1,884       34,910  
EchoStar Corp. — Class A*
    1,294       34,110  
F5 Networks, Inc.*
    390       40,540  
Harris Corp. 
    820       30,955  
JDS Uniphase Corp.*
    2,619       31,428  
Juniper Networks, Inc.*
    1,517       37,121  
Motorola Mobility Holdings, Inc.*
    794       30,871  
Motorola Solutions, Inc. 
    708       33,212  
Polycom, Inc.*
    1,566       25,886  
QUALCOMM, Inc. 
    586       30,238  
Riverbed Technology, Inc.*
    1,400       38,612  
Tellabs, Inc. 
    6,731       29,145  
                 
Total Communications Equipment
    483,056  
         
Computers & Peripherals 1.0%
Apple, Inc.*
    73       29,549  
Dell, Inc.*
    1,995       31,541  
Diebold, Inc. 
    1,047       33,797  
EMC Corp.*
    1,402       34,363  
Hewlett-Packard Co. 
    1,280       34,061  
Lexmark International, Inc. — Class A*
    900       28,530  
NCR Corp.*
    1,677       31,930  
NetApp, Inc.*
    838       34,325  
QLogic Corp.*
    2,159       30,161  
SanDisk Corp.*
    701       35,520  
Western Digital Corp.*
    1,077       28,691  
                 
Total Computers & Peripherals
    352,468  
         
Construction & Engineering 0.7%
Aecom Technology Corp.*
    1,413       29,560  
Chicago Bridge & Iron Co. NV
    842       30,800  
Fluor Corp. 
    503       28,595  
Jacobs Engineering Group, Inc.*
    747       28,984  
KBR, Inc. 
    1,005       28,049  
Quanta Services, Inc.*
    1,339       27,972  
Shaw Group, Inc.(The)*
    1,206       28,052  
URS Corp.*
    841       30,024  
                 
Total Construction & Engineering
    232,036  
         
Construction Materials 0.3%
Martin Marietta Materials, Inc. 
    706       50,952  
Vulcan Materials Co. 
    1,541       48,218  
                 
Total Construction Materials
    99,170  
         
 
See Notes to Financial Statements.


 

82

 
RYDEX RUSSELL 1000® EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (continued) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (continued)
                 
Consumer Finance 0.3%
American Express Co. 
    375       $18,982  
Capital One Financial Corp. 
    417       19,040  
Discover Financial Services
    710       16,728  
Green Dot Corp. — Class A*
    552       18,034  
SLM Corp. 
    1,379       18,851  
                 
Total Consumer Finance
    91,635  
         
Containers & Packaging 1.7%
AptarGroup, Inc. 
    975       46,771  
Ball Corp. 
    1,448       50,057  
Bemis Co., Inc. 
    1,517       42,643  
Crown Holdings, Inc.*
    1,480       50,009  
Greif, Inc. — Class A
    1,030       46,123  
Owens-Illinois, Inc.*
    2,721       54,638  
Packaging Corp. of America
    1,826       47,622  
Rock-Tenn Co. — Class A
    895       52,975  
Sealed Air Corp. 
    2,574       45,817  
Silgan Holdings, Inc. 
    1,272       47,751  
Sonoco Products Co. 
    1,564       49,094  
Temple-Inland, Inc. 
    1,481       47,111  
                 
Total Containers & Packaging
    580,611  
         
Distributors 0.1%
Genuine Parts Co. 
    417       23,948  
LKQ Corp.*
    863       25,183  
                 
Total Distributors
    49,131  
         
Diversified Consumer Services 0.6%
Apollo Group, Inc. — Class A*
    509       24,101  
Career Education Corp.*
    1,492       24,066  
DeVry, Inc. 
    544       20,498  
Education Management Corp.*
    1,409       27,983  
H&R Block, Inc. 
    1,562       23,883  
ITT Educational Services, Inc.*
    330       20,447  
Service Corp. International
    2,205       22,050  
Weight Watchers International, Inc. 
    368       27,460  
                 
Total Diversified Consumer Services
    190,488  
         
Diversified Financial Services 0.7%
Bank of America Corp. 
    2,728       18,632  
CBOE Holdings, Inc. 
    653       17,063  
Citigroup, Inc. 
    657       20,755  
CME Group, Inc. — Class A
    69       19,014  
Interactive Brokers Group, Inc. — Class A
    1,207       18,564  
IntercontinentalExchange, Inc.*
    140       18,183  
JPMorgan Chase & Co. 
    558       19,396  
Leucadia National Corp. 
    745       19,988  
Moody’s Corp. 
    564       20,016  
MSCI, Inc. — Class A*
    550       18,365  
Nasdaq OMX Group, Inc.(The)*
    705       17,660  
NYSE Euronext
    688       18,280  
                 
Total Diversified Financial Services
    225,916  
         
Diversified Telecommunication Services 1.1%
AT&T, Inc. 
    1,843       54,018  
CenturyTel, Inc. 
    1,554       54,794  
Frontier Communications Corp. 
    8,354       52,296  
Level 3 Communications, Inc.*
    2,183       58,264  
tw telecom, Inc.*
    3,085       57,073  
Verizon Communications, Inc. 
    1,431       52,918  
Windstream Corp. 
    4,267       51,930  
                 
Total Diversified Telecommunication Services
    381,293  
         
Electric Utilities 3.0%
American Electric Power Co., Inc. 
    1,391       54,639  
DPL, Inc. 
    1,757       53,325  
Duke Energy Corp. 
    2,655       54,215  
Edison International
    1,400       56,840  
Entergy Corp. 
    791       54,713  
Exelon Corp. 
    1,231       54,644  
FirstEnergy Corp. 
    1,170       52,603  
Great Plains Energy, Inc. 
    2,617       54,277  
Hawaiian Electric Industries, Inc. 
    2,161       54,738  
ITC Holdings Corp. 
    699       50,803  
NextEra Energy, Inc. 
    968       54,595  
Northeast Utilities
    1,532       52,961  
NV Energy, Inc. 
    3,599       57,728  
Pepco Holdings, Inc. 
    2,790       55,242  
Pinnacle West Capital Corp. 
    1,228       55,972  
PPL Corp. 
    1,827       53,659  
Progress Energy, Inc. 
    1,019       53,090  
Southern Co. 
    1,249       53,957  
Westar Energy, Inc. 
    1,979       53,948  
                 
Total Electric Utilities
    1,031,949  
         
Electrical Equipment 1.0%
AMETEK, Inc. 
    733       28,968  
Babcock & Wilcox Co.(The)*
    1,223       26,894  
Cooper Industries PLC
    528       27,699  
Emerson Electric Co. 
    591       28,439  
General Cable Corp.*
    1,072       30,059  
GrafTech International, Ltd.*
    1,824       28,655  
Hubbell, Inc. — Class B
    498       29,775  
Polypore International, Inc.*
    756       39,652  
Regal-Beloit Corp. 
    509       27,043  
Rockwell Automation, Inc. 
    446       30,172  
Roper Industries, Inc. 
    360       29,196  
Thomas & Betts Corp.*
    620       30,808  
                 
Total Electrical Equipment
    357,360  
         
Electronic Equipment, Instruments & Components 1.5%
Amphenol Corp. — Class A
    685       32,531  
Arrow Electronics, Inc.*
    1,004       36,194  
Avnet, Inc.*
    1,098       33,280  
AVX Corp. 
    2,501       33,538  
Corning, Inc. 
    2,368       33,839  
Dolby Laboratories, Inc. — Class A*
    1,019       29,796  
FLIR Systems, Inc. 
    970       25,511  
Ingram Micro, Inc. — Class A*
    1,788       31,969  
IPG Photonics Corp.*
    545       28,809  
Itron, Inc.*
    749       27,556  
Jabil Circuit, Inc. 
    1,739       35,754  
Molex, Inc. 
    1,371       33,850  
National Instruments Corp. 
    1,084       28,954  
Tech Data Corp.*
    660       32,459  
Trimble Navigation, Ltd.*
    718       29,014  
Vishay Intertechnology, Inc.*
    3,259       35,034  
                 
Total Electronic Equipment, Instruments & Components
    508,088  
         
Energy Equipment & Services 3.6%
Atwood Oceanics, Inc.*
    1,405       60,050  
Baker Hughes, Inc. 
    952       55,206  
Cameron International Corp.*
    1,055       51,843  
CARBO Ceramics, Inc. 
    378       51,351  
Core Laboratories NV
    481       52,073  
Diamond Offshore Drilling, Inc. 
    837       54,857  
Dresser-Rand Group, Inc.*
    1,084       52,466  
 
See Notes to Financial Statements.


 

ANNUAL REPORT      83

 
RYDEX RUSSELL 1000® EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (continued) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (continued)
                 
FMC Technologies, Inc.*
    1,213       $54,367  
Halliburton Co. 
    1,427       53,313  
Helmerich & Payne, Inc. 
    1,080       57,434  
IHS, Inc. — Class A*
    336       28,221  
McDermott International, Inc.*
    2,112       23,190  
Nabors Industries Ltd.*
    3,467       63,550  
National-Oilwell Varco, Inc. 
    864       61,629  
Oceaneering International, Inc. 
    1,283       53,668  
Oil States International, Inc.*
    879       61,187  
Patterson-UTI Energy, Inc. 
    2,631       53,462  
Rowan Cos., Inc.*
    1,460       50,355  
RPC, Inc. 
    2,610       48,468  
Schlumberger Ltd. 
    773       56,792  
SEACOR Holdings, Inc. 
    581       49,472  
Superior Energy Services, Inc.*
    1,629       45,807  
Tidewater, Inc. 
    583       28,701  
Unit Corp.*
    1,228       60,246  
                 
Total Energy Equipment & Services
    1,227,708  
         
Food & Staples Retailing 1.8%
Costco Wholesale Corp. 
    257       21,395  
CVS Caremark Corp. 
    2,171       78,807  
Kroger Co.(The)
    3,430       79,508  
Safeway, Inc. 
    4,456       86,313  
SUPERVALU, Inc. 
    10,814       86,728  
Sysco Corp. 
    2,839       78,697  
Wal-Mart Stores, Inc. 
    416       23,596  
Walgreen Co. 
    2,226       73,903  
Whole Foods Market, Inc. 
    1,060       76,447  
                 
Total Food & Staples Retailing
    605,394  
         
Food Products 4.7%
Archer-Daniels-Midland Co. 
    2,921       84,534  
Bunge Ltd. 
    1,251       77,274  
Campbell Soup Co. 
    2,326       77,340  
ConAgra Foods, Inc. 
    3,084       78,118  
Corn Products International, Inc. 
    1,833       88,900  
Dean Foods Co.*
    8,186       79,568  
Flowers Foods, Inc. 
    3,896       78,660  
General Mills, Inc. 
    1,909       73,554  
Green Mountain Coffee Roasters, Inc.*
    718       46,684  
H.J. Heinz Co. 
    1,455       77,755  
Hershey Co.(The)
    1,255       71,824  
Hormel Foods Corp. 
    2,719       80,129  
J.M. Smucker Co.(The)
    1,004       77,328  
Kellogg Co. 
    1,388       75,243  
Kraft Foods, Inc. — Class A
    2,154       75,778  
McCormick & Co., Inc. 
    1,579       76,676  
Mead Johnson Nutrition Co. 
    1,009       72,497  
Ralcorp Holdings, Inc.*
    990       80,032  
Sara Lee Corp. 
    4,310       76,718  
Smithfield Foods, Inc.*
    4,004       91,531  
Tyson Foods, Inc. — Class A
    4,352       83,994  
                 
Total Food Products
    1,624,137  
         
Gas Utilities 1.0%
AGL Resources, Inc. 
    1,305       54,732  
Atmos Energy Corp. 
    1,649       56,594  
National Fuel Gas Co. 
    991       60,738  
Oneok, Inc. 
    783       59,547  
Questar Corp. 
    2,907       56,018  
UGI Corp. 
    1,930       55,333  
                 
Total Gas Utilities
    342,962  
         
Health Care Equipment & Supplies 2.6%
Alere, Inc.*
    1,613       42,035  
Baxter International, Inc. 
    635       34,912  
Becton, Dickinson and Co. 
    464       36,299  
Boston Scientific Corp.*
    5,810       34,221  
C.R. Bard, Inc. 
    396       34,036  
CareFusion Corp.*
    1,452       37,171  
Cooper Cos., Inc.(The)
    440       30,492  
Covidien PLC
    760       35,750  
DENTSPLY International, Inc. 
    1,093       40,397  
Edwards Lifesciences Corp.*
    456       34,392  
Gen-Probe, Inc.*
    582       34,978  
Hill-Rom Holdings, Inc. 
    1,128       37,980  
Hologic, Inc.*
    2,156       34,755  
IDEXX Laboratories, Inc.*
    480       34,555  
Intuitive Surgical, Inc.*
    90       39,048  
Kinetic Concepts, Inc.*
    533       36,452  
Medtronic, Inc. 
    1,034       35,921  
ResMed, Inc.*
    1,201       33,988  
Sirona Dental Systems, Inc.*
    820       39,278  
St Jude Medical, Inc. 
    906       35,334  
Stryker Corp. 
    721       34,543  
Teleflex, Inc. 
    641       38,370  
Thoratec Corp.*
    1,058       38,628  
Varian Medical Systems, Inc.*
    653       38,344  
Zimmer Holdings, Inc.*
    629       33,104  
                 
Total Health Care Equipment & Supplies
    904,983  
         
Health Care Providers & Services 3.3%
Aetna, Inc. 
    903       35,903  
AMERIGROUP Corp.*
    821       45,672  
AmerisourceBergen Corp. 
    903       36,842  
Brookdale Senior Living, Inc.*
    2,588       42,909  
Cardinal Health, Inc. 
    805       35,637  
Catalyst Health Solutions, Inc.*
    586       32,213  
CIGNA Corp. 
    797       35,339  
Community Health Systems, Inc.*
    2,050       35,834  
Coventry Health Care, Inc.*
    1,179       37,504  
DaVita, Inc.*
    492       34,440  
Express Scripts, Inc.*
    893       40,837  
HCA Holdings, Inc.*
    1,783       41,811  
Health Management Associates, Inc. — Class A*
    5,005       43,844  
Health Net, Inc.*
    1,401       38,934  
Henry Schein, Inc.*
    543       37,641  
Humana, Inc. 
    444       37,691  
Laboratory Corp. of America Holdings*
    419       35,133  
LifePoint Hospitals, Inc.*
    963       37,230  
Lincare Holdings, Inc. 
    1,604       37,774  
McKesson Corp. 
    463       37,758  
Medco Health Solutions, Inc.*
    720       39,499  
Mednax, Inc.*
    543       35,729  
Omnicare, Inc. 
    1,318       39,303  
Patterson Cos., Inc. 
    1,189       37,418  
Quest Diagnostics, Inc. 
    703       39,227  
Tenet Healthcare Corp.*
    8,244       38,994  
UnitedHealth Group, Inc. 
    717       34,409  
Universal Health Services, Inc. — Class B
    985       39,371  
VCA Antech, Inc.*
    2,089       42,449  
WellPoint, Inc. 
    528       36,379  
                 
Total Health Care Providers & Services
    1,143,724  
         
Health Care Technology 0.3%
Allscripts Healthcare Solutions, Inc.*
    1,832       35,083  
Cerner Corp.*
    485       30,763  
 
See Notes to Financial Statements.


 

84

 
RYDEX RUSSELL 1000® EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (continued) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (continued)
                 
Emdeon, Inc. — Class A*
    1,242       $23,561  
SXC Health Solutions Corp.*
    615       28,794  
                 
Total Health Care Technology
    118,201  
         
Hotels, Restaurants & Leisure 1.5%
Bally Technologies, Inc.*
    766       27,783  
Brinker International, Inc. 
    966       22,121  
Carnival Corp. 
    667       23,485  
Chipotle Mexican Grill, Inc.*
    67       22,520  
Choice Hotels International, Inc. 
    706       25,268  
Darden Restaurants, Inc. 
    460       22,025  
Hyatt Hotels Corp. — Class A*
    662       24,620  
International Game Technology
    1,462       25,716  
Las Vegas Sands Corp.*
    483       22,677  
Marriott International, Inc. — Class A
    756       23,814  
McDonald’s Corp. 
    241       22,377  
MGM Resorts International*
    2,021       23,282  
Panera Bread Co. — Class A*
    191       25,535  
Penn National Gaming, Inc.*
    599       21,564  
Royal Caribbean Cruises Ltd. 
    940       27,937  
Starbucks Corp. 
    543       22,991  
Starwood Hotels & Resorts Worldwide, Inc. 
    511       25,606  
Wendy’s Co.(The)
    4,306       21,788  
WMS Industries, Inc.*
    1,140       24,977  
Wyndham Worldwide Corp. 
    700       23,569  
Wynn Resorts Ltd. 
    154       20,451  
Yum! Brands, Inc. 
    402       21,535  
                 
Total Hotels, Restaurants & Leisure
    521,641  
         
Household Durables 1.0%
DR Horton, Inc. 
    2,294       25,532  
Garmin Ltd. 
    675       23,213  
Harman International Industries, Inc. 
    668       28,831  
Jarden Corp. 
    709       22,709  
Leggett & Platt, Inc. 
    1,031       22,579  
Lennar Corp. — Class A
    1,576       26,067  
Mohawk Industries, Inc.*
    483       25,430  
Newell Rubbermaid, Inc. 
    1,761       26,063  
NVR, Inc.*
    37       23,782  
Pulte Homes, Inc.*
    5,185       26,858  
Tempur-Pedic International, Inc.*
    367       24,978  
Toll Brothers, Inc.*
    1,444       25,183  
Tupperware Brands Corp. 
    374       21,146  
Whirlpool Corp. 
    403       20,477  
                 
Total Household Durables
    342,848  
         
Household Products 1.3%
Church & Dwight Co., Inc. 
    1,676       74,046  
Clorox Co.(The)
    1,118       74,839  
Colgate-Palmolive Co. 
    828       74,826  
Energizer Holdings, Inc.*
    1,054       77,775  
Kimberly-Clark Corp. 
    1,057       73,683  
Procter & Gamble Co.(The)
    1,189       76,084  
                 
Total Household Products
    451,253  
         
Independent Power Producers & Energy Traders 0.8%
AES Corp.(The)*
    5,183       58,153  
Calpine Corp.*
    3,579       54,293  
Constellation Energy Group, Inc. 
    1,370       54,389  
GenOn Energy, Inc.*
    18,014       54,943  
NRG Energy, Inc.*
    2,435       52,158  
                 
Total Independent Power Producers & Energy Traders
    273,936  
         
Industrial Conglomerates 0.4%
3M Co. 
    343       27,104  
Carlisle Cos., Inc. 
    785       32,750  
Danaher Corp. 
    589       28,478  
General Electric Co. 
    1,650       27,572  
Tyco International Ltd. 
    618       28,150  
                 
Total Industrial Conglomerates
    144,054  
         
Insurance 3.1%
ACE Ltd. 
    290       20,923  
AFLAC, Inc. 
    511       23,041  
Alleghany Corp.*
    65       20,626  
Allied World Assurance Co. Holdings Ltd. 
    331       19,231  
Allstate Corp.(The)
    745       19,623  
American Financial Group, Inc. 
    564       20,208  
American International Group, Inc.*
    754       18,616  
American National Insurance Co. 
    261       18,651  
Aon Corp. 
    431       20,093  
Arch Capital Group Ltd.*
    550       19,784  
Arthur J. Gallagher & Co. 
    653       20,178  
Aspen Insurance Holdings Ltd. 
    783       20,742  
Assurant, Inc. 
    489       18,846  
Assured Guaranty Ltd. 
    1,570       20,002  
Axis Capital Holdings Ltd. 
    681       21,349  
Berkshire Hathaway, Inc. — Class B*
    245       19,076  
Brown & Brown, Inc. 
    959       21,175  
Chubb Corp.(The)
    293       19,646  
Cincinnati Financial Corp. 
    664       19,216  
CNA Financial Corp. 
    774       20,588  
Endurance Specialty Holdings Ltd. 
    512       19,046  
Erie Indemnity Co. — Class A
    248       19,580  
Everest Re Group Ltd. 
    223       20,052  
Fidelity National Financial, Inc. — Class A
    1,157       17,864  
Genworth Financial, Inc. — Class A*
    3,150       20,097  
Hanover Insurance Group, Inc.(The)
    499       19,042  
Hartford Financial Services Group, Inc. 
    1,070       20,597  
HCC Insurance Holdings, Inc. 
    635       16,897  
Kemper Corp. 
    711       19,119  
Lincoln National Corp. 
    1,057       20,136  
Loews Corp. 
    495       19,652  
Markel Corp.*
    49       18,939  
Marsh & McLennan Cos., Inc. 
    650       19,903  
MBIA, Inc.*
    2,335       20,548  
Mercury General Corp. 
    461       19,961  
MetLife, Inc. 
    607       21,342  
Old Republic International Corp. 
    1,928       17,044  
PartnerRe Ltd. 
    330       20,533  
Principal Financial Group, Inc. 
    740       19,077  
Progressive Corp.(The)
    993       18,877  
Protective Life Corp. 
    1,093       20,330  
Prudential Financial, Inc. 
    376       20,379  
Reinsurance Group of America, Inc. 
    369       19,273  
RenaissanceRe Holdings Ltd. 
    284       19,346  
StanCorp Financial Group, Inc. 
    643       21,823  
Torchmark Corp. 
    499       20,424  
Transatlantic Holdings, Inc. 
    367       19,099  
Travelers Cos., Inc.(The)
    357       20,831  
Unum Group
    817       19,477  
Validus Holdings Ltd. 
    704       19,261  
W.R. Berkley Corp. 
    599       20,851  
White Mountains Insurance Group Ltd. 
    47       19,740  
XL Group PLC
    905       19,675  
                 
Total Insurance
    1,050,429  
         
 
See Notes to Financial Statements.


 

ANNUAL REPORT      85

 
RYDEX RUSSELL 1000® EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (continued) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (continued)
                 
Internet & Catalog Retail 0.3%
Amazon.com, Inc.*
    94       $20,070  
Expedia, Inc. 
    747       19,616  
Liberty Interactive Corp. — Series A*
    1,345       22,098  
Netflix, Inc.*
    170       13,954  
priceline.com, Inc.*
    47       23,863  
                 
Total Internet & Catalog Retail
    99,601  
         
Internet Software & Services 1.2%
Akamai Technologies, Inc.*
    1,365       36,773  
AOL, Inc.*
    2,413       34,072  
eBay, Inc.*
    662       21,071  
Equinix, Inc.*
    328       31,491  
Google, Inc. — Class A*
    58       34,373  
IAC/InterActiveCorp*
    746       30,459  
LinkedIn Corp. — Class A*
    375       33,713  
Monster Worldwide, Inc.*
    3,165       29,213  
Rackspace Hosting, Inc.*
    855       35,388  
VeriSign, Inc. 
    1,031       33,085  
VistaPrint NV*
    810       28,285  
WebMD Health Corp.*
    1,160       41,702  
Yahoo!, Inc.*
    2,082       32,563  
                 
Total Internet Software & Services
    422,188  
         
IT Services 2.0%
Accenture PLC — Class A
    485       29,226  
Alliance Data Systems Corp.*
    183       18,747  
Amdocs Ltd.*
    1,094       32,842  
Automatic Data Processing, Inc. 
    543       28,415  
Booz Allen Hamilton Holding Corp.*
    1,788       28,268  
Broadridge Financial Solutions, Inc. 
    859       19,113  
Cognizant Technology Solutions Corp. — Class A*
    456       33,174  
Computer Sciences Corp. 
    1,083       34,071  
CoreLogic, Inc.*
    1,556       18,937  
DST Systems, Inc. 
    660       33,125  
Fidelity National Information Services, Inc. 
    706       18,483  
Fiserv, Inc.*
    338       19,898  
FleetCor Technologies, Inc.*
    658       18,398  
Gartner, Inc.*
    831       32,010  
Genpact Ltd.*
    1,696       27,390  
Global Payments, Inc. 
    431       19,792  
International Business Machines Corp. 
    171       31,572  
Lender Processing Services, Inc. 
    1,173       20,586  
Mastercard, Inc. — Class A
    50       17,362  
NeuStar, Inc. — Class A*
    1,168       37,131  
Paychex, Inc. 
    973       28,353  
SAIC, Inc.*
    2,463       30,615  
Teradata Corp.*
    529       31,560  
Total System Services, Inc. 
    1,004       19,970  
VeriFone Systems, Inc.*
    792       33,430  
Visa, Inc. — Class A
    198       18,465  
Western Union Co.(The)
    1,105       19,304  
                 
Total IT Services
    700,237  
         
Leisure Equipment & Products 0.2%
Hasbro, Inc. 
    616       23,445  
Mattel, Inc. 
    808       22,818  
Polaris Industries, Inc. 
    402       25,463  
                 
Total Leisure Equipment & Products
    71,726  
         
Life Sciences Tools & Services 1.4%
Agilent Technologies, Inc.*
    774       28,692  
Bio-Rad Laboratories, Inc. — Class A*
    370       36,833  
Bruker Corp.*
    2,512       36,248  
Charles River Laboratories International, Inc.*
    1,202       38,801  
Covance, Inc.*
    747       37,895  
Illumina, Inc.*
    830       25,415  
Life Technologies Corp.*
    929       37,782  
Mettler-Toledo International, Inc.*
    180       27,648  
PerkinElmer, Inc. 
    1,774       36,669  
Pharmaceutical Product Development, Inc. 
    1,368       45,130  
QIAGEN NV*
    2,484       34,230  
Techne Corp. 
    503       34,606  
Thermo Fisher Scientific, Inc.*
    681       34,234  
Waters Corp.*
    324       25,959  
                 
Total Life Sciences Tools & Services
    480,142  
         
Machinery 3.5%
AGCO Corp.*
    667       29,235  
Caterpillar, Inc. 
    334       31,550  
CNH Global NV*
    918       34,131  
Crane Co. 
    695       30,656  
Cummins, Inc. 
    284       28,238  
Deere & Co. 
    370       28,083  
Donaldson Co., Inc. 
    458       29,335  
Dover Corp. 
    532       29,542  
Eaton Corp. 
    702       31,464  
Flowserve Corp. 
    323       29,939  
Gardner Denver, Inc. 
    377       29,153  
Graco, Inc. 
    724       31,089  
Harsco Corp. 
    1,250       28,812  
IDEX Corp. 
    784       27,793  
Illinois Tool Works, Inc. 
    577       28,060  
Ingersoll-Rand PLC
    794       24,717  
ITT Corp. 
    494       22,526  
Joy Global, Inc. 
    374       32,613  
Kennametal, Inc. 
    747       29,051  
Lincoln Electric Holdings, Inc. 
    830       30,212  
Manitowoc Co., Inc.(The)
    3,343       37,040  
Navistar International Corp.*
    726       30,543  
Nordson Corp. 
    618       28,657  
Oshkosh Corp.*
    1,502       31,332  
PACCAR, Inc. 
    720       31,133  
Pall Corp. 
    590       30,190  
Parker Hannifin Corp. 
    398       32,457  
Pentair, Inc. 
    783       28,149  
Snap-on, Inc. 
    457       24,527  
SPX Corp. 
    523       28,561  
Stanley Black & Decker, Inc. 
    403       25,732  
Terex Corp.*
    2,185       36,358  
Timken Co. 
    1,385       58,336  
Toro Co.(The)
    502       27,128  
Trinity Industries, Inc. 
    1,099       29,970  
Valmont Industries, Inc. 
    546       46,819  
WABCO Holdings, Inc.*
    509       25,557  
Wabtec Corp. 
    457       30,701  
Xylem, Inc.*
    1,175       31,419  
                 
Total Machinery
    1,200,808  
         
Marine 0.2%
Alexander & Baldwin, Inc. 
    679       28,185  
Kirby Corp.*
    468       28,801  
                 
Total Marine
    56,986  
         
 
See Notes to Financial Statements.


 

86

 
RYDEX RUSSELL 1000® EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (continued) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (continued)
                 
Media 2.1%
AMC Networks, Inc. — Class A*
    635       $20,714  
Cablevision Systems Corp. — Class A
    1,204       17,422  
CBS Corp. — Class B
    971       25,062  
Charter Communications, Inc. — Class A*
    439       20,168  
Clear Channel Outdoor Holdings, Inc. — Class A*
    2,043       22,473  
Comcast Corp. — Class A
    967       22,676  
DIRECTV — Class A*
    487       22,139  
Discovery Communications, Inc. — Class A*
    514       22,338  
DISH Network Corp. — Class A*
    772       18,659  
DreamWorks Animation SKG, Inc. — Class A*
    1,107       20,535  
Gannett Co., Inc. 
    2,203       25,753  
Interpublic Group of Cos., Inc.(The)
    2,726       25,842  
John Wiley & Sons, Inc. — Class A
    468       22,258  
Lamar Advertising Co. — Class A*
    1,157       26,021  
Liberty Global, Inc. — Class A*
    569       22,862  
Liberty Media Corp. — Liberty Capital — Series A*
    306       23,507  
Liberty Media Corp. — Liberty Starz — Series A — Tracking Stock*
    321       21,924  
Madison Square Garden, Inc.(The) — Class A*
    920       24,316  
McGraw-Hill Cos., Inc.(The)
    492       20,910  
Morningstar, Inc. 
    308       18,163  
News Corp. — Class A
    1,311       22,969  
Omnicom Group, Inc. 
    551       24,508  
Regal Entertainment Group — Class A
    1,695       24,476  
Scripps Networks Interactive, Inc. — Class A
    530       22,514  
Sirius XM Radio, Inc.*
    12,759       22,839  
Thomson Reuters Corp. 
    622       18,455  
Time Warner Cable, Inc. 
    327       20,827  
Time Warner, Inc. 
    681       23,828  
Viacom, Inc. — Class B
    519       22,758  
Virgin Media, Inc. 
    861       20,991  
Walt Disney Co.(The)
    690       24,067  
Washington Post Co.(The) — Class B
    67       22,791  
                 
Total Media
    714,765  
         
Metals & Mining 3.0%
AK Steel Holding Corp. 
    6,413       53,420  
Alcoa, Inc. 
    4,441       47,785  
Allegheny Technologies, Inc. 
    1,119       51,922  
Allied Nevada Gold Corp.*
    1,281       48,652  
Carpenter Technology Corp. 
    939       53,260  
Cliffs Natural Resources, Inc. 
    767       52,325  
Commercial Metals Co. 
    4,426       55,015  
Compass Minerals International, Inc. 
    658       50,054  
Freeport-McMoRan Copper & Gold, Inc. 
    1,338       53,868  
Molycorp, Inc.*
    1,230       47,072  
Newmont Mining Corp. 
    732       48,920  
Nucor Corp. 
    1,390       52,514  
Reliance Steel & Aluminum Co. 
    1,246       55,061  
Royal Gold, Inc. 
    676       48,388  
Schnitzer Steel Industries, Inc. — Class A
    1,185       55,458  
Southern Copper Corp. 
    1,657       50,837  
Steel Dynamics, Inc. 
    4,260       53,208  
Titanium Metals Corp. 
    2,951       49,429  
United States Steel Corp. 
    1,951       49,477  
Walter Energy, Inc. 
    722       54,619  
                 
Total Metals & Mining
    1,031,284  
         
Multi-Utilities 3.2%
Alliant Energy Corp. 
    1,349       55,012  
Ameren Corp. 
    1,738       55,407  
CenterPoint Energy, Inc. 
    2,746       57,227  
CMS Energy Corp. 
    2,638       54,923  
Consolidated Edison, Inc. 
    931       53,877  
Dominion Resources, Inc. 
    1,036       53,447  
DTE Energy Co. 
    1,072       55,862  
Integrys Energy Group, Inc. 
    1,074       56,825  
MDU Resources Group, Inc. 
    2,684       55,317  
NiSource, Inc. 
    2,445       54,010  
NSTAR
    1,163       52,440  
OGE Energy Corp. 
    1,105       57,173  
PG&E Corp. 
    1,217       52,209  
Public Service Enterprise Group, Inc. 
    1,547       52,134  
SCANA Corp. 
    1,301       55,006  
Sempra Energy
    1,035       55,611  
TECO Energy, Inc. 
    3,039       56,434  
Vectren Corp. 
    1,931       54,802  
Wisconsin Energy Corp. 
    1,692       54,872  
Xcel Energy, Inc. 
    2,128       55,009  
                 
Total Multi-Utilities
    1,097,597  
         
Multiline Retail 0.8%
Big Lots, Inc.*
    609       22,953  
Dillard’s, Inc. — Class A
    456       23,498  
Dollar General Corp.*
    576       22,844  
Dollar Tree, Inc.*
    285       22,789  
Family Dollar Stores, Inc. 
    398       23,335  
J.C. Penney Co., Inc. 
    787       25,247  
Kohl’s Corp. 
    454       24,067  
Macy’s, Inc. 
    793       24,210  
Nordstrom, Inc. 
    457       23,165  
Sears Holdings Corp.*
    375       29,317  
Target Corp. 
    425       23,269  
                 
Total Multiline Retail
    264,694  
         
Office Electronics 0.2%
Xerox Corp. 
    3,434       28,090  
Zebra Technologies Corp. — Class A*
    835       29,843  
                 
Total Office Electronics
    57,933  
         
Oil, Gas & Consumable Fuels 8.2%
Alpha Natural Resources, Inc.*
    2,310       55,532  
Anadarko Petroleum Corp. 
    687       53,930  
Apache Corp. 
    572       56,988  
Arch Coal, Inc. 
    2,967       54,059  
Brigham Exploration Co.*
    1,822       66,348  
Cabot Oil & Gas Corp. 
    743       57,746  
Chesapeake Energy Corp. 
    1,776       49,941  
Chevron Corp. 
    526       55,256  
Cimarex Energy Co. 
    818       52,352  
Cobalt International Energy, Inc.*
    5,623       58,029  
Concho Resources, Inc.*
    622       58,916  
ConocoPhillips
    762       53,073  
Consol Energy, Inc. 
    1,296       55,417  
Continental Resources, Inc.*
    944       57,254  
Denbury Resources, Inc.*
    3,847       60,398  
Devon Energy Corp. 
    837       54,363  
El Paso Corp. 
    2,722       68,077  
Energen Corp. 
    1,187       58,234  
EOG Resources, Inc. 
    623       55,715  
EQT Corp. 
    842       53,467  
EXCO Resources, Inc. 
    3,988       50,289  
Exxon Mobil Corp. 
    676       52,789  
 
See Notes to Financial Statements.


 

ANNUAL REPORT      87

 
RYDEX RUSSELL 1000® EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (continued) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (continued)
                 
Forest Oil Corp.*
    3,093       $36,064  
Hess Corp. 
    862       53,927  
HollyFrontier Corp. 
    1,756       53,892  
Kinder Morgan, Inc. 
    1,819       52,023  
Kosmos Energy Ltd.*
    3,886       60,233  
Marathon Oil Corp. 
    2,119       55,158  
Marathon Petroleum Corp. 
    1,647       59,127  
Murphy Oil Corp. 
    1,057       58,526  
Newfield Exploration Co.*
    1,129       45,454  
Noble Energy, Inc. 
    655       58,518  
Occidental Petroleum Corp. 
    624       57,995  
Peabody Energy Corp. 
    1,268       54,993  
Pioneer Natural Resources Co. 
    682       57,220  
Plains Exploration & Production Co.*
    1,972       62,118  
QEP Resources, Inc. 
    1,664       59,155  
Quicksilver Resources, Inc.*
    5,739       44,190  
Range Resources Corp. 
    774       53,282  
SandRidge Energy, Inc.*
    7,567       57,963  
SM Energy Co. 
    708       58,700  
Southern Union Co. 
    1,289       54,177  
Southwestern Energy Co.*
    1,359       57,132  
Spectra Energy Corp. 
    1,934       55,370  
Sunoco, Inc. 
    1,459       54,319  
Teekay Corp. 
    1,059       27,280  
Tesoro Corp.*
    2,393       62,074  
Ultra Petroleum Corp.*
    1,585       50,498  
Valero Energy Corp. 
    2,556       62,878  
Whiting Petroleum Corp.*
    1,274       59,305  
Williams Cos., Inc.(The)
    1,893       56,998  
                 
Total Oil, Gas & Consumable Fuels
    2,816,742  
         
Paper & Forest Products 0.4%
Domtar Corp. 
    617       50,539  
International Paper Co. 
    1,780       49,306  
MeadWestvaco Corp. 
    1,765       49,261  
                 
Total Paper & Forest Products
    149,106  
         
Personal Products 0.3%
Avon Products, Inc. 
    1,055       19,286  
Estee Lauder Cos., Inc.(The) — Class A
    222       21,856  
Herbalife Ltd. 
    1,295       80,756  
                 
Total Personal Products
    121,898  
         
Pharmaceuticals 1.5%
Abbott Laboratories
    689       37,116  
Allergan, Inc. 
    418       35,162  
Bristol-Myers Squibb Co. 
    1,130       35,697  
Eli Lilly & Co. 
    950       35,302  
Endo Pharmaceuticals Holdings, Inc.*
    1,217       39,321  
Forest Laboratories, Inc.*
    1,130       35,369  
Hospira, Inc.*
    922       28,997  
Johnson & Johnson, Inc. 
    553       35,608  
Merck & Co., Inc. 
    1,101       37,985  
Mylan, Inc.*
    1,911       37,398  
Perrigo Co. 
    359       32,411  
Pfizer, Inc. 
    1,995       38,424  
Warner Chilcott PLC — Class A*
    2,244       40,661  
Watson Pharmaceuticals, Inc.*
    489       32,841  
                 
Total Pharmaceuticals
    502,292  
         
Professional Services 0.5%
Dun & Bradstreet Corp.(The)
    276       18,453  
Equifax, Inc. 
    553       19,438  
Manpower, Inc. 
    732       31,579  
Nielsen Holdings NV*
    789       23,157  
Robert Half International, Inc. 
    1,211       32,007  
Towers Watson & Co. — Class A
    436       28,645  
Verisk Analytics, Inc. — Class A*
    753       26,468  
                 
Total Professional Services
    179,747  
         
Real Estate Investment Trusts (REITs) 2.5%
Alexandria Real Estate Equities, Inc. 
    286       18,902  
American Capital Agency Corp. 
    643       17,689  
Annaly Capital Management, Inc. 
    1,020       17,187  
Apartment Investment & Management Co. — Class A
    752       18,552  
AvalonBay Communities, Inc. 
    151       20,187  
Boston Properties, Inc. 
    191       18,907  
Brandywine Realty Trust
    2,154       19,623  
BRE Properties, Inc. 
    402       20,148  
Camden Property Trust
    309       18,738  
Chimera Investment Corp. 
    5,894       17,741  
CommonWealth
    924       17,879  
Corporate Office Properties Trust
    749       18,163  
DDR Corp. 
    1,612       20,650  
Digital Realty Trust, Inc. 
    317       19,759  
Douglas Emmett, Inc. 
    998       19,461  
Duke Realty Corp. 
    1,628       19,992  
Equity Residential
    334       19,599  
Essex Property Trust, Inc. 
    142       20,272  
Federal Realty Investment Trust
    212       18,817  
General Growth Properties, Inc. 
    1,382       20,315  
HCP, Inc. 
    490       19,526  
Health Care REIT, Inc. 
    372       19,601  
Hospitality Properties Trust
    774       18,599  
Host Hotels & Resorts, Inc. 
    1,543       22,019  
Kimco Realty Corp. 
    1,119       19,549  
Liberty Property Trust
    577       18,464  
Macerich Co.(The)
    389       19,357  
Mack-Cali Realty Corp. 
    633       17,762  
Piedmont Office Realty Trust, Inc. — Class A
    1,063       18,050  
Plum Creek Timber Co., Inc. 
    503       18,943  
ProLogis, Inc. 
    675       20,088  
Public Storage
    154       19,874  
Rayonier, Inc. 
    467       19,488  
Realty Income Corp. 
    522       17,440  
Regency Centers Corp. 
    483       19,784  
Senior Housing Properties Trust
    787       17,660  
Simon Property Group, Inc. 
    155       19,908  
SL Green Realty Corp. 
    281       19,386  
Taubman Centers, Inc. 
    336       20,573  
UDR, Inc. 
    764       19,046  
Ventas, Inc. 
    349       19,408  
Vornado Realty Trust
    219       18,135  
Weingarten Realty Investors
    788       18,289  
Weyerhaeuser Co. 
    1,072       19,275  
                 
Total Real Estate Investment Trusts (REITs)
    842,805  
         
Real Estate Management & Development 0.3%
CBRE Group, Inc.*
    1,270       22,580  
Forest City Enterprises, Inc. — Class A*
    1,547       21,163  
Howard Hughes Corp.(The)*
    402       19,288  
Jones Lang LaSalle, Inc. 
    311       20,097  
St Joe Co.(The)*
    1,129       16,201  
                 
Total Real Estate Management & Development
    99,329  
         
 
See Notes to Financial Statements.


 

88

 
RYDEX RUSSELL 1000® EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (continued) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (continued)
                 
Road & Rail 0.8%
Con-way, Inc. 
    1,073       $31,621  
CSX Corp. 
    1,326       29,450  
Hertz Global Holdings, Inc.*
    2,269       26,320  
JB Hunt Transport Services, Inc. 
    680       28,771  
Kansas City Southern*
    505       31,901  
Landstar System, Inc. 
    644       28,742  
Norfolk Southern Corp. 
    410       30,336  
Ryder System, Inc. 
    641       32,653  
Union Pacific Corp. 
    305       30,369  
                 
Total Road & Rail
    270,163  
         
Semiconductors & Semiconductor Equipment 3.4%
Advanced Micro Devices, Inc.*
    4,659       27,162  
Altera Corp. 
    842       31,929  
Analog Devices, Inc. 
    901       32,950  
Applied Materials, Inc. 
    2,799       34,484  
Atmel Corp.*
    3,189       33,676  
Avago Technologies Ltd. 
    878       29,650  
Broadcom Corp. — Class A*
    862       31,110  
Cree, Inc.*
    1,037       27,626  
Cypress Semiconductor Corp.*
    1,759       33,614  
Fairchild Semiconductor International, Inc.*
    2,501       37,440  
First Solar, Inc.*
    680       33,844  
Freescale Semiconductor Holdings I Ltd.*
    2,393       31,564  
Intel Corp. 
    1,341       32,908  
International Rectifier Corp.*
    1,480       35,949  
Intersil Corp. — Class A
    2,737       32,762  
KLA-Tencor Corp. 
    753       35,459  
Lam Research Corp.*
    773       33,231  
Linear Technology Corp. 
    1,026       33,150  
LSI Corp.*
    5,250       32,812  
Marvell Technology Group Ltd.*
    1,983       27,742  
Maxim Integrated Products, Inc. 
    1,234       32,281  
MEMC Electronic Materials, Inc.*
    5,174       30,992  
Microchip Technology, Inc. 
    908       32,833  
Micron Technology, Inc.*
    4,680       26,161  
Novellus Systems, Inc.*
    1,033       35,690  
NVIDIA Corp.*
    2,182       32,294  
ON Semiconductor Corp.*
    3,887       29,425  
PMC — Sierra, Inc.*
    4,724       29,950  
Silicon Laboratories, Inc.*
    850       36,337  
Skyworks Solutions, Inc.*
    1,470       29,121  
SunPower Corp. — Class A*
    5,285       52,956  
Teradyne, Inc.*
    2,573       36,845  
Texas Instruments, Inc. 
    1,078       33,127  
Varian Semiconductor Equipment Associates, Inc.*
    491       30,820  
Xilinx, Inc. 
    1,035       34,631  
                 
Total Semiconductors & Semiconductor Equipment
    1,152,525  
         
Software 2.6%
Activision Blizzard, Inc. 
    2,483       33,247  
Adobe Systems, Inc.*
    1,184       34,821  
ANSYS, Inc.*
    577       31,366  
Ariba, Inc.*
    1,015       32,155  
Autodesk, Inc.*
    1,028       35,569  
BMC Software, Inc.*
    754       26,209  
CA, Inc. 
    1,471       31,862  
Cadence Design Systems, Inc.*
    3,076       34,051  
Citrix Systems, Inc.*
    523       38,090  
Compuware Corp.*
    3,673       31,037  
Electronic Arts, Inc.*
    1,381       32,246  
Factset Research Systems, Inc. 
    197       19,586  
Fortinet, Inc.*
    1,741       40,147  
Informatica Corp.*
    705       32,078  
Intuit, Inc. 
    619       33,222  
MICROS Systems, Inc.*
    642       31,599  
Microsoft Corp. 
    1,180       31,423  
Nuance Communications, Inc.*
    1,448       38,343  
Oracle Corp. 
    1,006       32,967  
Red Hat, Inc.*
    678       33,663  
Rovi Corp.*
    663       32,845  
Salesforce.com, Inc.*
    241       32,094  
Solera Holdings, Inc. 
    577       31,522  
Symantec Corp.*
    1,762       29,972  
Synopsys, Inc.*
    1,042       27,936  
TIBCO Software, Inc.*
    1,311       37,875  
VMware, Inc. — Class A*
    350       34,212  
                 
Total Software
    880,137  
         
Specialty Retail 2.2%
Aaron’s, Inc. 
    829       22,184  
Abercrombie & Fitch Co. — Class A
    324       24,105  
Advance Auto Parts, Inc. 
    356       23,165  
American Eagle Outfitters, Inc. 
    1,752       23,004  
AutoNation, Inc.*
    635       24,727  
AutoZone, Inc.*
    66       21,357  
Bed Bath & Beyond, Inc.*
    365       22,572  
Best Buy Co., Inc. 
    875       22,951  
CarMax, Inc.*
    842       25,310  
Chico’s FAS, Inc. 
    1,723       21,296  
Dick’s Sporting Goods, Inc.*
    579       22,633  
DSW, Inc. — Class A
    454       23,762  
Foot Locker, Inc. 
    969       21,182  
GameStop Corp. — Class A*
    905       23,141  
Gap, Inc.(The)
    1,252       23,663  
Guess?, Inc. 
    707       23,324  
Home Depot, Inc. 
    637       22,805  
Limited Brands, Inc. 
    522       22,295  
Lowe’s Cos., Inc. 
    1,059       22,260  
O’Reilly Automotive, Inc.*
    313       23,804  
PetSmart, Inc. 
    487       22,865  
RadioShack Corp. 
    1,709       20,354  
Ross Stores, Inc. 
    267       23,424  
Sally Beauty Holdings, Inc.*
    1,269       24,352  
Signet Jewelers Ltd. 
    613       26,426  
Staples, Inc. 
    1,576       23,577  
Tiffany & Co. 
    305       24,318  
TJX Cos., Inc. 
    374       22,040  
Tractor Supply Co. 
    322       22,843  
Ulta Salon Cosmetics & Fragrance, Inc.*
    308       20,725  
Urban Outfitters, Inc.*
    904       24,634  
Williams-Sonoma, Inc. 
    643       24,138  
                 
Total Specialty Retail
    739,236  
         
Textiles, Apparel & Luxury Goods 0.6%
Coach, Inc. 
    368       23,946  
Deckers Outdoor Corp.*
    216       24,892  
Fossil, Inc.*
    221       22,909  
Hanesbrands, Inc.*
    820       21,623  
NIKE, Inc. — Class B
    239       23,028  
PVH Corp. 
    330       24,555  
Ralph Lauren Corp. 
    146       23,183  
Under Armour, Inc. — Class A*
    286       24,141  
V.F. Corp. 
    167       23,083  
                 
Total Textiles, Apparel & Luxury Goods
    211,360  
         
 
See Notes to Financial Statements.


 

ANNUAL REPORT      89

 
RYDEX RUSSELL 1000® EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (concluded) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (concluded)
                 
Thrifts & Mortgage Finance 0.4%
BankUnited, Inc. 
    833       $18,151  
Capitol Federal Financial, Inc. 
    1,665       18,465  
First Niagara Financial Group, Inc. 
    1,828       16,799  
Hudson City Bancorp, Inc. 
    3,073       19,206  
New York Community Bancorp, Inc. 
    1,434       19,087  
People’s United Financial, Inc. 
    1,499       19,112  
TFS Financial Corp.*
    2,175       20,032  
Washington Federal, Inc. 
    1,280       17,472  
                 
Total Thrifts & Mortgage Finance
    148,324  
         
Tobacco 0.9%
Altria Group, Inc. 
    2,851       78,545  
Lorillard, Inc. 
    682       75,470  
Philip Morris International, Inc. 
    1,164       81,329  
Reynolds American, Inc. 
    2,021       78,172  
                 
Total Tobacco
    313,516  
         
Trading Companies & Distributors 0.6%
Air Lease Corp.*
    1,231       27,488  
Fastenal Co. 
    1,323       50,393  
GATX Corp. 
    784       29,776  
MSC Industrial Direct Co. — Class A
    447       30,401  
W.W. Grainger, Inc. 
    161       27,581  
WESCO International, Inc.*
    674       32,662  
                 
Total Trading Companies & Distributors
    198,301  
         
Water Utilities 0.3%
American Water Works Co., Inc. 
    1,732       52,878  
Aqua America, Inc. 
    2,461       54,610  
                 
Total Water Utilities
    107,488  
         
Wireless Telecommunication Services 1.1%
American Tower Corp. — Class A*
    553       30,470  
Clearwire Corp. — Class A*
    21,372       41,034  
Crown Castle International Corp.*
    717       29,655  
MetroPCS Communications, Inc.*
    5,605       47,643  
NII Holdings, Inc.*
    1,738       40,895  
SBA Communications Corp. — Class A*
    836       31,843  
Sprint Nextel Corp.*
    16,865       43,343  
Telephone & Data Systems, Inc. 
    2,419       56,073  
United States Cellular Corp.*
    1,299       51,791  
                 
Total Wireless Telecommunication Services
    372,747  
         
Total Common Stocks
(Cost $35,774,850)
    34,164,871  
         
 
SHORT TERM INVESTMENTS 0.1%
SSgA Government Money Market Fund
    23,769       23,769  
                 
Total Short Term Investments
(Cost $23,769)
    23,769  
         
Total Investments 100.0%(a)
(Cost $35,798,619)
    34,188,640  
         
Liabilities in Excess of Other Assets—0.0%(b)
    (5,930 )
         
Net Assets—100.0%
    $34,182,710  
 
 
 
* Non-Income Producing Security.
 
(a) Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs.
 
(b) Amount represents less than 0.05% of net assets.
 
REIT—Real Estate Investment Trust
 
Tracking Stock—A security issued by a parent company that tracks the performance of a particular division.
 
See Notes to Financial Statements.


 

90

 
RYDEX RUSSELL 2000® EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS 99.5%
Aerospace & Defense 1.0%
AAR Corp. 
    510       $10,164  
Aerovironment, Inc.*
    308       10,173  
American Science & Engineering, Inc. 
    128       8,707  
Astronics Corp. 
    322       9,789  
Ceradyne, Inc.*
    318       10,640  
Cubic Corp. 
    220       10,366  
Curtiss-Wright Corp. 
    318       10,424  
DigitalGlobe, Inc.*
    401       8,180  
Ducommun, Inc.*
    583       8,319  
Esterline Technologies Corp.*
    162       9,056  
GenCorp, Inc.*
    2,210       10,741  
GeoEye, Inc.*
    292       9,802  
HEICO Corp. 
    179       10,207  
Hexcel Corp.*
    925       22,857  
KEYW Holding Corp.(The)*
    1,070       8,988  
Kratos Defense & Security Solutions, Inc.*
    1,150       7,280  
LMI Aerospace, Inc.*
    510       10,256  
Moog, Inc. — Class A*
    271       10,496  
National Presto Industries, Inc. 
    97       9,264  
Orbital Sciences Corp.*
    685       10,590  
Taser International, Inc.*
    2,012       10,000  
Teledyne Technologies, Inc.*
    181       9,859  
Triumph Group, Inc. 
    174       10,109  
                 
Total Aerospace & Defense
    236,267  
         
Air Freight & Logistics 0.3%
Air Transport Services Group, Inc.*
    1,861       10,310  
Atlas Air Worldwide Holdings, Inc.*
    238       9,168  
Forward Air Corp. 
    332       10,873  
HUB Group, Inc. — Class A*
    319       9,972  
Pacer International, Inc.*
    2,281       10,743  
Park-Ohio Holdings Corp.*
    728       11,779  
                 
Total Air Freight & Logistics
    62,845  
         
Airlines 0.3%
Alaska Air Group, Inc.*
    160       10,645  
Allegiant Travel Co. 
    191       9,924  
Hawaiian Holdings, Inc.*
    2,030       10,860  
JetBlue Airways Corp.*
    2,147       9,619  
Republic Airways Holdings, Inc.*
    3,068       7,977  
SkyWest, Inc. 
    761       10,205  
Spirit Airlines, Inc.*
    745       12,263  
US Airways Group, Inc.*
    1,485       8,568  
                 
Total Airlines
    80,061  
         
Auto Components 0.7%
American Axle & Manufacturing Holdings, Inc.*
    1,010       9,787  
Amerigon, Inc.*
    620       9,511  
Cooper Tire & Rubber Co. 
    771       11,048  
Dana Holding Corp.*
    737       10,421  
Dorman Products, Inc.*
    261       9,947  
Drew Industries, Inc. 
    405       9,732  
Exide Technologies*
    1,892       8,514  
Fuel Systems Solutions, Inc.*
    420       9,803  
Modine Manufacturing Co.*
    924       9,766  
Motorcar Parts of America, Inc.*
    941       9,335  
Spartan Motors, Inc. 
    2,012       9,859  
Standard Motor Products, Inc. 
    605       9,408  
Stoneridge, Inc.*
    1,369       10,774  
Superior Industries International, Inc. 
    506       9,255  
Tenneco, Inc.*
    300       9,816  
Tower International, Inc.*
    779       9,589  
                 
Total Auto Components
    156,565  
         
Automobiles 0.0%(a)
Winnebago Industries, Inc.*
    1,191       9,695  
                 
Total Automobiles
    9,695  
         
Beverages 1.1%
Boston Beer Co., Inc. — Class A*
    656       58,043  
Central European Distribution Corp.*
    7,339       39,631  
Coca-Cola Bottling Co. Consolidated
    883       49,554  
Heckmann Corp.*
    8,783       52,610  
National Beverage Corp. 
    3,075       52,029  
                 
Total Beverages
    251,867  
         
Biotechnology 3.7%
Achillion Pharmaceuticals, Inc.*
    1,702       10,791  
Acorda Therapeutics, Inc.*
    393       8,583  
Affymax, Inc.*
    1,860       9,895  
Alkermes PLC*
    536       9,375  
Allos Therapeutics, Inc.*
    4,451       6,543  
Alnylam Pharmaceuticals, Inc.*
    1,255       10,191  
AMAG Pharmaceuticals, Inc.*
    602       8,494  
Amicus Therapeutics, Inc.*
    2,227       7,327  
Anacor Pharmaceuticals, Inc.*
    1,543       10,446  
Anthera Pharmaceuticals, Inc.*
    1,774       11,336  
Ardea Biosciences, Inc.*
    515       10,254  
Arena Pharmaceuticals, Inc.*
    5,767       8,131  
Ariad Pharmaceuticals, Inc.*
    847       9,851  
Arqule, Inc.*
    1,643       9,546  
Array Biopharma, Inc.*
    3,888       9,370  
Astex Pharmaceuticals, Inc.*
    4,339       8,374  
AVEO Pharmaceuticals, Inc.*
    530       8,512  
AVI BioPharma, Inc.*
    7,673       7,520  
BioCryst Pharmaceuticals, Inc.*
    2,932       9,001  
BioMimetic Therapeutics, Inc.*
    2,420       7,841  
Biosante Pharmaceuticals, Inc.*
    3,396       8,999  
Biospecifics Technologies Corp.*
    514       8,738  
Biotime, Inc.*
    1,825       8,231  
Cell Therapeutics, Inc.*
    7,810       9,997  
Celldex Therapeutics, Inc.*
    3,243       10,410  
Cepheid, Inc.*
    213       7,642  
Chelsea Therapeutics International Ltd.*
    2,160       9,785  
Cleveland Biolabs, Inc.*
    3,195       9,489  
Codexis, Inc.*
    1,739       8,017  
Cubist Pharmaceuticals, Inc.*
    233       8,810  
Curis, Inc.*
    2,603       9,579  
Cytori Therapeutics, Inc.*
    2,612       7,914  
Dusa Pharmaceuticals, Inc.*
    2,315       10,417  
Dyax Corp.*
    5,767       7,785  
Dynavax Technologies Corp.*
    4,339       11,802  
Emergent Biosolutions, Inc.*
    526       9,920  
Enzon Pharmaceuticals, Inc.*
    1,131       8,313  
Exact Sciences Corp.*
    1,212       9,635  
Exelixis, Inc.*
    1,434       11,085  
Genomic Health, Inc.*
    429       9,181  
Geron Corp.*
    3,888       9,137  
GTx, Inc.*
    2,355       10,338  
Halozyme Therapeutics, Inc.*
    1,382       11,650  
Idenix Pharmaceuticals, Inc.*
    1,594       9,564  
Immunogen, Inc.*
    738       10,022  
Immunomedics, Inc.*
    2,426       8,831  
Incyte Corp., Ltd.*
    576       7,932  
Infinity Pharmaceuticals, Inc.*
    1,226       9,281  
 
See Notes to Financial Statements.


 

ANNUAL REPORT      91

 
RYDEX RUSSELL 2000® EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (continued) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (continued)
                 
Inhibitex, Inc.*
    2,963       $11,526  
Insmed, Inc.*
    1,733       6,117  
InterMune, Inc.*
    378       9,639  
Ironwood Pharmaceuticals, Inc.*
    745       10,132  
Isis Pharmaceuticals, Inc.*
    1,176       9,749  
Keryx Biopharmaceuticals, Inc.*
    2,686       8,407  
Lexicon Pharmaceuticals, Inc.*
    8,423       10,192  
Ligand Pharmaceuticals, Inc. — Class B
    584       8,585  
MannKind Corp.*
    2,279       7,110  
Maxygen, Inc. 
    1,567       9,245  
Medivation, Inc. 
    475       8,161  
Metabolix, Inc.*
    1,873       9,608  
Micromet, Inc.*
    1,719       11,294  
Momenta Pharmaceuticals, Inc.*
    718       10,626  
Nabi Biopharmaceuticals*
    4,826       8,880  
Neurocrine Biosciences, Inc.*
    1,430       8,952  
Novavax, Inc.*
    5,579       8,815  
NPS Pharmaceuticals, Inc.*
    1,302       6,731  
Nymox Pharmaceutical Corp.*
    1,030       9,507  
OncoGenex Pharmaceutical, Inc.*
    850       9,860  
Oncothyreon, Inc.*
    1,304       9,076  
Onyx Pharmaceuticals, Inc.*
    278       11,379  
Opko Health, Inc.*
    1,855       9,980  
Orexigen Therapeutics, Inc.*
    4,318       9,456  
Osiris Therapeutics, Inc.*
    1,627       8,721  
PDL BioPharma, Inc. 
    1,479       8,978  
Peregrine Pharmaceuticals, Inc.*
    7,602       7,982  
Pharmacyclics, Inc.*
    697       9,179  
PharmAthene, Inc.*
    4,092       6,956  
Progenics Pharmaceuticals, Inc.*
    1,338       8,791  
Raptor Pharmaceutical Corp.*
    1,708       8,438  
Rigel Pharmaceuticals, Inc.*
    1,173       9,208  
Sangamo Biosciences, Inc.*
    1,733       5,754  
Savient Pharmaceuticals, Inc.*
    1,906       7,148  
Sciclone Pharmaceuticals, Inc.*
    2,086       8,782  
Seattle Genetics, Inc.*
    436       9,592  
SIGA Technologies, Inc.*
    3,078       9,973  
Spectrum Pharmaceuticals, Inc.*
    1,071       11,877  
Synta Pharmaceuticals Corp.*
    2,315       8,565  
Targacept, Inc.*
    532       9,363  
Theravance, Inc.*
    394       8,759  
Trius Therapeutics, Inc.*
    1,292       8,850  
Vanda Pharmaceuticals, Inc.*
    1,627       9,453  
Vical, Inc.*
    3,183       9,517  
Zalicus, Inc.*
    8,262       12,145  
ZIOPHARM Oncology, Inc.*
    1,798       8,828  
                 
Total Biotechnology
    863,771  
         
Building Products 1.3%
AAON, Inc. 
    1,182       25,023  
Ameresco, Inc. — Class A*
    2,401       26,387  
American Woodmark Corp.*
    627       10,665  
AO Smith Corp. 
    261       9,699  
Apogee Enterprises, Inc. 
    2,233       24,384  
Gibraltar Industries, Inc.*
    2,313       25,813  
Griffon Corp.*
    2,371       22,453  
Insteel Industries, Inc. 
    1,941       20,012  
NCI Building Systems, Inc.*
    2,433       22,165  
Quanex Building Products Corp. 
    1,802       26,579  
Simpson Manufacturing Co., Inc. 
    777       23,823  
Trex Co., Inc.*
    1,145       21,160  
Universal Forest Products, Inc. 
    791       22,203  
USG Corp.*
    2,746       25,428  
                 
Total Building Products
    305,794  
         
Capital Markets 1.5%
Apollo Investment Corp. 
    712       5,895  
Arlington Asset Investment Corp. — Class A
    216       4,985  
Artio Global Investors, Inc. 
    679       4,970  
BGC Partners, Inc. — Class A
    827       5,665  
BlackRock Kelso Capital Corp. 
    738       6,303  
Calamos Asset Management, Inc. — Class A
    511       6,382  
Capital Southwest Corp. 
    68       5,985  
CIFC Corp.*
    1,217       6,742  
Cohen & Steers, Inc. 
    165       4,483  
Cowen Group, Inc. — Class A*
    1,881       5,116  
Diamond Hill Investment Group, Inc. 
    80       6,022  
Duff & Phelps Corp. — Class A
    503       6,383  
Edelman Financial Group, Inc. 
    830       5,760  
Epoch Holding Corp. 
    345       7,107  
Evercore Partners, Inc. — Class A
    225       6,174  
FBR & Co.*
    2,173       4,520  
Fifth Street Finance Corp. 
    575       5,670  
Financial Engines, Inc.*
    279       6,336  
FXCM, Inc. — Class A
    393       4,520  
GAMCO Investors, Inc. — Class A
    130       6,123  
GFI Group, Inc. 
    1,305       5,638  
Gladstone Capital Corp. 
    736       6,065  
Gladstone Investment Corp. 
    781       5,850  
Gleacher & Co., Inc.*
    4,164       5,330  
Golub Capital BDC, Inc. 
    385       5,975  
Harris & Harris Group, Inc.*
    1,470       5,777  
Hercules Technology Growth Capital, Inc. 
    600       5,808  
HFF, Inc. — Class A*
    647       7,117  
ICG Group, Inc.*
    886       9,560  
INTL FCStone, Inc.*
    252       6,109  
Investment Technology Group, Inc.*
    491       5,602  
JMP Group, Inc. 
    819       6,077  
KBW, Inc. 
    388       5,494  
Knight Capital Group, Inc. — Class A*
    417       5,208  
Kohlberg Capital Corp. 
    889       5,850  
Ladenburg Thalmann Financial Services, Inc.*
    3,475       5,908  
Main Street Capital Corp. 
    302       5,279  
MCG Capital Corp. 
    1,265       5,870  
Medallion Financial Corp. 
    563       6,700  
Medley Capital Corp. 
    524       4,878  
MF Global Holdings Ltd.*(b)
    1,238       725  
MVC Capital, Inc. 
    505       6,530  
New Mountain Finance Corp. 
    440       5,900  
NGP Capital Resources Co. 
    796       5,914  
Oppenheimer Holdings, Inc. — Class A
    314       5,517  
PennantPark Investment Corp. 
    596       6,389  
Piper Jaffray Co.*
    272       5,647  
Prospect Capital Corp. 
    627       6,000  
Pzena Investment Management, Inc. — Class A
    1,508       6,530  
Safeguard Scientifics, Inc.*
    567       9,588  
Solar Capital Ltd. 
    277       6,149  
Solar Senior Capital Ltd. 
    368       5,509  
Stifel Financial Corp.*
    198       6,310  
SWS Group, Inc. 
    1,073       5,912  
THL Credit, Inc. 
    488       5,636  
TICC Capital Corp. 
    661       5,890  
Triangle Capital Corp. 
    363       6,084  
Virtus Investment Partners, Inc.*
    96       5,990  
 
See Notes to Financial Statements.


 

92

 
RYDEX RUSSELL 2000® EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (continued) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (continued)
                 
Walter Investment Management Corp. 
    224       $5,681  
Westwood Holdings Group, Inc. 
    153       5,606  
                 
Total Capital Markets
    352,743  
         
Chemicals 3.0%
A. Schulman, Inc. 
    1,143       24,129  
American Vanguard Corp. 
    1,736       21,474  
Balchem Corp. 
    500       18,435  
Calgon Carbon Corp.*
    1,376       21,947  
Chemtura Corp.*
    1,717       20,844  
Ferro Corp.*
    3,069       19,856  
Flotek Industries, Inc.*
    4,269       31,761  
FutureFuel Corp. 
    1,778       20,091  
Georgia Gulf Corp.*
    1,289       23,331  
H.B. Fuller Co. 
    1,049       22,543  
Hawkins, Inc. 
    591       22,624  
Innophos Holdings, Inc. 
    492       21,643  
Innospec, Inc.*
    778       23,496  
KMG Chemicals, Inc. 
    1,527       22,203  
Koppers Holdings, Inc. 
    782       25,876  
Kraton Performance Polymers, Inc.*
    1,110       21,845  
Landec Corp.*
    3,643       22,623  
LSB Industries, Inc.*
    618       21,896  
Minerals Technologies, Inc. 
    382       20,949  
NewMarket Corp. 
    127       24,656  
Olin Corp. 
    1,047       19,746  
OM Group, Inc.*
    729       21,075  
Omnova Solutions, Inc.*
    5,600       24,808  
PolyOne Corp. 
    1,765       19,750  
Quaker Chemical Corp. 
    712       24,771  
Senomyx, Inc.*
    5,171       23,580  
Sensient Technologies Corp. 
    583       21,548  
Spartech Corp.*
    5,877       23,861  
Stepan Co. 
    281       21,719  
TPC Group, Inc.*
    959       19,055  
Zep, Inc. 
    1,284       19,568  
Zoltek Cos., Inc.*
    2,797       20,278  
                 
Total Chemicals
    711,981  
         
Commercial Banks 3.8%
1st Source Corp. 
    256       6,154  
1st United Bancorp, Inc.*
    1,070       5,543  
Alliance Financial Corp. 
    192       5,912  
Ameris Bancorp*
    616       6,191  
Ames National Corp. 
    336       6,189  
Arrow Financial Corp. 
    239       5,578  
Bancfirst Corp. 
    165       6,386  
Banco Latinoamericano de Comercio Exterior SA — Class E
    340       5,525  
Bancorp Rhode Island, Inc. 
    127       5,537  
Bancorp, Inc.(The)*
    781       6,279  
BancorpSouth, Inc. 
    580       5,667  
Bank of Kentucky Financial Corp. 
    256       5,530  
Bank of Marin Bancorp
    160       5,670  
Bank of the Ozarks, Inc. 
    258       6,416  
Banner Corp. 
    411       7,221  
Boston Private Financial Holdings, Inc. 
    879       6,663  
Bridge Bancorp, Inc. 
    288       5,544  
Bridge Capital Holdings*
    528       5,824  
Bryn Mawr Bank Corp. 
    324       5,949  
Camden National Corp. 
    196       5,817  
Cape Bancorp, Inc.*
    759       5,768  
Capital Bank Corp.*
    2,361       4,958  
Capital City Bank Group, Inc. 
    521       5,309  
Cardinal Financial Corp. 
    591       6,347  
Cascade Bancorp*
    872       4,613  
Cathay General Bancorp
    459       6,421  
Center Bancorp, Inc. 
    576       5,345  
Center Financial Corp.*
    1,112       7,306  
Centerstate Banks, Inc. 
    1,001       5,686  
Central Pacific Financial Corp.*
    525       6,400  
Century Bancorp, Inc. — Class A
    224       6,064  
Chemical Financial Corp. 
    346       6,965  
Citizens & Northern Corp. 
    351       5,816  
City Holding Co. 
    203       6,671  
CNB Financial Corp. 
    415       5,943  
CoBiz Financial, Inc. 
    1,104       5,851  
Columbia Banking System, Inc. 
    350       6,674  
Community Bank System, Inc. 
    234       5,981  
Community Trust Bancorp, Inc. 
    240       6,799  
CVB Financial Corp. 
    672       6,525  
Eagle Bancorp, Inc.*
    456       6,325  
Encore Bancshares, Inc.*
    504       5,927  
Enterprise Bancorp, Inc. 
    378       5,443  
Enterprise Financial Services Corp. 
    404       6,234  
Financial Institutions, Inc. 
    370       6,061  
First Bancorp
    565       7,164  
First Bancorp., Inc. 
    402       5,785  
First Busey Corp. 
    1,198       6,110  
First Commonwealth Financial Corp. 
    1,406       6,482  
First Community Bancshares, Inc. 
    529       6,353  
First Financial Bancorp
    379       6,216  
First Financial Bankshares, Inc. 
    196       6,225  
First Financial Corp. 
    195       6,408  
First Interstate Bancsystem, Inc. 
    493       6,232  
First Merchants Corp. 
    750       6,045  
First Midwest Bancorp, Inc. 
    696       6,271  
First of Long Island Corp.(The)
    240       6,132  
FirstMerit Corp. 
    478       6,697  
FNB Corp. 
    637       6,427  
German American Bancorp, Inc. 
    331       5,749  
Glacier Bancorp, Inc. 
    555       6,299  
Great Southern Bancorp, Inc. 
    316       6,285  
Hampton Roads Bankshares, Inc.*
    1,042       4,574  
Hancock Holding Co. 
    205       6,212  
Hanmi Financial Corp.*
    6,486       6,486  
Heartland Financial USA, Inc. 
    389       6,080  
Heritage Commerce Corp.*
    1,305       6,303  
Heritage Financial Corp. 
    468       5,901  
Home Bancshares, Inc. 
    254       5,956  
Hudson Valley Holding Corp. 
    302       6,559  
Iberiabank Corp. 
    114       5,896  
Independent Bank Corp. 
    242       6,273  
International Bancshares Corp. 
    397       7,194  
Investors Bancorp, Inc.*
    424       5,885  
Lakeland Bancorp, Inc. 
    647       6,011  
Lakeland Financial Corp. 
    259       6,188  
MainSource Financial Group, Inc. 
    611       5,731  
MB Financial, Inc. 
    349       5,783  
Merchants Bancshares, Inc. 
    203       5,779  
Metro Bancorp, Inc.*
    581       4,805  
Midsouth Bancorp, Inc. 
    508       6,975  
Nara Bancorp, Inc.*
    857       7,267  
National Bankshares, Inc. 
    221       6,177  
National Penn Bancshares, Inc. 
    775       6,045  
NBT Bancorp, Inc. 
    301       6,478  
Northfield Bancorp, Inc. 
    408       5,634  
Old National Bancorp
    567       6,560  
 
See Notes to Financial Statements.


 

ANNUAL REPORT      93

 
RYDEX RUSSELL 2000® EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (continued) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (continued)
                 
OmniAmerican Bancorp, Inc.*
    394       $5,812  
Oriental Financial Group, Inc. 
    556       5,888  
Orrstown Financial Services, Inc.*
    395       3,618  
Pacific Capital Bancorp NA*
    202       5,230  
Pacific Continental Corp. 
    759       6,581  
PacWest Bancorp
    361       6,368  
Park National Corp. 
    102       6,090  
Park Sterling Corp.*
    1,479       5,694  
Penns Woods Bancorp, Inc. 
    163       5,987  
Peoples Bancorp, Inc. 
    496       6,562  
Pinnacle Financial Partners, Inc.*
    478       7,175  
PrivateBancorp, Inc. 
    657       7,161  
Prosperity Bancshares, Inc. 
    151       5,812  
Renasant Corp. 
    394       5,681  
Republic Bancorp, Inc. — Class A
    312       6,346  
S&T Bancorp, Inc. 
    321       5,993  
S.Y. Bancorp, Inc. 
    280       5,762  
Sandy Spring Bancorp, Inc. 
    368       6,260  
SCBT Financial Corp. 
    207       6,113  
Seacoast Banking Corp. of Florida*
    3,588       5,346  
Sierra Bancorp
    574       6,280  
Signature Bank*
    117       6,523  
Simmons First National Corp. — Class A
    256       6,646  
Southside Bancshares, Inc. 
    285       5,862  
Southwest Bancorp, Inc.*
    1,198       5,631  
State Bancorp, Inc. 
    497       5,880  
State Bank Financial Corp.*
    418       6,036  
StellarOne Corp. 
    540       6,475  
Sterling Bancorp
    717       5,915  
Sterling Financial Corp.*
    400       6,004  
Suffolk Bancorp*
    641       5,455  
Sun Bancorp, Inc.*
    1,862       5,530  
Susquehanna Bancshares, Inc. 
    1,877       13,627  
SVB Financial Group*
    144       6,615  
Taylor Capital Group, Inc.*
    782       7,265  
Texas Capital Bancshares, Inc.*
    228       6,384  
Tompkins Financial Corp. 
    149       5,875  
Tower Bancorp, Inc. 
    246       6,327  
TowneBank
    450       5,607  
Trico Bancshares
    439       6,510  
Trustmark Corp. 
    281       6,221  
UMB Financial Corp. 
    160       5,899  
Umpqua Holdings Corp. 
    632       7,236  
Union First Market Bankshares Corp. 
    504       6,461  
United Bankshares, Inc. 
    274       6,505  
United Community Banks, Inc.*
    600       4,434  
Univest Corp. of Pennsylvania
    400       6,084  
Virginia Commerce Bancorp, Inc.*
    920       5,851  
Washington Banking Co. 
    546       6,454  
Washington Trust Bancorp, Inc. 
    265       6,222  
Webster Financial Corp. 
    340       6,678  
WesBanco, Inc. 
    309       6,137  
West Bancorp, Inc. 
    631       6,209  
West Coast Bancorp*
    389       5,808  
Westamerica Bancorp
    137       6,140  
Western Alliance Bancorp*
    1,035       6,727  
Wilshire Bancorp, Inc.*
    2,036       6,963  
Wintrust Financial Corp. 
    204       5,892  
                 
Total Commercial Banks
    892,506  
         
Commercial Services & Supplies 2.3%
ABM Industries, Inc. 
    457       9,241  
ACCO Brands Corp.*
    1,742       11,968  
American Reprographics Co.*
    2,316       9,241  
AT Cross Co. — Class A*
    818       9,947  
Brink’s Co.(The)
    367       10,199  
Casella Waste Systems, Inc. — Class A*
    1,453       9,125  
Cenveo, Inc.*
    2,534       9,503  
Clean Harbors, Inc.*
    169       9,848  
Consolidated Graphics, Inc.*
    246       11,208  
Courier Corp. 
    1,121       9,741  
Deluxe Corp. 
    451       10,653  
EnergySolutions, Inc.*
    2,507       9,451  
EnerNOC, Inc.*
    2,389       21,190  
Ennis, Inc. 
    654       9,568  
Fuel Tech, Inc.*
    1,555       8,615  
G&K Services, Inc. — Class A
    332       10,080  
Geo Group, Inc.(The)*
    456       8,313  
Healthcare Services Group, Inc. 
    547       9,490  
Heritage-Crystal Clean, Inc.*
    461       7,348  
Herman Miller, Inc. 
    461       9,520  
Higher One Holdings, Inc.*
    320       5,645  
HNI Corp. 
    460       11,063  
Hudson Highland Group, Inc.*
    2,571       11,904  
InnerWorkings, Inc.*
    1,168       10,570  
Interface, Inc. — Class A
    1,566       20,421  
Intersections, Inc. 
    405       6,840  
Kimball International, Inc. — Class B
    1,790       10,078  
Knoll, Inc. 
    620       9,455  
M&F Worldwide Corp.*
    367       9,087  
McGrath Rentcorp
    375       10,020  
Metalico, Inc.*
    2,147       9,704  
Mine Safety Appliances Co. 
    312       10,468  
Mobile Mini, Inc.*
    540       9,796  
Multi-Color Corp. 
    365       9,676  
NL Industries, Inc. 
    1,535       22,319  
Quad/Graphics, Inc. 
    461       9,091  
Rollins, Inc. 
    462       10,062  
Schawk, Inc. 
    782       10,549  
Standard Parking Corp.*
    560       9,850  
Steelcase, Inc. — Class A
    1,440       10,670  
Swisher Hygiene, Inc.*
    2,058       8,973  
SYKES Enterprises, Inc.*
    570       9,080  
Team, Inc.*
    404       10,104  
Tetra Tech, Inc.*
    462       10,085  
TMS International Corp. — Class A*
    2,746       23,588  
TRC Cos., Inc.*
    2,785       12,170  
Unifirst Corp. 
    193       10,104  
United Stationers, Inc. 
    315       10,020  
US Ecology, Inc. 
    556       10,041  
Viad Corp. 
    460       9,628  
WCA Waste Corp.*
    2,040       9,710  
                 
Total Commercial Services & Supplies
    545,020  
         
Communications Equipment 1.5%
ADTRAN, Inc. 
    288       9,677  
Anaren, Inc.*
    437       8,360  
Arris Group, Inc.*
    780       8,393  
Aruba Networks, Inc.*
    361       8,552  
Aviat Networks, Inc.*
    3,061       6,275  
Bel Fuse, Inc. — Class B
    523       9,351  
BigBand Networks, Inc.*
    5,843       13,088  
Black Box Corp. 
    362       10,132  
Blue Coat Systems, Inc.*
    542       8,726  
Calix, Inc.*
    949       8,266  
Communications Systems, Inc. 
    630       10,382  
Comtech Telecommunications Corp. 
    298       9,867  
Dialogic, Inc.*
    3,203       6,630  
 
See Notes to Financial Statements.


 

94

 
RYDEX RUSSELL 2000® EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (continued) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (continued)
                 
Digi International, Inc.*
    706       $9,030  
Emcore Corp.*
    6,583       6,517  
Emulex Corp.*
    1,221       10,232  
Extreme Networks*
    2,974       8,773  
Finisar Corp.*
    410       8,401  
Globecomm Systems, Inc.*
    635       8,630  
Harmonic, Inc.*
    1,831       10,071  
Infinera Corp.*
    987       7,215  
InterDigital, Inc. 
    161       6,995  
Ixia*
    1,014       11,489  
KVH Industries, Inc.*
    1,039       7,647  
Loral Space & Communications, Inc.*
    150       9,075  
Meru Networks, Inc.*
    973       5,283  
Netgear, Inc.*
    296       10,496  
Numerex Corp. — Class A*
    1,383       10,995  
Oclaro, Inc.*
    1,998       8,212  
Oplink Communications, Inc.*
    512       8,305  
Opnext, Inc.*
    6,191       6,144  
Plantronics, Inc. 
    274       9,154  
Powerwave Technologies, Inc.*
    128       462  
Powerwave Technologies, Inc.*
    895       3,231  
Procera Networks, Inc.*
    910       10,374  
ShoreTel, Inc.*
    1,560       9,126  
Sonus Networks, Inc.*
    3,703       9,813  
Sycamore Networks, Inc. 
    446       8,572  
Symmetricom, Inc.*
    1,791       9,224  
Tekelec*
    1,240       12,177  
Viasat, Inc.*
    229       9,753  
Westell Technologies, Inc. — Class A*
    3,516       7,067  
                 
Total Communications Equipment
    360,162  
         
Computers & Peripherals 0.7%
Avid Technology, Inc.*
    956       5,927  
Cray, Inc.*
    1,514       9,584  
Dot Hill Systems Corp.*
    5,120       8,806  
Electronics for Imaging, Inc.*
    622       9,330  
Imation Corp.*
    1,162       7,809  
Immersion Corp.*
    1,268       8,711  
Intermec, Inc.*
    1,268       10,233  
Intevac, Inc.*
    1,174       9,451  
Novatel Wireless, Inc.*
    2,530       10,044  
OCZ Technology Group, Inc.*
    1,602       11,326  
Quantum Corp.*
    4,107       10,719  
Rimage Corp. 
    615       6,827  
Silicon Graphics International Corp.*
    594       8,589  
STEC, Inc.*
    808       9,147  
Stratasys, Inc.*
    386       10,823  
Super Micro Computer, Inc.*
    621       9,936  
Synaptics, Inc.*
    350       11,826  
Xyratex Ltd. 
    922       12,576  
                 
Total Computers & Peripherals
    171,664  
         
Construction & Engineering 0.9%
Aegion Corp.*
    681       10,072  
Argan, Inc. 
    864       11,750  
Comfort Systems USA, Inc. 
    2,245       24,695  
Dycom Industries, Inc.*
    555       10,784  
EMCOR Group, Inc. 
    443       11,106  
Furmanite Corp.*
    1,572       10,485  
Granite Construction, Inc. 
    461       10,372  
Great Lakes Dredge & Dock Corp. 
    2,162       11,134  
Layne Christensen Co.*
    399       10,051  
MasTec, Inc.*
    482       10,421  
Michael Baker Corp. 
    460       9,467  
MYR Group, Inc.*
    525       10,127  
Northwest Pipe Co.*
    888       23,683  
Orion Marine Group, Inc.*
    1,450       9,846  
Primoris Services Corp. 
    865       11,262  
Sterling Construction Co., Inc.*
    770       9,587  
Tutor Perini Corp. 
    737       10,709  
UniTek Global Services, Inc.*
    1,693       7,906  
                 
Total Construction & Engineering
    213,457  
         
Construction Materials 0.4%
Eagle Materials, Inc. 
    1,177       24,223  
Headwaters, Inc.*
    12,478       21,961  
Texas Industries, Inc.*
    570       17,100  
United States Lime & Minerals, Inc.*
    500       27,500  
                 
Total Construction Materials
    90,784  
         
Consumer Finance 0.3%
Advance America Cash Advance Centers, Inc. 
    731       6,162  
Cash America International, Inc. 
    100       5,475  
Credit Acceptance Corp.*
    81       5,583  
DFC Global Corp.*
    237       5,195  
Ezcorp, Inc. — Class A*
    182       5,056  
First Cash Financial Services, Inc.*
    123       5,104  
First Marblehead Corp.(The)*
    4,959       4,761  
Imperial Holdings, Inc.*
    863       1,942  
Nelnet, Inc. — Class A
    290       6,229  
Netspend Holdings, Inc.*
    975       5,606  
Nicholas Financial, Inc. 
    538       6,112  
World Acceptance Corp.*
    94       6,359  
                 
Total Consumer Finance
    63,584  
         
Containers & Packaging 0.4%
AEP Industries, Inc.*
    913       24,678  
Boise, Inc. 
    3,287       19,886  
Graphic Packaging Holding Co.*
    5,171       22,856  
Myers Industries, Inc. 
    1,926       23,536  
                 
Total Containers & Packaging
    90,956  
         
Distributors 0.3%
Audiovox Corp. — Class A*
    1,429       10,160  
Core-Mark Holding Co., Inc. 
    1,532       51,307  
Pool Corp. 
    301       8,795  
Weyco Group, Inc. 
    357       8,461  
                 
Total Distributors
    78,723  
         
Diversified Consumer Services 0.8%
American Public Education, Inc.*
    228       8,165  
Archipelago Learning, Inc.*
    952       9,701  
Ascent Capital Group, Inc. — Series A*
    197       8,962  
Bridgepoint Education, Inc.*
    405       8,776  
Cambium Learning Group, Inc.*
    2,641       8,715  
Capella Education Co.*
    264       9,190  
Coinstar, Inc.*
    194       9,262  
Corinthian Colleges, Inc.*
    4,638       8,859  
Grand Canyon Education, Inc.*
    495       8,074  
Hillenbrand, Inc. 
    441       9,310  
K12, Inc.*
    305       10,690  
Lincoln Educational Services Corp. 
    1,009       9,434  
Mac-Gray Corp. 
    713       9,896  
Matthews International Corp. — Class A
    253       8,890  
National American University Holdings, Inc. 
    1,047       7,402  
Regis Corp. 
    573       9,374  
School Specialty, Inc.*
    1,068       8,170  
Sotheby’s
    240       8,453  
 
See Notes to Financial Statements.


 

ANNUAL REPORT      95

 
RYDEX RUSSELL 2000® EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (continued) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (continued)
                 
Steiner Leisure Ltd.*
    202       $9,732  
Stewart Enterprises, Inc. — Class A
    1,336       8,604  
Strayer Education, Inc. 
    99       8,436  
Universal Technical Institute, Inc. 
    572       8,168  
                 
Total Diversified Consumer Services
    196,263  
         
Diversified Financial Services 0.3%
California First National Bancorp
    357       5,951  
Compass Diversified Holdings
    719       9,390  
Encore Capital Group, Inc.*
    242       6,556  
Gain Capital Holdings, Inc. 
    954       6,688  
MarketAxess Holdings, Inc. 
    197       5,758  
Marlin Business Services Corp.*
    866       10,210  
NewStar Financial, Inc.*
    558       5,982  
PHH Corp.*
    547       10,092  
PICO Holdings, Inc.*
    255       5,824  
Portfolio Recovery Associates, Inc. 
    82       5,752  
Primus Guaranty Ltd.*
    1,025       5,986  
                 
Total Diversified Financial Services
    78,189  
         
Diversified Telecommunication Services 2.7%
8x8, Inc.*
    9,922       37,307  
AboveNet, Inc. 
    152       9,021  
Alaska Communications Systems Group, Inc. 
    5,984       42,307  
Atlantic Tele-Network, Inc. 
    1,337       50,739  
Cbeyond, Inc.*
    5,773       47,569  
Cincinnati Bell, Inc.*
    13,726       44,198  
Cogent Communications Group, Inc.*
    2,990       47,989  
Consolidated Communications Holdings, Inc. 
    2,299       43,405  
General Communication, Inc. — Class A*
    5,331       50,378  
IDT Corp. — Class B
    2,060       23,690  
Iridium Communications, Inc.*
    6,489       41,270  
Neutral Tandem, Inc.*
    4,224       44,521  
PAETEC Holding Corp.*
    7,735       42,388  
Premiere Global Services, Inc.*
    6,337       57,413  
Vonage Holdings Corp.*
    15,233       51,031  
                 
Total Diversified Telecommunication Services
    633,226  
         
Electric Utilities 2.4%
Allete, Inc. 
    1,150       45,437  
Central Vermont Public Service Corp. 
    1,220       43,151  
Cleco Corp. 
    1,231       45,387  
El Paso Electric Co. 
    1,342       42,984  
Empire District Electric Co.(The)*
    2,170       43,335  
IDACORP, Inc. 
    1,130       45,629  
MGE Energy, Inc. 
    1,037       45,255  
Otter Tail Corp. 
    2,210       42,896  
PNM Resources, Inc. 
    2,572       46,245  
Portland General Electric Co. 
    1,794       44,025  
UIL Holdings Corp. 
    1,312       44,713  
Unisource Energy Corp. 
    1,163       43,357  
Unitil Corp. 
    1,641       43,765  
                 
Total Electric Utilities
    576,179  
         
Electrical Equipment 1.4%
A123 Systems, Inc.*
    2,231       7,652  
Active Power, Inc.*
    6,877       6,268  
Acuity Brands, Inc. 
    535       24,771  
American Superconductor Corp.*
    2,125       9,265  
AZZ, Inc. 
    220       9,825  
Belden, Inc. 
    700       22,596  
Brady Corp. — Class A
    320       9,830  
Broadwind Energy, Inc.*
    21,768       8,936  
Capstone Turbine Corp.*
    23,420       25,528  
Coleman Cable, Inc.*
    959       9,753  
Encore Wire Corp. 
    922       24,507  
EnerSys*
    432       9,733  
Franklin Electric Co., Inc. 
    244       11,205  
FuelCell Energy, Inc.*
    24,568       26,288  
Generac Holdings, Inc.*
    496       11,339  
Global Power Equipment Group, Inc.*
    382       10,127  
II-VI, Inc.*
    444       8,440  
LSI Industries, Inc. 
    3,135       21,099  
Powell Industries, Inc.*
    282       9,478  
Preformed Line Products Co. 
    180       11,583  
Satcon Technology Corp.*
    7,322       7,761  
Thermon Group Holdings, Inc.*
    576       9,147  
Valence Technology, Inc.*
    8,730       8,372  
Vicor Corp. 
    955       8,738  
Woodward, Inc. 
    306       10,367  
                 
Total Electrical Equipment
    322,608  
         
Electronic Equipment, Instruments & Components 2.1%
Aeroflex Holding Corp.*
    898       9,779  
Agilysys, Inc.*
    1,063       9,025  
Anixter International, Inc. 
    160       9,390  
Badger Meter, Inc. 
    274       8,971  
Benchmark Electronics, Inc.*
    613       8,423  
Brightpoint, Inc.*
    902       9,155  
Checkpoint Systems, Inc.*
    585       7,751  
Cognex Corp. 
    281       9,523  
Coherent, Inc.*
    183       9,328  
CTS Corp. 
    954       8,853  
Daktronics, Inc. 
    902       9,110  
DDi Corp. 
    1,111       10,210  
DTS, Inc.*
    301       8,455  
Echelon Corp.*
    1,057       7,145  
Electro Rent Corp. 
    642       10,317  
Electro Scientific Industries, Inc.*
    650       7,988  
eMagin Corp.*
    2,901       12,242  
Fabrinet*
    404       5,010  
FARO Technologies, Inc.*
    267       11,155  
FEI Co.*
    256       10,179  
GSI Group, Inc.*
    998       9,750  
Identive Group, Inc.*
    4,047       9,591  
Insight Enterprises, Inc.*
    522       8,822  
Kemet Corp.*
    1,048       9,663  
LeCroy Corp.*
    958       9,829  
Littelfuse, Inc. 
    218       10,673  
Maxwell Technologies, Inc. 
    447       8,927  
Measurement Specialties, Inc.*
    331       10,331  
Mercury Computer Systems, Inc.*
    687       10,030  
Methode Electronics, Inc. 
    1,051       9,764  
Microvision, Inc.*
    11,509       8,173  
MTS Systems Corp. 
    291       10,671  
Multi-Fineline Electronix, Inc.*
    401       9,199  
NeoPhotonics Corp.*
    1,189       6,218  
Newport Corp.*
    736       10,194  
OSI Systems, Inc.*
    261       11,562  
Park Electrochemical Corp. 
    368       10,414  
PC Connection, Inc.*
    1,045       8,726  
Plexus Corp.*
    340       8,738  
Power-One, Inc.*
    1,787       8,846  
Pulse Electronics Corp. 
    2,870       10,131  
Radisys Corp.*
    1,325       7,764  
Richardson Electronics Ltd. 
    590       7,664  
Rofin-Sinar Technologies, Inc.*
    403       10,478  
Rogers Corp.*
    190       8,202  
 
See Notes to Financial Statements.


 

96

 
RYDEX RUSSELL 2000® EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (continued) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (continued)
                 
Sanmina-SCI Corp.*
    1,134       $9,991  
Scansource, Inc.*
    274       9,524  
SYNNEX Corp.*
    333       9,614  
TTM Technologies, Inc.*
    793       8,858  
Universal Display Corp.*
    157       7,352  
Viasystems Group, Inc.*
    473       9,739  
Vishay Precision Group, Inc.*
    671       9,790  
X-Rite, Inc.*
    2,408       10,860  
Zygo Corp.*
    743       11,398  
                 
Total Electronic Equipment, Instruments & Components
    503,495  
         
Energy Equipment & Services 3.4%
Basic Energy Services, Inc.*
    1,660       30,444  
Bristow Group, Inc. 
    207       10,304  
Cal Dive International, Inc.*
    12,720       28,493  
Complete Production Services, Inc.*
    1,130       37,064  
Dawson Geophysical Co.*
    969       28,004  
Dril-Quip, Inc.*
    430       27,993  
Exterran Holdings, Inc.*
    2,694       25,593  
Global Geophysical Services, Inc.*
    2,793       26,645  
Global Industries Ltd.*
    3,179       25,273  
Gulf Island Fabrication, Inc. 
    1,122       31,248  
Gulfmark Offshore, Inc. — Class A*
    242       10,065  
Helix Energy Solutions Group, Inc.*
    1,720       31,063  
Hercules Offshore, Inc.*
    7,139       27,057  
Hornbeck Offshore Services, Inc.*
    927       30,443  
ION Geophysical Corp.*
    4,515       34,404  
Key Energy Services, Inc.*
    2,427       31,381  
Lufkin Industries, Inc. 
    420       24,818  
Matrix Service Co.*
    2,752       29,226  
Mitcham Industries, Inc.*
    2,004       29,218  
Natural Gas Services Group, Inc.*
    1,963       27,011  
Newpark Resources, Inc.*
    3,717       33,193  
OYO Geospace Corp.*
    403       31,668  
Parker Drilling Co.*
    5,333       29,491  
PHI, Inc.*
    410       9,049  
Pioneer Drilling Co.*
    3,102       30,679  
Tesco Corp.*
    1,948       30,136  
Tetra Technologies, Inc.*
    2,862       27,189  
Vantage Drilling Co.*
    18,842       25,625  
Willbros Group, Inc.*
    5,379       27,379  
                 
Total Energy Equipment & Services
    790,156  
         
Food & Staples Retailing 2.6%
Andersons, Inc.(The)
    1,392       51,393  
Casey’s General Stores, Inc. 
    1,070       53,018  
Fresh Market, Inc.(The)*
    1,245       49,800  
Ingles Markets, Inc. — Class A
    3,347       50,540  
Nash Finch Co. 
    1,754       46,165  
Pantry, Inc.(The)*
    3,765       53,237  
Pricesmart, Inc. 
    123       9,353  
Rite Aid Corp.*
    45,888       53,230  
Ruddick Corp. 
    1,211       52,933  
Spartan Stores, Inc. 
    3,159       54,082  
United Natural Foods, Inc.*
    1,269       46,331  
Weis Markets, Inc. 
    1,285       50,822  
Winn-Dixie Stores, Inc.*
    7,635       48,406  
                 
Total Food & Staples Retailing
    619,310  
         
Food Products 4.0%
B&G Foods, Inc. 
    2,794       59,289  
Cal-Maine Foods, Inc. 
    1,594       53,112  
Calavo Growers, Inc. 
    2,372       53,536  
Chiquita Brands International, Inc.*
    5,269       46,789  
Darling International, Inc.*
    670       9,393  
Diamond Foods, Inc. 
    599       39,384  
Dole Food Co., Inc.*
    4,772       50,488  
Fresh Del Monte Produce, Inc. 
    2,074       52,804  
Griffin Land & Nurseries, Inc. 
    220       5,900  
Hain Celestial Group, Inc.(The)*
    1,583       53,125  
J&J Snack Foods Corp. 
    973       50,178  
Lancaster Colony Corp. 
    801       53,283  
Omega Protein Corp.*
    5,191       56,219  
Pilgrim’s Pride Corp.*
    12,686       63,937  
Sanderson Farms, Inc. 
    1,077       53,311  
Seneca Foods Corp. — Class A*
    2,507       52,772  
Smart Balance, Inc.*
    8,198       53,697  
Snyders-Lance, Inc. 
    2,326       49,358  
Tootsie Roll Industries, Inc. 
    1,976       48,946  
TreeHouse Foods, Inc.*
    793       48,643  
                 
Total Food Products
    954,164  
         
Gas Utilities 1.8%
Chesapeake Utilities Corp. 
    1,083       45,908  
Laclede Group, Inc.(The)
    1,101       44,172  
New Jersey Resources Corp. 
    975       45,845  
Nicor, Inc. 
    781       43,931  
Northwest Natural Gas Co. 
    983       45,926  
Piedmont Natural Gas Co., Inc. 
    1,467       47,956  
South Jersey Industries, Inc. 
    848       47,751  
Southwest Gas Corp. 
    1,148       45,323  
WGL Holdings, Inc. 
    1,079       46,192  
                 
Total Gas Utilities
    413,004  
         
Health Care Equipment & Supplies 2.7%
Abaxis, Inc.*
    347       9,737  
ABIOMED, Inc.*
    739       11,129  
Accuray, Inc.*
    2,148       8,592  
Align Technology, Inc.*
    537       12,367  
Alimera Sciences, Inc.*
    1,094       7,778  
Alphatec Holdings, Inc.*
    3,507       7,259  
Analogic Corp. 
    177       9,572  
Angiodynamics, Inc.*
    616       9,493  
Antares Pharma, Inc.*
    3,596       8,163  
Arthrocare Corp.*
    292       8,804  
AtriCure, Inc.*
    801       8,939  
Atrion Corp. 
    42       9,450  
Bacterin International Holdings, Inc.*
    4,254       14,081  
Biolase Technology, Inc.*
    2,490       9,064  
Cantel Medical Corp. 
    382       10,543  
Cardiovascular Systems, Inc.*
    704       5,829  
Cerus Corp.*
    3,997       10,672  
Conceptus, Inc.*
    791       9,112  
CONMED Corp.*
    365       9,589  
CryoLife, Inc.*
    1,873       8,635  
Cyberonics, Inc.*
    314       9,043  
Cynosure, Inc. — Class A*
    833       10,138  
Delcath Systems, Inc.*
    2,310       8,362  
DexCom, Inc.*
    669       6,550  
DynaVox, Inc. — Class A*
    1,877       6,344  
Endologix, Inc.*
    785       8,549  
Exactech, Inc.*
    601       9,616  
Greatbatch, Inc.*
    426       9,513  
Haemonetics Corp.*
    143       8,716  
Hansen Medical, Inc.*
    2,513       7,891  
HeartWare International, Inc.*
    133       9,035  
ICU Medical, Inc.*
    233       9,159  
 
See Notes to Financial Statements.


 

ANNUAL REPORT      97

 
RYDEX RUSSELL 2000® EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (continued) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (continued)
                 
Insulet Corp.*
    532       $8,682  
Integra LifeSciences Holdings Corp.*
    230       7,374  
Invacare Corp. 
    354       7,947  
IRIS International, Inc.*
    909       8,236  
Kensey Nash Corp.*
    341       9,166  
MAKO Surgical Corp.*
    224       8,613  
Masimo Corp. 
    378       7,817  
Medical Action Industries, Inc.*
    1,612       8,447  
Meridian Bioscience, Inc. 
    510       9,292  
Merit Medical Systems, Inc.*
    605       8,119  
Natus Medical, Inc.*
    845       7,267  
Neogen Corp.*
    261       10,088  
Neoprobe Corp.*
    2,772       7,872  
NuVasive, Inc.*
    419       6,210  
NxStage Medical, Inc.*
    410       9,426  
OraSure Technologies, Inc.*
    1,039       9,652  
Orthofix International NV*
    241       8,461  
Palomar Medical Technologies, Inc.*
    1,018       8,663  
Quidel Corp.*
    537       9,591  
Rockwell Medical Technologies, Inc.*
    974       8,211  
RTI Biologics, Inc.*
    2,360       10,620  
Solta Medical, Inc.*
    6,094       13,346  
SonoSite, Inc.*
    271       8,398  
Spectranetics Corp.*
    1,128       8,844  
Staar Surgical Co.*
    1,053       9,477  
Stereotaxis, Inc.*
    6,318       7,329  
STERIS Corp. 
    291       9,015  
SurModics, Inc.*
    920       9,697  
Symmetry Medical, Inc.*
    1,064       9,672  
Synergetics USA, Inc.*
    1,492       9,981  
Synovis Life Technologies, Inc.*
    491       8,818  
Tornier NV*
    381       8,854  
Unilife Corp.*
    1,954       10,356  
Uroplasty, Inc.*
    1,606       7,243  
Vascular Solutions, Inc.*
    710       7,533  
Volcano Corp.*
    281       7,005  
West Pharmaceutical Services, Inc. 
    230       8,940  
Wright Medical Group, Inc.*
    469       8,062  
Young Innovations, Inc. 
    298       8,567  
Zoll Medical Corp.*
    213       8,054  
                 
Total Health Care Equipment & Supplies
    640,669  
         
Health Care Providers & Services 2.1%
Accretive Health, Inc.*
    377       8,976  
Air Methods Corp.*
    143       11,557  
Almost Family, Inc.*
    514       9,581  
Amedisys, Inc.*
    602       7,904  
American Dental Partners, Inc.*
    872       9,208  
AMN Healthcare Services, Inc.*
    1,993       9,447  
Amsurg Corp.*
    382       9,676  
Assisted Living Concepts, Inc. — Class A
    698       9,919  
Bio-Reference Labs, Inc.*
    465       9,319  
BioScrip, Inc.*
    1,479       9,614  
Capital Senior Living Corp.*
    1,398       10,918  
CardioNet, Inc.*
    2,677       7,576  
Centene Corp.*
    276       9,701  
Chemed Corp. 
    152       9,023  
Chindex International, Inc.*
    950       10,555  
CorVel Corp.*
    196       10,108  
Cross Country Healthcare, Inc.*
    2,003       10,015  
Emeritus Corp.*
    574       10,166  
Ensign Group, Inc.(The)
    365       8,307  
ExamWorks Group, Inc.*
    800       8,440  
Five Star Quality Care, Inc.*
    3,317       8,591  
Gentiva Health Services, Inc.*
    1,430       5,920  
Hanger Orthopedic Group, Inc.*
    462       8,025  
HealthSouth Corp.*
    557       9,837  
Healthspring, Inc.*
    219       11,813  
Healthways, Inc.*
    803       5,749  
HMS Holdings Corp.*
    332       8,114  
IPC The Hospitalist Co., Inc.*
    218       9,141  
Kindred Healthcare, Inc.*
    906       10,555  
Landauer, Inc. 
    177       9,071  
LHC Group, Inc.*
    505       7,923  
Magellan Health Services, Inc.*
    186       9,573  
MedQuist Holdings, Inc.*
    958       8,191  
Metropolitan Health Networks, Inc.*
    1,860       12,127  
Molina Healthcare, Inc.*
    536       11,352  
MWI Veterinary Supply, Inc.*
    126       9,513  
National Healthcare Corp. 
    254       9,731  
National Research Corp. 
    251       8,383  
Owens & Minor, Inc. 
    285       8,527  
PharMerica Corp.*
    603       9,407  
Providence Service Corp.(The)*
    897       11,213  
PSS World Medical, Inc.*
    412       9,167  
RadNet, Inc.*
    3,370       8,661  
Select Medical Holdings Corp.*
    1,320       11,484  
Skilled Healthcare Group, Inc. — Class A*
    2,434       9,201  
Sun Healthcare Group, Inc.*
    2,660       6,969  
Sunrise Senior Living, Inc.*
    1,656       9,108  
Team Health Holdings, Inc.*
    476       9,672  
Triple-S Management Corp. — Class B*
    501       9,519  
Universal American Corp. 
    815       9,373  
US Physical Therapy, Inc. 
    456       8,901  
WellCare Health Plans, Inc.*
    199       9,753  
                 
Total Health Care Providers & Services
    484,574  
         
Health Care Technology 0.3%
athenahealth, Inc.*
    132       6,984  
Computer Programs & Systems, Inc. 
    118       6,026  
Epocrates, Inc.*
    918       7,987  
HealthStream, Inc.*
    680       10,322  
MedAssets, Inc.*
    823       8,773  
Medidata Solutions, Inc.*
    492       8,846  
Merge Healthcare, Inc.*
    1,261       8,323  
Omnicell, Inc.*
    580       8,671  
Quality Systems, Inc. 
    172       6,693  
Transcend Services, Inc.*
    357       9,757  
                 
Total Health Care Technology
    82,382  
         
Hotels, Restaurants & Leisure 2.1%
AFC Enterprises, Inc. 
    681       9,337  
Ambassadors Group, Inc. 
    1,395       6,919  
Ameristar Casinos, Inc. 
    466       8,621  
Benihana, Inc. — Class A*
    922       8,888  
Biglari Holdings, Inc. 
    25       8,628  
BJ’s Restaurants, Inc.*
    171       9,051  
Bob Evans Farms, Inc. 
    272       8,949  
Boyd Gaming Corp.*
    1,487       9,636  
Bravo Brio Restaurant Group, Inc.*
    488       9,482  
Buffalo Wild Wings, Inc.*
    130       8,609  
Caribou Coffee Co., Inc.*
    627       8,559  
Carrols Restaurant Group, Inc.*
    908       8,481  
CEC Entertainment, Inc. 
    272       8,601  
Cheesecake Factory, Inc.(The)*
    300       8,397  
Churchill Downs, Inc. 
    205       9,854  
Cracker Barrel Old Country Store, Inc. 
    199       8,436  
Denny’s Corp.*
    2,267       8,161  
 
See Notes to Financial Statements.


 

98

 
RYDEX RUSSELL 2000® EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (continued) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (continued)
                 
DineEquity, Inc.*
    194       $9,110  
Domino’s Pizza, Inc. 
    285       9,129  
Einstein Noah Restaurant Group, Inc. 
    589       8,670  
Gaylord Entertainment Co.*
    401       9,379  
International Speedway Corp. — Class A
    349       8,327  
Interval Leisure Group, Inc.*
    618       8,535  
Isle of Capri Casinos, Inc.*
    1,639       8,916  
Jack in the Box, Inc.*
    399       8,211  
Jamba, Inc.*
    5,475       9,308  
Krispy Kreme Doughnuts, Inc.*
    1,081       7,632  
Life Time Fitness, Inc.*
    214       9,230  
Luby’s, Inc.*
    1,970       9,515  
Marcus Corp. 
    785       9,357  
McCormick & Schmick’s Seafood Restaurants, Inc.*
    1,141       7,645  
Monarch Casino & Resort, Inc.*
    835       8,592  
Morgans Hotel Group Co.*
    1,306       8,502  
Multimedia Games Holding Co.*
    1,970       13,022  
O’Charleys, Inc.*
    1,307       8,116  
Orient-Express Hotels Ltd. — Class A*
    1,104       9,417  
P.F. Chang’s China Bistro, Inc. 
    270       8,397  
Papa John’s International, Inc.*
    260       8,778  
Peet’s Coffee & Tea, Inc.*
    859       54,735  
Pinnacle Entertainment, Inc.*
    801       9,067  
Red Lion Hotels Corp.*
    1,216       8,451  
Red Robin Gourmet Burgers, Inc.*
    318       7,972  
Ruby Tuesday, Inc.*
    1,081       9,070  
Ruth’s Hospitality Group, Inc*
    1,710       8,071  
Scientific Games Corp. — Class A*
    1,051       9,133  
Shuffle Master, Inc.*
    925       9,814  
Six Flags Entertainment Corp. 
    260       9,334  
Sonic Corp.*
    1,074       7,958  
Speedway Motorsports, Inc. 
    688       8,944  
Texas Roadhouse, Inc. 
    591       8,469  
Town Sports International Holdings, Inc.*
    1,057       9,175  
Vail Resorts, Inc. 
    211       9,402  
                 
Total Hotels, Restaurants & Leisure
    505,992  
         
Household Durables 0.9%
American Greetings Corp. — Class A
    420       6,724  
Beazer Homes USA, Inc.*
    4,801       10,322  
Blyth, Inc. 
    134       7,481  
Cavco Industries, Inc.*
    238       10,717  
CSS Industries, Inc. 
    475       10,013  
Ethan Allen Interiors, Inc. 
    576       11,405  
Furniture Brands International, Inc.*
    3,633       6,939  
Helen of Troy Ltd.*
    316       9,142  
Hovnanian Enterprises, Inc. — Class A*
    6,038       8,695  
iRobot Corp.*
    330       11,174  
KB Home
    1,391       9,695  
La-Z-Boy, Inc.*
    1,001       10,170  
Libbey, Inc.*
    734       9,293  
Lifetime Brands, Inc. 
    843       10,310  
M/I Homes, Inc.*
    1,247       9,315  
MDC Holdings, Inc. 
    461       10,327  
Meritage Homes Corp.*
    524       9,301  
Ryland Group, Inc. 
    750       10,125  
Sealy Corp.*
    4,587       7,110  
Skyline Corp. 
    845       5,712  
Standard Pacific Corp.*
    3,284       9,983  
Universal Electronics, Inc.*
    487       9,053  
Zagg, Inc.*
    823       11,102  
                 
Total Household Durables
    214,108  
         
Household Products 0.6%
Central Garden and Pet Co. — Class A*
    1,126       9,898  
Oil-Dri Corp. of America
    1,125       22,556  
Spectrum Brands Holdings, Inc.*
    1,973       50,075  
WD-40 Co. 
    1,221       53,748  
                 
Total Household Products
    136,277  
         
Independent Power Producers & Energy Traders 0.6%
Atlantic Power Corp. 
    2,925       39,487  
Dynegy, Inc.*
    9,082       33,331  
Genie Energy Ltd. — Class B*
    2,060       17,098  
Ormat Technologies, Inc. 
    2,544       48,311  
                 
Total Independent Power Producers & Energy Traders
    138,227  
         
Industrial Conglomerates 0.4%
Raven Industries, Inc. 
    176       10,562  
Seaboard Corp.*
    26       57,148  
Standex International Corp. 
    288       11,119  
Tredegar Corp. 
    1,308       25,336  
                 
Total Industrial Conglomerates
    104,165  
         
Insurance 1.3%
Alterra Capital Holdings Ltd. 
    282       6,114  
American Equity Investment Life Holding Co. 
    603       6,536  
American Safety Insurance Holdings Ltd.*
    293       5,980  
AMERISAFE, Inc.*
    287       6,185  
Amtrust Financial Services, Inc. 
    243       6,167  
Argo Group International Holdings Ltd. 
    189       5,706  
Baldwin & Lyons, Inc. — Class B
    255       5,873  
Citizens, Inc.*
    817       6,405  
CNO Financial Group, Inc.*
    965       6,031  
Crawford & Co. — Class B
    864       6,143  
Delphi Financial Group, Inc. — Class A
    246       6,514  
Donegal Group, Inc. — Class A
    435       5,446  
eHealth, Inc.*
    395       5,866  
EMC Insurance Group, Inc. 
    305       5,929  
Employers Holdings, Inc. 
    444       7,202  
Enstar Group Ltd.*
    54       4,966  
FBL Financial Group, Inc. — Class A
    202       6,595  
First American Financial Corp. 
    409       4,908  
Flagstone Reinsurance Holdings SA
    732       6,215  
Fortegra Financial Corp.*
    1,071       5,655  
Global Indemnity PLC*
    319       6,441  
Greenlight Capital Re, Ltd. — Class A*
    254       5,723  
Hallmark Financial Services*
    737       5,719  
Harleysville Group, Inc. 
    170       9,989  
Hilltop Holdings, Inc.*
    740       5,831  
Horace Mann Educators Corp. 
    484       6,510  
Independence Holding Co. 
    704       5,836  
Infinity Property & Casualty Corp. 
    107       6,202  
Kansas City Life Insurance Co. 
    178       5,967  
Maiden Holdings Ltd. 
    710       5,786  
Meadowbrook Insurance Group, Inc. 
    602       6,237  
Montpelier Re Holdings Ltd. 
    308       5,390  
National Financial Partners Corp.*
    477       6,521  
National Interstate Corp. 
    242       6,437  
National Western Life Insurance Co. — Class A
    46       6,613  
Navigators Group, Inc.(The)*
    125       5,702  
OneBeacon Insurance Group Ltd. — Class A
    408       6,210  
Phoenix Cos., Inc.(The)*
    4,434       6,607  
Platinum Underwriters Holdings Ltd. 
    174       6,026  
Presidential Life Corp. 
    639       6,339  
Primerica, Inc. 
    258       5,839  
ProAssurance Corp. 
    75       5,741  
 
See Notes to Financial Statements.


 

ANNUAL REPORT      99

 
RYDEX RUSSELL 2000® EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (continued) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (continued)
                 
RLI Corp. 
    86       $6,049  
Safety Insurance Group, Inc. 
    142       6,052  
SeaBright Holdings, Inc. 
    793       5,694  
Selective Insurance Group, Inc. 
    412       6,604  
State Auto Financial Corp. 
    427       5,675  
Stewart Information Services Corp. 
    619       6,215  
Symetra Financial Corp. 
    639       5,924  
Tower Group, Inc. 
    240       5,695  
United Fire & Casualty Co. 
    309       5,812  
Universal Insurance Holdings, Inc. 
    1,374       5,798  
                 
Total Insurance
    317,620  
         
Internet & Catalog Retail 0.6%
1-800-flowers.com, Inc. — Class A*
    3,196       9,109  
Blue Nile, Inc.*
    219       9,884  
Geeknet, Inc.*
    428       8,333  
HSN, Inc. 
    234       8,347  
Nutrisystem, Inc. 
    692       8,553  
Orbitz Worldwide, Inc.*
    3,508       6,630  
Overstock.com, Inc.*
    826       6,856  
PetMed Express, Inc. 
    5,332       53,160  
Shutterfly, Inc.*
    182       7,584  
US Auto Parts Network, Inc.*
    1,739       9,738  
Valuevision Media, Inc. — Class A*
    3,008       9,866  
                 
Total Internet & Catalog Retail
    138,060  
         
Internet Software & Services 1.9%
Active Network Inc.(The)*
    555       7,459  
Ancestry.com, Inc.*
    319       7,264  
comScore, Inc.*
    477       10,069  
Constant Contact, Inc.*
    467       9,452  
Cornerstone OnDemand, Inc.*
    635       9,150  
DealerTrack Holdings, Inc.*
    488       10,585  
Demand Media, Inc.*
    994       6,928  
Dice Holdings, Inc.*
    1,019       10,373  
Digital River, Inc.*
    357       6,544  
EarthLink, Inc. 
    1,158       8,118  
Envestnet, Inc.*
    751       8,742  
Infospace, Inc. 
    955       8,366  
Internap Network Services Corp.*
    1,618       9,190  
IntraLinks Holdings, Inc.*
    974       8,464  
j2 Global Communications, Inc. 
    1,470       45,247  
Keynote Systems, Inc. 
    369       8,808  
KIT Digital, Inc.*
    895       8,055  
Limelight Networks, Inc.*
    3,190       8,868  
Liquidity Services, Inc.*
    290       9,442  
LivePerson, Inc.*
    772       9,719  
LogMeIn, Inc.*
    242       9,842  
LoopNet, Inc.*
    521       9,217  
Marchex, Inc. — Class B
    859       7,637  
ModusLink Global Solutions, Inc. 
    2,255       9,426  
Move, Inc.*
    4,976       9,156  
NIC, Inc. 
    712       9,833  
OpenTable, Inc.*
    165       7,237  
Openwave Systems, Inc. 
    5,091       7,891  
Perficient, Inc.*
    1,055       10,054  
QuinStreet, Inc.*
    708       8,135  
RealNetworks, Inc. 
    971       9,477  
Responsys, Inc.*
    736       8,037  
RightNow Technologies, Inc.*
    253       10,882  
Saba Software, Inc.*
    1,479       10,264  
SciQuest, Inc.*
    607       9,008  
SPS Commerce, Inc.*
    478       9,350  
Stamps.com, Inc. 
    383       12,470  
support.com, Inc.*
    3,606       7,609  
TechTarget, Inc.*
    1,406       10,418  
Travelzoo, Inc.*
    332       10,578  
United Online, Inc. 
    1,468       8,676  
ValueClick, Inc.*
    479       8,430  
Vocus, Inc.*
    466       9,497  
Web.com Group, Inc.*
    1,078       10,413  
XO Group, Inc.*
    941       8,685  
Zix Corp. 
    2,693       6,679  
                 
Total Internet Software & Services
    449,744  
         
IT Services 1.2%
Acxiom Corp.*
    769       10,143  
CACI International, Inc. — Class A*
    163       8,947  
Cardtronics, Inc.*
    233       5,809  
Cass Information Systems, Inc. 
    164       6,427  
CIBER, Inc.*
    2,440       8,491  
Computer Task Group, Inc.*
    758       9,680  
Convergys Corp.*
    924       9,887  
CSG Systems International, Inc.*
    631       8,985  
Dynamics Research Corp. 
    909       8,763  
Echo Global Logistics, Inc.*
    691       10,669  
Euronet Worldwide, Inc.*
    331       6,412  
ExlService Holdings, Inc.*
    400       10,432  
Forrester Research, Inc. 
    270       9,669  
Global Cash Access Holdings, Inc.*
    2,043       6,088  
Hackett Group, Inc.(The)*
    2,408       9,945  
Heartland Payment Systems, Inc. 
    254       5,527  
iGate Corp.*
    674       9,086  
Jack Henry & Associates, Inc. 
    187       6,061  
Lionbridge Technologies, Inc.*
    3,190       8,645  
Mantech International Corp. 
    257       9,028  
MAXIMUS, Inc. 
    267       10,771  
MoneyGram International, Inc.*
    2,263       5,793  
NCI, Inc. — Class A*
    682       9,309  
PRGX Global, Inc.*
    1,816       9,697  
Sapient Corp. 
    780       9,641  
ServiceSource International, Inc.*
    672       8,944  
Syntel, Inc. 
    177       8,655  
TeleTech Holdings, Inc.*
    586       10,243  
TNS, Inc.*
    430       8,398  
Unisys Corp.*
    490       12,735  
Virtusa Corp.*
    568       9,253  
Wright Express Corp.*
    133       6,235  
                 
Total IT Services
    278,368  
         
Leisure Equipment & Products 0.5%
Arctic Cat, Inc.*
    529       10,744  
Black Diamond, Inc.*
    1,126       9,717  
Brunswick Corp. 
    531       9,377  
Callaway Golf Co. 
    1,475       8,570  
Eastman Kodak Co.*
    4,511       5,007  
Jakks Pacific, Inc. 
    417       7,910  
Johnson Outdoors, Inc. — Class A*
    503       9,351  
Leapfrog Enterprises, Inc.*
    2,349       8,762  
Marine Products Corp.*
    1,956       10,817  
Smith & Wesson Holding Corp.*
    3,020       8,939  
Steinway Musical Instruments, Inc. 
    357       8,996  
Sturm Ruger & Co., Inc. 
    261       7,914  
Summer Infant, Inc.*
    1,173       9,173  
                 
Total Leisure Equipment & Products
    115,277  
         
 
See Notes to Financial Statements.


 

100

 
RYDEX RUSSELL 2000® EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (continued) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (continued)
                 
Life Sciences Tools & Services 0.6%
Affymetrix, Inc.*
    1,634       $9,134  
Albany Molecular Research, Inc.*
    2,789       8,953  
Caliper Life Sciences, Inc.*
    826       8,657  
Cambrex Corp. 
    1,705       9,395  
Complete Genomics, Inc.*
    1,302       7,421  
Enzo Biochem, Inc.*
    3,357       9,601  
eResearchTechnology, Inc.*
    1,742       8,902  
Fluidigm Corp.*
    587       8,195  
Furiex Pharmaceuticals, Inc.*
    567       8,051  
Harvard Bioscience, Inc.*
    1,897       8,650  
Luminex Corp.*
    393       8,630  
Medtox Scientific, Inc. 
    635       9,296  
Pacific Biosciences of California, Inc.*
    2,148       8,420  
PAREXEL International Corp.*
    438       9,649  
Sequenom, Inc.*
    1,594       7,922  
                 
Total Life Sciences Tools & Services
    130,876  
         
Machinery 3.1%
3D Systems Corp.*
    513       8,346  
Accuride Corp.*
    1,595       10,080  
Actuant Corp. — Class A
    467       10,507  
Alamo Group, Inc. 
    440       10,494  
Albany International Corp. — Class A
    475       10,730  
Altra Holdings, Inc.*
    737       10,834  
American Railcar Industries, Inc.*
    599       13,214  
Ampco-Pittsburgh Corp. 
    923       19,374  
Astec Industries, Inc.*
    296       9,842  
Barnes Group, Inc. 
    436       10,146  
Blount International, Inc.*
    641       9,955  
Briggs & Stratton Corp. 
    635       9,271  
Cascade Corp. 
    259       11,163  
Chart Industries, Inc.*
    188       10,624  
CIRCOR International, Inc. 
    296       10,307  
CLARCOR, Inc. 
    472       22,883  
Colfax Corp.*
    415       10,483  
Columbus McKinnon Corp.*
    857       12,846  
Commercial Vehicle Group, Inc.*
    1,342       14,802  
Douglas Dynamics, Inc. 
    679       10,199  
Dynamic Materials Corp. 
    1,259       27,320  
Energy Recovery, Inc.*
    3,132       9,615  
EnPro Industries, Inc.*
    297       10,229  
ESCO Technologies, Inc. 
    328       10,027  
Federal Signal Corp.*
    1,911       9,020  
Flow International Corp.*
    3,798       9,837  
Force Protection, Inc.*
    2,322       8,545  
FreightCar America, Inc.*
    572       10,839  
Gorman-Rupp Co.(The)
    345       9,270  
Graham Corp. 
    527       12,142  
Greenbrier Cos., Inc.*
    698       12,990  
Hurco Cos., Inc.*
    410       10,709  
John Bean Technologies Corp. 
    604       9,749  
Kadant, Inc.*
    511       11,063  
Kaydon Corp. 
    673       21,173  
LB Foster Co. — Class A
    860       21,930  
Lindsay Corp. 
    156       9,064  
Lydall, Inc.*
    992       10,872  
Meritor, Inc.*
    1,145       10,900  
Met-Pro Corp. 
    1,036       9,334  
Middleby Corp. 
    118       9,945  
Miller Industries, Inc. 
    504       10,302  
Mueller Industries, Inc. 
    478       19,335  
Mueller Water Products, Inc. — Series A
    8,023       22,063  
NACCO Industries, Inc. — Class A
    138       11,330  
NN, Inc.*
    3,558       31,453  
PMFG, Inc.*
    541       11,063  
RBC Bearings, Inc.*
    564       22,842  
Robbins & Myers, Inc. 
    241       10,770  
Sauer-Danfoss, Inc.*
    283       10,958  
Sun Hydraulics Corp. 
    362       10,411  
Tecumseh Products Co. — Class A*
    1,230       7,823  
Tennant Co. 
    238       9,208  
Titan International, Inc. 
    542       12,195  
Trimas Corp.*
    592       11,538  
Twin Disc, Inc. 
    309       12,020  
Wabash National Corp.*
    1,804       12,448  
Watts Water Technologies, Inc. — Class A
    323       10,171  
Xerium Technologies, Inc.*
    782       8,102  
                 
Total Machinery
    734,705  
         
Marine 0.3%
Baltic Trading Ltd. 
    1,804       10,030  
Eagle Bulk Shipping, Inc.*
    4,960       7,688  
Excel Maritime Carriers Ltd.*
    3,914       11,116  
Genco Shipping & Trading Ltd.*
    1,141       10,269  
International Shipholding Corp. 
    487       9,906  
Ultrapetrol Bahamas Ltd.*
    3,362       9,985  
                 
Total Marine
    58,994  
         
Media 1.4%
AH Belo Corp. — Class A
    1,906       9,530  
Arbitron, Inc. 
    220       8,741  
Belo Corp. — Class A
    1,546       9,802  
Central European Media Enterprises Ltd. — Class A*
    939       10,367  
Cinemark Holdings, Inc. 
    416       8,599  
Crown Media Holdings, Inc. — Class A*
    5,865       9,267  
Cumulus Media, Inc. — Class A*
    2,985       8,985  
DG Fastchannel, Inc.*
    444       8,276  
E.W. Scripps Co. — Class A*
    1,093       9,116  
Entercom Communications Corp. — Class A*
    1,484       9,735  
Entravision Communications Corp. — Class A*
    6,267       10,341  
Fisher Communications, Inc. 
    351       10,193  
Global Sources Ltd.*
    1,221       8,901  
Gray Television, Inc.*
    4,639       8,814  
Harte-Hanks, Inc. 
    940       8,253  
interCLICK, Inc.*
    1,437       10,634  
Journal Communications, Inc. — Class A*
    2,550       9,843  
Knology, Inc.*
    585       8,383  
LIN TV Corp. — Class A*
    3,436       10,720  
Lions Gate Entertainment Corp.*
    1,224       10,061  
Live Nation Entertainment, Inc.*
    963       9,043  
Martha Stewart Living Omnimedia — Class A
    2,307       8,928  
McClatchy Co.(The) — Class A*
    6,621       10,395  
MDC Partners, Inc. 
    583       9,818  
Meredith Corp. 
    354       9,498  
National CineMedia, Inc. 
    545       6,594  
New York Times Co.(The) — Class A*
    1,351       10,295  
Nexstar Broadcasting Group, Inc. — Class A*
    1,244       11,320  
Outdoor Channel Holdings, Inc.*
    1,284       9,591  
ReachLocal, Inc.*
    651       6,516  
Rentrak Corp.*
    594       8,114  
Saga Communications, Inc. — Class A*
    263       9,862  
Scholastic Corp. 
    292       7,840  
 
See Notes to Financial Statements.


 

ANNUAL REPORT      101

 
RYDEX RUSSELL 2000® EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (continued) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (continued)
                 
Sinclair Broadcast Group, Inc. — Class A
    1,065       $10,203  
Valassis Communications, Inc.*
    396       7,734  
World Wrestling Entertainment, Inc. — Class A
    873       9,175  
                 
Total Media
    333,487  
         
Metals & Mining 2.6%
A.M. Castle & Co.*
    764       10,459  
AMCOL International Corp. 
    806       24,333  
Century Aluminum Co.*
    2,036       22,722  
Coeur d’Alene Mines Corp. 
    870       22,246  
General Moly, Inc.*
    6,480       22,291  
Globe Specialty Metals, Inc. 
    1,335       22,254  
Gold Resource Corp. 
    1,032       23,220  
Golden Minerals Co.*
    2,390       16,754  
Golden Star Resources Ltd.*
    10,316       20,529  
Haynes International, Inc. 
    418       24,449  
Hecla Mining Co.*
    3,444       21,594  
Horsehead Holding Corp.*
    2,505       21,743  
Jaguar Mining, Inc.*
    3,858       20,062  
Kaiser Aluminum Corp. 
    416       19,327  
Materion Corp.*
    840       22,210  
Metals USA Holdings Corp.*
    2,155       23,468  
Midway Gold Corp.*
    8,985       18,868  
Noranda Aluminum Holding Corp.*
    2,264       20,965  
Olympic Steel, Inc. 
    1,129       23,088  
Paramount Gold and Silver Corp.*
    7,659       20,373  
Revett Minerals, Inc.*
    4,980       20,966  
RTI International Metals, Inc.*
    794       20,954  
Stillwater Mining Co.*
    2,098       23,833  
Thompson Creek Metals Co, Inc.*
    3,013       21,483  
Universal Stainless & Alloy*
    803       30,233  
US Gold Corp.*
    4,358       19,785  
Vista Gold Corp.*
    5,632       20,331  
Worthington Industries, Inc. 
    1,368       23,639  
                 
Total Metals & Mining
    602,179  
         
Multi-Utilities 0.8%
Avista Corp. 
    1,775       45,174  
Black Hills Corp. 
    1,367       46,082  
CH Energy Group, Inc. 
    802       44,278  
NorthWestern Corp. 
    1,341       46,197  
                 
Total Multi-Utilities
    181,731  
         
Multiline Retail 0.2%
99 Cents Only Stores*
    430       9,374  
Bon-Ton Stores, Inc.(The)
    1,437       7,587  
Fred’s, Inc. — Class A
    719       8,765  
Gordmans Stores, Inc.*
    639       8,933  
Saks, Inc.*
    867       9,164  
Tuesday Morning Corp.*
    2,167       7,845  
                 
Total Multiline Retail
    51,668  
         
Oil, Gas & Consumable Fuels 8.4%
Abraxas Petroleum Corp.*
    7,981       31,126  
Amyris, Inc.*
    1,223       25,071  
Apco Oil and Gas International, Inc. 
    315       26,145  
Approach Resources, Inc.*
    1,345       32,831  
ATP Oil & Gas Corp.*
    2,503       26,407  
Berry Petroleum Co. — Class A
    610       21,076  
Bill Barrett Corp.*
    619       25,750  
BPZ Resources, Inc.*
    8,271       24,730  
Callon Petroleum Co.*
    5,842       27,516  
Carrizo Oil & Gas, Inc.*
    1,052       28,614  
Cheniere Energy, Inc.*
    4,515       51,742  
Clayton Williams Energy, Inc.*
    505       32,997  
Clean Energy Fuels Corp.*
    2,024       23,924  
Cloud Peak Energy, Inc.*
    1,377       31,602  
Comstock Resources, Inc.*
    1,405       25,627  
Contango Oil & Gas Co.*
    435       27,988  
Crosstex Energy, Inc. 
    1,735       22,607  
CVR Energy, Inc.*
    1,038       25,701  
Delek US Holdings, Inc. 
    2,009       29,090  
DHT Holdings, Inc. 
    4,072       6,515  
Endeavour International Corp.*
    2,959       27,460  
Energy Partners Ltd.*
    1,996       28,623  
Energy XXI Ltd.*
    1,063       31,220  
Evolution Petroleum Corp.*
    3,554       24,558  
Frontline Ltd. 
    1,657       8,616  
FX Energy, Inc.*
    5,333       31,571  
Gastar Exploration Ltd.*
    7,040       26,048  
GeoResources, Inc.*
    1,217       32,299  
GMX Resources, Inc.*
    11,339       28,347  
Golar LNG Ltd. 
    753       30,444  
Goodrich Petroleum Corp.*
    1,790       28,371  
Green Plains Renewable Energy, Inc.*
    2,658       27,803  
Gulfport Energy Corp.*
    1,022       31,825  
Harvest Natural Resources, Inc.*
    2,389       25,491  
Houston American Energy Corp.*
    1,661       26,011  
Hyperdynamics Corp.*
    6,128       30,027  
James River Coal Co.*
    3,336       34,528  
Knightsbridge Tankers Ltd. 
    519       8,761  
Kodiak Oil & Gas Corp.*
    4,351       30,065  
Magnum Hunter Resources Corp.*
    5,911       26,599  
McMoRan Exploration Co.*
    2,260       27,527  
Nordic American Tanker Shipping Ltd. 
    590       8,508  
Northern Oil and Gas, Inc.*
    1,168       28,231  
Oasis Petroleum, Inc.*
    1,034       30,338  
Overseas Shipholding Group, Inc. 
    559       6,976  
Panhandle Oil and Gas, Inc. — Class A
    851       28,355  
Patriot Coal Corp.*
    2,442       30,672  
Penn Virginia Corp. 
    3,753       22,856  
Petroleum Development Corp.*
    1,143       29,844  
Petroquest Energy, Inc.*
    3,886       28,329  
Rentech, Inc.*
    23,239       37,415  
Resolute Energy Corp.*
    2,106       27,378  
REX American Resources Corp.*
    1,507       27,488  
Rex Energy Corp.*
    1,809       28,003  
Rosetta Resources, Inc.*
    620       27,491  
Scorpio Tankers, Inc.*
    1,669       10,665  
SemGroup Corp. — Class A*
    1,138       31,841  
Ship Finance International Ltd. 
    647       9,259  
Solazyme, Inc.*
    2,583       26,269  
Stone Energy Corp.*
    1,256       30,508  
Swift Energy Co.*
    877       26,854  
Targa Resources Corp. 
    817       27,566  
Teekay Tankers Ltd. — Class A
    1,634       8,072  
Triangle Petroleum Corp.*
    6,039       34,060  
Ur-Energy, Inc.*
    20,421       26,343  
Uranerz Energy Corp.*
    12,403       28,279  
Uranium Energy Corp.*
    7,119       23,920  
USEC, Inc.*
    13,258       27,842  
Vaalco Energy, Inc.*
    4,711       32,082  
Venoco, Inc.*
    2,558       24,915  
Voyager Oil & Gas, Inc.*
    10,849       29,943  
W&T Offshore, Inc. 
    1,576       31,031  
Warren Resources, Inc.*
    9,146       28,627  
 
See Notes to Financial Statements.


 

102

 
RYDEX RUSSELL 2000® EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (continued) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (continued)
                 
Western Refining, Inc.*
    1,787       $28,556  
World Fuel Services Corp. 
    715       28,493  
                 
Total Oil, Gas & Consumable Fuels
    1,990,262  
         
Paper & Forest Products 0.9%
Buckeye Technologies, Inc. 
    763       23,073  
Clearwater Paper Corp.*
    567       18,785  
Deltic Timber Corp. 
    357       24,165  
KapStone Paper and Packaging Corp.*
    1,344       22,042  
Louisiana-Pacific Corp.*
    3,426       22,783  
Neenah Paper, Inc. 
    1,320       21,780  
PH Glatfelter Co. 
    1,454       21,810  
Schweitzer-Mauduit International, Inc. 
    331       23,276  
Wausau Paper Corp. 
    3,027       22,702  
                 
Total Paper & Forest Products
    200,416  
         
Personal Products 0.9%
Elizabeth Arden, Inc.*
    257       8,810  
Inter Parfums, Inc. 
    506       9,331  
Medifast, Inc.*
    2,920       48,005  
Nature’s Sunshine Products, Inc.*
    3,188       55,344  
Nu Skin Enterprises, Inc. — Class A
    188       9,499  
Prestige Brands Holdings, Inc.*
    912       9,649  
Revlon, Inc. — Class A*
    639       9,412  
USANA Health Sciences, Inc.*
    1,748       60,481  
                 
Total Personal Products
    210,531  
         
Pharmaceuticals 1.3%
Aegerion Pharmaceuticals, Inc.*
    562       7,357  
Akorn, Inc.*
    1,022       9,188  
Ampio Pharmaceuticals, Inc.*
    1,100       7,821  
Auxilium Pharmaceuticals, Inc.*
    592       9,211  
AVANIR Pharmaceuticals, Inc. — Class A*
    2,883       8,620  
Cadence Pharmaceuticals, Inc.*
    1,268       7,392  
Columbia Laboratories, Inc.*
    4,318       10,924  
Corcept Therapeutics, Inc.*
    2,883       9,139  
Cornerstone Therapeutics, Inc.*
    1,220       7,479  
Depomed, Inc.*
    1,475       6,608  
Durect Corp.*
    5,337       8,486  
Endocyte, Inc.*
    774       7,515  
Hi-Tech Pharmacal Co., Inc.*
    252       8,951  
Impax Laboratories, Inc.*
    449       8,491  
ISTA Pharmaceuticals, Inc.*
    2,198       9,100  
Jazz Pharmaceuticals, Inc.*
    191       7,441  
KV Pharmaceutical Co. — Class A*
    6,609       7,336  
Lannett Co., Inc.*
    2,022       8,270  
MAP Pharmaceuticals, Inc.*
    551       8,144  
Medicines Co.(The)*
    558       10,446  
Medicis Pharmaceutical Corp. — Class A
    230       8,807  
Nektar Therapeutics*
    1,619       8,775  
Obagi Medical Products, Inc.*
    843       7,958  
Optimer Pharmaceuticals, Inc.*
    556       7,934  
Pacira Pharmaceuticals, Inc.*
    838       8,196  
Pain Therapeutics, Inc.*
    1,606       7,147  
Par Pharmaceutical Cos., Inc.*
    310       9,486  
Pozen, Inc.*
    3,396       8,660  
Questcor Pharmaceuticals, Inc.*
    334       13,564  
Sagent Pharmaceuticals, Inc.*
    410       10,475  
Salix Pharmaceuticals Ltd.*
    289       9,900  
Santarus, Inc.*
    2,846       8,680  
Sucampo Pharmaceuticals, Inc. — Class A*
    2,407       10,591  
Viropharma, Inc.*
    463       9,371  
Vivus, Inc.*
    989       9,326  
XenoPort, Inc.*
    1,292       7,881  
                 
Total Pharmaceuticals
    314,670  
         
Professional Services 1.2%
Acacia Research — Acacia Technologies*
    206       8,207  
Advisory Board Co.(The)*
    137       8,391  
Barrett Business Services, Inc. 
    647       10,268  
CBIZ, Inc.*
    1,360       8,609  
CDI Corp. 
    802       10,530  
Corporate Executive Board Co.(The)
    290       10,611  
CoStar Group, Inc.*
    169       10,399  
CRA International, Inc.*
    420       8,114  
Dolan Co.(The)*
    943       8,251  
Exponent, Inc.*
    213       10,262  
Franklin Covey Co.*
    1,049       10,112  
FTI Consulting, Inc.*
    241       9,498  
GP Strategies Corp.*
    838       9,905  
Heidrick & Struggles International, Inc. 
    536       10,602  
Hill International, Inc.*
    1,781       9,974  
Huron Consulting Group, Inc.*
    290       10,443  
ICF International, Inc.*
    457       10,685  
Insperity, Inc. 
    408       10,518  
Kelly Services, Inc. — Class A
    761       12,442  
Kforce, Inc.*
    913       11,650  
Korn/Ferry International*
    679       10,844  
Mistras Group, Inc.*
    481       10,486  
Navigant Consulting, Inc.*
    913       10,344  
Odyssey Marine Exploration, Inc.*
    3,388       9,656  
On Assignment, Inc.*
    1,231       13,282  
Resources Connection, Inc. 
    909       10,081  
RPX Corp.*
    416       6,473  
TrueBlue, Inc.*
    768       10,153  
VSE Corp. 
    349       8,488  
                 
Total Professional Services
    289,278  
         
Real Estate Investment Trusts (REITs) 2.6%
Acadia Realty Trust
    275       5,698  
Agree Realty Corp. 
    241       5,762  
Alexander’s, Inc. 
    17       7,373  
American Assets Trust, Inc. 
    297       6,020  
American Campus Communities, Inc. 
    143       5,567  
Anworth Mortgage Asset Corp. 
    799       5,154  
Apollo Commercial Real Estate Finance, Inc. 
    379       5,310  
ARMOUR Residential REIT, Inc. 
    796       5,691  
Ashford Hospitality Trust, Inc. 
    794       7,067  
Associated Estates Realty Corp. 
    338       5,739  
BioMed Realty Trust, Inc. 
    325       5,886  
Campus Crest Communities, Inc. 
    468       5,349  
CapLease, Inc. 
    1,429       5,587  
Capstead Mortgage Corp. 
    441       5,345  
CBL & Associates Properties, Inc. 
    428       6,583  
Cedar Shopping Centers, Inc. 
    1,658       6,085  
Chatham Lodging Trust
    536       6,030  
Chesapeake Lodging Trust
    467       6,977  
Cogdell Spencer, Inc. 
    1,463       5,910  
Colonial Properties Trust
    290       5,881  
Colony Financial, Inc. 
    401       5,883  
Coresite Realty Corp. 
    363       6,044  
Cousins Properties, Inc. 
    888       5,825  
CreXus Investment Corp. 
    584       5,583  
CubeSmart
    621       6,092  
CYS Investments, Inc. 
    448       5,681  
DCT Industrial Trust, Inc. 
    1,174       5,823  
DiamondRock Hospitality Co. 
    753       6,815  
 
See Notes to Financial Statements.


 

ANNUAL REPORT      103

 
RYDEX RUSSELL 2000® EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (continued) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (continued)
                 
DuPont Fabros Technology, Inc. 
    261       $5,426  
Dynex Capital, Inc. 
    640       5,606  
EastGroup Properties, Inc. 
    134       5,844  
Education Realty Trust, Inc. 
    605       5,596  
Entertainment Properties Trust
    143       6,406  
Equity Lifestyle Properties, Inc. 
    82       5,423  
Equity One, Inc. 
    321       5,505  
Excel Trust, Inc. 
    536       5,633  
Extra Space Storage, Inc. 
    274       6,173  
FelCor Lodging Trust, Inc.*
    2,263       6,812  
First Industrial Realty Trust, Inc.*
    643       6,334  
First Potomac Realty Trust
    409       5,812  
Franklin Street Properties Corp. 
    461       5,855  
Getty Realty Corp. 
    341       5,436  
Gladstone Commercial Corp. 
    340       5,722  
Glimcher Realty Trust
    712       6,522  
Government Properties Income Trust
    252       5,930  
Hatteras Financial Corp. 
    212       5,448  
Healthcare Realty Trust, Inc. 
    308       5,818  
Hersha Hospitality Trust
    1,542       6,800  
Highwoods Properties, Inc. 
    197       6,103  
Home Properties, Inc. 
    95       5,595  
Hudson Pacific Properties, Inc. 
    453       6,052  
Inland Real Estate Corp. 
    721       5,407  
Invesco Mortgage Capital, Inc. 
    365       5,760  
Investors Real Estate Trust
    743       5,506  
iStar Financial, Inc.*
    872       5,921  
Kilroy Realty Corp. 
    167       6,127  
Kite Realty Group Trust
    1,435       5,927  
LaSalle Hotel Properties
    275       6,575  
Lexington Realty Trust
    801       6,296  
LTC Properties, Inc. 
    208       5,899  
Medical Properties Trust, Inc. 
    574       5,797  
MFA Financial, Inc. 
    779       5,258  
Mid-America Apartment Communities, Inc. 
    94       5,866  
Mission West Properties, Inc. 
    702       5,462  
Monmouth Real Estate Investment Corp. — Class A
    683       5,737  
MPG Office Trust, Inc.*
    2,263       5,409  
National Health Investors, Inc. 
    124       5,542  
National Retail Properties, Inc. 
    204       5,559  
Newcastle Investment Corp. 
    1,212       5,563  
NorthStar Realty Finance Corp. 
    1,519       6,000  
Omega Healthcare Investors, Inc. 
    312       5,541  
One Liberty Properties, Inc. 
    354       5,756  
Parkway Properties, Inc. 
    474       6,091  
Pebblebrook Hotel Trust
    350       6,660  
Pennsylvania Real Estate Investment Trust
    639       6,556  
Pennymac Mortgage Investment Trust
    335       5,728  
Post Properties, Inc. 
    147       6,039  
Potlatch Corp. 
    171       5,554  
PS Business Parks, Inc. 
    106       5,642  
RAIT Financial Trust
    1,559       8,107  
Ramco-Gershenson Properties Trust
    635       6,128  
Redwood Trust, Inc. 
    451       5,241  
Resource Capital Corp. 
    957       5,139  
Retail Opportunity Investments Corp. 
    483       5,506  
RLJ Lodging Trust
    412       6,106  
Sabra Health Care REIT, Inc. 
    531       5,453  
Saul Centers, Inc. 
    170       6,093  
Sovran Self Storage, Inc. 
    144       6,365  
STAG Industrial, Inc. 
    498       5,348  
Starwood Property Trust, Inc. 
    299       5,618  
Strategic Hotels & Resorts, Inc.*
    1,142       6,498  
Summit Hotel Properties, Inc. 
    704       5,681  
Sun Communities, Inc. 
    146       5,560  
Sunstone Hotel Investors, Inc.*
    951       6,609  
Tanger Factory Outlet Centers
    202       5,688  
Terreno Realty Corp. 
    386       4,806  
Two Harbors Investment Corp. 
    608       5,685  
UMH Properties, Inc. 
    590       5,924  
Universal Health Realty Income Trust
    161       6,113  
Urstadt Biddle Properties, Inc. — Class A
    332       5,923  
Washington Real Estate Investment Trust
    189       5,473  
Whitestone REIT — Class B
    478       5,593  
Winthrop Realty Trust
    595       5,385  
                 
Total Real Estate Investment Trusts (REITs)
    605,831  
         
Real Estate Management & Development 0.1%
Avatar Holdings, Inc.*
    602       5,719  
Consolidated-Tomoka Land Co. 
    203       6,080  
Forestar Group, Inc.*
    467       6,071  
Kennedy-Wilson Holdings, Inc. 
    484       6,011  
Tejon Ranch Co.*
    212       5,510  
                 
Total Real Estate Management & Development
    29,391  
         
Road & Rail 0.8%
Amerco, Inc.*
    126       9,539  
Arkansas Best Corp. 
    504       10,382  
Avis Budget Group, Inc.*
    758       10,688  
Celadon Group, Inc. 
    952       10,482  
Dollar Thrifty Automotive Group, Inc.*
    133       8,118  
Genesee & Wyoming, Inc. — Class A*
    189       11,191  
Heartland Express, Inc. 
    649       8,703  
Knight Transportation, Inc. 
    647       9,834  
Marten Transport Ltd. 
    507       8,979  
Old Dominion Freight Line, Inc.*
    297       10,861  
Patriot Transportation Holding, Inc.*
    431       9,913  
Quality Distribution, Inc.*
    982       11,067  
RailAmerica, Inc.*
    671       9,173  
Roadrunner Transportation Systems, Inc.*
    631       10,531  
Saia, Inc.*
    870       11,614  
Swift Transportation Co. — Class A*
    1,305       11,615  
Universal Truckload Services, Inc. 
    660       10,243  
Werner Enterprises, Inc. 
    418       9,907  
Zipcar, Inc.*
    448       9,162  
                 
Total Road & Rail
    192,002  
         
Semiconductors & Semiconductor Equipment 2.8%
Advanced Analogic Technologies, Inc.*
    1,857       8,096  
Advanced Energy Industries, Inc.*
    988       9,228  
Alpha & Omega Semiconductor Ltd.*
    1,019       8,611  
Amkor Technology, Inc.*
    1,653       8,001  
Amtech Systems, Inc.*
    893       9,126  
Anadigics, Inc.*
    3,606       9,484  
Applied Micro Circuits Corp.*
    1,450       9,773  
ATMI, Inc.*
    482       9,833  
Axcelis Technologies, Inc.*
    6,855       9,597  
AXT, Inc.*
    1,535       7,214  
Brooks Automation, Inc. 
    1,018       10,638  
Cabot Microelectronics Corp.*
    556       21,417  
Cavium, Inc.*
    275       8,990  
Ceva, Inc.*
    322       10,005  
Cirrus Logic, Inc.*
    519       8,636  
Cohu, Inc. 
    784       8,695  
Cymer, Inc.*
    211       9,168  
Diodes, Inc.*
    435       9,731  
DSP Group, Inc.*
    1,367       8,448  
 
See Notes to Financial Statements.


 

104

 
RYDEX RUSSELL 2000® EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (continued) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (continued)
                 
Entegris, Inc.*
    1,134       $10,161  
Entropic Communications, Inc.*
    1,861       10,831  
Exar Corp.*
    1,373       8,389  
Formfactor, Inc.*
    1,287       7,696  
FSI International, Inc.*
    4,254       10,507  
GSI Technology, Inc.*
    1,613       7,904  
GT Advanced Technologies, Inc.*
    3,030       24,846  
Hittite Microwave Corp.*
    164       8,626  
Inphi Corp.*
    889       9,815  
Integrated Device Technology, Inc.*
    1,479       8,992  
Integrated Silicon Solution, Inc.*
    1,032       9,505  
IXYS Corp.*
    688       9,405  
Kopin Corp.*
    2,248       9,104  
Kulicke & Soffa Industries, Inc.*
    987       9,525  
Lattice Semiconductor Corp.*
    1,459       9,235  
LTX-Credence Corp.*
    1,477       9,349  
MaxLinear, Inc. — Class A*
    1,240       7,217  
Micrel, Inc. 
    825       9,091  
Microsemi Corp. 
    479       8,842  
Mindspeed Technologies, Inc.*
    1,519       8,446  
MIPS Technologies, Inc.*
    1,448       7,950  
MKS Instruments, Inc. 
    367       9,777  
Monolithic Power Systems, Inc.*
    746       9,295  
MoSys, Inc.*
    2,171       8,402  
Nanometrics, Inc.*
    544       9,183  
Netlogic Microsystems, Inc.*
    172       8,462  
NVE Corp.*
    128       7,043  
Omnivision Technologies, Inc.*
    510       8,318  
PDF Solutions, Inc.*
    2,049       10,593  
Pericom Semiconductor Corp.*
    1,083       9,195  
Photronics, Inc.*
    1,391       8,722  
PLX Technology, Inc.*
    2,514       8,170  
Power Integrations, Inc. 
    253       9,014  
Rambus, Inc.*
    579       10,266  
RF Micro Devices, Inc.*
    1,201       8,815  
Rubicon Technology, Inc.*
    742       7,732  
Rudolph Technologies, Inc.*
    1,261       9,294  
Semtech Corp.*
    357       8,718  
Sigma Designs, Inc.*
    1,004       8,373  
Silicon Image, Inc.*
    1,257       8,095  
Spansion, Inc. — Class A*
    622       6,400  
Standard Microsystems Corp.*
    410       10,152  
STR Holdings, Inc.*
    3,063       26,189  
Supertex, Inc.*
    455       8,399  
Tessera Technologies, Inc.*
    651       8,964  
TriQuint Semiconductor, Inc.*
    1,488       7,916  
Ultra Clean Holdings*
    1,851       10,143  
Ultratech, Inc.*
    435       9,483  
Veeco Instruments, Inc.*
    281       7,500  
Volterra Semiconductor Corp.*
    396       9,385  
                 
Total Semiconductors & Semiconductor
Equipment
    662,125  
         
Software 2.6%
Accelrys, Inc.*
    1,342       8,897  
ACI Worldwide, Inc.*
    291       8,925  
Actuate Corp.*
    1,429       9,288  
Advent Software, Inc.*
    245       6,713  
American Software, Inc. — Class A
    1,126       8,805  
Aspen Technology, Inc.*
    507       8,791  
Blackbaud, Inc. 
    345       9,670  
Bottomline Technologies, Inc.*
    404       9,813  
BroadSoft, Inc.*
    245       8,820  
Callidus Software, Inc.*
    1,806       10,222  
CommVault Systems, Inc.*
    208       8,857  
Concur Technologies, Inc.*
    218       10,141  
Convio, Inc.*
    976       9,360  
Deltek, Inc.*
    1,200       8,832  
DemandTec, Inc.*
    1,342       10,146  
Digimarc Corp.*
    293       7,838  
Ebix, Inc. 
    535       9,154  
Ellie Mae, Inc.*
    1,395       7,115  
EPIQ Systems, Inc. 
    640       9,126  
ePlus, Inc.*
    330       8,963  
Fair Isaac Corp. 
    237       6,482  
FalconStor Software, Inc.*
    2,650       8,983  
Glu Mobile, Inc.*
    2,931       8,881  
Guidance Software, Inc.*
    1,254       7,537  
Interactive Intelligence Group*
    286       7,937  
JDA Software Group, Inc.*
    335       10,676  
Kenexa Corp.*
    460       10,520  
Magma Design Automation, Inc.*
    1,650       8,712  
Manhattan Associates, Inc.*
    234       9,910  
Mentor Graphics Corp.*
    822       9,338  
MicroStrategy, Inc. — Class A*
    68       8,960  
Monotype Imaging Holdings, Inc.*
    658       8,929  
Motricity, Inc.*
    4,253       7,485  
Netscout Systems, Inc.*
    671       10,998  
NetSuite, Inc.*
    263       10,005  
Opnet Technologies, Inc. 
    222       9,710  
Parametric Technology Corp.*
    519       10,811  
Pegasystems, Inc. 
    236       8,918  
Progress Software Corp.*
    428       9,014  
PROS Holdings, Inc.*
    623       9,881  
QAD, Inc. — Class A*
    752       8,693  
QLIK Technologies, Inc.*
    349       9,971  
Quest Software, Inc.*
    499       8,777  
RealD, Inc.*
    672       7,506  
RealPage, Inc.*
    399       10,514  
Rosetta Stone, Inc.*
    861       8,550  
S1 Corp.*
    603       5,867  
SeaChange International, Inc.*
    1,001       8,448  
Smith Micro Software, Inc.*
    5,458       6,386  
SolarWinds, Inc.*
    365       10,534  
Sourcefire, Inc.*
    289       7,962  
SRS Labs, Inc.*
    1,152       8,099  
SS&C Technologies Holdings, Inc.*
    576       9,135  
SuccessFactors, Inc.*
    346       9,238  
Synchronoss Technologies, Inc.*
    320       9,619  
Take-Two Interactive Software, Inc.*
    622       9,815  
Taleo Corp. — Class A*
    303       9,817  
TeleCommunication Systems, Inc. — Class A*
    2,433       8,029  
TeleNav, Inc.*
    906       7,764  
THQ, Inc.*
    4,635       9,873  
TiVo, Inc.*
    790       8,556  
Tyler Technologies, Inc.*
    324       10,229  
Ultimate Software Group, Inc.*
    165       9,930  
VASCO Data Security International, Inc.*
    1,565       12,927  
Verint Systems, Inc.*
    280       8,344  
VirnetX Holding Corp. 
    458       9,870  
Wave Systems Corp. — Class A*
    3,179       8,297  
Websense, Inc.*
    452       8,064  
                 
Total Software
    613,977  
         
Specialty Retail 2.6%
Aeropostale, Inc.*
    767       10,477  
America’s Car-Mart, Inc.*
    273       9,113  
 
See Notes to Financial Statements.


 

ANNUAL REPORT      105

 
RYDEX RUSSELL 2000® EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (continued) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (continued)
                 
ANN, Inc.*
    348       $9,271  
Asbury Automotive Group, Inc.*
    461       8,598  
Ascena Retail Group, Inc.*
    290       8,381  
Barnes & Noble, Inc.*
    622       7,632  
Bebe Stores, Inc. 
    1,151       8,264  
Big 5 Sporting Goods Corp. 
    1,236       9,554  
Body Central Corp.*
    419       8,799  
Brown Shoe Co., Inc. 
    1,132       10,086  
Buckle, Inc.(The)
    204       9,090  
Build-A-Bear Workshop, Inc.*
    1,610       10,545  
Cabela’s, Inc.*
    372       9,270  
Casual Male Retail Group, Inc.*
    2,073       8,603  
Cato Corp.(The) — Class A
    331       8,484  
Charming Shoppes, Inc.*
    2,737       9,497  
Children’s Place Retail Stores, Inc.(The)*
    174       8,169  
Christopher & Banks Corp. 
    2,326       7,746  
Citi Trends, Inc.*
    653       8,091  
Coldwater Creek, Inc.*
    6,267       6,580  
Collective Brands, Inc.*
    594       8,678  
Conn’s, Inc.*
    1,069       9,845  
Cost Plus, Inc.*
    1,192       9,405  
Destination Maternity Corp. 
    599       9,925  
Express, Inc. 
    381       8,607  
Finish Line, Inc.(The) — Class A
    377       7,578  
Genesco, Inc.*
    154       9,077  
GNC Holdings, Inc. — Class A*
    2,262       55,984  
Group 1 Automotive, Inc. 
    214       9,750  
Haverty Furniture Cos., Inc. 
    770       8,947  
hhgregg, Inc.*
    822       10,481  
Hibbett Sports, Inc.*
    225       9,268  
HOT Topic, Inc. 
    1,026       7,757  
JOS A Bank Clothiers, Inc.*
    161       8,604  
Kirkland’s, Inc.*
    866       9,734  
Lithia Motors, Inc. — Class A
    534       10,984  
Lumber Liquidators Holdings, Inc.*
    512       7,665  
MarineMax, Inc.*
    1,229       10,004  
Men’s Wearhouse, Inc.(The)
    289       8,924  
Monro Muffler, Inc. 
    234       8,679  
New York & Co., Inc.*
    2,512       6,707  
Office Depot, Inc.*
    3,698       8,468  
OfficeMax, Inc.*
    1,541       7,890  
Pacific Sunwear of California, Inc.*
    6,037       7,546  
Penske Automotive Group, Inc. 
    479       9,767  
PEP Boys-Manny Moe & Jack
    795       9,143  
Pier 1 Imports, Inc.*
    749       9,370  
Rent-A-Center, Inc. 
    296       10,108  
Rue21, Inc.*
    321       8,551  
Select Comfort Corp.*
    519       10,780  
Shoe Carnival, Inc.*
    332       9,060  
Sonic Automotive, Inc. — Class A
    691       10,137  
Stage Stores, Inc. 
    567       8,862  
Stein Mart, Inc. 
    1,226       8,889  
Syms Corp. 
    904       7,060  
Systemax, Inc. 
    627       9,487  
Talbots, Inc.*
    2,944       7,743  
Vitamin Shoppe, Inc.*
    212       7,995  
West Marine, Inc.*
    970       8,817  
Wet Seal, Inc.(The) — Class A*
    1,748       7,324  
Winmark Corp. 
    162       8,040  
Zale Corp.*
    2,387       8,808  
Zumiez, Inc.*
    430       9,783  
                 
Total Specialty Retail
    606,481  
         
Textiles, Apparel & Luxury Goods 0.9%
Carter’s, Inc.*
    260       9,903  
Cherokee, Inc. 
    626       8,226  
Columbia Sportswear Co. 
    160       8,598  
Crocs, Inc.*
    296       5,230  
Delta Apparel, Inc.*
    511       9,203  
G-III Apparel Group Ltd.*
    345       9,726  
Iconix Brand Group, Inc.*
    472       8,472  
Jones Group, Inc.(The)
    823       9,193  
K-Swiss, Inc. — Class A*
    1,730       7,785  
Kenneth Cole Productions, Inc. — Class A*
    744       8,006  
Liz Claiborne, Inc.*
    1,437       11,510  
Maidenform Brands, Inc.*
    342       8,406  
Movado Group, Inc. 
    562       9,402  
Oxford Industries, Inc. 
    214       8,453  
Perry Ellis International, Inc.*
    417       10,467  
Quiksilver, Inc.*
    2,437       8,164  
R.G. Barry Corp. 
    768       8,533  
Skechers U.S.A., Inc. — Class A*
    544       7,758  
Steven Madden Ltd. 
    238       8,782  
True Religion Apparel, Inc.*
    270       9,158  
Unifi, Inc.*
    2,292       17,763  
Vera Bradley, Inc.*
    205       9,287  
Warnaco Group, Inc.(The)*
    165       8,102  
Wolverine World Wide, Inc. 
    224       8,496  
                 
Total Textiles, Apparel & Luxury Goods
    218,623  
         
Thrifts & Mortgage Finance 1.1%
Astoria Financial Corp. 
    670       5,561  
Bank Mutual Corp. 
    1,855       6,177  
BankFinancial Corp. 
    810       6,480  
Beneficial Mutual Bancorp, Inc.*
    724       5,944  
Berkshire Hills Bancorp, Inc. 
    301       6,026  
BofI Holding, Inc.*
    409       6,258  
Brookline Bancorp, Inc. 
    687       5,743  
Charter Financial Corp. 
    593       5,556  
Clifton Savings Bancorp, Inc. 
    567       5,772  
Dime Community Bancshares, Inc. 
    523       6,234  
Doral Financial Corp.*
    4,585       5,502  
ESB Financial Corp. 
    465       6,440  
ESSA Bancorp, Inc. 
    489       5,399  
Federal Agricultural Mortgage Corp. — Class C
    290       5,852  
First Defiance Financial Corp.*
    409       5,812  
First Financial Holdings, Inc. 
    1,295       9,648  
First Pactrust Bancorp, Inc. 
    499       6,277  
Flagstar Bancorp, Inc.*
    10,890       8,494  
Flushing Financial Corp. 
    517       6,338  
Fox Chase Bancorp, Inc. 
    434       5,495  
Franklin Financial Corp.*
    481       5,382  
Home Federal Bancorp, Inc. 
    620       6,231  
Kearny Financial Corp. 
    612       5,955  
Meridian Interstate Bancorp, Inc.*
    480       6,254  
MGIC Investment Corp.*
    2,688       7,150  
Northwest Bancshares, Inc. 
    458       5,711  
OceanFirst Financial Corp. 
    472       6,155  
Ocwen Financial Corp.*
    428       6,206  
Oritani Financial Corp. 
    424       5,495  
PMI Group, Inc.(The)*(b)
    24,691       7,704  
Provident Financial Services, Inc. 
    471       6,100  
Provident New York Bancorp
    893       6,206  
Radian Group, Inc. 
    2,383       5,600  
Rockville Financial, Inc. 
    569       5,719  
Roma Financial Corp. 
    659       6,373  
Territorial Bancorp, Inc. 
    275       5,404  
 
See Notes to Financial Statements.


 

106

 
RYDEX RUSSELL 2000® EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (concluded) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (concluded)
                 
TrustCo Bank Corp. NY
    1,214       $6,022  
United Financial Bancorp, Inc. 
    368       5,940  
ViewPoint Financial Group
    475       6,113  
Walker & Dunlop, Inc.*
    477       6,058  
Westfield Financial, Inc. 
    803       5,709  
WSFS Financial Corp. 
    167       6,638  
                 
Total Thrifts & Mortgage Finance
    259,133  
         
Tobacco 0.9%
Alliance One International, Inc.*
    18,117       48,372  
Star Scientific, Inc.*
    18,737       54,337  
Universal Corp. 
    1,285       55,024  
Vector Group Ltd. 
    2,785       48,933  
                 
Total Tobacco
    206,666  
         
Trading Companies & Distributors 1.1%
Aceto Corp. 
    3,603       22,843  
Aircastle Ltd. 
    897       10,881  
Applied Industrial Technologies, Inc. 
    312       10,489  
Beacon Roofing Supply, Inc.*
    1,214       22,374  
CAI International, Inc.*
    787       12,285  
DXP Enterprises, Inc.*
    451       11,266  
Essex Rental Corp.*
    3,046       8,681  
H&E Equipment Services, Inc.*
    1,041       11,420  
Houston Wire & Cable Co. 
    690       8,811  
Interline Brands, Inc.*
    1,485       22,126  
Kaman Corp. 
    315       10,474  
RSC Holdings, Inc.*
    1,113       10,863  
Rush Enterprises, Inc. — Class A*
    573       11,059  
SeaCube Container Leasing Ltd. 
    777       10,800  
TAL International Group, Inc. 
    344       9,574  
Textainer Group Holdings Ltd. 
    413       11,337  
Titan Machinery, Inc.*
    445       10,382  
United Rentals, Inc.*
    508       11,892  
Watsco, Inc. 
    356       21,951  
                 
Total Trading Companies & Distributors
    249,508  
         
Water Utilities 1.1%
American States Water Co. 
    1,271       44,409  
California Water Service Group
    2,439       45,292  
Connecticut Water Service, Inc. 
    1,664       44,495  
Middlesex Water Co. 
    2,485       47,091  
SJW Corp. 
    1,894       44,092  
York Water Co. 
    2,580       43,860  
                 
Total Water Utilities
    269,239  
         
Wireless Telecommunication Services 1.0%
Leap Wireless International, Inc.*
    6,146       42,715  
NTELOS Holdings Corp. 
    2,389       45,439  
Pendrell Corp.*
    19,264       47,775  
Shenandoah Telecom Co. 
    3,765       51,053  
USA Mobility, Inc. 
    3,073       40,164  
                 
Total Wireless Telecommunication Services
    227,146  
         
Total Common Stocks
(Cost $25,015,251)
    23,469,421  
         
 
WARRANTS 0.0%(a)
Oil, Gas & Consumable Fuels 0.0%(a)
Magnum Hunter Resources Corp. EXP 10/14/2013*(b)
    385        
                 
Total Oil, Gas & Consumable Fuels
     
         
Total Warrants
(Cost $0)
     
 
 
                 
                 
    Face
       
    Amount        
   
 
CORPORATE BONDS 0.0%(a)
Investment Management/Advisory Services 0.0%(a)
GAMCO Investors, Inc. 0.00% 2015(b)
  $ 100       65  
                 
Total Investment Management/Advisory Services
    65  
         
Total Corporate Bonds
(Cost $100)
    65  
 
 
                 
                 
    Shares        
   
 
SHORT TERM INVESTMENTS 0.5%
SSgA Government Money Market Fund
    104,700       104,700  
                 
Total Short Term Investments
(Cost $104,700)
    104,700  
         
Total Investments 100.0%(c)
(Cost $25,120,051)
    23,574,186  
         
Other Assets in Excess of Liabilities—0.0%(a)
    9,688  
         
Net Assets—100.0%
    $23,583,874  
 
 
 
* Non-Income Producing Security.
 
(a) Amount represents less than 0.05% of net assets.
 
(b) Values determined based on Level 2 inputs.
 
(c) Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs.
 
See Notes to Financial Statements.


 

ANNUAL REPORT      107

 
RYDEX MSCI EAFE EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS 99.1%
Aerospace & Defense 1.0%
BAE Systems PLC
    2,993       $13,363  
Cobham PLC
    4,340       12,609  
European Aeronautic Defence and Space Co. NV
    472       14,069  
Finmeccanica SpA
    1,818       12,592  
Rolls-Royce Holdings PLC*
    1,453       16,476  
Rolls-Royce Holdings PLC — Class C*(a)
    100,257       162  
Safran SA
    373       12,315  
Singapore Technologies Engineering Ltd. 
    6,000       13,565  
Thales SA
    348       12,414  
                 
Total Aerospace & Defense
    107,565  
         
Air Freight & Logistics 0.6%
Deutsche Post AG
    869       13,345  
PostNL NV
    2,274       11,675  
TNT Express NV
    1,386       11,934  
Toll Holdings Ltd. 
    2,671       13,801  
Yamato Holdings Co., Ltd. 
    900       15,143  
                 
Total Air Freight & Logistics
    65,898  
         
Airlines 0.7%
Air France-KLM*
    1,392       10,696  
All Nippon Airways Co., Ltd. 
    3,000       9,118  
Cathay Pacific Airways Ltd. 
    6,000       11,050  
Deutsche Lufthansa AG
    817       11,250  
International Consolidated Airlines Group SA*
    4,731       12,657  
Qantas Airways Ltd.*
    7,775       13,297  
Ryanair Holdings PLC ADR*
    507       14,586  
                 
Total Airlines
    82,654  
         
Auto Components 1.7%
Aisin Seiki Co., Ltd. 
    300       9,761  
Bridgestone Corp. 
    600       14,320  
Cie Generale des Etablissements Michelin — Class B
    188       13,814  
Continental AG*
    188       14,210  
Denso Corp. 
    300       9,472  
GKN PLC
    4,094       12,575  
NOK Corp. 
    900       15,709  
Nokian Renkaat OYJ
    366       13,554  
Pirelli & C SpA
    1,653       14,756  
Stanley Electric Co., Ltd. 
    900       13,435  
Sumitomo Rubber Industries Ltd. 
    1,200       15,205  
Toyoda Gosei Co., Ltd. 
    600       10,888  
Toyota Boshoku Corp. 
    900       11,115  
Toyota Industries Corp. 
    600       17,336  
                 
Total Auto Components
    186,150  
         
Automobiles 1.9%
Bayerische Motoren Werke AG
    168       13,839  
Daimler AG
    246       12,696  
Fiat SpA
    2,177       13,482  
Fuji Heavy Industries Ltd. 
    3,000       19,622  
Honda Motor Co., Ltd. 
    300       9,257  
Isuzu Motors Ltd. 
    3,000       13,081  
Mazda Motor Corp. 
    6,000       13,004  
Mitsubishi Motors Corp.*
    9,000       12,119  
Nissan Motor Co., Ltd. 
    1,500       14,139  
Peugeot SA
    448       9,920  
Porsche Automobil Holding SE
    221       13,065  
Renault SA
    336       14,268  
Suzuki Motor Corp. 
    600       13,035  
Toyota Motor Corp. 
    300       10,173  
Volkswagen AG
    85       15,033  
Yamaha Motor Co., Ltd. 
    900       13,135  
                 
Total Automobiles
    209,868  
         
Beverages 1.3%
Anheuser-Busch InBev NV
    251       14,079  
Asahi Breweries Ltd. 
    600       12,458  
Carlsberg A/S — Class B
    179       12,281  
Coca-Cola Amatil Ltd. 
    1,059       13,820  
Coca-Cola West Co., Ltd. 
    600       10,811  
Diageo PLC
    704       14,647  
Foster’s Group Ltd.*
    2,448       13,843  
Heineken Holding NV
    322       13,938  
Heineken NV
    269       13,173  
Pernod-Ricard SA
    146       13,746  
SABMiller PLC
    412       15,106  
                 
Total Beverages
    147,902  
         
Biotechnology 0.3%
Actelion Ltd.*
    322       12,080  
CSL Ltd. 
    399       12,217  
Grifols SA*
    651       12,245  
                 
Total Biotechnology
    36,542  
         
Building Products 0.9%
Assa Abloy AB — Series B
    583       14,345  
Cie de St-Gobain
    269       12,640  
Daikin Industries Ltd. 
    300       9,084  
Geberit AG*
    68       14,095  
JS Group Corp. 
    600       12,735  
Nippon Sheet Glass Co., Ltd. 
    6,000       13,235  
TOTO Ltd. 
    3,000       25,277  
                 
Total Building Products
    101,411  
         
Capital Markets 1.7%
3i Group PLC
    3,846       12,763  
Credit Suisse Group AG*
    472       13,876  
Daiwa Securities Group, Inc. 
    3,000       10,734  
Deutsche Bank AG
    329       13,925  
GAM Holding AG*
    943       11,425  
ICAP PLC
    1,894       12,354  
Investec PLC
    1,901       11,611  
Julius Baer Group Ltd.*
    334       12,788  
Macquarie Group Ltd. 
    479       12,659  
Man Group PLC
    3,463       8,379  
Mediobanca SpA
    1,344       10,798  
Nomura Holdings, Inc. 
    3,000       11,696  
Ratos AB
    890       12,002  
SBI Holdings, Inc. 
    163       13,943  
Schroders PLC
    549       12,663  
UBS AG*
    936       12,049  
                 
Total Capital Markets
    193,665  
         
Chemicals 4.9%
Air Liquide SA
    110       14,384  
Akzo Nobel NV
    268       14,285  
Arkema SA
    180       12,411  
Asahi Kasei Corp. 
    3,000       18,083  
BASF SE
    186       13,799  
Daicel Corp. 
    3,000       17,352  
Denki Kagaku Kogyo KK
    3,000       11,696  
Givaudan SA*
    15       13,815  
Hitachi Chemical Co., Ltd. 
    900       16,448  
Incitec Pivot Ltd. 
    3,634       13,494  
 
See Notes to Financial Statements.


 

108

 
RYDEX MSCI EAFE EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (continued) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (continued)
                 
Israel Chemicals Ltd. 
    926       $11,181  
Israel Corp., Ltd.(The)
    15       11,087  
Johnson Matthey PLC
    478       14,497  
JSR Corp. 
    600       11,704  
K+S AG
    187       11,997  
Kaneka Corp. 
    3,000       16,428  
Koninklijke DSM NV
    268       13,913  
Kuraray Co., Ltd. 
    900       12,835  
Lanxess AG
    217       12,891  
Linde AG
    91       14,590  
Mitsubishi Chemical Holdings Corp. 
    1,500       9,311  
Mitsubishi Gas Chemical Co., Inc. 
    3,000       19,968  
Mitsui Chemicals, Inc. 
    3,000       10,119  
Nitto Denko Corp. 
    300       12,927  
Novozymes A/S — Series B
    89       13,439  
Orica Ltd. 
    541       14,923  
Shin-Etsu Chemical Co., Ltd. 
    300       15,697  
Showa Denko KK
    6,000       11,157  
Sika AG*
    6       11,899  
Solvay SA
    113       11,674  
Sumitomo Chemical Co., Ltd. 
    3,000       11,350  
Syngenta AG*
    46       14,184  
Taiyo Nippon Sanso Corp. 
    3,000       21,738  
Teijin Ltd. 
    3,000       10,734  
Toray Industries, Inc. 
    3,000       21,699  
Tosoh Corp. 
    3,000       10,003  
Ube Industries Ltd. 
    3,000       9,003  
Umicore SA
    273       11,848  
Wacker Chemie AG
    98       9,994  
Yara International ASA
    254       12,215  
                 
Total Chemicals
    540,772  
         
Commercial Banks 6.7%
Aozora Bank Ltd. 
    6,000       15,390  
Australia & New Zealand Banking Group Ltd. 
    632       14,537  
Banca Monte dei Paschi di Siena SpA
    21,500       10,145  
Banco Bilbao Vizcaya Argentaria SA
    1,525       13,958  
Banco Comercial Portugues SA — Class R
    35,788       7,737  
Banco de Sabadell SA
    3,543       12,898  
Banco Espirito Santo SA
    3,813       8,350  
Banco Popolare SC
    7,889       11,884  
Banco Popular Espanol SA
    2,634       12,238  
Banco Santander SA
    1,475       12,708  
Bank Hapoalim BM
    3,226       12,672  
Bank Leumi Le-Israel BM
    3,525       12,392  
Bank of East Asia Ltd. 
    3,600       13,352  
Bank of Yokohama Ltd.(The)
    3,000       13,966  
Bankia SA*
    2,432       12,398  
Bankinter SA
    2,200       13,655  
Barclays PLC
    4,858       15,314  
Bendigo and Adelaide Bank Ltd. 
    1,585       15,908  
BNP Paribas SA
    262       12,005  
BOC Hong Kong Holdings Ltd. 
    4,500       10,883  
CaixaBank
    2,629       12,996  
Chiba Bank Ltd.(The)
    3,000       18,660  
Commerzbank AG*
    4,437       11,034  
Commonwealth Bank of Australia
    277       14,480  
Credit Agricole SA
    1,376       10,894  
Danske Bank A/S*
    912       12,736  
Dexia SA*
    5,620       4,468  
DnB NOR ASA
    1,108       13,050  
Erste Group Bank AG*
    366       7,964  
Fukuoka Financial Group, Inc. 
    3,000       11,811  
Hang Seng Bank Ltd. 
    900       11,730  
HSBC Holdings PLC
    1,535       13,501  
Intesa Sanpaolo SpA
    7,986       14,380  
Israel Discount Bank Ltd. — Class A
    7,741       12,960  
KBC Groep NV
    478       10,821  
Lloyds Banking Group PLC*
    25,062       13,145  
Mitsubishi UFJ Financial Group, Inc. 
    3,400       15,043  
Mizrahi Tefahot Bank Ltd. 
    1,381       12,042  
Mizuho Financial Group, Inc. 
    8,900       12,669  
National Australia Bank Ltd. 
    530       14,451  
National Bank of Greece SA ADR*
    13,337       7,221  
Natixis
    3,262       10,537  
Nordea Bank AB
    1,444       13,321  
Oversea-Chinese Banking Corp., Ltd. 
    3,000       20,300  
Raiffeisen Bank International AG
    314       8,891  
Resona Holdings, Inc. 
    3,400       15,479  
Royal Bank of Scotland Group PLC*
    33,961       13,282  
Shinsei Bank Ltd. 
    12,000       13,543  
Skandinaviska Enskilda Banken AB — Class A
    2,252       14,339  
Societe Generale
    412       12,125  
Standard Chartered PLC
    591       13,918  
Sumitomo Mitsui Financial Group, Inc. 
    600       17,052  
Sumitomo Mitsui Trust Holdings, Inc. 
    3,000       10,465  
Svenska Handelsbanken AB
    487       14,152  
Swedbank AB
    980       13,921  
UniCredit SpA
    9,872       11,677  
Unione di Banche Italiane SCPA
    3,622       13,943  
Westpac Banking Corp. 
    638       15,108  
                 
Total Commercial Banks
    740,499  
         
Commercial Services & Supplies 1.3%
Aggreko PLC
    425       11,744  
Babcock International Group PLC
    1,281       14,567  
Brambles Ltd. 
    1,896       13,316  
Edenred
    512       14,640  
G4S PLC
    3,195       12,593  
Secom Co., Ltd. 
    300       14,428  
Securitas AB
    1,343       12,400  
Serco Group PLC
    1,599       13,408  
Societe BIC SA
    143       12,879  
Toppan Printing Co., Ltd. 
    3,000       23,700  
                 
Total Commercial Services & Supplies
    143,675  
         
Communications Equipment 0.3%
Alcatel-Lucent*
    3,599       9,975  
Nokia OYJ
    2,087       14,176  
Telefonaktiebolaget LM Ericsson — Class B
    1,189       12,522  
                 
Total Communications Equipment
    36,673  
         
Computers & Peripherals 0.4%
Fujitsu Ltd. 
    3,000       16,390  
Seiko Epson Corp. 
    900       12,166  
Toshiba Corp. 
    3,000       13,427  
                 
Total Computers & Peripherals
    41,983  
         
Construction & Engineering 1.8%
ACS Actividades de Construccion y Servicios SA
    308       11,792  
Balfour Beatty PLC
    3,384       13,759  
Bouygues SA
    388       14,699  
Eiffage SA
    283       9,718  
Ferrovial SA
    1,055       13,538  
Fomento de Construcciones y Contratas SA
    492       12,888  
Hochtief AG
    172       12,665  
Kajima Corp. 
    3,000       9,734  
Koninklijke Boskalis Westminster NV
    405       14,348  
 
See Notes to Financial Statements.


 

ANNUAL REPORT      109

 
RYDEX MSCI EAFE EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (continued) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (continued)
                 
Leighton Holdings Ltd. 
    586       $13,578  
Obayashi Corp. 
    3,000       13,889  
Shimizu Corp. 
    3,000       13,004  
Skanska AB — Class B
    891       14,744  
Taisei Corp. 
    6,000       16,236  
Vinci SA
    254       12,648  
                 
Total Construction & Engineering
    197,240  
         
Construction Materials 1.0%
Boral Ltd. 
    3,234       13,484  
CRH PLC ADR
    749       13,789  
Fletcher Building Ltd. 
    2,060       11,125  
HeidelbergCement AG
    322       14,812  
Holcim Ltd.*
    216       13,891  
Imerys SA
    207       11,965  
James Hardie Industries SE*
    2,043       13,504  
Lafarge SA
    322       13,238  
                 
Total Construction Materials
    105,808  
         
Consumer Finance 0.2%
Aeon Credit Service Co., Ltd. 
    900       13,700  
Credit Saison Co., Ltd. 
    600       12,058  
                 
Total Consumer Finance
    25,758  
         
Containers & Packaging 0.4%
Amcor Ltd. 
    1,937       14,426  
Rexam PLC
    2,259       12,620  
Toyo Seikan Kaisha Ltd. 
    900       13,989  
                 
Total Containers & Packaging
    41,035  
         
Distributors 0.1%
Li & Fung Ltd. 
    6,000       11,745  
                 
Total Distributors
    11,745  
         
Diversified Consumer Services 0.1%
Benesse Holdings, Inc. 
    300       13,158  
                 
Total Diversified Consumer Services
    13,158  
         
Diversified Financial Services 1.7%
ASX Ltd. 
    424       13,810  
Deutsche Boerse AG*
    224       12,497  
Exor SpA
    569       12,619  
Groupe Bruxelles Lambert SA
    165       12,851  
Hong Kong Exchanges and Clearing Ltd. 
    600       10,362  
Industrivarden AB — Class C
    1,078       13,612  
ING Groep NV*
    1,563       13,647  
Investor AB — Series B
    674       13,353  
Kinnevik Investment AB — Class B
    604       12,788  
London Stock Exchange Group PLC
    898       13,045  
Mitsubishi UFJ Lease & Finance Co., Ltd. 
    330       13,014  
ORIX Corp. 
    150       13,389  
Pohjola Bank PLC — Series A
    1,159       13,523  
Singapore Exchange Ltd. 
    3,000       16,178  
                 
Total Diversified Financial Services
    184,688  
         
Diversified Telecommunication Services 2.9%
Belgacom SA
    433       13,239  
Bezeq The Israeli Telecommunication Corp., Ltd. 
    5,789       12,387  
BT Group PLC
    4,902       14,883  
Deutsche Telekom AG
    1,031       13,221  
Elisa OYJ
    697       14,845  
France Telecom SA
    697       12,677  
Iliad SA
    115       13,567  
Inmarsat PLC
    1,744       13,208  
Koninklijke KPN NV
    1,039       13,762  
Nippon Telegraph & Telephone Corp. 
    300       15,505  
PCCW Ltd. 
    30,000       12,131  
Portugal Telecom SGPS SA
    1,579       11,452  
Singapore Telecommunications Ltd. 
    6,000       15,291  
Swisscom AG
    34       13,849  
TDC A/S
    1,682       14,009  
Tele2 AB — Class B
    629       13,385  
Telecom Corp. of New Zealand Ltd. 
    5,612       11,553  
Telecom Italia SpA
    10,486       13,156  
Telefonica SA
    612       13,129  
Telekom Austria AG
    1,133       13,006  
Telenor ASA
    794       14,312  
TeliaSonera AB
    1,941       13,643  
Telstra Corp., Ltd. 
    4,120       13,551  
Vivendi SA
    539       12,217  
                 
Total Diversified Telecommunication Services
    321,978  
         
Electric Utilities 2.6%
Acciona SA
    140       13,402  
Cheung Kong Infrastructure Holdings Ltd. 
    3,000       16,207  
Chubu Electric Power Co., Inc. 
    600       11,042  
Chugoku Electric Power Co., Inc.(The)
    900       13,539  
CLP Holdings Ltd. 
    1,500       13,435  
E.ON AG
    614       14,996  
EDF SA
    425       12,869  
EDP — Energias de Portugal SA
    3,968       12,647  
Enel SpA
    2,740       13,032  
Fortum OYJ
    486       11,951  
Hokkaido Electric Power Co., Inc. 
    900       11,438  
Hokuriku Electric Power Co. 
    600       9,665  
Iberdrola SA
    1,812       13,289  
Kansai Electric Power Co., Inc.(The)
    600       8,934  
Kyushu Electric Power Co., Inc. 
    900       12,027  
Power Assets Holdings Ltd. 
    1,500       11,465  
Red Electrica Corp. SA
    268       13,074  
Shikoku Electric Power Co., Inc. 
    600       15,443  
SSE PLC
    660       14,318  
Terna Rete Elettrica Nazionale SpA
    3,660       14,120  
Tohoku Electric Power Co., Inc. 
    900       10,030  
Tokyo Electric Power Co., Inc.(The)*
    2,700       9,903  
Verbund AG
    328       9,623  
                 
Total Electric Utilities
    286,449  
         
Electrical Equipment 1.7%
ABB Ltd.*
    629       12,077  
Alstom SA
    291       10,999  
Bekaert SA
    239       10,771  
Fuji Electric Co., Ltd. 
    6,000       17,929  
Furukawa Electric Co., Ltd. 
    3,000       8,580  
GS Yuasa Corp. 
    3,000       16,082  
Legrand SA
    346       12,386  
Mabuchi Motor Co., Ltd. 
    300       13,389  
Nidec Corp. 
    300       25,008  
Prysmian SpA
    847       12,936  
Schneider Electric SA
    180       10,708  
Sumitomo Electric Industries Ltd. 
    900       10,249  
Ushio, Inc. 
    900       13,620  
Vestas Wind Systems A/S*
    643       10,167  
                 
Total Electrical Equipment
    184,901  
         
Electronic Equipment, Instruments & Components 1.7%
Citizen Holdings Co., Ltd. 
    2,700       14,647  
FUJIFILM Holdings Corp. 
    600       15,005  
 
See Notes to Financial Statements.


 

110

 
RYDEX MSCI EAFE EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (continued) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (continued)
                 
Hamamatsu Photonics KK
    300       $11,657  
Hexagon AB — Class B
    831       12,929  
Hitachi High-Technologies Corp. 
    600       12,789  
Hitachi Ltd. 
    3,000       16,428  
Hoya Corp. 
    600       13,381  
Ibiden Co., Ltd. 
    600       13,620  
Murata Manufacturing Co., Ltd. 
    300       17,063  
Omron Corp. 
    600       13,158  
Shimadzu Corp. 
    3,000       26,124  
TDK Corp. 
    300       12,581  
Yokogawa Electric Corp. 
    1,500       14,370  
                 
Total Electronic Equipment, Instruments & Components
    193,752  
         
Energy Equipment & Services 1.6%
Aker Solutions ASA
    1,002       11,765  
AMEC PLC
    913       13,639  
Cie Generale de Geophysique — Veritas*
    554       12,136  
Fugro NV
    224       13,350  
Petrofac Ltd. 
    613       14,208  
Saipem SpA
    307       13,874  
SBM Offshore NV
    652       14,551  
Seadrill Ltd. 
    412       13,755  
Subsea 7 SA*
    547       12,012  
Technip SA
    137       13,131  
Tenaris SA
    817       13,162  
Transocean Ltd. 
    239       13,723  
WorleyParsons Ltd. 
    467       13,804  
                 
Total Energy Equipment & Services
    173,110  
         
Food & Staples Retailing 2.5%
Aeon Co., Ltd. 
    1,200       15,944  
Carrefour SA
    486       13,036  
Casino Guichard Perrachon SA
    156       14,779  
Colruyt SA
    262       10,890  
Delhaize Group SA
    203       13,404  
Distribuidora Internacional de Alimentacion SA*
    3,227       14,876  
FamilyMart Co., Ltd. 
    300       11,888  
J Sainsbury PLC
    2,552       12,320  
Jeronimo Martins SGPS SA
    696       12,135  
Kesko OYJ
    344       12,360  
Koninklijke Ahold NV
    1,137       14,693  
Lawson, Inc. 
    300       17,063  
Metcash Ltd. 
    3,046       13,476  
Metro AG
    298       14,003  
Olam International Ltd. 
    6,000       12,223  
Seven & I Holdings Co., Ltd. 
    600       16,205  
Tesco PLC
    2,123       13,767  
Wesfarmers Ltd. 
    425       14,636  
WM Morrison Supermarkets PLC
    2,950       14,390  
Woolworths Ltd. 
    512       12,934  
                 
Total Food & Staples Retailing
    275,022  
         
Food Products 1.9%
Aryzta AG
    262       12,772  
Associated British Foods PLC
    864       15,424  
Danone
    210       14,733  
Golden Agri-Resources Ltd. 
    24,000       12,463  
Kerry Group PLC — Class A
    485       18,130  
MEIJI Holdings Co., Ltd. 
    300       13,331  
Nestle SA
    231       13,503  
Nisshin Seifun Group, Inc. 
    1,500       18,718  
Nissin Foods Holdings Co., Ltd. 
    300       11,600  
Parmalat SpA
    5,741       12,884  
Suedzucker AG
    382       11,293  
Unilever NV
    388       13,513  
Unilever PLC
    396       13,333  
Wilmar International Ltd. 
    3,000       13,110  
Yakult Honsha Co., Ltd. 
    600       17,136  
                 
Total Food Products
    211,943  
         
Gas Utilities 0.9%
Enagas
    638       12,699  
Gas Natural SDG SA
    780       14,671  
Hong Kong & China Gas Co., Ltd. 
    6,000       13,630  
Osaka Gas Co., Ltd. 
    3,000       11,427  
Snam Rete Gas SpA
    2,747       13,494  
Toho Gas Co., Ltd. 
    3,000       17,082  
Tokyo Gas Co., Ltd. 
    3,000       12,966  
                 
Total Gas Utilities
    95,969  
         
Health Care Equipment & Supplies 1.3%
Cie Generale d’Optique Essilor International SA
    189       13,814  
Cochlear Ltd. 
    178       11,061  
Coloplast A/S — Class B
    90       13,252  
Getinge AB — Class B
    538       14,095  
Olympus Corp. 
    300       4,655  
Smith & Nephew PLC
    1,307       12,035  
Sonova Holding AG*
    156       16,750  
Straumann Holding AG
    67       11,926  
Synthes, Inc. 
    75       12,678  
Sysmex Corp. 
    300       10,015  
Terumo Corp. 
    300       15,505  
William Demant Holding A/S*
    154       12,384  
                 
Total Health Care Equipment & Supplies
    148,170  
         
Health Care Providers & Services 1.0%
Celesio AG
    794       12,669  
Fresenius Medical Care AG & Co. KGaA
    209       15,383  
Fresenius SE & Co. KGaA
    127       12,632  
Medipal Holdings Corp. 
    1,500       14,197  
Miraca Holdings, Inc. 
    300       11,561  
Ramsay Health Care Ltd. 
    772       15,398  
Sonic Healthcare Ltd. 
    1,160       13,587  
Suzuken Co., Ltd. 
    600       14,559  
                 
Total Health Care Providers & Services
    109,986  
         
Hotels, Restaurants & Leisure 2.3%
Accor SA
    374       12,392  
Autogrill SpA
    1,192       13,933  
Carnival PLC
    412       15,182  
Compass Group PLC
    1,534       14,014  
Crown Ltd. 
    1,615       13,828  
Echo Entertainment Group Ltd.*
    3,137       12,448  
Galaxy Entertainment Group Ltd.*
    6,000       12,471  
Genting Singapore PLC*
    9,000       12,475  
Intercontinental Hotels Group PLC
    786       14,577  
Sands China Ltd.*
    4,800       14,774  
Shangri-La Asia Ltd. 
    6,000       12,224  
SJM Holdings Ltd. 
    6,000       10,571  
Sodexo
    200       14,592  
TABCORP Holdings Ltd. 
    4,385       13,678  
Tatts Group Ltd. 
    5,275       12,984  
TUI AG*
    1,976       13,072  
TUI Travel PLC
    5,201       14,330  
 
See Notes to Financial Statements.


 

ANNUAL REPORT      111

 
RYDEX MSCI EAFE EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (continued) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (continued)
                 
Whitbread PLC
    554       $14,817  
Wynn Macau Ltd. 
    4,800       13,754  
                 
Total Hotels, Restaurants & Leisure
    256,116  
         
Household Durables 1.3%
Casio Computer Co., Ltd. 
    2,100       13,116  
Electrolux AB — Series B
    817       15,390  
Husqvarna AB
    2,566       13,155  
Panasonic Corp. 
    1,200       12,450  
Rinnai Corp. 
    300       22,623  
Sekisui Chemical Co., Ltd. 
    3,000       23,892  
Sharp Corp. 
    3,000       28,278  
Sony Corp. 
    600       12,943  
                 
Total Household Durables
    141,847  
         
Household Products 0.4%
Henkel AG & Co. KGaA
    224       13,469  
Reckitt Benckiser Group PLC
    263       13,576  
Unicharm Corp. 
    300       13,543  
                 
Total Household Products
    40,588  
         
Independent Power Producers & Energy Traders 0.4%
Electric Power Development Co., Ltd. 
    600       15,128  
Enel Green Power SpA
    5,801       13,448  
International Power PLC
    2,447       13,358  
                 
Total Independent Power Producers & Energy Traders
    41,934  
         
Industrial Conglomerates 1.2%
Delek Group Ltd. 
    75       14,948  
Fraser and Neave Ltd. 
    3,000       14,764  
Keppel Corp., Ltd. 
    3,000       22,745  
Koninklijke Philips Electronics NV
    644       13,559  
Orkla ASA
    1,609       14,151  
SembCorp Industries Ltd. 
    3,000       10,042  
Siemens AG
    127       13,502  
Smiths Group PLC
    845       13,053  
Wendel SA
    156       11,741  
                 
Total Industrial Conglomerates
    128,505  
         
Insurance 4.6%
Admiral Group PLC
    599       11,399  
Aegon NV
    3,009       14,584  
Ageas
    6,630       13,501  
AIA Group Ltd. 
    3,600       11,173  
Allianz SE
    135       15,292  
AMP Ltd. 
    2,631       11,947  
Assicurazioni Generali SpA
    742       13,485  
Aviva PLC
    2,431       13,373  
AXA SA
    853       14,004  
Baloise Holding AG
    158       13,037  
CNP Assurances
    745       11,503  
Dai-ichi Life Insurance Co., Ltd.(The)
    12       13,958  
Delta Lloyd NV
    734       13,089  
Gjensidige Forsikring ASA
    1,195       13,262  
Hannover Rueckversicherung AG
    284       14,203  
Insurance Australia Group Ltd. 
    4,123       13,779  
Legal & General Group PLC
    7,698       13,730  
Mapfre SA
    3,934       14,601  
MS&AD Insurance Group Holdings
    600       12,027  
Muenchener Rueckversicherungs AG
    105       14,273  
NKSJ Holdings, Inc. 
    800       16,374  
Old Mutual PLC
    6,920       12,287  
Prudential PLC
    1,348       14,088  
QBE Insurance Group Ltd. 
    868       13,583  
Resolution Ltd. 
    3,129       13,889  
RSA Insurance Group PLC
    7,088       12,779  
Sampo OYJ
    456       12,702  
SCOR SE
    535       12,619  
Sony Financial Holdings, Inc. 
    900       15,143  
Standard Life PLC
    4,346       15,138  
Suncorp Group Ltd. 
    1,667       15,192  
Swiss Life Holding AG*
    96       11,995  
Swiss Re Ltd.*
    246       13,625  
T&D Holdings, Inc. 
    1,200       12,127  
Tokio Marine Holdings, Inc. 
    600       14,559  
Tryg A/S
    247       13,928  
Vienna Insurance Group AG
    283       11,988  
Zurich Financial Services AG*
    56       13,106  
                 
Total Insurance
    511,342  
         
Internet & Catalog Retail 0.1%
Rakuten, Inc. 
    12       13,250  
                 
Total Internet & Catalog Retail
    13,250  
         
Internet Software & Services 0.5%
Dena Co., Ltd. 
    300       13,177  
Gree, Inc. 
    300       9,895  
United Internet AG
    770       15,321  
Yahoo Japan Corp. 
    46       14,996  
                 
Total Internet Software & Services
    53,389  
         
IT Services 1.0%
Amadeus IT Holding SA — Series A
    759       14,461  
Atos Origin SA
    268       13,091  
Cap Gemini SA
    330       12,759  
Computershare Ltd. 
    1,624       13,077  
Indra Sistemas SA
    695       11,788  
Itochu Techno-Solutions Corp. 
    300       13,120  
Nomura Research Institute Ltd. 
    600       13,758  
NTT Data Corp. 
    1       3,418  
Otsuka Corp. 
    300       21,122  
                 
Total IT Services
    116,594  
         
Leisure Equipment & Products 0.8%
Namco Bandai Holdings, Inc. 
    900       13,273  
Nikon Corp. 
    600       13,766  
Sankyo Co., Ltd. 
    300       15,890  
Sega Sammy Holdings, Inc. 
    600       13,304  
Shimano, Inc. 
    300       15,005  
Yamaha Corp. 
    1,200       12,450  
                 
Total Leisure Equipment & Products
    83,688  
         
Life Sciences Tools & Services 0.2%
Lonza Group AG*
    218       14,670  
QIAGEN NV*
    854       11,995  
                 
Total Life Sciences Tools & Services
    26,665  
         
Machinery 4.9%
Alfa Laval AB
    681       12,859  
Amada Co., Ltd. 
    3,000       20,314  
Atlas Copco AB — Class A*
    554       12,226  
Cosco Corp. Singapore Ltd. 
    15,000       12,223  
Fiat Industrial SpA*
    1,437       12,637  
GEA Group AG
    439       12,225  
Hino Motors Ltd. 
    3,000       18,044  
Hitachi Construction Machinery Co., Ltd. 
    600       11,850  
IHI Corp. 
    6,000       14,005  
Invensys PLC
    2,893       10,530  
 
See Notes to Financial Statements.


 

112

 
RYDEX MSCI EAFE EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (continued) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (continued)
                 
Japan Steel Works Ltd.(The)
    3,000       $21,007  
JTEKT Corp. 
    1,200       13,512  
Kawasaki Heavy Industries Ltd. 
    3,000       7,887  
Komatsu Ltd. 
    600       15,205  
Kone OYJ — Class B
    244       13,593  
Kubota Corp. 
    3,000       25,239  
Kurita Water Industries Ltd. 
    600       16,813  
Makita Corp. 
    300       11,450  
MAN SE
    150       13,409  
Metso OYJ
    359       14,091  
Minebea Co., Ltd. 
    3,000       10,965  
Mitsubishi Heavy Industries Ltd. 
    3,000       12,504  
Mitsui Engineering & Shipbuilding Co., Ltd. 
    6,000       9,772  
Nabtesco Corp. 
    600       13,435  
NSK Ltd. 
    3,000       23,277  
NTN Corp. 
    3,000       13,581  
Sandvik AB
    1,041       14,514  
Scania AB — Class B
    748       12,725  
Schindler Holding AG
    121       14,340  
SembCorp Marine Ltd. 
    3,000       10,114  
SKF AB
    584       13,150  
Sulzer AG
    105       12,420  
Sumitomo Heavy Industries Ltd. 
    3,000       17,390  
THK Co., Ltd. 
    600       11,942  
Vallourec SA
    149       9,140  
Volvo AB — Class B
    1,114       14,067  
Wartsila OYJ
    485       14,930  
Weir Group PLC (The)
    458       14,186  
Yangzijiang Shipbuilding Holdings Ltd. 
    15,000       11,325  
                 
Total Machinery
    542,896  
         
Marine 0.8%
AP Moller — Maersk A/S — Class B
    3       20,628  
Kawasaki Kisen Kaisha Ltd.*
    6,000       12,543  
Kuehne + Nagel International AG
    91       11,422  
Mitsui OSK Lines Ltd. 
    3,000       11,850  
Neptune Orient Lines Ltd. 
    15,000       13,661  
Nippon Yusen KK
    3,000       7,733  
Orient Overseas International Ltd. 
    3,000       13,812  
                 
Total Marine
    91,649  
         
Media 2.9%
Axel Springer AG
    298       12,170  
British Sky Broadcasting Group PLC
    1,242       14,113  
Dentsu, Inc. 
    300       9,234  
Eutelsat Communications
    299       12,449  
Fairfax Media Ltd. 
    14,749       14,553  
ITV PLC
    12,601       13,027  
JCDecaux SA*
    539       14,559  
Kabel Deutschland Holding AG*
    218       12,546  
Lagardere SCA
    389       10,564  
Mediaset Espana Communicacion SA
    1,849       12,379  
Mediaset SpA
    3,442       12,857  
Metropole Television SA
    646       11,191  
Modern Times Group AB — Class B
    261       13,958  
Pearson PLC
    813       15,025  
ProSiebenSat.1 Media AG
    688       14,874  
Publicis Groupe SA
    264       12,901  
Reed Elsevier NV
    1,098       13,649  
Reed Elsevier PLC
    1,623       14,002  
Sanoma OYJ
    869       11,793  
SES SA
    494       12,747  
Singapore Press Holdings Ltd. 
    3,000       9,347  
Societe Television Francaise 1
    820       11,171  
Toho Co., Ltd. 
    900       15,674  
Wolters Kluwer NV
    703       12,556  
WPP PLC
    1,271       13,253  
                 
Total Media
    320,592  
         
Metals & Mining 4.7%
Acerinox SA
    928       12,452  
Alumina Ltd. 
    6,974       10,951  
Anglo American PLC
    321       11,883  
Antofagasta PLC
    698       13,148  
ArcelorMittal
    622       13,039  
BHP Billiton Ltd. 
    309       12,392  
BHP Billiton PLC
    368       11,687  
BlueScope Steel Ltd. 
    14,497       12,997  
Boliden AB
    1,003       14,457  
Daido Steel Co., Ltd. 
    3,000       18,660  
Eramet
    68       10,812  
Eurasian Natural Resources Corp. PLC
    1,221       12,968  
Fortescue Metals Group Ltd. 
    2,180       11,217  
Fresnillo PLC
    405       11,100  
Glencore International PLC
    2,005       14,175  
Iluka Resources Ltd. 
    756       12,994  
JFE Holdings, Inc. 
    600       11,634  
Kazakhmys PLC
    764       11,438  
Kobe Steel Ltd. 
    6,000       10,234  
Lonmin PLC
    629       11,046  
Lynas Corp., Ltd.*
    6,766       8,650  
MacArthur Coal Ltd. 
    771       13,243  
Mitsubishi Materials Corp. 
    3,000       8,195  
Newcrest Mining Ltd. 
    306       10,882  
Nippon Steel Corp. 
    3,000       8,003  
Nisshin Steel Co., Ltd. 
    6,000       9,695  
Norsk Hydro ASA
    2,209       11,645  
OneSteel Ltd. 
    8,217       10,723  
Outokumpu OYJ
    1,324       11,302  
OZ Minerals Ltd. 
    1,001       12,341  
Randgold Resources Ltd. 
    128       14,039  
Rautaruukki OYJ
    899       9,693  
Rio Tinto Ltd. 
    171       12,556  
Rio Tinto PLC
    206       11,255  
Salzgitter AG
    216       12,334  
Sims Metal Management Ltd. 
    827       12,161  
SSAB AB — Class A
    1,355       13,265  
Sumitomo Metal Industries Ltd. 
    6,000       11,542  
ThyssenKrupp AG
    404       11,752  
Vedanta Resources PLC
    598       12,336  
Voestalpine AG
    351       12,239  
Xstrata PLC
    787       13,281  
Yamato Kogyo Co., Ltd. 
    600       15,543  
                 
Total Metals & Mining
    515,959  
         
Multi-Utilities 0.9%
A2A SpA
    9,556       13,196  
AGL Energy Ltd. 
    786       12,008  
Centrica PLC
    2,850       13,649  
GDF Suez
    405       11,589  
National Grid PLC
    1,483       14,781  
RWE AG
    359       15,495  
Suez Environnement Co. 
    778       12,311  
Veolia Environnement SA
    809       11,594  
                 
Total Multi-Utilities
    104,623  
         
 
See Notes to Financial Statements.


 

ANNUAL REPORT      113

 
RYDEX MSCI EAFE EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (continued) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (continued)
                 
Multiline Retail 1.1%
Harvey Norman Holdings Ltd. 
    6,121       $14,092  
Isetan Mitsukoshi Holdings Ltd. 
    1,200       12,481  
J Front Retailing Co., Ltd. 
    3,000       13,389  
Marks & Spencer Group PLC
    2,597       13,494  
Marui Group Co., Ltd. 
    1,800       14,289  
Next PLC
    352       14,522  
PPR
    89       14,015  
Takashimaya Co., Ltd. 
    3,000       21,738  
                 
Total Multiline Retail
    118,020  
         
Office Electronics 0.5%
Brother Industries Ltd. 
    900       12,004  
Canon, Inc. 
    300       13,851  
Konica Minolta Holdings, Inc. 
    1,500       11,157  
Neopost SA
    179       13,767  
                 
Total Office Electronics
    50,779  
         
Oil, Gas & Consumable Fuels 2.8%
BG Group PLC
    633       13,860  
BP PLC
    1,916       14,257  
Cairn Energy PLC*
    2,538       12,069  
Caltex Australia Ltd. 
    1,100       15,522  
Cosmo Oil Co., Ltd. 
    6,000       15,236  
ENI SpA
    675       15,054  
Essar Energy PLC*
    3,151       15,645  
Galp Energia SGPS SA — Class B
    722       15,086  
Inpex Corp. 
    1       6,746  
Japan Petroleum Exploration Co. 
    300       12,081  
JX Holdings, Inc. 
    2,100       12,496  
Neste Oil OYJ
    1,221       14,961  
OMV AG
    368       12,973  
Origin Energy Ltd. 
    835       12,748  
Paladin Energy Ltd.*
    5,695       9,063  
Repsol YPF SA
    449       13,715  
Royal Dutch Shell PLC — Class A
    425       15,133  
Santos Ltd. 
    1,048       14,410  
Showa Shell Sekiyu KK
    1,500       11,061  
Statoil ASA
    577       14,868  
Total SA
    256       13,503  
Tullow Oil PLC
    787       17,822  
Woodside Petroleum Ltd. 
    343       13,304  
                 
Total Oil, Gas & Consumable Fuels
    311,613  
         
Paper & Forest Products 0.7%
Holmen AB
    487       13,918  
Nippon Paper Group, Inc. 
    600       13,889  
OJI Paper Co., Ltd. 
    3,000       15,005  
Stora Enso OYJ — Series R
    1,878       12,044  
Svenska Cellulosa AB — Class B
    950       14,002  
UPM-Kymmene OYJ
    1,062       12,561  
                 
Total Paper & Forest Products
    81,419  
         
Personal Products 0.5%
Beiersdorf AG
    221       12,880  
Kao Corp. 
    600       15,936  
L’Oreal SA
    120       13,358  
Shiseido Co., Ltd. 
    600       11,135  
                 
Total Personal Products
    53,309  
         
Pharmaceuticals 3.1%
Astellas Pharma, Inc. 
    300       11,107  
AstraZeneca PLC
    281       13,543  
Bayer AG
    210       13,560  
Chugai Pharmaceutical Co., Ltd. 
    900       14,278  
Daiichi Sankyo Co., Ltd. 
    600       11,819  
Dainippon Sumitomo Pharma Co., Ltd. 
    1,200       13,312  
Eisai Co., Ltd. 
    300       12,004  
Elan Corp. PLC ADR*
    1,279       15,335  
GlaxoSmithKline PLC
    695       15,705  
Hisamitsu Pharmaceutical Co., Inc. 
    300       12,158  
Merck KGaA
    150       14,143  
Mitsubishi Tanabe Pharma Corp. 
    900       15,778  
Novartis AG
    230       13,103  
Novo Nordisk A/S
    128       13,797  
Ono Pharmaceutical Co., Ltd. 
    300       15,813  
Orion OYJ — Class B
    571       12,002  
Otsuka Holdings Co., Ltd. 
    600       15,559  
Roche Holding AG
    74       12,297  
Sanofi SA
    190       13,770  
Santen Pharmaceutical Co., Ltd. 
    300       11,273  
Shionogi & Co., Ltd. 
    900       12,408  
Shire PLC
    410       12,911  
Takeda Pharmaceutical Co., Ltd. 
    300       13,620  
Teva Pharmaceutical Industries Ltd. ADR
    321       13,113  
Tsumura & Co. 
    300       8,507  
UCB SA
    314       13,971  
                 
Total Pharmaceuticals
    344,886  
         
Professional Services 0.9%
Adecco SA*
    300       14,611  
Bureau Veritas SA
    184       14,428  
Capita Group PLC (The)
    1,265       14,834  
Experian PLC
    1,138       14,888  
Intertek Group PLC
    463       15,358  
Randstad Holding NV
    396       14,236  
SGS SA
    6       10,404  
                 
Total Professional Services
    98,759  
         
Real Estate Investment Trusts (REITs) 2.6%
Ascendas Real Estate Investment Trust
    9,000       14,740  
British Land Co. PLC
    1,519       12,517  
Capital Shopping Centres Group PLC
    2,418       12,852  
CapitaMall Trust
    9,000       13,482  
CFS Retail Property Trust
    6,903       13,329  
Corio NV
    216       11,117  
Dexus Property Group
    14,498       13,074  
Fonciere Des Regions
    157       11,694  
Gecina SA
    120       11,981  
Goodman Group
    18,288       12,127  
GPT Group
    3,914       13,081  
Hammerson PLC
    1,859       12,215  
ICADE
    126       11,427  
Japan Retail Fund Investment Corp. 
    7       10,961  
Klepierre
    390       12,302  
Land Securities Group PLC
    1,071       11,824  
Link REIT (The)
    4,500       15,560  
Mirvac Group
    10,399       13,846  
Segro PLC
    3,159       12,431  
Stockland
    3,782       12,680  
Unibail-Rodamco SE
    67       13,504  
Westfield Group
    1,496       12,221  
Westfield Retail Trust
    4,759       12,875  
                 
Total Real Estate Investment Trusts (REITs)
    291,840  
         
Real Estate Management & Development 2.2%
Aeon Mall Co., Ltd. 
    600       14,158  
CapitaLand Ltd. 
    6,000       13,086  
 
See Notes to Financial Statements.


 

114

 
RYDEX MSCI EAFE EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (continued) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (continued)
                 
CapitaMalls Asia Ltd. 
    12,000       $13,086  
City Developments Ltd. 
    3,000       26,149  
Global Logistic Properties Ltd.*
    9,000       12,655  
Hang Lung Properties Ltd. 
    3,000       11,088  
Henderson Land Development Co., Ltd. 
    3,000       16,632  
Hysan Development Co., Ltd. 
    3,000       10,605  
IMMOFINANZ AG*
    3,749       12,482  
Keppel Land Ltd. 
    6,000       13,422  
Kerry Properties Ltd. 
    3,000       11,146  
Lend Lease Group
    1,599       13,232  
New World Development Co., Ltd. 
    9,000       9,655  
Nomura Real Estate Holdings, Inc. 
    900       14,889  
Sino Land Co., Ltd. 
    6,000       9,628  
Swire Pacific Ltd. — Class A
    1,500       17,492  
Tokyu Land Corp. 
    3,000       12,889  
Wharf Holdings Ltd. 
    3,000       16,227  
                 
Total Real Estate Management & Development
    248,521  
         
Road & Rail 2.3%
Asciano Ltd. 
    8,028       13,117  
Central Japan Railway Co. 
    3       25,777  
DSV A/S
    660       13,448  
East Japan Railway Co. 
    300       18,333  
Keikyu Corp. 
    3,000       27,163  
Keio Corp. 
    3,000       20,776  
Keisei Electric Railway Co., Ltd. 
    3,000       20,430  
Kintetsu Corp. 
    3,000       10,619  
MTR Corp. 
    4,500       14,662  
Nippon Express Co., Ltd. 
    3,000       11,811  
Odakyu Electric Railway Co., Ltd. 
    3,000       28,355  
QR National Ltd. 
    3,690       12,958  
Tobu Railway Co., Ltd. 
    3,000       14,466  
Tokyu Corp. 
    3,000       14,620  
West Japan Railway Co. 
    300       12,812  
                 
Total Road & Rail
    259,347  
         
Semiconductors & Semiconductor Equipment 1.3%
Advantest Corp. 
    900       10,769  
ARM Holdings PLC
    1,582       14,925  
ASM Pacific Technology Ltd. 
    1,200       13,345  
ASML Holding NV
    387       16,339  
Elpida Memory, Inc.*
    1,800       11,519  
Infineon Technologies AG
    1,556       14,170  
Renewable Energy Corp. ASA*
    6,975       6,843  
Rohm Co., Ltd. 
    300       15,543  
STMicroelectronics NV
    2,013       14,039  
Sumco Corp. 
    1,200       12,419  
Tokyo Electron Ltd. 
    300       16,390  
                 
Total Semiconductors & Semiconductor Equipment
    146,301  
         
Software 0.9%
Dassault Systemes SA
    180       15,307  
Konami Corp. 
    300       9,972  
NICE Systems Ltd. ADR*
    416       14,876  
Oracle Corp. Japan
    300       10,484  
Sage Group PLC (The)
    3,060       13,736  
SAP AG
    238       14,482  
Square Enix Holdings Co., Ltd. 
    600       11,619  
Trend Micro, Inc. 
    300       10,931  
                 
Total Software
    101,407  
         
Specialty Retail 0.9%
ABC-Mart, Inc. 
    300       11,908  
Esprit Holdings Ltd.*
    5,000       7,341  
Hennes & Mauritz AB
    425       14,190  
Inditex SA
    162       14,859  
Kingfisher PLC
    3,472       14,509  
Nitori Holdings Co., Ltd. 
    150       14,466  
USS Co., Ltd. 
    150       12,523  
Yamada Denki Co., Ltd. 
    180       13,112  
                 
Total Specialty Retail
    102,908  
         
Textiles, Apparel & Luxury Goods 1.1%
Adidas AG
    199       14,200  
Asics Corp. 
    900       12,165  
Burberry Group PLC
    606       13,117  
Christian Dior SA
    101       14,412  
Cie Financiere Richemont SA — Class A
    229       13,215  
Luxottica Group SpA
    475       14,145  
LVMH Moet Hennessy Louis Vuitton SA
    89       14,928  
Pandora A/S
    1,467       14,272  
Swatch Group AG (The)
    30       12,802  
                 
Total Textiles, Apparel & Luxury Goods
    123,256  
         
Tobacco 0.4%
British American Tobacco PLC
    295       13,640  
Imperial Tobacco Group PLC
    417       15,306  
Japan Tobacco, Inc. 
    1       5,072  
Swedish Match AB
    358       12,490  
                 
Total Tobacco
    46,508  
         
Trading Companies & Distributors 1.3%
Brenntag AG
    124       12,626  
Bunzl PLC
    1,034       13,452  
ITOCHU Corp. 
    1,200       12,112  
Marubeni Corp. 
    3,000       17,852  
Mitsubishi Corp. 
    600       12,627  
Mitsui & Co., Ltd. 
    900       13,447  
Noble Group Ltd. 
    9,000       11,181  
Sojitz Corp. 
    7,200       12,465  
Sumitomo Corp. 
    900       11,392  
Toyota Tsusho Corp. 
    900       14,543  
Wolseley PLC
    523       15,178  
                 
Total Trading Companies & Distributors
    146,875  
         
Transportation Infrastructure 1.1%
Abertis Infraestructuras SA
    854       14,216  
Aeroports de Paris
    154       12,246  
Atlantia SpA
    831       12,808  
Fraport AG Frankfurt Airport Services Worldwide
    195       12,442  
Groupe Eurotunnel SA
    1,467       13,394  
Hutchison Port Holdings Trust
    21,000       14,070  
Koninklijke Vopak NV
    269       14,033  
MAp Group*
    3,936       14,240  
Transurban Group
    2,562       14,216  
                 
Total Transportation Infrastructure
    121,665  
         
Water Utilities 0.3%
Severn Trent PLC
    601       14,706  
United Utilities Group PLC
    1,454       14,234  
                 
Total Water Utilities
    28,940  
         
Wireless Telecommunication Services 1.0%
Cellcom Israel Ltd. 
    582       12,827  
KDDI Corp. 
    1       7,425  
 
See Notes to Financial Statements.


 

ANNUAL REPORT      115

 
RYDEX MSCI EAFE EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (concluded) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (concluded)
                 
Millicom International Cellular SA
    132       $14,668  
Mobistar SA
    212       12,202  
NTT DoCoMo, Inc. 
    6       10,719  
Partner Communications Co., Ltd. ADR*
    1,174       13,947  
Softbank Corp. 
    300       9,957  
StarHub Ltd. 
    6,000       13,518  
Vodafone Group PLC
    5,370       14,982  
                 
Total Wireless Telecommunication Services
    110,245  
         
Total Common Stocks
(Cost $12,814,280)
    10,992,204  
         
 
RIGHTS 0.0%(a)(b)
Real Estate Management & Development 0.0%(b)
New World Development Ltd., expires 11/22/11*
    4,500       1,536  
                 
Total Real Estate Management & Development
    1,536  
         
Total Rights
(Cost $0)
    1,536  
         
 
SHORT TERM INVESTMENTS 0.3%
SSgA Government Money Market Fund
    27,812       27,812  
                 
Total Short Term Investments
(Cost $27,812)
    27,812  
         
Total Investments 99.4%(c)
(Cost $12,842,092)
    11,021,552  
         
Other Assets in Excess of Liabilities—0.6%
    71,274  
         
Net Assets—100.0%
    $11,092,826  
 
 
 
* Non-Income Producing Security.
 
(a) Values determined based on Level 2 inputs.
 
(b) Amount represents less than 0.05% of net assets.
 
(c) Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs.
 
ADR—American Depositary Receipt
 
REIT—Real Estate Investment Trust
INVESTMENT CONCENTRATION
At October 31, 2011, the investment diversification of the Fund was as follows:
 
         
    % of Total
 
Country   Investments  
   
 
Japan
    31.14%  
Britain
    11.53%  
Australia
    8.15%  
France
    8.02%  
Germany
    5.60%  
Sweden
    3.81%  
Switzerland
    3.44%  
Spain
    3.24%  
Italy
    3.10%  
Netherlands
    2.98%  
Singapore
    2.74%  
Hong Kong
    2.51%  
Finland
    2.00%  
Israel
    1.40%  
Belgium
    1.39%  
Denmark
    1.36%  
Norway
    1.02%  
Austria
    0.81%  
Bermuda
    0.78%  
Jersey
    0.77%  
Ireland
    0.68%  
Portugal
    0.61%  
Luxembourg
    0.60%  
Cayman Islands
    0.38%  
United States
    0.37%  
Swaziland
    0.36%  
Slovenia
    0.25%  
Georgia
    0.22%  
New Zealand
    0.21%  
Guernsey
    0.13%  
Isle Of Man
    0.11%  
Mauritius
    0.11%  
Niger Republic
    0.11%  
Greece
    0.07%  
 
 
Total Investments
    100.00%  
 
See Notes to Financial Statements.


 

116

 
RYDEX MSCI EMERGING MARKETS EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS 84.7%
Aerospace & Defense 0.2%
Embraer SA ADR
    1,130       $31,437  
                 
Total Aerospace & Defense
    31,437  
         
Air Freight & Logistics 0.2%
Hyundai Glovis Co., Ltd. 
    160       30,319  
                 
Total Air Freight & Logistics
    30,319  
         
Airlines 1.8%
Air China Ltd. — Class H
    30,000       23,722  
AirAsia BHD
    25,700       32,669  
China Airlines Ltd. 
    54,000       27,525  
China Southern Airlines Co., Ltd. — Class H*
    40,000       22,820  
Eva Airways Corp. 
    44,000       32,281  
Gol Linhas Aereas Inteligentes SA ADR
    3,730       29,915  
Korean Air Lines Co., Ltd. 
    535       24,138  
Lan Airlines SA ADR
    1,054       26,424  
TAM SA ADR
    1,389       27,905  
Thai Airways International PCL
    34,070       21,495  
Turk Hava Yollari
    20,550       29,842  
                 
Total Airlines
    298,736  
         
Auto Components 1.0%
Cheng Shin Rubber Industry Co. Ltd. 
    10,000       23,097  
Hankook Tire Co., Ltd. 
    750       30,319  
Hyundai Mobis
    90       26,232  
Hyundai Wia Corp.*
    235       30,960  
Mando Corp. 
    170       29,683  
Nan Kang Rubber Tire Co., Ltd. 
    15,000       26,172  
                 
Total Auto Components
    166,463  
         
Automobiles 2.2%
Astra International Tbk PT
    2,500       19,486  
AviChina Industry & Technology Co., Ltd. — Class H
    60,000       26,735  
Brilliance China Automotive Holdings Ltd.*
    30,000       32,878  
Byd Co., Ltd. — Class H*
    15,000       36,896  
China Motor Corp. 
    25,000       24,275  
Dongfeng Motor Group Co., Ltd. — Class H
    20,000       33,278  
Geely Automobile Holdings Ltd. 
    100,000       26,143  
Great Wall Motor Co., Ltd. — Class H
    20,000       27,714  
Guangzhou Automobile Group Co., Ltd. — Class H
    30,000       30,406  
Hyundai Motor Co. 
    135       27,653  
Kia Motors Corp. 
    445       29,032  
Tata Motors Ltd. ADR
    1,730       34,686  
Yulon Motor Co., Ltd. 
    15,000       32,038  
                 
Total Automobiles
    381,220  
         
Beverages 1.0%
Arca Continental SAB de CV
    5,800       27,836  
Coca-Cola Femsa SAB de CV ADR
    290       25,970  
Fomento Economico Mexicano SAB de CV ADR
    420       28,161  
Grupo Modelo SAB de CV — Series C
    4,967       31,868  
Tsingtao Brewery Co., Ltd. — Class H
    10,000       51,449  
                 
Total Beverages
    165,284  
         
Building Products 0.3%
KCC Corp. 
    105       25,819  
Taiwan Glass Industrial Corp. 
    25,000       31,168  
                 
Total Building Products
    56,987  
         
Capital Markets 1.4%
Daewoo Securities Co., Ltd. 
    1,850       18,196  
Hyundai Securities Co. 
    2,750       24,145  
Investec Ltd. 
    3,792       23,406  
KGI Securities Co., Ltd. 
    61,188       26,076  
Korea Investment Holdings Co., Ltd. 
    790       26,697  
Mirae Asset Securities Co., Ltd. 
    740       23,972  
Samsung Securities Co., Ltd. 
    490       25,866  
Woori Investment & Securities Co., Ltd. 
    1,950       21,907  
Yuanta Financial Holding Co., Ltd.*
    71,027       40,953  
                 
Total Capital Markets
    231,218  
         
Chemicals 4.1%
Braskem SA ADR
    1,250       22,550  
Cheil Industries, Inc. 
    320       28,760  
China BlueChemical Ltd. — Class H
    40,000       31,732  
China Petrochemical Development Corp. 
    20,500       24,119  
Dongyue Group
    34,570       27,469  
Formosa Chemicals & Fibre Corp. 
    10,000       29,247  
Formosa Plastics Corp. 
    10,000       29,748  
Hanwha Chem Corp. 
    840       22,361  
Hanwha Corp. 
    750       26,800  
Honam Petrochemical Corp. 
    90       25,014  
Huabao International Holdings Ltd. 
    35,000       22,537  
Hyosung Corp. 
    420       24,597  
Korea Kumho Petrochemical Co., Ltd. 
    170       29,376  
KP Chemical Corp. 
    1,530       22,090  
LCY Chemical Corp. 
    15,000       25,670  
LG Chem Ltd. 
    80       26,277  
Mexichem SAB de CV
    7,890       27,477  
Nan Ya Plastics Corp. 
    10,000       22,695  
OCI Co., Ltd. 
    90       18,923  
Petronas Chemicals Group BHD
    13,000       27,331  
PTT Global Chemical PCL*
    23,912       50,934  
Sinopec Shanghai Petrochemical Co., Ltd. — Class H
    70,000       26,143  
Sociedad Quimica y Minera de Chile SA ADR
    450       26,325  
Taiwan Fertilizer Co., Ltd. 
    10,000       26,138  
TSRC Corp. 
    11,000       29,009  
Uralkali OJSC GDR
    600       26,040  
                 
Total Chemicals
    699,362  
         
Commercial Banks 10.6%
ABSA Group Ltd. 
    1,555       28,121  
Agricultural Bank of China Ltd. — Class H
    59,000       26,974  
Akbank TAS
    6,941       25,435  
Alliance Financial Group BHD
    24,700       28,339  
Asya Katilim Bankasi AS
    25,580       27,569  
Axis Bank Ltd. GDR
    1,220       28,780  
Banco Santander Brasil SA ADR
    2,748       25,007  
Banco Santander Chile ADR
    345       28,180  
BanColombia SA ADR
    475       29,630  
Bangkok Bank PCL
    5,430       27,724  
Bank Central Asia Tbk PT
    30,000       27,450  
Bank Mandiri Tbk PT
    37,500       30,288  
Bank Negara Indonesia Persero Tbk PT
    59,500       27,053  
Bank of Ayudhya PCL
    33,500       22,224  
Bank of China Ltd. — Class H
    69,000       25,059  
Bank of Communications Co., Ltd. — Class H*
    40,000       28,023  
Bank Pekao SA
    578       27,363  
Bank Rakyat Indonesia Persero Tbk PT
    40,000       30,500  
BRE Bank SA*
    320       28,108  
BS Financial Group, Inc.*
    2,200       24,716  
Chang Hwa Commercial Bank
    38,150       24,993  
 
See Notes to Financial Statements.


 

ANNUAL REPORT      117

 
RYDEX MSCI EMERGING MARKETS EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (continued) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (continued)
                 
China Citic Bank Corp., Ltd. — Class H
    54,000       $29,556  
China Construction Bank Corp. — Class H*
    40,000       29,929  
China Development Financial Holding Corp. 
    80,789       25,977  
China Merchants Bank Co., Ltd. — Class H
    12,500       25,757  
China Minsheng Banking Corp., Ltd. — Class H
    32,500       26,829  
Chinatrust Financial Holding Co., Ltd. 
    37,518       25,018  
Chongqing Rural Commercial Bank Co., Ltd. — Class H*
    59,000       26,594  
CIMB Group Holdings BHD
    11,500       28,375  
Credicorp Ltd. 
    295       32,090  
DGB Financial Group, Inc.*
    1,950       24,547  
E.Sun Financial Holding Co., Ltd. 
    48,150       24,221  
First Financial Holding Co., Ltd. 
    37,100       24,987  
Getin Holding SA*
    8,903       24,406  
Grupo Financiero Banorte SAB de CV — Class O
    7,650       26,438  
Grupo Financiero Inbursa SA — Class O
    15,170       32,820  
Hana Financial Group, Inc. 
    850       30,949  
Hua Nan Financial Holdings Co., Ltd. 
    42,400       27,990  
Industrial & Commercial Bank of China — Class H
    40,000       25,447  
Industrial Bank of Korea
    1,800       24,120  
Kasikornbank PCL
    7,500       30,610  
KB Financial Group, Inc. ADR
    649       25,343  
Komercni Banka AS
    130       25,313  
Korea Exchange Bank*
    3,600       26,995  
Krung Thai Bank PCL
    49,000       24,221  
Malayan Banking BHD
    10,500       28,611  
Mega Financial Holding Co., Ltd. 
    35,700       27,863  
Metropolitan Bank & Trust
    16,690       27,970  
Nedbank Group Ltd. 
    1,464       26,141  
OTP Bank PLC
    1,280       20,784  
Powszechna Kasa Oszczednosci Bank Polski SA
    2,310       26,822  
Public Bank BHD
    6,400       26,493  
RHB Capital BHD
    10,000       25,098  
Shinhan Financial Group Co., Ltd. ADR
    345       27,462  
Siam Commercial Bank PCL
    8,000       30,569  
SinoPac Financial Holdings Co., Ltd. 
    73,010       23,915  
Standard Bank Group Ltd. 
    2,098       25,984  
Taishin Financial Holding Co., Ltd. 
    58,850       25,375  
Taiwan Business Bank
    83,600       27,747  
Taiwan Cooperative Bank
    42,400       28,132  
Turkiye Garanti Bankasi AS
    7,205       25,503  
Turkiye Halk Bankasi AS
    4,423       27,347  
Turkiye Is Bankasi
    10,163       23,809  
Turkiye Vakiflar Bankasi Tao
    15,841       27,137  
VTB Bank OJSC GDR
    4,987       23,997  
Woori Finance Holdings Co., Ltd.*
    2,500       24,477  
Yapi ve Kredi Bankasi AS*
    14,440       27,194  
                 
Total Commercial Banks
    1,798,498  
         
Communications Equipment 0.2%
ZTE Corp. — Class H
    10,800       31,225  
                 
Total Communications Equipment
    31,225  
         
Computers & Peripherals 1.8%
Acer, Inc. 
    25,000       28,996  
Asustek Computer, Inc. 
    5,100       35,883  
Catcher Technology Co., Ltd. 
    5,000       28,411  
Compal Electronics, Inc. 
    30,000       27,876  
Foxconn Technology Co., Ltd. 
    8,250       29,230  
Lenovo Group Ltd. 
    40,000       27,354  
Pegatron Corp. 
    30,000       32,890  
Quanta Computer, Inc. 
    15,000       30,032  
Simplo Technology Co., Ltd. 
    5,500       32,907  
Wistron Corp. 
    24,749       29,118  
                 
Total Computers & Peripherals
    302,697  
         
Construction & Engineering 2.8%
Aveng Ltd. 
    6,011       28,241  
China Communications Construction Co., Ltd. — Class H
    44,000       33,829  
China Railway Construction Corp., Ltd. — Class H
    54,500       32,988  
China Railway Group Ltd. — Class H
    94,000       31,838  
China State Construction International Holdings Ltd. 
    40,000       31,475  
Daelim Industrial Co., Ltd. 
    270       23,877  
Daewoo Engineering & Construction Co., Ltd.*
    2,810       26,244  
Doosan Heavy Industries and Construction Co., Ltd. 
    575       31,132  
Gamuda BHD
    28,200       31,252  
GS Engineering & Construction Corp. 
    295       26,194  
Hyundai Development Co. 
    1,200       25,284  
Hyundai Engineering & Construction Co., Ltd. 
    405       26,276  
IJM Corp. BHD
    15,000       27,868  
Larsen & Toubro Ltd. GDR
    820       22,812  
Malaysia Marine and Heavy Engineering Holdings BHD
    12,800       26,284  
Orascom Construction Industries GDR
    699       28,659  
Samsung Engineering Co., Ltd. 
    135       28,018  
                 
Total Construction & Engineering
    482,271  
         
Construction Materials 1.7%
Anhui Conch Cement Co., Ltd. — Class H
    7,500       27,914  
Asia Cement Corp. 
    20,500       25,010  
BBMG Corp. — Class H
    27,000       24,097  
Cemex SAB de CV ADR
    5,400       23,598  
China National Building Material Co., Ltd. — Class H
    20,000       26,375  
China Resources Cement Holdings Ltd. 
    30,000       24,340  
China Shanshui Cement Group Ltd. 
    30,000       23,567  
Indocement Tunggal Prakarsa Tbk PT
    15,000       27,704  
Semen Gresik Persero Tbk PT
    27,500       29,511  
Siam Cement PCL
    2,500       30,163  
Taiwan Cement Corp. 
    20,000       25,302  
                 
Total Construction Materials
    287,581  
         
Consumer Finance 0.1%
Samsung Card Co. 
    630       23,848  
                 
Total Consumer Finance
    23,848  
         
Distributors 0.2%
Imperial Holdings Ltd. 
    1,859       27,662  
                 
Total Distributors
    27,662  
         
Diversified Financial Services 1.3%
African Bank Investments Ltd. 
    6,056       26,413  
AMMB Holdings BHD
    14,500       28,216  
China Everbright Ltd. 
    20,000       30,238  
FirstRand Ltd. 
    10,548       26,368  
Fubon Financial Holding Co., Ltd. 
    20,998       25,021  
Haci Omer Sabanci Holding AS
    8,080       27,775  
 
See Notes to Financial Statements.


 

118

 
RYDEX MSCI EMERGING MARKETS EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (continued) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (continued)
                 
Remgro Ltd. 
    1,899       $28,979  
RMB Holdings Ltd. 
    7,795       24,728  
                 
Total Diversified Financial Services
    217,738  
         
Diversified Telecommunication Services 2.4%
Brasil Telecom SA ADR
    1,250       25,688  
China Telecom Corp., Ltd. — Class H
    40,000       25,138  
China Unicom Hong Kong Ltd. ADR
    1,424       28,637  
Chunghwa Telecom Co., Ltd. ADR
    810       27,240  
KT Corp. ADR
    1,599       26,671  
LG Uplus Corp. 
    6,060       36,528  
Tele Norte Leste Part
    2,190       23,762  
Telefonica Brasil SA ADR
    900       26,118  
Telefonica Czech Republic AS
    1,100       23,365  
Telefonos de Mexico SAB de CV ADR — Series L
    1,649       25,790  
Telekom Malaysia BHD
    20,400       28,193  
Telekomunikacja Polska SA
    4,803       25,964  
Telekomunikasi Indonesia Tbk PT ADR
    859       29,034  
Telkom SA Ltd. 
    5,896       22,878  
Turk Telekomunikasyon AS
    6,270       26,675  
                 
Total Diversified Telecommunication Services
    401,681  
         
Electric Utilities 1.8%
Centrais Eletricas Brasileiras SA ADR
    2,751       27,609  
CEZ AS
    570       24,337  
Cia Energetica de Minas Gerais ADR
    1,604       27,332  
Cia Paranaense de Energia ADR
    1,320       26,638  
CPFL Energia SA ADR
    1,050       27,290  
Enersis SA ADR
    1,419       27,855  
Federal Hydrogenerating Co. JSC ADR
    6,381       24,056  
Korea Electric Power Corp. ADR*
    2,740       30,222  
PGE SA
    3,981       24,959  
Tauron Polska Energia SA
    15,434       27,350  
Tenaga Nasional BHD
    16,300       31,771  
                 
Total Electric Utilities
    299,419  
         
Electrical Equipment 1.2%
China High Speed Transmission Equipment Group Co., Ltd. 
    49,000       31,299  
Dongfang Electric Corp., Ltd. — Class H
    8,000       25,087  
LS Corp. 
    305       22,045  
LS Industrial Systems Co., Ltd. 
    510       25,495  
Shanghai Electric Group Co., Ltd. — Class H*
    60,000       26,890  
Teco Electric and Machinery Co., Ltd. 
    45,000       26,548  
Walsin Lihwa Corp. 
    74,000       25,229  
Zhuzhou CSR Times Electric Co., Ltd. — Class H
    10,000       23,928  
                 
Total Electrical Equipment
    206,521  
         
Electronic Equipment, Instruments & Components 3.3%
AU Optronics Corp. ADR
    6,360       27,221  
Cheng Uei Precision Industry Co., Ltd. 
    10,149       23,203  
Chimei Innolux Corp.*
    69,000       28,137  
Coretronic Corp. 
    35,000       26,731  
Delta Electronics, Inc. 
    10,000       23,832  
E Ink Holdings, Inc. 
    15,000       31,085  
Everlight Electronics Co., Ltd. 
    15,000       28,077  
Hon Hai Precision Industry Co., Ltd. GDR
    5,970       33,313  
Kingboard Chemical Holdings Ltd. 
    7,500       26,079  
LG Display Co., Ltd. ADR
    2,910       29,275  
LG Innotek Co., Ltd. 
    410       27,526  
Nan Ya Printed Circuit Board Corp. 
    10,300       30,399  
Samsung Electro-Mechanics Co., Ltd. 
    450       34,678  
Samsung SDI Co., Ltd. 
    220       26,999  
Synnex Technology International Corp. 
    10,000       24,768  
Tripod Technology Corp. 
    9,550       25,217  
Unimicron Technology Corp. 
    20,000       26,405  
Wintek Corp. 
    34,498       26,982  
WPG Holdings Ltd. 
    19,350       23,736  
Young Fast Optoelectronics Co., Ltd. 
    10,249       30,043  
                 
Total Electronic Equipment, Instruments & Components
    553,706  
         
Energy Equipment & Services 0.4%
China Oilfield Services Ltd. — Class H
    20,000       33,999  
TMK OAO GDR
    2,370       30,573  
                 
Total Energy Equipment & Services
    64,572  
         
Food & Staples Retailing 2.0%
BIM Birlesik Magazalar AS
    964       29,529  
Cencosud SA
    4,581       29,265  
China Resources Enterprise Ltd. 
    10,000       37,025  
Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR
    734       28,765  
CP ALL PCL
    17,280       26,412  
E-Mart Co., Ltd.*
    92       24,034  
Magnit OJSC GDR
    1,250       31,937  
Massmart Holdings Ltd. 
    1,280       25,741  
Pick n Pay Stores Ltd. 
    4,987       25,104  
President Chain Store Corp. 
    5,000       28,077  
Shoprite Holdings Ltd. 
    1,890       27,838  
Wal-Mart de Mexico SAB de CV — Series V
    10,283       26,870  
                 
Total Food & Staples Retailing
    340,597  
         
Food Products 2.5%
BRF — Brasil Foods SA ADR
    1,450       30,522  
Chaoda Modern Agriculture Holdings Ltd. 
    106,000       15,016  
Charoen Pokphand Foods PCL
    30,500       30,004  
Charoen Pokphand Indonesia Tbk PT
    89,000       26,893  
China Agri-Industries Holdings Ltd. 
    35,000       28,397  
China Mengniu Dairy Co., Ltd. 
    10,000       32,196  
China Yurun Food Group Ltd. 
    15,000       26,697  
CJ CheilJedang Corp. 
    100       27,793  
Indofood Sukses Makmur Tbk PT
    40,000       23,722  
IOI Corp. BHD
    17,500       29,946  
Kuala Lumpur Kepong BHD
    4,000       27,458  
Tiger Brands Ltd. 
    1,000       28,963  
Tingyi Cayman Islands Holding Corp. 
    10,000       28,719  
Uni-President Enterprises Corp. 
    21,200       29,620  
Want Want China Holdings Ltd. 
    35,000       32,814  
                 
Total Food Products
    418,760  
         
Gas Utilities 0.7%
ENN Energy Holdings Ltd. 
    10,000       36,574  
Korea Gas Corp. 
    900       30,658  
Perusahaan Gas Negara PT
    81,500       27,159  
Petronas Gas BHD
    6,400       27,327  
                 
Total Gas Utilities
    121,718  
         
Health Care Equipment & Supplies 0.1%
Shandong Weigao Group Medical Polymer Co., Ltd. — Class H
    20,000       21,043  
                 
Total Health Care Equipment & Supplies
    21,043  
         
 
See Notes to Financial Statements.


 

ANNUAL REPORT      119

 
RYDEX MSCI EMERGING MARKETS EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (continued) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (continued)
                 
Health Care Providers & Services 0.5%
Life Healthcare Group Holdings Ltd. 
    11,400       $27,877  
Netcare Ltd. 
    15,100       26,580  
Sinopharm Group Co. — Class H
    12,000       33,072  
                 
Total Health Care Providers & Services
    87,529  
         
Hotels, Restaurants & Leisure 0.5%
Genting BHD
    8,500       29,811  
Genting Malaysia BHD
    25,500       32,000  
Kangwon Land, Inc. 
    1,090       29,310  
                 
Total Hotels, Restaurants & Leisure
    91,121  
         
Household Durables 1.1%
Gafisa SA ADR
    2,903       21,598  
LG Electronics, Inc. 
    470       31,681  
Skyworth Digital Holdings Ltd. 
    50,000       26,980  
Steinhoff International Holdings Ltd. 
    8,759       26,400  
Tatung Co., Ltd. 
    64,000       22,782  
Turkiye Sise ve Cam Fabrikalari AS
    15,400       29,614  
Woongjin Coway Co., Ltd. 
    790       27,517  
                 
Total Household Durables
    186,572  
         
Household Products 0.2%
LG Household & Health Care Ltd. 
    60       27,233  
                 
Total Household Products
    27,233  
         
Independent Power Producers & Energy Traders 0.7%
China Longyuan Power Group Corp. — Class H
    30,000       25,306  
China Resources Power Holdings Co., Ltd. 
    20,000       35,905  
Empresa Nacional de Electricidad SA ADR
    565       27,255  
Huaneng Power International, Inc. — Class H
    60,000       27,508  
                 
Total Independent Power Producers & Energy Traders
    115,974  
         
Industrial Conglomerates 2.1%
Alfa SAB de CV — Class A
    2,138       25,212  
Beijing Enterprises Holdings Ltd. 
    5,000       27,978  
Bidvest Group Ltd. 
    1,414       28,310  
Citic Pacific Ltd. 
    15,000       27,663  
Doosan Corp. 
    230       29,575  
Empresas COPEC SA
    1,630       24,985  
Far Eastern New Century Corp. 
    20,600       24,512  
KOC Holding AS
    8,050       28,859  
LG Corp. 
    500       29,823  
Samsung Techwin Co., Ltd. 
    520       28,295  
Shanghai Industrial Holdings Ltd. 
    10,000       33,226  
Sime Darby BHD
    10,000       29,009  
SK Holdings Co., Ltd. 
    176       23,902  
                 
Total Industrial Conglomerates
    361,349  
         
Insurance 2.1%
Cathay Financial Holding Co., Ltd. 
    24,400       29,483  
China Life Insurance Co., Ltd. 
    27,375       30,881  
China Life Insurance Co., Ltd. — Class H
    10,000       26,722  
China Pacific Insurance Group Co., Ltd. — Class H
    8,000       24,932  
Dongbu Insurance Co., Ltd. 
    664       28,251  
Korea Life Insurance Co., Ltd. 
    4,750       26,875  
PICC Property & Casualty Co., Ltd. — Class H
    20,000       28,332  
Ping An Insurance Group Co., Ltd. — Class H
    2,500       18,899  
Powszechny Zaklad Ubezpieczen SA
    220       23,750  
Samsung Fire & Marine Insurance Co., Ltd. 
    140       30,067  
Samsung Life Insurance Co., Ltd. 
    380       29,764  
Sanlam Ltd. 
    7,715       28,968  
Shin Kong Financial Holding Co., Ltd.*
    79,000       24,980  
                 
Total Insurance
    351,904  
         
Internet Software & Services 0.5%
Alibaba.com Ltd. 
    27,000       32,164  
NHN Corp.*
    175       36,794  
Tencent Holdings Ltd. 
    1,000       23,580  
                 
Total Internet Software & Services
    92,538  
         
IT Services 0.4%
SK C&C Co., Ltd. 
    220       30,175  
Wipro Ltd. ADR
    2,860       29,916  
                 
Total IT Services
    60,091  
         
Machinery 2.3%
China Rongsheng Heavy Industry Group Holdings Co., Ltd. 
    71,500       25,414  
CSR Corp., Ltd. — Class H
    49,000       29,659  
Daewoo Shipbuilding & Marine Engineering Co., Ltd. 
    1,040       26,230  
Doosan Infracore Co., Ltd.*
    1,350       23,633  
Hanjin Heavy Industries & Construction Co., Ltd.*
    1,430       25,937  
Hiwin Technologies Corp. 
    5,150       47,338  
Hyundai Heavy Industries Co., Ltd. 
    90       24,567  
Hyundai Mipo Dockyard
    230       25,528  
Lonking Holdings Ltd. 
    74,000       29,829  
Samsung Heavy Industries Co., Ltd. 
    890       27,827  
Sany Heavy Equipment International Holdings Co., Ltd. 
    30,000       26,812  
United Tractors Tbk PT
    10,000       27,789  
Weichai Power Co., Ltd. — Class H
    5,000       25,595  
Zoomlion Heavy Industry Science and Technology Co., Ltd. — Class H
    16,720       24,762  
                 
Total Machinery
    390,920  
         
Marine 1.2%
China COSCO Holdings Co., Ltd. — Class H
    52,000       27,725  
China Shipping Container Lines Co., Ltd. — Class H*
    123,000       23,919  
China Shipping Development Co., Ltd. — Class H
    40,000       28,847  
Evergreen Marine Corp. Taiwan Ltd. 
    47,499       26,355  
Hanjin Shipping Co., Ltd. 
    1,680       16,827  
Hyundai Merchant Marine Co., Ltd. 
    1,050       27,477  
STX Pan Ocean Co., Ltd. 
    3,600       24,039  
Yang Ming Marine Transport Corp. 
    59,400       24,818  
                 
Total Marine
    200,007  
         
Media 0.5%
BEC World PCL
    21,730       26,500  
Grupo Televisa SA ADR
    1,299       27,708  
Naspers Ltd. — Class N
    545       26,226  
                 
Total Media
    80,434  
         
Metals & Mining 6.1%
African Rainbow Minerals Ltd. 
    1,049       24,366  
Aluminum Corp. of China Ltd. ADR
    1,680       22,327  
Angang Steel Co., Ltd. — Class H
    40,000       24,932  
Anglo Platinum Ltd. 
    335       24,370  
AngloGold Ashanti Ltd. ADR
    679       30,698  
ArcelorMittal South Africa Ltd. 
    3,400       29,042  
 
See Notes to Financial Statements.


 

120

 
RYDEX MSCI EMERGING MARKETS EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (continued) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (continued)
                 
CAP SA
    630       $24,304  
China Steel Corp. 
    29,250       29,232  
Cia de Minas Buenaventura SA ADR
    600       24,558  
Cia Siderurgica Nacional SA ADR
    2,850       26,676  
Dongkuk Steel Mill Co., Ltd. 
    990       23,450  
Eregli Demir ve Celik Fabrikalari TAS
    14,840       30,810  
Exxaro Resources Ltd. 
    1,110       25,232  
Gerdau SA ADR
    3,280       29,586  
Gold Fields Ltd. ADR
    1,710       29,805  
Grupo Mexico SAB de CV — Series B
    8,590       24,142  
Harmony Gold Mining Co., Ltd. ADR
    2,228       29,254  
Hidili Industry International Development Ltd. 
    54,000       23,019  
Hyundai Hysco Co., Ltd. 
    650       25,661  
Hyundai Steel Co. 
    295       27,285  
Impala Platinum Holdings Ltd. 
    1,144       26,579  
Industrias Penoles SAB de CV
    600       24,422  
Jastrzebska Spolka Weglowa SA*
    740       22,037  
Jiangxi Copper Co., Ltd. — Class H
    10,000       24,855  
KGHM Polska Miedz SA
    455       22,486  
Korea Zinc Co., Ltd. 
    70       20,781  
Kumba Iron Ore Ltd. 
    470       28,093  
Maanshan Iron & Steel — Class H
    80,000       24,314  
Mechel ADR
    1,590       20,893  
MMC Norilsk Nickel OJSC ADR
    1,204       23,562  
Northam Platinum Ltd. 
    5,800       22,586  
Novolipetsk Steel OJSC GDR
    980       26,676  
Polymetal JSC GDR*
    1,310       21,366  
POSCO ADR
    305       26,206  
Severstal OAO GDR
    1,709       25,105  
Shougang Fushan Resources Group Ltd. 
    60,000       25,190  
Southern Copper Corp. 
    839       25,741  
Sterlite Industries (India) Ltd. ADR
    2,540       26,213  
Vale SA ADR
    964       24,495  
Zhaojin Mining Industry Co., Ltd. — Class H
    12,500       22,473  
Zijin Mining Group Co., Ltd. — Class H
    60,000       26,040  
                 
Total Metals & Mining
    1,038,862  
         
Multiline Retail 1.4%
Far Eastern Department Stores Co., Ltd. 
    15,900       24,659  
Golden Eagle Retail Group Ltd. 
    10,000       25,473  
Hyundai Department Store Co., Ltd. 
    185       26,877  
Intime Department Store Group Co., Ltd. 
    20,000       29,002  
Lotte Shopping Co., Ltd. 
    65       23,579  
Parkson Retail Group Ltd. 
    20,000       25,757  
S.A.C.I. Falabella
    3,114       29,236  
Shinsegae Co., Ltd. 
    90       22,821  
Woolworths Holdings Ltd. 
    5,690       29,104  
                 
Total Multiline Retail
    236,508  
         
Oil, Gas & Consumable Fuels 5.2%
Adaro Energy Tbk PT
    110,000       25,162  
Banpu PCL
    1,480       30,707  
Bumi Resources Tbk PT
    96,500       25,617  
China Coal Energy Co., Ltd. — Class H
    20,000       25,473  
China Petroleum & Chemical Corp. — Class H
    30,000       28,744  
China Shenhua Energy Co., Ltd. — Class H
    5,000       23,310  
CNOOC Ltd. ADR
    140       26,405  
Ecopetrol SA ADR
    699       29,735  
Formosa Petrochemical Corp. 
    10,000       31,620  
Gazprom OAO ADR
    2,143       25,009  
GS Holdings
    430       25,337  
Indo Tambangraya Megah PT
    5,000       25,219  
IRPC PCL
    184,190       23,001  
Kunlun Energy Co., Ltd. 
    20,000       28,487  
Lukoil OAO ADR
    495       28,809  
MOL Hungarian Oil and Gas PLC*
    320       25,239  
NovaTek OAO GDR
    230       32,292  
PetroChina Co., Ltd. — Class H
    20,000       26,426  
Petroleo Brasileiro SA ADR
    889       24,012  
Polski Koncern Naftowy Orlen SA*
    2,151       27,143  
Polskie Gornictwo Naftowe i Gazownictwo SA
    19,562       24,842  
PTT Exploration & Production PCL
    4,940       25,865  
PTT PCL
    2,500       24,878  
Rosneft Oil Co. GDR
    3,597       25,593  
S-Oil Corp. 
    260       27,567  
Sasol Ltd. ADR
    590       26,692  
SK Innovation Co., Ltd. 
    180       27,694  
Surgutneftegas OJSC ADR
    3,247       27,973  
Tambang Batubara Bukit Asam Tbk PT
    12,500       25,911  
Tatneft ADR
    900       26,721  
Thai Oil PCL
    12,840       24,323  
Tupras Turkiye Petrol Rafinerileri AS
    1,510       34,262  
Yanzhou Coal Mining Co., Ltd. — Class H
    10,000       25,821  
                 
Total Oil, Gas & Consumable Fuels
    885,889  
         
Paper & Forest Products 0.4%
Fibria Celulose SA ADR
    2,920       25,900  
Nine Dragons Paper Holdings Ltd. 
    40,000       27,817  
Sappi Ltd.*
    7,750       22,868  
                 
Total Paper & Forest Products
    76,585  
         
Personal Products 0.3%
Amorepacific Corp. 
    20       22,668  
Hengan International Group Co., Ltd. 
    2,500       21,925  
                 
Total Personal Products
    44,593  
         
Pharmaceuticals 0.9%
Aspen Pharmacare Holdings Ltd.*
    2,483       29,951  
Celltrion, Inc. 
    660       22,453  
China Shineway Pharmaceutical Group Ltd. 
    20,000       28,332  
Dr. Reddy’s Laboratories Ltd. ADR
    870       28,840  
Sihuan Pharmaceutical Holdings Group Ltd. 
    84,000       36,131  
                 
Total Pharmaceuticals
    145,707  
         
Real Estate Investment Trusts (REITs) 0.2%
Emlak Konut Gayrimenkul Yatirim Ortakligi
    21,930       29,731  
                 
Total Real Estate Investment Trusts (REITs)
    29,731  
         
Real Estate Management & Development 2.7%
Agile Property Holdings Ltd. 
    20,000       18,467  
China Overseas Land & Investment Ltd. 
    10,000       18,880  
China Resources Land Ltd. 
    20,000       29,723  
Country Garden Holdings Co., Ltd. 
    70,000       28,216  
Evergrande Real Estate Group Ltd. 
    45,000       19,994  
Farglory Land Development Co., Ltd. 
    15,000       25,670  
Growthpoint Properties Ltd. 
    10,660       24,907  
Guangzhou R&F Properties Co., Ltd. — Class H
    22,000       21,787  
Highwealth Construction Corp. 
    15,000       26,272  
Longfor Properties Co., Ltd. 
    20,000       26,066  
LSR Group OJSC GDR
    6,160       29,506  
Poly Hong Kong Investments Ltd. 
    45,000       23,065  
Renhe Commercial Holdings Co., Ltd. 
    150,000       21,442  
Ruentex Development Co., Ltd. 
    25,000       30,291  
Shimao Property Holdings Ltd. 
    27,000       26,844  
Sino-Ocean Land Holdings Ltd. 
    57,500       25,992  
 
See Notes to Financial Statements.


 

ANNUAL REPORT      121

 
RYDEX MSCI EMERGING MARKETS EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (continued) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (concluded)
                 
Soho China Ltd. 
    35,000       $25,332  
UEM Land Holdings BHD*
    40,500       29,174  
                 
Total Real Estate Management & Development
    451,628  
         
Semiconductors & Semiconductor Equipment 3.8%
Advanced Semiconductor Engineering, Inc. 
    27,872       25,107  
Epistar Corp. 
    15,000       28,177  
GCL-Poly Energy Holdings Ltd. 
    60,000       19,936  
Hynix Semiconductor, Inc. 
    1,580       32,578  
Inotera Memories, Inc.*
    123,000       18,459  
Kinsus Interconnect Technology Corp. 
    10,000       35,096  
Macronix International
    74,000       28,444  
MediaTek, Inc. 
    5,000       53,145  
Motech Industries, Inc. 
    11,499       21,985  
MStar Semiconductor, Inc. 
    5,504       32,379  
Novatek Microelectronics Corp. 
    10,000       24,901  
Phison Electronics Corp. 
    5,000       26,823  
Powertech Technology, Inc. 
    11,000       27,208  
Realtek Semiconductor Corp. 
    20,150       34,147  
Richtek Technology Corp. 
    5,000       25,570  
Samsung Electronics Co., Ltd. GDR
    75       32,273  
Semiconductor Manufacturing International Corp.*
    538,000       30,139  
Seoul Semiconductor Co., Ltd. 
    1,234       25,722  
Siliconware Precision Industries Co. ADR
    6,260       32,552  
Sino-American Silicon Products, Inc. 
    14,500       24,088  
Taiwan Semiconductor Manufacturing Co., Ltd. ADR
    2,318       29,253  
United Microelectronics Corp. ADR
    14,760       32,915  
                 
Total Semiconductors & Semiconductor Equipment
    640,897  
         
Software 0.2%
NCSoft Corp. 
    90       28,546  
                 
Total Software
    28,546  
         
Specialty Retail 0.9%
Belle International Holdings Ltd. 
    15,000       29,826  
Foschini Group Ltd.(The)
    2,160       27,392  
GOME Electrical Appliances Holdings Ltd. 
    70,000       21,906  
Grupo Elektra SA de CV
    340       26,428  
Hengdeli Holdings Ltd. 
    60,000       27,431  
Truworths International Ltd. 
    2,610       26,508  
                 
Total Specialty Retail
    159,491  
         
Textiles, Apparel & Luxury Goods 0.6%
Anta Sports Products Ltd. 
    20,000       18,571  
Indorama Ventures PCL
    23,210       26,984  
Li Ning Co., Ltd. 
    24,500       23,569  
Ruentex Industries Ltd. 
    15,000       30,684  
                 
Total Textiles, Apparel & Luxury Goods
    99,808  
         
Tobacco 0.4%
Gudang Garam Tbk PT
    5,000       33,098  
KT&G Corp. 
    450       28,221  
                 
Total Tobacco
    61,319  
         
Trading Companies & Distributors 0.6%
Barloworld Ltd. 
    3,018       25,454  
Daewoo International Corp. 
    850       25,158  
Samsung C&T Corp. 
    415       26,064  
SK Networks Co., Ltd. 
    2,950       30,080  
                 
Total Trading Companies & Distributors
    106,756  
         
Transportation Infrastructure 0.7%
China Merchants Holdings International Co., Ltd. 
    10,000       31,359  
COSCO Pacific Ltd. 
    20,000       28,384  
Grupo Aeroportuario del Pacifico SAB de CV ADR
    754       26,133  
PLUS Expressways BHD
    19,400       27,949  
                 
Total Transportation Infrastructure
    113,825  
         
Water Utilities 0.3%
Cia de Saneamento Basico do Estado de Sao Paulo ADR
    505       27,401  
Guangdong Investment Ltd. 
    50,000       30,393  
                 
Total Water Utilities
    57,794  
         
Wireless Telecommunication Services 2.6%
Advanced Info Service PCL
    7,410       31,447  
America Movil SAB de CV ADR — Series L
    1,180       29,996  
Axiata Group BHD
    18,500       29,426  
China Mobile Ltd. ADR
    560       26,634  
DiGi.Com BHD
    3,000       30,997  
ENTEL Chile SA
    1,371       27,143  
Far EasTone Telecommunications Co., Ltd. 
    20,000       33,057  
Mobile Telesystems OJSC ADR
    1,770       25,293  
MTN Group Ltd. 
    1,504       26,383  
Philippine Long Distance Telephone Co. ADR
    490       27,215  
Sistema JSFC GDR
    1,570       26,910  
SK Telecom Co., Ltd. ADR
    1,674       24,759  
Taiwan Mobile Co., Ltd. 
    9,000       25,931  
Tim Participacoes SA ADR
    910       23,696  
Turkcell Iletisim Hizmetleri AS ADR*
    2,580       31,786  
Vodacom Group Ltd. 
    2,280       25,957  
                 
Total Wireless Telecommunication Services
    446,630  
         
Total Common Stocks
(Cost $16,280,344)
    14,330,804  
         
 
EXCHANGE TRADED FUNDS 14.5%
iShares MSCI Brazil Index Fund
    17,300       1,079,001  
WisdomTree India Earnings Fund
    68,850       1,376,311  
                 
Total Exchange Traded Funds
(Cost $2,759,224)
    2,455,312  
         
 
RIGHTS 0.1%(a)
Capital Markets 0.1%
Daewoo Securities Co., Ltd., expires 11/01/11*
    1,038       2,501  
Samsung Securities Co., Ltd., expires 11/24/11*
    58       607  
Woori Investment & Securities Co., Ltd., expires 11/23/11*
    693       1,501  
                 
Total Capital Markets
    4,609  
         
Marine 0.0%(b)
               
Hanjin Shipping Co., Ltd., expires 11/04/11*
    710       2,306  
                 
Total Marine
    2,306  
         
Total Rights
(Cost $0)
    6,915  
         
 
See Notes to Financial Statements.


 

122

 
RYDEX MSCI EMERGING MARKETS EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (concluded) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
RIGHTS (continued)
SHORT TERM INVESTMENTS 0.5%
SSgA Government Money Market Fund
    81,167       $81,167  
                 
Total Short Term Investments
(Cost $81,167)
    81,167  
         
Total Investments 99.8%(c)
(Cost $19,120,735)
    16,874,198  
         
Other Assets in Excess of Liabilities—0.2%
    39,908  
         
Net Assets—100.0%
    $16,914,106  
 
 
 
* Non-Income Producing Security.
 
(a) Values determined based on Level 2 inputs.
 
(b) Amount represents less than 0.05% of net assets.
 
(c) Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs.
 
ADR—American Depositary Receipt
 
ADS—American Depositary Share
 
GDR—Global Depository Receipt
 
REIT—Real Estate Investment Trust
 
INVESTMENT CONCENTRATION
 
At October 31, 2011, the investment diversification of the Fund was as follows:
 
         
    % of Total
 
Country   Investments  
   
 
Taiwan
    15.54%  
United States
    15.18%  
South Korea
    14.43%  
China
    8.94%  
South Africa
    5.89%  
Cayman Islands
    5.08%  
Hong Kong
    3.22%  
Brazil
    3.16%  
Malaysia
    3.09%  
Thailand
    3.01%  
Russia
    2.98%  
Turkey
    2.86%  
Indonesia
    2.74%  
Mexico
    2.73%  
Poland
    1.81%  
Chile
    1.61%  
Bermuda
    1.47%  
India
    1.01%  
Slovakia
    0.94%  
Switzerland
    0.87%  
Morocco
    0.84%  
Saudi Arabia
    0.60%  
Czech
    0.43%  
Colombia
    0.35%  
Philippines
    0.33%  
Belize
    0.30%  
Hungary
    0.27%  
Egypt
    0.17%  
Peru
    0.15%  
 
 
Total Investments
    100.00%  
 
See Notes to Financial Statements.


 

ANNUAL REPORT      123

 
RYDEX MSCI ACWI EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS 28.5%
Aerospace & Defense 0.6%
Boeing Co.(The)
    28       $1,842  
General Dynamics Corp. 
    27       1,733  
Goodrich Corp. 
    21       2,575  
Honeywell International, Inc. 
    33       1,729  
L-3 Communications Holdings, Inc. 
    28       1,898  
Lockheed Martin Corp. 
    19       1,442  
Northrop Grumman Corp. 
    25       1,444  
Precision Castparts Corp. 
    10       1,632  
Raytheon Co. 
    41       1,812  
Rockwell Collins, Inc. 
    34       1,898  
Textron, Inc. 
    98       1,903  
United Technologies Corp. 
    19       1,482  
                 
Total Aerospace & Defense
    21,390  
         
Air Freight & Logistics 0.2%
C.H. Robinson Worldwide, Inc. 
    19       1,319  
Expeditors International of Washington, Inc. 
    32       1,459  
FedEx Corp. 
    20       1,637  
United Parcel Service, Inc. — Class B
    28       1,967  
                 
Total Air Freight & Logistics
    6,382  
         
Airlines 0.1%
Delta Air Lines, Inc.*
    210       1,790  
Southwest Airlines Co. 
    182       1,556  
United Continental Holdings, Inc.*
    85       1,642  
                 
Total Airlines
    4,988  
         
Auto Components 0.3%
Autoliv, Inc. 
    25       1,444  
BorgWarner, Inc.*
    19       1,454  
Goodyear Tire & Rubber Co.(The)*
    122       1,752  
Johnson Controls, Inc. 
    53       1,745  
Magna International, Inc. 
    47       1,793  
TRW Automotive Holdings Corp.*
    39       1,642  
                 
Total Auto Components
    9,830  
         
Automobiles 0.1%
Ford Motor Co.*
    142       1,659  
General Motors Co.*
    64       1,654  
Harley-Davidson, Inc. 
    48       1,867  
                 
Total Automobiles
    5,180  
         
Beverages 0.4%
Beam, Inc. 
    26       1,285  
Brown-Forman Corp. — Class B
    19       1,420  
Coca-Cola Co.(The)
    28       1,913  
Coca-Cola Enterprises, Inc. 
    60       1,609  
Constellation Brands, Inc. — Class A*
    78       1,577  
Dr Pepper Snapple Group, Inc. 
    39       1,460  
Hansen Natural Corp.*
    21       1,871  
Molson Coors Brewing Co. — Class B
    41       1,736  
PepsiCo, Inc. 
    27       1,700  
                 
Total Beverages
    14,571  
         
Biotechnology 0.3%
Alexion Pharmaceuticals, Inc.*
    26       1,755  
Amgen, Inc. 
    25       1,432  
Biogen Idec, Inc.*
    21       2,443  
Celgene Corp.*
    26       1,686  
Gilead Sciences, Inc.*
    40       1,666  
Human Genome Sciences, Inc.*
    114       1,170  
Vertex Pharmaceuticals, Inc.*
    32       1,267  
                 
Total Biotechnology
    11,419  
         
Building Products 0.0%(b)
Masco Corp. 
    172       1,651  
                 
Total Building Products
    1,651  
         
Capital Markets 0.7%
Ameriprise Financial, Inc. 
    32       1,494  
Bank of New York Mellon Corp.(The)
    79       1,681  
BlackRock, Inc. 
    10       1,578  
Charles Schwab Corp.(The)
    130       1,596  
Eaton Vance Corp. 
    65       1,709  
Franklin Resources, Inc. 
    13       1,386  
Goldman Sachs Group, Inc.(The)
    13       1,424  
Invesco Ltd. 
    83       1,666  
Jefferies Group, Inc. 
    98       1,300  
Legg Mason, Inc. 
    60       1,650  
Morgan Stanley
    89       1,570  
Northern Trust Corp. 
    39       1,578  
SEI Investments Co. 
    91       1,473  
State Street Corp. 
    46       1,858  
T. Rowe Price Group, Inc. 
    25       1,321  
TD Ameritrade Holding Corp. 
    104       1,745  
                 
Total Capital Markets
    25,029  
         
Chemicals 0.8%
Agrium, Inc. 
    21       1,728  
Air Products & Chemicals, Inc. 
    20       1,723  
Airgas, Inc. 
    27       1,862  
Celanese Corp. — Class A
    32       1,394  
CF Industries Holdings, Inc. 
    6       974  
Dow Chemical Co.(The)
    60       1,673  
Du Pont (E.I.) de Nemours & Co. 
    33       1,586  
Eastman Chemical Co. 
    40       1,571  
Ecolab, Inc. 
    25       1,346  
FMC Corp. 
    19       1,499  
International Flavors & Fragrances, Inc. 
    26       1,574  
LyondellBasell Industries NV — Class A
    46       1,511  
Monsanto Co. 
    28       2,037  
Mosaic Co.(The)
    19       1,113  
PPG Industries, Inc. 
    19       1,642  
Praxair, Inc. 
    12       1,220  
Sherwin-Williams Co.(The)
    19       1,571  
Sigma-Aldrich Corp. 
    27       1,768  
                 
Total Chemicals
    27,792  
         
Commercial Banks 0.7%
Bank of Montreal
    27       1,598  
Bank of Nova Scotia
    25       1,315  
BB&T Corp. 
    71       1,657  
Canadian Imperial Bank of Commerce
    19       1,434  
CIT Group, Inc.*
    46       1,603  
Comerica, Inc. 
    56       1,431  
Fifth Third Bancorp
    151       1,813  
KeyCorp
    235       1,659  
M&T Bank Corp. 
    19       1,446  
PNC Financial Services Group, Inc. 
    34       1,826  
Regions Financial Corp. 
    349       1,372  
Royal Bank of Canada
    34       1,663  
SunTrust Banks, Inc. 
    77       1,519  
Toronto-Dominion Bank (The)
    19       1,430  
 
See Notes to Financial Statements.


 

124

 
RYDEX MSCI ACWI EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (continued) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (continued)
                 
U.S. Bancorp
    64       $1,638  
Wells Fargo & Co. 
    57       1,477  
                 
Total Commercial Banks
    24,881  
         
Commercial Services & Supplies 0.4%
Avery Dennison Corp. 
    51       1,357  
Cintas Corp. 
    54       1,614  
Iron Mountain, Inc. 
    45       1,392  
Pitney Bowes, Inc. 
    79       1,610  
R.R. Donnelley & Sons Co. 
    102       1,663  
Republic Services, Inc. 
    53       1,508  
Ritchie Bros Auctioneers, Inc. 
    64       1,276  
Stericycle, Inc.*
    21       1,755  
Waste Management, Inc. 
    46       1,515  
                 
Total Commercial Services & Supplies
    13,690  
         
Communications Equipment 0.3%
Cisco Systems, Inc. 
    97       1,798  
F5 Networks, Inc.*
    20       2,079  
Harris Corp. 
    40       1,510  
Juniper Networks, Inc.*
    70       1,713  
Motorola Mobility Holdings, Inc.*
    39       1,516  
Motorola Solutions, Inc. 
    41       1,923  
QUALCOMM, Inc. 
    34       1,754  
                 
Total Communications Equipment
    12,293  
         
Computers & Peripherals 0.4%
Apple, Inc.*
    8       3,238  
Dell, Inc.*
    104       1,644  
EMC Corp. 
    71       1,740  
Hewlett-Packard Co. 
    57       1,517  
NetApp, Inc.*
    47       1,925  
SanDisk Corp.*
    47       2,382  
Seagate Technology PLC
    136       2,196  
Western Digital Corp.*
    53       1,412  
                 
Total Computers & Peripherals
    16,054  
         
Construction & Engineering 0.3%
Fluor Corp. 
    27       1,535  
Foster Wheeler AG*
    65       1,386  
Jacobs Engineering Group, Inc.*
    47       1,824  
KBR, Inc. 
    53       1,479  
Quanta Services, Inc.*
    77       1,608  
URS Corp. 
    47       1,678  
                 
Total Construction & Engineering
    9,510  
         
Construction Materials 0.1%
Martin Marietta Materials, Inc. 
    19       1,371  
Vulcan Materials Co. 
    47       1,471  
                 
Total Construction Materials
    2,842  
         
Consumer Finance 0.2%
American Express Co. 
    33       1,671  
Capital One Financial Corp. 
    32       1,461  
Discover Financial Services
    66       1,555  
SLM Corp. 
    118       1,613  
                 
Total Consumer Finance
    6,300  
         
Containers & Packaging 0.2%
Ball Corp. 
    47       1,625  
Crown Holdings, Inc.*
    47       1,588  
Owens-Illinois, Inc.*
    83       1,667  
Rock-Tenn Co. — Class A
    33       1,953  
Sealed Air Corp. 
    83       1,477  
                 
Total Containers & Packaging
    8,310  
         
Distributors 0.0%(b)
Genuine Parts Co. 
    25       1,436  
                 
Total Distributors
    1,436  
         
Diversified Consumer Services 0.1%
Apollo Group, Inc. — Class A*
    33       1,563  
DeVry, Inc. 
    32       1,206  
H&R Block, Inc. 
    105       1,605  
                 
Total Diversified Consumer Services
    4,374  
         
Diversified Financial Services 0.4%
Bank of America Corp. 
    196       1,339  
Citigroup, Inc. 
    53       1,674  
CME Group, Inc. — Class A
    7       1,929  
IntercontinentalExchange, Inc.*
    13       1,688  
JPMorgan Chase & Co. 
    48       1,669  
Leucadia National Corp. 
    52       1,395  
Moody’s Corp. 
    53       1,881  
Nasdaq OMX Group, Inc.(The)*
    64       1,603  
NYSE Euronext
    59       1,568  
                 
Total Diversified Financial Services
    14,746  
         
Diversified Telecommunication Services 0.3%
AT&T, Inc. 
    53       1,554  
BCE, Inc. 
    40       1,584  
CenturyTel, Inc. 
    47       1,657  
Frontier Communications Corp. 
    211       1,321  
TELUS Corp. 
    34       1,734  
Verizon Communications, Inc. 
    48       1,775  
Windstream Corp. 
    124       1,509  
                 
Total Diversified Telecommunication Services
    11,134  
         
Electric Utilities 0.6%
American Electric Power Co., Inc. 
    39       1,532  
Duke Energy Corp. 
    86       1,756  
Edison International
    48       1,949  
Entergy Corp. 
    27       1,868  
Exelon Corp. 
    41       1,820  
FirstEnergy Corp. 
    32       1,439  
NextEra Energy, Inc. 
    26       1,466  
Northeast Utilities
    47       1,625  
Pepco Holdings, Inc. 
    77       1,525  
Pinnacle West Capital Corp. 
    32       1,458  
PPL Corp. 
    61       1,791  
Progress Energy, Inc. 
    33       1,719  
Southern Co. 
    40       1,728  
                 
Total Electric Utilities
    21,676  
         
Electrical Equipment 0.2%
AMETEK, Inc. 
    39       1,541  
Cooper Industries PLC
    33       1,731  
Emerson Electric Co. 
    33       1,588  
Rockwell Automation, Inc. 
    27       1,827  
Roper Industries, Inc. 
    19       1,541  
                 
Total Electrical Equipment
    8,228  
         
Electronic Equipment, Instruments & Components 0.4%
Amphenol Corp. — Class A
    33       1,567  
Arrow Electronics, Inc. 
    53       1,910  
Avnet, Inc.*
    57       1,728  
Corning, Inc. 
    103       1,472  
 
See Notes to Financial Statements.


 

ANNUAL REPORT      125

 
RYDEX MSCI ACWI EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (continued) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (continued)
                 
Dolby Laboratories, Inc. — Class A*
    45       $1,316  
Flextronics International Ltd.*
    277       1,818  
FLIR Systems, Inc. 
    56       1,473  
TE Connectivity Ltd. 
    54       1,920  
                 
Total Electronic Equipment, Instruments & Components
    13,204  
         
Energy Equipment & Services 0.6%
Baker Hughes, Inc. 
    26       1,508  
Cameron International Corp.*
    34       1,671  
Diamond Offshore Drilling, Inc. 
    27       1,770  
FMC Technologies, Inc.*
    32       1,434  
Halliburton Co. 
    41       1,532  
Helmerich & Payne, Inc. 
    26       1,383  
IHS, Inc. — Class A*
    20       1,680  
Nabors Industries Ltd.*
    83       1,521  
National-Oilwell Varco, Inc. 
    28       1,997  
Noble Corp.
    46       1,653  
Precision Drilling Corp.*
    100       1,157  
Rowan Cos., Inc.*
    47       1,621  
Schlumberger Ltd. 
    20       1,469  
Weatherford International Ltd.*
    91       1,410  
                 
Total Energy Equipment & Services
    21,806  
         
Food & Staples Retailing 0.4%
Costco Wholesale Corp. 
    20       1,665  
CVS Caremark Corp. 
    47       1,706  
Kroger Co.(The)
    64       1,484  
Safeway, Inc. 
    83       1,608  
Sysco Corp. 
    61       1,691  
Wal-Mart Stores, Inc. 
    25       1,418  
Walgreen Co. 
    47       1,560  
Whole Foods Market, Inc. 
    27       1,947  
                 
Total Food & Staples Retailing
    13,079  
         
Food Products 0.7%
Archer-Daniels-Midland Co. 
    52       1,505  
Bunge Ltd. 
    27       1,668  
Campbell Soup Co. 
    54       1,796  
ConAgra Foods, Inc. 
    66       1,672  
General Mills, Inc. 
    48       1,849  
Green Mountain Coffee Roasters, Inc.*
    12       780  
H.J. Heinz Co. 
    25       1,336  
Hershey Co.(The)
    26       1,488  
Hormel Foods Corp. 
    61       1,798  
J.M. Smucker Co.(The)
    19       1,463  
Kellogg Co. 
    25       1,355  
Kraft Foods, Inc. — Class A
    47       1,653  
McCormick & Co., Inc. 
    33       1,602  
Mead Johnson Nutrition Co. 
    19       1,365  
Ralcorp Holdings, Inc. 
    21       1,698  
Sara Lee Corp. 
    84       1,495  
Tyson Foods, Inc. — Class A
    92       1,776  
                 
Total Food Products
    26,299  
         
Gas Utilities 0.0%(b)
Oneok, Inc. 
    19       1,445  
                 
Total Gas Utilities
    1,445  
         
Health Care Equipment & Supplies 0.7%
Baxter International, Inc. 
    25       1,374  
Becton, Dickinson and Co. 
    20       1,565  
Boston Scientific Corp.*
    238       1,402  
C.R. Bard, Inc. 
    21       1,805  
CareFusion Corp.*
    57       1,459  
Covidien PLC
    34       1,599  
DENTSPLY International, Inc. 
    47       1,737  
Edwards Lifesciences Corp.*
    19       1,433  
Hologic, Inc.*
    99       1,596  
Intuitive Surgical, Inc.*
    8       3,471  
Medtronic, Inc. 
    47       1,633  
St Jude Medical, Inc. 
    32       1,248  
Stryker Corp. 
    33       1,581  
Varian Medical Systems, Inc.*
    26       1,527  
Zimmer Holdings, Inc.*
    25       1,316  
                 
Total Health Care Equipment & Supplies
    24,746  
         
Health Care Providers & Services 0.8%
Aetna, Inc. 
    40       1,590  
AmerisourceBergen Corp. 
    39       1,591  
Cardinal Health, Inc. 
    41       1,815  
CIGNA Corp. 
    33       1,463  
Coventry Health Care, Inc.*
    45       1,432  
DaVita, Inc.*
    19       1,330  
Express Scripts, Inc.*
    33       1,509  
HCA Holdings, Inc.*
    75       1,759  
Henry Schein, Inc.*
    28       1,941  
Humana, Inc. 
    19       1,613  
Laboratory Corp. of America Holdings*
    20       1,677  
McKesson Corp. 
    20       1,631  
Medco Health Solutions, Inc.*
    25       1,372  
Omnicare, Inc. 
    53       1,581  
Patterson Cos., Inc. 
    52       1,636  
Quest Diagnostics, Inc. 
    34       1,897  
UnitedHealth Group, Inc. 
    33       1,584  
WellPoint, Inc. 
    27       1,860  
                 
Total Health Care Providers & Services
    29,281  
         
Health Care Technology 0.1%
Cerner Corp.*
    28       1,776  
                 
Total Health Care Technology
    1,776  
         
Hotels, Restaurants & Leisure 0.7%
Carnival Corp. 
    45       1,585  
Chipotle Mexican Grill, Inc.*
    7       2,353  
Darden Restaurants, Inc. 
    33       1,580  
International Game Technology
    97       1,706  
Las Vegas Sands Corp.*
    33       1,549  
Marriott International, Inc. — Class A
    52       1,638  
McDonald’s Corp. 
    21       1,950  
MGM Resorts International*
    143       1,647  
Royal Caribbean Cruises Ltd. 
    57       1,694  
Starbucks Corp. 
    39       1,651  
Starwood Hotels & Resorts Worldwide, Inc. 
    40       2,005  
Tim Hortons, Inc. 
    33       1,628  
Wynn Resorts Ltd. 
    10       1,328  
Yum! Brands, Inc. 
    25       1,339  
                 
Total Hotels, Restaurants & Leisure
    23,653  
         
Household Durables 0.4%
D.R. Horton, Inc. 
    153       1,703  
Garmin Ltd. 
    46       1,582  
Leggett & Platt, Inc. 
    72       1,577  
Mohawk Industries, Inc.*
    34       1,790  
Newell Rubbermaid, Inc. 
    117       1,731  
Pulte Homes, Inc.*
    316       1,637  
 
See Notes to Financial Statements.


 

126

 
RYDEX MSCI ACWI EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (continued) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (continued)
                 
Toll Brothers, Inc.*
    91       $1,587  
Whirlpool Corp. 
    27       1,372  
                 
Total Household Durables
    12,979  
         
Household Products 0.3%
Church & Dwight Co., Inc. 
    41       1,811  
Clorox Co.(The)
    19       1,272  
Colgate-Palmolive Co. 
    21       1,898  
Energizer Holdings, Inc.*
    19       1,402  
Kimberly-Clark Corp. 
    28       1,952  
Procter & Gamble Co.(The)
    27       1,728  
                 
Total Household Products
    10,063  
         
Independent Power Producers & Energy Traders 0.2%
AES Corp.(The)*
    152       1,705  
Calpine Corp.*
    112       1,699  
Constellation Energy Group, Inc. 
    39       1,548  
NRG Energy, Inc.*
    73       1,564  
                 
Total Independent Power Producers & Energy Traders
    6,516  
         
Industrial Conglomerates 0.2%
3M Co. 
    20       1,580  
Danaher Corp. 
    32       1,547  
General Electric Co. 
    98       1,638  
Tyco International Ltd. 
    40       1,822  
                 
Total Industrial Conglomerates
    6,587  
         
Insurance 1.5%
ACE Ltd. 
    27       1,948  
AFLAC, Inc. 
    47       2,119  
Allstate Corp.(The)
    58       1,528  
American International Group, Inc.*
    66       1,630  
Aon Corp. 
    33       1,539  
Arch Capital Group Ltd.*
    46       1,655  
Assurant, Inc. 
    47       1,811  
Axis Capital Holdings Ltd. 
    52       1,630  
Berkshire Hathaway, Inc. — Class B*
    19       1,479  
Chubb Corp.(The)
    27       1,810  
Cincinnati Financial Corp. 
    61       1,765  
Everest Re Group Ltd. 
    20       1,798  
Fidelity National Financial, Inc. — Class A
    91       1,405  
Genworth Financial, Inc. — Class A*
    227       1,448  
Hartford Financial Services Group, Inc. 
    76       1,463  
Lincoln National Corp. 
    78       1,486  
Loews Corp. 
    48       1,906  
Manulife Financial Corp. 
    118       1,559  
Marsh & McLennan Cos., Inc. 
    53       1,623  
MetLife, Inc. 
    45       1,582  
Old Republic International Corp. 
    157       1,388  
PartnerRe Ltd. 
    26       1,618  
Principal Financial Group, Inc. 
    57       1,469  
Progressive Corp.(The)
    86       1,635  
Prudential Financial, Inc. 
    34       1,843  
RenaissanceRe Holdings Ltd. 
    27       1,839  
Sun Life Financial, Inc. 
    60       1,513  
Torchmark Corp. 
    39       1,596  
Travelers Cos., Inc.(The)
    34       1,984  
Unum Group
    64       1,526  
W.R. Berkley Corp. 
    54       1,880  
Willis Group Holdings PLC
    39       1,416  
XL Group PLC
    80       1,739  
                 
Total Insurance
    54,630  
         
Internet & Catalog Retail 0.3%
Amazon.com, Inc.*
    6       1,281  
Expedia, Inc. 
    53       1,392  
Liberty Media Corp. — Interactive — Class A — Tracking Stock*
    98       1,610  
Netflix, Inc.*
    7       574  
priceline.com, Inc.*
    8       4,062  
                 
Total Internet & Catalog Retail
    8,919  
         
Internet Software & Services 0.3%
Akamai Technologies, Inc.*
    70       1,886  
eBay, Inc.*
    54       1,719  
Google, Inc. — Class A*
    2       1,185  
Open Text Corp.*
    26       1,587  
VeriSign, Inc. 
    54       1,733  
Yahoo!, Inc.*
    110       1,720  
                 
Total Internet Software & Services
    9,830  
         
IT Services 0.8%
Accenture PLC — Class A
    25       1,507  
Alliance Data Systems Corp.*
    21       2,151  
Automatic Data Processing, Inc. 
    34       1,779  
Cognizant Technology Solutions Corp. — Class A*
    27       1,964  
Computer Sciences Corp. 
    53       1,667  
Fidelity National Information Services, Inc. 
    61       1,597  
Fiserv, Inc.*
    25       1,472  
International Business Machines Corp. 
    10       1,846  
Mastercard, Inc. — Class A
    8       2,778  
Paychex, Inc. 
    60       1,748  
SAIC, Inc.*
    104       1,293  
Teradata Corp.*
    34       2,028  
Total System Services, Inc. 
    84       1,671  
Visa, Inc. — Class A
    21       1,959  
Western Union Co.(The)
    99       1,730  
                 
Total IT Services
    27,190  
         
Leisure Equipment & Products 0.1%
Hasbro, Inc. 
    39       1,484  
Mattel, Inc. 
    60       1,695  
                 
Total Leisure Equipment & Products
    3,179  
         
Life Sciences Tools & Services 0.3%
Agilent Technologies, Inc.*
    47       1,742  
Covance, Inc.*
    34       1,725  
Illumina, Inc.*
    33       1,010  
Life Technologies Corp.*
    40       1,627  
Pharmaceutical Product Development, Inc. 
    54       1,782  
Thermo Fisher Scientific, Inc.*
    25       1,257  
Waters Corp.*
    20       1,602  
                 
Total Life Sciences Tools & Services
    10,745  
         
Machinery 0.8%
AGCO Corp.*
    41       1,797  
Caterpillar, Inc. 
    21       1,984  
Cummins, Inc. 
    21       2,088  
Deere & Co. 
    20       1,518  
Dover Corp. 
    26       1,444  
Eaton Corp. 
    41       1,837  
Flowserve Corp. 
    21       1,946  
Illinois Tool Works, Inc. 
    33       1,605  
Ingersoll-Rand PLC
    44       1,370  
ITT Corp. 
    17       775  
Joy Global, Inc. 
    20       1,744  
PACCAR, Inc. 
    39       1,686  
 
See Notes to Financial Statements.


 

ANNUAL REPORT      127

 
RYDEX MSCI ACWI EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (continued) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (continued)
                 
Pall Corp. 
    34       $1,740  
Parker Hannifin Corp. 
    19       1,549  
Pentair, Inc. 
    47       1,690  
SPX Corp. 
    26       1,420  
Stanley Black & Decker, Inc. 
    27       1,724  
                 
Total Machinery
    27,917  
         
Media 0.9%
Cablevision Systems Corp. — Class A
    81       1,172  
CBS Corp. — Class B
    57       1,471  
Comcast Corp. — Class A
    71       1,665  
DIRECTV — Class A*
    41       1,864  
Discovery Communications, Inc. — Class A*
    41       1,782  
DISH Network Corp. — Class A
    63       1,523  
Interpublic Group of Cos., Inc. 
    182       1,725  
Liberty Global, Inc. — Class A*
    39       1,567  
McGraw-Hill Cos., Inc.(The)
    41       1,743  
News Corp. — Class B
    92       1,642  
Omnicom Group, Inc. 
    40       1,779  
Scripps Networks Interactive, Inc. — Class A
    41       1,742  
Sirius XM Radio, Inc.*
    866       1,550  
Time Warner Cable, Inc. 
    28       1,783  
Time Warner, Inc. 
    54       1,889  
Viacom, Inc. — Class B
    33       1,447  
Virgin Media, Inc. 
    57       1,390  
Walt Disney Co.(The)
    46       1,605  
Washington Post Co.(The) — Class B
    8       2,721  
                 
Total Media
    32,060  
         
Metals & Mining 0.8%
Agnico-Eagle Mines Ltd. 
    28       1,215  
Alcoa, Inc. 
    131       1,410  
Allegheny Technologies, Inc. 
    34       1,578  
Barrick Gold Corp. 
    34       1,683  
Cliffs Natural Resources, Inc. 
    20       1,364  
Eldorado Gold Corp. 
    78       1,472  
Freeport-McMoRan Copper & Gold, Inc. 
    33       1,329  
Goldcorp, Inc. 
    25       1,221  
IAMGOLD Corp. 
    80       1,720  
Ivanhoe Mines Ltd.*
    72       1,477  
Kinross Gold Corp. 
    93       1,335  
New Gold, Inc.*
    100       1,238  
Newmont Mining Corp. 
    27       1,804  
Nucor Corp. 
    48       1,813  
Pan American Silver Corp. 
    45       1,258  
Silver Wheaton Corp. 
    40       1,384  
Teck Resources Ltd. — Class B
    32       1,283  
United States Steel Corp. 
    52       1,319  
Walter Energy, Inc. 
    19       1,437  
Yamana Gold, Inc. 
    98       1,467  
                 
Total Metals & Mining
    28,807  
         
Multi-Utilities 0.7%
Alliant Energy Corp. 
    40       1,631  
Ameren Corp. 
    53       1,690  
CenterPoint Energy, Inc. 
    78       1,626  
Consolidated Edison, Inc. 
    26       1,505  
Dominion Resources, Inc. 
    33       1,702  
DTE Energy Co. 
    34       1,772  
Integrys Energy Group, Inc. 
    34       1,799  
MDU Resources Group, Inc. 
    71       1,463  
NiSource, Inc. 
    71       1,568  
NSTAR
    32       1,443  
PG&E Corp. 
    41       1,759  
Public Service Enterprise Group, Inc. 
    46       1,550  
SCANA Corp. 
    40       1,691  
Sempra Energy
    34       1,827  
Wisconsin Energy Corp. 
    54       1,751  
Xcel Energy, Inc. 
    66       1,706  
                 
Total Multi-Utilities
    26,483  
         
Multiline Retail 0.5%
Dollar General Corp.*
    47       1,864  
Dollar Tree, Inc.*
    19       1,519  
Family Dollar Stores, Inc. 
    34       1,993  
J.C. Penney Co., Inc. 
    59       1,893  
Kohl’s Corp. 
    33       1,749  
Macy’s, Inc. 
    58       1,771  
Nordstrom, Inc. 
    32       1,622  
Sears Holdings Corp.*
    26       2,033  
Target Corp. 
    34       1,862  
                 
Total Multiline Retail
    16,306  
         
Office Electronics 0.0%(b)
Xerox Corp. 
    198       1,620  
                 
Total Office Electronics
    1,620  
         
Oil, Gas & Consumable Fuels 2.2%
Alpha Natural Resources, Inc.*
    45       1,082  
Anadarko Petroleum Corp. 
    19       1,491  
Apache Corp. 
    12       1,196  
Arch Coal, Inc. 
    77       1,403  
Cabot Oil & Gas Corp. 
    19       1,477  
Cameco Corp. 
    64       1,371  
Canadian Natural Resources Ltd. 
    48       1,697  
Cenovus Energy, Inc. 
    47       1,607  
Chesapeake Energy Corp. 
    45       1,265  
Chevron Corp. 
    12       1,261  
Cimarex Energy Co. 
    27       1,728  
Concho Resources, Inc.*
    21       1,989  
ConocoPhillips
    28       1,950  
Consol Energy, Inc. 
    32       1,368  
Continental Resources, Inc.*
    26       1,577  
Denbury Resources, Inc.*
    97       1,523  
Devon Energy Corp. 
    28       1,819  
El Paso Corp. 
    86       2,151  
Enbridge, Inc. 
    45       1,562  
Encana Corp. 
    65       1,410  
Energen Corp. 
    33       1,619  
EOG Resources, Inc. 
    21       1,878  
EQT Corp. 
    26       1,651  
Exxon Mobil Corp. 
    19       1,484  
Hess Corp. 
    26       1,627  
HollyFrontier Corp. 
    45       1,381  
Kinder Morgan Management LLC*
    26       1,752  
Kinder Morgan, Inc. 
    57       1,630  
Marathon Oil Corp. 
    56       1,458  
Marathon Petroleum Corp. 
    45       1,615  
Murphy Oil Corp. 
    33       1,827  
Newfield Exploration Co.*
    33       1,329  
Nexen, Inc. 
    71       1,206  
Noble Energy, Inc. 
    21       1,876  
Occidental Petroleum Corp. 
    21       1,952  
Peabody Energy Corp. 
    33       1,431  
Pioneer Natural Resources Co. 
    19       1,594  
Plains Exploration & Production Co.*
    52       1,638  
QEP Resources, Inc. 
    47       1,671  
Range Resources Corp. 
    28       1,927  
 
See Notes to Financial Statements.


 

128

 
RYDEX MSCI ACWI EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (continued) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (continued)
                 
Southwestern Energy Co.*
    48       $2,018  
Spectra Energy Corp. 
    58       1,660  
Suncor Energy, Inc. 
    53       1,691  
Sunoco, Inc. 
    39       1,452  
Talisman Energy, Inc. 
    99       1,406  
TransCanada Corp. 
    41       1,765  
Ultra Petroleum Corp.*
    45       1,434  
Valero Energy Corp. 
    72       1,771  
Whiting Petroleum Corp.*
    33       1,536  
Williams Cos., Inc.(The)
    60       1,807  
                 
Total Oil, Gas & Consumable Fuels
    80,013  
         
Paper & Forest Products 0.1%
International Paper Co. 
    60       1,662  
MeadWestvaco Corp. 
    59       1,647  
                 
Total Paper & Forest Products
    3,309  
         
Personal Products 0.1%
Avon Products, Inc. 
    72       1,316  
Estee Lauder Cos., Inc.(The) — Class A
    12       1,182  
                 
Total Personal Products
    2,498  
         
Pharmaceuticals 0.6%
Abbott Laboratories
    34       1,832  
Allergan, Inc. 
    20       1,682  
Bristol-Myers Squibb Co. 
    52       1,643  
Eli Lilly & Co. 
    48       1,784  
Forest Laboratories, Inc.*
    46       1,440  
Hospira, Inc.*
    32       1,006  
Johnson & Johnson, Inc. 
    28       1,803  
Merck & Co., Inc. 
    45       1,553  
Mylan, Inc.*
    79       1,546  
Perrigo Co. 
    12       1,083  
Pfizer, Inc. 
    86       1,656  
Valeant Pharmaceuticals International, Inc. 
    32       1,266  
Warner Chilcott PLC — Class A
    89       1,613  
Watson Pharmaceuticals, Inc.*
    28       1,880  
                 
Total Pharmaceuticals
    21,787  
         
Professional Services 0.3%
Dun & Bradstreet Corp.(The)
    28       1,872  
Equifax, Inc. 
    45       1,582  
Manpower, Inc. 
    39       1,682  
Nielsen Holdings NV*
    52       1,526  
Robert Half International, Inc. 
    65       1,718  
Verisk Analytics, Inc. — Class A*
    47       1,652  
                 
Total Professional Services
    10,032  
         
Real Estate Investment Trusts (REITs) 1.0%
Annaly Capital Management, Inc. 
    84       1,415  
AvalonBay Communities, Inc. 
    14       1,872  
Boston Properties, Inc. 
    12       1,188  
Duke Realty Corp. 
    129       1,584  
Equity Residential
    27       1,584  
Federal Realty Investment Trust
    21       1,864  
General Growth Properties, Inc. 
    118       1,735  
HCP, Inc. 
    48       1,913  
Health Care REIT, Inc. 
    34       1,791  
Host Hotels & Resorts, Inc. 
    136       1,941  
Kimco Realty Corp. 
    92       1,607  
Liberty Property Trust
    46       1,472  
Macerich Co.(The)
    33       1,642  
Plum Creek Timber Co., Inc. 
    48       1,808  
ProLogis, Inc. 
    59       1,756  
Public Storage
    13       1,678  
Rayonier, Inc. 
    40       1,669  
Regency Centers Corp. 
    41       1,679  
Simon Property Group, Inc. 
    13       1,670  
Ventas, Inc. 
    25       1,390  
Vornado Realty Trust
    20       1,656  
Weyerhaeuser Co. 
    92       1,654  
                 
Total Real Estate Investment Trusts (REITs)
    36,568  
         
Real Estate Management & Development 0.1%
Brookfield Asset Management, Inc. — Class A
    52       1,508  
CBRE Group, Inc.*
    100       1,778  
                 
Total Real Estate Management & Development
    3,286  
         
Road & Rail 0.3%
Canadian National Railway Co. 
    19       1,490  
Canadian Pacific Railway Ltd. 
    26       1,609  
CSX Corp. 
    72       1,599  
Hertz Global Holdings, Inc.*
    142       1,647  
J.B. Hunt Transport Services, Inc. 
    40       1,692  
Norfolk Southern Corp. 
    28       2,072  
Union Pacific Corp. 
    21       2,091  
                 
Total Road & Rail
    12,200  
         
Semiconductors & Semiconductor Equipment 0.9%
Advanced Micro Devices, Inc.*
    230       1,341  
Altera Corp. 
    47       1,782  
Analog Devices, Inc. 
    46       1,682  
Applied Materials, Inc. 
    138       1,700  
Avago Technologies Ltd. 
    46       1,553  
Broadcom Corp. — Class A*
    47       1,696  
Cree, Inc.*
    53       1,412  
First Solar, Inc.*
    12       597  
Intel Corp. 
    79       1,939  
KLA-Tencor Corp. 
    48       2,260  
Lam Research Corp.*
    39       1,677  
Linear Technology Corp. 
    60       1,939  
LSI Corp.*
    231       1,444  
Marvell Technology Group Ltd.*
    117       1,637  
Maxim Integrated Products, Inc. 
    64       1,674  
Microchip Technology, Inc. 
    45       1,627  
Micron Technology, Inc.*
    256       1,431  
NVIDIA Corp.*
    108       1,598  
Texas Instruments, Inc. 
    57       1,752  
Xilinx, Inc. 
    54       1,807  
                 
Total Semiconductors & Semiconductor Equipment
    32,548  
         
Software 0.8%
Activision Blizzard, Inc. 
    130       1,741  
Adobe Systems, Inc.*
    56       1,647  
Autodesk, Inc.*
    59       2,041  
BMC Software, Inc.*
    39       1,356  
CA, Inc. 
    80       1,733  
Citrix Systems, Inc.*
    25       1,821  
Electronic Arts, Inc.*
    73       1,705  
Intuit, Inc. 
    33       1,771  
Microsoft Corp. 
    58       1,544  
Nuance Communications, Inc.*
    85       2,251  
Oracle Corp. 
    60       1,966  
Red Hat, Inc.*
    39       1,936  
Salesforce.com, Inc.*
    13       1,731  
Symantec Corp.*
    91       1,548  
 
See Notes to Financial Statements.


 

ANNUAL REPORT      129

 
RYDEX MSCI ACWI EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (concluded) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (concluded)
                 
Synopsys, Inc.*
    58       $1,555  
VMware, Inc. — Class A*
    21       2,053  
                 
Total Software
    28,399  
         
Specialty Retail 0.9%
Abercrombie & Fitch Co. — Class A
    27       2,009  
Advance Auto Parts, Inc. 
    27       1,757  
AutoZone, Inc.*
    7       2,265  
Bed Bath & Beyond, Inc.*
    26       1,608  
Best Buy Co., Inc. 
    57       1,495  
CarMax, Inc.*
    61       1,834  
GameStop Corp. — Class A*
    64       1,636  
Gap, Inc.(The)
    91       1,720  
Home Depot, Inc. 
    46       1,647  
Limited Brands, Inc. 
    39       1,666  
Lowe’s Cos., Inc. 
    78       1,640  
O’Reilly Automotive, Inc.*
    28       2,129  
PetSmart, Inc. 
    41       1,925  
Ross Stores, Inc. 
    19       1,667  
Staples, Inc. 
    113       1,690  
Tiffany & Co. 
    19       1,515  
TJX Cos., Inc. 
    25       1,473  
Urban Outfitters, Inc.*
    58       1,580  
                 
Total Specialty Retail
    31,256  
         
Textiles, Apparel & Luxury Goods 0.3%
Coach, Inc. 
    25       1,627  
Fossil, Inc.*
    11       1,140  
Gildan Activewear, Inc. 
    59       1,521  
Lululemon Athletica, Inc.*
    26       1,469  
NIKE, Inc. — Class B
    21       2,023  
Ralph Lauren Corp. 
    14       2,223  
V.F. Corp. 
    13       1,797  
                 
Total Textiles, Apparel & Luxury Goods
    11,800  
         
Thrifts & Mortgage Finance 0.1%
Hudson City Bancorp, Inc. 
    254       1,588  
New York Community Bancorp, Inc. 
    125       1,664  
People’s United Financial, Inc. 
    139       1,772  
                 
Total Thrifts & Mortgage Finance
    5,024  
         
Tobacco 0.2%
Altria Group, Inc. 
    60       1,653  
Lorillard, Inc. 
    13       1,439  
Philip Morris International, Inc. 
    28       1,956  
Reynolds American, Inc. 
    48       1,857  
                 
Total Tobacco
    6,905  
         
Trading Companies & Distributors 0.1%
Fastenal Co. 
    46       1,752  
W.W. Grainger, Inc. 
    10       1,713  
                 
Total Trading Companies & Distributors
    3,465  
         
Water Utilities 0.0%(b)
American Water Works Co., Inc. 
    53       1,618  
                 
Total Water Utilities
    1,618  
         
Wireless Telecommunication Services 0.3%
American Tower Corp. — Class A*
    25       1,377  
Crown Castle International Corp.*
    41       1,696  
MetroPCS Communications, Inc.*
    133       1,130  
NII Holdings, Inc.*
    39       918  
Rogers Communications, Inc. — Class B
    39       1,418  
SBA Communications Corp. — Class A*
    48       1,828  
Sprint Nextel Corp.*
    437       1,123  
                 
Total Wireless Telecommunication Services
    9,490  
         
Total Common Stocks
(Cost $1,062,965)
    1,023,024  
         
 
EXCHANGE TRADED FUNDS 69.8%
Rydex MSCI EAFE Equal Weight ETF†
    36,992       1,368,704  
Rydex MSCI Emerging Markets Equal Weight ETF†
    33,275       1,135,010  
                 
Total Exchange Traded Funds
(Cost $2,701,312)
    2,503,714  
         
 
SHORT TERM INVESTMENTS 1.7%
SSgA Government Money Market Fund
    59,788       59,788  
                 
Total Short Term Investments
(Cost $59,788)
    59,788  
         
Total Investments 100.0%(a)
(Cost $3,824,065)
    3,586,526  
         
Other Assets in Excess of Liabilities—0.0%(b)
    1,524  
         
Net Assets—100.0%
    $3,588,050  
 
 
 
* Non-Income Producing Security.
 
Investment in an affiliated issuer.
 
(a) Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs.
 
(b) Amount represents less than 0.05% of net assets.
 
INVESTMENT CONCENTRATION
At October 31, 2011, the investment diversification of the Fund was as follows:
 
         
    % of Total
 
Country   Investments  
   
 
International
    69.81%  
United States
    26.95%  
Canada
    1.82%  
Bermuda
    0.42%  
Ireland
    0.37%  
Switzerland
    0.33%  
Singapore
    0.09%  
Netherlands
    0.08%  
Liberia
    0.05%  
Panama
    0.04%  
Netherlands Antilles
    0.04%  
 
 
Total Investments
    100.00%  
 
See Notes to Financial Statements.


 

130

 
RYDEX S&P 500 EQUAL WEIGHT CONSUMER DISCRETIONARY ETF
SCHEDULE OF INVESTMENTS October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS 99.6%
Auto Components 2.9%
Goodyear Tire & Rubber Co.(The)*
    23,869       $342,759  
Johnson Controls, Inc. 
    8,713       286,919  
                 
Total Auto Components
    629,678  
         
Automobiles 2.7%
Ford Motor Co.*
    25,145       293,694  
Harley-Davidson, Inc. 
    7,075       275,217  
                 
Total Automobiles
    568,911  
         
Distributors 1.3%
Genuine Parts Co. 
    4,985       286,289  
                 
Total Distributors
    286,289  
         
Diversified Consumer Services 3.7%
Apollo Group, Inc. — Class A*
    5,546       262,603  
DeVry, Inc. 
    6,262       235,952  
H&R Block, Inc. 
    18,678       285,587  
                 
Total Diversified Consumer Services
    784,142  
         
Hotels, Restaurants & Leisure 14.3%
Carnival Corp. 
    7,907       278,406  
Chipotle Mexican Grill, Inc.*
    836       280,996  
Darden Restaurants, Inc. 
    5,813       278,326  
International Game Technology
    17,541       308,546  
Marriott International, Inc. — Class A
    9,145       288,068  
McDonald’s Corp. 
    2,981       276,786  
Starbucks Corp. 
    6,751       285,837  
Starwood Hotels & Resorts Worldwide, Inc. 
    5,875       294,396  
Wyndham Worldwide Corp. 
    8,351       281,178  
Wynn Resorts Ltd. 
    1,761       233,861  
Yum! Brands, Inc. 
    4,921       263,618  
                 
Total Hotels, Restaurants & Leisure
    3,070,018  
         
Household Durables 9.7%
DR Horton, Inc. 
    27,144       302,113  
Harman International Industries, Inc. 
    7,841       338,417  
Leggett & Platt, Inc. 
    12,237       267,990  
Lennar Corp. — Class A
    18,987       314,045  
Newell Rubbermaid, Inc. 
    20,252       299,730  
Pulte Homes, Inc.*
    58,790       304,532  
Whirlpool Corp. 
    4,832       245,514  
                 
Total Household Durables
    2,072,341  
         
Internet & Catalog Retail 4.0%
Amazon.com, Inc.*
    1,140       243,401  
Expedia, Inc. 
    8,916       234,134  
Netflix, Inc.*
    1,623       133,216  
priceline.com, Inc.*
    501       254,368  
                 
Total Internet & Catalog Retail
    865,119  
         
Leisure Equipment & Products 2.6%
Hasbro, Inc. 
    7,264       276,468  
Mattel, Inc. 
    9,750       275,340  
                 
Total Leisure Equipment & Products
    551,808  
         
Media 20.3%
Cablevision Systems Corp. — Class A
    14,725       213,071  
CBS Corp. — Class B
    11,087       286,155  
Comcast Corp. — Class A
    11,582       271,598  
DIRECTV — Class A*
    6,017       273,533  
Discovery Communications, Inc. — Class A*
    6,573       285,663  
Gannett Co., Inc. 
    26,131       305,471  
Interpublic Group of Cos., Inc.(The)
    33,067       313,475  
McGraw-Hill Cos., Inc.(The)
    5,790       246,075  
News Corp. — Class A
    15,684       274,784  
Omnicom Group, Inc. 
    6,641       295,392  
Scripps Networks Interactive, Inc. — Class A
    6,154       261,422  
Time Warner Cable, Inc. 
    4,063       258,772  
Time Warner, Inc. 
    8,574       300,004  
Viacom, Inc. — Class B
    5,638       247,226  
Walt Disney Co.(The)
    8,018       279,668  
Washington Post Co.(The) — Class B
    748       254,440  
                 
Total Media
    4,366,749  
         
Multiline Retail 10.9%
Big Lots, Inc.*
    7,848       295,791  
Family Dollar Stores, Inc. 
    4,889       286,642  
J.C. Penney Co., Inc. 
    9,388       301,167  
Kohl’s Corp. 
    5,500       291,555  
Macy’s, Inc. 
    9,469       289,088  
Nordstrom, Inc. 
    5,530       280,316  
Sears Holdings Corp.*
    4,220       329,920  
Target Corp. 
    4,964       271,779  
                 
Total Multiline Retail
    2,346,258  
         
Specialty Retail 21.8%
Abercrombie & Fitch Co. — Class A
    3,875       288,300  
AutoNation, Inc.*
    6,987       272,074  
AutoZone, Inc.*
    792       256,283  
Bed Bath & Beyond, Inc.*
    4,374       270,488  
Best Buy Co., Inc. 
    10,317       270,615  
CarMax, Inc.*
    8,933       268,526  
GameStop Corp. — Class A*
    10,616       271,451  
Gap, Inc.(The)
    15,365       290,398  
Home Depot, Inc. 
    7,589       271,686  
Limited Brands, Inc. 
    6,577       280,904  
Lowe’s Cos., Inc. 
    13,019       273,659  
O’Reilly Automotive, Inc.*
    3,673       279,332  
Ross Stores, Inc. 
    3,244       284,596  
Staples, Inc. 
    17,849       267,021  
Tiffany & Co. 
    3,519       280,570  
TJX Cos., Inc. 
    4,634       273,082  
Urban Outfitters, Inc.*
    10,530       286,943  
                 
Total Specialty Retail
    4,685,928  
         
Textiles, Apparel & Luxury Goods 5.4%
Coach, Inc. 
    4,460       290,212  
NIKE, Inc. — Class B
    2,951       284,329  
Ralph Lauren Corp. 
    1,809       287,251  
V.F. Corp. 
    2,121       293,165  
                 
Total Textiles, Apparel & Luxury Goods
    1,154,957  
         
Total Common Stocks
(Cost $20,250,969)
    21,382,198  
         
 
SHORT TERM INVESTMENTS 0.4%
SSgA Government Money Market Fund
    78,144       78,144  
                 
Total Short Term Investments
(Cost $78,144)
    78,144  
         
Total Investments 100.0%(a)
(Cost $20,329,113)
    21,460,342  
         
Other Assets in Excess of Liabilities—0.0%(b)
    6,396  
         
Net Assets—100.0%
    $21,466,738  
 
 
 
* Non-Income Producing Security.
 
(a) Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs.
 
(b) Amount represents less than 0.05% of net assets.
 
See Notes to Financial Statements.


 

ANNUAL REPORT      131

 
RYDEX S&P 500 EQUAL WEIGHT CONSUMER STAPLES ETF
SCHEDULE OF INVESTMENTS October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS 99.8%
Beverages 19.1%
Beam, Inc. 
    16,383       $809,812  
Brown-Forman Corp. — Class B
    10,189       761,424  
Coca-Cola Co.(The)
    10,028       685,113  
Coca-Cola Enterprises, Inc. 
    26,094       699,841  
Constellation Brands, Inc. — Class A*
    37,191       752,002  
Dr Pepper Snapple Group, Inc. 
    18,737       701,701  
Molson Coors Brewing Co. — Class B
    16,636       704,368  
PepsiCo, Inc. 
    11,512       724,680  
                 
Total Beverages
    5,838,941  
         
Food & Staples Retailing 21.5%
Costco Wholesale Corp. 
    8,470       705,128  
CVS Caremark Corp. 
    19,660       713,658  
Kroger Co.(The)
    31,651       733,670  
Safeway, Inc. 
    39,704       769,066  
SUPERVALU, Inc. 
    92,715       743,574  
Sysco Corp. 
    26,018       721,219  
Wal-Mart Stores, Inc. 
    13,491       765,210  
Walgreen Co. 
    19,281       640,129  
Whole Foods Market, Inc. 
    10,391       749,399  
                 
Total Food & Staples Retailing
    6,541,053  
         
Food Products 36.2%
Archer-Daniels-Midland Co. 
    25,140       727,552  
Campbell Soup Co. 
    22,740       756,105  
ConAgra Foods, Inc. 
    29,952       758,684  
Dean Foods Co.*
    79,156       769,396  
General Mills, Inc. 
    18,867       726,945  
H.J. Heinz Co. 
    13,938       744,847  
Hershey Co.(The)
    12,078       691,224  
Hormel Foods Corp. 
    25,551       752,988  
J.M. Smucker Co.(The)
    9,665       744,398  
Kellogg Co. 
    13,284       720,126  
Kraft Foods, Inc. — Class A
    20,431       718,763  
McCormick & Co., Inc. 
    15,175       736,898  
Mead Johnson Nutrition Co. 
    9,383       674,168  
Sara Lee Corp. 
    40,867       727,433  
Tyson Foods, Inc. — Class A
    41,080       792,844  
                 
Total Food Products
    11,042,371  
         
Household Products 9.2%
Clorox Co. 
    10,291       688,879  
Colgate-Palmolive Co. 
    7,703       696,120  
Kimberly-Clark Corp. 
    10,277       716,410  
Procter & Gamble Co. 
    11,183       715,600  
                 
Total Household Products
    2,817,009  
         
Personal Products 4.3%
Avon Products, Inc. 
    32,836       600,242  
Estee Lauder Cos., Inc. — Class A
    7,101       699,094  
                 
Total Personal Products
    1,299,336  
         
Tobacco 9.5%
Altria Group, Inc. 
    26,616       733,271  
Lorillard, Inc. 
    6,388       706,896  
Philip Morris International, Inc. 
    10,377       725,041  
Reynolds American, Inc. 
    18,908       731,361  
                 
Total Tobacco
    2,896,569  
         
Total Common Stocks
(Cost $28,006,480)
    30,435,279  
         
 
SHORT TERM INVESTMENTS 0.1%
SSgA Government Money Market Fund
    49,529       49,529  
                 
Total Short Term Investments
(Cost $49,529)
    49,529  
         
Total Investments 99.9%(a)
(Cost $28,056,009)
    30,484,808  
         
Other Assets in Excess of Liabilities—0.1%
    22,366  
         
Net Assets—100.0%
    $30,507,174  
 
 
 
* Non-Income Producing Security.
 
(a) Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs.
 
See Notes to Financial Statements.


 

132

 
RYDEX S&P 500 EQUAL WEIGHT ENERGY ETF
SCHEDULE OF INVESTMENTS October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS 99.9%
Energy Equipment & Services 25.3%
Baker Hughes, Inc. 
    13,907       $806,467  
Cameron International Corp.*
    15,467       760,048  
Diamond Offshore Drilling, Inc. 
    12,849       842,124  
FMC Technologies, Inc.*
    18,809       843,019  
Halliburton Co. 
    20,523       766,739  
Helmerich & Payne, Inc. 
    15,345       816,047  
Nabors Industries Ltd.*
    44,590       817,335  
National-Oilwell Varco, Inc. 
    12,557       895,691  
Noble Corp.
    23,070       829,136  
Rowan Cos., Inc.*
    21,610       745,329  
Schlumberger Ltd. 
    11,092       814,929  
                 
Total Energy Equipment & Services
    8,936,864  
         
Oil, Gas & Consumable Fuels 74.6%
Alpha Natural Resources, Inc.*
    27,755       667,230  
Anadarko Petroleum Corp. 
    11,030       865,855  
Apache Corp. 
    8,390       835,896  
Cabot Oil & Gas Corp. 
    11,546       897,355  
Chesapeake Energy Corp. 
    25,940       729,433  
Chevron Corp. 
    8,239       865,507  
ConocoPhillips
    12,219       851,053  
CONSOL Energy, Inc. 
    19,028       813,637  
Denbury Resources, Inc.*
    56,525       887,443  
Devon Energy Corp. 
    12,520       813,174  
El Paso Corp. 
    41,978       1,049,870  
EOG Resources, Inc. 
    9,045       808,894  
EQT Corp. 
    13,391       850,329  
Exxon Mobil Corp. 
    11,034       861,645  
Hess Corp. 
    13,290       831,422  
Marathon Oil Corp. 
    32,115       835,953  
Marathon Petroleum Corp. 
    23,264       835,178  
Murphy Oil Corp. 
    15,677       868,036  
Newfield Exploration Co.*
    16,517       664,974  
Noble Energy, Inc. 
    9,946       888,576  
Occidental Petroleum Corp. 
    9,824       913,043  
Peabody Energy Corp. 
    17,646       765,307  
Pioneer Natural Resources Co. 
    10,362       869,372  
QEP Resources, Inc. 
    24,174       859,386  
Range Resources Corp. 
    12,941       890,858  
Southwestern Energy Co.*
    21,019       883,639  
Spectra Energy Corp. 
    31,315       896,548  
Sunoco, Inc. 
    21,904       815,486  
Tesoro Corp.*
    34,500       894,930  
Valero Energy Corp. 
    36,969       909,437  
Williams Cos., Inc.(The)
    30,127       907,124  
                 
Total Oil, Gas & Consumable Fuels
    26,326,590  
         
Total Common Stocks
(Cost $41,062,236)
    35,263,454  
         
 
SHORT TERM INVESTMENTS 0.1%
SSgA Government Money Market Fund
    17,483       17,483  
                 
Total Short Term Investments
(Cost $17,483)
    17,483  
         
Total Investments 100.0%(a)
(Cost $41,079,719)
    35,280,937  
         
Other Assets in Excess of Liabilities—0.0%(b)
    6,537  
         
Net Assets—100.0%
    $35,287,474  
 
 
 
* Non-Income Producing Security.
 
(a) Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs.
 
(b) Amount represents less than 0.05% of net assets.
 
See Notes to Financial Statements.


 

ANNUAL REPORT      133

 
RYDEX S&P 500 EQUAL WEIGHT FINANCIALS ETF
SCHEDULE OF INVESTMENTS October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS 99.8%
Capital Markets 18.2%
Ameriprise Financial, Inc. 
    4,538       $211,834  
Bank of New York Mellon Corp.(The)
    9,637       205,075  
BlackRock, Inc. 
    1,270       200,393  
Charles Schwab Corp.(The)
    16,403       201,429  
E*Trade Financial Corp.*
    17,657       191,578  
Federated Investors, Inc. — Class B
    11,521       225,120  
Franklin Resources, Inc. 
    1,711       182,444  
Goldman Sachs Group, Inc.(The)
    1,890       207,050  
Invesco Ltd. 
    11,182       224,423  
Janus Capital Group, Inc. 
    29,592       194,124  
Legg Mason, Inc. 
    6,917       190,218  
Morgan Stanley
    12,441       219,459  
Northern Trust Corp. 
    5,473       221,492  
State Street Corp. 
    5,863       236,807  
T. Rowe Price Group, Inc. 
    3,849       203,381  
                 
Total Capital Markets
    3,114,827  
         
Commercial Banks 16.0%
BB&T Corp. 
    8,999       210,037  
Comerica, Inc. 
    8,205       209,638  
Fifth Third Bancorp
    19,283       231,589  
First Horizon National Corp. 
    30,397       212,475  
Huntington Bancshares, Inc. 
    39,709       205,693  
KeyCorp
    31,104       219,594  
M&T Bank Corp. 
    2,746       208,998  
PNC Financial Services Group, Inc. 
    3,943       211,778  
Regions Financial Corp. 
    51,127       200,929  
SunTrust Banks, Inc. 
    10,210       201,443  
US Bancorp
    8,464       216,594  
Wells Fargo & Co. 
    8,138       210,856  
Zions Bancorp
    11,917       206,879  
                 
Total Commercial Banks
    2,746,503  
         
Consumer Finance 4.7%
American Express Co. 
    4,041       204,555  
Capital One Financial Corp. 
    4,686       213,963  
Discover Financial Services
    7,591       178,844  
SLM Corp. 
    15,119       206,677  
                 
Total Consumer Finance
    804,039  
         
Diversified Financial Services 10.8%
Bank of America Corp. 
    28,023       191,397  
Citigroup, Inc. 
    7,083       223,752  
CME Group, Inc. — Class A
    750       206,670  
IntercontinentalExchange, Inc.*
    1,624       210,925  
JPMorgan Chase & Co. 
    6,050       210,298  
Leucadia National Corp. 
    7,055       189,286  
Moody’s Corp. 
    6,221       220,783  
Nasdaq OMX Group, Inc.(The)*
    8,040       201,402  
NYSE Euronext
    7,196       191,198  
                 
Total Diversified Financial Services
    1,845,711  
         
Insurance 27.8%
ACE Ltd. 
    3,240       233,766  
AFLAC, Inc. 
    5,555       250,475  
Allstate Corp.(The)
    8,089       213,064  
American International Group, Inc.*
    8,122       200,532  
Aon Corp. 
    4,622       215,478  
Assurant, Inc. 
    5,657       218,021  
Berkshire Hathaway, Inc. — Class B*
    2,820       219,565  
Chubb Corp.(The)
    3,354       224,886  
Cincinnati Financial Corp. 
    7,259       210,076  
Genworth Financial, Inc. — Class A*
    33,156       211,535  
Hartford Financial Services Group, Inc. 
    10,670       205,398  
Lincoln National Corp. 
    10,427       198,634  
Loews Corp. 
    5,375       213,388  
Marsh & McLennan Cos., Inc. 
    7,120       218,014  
MetLife, Inc. 
    6,177       217,183  
Principal Financial Group, Inc. 
    7,914       204,023  
Progressive Corp.(The)
    11,089       210,802  
Prudential Financial, Inc. 
    3,944       213,765  
Torchmark Corp. 
    5,422       221,923  
Travelers Cos., Inc.(The)
    4,018       234,450  
Unum Group
    8,755       208,719  
XL Group PLC
    10,133       220,291  
                 
Total Insurance
    4,763,988  
         
Real Estate Investment Trusts (REITs) 18.4%
Apartment Investment & Management Co. — Class A
    7,551       186,283  
AvalonBay Communities, Inc. 
    1,565       209,225  
Boston Properties, Inc. 
    1,965       194,515  
Equity Residential
    3,482       204,324  
HCP, Inc. 
    5,463       217,701  
Health Care REIT, Inc. 
    4,006       211,076  
Host Hotels & Resorts, Inc. 
    16,927       241,548  
Kimco Realty Corp. 
    12,177       212,732  
Plum Creek Timber Co., Inc. 
    5,491       206,791  
ProLogis, Inc. 
    7,373       219,420  
Public Storage
    1,655       213,578  
Simon Property Group, Inc. 
    1,699       218,220  
Ventas, Inc. 
    3,805       211,596  
Vornado Realty Trust
    2,359       195,349  
Weyerhaeuser Co. 
    11,475       206,320  
                 
Total Real Estate Investment Trusts (REITs)
    3,148,678  
         
Real Estate Management & Development 1.4%
CBRE Group, Inc.*
    13,404       238,323  
                 
Total Real Estate Management & Development
    238,323  
         
Thrifts & Mortgage Finance 2.5%
Hudson City Bancorp, Inc. 
    34,172       213,575  
People’s United Financial, Inc. 
    16,550       211,012  
                 
Total Thrifts & Mortgage Finance
    424,587  
         
Total Common Stocks
(Cost $18,834,632)
    17,086,656  
         
 
SHORT TERM INVESTMENTS 0.2%
SSgA Government Money Market Fund
    39,483       39,483  
                 
Total Short Term Investments
(Cost $39,483)
    39,483  
         
Total Investments 100.0%(a)
(Cost $18,874,115)
    17,126,139  
         
Other Assets in Excess of Liabilities—0.0%(b)
    7,066  
         
Net Assets—100.0%
    $17,133,205  
 
 
 
* Non-Income Producing Security.
 
(a) Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs.
 
(b) Amount represents less than 0.05% of net assets.
 
See Notes to Financial Statements.


 

134

 
RYDEX S&P 500 EQUAL WEIGHT HEALTH CARE ETF
SCHEDULE OF INVESTMENTS October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS 99.8%
Biotechnology 8.3%
Amgen, Inc. 
    18,258       $1,045,635  
Biogen Idec, Inc.*
    10,225       1,189,781  
Celgene Corp.*
    16,913       1,096,470  
Gilead Sciences, Inc.*
    25,535       1,063,788  
                 
Total Biotechnology
    4,395,674  
         
Health Care Equipment & Supplies 27.0%
Baxter International, Inc. 
    18,299       1,006,079  
Becton, Dickinson and Co. 
    13,369       1,045,857  
Boston Scientific Corp.*
    158,037       930,838  
C.R. Bard, Inc. 
    11,277       969,258  
CareFusion Corp.*
    41,914       1,072,998  
Covidien PLC
    21,419       1,007,550  
DENTSPLY International, Inc. 
    30,003       1,108,911  
Edwards Lifesciences Corp.*
    13,472       1,016,058  
Intuitive Surgical, Inc.*
    2,645       1,147,560  
Medtronic, Inc. 
    29,671       1,030,770  
St Jude Medical, Inc. 
    23,783       927,537  
Stryker Corp. 
    20,925       1,002,517  
Varian Medical Systems, Inc.*
    19,176       1,126,015  
Zimmer Holdings, Inc.*
    18,203       958,024  
                 
Total Health Care Equipment & Supplies
    14,349,972  
         
Health Care Providers & Services 32.1%
Aetna, Inc. 
    25,002       994,079  
AmerisourceBergen Corp. 
    26,372       1,075,978  
Cardinal Health, Inc. 
    24,131       1,068,279  
CIGNA Corp. 
    22,353       991,132  
Coventry Health Care, Inc.*
    30,616       973,895  
DaVita, Inc.*
    14,176       992,320  
Express Scripts, Inc.*
    25,141       1,149,698  
Humana, Inc. 
    13,114       1,113,247  
Laboratory Corp. of America Holdings*
    12,427       1,042,004  
McKesson Corp. 
    13,562       1,105,981  
Medco Health Solutions, Inc.*
    20,647       1,132,694  
Patterson Cos., Inc. 
    36,963       1,163,226  
Quest Diagnostics, Inc. 
    21,122       1,178,608  
Tenet Healthcare Corp.*
    217,183       1,027,276  
UnitedHealth Group, Inc. 
    20,491       983,363  
WellPoint, Inc. 
    15,374       1,059,269  
                 
Total Health Care Providers & Services
    17,051,049  
         
Health Care Technology 1.8%
Cerner Corp.*
    15,325       972,065  
                 
Total Health Care Technology
    972,065  
         
Life Sciences Tools & Services 9.5%
Agilent Technologies, Inc.*
    28,506       1,056,717  
Life Technologies Corp.*
    25,415       1,033,628  
PerkinElmer, Inc. 
    49,122       1,015,352  
Thermo Fisher Scientific, Inc.*
    18,987       954,477  
Waters Corp.*
    12,566       1,006,788  
                 
Total Life Sciences Tools & Services
    5,066,962  
         
Pharmaceuticals 21.1%
Abbott Laboratories
    19,903       1,072,175  
Allergan, Inc. 
    12,476       1,049,481  
Bristol-Myers Squibb Co. 
    34,048       1,075,576  
Eli Lilly & Co. 
    27,438       1,019,596  
Forest Laboratories, Inc.*
    31,179       975,903  
Hospira, Inc.*
    26,167       822,952  
Johnson & Johnson, Inc. 
    16,015       1,031,206  
Merck & Co., Inc. 
    31,619       1,090,856  
Mylan, Inc.*
    50,085       980,163  
Pfizer, Inc. 
    56,586       1,089,846  
Watson Pharmaceuticals, Inc.*
    15,376       1,032,652  
                 
Total Pharmaceuticals
    11,240,406  
         
Total Common Stocks
(Cost $55,392,482)
    53,076,128  
         
 
SHORT TERM INVESTMENTS 0.2%
SSgA Government Money Market Fund
    109,893       109,893  
                 
Total Short Term Investments
(Cost $109,893)
    109,893  
         
Total Investments 100.0%(a)
(Cost $55,502,375)
    53,186,021  
         
Other Assets in Excess of Liabilities—0.0%(b)
    9,652  
         
Net Assets—100.0%
    $53,195,673  
 
 
 
* Non-Income Producing Security.
 
(a) Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs.
 
(b) Amount represents less than 0.1% of net assets.
 
See Notes to Financial Statements.


 

ANNUAL REPORT      135

 
RYDEX S&P 500 EQUAL WEIGHT INDUSTRIALS ETF
SCHEDULE OF INVESTMENTS October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS 100.0%
Aerospace & Defense 20.2%
Boeing Co.(The)
    3,766       $247,765  
General Dynamics Corp. 
    4,043       259,520  
Goodrich Corp. 
    2,749       337,110  
Honeywell International, Inc. 
    5,248       274,995  
L-3 Communications Holdings, Inc. 
    3,660       248,075  
Lockheed Martin Corp. 
    3,271       248,269  
Northrop Grumman Corp. 
    4,490       259,297  
Precision Castparts Corp. 
    1,446       235,915  
Raytheon Co. 
    5,820       257,186  
Rockwell Collins, Inc. 
    4,428       247,215  
Textron, Inc. 
    12,868       249,897  
United Technologies Corp. 
    3,257       253,981  
                 
Total Aerospace & Defense
    3,119,225  
         
Air Freight & Logistics 6.6%
C.H. Robinson Worldwide, Inc. 
    3,501       243,074  
Expeditors International of Washington, Inc. 
    5,515       251,484  
FedEx Corp. 
    3,231       264,393  
United Parcel Service, Inc. — Class B
    3,723       261,504  
                 
Total Air Freight & Logistics
    1,020,455  
         
Airlines 1.5%
Southwest Airlines Co. 
    27,665       236,536  
                 
Total Airlines
    236,536  
         
Building Products 1.9%
Masco Corp. 
    30,851       296,170  
                 
Total Building Products
    296,170  
         
Commercial Services & Supplies 12.6%
Avery Dennison Corp. 
    8,807       234,266  
Cintas Corp. 
    7,782       232,604  
Iron Mountain, Inc. 
    7,261       224,583  
Pitney Bowes, Inc. 
    12,021       244,988  
R.R. Donnelley & Sons Co. 
    16,397       267,271  
Republic Services, Inc. 
    8,537       242,963  
Stericycle, Inc.*
    2,926       244,555  
Waste Management, Inc. 
    7,696       253,429  
                 
Total Commercial Services & Supplies
    1,944,659  
         
Construction & Engineering 4.9%
Fluor Corp. 
    4,035       229,390  
Jacobs Engineering Group, Inc.*
    6,710       260,348  
Quanta Services, Inc.*
    13,045       272,510  
                 
Total Construction & Engineering
    762,248  
         
Electrical Equipment 5.2%
Emerson Electric Co. 
    5,348       257,346  
Rockwell Automation, Inc. 
    4,092       276,824  
Roper Industries, Inc. 
    3,226       261,628  
                 
Total Electrical Equipment
    795,798  
         
Industrial Conglomerates 6.4%
3M Co. 
    3,041       240,300  
Danaher Corp. 
    5,322       257,319  
General Electric Co. 
    15,084       252,053  
Tyco International Ltd. 
    5,386       245,332  
                 
Total Industrial Conglomerates
    995,004  
         
Machinery 25.3%
Caterpillar, Inc. 
    2,840       268,266  
Cummins, Inc. 
    2,515       250,067  
Deere & Co. 
    3,137       238,098  
Dover Corp. 
    4,658       258,659  
Eaton Corp. 
    6,051       271,206  
Flowserve Corp. 
    2,760       255,824  
Illinois Tool Works, Inc. 
    5,383       261,775  
Ingersoll-Rand PLC
    6,846       213,116  
Joy Global, Inc. 
    3,007       262,210  
PACCAR, Inc. 
    6,461       279,374  
Pall Corp. 
    5,488       280,821  
Parker Hannifin Corp. 
    3,489       284,528  
Snap-on, Inc. 
    4,747       254,772  
Stanley Black & Decker, Inc. 
    4,275       272,959  
Xylem, Inc.*
    9,342       249,805  
                 
Total Machinery
    3,901,480  
         
Professional Services 5.2%
Dun & Bradstreet Corp.(The)
    3,716       248,452  
Equifax, Inc. 
    7,656       269,108  
Robert Half International, Inc. 
    10,917       288,536  
                 
Total Professional Services
    806,096  
         
Road & Rail 6.8%
CSX Corp. 
    11,535       256,192  
Norfolk Southern Corp. 
    3,481       257,559  
Ryder System, Inc. 
    5,383       274,210  
Union Pacific Corp. 
    2,671       265,952  
                 
Total Road & Rail
    1,053,913  
         
Trading Companies & Distributors 3.4%
Fastenal Co. 
    6,806       259,241  
W.W. Grainger, Inc. 
    1,520       260,391  
                 
Total Trading Companies & Distributors
    519,632  
         
Total Common Stocks
(Cost $15,598,394)
    15,451,216  
         
 
SHORT TERM INVESTMENTS 0.0%(b)
SSgA Government Money Market Fund
    3,641       3,641  
                 
Total Short Term Investments
(Cost $3,641)
    3,641  
         
Total Investments 100.0%(a)
(Cost $15,602,035)
    15,454,857  
         
Liabilities in Excess of Other Assets—0.0%(b)
    (4,446 )
         
Net Assets—100.0%
    $15,450,411  
 
 
 
* Non-Income Producing Security.
 
(a) Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs.
 
(b) Amount represents less than 0.05% of net assets.
 
See Notes to Financial Statements.


 

136

 
RYDEX S&P 500 EQUAL WEIGHT MATERIALS ETF
SCHEDULE OF INVESTMENTS October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS 99.8%
Chemicals 49.6%
Air Products & Chemicals, Inc. 
    14,377       $1,238,435  
Airgas, Inc. 
    18,208       1,255,442  
CF Industries Holdings, Inc. 
    6,738       1,093,375  
Dow Chemical Co.(The)
    41,978       1,170,347  
Du Pont (E.I.) de Nemours & Co. 
    25,229       1,212,758  
Eastman Chemical Co. 
    31,226       1,226,870  
Ecolab, Inc. 
    22,775       1,226,206  
FMC Corp. 
    15,419       1,216,405  
International Flavors & Fragrances, Inc. 
    19,703       1,193,214  
Monsanto Co. 
    16,855       1,226,201  
Mosaic Co.(The)
    20,003       1,171,376  
PPG Industries, Inc. 
    15,113       1,305,914  
Praxair, Inc. 
    11,805       1,200,214  
Sherwin-Williams Co.(The)
    15,701       1,298,630  
Sigma-Aldrich Corp. 
    18,161       1,189,182  
                 
Total Chemicals
    18,224,569  
         
Construction Materials 3.0%
Vulcan Materials Co. 
    35,487       1,110,388  
                 
Total Construction Materials
    1,110,388  
         
Containers & Packaging 12.6%
Ball Corp. 
    34,357       1,187,721  
Bemis Co., Inc. 
    38,088       1,070,654  
Owens-Illinois, Inc.*
    64,106       1,287,248  
Sealed Air Corp. 
    62,111       1,105,576  
                 
Total Containers & Packaging
    4,651,199  
         
Metals & Mining 28.2%
AK Steel Holding Corp. 
    138,469       1,153,447  
Alcoa, Inc. 
    99,075       1,066,047  
Allegheny Technologies, Inc. 
    25,023       1,161,067  
Cliffs Natural Resources, Inc. 
    15,119       1,031,418  
Freeport-McMoRan Copper & Gold, Inc. 
    28,154       1,133,480  
Newmont Mining Corp. 
    18,155       1,213,298  
Nucor Corp. 
    33,910       1,281,120  
Titanium Metals Corp. 
    74,969       1,255,731  
United States Steel Corp. 
    42,355       1,074,123  
                 
Total Metals & Mining
    10,369,731  
         
Paper & Forest Products 6.4%
International Paper Co. 
    42,249       1,170,297  
MeadWestvaco Corp. 
    42,325       1,181,291  
                 
Total Paper & Forest Products
    2,351,588  
         
Total Common Stocks
(Cost $33,587,097)
    36,707,475  
         
 
SHORT TERM INVESTMENTS 0.2%
SSgA Government Money Market Fund
    50,237       50,237  
                 
Total Short Term Investments
(Cost $50,237)
    50,237  
         
Total Investments 100.0%(a)
(Cost $33,637,334)
    36,757,712  
         
Other Assets in Excess of Liabilities—0.0%(b)
    12,943  
         
Net Assets—100.0%
    $36,770,655  
 
 
 
* Non-Income Producing Security.
 
(a) Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs
 
(b) Amount represents less than 0.05% of net assets.
 
See Notes to Financial Statements.


 

ANNUAL REPORT      137

 
RYDEX S&P 500 EQUAL WEIGHT TECHNOLOGY ETF
SCHEDULE OF INVESTMENTS October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS 99.9%
Communications Equipment 12.0%
Cisco Systems, Inc. 
    84,042       $1,557,299  
F5 Networks, Inc.*
    16,778       1,744,073  
Harris Corp. 
    34,320       1,295,580  
JDS Uniphase Corp.*
    105,864       1,270,368  
Juniper Networks, Inc.*
    69,409       1,698,438  
Motorola Mobility Holdings, Inc.*
    36,707       1,427,168  
Motorola Solutions, Inc. 
    31,531       1,479,119  
QUALCOMM, Inc. 
    26,085       1,345,986  
Tellabs, Inc. 
    312,829       1,354,550  
                 
Total Communications Equipment
    13,172,581  
         
Computers & Peripherals 10.8%
Apple, Inc.*
    3,494       1,414,301  
Dell, Inc.*
    92,282       1,458,978  
EMC Corp.*
    61,849       1,515,919  
Hewlett-Packard Co. 
    59,941       1,595,030  
Lexmark International, Inc. — Class A*
    44,443       1,408,843  
NetApp, Inc.*
    37,278       1,526,907  
SanDisk Corp.*
    32,738       1,658,835  
Western Digital Corp.*
    46,922       1,250,002  
                 
Total Computers & Peripherals
    11,828,815  
         
Electronic Equipment, Instruments & Components 8.2%
Amphenol Corp. — Class A
    31,468       1,494,415  
Corning, Inc. 
    100,447       1,435,388  
FLIR Systems, Inc. 
    50,166       1,319,366  
Jabil Circuit, Inc. 
    80,631       1,657,773  
Molex, Inc. 
    65,220       1,610,282  
TE Connectivity Ltd. 
    42,032       1,494,237  
                 
Total Electronic Equipment, Instruments & Components
    9,011,461  
         
Internet Software & Services 8.2%
Akamai Technologies, Inc.*
    62,275       1,677,689  
eBay, Inc.*
    42,641       1,357,263  
Google, Inc. — Class A*
    2,560       1,517,158  
Monster Worldwide, Inc.*
    157,016       1,449,258  
VeriSign, Inc. 
    47,938       1,538,330  
Yahoo!, Inc.*
    91,498       1,431,029  
                 
Total Internet Software & Services
    8,970,727  
         
IT Services 19.0%
Accenture PLC — Class A
    25,970       1,564,952  
Automatic Data Processing, Inc. 
    27,611       1,444,884  
Cognizant Technology Solutions Corp. — Class A*
    21,608       1,571,982  
Computer Sciences Corp. 
    47,999       1,510,049  
Fidelity National Information Services, Inc. 
    53,300       1,395,394  
Fiserv, Inc.*
    25,742       1,515,432  
International Business Machines Corp. 
    8,200       1,513,966  
Mastercard, Inc. — Class A
    4,032       1,400,072  
Paychex, Inc. 
    51,556       1,502,342  
SAIC, Inc.*
    107,315       1,333,925  
Teradata Corp.*
    27,099       1,616,726  
Total System Services, Inc. 
    76,232       1,516,254  
Visa, Inc. — Class A
    15,410       1,437,137  
Western Union Co.(The)
    85,024       1,485,369  
                 
Total IT Services
    20,808,484  
         
Office Electronics 1.3%
Xerox Corp. 
    174,617       1,428,367  
                 
Total Office Electronics
    1,428,367  
         
Semiconductors & Semiconductor Equipment 22.8%
Advanced Micro Devices, Inc.*
    193,212       1,126,426  
Altera Corp. 
    36,238       1,374,145  
Analog Devices, Inc. 
    40,417       1,478,050  
Applied Materials, Inc. 
    120,361       1,482,848  
Broadcom Corp. — Class A*
    39,168       1,413,573  
First Solar, Inc.*
    16,181       805,328  
Intel Corp. 
    63,947       1,569,259  
KLA-Tencor Corp. 
    35,556       1,674,332  
Linear Technology Corp. 
    45,726       1,477,407  
LSI Corp.*
    209,141       1,307,131  
MEMC Electronic Materials, Inc.*
    200,513       1,201,073  
Microchip Technology, Inc. 
    40,352       1,459,128  
Micron Technology, Inc.*
    199,313       1,114,160  
Novellus Systems, Inc.*
    46,091       1,592,444  
NVIDIA Corp.*
    89,583       1,325,829  
Teradyne, Inc.*
    110,576       1,583,448  
Texas Instruments, Inc. 
    50,167       1,541,632  
Xilinx, Inc. 
    43,794       1,465,347  
                 
Total Semiconductors & Semiconductor
Equipment
    24,991,560  
         
Software 17.6%
Adobe Systems, Inc.*
    54,751       1,610,227  
Autodesk, Inc.*
    47,769       1,652,807  
BMC Software, Inc.*
    33,222       1,154,797  
CA, Inc. 
    65,652       1,422,022  
Citrix Systems, Inc.*
    24,346       1,773,119  
Compuware Corp.*
    165,314       1,396,903  
Electronic Arts, Inc.*
    61,229       1,429,697  
Intuit, Inc. 
    28,592       1,534,533  
Microsoft Corp. 
    51,536       1,372,404  
Oracle Corp. 
    47,947       1,571,223  
Red Hat, Inc.*
    34,229       1,699,470  
Salesforce.com, Inc.*
    10,476       1,395,089  
Symantec Corp.*
    79,861       1,358,436  
                 
Total Software
    19,370,727  
         
Total Common Stocks
(Cost $110,361,815)
    109,582,722  
         
 
SHORT TERM INVESTMENTS 0.1%
SSgA Government Money Market Fund
    100,077       100,077  
                 
Total Short Term Investments
(Cost $100,077)
    100,077  
         
Total Investments 100.0%(a)
(Cost $110,461,892)
    109,682,799  
         
Other Assets in Excess of Liabilities—0.0%(b)
    2,526  
         
Net Assets—100.0%
    $109,685,325  
 
 
 
* Non-Income Producing Security.
 
(a) Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs.
 
(b) Amount represents less than 0.05% of net assets.
 
See Notes to Financial Statements.


 

138

 
RYDEX S&P 500 EQUAL WEIGHT UTILITIES ETF
SCHEDULE OF INVESTMENTS October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS 99.5%
Diversified Telecommunication Services 11.8%
AT&T, Inc. 
    27,223       $797,906  
CenturyTel, Inc. 
    22,659       798,956  
Frontier Communications Corp. 
    110,658       692,719  
Verizon Communications, Inc. 
    21,426       792,334  
Windstream Corp. 
    60,555       736,954  
                 
Total Diversified Telecommunication Services
    3,818,869  
         
Electric Utilities 32.2%
American Electric Power Co., Inc. 
    20,819       817,770  
Duke Energy Corp. 
    39,952       815,820  
Edison International
    20,731       841,679  
Entergy Corp. 
    11,911       823,884  
Exelon Corp. 
    17,954       796,978  
FirstEnergy Corp. 
    17,238       775,020  
NextEra Energy, Inc. 
    14,140       797,496  
Northeast Utilities
    22,578       780,521  
Pepco Holdings, Inc. 
    40,687       805,603  
Pinnacle West Capital Corp. 
    17,692       806,401  
PPL Corp. 
    27,056       794,635  
Progress Energy, Inc. 
    15,428       803,799  
Southern Co. 
    18,395       794,664  
                 
Total Electric Utilities
    10,454,270  
         
Gas Utilities 5.1%
Nicor, Inc. 
    14,142       795,488  
Oneok, Inc. 
    11,409       867,654  
                 
Total Gas Utilities
    1,663,142  
         
Independent Power Producers & Energy Traders 7.1%
AES Corp.(The)*
    70,826       794,667  
Constellation Energy Group, Inc. 
    19,927       791,102  
NRG Energy, Inc.*
    33,028       707,460  
                 
Total Independent Power Producers & Energy Traders
    2,293,229  
         
Multi-Utilities 37.0%
Ameren Corp. 
    25,720       819,954  
CenterPoint Energy, Inc. 
    39,065       814,115  
CMS Energy Corp. 
    38,402       799,530  
Consolidated Edison, Inc. 
    13,562       784,833  
Dominion Resources, Inc. 
    15,697       809,808  
DTE Energy Co. 
    15,432       804,161  
Integrys Energy Group, Inc. 
    15,619       826,401  
NiSource, Inc. 
    35,147       776,397  
PG&E Corp. 
    18,411       789,832  
Public Service Enterprise Group, Inc. 
    22,668       763,912  
SCANA Corp. 
    19,482       823,699  
Sempra Energy
    14,693       789,455  
TECO Energy, Inc. 
    42,169       783,078  
Wisconsin Energy Corp. 
    24,531       795,540  
Xcel Energy, Inc. 
    30,921       799,308  
                 
Total Multi-Utilities
    11,980,023  
         
Wireless Telecommunication Services 6.3%
American Tower Corp. — Class A*
    14,400       793,440  
MetroPCS Communications, Inc.*
    76,809       652,877  
Sprint Nextel Corp.*
    232,209       596,777  
                 
Total Wireless Telecommunication Services
    2,043,094  
         
Total Common Stocks
(Cost $30,896,068)
    32,252,627  
         
 
SHORT TERM INVESTMENTS 0.4%
SSgA Government Money Market Fund
    125,410       125,410  
                 
Total Short Term Investments
(Cost $125,410)
    125,410  
         
Total Investments 99.9%(a)
(Cost $31,021,478)
    32,378,037  
         
Other Assets in Excess of Liabilities—0.1%
    39,201  
         
Net Assets—100.0%
    $32,417,238  
 
 
 
* Non-Income Producing Security.
 
(a) Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs.
 
See Notes to Financial Statements.


 

ANNUAL REPORT      139

 
STATEMENTS OF ASSETS AND LIABILITIES October 31, 2011
 
                                 
          Rydex S&P
    Rydex S&P
       
    Rydex S&P 500
    MidCap 400
    SmallCap 600
    Rydex Russell
 
    Equal
    Equal
    Equal
    MidCap® Equal
 
    Weight ETF     Weight ETF     Weight ETF     Weight ETF  
Assets
                               
Investments at Market Value*
  $ 3,062,303,166     $ 2,825,418     $ 5,639,255     $ 54,498,084  
Cash
                      84  
Receivables:
                               
Investments Sold
    5,995,483       9,354       13,771        
Fund Shares Sold
    220,146,497                   1,601,220  
Dividends
    2,024,122       1,462       1,828       25,293  
                                 
Total Assets
    3,290,469,268       2,836,234       5,654,854       56,124,681  
                                 
Liabilities
                               
Payables:
                               
Investments Purchased
    225,843,045       9,196       6,129       1,600,149  
Accrued Management Fees
    817,370       900       1,795       16,954  
                                 
Total Liabilities
    226,660,415       10,096       7,924       1,617,103  
                                 
Net Assets
  $ 3,063,808,853     $ 2,826,138     $ 5,646,930     $ 54,507,578  
                                 
Net Assets Consist of:
                               
Paid-in Capital
  $ 3,675,956,797     $ 2,976,025     $ 5,629,931     $ 55,040,465  
Undistributed Net Investment Income
    818,113       1,484       2,570       36,985  
Accumulated Net Realized Gain (Loss) on Investment Securities
    (492,543,959 )     (8,710 )     (12,815 )     (278,705 )
Net Unrealized Appreciation (Depreciation) on Investment Securities and Foreign Currency
    (120,422,098 )     (142,661 )     27,244       (291,167 )
                                 
Net Assets
  $ 3,063,808,853     $ 2,826,138     $ 5,646,930     $ 54,507,578  
                                 
Shares Outstanding (Unlimited Shares Authorized), No Par Value
    65,508,863       100,000       200,000       1,750,000  
                                 
Net Asset Value, Offering Price and Repurchase Price Per Share
  $ 46.77     $ 28.26     $ 28.23     $ 31.15  
                                 
*Total Cost of Investments
  $ 3,182,725,264     $ 2,968,079     $ 5,612,011     $ 54,789,251  
                                 
 
See Notes to Financial Statements.


 

140

 
STATEMENTS OF ASSETS AND LIABILITIES (continued) October 31, 2011
 
                                 
                      Rydex MSCI
 
    Rydex Russell
    Rydex Russell
    Rydex MSCI
    Emerging
 
    1000® Equal
    2000® Equal
    EAFE Equal
    Markets Equal
 
    Weight ETF     Weight ETF     Weight ETF     Weight ETF  
Assets
                               
Investments at Market Value*
  $ 34,188,640     $ 23,574,186     $ 11,021,552     $ 16,874,198  
Foreign currency, at value (Cost $0, $221, $19,711 and $40,086, respectively)
          206       20,092       40,198  
Cash
          215       230        
Receivables:
                               
Investments Sold
    29,936       10,272              
Fund Shares Sold
          2,947,983              
Dividends
    17,397       7,808       56,774       8,864  
                                 
Total Assets
    34,235,973       26,540,670       11,098,648       16,923,260  
                                 
Liabilities
                               
Payables:
                               
Investments Purchased
    44,680       2,950,233       162        
Accrued Management Fees
    8,583       6,563       5,660       6,435  
Capital Gains Tax
                      2,719  
                                 
Total Liabilities
    53,263       2,956,796       5,822       9,154  
                                 
Net Assets
  $ 34,182,710     $ 23,583,874     $ 11,092,826     $ 16,914,106  
                                 
Net Assets Consist of:
                               
Paid-in Capital
  $ 35,803,059     $ 25,390,211     $ 12,897,138     $ 19,724,137  
Undistributed (Distributions in Excess of) Net Investment Income
    21,192       11,261       19,048       (372 )
Accumulated Net Realized Gain (Loss) on Investment Securities
    (31,562 )     (271,718 )     (2,284 )     (560,467 )
Net Unrealized Appreciation (Depreciation) on Investment Securities and Foreign Currency
    (1,609,979 )     (1,545,880 )     (1,821,076 )     (2,249,192 )
                                 
Net Assets
  $ 34,182,710     $ 23,583,874     $ 11,092,826     $ 16,914,106  
                                 
Shares Outstanding (Unlimited Shares Authorized), No Par Value
    1,100,000       800,000       300,000       500,000  
                                 
Net Asset Value, Offering Price and Repurchase Price Per Share
  $ 31.08     $ 29.48     $ 36.98     $ 33.83  
                                 
*Total Cost of Investments
  $ 35,798,619     $ 25,120,051     $ 12,842,092     $ 19,120,735  
                                 
 
See Notes to Financial Statements.


 

ANNUAL REPORT      141

 
STATEMENTS OF ASSETS AND LIABILITIES (continued) October 31, 2011
 
                                 
          Rydex S&P 500
    Rydex S&P 500
       
    Rydex MSCI
    Equal Weight
    Equal Weight
    Rydex S&P 500
 
    ACWI Equal
    Consumer
    Consumer
    Equal Weight
 
    Weight ETF     Discretionary ETF     Staples ETF     Energy ETF  
Assets
                               
Investments at Market Value*
  $ 1,082,812     $ 21,460,342     $ 30,484,808     $ 35,280,937  
Investments in Affiliated Issuers, at Market Value**
    2,503,714                    
                                 
Total Investments***
    3,586,526       21,460,342       30,484,808       35,280,937  
                                 
Cash
    49                    
Receivables:
                               
Investments Sold
    730                    
Fund Shares Sold
          2,385,193              
Dividends
    798       13,203       34,593       21,296  
                                 
Total Assets
    3,588,103       23,858,738       30,519,401       35,302,233  
                                 
Liabilities
                               
Payables:
                               
Investments Purchased
          2,383,608              
Accrued Management Fees
    53       8,392       12,227       14,759  
                                 
Total Liabilities
    53       2,392,000       12,227       14,759  
                                 
Net Assets
  $ 3,588,050     $ 21,466,738     $ 30,507,174     $ 35,287,474  
                                 
Net Assets Consist of:
                               
Paid-in Capital
  $ 3,780,767     $ 23,189,762     $ 28,483,532     $ 43,383,989  
Undistributed Net Investment Income
    27,469       12,998       57,011       3,322  
Accumulated Net Realized Gain (Loss) on Investment Securities
    17,353       (2,867,251 )     (462,168 )     (2,301,055 )
Net Unrealized Appreciation (Depreciation) on Investment Securities
    (237,539 )     1,131,229       2,428,799       (5,798,782 )
                                 
Net Assets
  $ 3,588,050     $ 21,466,738     $ 30,507,174     $ 35,287,474  
                                 
Shares Outstanding (Unlimited Shares Authorized), No Par Value
    100,000       450,000       500,000       550,005  
                                 
Net Asset Value, Offering Price and Repurchase Price Per Share
  $ 35.88     $ 47.70     $ 61.01     $ 64.16  
                                 
*Investments in Unaffiliated Issuers, at Cost
  $ 1,122,753     $ 20,329,113     $ 28,056,009     $ 41,079,719  
                                 
**Investments in Affiliated Issuers, at Cost
  $ 2,701,312     $     $     $  
                                 
***Total Cost of Investments
  $ 3,824,065     $ 20,329,113     $ 28,056,009     $ 41,079,719  
                                 
 
See Notes to Financial Statements.


 

142

 
STATEMENTS OF ASSETS AND LIABILITIES (continued) October 31, 2011
 
                                 
    Rydex S&P 500
    Rydex S&P 500
    Rydex S&P 500
    Rydex S&P 500
 
    Equal Weight
    Equal Weight
    Equal Weight
    Equal Weight
 
    Financials ETF     Health Care ETF     Industrials ETF     Materials ETF  
Assets
                               
Investments at Market Value*
  $ 17,126,139     $ 53,186,021     $ 15,454,857     $ 36,757,712  
Receivables:
                               
Investments Sold
                250,595        
Dividends
    13,859       29,519       13,846       27,670  
                                 
Total Assets
    17,139,998       53,215,540       15,719,298       36,785,382  
                                 
Liabilities
                               
Payables:
                               
Investments Purchased
                262,324        
Accrued Management Fees
    6,793       19,867       6,563       14,727  
                                 
Total Liabilities
    6,793       19,867       268,887       14,727  
                                 
Net Assets
  $ 17,133,205     $ 53,195,673     $ 15,450,411     $ 36,770,655  
                                 
Net Assets Consist of:
                               
Paid-in Capital
  $ 25,151,116     $ 60,027,802     $ 16,747,782     $ 34,664,155  
Undistributed Net Investment Income
          36,874       7,527       29,012  
Accumulated Net Realized Gain (Loss) on Investment Securities
    (6,269,935 )     (4,552,649 )     (1,157,720 )     (1,042,890 )
Net Unrealized Appreciation (Depreciation) on Investment Securities
    (1,747,976 )     (2,316,354 )     (147,178 )     3,120,378  
                                 
Net Assets
  $ 17,133,205     $ 53,195,673     $ 15,450,411     $ 36,770,655  
                                 
Shares Outstanding (Unlimited Shares Authorized), No Par Value
    700,000       800,000       300,000       650,000  
                                 
Net Asset Value, Offering Price and Repurchase Price Per Share
  $ 24.48     $ 66.49     $ 51.50     $ 56.57  
                                 
*Total Cost of Investments
  $ 18,874,115     $ 55,502,375     $ 15,602,035     $ 33,637,334  
                                 
 
See Notes to Financial Statements.


 

ANNUAL REPORT      143

 
STATEMENTS OF ASSETS AND LIABILITIES (concluded) October 31, 2011
 
                 
    Rydex S&P 500
    Rydex S&P 500
 
    Equal Weight
    Equal Weight
 
    Technology ETF     Utilities ETF  
Assets
               
Investments at Market Value*
  $ 109,682,799     $ 32,378,037  
Receivables:
               
Dividends
    46,149       52,173  
                 
Total Assets
    109,728,948       32,430,210  
                 
Liabilities
               
Payables:
               
Accrued Management Fees
    43,623       12,972  
                 
Total Liabilities
    43,623       12,972  
                 
Net Assets
  $ 109,685,325     $ 32,417,238  
                 
Net Assets Consist of:
               
Paid-in Capital
  $ 113,350,824     $ 32,006,241  
Undistributed Net Investment Income
          40,616  
Accumulated Net Realized Gain (Loss) on Investment Securities
    (2,886,406 )     (986,178 )
Net Unrealized Appreciation (Depreciation) on Investment Securities
    (779,093 )     1,356,559  
                 
Net Assets
  $ 109,685,325     $ 32,417,238  
                 
Shares Outstanding (Unlimited Shares Authorized), No Par Value
    2,100,000       600,000  
                 
Net Asset Value, Offering Price and Repurchase Price Per Share
  $ 52.23     $ 54.03  
                 
*Total Cost of Investments
  $ 110,461,892     $ 31,021,478  
                 
 
See Notes to Financial Statements.


 

144

 
STATEMENTS OF OPERATIONS For the Year Ended October 31, 2011
 
                                 
          Rydex S&P
    Rydex S&P
       
    Rydex S&P 500
    MidCap 400
    SmallCap 600
    Rydex Russell
 
    Equal
    Equal
    Equal
    MidCap® Equal
 
    Weight ETF     Weight ETF*     Weight ETF*     Weight ETF**  
Investment Income
                               
Dividends, Net of Foreign Taxes Withheld
  $ 54,213,123     $ 10,557     $ 14,453     $ 293,431  
                                 
Expenses
                               
Management Fee
    11,748,145       2,636       4,726       80,308  
Trustee Fees
                      975  
Other Fees
    332                    
                                 
Total Expenses
    11,748,477       2,636       4,726       81,283  
                                 
Net Investment Income
    42,464,646       7,921       9,727       212,148  
                                 
Realized and Unrealized Gain (Loss) on Investments
                               
Net Realized Gain (Loss) From:
                               
Investments
    (27,035,462 )     (9,545 )     (13,809 )     (285,454 )
In-kind Redemptions
    304,213,666                   173,450  
                                 
Net Realized Gain (Loss)
    277,178,204       (9,545 )     (13,809 )     (112,004 )
Net Change in Unrealized Appreciation (Depreciation) on:
                               
Investment Securities
    (197,398,983 )     (142,661 )     27,244       (291,167 )
                                 
Net Realized and Unrealized Gain (Loss) on Investments
    79,779,221       (152,206 )     13,435       (403,171 )
                                 
Net Increase (Decrease) in Net Assets Resulting From Operations
  $ 122,243,867     $ (144,285 )   $ 23,162     $ (191,023 )
                                 
Foreign Taxes Withheld
  $ 1,300     $     $     $ 92  
 
* The Fund commenced operations on August 1, 2011.
 
** The Fund commenced operations on December 3, 2010.
 
See Notes to Financial Statements.


 

ANNUAL REPORT      145

 
STATEMENTS OF OPERATIONS (continued) For the Year Ended October 31, 2011
 
                                 
                      Rydex MSCI
 
    Rydex Russell
    Rydex Russell
    Rydex MSCI
    Emerging
 
    1000® Equal
    2000® Equal
    EAFE Equal
    Markets Equal
 
    Weight ETF*     Weight ETF*     Weight ETF*     Weight ETF*  
Investment Income
                               
Dividends, Net of Foreign Taxes Withheld
  $ 253,029     $ 147,602     $ 574,862     $ 379,650  
Interest
          1              
                                 
Total Income
    253,029       147,603       574,862       379,650  
                                 
Expenses
                               
Management Fee
    60,850       49,371       90,000       101,868  
Trustee Fees
    849       710       1,103       875  
Other Fees
    41       18       229        
                                 
Total Expenses
    61,740       50,099       91,332       102,743  
                                 
Less:
                               
Expenses waived by Advisor
                      (11,847 )
                                 
Net Expenses
    61,740       50,099       91,332       90,896  
                                 
Net Investment Income
    191,289       97,504       483,530       288,754  
                                 
Realized and Unrealized Gain (Loss) on Investments
                               
Net Realized Gain (Loss) From:
                               
Investments
    (45,717 )     (275,810 )     72,935       (599,402 )
In-kind Redemptions
    116,339             268,259       (139,767 )
Capital Gains Tax
                      (2,019 )
Foreign Currency Transactions
          18       (2,205 )     (90,686 )
                                 
Net Realized Gain (Loss)
    70,622       (275,792 )     338,989       (831,874 )
Net Change in Unrealized Appreciation (Depreciation) on:
                               
Investment Securities
    (1,609,979 )     (1,545,865 )     (1,820,540 )     (2,246,537 )
Capital Gains Tax
                      (2,719 )
Foreign Currency Transactions
          (15 )     (536 )     64  
                                 
Net Change in Unrealized Appreciation (Depreciation)
    (1,609,979 )     (1,545,880 )     (1,821,076 )     (2,249,192 )
                                 
Net Realized and Unrealized Loss on Investments and Foreign Currency Transactions
    (1,539,357 )     (1,821,672 )     (1,482,087 )     (3,081,066 )
                                 
Net Decrease in Net Assets Resulting From Operations
  $ (1,348,068 )   $ (1,724,168 )   $ (998,557 )   $ (2,792,312 )
                                 
Foreign Taxes Withheld
  $ 135     $ 207     $ 54,316     $ 48,282  
 
* The Fund commenced operations on December 3, 2010.
 
See Notes to Financial Statements.


 

146

 
STATEMENTS OF OPERATIONS (continued) For the Year Ended October 31, 2011
 
                                 
          Rydex S&P 500
    Rydex S&P 500
       
    Rydex MSCI
    Equal Weight
    Equal Weight
    Rydex S&P 500
 
    ACWI Equal
    Consumer
    Consumer
    Equal Weight
 
    Weight ETF*     Discretionary ETF     Staples ETF     Energy ETF  
Investment Income
                               
Dividends, Net of Foreign Taxes Withheld
  $ 19,071     $ 423,932     $ 530,533     $ 521,967  
Dividends from Affiliated Issuers
    98,793                    
                                 
Total Income
    117,864       423,932       530,533       521,967  
                                 
Expenses
                               
Management Fee
    8,138       124,481       98,349       254,293  
Trustee Fees
    66                    
                                 
Total Expenses
    8,204       124,481       98,349       254,293  
                                 
Less:
                               
Expenses waived by Advisor
    (2,026 )                  
                                 
Net Expenses
    6,178       124,481       98,349       254,293  
                                 
Net Investment Income
    111,686       299,451       432,184       267,674  
                                 
Realized and Unrealized Gain (Loss) on Investments
                               
Net Realized Gain (Loss) From:
                               
Investments
    19,322       317,950       (192,961 )     (204,490 )
Investments in Affiliated Issuers
    (2,718 )                  
In-kind Redemptions
    (101,852 )     2,659,377       985,229       4,631,925  
In-kind Redemptions in Affiliated Issuers
    (656,041 )                  
                                 
Net Realized Gain (Loss)
    (741,289 )     2,977,327       792,268       4,427,435  
Net Change in Unrealized Appreciation (Depreciation) on:
                               
Investment Securities
    (39,941 )     (739,044 )     834,186       (7,248,237 )
Investments in Affiliated Issuers
    (197,598 )                  
                                 
Net Change in Unrealized Appreciation (Depreciation)
    (237,539 )     (739,044 )     834,186       (7,248,237 )
                                 
Net Realized and Unrealized Gain (Loss) on Investments
    (978,828 )     2,238,283       1,626,454       (2,820,802 )
                                 
Net Increase (Decrease) in Net Assets Resulting From Operations
  $ (867,142 )   $ 2,537,734     $ 2,058,638     $ (2,553,128 )
                                 
Foreign Taxes Withheld
  $ 214     $     $     $  
 
* The Fund commenced operations on January 7, 2011.
 
See Notes to Financial Statements.


 

ANNUAL REPORT      147

 
STATEMENTS OF OPERATIONS (continued) For the Year Ended October 31, 2011
 
                                 
    Rydex S&P 500
    Rydex S&P 500
    Rydex S&P 500
    Rydex S&P 500
 
    Equal Weight
    Equal Weight
    Equal Weight
    Equal Weight
 
    Financials ETF     Health Care ETF     Industrials ETF     Materials ETF  
Investment Income
                               
Dividends, Net of Foreign Taxes Withheld
  $ 386,359     $ 517,017     $ 807,871     $ 795,534  
                                 
Expenses
                               
Management Fee
    92,631       265,780       200,357       216,822  
                                 
Net Investment Income
    293,728       251,237       607,514       578,712  
                                 
Realized and Unrealized Gain (Loss) on Investments
                               
Net Realized Gain (Loss) From:
                               
Investments
    (50,133 )     (357,862 )     (37,526 )     232,064  
In-kind Redemptions
    1,349,149       4,344,891       7,153,039       1,399,485  
                                 
Net Realized Gain
    1,299,016       3,987,029       7,115,513       1,631,549  
Net Change in Unrealized Appreciation (Depreciation) on:
                               
Investment Securities
    (2,262,770 )     (524,200 )     (6,672,032 )     (2,893,215 )
                                 
Net Realized and Unrealized Gain (Loss) on Investments
    (963,754 )     3,462,829       443,481       (1,261,666 )
                                 
Net Increase (Decrease) in Net Assets Resulting From Operations
  $ (670,026 )   $ 3,714,066     $ 1,050,995     $ (682,954 )
                                 
Foreign Taxes Withheld
  $     $     $ (359 )   $  
 
See Notes to Financial Statements.


 

148

 
STATEMENTS OF OPERATIONS (concluded) For the Year Ended October 31, 2011
 
                 
    Rydex S&P 500
    Rydex S&P 500
 
    Equal Weight
    Equal Weight
 
    Technology ETF     Utilities ETF  
Investment Income
               
Dividends
  $ 1,231,314     $ 1,010,204  
                 
Expenses
               
Management Fee
    589,780       123,136  
                 
Net Investment Income
    641,534       887,068  
                 
Realized and Unrealized Gain (Loss) on Investments
               
Net Realized Gain (Loss) From:
               
Investments
    (126,587 )     61,049  
In-kind Redemptions
    5,356,830       2,010,409  
                 
Net Realized Gain
    5,230,243       2,071,458  
Net Change in Unrealized Appreciation (Depreciation) on:
               
Investment Securities
    (7,130,337 )     (334,844 )
                 
Net Realized and Unrealized Gain (Loss) on Investments
    (1,900,094 )     1,736,614  
                 
Net Increase (Decrease) in Net Assets Resulting From Operations
  $ (1,258,560 )   $ 2,623,682  
                 
 
See Notes to Financial Statements.


 

ANNUAL REPORT      149

 
STATEMENTS OF CHANGES IN NET ASSETS
                         
          Rydex S&P MidCap
 
    Rydex S&P 500 Equal Weight ETF     400 Equal Weight ETF*  
    Year Ended
    Year Ended
    Period Ended
 
    October 31, 2011     October 31, 2010     October 31, 2011  
Operations
                       
Net Investment Income
  $ 42,464,646     $ 28,665,485     $ 7,921  
Net Realized Gain (Loss) on Investments
    277,178,204       149,473,587       (9,545 )
Net Change in Unrealized Appreciation (Depreciation) on Investments
    (197,398,983 )     138,369,551       (142,661 )
                         
Net Increase (Decrease) in Net Assets Resulting From Operations
    122,243,867       316,508,623       (144,285 )
                         
Distributions to Shareholders From:
                       
Net Investment Income
    (40,649,421 )     (27,968,738 )     (5,601 )
                         
Shareholder Transactions
                       
Proceeds From Shares Purchased
    2,816,559,505       1,634,617,920       2,976,024  
Value of Shares Purchased through Dividend Reinvestments
          10,909        
Value of Shares Redeemed
    (1,988,604,371 )     (1,268,259,958 )      
                         
Net Increase in Net Assets Resulting From Share Transactions
    827,955,134       366,368,871       2,976,024  
                         
Increase in Net Assets
    909,549,580       654,908,756       2,826,138  
NET ASSETS—Beginning of Period
    2,154,259,273       1,499,350,517        
                         
NET ASSETS—End of Period(1)
  $ 3,063,808,853     $ 2,154,259,273     $ 2,826,138  
                         
(1) Including Undistributed Net Investment Income
  $ 818,113     $ 478,594     $ 1,484  
                         
Changes in Shares Outstanding:
                       
Shares Purchased
    58,750,000       39,600,000       100,000  
Shares Purchased through Dividend Reinvestments
          267        
Shares Redeemed
    (42,350,000 )     (32,150,000 )      
Shares Outstanding, Beginning of Period
    49,108,863       41,658,596        
                         
Shares Outstanding, End of Period
    65,508,863       49,108,863       100,000  
                         
 
* The Fund commenced operations on August 1, 2011.
 
See Notes to Financial Statements.


 

150

 
STATEMENTS OF CHANGES IN NET ASSETS (continued)
 
                 
    Rydex S&P
    Rydex Russell
 
    SmallCap 600 Equal
    MidCap® Equal
 
    Weight ETF*     Weight ETF**  
    Period Ended
    Period Ended
 
    October 31, 2011     October 31, 2011  
Operations
               
Net Investment Income
  $ 9,727     $ 212,148  
Net Realized Loss on Investments
    (13,809 )     (112,004 )
Net Change in Unrealized Appreciation (Depreciation) on Investments
    27,244       (291,167 )
                 
Net Increase (Decrease) in Net Assets Resulting From Operations
    23,162       (191,023 )
                 
Distributions to Shareholders From:
               
Net Investment Income
    (6,163 )     (168,415 )
                 
Shareholder Transactions
               
Proceeds From Shares Purchased
    5,629,931       56,370,615  
Value of Shares Redeemed
          (1,503,599 )
                 
Net Increase in Net Assets Resulting From Share Transactions
    5,629,931       54,867,016  
                 
Increase in Net Assets
    5,646,930       54,507,578  
NET ASSETS—Beginning of Period
           
                 
NET ASSETS—End of Period(1)
  $ 5,646,930     $ 54,507,578  
                 
(1) Including Undistributed Net Investment Income
  $ 2,570     $ 36,985  
                 
Changes in Shares Outstanding:
               
Shares Purchased
    200,000       1,800,000  
Shares Redeemed
          (50,000 )
Shares Outstanding, Beginning of Period
           
                 
Shares Outstanding, End of Period
    200,000       1,750,000  
                 
 
* The Fund commenced operations on August 1, 2011.
 
** The Fund commenced operations on December 3, 2010.
 
See Notes to Financial Statements.


 

ANNUAL REPORT      151

 
STATEMENTS OF CHANGES IN NET ASSETS (continued)
 
                 
    Rydex Russell
    Rydex Russell
 
    1000® Equal
    2000® Equal
 
    Weight ETF*     Weight ETF*  
    Period Ended
    Period Ended
 
    October 31, 2011     October 31, 2011  
Operations
               
Net Investment Income
  $ 191,289     $ 97,504  
Net Realized Gain (Loss) on Investments
    70,622       (275,792 )
Net Change in Unrealized Appreciation (Depreciation) on Investments
    (1,609,979 )     (1,545,880 )
                 
Net Decrease in Net Assets Resulting From Operations
    (1,348,068 )     (1,724,168 )
                 
Distributions to Shareholders From:
               
Net Investment Income
    (165,561 )     (82,186 )
                 
Shareholder Transactions
               
Proceeds From Shares Purchased
    37,147,734       25,390,228  
Value of Shares Redeemed
    (1,451,395 )      
                 
Net Increase in Net Assets Resulting From Share Transactions
    35,696,339       25,390,228  
                 
Increase in Net Assets
    34,182,710       23,583,874  
NET ASSETS—Beginning of Period
           
                 
NET ASSETS—End of Period(1)
  $ 34,182,710     $ 23,583,874  
                 
(1) Including Undistributed Net Investment Income
  $ 21,192     $ 11,261  
                 
Changes in Shares Outstanding:
               
Shares Purchased
    1,150,000       800,000  
Shares Redeemed
    (50,000 )      
Shares Outstanding, Beginning of Period
           
                 
Shares Outstanding, End of Period
    1,100,000       800,000  
                 
 
* The Fund commenced operations on December 3, 2010.
 
See Notes to Financial Statements.


 

152

 
STATEMENTS OF CHANGES IN NET ASSETS (continued)
 
                 
          Rydex MSCI
 
    Rydex MSCI EAFE
    Emerging Markets
 
    Equal Weight ETF*     Equal Weight ETF*  
    Period Ended
    Period Ended
 
    October 31, 2011     October 31, 2011  
Operations
               
Net Investment Income
  $ 483,530     $ 288,754  
Net Realized Gain (Loss) on Investments
    338,989       (831,874 )
Net Change in Unrealized Appreciation (Depreciation) on Investments
    (1,821,076 )     (2,249,192 )
                 
Net Decrease in Net Assets Resulting From Operations
    (998,557 )     (2,792,312 )
                 
Distributions to Shareholders From:
               
Net Investment Income
    (491,348 )     (160,394 )
Capital
          (155,130 )
                 
Total Distributions to Shareholders
    (491,348 )     (315,524 )
                 
Shareholder Transactions
               
Proceeds From Shares Purchased
    24,728,819       27,283,677  
Value of Shares Redeemed
    (12,146,088 )     (7,261,735 )
                 
Net Increase in Net Assets Resulting From Share Transactions
    12,582,731       20,021,942  
                 
Increase in Net Assets
    11,092,826       16,914,106  
NET ASSETS—Beginning of Period
           
                 
NET ASSETS—End of Period(1)
  $ 11,092,826     $ 16,914,106  
                 
(1) Including Undistributed (Distributions in Excess of) Net Investment Income
  $ 19,048     $ (372 )
                 
Changes in Shares Outstanding:
               
Shares Purchased
    600,000       700,000  
Shares Redeemed
    (300,000 )     (200,000 )
Shares Outstanding, Beginning of Period
           
                 
Shares Outstanding, End of Period
    300,000       500,000  
                 
 
* The Fund commenced operations on December 3, 2010.
 
See Notes to Financial Statements.


 

ANNUAL REPORT      153

 
STATEMENTS OF CHANGES IN NET ASSETS (continued)
 
                         
    Rydex MSCI ACWI
       
    Equal Weight ETF*     Rydex S&P 500 Equal Weight Consumer Discretionary ETF  
    Year Ended
    Year Ended
    Year Ended
 
    October 31, 2011     October 31, 2011     October 31, 2010  
Operations
                       
Net Investment Income
  $ 111,686     $ 299,451     $ 225,501  
Net Realized Gain (Loss) on Investments
    (741,289 )     2,977,327       3,105,219  
Net Change in Unrealized Appreciation (Depreciation) on Investments
    (237,539 )     (739,044 )     543,585  
                         
Net Increase (Decrease) in Net Assets Resulting From Operations
    (867,142 )     2,537,734       3,874,305  
                         
Distributions to Shareholders From:
                       
Net Investment Income
    (83,619 )     (291,636 )     (221,575 )
                         
Shareholder Transactions
                       
Proceeds From Shares Purchased
    7,799,242       7,384,661       23,320,514  
Value of Shares Redeemed
    (3,260,431 )     (13,588,895 )     (13,022,663 )
                         
Net Increase (Decrease) in Net Assets Resulting From Share Transactions
    4,538,811       (6,204,234 )     10,297,851  
                         
Increase (Decrease) in Net Assets
    3,588,050       (3,958,136 )     13,950,581  
NET ASSETS—Beginning of Period
          25,424,874       11,474,293  
                         
NET ASSETS—End of Period(1)
  $ 3,588,050     $ 21,466,738     $ 25,424,874  
                         
(1) Including Undistributed Net Investment Income
  $ 27,469     $ 12,998     $ 5,183  
                         
Changes in Shares Outstanding:
                       
Shares Purchased
    200,000       150,000       600,000  
Shares Redeemed
    (100,000 )     (300,000 )     (350,000 )
Shares Outstanding, Beginning of Period
          600,000       350,000  
                         
Shares Outstanding, End of Period
    100,000       450,000       600,000  
                         
 
* The Fund commenced operations on January 7, 2011.
 
See Notes to Financial Statements.


 

154

 
STATEMENTS OF CHANGES IN NET ASSETS (continued)
 
                                 
                Rydex S&P 500 Equal Weight
 
    Rydex S&P 500 Equal Weight Consumer Staples ETF     Energy ETF  
    Year Ended
    Year Ended
    Year Ended
    Year Ended
 
    October 31, 2011     October 31, 2010     October 31, 2011     October 31, 2010  
Operations
                               
Net Investment Income
  $ 432,184     $ 253,328     $ 267,674     $ 135,122  
Net Realized Gain on Investments
    792,268       156,024       4,427,435       640,273  
Net Change in Unrealized Appreciation (Depreciation) on Investments
    834,186       1,476,439       (7,248,237 )     1,516,371  
                                 
Net Increase (Decrease) in Net Assets Resulting From Operations
    2,058,638       1,885,791       (2,553,128 )     2,291,766  
                                 
Distributions to Shareholders From:
                               
Net Investment Income
    (404,016 )     (244,303 )     (267,926 )     (137,899 )
                                 
Shareholder Transactions
                               
Proceeds From Shares Purchased
    18,142,268       2,529,276       99,253,072       7,318,377  
Value of Shares Redeemed
    (3,145,222 )           (77,266,420 )     (5,272,130 )
                                 
Net Increase in Net Assets Resulting From Share Transactions
    14,997,046       2,529,276       21,986,652       2,046,247  
                                 
Increase in Net Assets
    16,651,668       4,170,764       19,165,598       4,200,114  
NET ASSETS—Beginning of Period
    13,855,506       9,684,742       16,121,876       11,921,762  
                                 
NET ASSETS—End of Period(1)
  $ 30,507,174     $ 13,855,506     $ 35,287,474     $ 16,121,876  
                                 
(1) Including Undistributed Net Investment Income
  $ 57,011     $ 28,843     $ 3,322     $ 3,574  
                                 
Changes in Shares Outstanding:
                               
Shares Purchased
    300,000       50,000       1,400,000       150,000  
Shares Redeemed
    (50,000 )           (1,150,000 )     (100,000 )
Shares Outstanding, Beginning of Period
    250,000       200,000       300,005       250,005  
                                 
Shares Outstanding, End of Period
    500,000       250,000       550,005       300,005  
                                 
 
See Notes to Financial Statements.


 

ANNUAL REPORT      155

 
STATEMENTS OF CHANGES IN NET ASSETS (continued)
 
                                 
          Rydex S&P 500 Equal Weight
 
    Rydex S&P 500 Equal Weight Financials ETF     Health Care ETF  
    Year Ended
    Year Ended
    Year Ended
    Year Ended
 
    October 31, 2011     October 31, 2010     October 31, 2011     October 31, 2010  
Operations
                               
Net Investment Income
  $ 293,728     $ 219,313     $ 251,237     $ 239,001  
Net Realized Gain on Investments
    1,299,016       2,421,086       3,987,029       11,816,424  
Net Change in Unrealized Appreciation (Depreciation) on Investments
    (2,262,770 )     (407,694 )     (524,200 )     (234,579 )
                                 
Net Increase (Decrease) in Net Assets Resulting From Operations
    (670,026 )     2,232,705       3,714,066       11,820,846  
                                 
Distributions to Shareholders From:
                               
Net Investment Income
    (292,247 )     (251,198 )     (230,946 )     (247,927 )
                                 
Shareholder Transactions
                               
Proceeds From Shares Purchased
    8,493,107       12,509,461       182,857,489       78,908,687  
Value of Shares Redeemed
    (6,907,580 )     (11,975,988 )     (186,914,915 )     (110,019,690 )
                                 
Net Increase (Decrease) in Net Assets Resulting From Share Transactions
    1,585,527       533,473       (4,057,426 )     (31,111,003 )
                                 
Increase (Decrease) in Net Assets
    623,254       2,514,980       (574,306 )     (19,538,084 )
NET ASSETS—Beginning of Period
    16,509,951       13,994,971       53,769,979       73,308,063  
                                 
NET ASSETS—End of Period(1)
  $ 17,133,205     $ 16,509,951     $ 53,195,673     $ 53,769,979  
                                 
(1) Including Undistributed Net Investment Income
  $     $     $ 36,874     $ 16,583  
                                 
Changes in Shares Outstanding:
                               
Shares Purchased
    300,000       500,000       2,800,000       1,400,000  
Shares Redeemed
    (250,000 )     (500,000 )     (2,900,000 )     (1,950,000 )
Shares Outstanding, Beginning of Period
    650,000       650,000       900,000       1,450,000  
                                 
Shares Outstanding, End of Period
    700,000       650,000       800,000       900,000  
                                 
 
See Notes to Financial Statements.


 

156

 
STATEMENTS OF CHANGES IN NET ASSETS (continued)
 
                                 
    Rydex S&P 500 Equal Weight Industrials ETF     Rydex S&P 500 Equal Weight Materials ETF  
    Year Ended
    Year Ended
    Year Ended
    Year Ended
 
    October 31, 2011     October 31, 2010     October 31, 2011     October 31, 2010  
Operations
                               
Net Investment Income
  $ 607,514     $ 412,876     $ 578,712     $ 1,012,652  
Net Realized Gain on Investments
    7,115,513       993,608       1,631,549       5,248,476  
Net Change in Unrealized Appreciation (Depreciation) on Investments
    (6,672,032 )     4,470,909       (2,893,215 )     2,675,915  
                                 
Net Increase (Decrease) in Net Assets Resulting From Operations
    1,050,995       5,877,393       (682,954 )     8,937,043  
                                 
Distributions to Shareholders From:
                               
Net Investment Income
    (609,503 )     (398,481 )     (560,979 )     (1,001,234 )
                                 
Shareholder Transactions
                               
Proceeds From Shares Purchased
    8,408,979       21,282,423       9,291,043       10,346,920  
Value of Shares Redeemed
    (35,505,013 )     (2,546,360 )     (5,671,266 )     (25,086,993 )
                                 
Net Increase (Decrease) in Net Assets Resulting From Share Transactions
    (27,096,034 )     18,736,063       3,619,777       (14,740,073 )
                                 
Increase (Decrease) in Net Assets
    (26,654,542 )     24,214,975       2,375,844       (6,804,264 )
NET ASSETS—Beginning of Period
    42,104,953       17,889,978       34,394,811       41,199,075  
                                 
NET ASSETS—End of Period(1)
  $ 15,450,411     $ 42,104,953     $ 36,770,655     $ 34,394,811  
                                 
(1) Including Undistributed Net Investment Income
  $ 7,527     $ 14,627     $ 29,012     $ 20,709  
                                 
Changes in Shares Outstanding:
                               
Shares Purchased
    150,000       450,000       150,000       200,000  
Shares Redeemed
    (700,000 )     (50,000 )     (100,000 )     (500,000 )
Shares Outstanding, Beginning of Period
    850,000       450,000       600,000       900,000  
                                 
Shares Outstanding, End of Period
    300,000       850,000       650,000       600,000  
                                 
 
See Notes to Financial Statements.


 

ANNUAL REPORT      157

 
STATEMENTS OF CHANGES IN NET ASSETS (concluded)
 
                                 
    Rydex S&P 500 Equal Weight Technology ETF     Rydex S&P 500 Equal Weight Utilities ETF  
    Year Ended
    Year Ended
    Year Ended
    Year Ended
 
    October 31, 2011     October 31, 2010     October 31, 2011     October 31, 2010  
Operations
                               
Net Investment Income
  $ 641,534     $ 216,054     $ 887,068     $ 475,774  
Net Realized Gain (Loss) on Investments
    5,230,243       11,943,411       2,071,458       (330,684 )
Net Change in Unrealized Appreciation (Depreciation) on Investments
    (7,130,337 )     5,055,947       (334,844 )     2,266,186  
                                 
Net Increase (Decrease) in Net Assets Resulting From Operations
    (1,258,560 )     17,215,412       2,623,682       2,411,276  
                                 
Distributions to Shareholders From:
                               
Net Investment Income
    (622,234 )     (230,398 )     (868,554 )     (451,578 )
                                 
Shareholder Transactions
                               
Proceeds From Shares Purchased
    68,792,638       86,546,014       18,642,716       9,722,935  
Value of Shares Redeemed
    (45,985,675 )     (68,740,444 )     (8,090,201 )      
                                 
Net Increase in Net Assets Resulting From Share Transactions
    22,806,963       17,805,570       10,552,515       9,722,935  
                                 
Increase in Net Assets
    20,926,169       34,790,584       12,307,643       11,682,633  
NET ASSETS—Beginning of Period
    88,759,156       53,968,572       20,109,595       8,426,962  
                                 
NET ASSETS—End of Period(1)
  $ 109,685,325     $ 88,759,156     $ 32,417,238     $ 20,109,595  
                                 
(1) Including Undistributed Net Investment Income
  $     $     $ 40,616     $ 52,999  
                                 
Changes in Shares Outstanding:
                               
Shares Purchased
    1,300,000       1,900,000       350,000       200,000  
Shares Redeemed
    (950,000 )     (1,500,000 )     (150,000 )      
Shares Outstanding, Beginning of Period
    1,750,000       1,350,000       400,000       200,000  
                                 
Shares Outstanding, End of Period
    2,100,000       1,750,000       600,000       400,000  
                                 
 
See Notes to Financial Statements.


 

158

 
FINANCIAL HIGHLIGHTS
 
                                         
    Rydex S&P 500 Equal Weight ETF  
    Year Ended
    Year Ended
    Year Ended
    Year Ended
    Year Ended
 
    October 31, 2011     October 31, 2010     October 31, 2009     October 31, 2008     October 31, 2007  
Per Share Operating Performance:
                                       
Net Asset Value at Beginning of Period
  $ 43.87     $ 35.99     $ 30.01     $ 50.63     $ 46.06  
                                         
Net Investment Income*
    0.69       0.60       0.54       0.72       0.59  
Net Realized and Unrealized Gain (Loss) on Investments
    2.87       7.87       5.98       (20.64 )     4.56  
                                         
Total From Investment Operations
    3.56       8.47       6.52       (19.92 )     5.15  
                                         
Distributions To Shareholders From:
                                       
Net Investment Income
    (0.66 )     (0.59 )     (0.54 )     (0.70 )     (0.58 )
                                         
Net Asset Value at End of Period
  $ 46.77     $ 43.87     $ 35.99     $ 30.01     $ 50.63  
                                         
Total Return**
    8.12 %     23.67 %     22.21 %     (39.75 )%     11.23 %
Ratios/Supplemental Data:
                                       
Net Assets at End of Period (000’s Omitted)
  $ 3,063,809     $ 2,154,259     $ 1,499,351     $ 843,417     $ 2,177,693  
Ratio To Average Net Assets Of:
                                       
Expenses
    0.40 %     0.40 %     0.40 %     0.40 %     0.40 %
Net Investment Income
    1.45 %     1.48 %     1.75 %     1.65 %     1.22 %
Portfolio Turnover Rate†
    21 %     20 %     37 %     32 %     25 %
 
* Based on average shares outstanding.
** Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return.
Portfolio turnover does not include securities received or delivered from processing creations or redemptions.
 
See Notes to Financial Statements.


 

ANNUAL REPORT      159

 
FINANCIAL HIGHLIGHTS (continued)
 
         
    Rydex S&P
 
    MidCap 400
 
    Equal Weight ETF  
    Year Ended
 
    October 31, 2011*  
Per Share Operating Performance:
       
Net Asset Value at Beginning of Period
  $ 29.76  
         
Net Investment Income**
    0.08  
Net Realized and Unrealized Loss on Investments
    (1.52 )
         
Total From Investment Operations
    (1.44 )
         
Distributions To Shareholders From:
       
Net Investment Income
    (0.06 )
         
Net Asset Value at End of Period
  $ 28.26  
         
Total Return***
    (4.81 )%
Ratios/Supplemental Data:
       
Net Assets at End of Period (000’s Omitted)
  $ 2,826  
Ratio To Average Net Assets Of:
       
Expenses
    0.40 %****
Net Investment Income
    1.20 %****
Portfolio Turnover Rate†
    7 %
 
* The Fund commenced operations on August 1, 2011.
** Based on average shares outstanding.
*** Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. Total investment return calculated for a period of less than one year is not annualized.
**** Annualized.
Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions.
 
See Notes to Financial Statements.


 

160

 
FINANCIAL HIGHLIGHTS (continued)
 
         
    Rydex S&P
 
    SmallCap 600
 
    Equal Weight ETF  
    Year Ended
 
    October 31, 2011 *  
Per Share Operating Performance:
       
Net Asset Value at Beginning of Period
  $ 29.85  
         
Net Investment Income**
    0.05  
Net Realized and Unrealized Loss on Investments
    (1.64 )
         
Total From Investment Operations
    (1.59 )
         
Distributions To Shareholders From:
       
Net Investment Income
    (0.03 )
         
Net Asset Value at End of Period
  $ 28.23  
         
Total Return***
    (5.30 )%
Ratios/Supplemental Data:
       
Net Assets at End of Period (000’s Omitted)
  $ 5,647  
Ratio To Average Net Assets Of:
       
Expenses
    0.40 %****
Net Investment Income
    0.82 %****
Portfolio Turnover Rate†
    8 %
 
* Fund commenced operations on August 1, 2011.
** Based on average shares outstanding.
*** Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. Total investment return calculated for a period of less than one year is not annualized.
**** Annualized.
Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions.
 
See Notes to Financial Statements.


 

ANNUAL REPORT      161

 
FINANCIAL HIGHLIGHTS (continued)
 
         
    Rydex Russell MidCap®
 
    Equal Weight ETF  
    Year Ended
 
    October 31, 2011*  
Per Share Operating Performance:
       
Net Asset Value at Beginning of Period
  $ 30.21  
         
Net Investment Income**
    0.30  
Net Realized and Unrealized Gain on Investments
    0.85  
         
Total From Investment Operations
    1.15  
         
Distributions To Shareholders From:
       
Net Investment Income
    (0.21 )
         
Net Asset Value at End of Period
  $ 31.15  
         
Total Return***
    3.80 %
Ratios/Supplemental Data:
       
Net Assets at End of Period (000’s Omitted)
  $ 54,508  
Ratio To Average Net Assets Of:
       
Expenses
    0.41 %****
Net Investment Income
    1.06 %****
Portfolio Turnover Rate†
    30 %
 
* The Fund commenced operations on December 3, 2010.
** Based on average shares outstanding.
*** Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. Total investment return calculated for a period of less than one year is not annualized.
**** Annualized.
Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions.
 
See Notes to Financial Statements.


 

162

 
FINANCIAL HIGHLIGHTS (continued)
 
         
    Rydex Russell 1000®
 
    Equal Weight ETF  
    Year Ended
 
    October 31, 2011*  
Per Share Operating Performance:
       
Net Asset Value at Beginning of Period
  $ 30.18  
         
Net Investment Income**
    0.36  
Net Realized and Unrealized Gain on Investments
    0.85  
         
Total From Investment Operations
    1.21  
         
Distributions To Shareholders From:
       
Net Investment Income
    (0.31 )
         
Net Asset Value at End of Period
  $ 31.08  
         
Total Return***
    4.00 %
Ratios/Supplemental Data:
       
Net Assets at End of Period (000’s Omitted)
  $ 34,183  
Ratio To Average Net Assets Of:
       
Expenses
    0.41 %****
Net Investment Income
    1.26 %****
Portfolio Turnover Rate†
    25 %
 
* The Fund commenced operations on December 3, 2010.
** Based on average shares outstanding.
*** Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. Total investment return calculated for a period of less than one year is not annualized.
**** Annualized.
Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions.
 
See Notes to Financial Statements.


 

ANNUAL REPORT      163

 
FINANCIAL HIGHLIGHTS (continued)
 
         
    Rydex Russell 2000®
 
    Equal Weight ETF  
    Year Ended
 
    October 31, 2011*  
Per Share Operating Performance:
       
Net Asset Value at Beginning of Period
  $ 30.19  
         
Net Investment Income**
    0.22  
Net Realized and Unrealized Loss on Investments
    (0.75 )
         
Total From Investment Operations
    (0.53 )
         
Distributions To Shareholders From:
       
Net Investment Income
    (0.18 )
         
Net Asset Value at End of Period
  $ 29.48  
         
Total Return***
    (1.78 )%
Ratios/Supplemental Data:
       
Net Assets at End of Period (000’s Omitted)
  $ 23,584  
Ratio To Average Net Assets Of:
       
Expenses
    0.41 %****
Net Investment Income
    0.79 %****
Portfolio Turnover Rate†
    38 %
 
* The Fund commenced operations on December 3, 2010.
** Based on average shares outstanding.
*** Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. Total investment return calculated for a period of less than one year is not annualized.
**** Annualized.
Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions.
 
See Notes to Financial Statements.


 

164

 
FINANCIAL HIGHLIGHTS (continued)
 
         
    Rydex MSCI EAFE
 
    Equal Weight ETF  
    Year Ended
 
    October 31, 2011*  
Per Share Operating Performance:
       
Net Asset Value at Beginning of Period
  $ 40.63  
         
Net Investment Income**
    1.11  
Net Realized and Unrealized Loss on Investments
    (3.57 )
         
Total From Investment Operations
    (2.46 )
         
Distributions To Shareholders From:
       
Net Investment Income
    (1.19 )
         
Net Asset Value at End of Period
  $ 36.98  
         
Total Return***
    (6.33 )%
Ratios/Supplemental Data:
       
Net Assets at End of Period (000’s Omitted)
  $ 11,093  
Ratio To Average Net Assets Of:
       
Expenses
    0.56 %****
Net Investment Income
    2.96 %****
Portfolio Turnover Rate†
    24 %
 
* The Fund commenced operations on December 3, 2010.
** Based on average shares outstanding.
*** Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. Total investment return calculated for a period of less than one year is not annualized.
**** Annualized.
Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions.
 
See Notes to Financial Statements.


 

ANNUAL REPORT      165

 
FINANCIAL HIGHLIGHTS (continued)
 
         
    Rydex MSCI
 
    Emerging Markets
 
    Equal Weight ETF  
    Year Ended
 
    October 31, 2011*  
Per Share Operating Performance:
       
Net Asset Value at Beginning of Period
  $ 40.21  
         
Net Investment Income**
    0.69  
Net Realized and Unrealized Loss on Investments
    (6.35 )
         
Total From Investment Operations
    (5.66 )
         
Distributions To Shareholders From:
       
Net Investment Income
    (0.36 )
Capital
    (0.36 )
         
Total Distributions
    (0.72 )
         
Net Asset Value at End of Period
  $ 33.83  
         
Total Return***
    (14.13 )%
Ratios/Supplemental Data:
       
Net Assets at End of Period (000’s Omitted)
  $ 16,914  
Ratio To Average Net Assets Of:
       
Expenses
    0.71 %****
Net Expenses*****
    0.63 %****
Net Investment Income
    1.99 %****
Portfolio Turnover Rate†
    63 %
 
* The Fund commenced operations on December 3, 2010.
** Based on average shares outstanding.
*** Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. Total investment return calculated for a period of less than one year is not annualized.
**** Annualized.
***** Net expense information reflects the expense ratios after expense waivers.
Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions.
 
See Notes to Financial Statements.


 

166

 
FINANCIAL HIGHLIGHTS (continued)
 
         
    Rydex MSCI ACWI
 
    Equal Weight ETF  
    Year Ended
 
    October 31, 2011*  
Per Share Operating Performance:
       
Net Asset Value at Beginning of Period
  $ 39.91  
         
Net Investment Income**
    0.88  
Net Realized and Unrealized Loss on Investments
    (4.34 )
         
Total From Investment Operations
    (3.46 )
         
Distributions To Shareholders From:
       
Net Investment Income
    (0.57 )
         
Net Asset Value at End of Period
  $ 35.88  
         
Total Return***
    (8.55 )%
Ratios/Supplemental Data:
       
Net Assets at End of Period (000’s Omitted)
  $ 3,588  
Ratio To Average Net Assets Of:
       
Expenses
    0.20 %****
Net Expenses*****
    0.15 %****
Net Investment Income
    2.75 %****
Portfolio Turnover Rate†
    8 %
 
* The Fund commenced operations on January 7, 2011.
** Based on average shares outstanding.
*** Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. Total investment return calculated for a period of less than one year is not annualized.
**** Annualized.
***** Net expense information reflects the expense ratios after expense waivers.
Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions.
 
See Notes to Financial Statements.


 

ANNUAL REPORT      167

 
FINANCIAL HIGHLIGHTS (continued)
 
                                         
    Rydex S&P 500 Equal Weight Consumer Discretionary ETF  
    Year Ended
    Year Ended
    Year Ended
    Year Ended
    Year Ended
 
    October 31, 2011     October 31, 2010     October 31, 2009     October 31, 2008     October 31, 2007*  
Per Share Operating Performance:
                                       
Net Asset Value at Beginning of Period
  $ 42.37     $ 32.78     $ 24.82     $ 44.50     $ 44.98  
                                         
Net Investment Income**
    0.56       0.35       0.40       0.53       0.32  
Net Realized and Unrealized Gain (Loss) on Investments
    5.31       9.56       7.93       (19.59 )     (0.49 )
                                         
Total From Investment Operations
    5.87       9.91       8.33       (19.06 )     (0.17 )
                                         
Distributions To Shareholders From:
                                       
Net Investment Income
    (0.54 )     (0.32 )     (0.37 )     (0.62 )     (0.31 )
                                         
Net Asset Value at End of Period
  $ 47.70     $ 42.37     $ 32.78     $ 24.82     $ 44.50  
                                         
Total Return***
    13.91 %     30.35 %     34.20 %     (43.27 )%     (0.40 )%
Ratios/Supplemental Data:
                                       
Net Assets at End of Period (000’s Omitted)
  $ 21,467     $ 25,425     $ 11,474     $ 3,722     $ 28,928  
Ratio To Average Net Assets Of:
                                       
Expenses
    0.50 %     0.50 %     0.50 %     0.50 %     0.50 %****
Net Investment Income
    1.20 %     0.89 %     1.61 %     1.44 %     0.67 %****
Portfolio Turnover Rate†
    26 %     28 %     42 %     29 %     28 %
 
* The Fund commenced operations on November 1, 2006.
** Based on average shares outstanding.
*** Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. Total investment return calculated for a period of less than one year is not annualized.
**** Annualized.
Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions.
 
See Notes to Financial Statements.


 

168

 
FINANCIAL HIGHLIGHTS (continued)
 
                                         
    Rydex S&P 500 Equal Weight Consumer Staples ETF  
    Year Ended
    Year Ended
    Year Ended
    Year Ended
    Year Ended
 
    October 31, 2011     October 31, 2010     October 31, 2009     October 31, 2008     October 31, 2007*  
Per Share Operating Performance:
                                       
Net Asset Value at Beginning of Period
  $ 55.42     $ 48.42     $ 41.47     $ 52.68     $ 48.16  
                                         
Net Investment Income**
    1.31       1.14       1.04       0.88       1.16  
Net Realized and Unrealized Gain (Loss) on Investments
    5.49       6.95       6.91       (11.22 )     4.32  
                                         
Total From Investment Operations
    6.80       8.09       7.95       (10.34 )     5.48  
                                         
Distributions To Shareholders From:
                                       
Net Investment Income
    (1.21 )     (1.09 )     (1.00 )     (0.87 )     (0.96 )
                                         
Net Asset Value at End of Period
  $ 61.01     $ 55.42     $ 48.42     $ 41.47     $ 52.68  
                                         
Total Return***
    12.37 %     16.89 %     19.60 %     (19.87 )%     11.45 %
Ratios/Supplemental Data:
                                       
Net Assets at End of Period (000’s Omitted)
  $ 30,507     $ 13,856     $ 9,685     $ 10,368     $ 7,902  
Ratio To Average Net Assets Of:
                                       
Expenses
    0.50 %     0.50 %     0.50 %     0.50 %     0.50 %****
Net Investment Income
    2.20 %     2.20 %     2.52 %     1.78 %     2.29 %****
Portfolio Turnover Rate†
    15 %     18 %     25 %     25 %     19 %
 
* The Fund commenced operations on November 1, 2006.
** Based on average shares outstanding.
*** Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. Total investment return calculated for a period of less than one year is not annualized.
**** Annualized.
Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions.
 
See Notes to Financial Statements.


 

ANNUAL REPORT      169

 
FINANCIAL HIGHLIGHTS (continued)
 
                                         
    Rydex S&P 500 Equal Weight Energy ETF  
    Year Ended
    Year Ended
    Year Ended
    Year Ended
    Year Ended
 
    October 31, 2011     October 31, 2010     October 31, 2009     October 31, 2008     October 31, 2007*  
Per Share Operating Performance:
                                       
Net Asset Value at Beginning of Period
  $ 53.74     $ 47.69     $ 39.72     $ 67.48     $ 48.35  
                                         
Net Investment Income**
    0.36       0.44       0.46       0.33       0.27  
Net Realized and Unrealized Gain (Loss) on Investments
    10.43       6.07       7.93       (25.94 )     19.14  
                                         
Total From Investment Operations
    10.79       6.51       8.39       (25.61 )     19.41  
                                         
Distributions To Shareholders From:
                                       
Net Investment Income
    (0.37 )     (0.46 )     (0.42 )     (0.35 )     (0.28 )
Net Realized Gains
                      (1.80 )      
                                         
Total Distributions
    (0.37 )     (0.46 )     (0.42 )     (2.15 )     (0.28 )
                                         
Net Asset Value at End of Period
  $ 64.16     $ 53.74     $ 47.69     $ 39.72     $ 67.48  
                                         
Total Return***
    20.09 %     13.74 %     21.39 %     (39.28 )%     40.28 %
Ratios/Supplemental Data:
                                       
Net Assets at End of Period (000’s Omitted)
  $ 35,287     $ 16,122     $ 11,922     $ 5,958     $ 10,122  
Ratio To Average Net Assets Of:
                                       
Expenses
    0.50 %     0.50 %     0.50 %     0.50 %     0.50 %****
Net Investment Income
    0.53 %     0.87 %     1.16 %     0.50 %     0.47 %****
Portfolio Turnover Rate†
    23 %     31 %     33 %     38 %     34 %
 
* The Fund commenced operations on November 1, 2006.
** Based on average shares outstanding.
*** Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. Total investment return calculated for a period of less than one year is not annualized.
**** Annualized.
Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions.
 
See Notes to Financial Statements.


 

170

 
FINANCIAL HIGHLIGHTS (continued)
 
                                         
    Rydex S&P 500 Equal Weight Financials ETF  
    Year Ended
    Year Ended
    Year Ended
    Year Ended
    Year Ended
 
    October 31, 2011     October 31, 2010     October 31, 2009     October 31, 2008     October 31, 2007*  
Per Share Operating Performance:
                                       
Net Asset Value at Beginning of Period
  $ 25.40     $ 21.53     $ 21.41     $ 46.67     $ 48.57  
                                         
Net Investment Income**
    0.42       0.31       0.36       1.02       0.92  
Net Realized and Unrealized Gain (Loss) on Investments
    (0.96 )     3.87       0.18       (25.40 )     (1.95 )
                                         
Total From Investment Operations
    (0.54 )     4.18       0.54       (24.38 )     (1.03 )
                                         
Distributions To Shareholders From:
                                       
Net Investment Income
    (0.38 )     (0.31 )     (0.42 )     (0.88 )     (0.87 )
                                         
Net Asset Value at End of Period
  $ 24.48     $ 25.40     $ 21.53     $ 21.41     $ 46.67  
                                         
Total Return***
    (2.25 )%     19.46 %     3.15 %     (52.88 )%     (2.23 )%
Ratios/Supplemental Data:
                                       
Net Assets at End of Period (000’s Omitted)
  $ 17,133     $ 16,510     $ 13,995     $ 10,705     $ 7,000  
Ratio To Average Net Assets Of:
                                       
Expenses
    0.50 %     0.50 %     0.50 %     0.50 %     0.50 %****
Net Investment Income
    1.59 %     1.26 %     2.00 %     3.09 %     1.84 %****
Portfolio Turnover Rate†
    18 %     19 %     49 %     51 %     31 %
 
* The Fund commenced operations on November 1, 2006.
** Based on average shares outstanding.
*** Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. Total investment return calculated for a period of less than one year is not annualized.
**** Annualized.
Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions.
 
See Notes to Financial Statements.


 

ANNUAL REPORT      171

 
FINANCIAL HIGHLIGHTS (continued)
 
                                         
    Rydex S&P 500 Equal Weight Health Care ETF  
    Year Ended
    Year Ended
    Year Ended
    Year Ended
    Year Ended
 
    October 31, 2011     October 31, 2010     October 31, 2009     October 31, 2008     October 31, 2007*  
Per Share Operating Performance:
                                       
Net Asset Value at Beginning of Period
  $ 59.74     $ 50.56     $ 42.21     $ 57.94     $ 49.46  
                                         
Net Investment Income**
    0.32       0.20       0.19       0.14       0.11  
Net Realized and Unrealized Gain (Loss) on Investments
    6.73       9.20       8.35       (15.74 )     8.48  
                                         
Total From Investment Operations
    7.05       9.40       8.54       (15.60 )     8.59  
                                         
Distributions To Shareholders From:
                                       
Net Investment Income
    (0.30 )     (0.22 )     (0.19 )     (0.13 )     (0.11 )
                                         
Net Asset Value at End of Period
  $ 66.49     $ 59.74     $ 50.56     $ 42.21     $ 57.94  
                                         
Total Return***
    11.80 %     18.64 %     20.31 %     (26.98 )%     17.37 %
Ratios/Supplemental Data:
                                       
Net Assets at End of Period (000’s Omitted)
  $ 53,196     $ 53,770     $ 73,308     $ 48,537     $ 17,383  
Ratio To Average Net Assets Of:
                                       
Expenses
    0.50 %     0.50 %     0.50 %     0.50 %     0.50 %****
Net Investment Income
    0.47 %     0.35 %     0.42 %     0.26 %     0.20 %****
Portfolio Turnover Rate†
    19 %     20 %     38 %     26 %     55 %
 
* The Fund commenced operations on November 1, 2006.
** Based on average shares outstanding.
*** Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. Total investment return calculated for a period of less than one year is not annualized.
**** Annualized.
Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions.
 
See Notes to Financial Statements.


 

172

 
FINANCIAL HIGHLIGHTS (continued)
 
                                         
    Rydex S&P 500 Equal Weight Industrials ETF  
    Year Ended
    Year Ended
    Year Ended
    Year Ended
    Year Ended
 
    October 31, 2011     October 31, 2010     October 31, 2009     October 31, 2008     October 31, 2007*  
Per Share Operating Performance:
                                       
Net Asset Value at Beginning of Period
  $ 49.54     $ 39.76     $ 35.73     $ 59.37     $ 49.15  
                                         
Net Investment Income**
    0.83       0.61       0.67       0.61       0.56  
Net Realized and Unrealized Gain (Loss) on Investments
    2.05       9.78       4.12       (21.82 )     10.21  
                                         
Total From Investment Operations
    2.88       10.39       4.79       (21.21 )     10.77  
                                         
Distributions To Shareholders From:
                                       
Net Investment Income
    (0.92 )     (0.61 )     (0.76 )     (0.65 )     (0.55 )
Net Realized Gains
                      (1.78 )      
                                         
Total Distributions
    (0.92 )     (0.61 )     (0.76 )     (2.43 )     (0.55 )
                                         
Net Asset Value at End of Period
  $ 51.50     $ 49.54     $ 39.76     $ 35.73     $ 59.37  
                                         
Total Return***
    5.80 %     26.28 %     13.84 %     (37.12 )%     22.00 %
Ratios/Supplemental Data:
                                       
Net Assets at End of Period (000’s Omitted)
  $ 15,450     $ 42,105     $ 17,890     $ 7,146     $ 8,905  
Ratio To Average Net Assets Of:
                                       
Expenses
    0.50 %     0.50 %     0.50 %     0.50 %     0.50 %****
Net Investment Income
    1.52 %     1.34 %     1.88 %     1.17 %     1.02 %****
Portfolio Turnover Rate†
    15 %     18 %     35 %     30 %     36 %
 
* The Fund commenced operations on November 1, 2006.
** Based on average shares outstanding.
*** Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. Total investment return calculated for a period of less than one year is not annualized.
**** Annualized.
Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions.
 
See Notes to Financial Statements.


 

ANNUAL REPORT      173

 
FINANCIAL HIGHLIGHTS (continued)
 
                                         
    Rydex S&P 500 Equal Weight Materials ETF  
    Year Ended
    Year Ended
    Year Ended
    Year Ended
    Year Ended
 
    October 31, 2011     October 31, 2010     October 31, 2009     October 31, 2008     October 31, 2007*  
Per Share Operating Performance:
                                       
Net Asset Value at Beginning of Period
  $ 57.32     $ 45.78     $ 34.37     $ 59.42     $ 48.43  
                                         
Net Investment Income**
    0.82       1.52       0.60       1.40       0.85  
Net Realized and Unrealized Gain (Loss) on Investments
    (0.76 )     11.65       11.49       (25.11 )     10.74  
                                         
Total From Investment Operations
    0.06       13.17       12.09       (23.71 )     11.59  
                                         
Distributions To Shareholders From:
                                       
Net Investment Income
    (0.81 )     (1.63 )     (0.68 )     (1.34 )     (0.60 )
                                         
Net Asset Value at End of Period
  $ 56.57     $ 57.32     $ 45.78     $ 34.37     $ 59.42  
                                         
Total Return***
    0.04 %     29.05 %     35.82 %     (40.67 )%     24.02 %
Ratios/Supplemental Data:
                                       
Net Assets at End of Period (000’s Omitted)
  $ 36,771     $ 34,395     $ 41,199     $ 5,155     $ 8,913  
Ratio To Average Net Assets Of:
                                       
Expenses
    0.50 %     0.50 %     0.50 %     0.50 %     0.50 %****
Net Investment Income
    1.33 %     2.88 %     1.41 %     2.69 %     1.53 %****
Portfolio Turnover Rate†
    21 %     27 %     57 %     34 %     31 %
 
* The Fund commenced operations on November 1, 2006.
** Based on average shares outstanding.
*** Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. Total investment return calculated for a period of less than one year is not annualized.
**** Annualized.
Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions.
 
See Notes to Financial Statements.


 

174

 
FINANCIAL HIGHLIGHTS (continued)
 
                                         
    Rydex S&P 500 Equal Weight Technology ETF  
    Year Ended
    Year Ended
    Year Ended
    Year Ended
    Year Ended
 
    October 31, 2011     October 31, 2010     October 31, 2009     October 31, 2008     October 31, 2007*  
Per Share Operating Performance:
                                       
Net Asset Value at Beginning of Period
  $ 50.72     $ 39.98     $ 29.98     $ 55.18     $ 47.80  
                                         
Net Investment Income (Loss)**
    0.29       0.12       0.11       0.06       (0.05 )
Net Realized and Unrealized Gain (Loss) on Investments
    1.49       10.75       10.03       (25.19 )     7.43  
                                         
Total From Investment Operations
    1.78       10.87       10.14       (25.13 )     7.38  
                                         
Distributions To Shareholders From:
                                       
Net Investment Income
    (0.27 )     (0.13 )     (0.14 )     (0.07 )      
                                         
Net Asset Value at End of Period
  $ 52.23     $ 50.72     $ 39.98     $ 29.98     $ 55.18  
                                         
Total Return***
    3.51 %     27.23 %     33.94 %     (45.58 )%     15.44 %
Ratios/Supplemental Data:
                                       
Net Assets at End of Period (000’s Omitted)
  $ 109,685     $ 88,759     $ 53,969     $ 7,495     $ 19,312  
Ratio To Average Net Assets Of:
                                       
Expenses
    0.50 %     0.50 %     0.50 %     0.50 %     0.50 %****
Net Investment Income
    0.54 %     0.26 %     0.30 %     0.14 %     (0.10 )%****
Portfolio Turnover Rate†
    29 %     25 %     30 %     36 %     60 %
 
* The Fund commenced operations on November 1, 2006.
** Based on average shares outstanding.
*** Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. Total investment return calculated for a period of less than one year is not annualized.
**** Annualized.
Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions.
 
See Notes to Financial Statements.


 

ANNUAL REPORT      175

 
FINANCIAL HIGHLIGHTS (concluded)
 
                                         
    Rydex S&P 500 Equal Weight Utilities ETF  
    Year Ended
    Year Ended
    Year Ended
    Year Ended
    Year Ended
 
    October 31, 2011     October 31, 2010     October 31, 2009     October 31, 2008     October 31, 2007*  
Per Share Operating Performance:
                                       
Net Asset Value at Beginning of Period
  $ 50.27     $ 42.13     $ 41.18     $ 62.28     $ 54.91  
                                         
Net Investment Income**
    1.89       1.84       1.89       1.81       1.55  
Net Realized and Unrealized Gain (Loss) on Investments
    3.71       8.13       0.88       (21.09 )     7.38  
                                         
Total From Investment Operations
    5.60       9.97       2.77       (19.28 )     8.93  
                                         
Distributions To Shareholders From:
                                       
Net Investment Income
    (1.84 )     (1.83 )     (1.82 )     (1.82 )     (1.56 )
                                         
Net Asset Value at End of Period
  $ 54.03     $ 50.27     $ 42.13     $ 41.18     $ 62.28  
                                         
Total Return***
    11.29 %     24.10 %     6.97 %     (31.63 )%     16.41 %
Ratios/Supplemental Data:
                                       
Net Assets at End of Period (000’s Omitted)
  $ 32,417     $ 20,110     $ 8,427     $ 4,118     $ 6,228  
Ratio To Average Net Assets Of:
                                       
Expenses
    0.50 %     0.50 %     0.50 %     0.50 %     0.50 %****
Net Investment Income
    3.60 %     3.95 %     4.64 %     3.30 %     2.59 %****
Portfolio Turnover Rate†
    15 %     16 %     26 %     25 %     20 %
 
* The Fund commenced operations on November 1, 2006.
** Based on average shares outstanding.
*** Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. Total investment return calculated for a period of less than one year is not annualized.
**** Annualized.
Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions.
 
See Notes to Financial Statements.


 

176

 
NOTES TO FINANCIAL STATEMENTS October 31, 2011
 
1.   ORGANIZATION
 
Rydex ETF Trust (the “Trust”) is an open-end, management investment company registered under the Investment Company Act of 1940 (the “1940 Act”). The Trust was organized as a Delaware statutory trust on November 22, 2002. As of October 31, 2011, the Trust offers twenty-seven portfolios, each of which represents a separate series of beneficial interest in the Trust (each a “Fund”, and collectively, the “Funds”). The financial statements herein relate to the following funds: Rydex S&P 500 Equal Weight ETF, Rydex S&P MidCap 400 Equal Weight ETF, Rydex S&P SmallCap 600 Equal Weight ETF, Rydex Russell MidCap® Equal Weight ETF, Rydex Russell 1000® Equal Weight ETF, Rydex Russell 2000® Equal Weight ETF, Rydex MSCI EAFE Equal Weight ETF, Rydex MSCI Emerging Markets Equal Weight ETF, Rydex MSCI ACWI Equal Weight ETF, Rydex S&P 500 Equal Weight Consumer Discretionary ETF, Rydex S&P 500 Equal Weight Consumer Staples ETF, Rydex S&P 500 Equal Weight Energy ETF, Rydex S&P 500 Equal Weight Financials ETF, Rydex S&P 500 Equal Weight Health Care ETF, Rydex S&P 500 Equal Weight Industrials ETF, Rydex S&P 500 Equal Weight Materials ETF, Rydex S&P 500 Equal Weight Technology ETF and Rydex S&P 500 Equal Weight Utilities ETF. Rydex S&P 500 Equal Weight ETF commenced operations on April 24, 2003. Rydex S&P MidCap 400 Equal Weight and Rydex S&P SmallCap 600 Equal Weight commenced operations on August 1, 2011. Rydex Russell MidCap® Equal Weight ETF, Rydex Russell 1000® Equal Weight ETF, Rydex Russell 2000® Equal Weight ETF, Rydex MSCI EAFE Equal Weight ETF and Rydex MSCI Emerging Markets Equal Weight ETF commenced operations on December 3, 2010. Rydex MSCI ACWI Equal Weight ETF commenced operations on January 7, 2011. Rydex S&P 500 Equal Weight Consumer Discretionary ETF, Rydex S&P 500 Equal Weight Consumer Staples ETF, Rydex S&P 500 Equal Weight Energy ETF, Rydex S&P 500 Equal Weight Financials ETF, Rydex S&P 500 Equal Weight Health Care ETF, Rydex S&P 500 Equal Weight Industrials ETF, Rydex S&P 500 Equal Weight Materials ETF, Rydex S&P 500 Equal Weight Technology ETF and Rydex S&P 500 Equal Weight Utilities ETF commenced operations on November 1, 2006.
 
Each Fund’s investment objective is to replicate as closely as possible, before fees and expenses, the daily performance of an index representing publicly traded equity securities (the “Underlying Index”). The Rydex S&P 500 Equal Weight ETF tracks the S&P 500 Equal Weight Index, the Rydex S&P MidCap 400 Equal Weight ETF tracks the S&P MidCap 400® Equal Weight Index, the Rydex S&P SmallCap 600 Equal Weight ETF tracks the S&P SmallCap 600® Equal Weight Index, the Rydex Russell MidCap® Equal Weight ETF tracks the Russell MidCap® Equal Weight Index, the Rydex Russell 1000® Equal Weight ETF tracks the Russell 1000® Equal Weight Index, the Rydex Russell 2000® Equal Weight ETF tracks the Russell 2000® Equal Weight Index, the Rydex MSCI EAFE Equal Weight ETF tracks the MSCI EAFE Equal Weighted Index, the Rydex MSCI Emerging Markets Equal Weight ETF tracks the MSCI Emerging Markets Equal Weighted Index, the Rydex MSCI ACWI Equal Weight ETF tracks the MSCI ACWI Equal Weighted Index, the Rydex S&P 500 Equal Weight Consumer Discretionary ETF tracks the S&P 500 Equal Weight Consumer Discretionary Index, the Rydex S&P 500 Equal Weight Consumer Staples ETF tracks the S&P 500 Equal Weight Consumer Staples Index, the Rydex S&P 500 Equal Weight Energy ETF tracks the S&P 500 Equal Weight Energy Index, the Rydex S&P 500 Equal Weight Financials ETF tracks the S&P 500 Equal Weight Financials Index, the Rydex S&P 500 Equal Weight Health Care ETF tracks the S&P 500 Equal Weight Health Care Index, the Rydex S&P 500 Equal Weight Industrials ETF tracks the S&P 500 Equal Weight Industrials Index, the Rydex S&P 500 Equal Weight Materials ETF tracks the S&P 500 Equal Weight Materials Index, the Rydex S&P 500 Equal Weight Technology ETF tracks the S&P 500 Equal Weight Information Technology Index and the Rydex S&P 500 Equal Weight Utilities ETF tracks the S&P 500 Equal Weight Telecommunication Services & Utilities Index. The Funds seek to achieve their objective by investing in common stocks or ETFs, where applicable, that comprise the Underlying Index. The Funds use a “replication” strategy to track the Underlying Index. Replication refers to investing in substantially all of the securities in the Underlying Index in approximately the same proportions as in the Underlying Index.
 
The Funds operate as index funds and are not actively managed. Adverse performance of a security in the Funds’ portfolio will ordinarily not result in the elimination of the security from the Funds’ portfolio.
 
The Funds issue and redeem shares on a continuous basis, at Net Asset Value per share (“NAV”), only in aggregation of 50,000 shares (100,000 shares for International Funds) called a “Creation Unit”. Creation Units are issued and redeemed principally in-kind for securities included in the Underlying Index.
 
2.   SIGNIFICANT ACCOUNTING POLICIES
 
The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosures at the date of the financial statements and accompanying notes and the reported amounts of increases and decreases in net assets from operations during the reporting period. Management believes that the estimates utilized in preparing the Funds’ financial statements are reasonable and prudent; however, actual results could differ from these estimates.


 

ANNUAL REPORT      177

 
NOTES TO FINANCIAL STATEMENTS (continued)
 
A.  Security Valuation
 
Securities listed on a domestic securities exchange are valued based on the last sale price as of the close of regular trading hours on the New York Stock Exchange (“NYSE”) or, in the absence of recorded sales, are valued at the most recent bid price. Securities for which the primary market is the National Association of Securities Dealers Automated Quotations National Market System (“NASDAQ”) are valued at the NASDAQ Official Closing Price.
 
Securities, for which market quotations are not readily available, including investments that are subject to limitations as to their sale, are valued at fair value as determined in good faith by Security Investors, LLC, an affiliated entity, which acts as the Funds’ investment advisor (the “Advisor”), in accordance with procedures adopted by the Board of Trustees. In determining fair value, consideration is given to market conditions, relative benchmarks and other financial data.
 
Debt securities with a maturity greater than 60 days are valued at the last traded fill price at the close of business, unless no trades were executed. If there are no trades, a security is valued at the reported bid price at the close of business. Short-term debt securities with a maturity of 60 days or less are valued at amortized cost which approximates market value.
 
B.  Security Transactions and Income Recognition
 
Security transactions are recorded on the trade date for financial reporting purposes. Realized gains and losses from portfolio transactions are calculated on the identified cost basis. Dividend income is recorded on the ex-dividend date, net of foreign tax withholdings. Interest income is recorded on the accrual basis. Distributions received from investments in real estate investment trusts (“REITs”) are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distribution by the issuer.
 
C.  Repurchase Agreements
 
The Funds may enter into repurchase agreements with financial institutions. In a repurchase agreement, a Fund buys a security and the seller simultaneously agrees to repurchase the security on a specified future date at an agreed-upon price. The repurchase price reflects an agreed-upon interest rate during the time the Fund’s money is invested in the security. Because the security constitutes collateral for the repurchase obligation, a repurchase agreement can be considered a collateralized loan. The Funds follow certain procedures designed to minimize the risks inherent in such agreements. These procedures include effecting repurchase transactions only with large, well-capitalized and well-established financial institutions whose condition will be continually monitored by Security Global Investors. In addition, the value of the collateral underlying the repurchase agreement will always be at least equal to the repurchase price, including any accrued interest earned on the repurchase agreement. In the event of a default or bankruptcy by a selling financial institution, the Funds will seek to liquidate such collateral. However, the exercising of the Funds right to liquidate such collateral could involve certain costs or delays and, to the extent that proceeds from any sale upon a default of the obligation to repurchase were less than the repurchase price, the Funds could suffer a loss. It is the current policy of the Funds not to invest in repurchase agreements that do not mature within seven days if any such investment, together with any other illiquid assets held by the Funds, amounts to more than 15% of a Fund’s net assets. The investments of the Funds in repurchase agreements, at times, may be substantial when, in the view of Security Global Investors, liquidity or other considerations so warrant. For the year ended October 31, 2011, the Funds had not engaged in repurchase agreement transactions.
 
D.  Foreign Currency Transactions
 
The accounting records of the Funds are maintained in U.S. dollars. All assets and liabilities initially expressed in foreign currencies are converted into U.S. dollars at prevailing exchange rates. Purchases and sales of investment securities, dividend and interest income, and certain expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Funds. Foreign investments may also subject the Fund to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which could affect the market and/or credit risk of the investments.
 
The Funds do not isolate that portion of the results of operations resulting from changes in the foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.


 

178

 
NOTES TO FINANCIAL STATEMENTS (continued)
 
Net realized foreign exchange gains or losses arise from the difference between asset and liability amounts initially stated in foreign currencies and the U.S. dollar value of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of portfolio securities and other assets and liabilities at the end of the reporting period, resulting from changes in the exchange rates.
 
E.  Federal Income Taxes
 
The Funds intend to comply with the provisions of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and will distribute substantially all net investment income and capital gains to shareholders. Therefore, no Federal income tax provision has been recorded.
 
Tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns are evaluated to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Funds’ tax positions taken on Federal income tax returns for all open tax years (fiscal years 2008 — 2011), and has concluded that no provision for income tax was required in the Funds’ financial statements.
 
Income and capital gain distributions are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. These differences are primarily due to differing treatments for in-kind redemptions, income reclassifications from REITs and losses deferred due to wash sales.
 
The RIC Modernization Act of 2010 was signed into law on December 22, 2010 and seeks to simplify some of the tax provisions applicable to regulated investment companies and the tax reporting to their shareholders, and to improve the tax efficiency of certain fund structures. The greatest impact to the disclosure in the financial reports for the Fund will be seen on the treatment of capital loss carryforwards.
 
Funds will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. Under pre-enactment law, capital losses could be carried forward for eight years, and carried forward as short-term capital, irrespective of the character of the original loss. As a result of this ordering rule, pre-enactment capital loss carryforwards may potentially expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.
 
In order to present paid-in-capital, undistributed net investment income (loss) and accumulated net realized gain (loss) on investments on the statement of assets and liabilities that more closely represent their tax character, certain adjustments have been made to these accounts. These adjustments have no effect on net assets or NAV. The most significant of these adjustments are for net capital gains resulting from in-kind redemptions, because they are non-taxable to the Funds, and therefore are not distributed to existing Fund


 

ANNUAL REPORT      179

 
NOTES TO FINANCIAL STATEMENTS (continued)
 
shareholders, or net capital losses resulting from in-kind redemptions, which are reclassified to paid-in-capital. For the year ended October 31, 2011, the adjustments for the Funds were as follows:
 
                         
          Undistributed
    Accumulated
 
    Paid-In
    Net Investment
    Net Realized
 
    Capital     Income (Loss)     Gain (Loss)  
 
Rydex S&P 500 Equal Weight ETF
  $ 296,324,299     $ (1,475,706 )   $ (294,848,593 )
Rydex S&P MidCap 400 Equal Weight ETF
    1       (836 )     835  
Rydex S&P SmallCap 600 Equal Weight ETF
          (994 )     994  
Rydex Russell MidCap® Equal Weight ETF
    173,449       (6,748 )     (166,701 )
Rydex Russell 1000® Equal Weight ETF
    106,720       (4,536 )     (102,184 )
Rydex Russell 2000® Equal Weight ETF
    (17 )     (4,057 )     4,074  
Rydex MSCI EAFE Equal Weight ETF
    314,407       26,866       (341,273 )
Rydex MSCI Emerging Markets Equal Weight ETF
    (297,805 )     26,398       271,407  
Rydex MSCI ACWI Equal Weight ETF
    (758,044 )     (598 )     758,642  
Rydex S&P 500 Equal Weight Consumer Discretionary ETF
    2,624,708             (2,624,708 )
Rydex S&P 500 Equal Weight Consumer Staples ETF
    957,802             (957,802 )
Rydex S&P 500 Equal Weight Energy ETF
    4,118,337             (4,118,337 )
Rydex S&P 500 Equal Weight Financials ETF
    1,262,252       (1,481 )     (1,260,771 )
Rydex S&P 500 Equal Weight Health Care ETF
    4,013,252             (4,013,252 )
Rydex S&P 500 Equal Weight Industrials ETF
    6,891,752       (5,111 )     (6,886,641 )
Rydex S&P 500 Equal Weight Materials ETF
    1,339,224       (9,430 )     (1,329,794 )
Rydex S&P 500 Equal Weight Technology ETF
    4,837,454       (19,300 )     (4,818,154 )
Rydex S&P 500 Equal Weight Utilities ETF
    1,795,387       (30,897 )     (1,764,490 )
 
Tax basis capital losses in excess of capital gains are carried forward to offset future net capital gains. For the year ended October 31, 2011, the following capital loss carryforward amounts expired or were used to offset current year net realized capital gains:
 
         
Rydex S&P 500 Equal Weight ETF
  $  
Rydex S&P MidCap 400 Equal Weight ETF
     
Rydex S&P SmallCap 600 Equal Weight ETF
     
Rydex Russell MidCap® Equal Weight ETF
     
Rydex Russell 1000® Equal Weight ETF
     
Rydex Russell 2000® Equal Weight ETF
     
Rydex MSCI EAFE Equal Weight ETF
     
Rydex MSCI Emerging Markets Equal Weight ETF
     
Rydex MSCI ACWI Equal Weight ETF
     
Rydex S&P 500 Equal Weight Consumer Discretionary ETF
    322,418  
Rydex S&P 500 Equal Weight Consumer Staples ETF
     
Rydex S&P 500 Equal Weight Energy ETF
     
Rydex S&P 500 Equal Weight Financials ETF
    26,014  
Rydex S&P 500 Equal Weight Health Care ETF
     
Rydex S&P 500 Equal Weight Industrials ETF
    271  
Rydex S&P 500 Equal Weight Materials ETF
    603,691  
Rydex S&P 500 Equal Weight Technology ETF
    718,650  
Rydex S&P 500 Equal Weight Utilities ETF
    87,518  


 

180

 
NOTES TO FINANCIAL STATEMENTS (continued)
 
A summary of the expiration of the capital loss carryforward is as follows:
 
                                         
    2016     2017     2018     2019     Unlimited  
 
Rydex S&P 500 Equal Weight ETF
  $ 119,981,602     $ 313,762,207     $ 35,251,288     $ 20,961,994     $  
Rydex S&P MidCap 400 Equal Weight ETF
                            8,775  
Rydex S&P SmallCap 600 Equal Weight ETF
                            2,144  
Rydex Russell MidCap® Equal Weight ETF
                      203,151        
Rydex Russell 1000® Equal Weight ETF
                      1,055        
Rydex Russell 2000® Equal Weight ETF
                      260,291        
Rydex MSCI EAFE Equal Weight ETF
                             
Rydex MSCI Emerging Markets Equal Weight ETF
                      18,800        
Rydex MSCI ACWI Equal Weight ETF
                             
Rydex S&P 500 Equal Weight Consumer Discretionary ETF
    800,016       1,981,333                    
Rydex S&P 500 Equal Weight Consumer Staples ETF
    32,363       195,890             61,000        
Rydex S&P 500 Equal Weight Energy ETF
          1,743,348       393,314       128,371        
Rydex S&P 500 Equal Weight Financials ETF
    1,784,990       4,062,086       376,840              
Rydex S&P 500 Equal Weight Health Care ETF
    929,808       3,545,994             66,030        
Rydex S&P 500 Equal Weight Industrials ETF
          1,121,641                    
Rydex S&P 500 Equal Weight Materials ETF
          577,821                    
Rydex S&P 500 Equal Weight Technology ETF
          2,339,667                    
Rydex S&P 500 Equal Weight Utilities ETF
          527,922       333,609              
 
The tax character of distributable earnings (accumulated losses) at October 31, 2011 was as follows:
 
                                 
    Undistributed
    Undistributed
          Unrealized
 
    Ordinary
    Long Term
    Capital Loss
    Appreciation
 
    Income     Capital Gain     Carryfoward     (Depreciation)  
 
Rydex S&P 500 Equal Weight ETF
  $ 818,113     $     $ (489,957,091 )   $ (123,008,966 )
Rydex S&P MidCap 400 Equal Weight ETF
    1,484             (8,775 )     (142,596 )
Rydex S&P SmallCap 600 Equal Weight ETF
    2,570             (2,144 )     16,573  
Rydex Russell MidCap® Equal Weight ETF
    36,985             (203,151 )     (366,721 )
Rydex Russell 1000® Equal Weight ETF
    21,192             (1,055 )     (1,640,486 )
Rydex Russell 2000® Equal Weight ETF
    18,876             (260,291 )     (1,564,922 )
Rydex MSCI EAFE Equal Weight ETF
    24,815                   (1,829,127 )
Rydex MSCI Emerging Markets Equal Weight ETF
                (18,800 )     (2,791,231 )
Rydex MSCI ACWI Equal Weight ETF
    44,260       230             (237,274 )
Rydex S&P 500 Equal Weight Consumer Discretionary ETF
    12,998             (2,781,349 )     1,045,328  
Rydex S&P 500 Equal Weight Consumer Staples ETF
    57,011             (289,253 )     2,255,884  
Rydex S&P 500 Equal Weight Energy ETF
    3,322             (2,265,033 )     (5,834,804 )
Rydex S&P 500 Equal Weight Financials ETF
                (6,223,916 )     (1,793,995 )
Rydex S&P 500 Equal Weight Health Care ETF
    36,874             (4,541,832 )     (2,327,171 )
Rydex S&P 500 Equal Weight Industrials ETF
    7,527             (1,121,641 )     (183,257 )
Rydex S&P 500 Equal Weight Materials ETF
    29,012             (577,821 )     2,655,309  
Rydex S&P 500 Equal Weight Technology ETF
                (2,339,667 )     (1,325,832 )
Rydex S&P 500 Equal Weight Utilities ETF
    40,616             (861,531 )     1,231,912  
 
Differences between the book basis and tax basis of net unrealized appreciation (depreciation) in value of investments relate to tax deferral of losses on wash sales and estimated return of capital payments on REITs. Any undistributed ordinary income or long-term capital gain remaining at fiscal year-end is distributed in the following year.


 

ANNUAL REPORT      181

 
NOTES TO FINANCIAL STATEMENTS (continued)
 
The tax character of distributions paid during 2011 was as follows:
 
                 
    Ordinary
    Return of
 
    Income     Capital  
 
Rydex S&P 500 Equal Weight ETF
  $ 40,649,421     $  
Rydex S&P MidCap 400 Equal Weight ETF
    5,601        
Rydex S&P SmallCap 600 Equal Weight ETF
    6,163        
Rydex Russell MidCap® Equal Weight ETF
    168,415        
Rydex Russell 1000® Equal Weight ETF
    165,561        
Rydex Russell 2000® Equal Weight ETF
    82,186        
Rydex MSCI EAFE Equal Weight ETF
    491,348        
Rydex MSCI Emerging Markets Equal Weight ETF
    160,394       155,130  
Rydex MSCI ACWI Equal Weight ETF
    83,619        
Rydex S&P 500 Equal Weight Consumer Discretionary ETF
    291,636        
Rydex S&P 500 Equal Weight Consumer Staples ETF
    404,016        
Rydex S&P 500 Equal Weight Energy ETF
    267,926        
Rydex S&P 500 Equal Weight Financials ETF
    292,247        
Rydex S&P 500 Equal Weight Health Care ETF
    230,946        
Rydex S&P 500 Equal Weight Industrials ETF
    609,503        
Rydex S&P 500 Equal Weight Materials ETF
    560,979        
Rydex S&P 500 Equal Weight Technology ETF
    622,234        
Rydex S&P 500 Equal Weight Utilities ETF
    868,554        
 
The tax character of distributions paid during 2010 was as follows:
 
         
    Ordinary
 
    Income  
 
Rydex S&P 500 Equal Weight ETF
  $ 27,968,738  
Rydex S&P 500 Equal Weight Consumer Discretionary ETF
    221,575  
Rydex S&P 500 Equal Weight Consumer Staples ETF
    244,303  
Rydex S&P 500 Equal Weight Energy ETF
    137,899  
Rydex S&P 500 Equal Weight Financials ETF
    251,198  
Rydex S&P 500 Equal Weight Health Care ETF
    247,927  
Rydex S&P 500 Equal Weight Industrials ETF
    398,481  
Rydex S&P 500 Equal Weight Materials ETF
    1,001,234  
Rydex S&P 500 Equal Weight Technology ETF
    230,398  
Rydex S&P 500 Equal Weight Utilities ETF
    451,578  
 
F. Fair Value Measurement
 
In accordance with U.S. GAAP, fair value is defined as the price that the Fund would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal market, or, in the absence of a principal market, the most advantageous market for the investment or liability. A three-tier hierarchy is utilized to distinguish between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Funds’ investments. The inputs are summarized in the three broad levels listed below:
 
Level 1 — quoted prices in active markets for identical securities. The types of assets and liabilities carried at Level 1 fair value generally are government and agency securities, equities listed in active markets and stock index futures.
 
Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). The types of assets and liabilities carried at Level 2 fair value generally are domestic equity index swaps and short-term securities with maturities of 60 days or less, including repurchase agreements.
 
Level 3 — significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments).
 
Transfers between investment Levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For the year ended October 31, 2011, there were no securities transferred between any Levels.


 

182

 
NOTES TO FINANCIAL STATEMENTS (continued)
 
The following table summarizes the inputs used to value the Funds’ net assets as of October 31, 2011:
 
                                 
    Level 1
    Level 2
    Level 3
       
    Investments
    Investments
    Investments
       
Fund
  in Securities     in Securities     in Securities     Total  
 
Rydex S&P 500 Equal Weight ETF
  $ 3,062,303,166     $     $     $ 3,062,303,166  
Rydex S&P MidCap 400 Equal Weight ETF
    2,825,418                   2,825,418  
Rydex S&P SmallCap 600 Equal Weight ETF
    5,639,185       70             5,639,255  
Rydex Russell MidCap® Equal Weight ETF
    54,498,084                   54,498,084  
Rydex Russell 1000® Equal Weight ETF
    34,188,640                   34,188,640  
Rydex Russell 2000® Equal Weight ETF
    23,566,416       7,770             23,574,186  
Rydex MSCI EAFE Equal Weight ETF
    11,019,854       1,698             11,021,552  
Rydex MSCI Emerging Markets Equal Weight ETF
    16,867,283       6,915             16,874,198  
Rydex MSCI ACWI Equal Weight ETF
    3,586,526                   3,586,526  
Rydex S&P 500 Equal Weight Consumer Discretionary ETF
    21,460,342                   21,460,342  
Rydex S&P 500 Equal Weight Consumer Staples ETF
    30,484,808                   30,484,808  
Rydex S&P 500 Equal Weight Energy ETF
    35,280,937                   35,280,937  
Rydex S&P 500 Equal Weight Financials ETF
    17,126,139                   17,126,139  
Rydex S&P 500 Equal Weight Health Care ETF
    53,186,021                   53,186,021  
Rydex S&P 500 Equal Weight Industrials ETF
    15,454,857                   15,454,857  
Rydex S&P 500 Equal Weight Materials ETF
    36,757,712                   36,757,712  
Rydex S&P 500 Equal Weight Technology ETF
    109,682,799                   109,682,799  
Rydex S&P 500 Equal Weight Utilities ETF
    32,378,037                   32,378,037  
 
For the year ended October 31, 2011, there were no Level 3 Investments.
 
G.  Dividends and Distributions
 
Distributions of net investment income and net realized capital gains, if any, are declared at least annually and recorded on the ex-dividend date and are determined in accordance with income tax regulations which may differ from U.S. GAAP.
 
H.  Risks and Uncertainties
 
The Funds invest in various investments which are exposed to risk, such as market risk. Due to the level of risk associated with certain investments it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect amounts reported in the financial statements. The Rydex S&P 500 Equal Weight Sector ETFs are non-diversified funds, subjecting them to a greater risk than funds that are diversified.
 
I.  Risk Disclosure
 
Throughout the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties which provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds and/or their affiliates that have not yet occurred. However, based on experience the Funds expect the risk of loss to be remote.
 
3.   ADVISORY, ADMINISTRATION AND OTHER TRANSACTIONS WITH AFFILIATES
 
The Advisor determines the composition of the portfolio of securities that must be delivered in exchange for the issuance of Creation Units and periodically adjusts the composition of the portfolio of the Funds to conform to changes in the composition of the relevant


 

ANNUAL REPORT      183

 
NOTES TO FINANCIAL STATEMENTS (continued)
 
index. For these services, the Advisor receives a management fee at the annual rate shown below as a percentage of the average daily net assets of the Funds.
 
         
    Advisory Fee  
 
Rydex S&P 500 Equal Weight ETF
    0.40 %
Rydex S&P MidCap 400 Equal Weight ETF
    0.40 %
Rydex S&P SmallCap 600 Equal Weight ETF
    0.40 %
Rydex Russell MidCap® Equal Weight ETF
    0.40 %
Rydex Russell 1000® Equal Weight ETF
    0.40 %
Rydex Russell 2000® Equal Weight ETF
    0.40 %
Rydex MSCI EAFE Equal Weight ETF
    0.55 %
Rydex MSCI Emerging Markets Equal Weight ETF
    0.70 %
Rydex MSCI ACWI Equal Weight ETF
    0.20 %
Rydex S&P 500 Equal Weight Consumer Discretionary ETF
    0.50 %
Rydex S&P 500 Equal Weight Consumer Staples ETF
    0.50 %
Rydex S&P 500 Equal Weight Energy ETF
    0.50 %
Rydex S&P 500 Equal Weight Financials ETF
    0.50 %
Rydex S&P 500 Equal Weight Health Care ETF
    0.50 %
Rydex S&P 500 Equal Weight Industrials ETF
    0.50 %
Rydex S&P 500 Equal Weight Materials ETF
    0.50 %
Rydex S&P 500 Equal Weight Technology ETF
    0.50 %
Rydex S&P 500 Equal Weight Utilities ETF
    0.50 %
 
The Advisor pays all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except: interest, taxes, distribution fees or expenses, Trustee Fees (where applicable) and extraordinary expenses.
 
For the Rydex MSCI ACWI Equal Weight ETF and the Rydex Emerging Markets Equal Weight ETF, the Advisor has contractually agreed to reduce fees and/or reimburse expenses to the extent necessary to keep the Fund’s net operating expenses (excluding interest, taxes, brokerage commissions, dividends on securities sold short, distribution fees and expenses, and extraordinary expenses (“Excluded Expenses”)) plus Acquired Fund Fees and Expenses borne indirectly from exceeding 0.60% (for the Rydex MSCI ACWI Equal Weight ETF) or 0.70% (for the Rydex Emerging Markets Equal Weight ETF) of the Fund’s average daily net assets until February 28, 2012. This agreement may be terminated: (i) by the Trust’s Board of Trustees, for any reason at any time, or (ii) by the Advisor, upon ninety (90) days’ prior written notice to the Trust, effective as of the close of the business on the last day of the then-current one-year period.
 
Under an Administration Agreement, State Street Bank and Trust Company (the “Administrator”) provides various administrative and accounting services for the maintenance and operations of the Funds. Under a Custodian Agreement with the Trust, the Administrator maintains cash, securities and other assets of the Funds in separate accounts for each Fund, keeps all necessary accounts and records, and provides other services. The Administrator is required, upon the order of the Trust, to deliver securities held by the Custodian and to make payments for securities purchased by the Trust for the Funds. Pursuant to a Transfer Agency and Service Agreement with the Trust, the Administrator acts as a transfer agent for the Trust’s authorized and issued shares of beneficial interest, and as dividend disbursing agent of the Trust. The Advisor compensates the Administrator directly for the foregoing services.
 
The Funds have adopted a Distribution Plan (the “Plan”) that allows the Funds to pay distribution fees to Rydex Distributors, LLC, an affiliated entity, (the “Distributor”) and other firms that provide distribution services (“Service Providers”). If a Service Provider provides distribution services, the Funds will pay distribution fees to the Distributor at an annual rate not to exceed 0.25% of average daily net assets, pursuant to Rule 12b-1 of the 1940 Act. The Distributor will, in turn, pay the Service Provider out of its fees. No such fee is currently charged to the Funds.
 
4.   CAPITAL
 
At October 31, 2011, there were an unlimited number of no par value shares of beneficial interest authorized. There is a minimum transaction fee per transaction to those persons purchasing or redeeming Creation Units. An additional charge of up to three times the standard transaction fee may be imposed for purchases and redemptions effected outside the National Securities Clearing Corporation usual clearing process or for cash. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to


 

184

 
NOTES TO FINANCIAL STATEMENTS (continued)
 
equate the transaction to the NAV of the Fund on the transaction date. Transaction fees are not charged to or paid by the Funds. The minimum transaction fees are:
 
         
    Minimum
 
    Transaction Fee  
 
Rydex S&P 500 Equal Weight ETF
  $ 2,000  
Rydex S&P MidCap 400 Equal Weight ETF
    2,000  
Rydex S&P SmallCap 600 Equal Weight ETF
    1,250  
Rydex Russell MidCap® Equal Weight ETF
    2,000  
Rydex Russell 1000® Equal Weight ETF
    2,500  
Rydex Russell 2000® Equal Weight ETF
    3,000  
Rydex MSCI EAFE Equal Weight ETF
    12,000  
Rydex MSCI Emerging Markets Equal Weight ETF
    6,000  
Rydex MSCI ACWI Equal Weight ETF
    2,000  
Rydex S&P 500 Equal Weight Consumer Discretionary ETF
    750  
Rydex S&P 500 Equal Weight Consumer Staples ETF
    500  
Rydex S&P 500 Equal Weight Energy ETF
    500  
Rydex S&P 500 Equal Weight Financials ETF
    750  
Rydex S&P 500 Equal Weight Health Care ETF
    500  
Rydex S&P 500 Equal Weight Industrials ETF
    500  
Rydex S&P 500 Equal Weight Materials ETF
    500  
Rydex S&P 500 Equal Weight Technology ETF
    750  
Rydex S&P 500 Equal Weight Utilities ETF
    500  
 
5.   INVESTMENT TRANSACTIONS
 
For the year ended October 31, 2011, the Funds had investment transactions in-kind associated with subscriptions and redemptions as follows:
 
                 
    Subscriptions     Redemptions  
 
Rydex S&P 500 Equal Weight ETF
  $ 2,768,801,103     $ 1,942,054,957  
Rydex S&P MidCap 400 Equal Weight ETF
    2,976,577        
Rydex S&P SmallCap 600 Equal Weight ETF
    5,628,940        
Rydex Russell MidCap® Equal Weight ETF
    56,296,996       1,501,468  
Rydex Russell 1000® Equal Weight ETF
    37,122,772       1,450,623  
Rydex Russell 2000® Equal Weight ETF
    25,380,840        
Rydex MSCI EAFE Equal Weight ETF
    24,804,865       12,061,030  
Rydex MSCI Emerging Markets Equal Weight ETF
    17,984,637       4,441,699  
Rydex MSCI ACWI Equal Weight ETF
    7,756,517       3,247,346  
Rydex S&P 500 Equal Weight Consumer Discretionary ETF
    7,382,455       13,584,293  
Rydex S&P 500 Equal Weight Consumer Staples ETF
    18,099,368       3,142,633  
Rydex S&P 500 Equal Weight Energy ETF
    99,180,407       77,214,373  
Rydex S&P 500 Equal Weight Financials ETF
    8,458,023       6,902,846  
Rydex S&P 500 Equal Weight Health Care ETF
    118,501,145       122,586,798  
Rydex S&P 500 Equal Weight Industrials ETF
    8,391,571       35,411,733  
Rydex S&P 500 Equal Weight Materials ETF
    9,279,454       5,656,205  
Rydex S&P 500 Equal Weight Technology ETF
    68,765,766       45,910,160  
Rydex S&P 500 Equal Weight Utilities ETF
    18,573,659       8,067,482  


 

ANNUAL REPORT      185

 
NOTES TO FINANCIAL STATEMENTS (continued)
 
Purchases and sales of investment securities (excluding short-term investments, U.S. government and government agency obligations) for the Funds were as follows:
 
                 
    Purchases     Sales  
 
Rydex S&P 500 Equal Weight ETF
  $ 601,884,637     $ 617,046,786  
Rydex S&P MidCap 400 Equal Weight ETF
    199,636       196,539  
Rydex S&P SmallCap 600 Equal Weight ETF
    448,303       458,195  
Rydex Russell MidCap® Equal Weight ETF
    7,478,600       7,346,213  
Rydex Russell 1000® Equal Weight ETF
    4,542,481       4,491,157  
Rydex Russell 2000® Equal Weight ETF
    5,603,630       5,578,201  
Rydex MSCI EAFE Equal Weight ETF
    4,324,169       4,585,289  
Rydex MSCI Emerging Markets Equal Weight ETF
    16,774,623       10,443,629  
Rydex MSCI ACWI Equal Weight ETF
    429,842       431,113  
Rydex S&P 500 Equal Weight Consumer Discretionary ETF
    6,431,180       6,902,251  
Rydex S&P 500 Equal Weight Consumer Staples ETF
    2,907,791       3,145,263  
Rydex S&P 500 Equal Weight Energy ETF
    10,919,690       11,052,148  
Rydex S&P 500 Equal Weight Financials ETF
    3,554,041       3,280,371  
Rydex S&P 500 Equal Weight Health Care ETF
    10,045,135       11,939,203  
Rydex S&P 500 Equal Weight Industrials ETF
    6,063,950       7,186,195  
Rydex S&P 500 Equal Weight Materials ETF
    8,960,219       9,127,303  
Rydex S&P 500 Equal Weight Technology ETF
    33,799,528       33,451,306  
Rydex S&P 500 Equal Weight Utilities ETF
    3,653,110       3,933,421  
 
There were no purchases or sales of U.S. government or government agency obligations for the year ended October 31, 2011.
 
At October 31, 2011, the identified cost of investments in securities owned by each Fund for Federal income tax purposes and the gross unrealized appreciation and depreciation were as follows:
 
                                 
          Gross
    Gross
    Net Unrealized
 
    Identified
    Unrealized
    Unrealized
    Appreciation
 
    Cost     Appreciation     Depreciation     (Depreciation)  
 
Rydex S&P 500 Equal Weight ETF
  $ 3,185,312,132     $ 139,708,357     $ (262,717,323 )   $ (123,008,966 )
Rydex S&P MidCap 400 Equal Weight ETF
    2,968,014       74,676       (217,272 )     (142,596 )
Rydex S&P SmallCap 600 Equal Weight ETF
    5,622,682       294,834       (278,261 )     16,573  
Rydex Russell MidCap® Equal Weight ETF
    54,864,805       2,226,652       (2,593,373 )     (366,721 )
Rydex Russell 1000® Equal Weight ETF
    35,829,126       890,595       (2,531,081 )     (1,640,486 )
Rydex Russell 2000® Equal Weight ETF
    25,139,093       1,033,273       (2,598,180 )     (1,564,907 )
Rydex MSCI EAFE Equal Weight ETF
    12,850,143       277,612       (2,106,203 )     (1,828,591 )
Rydex MSCI Emerging Markets Equal Weight ETF
    19,665,493       373,823       (3,165,118 )     (2,791,295 )
Rydex MSCI ACWI Equal Weight ETF
    3,823,800       28,580       (265,854 )     (237,274 )
Rydex S&P 500 Equal Weight Consumer Discretionary ETF
    20,415,014       2,595,108       (1,549,780 )     1,045,328  
Rydex S&P 500 Equal Weight Consumer Staples ETF
    28,228,924       2,924,729       (668,845 )     2,255,884  
Rydex S&P 500 Equal Weight Energy ETF
    41,115,741       1,224,860       (7,059,664 )     (5,834,804 )
Rydex S&P 500 Equal Weight Financials ETF
    18,920,134       909,216       (2,703,211 )     (1,793,995 )
Rydex S&P 500 Equal Weight Health Care ETF
    55,513,192       651,018       (2,978,189 )     (2,327,171 )
Rydex S&P 500 Equal Weight Industrials ETF
    15,638,114       1,137,723       (1,320,980 )     (183,257 )
Rydex S&P 500 Equal Weight Materials ETF
    34,102,403       5,365,630       (2,710,321 )     2,655,309  
Rydex S&P 500 Equal Weight Technology ETF
    111,008,631       8,562,974       (9,888,806 )     (1,325,832 )
Rydex S&P 500 Equal Weight Utilities ETF
    31,146,125       2,096,343       (864,431 )     1,231,912  
 
6.   AFFILIATED ISSUERS
 
Investments representing 5% or more of the outstanding voting securities of a portfolio company of a fund result in that portfolio company being considered an affiliated company of such fund, as defined in the 1940 Act. The aggregate market value of all securities of affiliated companies held in Rydex MSCI ACWI Equal Weight ETF as of October 31, 2011 amounted to $2,503,714, which


 

186

 
NOTES TO FINANCIAL STATEMENTS (concluded)
 
represents 69.8% of net assets. There were no affiliated companies held in any other Fund. Transactions in Rydex MSCI ACWI Equal Weight ETF during the year ended October 31, 2011 in which the portfolio company is an “affiliated person” are as follows:
 
                                                         
                                        Gain (Loss)
 
                                        Realized on
 
    Value
                Value
    Shares
    Investment
    Sale of
 
Security
  1/7/11     Additions     Reductions     10/31/11     10/31/11     Income     Shares  
 
Rydex MSCI EAFE Equal Weight ETF
  $     $ 3,106,238     $ (1,361,368 )   $ 1,368,704       36,992     $ 64,876     $ (281,530 )
Rydex MSCI Emerging Markets Equal Weight ETF
          2,687,610       (1,072,411 )     1,135,010       33,275       33,917       (377,229 )
 
7. NAME CHANGES
 
Effective March 1, 2011, the Rydex S&P Equal Weight ETF, the Rydex S&P Equal Weight Consumer Discretionary ETF, the Rydex S&P Equal Weight Consumer Staples ETF, the Rydex S&P Equal Weight Energy ETF, the Rydex S&P Equal Weight Financials ETF, the Rydex S&P Equal Weight Health Care ETF, the Rydex S&P Equal Weight Industrials ETF, the Rydex S&P Equal Weight Materials ETF, the Rydex S&P Equal Weight Technology ETF and the Rydex S&P Equal Weight Utilities ETF, changed their Fund names to Rydex S&P 500 Equal Weight ETF, Rydex S&P 500 Equal Weight Consumer Discretionary ETF, Rydex S&P 500 Equal Weight Consumer Staples ETF, Rydex S&P 500 Equal Weight Energy ETF, Rydex S&P 500 Equal Weight Financials ETF, Rydex S&P 500 Equal Weight Health Care ETF, Rydex S&P 500 Equal Weight Industrials ETF, Rydex S&P 500 Equal Weight Materials ETF, Rydex S&P 500 Equal Weight Technology ETF and Rydex S&P 500 Equal Weight Utilities ETF, respectively. The name changes did not have any impact on the Funds’ investment objectives, tickers or CUSIPS.


 

ANNUAL REPORT      187

 
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
The Board of Trustees and Shareholders of Rydex ETF Trust
 
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Rydex S&P 500 Equal Weight ETF, Rydex S&P MidCap 400 Equal Weight ETF, Rydex S&P SmallCap 600 Equal Weight ETF, Rydex Russell MidCap® Equal Weight ETF, Rydex Russell 1000® Equal Weight ETF, Rydex Russell 2000® Equal Weight ETF, Rydex MSCI EAFE Equal Weight ETF, Rydex MSCI Emerging Markets Equal Weight ETF, Rydex MSCI ACWI Equal Weight ETF, Rydex S&P Equal Weight Consumer Discretionary ETF, Rydex S&P Equal Weight Consumer Staples ETF, Rydex S&P Equal Weight Energy ETF, Rydex S&P Equal Weight Financials ETF, Rydex S&P Equal Weight Health Care ETF, Rydex S&P Equal Weight Industrials ETF, Rydex S&P Equal Weight Materials ETF, Rydex S&P Equal Weight Technology ETF, and Rydex S&P Equal Weight Utilities ETF (18 of the series constituting the Rydex ETF Trust) (the “Funds”) as of October 31, 2011, and the related statements of operations, statements of changes in net assets, and financial highlights for each of the years or periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
 
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2011, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.
 
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the above listed Funds at October 31, 2011, and the results of their operations, the changes in their net assets, and their financial highlights for each of the years or periods indicated therein, in conformity with U.S. generally accepted accounting principles.
 
-s- ERNST & YOUNG LLP
McLean, Virginia
December 23, 2011


 

188

 
SUPPLEMENTAL INFORMATION (Unaudited)
 
Federal Income Tax Information
 
For federal income tax purposes, the following information is furnished with respect to the distributions paid by the Funds during the year ended October 31, 2011:
 
                         
    Dividend Received
    Long Term Capital
    Qualified Income
 
    Deduction     Gains Distribution     Distribution  
 
Rydex S&P 500 Equal Weight ETF
    100.00 %   $     $ 50,481,158  
Rydex S&P MidCap 400 Equal Weight ETF
    100.00 %           8,435  
Rydex S&P SmallCap 600 Equal Weight ETF
    100.00 %           10,746  
Rydex Russell MidCap® Equal Weight ETF
    100.00 %           288,531  
Rydex Russell 1000® Equal Weight ETF
    100.00 %           223,473  
Rydex Russell 2000® Equal Weight ETF
    100.00 %           120,491  
Rydex MSCI EAFE Equal Weight ETF
    0.00 %           552,283  
Rydex MSCI Emerging Markets Equal Weight ETF
    0.00 %           179,945  
Rydex MSCI ACWI Equal Weight ETF
    11.89 %           115,392  
Rydex S&P 500 Equal Weight Consumer Discretionary ETF
    100.00 %           414,879  
Rydex S&P 500 Equal Weight Consumer Staples ETF
    100.00 %           517,699  
Rydex S&P 500 Equal Weight Energy ETF
    100.00 %           491,922  
Rydex S&P 500 Equal Weight Financials ETF
    100.00 %           271,621  
Rydex S&P 500 Equal Weight Health Care ETF
    100.00 %           476,803  
Rydex S&P 500 Equal Weight Industrials ETF
    100.00 %           800,368  
Rydex S&P 500 Equal Weight Materials ETF
    100.00 %           790,048  
Rydex S&P 500 Equal Weight Technology ETF
    100.00 %           1,206,129  
Rydex S&P 500 Equal Weight Utilities ETF
    100.00 %           995,340  
 
Proxy Voting Information
 
A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to securities held in the Funds’ portfolios is available, without charge and upon request, by calling 1-800-820-0888. This information is also available from the EDGAR database on the SEC’s website at http://www.sec.gov. Information regarding how the Funds voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, 2011 is also available, without charge and upon request, by (i) calling 1-800-820-0888; or accessing the Trust’s Form N-PX on the SEC’s website at, http://www.sec.gov.
 
Quarterly Portfolio Schedules Information
 
The Trust files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q; which are available on the SEC’s website at http://www.sec.gov. The Trust’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room inWashington, DC, and that information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. Copies of the portfolio holdings are also available to shareholders, without charge and upon request, by calling 1-800-820-0888.
 
 
Office Locations
The offices of Security Global Investors, LLC can be found in the following locations:
 
40 East 52nd Street
16th Floor
New York, NY 10022
(Headquarters)
 
 
Four Irvington Centre
805 King Farm Boulevard
Suite 600
Rockville, MD 20850


 

ANNUAL REPORT      189

 
SUPPLEMENTAL INFORMATION (Unaudited) (continued)
 
 
9401 Indian Creek Parkway
40 Corporate Woods
Suite 850
Overland Park, KS 66210
 
Guggenheim Transaction
 
On September 20, 2011, Guggenheim Capital, LLC agreed to purchase the indirect holding company of Security Investors, LLC, the Funds’ investment adviser (the “Investment Adviser”) (the “Transaction”). Guggenheim Capital, LLC’s subsidiary, Guggenheim Partners, LLC (“Guggenheim”), is a global, independent, privately-held, diversified financial services firm with more than 1,500 dedicated professionals.
 
The Transaction should not result in material changes to the day-to-day management and operations of the Funds or any increase in fees. The parties expect the Transaction to be completed in late 2011 or early 2012. However, it is subject to various conditions, and could be delayed or even terminated due to unforeseen circumstances.
 
In anticipation of the Transaction, the Boards of Trustees of the Funds (the “Boards”) have called special meetings of shareholders (the “Meetings”), at which shareholders of record of each of the Funds as of October 3, 2011 (October 13, 2011 with respect to the Funds that are series of Rydex ETF Trust) will be asked to consider the approval of new investment advisory agreements between the Funds and the Investment Adviser (the “New Advisory Agreements”). This is necessary because, under the Investment Company Act of 1940 (the “1940 Act”), the Transaction could result in the termination of the Funds’ current investment advisory agreements with the Investment Adviser (the “Current Agreements”). The terms of the New Agreements are substantially identical to the corresponding Current Agreements, except with respect to the date of execution.
 
Board Considerations in Approving the Investment Advisory Agreement
 
At an in-person meeting of the Rydex ETF Trust’s Board of Trustees held August 16-17, 2011, called for the purpose of, among other things, voting on the approval of investment advisory agreement applicable to the series of the Trust (collectively, the “Funds”), the Trust’s Board of Trustees, including the independent Trustees, unanimously approved the investment advisory agreement between the Trust and Security Investors, LLC (referred to herein as the “Adviser”).
 
At the meeting of August 16-17, 2011, the Trust’s Board of Trustees also considered a new investment advisory agreement that was required as a result of a proposed change in the corporate ownership structure of the Adviser (the “Transaction”). The Investment Company Act of 1940 (the “1940 Act”), the law that regulates mutual funds, including the Funds, requires that a fund’s investment advisory agreement terminate whenever there is deemed to be a “change in control” of the investment adviser. The change in the corporate ownership structure of the Adviser could potentially be deemed to constitute a “change in control” (as this term is used for regulatory purposes) of the Adviser. Before an investment advisory agreement terminates, a new investment advisory agreement must be in effect in order for the investment adviser to continue to manage the fund’s investments. For that reason, the Board of Trustees was asked to approve a new investment advisory agreement for the Funds.
 
At the meeting of August 16-17, 2011, the Board considered the new investment advisory agreement, pursuant to which, subject to approval by each Fund’s shareholders, the Adviser would continue to serve each Fund as investment adviser after the completion of the Transaction. At a special meeting of the Board held on September 14, 2011, the Board considered further information about the Transaction and voted in favor of the new investment advisory agreement.
 
In reaching the conclusion to approve the investment advisory agreement, the Trustees requested and obtained from the Adviser such information as the Trustees deemed reasonably necessary to evaluate the proposed agreement. The Trustees carefully evaluated this information and were advised by legal counsel with respect to their deliberations.
 
Prior to the Board meetings in August and September 2011, representatives of Guggenheim Capital informed the Board of the Transaction. With respect to the Transaction, the Board reviewed materials received from Guggenheim Capital, including information relating to the terms of the Transaction. The Board also reviewed information regarding Guggenheim Capital, including, but not limited to: (a) certain representations concerning Guggenheim Capital’s financial condition, (b) information regarding the new proposed ownership structure and its possible effect on shareholders, (c) information regarding the consideration to be paid by Guggenheim Capital, and (d) potential conflicts of interest.


 

190

 
SUPPLEMENTAL INFORMATION (Unaudited) (continued)
 
In considering the new investment advisory agreement, the Board determined that the agreement would enable shareholders of the Funds to continue to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of their shareholders. The Board, including the independent Trustees, unanimously approved the new agreement. In reaching their decision, the Trustees carefully considered information that they had received throughout the year as part of their regular oversight of the Funds, including, in particular, information from the Adviser that the Board had received relating to the current investment advisory agreement at the Board meeting of August 16-17, 2011. The Trustees noted that, at the meeting, they had obtained and reviewed a wide variety of information, including certain comparative information regarding performance of the Funds relative to performance of other comparable mutual funds. They also considered the evolution of the Rydex|SGI family of funds and the Adviser since the change in control of the Investment Adviser in 2010 and Guggenheim Capital’s commitment to the success of the Adviser and the Funds.
 
In addition, as a part of their required consideration of the renewal of the current investment advisory agreement at the meeting of August 16-17, 2011, the Trustees, including the independent Trustees, had evaluated a number of considerations, including among others: (a) the quality of the Advisers’ investment advisory and other services; (b) the Advisers’ investment management personnel; (c) the Advisers’ operations and financial condition; (d) the Advisers’ brokerage practices (including any soft dollar arrangements) and investment strategies; (e) the level of the fees that the Advisers charge compared with the fees charged to comparable mutual funds or accounts; (f) each Fund’s overall fees and operating expenses compared with similar mutual funds; (g) the level of the Advisers’ profitability from its Fund-related operations; (h) the Advisers’ compliance systems; (i) the Advisers’ policies on and compliance procedures for personal securities transactions; (j) the Advisers’ reputation, expertise and resources in the financial markets; and (k) Fund performance compared with similar mutual funds. Based on the Board’s deliberations at the meetings of August 16-17, 2011 and September 14, 2011, and its evaluation of the information regarding the Transaction and the fact that the Transaction is not expected to change the level and quality of services rendered by the Adviser to any of the Funds, the Board, including all of the independent Trustees, unanimously: (a) concluded that terms of the current and new investment advisory agreement are fair and reasonable; (b) concluded that the Adviser’s fees were reasonable in light of the services that they provide to the Funds; and (c) agreed to approve the current investment advisory agreement and, subject to shareholder approval, the new investment advisory agreement, based upon the following considerations, among others:
 
  •  Nature, Extent and Quality of Services Provided by the Adviser. At the meeting of August 16-17, 2011, the Board reviewed the scope of services to be provided by the Adviser under the current investment advisory agreement and, at the meetings of August 16-17, 2011 and September 14, 2011, noted that there would be no significant differences between the scope of services required to be provided by the Adviser under the current investment advisory agreement and the scope of services required to be provided by the Adviser under the new investment advisory agreement. The Board noted that the key investment and management personnel of the Adviser servicing the Funds are expected to remain the same following the Transaction. The Trustees also considered Guggenheim Capital’s representations to the Board that the Adviser would continue to provide investment and related services that were of materially the same quality and quantity as services provided to the Funds in the past, and that these services are appropriate in scope and extent in light of the Funds’ operations, the competitive landscape of the investment company business and investor needs.
 
  •  Fund Expenses and Performance of the Funds and the Adviser. At the meeting of August 16-17, 2011, the Board had reviewed statistical information prepared by the Adviser regarding the expense ratio components and performance of each Fund. Based on the representations made by Guggenheim Capital at the meeting that the Adviser would continue to operate following the closing of the Transaction in much the same manner as it currently operates, the Board concluded that the investment performance of the Adviser was not expected to be affected by the Transaction.
 
  •  Costs of Services Provided to the Funds and Profits Realized by the Adviser and its Affiliates. At the meeting of August 16-17, 2011, the Board had reviewed information about the profitability of the Funds to the Adviser based on the advisory fees payable under the current investment advisory agreement. At that meeting, the Board had also analyzed the Funds’ expenses, including the investment advisory fees paid to the Adviser. At the Board meeting, the Board considered the fact that the fee rates payable to the Adviser would be the same under each Fund’s new investment advisory agreement as they are under such Fund’s current agreement. With respect to anticipated profitability, the Board noted that it was too early to predict how the Transaction would affect the Adviser’s profitability with respect to the Funds, but noted that this matter would be given further consideration on an ongoing basis.
 
  •  Economies of Scale. In connection with its review of the Funds’ profitability analysis at the meeting of August 16-17, 2011, the Board reviewed information regarding economies of scale or other efficiencies that may result from increases in the Funds’ asset levels. The Trustees noted that the fees would not change under the new investment advisory agreement, and that no


 

ANNUAL REPORT      191

 
SUPPLEMENTAL INFORMATION (Unaudited) (concluded)
 
  additional economies of scale would be directly realized as a result of the Transaction. They also noted that they will have the opportunity to again review the appropriateness of the fees payable to the Adviser under the new agreement when the renewal of the new agreement comes before the Board.
 
  •  Other Benefits to the Adviser and/or its Affiliates. In addition to evaluating the services provided by the Adviser, the Board had considered the nature, extent, quality and cost of the distribution services performed by the Funds’ Distributor under a separate agreement at the meeting of August 16-17, 2011. The Board reviewed information regarding potential economies of scale arising from the integration of the asset management businesses of Guggenheim Capital. The Board also considered the terms of the Transaction and the changes to the corporate ownership structure of the Adviser, noting that the Adviser would no longer be a subsidiary of Security Benefit Corporation. In this regard, the Board noted that, under the corporate structure after the Transaction, the Adviser would be more closely controlled by Guggenheim Capital, which could benefit Guggenheim Capital. The Board also noted that the costs associated with the Transaction would be borne by Guggenheim Capital (or its affiliates) and not the Funds.
 
On the basis of the information provided to it and its evaluation of that information, the Board, including the independent Trustees, concluded that the terms of the investment advisory and investment sub-advisory agreements for the Funds were reasonable, and that approval of the current and new investment advisory agreement was in the best interests of the Funds.


 

192

 
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)
 
A Board of Trustees oversees the Trust, as well as other Trusts of SGI, in which its members have no stated term of service, and continue to serve after election until resignation. The Statement of Additional Information includes further information about Fund Trustees and Officers, and can be obtained without charge by calling 800.820.0888.
 
All Trustees and Officers may be reached c/o Security Global Investors, 805 King Farm Boulevard, Suite 600, Rockville, MD 20850.
 
INDEPENDENT TRUSTEES
 
             
    Length of Service
     
Name, Position and
  As Trustee
     
Year of Birth   (Year Began)   Number of Funds Overseen  
 
Corey A. Colehour
Trustee (1945)
  Rydex Series Funds – 1993
Rydex Variable Trust – 1998
Rydex Dynamic Funds – 1999
Rydex ETF Trust – 2003
    150  
             
 
Principal Occupations During Past Five Years: Retired; Member of the Audit and Governance and Nominating Committees (1995 to present)
 
J. Kenneth Dalton
Trustee (1941)
  Rydex Series Funds – 1995
Rydex Variable Trust – 1998
Rydex Dynamic Funds – 1999
Rydex ETF Trust – 2003
    150  
             
 
Principal Occupations During Past Five Years: Retired; Member of the Governance and Nominating Committees (1995 to present); Chairman of the Audit Committee (1997 to present); Member of the Risk Oversight Committee (2010 to present)
 
John O. Demaret
Trustee, Chairman of the
Board (1940)
  Rydex Series Funds – 1997
Rydex Variable Trust – 1998
Rydex Dynamic Funds – 1999
Rydex ETF Trust – 2003
    150  
             
 
Principal Occupations During Past Five Years: Retired; Member of the Audit Committee (1997 to present); Member of the Risk Oversight Committee (2010 to present)
 
Werner E. Keller
Trustee, Vice Chairman
of the Board (1940)
  Rydex Series Funds – 2005
Rydex Variable Trust – 2005
Rydex Dynamic Funds – 2005
Rydex ETF Trust – 2005
    150  
             
 
Principal Occupations During Past Five Years: Founder and President of Keller Partners, LLC (registered investment adviser) (2005 to present); Member of the Audit, Governance and Nominating Committees (2005 to present); Chairman and Member of the Risk Oversight Committee (2010 to present)
 
Thomas F. Lydon, Jr.
Trustee (1960)
  Rydex Series Funds – 2005
Rydex Variable Trust – 2005
Rydex Dynamic Funds – 2005
Rydex ETF Trust – 2005
    150  
             
 
Principal Occupations During Past Five Years: President, Global Trends Investments (1996 to present); Member of the Audit, Governance and Nominating Committees (2005 to present)
 
Patrick T. McCarville
Trustee (1942)
  Rydex Series Funds – 1997
Rydex Variable Trust – 1998
Rydex Dynamic Funds – 1999
Rydex ETF Trust – 2003
    150  
             
 
Principal Occupations During Past Five Years: Retired; CEO, Par Industries, Inc., d/b/a Par Leasing (1977 to 2010); Chairman of the Governance and Nominating Committees (1997 to present);Member of the Audit Committee (1997 to present)
 
Roger Somers
Trustee (1944)
  Rydex Series Funds – 1993
Rydex Variable Trust – 1998
Rydex Dynamic Funds – 1999
Rydex ETF Trust – 2003
    150  
             
 
Principal Occupations During Past Five Years: Founder and CEO of Arrow Limousine (1965 to present); Member of the Audit, Governance and Nominating Committees (1995 to present)
 


 

ANNUAL REPORT      193

 
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited) (continued)
 
EXECUTIVE OFFICERS
 
     
Name, Position and
   
Year of Birth   Principal Occupations During Past Five Years
 
Richard M. Goldman*
President (1961)
  Current: Senior Vice President, Security Benefit Corporation; CEO, Security Benefit Asset Management Holdings, LLC; CEO, President and Manager Representative, Security Investors, LLC; CEO and Manager, Rydex Holdings, LLC; CEO, President and Manager, Rydex Distributors, LLC; Manager, Rydex Fund Services, LLC; President and Trustee, Rydex Series Funds, Rydex ETF Trust, Rydex Dynamic Funds and Rydex Variable Trust
     
     
    Previous: Director, First Security Benefit Life Insurance Company (2007-2010); President and Director, Security Global Investors (2010-2011); CEO and Director, Rydex Advisors, LLC and Rydex Advisor II, LLC (2010); Director, Security Distributors, Inc. (2007-2009); Managing Member, R M Goldman Partners, LLC (2006-2007)
     
     
Michael P. Byrum*
Vice President (1970)
  Current: President, Security Benefit Asset Management Holdings, LLC; Senior Vice President, Security Investors, LLC; President and Chief Investment Officer, Rydex Holdings, LLC; Director and Chairman of the Board, Advisor Research Center, Inc.; Manager, Rydex Specialized Products, LLC
     
     
    Previous: Rydex Distributors, LLC (f/k/a Rydex Distributors, Inc.), Vice President (2009); Rydex Fund Services, LLC, Director (2009-2010), Secretary (2002-2010), Executive Vice President (2002-2006); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.), Director (2008-2010), Chief Investment Officer (2006-2010), President (2004-2010); Secretary (2002-2010); Rydex Advisors II, LLC (f/k/a PADCO Advisors II, Inc.), Director (2008-2010), Chief Investment Officer (2006-2010), President (2004-2010), Secretary (2002-2010); Rydex Capital Partners, LLC, (President and Secretary 2003-2007); Rydex Capital Partners II, LLC, (2003-2007); Rydex Holdings, LLC (f/k/a Rydex Holdings, Inc.), Secretary 2005-2008), Executive Vice President (2005-2006); Advisor Research Center, Inc., Secretary (2006-2009), Executive Vice President (2006); Rydex Specialized Products, LLC, Secretary (2005-2008)
     
     
Nikolaos Bonos*
Vice President and Treasurer (1963)
  Current: Senior Vice President, Security Investors, LLC; Chief Executive Officer and Manager, Rydex Specialized Products, LLC; Chief Executive Officer and President, Rydex Fund Services, LLC; Vice President, Rydex Holdings, LLC; Treasurer, SBL Fund; Security Equity Fund; Security Income Fund; Security Large Cap Value Fund and Security Mid Cap Growth Fund; Vice President, Security Benefit Asset Management Holdings, LLC
     
     
    Previous: Security Global Investors, LLC, Senior Vice President (2010-2011); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.) Senior Vice President (2006-2011); Rydex Fund Services, LLC (f/k/a Rydex Fund Services, Inc.), Director (2009) and Senior Vice President (2003-2006); Rydex Specialized Products, LLC, Chief Financial Officer (2005-2009)
     


 

194

 
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited) (concluded)
 
EXECUTIVE OFFICERS (concluded)
 
     
Name, Position and
   
Year of Birth   Principal Occupations During Past Five Years
 
Joanna M. Haigney*
Chief Compliance Officer and Secretary (1966)
  Current: Chief Compliance Officer and Secretary, SBL Fund; Security Equity Fund; Security Income Fund; Security Large Cap Value Fund and Security Mid Cap Growth Fund; Vice President, Rydex Holdings, LLC; Vice President, Security Benefit Asset Management Holdings, LLC; Senior Vice President and Chief Compliance Officer, Security Investors, LLC
     
     
    Previous: Security Global Investors, LLC, Senior Vice President (2010-2011); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.) and Rydex Advisors II, LLC (f/k/a PADCO Advisors II, Inc.), Chief Compliance Officer and Senior Vice President (2010-2011); Rydex Capital Partners I, LLC and Rydex Capital Partners II, LLC, Chief Compliance Officer (2006-2007); Rydex Fund Services, LLC (f/k/a Rydex Fund Services, Inc.), Vice President (2001-2006)
     
     
Keith A. Fletcher*
Vice President (1958)
  Current: Senior Vice President, Security Investors, LLC; Vice President, Rydex Holdings, LLC; Vice President, Rydex Specialized Products, LLC; Vice President, Rydex Distributors, LLC; Vice President, Rydex Fund Services, LLC; Vice President and Director, Advisor Research Center, Inc.; Vice President, SBL Fund; Security Equity Fund; Security Income Fund; Security Large Cap Value Fund and Security Mid Cap Growth Fund
     
     
    Previous: Security Global Investors, LLC, Vice President (2010-2011); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.) and Rydex Advisors II, LLC (f/k/a PADCO Advisors II, Inc.), Vice President (2009-2011); Lyster Watson and Company, Managing Director (2007-2008); Fletcher Financial Group, Inc., Chief Executive Officer (2004-2007)
     
     
Amy J. Lee*
Vice President and Assistant Secretary (1961)
  Current: Senior Vice President and Secretary, Security Investors, LLC; Secretary and Chief Compliance Officer, Security Distributors, Inc.; Vice President, Associate General Counsel and Assistant Secretary, Security Benefit Life Insurance Company and Security Benefit Corporation; Associate General Counsel, First Security Benefit Life Insurance and Annuity of New York; Vice President and Secretary, SBL Fund; Security Equity Fund; Security Income Fund; Security Large Cap Value Fund and Security Mid Cap Growth Fund; Vice President and Secretary, Rydex Holdings, LLC Secretary, Advisor Research Center, Inc., Rydex Specialized Products, LLC, Rydex Distributors, LLC and Rydex Fund Services, LLC; Assistant Secretary, Security Benefit Clinic and Hospital
     
     
    Previous: Security Global Investors, LLC, Senior Vice President and Secretary (2007-2011); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.) and Rydex Advisors II, LLC (f/k/a PADCO Advisors II, Inc.), Senior Vice President and Secretary (2010-2011); Brecek and Young Advisors, Inc., Director (2004-2008)
     
     
Joseph M. Arruda*
Assistant Treasurer (1966)
  Current: Assistant Treasurer, SBL Fund, Security Equity Fund, Security Income Fund, Security Large Cap Value Fund, and Security Mid Cap l Growth Fund; Vice President, Security Investors, LLC; Chief Financial Officer and Manager, Rydex Specialized Products, LLC
     
     
    Previous: Security Global Investors, LLC, Vice President (2010-2011); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.) and Rydex Advisors II, LLC (f/k/a PADCO Advisors II, Inc.), Vice President (2004-2011)
 
Officers of the Funds are deemed to be “interested persons” of the Trust, within the meaning of Section 2(a) (19) of the 1940 Act, inasmuch as this person is affiliated with Security Global Investors.


 

Rydex Funds, Rydex|SGI Funds, Rydex Investments, Rydex Distributors, Inc., Security Investors, LLC, Security Global Investors, LLC, Security Distributors, Inc. and Rydex Advisory Services (Collectively “Rydex”)
 
Our Commitment to You
 
When you become a Rydex|SGI investor, you entrust us with not only your hard-earned money but also with personal and financial information about you. We recognize that your relationship with us is based on trust and that you expect us to act responsibly and in your best interests. Because we have access to this private information about you, we hold ourselves to the highest standards in its safekeeping and use. This means, most importantly, that we do not sell client information to anyone — whether it is your personal information or if you are a current or former Rydex|SGI client.
 
The Information We Collect About You
 
In the course of doing business with shareholders and investors, we collect nonpublic personal information about you. You typically provide personal information when you complete a Rydex|SGI account application or when you request a transaction that involves Rydex and Rydex|SGI funds or one of the Rydex|SGI affiliated companies. “Nonpublic personal information” is personally identifiable private information about you. For example, it includes information regarding your name and address, Social Security or taxpayer identification number, assets, income, account balance, bank account information and investment activity (e.g., purchase and redemption history).
 
How We Handle Your Personal Information
 
As emphasized above, we do not sell information about current or former clients or their accounts to third parties. Nor do we share such information, except when necessary to complete transactions at your request or to make you aware of related investment products and services that we offer. Additional details about how we handle your personal information are provided below. To complete certain transactions or account changes that you direct, it may be necessary to provide identifying information to companies, individuals or groups that are not affiliated with Rydex|SGI. For example, if you ask to transfer assets from another financial institution to Rydex|SGI, we will need to provide certain information about you to that company to complete the transaction. To alert you to other Rydex|SGI investment products and services, we may share your information within the Rydex|SGI family of affiliated companies. This would include, for example, sharing your information within Rydex|SGI so we can make you aware of new Rydex and Rydex|SGI funds or the services offered through another Rydex|SGI affiliated company. In certain instances, we may contract with nonaffiliated companies to perform services for us. Where necessary, we will disclose information we have about you to these third parties. In all such cases, we provide the third party with only the information necessary to carry out its assigned responsibilities and only for that purpose. And we require these third parties to treat your private information with the same high degree of confidentiality that we do. In certain instances, we may share information with other financial institutions regarding individuals and entities in response to the U.S.A. Patriot Act. Finally, we will release information about you if you direct us to do so, if we are compelled by law to do so or in other circumstances permitted by law.
 
Opt Out Provisions
 
We do not sell your personal information to anyone. The law allows you to “opt out” of only certain kinds of information sharing with third parties. The firm does not share personal information about you with any third parties that triggers this opt-out right. This means YOU ARE ALREADY OPTED OUT.
 
How We Protect Privacy Online
 
Our concern for the privacy of our shareholders also extends to those who use our web site, www.rydex-sgi.com. Our web site uses some of the most secure forms of online communication available, including encryption technology, Secure Socket Layer (SSL) protocol, firewalls and user names and passwords. These technologies provide a high level of security and privacy when you access your account information or initiate online transactions. The Rydex|SGI web site offers customized features that require our use of “http cookies” — tiny pieces of information that we ask your browser to store. However, we make very limited use of these cookies.


 

We only use cookies for session management and security features on the Rydex|SGI web site. We do not use them to pull data from your hard drive, to learn your email address, or to view data in cookies created by other web sites. We will not share the information in our cookies or give others access to it. See the legal information area on our web site for more details about web site security and privacy features.
 
How We Safeguard Your Personal Information
 
We restrict access to nonpublic personal information about shareholders to our employees and in some cases to third parties (for example, the service providers described above) as permitted by law. We maintain strict physical, electronic and procedural safeguards that comply with federal standards to guard your nonpublic personal information.
 
We’ll Keep You Informed
 
As required by federal law, we will notify shareholders of our privacy policy annually. We reserve the right to modify this policy at any time, but rest assured that if we do change it, we will tell you promptly. You will also be able to access our privacy policy from our web site at www.rydex-sgi.com. Should you have any questions regarding our privacy policy, contact us at 800.820.0888 or 301.296.5100.


 

(RYDEX SGI LOGO)
 
805 KING FARM BLVD.
SUITE 600
ROCKVILLE, MD 20850
800.820.0888
www.rydex-sgi.com
 
 
ETF-ANN-1011X1012


 

October 31, 2011
RYDEX ETF TRUST ANNUAL REPORT
 
RYDEX RUSSELL TOP 50® ETF
 
RYDEX S&P 500 PURE VALUE ETF
 
RYDEX S&P 500 PURE GROWTH ETF
 
RYDEX S&P MIDCAP 400 PURE VALUE ETF
 
RYDEX S&P MIDCAP 400 PURE GROWTH ETF
 
RYDEX S&P SMALLCAP 600 PURE VALUE ETF
 
RYDEX S&P SMALLCAP 600 PURE GROWTH ETF
 
 
 
 
         
(RYDEX SGI LOGO)     (RYDEX SGI LOGO)  


 

ANNUAL REPORT      1

 
 TABLE OF CONTENTS
 
 
     
LETTER TO OUR SHAREHOLDERS
  2
     
FEES AND EXPENSES
  4
     
PREMIUM AND DISCOUNT INFORMATION
  5
     
MANAGER’S ANALYSIS
  6
     
PORTFOLIO SUMMARY
  7
     
SCHEDULES OF INVESTMENTS
  20
     
STATEMENTS OF ASSETS AND LIABILITIES
  37
     
STATEMENTS OF OPERATIONS
  39
     
STATEMENTS OF CHANGES IN NET ASSETS
  41
     
FINANCIAL HIGHLIGHTS
  45
     
NOTES TO FINANCIAL STATEMENTS
  52
     
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
  58
     
SUPPLEMENTAL INFORMATION
  59
     
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS
  63
     
RYDEX|SGI PRIVACY POLICIES
  66


 

2

 
LETTER TO OUR SHAREHOLDERS
 
To Our Shareholders:
 
The U.S. and European debt crises weighed down equity markets in the fall of 2011, but not enough to offset strong performance in the first half of the period that was spurred by the Fed’s quantitative easing (QE) program and a belief that the economic recovery was gaining traction. The broad market S&P 500 Index returned 8.09% over the 12 months ended October 31, 2011.
 
To achieve that performance, investors had to shrug off natural disasters, Mid East uprisings, volatile oil prices and sovereign debt issues. QEII ended in June, then Congress wrangled over the debt ceiling, and that led to the U.S. losing its triple-A debt rating in August.
 
As with many countries, the central bank of the U.S. was a major factor in the markets for most of the past year. Late in the third quarter, the Fed chairman said the “recovery is close to faltering,” and there was a risk of another recession unless the government took steps to increase growth. Recessionary fears plagued U.S. markets throughout the past 12 months, driven by weak housing demand despite record-low mortgage rates, consumer confidence that has ebbed for several months and job creation insufficient to keep up with population growth.
 
Recession was also a threat in Europe, as high unemployment and austerity measures weigh on weaker members of the euro zone, with a knock-on effect for the continent’s growth engines of Germany and France. A rising number of investors are bracing for an orderly default of Greece that may prevent financial problems from spreading to other weak countries or to banks, and stabilize the euro. Even though they were not at the eye of the sovereign debt storm, many emerging market economies also began weakening over the summer, fearing global recession and financial contagion. Investors are especially concerned about the stability of China’s banking system and whether inflation will ebb along with slowing growth.
 
While the market forces play out, many investors have been driven to the sidelines or to safe havens, including gold, which reached a high of near $1,900 an ounce in August, and the dollar. Further upward moves in the dollar are expected if the world economy continues to sputter. Sluggish economic data, concern over European financial weakness and the Fed’s policy efforts also drove investors into U.S. government debt over the course of 2011, driving up the price of debt maturing in 10 years or more, leading to historic low yields.
 
As we prepare for 2012, markets continue to be affected by consumer confidence, which remains low, and the unemployment rate, which remains high. Helping matters is lower inflation expectations, good retail sales, sound corporate balance sheets and manufacturing gauges that are improving, albeit slightly. The Fed remains accommodative and the Treasury yield curve is steep. A rebound in GDP to around 2% in the third quarter, fuel prices lower than in the spring and a stronger automotive sector may be enough to keep the U.S. recovery on course, even if modest, and counterbalance difficulties in Europe and Asia.
 
We are proud of the growth of ETF assets at Rydex|SGI, from $3.6 billion to $5.2 billion (about 44%) over the 12 months ended October 31, 2011, despite troubled markets. According to the Investment Company Institute (ICI), assets in ETFs in the U.S. were more than $1 trillion1 in October, up about 14% from the year earlier. There are now more than 1,000 ETFs in the U.S., 8 of them launched by Rydex|SGI in the past 12 months.
 
In September, Guggenheim Partners announced it is expanding its investment management capabilities under a single brand called Guggenheim Investments. This marks an alignment of several complementary acquisitions, including Rydex|SGI, into Guggenheim’s existing investment management business. Upon the change of ownership of Rydex|SGI, expected to be complete in Q1 2012, Guggenheim Investments will have total assets exceeding $115 billion*, with nearly 150 investment professionals. Guggenheim Investments will offer clients investment competencies across all major asset classes, including fixed income, equities and alternatives. In addition, with the integration of Rydex|SGI, Guggenheim Investments is projected to be included in the top ten of largest ETF providers globally.**
 
 
  1  ICI Exchange Traded Fund Assets, October 2011
 *  Asset figure is based upon the best available information as of 9/30/2011 and consists of assets under management and serviced assets of the various asset managers comprising Guggenheim Investments.
 ** Figures are comprised of Guggenheim Funds Investment Advisors, LLC, Claymore Investment, Inc. and Security Investors, LLC. ETF ranking based on BlackRock Global ETF report as of 9/30/2011 and Guggenheim analysis. Performance displayed represents past performance which is no guarantee of future results. Of course, fund performance is subject to daily market volatility and may be better or worse since the end of the last quarter. For up-to-date fund performance, call us at 800.820.0888 or visit www.rydex-sgi.com.


 

ANNUAL REPORT      3

 
LETTER TO OUR SHAREHOLDERS (concluded)
 
We look forward to continuing our service to you. Thank you for investing in our funds.
 
Sincerely,
 
-s- Michael Byrum
Michael Byrum
 
The opinions and forecasts expressed are those of Michael Byrum as of 10/31/2011, and may not actually come to pass. This information is subject to change at any time, based on market and other conditions, and should not be construed as a recommendation of any specific security or strategy.
 
S&P 500® Index is a capitalization-weighted index covering 500 industrial, utility, transportation and financial companies of the U.S. markets (mostly NYSE Euronext issues).
 
Read each fund’s prospectus and summary prospectus (if available) carefully before investing. It contains the fund’s investment objectives, risks, charges, expenses and other information, which should be considered carefully before investing. Obtain a prospectus and summary prospectus (if available) at www.rydex-sgi.com or call 800.820.0888
 
RydexïSGI funds are distributed by Rydex Distributors, LLC (RDL). Security Investors, LLC (SI) is a registered investment advisor, and does business as Security Global Investors® and Rydex Investments. SI and RDL are affiliates and are subsidiaries of Security Benefit Corporation, which is wholly owned by Guggenheim SBC Holdings, LLC, a special purpose entity managed by an affiliate of Guggenheim Partners, LLC, a diversified financial services firm with more than $100 billion in assets under supervision.


 

4

 
FEES AND EXPENSES
 
Shareholder Expense Example
As a shareholder of the Rydex ETF Trust, you incur transaction costs such as creation and redemption fees or brokerage charges, and ongoing costs including advisory fees, trustee fees and, if applicable, distribution fees. All other Trust expenses are paid by the advisor. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The example in the table is based on an investment of $1,000 invested on April 30, 2011 and held for the six months ended October 31, 2011.
 
Actual Expenses
The first table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first table under the heading entitled “Expenses Paid During the Six-Month Period” to estimate the expenses attributable to your investment during this period.
 
Hypothetical Example for Comparison Purposes
The second table below provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not a Fund’s actual return. Thus, you should not use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are provided to enable you to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
 
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as creation and redemption fees, or brokerage charges. Therefore, the second table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.
 
                                 
          Beginning
    Ending
    Expenses
 
          Account
    Account
    Paid During
 
    Expense
    Value
    Value
    Six-Month Period*
 
    Ratio     04/30/11     10/31/11     04/30/11 to 10/31/11  
Actual
                               
Rydex Russell Top 50® ETF
    0.20 %   $ 1,000.00     $ 947.30     $ 0.98  
Rydex S&P 500 Pure Value ETF
    0.35 %   $ 1,000.00     $ 887.20     $ 1.66  
Rydex S&P 500 Pure Growth ETF
    0.35 %   $ 1,000.00     $ 930.40     $ 1.70  
Rydex S&P MidCap 400 Pure Value ETF
    0.35 %   $ 1,000.00     $ 856.70     $ 1.64  
Rydex S&P MidCap 400 Pure Growth ETF
    0.35 %   $ 1,000.00     $ 919.10     $ 1.69  
Rydex S&P SmallCap 600 Pure Value ETF
    0.35 %   $ 1,000.00     $ 868.50     $ 1.65  
Rydex S&P SmallCap 600 Pure Growth ETF
    0.35 %   $ 1,000.00     $ 920.20     $ 1.69  
Hypothetical (assuming a 5% return before expenses)
                               
Rydex Russell Top 50® ETF
    0.20 %   $ 1,000.00     $ 1,024.20     $ 1.02  
Rydex S&P 500 Pure Value ETF
    0.35 %   $ 1,000.00     $ 1,023.44     $ 1.79  
Rydex S&P 500 Pure Growth ETF
    0.35 %   $ 1,000.00     $ 1,023.44     $ 1.79  
Rydex S&P MidCap 400 Pure Value ETF
    0.35 %   $ 1,000.00     $ 1,023.44     $ 1.79  
Rydex S&P MidCap 400 Pure Growth ETF
    0.35 %   $ 1,000.00     $ 1,023.44     $ 1.79  
Rydex S&P SmallCap 600 Pure Value ETF
    0.35 %   $ 1,000.00     $ 1,023.44     $ 1.79  
Rydex S&P SmallCap 600 Pure Growth ETF
    0.35 %   $ 1,000.00     $ 1,023.44     $ 1.79  
 
* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect one-half year period).


 

ANNUAL REPORT      5

 
PREMIUM AND DISCOUNT INFORMATION (Unaudited)
 
The tables that follow present information about the differences between the daily market price on secondary markets for shares of the Funds and each Fund’s Net Asset Value per share (“NAV”). The NAV is the price per share at which a Fund issues and redeems shares. It is calculated in accordance with the standard formula for valuing mutual fund shares. The “Market Price” of a Fund generally is determined using the midpoint between the highest bid and the lowest offer on the Exchange on which the Fund is listed for trading, as of the time the Fund’s NAV is calculated. A Fund’s Market Price may be at, above or below its NAV. The NAV of a Fund will fluctuate with changes in the market value of its portfolio holdings. The Market Price of a Fund will fluctuate in accordance with changes in its NAV, as well as market supply of and demand for shares of the Funds.
 
Premiums or discounts are the differences (generally expressed as a percentage) between the NAV and Market Price of a Fund on a given day, generally at the time NAV is calculated. A premium is the amount that a Fund is trading above the reported NAV, expressed as a positive percentage of the NAV. A discount is the amount that a Fund is trading below the reported NAV, expressed as a negative percentage of the NAV.
 
The following information shows the frequency distribution of premiums and discounts for the Funds. The information shown for each Fund is for the period from inception to October 31, 2011.
 
Each line in the table shows the number of trading days in which the Funds traded within the premium/discount range indicated. The number of trading days in each premium/discount range is also shown as a percentage of the total number of trading days in the period covered by the table. All data presented here represents past performance, which cannot be used to predict future results.
 
                                                         
    Number of Days  
       
                      Rydex
    Rydex
    Rydex
    Rydex
 
    Rydex
    Rydex
    Rydex
    S&P MidCap
    S&P MidCap
    S&P SmallCap
    S&P SmallCap
 
    Russell Top
    S&P 500 Pure
    S&P 500 Pure
    400 Pure
    400 Pure
    600 Pure
    600 Pure
 
Premium/Discount Range   50® ETF     Value ETF     Growth ETF     Value ETF     Growth ETF     Value ETF     Growth ETF  
   
 
Greater than 30%
    0       0       0       0       0       0       0  
Between 10.01% and 30%
    0       0       0       0       0       0       0  
Between 8.01% and 10%
    0       0       0       0       0       0       0  
Between 3.01% and 8%
    0       2       2       6       0       5       4  
Between 1.01% and 3%
    3       33       17       30       11       23       45  
Between .51% and 1%
    7       46       32       43       24       45       50  
Between .26% and .5%
    25       68       62       82       35       91       111  
Between 0% and .25%
    922       725       831       633       808       604       556  
Between -0.01% and -0.25%
    924       688       641       698       692       732       665  
Between -0.26% and -0.5%
    28       74       65       94       84       99       138  
Between -0.51% and -1%
    7       41       29       52       36       62       84  
Between -1.01% and -3%
    3       32       30       60       21       45       54  
Between -3.01% and -8%
    0       3       3       14       1       6       5  
Between -8.01% and -10%
    0       0       0       0       0       0       0  
Between -10.01% and -30%
    0       0       0       0       0       0       0  
Less than -30%
    0       0       0       0       0       0       0  
 
 
Total
    1,919       1,712       1,712       1,712       1,712       1,712       1,712  
 
                                                                 
    Percentage of Total Days  
       
                      Rydex
    Rydex
    Rydex
    Rydex
       
    Rydex
    Rydex
    Rydex
    S&P MidCap
    S&P MidCap
    S&P SmallCap
    S&P SmallCap
       
    Russell Top
    S&P 500 Pure
    S&P 500 Pure
    400 Pure
    400 Pure
    600 Pure
    600 Pure
       
Premium/Discount Range   50® ETF     Value ETF     Growth ETF     Value ETF     Growth ETF     Value ETF     Growth ETF        
   
 
Greater than 30%
    0.00 %     0.00 %     0.00 %     0.00 %     0.00 %     0.00 %     0.00 %        
Between 10.01% and 30%
    0.00 %     0.00 %     0.00 %     0.00 %     0.00 %     0.00 %     0.00 %        
Between 8.01% and 10%
    0.00 %     0.00 %     0.00 %     0.00 %     0.00 %     0.00 %     0.00 %        
Between 3.01% and 8%
    0.00 %     0.12 %     0.12 %     0.35 %     0.00 %     0.29 %     0.23 %        
Between 1.01% and 3%
    0.16 %     1.93 %     0.99 %     1.75 %     0.64 %     1.34 %     2.63 %        
Between .51% and 1%
    0.36 %     2.69 %     1.87 %     2.51 %     1.40 %     2.63 %     2.92 %        
Between .26% and .5%
    1.30 %     3.97 %     3.62 %     4.79 %     2.04 %     5.32 %     6.49 %        
Between 0% and .25%
    48.05 %     42.35 %     48.54 %     36.97 %     47.20 %     35.28 %     32.48 %        
Between -0.01% and -0.25%
    48.15 %     40.19 %     37.44 %     40.77 %     40.42 %     42.76 %     38.84 %        
Between -0.26% and -0.5%
    1.46 %     4.32 %     3.80 %     5.49 %     4.91 %     5.78 %     8.06 %        
Between -0.51% and -1%
    0.36 %     2.39 %     1.69 %     3.04 %     2.10 %     3.62 %     4.91 %        
Between -1.01% and -3%
    0.16 %     1.87 %     1.75 %     3.51 %     1.23 %     2.63 %     3.15 %        
Between -3.01% and -8%
    0.00 %     0.17 %     0.18 %     0.82 %     0.06 %     0.35 %     0.29 %        
Between -8.01% and -10%
    0.00 %     0.00 %     0.00 %     0.00 %     0.00 %     0.00 %     0.00 %        
Between -10.01% and -30%
    0.00 %     0.00 %     0.00 %     0.00 %     0.00 %     0.00 %     0.00 %        
Less than -30%
    0.00 %     0.00 %     0.00 %     0.00 %     0.00 %     0.00 %     0.00 %        
 
 
Total
    100.00 %     100.00 %     100.00 %     100.00 %     100.00 %     100.00 %     100.00 %        


 

6

 
RYDEX RUSSELL TOP 50® ETF
MANAGER’S ANALYSIS (Unaudited)
 
Rydex Russell Top 50® ETF (XLG) finished the one-year period ended October 31, 2011, at 7.80%, compared with the Russell Top 50® Total Return Index* benchmark, which returned 8.05% for the same period. During the period, Rydex Russell Top 50® ETF achieved over 99% correlation to its benchmark on a daily basis. The Energy sector (21%) was the largest contributor to performance, followed by Information Technology (11%). The Financials sector (-11.50%) was the largest detractor to performance.
 
The mega-cap Russell Top 50® Total Return Index performed in-line with the S&P 500 Total Return Index during the period. The slight underperformance of the Russell Top 50® Total Return Index was mainly due to weaker performance of mega-cap Financials stocks relative to Financials stocks in the S&P 500. The sector in each index was about the same weight, but performance of the Top 50 was -11%, compared with a -5% loss in the S&P 500.
 
The top contributors to the Fund’s return were Exxon Mobil Corp. and Apple, Inc., and the largest detractors were Cisco Systems, Inc. and Citigroup, Inc.
 
Large-cap stocks generally underperformed both their mid-cap and small-cap counterparts. Large cap stocks, as represented by the S&P 500, returned half a percentage point less than mid-cap stocks and two percentage points less than small cap stocks, as represented by the S&P MidCap 400 and SmallCap 600, respectively.
 
*The Russell Top 50® Total Return Index is an unmanaged equal-weighted version comprised of the 50 largest companies in the Russell 3000® Index, which is an unmanaged capitalization-weighted index that offers investors access to the broad U.S. equity universe representing approximately 98% of the U.S. equity market.
 
Cumulative Fund Performance: May 4, 2005 – October 31, 2011
 
                         
    Rydex Russell
    Russell Top
    S&P 100
 
    Top 50
    50 Total
    Total Return
 
   
ETF
   
Return Index
   
Index
 
5/4/2005
    10000       10000       10000  
5/31/2005
    10116       10118       10088  
6/30/2005
    9963       9966       9989  
7/31/2005
    10184       10189       10263  
8/31/2005
    10108       10114       10142  
9/30/2005
    10162       10171       10196  
10/31/2005
    10036       10043       10027  
11/30/2005
    10364       10375       10381  
12/31/2005
    10285       10297       10312  
1/31/2006
    10424       10439       10482  
2/28/2006
    10457       10472       10550  
3/31/2006
    10536       10555       10691  
4/30/2006
    10667       10689       10856  
5/31/2006
    10393       10417       10618  
6/30/2006
    10409       10434       10601  
7/31/2006
    10676       10706       10782  
8/31/2006
    10978       11010       11061  
9/30/2006
    11270       11307       11405  
10/31/2006
    11659       11702       11795  
11/30/2006
    11863       11909       12001  
12/31/2006
    12123       12172       12216  
1/31/2007
    12214       12266       12350  
2/28/2007
    11758       11806       11960  
3/31/2007
    11886       11937       12087  
4/30/2007
    12436       12503       12673  
5/31/2007
    12828       12902       13117  
6/30/2007
    12600       12671       12953  
7/31/2007
    12346       12415       12650  
8/31/2007
    12617       12689       12902  
9/30/2007
    13105       13189       13432  
10/31/2007
    13287       13374       13635  
11/30/2007
    12757       12841       13061  
12/31/2007
    12685       12772       12964  
1/31/2008
    11894       11972       12178  
2/29/2008
    11339       11414       11654  
3/31/2008
    11382       11457       11676  
4/30/2008
    11875       11958       12212  
5/31/2008
    11804       11885       12209  
6/30/2008
    10788       10842       11123  
7/31/2008
    10834       10893       11199  
8/31/2008
    10990       11052       11360  
9/30/2008
    10339       10394       10496  
10/31/2008
    8913       8958       8964  
11/30/2008
    8414       8456       8388  
12/31/2008
    8405       8448       8386  
1/31/2009
    7576       7612       7618  
2/28/2009
    6849       6874       6810  
3/31/2009
    7433       7466       7393  
4/30/2009
    7932       7970       7970  
5/31/2009
    8407       8450       8418  
6/30/2009
    8462       8509       8474  
7/31/2009
    9029       9083       9093  
8/31/2009
    9283       9341       9404  
9/30/2009
    9540       9602       9688  
10/31/2009
    9479       9542       9583  
11/30/2009
    10040       10110       10174  
12/31/2009
    10103       10176       10256  
1/31/2010
    9718       9788       9890  
2/28/2010
    9917       9991       10136  
3/31/2010
    10473       10555       10728  
4/30/2010
    10550       10634       10850  
5/31/2010
    9663       9739       9927  
6/30/2010
    9179       9248       9430  
7/31/2010
    9782       9859       10110  
8/31/2010
    9326       9399       9633  
9/30/2010
    10083       10168       10437  
10/31/2010
    10448       10538       10827  
11/30/2010
    10342       10432       10787  
12/31/2010
    11037       11141       11538  
1/31/2011
    11309       11418       11826  
2/28/2011
    11642       11757       12198  
3/31/2011
    11571       11686       12148  
4/30/2011
    11889       12011       12485  
5/31/2011
    11710       11831       12290  
6/30/2011
    11500       11621       12102  
7/31/2011
    11429       11551       11964  
8/31/2011
    10896       11013       11342  
9/30/2011
    10316       10426       10639  
10/31/2011
    11263       11387       11697  
 
(PERFORMANCE GRAPH)
 
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2011
 
                 
                Since Inception
    One Year   Three Year   Five Year   (05/04/05)
 
Rydex Russell Top 50® ETF
  7.80%   8.11%   -0.69%   1.85%
Russell Top 50® Total Return Index
  8.05%   8.33%   -0.54%   2.02%
S&P 100 Total Return Index
  8.03%   9.28%   -0.17%   2.44%
 
The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Performance displayed represents past performance, which is no guarantee of future results.
 
Fund performance is subject to daily market volatility and may be better or worse since the end of the last quarter. For up-to-date fund performance, call 800.820.0888 or visit www.rydex-sgi.com.


 

ANNUAL REPORT      7

 
RYDEX RUSSELL TOP 50® ETF
PORTFOLIO SUMMARY (Unaudited) As of October 31, 2011
 
Top 10 Holdings*
 
         
   Description   % of Net Assets  
 
 
EXXON MOBIL CORP.
    6.89 %
APPLE, INC.
    6.70 %
INTERNATIONAL BUSINESS MACHINES CORP.
    4.00 %
CHEVRON CORP.
    3.78 %
MICROSOFT CORP.
    3.54 %
PROCTER & GAMBLE CO.(THE)
    3.20 %
GENERAL ELECTRIC CO.
    3.17 %
JOHNSON & JOHNSON, INC.
    3.16 %
AT&T, INC.
    3.11 %
PFIZER, INC.
    2.72 %
 
 
 
Sector Allocations*
 
(PIE CHART)
 
The Fund’s Top Ten Holdings are expressed as a percentage of net assets and the Sector Allocations are expressed as a percentage of the Fund’s investments market value. These percentages may change over time.


 

8

 
RYDEX S&P 500 PURE VALUE ETF
MANAGER’S ANALYSIS (Unaudited)
 
For the one-year period ended October 31, 2011, Rydex S&P 500 Pure Value ETF (RPV) returned 10.84%. Over the year, its benchmark, the S&P 500 Pure Value Total Return Index*, posted a return of 11.23%. For the period, RPV achieved a correlation of over 99% to its benchmark of the daily price movement of the S&P 500 Pure Value Total Return Index. The Energy sector (35.61% return) was the largest contributor to performance during the period, followed by Health Care (34.44%). The sectors detracting from performance were lightly weighted Telecommunication Services (-33.27%) and Information Technology (-11.05%).
 
Stocks contributing the most to return were Constellation Energy Group, Inc. and Tesoro Corp., while Hartford Financial Services Group, Inc. and Computer Sciences Corp. were the largest detractors from performance.
 
From a style perspective, growth pure-style indices outperformed corresponding value pure-style indices at each cap size (with the greatest differential in mid-caps). Within the value pure-style space, large-cap value stocks outperformed mid-cap value stocks and small-cap value stocks.
 
The 11.23% return of the S&P 500 Pure Value Total Return Index outperformed both the S&P 500 Value Total Return Index* (5.62%) and the broad S&P 500 Total Return Index* (8.09%) for the year.
 
*The S&P 500 Value Total Return Index consists of value companies in the Standard & Poor’s 500 Index (S&P 500), which is a capitalization-weighted index covering 500 industrial, utility, transportation and financial companies of the U.S. markets (mostly NYSE Euronext issues). The S&P 500 Pure Value Total Return Index is narrow in focus, containing only those S&P 500 companies with strong value characteristics as selected by S&P.
 
Cumulative Fund Performance: March 1, 2006 – October 31, 2011
 
                         
          S&P 500
       
    Rydex S&P
    Pure Value
    S&P 500
 
    500 Pure
    Total Return
    Value Total
 
   
Value ETF
   
Index
   
Return Index
 
3/1/2006
    10000       10000       10000  
3/31/2006
    10070       10070       10077  
4/30/2006
    10378       10382       10357  
5/31/2006
    10218       10218       10104  
6/30/2006
    10315       10323       10138  
7/31/2006
    10264       10273       10240  
8/31/2006
    10435       10450       10396  
9/30/2006
    10622       10640       10673  
10/31/2006
    11027       11053       11029  
11/30/2006
    11287       11317       11227  
12/31/2006
    11481       11519       11497  
1/31/2007
    11733       11775       11700  
2/28/2007
    11784       11831       11502  
3/31/2007
    11922       11972       11651  
4/30/2007
    12335       12392       12140  
5/31/2007
    12683       12748       12604  
6/30/2007
    12465       12529       12345  
7/31/2007
    11731       11793       11860  
8/31/2007
    11697       11765       12019  
9/30/2007
    11812       11881       12393  
10/31/2007
    11888       11961       12523  
11/30/2007
    11315       11396       11914  
12/31/2007
    11009       11094       11727  
1/31/2008
    11253       11345       11318  
2/29/2008
    10078       10151       10728  
3/31/2008
    9729       9796       10678  
4/30/2008
    10063       10137       11076  
5/31/2008
    9944       10020       11089  
6/30/2008
    8430       8498       9846  
7/31/2008
    8494       8566       9979  
8/31/2008
    8917       8996       10113  
9/30/2008
    8293       8362       9356  
10/31/2008
    6450       6495       7756  
11/30/2008
    5578       5615       7060  
12/31/2008
    5720       5783       7127  
1/31/2009
    4803       4853       6261  
2/28/2009
    3772       3808       5442  
3/31/2009
    4282       4322       5979  
4/30/2009
    5646       5710       6639  
5/31/2009
    6360       6439       7062  
6/30/2009
    6180       6257       7026  
7/31/2009
    6965       7068       7618  
8/31/2009
    7983       8110       8033  
9/30/2009
    8551       8696       8287  
10/31/2009
    7978       8114       7987  
11/30/2009
    8372       8517       8487  
12/31/2009
    8808       8976       8636  
1/31/2010
    8841       9012       8462  
2/28/2010
    9144       9326       8695  
3/31/2010
    9956       10158       9249  
4/30/2010
    10356       10571       9423  
5/31/2010
    9488       9687       8676  
6/30/2010
    8803       8984       8179  
7/31/2010
    9404       9605       8758  
8/31/2010
    8769       8957       8349  
9/30/2010
    9631       9843       8995  
10/31/2010
    9786       10004       9228  
11/30/2010
    9805       10026       9185  
12/31/2010
    10794       11045       9940  
1/31/2011
    11119       11381       10262  
2/28/2011
    11618       11894       10640  
3/31/2011
    11746       12029       10617  
4/30/2011
    12228       12528       10886  
5/31/2011
    12160       12461       10687  
6/30/2011
    11871       12170       10461  
7/31/2011
    11247       11531       10088  
8/31/2011
    10517       10785       9464  
9/30/2011
    9620       9864       8755  
10/31/2011
    10847       11130       9746  
 
(PERFORMANCE GRAPH)
 
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2011
 
                 
                Since Inception
    One Year   Three Year   Five Year   (03/01/06)
 
Rydex S&P 500 Pure Value ETF
  10.84%   18.93%   -0.33%   1.44%
S&P 500 Pure Value Total Return Index
  11.23%   19.66%   0.13%   1.91%
S&P 500 Value Total Return Index
  5.62%   7.91%   -2.44%   -0.45%
 
The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Performance displayed represents past performance, which is no guarantee of future results.
 
Fund performance is subject to daily market volatility and may be better or worse since the end of the last quarter. For up-to-date fund performance, call 800.820.0888 or visit www.rydex-sgi.com.


 

ANNUAL REPORT      9

 
RYDEX S&P 500 PURE VALUE ETF
PORTFOLIO SUMMARY (Unaudited) As of October 31, 2011
 
Top 10 Holdings*
 
         
   Description   % of Net Assets  
 
 
CONSTELLATION ENERGY GROUP, INC.
    2.95 %
TESORO CORP.
    2.60 %
DEAN FOODS CO.
    2.44 %
COVENTRY HEALTH CARE, INC.
    2.21 %
SUPERVALU, INC.
    2.17 %
SEARS HOLDINGS CORP.
    2.14 %
HUMANA, INC.
    2.11 %
VALERO ENERGY CORP.
    2.09 %
NRG ENERGY, INC.
    1.97 %
TYSON FOODS, INC. — CLASS A
    1.92 %
 
 
 
Sector Allocations*
 
(PIE CHART)
 
The Fund’s Top Ten Holdings are expressed as a percentage of net assets and the Sector Allocations are expressed as a percentage of the Fund’s investments market value. These percentages may change over time.


 

10

 
RYDEX S&P 500 PURE GROWTH ETF
MANAGER’S ANALYSIS (Unaudited)
 
For the one-year period ended October 31, 2011, Rydex S&P 500 Pure Growth ETF (RPG) returned 11.06%. Over the year, its benchmark, the S&P 500 Pure Growth Total Return Index*, turned in a return of 11.57%. For the period, RPG achieved over 99% correlation to its benchmark on a daily basis. Consumer Discretionary was by far the sector contributing most to performance, returning 19.30% during the period, followed by Energy (18.39%). Telecommunication Services returned -5.87%, the only sector to detract from performance for the year.
 
Stocks contributing the most to return were Priceline.com, Inc. and Intuitive Surgical, Inc., while F5 Networks, Inc. and Tenet Healthcare Corp. were the largest detractors from performance.
 
From a style perspective, growth pure-style indices outperformed corresponding value pure-style indices at each cap size (with the greatest differential in mid-caps). Within the growth pure-style space, mid-cap value stocks outperformed large-cap value stocks and small-cap value stocks.
 
The S&P 500 Pure Growth Total Return Index (11.57%) slightly outperformed the S&P 500 Growth Total Return Index* (10.43%) and by a larger margin beat the broad S&P 500 Total Return Index* (8.09%) for the year.
 
*The S&P 500 Growth Total Return Index consists of growth companies in the Standard & Poor’s 500 Index (S&P 500), which is a capitalization-weighted index covering 500 industrial, utility, transportation and financial companies of the U.S. markets (mostly NYSE Euronext issues). The S&P 500 Pure Growth Total Return Index is narrow in focus, containing only those S&P 500 companies with strong growth characteristics as selected by S&P.
 
Cumulative Fund Performance: March 1, 2006 – October 31, 2011
 
                         
          S&P 500
       
    Rydex S&P
    Pure Growth
    S&P 500
 
    500 Pure
    Total Return
    Growth Total
 
   
Growth ETF
   
Index
   
Return Index
 
3/1/2006
    10000       10000       10000  
3/31/2006
    10058       10062       10002  
4/30/2006
    9974       9977       9994  
5/31/2006
    9567       9572       9663  
6/30/2006
    9553       9563       9656  
7/31/2006
    9404       9419       9677  
8/31/2006
    9701       9720       9993  
9/30/2006
    9963       9987       10242  
10/31/2006
    10277       10305       10567  
11/30/2006
    10484       10516       10780  
12/31/2006
    10452       10486       10820  
1/31/2007
    10714       10754       10955  
2/28/2007
    10604       10645       10711  
3/31/2007
    10652       10698       10810  
4/30/2007
    11124       11177       11316  
5/31/2007
    11422       11481       11671  
6/30/2007
    11260       11319       11526  
7/31/2007
    10804       10866       11270  
8/31/2007
    10845       10912       11456  
9/30/2007
    11306       11379       11960  
10/31/2007
    11592       11667       12216  
11/30/2007
    11101       11166       11787  
12/31/2007
    11115       11183       11808  
1/31/2008
    10320       10386       10819  
2/29/2008
    10229       10296       10678  
3/31/2008
    10127       10196       10636  
4/30/2008
    10741       10822       11269  
5/31/2008
    11025       11114       11538  
6/30/2008
    10243       10322       10855  
7/31/2008
    9990       10069       10561  
8/31/2008
    10140       10223       10724  
9/30/2008
    8970       9043       9635  
10/31/2008
    7187       7245       8044  
11/30/2008
    6545       6593       7596  
12/31/2008
    6768       6823       7684  
1/31/2009
    6416       6469       7308  
2/28/2009
    5885       5934       6685  
3/31/2009
    6421       6478       7209  
4/30/2009
    7389       7459       7810  
5/31/2009
    7845       7921       8195  
6/30/2009
    7823       7901       8262  
7/31/2009
    8407       8493       8825  
8/31/2009
    8671       8764       8999  
9/30/2009
    9299       9401       9382  
10/31/2009
    9156       9259       9360  
11/30/2009
    9705       9818       9900  
12/31/2009
    10167       10292       10110  
1/31/2010
    9543       9656       9590  
2/28/2010
    10143       10268       9920  
3/31/2010
    10891       11035       10485  
4/30/2010
    11085       11235       10618  
5/31/2010
    10243       10384       9764  
6/30/2010
    9541       9673       9302  
7/31/2010
    10283       10429       9947  
8/31/2010
    10044       10189       9514  
9/30/2010
    11329       11497       10477  
10/31/2010
    12041       12225       11002  
11/30/2010
    12467       12661       11054  
12/31/2010
    12925       13138       11632  
1/31/2011
    13149       13371       11811  
2/28/2011
    13674       13911       12186  
3/31/2011
    13876       14119       12222  
4/30/2011
    14375       14630       12635  
5/31/2011
    14328       14588       12578  
6/30/2011
    14221       14485       12422  
7/31/2011
    13943       14208       12349  
8/31/2011
    13091       13343       11763  
9/30/2011
    11845       12073       10986  
10/31/2011
    13371       13637       12149  
 
(PERFORMANCE GRAPH)
 
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2011
 
                 
                Since Inception
    One Year   Three Year   Five Year   (03/01/06)
 
Rydex S&P 500 Pure Growth ETF
  11.06%   23.00%   5.41%   5.26%
S&P 500 Pure Growth Total Return Index
  11.57%   23.46%   5.76%   5.62%
S&P 500 Growth Total Return Index
  10.43%   14.74%   2.83%   3.49%
 
The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Performance displayed represents past performance, which is no guarantee of future results.
 
Fund performance is subject to daily market volatility and may be better or worse since the end of the last quarter. For up-to-date fund performance, call 800.820.0888 or visit www.rydex-sgi.com.


 

ANNUAL REPORT      11

 
RYDEX S&P 500 PURE GROWTH ETF
PORTFOLIO SUMMARY (Unaudited) As of October 31, 2011
 
Top 10 Holdings*
 
         
   Description   % of Net Assets  
 
 
CHIPOTLE MEXICAN GRILL, INC.
    2.15 %
APPLE, INC.
    1.98 %
PRICELINE.COM, INC.
    1.92 %
AMAZON.COM, INC.
    1.85 %
COACH, INC.
    1.65 %
COGNIZANT TECHNOLOGY SOLUTIONS CORP. — CLASS A
    1.59 %
RED HAT, INC.
    1.57 %
INTUITIVE SURGICAL, INC.
    1.55 %
BIOGEN IDEC, INC.
    1.41 %
WHOLE FOODS MARKET, INC.
    1.41 %
 
 
 
Sector Allocations*
 
         
Consumer Discretionary
    32.10  
Information Technology
    27.60  
Health Care
    16.50  
Industrials
    5.90  
Energy
    5.60  
Materials
    4.90  
Consumer Staples
    3.80  
Financials
    2.60  
Telecommunication Services
    1.00  
 
(PIE CHART)
 
The Fund’s Top Ten Holdings are expressed as a percentage of net assets and the Sector Allocations are expressed as a percentage of the Fund’s investments market value. These percentages may change over time.


 

12

 
RYDEX S&P MIDCAP 400 PURE VALUE ETF
MANAGER’S ANALYSIS (Unaudited)
 
For the one-year period ended October 31, 2011, Rydex S&P MidCap 400 Pure Value ETF (RFV) returned 2.03%. Over the year, its benchmark, the S&P MidCap 400 Pure Value Total Return Index*, posted a 2.54% return. RFV achieved over 99% correlation to its benchmark on a daily basis. Utilities (24.50%) and Consumer Staples (26.29%) were the biggest contributors to performance. Several sectors detracted from performance of the fund, led by Health Care (-2.59% return) and Information Technology (-2.37%).
 
The stocks contributing the most to return for the fund were PNM Resources, Inc. and Smithfield Foods, Inc., while Kindred Healthcare, Inc. and CoreLogic, Inc. were the biggest detractors.
 
From a style perspective, growth pure-style indices outperformed corresponding value pure-style indices at each cap size (with the greatest differential in mid-caps). Within the value pure-style space, mid-cap value stocks underperformed both large-cap value stocks and small-cap value stocks.
 
The S&P MidCap 400 Pure Value Total Return Index (2.54%) underperformed both the S&P MidCap 400 Value Total Return Index* (4.91%) and the broader S&P MidCap 400 Total Return Index* (8.55%) for the year.
 
*The S&P MidCap 400 Total Return Index measures the performance of the mid capitalization sector of the U.S. equity market. S&P MidCap 400 Value Total Return Index consists of value companies of the S&P MidCap 400. The S&P MidCap 400 Pure Value Total Return Index is narrow in focus, containing only those S&P MidCap 400 companies with strong value characteristics as selected by S&P.
 
Cumulative Fund Performance: March 1, 2006 – October 31, 2011
 
                         
    Rydex S&P
    S&P MidCap
    S&P MidCap
 
    MidCap 400
    400 Pure
    400 Value
 
    Pure Value
    Value Total
    Total Return
 
   
ETF
   
Return Index
   
Index
 
3/1/2006
    10000       10000       10000  
3/31/2006
    9997       10002       10127  
4/30/2006
    10181       10187       10339  
5/31/2006
    9886       9894       9926  
6/30/2006
    10067       10079       9922  
7/31/2006
    9911       9926       9701  
8/31/2006
    10089       10107       9845  
9/30/2006
    10123       10145       9866  
10/31/2006
    10646       10674       10311  
11/30/2006
    11052       11084       10627  
12/31/2006
    11156       11198       10642  
1/31/2007
    11572       11617       10996  
2/28/2007
    11704       11755       11129  
3/31/2007
    11773       11827       11246  
4/30/2007
    12055       12114       11563  
5/31/2007
    12472       12539       12067  
6/30/2007
    12102       12167       11747  
7/31/2007
    11337       11402       11174  
8/31/2007
    11373       11441       11255  
9/30/2007
    11408       11481       11450  
10/31/2007
    11706       11778       11648  
11/30/2007
    11025       11049       10980  
12/31/2007
    10803       10840       10923  
1/31/2008
    10975       11013       10366  
2/29/2008
    10220       10237       10033  
3/31/2008
    10067       10067       9980  
4/30/2008
    10608       10614       10710  
5/31/2008
    10777       10788       11205  
6/30/2008
    9280       9287       10210  
7/31/2008
    9574       9588       10176  
8/31/2008
    9949       9966       10389  
9/30/2008
    9425       9441       9502  
10/31/2008
    6818       6826       7433  
11/30/2008
    6047       6047       6775  
12/31/2008
    6173       6224       7114  
1/31/2009
    5188       5227       6506  
2/28/2009
    4274       4301       5770  
3/31/2009
    4826       4863       6253  
4/30/2009
    6392       6448       7236  
5/31/2009
    6781       6842       7375  
6/30/2009
    6721       6780       7427  
7/31/2009
    7878       7954       8125  
8/31/2009
    8844       8939       8566  
9/30/2009
    9240       9340       9021  
10/31/2009
    8410       8502       8512  
11/30/2009
    9108       9213       8892  
12/31/2009
    9774       9908       9514  
1/31/2010
    9673       9808       9273  
2/28/2010
    10238       10385       9723  
3/31/2010
    11114       11280       10348  
4/30/2010
    11579       11755       10838  
5/31/2010
    10622       10783       10007  
6/30/2010
    9438       9583       9324  
7/31/2010
    10104       10265       9967  
8/31/2010
    9448       9598       9430  
9/30/2010
    10510       10686       10394  
10/31/2010
    10827       11011       10705  
11/30/2010
    11172       11367       10852  
12/31/2010
    11978       12206       11681  
1/31/2011
    12267       12504       11988  
2/28/2011
    12718       12968       12489  
3/31/2011
    12836       13094       12721  
4/30/2011
    12893       13157       12971  
5/31/2011
    12840       13107       12754  
6/30/2011
    12419       12681       12441  
7/31/2011
    11866       12116       11946  
8/31/2011
    10880       11113       11056  
9/30/2011
    9758       9966       9835  
10/31/2011
    11048       11288       11231  
 
(PERFORMANCE GRAPH)
 
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2011
 
                 
                Since Inception
    One Year   Three Year   Five Year   (03/01/06)
 
Rydex S&P MidCap 400 Pure Value ETF
  2.03%   17.45%   0.74%   1.77%
S&P MidCap 400 Pure Value Total Return Index
  2.54%   18.26%   1.12%   2.16%
S&P MidCap 400 Value Total Return Index
  4.91%   14.75%   1.72%   2.07%
 
The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Performance displayed represents past performance, which is no guarantee of future results.
 
Fund performance is subject to daily market volatility and may be better or worse since the end of the last quarter. For up-to-date fund performance, call 800.820.0888 or visit www.rydex-sgi.com.


 

ANNUAL REPORT      13

 
RYDEX S&P MIDCAP 400 PURE VALUE ETF
PORTFOLIO SUMMARY (Unaudited) As of October 31, 2011
 
Top 10 Holdings*
 
         
   Description   % of Net Assets  
 
 
OMNICARE, INC.
    2.85 %
PNM RESOURCES, INC.
    2.79 %
TECH DATA CORP.
    2.55 %
SMITHFIELD FOODS, INC.
    2.40 %
INGRAM MICRO, INC. — CLASS A
    2.33 %
KEMPER CORP.
    2.16 %
CORELOGIC, INC.
    2.13 %
FIRST AMERICAN FINANCIAL CORP.
    2.11 %
BARNES & NOBLE, INC.
    2.06 %
ARROW ELECTRONICS, INC.
    2.05 %
 
 
 
Sector Allocations*
 
         
Financials
    24.90  
Consumer Discretionary
    13.70  
Information Technology
    12.20  
Industrials
    11.80  
Utilities
    11.00  
Health Care
    9.30  
Consumer Staples
    6.70  
Materials
    6.10  
Energy
    3.60  
Telecommunication Services
    0.70  
 
(PIE CHART)
 
The Fund’s Top Ten Holdings are expressed as a percentage of net assets and the Sector Allocations are expressed as a percentage of the Fund’s investments market value. These percentages may change over time.


 

14

 
RYDEX S&P MIDCAP 400 PURE GROWTH ETF
MANAGER’S ANALYSIS (Unaudited)
 
For the one-year period ended October 31, 2011, Rydex S&P MidCap 400 Pure Growth ETF (RFG) returned 16.73%. Over the year, its benchmark, the S&P MidCap 400 Pure Growth Total Return Index*, turned in a 17.06% total return. RFG achieved over 99% correlation to its benchmark on a daily basis. Consumer Discretionary (19.32% return) and Industrials (35.75%) were the sectors contributing most to performance. No sectors had a negative impact on performance during the period.
 
The stocks contributing the most to return for the fund were Green Mountain Coffee Roasters, Inc. and Deckers Outdoor Corp., while Valassis Communications, Inc. and Aeropostale, Inc. were the biggest detractors.
 
From a style perspective, growth pure-style indices outperformed corresponding value indices at each cap size (with the greatest differential in mid-caps). Within the growth pure-style space, mid-cap value stocks outperformed large-cap value stocks and small-cap value stocks.
 
The S&P MidCap 400 Pure Growth Total Return Index (17.06%) outperformed both the S&P MidCap 400 Growth Total Return Index* (12.25%) and the broader S&P MidCap 400 Total Return Index* (8.55%) for the year.
 
*The S&P MidCap 400 Total Return Index measures the performance of the mid capitalization sector of the U.S. equity market. S&P MidCap 400 Growth Total Return Index consists of growth companies of the S&P MidCap 400. The S&P MidCap 400 Pure Growth Total Return Index is narrow in focus, containing only those S&P MidCap 400 companies with strong growth characteristics as selected by S&P.
 
Cumulative Fund Performance: March 1, 2006 – October 31, 2011
 
                         
    Rydex S&P
    S&P MidCap
    S&P MidCap
 
    MidCap 400
    400 Pure
    400 Growth
 
    Pure Growth
    Growth Total
    Total Return
 
   
ETF
   
Return Index
   
Index
 
3/1/2006
    10000       10000       10000  
3/31/2006
    10046       10048       10069  
4/30/2006
    9962       9968       10135  
5/31/2006
    9363       9371       9620  
6/30/2006
    9380       9391       9629  
7/31/2006
    8995       9003       9285  
8/31/2006
    8936       8946       9354  
9/30/2006
    9132       9145       9469  
10/31/2006
    9523       9542       9822  
11/30/2006
    9911       9934       10156  
12/31/2006
    9863       9891       10035  
1/31/2007
    10200       10231       10431  
2/28/2007
    10192       10226       10458  
3/31/2007
    10340       10380       10630  
4/30/2007
    10719       10764       10977  
5/31/2007
    11290       11341       11598  
6/30/2007
    11099       11152       11398  
7/31/2007
    10536       10590       10972  
8/31/2007
    10649       10706       11094  
9/30/2007
    10937       11000       11485  
10/31/2007
    11445       11513       11889  
11/30/2007
    10955       11011       11375  
12/31/2007
    10845       10909       11390  
1/31/2008
    10153       10213       10566  
2/29/2008
    9992       10052       10520  
3/31/2008
    9831       9892       10359  
4/30/2008
    10565       10638       11199  
5/31/2008
    11137       11219       11867  
6/30/2008
    10590       10672       11262  
7/31/2008
    10289       10377       10886  
8/31/2008
    10479       10572       11030  
9/30/2008
    9352       9436       9604  
10/31/2008
    7495       7560       7521  
11/30/2008
    6703       6757       6790  
12/31/2008
    6998       7072       7106  
1/31/2009
    6660       6733       6687  
2/28/2009
    6069       6139       6147  
3/31/2009
    6792       6871       6744  
4/30/2009
    8129       8226       7692  
5/31/2009
    8635       8742       7963  
6/30/2009
    8627       8736       8006  
7/31/2009
    9326       9447       8655  
8/31/2009
    9741       9872       8942  
9/30/2009
    10560       10704       9491  
10/31/2009
    10162       10304       9167  
11/30/2009
    10504       10654       9499  
12/31/2009
    11178       11340       10025  
1/31/2010
    10690       10848       9634  
2/28/2010
    11305       11474       10171  
3/31/2010
    12294       12481       10971  
4/30/2010
    12686       12884       11386  
5/31/2010
    11817       12001       10621  
6/30/2010
    10910       11081       9955  
7/31/2010
    11813       12004       10643  
8/31/2010
    11348       11535       10167  
9/30/2010
    12911       13128       11427  
10/31/2010
    13548       13780       11872  
11/30/2010
    14667       14924       12408  
12/31/2010
    15060       15327       13089  
1/31/2011
    15108       15373       13267  
2/28/2011
    15991       16276       13950  
3/31/2011
    16607       16909       14377  
4/30/2011
    17208       17525       14879  
5/31/2011
    17177       17501       14727  
6/30/2011
    17064       17389       14488  
7/31/2011
    16660       16982       14041  
8/31/2011
    15534       15837       13087  
9/30/2011
    14096       14373       11760  
10/31/2011
    15815       16133       13326  
 
(PERFORMANCE GRAPH)
 
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2011
 
                 
                Since Inception
    One Year   Three Year   Five Year   (03/01/06)
 
Rydex S&P MidCap 400 Pure Growth ETF
  16.73%   28.26%   10.67%   8.42%
S&P MidCap 400 Pure Growth Total Return Index
  17.06%   28.75%   11.08%   8.80%
S&P MidCap 400 Growth Total Return Index
  12.25%   21.01%   6.29%   5.20%
 
The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Performance displayed represents past performance, which is no guarantee of future results.
 
Fund performance is subject to daily market volatility and may be better or worse since the end of the last quarter. For up-to-date fund performance, call 800.820.0888 or visit www.rydex-sgi.com.


 

ANNUAL REPORT      15

 
RYDEX S&P MIDCAP 400 PURE GROWTH ETF
PORTFOLIO SUMMARY (Unaudited) As of October 31, 2011
 
Top 10 Holdings*
 
         
   Description   % of Net Assets  
 
 
GREEN MOUNTAIN COFFEE ROASTERS, INC.
    3.07 %
DECKERS OUTDOOR CORP.
    2.64 %
NEWMARKET CORP.
    2.39 %
RACKSPACE HOSTING, INC.
    2.38 %
MEDICIS PHARMACEUTICAL CORP. — CLASS A
    1.88 %
FOSSIL, INC.
    1.87 %
UNDER ARMOUR, INC. — CLASS A
    1.85 %
HANSEN NATURAL CORP.
    1.73 %
TIBCO SOFTWARE, INC.
    1.73 %
ASCENA RETAIL GROUP, INC.
    1.54 %
 
 
 
Sector Allocations*
 
         
Consumer Discretionary
    32.20  
Information Technology
    25.60  
Health Care
    16.90  
Energy
    7.70  
Consumer Staples
    4.80  
Industrials
    4.30  
Materials
    4.10  
Financials
    3.60  
Telecommunication Services
    0.80  
 
(PIE CHART)
 
The Fund’s Top Ten Holdings are expressed as a percentage of net assets and the Sector Allocations are expressed as a percentage of the Fund’s investments market value. These percentages may change over time.


 

16

 
RYDEX S&P SMALLCAP 600 PURE VALUE ETF
MANAGER’S ANALYSIS (Unaudited)
 
For the one-year period ended October 31, 2011, Rydex S&P SmallCap 600 Pure Value ETF (RZV) returned 4.16%. Over the year, its benchmark, the S&P SmallCap 600 Pure Value Total Return Index*, turned in a 4.45% return. RZV achieved over 99% correlation to its benchmark on a daily basis. The largest contributor to performance was the Industrials sector (11.69% return). Energy (37.29%) also contributed. Detracting from performance were the Consumer Staples (-17.17%) and Financials (-6.48%) sectors.
 
PharMerica Corp. and Lithia Motors, Inc. (Class A) were the holdings contributing most to performance, while School Specialty, Inc. and Alliance One International, Inc. were the largest detractors.
 
From a style perspective, growth pure-style indices outperformed corresponding value indices at each cap size (with the greatest differential in mid-caps). Within the value pure-style space, small-cap value stocks outperformed mid-cap value stocks and underperformed large-cap value stocks.
 
The S&P SmallCap 600 Pure Value Total Return Index (4.45%) underperformed the S&P SmallCap 600 Value Total Return Index* (7.14%) and the broad S&P SmallCap 600 Index* (10.54%) for the year.
 
*The S&P SmallCap 600 Index measures the performance of the small capitalization sector of the U.S. equity market. The S&P SmallCap 600 Value Index consists of value companies in the S&P 600. The S&P SmallCap 600 Pure Value Total Return Index is narrow in focus, containing only those S&P SmallCap 600 companies with strong value characteristics as selected by S&P.
 
Cumulative Fund Performance: March 1, 2006 – October 31, 2011
 
                         
    Rydex S&P
    S&P SmallCap
    S&P SmallCap
 
    SmallCap 600
    600 Pure
    600 Pure
 
    Pure Value
    Value Total
    Value Total
 
   
ETF
   
Return Index
   
Return Index
 
3/1/2006
    10000       10000       10000  
3/31/2006
    10338       10343       10336  
4/30/2006
    10359       10368       10351  
5/31/2006
    9769       9777       9880  
6/30/2006
    9917       9935       9918  
7/31/2006
    9714       9728       9593  
8/31/2006
    9839       9855       9850  
9/30/2006
    9939       9961       9977  
10/31/2006
    10519       10538       10519  
11/30/2006
    10794       10820       10778  
12/31/2006
    10995       11027       10815  
1/31/2007
    11319       11355       11041  
2/28/2007
    11274       11312       10936  
3/31/2007
    11218       11256       11050  
4/30/2007
    11418       11462       11267  
5/31/2007
    11779       11829       11782  
6/30/2007
    11488       11535       11518  
7/31/2007
    10559       10602       10836  
8/31/2007
    10324       10369       10948  
9/30/2007
    10065       10110       10977  
10/31/2007
    9953       9989       11110  
11/30/2007
    9013       9049       10328  
12/31/2007
    8923       8975       10216  
1/31/2008
    9345       9406       9834  
2/29/2008
    8487       8534       9457  
3/31/2008
    8698       8754       9556  
4/30/2008
    8483       8541       9818  
5/31/2008
    8637       8699       10228  
6/30/2008
    7568       7595       9321  
7/31/2008
    7995       8028       9630  
8/31/2008
    8374       8409       10074  
9/30/2008
    8205       8248       9541  
10/31/2008
    6323       6343       7670  
11/30/2008
    5189       5208       6745  
12/31/2008
    5137       5230       7201  
1/31/2009
    4099       4169       6187  
2/28/2009
    3277       3330       5400  
3/31/2009
    3883       3943       5849  
4/30/2009
    5956       6056       6925  
5/31/2009
    6282       6380       6972  
6/30/2009
    6809       6922       7054  
7/31/2009
    8150       8289       7855  
8/31/2009
    8746       8901       8116  
9/30/2009
    9558       9728       8472  
10/31/2009
    7903       8043       7937  
11/30/2009
    8022       8167       8183  
12/31/2009
    8580       8554       8847  
1/31/2010
    8633       8610       8611  
2/28/2010
    9361       9342       9024  
3/31/2010
    10209       10193       9726  
4/30/2010
    10979       10964       10373  
5/31/2010
    9764       9752       9502  
6/30/2010
    8500       8508       8713  
7/31/2010
    9127       9144       9294  
8/31/2010
    8154       8171       8569  
9/30/2010
    9101       9125       9514  
10/31/2010
    9567       9594       9886  
11/30/2010
    9958       9996       10132  
12/31/2010
    10992       11051       11034  
1/31/2011
    10735       10796       11027  
2/28/2011
    11263       11331       11494  
3/31/2011
    11429       11500       11733  
4/30/2011
    11474       11549       11867  
5/31/2011
    11398       11478       11648  
6/30/2011
    11119       11198       11476  
7/31/2011
    10870       10941       11148  
8/31/2011
    9741       9791       10280  
9/30/2011
    8600       8647       9177  
10/31/2011
    9964       10022       10592  
 
(PERFORMANCE GRAPH)
 
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2011
 
                 
                Since Inception
    One Year   Three Year   Five Year   (03/01/06)
 
Rydex S&P SmallCap 600 Pure Value ETF
  4.16%   16.38%   -1.08%   -0.06%
S&P SmallCap 600 Pure Value Total Return Index
  4.45%   16.48%   -1.00%   0.04%
S&P SmallCap 600 Value Total Return Index
  7.14%   11.36%   0.14%   1.02%
 
The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Performance displayed represents past performance, which is no guarantee of future results.
 
Fund performance is subject to daily market volatility and may be better or worse since the end of the last quarter. For up-to-date fund performance, call 800.820.0888 or visit www.rydex-sgi.com.


 

ANNUAL REPORT      17

 
RYDEX S&P SMALLCAP 600 PURE VALUE ETF
PORTFOLIO SUMMARY (Unaudited) As of October 31, 2011
 
Top 10 Holdings*
 
         
   Description   % of Net Assets  
 
 
AGILYSYS, INC.
    2.70 %
PHARMERICA CORP.
    1.95 %
KINDRED HEALTHCARE, INC.
    1.80 %
LITHIA MOTORS, INC. — CLASS A
    1.73 %
SWS GROUP, INC.
    1.73 %
AUDIOVOX CORP. — CLASS A
    1.65 %
CIBER, INC.
    1.60 %
CENTENE CORP.
    1.43 %
MOLINA HEALTHCARE, INC.
    1.39 %
INSIGHT ENTERPRISES, INC.
    1.35 %
 
 
 
Sector Allocations*
 
         
Consumer Discretionary
    28.40  
Industrials
    15.60  
Financials
    14.50  
Information Technology
    13.50  
Health Care
    11.10  
Consumer Staples
    5.70  
Energy
    3.80  
Materials
    3.50  
Utilities
    3.40  
Telecommunication Services
    0.50  
 
(PIE CHART)
 
The Fund’s Top Ten Holdings are expressed as a percentage of net assets and the Sector Allocations are expressed as a percentage of the Fund’s investments market value. These percentages may change over time.


 

18

 
RYDEX S&P SMALLCAP 600 PURE GROWTH ETF
MANAGER’S ANALYSIS (Unaudited)
 
For the one-year period ended October 31, 2011, Rydex S&P SmallCap 600 Pure Growth ETF (RZG) returned 15.22%. Over the year, its benchmark, the S&P SmallCap 600 Pure Growth Total Return Index*, turned in a 15.72% return. RZG achieved over 99% correlation to its benchmark on a daily basis. The Health Care (37.59% return) and Consumer Discretionary (14.98%) sectors were the largest contributors to performance. The lightly weighted Telecommunication Services (-23.18%) was the only sector to detract from performance for the year.
 
Questcor Pharmaceuticals, Inc. and Sturm Ruger & Co., Inc. were the holdings contributing most to performance, while Entropic Communications, Inc. and Blue Coat Systems, Inc. were the largest detractors.
 
From a style perspective, growth pure-style indices outperformed corresponding value indices at each cap size (with the greatest differential in mid-caps). Within the growth pure-style space, small-cap value stocks outperformed large-cap value stocks but underperformed mid-cap value stocks.
 
The S&P SmallCap 600 Pure Growth Total Return Index (15.72%) outperformed the S&P SmallCap 600 Growth Total Return Index* (14.14%) and the broad S&P SmallCap 600 Total Return Index* (10.54%) for the year.
 
*The S&P SmallCap 600 Index measures the performance of the small capitalization sector of the U.S. equity market. The S&P SmallCap 600 Growth Index consists of growth companies in the S&P 600. The S&P SmallCap 600 Pure Growth Total Return Index is narrow in focus, containing only those S&P SmallCap 600 companies with strong growth characteristics as selected by S&P.
 
Cumulative Fund Performance: March 1, 2006 – October 31, 2011
 
                         
    Rydex S&P
    S&P SmallCap
    S&P SmallCap
 
    SmallCap 600
    600 Pure
    600 Growth
 
    Pure Growth
    Growth Total
    Total Return
 
   
ETF
   
Return Index
   
Index
 
3/1/2006
    10000       10000       10000  
3/31/2006
    10359       10361       10354  
4/30/2006
    10394       10401       10336  
5/31/2006
    9903       9912       9861  
6/30/2006
    9814       9825       9825  
7/31/2006
    9496       9510       9471  
8/31/2006
    9395       9410       9536  
9/30/2006
    9463       9481       9584  
10/31/2006
    9947       9970       10007  
11/30/2006
    10303       10330       10319  
12/31/2006
    10287       10318       10279  
1/31/2007
    10402       10436       10487  
2/28/2007
    10384       10420       10476  
3/31/2007
    10613       10655       10724  
4/30/2007
    10763       10809       10993  
5/31/2007
    11259       11310       11503  
6/30/2007
    11228       11281       11391  
7/31/2007
    10663       10715       10925  
8/31/2007
    10849       10902       11229  
9/30/2007
    11132       11193       11542  
10/31/2007
    11432       11498       11836  
11/30/2007
    10592       10659       10909  
12/31/2007
    10419       10471       10855  
1/31/2008
    9946       10000       10197  
2/29/2008
    9414       9489       9963  
3/31/2008
    9449       9481       9932  
4/30/2008
    9822       9860       10465  
5/31/2008
    10200       10243       10952  
6/30/2008
    9338       9366       10276  
7/31/2008
    9647       9685       10349  
8/31/2008
    10048       10094       10730  
9/30/2008
    9443       9488       9823  
10/31/2008
    7425       7459       7781  
11/30/2008
    6671       6692       6910  
12/31/2008
    6978       7006       7279  
1/31/2009
    6170       6174       6458  
2/28/2009
    5380       5384       5733  
3/31/2009
    5963       5968       6198  
4/30/2009
    7401       7408       7223  
5/31/2009
    7694       7703       7406  
6/30/2009
    7720       7732       7531  
7/31/2009
    8526       8543       8233  
8/31/2009
    8808       8828       8336  
9/30/2009
    9465       9488       8829  
10/31/2009
    8757       8781       8381  
11/30/2009
    8747       8775       8559  
12/31/2009
    9601       9647       9342  
1/31/2010
    9237       9286       8960  
2/28/2010
    9583       9636       9300  
3/31/2010
    10291       10353       10024  
4/30/2010
    10777       10845       10529  
5/31/2010
    10158       10224       9899  
6/30/2010
    9539       9603       9325  
7/31/2010
    10065       10137       9885  
8/31/2010
    9367       9436       9180  
9/30/2010
    10562       10643       10262  
10/31/2010
    11130       11220       10735  
11/30/2010
    11715       11814       11236  
12/31/2010
    12310       12419       11957  
1/31/2011
    12292       12405       12001  
2/28/2011
    12899       13025       12551  
3/31/2011
    13337       13472       13051  
4/30/2011
    13937       14080       13588  
5/31/2011
    13896       14043       13597  
6/30/2011
    13646       13795       13306  
7/31/2011
    13074       13222       12832  
8/31/2011
    12099       12237       11862  
9/30/2011
    11115       11246       10695  
10/31/2011
    12825       12981       12253  
 
(PERFORMANCE GRAPH)
 
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2011
 
                 
                Since Inception
    One Year   Three Year   Five Year   (03/01/06)
 
Rydex S&P SmallCap 600 Pure Growth ETF
  15.22%   19.98%   5.21%   4.48%
S&P SmallCap 600 Pure Growth Total Return Index
  15.72%   20.28%   5.42%   4.71%
S&P SmallCap 600 Growth Total Return Index
  14.14%   16.34%   4.13%   3.65%
 
The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Performance displayed represents past performance, which is no guarantee of future results.
 
Fund performance is subject to daily market volatility and may be better or worse since the end of the last quarter. For up-to-date fund performance, call 800.820.0888 or visit www.rydex-sgi.com.


 

ANNUAL REPORT      19

 
RYDEX S&P SMALLCAP 600 PURE GROWTH ETF
PORTFOLIO SUMMARY (Unaudited) As of October 31, 2011
 
Top 10 Holdings*
 
         
   Description   % of Net Assets  
 
 
QUESTCOR PHARMACEUTICALS, INC.
    2.01 %
STURM RUGER & CO., INC.
    1.97 %
HI-TECH PHARMACAL CO., INC.
    1.85 %
AIR METHODS CORP.
    1.48 %
RIGHTNOW TECHNOLOGIES, INC.
    1.45 %
BJ’S RESTAURANTS, INC.
    1.42 %
HEALTHSPRING, INC.
    1.29 %
REGENERON PHARMACEUTICALS, INC.
    1.26 %
CIRRUS LOGIC, INC.
    1.25 %
LIQUIDITY SERVICES, INC.
    1.22 %
 
 
 
Sector Allocations*
 
         
Information Technology
    34.90  
Consumer Discretionary
    24.30  
Health Care
    21.40  
Materials
    4.60  
Financials
    4.50  
Industrials
    4.10  
Consumer Staples
    3.80  
Energy
    1.50  
Telecommunication Services
    0.90  
 
(PIE CHART)
 
The Fund’s Top Ten Holdings are expressed as a percentage of net assets and the Sector Allocations are expressed as a percentage of the Fund’s investments market value. These percentages may change over time.


 

20

 
RYDEX RUSSELL TOP 50® ETF
SCHEDULE OF INVESTMENTS October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS 99.7%
Aerospace & Defense 2.1%
Boeing Co.(The)
    60,049       $3,950,624  
United Technologies Corp. 
    74,445       5,805,221  
                 
Total Aerospace & Defense
    9,755,845  
         
Air Freight & Logistics 0.9%
United Parcel Service, Inc. — Class B
    59,761       4,197,613  
                 
Total Air Freight & Logistics
    4,197,613  
         
Automobiles 0.8%
Ford Motor Co.*
    303,066       3,539,811  
                 
Total Automobiles
    3,539,811  
         
Beverages 4.2%
Coca-Cola Co.(The)
    160,693       10,978,546  
PepsiCo, Inc. 
    128,566       8,093,229  
                 
Total Beverages
    19,071,775  
         
Biotechnology 0.9%
Amgen, Inc. 
    71,537       4,096,924  
                 
Total Biotechnology
    4,096,924  
         
Capital Markets 1.0%
Goldman Sachs Group, Inc.(The)
    42,111       4,613,260  
                 
Total Capital Markets
    4,613,260  
         
Commercial Banks 2.3%
Wells Fargo & Co. 
    400,089       10,366,306  
                 
Total Commercial Banks
    10,366,306  
         
Communications Equipment 3.4%
Cisco Systems, Inc. 
    447,373       8,289,822  
QUALCOMM, Inc. 
    135,796       7,007,073  
                 
Total Communications Equipment
    15,296,895  
         
Computers & Peripherals 8.5%
Apple, Inc.*
    75,218       30,446,742  
EMC Corp.*
    167,358       4,101,945  
Hewlett-Packard Co. 
    161,615       4,300,575  
                 
Total Computers & Peripherals
    38,849,262  
         
Consumer Finance 1.0%
American Express Co. 
    85,460       4,325,985  
                 
Total Consumer Finance
    4,325,985  
         
Diversified Financial Services 5.4%
Bank of America Corp. 
    824,193       5,629,238  
Citigroup, Inc. 
    236,368       7,466,865  
JPMorgan Chase & Co. 
    323,211       11,234,815  
                 
Total Diversified Financial Services
    24,330,918  
         
Diversified Telecommunication Services 5.0%
AT&T, Inc. 
    481,683       14,118,129  
Verizon Communications, Inc. 
    230,111       8,509,505  
                 
Total Diversified Telecommunication Services
    22,627,634  
         
Energy Equipment & Services 1.8%
Schlumberger Ltd. 
    110,370       8,108,884  
                 
Total Energy Equipment & Services
    8,108,884  
         
Food & Staples Retailing 1.8%
Wal-Mart Stores, Inc. 
    144,334       8,186,624  
                 
Total Food & Staples Retailing
    8,186,624  
         
Food Products 1.0%
Kraft Foods, Inc. — Class A
    134,403       4,728,298  
                 
Total Food Products
    4,728,298  
         
Hotels, Restaurants & Leisure 1.7%
McDonald’s Corp. 
    84,395       7,836,076  
                 
Total Hotels, Restaurants & Leisure
    7,836,076  
         
Household Products 3.2%
Procter & Gamble Co.(The)
    227,038       14,528,162  
                 
Total Household Products
    14,528,162  
         
Industrial Conglomerates 4.2%
3M Co. 
    57,797       4,567,119  
General Electric Co. 
    862,624       14,414,447  
                 
Total Industrial Conglomerates
    18,981,566  
         
Insurance 2.6%
American International Group, Inc.*
    35,946       887,507  
Berkshire Hathaway, Inc. — Class B*
    142,384       11,086,018  
                 
Total Insurance
    11,973,525  
         
Internet & Catalog Retail 1.4%
Amazon.com, Inc.*
    29,562       6,311,783  
                 
Total Internet & Catalog Retail
    6,311,783  
         
Internet Software & Services 2.7%
Google, Inc. — Class A*
    20,471       12,131,933  
                 
Total Internet Software & Services
    12,131,933  
         
IT Services 4.9%
International Business Machines Corp. 
    98,517       18,189,194  
Visa, Inc. — Class A
    42,535       3,966,814  
                 
Total IT Services
    22,156,008  
         
Machinery 1.1%
Caterpillar, Inc. 
    52,438       4,953,293  
                 
Total Machinery
    4,953,293  
         
Media 2.3%
Comcast Corp. — Class A
    224,322       5,260,351  
Walt Disney Co.(The)
    153,741       5,362,486  
                 
Total Media
    10,622,837  
         
Oil, Gas & Consumable Fuels 13.8%
Chevron Corp. 
    163,509       17,176,620  
ConocoPhillips
    114,972       8,007,800  
Exxon Mobil Corp. 
    400,677       31,288,867  
Occidental Petroleum Corp. 
    66,117       6,144,914  
                 
Total Oil, Gas & Consumable Fuels
    62,618,201  
         
Pharmaceuticals 9.3%
Abbott Laboratories
    126,422       6,810,353  
Johnson & Johnson, Inc. 
    222,958       14,356,266  
Merck & Co., Inc. 
    251,056       8,661,432  
Pfizer, Inc. 
    642,660       12,377,631  
                 
Total Pharmaceuticals
    42,205,682  
         
Semiconductors & Semiconductor Equipment 2.3%
Intel Corp. 
    431,253       10,582,949  
                 
Total Semiconductors & Semiconductor Equipment
    10,582,949  
         
Software 5.8%
Microsoft Corp. 
    603,594       16,073,708  
Oracle Corp. 
    312,413       10,237,774  
                 
Total Software
    26,311,482  
         
 
See Notes to Financial Statements.


 

ANNUAL REPORT      21

 
RYDEX RUSSELL TOP 50® ETF
SCHEDULE OF INVESTMENTS (concluded) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (concluded)
                 
Specialty Retail 1.0%
Home Depot, Inc. 
    129,983       $4,653,391  
                 
Total Specialty Retail
    4,653,391  
         
Tobacco 3.3%
Altria Group, Inc. 
    170,272       4,690,994  
Philip Morris International, Inc. 
    144,652       10,106,835  
                 
Total Tobacco
    14,797,829  
         
Total Common Stocks
(Cost $477,746,467)
    452,760,751  
         
 
SHORT TERM INVESTMENTS 0.2%
SSgA Government Money Market Fund
    1,076,224       1,076,224  
                 
Total Short Term Investments
(Cost $1,076,224)
    1,076,224  
         
Total Investments 99.9%(a)
(Cost $478,822,691)
    453,836,975  
         
Other Assets in Excess of Liabilities—0.1%
    572,313  
         
Net Assets—100.0%
    $454,409,288  
 
 
 
* Non-Income Producing Security.
 
(a) Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs.
 
See Notes to Financial Statements.


 

22

 
RYDEX S&P 500 PURE VALUE ETF
SCHEDULE OF INVESTMENTS October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS 99.7%
Aerospace & Defense 1.7%
L-3 Communications Holdings, Inc. 
    10,986       $744,631  
Northrop Grumman Corp. 
    10,272       593,208  
                 
Total Aerospace & Defense
    1,337,839  
         
Auto Components 0.5%
Goodyear Tire & Rubber Co.(The)*
    27,892       400,529  
                 
Total Auto Components
    400,529  
         
Building Products 0.4%
Masco Corp. 
    32,700       313,920  
                 
Total Building Products
    313,920  
         
Capital Markets 1.1%
Goldman Sachs Group, Inc.(The)
    2,124       232,684  
Legg Mason, Inc. 
    12,724       349,910  
Morgan Stanley
    15,690       276,772  
                 
Total Capital Markets
    859,366  
         
Commercial Banks 2.4%
BB&T Corp. 
    18,090       422,221  
Fifth Third Bancorp
    41,367       496,818  
PNC Financial Services Group, Inc. 
    7,237       388,699  
Regions Financial Corp. 
    69,908       274,738  
SunTrust Banks, Inc. 
    14,946       294,885  
                 
Total Commercial Banks
    1,877,361  
         
Commercial Services & Supplies 1.0%
R.R. Donnelley & Sons Co. 
    47,952       781,618  
                 
Total Commercial Services & Supplies
    781,618  
         
Computers & Peripherals 0.4%
Dell, Inc.*
    21,395       338,255  
                 
Total Computers & Peripherals
    338,255  
         
Construction & Engineering 1.2%
Jacobs Engineering Group, Inc.*
    14,086       546,537  
Quanta Services, Inc.*
    19,666       410,823  
                 
Total Construction & Engineering
    957,360  
         
Consumer Finance 2.3%
Capital One Financial Corp. 
    22,226       1,014,839  
Discover Financial Services
    16,500       388,740  
SLM Corp. 
    30,727       420,038  
                 
Total Consumer Finance
    1,823,617  
         
Containers & Packaging 0.3%
Sealed Air Corp. 
    13,168       234,390  
                 
Total Containers & Packaging
    234,390  
         
Diversified Financial Services 3.0%
Bank of America Corp. 
    86,259       589,149  
Citigroup, Inc. 
    12,320       389,189  
JPMorgan Chase & Co. 
    13,710       476,559  
Nasdaq OMX Group, Inc.(The)*
    24,688       618,434  
NYSE Euronext
    11,924       316,821  
                 
Total Diversified Financial Services
    2,390,152  
         
Electric Utilities 5.2%
American Electric Power Co., Inc. 
    10,988       431,609  
Duke Energy Corp. 
    19,648       401,212  
Edison International
    11,942       484,845  
Entergy Corp. 
    3,989       275,919  
FirstEnergy Corp. 
    15,296       687,708  
Northeast Utilities
    9,641       333,290  
Pepco Holdings, Inc. 
    57,085       1,130,283  
Progress Energy, Inc. 
    7,860       409,506  
                 
Total Electric Utilities
    4,154,372  
         
Electronic Equipment, Instruments & Components 1.5%
Jabil Circuit, Inc. 
    57,732       1,186,970  
                 
Total Electronic Equipment, Instruments & Components
    1,186,970  
         
Energy Equipment & Services 0.5%
Rowan Cos., Inc.*
    12,580       433,884  
                 
Total Energy Equipment & Services
    433,884  
         
Food & Staples Retailing 7.4%
Costco Wholesale Corp. 
    8,428       701,631  
CVS Caremark Corp. 
    27,314       991,498  
Kroger Co.(The)
    34,370       796,697  
Safeway, Inc. 
    27,712       536,782  
SUPERVALU, Inc. 
    214,979       1,724,132  
Sysco Corp. 
    12,638       350,325  
Wal-Mart Stores, Inc. 
    7,192       407,930  
Walgreen Co. 
    12,562       417,058  
                 
Total Food & Staples Retailing
    5,926,053  
         
Food Products 6.4%
Archer-Daniels-Midland Co. 
    42,162       1,220,168  
ConAgra Foods, Inc. 
    14,446       365,917  
Dean Foods Co.*
    199,869       1,942,727  
Tyson Foods, Inc. — Class A
    79,349       1,531,436  
                 
Total Food Products
    5,060,248  
         
Gas Utilities 1.3%
Nicor, Inc. 
    6,816       383,400  
Oneok, Inc. 
    8,400       638,820  
                 
Total Gas Utilities
    1,022,220  
         
Health Care Equipment & Supplies 0.8%
Boston Scientific Corp.*
    46,572       274,309  
CareFusion Corp.*
    15,370       393,472  
                 
Total Health Care Equipment & Supplies
    667,781  
         
Health Care Providers & Services 11.6%
Aetna, Inc. 
    33,522       1,332,835  
Cardinal Health, Inc. 
    24,320       1,076,646  
Coventry Health Care, Inc.*
    55,183       1,755,371  
Humana, Inc. 
    19,754       1,676,917  
McKesson Corp. 
    14,724       1,200,742  
UnitedHealth Group, Inc. 
    17,640       846,544  
WellPoint, Inc. 
    19,106       1,316,404  
                 
Total Health Care Providers & Services
    9,205,459  
         
Household Durables 1.5%
DR Horton, Inc. 
    52,918       588,978  
Whirlpool Corp. 
    12,436       631,873  
                 
Total Household Durables
    1,220,851  
         
Independent Power Producers & Energy Traders 5.8%
AES Corp.(The)*
    60,584       679,752  
Constellation Energy Group, Inc. 
    59,145       2,348,057  
NRG Energy, Inc.*
    73,070       1,565,159  
                 
                 
Total Independent Power Producers & Energy Traders
    4,592,968  
         
 
See Notes to Financial Statements.


 

ANNUAL REPORT      23

 
RYDEX S&P 500 PURE VALUE ETF
SCHEDULE OF INVESTMENTS (concluded) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (concluded)
                 
Industrial Conglomerates 0.4%
General Electric Co. 
    18,324       $306,194  
                 
Total Industrial Conglomerates
    306,194  
         
Insurance 13.0%
ACE Ltd. 
    9,384       677,056  
Allstate Corp.(The)
    31,680       834,451  
Assurant, Inc. 
    30,306       1,167,993  
Chubb Corp.(The)
    6,488       435,020  
Cincinnati Financial Corp. 
    17,582       508,823  
Genworth Financial, Inc. — Class A*
    66,904       426,847  
Hartford Financial Services Group, Inc. 
    51,006       981,865  
Lincoln National Corp. 
    27,480       523,494  
Loews Corp. 
    13,314       528,566  
MetLife, Inc. 
    8,854       311,307  
Principal Financial Group, Inc. 
    17,920       461,978  
Prudential Financial, Inc. 
    15,438       836,740  
Torchmark Corp. 
    7,078       289,702  
Travelers Cos., Inc.(The)
    10,040       585,834  
Unum Group
    40,189       958,106  
XL Group PLC
    38,005       826,229  
                 
Total Insurance
    10,354,011  
         
IT Services 0.9%
Computer Sciences Corp. 
    22,340       702,816  
                 
Total IT Services
    702,816  
         
Media 2.3%
CBS Corp. — Class B
    19,653       507,244  
Gannett Co., Inc. 
    34,198       399,774  
Time Warner, Inc. 
    14,608       511,134  
Washington Post Co.(The) — Class B
    1,148       390,504  
                 
Total Media
    1,808,656  
         
Metals & Mining 0.8%
AK Steel Holding Corp. 
    42,288       352,259  
Alcoa, Inc. 
    25,402       273,326  
                 
Total Metals & Mining
    625,585  
         
Multi-Utilities 6.6%
Ameren Corp. 
    28,271       901,280  
CenterPoint Energy, Inc. 
    18,112       377,454  
CMS Energy Corp. 
    23,003       478,922  
Consolidated Edison, Inc. 
    7,820       452,543  
DTE Energy Co. 
    11,374       592,699  
Integrys Energy Group, Inc. 
    10,988       581,375  
NiSource, Inc. 
    43,118       952,477  
SCANA Corp. 
    7,192       304,078  
Sempra Energy
    6,082       326,786  
Xcel Energy, Inc. 
    12,184       314,956  
                 
Total Multi-Utilities
    5,282,570  
         
Multiline Retail 2.9%
J.C. Penney Co., Inc. 
    18,322       587,770  
Sears Holdings Corp.*
    21,781       1,702,838  
                 
Total Multiline Retail
    2,290,608  
         
Office Electronics 0.4%
Xerox Corp. 
    40,762       333,433  
                 
Total Office Electronics
    333,433  
         
Oil, Gas & Consumable Fuels 8.9%
ConocoPhillips
    7,598       529,201  
Hess Corp. 
    3,670       229,595  
Marathon Oil Corp. 
    39,314       1,023,343  
Marathon Petroleum Corp. 
    9,911       355,805  
QEP Resources, Inc. 
    14,618       519,670  
Sunoco, Inc. 
    17,426       648,770  
Tesoro Corp.*
    79,755       2,068,845  
Valero Energy Corp. 
    67,705       1,665,543  
                 
Total Oil, Gas & Consumable Fuels
    7,040,772  
         
Paper & Forest Products 1.6%
International Paper Co. 
    23,857       660,839  
MeadWestvaco Corp. 
    20,886       582,928  
                 
Total Paper & Forest Products
    1,243,767  
         
Real Estate Investment Trusts (REITs) 0.4%
Weyerhaeuser Co. 
    19,602       352,444  
                 
Total Real Estate Investment Trusts (REITs)
    352,444  
         
Road & Rail 0.8%
Ryder System, Inc. 
    12,512       637,361  
                 
Total Road & Rail
    637,361  
         
Specialty Retail 3.2%
AutoNation, Inc.*
    23,384       910,573  
GameStop Corp. — Class A*
    53,271       1,362,140  
Lowe’s Cos., Inc. 
    13,958       293,397  
                 
Total Specialty Retail
    2,566,110  
         
Thrifts & Mortgage Finance 0.5%
People’s United Financial, Inc. 
    30,000       382,500  
                 
Total Thrifts & Mortgage Finance
    382,500  
         
Wireless Telecommunication Services 0.7%
Sprint Nextel Corp.*
    229,979       591,046  
                 
Total Wireless Telecommunication Services
    591,046  
         
Total Common Stocks
(Cost $84,844,752)
    79,303,086  
         
 
SHORT TERM INVESTMENTS 0.3%
SSgA Government Money Market Fund
    208,452       208,452  
                 
Total Short Term Investments
(Cost $208,452)
    208,452  
         
Total Investments 100.0%(a)
(Cost $85,053,204)
    79,511,538  
         
Other Assets in Excess of Liabilities—0.0%(b)
    38,741  
         
Net Assets—100.0%
    $79,550,279  
 
 
 
* Non-Income Producing Security.
 
(a) Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs.
 
(b) Amount represents less than 0.05% of net assets.
 
See Notes to Financial Statements.


 

24

 
RYDEX S&P 500 PURE GROWTH ETF
SCHEDULE OF INVESTMENTS October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS 99.9%
Aerospace & Defense 1.2%
Goodrich Corp. 
    18,020       $2,209,793  
Precision Castparts Corp. 
    5,280       861,432  
                 
Total Aerospace & Defense
    3,071,225  
         
Beverages 1.6%
Coca-Cola Co.(The)
    11,705       799,686  
Coca-Cola Enterprises, Inc. 
    80,365       2,155,389  
Dr Pepper Snapple Group, Inc. 
    35,326       1,322,959  
                 
Total Beverages
    4,278,034  
         
Biotechnology 2.9%
Biogen Idec, Inc.*
    32,130       3,738,647  
Celgene Corp.*
    28,515       1,848,627  
Gilead Sciences, Inc.*
    47,663       1,985,641  
                 
Total Biotechnology
    7,572,915  
         
Capital Markets 0.4%
Ameriprise Financial, Inc. 
    24,657       1,150,989  
                 
Total Capital Markets
    1,150,989  
         
Chemicals 3.1%
CF Industries Holdings, Inc. 
    23,016       3,734,806  
FMC Corp. 
    14,902       1,175,619  
International Flavors & Fragrances, Inc. 
    18,188       1,101,465  
Mosaic Co.(The)
    23,706       1,388,223  
Sigma-Aldrich Corp. 
    13,401       877,498  
                 
Total Chemicals
    8,277,611  
         
Commercial Services & Supplies 0.6%
Stericycle, Inc.*
    18,711       1,563,865  
                 
Total Commercial Services & Supplies
    1,563,865  
         
Communications Equipment 2.5%
F5 Networks, Inc.*
    29,557       3,072,450  
JDS Uniphase Corp.*
    136,933       1,643,196  
Juniper Networks, Inc.*
    72,969       1,785,552  
                 
Total Communications Equipment
    6,501,198  
         
Computers & Peripherals 5.7%
Apple, Inc.*
    13,029       5,273,879  
EMC Corp.*
    77,725       1,905,040  
NetApp, Inc.*
    68,026       2,786,345  
SanDisk Corp.*
    42,669       2,162,038  
Western Digital Corp.*
    112,599       2,999,637  
                 
Total Computers & Peripherals
    15,126,939  
         
Containers & Packaging 0.4%
Ball Corp. 
    30,360       1,049,545  
                 
Total Containers & Packaging
    1,049,545  
         
Diversified Consumer Services 1.0%
Apollo Group, Inc. — Class A*
    31,192       1,476,941  
DeVry, Inc. 
    33,223       1,251,843  
                 
Total Diversified Consumer Services
    2,728,784  
         
Diversified Financial Services 0.8%
IntercontinentalExchange, Inc.*
    16,897       2,194,582  
                 
Total Diversified Financial Services
    2,194,582  
         
Electrical Equipment 0.3%
Rockwell Automation, Inc. 
    11,474       776,216  
                 
Total Electrical Equipment
    776,216  
         
Electronic Equipment, Instruments & Components 0.9%
Amphenol Corp. — Class A
    24,099       1,144,462  
FLIR Systems, Inc. 
    48,375       1,272,262  
                 
Total Electronic Equipment, Instruments & Components
    2,416,724  
         
Energy Equipment & Services 3.5%
Cameron International Corp.*
    45,165       2,219,408  
Diamond Offshore Drilling, Inc. 
    25,020       1,639,811  
FMC Technologies, Inc.*
    60,083       2,692,920  
National-Oilwell Varco, Inc. 
    39,620       2,826,095  
                 
Total Energy Equipment & Services
    9,378,234  
         
Food & Staples Retailing 1.4%
Whole Foods Market, Inc. 
    51,853       3,739,638  
                 
Total Food & Staples Retailing
    3,739,638  
         
Health Care Equipment & Supplies 3.3%
Edwards Lifesciences Corp.*
    27,490       2,073,296  
Intuitive Surgical, Inc.*
    9,535       4,136,855  
St Jude Medical, Inc. 
    35,270       1,375,530  
Varian Medical Systems, Inc.*
    20,152       1,183,325  
                 
Total Health Care Equipment & Supplies
    8,769,006  
         
Health Care Providers & Services 4.6%
CIGNA Corp. 
    79,135       3,508,846  
Express Scripts, Inc.*
    33,956       1,552,808  
Laboratory Corp. of America Holdings*
    16,541       1,386,963  
Medco Health Solutions, Inc.*
    31,107       1,706,530  
Patterson Cos., Inc. 
    36,547       1,150,134  
Tenet Healthcare Corp.*
    641,365       3,033,656  
                 
Total Health Care Providers & Services
    12,338,937  
         
Health Care Technology 0.8%
Cerner Corp.*
    33,086       2,098,645  
                 
Total Health Care Technology
    2,098,645  
         
Hotels, Restaurants & Leisure 7.4%
Chipotle Mexican Grill, Inc.*
    16,994       5,712,023  
Darden Restaurants, Inc. 
    44,861       2,147,945  
Starbucks Corp. 
    79,235       3,354,810  
Starwood Hotels & Resorts Worldwide, Inc. 
    18,610       932,547  
Wyndham Worldwide Corp. 
    75,423       2,539,492  
Wynn Resorts Ltd. 
    25,427       3,376,706  
Yum! Brands, Inc. 
    27,509       1,473,657  
                 
Total Hotels, Restaurants & Leisure
    19,537,180  
         
Internet & Catalog Retail 5.7%
Amazon.com, Inc.*
    23,088       4,929,519  
Expedia, Inc. 
    129,888       3,410,859  
Netflix, Inc.*
    21,497       1,764,474  
priceline.com, Inc.*
    10,058       5,106,647  
                 
Total Internet & Catalog Retail
    15,211,499  
         
Internet Software & Services 2.8%
Akamai Technologies, Inc.*
    75,199       2,025,861  
eBay, Inc.*
    91,792       2,921,739  
Google, Inc. — Class A*
    4,087       2,422,120  
                 
Total Internet Software & Services
    7,369,720  
         
                 
IT Services 5.4%
Cognizant Technology Solutions Corp. — Class A*
    58,157       4,230,922  
International Business Machines Corp. 
    6,836       1,262,131  
Mastercard, Inc. — Class A
    8,858       3,075,852  
 
See Notes to Financial Statements.


 

ANNUAL REPORT      25

 
RYDEX S&P 500 PURE GROWTH ETF
SCHEDULE OF INVESTMENTS (continued) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (concluded)
                 
Teradata Corp.*
    51,344       $3,063,183  
Visa, Inc. — Class A
    28,840       2,689,618  
                 
Total IT Services
    14,321,706  
         
Leisure Equipment & Products 0.6%
Hasbro, Inc. 
    42,253       1,608,149  
                 
Total Leisure Equipment & Products
    1,608,149  
         
Life Sciences Tools & Services 1.4%
Agilent Technologies, Inc.*
    20,218       749,481  
Life Technologies Corp.*
    44,418       1,806,480  
Waters Corp.*
    15,422       1,235,611  
                 
Total Life Sciences Tools & Services
    3,791,572  
         
Machinery 3.4%
Cummins, Inc. 
    15,902       1,581,136  
Deere & Co. 
    14,335       1,088,027  
Flowserve Corp. 
    19,964       1,850,463  
Ingersoll-Rand PLC
    29,299       912,078  
Joy Global, Inc. 
    40,792       3,557,062  
                 
Total Machinery
    8,988,766  
         
Media 3.9%
Cablevision Systems Corp. — Class A
    77,432       1,120,441  
Comcast Corp. — Class A
    71,382       1,673,908  
DIRECTV — Class A*
    56,177       2,553,806  
Discovery Communications, Inc. — Class A*
    81,834       3,556,506  
Interpublic Group of Cos., Inc.(The)
    95,574       906,041  
Scripps Networks Interactive, Inc. — Class A
    14,462       614,346  
                 
Total Media
    10,425,048  
         
Metals & Mining 1.4%
Freeport-McMoRan Copper & Gold, Inc. 
    47,290       1,903,896  
Newmont Mining Corp. 
    26,134       1,746,535  
                 
Total Metals & Mining
    3,650,431  
         
Multiline Retail 1.7%
Family Dollar Stores, Inc. 
    23,639       1,385,955  
Nordstrom, Inc. 
    59,883       3,035,469  
                 
Total Multiline Retail
    4,421,424  
         
Oil, Gas & Consumable Fuels 2.0%
Consol Energy, Inc. 
    19,086       816,117  
Peabody Energy Corp. 
    22,410       971,922  
Pioneer Natural Resources Co. 
    25,770       2,162,103  
Southwestern Energy Co.*
    33,992       1,429,024  
                 
Total Oil, Gas & Consumable Fuels
    5,379,166  
         
Personal Products 0.8%
Estee Lauder Cos., Inc.(The) — Class A
    21,830       2,149,164  
                 
Total Personal Products
    2,149,164  
         
Pharmaceuticals 3.5%
Allergan, Inc. 
    25,622       2,155,323  
Eli Lilly & Co. 
    23,125       859,325  
Hospira, Inc.*
    31,081       977,497  
Mylan, Inc.*
    111,672       2,185,421  
Watson Pharmaceuticals, Inc.*
    47,512       3,190,906  
                 
Total Pharmaceuticals
    9,368,472  
         
Real Estate Investment Trusts (REITs) 0.9%
Ventas, Inc. 
    44,753       2,488,714  
                 
Total Real Estate Investment Trusts (REITs)
    2,488,714  
         
Real Estate Management & Development 0.4%
CBRE Group, Inc.*
    54,601       970,806  
                 
Total Real Estate Management & Development
    970,806  
         
Semiconductors & Semiconductor Equipment 3.8%
Advanced Micro Devices, Inc.*
    175,258       1,021,754  
Altera Corp. 
    34,305       1,300,846  
Analog Devices, Inc. 
    34,244       1,252,303  
Broadcom Corp. — Class A*
    53,300       1,923,597  
First Solar, Inc.*
    12,783       636,210  
Linear Technology Corp. 
    36,133       1,167,457  
Micron Technology, Inc.*
    346,506       1,936,968  
Xilinx, Inc. 
    28,026       937,750  
                 
Total Semiconductors & Semiconductor Equipment
    10,176,885  
         
Software 6.5%
BMC Software, Inc.*
    31,325       1,088,857  
Citrix Systems, Inc.*
    32,630       2,376,443  
Intuit, Inc. 
    37,497       2,012,464  
Microsoft Corp. 
    32,691       870,561  
Oracle Corp. 
    63,542       2,082,271  
Red Hat, Inc.*
    83,894       4,165,337  
Salesforce.com, Inc.*
    26,792       3,567,891  
Symantec Corp.*
    64,510       1,097,315  
                 
Total Software
    17,261,139  
         
Specialty Retail 8.9%
AutoZone, Inc.*
    11,465       3,709,960  
Bed Bath & Beyond, Inc.*
    33,338       2,061,622  
CarMax, Inc.*
    59,127       1,777,358  
Limited Brands, Inc. 
    62,996       2,690,559  
O’Reilly Automotive, Inc.*
    46,337       3,523,929  
Ross Stores, Inc. 
    40,314       3,536,747  
Tiffany & Co. 
    34,851       2,778,670  
TJX Cos., Inc. 
    32,630       1,922,886  
Urban Outfitters, Inc.*
    61,513       1,676,229  
                 
Total Specialty Retail
    23,677,960  
         
Textiles, Apparel & Luxury Goods 2.9%
Coach, Inc. 
    67,481       4,390,988  
NIKE, Inc. — Class B
    8,523       821,191  
Ralph Lauren Corp. 
    15,992       2,539,370  
                 
Total Textiles, Apparel & Luxury Goods
    7,751,549  
         
Trading Companies & Distributors 0.5%
W.W. Grainger, Inc. 
    8,091       1,386,069  
                 
Total Trading Companies & Distributors
    1,386,069  
         
Wireless Telecommunication Services 1.0%
American Tower Corp. — Class A*
    31,076       1,712,288  
MetroPCS Communications, Inc.*
    103,238       877,523  
                 
Total Wireless Telecommunication Services
    2,589,811  
         
Total Common Stocks
(Cost $273,418,564)
    265,558,317  
         
 
See Notes to Financial Statements.


 

26

 
RYDEX S&P 500 PURE GROWTH ETF
SCHEDULE OF INVESTMENTS (concluded) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
 
SHORT TERM INVESTMENTS 0.1%
SSgA Government Money Market Fund
    309,096       $309,096  
                 
Total Short Term Investments
(Cost $309,096)
    309,096  
         
Total Investments 100.0%(a)
(Cost $273,727,660)
    265,867,413  
         
Other Assets in Excess of Liabilities—0.0%(b)
    21,343  
         
Net Assets—100.0%
    $265,888,756  
 
 
 
* Non-Income Producing Security.
 
(a) Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs.
 
(b) Amount represents less than 0.05% of net assets.
 
See Notes to Financial Statements.


 

ANNUAL REPORT      27

 
RYDEX S&P MIDCAP 400 PURE VALUE ETF
SCHEDULE OF INVESTMENTS October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS 99.7%
Aerospace & Defense 0.5%
Alliant Techsystems, Inc. 
    3,208       $186,321  
                 
Total Aerospace & Defense
    186,321  
         
Airlines 0.7%
JetBlue Airways Corp.*
    53,510       239,725  
                 
Total Airlines
    239,725  
         
Capital Markets 0.4%
Apollo Investment Corp. 
    16,028       132,712  
                 
Total Capital Markets
    132,712  
         
Chemicals 2.6%
Ashland, Inc. 
    11,835       626,782  
Cabot Corp. 
    4,834       145,890  
Olin Corp. 
    8,921       168,250  
                 
Total Chemicals
    940,922  
         
Commercial Banks 3.7%
Associated Banc-Corp. 
    15,414       171,866  
BancorpSouth, Inc. 
    28,374       277,214  
Fulton Financial Corp. 
    23,816       224,823  
International Bancshares Corp. 
    16,012       290,138  
Synovus Financial Corp. 
    106,518       159,777  
Webster Financial Corp. 
    9,616       188,858  
                 
Total Commercial Banks
    1,312,676  
         
Commercial Services & Supplies 1.4%
Brink’s Co.(The)
    17,669       491,022  
                 
Total Commercial Services & Supplies
    491,022  
         
Construction & Engineering 6.2%
Aecom Technology Corp.*
    17,226       360,368  
Granite Construction, Inc. 
    17,981       404,573  
KBR, Inc. 
    16,508       460,738  
Shaw Group, Inc.(The)*
    12,243       284,772  
URS Corp.*
    19,979       713,250  
                 
Total Construction & Engineering
    2,223,701  
         
Containers & Packaging 0.8%
Temple-Inland, Inc. 
    8,461       269,144  
                 
Total Containers & Packaging
    269,144  
         
Diversified Consumer Services 2.0%
Career Education Corp.*
    11,158       179,979  
Regis Corp. 
    31,540       515,994  
                 
Total Diversified Consumer Services
    695,973  
         
Electric Utilities 6.1%
Great Plains Energy, Inc. 
    17,889       371,018  
Hawaiian Electric Industries, Inc. 
    8,601       217,863  
IDACORP, Inc. 
    4,519       182,477  
NV Energy, Inc. 
    25,574       410,207  
PNM Resources, Inc. 
    55,448       996,955  
                 
Total Electric Utilities
    2,178,520  
         
Electronic Equipment, Instruments & Components 8.8%
Arrow Electronics, Inc.*
    20,290       731,454  
Avnet, Inc.*
    21,478       650,998  
Ingram Micro, Inc. — Class A*
    46,562       832,529  
Tech Data Corp.*
    18,470       908,355  
                 
Total Electronic Equipment, Instruments & Components
    3,123,336  
         
Energy Equipment & Services 2.1%
Exterran Holdings, Inc.*
    9,950       94,525  
Helix Energy Solutions Group, Inc.*
    23,887       431,399  
Tidewater, Inc. 
    4,783       235,467  
                 
Total Energy Equipment & Services
    761,391  
         
Food & Staples Retailing 1.3%
Ruddick Corp. 
    10,533       460,397  
                 
Total Food & Staples Retailing
    460,397  
         
Food Products 3.4%
Ralcorp Holdings, Inc.*
    4,453       359,981  
Smithfield Foods, Inc.*
    37,461       856,358  
                 
Total Food Products
    1,216,339  
         
Gas Utilities 4.3%
Atmos Energy Corp. 
    13,245       454,568  
Questar Corp. 
    27,332       526,688  
UGI Corp. 
    9,273       265,857  
WGL Holdings, Inc. 
    6,903       295,517  
                 
Total Gas Utilities
    1,542,630  
         
Health Care Equipment & Supplies 0.8%
Teleflex, Inc. 
    4,556       272,722  
                 
Total Health Care Equipment & Supplies
    272,722  
         
Health Care Providers & Services 8.5%
Community Health Systems, Inc.*
    22,395       391,465  
Health Net, Inc.*
    19,877       552,382  
LifePoint Hospitals, Inc.*
    11,996       463,765  
Omnicare, Inc. 
    34,066       1,015,848  
Owens & Minor, Inc. 
    20,686       618,925  
                 
Total Health Care Providers & Services
    3,042,385  
         
Hotels, Restaurants & Leisure 2.2%
Bob Evans Farms, Inc. 
    10,738       353,280  
Wendy’s Co.(The)
    85,058       430,394  
                 
Total Hotels, Restaurants & Leisure
    783,674  
         
Household Durables 2.5%
American Greetings Corp. — Class A
    22,646       362,562  
KB Home
    15,406       107,380  
MDC Holdings, Inc. 
    6,746       151,110  
Mohawk Industries, Inc.*
    4,978       262,092  
                 
Total Household Durables
    883,144  
         
                 
Insurance 18.7%
American Financial Group, Inc. 
    14,201       508,822  
Everest Re Group Ltd. 
    5,446       489,704  
Fidelity National Financial, Inc. — Class A
    42,358       654,007  
First American Financial Corp. 
    62,667       752,004  
Hanover Insurance Group, Inc.(The)
    9,824       374,884  
HCC Insurance Holdings, Inc. 
    10,298       274,030  
Kemper Corp. 
    28,662       770,721  
Mercury General Corp. 
    7,275       315,007  
Old Republic International Corp. 
    29,220       258,305  
Protective Life Corp. 
    23,403       435,296  
Reinsurance Group of America, Inc. 
    11,559       603,727  
StanCorp Financial Group, Inc. 
    8,782       298,061  
Transatlantic Holdings, Inc. 
    10,407       541,580  
W.R. Berkley Corp. 
    10,934       380,613  
                 
Total Insurance
    6,656,761  
         
 
See Notes to Financial Statements.


 

28

 
RYDEX S&P MIDCAP 400 PURE VALUE ETF
SCHEDULE OF INVESTMENTS (concluded) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (concluded)
                 
Internet Software & Services 0.8%
AOL, Inc.*
    20,989       $296,365  
                 
Total Internet Software & Services
    296,365  
         
IT Services 2.6%
Convergys Corp.*
    14,175       151,673  
CoreLogic, Inc.*
    62,508       760,722  
                 
Total IT Services
    912,395  
         
Machinery 1.5%
Harsco Corp. 
    12,935       298,152  
Trinity Industries, Inc. 
    8,657       236,076  
                 
Total Machinery
    534,228  
         
Media 1.0%
Scholastic Corp. 
    13,698       367,791  
                 
Total Media
    367,791  
         
Metals & Mining 2.3%
Commercial Metals Co. 
    27,621       343,329  
Reliance Steel & Aluminum Co. 
    6,954       307,297  
Worthington Industries, Inc. 
    10,665       184,291  
                 
Total Metals & Mining
    834,917  
         
Multi-Utilities 0.5%
Vectren Corp. 
    6,673       189,380  
                 
Total Multi-Utilities
    189,380  
         
Oil, Gas & Consumable Fuels 1.4%
HollyFrontier Corp. 
    6,671       204,733  
Southern Union Co. 
    7,170       301,355  
                 
Total Oil, Gas & Consumable Fuels
    506,088  
         
Paper & Forest Products 0.4%
Louisiana-Pacific Corp.*
    18,949       126,011  
                 
Total Paper & Forest Products
    126,011  
         
Professional Services 1.0%
Manpower, Inc. 
    8,688       374,800  
                 
Total Professional Services
    374,800  
         
Real Estate Investment Trusts (REITs) 0.6%
Hospitality Properties Trust
    9,556       229,631  
                 
Total Real Estate Investment Trusts (REITs)
    229,631  
         
Road & Rail 0.4%
Con-way, Inc. 
    5,208       153,480  
                 
Total Road & Rail
    153,480  
         
Specialty Retail 6.0%
Barnes & Noble, Inc. 
    59,826       734,065  
Collective Brands, Inc.*
    32,454       474,153  
Foot Locker, Inc. 
    11,894       260,003  
RadioShack Corp. 
    24,376       290,318  
Rent-A-Center, Inc. 
    10,993       375,411  
                 
Total Specialty Retail
    2,133,950  
         
Thrifts & Mortgage Finance 1.5%
Astoria Financial Corp. 
    21,675       179,902  
First Niagara Financial Group, Inc. 
    12,716       116,860  
Washington Federal, Inc. 
    17,429       237,906  
                 
Total Thrifts & Mortgage Finance
    534,668  
         
Tobacco 2.0%
Universal Corp. 
    16,462       704,903  
                 
Total Tobacco
    704,903  
         
Wireless Telecommunication Services 0.7%
Telephone & Data Systems, Inc. 
    10,338       239,635  
                 
Total Wireless Telecommunication Services
    239,635  
         
Total Common Stocks
(Cost $39,127,582)
    35,551,737  
         
 
SHORT TERM INVESTMENTS 0.2%
SSgA Government Money Market Fund
    67,468       67,468  
                 
Total Short Term Investments
(Cost $67,468)
    67,468  
         
Total Investments 99.9%(a)
(Cost $39,195,050)
    35,619,205  
         
Other Assets in Excess of Liabilities—0.1%
    51,759  
         
Net Assets—100.0%
    $35,670,964  
 
 
 
* Non-Income Producing Security.
 
(a) Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs.
 
See Notes to Financial Statements.


 

ANNUAL REPORT      29

 
RYDEX S&P MIDCAP 400 PURE GROWTH ETF
SCHEDULE OF INVESTMENTS October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS 99.9%
Aerospace & Defense 2.8%
BE Aerospace, Inc.*
    233,756       $8,819,614  
Triumph Group, Inc. 
    164,832       9,576,739  
                 
Total Aerospace & Defense
    18,396,353  
         
Auto Components 0.4%
Gentex Corp. 
    77,317       2,328,788  
                 
Total Auto Components
    2,328,788  
         
Beverages 1.7%
Hansen Natural Corp.*
    127,088       11,322,270  
                 
Total Beverages
    11,322,270  
         
Biotechnology 0.8%
United Therapeutics Corp.*
    117,309       5,129,923  
                 
Total Biotechnology
    5,129,923  
         
Capital Markets 0.4%
Waddell & Reed Financial, Inc. — Class A
    99,677       2,764,043  
                 
Total Capital Markets
    2,764,043  
         
Chemicals 3.5%
Albemarle Corp. 
    40,804       2,174,445  
Intrepid Potash, Inc.*
    179,329       4,990,726  
NewMarket Corp. 
    80,530       15,634,094  
                 
Total Chemicals
    22,799,265  
         
Commercial Services & Supplies 1.1%
Copart, Inc.*
    101,353       4,413,923  
Rollins, Inc. 
    115,384       2,513,064  
                 
Total Commercial Services & Supplies
    6,926,987  
         
Communications Equipment 2.6%
ADTRAN, Inc. 
    105,674       3,550,646  
Polycom, Inc.*
    271,809       4,493,003  
Riverbed Technology, Inc.*
    326,747       9,011,682  
                 
Total Communications Equipment
    17,055,331  
         
Computers & Peripherals 0.3%
QLogic Corp.*
    148,036       2,068,063  
                 
Total Computers & Peripherals
    2,068,063  
         
Distributors 1.5%
LKQ Corp.*
    328,255       9,578,481  
                 
Total Distributors
    9,578,481  
         
Diversified Consumer Services 0.9%
ITT Educational Services, Inc.*
    66,870       4,143,265  
Strayer Education, Inc. 
    20,787       1,771,261  
                 
Total Diversified Consumer Services
    5,914,526  
         
Diversified Financial Services 0.4%
MSCI, Inc. — Class A*
    85,527       2,855,747  
                 
Total Diversified Financial Services
    2,855,747  
         
Diversified Telecommunication Services 0.8%
tw telecom, Inc.*
    299,128       5,533,868  
                 
Total Diversified Telecommunication Services
    5,533,868  
         
Electrical Equipment 0.5%
Woodward, Inc. 
    87,816       2,975,206  
                 
Total Electrical Equipment
    2,975,206  
         
Energy Equipment & Services 6.0%
Atwood Oceanics, Inc.*
    193,128       8,254,291  
CARBO Ceramics, Inc. 
    25,239       3,428,718  
Dresser-Rand Group, Inc.*
    192,429       9,313,563  
Dril-Quip, Inc.*
    96,416       6,276,682  
Oceaneering International, Inc. 
    195,916       8,195,166  
Oil States International, Inc.*
    58,195       4,050,954  
                 
Total Energy Equipment & Services
    39,519,374  
         
Food Products 3.1%
Green Mountain Coffee Roasters, Inc.*
    308,640       20,067,773  
                 
Total Food Products
    20,067,773  
         
Health Care Equipment & Supplies 5.8%
Cooper Cos., Inc.(The)
    133,100       9,223,830  
Gen-Probe, Inc.*
    64,552       3,879,575  
IDEXX Laboratories, Inc.*
    87,644       6,309,492  
Kinetic Concepts, Inc.*
    120,241       8,223,282  
ResMed, Inc.*
    172,694       4,887,240  
Thoratec Corp.*
    147,841       5,397,675  
                 
Total Health Care Equipment & Supplies
    37,921,094  
         
Health Care Providers & Services 4.6%
Catalyst Health Solutions, Inc.*
    135,978       7,474,711  
Health Management Associates, Inc. — Class A*
    683,810       5,990,176  
Lincare Holdings, Inc. 
    168,560       3,969,588  
Mednax, Inc.*
    109,678       7,216,812  
Universal Health Services, Inc. — Class B
    129,724       5,185,068  
                 
Total Health Care Providers & Services
    29,836,355  
         
Health Care Technology 1.3%
Allscripts Healthcare Solutions, Inc.*
    442,469       8,473,281  
                 
Total Health Care Technology
    8,473,281  
         
Hotels, Restaurants & Leisure 4.8%
Bally Technologies, Inc.*
    75,624       2,742,883  
Cheesecake Factory, Inc.(The)*
    325,650       9,114,944  
Life Time Fitness, Inc.*
    199,025       8,583,948  
Panera Bread Co. — Class A*
    73,613       9,841,322  
WMS Industries, Inc.*
    59,106       1,295,012  
                 
Total Hotels, Restaurants & Leisure
    31,578,109  
         
Household Durables 0.8%
Tupperware Brands Corp. 
    90,989       5,144,518  
                 
Total Household Durables
    5,144,518  
         
Internet Software & Services 3.7%
Digital River, Inc.*
    90,068       1,650,946  
Equinix, Inc.*
    75,113       7,211,599  
Rackspace Hosting, Inc.*
    375,833       15,555,728  
                 
Total Internet Software & Services
    24,418,273  
         
                 
IT Services 4.9%
Alliance Data Systems Corp.*
    46,435       4,756,801  
Gartner, Inc.*
    124,947       4,812,959  
Global Payments, Inc. 
    79,046       3,629,792  
Jack Henry & Associates, Inc. 
    88,021       2,852,761  
Lender Processing Services, Inc. 
    179,734       3,154,332  
NeuStar, Inc. — Class A*
    108,549       3,450,773  
VeriFone Systems, Inc.*
    220,021       9,287,086  
                 
Total IT Services
    31,944,504  
         
 
See Notes to Financial Statements.


 

30

 
RYDEX S&P MIDCAP 400 PURE GROWTH ETF
SCHEDULE OF INVESTMENTS (concluded) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (concluded)
                 
Leisure Equipment & Products 1.2%
Polaris Industries, Inc. 
    126,647       $8,021,821  
                 
Total Leisure Equipment & Products
    8,021,821  
         
Life Sciences Tools & Services 0.5%
Mettler-Toledo International, Inc.*
    19,858       3,050,189  
                 
Total Life Sciences Tools & Services
    3,050,189  
         
Media 3.1%
AMC Networks, Inc. — Class A*
    185,746       6,059,034  
DreamWorks Animation SKG, Inc. — Class A*
    185,616       3,443,177  
Lamar Advertising Co. — Class A*
    64,248       1,444,937  
Valassis Communications, Inc.*
    483,620       9,445,099  
                 
Total Media
    20,392,247  
         
Metals & Mining 0.6%
Compass Minerals International, Inc. 
    47,786       3,635,081  
                 
Total Metals & Mining
    3,635,081  
         
Multiline Retail 1.3%
Dollar Tree, Inc.*
    104,941       8,391,082  
                 
Total Multiline Retail
    8,391,082  
         
Office Electronics 0.3%
Zebra Technologies Corp. — Class A*
    60,737       2,170,740  
                 
Total Office Electronics
    2,170,740  
         
Oil, Gas & Consumable Fuels 1.6%
Bill Barrett Corp.*
    124,893       5,195,549  
Northern Oil and Gas, Inc.*
    216,558       5,234,207  
                 
Total Oil, Gas & Consumable Fuels
    10,429,756  
         
Pharmaceuticals 4.0%
Endo Pharmaceuticals Holdings, Inc.*
    172,928       5,587,304  
Medicis Pharmaceutical Corp. — Class A
    321,039       12,292,583  
Perrigo Co. 
    91,257       8,238,682  
                 
Total Pharmaceuticals
    26,118,569  
         
Real Estate Investment Trusts (REITs) 2.2%
Corporate Office Properties Trust
    109,010       2,643,493  
Macerich Co.(The)
    101,886       5,069,847  
SL Green Realty Corp. 
    100,728       6,949,225  
                 
Total Real Estate Investment Trusts (REITs)
    14,662,565  
         
Real Estate Management & Development 0.5%
Jones Lang LaSalle, Inc. 
    51,148       3,305,184  
                 
Total Real Estate Management & Development
    3,305,184  
         
Semiconductors & Semiconductor Equipment 3.6%
Atmel Corp.*
    312,919       3,304,425  
Cree, Inc.*
    168,680       4,493,635  
RF Micro Devices, Inc.*
    307,784       2,259,135  
Semtech Corp.*
    167,863       4,099,214  
Silicon Laboratories, Inc.*
    67,410       2,881,778  
Skyworks Solutions, Inc.*
    323,914       6,416,736  
                 
Total Semiconductors & Semiconductor Equipment
    23,454,923  
         
Software 10.1%
ACI Worldwide, Inc.*
    79,833       2,448,478  
Advent Software, Inc.*
    248,429       6,806,955  
ANSYS, Inc.*
    116,544       6,335,332  
Concur Technologies, Inc.*
    116,925       5,439,351  
Factset Research Systems, Inc. 
    59,869       5,952,176  
Informatica Corp.*
    203,733       9,269,851  
MICROS Systems, Inc.*
    102,626       5,051,252  
Quest Software, Inc.*
    150,561       2,648,368  
Rovi Corp.*
    93,891       4,651,360  
Solera Holdings, Inc. 
    110,886       6,057,702  
TIBCO Software, Inc.*
    391,401       11,307,575  
                 
Total Software
    65,968,400  
         
Specialty Retail 9.9%
Advance Auto Parts, Inc. 
    68,667       4,468,162  
Aeropostale, Inc.*
    406,023       5,546,274  
ANN, Inc.*
    140,688       3,747,928  
Ascena Retail Group, Inc.*
    346,598       10,016,682  
Chico’s FAS, Inc. 
    411,852       5,090,491  
Dick’s Sporting Goods, Inc.*
    165,977       6,488,041  
Guess?, Inc. 
    253,557       8,364,845  
PetSmart, Inc. 
    134,808       6,329,236  
Tractor Supply Co. 
    140,263       9,950,257  
Williams-Sonoma, Inc. 
    119,004       4,467,410  
                 
Total Specialty Retail
    64,469,326  
         
Textiles, Apparel & Luxury Goods 8.3%
Deckers Outdoor Corp.*
    149,698       17,251,198  
Fossil, Inc.*
    117,475       12,177,458  
PVH Corp. 
    104,898       7,805,460  
Under Armour, Inc. — Class A*
    142,885       12,060,923  
Warnaco Group, Inc.(The)*
    101,413       4,979,378  
                 
Total Textiles, Apparel & Luxury Goods
    54,274,417  
         
Total Common Stocks
(Cost $676,293,556)
    652,896,432  
         
 
SHORT TERM INVESTMENTS 0.1%
SSgA Government Money Market Fund
    420,698       420,698  
                 
Total Short Term Investments
(Cost $420,698)
    420,698  
         
Total Investments 100.0%(a)
(Cost $676,714,254)
    653,317,130  
         
Liabilities in Excess of Other Assets—0.0%(b)
    (71,158 )
         
Net Assets—100.0%
    $653,245,972  
 
 
 
* Non-Income Producing Security.
 
(a) Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs.
 
(b) Amount represents less than 0.05% of net assets.
 
See Notes to Financial Statements.


 

ANNUAL REPORT      31

 
RYDEX S&P SMALLCAP 600 PURE VALUE ETF
SCHEDULE OF INVESTMENTS October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS 100.0%
Aerospace & Defense 1.0%
AAR Corp. 
    8,809       $175,563  
Curtiss-Wright Corp. 
    6,486       212,611  
GenCorp, Inc.*
    48,454       235,487  
                 
Total Aerospace & Defense
    623,661  
         
Airlines 1.3%
SkyWest, Inc. 
    58,557       785,249  
                 
Total Airlines
    785,249  
         
Auto Components 1.8%
Spartan Motors, Inc. 
    107,051       524,550  
Standard Motor Products, Inc. 
    37,219       578,755  
                 
Total Auto Components
    1,103,305  
         
Building Products 2.9%
Apogee Enterprises, Inc. 
    49,980       545,782  
Gibraltar Industries, Inc.*
    49,878       556,638  
Griffon Corp.*
    30,183       285,833  
Universal Forest Products, Inc. 
    14,923       418,889  
                 
Total Building Products
    1,807,142  
         
Capital Markets 3.0%
Investment Technology Group, Inc.*
    29,088       331,894  
Piper Jaffray Co.*
    15,656       325,018  
Prospect Capital Corp. 
    16,545       158,336  
SWS Group, Inc.*
    194,677       1,072,670  
                 
Total Capital Markets
    1,887,918  
         
Chemicals 1.2%
A. Schulman, Inc. 
    25,354       535,223  
Stepan Co. 
    2,694       208,219  
                 
Total Chemicals
    743,442  
         
Commercial Banks 4.7%
Boston Private Financial Holdings, Inc. 
    30,285       229,560  
First BanCorp*
    83,444       297,061  
First Midwest Bancorp, Inc. 
    26,038       234,602  
FNB Corp. 
    17,479       176,363  
Hanmi Financial Corp.*
    395,305       395,305  
Pinnacle Financial Partners, Inc.*
    16,229       243,597  
PrivateBancorp, Inc. 
    12,764       139,128  
Susquehanna Bancshares, Inc. 
    55,118       400,157  
United Community Banks, Inc.*
    39,319       290,567  
Wilshire Bancorp, Inc.*
    36,857       126,051  
Wintrust Financial Corp. 
    13,793       398,342  
                 
Total Commercial Banks
    2,930,733  
         
Commercial Services & Supplies 2.3%
ABM Industries, Inc. 
    18,991       383,998  
G&K Services, Inc. — Class A
    12,238       371,545  
Standard Register Co.(The)
    71,042       183,999  
United Stationers, Inc. 
    14,911       474,319  
                 
Total Commercial Services & Supplies
    1,413,861  
         
Communications Equipment 1.5%
Arris Group, Inc.*
    15,851       170,557  
Black Box Corp. 
    11,092       310,465  
Comtech Telecommunications Corp. 
    6,269       207,566  
Digi International, Inc.*
    18,396       235,285  
                 
Total Communications Equipment
    923,873  
         
Construction & Engineering 2.3%
Comfort Systems USA, Inc. 
    42,489       467,379  
Dycom Industries, Inc.*
    20,399       396,353  
EMCOR Group, Inc. 
    21,615       541,888  
                 
Total Construction & Engineering
    1,405,620  
         
Construction Materials 0.2%
Headwaters, Inc.*
    74,933       131,882  
                 
Total Construction Materials
    131,882  
         
Containers & Packaging 0.6%
Myers Industries, Inc. 
    30,657       374,629  
                 
Total Containers & Packaging
    374,629  
         
Distributors 1.7%
Audiovox Corp. — Class A*
    144,266       1,025,731  
                 
Total Distributors
    1,025,731  
         
Diversified Consumer Services 1.8%
Corinthian Colleges, Inc.*
    241,952       462,128  
School Specialty, Inc.*
    86,744       663,592  
                 
Total Diversified Consumer Services
    1,125,720  
         
Diversified Financial Services 0.4%
Interactive Brokers Group, Inc. — Class A
    14,943       229,823  
                 
Total Diversified Financial Services
    229,823  
         
Diversified Telecommunication Services 0.5%
Cincinnati Bell, Inc.*
    100,905       324,914  
                 
Total Diversified Telecommunication Services
    324,914  
         
Electric Utilities 1.1%
Central Vermont Public Service Corp. 
    19,258       681,155  
                 
Total Electric Utilities
    681,155  
         
Electrical Equipment 0.4%
Powell Industries, Inc.*
    8,137       273,485  
                 
Total Electrical Equipment
    273,485  
         
Electronic Equipment, Instruments & Components 8.0%
Agilysys, Inc.*
    197,379       1,675,748  
Anixter International, Inc.*
    4,360       255,889  
Benchmark Electronics, Inc.*
    29,223       401,524  
Brightpoint, Inc.*
    55,682       565,172  
Insight Enterprises, Inc.*
    49,797       841,569  
Scansource, Inc.*
    14,366       499,362  
SYNNEX Corp.*
    24,659       711,905  
                 
Total Electronic Equipment, Instruments & Components
    4,951,169  
         
Energy Equipment & Services 2.0%
Bristow Group, Inc. 
    4,008       199,518  
Hornbeck Offshore Services, Inc.*
    19,482       639,789  
Matrix Service Co.*
    26,304       279,348  
Tetra Technologies, Inc.*
    15,649       148,666  
                 
Total Energy Equipment & Services
    1,267,321  
         
Food & Staples Retailing 2.1%
Casey’s General Stores, Inc. 
    5,008       248,146  
Nash Finch Co. 
    15,258       401,591  
Spartan Stores, Inc. 
    39,391       674,374  
                 
Total Food & Staples Retailing
    1,324,111  
         
 
See Notes to Financial Statements.


 

32

 
RYDEX S&P SMALLCAP 600 PURE VALUE ETF
SCHEDULE OF INVESTMENTS (continued) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (continued)
                 
Food Products 1.8%
Sanderson Farms, Inc. 
    6,537       $323,581  
Seneca Foods Corp. — Class A*
    37,419       787,670  
                 
Total Food Products
    1,111,251  
         
Gas Utilities 1.0%
Laclede Group, Inc.(The)
    10,842       434,981  
Southwest Gas Corp. 
    4,626       182,635  
                 
Total Gas Utilities
    617,616  
         
Health Care Equipment & Supplies 1.3%
CONMED Corp.*
    7,906       207,691  
Invacare Corp. 
    12,567       282,129  
Symmetry Medical, Inc.*
    37,422       340,166  
                 
Total Health Care Equipment & Supplies
    829,986  
         
Health Care Providers & Services 8.9%
Amedisys, Inc.*
    17,850       234,371  
Amsurg Corp.*
    16,052       406,597  
Centene Corp.*
    25,275       888,416  
Cross Country Healthcare, Inc.*
    70,892       354,460  
Gentiva Health Services, Inc.*
    18,284       75,696  
Healthways, Inc.*
    54,096       387,327  
Kindred Healthcare, Inc.*
    96,312       1,122,035  
Molina Healthcare, Inc.*
    40,920       866,686  
PharMerica Corp.*
    77,612       1,210,747  
                 
Total Health Care Providers & Services
    5,546,335  
         
Hotels, Restaurants & Leisure 5.2%
Boyd Gaming Corp.*
    89,290       578,599  
Jack in the Box, Inc.*
    12,224       251,570  
Marcus Corp. 
    12,570       149,834  
Multimedia Games Holding Co.*
    41,722       275,782  
O’Charleys, Inc.*
    113,699       706,071  
Red Robin Gourmet Burgers, Inc.*
    33,266       833,979  
Ruby Tuesday, Inc.*
    15,405       129,248  
Ruth’s Hospitality Group, Inc*
    64,139       302,736  
                 
Total Hotels, Restaurants & Leisure
    3,227,819  
         
Household Durables 3.6%
Blyth, Inc. 
    10,231       571,197  
Helen of Troy Ltd.*
    8,724       252,385  
La-Z-Boy, Inc.*
    79,618       808,919  
Standard Pacific Corp.*
    192,751       585,963  
                 
Total Household Durables
    2,218,464  
         
Household Products 0.9%
Central Garden and Pet Co. — Class A*
    61,855       543,705  
                 
Total Household Products
    543,705  
         
Industrial Conglomerates 0.4%
Standex International Corp. 
    6,009       232,008  
                 
Total Industrial Conglomerates
    232,008  
         
Insurance 5.1%
AMERISAFE, Inc.*
    11,505       247,933  
Delphi Financial Group, Inc. — Class A
    11,695       309,684  
Horace Mann Educators Corp. 
    27,540       370,413  
Infinity Property & Casualty Corp. 
    3,941       228,420  
Navigators Group, Inc.(The)*
    5,068       231,202  
Presidential Life Corp. 
    43,481       431,331  
Safety Insurance Group, Inc. 
    4,224       180,027  
Selective Insurance Group, Inc. 
    27,448       439,991  
Stewart Information Services Corp. 
    49,450       496,478  
United Fire & Casualty Co. 
    12,355       232,398  
                 
Total Insurance
    3,167,877  
         
Internet Software & Services 0.9%
Infospace, Inc.*
    24,432       214,024  
United Online, Inc. 
    59,372       350,889  
                 
Total Internet Software & Services
    564,913  
         
IT Services 2.3%
CACI International, Inc. — Class A*
    7,543       414,035  
CIBER, Inc.*
    285,135       992,270  
                 
Total IT Services
    1,406,305  
         
Leisure Equipment & Products 0.6%
Callaway Golf Co. 
    68,721       399,269  
                 
Total Leisure Equipment & Products
    399,269  
         
Life Sciences Tools & Services 0.8%
Cambrex Corp.*
    89,308       492,087  
                 
Total Life Sciences Tools & Services
    492,087  
         
Machinery 2.0%
Briggs & Stratton Corp. 
    20,766       303,184  
Federal Signal Corp.*
    90,982       429,435  
Lydall, Inc.*
    47,635       522,079  
                 
Total Machinery
    1,254,698  
         
Media 0.4%
Live Nation Entertainment, Inc.*
    27,364       256,948  
                 
Total Media
    256,948  
         
Metals & Mining 0.8%
A.M. Castle & Co.*
    17,910       245,188  
Kaiser Aluminum Corp. 
    5,680       263,893  
                 
Total Metals & Mining
    509,081  
         
Multi-Utilities 1.3%
Avista Corp. 
    14,129       359,583  
CH Energy Group, Inc. 
    3,623       200,026  
NorthWestern Corp. 
    6,749       232,503  
                 
Total Multi-Utilities
    792,112  
         
Multiline Retail 1.8%
Fred’s, Inc. — Class A
    47,677       581,183  
Tuesday Morning Corp.*
    148,716       538,352  
                 
Total Multiline Retail
    1,119,535  
         
Oil, Gas & Consumable Fuels 1.8%
Overseas Shipholding Group, Inc. 
    39,451       492,349  
World Fuel Services Corp. 
    15,784       628,992  
                 
Total Oil, Gas & Consumable Fuels
    1,121,341  
         
Paper & Forest Products 0.6%
Wausau Paper Corp. 
    52,716       395,370  
                 
Total Paper & Forest Products
    395,370  
         
                 
Professional Services 2.7%
CDI Corp. 
    19,893       261,195  
Kelly Services, Inc. — Class A
    19,272       315,097  
Navigant Consulting, Inc.*
    56,579       641,040  
On Assignment, Inc.*
    39,848       429,960  
                 
Total Professional Services
    1,647,292  
         
 
See Notes to Financial Statements.


 

ANNUAL REPORT      33

 
RYDEX S&P SMALLCAP 600 PURE VALUE ETF
SCHEDULE OF INVESTMENTS (concluded) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (concluded)
                 
Real Estate Investment Trusts (REITs) 0.4%
Cedar Shopping Centers, Inc. 
    32,515       $119,330  
Kite Realty Group Trust
    34,200       141,246  
                 
Total Real Estate Investment Trusts (REITs)
    260,576  
         
Semiconductors & Semiconductor Equipment 0.6%
Brooks Automation, Inc. 
    34,768       363,326  
                 
Total Semiconductors & Semiconductor Equipment
    363,326  
         
Software 0.3%
THQ, Inc.*
    81,014       172,560  
                 
Total Software
    172,560  
         
Specialty Retail 10.9%
Brown Shoe Co., Inc. 
    38,392       342,073  
Christopher & Banks Corp. 
    90,920       302,764  
Coldwater Creek, Inc.*
    100,915       105,961  
Group 1 Automotive, Inc. 
    15,856       722,399  
Haverty Furniture Cos., Inc. 
    31,747       368,900  
HOT Topic, Inc. 
    99,857       754,919  
Lithia Motors, Inc. — Class A
    52,146       1,072,643  
MarineMax, Inc.*
    78,119       635,889  
OfficeMax, Inc.*
    19,645       100,582  
PEP Boys-Manny Moe & Jack
    36,056       414,644  
Sonic Automotive, Inc. — Class A
    46,331       679,676  
Stage Stores, Inc. 
    29,975       468,509  
Stein Mart, Inc. 
    48,089       348,645  
Zale Corp.*
    123,115       454,294  
                 
Total Specialty Retail
    6,771,898  
         
Textiles, Apparel & Luxury Goods 0.7%
Quiksilver, Inc.*
    85,303       285,765  
Skechers U.S.A., Inc. — Class A*
    8,582       122,379  
                 
Total Textiles, Apparel & Luxury Goods
    408,144  
         
Thrifts & Mortgage Finance 0.8%
Bank Mutual Corp. 
    100,004       333,013  
Northwest Bancshares, Inc. 
    15,374       191,714  
                 
Total Thrifts & Mortgage Finance
    524,727  
         
Tobacco 0.9%
Alliance One International, Inc.*
    217,692       581,238  
                 
Total Tobacco
    581,238  
         
Trading Companies & Distributors 0.4%
Lawson Products, Inc. 
    13,795       229,963  
                 
Total Trading Companies & Distributors
    229,963  
         
Total Common Stocks
(Cost $72,619,906)
    62,101,188  
         
 
RIGHTS 0.0%(a)(b)
Commercial Banks 0.0%(a)
First BanCorp., Expires 11/29/11*
    93,179       2,795  
                 
Total Commercial Banks
    2,795  
         
Total Rights
(Cost $0)
    2,795  
         
 
SHORT TERM INVESTMENTS 0.1%
SSgA Government Money Market Fund
    71,411       71,411  
                 
Total Short Term Investments
(Cost $71,411)
    71,411  
         
Total Investments 100.1%(c)
(Cost $72,691,317)
    62,175,394  
         
Liabilities in Excess of Other Assets—(0.1)%
    (45,786 )
         
Net Assets—100.0%
    $62,129,608  
 
 
 
* Non-Income Producing Security.
 
(a) Amount represents less than 0.05% of net assets.
 
(b) Values determined based on Level 2 inputs.
 
(c) Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs.
 
See Notes to Financial Statements.


 

34

 
RYDEX S&P SMALLCAP 600 PURE GROWTH ETF
SCHEDULE OF INVESTMENTS October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS 99.9%
Aerospace & Defense 0.8%
American Science & Engineering, Inc. 
    1,714       $116,586  
National Presto Industries, Inc. 
    1,749       167,030  
                 
Total Aerospace & Defense
    283,616  
         
Airlines 0.5%
Allegiant Travel Co.*
    3,419       177,651  
                 
Total Airlines
    177,651  
         
Beverages 0.7%
Boston Beer Co., Inc. — Class A*
    2,845       251,726  
                 
Total Beverages
    251,726  
         
Biotechnology 2.8%
Arqule, Inc.*
    45,195       262,583  
Cubist Pharmaceuticals, Inc.*
    7,436       281,155  
Regeneron Pharmaceuticals, Inc.*
    7,972       440,852  
                 
Total Biotechnology
    984,590  
         
Capital Markets 0.3%
Stifel Financial Corp.*
    3,110       99,116  
                 
Total Capital Markets
    99,116  
         
Chemicals 1.9%
Balchem Corp. 
    6,889       253,997  
Hawkins, Inc. 
    8,268       316,499  
Quaker Chemical Corp. 
    3,093       107,606  
                 
Total Chemicals
    678,102  
         
Commercial Banks 0.2%
Signature Bank*
    1,511       84,238  
                 
Total Commercial Banks
    84,238  
         
Commercial Services & Supplies 0.8%
Consolidated Graphics, Inc.*
    4,181       190,486  
Healthcare Services Group, Inc. 
    5,136       89,110  
                 
Total Commercial Services & Supplies
    279,596  
         
Communications Equipment 1.7%
Blue Coat Systems, Inc.*
    12,873       207,255  
Netgear, Inc.*
    4,259       151,024  
Oplink Communications, Inc.*
    10,298       167,034  
Viasat, Inc.*
    2,025       86,245  
                 
Total Communications Equipment
    611,558  
         
Computers & Peripherals 1.2%
Novatel Wireless, Inc.*
    27,305       108,401  
Stratasys, Inc.*
    4,133       115,889  
Synaptics, Inc.*
    6,022       203,483  
                 
Total Computers & Peripherals
    427,773  
         
Construction & Engineering 0.2%
Orion Marine Group, Inc.*
    11,364       77,162  
                 
Total Construction & Engineering
    77,162  
         
Consumer Finance 3.2%
Cash America International, Inc. 
    4,844       265,209  
Ezcorp, Inc. — Class A*
    7,653       212,600  
First Cash Financial Services, Inc.*
    5,678       235,637  
World Acceptance Corp.*
    5,760       389,664  
                 
Total Consumer Finance
    1,103,110  
         
Diversified Consumer Services 1.6%
American Public Education, Inc.*
    3,768       134,932  
Capella Education Co.*
    2,368       82,430  
Coinstar, Inc.*
    5,913       282,287  
Universal Technical Institute, Inc.*
    4,251       60,704  
                 
Total Diversified Consumer Services
    560,353  
         
Diversified Financial Services 0.6%
Portfolio Recovery Associates, Inc.*
    2,815       197,444  
                 
Total Diversified Financial Services
    197,444  
         
Diversified Telecommunication Services 0.9%
Atlantic Tele-Network, Inc. 
    3,746       142,161  
Cbeyond, Inc.*
    6,967       57,408  
Neutral Tandem, Inc.*
    11,293       119,028  
                 
Total Diversified Telecommunication Services
    318,597  
         
Electrical Equipment 0.6%
II-VI, Inc.*
    6,155       117,006  
Vicor Corp. 
    10,577       96,780  
                 
Total Electrical Equipment
    213,786  
         
Electronic Equipment, Instruments & Components 2.7%
DTS, Inc.*
    3,084       86,630  
Littelfuse, Inc. 
    2,267       110,992  
Measurement Specialties, Inc.*
    6,692       208,857  
Mercury Computer Systems, Inc.*
    11,200       163,520  
OSI Systems, Inc.*
    4,680       207,324  
TTM Technologies, Inc.*
    15,980       178,497  
                 
Total Electronic Equipment, Instruments & Components
    955,820  
         
Food Products 1.9%
Calavo Growers, Inc. 
    7,087       159,953  
Darling International, Inc.*
    15,936       223,423  
TreeHouse Foods, Inc.*
    4,600       282,164  
                 
Total Food Products
    665,540  
         
Health Care Equipment & Supplies 3.9%
Abaxis, Inc.*
    5,677       159,297  
Align Technology, Inc.*
    12,029       277,028  
Cyberonics, Inc.*
    5,884       169,459  
Haemonetics Corp.*
    1,668       101,665  
Integra LifeSciences Holdings Corp.*
    3,775       121,026  
Kensey Nash Corp.*
    4,115       110,611  
Neogen Corp.*
    6,474       250,220  
NuVasive, Inc.*
    4,417       65,460  
Zoll Medical Corp.*
    2,365       89,421  
                 
Total Health Care Equipment & Supplies
    1,344,187  
         
Health Care Providers & Services 7.5%
Air Methods Corp.*
    6,370       514,823  
Almost Family, Inc.*
    4,544       84,700  
Bio-Reference Labs, Inc.*
    8,325       166,833  
Chemed Corp. 
    1,834       108,866  
CorVel Corp.*
    3,873       199,731  
Ensign Group, Inc.(The)
    7,073       160,981  
Healthspring, Inc.*
    8,355       450,669  
HMS Holdings Corp.*
    11,562       282,575  
IPC The Hospitalist Co., Inc.*
    6,801       285,166  
MWI Veterinary Supply, Inc.*
    4,779       360,815  
                 
Total Health Care Providers & Services
    2,615,159  
         
 
See Notes to Financial Statements.


 

ANNUAL REPORT      35

 
RYDEX S&P SMALLCAP 600 PURE GROWTH ETF
SCHEDULE OF INVESTMENTS (continued) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (continued)
                 
Health Care Technology 0.8%
Quality Systems, Inc. 
    7,536       $293,226  
                 
Total Health Care Technology
    293,226  
         
Hotels, Restaurants & Leisure 7.5%
Biglari Holdings, Inc.*
    428       147,711  
BJ’s Restaurants, Inc.*
    9,367       495,795  
Buffalo Wild Wings, Inc.*
    5,649       374,077  
CEC Entertainment, Inc. 
    5,705       180,392  
Cracker Barrel Old Country Store, Inc. 
    3,723       157,818  
DineEquity, Inc.*
    6,434       302,141  
Interval Leisure Group, Inc.*
    16,186       223,529  
P.F. Chang’s China Bistro, Inc. 
    5,126       159,419  
Peet’s Coffee & Tea, Inc.*
    4,724       301,013  
Texas Roadhouse, Inc. 
    19,426       278,374  
                 
Total Hotels, Restaurants & Leisure
    2,620,269  
         
Household Durables 0.9%
iRobot Corp.*
    6,445       218,227  
Universal Electronics, Inc.*
    4,320       80,309  
                 
Total Household Durables
    298,536  
         
Insurance 0.3%
eHealth, Inc.*
    6,218       92,337  
                 
Total Insurance
    92,337  
         
Internet & Catalog Retail 1.3%
Blue Nile, Inc.*
    3,056       137,917  
HSN, Inc. 
    6,492       231,570  
PetMed Express, Inc. 
    7,231       72,093  
                 
Total Internet & Catalog Retail
    441,580  
         
Internet Software & Services 6.0%
comScore, Inc.*
    11,392       240,485  
j2 Global Communications, Inc. 
    4,851       149,314  
Liquidity Services, Inc.*
    13,017       423,833  
LivePerson, Inc.*
    31,380       395,074  
Perficient, Inc.*
    16,962       161,648  
RightNow Technologies, Inc.*
    11,758       505,712  
Stamps.com, Inc. 
    7,001       227,953  
                 
Total Internet Software & Services
    2,104,019  
         
IT Services 3.7%
Cardtronics, Inc.*
    11,231       279,989  
CSG Systems International, Inc.*
    7,132       101,560  
Forrester Research, Inc. 
    2,423       86,768  
iGate Corp. 
    5,151       69,435  
MAXIMUS, Inc. 
    6,393       257,894  
Virtusa Corp.*
    12,519       203,934  
Wright Express Corp.*
    6,083       285,171  
                 
Total IT Services
    1,284,751  
         
Leisure Equipment & Products 2.0%
Sturm Ruger & Co., Inc. 
    22,703       688,355  
                 
Total Leisure Equipment & Products
    688,355  
         
Life Sciences Tools & Services 0.7%
Enzo Biochem, Inc.*
    17,661       50,510  
PAREXEL International Corp.*
    9,290       204,659  
                 
Total Life Sciences Tools & Services
    255,169  
         
Media 0.8%
Arbitron, Inc. 
    4,813       191,221  
DG Fastchannel, Inc.*
    3,927       73,199  
                 
Total Media
    264,420  
         
Oil, Gas & Consumable Fuels 1.5%
Contango Oil & Gas Co.*
    2,992       192,505  
Gulfport Energy Corp.*
    10,254       319,310  
                 
Total Oil, Gas & Consumable Fuels
    511,815  
         
Paper & Forest Products 2.7%
Buckeye Technologies, Inc. 
    11,777       356,136  
KapStone Paper and Packaging Corp.*
    16,857       276,455  
Schweitzer-Mauduit International, Inc. 
    4,349       305,822  
                 
Total Paper & Forest Products
    938,413  
         
Personal Products 1.2%
Inter Parfums, Inc. 
    9,920       182,925  
Medifast, Inc.*
    13,818       227,168  
                 
Total Personal Products
    410,093  
         
Pharmaceuticals 5.6%
Hi-Tech Pharmacal Co., Inc.*
    18,214       646,961  
Par Pharmaceutical Cos., Inc.*
    9,972       305,143  
Questcor Pharmaceuticals, Inc.*
    17,234       699,873  
Salix Pharmaceuticals Ltd.*
    4,390       150,379  
Viropharma, Inc.*
    7,332       148,400  
                 
Total Pharmaceuticals
    1,950,756  
         
Professional Services 1.2%
Dolan Co.(The)*
    28,619       250,416  
Exponent, Inc.*
    3,194       153,887  
                 
Total Professional Services
    404,303  
         
Semiconductors & Semiconductor Equipment 8.9%
Ceva, Inc.*
    9,720       302,000  
Cirrus Logic, Inc.*
    26,107       434,421  
Diodes, Inc.*
    7,828       175,112  
Entropic Communications, Inc.*
    46,786       272,295  
GT Advanced Technologies, Inc.*
    22,900       187,780  
Hittite Microwave Corp.*
    2,079       109,355  
Kopin Corp.*
    67,615       273,841  
Kulicke & Soffa Industries, Inc.*
    30,285       292,250  
Monolithic Power Systems, Inc.*
    8,320       103,667  
Nanometrics, Inc.*
    8,484       143,210  
Power Integrations, Inc. 
    5,241       186,737  
Rubicon Technology, Inc.*
    11,193       116,631  
TriQuint Semiconductor, Inc.*
    28,187       149,955  
Veeco Instruments, Inc.*
    2,821       75,293  
Volterra Semiconductor Corp.*
    12,023       284,945  
                 
Total Semiconductors & Semiconductor Equipment
    3,107,492  
         
                 
Software 10.5%
Blackbaud, Inc. 
    8,628       241,843  
Bottomline Technologies, Inc.*
    10,697       259,830  
CommVault Systems, Inc.*
    9,375       399,188  
Ebix, Inc.*
    14,161       242,295  
Interactive Intelligence Group*
    12,439       345,182  
JDA Software Group, Inc.*
    4,381       139,622  
MicroStrategy, Inc. — Class A*
    2,077       273,686  
Netscout Systems, Inc.*
    14,131       231,607  
Sourcefire, Inc.*
    15,203       418,843  
Synchronoss Technologies, Inc.*
    13,267       398,806  
Taleo Corp. — Class A*
    9,033       292,669  
 
See Notes to Financial Statements.


 

36

 
RYDEX S&P SMALLCAP 600 PURE GROWTH ETF
SCHEDULE OF INVESTMENTS (concluded) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (concluded)
                 
Tyler Technologies, Inc.*
    9,600       $303,072  
Websense, Inc.*
    6,020       107,397  
                 
Total Software
    3,654,040  
         
Specialty Retail 5.8%
Buckle, Inc.(The)
    6,771       301,716  
Cabela’s, Inc.*
    11,225       279,727  
Hibbett Sports, Inc.*
    5,082       209,327  
JOS A Bank Clothiers, Inc.*
    7,859       419,985  
Kirkland’s, Inc.*
    17,496       196,655  
Lumber Liquidators Holdings, Inc.*
    12,205       182,709  
Monro Muffler, Inc. 
    6,488       240,640  
Zumiez, Inc.*
    8,975       204,181  
                 
Total Specialty Retail
    2,034,940  
         
Textiles, Apparel & Luxury Goods 4.5%
Carter’s, Inc.*
    2,852       108,633  
Crocs, Inc.*
    18,497       326,842  
Iconix Brand Group, Inc.*
    13,934       250,115  
Maidenform Brands, Inc.*
    7,531       185,112  
Steven Madden Ltd.*
    8,658       319,480  
True Religion Apparel, Inc.*
    10,722       363,690  
                 
Total Textiles, Apparel & Luxury Goods
    1,553,872  
         
Total Common Stocks
(Cost $38,933,778)
    34,837,510  
         
 
SHORT TERM INVESTMENTS 0.1%
SSgA Government Money Market Fund
    40,413       40,413  
                 
Total Short Term Investments
(Cost $40,413)
    40,413  
         
Total Investments 100.0%(a)
(Cost $38,974,191)
    34,877,923  
         
Liabilities in Excess of Other Assets—0.0%(b)
    (5,374 )
         
Net Assets—100.0%
    $34,872,549  
 
 
 
* Non-Income Producing Security.
 
(a) Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs.
 
(b) Amount represents less than 0.05% of net assets.
 
See Notes to Financial Statements.


 

ANNUAL REPORT      37

 
STATEMENTS OF ASSETS AND LIABILITIES October 31, 2011
 
                                 
                      Rydex
 
    Rydex
    Rydex
    Rydex
    S&P MidCap
 
    Russell Top
    S&P 500 Pure
    S&P 500 Pure
    400 Pure
 
    50® ETF     Value ETF     Growth ETF     Value ETF  
Assets
                               
Investments at Market Value*
  $ 453,836,975     $ 79,511,538     $ 265,867,413     $ 35,619,205  
Receivables:
                               
Investments Sold
    231,727                   785,408  
Fund Shares Sold
    13,711,842       2,838,207              
Dividends
    620,287       58,134       101,486       28,976  
                                 
Total Assets
    468,400,831       82,407,879       265,968,899       36,433,589  
                                 
Liabilities
                               
Payables:
                               
Investments Purchased
    13,918,901       2,835,010             752,421  
Accrued Management Fees
    72,642       22,590       80,143       10,204  
                                 
Total Liabilities
    13,991,543       2,857,600       80,143       762,625  
                                 
Net Assets
  $ 454,409,288     $ 79,550,279     $ 265,888,756     $ 35,670,964  
                                 
Net Assets Consist of:
                               
Paid-in Capital
  $ 578,910,986     $ 93,192,897     $ 276,340,999     $ 42,055,052  
Undistributed Net Investment Income
    790,411       81,520       15,198       28,336  
Accumulated Net Realized Gain (Loss) on Investment Securities
    (100,306,393 )     (8,182,472 )     (2,607,194 )     (2,836,579 )
Net Unrealized Appreciation (Depreciation) on Investment Securities
    (24,985,716 )     (5,541,666 )     (7,860,247 )     (3,575,845 )
                                 
Net Assets
  $ 454,409,288     $ 79,550,279     $ 265,888,756     $ 35,670,964  
                                 
Shares Outstanding (Unlimited Shares Authorized), No Par Value
    5,050,785       2,802,836       5,950,299       1,150,499  
                                 
Net Asset Value, Offering Price and Repurchase Price Per Share
  $ 89.97     $ 28.38     $ 44.68     $ 31.00  
                                 
*Total Cost of Investments
  $ 478,822,691     $ 85,053,204     $ 273,727,660     $ 39,195,050  
                                 
 
See Notes to Financial Statements.


 

38

 
STATEMENTS OF ASSETS AND LIABILITIES (concluded) October 31, 2011
 
                         
    Rydex
    Rydex
    Rydex
 
    S&P MidCap
    S&P SmallCap
    S&P SmallCap
 
    400 Pure
    600 Pure
    600 Pure
 
    Growth ETF     Value ETF     Growth ETF  
Assets
                       
Investments at Market Value*
  $ 653,317,130     $ 62,175,394     $ 34,877,923  
Receivables:
                       
Investments Sold
          1,068,563       83,792  
Fund Shares Sold
    41,643,245             2,490,874  
Dividends
    97,547       25,080       2,531  
                         
Total Assets
    695,057,922       63,269,037       37,455,120  
                         
Liabilities
                       
Payables:
                       
Investments Purchased
    41,645,168       1,122,057       2,572,810  
Accrued Management Fees
    166,782       17,372       9,761  
                         
Total Liabilities
    41,811,950       1,139,429       2,582,571  
                         
Net Assets
  $ 653,245,972     $ 62,129,608     $ 34,872,549  
                         
Net Assets Consist of:
                       
Paid-in Capital
  $ 678,830,575     $ 93,642,767     $ 39,900,593  
Accumulated Net Realized Gain (Loss) on Investment Securities
    (2,187,479 )     (20,997,236 )     (931,776 )
Net Unrealized Appreciation (Depreciation) on Investment Securities
    (23,397,124 )     (10,515,923 )     (4,096,268 )
                         
Net Assets
  $ 653,245,972     $ 62,129,608     $ 34,872,549  
                         
Shares Outstanding (Unlimited Shares Authorized), No Par Value
    7,950,021       1,750,040       700,004  
                         
Net Asset Value, Offering Price and Repurchase Price Per Share
  $ 82.17     $ 35.50     $ 49.82  
                         
*Total Cost of Investments
  $ 676,714,254     $ 72,691,317     $ 38,974,191  
                         
 
See Notes to Financial Statements.


 

ANNUAL REPORT      39

 
STATEMENTS OF OPERATIONS For the Year Ended October 31, 2011
 
                                 
                      Rydex
 
    Rydex
    Rydex
    Rydex
    S&P MidCap
 
    Russell Top
    S&P 500 Pure
    S&P 500 Pure
    400 Pure
 
    50® ETF     Value ETF     Growth ETF     Value ETF  
Investment Income
                               
Dividends, Net of Foreign Taxes Withheld
  $ 8,634,215     $ 1,601,100     $ 1,897,984     $ 756,673  
                                 
Expenses
                               
Management Fee
    758,963       312,831       877,768       168,182  
Other Fees
    126                    
                                 
Total Expenses
    759,089       312,831       877,768       168,182  
                                 
Net Investment Income
    7,875,126       1,288,269       1,020,216       588,491  
                                 
Realized And Unrealized Gain (Loss) On Investments
                               
Net Realized Gain (Loss) From:
                               
Investments
    (4,150,627 )     687,340       4,971,909       1,261,234  
In-kind Redemptions
    3,149,806       435,640       18,508,163       (20,978 )
                                 
Net Realized Gain (Loss)
    (1,000,821 )     1,122,980       23,480,072       1,240,256  
Net Change in Unrealized Appreciation (Depreciation) on:
                               
Investment Securities
    19,318,113       (2,290,115 )     (23,088,187 )     (2,426,037 )
                                 
Net Realized and Unrealized Gain (Loss) on Investments
    18,317,292       (1,167,135 )     391,885       (1,185,781 )
                                 
Net Increase (Decrease) in Net Assets Resulting From Operations
  $ 26,192,418     $ 121,134     $ 1,412,101     $ (597,290 )
                                 
Foreign Taxes Withheld
  $     $ 32     $     $  
 
See Notes to Financial Statements.


 

40

 
STATEMENTS OF OPERATIONS (concluded) For the Year Ended October 31, 2011
 
                         
    Rydex
    Rydex
    Rydex
 
    S&P MidCap
    S&P SmallCap
    S&P SmallCap
 
    400 Pure
    600 Pure
    600 Pure
 
    Growth ETF     Value ETF     Growth ETF  
Investment Income
                       
Dividends
  $ 2,487,422     $ 739,175     $ 146,596  
                         
Expenses
                       
Management Fee
    1,992,926       294,541       134,515  
Other Fees
    76       34        
                         
Total Expenses
    1,993,002       294,575       134,515  
                         
Net Investment Income
    494,420       444,600       12,081  
                         
Realized And Unrealized Gain (Loss) On Investments
                       
Net Realized Gain (Loss) From:
                       
Investments
    21,424,219       1,210,465       885,064  
In-kind Redemptions
    47,666,478       2,175,606       (2,552,469 )
                         
Net Realized Gain (Loss)
    69,090,697       3,386,071       (1,667,405 )
Net Change in Unrealized Appreciation (Depreciation) on:
                       
Investment Securities
    (51,357,329 )     849,778       (6,355,046 )
                         
Net Realized and Unrealized Gain (Loss) on Investments
    17,733,368       4,235,849       (8,022,451 )
                         
Net Increase (Decrease) in Net Assets Resulting From Operations
  $ 18,227,788     $ 4,680,449     $ (8,010,370 )
                         
 
See Notes to Financial Statements.


 

ANNUAL REPORT      41

 
STATEMENTS OF CHANGES IN NET ASSETS
 
                                 
    Rydex Russell Top 50® ETF     Rydex S&P 500 Pure Value ETF  
    Year Ended
    Year Ended
    Year Ended
    Year Ended
 
    October 31, 2011     October 31, 2010     October 31, 2011     October 31, 2010  
Operations
                               
Net Investment Income
  $ 7,875,126     $ 6,900,519     $ 1,288,269     $ 877,419  
Net Realized Gain (Loss) on Investments
    (1,000,821 )     (7,489,617 )     1,122,980       10,140,255  
Net Change in Unrealized Appreciation (Depreciation) on Investments
    19,318,113       32,212,043       (2,290,115 )     (4,582,840 )
                                 
Net Increase in Net Assets Resulting From Operations
    26,192,418       31,622,945       121,134       6,434,834  
                                 
Distributions To Shareholders From:
                               
Net Investment Income
    (7,603,764 )     (6,973,425 )     (1,211,677 )     (867,443 )
                                 
Shareholder Transactions
                               
Proceeds From Shares Purchased
    150,183,009       45,555,770       60,757,533       85,657,155  
Value of Shares Purchased through Dividend Reinvestments
          9,726             6,581  
Value of Shares Redeemed
    (38,031,580 )     (62,207,870 )     (35,992,276 )     (65,456,767 )
                                 
Net Increase (Decrease) in Net Assets Resulting From Share Transactions
    112,151,429       (16,642,374 )     24,765,257       20,206,969  
                                 
Increase in Net Assets
    130,740,083       8,007,146       23,674,714       25,774,360  
NET ASSETS—Beginning of Period
    323,669,205       315,662,059       55,875,565       30,101,205  
                                 
NET ASSETS—End of Period(1)
  $ 454,409,288     $ 323,669,205     $ 79,550,279     $ 55,875,565  
                                 
(1) Including Undistributed Net Investment Income
  $ 790,411     $ 519,049     $ 81,520     $ 6,288  
                                 
Changes in Shares Outstanding:
                               
Shares Purchased
    1,700,000       550,000       2,000,000       3,350,000  
Shares Purchased through Dividend Reinvestments
          115             266  
Shares Redeemed
    (450,000 )     (750,000 )     (1,350,000 )     (2,600,000 )
Shares Outstanding, Beginning of Period
    3,800,785       4,000,670       2,152,836       1,402,570  
                                 
Shares Outstanding, End of Period
    5,050,785       3,800,785       2,802,836       2,152,836  
                                 
 
See Notes to Financial Statements.


 

42

 
STATEMENTS OF CHANGES IN NET ASSETS (continued)
 
                                 
    Rydex S&P 500 Pure Growth ETF     Rydex S&P MidCap 400 Pure Value ETF  
    Year Ended
    Year Ended
    Year Ended
    Year Ended
 
    October 31, 2011     October 31, 2010     October 31, 2011     October 31, 2010  
Operations
                               
Net Investment Income
  $ 1,020,216     $ 273,834     $ 588,491     $ 532,926  
Net Realized Gain on Investments
    23,480,072       4,220,567       1,240,256       6,476,646  
Net Change in Unrealized Appreciation (Depreciation) on Investments
    (23,088,187 )     14,201,445       (2,426,037 )     (2,350,651 )
                                 
Net Increase (Decrease) in Net Assets Resulting From Operations
    1,412,101       18,695,846       (597,290 )     4,658,921  
                                 
Distributions To Shareholders From:
                               
Net Investment Income
    (996,112 )     (285,918 )     (566,319 )     (526,762 )
                                 
Shareholder Transactions
                               
Proceeds From Shares Purchased
    259,891,376       117,266,926       10,618,563       43,241,178  
Value of Shares Purchased through Dividend Reinvestments
          1,529             2,368  
Value of Shares Redeemed
    (141,889,014 )     (26,775,492 )     (16,872,735 )     (27,284,312 )
                                 
Net Increase (Decrease) in Net Assets Resulting From Share Transactions
    118,002,362       90,492,963       (6,254,172 )     15,959,234  
                                 
Increase (Decrease) in Net Assets
    118,418,351       108,902,891       (7,417,781 )     20,091,393  
NET ASSETS—Beginning of Period
    147,470,405       38,567,514       43,088,745       22,997,352  
                                 
NET ASSETS—End of Period(1)
  $ 265,888,756     $ 147,470,405     $ 35,670,964     $ 43,088,745  
                                 
(1) Including Undistributed Net Investment Income
  $ 15,198     $     $ 28,336     $ 6,164  
                                 
Changes in Shares Outstanding:
                               
Shares Purchased
    5,700,000       3,200,000       300,000       1,400,000  
Shares Purchased through Dividend Reinvestments
          44             81  
Shares Redeemed
    (3,400,000 )     (800,000 )     (550,000 )     (950,000 )
Shares Outstanding, Beginning of Period
    3,650,299       1,250,255       1,400,499       950,418  
                                 
Shares Outstanding, End of Period
    5,950,299       3,650,299       1,150,499       1,400,499  
                                 
 
See Notes to Financial Statements.


 

ANNUAL REPORT      43

 
STATEMENTS OF CHANGES IN NET ASSETS (continued)
 
                                 
    Rydex S&P MidCap 400
    Rydex S&P SmallCap 600
 
    Pure Growth ETF     Pure Value ETF  
    Year Ended
    Year Ended
    Year Ended
    Year Ended
 
    October 31, 2011     October 31, 2010     October 31, 2011     October 31, 2010  
Operations
                               
Net Investment Income
  $ 494,420     $ 48,972     $ 444,600     $ 671,866  
Net Realized Gain on Investments
    69,090,697       14,290,972       3,386,071       2,507,840  
Net Change in Unrealized Appreciation (Depreciation) on Investments
    (51,357,329 )     25,139,989       849,778       (1,095,620 )
                                 
Net Increase in Net Assets Resulting From Operations
    18,227,788       39,479,933       4,680,449       2,084,086  
                                 
Distributions To Shareholders From:
                               
Net Investment Income
    (494,945 )     (89,353 )     (444,287 )     (707,768 )
                                 
Shareholder Transactions
                               
Proceeds From Shares Purchased
    689,925,224       229,792,522       14,049,940       108,057,601  
Value of Shares Purchased through Dividend Reinvestments
          122              
Value of Shares Redeemed
    (346,841,356 )     (85,185,473 )     (43,539,405 )     (130,334,749 )
                                 
Net Increase (Decrease) in Net Assets Resulting From Share Transactions
    343,083,868       144,607,171       (29,489,465 )     (22,277,148 )
                                 
Increase (Decrease) in Net Assets
    360,816,711       183,997,751       (25,253,303 )     (20,900,830 )
NET ASSETS—Beginning of Period
    292,429,261       108,431,510       87,382,911       108,283,741  
                                 
NET ASSETS—End of Period(1)
  $ 653,245,972     $ 292,429,261     $ 62,129,608     $ 87,382,911  
                                 
(1) Including Undistributed Net Investment Income
  $     $     $     $  
                                 
Changes in Shares Outstanding:
                               
Shares Purchased
    8,250,000       3,550,000       350,000       2,850,000  
Shares Purchased through Dividend Reinvestments
          2              
Shares Redeemed
    (4,450,000 )     (1,450,000 )     (1,150,000 )     (4,100,000 )
Shares Outstanding, Beginning of Period
    4,150,021       2,050,019       2,550,040       3,800,040  
                                 
Shares Outstanding, End of Period
    7,950,021       4,150,021       1,750,040       2,550,040  
                                 
 
See Notes to Financial Statements.


 

44

 
STATEMENTS OF CHANGES IN NET ASSETS (concluded)
 
                 
    Rydex S&P SmallCap 600 Pure Growth ETF  
    Year Ended
    Year Ended
 
    October
    October
 
    31, 2011     31, 2010  
Operations
               
Net Investment Income
  $ 12,081     $ 23,587  
Net Realized Gain (Loss) on Investments
    (1,667,405 )     1,007,797  
Net Change in Unrealized Appreciation (Depreciation) on Investments
    (6,355,046 )     2,751,747  
                 
Net Increase (Decrease) in Net Assets Resulting From Operations
    (8,010,370 )     3,783,131  
                 
Distributions To Shareholders From:
               
Net Investment Income
    (46,996 )     (25,566 )
                 
Shareholder Transactions
               
Proceeds From Shares Purchased
    103,804,934       7,478,723  
Value of Shares Redeemed
    (78,204,381 )     (5,851,855 )
                 
Net Increase in Net Assets Resulting From Share Transactions
    25,600,553       1,626,868  
                 
Increase in Net Assets
    17,543,187       5,384,433  
NET ASSETS—Beginning of Period
    17,329,362       11,944,929  
                 
NET ASSETS—End of Period(1)
  $ 34,872,549     $ 17,329,362  
                 
(1) Including Undistributed Net Investment Income
  $     $  
                 
Changes in Shares Outstanding:
               
Shares Purchased
    1,950,000       200,000  
Shares Redeemed
    (1,650,000 )     (150,000 )
Shares Outstanding, Beginning of Period
    400,004       350,004  
                 
Shares Outstanding, End of Period
    700,004       400,004  
                 
 
See Notes to Financial Statements.


 

ANNUAL REPORT      45

 
FINANCIAL HIGHLIGHTS
 
                                         
    Rydex Russell Top 50®ETF  
    Year Ended
    Year Ended
    Year Ended
    Year Ended
    Year Ended
 
    October 31, 2011     October 31, 2010     October 31, 2009     October 31, 2008     October 31, 2007  
Per Share Operating Performance:
                                       
Net Asset Value at Beginning of Period
  $ 85.16     $ 78.90     $ 76.29     $ 116.47     $ 104.15  
                                         
Net Investment Income*
    1.87       1.72       1.95       2.34       2.15  
Net Realized and Unrealized Gain (Loss) on Investments
    4.74       6.26       2.61       (40.20 )     12.25  
                                         
Total From Investment Operations
    6.61       7.98       4.56       (37.86 )     14.40  
                                         
Distributions To Shareholders From:
                                       
Net Investment Income
    (1.80 )     (1.72 )     (1.95 )     (2.32 )     (2.08 )
                                         
Net Asset Value at End of Period
  $ 89.97     $ 85.16     $ 78.90     $ 76.29     $ 116.47  
                                         
Total Return**
    7.80 %     10.22 %     6.35 %     (32.92 )%     13.96 %
Ratios/Supplemental Data:
                                       
Net Assets at End of Period (000’s Omitted)
  $ 454,409     $ 323,669     $ 315,662     $ 434,878     $ 681,355  
Ratio To Average Net Assets Of:
                                       
Expenses
    0.20 %     0.20 %     0.20 %     0.20 %     0.20 %
Net Investment Income
    2.08 %     2.09 %     2.79 %     2.37 %     1.96 %
Portfolio Turnover Rate†
    6 %     9 %     12 %     10 %     8 %
 
 
* Based on average shares outstanding.
** Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return.
Portfolio turnover does not include securities received or delivered from processing creations or redemptions.
 
See Notes to Financial Statements.


 

46

 
FINANCIAL HIGHLIGHTS (continued)
 
                                         
    Rydex S&P 500 Pure Value ETF  
    Year Ended
    Year Ended
    Year Ended
    Year Ended
    Year Ended
 
    October 31, 2011     October 31, 2010     October 31, 2009     October 31, 2008     October 31, 2007  
Per Share Operating Performance:
                                       
Net Asset Value at Beginning of Period
  $ 25.95     $ 21.46     $ 17.98     $ 34.46     $ 32.66  
                                         
Net Investment Income*
    0.42       0.35       0.49       1.00       0.75  
Net Realized and Unrealized Gain (Loss) on Investments
    2.40       4.49       3.53       (16.44 )     1.80  
                                         
Total From Investment Operations
    2.82       4.84       4.02       (15.44 )     2.55  
                                         
Distributions To Shareholders From:
                                       
Net Investment Income
    (0.39 )     (0.35 )     (0.54 )     (1.04 )     (0.75 )
                                         
Net Asset Value at End of Period
  $ 28.38     $ 25.95     $ 21.46     $ 17.98     $ 34.46  
                                         
Total Return**
    10.84 %     22.67 %     23.73 %     (45.76 )%     7.79 %
Ratios/Supplemental Data:
                                       
Net Assets at End of Period (000’s Omitted)
  $ 79,550     $ 55,876     $ 30,101     $ 17,994     $ 39,635  
Ratio To Average Net Assets Of:
                                       
Expenses
    0.35 %     0.35 %     0.35 %     0.35 %     0.35 %
Net Investment Income
    1.44 %     1.38 %     2.92 %     3.63 %     2.15 %
Portfolio Turnover Rate†
    23 %     27 %     45 %     53 %     26 %
 
 
* Based on average shares outstanding.
** Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return.
Portfolio turnover does not include securities received or delivered from processing creations or redemptions.
 
See Notes to Financial Statements.


 

ANNUAL REPORT      47

 
FINANCIAL HIGHLIGHTS (continued)
 
                                         
    Rydex S&P 500 Pure Growth ETF  
    Year Ended
    Year Ended
    Year Ended
    Year Ended
    Year Ended
 
    October 31, 2011     October 31, 2010     October 31, 2009     October 31, 2008     October 31, 2007  
Per Share Operating Performance:
                                       
Net Asset Value at Beginning of Period
  $ 40.40     $ 30.85     $ 24.40     $ 39.59     $ 35.30  
                                         
Net Investment Income*
    0.18       0.13       0.18       0.20       0.25  
Net Realized and Unrealized Gain (Loss) on Investments
    4.28       9.57       6.46       (15.19 )     4.26  
                                         
Total From Investment Operations
    4.46       9.70       6.64       (14.99 )     4.51  
                                         
Distributions To Shareholders From:
                                       
Net Investment Income
    (0.18 )     (0.15 )     (0.19 )     (0.20 )     (0.22 )
                                         
Net Asset Value at End of Period
  $ 44.68     $ 40.40     $ 30.85     $ 24.40     $ 39.59  
                                         
Total Return**
    11.06 %     31.51 %     27.41 %     (38.00 )%     12.79 %
Ratios/Supplemental Data:
                                       
Net Assets at End of Period (000’s Omitted)
  $ 265,889     $ 147,470     $ 38,568     $ 24,398     $ 63,340  
Ratio To Average Net Assets Of:
                                       
Expenses
    0.35 %     0.35 %     0.35 %     0.35 %     0.35 %
Net Investment Income
    0.41 %     0.37 %     0.69 %     0.57 %     0.66 %
Portfolio Turnover Rate†
    21 %     31 %     27 %     30 %     24 %
 
 
* Based on average shares outstanding.
** Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return.
Portfolio turnover does not include securities received or delivered from processing creations or redemptions.
 
See Notes to Financial Statements.


 

48

 
FINANCIAL HIGHLIGHTS (continued)
 
                                         
    Rydex S&P MidCap 400 Pure Value ETF  
    Year Ended
    Year Ended
    Year Ended
    Year Ended
    Year Ended
 
    October 31, 2011     October 31, 2010     October 31, 2009     October 31, 2008     October 31, 2007  
Per Share Operating Performance:
                                       
Net Asset Value at Beginning of Period
  $ 30.77     $ 24.20     $ 20.24     $ 35.76     $ 33.27  
                                         
Net Investment Income*
    0.41       0.36       0.59       0.87       0.82  
Net Realized and Unrealized Gain (Loss) on Investments
    0.22       6.57       3.92       (15.54 )     2.48  
                                         
Total From Investment Operations
    0.63       6.93       4.51       (14.67 )     3.30  
                                         
Distributions To Shareholders From:
                                       
Net Investment Income
    (0.40 )     (0.36 )     (0.55 )     (0.84 )     (0.81 )
                                         
Net Asset Value at End of Period
  $ 31.00     $ 30.77     $ 24.20     $ 20.24     $ 35.76  
                                         
Total Return**
    2.03 %     28.75 %     23.32 %     (41.75 )%     9.94 %
Ratios/Supplemental Data:
                                       
Net Assets at End of Period (000’s Omitted)
  $ 35,671     $ 43,089     $ 22,997     $ 10,126     $ 21,458  
Ratio To Average Net Assets Of:
                                       
Expenses
    0.35 %     0.35 %     0.35 %     0.35 %     0.35 %
Net Investment Income
    1.22 %     1.20 %     2.90 %     2.87 %     2.28 %
Portfolio Turnover Rate†
    49 %     35 %     57 %     64 %     46 %
 
 
* Based on average shares outstanding.
** Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return.
Portfolio turnover does not include securities received or delivered from processing creations or redemptions.
 
See Notes to Financial Statements.


 

ANNUAL REPORT      49

 
FINANCIAL HIGHLIGHTS (continued)
 
                                         
    Rydex S&P MidCap 400 Pure Growth ETF  
    Year Ended
    Year Ended
    Year Ended
    Year Ended
    Year Ended
 
    October 31, 2011     October 31, 2010     October 31, 2009     October 31, 2008     October 31, 2007  
Per Share Operating Performance:
                                       
Net Asset Value at Beginning of Period
  $ 70.46     $ 52.89     $ 39.10     $ 59.75     $ 50.10  
                                         
Net Investment Income*
    0.07       0.02       0.09       0.02       0.33  
Net Realized and Unrealized Gain (Loss) on Investments
    11.72       17.59       13.79       (20.63 )     9.73  
                                         
Total From Investment Operations
    11.79       17.61       13.88       (20.61 )     10.06  
                                         
Distributions To Shareholders From:
                                       
Net Investment Income
    (0.08 )     (0.04 )     (0.09 )     (0.04 )     (0.27 )
Net Realized Gains
                            (0.14 )
                                         
Total Distributions
    (0.08 )     (0.04 )     (0.09 )     (0.04 )     (0.41 )
                                         
Net Asset Value at End of Period
  $ 82.17     $ 70.46     $ 52.89     $ 39.10     $ 59.75  
                                         
Total Return**
    16.73 %     33.32 %     35.59 %     (34.52 )%     20.17 %
Ratios/Supplemental Data:
                                       
Net Assets at End of Period (000’s Omitted)
  $ 653,246     $ 292,429     $ 108,432     $ 17,596     $ 20,914  
Ratio To Average Net Assets Of:
                                       
Expenses
    0.35 %     0.35 %     0.35 %     0.35 %     0.35 %
Net Investment Income
    0.09 %     0.03 %     0.19 %     0.04 %     0.60 %
Portfolio Turnover Rate†
    45 %     51 %     29 %     52 %     53 %
 
 
* Based on average shares outstanding.
** Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return.
Portfolio turnover does not include securities received or delivered from processing creations or redemptions.
 
See Notes to Financial Statements.


 

50

 
FINANCIAL HIGHLIGHTS (continued)
 
                                         
    Rydex S&P SmallCap 600 Pure Value ETF  
    Year Ended
    Year Ended
    Year Ended
    Year Ended
    Year Ended
 
    October 31, 2011     October 31, 2010     October 31, 2009     October 31, 2008     October 31, 2007  
Per Share Operating Performance:
                                       
Net Asset Value at Beginning of Period
  $ 34.27     $ 28.50     $ 23.21     $ 37.38     $ 40.13  
                                         
Net Investment Income*
    0.20       0.20       0.32       0.79       0.74  
Net Realized and Unrealized Gain (Loss) on Investments
    1.23       5.78       5.29       (14.26 )     (2.85 )
                                         
Total From Investment Operations
    1.43       5.98       5.61       (13.47 )     (2.11 )
                                         
Distributions To Shareholders From:
                                       
Net Investment Income
    (0.20 )     (0.21 )     (0.32 )     (0.70 )     (0.62 )
Net Realized Gains
                            (0.02 )
                                         
Total Distributions
    (0.20 )     (0.21 )     (0.32 )     (0.70 )     (0.64 )
                                         
Net Asset Value at End of Period
  $ 35.50     $ 34.27     $ 28.50     $ 23.21     $ 37.38  
                                         
Total Return**
    4.16 %     21.07 %     25.00 %     (36.48 )%     (5.38 )%
Ratios/Supplemental Data:
                                       
Net Assets at End of Period (000’s Omitted)
  $ 62,130     $ 87,383     $ 108,284     $ 25,527     $ 22,426  
Ratio To Average Net Assets Of:
                                       
Expenses
    0.35 %     0.35 %     0.35 %     0.35 %     0.35 %
Net Investment Income
    0.53 %     0.60 %     1.18 %     2.57 %     1.78 %
Portfolio Turnover Rate†
    76 %     62 %     43 %     50 %     37 %
 
 
* Based on average shares outstanding.
** Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return.
Portfolio turnover does not include securities received or delivered from processing creations or redemptions.
 
See Notes to Financial Statements.


 

ANNUAL REPORT      51

 
FINANCIAL HIGHLIGHTS (concluded)
 
                                         
    Rydex S&P SmallCap 600 Pure Growth ETF  
    Year Ended
    Year Ended
    Year Ended
    Year Ended
    Year Ended
 
    October 31, 2011     October 31, 2010     October 31, 2009     October 31, 2008     October 31, 2007  
Per Share Operating Performance:
                                       
Net Asset Value at Beginning of Period
  $ 43.32     $ 34.13     $ 29.03     $ 44.92     $ 39.10  
                                         
Net Investment Income*
    0.02       0.06       0.06       0.17        
Net Realized and Unrealized Gain (Loss) on Investments
    6.57       9.18       5.13       (15.87 )     5.84  
                                         
Total From Investment Operations
    6.59       9.24       5.19       (15.70 )     5.84  
                                         
Distributions To Shareholders From:
                                       
Net Investment Income
    (0.09 )     (0.05 )     (0.09 )     (0.19 )     (0.02 )
                                         
Net Asset Value at End of Period
  $ 49.82     $ 43.32     $ 34.13     $ 29.03     $ 44.92  
                                         
Total Return**
    15.22 %     27.11 %     17.93 %     (35.05 )%     14.93 %
Ratios/Supplemental Data:
                                       
Net Assets at End of Period (000’s Omitted)
  $ 34,873     $ 17,329     $ 11,945     $ 7,257     $ 11,229  
Ratio To Average Net Assets Of:
                                       
Expenses
    0.35 %     0.35 %     0.35 %     0.35 %     0.35 %
Net Investment Income
    0.03 %     0.14 %     0.21 %     0.44 %     0.00 %
Portfolio Turnover Rate†
    33 %     55 %     46 %     63 %     51 %
 
 
* Based on average shares outstanding.
** Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return.
Portfolio turnover does not include securities received or delivered from processing creations or redemptions.
 
See Notes to Financial Statements.


 

52

 
NOTES TO FINANCIAL STATEMENTS October 31, 2011
 
1.   ORGANIZATION
 
Rydex ETF Trust (the “Trust”) is an open-end, management investment company registered under the Investment Company Act of 1940 (the “1940 Act”). The Trust was organized as a Delaware statutory trust on November 22, 2002. As of October 31, 2011, the Trust offers twenty-seven portfolios, each of which represents a separate series of beneficial interest in the Trust (each a “Fund”, and collectively, the “Funds”). The financial statements herein relate to the following Funds: Rydex Russell Top 50® ETF, Rydex S&P 500 Pure Value ETF, Rydex S&P 500 Pure Growth ETF, Rydex S&P MidCap 400 Pure Value ETF, Rydex S&P 400 Pure Growth ETF, Rydex S&P SmallCap 600 Pure Value ETF and Rydex S&P SmallCap 600 Pure Growth ETF. Rydex Russell Top 50® ETF commenced operations on May 4, 2005. Rydex S&P 500 Pure Value ETF, Rydex S&P 500 Pure Growth ETF, Rydex S&P MidCap 400 Pure Value ETF, Rydex S&P MidCap 400 Pure Growth ETF, Rydex S&P SmallCap 600 Pure Value ETF and Rydex S&P SmallCap 600 Pure Growth ETF commenced operations on March 1, 2006.
 
The Funds’ investment objective is to replicate as closely as possible, before fees and expenses, the daily performance of an index representing publicly traded equity securities (the “Underlying Index”). The Rydex Russell Top 50® ETF tracks the Russell Top 50® Index. The Rydex S&P 500 Pure Value ETF tracks the S&P 500 Pure Value Index, the Rydex S&P 500 Pure Growth ETF tracks the S&P 500 Pure Growth Index, the Rydex S&P MidCap 400 Pure Value ETF tracks the S&P MidCap 400 Pure Value Index, the Rydex S&P MidCap 400 Pure Growth ETF tracks the S&P MidCap 400 Pure Growth Index, the Rydex S&P SmallCap 600 Pure Value ETF tracks the S&P SmallCap 600 Pure Value Index and the Rydex S&P SmallCap 600 Pure Growth ETF tracks the S&P SmallCap 600 Pure Growth Index. The Funds seek to achieve their objective by investing in common stocks or ETFs, where applicable, that comprise the Underlying Index. The Funds use a “replication” strategy to track the Underlying Index. “Replication” refers to investing in substantially all of the securities in the Underlying Index in approximately the same proportions as in the Underlying Index.
 
The Funds operate as index funds and are not actively managed. Adverse performance of a security in the Funds’ portfolio will ordinarily not result in the elimination of the security from the Funds’ portfolio.
 
The Funds issue and redeem shares on a continuous basis, at Net Asset Value per share (“NAV”), only in aggregation of 50,000 shares called a “Creation Unit”. Creation Units are issued and redeemed principally in-kind for securities included in the Underlying Index.
 
2.   SIGNIFICANT ACCOUNTING POLICIES
 
The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosures at the date of the financial statements and accompanying notes and the reported amounts of increases and decreases in net assets from operations during the reporting period. Management believes that the estimates utilized in preparing the Funds’ financial statements are reasonable and prudent; however, actual results could differ from these estimates.
 
A.  Security Valuation
 
Securities listed on a domestic securities exchange are valued based on the last sale price as of the close of regular trading hours on the New York Stock Exchange (“NYSE”) or, in the absence of recorded sales, are valued at the most recent bid price. Securities for which the primary market is the National Association of Securities Dealers Automated Quotations National Market System (“NASDAQ”) are valued at the NASDAQ Official Closing Price.
 
Securities, for which market quotations are not readily available, including investments that are subject to limitations as to their sale, are valued at fair value as determined in good faith by Security Investors, LLC, an affiliated entity, which acts as the Funds’ investment advisor (the “Advisor”), in accordance with procedures adopted by the Board of Trustees. In determining fair value, consideration is given to market conditions, relative benchmarks and other financial data.
 
B.  Security Transactions and Income Recognition
 
Security transactions are recorded on the trade date for financial reporting purposes. Realized gains and losses from portfolio transactions are calculated on the identified cost basis. Dividend income is recorded on the ex-dividend date, net of foreign tax withholdings. Interest income is recorded on the accrual basis. Distributions received from investments in real estate investment trusts (“REITs”) are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distribution by the issuer.


 

ANNUAL REPORT      53

 
NOTES TO FINANCIAL STATEMENTS (continued)
 
C.  Repurchase Agreements
 
The Funds may enter into repurchase agreements with financial institutions. In a repurchase agreement, a Fund buys a security and the seller simultaneously agrees to repurchase the security on a specified future date at an agreed-upon price. The repurchase price reflects an agreed-upon interest rate during the time the Fund’s money is invested in the security. Because the security constitutes collateral for the repurchase obligation, a repurchase agreement can be considered a collateralized loan. The Funds follow certain procedures designed to minimize the risks inherent in such agreements. These procedures include effecting repurchase transactions only with large, well-capitalized and well-established financial institutions whose condition will be continually monitored by Security Global Investors. In addition, the value of the collateral underlying the repurchase agreement will always be at least equal to the repurchase price, including any accrued interest earned on the repurchase agreement. In the event of a default or bankruptcy by a selling financial institution, the Funds will seek to liquidate such collateral. However, the exercising of the Funds right to liquidate such collateral could involve certain costs or delays and, to the extent that proceeds from any sale upon a default of the obligation to repurchase were less than the repurchase price, the Funds could suffer a loss. It is the current policy of the Funds not to invest in repurchase agreements that do not mature within seven days if any such investment, together with any other illiquid assets held by the Funds, amounts to more than 15% of a Fund’s net assets. The investments of the Funds in repurchase agreements, at times, may be substantial when, in the view of Security Global Investors, liquidity or other considerations so warrant. For the year ended October 31, 2011, the Funds had not engaged in repurchase agreement transactions.
 
D.  Federal Income Taxes
 
The Funds intend to comply with the provisions of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and will distribute substantially all net investment income and capital gains to shareholders. Therefore, no Federal income tax provision has been recorded.
 
Tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns are evaluated to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Funds’ tax positions taken on Federal income tax returns for all open tax years (fiscal years 2008 — 2011), and has concluded that no provision for income tax was required in the Funds’ financial statements.
 
Income and capital gain distributions are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. These differences are primarily due to differing treatments for in-kind redemptions, distributions in excess of current year earnings, excise taxes paid, income reclassifications from REITs and losses deferred due to wash sales.
 
The RIC Modernization Act of 2010 was signed into law on December 22, 2010 and seeks to simplify some of the tax provisions applicable to regulated investment companies and the tax reporting to their shareholders, and to improve the tax efficiency of certain fund structures. The greatest impact to the disclosure in the financial reports for the Fund will be seen on the treatment of capital loss carryforwards.
 
Funds will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. Under pre-enactment law, capital losses could be carried forward for eight years, and carried forward as short-term capital, irrespective of the character of the original loss. As a result of this ordering rule, pre-enactment capital loss carryforwards may potentially expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.
 
In order to present paid-in-capital, undistributed net investment income (loss) and accumulated net realized gain (loss) on investments on the statement of assets and liabilities that more closely represent their tax character, certain adjustments have been made to these accounts. These adjustments have no effect on net assets or NAV. The most significant of these adjustments are for net capital gains resulting from in-kind redemptions, because they are non-taxable to the Funds, and therefore are not distributed to existing Fund


 

54

 
NOTES TO FINANCIAL STATEMENTS (continued)
 
shareholders, or equalization or net capital losses resulting from in-kind redemptions which are reclassified to paid-in-capital. For the year ended October 31, 2011, the adjustments for the Funds were as follows:
 
                         
          Undistributed
    Accumulated
 
    Paid-In
    Net Investment
    Net Realized
 
    Capital     Income (Loss)     Gain (Loss)  
 
Rydex Russell Top 50® ETF
  $ 3,030,473     $     $ (3,030,473 )
Rydex S&P 500 Pure Value ETF
    299,291       (1,360 )     (297,931 )
Rydex S&P 500 Pure Growth ETF
    18,256,707       (8,906 )     (18,247,801 )
Rydex S&P MidCap 400 Pure Value ETF
    (86,334 )           86,334  
Rydex S&P MidCap 400 Pure Growth ETF
    69,015,490       525       (69,016,015 )
Rydex S&P SmallCap 600 Pure Value ETF
    1,826,181       (313 )     (1,825,868 )
Rydex S&P SmallCap 600 Pure Growth ETF
    (2,782,732 )     34,915       2,747,817  
 
Tax basis capital losses in excess of capital gains are carried forward to offset future net capital gains. For the year ended October 31, 2011, the following capital loss carryforward amounts expired or were used to offset current year net realized capital gains:
 
         
Rydex Russell Top 50® ETF
  $  
Rydex S&P 500 Pure Value ETF
    807,960  
Rydex S&P 500 Pure Growth ETF
    5,326,860  
Rydex S&P MidCap 400 Pure Value ETF
    1,332,917  
Rydex S&P MidCap 400 Pure Growth ETF
    2,005,241  
Rydex S&P SmallCap 600 Pure Value ETF
    1,580,093  
Rydex S&P SmallCap 600 Pure Growth ETF
    1,043,259  
 
A summary of the expiration of the capital loss carryforward is as follows:
 
                                                         
    2013     2014     2015     2016     2017     2018     2019  
 
Rydex Russell Top 50® ETF
  $ 88,468     $ 675,404     $ 618,363     $ 32,651,414     $ 51,313,952     $ 10,584,384     $ 3,619,667  
Rydex S&P 500 Pure Value ETF
                            8,057,414              
Rydex S&P 500 Pure Growth ETF
                            2,288,071       138,571        
Rydex S&P MidCap 400 Pure Value ETF
                            2,758,055              
Rydex S&P MidCap 400 Pure Growth ETF
                                         
Rydex S&P SmallCap 600 Pure Value ETF
                      2,553,568       9,954,238       8,325,244        
Rydex S&P SmallCap 600 Pure Growth ETF
                            800,259       46,873        
 
The tax character of distributable earnings (accumulated losses) at October 31, 2011 was as follows:
 
                                 
    Undistributed
    Undistributed
          Unrealized
 
    Ordinary
    Long Term
    Capital Loss
    Appreciation
 
    Income     Capital Gain     Carryfoward     (Depreciation)  
 
Rydex Russell Top 50® ETF
  $ 790,411     $     $ (99,551,652 )   $ (25,740,457 )
Rydex S&P 500 Pure Value ETF
    81,520             (8,057,414 )     (5,666,724 )
Rydex S&P 500 Pure Growth ETF
    15,198             (2,426,642 )     (8,040,799 )
Rydex S&P MidCap 400 Pure Value ETF
    28,336             (2,758,055 )     (3,654,369 )
Rydex S&P MidCap 400 Pure Growth ETF
                      (25,584,603 )
Rydex S&P SmallCap 600 Pure Value ETF
                (20,833,050 )     (10,680,109 )
Rydex S&P SmallCap 600 Pure Growth ETF
                (847,132 )     (4,180,912 )
 
Differences between the book basis and tax basis of net unrealized appreciation (depreciation) in value of investments relate to tax deferral of losses on wash sales and estimated return of capital payments on REITs. Any undistributed ordinary income or long-term capital gain remaining at fiscal year-end is distributed in the following year.
 
The tax character of distributions paid during 2011 was as follows:
 
         
    Ordinary
 
    Income  
 
Rydex Russell Top 50® ETF
  $ 7,603,764  
Rydex S&P 500 Pure Value ETF
    1,211,677  
Rydex S&P 500 Pure Growth ETF
    996,112  
Rydex S&P MidCap 400 Pure Value ETF
    566,319  
Rydex S&P MidCap 400 Pure Growth ETF
    494,945  
Rydex S&P SmallCap 600 Pure Value ETF
    444,287  
Rydex S&P SmallCap 600 Pure Growth ETF
    46,996  


 

ANNUAL REPORT      55

 
NOTES TO FINANCIAL STATEMENTS (continued)
 
The tax character of distributions paid during 2010 was as follows:
 
         
    Ordinary
 
    Income  
 
Rydex Russell Top 50® ETF
  $ 6,973,425  
Rydex S&P 500 Pure Value ETF
    867,443  
Rydex S&P 500 Pure Growth ETF
    285,918  
Rydex S&P MidCap 400 Pure Value ETF
    526,762  
Rydex S&P MidCap 400 Pure Growth ETF
    89,353  
Rydex S&P SmallCap 600 Pure Value ETF
    707,768  
Rydex S&P SmallCap 600 Pure Growth ETF
    25,566  
 
E.  Fair Value Measurement
 
In accordance with U.S. GAAP, fair value is defined as the price that the Fund would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal market, or, in the absence of a principal market, the most advantageous market for the investment or liability. A three-tier hierarchy is utilized to distinguish between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Funds’ investments. The inputs are summarized in the three broad levels listed below:
 
Level 1 — quoted prices in active markets for identical securities. The types of assets and liabilities carried at Level 1 fair value generally are government and agency securities, equities listed in active markets and stock index futures.
 
Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). The types of assets and liabilities carried at Level 2 fair value generally are domestic equity index swaps and short-term securities with maturities of 60 days or less, including repurchase agreements.
 
Level 3 — significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments).
 
Transfers between investment Levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For the year ended October 31, 2011, there were no securities transferred between any Levels.
 
The following table summarizes the inputs used to value the Funds’ net assets as of October 31, 2011:
 
                                 
    Level 1
    Level 2
    Level 3
       
    Investments
    Investments
    Investments
       
Fund
  in Securities     in Securities     in Securities     Total  
 
Rydex Russell Top 50® ETF
  $ 453,836,975     $     $     $ 453,836,975  
Rydex S&P 500 Pure Value ETF
    79,511,538                   79,511,538  
Rydex S&P 500 Pure Growth ETF
    265,867,413                   265,867,413  
Rydex S&P MidCap 400 Pure Value ETF
    35,619,205                   35,619,205  
Rydex S&P MidCap 400 Pure Growth ETF
    653,317,130                   653,317,130  
Rydex S&P SmallCap 600 Pure Value ETF
    62,172,599       2,795             62,175,394  
Rydex S&P SmallCap 600 Pure Growth ETF
    34,877,923                   34,877,923  
 
For the year ended October 31, 2011, there were no Level 3 Investments.
 
F.  Dividends and Distributions
 
Distributions of net investment income and net realized capital gains, if any, are declared at least annually and recorded on the ex-dividend date and are determined in accordance with income tax regulations which may differ from U.S. GAAP.
 
G.  Risks and Uncertainties
 
The Funds invest in various investments which are exposed to risk, such as market risk. Due to the level of risk associated with certain investments it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such


 

56

 
NOTES TO FINANCIAL STATEMENTS (continued)
 
changes could materially affect amounts reported in the financial statements. The Rydex Russell Top 50® ETF is a non-diversified fund, subjecting it to a greater risk than a fund that is diversified.
 
H.  Risk Disclosure
 
Throughout the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties which provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds and/or their affiliates that have not yet occurred. However, based on experience the Funds expect the risk of loss to be remote.
 
3.   ADVISORY, ADMINISTRATION AND OTHER TRANSACTIONS WITH AFFILIATES
 
The Advisor determines the composition of the portfolio of securities that must be delivered in exchange for the issuance of Creation Units and periodically adjusts the composition of the portfolio of the Funds to conform to changes in the composition of the relevant index. For these services, the Advisor receives a management fee at the annual rate shown below as a percentage of the average daily net assets of the Funds.
 
         
    Advisory Fee  
 
Rydex Russell Top 50® ETF
    0.20 %
Rydex S&P 500 Pure Value ETF
    0.35 %
Rydex S&P 500 Pure Growth ETF
    0.35 %
Rydex S&P MidCap 400 Pure Value ETF
    0.35 %
Rydex S&P MidCap 400 Pure Growth ETF
    0.35 %
Rydex S&P SmallCap 600 Pure Value ETF
    0.35 %
Rydex S&P SmallCap 600 Pure Growth ETF
    0.35 %
 
The Advisor pays all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except: interest, taxes, distribution fees or expenses and extraordinary expenses.
 
Under an Administration Agreement, State Street Bank and Trust Company (the “Administrator”) provides various administrative and accounting services for the maintenance and operations of the Funds. Under a Custodian Agreement with the Trust, the Administrator maintains cash, securities and other assets of the Funds in separate accounts for each Fund, keeps all necessary accounts and records, and provides other services. The Administrator is required, upon the order of the Trust, to deliver securities held by the Custodian and to make payments for securities purchased by the Trust for the Funds. Pursuant to a Transfer Agency and Service Agreement with the Trust, the Administrator acts as a transfer agent for the Trust’s authorized and issued shares of beneficial interest, and as dividend disbursing agent of the Trust. The Advisor compensates the Administrator directly for the foregoing services.
 
The Funds have adopted a Distribution Plan (the “Plan”) that allows the Funds to pay distribution fees to Rydex Distributors, LLC, an affiliated entity, (the “Distributor”) and other firms that provide distribution services (“Service Providers”). If a Service Provider provides distribution services, the Funds will pay distribution fees to the Distributor at an annual rate not to exceed 0.25% of average daily net assets, pursuant to Rule 12b-1 of the 1940 Act. The Distributor will, in turn, pay the Service Provider out of its fees. No such fee is currently charged to the Funds.
 
4.   CAPITAL
 
At October 31, 2011, there were an unlimited number of no par value shares of beneficial interest authorized. There is a minimum transaction fee per transaction to those persons purchasing or redeeming Creation Units. An additional charge of up to three times the standard transaction fee may be imposed for purchases and redemptions effected outside the National Securities Clearing Corporation usual clearing process or for cash. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to


 

ANNUAL REPORT      57

 
NOTES TO FINANCIAL STATEMENTS (continued)
 
equate the transaction to the NAV of the Fund on the transaction date. Transaction fees are not charged to or paid by the Funds. The minimum transaction fees are:
 
         
    Minimum
 
    Transaction Fee  
 
Rydex Russell Top 50® ETF
  $ 500  
Rydex S&P 500 Pure Value ETF
    1,000  
Rydex S&P 500 Pure Growth ETF
    1,000  
Rydex S&P MidCap 400 Pure Value ETF
    750  
Rydex S&P MidCap 400 Pure Growth ETF
    750  
Rydex S&P SmallCap 600 Pure Value ETF
    1,000  
Rydex S&P SmallCap 600 Pure Growth ETF
    1,000  
 
5.   INVESTMENT TRANSACTIONS
 
For the year ended October 31, 2011, the Funds had investment transactions in-kind associated with subscriptions and redemptions as follows:
 
                 
    Subscriptions     Redemptions  
 
Rydex Russell Top 50® ETF
  $ 145,688,904     $ 33,736,738  
Rydex S&P 500 Pure Value ETF
    60,688,325       35,946,682  
Rydex S&P 500 Pure Growth ETF
    252,908,380       134,967,300  
Rydex S&P MidCap 400 Pure Value ETF
    10,606,700       16,844,730  
Rydex S&P MidCap 400 Pure Growth ETF
    684,982,027       342,684,028  
Rydex S&P SmallCap 600 Pure Value ETF
    14,034,153       43,449,302  
Rydex S&P SmallCap 600 Pure Growth ETF
    103,853,870       78,252,468  
 
Purchases and sales of investment securities (excluding short-term investments, U.S. government and government agency obligations) for the Funds were as follows:
 
                 
    Purchases     Sales  
 
Rydex Russell Top 50® ETF
  $ 21,436,240     $ 21,338,452  
Rydex S&P 500 Pure Value ETF
    25,526,491       20,677,804  
Rydex S&P 500 Pure Growth ETF
    53,887,874       78,514,805  
Rydex S&P MidCap 400 Pure Value ETF
    23,463,837       23,202,552  
Rydex S&P MidCap 400 Pure Growth ETF
    301,509,361       255,785,238  
Rydex S&P SmallCap 600 Pure Value ETF
    63,609,448       65,075,786  
Rydex S&P SmallCap 600 Pure Growth ETF
    14,838,624       12,749,679  
 
There were no purchases or sales of U.S. government or government agency obligations for the year ended October 31, 2011.
 
At October 31, 2011, the identified cost of investments in securities owned by each Fund for Federal income tax purposes and the gross unrealized appreciation and depreciation were as follows:
 
                                 
          Gross
    Gross
       
    Identified
    Unrealized
    Unrealized
    Net Unrealized
 
    Cost     Appreciation     Depreciation     (Depreciation)  
 
Rydex Russell Top 50® ETF
  $ 479,577,432     $ 39,168,066     $ (64,908,523 )   $ (25,740,457 )
Rydex S&P 500 Pure Value ETF
    85,178,262       3,908,778       (9,575,502 )     (5,666,724 )
Rydex S&P 500 Pure Growth ETF
    273,908,212       16,041,765       (24,082,564 )     (8,040,799 )
Rydex S&P MidCap 400 Pure Value ETF
    39,273,574       1,865,514       (5,519,883 )     (3,654,369 )
Rydex S&P MidCap 400 Pure Growth ETF
    678,901,733       33,967,456       (59,552,059 )     (25,584,603 )
Rydex S&P SmallCap 600 Pure Value ETF
    72,855,503       4,232,156       (14,912,265 )     (10,680,109 )
Rydex S&P SmallCap 600 Pure Growth ETF
    39,058,835       1,206,069       (5,386,981 )     (4,180,912 )


 

58

 
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
The Board of Trustees and Shareholders of Rydex ETF Trust
 
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Rydex Russell Top 50® ETF, Rydex S&P 500 Pure Value ETF, Rydex S&P 500 Pure Growth ETF, Rydex S&P MidCap 400 Pure Value ETF, Rydex S&P MidCap 400 Pure Growth ETF, Rydex S&P SmallCap 600 Pure Value ETF, and Rydex S&P SmallCap 600 Pure Growth ETF (seven of the series constituting the Rydex ETF Trust) (the “Funds”) as of October 31, 2011, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
 
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2011, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.
 
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the above listed Funds at October 31, 2011, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and their financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.
 
-s- ERNST & YOUNG LLP
McLean, Virginia
December 23, 2011


 

ANNUAL REPORT      59

 
SUPPLEMENTAL INFORMATION (Unaudited)
 
Federal Income Tax Information
 
For federal income tax purposes, the following information is furnished with respect to the distributions paid by the Funds during the year ended October 31, 2011:
 
                         
    Dividend
    Long Term
    Qualified
 
    Received
    Capital Gains
    Income
 
    Deduction     Distribution     Distribution  
 
Rydex Russell Top 50® ETF
    100.00 %   $     $ 8,487,565  
Rydex S&P 500 Pure Value ETF
    100.00 %           1,574,935  
Rydex S&P 500 Pure Growth ETF
    100.00 %           1,707,893  
Rydex S&P MidCap 400 Pure Value ETF
    100.00 %           724,701  
Rydex S&P MidCap 400 Pure Growth ETF
    11.81 %           2,098,381  
Rydex S&P SmallCap 600 Pure Value ETF
    100.00 %           695,746  
Rydex S&P SmallCap 600 Pure Growth ETF
    100.00 %           141,039  
 
Proxy Voting Information
 
A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to securities held in the Funds’ portfolios is available, without charge and upon request, by calling 1-800-820-0888. This information is also available from the EDGAR database on the SEC’s website at http://www.sec.gov. Information regarding how the Funds voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, 2011 is also available, without charge and upon request, by (i) calling 1-800-820-0888; or accessing the Trust’s Form N-PX on the SEC’s website at, http://www.sec.gov.
 
Quarterly Portfolio Schedules Information
 
The Trust files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q; which are available on the SEC’s website at http://www.sec.gov. The Trust’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and that information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. Copies of the portfolio holdings are also available to shareholders, without charge and upon request, by calling 1-800-820-0888.
 
Office Locations
 
The offices of Security Global Investors, LLC can be found in the following locations:
 
40 East 52nd Street
16th Floor
New York, NY 10022
(Headquarters)
 
Four Irvington Centre
805 King Farm Boulevard
Suite 600
Rockville, MD 20850
 
9401 Indian Creek Parkway
40 Corporate Woods
Suite 850
Overland Park, KS 66210
 
Guggenheim Transaction
 
On September 20, 2011, Guggenheim Capital, LLC agreed to purchase the indirect holding company of Security Investors, LLC, the Funds’ investment adviser (the “Investment Adviser”) (the “Transaction”). Guggenheim Capital, LLC’s subsidiary, Guggenheim Partners, LLC (“Guggenheim”), is a global, independent, privately-held, diversified financial services firm with more than 1,500 dedicated professionals.


 

60

 
SUPPLEMENTAL INFORMATION (Unaudited) (continued)
 
The Transaction should not result in material changes to the day-to-day management and operations of the Funds or any increase in fees. The parties expect the Transaction to be completed in late 2011 or early 2012. However, it is subject to various conditions, and could be delayed or even terminated due to unforeseen circumstances.
 
In anticipation of the Transaction, the Boards of Trustees of the Funds (the “Boards”) have called special meetings of shareholders (the “Meetings”), at which shareholders of record of each of the Funds as of October 3, 2011 (October 13, 2011 with respect to the Funds that are series of Rydex ETF Trust) will be asked to consider the approval of new investment advisory agreements between the Funds and the Investment Adviser (the “New Advisory Agreements”). This is necessary because, under the Investment Company Act of 1940 (the “1940 Act”), the Transaction could result in the termination of the Funds’ current investment advisory agreements with the Investment Adviser (the “Current Agreements”). The terms of the New Agreements are substantially identical to the corresponding Current Agreements, except with respect to the date of execution.
 
Board Considerations in Approving the Investment Advisory Agreement
 
At an in-person meeting of the Rydex ETF Trust’s Board of Trustees held August 16-17, 2011, called for the purpose of, among other things, voting on the approval of investment advisory agreement applicable to the series of the Trust (collectively, the “Funds”), the Trust’s Board of Trustees, including the independent Trustees, unanimously approved the investment advisory agreement between the Trust and Security Investors, LLC (referred to herein as the “Adviser”).
 
At the meeting of August 16-17, 2011, the Trust’s Board of Trustees also considered a new investment advisory agreement that was required as a result of a proposed change in the corporate ownership structure of the Adviser (the “Transaction”). The Investment Company Act of 1940 (the “1940 Act”), the law that regulates mutual funds, including the Funds, requires that a fund’s investment advisory agreement terminate whenever there is deemed to be a “change in control” of the investment adviser. The change in the corporate ownership structure of the Adviser could potentially be deemed to constitute a “change in control” (as this term is used for regulatory purposes) of the Adviser. Before an investment advisory agreement terminates, a new investment advisory agreement must be in effect in order for the investment adviser to continue to manage the fund’s investments. For that reason, the Board of Trustees was asked to approve a new investment advisory agreement for the Funds.
 
At the meeting of August 16-17, 2011, the Board considered the new investment advisory agreement, pursuant to which, subject to approval by each Fund’s shareholders, the Adviser would continue to serve each Fund as investment adviser after the completion of the Transaction. At a special meeting of the Board held on September 14, 2011, the Board considered further information about the Transaction and voted in favor of the new investment advisory agreement.
 
In reaching the conclusion to approve the investment advisory agreement, the Trustees requested and obtained from the Adviser such information as the Trustees deemed reasonably necessary to evaluate the proposed agreement. The Trustees carefully evaluated this information and were advised by legal counsel with respect to their deliberations.
 
Prior to the Board meetings in August and September 2011, representatives of Guggenheim Capital informed the Board of the Transaction. With respect to the Transaction, the Board reviewed materials received from Guggenheim Capital, including information relating to the terms of the Transaction. The Board also reviewed information regarding Guggenheim Capital, including, but not limited to: (a) certain representations concerning Guggenheim Capital’s financial condition, (b) information regarding the new proposed ownership structure and its possible effect on shareholders, (c) information regarding the consideration to be paid by Guggenheim Capital, and (d) potential conflicts of interest.
 
In considering the new investment advisory agreement, the Board determined that the agreement would enable shareholders of the Funds to continue to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of their shareholders. The Board, including the independent Trustees, unanimously approved the new agreement. In reaching their decision, the Trustees carefully considered information that they had received throughout the year as part of their regular oversight of the Funds, including, in particular, information from the Adviser that the Board had received relating to the current investment advisory agreement at the Board meeting of August 16-17, 2011. The Trustees noted that, at the meeting, they had obtained and reviewed a wide variety of information, including certain comparative information regarding performance of the Funds relative to performance of other comparable mutual funds. They also considered the evolution of the Rydex|SGI family of funds and the Adviser since the change in control of the Investment Adviser in 2010 and Guggenheim Capital’s commitment to the success of the Adviser and the Funds.
 
In addition, as a part of their required consideration of the renewal of the current investment advisory agreement at the meeting of August 16-17, 2011, the Trustees, including the independent Trustees, had evaluated a number of considerations, including among


 

ANNUAL REPORT      61

 
SUPPLEMENTAL INFORMATION (Unaudited) (continued)
 
others: (a) the quality of the Advisers’ investment advisory and other services; (b) the Advisers’ investment management personnel; (c) the Advisers’ operations and financial condition; (d) the Advisers’ brokerage practices (including any soft dollar arrangements) and investment strategies; (e) the level of the fees that the Advisers charge compared with the fees charged to comparable mutual funds or accounts; (f) each Fund’s overall fees and operating expenses compared with similar mutual funds; (g) the level of the Advisers’ profitability from its Fund-related operations; (h) the Advisers’ compliance systems; (i) the Advisers’ policies on and compliance procedures for personal securities transactions; (j) the Advisers’ reputation, expertise and resources in the financial markets; and (k) Fund performance compared with similar mutual funds. Based on the Board’s deliberations at the meetings of August 16-17, 2011 and September 14, 2011, and its evaluation of the information regarding the Transaction and the fact that the Transaction is not expected to change the level and quality of services rendered by the Adviser to any of the Funds, the Board, including all of the independent Trustees, unanimously: (a) concluded that terms of the current and new investment advisory agreement are fair and reasonable; (b) concluded that the Adviser’s fees were reasonable in light of the services that they provide to the Funds; and (c) agreed to approve the current investment advisory agreement and, subject to shareholder approval, the new investment advisory agreement, based upon the following considerations, among others:
 
  •  Nature, Extent and Quality of Services Provided by the Adviser. At the meeting of August 16-17, 2011, the Board reviewed the scope of services to be provided by the Adviser under the current investment advisory agreement and, at the meetings of August 16-17, 2011 and September 14, 2011, noted that there would be no significant differences between the scope of services required to be provided by the Adviser under the current investment advisory agreement and the scope of services required to be provided by the Adviser under the new investment advisory agreement. The Board noted that the key investment and management personnel of the Adviser servicing the Funds are expected to remain the same following the Transaction. The Trustees also considered Guggenheim Capital’s representations to the Board that the Adviser would continue to provide investment and related services that were of materially the same quality and quantity as services provided to the Funds in the past, and that these services are appropriate in scope and extent in light of the Funds’ operations, the competitive landscape of the investment company business and investor needs.
 
  •  Fund Expenses and Performance of the Funds and the Adviser. At the meeting of August 16-17, 2011, the Board had reviewed statistical information prepared by the Adviser regarding the expense ratio components and performance of each Fund. Based on the representations made by Guggenheim Capital at the meeting that the Adviser would continue to operate following the closing of the Transaction in much the same manner as it currently operates, the Board concluded that the investment performance of the Adviser was not expected to be affected by the Transaction.
 
  •  Costs of Services Provided to the Funds and Profits Realized by the Adviser and its Affiliates. At the meeting of August 16-17, 2011, the Board had reviewed information about the profitability of the Funds to the Adviser based on the advisory fees payable under the current investment advisory agreement. At that meeting, the Board had also analyzed the Funds’ expenses, including the investment advisory fees paid to the Adviser. At the Board meeting, the Board considered the fact that the fee rates payable to the Adviser would be the same under each Fund’s new investment advisory agreement as they are under such Fund’s current agreement. With respect to anticipated profitability, the Board noted that it was too early to predict how the Transaction would affect the Adviser’s profitability with respect to the Funds, but noted that this matter would be given further consideration on an ongoing basis.
 
  •  Economies of Scale. In connection with its review of the Funds’ profitability analysis at the meeting of August 16-17, 2011, the Board reviewed information regarding economies of scale or other efficiencies that may result from increases in the Funds’ asset levels. The Trustees noted that the fees would not change under the new investment advisory agreement, and that no additional economies of scale would be directly realized as a result of the Transaction. They also noted that they will have the opportunity to again review the appropriateness of the fees payable to the Adviser under the new agreement when the renewal of the new agreement comes before the Board.
 
  •  Other Benefits to the Adviser and/or its Affiliates. In addition to evaluating the services provided by the Adviser, the Board had considered the nature, extent, quality and cost of the distribution services performed by the Funds’ Distributor under a separate agreement at the meeting of August 16-17, 2011. The Board reviewed information regarding potential economies of scale arising from the integration of the asset management businesses of Guggenheim Capital. The Board also considered the terms of the Transaction and the changes to the corporate ownership structure of the Adviser, noting that the Adviser would no longer be a subsidiary of Security Benefit Corporation. In this regard, the Board noted that, under the corporate structure after the Transaction, the Adviser would be more closely controlled by Guggenheim Capital, which could


 

62

 
SUPPLEMENTAL INFORMATION (Unaudited) (concluded)
 
  benefit Guggenheim Capital. The Board also noted that the costs associated with the Transaction would be borne by Guggenheim Capital (or its affiliates) and not the Funds.
 
On the basis of the information provided to it and its evaluation of that information, the Board, including the independent Trustees, concluded that the terms of the investment advisory and investment sub-advisory agreements for the Funds were reasonable, and that approval of the current and new investment advisory agreement was in the best interests of the Funds.


 

ANNUAL REPORT      63

 
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)
 
A Board of Trustees oversees the Trust, as well as other Trusts of SGI, in which its members have no stated term of service, and continue to serve after election until resignation. The Statement of Additional Information includes further information about Fund Trustees and Officers, and can be obtained without charge by calling 800.820.0888.
 
All Trustees and Officers may be reached c/o Security Global Investors, 805 King Farm Boulevard, Suite 600, Rockville, MD 20850.
 
INDEPENDENT TRUSTEES
 
             
    Length of Service
     
Name, Position and
  As Trustee
  Number of
 
Year of Birth   (Year Began)   Funds Overseen  
 
Corey A. Colehour
Trustee (1945)
  Rydex Series Funds – 1993
Rydex Variable Trust – 1998
Rydex Dynamic Funds – 1999
Rydex ETF Trust – 2003
    150  
             
 
Principal Occupations During Past Five Years: Retired; Member of the Audit and Governance and Nominating Committees (1995 to present)
 
J. Kenneth Dalton
Trustee (1941)
  Rydex Series Funds – 1995
Rydex Variable Trust – 1998
Rydex Dynamic Funds – 1999
Rydex ETF Trust – 2003
    150  
             
 
Principal Occupations During Past Five Years: Retired; Member of the Governance and Nominating Committees (1995 to present); Chairman of the Audit Committee (1997 to present); Member of the Risk Oversight Committee (2010 to present)
 
John O. Demaret
Trustee, Chairman of the
Board (1940)
  Rydex Series Funds – 1997
Rydex Variable Trust – 1998
Rydex Dynamic Funds – 1999
Rydex ETF Trust – 2003
    150  
             
 
Principal Occupations During Past Five Years: Retired; Member of the Audit Committee (1997 to present); Member of the Risk Oversight Committee (2010 to present)
 
Werner E. Keller
Trustee, Vice Chairman
of the Board (1940)
  Rydex Series Funds – 2005
Rydex Variable Trust – 2005
Rydex Dynamic Funds – 2005
Rydex ETF Trust – 2005
    150  
             
 
Principal Occupations During Past Five Years: Founder and President of Keller Partners, LLC (registered investment adviser) (2005 to present); Member of the Audit, Governance and Nominating Committees (2005 to present); Chairman and Member of the Risk Oversight Committee (2010 to present)
 
Thomas F. Lydon, Jr.
Trustee (1960)
  Rydex Series Funds – 2005
Rydex Variable Trust – 2005
Rydex Dynamic Funds – 2005
Rydex ETF Trust – 2005
    150  
             
 
Principal Occupations During Past Five Years: President, Global Trends Investments (1996 to present); Member of the Audit, Governance and Nominating Committees (2005 to present)
 
Patrick T. McCarville
Trustee (1942)
  Rydex Series Funds – 1997
Rydex Variable Trust – 1998
Rydex Dynamic Funds – 1999
Rydex ETF Trust – 2003
    150  
             
 
Principal Occupations During Past Five Years: Retired; CEO, Par Industries, Inc., d/b/a Par Leasing (1977 to 2010); Chairman of the Governance and Nominating Committees (1997 to present);Member of the Audit Committee (1997 to present)
 
Roger Somers
Trustee (1944)
  Rydex Series Funds – 1993
Rydex Variable Trust – 1998
Rydex Dynamic Funds – 1999
Rydex ETF Trust – 2003
    150  
             
 
Principal Occupations During Past Five Years: Founder and CEO of Arrow Limousine (1965 to present); Member of the Audit, Governance and Nominating Committees (1995 to present)
 


 

64

 
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited) (continued)
 
EXECUTIVE OFFICERS
 
     
Name, Position and
   
Year of Birth   Principal Occupations During Past Five Years
 
Richard M. Goldman*
President (1961)
  Current: Senior Vice President, Security Benefit Corporation; CEO, Security Benefit Asset Management Holdings, LLC; CEO, President and Manager Representative, Security Investors, LLC; CEO and Manager, Rydex Holdings, LLC; CEO, President and Manager, Rydex Distributors, LLC; Manager, Rydex Fund Services, LLC; President and Trustee, Rydex Series Funds, Rydex ETF Trust, Rydex Dynamic Funds and Rydex Variable Trust
     
     
    Previous: Director, First Security Benefit Life Insurance Company (2007-2010); President and Director, Security Global Investors (2010-2011); CEO and Director, Rydex Advisors, LLC and Rydex Advisor II, LLC (2010); Director, Security Distributors, Inc. (2007-2009); Managing Member, R M Goldman Partners, LLC (2006-2007)
     
     
Michael P. Byrum*
Vice President (1970)
  Current: President, Security Benefit Asset Management Holdings, LLC; Senior Vice President, Security Investors, LLC; President and Chief Investment Officer, Rydex Holdings, LLC; Director and Chairman of the Board, Advisor Research Center, Inc.; Manager, Rydex Specialized Products, LLC
     
     
    Previous: Rydex Distributors, LLC (f/k/a Rydex Distributors, Inc.), Vice President (2009); Rydex Fund Services, LLC, Director (2009-2010), Secretary (2002-2010), Executive Vice President (2002-2006); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.), Director (2008-2010), Chief Investment Officer (2006-2010), President (2004-2010); Secretary (2002-2010); Rydex Advisors II, LLC (f/k/a PADCO Advisors II, Inc.), Director (2008-2010), Chief Investment Officer (2006-2010), President (2004-2010), Secretary (2002-2010); Rydex Capital Partners, LLC, (President and Secretary 2003-2007); Rydex Capital Partners II, LLC, (2003-2007); Rydex Holdings, LLC (f/k/a Rydex Holdings, Inc.), Secretary 2005-2008), Executive Vice President (2005-2006); Advisor Research Center, Inc., Secretary (2006-2009), Executive Vice President (2006); Rydex Specialized Products, LLC, Secretary (2005-2008)
     
     
Nikolaos Bonos*
Vice President and Treasurer (1963)
  Current: Senior Vice President, Security Investors, LLC; Chief Executive Officer and Manager, Rydex Specialized Products, LLC; Chief Executive Officer and President, Rydex Fund Services, LLC; Vice President, Rydex Holdings, LLC; Treasurer, SBL Fund; Security Equity Fund; Security Income Fund; Security Large Cap Value Fund and Security Mid Cap Growth Fund; Vice President, Security Benefit Asset Management Holdings, LLC
     
     
    Previous: Security Global Investors, LLC, Senior Vice President (2010-2011); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.) Senior Vice President (2006-2011); Rydex Fund Services, LLC (f/k/a Rydex Fund Services, Inc.), Director (2009) and Senior Vice President (2003-2006); Rydex Specialized Products, LLC, Chief Financial Officer (2005-2009)
     


 

ANNUAL REPORT      65

 
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited) (concluded)
 
EXECUTIVE OFFICERS (concluded)
 
     
Name, Position and
   
Year of Birth   Principal Occupations During Past Five Years
 
Joanna M. Haigney*
Chief Compliance Officer and Secretary (1966)
  Current: Chief Compliance Officer and Secretary, SBL Fund; Security Equity Fund; Security Income Fund; Security Large Cap Value Fund and Security Mid Cap Growth Fund; Vice President, Rydex Holdings, LLC; Vice President, Security Benefit Asset Management Holdings, LLC; Senior Vice President and Chief Compliance Officer, Security Investors, LLC
     
     
    Previous: Security Global Investors, LLC, Senior Vice President (2010-2011); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.) and Rydex Advisors II, LLC (f/k/a PADCO Advisors II, Inc.), Chief Compliance Officer and Senior Vice President (2010-2011); Rydex Capital Partners I, LLC and Rydex Capital Partners II, LLC, Chief Compliance Officer (2006-2007); Rydex Fund Services, LLC (f/k/a Rydex Fund Services, Inc.), Vice President (2001-2006)
     
     
Keith A. Fletcher*
Vice President (1958)
  Current: Senior Vice President, Security Investors, LLC; Vice President, Rydex Holdings, LLC; Vice President, Rydex Specialized Products, LLC; Vice President, Rydex Distributors, LLC; Vice President, Rydex Fund Services, LLC; Vice President and Director, Advisor Research Center, Inc.; Vice President, SBL Fund; Security Equity Fund; Security Income Fund; Security Large Cap Value Fund and Security Mid Cap Growth Fund
     
     
    Previous: Security Global Investors, LLC, Vice President (2010-2011); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.) and Rydex Advisors II, LLC (f/k/a PADCO Advisors II, Inc.), Vice President (2009-2011); Lyster Watson and Company, Managing Director (2007-2008); Fletcher Financial Group, Inc., Chief Executive Officer (2004-2007)
     
     
Amy J. Lee*
Vice President and Assistant Secretary (1961)
  Current: Senior Vice President and Secretary, Security Investors, LLC; Secretary and Chief Compliance Officer, Security Distributors, Inc.; Vice President, Associate General Counsel and Assistant Secretary, Security Benefit Life Insurance Company and Security Benefit Corporation; Associate General Counsel, First Security Benefit Life Insurance and Annuity of New York; Vice President and Secretary, SBL Fund; Security Equity Fund; Security Income Fund; Security Large Cap Value Fund and Security Mid Cap Growth Fund; Vice President and Secretary, Rydex Holdings, LLC Secretary, Advisor Research Center, Inc., Rydex Specialized Products, LLC, Rydex Distributors, LLC and Rydex Fund Services, LLC; Assistant Secretary, Security Benefit Clinic and Hospital
     
     
    Previous: Security Global Investors, LLC, Senior Vice President and Secretary (2007-2011); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.) and Rydex Advisors II, LLC (f/k/a PADCO Advisors II, Inc.), Senior Vice President and Secretary (2010-2011); Brecek and Young Advisors, Inc., Director (2004-2008)
     
     
Joseph M. Arruda*
Assistant Treasurer (1966)
  Current: Assistant Treasurer, SBL Fund, Security Equity Fund, Security Income Fund, Security Large Cap Value Fund, and Security Mid Cap l Growth Fund; Vice President, Security Investors, LLC; Chief Financial Officer and Manager, Rydex Specialized Products, LLC
     
     
    Previous: Security Global Investors, LLC, Vice President (2010-2011); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.) and Rydex Advisors II, LLC (f/k/a PADCO Advisors II, Inc.), Vice President (2004-2011)
 
Officers of the Funds are deemed to be “interested persons” of the Trust, within the meaning of Section 2(a) (19) of the 1940 Act, inasmuch as this person is affiliated with Security Global Investors.


 

Rydex Funds, Rydex|SGI Funds, Rydex Investments, Rydex Distributors, Inc., Security Investors, LLC, Security Global Investors, LLC, Security Distributors, Inc. and Rydex Advisory Services (Collectively “Rydex”)
 
Our Commitment to You
 
When you become a Rydex|SGI investor, you entrust us with not only your hard-earned money but also with personal and financial information about you. We recognize that your relationship with us is based on trust and that you expect us to act responsibly and in your best interests. Because we have access to this private information about you, we hold ourselves to the highest standards in its safekeeping and use. This means, most importantly, that we do not sell client information to anyone — whether it is your personal information or if you are a current or former Rydex|SGI client.
 
The Information We Collect About You
 
In the course of doing business with shareholders and investors, we collect nonpublic personal information about you. You typically provide personal information when you complete a Rydex|SGI account application or when you request a transaction that involves Rydex and Rydex|SGI funds or one of the Rydex|SGI affiliated companies. “Nonpublic personal information” is personally identifiable private information about you. For example, it includes information regarding your name and address, Social Security or taxpayer identification number, assets, income, account balance, bank account information and investment activity (e.g., purchase and redemption history).
 
How We Handle Your Personal Information
 
As emphasized above, we do not sell information about current or former clients or their accounts to third parties. Nor do we share such information, except when necessary to complete transactions at your request or to make you aware of related investment products and services that we offer. Additional details about how we handle your personal information are provided below. To complete certain transactions or account changes that you direct, it may be necessary to provide identifying information to companies, individuals or groups that are not affiliated with Rydex|SGI. For example, if you ask to transfer assets from another financial institution to Rydex|SGI, we will need to provide certain information about you to that company to complete the transaction. To alert you to other Rydex|SGI investment products and services, we may share your information within the Rydex|SGI family of affiliated companies. This would include, for example, sharing your information within Rydex|SGI so we can make you aware of new Rydex and Rydex|SGI funds or the services offered through another Rydex|SGI affiliated company. In certain instances, we may contract with nonaffiliated companies to perform services for us. Where necessary, we will disclose information we have about you to these third parties. In all such cases, we provide the third party with only the information necessary to carry out its assigned responsibilities and only for that purpose. And we require these third parties to treat your private information with the same high degree of confidentiality that we do. In certain instances, we may share information with other financial institutions regarding individuals and entities in response to the U.S.A. Patriot Act. Finally, we will release information about you if you direct us to do so, if we are compelled by law to do so or in other circumstances permitted by law.
 
Opt Out Provisions
 
We do not sell your personal information to anyone. The law allows you to “opt out” of only certain kinds of information sharing with third parties. The firm does not share personal information about you with any third parties that triggers this opt-out right. This means YOU ARE ALREADY OPTED OUT.
 
How We Protect Privacy Online
 
Our concern for the privacy of our shareholders also extends to those who use our web site, www.rydex-sgi.com. Our web site uses some of the most secure forms of online communication available, including encryption technology, Secure Socket Layer (SSL) protocol, firewalls and user names and passwords. These technologies provide a high level of security and privacy when you access your account information or initiate online transactions. The Rydex|SGI web site offers customized features that require our use of “http cookies” — tiny pieces of information that we ask your browser to store. However, we make very limited use of these cookies.


 

We only use cookies for session management and security features on the Rydex|SGI web site. We do not use them to pull data from your hard drive, to learn your email address, or to view data in cookies created by other web sites. We will not share the information in our cookies or give others access to it. See the legal information area on our web site for more details about web site security and privacy features.
 
How We Safeguard Your Personal Information
 
We restrict access to nonpublic personal information about shareholders to our employees and in some cases to third parties (for example, the service providers described above) as permitted by law. We maintain strict physical, electronic and procedural safeguards that comply with federal standards to guard your nonpublic personal information.
 
We’ll Keep You Informed
 
As required by federal law, we will notify shareholders of our privacy policy annually. We reserve the right to modify this policy at any time, but rest assured that if we do change it, we will tell you promptly. You will also be able to access our privacy policy from our web site at www.rydex-sgi.com. Should you have any questions regarding our privacy policy, contact us at 800.820.0888 or 301.296.5100.


 

(RYDEX SGI LOGO)
 
805 KING FARM BLVD
SUITE 600
ROCKVILLE, MD 20850
800.820.0888
www.rydex-sgi.com
 
 
ETF2-ANN-1011X1012


 

October 31, 2011
RYDEX ETF TRUST ANNUAL REPORT
 
RYDEX 2x S&P 500 ETF
RYDEX INVERSE 2x S&P 500 ETF
 
 
 
 
         
(RYDEX SGI LOGO)     (RYDEX SGI LOGO)  


 

ANNUAL REPORT      1

 
 TABLE OF CONTENTS
 
 
     
LETTER TO OUR SHAREHOLDERS
  2
     
A BRIEF NOTE ON THE COMPOUNDING OF RETURNS
  4
     
FEES AND EXPENSES
  5
     
PREMIUM AND DISCOUNT INFORMATION
  6
     
MANAGER’S ANALYSIS
  8
     
PORTFOLIO SUMMARY
  9
     
SCHEDULES OF INVESTMENTS
  11
     
STATEMENTS OF ASSETS AND LIABILITIES
  18
     
STATEMENTS OF OPERATIONS
  19
     
STATEMENTS OF CHANGES IN NET ASSETS
  20
     
FINANCIAL HIGHLIGHTS
  21
     
NOTES TO FINANCIAL STATEMENTS
  23
     
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
  30
     
SUPPLEMENTAL INFORMATION
  31
     
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS
  34
     
RYDEX|SGI PRIVACY POLICIES
  37


 

2

 
LETTER TO OUR SHAREHOLDERS
 
To Our Shareholders:
 
The U.S. and European debt crises weighed down equity markets in the fall of 2011, but not enough to offset strong performance in the first half of the period that was spurred by the Fed’s quantitative easing (QE) program and a belief that the economic recovery was gaining traction. The broad market S&P 500 Index returned 8.09% over the 12 months ended October 31, 2011.
 
To achieve that performance, investors had to shrug off natural disasters, Mid East uprisings, volatile oil prices and sovereign debt issues. QEII ended in June, then Congress wrangled over the debt ceiling, and that led to the U.S. losing its triple-A debt rating in August.
 
As with many countries, the central bank of the U.S. was a major factor in the markets for most of the past year. Late in the third quarter, the Fed chairman said the “recovery is close to faltering,” and there was a risk of another recession unless the government took steps to increase growth. Recessionary fears plagued U.S. markets throughout the past 12 months, driven by weak housing demand despite record-low mortgage rates, consumer confidence that has ebbed for several months and job creation insufficient to keep up with population growth.
 
Recession was also a threat in Europe, as high unemployment and austerity measures weigh on weaker members of the euro zone, with a knock-on effect for the continent’s growth engines of Germany and France. A rising number of investors are bracing for an orderly default of Greece that may prevent financial problems from spreading to other weak countries or to banks, and stabilize the euro. Even though they were not at the eye of the sovereign debt storm, many emerging market economies also began weakening over the summer, fearing global recession and financial contagion. Investors are especially concerned about the stability of China’s banking system and whether inflation will ebb along with slowing growth.
 
While the market forces play out, many investors have been driven to the sidelines or to safe havens, including gold, which reached a high of near $1,900 an ounce in August, and the dollar. Further upward moves in the dollar are expected if the world economy continues to sputter. Sluggish economic data, concern over European financial weakness and the Fed’s policy efforts also drove investors into U.S. government debt over the course of 2011, driving up the price of debt maturing in 10 years or more, leading to historic low yields.
 
As we prepare for 2012, markets continue to be affected by consumer confidence, which remains low, and the unemployment rate, which remains high. Helping matters is lower inflation expectations, good retail sales, sound corporate balance sheets and manufacturing gauges that are improving, albeit slightly. The Fed remains accommodative and the Treasury yield curve is steep. A rebound in GDP to around 2% in the third quarter, fuel prices lower than in the spring and a stronger automotive sector may be enough to keep the U.S. recovery on course, even if modest, and counterbalance difficulties in Europe and Asia.
 
We are proud of the growth of ETF assets at Rydex|SGI, from $3.6 billion to $5.2 billion (about 44%) over the 12 months ended October 31, 2011, despite troubled markets. According to the Investment Company Institute (ICI), assets in ETFs in the U.S. were more than $1 trillion1 in October, up about 14% from the year earlier. There are now more than 1,000 ETFs in the U.S., 8 of them launched by Rydex|SGI in the past 12 months.
 
In September, Guggenheim Partners announced it is expanding its investment management capabilities under a single brand called Guggenheim Investments. This marks an alignment of several complementary acquisitions, including Rydex|SGI, into Guggenheim’s existing investment management business. Upon the change of ownership of Rydex|SGI, expected to be complete in Q1 2012, Guggenheim Investments will have total assets exceeding $115 billion,* with nearly 150 investment professionals. Guggenheim Investments will offer clients investment competencies across all major asset classes, including fixed income, equities and alternatives. In addition, with the integration of Rydex|SGI, Guggenheim Investments is projected to be included in the top ten of largest ETF providers globally**.
 
 
  1  ICI Exchange Traded Fund Assets, October 2011
 *  Asset figure is based upon the best available information as of 9/30/2011 and consists of assets under management and serviced assets of the various asset managers comprising Guggenheim Investments.
 ** Figures are comprised of Guggenheim Funds Investment Advisors, LLC, Claymore Investment, Inc. and Security Investors, LLC. ETF ranking based on BlackRock Global ETF report as of 9/30/2011 and Guggenheim analysis. Performance displayed represents past performance which is no guarantee of future results. Of course, fund performance is subject to daily market volatility and may be better or worse since the end of the last quarter. For up-to-date fund performance, call us at 800.820.0888 or visit www.rydex-sgi.com.


 

ANNUAL REPORT      3

 
LETTER TO OUR SHAREHOLDERS (concluded)
 
We look forward to continuing our service to you. Thank you for investing in our funds.
 
Sincerely,
 
-s- Michael Byrum
Michael Byrum
 
The opinions and forecasts expressed are those of Michael Byrum as of 10/31/2011, and may not actually come to pass. This information is subject to change at any time, based on market and other conditions, and should not be construed as a recommendation of any specific security or strategy.
 
S&P 500® Index is a capitalization-weighted index covering 500 industrial, utility, transportation and financial companies of the U.S. markets (mostly NYSE Euronext issues).
 
Read each fund’s prospectus and summary prospectus (if available) carefully before investing. It contains the fund’s investment objectives, risks, charges, expenses and other information, which should be considered carefully before investing. Obtain a prospectus and summary prospectus (if available) at www.rydex-sgi.com or call 800.820.0888
 
Rydex|SGI funds are distributed by Rydex Distributors, LLC (RDL). Security Investors, LLC (SI) is a registered investment advisor, and does business as Security Global Investors® and Rydex Investments. SI and RDL are affiliates and are subsidiaries of Security Benefit Corporation, which is wholly owned by Guggenheim SBC Holdings, LLC, a special purpose entity managed by an affiliate of Guggenheim Partners, LLC, a diversified financial services firm with more than $100 billion in assets under supervision.


 

4

 
A BRIEF NOTE ON THE COMPOUNDING OF RETURNS (Unaudited)
 
The Funds described in this report are benchmarked daily to leveraged or inverse versions of published indices. To properly evaluate the performance of these funds, it is essential to understand the effect of mathematical compounding on their respective returns.
 
Because of the nonlinear effects of leverage applied over time, it is possible for a fund to perform in line with its benchmark for several individual periods in a row, yet seem to trail the benchmark over the entire period. It is also possible that a fund that performs in-line with its benchmark on a daily basis may seem to outperform its benchmark over longer periods.
 
An Example of Compounding
For example, consider a hypothetical fund that is designed to produce returns that correspond to 150% of an index. On the first day of a period, the index rises from a level of 100 to a level of 106, producing a 6% gain and an expectation that the fund will rise by 9%. On the same day, the fund’s Net Asset Value (“NAV”) increases from $10.00 to $10.90 for a gain of 9.0% — in line with its benchmark.
 
On day two, assume the index falls from 106 to 99 for a loss of about 6.6%. The fund, as expected, falls 9.9% to a price of $9.82. On each day, the fund performed exactly in line with its benchmark, but for the two-day period, the fund was down 1.8%, while the index was down only 1.0%. Without taking into account the daily compounding of returns, one would expect the fund to lose 1.5% and would see the fund as trailing by 0.3% when in fact it had performed perfectly. This example is summarized in the table below.
 
                                                 
    Index
    Index
    Fund
    Fund
    Fund
       
    Level     Performance     Expectation     NAV     Performance     Assessment  
 
 
Start
    100                     $ 10.00                  
Day 1
    106       6.00 %     9.00 %   $ 10.90       9.00 %     In Line  
Day 2
    99       (6.60 )%     (9.90 )%   $ 9.82       (9.90 )%     In Line  
Cumulative
            (1.00 )%     (1.50 )%             (1.80 )%     (0.30 )%
 
 
 
As illustrated by this simple example, the effect of leverage can make it difficult to form expectations or judgments about fund performance given only the returns of the unleveraged index.
 
Because certain funds seek to track the performance of their benchmark on a daily basis, mathematical compounding, especially with respect to those funds that use leverage as part of their investment strategy, may prevent a fund from correlating with the monthly, quarterly, annual or other period performance of its benchmark. Due to the compounding of daily returns, leveraged and inverse funds’ returns over periods other than one day will likely differ in amount and possibly direction from the benchmark return for the same period. Investors should monitor their leveraged and inverse funds’ holdings consistent with their strategies, as frequently as daily. For those funds that consistently apply leverage, the value of the fund’s shares will tend to increase or decrease more than the value of any increase or decrease in its benchmark index. For more on correlation, leverage and other risks, please read the prospectus.
 
In general, any change in direction in an index will produce compounding that seems to work against an investor. Were the index to move in the same direction (either up or down) for two or more periods in a row, the compounding of those returns would work in an investor’s favor, causing the fund to seemingly beat its benchmark.
 
As a general rule of thumb, more leverage in a fund will magnify the compounding effect, while less leverage will generally produce results that are more in line with expectations. In addition, periods of high volatility in an underlying index will also cause the effects of compounding to be more pronounced, while lower volatility will produce a more muted effect.


 

ANNUAL REPORT      5

 
FEES AND EXPENSES
 
Shareholder Expense Example
As a shareholder of the Rydex ETF Trust, you incur transaction costs such as creation and redemption fees or brokerage charges, and ongoing costs including advisory fees, trustee fees and, if applicable, distribution fees. All other Trust expenses are paid by the advisor. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The example in the table is based on an investment of $1,000 invested on April 30, 2011 and held for the six months ended October 31, 2011.
 
Actual Expenses
The first table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first table under the heading entitled “Expenses Paid During the Six-Month Period” to estimate the expenses attributable to your investment during this period.
 
Hypothetical Example for Comparison Purposes
The second table below provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not a Fund’s actual return. Thus, you should not use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are provided to enable you to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
 
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as creation and redemption fees, or brokerage charges. Therefore, the second table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.
 
                                 
          Beginning
    Ending
    Expenses
 
          Account
    Account
    Paid During
 
    Expense
    Value
    Value
    Six-Month Period*
 
Actual   Ratio     04/30/11     10/31/11     04/30/11 to 10/31/11  
Rydex 2x S&P 500 ETF
    0.71 %   $ 1,000.00     $ 825.40     $ 3.27  
Rydex Inverse 2x S&P 500 ETF
    0.71 %   $ 1,000.00     $ 1,028.80     $ 3.63  
Hypothetical (assuming a 5% return before expenses)
                               
Rydex 2x S&P 500 ETF
    0.71 %   $ 1,000.00     $ 1,021.63     $ 3.62  
Rydex Inverse 2x S&P 500 ETF
    0.71 %   $ 1,000.00     $ 1,021.63     $ 3.62  
 
* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect one-half year period).


 

6

 
PREMIUM AND DISCOUNT INFORMATION (Unaudited)
 
The tables that follow present information about the differences between the daily market price on secondary markets for shares of the Funds and each Fund’s Net Asset Value per share (“NAV”). The NAV is the price per share at which a Fund issues and redeems shares. It is calculated in accordance with the standard formula for valuing mutual fund shares. The “Market Price” of a Fund generally is determined using the midpoint between the highest bid and the lowest offer on the Exchange on which the Fund is listed for trading, as of the time the Fund’s NAV is calculated. A Fund’s Market Price may be at, above or below its NAV. The NAV of a Fund will fluctuate with changes in the market value of its portfolio holdings. The Market Price of a Fund will fluctuate in accordance with changes in its NAV, as well as market supply of and demand for shares of the Funds.
 
Premiums or discounts are the differences (generally expressed as a percentage) between the NAV and Market Price of a Fund on a given day, generally at the time NAV is calculated. A premium is the amount that a Fund is trading above the reported NAV, expressed as a positive percentage of the NAV. A discount is the amount that a Fund is trading below the reported NAV, expressed as a negative percentage of the NAV.
 
The following information shows the frequency distribution of premiums and discounts for the Funds. The information shown for each Fund is for the period from inception to October 31, 2011.
 
Each line in the table shows the number of trading days in which the Funds traded within the premium/discount range indicated. The number of trading days in each premium/discount range is also shown as a percentage of the total number of trading days in the period covered by the table. All data presented here represents past performance, which cannot be used to predict future results.
 
PREMIUM/DISCOUNT TABLE
 
                 
    Number of Days  
       
    Rydex 2x
    Rydex Inverse 2x
 
Premium/Discount Range   S&P 500 ETF     S&P 500 ETF  
   
 
Greater than 30%
    0       0  
Between 10.01% and 30%
    0       0  
Between 8.01% and 10%
    0       0  
Between 3.01% and 8%
    7       2  
Between 1.01% and 3%
    17       12  
Between .51% and 1%
    41       36  
Between .26% and .5%
    45       43  
Between 0% and .25%
    369       624  
Between -0.01% and -0.25%
    687       491  
Between -0.26% and -0.5%
    74       40  
Between -0.51% and -1%
    30       20  
Between -1.01% and -3%
    17       16  
Between -3.01% and -8%
    1       4  
Between -8.01% and -10%
    0       0  
Between -10.01% and -30%
    0       0  
Less Than -30%
    0       0  
 
 
Total
    1,288       1,288  
 


 

ANNUAL REPORT      7

 
PREMIUM AND DISCOUNT INFORMATION (Unaudited) (concluded)
 
                 
    Percentage of Total Days  
       
    Rydex 2x
    Rydex Inverse 2x
 
Premium/Discount Range   S&P 500 ETF     S&P 500 ETF  
 
 
Greater than 30%
    0.00 %     0.00 %
Between 10.01% and 30%
    0.00 %     0.00 %
Between 8.01% and 10%
    0.00 %     0.00 %
Between 3.01% and 8%
    0.54 %     0.15 %
Between 1.01% and 3%
    1.32 %     0.93 %
Between .51% and 1%
    3.18 %     2.80 %
Between .26% and .5%
    3.49 %     3.34 %
Between 0% and .25%
    28.65 %     48.45 %
Between -0.01% and -0.25%
    53.34 %     38.12 %
Between -0.26% and -0.5%
    5.75 %     3.11 %
Between -0.51% and -1%
    2.33 %     1.55 %
Between -1.01% and -3%
    1.32 %     1.24 %
Between -3.01% and -8%
    0.08 %     0.31 %
Between -8.01% and -10%
    0.00 %     0.00 %
Between -10.01% and -30%
    0.00 %     0.00 %
Less Than -30%
    0.00 %     0.00 %
 
 
Total
    100.00 %     100.00 %


 

8

 
RYDEX 2x S&P 500 ETF
MANAGER’S ANALYSIS (Unaudited)
 
For the one-year period ended October 31, 2011, Rydex 2x S&P 500 ETF (RSU) maintained a daily correlation of over 99% to its benchmark of 200% of the daily price movement of the S&P 500 Total Return Index*. Rydex 2x S&P 500 ETF returned 10.36%, while the S&P 500 Total Return Index had performance of 8.09% over the same time period. The biggest performance contributors to the index during the period were the Energy and Information Technology sectors. Financials was the sector detracting the most from performance.
 
The broad U.S. stock market, as represented by the S&P 500 Index, had solid if uneven performance over the year ended October 31, 2011. After a strong first six months of the period, the index slipped in the second and third quarters of 2011, and then finished its fiscal year with its best monthly gain in 20 years. The U.S. Federal Reserve has been a major factor in the markets over the past 12 months, remaining accommodative through quantitative easing programs and vowing to keep interest rates near zero for the next two years. Retail sales are growing smartly, fuel prices remain relatively low and attractive mortgage rates are permitting modest refinancing activity. Although job creation remains slow, the U.S. economy appears to be gaining momentum, expanding at an annual rate of 2.0% in the third quarter, which is helping to keep the recovery on course and counterbalancing difficulties in Europe and Asia.
 
In order to gain leveraged exposure in the S&P 500 Index, the Rydex 2x S&P 500 ETF employs as its investment strategy a program of engaging in investing in leveraged derivative instruments, such as equity index swaps and futures contracts on stock indices. Due to the compounding of daily returns, leveraged and inverse funds’ returns over periods other than one day will likely differ in amount and possibly direction from the benchmark return for the same period. Investors should monitor their leveraged and inverse funds’ holdings to ensure that they are consistent with their strategies, as frequently as daily. The effects of compounding may cause the longer-term correlation of the fund to its benchmark to diminish. The apparent discrepancy between the leveraged and unleveraged indices is the result of compounding, which is described briefly on page 4 of this report.
 
*The S&P 500 Total Return Index is a capitalization-weighted index composed of 500 common stocks, which are chosen by the Standard & Poor’s Corporation (“S&P”) on a statistical basis.
 
Cumulative Fund Performance: November 5, 2007 – October 31, 2011
 
                 
    Rydex 2x
    S&P 500
 
    S&P 500
    Total Return
 
   
ETF
   
Index
 
11/5/2007
    10000       10000  
11/30/2007
    9685       9879  
12/31/2007
    9484       9811  
1/31/2008
    8286       9222  
2/29/2008
    7716       8923  
3/31/2008
    7600       8884  
4/30/2008
    8315       9317  
5/31/2008
    8494       9438  
6/30/2008
    7081       8642  
7/31/2008
    6914       8569  
8/31/2008
    7076       8693  
9/30/2008
    5764       7919  
10/31/2008
    3732       6589  
11/30/2008
    3086       6116  
12/31/2008
    3070       6181  
1/31/2009
    2537       5660  
2/28/2009
    2002       5057  
3/31/2009
    2307       5500  
4/30/2009
    2755       6027  
5/31/2009
    3059       6364  
6/30/2009
    3047       6377  
7/31/2009
    3507       6859  
8/31/2009
    3757       7107  
9/30/2009
    4030       7372  
10/31/2009
    3863       7235  
11/30/2009
    4330       7669  
12/31/2009
    4490       7817  
1/31/2010
    4159       7536  
2/28/2010
    4409       7769  
3/31/2010
    4950       8238  
4/30/2010
    5094       8368  
5/31/2010
    4275       7700  
6/30/2010
    3814       7297  
7/31/2010
    4349       7808  
8/31/2010
    3953       7455  
9/30/2010
    4673       8121  
10/31/2010
    5027       8430  
11/30/2010
    5013       8431  
12/31/2010
    5700       8994  
1/31/2011
    5961       9208  
2/28/2011
    6367       9523  
3/31/2011
    6350       9527  
4/30/2011
    6721       9809  
5/31/2011
    6559       9698  
6/30/2011
    6320       9536  
7/31/2011
    6047       9342  
8/31/2011
    5298       8835  
9/30/2011
    4548       8214  
10/31/2011
    5547       9111  
 
(PERFORMANCE GRAPH)
 
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2011
 
             
            Since Inception
    One Year   Three Year   (11/05/2007)
 
Rydex 2x S&P 500 ETF
  10.36%   14.13%   -13.73%
S&P 500 Total Return Index
  8.09%   11.41%   -2.31%
 
The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Performance displayed represents past performance, which is no guarantee of future results.
 
Fund performance is subject to daily market volatility and may be better or worse since the end of the last quarter. For up-to-date fund performance, call 800.820.0888 or visit www.rydex-sgi.com.


 

ANNUAL REPORT      9

 
RYDEX 2x S&P 500 ETF
PORTFOLIO SUMMARY (Unaudited) As of October 31, 2011
 
Top 10 Holdings*
 
         
   Description   % of Net Assets  
 
 
EXXON MOBIL CORP.
    2.72 %
APPLE, INC.
    2.68 %
INTERNATIONAL BUSINESS MACHINES CORP.
    1.58 %
CHEVRON CORP.
    1.51 %
MICROSOFT CORP.
    1.42 %
GENERAL ELECTRIC CO.
    1.27 %
JOHNSON & JOHNSON, INC.
    1.26 %
PROCTER & GAMBLE CO.(THE)
    1.26 %
AT&T, INC.
    1.24 %
COCA-COLA CO.(THE)
    1.12 %
 
 
 
Sector Allocations*
 
(PERFORMANCE GRAPH)
 
The Fund’s Top Ten Holdings are expressed as a percentage of net assets and the Sector Allocations are expressed as a percentage of the Fund’s investments market value. These percentages may change over time.


 

10

 
RYDEX INVERSE 2x S&P 500 ETF
MANAGER’S ANALYSIS (Unaudited)
 
For the one-year period ended October 31, 2011, Rydex Inverse 2x S&P 500 ETF (RSW) achieved a daily correlation of over 99% to its benchmark of -200% of the daily price movement of the S&P 500 Total Return Index*. Rydex Inverse 2x S&P 500 ETF delivered a total return of -25.94% compared with the S&P 500, which returned 8.09%. The biggest performance contributors to the index during the period were the Energy and Information Technology sectors. Financials was the sector detracting the most from performance.
 
The broad U.S. stock market, as represented by the S&P 500 Index, had solid if uneven performance over the year ended October 31, 2011. After a strong first six months of the period, the index slipped in the second and third quarters of 2011, and then finished its fiscal year with its best monthly gain in 20 years. The U.S. Federal Reserve has been a major factor in the markets over the past 12 months, remaining accommodative through quantitative easing programs and vowing to keep interest rates near zero for the next two years. Retail sales are growing smartly, fuel prices remain relatively low and attractive mortgage rates are permitting modest refinancing activity. Although job creation remains slow, the U.S. economy appears to be gaining momentum, expanding at an annual rate of 2.0% in the third quarter, which is helping to keep the recovery on course and counterbalancing difficulties in Europe and Asia.
 
In order to gain leveraged exposure in the S&P 500 Index, the Rydex Inverse 2x S&P 500 ETF employs as its investment strategy a program of engaging in investing in leveraged derivative instruments, such as equity index swaps and futures contracts on stock indices. Due to the compounding of daily returns, leveraged and inverse funds’ returns over periods other than one day will likely differ in amount and possibly direction from the benchmark return for the same period. Investors should monitor their leveraged and inverse funds’ holdings to ensure that they are consistent with their strategies, as frequently as daily. The effects of compounding may cause the longer-term correlation of the fund to its benchmark to diminish. The apparent discrepancy between the leveraged and unleveraged indices is the result of compounding, which is described briefly on page 4 of this report.
 
*The S&P 500 Total Return Index is a capitalization-weighted index composed of 500 common stocks, which are chosen by the Standard & Poor’s Corporation (“S&P”) on a statistical basis.
 
Cumulative Fund Performance: November 5, 2007 – October 31, 2011
 
 
(PERFORMANCE GRAPH)
 
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2011
 
             
            Since Inception
    One Year   Three Year   (11/05/2007)
 
Rydex Inverse 2x S&P 500 ETF
  -25.94%   -33.97%   -15.40%
S&P 500 Total Return Index
  8.09%   11.41%   -2.31%
 
The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Performance displayed represents past performance, which is no guarantee of future results.
 
Fund performance is subject to daily market volatility and may be better or worse since the end of the last quarter. For up-to-date fund performance, call 800.820.0888 or visit www.rydex-sgi.com.


 

ANNUAL REPORT      11

 
RYDEX 2x S&P 500 ETF
SCHEDULE OF INVESTMENTS October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS 81.7%
Aerospace & Defense 2.1%
Boeing Co.(The)
    4,210       $276,976  
General Dynamics Corp. 
    2,055       131,910  
Goodrich Corp. 
    710       87,067  
Honeywell International, Inc. 
    4,445       232,918  
L-3 Communications Holdings, Inc. 
    599       40,600  
Lockheed Martin Corp. 
    1,564       118,708  
Northrop Grumman Corp. 
    1,580       91,245  
Precision Castparts Corp. 
    818       133,457  
Raytheon Co. 
    2,009       88,778  
Rockwell Collins, Inc. 
    873       48,739  
Textron, Inc. 
    1,576       30,606  
United Technologies Corp. 
    5,163       402,611  
                 
Total Aerospace & Defense
    1,683,615  
         
Air Freight & Logistics 0.8%
C.H. Robinson Worldwide, Inc. 
    937       65,056  
Expeditors International of Washington, Inc. 
    1,205       54,948  
FedEx Corp. 
    1,801       147,376  
United Parcel Service, Inc. — Class B
    5,572       391,377  
                 
Total Air Freight & Logistics
    658,757  
         
Airlines 0.0%(a)
               
Southwest Airlines Co. 
    4,568       39,056  
                 
Total Airlines
    39,056  
         
Auto Components 0.2%
Goodyear Tire & Rubber Co.(The)*
    1,388       19,932  
Johnson Controls, Inc. 
    3,862       127,175  
                 
Total Auto Components
    147,107  
         
Automobiles 0.4%
Ford Motor Co.*
    21,589       252,159  
Harley-Davidson, Inc. 
    1,343       52,243  
                 
Total Automobiles
    304,402  
         
Beverages 2.1%
Beam, Inc. 
    878       43,400  
Brown-Forman Corp. — Class B
    573       42,820  
Coca-Cola Co.(The)
    13,045       891,234  
Coca-Cola Enterprises, Inc. 
    1,812       48,598  
Constellation Brands, Inc. — Class A*
    1,048       21,191  
Dr Pepper Snapple Group, Inc. 
    1,233       46,176  
Molson Coors Brewing Co. — Class B
    926       39,207  
PepsiCo, Inc. 
    8,991       565,983  
                 
Total Beverages
    1,698,609  
         
Biotechnology 1.0%
Amgen, Inc. 
    5,250       300,667  
Biogen Idec, Inc.*
    1,378       160,344  
Celgene Corp.*
    2,607       169,012  
Gilead Sciences, Inc.*
    4,383       182,596  
                 
Total Biotechnology
    812,619  
         
Building Products 0.0%(a)
Masco Corp. 
    2,033       19,517  
                 
Total Building Products
    19,517  
         
Capital Markets 1.6%
Ameriprise Financial, Inc. 
    1,341       62,598  
Bank of New York Mellon Corp.(The)
    7,003       149,024  
BlackRock, Inc. 
    570       89,940  
Charles Schwab Corp.(The)
    6,124       75,203  
E*Trade Financial Corp.*
    1,442       15,646  
Federated Investors, Inc. — Class B
    527       10,297  
Franklin Resources, Inc. 
    827       88,183  
Goldman Sachs Group, Inc.(The)
    2,874       314,847  
Invesco Ltd. 
    2,562       51,419  
Janus Capital Group, Inc. 
    1,060       6,954  
Legg Mason, Inc. 
    745       20,487  
Morgan Stanley
    8,434       148,776  
Northern Trust Corp. 
    1,369       55,403  
State Street Corp. 
    2,864       115,677  
T. Rowe Price Group, Inc. 
    1,457       76,988  
                 
Total Capital Markets
    1,281,442  
         
Chemicals 1.8%
Air Products & Chemicals, Inc. 
    1,211       104,316  
Airgas, Inc. 
    387       26,684  
CF Industries Holdings, Inc. 
    408       66,206  
Dow Chemical Co.(The)
    6,711       187,103  
Du Pont (E.I.) de Nemours & Co. 
    5,298       254,675  
Eastman Chemical Co. 
    798       31,353  
Ecolab, Inc. 
    1,318       70,961  
FMC Corp. 
    407       32,108  
International Flavors & Fragrances, Inc. 
    459       27,797  
Monsanto Co. 
    3,038       221,014  
Mosaic Co.(The)
    1,573       92,115  
PPG Industries, Inc. 
    895       77,337  
Praxair, Inc. 
    1,717       174,567  
Sherwin-Williams Co.(The)
    501       41,438  
Sigma-Aldrich Corp. 
    694       45,443  
                 
Total Chemicals
    1,453,117  
         
Commercial Banks 2.1%
BB&T Corp. 
    3,960       92,426  
Comerica, Inc. 
    1,142       29,178  
Fifth Third Bancorp
    5,226       62,764  
First Horizon National Corp. 
    1,498       10,471  
Huntington Bancshares, Inc. 
    4,905       25,408  
KeyCorp
    5,414       38,223  
M&T Bank Corp. 
    714       54,343  
PNC Financial Services Group, Inc. 
    2,990       160,593  
Regions Financial Corp. 
    7,152       28,107  
SunTrust Banks, Inc. 
    3,050       60,177  
US Bancorp
    10,914       279,289  
Wells Fargo & Co. 
    29,997       777,222  
Zions Bancorp
    1,047       18,176  
                 
Total Commercial Banks
    1,636,377  
         
Commercial Services & Supplies 0.4%
Avery Dennison Corp. 
    602       16,013  
Cintas Corp. 
    634       18,950  
Iron Mountain, Inc. 
    1,154       35,693  
Pitney Bowes, Inc. 
    1,148       23,396  
R.R. Donnelley & Sons Co. 
    1,067       17,392  
Republic Services, Inc. 
    1,818       51,741  
Stericycle, Inc.*
    489       40,871  
Waste Management, Inc. 
    2,682       88,318  
                 
Total Commercial Services & Supplies
    292,374  
         
Communications Equipment 1.7%
Cisco Systems, Inc. 
    31,249       579,044  
F5 Networks, Inc.*
    459       47,713  
Harris Corp. 
    683       25,783  
JDS Uniphase Corp.*
    1,296       15,552  
Juniper Networks, Inc.*
    3,028       74,095  
Motorola Mobility Holdings, Inc.*
    1,486       57,776  
Motorola Solutions, Inc. 
    1,716       80,498  
 
See Notes to Financial Statements.


 

12

 
RYDEX 2x S&P 500 ETF
SCHEDULE OF INVESTMENTS (continued) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (continued)
                 
QUALCOMM, Inc. 
    9,543       $492,419  
Tellabs, Inc. 
    2,073       8,976  
                 
Total Communications Equipment
    1,381,856  
         
Computers & Peripherals 3.9%
Apple, Inc.*
    5,267       2,131,976  
Dell, Inc.*
    8,811       139,302  
EMC Corp.*
    11,732       287,552  
Hewlett-Packard Co. 
    11,784       313,572  
Lexmark International, Inc. — Class A*
    450       14,265  
NetApp, Inc.*
    2,093       85,729  
SanDisk Corp.*
    1,359       68,861  
Western Digital Corp.*
    1,325       35,298  
                 
Total Computers & Peripherals
    3,076,555  
         
Construction & Engineering 0.1%
Fluor Corp. 
    987       56,111  
Jacobs Engineering Group, Inc.*
    725       28,130  
Quanta Services, Inc.*
    1,206       25,193  
                 
Total Construction & Engineering
    109,434  
         
Construction Materials 0.0%(a)
Vulcan Materials Co. 
    734       22,967  
                 
Total Construction Materials
    22,967  
         
Consumer Finance 0.7%
American Express Co. 
    5,901       298,709  
Capital One Financial Corp. 
    2,610       119,172  
Discover Financial Services
    3,100       73,036  
SLM Corp. 
    2,922       39,944  
                 
Total Consumer Finance
    530,861  
         
Containers & Packaging 0.1%
Ball Corp. 
    929       32,115  
Bemis Co., Inc. 
    588       16,529  
Owens-Illinois, Inc.*
    933       18,735  
Sealed Air Corp. 
    916       16,305  
                 
Total Containers & Packaging
    83,684  
         
Distributors 0.1%
Genuine Parts Co. 
    891       51,170  
                 
Total Distributors
    51,170  
         
Diversified Consumer Services 0.1%
Apollo Group, Inc. — Class A*
    697       33,003  
DeVry, Inc. 
    350       13,188  
H&R Block, Inc. 
    1,737       26,559  
                 
Total Diversified Consumer Services
    72,750  
         
Diversified Financial Services 2.5%
Bank of America Corp. 
    57,578       393,258  
Citigroup, Inc. 
    16,578       523,699  
CME Group, Inc. — Class A
    380       104,713  
IntercontinentalExchange, Inc.*
    417       54,160  
JPMorgan Chase & Co. 
    22,152       770,003  
Leucadia National Corp. 
    1,126       30,211  
Moody’s Corp. 
    1,143       40,565  
Nasdaq OMX Group, Inc.(The)*
    724       18,136  
NYSE Euronext
    1,487       39,510  
                 
Total Diversified Financial Services
    1,974,255  
         
Diversified Telecommunication Services 2.2%
AT&T, Inc. 
    33,668       986,809  
CenturyTel, Inc. 
    3,502       123,481  
Frontier Communications Corp. 
    5,654       35,394  
Verizon Communications, Inc. 
    16,082       594,712  
Windstream Corp. 
    2,897       35,257  
                 
Total Diversified Telecommunication Services
    1,775,653  
         
Electric Utilities 1.6%
American Electric Power Co., Inc. 
    2,740       107,627  
Duke Energy Corp. 
    7,567       154,518  
Edison International
    1,851       75,151  
Entergy Corp. 
    1,004       69,447  
Exelon Corp. 
    3,765       167,128  
FirstEnergy Corp. 
    2,376       106,825  
NextEra Energy, Inc. 
    2,400       135,360  
Northeast Utilities
    1,005       34,743  
Pepco Holdings, Inc. 
    1,286       25,463  
Pinnacle West Capital Corp. 
    620       28,260  
PPL Corp. 
    3,282       96,392  
Progress Energy, Inc. 
    1,674       87,215  
Southern Co. 
    4,873       210,514  
                 
Total Electric Utilities
    1,298,643  
         
Electrical Equipment 0.4%
Emerson Electric Co. 
    4,231       203,596  
Rockwell Automation, Inc. 
    814       55,067  
Roper Industries, Inc. 
    546       44,280  
                 
Total Electrical Equipment
    302,943  
         
Electronic Equipment, Instruments & Components 0.4%
Amphenol Corp. — Class A
    965       45,828  
Corning, Inc. 
    8,926       127,553  
FLIR Systems, Inc. 
    908       23,880  
Jabil Circuit, Inc. 
    1,035       21,280  
Molex, Inc. 
    777       19,184  
TE Connectivity Ltd. 
    2,462       87,524  
                 
Total Electronic Equipment, Instruments & Components
    325,249  
         
Energy Equipment & Services 1.7%
Baker Hughes, Inc. 
    2,478       143,699  
Cameron International Corp.*
    1,392       68,403  
Diamond Offshore Drilling, Inc. 
    395       25,888  
FMC Technologies, Inc.*
    1,365       61,179  
Halliburton Co. 
    5,225       195,206  
Helmerich & Payne, Inc. 
    608       32,334  
Nabors Industries Ltd.*
    1,633       29,933  
National-Oilwell Varco, Inc. 
    2,407       171,691  
Noble Corp. 
    1,434       51,538  
Rowan Cos., Inc.*
    724       24,971  
Schlumberger Ltd. 
    7,666       563,221  
                 
Total Energy Equipment & Services
    1,368,063  
         
Food & Staples Retailing 1.9%
Costco Wholesale Corp. 
    2,487       207,043  
CVS Caremark Corp. 
    7,641       277,368  
Kroger Co.(The)
    3,438       79,693  
Safeway, Inc. 
    1,989       38,527  
SUPERVALU, Inc. 
    1,206       9,672  
Sysco Corp. 
    3,367       93,333  
Wal-Mart Stores, Inc. 
    9,987       566,463  
 
See Notes to Financial Statements.


 

ANNUAL REPORT      13

 
RYDEX 2x S&P 500 ETF
SCHEDULE OF INVESTMENTS (continued) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (continued)
                 
Walgreen Co. 
    5,144       $170,781  
Whole Foods Market, Inc. 
    896       64,619  
                 
Total Food & Staples Retailing
    1,507,499  
         
Food Products 1.5%
Archer-Daniels-Midland Co. 
    3,840       111,130  
Campbell Soup Co. 
    1,021       33,948  
ConAgra Foods, Inc. 
    2,355       59,652  
Dean Foods Co.*
    1,043       10,138  
General Mills, Inc. 
    3,674       141,559  
H.J. Heinz Co. 
    1,824       97,475  
Hershey Co.(The)
    879       50,305  
Hormel Foods Corp. 
    789       23,252  
J.M. Smucker Co.(The)
    647       49,832  
Kellogg Co. 
    1,419       76,924  
Kraft Foods, Inc. — Class A
    10,034       352,996  
McCormick & Co., Inc. 
    752       36,517  
Mead Johnson Nutrition Co. 
    1,159       83,274  
Sara Lee Corp. 
    3,345       59,541  
Tyson Foods, Inc. — Class A
    1,684       32,501  
                 
Total Food Products
    1,219,044  
         
Gas Utilities 0.1%
Nicor, Inc. 
    259       14,569  
Oneok, Inc. 
    588       44,717  
                 
Total Gas Utilities
    59,286  
         
Health Care Equipment & Supplies 1.5%
Baxter International, Inc. 
    3,229       177,530  
Becton, Dickinson and Co. 
    1,235       96,614  
Boston Scientific Corp.*
    8,696       51,220  
C.R. Bard, Inc. 
    492       42,287  
CareFusion Corp.*
    1,270       32,512  
Covidien PLC
    2,803       131,853  
DENTSPLY International, Inc. 
    803       29,679  
Edwards Lifesciences Corp.*
    653       49,249  
Intuitive Surgical, Inc.*
    222       96,317  
Medtronic, Inc. 
    6,000       208,440  
St Jude Medical, Inc. 
    1,872       73,008  
Stryker Corp. 
    1,875       89,831  
Varian Medical Systems, Inc.*
    666       39,108  
Zimmer Holdings, Inc.*
    1,082       56,946  
                 
Total Health Care Equipment & Supplies
    1,174,594  
         
Health Care Providers & Services 1.7%
Aetna, Inc. 
    2,119       84,251  
AmerisourceBergen Corp. 
    1,530       62,424  
Cardinal Health, Inc. 
    1,958       86,681  
CIGNA Corp. 
    1,535       68,062  
Coventry Health Care, Inc.*
    844       26,848  
DaVita, Inc.*
    531       37,170  
Express Scripts, Inc.*
    2,774       126,855  
Humana, Inc. 
    948       80,476  
Laboratory Corp. of America Holdings*
    575       48,214  
McKesson Corp. 
    1,399       114,088  
Medco Health Solutions, Inc.*
    2,190       120,143  
Patterson Cos., Inc. 
    532       16,742  
Quest Diagnostics, Inc. 
    899       50,164  
Tenet Healthcare Corp.*
    2,690       12,724  
UnitedHealth Group, Inc. 
    6,114       293,411  
WellPoint, Inc. 
    2,049       141,176  
                 
Total Health Care Providers & Services
    1,369,429  
         
Health Care Technology 0.1%
Cerner Corp.*
    826       52,393  
                 
Total Health Care Technology
    52,393  
         
Hotels, Restaurants & Leisure 1.6%
Carnival Corp. 
    2,627       92,497  
Chipotle Mexican Grill, Inc.*
    178       59,829  
Darden Restaurants, Inc. 
    765       36,628  
International Game Technology
    1,696       29,833  
Marriott International, Inc. — Class A
    1,604       50,526  
McDonald’s Corp. 
    5,862       544,287  
Starbucks Corp. 
    4,239       179,479  
Starwood Hotels & Resorts Worldwide, Inc. 
    1,092       54,720  
Wyndham Worldwide Corp. 
    932       31,381  
Wynn Resorts Ltd. 
    454       60,291  
Yum! Brands, Inc. 
    2,639       141,371  
                 
Total Hotels, Restaurants & Leisure
    1,280,842  
         
Household Durables 0.2%
DR Horton, Inc. 
    1,580       17,585  
Harman International Industries, Inc. 
    397       17,134  
Leggett & Platt, Inc. 
    804       17,608  
Lennar Corp. — Class A
    914       15,118  
Newell Rubbermaid, Inc. 
    1,656       24,509  
Pulte Homes, Inc.*
    1,914       9,914  
Whirlpool Corp. 
    434       22,052  
                 
Total Household Durables
    123,920  
         
Household Products 1.8%
Clorox Co.(The)
    747       50,004  
Colgate-Palmolive Co. 
    2,764       249,783  
Kimberly-Clark Corp. 
    2,226       155,174  
Procter & Gamble Co.(The)
    15,611       998,948  
                 
Total Household Products
    1,453,909  
         
Independent Power Producers & Energy Traders 0.2%
AES Corp.(The)*
    3,734       41,895  
Constellation Energy Group, Inc. 
    1,144       45,417  
NRG Energy, Inc.*
    1,371       29,367  
                 
Total Independent Power Producers & Energy Traders
    116,679  
         
Industrial Conglomerates 2.0%
3M Co. 
    4,031       318,530  
Danaher Corp. 
    3,233       156,315  
General Electric Co. 
    60,225       1,006,360  
Tyco International Ltd. 
    2,638       120,161  
                 
Total Industrial Conglomerates
    1,601,366  
         
Insurance 3.0%
ACE Ltd. 
    1,920       138,528  
AFLAC, Inc. 
    2,654       119,669  
Allstate Corp.(The)
    2,935       77,308  
American International Group, Inc.*
    2,482       61,281  
Aon Corp. 
    1,856       86,527  
Assurant, Inc. 
    537       20,696  
Berkshire Hathaway, Inc. — Class B*
    9,991       777,899  
Chubb Corp.(The)
    1,624       108,889  
Cincinnati Financial Corp. 
    927       26,827  
Genworth Financial, Inc. — Class A*
    2,788       17,787  
Hartford Financial Services Group, Inc. 
    2,531       48,722  
Lincoln National Corp. 
    1,752       33,376  
Loews Corp. 
    1,768       70,190  
Marsh & McLennan Cos., Inc. 
    3,077       94,218  
MetLife, Inc. 
    6,008       211,241  
Principal Financial Group, Inc. 
    1,781       45,914  
 
See Notes to Financial Statements.


 

14

 
RYDEX 2x S&P 500 ETF
SCHEDULE OF INVESTMENTS (continued) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (continued)
                 
Progressive Corp.(The)
    3,629       $68,987  
Prudential Financial, Inc. 
    2,761       149,646  
Torchmark Corp. 
    597       24,435  
Travelers Cos., Inc.(The)
    2,379       138,815  
Unum Group
    1,724       41,100  
XL Group PLC
    1,865       40,545  
                 
Total Insurance
    2,402,600  
         
Internet & Catalog Retail 0.8%
Amazon.com, Inc.*
    2,063       440,471  
Expedia, Inc. 
    1,106       29,043  
Netflix, Inc.*
    298       24,460  
priceline.com, Inc.*
    283       143,685  
                 
Total Internet & Catalog Retail
    637,659  
         
Internet Software & Services 1.6%
Akamai Technologies, Inc.*
    1,048       28,233  
eBay, Inc.*
    6,517       207,436  
Google, Inc. — Class A*
    1,431       848,068  
Monster Worldwide, Inc.*
    734       6,775  
VeriSign, Inc. 
    945       30,325  
Yahoo!, Inc.*
    7,173       112,186  
                 
Total Internet Software & Services
    1,233,023  
         
IT Services 3.2%
Accenture PLC — Class A
    3,661       220,612  
Automatic Data Processing, Inc. 
    2,782       145,582  
Cognizant Technology Solutions Corp. — Class A*
    1,725       125,494  
Computer Sciences Corp. 
    881       27,716  
Fidelity National Information Services, Inc. 
    1,408       36,861  
Fiserv, Inc.*
    804       47,331  
International Business Machines Corp. 
    6,785       1,252,715  
Mastercard, Inc. — Class A
    606       210,427  
Paychex, Inc. 
    1,831       53,355  
SAIC, Inc.*
    1,569       19,503  
Teradata Corp.*
    956       57,035  
Total System Services, Inc. 
    930       18,498  
Visa, Inc. — Class A
    2,906       271,014  
Western Union Co.(The)
    3,566       62,298  
                 
Total IT Services
    2,548,441  
         
Leisure Equipment & Products 0.1%
Hasbro, Inc. 
    687       26,147  
Mattel, Inc. 
    1,948       55,012  
                 
Total Leisure Equipment & Products
    81,159  
         
Life Sciences Tools & Services 0.4%
Agilent Technologies, Inc.*
    1,973       73,139  
Life Technologies Corp.*
    1,025       41,687  
PerkinElmer, Inc. 
    642       13,270  
Thermo Fisher Scientific, Inc.*
    2,170       109,086  
Waters Corp.*
    519       41,582  
                 
Total Life Sciences Tools & Services
    278,764  
         
Machinery 1.7%
Caterpillar, Inc. 
    3,671       346,763  
Cummins, Inc. 
    1,106       109,970  
Deere & Co. 
    2,352       178,517  
Dover Corp. 
    1,057       58,695  
Eaton Corp. 
    1,938       86,861  
Flowserve Corp. 
    317       29,383  
Illinois Tool Works, Inc. 
    2,792       135,775  
Ingersoll-Rand PLC
    1,880       58,524  
Joy Global, Inc. 
    597       52,058  
PACCAR, Inc. 
    2,077       89,810  
Pall Corp. 
    661       33,823  
Parker Hannifin Corp. 
    881       71,846  
Snap-on, Inc. 
    331       17,765  
Stanley Black & Decker, Inc. 
    957       61,104  
Xylem, Inc.*
    1,053       28,157  
                 
Total Machinery
    1,359,051  
         
Media 2.6%
Cablevision Systems Corp. — Class A
    1,278       18,493  
CBS Corp. — Class B
    3,806       98,233  
Comcast Corp. — Class A
    15,619       366,265  
DIRECTV — Class A*
    4,195       190,705  
Discovery Communications, Inc. — Class A*
    1,555       67,580  
Gannett Co., Inc. 
    1,368       15,992  
Interpublic Group of Cos., Inc.(The)
    2,719       25,776  
McGraw-Hill Cos., Inc.(The)
    1,712       72,760  
News Corp. — Class A
    12,984       227,480  
Omnicom Group, Inc. 
    1,588       70,634  
Scripps Networks Interactive, Inc. — Class A
    561       23,831  
Time Warner Cable, Inc. 
    1,848       117,699  
Time Warner, Inc. 
    5,936       207,701  
Viacom, Inc. — Class B
    3,265       143,170  
Walt Disney Co.(The)
    10,545       367,810  
Washington Post Co.(The) — Class B
    28       9,524  
                 
Total Media
    2,023,653  
         
Metals & Mining 0.8%
AK Steel Holding Corp. 
    626       5,215  
Alcoa, Inc. 
    6,046       65,055  
Allegheny Technologies, Inc. 
    604       28,026  
Cliffs Natural Resources, Inc. 
    830       56,623  
Freeport-McMoRan Copper & Gold, Inc. 
    5,385       216,800  
Newmont Mining Corp. 
    2,808       187,659  
Nucor Corp. 
    1,798       67,928  
Titanium Metals Corp. 
    475       7,956  
United States Steel Corp. 
    818       20,744  
                 
Total Metals & Mining
    656,006  
         
Multi-Utilities 1.2%
Ameren Corp. 
    1,373       43,771  
CenterPoint Energy, Inc. 
    2,419       50,412  
CMS Energy Corp. 
    1,431       29,793  
Consolidated Edison, Inc. 
    1,664       96,296  
Dominion Resources, Inc. 
    3,234       166,842  
DTE Energy Co. 
    962       50,130  
Integrys Energy Group, Inc. 
    443       23,439  
NiSource, Inc. 
    1,594       35,211  
PG&E Corp. 
    2,285       98,026  
Public Service Enterprise Group, Inc. 
    2,874       96,854  
SCANA Corp. 
    652       27,567  
Sempra Energy
    1,361       73,127  
TECO Energy, Inc. 
    1,226       22,767  
Wisconsin Energy Corp. 
    1,328       43,067  
Xcel Energy, Inc. 
    2,753       71,165  
                 
Total Multi-Utilities
    928,467  
         
Multiline Retail 0.6%
Big Lots, Inc.*
    372       14,021  
Family Dollar Stores, Inc. 
    683       40,044  
J.C. Penney Co., Inc. 
    812       26,049  
 
See Notes to Financial Statements.


 

ANNUAL REPORT      15

 
RYDEX 2x S&P 500 ETF
SCHEDULE OF INVESTMENTS (continued) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (continued)
                 
Kohl’s Corp. 
    1,597       $84,657  
Macy’s, Inc. 
    2,427       74,096  
Nordstrom, Inc. 
    930       47,142  
Sears Holdings Corp.*
    219       17,121  
Target Corp. 
    3,836       210,021  
                 
Total Multiline Retail
    513,151  
         
Office Electronics 0.1%
Xerox Corp. 
    7,974       65,227  
                 
Total Office Electronics
    65,227  
         
Oil, Gas & Consumable Fuels 8.3%
Alpha Natural Resources, Inc.*
    1,286       30,915  
Anadarko Petroleum Corp. 
    2,828       221,998  
Apache Corp. 
    2,181       217,293  
Cabot Oil & Gas Corp. 
    594       46,166  
Chesapeake Energy Corp. 
    3,755       105,590  
Chevron Corp. 
    11,380       1,195,469  
ConocoPhillips
    7,801       543,340  
Consol Energy, Inc. 
    1,288       55,075  
Denbury Resources, Inc.*
    2,286       35,890  
Devon Energy Corp. 
    2,366       153,672  
El Paso Corp. 
    4,376       109,444  
EOG Resources, Inc. 
    1,526       136,470  
EQT Corp. 
    849       53,911  
Exxon Mobil Corp. 
    27,624       2,157,158  
Hess Corp. 
    1,719       107,541  
Marathon Oil Corp. 
    4,057       105,604  
Marathon Petroleum Corp. 
    2,025       72,697  
Murphy Oil Corp. 
    1,099       60,852  
Newfield Exploration Co.*
    752       30,275  
Noble Energy, Inc. 
    1,003       89,608  
Occidental Petroleum Corp. 
    4,618       429,197  
Peabody Energy Corp. 
    1,539       66,746  
Pioneer Natural Resources Co. 
    663       55,626  
QEP Resources, Inc. 
    1,005       35,728  
Range Resources Corp. 
    915       62,989  
Southwestern Energy Co.*
    1,977       83,113  
Spectra Energy Corp. 
    3,695       105,788  
Sunoco, Inc. 
    614       22,859  
Tesoro Corp.*
    817       21,193  
Valero Energy Corp. 
    3,251       79,975  
Williams Cos., Inc.(The)
    3,346       100,748  
                 
Total Oil, Gas & Consumable Fuels
    6,592,930  
         
Paper & Forest Products 0.1%
International Paper Co. 
    2,483       68,779  
MeadWestvaco Corp. 
    970       27,073  
                 
Total Paper & Forest Products
    95,852  
         
Personal Products 0.1%
Avon Products, Inc. 
    2,447       44,731  
Estee Lauder Cos., Inc.(The) — Class A
    642       63,205  
                 
Total Personal Products
    107,936  
         
Pharmaceuticals 4.8%
Abbott Laboratories
    8,844       476,426  
Allergan, Inc. 
    1,747       146,958  
Bristol-Myers Squibb Co. 
    9,691       306,139  
Eli Lilly & Co. 
    5,788       215,082  
Forest Laboratories, Inc.*
    1,560       48,828  
Hospira, Inc.*
    937       29,469  
Johnson & Johnson, Inc. 
    15,569       1,002,488  
Merck & Co., Inc. 
    17,503       603,853  
Mylan, Inc.*
    2,422       47,399  
Pfizer, Inc. 
    44,327       853,738  
Watson Pharmaceuticals, Inc.*
    715       48,019  
                 
Total Pharmaceuticals
    3,778,399  
         
Professional Services 0.1%
Dun & Bradstreet Corp.(The)
    279       18,654  
Equifax, Inc. 
    695       24,429  
Robert Half International, Inc. 
    823       21,752  
                 
Total Professional Services
    64,835  
         
Real Estate Investment Trusts (REITs) 1.5%
Apartment Investment & Management Co. — Class A
    686       16,924  
AvalonBay Communities, Inc. 
    534       71,390  
Boston Properties, Inc. 
    835       82,657  
Equity Residential
    1,684       98,817  
HCP, Inc. 
    2,313       92,173  
Health Care REIT, Inc. 
    1,008       53,111  
Host Hotels & Resorts, Inc. 
    4,012       57,251  
Kimco Realty Corp. 
    2,312       40,391  
Plum Creek Timber Co., Inc. 
    920       34,647  
ProLogis, Inc. 
    2,608       77,614  
Public Storage
    805       103,885  
Simon Property Group, Inc. 
    1,668       214,238  
Ventas, Inc. 
    1,636       90,978  
Vornado Realty Trust
    1,048       86,785  
Weyerhaeuser Co. 
    3,060       55,019  
                 
Total Real Estate Investment Trusts (REITs)
    1,175,880  
         
Real Estate Management & Development 0.0%(a)
CBRE Group, Inc.*
    1,847       32,840  
                 
Total Real Estate Management & Development
    32,840  
         
Road & Rail 0.7%
CSX Corp. 
    6,223       138,213  
Norfolk Southern Corp. 
    1,976       146,204  
Ryder System, Inc. 
    291       14,823  
Union Pacific Corp. 
    2,773       276,108  
                 
Total Road & Rail
    575,348  
         
Semiconductors & Semiconductor Equipment 2.0%
Advanced Micro Devices, Inc.*
    3,299       19,233  
Altera Corp. 
    1,841       69,811  
Analog Devices, Inc. 
    1,701       62,206  
Applied Materials, Inc. 
    7,485       92,215  
Broadcom Corp. — Class A*
    2,736       98,742  
First Solar, Inc.*
    333       16,573  
Intel Corp. 
    29,833       732,102  
KLA-Tencor Corp. 
    949       44,688  
Linear Technology Corp. 
    1,295       41,841  
LSI Corp.*
    3,255       20,344  
MEMC Electronic Materials, Inc.*
    1,309       7,841  
Microchip Technology, Inc. 
    1,083       39,161  
Micron Technology, Inc.*
    5,704       31,885  
Novellus Systems, Inc.*
    396       13,682  
NVIDIA Corp.*
    3,430       50,764  
Teradyne, Inc.*
    1,058       15,151  
Texas Instruments, Inc. 
    6,564       201,712  
Xilinx, Inc. 
    1,506       50,391  
                 
Total Semiconductors & Semiconductor Equipment
    1,608,342  
         
 
See Notes to Financial Statements.


 

16

 
RYDEX 2x S&P 500 ETF
SCHEDULE OF INVESTMENTS (concluded) October 31, 2011
 
                 
          Market
 
    Shares     Value  
   
 
COMMON STOCKS (concluded)
                 
Software 3.2%
Adobe Systems, Inc.*
    2,806       $82,524  
Autodesk, Inc.*
    1,300       44,980  
BMC Software, Inc.*
    997       34,656  
CA, Inc. 
    2,151       46,591  
Citrix Systems, Inc.*
    1,070       77,928  
Compuware Corp.*
    1,242       10,495  
Electronic Arts, Inc.*
    1,899       44,342  
Intuit, Inc. 
    1,727       92,688  
Microsoft Corp. 
    42,365       1,128,180  
Oracle Corp. 
    22,448       735,621  
Red Hat, Inc.*
    1,097       54,466  
Salesforce.com, Inc.*
    770       102,541  
Symantec Corp.*
    4,260       72,462  
                 
Total Software
    2,527,474  
         
Specialty Retail 1.6%
Abercrombie & Fitch Co. — Class A
    494       36,754  
AutoNation, Inc.*
    282       10,981  
AutoZone, Inc.*
    165       53,392  
Bed Bath & Beyond, Inc.*
    1,390       85,958  
Best Buy Co., Inc. 
    1,721       45,142  
CarMax, Inc.*
    1,286       38,657  
GameStop Corp. — Class A*
    790       20,200  
Gap, Inc.(The)
    1,971       37,252  
Home Depot, Inc. 
    8,887       318,154  
Limited Brands, Inc. 
    1,407       60,093  
Lowe’s Cos., Inc. 
    7,162       150,545  
O’Reilly Automotive, Inc.*
    772       58,711  
Ross Stores, Inc. 
    657       57,639  
Staples, Inc. 
    4,029       60,274  
Tiffany & Co. 
    723       57,645  
TJX Cos., Inc. 
    2,165       127,583  
Urban Outfitters, Inc.*
    673       18,339  
                 
Total Specialty Retail
    1,237,319  
         
Textiles, Apparel & Luxury Goods 0.6%
Coach, Inc. 
    1,642       106,845  
NIKE, Inc. — Class B
    2,158       207,923  
Ralph Lauren Corp. 
    368       58,435  
V.F. Corp. 
    492       68,004  
                 
Total Textiles, Apparel & Luxury Goods
    441,207  
         
Thrifts & Mortgage Finance 0.1%
Hudson City Bancorp, Inc. 
    2,997       18,731  
People’s United Financial, Inc. 
    2,139       27,273  
                 
Total Thrifts & Mortgage Finance
    46,004  
         
Tobacco 1.5%
Altria Group, Inc. 
    11,768       324,208  
Lorillard, Inc. 
    787       87,090  
Philip Morris International, Inc. 
    9,979       697,233  
Reynolds American, Inc. 
    1,921       74,304  
                 
Total Tobacco
    1,182,835  
         
Trading Companies & Distributors 0.2%
Fastenal Co. 
    1,677       63,877  
W.W. Grainger, Inc. 
    345       59,102  
                 
Total Trading Companies & Distributors
    122,979  
         
Wireless Telecommunication Services 0.2%
American Tower Corp. — Class A*
    2,248       123,865  
Metro PCS Communications, Inc.*
    1,666       14,161  
Sprint Nextel Corp.*
    17,013       43,723  
                 
Total Wireless Telecommunication Services
    181,749  
         
Total Common Stocks
(Cost $50,838,456)
    64,859,166  
 
 
                 
                 
    Face
       
    Amount        
   
 
REPURCHASE AGREEMENTS 7.0%
State Street Bank & Trust Co., 0.010%, dated 10/31/11, to be repurchased at $5,541,002 on 11/01/11 collateralized by $5,645,000 FHLMC at 0.050% due 08/23/13 with a value of $5,652,056(b)
  $ 5,541,000       5,541,000  
                 
Total Repurchase Agreements
(Cost $5,541,000)
    5,541,000  
         
Total Investments 88.7%(c)
(Cost $56,379,456)
    70,400,166  
         
Other Assets in Excess of Liabilities—11.3%
    8,987,213  
         
Net Assets—100.0%
    $79,387,379  
 
 
                 
                 
          Unrealized
 
    Contracts     Gain (Loss)  
   
 
FUTURES CONTRACTS PURCHASED
December 2011 S&P 500 Index Futures Contracts (Aggregate Market Value of Contracts $32,523,425)(c)
    521       $1,455,953  
 
 
                 
                 
    Units        
   
 
EQUITY INDEX SWAP AGREEMENTS PURCHASED
Credit Suisse First Boston November 2011 S&P 500 Index Swap, Terminating 11/30/11 (Notional Market Value $28,419,931)**(b)
    22,676       $(827,407 )
Goldman Sachs International November 2011 S&P 500 Index Swap, Terminating 11/29/11 (Notional Market Value $32,872,981)**(b)
    26,229       296,392  
                 
(Total Notional Market Value $61,292,912)
            $(531,015 )
 
 
 
* Non-Income Producing Security.
 
** Price return based on S&P 500 Index +/− financing at a variable rate.
 
(a) Amount represents less than 0.05% of net assets.
 
(b) Values determined based on Level 2 inputs.
 
(c) Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs.
 
FHLMC—Federal Home Loan Mortgage Corporation
 
REIT—Real Estate Investment Trust
 
See Notes to Financial Statements.


 

ANNUAL REPORT      17

 
RYDEX INVERSE 2x S&P 500 ETF
SCHEDULE OF INVESTMENTS October 31, 2011
 
                 
    Face
    Market
 
    Amount     Value  
   
 
REPURCHASE AGREEMENTS 58.2%
State Street Bank & Trust Co., 0.010%, dated 10/31/11, to be repurchased at $32,499,009 on 11/01/11 collateralized by $33,110,000 FHLMC at 0.500% due 08/23/13 with a value of $33,151,388(a)
  $ 32,499,000       $32,499,000  
                 
Total Repurchase Agreements
(Cost $32,499,000)
    32,499,000  
         
Total Investments 58.2%(b)
(Cost $32,499,000)
    32,499,000  
         
Other Assets in Excess of Liabilities—41.8%
    23,302,510  
         
Net Assets—100.0%
    $55,801,510  
 
 
                 
                 
          Unrealized
 
    Contracts     Gain (Loss)  
   
 
FUTURES CONTRACTS SOLD SHORT
December 2011 S&P 500 Index E-Mini Futures Contracts (Aggregate Market Value of Contracts $19,788,725)(b)
    317       $(1,293,067 )
 
 
          Unrealized
 
    Units     Gain (Loss)  
   
 
EQUITY INDEX SWAP AGREEMENTS SOLD SHORT
Credit Suisse First Boston November 2011 S&P 500 Index Swap, Terminating 11/30/11 (Notional Market Value $66,803,021)*(a)
    53,302       $1,494,075  
Goldman Sachs International November 2011 S&P 500 Index Swap, Terminating 11/29/11 (Notional Market Value $24,897,744)*(a)
    19,866       (224,485 )
                 
(Total Notional Market Value $91,700,765)
            $1,269,590  
 
 
 
* Price return based on S&P 500 Index +/− financing at a variable rate
 
(a) Values determined based on Level 2 inputs.
 
(b) Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs
 
FHLMC—Federal Home Loan Mortgage Corporation
 
See Notes to Financial Statements.


 

18

 
STATEMENTS OF ASSETS AND LIABILITIES October 31, 2011
 
                 
    Rydex 2x
    Rydex Inverse 2x
 
    S&P 500 ETF     S&P 500 ETF  
Assets
               
Investments at Market Value
  $ 64,859,166     $  
Repurchase Agreements
    5,541,000       32,499,000  
                 
Total Investments*
    70,400,166       32,499,000  
                 
Cash
    207       992  
Segregated Cash for Swaps
    8,230,972       20,289,862  
Margin Deposit for Future Contracts
    2,084,000       1,268,000  
Unrealized Appreciation on Swap Agreements
    296,392       1,494,075  
Receivables:
               
Investments Sold
    48,021        
Dividends and Interest
    68,886       9  
Variation Margin on Futures Contracts
          513,540  
Equity Index Swap Settlement
    1,874        
                 
Total Assets
    81,130,518       56,065,478  
                 
Liabilities
               
Unrealized Depreciation on Swap Agreements
    827,407       224,485  
Payables:
               
Investments Purchased
    28,152        
Equity Index Swap Settlement
          2,194  
Variation Margin on Futures Contracts
    844,020        
Accrued Management Fees
    43,560       37,289  
                 
Total Liabilities
    1,743,139       263,968  
                 
Net Assets
  $ 79,387,379     $ 55,801,510  
                 
Net Assets Consist of:
               
Paid-in Capital
  $ 74,159,089     $ 172,936,865  
Undistributed Net Investment Income
    2,326        
Accumulated Net Realized Gain (Loss) on Investment Securities, Futures and Swaps
    (9,719,684 )     (117,111,878 )
Net Unrealized Appreciation (Depreciation) on Investment Securities, Futures and Swaps
    14,945,648       (23,477 )
                 
Net Assets
  $ 79,387,379     $ 55,801,510  
                 
Shares Outstanding (Unlimited Shares Authorized), No Par Value
    2,000,002       1,700,000  
                 
Net Asset Value, Offering Price and Repurchase Price Per Share
  $ 39.69     $ 32.82  
                 
*Total Cost of Investments
  $ 56,379,456     $ 32,499,000  
                 
 
See Notes to Financial Statements.


 

ANNUAL REPORT      19

 
STATEMENTS OF OPERATIONS For the Year Ended October 31, 2011
 
                 
    Rydex 2x
    Rydex Inverse 2x
 
    S&P 500 ETF     S&P 500 ETF  
Investment Income
               
Dividends, Net of Foreign Taxes Withheld
  $ 1,431,529     $  
Interest
    1,066       17,474  
                 
Total Income
    1,432,595       17,474  
                 
Expenses
               
Management Fee
    593,838       426,877  
Trustee Fees
    6,707       5,221  
                 
Total Expenses
    600,545       432,098  
                 
Net Investment Income (Loss)
    832,050       (414,624 )
                 
Realized and Unrealized Gain (Loss) on Investments
               
Net Realized Gain (Loss) From:
               
Investments
    (2,447,944 )      
In-kind Redemptions
    3,032,381        
Futures Contracts
    1,928,692       (3,276,590 )
Swap Contracts
    4,758,030       (18,555,121 )
                 
Net Realized Gain (Loss)
    7,271,159       (21,831,711 )
Net Change in Unrealized Appreciation (Depreciation) on:
               
Investment Securities
    1,996,542        
Futures Contracts
    (38,274 )     533,372  
Swap Contracts
    (441,039 )     1,146,248  
                 
Net Change in Unrealized Appreciation (Depreciation)
    1,517,229       1,679,620  
                 
Net Realized and Unrealized Gain (Loss) on Investments, Futures and Swap Contracts
    8,788,388       (20,152,091 )
                 
Net Increase (Decrease) in Net Assets Resulting From Operations
  $ 9,620,438     $ (20,566,715 )
                 
Foreign Taxes Withheld
  $ 4     $  
 
See Notes to Financial Statements.


 

20

 
STATEMENTS OF CHANGES IN NET ASSETS
 
                                 
    Rydex 2x S&P 500 ETF     Rydex Inverse 2x S&P 500 ETF  
    Year Ended
    Year Ended
    Year Ended
    Year Ended
 
    October 31, 2011     October 31, 2010     October 31, 2011     October 31, 2010  
Operations
                               
Net Investment Income (Loss)
  $ 832,050     $ 960,963     $ (414,624 )   $ (627,590 )
Net Realized Gain (Loss) on Investments
    7,271,159       24,687,608       (21,831,711 )     (37,604,265 )
Net Change in Unrealized Appreciation (Depreciation) on Investments
    1,517,229       3,068,601       1,679,620       (1,760,618 )
                                 
Net Increase (Decrease) in Net Assets Resulting From Operations
    9,620,438       28,717,172       (20,566,715 )     (39,992,473 )
                                 
Distributions To Shareholders From:
                               
Net Investment Income
    (849,031 )     (964,096 )            
                                 
Shareholder Transactions
                               
Proceeds From Shares Purchased
    2,087,505       16,758,573       22,017,345       83,801,968  
Value of Shares Purchased through Dividend Reinvestments
          72              
Value of Shares Redeemed
    (11,417,222 )     (81,692,319 )     (29,862,599 )     (63,069,991 )
                                 
Net Increase (Decrease) in Net Assets Resulting From Share Transactions
    (9,329,717 )     (64,933,674 )     (7,845,254 )     20,731,977  
                                 
Decrease in Net Assets
    (558,310 )     (37,180,598 )     (28,411,969 )     (19,260,496 )
NET ASSETS—Beginning of Period
    79,945,689       117,126,287       84,213,479       103,473,975  
                                 
NET ASSETS—End of Period(1)
  $ 79,387,379     $ 79,945,689     $ 55,801,510     $ 84,213,479  
                                 
(1) Including Undistributed Net Investment Income
  $ 2,326     $ 42,287     $     $  
                                 
Changes in Shares Outstanding:
                               
Shares Purchased
    50,000       550,000       600,000       1,500,000  
Shares Purchased through Dividend Reinvestments
          2              
Shares Redeemed
    (250,000 )     (2,500,000 )     (800,000 )     (1,150,000 )
Shares Outstanding, Beginning of Period
    2,200,002       4,150,000       1,900,000       1,550,000  
                                 
Shares Outstanding, End of Period
    2,000,002       2,200,002       1,700,000       1,900,000  
                                 
 
See Notes to Financial Statements.


 

ANNUAL REPORT      21

 
FINANCIAL HIGHLIGHTS
 
                                 
    Rydex 2x S&P 500 ETF  
    Year Ended
    Year Ended
    Year Ended
    Year Ended
 
    October 31, 2011     October 31, 2010     October 31, 2009     October 31, 2008*  
Per Share Operating Performance:
                               
Net Asset Value at Beginning of Period
  $ 36.34     $ 28.22     $ 27.65     $ 75.00  
                                 
Net Investment Income**
    0.41       0.33       0.31       0.61  
Net Realized and Unrealized Gain (Loss) on Investments
    3.36       8.13       0.57       (47.27 )
                                 
Total From Investment Operations
    3.77       8.46       0.88       (46.66 )
                                 
Distributions To Shareholders From:
                               
Net Investment Income
    (0.42 )     (0.34 )     (0.31 )     (0.69 )
                                 
Net Asset Value at End of Period
  $ 39.69     $ 36.34     $ 28.22     $ 27.65  
                                 
Total Return***
    10.36 %     30.12 %     3.51 %     (62.68 )%
Ratios/Supplemental Data:
                               
Net Assets at End of Period (000’s Omitted)
  $ 79,387     $ 79,946     $ 117,126     $ 113,364  
Ratio To Average Net Assets Of:
                               
Expenses
    0.71 %     0.71 %     0.70 %     0.70 %****
Net Investment Income
    0.98 %     1.01 %     1.43 %     1.35 %****
Portfolio Turnover Rate†
    41 %     23 %     69 %     44 %
 
* The Fund commenced operations on November 5, 2007.
** Based on average shares outstanding.
*** Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. Total investment return calculated for a period of less than one year is not annualized.
**** Annualized.
Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions. Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the sales and purchases of fund shares during the period.
 
See Notes to Financial Statements.


 

22

 
FINANCIAL HIGHLIGHTS (concluded)
 
                                 
    Rydex Inverse 2x S&P 500 ETF  
    Year Ended
    Year Ended
    Year Ended
    Year Ended
 
    October 31, 2011     October 31, 2010     October 31, 2009     October 31, 2008*  
Per Share Operating Performance:
                               
Net Asset Value at Beginning of Period
  $ 44.32     $ 66.76     $ 132.21     $ 75.00  
                                 
Net Investment Income (Loss)**
    (0.25 )     (0.35 )     (0.61 )     1.04  
Net Realized and Unrealized Gain (Loss) on Investments
    (11.25 )     (22.09 )     (46.79 )     57.20  
                                 
Total From Investment Operations
    (11.50 )     (22.44 )     (47.40 )     58.24  
                                 
Distributions To Shareholders From:
                               
Net Investment Income
                      (1.03 )
Net Realized Gains
                (18.05 )      
                                 
Total Distributions
                (18.05 )     (1.03 )
                                 
Net Asset Value at End of Period
  $ 32.82     $ 44.32     $ 66.76     $ 132.21  
                                 
Total Return***
    (25.94 )%     (33.61 )%     (41.45 )%     78.27 %
Ratios/Supplemental Data:
                               
Net Assets at End of Period (000’s Omitted)
  $ 55,802     $ 84,213     $ 103,474     $ 66,106  
Ratio To Average Net Assets Of:
                               
Expenses
    0.71 %     0.71 %     0.71 %     0.71 %****
Net Investment Income (Loss)
    (0.68 )%     (0.65 )%     (0.64 )%     1.09 %****
Portfolio Turnover Rate†
                       
 
* The Fund commenced operations on November 5, 2007.
** Based on average shares outstanding.
*** Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. Total investment return calculated for a period of less than one year is not annualized.
**** Annualized.
Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts).
 
See Notes to Financial Statements.


 

ANNUAL REPORT      23

 
NOTES TO FINANCIAL STATEMENTS October 31, 2011
 
1.   ORGANIZATION
 
Rydex ETF Trust (the “Trust”) is an open-end, management investment company registered under the Investment Company Act of 1940 (the “1940 Act”). The Trust was organized as a Delaware statutory trust on November 22, 2002. As of October 31, 2011, the Trust offers twenty-seven portfolios, each of which represents a separate series of beneficial interest in the Trust (each a “Fund”, and collectively, the “Funds”). The financial statements herein relate to the following Funds: Rydex 2x S&P 500 ETF and Rydex Inverse 2x S&P 500 ETF. Rydex 2x S&P 500 ETF and Rydex Inverse 2x S&P 500 ETF commenced operations on November 5, 2007.
 
The Funds’ investment objective is to replicate as closely as possible, before fees and expenses, the daily performance of an index representing publicly traded equity securities (the “Underlying Index”). The Funds’ investment objective is to provide investment results that match the performance of a specific benchmark, before fees and expenses, on a daily basis. For Rydex 2x S&P 500 ETF (a “Leveraged Fund”), the Fund’s benchmark is 200% of the daily performance of an index representing publicly traded securities (the “Underlying Index”). For Rydex Inverse 2x S&P 500 ETF (a “Leveraged Inverse Fund”), the Fund’s benchmark is 200% of the daily inverse (opposite) performance of its Underlying Index. The Underlying Index for Rydex 2x S&P 500 ETF and Rydex Inverse 2x S&P 500 ETF is the S&P 500 Index.
 
The Funds operate as index funds and are not actively managed. Adverse performance of a security in the Funds’ portfolio will ordinarily not result in the elimination of the security from the Funds’ portfolio.
 
The Funds issue and redeem shares on a continuous basis, at Net Asset Value per share (“NAV”), only in aggregation of 50,000 shares called a “Creation Unit”. Creation Units are issued and redeemed principally in-kind for securities included in the Underlying Index.
 
2.   SIGNIFICANT ACCOUNTING POLICIES
 
The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosures at the date of the financial statements and accompanying notes and the reported amounts of increases and decreases in net assets from operations during the reporting period. Management believes that the estimates utilized in preparing the Funds’ financial statements are reasonable and prudent; however, actual results could differ from these estimates.
 
A.  Security Valuation
 
Securities listed on a domestic securities exchange are valued based on the last sale price as of the close of regular trading hours on the New York Stock Exchange (“NYSE”) or, in the absence of recorded sales, are valued at the most recent bid price. Securities for which the primary market is the National Association of Securities Dealers Automated Quotations National Market System (“NASDAQ”) are valued at the NASDAQ Official Closing Price.
 
Investments for which market quotations are not readily available are fair valued as determined in good faith by Security Investors, LLC, an affiliated entity, which acts as the Funds’ investment advisor (the “Advisor”), under the direction of the Board of Trustees using methods established or ratified by the Board of Trustees. These methods include, but are not limited to: (i) obtaining general information as to how these securities and assets trade, (ii) in connection with futures contracts and options thereupon, and other derivative instruments, obtaining information as to how (a) these contracts and other derivative investments trade in the futures or other derivative markets, respectively, and (b) the securities underlying these contracts and other derivative investments trade in the cash market, and (iii) gathering other information and considerations, including current values in related markets.
 
The value of futures contracts purchased and sold by the Funds are accounted for using the unrealized gain or loss on the contracts that is determined by marking the contracts to their current realized settlement prices. Financial futures contracts are valued at the last quoted sales price on the valuation date. In the event that the exchange for a specific futures contract closes earlier than 4:00 p.m., the futures contract is valued at the Official Settlement Price of the Exchange. However, the underlying securities from which the futures contract value is derived are monitored until 4:00 p.m. to determine if fair valuation would provide a more accurate valuation.
 
The value of domestic equity index swap agreements entered into by a Fund is accounted for using the unrealized gain or loss on the agreements that is determined by marking the agreements to the last quoted value of the index that the swap pertains to at the close of the NYSE. The swap’s market value is then adjusted to include dividends accrued, financing charges and/or interest associated with the swap agreements.


 

24

 
NOTES TO FINANCIAL STATEMENTS (continued)
 
Debt securities with a maturity greater than 60 days are valued at the last traded fill price at the close of business, unless no trades were executed. If there are no trades, a security is valued at the reported bid price at the close of business. Short-term debt securities with a maturity of 60 days or less are valued at amortized cost which approximates market value.
 
B.  Security Transactions and Income Recognition
 
Security transactions are recorded on the trade date for financial reporting purposes. Realized gains and losses from portfolio transactions are calculated on the identified cost basis. Dividend income is recorded on the ex-dividend date, net of foreign tax withholdings. Interest income is recorded on the accrual basis. Distributions received from investments in real estate investment trusts (“REITs”) are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distribution by the issuer.
 
C.  Repurchase Agreements
 
The Funds may enter into repurchase agreements with financial institutions. In a repurchase agreement, a Fund buys a security and the seller simultaneously agrees to repurchase the security on a specified future date at an agreed-upon price. The repurchase price reflects an agreed-upon interest rate during the time the Fund’s money is invested in the security. Because the security constitutes collateral for the repurchase obligation, a repurchase agreement can be considered a collateralized loan. The Funds follow certain procedures designed to minimize the risks inherent in such agreements. These procedures include effecting repurchase transactions only with large, well-capitalized and well-established financial institutions whose condition will be continually monitored by Security Global Investors. In addition, the value of the collateral underlying the repurchase agreement will always be at least equal to the repurchase price, including any accrued interest earned on the repurchase agreement. In the event of a default or bankruptcy by a selling financial institution, the Funds will seek to liquidate such collateral. However, the exercising of the Funds right to liquidate such collateral could involve certain costs or delays and, to the extent that proceeds from any sale upon a default of the obligation to repurchase were less than the repurchase price, the Funds could suffer a loss. It is the current policy of the Funds not to invest in repurchase agreements that do not mature within seven days if any such investment, together with any other illiquid assets held by the Funds, amounts to more than 15% of a Fund’s net assets. The investments of the Funds in repurchase agreements, at times, may be substantial when, in the view of Security Global Investors, liquidity or other considerations so warrant.
 
D.  Futures Contracts
 
The Funds utilized stock index futures contracts to gain exposure to the Underlying Index. Futures contracts are contracts for delayed delivery of securities at a specified futures delivery date and at a specific price. Upon entering into a contract, a Fund deposits and maintains as collateral such initial margin as required by the exchange on which the transaction is effected. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin and are recorded by the Fund as unrealized gains or losses. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. There are several risks in connection with the use of futures contracts. Risks may be caused by an imperfect correlation between movements in the price of the instruments and the price of the underlying securities. In addition, there is the risk that a Fund may not be able to enter into a closing transaction because of an illiquid secondary market. Since futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default, there is minimal counterparty credit risk to the Funds.
 
E.  Swap Agreements
 
The Funds utilized domestic equity index swap agreements to gain exposure to the Underlying Index, which are over-the-counter contracts in which one party agrees to make periodic payments based on the change in market value of a specified equity index, in return for periodic payment based on a fixed or variable interest rate. Swap agreements are used to obtain exposure to an equity or market without owning or taking physical custody of securities. The swap agreements are marked-to-market daily based upon quotations from market makers and the change, if any, is recorded as unrealized gain or loss. Payments received or made as a result of an agreement or termination of the agreement are recognized as realized gains or losses. There are several risks associated with the use of swap agreements that are different from those associated with ordinary portfolio securities transactions, due to the fact they could be considered illiquid. Since swaps are not exchange-traded, there is an element of counterparty credit risk to the Funds. The risk is managed through the terms of the swap contracts which include trigger points to terminate the current contract based on


 

ANNUAL REPORT      25

 
NOTES TO FINANCIAL STATEMENTS (continued)
 
predetermined thresholds and limit the amount of potential loss. Although the Funds will not enter into any swap agreement unless Security Global Investors believes that the other party to the transaction is creditworthy, the Funds bear the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of the agreement counterparty.
 
F.  Collateral
 
In conjunction with the use of short sales, futures and swap agreements, the Funds are required to maintain collateral in various forms. The Funds use, where appropriate, depending on the financial instrument utilized and the broker involved, margin deposits at the broker, cash and/or securities segregated at the custodian bank, discount notes, or repurchase agreements allocated to each Fund.
 
G.  Federal Income Taxes
 
The Funds intend to comply with the provisions of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and will distribute substantially all net investment income and capital gains to shareholders. Therefore, no Federal income tax provision has been recorded.
 
Tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns are evaluated to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Funds’ tax positions taken on Federal income tax returns for all open tax years (fiscal years 2008 — 2011), and has concluded that no provision for income tax was required in the Funds’ financial statements.
 
Income and capital gain distributions are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. These differences are primarily due to differing treatments for in-kind redemptions, mark-to-market on futures contracts, income reclassifications from REITs and losses deferred due to wash sales.
 
The RIC Modernization Act of 2010 was signed into law on December 22, 2010 and seeks to simplify some of the tax provisions applicable to regulated investment companies and the tax reporting to their shareholders, and to improve the tax efficiency of certain fund structures. The greatest impact to the disclosure in the financial reports for the Fund will be seen on the treatment of capital loss carryforwards.
 
Funds will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. Under pre-enactment law, capital losses could be carried forward for eight years, and carried forward as short-term capital, irrespective of the character of the original loss. As a result of this ordering rule, pre-enactment capital loss carryforwards may potentially expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.
 
In order to present paid-in-capital, undistributed net investment income (loss) and accumulated net realized gain (loss) on investments on the statement of assets and liabilities that more closely represent their tax character, certain adjustments have been made to these accounts. These adjustments have no effect on net assets or NAV. The most significant of these adjustments are for net capital gains resulting from in-kind redemptions, because they are non-taxable to the Funds, and therefore are not distributed to existing Fund shareholders, or net operating losses which are reclassified to paid-in-capital. For the year ended October 31, 2011, the adjustments for the Funds were as follows:
 
                         
          Undistributed
    Accumulated
 
    Paid-In
    Net Investment
    Net Realized
 
    Capital     Income (Loss)     Gain (Loss)  
 
Rydex 2x S&P 500 ETF
  $ 1,792,826     $ (22,980 )   $ (1,769,846 )
Rydex Inverse 2x S&P 500 ETF
    (414,624 )     414,624        
 
Tax basis capital losses in excess of capital gains are carried forward to offset future net capital gains. For the year ended October 31, 2011, the following capital loss carryforward amounts expired or were used to offset current year net realized capital gains:
 
         
Rydex 2x S&P 500 ETF
  $ 6,010,242  
Rydex Inverse 2x S&P 500 ETF
     


 

26

 
NOTES TO FINANCIAL STATEMENTS (continued)
 
A summary of the expiration of the capital loss carryforward is as follows:
 
                                 
    2016     2017     2018     2019  
 
Rydex 2x S&P 500 ETF
  $ 254,366     $     $     $  
Rydex Inverse 2x S&P 500 ETF
          57,618,386       39,488,221       21,311,018  
 
The tax character of distributable earnings (accumulated losses) at October 31, 2011 was as follows:
 
                                 
    Undistributed
    Undistributed
          Unrealized
 
    Ordinary
    Long Term
    Capital Loss
    Appreciation
 
    Income     Capital Gain     Carryfoward     (Depreciation)  
 
Rydex 2x S&P 500 ETF
  $ 2,326     $     $ (254,366 )   $ 5,480,330  
Rydex Inverse 2x S&P 500 ETF
                (118,417,625 )     1,269,590  
 
Differences between the book basis and tax basis of net unrealized appreciation (depreciation) in value of investments relate to tax deferral of losses on wash sales and estimated return of capital payments on REITs. Any undistributed ordinary income or long-term capital gain remaining at fiscal year-end is distributed in the following year.
 
The tax character of distributions paid during 2011 was as follows:
 
         
    Ordinary
 
    Income  
 
Rydex 2x S&P 500 ETF
  $ 849,031  
Rydex Inverse 2x S&P 500 ETF
     
 
The tax character of distributions paid during 2010 was as follows:
 
         
    Ordinary
 
    Income  
 
Rydex 2x S&P 500 ETF
  $ 964,096  
Rydex Inverse 2x S&P 500 ETF
     
 
H.  Fair Value Measurement
 
In accordance with U.S. GAAP, fair value is defined as the price that the Fund would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal market, or, in the absence of a principal market, the most advantageous market for the investment or liability. A three-tier hierarchy is utilized to distinguish between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Funds’ investments. The inputs are summarized in the three broad levels listed below:
 
Level 1 — quoted prices in active markets for identical securities. The types of assets and liabilities carried at Level 1 fair value generally are government and agency securities, equities listed in active markets and stock index futures.
 
Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). The types of assets and liabilities carried at Level 2 fair value generally are domestic equity index swaps and short-term securities with maturities of 60 days or less, including repurchase agreements.
 
Level 3 — significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments).
 
Transfers between investment Levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For the year ended October 31, 2011, there were no securities transferred between any Levels.


 

ANNUAL REPORT      27

 
NOTES TO FINANCIAL STATEMENTS (continued)
 
The following table summarizes the inputs used to value the Funds’ net assets as of October 31, 2011:
 
                                                 
          Level 1
          Level 2
             
    Level 1
    Other
    Level 2
    Other
    Level 3
       
    Investments
    Financial
    Investments
    Financial
    Investments
       
Fund
  In Securities     Instruments*     In Securities     Instruments*     In Securities     Total  
 
Assets
                                               
Rydex 2x S&P 500 ETF
  $ 64,859,166     $ 1,455,953     $ 5,541,000     $ 296,392     $     $ 72,152,511  
Rydex Inverse 2x S&P 500 ETF
                32,499,000       1,494,075             33,993,075  
Liabilities
                                               
Rydex 2x S&P 500 ETF
                      827,407             827,407  
Rydex Inverse 2x S&P 500 ETF
          1,293,067             224,485             1,517,552  
 
* Other financial instruments may include futures contracts and/or swaps, which are reported as unrealized gain/loss at period end.
 
For the year ended October 31, 2011, there were no Level 3 Investments.
 
I.  Disclosures About Derivative Instruments and Hedging Activities
 
U.S. GAAP require disclosures to enable investors to better understand how and why the Funds use derivative instruments, how these derivative instruments are accounted for and their effects on the Funds’ financial position and results of operations. None of the derivatives currently held by the Funds are being used as hedging instruments.
 
During the year ended October 31, 2011, the Funds sought to gain part, if not all, exposure to their respective benchmarks by investing in financial-linked derivative instruments, including swap agreements and futures. The following table represents the notional amount of derivative instruments outstanding, as an approximate percentage of the Funds’ net assets on a daily basis, while the risk to the Fund is limited to the profit earned on such derivatives.
 
         
    Approximately Percentage of Funds’
 
Fund
  Net Assets on a Daily Basis  
 
Rydex 2x S&P 500 ETF
    120 %
Rydex Inverse 2x S&P 500 ETF
    200 %
 
Derivative Investment Holdings Categorized by Risk Exposure
 
The following is a summary of the location of derivative investments on the Funds’ Statements of Assets and Liabilities as of October 31, 2011:
 
                 
    Location on the Statements of Assets and Liabilities  
Derivative Investment Type
  Asset     Liability  
 
Equity Index Swap Contracts
    Unrealized Appreciation
on Swap Agreements
      Unrealized Depreciation
on Swap Agreements
 
Equity Index Futures Contracts
    Receivables: Variation Margin
on Futures Contracts
      Payables: Variation Margin
on Futures Contracts
 
 
Because investment companies value their derivatives at fair value and recognize changes in fair value through the Statements of Operations, they do not qualify for hedge accounting. The following table sets forth the fair value, on a gross basis of the asset and liability components of the Funds’ derivative contracts by primary risk exposure as of October 31, 2011:
 
                         
    Asset Derivative Investments Value  
    Total Value at
    Equity Index
    Equity Index
 
Portfolio
  October 31, 2011     Swap Contracts     Futures Contracts*  
 
Rydex 2x S&P 500 ETF
  $ 1,752,345     $ 296,392     $ 1,455,953  
Rydex Inverse 2x S&P 500 ETF
    1,494,075       1,494,075        
 
                         
    Liability Derivative Investments Value  
    Total Value at
    Equity Index
    Equity Index
 
Portfolio
  October 31, 2011     Swap Contracts     Futures Contracts*  
 
Rydex 2x S&P 500 ETF
  $ 827,407     $ 827,407     $  
Rydex Inverse 2x S&P 500 ETF
    1,517,552       224,485       1,293,067  
 
* Includes cumulative appreciation (depreciation) of futures contracts as reported on the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.


 

28

 
NOTES TO FINANCIAL STATEMENTS (continued)
 
The following is a summary of the location of derivative investments on the Funds’ Statements of Operations for the year ended October 31, 2011:
 
     
Derivative Investment Type
  Location of Gain (Loss) on Derivatives
 
Equity Index Swap Contracts
  Net Realized Gain (Loss) from: Swap Contracts
    Net Change in Unrealized Appreciation (Depreciation) on: Swap Contracts
Futures Contracts
  Net Realized Gain (Loss) from: Futures Contracts
    Net Change in Unrealized Appreciation (Depreciation) on: Futures Contracts
 
The following is a summary of the Funds’ realized gain (loss) and change in unrealized appreciation (depreciation) on derivative investments recognized in the Statements of Operations categorized by primary risk exposure for the year ended October 31, 2011:
 
                         
    Realized Gain (Loss) on Derivative Investments
 
    Recognized in the Statement of Operations  
          Equity Index
    Equity Index
 
Portfolio
  Total     Swap Contracts     Futures Contracts  
 
Rydex 2x S&P 500 ETF
  $ 6,686,722     $ 4,758,030     $ 1,928,692  
Rydex Inverse 2x S&P 500 ETF
    (21,831,711 )     (18,555,121 )     (3,276,590 )
 
                         
    Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized in the
 
    Statement of Operations  
          Equity Index
    Equity Index
 
Portfolio
  Total     Swap Contracts     Futures Contracts  
 
Rydex 2x S&P 500 ETF
  $ (479,313 )   $ (441,039 )   $ (38,274 )
Rydex Inverse 2x S&P 500 ETF
    1,679,620       1,146,248       533,372  
 
J.  Dividends and Distributions
 
Distributions of net investment income and net realized capital gains, if any, are declared at least annually and recorded on the ex-dividend date and are determined in accordance with income tax regulations which may differ from U.S. GAAP.
 
K.  Risks and Uncertainties
 
The Funds invest in various investments which are exposed to risk, such as market risk. Due to the level of risk associated with certain investments it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect amounts reported in the financial statements. The risk inherent in the use of futures and options contracts, and swap agreements, include i) adverse changes in the value of such instruments; ii) imperfect correlation between the price of the instruments and movements in the price of the underlying securities, indices, or futures contracts; iii) the possible absence of a liquid secondary market for any particular instrument at any time; and iv) the potential of counterparty default. The Funds have established strict counterparty credit guidelines and enter into transactions only with financial institutions of investment grade or better. The Trust monitors the counterparty credit risk.
 
L.  Risk Disclosure
 
Throughout the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties which provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds and/or their affiliates that have not yet occurred. However, based on experience the Funds expect the risk of loss to be remote.
 
3.   ADVISORY, ADMINISTRATION AND OTHER TRANSACTIONS WITH AFFILIATES
 
The Advisor determines the composition of the portfolio of securities that must be delivered in exchange for the issuance of Creation Units and periodically adjusts the composition of the portfolio of the Funds to conform to changes in the composition of the relevant index. For these services, the Advisor receives a management fee at the annual rate shown below as a percentage of the average daily net assets of the Funds.
 
         
    Advisory Fee  
 
Rydex 2x S&P 500 ETF
    0.70 %
Rydex Inverse 2x S&P 500 ETF
    0.70 %


 

ANNUAL REPORT      29

 
NOTES TO FINANCIAL STATEMENTS (continued)
 
The Advisor pays all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except: interest, taxes, distribution fees or expenses and extraordinary expenses.
 
Under an Administration Agreement, State Street Bank and Trust Company (the “Administrator”) provides various administrative and accounting services for the maintenance and operations of the Funds. Under a Custodian Agreement with the Trust, the Administrator maintains cash, securities and other assets of the Funds in separate accounts for each Fund, keeps all necessary accounts and records, and provides other services. The Administrator is required, upon the order of the Trust, to deliver securities held by the Custodian and to make payments for securities purchased by the Trust for the Funds. Pursuant to a Transfer Agency and Service Agreement with the Trust, the Administrator acts as a transfer agent for the Trust’s authorized and issued shares of beneficial interest, and as dividend disbursing agent of the Trust. The Advisor compensates the Administrator directly for the foregoing services.
 
The Funds have adopted a Distribution Plan (the “Plan”) that allows the Funds to pay distribution fees to Rydex Distributors, LLC, an affiliated entity, (the “Distributor”) and other firms that provide distribution services (“Service Providers”). If a Service Provider provides distribution services, the Funds will pay distribution fees to the Distributor at an annual rate not to exceed 0.25% of average daily net assets, pursuant to Rule 12b-1 of the 1940 Act. The Distributor will, in turn, pay the Service Provider out of its fees. No such fee is currently charged to the Funds.
 
4.   CAPITAL
 
At October 31, 2011, there were an unlimited number of no par value shares of beneficial interest authorized. There is a minimum transaction fee per transaction to those persons purchasing or redeeming Creation Units. An additional charge of up to three times the standard transaction fee may be imposed for purchases and redemptions effected outside the National Securities Clearing Corporation usual clearing process or for cash. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV of the Fund on the transaction date. The minimum transaction fees are:
 
         
    Minimum
 
    Transaction Fee  
 
Rydex 2x S&P 500 ETF
  $ 2,000  
Rydex Inverse 2x S&P 500 ETF
    50  
 
5.   INVESTMENT TRANSACTIONS
 
For the year ended October 31, 2011, the Funds had investment transactions in-kind associated with subscriptions and redemptions as follows:
 
                 
    Subscriptions     Redemptions  
 
Rydex 2x S&P 500 ETF
  $ 1,700,141     $ 9,150,749  
Rydex Inverse 2x S&P 500 ETF
           
 
Purchases and sales of investment securities (excluding short-term investments, U.S. government and government agency obligations) for the Funds were as follows:
 
                 
    Purchases     Sales  
 
Rydex 2x S&P 500 ETF
  $ 34,393,173     $ 29,040,719  
Rydex Inverse 2x S&P 500 ETF
           
 
At October 31, 2011, the identified cost of investments in securities owned by each Fund for Federal income tax purposes and the gross unrealized appreciation and depreciation were as follows:
 
                                 
          Gross
    Gross
    Net Unrealized
 
    Identified
    Unrealized
    Unrealized
    Appreciation
 
    Cost     Appreciation     Depreciation     (Depreciation)  
 
Rydex 2x S&P 500 ETF
  $ 64,367,981     $ 7,377,235     $ (1,345,050 )   $ 6,032,185  
Rydex Inverse 2x S&P 500 ETF
    32,499,000                    


 

30

 
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
The Board of Trustees and Shareholders of Rydex ETF Trust
 
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Rydex 2x S&P 500 ETF and Rydex Inverse 2x S&P 500 ETF (two of the series constituting the Rydex ETF Trust) (the “Funds”) as of October 31, 2011, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended and the period November 5, 2007 (commencement of operations) through October 31, 2008. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
 
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2011, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.
 
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the above listed Funds at October 31, 2011, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and their financial highlights for each of the three years in the period then ended and the period November 5, 2007 (commencement of operations) through October 31, 2008, in conformity with U.S. generally accepted accounting principles.
 
-s- ERNST & YOUNG LLP
McLean, Virginia
December 23, 2011


 

ANNUAL REPORT      31

 
SUPPLEMENTAL INFORMATION (Unaudited)
 
Federal Income Tax Information
 
For federal income tax purposes, the following information is furnished with respect to the distributions paid by the Funds during the year ended October 31, 2011:
 
                         
    Dividend
    Long Term
    Qualified
 
    Received
    Capital Gains
    Income
 
    Deduction     Distribution     Distribution  
 
Rydex 2x S&P 500 ETF
    100.00 %   $     $ 1,373,539  
Rydex Inverse 2x S&P 500 ETF
    0.00 %            
 
Proxy Voting Information
 
A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to securities held in the Funds’ portfolios is available, without charge and upon request, by calling 1-800-820-0888. This information is also available from the EDGAR database on the SEC’s website at http://www.sec.gov. Information regarding how the Funds voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, 2011 is also available, without charge and upon request, by (i) calling 1-800-820-0888; or accessing the Trust’s Form N-PX on the SEC’s website at, http://www.sec.gov.
 
Quarterly Portfolio Schedules Information
 
The Trust files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q; which are available on the SEC’s website at http://www.sec.gov. The Trust’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room inWashington, DC, and that information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. Copies of the portfolio holdings are also available to shareholders, without charge and upon request, by calling 1-800-820-0888.
 
Office Locations
 
The offices of Security Global Investors, LLC can be found in the following locations:
 
40 East 52nd Street
16th Floor
New York, NY 10022
(Headquarters)
 
Four Irvington Centre
805 King Farm Boulevard
Suite 600
Rockville, MD 20850
 
9401 Indian Creek Parkway
40 Corporate Woods
Suite 850
Overland Park, KS 66210
 
Guggenheim Transaction
 
On September 20, 2011, Guggenheim Capital, LLC agreed to purchase the indirect holding company of Security Investors, LLC, the Funds’ investment adviser (the “Investment Adviser”) (the “Transaction”). Guggenheim Capital, LLC’s subsidiary, Guggenheim Partners, LLC (“Guggenheim”), is a global, independent, privately-held, diversified financial services firm with more than 1,500 dedicated professionals.
 
The Transaction should not result in material changes to the day-to-day management and operations of the Funds or any increase in fees. The parties expect the Transaction to be completed in late 2011 or early 2012. However, it is subject to various conditions, and could be delayed or even terminated due to unforeseen circumstances.


 

32

 
SUPPLEMENTAL INFORMATION (Unaudited) (continued)
 
In anticipation of the Transaction, the Boards of Trustees of the Funds (the “Boards”) have called special meetings of shareholders (the “Meetings”), at which shareholders of record of each of the Funds as of October 3, 2011 (October 13, 2011 with respect to the Funds that are series of Rydex ETF Trust) will be asked to consider the approval of new investment advisory agreements between the Funds and the Investment Adviser (the “New Advisory Agreements”). This is necessary because, under the Investment Company Act of 1940 (the “1940 Act”), the Transaction could result in the termination of the Funds’ current investment advisory agreements with the Investment Adviser (the “Current Agreements”). The terms of the New Agreements are substantially identical to the corresponding Current Agreements, except with respect to the date of execution.
 
Board Considerations in Approving the Investment Advisory Agreement
 
At an in-person meeting of the Rydex ETF Trust’s Board of Trustees held August 16-17, 2011, called for the purpose of, among other things, voting on the approval of investment advisory agreement applicable to the series of the Trust (collectively, the “Funds”), the Trust’s Board of Trustees, including the independent Trustees, unanimously approved the investment advisory agreement between the Trust and Security Investors, LLC (referred to herein as the “Adviser”).
 
At the meeting of August 16-17, 2011, the Trust’s Board of Trustees also considered a new investment advisory agreement that was required as a result of a proposed change in the corporate ownership structure of the Adviser (the “Transaction”). The Investment Company Act of 1940 (the “1940 Act”), the law that regulates mutual funds, including the Funds, requires that a fund’s investment advisory agreement terminate whenever there is deemed to be a “change in control” of the investment adviser. The change in the corporate ownership structure of the Adviser could potentially be deemed to constitute a “change in control” (as this term is used for regulatory purposes) of the Adviser. Before an investment advisory agreement terminates, a new investment advisory agreement must be in effect in order for the investment adviser to continue to manage the fund’s investments. For that reason, the Board of Trustees was asked to approve a new investment advisory agreement for the Funds.
 
At the meeting of August 16-17, 2011, the Board considered the new investment advisory agreement, pursuant to which, subject to approval by each Fund’s shareholders, the Adviser would continue to serve each Fund as investment adviser after the completion of the Transaction. At a special meeting of the Board held on September 14, 2011, the Board considered further information about the Transaction and voted in favor of the new investment advisory agreement.
 
In reaching the conclusion to approve the investment advisory agreement, the Trustees requested and obtained from the Adviser such information as the Trustees deemed reasonably necessary to evaluate the proposed agreement. The Trustees carefully evaluated this information and were advised by legal counsel with respect to their deliberations.
 
Prior to the Board meetings in August and September 2011, representatives of Guggenheim Capital informed the Board of the Transaction. With respect to the Transaction, the Board reviewed materials received from Guggenheim Capital, including information relating to the terms of the Transaction. The Board also reviewed information regarding Guggenheim Capital, including, but not limited to: (a) certain representations concerning Guggenheim Capital’s financial condition, (b) information regarding the new proposed ownership structure and its possible effect on shareholders, (c) information regarding the consideration to be paid by Guggenheim Capital, and (d) potential conflicts of interest.
 
In considering the new investment advisory agreement, the Board determined that the agreement would enable shareholders of the Funds to continue to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of their shareholders. The Board, including the independent Trustees, unanimously approved the new agreement. In reaching their decision, the Trustees carefully considered information that they had received throughout the year as part of their regular oversight of the Funds, including, in particular, information from the Adviser that the Board had received relating to the current investment advisory agreement at the Board meeting of August 16-17, 2011. The Trustees noted that, at the meeting, they had obtained and reviewed a wide variety of information, including certain comparative information regarding performance of the Funds relative to performance of other comparable mutual funds. They also considered the evolution of the Rydex|SGI family of funds and the Adviser since the change in control of the Investment Adviser in 2010 and Guggenheim Capital’s commitment to the success of the Adviser and the Funds.
 
In addition, as a part of their required consideration of the renewal of the current investment advisory agreement at the meeting of August 16-17, 2011, the Trustees, including the independent Trustees, had evaluated a number of considerations, including among others: (a) the quality of the Advisers’ investment advisory and other services; (b) the Advisers’ investment management personnel; (c) the Advisers’ operations and financial condition; (d) the Advisers’ brokerage practices (including any soft dollar arrangements) and investment strategies; (e) the level of the fees that the Advisers charge compared with the fees charged to comparable mutual funds or accounts; (f) each Fund’s overall fees and operating expenses compared with similar mutual funds; (g) the level of the Advisers’ profitability from its


 

ANNUAL REPORT      33

 
SUPPLEMENTAL INFORMATION (Unaudited) (concluded)
 
Fund-related operations; (h) the Advisers’ compliance systems; (i) the Advisers’ policies on and compliance procedures for personal securities transactions; (j) the Advisers’ reputation, expertise and resources in the financial markets; and (k) Fund performance compared with similar mutual funds. Based on the Board’s deliberations at the meetings of August 16-17, 2011 and September 14, 2011, and its evaluation of the information regarding the Transaction and the fact that the Transaction is not expected to change the level and quality of services rendered by the Adviser to any of the Funds, the Board, including all of the independent Trustees, unanimously: (a) concluded that terms of the current and new investment advisory agreement are fair and reasonable; (b) concluded that the Adviser’s fees were reasonable in light of the services that they provide to the Funds; and (c) agreed to approve the current investment advisory agreement and, subject to shareholder approval, the new investment advisory agreement, based upon the following considerations, among others:
 
  •  Nature, Extent and Quality of Services Provided by the Adviser. At the meeting of August 16-17, 2011, the Board reviewed the scope of services to be provided by the Adviser under the current investment advisory agreement and, at the meetings of August 16-17, 2011 and September 14, 2011, noted that there would be no significant differences between the scope of services required to be provided by the Adviser under the current investment advisory agreement and the scope of services required to be provided by the Adviser under the new investment advisory agreement. The Board noted that the key investment and management personnel of the Adviser servicing the Funds are expected to remain the same following the Transaction. The Trustees also considered Guggenheim Capital’s representations to the Board that the Adviser would continue to provide investment and related services that were of materially the same quality and quantity as services provided to the Funds in the past, and that these services are appropriate in scope and extent in light of the Funds’ operations, the competitive landscape of the investment company business and investor needs.
 
  •  Fund Expenses and Performance of the Funds and the Adviser. At the meeting of August 16-17, 2011, the Board had reviewed statistical information prepared by the Adviser regarding the expense ratio components and performance of each Fund. Based on the representations made by Guggenheim Capital at the meeting that the Adviser would continue to operate following the closing of the Transaction in much the same manner as it currently operates, the Board concluded that the investment performance of the Adviser was not expected to be affected by the Transaction.
 
  •  Costs of Services Provided to the Funds and Profits Realized by the Adviser and its Affiliates. At the meeting of August 16-17, 2011, the Board had reviewed information about the profitability of the Funds to the Adviser based on the advisory fees payable under the current investment advisory agreement. At that meeting, the Board had also analyzed the Funds’ expenses, including the investment advisory fees paid to the Adviser. At the Board meeting, the Board considered the fact that the fee rates payable to the Adviser would be the same under each Fund’s new investment advisory agreement as they are under such Fund’s current agreement. With respect to anticipated profitability, the Board noted that it was too early to predict how the Transaction would affect the Adviser’s profitability with respect to the Funds, but noted that this matter would be given further consideration on an ongoing basis.
 
  •  Economies of Scale. In connection with its review of the Funds’ profitability analysis at the meeting of August 16-17, 2011, the Board reviewed information regarding economies of scale or other efficiencies that may result from increases in the Funds’ asset levels. The Trustees noted that the fees would not change under the new investment advisory agreement, and that no additional economies of scale would be directly realized as a result of the Transaction. They also noted that they will have the opportunity to again review the appropriateness of the fees payable to the Adviser under the new agreement when the renewal of the new agreement comes before the Board.
 
  •  Other Benefits to the Adviser and/or its Affiliates. In addition to evaluating the services provided by the Adviser, the Board had considered the nature, extent, quality and cost of the distribution services performed by the Funds’ Distributor under a separate agreement at the meeting of August 16-17, 2011. The Board reviewed information regarding potential economies of scale arising from the integration of the asset management businesses of Guggenheim Capital. The Board also considered the terms of the Transaction and the changes to the corporate ownership structure of the Adviser, noting that the Adviser would no longer be a subsidiary of Security Benefit Corporation. In this regard, the Board noted that, under the corporate structure after the Transaction, the Adviser would be more closely controlled by Guggenheim Capital, which could benefit Guggenheim Capital. The Board also noted that the costs associated with the Transaction would be borne by Guggenheim Capital (or its affiliates) and not the Funds.
 
On the basis of the information provided to it and its evaluation of that information, the Board, including the independent Trustees, concluded that the terms of the investment advisory and investment sub-advisory agreements for the Funds were reasonable, and that approval of the current and new investment advisory agreement was in the best interests of the Funds.


 

34

 
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)
 
A Board of Trustees oversees the Trust, as well as other Trusts of SGI, in which its members have no stated term of service, and continue to serve after election until resignation. The Statement of Additional Information includes further information about Fund Trustees and Officers, and can be obtained without charge by calling 800.820.0888.
 
All Trustees and Officers may be reached c/o Security Global Investors, 805 King Farm Boulevard, Suite 600, Rockville, MD 20850.
 
INDEPENDENT TRUSTEES
 
             
    Length of Service
   
Name, Position and
  As Trustee
   
Year of Birth   (Year Began)   Number of Funds Overseen
 
Corey A. Colehour
Trustee (1945)
  Rydex Series Funds – 1993
Rydex Variable Trust – 1998
Rydex Dynamic Funds – 1999
Rydex ETF Trust – 2003
    150  
             
 
Principal Occupations During Past Five Years: Retired; Member of the Audit and Governance and Nominating Committees (1995 to present)
 
J. Kenneth Dalton
Trustee (1941)
  Rydex Series Funds – 1995
Rydex Variable Trust – 1998
Rydex Dynamic Funds – 1999
Rydex ETF Trust – 2003
    150  
             
 
Principal Occupations During Past Five Years: Retired; Member of the Governance and Nominating Committees (1995 to present); Chairman of the Audit Committee (1997 to present); Member of the Risk Oversight Committee (2010 to present)
 
John O. Demaret
Trustee, Chairman of the Board (1940)
  Rydex Series Funds – 1997
Rydex Variable Trust – 1998
Rydex Dynamic Funds – 1999
Rydex ETF Trust – 2003
    150  
             
 
Principal Occupations During Past Five Years: Retired; Member of the Audit Committee (1997 to present); Member of the Risk Oversight Committee (2010 to present)
 
Werner E. Keller
Trustee, Vice Chairman of the Board (1940)
  Rydex Series Funds – 2005
Rydex Variable Trust – 2005
Rydex Dynamic Funds – 2005
Rydex ETF Trust – 2005
    150  
             
 
Principal Occupations During Past Five Years: Founder and President of Keller Partners, LLC (registered investment adviser) (2005 to present); Member of the Audit, Governance and Nominating Committees (2005 to present); Chairman and Member of the Risk Oversight Committee (2010 to present)
 
Thomas F. Lydon, Jr.
Trustee (1960)
  Rydex Series Funds – 2005
Rydex Variable Trust – 2005
Rydex Dynamic Funds – 2005
Rydex ETF Trust – 2005
    150  
             
 
Principal Occupations During Past Five Years: President, Global Trends Investments (1996 to present); Member of the Audit, Governance and Nominating Committees (2005 to present)
 
Patrick T. McCarville
Trustee (1942)
  Rydex Series Funds – 1997
Rydex Variable Trust – 1998
Rydex Dynamic Funds – 1999
Rydex ETF Trust – 2003
    150  
             
 
Principal Occupations During Past Five Years: Retired; CEO, Par Industries, Inc., d/b/a Par Leasing (1977 to 2010); Chairman of the Governance and Nominating Committees (1997 to present);Member of the Audit Committee (1997 to present)
 
Roger Somers
Trustee (1944)
  Rydex Series Funds – 1993
Rydex Variable Trust – 1998
Rydex Dynamic Funds – 1999
Rydex ETF Trust – 2003
    150  
             
 
Principal Occupations During Past Five Years: Founder and CEO of Arrow Limousine (1965 to present); Member of the Audit, Governance and Nominating Committees (1995 to present)
 


 

ANNUAL REPORT      35

 
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited) (continued)
 
EXECUTIVE OFFICERS
 
     
Name, Position and
   
Year of Birth   Principal Occupations During Past Five Years
 
Richard M. Goldman*
President (1961)
  Current: Senior Vice President, Security Benefit Corporation; CEO, Security Benefit Asset Management Holdings, LLC; CEO, President and Manager Representative, Security Investors, LLC; CEO and Manager, Rydex Holdings, LLC; CEO, President and Manager, Rydex Distributors, LLC; Manager, Rydex Fund Services, LLC; President and Trustee, Rydex Series Funds, Rydex ETF Trust, Rydex Dynamic Funds and Rydex Variable Trust
     
     
    Previous: Director, First Security Benefit Life Insurance Company (2007-2010); President and Director, Security Global Investors (2010-2011); CEO and Director, Rydex Advisors, LLC and Rydex Advisor II, LLC (2010); Director, Security Distributors, Inc. (2007-2009); Managing Member, R M Goldman Partners, LLC (2006-2007)
     
     
Michael P. Byrum*
Vice President (1970)
  Current: President, Security Benefit Asset Management Holdings, LLC; Senior Vice President, Security Investors, LLC; President and Chief Investment Officer, Rydex Holdings, LLC; Director and Chairman of the Board, Advisor Research Center, Inc.; Manager, Rydex Specialized Products, LLC
     
     
    Previous: Rydex Distributors, LLC (f/k/a Rydex Distributors, Inc.), Vice President (2009); Rydex Fund Services, LLC, Director (2009-2010), Secretary (2002-2010), Executive Vice President (2002-2006); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.), Director (2008-2010), Chief Investment Officer (2006-2010), President (2004-2010); Secretary (2002-2010); Rydex Advisors II, LLC (f/k/a PADCO Advisors II, Inc.), Director (2008-2010), Chief Investment Officer (2006-2010), President (2004-2010), Secretary (2002-2010); Rydex Capital Partners, LLC, (President and Secretary 2003-2007); Rydex Capital Partners II, LLC, (2003-2007); Rydex Holdings, LLC (f/k/a Rydex Holdings, Inc.), Secretary 2005-2008), Executive Vice President (2005-2006); Advisor Research Center, Inc., Secretary (2006-2009), Executive Vice President (2006); Rydex Specialized Products, LLC, Secretary (2005-2008)
     
     
Nikolaos Bonos*
Vice President and Treasurer (1963)
  Current: Senior Vice President, Security Investors, LLC; Chief Executive Officer and Manager, Rydex Specialized Products, LLC; Chief Executive Officer and President, Rydex Fund Services, LLC; Vice President, Rydex Holdings, LLC; Treasurer, SBL Fund; Security Equity Fund; Security Income Fund; Security Large Cap Value Fund and Security Mid Cap Growth Fund; Vice President, Security Benefit Asset Management Holdings, LLC
     
     
    Previous: Security Global Investors, LLC, Senior Vice President (2010-2011); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.) Senior Vice President (2006-2011); Rydex Fund Services, LLC (f/k/a Rydex Fund Services, Inc.), Director (2009) and Senior Vice President (2003-2006); Rydex Specialized Products, LLC, Chief Financial Officer (2005-2009)
     


 

36

 
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited) (concluded)
 
EXECUTIVE OFFICERS (concluded)
 
     
Name, Position and
   
Year of Birth   Principal Occupations During Past Five Years
 
Joanna M. Haigney*
Chief Compliance Officer and Secretary (1966)
  Current: Chief Compliance Officer and Secretary, SBL Fund; Security Equity Fund; Security Income Fund; Security Large Cap Value Fund and Security Mid Cap Growth Fund; Vice President, Rydex Holdings, LLC; Vice President, Security Benefit Asset Management Holdings, LLC; Senior Vice President and Chief Compliance Officer, Security Investors, LLC
     
     
    Previous: Security Global Investors, LLC, Senior Vice President (2010-2011); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.) and Rydex Advisors II, LLC (f/k/a PADCO Advisors II, Inc.), Chief Compliance Officer and Senior Vice President (2010-2011); Rydex Capital Partners I, LLC and Rydex Capital Partners II, LLC, Chief Compliance Officer (2006-2007); Rydex Fund Services, LLC (f/k/a Rydex Fund Services, Inc.), Vice President (2001-2006)
     
     
Keith A. Fletcher*
Vice President (1958)
  Current: Senior Vice President, Security Investors, LLC; Vice President, Rydex Holdings, LLC; Vice President, Rydex Specialized Products, LLC; Vice President, Rydex Distributors, LLC; Vice President, Rydex Fund Services, LLC; Vice President and Director, Advisor Research Center, Inc.; Vice President, SBL Fund; Security Equity Fund; Security Income Fund; Security Large Cap Value Fund and Security Mid Cap Growth Fund
     
     
    Previous: Security Global Investors, LLC, Vice President (2010-2011); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.) and Rydex Advisors II, LLC (f/k/a PADCO Advisors II, Inc.), Vice President (2009-2011); Lyster Watson and Company, Managing Director (2007-2008); Fletcher Financial Group, Inc., Chief Executive Officer (2004-2007)
     
     
Amy J. Lee*
Vice President and Assistant Secretary (1961)
  Current: Senior Vice President and Secretary, Security Investors, LLC; Secretary and Chief Compliance Officer, Security Distributors, Inc.; Vice President, Associate General Counsel and Assistant Secretary, Security Benefit Life Insurance Company and Security Benefit Corporation; Associate General Counsel, First Security Benefit Life Insurance and Annuity of New York; Vice President and Secretary, SBL Fund; Security Equity Fund; Security Income Fund; Security Large Cap Value Fund and Security Mid Cap Growth Fund; Vice President and Secretary, Rydex Holdings, LLC Secretary, Advisor Research Center, Inc., Rydex Specialized Products, LLC, Rydex Distributors, LLC and Rydex Fund Services, LLC; Assistant Secretary, Security Benefit Clinic and Hospital
    Previous: Security Global Investors, LLC, Senior Vice President and Secretary (2007-2011); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.) and Rydex Advisors II, LLC (f/k/a PADCO Advisors II, Inc.), Senior Vice President and Secretary (2010-2011); Brecek and Young Advisors, Inc., Director (2004-2008)
     
     
Joseph M. Arruda*
Assistant Treasurer (1966)
  Current: Assistant Treasurer, SBL Fund, Security Equity Fund, Security Income Fund, Security Large Cap Value Fund, and Security Mid Cap l Growth Fund; Vice President, Security Investors, LLC; Chief Financial Officer and Manager, Rydex Specialized Products, LLC
    Previous: Security Global Investors, LLC, Vice President (2010-2011); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.) and Rydex Advisors II, LLC (f/k/a PADCO Advisors II, Inc.), Vice President (2004-2011)
 
Officers of the Funds are deemed to be “interested persons” of the Trust, within the meaning of Section 2(a)(19) of the 1940 Act, inasmuch as this person is affiliated with Security Global Investors.


 

Rydex Funds, Rydex ï SGI Funds, Rydex Investments, Rydex Distributors, Inc., Security Investors, LLC, Security Global Investors, LLC, Security Distributors, Inc. and Rydex Advisory Services (Collectively “Rydex”)
 
Our Commitment to You
 
When you become a Rydex ï SGI investor, you entrust us with not only your hard-earned money but also with personal and financial information about you. We recognize that your relationship with us is based on trust and that you expect us to act responsibly and in your best interests. Because we have access to this private information about you, we hold ourselves to the highest standards in its safekeeping and use. This means, most importantly, that we do not sell client information to anyone – whether it is your personal information or if you are a current or former Rydex ï SGI client.
 
The Information We Collect About You
 
In the course of doing business with shareholders and investors, we collect nonpublic personal information about you. You typically provide personal information when you complete a Rydex ï SGI account application or when you request a transaction that involves Rydex and Rydex ï SGI funds or one of the Rydex ï SGI affiliated companies. “Nonpublic personal information” is personally identifiable private information about you. For example, it includes information regarding your name and address, Social Security or taxpayer identification number, assets, income, account balance, bank account information and investment activity (e.g., purchase and redemption history).
 
How We Handle Your Personal Information
 
As emphasized above, we do not sell information about current or former clients or their accounts to third parties. Nor do we share such information, except when necessary to complete transactions at your request or to make you aware of related investment products and services that we offer. Additional details about how we handle your personal information are provided below. To complete certain transactions or account changes that you direct, it may be necessary to provide identifying information to companies, individuals or groups that are not affiliated with Rydex ï SGI. For example, if you ask to transfer assets from another financial institution to Rydex ï SGI, we will need to provide certain information about you to that company to complete the transaction. To alert you to other Rydex ï SGI investment products and services, we may share your information within the Rydex ï SGI family of affiliated companies. This would include, for example, sharing your information within Rydex ï SGI so we can make you aware of new Rydex and Rydex ï SGI funds or the services offered through another Rydex ï SGI affiliated company. In certain instances, we may contract with nonaffiliated companies to perform services for us. Where necessary, we will disclose information we have about you to these third parties. In all such cases, we provide the third party with only the information necessary to carry out its assigned responsibilities and only for that purpose. And we require these third parties to treat your private information with the same high degree of confidentiality that we do. In certain instances, we may share information with other financial institutions regarding individuals and entities in response to the U.S.A. Patriot Act. Finally, we will release information about you if you direct us to do so, if we are compelled by law to do so or in other circumstances permitted by law.
 
Opt Out Provisions
 
We do not sell your personal information to anyone. The law allows you to “opt out” of only certain kinds of information sharing with third parties. The firm does not share personal information about you with any third parties that triggers this opt-out right. This means YOU ARE ALREADY OPTED OUT.
 
How We Protect Privacy Online
 
Our concern for the privacy of our shareholders also extends to those who use our web site, www.rydex-sgi.com. Our web site uses some of the most secure forms of online communication available, including encryption technology, Secure Socket Layer (SSL) protocol, firewalls and user names and passwords. These technologies provide a high level of security and privacy when you access your account information or initiate online transactions. The Rydex ï SGI web site offers customized features that require our use of “http cookies” – tiny pieces of information that we ask your browser to store. However, we make very limited use of these cookies. We only use cookies for session management and security features on the Rydex ï SGI web site. We do not use


 

them to pull data from your hard drive, to learn your email address, or to view data in cookies created by other web sites. We will not share the information in our cookies or give others access to it. See the legal information area on our web site for more details about web site security and privacy features.
 
How We Safeguard Your Personal Information
 
We restrict access to nonpublic personal information about shareholders to our employees and in some cases to third parties (for example, the service providers described above) as permitted by law. We maintain strict physical, electronic and procedural safeguards that comply with federal standards to guard your nonpublic personal information.
 
We’ll Keep You Informed
 
As required by federal law, we will notify shareholders of our privacy policy annually. We reserve the right to modify this policy at any time, but rest assured that if we do change it, we will tell you promptly. You will also be able to access our privacy policy from our web site at www.rydex-sgi.com. Should you have any questions regarding our privacy policy, contact us at 800.820.0888 or 301.296.5100.


 

(RYDEX SGI LOGO)
 
805 KING FARM BLVD.
SUITE 600
ROCKVILLE, MD 20850
800.820.0888
www.rydex-sgi.com
 
 
ETF3-ANN-1011X1012


 

Item 2. Code of Ethics.
The registrant’s Board of Trustees has adopted a code of ethics that applies to the registrant’s principal executive officer and principal financial officer. No substantive amendments were approved or waivers were granted to the Code during the period covered by this report. The Code is filed as an exhibit to this Form N-CSR.
Item 3. Audit Committee Financial Expert.
The registrant’s Board of Trustees has determined that Werner Keller, an “independent” Trustee serving on the registrant’s audit committee, is an “audit committee financial expert,” as defined in Item 3 of Form N-CSR. Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and Board of Trustees in the absence of such designation or identification.
Item 4. Principal Accountant Fees and Services.
(a)-(d) The aggregate Audit Fees billed by the Trust’s principal accountant, for the audit of the annual financial statements in connection with statutory and regulatory filings for the fiscal years ended October 31, 2011 and October 31, 2010 were $322,000 and $266,000, respectively. The aggregate Tax Fees billed by the Trust’s principal accountant for professional services rendered for tax compliance, tax advice, and tax planning, including preparation of tax returns and distribution assistance, for the fiscal years ended October 31, 2011 and October 31, 2010 were $74,250 and $76,250, respectively.
(e) The audit committee has adopted a policy whereby audit and non-audit services performed by the registrant’s principal accountant for the registrant, its investment advisor, and any entity controlling, controlled by, or under common control with the investment advisor that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such service is required between regularly scheduled audit committee meetings, the chairman of the audit committee, J. Kenneth Dalton, is authorized to pre-approve the service with full committee approval at the next scheduled meeting. There shall be no waivers of the pre-approval process. No services described in (b)-(d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

 


 

(f) Not applicable.
(g) The aggregate non-audit fees were for Tax Fees billed by the Trust’s principal accountant for professional services rendered for tax compliance, tax advice, and tax planning, including preparation of tax returns and distribution assistance, for the fiscal years ended October 31, 2011 and October 31, 2010, and were $74,250 and $76,250, respectively.
(h) All non-audit services rendered in (g) above were pre-approved by the registrant’s audit committee. As such, the audit committee has considered these services in maintaining the principal accountant’s independence.
Item 5. Audit Committee of Listed Registrants.
(a) The Registrant has a separately standing Audit Committee, which includes the following independent members: John O. Demaret, Corey A. Colehour, Roger Somers, J. Kenneth Dalton, Patrick T. McCarville, Thomas F. Lydon, and Werner E. Keller.
(b) Not applicable.
Item 6. Schedule of Investments
Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this form.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
Not applicable.

 


 

Item 11. Controls and Procedures.
(a) The registrant’s President (principal executive officer) and Treasurer (principal financial officer) have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.
(b) The registrant’s principal executive officer and principal financial officer are aware of no change in the registrant’s internal control over financial reporting that occurred during the registrant’s second fiscal quarter covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Exhibits.
(a)(1) The registrant’s code of ethics pursuant to Item 2 of Form N-CSR is attached.
(a)(2) Separate certifications by the President (principal executive officer) and Treasurer (principal financial officer) of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)) are attached.
(b) A certification by the registrant’s President (principal executive officer) and Treasurer (principal financial officer) as required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)) is attached.

 


 

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
         
(Registrant)
  Rydex ETF Trust
 
   
         
By (Signature and Title)*
  /s/ Richard Goldman
 
Richard Goldman, President
   
Date January 6, 2012
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
         
By (Signature and Title)*
  /s/ Richard Goldman
 
Richard Goldman, President
   
Date January 6, 2012
         
By (Signature and Title)*
  /s/ Nick Bonos
 
Nick Bonos, Vice President and Treasurer
   
Date January 6, 2012
 
*   Print the name and title of each signing officer under his or her signature.

 

EX-99.CODEETH 2 b89687a1exv99wcodeeth.htm CODE OF ETHICS exv99wcodeeth
Rydex Series Funds
Rydex Dynamic Funds
Rydex Variable Trust
Rydex ETF Trust
FINANCIAL OFFICER CODE OF ETHICS
I.   Introduction
     The reputation and integrity of Rydex Series Funds, Rydex Dynamic Funds, Rydex Variable Trust, and Rydex ETF Trust (each a “Trust” and, collectively, the “Trusts”) are valuable assets that are vital to the Trusts’ success. The Trusts’ senior financial officers (“SFOs,”) are responsible for conducting the Trusts’ business in a manner that demonstrates a commitment to the highest standards of integrity. The Trusts’ SFOs are set forth on Appendix A of this Code, as may be amended from time to time, and include the principal executive officer, the principal financial officer, comptroller or principal accounting officer, and any person who performs a similar function.
     The Sarbanes-Oxley Act of 2002 (the “Act”) effected sweeping corporate disclosure and financial reporting reform on public companies, including mutual funds, to address corporate malfeasance and assure investors that the companies in which they invest are accurately and completely disclosing financial information. Under the Act, all public companies (including the Trusts) must either have a code of ethics for their SFOs, or disclose why they do not. The Act was intended to foster corporate environments which encourage employees to question and report unethical and potentially illegal business practices. The Trusts have chosen to adopt this Financial Officer Code of Ethics (the “Code”) to encourage its SFOs to act in a manner consistent with the highest principles of ethical conduct.
II.   Purposes of the Code
     The purposes of this Code are:
    To promote honest and ethical conduct by the Trusts’ SFOs, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;
 
    To assist the Trusts’ SFOs in recognizing and avoiding conflicts of interest, including disclosing to an appropriate person any material transaction or relationship that reasonably could be expected to give rise to such a conflict;
 
    To promote full, fair, accurate, timely, and understandable disclosure in reports and documents that the Trusts file with, or submit to, the SEC and in other public communications made by the Trusts;
 
    To promote compliance with applicable laws, rules and regulations;

1


 

    To encourage the prompt internal reporting to an appropriate person of violations of this Code; and
 
    To establish accountability for adherence to this Code.         
III.   Questions about this Code
     Each Trust’s compliance officer designated to oversee the Trust’s Code of Ethics adopted pursuant to Rule 17j-1 shall serve as Compliance Officer for the implementation and administration of this Code. You should direct your questions about this Code to the Compliance Officer.
IV.   Conduct Guidelines
     Each Trust has adopted the following guidelines under which the Trust’s SFOs must perform their official duties and conduct the business affairs of the Trust.
  1.   Ethical and honest conduct is of paramount importance. Each Trust’s SFOs must act with honesty and integrity and avoid violations of this Code, including the avoidance of actual or apparent conflicts of interest with the Trust in personal and professional relationships.
 
  2.   SFOs must disclose material transactions or relationships. Each Trust’s SFOs must disclose to the Compliance Officer any actual or apparent conflicts of interest the SFO may have with the Trust that reasonably could be expected to give rise to any violations of this Code. Such conflicts of interest may arise as a result of material transactions or business or personal relationships to which the SFO may be a party. If it is not possible to disclose the matter to the Compliance Officer, it should be disclosed to the Trust’s Chief Financial Officer, Chief Executive Officer or another appropriate person. In addition to disclosing any actual or apparent conflicts of interest in which an SFO is personally involved, the Trust’s SFOs have an obligation to report any other actual or apparent conflicts which they discover or of which they otherwise become aware. If you are unsure whether a particular fact pattern gives rise to a conflict of interest, or whether a particular transaction or relationship is “material,” you should bring the matter to the attention of the Compliance Officer
 
  3.   Standards for quality of information shared with Trust service providers. Each Trust’s SFOs must at all times seek to provide information to the Trust’s service providers (adviser, administrator, outside auditor, outside counsel, custodian, etc.) that is accurate, complete, objective, relevant, timely, and understandable.
 
  4.   Standards for quality of information included in periodic reports. Each Trust’s SFOs must at all times endeavor to ensure full, fair, timely, accurate, and understandable disclosure in the Trust’s periodic reports.

2


 

  5.   Compliance with laws. Each Trust’s SFOs must comply with the federal securities laws and other laws and rules applicable to the Trusts, such as the Internal Revenue Code.
 
  6.   Standard of care. Each Trust’s SFOs must at all times act in good faith and with due care, competence and diligence, without misrepresenting material facts or allowing your independent judgment to be subordinated. Each Trust’s SFOs must conduct the affairs of the Trust in a responsible manner, consistent with this Code.
 
  7.   Confidentiality of information. Each Trust’s SFOs must respect and protect the confidentiality of information acquired in the course of their professional duties, except when authorized by the Trust to disclose it or where disclosure is otherwise legally mandated. You may not use confidential information acquired in the course of your work for personal advantage.
 
  8.   Sharing of information and educational standards. Each Trust’s SFOs should share information with relevant parties to keep them informed of the business affairs of the Trust, as appropriate, and maintain skills important and relevant to the Trust’s needs.
 
  9.   Promote ethical conduct. Each Trust’s SFOs should at all times proactively promote ethical behavior among peers in your work environment.
 
  10.   Standards for recordkeeping. Each Trust’s SFOs must at all times endeavor to ensure that the Trust’s financial books and records are thoroughly and accurately maintained to the best of their knowledge in a manner consistent with applicable laws and this Code.
V.   Waivers of this Code
     You may request a waiver of a provision of this Code by submitting your request in writing to the Compliance Officer for appropriate review. For example, if a family member works for a service provider that prepares a Trust’s financial statements, you may have a potential conflict of interest in reviewing those statements and should seek a waiver of this Code to review the work. An executive officer of each Trust, or another appropriate person (such as a designated Board or Audit Committee member), will decide whether to grant a waiver. All waivers of this code must be disclosed to the applicable Trust’s shareholders to the extent required by SEC rules.
VI.   Affirmation of the Code
     Upon adoption of the Code, each Trusts’ SFOs must affirm in writing that they have received, read and understand the Code, and annually thereafter must affirm that they have complied with the requirements of the Code. These affirmations may be made electronically via the Financial Tracking website (www.financial-tracking.com). To the extent necessary, each Trusts’ Compliance Officer will provide guidance on the conduct required by this Code and the

3


 

manner in which violations or suspected violations must be reported and waivers must be requested.
VII.   Reporting Violations
     In the event that an SFO discovers or, in good faith, suspects a violation of this Code, the SFO must immediately report the violation or suspected violation to the Compliance Officer. The Compliance Officer may, in his or her discretion, consult with another member of the Trusts’ senior management or the Board in determining how to address the suspected violation. For example, a Code violation may occur when a Trust periodic report or financial statement omits a material fact, or is technically accurate but, in the view of the SFO, is written in a way that obscures its meaning.
     SFOs who report violations or suspected violations in good faith will not be subject to retaliation of any kind. Reported violations will be investigated and addressed promptly and will be treated as confidential to the extent possible.
VIII.   Violations of the Code
     Dishonest or unethical conduct or conduct that is illegal will constitute a violation of this Code, regardless of whether this Code specifically refers to such particular conduct. A violation of this Code may result in disciplinary action, up to and including removal as an SFO of the Trusts. A variety of laws apply to the Trusts and their operations, including the Securities Act of 1933, the Investment Company Act of 1940, state laws relating to duties owed by Trust officers, and criminal laws. The Trusts will report any suspected criminal violations to the appropriate authorities, and will investigate, address and report, as appropriate, non-criminal violations.
Adopted: August 25, 2003
         
/s/ Richard Goldman
 
Richard Goldman
  February 23, 2011
 
Date
   
President
       
 
       
 
       
/s/ Nick Bonos
 
Nick Bonos
  February 23, 2011
 
Date
   
Treasurer
       
 
       
 
       
/s/ Mike Byrum
 
Mike Byrum
  February 23, 2011
 
Date
   
Chief Investment Officer
       

4


 

APPENDIX A
Senior Financial Officers
As of January 1, 2011 each Trust’s senior financial officers are:
Richard Goldman
Nick Bonos
Mike Byrum

5

EX-99.CERT 3 b89687a1exv99wcert.htm CERTIFICATIONS exv99wcert
EX.-12(a)(2)(i)
CERTIFICATIONS
I, Richard Goldman, certify that:
1. I have reviewed this report on Form N-CSR of Rydex ETF Trust;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
  (a)   Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
 
  (b)   Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
 
  (c)   Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 


 

  (d)   Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the most recent fiscal half-year (the Registrant’s second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors:
  (a)   All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
 
  (b)   Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: January 6, 2012
         
     
  /s/ Richard Goldman    
  Richard Goldman,   
  President   

 


 

         
EX.-12(a)(2)(ii)
CERTIFICATIONS
I, Nick Bonos, certify that:
1. I have reviewed this report on Form N-CSR of Rydex ETF Trust;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
  (a)   Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
 
  (b)   Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
 
  (c)   Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 


 

  (d)   Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the most recent fiscal half-year (the Registrant’s second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors:
  (a)   All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
 
  (b)   Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: January 6, 2012
         
     
  /s/ Nick Bonos    
  Nick Bonos,   
  Vice President and Treasurer   
 

 

EX-99.906CERT 4 b89687a1exv99w906cert.htm SECTION 906 CERTIFICATIONS exv99w906cert
EX. 12(b)(i)
CERTIFICATIONS
I, Richard Goldman, President of Rydex ETF Trust (the “Trust”), certify that:
  1.   The Form N-CSR of the Trust (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
 
  2.   The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.
A signed original of this written statement required by Section 906 has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.
Dated: January 6, 2012
         
     
  /s/ Richard Goldman    
  Richard Goldman,
President 
 

 


 

         
EX. 12(b)(ii)
CERTIFICATIONS
I, Nick Bonos, Treasurer of Rydex ETF Trust (the “Trust”), certify that:
  1.   The Form N-CSR of the Trust (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
 
  2.   The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.
A signed original of this written statement required by Section 906 has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.
Dated: January 6, 2012
         
     
  /s/ Nick Bonos    
  Nick Bonos,   
  Vice President and Treasurer   
 

 

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