UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
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
Rockville, Maryland 20850
(Address of principal executive offices) (Zip code)
Richard Goldman
Rydex ETF Trust
805 King Farm Boulevard, Suite 600
Rockville, Maryland 20850
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.
TABLE OF CONTENTS
Item 1. Reports to Stockholders.
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
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,
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 |
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 |
* | 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 |
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 |
* | 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 |
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 |
* | 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 |
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 |
* | 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 |
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 |
* | 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 |
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 |
* | 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 |
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 |
* | 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 |
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 |
* | 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 |
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 |
* | 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 |
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 |
* | 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 |
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 |
* | 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 |
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 |
* | 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 |
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 |
* | 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 |
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 |
* | 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 |
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 |
* | 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 |
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 |
* | 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 |
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 |
* | 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 |
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 |
* | 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.
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)
16th Floor
New York, NY 10022
(Headquarters)
Four Irvington Centre
805 King Farm Boulevard
Suite 600
Rockville, MD 20850
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
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.
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
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,
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 |
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*
* | 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 |
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*
* | 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 |
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 |
* | 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 |
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 |
* | 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 |
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 |
* | 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 |
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 |
* | 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 |
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 |
* | 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.
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.
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
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,
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 |
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*
* | 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
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.
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.
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 |
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 |
Date January 6, 2012
By (Signature and Title)* | /s/ Nick Bonos |
Date January 6, 2012
* | Print the name and title of each signing officer under his or her signature. |