Rydex Investments 9601 Blackwell Road Suite 500 Rockville, MD 20850
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©2008 Rydex Distributors, Inc. All Rights Reserved. Essential Portfolio Theory, ExpressShares and ETF Essentials are trademarks of Rydex Investments and protected by copyright. Rydex funds are distributed by Rydex Distributors, Inc., an affiliate of Rydex Investments.

For more complete information regarding Rydex funds, call 800.820.0888 or click here for a prospectus. Investors should consider the investment objectives, risks, charges and expenses of a fund carefully before investing. The fund's prospectus contains this and other information about the fund. Read the prospectus carefully before you invest or send money.

The information provided here is intended to be general in nature and should not be construed as investment advice nor a recommendation of any specific security or strategy.

**Certain restrictions on age may apply for traditional IRAs and for income on Roth IRAs. Some state laws may not conform to the federal law on contribution limits. Consult your tax advisor or investment professional for details, including information on maximum contributions.

This information does not constitute tax advice. Please consult your tax advisor and/or state and local tax offices for more complete information.

Shares of mutual funds are not deposits of, or guaranteed or endorsed by, any financial institution; are not insured by the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board, or any other agency; and involve risk, including the possible loss of the principal amount invested.

“Standard & Poor’s^®”, “S&P^®”, “S&P 500^®”, “Standard & Poor’s MidCap 400™”, and “S&P MidCap 400™“ are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by Rydex Investments and its affiliates. Rydex S&P ETFs are not sponsored, endorsed, sold nor promoted by Standard & Poor’s and Standard & Poor’s makes no representation regarding the advisability of investing in Rydex S&P ETFs. “Dow Jones,” “Dow Jones Industrial Average^SM,” and “DJIA^SM” are service marks of Dow Jones & Company, Inc. and have been licensed for use for certain purposes by Rydex Investments and its affiliates. The Russell 2000^® Index is a trademark of Russell Investments (Russell) and has been licensed for use by Rydex Investments and affiliates. “New York Board of Trade^®,“ “NYBOT^®,” The U.S. Dollar Index^®” and “USDX^®” are registered trademarks and service marks of the Board of Trade of the City of New York, Inc. and have been licensed for use by Rydex Investments and its affiliates. Rydex funds are not sponsored, endorsed, sold or promoted by Dow Jones, Standard & Poor’s, NASDAQ, Russell or NYBOT. The aforementioned firms make no representation regarding the advisability of investing in the funds. Not all funds and all share classes are available at all firms offering Rydex funds.

NASDAQ^®, NASDAQ-100^®, and NASDAQ-100 Index^®, are registered trademarks of The NASDAQ OMX Group, Inc. (which with its affiliates is referred to as the “Corporations”) and are licensed for use by Rydex Investments. Rydex funds have not been passed on by the Corporations as to their legality or suitability. Rydex funds are not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO RYDEX FUNDS.

¹Rydex Japan 2x Strategy Fund is subject to a number of risks and may not be suitable for all investors. There are special risk considerations associated with international investing, including fluctuating exchange rates, government regulations and differences in liquidity, which may affect the volatility of the fund. The use of derivatives, such as futures, options and swap agreements may expose the fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. The use of leverage by a fund increases the risk to the fund. The more the fund invests in leveraged instruments, the more the leverage will magnify any gains or losses on those investments. There are no assurances that any Rydex fund will achieve its objective and/or strategy. Also, the fund is subject to active trading and tracking error risks that may increase volatility, decrease performance and impact the fund’s ability to achieve its investment objectives. This fund is considered non diversified and can invest a greater portion of its assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single security could cause greater fluctuations in the value of fund shares than would occur in a more diversified fund. Securities are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested.

²Rydex Managed Futures Strategy Fund is subject to a number of risks and may not be suitable for all investors. The fund's use of derivatives such as futures, options, structured notes and swap agreements may expose the fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. A highly liquid secondary market may not exist for the commodity-linked structured notes the fund invests in, and there can be no assurance that a highly liquid secondary market will develop. The fund's exposure to the commodity and currency markets may subject the fund to greater volatility as commodity and currency linked derivative investments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates or factors affecting a particular industry, commodity or currency, such as droughts, floods, weather, livestock disease, embargos, tariffs and international economic, political and regulatory developments. The fund may also incur transaction costs with the conversion between various currencies. The fund's use of short selling involves increased risk and costs. The fund risks paying more for a security than it received from its sale. Theoretically, securities sold short have the risk of unlimited losses. When the fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses. Further, in part because of these additional expenses, the performance of an ETF may differ from the performance the fund would achieve if it invested directly in the underlying investments of an ETF. This fund is subject to tracking error risks, which may cause the fund’s performance not to match that of or be lower than the fund’s underlying benchmark. See the prospectus for more details.

³Rydex Alternative Strategies Allocation Fund is subject to a number of risks and may not be suitable for all investors. Although the fund's asset allocation among several underlying funds that represent different alternative asset classes and strategies generally limits risk and exposure to any one asset class or strategy, the risk remains that the fund’s investment advisor may favor an asset class or strategy that performs poorly relative to other asset classes and strategies. There is also no guarantee that the underlying funds will achieve their investment objectives. Each of the underlying funds in which the fund invests has its own investment risks, and those risks can affect the value of the fund's shares and investments. The risks of the underlying funds include those associated with investments in derivative instruments, leveraged and short selling techniques, commodities markets, foreign securities and currencies and lower rated ('junk') bonds. Additionally, the fund will bear a proportionate share of each underlying fund's operating expenses. See the prospectus for more information on these and additional risks.

⁴Diversification neither ensures a profit nor eliminates the risk of experiencing investment losses.

⁵Rydex Russell Top 50^® ETF is subject to risks similar to those of stocks and may not be suitable for all investors.  Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than original cost. Additionally, the fund is subject to the risk that large-capitalization stocks may underperform other segments of the equity market or the equity markets as a whole. See the prospectus for more details.

The Russell Top 50^® Index is a trademark of Russell Investments and has been licensed for use by Rydex Investments and its affiliates. Russell is not the issuer of Rydex Russell Top 50^® ETF and Russell’s publication of the Russell indices or the licensing of its trademarks for use in connection with Rydex Russell Top 50^® ETF does not in any way suggest or imply a representation or opinion with Russell as to the attractiveness of an investment in Rydex Russell Top 50^® ETF or as to the results to be obtained by any person or any entity from the use of the Russell index or any data included therein.

⁶ Rydex S&P Equal Weight ETF is subject to risks similar to those of stocks and may not be suitable for all investors. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than original cost. The elimination of the bias toward large-cap companies in the fund lessens the impact of large-cap gains as compared to those reflected in funds benchmarked to the S&P 500. Please see the prospectus for more details.

“Standard & Poor’s^®,” “S&P^®” and “S&P 500^®,” are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by Rydex Investments and its affiliates. Rydex S&P Equal Weight ETF is not sponsored, endorsed, sold or promoted by Standard & Poor’s and Standard & Poor’s makes no representation regarding the advisability of investing in Rydex S&P Equal Weight ETF.

Past performance is no guarantee of future results.

Rydex Distributors, Inc., an affiliate of Rydex Investments, is the distributor of Rydex funds.