The fund was incepted in June 1998 and is managed by Rydex Global Advisors. The fund seeks capital appreciation by investing in companies that provide products or services designed for or related to the Internet (Internet companies). The fund invests substantially all of its assets in equity securities of Internet companies that are traded in the United States. Internet companies are involved in all aspects of research, design development, manufacturing or distribution of products or services for use with the Internet or Internet-related businesses. Such companies may provide information or entertainment services over the Internet; sell or distribute goods and services over the Internet; provide infrastructure systems or otherwise provide hardware, software or support which impacts Internet commerce; or provide Internet access to consumers and businesses. Internet companies may also include companies that provide Intranet and Extranet services. The fund may also engage in futures and options transactions, purchase ADRs and U.S. government securities, and enter into repurchase agreements. Dividends and capital gains, if any, are distributed annually.