Fund Description

The fund was incepted in September 1998 and is managed by Rydex Global Advisors Inc. The fund seeks to provide investment results that match the performance of the Nasdaq 100 Index. Unlike a traditional index fund, fund's benchmark is to perform exactly opposite the Nasdaq 100 index, and the fund does not own the securities included in the index. As its primary investment strategy, the fund engages to a significant extent in short sales of securities or futures contracts, and in options on securities, futures contracts and stock indices. On a day-to-day basis, the fund holds U.S. government securities or cash equivalents to collateralize these futures and options contracts. The fund may also enter into repurchase agreements. Dividends and capital gains are distributed annually.