The Rydex Inverse 2x S&P select sector Energy ETF (the Fund) seeks to provide investment results that match the performance of a specific benchmark. The Fund’s benchmark is 200% of the inverse (opposite) of the performance of the Energy Select Sector Index (the Index). The Index consists of the common stocks of the industries, including 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 Index. PADCO Advisors II, Inc., which operates under the name Rydex Investments, serves as investment adviser of the Fund.