Rydex Inverse 2x S&P MidCap 400 ETF (the Fund) seeks to provide investment results that will match 200% of the inverse performance of the S&P MidCap 400 Index (the Index) on a daily basis. The Index is a modified, capitalization-weighted index consisting of 400 mid-cap stocks chosen by S&P for market size, liquidity and industry group representation. The Index covers approximately 7% of the United States equities market. The Fund’s investment advisor is PADCO Advisors II, Inc., which operates under the name Rydex Investments.