Rydex Inverse 2x S&P Select Sector Technology ETF (the Fund) seeks to provide investment results that match 200% of the inverse performance of the Technology Select Sector Index (the Index) on a daily basis. The Index consists of common stocks of industries, such as Internet equipment, computers and peripherals, electronic equipment, office electronics and instruments, semiconductor equipment and products, diversified telecommunication services and wireless telecommunication services that comprise the information technology sector of the S&P 500 Index. The Fund employs as its investment strategy a program of engaging in short sales of securities, and investing in leveraged derivative instruments, such as equity index swaps, futures contracts, and options on securities, futures contracts and stock indices. The Fund’s investment advisor is PADCO Advisors II, Inc., which operates under the name Rydex Investments.