UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-21261
Rydex ETF Trust
 
(Exact name of registrant as specified in charter)
     
9601 Blackwell Road, Suite 500, Rockville, Maryland 20850
 
(Address of principal executive offices)   (Zip code)
Carl Verboncoeur
Rydex ETF Trust
9601 Blackwell Road, Suite 500
Rockville, Maryland 20850
 
(Name and address of agent for service)
Registrant’s telephone number, including area code: 1-301-296-5100
Date of fiscal year end: October 31, 2008
Date of reporting period: July 31, 2008
     Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
     A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
 
 

 

 

Item 1. Schedule of Investments.

 

 

RYDEX S&P EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (Unaudited)   July 31, 2008
 
                 
            Market  
    Shares     Value  
 
COMMON STOCKS 99.7%
               
 
               
Aerospace & Defense 2.2%
               
Boeing Co.
    33,338     $ 2,037,285  
General Dynamics Corp.
    29,503       2,629,898  
Goodrich Corp.
    48,451       2,380,882  
Honeywell International, Inc.
    46,679       2,373,160  
L-3 Communications Holdings, Inc.
    26,653       2,630,385  
Lockheed Martin Corp.
    25,012       2,609,502  
Northrop Grumman Corp.
    36,067       2,430,555  
Precision Castparts Corp.
    23,128       2,160,849  
Raytheon Co.
    43,869       2,497,462  
Rockwell Collins, Inc.
    50,183       2,493,593  
United Technologies Corp.
    37,062       2,371,227  
 
             
Total Aerospace & Defense
            26,614,798  
 
             
Air Freight & Logistics 0.7%
               
C.H. Robinson Worldwide, Inc.
    42,504       2,048,693  
Expeditors International of Washington, Inc.
    58,943       2,093,066  
FedEx Corp.
    31,595       2,490,950  
United Parcel Service, Inc. — Class B
    38,430       2,424,164  
 
             
Total Air Freight & Logistics
            9,056,873  
 
             
Airlines 0.2%
               
Southwest Airlines Co.
    179,759       2,802,443  
 
             
Total Airlines
            2,802,443  
 
             
Auto Components 0.4%
               
Goodyear Tire & Rubber Co.*
    122,446       2,403,615  
Johnson Controls, Inc.
    81,861       2,468,928  
 
             
Total Auto Components
            4,872,543  
 
             
Automobiles 0.5%
               
Ford Motor Co.*
    430,115       2,064,552  
General Motors Corp.*
    177,773       1,967,947  
Harley-Davidson, Inc.
    67,465       2,552,876  
 
             
Total Automobiles
            6,585,375  
 
             
Beverages 1.7%
               
Anheuser-Busch Cos., Inc.
    41,636       2,821,255  
Brown-Forman Corp. — Class B
    33,197       2,388,856  
Coca-Cola Co.
    47,483       2,445,375  
Coca-Cola Enterprises, Inc.
    139,360       2,359,365  
Constellation Brands, Inc. — Class A*
    127,854       2,751,418  
Molson Coors Brewing Co. — Class B
    45,784       2,470,962  
Pepsi Bottling Group, Inc.
    85,260       2,374,491  
PepsiCo, Inc.
    39,078       2,601,032  
 
             
Total Beverages
            20,212,754  
 
             
Biotechnology 1.3%
               
Amgen, Inc.*
    56,504       3,538,846  
Biogen Idec, Inc.*
    43,579       3,040,071  
Celgene Corp.*
    42,906       3,238,974  
Genzyme Corp.*
    37,326       2,861,038  
Gilead Sciences, Inc.*
    46,678       2,519,678  
 
             
Total Biotechnology
            15,198,607  
 
             
Building Products 0.2%
               
Masco Corp.
    153,584       2,532,600  
 
             
Total Building Products
            2,532,600  
 
             
Capital Markets 3.1%
               
American Capital, Ltd.
    92,566       1,880,941  
Ameriprise Financial, Inc.
    55,835       2,372,988  
Bank of New York Mellon Corp.
    62,377       2,214,384  
Charles Schwab Corp.
    116,021       2,655,721  
E*TRADE Financial Corp.*
    704,109       2,126,409  
Federated Investors, Inc. — Class B
    68,440       2,248,938  
Franklin Resources, Inc.
    25,072       2,522,494  
Goldman Sachs Group, Inc.
    13,705       2,522,268  
Janus Capital Group, Inc.
    83,286       2,526,897  
                 
            Market  
    Shares     Value  
 
Legg Mason, Inc.
    49,101     $ 1,981,225  
Lehman Brothers Holdings, Inc.
    105,115       1,822,694  
Merrill Lynch & Co., Inc.
    69,881       1,862,329  
Morgan Stanley
    64,605       2,550,605  
Northern Trust Corp.
    34,167       2,670,834  
State Street Corp.
    36,964       2,648,101  
T. Rowe Price Group, Inc.
    41,880       2,506,518  
 
             
Total Capital Markets
            37,113,346  
 
             
Chemicals 2.7%
               
Air Products & Chemicals, Inc.
    24,694       2,351,116  
Ashland, Inc.
    49,682       2,075,217  
Dow Chemical Co.
    67,158       2,237,033  
Du Pont (E.I.) de Nemours & Co.
    54,564       2,390,449  
Eastman Chemical Co.
    35,180       2,109,393  
Ecolab, Inc.
    57,302       2,561,399  
Hercules, Inc.
    139,659       2,800,163  
International Flavors & Fragrances, Inc.
    62,900       2,529,838  
Monsanto Co.
    18,013       2,145,528  
PPG Industries, Inc.
    42,308       2,565,557  
Praxair, Inc.
    26,079       2,444,385  
Rohm & Haas Co.
    51,875       3,890,625  
Sigma-Aldrich Corp.
    44,917       2,728,259  
 
             
Total Chemicals
            32,828,962  
 
             
Commercial Banks 3.5%
               
BB&T Corp.
    100,006       2,802,168  
Comerica, Inc.
    82,940       2,382,037  
Fifth Third Bancorp
    239,615       3,347,422  
First Horizon National Corp.*
    318,147       2,990,582  
Huntington Bancshares, Inc.
    381,641       2,679,120  
KeyCorp
    220,071       2,321,749  
M&T Bank Corp.
    33,463       2,355,126  
Marshall & Ilsley Corp.
    141,867       2,156,378  
National City Corp.
    494,550       2,339,221  
PNC Financial Services Group, Inc.
    43,399       3,093,915  
Regions Financial Corp.
    215,449       2,042,457  
SunTrust Banks, Inc.
    72,732       2,986,376  
U.S. Bancorp
    84,481       2,585,963  
Wachovia Corp.
    144,922       2,502,803  
Wells Fargo & Co.
    101,241       3,064,565  
Zions Bancorp
    75,912       2,221,944  
 
             
Total Commercial Banks
            41,871,826  
 
             
Commercial Services & Supplies 1.9%
               
Allied Waste Industries, Inc.*
    187,037       2,263,148  
Avery Dennison Corp.
    54,785       2,411,088  
Cintas Corp.
    96,003       2,730,325  
Equifax, Inc.
    72,849       2,556,272  
Mastercard, Inc. — Class A
    7,422       1,812,081  
Monster Worldwide, Inc.*
    120,239       2,133,040  
Pitney Bowes, Inc.
    71,741       2,273,472  
R.R. Donnelley & Sons Co.
    82,149       2,193,378  
Robert Half International, Inc.
    100,186       2,533,704  
Waste Management, Inc.
    65,850       2,340,309  
 
             
Total Commercial Services & Supplies
            23,246,817  
 
             
Communications Equipment 1.6%
               
Ciena Corp.*
    97,652       2,018,467  
Cisco Systems, Inc.*
    102,451       2,252,897  
Corning, Inc.
    99,925       1,999,499  
JDS Uniphase Corp.*
    211,824       2,315,236  
Juniper Networks, Inc.*
    111,583       2,904,506  
Motorola, Inc.
    322,174       2,783,583  
QUALCOMM, Inc.
    52,168       2,886,977  
Tellabs, Inc.*
    504,347       2,592,344  
 
             
Total Communications Equipment
            19,753,509  
 
             
Computers & Peripherals 2.3%
               
Apple, Inc.*
    14,309       2,274,415  

 

 

RYDEX S&P EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   July 31, 2008
                 
            Market  
    Shares     Value  
 
Dell, Inc.*
    107,116     $ 2,631,840  
EMC Corp.*
    156,134       2,343,571  
Hewlett-Packard Co.
    55,479       2,485,459  
International Business Machines Corp.
    20,550       2,629,989  
Lexmark International, Inc. — Class A*
    73,232       2,568,979  
NetApp, Inc.*
    108,903       2,782,472  
QLogic Corp.*
    166,355       3,134,128  
SanDisk Corp.*
    118,896       1,676,434  
Sun Microsystems, Inc.*
    225,947       2,401,817  
Teradata Corp.*
    109,600       2,566,832  
 
             
Total Computers & Peripherals
            27,495,936  
 
             
Construction & Engineering 0.4%
               
Fluor Corp.
    26,609       2,164,642  
Jacobs Engineering Group, Inc.*
    28,849       2,231,182  
 
             
Total Construction & Engineering
            4,395,824  
 
             
Construction Materials 0.2%
               
Vulcan Materials Co.
    39,521       2,536,853  
 
             
Total Construction Materials
            2,536,853  
 
             
Consumer Finance 0.8%
               
American Express Co.
    60,637       2,250,845  
Capital One Financial Corp.
    60,981       2,552,665  
Discover Financial Services
    174,108       2,550,682  
SLM Corp.*
    108,633       1,860,883  
 
             
Total Consumer Finance
            9,215,075  
 
             
Containers & Packaging 0.9%
               
Ball Corp.
    48,875       2,178,848  
Bemis Co., Inc.
    105,868       2,981,243  
Pactiv Corp.*
    111,437       2,686,746  
Sealed Air Corp.
    121,212       2,630,300  
 
             
Total Containers & Packaging
            10,477,137  
 
             
Distributors 0.2%
               
Genuine Parts Co.
    60,625       2,431,669  
 
             
Total Distributors
            2,431,669  
 
             
Diversified Consumer Services 0.5%
               
Apollo Group, Inc. — Class A*
    49,184       3,063,671  
H&R Block, Inc.
    112,662       2,741,067  
 
             
Total Diversified Consumer Services
            5,804,738  
 
             
Diversified Financial Services 1.7%
               
Bank of America Corp.
    91,043       2,995,315  
CIT Group, Inc.
    279,026       2,366,140  
Citigroup, Inc.
    129,092       2,412,729  
CME Group, Inc.
    5,820       2,095,956  
IntercontinentalExchange, Inc.*
    19,422       1,938,316  
JPMorgan Chase & Co.
    65,525       2,662,281  
Leucadia National Corp.
    51,477       2,304,625  
Moody’s Corp.
    66,264       2,306,650  
NYSE Euronext
    43,299       2,045,445  
 
             
Total Diversified Financial Services
            21,127,457  
 
             
Diversified Telecommunication Services 1.5%
               
AT&T, Inc.
    73,272       2,257,510  
CenturyTel, Inc.
    81,879       3,045,080  
Embarq Corp.
    57,534       2,633,331  
Frontier Communications Corp.
    230,854       2,668,672  
Qwest Communications International, Inc.
    641,904       2,458,493  
Verizon Communications, Inc.
    70,778       2,409,283  
Windstream Corp.
    198,576       2,367,026  
 
             
Total Diversified Telecommunication Services
            17,839,395  
 
             
Electric Utilities 2.6%
               
Allegheny Energy, Inc.
    47,980       2,322,232  
American Electric Power Co., Inc.
    60,928       2,406,656  
Duke Energy Corp.
    142,488       2,504,939  
Edison International
    48,694       2,353,868  
Entergy Corp.
    20,883       2,232,810  
                 
            Market  
    Shares     Value  
 
Exelon Corp.
    27,932     $ 2,196,014  
FirstEnergy Corp.
    31,064       2,284,757  
FPL Group, Inc.
    37,869       2,443,687  
Pepco Holdings, Inc.
    97,759       2,438,109  
Pinnacle West Capital Corp.
    78,457       2,633,802  
PPL Corp.
    49,209       2,310,855  
Progress Energy, Inc.
    59,316       2,509,660  
Southern Co.
    73,131       2,588,106  
 
             
Total Electric Utilities
            31,225,495  
 
             
Electrical Equipment 0.6%
               
Cooper Industries, Ltd. — Class A
    60,434       2,548,502  
Emerson Electric Co.
    46,908       2,284,420  
Rockwell Automation, Inc.
    48,048       2,138,616  
 
             
Total Electrical Equipment
            6,971,538  
 
             
Electronic Equipment & Instruments 0.8%
               
Agilent Technologies, Inc.*
    68,144       2,457,273  
Jabil Circuit, Inc.
    167,352       2,721,143  
Molex, Inc.
    95,204       2,335,354  
Tyco Electronics, Ltd.
    68,690       2,276,387  
 
             
Total Electronic Equipment & Instruments
            9,790,157  
 
             
Energy Equipment & Services 2.4%
               
Baker Hughes, Inc.
    29,323       2,431,170  
BJ Services Co.
    77,456       2,277,206  
Cameron International Corp.*
    45,727       2,183,922  
ENSCO International, Inc.
    31,829       2,200,657  
Halliburton Co.
    49,955       2,238,983  
Nabors Industries, Ltd.*
    53,657       1,956,334  
National-Oilwell Varco, Inc.*
    29,904       2,351,352  
Noble Corp.
    39,080       2,027,080  
Rowan Cos., Inc.
    56,123       2,233,695  
Schlumberger, Ltd.
    24,266       2,465,426  
Smith International, Inc.
    31,659       2,354,796  
Transocean, Inc.*
    17,018       2,314,959  
Weatherford International, Ltd.*
    56,506       2,131,971  
 
             
Total Energy Equipment & Services
            29,167,551  
 
             
Food & Staples Retailing 1.8%
               
Costco Wholesale Corp.
    36,906       2,313,268  
CVS Caremark Corp.
    61,399       2,241,064  
Kroger Co.
    95,582       2,703,059  
Safeway, Inc.
    87,052       2,326,030  
SUPERVALU, Inc.
    80,794       2,069,942  
Sysco Corp.
    88,250       2,502,770  
Wal-Mart Stores, Inc.
    44,787       2,625,414  
Walgreen Co.
    72,415       2,486,731  
Whole Foods Market, Inc.
    96,579       2,141,156  
 
             
Total Food & Staples Retailing
            21,409,434  
 
             
Food Products 2.8%
               
Archer-Daniels-Midland Co.
    77,871       2,229,447  
Campbell Soup Co.
    76,279       2,775,030  
ConAgra Foods, Inc.
    114,703       2,486,761  
Dean Foods Co.*
    136,372       2,904,724  
General Mills, Inc.
    40,455       2,604,897  
H.J. Heinz Co.
    51,532       2,596,182  
Hershey Co.
    74,654       2,745,028  
Kellogg Co.
    50,220       2,664,673  
Kraft Foods, Inc. — Class A
    87,105       2,771,681  
McCormick & Co., Inc.
    68,794       2,758,639  
Sara Lee Corp.
    200,139       2,733,899  
Tyson Foods, Inc. — Class A
    173,664       2,587,594  
Wm. Wrigley Jr. Co.
    32,674       2,579,939  
 
             
Total Food Products
            34,438,494  
 
             
Gas Utilities 0.4%
               
Nicor, Inc.
    59,096       2,353,203  

 

 

RYDEX S&P EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   July 31, 2008
                 
            Market  
    Shares     Value  
 
Questar Corp.
    37,165     $ 1,965,285  
 
             
Total Gas Utilities
            4,318,488  
 
             
Health Care Equipment & Supplies 2.6%
               
Baxter International, Inc.
    40,465       2,776,304  
Becton, Dickinson & Co.
    32,129       2,728,073  
Boston Scientific Corp.*
    198,111       2,355,540  
C.R. Bard, Inc.
    28,788       2,672,678  
Covidien, Ltd.
    52,835       2,601,595  
Hospira, Inc.*
    63,785       2,434,036  
Intuitive Surgical, Inc.*
    9,000       2,801,610  
Medtronic, Inc.
    49,840       2,633,047  
St Jude Medical, Inc.*
    62,350       2,904,263  
Stryker Corp.
    40,195       2,580,117  
Varian Medical Systems, Inc.*
    49,549       2,972,940  
Zimmer Holdings, Inc.*
    36,581       2,520,797  
 
             
Total Health Care Equipment & Supplies
            31,981,000  
 
             
Health Care Providers & Services 3.5%
               
Aetna, Inc.
    61,311       2,514,364  
AmerisourceBergen Corp.
    64,388       2,695,926  
Cardinal Health, Inc.
    48,714       2,617,403  
CIGNA Corp.
    70,029       2,592,474  
Coventry Health Care, Inc.*
    81,829       2,894,292  
DaVita, Inc.*
    45,120       2,519,952  
Express Scripts, Inc.*
    39,932       2,816,803  
Humana, Inc.*
    59,870       2,628,892  
Laboratory Corp. of America Holdings*
    36,128       2,441,530  
McKesson Corp.
    44,193       2,474,366  
Medco Health Solutions, Inc.*
    56,176       2,785,206  
Patterson Cos., Inc.*
    82,102       2,564,045  
Quest Diagnostics, Inc.
    52,289       2,779,683  
Tenet Healthcare Corp.*
    470,726       2,725,503  
UnitedHealth Group, Inc.
    93,007       2,611,637  
WellPoint, Inc.*
    52,499       2,753,573  
 
             
Total Health Care Providers & Services
            42,415,649  
 
             
Health Care Technology 0.2%
               
IMS Health, Inc.
    109,757       2,293,921  
 
             
Total Health Care Technology
            2,293,921  
 
             
Hotels, Restaurants & Leisure 1.9%
               
Carnival Corp.
    71,908       2,656,281  
Darden Restaurants, Inc.
    79,435       2,587,198  
International Game Technology
    87,516       1,899,972  
Marriott International, Inc. — Class A
    91,599       2,373,330  
McDonald’s Corp.
    44,023       2,632,135  
Starbucks Corp.*
    145,833       2,142,287  
Starwood Hotels & Resorts Worldwide, Inc.
    56,840       1,949,044  
Wendy’s International, Inc.
    84,698       1,943,819  
Wyndham Worldwide Corp.
    133,857       2,401,395  
Yum! Brands, Inc.
    69,485       2,488,953  
 
             
Total Hotels, Restaurants & Leisure
            23,074,414  
 
             
Household Durables 2.7%
               
Black & Decker Corp.
    43,325       2,600,367  
Centex Corp.
    167,673       2,461,440  
D.R. Horton, Inc.
    206,487       2,296,135  
Fortune Brands, Inc.
    39,374       2,256,524  
Harman International Industries, Inc.
    56,334       2,319,271  
KB HOME
    136,594       2,402,688  
Leggett & Platt, Inc.
    142,794       2,784,483  
Lennar Corp. — Class A
    166,888       2,019,345  
Newell Rubbermaid, Inc.
    139,123       2,299,703  
Pulte Homes, Inc.
    226,148       2,761,267  
Snap-on, Inc.
    46,015       2,590,184  
Stanley Works
    55,339       2,461,479  
Whirlpool Corp.
    38,163       2,888,939  
 
             
Total Household Durables
            32,141,825  
 
             
                 
            Market  
    Shares     Value  
 
Household Products 0.8%
               
Clorox Co.
    47,504     $ 2,588,968  
Colgate-Palmolive Co.
    36,268       2,693,624  
Kimberly-Clark Corp.
    41,213       2,383,348  
Procter & Gamble Co.
    39,764       2,603,747  
 
             
Total Household Products
            10,269,687  
 
             
Independent Power Producers & Energy Traders 0.5%
               
AES Corp.*
    127,230       2,053,492  
Constellation Energy Group, Inc.
    30,095       2,502,700  
Dynegy, Inc. — Class A*
    273,633       1,841,550  
 
             
Total Independent Power Producers & Energy Traders
            6,397,742  
 
             
Industrial Conglomerates 0.8%
               
3M Co.
    34,798       2,449,431  
General Electric Co.
    91,938       2,600,926  
Textron, Inc.
    48,855       2,123,727  
Tyco International, Ltd.
    58,518       2,607,562  
 
             
Total Industrial Conglomerates
            9,781,646  
 
             
Insurance 4.3%
               
AFLAC, Inc.
    38,333       2,131,698  
Allstate Corp.
    52,883       2,444,252  
American International Group, Inc.
    77,947       2,030,519  
Aon Corp.
    53,326       2,442,331  
Assurant, Inc.
    37,125       2,231,955  
Chubb Corp.
    48,844       2,346,466  
Cincinnati Financial Corp.
    87,591       2,438,534  
Genworth Financial, Inc. — Class A
    131,025       2,092,469  
Hartford Financial Services Group, Inc.
    36,440       2,309,932  
Lincoln National Corp.
    51,928       2,476,966  
Loews Corp.
    50,860       2,266,322  
Marsh & McLennan Cos., Inc.
    95,697       2,703,440  
MBIA, Inc.*
    418,905       2,484,107  
MetLife, Inc.
    43,933       2,230,478  
Principal Financial Group, Inc.
    51,567       2,192,113  
Progressive Corp.
    126,155       2,554,639  
Prudential Financial, Inc.
    36,724       2,532,854  
SAFECO Corp.
    37,769       2,498,797  
Torchmark Corp.
    41,827       2,428,057  
Travelers Cos., Inc.
    55,118       2,431,806  
Unum Group
    113,079       2,731,989  
XL Capital, Ltd. — Class A
    87,687       1,568,720  
 
             
Total Insurance
            51,568,444  
 
             
Internet & Catalog Retail 0.6%
               
Amazon.com, Inc.*
    31,035       2,369,212  
Expedia, Inc.*
    127,854       2,502,103  
IAC/InterActiveCorp*
    122,560       2,139,897  
 
             
Total Internet & Catalog Retail
            7,011,212  
 
             
Internet Software & Services 0.9%
               
Akamai Technologies, Inc.*
    70,232       1,639,215  
eBay, Inc.*
    89,003       2,240,206  
Google, Inc. — Class A*
    4,602       2,180,197  
VeriSign, Inc.*
    63,365       2,061,897  
Yahoo!, Inc.*
    114,643       2,280,249  
 
             
Total Internet Software & Services
            10,401,764  
 
             
IT Services 2.3%
               
Affiliated Computer Services, Inc. — Class A*
    45,551       2,195,558  
Automatic Data Processing, Inc.
    59,798       2,553,973  
Cognizant Technology Solutions Corp — Class A*
    71,704       2,012,731  
Computer Sciences Corp.*
    53,253       2,522,595  
Convergys Corp.*
    164,205       2,085,404  
Electronic Data Systems Corp.
    102,863       2,552,031  
Fidelity National Information Services, Inc.
    115,120       2,181,524  

 

 

RYDEX S&P EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   July 31, 2008
                 
            Market  
    Shares     Value  
 
Fiserv, Inc.*
    53,000     $ 2,534,460  
Paychex, Inc.
    78,045       2,569,241  
Total System Services, Inc.
    108,575       2,125,898  
Unisys Corp.*
    580,388       2,141,632  
Western Union Co.
    101,392       2,802,475  
 
             
Total IT Services
            28,277,522  
 
             
Leisure Equipment & Products 0.7%
               
Eastman Kodak Co.
    202,702       2,967,557  
Hasbro, Inc.
    67,695       2,621,150  
Mattel, Inc.
    134,411       2,694,941  
 
             
Total Leisure Equipment & Products
            8,283,648  
 
             
Life Sciences Tools & Services 1.1%
               
Applied Biosystems Inc.
    74,784       2,761,773  
Millipore Corp.*
    35,480       2,496,018  
PerkinElmer, Inc.
    88,940       2,588,154  
Thermo Fisher Scientific Inc.*
    44,090       2,668,327  
Waters Corp.*
    40,405       2,745,116  
 
             
Total Life Sciences Tools & Services
            13,259,388  
 
             
Machinery 2.6%
               
Caterpillar, Inc.
    32,129       2,233,608  
Cummins, Inc.
    35,463       2,352,615  
Danaher Corp.
    31,465       2,506,187  
Deere & Co.
    33,287       2,335,416  
Dover Corp.
    49,209       2,442,243  
Eaton Corp.
    27,034       1,920,495  
Illinois Tool Works, Inc.
    52,288       2,449,693  
Ingersoll-Rand Co., Ltd. — Class A
    65,532       2,359,152  
ITT Corp.
    39,360       2,635,546  
Manitowoc Co., Inc.
    66,881       1,762,983  
PACCAR, Inc.
    56,466       2,374,960  
Pall Corp.
    60,775       2,456,525  
Parker-Hannifin Corp.
    33,046       2,038,277  
Terex Corp.*
    41,423       1,960,551  
 
             
Total Machinery
            31,828,251  
 
             
Media 2.9%
               
CBS Corp. — Class B
    126,455       2,068,804  
Comcast Corp. — Class A
    128,057       2,640,535  
DIRECTV Group, Inc.*
    92,945       2,511,374  
Gannett Co., Inc.
    110,517       2,002,568  
Interpublic Group of Cos., Inc.*
    278,715       2,449,905  
McGraw-Hill Cos., Inc.
    58,923       2,396,398  
Meredith Corp.
    87,619       2,239,542  
New York Times Co. — Class A
    159,760       2,011,378  
News Corp. — Class A
    154,152       2,178,168  
Omnicom Group, Inc.
    55,158       2,354,695  
Scripps Networks Interactive Icl A
    63,422       2,571,128  
Time Warner, Inc.
    173,385       2,482,873  
Viacom, Inc. — Class B*
    80,741       2,255,096  
Walt Disney Co.
    78,861       2,393,431  
Washington Post Co. — Class B
    4,542       2,808,092  
 
             
Total Media
            35,363,987  
 
             
Metals & Mining 1.4%
               
AK Steel Holding Corp.
    33,268       2,112,518  
Alcoa, Inc.
    66,791       2,254,196  
Allegheny Technologies, Inc.
    40,125       1,897,511  
Freeport-McMoRan Copper & Gold, Inc.
    21,356       2,066,193  
Newmont Mining Corp.
    51,895       2,488,884  
Nucor Corp.
    33,086       1,893,181  
Titanium Metals Corp.
    173,263       1,950,942  
United States Steel Corp.
    13,705       2,197,734  
 
             
Total Metals & Mining
            16,861,159  
 
             
Multi-Utilities 2.6%
               
Ameren Corp.
    58,715       2,412,599  
CenterPoint Energy, Inc.
    154,717       2,439,887  
                 
            Market  
    Shares     Value  
 
CMS Energy Corp.
    163,675     $ 2,209,613  
Consolidated Edison, Inc.
    63,434       2,518,330  
Dominion Resources, Inc.
    53,136       2,347,549  
DTE Energy Co.
    58,301       2,389,175  
Integrys Energy Group, Inc.
    48,654       2,484,273  
NiSource, Inc.
    144,930       2,475,404  
PG&E Corp.
    63,938       2,463,531  
Public Service Enterprise Group, Inc.
    54,867       2,293,441  
Sempra Energy
    45,471       2,553,651  
TECO Energy, Inc.
    117,080       2,171,834  
Xcel Energy, Inc.
    122,091       2,449,145  
 
             
Total Multi-Utilities
            31,208,432  
 
             
Multiline Retail 1.8%
               
Big Lots, Inc.*
    76,974       2,344,628  
Dillard’s, Inc. — Class A
    189,852       1,919,404  
Family Dollar Stores, Inc.
    128,900       3,003,370  
J.C. Penney Co., Inc.
    68,680       2,117,404  
Kohl’s Corp.*
    57,517       2,410,537  
Macy’s, Inc.
    119,675       2,251,087  
Nordstrom, Inc.
    74,590       2,143,717  
Sears Holdings Corp.*
    33,771       2,735,451  
Target Corp.
    50,326       2,276,245  
 
             
Total Multiline Retail
            21,201,843  
 
             
Office Electronics 0.2%
               
Xerox Corp.
    180,917       2,467,708  
 
             
Total Office Electronics
            2,467,708  
 
             
Oil, Gas & Consumable Fuels 4.5%
               
Anadarko Petroleum Corp.
    33,147       1,919,543  
Apache Corp.
    18,517       2,077,052  
Cabot Oil & Gas Corp.
    37,621       1,655,700  
Chesapeake Energy Corp.
    39,270       1,969,391  
Chevron Corp.
    26,169       2,212,851  
ConocoPhillips
    27,297       2,227,981  
CONSOL Energy, Inc.
    23,158       1,722,724  
Devon Energy Corp.
    21,356       2,026,471  
El Paso Corp.
    120,245       2,155,993  
EOG Resources, Inc.
    19,436       1,953,901  
Exxon Mobil Corp.
    29,693       2,388,208  
Hess Corp.
    20,439       2,072,515  
Marathon Oil Corp.
    49,592       2,453,316  
Massey Energy Co.
    27,834       2,066,674  
Murphy Oil Corp.
    28,202       2,248,545  
Noble Energy, Inc.
    26,553       1,961,470  
Occidental Petroleum Corp.
    29,523       2,327,298  
Peabody Energy Corp.
    31,425       2,125,901  
Range Resources Corp.
    40,295       1,956,725  
Southwestern Energy Co.*
    55,409       2,011,901  
Spectra Energy Corp.
    92,460       2,512,138  
Sunoco, Inc.
    65,207       2,648,056  
Tesoro Corp.
    122,806       1,896,125  
Valero Energy Corp.
    59,366       1,983,418  
Williams Cos., Inc.
    65,522       2,099,980  
XTO Energy, Inc.
    35,866       1,693,951  
 
             
Total Oil, Gas & Consumable Fuels
            54,367,828  
 
             
Paper & Forest Products 0.7%
               
International Paper Co.
    102,575       2,843,379  
MeadWestvaco Corp.
    103,078       2,763,521  
Weyerhaeuser Co.
    47,015       2,513,422  
 
             
Total Paper & Forest Products
            8,120,322  
 
             
Personal Products 0.4%
               
Avon Products, Inc.
    70,322       2,981,653  
Estee Lauder Cos., Inc — Class A
    54,825       2,417,782  
 
             
Total Personal Products
            5,399,435  
 
             

 

 

RYDEX S&P EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   July 31, 2008
                 
            Market  
    Shares     Value  
 
Pharmaceuticals 3.2%
               
Abbott Laboratories
    47,324     $ 2,666,234  
Allergan, Inc.
    46,208       2,399,581  
Barr Pharmaceuticals, Inc.*
    61,843       4,080,401  
Bristol-Myers Squibb Co.
    128,834       2,720,974  
Eli Lilly & Co.
    53,848       2,536,779  
Forest Laboratories, Inc.*
    79,163       2,811,078  
Johnson & Johnson
    39,612       2,712,234  
King Pharmaceuticals, Inc.*
    267,368       3,077,406  
Merck & Co., Inc.
    72,505       2,385,415  
Mylan Inc.*
    211,465       2,742,701  
Pfizer, Inc.
    145,166       2,710,249  
Schering-Plough Corp.
    135,492       2,856,171  
Watson Pharmaceuticals, Inc.*
    94,770       2,739,801  
Wyeth
    53,274       2,158,663  
 
             
Total Pharmaceuticals
            38,597,687  
 
             
Real Estate Investment Trusts (REITs) 2.8%
               
Apartment Investment & Management Co. — Class A
    69,753       2,383,460  
AvalonBay Communities, Inc.
    26,856       2,677,812  
Boston Properties, Inc.
    26,059       2,506,615  
Developers Diversified Realty Corp.
    67,765       2,165,769  
Equity Residential Properties Trust
    61,557       2,657,416  
General Growth Properties, Inc.
    65,773       1,802,838  
HCP, Inc.
    76,678       2,765,775  
Host Hotels & Resorts, Inc.
    171,295       2,245,677  
Kimco Realty Corp.
    68,844       2,429,505  
Plum Creek Timber Co., Inc.
    56,480       2,751,706  
ProLogis
    44,103       2,155,755  
Public Storage, Inc.
    30,962       2,535,478  
Simon Property Group, Inc.
    26,212       2,428,018  
Vornado Realty Trust
    27,157       2,581,816  
 
             
Total Real Estate Investment Trusts (REITs)
            34,087,640  
 
             
Real Estate Management & Development 0.1%
               
CB Richard Ellis Group, Inc. — Class A*
    122,908       1,726,857  
 
             
Total Real Estate Management & Development
            1,726,857  
 
             
Road & Rail 1.1%
               
Burlington Northern Santa Fe Corp.
    24,367       2,537,336  
CSX Corp.
    38,596       2,608,318  
Norfolk Southern Corp.
    39,752       2,858,964  
Ryder System, Inc.
    34,719       2,290,065  
Union Pacific Corp.
    32,814       2,705,186  
 
             
Total Road & Rail
            12,999,869  
 
             
Semiconductors & Semiconductor Equipment 3.3%
               
Advanced Micro Devices, Inc.*
    360,043       1,515,781  
Altera Corp.
    113,076       2,482,018  
Analog Devices, Inc.
    76,081       2,321,231  
Applied Materials, Inc.
    125,771       2,178,354  
Broadcom Corp. — Class A*
    95,812       2,327,274  
Intel Corp.
    112,873       2,504,652  
KLA-Tencor Corp.
    63,432       2,384,409  
Linear Technology Corp.
    76,906       2,387,931  
LSI Logic Corp.*
    358,008       2,484,576  
MEMC Electronic Materials, Inc.*
    38,776       1,791,839  
Microchip Technology, Inc.
    79,586       2,541,181  
Micron Technology, Inc.*
    348,198       1,681,796  
National Semiconductor Corp.
    114,443       2,397,581  
Novellus Systems, Inc.*
    118,837       2,420,710  
NVIDIA Corp.*
    128,769       1,473,117  
Teradyne, Inc.*
    227,960       2,135,985  
Texas Instruments, Inc.
    86,461       2,107,919  
Xilinx, Inc.
    92,804       2,304,323  
 
             
Total Semiconductors & Semiconductor Equipment
            39,440,677  
 
             
                 
            Market  
    Shares     Value  
 
Software 2.4%
               
Adobe Systems, Inc.*
    62,096     $ 2,567,670  
Autodesk, Inc.*
    68,630       2,188,611  
BMC Software, Inc.*
    67,261       2,212,214  
CA, Inc.
    107,515       2,565,308  
Citrix Systems, Inc.*
    81,879       2,181,256  
Compuware Corp.*
    261,504       2,876,544  
Electronic Arts, Inc.*
    53,757       2,321,227  
Intuit, Inc.*
    88,506       2,418,869  
Microsoft Corp.
    89,153       2,293,015  
Novell, Inc.*
    406,705       2,265,347  
Oracle Corp.*
    114,753       2,470,632  
Symantec Corp.*
    130,684       2,753,512  
 
             
Total Software
            29,114,205  
 
             
Specialty Retail 3.1%
               
Abercrombie & Fitch Co. — Class A
    37,555       2,073,787  
AutoNation, Inc.*
    205,343       2,119,140  
AutoZone, Inc.*
    21,911       2,854,784  
Bed Bath & Beyond, Inc.*
    87,711       2,440,997  
Best Buy Co., Inc.
    59,440       2,360,957  
GameStop Corp. — Class A*
    54,189       2,195,196  
Gap, Inc.
    144,592       2,330,823  
Home Depot, Inc.
    96,208       2,292,637  
Limited Brands, Inc.
    138,148       2,278,061  
Lowe’s Cos., Inc.
    110,557       2,246,518  
Office Depot, Inc.*
    207,336       1,409,885  
RadioShack Corp.
    189,139       3,154,838  
Sherwin-Williams Co.
    50,837       2,707,070  
Staples, Inc.
    102,612       2,308,770  
Tiffany & Co.
    56,264       2,126,217  
TJX Cos., Inc.
    77,854       2,624,458  
 
             
Total Specialty Retail
            37,524,138  
 
             
Textiles, Apparel & Luxury Goods 1.2%
               
Coach, Inc.*
    82,008       2,092,024  
Jones Apparel Group, Inc.
    168,665       2,823,452  
Liz Claiborne, Inc.
    159,662       2,086,782  
NIKE, Inc. — Class B
    38,140       2,238,055  
Polo Ralph Lauren Corp.
    39,438       2,333,547  
V.F. Corp.
    36,097       2,583,823  
 
             
Total Textiles, Apparel & Luxury Goods
            14,157,683  
 
             
Thrifts & Mortgage Finance 0.9%
               
Federal Home Loan Mortgage Corp.
    113,538       927,606  
Federal National Mortgage Association
    105,866       1,217,459  
Hudson City Bancorp, Inc.
    142,896       2,609,281  
MGIC Investment Corp.
    282,894       1,810,522  
Sovereign Bancorp, Inc.*
    287,242       2,734,544  
Washington Mutual, Inc.
    399,649       2,130,129  
 
             
Total Thrifts & Mortgage Finance
            11,429,541  
 
             
Tobacco 1.1%
               
Altria Group, Inc.
    122,195       2,486,668  
Lorillard, Inc.*
    36,072       2,420,792  
Philip Morris International, Inc.
    50,822       2,624,956  
Reynolds American, Inc.
    51,612       2,881,498  
UST, Inc.
    47,253       2,485,981  
 
             
Total Tobacco
            12,899,895  
 
             
Trading Companies & Distributors 0.2%
               
W.W. Grainger, Inc.
    28,949       2,591,225  
 
             
Total Trading Companies & Distributors
            2,591,225  
 
             
Wireless Telecommunication Services 0.4%
               
American Tower Corp. — Class A*
    58,459       2,449,432  
Sprint Nextel Corp.*
    314,997       2,564,076  
 
             
Total Wireless Telecommunication Services
            5,013,508  
 
             
Total Common Stocks
(Cost $1,493,180,832)
            1,204,895,446  
 
             

 

 

RYDEX S&P EQUAL WEIGHT ETF    
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   July 31, 2008
                 
            Market  
    Shares     Value  
 
SHORT TERM INVESTMENTS 0.2%
               
SSgA Prime Money Market Fund
    2,803,469     $ 2,803,469  
 
             
Total Short Term Investments
(Cost $2,803,469)
            2,803,469  
 
             
Total Investments 99.9%
(Cost $1,495,984,301)
            1,207,698,915  
 
             
Other Assets in Excess of Liabilities — 0.1%
            875,903  
 
             
Net Assets — 100.0%
          $ 1,208,574,818  
 
*   Non-Income Producing Security.

 

 

RYDEX RUSSELL TOP 50 ETF
SCHEDULE OF INVESTMENTS (Unaudited)   July 31, 2008
 
                 
            Market  
    Shares     Value  
 
COMMON STOCKS 99.6%
               
 
               
Aerospace & Defense 2.0%
               
Boeing Co.
    72,093     $ 4,405,603  
United Technologies Corp.
    93,367       5,973,621  
 
             
Total Aerospace & Defense
            10,379,224  
 
             
Air Freight & Logistics 0.8%
               
United Parcel Service, Inc. — Class B
    65,622       4,139,436  
 
             
Total Air Freight & Logistics
            4,139,436  
 
             
Beverages 4.2%
               
Coca-Cola Co.
    222,850       11,476,775  
PepsiCo, Inc.
    152,164       10,128,036  
 
             
Total Beverages
            21,604,811  
 
             
Biotechnology 0.8%
               
Genentech, Inc.*
    44,564       4,244,721  
 
             
Total Biotechnology
            4,244,721  
 
             
Capital Markets 1.4%
               
Goldman Sachs Group, Inc.
    37,813       6,959,105  
 
             
Total Capital Markets
            6,959,105  
 
             
Chemicals 1.6%
               
Monsanto Co.
    52,649       6,271,022  
Mosaic Co (The)
    14,894       1,894,666  
 
             
Total Chemicals
            8,165,688  
 
             
Commercial Banks 2.9%
               
U.S. Bancorp
    166,987       5,111,472  
Wells Fargo & Co.
    316,854       9,591,171  
 
             
Total Commercial Banks
            14,702,643  
 
             
Commercial Services & Supplies 0.6%
               
Visa, Inc. — Class A
    42,949       3,137,854  
 
             
Total Commercial Services & Supplies
            3,137,854  
 
             
Communications Equipment 4.1%
               
Cisco Systems, Inc.*
    566,725       12,462,283  
QUALCOMM, Inc.
    155,293       8,593,914  
 
             
Total Communications Equipment
            21,056,197  
 
             
Computers & Peripherals 8.0%
               
Apple, Inc.*
    84,579       13,443,832  
Hewlett-Packard Co.
    236,513       10,595,782  
International Business Machines Corp.
    131,770       16,863,925  
 
             
Total Computers & Peripherals
            40,903,539  
 
             
Diversified Financial Services 7.3%
               
Bank of America Corp.
    427,108       14,051,853  
Citigroup, Inc.
    522,309       9,761,955  
JPMorgan Chase & Co.
    331,233       13,457,997  
 
             
Total Diversified Financial Services
            37,271,805  
 
             
Diversified Telecommunication Services 5.2%
               
AT&T, Inc.
    569,978       17,561,022  
Verizon Communications, Inc.
    273,489       9,309,566  
 
             
Total Diversified Telecommunication Services
            26,870,588  
 
             
Electric Utilities 1.0%
               
Exelon Corp.
    62,936       4,948,028  
 
             
Total Electric Utilities
            4,948,028  
 
             
Energy Equipment & Services 2.3%
               
Schlumberger, Ltd.
    114,467       11,629,847  
 
             
Total Energy Equipment & Services
            11,629,847  
 
             
Food & Staples Retailing 3.4%
               
CVS Caremark Corp.
    137,130       5,005,245  
Wal-Mart Stores, Inc.
    215,249       12,617,896  
 
             
Total Food & Staples Retailing
            17,623,141  
 
             
                 
            Market  
    Shares     Value  
 
Health Care Equipment & Supplies 1.1%
               
Medtronic, Inc.
    107,740     $ 5,691,904  
 
             
Total Health Care Equipment & Supplies
            5,691,904  
 
             
Hotels, Restaurants & Leisure 1.3%
               
McDonald’s Corp.
    108,748       6,502,043  
 
             
Total Hotels, Restaurants & Leisure
            6,502,043  
 
             
Household Products 3.7%
               
Procter & Gamble Co.
    292,902       19,179,223  
 
             
Total Household Products
            19,179,223  
 
             
Industrial Conglomerates 6.2%
               
3M Co.
    67,561       4,755,619  
General Electric Co.
    956,257       27,052,510  
 
             
Total Industrial Conglomerates
            31,808,129  
 
             
Insurance 1.1%
               
American International Group, Inc.
    222,880       5,806,024  
 
             
Total Insurance
            5,806,024  
 
             
Internet Software & Services 2.1%
               
Google, Inc. — Class A*
    22,723       10,765,021  
 
             
Total Internet Software & Services
            10,765,021  
 
             
Media 3.1%
               
Comcast Corp. — Class A
    269,007       5,546,924  
Time Warner, Inc.
    343,303       4,916,099  
Walt Disney Co.
    182,785       5,547,525  
 
             
Total Media
            16,010,548  
 
             
Oil, Gas & Consumable Fuels 14.8%
               
Chevron Corp.
    198,440       16,780,087  
ConocoPhillips
    147,982       12,078,291  
Exxon Mobil Corp.
    506,910       40,770,771  
Occidental Petroleum Corp.
    78,742       6,207,232  
 
             
Total Oil, Gas & Consumable Fuels
            75,836,381  
 
             
Pharmaceuticals 10.8%
               
Abbott Laboratories
    148,061       8,341,757  
Eli Lilly & Co.
    95,887       4,517,236  
Johnson & Johnson
    270,377       18,512,713  
Merck & Co., Inc.
    205,934       6,775,229  
Pfizer, Inc.
    649,047       12,117,707  
Wyeth
    127,915       5,183,116  
 
             
Total Pharmaceuticals
            55,447,758  
 
             
Semiconductors & Semiconductor Equipment 2.4%
               
Intel Corp.
    549,532       12,194,115  
 
             
Total Semiconductors & Semiconductor Equipment
            12,194,115  
 
             
Software 5.4%
               
Microsoft Corp.
    770,202       19,809,596  
Oracle Corp.*
    373,634       8,044,340  
 
             
Total Software
            27,853,936  
 
             
Tobacco 2.0%
               
Philip Morris International, Inc.
    202,369       10,452,359  
 
             
Total Tobacco
            10,452,359  
 
             
Total Common Stocks
(Cost $569,846,312)
            511,184,068  
 
             

 

 

RYDEX RUSSELL TOP 50 ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   July 31, 2008
                 
            Market  
    Shares     Value  
 
SHORT TERM INVESTMENTS 0.3%
               
 
               
SSgA Prime Money Market Fund
    1,567,269       1,567,269  
 
             
Total Short Term Investments
(Cost $1,567,269)
            1,567,269  
 
             
Total Investments 99.9%
(Cost $571,413,581)
          $ 512,751,337  
 
             
Other Assets in Excess of Liabilities — 0.1%
            687,377  
 
             
Net Assets — 100.0%
          $ 513,438,714  
 
*   Non-Income Producing Security.

 

 

RYDEX S&P 500 PURE VALUE ETF
SCHEDULE OF INVESTMENTS (Unaudited)   July 31, 2008
 
                 
            Market  
    Shares     Value  
 
COMMON STOCKS 99.4%
               
 
               
Aerospace & Defense 0.3%
               
Northrop Grumman Corp.
    1,150     $ 77,499  
 
             
Total Aerospace & Defense
            77,499  
 
             
Automobiles 0.8%
               
Ford Motor Co.*
    36,620       175,776  
 
             
Total Automobiles
            175,776  
 
             
Building Products 0.8%
               
Masco Corp.
    11,280       186,007  
 
             
Total Building Products
            186,007  
 
             
Capital Markets 3.1%
               
American Capital, Ltd.
    7,030       142,850  
E*TRADE Financial Corp.*
    103,910       313,808  
Lehman Brothers Holdings, Inc.
    1,550       26,877  
Merrill Lynch & Co., Inc.
    2,770       73,820  
Morgan Stanley
    4,020       158,710  
 
             
Total Capital Markets
            716,065  
 
             
Chemicals 1.9%
               
Ashland, Inc.
    6,580       274,847  
Dow Chemical Co.
    4,830       160,887  
 
             
Total Chemicals
            435,734  
 
             
Commercial Banks 9.4%
               
BB&T Corp.
    6,950       194,739  
Comerica, Inc.
    6,310       181,223  
Fifth Third Bancorp
    7,810       109,106  
First Horizon National Corp.*
    19,700       185,180  
Huntington Bancshares, Inc.
    20,640       144,893  
KeyCorp
    12,980       136,939  
M&T Bank Corp.
    1,380       97,124  
Marshall & Ilsley Corp.
    8,390       127,528  
National City Corp.
    25,030       118,392  
PNC Financial Services Group, Inc.
    1,430       101,945  
Regions Financial Corp.
    13,310       126,179  
SunTrust Banks, Inc.
    3,020       124,001  
U.S. Bancorp
    4,240       129,786  
Wachovia Corp.
    7,940       137,124  
Wells Fargo & Co.
    3,980       120,475  
Zions Bancorp
    3,860       112,982  
 
             
Total Commercial Banks
            2,147,616  
 
             
Commercial Services & Supplies 1.5%
               
Allied Waste Industries, Inc.*
    13,350       161,535  
Avery Dennison Corp.
    1,830       80,538  
R.R. Donnelley & Sons Co.
    3,730       99,591  
 
             
Total Commercial Services & Supplies
            341,664  
 
             
Consumer Finance 0.5%
               
Capital One Financial Corp.
    2,840       118,882  
 
             
Total Consumer Finance
            118,882  
 
             
Containers & Packaging 0.8%
               
Bemis Co., Inc.
    6,390       179,942  
 
             
Total Containers & Packaging
            179,942  
 
             
Diversified Financial Services 3.2%
               
Bank of America Corp.
    6,080       200,032  
CIT Group, Inc.
    20,760       176,045  
Citigroup, Inc.
    9,720       181,667  
JPMorgan Chase & Co.
    4,290       174,302  
 
             
Total Diversified Financial Services
            732,046  
 
             
Diversified Telecommunication Services 3.2%
               
AT&T, Inc.
    2,900       89,349  
Embarq Corp.
    3,980       182,164  
Frontier Communications Corp.
    14,810       171,204  
Verizon Communications, Inc.
    4,220       143,649  
                 
            Market  
    Shares     Value  
 
Windstream Corp.
    10,960     $ 130,643  
 
             
Total Diversified Telecommunication Services
            717,009  
 
             
Electric Utilities 5.5%
               
American Electric Power Co., Inc.*
    3,060       120,870  
Duke Energy Corp.
    15,020       264,052  
Pepco Holdings, Inc.
    9,130       227,702  
Pinnacle West Capital Corp.
    7,370       247,411  
Progress Energy, Inc.
    6,010       254,283  
Southern Co.
    3,770       133,420  
 
             
Total Electric Utilities
            1,247,738  
 
             
Electronic Equipment & Instruments 1.5%
               
Jabil Circuit, Inc.
    20,890       339,671  
 
             
Total Electronic Equipment & Instruments
            339,671  
 
             
Food & Staples Retailing 2.1%
               
Kroger Co.
    5,390       152,429  
Safeway, Inc.
    3,130       83,634  
SUPERVALU, Inc.
    9,480       242,877  
 
             
Total Food & Staples Retailing
            478,940  
 
             
Food Products 2.4%
               
Dean Foods Co.*
    6,290       133,977  
Tyson Foods, Inc. — Class A
    27,210       405,429  
 
             
Total Food Products
            539,406  
 
             
Gas Utilities 1.1%
               
Nicor, Inc.
    6,030       240,115  
 
             
Total Gas Utilities
            240,115  
 
             
Health Care Equipment & Supplies 0.6%
               
Covidien, Ltd.
    2,830       139,349  
 
             
Total Health Care Equipment & Supplies
            139,349  
 
             
Health Care Providers & Services 3.6%
               
AmerisourceBergen Corp.
    8,410       352,127  
Cardinal Health, Inc.
    2,610       140,235  
McKesson Corp.
    2,820       157,892  
Tenet Healthcare Corp.*
    28,190       163,220  
 
             
Total Health Care Providers & Services
            813,474  
 
             
Hotels, Restaurants & Leisure 0.4%
               
Carnival Corp.
    2,190       80,899  
 
             
Total Hotels, Restaurants & Leisure
            80,899  
 
             
Household Durables 10.0%
               
Centex Corp.
    15,300       224,604  
D.R. Horton, Inc.
    48,590       540,321  
KB HOME
    31,340       551,270  
Leggett & Platt, Inc.
    13,520       263,640  
Lennar Corp. — Class A
    36,420       440,682  
Whirlpool Corp.
    3,240       245,268  
 
             
Total Household Durables
            2,265,785  
 
             
Industrial Conglomerates 0.9%
               
Tyco International, Ltd.
    4,630       206,313  
 
             
Total Industrial Conglomerates
            206,313  
 
             
Insurance 6.0%
               
Allstate Corp.
    5,080       234,798  
Chubb Corp.
    1,790       85,992  
Cincinnati Financial Corp.
    5,020       139,757  
Genworth Financial, Inc. — Class A
    7,320       116,900  
Hartford Financial Services Group, Inc.
    1,610       102,058  
Lincoln National Corp.
    2,520       120,204  
Marsh & McLennan Cos., Inc.
    6,750       190,687  
MBIA, Inc.*
    17,420       103,301  
Travelers Cos., Inc.
    3,960       174,715  
XL Capital, Ltd. — Class A
    5,400       96,606  
 
             
Total Insurance
            1,365,018  
 
             

 

 

RYDEX S&P 500 PURE VALUE ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   July 31, 2008
                 
            Market  
    Shares     Value  
 
IT Services 1.3%
               
Electronic Data Systems Corp.
    12,080     $ 299,705  
 
             
Total IT Services
            299,705  
 
             
Leisure Equipment & Products 0.9%
               
Eastman Kodak Co.
    7,620       111,557  
Mattel, Inc.
    4,980       99,849  
 
             
Total Leisure Equipment & Products
            211,406  
 
             
Media 2.9%
               
CBS Corp. — Class B
    9,660       158,038  
Gannett Co., Inc.
    9,010       163,261  
New York Times Co. — Class A
    16,990       213,904  
Time Warner, Inc.
    7,900       113,128  
 
             
Total Media
            648,331  
 
             
Multi-Utilities 11.1%
               
Ameren Corp.
    4,030       165,593  
CenterPoint Energy, Inc.
    10,160       160,223  
CMS Energy Corp.
    8,340       112,590  
Consolidated Edison, Inc.
    5,750       228,275  
Dominion Resources, Inc.
    2,350       103,823  
DTE Energy Co.
    7,790       319,234  
Integrys Energy Group, Inc.
    8,710       444,733  
NiSource, Inc.
    22,870       390,620  
PG&E Corp.
    3,140       120,984  
TECO Energy, Inc.
    15,060       279,363  
Xcel Energy, Inc.
    9,750       195,585  
 
             
Total Multi-Utilities
            2,521,023  
 
             
Multiline Retail 3.4%
               
Big Lots, Inc.*
    5,960       181,541  
Dillard’s, Inc. — Class A
    31,590       319,375  
J.C. Penney Co., Inc.
    3,060       94,340  
Macy’s, Inc.
    8,980       168,914  
 
             
Total Multiline Retail
            764,170  
 
             
Oil, Gas & Consumable Fuels 2.6%
               
Spectra Energy Corp.
    22,020       598,283  
 
             
Total Oil, Gas & Consumable Fuels
            598,283  
 
             
Paper & Forest Products 2.3%
               
International Paper Co.
    8,190       227,027  
MeadWestvaco Corp.
    3,960       106,167  
Weyerhaeuser Co.
    3,730       199,406  
 
             
Total Paper & Forest Products
            532,600  
 
             
Pharmaceuticals 0.5%
               
Pfizer, Inc.
    6,070       113,327  
 
             
Total Pharmaceuticals
            113,327  
 
             
Real Estate Investment Trusts (REITs) 4.0%
               
Apartment Investment & Management Co. — Class A
    6,280       214,587  
Developers Diversified Realty Corp.
    3,810       121,768  
Equity Residential Properties Trust
    5,010       216,282  
General Growth Properties, Inc.
    2,660       72,911  
HCP, Inc.
    4,730       170,611  
Host Hotels & Resorts, Inc.
    8,110       106,322  
 
             
Total Real Estate Investment Trusts (REITs)
            902,481  
 
             
Road & Rail 1.9%
               
Ryder System, Inc.
    6,650       438,634  
 
             
Total Road & Rail
            438,634  
 
             
Semiconductors & Semiconductor Equipment 0.6%
               
Micron Technology, Inc.*
    27,680       133,694  
 
             
Total Semiconductors & Semiconductor Equipment
            133,694  
 
             
Specialty Retail 2.2%
               
AutoNation, Inc.*
    27,050       279,156  
Limited Brands, Inc.
    7,920       130,601  
                 
            Market  
    Shares     Value  
 
Office Depot, Inc.*
    13,510     $ 91,868  
 
             
Total Specialty Retail
            501,625  
 
             
Textiles, Apparel & Luxury Goods 2.5%
               
Jones Apparel Group, Inc.
    28,490       476,922  
Liz Claiborne, Inc.
    6,480       84,694  
 
             
Total Textiles, Apparel & Luxury Goods
            561,616  
 
             
Thrifts & Mortgage Finance 2.5%
               
Federal Home Loan Mortgage Corp.
    14,920       121,896  
Sovereign Bancorp, Inc.*
    24,070       229,147  
Washington Mutual, Inc.
    39,370       209,842  
 
             
Total Thrifts & Mortgage Finance
            560,885  
 
             
Tobacco 0.5%
               
Reynolds American, Inc.
    1,890       105,519  
 
             
Total Tobacco
            105,519  
 
             
Wireless Telecommunication Services 0.6%
               
Sprint Nextel Corp.*
    18,080       147,171  
 
             
Total Wireless Telecommunication Services
            147,171  
 
             
Total Common Stocks
(Cost $30,988,740)
            22,585,418  
 
             
SHORT TERM INVESTMENTS 0.4%
               
 
               
SSgA Prime Money Market Fund
    76,131       76,131  
 
             
Total Short Term Investments
(Cost $76,131)
            76,131  
 
             
Total Investments 99.8%
(Cost $31,064,871)
            22,661,549  
 
             
Other Assets in Excess of Liabilities — 0.2%
            55,309  
 
             
Net Assets — 100.0%
          $ 22,716,858  
 
*   Non-Income Producing Security.

 

 

RYDEX S&P 500 PURE GROWTH ETF
SCHEDULE OF INVESTMENTS (Unaudited)   July 31, 2008
 
                 
            Market  
    Shares     Value  
 
COMMON STOCKS 99.9%
               
 
               
Aerospace & Defense 2.1%
               
General Dynamics Corp.
    2,410     $ 214,827  
L-3 Communications Holdings, Inc.
    2,430       239,817  
Lockheed Martin Corp.
    2,430       253,522  
Rockwell Collins, Inc.
    4,000       198,760  
 
             
Total Aerospace & Defense
            906,926  
 
             
Air Freight & Logistics 1.1%
               
C.H. Robinson Worldwide, Inc.
    4,320       208,224  
Expeditors International of Washington, Inc.
    6,891       244,699  
 
             
Total Air Freight & Logistics
            452,923  
 
             
Auto Components 0.7%
               
Goodyear Tire & Rubber Co.*
    14,651       287,599  
 
             
Total Auto Components
            287,599  
 
             
Automobiles 0.7%
               
Harley-Davidson, Inc.
    7,851       297,082  
 
             
Total Automobiles
            297,082  
 
             
Beverages 1.8%
               
Anheuser-Busch Cos., Inc.
    5,660       383,522  
Pepsi Bottling Group, Inc.
    7,250       201,912  
PepsiCo, Inc.
    2,800       186,368  
 
             
Total Beverages
            771,802  
 
             
Biotechnology 4.0%
               
Amgen, Inc.*
    6,710       420,247  
Biogen Idec, Inc.*
    4,910       342,522  
Celgene Corp.*
    4,780       360,842  
Genzyme Corp.*
    2,380       182,427  
Gilead Sciences, Inc.*
    7,291       393,568  
 
             
Total Biotechnology
            1,699,606  
 
             
Capital Markets 1.0%
               
Federated Investors, Inc. — Class B
    7,331       240,897  
Franklin Resources, Inc.
    1,690       170,031  
 
             
Total Capital Markets
            410,928  
 
             
Chemicals 1.0%
               
Ecolab, Inc.
    4,250       189,975  
Sigma-Aldrich Corp.
    3,790       230,205  
 
             
Total Chemicals
            420,180  
 
             
Commercial Services & Supplies 1.5%
               
Equifax, Inc.
    5,250       184,223  
Mastercard, Inc. — Class A
    1,090       266,123  
Pitney Bowes, Inc.
    6,390       202,499  
 
             
Total Commercial Services & Supplies
            652,845  
 
             
Communications Equipment 2.0%
               
Cisco Systems, Inc.*
    11,001       241,912  
Motorola, Inc.
    19,991       172,722  
QUALCOMM, Inc.
    7,611       421,193  
 
             
Total Communications Equipment
            835,827  
 
             
Computers & Peripherals 4.0%
               
Apple, Inc.*
    2,150       341,743  
Dell, Inc.*
    16,181       397,567  
Lexmark International, Inc. — Class A*
    9,241       324,174  
NetApp, Inc.*
    9,801       250,416  
QLogic Corp.*
    13,181       248,330  
SanDisk Corp.*
    10,291       145,103  
 
             
Total Computers & Peripherals
            1,707,333  
 
             
Construction & Engineering 0.3%
               
Jacobs Engineering Group, Inc.*
    1,470       113,690  
 
             
Total Construction & Engineering
            113,690  
 
             
Consumer Finance 1.1%
               
American Express Co.
    3,610       134,003  
                 
            Market  
    Shares     Value  
 
SLM Corp.*
    19,401     $ 332,339  
 
             
Total Consumer Finance
            466,342  
 
             
Containers & Packaging 1.2%
               
Ball Corp.
    8,461       377,191  
Pactiv Corp.*
    6,390       154,063  
 
             
Total Containers & Packaging
            531,254  
 
             
Diversified Consumer Services 1.9%
               
Apollo Group, Inc. — Class A*
    6,891       429,240  
H&R Block, Inc.
    15,891       386,628  
 
             
Total Diversified Consumer Services
            815,868  
 
             
Diversified Financial Services 3.2%
               
CME Group, Inc.
    570       205,274  
IntercontinentalExchange, Inc.*
    2,900       289,420  
Leucadia National Corp.
    6,921       309,853  
Moody’s Corp.
    13,111       456,394  
NYSE Euronext
    1,820       85,977  
 
             
Total Diversified Financial Services
            1,346,918  
 
             
Electrical Equipment 0.3%
               
Rockwell Automation, Inc.
    2,630       117,061  
 
             
Total Electrical Equipment
            117,061  
 
             
Energy Equipment & Services 4.3%
               
Baker Hughes, Inc.
    1,940       160,845  
BJ Services Co.
    10,771       316,668  
Cameron International Corp.*
    2,920       139,459  
Halliburton Co.
    7,270       325,842  
Schlumberger, Ltd.
    3,610       366,776  
Smith International, Inc.
    2,980       221,652  
Transocean, Inc.*
    2,100       285,663  
 
             
Total Energy Equipment & Services
            1,816,905  
 
             
Food Products 2.5%
               
Campbell Soup Co.
    7,140       259,753  
Hershey Co.
    7,221       265,516  
Kellogg Co.
    5,310       281,749  
Wm. Wrigley Jr. Co.
    3,210       253,462  
 
             
Total Food Products
            1,060,480  
 
             
Gas Utilities 0.5%
               
Questar Corp.
    3,800       200,944  
 
             
Total Gas Utilities
            200,944  
 
             
Health Care Equipment & Supplies 7.1%
               
Becton, Dickinson & Co.
    2,170       184,255  
C.R. Bard, Inc.
    2,080       193,107  
Hospira, Inc.*
    6,010       229,342  
Intuitive Surgical, Inc.*
    1,770       550,983  
Medtronic, Inc.
    5,770       304,829  
St Jude Medical, Inc.*
    7,561       352,191  
Stryker Corp.
    3,910       250,983  
Varian Medical Systems, Inc.*
    7,871       472,260  
Zimmer Holdings, Inc.*
    6,950       478,925  
 
             
Total Health Care Equipment & Supplies
            3,016,875  
 
             
Health Care Providers & Services 4.7%
               
Coventry Health Care, Inc.*
    6,761       239,137  
DaVita, Inc.*
    6,890       384,806  
Express Scripts, Inc.*
    6,390       450,751  
Laboratory Corp. of America Holdings*
    3,580       241,936  
Patterson Cos., Inc.*
    8,631       269,546  
Quest Diagnostics, Inc.
    4,430       235,499  
UnitedHealth Group, Inc.
    6,720       188,698  
 
             
Total Health Care Providers & Services
            2,010,373  
 
             
Health Care Technology 0.8%
               
IMS Health, Inc.
    15,561       325,225  
 
             
Total Health Care Technology
            325,225  
 
             

 

 

RYDEX S&P 500 PURE GROWTH ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   July 31, 2008
                 
            Market  
    Shares     Value  
 
Hotels, Restaurants & Leisure 2.4%
               
Darden Restaurants, Inc.
    10,211     $ 332,572  
International Game Technology
    5,570       120,925  
Starbucks Corp.*
    18,221       267,666  
Yum! Brands, Inc.
    8,011       286,954  
 
             
Total Hotels, Restaurants & Leisure
            1,008,117  
 
             
Household Durables 1.1%
               
Black & Decker Corp.
    4,710       282,694  
Harman International Industries, Inc.
    4,190       172,503  
 
             
Total Household Durables
            455,197  
 
             
Household Products 1.4%
               
Clorox Co.
    5,780       315,010  
Colgate-Palmolive Co.
    3,630       269,600  
 
             
Total Household Products
            584,610  
 
             
Independent Power Producers & Energy Traders 1.0%
               
AES Corp.*
    12,481       201,443  
Constellation Energy Group, Inc.
    2,850       237,006  
 
             
Total Independent Power Producers & Energy Traders
            438,449  
 
             
Insurance 2.2%
               
Progressive Corp.
    23,092       467,613  
SAFECO Corp.
    6,890       455,842  
 
             
Total Insurance
            923,455  
 
             
Internet & Catalog Retail 1.7%
               
Amazon.com, Inc.*
    5,780       441,245  
Expedia, Inc.*
    15,381       301,006  
 
             
Total Internet & Catalog Retail
            742,251  
 
             
Internet Software & Services 3.0%
               
Akamai Technologies, Inc.*
    7,811       182,309  
eBay, Inc.*
    10,511       264,562  
Google, Inc. — Class A*
    910       431,112  
Yahoo!, Inc.*
    19,481       387,477  
 
             
Total Internet Software & Services
            1,265,460  
 
             
IT Services 2.6%
               
Cognizant Technology Solutions Corp. — Class A*
    14,211       398,903  
Fiserv, Inc.*
    5,890       281,660  
Total System Services, Inc.
    10,441       204,435  
Western Union Co.
    7,491       207,051  
 
             
Total IT Services
            1,092,049  
 
             
Life Sciences Tools & Services 0.7%
               
Waters Corp.*
    4,660       316,600  
 
             
Total Life Sciences Tools & Services
            316,600  
 
             
Machinery 2.9%
               
Caterpillar, Inc.
    4,330       301,021  
Cummins, Inc.
    5,000       331,700  
Danaher Corp.
    3,020       240,543  
ITT Corp.
    3,010       201,550  
Terex Corp.*
    3,500       165,655  
 
             
Total Machinery
            1,240,469  
 
             
Media 0.9%
               
McGraw-Hill Cos., Inc.
    4,680       190,336  
Omnicom Group, Inc.
    4,470       190,824  
 
             
Total Media
            381,160  
 
             
Metals & Mining 4.1%
               
Freeport-McMoRan Copper & Gold, Inc.
    4,230       409,253  
Nucor Corp.
    7,621       436,074  
Titanium Metals Corp.
    16,151       181,860  
United States Steel Corp.
    4,490       720,016  
 
             
Total Metals & Mining
            1,747,203  
 
             
Multiline Retail 1.7%
               
Kohl’s Corp.*
    5,400       226,314  
                 
            Market  
    Shares     Value  
 
Sears Holdings Corp.*
    5,910     $ 478,710  
 
             
Total Multiline Retail
            705,024  
 
             
Oil, Gas & Consumable Fuels 9.1%
               
Apache Corp.
    3,580       401,569  
Cabot Oil & Gas Corp.
    3,640       160,196  
Chesapeake Energy Corp.
    8,231       412,785  
ConocoPhillips
    4,270       348,517  
CONSOL Energy, Inc.
    2,590       192,670  
Devon Energy Corp.
    2,920       277,079  
EOG Resources, Inc.
    4,160       418,205  
Exxon Mobil Corp.
    3,170       254,963  
Murphy Oil Corp.
    3,930       313,339  
Southwestern Energy Co.*
    4,320       156,859  
Sunoco, Inc.
    7,531       305,834  
Valero Energy Corp.
    5,530       184,757  
XTO Energy, Inc.
    9,451       446,371  
 
             
Total Oil, Gas & Consumable Fuels
            3,873,144  
 
             
Personal Products 1.3%
               
Avon Products, Inc.
    7,961       337,546  
Estee Lauder Cos., Inc — Class A
    5,340       235,494  
 
             
Total Personal Products
            573,040  
 
             
Pharmaceuticals 2.2%
               
Barr Pharmaceuticals, Inc.*
    4,690       309,446  
Forest Laboratories, Inc.*
    11,191       397,392  
Johnson & Johnson
    3,210       219,789  
 
             
Total Pharmaceuticals
            926,627  
 
             
Real Estate Management & Development 0.8%
               
CB Richard Ellis Group, Inc. — Class A*
    25,232       354,510  
 
             
Total Real Estate Management & Development
            354,510  
 
             
Semiconductors & Semiconductor Equipment 0.7%
               
MEMC Electronic Materials, Inc.*
    2,190       101,200  
National Semiconductor Corp.
    7,210       151,049  
NVIDIA Corp.*
    5,990       68,526  
 
             
Total Semiconductors & Semiconductor Equipment
            320,775  
 
             
Software 4.8%
               
Adobe Systems, Inc.*
    7,521       310,993  
Autodesk, Inc.*
    6,530       208,242  
BMC Software, Inc.*
    3,430       112,813  
Citrix Systems, Inc.*
    5,890       156,910  
Electronic Arts, Inc.*
    3,450       148,971  
Intuit, Inc.*
    11,811       322,795  
Microsoft Corp.
    7,371       189,582  
Oracle Corp.*
    13,701       294,982  
Symantec Corp.*
    14,021       295,422  
 
             
Total Software
            2,040,710  
 
             
Specialty Retail 5.0%
               
Abercrombie & Fitch Co. — Class A
    5,300       292,666  
AutoZone, Inc.*
    3,040       396,082  
Bed Bath & Beyond, Inc.*
    13,271       369,332  
Best Buy Co., Inc.
    5,330       211,708  
GameStop Corp. — Class A*
    3,450       139,759  
Lowe’s Cos., Inc.
    13,081       265,806  
TJX Cos., Inc.
    12,981       437,589  
 
             
Total Specialty Retail
            2,112,942  
 
             
Textiles, Apparel & Luxury Goods 1.9%
               
Coach, Inc.*
    17,531       447,216  
NIKE, Inc. — Class B
    3,240       190,123  
Polo Ralph Lauren Corp.
    2,640       156,209  
 
             
Total Textiles, Apparel & Luxury Goods
            793,548  
 
             

 

 

RYDEX S&P 500 PURE GROWTH ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   July 31, 2008
                 
            Market  
    Shares     Value  
 
Tobacco 0.6%
               
UST, Inc.
    4,880     $ 256,737  
 
             
Total Tobacco
            256,737  
 
             
Total Common Stocks
(Cost $47,868,618)
            42,417,063  
 
             
SHORT TERM INVESTMENTS 0.1%
               
 
               
SSgA Prime Money Market Fund
    37,817       37,817  
 
             
Total Short Term Investments
(Cost $37,817)
            37,817  
 
             
Total Investments 100.0%
(Cost $47,906,435)
            42,454,880  
 
             
Other Assets in Excess of Liabilities — 0.0%( a)
            17,861  
 
             
Net Assets — 100.0%
          $ 42,472,741  
 
*   Non-Income Producing Security.
 
(a)   Amount represents less than 0.05% of net assets.

 

 

RYDEX S&P MIDCAP 400 PURE VALUE ETF
SCHEDULE OF INVESTMENTS (Unaudited)   July 31, 2008
 
                 
            Market  
    Shares     Value  
 
COMMON STOCKS 99.6%
               
 
               
Airlines 1.3%
               
Alaska Air Group, Inc.*
    5,500     $ 98,340  
JetBlue Airways Corp.*
    9,980       52,595  
 
             
Total Airlines
            150,935  
 
             
Auto Components 5.6%
               
ArvinMeritor, Inc.
    28,649       395,642  
Lear Corp.*
    4,790       69,024  
Modine Manufacturing Co.
    10,100       176,144  
 
             
Total Auto Components
            640,810  
 
             
Capital Markets 0.3%
               
Apollo Investment Corp.
    2,523       40,191  
 
             
Total Capital Markets
            40,191  
 
             
Chemicals 6.1%
               
Cabot Corp.
    1,380       37,025  
Chemtura Corp.
    18,940       123,489  
Ferro Corp.
    4,710       102,490  
Lubrizol Corp.
    760       37,848  
Olin Corp.
    5,620       167,139  
RPM International, Inc.
    5,220       107,010  
Sensient Technologies Corp.
    1,570       48,858  
Valspar Corp.
    3,230       69,994  
 
             
Total Chemicals
            693,853  
 
             
Commercial Banks 3.4%
               
Associated Banc-Corp.
    3,330       55,578  
Colonial BancGroup, Inc.
    9,260       61,672  
FirstMerit Corp.
    4,190       82,459  
PacWest Bancorp
    1,490       27,744  
TCF Financial Corp.
    5,330       67,957  
Webster Financial Corp.
    3,360       66,729  
Wilmington Trust Corp.
    1,340       31,584  
 
             
Total Commercial Banks
            393,723  
 
             
Commercial Services & Supplies 2.7%
               
Kelly Services, Inc. — Class A
    13,230       243,564  
Manpower, Inc.
    1,450       69,600  
 
             
Total Commercial Services & Supplies
            313,164  
 
             
Computers & Peripherals 3.3%
               
Diebold, Inc.
    1,660       61,387  
Imation Corp.
    9,580       182,595  
Palm, Inc.*
    20,220       133,047  
 
             
Total Computers & Peripherals
            377,029  
 
             
Consumer Finance 1.0%
               
AmeriCredit Corp.*
    12,430       109,011  
 
             
Total Consumer Finance
            109,011  
 
             
Containers & Packaging 0.6%
               
Sonoco Products Co.
    2,040       66,545  
 
             
Total Containers & Packaging
            66,545  
 
             
Diversified Consumer Services 0.6%
               
Regis Corp.
    2,430       68,016  
 
             
Total Diversified Consumer Services
            68,016  
 
             
Electric Utilities 3.9%
               
Great Plains Energy, Inc.
    4,750       119,985  
Hawaiian Electric Industries, Inc.
    5,440       134,586  
IDACORP, Inc.
    2,240       66,774  
Sierra Pacific Resources
    2,770       31,412  
Westar Energy, Inc.
    4,060       89,645  
 
             
Total Electric Utilities
            442,402  
 
             
Electronic Equipment & Instruments 3.3%
               
Arrow Electronics, Inc.*
    1,590       51,230  
Ingram Micro, Inc. — Class A*
    7,790       143,570  
KEMET Corp.*
    12,880       17,517  
                 
            Market  
    Shares     Value  
 
Tech Data Corp.*
    2,840     $ 99,031  
Vishay Intertechnology, Inc.*
    7,650       68,620  
 
             
Total Electronic Equipment & Instruments
            379,968  
 
             
Food & Staples Retailing 0.3%
               
Ruddick Corp.
    1,200       37,152  
 
             
Total Food & Staples Retailing
            37,152  
 
             
Food Products 1.0%
               
J.M. Smucker Co.
    990       48,253  
Smithfield Foods, Inc.*
    2,850       61,218  
 
             
Total Food Products
            109,471  
 
             
Gas Utilities 3.0%
               
AGL Resources, Inc.
    2,980       102,989  
Oneok, Inc.
    2,550       115,974  
WGL Holdings, Inc.
    3,740       129,142  
 
             
Total Gas Utilities
            348,105  
 
             
Health Care Providers & Services 4.1%
               
Health Management Associates, Inc. — Class A*
    29,799       183,264  
Kindred Healthcare, Inc.*
    5,980       161,281  
Omnicare, Inc.
    4,330       127,475  
 
             
Total Health Care Providers & Services
            472,020  
 
             
Hotels, Restaurants & Leisure 0.8%
               
Bob Evans Farms, Inc.
    2,640       75,609  
Boyd Gaming Corp.
    1,260       12,575  
 
             
Total Hotels, Restaurants & Leisure
            88,184  
 
             
Household Durables 4.6%
               
Furniture Brands International, Inc.
    29,379       348,729  
Ryland Group, Inc.
    8,630       177,691  
 
             
Total Household Durables
            526,420  
 
             
Independent Power Producers & Energy Traders 0.5%
               
Black Hills Corp.
    1,790       57,763  
 
             
Total Independent Power Producers & Energy Traders
            57,763  
 
             
Industrial Conglomerates 0.4%
               
Teleflex, Inc.
    740       45,377  
 
             
Total Industrial Conglomerates
            45,377  
 
             
Insurance 9.4%
               
American Financial Group, Inc.
    3,260       94,442  
Arthur J. Gallagher & Co.
    2,470       62,812  
Everest Re Group, Ltd.
    590       48,262  
Fidelity National Financial, Inc. — Class A
    17,790       237,675  
First American Corp.
    5,750       144,900  
Hanover Insurance Group, Inc.
    1,440       61,805  
Horace Mann Educators Corp.
    3,280       45,461  
Mercury General Corp.
    1,970       99,505  
Old Republic International Corp.
    11,140       116,970  
Protective Life Corp.
    2,820       101,407  
Unitrin, Inc.
    2,260       62,353  
 
             
Total Insurance
            1,075,592  
 
             
IT Services 1.0%
               
Acxiom Corp.
    8,800       112,992  
 
             
Total IT Services
            112,992  
 
             
Machinery 3.2%
               
Federal Signal Corp.
    12,840       184,510  
Timken Co.
    2,190       72,314  
Trinity Industries, Inc.
    3,020       113,673  
 
             
Total Machinery
            370,497  
 
             
Media 3.3%
               
Belo Corp. — Class A
    8,220       55,814  
Entercom Communications Corp. — Class A
    11,860       72,702  
Lee Enterprises, Inc.
    19,680       59,433  
Media General, Inc. — Class A
    10,910       138,339  

 

 

RYDEX S&P MIDCAP 400 PURE VALUE ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   July 31, 2008
                 
            Market  
    Shares     Value  
 
Scholastic Corp.
    1,910     $ 49,259  
 
             
Total Media
            375,547  
 
             
Metals & Mining 0.7%
               
Worthington Industries, Inc.
    4,800       85,152  
 
             
Total Metals & Mining
            85,152  
 
             
Multi-Utilities 6.3%
               
Alliant Energy Corp.
    1,980       63,815  
Energy East Corp.
    5,580       139,444  
NSTAR
    2,120       67,543  
OGE Energy Corp.
    2,330       76,238  
PNM Resources, Inc.
    7,610       89,113  
Puget Energy, Inc.
    2,870       79,040  
SCANA Corp.
    2,340       84,685  
Vectren Corp.
    4,270       124,684  
 
             
Total Multi-Utilities
            724,562  
 
             
Multiline Retail 0.3%
               
99 Cents Only Stores*
    5,740       38,401  
 
             
Total Multiline Retail
            38,401  
 
             
Paper & Forest Products 0.7%
               
Louisiana-Pacific Corp.
    8,900       75,294  
 
             
Total Paper & Forest Products
            75,294  
 
             
Real Estate Investment Trusts (REITs) 10.3%
               
BRE Properties, Inc.
    1,090       53,279  
Camden Property Trust
    1,660       81,639  
Cousins Properties, Inc.
    2,850       62,614  
Duke Realty Corp.
    3,370       83,340  
Equity One, Inc.
    2,690       51,944  
Health Care REIT, Inc.
    1,710       85,278  
Highwoods Properties, Inc.
    4,000       146,000  
Hospitality Properties Trust
    3,900       83,070  
Liberty Property Trust
    3,500       127,400  
Mack-Cali Realty Corp.
    3,440       132,027  
Nationwide Health Properties, Inc.
    2,350       87,208  
Realty Income Corp.
    2,040       51,388  
UDR, Inc.
    3,090       78,919  
Weingarten Realty Investors
    1,970       60,065  
 
             
Total Real Estate Investment Trusts (REITs)
            1,184,171  
 
             
Road & Rail 4.1%
               
Avis Budget Group, Inc.*
    16,970       103,517  
Werner Enterprises, Inc.
    3,790       90,240  
YRC Worldwide, Inc.*
    16,110       272,259  
 
             
Total Road & Rail
            466,016  
 
             
Specialty Retail 7.6%
               
Barnes & Noble, Inc.
    1,760       41,642  
Borders Group, Inc.*
    17,600       86,240  
Charming Shoppes, Inc.*
    44,239       241,102  
Collective Brands, Inc.*
    5,770       74,318  
Foot Locker, Inc.
    16,320       245,779  
Rent-A-Center, Inc.*
    8,540       181,048  
 
             
Total Specialty Retail
            870,129  
 
             
Thrifts & Mortgage Finance 3.1%
               
Astoria Financial Corp.
    2,640       59,057  
First Niagara Financial Group, Inc.
    9,960       139,341  
New York Community Bancorp, Inc.
    5,220       86,756  
PMI Group, Inc.
    10,100       25,351  
Washington Federal, Inc.
    2,430       45,198  
 
             
Total Thrifts & Mortgage Finance
            355,703  
 
             
Tobacco 1.2%
               
Universal Corp.
    2,640       136,277  
 
             
Total Tobacco
            136,277  
 
             
Trading Companies & Distributors 1.6%
               
GATX Corp.
    2,490       113,220  
                 
            Market  
    Shares     Value  
 
United Rentals, Inc.*
    4,000     $ 64,720  
 
             
Total Trading Companies & Distributors
            177,940  
 
             
Total Common Stocks
(Cost $14,920,392)
            11,408,412  
 
             
SHORT TERM INVESTMENTS 0.3%
               
 
               
SSgA Prime Money Market Fund
    33,856       33,856  
 
             
Total Short Term Investments
(Cost $33,856)
            33,856  
 
             
Total Investments 99.9%
(Cost $14,954,248)
            11,442,268  
 
             
Other Assets in Excess of Liabilities — 0.1%
            14,925  
 
             
Net Assets — 100.0%
          $ 11,457,193  
 
*   Non-Income Producing Security.

 

 

RYDEX S&P MIDCAP 400 PURE GROWTH ETF
SCHEDULE OF INVESTMENTS (Unaudited)   July 31, 2008
 
                 
            Market  
    Shares     Value  
 
COMMON STOCKS 100.0%
               
 
               
Aerospace & Defense 1.0%
               
Alliant Techsystems, Inc.*
    3,281     $ 324,786  
 
             
Total Aerospace & Defense
            324,786  
 
             
Beverages 0.9%
               
Hansen Natural Corp.*
    12,084       276,240  
 
             
Total Beverages
            276,240  
 
             
Capital Markets 1.9%
               
Affiliated Managers Group, Inc.*
    2,191       189,302  
Eaton Vance Corp.
    6,222       231,085  
SEI Investments Co.
    8,393       193,291  
 
             
Total Capital Markets
            613,678  
 
             
Chemicals 2.5%
               
CF Industries Holdings, Inc.
    2,551       416,986  
Terra Industries, Inc.
    6,952       375,408  
 
             
Total Chemicals
            792,394  
 
             
Commercial Services & Supplies 5.5%
               
Copart, Inc.*
    4,512       197,896  
Corporate Executive Board Co.
    4,922       184,477  
Dun & Bradstreet Corp.
    2,971       287,117  
Korn/Ferry International*
    14,605       255,587  
Mine Safety Appliances Co.
    3,601       118,977  
Navigant Consulting, Inc.*
    22,447       414,821  
Rollins, Inc.
    10,873       185,711  
Stericycle, Inc.*
    2,361       141,070  
 
             
Total Commercial Services & Supplies
            1,785,656  
 
             
Communications Equipment 2.8%
               
F5 Networks, Inc.*
    16,775       488,991  
Harris Corp.
    3,061       147,387  
Plantronics, Inc.
    10,703       260,618  
 
             
Total Communications Equipment
            896,996  
 
             
Computers & Peripherals 1.2%
               
Western Digital Corp.*
    13,974       402,311  
 
             
Total Computers & Peripherals
            402,311  
 
             
Diversified Consumer Services 5.8%
               
Career Education Corp.*
    15,385       282,161  
Corinthian Colleges, Inc.*
    20,997       330,703  
ITT Educational Services, Inc.*
    4,071       360,609  
Matthews International Corp. — Class A
    5,292       264,124  
Sotheby’s
    6,692       185,636  
Strayer Education, Inc.
    2,011       447,849  
 
             
Total Diversified Consumer Services
            1,871,082  
 
             
Electronic Equipment & Instruments 2.8%
               
Amphenol Corp. — Class A
    5,972       284,685  
FLIR Systems, Inc.*
    11,163       454,781  
Trimble Navigation, Ltd.*
    4,661       154,745  
 
             
Total Electronic Equipment & Instruments
            894,211  
 
             
Energy Equipment & Services 1.8%
               
FMC Technologies, Inc.*
    4,271       263,862  
Helix Energy Solutions Group, Inc.*
    9,673       308,859  
 
             
Total Energy Equipment & Services
            572,721  
 
             
Health Care Equipment & Supplies 3.7%
               
Gen-Probe, Inc.*
    4,271       227,730  
Hologic, Inc.*
    11,454       211,555  
Idexx Laboratories, Inc.*
    4,534       242,569  
Kinetic Concepts, Inc.*
    8,513       297,529  
ResMed, Inc.*
    5,652       213,759  
 
             
Total Health Care Equipment & Supplies
            1,193,142  
 
             
Health Care Providers & Services 5.6%
               
Apria Healthcare Group, Inc.*
    13,835       265,770  
Community Health Systems, Inc.*
    6,992       230,596  
                 
            Market  
    Shares     Value  
 
Henry Schein, Inc.*
    3,031     $ 162,340  
Lincare Holdings, Inc.*
    8,223       264,945  
Psychiatric Solutions, Inc.*
    16,935       593,064  
VCA Antech, Inc.*
    9,703       282,746  
 
             
Total Health Care Providers & Services
            1,799,461  
 
             
Health Care Technology 0.5%
               
Cerner Corp.*
    3,361       150,102  
 
             
Total Health Care Technology
            150,102  
 
             
Hotels, Restaurants & Leisure 1.6%
               
Cheesecake Factory, Inc.*
    9,543       134,365  
Chipotle Mexican Grill, Inc. — Class A*
    2,531       173,374  
Scientific Games Corp. — Class A*
    6,832       207,283  
 
             
Total Hotels, Restaurants & Leisure
            515,022  
 
             
Household Durables 2.8%
               
NVR, Inc.*
    940       519,181  
Toll Brothers, Inc.*
    19,306       387,857  
 
             
Total Household Durables
            907,038  
 
             
Household Products 1.5%
               
Church & Dwight Co., Inc.
    3,531       193,746  
Energizer Holdings, Inc.*
    3,831       273,304  
 
             
Total Household Products
            467,050  
 
             
Insurance 3.0%
               
Brown & Brown, Inc.
    12,584       221,101  
Philadelphia Consolidated Holding Co.*
    8,268       483,265  
W.R. Berkley Corp.
    11,234       265,347  
 
             
Total Insurance
            969,713  
 
             
Internet Software & Services 2.5%
               
Digital River, Inc.*
    16,825       671,149  
ValueClick, Inc.*
    12,584       149,750  
 
             
Total Internet Software & Services
            820,899  
 
             
IT Services 3.4%
               
Alliance Data Systems Corp.*
    3,451       221,382  
DST Systems, Inc.*
    5,422       327,652  
Gartner, Inc. — Class A*
    6,472       157,658  
Global Payments, Inc.
    5,422       240,140  
SRA International, Inc. — Class A*
    7,152       156,986  
 
             
Total IT Services
            1,103,818  
 
             
Life Sciences Tools & Services 4.5%
               
Affymetrix, Inc.*
    16,985       133,842  
Charles River Laboratories International, Inc.*
    2,011       133,651  
Covance, Inc.*
    1,720       157,896  
Invitrogen Corp.*
    10,243       454,277  
Pharmaceutical Product Development, Inc.
    6,342       241,884  
Techne Corp.*
    3,921       311,798  
 
             
Total Life Sciences Tools & Services
            1,433,348  
 
             
Machinery 3.1%
               
Donaldson Co., Inc.
    4,632       208,950  
Graco, Inc.
    7,802       282,666  
Joy Global, Inc.
    6,972       503,518  
 
             
Total Machinery
            995,134  
 
             
Media 4.2%
               
DreamWorks Animation SKG, Inc.*
    18,646       553,786  
John Wiley & Sons, Inc.- Class A
    5,152       233,592  
Marvel Entertainment, Inc.*
    10,983       381,110  
Valassis Communications, Inc.*
    22,057       194,543  
 
             
Total Media
            1,363,031  
 
             
Metals & Mining 6.1%
               
Cleveland-Cliffs, Inc.
    9,443       1,023,716  
Commercial Metals Co.
    14,615       436,258  
Steel Dynamics, Inc.
    15,815       501,019  
 
             
Total Metals & Mining
            1,960,993  
 
             

 

 

RYDEX S&P MIDCAP 400 PURE GROWTH ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   July 31, 2008
 
                 
            Market  
    Shares     Value  
 
Multiline Retail 1.0%
               
Dollar Tree Stores, Inc.*
    8,743     $ 327,863  
 
             
Total Multiline Retail
            327,863  
 
             
Oil, Gas & Consumable Fuels 8.0%
               
Cimarex Energy Co.
    8,202       427,406  
Denbury Resources, Inc.*
    8,673       244,058  
Encore Acquisition Co.*
    17,265       1,068,186  
Frontier Oil Corp.
    9,773       178,357  
Newfield Exploration Co.*
    4,351       213,112  
Pioneer Natural Resources Co.
    4,491       266,990  
Quicksilver Resources, Inc.*
    6,992       182,911  
 
             
Total Oil, Gas & Consumable Fuels
            2,581,020  
 
             
Personal Products 1.0%
               
NBTY, Inc.*
    8,903       307,064  
 
             
Total Personal Products
            307,064  
 
             
Pharmaceuticals 3.2%
               
Endo Pharmaceuticals Holdings, Inc.*
    14,885       344,588  
Medicis Pharmaceutical Corp. — Class A
    5,902       108,361  
Par Pharmaceutical Cos., Inc.*
    11,613       200,905  
Sepracor, Inc.*
    21,267       371,747  
 
             
Total Pharmaceuticals
            1,025,601  
 
             
Real Estate Management & Development 0.9%
               
Jones Lang LaSalle, Inc.
    5,912       281,648  
 
             
Total Real Estate Management & Development
            281,648  
 
             
Semiconductors & Semiconductor Equipment 1.8%
               
Cree, Inc.*
    13,274       257,516  
Silicon Laboratories, Inc.*
    10,233       334,721  
 
             
Total Semiconductors & Semiconductor Equipment
            592,237  
 
             
Software 3.2%
               
ACI Worldwide, Inc.*
    16,785       328,315  
Ansys, Inc.*
    4,440       201,576  
Fair Isaac Corp.
    6,202       138,056  
Macrovision Solutions Corp.*
    8,713       132,438  
McAfee, Inc.*
    7,452       244,053  
 
             
Total Software
            1,044,438  
 
             
Specialty Retail 9.0%
               
Advance Auto Parts, Inc.
    7,082       290,999  
Aeropostale, Inc.*
    18,596       599,721  
American Eagle Outfitters, Inc.
    11,774       164,836  
Chico’s FAS, Inc.*
    50,355       280,477  
Guess?, Inc.
    3,541       112,144  
O’Reilly Automotive, Inc.*
    6,242       159,421  
Pacific Sunwear of California, Inc.*
    19,986       174,078  
Ross Stores, Inc.
    11,844       449,598  
Urban Outfitters, Inc.*
    15,315       505,548  
Williams-Sonoma, Inc.
    9,513       165,907  
 
             
Total Specialty Retail
            2,902,729  
 
             
Textiles, Apparel & Luxury Goods 2.4%
               
Timberland Co. — Class A*
    16,525       236,969  
Under Armour, Inc. — Class A*
    9,353       272,640  
Warnaco Group, Inc.*
    6,592       276,534  
 
             
Total Textiles, Apparel & Luxury Goods
            786,143  
 
             
Trading Companies & Distributors 0.8%
               
Fastenal Co.
    5,051       246,792  
 
             
Total Trading Companies & Distributors
            246,792  
 
             
Total Common Stocks
(Cost $33,627,162)
            32,204,361  
 
             
                 
            Market  
    Shares     Value  
 
SHORT TERM INVESTMENTS 0.0%(a)
               
 
               
SSgA Prime Money Market Fund
    7,293     $ 7,293  
 
             
Total Short Term Investments
(Cost $7,293)
            7,293  
 
             
Total Investments 100.0%
(Cost $33,634,455)
            32,211,654  
 
             
Liabilities in Excess of Other Assets — 0.0%(a)
            (2,296 )
 
             
Net Assets — 100.0%
          $ 32,209,358  
 
*   Non-Income Producing Security.
 
(a)   Amount represents less than 0.05% of net assets.

 

 

RYDEX S&P SMALLCAP 600 PURE VALUE ETF
SCHEDULE OF INVESTMENTS (Unaudited)   July 31, 2008
 
                 
            Market  
    Shares     Value  
 
COMMON STOCKS 99.4%
               
 
               
Aerospace & Defense 0.5%
               
Applied Signal Technology, Inc.
    10,140     $ 148,450  
 
             
Total Aerospace & Defense
            148,450  
 
             
Auto Components 2.4%
               
Standard Motor Products, Inc.
    51,240       481,144  
Superior Industries International, Inc.
    11,480       193,897  
 
             
Total Auto Components
            675,041  
 
             
Automobiles 0.3%
               
Monaco Coach Corp.
    32,350       72,464  
 
             
Total Automobiles
            72,464  
 
             
Building Products 2.5%
               
Gibraltar Industries, Inc.
    14,870       235,095  
Griffon Corp.*
    15,510       155,875  
NCI Building Systems, Inc.*
    2,780       104,139  
Universal Forest Products, Inc.
    7,440       200,880  
 
             
Total Building Products
            695,989  
 
             
Capital Markets 1.1%
               
SWS Group, Inc.
    15,890       300,639  
 
             
Total Capital Markets
            300,639  
 
             
Chemicals 3.8%
               
A. Schulman, Inc.
    8,410       195,364  
Georgia Gulf Corp.
    60,570       175,653  
Material Sciences Corp.*
    11,380       86,147  
Omnova Solutions, Inc.*
    16,290       43,820  
PolyOne Corp.*
    38,310       287,325  
Quaker Chemical Corp.
    7,780       232,466  
Tronox, Inc.*
    43,420       60,788  
 
             
Total Chemicals
            1,081,563  
 
             
Commercial Banks 7.9%
               
Central Pacific Financial Corp.
    12,090       133,836  
Community Bank System, Inc.
    5,880       138,768  
First BanCorp.
    40,920       358,050  
First Commonwealth Financial Corp.
    12,100       137,940  
First Financial Bancorp
    11,700       132,210  
First Midwest Bancorp, Inc.
    1,800       36,954  
Hanmi Financial Corp.
    14,840       78,652  
Independent Bank Corp.
    24,250       122,947  
Irwin Financial Corp.*
    25,860       106,285  
National Penn Bancshares, Inc.
    6,980       93,741  
Old National Bancorp
    8,090       122,806  
Provident Bankshares Corp.
    8,250       75,075  
South Financial Group, Inc.
    10,300       62,109  
Sterling Bancorp
    9,050       127,062  
Sterling Financial Corp.
    7,120       53,258  
Susquehanna Bancshares, Inc.
    9,400       134,608  
Umpqua Holdings Corp.
    13,320       180,886  
United Bankshares, Inc.
    1,970       49,624  
Whitney Holding Corp.
    4,180       85,941  
 
             
Total Commercial Banks
            2,230,752  
 
             
Commercial Services & Supplies 4.0%
               
ABM Industries, Inc.
    7,520       179,954  
Angelica Corp.
    10,240       224,665  
CDI Corp.
    4,400       90,552  
Spherion Corp.*
    35,610       174,133  
Standard Register Co.
    20,720       182,958  
United Stationers, Inc.*
    1,320       50,596  
Volt Information Sciences, Inc.*
    16,550       229,548  
 
             
Total Commercial Services & Supplies
            1,132,406  
 
             
Communications Equipment 0.7%
               
Black Box Corp.
    2,190       65,043  
Ditech Networks, Inc.*
    29,620       58,648  
                 
            Market  
    Shares     Value  
 
Symmetricom, Inc.*
    14,400     $ 69,552  
 
             
Total Communications Equipment
            193,243  
 
             
Construction & Engineering 0.2%
               
Insituform Technologies, Inc. — Class A*
    3,850       66,567  
 
             
Total Construction & Engineering
            66,567  
 
             
Containers & Packaging 0.9%
               
Rock-Tenn Co. — Class A
    6,870       244,229  
 
             
Total Containers & Packaging
            244,229  
 
             
Distributors 0.3%
               
Audiovox Corp. — Class A*
    7,870       71,853  
 
             
Total Distributors
            71,853  
 
             
Diversified Consumer Services 0.2%
               
CPI Corp.
    3,530       48,608  
 
             
Total Diversified Consumer Services
            48,608  
 
             
Diversified Financial Services 0.3%
               
Financial Federal Corp.
    3,560       82,058  
 
             
Total Diversified Financial Services
            82,058  
 
             
Electric Utilities 1.9%
               
Allete, Inc.
    3,040       129,383  
Central Vermont Public Service Corp.
    4,120       90,805  
Cleco Corp.
    3,580       89,965  
UIL Holdings Corp.
    3,490       109,167  
Unisource Energy Corp.
    4,020       122,811  
 
             
Total Electric Utilities
            542,131  
 
             
Electrical Equipment 0.9%
               
AO Smith Corp.
    3,550       140,935  
C&D Technologies, Inc.*
    12,350       99,171  
 
             
Total Electrical Equipment
            240,106  
 
             
Electronic Equipment & Instruments 3.2%
               
Benchmark Electronics, Inc.*
    4,980       72,907  
CTS Corp.
    10,240       131,687  
Gerber Scientific, Inc.*
    7,520       89,262  
Insight Enterprises, Inc.*
    7,320       93,403  
Methode Electronics, Inc.
    4,770       53,376  
Park Electrochemical Corp.
    3,520       89,197  
SYNNEX Corp.*
    15,870       370,723  
 
             
Total Electronic Equipment & Instruments
            900,555  
 
             
Food & Staples Retailing 2.1%
               
Great Atlantic & Pacific Tea Co., Inc.*
    2,090       33,252  
Longs Drug Stores Corp.
    1,320       61,710  
Nash Finch Co.
    7,880       311,024  
Spartan Stores, Inc.
    8,350       198,646  
 
             
Total Food & Staples Retailing
            604,632  
 
             
Food Products 0.2%
               
Lance, Inc.
    3,250       59,800  
 
             
Total Food Products
            59,800  
 
             
Gas Utilities 4.4%
               
Atmos Energy Corp.
    11,370       300,964  
Laclede Group, Inc.
    6,610       280,330  
New Jersey Resources Corp.
    3,260       111,134  
Northwest Natural Gas Co.
    1,360       61,540  
Piedmont Natural Gas Co., Inc.
    3,830       102,567  
Southern Union Co.
    2,610       68,173  
Southwest Gas Corp.
    6,300       182,070  
UGI Corp.
    4,350       117,711  
 
             
Total Gas Utilities
            1,224,489  
 
             
Health Care Equipment & Supplies 0.4%
               
Datascope Corp.
    2,260       105,497  
 
             
Total Health Care Equipment & Supplies
            105,497  
 
             
Health Care Providers & Services 0.9%
               
Gentiva Health Services, Inc.*
    2,940       75,088  

 

 

RYDEX S&P SMALLCAP 600 PURE VALUE ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   July 31, 2008
                 
            Market  
    Shares     Value  
 
MedCath Corp.*
    3,610     $ 67,399  
Owens & Minor, Inc.
    2,720       124,902  
 
             
Total Health Care Providers & Services
            267,389  
 
             
Hotels, Restaurants & Leisure 2.6%
               
CKE Restaurants, Inc.
    4,290       52,638  
Landry’s Restaurants, Inc.
    7,420       108,109  
O’Charleys, Inc.
    14,210       159,863  
Ruby Tuesday, Inc.
    28,940       199,107  
Steak n Shake Co.*
    7,810       53,811  
Triarc Cos., Inc. — Class B
    30,190       168,460  
 
             
Total Hotels, Restaurants & Leisure
            741,988  
 
             
Household Durables 6.4%
               
Bassett Furniture Industries, Inc.
    42,400       504,136  
Ethan Allen Interiors, Inc.
    3,310       83,081  
La-Z-Boy, Inc.
    54,370       401,251  
Libbey, Inc.
    8,460       76,732  
M/I Homes, Inc.*
    24,700       468,065  
National Presto Industries, Inc.
    3,590       256,613  
 
             
Total Household Durables
            1,789,878  
 
             
Household Products 1.0%
               
Central Garden & Pet Co. — Class A*
    53,400       223,212  
Spectrum Brands, Inc.*
    20,110       50,677  
 
             
Total Household Products
            273,889  
 
             
Industrial Conglomerates 1.5%
               
Standex International Corp.
    13,490       295,296  
Tredegar Corp.
    7,740       126,781  
 
             
Total Industrial Conglomerates
            422,077  
 
             
Insurance 3.6%
               
LandAmerica Financial Group, Inc.
    14,120       162,239  
Presidential Life Corp.
    8,880       142,435  
Safety Insurance Group, Inc.
    5,710       242,504  
Selective Insurance Group, Inc.
    4,900       105,840  
Stewart Information Services Corp.
    16,290       284,423  
United Fire & Casualty Co.
    2,650       72,001  
 
             
Total Insurance
            1,009,442  
 
             
IT Services 2.0%
               
Ciber, Inc.*
    19,000       134,330  
Gevity HR, Inc.
    56,650       422,042  
 
             
Total IT Services
            556,372  
 
             
Leisure Equipment & Products 2.3%
               
Arctic Cat, Inc.
    23,410       208,349  
Brunswick Corp.
    17,840       230,136  
Nautilus, Inc.
    42,360       206,717  
 
             
Total Leisure Equipment & Products
            645,202  
 
             
Life Sciences Tools & Services 0.6%
               
Cambrex Corp.*
    20,640       157,070  
 
             
Total Life Sciences Tools & Services
            157,070  
 
             
Machinery 3.0%
               
Briggs & Stratton Corp.
    7,360       99,654  
Lydall, Inc.*
    11,040       171,783  
Mueller Industries, Inc.
    2,640       67,769  
Wabash National Corp.
    53,960       501,828  
 
             
Total Machinery
            841,034  
 
             
Media 0.5%
               
Live Nation, Inc.*
    10,110       127,588  
 
             
Total Media
            127,588  
 
             
Metals & Mining 0.3%
               
AM Castle & Co.
    3,670       74,281  
 
             
Total Metals & Mining
            74,281  
 
             
Multi-Utilities 1.2%
               
Avista Corp.
    6,850       154,947  
                 
            Market  
    Shares     Value  
 
CH Energy Group, Inc.
    4,890     $ 177,262  
 
             
Total Multi-Utilities
            332,209  
 
             
Multiline Retail 1.8%
               
Fred’s, Inc. — Class A
    21,640       278,290  
Tuesday Morning Corp.*
    61,100       234,624  
 
             
Total Multiline Retail
            512,914  
 
             
Paper & Forest Products 1.0%
               
Schweitzer-Mauduit International, Inc.
    3,510       65,321  
Wausau Paper Corp.
    24,270       215,032  
 
             
Total Paper & Forest Products
            280,353  
 
             
Real Estate Investment Trusts (REITs) 8.4%
               
BioMed Realty Trust, Inc.
    6,880       177,504  
Colonial Properties Trust
    13,470       268,861  
DiamondRock Hospitality Co.
    8,510       78,462  
Entertainment Properties Trust
    2,110       113,180  
Home Properties, Inc.
    2,790       153,506  
Inland Real Estate Corp.
    6,490       97,025  
Kite Realty Group Trust
    8,740       108,551  
Lexington Corporate Properties Trust
    10,760       154,944  
LTC Properties, Inc.
    3,920       114,582  
Medical Properties Trust, Inc.
    15,290       169,566  
Mid-America Apartment Communities, Inc.
    3,370       193,674  
National Retail Properties, Inc.
    5,370       113,522  
Parkway Properties, Inc.
    4,740       167,275  
Pennsylvania Real Estate Investment Trust
    8,170       150,491  
PS Business Parks, Inc.
    1,110       58,386  
Senior Housing Properties Trust
    5,280       111,144  
Sovran Self Storage, Inc.
    2,780       116,232  
 
             
Total Real Estate Investment Trusts (REITs)
            2,346,905  
 
             
Road & Rail 1.7%
               
Arkansas Best Corp.
    12,530       465,364  
 
             
Total Road & Rail
            465,364  
 
             
Semiconductors & Semiconductor Equipment 0.4%
               
Photronics, Inc.*
    13,930       59,203  
Rudolph Technologies, Inc.*
    7,300       63,729  
 
             
Total Semiconductors & Semiconductor Equipment
            122,932  
 
             
Specialty Retail 16.1%
               
Big 5 Sporting Goods Corp.
    6,210       49,618  
Brown Shoe Co., Inc.
    10,590       170,923  
Cabela’s, Inc.*
    4,270       49,617  
Cato Corp. — Class A
    12,570       224,877  
Finish Line, Inc. — Class A
    131,899       1,431,104  
Group 1 Automotive, Inc.
    13,010       255,647  
Haverty Furniture Cos., Inc.
    37,770       431,333  
Jo-Ann Stores, Inc.*
    19,590       430,392  
Lithia Motors, Inc. — Class A
    30,960       143,964  
MarineMax, Inc.*
    14,190       93,370  
OfficeMax, Inc.
    20,270       258,645  
PEP Boys-Manny Moe & Jack
    26,840       198,079  
Sonic Automotive, Inc. — Class A
    15,380       154,877  
Stein Mart, Inc.*
    95,610       427,377  
Zale Corp.*
    9,640       213,237  
 
             
Total Specialty Retail
            4,533,060  
 
             
Textiles, Apparel & Luxury Goods 0.7%
               
Oxford Industries, Inc.
    9,860       207,454  
 
             
Total Textiles, Apparel & Luxury Goods
            207,454  
 
             
Thrifts & Mortgage Finance 3.2%
               
Anchor BanCorp Wisconsin, Inc.
    2,430       17,496  
Bank Mutual Corp.
    7,740       90,558  
BankAtlantic Bancorp, Inc. — Class A
    60,280       81,981  
Brookline Bancorp, Inc.
    8,190       79,853  
Corus Bankshares, Inc.*
    36,130       141,268  
Dime Community Bancshares
    6,110       102,220  

 

 

RYDEX S&P SMALLCAP 600 PURE VALUE ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   July 31, 2008
                 
            Market  
    Shares     Value  
 
Downey Financial Corp.
    5,070     $ 10,698  
FirstFed Financial Corp.
    3,870       30,960  
Flagstar Bancorp, Inc.*
    58,780       260,983  
Guaranty Financial Group, Inc.*
    6,770       22,409  
TrustCo Bank Corp.
    7,040       61,459  
 
             
Total Thrifts & Mortgage Finance
            899,885  
 
             
Tobacco 0.6%
               
Alliance One International, Inc.*
    40,980       183,181  
 
             
Total Tobacco
            183,181  
 
             
Trading Companies & Distributors 1.4%
               
Building Materials Holding Corp.*
    70,160       130,497  
Lawson Products, Inc.
    2,460       72,127  
Watsco, Inc.
    3,910       194,992  
 
             
Total Trading Companies & Distributors
            397,616  
 
             
Total Common Stocks
(Cost $32,779,846)
            27,909,155  
 
             
SHORT TERM INVESTMENTS 0.4%
               
 
               
SSgA Prime Money Market Fund
    112,304       112,304  
 
             
Total Short Term Investments
(Cost $112,304)
            112,304  
 
             
Total Investments 99.8%
(Cost $32,892,150)
            28,021,459  
 
             
Other Assets in Excess of Liabilities — 0.2%
            56,743  
 
             
Net Assets — 100.0%
          $ 28,078,202  
 
*   Non-Income Producing Security.

 

 

RYDEX S&P SMALLCAP 600 PURE GROWTH ETF
SCHEDULE OF INVESTMENTS (Unaudited)   July 31, 2008
 
                 
            Market  
    Shares     Value  
 
COMMON STOCKS 99.9%
               
 
               
Aerospace & Defense 3.4%
               
AAR Corp.*
    990     $ 17,018  
Ceradyne, Inc.*
    1,310       60,718  
Curtiss-Wright Corp.
    700       36,848  
Orbital Sciences Corp.*
    1,850       46,269  
Teledyne Technologies, Inc.*
    460       28,934  
 
             
Total Aerospace & Defense
            189,787  
 
             
Air Freight & Logistics 0.6%
               
Forward Air Corp.
    950       34,761  
 
             
Total Air Freight & Logistics
            34,761  
 
             
Auto Components 0.4%
               
Drew Industries, Inc.*
    1,670       24,716  
 
             
Total Auto Components
            24,716  
 
             
Beverages 0.5%
               
Boston Beer Co., Inc. — Class A*
    610       27,627  
 
             
Total Beverages
            27,627  
 
             
Biotechnology 1.6%
               
Martek Biosciences Corp.*
    2,440       91,768  
 
             
Total Biotechnology
            91,768  
 
             
Building Products 0.6%
               
Simpson Manufacturing Co., Inc.
    1,330       31,933  
 
             
Total Building Products
            31,933  
 
             
Capital Markets 3.6%
               
Greenhill & Co., Inc.
    1,399       85,940  
optionsXpress Holdings, Inc.
    2,380       59,048  
TradeStation Group, Inc.*
    5,679       61,220  
 
             
Total Capital Markets
            206,208  
 
             
Chemicals 1.3%
               
Balchem Corp.
    1,050       26,513  
NewMarket Corp.
    790       48,790  
 
             
Total Chemicals
            75,303  
 
             
Commercial Banks 2.5%
               
Nara Bancorp, Inc.
    2,810       29,449  
PrivateBancorp, Inc.
    870       25,708  
UCBH Holdings, Inc.
    1,860       8,389  
Wilshire Bancorp, Inc.
    6,439       79,328  
 
             
Total Commercial Banks
            142,874  
 
             
Commercial Services & Supplies 0.5%
               
Waste Connections, Inc.*
    750       27,293  
 
             
Total Commercial Services & Supplies
            27,293  
 
             
Communications Equipment 1.6%
               
Comtech Telecommunications Corp.*
    800       39,304  
NETGEAR, Inc.*
    2,320       35,148  
ViaSat, Inc.*
    690       15,891  
 
             
Total Communications Equipment
            90,343  
 
             
Computers & Peripherals 0.9%
               
Intevac, Inc.*
    3,090       32,909  
Stratasys, Inc.*
    960       14,928  
 
             
Total Computers & Peripherals
            47,837  
 
             
Construction Materials 1.1%
               
Headwaters, Inc.*
    4,719       61,866  
 
             
Total Construction Materials
            61,866  
 
             
Consumer Finance 1.3%
               
First Cash Financial Services, Inc.*
    1,730       32,991  
World Acceptance Corp.*
    1,290       42,260  
 
             
Total Consumer Finance
            75,251  
 
             
                 
            Market  
    Shares     Value  
 
Distributors 0.3%
               
LKQ Corp.*
    890     $ 18,245  
 
             
Total Distributors
            18,245  
 
             
Diversified Consumer Services 2.4%
               
Coinstar, Inc.*
    2,020       69,670  
Pre-Paid Legal Services, Inc.*
    1,000       42,020  
Universal Technical Institute, Inc.*
    1,680       24,662  
 
             
Total Diversified Consumer Services
            136,352  
 
             
Diversified Financial Services 1.1%
               
Portfolio Recovery Associates, Inc.*
    1,510       60,204  
 
             
Total Diversified Financial Services
            60,204  
 
             
Electronic Equipment & Instruments 2.1%
               
Brightpoint, Inc.*
    2,410       16,605  
Daktronics, Inc.
    1,400       24,990  
FARO Technologies, Inc.*
    1,500       35,550  
LoJack Corp.*
    1,760       10,806  
Scansource, Inc.*
    990       30,383  
 
             
Total Electronic Equipment & Instruments
            118,334  
 
             
Energy Equipment & Services 6.5%
               
Basic Energy Services, Inc.*
    3,590       96,643  
CARBO Ceramics, Inc.
    830       45,418  
Dril-Quip, Inc.*
    270       14,618  
Hornbeck Offshore Services, Inc.*
    1,300       57,954  
Oceaneering International, Inc.*
    450       27,288  
Superior Well Services, Inc.*
    1,320       41,923  
Unit Corp.*
    1,230       83,086  
 
             
Total Energy Equipment & Services
            366,930  
 
             
Food & Staples Retailing 0.3%
               
United Natural Foods, Inc.*
    980       18,836  
 
             
Total Food & Staples Retailing
            18,836  
 
             
Food Products 0.5%
               
Green Mountain Coffee Roasters, Inc.*
    800       29,080  
 
             
Total Food Products
            29,080  
 
             
Health Care Equipment & Supplies 5.9%
               
Abaxis, Inc.*
    1,010       20,089  
American Medical Systems Holdings, Inc.*
    1,300       21,411  
Cooper Cos., Inc.
    910       30,667  
Haemonetics Corp.*
    270       15,676  
ICU Medical, Inc.*
    630       17,911  
Immucor, Inc.*
    1,590       47,907  
Integra LifeSciences Holdings Corp.*
    960       43,833  
Kensey Nash Corp.*
    770       26,742  
Merit Medical Systems, Inc.*
    1,570       31,730  
Palomar Medical Technologies, Inc.*
    4,380       56,020  
SurModics, Inc.*
    490       20,624  
 
             
Total Health Care Equipment & Supplies
            332,610  
 
             
Health Care Providers & Services 9.3%
               
Air Methods Corp.*
    690       19,782  
Amedisys, Inc.*
    470       30,136  
AMN Healthcare Services, Inc.*
    2,520       47,628  
Amsurg Corp. — Class A*
    1,040       27,872  
HealthExtras, Inc.*
    3,090       92,731  
Healthways, Inc.*
    870       22,107  
inVentiv Health, Inc.*
    1,820       43,971  
LCA-Vision, Inc.*
    4,130       24,284  
LHC Group, Inc.*
    3,270       91,625  
Molina Healthcare, Inc.*
    1,140       34,018  
Pediatrix Medical Group, Inc.*
    490       23,839  
PharMerica Corp.*
    1,760       41,624  
Sunrise Senior Living, Inc.*
    1,330       23,847  
 
             
Total Health Care Providers & Services
            523,464  
 
             
Hotels, Restaurants & Leisure 5.2%
               
CEC Entertainment, Inc.*
    1,310       45,667  

 

 

RYDEX S&P SMALLCAP 600 PURE GROWTH ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   July 31, 2008
                 
            Market  
    Shares     Value  
 
Monarch Casino & Resort, Inc.*
    1,540     $ 18,973  
P.F. Chang’s China Bistro, Inc.*
    1,550       40,300  
Panera Bread Co. — Class A*
    1,500       75,150  
Papa John’s International, Inc.*
    1,700       48,093  
Shuffle Master, Inc.*
    5,579       26,946  
Sonic Corp.*
    1,790       27,011  
WMS Industries, Inc.*
    480       13,526  
 
             
Total Hotels, Restaurants & Leisure
            295,666  
 
             
Household Durables 2.1%
               
Meritage Homes Corp.*
    3,920       70,756  
Standard Pacific Corp.*
    13,928       46,520  
Standard Pacific Corp. — Rts*
    12,270       2,331  
 
             
Total Household Durables
            119,607  
 
             
Insurance 1.8%
               
Infinity Property & Casualty Corp.
    1,170       52,135  
Zenith National Insurance Corp.
    1,360       46,798  
 
             
Total Insurance
            98,933  
 
             
Internet & Catalog Retail 3.3%
               
NutriSystem, Inc.
    3,660       62,989  
PetMed Express, Inc.*
    5,669       82,200  
Stamps.com, Inc.*
    2,990       40,694  
 
             
Total Internet & Catalog Retail
            185,883  
 
             
Internet Software & Services 5.7%
               
Bankrate, Inc.*
    1,700       53,465  
DealerTrack Holdings, Inc.*
    2,080       32,406  
InfoSpace, Inc.*
    2,720       25,677  
j2 Global Communications, Inc.*
    3,740       89,648  
United Online, Inc.
    4,210       45,721  
Websense, Inc.*
    3,480       72,627  
 
             
Total Internet Software & Services
            319,544  
 
             
IT Services 1.7%
               
CACI International, Inc. — Class A*
    770       34,619  
Wright Express Corp.*
    2,350       62,393  
 
             
Total IT Services
            97,012  
 
             
Leisure Equipment & Products 1.7%
               
Polaris Industries, Inc.
    820       35,096  
Pool Corp.
    2,660       58,733  
 
             
Total Leisure Equipment & Products
            93,829  
 
             
Life Sciences Tools & Services 1.4%
               
Dionex Corp.*
    470       32,674  
Kendle International, Inc.*
    690       28,394  
PharmaNet Development Group, Inc.*
    790       19,063  
 
             
Total Life Sciences Tools & Services
            80,131  
 
             
Machinery 0.4%
               
Toro Co.
    680       22,134  
 
             
Total Machinery
            22,134  
 
             
Media 0.7%
               
Arbitron, Inc.
    890       41,830  
 
             
Total Media
            41,830  
 
             
Metals & Mining 0.3%
               
Brush Engineered Materials, Inc.*
    770       18,426  
 
             
Total Metals & Mining
            18,426  
 
             
Oil, Gas & Consumable Fuels 3.1%
               
Penn Virginia Corp.
    910       55,282  
Petroleum Development Corp.*
    1,020       56,416  
St. Mary Land & Exploration Co.
    1,530       65,117  
 
             
Total Oil, Gas & Consumable Fuels
            176,815  
 
             
Paper & Forest Products 1.0%
               
Deltic Timber Corp.
    950       57,826  
 
             
Total Paper & Forest Products
            57,826  
 
             
                 
            Market  
    Shares     Value  
 
Personal Products 1.9%
               
Chattem, Inc.*
    390     $ 25,144  
Mannatech, Inc.
    12,429       82,404  
 
             
Total Personal Products
            107,548  
 
             
Pharmaceuticals 0.5%
               
Sciele Pharma, Inc.*
    1,630       30,400  
 
             
Total Pharmaceuticals
            30,400  
 
             
Road & Rail 2.6%
               
Heartland Express, Inc.
    2,110       35,954  
Knight Transportation, Inc.
    2,500       47,300  
Landstar System, Inc.
    1,310       66,260  
 
             
Total Road & Rail
            149,514  
 
             
Semiconductors & Semiconductor Equipment 0.4%
               
Diodes, Inc.*
    880       22,854  
 
             
Total Semiconductors & Semiconductor Equipment
            22,854  
 
             
Software 7.6%
               
Blackbaud, Inc.
    1,440       25,718  
Concur Technologies, Inc.*
    1,180       48,640  
Epicor Software Corp.*
    5,649       38,187  
EPIQ Systems, Inc.*
    2,040       23,827  
Factset Research Systems, Inc.
    820       47,289  
MICROS Systems, Inc.*
    870       27,562  
Quality Systems, Inc.
    1,900       62,415  
Secure Computing Corp.*
    5,559       21,847  
Smith Micro Software, Inc.*
    5,369       38,657  
Sonic Solutions, Inc.*
    4,280       22,042  
SPSS, Inc.*
    1,060       35,033  
Tyler Technologies, Inc.*
    2,340       37,393  
 
             
Total Software
            428,610  
 
             
Specialty Retail 6.3%
               
Christopher & Banks Corp.
    2,520       21,924  
Dress Barn, Inc.*
    2,630       42,422  
Gymboree Corp.*
    1,490       55,726  
Hibbett Sports, Inc.*
    2,190       46,100  
Jos. A. Bank Clothiers, Inc.*
    1,480       33,152  
Select Comfort Corp.*
    6,279       12,432  
Stage Stores, Inc.
    4,769       70,677  
Tractor Supply Co.*
    1,140       43,331  
Zumiez, Inc.*
    2,210       32,620  
 
             
Total Specialty Retail
            358,384  
 
             
Textiles, Apparel & Luxury Goods 3.9%
               
Crocs, Inc.*
    2,010       8,924  
Deckers Outdoor Corp.*
    210       23,732  
Fossil, Inc.*
    740       19,817  
K-Swiss, Inc. — Class A
    3,210       49,627  
True Religion Apparel, Inc.*
    2,720       70,285  
Volcom, Inc.*
    2,770       49,694  
 
             
Total Textiles, Apparel & Luxury Goods
            222,079  
 
             
Total Common Stocks
(Cost $6,443,087)
            5,658,647  
 
             
SHORT TERM INVESTMENTS 0.1%
               
 
SSgA Prime Money Market Fund
    2,986       2,986  
 
             
Total Short Term Investments
(Cost $2,986)
            2,986  
 
             
Total Investments 100.0%
(Cost $6,446,073)
            5,661,633  
 
             
Liabilities in Excess of Other Assets — 0.0%(a)
            (1,559 )
 
             
Net Assets — 100.0%
          $ 5,660,074  
 
*   Non-Income Producing Security.
 
(a)   Amount represents less than 0.05% of net assets.

 

 

RYDEX S&P EQUAL WEIGHT CONSUMER DISCRETIONARY ETF
SCHEDULE OF INVESTMENTS (Unaudited)   July 31, 2008
 
                 
            Market  
    Shares     Value  
 
COMMON STOCKS 99.9%
               
 
               
Auto Components 2.5%
               
Goodyear Tire & Rubber Co.*
    4,088     $ 80,247  
Johnson Controls, Inc.
    2,729       82,307  
 
             
Total Auto Components
            162,554  
 
             
Automobiles 3.3%
               
Ford Motor Co.*
    14,365       68,952  
General Motors Corp.*
    5,937       65,723  
Harley-Davidson, Inc.
    2,249       85,102  
 
             
Total Automobiles
            219,777  
 
             
Distributors 1.2%
               
Genuine Parts Co.
    2,029       81,383  
 
             
Total Distributors
            81,383  
 
             
Diversified Consumer Services 2.9%
               
Apollo Group, Inc. — Class A*
    1,640       102,155  
H&R Block, Inc.
    3,757       91,408  
 
             
Total Diversified Consumer Services
            193,563  
 
             
Hotels, Restaurants & Leisure 11.6%
               
Carnival Corp.
    2,399       88,619  
Darden Restaurants, Inc.
    2,649       86,278  
International Game Technology
    2,919       63,371  
Marriott International, Inc. — Class A
    3,059       79,259  
McDonald’s Corp.
    1,470       87,891  
Starbucks Corp.*
    4,868       71,511  
Starwood Hotels & Resorts Worldwide, Inc.
    1,899       65,117  
Wendy’s International, Inc.
    2,829       64,925  
Wyndham Worldwide Corp.
    4,469       80,174  
Yum! Brands, Inc.
    2,319       83,067  
 
             
Total Hotels, Restaurants & Leisure
            770,212  
 
             
Household Durables 16.2%
               
Black & Decker Corp.
    1,449       86,969  
Centex Corp.
    5,598       82,179  
D.R. Horton, Inc.
    6,898       76,706  
Fortune Brands, Inc.
    1,319       75,592  
Harman International Industries, Inc.
    1,879       77,358  
KB HOME
    4,558       80,175  
Leggett & Platt, Inc.
    4,768       92,976  
Lennar Corp. — Class A
    5,578       67,494  
Newell Rubbermaid, Inc.
    4,649       76,848  
Pulte Homes, Inc.
    7,557       92,271  
Snap-on, Inc.
    1,539       86,630  
Stanley Works
    1,850       82,288  
Whirlpool Corp.
    1,279       96,820  
 
             
Total Household Durables
            1,074,306  
 
             
Internet & Catalog Retail 3.5%
               
Amazon.com, Inc.*
    1,040       79,394  
Expedia, Inc.*
    4,269       83,544  
IAC/InterActiveCorp*
    4,089       71,394  
 
             
Total Internet & Catalog Retail
            234,332  
 
             
Leisure Equipment & Products 4.2%
               
Eastman Kodak Co.
    6,768       99,084  
Hasbro, Inc.
    2,259       87,469  
Mattel, Inc.
    4,489       90,004  
 
             
Total Leisure Equipment & Products
            276,557  
 
             
Media 17.8%
               
CBS Corp. — Class B
    4,219       69,023  
Comcast Corp. — Class A
    4,279       88,233  
DIRECTV Group, Inc.*
    3,109       84,005  
Gannett Co., Inc.
    3,689       66,845  
Interpublic Group of Cos., Inc.*
    9,307       81,809  
McGraw-Hill Cos., Inc.
    1,969       80,079  
Meredith Corp.
    2,929       74,865  
                 
            Market  
    Shares     Value  
 
New York Times Co. — Class A
    5,338     $ 67,205  
News Corp. — Class A
    5,148       72,741  
Omnicom Group, Inc.
    1,839       78,507  
Scripps Networks Interactive — Class A
    2,198       89,107  
Time Warner, Inc.
    5,788       82,884  
Viacom, Inc. — Class B*
    2,699       75,383  
Walt Disney Co.
    2,629       79,790  
Washington Post Co. — Class B
    150       92,738  
 
             
Total Media
            1,183,214  
 
             
Multiline Retail 10.7%
               
Big Lots, Inc.*
    2,569       78,252  
Dillard’s, Inc. — Class A
    6,337       64,067  
Family Dollar Stores, Inc.
    4,308       100,377  
J.C. Penney Co., Inc.
    2,289       70,570  
Kohl’s Corp.*
    1,919       80,425  
Macy’s, Inc.
    3,998       75,202  
Nordstrom, Inc.
    2,489       71,534  
Sears Holdings Corp.*
    1,130       91,530  
Target Corp.
    1,679       75,941  
 
             
Total Multiline Retail
            707,898  
 
             
Specialty Retail 18.9%
               
Abercrombie & Fitch Co. — Class A
    1,250       69,025  
AutoNation, Inc.*
    6,857       70,764  
AutoZone, Inc.*
    730       95,112  
Bed Bath & Beyond, Inc.*
    2,929       81,514  
Best Buy Co., Inc.
    1,989       79,003  
GameStop Corp. — Class A*
    1,809       73,283  
Gap, Inc.
    4,828       77,827  
Home Depot, Inc.
    3,209       76,470  
Limited Brands, Inc.
    4,618       76,151  
Lowe’s Cos., Inc.
    3,689       74,960  
Office Depot, Inc.*
    6,927       47,104  
RadioShack Corp.
    6,317       105,368  
Sherwin-Williams Co.
    1,699       90,472  
Staples, Inc.
    3,429       77,153  
Tiffany & Co.
    1,879       71,007  
TJX Cos., Inc.
    2,599       87,612  
 
             
Total Specialty Retail
            1,252,825  
 
             
Textiles, Apparel & Luxury Goods 7.1%
               
Coach, Inc.*
    2,739       69,872  
Jones Apparel Group, Inc.
    5,628       94,213  
Liz Claiborne, Inc.
    5,328       69,637  
NIKE, Inc. — Class B
    1,270       74,523  
Polo Ralph Lauren Corp.
    1,320       78,104  
V.F. Corp.
    1,210       86,612  
 
             
Total Textiles, Apparel & Luxury Goods
            472,961  
 
             
Total Common Stocks
(Cost $9,135,508)
            6,629,582  
 
             
SHORT TERM INVESTMENTS 0.4%
               
 
SSgA Prime Money Market Fund
    26,310       26,310  
 
             
Total Short Term Investments
(Cost $26,310)
            26,310  
 
             
Total Investments 100.3%
(Cost $9,161,818)
            6,655,892  
 
             
Liabilities in Excess of Other Assets — (0.3)%
            (20,233 )
 
             
Net Assets — 100.0%
          $ 6,635,659  
 
*   Non-Income Producing Security.

 

 

RYDEX S&P EQUAL WEIGHT CONSUMER STAPLES ETF
SCHEDULE OF INVESTMENTS (Unaudited)   July 31, 2008
 
                 
            Market  
    Shares     Value  
 
COMMON STOCKS 99.6%
               
 
               
Beverages 19.2%
               
Anheuser-Busch Cos., Inc.
    3,840     $ 260,198  
Brown-Forman Corp. — Class B
    3,060       220,198  
Coca-Cola Co.
    4,380       225,570  
Coca-Cola Enterprises, Inc.
    12,861       217,737  
Constellation Brands, Inc. — Class A*
    11,791       253,742  
Molson Coors Brewing Co. — Class B
    4,220       227,753  
Pepsi Bottling Group, Inc.
    7,870       219,180  
PepsiCo, Inc.
    3,610       240,282  
 
             
Total Beverages
            1,864,660  
 
             
Food & Staples Retailing 20.4%
               
Costco Wholesale Corp.
    3,400       213,112  
CVS Caremark Corp.
    5,660       206,590  
Kroger Co.
    8,820       249,429  
Safeway, Inc.
    8,030       214,562  
SUPERVALU, Inc.
    7,450       190,869  
Sysco Corp.
    8,140       230,850  
Wal-Mart Stores, Inc.
    4,130       242,101  
Walgreen Co.
    6,680       229,391  
Whole Foods Market, Inc.
    8,910       197,535  
 
             
Total Food & Staples Retailing
            1,974,439  
 
             
Food Products 32.8%
               
Archer-Daniels-Midland Co.
    7,180       205,563  
Campbell Soup Co.
    7,040       256,115  
ConAgra Foods, Inc.
    10,581       229,396  
Dean Foods Co.*
    12,581       267,975  
General Mills, Inc.
    3,730       240,175  
H.J. Heinz Co.
    4,750       239,305  
Hershey Co.
    6,890       253,345  
Kellogg Co.
    4,630       245,668  
Kraft Foods, Inc. — Class A
    8,040       255,833  
McCormick & Co., Inc.
    6,350       254,635  
Sara Lee Corp.
    18,461       252,177  
Tyson Foods, Inc. — Class A
    16,021       238,713  
Wm. Wrigley Jr. Co.
    3,010       237,670  
 
             
Total Food Products
            3,176,570  
 
             
Household Products 9.8%
               
Clorox Co.
    4,380       238,710  
Colgate-Palmolive Co.
    3,350       248,804  
Kimberly-Clark Corp.
    3,800       219,754  
Procter & Gamble Co.
    3,670       240,312  
 
             
Total Household Products
            947,580  
 
             
Personal Products 5.1%
               
Avon Products, Inc.
    6,490       275,176  
Estee Lauder Cos., Inc — Class A
    5,060       223,146  
 
             
Total Personal Products
            498,322  
 
             
Tobacco 12.3%
               
Altria Group, Inc.
    11,271       229,365  
Lorillard, Inc.*
    3,327       223,275  
Philip Morris International, Inc.
    4,690       242,238  
Reynolds American, Inc.
    4,760       265,751  
UST, Inc.
    4,360       229,380  
 
             
Total Tobacco
            1,190,009  
 
             
Total Common Stocks
(Cost $9,764,730)
            9,651,580  
 
             
                 
            Market  
    Shares     Value  
 
SHORT TERM INVESTMENTS 0.3%
               
 
               
SSgA Prime Money Market Fund
    34,753     $ 34,753  
 
             
Total Short Term Investments
(Cost $34,753)
            34,753  
 
             
Total Investments 99.9%
(Cost $9,799,483)
            9,686,333  
 
             
Other Assets in Excess of Liabilities — 0.1%
            7,406  
 
             
Net Assets — 100.0%
          $ 9,693,739  
 
*   Non-Income Producing Security.

 

 

RYDEX S&P EQUAL WEIGHT ENERGY ETF
SCHEDULE OF INVESTMENTS (Unaudited)   July 31, 2008
 
                 
            Market  
    Shares     Value  
 
COMMON STOCKS 99.4%
               
 
               
Energy Equipment & Services 34.7%
               
Baker Hughes, Inc.
    4,650     $ 385,531  
BJ Services Co.
    12,270       360,738  
Cameron International Corp.*
    7,250       346,260  
ENSCO International, Inc.
    5,040       348,466  
Halliburton Co.
    7,910       354,526  
Nabors Industries, Ltd.*
    8,500       309,910  
National-Oilwell Varco, Inc.*
    4,740       372,706  
Noble Corp.
    6,190       321,075  
Rowan Cos., Inc.
    8,890       353,822  
Schlumberger, Ltd.
    3,840       390,144  
Smith International, Inc.
    5,020       373,388  
Transocean, Inc.*
    2,700       367,281  
Weatherford International, Ltd.*
    8,950       337,684  
 
             
Total Energy Equipment & Services
            4,621,531  
 
             
Oil, Gas & Consumable Fuels 64.7%
               
Anadarko Petroleum Corp.
    5,250       304,028  
Apache Corp.
    2,930       328,658  
Cabot Oil & Gas Corp.
    5,954       262,036  
Chesapeake Energy Corp.
    6,220       311,933  
Chevron Corp.
    4,150       350,924  
ConocoPhillips
    4,330       353,415  
CONSOL Energy, Inc.
    3,670       273,011  
Devon Energy Corp.
    3,380       320,728  
El Paso Corp.
    19,050       341,566  
EOG Resources, Inc.
    3,080       309,632  
Exxon Mobil Corp.
    4,699       377,941  
Hess Corp.
    3,240       328,536  
Marathon Oil Corp.
    7,859       388,785  
Massey Energy Co.
    4,406       327,146  
Murphy Oil Corp.
    4,470       356,393  
Noble Energy, Inc.
    4,210       310,993  
Occidental Petroleum Corp.
    4,680       368,924  
Peabody Energy Corp.
    4,980       336,897  
Range Resources Corp.
    6,389       310,250  
Southwestern Energy Co.*
    8,779       318,765  
Spectra Energy Corp.
    14,650       398,040  
Sunoco, Inc.
    10,326       419,339  
Tesoro Corp.
    19,451       300,323  
Valero Energy Corp.
    9,407       314,288  
Williams Cos., Inc.
    10,380       332,679  
XTO Energy, Inc.
    5,680       268,266  
 
             
Total Oil, Gas & Consumable Fuels
            8,613,496  
 
             
Total Common Stocks
(Cost $12,265,619)
            13,235,027  
 
             
SHORT TERM INVESTMENTS 0.6%
               
 
               
SSgA Prime Money Market Fund
    76,575       76,575  
 
             
Total Short Term Investments
(Cost $76,575)
            76,575  
 
             
Total Investments 100.0%
(Cost $12,342,194)
            13,311,602  
 
             
Liabilities in Excess of Other Assets — 0.0%(a)
            (1,967 )
 
             
Net Assets — 100.0%
          $ 13,309,635  
 
*   Non-Income Producing Security.
 
(a)   Amount represents less than 0.05% of net assets.

 

 

RYDEX S&P EQUAL WEIGHT FINANCIALS ETF
SCHEDULE OF INVESTMENTS (Unaudited)   July 31, 2008
 
                 
            Market  
    Shares     Value  
 
COMMON STOCKS 99.6%
               
 
               
Capital Markets 17.8%
               
American Capital, Ltd.
    2,020     $ 41,046  
Ameriprise Financial, Inc.
    1,220       51,850  
Bank of New York Mellon Corp.
    1,360       48,280  
Charles Schwab Corp.
    2,530       57,912  
E*TRADE Financial Corp.*
    15,378       46,442  
Federated Investors, Inc. — Class B
    1,490       48,961  
Franklin Resources, Inc.
    550       55,335  
Goldman Sachs Group, Inc.
    300       55,212  
Janus Capital Group, Inc.
    1,820       55,219  
Legg Mason, Inc.
    1,070       43,175  
Lehman Brothers Holdings, Inc.
    2,300       39,882  
Merrill Lynch & Co., Inc.
    1,530       40,775  
Morgan Stanley
    1,410       55,667  
Northern Trust Corp.
    750       58,627  
State Street Corp.
    810       58,028  
T. Rowe Price Group, Inc.
    910       54,464  
 
             
Total Capital Markets
            810,875  
 
             
Commercial Banks 20.0%
               
BB&T Corp.
    2,180       61,084  
Comerica, Inc.
    1,810       51,983  
Fifth Third Bancorp
    5,229       73,049  
First Horizon National Corp.*
    6,949       65,321  
Huntington Bancshares, Inc.
    8,339       58,540  
KeyCorp
    4,809       50,735  
M&T Bank Corp.
    730       51,377  
Marshall & Ilsley Corp.
    3,100       47,120  
National City Corp.
    10,799       51,079  
PNC Financial Services Group, Inc.
    950       67,725  
Regions Financial Corp.
    4,700       44,556  
SunTrust Banks, Inc.
    1,590       65,285  
U.S. Bancorp
    1,850       56,629  
Wachovia Corp.
    3,170       54,746  
Wells Fargo & Co.
    2,210       66,897  
Zions Bancorp
    1,660       48,588  
 
             
Total Commercial Banks
            914,714  
 
             
Consumer Finance 4.4%
               
American Express Co.
    1,320       48,998  
Capital One Financial Corp.
    1,330       55,674  
Discover Financial Services
    3,800       55,670  
SLM Corp.*
    2,370       40,598  
 
             
Total Consumer Finance
            200,940  
 
             
Diversified Financial Services 10.1%
               
Bank of America Corp.
    1,990       65,471  
CIT Group, Inc.
    6,089       51,635  
Citigroup, Inc.
    2,820       52,706  
CME Group, Inc.
    130       46,817  
IntercontinentalExchange, Inc.*
    420       41,916  
JPMorgan Chase & Co.
    1,430       58,101  
Leucadia National Corp.
    1,120       50,142  
Moody’s Corp.
    1,450       50,474  
NYSE Euronext
    950       44,878  
 
             
Total Diversified Financial Services
            462,140  
 
             
Insurance 24.7%
               
AFLAC, Inc.
    840       46,712  
Allstate Corp.
    1,160       53,615  
American International Group, Inc.
    1,700       44,285  
Aon Corp.
    1,160       53,128  
Assurant, Inc.
    810       48,697  
Chubb Corp.
    1,070       51,403  
Cincinnati Financial Corp.
    1,910       53,174  
Genworth Financial, Inc. — Class A
    2,860       45,674  
Hartford Financial Services Group, Inc.
    800       50,712  
                 
            Market  
    Shares     Value  
 
Lincoln National Corp.
    1,130     $ 53,901  
Loews Corp.
    1,110       49,462  
Marsh & McLennan Cos., Inc.
    2,090       59,043  
MBIA, Inc.*
    9,149       54,254  
MetLife, Inc.
    960       48,739  
Principal Financial Group, Inc.
    1,130       48,036  
Progressive Corp.
    2,760       55,890  
Prudential Financial, Inc.
    800       55,176  
SAFECO Corp.
    830       54,913  
Torchmark Corp.
    910       52,826  
Travelers Cos., Inc.
    1,200       52,944  
Unum Group
    2,470       59,675  
XL Capital, Ltd. — Class A
    1,920       34,349  
 
             
Total Insurance
            1,126,608  
 
             
Real Estate Investment Trusts (REITs) 16.3%
               
Apartment Investment & Management Co. — Class A
    1,520       51,939  
AvalonBay Communities, Inc.
    590       58,829  
Boston Properties, Inc.
    570       54,828  
Developers Diversified Realty Corp.
    1,480       47,301  
Equity Residential Properties Trust
    1,340       57,848  
General Growth Properties, Inc.
    1,440       39,470  
HCP, Inc.
    1,670       60,237  
Host Hotels & Resorts, Inc.
    3,740       49,031  
Kimco Realty Corp.
    1,500       52,935  
Plum Creek Timber Co., Inc.
    1,230       59,926  
ProLogis
    960       46,925  
Public Storage, Inc.
    680       55,685  
Simon Property Group, Inc.
    570       52,799  
Vornado Realty Trust
    590       56,091  
 
             
Total Real Estate Investment Trusts (REITs)
            743,844  
 
             
Real Estate Management & Development 0.8%
               
CB Richard Ellis Group, Inc. — Class A*
    2,680       37,654  
 
             
Total Real Estate Management & Development
            37,654  
 
             
Thrifts & Mortgage Finance 5.5%
               
Federal Home Loan Mortgage Corp.
    2,480       20,262  
Federal National Mortgage Association
    2,310       26,565  
Hudson City Bancorp, Inc.
    3,120       56,971  
MGIC Investment Corp.
    6,179       39,546  
Sovereign Bancorp, Inc.*
    6,269       59,681  
Washington Mutual, Inc.
    8,729       46,525  
 
             
Total Thrifts & Mortgage Finance
            249,550  
 
             
Total Common Stocks
(Cost $6,702,425)
            4,546,325  
 
             
SHORT TERM INVESTMENTS 0.2%
               
 
               
SSgA Prime Money Market Fund
    11,921       11,921  
 
             
Total Short Term Investments
(Cost $11,921)
            11,921  
 
             
Total Investments 99.8%
(Cost $6,714,346)
            4,558,246  
 
             
Other Assets in Excess of Liabilities — 0.2%
            6,879  
 
             
Net Assets — 100.0%
          $ 4,565,125  
 
*   Non-Income Producing Security.

 

 

RYDEX S&P EQUAL WEIGHT HEALTH CARE ETF
SCHEDULE OF INVESTMENTS (Unaudited)   July 31, 2008
 
                 
            Market  
    Shares     Value  
 
COMMON STOCKS 99.9%
               
 
               
Biotechnology 10.6%
               
Amgen, Inc.*
    21,320     $ 1,335,272  
Biogen Idec, Inc.*
    16,440       1,146,854  
Celgene Corp.*
    16,190       1,222,183  
Genzyme Corp.*
    14,080       1,079,232  
Gilead Sciences, Inc.*
    17,610       950,588  
 
             
Total Biotechnology
            5,734,129  
 
             
Health Care Equipment & Supplies 22.2%
               
Baxter International, Inc.
    15,270       1,047,675  
Becton, Dickinson & Co.
    12,120       1,029,109  
Boston Scientific Corp.*
    74,740       888,659  
C.R. Bard, Inc.
    10,860       1,008,243  
Covidien, Ltd.
    19,930       981,353  
Hospira, Inc.*
    24,070       918,511  
Intuitive Surgical, Inc.*
    3,390       1,055,273  
Medtronic, Inc.
    18,810       993,732  
St Jude Medical, Inc.*
    23,520       1,095,562  
Stryker Corp.
    15,170       973,762  
Varian Medical Systems, Inc.*
    18,700       1,122,000  
Zimmer Holdings, Inc.*
    13,800       950,958  
 
             
Total Health Care Equipment & Supplies
            12,064,837  
 
             
Health Care Providers & Services 29.5%
               
Aetna, Inc.
    23,130       948,561  
AmerisourceBergen Corp.
    24,290       1,017,022  
Cardinal Health, Inc.
    18,380       987,558  
CIGNA Corp.
    26,420       978,069  
Coventry Health Care, Inc.*
    30,870       1,091,872  
DaVita, Inc.*
    17,020       950,567  
Express Scripts, Inc.*
    15,070       1,063,038  
Humana, Inc.*
    22,590       991,927  
Laboratory Corp. of America Holdings*
    13,630       921,115  
McKesson Corp.
    16,670       933,353  
Medco Health Solutions, Inc.*
    21,190       1,050,600  
Patterson Cos., Inc.*
    30,980       967,505  
Quest Diagnostics, Inc.
    19,730       1,048,847  
Tenet Healthcare Corp.*
    177,591       1,028,252  
UnitedHealth Group, Inc.
    35,090       985,327  
WellPoint, Inc.*
    19,810       1,039,035  
 
             
Total Health Care Providers & Services
            16,002,648  
 
             
Health Care Technology 1.6%
               
IMS Health, Inc.
    41,410       865,469  
 
             
Total Health Care Technology
            865,469  
 
             
Life Sciences Tools & Services 9.2%
               
Applied Biosystems Inc.
    28,210       1,041,795  
Millipore Corp.*
    13,380       941,283  
PerkinElmer, Inc.
    33,550       976,305  
Thermo Fisher Scientific Inc.*
    16,630       1,006,448  
Waters Corp.*
    15,240       1,035,405  
 
             
Total Life Sciences Tools & Services
            5,001,236  
 
             
Pharmaceuticals 26.8%
               
Abbott Laboratories
    17,860       1,006,232  
Allergan, Inc.
    17,430       905,140  
Barr Pharmaceuticals, Inc.*
    23,330       1,539,313  
Bristol-Myers Squibb Co.
    48,610       1,026,643  
Eli Lilly & Co.
    20,320       957,275  
Forest Laboratories, Inc.*
    29,870       1,060,684  
Johnson & Johnson
    14,950       1,023,626  
King Pharmaceuticals, Inc.*
    100,841       1,160,680  
Merck & Co., Inc.
    27,350       899,815  
Mylan Inc.*
    79,780       1,034,747  
Pfizer, Inc.
    54,770       1,022,556  
Schering-Plough Corp.
    51,120       1,077,610  
                 
            Market  
    Shares     Value  
 
Watson Pharmaceuticals, Inc.*
    35,760     $ 1,033,822  
Wyeth
    20,100       814,452  
 
             
Total Pharmaceuticals
            14,562,595  
 
             
Total Common Stocks
(Cost $54,786,454)
            54,230,914  
 
             
SHORT TERM INVESTMENTS 0.1%
               
 
               
SSgA Prime Money Market Fund
    22,536       22,536  
 
             
Total Short Term Investments
(Cost $22,536)
            22,536  
 
             
Total Investments 100.0%
(Cost $54,808,990)
            54,253,450  
 
             
Other Assets in Excess of Liabilities — 0.0% (a)
            16,250  
 
             
Net Assets — 100.0%
          $ 54,269,700  
 
*   Non-Income Producing Security.
 
(a)   Amount represents less than 0.05% of net assets.

 

 

RYDEX S&P EQUAL WEIGHT INDUSTRIALS ETF
SCHEDULE OF INVESTMENTS (Unaudited) 		  July 31, 2008
 
                 
            Market  
    Shares     Value  
 
COMMON STOCKS 99.6%
               
 
               
Aerospace & Defense 20.2%
               
Boeing Co.
    1,930     $ 117,942  
General Dynamics Corp.
    1,710       152,430  
Goodrich Corp.
    2,810       138,083  
Honeywell International, Inc.
    2,710       137,776  
L-3 Communications Holdings, Inc.
    1,540       151,983  
Lockheed Martin Corp.
    1,450       151,279  
Northrop Grumman Corp.
    2,090       140,845  
Precision Castparts Corp.
    1,340       125,196  
Raytheon Co.
    2,540       144,602  
Rockwell Collins, Inc.
    2,910       144,598  
United Technologies Corp.
    2,150       137,557  
 
             
Total Aerospace & Defense
            1,542,291  
 
             
Air Freight & Logistics 6.9%
               
C.H. Robinson Worldwide, Inc.
    2,460       118,572  
Expeditors International of Washington, Inc.
    3,420       121,444  
FedEx Corp.
    1,830       144,277  
United Parcel Service, Inc. — Class B
    2,230       140,668  
 
             
Total Air Freight & Logistics
            524,961  
 
             
Airlines 2.1%
               
Southwest Airlines Co.
    10,420       162,448  
 
             
Total Airlines
            162,448  
 
             
Building Products 1.9%
               
Masco Corp.
    8,900       146,761  
 
             
Total Building Products
            146,761  
 
             
Commercial Services & Supplies 16.3%
               
Allied Waste Industries, Inc.*
    10,840       131,164  
Avery Dennison Corp.
    3,180       139,952  
Cintas Corp.
    5,560       158,126  
Equifax, Inc.
    4,220       148,080  
Monster Worldwide, Inc.*
    6,970       123,648  
Pitney Bowes, Inc.
    4,160       131,830  
R.R. Donnelley & Sons Co.
    4,760       127,092  
Robert Half International, Inc.
    5,810       146,935  
Waste Management, Inc.
    3,820       135,763  
 
             
Total Commercial Services & Supplies
            1,242,590  
 
             
Construction & Engineering 3.3%
               
Fluor Corp.
    1,540       125,279  
Jacobs Engineering Group, Inc.*
    1,670       129,158  
 
             
Total Construction & Engineering
            254,437  
 
             
Electrical Equipment 5.3%
               
Cooper Industries, Ltd. — Class A
    3,500       147,595  
Emerson Electric Co.
    2,720       132,464  
Rockwell Automation, Inc.
    2,790       124,183  
 
             
Total Electrical Equipment
            404,242  
 
             
Industrial Conglomerates 7.5%
               
3M Co.
    2,020       142,188  
General Electric Co.
    5,330       150,786  
Textron, Inc.
    2,830       123,020  
Tyco International, Ltd.
    3,390       151,058  
 
             
Total Industrial Conglomerates
            567,052  
 
             
Machinery 24.2%
               
Caterpillar, Inc.
    1,860       129,307  
Cummins, Inc.
    2,060       136,660  
Danaher Corp.
    1,820       144,963  
Deere & Co.
    1,930       135,409  
Dover Corp.
    2,850       141,446  
Eaton Corp.
    1,570       111,533  
Illinois Tool Works, Inc.
    3,030       141,955  
Ingersoll-Rand Co., Ltd. — Class A
    3,800       136,800  
ITT Corp.
    2,280       152,669  
                 
            Market  
    Shares     Value  
 
Manitowoc Co., Inc.
    3,880     $ 102,277  
PACCAR, Inc.
    3,270       137,536  
Pall Corp.
    3,520       142,278  
Parker-Hannifin Corp.
    1,920       118,426  
Terex Corp.*
    2,400       113,592  
 
             
Total Machinery
            1,844,851  
 
             
Road & Rail 9.9%
               
Burlington Northern Santa Fe Corp.
    1,410       146,823  
CSX Corp.
    2,240       151,379  
Norfolk Southern Corp.
    2,300       165,416  
Ryder System, Inc.
    2,010       132,580  
Union Pacific Corp.
    1,900       156,636  
 
             
Total Road & Rail
            752,834  
 
             
Trading Companies & Distributors 2.0%
               
W.W. Grainger, Inc.
    1,680       150,377  
 
             
Total Trading Companies & Distributors
            150,377  
 
             
Total Common Stocks
(Cost $8,025,675)
            7,592,844  
 
             
SHORT TERM INVESTMENTS 0.3%
               
 
               
SSgA Prime Money Market Fund
    26,211       26,211  
 
             
Total Short Term Investments
(Cost $26,211)
            26,211  
 
             
Total Investments 99.9%
(Cost $8,051,886)
            7,619,055  
 
             
Other Assets in Excess of Liabilities — 0.1%
            4,043  
 
             
Net Assets — 100.0%
          $ 7,623,098  
 
*   Non-Income Producing Security.

 

 

RYDEX S&P EQUAL WEIGHT MATERIALS ETF
SCHEDULE OF INVESTMENTS (Unaudited) 		  July 31, 2008
 
                 
            Market  
    Shares     Value  
 
COMMON STOCKS 99.8%
               
 
               
Chemicals 46.3%
               
Air Products & Chemicals, Inc.
    1,820     $ 173,282  
Ashland, Inc.
    3,661       152,920  
Dow Chemical Co.
    4,951       164,918  
Du Pont (E.I.) de Nemours & Co.
    4,021       176,160  
Eastman Chemical Co.
    2,590       155,296  
Ecolab, Inc.
    4,231       189,126  
Hercules, Inc.
    10,302       206,555  
International Flavors & Fragrances, Inc.
    4,641       186,661  
Monsanto Co.
    1,330       158,416  
PPG Industries, Inc.
    3,120       189,197  
Praxair, Inc.
    1,920       179,962  
Rohm & Haas Co.
    3,830       287,250  
Sigma-Aldrich Corp.
    3,310       201,049  
 
             
Total Chemicals
            2,420,792  
 
             
Construction Materials 3.6%
               
Vulcan Materials Co.
    2,910       186,793  
 
             
Total Construction Materials
            186,793  
 
             
Containers & Packaging 14.8%
               
Ball Corp.
    3,601       160,532  
Bemis Co., Inc.
    7,811       219,958  
Pactiv Corp.*
    8,221       198,208  
Sealed Air Corp.
    8,941       194,020  
 
             
Total Containers & Packaging
            772,718  
 
             
Metals & Mining 23.7%
               
AK Steel Holding Corp.
    2,450       155,575  
Alcoa, Inc.
    4,921       166,084  
Allegheny Technologies, Inc.
    2,960       139,978  
Freeport-McMoRan Copper & Gold, Inc.
    1,570       151,897  
Newmont Mining Corp.
    3,830       183,687  
Nucor Corp.
    2,440       139,617  
Titanium Metals Corp.
    12,772       143,813  
United States Steel Corp.
    1,010       161,964  
 
             
Total Metals & Mining
            1,242,615  
 
             
Paper & Forest Products 11.4%
               
International Paper Co.
    7,561       209,591  
MeadWestvaco Corp.
    7,601       203,783  
Weyerhaeuser Co.
    3,471       185,560  
 
             
Total Paper & Forest Products
            598,934  
 
             
Total Common Stocks
(Cost $5,731,519)
            5,221,852  
 
             
SHORT TERM INVESTMENTS 0.1%
               
 
               
SSgA Prime Money Market Fund
    7,073       7,073  
 
             
Total Short Term Investments
(Cost $7,073)
            7,073  
 
             
Total Investments 99.9%
(Cost $5,738,592)
            5,228,925  
 
             
Other Assets in Excess of Liabilities — 0.1%
            4,542  
 
             
Net Assets — 100.0%
          $ 5,233,467  
 
*   Non-Income Producing Security.

 

 

RYDEX S&P EQUAL WEIGHT TECHNOLOGY ETF
SCHEDULE OF INVESTMENTS (Unaudited) 		  July 31, 2008
 
                 
            Market  
    Shares     Value  
 
COMMON STOCKS 99.9%
               
 
               
Commercial Services & Supplies 1.1%
               
Mastercard, Inc. — Class A
    968     $ 236,337  
 
             
Total Commercial Services & Supplies
            236,337  
 
             
Communications Equipment 11.7%
               
Ciena Corp.*
    12,753       263,605  
Cisco Systems, Inc.*
    13,355       293,677  
Corning, Inc.
    13,031       260,750  
JDS Uniphase Corp.*
    27,629       301,985  
Juniper Networks, Inc.*
    14,539       378,450  
Motorola, Inc.
    41,894       361,964  
QUALCOMM, Inc.
    6,798       376,201  
Tellabs, Inc.*
    65,723       337,816  
 
             
Total Communications Equipment
            2,574,448  
 
             
Computers & Peripherals 16.3%
               
Apple, Inc.*
    1,866       296,601  
Dell, Inc.*
    13,987       343,661  
EMC Corp.*
    20,375       305,829  
Hewlett-Packard Co.
    7,224       323,635  
International Business Machines Corp.
    2,676       342,474  
Lexmark International, Inc. — Class A*
    9,552       335,084  
NetApp, Inc.*
    14,189       362,529  
QLogic Corp.*
    21,719       409,186  
SanDisk Corp.*
    15,513       218,733  
Sun Microsystems, Inc.*
    29,457       313,128  
Teradata Corp.*
    14,279       334,414  
 
             
Total Computers & Peripherals
            3,585,274  
 
             
Electronic Equipment & Instruments 5.8%
               
Agilent Technologies, Inc.*
    8,864       319,636  
Jabil Circuit, Inc.
    21,859       355,427  
Molex, Inc.
    12,395       304,050  
Tyco Electronics, Ltd.
    8,950       296,603  
 
             
Total Electronic Equipment & Instruments
            1,275,716  
 
             
Internet Software & Services 6.2%
               
Akamai Technologies, Inc.*
    9,162       213,841  
eBay, Inc.*
    11,620       292,475  
Google, Inc. — Class A*
    600       284,250  
VeriSign, Inc.*
    8,262       268,846  
Yahoo!, Inc.*
    14,933       297,017  
 
             
Total Internet Software & Services
            1,356,429  
 
             
IT Services 16.8%
               
Affiliated Computer Services, Inc. — Class A*
    5,940       286,308  
Automatic Data Processing, Inc.
    7,788       332,626  
Cognizant Technology Solutions Corp. — Class A*
    9,364       262,848  
Computer Sciences Corp.*
    6,930       328,274  
Convergys Corp.*
    21,403       271,818  
Electronic Data Systems Corp.
    13,409       332,677  
Fidelity National Information Services, Inc.
    15,075       285,671  
Fiserv, Inc.*
    6,898       329,862  
Paychex, Inc.
    10,174       334,928  
Total System Services, Inc.
    14,161       277,272  
Unisys Corp.*
    76,021       280,518  
Western Union Co.
    13,197       364,765  
 
             
Total IT Services
            3,687,567  
 
             
Office Electronics 1.4%
               
Xerox Corp.
    23,563       321,399  
 
             
Total Office Electronics
            321,399  
 
             
Semiconductors & Semiconductor Equipment 23.4%
               
Advanced Micro Devices, Inc.*
    46,972       197,752  
Altera Corp.
    14,755       323,872  
                 
            Market  
    Shares     Value  
 
Analog Devices, Inc.
    9,912     $ 302,415  
Applied Materials, Inc.
    16,391       283,892  
Broadcom Corp. — Class A*
    12,443       302,241  
Intel Corp.
    14,717       326,570  
KLA-Tencor Corp.
    8,254       310,268  
Linear Technology Corp.
    10,028       311,369  
LSI Logic Corp.*
    46,708       324,154  
MEMC Electronic Materials, Inc.*
    5,052       233,453  
Microchip Technology, Inc.
    10,380       331,433  
Micron Technology, Inc.*
    45,428       219,417  
National Semiconductor Corp.
    14,913       312,427  
Novellus Systems, Inc.*
    15,467       315,063  
NVIDIA Corp.*
    16,767       191,815  
Teradyne, Inc.*
    29,703       278,317  
Texas Instruments, Inc.
    11,262       274,568  
Xilinx, Inc.
    12,090       300,195  
 
             
Total Semiconductors & Semiconductor Equipment
            5,139,221  
 
             
Software 17.2%
               
Adobe Systems, Inc.*
    8,106       335,183  
Autodesk, Inc.*
    8,948       285,352  
BMC Software, Inc.*
    8,774       288,577  
CA, Inc.
    14,013       334,350  
Citrix Systems, Inc.*
    10,672       284,302  
Compuware Corp.*
    34,101       375,111  
Electronic Arts, Inc.*
    7,014       302,865  
Intuit, Inc.*
    11,538       315,334  
Microsoft Corp.
    11,634       299,227  
Novell, Inc.*
    53,078       295,644  
Oracle Corp.*
    14,953       321,938  
Symantec Corp.*
    17,033       358,885  
 
             
Total Software
            3,796,768  
 
             
Total Common Stocks
(Cost $25,607,552)
            21,973,159  
 
             
SHORT TERM INVESTMENTS 0.1%
               
 
               
SSgA Prime Money Market Fund
    16,260       16,260  
 
             
Total Short Term Investments
(Cost $16,260)
            16,260  
 
             
Total Investments 100.0%
(Cost $25,623,812)
            21,989,419  
 
             
Liabilities in Excess of Other Assets — 0.0% (a)
            (3,638 )
 
             
Net Assets — 100.0%
          $ 21,985,781  
 
*   Non-Income Producing Security.
 
(a)   Amount represents less than 0.05% of net assets.

 

 

RYDEX S&P EQUAL WEIGHT UTILITIES ETF
SCHEDULE OF INVESTMENTS (Unaudited) 		  July 31, 2008
 
                 
            Market  
    Shares     Value  
 
COMMON STOCKS 99.3%
               
 
               
Diversified Telecommunication Services 18.4%
               
AT&T, Inc.
    4,101     $ 126,352  
CenturyTel, Inc.
    4,590       170,702  
Embarq Corp.
    3,220       147,379  
Frontier Communications Corp.
    12,931       149,482  
Qwest Communications International, Inc.
    35,944       137,666  
Verizon Communications, Inc.
    3,961       134,833  
Windstream Corp.
    11,121       132,562  
 
             
Total Diversified Telecommunication Services
            998,976  
 
             
Electric Utilities 32.3%
               
Allegheny Energy, Inc.
    2,690       130,196  
American Electric Power Co., Inc.
    3,410       134,695  
Duke Energy Corp.
    7,981       140,306  
Edison International
    2,730       131,968  
Entergy Corp.
    1,170       125,096  
Exelon Corp.
    1,560       122,647  
FirstEnergy Corp.
    1,740       127,977  
FPL Group, Inc.
    2,120       136,804  
Pepco Holdings, Inc.
    5,471       136,447  
Pinnacle West Capital Corp.
    4,391       147,406  
PPL Corp.
    2,760       129,610  
Progress Energy, Inc.
    3,320       140,469  
Southern Co.
    4,091       144,780  
 
             
Total Electric Utilities
            1,748,401  
 
             
Gas Utilities 4.5%
               
Nicor, Inc.
    3,310       131,804  
Questar Corp.
    2,080       109,991  
 
             
Total Gas Utilities
            241,795  
 
             
Independent Power Producers & Energy Traders 6.6%
               
AES Corp.*
    7,121       114,933  
Constellation Energy Group, Inc.
    1,680       139,709  
Dynegy, Inc. — Class A*
    15,322       103,117  
 
             
Total Independent Power Producers & Energy Traders
            357,759  
 
             
Multi-Utilities 32.3%
               
Ameren Corp.
    3,290       135,186  
CenterPoint Energy, Inc.
    8,661       136,584  
CMS Energy Corp.
    9,161       123,674  
Consolidated Edison, Inc.
    3,550       140,935  
Dominion Resources, Inc.
    2,980       131,656  
DTE Energy Co.
    3,261       133,636  
Integrys Energy Group, Inc.
    2,720       138,883  
NiSource, Inc.
    8,111       138,536  
PG&E Corp.
    3,580       137,937  
Public Service Enterprise Group, Inc.
    3,070       128,326  
Sempra Energy
    2,550       143,208  
TECO Energy, Inc.
    6,561       121,707  
Xcel Energy, Inc.
    6,841       137,230  
 
             
Total Multi-Utilities
            1,747,498  
 
             
Wireless Telecommunication Services 5.2%
               
American Tower Corp. — Class A*
    3,270       137,013  
Sprint Nextel Corp.*
    17,642       143,606  
 
             
Total Wireless Telecommunication Services
            280,619  
 
             
Total Common Stocks
(Cost $5,722,827)
            5,375,048  
 
             
                 
            Market  
    Shares     Value  
 
SHORT TERM INVESTMENTS 0.5%
               
 
               
SSgA Prime Money Market Fund
    25,805     $ 25,805  
 
             
Total Short Term Investments
(Cost $25,805)
            25,805  
 
             
Total Investments 99.8%
(Cost $5,748,632)
            5,400,853  
 
             
Other Assets in Excess of Liabilities — 0.2%
            10,526  
 
             
Net Assets — 100.0%
          $ 5,411,379  
 
*   Non-Income Producing Security.

 

 

RYDEX 2x S&P 500 ETF
SCHEDULE OF INVESTMENTS (Unaudited) 		  July 31, 2008
 
                 
            Market  
    Shares     Value  
 
COMMON STOCKS 82.6%
               
 
               
Aerospace & Defense 2.3%
               
Boeing Co.
    2,734     $ 167,075  
General Dynamics Corp.
    1,454       129,609  
Goodrich Corp.
    454       22,310  
Honeywell International, Inc.
    2,706       137,573  
L-3 Communications Holdings, Inc.
    450       44,410  
Lockheed Martin Corp.
    1,230       128,326  
Northrop Grumman Corp.
    1,242       83,698  
Precision Castparts Corp.
    502       46,902  
Raytheon Co.
    1,542       87,786  
Rockwell Collins, Inc.
    588       29,218  
United Technologies Corp.
    3,548       227,001  
 
             
Total Aerospace & Defense
            1,103,908  
 
             
Air Freight & Logistics 0.8%
               
C.H. Robinson Worldwide, Inc.
    626       30,173  
Expeditors International of Washington, Inc.
    778       27,627  
FedEx Corp.
    1,128       88,931  
United Parcel Service, Inc. — Class B
    3,722       234,784  
 
             
Total Air Freight & Logistics
            381,515  
 
             
Airlines 0.1%
               
Southwest Airlines Co.
    2,670       41,625  
 
             
Total Airlines
            41,625  
 
             
Auto Components 0.2%
               
Goodyear Tire & Rubber Co.*
    876       17,196  
Johnson Controls, Inc.
    2,158       65,085  
 
             
Total Auto Components
            82,281  
 
             
Automobiles 0.2%
               
Ford Motor Co.*
    8,173       39,230  
General Motors Corp.*
    2,068       22,893  
Harley-Davidson, Inc.
    866       32,770  
 
             
Total Automobiles
            94,893  
 
             
Beverages 2.1%
               
Anheuser-Busch Cos., Inc.
    2,596       175,905  
Brown-Forman Corp. — Class B
    312       22,452  
Coca-Cola Co.
    7,283       375,074  
Coca-Cola Enterprises, Inc.
    1,052       17,810  
Constellation Brands, Inc. — Class A*
    714       15,365  
Molson Coors Brewing Co. — Class B
    512       27,633  
Pepsi Bottling Group, Inc.
    488       13,591  
PepsiCo, Inc.
    5,780       384,717  
 
             
Total Beverages
            1,032,547  
 
             
Biotechnology 1.4%
               
Amgen, Inc.*
    3,964       248,265  
Biogen Idec, Inc.*
    1,066       74,364  
Celgene Corp.*
    1,592       120,180  
Genzyme Corp.*
    976       74,811  
Gilead Sciences, Inc.*
    3,362       181,481  
 
             
Total Biotechnology
            699,101  
 
             
Building Products 0.0% (a)
               
Masco Corp.
    1,316       21,701  
 
             
Total Building Products
            21,701  
 
             
Capital Markets 2.5%
               
American Capital, Ltd.
    740       15,037  
Ameriprise Financial, Inc.
    814       34,595  
Bank of New York Mellon Corp.
    4,164       147,822  
Charles Schwab Corp.
    3,386       77,505  
E*TRADE Financial Corp.*
    1,718       5,188  
Federated Investors, Inc. — Class B
    314       10,318  
Franklin Resources, Inc.
    564       56,744  
Goldman Sachs Group, Inc.
    1,440       265,018  
Janus Capital Group, Inc.
    538       16,323  
                 
            Market  
    Shares     Value  
 
Legg Mason, Inc.
    516     $ 20,821  
Lehman Brothers Holdings, Inc.
    2,534       43,940  
Merrill Lynch & Co., Inc.
    4,944       131,758  
Morgan Stanley
    4,036       159,341  
Northern Trust Corp.
    702       54,875  
State Street Corp.
    1,554       111,328  
T. Rowe Price Group, Inc.
    942       56,379  
 
             
Total Capital Markets
            1,206,992  
 
             
Chemicals 1.7%
               
Air Products & Chemicals, Inc.
    766       72,931  
Ashland, Inc.
    202       8,437  
Dow Chemical Co.
    3,386       112,788  
Du Pont (E.I.) de Nemours & Co.
    3,284       143,872  
Eastman Chemical Co.
    276       16,549  
Ecolab, Inc.
    640       28,608  
Hercules, Inc.
    412       8,261  
International Flavors & Fragrances, Inc.
    290       11,664  
Monsanto Co.
    1,994       237,505  
PPG Industries, Inc.
    602       36,505  
Praxair, Inc.
    1,142       107,040  
Rohm & Haas Co.
    454       34,050  
Sigma-Aldrich Corp.
    464       28,183  
 
             
Total Chemicals
            846,393  
 
             
Commercial Banks 2.2%
               
BB&T Corp.
    1,994       55,872  
Comerica, Inc.
    550       15,796  
Fifth Third Bancorp
    2,094       29,253  
First Horizon National Corp.*
    678       6,373  
Huntington Bancshares, Inc.
    1,330       9,337  
KeyCorp
    1,768       18,652  
M&T Bank Corp.
    278       19,566  
Marshall & Ilsley Corp.
    942       14,318  
National City Corp.
    2,770       13,102  
PNC Financial Services Group, Inc.
    1,264       90,111  
Regions Financial Corp.
    2,534       24,022  
SunTrust Banks, Inc.
    1,280       52,557  
U.S. Bancorp
    6,344       194,190  
Wachovia Corp.
    7,785       134,447  
Wells Fargo & Co.
    12,035       364,299  
Zions Bancorp
    388       11,357  
 
             
Total Commercial Banks
            1,053,252  
 
             
Commercial Services & Supplies 0.5%
               
Allied Waste Industries, Inc.*
    1,228       14,859  
Avery Dennison Corp.
    388       17,076  
Cintas Corp.
    478       13,594  
Equifax, Inc.
    474       16,633  
Mastercard, Inc. — Class A
    268       65,432  
Monster Worldwide, Inc.*
    450       7,983  
Pitney Bowes, Inc.
    754       23,894  
R.R. Donnelley & Sons Co.
    776       20,719  
Robert Half International, Inc.
    578       14,618  
Waste Management, Inc.
    1,792       63,688  
 
             
Total Commercial Services & Supplies
            258,496  
 
             
Communications Equipment 2.2%
               
Ciena Corp.*
    326       6,738  
Cisco Systems, Inc.*
    21,524       473,313  
Corning, Inc.
    5,742       114,897  
JDS Uniphase Corp.*
    840       9,181  
Juniper Networks, Inc.*
    1,918       49,926  
Motorola, Inc.
    8,213       70,960  
QUALCOMM, Inc.
    5,894       326,174  
Tellabs, Inc.*
    1,454       7,474  
 
             
Total Communications Equipment
            1,058,663  
 
             
Computers & Peripherals 4.0%
               
Apple, Inc.*
    3,210       510,229  

 

 

RYDEX 2x S&P 500 ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued) 		  July 31, 2008
                 
            Market  
    Shares     Value  
 
Dell, Inc.*
    7,359     $ 180,811  
EMC Corp.*
    7,535       113,100  
Hewlett-Packard Co.
    8,989       402,707  
International Business Machines Corp.
    5,002       640,156  
Lexmark International, Inc. — Class A*
    350       12,278  
NetApp, Inc.*
    1,254       32,040  
QLogic Corp.*
    488       9,194  
SanDisk Corp.*
    816       11,506  
Sun Microsystems, Inc.*
    2,846       30,253  
Teradata Corp.*
    652       15,270  
 
             
Total Computers & Peripherals
            1,957,544  
 
             
Construction & Engineering 0.2%
               
Fluor Corp.
    650       52,877  
Jacobs Engineering Group, Inc.*
    440       34,030  
 
             
Total Construction & Engineering
            86,907  
 
             
Construction Materials 0.1%
               
Vulcan Materials Co.
    402       25,804  
 
             
Total Construction Materials
            25,804  
 
             
Consumer Finance 0.6%
               
American Express Co.
    4,224       156,795  
Capital One Financial Corp.
    1,368       57,264  
Discover Financial Services
    1,744       25,550  
SLM Corp.*
    1,704       29,189  
 
             
Total Consumer Finance
            268,798  
 
             
Containers & Packaging 0.1%
               
Ball Corp.
    352       15,692  
Bemis Co., Inc.
    364       10,250  
Pactiv Corp.*
    478       11,525  
Sealed Air Corp.
    588       12,760  
 
             
Total Containers & Packaging
            50,227  
 
             
Distributors 0.0%(a)
               
Genuine Parts Co.
    602       24,146  
 
             
Total Distributors
            24,146  
 
             
Diversified Consumer Services 0.1%
               
Apollo Group, Inc. — Class A*
    468       29,152  
H&R Block, Inc.
    1,190       28,952  
 
             
Total Diversified Consumer Services
            58,104  
 
             
Diversified Financial Services 3.4%
               
Bank of America Corp.
    16,613       546,568  
CIT Group, Inc.
    1,028       8,717  
Citigroup, Inc.
    19,834       370,697  
CME Group, Inc.
    200       72,026  
IntercontinentalExchange, Inc.*
    262       26,148  
JPMorgan Chase & Co.
    12,588       511,441  
Leucadia National Corp.
    640       28,653  
Moody’s Corp.
    740       25,759  
NYSE Euronext
    966       45,634  
 
             
Total Diversified Financial Services
            1,635,643  
 
             
Diversified Telecommunication Services 2.3%
               
AT&T, Inc.
    21,652       667,098  
CenturyTel, Inc.
    388       14,430  
Embarq Corp.
    540       24,716  
Frontier Communications Corp.
    1,180       13,641  
Qwest Communications International, Inc.
    5,542       21,226  
Verizon Communications, Inc.
    10,391       353,710  
Windstream Corp.
    1,630       19,429  
 
             
Total Diversified Telecommunication Services
            1,114,250  
 
             
Electric Utilities 1.8%
               
Allegheny Energy, Inc.
    614       29,718  
American Electric Power Co., Inc.
    1,468       57,986  
Duke Energy Corp.
    4,614       81,114  
Edison International
    1,190       57,525  
Entergy Corp.
    702       75,058  
                 
            Market  
    Shares     Value  
 
Exelon Corp.
    2,394     $ 188,216  
FirstEnergy Corp.
    1,114       81,935  
FPL Group, Inc.
    1,492       96,279  
Pepco Holdings, Inc.
    738       18,406  
Pinnacle West Capital Corp.
    364       12,219  
PPL Corp.
    1,354       63,584  
Progress Energy, Inc.
    952       40,279  
Southern Co.
    2,796       98,950  
 
             
Total Electric Utilities
            901,269  
 
             
Electrical Equipment 0.4%
               
Cooper Industries, Ltd. — Class A
    638       26,905  
Emerson Electric Co.
    2,846       138,600  
Rockwell Automation, Inc.
    540       24,035  
 
             
Total Electrical Equipment
            189,540  
 
             
Electronic Equipment & Instruments 0.3%
               
Agilent Technologies, Inc.*
    1,316       47,455  
Jabil Circuit, Inc.
    764       12,423  
Molex, Inc.
    502       12,314  
Tyco Electronics, Ltd.
    1,742       57,730  
 
             
Total Electronic Equipment & Instruments
            129,922  
 
             
Energy Equipment & Services 2.7%
               
Baker Hughes, Inc.
    1,128       93,522  
BJ Services Co.
    1,066       31,340  
Cameron International Corp.*
    790       37,730  
ENSCO International, Inc.
    526       36,368  
Halliburton Co.
    3,184       142,707  
Nabors Industries, Ltd.*
    1,028       37,481  
National-Oilwell Varco, Inc.*
    1,516       119,203  
Noble Corp.
    980       50,832  
Rowan Cos., Inc.
    412       16,398  
Schlumberger, Ltd.
    4,350       441,960  
Smith International, Inc.
    728       54,149  
Transocean, Inc.*
    1,166       158,611  
Weatherford International, Ltd.*
    2,482       93,646  
 
             
Total Energy Equipment & Services
            1,313,947  
 
             
Food & Staples Retailing 2.3%
               
Costco Wholesale Corp.
    1,580       99,034  
CVS Caremark Corp.
    5,204       189,946  
Kroger Co.
    2,408       68,098  
Safeway, Inc.
    1,592       42,538  
SUPERVALU, Inc.
    776       19,881  
Sysco Corp.
    2,194       62,222  
Wal-Mart Stores, Inc.
    8,475       496,805  
Walgreen Co.
    3,610       123,968  
Whole Foods Market, Inc.
    512       11,351  
 
             
Total Food & Staples Retailing
            1,113,843  
 
             
Food Products 1.3%
               
Archer-Daniels-Midland Co.
    2,344       67,109  
Campbell Soup Co.
    790       28,740  
ConAgra Foods, Inc.
    1,656       35,902  
Dean Foods Co.*
    552       11,758  
General Mills, Inc.
    1,218       78,427  
H.J. Heinz Co.
    1,152       58,038  
Hershey Co.
    614       22,577  
Kellogg Co.
    928       49,240  
Kraft Foods, Inc. — Class A
    5,528       175,901  
McCormick & Co., Inc.
    464       18,606  
Sara Lee Corp.
    2,572       35,133  
Tyson Foods, Inc. — Class A
    990       14,751  
Wm. Wrigley Jr. Co.
    778       61,431  
 
             
Total Food Products
            657,613  
 
             
Gas Utilities 0.1%
               
Nicor, Inc.
    162       6,451  

 

 

RYDEX 2x S&P 500 ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued) 		  July 31, 2008
                 
            Market  
    Shares     Value  
 
Questar Corp.
    628     $ 33,208  
 
             
Total Gas Utilities
            39,659  
 
             
Health Care Equipment & Supplies 1.8%
               
Baxter International, Inc.
    2,282       156,568  
Becton, Dickinson & Co.
    890       75,570  
Boston Scientific Corp.*
    4,902       58,285  
C.R. Bard, Inc.
    364       33,794  
Covidien, Ltd.
    1,818       89,518  
Hospira, Inc.*
    578       22,056  
Intuitive Surgical, Inc.*
    138       42,958  
Medtronic, Inc.
    4,088       215,969  
St Jude Medical, Inc.*
    1,230       57,293  
Stryker Corp.
    866       55,589  
Varian Medical Systems, Inc.*
    464       27,840  
Zimmer Holdings, Inc.*
    842       58,022  
 
             
Total Health Care Equipment & Supplies
            893,462  
 
             
Health Care Providers & Services 1.6%
               
Aetna, Inc.
    1,768       72,506  
AmerisourceBergen Corp.
    588       24,620  
Cardinal Health, Inc.
    1,302       69,956  
CIGNA Corp.
    1,028       38,057  
Coventry Health Care, Inc.*
    552       19,524  
DaVita, Inc.*
    380       21,223  
Express Scripts, Inc.*
    914       64,474  
Humana, Inc.*
    616       27,049  
Laboratory Corp. of America Holdings*
    402       27,167  
McKesson Corp.
    1,014       56,774  
Medco Health Solutions, Inc.*
    1,844       91,425  
Patterson Cos., Inc.*
    440       13,741  
Quest Diagnostics, Inc.
    578       30,726  
Tenet Healthcare Corp.*
    1,744       10,098  
UnitedHealth Group, Inc.
    4,476       125,686  
WellPoint, Inc.*
    1,918       100,599  
 
             
Total Health Care Providers & Services
            793,625  
 
             
Health Care Technology 0.0%(a)
               
IMS Health, Inc.
    664       13,878  
 
             
Total Health Care Technology
            13,878  
 
             
Hotels, Restaurants & Leisure 1.1%
               
Carnival Corp.
    1,592       58,808  
Darden Restaurants, Inc.
    512       16,676  
International Game Technology
    1,128       24,489  
Marriott International, Inc. — Class A
    1,092       28,294  
McDonald’s Corp.
    4,126       246,693  
Starbucks Corp.*
    2,658       39,046  
Starwood Hotels & Resorts Worldwide, Inc.
    678       23,249  
Wendy’s International, Inc.
    314       7,206  
Wyndham Worldwide Corp.
    640       11,482  
Yum! Brands, Inc.
    1,730       61,969  
 
             
Total Hotels, Restaurants & Leisure
            517,912  
 
             
Household Durables 0.3%
               
Black & Decker Corp.
    226       13,565  
Centex Corp.
    450       6,606  
D.R. Horton, Inc.
    1,004       11,165  
Fortune Brands, Inc.
    564       32,323  
Harman International Industries, Inc.
    214       8,810  
KB HOME
    276       4,855  
Leggett & Platt, Inc.
    602       11,739  
Lennar Corp. — Class A
    512       6,195  
Newell Rubbermaid, Inc.
    1,004       16,596  
Pulte Homes, Inc.
    778       9,499  
Snap-on, Inc.
    212       11,934  
Stanley Works
    288       12,810  
Whirlpool Corp.
    276       20,893  
 
             
Total Household Durables
            166,990  
 
             
                 
            Market  
    Shares     Value  
 
Household Products 2.0%
               
Clorox Co.
    502     $ 27,359  
Colgate-Palmolive Co.
    1,856       137,845  
Kimberly-Clark Corp.
    1,530       88,480  
Procter & Gamble Co.
    11,121       728,203  
 
             
Total Household Products
            981,887  
 
             
Independent Power Producers & Energy Traders 0.2%
               
AES Corp.*
    2,444       39,446  
Constellation Energy Group, Inc.
    652       54,220  
Dynegy, Inc. — Class A*
    1,806       12,155  
 
             
Total Independent Power Producers & Energy Traders
            105,821  
 
             
Industrial Conglomerates 2.7%
               
3M Co.
    2,568       180,762  
General Electric Co.
    36,319       1,027,464  
Textron, Inc.
    904       39,297  
Tyco International, Ltd.
    1,756       78,247  
 
             
Total Industrial Conglomerates
            1,325,770  
 
             
Insurance 2.8%
               
AFLAC, Inc.
    1,730       96,205  
Allstate Corp.
    2,008       92,810  
American International Group, Inc.
    9,793       255,108  
Aon Corp.
    1,090       49,922  
Assurant, Inc.
    350       21,042  
Chubb Corp.
    1,330       63,893  
Cincinnati Financial Corp.
    590       16,426  
Genworth Financial, Inc. — Class A
    1,578       25,201  
Hartford Financial Services Group, Inc.
    1,142       72,391  
Lincoln National Corp.
    942       44,933  
Loews Corp.
    1,316       58,641  
Marsh & McLennan Cos., Inc.
    1,866       52,714  
MBIA, Inc.*
    776       4,602  
MetLife, Inc.
    2,584       131,190  
Principal Financial Group, Inc.
    942       40,044  
Progressive Corp.
    2,468       49,977  
Prudential Financial, Inc.
    1,592       109,800  
SAFECO Corp.
    326       21,568  
Torchmark Corp.
    326       18,924  
Travelers Cos., Inc.
    2,206       97,329  
Unum Group
    1,266       30,587  
XL Capital, Ltd. — Class A
    1,104       19,751  
 
             
Total Insurance
            1,373,058  
 
             
Internet & Catalog Retail 0.2%
               
Amazon.com, Inc.*
    1,128       86,112  
Expedia, Inc.*
    764       14,951  
IAC/InterActiveCorp*
    614       10,720  
 
             
Total Internet & Catalog Retail
            111,783  
 
             
Internet Software & Services 1.3%
               
Akamai Technologies, Inc.*
    614       14,331  
eBay, Inc.*
    4,026       101,334  
Google, Inc. — Class A*
    852       403,635  
VeriSign, Inc.*
    714       23,234  
Yahoo!, Inc.*
    5,016       99,768  
 
             
Total Internet Software & Services
            642,302  
 
             
IT Services 0.8%
               
Affiliated Computer Services, Inc. — Class A*
    350       16,870  
Automatic Data Processing, Inc.
    1,894       80,893  
Cognizant Technology Solutions Corp. — Class A*
    1,052       29,530  
Computer Sciences Corp.*
    550       26,053  
Convergys Corp.*
    450       5,715  
Electronic Data Systems Corp.
    1,832       45,452  
Fidelity National Information Services, Inc.
    626       11,863  

 

 

RYDEX 2x S&P 500 ETF    
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   July 31, 2008
                 
            Market  
    Shares     Value  
 
Fiserv, Inc.*
    602     $ 28,788  
Paychex, Inc.
    1,166       38,385  
Total System Services, Inc.
    726       14,215  
Unisys Corp.*
    1,302       4,804  
Western Union Co.
    2,696       74,517  
 
             
Total IT Services
            377,085  
 
             
Leisure Equipment & Products 0.1%
               
Eastman Kodak Co.
    1,052       15,401  
Hasbro, Inc.
    502       19,438  
Mattel, Inc.
    1,316       26,386  
 
             
Total Leisure Equipment & Products
            61,225  
 
             
Life Sciences Tools & Services 0.3%
               
Applied Biosystems Inc.
    614       22,675  
Millipore Corp.*
    200       14,070  
PerkinElmer, Inc.
    426       12,397  
Thermo Fisher Scientific Inc.*
    1,530       92,595  
Waters Corp.*
    364       24,730  
 
             
Total Life Sciences Tools & Services
            166,467  
 
             
Machinery 1.6%
               
Caterpillar, Inc.
    2,244       156,003  
Cummins, Inc.
    740       49,092  
Danaher Corp.
    928       73,915  
Deere & Co.
    1,568       110,011  
Dover Corp.
    690       34,245  
Eaton Corp.
    602       42,766  
Illinois Tool Works, Inc.
    1,444       67,651  
Ingersoll-Rand Co., Ltd. — Class A
    1,154       41,544  
ITT Corp.
    664       44,461  
Manitowoc Co., Inc.
    474       12,495  
PACCAR, Inc.
    1,330       55,940  
Pall Corp.
    440       17,785  
Parker-Hannifin Corp.
    614       37,871  
Terex Corp.*
    364       17,228  
 
             
Total Machinery
            761,007  
 
             
Media 2.2%
               
CBS Corp. — Class B
    2,482       40,606  
Comcast Corp. — Class A
    10,793       222,552  
DIRECTV Group, Inc.*
    2,584       69,820  
Gannett Co., Inc.
    828       15,003  
Interpublic Group of Cos., Inc.*
    1,718       15,101  
McGraw-Hill Cos., Inc.
    1,166       47,421  
Meredith Corp.
    138       3,527  
New York Times Co. — Class A
    526       6,622  
News Corp. — Class A
    8,387       118,508  
Omnicom Group, Inc.
    1,166       49,777  
Scripps Networks Interactive — Class A
    326       13,216  
Time Warner, Inc.
    13,039       186,718  
Viacom, Inc. — Class B*
    2,306       64,407  
Walt Disney Co.
    6,943       210,720  
Washington Post Co. — Class B
    24       14,838  
 
             
Total Media
            1,078,836  
 
             
Metals & Mining 1.0%
               
AK Steel Holding Corp.
    412       26,162  
Alcoa, Inc.
    2,970       100,237  
Allegheny Technologies, Inc.
    364       17,214  
Freeport-McMoRan Copper & Gold, Inc.
    1,392       134,676  
Newmont Mining Corp.
    1,654       79,326  
Nucor Corp.
    1,142       65,345  
Titanium Metals Corp.
    352       3,964  
United States Steel Corp.
    426       68,313  
 
             
Total Metals & Mining
            495,237  
 
             
Multi-Utilities 1.0%
               
Ameren Corp.
    764       31,393  
CenterPoint Energy, Inc.
    1,192       18,798  
                 
            Market  
    Shares     Value  
 
CMS Energy Corp.
    816     $ 11,016  
Consolidated Edison, Inc.
    990       39,303  
Dominion Resources, Inc.
    2,106       93,043  
DTE Energy Co.
    590       24,178  
Integrys Energy Group, Inc.
    276       14,093  
NiSource, Inc.
    1,004       17,148  
PG&E Corp.
    1,304       50,243  
Public Service Enterprise Group, Inc.
    1,856       77,581  
Sempra Energy
    914       51,330  
TECO Energy, Inc.
    766       14,209  
Xcel Energy, Inc.
    1,568       31,454  
 
             
Total Multi-Utilities
            473,789  
 
             
Multiline Retail 0.6%
               
Big Lots, Inc.*
    300       9,138  
Dillard’s, Inc. — Class A
    212       2,143  
Family Dollar Stores, Inc.
    512       11,930  
J.C. Penney Co., Inc.
    814       25,096  
Kohl’s Corp.*
    1,116       46,771  
Macy’s, Inc.
    1,530       28,779  
Nordstrom, Inc.
    640       18,394  
Sears Holdings Corp.*
    252       20,412  
Target Corp.
    2,834       128,182  
 
             
Total Multiline Retail
            290,845  
 
             
Office Electronics 0.1%
               
Xerox Corp.
    3,272       44,630  
 
             
Total Office Electronics
            44,630  
 
             
Oil, Gas & Consumable Fuels 9.0%
               
Anadarko Petroleum Corp.
    1,706       98,794  
Apache Corp.
    1,216       136,399  
Cabot Oil & Gas Corp.
    352       15,492  
Chesapeake Energy Corp.
    1,754       87,963  
Chevron Corp.
    7,535       637,160  
ConocoPhillips
    5,618       458,541  
CONSOL Energy, Inc.
    664       49,395  
Devon Energy Corp.
    1,630       154,671  
El Paso Corp.
    2,558       45,865  
EOG Resources, Inc.
    904       90,879  
Exxon Mobil Corp.
    19,257       1,548,840  
Hess Corp.
    1,028       104,239  
Marathon Oil Corp.
    2,582       127,732  
Massey Energy Co.
    290       21,532  
Murphy Oil Corp.
    690       55,014  
Noble Energy, Inc.
    626       46,243  
Occidental Petroleum Corp.
    2,994       236,017  
Peabody Energy Corp.
    990       66,973  
Range Resources Corp.
    564       27,388  
Southwestern Energy Co.*
    1,242       45,097  
Spectra Energy Corp.
    2,306       62,654  
Sunoco, Inc.
    426       17,300  
Tesoro Corp.
    502       7,751  
Valero Energy Corp.
    1,928       64,414  
Williams Cos., Inc.
    2,132       68,331  
XTO Energy, Inc.
    1,952       92,193  
 
             
Total Oil, Gas & Consumable Fuels
            4,366,877  
 
             
Paper & Forest Products 0.2%
               
International Paper Co.
    1,554       43,077  
MeadWestvaco Corp.
    628       16,837  
Weyerhaeuser Co.
    766       40,950  
 
             
Total Paper & Forest Products
            100,864  
 
             
Personal Products 0.2%
               
Avon Products, Inc.
    1,554       65,889  
Estee Lauder Cos., Inc — Class A
    416       18,346  
 
             
Total Personal Products
            84,235  
 
             

 

 

RYDEX 2x S&P 500 ETF    
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   July 31, 2008
                 
            Market  
    Shares     Value  
 
Pharmaceuticals 5.2%
               
Abbott Laboratories
    5,628     $ 317,082  
Allergan, Inc.
    1,118       58,058  
Barr Pharmaceuticals, Inc.*
    390       25,732  
Bristol-Myers Squibb Co.
    7,209       152,254  
Eli Lilly & Co.
    3,600       169,596  
Forest Laboratories, Inc.*
    1,114       39,558  
Johnson & Johnson
    10,267       702,982  
King Pharmaceuticals, Inc.*
    902       10,382  
Merck & Co., Inc.
    7,823       257,377  
Mylan Inc.*
    1,104       14,319  
Pfizer, Inc.
    24,648       460,178  
Schering-Plough Corp.
    5,906       124,498  
Watson Pharmaceuticals, Inc.*
    378       10,928  
Wyeth
    4,864       197,089  
 
             
Total Pharmaceuticals
            2,540,033  
 
             
Real Estate Investment Trusts (REITs) 1.0%
               
Apartment Investment & Management Co. — Class A
    326       11,139  
AvalonBay Communities, Inc.
    276       27,520  
Boston Properties, Inc.
    440       42,324  
Developers Diversified Realty Corp.
    440       14,062  
Equity Residential Properties Trust
    990       42,738  
General Growth Properties, Inc.
    976       26,752  
HCP, Inc.
    852       30,732  
Host Hotels & Resorts, Inc.
    1,904       24,961  
Kimco Realty Corp.
    928       32,749  
Plum Creek Timber Co., Inc.
    626       30,499  
ProLogis
    952       46,534  
Public Storage, Inc.
    450       36,851  
Simon Property Group, Inc.
    816       75,586  
Vornado Realty Trust
    488       46,394  
 
             
Total Real Estate Investment Trusts (REITs)
            488,841  
 
             
Real Estate Management & Development 0.0% (a)
               
CB Richard Ellis Group, Inc. — Class A*
    638       8,964  
 
             
Total Real Estate Management & Development
            8,964  
 
             
Road & Rail 1.0%
               
Burlington Northern Santa Fe Corp.
    1,066       111,003  
CSX Corp.
    1,478       99,883  
Norfolk Southern Corp.
    1,368       98,387  
Ryder System, Inc.
    212       13,983  
Union Pacific Corp.
    1,880       154,987  
 
             
Total Road & Rail
            478,243  
 
             
Semiconductors & Semiconductor Equipment 2.0%
               
Advanced Micro Devices, Inc.*
    2,208       9,296  
Altera Corp.
    1,090       23,925  
Analog Devices, Inc.
    1,054       32,157  
Applied Materials, Inc.
    4,940       85,561  
Broadcom Corp. — Class A*
    1,630       39,593  
Intel Corp.
    20,874       463,194  
KLA-Tencor Corp.
    616       23,155  
Linear Technology Corp.
    804       24,964  
LSI Logic Corp.*
    2,320       16,101  
MEMC Electronic Materials, Inc.*
    828       38,262  
Microchip Technology, Inc.
    676       21,585  
Micron Technology, Inc.*
    2,770       13,379  
National Semiconductor Corp.
    730       15,293  
Novellus Systems, Inc.*
    364       7,415  
NVIDIA Corp.*
    2,018       23,086  
Teradyne, Inc.*
    626       5,866  
Texas Instruments, Inc.
    4,816       117,414  
Xilinx, Inc.
    1,016       25,227  
 
             
Total Semiconductors & Semiconductor Equipment
            985,473  
 
             
                 
            Market  
    Shares     Value  
 
Software 2.9%
               
Adobe Systems, Inc.*
    1,942     $ 80,302  
Autodesk, Inc.*
    814       25,958  
BMC Software, Inc.*
    702       23,089  
CA, Inc.
    1,418       33,834  
Citrix Systems, Inc.*
    666       17,742  
Compuware Corp.*
    952       10,472  
Electronic Arts, Inc.*
    1,166       50,348  
Intuit, Inc.*
    1,166       31,867  
Microsoft Corp.
    29,186       750,664  
Novell, Inc.*
    1,292       7,196  
Oracle Corp.*
    14,455       311,216  
Symantec Corp.*
    3,060       64,474  
 
             
Total Software
            1,407,162  
 
             
Specialty Retail 1.2%
               
Abercrombie & Fitch Co. — Class A
    314       17,339  
AutoNation, Inc.*
    488       5,036  
AutoZone, Inc.*
    152       19,804  
Bed Bath & Beyond, Inc.*
    942       26,216  
Best Buy Co., Inc.
    1,266       50,285  
GameStop Corp. — Class A*
    588       23,820  
Gap, Inc.
    1,630       26,276  
Home Depot, Inc.
    6,182       147,317  
Limited Brands, Inc.
    1,090       17,974  
Lowe’s Cos., Inc.
    5,330       108,306  
Office Depot, Inc.*
    990       6,732  
RadioShack Corp.
    478       7,973  
Sherwin-Williams Co.
    364       19,383  
Staples, Inc.
    2,558       57,555  
Tiffany & Co.
    464       17,535  
TJX Cos., Inc.
    1,544       52,048  
 
             
Total Specialty Retail
            603,599  
 
             
Textiles, Apparel & Luxury Goods 0.3%
               
Coach, Inc.*
    1,242       31,684  
Jones Apparel Group, Inc.
    314       5,256  
Liz Claiborne, Inc.
    350       4,575  
NIKE, Inc. — Class B
    1,380       80,978  
Polo Ralph Lauren Corp.
    212       12,544  
V.F. Corp.
    314       22,476  
 
             
Total Textiles, Apparel & Luxury Goods
            157,513  
 
             
Thrifts & Mortgage Finance 0.3%
               
Federal Home Loan Mortgage Corp.
    2,358       19,265  
Federal National Mortgage Association
    3,874       44,551  
Hudson City Bancorp, Inc.
    1,894       34,584  
MGIC Investment Corp.
    454       2,906  
Sovereign Bancorp, Inc.*
    1,744       16,603  
Washington Mutual, Inc.
    5,404       28,803  
 
             
Total Thrifts & Mortgage Finance
            146,712  
 
             
Tobacco 1.4%
               
Altria Group, Inc.
    7,633       155,332  
Lorillard, Inc.*
    638       42,816  
Philip Morris International, Inc.
    7,685       396,930  
Reynolds American, Inc.
    626       34,950  
UST, Inc.
    540       28,409  
 
             
Total Tobacco
            658,437  
 
             
Trading Companies & Distributors 0.0% (a)
               
W.W. Grainger, Inc.
    218       19,513  
 
             
Total Trading Companies & Distributors
            19,513  
 
             
Wireless Telecommunication Services 0.3%
               
American Tower Corp. — Class A*
    1,444       60,503  
Sprint Nextel Corp.*
    10,391       84,583  
 
             
Total Wireless Telecommunication Services
            145,086  
 
             
Total Common Stocks
(Cost $42,065,454)
            40,315,744  
 
             

 

 

RYDEX 2x S&P 500 ETF    
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   July 31, 2008
                 
    Face     Market  
    Amount     Value  
 
REPURCHASE AGREEMENTS 8.0%
               
State Street Bank & Trust Co., 2.020%, dated 07/31/08, to be repurchased at $3,926,220 on 08/01/08 collateralized by $3,960,000 FNMA at 4.375% due 07/17/13 with a value of $4,004,550
  $ 3,926,000     $ 3,926,000  
 
             
Total Repurchase Agreements
(Cost $3,926,000)
            3,926,000  
 
             
UNITED STATES TREASURY BILLS 3.1%
               
United States Treasury Bills 1.550%, due 08/07/08 †
  $ 1,500,000       1,499,612  
 
             
Total United States Treasury Bills
(Cost $1,499,612)
            1,499,612  
 
             
Total Investments 93.7%
(Cost $47,491,066)
            45,741,356  
 
             
Other Assets in Excess of Liabilities — 6.3%
            3,051,137  
 
             
Net Assets — 100.0%
          $ 48,792,493  
 
                 
            Unrealized  
    Contracts     Gain(Loss)  
 
FUTURES CONTRACTS PURCHASED
               
September 2008 S&P 500 Index E-Mini Futures Contracts (Aggregate Market Value of Contracts $29,198,588)
    461     $ (1,124,700 )
 
             
                 
    Units          
 
EQUITY INDEX SWAP AGREEMENTS PURCHASED
               
Goldman Sachs October 2008 S&P 500 Index Swap, Terminating 10/1/08** (Notional Market Value $12,750,046)
    10,060     $ 150,046  
 
             
 
               
Lehman Brothers October 2008 S&P 500 Index Swap, Terminating 10/23/08** (Notional Market Value $15,414,015)
    12,162       (117,002 )
 
             
 
               
(Total Notional Market Value $28,164,061)
          $ 33,044  
 
*   Non-Incoming Producing Security
 
**   Price return based on S&P 500 Index + / - financing at a variable rate.
 
†   Security or portions of the security was pledged as collateral for a swap agreement sold short.
 
    FNMA — Federal National Mortgage Association

 

 

RYDEX INVERSE 2x S&P 500 ETF    
SCHEDULE OF INVESTMENTS (Unaudited)   July 31, 2008
 
                 
    Face     Market  
    Amount     Value  
 
REPURCHASE AGREEMENTS 80.1%
               
 
               
State Street Bank & Trust Co., 2.020%, dated 07/31/08, to be repurchased at $55,045,088 on 08/01/08 collateralized by $52,410,000 FNMA at 6.000% due 05/15/11 with a value of $56,144,213
  $ 55,042,000     $ 55,042,000  
 
             
Total Repurchase Agreements
(Cost $55,042,000)
            55,042,000  
 
             
UNITED STATES TREASURY BILLS 19.2%
               
 
               
United States Treasury Bills
               
1.240%, due 08/14/08 †
  $ 3,500,000       3,498,433  
1.650%, due 08/21/08 †
    4,700,000       4,695,691  
1.700%, due 08/28/08 †
    5,000,000       4,993,625  
 
             
Total United States Treasury Bills
(Cost $13,187,749)
            13,187,749  
 
             
Total Investments 99.3%
(Cost $68,229,749)
            68,229,749  
 
             
Other Assets in Excess of Liabilities — 0.7%
            484,375  
 
             
Net Assets — 100.0%
          $ 68,714,124  
 
                 
            Unrealized  
    Contracts     Gain(Loss)  
 
FUTURES CONTRACTS SOLD SHORT
               
 
               
September 2008 S&P 500 Index E-Mini Futures Contracts (Aggregate Market Value of Contracts $18,114,525)
    286     $ (144,711 )
 
             
                 
    Units          
 
EQUITY INDEX SWAP AGREEMENTS SOLD SHORT
               
 
               
Goldman Sachs October 2008 Russell 500 S&P Swap Equity, Terminating 10/01/08** (Notional Market Value $32,334,095)
    25,513     $ (1,534,096 )
 
             
 
               
Lehman Brothers October 2008 S&P 500 Swap Equity, Terminating 10/23/08** (Notional Market Value $86,966,019)
    68,619       657,686  
 
             
 
               
(Total Notional Market Value $119,300,114)
          $ (876,410 )
 
**   Price return based on S&P 500 Index + / — financing at a variable rate.
 
†   Security or portions of the security was pledged as collateral for a swap agreement sold short.
 
    FNMA — Federal National Mortgage Association

 

 

RYDEX 2x S&P MIDCAP 400 ETF    
SCHEDULE OF INVESTMENTS (Unaudited)   July 31, 2008
 
                 
            Market  
    Shares     Value  
 
COMMON STOCKS 86.3%
               
 
Aerospace & Defense 0.8%
               
Alliant Techsystems, Inc.*
    240     $ 23,758  
BE Aerospace, Inc.*
    730       18,746  
DRS Technologies, Inc.
    310       24,428  
 
             
Total Aerospace & Defense
            66,932  
 
             
Airlines 0.2%
               
Airtran Holdings, Inc.*
    850       2,482  
Alaska Air Group, Inc.*
    270       4,828  
JetBlue Airways Corp.*
    1,350       7,114  
 
             
Total Airlines
            14,424  
 
             
Auto Components 0.8%
               
ArvinMeritor, Inc.
    540       7,457  
BorgWarner, Inc.
    860       34,675  
Gentex Corp.
    1,060       16,388  
Lear Corp.*
    570       8,214  
Modine Manufacturing Co.
    240       4,186  
 
             
Total Auto Components
            70,920  
 
             
Automobiles 0.1%
               
Thor Industries, Inc.
    250       4,905  
 
             
Total Automobiles
            4,905  
 
             
Beverages 0.2%
               
Hansen Natural Corp.*
    450       10,287  
PepsiAmericas, Inc.
    430       10,178  
 
             
Total Beverages
            20,465  
 
             
Biotechnology 0.9%
               
Cephalon, Inc.*
    500       36,580  
PDL BioPharma, Inc.
    880       9,830  
Vertex Pharmaceuticals, Inc.*
    1,040       35,880  
 
             
Total Biotechnology
            82,290  
 
             
Capital Markets 1.7%
               
Affiliated Managers Group, Inc.*
    300       25,920  
Apollo Investment Corp.
    1,088       17,334  
Eaton Vance Corp.
    860       31,940  
Jefferies Group, Inc.
    880       16,711  
Raymond James Financial, Inc.
    700       20,230  
SEI Investments Co.
    930       21,418  
Waddell & Reed Financial, Inc. — Class A
    640       21,376  
 
             
Total Capital Markets
            154,929  
 
             
Chemicals 3.9%
               
Airgas, Inc.
    610       34,941  
Albemarle Corp.
    560       21,801  
Cabot Corp.
    480       12,878  
CF Industries Holdings, Inc.
    360       58,846  
Chemtura Corp.
    1,790       11,671  
Cytec Industries, Inc.
    310       16,759  
Ferro Corp.
    320       6,963  
FMC Corp.
    550       40,903  
Lubrizol Corp.
    500       24,900  
Minerals Technologies, Inc.
    140       9,031  
Olin Corp.
    550       16,357  
RPM International, Inc.
    900       18,450  
Scotts Miracle-Gro Co. — Class A
    330       6,428  
Sensient Technologies Corp.
    360       11,203  
Terra Industries, Inc.
    680       36,720  
Valspar Corp.
    740       16,036  
 
             
Total Chemicals
            343,887  
 
             
Commercial Banks 2.2%
               
Associated Banc-Corp.
    940       15,689  
Bank of Hawaii Corp.
    350       17,636  
Cathay General Bancorp
    370       5,898  
City National Corp.
    300       14,739  
                 
            Market  
    Shares     Value  
 
Colonial BancGroup, Inc.
    1,490     $ 9,923  
Commerce Bancshares Inc/Kansas City MO
    460       20,070  
Cullen/Frost Bankers, Inc.
    430       22,678  
FirstMerit Corp.
    600       11,808  
PacWest Bancorp
    180       3,352  
SVB Financial Group*
    240       13,822  
Synovus Financial Corp.
    2,440       23,204  
TCF Financial Corp.
    800       10,200  
Webster Financial Corp.
    390       7,745  
Westamerica Bancorp
    210       10,920  
Wilmington Trust Corp.
    500       11,785  
 
             
Total Commercial Banks
            199,469  
 
             
Commercial Services & Supplies 3.5%
               
Brink’s Co.
    350       24,136  
ChoicePoint, Inc.*
    510       24,403  
Copart, Inc.*
    500       21,930  
Corporate Executive Board Co.
    250       9,370  
Corrections Corp. of America*
    920       25,788  
Deluxe Corp.
    380       5,434  
Dun & Bradstreet Corp.
    410       39,622  
Herman Miller, Inc.
    410       10,717  
HNI Corp.
    330       7,145  
Kelly Services, Inc. — Class A
    160       2,946  
Korn/Ferry International*
    340       5,950  
Manpower, Inc.
    590       28,320  
Mine Safety Appliances Co.
    220       7,269  
MPS Group, Inc.*
    700       8,064  
Navigant Consulting, Inc.*
    340       6,283  
Republic Services, Inc.
    1,160       37,700  
Rollins, Inc.
    310       5,295  
Stericycle, Inc.*
    640       38,240  
 
             
Total Commercial Services & Supplies
            308,612  
 
             
Communications Equipment 1.8%
               
3Com Corp.*
    2,980       5,602  
ADC Telecommunications, Inc.*
    870       8,230  
Adtran, Inc.
    420       9,391  
Avocent Corp.*
    330       7,848  
CommScope, Inc.*
    520       23,187  
F5 Networks, Inc.*
    610       17,782  
Foundry Networks, Inc.*
    1,080       18,835  
Harris Corp.
    1,000       48,150  
Plantronics, Inc.
    360       8,766  
Polycom, Inc.*
    650       15,340  
 
             
Total Communications Equipment
            163,131  
 
             
Computers & Peripherals 1.2%
               
Diebold, Inc.
    490       18,120  
Imation Corp.
    230       4,384  
NCR Corp.*
    1,240       33,306  
Palm, Inc.*
    790       5,198  
Western Digital Corp.*
    1,640       47,216  
 
             
Total Computers & Peripherals
            108,224  
 
             
Construction & Engineering 1.7%
               
Dycom Industries, Inc.*
    300       4,761  
Granite Construction, Inc.
    240       7,591  
KBR, Inc.
    1,250       35,625  
Quanta Services, Inc.*
    1,270       39,218  
Shaw Group, Inc.*
    610       35,258  
URS Corp.*
    620       25,990  
 
             
Total Construction & Engineering
            148,443  
 
             
Construction Materials 0.4%
               
Martin Marietta Materials, Inc.
    310       32,541  
 
             
Total Construction Materials
            32,541  
 
             

 

 

RYDEX 2x S&P MIDCAP 400 ETF    
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   July 31, 2008
                 
            Market  
    Shares     Value  
 
Consumer Finance 0.1%
               
AmeriCredit Corp.*
    850     $ 7,455  
 
             
Total Consumer Finance
            7,455  
 
             
Containers & Packaging 0.8%
               
AptarGroup, Inc.
    500       19,350  
Packaging Corp. of America
    680       17,353  
Sonoco Products Co.
    740       24,139  
Temple-Inland, Inc.
    780       12,675  
 
             
Total Containers & Packaging
            73,517  
 
             
Diversified Consumer Services 1.6%
               
Career Education Corp.*
    660       12,104  
Corinthian Colleges, Inc.*
    630       9,923  
DeVry, Inc.
    440       24,996  
ITT Educational Services, Inc.*
    210       18,602  
Matthews International Corp. — Class A
    230       11,479  
Regis Corp.
    320       8,957  
Service Corp. International
    1,930       18,470  
Sotheby’s
    500       13,870  
Strayer Education, Inc.
    110       24,497  
 
             
Total Diversified Consumer Services
            142,898  
 
             
Diversified Telecommunication Services 0.1%
               
Cincinnati Bell, Inc.*
    1,800       7,020  
 
             
Total Diversified Telecommunication Services
            7,020  
 
             
Electric Utilities 1.5%
               
DPL, Inc.
    840       21,319  
Great Plains Energy, Inc.
    877       22,153  
Hawaiian Electric Industries, Inc.
    620       15,339  
IDACORP, Inc.
    330       9,837  
Northeast Utilities
    1,150       28,934  
Sierra Pacific Resources
    1,730       19,618  
Westar Energy, Inc.
    770       17,002  
 
             
Total Electric Utilities
            134,202  
 
             
Electrical Equipment 1.3%
               
AMETEK, Inc.
    790       37,809  
Hubbell, Inc. — Class B
    410       17,286  
Roper Industries, Inc.
    660       40,379  
Thomas & Betts Corp.*
    380       15,724  
 
             
Total Electrical Equipment
            111,198  
 
             
Electronic Equipment & Instruments 2.8%
               
Amphenol Corp. — Class A
    1,300       61,971  
Arrow Electronics, Inc.*
    910       29,320  
Avnet, Inc.*
    1,110       30,259  
FLIR Systems, Inc.*
    1,010       41,147  
Ingram Micro, Inc. — Class A*
    1,060       19,536  
KEMET Corp.*
    620       843  
National Instruments Corp.
    420       14,301  
Tech Data Corp.*
    390       13,599  
Trimble Navigation, Ltd.*
    900       29,880  
Vishay Intertechnology, Inc.*
    1,380       12,379  
 
             
Total Electronic Equipment & Instruments
            253,235  
 
             
Energy Equipment & Services 3.2%
               
Exterran Holdings, Inc.*
    490       27,656  
FMC Technologies, Inc.*
    950       58,691  
Helix Energy Solutions Group, Inc.*
    680       21,712  
Helmerich & Payne, Inc.
    770       45,530  
Patterson-UTI Energy, Inc.
    1,140       32,399  
Pride International, Inc.*
    1,240       48,063  
Superior Energy Services, Inc.*
    600       28,458  
Tidewater, Inc.
    380       22,777  
 
             
Total Energy Equipment & Services
            285,286  
 
             
Food & Staples Retailing 0.3%
               
BJ’s Wholesale Club, Inc.*
    440       16,513  
                 
            Market  
    Shares     Value  
 
Ruddick Corp.
    270     $ 8,359  
 
             
Total Food & Staples Retailing
            24,872  
 
             
Food Products 1.0%
               
Corn Products International, Inc.
    550       25,580  
Hormel Foods Corp.
    530       19,170  
J.M. Smucker Co.
    410       19,983  
Lancaster Colony Corp.
    150       4,877  
Smithfield Foods, Inc.*
    860       18,473  
Tootsie Roll Industries, Inc.
    200       5,230  
 
             
Total Food Products
            93,313  
 
             
Gas Utilities 2.0%
               
AGL Resources, Inc.
    570       19,699  
Energen Corp.
    530       31,906  
Equitable Resources, Inc.
    960       50,160  
National Fuel Gas Co.
    600       29,874  
Oneok, Inc.
    770       35,020  
WGL Holdings, Inc.
    370       12,776  
 
             
Total Gas Utilities
            179,435  
 
             
Health Care Equipment & Supplies 2.9%
               
Advanced Medical Optics, Inc.*
    450       7,812  
Beckman Coulter, Inc.
    460       33,277  
Dentsply International, Inc.
    1,100       44,275  
Edwards Lifesciences Corp.*
    410       25,699  
Gen-Probe, Inc.*
    400       21,328  
Hill Rom Holdings, Inc.
    460       12,921  
Hologic, Inc.*
    1,890       34,908  
Idexx Laboratories, Inc.*
    450       24,075  
Kinetic Concepts, Inc.*
    400       13,980  
ResMed, Inc.*
    570       21,557  
STERIS Corp.
    430       14,693  
 
             
Total Health Care Equipment & Supplies
            254,525  
 
             
Health Care Providers & Services 2.6%
               
Apria Healthcare Group, Inc.*
    320       6,147  
Community Health Systems, Inc.*
    710       23,416  
Health Management Associates, Inc. — Class A*
    1,800       11,070  
Health Net, Inc.*
    790       22,089  
Henry Schein, Inc.*
    670       35,885  
Kindred Healthcare, Inc.*
    220       5,933  
LifePoint Hospitals, Inc.*
    400       11,452  
Lincare Holdings, Inc.*
    540       17,399  
Omnicare, Inc.
    900       26,496  
Psychiatric Solutions, Inc.*
    410       14,358  
Universal Health Services, Inc. — Class B
    380       23,036  
VCA Antech, Inc.*
    620       18,067  
WellCare Health Plans, Inc.*
    310       12,192  
 
             
Total Health Care Providers & Services
            227,540  
 
             
Health Care Technology 0.2%
               
Cerner Corp.*
    490       21,883  
 
             
Total Health Care Technology
            21,883  
 
             
Hotels, Restaurants & Leisure 0.9%
               
Bob Evans Farms, Inc.
    230       6,587  
Boyd Gaming Corp.
    420       4,192  
Brinker International, Inc.
    750       13,792  
Cheesecake Factory, Inc.*
    500       7,040  
Chipotle Mexican Grill, Inc. — Class A*
    240       16,440  
International Speedway Corp. — Class A
    220       8,094  
Life Time Fitness, Inc.*
    250       7,448  
Scientific Games Corp. — Class A*
    480       14,563  
 
             
Total Hotels, Restaurants & Leisure
            78,156  
 
             
Household Durables 1.3%
               
American Greetings Corp. — Class A
    360       5,335  
Blyth, Inc.
    170       2,474  
Furniture Brands International, Inc.
    360       4,273  

 

 

RYDEX 2x S&P MIDCAP 400 ETF    
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   July 31, 2008
                 
            Market  
    Shares     Value  
 
Hovnanian Enterprises, Inc. — Class A*
    330     $ 2,320  
MDC Holdings, Inc.
    260       10,795  
Mohawk Industries, Inc.*
    410       24,178  
NVR, Inc.*
    40       22,093  
Ryland Group, Inc.
    310       6,383  
Toll Brothers, Inc.*
    950       19,085  
Tupperware Brands Corp.
    460       17,940  
 
             
Total Household Durables
            114,876  
 
             
Household Products 0.6%
               
Church & Dwight Co., Inc.
    490       26,886  
Energizer Holdings, Inc.*
    420       29,963  
 
             
Total Household Products
            56,849  
 
             
Independent Power Producers & Energy Traders 0.1%
               
Black Hills Corp.
    280       9,036  
 
             
Total Independent Power Producers & Energy Traders
            9,036  
 
             
Industrial Conglomerates 0.4%
               
Carlisle Cos., Inc.
    450       13,765  
Teleflex, Inc.
    290       17,783  
 
             
Total Industrial Conglomerates
            31,548  
 
             
Insurance 3.3%
               
American Financial Group, Inc.
    520       15,064  
Arthur J. Gallagher & Co.
    690       17,547  
Brown & Brown, Inc.
    840       14,759  
Everest Re Group, Ltd.
    460       37,628  
Fidelity National Financial, Inc. — Class A
    1,598       21,349  
First American Corp.
    680       17,136  
Hanover Insurance Group, Inc.
    380       16,310  
HCC Insurance Holdings, Inc.
    820       18,573  
Horace Mann Educators Corp.
    300       4,158  
Mercury General Corp.
    260       13,133  
Old Republic International Corp.
    1,700       17,850  
Philadelphia Consolidated Holding Co.*
    430       25,134  
Protective Life Corp.
    520       18,699  
Stancorp Financial Group, Inc.
    360       17,780  
Unitrin, Inc.
    370       10,208  
W.R. Berkley Corp.
    1,100       25,982  
 
             
Total Insurance
            291,310  
 
             
Internet & Catalog Retail 0.1%
               
NetFlix, Inc.*
    330       10,194  
 
             
Total Internet & Catalog Retail
            10,194  
 
             
Internet Software & Services 0.2%
               
Digital River, Inc.*
    270       10,770  
ValueClick, Inc.*
    700       8,330  
 
             
Total Internet Software & Services
            19,100  
 
             
IT Services 2.0%
               
Acxiom Corp.
    500       6,420  
Alliance Data Systems Corp.*
    590       37,848  
Broadridge Financial Solutions, Inc.
    1,040       21,528  
DST Systems, Inc.*
    340       20,546  
Gartner, Inc. — Class A*
    460       11,206  
Global Payments, Inc.
    590       26,131  
Lender Processing Services, Inc.
    630       21,010  
Metavante Technologies, Inc.*
    660       14,692  
NeuStar, Inc. — Class A*
    570       11,959  
SRA International, Inc. — Class A*
    310       6,805  
 
             
Total IT Services
            178,145  
 
             
Leisure Equipment & Products 0.1%
               
Callaway Golf Co.
    490       6,213  
 
             
Total Leisure Equipment & Products
            6,213  
 
             
Life Sciences Tools & Services 1.9%
               
Affymetrix, Inc.*
    510       4,019  
                 
            Market  
    Shares     Value  
 
Charles River Laboratories International, Inc.*
    500     $ 33,230  
Covance, Inc.*
    460       42,228  
Invitrogen Corp.*
    660       29,271  
Pharmaceutical Product Development, Inc.
    780       29,749  
Techne Corp.*
    290       23,061  
Varian, Inc.*
    220       10,868  
 
             
Total Life Sciences Tools & Services
            172,426  
 
             
Machinery 5.4%
               
AGCO Corp.*
    680       40,698  
Crane Co.
    370       13,135  
Donaldson Co., Inc.
    520       23,457  
Federal Signal Corp.
    350       5,030  
Flowserve Corp.
    430       57,336  
Graco, Inc.
    450       16,304  
Harsco Corp.
    620       33,542  
IDEX Corp.
    610       23,076  
Joy Global, Inc.
    800       57,776  
Kennametal, Inc.
    570       16,963  
Lincoln Electric Holdings, Inc.
    320       25,712  
Nordson Corp.
    250       17,665  
Oshkosh Truck Corp.
    550       9,922  
Pentair, Inc.
    730       25,273  
SPX Corp.
    390       49,444  
Timken Co.
    710       23,444  
Trinity Industries, Inc.
    600       22,584  
Wabtec Corp.
    360       19,980  
 
             
Total Machinery
            481,341  
 
             
Marine 0.2%
               
Alexander & Baldwin, Inc.
    310       13,451  
 
             
Total Marine
            13,451  
 
             
Media 1.0%
               
Belo Corp. — Class A
    650       4,413  
DreamWorks Animation SKG, Inc. — Class A*
    590       17,523  
Entercom Communications Corp. — Class A
    200       1,226  
Harte-Hanks, Inc.
    320       3,971  
John Wiley & Sons, Inc.- Class A
    330       14,962  
Lamar Advertising Co. — Class A*
    570       21,649  
Lee Enterprises, Inc.
    290       876  
Marvel Entertainment, Inc.*
    360       12,492  
Media General, Inc. — Class A
    170       2,156  
Scholastic Corp.
    190       4,900  
Valassis Communications, Inc.*
    360       3,175  
 
             
Total Media
            87,343  
 
             
Metals & Mining 2.3%
               
Carpenter Technology Corp.
    350       13,545  
Cleveland-Cliffs, Inc.
    780       84,560  
Commercial Metals Co.
    840       25,074  
Reliance Steel & Aluminum Co.
    470       29,685  
Steel Dynamics, Inc.
    1,400       44,352  
Worthington Industries, Inc.
    470       8,338  
 
             
Total Metals & Mining
            205,554  
 
             
Multi-Utilities 3.0%
               
Alliant Energy Corp.
    820       26,429  
Energy East Corp.
    1,170       29,238  
MDU Resources Group, Inc.
    1,350       43,079  
NSTAR
    790       25,169  
OGE Energy Corp.
    680       22,250  
PNM Resources, Inc.
    640       7,494  
Puget Energy, Inc.
    960       26,438  
SCANA Corp.
    860       31,124  
Vectren Corp.
    600       17,520  
Wisconsin Energy Corp.
    860       38,803  
 
             
Total Multi-Utilities
            267,544  
 
             

 

 

RYDEX 2x S&P MIDCAP 400 ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   July 31, 2008
                 
            Market  
    Shares     Value  
 
Multiline Retail 0.4%
               
99 Cents Only Stores*
    350     $ 2,342  
Dollar Tree Stores, Inc.*
    660       24,750  
Saks, Inc.*
    1,060       10,801  
 
             
Total Multiline Retail
            37,893  
 
             
Office Electronics 0.2%
               
Zebra Technologies Corp. — Class A*
    480       14,789  
 
             
Total Office Electronics
            14,789  
 
             
Oil, Gas & Consumable Fuels 4.9%
               
Arch Coal, Inc.
    1,070       60,252  
Bill Barrett Corp.*
    250       10,285  
Cimarex Energy Co.
    610       31,787  
Denbury Resources, Inc.*
    1,820       51,215  
Encore Acquisition Co.*
    390       24,129  
Forest Oil Corp.*
    660       37,640  
Frontier Oil Corp.
    770       14,052  
Newfield Exploration Co.*
    970       47,511  
Overseas Shipholding Group, Inc.
    200       15,750  
Patriot Coal Corp.*
    230       29,014  
Pioneer Natural Resources Co.
    880       52,316  
Plains Exploration & Production Co.*
    790       44,216  
Quicksilver Resources, Inc.*
    760       19,882  
 
             
Total Oil, Gas & Consumable Fuels
            438,049  
 
             
Paper & Forest Products 0.1%
               
Louisiana-Pacific Corp.
    760       6,430  
 
             
Total Paper & Forest Products
            6,430  
 
             
Personal Products 0.3%
               
Alberto-Culver Co.
    640       17,171  
NBTY, Inc.*
    380       13,106  
 
             
Total Personal Products
            30,277  
 
             
Pharmaceuticals 0.9%
               
Endo Pharmaceuticals Holdings, Inc.*
    890       20,604  
Medicis Pharmaceutical Corp. — Class A
    420       7,711  
Par Pharmaceutical Cos., Inc.*
    260       4,498  
Perrigo Co.
    570       20,081  
Sepracor, Inc.*
    800       13,984  
Valeant Pharmaceuticals International*
    660       11,299  
 
             
Total Pharmaceuticals
            78,177  
 
             
Real Estate Investment Trusts (REITs) 5.2%
               
Alexandria Real Estate Equities, Inc.
    240       24,782  
AMB Property Corp.
    720       35,251  
BRE Properties, Inc.
    380       18,574  
Camden Property Trust
    390       19,180  
Cousins Properties, Inc.
    270       5,932  
Duke Realty Corp.
    1,080       26,708  
Equity One, Inc.
    270       5,214  
Federal Realty Investment Trust
    430       31,222  
Health Care REIT, Inc.
    660       32,914  
Highwoods Properties, Inc.
    420       15,330  
Hospitality Properties Trust
    690       14,697  
Liberty Property Trust
    690       25,116  
Macerich Co.
    550       30,432  
Mack-Cali Realty Corp.
    490       18,806  
Nationwide Health Properties, Inc.
    710       26,348  
Potlatch Corp.
    290       13,505  
Rayonier, Inc.
    580       27,098  
Realty Income Corp.
    750       18,893  
Regency Centers Corp.
    520       30,940  
UDR, Inc.
    950       24,263  
Weingarten Realty Investors
    550       16,770  
 
             
Total Real Estate Investment Trusts (REITs)
            461,975  
 
             
Real Estate Management & Development 0.1%
               
Jones Lang LaSalle, Inc.
    240       11,434  
 
             
Total Real Estate Management & Development
            11,434  
 
             
                 
            Market  
    Shares     Value  
 
Road & Rail 1.0%
               
Avis Budget Group, Inc.*
    750     $ 4,575  
Con-way, Inc.
    340       17,191  
J.B. Hunt Transport Services, Inc.
    640       23,667  
Kansas City Southern*
    570       31,350  
Werner Enterprises, Inc.
    330       7,857  
YRC Worldwide, Inc.*
    420       7,098  
 
             
Total Road & Rail
            91,738  
 
             
Semiconductors & Semiconductor Equipment 1.9%
               
Atmel Corp.*
    3,290       11,614  
Cree, Inc.*
    660       12,804  
Cypress Semiconductor Corp.*
    1,110       30,248  
Fairchild Semiconductor International, Inc.*
    920       11,178  
Integrated Device Technology, Inc.*
    1,270       12,725  
International Rectifier Corp.*
    540       9,115  
Intersil Corp. — Class A
    910       21,958  
Lam Research Corp.*
    920       30,259  
RF Micro Devices, Inc.*
    1,940       6,344  
Semtech Corp.*
    460       6,702  
Silicon Laboratories, Inc.*
    360       11,776  
 
             
Total Semiconductors & Semiconductor Equipment
            164,723  
 
             
Software 2.2%
               
ACI Worldwide, Inc.*
    250       4,890  
Advent Software, Inc.*
    130       5,660  
Ansys, Inc.*
    650       29,510  
Cadence Design Systems, Inc.*
    1,930       14,263  
Fair Isaac Corp.
    360       8,014  
Jack Henry & Associates, Inc.
    570       12,306  
Macrovision Solutions Corp.*
    610       9,272  
McAfee, Inc.*
    1,190       38,972  
Mentor Graphics Corp.*
    678       9,411  
Parametric Technology Corp.*
    850       16,464  
Sybase, Inc.*
    590       19,830  
Synopsys, Inc.*
    1,050       25,221  
Wind River Systems, Inc.*
    500       5,865  
 
             
Total Software
            199,678  
 
             
Specialty Retail 3.4%
               
Advance Auto Parts, Inc.
    700       28,763  
Aeropostale, Inc.*
    490       15,802  
American Eagle Outfitters, Inc.
    1,520       21,280  
AnnTaylor Stores Corp.*
    440       9,922  
Barnes & Noble, Inc.
    320       7,571  
Borders Group, Inc.*
    450       2,205  
CarMax, Inc.*
    1,620       21,708  
Charming Shoppes, Inc.*
    840       4,578  
Chico’s FAS, Inc.*
    1,300       7,241  
Coldwater Creek, Inc.*
    440       2,869  
Collective Brands, Inc.*
    470       6,054  
Dick’s Sporting Goods, Inc.*
    620       10,881  
Foot Locker, Inc.
    1,140       17,168  
Guess?, Inc.
    410       12,985  
O’Reilly Automotive, Inc.*
    990       25,285  
Pacific Sunwear of California, Inc.*
    510       4,442  
Petsmart, Inc.
    940       21,347  
Rent-A-Center, Inc.*
    490       10,388  
Ross Stores, Inc.
    980       37,201  
Urban Outfitters, Inc.*
    840       27,728  
Williams-Sonoma, Inc.
    650       11,336  
 
             
Total Specialty Retail
            306,754  
 
             
Textiles, Apparel & Luxury Goods 0.6%
               
Hanesbrands, Inc.*
    700       15,008  
Phillips-Van Heusen Corp.
    380       13,452  
Timberland Co. — Class A*
    360       5,162  
Under Armour, Inc. — Class A*
    270       7,871  

 

 

RYDEX 2x S&P MIDCAP 400 ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   July 31, 2008
                 
            Market  
    Shares     Value  
 
Warnaco Group, Inc.*
    340     $ 14,263  
 
             
Total Textiles, Apparel & Luxury Goods
            55,756  
 
             
Thrifts & Mortgage Finance 0.9%
               
Astoria Financial Corp.
    600       13,422  
First Niagara Financial Group, Inc.
    810       11,332  
New York Community Bancorp, Inc.
    2,520       41,882  
PMI Group, Inc.
    600       1,506  
Washington Federal, Inc.
    650       12,090  
 
             
Total Thrifts & Mortgage Finance
            80,232  
 
             
Tobacco 0.1%
               
Universal Corp.
    200       10,324  
 
             
Total Tobacco
            10,324  
 
             
Trading Companies & Distributors 0.9%
               
Fastenal Co.
    930       45,440  
GATX Corp.
    340       15,460  
MSC Industrial Direct Co. — Class A
    340       16,218  
United Rentals, Inc.*
    390       6,310  
 
             
Total Trading Companies & Distributors
            83,428  
 
             
Water Utilities 0.2%
               
Aqua America, Inc.
    990       15,692  
 
             
Total Water Utilities
            15,692  
 
             
Wireless Telecommunication Services 0.4%
               
Telephone & Data Systems, Inc.
    790       33,496  
 
             
Total Wireless Telecommunication Services
            33,496  
 
             
Total Common Stocks
(Cost $8,228,654)
            7,679,482  
 
             
                 
    Face          
    Amount          
 
REPURCHASE AGREEMENTS 8.1%
               
 
               
State Street Bank & Trust Co., 2.020% dated 07/31/08, to be repurchased at $720,040 on 08/01/08 collateralized by $680,000 FHLB at 5.500% due 08/13/14 with a value of $739,500
  $ 720,000     $ 720,000  
 
             
 
               
Total REPURCHASE AGREEMENTS
(Cost $720,000)
            720,000  
 
             
UNITED STATES TREASURY BILLS 11.2%
               
 
               
United States Treasury Bill 1.65%, due 08/21/08 †
  $ 1,000,000       999,083  
 
             
Total UNITED STATES TREASURY BILLS
(Cost $999,083)
            999,083  
 
             
Total Investments 105.6%
(Cost $9,947,737)
            9,398,565  
 
             
Liabilities in Excess of Other Assets — (5.6)%
            (494,635 )
 
             
Net Assets — 100.0%
          $ 8,903,930  
 
                 
            Unrealized  
    Contracts     Loss  
 
FUTURES CONTRACTS PURCHASED
               
 
               
September 2008 S&P Midcap 400 Index E-Mini Futures Contracts (Aggregate Market Value of Contracts $2,165,940)
    27     $ (63,920 )
                 
    Units          
 
EQUITY INDEX SWAP AGREEMENTS PURCHASED
               
 
               
Credit Suisse First Boston August 2008 Midcap 400 Index, Terminating 08/20/08** (Notional Market Value $7,980,699)
    9,938     $ (842,612 )
 
*   Non-Income Producing Security.
 
**   Price return based on S&P MidCap 400 Index +/- financing at a variable rate.
 
†   Security or portions of the security was pledged as collateral for a swap agreement sold short.
 
    FHLB — Federal Home Loan Bank

 

 

RYDEX INVERSE 2x S&P MIDCAP 400 ETF
SCHEDULE OF INVESTMENTS (Unaudited)   July 31, 2008
 
                 
    Face     Market  
    Amount     Value  
 
REPURCHASE AGREEMENTS 72.0%
               
 
               
State Street Bank & Trust Co. 2.020% Dated 07/31/08, to be repurchased at $8,984,504 on 08/01/08 collateralized by $9,065,000 FNMA at 4.375% due 07/17/13 with a value of $9,166,981
  $ 8,984,000     $ 8,984,000  
 
             
 
               
Total REPURCHASE AGREEMENTS
(Cost $8,984,000)
            8,984,000  
 
             
 
               
UNITED STATES TREASURY BILLS 12.0%
               
 
               
United States Treasury Bills
               
1.55%, due 08/07/08 †
  $ 700,000       699,819  
1.65%, due 08/21/08 †
    800,000       799,267  
 
             
 
               
Total UNITED STATES TREASURY BILLS
(Cost $1,499,086)
            1,499,086  
 
             
Total Investments 84.0%
(Cost $10,483,086)
            10,483,086  
 
             
Other Assets in Excess of Liabilities — 16.0%
            2,004,157  
 
             
Net Assets — 100.0%
          $ 12,487,243  
 
                 
            Unrealized  
    Contracts     Gain(Loss)  
 
FUTURES CONTRACTS SOLD SHORT
               
 
               
September 2008 S&P MidCap 400 Index E-Mini Futures Contracts (Aggregate Market Value of Contracts $4,492,320)
    56     $ (61,683 )
                 
    Units          
 
EQUITY INDEX SWAP AGREEMENTS SOLD SHORT
               
 
               
Credit Suisse First Boston August 2008 S&P MidCap 400 Index Swap Terminating 08/20/08**(Notional Market Value $20,358,680)
    25,353     $ 1,731,007  
 
**   Price return based on S&P MidCap 400 Index +/- financing at a variable rate.
 
†   Security or portions of the security was pledged as collateral for a swap agreement sold short.
 
    FNMA — Federal National Mortgage Association

 

 

RYDEX 2x RUSSELL 2000 ETF
SCHEDULE OF INVESTMENTS (Unaudited)   July 31, 2008
 
                 
            Market  
    Shares     Value  
 
COMMON STOCKS 83.3%
               
 
               
Aerospace & Defense 1.6%
               
AAR Corp.*
    260     $ 4,470  
Aerovironment, Inc.*
    70       2,284  
American Science & Engineering, Inc.
    60       3,391  
Applied Signal Technology, Inc.
    80       1,171  
Argon ST, Inc.*
    90       2,230  
Ascent Solar Technologies, Inc. Com*
    50       430  
Axsys Technologies, Inc.*
    60       4,406  
Ceradyne, Inc.*
    170       7,880  
Cubic Corp.
    100       2,672  
Curtiss-Wright Corp.
    300       15,792  
Ducommun, Inc.*
    70       1,919  
DynCorp International, Inc.*
    160       2,518  
Esterline Technologies Corp.*
    190       9,268  
GenCorp, Inc.*
    380       3,184  
Heico Corp.
    150       5,223  
Herley Industries, Inc.*
    90       1,427  
Hexcel Corp.*
    630       11,958  
Ladish Co., Inc.*
    100       1,980  
LMI Aerospace, Inc.*
    60       1,108  
Moog, Inc.*
    280       12,446  
Orbital Sciences Corp.*
    390       9,754  
Stanley, Inc.*
    60       1,874  
Taser International, Inc.*
    410       2,066  
Teledyne Technologies, Inc.*
    230       14,467  
TransDigm Group, Inc.*
    220       8,098  
Triumph Group, Inc.
    110       5,826  
 
             
Total Aerospace & Defense
            137,842  
 
             
Air Freight & Logistics 0.3%
               
Atlas Air Worldwide Holdings, Inc.*
    90       4,332  
Dynamex, Inc.*
    60       1,684  
Forward Air Corp.
    190       6,952  
HUB Group, Inc. — Class A*
    240       9,326  
Pacer International, Inc.
    230       5,460  
Park-Ohio Holdings Corp.*
    50       872  
 
             
Total Air Freight & Logistics
            28,626  
 
             
Airlines 0.4%
               
Airtran Holdings, Inc.*
    770       2,249  
Alaska Air Group, Inc.*
    240       4,291  
Allegiant Travel Co.*
    90       2,221  
Hawaiian Holdings, Inc.*
    260       2,293  
JetBlue Airways Corp.*
    1,140       6,008  
Republic Airways Holdings, Inc.*
    230       2,210  
SkyWest, Inc.
    390       5,936  
UAL Corp.
    830       6,897  
US Airways Group, Inc.*
    610       3,087  
 
             
Total Airlines
            35,192  
 
             
Auto Components 0.7%
               
American Axle & Manufacturing Holdings, Inc.
    300       1,764  
Amerigon, Inc.*
    150       993  
ArvinMeritor, Inc.
    490       6,767  
ATC Technology Corp.*
    140       3,517  
Cooper Tire & Rubber Co.
    390       3,592  
Dana Holding Corp.*
    650       4,147  
Dorman Products, Inc.*
    70       804  
Drew Industries, Inc.*
    130       1,924  
Exide Technologies*
    500       7,900  
Fuel Systems Solutions, Inc.*
    80       2,994  
Hayes Lemmerz International, Inc.*
    670       1,561  
Lear Corp.*
    420       6,052  
Modine Manufacturing Co.
    210       3,662  
                 
            Market  
    Shares     Value  
 
Quantum Fuel Systems Technologies Worldwide, Inc.*
    460     $ 819  
Raser Technologies, Inc.*
    300       2,985  
Spartan Motors, Inc.
    210       1,138  
Stoneridge, Inc.*
    100       1,317  
Superior Industries International, Inc.
    150       2,534  
Tenneco, Inc.*
    310       4,470  
Visteon Corp.*
    860       2,451  
Wonder Auto Technolgy, Inc.*
    100       846  
 
             
Total Auto Components
            62,237  
 
             
Automobiles 0.0%(a)
               
Fleetwood Enterprises, Inc.*
    420       1,189  
Winnebago Industries, Inc.
    190       2,424  
 
             
Total Automobiles
            3,613  
 
             
Beverages 0.1%
               
Boston Beer Co., Inc. — Class A*
    60       2,718  
Coca-Cola Bottling Co. Consolidated
    30       1,009  
National Beverage Corp.*
    70       545  
 
             
Total Beverages
            4,272  
 
             
Biotechnology 3.7%
               
Acadia Pharmaceuticals, Inc.*
    220       656  
Acorda Therapeutics, Inc.*
    220       7,218  
Affymax, Inc.*
    70       1,384  
Alexion Pharmaceuticals, Inc.*
    250       23,437  
Alkermes, Inc.*
    630       9,922  
Allos Therapeutics, Inc.*
    350       3,364  
Alnylam Pharmaceuticals, Inc.*
    240       8,347  
Amicus Therapeutics, Inc.*
    30       465  
Arena Pharmaceuticals, Inc.*
    490       3,322  
Ariad Pharmaceuticals, Inc.*
    460       1,504  
ArQule, Inc.*
    270       1,023  
Array BioPharma, Inc.*
    310       2,421  
Avant Immunotherapeutics, Inc.*
    100       1,624  
Celera Corp.*
    530       7,235  
Cell Genesys, Inc.*
    570       1,807  
Cepheid, Inc.*
    380       6,506  
Cougar Biotechnology, Inc.*
    100       3,365  
Cubist Pharmaceuticals, Inc.*
    370       8,384  
CV Therapeutics, Inc.*
    400       3,748  
Cytokinetics, Inc.*
    230       1,214  
Cytori Therapeutics, Inc.*
    130       920  
Dendreon Corp.*
    620       3,670  
Dyax Corp.*
    370       1,595  
Emergent Biosolutions, Inc.*
    90       1,212  
Enzon Pharmaceuticals, Inc.*
    300       2,454  
Genomic Health, Inc.*
    90       1,939  
Geron Corp.*
    510       2,275  
GTx, Inc.*
    120       2,237  
Halozyme Therapeutics, Inc.*
    400       3,204  
Human Genome Sciences, Inc.*
    900       5,967  
Idenix Pharmaceuticals, Inc.*
    170       1,409  
Idera Pharmaceuticals, Inc.*
    140       2,071  
Immunogen, Inc.*
    280       1,288  
Immunomedics, Inc.*
    430       989  
Incyte Corp.*
    440       4,074  
Indevus Pharmaceuticals, Inc.*
    510       933  
InterMune, Inc.*
    210       3,608  
Isis Pharmaceuticals, Inc.*
    600       10,278  
Lexicon Pharmaceuticals, Inc.*
    530       1,304  
Ligand Pharmaceuticals, Inc.*
    560       1,865  
MannKind Corp.*
    340       1,234  
Marshall Edwards, Inc.*
    130       261  
Martek Biosciences Corp.*
    220       8,274  
Maxygen, Inc.*
    170       825  

 

 

RYDEX 2x RUSSELL 2000 ETF
SCHEDULE OF INVESTMENTS (Unaudited)   July 31, 2008
 
                 
            Market  
    Shares     Value  
 
Medarex, Inc.*
    840     $ 8,299  
Metabolix, Inc.*
    130       1,626  
Molecular Insight Pharmaceuticals, Inc.*
    120       1,013  
Momenta Pharmaceuticals, Inc.*
    160       2,653  
Myriad Genetics, Inc.*
    300       19,950  
Nabi Biopharmaceuticals*
    340       1,826  
Nanosphere, Inc.*
    90       890  
Neurocrine Biosciences, Inc.*
    250       1,160  
Novavax, Inc.*
    340       857  
NPS Pharmaceuticals, Inc.*
    310       1,659  
Omrix Biopharmaceuticals, Inc.*
    90       1,674  
Onyx Pharmaceuticals, Inc.*
    370       14,985  
Opko Health, Inc.*
    320       595  
Orexigen Therapeutics, Inc.*
    130       1,138  
OSI Pharmaceuticals, Inc.*
    380       19,999  
Osiris Therapeutics, Inc.*
    96       1,521  
PDL BioPharma, Inc.*
    790       8,824  
Pharmasset, Inc.*
    100       2,068  
Progenics Pharmaceuticals, Inc.*
    180       2,970  
Protalix BioTherapeutics, Inc.*
    70       184  
Regeneron Pharmaceuticals, Inc.*
    410       8,975  
Repligen Corp.*
    210       1,119  
Rexahn Pharmaceuticals, Inc.*
    190       268  
Rigel Pharmaceuticals, Inc.*
    240       6,106  
Sangamo Biosciences, Inc.*
    240       2,628  
Savient Pharmaceuticals, Inc.*
    360       9,569  
Seattle Genetics, Inc.*
    400       4,544  
Synta Pharmaceuticals Corp.*
    110       866  
Targacept, Inc.*
    120       1,090  
Tercica, Inc.*
    110       972  
Theravance, Inc.*
    340       5,433  
United Therapeutics Corp.*
    150       17,008  
XOMA, Ltd.*
    870       2,001  
Zymogenetics, Inc.*
    250       2,150  
 
             
Total Biotechnology
            317,452  
 
             
Building Products 0.5%
               
AAON, Inc.
    90       1,711  
American Woodmark Corp.
    70       1,651  
Ameron International Corp.
    60       7,757  
Apogee Enterprises, Inc.
    190       3,283  
Builders FirstSource, Inc.*
    110       481  
China Architectural Engineering, Inc.*
    120       992  
Gibraltar Industries, Inc.
    180       2,846  
Griffon Corp.*
    180       1,809  
Insteel Industries, Inc.
    120       2,120  
NCI Building Systems, Inc.*
    130       4,870  
Quanex Building Products Corp.
    250       3,850  
Simpson Manufacturing Co., Inc.
    250       6,003  
Trex Co., Inc.*
    100       1,684  
Universal Forest Products, Inc.
    110       2,970  
 
             
Total Building Products
            42,027  
 
             
Capital Markets 1.5%
               
Apollo Investment Corp.
    940       14,982  
Ares Capital Corp.
    655       7,492  
Bgc Partners, Inc.
    40       284  
BlackRock Kelso Capital Corp.
    91       887  
Broadpoint Secs Group, Inc.*
    160       405  
Calamos Asset Management, Inc.
    130       2,660  
Capital Southwest Corp.
    20       2,608  
Cohen & Steers, Inc.
    110       2,752  
Diamond Hill Investment Group, Inc.*
    10       922  
Epoch Holding Corp.
    70       827  
Evercore Partners, Inc. — Class A
    70       914  
FBR Capital Markets Corp.*
    180       1,030  
FCStone Group, Inc.*
    150       2,889  
                 
            Market  
    Shares     Value  
 
GAMCO Investors, Inc.
    50     $ 2,236  
GFI Group, Inc.
    440       4,440  
Gladstone Capital Corp.
    140       2,311  
Gladstone Invt Corp.
    150       1,185  
Greenhill & Co., Inc.
    110       6,757  
Harris & Harris Group, Inc.*
    150       1,015  
Hercules Technology Growth Capital, Inc.
    220       2,191  
International Assets Holding Corp.*
    30       992  
Kayne Anderson Energy Development Co.
    70       1,575  
KBW, Inc.*
    170       4,491  
Knight Capital Group, Inc.*
    620       10,162  
Kohlberg Capital Corp.
    110       991  
LaBranche & Co., Inc.*
    340       2,349  
Ladenburg Thalmann Financial Services, Inc.*
    670       1,172  
MCG Capital Corp.*
    500       2,390  
MVC Capital, Inc.
    160       2,253  
NGP Capital Resources Co.
    142       2,307  
optionsXpress Holdings, Inc.
    280       6,947  
Patriot Capital Funding, Inc.
    144       1,015  
PennantPark Investment Corp.
    136       944  
Penson Worldwide, Inc.*
    110       2,026  
Piper Jaffray Cos., Inc.*
    120       4,260  
Prospect Capital Corp.
    173       2,284  
Pzena Investment Management, Inc.
    40       372  
Riskmetrics Group, Inc.*
    140       2,523  
Sanders Morris Harris Group, Inc.
    130       1,008  
Stifel Financial Corp.*
    160       6,738  
SWS Group, Inc.
    160       3,027  
Thomas Weisel Partners Group, Inc.*
    130       732  
TICC Capital Corp.
    1       5  
TradeStation Group, Inc.*
    210       2,264  
U.S. Global Investors, Inc. — Class A
    80       1,199  
Westwood Holdings Group, Inc.
    40       1,859  
 
             
Total Capital Markets
            124,672  
 
             
Chemicals 1.9%
               
A. Schulman, Inc.
    180       4,181  
American Vanguard Corp.
    120       1,570  
Arch Chemicals, Inc.
    160       5,136  
Balchem Corp.
    120       3,030  
Calgon Carbon Corp.*
    270       5,130  
Ferro Corp.
    290       6,310  
Flotek Industries, Inc.*
    150       2,757  
GenTek, Inc.*
    60       1,732  
H.B. Fuller Co.
    350       8,750  
Hercules, Inc.
    750       15,037  
ICO, Inc.*
    180       875  
Innophos Holdings, Inc.
    70       2,056  
Innospec, Inc.
    150       2,661  
Koppers Holdings, Inc.
    140       6,049  
Landec Corp.*
    150       1,332  
LSB Industries, Inc.*
    110       2,428  
Minerals Technologies, Inc.
    120       7,741  
NewMarket Corp.
    90       5,558  
NL Industries, Inc.
    40       399  
Olin Corp.
    490       14,573  
OM Group, Inc.*
    200       6,720  
Penford Corp.
    70       1,002  
PolyOne Corp.*
    620       4,650  
Quaker Chemical Corp.
    70       2,092  
Rockwood Holdings, Inc.*
    280       10,682  
Sensient Technologies Corp.
    320       9,958  
ShengdaTech, Inc.*
    200       1,948  
Solutia, Inc.*
    400       6,108  
Spartech Corp.
    200       2,022  

 

 

RYDEX 2x RUSSELL 2000 ETF
SCHEDULE OF INVESTMENTS (Unaudited)   July 31, 2008
 
                 
            Market  
    Shares     Value  
 
Stepan Co.
    40     $ 2,294  
Westlake Chemical Corp.
    130       2,276  
WR Grace & Co.*
    480       12,370  
Zep, Inc.
    140       2,390  
Zoltek Cos., Inc.*
    180       4,018  
 
             
Total Chemicals
            165,835  
 
             
Commercial Banks 4.7%
               
1st Source Corp.
    100       2,334  
AMCORE Financial, Inc.
    130       798  
Ameris Bancorp
    90       966  
Ames Natl Corp.
    40       925  
Arrow Financial Corp.
    60       1,372  
Bancfirst Corp.
    50       2,363  
Banco Latinoamericano de Exportaciones, S.A. — Class E
    180       3,301  
BancTrust Financial Group, Inc.
    120       900  
Bank of the Ozarks, Inc.
    80       1,640  
Banner Corp.
    90       858  
Boston Private Financial Holdings, Inc.
    250       1,958  
Bryn Mawr Bank Corp.
    50       1,203  
Camden National Corp.
    50       1,543  
Capital City Bank Group, Inc.
    80       1,900  
Capitol Bancorp, Ltd.
    100       1,329  
Cardinal Financial Corp.
    160       1,358  
Cascade Bancorp
    150       1,121  
Cathay General Bancorp
    330       5,260  
Centerstate Bks Fl, Inc.
    60       848  
Central Pacific Financial Corp.
    190       2,103  
Chemical Financial Corp.
    160       4,251  
Citizens + Northn Corp.
    60       1,413  
Citizens Republic Bancorp, Inc.*
    500       1,675  
City Bank
    90       854  
City Holding Co.
    110       4,893  
CoBiz, Inc.
    120       1,153  
Colonial BancGroup, Inc.
    1,330       8,858  
Columbia Banking System, Inc.
    120       1,813  
Community Bank System, Inc.
    200       4,720  
Community Trust Bancorp, Inc.
    100       3,082  
CVB Financial Corp.
    440       4,981  
East West Bancorp, Inc.
    420       5,002  
Enterprise Financial Services Corp.
    70       1,469  
F.N.B. Corp.
    570       6,458  
Farmers Capital Bank Corp.
    40       1,208  
Financial Institutions, Inc.
    70       1,294  
First Bancorp Inc/ME
    60       1,100  
First BanCorp.
    470       4,112  
First Bancorp.
    90       1,436  
First Busey Corp.
    170       2,417  
First Commonwealth Financial Corp.
    480       5,472  
First Community Bancshares, Inc.
    60       2,150  
First Financial Bancorp
    250       2,825  
First Financial Bankshares, Inc.
    140       6,425  
First Financial Corp.
    70       2,615  
First Merchants Corp.
    120       2,520  
First Midwest Bancorp, Inc.
    320       6,570  
First South Bancorp, Inc.
    50       950  
FirstMerit Corp.
    530       10,430  
Frontier Financial Corp.
    310       3,581  
Glacier Bancorp, Inc.
    360       7,801  
Greene Bankshares, Inc.
    90       1,240  
Guaranty Bancorp*
    350       1,855  
Hancock Holding Co.
    170       7,631  
Hanmi Financial Corp.
    250       1,325  
Harleysville National Corp.
    210       3,018  
Heartland Financial USA, Inc.
    90       1,848  
                 
            Market  
    Shares     Value  
 
Heritage Commerce Corp.
    70     $ 732  
Home Bancshares, Inc.
    80       2,087  
IBERIABANK Corp.
    90       4,633  
Independent Bank Corp.
    110       2,878  
Integra Bank Corp.
    140       1,088  
International Bancshares Corp.
    340       8,364  
Investors Bancorp, Inc.*
    290       4,411  
Lakeland Bancorp, Inc.
    130       1,496  
Lakeland Financial Corp.
    80       1,648  
MainSource Financial Group, Inc.
    120       2,142  
MB Financial, Inc.
    230       5,688  
Midwest Banc Holdings, Inc.
    150       836  
Nara Bancorp, Inc.
    150       1,572  
National Penn Bancshares, Inc.
    530       7,118  
NBT Bancorp, Inc.
    210       5,206  
Northfield Bancorp, Inc.*
    130       1,504  
Old National Bancorp
    440       6,679  
Old Second Bancorp, Inc.
    90       1,370  
Oriental Financial Group
    160       2,779  
Pacific Capital Bancorp
    300       3,921  
Pacific Continental Corp.
    70       791  
PacWest Bancorp
    160       2,979  
Park National Corp.
    70       4,384  
Peapack Gladstone Financial Corp.
    50       1,350  
Pennsylvania Commerce Bancorp, Inc.*
    30       736  
Peoples Bancorp, Inc.
    70       1,274  
Pinnacle Financial Partners, Inc.*
    150       3,781  
Premierwest Bancorp
    130       935  
PrivateBancorp, Inc.
    120       3,546  
Prosperity Bancshares, Inc.
    260       8,346  
Provident Bankshares Corp.
    220       2,002  
Renasant Corp.
    140       2,479  
Republic Bancorp, Inc.
    60       1,856  
S&T Bancorp, Inc.
    160       5,366  
S.Y. Bancorp, Inc.
    90       2,322  
Sandy Spring Bancorp, Inc.
    110       1,827  
Santander Bancorp
    30       329  
SCBT Financial Corp.
    70       2,433  
Seacoast Banking Corp. of Florida
    100       847  
Shore Bancshares, Inc.
    60       1,334  
Sierra Bancorp
    50       944  
Signature Bank*
    200       5,886  
Simmons First National Corp.
    90       2,678  
Smithtown Bancorp, Inc.
    70       1,326  
South Financial Group, Inc.
    480       2,894  
Southside Bancshares, Inc.
    80       1,586  
Southwest Bancorp, Inc.
    100       1,394  
State Bancorp Inc/NY
    90       1,142  
StellarOne Corp.
    150       2,534  
Sterling Bancorp
    120       1,685  
Sterling Bancshares, Inc.
    480       4,666  
Sterling Financial Corp.
    340       2,543  
Suffolk Bancorp
    60       1,923  
Sun Bancorp, Inc.*
    100       1,090  
Susquehanna Bancshares, Inc.
    570       8,162  
SVB Financial Group*
    200       11,518  
Texas Capital Bancshares, Inc.*
    160       2,584  
Tompkins Financial Corp.
    40       1,708  
TowneBank/Portsmouth VA
    140       2,468  
Trico Bancshares
    90       1,357  
Trustmark Corp.
    330       5,960  
UCBH Holdings, Inc.
    730       3,292  
UMB Financial Corp.
    210       11,565  
Umpqua Holdings Corp.
    400       5,432  
Union Bankshares Corp.
    90       1,966  
United Bankshares, Inc.
    250       6,297  

 

 

RYDEX 2x RUSSELL 2000 ETF
SCHEDULE OF INVESTMENTS (Unaudited)   July 31, 2008
 
                 
            Market  
    Shares     Value  
 
United Community Banks, Inc.
    270     $ 2,876  
United Security Bancshares Co.
    60       913  
Univest Corp. of Pennsylvania
    80       2,120  
W Holding Co., Inc.
    750       630  
Washington Trust Bancorp, Inc.
    80       1,910  
WesBanco, Inc.
    180       4,102  
West Bancorporation, Inc.
    120       1,414  
West Coast Bancorp
    100       1,101  
Westamerica Bancorp
    190       9,880  
Western Alliance Bancorp*
    110       1,104  
Wilshire Bancorp, Inc.
    130       1,602  
Wintrust Financial Corp.
    160       3,304  
Yadkin Valley Financial Corp.
    80       1,231  
 
             
Total Commercial Banks
            406,381  
 
             
Commercial Services & Supplies 3.6%
               
ABM Industries, Inc.
    290       6,940  
ACCO Brands Corp.*
    360       3,085  
Administaff, Inc.
    140       4,019  
Advisory Board Co.*
    110       4,218  
American Ecology Corp.
    110       3,466  
American Reprographics Co.*
    240       3,842  
AMREP Corp.
    10       494  
Angelica Corp.
    50       1,097  
Bowne & Co., Inc.
    180       2,327  
Casella Waste Systems, Inc. — Class A*
    150       1,938  
CBIZ, Inc.*
    300       2,457  
CDI Corp.
    90       1,852  
Cenveo, Inc.*
    320       2,957  
China Direct, Inc.*
    50       379  
Clean Harbors, Inc.*
    130       10,145  
Comfort Systems USA, Inc.
    270       3,580  
COMSYS IT Partners, Inc.*
    100       1,025  
Consolidated Graphics, Inc.*
    66       2,211  
Cornell Cos., Inc.*
    70       1,824  
CoStar Group, Inc.*
    130       6,486  
Courier Corp.
    70       1,189  
CRA International, Inc.*
    70       2,634  
Deluxe Corp.
    340       4,862  
Duff & Phelps Corp.*
    70       1,203  
EnergySolutions, Inc.
    220       4,512  
EnerNOC, Inc.*
    60       968  
Ennis, Inc.
    170       2,627  
Exponent, Inc.*
    100       3,054  
First Advantage Corp.*
    70       1,061  
Fuel Tech, Inc.*
    120       2,224  
G&K Services, Inc.
    130       4,425  
Geo Group, Inc.*
    340       8,174  
GeoEye, Inc.*
    116       2,511  
Healthcare Services Group, Inc.
    280       4,651  
Heidrick & Struggles International, Inc.
    110       3,120  
Herman Miller, Inc.
    370       9,672  
Hill International, Inc.*
    150       2,543  
HNI Corp.
    290       6,278  
Hudson Highland Group, Inc.*
    170       1,515  
Huron Consulting Group, Inc.*
    130       6,781  
ICF International, Inc.*
    40       758  
ICT Group, Inc.*
    60       481  
IKON Office Solutions, Inc.
    540       7,722  
Innerworkings, Inc.*
    210       2,449  
Interface, Inc.
    350       4,147  
Kelly Services, Inc. — Class A
    170       3,130  
Kforce, Inc.*
    200       1,976  
Kimball International, Inc.
    210       2,249  
Knoll, Inc.
    320       4,941  
Korn/Ferry International*
    310       5,425  
                 
            Market  
    Shares     Value  
 
LECG Corp.*
    170     $ 1,409  
M&F Worldwide Corp.*
    80       3,036  
Mcgrath RentCorp
    160       4,605  
Metalico, Inc.*
    160       2,464  
Mine Safety Appliances Co.
    200       6,608  
Mobile Mini, Inc.*
    230       4,595  
MPS Group, Inc.*
    620       7,142  
Multi-Color Corp.
    60       1,212  
Navigant Consulting, Inc.*
    320       5,914  
Odyssey Marine Exploration, Inc.*
    320       1,395  
On Assignment, Inc.*
    230       1,962  
PeopleSupport, Inc.*
    140       1,299  
PRG-Schultz International, Inc.*
    100       1,013  
Protection One, Inc.*
    40       296  
Resources Connection, Inc.
    300       6,942  
Rollins, Inc.
    270       4,612  
Schawk, Inc.
    100       1,293  
School Specialty, Inc.*
    130       4,330  
Spherion Corp.*
    360       1,760  
Standard Parking Corp.*
    60       1,294  
Standard Register Co.
    100       883  
SYKES Enterprises, Inc.*
    220       3,885  
Team, Inc.*
    120       4,381  
Tetra Tech, Inc.*
    390       11,205  
TrueBlue, Inc.*
    290       4,379  
United Stationers, Inc.*
    150       5,749  
Viad Corp.
    140       4,267  
Volt Information Sciences, Inc.*
    80       1,110  
VSE Corp.
    30       1,177  
Waste Connections, Inc.*
    440       16,012  
Waste Services, Inc.*
    160       1,515  
Watson Wyatt Worldwide, Inc.
    280       16,223  
 
             
Total Commercial Services & Supplies
            305,591  
 
             
Communications Equipment 2.2%
               
3Com Corp.*
    2,660       5,001  
Acme Packet, Inc.*
    180       875  
Adtran, Inc.
    370       8,273  
Airvana, Inc.*
    160       960  
Anaren, Inc.*
    100       951  
Arris Group, Inc.*
    810       7,752  
Aruba Networks, Inc.*
    350       2,040  
Avanex Corp.*
    1,330       865  
Avocent Corp.*
    300       7,134  
Bel Fuse, Inc.
    80       2,269  
BigBand Networks, Inc.*
    220       939  
Black Box Corp.
    120       3,564  
Blue Coat Systems, Inc.*
    220       3,197  
Bookham, Inc.*
    670       1,260  
Cogo Group, Inc.*
    170       785  
Comtech Telecommunications Corp.*
    160       7,861  
DG FastChannel, Inc.*
    100       1,700  
Digi International, Inc.*
    170       1,720  
EMS Technologies, Inc.*
    100       2,071  
Emulex Corp.*
    560       6,311  
Extreme Networks*
    770       2,256  
Finisar Corp.*
    2,040       2,734  
Foundry Networks, Inc.*
    960       16,742  
Globecomm Systems, Inc.*
    130       1,195  
Harmonic, Inc.*
    620       4,830  
Harris Stratex Networks, Inc.*
    170       1,250  
Hughes Communications, Inc.*
    50       2,183  
Infinera Corp.*
    610       6,869  
InterDigital, Inc.*
    300       6,963  
Ixia*
    280       2,453  
Loral Space & Communications, Ltd.*
    80       1,322  

 

 

RYDEX 2x RUSSELL 2000 ETF
SCHEDULE OF INVESTMENTS (Unaudited)   July 31, 2008
 
                 
            Market  
    Shares     Value  
 
MRV Communications, Inc.*
    1,040     $ 1,362  
NETGEAR, Inc.*
    230       3,484  
Neutral Tandem, Inc.*
    110       1,901  
Nextwave Wireless, Inc.*
    320       1,037  
Oplink Communications, Inc.*
    140       1,522  
OpNext, Inc.*
    130       720  
Optium Corp.*
    90       740  
Orbcomm, Inc.*
    210       1,396  
Parkervision, Inc.*
    150       1,641  
PC-Tel, Inc.*
    140       1,460  
Plantronics, Inc.
    320       7,792  
Polycom, Inc.*
    580       13,688  
Powerwave Technologies, Inc.*
    870       3,567  
Radyne Corp.*
    120       1,379  
Riverbed Technology, Inc.*
    370       5,872  
SeaChange International, Inc.*
    200       1,484  
ShoreTel, Inc.*
    290       1,496  
Sonus Networks, Inc.*
    1,350       4,900  
Starent Networks Corp.*
    200       2,620  
Sycamore Networks, Inc.*
    1,260       4,385  
Symmetricom, Inc.*
    300       1,449  
Tekelec*
    430       6,704  
Utstarcom, Inc.*
    730       3,446  
ViaSat, Inc.*
    170       3,915  
 
             
Total Communications Equipment
            192,285  
 
             
Computers & Peripherals 0.8%
               
3PAR, Inc.*
    180       1,471  
Adaptec, Inc.*
    800       2,920  
Avid Technology, Inc.*
    200       4,422  
Compellent Technologies, Inc.*
    90       1,021  
Cray, Inc.*
    220       1,113  
Data Domain, Inc.*
    220       4,743  
Electronics for Imaging, Inc.*
    350       4,904  
Hutchinson Technology, Inc.*
    160       2,374  
Hypercom Corp.*
    350       1,701  
Imation Corp.
    200       3,812  
Immersion Corp.*
    200       1,410  
Intermec, Inc.*
    410       7,716  
Intevac, Inc.*
    140       1,491  
Isilon Systems, Inc.*
    160       766  
Netezza Corp.*
    260       3,380  
Novatel Wireless, Inc.*
    210       1,964  
Palm, Inc.*
    710       4,672  
Presstek, Inc.*
    180       963  
Quantum Corp.*
    1,360       2,230  
Rackable Systems, Inc.*
    200       2,530  
Rimage Corp.*
    60       910  
STEC, Inc.*
    200       2,000  
Stratasys, Inc.*
    140       2,177  
Super Micro Computer, Inc.*
    150       1,187  
Synaptics, Inc.*
    150       7,233  
 
             
Total Computers & Peripherals
            69,110  
 
             
Construction & Engineering 0.7%
               
Dycom Industries, Inc.*
    270       4,285  
EMCOR Group, Inc.*
    450       13,554  
Furmanite Corp.*
    240       2,198  
Granite Construction, Inc.
    220       6,959  
Great Lakes Dredge & Dock Corp.
    260       1,690  
Insituform Technologies, Inc. — Class A*
    180       3,112  
Integrated Electrical Services, Inc.*
    50       979  
Layne Christensen Co.*
    130       5,937  
MasTec, Inc.*
    280       4,018  
Michael Baker Corp.*
    50       1,473  
Northwest Pipe Co.*
    60       3,489  
Orion Marine Group, Inc.*
    140       1,939  
                 
            Market  
    Shares     Value  
 
Perini Corp.*
    180     $ 4,925  
Pike Electric Corp.*
    110       1,958  
Sterling Construction Co, Inc.*
    80       1,650  
 
             
Total Construction & Engineering
            58,166  
 
             
Construction Materials 0.2%
               
Headwaters, Inc.*
    280       3,671  
Texas Industries, Inc.
    150       7,755  
U.S. Concrete, Inc.*
    260       1,050  
United States Lime & Minerals, Inc.*
    10       420  
 
             
Total Construction Materials
            12,896  
 
             
Consumer Finance 0.4%
               
Advance America Cash Advance Centers, Inc.
    290       1,586  
Advanta Corp.
    250       1,977  
Cardtronics, Inc.*
    80       688  
Cash America International, Inc.
    190       8,010  
CompuCredit Corp.*
    110       726  
Credit Acceptance Corp.*
    40       663  
Dollar Financial Corp.*
    160       3,094  
Ezcorp, Inc.*
    250       4,495  
First Cash Financial Services, Inc.*
    130       2,479  
First Marblehead Corp (The)*
    460       1,155  
Nelnet, Inc. — Class A*
    120       1,294  
World Acceptance Corp.*
    110       3,604  
 
             
Total Consumer Finance
            29,771  
 
             
Containers & Packaging 0.3%
               
AEP Industries, Inc.*
    40       698  
Boise, Inc.*
    240       874  
Bway Holding Co.*
    50       501  
Graphic Packaging Holding Co.*
    960       2,160  
Myers Industries, Inc.
    190       2,128  
Rock-Tenn Co. — Class A
    250       8,887  
Silgan Holdings, Inc.
    170       8,979  
 
             
Total Containers & Packaging
            24,227  
 
             
Distributors 0.0%(a)
               
Aristotle Corp (The)*
    10       77  
Audiovox Corp. — Class A*
    120       1,096  
Core-Mark Holding Co., Inc.*
    60       1,634  
 
             
Total Distributors
            2,807  
 
             
Diversified Consumer Services 0.9%
               
American Public Education, Inc.*
    70       3,180  
Capella Education Co.*
    90       4,698  
Coinstar, Inc.*
    180       6,208  
Corinthian Colleges, Inc.*
    560       8,820  
Jackson Hewitt Tax Service, Inc.
    190       2,938  
K12, Inc.*
    40       1,011  
Learning Tree International, Inc.*
    60       956  
Lincoln Educational Services Corp.*
    30       414  
Matthews International Corp. — Class A
    210       10,481  
Pre-Paid Legal Services, Inc.*
    50       2,101  
Princeton Review, Inc.*
    90       693  
Regis Corp.
    280       7,837  
Sotheby’s
    450       12,483  
Steiner Leisure, Ltd.*
    110       3,399  
Stewart Enterprises, Inc.
    550       4,901  
Thinkorswim Group, Inc.*
    340       2,730  
Universal Technical Institute, Inc.*
    140       2,055  
 
             
Total Diversified Consumer Services
            74,905  
 
             
Diversified Financial Services 0.4%
               
Ampal American Israel*
    130       724  
Asset Acceptance Capital Corp.*
    100       1,177  
Compass Diversified Holdings
    160       1,861  
Encore Capital Group, Inc.*
    90       1,103  

 

 

RYDEX 2x RUSSELL 2000 ETF
SCHEDULE OF INVESTMENTS (Unaudited)   July 31, 2008
 
                 
            Market  
    Shares     Value  
 
Financial Federal Corp.
    170     $ 3,919  
Interactive Brokers Group, Inc.*
    270       7,576  
Life Partners Holdings, Inc.
    40       890  
MarketAxess Holdings, Inc.*
    200       1,936  
Medallion Financial Corp.
    100       988  
NewStar Financial, Inc.*
    160       878  
PHH Corp.*
    360       5,576  
Pico Holdings, Inc.*
    110       5,089  
Portfolio Recovery Associates, Inc.*
    100       3,987  
Primus Guaranty, Ltd.*
    150       576  
Resource America, Inc.
    60       702  
 
             
Total Diversified Financial Services
            36,982  
 
             
Diversified Telecommunication Services 0.8%
               
Alaska Communications Systems Group, Inc.
    290       3,695  
Atlantic Tele-Network, Inc.
    60       1,835  
Cbeyond, Inc.*
    160       2,749  
Cincinnati Bell, Inc.*
    1,610       6,279  
Cogent Communications Group, Inc.*
    310       3,739  
Consolidated Communications Holdings, Inc.
    150       2,094  
Fairpoint Communications, Inc.
    590       4,095  
General Communication, Inc. — Class A*
    300       2,691  
Global Crossing Ltd.*
    170       2,807  
Globalstar, Inc.*
    280       776  
Hungarian Telephone & Cable Corp.*
    30       691  
Ibasis, Inc.
    210       834  
IDT Corp.*
    360       637  
Iowa Telecommunications Services, Inc.
    210       3,893  
NTELOS Holdings Corp.
    200       4,782  
PAETEC Holding Corp.*
    820       4,830  
Premiere Global Services, Inc.*
    410       6,195  
Shenandoah Telecom Co.
    160       2,414  
TW Telecom Inc*
    970       15,500  
Vonage Holdings Corp.*
    340       479  
 
             
Total Diversified Telecommunication Services
            71,015  
 
             
Electric Utilities 1.2%
               
Allete, Inc.
    170       7,235  
Central Vermont Public Service Corp.
    70       1,543  
Cleco Corp.
    400       10,052  
El Paso Electric Co.*
    300       6,198  
Empire District Electric Co.
    220       4,490  
IDACORP, Inc.
    300       8,943  
ITC Holdings Corp.
    330       17,200  
MGE Energy, Inc.
    150       5,267  
NorthWestern Corp.
    260       6,440  
Portland General Electric Co.
    410       9,631  
UIL Holdings Corp.
    170       5,318  
Unisource Energy Corp.
    230       7,026  
Westar Energy, Inc.
    690       15,235  
 
             
Total Electric Utilities
            104,578  
 
             
Electrical Equipment 2.2%
               
Acuity Brands, Inc.
    270       11,032  
Advanced Battery Technologies, Inc.*
    270       1,523  
Akeena Solar, Inc.*
    140       633  
American Superconductor Corp.*
    280       11,057  
AO Smith Corp.
    130       5,161  
AZZ, Inc.*
    80       3,662  
Baldor Electric Co.
    300       10,215  
Beacon Pwr Corp.*
    590       761  
Belden CDT, Inc.
    290       10,707  
Brady Corp.
    330       12,101  
Capstone Turbine Corp.*
    960       2,938  
China Bak Battery, Inc.*
    200       974  
                 
            Market  
    Shares     Value  
 
Coleman Cable, Inc.*
    50     $ 609  
Encore Wire Corp.
    120       2,188  
Ener1, Inc.*
    240       1,690  
Energy Conversion Devices, Inc.*
    300       20,979  
EnerSys*
    180       5,810  
Evergreen Solar, Inc.*
    700       6,538  
Franklin Electric Co., Inc.
    150       6,226  
FuelCell Energy, Inc.*
    450       3,721  
Fushi Copperweld, Inc.*
    100       1,565  
GrafTech International, Ltd.*
    680       15,946  
Harbin Electric, Inc.*
    40       601  
II-VI, Inc.*
    160       6,154  
LaBarge, Inc.*
    80       1,182  
LSI Industries, Inc.
    120       1,108  
Medis Technologies, Ltd.*
    180       612  
Microvision, Inc.*
    380       954  
Orion Energy Systems, Inc.*
    60       327  
Plug Power, Inc.*
    530       1,272  
Polypore International, Inc.*
    110       2,876  
Powell Industries, Inc.*
    50       2,625  
Power-One, Inc.*
    490       1,053  
PowerSecure International, Inc.*
    110       815  
Preformed Line Products Co.
    20       1,022  
Regal-Beloit Corp.
    210       8,767  
Superior Essex, Inc.*
    130       5,853  
Ultralife Corp.*
    80       854  
Valence Technology, Inc.*
    340       1,333  
Vicor Corp.
    130       1,417  
Woodward Governor Co.
    390       17,550  
 
             
Total Electrical Equipment
            192,411  
 
             
Electronic Equipment & Instruments 1.9%
               
Agilysys, Inc.
    150       1,800  
Anixter International, Inc.*
    200       13,606  
Benchmark Electronics, Inc.*
    450       6,588  
Brightpoint, Inc.*
    330       2,274  
Checkpoint Systems, Inc.*
    260       5,478  
China Security & Surveillance Technology, Inc.*
    180       2,538  
Cogent, Inc.*
    270       2,738  
Cognex Corp.
    280       5,278  
Coherent, Inc.*
    160       5,520  
Comverge, Inc.*
    140       1,526  
CPI International, Inc.*
    60       867  
CTS Corp.
    220       2,829  
Daktronics, Inc.
    220       3,927  
DTS, Inc.*
    120       3,431  
Echelon Corp.*
    200       2,110  
Electro Rent Corp.
    140       1,918  
Electro Scientific Industries, Inc.*
    180       2,815  
Elixir Gaming Technologies, Inc.*
    450       527  
Excel Technology, Inc.*
    70       2,208  
FARO Technologies, Inc.*
    110       2,607  
Gerber Scientific, Inc.*
    160       1,899  
ICx Technologies, Inc.*
    90       667  
Insight Enterprises, Inc.*
    310       3,956  
IPG Photonics Corp.*
    130       2,309  
KEMET Corp.*
    560       762  
L-1 Identity Solutions, Inc.*
    423       5,698  
Littelfuse, Inc.*
    140       4,474  
Maxwell Technologies, Inc.*
    120       1,616  
Measurement Specialties, Inc.*
    100       1,726  
Mercury Computer Systems, Inc.*
    150       1,146  
Methode Electronics, Inc.
    250       2,797  
MTS Systems Corp.
    120       5,027  
Multi-Fineline Electronix, Inc.*
    60       1,601  

 

 

RYDEX 2x RUSSELL 2000 ETF
SCHEDULE OF INVESTMENTS (Unaudited)   July 31, 2008
 
                 
            Market  
    Shares     Value  
 
Newport Corp.*
    240     $ 2,518  
OSI Systems, Inc.*
    100       2,107  
Park Electrochemical Corp.
    130       3,294  
PC Connection, Inc.*
    60       430  
PC Mall, Inc.*
    70       624  
Photon Dynamics, Inc.*
    120       1,788  
Plexus Corp.*
    280       7,980  
Radisys Corp.*
    150       1,737  
Rofin-Sinar Technologies, Inc.*
    200       6,772  
Rogers Corp.*
    120       4,957  
Sanmina-SCI Corp.*
    3,440       6,089  
Scansource, Inc.*
    170       5,217  
Smart Modular Technologies WWH, Inc.*
    290       1,134  
SYNNEX Corp.*
    120       2,803  
Technitrol, Inc.
    270       3,785  
TTM Technologies, Inc.*
    280       3,150  
Universal Display Corp.*
    190       2,569  
Zygo Corp.*
    100       1,081  
 
             
Total Electronic Equipment & Instruments
            162,298  
 
             
Energy Equipment & Services 2.1%
               
Allis-Chalmers Energy, Inc.*
    190       2,920  
Basic Energy Services, Inc.*
    270       7,268  
Bolt Technology Corp.*
    60       1,333  
Bristow Group, Inc.*
    130       5,849  
Bronco Drilling Co., Inc.*
    170       2,975  
Cal Dive International, Inc.*
    290       3,106  
CARBO Ceramics, Inc.
    140       7,661  
Complete Production Services, Inc.*
    320       10,189  
Dawson Geophysical Co.*
    50       3,281  
Dril-Quip, Inc.*
    200       10,828  
ENGlobal Corp.*
    180       2,221  
Geokinetics, Inc.*
    30       540  
Grey Wolf, Inc.*
    1,180       10,077  
Gulf Island Fabrication, Inc.
    80       3,548  
Gulfmark Offshore, Inc.*
    140       7,025  
Hornbeck Offshore Services, Inc.*
    150       6,687  
ION Geophysical Corp.*
    560       8,943  
Lufkin Industries, Inc.
    100       8,920  
Matrix Service Co.*
    170       3,837  
Mitcham Industries, Inc.*
    60       923  
NATCO Group, Inc.*
    130       6,194  
Natural Gas Services Group, Inc.*
    80       2,053  
Newpark Resources, Inc.*
    590       4,319  
OYO Geospace Corp.*
    30       1,411  
Parker Drilling Co.*
    750       6,052  
PHI, Inc.*
    90       3,615  
Pioneer Drilling Co.*
    330       5,244  
RPC, Inc.
    190       3,266  
Sulphco, Inc.*
    350       1,095  
Superior Well Services, Inc.*
    110       3,494  
T-3 Energy Services, Inc.*
    80       5,486  
Trico Marine Services, Inc.*
    80       2,042  
Union Drilling, Inc.*
    90       1,733  
W-H Energy Services, Inc.*
    200       18,306  
Willbros Group, Inc.*
    260       9,771  
 
             
Total Energy Equipment & Services
            182,212  
 
             
Food & Staples Retailing 0.8%
               
Andersons, Inc.
    120       5,454  
Arden Group, Inc. — Class A
    10       1,441  
Casey’s General Stores, Inc.
    340       8,364  
Great Atlantic & Pacific Tea Co., Inc.*
    230       3,659  
Ingles Markets, Inc.
    80       1,946  
Longs Drug Stores Corp.
    210       9,817  
Nash Finch Co.
    80       3,158  
Pantry, Inc.*
    150       2,398  
                 
            Market  
    Shares     Value  
 
Pricesmart, Inc.
    100     $ 2,345  
Ruddick Corp.
    280       8,669  
Spartan Stores, Inc.
    140       3,331  
Susser Holdings Corp.*
    50       617  
United Natural Foods, Inc.*
    280       5,382  
Village Super Market — Class A
    20       845  
Weis Markets, Inc.
    70       2,659  
Winn-Dixie Stores, Inc.*
    360       5,720  
 
             
Total Food & Staples Retailing
            65,805  
 
             
Food Products 1.3%
               
AgFeed Industries, Inc.*
    130       1,834  
Alico, Inc.
    20       849  
American Dairy, Inc.*
    50       561  
B&G Foods, Inc.
    130       1,157  
Cal-Maine Foods, Inc.
    90       3,411  
Calavo Growers, Inc.
    70       793  
Chiquita Brands International, Inc.*
    290       4,452  
Darling International, Inc.*
    540       8,737  
Diamond Foods, Inc.
    110       2,675  
Farmer Brothers Co.
    40       1,054  
Flowers Foods, Inc.
    510       15,336  
Fresh Del Monte Produce, Inc.*
    280       5,902  
Green Mountain Coffee Roasters, Inc.*
    110       3,999  
Griffin Land & Nurseries, Inc.
    20       680  
Hain Celestial Group, Inc.*
    270       7,058  
HQ Sustainable Maritime Industries, Inc.*
    40       618  
Imperial Sugar Co.
    80       1,118  
J&J Snack Foods Corp.
    90       2,850  
Lancaster Colony Corp.
    130       4,226  
Lance, Inc.
    180       3,312  
Lifeway Foods, Inc.*
    30       401  
Omega Protein Corp.*
    120       1,877  
Pilgrim’s Pride Corp.
    300       3,657  
Ralcorp Holdings, Inc.*
    170       9,173  
Reddy Ice Holdings, Inc.
    120       1,540  
Sanderson Farms, Inc.
    130       5,166  
Smart Balance, Inc.*
    410       3,034  
Synutra International, Inc.*
    70       2,550  
Tootsie Roll Industries, Inc.
    160       4,184  
TreeHouse Foods, Inc.*
    210       5,691  
Zhongpin, Inc.*
    120       1,398  
 
             
Total Food Products
            109,293  
 
             
Gas Utilities 0.9%
               
Chesapeake Utilities Corp.
    50       1,430  
EnergySouth, Inc.
    50       3,030  
Laclede Group, Inc.
    140       5,937  
New Jersey Resources Corp.
    280       9,545  
Nicor, Inc.
    300       11,946  
Northwest Natural Gas Co.
    170       7,692  
Piedmont Natural Gas Co., Inc.
    490       13,122  
South Jersey Industries, Inc.
    200       7,460  
Southwest Gas Corp.
    290       8,381  
WGL Holdings, Inc.
    330       11,395  
 
             
Total Gas Utilities
            79,938  
 
             
Health Care Equipment & Supplies 3.0%
               
Abaxis, Inc.*
    140       2,785  
Abiomed, Inc.*
    200       3,546  
Accuray, Inc.*
    240       2,050  
Align Technology, Inc.*
    410       4,104  
Alphatec Holdings, Inc.*
    160       765  
American Medical Systems Holdings, Inc.*
    480       7,906  
Analogic Corp.
    90       6,586  
Angiodynamics, Inc.*
    160       2,541  
Arthrocare Corp.*
    180       3,805  

 

 

RYDEX 2x RUSSELL 2000 ETF
SCHEDULE OF INVESTMENTS (Unaudited)   July 31, 2008
 
                 
            Market  
    Shares     Value  
 
Atrion Corp.
    10     $ 1,104  
Cantel Medical Corp.*
    80       746  
Cardiac Science Corp.*
    130       1,157  
Clinical Data, Inc.
    70       1,197  
Conceptus, Inc.*
    200       3,414  
CONMED Corp.*
    190       5,774  
CryoLife, Inc.*
    180       2,446  
Cyberonics, Inc.*
    160       4,419  
Cynosure, Inc. — Class A*
    60       1,483  
Datascope Corp.
    90       4,201  
DexCom, Inc.*
    170       1,142  
EV3, Inc.*
    460       4,439  
Exactech, Inc.*
    50       1,437  
Greatbatch, Inc.*
    150       3,069  
Haemonetics Corp.*
    170       9,870  
Hansen Medical, Inc.*
    110       1,678  
I-Flow Corp.*
    140       1,453  
ICU Medical, Inc.*
    70       1,990  
Immucor, Inc.*
    460       13,860  
Insulet Corp.*
    120       1,674  
Integra LifeSciences Holdings Corp.*
    120       5,479  
Invacare Corp.
    210       4,941  
IRIS International, Inc.*
    120       2,026  
Kensey Nash Corp.*
    50       1,737  
Masimo Corp.*
    300       11,331  
Medical Action Industries, Inc.*
    90       895  
Mentor Corp.
    220       5,458  
Meridian Bioscience, Inc.
    270       7,023  
Merit Medical Systems, Inc.*
    180       3,638  
Micrus Endovascular Corp.*
    100       1,454  
Natus Medical, Inc.*
    180       4,178  
Neogen Corp.*
    100       2,747  
NuVasive, Inc.*
    240       13,481  
NxStage Medical, Inc.*
    140       554  
OraSure Technologies, Inc.*
    310       1,283  
Orthofix International NV*
    110       2,617  
Orthovita, Inc.*
    440       1,179  
Palomar Medical Technologies, Inc.*
    120       1,535  
Quidel Corp.*
    190       3,849  
RTI Biologics, Inc.*
    360       2,984  
Sirona Dental Systems, Inc.*
    110       2,730  
Somanetics Corp.*
    80       1,754  
SonoSite, Inc.*
    110       3,604  
Spectranetics Corp.*
    210       1,880  
Stereotaxis, Inc.*
    180       1,285  
STERIS Corp.
    390       13,326  
SurModics, Inc.*
    100       4,209  
Symmetry Medical, Inc.*
    230       3,843  
Synovis Life Technologies, Inc.*
    80       1,651  
Thoratec Corp.*
    360       6,754  
TomoTherapy, Inc.*
    270       2,633  
Trans1, Inc.*
    80       741  
Vision Sciences, Inc. Del*
    110       470  
Vital Signs, Inc.
    50       3,658  
Vnus Medical Technologies, Inc.*
    90       1,832  
Volcano Corp.*
    310       4,703  
West Pharmaceutical Services, Inc.
    210       9,643  
Wright Medical Group, Inc.*
    250       7,872  
Zoll Medical Corp.*
    140       4,410  
 
             
Total Health Care Equipment & Supplies
            256,028  
 
             
Health Care Providers & Services 2.6%
               
Air Methods Corp.*
    70       2,007  
Alliance Imaging, Inc.*
    170       1,612  
Almost Family, Inc.*
    40       1,314  
Amedisys, Inc.*
    180       11,542  
                 
            Market  
    Shares     Value  
 
AMERIGROUP Corp.*
    350     $ 8,890  
AMN Healthcare Services, Inc.*
    220       4,158  
Amsurg Corp. — Class A*
    210       5,628  
Apria Healthcare Group, Inc.*
    290       5,571  
Assisted Living Concepts, Inc.*
    360       2,066  
Athenahealth, Inc.*
    140       4,228  
Bio-Reference Labs, Inc.*
    80       2,069  
BMP Sunstone Corp.*
    150       830  
Capital Senior Living Corp.*
    150       1,041  
CardioNet, Inc.*
    30       827  
Centene Corp.*
    290       6,470  
Chemed Corp.
    160       6,848  
Chindex International, Inc.*
    70       1,086  
Corvel Corp.*
    50       1,638  
Cross Country Healthcare, Inc.*
    200       3,190  
Emergency Medical Services Corp. — Class A*
    60       1,621  
Emeritus Corp.*
    130       2,191  
Ensign Group, Inc.
    50       600  
Five Star Quality Care, Inc.*
    210       922  
Genoptix, Inc.*
    50       1,458  
Gentiva Health Services, Inc.*
    170       4,342  
Hanger Orthopedic Group, Inc.*
    150       2,558  
HealthExtras, Inc.*
    220       6,602  
Healthsouth Corp.*
    520       8,538  
Healthspring, Inc.*
    330       6,418  
Healthways, Inc.*
    230       5,844  
HMS Holdings Corp.*
    170       4,230  
InVentiv Health, Inc.*
    220       5,315  
IPC The Hospitalist Co, Inc.*
    40       862  
Kindred Healthcare, Inc.*
    190       5,124  
Landauer, Inc.
    60       3,860  
LHC Group, Inc.*
    100       2,802  
Magellan Health Services, Inc.*
    270       11,272  
MedCath Corp.*
    110       2,054  
Molina Healthcare, Inc.*
    100       2,984  
MWI Veterinary Supply, Inc.*
    70       2,453  
National Healthcare Corp.
    60       3,053  
National Research Corp.
    10       338  
Nighthawk Radiology Holdings, Inc.*
    170       1,420  
Odyssey HealthCare, Inc.*
    220       2,072  
Owens & Minor, Inc.
    270       12,398  
PharMerica Corp.*
    200       4,730  
Providence Service Corp.*
    80       872  
PSS World Medical, Inc.*
    410       6,872  
Psychiatric Solutions, Inc.*
    370       12,957  
RadNet, Inc.*
    140       868  
RehabCare Group, Inc.*
    120       1,987  
Res-Care, Inc.*
    160       2,938  
Skilled Healthcare Group, Inc.*
    120       1,753  
Sun Healthcare Group, Inc.*
    280       4,001  
Sunrise Senior Living, Inc.*
    300       5,379  
Triple-S Mgmt Corp.*
    90       1,428  
Universal American Corp.*
    260       2,727  
US Physical Therapy, Inc.*
    80       1,306  
Virtual Radiologic Corp.*
    50       463  
 
             
Total Health Care Providers & Services
            220,627  
 
             
Health Care Technology 0.4%
               
Allscripts Healthcare Solutions, Inc.*
    380       4,579  
Computer Programs & Systems, Inc.
    60       1,487  
Eclipsys Corp.*
    360       7,938  
MedAssets, Inc.*
    100       1,512  
Omnicell, Inc.*
    220       3,575  
Phase Forward, Inc.*
    280       5,152  
Trizetto Group*
    290       6,325  

 

 

RYDEX 2x RUSSELL 2000 ETF
SCHEDULE OF INVESTMENTS (Unaudited) 		  July 31, 2008
 
                 
            Market  
    Shares     Value  
 
Vital Images, Inc.*
    110     $ 1,672  
 
             
Total Health Care Technology
            32,240  
 
             
Hotels, Restaurants & Leisure 1.8%
               
AFC Enterprises, Inc.*
    170       1,302  
Ambassadors Group, Inc.
    130       2,022  
Ameristar Casinos, Inc.
    170       2,239  
Bally Technologies, Inc.*
    360       11,444  
BJ’s Restaurants, Inc.*
    120       1,302  
Bluegreen Corp.*
    80       924  
Bob Evans Farms, Inc.
    200       5,728  
Buffalo Wild Wings, Inc.*
    120       3,952  
California Pizza Kitchen, Inc.*
    140       1,827  
CBRL Group, Inc.
    150       3,625  
CEC Entertainment, Inc.*
    140       4,880  
Cheesecake Factory, Inc.*
    440       6,195  
Churchill Downs, Inc.
    60       2,265  
CKE Restaurants, Inc.
    350       4,294  
Denny’s Corp.*
    630       1,625  
DineEquity Inc.
    110       2,541  
Domino’s Pizza, Inc.*
    260       3,370  
Dover Downs Gaming & Entertainment Inc.
    90       752  
Dover Motorsports, Inc.
    100       448  
Einstein Noah Restaurant Group, Inc.*
    30       346  
Gaylord Entertainment Co.*
    270       8,111  
Great Wolf Resorts, Inc.*
    180       740  
Isle of Capri Casinos, Inc.*
    100       664  
Jack in the Box, Inc.*
    390       8,416  
Krispy Kreme Doughnuts, Inc.*
    370       1,602  
Landry’s Restaurants, Inc.
    80       1,166  
Life Time Fitness, Inc.*
    230       6,852  
Lodgian, Inc.*
    110       757  
Luby’s, Inc.*
    140       974  
Marcus Corp.
    130       2,068  
Monarch Casino & Resort, Inc.*
    80       986  
Morgans Hotel Group Co.*
    180       2,608  
O’Charleys, Inc.
    120       1,350  
P.F. Chang’s China Bistro, Inc.*
    160       4,160  
Papa John’s International, Inc.*
    140       3,961  
Peet’s Coffee & Tea, Inc.*
    90       1,754  
Pinnacle Entertainment, Inc.*
    400       4,520  
Red Robin Gourmet Burgers, Inc.*
    110       2,731  
Rick’s Cabaret International, Inc.*
    40       612  
Riviera Holdings Corp.*
    70       618  
Ruby Tuesday, Inc.
    340       2,339  
Ruth’s Chris Steak House*
    130       620  
Shuffle Master, Inc.*
    230       1,111  
Six Flags, Inc.*
    480       547  
Sonic Corp.*
    400       6,036  
Speedway Motorsports, Inc.
    90       1,738  
Steak n Shake Co.*
    190       1,309  
Texas Roadhouse, Inc. — Class A*
    350       3,248  
Town Sports International Holdings, Inc.*
    120       1,199  
Triarc Cos., Inc. — Class B
    410       2,288  
Vail Resorts, Inc.*
    210       8,480  
WMS Industries, Inc.*
    290       8,172  
 
             
Total Hotels, Restaurants & Leisure
            152,818  
 
             
Household Durables 0.9%
               
American Greetings Corp. — Class A
    320       4,742  
Beazer Homes USA, Inc.*
    260       1,620  
Blyth, Inc.
    160       2,328  
Brookfield Homes Corp.
    60       790  
Cavco Industries, Inc.*
    40       1,348  
Champion Enterprises, Inc.*
    510       2,014  
CSS Industries, Inc.
    50       1,414  
                 
            Market  
    Shares     Value  
 
Ethan Allen Interiors, Inc.
    160     $ 4,016  
Furniture Brands International, Inc.
    270       3,205  
Helen of Troy, Ltd.*
    200       4,112  
Hooker Furniture Corp.
    60       1,003  
Hovnanian Enterprises, Inc. — Class A*
    310       2,179  
IRobot Corp.*
    120       1,662  
La-Z-Boy, Inc.
    340       2,509  
Libbey, Inc.
    100       907  
M/I Homes, Inc.*
    90       1,706  
Meritage Homes Corp.*
    200       3,610  
National Presto Industries, Inc.
    30       2,144  
Palm Harbor Homes, Inc.*
    70       582  
Russ Berrie & Co., Inc.*
    110       1,068  
Ryland Group, Inc.
    280       5,765  
Sealy Corp.*
    290       1,981  
Skyline Corp.
    50       1,304  
Standard Pacific Corp.*
    820       2,739  
Standard Pacific Corp. — Rts*
    480       91  
Tempur-Pedic International, Inc.
    490       4,601  
Tupperware Brands Corp.
    410       15,990  
Universal Electronics, Inc.*
    90       2,045  
 
             
Total Household Durables
            77,475  
 
             
Household Products 0.1%
               
Central Garden & Pet Co. — Class A*
    430       1,797  
Spectrum Brands, Inc.*
    260       655  
WD-40 Co.
    110       3,759  
 
             
Total Household Products
            6,211  
 
             
Independent Power Producers & Energy Traders 0.2%
               
Black Hills Corp.
    250       8,067  
Ormat Technologies, Inc.
    120       5,762  
Synthesis Energy Systems, Inc.*
    130       1,000  
U S Geothermal, Inc.*
    410       972  
 
             
Total Independent Power Producers & Energy Traders
            15,801  
 
             
Industrial Conglomerates 0.2%
               
Otter Tail Corp.
    200       9,068  
Raven Industries, Inc.
    110       4,185  
Standex International Corp.
    80       1,751  
Tredegar Corp.
    160       2,621  
United Capital Corp.*
    10       233  
 
             
Total Industrial Conglomerates
            17,858  
 
             
Insurance 3.0%
               
Ambac Financial Group, Inc.
    1,900       4,788  
AmCOMP, Inc.*
    80       824  
American Equity Investment Life Holdings Co.
    360       3,146  
American Physicians Capital, Inc.
    60       2,987  
American Safety Insurance Holdings Ltd.*
    70       1,036  
Amerisafe, Inc.*
    120       2,180  
Amtrust Financial Services, Inc.
    100       1,457  
Argo Group International Holdings, Ltd.*
    200       6,808  
Aspen Insurance Holdings, Ltd.
    560       14,218  
Assured Guaranty, Ltd.
    370       4,240  
Baldwin & Lyons, Inc.
    60       1,275  
Castlepoint Holdings, Ltd.
    216       2,007  
Citizens, Inc.*
    250       1,858  
CNA Surety Corp.*
    110       1,429  
Crawford & Co. — Class B*
    160       1,632  
Darwin Professional Underwriters, Inc.*
    50       1,548  
Delphi Financial Group
    270       6,736  
Donegal Group, Inc. — Class A
    80       1,394  
EHealth, Inc.*
    160       2,323  
EMC Insurance Group, Inc.
    40       979  
Employers Holdings, Inc.
    330       5,881  

 

 

RYDEX 2x RUSSELL 2000 ETF
SCHEDULE OF INVESTMENTS (Unaudited) 		  July 31, 2008
 
                 
            Market  
    Shares     Value  
 
Enstar Group, Ltd.*
    30     $ 3,052  
FBL Financial Group, Inc.
    80       1,668  
First Acceptance Corp.*
    110       414  
First Mercury Financial Corp.*
    100       1,600  
Flagstone Reinsurance Holdings, Ltd.
    200       2,482  
Fpic Insurance Group, Inc.*
    60       2,997  
Greenlight Capital Re, Ltd.*
    190       3,914  
Hallmark Financial Services*
    40       387  
Harleysville Group, Inc.
    90       3,207  
Hilb Rogal & Hobbs Co.
    240       10,404  
Hilltop Holdings, Inc.*
    300       3,093  
Horace Mann Educators Corp.
    270       3,742  
Independence Holding Co.
    40       509  
Infinity Property & Casualty Corp.
    110       4,902  
IPC Holdings, Ltd.
    350       11,235  
Kansas City Life Insurance Co.
    30       1,515  
LandAmerica Financial Group, Inc.
    100       1,149  
Maiden Holdings Ltd.
    320       2,234  
Max Capital Group, Ltd.
    370       8,684  
Meadowbrook Insurance Group, Inc.
    240       1,538  
Montpelier Re Holdings, Ltd.
    620       9,734  
National Financial Partners Corp.
    260       5,421  
National Interstate Corp.
    40       805  
National Western Life Insurance Co.
    10       2,368  
Navigators Group, Inc.*
    90       4,280  
NYMAGIC, Inc.
    30       600  
Odyssey Re Holdings Corp.
    160       6,251  
Phoenix Cos., Inc.
    760       7,395  
Platinum Underwriters Holdings, Ltd.
    320       11,552  
PMA Capital Corp. — Class A*
    210       2,102  
Presidential Life Corp.
    140       2,246  
ProAssurance Corp.*
    210       10,277  
Procentury Corp.
    90       1,481  
Quanta Capital Holdings Ltd.*
    460       1,247  
RLI Corp.
    120       6,554  
Safety Insurance Group, Inc.
    110       4,672  
SeaBright Insurance Holdings, Inc.*
    140       1,610  
Selective Insurance Group, Inc.
    350       7,560  
State Auto Financial Corp.
    90       2,602  
Stewart Information Services Corp.
    110       1,921  
Tower Group, Inc.
    130       2,961  
United America Indemnity, Ltd.*
    130       1,694  
United Fire & Casualty Co.
    150       4,075  
Validus Holdings, Ltd.
    430       9,808  
Zenith National Insurance Corp.
    250       8,602  
 
             
Total Insurance
            255,290  
 
             
Internet & Catalog Retail 0.3%
               
1-800-FLOWERS.COM, Inc. — Class A*
    170       937  
Blue Nile, Inc.*
    90       3,467  
Drugstore.Com*
    550       1,177  
FTD Group, Inc.
    130       1,859  
Gaiam, Inc. — Class A*
    120       1,759  
NetFlix, Inc.*
    270       8,340  
NutriSystem, Inc.
    200       3,442  
Orbitz Worldwide, Inc.*
    240       1,409  
Overstock.com, Inc.*
    100       1,776  
PetMed Express, Inc.*
    160       2,320  
Shutterfly, Inc.*
    130       1,187  
Stamps.com, Inc.*
    100       1,361  
 
             
Total Internet & Catalog Retail
            29,034  
 
             
Internet Software & Services 1.8%
               
Ariba, Inc.*
    570       9,354  
Art Technology Group, Inc.*
    850       3,119  
AsiaInfo Holdings, Inc.*
    230       3,167  
Bankrate, Inc.*
    80       2,516  
                 
            Market  
    Shares     Value  
 
Bidz.com, Inc.*
    40     $ 366  
Chordiant Software, Inc.*
    200       1,042  
CMGI, Inc.*
    320       3,917  
ComScore, Inc.*
    120       2,290  
Constant Contact, Inc.*
    130       2,317  
DealerTrack Holdings, Inc.*
    280       4,362  
Dice Holdings, Inc.*
    100       888  
Digital River, Inc.*
    250       9,972  
DivX, Inc.*
    180       1,480  
EarthLink, Inc.*
    730       6,570  
Greenfield Online, Inc.*
    170       2,353  
GSI Commerce, Inc.*
    160       2,438  
HSW International, Inc.*
    180       614  
InfoSpace, Inc.*
    230       2,171  
Internap Network Services Corp.*
    330       1,518  
Internet Brands, Inc. — Class A*
    150       872  
Internet Capital Group, Inc.*
    260       2,090  
Interwoven, Inc.*
    300       4,224  
J2 Global Communications, Inc.*
    290       6,951  
Keynote Systems, Inc.*
    90       1,238  
Knot, Inc.*
    190       1,664  
Limelight Networks, Inc.*
    190       675  
Liquidity Services, Inc.*
    100       1,099  
LoopNet, Inc.*
    190       2,158  
Marchex, Inc.
    160       1,859  
Mercadolibre, Inc.*
    170       6,094  
Move, Inc.*
    850       1,981  
NIC, Inc.
    260       1,898  
Omniture, Inc.*
    410       7,113  
Perficient, Inc.*
    210       2,115  
RealNetworks, Inc.*
    600       4,122  
S1 Corp.*
    330       2,680  
SAVVIS, Inc.*
    250       4,032  
SonicWALL, Inc.*
    373       2,178  
SupportSoft, Inc.*
    310       1,054  
Switch & Data Facilities Co., Inc.*
    140       2,356  
TechTarget, Inc.*
    90       638  
Terremark Worldwide, Inc.*
    350       2,377  
TheStreet.com, Inc.
    120       816  
United Online, Inc.
    460       4,996  
ValueClick, Inc.*
    630       7,497  
Vignette Corp.*
    160       1,802  
VistaPrint, Ltd.*
    290       7,473  
Vocus, Inc.*
    110       3,915  
Websense, Inc.*
    300       6,261  
Website Pros, Inc.*
    180       1,197  
 
             
Total Internet Software & Services
            155,879  
 
             
IT Services 1.5%
               
Acxiom Corp.
    400       5,136  
BearingPoint, Inc.*
    1,440       1,152  
CACI International, Inc. — Class A*
    200       8,992  
Cass Information Systems, Inc.
    40       1,473  
China Information Sec Tech Inccom*
    150       764  
Ciber, Inc.*
    350       2,474  
CSG Systems International, Inc.*
    230       4,080  
Cybersource Corp.*
    460       8,165  
Euronet Worldwide, Inc.*
    310       4,960  
ExlService Holdings, Inc.*
    90       1,355  
Forrester Research, Inc.*
    100       3,370  
Gartner, Inc. — Class A*
    390       9,500  
Gevity HR, Inc.
    150       1,118  
Global Cash Access Holdings, Inc.*
    270       1,617  
Hackett Group Inc (The)*
    266       1,697  
Heartland Payment Systems, Inc.
    160       3,682  
IGate Corp.*
    140       1,379  

 

 

RYDEX 2x RUSSELL 2000 ETF
SCHEDULE OF INVESTMENTS (Unaudited) 		  July 31, 2008
 
                 
            Market  
    Shares     Value  
 
InfoGROUP, Inc.
    220     $ 1,126  
Integral Systems, Inc.*
    60       2,822  
Mantech International Corp. — Class A*
    140       7,818  
MAXIMUS, Inc.
    120       4,453  
NCI, Inc.-Class A*
    40       955  
Ness Technologies, Inc.*
    260       3,216  
Online Resources Corp.*
    190       1,300  
Perot Systems Corp.*
    570       9,530  
RightNow Technologies, Inc.*
    180       2,896  
Safeguard Scientifics, Inc.*
    800       1,080  
Sapient Corp.*
    580       3,747  
SI International, Inc.*
    90       1,645  
SRA International, Inc. — Class A*
    280       6,146  
Syntel, Inc.
    90       2,965  
TeleTech Holdings, Inc.*
    260       3,536  
TNS, Inc.*
    160       3,648  
VeriFone Holdings, Inc.*
    450       6,732  
Virtusa Corp.*
    60       392  
Wright Express Corp.*
    260       6,903  
 
             
Total IT Services
            131,824  
 
             
Leisure Equipment & Products 0.5%
               
Brunswick Corp.
    580       7,482  
Callaway Golf Co.
    440       5,579  
JAKKS Pacific, Inc.*
    180       3,956  
Leapfrog Enterprises, Inc.*
    220       2,105  
Marine Products Corp.
    70       511  
Nautilus, Inc.
    150       732  
Polaris Industries, Inc.
    220       9,416  
Pool Corp.
    320       7,066  
RC2 Corp.*
    120       2,755  
Smith & Wesson Holding Corp.*
    250       1,123  
Steinway Musical Instruments*
    50       1,386  
 
             
Total Leisure Equipment & Products
            42,111  
 
             
Life Sciences Tools & Services 1.1%
               
Accelrys, Inc.*
    180       1,006  
Affymetrix, Inc.*
    460       3,625  
Albany Molecular Research, Inc.*
    150       2,295  
AMAG Pharmaceuticals, Inc.*
    110       4,510  
Bio-Rad Laboratories, Inc. — Class A*
    130       11,583  
Bruker Corp.*
    330       4,561  
Caliper Life Sciences, Inc.*
    320       1,270  
Cambrex Corp.*
    190       1,446  
Dionex Corp.*
    120       8,342  
Enzo Biochem, Inc.*
    210       2,984  
EResearchTechnology, Inc.*
    290       4,222  
Exelixis, Inc.*
    690       4,830  
Kendle International, Inc.*
    90       3,704  
Life Sciences Research, Inc.*
    60       2,028  
Luminex Corp.*
    240       5,280  
Medivation, Inc.*
    170       3,400  
Nektar Therapeutics*
    610       3,038  
Parexel International Corp.*
    370       10,815  
PharmaNet Development Group, Inc.*
    130       3,137  
Sequenom, Inc.*
    300       6,408  
Varian, Inc.*
    200       9,880  
 
             
Total Life Sciences Tools & Services
            98,364  
 
             
Machinery 3.1%
               
3D Systems Corp.*
    120       1,459  
Accuride Corp.*
    230       633  
Actuant Corp.
    370       11,270  
Alamo Group, Inc.
    40       866  
Albany International Corp. — Class A
    200       5,740  
Altra Holdings, Inc.*
    170       2,834  
American Railcar Industries, Inc.
    60       1,320  
                 
            Market  
    Shares     Value  
 
Ampco-Pittsburgh Corp.
    50     $ 2,174  
Astec Industries, Inc.*
    120       3,830  
Badger Meter, Inc.
    100       5,633  
Barnes Group, Inc.
    320       7,229  
Blount International, Inc.*
    250       2,832  
Briggs & Stratton Corp.
    330       4,468  
Cascade Corp.
    60       2,633  
Chart Industries, Inc.*
    190       10,055  
China Fire & Security Group, Inc.*
    90       899  
CIRCOR International, Inc.
    110       6,552  
CLARCOR, Inc.
    330       12,712  
Colfax Corp.*
    140       3,821  
Columbus McKinnon Corp.*
    130       3,342  
Commercial Vehicle Group, Inc.*
    140       1,354  
Dynamic Materials Corp.
    80       2,634  
EnPro Industries, Inc.*
    130       4,681  
ESCO Technologies, Inc.*
    170       6,995  
Federal Signal Corp.
    320       4,598  
Flanders Corp.*
    110       692  
Flow International Corp.*
    250       1,665  
Force Protection, Inc.*
    450       1,557  
FreightCar America, Inc.
    80       3,047  
Gehl Co.*
    70       1,052  
Gorman-Rupp Co.
    90       4,009  
Graham Corp.
    30       2,670  
Greenbrier Cos., Inc.
    110       2,302  
Hurco Cos., Inc.*
    40       1,167  
K-Tron International, Inc.*
    20       2,776  
Kadant, Inc.*
    90       1,925  
Kaydon Corp.
    180       8,536  
Key Technology, Inc.*
    40       1,282  
LB Foster Co. — Class A*
    70       2,693  
Lindsay Corp.
    80       7,382  
Lydall, Inc.*
    110       1,712  
Met-Pro Corp.
    100       1,530  
Middleby Corp.*
    110       5,148  
Mueller Industries, Inc.
    250       6,417  
Mueller Water Products, Inc.
    760       6,916  
NACCO Industries, Inc.
    40       4,040  
NN, Inc.
    100       1,332  
Nordson Corp.
    220       15,545  
Omega Flex, Inc.
    20       374  
Peerless Mfg Co.*
    40       2,206  
RBC Bearings, Inc.*
    140       4,658  
Robbins & Myers, Inc.
    190       9,646  
Sauer-Danfoss, Inc.
    70       2,055  
Sun Hydraulics Corp.
    80       3,296  
Tecumseh Products Co. — Class A*
    110       3,602  
Tennant Co.
    110       2,894  
Thermadyne Holdings Corp.*
    90       1,547  
Titan International, Inc.
    180       8,318  
Titan Machinery, Inc.*
    50       1,371  
Trimas Corp.*
    100       683  
TurboChef Technologies, Inc.*
    160       840  
Twin Disc, Inc.
    60       1,207  
Wabash National Corp.
    200       1,860  
Wabtec Corp.
    320       17,760  
Watts Water Technologies, Inc.
    190       5,613  
Xerium Technologies, Inc.*
    140       648  
 
             
Total Machinery
            264,537  
 
             
Marine 0.3%
               
American Commercial Lines, Inc.*
    240       2,748  
Eagle Bulk Shipping, Inc.
    310       9,002  
Genco Shipping & Trading, Ltd.
    150       10,227  
Horizon Lines, Inc.
    200       2,360  

 

 

RYDEX 2x RUSSELL 2000 ETF
SCHEDULE OF INVESTMENTS (Unaudited) 		  July 31, 2008
 
                 
            Market  
    Shares     Value  
 
International Shipholding Corp.*
    40     $ 947  
TBS International, Ltd.*
    70       2,558  
Ultrapetrol Bahamas, Ltd.*
    170       1,894  
 
             
Total Marine
            29,736  
 
             
Media 1.1%
               
AH Belo Corp.
    140       756  
Arbitron, Inc.
    180       8,460  
Belo Corp. — Class A
    590       4,006  
Charter Communications, Inc. — Class A*
    2,700       3,078  
Cinemark Holdings, Inc.
    200       2,932  
Citadel Broadcasting Corp.*
    1,200       1,104  
CKX, Inc.*
    350       2,744  
Cox Radio, Inc. — Class A*
    170       1,681  
Crown Media Holdings, Inc. — Class A*
    70       297  
Cumulus Media, Inc.*
    166       488  
Dolan Media Co.*
    140       2,955  
Entercom Communications Corp. — Class A
    170       1,042  
Entravision Communications Corp.*
    390       1,232  
Fisher Communications, Inc.*
    40       1,484  
GateHouse Media, Inc.*
    210       130  
Global Sources, Ltd.*
    110       1,520  
Global Traffic Network, Inc.*
    80       754  
Gray Television, Inc.
    280       700  
Harte-Hanks, Inc.
    240       2,978  
Idearc, Inc.*
    970       1,271  
Interactive Data Corp.
    240       6,912  
Journal Communications, Inc.
    280       1,330  
Knology, Inc.*
    190       1,984  
Lee Enterprises, Inc.
    300       906  
Lin TV Corp.*
    180       1,067  
Live Nation, Inc.*
    500       6,310  
Martha Stewart Living Omnimedia, Inc.*
    170       1,239  
Marvel Entertainment, Inc.*
    320       11,104  
McClatchy Co.
    380       1,623  
Media General, Inc. — Class A
    150       1,902  
Mediacom Communications Corp.*
    260       1,485  
National CineMedia, Inc.
    280       3,581  
Outdoor Channel Holdings, Inc.*
    110       758  
Playboy Enterprises, Inc. — Class B*
    140       654  
Primedia, Inc.
    170       670  
RCN Corp.*
    250       3,043  
RH Donnelley Corp.*
    450       698  
Scholastic Corp.
    160       4,126  
Sinclair Broadcast Group, Inc.
    350       2,671  
Valassis Communications, Inc.*
    320       2,822  
Value Line, Inc.
    10       370  
Westwood One, Inc.*
    470       611  
World Wrestling Entertainment, Inc. — Class A
    140       2,295  
 
             
Total Media
            97,773  
 
             
Metals & Mining 1.1%
               
Allied Nevada Gold Corp.*
    300       1,905  
AM Castle & Co.
    110       2,226  
AMCOL International Corp.
    170       5,427  
Apex Silver Mines, Ltd.*
    390       2,438  
Brush Engineered Materials, Inc.*
    130       3,111  
China Precision Stl, Inc.*
    110       499  
Coeur d’Alene Mines Corp.*
    3,640       10,520  
Compass Minerals International, Inc.
    210       15,876  
Esmark, Inc.*
    100       1,920  
General Moly, Inc.*
    410       3,083  
General Stl Hldgs, Inc.*
    70       1,035  
Haynes International, Inc.*
    80       3,795  
Hecla Mining Co.*
    840       7,711  
Horsehead Holding Corp.*
    230       2,806  
                 
            Market  
    Shares     Value  
 
Kaiser Aluminum Corp.
    100     $ 5,275  
Olympic Steel, Inc.
    60       3,051  
Royal Gold, Inc.
    190       6,779  
RTI International Metals, Inc.*
    150       4,089  
Stillwater Mining Co.*
    260       2,470  
Sutor Technology Group Ltd.*
    50       356  
Universal Stainless & Alloy*
    40       1,526  
Worthington Industries, Inc.
    430       7,628  
 
             
Total Metals & Mining
            93,526  
 
             
Multi-Utilities 0.2%
               
Avista Corp.
    350       7,917  
CH Energy Group, Inc.
    100       3,625  
PNM Resources, Inc.
    510       5,972  
 
             
Total Multi-Utilities
            17,514  
 
             
Multiline Retail 0.1%
               
99 Cents Only Stores*
    310       2,074  
Dillard’s, Inc. — Class A
    380       3,842  
Fred’s, Inc. — Class A
    260       3,343  
Retail Ventures, Inc.*
    190       817  
Tuesday Morning Corp.*
    200       768  
 
             
Total Multiline Retail
            10,844  
 
             
Oil, Gas & Consumable Fuels 4.3%
               
Abraxas Petroleum Corp.*
    280       1,019  
Alon USA Energy, Inc.
    70       601  
American Oil & Gas, Inc.*
    240       761  
APCO Argentina, Inc.
    30       860  
Approach Resources, Inc.*
    60       1,207  
Arena Resources, Inc.*
    230       9,409  
Arlington Tankers, Ltd.
    80       1,631  
Atlas America, Inc.
    230       8,519  
ATP Oil & Gas Corp.*
    180       5,121  
Aventine Renewable Energy Holdings, Inc.*
    190       1,292  
Berry Petroleum Co. — Class A
    280       12,051  
Bill Barrett Corp.*
    240       9,874  
BMB Munai, Inc.*
    250       1,195  
Bois d’Arc Energy, Inc.*
    130       2,847  
BPZ Resources, Inc.*
    400       7,220  
Brigham Exploration Co.*
    310       4,340  
Callon Petroleum Co.*
    140       3,219  
Cano Petroleum, Inc.*
    260       1,027  
Carrizo Oil & Gas, Inc.*
    180       9,061  
Cheniere Energy, Inc.*
    320       970  
Clayton Williams Energy, Inc.*
    40       3,728  
Clean Energy Fuels Corp.*
    140       1,862  
Comstock Resources, Inc.*
    300       18,303  
Concho Resources, Inc.*
    330       10,807  
Contango Oil & Gas Co.*
    90       7,675  
Crosstex Energy, Inc.
    270       8,678  
CVR Energy, Inc.*
    150       2,377  
Delek US Holdings, Inc.
    90       719  
Delta Petroleum Corp.*
    410       7,819  
DHT Maritime, Inc.
    260       2,439  
Double Eagle Petroleum Co.*
    50       763  
Endeavour International Corp.*
    750       1,253  
Energy Partners, Ltd.*
    210       2,495  
Energy XXI Bermuda Limtited*
    460       2,397  
Evergreen Energy, Inc.*
    560       890  
EXCO Resources, Inc.*
    980       25,529  
FX Energy, Inc.*
    270       1,836  
Gasco Energy, Inc.*
    620       1,618  
General Maritime Corp.
    180       4,849  
GeoGlobal Resources, Inc.*
    250       1,003  
GeoMet, Inc.*
    120       796  
Georesources, Inc.*
    40       648  

 

 

RYDEX 2x RUSSELL 2000 ETF
SCHEDULE OF INVESTMENTS (Unaudited) 		  July 31, 2008
 
                 
            Market  
    Shares     Value  
 
GMX Resources, Inc.*
    100     $ 5,870  
Golar LNG, Ltd.
    230       4,230  
Goodrich Petroleum Corp.*
    130       5,960  
Gran Tierra Energy, Inc.*
    630       3,194  
Greenhunter Energy, Inc.*
    30       468  
Gulfport Energy Corp.*
    170       2,451  
Harvest Natural Resources, Inc.*
    230       2,265  
Houston American Energy Corp.*
    100       895  
International Coal Group, Inc.*
    840       8,795  
James River Coal Co.*
    170       7,369  
Knightsbridge Tankers, Ltd.
    110       3,532  
McMoRan Exploration Co.*
    323       8,666  
Meridian Resource Corp.*
    510       1,617  
National Coal Corp.*
    170       1,190  
Nordic American Tanker Shipping, Ltd.
    230       9,182  
Northern Oil And Gas, Inc.*
    130       1,206  
Oilsands Quest, Inc.*
    1,090       4,916  
Pacific Ethanol, Inc.*
    290       542  
Panhandle Oil and Gas, Inc.
    50       1,850  
Parallel Petroleum Corp.*
    270       4,423  
Penn Virginia Corp.
    270       16,402  
Petroleum Development Corp.*
    100       5,531  
Petroquest Energy, Inc.*
    290       6,052  
PrimeEnergy Corp.*
    10       606  
Quest Resource Corp.*
    130       1,193  
Ram Energy Res, Inc.*
    240       1,118  
Rentech, Inc.*
    1,100       2,090  
Rex Energy Corp.*
    110       2,189  
Rosetta Resources, Inc.*
    340       8,031  
Ship Finance International, Ltd.
    280       8,327  
Stone Energy Corp.*
    190       9,694  
Swift Energy Co.*
    200       10,164  
Teekay Tankers Ltd.
    90       2,039  
Toreador Resources Corp.*
    110       782  
Tri-Valley Corp.*
    150       1,059  
TXCO Resources, Inc.*
    230       2,162  
Uranium Resources, Inc.*
    310       887  
USEC, Inc.*
    730       3,811  
Vaalco Energy, Inc.*
    390       2,554  
Venoco, Inc.*
    130       2,184  
VeraSun Energy Corp.*
    680       4,182  
Warren Resources, Inc.*
    390       4,555  
Western Refining, Inc.
    200       1,592  
Westmoreland Coal Co.*
    60       1,395  
World Fuel Services Corp.
    190       4,579  
 
             
Total Oil, Gas & Consumable Fuels
            372,507  
 
             
Paper & Forest Products 0.3%
               
AbitibiBowater, Inc.*
    350       2,950  
Buckeye Technologies, Inc.*
    260       2,535  
Deltic Timber Corp.
    70       4,261  
Glatfelter
    300       4,386  
Kapstone Paper and Packaging Corp.*
    120       918  
Louisiana-Pacific Corp.
    680       5,753  
Mercer International, Inc.*
    200       1,244  
Neenah Paper, Inc.
    100       1,868  
Schweitzer-Mauduit International, Inc.
    100       1,861  
Verso Paper Corp.
    90       517  
Wausau Paper Corp.
    290       2,569  
 
             
Total Paper & Forest Products
            28,862  
 
             
Personal Products 0.3%
               
American Oriental Bioengineering, Inc.*
    410       3,874  
Chattem, Inc.*
    110       7,092  
China Sky One Med, Inc.*
    50       594  
Elizabeth Arden, Inc.*
    160       2,613  
Inter Parfums, Inc.
    90       1,348  
                 
            Market  
    Shares     Value  
 
Mannatech, Inc.
    100     $ 663  
Nu Skin Enterprises, Inc. — Class A
    330       5,333  
Prestige Brands Holdings, Inc.*
    220       2,182  
Schiff Nutrition International, Inc.*
    60       363  
USANA Health Sciences, Inc.*
    50       1,705  
 
             
Total Personal Products
            25,767  
 
             
Pharmaceuticals 1.2%
               
Acura Pharmaceuticals, Inc.*
    50       374  
Adolor Corp.*
    300       1,203  
Akorn, Inc.*
    380       1,949  
Alexza Pharmaceuticals, Inc.*
    160       941  
Alpharma, Inc. — Class A*
    290       6,586  
Ardea Biosciences, Inc.*
    70       911  
Auxilium Pharmaceuticals, Inc.*
    270       10,017  
Biodel, Inc.*
    70       1,178  
BioForm Medical, Inc.*
    140       708  
BioMimetic Therapeutics, Inc.*
    90       1,206  
Cadence Pharmaceuticals, Inc.*
    130       1,338  
Caraco Pharmaceutical Laboratories, Ltd.*
    70       977  
Columbia Laboratories, Inc.*
    310       1,265  
Cypress Bioscience, Inc.*
    250       2,175  
Depomed, Inc.*
    320       1,248  
Discovery Laboratories, Inc.*
    640       1,139  
Durect Corp.*
    490       2,176  
Inspire Pharmaceuticals, Inc.*
    280       1,058  
Javelin Pharmaceuticals, Inc.*
    330       805  
Jazz Pharmaceuticals, Inc.*
    40       270  
KV Pharmaceutical Co. — Class A*
    220       4,508  
MAP Pharmaceuticals, Inc.*
    50       492  
Medicines Co.*
    340       7,551  
Medicis Pharmaceutical Corp. — Class A
    370       6,793  
MiddleBrook Pharmaceuticals, Inc.*
    240       528  
Noven Pharmaceuticals, Inc.*
    160       1,987  
Obagi Medical Products, Inc.*
    120       1,142  
Optimer Pharmaceuticals, Inc.*
    160       1,347  
Pain Therapeutics, Inc.*
    230       1,960  
Par Pharmaceutical Cos., Inc.*
    230       3,979  
Pozen, Inc.*
    170       2,071  
Questcor Pharmaceuticals, Inc.*
    360       1,800  
Salix Pharmaceuticals Ltd.*
    320       2,554  
Sciele Pharma, Inc.*
    230       4,289  
Sucampo Pharmaceuticals, Inc. — Class A*
    60       720  
Valeant Pharmaceuticals International*
    460       7,875  
Viropharma, Inc.*
    460       5,663  
Vivus, Inc.*
    400       3,372  
XenoPort, Inc.*
    170       7,789  
 
             
Total Pharmaceuticals
            103,944  
 
             
Real Estate Investment Trusts (REITs) 4.7%
               
Acadia Realty Trust
    210       4,765  
Agree Realty Corp.
    50       1,444  
Alexander’s, Inc.*
    10       3,547  
American Campus Communities, Inc.
    260       7,613  
American Capital Agency Corp.
    70       1,095  
Anthracite Capital, Inc.
    360       2,275  
Anworth Mortgage Asset Corp.
    550       3,272  
Arbor Realty Trust, Inc.
    90       986  
Ashford Hospitality Trust, Inc.
    790       3,136  
Associated Estates Realty Corp.
    100       1,415  
BioMed Realty Trust, Inc.
    470       12,126  
Capital Trust, Inc. — Class A
    110       1,696  
CapLease, Inc.
    300       2,346  
Capstead Mortgage Corp.
    350       3,822  
Care Investment Trust, Inc.
    90       968  
Cedar Shopping Centers, Inc.
    250       3,190  
Chimera Investment Corp.
    220       1,692  

 

 

RYDEX 2x RUSSELL 2000 ETF
SCHEDULE OF INVESTMENTS (Unaudited) 		  July 31, 2008
 
                 
            Market  
    Shares     Value  
 
Cogdell Spencer, Inc.
    70     $ 1,316  
Colonial Properties Trust
    310       6,188  
Corporate Office Properties Trust
    260       10,109  
Cousins Properties, Inc.
    310       6,811  
DCT Industrial Trust, Inc.
    1,130       9,571  
DiamondRock Hospitality Co.
    630       5,809  
DuPont Fabros Technology, Inc.
    80       1,308  
EastGroup Properties, Inc.
    160       7,424  
Education Realty Trust, Inc.
    190       2,128  
Entertainment Properties Trust
    200       10,728  
Equity Lifestyle Properties, Inc.
    130       6,241  
Equity One, Inc.
    210       4,055  
Extra Space Storage, Inc.
    530       7,510  
FelCor Lodging Trust, Inc.
    420       3,356  
First Industrial Realty Trust, Inc.
    290       7,189  
First Potomac Realty Trust
    160       2,541  
Franklin Street Properties Corp.
    390       4,785  
Friedman, Billings, Ramsey Group, Inc.*
    980       1,695  
Getty Realty Corp.
    110       2,058  
Glimcher Realty Trust
    250       2,328  
Gramercy Capital Corp.
    280       1,893  
Hatteras Financial Corp.
    80       1,836  
Healthcare Realty Trust, Inc.
    340       9,863  
Hersha Hospitality Trust
    270       1,917  
Highwoods Properties, Inc.
    380       13,870  
Home Properties, Inc.
    210       11,554  
Inland Real Estate Corp.
    380       5,681  
Investors Real Estate Trust
    380       3,990  
JER Investors Trust, Inc.
    150       903  
Kite Realty Group Trust
    130       1,615  
LaSalle Hotel Properties
    270       6,132  
Lexington Corporate Properties Trust
    320       4,608  
LTC Properties, Inc.
    150       4,384  
Maguire Properties, Inc.*
    250       2,698  
Medical Properties Trust, Inc.
    440       4,880  
MFA Mortgage Investments, Inc.
    1,000       6,450  
Mid-America Apartment Communities, Inc.
    170       9,770  
Mission West Properties
    130       1,287  
Monmouth Real Estate Investment Corp.
    130       937  
National Health Investors, Inc.
    150       4,633  
National Retail Properties, Inc.
    490       10,359  
Newcastle Investment Corp.
    350       2,128  
NorthStar Realty Finance Corp.
    370       3,101  
Omega Healthcare Investors, Inc.
    460       7,944  
One Liberty Properties, Inc.
    50       850  
Parkway Properties, Inc.
    100       3,529  
Pennsylvania Real Estate Investment Trust
    230       4,237  
Post Properties, Inc.
    290       9,219  
Potlatch Corp.
    260       12,108  
PS Business Parks, Inc.
    100       5,260  
RAIT Financial Trust
    410       2,726  
Ramco-Gershenson Properties
    100       2,162  
Realty Income Corp.
    670       16,877  
Redwood Trust, Inc.
    220       4,803  
Resource Capital Corp.
    140       937  
Saul Centers, Inc.
    60       2,908  
Senior Housing Properties Trust
    750       15,787  
Sovran Self Storage, Inc.
    140       5,853  
Strategic Hotels & Resorts, Inc.
    490       3,866  
Sun Communities, Inc.
    110       1,868  
Sunstone Hotel Investors, Inc.
    390       5,047  
Tanger Factory Outlet Centers
    210       7,841  
U-Store-It Trust
    330       3,844  
Universal Health Realty Income Trust
    80       2,798  
Urstadt Biddle Properties, Inc.
    140       2,317  
Washington Real Estate Investment Trust
    330       11,306  
                 
            Market  
    Shares     Value  
 
Winthrop Realty Trust
    350     $ 1,411  
 
             
Total Real Estate Investment Trusts (REITs)
            408,525  
 
             
Real Estate Management & Development 0.2%
               
Avatar Holdings, Inc.*
    40       1,266  
Consolidated-Tomoka Land Co.
    40       1,584  
Forestar Real Estate Group, Inc.*
    240       4,339  
FX Real Estate and Entertainment, Inc.*
    70       128  
Grubb & Ellis Co.*
    230       761  
Maui Land & Pineapple Co., Inc.*
    30       855  
Meruelo Maddux Properties, Inc.*
    280       540  
Stratus Properties, Inc.*
    40       1,080  
Tejon Ranch Co.*
    70       2,125  
Thomas Properties Group, Inc.
    160       1,323  
 
             
Total Real Estate Management & Development
            14,001  
 
             
Road & Rail 0.7%
               
Amerco, Inc.*
    60       2,763  
Arkansas Best Corp.
    150       5,571  
Celadon Group, Inc.*
    140       1,852  
Dollar Thrifty Automotive Group*
    140       440  
Genesee & Wyoming, Inc. — Class A*
    200       8,094  
Heartland Express, Inc.
    370       6,305  
Knight Transportation, Inc.
    380       7,189  
Marten Transport, Ltd.*
    100       2,082  
Old Dominion Freight Line, Inc.*
    180       6,606  
Patriot Transportation Holding, Inc.*
    10       814  
Saia, Inc.*
    90       1,575  
Universal Truckload Services, Inc.*
    40       997  
Werner Enterprises, Inc.
    280       6,667  
YRC Worldwide, Inc.*
    380       6,422  
 
             
Total Road & Rail
            57,377  
 
             
Semiconductors & Semiconductor Equipment 2.7%
               
Actel Corp.*
    170       2,337  
Advanced Analogic Technologies, Inc.*
    300       1,239  
Advanced Energy Industries, Inc.*
    220       3,040  
Amkor Technology, Inc.*
    720       6,307  
Anadigics, Inc.*
    410       2,448  
Applied Micro Circuits Corp.*
    430       3,337  
Asyst Technologies, Inc.*
    330       1,429  
Atheros Communications, Inc.*
    390       12,090  
ATMI, Inc.*
    210       4,731  
AuthenTec, Inc.*
    170       1,299  
Axcelis Technologies, Inc.*
    680       3,414  
Brooks Automation, Inc.*
    420       3,280  
Cabot Microelectronics Corp.*
    160       6,246  
Cavium Networks, Inc.*
    200       3,210  
Ceva, Inc.*
    130       1,057  
Cirrus Logic, Inc.*
    430       2,442  
Cohu, Inc.
    150       2,388  
Cymer, Inc.*
    200       5,298  
Diodes, Inc.*
    190       4,934  
DSP Group, Inc.*
    160       1,130  
Eagle Test Systems, Inc.*
    90       1,116  
Emcore Corp.*
    480       2,362  
Entegris, Inc.*
    750       4,747  
Entropic Communications, Inc.*
    60       135  
Exar Corp.*
    250       1,925  
FEI Co.*
    240       6,060  
Formfactor, Inc.*
    320       5,568  
Hittite Microwave Corp.*
    130       4,150  
IXYS Corp.*
    160       1,958  
Kopin Corp.*
    460       1,486  
Kulicke & Soffa Industries, Inc.*
    350       2,226  
Lattice Semiconductor Corp.*
    760       1,839  
LTX Corp.*
    410       894  

 

 

RYDEX 2x RUSSELL 2000 ETF
SCHEDULE OF INVESTMENTS (Unaudited) 		  July 31, 2008
 
                 
            Market  
    Shares     Value  
 
Mattson Technology, Inc.*
    330     $ 1,488  
Micrel, Inc.
    330       3,142  
Microsemi Corp.*
    520       13,499  
Microtune, Inc.*
    360       1,170  
MIPS Technologies, Inc.*
    290       1,102  
MKS Instruments, Inc.*
    330       6,798  
Monolithic Power Systems, Inc.*
    170       3,697  
Netlogic Microsystems, Inc.*
    110       3,521  
NVE Corp.*
    30       858  
OmniVision Technologies, Inc.*
    340       3,723  
Pericom Semiconductor Corp.*
    150       2,139  
Photronics, Inc.*
    280       1,190  
PLX Technology, Inc.*
    190       1,045  
PMC — Sierra, Inc.*
    1,450       10,498  
Power Integrations, Inc.*
    200       5,464  
RF Micro Devices, Inc.*
    1,740       5,690  
Rubicon Technology, Inc.*
    90       1,170  
Rudolph Technologies, Inc.*
    200       1,746  
Semitool, Inc.*
    150       1,346  
Semtech Corp.*
    410       5,974  
Sigma Designs, Inc.*
    180       3,157  
Silicon Image, Inc.*
    480       3,365  
Silicon Storage Technology, Inc.*
    550       1,755  
Sirf Technology Holdings, Inc.*
    400       1,360  
Skyworks Solutions, Inc.*
    1,080       10,217  
Spansion, Inc.*
    840       1,924  
Standard Microsystems Corp.*
    150       3,978  
Supertex, Inc.*
    70       2,101  
Techwell, Inc.*
    100       1,096  
Tessera Technologies, Inc.*
    320       5,574  
Transmeta Corp.*
    80       1,166  
Trident Microsystems, Inc.*
    400       1,188  
TriQuint Semiconductor, Inc.*
    950       5,348  
Ultra Clean Holdings*
    130       852  
Ultratech, Inc.*
    150       2,211  
Veeco Instruments, Inc.*
    210       3,419  
Volterra Semiconductor Corp.*
    170       2,788  
Zoran Corp.*
    340       2,812  
 
             
Total Semiconductors & Semiconductor Equipment
            235,693  
 
             
Software 3.5%
               
ACI Worldwide, Inc.*
    230       4,499  
Actuate Corp.*
    400       1,816  
Advent Software, Inc.*
    110       4,789  
American Software, Inc.-Class A
    150       822  
Ansoft Corp.*
    100       3,571  
ArcSight, Inc.*
    50       566  
Blackbaud, Inc.
    300       5,358  
Blackboard, Inc.*
    200       7,992  
Bottomline Technologies, Inc.*
    150       1,796  
Callidus Software, Inc.*
    200       960  
Commvault Systems, Inc.*
    280       4,264  
Concur Technologies, Inc.*
    280       11,542  
Deltek, Inc.*
    80       614  
DemandTec, Inc.*
    130       1,299  
Digimarc Corp.*
    130       1,859  
Double-Take Software, Inc.*
    110       1,214  
Ebix, Inc.*
    10       1,005  
Entrust, Inc.*
    400       892  
Epicor Software Corp.*
    390       2,636  
EPIQ Systems, Inc.*
    230       2,686  
Fair Isaac Corp.
    320       7,123  
FalconStor Software, Inc.*
    250       1,728  
Guidance Software, Inc.*
    60       653  
I2 Technologies, Inc.*
    100       1,291  
                 
            Market  
    Shares     Value  
 
Informatica Corp.*
    590     $ 9,552  
Interactive Intelligence, Inc.*
    90       842  
Intervoice, Inc.*
    260       2,127  
Jack Henry & Associates, Inc.
    490       10,579  
JDA Software Group, Inc.*
    170       2,902  
Kenexa Corp.*
    150       2,803  
Lawson Software, Inc.*
    830       6,731  
Macrovision Solutions Corp.*
    540       8,208  
Magma Design Automation, Inc.*
    280       1,775  
Manhattan Associates, Inc.*
    160       3,926  
Mentor Graphics Corp.*
    589       8,175  
MICROS Systems, Inc.*
    540       17,107  
MicroStrategy, Inc.*
    60       3,626  
Midway Games, Inc.*
    80       300  
Monotype Imaging Holdings, Inc.*
    100       1,296  
MSC.Software Corp.*
    300       3,780  
Net 1 UEPS Technologies, Inc.*
    300       7,074  
Netscout Systems, Inc.*
    190       2,588  
NetSuite, Inc.*
    50       863  
OpenTV Corp. — Class A*
    570       1,009  
Opnet Technologies, Inc.*
    90       921  
Parametric Technology Corp.*
    760       14,721  
Pegasystems, Inc.
    100       1,483  
Phoenix Technologies Ltd.*
    180       2,173  
Progress Software Corp.*
    270       7,946  
PROS Holdings, Inc.*
    90       941  
QAD, Inc.
    80       560  
Quality Systems, Inc.
    120       3,942  
Quest Software, Inc.*
    480       7,253  
Radiant Systems, Inc.*
    180       2,054  
Renaissance Learning, Inc.
    60       763  
Secure Computing Corp.*
    350       1,376  
Smith Micro Software, Inc.*
    200       1,440  
Solera Holdings, Inc.*
    340       9,857  
Sonic Solutions, Inc.*
    150       773  
Sourcefire, Inc.*
    130       1,027  
SPSS, Inc.*
    120       3,966  
SuccessFactors, Inc.*
    150       1,580  
Sybase, Inc.*
    520       17,477  
Symyx Technologies*
    220       2,088  
Synchronoss Technologies, Inc.*
    150       1,758  
Take-Two Interactive Software, Inc.*
    510       11,628  
Taleo Corp.*
    150       2,811  
TeleCommunication Systems, Inc.-A*
    220       1,210  
THQ, Inc.*
    440       6,679  
TIBCO Software, Inc.*
    1,230       10,098  
Tivo, Inc.*
    670       5,146  
Tyler Technologies, Inc.*
    250       3,995  
Ultimate Software Group, Inc.*
    160       4,197  
Unica Corp.*
    90       809  
Vasco Data Security International, Inc.*
    180       2,462  
Wind River Systems, Inc.*
    480       5,630  
 
             
Total Software
            305,002  
 
             
Specialty Retail 2.4%
               
Aaron Rents, Inc. — Class B
    300       8,241  
Aeropostale, Inc.*
    440       14,190  
America’s Car-Mart, Inc.*
    70       1,394  
Asbury Automotive Group, Inc.
    210       2,081  
Bebe Stores, Inc.
    250       2,593  
Big 5 Sporting Goods Corp.
    140       1,119  
Blockbuster, Inc. — Class A*
    1,170       3,264  
Borders Group, Inc.*
    400       1,960  
Brown Shoe Co., Inc.
    280       4,519  
Buckle, Inc.
    100       5,147  
Build-A-Bear Workshop, Inc.*
    110       721  

 

 

RYDEX 2x RUSSELL 2000 ETF
SCHEDULE OF INVESTMENTS (Unaudited) 		  July 31, 2008
 
                 
            Market  
    Shares     Value  
 
Cabela’s, Inc.*
    260     $ 3,021  
Cache, Inc.*
    70       991  
Casual Male Retail Group, Inc.*
    250       1,015  
Cato Corp. — Class A
    180       3,220  
Charlotte Russe Holding, Inc.*
    140       1,814  
Charming Shoppes, Inc.*
    750       4,087  
Chico’s FAS, Inc.*
    1,170       6,517  
Children’s Place Retail Stores, Inc.*
    150       5,707  
Christopher & Banks Corp.
    230       2,001  
Circuit City Stores, Inc.*
    1,120       2,262  
Citi Trends, Inc.*
    90       2,082  
Coldwater Creek, Inc.*
    380       2,478  
Collective Brands, Inc.*
    420       5,410  
Conn’s, Inc.*
    60       942  
Dress Barn, Inc.*
    300       4,839  
DSW, Inc. — Class A*
    90       1,216  
Finish Line, Inc. — Class A
    281       3,049  
Genesco, Inc.*
    150       4,410  
Group 1 Automotive, Inc.
    150       2,947  
Gymboree Corp.*
    190       7,106  
Haverty Furniture Cos., Inc.
    120       1,370  
hhgregg, Inc.*
    80       801  
Hibbett Sports, Inc.*
    190       3,999  
Hot Topic, Inc.*
    290       1,824  
J. Crew Group, Inc.*
    280       8,053  
Jo-Ann Stores, Inc.*
    170       3,735  
Jos. A. Bank Clothiers, Inc.*
    120       2,688  
Lumber Liquidators, Inc.*
    60       899  
MarineMax, Inc.*
    110       724  
Men’s Wearhouse, Inc.
    340       6,769  
Midas, Inc.*
    90       1,293  
Monro Muffler, Inc.
    110       2,003  
New York & Co, Inc.*
    150       1,452  
O’Reilly Automotive, Inc.*
    121       3,083  
Pacific Sunwear of California, Inc.*
    470       4,094  
PEP Boys-Manny Moe & Jack
    280       2,066  
Pier 1 Imports, Inc.*
    590       2,183  
Rent-A-Center, Inc.*
    440       9,328  
Rex Stores Corp.*
    60       736  
Sally Beauty Holdings, Inc.*
    620       4,588  
Shoe Carnival, Inc.*
    60       918  
Sonic Automotive, Inc. — Class A
    170       1,712  
Stage Stores, Inc.
    250       3,705  
Stein Mart, Inc.*
    170       760  
Syms Corp.*
    40       682  
Systemax, Inc.
    70       1,149  
Talbots, Inc.
    160       2,242  
Tractor Supply Co.*
    220       8,362  
Tween Brands, Inc.*
    160       2,203  
Ulta Salon Cosmetics & Fragrance, Inc.*
    130       1,226  
Wet Seal, Inc.*
    610       2,678  
Zale Corp.*
    230       5,088  
Zumiez, Inc.*
    130       1,919  
 
             
Total Specialty Retail
            204,675  
 
             
Textiles, Apparel & Luxury Goods 1.3%
               
American Apparel, Inc.*
    220       1,294  
Carter’s, Inc.*
    370       6,116  
Cherokee, Inc.
    50       1,040  
Columbia Sportswear Co.
    80       2,985  
Crocs, Inc.*
    550       2,442  
Deckers Outdoor Corp.*
    90       10,171  
FGX International Holdings, Ltd.*
    90       1,044  
Fossil, Inc.*
    300       8,034  
Fuqi Intl, Inc.*
    60       526  
G-III Apparel Group, Ltd.*
    90       1,443  
                 
            Market  
    Shares     Value  
 
Iconix Brand Group, Inc.*
    380     $ 4,560  
K-Swiss, Inc. — Class A
    170       2,628  
Kenneth Cole Productions, Inc. — Class A
    60       837  
Lululemon Athletica, Inc.*
    120       2,664  
Maidenform Brands, Inc.*
    150       2,296  
Movado Group, Inc.
    110       2,365  
Oxford Industries, Inc.
    90       1,894  
Perry Ellis International, Inc.*
    80       1,740  
Quiksilver, Inc.*
    830       6,366  
Skechers U.S.A., Inc.*
    220       4,158  
Steven Madden, Ltd.*
    120       2,699  
Timberland Co. — Class A*
    320       4,589  
True Religion Apparel, Inc.*
    110       2,842  
Under Armour, Inc. — Class A*
    220       6,413  
Unifi, Inc.*
    300       951  
Unifirst Corp.
    90       4,029  
Volcom, Inc.*
    120       2,153  
Warnaco Group, Inc.*
    300       12,585  
Weyco Group, Inc.
    50       1,452  
Wolverine World Wide, Inc.
    330       8,821  
 
             
Total Textiles, Apparel & Luxury Goods
            111,137  
 
             
Thrifts & Mortgage Finance 1.1%
               
Abington Bancorp, Inc.
    160       1,597  
Anchor BanCorp Wisconsin, Inc.
    130       936  
Bank Mutual Corp.
    320       3,744  
BankFinancial Corp.
    130       1,881  
Beneficial Mutual Bancorp, Inc.*
    220       2,636  
Berkshire Hills Bancorp, Inc.
    70       1,855  
Brookline Bancorp, Inc.
    380       3,705  
Brooklyn Fed Bancorp, Inc.
    20       266  
Clifton Savings Bancorp, Inc.
    70       753  
Corus Bankshares, Inc.*
    250       977  
Danvers Bancorp, Inc.
    120       1,415  
Dime Community Bancshares
    160       2,677  
Doral Financial Corp.*
    40       556  
Downey Financial Corp.
    130       274  
Encore Bancshares, Inc.*
    40       680  
ESSA Bancorp, Inc.
    110       1,463  
Federal Agricultural Mortgage Corp.
    60       1,720  
First Financial Holdings, Inc.
    80       1,598  
First Financial Northwest
    150       1,485  
First Niagara Financial Group, Inc.
    730       10,213  
First Place Financial Corp.
    120       1,304  
FirstFed Financial Corp.
    90       720  
Flagstar Bancorp, Inc.*
    290       1,288  
Flushing Financial Corp.
    140       2,468  
Fox Chase Bancorp, Inc.*
    40       472  
Guaranty Financial Group, Inc.*
    250       827  
Home Federal Bancorp Inc/ID
    40       412  
Kearny Financial Corp.
    120       1,542  
MASSBANK Corp.
    30       1,195  
Meridian Interstate Bancorp, Inc.*
    70       696  
NASB Financial, Inc.
    20       510  
NewAlliance Bancshares, Inc.
    720       9,346  
Northwest Bancorp, Inc.
    110       2,854  
OceanFirst Financial Corp.
    60       1,085  
Ocwen Financial Corp.*
    240       1,450  
Oritani Financial Corp.*
    90       1,494  
PMI Group, Inc.
    540       1,355  
Provident Financial Services, Inc.
    390       5,690  
Provident New York Bancorp
    270       3,316  
Radian Group, Inc.
    500       870  
Rockville Financial, Inc.
    60       844  
Roma Financial Corp.
    60       929  
TrustCo Bank Corp.
    500       4,365  

 

 

RYDEX 2x RUSSELL 2000 ETF
SCHEDULE OF INVESTMENTS (Unaudited)   July 31, 2008
 
                 
            Market  
    Shares     Value  
 
United Community Financial Corp.
    170     $ 926  
United Financial Bancorp, Inc.
    120       1,439  
ViewPoint Financial Group
    70       1,133  
Waterstone Financial, Inc.*
    50       549  
Westfield Financial, Inc.
    210       2,068  
WSFS Financial Corp.
    40       2,178  
 
             
Total Thrifts & Mortgage Finance
            93,756  
 
             
Tobacco 0.2%
               
Alliance One International, Inc.*
    640       2,861  
Star Scientific, Inc.*
    440       730  
Universal Corp.
    180       9,292  
Vector Group, Ltd.
    210       3,761  
 
             
Total Tobacco
            16,644  
 
             
Trading Companies & Distributors 0.5%
               
Aceto Corp.
    160       1,203  
Aircastle Ltd.
    310       3,394  
Applied Industrial Technologies, Inc.
    280       7,482  
Beacon Roofing Supply, Inc.*
    290       3,880  
DXP Enterprises, Inc.*
    20       957  
H&E Equipment Services, Inc.*
    110       1,400  
Houston Wire & Cable Co.
    120       2,362  
Interline Brands, Inc.*
    210       3,316  
Kaman Corp. — Class A
    170       4,264  
Lawson Products, Inc.
    30       880  
RSC Holdings, Inc.*
    310       2,954  
Rush Enterprises, Inc.*
    220       2,484  
TAL International Group, Inc.
    100       2,530  
Textainer Group Holdings, Ltd.
    60       1,123  
Watsco, Inc.
    150       7,480  
 
             
Total Trading Companies & Distributors
            45,709  
 
             
Transportation Infrastructure 0.0%(a)
               
CAI International, Inc.*
    50       913  
 
             
Total Transportation Infrastructure
            913  
 
             
Water Utilities 0.2%
               
American States Water Co.
    110       3,973  
Cadiz, Inc.*
    80       1,592  
California Water Service Group
    130       4,776  
Connecticut Water Service, Inc.
    60       1,504  
Consolidated Water Co., Ltd.
    100       2,098  
Middlesex Water Co.
    90       1,547  
SJW Corp.
    90       2,332  
Southwest Water Co.
    160       1,727  
 
             
Total Water Utilities
            19,549  
 
             
Wireless Telecommunication Services 0.3%
               
Centennial Communications Corp.*
    450       3,618  
FiberTower Corp.*
    800       904  
ICO Global Communications Holdings, Ltd.*
    680       2,686  
IPCS, Inc.*
    110       2,959  
Rural Cellular Corp.*
    90       4,046  
Syniverse Holdings, Inc.*
    340       5,508  
TerreStar Corp.*
    380       1,083  
USA Mobility, Inc.*
    150       1,218  
Virgin Mobile USA, Inc. — Class A*
    200       546  
 
             
Total Wireless Telecommunication Services
            22,568  
 
             
Total Common Stocks
(Cost $6,843,595)
            7,174,558  
 
             
                 
    Face     Market  
    Amount     Value  
 
REPURCHASE AGREEMENTS 3.2%
               
 
               
State Street Bank & Trust Co., 2.020% dated 07/31/08, to be repurchased at $280,016 on 08/01/08 collateralized by $290,000 FHLB at 5% due 06/11/18 with a value of $286,013
  $ 280,000     $ 280,000  
 
             
Total REPURCHASE AGREEMENTS
(Cost $280,000)
            280,000  
 
             
Total Investments 86.5%
(Cost $7,123,595)
            7,454,558  
 
             
Other Assets in Excess of Liabilities — 13.5%
            1,160,190  
 
             
Net Assets — 100.0%
          $ 8,614,748  
 
                 
            Unrealized  
    Contracts     Gain  
 
FUTURES CONTRACTS PURCHASED
               
 
               
September 2008 Russell 2000 Index E-Mini Futures Contracts (Aggregate Market Value of Contracts $2,989,560.)
    42     $ 12,426  
 
             
                 
    Units          
 
EQUITY INDEX SWAP AGREEMENTS
               
 
               
Goldman Sachs October 2008 Russell 2000 Index Swap, Terminating 10/1/08** (Notional Market Value $7,175,989)
    10,043     $ 346,384  
 
*   Non-Income Producing Security.
 
**   Price return based on S&P Russell 2000 Index +/- financing at a variable rate.
 
(a)   Amount represents less than 0.05% of net assets.
 
    FHLB—Federal Home Loans Bank

 

 

RYDEX INVERSE 2x RUSSELL 2000 ETF
SCHEDULE OF INVESTMENTS (Unaudited)   July 31, 2008
 
                 
    Face     Market  
    Amount     Value  
 
REPURCHASE AGREEMENTS 79.0%
               
 
               
State Street Bank & Trust Co., 2.020%, dated 07/31/08, to be repurchased at $12,774,717 on 08/01/08 collateralized by $12,885,000 FNMA at 4.375% due 07/17/13 with a value of $13,029,956
  $ 12,774,000     $ 12,774,000  
 
             
Total Repurchase Agreements
(Cost $12,774,000)
            12,774,000  
 
             
UNITED STATES TREASURY BILLS 15.8%
               
 
               
United States Treasury Bills
               
1.65%, due 08/21/08†
  $ 1,200,000       1,198,900  
1.24%, due 08/14/08†
    350,000       349,843  
1.70%, due 08/28/08†
    1,000,000       998,725  
 
             
Total United States Treasury Bills
(Cost $2,547,468)
            2,547,468  
 
             
Total Investments 94.8%
(Cost $15,321,468)
            15,321,468  
 
             
Other Assets in Excess of Liabilities — 5.2%
            841,476  
 
             
Net Assets — 100.0%
          $ 16,162,944  
 
                 
            Unrealized
    Contracts   Gain (Loss)
 
FUTURES CONTRACTS SOLD SHORT
               
 
               
September 2008 Russell 2000 Index E-Mini Futures Contracts (Aggregate Market Value of Contracts $3,060,740)
    43     $ (153,741 )
 
               
                 
    Units          
 
EQUITY INDEX SWAP AGREEMENTS SOLD SHORT
               
 
               
Credit Suisse First Boston August 2008 Russell 2000 Index Swap, Terminating 08/20/08** (Notional Market Value $24,624,017)
    34,462     $ 1,096,342  
 
             
 
               
Goldman Sachs October 2008 Russell 2000 Index Swap, Terminating 10/01/08** (Notional Market Value $4,456,018)
    6,236       (761,139 )
 
             
 
               
(Total Notional Market Value $29,080,035)
          $ 335,203  
 
**   Price return based on S&P Russell 2000 Index + / - financing at a variable rate.
 
†   Security or portions of the security was pledged as collateral for a swap agreement sold short.
 
    FNMA — Federal National Mortgage Association

 

 

RYDEX 2x S&P SELECT SECTOR ENERGY ETF
SCHEDULE OF INVESTMENTS (Unaudited)   July 31, 2008
 
                 
            Market  
    Shares     Value  
 
COMMON STOCKS 85.4%
               
 
               
Energy Equipment & Services 21.8%
               
Baker Hughes, Inc.
    1,140     $ 94,517  
BJ Services Co.
    1,450       42,630  
Cameron International Corp.*
    630       30,089  
ENSCO International, Inc.
    420       29,039  
Halliburton Co.
    3,060       137,149  
Nabors Industries, Ltd.*
    1,350       49,221  
National-Oilwell Varco, Inc.*
    1,930       151,756  
Noble Corp.
    1,320       68,468  
Rowan Cos., Inc.
    900       35,820  
Schlumberger, Ltd.
    2,490       252,984  
Smith International, Inc.
    590       43,884  
Transocean, Inc.*
    1,180       160,516  
Weatherford International, Ltd.*
    2,830       106,776  
 
             
Total Energy Equipment & Services
            1,202,849  
 
             
Oil, Gas & Consumable Fuels 63.6%
               
Anadarko Petroleum Corp.
    1,780       103,080  
Apache Corp.
    1,260       141,334  
Cabot Oil & Gas Corp.
    280       12,323  
Chesapeake Energy Corp.
    2,180       109,327  
Chevron Corp.
    6,240       527,654  
ConocoPhillips
    4,730       386,063  
CONSOL Energy, Inc.
    1,100       81,829  
Devon Energy Corp.
    1,590       150,875  
El Paso Corp.
    3,370       60,424  
EOG Resources, Inc.
    1,000       100,530  
Exxon Mobil Corp.
    9,920       797,866  
Hess Corp.
    1,310       132,834  
Marathon Oil Corp.
    2,520       124,664  
Massey Energy Co.
    230       17,078  
Murphy Oil Corp.
    940       74,946  
Noble Energy, Inc.
    500       36,935  
Occidental Petroleum Corp.
    2,750       216,782  
Peabody Energy Corp.
    790       53,444  
Range Resources Corp.
    450       21,852  
Southwestern Energy Co.*
    1,000       36,310  
Spectra Energy Corp.
    1,840       49,993  
Sunoco, Inc.
    590       23,960  
Tesoro Corp.
    400       6,176  
Valero Energy Corp.
    1,840       61,474  
Williams Cos., Inc.
    2,440       78,202  
XTO Energy, Inc.
    2,190       103,434  
 
             
Total Oil, Gas & Consumable Fuels
            3,509,389  
 
             
Total Common Stocks
(Cost $5,429,716)
            4,712,238  
 
             
                 
    Face     Market  
    Amount     Value  
 
REPURCHASE AGREEMENTS 6.7%
               
State Street Bank & Trust Co., 2.020%, Dated 07/31/08 to be repurchased at $369,021 on 08/01/08 collateralized by $370,000 FFCB at 4.875% due 12/16/15 with a value of $380,638
  $ 369,000     $ 369,000  
 
             
Total REPURCHASE AGREEMENTS
(Cost $369,000)
            369,000  
 
             
Total Investments 92.1%
(Cost $5,798,716)
            5,081,238  
 
             
Other Assets in Excess of Liabilities — 7.9%
            438,524  
 
             
Net Assets — 100.0%
          $ 5,519,762  
 
                 
    Units     Unrealized
Loss 		 
 
EQUITY INDEX SWAP AGREEMENTS PURCHASED
               
Credit Suisse First Boston August 2008 S&P Select Sector Energy Index Swap, Terminating 08/20/08** (Notional Market Value $6,349,117)
    8,459     $ (1,150,883 )
 
*   Non-Income Producing Security.
 
**   Price return based on S&P Select Sector Energy Index + / - financing at a variable rate.
 
    FFCB—Federal Farm Credit Bank

 

 

RYDEX INVERSE 2x S&P SELECT SECTOR ENERGY ETF
SCHEDULE OF INVESTMENTS (Unaudited)   July 31, 2008
 
                 
    Face     Market  
    Amount     Value  
 
REPURCHASE AGREEMENTS 64.9%
               
State Street Bank & Trust Co., 2.020%, Dated 07/31/08 to be repurchased at $6,119,343 on 08/01/08 collateralized by $5,740,000 FHLB at 5.500% due 08/13/14 with a value of $6,242,250
  $ 6,119,000     $ 6,119,000  
     
Total REPURCHASE AGREEMENTS
(Cost $6,119,000)
            6,119,000  
     
Total Investments 64.9%
(Cost $6,119,000)
            6,119,000  
     
Other Assets in Excess of Liabilities — 35.1%
            3,309,056  
     
Net Assets — 100.0%
          $ 9,428,056  
 
                 
    Units     Unrealized
Gain 		 
 
EQUITY INDEX SWAP AGREEMENTS SOLD SHORT
               
 
Credit Suisse First Boston August 2008 S&P Select Sector Energy Index Swap, Terminating 08/20/08** (Notional Market Value $18,818,336)
    25,072     $ 1,881,664  
 
*   Non-Income Producing Security.
 
**   Price return based on S&P Select Sector Energy Index + / - financing at a variable rate.
 
    FHLB—Federal Home Loan Bank

 

 

RYDEX 2x S&P SELECT SECTOR FINANCIAL ETF    
SCHEDULE OF INVESTMENTS (Unaudited)   July 31, 2008
 
                 
            Market  
    Shares     Value  
 
COMMON STOCKS 84.0%
               
 
Capital Markets 16.4%
               
American Capital, Ltd.
    950     $ 19,304  
Ameriprise Financial, Inc.
    1,040       44,200  
Bank of New York Mellon Corp.
    5,330       189,215  
Charles Schwab Corp.
    4,330       99,114  
E*TRADE Financial Corp.*
    2,210       6,674  
Federated Investors, Inc. — Class B
    400       13,144  
Franklin Resources, Inc.
    730       73,445  
Goldman Sachs Group, Inc.
    1,840       338,634  
Janus Capital Group, Inc.
    680       20,631  
Legg Mason, Inc.
    660       26,631  
Lehman Brothers Holdings, Inc.
    3,250       56,355  
Merrill Lynch & Co., Inc.
    6,370       169,760  
Morgan Stanley
    5,160       203,717  
Northern Trust Corp.
    890       69,571  
State Street Corp.
    1,990       142,564  
T. Rowe Price Group, Inc.
    1,210       72,419  
 
             
Total Capital Markets
            1,545,378  
 
             
Commercial Banks 14.3%
               
BB&T Corp.
    2,550       71,451  
Comerica, Inc.
    700       20,104  
Fifth Third Bancorp
    2,680       37,440  
First Horizon National Corp.*
    870       8,178  
Huntington Bancshares, Inc.
    1,710       12,004  
KeyCorp
    2,260       23,843  
M&T Bank Corp.
    360       25,337  
Marshall & Ilsley Corp.
    1,210       18,392  
National City Corp.
    3,540       16,744  
PNC Financial Services Group, Inc.
    1,610       114,777  
Regions Financial Corp.
    3,240       30,715  
SunTrust Banks, Inc.
    1,640       67,338  
U.S. Bancorp
    8,109       248,216  
Wachovia Corp.
    9,969       172,165  
Wells Fargo & Co.
    15,399       466,128  
Zions Bancorp
    500       14,635  
 
             
Total Commercial Banks
            1,347,467  
 
             
Consumer Finance 3.6%
               
American Express Co.
    5,400       200,448  
Capital One Financial Corp.
    1,750       73,255  
Discover Financial Services
    2,230       32,670  
SLM Corp.*
    2,180       37,343  
 
             
Total Consumer Finance
            343,716  
 
             
Diversified Financial Services 22.2%
               
Bank of America Corp.
    21,249       699,092  
CIT Group, Inc.
    1,320       11,194  
Citigroup, Inc.
    25,378       474,315  
CME Group, Inc.
    250       90,032  
IntercontinentalExchange, Inc.*
    330       32,934  
JPMorgan Chase & Co.
    16,099       654,102  
Leucadia National Corp.
    820       36,711  
Moody’s Corp.
    950       33,070  
NYSE Euronext
    1,240       58,578  
 
             
Total Diversified Financial Services
            2,090,028  
 
             
Insurance 18.7%
               
AFLAC, Inc.
    2,220       123,454  
Allstate Corp.
    2,570       118,785  
American International Group, Inc.
    12,529       326,381  
Aon Corp.
    1,390       63,662  
Assurant, Inc.
    450       27,054  
Chubb Corp.
    1,700       81,668  
Cincinnati Financial Corp.
    760       21,158  
Genworth Financial, Inc. — Class A
    2,020       32,259  
Hartford Financial Services Group, Inc.
    1,470       93,183  
                 
            Market  
    Shares     Value  
 
Lincoln National Corp.
    1,210     $ 57,717  
Loews Corp.
    1,690       75,306  
Marsh & McLennan Cos., Inc.
    2,380       67,235  
MBIA, Inc.*
    990       5,871  
MetLife, Inc.
    3,310       168,049  
Principal Financial Group, Inc.
    1,210       51,437  
Progressive Corp.
    3,160       63,990  
Prudential Financial, Inc.
    2,030       140,009  
SAFECO Corp.
    420       27,787  
Torchmark Corp.
    420       24,381  
Travelers Cos., Inc.
    2,820       124,419  
Unum Group
    1,610       38,898  
XL Capital, Ltd. — Class A
    1,420       25,404  
 
             
Total Insurance
            1,758,107  
 
             
Real Estate Investment Trusts (REITs) 6.7%
               
Apartment Investment & Management Co. — Class A
    420       14,351  
AvalonBay Communities, Inc.
    360       35,896  
Boston Properties, Inc.
    560       53,866  
Developers Diversified Realty Corp.
    560       17,898  
Equity Residential Properties Trust
    1,260       54,394  
General Growth Properties, Inc.
    1,250       34,263  
HCP, Inc.
    1,100       39,677  
Host Hotels & Resorts, Inc.
    2,430       31,857  
Kimco Realty Corp.
    1,180       41,642  
Plum Creek Timber Co., Inc.
    800       38,976  
ProLogis
    1,220       59,634  
Public Storage, Inc.
    580       47,496  
Simon Property Group, Inc.
    1,050       97,262  
Vornado Realty Trust
    630       59,894  
 
             
Total Real Estate Investment Trusts (REITs)
            627,106  
 
             
Real Estate Management & Development 0.1%
               
CB Richard Ellis Group, Inc. — Class A*
    810       11,380  
 
             
Total Real Estate Management & Development
            11,380  
 
             
Thrifts & Mortgage Finance 2.0%
               
Federal Home Loan Mortgage Corp.
    3,010       24,592  
Federal National Mortgage Association
    4,960       57,040  
Hudson City Bancorp, Inc.
    2,420       44,189  
MGIC Investment Corp.
    580       3,712  
Sovereign Bancorp, Inc.*
    2,230       21,230  
Washington Mutual, Inc.
    6,920       36,883  
 
             
Total Thrifts & Mortgage Finance
            187,646  
 
             
Total Common Stocks
(Cost $8,144,249)
            7,910,828  
 
             
                 
    Face     Market  
    Amount     Value  
 
REPURCHASE AGREEMENTS 7.5%
               
 
               
State Street Bank & Trust Co., 2.020%, Dated 07/31/08 to be repurchased at $701,039 on 08/01/08 collateralized by $660,000 FHLB at 5.500% due 08/13/14 with a value of $717,750
  $ 701,000     $ 701,000  
 
             
Total Repurchase Agreements
(Cost $701,000)
            701,000  
 
             
Total Investments 91.5%
(Cost $8,845,249)
            8,611,828  
 
             
Other Assets in Excess of Liabilities — 8.5%
            801,790  
 
             
Net Assets — 100.0%
          $ 9,413,618  
 

 

 

RYDEX 2x S&P SELECT SECTOR FINANCIAL ETF    
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   July 31, 2008
                 
            Unrealized  
    Units     Loss  
 
EQUITY INDEX SWAP AGREEMENTS PURCHASED
               
 
               
Credit Suisse First Boston August 2008 S&P Select Sector Financial Index Swap, Terminating 08/20/08** (Notional Market Value $10,900,570)
    50,816     $ (749,430 )
 
*   Non-Income Producing Security.
 
**   Price return based on S&P Select Sector Financial Index + / - financing at a variable rate.
 
    FHLB—Federal Home Loans Bank

 

 

RYDEX INVERSE 2x S&P SELECT SECTOR FINANCIAL ETF    
SCHEDULE OF INVESTMENTS (Unaudited)   July 31, 2008
 
                 
    Face     Market  
    Amount     Value  
 
REPURCHASE AGREEMENTS 86.0%
               
State Street Bank & Trust Co., 2.020%, Dated 07/31/08 to be repurchased at $6,197,348 on 08/01/08 collateralized by $5,815,000 FHLB at 5.500% due 08/13/14 with a value of $6,323,813
  $ 6,197,000     $ 6,197,000  
 
             
Total REPURCHASE AGREEMENTS
(Cost $6,197,000)
            6,197,000  
 
             
Total Investments 86.0%
(Cost $6,197,000)
            6,197,000  
 
             
Other Assets in Excess of Liabilities — 14.0%
            1,010,579  
 
             
Net Assets — 100.0%
          $ 7,207,579  
 
                 
            Unrealized  
    Units     Loss  
 
EQUITY INDEX SWAP AGREEMENTS SOLD SHORT
               
Credit Suisse First Boston August 2008 S&P Select Sector Financial Index Swap, Terminating 08/20/08** (Notional Market Value $14,427,042)
    67,256     $ (277,042 )
 
**   Price return based on S&P Select Sector Financial Index + / - financing at a variable rate.
 
    FHLB—Federal Home Loan Bank

 

 

RYDEX 2x S&P SELECT SECTOR TECHNOLOGY ETF
SCHEDULE OF INVESTMENTS (Unaudited)   July 31, 2008
 
                 
            Market  
    Shares     Value  
 
COMMON STOCKS 85.7%
               
 
               
Communications Equipment 11.6%
               
Ciena Corp.*
    270     $ 5,581  
Cisco Systems, Inc.*
    14,390       316,436  
Corning, Inc.
    3,910       78,239  
JDS Uniphase Corp.*
    690       7,542  
Juniper Networks, Inc.*
    1,330       34,620  
Motorola, Inc.
    5,590       48,297  
QUALCOMM, Inc.
    3,980       220,253  
Tellabs, Inc.*
    1,190       6,117  
 
             
Total Communications Equipment
            717,085  
 
             
Computers & Peripherals 19.7%
               
Apple, Inc.*
    2,150       341,742  
Dell, Inc.*
    4,980       122,359  
EMC Corp.*
    5,120       76,851  
Hewlett-Packard Co.
    5,460       244,608  
International Business Machines Corp.
    2,690       344,266  
Lexmark International, Inc. — Class A*
    280       9,822  
NetApp, Inc.*
    900       22,995  
QLogic Corp.*
    440       8,290  
SanDisk Corp.*
    600       8,460  
Sun Microsystems, Inc.*
    1,990       21,154  
Teradata Corp.*
    500       11,710  
 
             
Total Computers & Peripherals
            1,212,257  
 
             
Diversified Telecommunication Services 12.0%
               
AT&T, Inc.
    14,470       445,821  
CenturyTel, Inc.
    300       11,157  
Embarq Corp.
    390       17,850  
Frontier Communications Corp.
    920       10,635  
Qwest Communications International, Inc.
    3,940       15,090  
Verizon Communications, Inc.
    6,590       224,324  
Windstream Corp.
    1,210       14,423  
 
             
Total Diversified Telecommunication Services
            739,300  
 
             
Electronic Equipment & Instruments 1.5%
               
Agilent Technologies, Inc.*
    920       33,175  
Jabil Circuit, Inc.
    620       10,081  
Molex, Inc.
    400       9,812  
Tyco Electronics, Ltd.
    1,210       40,100  
 
             
Total Electronic Equipment & Instruments
            93,168  
 
             
Internet Software & Services 7.1%
               
Akamai Technologies, Inc.*
    460       10,736  
eBay, Inc.*
    2,740       68,966  
Google, Inc. — Class A*
    570       270,038  
VeriSign, Inc.*
    510       16,595  
Yahoo!, Inc.*
    3,420       68,024  
 
             
Total Internet Software & Services
            434,359  
 
             
IT Services 5.1%
               
Affiliated Computer Services, Inc. — Class A*
    270       13,014  
Automatic Data Processing, Inc.
    1,300       55,523  
Cognizant Technology Solutions Corp. — Class A*
    750       21,052  
Computer Sciences Corp.*
    400       18,948  
Convergys Corp.*
    400       5,080  
Electronic Data Systems Corp.
    1,300       32,253  
Fidelity National Information Services, Inc.
    460       8,717  
Fiserv, Inc.*
    430       20,563  
Mastercard, Inc — Class A
    180       43,947  
Paychex, Inc.
    820       26,994  
Total System Services, Inc.
    480       9,398  
Unisys Corp.*
    1,210       4,465  
Western Union Co.
    1,870       51,687  
 
             
Total IT Services
            311,641  
 
             
                 
            Market  
    Shares     Value  
 
Office Electronics 0.5%
               
Xerox Corp.
    2,290     $ 31,236  
 
             
Total Office Electronics
            31,236  
 
             
Semiconductors & Semiconductor Equipment 11.1%
               
Advanced Micro Devices, Inc.*
    1,700       7,157  
Altera Corp.
    810       17,779  
Analog Devices, Inc.
    760       23,188  
Applied Materials, Inc.
    3,390       58,715  
Broadcom Corp. — Class A*
    1,150       27,933  
Intel Corp.
    13,950       309,550  
KLA-Tencor Corp.
    450       16,916  
Linear Technology Corp.
    590       18,319  
LSI Logic Corp.*
    1,830       12,700  
MEMC Electronic Materials, Inc.*
    570       26,340  
Microchip Technology, Inc.
    500       15,965  
Micron Technology, Inc.*
    2,080       10,046  
National Semiconductor Corp.
    590       12,361  
Novellus Systems, Inc.*
    300       6,111  
NVIDIA Corp.*
    1,400       16,016  
Teradyne, Inc.*
    580       5,435  
Texas Instruments, Inc.
    3,270       79,723  
Xilinx, Inc.
    750       18,622  
 
             
Total Semiconductors & Semiconductor Equipment
            682,876  
 
             
Software 15.5%
               
Adobe Systems, Inc.*
    1,330       54,995  
Autodesk, Inc.*
    580       18,496  
BMC Software, Inc.*
    510       16,774  
CA, Inc.
    1,020       24,337  
Citrix Systems, Inc.*
    490       13,054  
Compuware Corp.*
    810       8,910  
Electronic Arts, Inc.*
    800       34,544  
Intuit, Inc.*
    830       22,684  
Microsoft Corp.
    19,510       501,797  
Novell, Inc.*
    1,110       6,183  
Oracle Corp.*
    9,730       209,487  
Symantec Corp.*
    2,140       45,090  
 
             
Total Software
            956,351  
 
             
Wireless Telecommunication Services 1.6%
               
American Tower Corp. — Class A*
    1,000       41,900  
Sprint Nextel Corp.*
    7,070       57,550  
 
             
Total Wireless Telecommunication Services
            99,450  
 
             
Total Common Stocks
(Cost $5,798,942)
            5,277,723  
 
             
                 
    Face          
    Amount          
 
REPURCHASE AGREEMENTS 3.8%
               
 
               
State Street Bank & Trust Co., 2.020% Dated 07/31/08 to be repurchased at $231,013 on 08/01/08 collateralized by $230,000 FFCB at 4.875% due 12/16/15 with a value of $236,613
  $ 231,000     $ 231,000  
Total REPURCHASE AGREEMENTS
(Cost $231,000)
            231,000  
 
             
Total Investments 89.5%
(Cost $6,029,942)
            5,508,723  
 
             
Other Assets in Excess of Liabilities — 10.5%
            648,884  
 
             
Net Assets — 100.0%
          $ 6,157,607  
 

 

 

RYDEX 2X S&P SELECT SECTOR TECHNOLOGY ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued)   July 31, 2008
                 
            Unrealized  
    Units     Loss  
 
EQUITY INDEX SWAP AGREEMENTS PURCHASED
               
 
               
Credit Suisse First Boston August 2008 S&P Select Sector Technology Index Swap, Terminating 08/20/08**(Notional Market Value $7,037,055)
    31,504     $ (762,945 )
 
*   Non-Income Producing Security.
 
**   Price return based on S&P Select Sector Technology Index.
 
    +/- financing at a variable rate.
 
    FFCB — Federal Farm Credit Bank

 

 

RYDEX INVERSE 2x S&P SELECT SECTOR TECHNOLOGY ETF
SCHEDULE OF INVESTMENTS (Unaudited)   July 31, 2008
 
                 
    Face     Market  
    Amount     Value  
 
REPURCHASE AGREEMENTS 69.7%
               
 
               
State Street Bank & Trust Co., 2.020% Dated 07/31/08 to be repurchased at $6,203,348 on 08/01/08 collateralized by $5,820,000 FHLB at 5.500% due 08/13/14 with a value of $6,329,250
  $ 6,203,000     $ 6,203,000  
 
             
Total REPURCHASE AGREEMENTS
(Cost $6,203,000)
            6,203,000  
 
             
Total Investments 69.7%
(Cost $6,203,000)
            6,203,000  
 
             
Other Assets in Excess of Liabilities — 30.3%
            2,699,203  
 
             
Net Assets — 100.0%
          $ 8,902,203  
 
                 
          Unrealized  
    Units     Gain  
 
EQUITY INDEX SWAP AGREEMENTS SOLD SHORT
               
 
               
Credit Suisse First Boston August 2008 S&P Select Sector Technology Index Swap, Terminating 08/20/08** (Notional Market Value $17,427,336)
    78,020     $ 1,372,664  
 
**   Price return based on S&P Select Sector Technology Index +/- financing at a variable rate.
 
    FHLB — Federal Home Loan Bank

 

RYDEX 2x S&P SELECT SECTOR HEALTH CARE ETF
SCHEDULE OF INVESTMENTS (Unaudited)   July 31, 2008
 
                 
            Market  
    Shares     Value  
 
COMMON STOCKS 82.6%
               
 
               
Biotechnology 11.4%
               
Amgen, Inc.*
    5,110     $ 320,039  
Biogen Idec, Inc.*
    1,410       98,362  
Celgene Corp.*
    2,050       154,754  
Genzyme Corp.*
    1,290       98,879  
Gilead Sciences, Inc.*
    4,330       233,733  
 
             
Total Biotechnology
            905,767  
 
             
Health Care Equipment & Supplies 14.7%
               
Baxter International, Inc.
    2,990       205,144  
Becton, Dickinson & Co.
    1,180       100,194  
Boston Scientific Corp.*
    6,380       75,858  
C.R. Bard, Inc.
    500       46,420  
Covidien, Ltd.
    2,350       115,714  
Hospira, Inc.*
    750       28,620  
Intuitive Surgical, Inc.*
    180       56,032  
Medtronic, Inc.
    5,300       279,999  
St Jude Medical, Inc.*
    1,630       75,925  
Stryker Corp.
    1,140       73,177  
Varian Medical Systems, Inc.*
    590       35,400  
Zimmer Holdings, Inc.*
    1,100       75,801  
 
             
Total Health Care Equipment & Supplies
            1,168,284  
 
             
Health Care Providers & Services 13.2%
               
Aetna, Inc.
    2,340       95,963  
AmerisourceBergen Corp.
    790       33,077  
Cardinal Health, Inc.
    1,690       90,804  
CIGNA Corp.
    1,360       50,347  
Coventry Health Care, Inc.*
    710       25,113  
DaVita, Inc.*
    490       27,366  
Express Scripts, Inc.*
    1,240       87,470  
Humana, Inc.*
    850       37,323  
Laboratory Corp. of America Holdings*
    520       35,142  
McKesson Corp.
    1,340       75,027  
Medco Health Solutions, Inc.*
    2,450       121,471  
Patterson Cos., Inc.*
    570       17,801  
Quest Diagnostics, Inc.
    770       40,933  
Tenet Healthcare Corp.*
    2,330       13,491  
UnitedHealth Group, Inc.
    5,820       163,426  
WellPoint, Inc.*
    2,540       133,223  
 
             
Total Health Care Providers & Services
            1,047,977  
 
             
Health Care Technology 0.2%
               
IMS Health, Inc.
    890       18,601  
 
             
Total Health Care Technology
            18,601  
 
             
Life Sciences Tools & Services 2.7%
               
Applera Corp. — Applied Biosystems Group
    840       31,021  
Millipore Corp.*
    290       20,402  
PerkinElmer, Inc.
    560       16,296  
Thermo Fisher Scientific Inc.*
    1,960       118,619  
Waters Corp.*
    470       31,932  
 
             
Total Life Sciences Tools & Services
            218,270  
 
             
Pharmaceuticals 40.4%
               
Abbott Laboratories
    6,140       345,928  
Allergan, Inc.
    1,480       76,856  
Barr Pharmaceuticals, Inc.*
    510       33,650  
Bristol-Myers Squibb Co.
    9,350       197,472  
Eli Lilly & Co.
    4,650       219,061  
Forest Laboratories, Inc.*
    1,450       51,489  
Johnson & Johnson
    13,240       906,543  
King Pharmaceuticals, Inc.*
    1,250       14,388  
Merck & Co., Inc.
    10,080       331,632  
Mylan Inc.*
    1,430       18,547  
Pfizer, Inc.
    31,770       593,146  
Schering-Plough Corp.
    7,700       162,316  
                 
            Market  
    Shares     Value  
 
Watson Pharmaceuticals, Inc.*
    520     $ 15,033  
Wyeth
    6,290       254,871  
 
             
Total Pharmaceuticals
            3,220,932  
 
             
Total Common Stocks
(Cost $6,368,645)
            6,579,831  
 
             
                 
    Face          
    Amount          
 
REPURCHASE AGREEMENTS 8.7%
               
 
               
State Street Bank & Trust Co., 2.020%, dated 07/31/08, to be repurchased at $697,039 on 08/01/08 collateralized by $655,000 FHLB at 5.500% due 08/13/14 with a value of $712,313
  $ 697,000     $ 697,000  
 
             
Total Repurchase Agreements
(Cost $697,000)
            697,000  
 
             
Total Investments 91.3%
(Cost $7,065,645)
            7,276,831  
 
             
Other Assets in Excess of Liabilities — 8.7%
            694,269  
 
             
Net Assets — 100.0%
          $ 7,971,100  
 
                 
    Units     Unrealized
Gain 		 
 
EQUITY INDEX SWAP AGREEMENTS PURCHASED
               
 
               
Credit Suisse First Boston August 2008 S&P Select Sector Health Care Index Swap, Terminating 08/20/08** (Notional Market Value $9,352,544)
    29,066     $ 282,544  
 
*   Non-Income Producing Security.
 
**   Price return based on S&P Select Sector Health Care Index + / - financing at a variable rate.
 
    FHLB — Federal Home Loan Bank

 

 

RYDEX INVERSE 2x S&P SELECT SECTOR HEALTH CARE ETF
SCHEDULE OF INVESTMENTS (Unaudited)   July 31, 2008
 
                 
    Face     Market  
    Amount     Value  
 
REPURCHASE AGREEMENTS 87.8%
               
 
               
State Street Bank & Trust Co., 2.020%, dated 07/31/08, to be repurchased at $6,139,344 on 08/01/08 collateralized by $5,760,000 FHLB at 5.500% due 08/13/14 with a value of
               
$6,264,000
  $ 6,139,000     $ 6,139,000  
 
             
Total Repurchase Agreements
(Cost $6,139,000)
            6,139,000  
 
             
Total Investments 87.8%
(Cost $6,139,000)
            6,139,000  
 
             
Other Assets in Excess of Liabilities — 12.2%
            855,476  
 
             
Net Assets — 100.0%
          $ 6,994,476  
 
                 
            Unrealized  
    Units     Loss  
 
EQUITY INDEX SWAP AGREEMENTS SOLD SHORT
               
 
               
Credit Suisse First Boston August 2008 S&P Select Sector Health Care Index Swap, Terminating 08/20/08** (Notional Market Value $13,765,559)
    42,781     $ (545,559 )
 
**   Price return based on S&P Select Sector Health Care Index + / - financing at a variable rate.
 
    FHLB — Federal Home Loan Bank

 

 

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)   July 31, 2008
 
SECURITY VALUATION
Securities listed on a domestic securities exchange are valued based on the last sale price as of the close of regular trading hours on the New York Stock Exchange or, in the absence of recorded sales, are valued at the most recent bid price. Securities for which the primary market is the National Association of Securities Dealers Automated Quotations National Market System (“NASDAQ”) are valued at the NASDAQ Official Closing Price. The Funds invest in money market mutual funds, which are valued at their NAV.
Securities, for which market quotations are not readily available, including investments that are subject to limitations as to their sale, are valued at fair value as determined in good faith by the Advisor in accordance with the procedures adopted by the Board of Trustees. In determining fair value, consideration is given to market conditions, relative benchmarks and other financial data.
On September 15, 2006, the Financial Accounting Standards Board (“FASB”) released Statement of Financial Accounting Standard No. 157 Fair Value Measurement (“FAS 157”) which provided enhanced guidance for using fair value to measure assets and liabilities. The standard requires companies to provide expanded information about the assets and liabilities measured at fair value and the potential effect of these fair valuations on an entity’s financial performance. The standard does not expand the use of fair value in any new circumstances, but provides clarification on acceptable fair valuation methods and applications. Adoption of FAS 157 is required for fiscal years beginning after November 15, 2007. The standard is not expected to materially impact the Funds’ financial statements.

 

 

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)   July 31, 2008
 
FEDERAL INCOME TAX COST
The identified cost of investments in securities owned by each Fund for federal income tax purposes was substantially the same as the cost for financial reporting purposes. Accordingly, gross unrealized appreciation and depreciation at July 31, 2008 were as follows:
                                 
                            Net Unrealized  
    Identified     Gross Unrealized     Gross Unrealized     Appreciation  
    Cost     Appreciation     Depreciation     (Depreciation)  
     
Rydex Russell Top 50 ETF
    571,413,581       19,610,001       (78,272,245 )     (58,662,244 )
Rydex S&P Equal Weight ETF
    1,495,984,301       64,313,938       (352,599,325 )     (288,285,387 )
Rydex S&P 500 Pure Value ETF
    31,064,870       344,297       (8,747,618 )     (8,403,321 )
Rydex S&P 500 Pure Growth ETF
    47,906,435       2,825,389       (8,276,943 )     (5,451,554 )
Rydex S&P MidCap 400 Pure Value ETF
    14,954,249       397,125       (3,909,105 )     (3,511,980 )
Rydex S&P MidCap 400 Pure Growth ETF
    33,634,455       1,744,483       (3,167,284 )     (1,422,801 )
Rydex S&P SmallCap 600 Pure Value ETF
    32,892,150       2,143,084       (7,013,775 )     (4,870,691 )
Rydex S&P SmallCap 600 Pure Growth ETF
    6,446,073       356,240       (1,140,681 )     (784,441 )
Rydex S&P Equal Weight Materials ETF
    5,738,592       213,786       (723,453 )     (509,667 )
Rydex S&P Equal Weight Industrials ETF
    8,051,886       461,041       (893,872 )     (432,831 )
Rydex S&P Equal Weight Technology ETF
    25,623,812       482,673       (4,117,066 )     (3,634,393 )
Rydex S&P Equal Weight Health Care ETF
    54,808,990       2,693,818       (3,249,358 )     (555,540 )
Rydex S&P Equal Weight Consumer Staples ETF
    9,799,483       586,297       (699,447 )     (113,150 )
Rydex S&P Equal Weight Consumer Discretionary ETF
    9,161,818       13,106       (2,519,032 )     (2,505,926 )
Rydex S&P Equal Weight Energy ETF
    12,342,194       2,031,094       (1,061,686 )     969,408  
Rydex S&P Equal Weight Financials ETF
    6,714,346       147,861       (2,303,961 )     (2,156,100 )
Rydex S&P Equal Weight Utilities ETF
    5,748,632       242,427       (590,206 )     (347,779 )
Rydex 2x S&P 500 ETF
    47,491,066       977,552       (2,727,262 )     (1,749,710 )
Rydex Inverse 2x S&P 500 ETF
    68,229,749       —       —       —  
Rydex 2x S&P MidCap 400 ETF
    9,947,737       215,117       (764,289 )     (549,172 )
Rydex Inverse 2x S&P MidCap 400 ETF
    10,483,086       —       —       —  
Rydex 2x Russell 2000® ETF
    7,123,595       676,185       (345,222 )     330,963  
Rydex Inverse 2x Russell 2000® ETF
    15,321,468       —       —       —  
Rydex 2x S&P Select Sector Energy ETF
    5,798,716       1,000       (718,478 )     (717,478 )
Rydex Inverse 2x S&P Select Sector Energy ETF
    6,119,000       —       —       —  
Rydex 2x S&P Select Sector Financial ETF
    8,845,249       164,776       (398,197 )     (233,421 )
Rydex Inverse 2x S&P Select Sector Financial ETF
    6,197,000       —       —       —  
Rydex 2x S&P Select Sector Technology ETF
    6,029,942       57,921       (579,139 )     (521,218 )
Rydex Inverse 2x S&P Select Sector Technology ETF
    6,203,000       —       —       —  
Rydex 2x S&P Select Sector Health Care ETF
    7,065,645       349,604       (138,418 )     211,186  
Rydex Inverse 2x S&P Select Sector Health Care ETF
    6,139,000       —       —       —  
Other information regarding the Funds is available in the Funds’ most recent Report to Shareholders. This information is also available without charge and upon request, by calling (800) 820-0888; as well as on the website of the Securities and Exchange Commission at www.sec.gov .

 

 

Item 2. Controls and Procedures.
  (a)   The President and Treasurer have evaluated the registrant’s disclosure controls and procedures within 90 days of the filing date of this report and have concluded that these controls and procedures are effective.
 
  (b)   There were no significant changes in the registrant’s internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation.
Item 3. Exhibits.
          A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act (17 CFR 270.30a-2(a)), exactly as set forth below: Attached hereto.

 

 

SIGNATURES
     Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
         
(Registrant) Rydex ETF Trust
  		 
By:   /s/ Carl Verboncoeur    
  Carl Verboncoeur   
  President   
 
Date:
     Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
         
     
By:   /s/ Carl Verboncoeur    
  Carl Verboncoeur   
  President   
 
Date:                                   
         
     
By:   /s/ Nick Bonos    
  Nick Bonos   
  Treasurer   
 
Date:                                   

 

Invesco S&P 500 Equal We... (AMEX:RCD)
Graphique Historique de l'Action
De Oct 2024 à Nov 2024 Plus de graphiques de la Bourse Invesco S&P 500 Equal We...
Invesco S&P 500 Equal We... (AMEX:RCD)
Graphique Historique de l'Action
De Nov 2023 à Nov 2024 Plus de graphiques de la Bourse Invesco S&P 500 Equal We...