RYARX : Rydex Inverse S&P 500® Strategy Fund Class A

Fund Summary

The investment seeks to provide investment results that match, before fees and expenses, the inverse (opposite) of the performance of the S&P 500® Index on a daily basis. The fund employs as its investment strategy a program of engaging in short sales of securities included in the underlying index and investing to a significant extent in derivative instruments. It will invest at least 80% of its net assets, plus any borrowings for investment purposes, in financial instruments with economic characteristics that should perform opposite to the securities of companies included in the underlying index. The fund is non-diversified.