Rydex Inverse S&P 500 2x Strategy C (Rydex Inverse S&P 500 2x Strate) fond

The fund employs as its investment strategy a program of engaging in short sales of securities generally included in the underlying index and investing 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.