Rydex Etf Trust - Certified annual shareholder report for management investment companies (N-CSR)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

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 G. 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, 2007

Date of reporting period: October 31, 2007

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR 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 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. Section 3507.

ITEM 1. REPORTS TO STOCKHOLDERS.

[GRAPHIC]

OCTOBER 31, 2007

RYDEX ETF TRUST
ANNUAL REPORT

RYDEX S&P EQUAL WEIGHT ETF
RYDEX RUSSELL TOP 50 ETF
RYDEX S&P 500 PURE VALUE ETF
RYDEX S&P 500 PURE GROWTH ETF
RYDEX S&P MIDCAP 400 PURE VALUE ETF
RYDEX S&P MIDCAP 400 PURE GROWTH ETF
RYDEX S&P SMALLCAP 600 PURE VALUE ETF
RYDEX S&P SMALLCAP 600 PURE GROWTH ETF
RYDEX S&P EQUAL WEIGHT CONSUMER DISCRETIONARY ETF
RYDEX S&P EQUAL WEIGHT CONSUMER STAPLES ETF
RYDEX S&P EQUAL WEIGHT ENERGY ETF
RYDEX S&P EQUAL WEIGHT FINANCIALS ETF
RYDEX S&P EQUAL WEIGHT HEALTH CARE ETF
RYDEX S&P EQUAL WEIGHT INDUSTRIALS ETF
RYDEX S&P EQUAL WEIGHT MATERIALS ETF
RYDEX S&P EQUAL WEIGHT TECHNOLOGY ETF
RYDEX S&P EQUAL WEIGHT UTILITIES ETF

[RYDEX INVESTMENTS LOGO]

TABLE OF CONTENTS

LETTER TO OUR
 SHAREHOLDERS...... 2

MANAGER'S ANALYSIS.. 4

FEES AND EXPENSES... 38

SCHEDULE OF
 INVESTMENTS....... 39

STATEMENTS OF ASSETS
 AND LIABILITIES... 75

STATEMENTS OF
 OPERATIONS........ 79

STATEMENTS OF
 CHANGES IN NET
 ASSETS............ 83

FINANCIAL
 HIGHLIGHTS........ 92

NOTES TO FINANCIAL
 STATEMENTS........ 101

INDEPENDENT
 REGISTERED PUBLIC
 ACCOUNTING FIRM'S
 REPORT............ 108

SUPPLEMENTAL
 INFORMATION....... 109

1 ANNUAL REPORT

DEAR SHAREHOLDER,

Rydex is a proud participant in the ETF space with $5.8 million in ETF assets, 25 exchange traded products and plans to introduce many more in the future. In the last year alone, we've launched ten new exchange traded products and our assets have grown more than 80% -- making this the fastest growing area of our investment management business.

Rydex believes that investor knowledge is paramount when contemplating investment options and to assess investors' knowledge of this fast-growing investment option, we conducted a survey of individual mutual fund investors earlier this year. Our survey revealed that more than half (53%) of investors do not know the difference between a mutual fund and ETF and 38% don't know what an ETF is.(1) In response to the market's need for education, in September, Rydex launched ETF Essentials(TM) -- a comprehensive guide to ETFs -- to help advisors educate their clients on the nuances of ETFs. The program presents information on ETF topics in simple understandable language and is available via podcast (audio downloads), print and online. It's also free and can be requested on www.rydexinvestments.com web site.

Market Conditions. Although U.S. stock prices closed higher for the 12 months ended October 31, the period was marked by heightened volatility. The Dow Jones Industrial Average rose +17.94% during the period while the S&P 500 rose +14.56% and its equal weight counterpart climbed +11.69%. Throughout much of the year, stock prices rose steadily on the back of strong corporate earnings growth, low inflation, declining interest rates and attractive valuations. In late February, a dramatic, but short-lived, sell-off unfolded with the widely watched S&P 500 falling nearly 6%. This downdraft was sparked by plummeting share prices in China as regulatory authorities there attempted to curb rampant stock market speculation. Almost as quickly as it began, the selling pressure evaporated and stocks resumed their seeming relentless climb with the DJIA setting new highs by mid-summer.

The hallmark event of the 12-month period unfolded in mid-summer as credit markets around the world seized up on the rapidly deteriorating situation in the mortgage-backed bond market. Literally billions of dollars of subprime U.S. mortgages -- which had been packaged and distributed throughout the global financial system -- began to go sour as homeowners were unable to meet higher carrying costs when low initial teaser rates reset at higher levels. The bursting of the real estate bubble in the U.S. also meant that homeowners were unable to refinance properties that had little or no equity build-up. Exposure to the subprime mess seemed at first limited to the hedge fund community, but as with most financial contagions soon ensnared major banks, broker/dealers and lenders. Traditional sources of credit dried up as lenders, not knowing who held mortgage backed time bombs on their balance sheets, refused to lend. Central banks, first in Europe and then the U.S., stepped in with massive capital infusions. Fearing that a full-blown financial crisis was unfolding, stocks sold off precipitously with the S&P 500 Index losing nearly 10% of its value in the four-week period from mid-July to mid-August. With financial markets under siege, the Federal Reserve stepped in with its first interest rate cut in four years.

The rate cut was a game changer and stocks powered past their mid-summer highs, setting new records in the process. During this second up-leg, a number of previously observed investment themes reasserted themselves and new ones appeared. With U.S. economic growth decelerating and the global economy growing rapidly, sectors such as energy, materials and technology -- all of which have substantial overseas revenue exposure -- recorded sizable gains, ranging from
+41.12% for the S&P 500 Energy Index to +16.01% for the S&P 500 Technology Index. Investors fled any perceived exposure to subprime exposure, and as a result financial service stocks were hammered with the S&P 500 Financial Index falling -1.71%. The other laggard was consumer discretionary stocks. Sky-high energy prices (oil leapt 60% to over $94/bbl during the period), the housing crisis and weak employment growth conspired to depress consumer sentiment measures, which fell to multi-year lows. The S&P 500 Consumer Discretionary Index barely hit positive territory -- up 0.27% for the one-year period ended October 31, 2007.

The other noteworthy trend during the period was the outperformance of large-cap growth stocks. While it is commonplace to see large caps perform well in a market environment characterized by anxiety, it is somewhat unusual to see value stocks underperform. Hedge fund managers, many of whom had long identified value as a source of excess return, dumped value stocks into the market to meet redemption requests as the markets began to turn down. The S&P 500/Citigroup Pure Growth Total Return Index returned +13.21% over the past 12 months compared to +8.19% for its value counterpart.

(1) Rydex Investments in conjunction with e-Rewards Market Research conducted this survey of individual investors in July 2007. The survey was conducted with 500 individual mutual fund investors. All participants had investable assets of more than $100K, with 150 of the participants having investable assets of more than $500K. e-Rewards Market Research is not affiliated with Rydex Investments. Although Rydex Investments believes the information from this organization is correct, it cannot, and does not, guarantee or warrant the completeness or suitability of this information.

Volatility will continue to be a defining characteristic of stock prices as the markets sort through the subprime wreckage. Ultimately, accurate valuations will be place on asset-backed securities, the write downs will cease and confidence will return. Until that time, however, investors will be well served by pursuing low volatility and finely tuned investment strategies, many of which will rely on targeted sector exposure.

We appreciate the trust you have placed in our firm's quality and integrity by investing with us. It is our goal to continue to offer you innovative ETF choices to meet your investment needs.

Sincerely,

/s/ David C. Reilly, CFA
David C. Reilly, CFA
Director of Portfolio Strategies

3 ANNUAL REPORT

RYDEX S&P EQUAL WEIGHT ETF
MANAGER'S ANALYSIS

For the year ended October 31, 2007, Rydex S&P Equal Weight ETF, benchmarked to the S&P Equal Weight Total Return Index, returned 11.23%, underperforming the S&P 500 Total Return Index which posted a return of 14.56%. Since its inception in April 2003, Rydex S&P Equal Weight ETF posted an average annual return of 17.89%, outpacing the S&P 500 Total Return Index with a 14.51% return for the same time period.

In the first part of the fiscal year, fund performance was driven by the success of the smaller-cap stocks within the equal weight index. In mid-summer, performance strength shifted from the smaller-cap stocks to the largest stocks in the index. For the year, the cap-weighted S&P 500 performed better. However, there were periods where the equal weight methodology proved to be stronger. The information technology sector of the S&P 500 performed poorly overall, which put a drag on returns for the ETF. However, the strong health care sector added to returns.

CUMULATIVE FUND PERFORMANCE: APRIL 24, 2003 - OCTOBER 31, 2007

(PERFORMANCE GRAPH)

 S&P 500
 RYDEX S&P EQUAL WEIGHT S&P 500
 EQUAL WEIGHT TOTAL RETURN TOTAL RETURN
 ETF(A) INDEX(B) INDEX(C)
 ------------ ------------ ------------
4/24/03 10000.00 10000.00 10000.00
4/25/03 9846.00 9845.00 9862.00
4/26/03 9846.00 9845.00 9862.00
4/27/03 9846.00 9845.00 9862.00
4/28/03 10042.00 10042.00 10039.00
4/29/03 10113.00 10114.00 10072.00
4/30/03 10114.00 10115.00 10063.00
5/1/03 10091.00 10092.00 10058.00
5/2/03 10281.00 10282.00 10210.00
5/3/03 10281.00 10282.00 10210.00
5/4/03 10281.00 10282.00 10210.00
5/5/03 10302.00 10303.00 10171.00
5/6/03 10398.00 10400.00 10257.00
5/7/03 10342.00 10343.00 10206.00
5/8/03 10241.00 10243.00 10104.00
5/9/03 10407.00 10409.00 10251.00
5/10/03 10407.00 10409.00 10251.00
5/11/03 10407.00 10409.00 10251.00
5/12/03 10567.00 10569.00 10380.00
5/13/03 10567.00 10570.00 10350.00
5/14/03 10565.00 10568.00 10320.00
5/15/03 10689.00 10692.00 10402.00
5/16/03 10725.00 10728.00 10377.00
5/17/03 10725.00 10728.00 10377.00
5/18/03 10725.00 10728.00 10377.00
5/19/03 10418.00 10421.00 10119.00
5/20/03 10403.00 10406.00 10108.00
5/21/03 10458.00 10462.00 10149.00
5/22/03 10582.00 10586.00 10242.00
5/23/03 10646.00 10651.00 10257.00
5/24/03 10646.00 10651.00 10257.00
5/25/03 10646.00 10651.00 10257.00
5/26/03 10646.00 10651.00 10257.00
5/27/03 10880.00 10884.00 10458.00
5/28/03 10901.00 10906.00 10478.00
5/29/03 10884.00 10889.00 10440.00
5/30/03 11091.00 11096.00 10594.00
5/31/03 11091.00 11096.00 10594.00
6/1/03 11091.00 11096.00 10594.00
6/2/03 11147.00 11153.00 10631.00
6/3/03 11142.00 11148.00 10682.00
6/4/03 11365.00 11372.00 10846.00
6/5/03 11455.00 11462.00 10890.00
6/6/03 11412.00 11418.00 10864.00
6/7/03 11412.00 11418.00 10864.00
6/8/03 11412.00 11418.00 10864.00
6/9/03 11218.00 11225.00 10734.00
6/10/03 11311.00 11318.00 10832.00
6/11/03 11494.00 11502.00 10975.00
6/12/03 11523.00 11531.00 10987.00
6/13/03 11360.00 11368.00 10878.00
6/14/03 11360.00 11368.00 10878.00
6/15/03 11360.00 11368.00 10878.00
6/16/03 11595.00 11603.00 11122.00
6/17/03 11589.00 11597.00 11132.00
6/18/03 11578.00 11586.00 11116.00
6/19/03 11410.00 11418.00 10946.00
6/20/03 11391.00 11400.00 10957.00
6/21/03 11391.00 11400.00 10957.00
6/22/03 11391.00 11400.00 10957.00
6/23/03 11187.00 11195.00 10803.00
6/24/03 11201.00 11209.00 10823.00
6/25/03 11137.00 11146.00 10733.00
6/26/03 11260.00 11269.00 10853.00
6/27/03 11177.00 11186.00 10748.00
6/28/03 11177.00 11186.00 10748.00
6/29/03 11177.00 11186.00 10748.00
6/30/03 11170.00 11179.00 10729.00
7/1/03 11230.00 11240.00 10817.00
7/2/03 11375.00 11385.00 10943.00
7/3/03 11289.00 11299.00 10854.00
7/4/03 11289.00 11299.00 10854.00
7/5/03 11289.00 11299.00 10854.00
7/6/03 11289.00 11299.00 10854.00
7/7/03 11505.00 11515.00 11061.00
7/8/03 11603.00 11613.00 11102.00
7/9/03 11575.00 11586.00 11041.00
7/10/03 11387.00 11398.00 10892.00
7/11/03 11475.00 11486.00 10997.00
7/12/03 11475.00 11486.00 10997.00
7/13/03 11475.00 11486.00 10997.00
7/14/03 11544.00 11556.00 11060.00
7/15/03 11472.00 11497.00 11022.00
7/16/03 11390.00 11399.00 10952.00
7/17/03 11232.00 11242.00 10817.00
7/18/03 11368.00 11377.00 10945.00
7/19/03 11368.00 11377.00 10945.00
7/20/03 11368.00 11377.00 10945.00
7/21/03 11219.00 11228.00 10785.00
7/22/03 11358.00 11368.00 10888.00
7/23/03 11362.00 11373.00 10893.00
7/24/03 11314.00 11324.00 10816.00
7/25/03 11499.00 11509.00 11004.00
7/26/03 11499.00 11509.00 11004.00
7/27/03 11499.00 11509.00 11004.00
7/28/03 11504.00 11515.00 10981.00
7/29/03 11427.00 11439.00 10902.00
7/30/03 11388.00 11399.00 10884.00
7/31/03 11457.00 11469.00 10918.00
8/1/03 11369.00 11381.00 10806.00
8/2/03 11369.00 11381.00 10806.00
8/3/03 11369.00 11381.00 10806.00
8/4/03 11364.00 11375.00 10835.00
8/5/03 11163.00 11174.00 10645.00
8/6/03 11158.00 11170.00 10664.00
8/7/03 11225.00 11237.00 10742.00
8/8/03 11261.00 11273.00 10781.00
8/9/03 11261.00 11273.00 10781.00
8/10/03 11261.00 11273.00 10781.00
8/11/03 11312.00 11324.00 10816.00
8/12/03 11440.00 11452.00 10924.00
8/13/03 11422.00 11434.00 10859.00
8/14/03 11518.00 11531.00 10930.00
8/15/03 11517.00 11531.00 10934.00
8/16/03 11517.00 11531.00 10934.00
8/17/03 11517.00 11531.00 10934.00
8/18/03 11657.00 11671.00 11034.00
8/19/03 11737.00 11751.00 11063.00
8/20/03 11750.00 11766.00 11042.00
8/21/03 11844.00 11860.00 11075.00
8/22/03 11714.00 11730.00 10962.00
8/23/03 11714.00 11730.00 10962.00
8/24/03 11714.00 11730.00 10962.00
8/25/03 11693.00 11708.00 10969.00
8/26/03 11728.00 11744.00 11003.00
8/27/03 11768.00 11784.00 11005.00
8/28/03 11874.00 11890.00 11073.00
8/29/03 11960.00 11977.00 11131.00
8/30/03 11960.00 11977.00 11131.00
8/31/03 11960.00 11977.00 11131.00
9/1/03 11960.00 11977.00 11131.00
9/2/03 12124.00 12143.00 11285.00
9/3/03 12154.00 12174.00 11336.00
9/4/03 12159.00 12178.00 11355.00
9/5/03 12087.00 12106.00 11283.00
9/6/03 12087.00 12106.00 11283.00
9/7/03 12087.00 12106.00 11283.00
9/8/03 12215.00 12235.00 11397.00
9/9/03 12100.00 12119.00 11303.00
9/10/03 11894.00 11910.00 11169.00
9/11/03 11970.00 11989.00 11233.00
9/12/03 12009.00 12028.00 11257.00
9/13/03 12009.00 12028.00 11257.00
9/14/03 12009.00 12028.00 11257.00
9/15/03 11967.00 11986.00 11215.00
9/16/03 12146.00 12166.00 11376.00
9/17/03 12113.00 12133.00 11339.00
9/18/03 12264.00 12286.00 11490.00
9/19/03 12251.00 12272.00 11454.00
9/20/03 12251.00 12272.00 11454.00
9/21/03 12251.00 12272.00 11454.00
9/22/03 12091.00 12113.00 11305.00
9/23/03 12171.00 12193.00 11374.00
9/24/03 11950.00 11970.00 11156.00
9/25/03 11837.00 11857.00 11091.00
9/26/03 11734.00 11754.00 11022.00
9/27/03 11734.00 11754.00 11022.00
9/28/03 11734.00 11754.00 11022.00
9/29/03 11850.00 11871.00 11130.00
9/30/03 11754.00 11774.00 11013.00
10/1/03 11990.00 12012.00 11260.00
10/2/03 12037.00 12059.00 11283.00
10/3/03 12192.00 12215.00 11390.00
10/4/03 12192.00 12215.00 11390.00
10/5/03 12192.00 12215.00 11390.00
10/6/03 12257.00 12282.00 11440.00
10/7/03 12317.00 12341.00 11494.00
10/8/03 12277.00 12301.00 11438.00
10/9/03 12356.00 12382.00 11493.00
10/10/03 12353.00 12378.00 11486.00
10/11/03 12353.00 12378.00 11486.00
10/12/03 12353.00 12378.00 11486.00
10/13/03 12462.00 12489.00 11567.00
10/14/03 12511.00 12538.00 11613.00
10/15/03 12465.00 12491.00 11585.00
10/16/03 12502.00 12529.00 11622.00
10/17/03 12353.00 12379.00 11503.00
10/18/03 12353.00 12379.00 11503.00
10/19/03 12353.00 12379.00 11503.00
10/20/03 12403.00 12429.00 11562.00
10/21/03 12418.00 12445.00 11577.00
10/22/03 12241.00 12266.00 11405.00
10/23/03 12248.00 12273.00 11443.00
10/24/03 12209.00 12235.00 11389.00
10/25/03 12209.00 12235.00 11389.00
10/26/03 12209.00 12235.00 11389.00
10/27/03 12288.00 12315.00 11413.00
10/28/03 12468.00 12496.00 11587.00
10/29/03 12527.00 12556.00 11604.00
10/30/03 12541.00 12570.00 11594.00
10/31/03 12575.00 12605.00 11636.00
11/1/03 12575.00 12605.00 11636.00
11/2/03 12575.00 12605.00 11636.00
11/3/03 12696.00 12726.00 11728.00
11/4/03 12642.00 12672.00 11664.00
11/5/03 12644.00 12674.00 11650.00
11/6/03 12721.00 12752.00 11720.00
11/7/03 12707.00 12738.00 11669.00
11/8/03 12707.00 12738.00 11669.00
11/9/03 12707.00 12738.00 11669.00
11/10/03 12589.00 12620.00 11602.00
11/11/03 12576.00 12607.00 11596.00
11/12/03 12747.00 12780.00 11734.00
11/13/03 12769.00 12801.00 11732.00
11/14/03 12647.00 12679.00 11645.00
11/15/03 12647.00 12679.00 11645.00
11/16/03 12647.00 12679.00 11645.00
11/17/03 12525.00 12556.00 11570.00
11/18/03 12398.00 12429.00 11466.00
11/19/03 12471.00 12503.00 11559.00
11/20/03 12383.00 12415.00 11462.00
11/21/03 12441.00 12473.00 11480.00
11/22/03 12441.00 12473.00 11480.00
11/23/03 12441.00 12473.00 11480.00
11/24/03 12675.00 12708.00 11667.00
11/25/03 12747.00 12781.00 11688.00
11/26/03 12826.00 12860.00 11740.00
11/27/03 12826.00 12860.00 11740.00
11/28/03 12841.00 12876.00 11738.00
11/29/03 12841.00 12876.00 11738.00
11/30/03 12841.00 12876.00 11738.00
12/1/03 12999.00 13035.00 11871.00
12/2/03 12949.00 12985.00 11832.00
12/3/03 12927.00 12963.00 11814.00
12/4/03 12952.00 12989.00 11870.00
12/5/03 12842.00 12878.00 11779.00
12/6/03 12842.00 12878.00 11779.00
12/7/03 12842.00 12878.00 11779.00
12/8/03 12932.00 12969.00 11867.00
12/9/03 12810.00 12846.00 11765.00
12/10/03 12746.00 12782.00 11755.00
12/11/03 12940.00 12977.00 11891.00
12/12/03 12986.00 13023.00 11924.00
12/13/03 12986.00 13023.00 11924.00
12/14/03 12986.00 13023.00 11924.00
12/15/03 12882.00 12919.00 11857.00
12/16/03 12936.00 12974.00 11935.00
12/17/03 12971.00 13009.00 11952.00
12/18/03 13167.00 13207.00 12094.00
12/19/03 13165.00 13205.00 12089.00
12/20/03 13165.00 13205.00 12089.00
12/21/03 13165.00 13205.00 12089.00
12/22/03 13246.00 13287.00 12137.00
12/23/03 13305.00 13346.00 12171.00
12/24/03 13283.00 13325.00 12149.00
12/25/03 13283.00 13325.00 12149.00
12/26/03 13312.00 13354.00 12169.00
12/27/03 13312.00 13354.00 12169.00
12/28/03 13312.00 13354.00 12169.00
12/29/03 13481.00 13525.00 12325.00
12/30/03 13492.00 13535.00 12328.00
12/31/03 13500.00 13543.00 12354.00
1/1/04 13500.00 13543.00 12354.00
1/2/04 13448.00 13491.00 12316.00
1/3/04 13448.00 13491.00 12316.00
1/4/04 13448.00 13491.00 12316.00
1/5/04 13616.00 13660.00 12469.00
1/6/04 13640.00 13685.00 12486.00
1/7/04 13662.00 13708.00 12518.00
1/8/04 13763.00 13810.00 12581.00
1/9/04 13681.00 13728.00 12469.00
1/10/04 13681.00 13728.00 12469.00
1/11/04 13681.00 13728.00 12469.00
1/12/04 13750.00 13797.00 12529.00
1/13/04 13682.00 13729.00 12463.00
1/14/04 13813.00 13860.00 12567.00
1/15/04 13843.00 13892.00 12584.00
1/16/04 13974.00 14023.00 12670.00
1/17/04 13974.00 14023.00 12670.00
1/18/04 13974.00 14023.00 12670.00
1/19/04 13974.00 14023.00 12670.00
1/20/04 14008.00 14058.00 12659.00
1/21/04 14081.00 14132.00 12758.00
1/22/04 14009.00 14059.00 12717.00
1/23/04 13975.00 14025.00 12691.00
1/24/04 13975.00 14025.00 12691.00
1/25/04 13975.00 14025.00 12691.00
1/26/04 14098.00 14149.00 12844.00
1/27/04 13984.00 14034.00 12719.00
1/28/04 13798.00 13848.00 12548.00
1/29/04 13809.00 13859.00 12613.00
1/30/04 13822.00 13872.00 12580.00
1/31/04 13822.00 13872.00 12580.00
2/1/04 13822.00 13872.00 12580.00
2/2/04 13849.00 13901.00 12626.00
2/3/04 13851.00 13902.00 12635.00
2/4/04 13691.00 13742.00 12531.00
2/5/04 13734.00 13785.00 12555.00
2/6/04 13952.00 14004.00 12713.00
2/7/04 13952.00 14004.00 12713.00
2/8/04 13952.00 14004.00 12713.00
2/9/04 13949.00 14001.00 12683.00
2/10/04 14029.00 14082.00 12746.00
2/11/04 14195.00 14248.00 12887.00
2/12/04 14144.00 14197.00 12825.00
2/13/04 14044.00 14098.00 12756.00
2/14/04 14044.00 14098.00 12756.00
2/15/04 14044.00 14098.00 12756.00
2/16/04 14044.00 14098.00 12756.00
2/17/04 14207.00 14261.00 12881.00
2/18/04 14156.00 14211.00 12825.00
2/19/04 14081.00 14135.00 12773.00
2/20/04 14010.00 14065.00 12740.00
2/21/04 14010.00 14065.00 12740.00
2/22/04 14010.00 14065.00 12740.00
2/23/04 13915.00 13969.00 12706.00
2/24/04 13883.00 13938.00 12685.00
2/25/04 13969.00 14024.00 12737.00
2/26/04 14032.00 14087.00 12755.00
2/27/04 14096.00 14152.00 12755.00
2/28/04 14096.00 14152.00 12755.00
2/29/04 14096.00 14152.00 12755.00

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2007

 SINCE INCEPTION
 ONE YEAR THREE YEAR (04/24/03)
 -------- ---------- ---------------
RYDEX S&P EQUAL WEIGHT ETF........................................ 11.23% 13.61% 17.89%
S&P EQUAL WEIGHT TOTAL RETURN INDEX............................... 11.69% 14.08% 18.37%
S&P 500 TOTAL RETURN INDEX........................................ 14.56% 13.16% 14.51%

The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Past performance is not guarantee of future results.

Rydex S&P Equal Weight ETF
PORTFOLIO SUMMARY As of October 31, 2007

TOP 10 HOLDINGS*

 DESCRIPTION % OF NET ASSETS
------------------------------------------------------------------------------------
APOLLO GROUP, INC. -- CLASS A 0.27%
APPLE, INC. 0.27%
EMC CORP. 0.26%
AKAMAI TECHNOLOGIES, INC. 0.26%
MICROSOFT CORP. 0.25%
CIENA CORP. 0.25%
GOOGLE, INC. -- CLASS A 0.25%
GOLDMAN SACHS GROUP, INC. 0.25%
CONSOL ENERGY, INC. 0.25%
MONSANTO CO. 0.25%

------------------------------------------------------------------------------------

SECTOR ALLOCATIONS*

(PIE CHART)

Financials Consumer Discretionary Information Technology Industrials
18.07 17.27 14.64 10.99

Financials Health Care Consumer Staples Energy Utilities Materials
18.07 10.50 7.89 6.98 6.17 5.82

Financials Telecommunication Services
18.07 1.67

* The Fund's Top 10 Holdings are expressed as a percentage of net assets and the Sector Allocations are expressed as a percentage of the Fund's investments market value. These percentages may change over time.

5 ANNUAL REPORT

RYDEX RUSSELL TOP 50 ETF
MANAGER'S ANALYSIS

For the year ended October 31, 2007, Rydex Russell Top 50 ETF, benchmarked to the Russell Top 50 Total Return Index, returned 13.96% as mega caps underperformed slightly over the year. Its benchmark underperformed the broader large-cap index, the S&P 100 Total Return Index, which posted a 15.60% for the same time frame.

Compared to broader large-cap indices, this fund underperformed during the fiscal year. However, beginning in mid-summer, the ETF made up some lost ground because of the success of large caps over small caps.

CUMULATIVE FUND PERFORMANCE: MAY 4, 2005 - OCTOBER 31, 2007

(PERFORMANCE GRAPH)

 RYDEX RUSSELL RUSSELL TOP S&P 100
 TOP 50 50 TOTAL TOTAL RETURN
 ETF(A) RETURN INDEX(B) INDEX(C)
 ------------- --------------- ------------
5/4/2005 10000.00 10000.00 10000.00
5/5/2005 9976.00 9976.00 9972.00
5/6/2005 9952.00 9953.00 9958.00
5/7/2005 9952.00 9953.00 9958.00
5/8/2005 9952.00 9953.00 9958.00
5/9/2005 10009.00 10010.00 10014.00
5/10/2005 9904.00 9905.00 9905.00
5/11/2005 9953.00 9954.00 9941.00
5/12/2005 9869.00 9870.00 9853.00
5/13/2005 9845.00 9846.00 9824.00
5/14/2005 9845.00 9846.00 9824.00
5/15/2005 9845.00 9846.00 9824.00
5/16/2005 9933.00 9934.00 9911.00
5/17/2005 9990.00 9991.00 9968.00
5/18/2005 10078.00 10080.00 10067.00
5/19/2005 10131.00 10133.00 10116.00
5/20/2005 10115.00 10117.00 10106.00
5/21/2005 10115.00 10117.00 10106.00
5/22/2005 10115.00 10117.00 10106.00
5/23/2005 10151.00 10153.00 10138.00
5/24/2005 10163.00 10165.00 10141.00
5/25/2005 10144.00 10146.00 10113.00
5/26/2005 10200.00 10202.00 10167.00
5/27/2005 10204.00 10206.00 10165.00
5/28/2005 10204.00 10206.00 10165.00
5/29/2005 10204.00 10206.00 10165.00
5/30/2005 10204.00 10206.00 10165.00
5/31/2005 10116.00 10119.00 10088.00
6/1/2005 10213.00 10216.00 10179.00
6/2/2005 10222.00 10225.00 10186.00
6/3/2005 10130.00 10132.00 10105.00
6/4/2005 10130.00 10132.00 10105.00
6/5/2005 10130.00 10132.00 10105.00
6/6/2005 10132.00 10135.00 10110.00
6/7/2005 10130.00 10132.00 10118.00
6/8/2005 10106.00 10109.00 10099.00
6/9/2005 10152.00 10155.00 10137.00
6/10/2005 10127.00 10129.00 10125.00
6/11/2005 10127.00 10129.00 10125.00
6/12/2005 10127.00 10129.00 10125.00
6/13/2005 10141.00 10145.00 10143.00
6/14/2005 10151.00 10153.00 10156.00
6/15/2005 10173.00 10176.00 10180.00
6/16/2005 10203.00 10207.00 10202.00
6/17/2005 10247.00 10251.00 10237.00
6/18/2005 10247.00 10251.00 10237.00
6/19/2005 10247.00 10251.00 10237.00
6/20/2005 10242.00 10246.00 10229.00
6/21/2005 10222.00 10226.00 10213.00
6/22/2005 10210.00 10214.00 10213.00
6/23/2005 10091.00 10095.00 10101.00
6/24/2005 10014.00 10017.00 10018.00
6/25/2005 10014.00 10017.00 10018.00
6/26/2005 10014.00 10017.00 10018.00
6/27/2005 10008.00 10012.00 10010.00
6/28/2005 10087.00 10091.00 10093.00
6/29/2005 10078.00 10081.00 10092.00
6/30/2005 9963.00 9966.00 9989.00
7/1/2005 9984.00 9987.00 10006.00
7/2/2005 9984.00 9987.00 10006.00
7/3/2005 9984.00 9987.00 10006.00
7/4/2005 9984.00 9987.00 10006.00
7/5/2005 10063.00 10067.00 10086.00
7/6/2005 9978.00 9982.00 10004.00
7/7/2005 9991.00 9995.00 10014.00
7/8/2005 10115.00 10118.00 10146.00
7/9/2005 10115.00 10118.00 10146.00
7/10/2005 10115.00 10118.00 10146.00
7/11/2005 10157.00 10161.00 10202.00
7/12/2005 10183.00 10187.00 10222.00
7/13/2005 10203.00 10208.00 10245.00
7/14/2005 10250.00 10255.00 10299.00
7/15/2005 10259.00 10264.00 10309.00
7/16/2005 10259.00 10264.00 10309.00
7/17/2005 10259.00 10264.00 10309.00
7/18/2005 10172.00 10176.00 10228.00
7/19/2005 10223.00 10228.00 10287.00
7/20/2005 10261.00 10266.00 10327.00
7/21/2005 10202.00 10207.00 10255.00
7/22/2005 10224.00 10229.00 10291.00
7/23/2005 10224.00 10229.00 10291.00
7/24/2005 10224.00 10229.00 10291.00
7/25/2005 10186.00 10191.00 10250.00
7/26/2005 10193.00 10199.00 10258.00
7/27/2005 10238.00 10244.00 10303.00
7/28/2005 10283.00 10288.00 10351.00
7/29/2005 10184.00 10189.00 10263.00
7/30/2005 10184.00 10189.00 10263.00
7/31/2005 10184.00 10189.00 10263.00
8/1/2005 10202.00 10208.00 10271.00
8/2/2005 10280.00 10286.00 10342.00
8/3/2005 10290.00 10295.00 10353.00
8/4/2005 10225.00 10230.00 10281.00
8/5/2005 10172.00 10177.00 10226.00
8/6/2005 10172.00 10177.00 10226.00
8/7/2005 10172.00 10177.00 10226.00
8/8/2005 10145.00 10151.00 10199.00
8/9/2005 10216.00 10222.00 10277.00
8/10/2005 10185.00 10190.00 10248.00
8/11/2005 10256.00 10261.00 10324.00
8/12/2005 10190.00 10195.00 10240.00
8/13/2005 10190.00 10195.00 10240.00
8/14/2005 10190.00 10195.00 10240.00
8/15/2005 10209.00 10214.00 10267.00
8/16/2005 10113.00 10118.00 10164.00
8/17/2005 10125.00 10130.00 10184.00
8/18/2005 10127.00 10131.00 10179.00
8/19/2005 10119.00 10124.00 10174.00
8/20/2005 10119.00 10124.00 10174.00
8/21/2005 10119.00 10124.00 10174.00
8/22/2005 10132.00 10137.00 10190.00
8/23/2005 10091.00 10096.00 10152.00
8/24/2005 10011.00 10016.00 10072.00
8/25/2005 10032.00 10036.00 10089.00
8/26/2005 9975.00 9980.00 10033.00
8/27/2005 9975.00 9980.00 10033.00
8/28/2005 9975.00 9980.00 10033.00
8/29/2005 10045.00 10050.00 10096.00
8/30/2005 10018.00 10023.00 10059.00
8/31/2005 10108.00 10114.00 10142.00
9/1/2005 10119.00 10125.00 10141.00
9/2/2005 10092.00 10098.00 10119.00
9/3/2005 10092.00 10098.00 10119.00
9/4/2005 10092.00 10098.00 10119.00
9/5/2005 10092.00 10098.00 10119.00
9/6/2005 10219.00 10225.00 10253.00
9/7/2005 10247.00 10254.00 10282.00
9/8/2005 10224.00 10231.00 10249.00
9/9/2005 10294.00 10301.00 10317.00
9/10/2005 10294.00 10301.00 10317.00
9/11/2005 10294.00 10301.00 10317.00
9/12/2005 10278.00 10285.00 10307.00
9/13/2005 10198.00 10205.00 10238.00
9/14/2005 10165.00 10172.00 10201.00
9/15/2005 10180.00 10188.00 10217.00
9/16/2005 10279.00 10288.00 10308.00
9/17/2005 10279.00 10288.00 10308.00
9/18/2005 10279.00 10288.00 10308.00
9/19/2005 10234.00 10241.00 10249.00
9/20/2005 10168.00 10175.00 10177.00
9/21/2005 10098.00 10105.00 10082.00
9/22/2005 10125.00 10133.00 10123.00
9/23/2005 10097.00 10104.00 10113.00
9/24/2005 10097.00 10104.00 10113.00
9/25/2005 10097.00 10104.00 10113.00
9/26/2005 10090.00 10098.00 10109.00
9/27/2005 10078.00 10086.00 10101.00
9/28/2005 10087.00 10095.00 10121.00
9/29/2005 10182.00 10190.00 10196.00
9/30/2005 10162.00 10171.00 10196.00
10/1/2005 10162.00 10171.00 10196.00
10/2/2005 10162.00 10171.00 10196.00
10/3/2005 10120.00 10128.00 10163.00
10/4/2005 10036.00 10042.00 10073.00
10/5/2005 9924.00 9930.00 9947.00
10/6/2005 9907.00 9912.00 9924.00
10/7/2005 9928.00 9933.00 9954.00
10/8/2005 9928.00 9933.00 9954.00
10/9/2005 9928.00 9933.00 9954.00
10/10/2005 9884.00 9890.00 9902.00
10/11/2005 9885.00 9891.00 9889.00
10/12/2005 9852.00 9858.00 9856.00
10/13/2005 9858.00 9863.00 9856.00
10/14/2005 9912.00 9918.00 9912.00
10/15/2005 9912.00 9918.00 9912.00
10/16/2005 9912.00 9918.00 9912.00
10/17/2005 9923.00 9929.00 9931.00
10/18/2005 9840.00 9845.00 9843.00
10/19/2005 9981.00 9987.00 9977.00
10/20/2005 9818.00 9822.00 9817.00
10/21/2005 9817.00 9822.00 9806.00
10/22/2005 9817.00 9822.00 9806.00
10/23/2005 9817.00 9822.00 9806.00
10/24/2005 9964.00 9970.00 9964.00
10/25/2005 9960.00 9967.00 9954.00
10/26/2005 9925.00 9932.00 9912.00
10/27/2005 9841.00 9848.00 9820.00
10/28/2005 9997.00 10005.00 9986.00
10/29/2005 9997.00 10005.00 9986.00
10/30/2005 9997.00 10005.00 9986.00
10/31/2005 10036.00 10043.00 10027.00
11/1/2005 9988.00 9997.00 9984.00
11/2/2005 10064.00 10073.00 10072.00
11/3/2005 10113.00 10121.00 10118.00
11/4/2005 10124.00 10133.00 10128.00
11/5/2005 10124.00 10133.00 10128.00
11/6/2005 10124.00 10133.00 10128.00
11/7/2005 10154.00 10163.00 10153.00
11/8/2005 10139.00 10147.00 10130.00
11/9/2005 10158.00 10165.00 10153.00
11/10/2005 10242.00 10250.00 10233.00
11/11/2005 10282.00 10290.00 10266.00
11/12/2005 10282.00 10290.00 10266.00
11/13/2005 10282.00 10290.00 10266.00
11/14/2005 10267.00 10275.00 10262.00
11/15/2005 10241.00 10249.00 10229.00
11/16/2005 10241.00 10251.00 10232.00
11/17/2005 10298.00 10308.00 10309.00
11/18/2005 10363.00 10373.00 10374.00
11/19/2005 10363.00 10373.00 10374.00
11/20/2005 10363.00 10373.00 10374.00
11/21/2005 10420.00 10430.00 10419.00
11/22/2005 10462.00 10473.00 10468.00
11/23/2005 10509.00 10520.00 10507.00
11/24/2005 10509.00 10520.00 10507.00
11/25/2005 10535.00 10546.00 10530.00
11/26/2005 10535.00 10546.00 10530.00
11/27/2005 10535.00 10546.00 10530.00
11/28/2005 10457.00 10469.00 10456.00
11/29/2005 10437.00 10448.00 10453.00
11/30/2005 10364.00 10375.00 10381.00
12/1/2005 10455.00 10466.00 10483.00
12/2/2005 10453.00 10465.00 10472.00
12/3/2005 10453.00 10465.00 10472.00
12/4/2005 10453.00 10465.00 10472.00
12/5/2005 10442.00 10454.00 10453.00
12/6/2005 10441.00 10453.00 10455.00
12/7/2005 10390.00 10401.00 10406.00
12/8/2005 10360.00 10371.00 10372.00
12/9/2005 10367.00 10379.00 10385.00
12/10/2005 10367.00 10379.00 10385.00
12/11/2005 10367.00 10379.00 10385.00
12/12/2005 10371.00 10382.00 10392.00
12/13/2005 10431.00 10443.00 10451.00
12/14/2005 10477.00 10489.00 10505.00
12/15/2005 10480.00 10493.00 10499.00
12/16/2005 10453.00 10465.00 10467.00
12/17/2005 10453.00 10465.00 10467.00
12/18/2005 10453.00 10465.00 10467.00
12/19/2005 10436.00 10447.00 10432.00
12/20/2005 10414.00 10425.00 10415.00
12/21/2005 10422.00 10433.00 10429.00
12/22/2005 10463.00 10475.00 10476.00
12/23/2005 10466.00 10478.00 10480.00
12/24/2005 10466.00 10478.00 10480.00
12/25/2005 10466.00 10478.00 10480.00
12/26/2005 10466.00 10478.00 10480.00
12/27/2005 10365.00 10376.00 10382.00
12/28/2005 10366.00 10377.00 10388.00
12/29/2005 10334.00 10345.00 10363.00
12/30/2005 10285.00 10297.00 10312.00
12/31/2005 10285.00 10297.00 10312.00
1/1/2006 10285.00 10297.00 10312.00
1/2/2006 10285.00 10297.00 10312.00
1/3/2006 10468.00 10480.00 10479.00
1/4/2006 10497.00 10510.00 10509.00
1/5/2006 10507.00 10520.00 10510.00
1/6/2006 10603.00 10616.00 10591.00
1/7/2006 10603.00 10616.00 10591.00
1/8/2006 10603.00 10616.00 10591.00
1/9/2006 10628.00 10641.00 10622.00
1/10/2006 10623.00 10635.00 10611.00
1/11/2006 10669.00 10682.00 10653.00
1/12/2006 10600.00 10613.00 10578.00
1/13/2006 10614.00 10627.00 10585.00
1/14/2006 10614.00 10627.00 10585.00
1/15/2006 10614.00 10627.00 10585.00
1/16/2006 10614.00 10627.00 10585.00
1/17/2006 10572.00 10586.00 10534.00
1/18/2006 10508.00 10521.00 10491.00
1/19/2006 10544.00 10557.00 10549.00
1/20/2006 10311.00 10324.00 10350.00
1/21/2006 10311.00 10324.00 10350.00
1/22/2006 10311.00 10324.00 10350.00
1/23/2006 10321.00 10334.00 10369.00
1/24/2006 10325.00 10338.00 10369.00
1/25/2006 10323.00 10336.00 10369.00
1/26/2006 10370.00 10383.00 10433.00
1/27/2006 10461.00 10476.00 10519.00
1/28/2006 10461.00 10476.00 10519.00
1/29/2006 10461.00 10476.00 10519.00
1/30/2006 10475.00 10490.00 10535.00
1/31/2006 10424.00 10439.00 10482.00
2/1/2006 10450.00 10465.00 10518.00
2/2/2006 10364.00 10378.00 10424.00
2/3/2006 10298.00 10312.00 10372.00
2/4/2006 10298.00 10312.00 10372.00
2/5/2006 10298.00 10312.00 10372.00
2/6/2006 10284.00 10298.00 10378.00
2/7/2006 10219.00 10232.00 10309.00
2/8/2006 10345.00 10360.00 10430.00
2/9/2006 10342.00 10356.00 10428.00
2/10/2006 10369.00 10384.00 10460.00
2/11/2006 10369.00 10384.00 10460.00
2/12/2006 10369.00 10384.00 10460.00
2/13/2006 10330.00 10344.00 10429.00
2/14/2006 10430.00 10445.00 10529.00
2/15/2006 10465.00 10479.00 10570.00
2/16/2006 10531.00 10546.00 10632.00
2/17/2006 10517.00 10532.00 10618.00
2/18/2006 10517.00 10532.00 10618.00
2/19/2006 10517.00 10532.00 10618.00
2/20/2006 10517.00 10532.00 10618.00
2/21/2006 10471.00 10487.00 10579.00
2/22/2006 10533.00 10548.00 10633.00
2/23/2006 10498.00 10513.00 10590.00
2/24/2006 10511.00 10527.00 10602.00
2/25/2006 10511.00 10527.00 10602.00
2/26/2006 10511.00 10527.00 10602.00
2/27/2006 10562.00 10578.00 10647.00
2/28/2006 10457.00 10472.00 10550.00
3/1/2006 10535.00 10551.00 10635.00
3/2/2006 10502.00 10519.00 10612.00
3/3/2006 10489.00 10505.00 10611.00
3/4/2006 10489.00 10505.00 10611.00
3/5/2006 10489.00 10505.00 10611.00
3/6/2006 10435.00 10451.00 10555.00
3/7/2006 10448.00 10464.00 10552.00
3/8/2006 10482.00 10499.00 10584.00
3/9/2006 10419.00 10435.00 10536.00
3/10/2006 10491.00 10507.00 10620.00
3/11/2006 10491.00 10507.00 10620.00
3/12/2006 10491.00 10507.00 10620.00
3/13/2006 10507.00 10522.00 10635.00
3/14/2006 10589.00 10607.00 10723.00
3/15/2006 10620.00 10638.00 10761.00
3/16/2006 10638.00 10656.00 10779.00
3/17/2006 10657.00 10674.00 10793.00
3/18/2006 10657.00 10674.00 10793.00
3/19/2006 10657.00 10674.00 10793.00
3/20/2006 10663.00 10681.00 10792.00
3/21/2006 10614.00 10631.00 10746.00
3/22/2006 10675.00 10693.00 10817.00
3/23/2006 10629.00 10647.00 10775.00
3/24/2006 10637.00 10656.00 10781.00
3/25/2006 10637.00 10656.00 10781.00
3/26/2006 10637.00 10656.00 10781.00
3/27/2006 10621.00 10640.00 10769.00
3/28/2006 10530.00 10548.00 10681.00
3/29/2006 10597.00 10616.00 10748.00
3/30/2006 10582.00 10601.00 10737.00
3/31/2006 10536.00 10555.00 10691.00
4/1/2006 10536.00 10555.00 10691.00
4/2/2006 10536.00 10555.00 10691.00
4/3/2006 10565.00 10585.00 10721.00
4/4/2006 10626.00 10647.00 10787.00
4/5/2006 10653.00 10674.00 10822.00
4/6/2006 10613.00 10633.00 10793.00
4/7/2006 10507.00 10527.00 10680.00
4/8/2006 10507.00 10527.00 10680.00
4/9/2006 10507.00 10527.00 10680.00
4/10/2006 10523.00 10544.00 10698.00
4/11/2006 10464.00 10483.00 10625.00
4/12/2006 10467.00 10486.00 10631.00
4/13/2006 10472.00 10492.00 10641.00
4/14/2006 10472.00 10492.00 10641.00
4/15/2006 10472.00 10492.00 10641.00
4/16/2006 10472.00 10492.00 10641.00
4/17/2006 10421.00 10441.00 10604.00
4/18/2006 10577.00 10599.00 10781.00
4/19/2006 10564.00 10585.00 10786.00
4/20/2006 10572.00 10593.00 10805.00
4/21/2006 10579.00 10601.00 10801.00
4/22/2006 10579.00 10601.00 10801.00
4/23/2006 10579.00 10601.00 10801.00
4/24/2006 10558.00 10580.00 10782.00
4/25/2006 10531.00 10552.00 10748.00
4/26/2006 10571.00 10592.00 10795.00
4/27/2006 10660.00 10682.00 10862.00
4/28/2006 10667.00 10689.00 10856.00
4/29/2006 10667.00 10689.00 10856.00
4/30/2006 10667.00 10689.00 10856.00
5/1/2006 10610.00 10633.00 10812.00
5/2/2006 10651.00 10674.00 10878.00
5/3/2006 10597.00 10619.00 10831.00
5/4/2006 10630.00 10653.00 10874.00
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7/6/2007 12816.00 12890.00 13182.00
7/7/2007 12816.00 12890.00 13182.00
7/8/2007 12816.00 12890.00 13182.00
7/9/2007 12832.00 12906.00 13202.00
7/10/2007 12667.00 12740.00 13027.00
7/11/2007 12752.00 12825.00 13110.00
7/12/2007 13015.00 13092.00 13375.00
7/13/2007 13056.00 13134.00 13420.00
7/14/2007 13056.00 13134.00 13420.00
7/15/2007 13056.00 13134.00 13420.00
7/16/2007 13062.00 13139.00 13417.00
7/17/2007 13060.00 13137.00 13421.00
7/18/2007 13014.00 13091.00 13380.00
7/19/2007 13068.00 13144.00 13440.00
7/20/2007 12928.00 13004.00 13287.00
7/21/2007 12928.00 13004.00 13287.00
7/22/2007 12928.00 13004.00 13287.00
7/23/2007 13020.00 13097.00 13378.00
7/24/2007 12790.00 12863.00 13124.00
7/25/2007 12893.00 12968.00 13213.00
7/26/2007 12618.00 12691.00 12912.00
7/27/2007 12422.00 12492.00 12713.00
7/28/2007 12422.00 12492.00 12713.00
7/29/2007 12422.00 12492.00 12713.00
7/30/2007 12518.00 12590.00 12824.00
7/31/2007 12346.00 12415.00 12650.00
8/1/2007 12457.00 12528.00 12765.00
8/2/2007 12502.00 12573.00 12820.00
8/3/2007 12212.00 12278.00 12501.00
8/4/2007 12212.00 12278.00 12501.00
8/5/2007 12212.00 12278.00 12501.00
8/6/2007 12513.00 12583.00 12805.00
8/7/2007 12581.00 12653.00 12883.00
8/8/2007 12787.00 12862.00 13084.00
8/9/2007 12394.00 12464.00 12672.00
8/10/2007 12376.00 12445.00 12665.00
8/11/2007 12376.00 12445.00 12665.00
8/12/2007 12376.00 12445.00 12665.00
8/13/2007 12349.00 12417.00 12646.00
8/14/2007 12164.00 12230.00 12449.00
8/15/2007 12036.00 12098.00 12300.00
8/16/2007 12086.00 12150.00 12347.00
8/17/2007 12388.00 12457.00 12652.00
8/18/2007 12388.00 12457.00 12652.00
8/19/2007 12388.00 12457.00 12652.00
8/20/2007 12365.00 12434.00 12644.00
8/21/2007 12351.00 12421.00 12639.00
8/22/2007 12468.00 12539.00 12779.00
8/23/2007 12489.00 12559.00 12790.00
8/24/2007 12629.00 12703.00 12935.00
8/25/2007 12629.00 12703.00 12935.00
8/26/2007 12629.00 12703.00 12935.00
8/27/2007 12556.00 12627.00 12846.00
8/28/2007 12278.00 12346.00 12551.00
8/29/2007 12535.00 12606.00 12818.00
8/30/2007 12490.00 12560.00 12770.00
8/31/2007 12617.00 12689.00 12902.00
9/1/2007 12617.00 12689.00 12902.00
9/2/2007 12617.00 12689.00 12902.00
9/3/2007 12617.00 12689.00 12902.00
9/4/2007 12748.00 12821.00 13029.00
9/5/2007 12618.00 12690.00 12894.00
9/6/2007 12653.00 12726.00 12939.00
9/7/2007 12457.00 12528.00 12729.00
9/8/2007 12457.00 12528.00 12729.00
9/9/2007 12457.00 12528.00 12729.00
9/10/2007 12466.00 12537.00 12735.00
9/11/2007 12639.00 12712.00 12916.00
9/12/2007 12654.00 12728.00 12934.00
9/13/2007 12765.00 12840.00 13058.00
9/14/2007 12748.00 12824.00 13047.00
9/15/2007 12748.00 12824.00 13047.00
9/16/2007 12748.00 12824.00 13047.00
9/17/2007 12692.00 12767.00 12985.00
9/18/2007 13024.00 13106.00 13341.00
9/19/2007 13081.00 13164.00 13407.00
9/20/2007 13029.00 13110.00 13341.00
9/21/2007 13097.00 13181.00 13408.00
9/22/2007 13097.00 13181.00 13408.00
9/23/2007 13097.00 13181.00 13408.00
9/24/2007 13034.00 13117.00 13348.00
9/25/2007 13045.00 13127.00 13355.00
9/26/2007 13103.00 13186.00 13423.00
9/27/2007 13145.00 13229.00 13469.00
9/28/2007 13105.00 13189.00 13432.00
9/29/2007 13105.00 13189.00 13432.00
9/30/2007 13105.00 13189.00 13432.00
10/1/2007 13281.00 13366.00 13606.00
10/2/2007 13267.00 13351.00 13602.00
10/3/2007 13204.00 13288.00 13534.00
10/4/2007 13222.00 13306.00 13550.00
10/5/2007 13324.00 13409.00 13655.00
10/6/2007 13324.00 13409.00 13655.00
10/7/2007 13324.00 13409.00 13655.00
10/8/2007 13287.00 13373.00 13622.00
10/9/2007 13387.00 13472.00 13729.00
10/10/2007 13360.00 13446.00 13697.00
10/11/2007 13293.00 13379.00 13639.00
10/12/2007 13335.00 13421.00 13693.00
10/13/2007 13335.00 13421.00 13693.00
10/14/2007 13335.00 13421.00 13693.00
10/15/2007 13252.00 13337.00 13586.00
10/16/2007 13174.00 13259.00 13505.00
10/17/2007 13219.00 13304.00 13543.00
10/18/2007 13182.00 13268.00 13517.00
10/19/2007 12872.00 12954.00 13178.00
10/20/2007 12872.00 12954.00 13178.00
10/21/2007 12872.00 12954.00 13178.00
10/22/2007 12914.00 12997.00 13222.00
10/23/2007 13038.00 13122.00 13340.00
10/24/2007 13007.00 13091.00 13321.00
10/25/2007 12953.00 13036.00 13298.00
10/26/2007 13154.00 13239.00 13497.00
10/27/2007 13154.00 13239.00 13497.00
10/28/2007 13154.00 13239.00 13497.00
10/29/2007 13221.00 13306.00 13565.00
10/30/2007 13142.00 13227.00 13486.00
10/31/2007 13287.00 13374.00 13635.00

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2007

 SINCE INCEPTION
 ONE YEAR (05/04/05)
 -------- ---------------
RYDEX RUSSELL TOP 50 ETF.......................................... 13.96% 12.08%
RUSSELL TOP 50 TOTAL RETURN INDEX................................. 14.29% 12.37%
S&P 100 TOTAL RETURN INDEX........................................ 15.60% 13.24%

The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Past performance is not guarantee of future results.

Rydex Russell Top 50 ETF
PORTFOLIO SUMMARY As of October 31, 2007

TOP 10 HOLDINGS*

 DESCRIPTION % OF NET ASSETS
------------------------------------------------------------------------------------
EXXON MOBIL CORP. 7.74%
GENERAL ELECTRIC CO. 6.32%
MICROSOFT CORP. 4.51%
AT&T, INC. 3.85%
PROCTER & GAMBLE CO. 3.27%
BANK OF AMERICA CORP. 3.20%
CITIGROUP, INC. 3.09%
CISCO SYSTEMS, INC. 2.99%
CHEVRON CORP. 2.93%
JOHNSON & JOHNSON 2.82%

------------------------------------------------------------------------------------

SECTOR ALLOCATIONS*

(PIE CHART)

Information Technology Financials Energy Health Care Consumer Staples
21.82 18.48 14.50 13.11 11.15

Information Technology Industrials Telecommunication Services Consumer Discretionary
21.82 9.71 6.58 4.65

7 ANNUAL REPORT

RYDEX S&P 500 PURE VALUE ETF
MANAGER'S ANALYSIS

For the year ended October 31, 2007, Rydex S&P 500 Pure Value ETF returned 7.79%. Over the year its benchmark, the S&P 500/Citigroup Pure Value Total Return Index turned in a 8.19% return, underperforming its counterpart index, the S&P 500 Value Total Return Index which posted a 13.55% gain.

In the first half of the fiscal year, Rydex S&P 500 Pure Value ETF enjoyed significant outperformance over its growth counterpart. During the summer the markets experienced a shift from value to growth, which negatively impacted this ETF's performance. Overall, as large-cap stocks did well for the year, the bias towards large caps helped the ETF's performance. Sectors negatively impacting returns included information technology and energy.

CUMULATIVE FUND PERFORMANCE: MARCH 1, 2006 - OCTOBER 31, 2007

(PERFORMANCE GRAPH)

 S&P 500/CITIGROUP
 RYDEX S&P PURE VALUE S&P 500/CITIGROUP
 500 PURE TOTAL RETURN VALUE TOTAL
 VALUE ETF(A) INDEX(B) RETURN INDEX(C)
 ------------ ----------------- -----------------
3/1/2006 10000.00 9998.00 9999.00
3/2/2006 9956.00 9954.00 9984.00
3/3/2006 9936.00 9935.00 9964.00
3/4/2006 9936.00 9935.00 9964.00
3/5/2006 9936.00 9935.00 9964.00
3/6/2006 9869.00 9868.00 9896.00
3/7/2006 9839.00 9835.00 9876.00
3/8/2006 9853.00 9850.00 9886.00
3/9/2006 9823.00 9820.00 9847.00
3/10/2006 9923.00 9920.00 9927.00
3/11/2006 9923.00 9920.00 9927.00
3/12/2006 9923.00 9920.00 9927.00
3/13/2006 9950.00 9948.00 9955.00
3/14/2006 10067.00 10066.00 10069.00
3/15/2006 10124.00 10121.00 10122.00
3/16/2006 10174.00 10173.00 10148.00
3/17/2006 10194.00 10194.00 10159.00
3/18/2006 10194.00 10194.00 10159.00
3/19/2006 10194.00 10194.00 10159.00
3/20/2006 10154.00 10152.00 10132.00
3/21/2006 10100.00 10099.00 10063.00
3/22/2006 10164.00 10162.00 10136.00
3/23/2006 10151.00 10149.00 10110.00
3/24/2006 10167.00 10167.00 10126.00
3/25/2006 10167.00 10167.00 10126.00
3/26/2006 10167.00 10167.00 10126.00
3/27/2006 10171.00 10169.00 10127.00
3/28/2006 10107.00 10107.00 10056.00
3/29/2006 10184.00 10182.00 10141.00
3/30/2006 10110.00 10108.00 10110.00
3/31/2006 10070.00 10068.00 10076.00
4/1/2006 10070.00 10068.00 10076.00
4/2/2006 10070.00 10068.00 10076.00
4/3/2006 10110.00 10107.00 10112.00
4/4/2006 10184.00 10181.00 10189.00
4/5/2006 10241.00 10241.00 10247.00
4/6/2006 10208.00 10206.00 10230.00
4/7/2006 10100.00 10099.00 10124.00
4/8/2006 10100.00 10099.00 10124.00
4/9/2006 10100.00 10099.00 10124.00
4/10/2006 10090.00 10087.00 10130.00
4/11/2006 10007.00 10006.00 10053.00
4/12/2006 10050.00 10050.00 10075.00
4/13/2006 10050.00 10049.00 10082.00
4/14/2006 10050.00 10049.00 10082.00
4/15/2006 10050.00 10049.00 10082.00
4/16/2006 10050.00 10049.00 10082.00
4/17/2006 10044.00 10041.00 10065.00
4/18/2006 10241.00 10242.00 10262.00
4/19/2006 10278.00 10278.00 10279.00
4/20/2006 10311.00 10310.00 10297.00
4/21/2006 10308.00 10309.00 10304.00
4/22/2006 10308.00 10309.00 10304.00
4/23/2006 10308.00 10309.00 10304.00
4/24/2006 10291.00 10291.00 10281.00
4/25/2006 10231.00 10230.00 10221.00
4/26/2006 10308.00 10309.00 10258.00
4/27/2006 10345.00 10346.00 10307.00
4/28/2006 10378.00 10380.00 10357.00
4/29/2006 10378.00 10380.00 10357.00
4/30/2006 10378.00 10380.00 10357.00
5/1/2006 10352.00 10353.00 10312.00
5/2/2006 10439.00 10440.00 10397.00
5/3/2006 10398.00 10401.00 10372.00
5/4/2006 10432.00 10433.00 10415.00
5/5/2006 10542.00 10545.00 10533.00
5/6/2006 10542.00 10545.00 10533.00
5/7/2006 10542.00 10545.00 10533.00
5/8/2006 10566.00 10569.00 10521.00
5/9/2006 10569.00 10572.00 10536.00
5/10/2006 10606.00 10609.00 10534.00
5/11/2006 10465.00 10466.00 10402.00
5/12/2006 10325.00 10326.00 10272.00
5/13/2006 10325.00 10326.00 10272.00
5/14/2006 10325.00 10326.00 10272.00
5/15/2006 10325.00 10327.00 10278.00
5/16/2006 10278.00 10281.00 10265.00
5/17/2006 10094.00 10096.00 10076.00
5/18/2006 10033.00 10033.00 10000.00
5/19/2006 10107.00 10105.00 10054.00
5/20/2006 10107.00 10105.00 10054.00
5/21/2006 10107.00 10105.00 10054.00
5/22/2006 10077.00 10076.00 10013.00
5/23/2006 10020.00 10021.00 9970.00
5/24/2006 10020.00 10020.00 9965.00
5/25/2006 10171.00 10170.00 10081.00
5/26/2006 10268.00 10266.00 10159.00
5/27/2006 10268.00 10266.00 10159.00
5/28/2006 10268.00 10266.00 10159.00
5/29/2006 10268.00 10266.00 10159.00
5/30/2006 10094.00 10092.00 10001.00
5/31/2006 10218.00 10216.00 10103.00
6/1/2006 10362.00 10361.00 10237.00
6/2/2006 10368.00 10367.00 10268.00
6/3/2006 10368.00 10367.00 10268.00
6/4/2006 10368.00 10367.00 10268.00
6/5/2006 10184.00 10184.00 10082.00
6/6/2006 10147.00 10149.00 10060.00
6/7/2006 10090.00 10091.00 9998.00
6/8/2006 10114.00 10115.00 10004.00
6/9/2006 10104.00 10104.00 9965.00
6/10/2006 10104.00 10104.00 9965.00
6/11/2006 10104.00 10104.00 9965.00
6/12/2006 9980.00 9982.00 9837.00
6/13/2006 9853.00 9852.00 9710.00
6/14/2006 9879.00 9877.00 9742.00
6/15/2006 10121.00 10123.00 9974.00
6/16/2006 10070.00 10073.00 9936.00
6/17/2006 10070.00 10073.00 9936.00
6/18/2006 10070.00 10073.00 9936.00
6/19/2006 9980.00 9980.00 9844.00
6/20/2006 9980.00 9980.00 9850.00
6/21/2006 10077.00 10078.00 9947.00
6/22/2006 10057.00 10058.00 9905.00
6/23/2006 10064.00 10067.00 9894.00
6/24/2006 10064.00 10067.00 9894.00
6/25/2006 10064.00 10067.00 9894.00
6/26/2006 10131.00 10133.00 9956.00
6/27/2006 10027.00 10027.00 9866.00
6/28/2006 10084.00 10086.00 9928.00
6/29/2006 10285.00 10291.00 10147.00
6/30/2006 10315.00 10321.00 10137.00
7/1/2006 10315.00 10321.00 10137.00
7/2/2006 10315.00 10321.00 10137.00
7/3/2006 10368.00 10375.00 10226.00
7/4/2006 10368.00 10375.00 10226.00
7/5/2006 10275.00 10279.00 10157.00
7/6/2006 10285.00 10291.00 10179.00
7/7/2006 10248.00 10254.00 10117.00
7/8/2006 10248.00 10254.00 10117.00
7/9/2006 10248.00 10254.00 10117.00
7/10/2006 10295.00 10301.00 10136.00
7/11/2006 10318.00 10326.00 10185.00
7/12/2006 10218.00 10225.00 10079.00
7/13/2006 10057.00 10061.00 9929.00
7/14/2006 10000.00 10004.00 9881.00
7/15/2006 10000.00 10004.00 9881.00
7/16/2006 10000.00 10004.00 9881.00
7/17/2006 9977.00 9982.00 9860.00
7/18/2006 9990.00 9996.00 9884.00
7/19/2006 10154.00 10160.00 10089.00
7/20/2006 10064.00 10070.00 10001.00
7/21/2006 9993.00 10000.00 9922.00
7/22/2006 9993.00 10000.00 9922.00
7/23/2006 9993.00 10000.00 9922.00
7/24/2006 10147.00 10155.00 10083.00
7/25/2006 10241.00 10248.00 10154.00
7/26/2006 10248.00 10254.00 10156.00
7/27/2006 10157.00 10165.00 10121.00
7/28/2006 10268.00 10277.00 10248.00
7/29/2006 10268.00 10277.00 10248.00
7/30/2006 10268.00 10277.00 10248.00
7/31/2006 10264.00 10271.00 10239.00
8/1/2006 10194.00 10202.00 10197.00
8/2/2006 10254.00 10263.00 10260.00
8/3/2006 10315.00 10321.00 10284.00
8/4/2006 10298.00 10307.00 10276.00
8/5/2006 10298.00 10307.00 10276.00
8/6/2006 10298.00 10307.00 10276.00
8/7/2006 10268.00 10277.00 10240.00
8/8/2006 10238.00 10245.00 10196.00
8/9/2006 10167.00 10174.00 10129.00
8/10/2006 10204.00 10212.00 10174.00
8/11/2006 10164.00 10171.00 10134.00
8/12/2006 10164.00 10171.00 10134.00
8/13/2006 10164.00 10171.00 10134.00
8/14/2006 10191.00 10199.00 10139.00
8/15/2006 10328.00 10339.00 10287.00
8/16/2006 10415.00 10427.00 10363.00
8/17/2006 10418.00 10428.00 10374.00
8/18/2006 10432.00 10441.00 10402.00
8/19/2006 10432.00 10441.00 10402.00
8/20/2006 10432.00 10441.00 10402.00
8/21/2006 10375.00 10386.00 10367.00
8/22/2006 10395.00 10406.00 10377.00
8/23/2006 10331.00 10342.00 10334.00
8/24/2006 10328.00 10337.00 10346.00
8/25/2006 10321.00 10332.00 10333.00
8/26/2006 10321.00 10332.00 10333.00
8/27/2006 10321.00 10332.00 10333.00
8/28/2006 10385.00 10397.00 10383.00
8/29/2006 10415.00 10426.00 10393.00
8/30/2006 10395.00 10406.00 10387.00
8/31/2006 10435.00 10448.00 10395.00
9/1/2006 10485.00 10498.00 10452.00
9/2/2006 10485.00 10498.00 10452.00
9/3/2006 10485.00 10498.00 10452.00
9/4/2006 10485.00 10498.00 10452.00
9/5/2006 10506.00 10517.00 10476.00
9/6/2006 10425.00 10436.00 10380.00
9/7/2006 10385.00 10395.00 10327.00
9/8/2006 10442.00 10455.00 10364.00
9/9/2006 10442.00 10455.00 10364.00
9/10/2006 10442.00 10455.00 10364.00
9/11/2006 10425.00 10439.00 10350.00
9/12/2006 10549.00 10562.00 10449.00
9/13/2006 10603.00 10618.00 10509.00
9/14/2006 10566.00 10579.00 10494.00
9/15/2006 10548.00 10564.00 10509.00
9/16/2006 10548.00 10564.00 10509.00
9/17/2006 10548.00 10564.00 10509.00
9/18/2006 10538.00 10552.00 10523.00
9/19/2006 10518.00 10532.00 10510.00
9/20/2006 10569.00 10584.00 10561.00
9/21/2006 10481.00 10497.00 10505.00
9/22/2006 10455.00 10470.00 10493.00
9/23/2006 10455.00 10470.00 10493.00
9/24/2006 10455.00 10470.00 10493.00
9/25/2006 10562.00 10577.00 10592.00
9/26/2006 10642.00 10658.00 10674.00
9/27/2006 10656.00 10673.00 10668.00
9/28/2006 10672.00 10689.00 10690.00
9/29/2006 10622.00 10638.00 10672.00
9/30/2006 10622.00 10638.00 10672.00
10/1/2006 10622.00 10638.00 10672.00
10/2/2006 10625.00 10643.00 10651.00
10/3/2006 10656.00 10671.00 10682.00
10/4/2006 10759.00 10778.00 10794.00
10/5/2006 10759.00 10778.00 10818.00
10/6/2006 10696.00 10712.00 10785.00
10/7/2006 10696.00 10712.00 10785.00
10/8/2006 10696.00 10712.00 10785.00
10/9/2006 10733.00 10750.00 10804.00
10/10/2006 10783.00 10803.00 10832.00
10/11/2006 10803.00 10821.00 10813.00
10/12/2006 10910.00 10928.00 10918.00
10/13/2006 10950.00 10969.00 10955.00
10/14/2006 10950.00 10969.00 10955.00
10/15/2006 10950.00 10969.00 10955.00
10/16/2006 10994.00 11013.00 10975.00
10/17/2006 10954.00 10973.00 10936.00
10/18/2006 10964.00 10986.00 10939.00
10/19/2006 10964.00 10984.00 10945.00
10/20/2006 10957.00 10977.00 10943.00
10/21/2006 10957.00 10977.00 10943.00
10/22/2006 10957.00 10977.00 10943.00
10/23/2006 11027.00 11050.00 11011.00
10/24/2006 11067.00 11091.00 11028.00
10/25/2006 11081.00 11104.00 11061.00
10/26/2006 11131.00 11155.00 11117.00
10/27/2006 11041.00 11062.00 11029.00
10/28/2006 11041.00 11062.00 11029.00
10/29/2006 11041.00 11062.00 11029.00
10/30/2006 11067.00 11090.00 11032.00
10/31/2006 11027.00 11051.00 11028.00
11/1/2006 10980.00 11001.00 10949.00
11/2/2006 10960.00 10983.00 10943.00
11/3/2006 10899.00 10921.00 10917.00
11/4/2006 10899.00 10921.00 10917.00
11/5/2006 10899.00 10921.00 10917.00
11/6/2006 11014.00 11038.00 11038.00
11/7/2006 11027.00 11050.00 11062.00
11/8/2006 11071.00 11093.00 11103.00
11/9/2006 11031.00 11053.00 11054.00
11/10/2006 11085.00 11109.00 11080.00
11/11/2006 11085.00 11109.00 11080.00
11/12/2006 11085.00 11109.00 11080.00
11/13/2006 11112.00 11137.00 11114.00
11/14/2006 11203.00 11228.00 11171.00
11/15/2006 11213.00 11238.00 11183.00
11/16/2006 11247.00 11273.00 11212.00
11/17/2006 11226.00 11252.00 11215.00
11/18/2006 11226.00 11252.00 11215.00
11/19/2006 11226.00 11252.00 11215.00
11/20/2006 11226.00 11252.00 11219.00
11/21/2006 11250.00 11277.00 11232.00
11/22/2006 11267.00 11293.00 11249.00
11/23/2006 11267.00 11293.00 11249.00
11/24/2006 11253.00 11281.00 11219.00
11/25/2006 11253.00 11281.00 11219.00
11/26/2006 11253.00 11281.00 11219.00
11/27/2006 11098.00 11124.00 11069.00
11/28/2006 11115.00 11143.00 11098.00
11/29/2006 11257.00 11284.00 11214.00
11/30/2006 11287.00 11315.00 11226.00
12/1/2006 11250.00 11277.00 11192.00
12/2/2006 11250.00 11277.00 11192.00
12/3/2006 11250.00 11277.00 11192.00
12/4/2006 11385.00 11415.00 11313.00
12/5/2006 11419.00 11449.00 11366.00
12/6/2006 11402.00 11433.00 11363.00
12/7/2006 11358.00 11388.00 11327.00
12/8/2006 11375.00 11406.00 11353.00
12/9/2006 11375.00 11406.00 11353.00
12/10/2006 11375.00 11406.00 11353.00
12/11/2006 11409.00 11441.00 11391.00
12/12/2006 11402.00 11431.00 11384.00
12/13/2006 11405.00 11437.00 11395.00
12/14/2006 11500.00 11533.00 11489.00
12/15/2006 11493.00 11524.00 11507.00
12/16/2006 11493.00 11524.00 11507.00
12/17/2006 11493.00 11524.00 11507.00
12/18/2006 11439.00 11473.00 11493.00
12/19/2006 11453.00 11486.00 11507.00
12/20/2006 11469.00 11506.00 11511.00
12/21/2006 11432.00 11469.00 11476.00
12/22/2006 11405.00 11440.00 11419.00
12/23/2006 11405.00 11440.00 11419.00
12/24/2006 11405.00 11440.00 11419.00
12/25/2006 11405.00 11440.00 11419.00
12/26/2006 11469.00 11506.00 11479.00
12/27/2006 11559.00 11596.00 11572.00
12/28/2006 11529.00 11564.00 11549.00
12/29/2006 11481.00 11517.00 11496.00
12/30/2006 11481.00 11517.00 11496.00
12/31/2006 11481.00 11517.00 11496.00
1/1/2007 11481.00 11517.00 11496.00
1/2/2007 11481.00 11517.00 11496.00
1/3/2007 11505.00 11541.00 11495.00
1/4/2007 11488.00 11524.00 11488.00
1/5/2007 11383.00 11417.00 11397.00
1/6/2007 11383.00 11417.00 11397.00
1/7/2007 11383.00 11417.00 11397.00
1/8/2007 11404.00 11439.00 11431.00
1/9/2007 11390.00 11426.00 11420.00
1/10/2007 11397.00 11431.00 11448.00
1/11/2007 11451.00 11487.00 11514.00
1/12/2007 11465.00 11500.00 11558.00
1/13/2007 11465.00 11500.00 11558.00
1/14/2007 11465.00 11500.00 11558.00
1/15/2007 11465.00 11500.00 11558.00
1/16/2007 11482.00 11518.00 11588.00
1/17/2007 11461.00 11497.00 11566.00
1/18/2007 11465.00 11500.00 11552.00
1/19/2007 11533.00 11569.00 11580.00
1/20/2007 11533.00 11569.00 11580.00
1/21/2007 11533.00 11569.00 11580.00
1/22/2007 11502.00 11539.00 11538.00
1/23/2007 11560.00 11598.00 11584.00
1/24/2007 11652.00 11690.00 11685.00
1/25/2007 11577.00 11616.00 11554.00
1/26/2007 11614.00 11651.00 11552.00
1/27/2007 11614.00 11651.00 11552.00
1/28/2007 11614.00 11651.00 11552.00
1/29/2007 11611.00 11650.00 11537.00
1/30/2007 11672.00 11710.00 11611.00
1/31/2007 11733.00 11772.00 11699.00
2/1/2007 11818.00 11857.00 11765.00
2/2/2007 11852.00 11891.00 11785.00
2/3/2007 11852.00 11891.00 11785.00
2/4/2007 11852.00 11891.00 11785.00
2/5/2007 11862.00 11904.00 11784.00
2/6/2007 11923.00 11963.00 11801.00
2/7/2007 11954.00 11995.00 11821.00
2/8/2007 11961.00 12003.00 11798.00
2/9/2007 11913.00 11954.00 11714.00
2/10/2007 11913.00 11954.00 11714.00
2/11/2007 11913.00 11954.00 11714.00
2/12/2007 11882.00 11925.00 11686.00
2/13/2007 12012.00 12053.00 11798.00
2/14/2007 12076.00 12119.00 11890.00
2/15/2007 12100.00 12143.00 11891.00
2/16/2007 12113.00 12159.00 11885.00
2/17/2007 12113.00 12159.00 11885.00
2/18/2007 12113.00 12159.00 11885.00
2/19/2007 12113.00 12159.00 11885.00
2/20/2007 12164.00 12208.00 11920.00
2/21/2007 12151.00 12197.00 11903.00
2/22/2007 12127.00 12172.00 11889.00
2/23/2007 12107.00 12152.00 11838.00
2/24/2007 12107.00 12152.00 11838.00
2/25/2007 12107.00 12152.00 11838.00
2/26/2007 12141.00 12188.00 11839.00
2/27/2007 11733.00 11776.00 11427.00
2/28/2007 11784.00 11828.00 11501.00
3/1/2007 11757.00 11799.00 11481.00
3/2/2007 11601.00 11642.00 11340.00
3/3/2007 11601.00 11642.00 11340.00
3/4/2007 11601.00 11642.00 11340.00
3/5/2007 11451.00 11493.00 11211.00
3/6/2007 11621.00 11662.00 11396.00
3/7/2007 11587.00 11630.00 11364.00
3/8/2007 11689.00 11731.00 11460.00
3/9/2007 11716.00 11760.00 11478.00
3/10/2007 11716.00 11760.00 11478.00
3/11/2007 11716.00 11760.00 11478.00
3/12/2007 11740.00 11785.00 11518.00
3/13/2007 11516.00 11558.00 11269.00
3/14/2007 11563.00 11605.00 11335.00
3/15/2007 11638.00 11682.00 11395.00
3/16/2007 11586.00 11631.00 11349.00
3/17/2007 11586.00 11631.00 11349.00
3/18/2007 11586.00 11631.00 11349.00
3/19/2007 11712.00 11755.00 11476.00
3/20/2007 11810.00 11856.00 11554.00
3/21/2007 11984.00 12030.00 11764.00
3/22/2007 11970.00 12016.00 11745.00
3/23/2007 12014.00 12061.00 11767.00
3/24/2007 12014.00 12061.00 11767.00
3/25/2007 12014.00 12061.00 11767.00
3/26/2007 12028.00 12075.00 11772.00
3/27/2007 11977.00 12024.00 11702.00
3/28/2007 11902.00 11950.00 11605.00
3/29/2007 11933.00 11979.00 11661.00
3/30/2007 11922.00 11970.00 11650.00
3/31/2007 11922.00 11970.00 11650.00
4/1/2007 11922.00 11970.00 11650.00
4/2/2007 11991.00 12038.00 11670.00
4/3/2007 12069.00 12120.00 11777.00
4/4/2007 12049.00 12097.00 11771.00
4/5/2007 12066.00 12117.00 11812.00
4/6/2007 12066.00 12117.00 11812.00
4/7/2007 12066.00 12117.00 11812.00
4/8/2007 12066.00 12117.00 11812.00
4/9/2007 12083.00 12133.00 11826.00
4/10/2007 12103.00 12153.00 11858.00
4/11/2007 12038.00 12089.00 11781.00
4/12/2007 12079.00 12131.00 11837.00
4/13/2007 12103.00 12153.00 11882.00
4/14/2007 12103.00 12153.00 11882.00
4/15/2007 12103.00 12153.00 11882.00
4/16/2007 12226.00 12277.00 12016.00
4/17/2007 12223.00 12275.00 12019.00
4/18/2007 12260.00 12313.00 12058.00
4/19/2007 12253.00 12305.00 12051.00
4/20/2007 12366.00 12421.00 12156.00
4/21/2007 12366.00 12421.00 12156.00
4/22/2007 12366.00 12421.00 12156.00
4/23/2007 12363.00 12416.00 12131.00
4/24/2007 12373.00 12427.00 12123.00
4/25/2007 12496.00 12550.00 12252.00
4/26/2007 12489.00 12545.00 12233.00
4/27/2007 12462.00 12517.00 12229.00
4/28/2007 12462.00 12517.00 12229.00
4/29/2007 12462.00 12517.00 12229.00
4/30/2007 12335.00 12390.00 12139.00
5/1/2007 12404.00 12458.00 12169.00
5/2/2007 12503.00 12557.00 12252.00
5/3/2007 12543.00 12600.00 12316.00
5/4/2007 12571.00 12627.00 12352.00
5/5/2007 12571.00 12627.00 12352.00
5/6/2007 12571.00 12627.00 12352.00
5/7/2007 12615.00 12673.00 12393.00
5/8/2007 12612.00 12669.00 12371.00
5/9/2007 12663.00 12721.00 12432.00
5/10/2007 12496.00 12553.00 12264.00
5/11/2007 12591.00 12649.00 12385.00
5/12/2007 12591.00 12649.00 12385.00
5/13/2007 12591.00 12649.00 12385.00
5/14/2007 12601.00 12658.00 12370.00
5/15/2007 12591.00 12650.00 12374.00
5/16/2007 12673.00 12732.00 12484.00
5/17/2007 12663.00 12721.00 12474.00
5/18/2007 12728.00 12787.00 12541.00
5/19/2007 12728.00 12787.00 12541.00
5/20/2007 12728.00 12787.00 12541.00
5/21/2007 12755.00 12816.00 12563.00
5/22/2007 12745.00 12803.00 12559.00
5/23/2007 12690.00 12750.00 12546.00
5/24/2007 12526.00 12583.00 12420.00
5/25/2007 12574.00 12634.00 12486.00
5/26/2007 12574.00 12634.00 12486.00
5/27/2007 12574.00 12634.00 12486.00
5/28/2007 12574.00 12634.00 12486.00
5/29/2007 12598.00 12656.00 12507.00
5/30/2007 12677.00 12736.00 12611.00
5/31/2007 12683.00 12745.00 12603.00
6/1/2007 12755.00 12817.00 12644.00
6/2/2007 12755.00 12817.00 12644.00
6/3/2007 12755.00 12817.00 12644.00
6/4/2007 12776.00 12838.00 12650.00
6/5/2007 12690.00 12751.00 12568.00
6/6/2007 12571.00 12631.00 12462.00
6/7/2007 12315.00 12373.00 12238.00
6/8/2007 12451.00 12511.00 12388.00
6/9/2007 12451.00 12511.00 12388.00
6/10/2007 12451.00 12511.00 12388.00
6/11/2007 12485.00 12545.00 12409.00
6/12/2007 12349.00 12407.00 12263.00
6/13/2007 12540.00 12600.00 12473.00
6/14/2007 12584.00 12646.00 12524.00
6/15/2007 12684.00 12746.00 12601.00
6/16/2007 12684.00 12746.00 12601.00
6/17/2007 12684.00 12746.00 12601.00
6/18/2007 12653.00 12714.00 12578.00
6/19/2007 12667.00 12728.00 12618.00
6/20/2007 12503.00 12563.00 12434.00
6/21/2007 12581.00 12641.00 12511.00
6/22/2007 12441.00 12502.00 12344.00
6/23/2007 12441.00 12502.00 12344.00
6/24/2007 12441.00 12502.00 12344.00
6/25/2007 12411.00 12470.00 12301.00
6/26/2007 12342.00 12402.00 12253.00
6/27/2007 12448.00 12511.00 12371.00
6/28/2007 12489.00 12552.00 12365.00
6/29/2007 12465.00 12527.00 12344.00
6/30/2007 12465.00 12527.00 12344.00
7/1/2007 12465.00 12527.00 12344.00
7/2/2007 12637.00 12701.00 12498.00
7/3/2007 12664.00 12728.00 12548.00
7/4/2007 12664.00 12728.00 12548.00
7/5/2007 12620.00 12683.00 12530.00
7/6/2007 12626.00 12692.00 12559.00
7/7/2007 12626.00 12692.00 12559.00
7/8/2007 12626.00 12692.00 12559.00
7/9/2007 12637.00 12703.00 12564.00
7/10/2007 12428.00 12490.00 12361.00
7/11/2007 12486.00 12549.00 12440.00
7/12/2007 12695.00 12762.00 12690.00
7/13/2007 12757.00 12822.00 12737.00
7/14/2007 12757.00 12822.00 12737.00
7/15/2007 12757.00 12822.00 12737.00
7/16/2007 12678.00 12743.00 12709.00
7/17/2007 12668.00 12734.00 12710.00
7/18/2007 12633.00 12700.00 12657.00
7/19/2007 12688.00 12755.00 12697.00
7/20/2007 12469.00 12535.00 12521.00
7/21/2007 12469.00 12535.00 12521.00
7/22/2007 12469.00 12535.00 12521.00
7/23/2007 12506.00 12571.00 12582.00
7/24/2007 12184.00 12246.00 12306.00
7/25/2007 12187.00 12250.00 12352.00
7/26/2007 11862.00 11923.00 12048.00
7/27/2007 11677.00 11736.00 11858.00
7/28/2007 11677.00 11736.00 11858.00
7/29/2007 11677.00 11736.00 11858.00
7/30/2007 11848.00 11908.00 11998.00
7/31/2007 11731.00 11791.00 11858.00
8/1/2007 11803.00 11863.00 11939.00
8/2/2007 11838.00 11898.00 11997.00
8/3/2007 11419.00 11478.00 11646.00
8/4/2007 11419.00 11478.00 11646.00
8/5/2007 11419.00 11478.00 11646.00
8/6/2007 11721.00 11782.00 11954.00
8/7/2007 11821.00 11881.00 12030.00
8/8/2007 11906.00 11970.00 12187.00
8/9/2007 11505.00 11565.00 11792.00
8/10/2007 11594.00 11653.00 11797.00
8/11/2007 11594.00 11653.00 11797.00
8/12/2007 11594.00 11653.00 11797.00
8/13/2007 11649.00 11711.00 11820.00
8/14/2007 11378.00 11437.00 11586.00
8/15/2007 11193.00 11249.00 11424.00
8/16/2007 11262.00 11320.00 11527.00
8/17/2007 11529.00 11588.00 11830.00
8/18/2007 11529.00 11588.00 11830.00
8/19/2007 11529.00 11588.00 11830.00
8/20/2007 11557.00 11618.00 11833.00
8/21/2007 11622.00 11683.00 11858.00
8/22/2007 11769.00 11833.00 12010.00
8/23/2007 11735.00 11796.00 11990.00
8/24/2007 11862.00 11928.00 12119.00
8/25/2007 11862.00 11928.00 12119.00
8/26/2007 11862.00 11928.00 12119.00
8/27/2007 11687.00 11749.00 11995.00
8/28/2007 11378.00 11436.00 11676.00
8/29/2007 11653.00 11717.00 11949.00
8/30/2007 11560.00 11621.00 11871.00
8/31/2007 11697.00 11762.00 12018.00
9/1/2007 11697.00 11762.00 12018.00
9/2/2007 11697.00 11762.00 12018.00
9/3/2007 11697.00 11762.00 12018.00
9/4/2007 11800.00 11866.00 12148.00
9/5/2007 11601.00 11663.00 11975.00
9/6/2007 11629.00 11691.00 12031.00
9/7/2007 11430.00 11491.00 11825.00
9/8/2007 11430.00 11491.00 11825.00
9/9/2007 11430.00 11491.00 11825.00
9/10/2007 11364.00 11424.00 11806.00
9/11/2007 11491.00 11555.00 11957.00
9/12/2007 11481.00 11543.00 11950.00
9/13/2007 11574.00 11639.00 12073.00
9/14/2007 11591.00 11654.00 12070.00
9/15/2007 11591.00 11654.00 12070.00
9/16/2007 11591.00 11654.00 12070.00
9/17/2007 11560.00 11624.00 12007.00
9/18/2007 11920.00 11988.00 12397.00
9/19/2007 12009.00 12079.00 12470.00
9/20/2007 11855.00 11922.00 12363.00
9/21/2007 11891.00 11959.00 12423.00
9/22/2007 11891.00 11959.00 12423.00
9/23/2007 11891.00 11959.00 12423.00
9/24/2007 11809.00 11877.00 12341.00
9/25/2007 11771.00 11838.00 12326.00
9/26/2007 11874.00 11944.00 12395.00
9/27/2007 11877.00 11945.00 12444.00
9/28/2007 11812.00 11879.00 12391.00
9/29/2007 11812.00 11879.00 12391.00
9/30/2007 11812.00 11879.00 12391.00
10/1/2007 11940.00 12010.00 12572.00
10/2/2007 11974.00 12044.00 12594.00
10/3/2007 11950.00 12019.00 12545.00
10/4/2007 11978.00 12047.00 12584.00
10/5/2007 12112.00 12186.00 12712.00
10/6/2007 12112.00 12186.00 12712.00
10/7/2007 12112.00 12186.00 12712.00
10/8/2007 12047.00 12118.00 12655.00
10/9/2007 12140.00 12212.00 12745.00
10/10/2007 12095.00 12167.00 12698.00
10/11/2007 12071.00 12143.00 12646.00
10/12/2007 12133.00 12205.00 12687.00
10/13/2007 12133.00 12205.00 12687.00
10/14/2007 12133.00 12205.00 12687.00
10/15/2007 11991.00 12065.00 12570.00
10/16/2007 11857.00 11926.00 12460.00
10/17/2007 11836.00 11907.00 12487.00
10/18/2007 11809.00 11877.00 12454.00
10/19/2007 11529.00 11596.00 12129.00
10/20/2007 11529.00 11596.00 12129.00
10/21/2007 11529.00 11596.00 12129.00
10/22/2007 11577.00 11647.00 12182.00
10/23/2007 11608.00 11678.00 12281.00
10/24/2007 11588.00 11655.00 12234.00
10/25/2007 11605.00 11673.00 12234.00
10/26/2007 11746.00 11817.00 12429.00
10/27/2007 11746.00 11817.00 12429.00
10/28/2007 11746.00 11817.00 12429.00
10/29/2007 11778.00 11850.00 12457.00
10/30/2007 11743.00 11813.00 12376.00
10/31/2007 11888.00 11959.00 12521.00

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2007

 SINCE INCEPTION
 ONE YEAR (03/01/06)
 -------- ---------------
RYDEX S&P 500 PURE VALUE ETF...................................... 7.79% 10.92%
S&P 500/ CITIGROUP PURE VALUE TOTAL RETURN INDEX.................. 8.19% 11.32%
S&P 500 VALUE TOTAL RETURN INDEX.................................. 13.55% 14.43%

The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Past performance is not guarantee of future results.

Rydex S&P 500 Pure Value ETF
PORTFOLIO SUMMARY As of October 31, 2007

TOP 10 HOLDINGS*

 DESCRIPTION % OF NET ASSETS
------------------------------------------------------------------------------------
FORD MOTOR CO. 2.85%
EMBARQ CORP. 1.89%
FEDERAL NATIONAL MORTGAGE ASSOCIATION 1.83%
INTEGRYS ENERGY GROUP, INC. 1.78%
GENERAL MOTORS CORP. 1.70%
SUPERVALU, INC. 1.56%
VERIZON COMMUNICATIONS, INC. 1.42%
DTE ENERGY CO. 1.34%
MOLSON COORS BREWING CO. -- CLASS B 1.32%
CONOCOPHILLIPS 1.28%

------------------------------------------------------------------------------------

SECTOR ALLOCATIONS*

(PIE CHART)

Utilities Financials Consumer Discretionary Materials Consumer Staples
21.17 20.15 15.80 10.30 9.36

Utilities Telecommunication Services Industrials Health Care Energy
21.17 8.19 7.21 3.27 3.13

Utilities Information Technology
21.17 1.42

9 ANNUAL REPORT

RYDEX S&P 500 PURE GROWTH ETF
MANAGER'S ANALYSIS

For the year ended October 31, 2007, Rydex S&P 500 Pure Growth ETF returned 12.79%. Over the year its benchmark, the S&P 500/Citigroup Pure Growth Total Return Index, turned in a 13.21% return, underperforming its counterpart index, the S&P 500 Growth Total Return Index which saw 15.60% returns.

The beginning of the fiscal year proved to be difficult for this ETF as the markets favored value over growth stocks. However, a shift to growth during the summer helped returns. Compared to the S&P 500/Citigroup Growth benchmark, the pure benchmark's performance benefited by the consumer discretionary and health care sectors but was hurt by information technology. Surprisingly, the two benchmarks performed similarly for the year.

CUMULATIVE FUND PERFORMANCE: MARCH 1, 2006 -- OCTOBER 31, 2007

(PERFORMANCE GRAPH)

 S&P 500/CITIGROUP
 RYDEX S&P PURE GROWTH S&P 500/CITIGROUP
 500 PURE TOTAL RETURN GROWTH TOTAL
 GROWTH ETF(A) INDEX(B) RETURN INDEX(C)
 ------------- ----------------- -----------------
3/1/2006 10000.00 10000.00 10000.00
3/2/2006 9991.00 9992.00 9983.00
3/3/2006 9965.00 9966.00 9974.00
3/4/2006 9965.00 9966.00 9974.00
3/5/2006 9965.00 9966.00 9974.00
3/6/2006 9887.00 9889.00 9903.00
3/7/2006 9849.00 9850.00 9887.00
3/8/2006 9875.00 9877.00 9922.00
3/9/2006 9826.00 9826.00 9866.00
3/10/2006 9884.00 9884.00 9931.00
3/11/2006 9884.00 9884.00 9931.00
3/12/2006 9884.00 9884.00 9931.00
3/13/2006 9901.00 9903.00 9948.00
3/14/2006 10017.00 10019.00 10041.00
3/15/2006 10052.00 10055.00 10076.00
3/16/2006 10073.00 10075.00 10086.00
3/17/2006 10084.00 10087.00 10105.00
3/18/2006 10084.00 10087.00 10105.00
3/19/2006 10084.00 10087.00 10105.00
3/20/2006 10058.00 10061.00 10098.00
3/21/2006 10000.00 10002.00 10045.00
3/22/2006 10038.00 10039.00 10094.00
3/23/2006 10035.00 10038.00 10068.00
3/24/2006 10058.00 10061.00 10072.00
3/25/2006 10058.00 10061.00 10072.00
3/26/2006 10058.00 10061.00 10072.00
3/27/2006 10046.00 10048.00 10050.00
3/28/2006 10029.00 10031.00 9991.00
3/29/2006 10119.00 10122.00 10060.00
3/30/2006 10105.00 10107.00 10051.00
3/31/2006 10058.00 10062.00 10002.00
4/1/2006 10058.00 10062.00 10002.00
4/2/2006 10058.00 10062.00 10002.00
4/3/2006 10046.00 10050.00 10012.00
4/4/2006 10110.00 10114.00 10063.00
4/5/2006 10131.00 10134.00 10094.00
4/6/2006 10128.00 10131.00 10078.00
4/7/2006 10038.00 10042.00 9973.00
4/8/2006 10038.00 10042.00 9973.00
4/9/2006 10038.00 10042.00 9973.00
4/10/2006 10038.00 10041.00 9985.00
4/11/2006 9945.00 9949.00 9910.00
4/12/2006 9954.00 9959.00 9913.00
4/13/2006 9956.00 9962.00 9921.00
4/14/2006 9956.00 9962.00 9921.00
4/15/2006 9956.00 9962.00 9921.00
4/16/2006 9956.00 9962.00 9921.00
4/17/2006 9945.00 9949.00 9879.00
4/18/2006 10073.00 10077.00 10029.00
4/19/2006 10108.00 10113.00 10050.00
4/20/2006 10142.00 10149.00 10056.00
4/21/2006 10096.00 10100.00 10047.00
4/22/2006 10096.00 10100.00 10047.00
4/23/2006 10096.00 10100.00 10047.00
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6/25/2007 11181.00 11241.00 11473.00
6/26/2007 11149.00 11207.00 11445.00
6/27/2007 11266.00 11325.00 11545.00
6/28/2007 11257.00 11318.00 11542.00
6/29/2007 11260.00 11319.00 11526.00
6/30/2007 11260.00 11319.00 11526.00
7/1/2007 11260.00 11319.00 11526.00
7/2/2007 11342.00 11403.00 11627.00
7/3/2007 11362.00 11424.00 11668.00
7/4/2007 11362.00 11424.00 11668.00
7/5/2007 11400.00 11461.00 11695.00
7/6/2007 11476.00 11539.00 11753.00
7/7/2007 11476.00 11539.00 11753.00
7/8/2007 11476.00 11539.00 11753.00
7/9/2007 11473.00 11536.00 11770.00
7/10/2007 11333.00 11394.00 11628.00
7/11/2007 11388.00 11452.00 11689.00
7/12/2007 11555.00 11620.00 11899.00
7/13/2007 11561.00 11626.00 11929.00
7/14/2007 11561.00 11626.00 11929.00
7/15/2007 11561.00 11626.00 11929.00
7/16/2007 11511.00 11575.00 11910.00
7/17/2007 11514.00 11578.00 11906.00
7/18/2007 11523.00 11588.00 11911.00
7/19/2007 11567.00 11632.00 11981.00
7/20/2007 11441.00 11506.00 11855.00
7/21/2007 11441.00 11506.00 11855.00
7/22/2007 11441.00 11506.00 11855.00
7/23/2007 11450.00 11514.00 11913.00
7/24/2007 11263.00 11327.00 11703.00
7/25/2007 11327.00 11391.00 11769.00
7/26/2007 11061.00 11125.00 11510.00
7/27/2007 10891.00 10953.00 11327.00
7/28/2007 10891.00 10953.00 11327.00
7/29/2007 10891.00 10953.00 11327.00
7/30/2007 10973.00 11037.00 11426.00
7/31/2007 10804.00 10867.00 11270.00
8/1/2007 10868.00 10932.00 11358.00
8/2/2007 10941.00 11005.00 11407.00
8/3/2007 10684.00 10745.00 11137.00
8/4/2007 10684.00 10745.00 11137.00
8/5/2007 10684.00 10745.00 11137.00
8/6/2007 10906.00 10970.00 11380.00
8/7/2007 10970.00 11037.00 11448.00
8/8/2007 11090.00 11155.00 11630.00
8/9/2007 10807.00 10869.00 11322.00
8/10/2007 10827.00 10892.00 11326.00
8/11/2007 10827.00 10892.00 11326.00
8/12/2007 10827.00 10892.00 11326.00
8/13/2007 10795.00 10858.00 11296.00
8/14/2007 10608.00 10669.00 11112.00
8/15/2007 10444.00 10505.00 10965.00
8/16/2007 10397.00 10460.00 10936.00
8/17/2007 10631.00 10696.00 11186.00
8/18/2007 10631.00 10696.00 11186.00
8/19/2007 10631.00 10696.00 11186.00
8/20/2007 10620.00 10682.00 11176.00
8/21/2007 10658.00 10720.00 11177.00
8/22/2007 10763.00 10829.00 11296.00
8/23/2007 10734.00 10799.00 11291.00
8/24/2007 10853.00 10920.00 11433.00
8/25/2007 10853.00 10920.00 11433.00
8/26/2007 10853.00 10920.00 11433.00
8/27/2007 10754.00 10820.00 11357.00
8/28/2007 10526.00 10589.00 11127.00
8/29/2007 10739.00 10805.00 11360.00
8/30/2007 10731.00 10798.00 11342.00
8/31/2007 10845.00 10912.00 11456.00
9/1/2007 10845.00 10912.00 11456.00
9/2/2007 10845.00 10912.00 11456.00
9/3/2007 10845.00 10912.00 11456.00
9/4/2007 10953.00 11020.00 11572.00
9/5/2007 10877.00 10946.00 11483.00
9/6/2007 10944.00 11011.00 11531.00
9/7/2007 10751.00 10817.00 11339.00
9/8/2007 10751.00 10817.00 11339.00
9/9/2007 10751.00 10817.00 11339.00
9/10/2007 10713.00 10779.00 11329.00
9/11/2007 10883.00 10951.00 11493.00
9/12/2007 10894.00 10963.00 11507.00
9/13/2007 10950.00 11018.00 11583.00
9/14/2007 10988.00 11058.00 11592.00
9/15/2007 10988.00 11058.00 11592.00
9/16/2007 10988.00 11058.00 11592.00
9/17/2007 10897.00 10967.00 11533.00
9/18/2007 11204.00 11277.00 11832.00
9/19/2007 11295.00 11367.00 11906.00
9/20/2007 11210.00 11283.00 11855.00
9/21/2007 11238.00 11313.00 11906.00
9/22/2007 11238.00 11313.00 11906.00
9/23/2007 11238.00 11313.00 11906.00
9/24/2007 11183.00 11254.00 11861.00
9/25/2007 11197.00 11270.00 11867.00
9/26/2007 11270.00 11345.00 11934.00
9/27/2007 11323.00 11398.00 11980.00
9/28/2007 11306.00 11379.00 11960.00
9/29/2007 11306.00 11379.00 11960.00
9/30/2007 11306.00 11379.00 11960.00
10/1/2007 11440.00 11516.00 12103.00
10/2/2007 11437.00 11514.00 12075.00
10/3/2007 11423.00 11498.00 12017.00
10/4/2007 11429.00 11504.00 12030.00
10/5/2007 11566.00 11644.00 12145.00
10/6/2007 11566.00 11644.00 12145.00
10/7/2007 11566.00 11644.00 12145.00
10/8/2007 11537.00 11615.00 12121.00
10/9/2007 11625.00 11704.00 12232.00
10/10/2007 11636.00 11716.00 12238.00
10/11/2007 11534.00 11613.00 12163.00
10/12/2007 11634.00 11713.00 12239.00
10/13/2007 11634.00 11713.00 12239.00
10/14/2007 11634.00 11713.00 12239.00
10/15/2007 11516.00 11595.00 12147.00
10/16/2007 11455.00 11533.00 12095.00
10/17/2007 11484.00 11562.00 12113.00
10/18/2007 11505.00 11583.00 12128.00
10/19/2007 11218.00 11294.00 11823.00
10/20/2007 11218.00 11294.00 11823.00
10/21/2007 11218.00 11294.00 11823.00
10/22/2007 11288.00 11363.00 11861.00
10/23/2007 11396.00 11473.00 11974.00
10/24/2007 11332.00 11409.00 11962.00
10/25/2007 11329.00 11405.00 11939.00
10/26/2007 11429.00 11507.00 12078.00
10/27/2007 11429.00 11507.00 12078.00
10/28/2007 11429.00 11507.00 12078.00
10/29/2007 11478.00 11558.00 12143.00
10/30/2007 11431.00 11511.00 12066.00
10/31/2007 11593.00 11668.00 12215.00

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2007

 SINCE INCEPTION
 ONE YEAR (03/01/06)
 -------- ---------------
RYDEX S&P 500 PURE GROWTH ETF..................................... 12.79% 9.26%
S&P 500/ CITIGROUP PURE GROWTH TOTAL RETURN INDEX................. 13.21% 9.68%
S&P 500 GROWTH TOTAL RETURN INDEX................................. 15.60% 12.74%

The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Past performance is not guarantee of future results.

Rydex S&P 500 Pure Growth ETF
PORTFOLIO SUMMARY As of October 31, 2007

TOP 10 HOLDINGS*

 DESCRIPTION % OF NET ASSETS
------------------------------------------------------------------------------------
AMAZON.COM, INC. 2.56%
APOLLO GROUP, INC. -- CLASS A 1.96%
EXPRESS SCRIPTS, INC. 1.82%
GOOGLE, INC. -- CLASS A 1.70%
XTO ENERGY, INC. 1.53%
HOSPIRA, INC. 1.39%
GILEAD SCIENCES, INC. 1.37%
APACHE CORP. 1.35%
COVENTRY HEALTH CARE, INC. 1.22%
DEVON ENERGY CORP. 1.11%

------------------------------------------------------------------------------------

SECTOR ALLOCATIONS*

(PIE CHART)

Health Care Consumer Discretionary Information Technology Energy
21.97 19.76 19.10 10.95

Health Care Consumer Staples Industrials Financials Materials
21.97 9.42 7.10 6.67 4.16

Health Care Utilities
21.97 0.87

11 ANNUAL REPORT

RYDEX S&P MIDCAP 400 PURE VALUE ETF
MANAGER'S ANALYSIS

For the year ended October 31, 2007, Rydex S&P MidCap 400 Pure Value ETF returned 9.94%. Over the year its benchmark, the S&P 400/Citigroup Pure Value Total Return Index, enjoyed a 10.32% return, underperforming its counterpart index, the S&P MidCap 400 Value Total Return Index, which had a return of 12.96%.

This fund experienced very positive performance as it was exposed to two of the best areas of the market until early summer (mid-cap and value stocks). However the second half of the year was not as positive, as growth stocks came into favor over value and returns for this ETF began to drag. Compared to the S&P 400/Citigroup Value Index, the pure benchmark benefited from the utilities sector and was hurt by exposure to the Industrials sector.

CUMULATIVE FUND PERFORMANCE: MARCH 1, 2006 - OCTOBER 31, 2007

(PERFORMANCE GRAPH)

 RYDEX S&P S&P MIDCAP S&P MIDCAP
 MIDCAP 400 400/CITIGROUP PURE 400/CITIGROUP VALUE
 PURE VALUE VALUE TOTAL TOTAL RETURN
 ETF(A) RETURN INDEX(B) INDEX(C)
 ---------- ------------------ -------------------
3/1/2006 10000.00 10000.00 10000.00
3/2/2006 9902.00 9903.00 9971.00
3/3/2006 9860.00 9864.00 9945.00
3/4/2006 9860.00 9864.00 9945.00
3/5/2006 9860.00 9864.00 9945.00
3/6/2006 9778.00 9781.00 9867.00
3/7/2006 9702.00 9703.00 9763.00
3/8/2006 9708.00 9710.00 9775.00
3/9/2006 9715.00 9716.00 9750.00
3/10/2006 9794.00 9797.00 9820.00
3/11/2006 9794.00 9797.00 9820.00
3/12/2006 9794.00 9797.00 9820.00
3/13/2006 9813.00 9815.00 9848.00
3/14/2006 9895.00 9899.00 9946.00
3/15/2006 9962.00 9966.00 10029.00
3/16/2006 9949.00 9954.00 10038.00
3/17/2006 9968.00 9973.00 10064.00
3/18/2006 9968.00 9973.00 10064.00
3/19/2006 9968.00 9973.00 10064.00
3/20/2006 9952.00 9956.00 10027.00
3/21/2006 9864.00 9867.00 9940.00
3/22/2006 9952.00 9955.00 10017.00
3/23/2006 9911.00 9914.00 10014.00
3/24/2006 9959.00 9962.00 10058.00
3/25/2006 9959.00 9962.00 10058.00
3/26/2006 9959.00 9962.00 10058.00
3/27/2006 9975.00 9980.00 10056.00
3/28/2006 9902.00 9907.00 10016.00
3/29/2006 10032.00 10037.00 10130.00
3/30/2006 10006.00 10010.00 10120.00
3/31/2006 9997.00 10003.00 10127.00
4/1/2006 9997.00 10003.00 10127.00
4/2/2006 9997.00 10003.00 10127.00
4/3/2006 10029.00 10034.00 10138.00
4/4/2006 10060.00 10065.00 10165.00
4/5/2006 10117.00 10124.00 10235.00
4/6/2006 10095.00 10101.00 10238.00
4/7/2006 9984.00 9990.00 10136.00
4/8/2006 9984.00 9990.00 10136.00
4/9/2006 9984.00 9990.00 10136.00
4/10/2006 9943.00 9947.00 10100.00
4/11/2006 9822.00 9829.00 9992.00
4/12/2006 9879.00 9884.00 10033.00
4/13/2006 9860.00 9867.00 10030.00
4/14/2006 9860.00 9867.00 10030.00
4/15/2006 9860.00 9867.00 10030.00
4/16/2006 9860.00 9867.00 10030.00
4/17/2006 9851.00 9856.00 10029.00
4/18/2006 10079.00 10085.00 10264.00
4/19/2006 10146.00 10152.00 10358.00
4/20/2006 10206.00 10214.00 10362.00
4/21/2006 10200.00 10207.00 10363.00
4/22/2006 10200.00 10207.00 10363.00
4/23/2006 10200.00 10207.00 10363.00
4/24/2006 10165.00 10171.00 10334.00
4/25/2006 10181.00 10189.00 10313.00
4/26/2006 10187.00 10194.00 10296.00
4/27/2006 10184.00 10191.00 10315.00
4/28/2006 10181.00 10188.00 10340.00
4/29/2006 10181.00 10188.00 10340.00
4/30/2006 10181.00 10188.00 10340.00
5/1/2006 10149.00 10157.00 10325.00
5/2/2006 10197.00 10206.00 10371.00
5/3/2006 10222.00 10231.00 10366.00
5/4/2006 10308.00 10319.00 10438.00
5/5/2006 10406.00 10415.00 10531.00
5/6/2006 10406.00 10415.00 10531.00
5/7/2006 10406.00 10415.00 10531.00
5/8/2006 10422.00 10432.00 10548.00
5/9/2006 10403.00 10412.00 10531.00
5/10/2006 10365.00 10374.00 10508.00
5/11/2006 10203.00 10213.00 10361.00
5/12/2006 10003.00 10011.00 10186.00
5/13/2006 10003.00 10011.00 10186.00
5/14/2006 10003.00 10011.00 10186.00
5/15/2006 10013.00 10020.00 10138.00
5/16/2006 9978.00 9985.00 10104.00
5/17/2006 9797.00 9804.00 9928.00
5/18/2006 9740.00 9748.00 9834.00
5/19/2006 9791.00 9798.00 9861.00
5/20/2006 9791.00 9798.00 9861.00
5/21/2006 9791.00 9798.00 9861.00
5/22/2006 9778.00 9786.00 9790.00
5/23/2006 9683.00 9691.00 9739.00
5/24/2006 9746.00 9755.00 9745.00
5/25/2006 9883.00 9890.00 9879.00
5/26/2006 9940.00 9950.00 9944.00
5/27/2006 9940.00 9950.00 9944.00
5/28/2006 9940.00 9950.00 9944.00
5/29/2006 9940.00 9950.00 9944.00
5/30/2006 9749.00 9758.00 9785.00
5/31/2006 9886.00 9894.00 9926.00
6/1/2006 10051.00 10062.00 10077.00
6/2/2006 10070.00 10081.00 10114.00
6/3/2006 10070.00 10081.00 10114.00
6/4/2006 10070.00 10081.00 10114.00
6/5/2006 9854.00 9864.00 9880.00
6/6/2006 9860.00 9869.00 9828.00
6/7/2006 9791.00 9801.00 9744.00
6/8/2006 9759.00 9768.00 9700.00
6/9/2006 9772.00 9783.00 9687.00
6/10/2006 9772.00 9783.00 9687.00
6/11/2006 9772.00 9783.00 9687.00
6/12/2006 9610.00 9619.00 9491.00
6/13/2006 9474.00 9483.00 9343.00
6/14/2006 9502.00 9510.00 9368.00
6/15/2006 9768.00 9778.00 9660.00
6/16/2006 9715.00 9724.00 9609.00
6/17/2006 9715.00 9724.00 9609.00
6/18/2006 9715.00 9724.00 9609.00
6/19/2006 9591.00 9600.00 9466.00
6/20/2006 9591.00 9602.00 9440.00
6/21/2006 9737.00 9749.00 9600.00
6/22/2006 9664.00 9674.00 9539.00
6/23/2006 9718.00 9730.00 9586.00
6/24/2006 9718.00 9730.00 9586.00
6/25/2006 9718.00 9730.00 9586.00
6/26/2006 9800.00 9812.00 9654.00
6/27/2006 9692.00 9704.00 9561.00
6/28/2006 9730.00 9742.00 9587.00
6/29/2006 10006.00 10020.00 9863.00
6/30/2006 10067.00 10080.00 9923.00
7/1/2006 10067.00 10080.00 9923.00
7/2/2006 10067.00 10080.00 9923.00
7/3/2006 10121.00 10134.00 9991.00
7/4/2006 10121.00 10134.00 9991.00
7/5/2006 10022.00 10035.00 9853.00
7/6/2006 10025.00 10037.00 9876.00
7/7/2006 9981.00 9994.00 9800.00
7/8/2006 9981.00 9994.00 9800.00
7/9/2006 9981.00 9994.00 9800.00
7/10/2006 10016.00 10029.00 9809.00
7/11/2006 10089.00 10102.00 9852.00
7/12/2006 9965.00 9979.00 9737.00
7/13/2006 9787.00 9799.00 9566.00
7/14/2006 9724.00 9737.00 9501.00
7/15/2006 9724.00 9737.00 9501.00
7/16/2006 9724.00 9737.00 9501.00
7/17/2006 9696.00 9707.00 9439.00
7/18/2006 9724.00 9736.00 9450.00
7/19/2006 9902.00 9916.00 9667.00
7/20/2006 9749.00 9761.00 9465.00
7/21/2006 9664.00 9677.00 9335.00
7/22/2006 9664.00 9677.00 9335.00
7/23/2006 9664.00 9677.00 9335.00
7/24/2006 9851.00 9865.00 9517.00
7/25/2006 9914.00 9928.00 9619.00
7/26/2006 9895.00 9909.00 9620.00
7/27/2006 9800.00 9816.00 9539.00
7/28/2006 9933.00 9950.00 9693.00
7/29/2006 9933.00 9950.00 9693.00
7/30/2006 9933.00 9950.00 9693.00
7/31/2006 9911.00 9926.00 9701.00
8/1/2006 9860.00 9874.00 9643.00
8/2/2006 9905.00 9919.00 9691.00
8/3/2006 9968.00 9984.00 9749.00
8/4/2006 9946.00 9963.00 9732.00
8/5/2006 9946.00 9963.00 9732.00
8/6/2006 9946.00 9963.00 9732.00
8/7/2006 9902.00 9916.00 9664.00
8/8/2006 9854.00 9870.00 9594.00
8/9/2006 9746.00 9761.00 9529.00
8/10/2006 9784.00 9798.00 9572.00
8/11/2006 9692.00 9709.00 9498.00
8/12/2006 9692.00 9709.00 9498.00
8/13/2006 9692.00 9709.00 9498.00
8/14/2006 9749.00 9763.00 9512.00
8/15/2006 9895.00 9913.00 9679.00
8/16/2006 10010.00 10026.00 9802.00
8/17/2006 10006.00 10025.00 9797.00
8/18/2006 10016.00 10034.00 9814.00
8/19/2006 10016.00 10034.00 9814.00
8/20/2006 10016.00 10034.00 9814.00
8/21/2006 9924.00 9941.00 9735.00
8/22/2006 9946.00 9964.00 9753.00
8/23/2006 9848.00 9865.00 9658.00
8/24/2006 9835.00 9852.00 9646.00
8/25/2006 9813.00 9831.00 9637.00
8/26/2006 9813.00 9831.00 9637.00
8/27/2006 9813.00 9831.00 9637.00
8/28/2006 9914.00 9931.00 9710.00
8/29/2006 10000.00 10017.00 9767.00
8/30/2006 10025.00 10043.00 9796.00
8/31/2006 10089.00 10107.00 9845.00
9/1/2006 10111.00 10129.00 9877.00
9/2/2006 10111.00 10129.00 9877.00
9/3/2006 10111.00 10129.00 9877.00
9/4/2006 10111.00 10129.00 9877.00
9/5/2006 10152.00 10172.00 9924.00
9/6/2006 10016.00 10033.00 9760.00
9/7/2006 9965.00 9985.00 9697.00
9/8/2006 9997.00 10015.00 9710.00
9/9/2006 9997.00 10015.00 9710.00
9/10/2006 9997.00 10015.00 9710.00
9/11/2006 10013.00 10032.00 9688.00
9/12/2006 10171.00 10191.00 9833.00
9/13/2006 10225.00 10245.00 9916.00
9/14/2006 10178.00 10199.00 9862.00
9/15/2006 10164.00 10186.00 9856.00
9/16/2006 10164.00 10186.00 9856.00
9/17/2006 10164.00 10186.00 9856.00
9/18/2006 10119.00 10140.00 9839.00
9/19/2006 10094.00 10114.00 9806.00
9/20/2006 10192.00 10214.00 9875.00
9/21/2006 10081.00 10102.00 9793.00
9/22/2006 10021.00 10043.00 9728.00
9/23/2006 10021.00 10043.00 9728.00
9/24/2006 10021.00 10043.00 9728.00
9/25/2006 10116.00 10138.00 9815.00
9/26/2006 10186.00 10207.00 9881.00
9/27/2006 10205.00 10227.00 9911.00
9/28/2006 10192.00 10214.00 9918.00
9/29/2006 10123.00 10146.00 9866.00
9/30/2006 10123.00 10146.00 9866.00
10/1/2006 10123.00 10146.00 9866.00
10/2/2006 10126.00 10148.00 9834.00
10/3/2006 10135.00 10158.00 9816.00
10/4/2006 10288.00 10311.00 9952.00
10/5/2006 10367.00 10389.00 10061.00
10/6/2006 10303.00 10326.00 10005.00
10/7/2006 10303.00 10326.00 10005.00
10/8/2006 10303.00 10326.00 10005.00
10/9/2006 10348.00 10372.00 10071.00
10/10/2006 10380.00 10403.00 10100.00
10/11/2006 10380.00 10405.00 10091.00
10/12/2006 10519.00 10544.00 10228.00
10/13/2006 10560.00 10586.00 10275.00
10/14/2006 10560.00 10586.00 10275.00
10/15/2006 10560.00 10586.00 10275.00
10/16/2006 10627.00 10654.00 10344.00
10/17/2006 10579.00 10606.00 10276.00
10/18/2006 10576.00 10603.00 10264.00
10/19/2006 10633.00 10659.00 10308.00
10/20/2006 10592.00 10620.00 10237.00
10/21/2006 10592.00 10620.00 10237.00
10/22/2006 10592.00 10620.00 10237.00
10/23/2006 10636.00 10663.00 10283.00
10/24/2006 10633.00 10659.00 10313.00
10/25/2006 10684.00 10712.00 10371.00
10/26/2006 10773.00 10800.00 10440.00
10/27/2006 10643.00 10669.00 10323.00
10/28/2006 10643.00 10669.00 10323.00
10/29/2006 10643.00 10669.00 10323.00
10/30/2006 10674.00 10702.00 10351.00
10/31/2006 10646.00 10674.00 10312.00
11/1/2006 10550.00 10578.00 10204.00
11/2/2006 10528.00 10555.00 10191.00
11/3/2006 10531.00 10558.00 10199.00
11/4/2006 10531.00 10558.00 10199.00
11/5/2006 10531.00 10558.00 10199.00
11/6/2006 10703.00 10731.00 10313.00
11/7/2006 10703.00 10733.00 10334.00
11/8/2006 10793.00 10822.00 10396.00
11/9/2006 10748.00 10777.00 10344.00
11/10/2006 10835.00 10866.00 10409.00
11/11/2006 10835.00 10866.00 10409.00
11/12/2006 10835.00 10866.00 10409.00
11/13/2006 10876.00 10908.00 10434.00
11/14/2006 11004.00 11034.00 10539.00
11/15/2006 11046.00 11079.00 10582.00
11/16/2006 11062.00 11094.00 10597.00
11/17/2006 11049.00 11082.00 10582.00
11/18/2006 11049.00 11082.00 10582.00
11/19/2006 11049.00 11082.00 10582.00
11/20/2006 11068.00 11101.00 10612.00
11/21/2006 11078.00 11111.00 10629.00
11/22/2006 11129.00 11161.00 10682.00
11/23/2006 11129.00 11161.00 10682.00
11/24/2006 11132.00 11165.00 10678.00
11/25/2006 11132.00 11165.00 10678.00
11/26/2006 11132.00 11165.00 10678.00
11/27/2006 10895.00 10928.00 10450.00
11/28/2006 10931.00 10962.00 10484.00
11/29/2006 11036.00 11069.00 10597.00
11/30/2006 11052.00 11085.00 10627.00
12/1/2006 11046.00 11080.00 10627.00
12/2/2006 11046.00 11080.00 10627.00
12/3/2006 11046.00 11080.00 10627.00
12/4/2006 11212.00 11248.00 10763.00
12/5/2006 11235.00 11270.00 10781.00
12/6/2006 11203.00 11237.00 10768.00
12/7/2006 11164.00 11201.00 10729.00
12/8/2006 11145.00 11180.00 10733.00
12/9/2006 11145.00 11180.00 10733.00
12/10/2006 11145.00 11180.00 10733.00
12/11/2006 11155.00 11188.00 10726.00
12/12/2006 11094.00 11128.00 10680.00
12/13/2006 11167.00 11204.00 10699.00
12/14/2006 11267.00 11303.00 10776.00
12/15/2006 11251.00 11288.00 10764.00
12/16/2006 11251.00 11288.00 10764.00
12/17/2006 11251.00 11288.00 10764.00
12/18/2006 11129.00 11170.00 10656.00
12/19/2006 11129.00 11169.00 10654.00
12/20/2006 11164.00 11204.00 10677.00
12/21/2006 11107.00 11148.00 10624.00
12/22/2006 11094.00 11133.00 10590.00
12/23/2006 11094.00 11133.00 10590.00
12/24/2006 11094.00 11133.00 10590.00
12/25/2006 11094.00 11133.00 10590.00
12/26/2006 11212.00 11253.00 10671.00
12/27/2006 11319.00 11362.00 10764.00
12/28/2006 11255.00 11298.00 10721.00
12/29/2006 11156.00 11199.00 10642.00
12/30/2006 11156.00 11199.00 10642.00
12/31/2006 11156.00 11199.00 10642.00
1/1/2007 11156.00 11199.00 10642.00
1/2/2007 11156.00 11199.00 10642.00
1/3/2007 11252.00 11297.00 10696.00
1/4/2007 11265.00 11307.00 10712.00
1/5/2007 11098.00 11142.00 10573.00
1/6/2007 11098.00 11142.00 10573.00
1/7/2007 11098.00 11142.00 10573.00
1/8/2007 11076.00 11119.00 10563.00
1/9/2007 11114.00 11157.00 10593.00
1/10/2007 11108.00 11152.00 10625.00
1/11/2007 11263.00 11307.00 10731.00
1/12/2007 11308.00 11352.00 10796.00
1/13/2007 11308.00 11352.00 10796.00
1/14/2007 11308.00 11352.00 10796.00
1/15/2007 11308.00 11352.00 10796.00
1/16/2007 11305.00 11348.00 10781.00
1/17/2007 11292.00 11335.00 10768.00
1/18/2007 11224.00 11267.00 10671.00
1/19/2007 11301.00 11345.00 10748.00
1/20/2007 11301.00 11345.00 10748.00
1/21/2007 11301.00 11345.00 10748.00
1/22/2007 11253.00 11298.00 10703.00
1/23/2007 11311.00 11355.00 10768.00
1/24/2007 11411.00 11457.00 10878.00
1/25/2007 11330.00 11375.00 10782.00
1/26/2007 11369.00 11415.00 10823.00
1/27/2007 11369.00 11415.00 10823.00
1/28/2007 11369.00 11415.00 10823.00
1/29/2007 11488.00 11534.00 10881.00
1/30/2007 11534.00 11581.00 10952.00
1/31/2007 11572.00 11618.00 10997.00
2/1/2007 11685.00 11733.00 11113.00
2/2/2007 11701.00 11748.00 11135.00
2/3/2007 11701.00 11748.00 11135.00
2/4/2007 11701.00 11748.00 11135.00
2/5/2007 11701.00 11751.00 11143.00
2/6/2007 11795.00 11843.00 11224.00
2/7/2007 11846.00 11897.00 11293.00
2/8/2007 11846.00 11895.00 11291.00
2/9/2007 11785.00 11834.00 11212.00
2/10/2007 11785.00 11834.00 11212.00
2/11/2007 11785.00 11834.00 11212.00
2/12/2007 11788.00 11837.00 11180.00
2/13/2007 11917.00 11967.00 11296.00
2/14/2007 11959.00 12011.00 11351.00
2/15/2007 11972.00 12024.00 11371.00
2/16/2007 11988.00 12038.00 11385.00
2/17/2007 11988.00 12038.00 11385.00
2/18/2007 11988.00 12038.00 11385.00
2/19/2007 11988.00 12038.00 11385.00
2/20/2007 12072.00 12123.00 11470.00
2/21/2007 12056.00 12108.00 11487.00
2/22/2007 12065.00 12117.00 11504.00
2/23/2007 12078.00 12132.00 11493.00
2/24/2007 12078.00 12132.00 11493.00
2/25/2007 12078.00 12132.00 11493.00
2/26/2007 12062.00 12114.00 11461.00
2/27/2007 11672.00 11722.00 11110.00
2/28/2007 11704.00 11755.00 11129.00
3/1/2007 11695.00 11746.00 11114.00
3/2/2007 11537.00 11587.00 10950.00
3/3/2007 11537.00 11587.00 10950.00
3/4/2007 11537.00 11587.00 10950.00
3/5/2007 11340.00 11388.00 10742.00
3/6/2007 11504.00 11554.00 10922.00
3/7/2007 11514.00 11564.00 10938.00
3/8/2007 11582.00 11631.00 11019.00
3/9/2007 11624.00 11674.00 11063.00
3/10/2007 11624.00 11674.00 11063.00
3/11/2007 11624.00 11674.00 11063.00
3/12/2007 11675.00 11727.00 11112.00
3/13/2007 11434.00 11482.00 10888.00
3/14/2007 11495.00 11544.00 10933.00
3/15/2007 11582.00 11634.00 11017.00
3/16/2007 11496.00 11547.00 10949.00
3/17/2007 11496.00 11547.00 10949.00
3/18/2007 11496.00 11547.00 10949.00
3/19/2007 11621.00 11675.00 11064.00
3/20/2007 11738.00 11792.00 11160.00
3/21/2007 11889.00 11942.00 11325.00
3/22/2007 11870.00 11922.00 11335.00
3/23/2007 11895.00 11950.00 11358.00
3/24/2007 11895.00 11950.00 11358.00
3/25/2007 11895.00 11950.00 11358.00
3/26/2007 11892.00 11946.00 11354.00
3/27/2007 11815.00 11868.00 11286.00
3/28/2007 11744.00 11798.00 11235.00
3/29/2007 11770.00 11825.00 11236.00
3/30/2007 11773.00 11828.00 11246.00
3/31/2007 11773.00 11828.00 11246.00
4/1/2007 11773.00 11828.00 11246.00
4/2/2007 11873.00 11929.00 11310.00
4/3/2007 11964.00 12020.00 11393.00
4/4/2007 11938.00 11994.00 11388.00
4/5/2007 11954.00 12009.00 11408.00
4/6/2007 11954.00 12009.00 11408.00
4/7/2007 11954.00 12009.00 11408.00
4/8/2007 11954.00 12009.00 11408.00
4/9/2007 11974.00 12031.00 11428.00
4/10/2007 12022.00 12079.00 11467.00
4/11/2007 11945.00 12001.00 11397.00
4/12/2007 12006.00 12063.00 11454.00
4/13/2007 12013.00 12069.00 11476.00
4/14/2007 12013.00 12069.00 11476.00
4/15/2007 12013.00 12069.00 11476.00
4/16/2007 12132.00 12191.00 11597.00
4/17/2007 12142.00 12199.00 11603.00
4/18/2007 12149.00 12206.00 11601.00
4/19/2007 12090.00 12149.00 11562.00
4/20/2007 12200.00 12261.00 11675.00
4/21/2007 12200.00 12261.00 11675.00
4/22/2007 12200.00 12261.00 11675.00
4/23/2007 12162.00 12221.00 11691.00
4/24/2007 12171.00 12230.00 11687.00
4/25/2007 12288.00 12348.00 11787.00
4/26/2007 12307.00 12368.00 11793.00
4/27/2007 12239.00 12298.00 11740.00
4/28/2007 12239.00 12298.00 11740.00
4/29/2007 12239.00 12298.00 11740.00
4/30/2007 12055.00 12114.00 11563.00
5/1/2007 12097.00 12157.00 11595.00
5/2/2007 12223.00 12282.00 11720.00
5/3/2007 12252.00 12313.00 11763.00
5/4/2007 12307.00 12370.00 11796.00
5/5/2007 12307.00 12370.00 11796.00
5/6/2007 12307.00 12370.00 11796.00
5/7/2007 12323.00 12384.00 11812.00
5/8/2007 12310.00 12373.00 11816.00
5/9/2007 12366.00 12428.00 11900.00
5/10/2007 12194.00 12254.00 11744.00
5/11/2007 12304.00 12367.00 11854.00
5/12/2007 12304.00 12367.00 11854.00
5/13/2007 12304.00 12367.00 11854.00
5/14/2007 12262.00 12323.00 11809.00
5/15/2007 12226.00 12289.00 11760.00
5/16/2007 12310.00 12372.00 11828.00
5/17/2007 12278.00 12340.00 11806.00
5/18/2007 12336.00 12401.00 11862.00
5/19/2007 12336.00 12401.00 11862.00
5/20/2007 12336.00 12401.00 11862.00
5/21/2007 12411.00 12476.00 11940.00
5/22/2007 12427.00 12492.00 11967.00
5/23/2007 12366.00 12429.00 11910.00
5/24/2007 12165.00 12229.00 11710.00
5/25/2007 12252.00 12315.00 11789.00
5/26/2007 12252.00 12315.00 11789.00
5/27/2007 12252.00 12315.00 11789.00
5/28/2007 12252.00 12315.00 11789.00
5/29/2007 12323.00 12389.00 11858.00
5/30/2007 12440.00 12508.00 11996.00
5/31/2007 12472.00 12540.00 12068.00
6/1/2007 12560.00 12627.00 12148.00
6/2/2007 12560.00 12627.00 12148.00
6/3/2007 12560.00 12627.00 12148.00
6/4/2007 12608.00 12678.00 12200.00
6/5/2007 12511.00 12578.00 12112.00
6/6/2007 12356.00 12420.00 11955.00
6/7/2007 12087.00 12149.00 11703.00
6/8/2007 12223.00 12288.00 11830.00
6/9/2007 12223.00 12288.00 11830.00
6/10/2007 12223.00 12288.00 11830.00
6/11/2007 12210.00 12274.00 11830.00
6/12/2007 12051.00 12115.00 11688.00
6/13/2007 12184.00 12249.00 11821.00
6/14/2007 12246.00 12312.00 11908.00
6/15/2007 12338.00 12404.00 11992.00
6/16/2007 12338.00 12404.00 11992.00
6/17/2007 12338.00 12404.00 11992.00
6/18/2007 12290.00 12357.00 11948.00
6/19/2007 12267.00 12335.00 11934.00
6/20/2007 12112.00 12175.00 11788.00
6/21/2007 12183.00 12250.00 11872.00
6/22/2007 12063.00 12128.00 11762.00
6/23/2007 12063.00 12128.00 11762.00
6/24/2007 12063.00 12128.00 11762.00
6/25/2007 11966.00 12031.00 11673.00
6/26/2007 11969.00 12035.00 11629.00
6/27/2007 12115.00 12181.00 11766.00
6/28/2007 12134.00 12200.00 11780.00
6/29/2007 12102.00 12168.00 11747.00
6/30/2007 12102.00 12168.00 11747.00
7/1/2007 12102.00 12168.00 11747.00
7/2/2007 12301.00 12369.00 11925.00
7/3/2007 12330.00 12399.00 11957.00
7/4/2007 12330.00 12399.00 11957.00
7/5/2007 12340.00 12407.00 11969.00
7/6/2007 12369.00 12437.00 12024.00
7/7/2007 12369.00 12437.00 12024.00
7/8/2007 12369.00 12437.00 12024.00
7/9/2007 12388.00 12457.00 12041.00
7/10/2007 12148.00 12214.00 11837.00
7/11/2007 12203.00 12269.00 11894.00
7/12/2007 12392.00 12460.00 12103.00
7/13/2007 12441.00 12511.00 12150.00
7/14/2007 12441.00 12511.00 12150.00
7/15/2007 12441.00 12511.00 12150.00
7/16/2007 12336.00 12406.00 12071.00
7/17/2007 12418.00 12487.00 12109.00
7/18/2007 12385.00 12456.00 12078.00
7/19/2007 12460.00 12533.00 12149.00
7/20/2007 12242.00 12315.00 11993.00
7/21/2007 12242.00 12315.00 11993.00
7/22/2007 12242.00 12315.00 11993.00
7/23/2007 12219.00 12291.00 11969.00
7/24/2007 11897.00 11967.00 11672.00
7/25/2007 11868.00 11937.00 11656.00
7/26/2007 11572.00 11637.00 11380.00
7/27/2007 11363.00 11429.00 11204.00
7/28/2007 11363.00 11429.00 11204.00
7/29/2007 11363.00 11429.00 11204.00
7/30/2007 11445.00 11509.00 11295.00
7/31/2007 11337.00 11403.00 11174.00
8/1/2007 11442.00 11508.00 11221.00
8/2/2007 11487.00 11555.00 11279.00
8/3/2007 11084.00 11147.00 10920.00
8/4/2007 11084.00 11147.00 10920.00
8/5/2007 11084.00 11147.00 10920.00
8/6/2007 11230.00 11296.00 11064.00
8/7/2007 11256.00 11323.00 11121.00
8/8/2007 11354.00 11420.00 11251.00
8/9/2007 11032.00 11093.00 10959.00
8/10/2007 11246.00 11310.00 11058.00
8/11/2007 11246.00 11310.00 11058.00
8/12/2007 11246.00 11310.00 11058.00
8/13/2007 11243.00 11309.00 11095.00
8/14/2007 11022.00 11085.00 10873.00
8/15/2007 10800.00 10862.00 10653.00
8/16/2007 10931.00 10995.00 10707.00
8/17/2007 11168.00 11232.00 10950.00
8/18/2007 11168.00 11232.00 10950.00
8/19/2007 11168.00 11232.00 10950.00
8/20/2007 11233.00 11299.00 11014.00
8/21/2007 11253.00 11319.00 11053.00
8/22/2007 11380.00 11449.00 11190.00
8/23/2007 11350.00 11419.00 11153.00
8/24/2007 11458.00 11527.00 11274.00
8/25/2007 11458.00 11527.00 11274.00
8/26/2007 11458.00 11527.00 11274.00
8/27/2007 11324.00 11392.00 11162.00
8/28/2007 11038.00 11102.00 10892.00
8/29/2007 11311.00 11381.00 11154.00
8/30/2007 11240.00 11309.00 11096.00
8/31/2007 11373.00 11441.00 11255.00
9/1/2007 11373.00 11441.00 11255.00
9/2/2007 11373.00 11441.00 11255.00
9/3/2007 11373.00 11441.00 11255.00
9/4/2007 11455.00 11525.00 11370.00
9/5/2007 11302.00 11369.00 11242.00
9/6/2007 11337.00 11405.00 11301.00
9/7/2007 11126.00 11194.00 11095.00
9/8/2007 11126.00 11194.00 11095.00
9/9/2007 11126.00 11194.00 11095.00
9/10/2007 11038.00 11104.00 11008.00
9/11/2007 11136.00 11203.00 11122.00
9/12/2007 11077.00 11145.00 11093.00
9/13/2007 11080.00 11146.00 11118.00
9/14/2007 11119.00 11186.00 11151.00
9/15/2007 11119.00 11186.00 11151.00
9/16/2007 11119.00 11186.00 11151.00
9/17/2007 11041.00 11108.00 11067.00
9/18/2007 11380.00 11450.00 11404.00
9/19/2007 11497.00 11571.00 11486.00
9/20/2007 11402.00 11474.00 11399.00
9/21/2007 11408.00 11480.00 11417.00
9/22/2007 11408.00 11480.00 11417.00
9/23/2007 11408.00 11480.00 11417.00
9/24/2007 11304.00 11376.00 11329.00
9/25/2007 11301.00 11372.00 11310.00
9/26/2007 11405.00 11476.00 11397.00
9/27/2007 11499.00 11572.00 11503.00
9/28/2007 11408.00 11481.00 11451.00
9/29/2007 11408.00 11481.00 11451.00
9/30/2007 11408.00 11481.00 11451.00
10/1/2007 11686.00 11762.00 11620.00
10/2/2007 11771.00 11849.00 11676.00
10/3/2007 11716.00 11792.00 11645.00
10/4/2007 11722.00 11797.00 11652.00
10/5/2007 11916.00 11994.00 11830.00
10/6/2007 11916.00 11994.00 11830.00
10/7/2007 11916.00 11994.00 11830.00
10/8/2007 11866.00 11946.00 11776.00
10/9/2007 11919.00 11998.00 11844.00
10/10/2007 11853.00 11930.00 11825.00
10/11/2007 11814.00 11890.00 11768.00
10/12/2007 11840.00 11919.00 11787.00
10/13/2007 11840.00 11919.00 11787.00
10/14/2007 11840.00 11919.00 11787.00
10/15/2007 11690.00 11765.00 11690.00
10/16/2007 11601.00 11678.00 11576.00
10/17/2007 11608.00 11686.00 11577.00
10/18/2007 11618.00 11695.00 11590.00
10/19/2007 11346.00 11420.00 11324.00
10/20/2007 11346.00 11420.00 11324.00
10/21/2007 11346.00 11420.00 11324.00
10/22/2007 11431.00 11507.00 11398.00
10/23/2007 11483.00 11560.00 11464.00
10/24/2007 11431.00 11508.00 11411.00
10/25/2007 11398.00 11474.00 11346.00
10/26/2007 11546.00 11622.00 11470.00
10/27/2007 11546.00 11622.00 11470.00
10/28/2007 11546.00 11622.00 11470.00
10/29/2007 11542.00 11619.00 11502.00
10/30/2007 11542.00 11618.00 11472.00
10/31/2007 11706.00 11778.00 11649.00

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2007

 SINCE INCEPTION
 ONE YEAR (03/01/06)
 -------- ---------------
RYDEX S&P MIDCAP 400 PURE VALUE ETF............................... 9.94% 9.90%
S&P MIDCAP 400/CITIGROUP PURE VALUE TOTAL RETURN INDEX............ 10.32% 10.31%
S&P MIDCAP 400 VALUE TOTAL RETURN INDEX........................... 12.96% 9.58%

The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Past performance is not guarantee of future results.

Rydex S&P MidCap 400 Pure Value ETF
PORTFOLIO SUMMARY As of October 31, 2007

TOP 10 HOLDINGS*

 DESCRIPTION % OF NET ASSETS
------------------------------------------------------------------------------------
LYONDELL CHEMICAL CO. 3.57%
LEAR CORP. 2.55%
AVIS BUDGET GROUP, INC. 2.33%
AVNET, INC. 2.14%
OLIN CORP. 2.07%
ENERGY EAST CORP. 1.99%
BLACK HILLS CORP. 1.78%
UNIVERSAL CORP. 1.72%
PUGET ENERGY, INC. 1.71%
WORTHINGTON INDUSTRIES, INC. 1.61%

------------------------------------------------------------------------------------

SECTOR ALLOCATIONS*

(PIE CHART)

Utilities Materials Financials Consumer Discretionary Industrials
23.8 16.83 16.08 14.15 11.30

Utilities Information Technology Consumer Staples Energy
23.8 7.77 7.74 1.84

Utilities Telecommunication Services
23.8 0.49

13 ANNUAL REPORT

RYDEX S&P MIDCAP 400 PURE GROWTH ETF
MANAGER'S ANALYSIS

For the year ended October 31, 2007, Rydex S&P MidCap 400 Pure Growth ETF returned 20.17%. Over the year its benchmark, the S&P 400/Citigroup Pure Growth Total Return Index, delivered a 20.69% return - slightly under its counterpart index, the S&P MidCap 400 Growth Total Return Index, which delivered a 21.05% return.

This ETF benefited from being in the most favorable size and style of the market. It spent the fiscal year being one of the best performers and ended the year as a very profitable place to be. Although the ETF experienced some losses during the summer, it rebounded well for the rest of the year.

CUMULATIVE FUND PERFORMANCE: MARCH 1, 2006 - OCTOBER 31, 2007

(PERFORMANCE GRAPH)

 RYDEX S&P S&P MIDCAP S&P MIDCAP
 MIDCAP 400 400/CITIGROUP PURE 400/CITIGROUP GROWTH
 PURE GROWTH GROWTH TOTAL TOTAL RETURN
 ETF(A) RETURN INDEX(B) INDEX(C)
 ----------- ------------------ --------------------
3/1/2006 10000.00 10002.00 10000.00
3/2/2006 9918.00 9921.00 9957.00
3/3/2006 9884.00 9886.00 9921.00
3/4/2006 9884.00 9886.00 9921.00
3/5/2006 9884.00 9886.00 9921.00
3/6/2006 9802.00 9804.00 9808.00
3/7/2006 9679.00 9681.00 9683.00
3/8/2006 9685.00 9687.00 9688.00
3/9/2006 9618.00 9621.00 9621.00
3/10/2006 9690.00 9694.00 9677.00
3/11/2006 9690.00 9694.00 9677.00
3/12/2006 9690.00 9694.00 9677.00
3/13/2006 9736.00 9739.00 9739.00
3/14/2006 9835.00 9838.00 9848.00
3/15/2006 9871.00 9874.00 9904.00
3/16/2006 9850.00 9853.00 9905.00
3/17/2006 9884.00 9887.00 9932.00
3/18/2006 9884.00 9887.00 9932.00
3/19/2006 9884.00 9887.00 9932.00
3/20/2006 9875.00 9878.00 9903.00
3/21/2006 9804.00 9808.00 9820.00
3/22/2006 9886.00 9891.00 9898.00
3/23/2006 9905.00 9909.00 9926.00
3/24/2006 9933.00 9938.00 9985.00
3/25/2006 9933.00 9938.00 9985.00
3/26/2006 9933.00 9938.00 9985.00
3/27/2006 9907.00 9912.00 9978.00
3/28/2006 9899.00 9903.00 9957.00
3/29/2006 10023.00 10027.00 10052.00
3/30/2006 10030.00 10034.00 10070.00
3/31/2006 10046.00 10050.00 10069.00
4/1/2006 10046.00 10050.00 10069.00
4/2/2006 10046.00 10050.00 10069.00
4/3/2006 9983.00 9988.00 10033.00
4/4/2006 10036.00 10042.00 10071.00
4/5/2006 10124.00 10128.00 10152.00
4/6/2006 10135.00 10140.00 10160.00
4/7/2006 10044.00 10048.00 10062.00
4/8/2006 10044.00 10048.00 10062.00
4/9/2006 10044.00 10048.00 10062.00
4/10/2006 9991.00 9996.00 10027.00
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6/12/2007 10970.00 11023.00 11298.00
6/13/2007 11096.00 11150.00 11427.00
6/14/2007 11148.00 11203.00 11515.00
6/15/2007 11205.00 11260.00 11575.00
6/16/2007 11205.00 11260.00 11575.00
6/17/2007 11205.00 11260.00 11575.00
6/18/2007 11193.00 11249.00 11568.00
6/19/2007 11168.00 11223.00 11546.00
6/20/2007 11084.00 11138.00 11451.00
6/21/2007 11153.00 11208.00 11530.00
6/22/2007 11027.00 11082.00 11402.00
6/23/2007 11027.00 11082.00 11402.00
6/24/2007 11027.00 11082.00 11402.00
6/25/2007 10952.00 11007.00 11328.00
6/26/2007 10979.00 11033.00 11303.00
6/27/2007 11105.00 11160.00 11424.00
6/28/2007 11122.00 11179.00 11425.00
6/29/2007 11099.00 11155.00 11398.00
6/30/2007 11099.00 11155.00 11398.00
7/1/2007 11099.00 11155.00 11398.00
7/2/2007 11220.00 11277.00 11529.00
7/3/2007 11281.00 11339.00 11583.00
7/4/2007 11281.00 11339.00 11583.00
7/5/2007 11274.00 11332.00 11580.00
7/6/2007 11369.00 11428.00 11663.00
7/7/2007 11369.00 11428.00 11663.00
7/8/2007 11369.00 11428.00 11663.00
7/9/2007 11360.00 11420.00 11672.00
7/10/2007 11191.00 11250.00 11525.00
7/11/2007 11247.00 11306.00 11589.00
7/12/2007 11385.00 11444.00 11761.00
7/13/2007 11413.00 11474.00 11798.00
7/14/2007 11413.00 11474.00 11798.00
7/15/2007 11413.00 11474.00 11798.00
7/16/2007 11327.00 11387.00 11722.00
7/17/2007 11316.00 11376.00 11729.00
7/18/2007 11277.00 11338.00 11697.00
7/19/2007 11283.00 11344.00 11737.00
7/20/2007 11184.00 11243.00 11642.00
7/21/2007 11184.00 11243.00 11642.00
7/22/2007 11184.00 11243.00 11642.00
7/23/2007 11151.00 11210.00 11613.00
7/24/2007 10929.00 10986.00 11364.00
7/25/2007 10938.00 10996.00 11360.00
7/26/2007 10720.00 10777.00 11122.00
7/27/2007 10580.00 10636.00 11003.00
7/28/2007 10580.00 10636.00 11003.00
7/29/2007 10580.00 10636.00 11003.00
7/30/2007 10672.00 10728.00 11108.00
7/31/2007 10536.00 10592.00 10971.00
8/1/2007 10538.00 10593.00 10986.00
8/2/2007 10674.00 10730.00 11113.00
8/3/2007 10381.00 10435.00 10820.00
8/4/2007 10381.00 10435.00 10820.00
8/5/2007 10381.00 10435.00 10820.00
8/6/2007 10538.00 10593.00 10967.00
8/7/2007 10640.00 10697.00 11083.00
8/8/2007 10814.00 10873.00 11246.00
8/9/2007 10619.00 10675.00 11022.00
8/10/2007 10509.00 10567.00 10970.00
8/11/2007 10509.00 10567.00 10970.00
8/12/2007 10509.00 10567.00 10970.00
8/13/2007 10517.00 10574.00 10983.00
8/14/2007 10335.00 10390.00 10790.00
8/15/2007 10132.00 10186.00 10568.00
8/16/2007 10136.00 10190.00 10540.00
8/17/2007 10345.00 10400.00 10751.00
8/18/2007 10345.00 10400.00 10751.00
8/19/2007 10345.00 10400.00 10751.00
8/20/2007 10383.00 10439.00 10790.00
8/21/2007 10389.00 10445.00 10799.00
8/22/2007 10569.00 10627.00 10975.00
8/23/2007 10488.00 10546.00 10915.00
8/24/2007 10655.00 10714.00 11103.00
8/25/2007 10655.00 10714.00 11103.00
8/26/2007 10655.00 10714.00 11103.00
8/27/2007 10529.00 10586.00 10982.00
8/28/2007 10283.00 10340.00 10723.00
8/29/2007 10538.00 10597.00 10982.00
8/30/2007 10494.00 10553.00 10932.00
8/31/2007 10649.00 10708.00 11093.00
9/1/2007 10649.00 10708.00 11093.00
9/2/2007 10649.00 10708.00 11093.00
9/3/2007 10649.00 10708.00 11093.00
9/4/2007 10766.00 10827.00 11239.00
9/5/2007 10674.00 10734.00 11158.00
9/6/2007 10724.00 10785.00 11212.00
9/7/2007 10519.00 10579.00 11006.00
9/8/2007 10519.00 10579.00 11006.00
9/9/2007 10519.00 10579.00 11006.00
9/10/2007 10448.00 10506.00 10937.00
9/11/2007 10596.00 10657.00 11093.00
9/12/2007 10592.00 10652.00 11101.00
9/13/2007 10647.00 10708.00 11137.00
9/14/2007 10712.00 10774.00 11192.00
9/15/2007 10712.00 10774.00 11192.00
9/16/2007 10712.00 10774.00 11192.00
9/17/2007 10621.00 10681.00 11107.00
9/18/2007 10942.00 11006.00 11429.00
9/19/2007 10981.00 11044.00 11469.00
9/20/2007 10912.00 10976.00 11396.00
9/21/2007 10939.00 11003.00 11430.00
9/22/2007 10939.00 11003.00 11430.00
9/23/2007 10939.00 11003.00 11430.00
9/24/2007 10876.00 10939.00 11354.00
9/25/2007 10870.00 10934.00 11349.00
9/26/2007 10935.00 11000.00 11433.00
9/27/2007 10993.00 11058.00 11520.00
9/28/2007 10937.00 11002.00 11484.00
9/29/2007 10937.00 11002.00 11484.00
9/30/2007 10937.00 11002.00 11484.00
10/1/2007 11068.00 11133.00 11630.00
10/2/2007 11169.00 11236.00 11700.00
10/3/2007 11152.00 11218.00 11673.00
10/4/2007 11125.00 11192.00 11659.00
10/5/2007 11341.00 11411.00 11858.00
10/6/2007 11341.00 11411.00 11858.00
10/7/2007 11341.00 11411.00 11858.00
10/8/2007 11265.00 11333.00 11799.00
10/9/2007 11395.00 11464.00 11928.00
10/10/2007 11387.00 11457.00 11931.00
10/11/2007 11305.00 11373.00 11840.00
10/12/2007 11311.00 11380.00 11862.00
10/13/2007 11311.00 11380.00 11862.00
10/14/2007 11311.00 11380.00 11862.00
10/15/2007 11217.00 11286.00 11789.00
10/16/2007 11154.00 11221.00 11702.00
10/17/2007 11148.00 11216.00 11711.00
10/18/2007 11204.00 11270.00 11754.00
10/19/2007 10914.00 10980.00 11466.00
10/20/2007 10914.00 10980.00 11466.00
10/21/2007 10914.00 10980.00 11466.00
10/22/2007 10999.00 11065.00 11542.00
10/23/2007 11081.00 11148.00 11634.00
10/24/2007 11098.00 11164.00 11639.00
10/25/2007 11117.00 11184.00 11595.00
10/26/2007 11282.00 11351.00 11743.00
10/27/2007 11282.00 11351.00 11743.00
10/28/2007 11282.00 11351.00 11743.00
10/29/2007 11290.00 11360.00 11778.00
10/30/2007 11219.00 11288.00 11674.00
10/31/2007 11445.00 11516.00 11889.00

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2007

 SINCE INCEPTION
 ONE YEAR (03/01/06)
 -------- ---------------
RYDEX S&P MIDCAP 400 PURE GROWTH ETF.............................. 20.17% 8.42%
S&P MIDCAP 400/CITIGROUP PURE GROWTH TOTAL RETURN INDEX........... 20.69% 8.83%
S&P MIDCAP 400 GROWTH TOTAL RETURN INDEX.......................... 21.05% 10.93%

The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Past performance is not guarantee of future results.

Rydex S&P MidCap 400 Pure Growth ETF
PORTFOLIO SUMMARY As of October 31, 2007

TOP 10 HOLDINGS*

 DESCRIPTION % OF NET ASSETS
------------------------------------------------------------------------------------
GAMESTOP CORP. -- CLASS A 2.17%
HANSEN NATURAL CORP. 1.77%
ITT EDUCATIONAL SERVICES, INC. 1.75%
GEN-PROBE, INC. 1.75%
STRAYER EDUCATION, INC. 1.69%
CAREER EDUCATION CORP. 1.67%
CORINTHIAN COLLEGES, INC. 1.59%
FRONTIER OIL CORP. 1.58%
DENBURY RESOURCES, INC. 1.55%
ENERGIZER HOLDINGS, INC. 1.52%

------------------------------------------------------------------------------------

SECTOR ALLOCATIONS*

(PIE CHART)

Consumer Discretionary Health Care Information Technology Industrials Energy
30.58 19.22 13.62 10.85 10.35

Consumer Discretionary Financials Consumer Staples Materials Utilities
30.58 6.83 4.61 3.34 0.60

15 ANNUAL REPORT

RYDEX S&P SMALLCAP 600 PURE VALUE ETF
MANAGER'S ANALYSIS

For the year ended October 31, 2007, Rydex S&P SmallCap 600 Pure Value ETF fell -5.38%. Over the year its benchmark, the S&P 600/Citigroup Pure Value Total Return Index, slide -5.24%, underperforming its counterpart index, the S&P SmallCap 600 Value Total Return Index, which returned 5.62%.

This ETF and its benchmark struggled versus other styles over the year. In particular, the drop in the market this summer hit small-cap value stocks hard and they never recovered. Compared to the S&P 600/Citigroup Value Index, the pure index was hurt significantly by three sectors: consumer discretionary, industrials and information technology.

CUMULATIVE FUND PERFORMANCE: MARCH 1, 2006 - OCTOBER 31, 2007

(PERFORMANCE GRAPH)

 S&P
 RYDEX SMALLCAP 600/CITIGROUP S&P
 S&P SMALLCAP PURE VALUE SMALLCAP 600/CITIGROUP
 600 PURE TOTAL RETURN VALUE TOTAL
 VALUE ETF(A) INDEX(B) RETURN INDEX(C)
 ------------ ---------------------- ----------------------
3/1/2006 10000.00 10000.00 10000.00
3/2/2006 9938.00 9938.00 9980.00
3/3/2006 9904.00 9906.00 9941.00
3/4/2006 9904.00 9906.00 9941.00
3/5/2006 9904.00 9906.00 9941.00
3/6/2006 9854.00 9856.00 9847.00
3/7/2006 9714.00 9717.00 9722.00
3/8/2006 9735.00 9737.00 9726.00
3/9/2006 9691.00 9693.00 9684.00
3/10/2006 9836.00 9839.00 9817.00
3/11/2006 9836.00 9839.00 9817.00
3/12/2006 9836.00 9839.00 9817.00
3/13/2006 9844.00 9847.00 9832.00
3/14/2006 9932.00 9934.00 9948.00
3/15/2006 9982.00 9985.00 10026.00
3/16/2006 10018.00 10022.00 10048.00
3/17/2006 10075.00 10079.00 10085.00
3/18/2006 10075.00 10079.00 10085.00
3/19/2006 10075.00 10079.00 10085.00
3/20/2006 10107.00 10109.00 10090.00
3/21/2006 9961.00 9965.00 9981.00
3/22/2006 10133.00 10137.00 10114.00
3/23/2006 10166.00 10172.00 10144.00
3/24/2006 10234.00 10238.00 10204.00
3/25/2006 10234.00 10238.00 10204.00
3/26/2006 10234.00 10238.00 10204.00
3/27/2006 10237.00 10242.00 10199.00
3/28/2006 10174.00 10179.00 10154.00
3/29/2006 10349.00 10354.00 10317.00
3/30/2006 10317.00 10323.00 10296.00
3/31/2006 10338.00 10344.00 10336.00
4/1/2006 10338.00 10344.00 10336.00
4/2/2006 10338.00 10344.00 10336.00
4/3/2006 10296.00 10301.00 10288.00
4/4/2006 10354.00 10360.00 10337.00
4/5/2006 10372.00 10378.00 10391.00
4/6/2006 10367.00 10374.00 10386.00
4/7/2006 10247.00 10254.00 10259.00
4/8/2006 10247.00 10254.00 10259.00
4/9/2006 10247.00 10254.00 10259.00
4/10/2006 10185.00 10190.00 10214.00
4/11/2006 10062.00 10069.00 10085.00
4/12/2006 10120.00 10125.00 10134.00
4/13/2006 10127.00 10133.00 10153.00
4/14/2006 10127.00 10133.00 10153.00
4/15/2006 10127.00 10133.00 10153.00
4/16/2006 10127.00 10133.00 10153.00
4/17/2006 10109.00 10116.00 10153.00
4/18/2006 10338.00 10344.00 10424.00
4/19/2006 10450.00 10457.00 10535.00
4/20/2006 10432.00 10441.00 10500.00
4/21/2006 10393.00 10402.00 10476.00
4/22/2006 10393.00 10402.00 10476.00
4/23/2006 10393.00 10402.00 10476.00
4/24/2006 10338.00 10347.00 10407.00
4/25/2006 10328.00 10336.00 10379.00
4/26/2006 10346.00 10355.00 10374.00
4/27/2006 10307.00 10316.00 10303.00
4/28/2006 10359.00 10369.00 10350.00
4/29/2006 10359.00 10369.00 10350.00
4/30/2006 10359.00 10369.00 10350.00
5/1/2006 10330.00 10338.00 10347.00
5/2/2006 10450.00 10459.00 10427.00
5/3/2006 10455.00 10466.00 10448.00
5/4/2006 10489.00 10498.00 10566.00
5/5/2006 10585.00 10594.00 10651.00
5/6/2006 10585.00 10594.00 10651.00
5/7/2006 10585.00 10594.00 10651.00
5/8/2006 10596.00 10607.00 10665.00
5/9/2006 10588.00 10599.00 10663.00
5/10/2006 10486.00 10496.00 10608.00
5/11/2006 10182.00 10192.00 10358.00
5/12/2006 9979.00 9988.00 10159.00
5/13/2006 9979.00 9988.00 10159.00
5/14/2006 9979.00 9988.00 10159.00
5/15/2006 9951.00 9958.00 10095.00
5/16/2006 9956.00 9964.00 10089.00
5/17/2006 9815.00 9823.00 9937.00
5/18/2006 9740.00 9748.00 9860.00
5/19/2006 9823.00 9833.00 9925.00
5/20/2006 9823.00 9833.00 9925.00
5/21/2006 9823.00 9833.00 9925.00
5/22/2006 9787.00 9796.00 9854.00
5/23/2006 9704.00 9711.00 9791.00
5/24/2006 9774.00 9783.00 9824.00
5/25/2006 9922.00 9932.00 9985.00
5/26/2006 9888.00 9897.00 10005.00
5/27/2006 9888.00 9897.00 10005.00
5/28/2006 9888.00 9897.00 10005.00
5/29/2006 9888.00 9897.00 10005.00
5/30/2006 9649.00 9658.00 9755.00
5/31/2006 9769.00 9777.00 9880.00
6/1/2006 9945.00 9958.00 10066.00
6/2/2006 9961.00 9973.00 10084.00
6/3/2006 9961.00 9973.00 10084.00
6/4/2006 9961.00 9973.00 10084.00
6/5/2006 9688.00 9699.00 9801.00
6/6/2006 9623.00 9631.00 9730.00
6/7/2006 9602.00 9611.00 9688.00
6/8/2006 9662.00 9673.00 9689.00
6/9/2006 9584.00 9594.00 9625.00
6/10/2006 9584.00 9594.00 9625.00
6/11/2006 9584.00 9594.00 9625.00
6/12/2006 9376.00 9380.00 9385.00
6/13/2006 9238.00 9240.00 9272.00
6/14/2006 9233.00 9237.00 9310.00
6/15/2006 9524.00 9533.00 9615.00
6/16/2006 9438.00 9446.00 9525.00
6/17/2006 9438.00 9446.00 9525.00
6/18/2006 9438.00 9446.00 9525.00
6/19/2006 9295.00 9300.00 9379.00
6/20/2006 9251.00 9254.00 9334.00
6/21/2006 9402.00 9407.00 9504.00
6/22/2006 9438.00 9445.00 9488.00
6/23/2006 9449.00 9456.00 9498.00
6/24/2006 9449.00 9456.00 9498.00
6/25/2006 9449.00 9456.00 9498.00
6/26/2006 9576.00 9586.00 9626.00
6/27/2006 9436.00 9444.00 9475.00
6/28/2006 9485.00 9494.00 9506.00
6/29/2006 9821.00 9835.00 9847.00
6/30/2006 9917.00 9935.00 9918.00
7/1/2006 9917.00 9935.00 9918.00
7/2/2006 9917.00 9935.00 9918.00
7/3/2006 9956.00 9973.00 9986.00
7/4/2006 9956.00 9973.00 9986.00
7/5/2006 9860.00 9875.00 9858.00
7/6/2006 9912.00 9930.00 9897.00
7/7/2006 9761.00 9776.00 9745.00
7/8/2006 9761.00 9776.00 9745.00
7/9/2006 9761.00 9776.00 9745.00
7/10/2006 9805.00 9820.00 9771.00
7/11/2006 9870.00 9887.00 9830.00
7/12/2006 9678.00 9692.00 9650.00
7/13/2006 9477.00 9486.00 9462.00
7/14/2006 9391.00 9404.00 9373.00
7/15/2006 9391.00 9404.00 9373.00
7/16/2006 9391.00 9404.00 9373.00
7/17/2006 9324.00 9335.00 9293.00
7/18/2006 9397.00 9408.00 9354.00
7/19/2006 9680.00 9693.00 9642.00
7/20/2006 9446.00 9457.00 9383.00
7/21/2006 9306.00 9317.00 9221.00
7/22/2006 9306.00 9317.00 9221.00
7/23/2006 9306.00 9317.00 9221.00
7/24/2006 9563.00 9575.00 9456.00
7/25/2006 9670.00 9684.00 9554.00
7/26/2006 9599.00 9614.00 9498.00
7/27/2006 9490.00 9504.00 9388.00
7/28/2006 9704.00 9716.00 9588.00
7/29/2006 9704.00 9716.00 9588.00
7/30/2006 9704.00 9716.00 9588.00
7/31/2006 9714.00 9728.00 9593.00
8/1/2006 9560.00 9574.00 9467.00
8/2/2006 9584.00 9597.00 9548.00
8/3/2006 9691.00 9706.00 9676.00
8/4/2006 9625.00 9640.00 9646.00
8/5/2006 9625.00 9640.00 9646.00
8/6/2006 9625.00 9640.00 9646.00
8/7/2006 9576.00 9589.00 9573.00
8/8/2006 9449.00 9462.00 9480.00
8/9/2006 9376.00 9390.00 9398.00
8/10/2006 9433.00 9446.00 9464.00
8/11/2006 9319.00 9333.00 9376.00
8/12/2006 9319.00 9333.00 9376.00
8/13/2006 9319.00 9333.00 9376.00
8/14/2006 9371.00 9385.00 9413.00
8/15/2006 9542.00 9557.00 9621.00
8/16/2006 9651.00 9667.00 9770.00
8/17/2006 9678.00 9694.00 9780.00
8/18/2006 9711.00 9728.00 9795.00
8/19/2006 9711.00 9728.00 9795.00
8/20/2006 9711.00 9728.00 9795.00
8/21/2006 9672.00 9688.00 9714.00
8/22/2006 9735.00 9752.00 9744.00
8/23/2006 9618.00 9635.00 9604.00
8/24/2006 9581.00 9596.00 9582.00
8/25/2006 9592.00 9609.00 9591.00
8/26/2006 9592.00 9609.00 9591.00
8/27/2006 9592.00 9609.00 9591.00
8/28/2006 9688.00 9704.00 9686.00
8/29/2006 9802.00 9821.00 9795.00
8/30/2006 9831.00 9849.00 9842.00
8/31/2006 9839.00 9856.00 9850.00
9/1/2006 9875.00 9894.00 9884.00
9/2/2006 9875.00 9894.00 9884.00
9/3/2006 9875.00 9894.00 9884.00
9/4/2006 9875.00 9894.00 9884.00
9/5/2006 9982.00 10001.00 9985.00
9/6/2006 9789.00 9808.00 9789.00
9/7/2006 9688.00 9707.00 9719.00
9/8/2006 9717.00 9735.00 9752.00
9/9/2006 9717.00 9735.00 9752.00
9/10/2006 9717.00 9735.00 9752.00
9/11/2006 9675.00 9693.00 9725.00
9/12/2006 9878.00 9897.00 9942.00
9/13/2006 9984.00 10005.00 10036.00
9/14/2006 9927.00 9947.00 9981.00
9/15/2006 9983.00 10003.00 10017.00
9/16/2006 9983.00 10003.00 10017.00
9/17/2006 9983.00 10003.00 10017.00
9/18/2006 9965.00 9985.00 10015.00
9/19/2006 9921.00 9942.00 9972.00
9/20/2006 10022.00 10045.00 10092.00
9/21/2006 9939.00 9958.00 9990.00
9/22/2006 9905.00 9925.00 9903.00
9/23/2006 9905.00 9925.00 9903.00
9/24/2006 9905.00 9925.00 9903.00
9/25/2006 10007.00 10029.00 10015.00
9/26/2006 10022.00 10045.00 10062.00
9/27/2006 10095.00 10117.00 10111.00
9/28/2006 10072.00 10094.00 10092.00
9/29/2006 9939.00 9961.00 9977.00
9/30/2006 9939.00 9961.00 9977.00
10/1/2006 9939.00 9961.00 9977.00
10/2/2006 9861.00 9880.00 9893.00
10/3/2006 9913.00 9933.00 9907.00
10/4/2006 10066.00 10079.00 10090.00
10/5/2006 10155.00 10170.00 10211.00
10/6/2006 10082.00 10097.00 10155.00
10/7/2006 10082.00 10097.00 10155.00
10/8/2006 10082.00 10097.00 10155.00
10/9/2006 10176.00 10190.00 10225.00
10/10/2006 10204.00 10219.00 10248.00
10/11/2006 10160.00 10175.00 10216.00
10/12/2006 10373.00 10392.00 10416.00
10/13/2006 10436.00 10455.00 10483.00
10/14/2006 10436.00 10455.00 10483.00
10/15/2006 10436.00 10455.00 10483.00
10/16/2006 10519.00 10539.00 10587.00
10/17/2006 10493.00 10512.00 10523.00
10/18/2006 10472.00 10490.00 10474.00
10/19/2006 10524.00 10544.00 10520.00
10/20/2006 10472.00 10491.00 10438.00
10/21/2006 10472.00 10491.00 10438.00
10/22/2006 10472.00 10491.00 10438.00
10/23/2006 10495.00 10514.00 10465.00
10/24/2006 10547.00 10567.00 10494.00
10/25/2006 10615.00 10635.00 10573.00
10/26/2006 10717.00 10739.00 10658.00
10/27/2006 10573.00 10595.00 10523.00
10/28/2006 10573.00 10595.00 10523.00
10/29/2006 10573.00 10595.00 10523.00
10/30/2006 10623.00 10644.00 10578.00
10/31/2006 10519.00 10539.00 10518.00
11/1/2006 10307.00 10326.00 10343.00
11/2/2006 10265.00 10283.00 10299.00
11/3/2006 10270.00 10289.00 10321.00
11/4/2006 10270.00 10289.00 10321.00
11/5/2006 10270.00 10289.00 10321.00
11/6/2006 10385.00 10405.00 10451.00
11/7/2006 10396.00 10418.00 10470.00
11/8/2006 10506.00 10527.00 10547.00
11/9/2006 10396.00 10417.00 10450.00
11/10/2006 10498.00 10520.00 10535.00
11/11/2006 10498.00 10520.00 10535.00
11/12/2006 10498.00 10520.00 10535.00
11/13/2006 10579.00 10603.00 10589.00
11/14/2006 10768.00 10791.00 10760.00
11/15/2006 10849.00 10873.00 10831.00
11/16/2006 10849.00 10875.00 10802.00
11/17/2006 10778.00 10803.00 10755.00
11/18/2006 10778.00 10803.00 10755.00
11/19/2006 10778.00 10803.00 10755.00
11/20/2006 10823.00 10847.00 10794.00
11/21/2006 10862.00 10888.00 10833.00
11/22/2006 10857.00 10882.00 10845.00
11/23/2006 10857.00 10882.00 10845.00
11/24/2006 10865.00 10891.00 10849.00
11/25/2006 10865.00 10891.00 10849.00
11/26/2006 10865.00 10891.00 10849.00
11/27/2006 10629.00 10654.00 10587.00
11/28/2006 10668.00 10693.00 10612.00
11/29/2006 10757.00 10782.00 10748.00
11/30/2006 10794.00 10820.00 10778.00
12/1/2006 10752.00 10779.00 10719.00
12/2/2006 10752.00 10779.00 10719.00
12/3/2006 10752.00 10779.00 10719.00
12/4/2006 10967.00 10994.00 10910.00
12/5/2006 10978.00 11005.00 10938.00
12/6/2006 10985.00 11014.00 10925.00
12/7/2006 10959.00 10987.00 10875.00
12/8/2006 10946.00 10975.00 10856.00
12/9/2006 10946.00 10975.00 10856.00
12/10/2006 10946.00 10975.00 10856.00
12/11/2006 10959.00 10988.00 10854.00
12/12/2006 10946.00 10974.00 10801.00
12/13/2006 10928.00 10956.00 10804.00
12/14/2006 11025.00 11052.00 10868.00
12/15/2006 10988.00 11016.00 10850.00
12/16/2006 10988.00 11016.00 10850.00
12/17/2006 10988.00 11016.00 10850.00
12/18/2006 10852.00 10883.00 10727.00
12/19/2006 10841.00 10873.00 10727.00
12/20/2006 10886.00 10918.00 10772.00
12/21/2006 10902.00 10933.00 10739.00
12/22/2006 10860.00 10892.00 10695.00
12/23/2006 10860.00 10892.00 10695.00
12/24/2006 10860.00 10892.00 10695.00
12/25/2006 10860.00 10892.00 10695.00
12/26/2006 10983.00 11015.00 10811.00
12/27/2006 11150.00 11183.00 10948.00
12/28/2006 11097.00 11128.00 10908.00
12/29/2006 10995.00 11027.00 10815.00
12/30/2006 10995.00 11027.00 10815.00
12/31/2006 10995.00 11027.00 10815.00
1/1/2007 10995.00 11027.00 10815.00
1/2/2007 10995.00 11027.00 10815.00
1/3/2007 11084.00 11116.00 10824.00
1/4/2007 11087.00 11118.00 10840.00
1/5/2007 10827.00 10859.00 10641.00
1/6/2007 10827.00 10859.00 10641.00
1/7/2007 10827.00 10859.00 10641.00
1/8/2007 10825.00 10858.00 10658.00
1/9/2007 10851.00 10882.00 10681.00
1/10/2007 10848.00 10882.00 10692.00
1/11/2007 10990.00 11022.00 10838.00
1/12/2007 11053.00 11086.00 10904.00
1/13/2007 11053.00 11086.00 10904.00
1/14/2007 11053.00 11086.00 10904.00
1/15/2007 11053.00 11086.00 10904.00
1/16/2007 11066.00 11101.00 10876.00
1/17/2007 11037.00 11072.00 10853.00
1/18/2007 10969.00 11002.00 10741.00
1/19/2007 11061.00 11096.00 10833.00
1/20/2007 11061.00 11096.00 10833.00
1/21/2007 11061.00 11096.00 10833.00
1/22/2007 10969.00 11002.00 10732.00
1/23/2007 11045.00 11079.00 10836.00
1/24/2007 11185.00 11221.00 10947.00
1/25/2007 11079.00 11113.00 10823.00
1/26/2007 11137.00 11172.00 10866.00
1/27/2007 11137.00 11172.00 10866.00
1/28/2007 11137.00 11172.00 10866.00
1/29/2007 11179.00 11216.00 10918.00
1/30/2007 11256.00 11292.00 10994.00
1/31/2007 11319.00 11356.00 11041.00
2/1/2007 11419.00 11457.00 11149.00
2/2/2007 11471.00 11508.00 11166.00
2/3/2007 11471.00 11508.00 11166.00
2/4/2007 11471.00 11508.00 11166.00
2/5/2007 11447.00 11485.00 11114.00
2/6/2007 11495.00 11533.00 11179.00
2/7/2007 11547.00 11586.00 11258.00
2/8/2007 11492.00 11530.00 11231.00
2/9/2007 11369.00 11407.00 11114.00
2/10/2007 11369.00 11407.00 11114.00
2/11/2007 11369.00 11407.00 11114.00
2/12/2007 11345.00 11385.00 11083.00
2/13/2007 11437.00 11476.00 11185.00
2/14/2007 11429.00 11469.00 11213.00
2/15/2007 11440.00 11480.00 11226.00
2/16/2007 11487.00 11526.00 11255.00
2/17/2007 11487.00 11526.00 11255.00
2/18/2007 11487.00 11526.00 11255.00
2/19/2007 11487.00 11526.00 11255.00
2/20/2007 11592.00 11632.00 11361.00
2/21/2007 11618.00 11660.00 11384.00
2/22/2007 11652.00 11693.00 11397.00
2/23/2007 11597.00 11638.00 11355.00
2/24/2007 11597.00 11638.00 11355.00
2/25/2007 11597.00 11638.00 11355.00
2/26/2007 11605.00 11648.00 11327.00
2/27/2007 11185.00 11225.00 10936.00
2/28/2007 11274.00 11313.00 10936.00
3/1/2007 11198.00 11237.00 10902.00
3/2/2007 11016.00 11055.00 10710.00
3/3/2007 11016.00 11055.00 10710.00
3/4/2007 11016.00 11055.00 10710.00
3/5/2007 10769.00 10805.00 10487.00
3/6/2007 11014.00 11051.00 10722.00
3/7/2007 11024.00 11064.00 10702.00
3/8/2007 11074.00 11113.00 10787.00
3/9/2007 11074.00 11112.00 10834.00
3/10/2007 11074.00 11112.00 10834.00
3/11/2007 11074.00 11112.00 10834.00
3/12/2007 11100.00 11141.00 10874.00
3/13/2007 10827.00 10865.00 10610.00
3/14/2007 10914.00 10953.00 10701.00
3/15/2007 11022.00 11061.00 10817.00
3/16/2007 10965.00 11002.00 10760.00
3/17/2007 10965.00 11002.00 10760.00
3/18/2007 10965.00 11002.00 10760.00
3/19/2007 11076.00 11112.00 10861.00
3/20/2007 11155.00 11193.00 10958.00
3/21/2007 11302.00 11341.00 11136.00
3/22/2007 11349.00 11389.00 11132.00
3/23/2007 11360.00 11399.00 11163.00
3/24/2007 11360.00 11399.00 11163.00
3/25/2007 11360.00 11399.00 11163.00
3/26/2007 11354.00 11394.00 11142.00
3/27/2007 11252.00 11291.00 11050.00
3/28/2007 11189.00 11228.00 11004.00
3/29/2007 11247.00 11284.00 11049.00
3/30/2007 11218.00 11256.00 11049.00
3/31/2007 11218.00 11256.00 11049.00
4/1/2007 11218.00 11256.00 11049.00
4/2/2007 11299.00 11341.00 11092.00
4/3/2007 11394.00 11436.00 11187.00
4/4/2007 11334.00 11374.00 11176.00
4/5/2007 11360.00 11402.00 11189.00
4/6/2007 11360.00 11402.00 11189.00
4/7/2007 11360.00 11402.00 11189.00
4/8/2007 11360.00 11402.00 11189.00
4/9/2007 11368.00 11410.00 11182.00
4/10/2007 11402.00 11445.00 11228.00
4/11/2007 11307.00 11349.00 11128.00
4/12/2007 11389.00 11432.00 11208.00
4/13/2007 11476.00 11521.00 11272.00
4/14/2007 11476.00 11521.00 11272.00
4/15/2007 11476.00 11521.00 11272.00
4/16/2007 11613.00 11657.00 11434.00
4/17/2007 11568.00 11613.00 11398.00
4/18/2007 11524.00 11568.00 11350.00
4/19/2007 11474.00 11516.00 11297.00
4/20/2007 11624.00 11668.00 11445.00
4/21/2007 11624.00 11668.00 11445.00
4/22/2007 11624.00 11668.00 11445.00
4/23/2007 11595.00 11639.00 11427.00
4/24/2007 11571.00 11616.00 11409.00
4/25/2007 11671.00 11719.00 11489.00
4/26/2007 11714.00 11760.00 11516.00
4/27/2007 11637.00 11684.00 11474.00
4/28/2007 11637.00 11684.00 11474.00
4/29/2007 11637.00 11684.00 11474.00
4/30/2007 11418.00 11463.00 11267.00
5/1/2007 11487.00 11532.00 11334.00
5/2/2007 11706.00 11752.00 11511.00
5/3/2007 11669.00 11716.00 11519.00
5/4/2007 11703.00 11750.00 11565.00
5/5/2007 11703.00 11750.00 11565.00
5/6/2007 11703.00 11750.00 11565.00
5/7/2007 11698.00 11746.00 11570.00
5/8/2007 11692.00 11741.00 11561.00
5/9/2007 11756.00 11805.00 11623.00
5/10/2007 11524.00 11571.00 11405.00
5/11/2007 11626.00 11674.00 11554.00
5/12/2007 11626.00 11674.00 11554.00
5/13/2007 11626.00 11674.00 11554.00
5/14/2007 11505.00 11552.00 11457.00
5/15/2007 11400.00 11445.00 11359.00
5/16/2007 11463.00 11509.00 11434.00
5/17/2007 11386.00 11431.00 11377.00
5/18/2007 11468.00 11515.00 11455.00
5/19/2007 11468.00 11515.00 11455.00
5/20/2007 11468.00 11515.00 11455.00
5/21/2007 11595.00 11644.00 11583.00
5/22/2007 11711.00 11761.00 11683.00
5/23/2007 11634.00 11685.00 11627.00
5/24/2007 11492.00 11539.00 11462.00
5/25/2007 11595.00 11645.00 11540.00
5/26/2007 11595.00 11645.00 11540.00
5/27/2007 11595.00 11645.00 11540.00
5/28/2007 11595.00 11645.00 11540.00
5/29/2007 11711.00 11761.00 11662.00
5/30/2007 11758.00 11809.00 11732.00
5/31/2007 11779.00 11829.00 11782.00
6/1/2007 11914.00 11968.00 11887.00
6/2/2007 11914.00 11968.00 11887.00
6/3/2007 11914.00 11968.00 11887.00
6/4/2007 11969.00 12023.00 11906.00
6/5/2007 11835.00 11884.00 11797.00
6/6/2007 11703.00 11752.00 11672.00
6/7/2007 11487.00 11532.00 11446.00
6/8/2007 11584.00 11632.00 11568.00
6/9/2007 11584.00 11632.00 11568.00
6/10/2007 11584.00 11632.00 11568.00
6/11/2007 11563.00 11612.00 11554.00
6/12/2007 11389.00 11435.00 11391.00
6/13/2007 11503.00 11549.00 11548.00
6/14/2007 11603.00 11650.00 11631.00
6/15/2007 11760.00 11810.00 11786.00
6/16/2007 11760.00 11810.00 11786.00
6/17/2007 11760.00 11810.00 11786.00
6/18/2007 11728.00 11781.00 11748.00
6/19/2007 11776.00 11828.00 11780.00
6/20/2007 11641.00 11692.00 11616.00
6/21/2007 11660.00 11710.00 11647.00
6/22/2007 11515.00 11563.00 11533.00
6/23/2007 11515.00 11563.00 11533.00
6/24/2007 11515.00 11563.00 11533.00
6/25/2007 11438.00 11485.00 11452.00
6/26/2007 11383.00 11430.00 11395.00
6/27/2007 11512.00 11559.00 11563.00
6/28/2007 11549.00 11599.00 11578.00
6/29/2007 11488.00 11536.00 11518.00
6/30/2007 11488.00 11536.00 11518.00
7/1/2007 11488.00 11536.00 11518.00
7/2/2007 11665.00 11716.00 11676.00
7/3/2007 11681.00 11733.00 11697.00
7/4/2007 11681.00 11733.00 11697.00
7/5/2007 11700.00 11751.00 11725.00
7/6/2007 11708.00 11758.00 11728.00
7/7/2007 11708.00 11758.00 11728.00
7/8/2007 11708.00 11758.00 11728.00
7/9/2007 11766.00 11819.00 11768.00
7/10/2007 11530.00 11581.00 11547.00
7/11/2007 11589.00 11638.00 11596.00
7/12/2007 11785.00 11835.00 11830.00
7/13/2007 11792.00 11844.00 11874.00
7/14/2007 11792.00 11844.00 11874.00
7/15/2007 11792.00 11844.00 11874.00
7/16/2007 11705.00 11758.00 11793.00
7/17/2007 11700.00 11752.00 11826.00
7/18/2007 11618.00 11669.00 11777.00
7/19/2007 11687.00 11739.00 11885.00
7/20/2007 11456.00 11508.00 11667.00
7/21/2007 11456.00 11508.00 11667.00
7/22/2007 11456.00 11508.00 11667.00
7/23/2007 11456.00 11506.00 11659.00
7/24/2007 11123.00 11170.00 11345.00
7/25/2007 11123.00 11169.00 11352.00
7/26/2007 10739.00 10784.00 11026.00
7/27/2007 10522.00 10565.00 10813.00
7/28/2007 10522.00 10565.00 10813.00
7/29/2007 10522.00 10565.00 10813.00
7/30/2007 10602.00 10646.00 10927.00
7/31/2007 10559.00 10603.00 10836.00
8/1/2007 10498.00 10541.00 10838.00
8/2/2007 10549.00 10593.00 10915.00
8/3/2007 10109.00 10148.00 10466.00
8/4/2007 10109.00 10148.00 10466.00
8/5/2007 10109.00 10148.00 10466.00
8/6/2007 10133.00 10172.00 10587.00
8/7/2007 10099.00 10139.00 10632.00
8/8/2007 10236.00 10277.00 10801.00
8/9/2007 10022.00 10062.00 10640.00
8/10/2007 10295.00 10336.00 10857.00
8/11/2007 10295.00 10336.00 10857.00
8/12/2007 10295.00 10336.00 10857.00
8/13/2007 10181.00 10221.00 10734.00
8/14/2007 9953.00 9992.00 10501.00
8/15/2007 9784.00 9822.00 10323.00
8/16/2007 10041.00 10080.00 10557.00
8/17/2007 10271.00 10313.00 10804.00
8/18/2007 10271.00 10313.00 10804.00
8/19/2007 10271.00 10313.00 10804.00
8/20/2007 10260.00 10303.00 10829.00
8/21/2007 10310.00 10355.00 10863.00
8/22/2007 10451.00 10495.00 11006.00
8/23/2007 10326.00 10370.00 10882.00
8/24/2007 10435.00 10479.00 11037.00
8/25/2007 10435.00 10479.00 11037.00
8/26/2007 10435.00 10479.00 11037.00
8/27/2007 10318.00 10364.00 10911.00
8/28/2007 10019.00 10062.00 10595.00
8/29/2007 10260.00 10305.00 10857.00
8/30/2007 10221.00 10263.00 10803.00
8/31/2007 10324.00 10369.00 10948.00
9/1/2007 10324.00 10369.00 10948.00
9/2/2007 10324.00 10369.00 10948.00
9/3/2007 10324.00 10369.00 10948.00
9/4/2007 10337.00 10382.00 11020.00
9/5/2007 10223.00 10268.00 10896.00
9/6/2007 10189.00 10233.00 10911.00
9/7/2007 9980.00 10022.00 10663.00
9/8/2007 9980.00 10022.00 10663.00
9/9/2007 9980.00 10022.00 10663.00
9/10/2007 9876.00 9917.00 10571.00
9/11/2007 10038.00 10081.00 10750.00
9/12/2007 9945.00 9988.00 10680.00
9/13/2007 9945.00 9989.00 10702.00
9/14/2007 10017.00 10061.00 10755.00
9/15/2007 10017.00 10061.00 10755.00
9/16/2007 10017.00 10061.00 10755.00
9/17/2007 9908.00 9951.00 10655.00
9/18/2007 10348.00 10396.00 11107.00
9/19/2007 10541.00 10592.00 11262.00
9/20/2007 10419.00 10468.00 11169.00
9/21/2007 10401.00 10450.00 11174.00
9/22/2007 10401.00 10450.00 11174.00
9/23/2007 10401.00 10450.00 11174.00
9/24/2007 10261.00 10307.00 11059.00
9/25/2007 10136.00 10182.00 10987.00
9/26/2007 10179.00 10227.00 11068.00
9/27/2007 10192.00 10240.00 11100.00
9/28/2007 10065.00 10111.00 10977.00
9/29/2007 10065.00 10111.00 10977.00
9/30/2007 10065.00 10111.00 10977.00
10/1/2007 10307.00 10356.00 11241.00
10/2/2007 10342.00 10390.00 11339.00
10/3/2007 10273.00 10320.00 11241.00
10/4/2007 10307.00 10355.00 11252.00
10/5/2007 10499.00 10548.00 11487.00
10/6/2007 10499.00 10548.00 11487.00
10/7/2007 10499.00 10548.00 11487.00
10/8/2007 10379.00 10427.00 11386.00
10/9/2007 10472.00 10521.00 11466.00
10/10/2007 10382.00 10430.00 11424.00
10/11/2007 10280.00 10330.00 11300.00
10/12/2007 10323.00 10372.00 11379.00
10/13/2007 10323.00 10372.00 11379.00
10/14/2007 10323.00 10372.00 11379.00
10/15/2007 10137.00 10184.00 11195.00
10/16/2007 10012.00 10060.00 11077.00
10/17/2007 9969.00 10016.00 11067.00
10/18/2007 9964.00 10010.00 11055.00
10/19/2007 9612.00 9657.00 10712.00
10/20/2007 9612.00 9657.00 10712.00
10/21/2007 9612.00 9657.00 10712.00
10/22/2007 9831.00 9877.00 10899.00
10/23/2007 9894.00 9940.00 10990.00
10/24/2007 9809.00 9857.00 10918.00
10/25/2007 9748.00 9793.00 10863.00
10/26/2007 9918.00 9967.00 11051.00
10/27/2007 9918.00 9967.00 11051.00
10/28/2007 9918.00 9967.00 11051.00
10/29/2007 9860.00 9906.00 11025.00
10/30/2007 9862.00 9910.00 10983.00
10/31/2007 9953.00 9989.00 11110.00

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2007

 SINCE INCEPTION
 ONE YEAR (03/01/06)
 -------- ---------------
RYDEX S&P SMALLCAP 600 PURE VALUE ETF............................. -5.38% -0.28%
S&P SMALLCAP 600/CITIGROUP PURE VALUE TOTAL RETURN INDEX.......... -5.24% -0.06%
S&P SMALLCAP 600 VALUE TOTAL RETURN INDEX......................... 5.62% 6.51%

The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Past performance is not guarantee of future results.

Rydex S&P SmallCap 600 Pure Value ETF
PORTFOLIO SUMMARY As of October 31, 2007

TOP 10 HOLDINGS*

 DESCRIPTION % OF NET ASSETS
------------------------------------------------------------------------------------
LIBBEY, INC. 2.44%
NASH FINCH CO. 2.37%
CENTRAL VERMONT PUBLIC SERVICE CORP. 1.70%
SPHERION CORP. 1.50%
PENFORD CORP. 1.43%
C&D TECHNOLOGIES, INC. 1.37%
STANDARD REGISTER CO. 1.37%
SUPERIOR INDUSTRIES INTERNATIONAL 1.24%
AGILYSYS, INC. 1.13%
OWENS & MINOR, INC. 1.11%

------------------------------------------------------------------------------------

SECTOR ALLOCATIONS*

(PIE CHART)

Consumer Discretionary Industrials Financials Materials Utilities
19.9 18.97 14.85 12.48 10.57

Consumer Discretionary Information Technology Consumer Staples Health Care
19.9 10.06 6.70 6.47

17 ANNUAL REPORT

RYDEX S&P SMALLCAP 600 PURE GROWTH ETF
MANAGER'S ANALYSIS

For the year ended October 31, 2007, Rydex S&P SmallCap 600 Pure Growth ETF returned 14.93%. Over the year its benchmark, S&P 600/Citigroup Pure Growth Total Return Index returned 15.31%, underperforming its counterpart index, the S&P SmallCap 600 Growth Total Return Index which handed in a 18.27% return.

This ETF was a steady performer over the year and was able to rebound after the hit all stocks took in the summer. Rydex S&P SmallCap Pure Growth ETF was able to recapture losses and finish the year near its 52-week high. The markets favored growth over value, which helped this ETF achieve positive returns. Compared to the S&P 600/Citigroup Growth benchmark, the pure benchmark was hurt by the industrials sector.

CUMULATIVE FUND PERFORMANCE: MARCH 1, 2006 - OCTOBER 31, 2007

(PERFORMANCE GRAPH)

 RYDEX S&P S&P SMALLCAP S&P SMALLCAP
 SMALLCAP 600 600/CITIGROUP PURE 600/CITIGROUP GROWTH
 PURE GROWTH GROWTH TOTAL TOTAL RETURN
 ETF(A) RETURN INDEX(B) INDEX(C)
 ------------ ------------------ --------------------
3/1/2006 10000.00 10001.00 10000.00
3/2/2006 9969.00 9971.00 9995.00
3/3/2006 9964.00 9965.00 9967.00
3/4/2006 9964.00 9965.00 9967.00
3/5/2006 9964.00 9965.00 9967.00
3/6/2006 9845.00 9847.00 9842.00
3/7/2006 9748.00 9749.00 9726.00
3/8/2006 9776.00 9778.00 9741.00
3/9/2006 9738.00 9738.00 9700.00
3/10/2006 9852.00 9855.00 9804.00
3/11/2006 9852.00 9855.00 9804.00
3/12/2006 9852.00 9855.00 9804.00
3/13/2006 9875.00 9878.00 9838.00
3/14/2006 9919.00 9919.00 9941.00
3/15/2006 10015.00 10017.00 10018.00
3/16/2006 10048.00 10051.00 10064.00
3/17/2006 10084.00 10087.00 10079.00
3/18/2006 10084.00 10087.00 10079.00
3/19/2006 10084.00 10087.00 10079.00
3/20/2006 10071.00 10074.00 10080.00
3/21/2006 10046.00 10049.00 10028.00
3/22/2006 10145.00 10147.00 10130.00
3/23/2006 10193.00 10197.00 10170.00
3/24/2006 10244.00 10247.00 10219.00
3/25/2006 10244.00 10247.00 10219.00
3/26/2006 10244.00 10247.00 10219.00
3/27/2006 10229.00 10232.00 10212.00
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5/29/2007 11117.00 11167.00 11354.00
5/30/2007 11203.00 11254.00 11444.00
5/31/2007 11259.00 11311.00 11503.00
6/1/2007 11313.00 11365.00 11577.00
6/2/2007 11313.00 11365.00 11577.00
6/3/2007 11313.00 11365.00 11577.00
6/4/2007 11346.00 11399.00 11611.00
6/5/2007 11280.00 11332.00 11532.00
6/6/2007 11157.00 11210.00 11407.00
6/7/2007 10979.00 11030.00 11199.00
6/8/2007 11096.00 11147.00 11314.00
6/9/2007 11096.00 11147.00 11314.00
6/10/2007 11096.00 11147.00 11314.00
6/11/2007 11068.00 11119.00 11297.00
6/12/2007 10982.00 11032.00 11192.00
6/13/2007 11099.00 11150.00 11323.00
6/14/2007 11173.00 11224.00 11408.00
6/15/2007 11297.00 11351.00 11532.00
6/16/2007 11297.00 11351.00 11532.00
6/17/2007 11297.00 11351.00 11532.00
6/18/2007 11307.00 11362.00 11520.00
6/19/2007 11340.00 11394.00 11564.00
6/20/2007 11231.00 11284.00 11437.00
6/21/2007 11259.00 11312.00 11477.00
6/22/2007 11162.00 11214.00 11390.00
6/23/2007 11162.00 11214.00 11390.00
6/24/2007 11162.00 11214.00 11390.00
6/25/2007 11129.00 11181.00 11316.00
6/26/2007 11068.00 11122.00 11256.00
6/27/2007 11256.00 11312.00 11419.00
6/28/2007 11287.00 11342.00 11429.00
6/29/2007 11228.00 11282.00 11391.00
6/30/2007 11228.00 11282.00 11391.00
7/1/2007 11228.00 11282.00 11391.00
7/2/2007 11328.00 11383.00 11509.00
7/3/2007 11358.00 11415.00 11546.00
7/4/2007 11358.00 11415.00 11546.00
7/5/2007 11394.00 11449.00 11584.00
7/6/2007 11396.00 11454.00 11602.00
7/7/2007 11396.00 11454.00 11602.00
7/8/2007 11396.00 11454.00 11602.00
7/9/2007 11440.00 11498.00 11638.00
7/10/2007 11262.00 11318.00 11449.00
7/11/2007 11340.00 11396.00 11529.00
7/12/2007 11485.00 11544.00 11691.00
7/13/2007 11496.00 11554.00 11707.00
7/14/2007 11496.00 11554.00 11707.00
7/15/2007 11496.00 11554.00 11707.00
7/16/2007 11432.00 11489.00 11641.00
7/17/2007 11432.00 11490.00 11659.00
7/18/2007 11412.00 11470.00 11625.00
7/19/2007 11468.00 11527.00 11712.00
7/20/2007 11318.00 11374.00 11537.00
7/21/2007 11318.00 11374.00 11537.00
7/22/2007 11318.00 11374.00 11537.00
7/23/2007 11325.00 11383.00 11545.00
7/24/2007 11071.00 11127.00 11290.00
7/25/2007 11050.00 11107.00 11276.00
7/26/2007 10821.00 10876.00 11051.00
7/27/2007 10722.00 10776.00 10938.00
7/28/2007 10722.00 10776.00 10938.00
7/29/2007 10722.00 10776.00 10938.00
7/30/2007 10786.00 10840.00 11028.00
7/31/2007 10663.00 10716.00 10925.00
8/1/2007 10669.00 10721.00 10965.00
8/2/2007 10796.00 10850.00 11103.00
8/3/2007 10501.00 10551.00 10790.00
8/4/2007 10501.00 10551.00 10790.00
8/5/2007 10501.00 10551.00 10790.00
8/6/2007 10684.00 10736.00 10959.00
8/7/2007 10747.00 10801.00 11069.00
8/8/2007 10893.00 10946.00 11231.00
8/9/2007 10801.00 10855.00 11089.00
8/10/2007 10796.00 10851.00 11084.00
8/11/2007 10796.00 10851.00 11084.00
8/12/2007 10796.00 10851.00 11084.00
8/13/2007 10725.00 10777.00 11023.00
8/14/2007 10562.00 10615.00 10852.00
8/15/2007 10473.00 10524.00 10723.00
8/16/2007 10582.00 10634.00 10841.00
8/17/2007 10798.00 10852.00 11087.00
8/18/2007 10798.00 10852.00 11087.00
8/19/2007 10798.00 10852.00 11087.00
8/20/2007 10842.00 10895.00 11128.00
8/21/2007 10842.00 10897.00 11140.00
8/22/2007 10943.00 10998.00 11260.00
8/23/2007 10786.00 10840.00 11125.00
8/24/2007 10931.00 10985.00 11286.00
8/25/2007 10931.00 10985.00 11286.00
8/26/2007 10931.00 10985.00 11286.00
8/27/2007 10821.00 10874.00 11174.00
8/28/2007 10554.00 10603.00 10895.00
8/29/2007 10758.00 10809.00 11122.00
8/30/2007 10730.00 10781.00 11093.00
8/31/2007 10849.00 10902.00 11229.00
9/1/2007 10849.00 10902.00 11229.00
9/2/2007 10849.00 10902.00 11229.00
9/3/2007 10849.00 10902.00 11229.00
9/4/2007 10923.00 10979.00 11312.00
9/5/2007 10885.00 10940.00 11241.00
9/6/2007 10915.00 10972.00 11273.00
9/7/2007 10742.00 10794.00 11080.00
9/8/2007 10742.00 10794.00 11080.00
9/9/2007 10742.00 10794.00 11080.00
9/10/2007 10697.00 10746.00 11019.00
9/11/2007 10852.00 10907.00 11195.00
9/12/2007 10831.00 10885.00 11174.00
9/13/2007 10847.00 10902.00 11195.00
9/14/2007 10923.00 10979.00 11253.00
9/15/2007 10923.00 10979.00 11253.00
9/16/2007 10923.00 10979.00 11253.00
9/17/2007 10814.00 10868.00 11152.00
9/18/2007 11142.00 11202.00 11509.00
9/19/2007 11254.00 11317.00 11634.00
9/20/2007 11165.00 11226.00 11552.00
9/21/2007 11195.00 11259.00 11568.00
9/22/2007 11195.00 11259.00 11568.00
9/23/2007 11195.00 11259.00 11568.00
9/24/2007 11086.00 11146.00 11481.00
9/25/2007 11091.00 11153.00 11473.00
9/26/2007 11162.00 11225.00 11560.00
9/27/2007 11216.00 11280.00 11625.00
9/28/2007 11132.00 11194.00 11542.00
9/29/2007 11132.00 11194.00 11542.00
9/30/2007 11132.00 11194.00 11542.00
10/1/2007 11374.00 11440.00 11790.00
10/2/2007 11455.00 11523.00 11872.00
10/3/2007 11396.00 11463.00 11809.00
10/4/2007 11450.00 11519.00 11853.00
10/5/2007 11625.00 11695.00 12038.00
10/6/2007 11625.00 11695.00 12038.00
10/7/2007 11625.00 11695.00 12038.00
10/8/2007 11531.00 11600.00 11977.00
10/9/2007 11610.00 11680.00 12036.00
10/10/2007 11613.00 11682.00 12034.00
10/11/2007 11447.00 11514.00 11879.00
10/12/2007 11506.00 11573.00 11956.00
10/13/2007 11506.00 11573.00 11956.00
10/14/2007 11506.00 11573.00 11956.00
10/15/2007 11371.00 11436.00 11832.00
10/16/2007 11310.00 11374.00 11745.00
10/17/2007 11290.00 11355.00 11749.00
10/18/2007 11282.00 11346.00 11730.00
10/19/2007 10961.00 11025.00 11398.00
10/20/2007 10961.00 11025.00 11398.00
10/21/2007 10961.00 11025.00 11398.00
10/22/2007 11139.00 11204.00 11525.00
10/23/2007 11259.00 11325.00 11654.00
10/24/2007 11134.00 11198.00 11555.00
10/25/2007 11101.00 11166.00 11506.00
10/26/2007 11315.00 11380.00 11727.00
10/27/2007 11315.00 11380.00 11727.00
10/28/2007 11315.00 11380.00 11727.00
10/29/2007 11325.00 11393.00 11751.00
10/30/2007 11269.00 11336.00 11662.00
10/31/2007 11432.00 11499.00 11836.00

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2007

 SINCE INCEPTION
 ONE YEAR (03/01/06)
 -------- ---------------
RYDEX S&P SMALLCAP 600 PURE GROWTH ETF............................ 14.93% 8.35%
S&P SMALLCAP 600/CITIGROUP PURE GROWTH TOTAL RETURN INDEX......... 15.31% 8.73%
S&P SMALLCAP 600 GROWTH TOTAL RETURN INDEX........................ 18.27% 10.63%

The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Past performance is not guarantee of future results.

Rydex S&P SmallCap 600 Pure Growth ETF
PORTFOLIO SUMMARY As of October 31, 2007

TOP 10 HOLDINGS*

 DESCRIPTION % OF NET ASSETS
------------------------------------------------------------------------------------
FLIR SYSTEMS, INC. 2.56%
ITRON, INC. 1.65%
J2 GLOBAL COMMUNICATIONS, INC. 1.45%
BANKRATE, INC. 1.44%
OPTIONSXPRESS HOLDINGS, INC. 1.42%
POSSIS MEDICAL, INC. 1.38%
EPIQ SYSTEMS, INC. 1.33%
COINSTAR, INC. 1.32%
PRE-PAID LEGAL SERVICES, INC. 1.32%
INTEGRA LIFESCIENCES HOLDINGS CORP. 1.31%

------------------------------------------------------------------------------------

SECTOR ALLOCATIONS*

(PIE CHART)

Information Technology Health Care Consumer Discretionary Energy Industrials
24.29 23.83 21.66 10.40 8.58

Information Technology Financials Consumer Staples Telecommunication Services
24.29 8.53 2.20 0.51

19 ANNUAL REPORT

RYDEX S&P EQUAL WEIGHT CONSUMER DISCRETIONARY ETF
MANAGER'S ANALYSIS

For the period since inception (November 1, 2006) through October 31, 2007, Rydex S&P Equal Weight Consumer Discretionary ETF slid slightly -.40%. For the same period its benchmark, the S&P Equal Weight Consumer Discretionary Total Return Index returned 0.27%

This ETF struggled throughout the year and had significant losses as the overall market was hurt this summer. Consumer discretionary spending and outlook were impacted negatively by the credit crunch. This sector was one of only two sectors that declined on the year due to poor performance in household durables, specialty retail, multiline retail and automobiles industries.

CUMULATIVE FUND PERFORMANCE: NOVEMBER 1, 2006 - OCTOBER 31, 2007

(PERFORMANCE GRAPH)

 RYDEX S&P
 EQUAL WEIGHT S&P 500
 CONSUMER DISCRETIONARY TOTAL RETURN
 ETF(A) INDEX(B)
 ---------------------- ------------
11/1/2006 10000.00 10000.00
11/2/2006 9980.00 9999.00
11/3/2006 9913.00 9978.00
11/4/2006 9913.00 9978.00
11/5/2006 9913.00 9978.00
11/6/2006 10056.00 10091.00
11/7/2006 10069.00 10114.00
11/8/2006 10120.00 10137.00
11/9/2006 10076.00 10085.00
11/10/2006 10165.00 10104.00
11/11/2006 10165.00 10104.00
11/12/2006 10165.00 10104.00
11/13/2006 10173.00 10132.00
11/14/2006 10298.00 10198.00
11/15/2006 10358.00 10225.00
11/16/2006 10434.00 10249.00
11/17/2006 10387.00 10259.00
11/18/2006 10387.00 10259.00
11/19/2006 10387.00 10259.00
11/20/2006 10342.00 10254.00
11/21/2006 10389.00 10272.00
11/22/2006 10445.00 10297.00
11/23/2006 10445.00 10297.00
11/24/2006 10398.00 10260.00
11/25/2006 10398.00 10260.00
11/26/2006 10398.00 10260.00
11/27/2006 10225.00 10120.00
11/28/2006 10211.00 10158.00
11/29/2006 10302.00 10256.00
11/30/2006 10313.00 10264.00
12/1/2006 10267.00 10236.00
12/2/2006 10267.00 10236.00
12/3/2006 10267.00 10236.00
12/4/2006 10405.00 10327.00
12/5/2006 10469.00 10368.00
12/6/2006 10465.00 10357.00
12/7/2006 10394.00 10317.00
12/8/2006 10398.00 10336.00
12/9/2006 10398.00 10336.00
12/10/2006 10398.00 10336.00
12/11/2006 10425.00 10359.00
12/12/2006 10373.00 10349.00
12/13/2006 10422.00 10363.00
12/14/2006 10525.00 10453.00
12/15/2006 10478.00 10465.00
12/16/2006 10478.00 10465.00
12/17/2006 10478.00 10465.00
12/18/2006 10438.00 10431.00
12/19/2006 10414.00 10454.00
12/20/2006 10438.00 10440.00
12/21/2006 10389.00 10404.00
12/22/2006 10389.00 10350.00
12/23/2006 10389.00 10350.00
12/24/2006 10389.00 10350.00
12/25/2006 10389.00 10350.00
12/26/2006 10407.00 10395.00
12/27/2006 10495.00 10470.00
12/28/2006 10469.00 10455.00
12/29/2006 10431.00 10408.00
12/30/2006 10431.00 10408.00
12/31/2006 10431.00 10408.00
1/1/2007 10431.00 10408.00
1/2/2007 10431.00 10408.00
1/3/2007 10449.00 10398.00
1/4/2007 10451.00 10411.00
1/5/2007 10375.00 10347.00
1/6/2007 10375.00 10347.00
1/7/2007 10375.00 10347.00
1/8/2007 10400.00 10373.00
1/9/2007 10469.00 10368.00
1/10/2007 10509.00 10389.00
1/11/2007 10638.00 10455.00
1/12/2007 10660.00 10506.00
1/13/2007 10660.00 10506.00
1/14/2007 10660.00 10506.00
1/15/2007 10660.00 10506.00
1/16/2007 10676.00 10515.00
1/17/2007 10680.00 10506.00
1/18/2007 10720.00 10475.00
1/19/2007 10758.00 10506.00
1/20/2007 10758.00 10506.00
1/21/2007 10758.00 10506.00
1/22/2007 10702.00 10451.00
1/23/2007 10725.00 10488.00
1/24/2007 10780.00 10577.00
1/25/2007 10633.00 10458.00
1/26/2007 10602.00 10445.00
1/27/2007 10602.00 10445.00
1/28/2007 10602.00 10445.00
1/29/2007 10622.00 10435.00
1/30/2007 10642.00 10495.00
1/31/2007 10767.00 10566.00
2/1/2007 10867.00 10625.00
2/2/2007 10898.00 10643.00
2/3/2007 10898.00 10643.00
2/4/2007 10898.00 10643.00
2/5/2007 10872.00 10634.00
2/6/2007 10918.00 10641.00
2/7/2007 10965.00 10660.00
2/8/2007 10974.00 10648.00
2/9/2007 10872.00 10573.00
2/10/2007 10872.00 10573.00
2/11/2007 10872.00 10573.00
2/12/2007 10820.00 10539.00
2/13/2007 10903.00 10621.00
2/14/2007 10974.00 10705.00
2/15/2007 11016.00 10717.00
2/16/2007 10996.00 10708.00
2/17/2007 10996.00 10708.00
2/18/2007 10996.00 10708.00
2/19/2007 10996.00 10708.00
2/20/2007 11083.00 10739.00
2/21/2007 11050.00 10724.00
2/22/2007 11019.00 10717.00
2/23/2007 10981.00 10680.00
2/24/2007 10981.00 10680.00
2/25/2007 10981.00 10680.00
2/26/2007 10918.00 10668.00
2/27/2007 10560.00 10299.00
2/28/2007 10593.00 10359.00
3/1/2007 10558.00 10332.00
3/2/2007 10455.00 10215.00
3/3/2007 10455.00 10215.00
3/4/2007 10455.00 10215.00
3/5/2007 10310.00 10119.00
3/6/2007 10462.00 10276.00
3/7/2007 10471.00 10254.00
3/8/2007 10566.00 10327.00
3/9/2007 10584.00 10334.00
3/10/2007 10584.00 10334.00
3/11/2007 10584.00 10334.00
3/12/2007 10611.00 10362.00
3/13/2007 10395.00 10154.00
3/14/2007 10395.00 10223.00
3/15/2007 10457.00 10261.00
3/16/2007 10404.00 10222.00
3/17/2007 10404.00 10222.00
3/18/2007 10404.00 10222.00
3/19/2007 10511.00 10333.00
3/20/2007 10589.00 10399.00
3/21/2007 10747.00 10577.00
3/22/2007 10725.00 10573.00
3/23/2007 10752.00 10584.00
3/24/2007 10752.00 10584.00
3/25/2007 10752.00 10584.00
3/26/2007 10723.00 10595.00
3/27/2007 10645.00 10529.00
3/28/2007 10544.00 10448.00
3/29/2007 10556.00 10487.00
3/30/2007 10567.00 10475.00
3/31/2007 10567.00 10475.00
4/1/2007 10567.00 10475.00
4/2/2007 10616.00 10502.00
4/3/2007 10725.00 10602.00
4/4/2007 10716.00 10614.00
4/5/2007 10765.00 10649.00
4/6/2007 10765.00 10649.00
4/7/2007 10765.00 10649.00
4/8/2007 10765.00 10649.00
4/9/2007 10783.00 10655.00
4/10/2007 10783.00 10684.00
4/11/2007 10712.00 10615.00
4/12/2007 10781.00 10681.00
4/13/2007 10765.00 10718.00
4/14/2007 10765.00 10718.00
4/15/2007 10765.00 10718.00
4/16/2007 10895.00 10833.00
4/17/2007 10935.00 10855.00
4/18/2007 10941.00 10863.00
4/19/2007 10892.00 10850.00
4/20/2007 11004.00 10951.00
4/21/2007 11004.00 10951.00
4/22/2007 11004.00 10951.00
4/23/2007 10977.00 10926.00
4/24/2007 10979.00 10922.00
4/25/2007 11082.00 11034.00
4/26/2007 11151.00 11026.00
4/27/2007 11104.00 11025.00
4/28/2007 11104.00 11025.00
4/29/2007 11104.00 11025.00
4/30/2007 10953.00 10939.00
5/1/2007 11024.00 10968.00
5/2/2007 11118.00 11040.00
5/3/2007 11089.00 11091.00
5/4/2007 11100.00 11115.00
5/5/2007 11100.00 11115.00
5/6/2007 11100.00 11115.00
5/7/2007 11100.00 11144.00
5/8/2007 11084.00 11132.00
5/9/2007 11156.00 11171.00
5/10/2007 11004.00 11017.00
5/11/2007 11055.00 11124.00
5/12/2007 11055.00 11124.00
5/13/2007 11055.00 11124.00
5/14/2007 11031.00 11105.00
5/15/2007 10975.00 11091.00
5/16/2007 11035.00 11190.00
5/17/2007 11049.00 11181.00
5/18/2007 11160.00 11255.00
5/19/2007 11160.00 11255.00
5/20/2007 11160.00 11255.00
5/21/2007 11205.00 11272.00
5/22/2007 11236.00 11265.00
5/23/2007 11223.00 11252.00
5/24/2007 11136.00 11144.00
5/25/2007 11160.00 11205.00
5/26/2007 11160.00 11205.00
5/27/2007 11160.00 11205.00
5/28/2007 11160.00 11205.00
5/29/2007 11173.00 11224.00
5/30/2007 11269.00 11318.00
5/31/2007 11292.00 11321.00
6/1/2007 11379.00 11363.00
6/2/2007 11379.00 11363.00
6/3/2007 11379.00 11363.00
6/4/2007 11417.00 11384.00
6/5/2007 11345.00 11324.00
6/6/2007 11223.00 11226.00
6/7/2007 11013.00 11030.00
6/8/2007 11147.00 11155.00
6/9/2007 11147.00 11155.00
6/10/2007 11147.00 11155.00
6/11/2007 11120.00 11166.00
6/12/2007 10991.00 11047.00
6/13/2007 11127.00 11217.00
6/14/2007 11160.00 11272.00
6/15/2007 11213.00 11345.00
6/16/2007 11213.00 11345.00
6/17/2007 11213.00 11345.00
6/18/2007 11189.00 11332.00
6/19/2007 11180.00 11352.00
6/20/2007 11091.00 11197.00
6/21/2007 11097.00 11269.00
6/22/2007 11006.00 11124.00
6/23/2007 11006.00 11124.00
6/24/2007 11006.00 11124.00
6/25/2007 10959.00 11088.00
6/26/2007 10901.00 11053.00
6/27/2007 11015.00 11154.00
6/28/2007 11026.00 11150.00
6/29/2007 10997.00 11133.00
6/30/2007 10997.00 11133.00
7/1/2007 10997.00 11133.00
7/2/2007 11077.00 11252.00
7/3/2007 11084.00 11294.00
7/4/2007 11084.00 11294.00
7/5/2007 11153.00 11298.00
7/6/2007 11252.00 11339.00
7/7/2007 11252.00 11339.00
7/8/2007 11252.00 11339.00
7/9/2007 11202.00 11349.00
7/10/2007 10968.00 11188.00
7/11/2007 11001.00 11254.00
7/12/2007 11153.00 11468.00
7/13/2007 11189.00 11504.00
7/14/2007 11189.00 11504.00
7/15/2007 11189.00 11504.00
7/16/2007 11129.00 11482.00
7/17/2007 11100.00 11481.00
7/18/2007 11055.00 11458.00
7/19/2007 11124.00 11510.00
7/20/2007 10948.00 11369.00
7/21/2007 10948.00 11369.00
7/22/2007 10948.00 11369.00
7/23/2007 10923.00 11425.00
7/24/2007 10704.00 11199.00
7/25/2007 10691.00 11251.00
7/26/2007 10376.00 10988.00
7/27/2007 10213.00 10814.00
7/28/2007 10213.00 10814.00
7/29/2007 10213.00 10814.00
7/30/2007 10316.00 10925.00
7/31/2007 10202.00 10787.00
8/1/2007 10197.00 10866.00
8/2/2007 10291.00 10916.00
8/3/2007 9978.00 10627.00
8/4/2007 9978.00 10627.00
8/5/2007 9978.00 10627.00
8/6/2007 10137.00 10884.00
8/7/2007 10193.00 10951.00
8/8/2007 10300.00 11109.00
8/9/2007 10007.00 10781.00
8/10/2007 10030.00 10786.00
8/11/2007 10030.00 10786.00
8/12/2007 10030.00 10786.00
8/13/2007 10050.00 10782.00
8/14/2007 9777.00 10587.00
8/15/2007 9612.00 10443.00
8/16/2007 9619.00 10477.00
8/17/2007 9804.00 10735.00
8/18/2007 9804.00 10735.00
8/19/2007 9804.00 10735.00
8/20/2007 9844.00 10732.00
8/21/2007 9900.00 10744.00
8/22/2007 10027.00 10870.00
8/23/2007 9985.00 10858.00
8/24/2007 10121.00 10985.00
8/25/2007 10121.00 10985.00
8/26/2007 10121.00 10985.00
8/27/2007 9989.00 10892.00
8/28/2007 9730.00 10636.00
8/29/2007 9983.00 10872.00
8/30/2007 9934.00 10827.00
8/31/2007 10081.00 10949.00
9/1/2007 10081.00 10949.00
9/2/2007 10081.00 10949.00
9/3/2007 10081.00 10949.00
9/4/2007 10108.00 11064.00
9/5/2007 9969.00 10942.00
9/6/2007 9972.00 10990.00
9/7/2007 9744.00 10804.00
9/8/2007 9744.00 10804.00
9/9/2007 9744.00 10804.00
9/10/2007 9639.00 10791.00
9/11/2007 9748.00 10938.00
9/12/2007 9717.00 10942.00
9/13/2007 9831.00 11034.00
9/14/2007 9891.00 11037.00
9/15/2007 9891.00 11037.00
9/16/2007 9891.00 11037.00
9/17/2007 9829.00 10980.00
9/18/2007 10188.00 11301.00
9/19/2007 10249.00 11370.00
9/20/2007 10065.00 11296.00
9/21/2007 10047.00 11348.00
9/22/2007 10047.00 11348.00
9/23/2007 10047.00 11348.00
9/24/2007 9944.00 11289.00
9/25/2007 9826.00 11285.00
9/26/2007 9902.00 11348.00
9/27/2007 9922.00 11393.00
9/28/2007 9929.00 11359.00
9/29/2007 9929.00 11359.00
9/30/2007 9929.00 11359.00
10/1/2007 10070.00 11510.00
10/2/2007 10164.00 11507.00
10/3/2007 10215.00 11457.00
10/4/2007 10128.00 11481.00
10/5/2007 10320.00 11594.00
10/6/2007 10320.00 11594.00
10/7/2007 10320.00 11594.00
10/8/2007 10260.00 11557.00
10/9/2007 10260.00 11650.00
10/10/2007 10276.00 11631.00
10/11/2007 10195.00 11572.00
10/12/2007 10188.00 11627.00
10/13/2007 10188.00 11627.00
10/14/2007 10188.00 11627.00
10/15/2007 10027.00 11530.00
10/16/2007 9949.00 11454.00
10/17/2007 9931.00 11475.00
10/18/2007 9859.00 11467.00
10/19/2007 9618.00 11173.00
10/20/2007 9618.00 11173.00
10/21/2007 9618.00 11173.00
10/22/2007 9761.00 11216.00
10/23/2007 9776.00 11315.00
10/24/2007 9770.00 11287.00
10/25/2007 9745.00 11276.00
10/26/2007 9857.00 11432.00
10/27/2007 9857.00 11432.00
10/28/2007 9857.00 11432.00
10/29/2007 9900.00 11476.00
10/30/2007 9906.00 11402.00
10/31/2007 9960.00 11539.00
 S&P 500
 EQUAL WEIGHTED
 CONSUMER DISCRETIONARY
 TOTAL RETURN
 INDEX(C)
 ----------------------
11/1/2006 10001.00
11/2/2006 9979.00
11/3/2006 9912.00
11/4/2006 9912.00
11/5/2006 9912.00
11/6/2006 10055.00
11/7/2006 10069.00
11/8/2006 10122.00
11/9/2006 10075.00
11/10/2006 10165.00
11/11/2006 10165.00
11/12/2006 10165.00
11/13/2006 10174.00
11/14/2006 10299.00
11/15/2006 10360.00
11/16/2006 10436.00
11/17/2006 10389.00
11/18/2006 10389.00
11/19/2006 10389.00
11/20/2006 10343.00
11/21/2006 10390.00
11/22/2006 10445.00
11/23/2006 10445.00
11/24/2006 10398.00
11/25/2006 10398.00
11/26/2006 10398.00
11/27/2006 10225.00
11/28/2006 10212.00
11/29/2006 10303.00
11/30/2006 10314.00
12/1/2006 10267.00
12/2/2006 10267.00
12/3/2006 10267.00
12/4/2006 10405.00
12/5/2006 10471.00
12/6/2006 10466.00
12/7/2006 10395.00
12/8/2006 10400.00
12/9/2006 10400.00
12/10/2006 10400.00
12/11/2006 10428.00
12/12/2006 10375.00
12/13/2006 10425.00
12/14/2006 10529.00
12/15/2006 10481.00
12/16/2006 10481.00
12/17/2006 10481.00
12/18/2006 10441.00
12/19/2006 10417.00
12/20/2006 10442.00
12/21/2006 10393.00
12/22/2006 10395.00
12/23/2006 10395.00
12/24/2006 10395.00
12/25/2006 10395.00
12/26/2006 10412.00
12/27/2006 10500.00
12/28/2006 10474.00
12/29/2006 10436.00
12/30/2006 10436.00
12/31/2006 10436.00
1/1/2007 10436.00
1/2/2007 10436.00
1/3/2007 10455.00
1/4/2007 10458.00
1/5/2007 10381.00
1/6/2007 10381.00
1/7/2007 10381.00
1/8/2007 10407.00
1/9/2007 10477.00
1/10/2007 10517.00
1/11/2007 10646.00
1/12/2007 10669.00
1/13/2007 10669.00
1/14/2007 10669.00
1/15/2007 10669.00
1/16/2007 10686.00
1/17/2007 10690.00
1/18/2007 10731.00
1/19/2007 10768.00
1/20/2007 10768.00
1/21/2007 10768.00
1/22/2007 10712.00
1/23/2007 10735.00
1/24/2007 10792.00
1/25/2007 10645.00
1/26/2007 10613.00
1/27/2007 10613.00
1/28/2007 10613.00
1/29/2007 10633.00
1/30/2007 10654.00
1/31/2007 10780.00
2/1/2007 10879.00
2/2/2007 10910.00
2/3/2007 10910.00
2/4/2007 10910.00
2/5/2007 10884.00
2/6/2007 10931.00
2/7/2007 10978.00
2/8/2007 10988.00
2/9/2007 10885.00
2/10/2007 10885.00
2/11/2007 10885.00
2/12/2007 10835.00
2/13/2007 10916.00
2/14/2007 10989.00
2/15/2007 11030.00
2/16/2007 11011.00
2/17/2007 11011.00
2/18/2007 11011.00
2/19/2007 11011.00
2/20/2007 11098.00
2/21/2007 11065.00
2/22/2007 11034.00
2/23/2007 10996.00
2/24/2007 10996.00
2/25/2007 10996.00
2/26/2007 10933.00
2/27/2007 10574.00
2/28/2007 10609.00
3/1/2007 10572.00
3/2/2007 10470.00
3/3/2007 10470.00
3/4/2007 10470.00
3/5/2007 10324.00
3/6/2007 10478.00
3/7/2007 10486.00
3/8/2007 10583.00
3/9/2007 10600.00
3/10/2007 10600.00
3/11/2007 10600.00
3/12/2007 10628.00
3/13/2007 10411.00
3/14/2007 10411.00
3/15/2007 10474.00
3/16/2007 10421.00
3/17/2007 10421.00
3/18/2007 10421.00
3/19/2007 10530.00
3/20/2007 10606.00
3/21/2007 10767.00
3/22/2007 10743.00
3/23/2007 10772.00
3/24/2007 10772.00
3/25/2007 10772.00
3/26/2007 10741.00
3/27/2007 10664.00
3/28/2007 10565.00
3/29/2007 10575.00
3/30/2007 10587.00
3/31/2007 10587.00
4/1/2007 10587.00
4/2/2007 10636.00
4/3/2007 10745.00
4/4/2007 10736.00
4/5/2007 10786.00
4/6/2007 10786.00
4/7/2007 10786.00
4/8/2007 10786.00
4/9/2007 10805.00
4/10/2007 10806.00
4/11/2007 10734.00
4/12/2007 10803.00
4/13/2007 10788.00
4/14/2007 10788.00
4/15/2007 10788.00
4/16/2007 10917.00
4/17/2007 10958.00
4/18/2007 10965.00
4/19/2007 10915.00
4/20/2007 11028.00
4/21/2007 11028.00
4/22/2007 11028.00
4/23/2007 11002.00
4/24/2007 11004.00
4/25/2007 11107.00
4/26/2007 11177.00
4/27/2007 11129.00
4/28/2007 11129.00
4/29/2007 11129.00
4/30/2007 10977.00
5/1/2007 11049.00
5/2/2007 11145.00
5/3/2007 11115.00
5/4/2007 11125.00
5/5/2007 11125.00
5/6/2007 11125.00
5/7/2007 11126.00
5/8/2007 11110.00
5/9/2007 11183.00
5/10/2007 11031.00
5/11/2007 11083.00
5/12/2007 11083.00
5/13/2007 11083.00
5/14/2007 11059.00
5/15/2007 11002.00
5/16/2007 11062.00
5/17/2007 11078.00
5/18/2007 11188.00
5/19/2007 11188.00
5/20/2007 11188.00
5/21/2007 11234.00
5/22/2007 11266.00
5/23/2007 11252.00
5/24/2007 11164.00
5/25/2007 11189.00
5/26/2007 11189.00
5/27/2007 11189.00
5/28/2007 11189.00
5/29/2007 11204.00
5/30/2007 11299.00
5/31/2007 11323.00
6/1/2007 11411.00
6/2/2007 11411.00
6/3/2007 11411.00
6/4/2007 11450.00
6/5/2007 11378.00
6/6/2007 11255.00
6/7/2007 11044.00
6/8/2007 11178.00
6/9/2007 11178.00
6/10/2007 11178.00
6/11/2007 11150.00
6/12/2007 11020.00
6/13/2007 11158.00
6/14/2007 11191.00
6/15/2007 11245.00
6/16/2007 11245.00
6/17/2007 11245.00
6/18/2007 11222.00
6/19/2007 11214.00
6/20/2007 11127.00
6/21/2007 11135.00
6/22/2007 11044.00
6/23/2007 11044.00
6/24/2007 11044.00
6/25/2007 10997.00
6/26/2007 10938.00
6/27/2007 11051.00
6/28/2007 11064.00
6/29/2007 11035.00
6/30/2007 11035.00
7/1/2007 11035.00
7/2/2007 11115.00
7/3/2007 11123.00
7/4/2007 11123.00
7/5/2007 11193.00
7/6/2007 11291.00
7/7/2007 11291.00
7/8/2007 11291.00
7/9/2007 11242.00
7/10/2007 11008.00
7/11/2007 11040.00
7/12/2007 11195.00
7/13/2007 11230.00
7/14/2007 11230.00
7/15/2007 11230.00
7/16/2007 11169.00
7/17/2007 11142.00
7/18/2007 11097.00
7/19/2007 11166.00
7/20/2007 10990.00
7/21/2007 10990.00
7/22/2007 10990.00
7/23/2007 10963.00
7/24/2007 10744.00
7/25/2007 10730.00
7/26/2007 10414.00
7/27/2007 10251.00
7/28/2007 10251.00
7/29/2007 10251.00
7/30/2007 10355.00
7/31/2007 10240.00
8/1/2007 10235.00
8/2/2007 10331.00
8/3/2007 10017.00
8/4/2007 10017.00
8/5/2007 10017.00
8/6/2007 10175.00
8/7/2007 10232.00
8/8/2007 10340.00
8/9/2007 10048.00
8/10/2007 10070.00
8/11/2007 10070.00
8/12/2007 10070.00
8/13/2007 10089.00
8/14/2007 9816.00
8/15/2007 9650.00
8/16/2007 9656.00
8/17/2007 9843.00
8/18/2007 9843.00
8/19/2007 9843.00
8/20/2007 9885.00
8/21/2007 9940.00
8/22/2007 10067.00
8/23/2007 10025.00
8/24/2007 10163.00
8/25/2007 10163.00
8/26/2007 10163.00
8/27/2007 10029.00
8/28/2007 9769.00
8/29/2007 10025.00
8/30/2007 9974.00
8/31/2007 10123.00
9/1/2007 10123.00
9/2/2007 10123.00
9/3/2007 10123.00
9/4/2007 10151.00
9/5/2007 10011.00
9/6/2007 10015.00
9/7/2007 9784.00
9/8/2007 9784.00
9/9/2007 9784.00
9/10/2007 9679.00
9/11/2007 9790.00
9/12/2007 9758.00
9/13/2007 9874.00
9/14/2007 9935.00
9/15/2007 9935.00
9/16/2007 9935.00
9/17/2007 9871.00
9/18/2007 10234.00
9/19/2007 10296.00
9/20/2007 10111.00
9/21/2007 10091.00
9/22/2007 10091.00
9/23/2007 10091.00
9/24/2007 9992.00
9/25/2007 9875.00
9/26/2007 9952.00
9/27/2007 9971.00
9/28/2007 9979.00
9/29/2007 9979.00
9/30/2007 9979.00
10/1/2007 10119.00
10/2/2007 10210.00
10/3/2007 10259.00
10/4/2007 10174.00
10/5/2007 10366.00
10/6/2007 10366.00
10/7/2007 10366.00
10/8/2007 10308.00
10/9/2007 10310.00
10/10/2007 10326.00
10/11/2007 10245.00
10/12/2007 10241.00
10/13/2007 10241.00
10/14/2007 10241.00
10/15/2007 10079.00
10/16/2007 10004.00
10/17/2007 9986.00
10/18/2007 9929.00
10/19/2007 9692.00
10/20/2007 9692.00
10/21/2007 9692.00
10/22/2007 9819.00
10/23/2007 9842.00
10/24/2007 9835.00
10/25/2007 9809.00
10/26/2007 9922.00
10/27/2007 9922.00
10/28/2007 9922.00
10/29/2007 9965.00
10/30/2007 9971.00
10/31/2007 10027.00

TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2007

 SINCE INCEPTION
 (11/1/2006)
 ---------------
RYDEX S&P EQUAL WEIGHT CONSUMER DISCRETIONARY ETF................. -0.40%
S&P 500 EQUAL WEIGHT CONSUMER DISCRETIONARY TOTAL RETURN INDEX.... 0.27%
S&P 500 TOTAL RETURN INDEX........................................ 15.39%

The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Past performance is not guarantee of future results.

Rydex S&P Equal Weight Consumer Discretionary ETF PORTFOLIO SUMMARY As of October 31, 2007

TOP 10 HOLDINGS*

 DESCRIPTION % OF NET ASSETS
------------------------------------------------------------------------------------
APOLLO GROUP, INC. -- CLASS A 1.49%
DILLARD'S, INC. -- CLASS A 1.30%
YUM! BRANDS, INC. 1.29%
GENERAL MOTORS CORP. 1.28%
AUTOZONE, INC. 1.27%
TRIBUNE CO. 1.26%
JOHNSON CONTROLS, INC. 1.25%
MEREDITH CORP. 1.25%
HARLEY-DAVIDSON, INC. 1.24%
NIKE, INC. -- CLASS B 1.24%

------------------------------------------------------------------------------------

INDUSTRY ALLOCATIONS*

(PIE CHART)

Media Specialty Retail Household Durables
19.57 19.27 14.55

Media Hotels, Restaurants & Leisure Multiline Retail
19.57 12.65 9.59

Media Textiles, Apparel & Luxury Goods
19.57 6.39

Media Leisure Equipment & Products Automobiles
19.57 4.54 3.75

Media Internet & Catalog Retail Diversified Consumer Services
19.57 3.46 2.68

Media Auto Components Distributors
19.57 2.47 1.08

* The Fund's Top 10 Holdings are expressed as a percentage of net assets and the Industry Allocations are expressed as a percentage of the Fund's investments market value. These percentages may change over time.

21 ANNUAL REPORT

RYDEX S&P EQUAL WEIGHT CONSUMER STAPLES ETF
MANAGER'S ANALYSIS

For the period since inception (November 1, 2006) through October 31, 2007, Rydex S&P Equal Weight Consumer Staples ETF returned 11.45%. For the same period its benchmark, the S&P Equal Weight Consumer Staples Total Return Index delivered a 12.51% return.

Consumer staples is a late-cycle sector and performed in line with the overall market in the past year. All of its industry groups delivered positive returns.

CUMULATIVE FUND PERFORMANCE: NOVEMBER 1, 2006 - OCTOBER 31, 2007

(PERFORMANCE GRAPH)

 S&P 500
 RYDEX S&P EQUAL WEIGHTED
 EQUAL WEIGHT S&P 500 CONSUMER STAPLES
 CONSUMER STAPLES TOTAL RETURN TOTAL RETURN
 ETF(A) INDEX(B) INDEX(C)
 ---------------- ------------ ----------------
11/1/2006 10000.00 10000.00 9999.00
11/2/2006 9981.00 9999.00 9981.00
11/3/2006 9846.00 9978.00 9845.00
11/4/2006 9846.00 9978.00 9845.00
11/5/2006 9846.00 9978.00 9845.00
11/6/2006 9927.00 10091.00 9927.00
11/7/2006 9911.00 10114.00 9911.00
11/8/2006 9975.00 10137.00 9975.00
11/9/2006 9940.00 10085.00 9939.00
11/10/2006 9950.00 10104.00 9950.00
11/11/2006 9950.00 10104.00 9950.00
11/12/2006 9950.00 10104.00 9950.00
11/13/2006 9936.00 10132.00 9937.00
11/14/2006 9979.00 10198.00 9981.00
11/15/2006 10010.00 10225.00 10010.00
11/16/2006 10064.00 10249.00 10064.00
11/17/2006 10056.00 10259.00 10057.00
11/18/2006 10056.00 10259.00 10057.00
11/19/2006 10056.00 10259.00 10057.00
11/20/2006 10035.00 10254.00 10036.00
11/21/2006 10027.00 10272.00 10027.00
11/22/2006 10056.00 10297.00 10058.00
11/23/2006 10056.00 10297.00 10058.00
11/24/2006 10031.00 10260.00 10032.00
11/25/2006 10031.00 10260.00 10032.00
11/26/2006 10031.00 10260.00 10032.00
11/27/2006 9913.00 10120.00 9915.00
11/28/2006 9956.00 10158.00 9958.00
11/29/2006 10042.00 10256.00 10044.00
11/30/2006 10029.00 10264.00 10032.00
12/1/2006 9994.00 10236.00 9996.00
12/2/2006 9994.00 10236.00 9996.00
12/3/2006 9994.00 10236.00 9996.00
12/4/2006 10139.00 10327.00 10142.00
12/5/2006 10203.00 10368.00 10207.00
12/6/2006 10195.00 10357.00 10200.00
12/7/2006 10160.00 10317.00 10164.00
12/8/2006 10183.00 10336.00 10187.00
12/9/2006 10183.00 10336.00 10187.00
12/10/2006 10183.00 10336.00 10187.00
12/11/2006 10193.00 10359.00 10197.00
12/12/2006 10228.00 10349.00 10233.00
12/13/2006 10212.00 10363.00 10216.00
12/14/2006 10262.00 10453.00 10266.00
12/15/2006 10251.00 10465.00 10256.00
12/16/2006 10251.00 10465.00 10256.00
12/17/2006 10251.00 10465.00 10256.00
12/18/2006 10233.00 10431.00 10239.00
12/19/2006 10247.00 10454.00 10254.00
12/20/2006 10226.00 10440.00 10233.00
12/21/2006 10243.00 10404.00 10249.00
12/22/2006 10233.00 10350.00 10239.00
12/23/2006 10233.00 10350.00 10239.00
12/24/2006 10233.00 10350.00 10239.00
12/25/2006 10233.00 10350.00 10239.00
12/26/2006 10257.00 10395.00 10265.00
12/27/2006 10290.00 10470.00 10298.00
12/28/2006 10282.00 10455.00 10290.00
12/29/2006 10230.00 10408.00 10238.00
12/30/2006 10230.00 10408.00 10238.00
12/31/2006 10230.00 10408.00 10238.00
1/1/2007 10230.00 10408.00 10238.00
1/2/2007 10230.00 10408.00 10238.00
1/3/2007 10234.00 10398.00 10242.00
1/4/2007 10209.00 10411.00 10217.00
1/5/2007 10145.00 10347.00 10152.00
1/6/2007 10145.00 10347.00 10152.00
1/7/2007 10145.00 10347.00 10152.00
1/8/2007 10166.00 10373.00 10174.00
1/9/2007 10176.00 10368.00 10185.00
1/10/2007 10209.00 10389.00 10218.00
1/11/2007 10278.00 10455.00 10288.00
1/12/2007 10259.00 10506.00 10268.00
1/13/2007 10259.00 10506.00 10268.00
1/14/2007 10259.00 10506.00 10268.00
1/15/2007 10259.00 10506.00 10268.00
1/16/2007 10270.00 10515.00 10279.00
1/17/2007 10249.00 10506.00 10260.00
1/18/2007 10259.00 10475.00 10269.00
1/19/2007 10278.00 10506.00 10289.00
1/20/2007 10278.00 10506.00 10289.00
1/21/2007 10278.00 10506.00 10289.00
1/22/2007 10297.00 10451.00 10308.00
1/23/2007 10309.00 10488.00 10320.00
1/24/2007 10343.00 10577.00 10355.00
1/25/2007 10291.00 10458.00 10301.00
1/26/2007 10280.00 10445.00 10292.00
1/27/2007 10280.00 10445.00 10292.00
1/28/2007 10280.00 10445.00 10292.00
1/29/2007 10307.00 10435.00 10318.00
1/30/2007 10341.00 10495.00 10352.00
1/31/2007 10416.00 10566.00 10428.00
2/1/2007 10509.00 10625.00 10521.00
2/2/2007 10503.00 10643.00 10516.00
2/3/2007 10503.00 10643.00 10516.00
2/4/2007 10503.00 10643.00 10516.00
2/5/2007 10468.00 10634.00 10482.00
2/6/2007 10482.00 10641.00 10496.00
2/7/2007 10441.00 10660.00 10454.00
2/8/2007 10430.00 10648.00 10443.00
2/9/2007 10411.00 10573.00 10426.00
2/10/2007 10411.00 10573.00 10426.00
2/11/2007 10411.00 10573.00 10426.00
2/12/2007 10409.00 10539.00 10423.00
2/13/2007 10486.00 10621.00 10502.00
2/14/2007 10532.00 10705.00 10546.00
2/15/2007 10609.00 10717.00 10625.00
2/16/2007 10630.00 10708.00 10646.00
2/17/2007 10630.00 10708.00 10646.00
2/18/2007 10630.00 10708.00 10646.00
2/19/2007 10630.00 10708.00 10646.00
2/20/2007 10693.00 10739.00 10709.00
2/21/2007 10638.00 10724.00 10655.00
2/22/2007 10613.00 10717.00 10629.00
2/23/2007 10576.00 10680.00 10593.00
2/24/2007 10576.00 10680.00 10593.00
2/25/2007 10576.00 10680.00 10593.00
2/26/2007 10588.00 10668.00 10605.00
2/27/2007 10293.00 10299.00 10308.00
2/28/2007 10359.00 10359.00 10375.00
3/1/2007 10295.00 10332.00 10310.00
3/2/2007 10186.00 10215.00 10203.00
3/3/2007 10186.00 10215.00 10203.00
3/4/2007 10186.00 10215.00 10203.00
3/5/2007 10159.00 10119.00 10174.00
3/6/2007 10253.00 10276.00 10269.00
3/7/2007 10197.00 10254.00 10213.00
3/8/2007 10288.00 10327.00 10306.00
3/9/2007 10313.00 10334.00 10330.00
3/10/2007 10313.00 10334.00 10330.00
3/11/2007 10313.00 10334.00 10330.00
3/12/2007 10357.00 10362.00 10376.00
3/13/2007 10199.00 10154.00 10217.00
3/14/2007 10249.00 10223.00 10266.00
3/15/2007 10328.00 10261.00 10347.00
3/16/2007 10294.00 10222.00 10314.00
3/17/2007 10294.00 10222.00 10314.00
3/18/2007 10294.00 10222.00 10314.00
3/19/2007 10359.00 10333.00 10378.00
3/20/2007 10440.00 10399.00 10461.00
3/21/2007 10561.00 10577.00 10583.00
3/22/2007 10582.00 10573.00 10603.00
3/23/2007 10615.00 10584.00 10637.00
3/24/2007 10615.00 10584.00 10637.00
3/25/2007 10615.00 10584.00 10637.00
3/26/2007 10625.00 10595.00 10649.00
3/27/2007 10548.00 10529.00 10571.00
3/28/2007 10540.00 10448.00 10562.00
3/29/2007 10551.00 10487.00 10574.00
3/30/2007 10592.00 10475.00 10615.00
3/31/2007 10592.00 10475.00 10615.00
4/1/2007 10592.00 10475.00 10615.00
4/2/2007 10621.00 10502.00 10643.00
4/3/2007 10690.00 10602.00 10710.00
4/4/2007 10707.00 10614.00 10727.00
4/5/2007 10732.00 10649.00 10753.00
4/6/2007 10732.00 10649.00 10753.00
4/7/2007 10732.00 10649.00 10753.00
4/8/2007 10732.00 10649.00 10753.00
4/9/2007 10743.00 10655.00 10765.00
4/10/2007 10759.00 10684.00 10781.00
4/11/2007 10699.00 10615.00 10720.00
4/12/2007 10749.00 10681.00 10770.00
4/13/2007 10770.00 10718.00 10793.00
4/14/2007 10770.00 10718.00 10793.00
4/15/2007 10770.00 10718.00 10793.00
4/16/2007 10841.00 10833.00 10864.00
4/17/2007 10870.00 10855.00 10894.00
4/18/2007 10853.00 10863.00 10877.00
4/19/2007 10891.00 10850.00 10914.00
4/20/2007 10979.00 10951.00 11002.00
4/21/2007 10979.00 10951.00 11002.00
4/22/2007 10979.00 10951.00 11002.00
4/23/2007 10993.00 10926.00 11018.00
4/24/2007 11012.00 10922.00 11037.00
4/25/2007 11060.00 11034.00 11085.00
4/26/2007 11029.00 11026.00 11054.00
4/27/2007 10987.00 11025.00 11013.00
4/28/2007 10987.00 11025.00 11013.00
4/29/2007 10987.00 11025.00 11013.00
4/30/2007 10951.00 10939.00 10976.00
5/1/2007 10949.00 10968.00 10975.00
5/2/2007 10987.00 11040.00 11012.00
5/3/2007 10954.00 11091.00 10979.00
5/4/2007 10951.00 11115.00 10978.00
5/5/2007 10951.00 11115.00 10978.00
5/6/2007 10951.00 11115.00 10978.00
5/7/2007 10977.00 11144.00 11003.00
5/8/2007 10954.00 11132.00 10980.00
5/9/2007 10954.00 11171.00 10981.00
5/10/2007 10807.00 11017.00 10834.00
5/11/2007 10832.00 11124.00 10859.00
5/12/2007 10832.00 11124.00 10859.00
5/13/2007 10832.00 11124.00 10859.00
5/14/2007 10830.00 11105.00 10857.00
5/15/2007 10847.00 11091.00 10874.00
5/16/2007 10962.00 11190.00 10990.00
5/17/2007 10939.00 11181.00 10966.00
5/18/2007 11000.00 11255.00 11028.00
5/19/2007 11000.00 11255.00 11028.00
5/20/2007 11000.00 11255.00 11028.00
5/21/2007 10956.00 11272.00 10984.00
5/22/2007 10958.00 11265.00 10986.00
5/23/2007 10947.00 11252.00 10977.00
5/24/2007 10903.00 11144.00 10932.00
5/25/2007 10960.00 11205.00 10991.00
5/26/2007 10960.00 11205.00 10991.00
5/27/2007 10960.00 11205.00 10991.00
5/28/2007 10960.00 11205.00 10991.00
5/29/2007 11006.00 11224.00 11036.00
5/30/2007 11048.00 11318.00 11078.00
5/31/2007 11052.00 11321.00 11083.00
6/1/2007 11140.00 11363.00 11171.00
6/2/2007 11140.00 11363.00 11171.00
6/3/2007 11140.00 11363.00 11171.00
6/4/2007 11096.00 11384.00 11126.00
6/5/2007 11023.00 11324.00 11055.00
6/6/2007 10935.00 11226.00 10966.00
6/7/2007 10795.00 11030.00 10825.00
6/8/2007 10874.00 11155.00 10907.00
6/9/2007 10874.00 11155.00 10907.00
6/10/2007 10874.00 11155.00 10907.00
6/11/2007 10903.00 11166.00 10936.00
6/12/2007 10801.00 11047.00 10834.00
6/13/2007 10943.00 11217.00 10975.00
6/14/2007 10933.00 11272.00 10964.00
6/15/2007 10971.00 11345.00 11004.00
6/16/2007 10971.00 11345.00 11004.00
6/17/2007 10971.00 11345.00 11004.00
6/18/2007 10971.00 11332.00 11005.00
6/19/2007 10911.00 11352.00 10959.00
6/20/2007 10808.00 11197.00 10882.00
6/21/2007 10894.00 11269.00 10970.00
6/22/2007 10765.00 11124.00 10838.00
6/23/2007 10765.00 11124.00 10838.00
6/24/2007 10765.00 11124.00 10838.00
6/25/2007 10746.00 11088.00 10820.00
6/26/2007 10710.00 11053.00 10784.00
6/27/2007 10806.00 11154.00 10882.00
6/28/2007 10827.00 11150.00 10904.00
6/29/2007 10838.00 11133.00 10913.00
6/30/2007 10838.00 11133.00 10913.00
7/1/2007 10838.00 11133.00 10913.00
7/2/2007 10909.00 11252.00 10987.00
7/3/2007 10905.00 11294.00 10984.00
7/4/2007 10905.00 11294.00 10984.00
7/5/2007 10888.00 11298.00 10967.00
7/6/2007 10914.00 11339.00 10993.00
7/7/2007 10914.00 11339.00 10993.00
7/8/2007 10914.00 11339.00 10993.00
7/9/2007 10916.00 11349.00 10995.00
7/10/2007 10815.00 11188.00 10891.00
7/11/2007 10876.00 11254.00 10954.00
7/12/2007 11015.00 11468.00 11094.00
7/13/2007 11057.00 11504.00 11138.00
7/14/2007 11057.00 11504.00 11138.00
7/15/2007 11057.00 11504.00 11138.00
7/16/2007 11015.00 11482.00 11096.00
7/17/2007 10954.00 11481.00 11034.00
7/18/2007 10962.00 11458.00 11042.00
7/19/2007 10996.00 11510.00 11078.00
7/20/2007 10888.00 11369.00 10969.00
7/21/2007 10888.00 11369.00 10969.00
7/22/2007 10888.00 11369.00 10969.00
7/23/2007 10943.00 11425.00 11025.00
7/24/2007 10777.00 11199.00 10856.00
7/25/2007 10783.00 11251.00 10864.00
7/26/2007 10585.00 10988.00 10662.00
7/27/2007 10467.00 10814.00 10545.00
7/28/2007 10467.00 10814.00 10545.00
7/29/2007 10467.00 10814.00 10545.00
7/30/2007 10526.00 10925.00 10603.00
7/31/2007 10420.00 10787.00 10497.00
8/1/2007 10539.00 10866.00 10616.00
8/2/2007 10555.00 10916.00 10633.00
8/3/2007 10420.00 10627.00 10498.00
8/4/2007 10420.00 10627.00 10498.00
8/5/2007 10420.00 10627.00 10498.00
8/6/2007 10756.00 10884.00 10836.00
8/7/2007 10793.00 10951.00 10875.00
8/8/2007 10852.00 11109.00 10935.00
8/9/2007 10602.00 10781.00 10681.00
8/10/2007 10591.00 10786.00 10671.00
8/11/2007 10591.00 10786.00 10671.00
8/12/2007 10591.00 10786.00 10671.00
8/13/2007 10604.00 10782.00 10684.00
8/14/2007 10465.00 10587.00 10542.00
8/15/2007 10397.00 10443.00 10475.00
8/16/2007 10383.00 10477.00 10462.00
8/17/2007 10572.00 10735.00 10654.00
8/18/2007 10572.00 10735.00 10654.00
8/19/2007 10572.00 10735.00 10654.00
8/20/2007 10560.00 10732.00 10640.00
8/21/2007 10568.00 10744.00 10649.00
8/22/2007 10671.00 10870.00 10753.00
8/23/2007 10648.00 10858.00 10730.00
8/24/2007 10751.00 10985.00 10835.00
8/25/2007 10751.00 10985.00 10835.00
8/26/2007 10751.00 10985.00 10835.00
8/27/2007 10680.00 10892.00 10762.00
8/28/2007 10473.00 10636.00 10555.00
8/29/2007 10644.00 10872.00 10727.00
8/30/2007 10583.00 10827.00 10666.00
8/31/2007 10663.00 10949.00 10746.00
9/1/2007 10663.00 10949.00 10746.00
9/2/2007 10663.00 10949.00 10746.00
9/3/2007 10663.00 10949.00 10746.00
9/4/2007 10720.00 11064.00 10805.00
9/5/2007 10549.00 10942.00 10631.00
9/6/2007 10570.00 10990.00 10654.00
9/7/2007 10471.00 10804.00 10554.00
9/8/2007 10471.00 10804.00 10554.00
9/9/2007 10471.00 10804.00 10554.00
9/10/2007 10475.00 10791.00 10557.00
9/11/2007 10612.00 10938.00 10698.00
9/12/2007 10640.00 10942.00 10726.00
9/13/2007 10669.00 11034.00 10755.00
9/14/2007 10678.00 11037.00 10763.00
9/15/2007 10678.00 11037.00 10763.00
9/16/2007 10678.00 11037.00 10763.00
9/17/2007 10625.00 10980.00 10711.00
9/18/2007 10831.00 11301.00 10920.00
9/19/2007 10888.00 11370.00 10978.00
9/20/2007 10825.00 11296.00 10915.00
9/21/2007 10861.00 11348.00 10951.00
9/22/2007 10861.00 11348.00 10951.00
9/23/2007 10861.00 11348.00 10951.00
9/24/2007 10816.00 11289.00 10907.00
9/25/2007 10804.00 11285.00 10894.00
9/26/2007 10911.00 11348.00 11004.00
9/27/2007 10953.00 11393.00 11045.00
9/28/2007 10958.00 11359.00 11050.00
9/29/2007 10958.00 11359.00 11050.00
9/30/2007 10958.00 11359.00 11050.00
10/1/2007 10951.00 11510.00 11043.00
10/2/2007 10947.00 11507.00 11040.00
10/3/2007 10886.00 11457.00 10978.00
10/4/2007 10926.00 11481.00 11019.00
10/5/2007 10979.00 11594.00 11071.00
10/6/2007 10979.00 11594.00 11071.00
10/7/2007 10979.00 11594.00 11071.00
10/8/2007 10958.00 11557.00 11051.00
10/9/2007 11025.00 11650.00 11120.00
10/10/2007 11044.00 11631.00 11138.00
10/11/2007 11004.00 11572.00 11098.00
10/12/2007 11080.00 11627.00 11175.00
10/13/2007 11080.00 11627.00 11175.00
10/14/2007 11080.00 11627.00 11175.00
10/15/2007 10996.00 11530.00 11091.00
10/16/2007 10970.00 11454.00 11064.00
10/17/2007 10979.00 11475.00 11075.00
10/18/2007 10987.00 11467.00 11083.00
10/19/2007 10822.00 11173.00 10915.00
10/20/2007 10822.00 11173.00 10915.00
10/21/2007 10822.00 11173.00 10915.00
10/22/2007 10900.00 11216.00 10995.00
10/23/2007 10911.00 11315.00 11006.00
10/24/2007 10898.00 11287.00 10993.00
10/25/2007 10958.00 11276.00 11055.00
10/26/2007 11017.00 11432.00 11114.00
10/27/2007 11017.00 11432.00 11114.00
10/28/2007 11017.00 11432.00 11114.00
10/29/2007 11053.00 11476.00 11150.00
10/30/2007 11038.00 11402.00 11135.00
10/31/2007 11146.00 11539.00 11251.00

TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2007

 SINCE INCEPTION
 (11/1/2006)
 ---------------
RYDEX S&P EQUAL WEIGHT CONSUMER STAPLES ETF....................... 11.45%
S&P 500 EQUAL WEIGHT CONSUMER STAPLES TOTAL RETURN INDEX.......... 12.51%
S&P 500 TOTAL RETURN INDEX........................................ 15.39%

The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Past performance is not guarantee of future results.

Rydex S&P Equal Weight Consumer Staples ETF PORTFOLIO SUMMARY As of October 31, 2007

TOP 10 HOLDINGS*

 DESCRIPTION % OF NET ASSETS
------------------------------------------------------------------------------------
AVON PRODUCTS, INC. 3.01%
MOLSON COORS BREWING CO. -- CLASS B 2.98%
PEPSI BOTTLING GROUP, INC. 2.96%
COSTCO WHOLESALE CORP. 2.83%
WHOLE FOODS MARKET, INC. 2.83%
CVS CAREMARK CORP. 2.82%
COCA-COLA CO. 2.81%
COLGATE-PALMOLIVE CO. 2.79%
ARCHER-DANIELS-MIDLAND CO. 2.78%
UST, INC. 2.74%

------------------------------------------------------------------------------------

INDUSTRY ALLOCATIONS*

(PIE CHART)

Food Products Food & Staples Retailing Beverages Household Products
29.93 23.67 22.01 10.61

Food Products Tobacco Personal Products
29.93 8.06 5.72

23 ANNUAL REPORT

RYDEX S&P EQUAL WEIGHT ENERGY ETF
MANAGER'S ANALYSIS

For the period since inception (November 1, 2006) through October 31, 2007, Rydex S&P Equal Weight Energy ETF returned 40.28%. For the same period its benchmark, the S&P Equal Weight Energy Total Return Index, returned 41.12%.

Energy stocks benefited significantly from the rise in oil prices, which approached the $95 mark towards the end of the period. This ETF was invested in one of the best areas of the marketplace. Performance across the sector was exceptionally strong with energy equipment & services providers as well as the oil, gas & consumable fuels industry posting more than 40% in gains.

CUMULATIVE FUND PERFORMANCE: NOVEMBER 1, 2006 - OCTOBER 31, 2007

(PERFORMANCE GRAPH)

 S&P 500
 RYDEX S&P S&P 500 EQUAL WEIGHTED
 EQUAL WEIGHT TOTAL RETURN ENERGY TOTAL
 ENERGY ETF(A) INDEX(B) RETURN INDEX(C)
 ------------- ------------ ---------------
11/1/2006 10000.00 10000.00 10000.00
11/2/2006 10006.00 9999.00 10007.00
11/3/2006 10248.00 9978.00 10249.00
11/4/2006 10248.00 9978.00 10249.00
11/5/2006 10248.00 9978.00 10249.00
11/6/2006 10341.00 10091.00 10342.00
11/7/2006 10238.00 10114.00 10238.00
11/8/2006 10405.00 10137.00 10408.00
11/9/2006 10486.00 10085.00 10488.00
11/10/2006 10337.00 10104.00 10340.00
11/11/2006 10337.00 10104.00 10340.00
11/12/2006 10337.00 10104.00 10340.00
11/13/2006 10316.00 10132.00 10319.00
11/14/2006 10358.00 10198.00 10360.00
11/15/2006 10488.00 10225.00 10491.00
11/16/2006 10178.00 10249.00 10181.00
11/17/2006 10300.00 10259.00 10302.00
11/18/2006 10300.00 10259.00 10302.00
11/19/2006 10300.00 10259.00 10302.00
11/20/2006 10283.00 10254.00 10288.00
11/21/2006 10484.00 10272.00 10489.00
11/22/2006 10434.00 10297.00 10438.00
11/23/2006 10434.00 10297.00 10438.00
11/24/2006 10420.00 10260.00 10425.00
11/25/2006 10420.00 10260.00 10425.00
11/26/2006 10420.00 10260.00 10425.00
11/27/2006 10345.00 10120.00 10349.00
11/28/2006 10538.00 10158.00 10542.00
11/29/2006 10910.00 10256.00 10915.00
11/30/2006 10951.00 10264.00 10956.00
12/1/2006 11009.00 10236.00 11015.00
12/2/2006 11009.00 10236.00 11015.00
12/3/2006 11009.00 10236.00 11015.00
12/4/2006 10943.00 10327.00 10948.00
12/5/2006 10972.00 10368.00 10977.00
12/6/2006 10982.00 10357.00 10988.00
12/7/2006 10931.00 10317.00 10935.00
12/8/2006 10920.00 10336.00 10926.00
12/9/2006 10920.00 10336.00 10926.00
12/10/2006 10920.00 10336.00 10926.00
12/11/2006 10879.00 10359.00 10884.00
12/12/2006 10848.00 10349.00 10854.00
12/13/2006 10933.00 10363.00 10939.00
12/14/2006 11067.00 10453.00 11076.00
12/15/2006 10968.00 10465.00 10977.00
12/16/2006 10968.00 10465.00 10977.00
12/17/2006 10968.00 10465.00 10977.00
12/18/2006 10602.00 10431.00 10610.00
12/19/2006 10747.00 10454.00 10754.00
12/20/2006 10592.00 10440.00 10600.00
12/21/2006 10509.00 10404.00 10517.00
12/22/2006 10436.00 10350.00 10446.00
12/23/2006 10436.00 10350.00 10446.00
12/24/2006 10436.00 10350.00 10446.00
12/25/2006 10436.00 10350.00 10446.00
12/26/2006 10385.00 10395.00 10393.00
12/27/2006 10484.00 10470.00 10492.00
12/28/2006 10469.00 10455.00 10478.00
12/29/2006 10364.00 10408.00 10373.00
12/30/2006 10364.00 10408.00 10373.00
12/31/2006 10364.00 10408.00 10373.00
1/1/2007 10364.00 10408.00 10373.00
1/2/2007 10364.00 10408.00 10373.00
1/3/2007 9962.00 10398.00 9971.00
1/4/2007 9770.00 10411.00 9781.00
1/5/2007 9843.00 10347.00 9853.00
1/6/2007 9843.00 10347.00 9853.00
1/7/2007 9843.00 10347.00 9853.00
1/8/2007 9861.00 10373.00 9872.00
1/9/2007 9766.00 10368.00 9777.00
1/10/2007 9648.00 10389.00 9657.00
1/11/2007 9590.00 10455.00 9600.00
1/12/2007 9841.00 10506.00 9851.00
1/13/2007 9841.00 10506.00 9851.00
1/14/2007 9841.00 10506.00 9851.00
1/15/2007 9841.00 10506.00 9851.00
1/16/2007 9752.00 10515.00 9764.00
1/17/2007 9861.00 10506.00 9873.00
1/18/2007 9779.00 10475.00 9791.00
1/19/2007 10042.00 10506.00 10053.00
1/20/2007 10042.00 10506.00 10053.00
1/21/2007 10042.00 10506.00 10053.00
1/22/2007 10037.00 10451.00 10050.00
1/23/2007 10294.00 10488.00 10307.00
1/24/2007 10313.00 10577.00 10327.00
1/25/2007 10083.00 10458.00 10095.00
1/26/2007 10112.00 10445.00 10125.00
1/27/2007 10112.00 10445.00 10125.00
1/28/2007 10112.00 10445.00 10125.00
1/29/2007 10058.00 10435.00 10072.00
1/30/2007 10317.00 10495.00 10331.00
1/31/2007 10383.00 10566.00 10398.00
2/1/2007 10431.00 10625.00 10446.00
2/2/2007 10485.00 10643.00 10500.00
2/3/2007 10485.00 10643.00 10500.00
2/4/2007 10485.00 10643.00 10500.00
2/5/2007 10439.00 10634.00 10455.00
2/6/2007 10443.00 10641.00 10459.00
2/7/2007 10369.00 10660.00 10383.00
2/8/2007 10458.00 10648.00 10474.00
2/9/2007 10404.00 10573.00 10420.00
2/10/2007 10404.00 10573.00 10420.00
2/11/2007 10404.00 10573.00 10420.00
2/12/2007 10249.00 10539.00 10265.00
2/13/2007 10394.00 10621.00 10409.00
2/14/2007 10425.00 10705.00 10442.00
2/15/2007 10309.00 10717.00 10325.00
2/16/2007 10323.00 10708.00 10340.00
2/17/2007 10323.00 10708.00 10340.00
2/18/2007 10323.00 10708.00 10340.00
2/19/2007 10323.00 10708.00 10340.00
2/20/2007 10253.00 10739.00 10269.00
2/21/2007 10398.00 10724.00 10415.00
2/22/2007 10532.00 10717.00 10550.00
2/23/2007 10551.00 10680.00 10570.00
2/24/2007 10551.00 10680.00 10570.00
2/25/2007 10551.00 10680.00 10570.00
2/26/2007 10634.00 10668.00 10653.00
2/27/2007 10271.00 10299.00 10289.00
2/28/2007 10307.00 10359.00 10324.00
3/1/2007 10331.00 10332.00 10350.00
3/2/2007 10141.00 10215.00 10159.00
3/3/2007 10141.00 10215.00 10159.00
3/4/2007 10141.00 10215.00 10159.00
3/5/2007 10023.00 10119.00 10042.00
3/6/2007 10216.00 10276.00 10235.00
3/7/2007 10383.00 10254.00 10403.00
3/8/2007 10429.00 10327.00 10448.00
3/9/2007 10437.00 10334.00 10458.00
3/10/2007 10437.00 10334.00 10458.00
3/11/2007 10437.00 10334.00 10458.00
3/12/2007 10387.00 10362.00 10409.00
3/13/2007 10255.00 10154.00 10274.00
3/14/2007 10396.00 10223.00 10417.00
3/15/2007 10377.00 10261.00 10397.00
3/16/2007 10307.00 10222.00 10328.00
3/17/2007 10307.00 10222.00 10328.00
3/18/2007 10307.00 10222.00 10328.00
3/19/2007 10512.00 10333.00 10534.00
3/20/2007 10522.00 10399.00 10545.00
3/21/2007 10723.00 10577.00 10747.00
3/22/2007 10916.00 10573.00 10941.00
3/23/2007 10953.00 10584.00 10979.00
3/24/2007 10953.00 10584.00 10979.00
3/25/2007 10953.00 10584.00 10979.00
3/26/2007 11042.00 10595.00 11069.00
3/27/2007 11015.00 10529.00 11042.00
3/28/2007 10976.00 10448.00 11002.00
3/29/2007 11057.00 10487.00 11084.00
3/30/2007 10934.00 10475.00 10960.00
3/31/2007 10934.00 10475.00 10960.00
4/1/2007 10934.00 10475.00 10960.00
4/2/2007 11086.00 10502.00 11114.00
4/3/2007 11102.00 10602.00 11131.00
4/4/2007 11179.00 10614.00 11207.00
4/5/2007 11233.00 10649.00 11262.00
4/6/2007 11233.00 10649.00 11262.00
4/7/2007 11233.00 10649.00 11262.00
4/8/2007 11233.00 10649.00 11262.00
4/9/2007 11229.00 10655.00 11259.00
4/10/2007 11401.00 10684.00 11432.00
4/11/2007 11335.00 10615.00 11366.00
4/12/2007 11540.00 10681.00 11571.00
4/13/2007 11555.00 10718.00 11586.00
4/14/2007 11555.00 10718.00 11586.00
4/15/2007 11555.00 10718.00 11586.00
4/16/2007 11623.00 10833.00 11657.00
4/17/2007 11517.00 10855.00 11551.00
4/18/2007 11405.00 10863.00 11437.00
4/19/2007 11287.00 10850.00 11319.00
4/20/2007 11445.00 10951.00 11478.00
4/21/2007 11445.00 10951.00 11478.00
4/22/2007 11445.00 10951.00 11478.00
4/23/2007 11501.00 10926.00 11535.00
4/24/2007 11474.00 10922.00 11507.00
4/25/2007 11770.00 11034.00 11805.00
4/26/2007 11737.00 11026.00 11771.00
4/27/2007 11762.00 11025.00 11796.00
4/28/2007 11762.00 11025.00 11796.00
4/29/2007 11762.00 11025.00 11796.00
4/30/2007 11604.00 10939.00 11639.00
5/1/2007 11665.00 10968.00 11699.00
5/2/2007 11801.00 11040.00 11838.00
5/3/2007 11907.00 11091.00 11943.00
5/4/2007 11907.00 11115.00 11945.00
5/5/2007 11907.00 11115.00 11945.00
5/6/2007 11907.00 11115.00 11945.00
5/7/2007 11899.00 11144.00 11937.00
5/8/2007 11855.00 11132.00 11892.00
5/9/2007 11903.00 11171.00 11941.00
5/10/2007 11681.00 11017.00 11717.00
5/11/2007 11936.00 11124.00 11975.00
5/12/2007 11936.00 11124.00 11975.00
5/13/2007 11936.00 11124.00 11975.00
5/14/2007 11963.00 11105.00 12001.00
5/15/2007 11953.00 11091.00 11991.00
5/16/2007 11996.00 11190.00 12036.00
5/17/2007 12198.00 11181.00 12238.00
5/18/2007 12413.00 11255.00 12455.00
5/19/2007 12413.00 11255.00 12455.00
5/20/2007 12413.00 11255.00 12455.00
5/21/2007 12538.00 11272.00 12580.00
5/22/2007 12409.00 11265.00 12451.00
5/23/2007 12453.00 11252.00 12495.00
5/24/2007 12210.00 11144.00 12252.00
5/25/2007 12384.00 11205.00 12427.00
5/26/2007 12384.00 11205.00 12427.00
5/27/2007 12384.00 11205.00 12427.00
5/28/2007 12384.00 11205.00 12427.00
5/29/2007 12320.00 11224.00 12363.00
5/30/2007 12596.00 11318.00 12641.00
5/31/2007 12515.00 11321.00 12560.00
6/1/2007 12617.00 11363.00 12663.00
6/2/2007 12617.00 11363.00 12663.00
6/3/2007 12617.00 11363.00 12663.00
6/4/2007 12878.00 11384.00 12926.00
6/5/2007 12801.00 11324.00 12848.00
6/6/2007 12594.00 11226.00 12641.00
6/7/2007 12332.00 11030.00 12378.00
6/8/2007 12424.00 11155.00 12470.00
6/9/2007 12424.00 11155.00 12470.00
6/10/2007 12424.00 11155.00 12470.00
6/11/2007 12519.00 11166.00 12565.00
6/12/2007 12353.00 11047.00 12400.00
6/13/2007 12658.00 11217.00 12705.00
6/14/2007 12907.00 11272.00 12957.00
6/15/2007 13058.00 11345.00 13109.00
6/16/2007 13058.00 11345.00 13109.00
6/17/2007 13058.00 11345.00 13109.00
6/18/2007 13070.00 11332.00 13121.00
6/19/2007 13078.00 11352.00 13129.00
6/20/2007 12724.00 11197.00 12773.00
6/21/2007 12991.00 11269.00 13042.00
6/22/2007 12940.00 11124.00 12992.00
6/23/2007 12940.00 11124.00 12992.00
6/24/2007 12940.00 11124.00 12992.00
6/25/2007 12726.00 11088.00 12777.00
6/26/2007 12460.00 11053.00 12510.00
6/27/2007 12635.00 11154.00 12685.00
6/28/2007 12545.00 11150.00 12596.00
6/29/2007 12639.00 11133.00 12691.00
6/30/2007 12639.00 11133.00 12691.00
7/1/2007 12639.00 11133.00 12691.00
7/2/2007 12830.00 11252.00 12882.00
7/3/2007 12905.00 11294.00 12957.00
7/4/2007 12905.00 11294.00 12957.00
7/5/2007 12905.00 11298.00 12959.00
7/6/2007 13027.00 11339.00 13082.00
7/7/2007 13027.00 11339.00 13082.00
7/8/2007 13027.00 11339.00 13082.00
7/9/2007 13108.00 11349.00 13164.00
7/10/2007 13006.00 11188.00 13060.00
7/11/2007 12981.00 11254.00 13037.00
7/12/2007 13170.00 11468.00 13226.00
7/13/2007 13251.00 11504.00 13309.00
7/14/2007 13251.00 11504.00 13309.00
7/15/2007 13251.00 11504.00 13309.00
7/16/2007 13056.00 11482.00 13112.00
7/17/2007 12938.00 11481.00 12994.00
7/18/2007 13168.00 11458.00 13226.00
7/19/2007 13328.00 11510.00 13385.00
7/20/2007 13251.00 11369.00 13309.00
7/21/2007 13251.00 11369.00 13309.00
7/22/2007 13251.00 11369.00 13309.00
7/23/2007 13297.00 11425.00 13355.00
7/24/2007 12869.00 11199.00 12926.00
7/25/2007 13035.00 11251.00 13093.00
7/26/2007 12653.00 10988.00 12709.00
7/27/2007 12385.00 10814.00 12440.00
7/28/2007 12385.00 10814.00 12440.00
7/29/2007 12385.00 10814.00 12440.00
7/30/2007 12529.00 10925.00 12585.00
7/31/2007 12446.00 10787.00 12502.00
8/1/2007 12388.00 10866.00 12442.00
8/2/2007 12292.00 10916.00 12346.00
8/3/2007 11864.00 10627.00 11917.00
8/4/2007 11864.00 10627.00 11917.00
8/5/2007 11864.00 10627.00 11917.00
8/6/2007 11916.00 10884.00 11969.00
8/7/2007 12163.00 10951.00 12218.00
8/8/2007 12400.00 11109.00 12457.00
8/9/2007 12097.00 10781.00 12152.00
8/10/2007 12255.00 10786.00 12311.00
8/11/2007 12255.00 10786.00 12311.00
8/12/2007 12255.00 10786.00 12311.00
8/13/2007 12219.00 10782.00 12276.00
8/14/2007 12024.00 10587.00 12080.00
8/15/2007 11698.00 10443.00 11752.00
8/16/2007 11549.00 10477.00 11600.00
8/17/2007 11914.00 10735.00 11970.00
8/18/2007 11914.00 10735.00 11970.00
8/19/2007 11914.00 10735.00 11970.00
8/20/2007 11929.00 10732.00 11984.00
8/21/2007 11756.00 10744.00 11811.00
8/22/2007 11918.00 10870.00 11975.00
8/23/2007 12055.00 10858.00 12112.00
8/24/2007 12288.00 10985.00 12347.00
8/25/2007 12288.00 10985.00 12347.00
8/26/2007 12288.00 10985.00 12347.00
8/27/2007 12132.00 10892.00 12191.00
8/28/2007 11856.00 10636.00 11913.00
8/29/2007 12240.00 10872.00 12300.00
8/30/2007 12184.00 10827.00 12243.00
8/31/2007 12338.00 10949.00 12397.00
9/1/2007 12338.00 10949.00 12397.00
9/2/2007 12338.00 10949.00 12397.00
9/3/2007 12338.00 10949.00 12397.00
9/4/2007 12633.00 11064.00 12695.00
9/5/2007 12635.00 10942.00 12697.00
9/6/2007 12780.00 10990.00 12844.00
9/7/2007 12595.00 10804.00 12659.00
9/8/2007 12595.00 10804.00 12659.00
9/9/2007 12595.00 10804.00 12659.00
9/10/2007 12512.00 10791.00 12574.00
9/11/2007 12716.00 10938.00 12779.00
9/12/2007 12799.00 10942.00 12864.00
9/13/2007 12882.00 11034.00 12948.00
9/14/2007 12917.00 11037.00 12983.00
9/15/2007 12917.00 11037.00 12983.00
9/16/2007 12917.00 11037.00 12983.00
9/17/2007 12871.00 10980.00 12938.00
9/18/2007 13258.00 11301.00 13327.00
9/19/2007 13370.00 11370.00 13439.00
9/20/2007 13415.00 11296.00 13487.00
9/21/2007 13563.00 11348.00 13635.00
9/22/2007 13563.00 11348.00 13635.00
9/23/2007 13563.00 11348.00 13635.00
9/24/2007 13449.00 11289.00 13521.00
9/25/2007 13304.00 11285.00 13374.00
9/26/2007 13306.00 11348.00 13379.00
9/27/2007 13401.00 11393.00 13476.00
9/28/2007 13302.00 11359.00 13376.00
9/29/2007 13302.00 11359.00 13376.00
9/30/2007 13302.00 11359.00 13376.00
10/1/2007 13522.00 11510.00 13599.00
10/2/2007 13433.00 11507.00 13507.00
10/3/2007 13337.00 11457.00 13411.00
10/4/2007 13445.00 11481.00 13520.00
10/5/2007 13474.00 11594.00 13551.00
10/6/2007 13474.00 11594.00 13551.00
10/7/2007 13474.00 11594.00 13551.00
10/8/2007 13345.00 11557.00 13422.00
10/9/2007 13614.00 11650.00 13691.00
10/10/2007 13857.00 11631.00 13935.00
10/11/2007 13876.00 11572.00 13954.00
10/12/2007 13986.00 11627.00 14066.00
10/13/2007 13986.00 11627.00 14066.00
10/14/2007 13986.00 11627.00 14066.00
10/15/2007 14108.00 11530.00 14191.00
10/16/2007 14069.00 11454.00 14151.00
10/17/2007 13957.00 11475.00 14038.00
10/18/2007 14071.00 11467.00 14154.00
10/19/2007 13427.00 11173.00 13507.00
10/20/2007 13427.00 11173.00 13507.00
10/21/2007 13427.00 11173.00 13507.00
10/22/2007 13348.00 11216.00 13426.00
10/23/2007 13499.00 11315.00 13579.00
10/24/2007 13663.00 11287.00 13746.00
10/25/2007 13846.00 11276.00 13930.00
10/26/2007 14079.00 11432.00 14164.00
10/27/2007 14079.00 11432.00 14164.00
10/28/2007 14079.00 11432.00 14164.00
10/29/2007 14104.00 11476.00 14190.00
10/30/2007 13676.00 11402.00 13759.00
10/31/2007 14027.00 11539.00 14112.00

TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2007

 SINCE INCEPTION
 (11/1/2006)
 ---------------
RYDEX S&P EQUAL WEIGHT ENERGY ETF................................. 40.28%
S&P 500 EQUAL WEIGHT ENERGY TOTAL RETURN INDEX.................... 41.12%
S&P 500 TOTAL RETURN INDEX........................................ 15.39%

The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Past performance is not guarantee of future results.

Rydex S&P Equal Weight Energy ETF
PORTFOLIO SUMMARY As of October 31, 2007

TOP 10 HOLDINGS*

 DESCRIPTION % OF NET ASSETS
------------------------------------------------------------------------------------
CONSOL ENERGY, INC. 3.76%
EOG RESOURCES, INC. 3.54%
TESORO CORP. 3.52%
APACHE CORP. 3.47%
PEABODY ENERGY CORP. 3.47%
CHESAPEAKE ENERGY CORP. 3.32%
DEVON ENERGY CORP. 3.30%
ANADARKO PETROLEUM CORP. 3.29%
NOBLE ENERGY, INC. 3.24%
WILLIAMS COS., INC. 3.23%

------------------------------------------------------------------------------------

INDUSTRY ALLOCATIONS*

(PIE CHART)

Oil, Gas & Consumable Fuels Energy Equipment & Services
70.49 29.51

25 ANNUAL REPORT

RYDEX S&P EQUAL WEIGHT FINANCIALS ETF
MANAGER'S ANALYSIS

For the period since inception (November 1, 2006) through October 31, 2007, Rydex S&P Equal Weight Financials ETF slid -2.23%. For the same period its benchmark, the S&P Equal Weight Financials Total Return Index, fell -1.71%.

Financials were already struggling before the credit crisis hit the market, adding significant additional losses to the sector because of the sub-prime market concerns and its potential impacts. It was difficult to find positive news for these stocks and the index, and performance of this ETF reflects the negative sentiment. This was the worst performing sector, due primarily to significant drawdowns in the thrifts & mortgage finance, real estate management & development, commercial banks and consumer finance industries. The only industries within the sector that had positive returns were capital markets and insurance. An additional drag was that equal weighting underperformed the cap- weighted benchmark.

CUMULATIVE FUND PERFORMANCE: NOVEMBER 1, 2006 - OCTOBER 31, 2007

(PERFORMANCE GRAPH)

 S&P 500
 RYDEX S&P S&P 500 EQUAL WEIGHTED
 EQUAL WEIGHT TOTAL RETURN FINANCIALS TOTAL
 FINANCIALS ETF(A) INDEX(B) RETURN INDEX(C)
 ----------------- ------------ ----------------
11/1/2006 10000.00 10000.00 9999.00
11/2/2006 9969.00 9999.00 9968.00
11/3/2006 9926.00 9978.00 9925.00
11/4/2006 9926.00 9978.00 9925.00
11/5/2006 9926.00 9978.00 9925.00
11/6/2006 10058.00 10091.00 10057.00
11/7/2006 10066.00 10114.00 10066.00
11/8/2006 10082.00 10137.00 10082.00
11/9/2006 10021.00 10085.00 10021.00
11/10/2006 10072.00 10104.00 10072.00
11/11/2006 10072.00 10104.00 10072.00
11/12/2006 10072.00 10104.00 10072.00
11/13/2006 10091.00 10132.00 10092.00
11/14/2006 10152.00 10198.00 10153.00
11/15/2006 10165.00 10225.00 10166.00
11/16/2006 10239.00 10249.00 10240.00
11/17/2006 10212.00 10259.00 10215.00
11/18/2006 10212.00 10259.00 10215.00
11/19/2006 10212.00 10259.00 10215.00
11/20/2006 10276.00 10254.00 10278.00
11/21/2006 10282.00 10272.00 10283.00
11/22/2006 10305.00 10297.00 10308.00
11/23/2006 10305.00 10297.00 10308.00
11/24/2006 10276.00 10260.00 10281.00
11/25/2006 10276.00 10260.00 10281.00
11/26/2006 10276.00 10260.00 10281.00
11/27/2006 10091.00 10120.00 10093.00
11/28/2006 10109.00 10158.00 10112.00
11/29/2006 10198.00 10256.00 10202.00
11/30/2006 10198.00 10264.00 10203.00
12/1/2006 10159.00 10236.00 10163.00
12/2/2006 10159.00 10236.00 10163.00
12/3/2006 10159.00 10236.00 10163.00
12/4/2006 10307.00 10327.00 10312.00
12/5/2006 10340.00 10368.00 10345.00
12/6/2006 10356.00 10357.00 10362.00
12/7/2006 10321.00 10317.00 10327.00
12/8/2006 10342.00 10336.00 10349.00
12/9/2006 10342.00 10336.00 10349.00
12/10/2006 10342.00 10336.00 10349.00
12/11/2006 10373.00 10359.00 10380.00
12/12/2006 10389.00 10349.00 10396.00
12/13/2006 10383.00 10363.00 10391.00
12/14/2006 10447.00 10453.00 10454.00
12/15/2006 10474.00 10465.00 10482.00
12/16/2006 10474.00 10465.00 10482.00
12/17/2006 10474.00 10465.00 10482.00
12/18/2006 10490.00 10431.00 10499.00
12/19/2006 10482.00 10454.00 10491.00
12/20/2006 10519.00 10440.00 10528.00
12/21/2006 10478.00 10404.00 10487.00
12/22/2006 10443.00 10350.00 10452.00
12/23/2006 10443.00 10350.00 10452.00
12/24/2006 10443.00 10350.00 10452.00
12/25/2006 10443.00 10350.00 10452.00
12/26/2006 10506.00 10395.00 10517.00
12/27/2006 10584.00 10470.00 10595.00
12/28/2006 10565.00 10455.00 10576.00
12/29/2006 10505.00 10408.00 10517.00
12/30/2006 10505.00 10408.00 10517.00
12/31/2006 10505.00 10408.00 10517.00
1/1/2007 10505.00 10408.00 10517.00
1/2/2007 10505.00 10408.00 10517.00
1/3/2007 10569.00 10398.00 10582.00
1/4/2007 10555.00 10411.00 10567.00
1/5/2007 10450.00 10347.00 10461.00
1/6/2007 10450.00 10347.00 10461.00
1/7/2007 10450.00 10347.00 10461.00
1/8/2007 10483.00 10373.00 10494.00
1/9/2007 10491.00 10368.00 10504.00
1/10/2007 10542.00 10389.00 10556.00
1/11/2007 10623.00 10455.00 10637.00
1/12/2007 10648.00 10506.00 10664.00
1/13/2007 10648.00 10506.00 10664.00
1/14/2007 10648.00 10506.00 10664.00
1/15/2007 10648.00 10506.00 10664.00
1/16/2007 10664.00 10515.00 10679.00
1/17/2007 10629.00 10506.00 10646.00
1/18/2007 10609.00 10475.00 10624.00
1/19/2007 10625.00 10506.00 10641.00
1/20/2007 10625.00 10506.00 10641.00
1/21/2007 10625.00 10506.00 10641.00
1/22/2007 10590.00 10451.00 10605.00
1/23/2007 10611.00 10488.00 10627.00
1/24/2007 10727.00 10577.00 10743.00
1/25/2007 10607.00 10458.00 10624.00
1/26/2007 10635.00 10445.00 10652.00
1/27/2007 10635.00 10445.00 10652.00
1/28/2007 10635.00 10445.00 10652.00
1/29/2007 10621.00 10435.00 10638.00
1/30/2007 10698.00 10495.00 10715.00
1/31/2007 10745.00 10566.00 10764.00
2/1/2007 10820.00 10625.00 10839.00
2/2/2007 10861.00 10643.00 10880.00
2/3/2007 10861.00 10643.00 10880.00
2/4/2007 10861.00 10643.00 10880.00
2/5/2007 10840.00 10634.00 10860.00
2/6/2007 10925.00 10641.00 10945.00
2/7/2007 10993.00 10660.00 11013.00
2/8/2007 10944.00 10648.00 10964.00
2/9/2007 10840.00 10573.00 10860.00
2/10/2007 10840.00 10573.00 10860.00
2/11/2007 10840.00 10573.00 10860.00
2/12/2007 10784.00 10539.00 10805.00
2/13/2007 10886.00 10621.00 10906.00
2/14/2007 10962.00 10705.00 10983.00
2/15/2007 10995.00 10717.00 11017.00
2/16/2007 11010.00 10708.00 11032.00
2/17/2007 11010.00 10708.00 11032.00
2/18/2007 11010.00 10708.00 11032.00
2/19/2007 11010.00 10708.00 11032.00
2/20/2007 11068.00 10739.00 11090.00
2/21/2007 11031.00 10724.00 11053.00
2/22/2007 11006.00 10717.00 11028.00
2/23/2007 10894.00 10680.00 10918.00
2/24/2007 10894.00 10680.00 10918.00
2/25/2007 10894.00 10680.00 10918.00
2/26/2007 10826.00 10668.00 10847.00
2/27/2007 10472.00 10299.00 10491.00
2/28/2007 10536.00 10359.00 10558.00
3/1/2007 10497.00 10332.00 10517.00
3/2/2007 10381.00 10215.00 10402.00
3/3/2007 10381.00 10215.00 10402.00
3/4/2007 10381.00 10215.00 10402.00
3/5/2007 10191.00 10119.00 10210.00
3/6/2007 10396.00 10276.00 10416.00
3/7/2007 10325.00 10254.00 10345.00
3/8/2007 10427.00 10327.00 10449.00
3/9/2007 10458.00 10334.00 10480.00
3/10/2007 10458.00 10334.00 10480.00
3/11/2007 10458.00 10334.00 10480.00
3/12/2007 10462.00 10362.00 10483.00
3/13/2007 10135.00 10154.00 10156.00
3/14/2007 10199.00 10223.00 10221.00
3/15/2007 10284.00 10261.00 10305.00
3/16/2007 10234.00 10222.00 10256.00
3/17/2007 10234.00 10222.00 10256.00
3/18/2007 10234.00 10222.00 10256.00
3/19/2007 10342.00 10333.00 10364.00
3/20/2007 10404.00 10399.00 10426.00
3/21/2007 10644.00 10577.00 10669.00
3/22/2007 10576.00 10573.00 10603.00
3/23/2007 10611.00 10584.00 10637.00
3/24/2007 10611.00 10584.00 10637.00
3/25/2007 10611.00 10584.00 10637.00
3/26/2007 10559.00 10595.00 10585.00
3/27/2007 10464.00 10529.00 10490.00
3/28/2007 10344.00 10448.00 10369.00
3/29/2007 10396.00 10487.00 10421.00
3/30/2007 10394.00 10475.00 10420.00
3/31/2007 10394.00 10475.00 10420.00
4/1/2007 10394.00 10475.00 10420.00
4/2/2007 10356.00 10502.00 10382.00
4/3/2007 10495.00 10602.00 10521.00
4/4/2007 10464.00 10614.00 10490.00
4/5/2007 10477.00 10649.00 10503.00
4/6/2007 10477.00 10649.00 10503.00
4/7/2007 10477.00 10649.00 10503.00
4/8/2007 10477.00 10649.00 10503.00
4/9/2007 10466.00 10655.00 10493.00
4/10/2007 10475.00 10684.00 10503.00
4/11/2007 10398.00 10615.00 10426.00
4/12/2007 10400.00 10681.00 10429.00
4/13/2007 10481.00 10718.00 10511.00
4/14/2007 10481.00 10718.00 10511.00
4/15/2007 10481.00 10718.00 10511.00
4/16/2007 10686.00 10833.00 10718.00
4/17/2007 10730.00 10855.00 10763.00
4/18/2007 10809.00 10863.00 10841.00
4/19/2007 10774.00 10850.00 10807.00
4/20/2007 10842.00 10951.00 10875.00
4/21/2007 10842.00 10951.00 10875.00
4/22/2007 10842.00 10951.00 10875.00
4/23/2007 10805.00 10926.00 10838.00
4/24/2007 10763.00 10922.00 10796.00
4/25/2007 10900.00 11034.00 10934.00
4/26/2007 10879.00 11026.00 10914.00
4/27/2007 10869.00 11025.00 10904.00
4/28/2007 10869.00 11025.00 10904.00
4/29/2007 10869.00 11025.00 10904.00
4/30/2007 10757.00 10939.00 10791.00
5/1/2007 10749.00 10968.00 10782.00
5/2/2007 10838.00 11040.00 10872.00
5/3/2007 10921.00 11091.00 10957.00
5/4/2007 10935.00 11115.00 10971.00
5/5/2007 10935.00 11115.00 10971.00
5/6/2007 10935.00 11115.00 10971.00
5/7/2007 10967.00 11144.00 11002.00
5/8/2007 10940.00 11132.00 10977.00
5/9/2007 11010.00 11171.00 11048.00
5/10/2007 10859.00 11017.00 10894.00
5/11/2007 10981.00 11124.00 11018.00
5/12/2007 10981.00 11124.00 11018.00
5/13/2007 10981.00 11124.00 11018.00
5/14/2007 10923.00 11105.00 10959.00
5/15/2007 10875.00 11091.00 10911.00
5/16/2007 10940.00 11190.00 10976.00
5/17/2007 10904.00 11181.00 10941.00
5/18/2007 10927.00 11255.00 10965.00
5/19/2007 10927.00 11255.00 10965.00
5/20/2007 10927.00 11255.00 10965.00
5/21/2007 10942.00 11272.00 10980.00
5/22/2007 10973.00 11265.00 11011.00
5/23/2007 10954.00 11252.00 10993.00
5/24/2007 10823.00 11144.00 10861.00
5/25/2007 10850.00 11205.00 10889.00
5/26/2007 10850.00 11205.00 10889.00
5/27/2007 10850.00 11205.00 10889.00
5/28/2007 10850.00 11205.00 10889.00
5/29/2007 10933.00 11224.00 10972.00
5/30/2007 11043.00 11318.00 11083.00
5/31/2007 11021.00 11321.00 11061.00
6/1/2007 11058.00 11363.00 11099.00
6/2/2007 11058.00 11363.00 11099.00
6/3/2007 11058.00 11363.00 11099.00
6/4/2007 11072.00 11384.00 11115.00
6/5/2007 10977.00 11324.00 11017.00
6/6/2007 10902.00 11226.00 10942.00
6/7/2007 10688.00 11030.00 10727.00
6/8/2007 10821.00 11155.00 10862.00
6/9/2007 10821.00 11155.00 10862.00
6/10/2007 10821.00 11155.00 10862.00
6/11/2007 10844.00 11166.00 10885.00
6/12/2007 10713.00 11047.00 10752.00
6/13/2007 10886.00 11217.00 10927.00
6/14/2007 10881.00 11272.00 10923.00
6/15/2007 10944.00 11345.00 10985.00
6/16/2007 10944.00 11345.00 10985.00
6/17/2007 10944.00 11345.00 10985.00
6/18/2007 10927.00 11332.00 10965.00
6/19/2007 10946.00 11352.00 10987.00
6/20/2007 10765.00 11197.00 10806.00
6/21/2007 10790.00 11269.00 10830.00
6/22/2007 10641.00 11124.00 10680.00
6/23/2007 10641.00 11124.00 10680.00
6/24/2007 10641.00 11124.00 10680.00
6/25/2007 10566.00 11088.00 10605.00
6/26/2007 10556.00 11053.00 10594.00
6/27/2007 10651.00 11154.00 10692.00
6/28/2007 10651.00 11150.00 10692.00
6/29/2007 10589.00 11133.00 10629.00
6/30/2007 10589.00 11133.00 10629.00
7/1/2007 10589.00 11133.00 10629.00
7/2/2007 10739.00 11252.00 10779.00
7/3/2007 10781.00 11294.00 10823.00
7/4/2007 10781.00 11294.00 10823.00
7/5/2007 10756.00 11298.00 10799.00
7/6/2007 10791.00 11339.00 10835.00
7/7/2007 10791.00 11339.00 10835.00
7/8/2007 10791.00 11339.00 10835.00
7/9/2007 10753.00 11349.00 10797.00
7/10/2007 10497.00 11188.00 10538.00
7/11/2007 10533.00 11254.00 10575.00
7/12/2007 10745.00 11468.00 10788.00
7/13/2007 10770.00 11504.00 10814.00
7/14/2007 10770.00 11504.00 10814.00
7/15/2007 10770.00 11504.00 10814.00
7/16/2007 10737.00 11482.00 10781.00
7/17/2007 10718.00 11481.00 10762.00
7/18/2007 10595.00 11458.00 10638.00
7/19/2007 10585.00 11510.00 10628.00
7/20/2007 10382.00 11369.00 10425.00
7/21/2007 10382.00 11369.00 10425.00
7/22/2007 10382.00 11369.00 10425.00
7/23/2007 10376.00 11425.00 10419.00
7/24/2007 10070.00 11199.00 10110.00
7/25/2007 10149.00 11251.00 10190.00
7/26/2007 9893.00 10988.00 9932.00
7/27/2007 9745.00 10814.00 9786.00
7/28/2007 9745.00 10814.00 9786.00
7/29/2007 9745.00 10814.00 9786.00
7/30/2007 9866.00 10925.00 9906.00
7/31/2007 9699.00 10787.00 9738.00
8/1/2007 9722.00 10866.00 9762.00
8/2/2007 9753.00 10916.00 9793.00
8/3/2007 9340.00 10627.00 9379.00
8/4/2007 9340.00 10627.00 9379.00
8/5/2007 9340.00 10627.00 9379.00
8/6/2007 9743.00 10884.00 9784.00
8/7/2007 9830.00 10951.00 9871.00
8/8/2007 10074.00 11109.00 10118.00
8/9/2007 9728.00 10781.00 9770.00
8/10/2007 9659.00 10786.00 9701.00
8/11/2007 9659.00 10786.00 9701.00
8/12/2007 9659.00 10786.00 9701.00
8/13/2007 9590.00 10782.00 9631.00
8/14/2007 9321.00 10587.00 9361.00
8/15/2007 9205.00 10443.00 9243.00
8/16/2007 9522.00 10477.00 9563.00
8/17/2007 9855.00 10735.00 9899.00
8/18/2007 9855.00 10735.00 9899.00
8/19/2007 9855.00 10735.00 9899.00
8/20/2007 9782.00 10732.00 9825.00
8/21/2007 9863.00 10744.00 9908.00
8/22/2007 9957.00 10870.00 10002.00
8/23/2007 9884.00 10858.00 9929.00
8/24/2007 9936.00 10985.00 9983.00
8/25/2007 9936.00 10985.00 9983.00
8/26/2007 9936.00 10985.00 9983.00
8/27/2007 9803.00 10892.00 9848.00
8/28/2007 9484.00 10636.00 9527.00
8/29/2007 9686.00 10872.00 9732.00
8/30/2007 9590.00 10827.00 9634.00
8/31/2007 9732.00 10949.00 9778.00
9/1/2007 9732.00 10949.00 9778.00
9/2/2007 9732.00 10949.00 9778.00
9/3/2007 9732.00 10949.00 9778.00
9/4/2007 9847.00 11064.00 9894.00
9/5/2007 9651.00 10942.00 9696.00
9/6/2007 9651.00 10990.00 9696.00
9/7/2007 9482.00 10804.00 9526.00
9/8/2007 9482.00 10804.00 9526.00
9/9/2007 9482.00 10804.00 9526.00
9/10/2007 9438.00 10791.00 9482.00
9/11/2007 9559.00 10938.00 9603.00
9/12/2007 9542.00 10942.00 9588.00
9/13/2007 9699.00 11034.00 9745.00
9/14/2007 9709.00 11037.00 9756.00
9/15/2007 9709.00 11037.00 9756.00
9/16/2007 9709.00 11037.00 9756.00
9/17/2007 9645.00 10980.00 9691.00
9/18/2007 10072.00 11301.00 10123.00
9/19/2007 10166.00 11370.00 10219.00
9/20/2007 9966.00 11296.00 10017.00
9/21/2007 9976.00 11348.00 10027.00
9/22/2007 9976.00 11348.00 10027.00
9/23/2007 9976.00 11348.00 10027.00
9/24/2007 9872.00 11289.00 9923.00
9/25/2007 9837.00 11285.00 9886.00
9/26/2007 9901.00 11348.00 9953.00
9/27/2007 9995.00 11393.00 10048.00
9/28/2007 9970.00 11359.00 10022.00
9/29/2007 9970.00 11359.00 10022.00
9/30/2007 9970.00 11359.00 10022.00
10/1/2007 10184.00 11510.00 10240.00
10/2/2007 10259.00 11507.00 10316.00
10/3/2007 10253.00 11457.00 10309.00
10/4/2007 10280.00 11481.00 10337.00
10/5/2007 10441.00 11594.00 10500.00
10/6/2007 10441.00 11594.00 10500.00
10/7/2007 10441.00 11594.00 10500.00
10/8/2007 10341.00 11557.00 10399.00
10/9/2007 10441.00 11650.00 10501.00
10/10/2007 10349.00 11631.00 10408.00
10/11/2007 10284.00 11572.00 10343.00
10/12/2007 10278.00 11627.00 10336.00
10/13/2007 10278.00 11627.00 10336.00
10/14/2007 10278.00 11627.00 10336.00
10/15/2007 10087.00 11530.00 10143.00
10/16/2007 9920.00 11454.00 9973.00
10/17/2007 9872.00 11475.00 9926.00
10/18/2007 9786.00 11467.00 9837.00
10/19/2007 9501.00 11173.00 9549.00
10/20/2007 9501.00 11173.00 9549.00
10/21/2007 9501.00 11173.00 9549.00
10/22/2007 9614.00 11216.00 9664.00
10/23/2007 9683.00 11315.00 9735.00
10/24/2007 9585.00 11287.00 9635.00
10/25/2007 9518.00 11276.00 9569.00
10/26/2007 9744.00 11432.00 9795.00
10/27/2007 9744.00 11432.00 9795.00
10/28/2007 9744.00 11432.00 9795.00
10/29/2007 9729.00 11476.00 9782.00
10/30/2007 9685.00 11402.00 9738.00
10/31/2007 9777.00 11539.00 9829.00

TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2007

 SINCE INCEPTION
 (11/1/2006)
 ---------------
RYDEX S&P EQUAL WEIGHT FINANCIALS ETF............................. -2.23%
S&P 500 EQUAL WEIGHT FINANCIALS TOTAL RETURN INDEX................ -1.71%
S&P 500 TOTAL RETURN INDEX........................................ 15.39%

The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Past performance is not guarantee of future results.

Rydex S&P Equal Weight Financials ETF
PORTFOLIO SUMMARY As of October 31, 2007

TOP 10 HOLDINGS*

 DESCRIPTION % OF NET ASSETS
------------------------------------------------------------------------------------
JANUS CAPITAL GROUP, INC. 1.38%
GOLDMAN SACHS GROUP, INC. 1.35%
STATE STREET CORP. 1.33%
CME GROUP, INC. 1.33%
T. ROWE PRICE GROUP, INC. 1.31%
INTERCONTINENTALEXCHANGE, INC. 1.30%
NORTHERN TRUST CORP. 1.27%
FEDERATED INVESTORS, INC. -- CLASS B 1.25%
AFLAC, INC 1.25%
ASSURANT, INC 1.24%

------------------------------------------------------------------------------------

INDUSTRY ALLOCATIONS*

(PIE CHART)

Insurance Capital Markets Commercial Banks
25.88 20.11 18.44

Insurance Real Estate Investment Trusts (REITs)
25.88 14.56

Insurance Diversified Financial Services Thrifts & Mortgage Finance
25.88 10.11 5.73

Insurance Consumer Finance Real Estate Management & Development
25.88 4.22 0.95

27 ANNUAL REPORT

RYDEX S&P EQUAL WEIGHT HEALTH CARE ETF
MANAGER'S ANALYSIS

For the period since inception (November 1, 2006) through October 31, 2007, Rydex S&P Equal Weight Health Care ETF returned 17.37%. For the same period its benchmark, the S&P Equal Weight Health Care Total Return Index, returned 18.22%.

The health care sector and this fund had solid returns as the markets continue to realize that health care spending will continue. The equal-weighted ETF outperformed the cap-weighted S&P 500 Health Care Index by more than 6% since inception. This was primarily driven by an extremely strong year in the biotechnology industry, but good years in the life sciences tools & services, health care providers & services, and health care equipment & supplies industries also aided in the effort. The only industry that performed poorly, health care technology, is also the sector's smallest allocation.

CUMULATIVE FUND PERFORMANCE: NOVEMBER 1, 2006 - OCTOBER 31, 2007

(PERFORMANCE GRAPH)

 S&P 500
 RYDEX S&P EQUAL WEIGHTED
 EQUAL WEIGHT S&P 500 HEALTH CARE
 HEALTH CARE TOTAL RETURN TOTAL RETURN
 ETF(A) INDEX(B) INDEX(C)
 ------------ ------------ --------------
11/1/2006 10000.00 10000.00 10002.00
11/2/2006 10053.00 9999.00 10053.00
11/3/2006 9994.00 9978.00 9995.00
11/4/2006 9994.00 9978.00 9995.00
11/5/2006 9994.00 9978.00 9995.00
11/6/2006 10121.00 10091.00 10123.00
11/7/2006 10190.00 10114.00 10193.00
11/8/2006 10045.00 10137.00 10053.00
11/9/2006 9865.00 10085.00 9872.00
11/10/2006 9919.00 10104.00 9931.00
11/11/2006 9919.00 10104.00 9931.00
11/12/2006 9919.00 10104.00 9931.00
11/13/2006 9935.00 10132.00 9945.00
11/14/2006 9994.00 10198.00 10005.00
11/15/2006 10036.00 10225.00 10047.00
11/16/2006 10095.00 10249.00 10106.00
11/17/2006 10083.00 10259.00 10095.00
11/18/2006 10083.00 10259.00 10095.00
11/19/2006 10083.00 10259.00 10095.00
11/20/2006 10047.00 10254.00 10057.00
11/21/2006 10038.00 10272.00 10050.00
11/22/2006 10105.00 10297.00 10116.00
11/23/2006 10105.00 10297.00 10116.00
11/24/2006 10055.00 10260.00 10068.00
11/25/2006 10055.00 10260.00 10068.00
11/26/2006 10055.00 10260.00 10068.00
11/27/2006 9978.00 10120.00 9989.00
11/28/2006 9994.00 10158.00 10006.00
11/29/2006 10059.00 10256.00 10071.00
11/30/2006 10111.00 10264.00 10123.00
12/1/2006 10103.00 10236.00 10116.00
12/2/2006 10103.00 10236.00 10116.00
12/3/2006 10103.00 10236.00 10116.00
12/4/2006 10210.00 10327.00 10225.00
12/5/2006 10247.00 10368.00 10261.00
12/6/2006 10281.00 10357.00 10295.00
12/7/2006 10257.00 10317.00 10271.00
12/8/2006 10267.00 10336.00 10280.00
12/9/2006 10267.00 10336.00 10280.00
12/10/2006 10267.00 10336.00 10280.00
12/11/2006 10293.00 10359.00 10307.00
12/12/2006 10299.00 10349.00 10314.00
12/13/2006 10267.00 10363.00 10282.00
12/14/2006 10303.00 10453.00 10319.00
12/15/2006 10328.00 10465.00 10342.00
12/16/2006 10328.00 10465.00 10342.00
12/17/2006 10328.00 10465.00 10342.00
12/18/2006 10313.00 10431.00 10329.00
12/19/2006 10350.00 10454.00 10365.00
12/20/2006 10366.00 10440.00 10382.00
12/21/2006 10364.00 10404.00 10381.00
12/22/2006 10305.00 10350.00 10323.00
12/23/2006 10305.00 10350.00 10323.00
12/24/2006 10305.00 10350.00 10323.00
12/25/2006 10305.00 10350.00 10323.00
12/26/2006 10319.00 10395.00 10337.00
12/27/2006 10349.00 10470.00 10367.00
12/28/2006 10345.00 10455.00 10363.00
12/29/2006 10309.00 10408.00 10326.00
12/30/2006 10309.00 10408.00 10326.00
12/31/2006 10309.00 10408.00 10326.00
1/1/2007 10309.00 10408.00 10326.00
1/2/2007 10309.00 10408.00 10326.00
1/3/2007 10293.00 10398.00 10312.00
1/4/2007 10360.00 10411.00 10378.00
1/5/2007 10313.00 10347.00 10332.00
1/6/2007 10313.00 10347.00 10332.00
1/7/2007 10313.00 10347.00 10332.00
1/8/2007 10362.00 10373.00 10380.00
1/9/2007 10352.00 10368.00 10370.00
1/10/2007 10380.00 10389.00 10398.00
1/11/2007 10503.00 10455.00 10523.00
1/12/2007 10544.00 10506.00 10564.00
1/13/2007 10544.00 10506.00 10564.00
1/14/2007 10544.00 10506.00 10564.00
1/15/2007 10544.00 10506.00 10564.00
1/16/2007 10582.00 10515.00 10603.00
1/17/2007 10643.00 10506.00 10664.00
1/18/2007 10641.00 10475.00 10662.00
1/19/2007 10659.00 10506.00 10681.00
1/20/2007 10659.00 10506.00 10681.00
1/21/2007 10659.00 10506.00 10681.00
1/22/2007 10598.00 10451.00 10620.00
1/23/2007 10600.00 10488.00 10622.00
1/24/2007 10675.00 10577.00 10698.00
1/25/2007 10637.00 10458.00 10659.00
1/26/2007 10621.00 10445.00 10642.00
1/27/2007 10621.00 10445.00 10642.00
1/28/2007 10621.00 10445.00 10642.00
1/29/2007 10641.00 10435.00 10664.00
1/30/2007 10730.00 10495.00 10752.00
1/31/2007 10782.00 10566.00 10805.00
2/1/2007 10861.00 10625.00 10885.00
2/2/2007 10857.00 10643.00 10880.00
2/3/2007 10857.00 10643.00 10880.00
2/4/2007 10857.00 10643.00 10880.00
2/5/2007 10861.00 10634.00 10886.00
2/6/2007 10853.00 10641.00 10877.00
2/7/2007 10871.00 10660.00 10896.00
2/8/2007 10879.00 10648.00 10903.00
2/9/2007 10835.00 10573.00 10859.00
2/10/2007 10835.00 10573.00 10859.00
2/11/2007 10835.00 10573.00 10859.00
2/12/2007 10817.00 10539.00 10841.00
2/13/2007 10851.00 10621.00 10876.00
2/14/2007 10922.00 10705.00 10947.00
2/15/2007 11009.00 10717.00 11035.00
2/16/2007 10981.00 10708.00 11007.00
2/17/2007 10981.00 10708.00 11007.00
2/18/2007 10981.00 10708.00 11007.00
2/19/2007 10981.00 10708.00 11007.00
2/20/2007 11013.00 10739.00 11039.00
2/21/2007 10997.00 10724.00 11023.00
2/22/2007 10975.00 10717.00 11002.00
2/23/2007 10952.00 10680.00 10980.00
2/24/2007 10952.00 10680.00 10980.00
2/25/2007 10952.00 10680.00 10980.00
2/26/2007 10924.00 10668.00 10951.00
2/27/2007 10610.00 10299.00 10636.00
2/28/2007 10651.00 10359.00 10677.00
3/1/2007 10580.00 10332.00 10606.00
3/2/2007 10463.00 10215.00 10489.00
3/3/2007 10463.00 10215.00 10489.00
3/4/2007 10463.00 10215.00 10489.00
3/5/2007 10376.00 10119.00 10402.00
3/6/2007 10497.00 10276.00 10525.00
3/7/2007 10467.00 10254.00 10494.00
3/8/2007 10534.00 10327.00 10562.00
3/9/2007 10548.00 10334.00 10576.00
3/10/2007 10548.00 10334.00 10576.00
3/11/2007 10548.00 10334.00 10576.00
3/12/2007 10578.00 10362.00 10606.00
3/13/2007 10410.00 10154.00 10439.00
3/14/2007 10481.00 10223.00 10509.00
3/15/2007 10515.00 10261.00 10544.00
3/16/2007 10504.00 10222.00 10533.00
3/17/2007 10504.00 10222.00 10533.00
3/18/2007 10504.00 10222.00 10533.00
3/19/2007 10616.00 10333.00 10655.00
3/20/2007 10642.00 10399.00 10680.00
3/21/2007 10755.00 10577.00 10808.00
3/22/2007 10792.00 10573.00 10834.00
3/23/2007 10796.00 10584.00 10839.00
3/24/2007 10796.00 10584.00 10839.00
3/25/2007 10796.00 10584.00 10839.00
3/26/2007 10794.00 10595.00 10837.00
3/27/2007 10741.00 10529.00 10784.00
3/28/2007 10690.00 10448.00 10734.00
3/29/2007 10707.00 10487.00 10750.00
3/30/2007 10743.00 10475.00 10786.00
3/31/2007 10743.00 10475.00 10786.00
4/1/2007 10743.00 10475.00 10786.00
4/2/2007 10777.00 10502.00 10822.00
4/3/2007 10911.00 10602.00 10955.00
4/4/2007 10941.00 10614.00 10986.00
4/5/2007 11020.00 10649.00 11067.00
4/6/2007 11020.00 10649.00 11067.00
4/7/2007 11020.00 10649.00 11067.00
4/8/2007 11020.00 10649.00 11067.00
4/9/2007 11022.00 10655.00 11069.00
4/10/2007 11057.00 10684.00 11104.00
4/11/2007 11045.00 10615.00 11091.00
4/12/2007 11168.00 10681.00 11216.00
4/13/2007 11243.00 10718.00 11291.00
4/14/2007 11243.00 10718.00 11291.00
4/15/2007 11243.00 10718.00 11291.00
4/16/2007 11346.00 10833.00 11395.00
4/17/2007 11366.00 10855.00 11416.00
4/18/2007 11354.00 10863.00 11403.00
4/19/2007 11383.00 10850.00 11432.00
4/20/2007 11449.00 10951.00 11501.00
4/21/2007 11449.00 10951.00 11501.00
4/22/2007 11449.00 10951.00 11501.00
4/23/2007 11536.00 10926.00 11588.00
4/24/2007 11571.00 10922.00 11624.00
4/25/2007 11603.00 11034.00 11655.00
4/26/2007 11589.00 11026.00 11641.00
4/27/2007 11557.00 11025.00 11608.00
4/28/2007 11557.00 11025.00 11608.00
4/29/2007 11557.00 11025.00 11608.00
4/30/2007 11490.00 10939.00 11542.00
5/1/2007 11547.00 10968.00 11600.00
5/2/2007 11630.00 11040.00 11683.00
5/3/2007 11646.00 11091.00 11699.00
5/4/2007 11690.00 11115.00 11744.00
5/5/2007 11690.00 11115.00 11744.00
5/6/2007 11690.00 11115.00 11744.00
5/7/2007 11729.00 11144.00 11784.00
5/8/2007 11696.00 11132.00 11750.00
5/9/2007 11729.00 11171.00 11783.00
5/10/2007 11565.00 11017.00 11620.00
5/11/2007 11623.00 11124.00 11679.00
5/12/2007 11623.00 11124.00 11679.00
5/13/2007 11623.00 11124.00 11679.00
5/14/2007 11579.00 11105.00 11634.00
5/15/2007 11581.00 11091.00 11636.00
5/16/2007 11704.00 11190.00 11760.00
5/17/2007 11642.00 11181.00 11698.00
5/18/2007 11694.00 11255.00 11750.00
5/19/2007 11694.00 11255.00 11750.00
5/20/2007 11694.00 11255.00 11750.00
5/21/2007 11680.00 11272.00 11737.00
5/22/2007 11686.00 11265.00 11743.00
5/23/2007 11704.00 11252.00 11761.00
5/24/2007 11676.00 11144.00 11733.00
5/25/2007 11717.00 11205.00 11774.00
5/26/2007 11717.00 11205.00 11774.00
5/27/2007 11717.00 11205.00 11774.00
5/28/2007 11717.00 11205.00 11774.00
5/29/2007 11715.00 11224.00 11772.00
5/30/2007 11721.00 11318.00 11779.00
5/31/2007 11737.00 11321.00 11795.00
6/1/2007 11781.00 11363.00 11841.00
6/2/2007 11781.00 11363.00 11841.00
6/3/2007 11781.00 11363.00 11841.00
6/4/2007 11797.00 11384.00 11857.00
6/5/2007 11743.00 11324.00 11802.00
6/6/2007 11660.00 11226.00 11720.00
6/7/2007 11500.00 11030.00 11558.00
6/8/2007 11583.00 11155.00 11642.00
6/9/2007 11583.00 11155.00 11642.00
6/10/2007 11583.00 11155.00 11642.00
6/11/2007 11587.00 11166.00 11646.00
6/12/2007 11500.00 11047.00 11559.00
6/13/2007 11597.00 11217.00 11657.00
6/14/2007 11603.00 11272.00 11663.00
6/15/2007 11657.00 11345.00 11718.00
6/16/2007 11657.00 11345.00 11718.00
6/17/2007 11657.00 11345.00 11718.00
6/18/2007 11623.00 11332.00 11686.00
6/19/2007 11647.00 11352.00 11708.00
6/20/2007 11507.00 11197.00 11567.00
6/21/2007 11534.00 11269.00 11595.00
6/22/2007 11384.00 11124.00 11444.00
6/23/2007 11384.00 11124.00 11444.00
6/24/2007 11384.00 11124.00 11444.00
6/25/2007 11352.00 11088.00 11412.00
6/26/2007 11406.00 11053.00 11466.00
6/27/2007 11483.00 11154.00 11544.00
6/28/2007 11479.00 11150.00 11541.00
6/29/2007 11441.00 11133.00 11502.00
6/30/2007 11441.00 11133.00 11502.00
7/1/2007 11441.00 11133.00 11502.00
7/2/2007 11554.00 11252.00 11617.00
7/3/2007 11580.00 11294.00 11643.00
7/4/2007 11580.00 11294.00 11643.00
7/5/2007 11601.00 11298.00 11665.00
7/6/2007 11637.00 11339.00 11701.00
7/7/2007 11637.00 11339.00 11701.00
7/8/2007 11637.00 11339.00 11701.00
7/9/2007 11595.00 11349.00 11658.00
7/10/2007 11489.00 11188.00 11554.00
7/11/2007 11580.00 11254.00 11644.00
7/12/2007 11734.00 11468.00 11799.00
7/13/2007 11702.00 11504.00 11767.00
7/14/2007 11702.00 11504.00 11767.00
7/15/2007 11702.00 11504.00 11767.00
7/16/2007 11686.00 11482.00 11751.00
7/17/2007 11651.00 11481.00 11717.00
7/18/2007 11653.00 11458.00 11720.00
7/19/2007 11607.00 11510.00 11672.00
7/20/2007 11489.00 11369.00 11555.00
7/21/2007 11489.00 11369.00 11555.00
7/22/2007 11489.00 11369.00 11555.00
7/23/2007 11560.00 11425.00 11627.00
7/24/2007 11453.00 11199.00 11518.00
7/25/2007 11461.00 11251.00 11528.00
7/26/2007 11238.00 10988.00 11302.00
7/27/2007 11050.00 10814.00 11115.00
7/28/2007 11050.00 10814.00 11115.00
7/29/2007 11050.00 10814.00 11115.00
7/30/2007 11139.00 10925.00 11204.00
7/31/2007 11032.00 10787.00 11095.00
8/1/2007 11096.00 10866.00 11161.00
8/2/2007 11220.00 10916.00 11286.00
8/3/2007 11048.00 10627.00 11112.00
8/4/2007 11048.00 10627.00 11112.00
8/5/2007 11048.00 10627.00 11112.00
8/6/2007 11271.00 10884.00 11338.00
8/7/2007 11232.00 10951.00 11298.00
8/8/2007 11271.00 11109.00 11336.00
8/9/2007 10989.00 10781.00 11053.00
8/10/2007 11068.00 10786.00 11134.00
8/11/2007 11068.00 10786.00 11134.00
8/12/2007 11068.00 10786.00 11134.00
8/13/2007 11101.00 10782.00 11166.00
8/14/2007 10973.00 10587.00 11037.00
8/15/2007 10868.00 10443.00 10933.00
8/16/2007 10809.00 10477.00 10873.00
8/17/2007 10957.00 10735.00 11023.00
8/18/2007 10957.00 10735.00 11023.00
8/19/2007 10957.00 10735.00 11023.00
8/20/2007 10961.00 10732.00 11029.00
8/21/2007 10983.00 10744.00 11050.00
8/22/2007 11086.00 10870.00 11154.00
8/23/2007 11105.00 10858.00 11173.00
8/24/2007 11194.00 10985.00 11263.00
8/25/2007 11194.00 10985.00 11263.00
8/26/2007 11194.00 10985.00 11263.00
8/27/2007 11135.00 10892.00 11203.00
8/28/2007 10961.00 10636.00 11029.00
8/29/2007 11096.00 10872.00 11166.00
8/30/2007 11086.00 10827.00 11155.00
8/31/2007 11145.00 10949.00 11215.00
9/1/2007 11145.00 10949.00 11215.00
9/2/2007 11145.00 10949.00 11215.00
9/3/2007 11145.00 10949.00 11215.00
9/4/2007 11240.00 11064.00 11311.00
9/5/2007 11198.00 10942.00 11269.00
9/6/2007 11293.00 10990.00 11363.00
9/7/2007 11151.00 10804.00 11222.00
9/8/2007 11151.00 10804.00 11222.00
9/9/2007 11151.00 10804.00 11222.00
9/10/2007 11149.00 10791.00 11219.00
9/11/2007 11273.00 10938.00 11345.00
9/12/2007 11303.00 10942.00 11375.00
9/13/2007 11321.00 11034.00 11392.00
9/14/2007 11307.00 11037.00 11379.00
9/15/2007 11307.00 11037.00 11379.00
9/16/2007 11307.00 11037.00 11379.00
9/17/2007 11226.00 10980.00 11298.00
9/18/2007 11431.00 11301.00 11505.00
9/19/2007 11505.00 11370.00 11581.00
9/20/2007 11439.00 11296.00 11513.00
9/21/2007 11480.00 11348.00 11555.00
9/22/2007 11480.00 11348.00 11555.00
9/23/2007 11480.00 11348.00 11555.00
9/24/2007 11450.00 11289.00 11527.00
9/25/2007 11458.00 11285.00 11535.00
9/26/2007 11555.00 11348.00 11633.00
9/27/2007 11571.00 11393.00 11649.00
9/28/2007 11555.00 11359.00 11633.00
9/29/2007 11555.00 11359.00 11633.00
9/30/2007 11555.00 11359.00 11633.00
10/1/2007 11648.00 11510.00 11727.00
10/2/2007 11604.00 11507.00 11684.00
10/3/2007 11608.00 11457.00 11687.00
10/4/2007 11626.00 11481.00 11706.00
10/5/2007 11725.00 11594.00 11806.00
10/6/2007 11725.00 11594.00 11806.00
10/7/2007 11725.00 11594.00 11806.00
10/8/2007 11685.00 11557.00 11767.00
10/9/2007 11754.00 11650.00 11837.00
10/10/2007 11764.00 11631.00 11845.00
10/11/2007 11654.00 11572.00 11736.00
10/12/2007 11717.00 11627.00 11801.00
10/13/2007 11717.00 11627.00 11801.00
10/14/2007 11717.00 11627.00 11801.00
10/15/2007 11656.00 11530.00 11740.00
10/16/2007 11581.00 11454.00 11665.00
10/17/2007 11602.00 11475.00 11686.00
10/18/2007 11598.00 11467.00 11681.00
10/19/2007 11438.00 11173.00 11520.00
10/20/2007 11438.00 11173.00 11520.00
10/21/2007 11438.00 11173.00 11520.00
10/22/2007 11432.00 11216.00 11513.00
10/23/2007 11581.00 11315.00 11665.00
10/24/2007 11502.00 11287.00 11586.00
10/25/2007 11547.00 11276.00 11631.00
10/26/2007 11561.00 11432.00 11645.00
10/27/2007 11561.00 11432.00 11645.00
10/28/2007 11561.00 11432.00 11645.00
10/29/2007 11583.00 11476.00 11667.00
10/30/2007 11594.00 11402.00 11678.00
10/31/2007 11737.00 11539.00 11822.00

TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2007

 SINCE INCEPTION
 (11/1/2006)
 ---------------
RYDEX S&P EQUAL WEIGHT HEALTH CARE ETF............................ 17.37%
S&P 500 EQUAL WEIGHT HEALTH CARE TOTAL RETURN INDEX............... 18.22%
S&P 500 TOTAL RETURN INDEX........................................ 15.39%

The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Past performance is not guarantee of future results.

Rydex S&P Equal Weight Health Care ETF
PORTFOLIO SUMMARY As of October 31, 2007

TOP 10 HOLDINGS*

 DESCRIPTION % OF NET ASSETS
------------------------------------------------------------------------------------
VARIAN MEDICAL SYSTEMS, INC. 2.35%
GENZYME CORP. 2.32%
MCKESSON CORP. 2.23%
EXPRESS SCRIPTS, INC. 2.22%
GILEAD SCIENCES, INC. 2.22%
WATERS CORP. 2.18%
MERCK & CO., INC. 2.16%
HUMANA, INC. 2.15%
BIOGEN IDEC, INC. 2.11%
MEDCO HEALTH SOLUTIONS, INC. 2.08%

------------------------------------------------------------------------------------

INDUSTRY ALLOCATIONS*

(PIE CHART)

Health Care Providers & Services Pharmaceuticals Health Care Equipment & Supplies
29.84 27.21 20.88

Health Care Providers & Services Biotechnology Life Sciences Tools & Services
29.84 10.49 9.92

Health Care Providers & Services Health Care Technology
29.84 1.66

29 ANNUAL REPORT

RYDEX S&P EQUAL WEIGHT INDUSTRIALS ETF
MANAGER'S ANALYSIS

For the period since inception (November 1, 2006) through October 31, 2007, Rydex S&P Equal Weight Industrials ETF returned 22.00%. For the same period, its benchmark, the S&P Equal Weight Industrials Total Return Index, delivered a 22.52% return.

This past year was one where the market showed its appreciation of industrial stocks. The large cap stocks did well, especially towards the last part of the year and this ETF enjoyed an above market average return. Due to the higher oil prices, airlines performed poorly. However, another small portion of the sector, construction & engineering, more than doubled.

CUMULATIVE FUND PERFORMANCE: NOVEMBER 1, 2006 - OCTOBER 31, 2007

(PERFORMANCE GRAPH)

 S&P 500
 RYDEX S&P S&P EQUAL WEIGHTED
 EQUAL WEIGHT 500 TOTAL INDUSTRIALS TOTAL
 INDUSTRIALS ETF(A) RETURN INDEX(B) RETURN INDEX(C)
 ------------------ --------------- -----------------
11/1/2006 10000.00 10000.00 9999.00
11/2/2006 9990.00 9999.00 9988.00
11/3/2006 9955.00 9978.00 9955.00
11/4/2006 9955.00 9978.00 9955.00
11/5/2006 9955.00 9978.00 9955.00
11/6/2006 10057.00 10091.00 10056.00
11/7/2006 10142.00 10114.00 10142.00
11/8/2006 10201.00 10137.00 10201.00
11/9/2006 10116.00 10085.00 10116.00
11/10/2006 10179.00 10104.00 10179.00
11/11/2006 10179.00 10104.00 10179.00
11/12/2006 10179.00 10104.00 10179.00
11/13/2006 10236.00 10132.00 10236.00
11/14/2006 10277.00 10198.00 10276.00
11/15/2006 10368.00 10225.00 10370.00
11/16/2006 10419.00 10249.00 10420.00
11/17/2006 10393.00 10259.00 10395.00
11/18/2006 10393.00 10259.00 10395.00
11/19/2006 10393.00 10259.00 10395.00
11/20/2006 10348.00 10254.00 10350.00
11/21/2006 10427.00 10272.00 10429.00
11/22/2006 10442.00 10297.00 10443.00
11/23/2006 10442.00 10297.00 10443.00
11/24/2006 10419.00 10260.00 10422.00
11/25/2006 10419.00 10260.00 10422.00
11/26/2006 10419.00 10260.00 10422.00
11/27/2006 10248.00 10120.00 10250.00
11/28/2006 10232.00 10158.00 10234.00
11/29/2006 10336.00 10256.00 10339.00
11/30/2006 10360.00 10264.00 10364.00
12/1/2006 10293.00 10236.00 10296.00
12/2/2006 10293.00 10236.00 10296.00
12/3/2006 10293.00 10236.00 10296.00
12/4/2006 10442.00 10327.00 10446.00
12/5/2006 10484.00 10368.00 10489.00
12/6/2006 10492.00 10357.00 10497.00
12/7/2006 10474.00 10317.00 10478.00
12/8/2006 10476.00 10336.00 10482.00
12/9/2006 10476.00 10336.00 10482.00
12/10/2006 10476.00 10336.00 10482.00
12/11/2006 10444.00 10359.00 10449.00
12/12/2006 10403.00 10349.00 10408.00
12/13/2006 10372.00 10363.00 10377.00
12/14/2006 10474.00 10453.00 10479.00
12/15/2006 10411.00 10465.00 10417.00
12/16/2006 10411.00 10465.00 10417.00
12/17/2006 10411.00 10465.00 10417.00
12/18/2006 10366.00 10431.00 10372.00
12/19/2006 10403.00 10454.00 10407.00
12/20/2006 10409.00 10440.00 10414.00
12/21/2006 10370.00 10404.00 10377.00
12/22/2006 10293.00 10350.00 10300.00
12/23/2006 10293.00 10350.00 10300.00
12/24/2006 10293.00 10350.00 10300.00
12/25/2006 10293.00 10350.00 10300.00
12/26/2006 10338.00 10395.00 10343.00
12/27/2006 10427.00 10470.00 10433.00
12/28/2006 10402.00 10455.00 10409.00
12/29/2006 10335.00 10408.00 10342.00
12/30/2006 10335.00 10408.00 10342.00
12/31/2006 10335.00 10408.00 10342.00
1/1/2007 10335.00 10408.00 10342.00
1/2/2007 10335.00 10408.00 10342.00
1/3/2007 10341.00 10398.00 10349.00
1/4/2007 10323.00 10411.00 10330.00
1/5/2007 10258.00 10347.00 10265.00
1/6/2007 10258.00 10347.00 10265.00
1/7/2007 10258.00 10347.00 10265.00
1/8/2007 10313.00 10373.00 10320.00
1/9/2007 10335.00 10368.00 10342.00
1/10/2007 10357.00 10389.00 10366.00
1/11/2007 10447.00 10455.00 10456.00
1/12/2007 10500.00 10506.00 10510.00
1/13/2007 10500.00 10506.00 10510.00
1/14/2007 10500.00 10506.00 10510.00
1/15/2007 10500.00 10506.00 10510.00
1/16/2007 10568.00 10515.00 10578.00
1/17/2007 10580.00 10506.00 10589.00
1/18/2007 10541.00 10475.00 10551.00
1/19/2007 10578.00 10506.00 10588.00
1/20/2007 10578.00 10506.00 10588.00
1/21/2007 10578.00 10506.00 10588.00
1/22/2007 10468.00 10451.00 10477.00
1/23/2007 10625.00 10488.00 10635.00
1/24/2007 10625.00 10577.00 10635.00
1/25/2007 10502.00 10458.00 10514.00
1/26/2007 10468.00 10445.00 10480.00
1/27/2007 10468.00 10445.00 10480.00
1/28/2007 10468.00 10445.00 10480.00
1/29/2007 10500.00 10435.00 10511.00
1/30/2007 10560.00 10495.00 10571.00
1/31/2007 10713.00 10566.00 10725.00
2/1/2007 10866.00 10625.00 10877.00
2/2/2007 10902.00 10643.00 10915.00
2/3/2007 10902.00 10643.00 10915.00
2/4/2007 10902.00 10643.00 10915.00
2/5/2007 10884.00 10634.00 10897.00
2/6/2007 10892.00 10641.00 10904.00
2/7/2007 10923.00 10660.00 10936.00
2/8/2007 10862.00 10648.00 10875.00
2/9/2007 10786.00 10573.00 10799.00
2/10/2007 10786.00 10573.00 10799.00
2/11/2007 10786.00 10573.00 10799.00
2/12/2007 10804.00 10539.00 10818.00
2/13/2007 10906.00 10621.00 10921.00
2/14/2007 11068.00 10705.00 11082.00
2/15/2007 11096.00 10717.00 11112.00
2/16/2007 11076.00 10708.00 11091.00
2/17/2007 11076.00 10708.00 11091.00
2/18/2007 11076.00 10708.00 11091.00
2/19/2007 11076.00 10708.00 11091.00
2/20/2007 11131.00 10739.00 11147.00
2/21/2007 11155.00 10724.00 11172.00
2/22/2007 11119.00 10717.00 11134.00
2/23/2007 11102.00 10680.00 11118.00
2/24/2007 11102.00 10680.00 11118.00
2/25/2007 11102.00 10680.00 11118.00
2/26/2007 11019.00 10668.00 11036.00
2/27/2007 10643.00 10299.00 10658.00
2/28/2007 10678.00 10359.00 10693.00
3/1/2007 10645.00 10332.00 10661.00
3/2/2007 10498.00 10215.00 10514.00
3/3/2007 10498.00 10215.00 10514.00
3/4/2007 10498.00 10215.00 10514.00
3/5/2007 10429.00 10119.00 10444.00
3/6/2007 10564.00 10276.00 10580.00
3/7/2007 10584.00 10254.00 10601.00
3/8/2007 10680.00 10327.00 10697.00
3/9/2007 10696.00 10334.00 10712.00
3/10/2007 10696.00 10334.00 10712.00
3/11/2007 10696.00 10334.00 10712.00
3/12/2007 10743.00 10362.00 10760.00
3/13/2007 10508.00 10154.00 10526.00
3/14/2007 10574.00 10223.00 10591.00
3/15/2007 10606.00 10261.00 10624.00
3/16/2007 10636.00 10222.00 10654.00
3/17/2007 10636.00 10222.00 10654.00
3/18/2007 10636.00 10222.00 10654.00
3/19/2007 10756.00 10333.00 10776.00
3/20/2007 10791.00 10399.00 10812.00
3/21/2007 10924.00 10577.00 10944.00
3/22/2007 10891.00 10573.00 10912.00
3/23/2007 10965.00 10584.00 10987.00
3/24/2007 10965.00 10584.00 10987.00
3/25/2007 10965.00 10584.00 10987.00
3/26/2007 10891.00 10595.00 10913.00
3/27/2007 10791.00 10529.00 10812.00
3/28/2007 10679.00 10448.00 10701.00
3/29/2007 10709.00 10487.00 10731.00
3/30/2007 10720.00 10475.00 10741.00
3/31/2007 10720.00 10475.00 10741.00
4/1/2007 10720.00 10475.00 10741.00
4/2/2007 10734.00 10502.00 10757.00
4/3/2007 10840.00 10602.00 10863.00
4/4/2007 10799.00 10614.00 10822.00
4/5/2007 10797.00 10649.00 10821.00
4/6/2007 10797.00 10649.00 10821.00
4/7/2007 10797.00 10649.00 10821.00
4/8/2007 10797.00 10649.00 10821.00
4/9/2007 10838.00 10655.00 10863.00
4/10/2007 10836.00 10684.00 10859.00
4/11/2007 10765.00 10615.00 10789.00
4/12/2007 10885.00 10681.00 10910.00
4/13/2007 10900.00 10718.00 10923.00
4/14/2007 10900.00 10718.00 10923.00
4/15/2007 10900.00 10718.00 10923.00
4/16/2007 11018.00 10833.00 11044.00
4/17/2007 11039.00 10855.00 11065.00
4/18/2007 11088.00 10863.00 11114.00
4/19/2007 11110.00 10850.00 11136.00
4/20/2007 11219.00 10951.00 11245.00
4/21/2007 11219.00 10951.00 11245.00
4/22/2007 11219.00 10951.00 11245.00
4/23/2007 11276.00 10926.00 11303.00
4/24/2007 11246.00 10922.00 11273.00
4/25/2007 11340.00 11034.00 11367.00
4/26/2007 11305.00 11026.00 11333.00
4/27/2007 11417.00 11025.00 11446.00
4/28/2007 11417.00 11025.00 11446.00
4/29/2007 11417.00 11025.00 11446.00
4/30/2007 11264.00 10939.00 11293.00
5/1/2007 11321.00 10968.00 11351.00
5/2/2007 11436.00 11040.00 11466.00
5/3/2007 11524.00 11091.00 11554.00
5/4/2007 11544.00 11115.00 11575.00
5/5/2007 11544.00 11115.00 11575.00
5/6/2007 11544.00 11115.00 11575.00
5/7/2007 11565.00 11144.00 11596.00
5/8/2007 11571.00 11132.00 11602.00
5/9/2007 11655.00 11171.00 11686.00
5/10/2007 11507.00 11017.00 11539.00
5/11/2007 11608.00 11124.00 11639.00
5/12/2007 11608.00 11124.00 11639.00
5/13/2007 11608.00 11124.00 11639.00
5/14/2007 11583.00 11105.00 11615.00
5/15/2007 11579.00 11091.00 11610.00
5/16/2007 11647.00 11190.00 11680.00
5/17/2007 11647.00 11181.00 11679.00
5/18/2007 11675.00 11255.00 11709.00
5/19/2007 11675.00 11255.00 11709.00
5/20/2007 11675.00 11255.00 11709.00
5/21/2007 11698.00 11272.00 11731.00
5/22/2007 11665.00 11265.00 11699.00
5/23/2007 11663.00 11252.00 11698.00
5/24/2007 11571.00 11144.00 11604.00
5/25/2007 11657.00 11205.00 11692.00
5/26/2007 11657.00 11205.00 11692.00
5/27/2007 11657.00 11205.00 11692.00
5/28/2007 11657.00 11205.00 11692.00
5/29/2007 11700.00 11224.00 11734.00
5/30/2007 11818.00 11318.00 11854.00
5/31/2007 11908.00 11321.00 11946.00
6/1/2007 11951.00 11363.00 11986.00
6/2/2007 11951.00 11363.00 11986.00
6/3/2007 11951.00 11363.00 11986.00
6/4/2007 11966.00 11384.00 12001.00
6/5/2007 11958.00 11324.00 11994.00
6/6/2007 11810.00 11226.00 11846.00
6/7/2007 11595.00 11030.00 11630.00
6/8/2007 11759.00 11155.00 11794.00
6/9/2007 11759.00 11155.00 11794.00
6/10/2007 11759.00 11155.00 11794.00
6/11/2007 11775.00 11166.00 11811.00
6/12/2007 11663.00 11047.00 11698.00
6/13/2007 11911.00 11217.00 11947.00
6/14/2007 11994.00 11272.00 12032.00
6/15/2007 12059.00 11345.00 12099.00
6/16/2007 12059.00 11345.00 12099.00
6/17/2007 12059.00 11345.00 12099.00
6/18/2007 12012.00 11332.00 12050.00
6/19/2007 12075.00 11352.00 12114.00
6/20/2007 11977.00 11197.00 12016.00
6/21/2007 12051.00 11269.00 12090.00
6/22/2007 11940.00 11124.00 11979.00
6/23/2007 11940.00 11124.00 11979.00
6/24/2007 11940.00 11124.00 11979.00
6/25/2007 11891.00 11088.00 11931.00
6/26/2007 11832.00 11053.00 11871.00
6/27/2007 11901.00 11154.00 11941.00
6/28/2007 11914.00 11150.00 11952.00
6/29/2007 11922.00 11133.00 11962.00
6/30/2007 11922.00 11133.00 11962.00
7/1/2007 11922.00 11133.00 11962.00
7/2/2007 11899.00 11252.00 12132.00
7/3/2007 12113.00 11294.00 12154.00
7/4/2007 12113.00 11294.00 12154.00
7/5/2007 12123.00 11298.00 12165.00
7/6/2007 12184.00 11339.00 12227.00
7/7/2007 12184.00 11339.00 12227.00
7/8/2007 12184.00 11339.00 12227.00
7/9/2007 12285.00 11349.00 12328.00
7/10/2007 12082.00 11188.00 12125.00
7/11/2007 12197.00 11254.00 12240.00
7/12/2007 12400.00 11468.00 12444.00
7/13/2007 12453.00 11504.00 12499.00
7/14/2007 12453.00 11504.00 12499.00
7/15/2007 12453.00 11504.00 12499.00
7/16/2007 12476.00 11482.00 12522.00
7/17/2007 12541.00 11481.00 12587.00
7/18/2007 12533.00 11458.00 12579.00
7/19/2007 12613.00 11510.00 12661.00
7/20/2007 12408.00 11369.00 12454.00
7/21/2007 12408.00 11369.00 12454.00
7/22/2007 12408.00 11369.00 12454.00
7/23/2007 12461.00 11425.00 12509.00
7/24/2007 12215.00 11199.00 12261.00
7/25/2007 12174.00 11251.00 12220.00
7/26/2007 11912.00 10988.00 11957.00
7/27/2007 11764.00 10814.00 11810.00
7/28/2007 11764.00 10814.00 11810.00
7/29/2007 11764.00 10814.00 11810.00
7/30/2007 11979.00 10925.00 12025.00
7/31/2007 11846.00 10787.00 11892.00
8/1/2007 11932.00 10866.00 11978.00
8/2/2007 12047.00 10916.00 12094.00
8/3/2007 11737.00 10627.00 11781.00
8/4/2007 11737.00 10627.00 11781.00
8/5/2007 11737.00 10627.00 11781.00
8/6/2007 11903.00 10884.00 11950.00
8/7/2007 11877.00 10951.00 11922.00
8/8/2007 11875.00 11109.00 11921.00
8/9/2007 11497.00 10781.00 11541.00
8/10/2007 11600.00 10786.00 11643.00
8/11/2007 11600.00 10786.00 11643.00
8/12/2007 11600.00 10786.00 11643.00
8/13/2007 11713.00 10782.00 11758.00
8/14/2007 11434.00 10587.00 11475.00
8/15/2007 11173.00 10443.00 11209.00
8/16/2007 11067.00 10477.00 11103.00
8/17/2007 11315.00 10735.00 11352.00
8/18/2007 11315.00 10735.00 11352.00
8/19/2007 11315.00 10735.00 11352.00
8/20/2007 11456.00 10732.00 11497.00
8/21/2007 11442.00 10744.00 11483.00
8/22/2007 11688.00 10870.00 11733.00
8/23/2007 11561.00 10858.00 11606.00
8/24/2007 11748.00 10985.00 11794.00
8/25/2007 11748.00 10985.00 11794.00
8/26/2007 11748.00 10985.00 11794.00
8/27/2007 11700.00 10892.00 11745.00
8/28/2007 11360.00 10636.00 11403.00
8/29/2007 11649.00 10872.00 11694.00
8/30/2007 11608.00 10827.00 11652.00
8/31/2007 11793.00 10949.00 11839.00
9/1/2007 11793.00 10949.00 11839.00
9/2/2007 11793.00 10949.00 11839.00
9/3/2007 11793.00 10949.00 11839.00
9/4/2007 11883.00 11064.00 11931.00
9/5/2007 11725.00 10942.00 11773.00
9/6/2007 11807.00 10990.00 11855.00
9/7/2007 11538.00 10804.00 11584.00
9/8/2007 11538.00 10804.00 11584.00
9/9/2007 11538.00 10804.00 11584.00
9/10/2007 11471.00 10791.00 11516.00
9/11/2007 11614.00 10938.00 11660.00
9/12/2007 11592.00 10942.00 11638.00
9/13/2007 11653.00 11034.00 11701.00
9/14/2007 11680.00 11037.00 11729.00
9/15/2007 11680.00 11037.00 11729.00
9/16/2007 11680.00 11037.00 11729.00
9/17/2007 11616.00 10980.00 11664.00
9/18/2007 12024.00 11301.00 12076.00
9/19/2007 12092.00 11370.00 12143.00
9/20/2007 12002.00 11296.00 12053.00
9/21/2007 12071.00 11348.00 12124.00
9/22/2007 12071.00 11348.00 12124.00
9/23/2007 12071.00 11348.00 12124.00
9/24/2007 11975.00 11289.00 12026.00
9/25/2007 12034.00 11285.00 12087.00
9/26/2007 12106.00 11348.00 12160.00
9/27/2007 12174.00 11393.00 12227.00
9/28/2007 12147.00 11359.00 12201.00
9/29/2007 12147.00 11359.00 12201.00
9/30/2007 12147.00 11359.00 12201.00
10/1/2007 12347.00 11510.00 12402.00
10/2/2007 12299.00 11507.00 12355.00
10/3/2007 12180.00 11457.00 12236.00
10/4/2007 12221.00 11481.00 12277.00
10/5/2007 12425.00 11594.00 12482.00
10/6/2007 12425.00 11594.00 12482.00
10/7/2007 12425.00 11594.00 12482.00
10/8/2007 12386.00 11557.00 12444.00
10/9/2007 12488.00 11650.00 12546.00
10/10/2007 12359.00 11631.00 12417.00
10/11/2007 12279.00 11572.00 12335.00
10/12/2007 12351.00 11627.00 12410.00
10/13/2007 12351.00 11627.00 12410.00
10/14/2007 12351.00 11627.00 12410.00
10/15/2007 12234.00 11530.00 12292.00
10/16/2007 12153.00 11454.00 12211.00
10/17/2007 12182.00 11475.00 12239.00
10/18/2007 12252.00 11467.00 12309.00
10/19/2007 11878.00 11173.00 11934.00
10/20/2007 11878.00 11173.00 11934.00
10/21/2007 11878.00 11173.00 11934.00
10/22/2007 11962.00 11216.00 12020.00
10/23/2007 12116.00 11315.00 12176.00
10/24/2007 12160.00 11287.00 12218.00
10/25/2007 12071.00 11276.00 12131.00
10/26/2007 12090.00 11432.00 12149.00
10/27/2007 12090.00 11432.00 12149.00
10/28/2007 12090.00 11432.00 12149.00
10/29/2007 12145.00 11476.00 12205.00
10/30/2007 12044.00 11402.00 12105.00
10/31/2007 12201.00 11539.00 12252.00

TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2007

 SINCE INCEPTION
 (11/1/2006)
 ---------------
RYDEX S&P EQUAL WEIGHT INDUSTRIALS ETF............................ 22.00%
S&P 500 EQUAL WEIGHT INDUSTRIALS TOTAL RETURN INDEX............... 22.52%
S&P 500 TOTAL RETURN INDEX........................................ 15.39%

The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Past performance is not guarantee of future results.

Rydex S&P Equal Weight Industrials ETF
PORTFOLIO SUMMARY As of October 31, 2007

TOP 10 HOLDINGS*

 DESCRIPTION % OF NET ASSETS
------------------------------------------------------------------------------------
MONSTER WORLDWIDE, INC. 2.22%
R.R. DONNELLEY & SONS CO. 2.17%
UNION PACIFIC CORP. 2.16%
TEXTRON, INC. 2.14%
FLUOR CORP. 2.13%
L-3 COMMUNICATIONS HOLDINGS, INC. 2.10%
CSX CORP. 2.10%
GENERAL DYNAMICS CORP. 2.06%
LOCKHEED MARTIN CORP. 2.05%
BURLINGTON NORTHERN SANTA FE CORP. 2.02%

------------------------------------------------------------------------------------

INDUSTRY ALLOCATIONS*

(PIE CHART)

Machinery Aerospace & Defense Commercial Services & Supplies
24.06 21.76 15.30

Machinery Road & Rail Air Freight & Logistics Electrical Equipment
24.06 10.01 7.46 5.86

Machinery Industrial Conglomerates Construction & Engineering
24.06 5.83 4.10

Machinery Building Products Trading Companies & Distributors
24.06 1.99 1.86

Machinery Airlines
24.06 1.77

31 ANNUAL REPORT

RYDEX S&P EQUAL WEIGHT MATERIALS ETF
MANAGER'S ANALYSIS

For the period since inception (November 1, 2006) through October 31, 2007, Rydex S&P Equal Weight Materials ETF returned 24.02%. For the same period its benchmark, the S&P Equal Weight Materials Total Return Index, returned 25.24%.

Stocks in the materials sector had a very good year. The ETF performed negatively during the summer along with just about every fund but was able to recapture the majority of the loss in the final three months due to strong global demand for commodities. Metals & mining was the strongest performing industry, up more than 48%. Containers & packaging stocks posted anemic gains of less than 4%, trailing the rest of the sector.

CUMULATIVE FUND PERFORMANCE: NOVEMBER 1, 2006 - OCTOBER 31, 2007

(PERFORMANCE GRAPH)

 S&P 500
 RYDEX S&P S&P 500 EQUAL WEIGHTED
 EQUAL WEIGHT TOTAL RETURN MATERIALS TOTAL
 MATERIALS ETF(A) INDEX(B) RETURN INDEX(C)
 ---------------- ------------ ---------------
11/1/2006 10000.00 10000.00 10001.00
11/2/2006 10064.00 9999.00 10064.00
11/3/2006 10019.00 9978.00 10019.00
11/4/2006 10019.00 9978.00 10019.00
11/5/2006 10019.00 9978.00 10019.00
11/6/2006 10132.00 10091.00 10133.00
11/7/2006 10116.00 10114.00 10116.00
11/8/2006 10167.00 10137.00 10167.00
11/9/2006 10233.00 10085.00 10234.00
11/10/2006 10165.00 10104.00 10167.00
11/11/2006 10165.00 10104.00 10167.00
11/12/2006 10165.00 10104.00 10167.00
11/13/2006 10260.00 10132.00 10262.00
11/14/2006 10277.00 10198.00 10279.00
11/15/2006 10301.00 10225.00 10303.00
11/16/2006 10273.00 10249.00 10274.00
11/17/2006 10291.00 10259.00 10294.00
11/18/2006 10291.00 10259.00 10294.00
11/19/2006 10291.00 10259.00 10294.00
11/20/2006 10384.00 10254.00 10387.00
11/21/2006 10452.00 10272.00 10456.00
11/22/2006 10547.00 10297.00 10552.00
11/23/2006 10547.00 10297.00 10552.00
11/24/2006 10551.00 10260.00 10556.00
11/25/2006 10551.00 10260.00 10556.00
11/26/2006 10551.00 10260.00 10556.00
11/27/2006 10394.00 10120.00 10397.00
11/28/2006 10386.00 10158.00 10391.00
11/29/2006 10516.00 10256.00 10521.00
11/30/2006 10555.00 10264.00 10561.00
12/1/2006 10485.00 10236.00 10491.00
12/2/2006 10485.00 10236.00 10491.00
12/3/2006 10485.00 10236.00 10491.00
12/4/2006 10671.00 10327.00 10676.00
12/5/2006 10729.00 10368.00 10735.00
12/6/2006 10725.00 10357.00 10731.00
12/7/2006 10762.00 10317.00 10768.00
12/8/2006 10807.00 10336.00 10814.00
12/9/2006 10807.00 10336.00 10814.00
12/10/2006 10807.00 10336.00 10814.00
12/11/2006 10768.00 10359.00 10774.00
12/12/2006 10636.00 10349.00 10642.00
12/13/2006 10677.00 10363.00 10684.00
12/14/2006 10739.00 10453.00 10746.00
12/15/2006 10809.00 10465.00 10817.00
12/16/2006 10809.00 10465.00 10817.00
12/17/2006 10809.00 10465.00 10817.00
12/18/2006 10706.00 10431.00 10714.00
12/19/2006 10783.00 10454.00 10791.00
12/20/2006 10745.00 10440.00 10753.00
12/21/2006 10624.00 10404.00 10633.00
12/22/2006 10578.00 10350.00 10587.00
12/23/2006 10578.00 10350.00 10587.00
12/24/2006 10578.00 10350.00 10587.00
12/25/2006 10578.00 10350.00 10587.00
12/26/2006 10673.00 10395.00 10683.00
12/27/2006 10795.00 10470.00 10805.00
12/28/2006 10758.00 10455.00 10767.00
12/29/2006 10690.00 10408.00 10699.00
12/30/2006 10690.00 10408.00 10699.00
12/31/2006 10690.00 10408.00 10699.00
1/1/2007 10690.00 10408.00 10699.00
1/2/2007 10690.00 10408.00 10699.00
1/3/2007 10652.00 10398.00 10662.00
1/4/2007 10562.00 10411.00 10572.00
1/5/2007 10502.00 10347.00 10512.00
1/6/2007 10502.00 10347.00 10512.00
1/7/2007 10502.00 10347.00 10512.00
1/8/2007 10526.00 10373.00 10538.00
1/9/2007 10520.00 10368.00 10531.00
1/10/2007 10568.00 10389.00 10580.00
1/11/2007 10715.00 10455.00 10726.00
1/12/2007 10820.00 10506.00 10833.00
1/13/2007 10820.00 10506.00 10833.00
1/14/2007 10820.00 10506.00 10833.00
1/15/2007 10820.00 10506.00 10833.00
1/16/2007 10814.00 10515.00 10828.00
1/17/2007 10835.00 10506.00 10848.00
1/18/2007 10777.00 10475.00 10791.00
1/19/2007 10918.00 10506.00 10931.00
1/20/2007 10918.00 10506.00 10931.00
1/21/2007 10918.00 10506.00 10931.00
1/22/2007 10814.00 10451.00 10828.00
1/23/2007 10978.00 10488.00 10991.00
1/24/2007 11054.00 10577.00 11069.00
1/25/2007 10965.00 10458.00 10980.00
1/26/2007 10967.00 10445.00 10983.00
1/27/2007 10967.00 10445.00 10983.00
1/28/2007 10967.00 10445.00 10983.00
1/29/2007 10945.00 10435.00 10960.00
1/30/2007 10963.00 10495.00 10978.00
1/31/2007 11090.00 10566.00 11105.00
2/1/2007 11170.00 10625.00 11186.00
2/2/2007 11166.00 10643.00 11182.00
2/3/2007 11166.00 10643.00 11182.00
2/4/2007 11166.00 10643.00 11182.00
2/5/2007 11116.00 10634.00 11134.00
2/6/2007 11179.00 10641.00 11195.00
2/7/2007 11187.00 10660.00 11203.00
2/8/2007 11170.00 10648.00 11188.00
2/9/2007 11127.00 10573.00 11145.00
2/10/2007 11127.00 10573.00 11145.00
2/11/2007 11127.00 10573.00 11145.00
2/12/2007 11137.00 10539.00 11155.00
2/13/2007 11365.00 10621.00 11384.00
2/14/2007 11425.00 10705.00 11444.00
2/15/2007 11487.00 10717.00 11506.00
2/16/2007 11508.00 10708.00 11529.00
2/17/2007 11508.00 10708.00 11529.00
2/18/2007 11508.00 10708.00 11529.00
2/19/2007 11508.00 10708.00 11529.00
2/20/2007 11553.00 10739.00 11574.00
2/21/2007 11705.00 10724.00 11726.00
2/22/2007 11649.00 10717.00 11671.00
2/23/2007 11651.00 10680.00 11674.00
2/24/2007 11651.00 10680.00 11674.00
2/25/2007 11651.00 10680.00 11674.00
2/26/2007 11758.00 10668.00 11781.00
2/27/2007 11278.00 10299.00 11297.00
2/28/2007 11334.00 10359.00 11356.00
3/1/2007 11276.00 10332.00 11297.00
3/2/2007 11087.00 10215.00 11108.00
3/3/2007 11087.00 10215.00 11108.00
3/4/2007 11087.00 10215.00 11108.00
3/5/2007 10943.00 10119.00 10963.00
3/6/2007 11150.00 10276.00 11171.00
3/7/2007 11123.00 10254.00 11143.00
3/8/2007 11266.00 10327.00 11287.00
3/9/2007 11313.00 10334.00 11335.00
3/10/2007 11313.00 10334.00 11335.00
3/11/2007 11313.00 10334.00 11335.00
3/12/2007 11361.00 10362.00 11384.00
3/13/2007 11073.00 10154.00 11095.00
3/14/2007 11160.00 10223.00 11183.00
3/15/2007 11303.00 10261.00 11326.00
3/16/2007 11214.00 10222.00 11236.00
3/17/2007 11214.00 10222.00 11236.00
3/18/2007 11214.00 10222.00 11236.00
3/19/2007 11377.00 10333.00 11399.00
3/20/2007 11462.00 10399.00 11486.00
3/21/2007 11615.00 10577.00 11640.00
3/22/2007 11586.00 10573.00 11609.00
3/23/2007 11628.00 10584.00 11653.00
3/24/2007 11628.00 10584.00 11653.00
3/25/2007 11628.00 10584.00 11653.00
3/26/2007 11702.00 10595.00 11728.00
3/27/2007 11589.00 10529.00 11613.00
3/28/2007 11479.00 10448.00 11503.00
3/29/2007 11549.00 10487.00 11574.00
3/30/2007 11533.00 10475.00 11558.00
3/31/2007 11533.00 10475.00 11558.00
4/1/2007 11533.00 10475.00 11558.00
4/2/2007 11591.00 10502.00 11616.00
4/3/2007 11713.00 10602.00 11740.00
4/4/2007 11717.00 10614.00 11744.00
4/5/2007 11707.00 10649.00 11734.00
4/6/2007 11707.00 10649.00 11734.00
4/7/2007 11707.00 10649.00 11734.00
4/8/2007 11707.00 10649.00 11734.00
4/9/2007 11800.00 10655.00 11827.00
4/10/2007 11736.00 10684.00 11763.00
4/11/2007 11649.00 10615.00 11676.00
4/12/2007 11746.00 10681.00 11774.00
4/13/2007 11769.00 10718.00 11798.00
4/14/2007 11769.00 10718.00 11798.00
4/15/2007 11769.00 10718.00 11798.00
4/16/2007 11919.00 10833.00 11949.00
4/17/2007 11859.00 10855.00 11888.00
4/18/2007 11786.00 10863.00 11815.00
4/19/2007 11788.00 10850.00 11817.00
4/20/2007 11919.00 10951.00 11950.00
4/21/2007 11919.00 10951.00 11950.00
4/22/2007 11919.00 10951.00 11950.00
4/23/2007 11902.00 10926.00 11932.00
4/24/2007 11805.00 10922.00 11834.00
4/25/2007 12000.00 11034.00 12032.00
4/26/2007 11981.00 11026.00 12012.00
4/27/2007 11962.00 11025.00 11993.00
4/28/2007 11962.00 11025.00 11993.00
4/29/2007 11962.00 11025.00 11993.00
4/30/2007 11780.00 10939.00 11811.00
5/1/2007 11707.00 10968.00 11738.00
5/2/2007 11819.00 11040.00 11851.00
5/3/2007 11904.00 11091.00 11937.00
5/4/2007 11950.00 11115.00 11982.00
5/5/2007 11950.00 11115.00 11982.00
5/6/2007 11950.00 11115.00 11982.00
5/7/2007 12052.00 11144.00 12085.00
5/8/2007 12039.00 11132.00 12072.00
5/9/2007 12126.00 11171.00 12160.00
5/10/2007 11910.00 11017.00 11943.00
5/11/2007 12025.00 11124.00 12059.00
5/12/2007 12025.00 11124.00 12059.00
5/13/2007 12025.00 11124.00 12059.00
5/14/2007 11973.00 11105.00 12006.00
5/15/2007 12050.00 11091.00 12084.00
5/16/2007 12070.00 11190.00 12105.00
5/17/2007 12066.00 11181.00 12101.00
5/18/2007 12145.00 11255.00 12180.00
5/19/2007 12145.00 11255.00 12180.00
5/20/2007 12145.00 11255.00 12180.00
5/21/2007 12158.00 11272.00 12194.00
5/22/2007 12135.00 11265.00 12170.00
5/23/2007 12120.00 11252.00 12156.00
5/24/2007 11973.00 11144.00 12008.00
5/25/2007 12116.00 11205.00 12152.00
5/26/2007 12116.00 11205.00 12152.00
5/27/2007 12116.00 11205.00 12152.00
5/28/2007 12116.00 11205.00 12152.00
5/29/2007 12089.00 11224.00 12125.00
5/30/2007 12236.00 11318.00 12275.00
5/31/2007 12284.00 11321.00 12322.00
6/1/2007 12403.00 11363.00 12442.00
6/2/2007 12403.00 11363.00 12442.00
6/3/2007 12403.00 11363.00 12442.00
6/4/2007 12382.00 11384.00 12420.00
6/5/2007 12330.00 11324.00 12369.00
6/6/2007 12176.00 11226.00 12214.00
6/7/2007 11896.00 11030.00 11933.00
6/8/2007 12099.00 11155.00 12138.00
6/9/2007 12099.00 11155.00 12138.00
6/10/2007 12099.00 11155.00 12138.00
6/11/2007 12006.00 11166.00 12044.00
6/12/2007 11873.00 11047.00 11911.00
6/13/2007 12137.00 11217.00 12176.00
6/14/2007 12218.00 11272.00 12258.00
6/15/2007 12329.00 11345.00 12370.00
6/16/2007 12329.00 11345.00 12370.00
6/17/2007 12329.00 11345.00 12370.00
6/18/2007 12319.00 11332.00 12361.00
6/19/2007 12381.00 11352.00 12405.00
6/20/2007 12173.00 11197.00 12266.00
6/21/2007 12275.00 11269.00 12372.00
6/22/2007 12167.00 11124.00 12263.00
6/23/2007 12167.00 11124.00 12263.00
6/24/2007 12167.00 11124.00 12263.00
6/25/2007 12068.00 11088.00 12161.00
6/26/2007 11949.00 11053.00 12043.00
6/27/2007 12026.00 11154.00 12120.00
6/28/2007 12051.00 11150.00 12145.00
6/29/2007 12122.00 11133.00 12216.00
6/30/2007 12122.00 11133.00 12216.00
7/1/2007 12122.00 11133.00 12216.00
7/2/2007 12301.00 11252.00 12400.00
7/3/2007 12313.00 11294.00 12411.00
7/4/2007 12313.00 11294.00 12411.00
7/5/2007 12363.00 11298.00 12462.00
7/6/2007 12417.00 11339.00 12517.00
7/7/2007 12417.00 11339.00 12517.00
7/8/2007 12417.00 11339.00 12517.00
7/9/2007 12411.00 11349.00 12510.00
7/10/2007 12219.00 11188.00 12317.00
7/11/2007 12353.00 11254.00 12453.00
7/12/2007 12638.00 11468.00 12741.00
7/13/2007 12727.00 11504.00 12831.00
7/14/2007 12727.00 11504.00 12831.00
7/15/2007 12727.00 11504.00 12831.00
7/16/2007 12611.00 11482.00 12715.00
7/17/2007 12698.00 11481.00 12803.00
7/18/2007 12754.00 11458.00 12860.00
7/19/2007 12804.00 11510.00 12910.00
7/20/2007 12588.00 11369.00 12693.00
7/21/2007 12588.00 11369.00 12693.00
7/22/2007 12588.00 11369.00 12693.00
7/23/2007 12644.00 11425.00 12749.00
7/24/2007 12469.00 11199.00 12573.00
7/25/2007 12350.00 11251.00 12454.00
7/26/2007 11945.00 10988.00 12043.00
7/27/2007 11697.00 10814.00 11793.00
7/28/2007 11697.00 10814.00 11793.00
7/29/2007 11697.00 10814.00 11793.00
7/30/2007 11953.00 10925.00 12051.00
7/31/2007 11826.00 10787.00 11922.00
8/1/2007 11864.00 10866.00 11962.00
8/2/2007 11832.00 10916.00 11931.00
8/3/2007 11522.00 10627.00 11616.00
8/4/2007 11522.00 10627.00 11616.00
8/5/2007 11522.00 10627.00 11616.00
8/6/2007 11683.00 10884.00 11779.00
8/7/2007 11680.00 10951.00 11776.00
8/8/2007 11903.00 11109.00 12003.00
8/9/2007 11522.00 10781.00 11618.00
8/10/2007 11591.00 10786.00 11688.00
8/11/2007 11591.00 10786.00 11688.00
8/12/2007 11591.00 10786.00 11688.00
8/13/2007 11593.00 10782.00 11691.00
8/14/2007 11306.00 10587.00 11399.00
8/15/2007 10969.00 10443.00 11057.00
8/16/2007 10915.00 10477.00 11003.00
8/17/2007 11158.00 10735.00 11250.00
8/18/2007 11158.00 10735.00 11250.00
8/19/2007 11158.00 10735.00 11250.00
8/20/2007 11279.00 10732.00 11373.00
8/21/2007 11325.00 10744.00 11419.00
8/22/2007 11649.00 10870.00 11749.00
8/23/2007 11564.00 10858.00 11663.00
8/24/2007 11743.00 10985.00 11844.00
8/25/2007 11743.00 10985.00 11844.00
8/26/2007 11743.00 10985.00 11844.00
8/27/2007 11624.00 10892.00 11726.00
8/28/2007 11289.00 10636.00 11385.00
8/29/2007 11556.00 10872.00 11656.00
8/30/2007 11524.00 10827.00 11625.00
8/31/2007 11676.00 10949.00 11778.00
9/1/2007 11676.00 10949.00 11778.00
9/2/2007 11676.00 10949.00 11778.00
9/3/2007 11676.00 10949.00 11778.00
9/4/2007 11741.00 11064.00 11843.00
9/5/2007 11612.00 10942.00 11713.00
9/6/2007 11714.00 10990.00 11816.00
9/7/2007 11450.00 10804.00 11549.00
9/8/2007 11450.00 10804.00 11549.00
9/9/2007 11450.00 10804.00 11549.00
9/10/2007 11304.00 10791.00 11402.00
9/11/2007 11443.00 10938.00 11542.00
9/12/2007 11425.00 10942.00 11525.00
9/13/2007 11545.00 11034.00 11647.00
9/14/2007 11599.00 11037.00 11703.00
9/15/2007 11599.00 11037.00 11703.00
9/16/2007 11599.00 11037.00 11703.00
9/17/2007 11558.00 10980.00 11661.00
9/18/2007 12043.00 11301.00 12154.00
9/19/2007 12192.00 11370.00 12305.00
9/20/2007 12149.00 11296.00 12262.00
9/21/2007 12221.00 11348.00 12335.00
9/22/2007 12221.00 11348.00 12335.00
9/23/2007 12221.00 11348.00 12335.00
9/24/2007 12146.00 11289.00 12259.00
9/25/2007 12115.00 11285.00 12226.00
9/26/2007 12209.00 11348.00 12322.00
9/27/2007 12356.00 11393.00 12472.00
9/28/2007 12273.00 11359.00 12387.00
9/29/2007 12273.00 11359.00 12387.00
9/30/2007 12273.00 11359.00 12387.00
10/1/2007 12469.00 11510.00 12586.00
10/2/2007 12463.00 11507.00 12580.00
10/3/2007 12342.00 11457.00 12459.00
10/4/2007 12327.00 11481.00 12444.00
10/5/2007 12578.00 11594.00 12698.00
10/6/2007 12578.00 11594.00 12698.00
10/7/2007 12578.00 11594.00 12698.00
10/8/2007 12498.00 11557.00 12619.00
10/9/2007 12676.00 11650.00 12797.00
10/10/2007 12540.00 11631.00 12661.00
10/11/2007 12480.00 11572.00 12599.00
10/12/2007 12544.00 11627.00 12667.00
10/13/2007 12544.00 11627.00 12667.00
10/14/2007 12544.00 11627.00 12667.00
10/15/2007 12419.00 11530.00 12539.00
10/16/2007 12246.00 11454.00 12366.00
10/17/2007 12263.00 11475.00 12383.00
10/18/2007 12363.00 11467.00 12483.00
10/19/2007 12081.00 11173.00 12198.00
10/20/2007 12081.00 11173.00 12198.00
10/21/2007 12081.00 11173.00 12198.00
10/22/2007 12052.00 11216.00 12170.00
10/23/2007 12127.00 11315.00 12244.00
10/24/2007 12181.00 11287.00 12299.00
10/25/2007 12156.00 11276.00 12275.00
10/26/2007 12296.00 11432.00 12415.00
10/27/2007 12296.00 11432.00 12415.00
10/28/2007 12296.00 11432.00 12415.00
10/29/2007 12394.00 11476.00 12514.00
10/30/2007 12177.00 11402.00 12296.00
10/31/2007 12402.00 11539.00 12524.00

TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2007

 SINCE INCEPTION
 (11/1/2006)
 ---------------
RYDEX S&P EQUAL WEIGHT MATERIALS ETF.............................. 24.02%
S&P 500 EQUAL WEIGHT MATERIALS TOTAL RETURN INDEX................. 25.24%
S&P 500 TOTAL RETURN INDEX........................................ 15.39%

The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Past performance is not guarantee of future results.

Rydex S&P Equal Weight Materials ETF
PORTFOLIO SUMMARY As of October 31, 2007

TOP 10 HOLDINGS*

 DESCRIPTION % OF NET ASSETS
------------------------------------------------------------------------------------
MONSANTO CO. 4.25%
SIGMA-ALDRICH CORP. 3.71%
MEADWESTVACO CORP. 3.70%
FREEPORT-MCMORAN COPPER & GOLD, INC. 3.68%
NEWMONT MINING CORP. (HOLDING CO.) 3.64%
NUCOR CORP. 3.61%
ALCOA, INC. 3.60%
WEYERHAEUSER CO. 3.59%
PRAXAIR, INC. 3.56%
AIR PRODUCTS & CHEMICALS, INC. 3.52%

------------------------------------------------------------------------------------

INDUSTRY ALLOCATIONS*

(PIE CHART)

Chemicals Metals & Mining Containers & Packaging
44.84 24.74 16.22

Chemicals Paper & Forest Products Construction Materials
44.84 10.79 3.41

33 ANNUAL REPORT

RYDEX S&P EQUAL WEIGHT TECHNOLOGY ETF
MANAGER'S ANALYSIS

For the period since inception (November 1, 2006) through October 31, 2007, Rydex S&P Equal Weight Technology ETF returned 15.44%. For the same period, its benchmark, the S&P Equal Weight Technology Total Return Index, handed in a 16.01% return.

Technology stocks experienced some volatility but finished the fiscal year with a reasonable return more in line with major indices. Despite the rising market volatility, which can negatively impact this sector, it outperformed the overall market. This outperformance coincides with the general trend of a style shift moving from value to growth. U.S. Dollar weakness also has helped this sector since many companies in the sector have a large portion of revenue come from the overseas market.

CUMULATIVE FUND PERFORMANCE: NOVEMBER 1, 2006 - OCTOBER 31, 2007

(PERFORMANCE GRAPH)

 S&P 500
 EQUAL WEIGHTED
 RYDEX S&P S&P 500 INFORMATION TECHNOLOGY
 EQUAL WEIGHT TOTAL RETURN TOTAL RETURN
 TECHNOLOGY ETF(A) INDEX(B) INDEX(C)
 ----------------- ------------ ----------------------
11/1/2006 10000.00 10000.00 10001.00
11/2/2006 10008.00 9999.00 10011.00
11/3/2006 10010.00 9978.00 10013.00
11/4/2006 10010.00 9978.00 10013.00
11/5/2006 10010.00 9978.00 10013.00
11/6/2006 10169.00 10091.00 10172.00
11/7/2006 10228.00 10114.00 10231.00
11/8/2006 10266.00 10137.00 10269.00
11/9/2006 10249.00 10085.00 10253.00
11/10/2006 10312.00 10104.00 10315.00
11/11/2006 10312.00 10104.00 10315.00
11/12/2006 10312.00 10104.00 10315.00
11/13/2006 10423.00 10132.00 10426.00
11/14/2006 10548.00 10198.00 10551.00
11/15/2006 10561.00 10225.00 10566.00
11/16/2006 10592.00 10249.00 10597.00
11/17/2006 10579.00 10259.00 10585.00
11/18/2006 10579.00 10259.00 10585.00
11/19/2006 10579.00 10259.00 10585.00
11/20/2006 10594.00 10254.00 10599.00
11/21/2006 10596.00 10272.00 10601.00
11/22/2006 10697.00 10297.00 10703.00
11/23/2006 10697.00 10297.00 10703.00
11/24/2006 10665.00 10260.00 10671.00
11/25/2006 10665.00 10260.00 10671.00
11/26/2006 10665.00 10260.00 10671.00
11/27/2006 10400.00 10120.00 10406.00
11/28/2006 10397.00 10158.00 10403.00
11/29/2006 10439.00 10256.00 10445.00
11/30/2006 10485.00 10264.00 10492.00
12/1/2006 10400.00 10236.00 10408.00
12/2/2006 10400.00 10236.00 10408.00
12/3/2006 10400.00 10236.00 10408.00
12/4/2006 10527.00 10327.00 10536.00
12/5/2006 10569.00 10368.00 10577.00
12/6/2006 10523.00 10357.00 10532.00
12/7/2006 10427.00 10317.00 10434.00
12/8/2006 10441.00 10336.00 10451.00
12/9/2006 10441.00 10336.00 10451.00
12/10/2006 10441.00 10336.00 10451.00
12/11/2006 10446.00 10359.00 10454.00
12/12/2006 10395.00 10349.00 10404.00
12/13/2006 10372.00 10363.00 10381.00
12/14/2006 10527.00 10453.00 10536.00
12/15/2006 10527.00 10465.00 10538.00
12/16/2006 10527.00 10465.00 10538.00
12/17/2006 10527.00 10465.00 10538.00
12/18/2006 10456.00 10431.00 10468.00
12/19/2006 10404.00 10454.00 10415.00
12/20/2006 10423.00 10440.00 10433.00
12/21/2006 10339.00 10404.00 10350.00
12/22/2006 10262.00 10350.00 10274.00
12/23/2006 10262.00 10350.00 10274.00
12/24/2006 10262.00 10350.00 10274.00
12/25/2006 10262.00 10350.00 10274.00
12/26/2006 10316.00 10395.00 10329.00
12/27/2006 10387.00 10470.00 10399.00
12/28/2006 10358.00 10455.00 10370.00
12/29/2006 10316.00 10408.00 10329.00
12/30/2006 10316.00 10408.00 10329.00
12/31/2006 10316.00 10408.00 10329.00
1/1/2007 10316.00 10408.00 10329.00
1/2/2007 10316.00 10408.00 10329.00
1/3/2007 10328.00 10398.00 10342.00
1/4/2007 10513.00 10411.00 10526.00
1/5/2007 10425.00 10347.00 10439.00
1/6/2007 10425.00 10347.00 10439.00
1/7/2007 10425.00 10347.00 10439.00
1/8/2007 10435.00 10373.00 10448.00
1/9/2007 10469.00 10368.00 10483.00
1/10/2007 10546.00 10389.00 10561.00
1/11/2007 10590.00 10455.00 10605.00
1/12/2007 10611.00 10506.00 10625.00
1/13/2007 10611.00 10506.00 10625.00
1/14/2007 10611.00 10506.00 10625.00
1/15/2007 10611.00 10506.00 10625.00
1/16/2007 10582.00 10515.00 10595.00
1/17/2007 10492.00 10506.00 10506.00
1/18/2007 10268.00 10475.00 10282.00
1/19/2007 10301.00 10506.00 10315.00
1/20/2007 10301.00 10506.00 10315.00
1/21/2007 10301.00 10506.00 10315.00
1/22/2007 10211.00 10451.00 10225.00
1/23/2007 10224.00 10488.00 10239.00
1/24/2007 10379.00 10577.00 10394.00
1/25/2007 10287.00 10458.00 10301.00
1/26/2007 10335.00 10445.00 10351.00
1/27/2007 10335.00 10445.00 10351.00
1/28/2007 10335.00 10445.00 10351.00
1/29/2007 10297.00 10435.00 10313.00
1/30/2007 10343.00 10495.00 10359.00
1/31/2007 10370.00 10566.00 10386.00
2/1/2007 10412.00 10625.00 10428.00
2/2/2007 10473.00 10643.00 10488.00
2/3/2007 10473.00 10643.00 10488.00
2/4/2007 10473.00 10643.00 10488.00
2/5/2007 10467.00 10634.00 10484.00
2/6/2007 10456.00 10641.00 10473.00
2/7/2007 10575.00 10660.00 10593.00
2/8/2007 10598.00 10648.00 10615.00
2/9/2007 10462.00 10573.00 10479.00
2/10/2007 10462.00 10573.00 10479.00
2/11/2007 10462.00 10573.00 10479.00
2/12/2007 10418.00 10539.00 10435.00
2/13/2007 10462.00 10621.00 10480.00
2/14/2007 10632.00 10705.00 10651.00
2/15/2007 10692.00 10717.00 10710.00
2/16/2007 10674.00 10708.00 10693.00
2/17/2007 10674.00 10708.00 10693.00
2/18/2007 10674.00 10708.00 10693.00
2/19/2007 10674.00 10708.00 10693.00
2/20/2007 10724.00 10739.00 10743.00
2/21/2007 10711.00 10724.00 10731.00
2/22/2007 10799.00 10717.00 10818.00
2/23/2007 10831.00 10680.00 10852.00
2/24/2007 10831.00 10680.00 10852.00
2/25/2007 10831.00 10680.00 10852.00
2/26/2007 10778.00 10668.00 10799.00
2/27/2007 10374.00 10299.00 10395.00
2/28/2007 10431.00 10359.00 10451.00
3/1/2007 10354.00 10332.00 10372.00
3/2/2007 10167.00 10215.00 10187.00
3/3/2007 10167.00 10215.00 10187.00
3/4/2007 10167.00 10215.00 10187.00
3/5/2007 10079.00 10119.00 10098.00
3/6/2007 10255.00 10276.00 10276.00
3/7/2007 10199.00 10254.00 10220.00
3/8/2007 10291.00 10327.00 10311.00
3/9/2007 10316.00 10334.00 10337.00
3/10/2007 10316.00 10334.00 10337.00
3/11/2007 10316.00 10334.00 10337.00
3/12/2007 10387.00 10362.00 10407.00
3/13/2007 10172.00 10154.00 10193.00
3/14/2007 10280.00 10223.00 10303.00
3/15/2007 10305.00 10261.00 10326.00
3/16/2007 10266.00 10222.00 10288.00
3/17/2007 10266.00 10222.00 10288.00
3/18/2007 10266.00 10222.00 10288.00
3/19/2007 10299.00 10333.00 10323.00
3/20/2007 10383.00 10399.00 10407.00
3/21/2007 10582.00 10577.00 10605.00
3/22/2007 10515.00 10573.00 10539.00
3/23/2007 10513.00 10584.00 10537.00
3/24/2007 10513.00 10584.00 10537.00
3/25/2007 10513.00 10584.00 10537.00
3/26/2007 10546.00 10595.00 10571.00
3/27/2007 10504.00 10529.00 10528.00
3/28/2007 10404.00 10448.00 10429.00
3/29/2007 10349.00 10487.00 10375.00
3/30/2007 10377.00 10475.00 10401.00
3/31/2007 10377.00 10475.00 10401.00
4/1/2007 10377.00 10475.00 10401.00
4/2/2007 10429.00 10502.00 10456.00
4/3/2007 10523.00 10602.00 10551.00
4/4/2007 10556.00 10614.00 10585.00
4/5/2007 10615.00 10649.00 10644.00
4/6/2007 10615.00 10649.00 10644.00
4/7/2007 10615.00 10649.00 10644.00
4/8/2007 10615.00 10649.00 10644.00
4/9/2007 10584.00 10655.00 10612.00
4/10/2007 10611.00 10684.00 10640.00
4/11/2007 10523.00 10615.00 10552.00
4/12/2007 10605.00 10681.00 10634.00
4/13/2007 10613.00 10718.00 10642.00
4/14/2007 10613.00 10718.00 10642.00
4/15/2007 10613.00 10718.00 10642.00
4/16/2007 10690.00 10833.00 10720.00
4/17/2007 10699.00 10855.00 10729.00
4/18/2007 10751.00 10863.00 10782.00
4/19/2007 10738.00 10850.00 10770.00
4/20/2007 10814.00 10951.00 10845.00
4/21/2007 10814.00 10951.00 10845.00
4/22/2007 10814.00 10951.00 10845.00
4/23/2007 10810.00 10926.00 10840.00
4/24/2007 10908.00 10922.00 10939.00
4/25/2007 10987.00 11034.00 11020.00
4/26/2007 11021.00 11026.00 11053.00
4/27/2007 10977.00 11025.00 11009.00
4/28/2007 10977.00 11025.00 11009.00
4/29/2007 10977.00 11025.00 11009.00
4/30/2007 10839.00 10939.00 10872.00
5/1/2007 10856.00 10968.00 10889.00
5/2/2007 10939.00 11040.00 10972.00
5/3/2007 10977.00 11091.00 11011.00
5/4/2007 10985.00 11115.00 11019.00
5/5/2007 10985.00 11115.00 11019.00
5/6/2007 10985.00 11115.00 11019.00
5/7/2007 10964.00 11144.00 10998.00
5/8/2007 10977.00 11132.00 11011.00
5/9/2007 11052.00 11171.00 11087.00
5/10/2007 10885.00 11017.00 10918.00
5/11/2007 11038.00 11124.00 11072.00
5/12/2007 11038.00 11124.00 11072.00
5/13/2007 11038.00 11124.00 11072.00
5/14/2007 10985.00 11105.00 11021.00
5/15/2007 10879.00 11091.00 10914.00
5/16/2007 10975.00 11190.00 11009.00
5/17/2007 10914.00 11181.00 10948.00
5/18/2007 11010.00 11255.00 11046.00
5/19/2007 11010.00 11255.00 11046.00
5/20/2007 11010.00 11255.00 11046.00
5/21/2007 11063.00 11272.00 11099.00
5/22/2007 11096.00 11265.00 11133.00
5/23/2007 11002.00 11252.00 11038.00
5/24/2007 10801.00 11144.00 10836.00
5/25/2007 10897.00 11205.00 10935.00
5/26/2007 10897.00 11205.00 10935.00
5/27/2007 10897.00 11205.00 10935.00
5/28/2007 10897.00 11205.00 10935.00
5/29/2007 10962.00 11224.00 11000.00
5/30/2007 11027.00 11318.00 11065.00
5/31/2007 11144.00 11321.00 11178.00
6/1/2007 11176.00 11363.00 11209.00
6/2/2007 11176.00 11363.00 11209.00
6/3/2007 11176.00 11363.00 11209.00
6/4/2007 11232.00 11384.00 11266.00
6/5/2007 11188.00 11324.00 11225.00
6/6/2007 11103.00 11226.00 11139.00
6/7/2007 10927.00 11030.00 10963.00
6/8/2007 11105.00 11155.00 11142.00
6/9/2007 11105.00 11155.00 11142.00
6/10/2007 11105.00 11155.00 11142.00
6/11/2007 11094.00 11166.00 11130.00
6/12/2007 11000.00 11047.00 11037.00
6/13/2007 11153.00 11217.00 11189.00
6/14/2007 11205.00 11272.00 11243.00
6/15/2007 11274.00 11345.00 11312.00
6/16/2007 11274.00 11345.00 11312.00
6/17/2007 11274.00 11345.00 11312.00
6/18/2007 11282.00 11332.00 11317.00
6/19/2007 11268.00 11352.00 11307.00
6/20/2007 11174.00 11197.00 11211.00
6/21/2007 11356.00 11269.00 11395.00
6/22/2007 11234.00 11124.00 11273.00
6/23/2007 11234.00 11124.00 11273.00
6/24/2007 11234.00 11124.00 11273.00
6/25/2007 11163.00 11088.00 11202.00
6/26/2007 11126.00 11053.00 11164.00
6/27/2007 11291.00 11154.00 11331.00
6/28/2007 11262.00 11150.00 11300.00
6/29/2007 11205.00 11133.00 11245.00
6/30/2007 11205.00 11133.00 11245.00
7/1/2007 11205.00 11133.00 11245.00
7/2/2007 11305.00 11252.00 11347.00
7/3/2007 11331.00 11294.00 11373.00
7/4/2007 11331.00 11294.00 11373.00
7/5/2007 11389.00 11298.00 11431.00
7/6/2007 11454.00 11339.00 11496.00
7/7/2007 11454.00 11339.00 11496.00
7/8/2007 11454.00 11339.00 11496.00
7/9/2007 11477.00 11349.00 11519.00
7/10/2007 11393.00 11188.00 11436.00
7/11/2007 11427.00 11254.00 11469.00
7/12/2007 11649.00 11468.00 11692.00
7/13/2007 11640.00 11504.00 11683.00
7/14/2007 11640.00 11504.00 11683.00
7/15/2007 11640.00 11504.00 11683.00
7/16/2007 11638.00 11482.00 11681.00
7/17/2007 11718.00 11481.00 11760.00
7/18/2007 11634.00 11458.00 11676.00
7/19/2007 11778.00 11510.00 11822.00
7/20/2007 11657.00 11369.00 11700.00
7/21/2007 11657.00 11369.00 11700.00
7/22/2007 11657.00 11369.00 11700.00
7/23/2007 11672.00 11425.00 11716.00
7/24/2007 11473.00 11199.00 11516.00
7/25/2007 11446.00 11251.00 11488.00
7/26/2007 11190.00 10988.00 11232.00
7/27/2007 10958.00 10814.00 10998.00
7/28/2007 10958.00 10814.00 10998.00
7/29/2007 10958.00 10814.00 10998.00
7/30/2007 11063.00 10925.00 11103.00
7/31/2007 10881.00 10787.00 10922.00
8/1/2007 10921.00 10866.00 10962.00
8/2/2007 10969.00 10916.00 11011.00
8/3/2007 10657.00 10627.00 10698.00
8/4/2007 10657.00 10627.00 10698.00
8/5/2007 10657.00 10627.00 10698.00
8/6/2007 10780.00 10884.00 10821.00
8/7/2007 10772.00 10951.00 10814.00
8/8/2007 10931.00 11109.00 10973.00
8/9/2007 10686.00 10781.00 10725.00
8/10/2007 10726.00 10786.00 10767.00
8/11/2007 10726.00 10786.00 10767.00
8/12/2007 10726.00 10786.00 10767.00
8/13/2007 10789.00 10782.00 10830.00
8/14/2007 10594.00 10587.00 10634.00
8/15/2007 10374.00 10443.00 10414.00
8/16/2007 10320.00 10477.00 10359.00
8/17/2007 10527.00 10735.00 10568.00
8/18/2007 10527.00 10735.00 10568.00
8/19/2007 10527.00 10735.00 10568.00
8/20/2007 10554.00 10732.00 10596.00
8/21/2007 10617.00 10744.00 10659.00
8/22/2007 10745.00 10870.00 10789.00
8/23/2007 10711.00 10858.00 10755.00
8/24/2007 10837.00 10985.00 10881.00
8/25/2007 10837.00 10985.00 10881.00
8/26/2007 10837.00 10985.00 10881.00
8/27/2007 10751.00 10892.00 10796.00
8/28/2007 10508.00 10636.00 10551.00
8/29/2007 10768.00 10872.00 10812.00
8/30/2007 10789.00 10827.00 10833.00
8/31/2007 10908.00 10949.00 10953.00
9/1/2007 10908.00 10949.00 10953.00
9/2/2007 10908.00 10949.00 10953.00
9/3/2007 10908.00 10949.00 10953.00
9/4/2007 11073.00 11064.00 11118.00
9/5/2007 10954.00 10942.00 10999.00
9/6/2007 11017.00 10990.00 11064.00
9/7/2007 10782.00 10804.00 10828.00
9/8/2007 10782.00 10804.00 10828.00
9/9/2007 10782.00 10804.00 10828.00
9/10/2007 10774.00 10791.00 10819.00
9/11/2007 10929.00 10938.00 10975.00
9/12/2007 10847.00 10942.00 10894.00
9/13/2007 10833.00 11034.00 10879.00
9/14/2007 10822.00 11037.00 10869.00
9/15/2007 10822.00 11037.00 10869.00
9/16/2007 10822.00 11037.00 10869.00
9/17/2007 10757.00 10980.00 10804.00
9/18/2007 11008.00 11301.00 11056.00
9/19/2007 11059.00 11370.00 11107.00
9/20/2007 11044.00 11296.00 11092.00
9/21/2007 11069.00 11348.00 11117.00
9/22/2007 11069.00 11348.00 11117.00
9/23/2007 11069.00 11348.00 11117.00
9/24/2007 11025.00 11289.00 11074.00
9/25/2007 11111.00 11285.00 11161.00
9/26/2007 11134.00 11348.00 11184.00
9/27/2007 11163.00 11393.00 11214.00
9/28/2007 11149.00 11359.00 11201.00
9/29/2007 11149.00 11359.00 11201.00
9/30/2007 11149.00 11359.00 11201.00
10/1/2007 11310.00 11510.00 11363.00
10/2/2007 11354.00 11507.00 11408.00
10/3/2007 11274.00 11457.00 11326.00
10/4/2007 11274.00 11481.00 11326.00
10/5/2007 11418.00 11594.00 11473.00
10/6/2007 11418.00 11594.00 11473.00
10/7/2007 11418.00 11594.00 11473.00
10/8/2007 11464.00 11557.00 11518.00
10/9/2007 11498.00 11650.00 11552.00
10/10/2007 11527.00 11631.00 11581.00
10/11/2007 11364.00 11572.00 11417.00
10/12/2007 11510.00 11627.00 11566.00
10/13/2007 11510.00 11627.00 11566.00
10/14/2007 11510.00 11627.00 11566.00
10/15/2007 11483.00 11530.00 11539.00
10/16/2007 11400.00 11454.00 11457.00
10/17/2007 11517.00 11475.00 11573.00
10/18/2007 11527.00 11467.00 11584.00
10/19/2007 11205.00 11173.00 11261.00
10/20/2007 11205.00 11173.00 11261.00
10/21/2007 11205.00 11173.00 11261.00
10/22/2007 11318.00 11216.00 11374.00
10/23/2007 11397.00 11315.00 11453.00
10/24/2007 11243.00 11287.00 11298.00
10/25/2007 11174.00 11276.00 11227.00
10/26/2007 11328.00 11432.00 11383.00
10/27/2007 11328.00 11432.00 11383.00
10/28/2007 11328.00 11432.00 11383.00
10/29/2007 11391.00 11476.00 11447.00
10/30/2007 11410.00 11402.00 11466.00
10/31/2007 11544.00 11539.00 11601.00

TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2007

 SINCE INCEPTION
 (11/1/2006)
 ---------------
RYDEX S&P EQUAL WEIGHT TECHNOLOGY ETF............................. 15.44%
S&P 500 EQUAL WEIGHT TECHNOLOGY TOTAL RETURN INDEX................ 16.01%
S&P 500 TOTAL RETURN INDEX........................................ 15.39%

The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Past performance is not guarantee of future results.

Rydex S&P Equal Weight Technology ETF
PORTFOLIO SUMMARY As of October 31, 2007

TOP 10 HOLDINGS*

 DESCRIPTION % OF NET ASSETS
------------------------------------------------------------------------------------
APPLE, INC. 1.93%
EMC CORP. 1.91%
AKAMAI TECHNOLOGIES, INC. 1.86%
MICROSOFT CORP. 1.83%
GOOGLE, INC. -- CLASS A 1.83%
CIENA CORP. 1.82%
MEMC ELECTRONIC MATERIALS, INC. 1.79%
COMPUWARE CORP. 1.78%
TEKTRONIX, INC. 1.76%
QLOGIC CORP. 1.75%

------------------------------------------------------------------------------------

INDUSTRY ALLOCATIONS*

(PIE CHART)

Semiconductors & Semiconductor Equipment Software Computers & Peripherals IT Services
21.71 18.55 15.91 14.79

Semiconductors & Semiconductor Equipment Communications Equipment Internet Software & Services
21.71 11.99 8.19

Semiconductors & Semiconductor Equipment Electronic Equipment & Instruments Office Electronics
21.71 7.42 1.44

35 ANNUAL REPORT

RYDEX S&P EQUAL WEIGHT UTILITIES ETF
MANAGER'S ANALYSIS

For the period since inception (November 1, 2006) through October 31, 2007, Rydex S&P Equal Weight Utilities ETF returned 16.41%.For the same period its benchmark, the S&P Equal Weight Utilities Total Return Index, delivered a 17.01% return.

This ETF performed well over the year, with returns peaking in May during the emergence of sub-prime mortgage concerns. The ETF never recaptured all the losses but still performed reasonably well. Telecommunication stocks underperformed energy utilities. Independent power producers and energy traders as well as electric utilities were the best performing industries, rising more than 20% each. Diversified and wireless telecommunications, although up approximately 10% each, were the worst performers.

CUMULATIVE FUND PERFORMANCE: NOVEMBER 1, 2006 - OCTOBER 31, 2007

(PERFORMANCE GRAPH)

 S&P 500
 EQUAL WEIGHTED
 RYDEX S&P S&P 500 UTILITIES &
 EQUAL WEIGHT TOTAL RETURN TELECOMMUNICATIONS TOTAL
 UTILITIES ETF(A) INDEX(B) RETURN INDEX(C)
 ---------------- ------------ ------------------------
11/1/2006 10000.00 10000.00 10000.00
11/2/2006 9978.00 9999.00 9977.00
11/3/2006 9938.00 9978.00 9938.00
11/4/2006 9938.00 9978.00 9938.00
11/5/2006 9938.00 9978.00 9938.00
11/6/2006 9964.00 10091.00 9964.00
11/7/2006 9969.00 10114.00 9970.00
11/8/2006 10020.00 10137.00 10021.00
11/9/2006 9993.00 10085.00 9992.00
11/10/2006 10031.00 10104.00 10032.00
11/11/2006 10031.00 10104.00 10032.00
11/12/2006 10031.00 10104.00 10032.00
11/13/2006 10053.00 10132.00 10054.00
11/14/2006 10076.00 10198.00 10077.00
11/15/2006 10044.00 10225.00 10044.00
11/16/2006 10086.00 10249.00 10086.00
11/17/2006 10106.00 10259.00 10107.00
11/18/2006 10106.00 10259.00 10107.00
11/19/2006 10106.00 10259.00 10107.00
11/20/2006 10084.00 10254.00 10085.00
11/21/2006 10080.00 10272.00 10083.00
11/22/2006 10091.00 10297.00 10093.00
11/23/2006 10091.00 10297.00 10093.00
11/24/2006 10104.00 10260.00 10106.00
11/25/2006 10104.00 10260.00 10106.00
11/26/2006 10104.00 10260.00 10106.00
11/27/2006 10004.00 10120.00 10006.00
11/28/2006 10067.00 10158.00 10069.00
11/29/2006 10222.00 10256.00 10225.00
11/30/2006 10259.00 10264.00 10262.00
12/1/2006 10270.00 10236.00 10274.00
12/2/2006 10270.00 10236.00 10274.00
12/3/2006 10270.00 10236.00 10274.00
12/4/2006 10368.00 10327.00 10372.00
12/5/2006 10381.00 10368.00 10386.00
12/6/2006 10342.00 10357.00 10348.00
12/7/2006 10302.00 10317.00 10307.00
12/8/2006 10288.00 10336.00 10292.00
12/9/2006 10288.00 10336.00 10292.00
12/10/2006 10288.00 10336.00 10292.00
12/11/2006 10322.00 10359.00 10327.00
12/12/2006 10373.00 10349.00 10380.00
12/13/2006 10399.00 10363.00 10405.00
12/14/2006 10437.00 10453.00 10443.00
12/15/2006 10441.00 10465.00 10448.00
12/16/2006 10441.00 10465.00 10448.00
12/17/2006 10441.00 10465.00 10448.00
12/18/2006 10372.00 10431.00 10379.00
12/19/2006 10410.00 10454.00 10417.00
12/20/2006 10384.00 10440.00 10392.00
12/21/2006 10373.00 10404.00 10382.00
12/22/2006 10348.00 10350.00 10355.00
12/23/2006 10348.00 10350.00 10355.00
12/24/2006 10348.00 10350.00 10355.00
12/25/2006 10348.00 10350.00 10355.00
12/26/2006 10413.00 10395.00 10422.00
12/27/2006 10467.00 10470.00 10476.00
12/28/2006 10444.00 10455.00 10453.00
12/29/2006 10437.00 10408.00 10446.00
12/30/2006 10437.00 10408.00 10446.00
12/31/2006 10437.00 10408.00 10446.00
1/1/2007 10437.00 10408.00 10446.00
1/2/2007 10437.00 10408.00 10446.00
1/3/2007 10475.00 10398.00 10481.00
1/4/2007 10446.00 10411.00 10451.00
1/5/2007 10284.00 10347.00 10288.00
1/6/2007 10284.00 10347.00 10288.00
1/7/2007 10284.00 10347.00 10288.00
1/8/2007 10274.00 10373.00 10281.00
1/9/2007 10243.00 10368.00 10249.00
1/10/2007 10263.00 10389.00 10269.00
1/11/2007 10274.00 10455.00 10281.00
1/12/2007 10229.00 10506.00 10236.00
1/13/2007 10229.00 10506.00 10236.00
1/14/2007 10229.00 10506.00 10236.00
1/15/2007 10229.00 10506.00 10236.00
1/16/2007 10271.00 10515.00 10278.00
1/17/2007 10253.00 10506.00 10260.00
1/18/2007 10258.00 10475.00 10265.00
1/19/2007 10300.00 10506.00 10308.00
1/20/2007 10300.00 10506.00 10308.00
1/21/2007 10300.00 10506.00 10308.00
1/22/2007 10282.00 10451.00 10290.00
1/23/2007 10344.00 10488.00 10351.00
1/24/2007 10437.00 10577.00 10445.00
1/25/2007 10357.00 10458.00 10365.00
1/26/2007 10384.00 10445.00 10393.00
1/27/2007 10384.00 10445.00 10393.00
1/28/2007 10384.00 10445.00 10393.00
1/29/2007 10379.00 10435.00 10388.00
1/30/2007 10425.00 10495.00 10434.00
1/31/2007 10448.00 10566.00 10458.00
2/1/2007 10512.00 10625.00 10521.00
2/2/2007 10531.00 10643.00 10541.00
2/3/2007 10531.00 10643.00 10541.00
2/4/2007 10531.00 10643.00 10541.00
2/5/2007 10611.00 10634.00 10621.00
2/6/2007 10664.00 10641.00 10676.00
2/7/2007 10681.00 10660.00 10692.00
2/8/2007 10736.00 10648.00 10748.00
2/9/2007 10714.00 10573.00 10725.00
2/10/2007 10714.00 10573.00 10725.00
2/11/2007 10714.00 10573.00 10725.00
2/12/2007 10681.00 10539.00 10693.00
2/13/2007 10774.00 10621.00 10787.00
2/14/2007 10831.00 10705.00 10844.00
2/15/2007 10800.00 10717.00 10812.00
2/16/2007 10811.00 10708.00 10823.00
2/17/2007 10811.00 10708.00 10823.00
2/18/2007 10811.00 10708.00 10823.00
2/19/2007 10811.00 10708.00 10823.00
2/20/2007 10858.00 10739.00 10871.00
2/21/2007 10829.00 10724.00 10843.00
2/22/2007 10860.00 10717.00 10876.00
2/23/2007 10921.00 10680.00 10937.00
2/24/2007 10921.00 10680.00 10937.00
2/25/2007 10921.00 10680.00 10937.00
2/26/2007 11100.00 10668.00 11117.00
2/27/2007 10772.00 10299.00 10788.00
2/28/2007 10833.00 10359.00 10849.00
3/1/2007 10849.00 10332.00 10865.00
3/2/2007 10695.00 10215.00 10711.00
3/3/2007 10695.00 10215.00 10711.00
3/4/2007 10695.00 10215.00 10711.00
3/5/2007 10540.00 10119.00 10555.00
3/6/2007 10686.00 10276.00 10701.00
3/7/2007 10677.00 10254.00 10693.00
3/8/2007 10734.00 10327.00 10750.00
3/9/2007 10758.00 10334.00 10774.00
3/10/2007 10758.00 10334.00 10774.00
3/11/2007 10758.00 10334.00 10774.00
3/12/2007 10844.00 10362.00 10862.00
3/13/2007 10686.00 10154.00 10703.00
3/14/2007 10747.00 10223.00 10764.00
3/15/2007 10847.00 10261.00 10865.00
3/16/2007 10792.00 10222.00 10810.00
3/17/2007 10792.00 10222.00 10810.00
3/18/2007 10792.00 10222.00 10810.00
3/19/2007 10903.00 10333.00 10923.00
3/20/2007 11028.00 10399.00 11048.00
3/21/2007 11161.00 10577.00 11184.00
3/22/2007 11156.00 10573.00 11178.00
3/23/2007 11200.00 10584.00 11222.00
3/24/2007 11200.00 10584.00 11222.00
3/25/2007 11200.00 10584.00 11222.00
3/26/2007 11240.00 10595.00 11264.00
3/27/2007 11245.00 10529.00 11270.00
3/28/2007 11220.00 10448.00 11243.00
3/29/2007 11267.00 10487.00 11291.00
3/30/2007 11216.00 10475.00 11240.00
3/31/2007 11216.00 10475.00 11240.00
4/1/2007 11216.00 10475.00 11240.00
4/2/2007 11404.00 10502.00 11430.00
4/3/2007 11428.00 10602.00 11454.00
4/4/2007 11400.00 10614.00 11425.00
4/5/2007 11442.00 10649.00 11469.00
4/6/2007 11442.00 10649.00 11469.00
4/7/2007 11442.00 10649.00 11469.00
4/8/2007 11442.00 10649.00 11469.00
4/9/2007 11490.00 10655.00 11518.00
4/10/2007 11521.00 10684.00 11548.00
4/11/2007 11461.00 10615.00 11487.00
4/12/2007 11455.00 10681.00 11482.00
4/13/2007 11442.00 10718.00 11470.00
4/14/2007 11442.00 10718.00 11470.00
4/15/2007 11442.00 10718.00 11470.00
4/16/2007 11499.00 10833.00 11527.00
4/17/2007 11558.00 10855.00 11586.00
4/18/2007 11578.00 10863.00 11607.00
4/19/2007 11549.00 10850.00 11577.00
4/20/2007 11626.00 10951.00 11655.00
4/21/2007 11626.00 10951.00 11655.00
4/22/2007 11626.00 10951.00 11655.00
4/23/2007 11668.00 10926.00 11699.00
4/24/2007 11716.00 10922.00 11747.00
4/25/2007 11814.00 11034.00 11846.00
4/26/2007 11760.00 11026.00 11791.00
4/27/2007 11689.00 11025.00 11720.00
4/28/2007 11689.00 11025.00 11720.00
4/29/2007 11689.00 11025.00 11720.00
4/30/2007 11597.00 10939.00 11628.00
5/1/2007 11711.00 10968.00 11744.00
5/2/2007 11810.00 11040.00 11843.00
5/3/2007 11834.00 11091.00 11867.00
5/4/2007 11850.00 11115.00 11883.00
5/5/2007 11850.00 11115.00 11883.00
5/6/2007 11850.00 11115.00 11883.00
5/7/2007 11933.00 11144.00 11968.00
5/8/2007 11885.00 11132.00 11920.00
5/9/2007 11939.00 11171.00 11974.00
5/10/2007 11803.00 11017.00 11836.00
5/11/2007 11902.00 11124.00 11938.00
5/12/2007 11902.00 11124.00 11938.00
5/13/2007 11902.00 11124.00 11938.00
5/14/2007 11939.00 11105.00 11975.00
5/15/2007 11952.00 11091.00 11988.00
5/16/2007 12007.00 11190.00 12043.00
5/17/2007 11963.00 11181.00 11998.00
5/18/2007 12009.00 11255.00 12046.00
5/19/2007 12009.00 11255.00 12046.00
5/20/2007 12009.00 11255.00 12046.00
5/21/2007 12062.00 11272.00 12100.00
5/22/2007 12027.00 11265.00 12065.00
5/23/2007 11907.00 11252.00 11943.00
5/24/2007 11650.00 11144.00 11685.00
5/25/2007 11661.00 11205.00 11695.00
5/26/2007 11661.00 11205.00 11695.00
5/27/2007 11661.00 11205.00 11695.00
5/28/2007 11661.00 11205.00 11695.00
5/29/2007 11716.00 11224.00 11751.00
5/30/2007 11828.00 11318.00 11866.00
5/31/2007 11839.00 11321.00 11878.00
6/1/2007 11790.00 11363.00 11827.00
6/2/2007 11790.00 11363.00 11827.00
6/3/2007 11790.00 11363.00 11827.00
6/4/2007 11771.00 11384.00 11808.00
6/5/2007 11622.00 11324.00 11659.00
6/6/2007 11508.00 11226.00 11543.00
6/7/2007 11165.00 11030.00 11196.00
6/8/2007 11284.00 11155.00 11316.00
6/9/2007 11284.00 11155.00 11316.00
6/10/2007 11284.00 11155.00 11316.00
6/11/2007 11341.00 11166.00 11374.00
6/12/2007 11185.00 11047.00 11216.00
6/13/2007 11382.00 11217.00 11415.00
6/14/2007 11433.00 11272.00 11468.00
6/15/2007 11556.00 11345.00 11593.00
6/16/2007 11556.00 11345.00 11593.00
6/17/2007 11556.00 11345.00 11593.00
6/18/2007 11479.00 11332.00 11511.00
6/19/2007 11499.00 11352.00 11535.00
6/20/2007 11249.00 11197.00 11282.00
6/21/2007 11317.00 11269.00 11351.00
6/22/2007 11161.00 11124.00 11194.00
6/23/2007 11161.00 11124.00 11194.00
6/24/2007 11161.00 11124.00 11194.00
6/25/2007 11183.00 11088.00 11216.00
6/26/2007 11146.00 11053.00 11179.00
6/27/2007 11265.00 11154.00 11301.00
6/28/2007 11260.00 11150.00 11295.00
6/29/2007 11271.00 11133.00 11307.00
6/30/2007 11271.00 11133.00 11307.00
7/1/2007 11271.00 11133.00 11307.00
7/2/2007 11452.00 11252.00 11490.00
7/3/2007 11465.00 11294.00 11503.00
7/4/2007 11465.00 11294.00 11503.00
7/5/2007 11410.00 11298.00 11446.00
7/6/2007 11375.00 11339.00 11413.00
7/7/2007 11375.00 11339.00 11413.00
7/8/2007 11375.00 11339.00 11413.00
7/9/2007 11399.00 11349.00 11437.00
7/10/2007 11236.00 11188.00 11272.00
7/11/2007 11301.00 11254.00 11337.00
7/12/2007 11458.00 11468.00 11497.00
7/13/2007 11576.00 11504.00 11616.00
7/14/2007 11576.00 11504.00 11616.00
7/15/2007 11576.00 11504.00 11616.00
7/16/2007 11445.00 11482.00 11484.00
7/17/2007 11426.00 11481.00 11466.00
7/18/2007 11482.00 11458.00 11521.00
7/19/2007 11665.00 11510.00 11707.00
7/20/2007 11495.00 11369.00 11535.00
7/21/2007 11495.00 11369.00 11535.00
7/22/2007 11495.00 11369.00 11535.00
7/23/2007 11549.00 11425.00 11589.00
7/24/2007 11217.00 11199.00 11257.00
7/25/2007 11249.00 11251.00 11288.00
7/26/2007 10951.00 10988.00 10987.00
7/27/2007 10770.00 10814.00 10806.00
7/28/2007 10770.00 10814.00 10806.00
7/29/2007 10770.00 10814.00 10806.00
7/30/2007 10882.00 10925.00 10919.00
7/31/2007 10810.00 10787.00 10846.00
8/1/2007 11043.00 10866.00 11082.00
8/2/2007 11123.00 10916.00 11161.00
8/3/2007 10716.00 10627.00 10751.00
8/4/2007 10716.00 10627.00 10751.00
8/5/2007 10716.00 10627.00 10751.00
8/6/2007 10990.00 10884.00 11027.00
8/7/2007 11182.00 10951.00 11222.00
8/8/2007 11264.00 11109.00 11304.00
8/9/2007 10938.00 10781.00 10975.00
8/10/2007 10945.00 10786.00 10983.00
8/11/2007 10945.00 10786.00 10983.00
8/12/2007 10945.00 10786.00 10983.00
8/13/2007 10993.00 10782.00 11032.00
8/14/2007 10779.00 10587.00 10815.00
8/15/2007 10636.00 10443.00 10671.00
8/16/2007 10640.00 10477.00 10675.00
8/17/2007 10903.00 10735.00 10941.00
8/18/2007 10903.00 10735.00 10941.00
8/19/2007 10903.00 10735.00 10941.00
8/20/2007 10879.00 10732.00 10917.00
8/21/2007 10927.00 10744.00 10965.00
8/22/2007 11053.00 10870.00 11093.00
8/23/2007 11088.00 10858.00 11129.00
8/24/2007 11201.00 10985.00 11243.00
8/25/2007 11201.00 10985.00 11243.00
8/26/2007 11201.00 10985.00 11243.00
8/27/2007 10894.00 10892.00 10933.00
8/28/2007 10731.00 10636.00 10770.00
8/29/2007 11006.00 10872.00 11048.00
8/30/2007 10910.00 10827.00 10951.00
8/31/2007 10979.00 10949.00 11020.00
9/1/2007 10979.00 10949.00 11020.00
9/2/2007 10979.00 10949.00 11020.00
9/3/2007 10979.00 10949.00 11020.00
9/4/2007 11141.00 11064.00 11185.00
9/5/2007 10999.00 10942.00 11041.00
9/6/2007 11092.00 10990.00 11136.00
9/7/2007 10932.00 10804.00 10974.00
9/8/2007 10932.00 10804.00 10974.00
9/9/2007 10932.00 10804.00 10974.00
9/10/2007 10931.00 10791.00 10973.00
9/11/2007 11034.00 10938.00 11078.00
9/12/2007 11055.00 10942.00 11099.00
9/13/2007 11067.00 11034.00 11112.00
9/14/2007 11104.00 11037.00 11149.00
9/15/2007 11104.00 11037.00 11149.00
9/16/2007 11104.00 11037.00 11149.00
9/17/2007 11060.00 10980.00 11105.00
9/18/2007 11288.00 11301.00 11335.00
9/19/2007 11432.00 11370.00 11483.00
9/20/2007 11328.00 11296.00 11377.00
9/21/2007 11391.00 11348.00 11443.00
9/22/2007 11391.00 11348.00 11443.00
9/23/2007 11391.00 11348.00 11443.00
9/24/2007 11375.00 11289.00 11426.00
9/25/2007 11382.00 11285.00 11433.00
9/26/2007 11464.00 11348.00 11514.00
9/27/2007 11415.00 11393.00 11465.00
9/28/2007 11290.00 11359.00 11337.00
9/29/2007 11290.00 11359.00 11337.00
9/30/2007 11290.00 11359.00 11337.00
10/1/2007 11439.00 11510.00 11488.00
10/2/2007 11411.00 11507.00 11459.00
10/3/2007 11391.00 11457.00 11439.00
10/4/2007 11475.00 11481.00 11524.00
10/5/2007 11542.00 11594.00 11592.00
10/6/2007 11542.00 11594.00 11592.00
10/7/2007 11542.00 11594.00 11592.00
10/8/2007 11495.00 11557.00 11546.00
10/9/2007 11628.00 11650.00 11681.00
10/10/2007 11544.00 11631.00 11596.00
10/11/2007 11557.00 11572.00 11610.00
10/12/2007 11594.00 11627.00 11648.00
10/13/2007 11594.00 11627.00 11648.00
10/14/2007 11594.00 11627.00 11648.00
10/15/2007 11462.00 11530.00 11515.00
10/16/2007 11415.00 11454.00 11467.00
10/17/2007 11413.00 11475.00 11466.00
10/18/2007 11405.00 11467.00 11459.00
10/19/2007 11163.00 11173.00 11215.00
10/20/2007 11163.00 11173.00 11215.00
10/21/2007 11163.00 11173.00 11215.00
10/22/2007 11224.00 11216.00 11276.00
10/23/2007 11217.00 11315.00 11269.00
10/24/2007 11243.00 11287.00 11296.00
10/25/2007 11396.00 11276.00 11451.00
10/26/2007 11512.00 11432.00 11567.00
10/27/2007 11512.00 11432.00 11567.00
10/28/2007 11512.00 11432.00 11567.00
10/29/2007 11557.00 11476.00 11615.00
10/30/2007 11503.00 11402.00 11559.00
10/31/2007 11641.00 11539.00 11701.00

TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2007

 SINCE INCEPTION
 (11/1/2006)
 ---------------
RYDEX S&P EQUAL WEIGHT UTILITIES ETF.............................. 16.41%
S&P 500 EQUAL WEIGHT UTILITIES TOTAL RETURN INDEX................. 17.01%
S&P 500 TOTAL RETURN INDEX........................................ 15.39%

The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Past performance is not guarantee of future results.

Rydex S&P Equal Weight Utilities ETF
PORTFOLIO SUMMARY As of October 31, 2007

TOP 10 HOLDINGS*

 DESCRIPTION % OF NET ASSETS
------------------------------------------------------------------------------------
QUESTAR CORP. 2.84%
ALLEGHENY ENERGY, INC. 2.83%
AES CORP. 2.81%
ENTERGY CORP. 2.75%
FPL GROUP, INC. 2.71%
FIRSTENERGY CORP. 2.70%
PUBLIC SERVICE ENTERPRISE GROUP, INC. 2.68%
CONSTELLATION ENERGY GROUP, INC. 2.67%
DOMINION RESOURCES, INC. 2.66%
NISOURCE, INC. 2.65%

------------------------------------------------------------------------------------

INDUSTRY ALLOCATIONS*

(PIE CHART)

Electric Utilities Multi-Utilities Diversified Telecommunication Services
34.13 31.04 16.32

Electric Utilities Independent Power Producers & Energy Traders Gas Utilities
34.13 8.08 5.36

Electric Utilities Wireless Telecommunication Services
34.13 5.07

37 ANNUAL REPORT

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)
As a shareholder of the Rydex ETF Trust, you incur transaction costs such as creation and redemption fees or brokerage charges, and ongoing costs including advisory fees and, if applicable, distribution fees. All other Trust expenses are paid by the advisor. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example in the table is based on an investment of $1,000 invested on May 1, 2007 and held for the six months ended October 31, 2007.

ACTUAL EXPENSES
The first table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first table under the heading entitled "Expenses Paid During the Six-Month Period" to estimate the expenses attributable to your investment during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
The second table below provides information about hypothetical account values and hypothetical expenses based on a Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not a Fund's actual return. Thus, you should not use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are provided to enable you to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as creation and redemption fees, or brokerage charges. Therefore, the second table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

 BEGINNING ENDING EXPENSES PAID
 ACCOUNT ACCOUNT DURING
 VALUE VALUE SIX-MONTH PERIOD*
 5/1/2007 10/31/2007 5/1/07 TO 10/31/07
 --------- ---------- ------------------
ACTUAL
 Rydex S&P Equal Weight ETF............................ $1,000.00 $1,006.00 $2.02
 Rydex Russell Top 50 ETF.............................. $1,000.00 $1,068.50 $1.04
 Rydex S&P 500 Pure Value ETF.......................... $1,000.00 $ 963.70 $1.73
 Rydex S&P 500 Pure Growth ETF......................... $1,000.00 $1,042.10 $1.80
 Rydex S&P MidCap 400 Pure Value ETF................... $1,000.00 $ 971.00 $1.74
 Rydex S&P MidCap 400 Pure Growth ETF.................. $1,000.00 $1,067.80 $1.82
 Rydex S&P SmallCap 600 Pure Value ETF................. $1,000.00 $ 871.60 $1.65
 Rydex S&P SmallCap 600 Pure Growth ETF................ $1,000.00 $1,062.00 $1.82
 Rydex S&P Equal Weight Consumer Discretionary ETF..... $1,000.00 $ 909.50 $2.41
 Rydex S&P Equal Weight Consumer Staples ETF........... $1,000.00 $1,017.80 $2.54
 Rydex S&P Equal Weight Energy ETF..................... $1,000.00 $1,208.70 $2.78
 Rydex S&P Equal Weight Financials ETF................. $1,000.00 $ 908.80 $2.41
 Rydex S&P Equal Weight Health Care ETF................ $1,000.00 $1,021.60 $2.55
 Rydex S&P Equal Weight Industrials ETF................ $1,000.00 $1,083.10 $2.63
 Rydex S&P Equal Weight Materials ETF.................. $1,000.00 $1,052.90 $2.59
 Rydex S&P Equal Weight Technology ETF................. $1,000.00 $1,065.00 $2.60
 Rydex S&P Equal Weight Utilities ETF.................. $1,000.00 $1,003.93 $2.53
HYPOTHETICAL (ASSUMING A 5% RETURN BEFORE EXPENSES)
 Rydex S&P Equal Weight ETF............................ $1,000.00 $1,023.19 $2.04
 Rydex Russell Top 50 ETF.............................. $1,000.00 $1,024.20 $1.02
 Rydex S&P 500 Pure Value ETF.......................... $1,000.00 $1,023.44 $1.79
 Rydex S&P 500 Pure Growth ETF......................... $1,000.00 $1,023.44 $1.79
 Rydex S&P MidCap 400 Pure Value ETF................... $1,000.00 $1,023.44 $1.79
 Rydex S&P MidCap 400 Pure Growth ETF.................. $1,000.00 $1,023.44 $1.79
 Rydex S&P SmallCap 600 Pure Value ETF................. $1,000.00 $1,023.44 $1.79
 Rydex S&P SmallCap 600 Pure Growth ETF................ $1,000.00 $1,023.44 $1.79
 Rydex S&P Equal Weight Consumer Discretionary ETF..... $1,000.00 $1,022.68 $2.55
 Rydex S&P Equal Weight Consumer Staples ETF........... $1,000.00 $1,022.68 $2.55
 Rydex S&P Equal Weight Energy ETF..................... $1,000.00 $1,022.68 $2.55
 Rydex S&P Equal Weight Financials ETF................. $1,000.00 $1,022.68 $2.55
 Rydex S&P Equal Weight Health Care ETF................ $1,000.00 $1,022.68 $2.55
 Rydex S&P Equal Weight Industrials ETF................ $1,000.00 $1,022.68 $2.55
 Rydex S&P Equal Weight Materials ETF.................. $1,000.00 $1,022.68 $2.55
 Rydex S&P Equal Weight Technology ETF................. $1,000.00 $1,022.68 $2.55
 Rydex S&P Equal Weight Utilities ETF.................. $1,000.00 $1,022.68 $2.55

* Expenses are equal to the Fund's annualized expense ratio of 0.40%, 0.20%, 0.35%, 0.35%, 0.35%, 0.35%, 0.35%, 0.35%, 0.50%, 0.50%, 0.50%, 0.50%, 0.50%, 0.50%, 0.50%, 0.50% and 0.50% respectively, multiplied by the average account value of the period, multiplied by days in the period, divided by 365.

RYDEX S&P EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS October 31, 2007

 MARKET
 SHARES VALUE
----------------------------------------------------------
COMMON STOCKS 99.8%
 AEROSPACE & DEFENSE 2.3%
 Boeing Co. .................. 42,162 $4,156,752
 General Dynamics Corp. ...... 51,505 4,684,895
 Goodrich Corp. .............. 65,087 4,533,960
 Honeywell International,
 Inc. ..................... 73,428 4,435,785
 L-3 Communications Holdings,
 Inc. ..................... 43,501 4,769,450
 Lockheed Martin Corp. ....... 42,280 4,652,491
 Northrop Grumman Corp. ...... 53,546 4,477,517
 Precision Castparts Corp. ... 29,814 4,466,435
 Raytheon Co. ................ 68,105 4,332,159
 Rockwell Collins, Inc. ...... 61,231 4,580,691
 United Technologies Corp. ... 54,261 4,155,850
 --------------
TOTAL AEROSPACE & DEFENSE 49,245,985
 --------------

 AIR FREIGHT & LOGISTICS 0.8%
 C.H. Robinson Worldwide,
 Inc. ..................... 80,722 4,029,642
 Expeditors International of
 Washington, Inc. ......... 85,205 4,315,633
 FedEx Corp. ................. 41,131 4,250,478
 United Parcel Service,
 Inc. -- Class B........... 56,624 4,252,462
 --------------
TOTAL AIR FREIGHT & LOGISTICS 16,848,215
 --------------

 AIRLINES 0.2%
 Southwest Airlines Co. ...... 282,637 4,016,272
 --------------
TOTAL AIRLINES 4,016,272
 --------------

 AUTO COMPONENTS 0.4%
 Goodyear Tire & Rubber Co.*.. 149,563 4,509,324
 Johnson Controls, Inc. ...... 110,155 4,815,977
 --------------
TOTAL AUTO COMPONENTS 9,325,301
 --------------

 AUTOMOBILES 0.7%
 Ford Motor Co.*.............. 519,977 4,612,196
 General Motors Corp. ........ 124,704 4,887,150
 Harley-Davidson, Inc. ....... 89,587 4,613,730
 --------------
TOTAL AUTOMOBILES 14,113,076
 --------------

 BEVERAGES 1.7%
 Anheuser-Busch Cos., Inc. ... 84,774 4,347,211
 Brown-Forman Corp. -- Class
 B......................... 57,027 4,218,858
 Coca-Cola Co. ............... 76,069 4,698,021
 Coca-Cola Enterprises,
 Inc. ..................... 176,066 4,544,264
 Constellation Brands,
 Inc. -- Class A*.......... 178,741 4,489,974
 Molson Coors Brewing
 Co. -- Class B............ 87,196 4,990,227
 Pepsi Bottling Group, Inc. .. 115,155 4,960,877
 PepsiCo, Inc. ............... 60,306 4,445,758
 --------------
TOTAL BEVERAGES 36,695,190
 --------------

 BIOTECHNOLOGY 1.1%
 Amgen, Inc.*................. 77,516 4,504,455
 Biogen Idec, Inc.*........... 63,340 4,715,029
 Celgene Corp.*............... 61,488 4,058,208
 Genzyme Corp.*............... 68,476 5,202,122
 Gilead Sciences, Inc.*....... 107,928 4,985,194
 --------------
TOTAL BIOTECHNOLOGY 23,465,008
 --------------

 BUILDING PRODUCTS 0.4%
 American Standard Cos.,
 Inc. ..................... 120,989 4,509,260
 Masco Corp. ................. 179,304 4,317,640
 --------------
TOTAL BUILDING PRODUCTS 8,826,900
 --------------

 CAPITAL MARKETS 3.6%
 American Capital Strategies,
 Ltd. ..................... 104,041 4,516,420
 Ameriprise Financial, Inc. .. 70,201 4,421,259
 Bank of New York Mellon
 Corp. .................... 99,335 4,852,515
 Bear Stearns Cos., Inc. ..... 37,102 4,214,787
 Charles Schwab Corp. ........ 202,753 4,711,980
 E*TRADE Financial Corp.*..... 316,084 3,521,176
 Federated Investors,
 Inc. -- Class B........... 114,099 4,906,257
 Franklin Resources, Inc. .... 33,215 4,307,321
 Goldman Sachs Group, Inc. ... 21,931 5,437,133
 Janus Capital Group, Inc. ... 155,688 5,372,793
 Legg Mason, Inc. ............ 52,753 4,375,334
 Lehman Brothers Holdings,
 Inc. ..................... 69,291 4,388,892
 Merrill Lynch & Co., Inc. ... 57,409 3,790,142
 Morgan Stanley............... 67,898 4,566,819
 Northern Trust Corp. ........ 65,844 4,952,127
 State Street Corp. .......... 65,060 5,189,836
 T. Rowe Price Group, Inc. ... 79,623 5,114,982
 --------------
TOTAL CAPITAL MARKETS 78,639,773
 --------------

 CHEMICALS 2.6%
 Air Products & Chemicals,
 Inc. ..................... 45,675 4,469,299
 Ashland, Inc. ............... 68,347 4,013,336
 Dow Chemical Co. ............ 98,190 4,422,478
 Du Pont (E.I.) de Nemours &
 Co. ...................... 86,106 4,263,108
 Eastman Chemical Co. ........ 63,973 4,259,962
 Ecolab, Inc. ................ 93,412 4,406,244
 Hercules, Inc. .............. 203,394 3,825,841
 International Flavors &
 Fragrances, Inc. ......... 81,101 4,234,283
 Monsanto Co. ................ 55,197 5,388,883
 PPG Industries, Inc. ........ 56,693 4,237,235
 Praxair, Inc. ............... 52,749 4,508,984
 Rohm & Haas Co. ............. 76,443 3,965,863
 Sigma-Aldrich Corp. ......... 90,888 4,696,183
 --------------
TOTAL CHEMICALS 56,691,699
 --------------

 COMMERCIAL BANKS 3.3%
 BB&T Corp. .................. 103,255 3,817,337
 Comerica, Inc. .............. 79,685 3,719,696
 Commerce Bancorp, Inc. ...... 113,368 4,619,746
 Fifth Third Bancorp.......... 123,211 3,854,040
 First Horizon National
 Corp. .................... 146,314 3,815,869
 Huntington Bancshares,
 Inc. ..................... 246,464 4,414,170
 KeyCorp...................... 127,187 3,618,470
 M&T Bank Corp. .............. 40,132 3,992,331
 Marshall & Ilsley Corp. ..... 94,605 4,039,634
 National City Corp. ......... 165,687 4,017,910
 PNC Financial Services Group,
 Inc. ..................... 61,009 4,402,410
 Regions Financial Corp. ..... 139,053 3,771,117
 SunTrust Banks, Inc. ........ 55,092 3,999,679
 Synovus Financial Corp. ..... 152,804 4,027,914

39 ANNUAL REPORT